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, 2024 |
| DATE OF REPORTING PERIOD: | November 1, 2023 through October 31, 2024 |
ITEM 1. REPORT TO SHAREHOLDERS.
TABLE OF CONTENTS
0000826732 calamos:CALAMOSINDEXSP500Index5118BroadBasedIndexMember 2016-01-31 0000826732 calamos:C000150496Member 2019-04-30 0000826732 calamos:C000011362Member calamos:SectorConsumerStaplesSectorMember 2024-10-31 0000826732 calamos:C000011373Member calamos:BroadcomIncFR11135F101CTIMember 2024-10-31 0000826732 calamos:CALAMOSINDEXBloombergUSAggregateBondIndex5194BroadBasedIndexMember 2020-06-30 0000826732 calamos:C000211096Member calamos:StrideIncFR86333M108CTIMember 2024-10-31 0000826732 calamos:CALAMOSINDEXSP500Index5107BroadBasedIndexMember 2014-12-31 2024-10-31 0000826732 calamos:CALAMOSINDEXBloombergUSAggregateBondIndex5143BroadBasedIndexMember 2023-02-28
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Convertible Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $124 | 1.13% |
Against a backdrop of resilient economic growth and a Federal Reserve that pivoted to lower rates as inflation abated, the Fund made gains for the 12 months ended October 31, 2024 (“annual period”). As equities advanced, interest rates declined, and credit spreads narrowed, the Fund benefited from its emphasis on total-return-oriented convertibles and underweight in more credit-sensitive convertibles. The Fund’s underweight and selection in the materials sector as well as favorable selection in the industrials sector supported the result. The Fund’s underweight allocation and lagging selection in the communication services sector in addition to the trailing selection within the health care sector held back the result.
| Class A with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $9,524 | $9,999 |
| 11/30/14 | $9,575 | $10,070 |
| 12/31/14 | $9,485 | $10,080 |
| 1/31/15 | $9,360 | $10,291 |
| 2/28/15 | $9,712 | $10,194 |
| 3/31/15 | $9,610 | $10,242 |
| 4/30/15 | $9,676 | $10,205 |
| 5/31/15 | $9,877 | $10,180 |
| 6/30/15 | $9,628 | $10,069 |
| 7/31/15 | $9,644 | $10,139 |
| 8/31/15 | $9,270 | $10,125 |
| 9/30/15 | $8,919 | $10,193 |
| 10/31/15 | $9,209 | $10,195 |
| 11/30/15 | $9,225 | $10,168 |
| 12/31/15 | $9,122 | $10,135 |
| 1/31/16 | $8,495 | $10,275 |
| 2/29/16 | $8,432 | $10,348 |
| 3/31/16 | $8,816 | $10,443 |
| 4/30/16 | $8,897 | $10,483 |
| 5/31/16 | $9,093 | $10,485 |
| 6/30/16 | $9,011 | $10,674 |
| 7/31/16 | $9,405 | $10,741 |
| 8/31/16 | $9,423 | $10,729 |
| 9/30/16 | $9,548 | $10,723 |
| 10/31/16 | $9,331 | $10,641 |
| 11/30/16 | $9,478 | $10,389 |
| 12/31/16 | $9,523 | $10,404 |
| 1/31/17 | $9,783 | $10,424 |
| 2/28/17 | $9,925 | $10,494 |
| 3/31/17 | $10,035 | $10,489 |
| 4/30/17 | $10,160 | $10,570 |
| 5/31/17 | $10,284 | $10,651 |
| 6/30/17 | $10,373 | $10,640 |
| 7/31/17 | $10,511 | $10,686 |
| 8/31/17 | $10,558 | $10,782 |
| 9/30/17 | $10,667 | $10,730 |
| 10/31/17 | $10,906 | $10,737 |
| 11/30/17 | $10,912 | $10,723 |
| 12/31/17 | $10,887 | $10,772 |
| 1/31/18 | $11,208 | $10,648 |
| 2/28/18 | $11,146 | $10,547 |
| 3/31/18 | $11,177 | $10,615 |
| 4/30/18 | $11,183 | $10,536 |
| 5/31/18 | $11,499 | $10,611 |
| 6/30/18 | $11,567 | $10,598 |
| 7/31/18 | $11,567 | $10,600 |
| 8/31/18 | $11,989 | $10,669 |
| 9/30/18 | $11,910 | $10,600 |
| 10/31/18 | $11,281 | $10,516 |
| 11/30/18 | $11,411 | $10,579 |
| 12/31/18 | $10,942 | $10,773 |
| 1/31/19 | $11,613 | $10,888 |
| 2/28/19 | $11,945 | $10,881 |
| 3/31/19 | $11,887 | $11,090 |
| 4/30/19 | $12,205 | $11,093 |
| 5/31/19 | $11,802 | $11,290 |
| 6/30/19 | $12,282 | $11,432 |
| 7/31/19 | $12,537 | $11,457 |
| 8/31/19 | $12,353 | $11,754 |
| 9/30/19 | $12,254 | $11,691 |
| 10/31/19 | $12,411 | $11,727 |
| 11/30/19 | $12,781 | $11,721 |
| 12/31/19 | $13,041 | $11,712 |
| 1/31/20 | $13,355 | $11,938 |
| 2/29/20 | $12,884 | $12,153 |
| 3/31/20 | $11,441 | $12,081 |
| 4/30/20 | $12,960 | $12,296 |
| 5/31/20 | $14,156 | $12,353 |
| 6/30/20 | $14,904 | $12,431 |
| 7/31/20 | $15,864 | $12,617 |
| 8/31/20 | $16,824 | $12,515 |
| 9/30/20 | $16,473 | $12,508 |
| 10/31/20 | $16,330 | $12,452 |
| 11/30/20 | $18,344 | $12,574 |
| 12/31/20 | $19,359 | $12,592 |
| 1/31/21 | $19,534 | $12,501 |
| 2/28/21 | $20,334 | $12,321 |
| 3/31/21 | $19,641 | $12,167 |
| 4/30/21 | $20,151 | $12,263 |
| 5/31/21 | $19,778 | $12,303 |
| 6/30/21 | $20,151 | $12,390 |
| 7/31/21 | $20,075 | $12,528 |
| 8/31/21 | $20,425 | $12,504 |
| 9/30/21 | $20,174 | $12,396 |
| 10/31/21 | $20,753 | $12,393 |
| 11/30/21 | $20,204 | $12,429 |
| 12/31/21 | $20,369 | $12,397 |
| 1/31/22 | $18,867 | $12,130 |
| 2/28/22 | $18,771 | $11,995 |
| 3/31/22 | $18,893 | $11,662 |
| 4/30/22 | $17,530 | $11,219 |
| 5/31/22 | $16,922 | $11,292 |
| 6/30/22 | $15,790 | $11,114 |
| 7/31/22 | $16,755 | $11,386 |
| 8/31/22 | $16,737 | $11,064 |
| 9/30/22 | $15,632 | $10,586 |
| 10/31/22 | $16,127 | $10,449 |
| 11/30/22 | $16,553 | $10,833 |
| 12/31/22 | $16,044 | $10,785 |
| 1/31/23 | $16,795 | $11,116 |
| 2/28/23 | $16,472 | $10,829 |
| 3/31/23 | $16,549 | $11,104 |
| 4/30/23 | $16,260 | $11,171 |
| 5/31/23 | $16,339 | $11,050 |
| 6/30/23 | $17,186 | $11,010 |
| 7/31/23 | $17,667 | $11,003 |
| 8/31/23 | $17,107 | $10,932 |
| 9/30/23 | $16,713 | $10,654 |
| 10/31/23 | $15,925 | $10,486 |
| 11/30/23 | $16,871 | $10,961 |
| 12/31/23 | $17,743 | $11,381 |
| 1/31/24 | $17,583 | $11,349 |
| 2/29/24 | $17,806 | $11,189 |
| 3/31/24 | $18,191 | $11,292 |
| 4/30/24 | $17,674 | $11,007 |
| 5/31/24 | $17,924 | $11,194 |
| 6/30/24 | $18,329 | $11,300 |
| 7/31/24 | $18,419 | $11,564 |
| 8/31/24 | $18,606 | $11,730 |
| 9/30/24 | $19,031 | $11,887 |
| 10/31/24 | $19,165 | $11,592 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 20.35 | 9.08 | 7.24 |
| Class A with sales charge | 17.63 | 8.59 | 6.72 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $871,208,892 | 91 | 54% | $6,255,523 |
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund invests primarily in convertible securities of US companies and some foreign firms diversified across market sectors and credit quality. Although the Fund can invest across the convertible universe, it emphasizes convertibles with attractive risk-reward profiles issued by midsize companies with higher-quality balance sheets.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 36.3 |
| Consumer Discretionary | 16.0 |
| Health Care | 10.9 |
| Industrials | 9.2 |
| Utilities | 8.5 |
| Financials | 5.6 |
| Communication Services | 5.1 |
| Consumer Staples | 2.3 |
| Real Estate | 1.4 |
| Energy | 1.1 |
| Boeing Company, 6.000%, 10/15/27 | 3.2 |
| Shift4 Payments, Inc., 0.000%, 12/15/25 | 3.1 |
| ON Semiconductor Corp., 0.500%, 03/01/29 | 2.2 |
| Royal Caribbean Cruises, Ltd., 6.000%, 08/15/25 | 2.2 |
| Alibaba Group Holding, Ltd., 0.500%, 06/01/31 | 2.1 |
| NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27 | 2.0 |
| Booking Holdings, Inc., 0.750%, 05/01/25 | 1.9 |
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 1.9 |
| MicroStrategy, Inc., 0.625%, 03/15/30 | 1.8 |
| Southern Company, 3.875%, 12/15/25 | 1.8 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | CVTTSRA-A 24
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Convertible Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $206 | 1.88% |
Against a backdrop of resilient economic growth and a Federal Reserve that pivoted to lower rates as inflation abated, the Fund made gains for the 12 months ended October 31, 2024 (“annual period”). As equities advanced, interest rates declined, and credit spreads narrowed, the Fund benefited from its emphasis on total-return-oriented convertibles and underweight in more credit-sensitive convertibles. The Fund’s underweight and selection in the materials sector as well as favorable selection in the industrials sector supported the result. The Fund’s underweight allocation and lagging selection in the communication services sector in addition to the trailing selection within the health care sector held back the result.
| Class C with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $10,000 | $9,999 |
| 11/30/14 | $10,054 | $10,070 |
| 12/31/14 | $9,951 | $10,080 |
| 1/31/15 | $9,814 | $10,291 |
| 2/28/15 | $10,180 | $10,194 |
| 3/31/15 | $10,059 | $10,242 |
| 4/30/15 | $10,123 | $10,205 |
| 5/31/15 | $10,330 | $10,180 |
| 6/30/15 | $10,064 | $10,069 |
| 7/31/15 | $10,076 | $10,139 |
| 8/31/15 | $9,676 | $10,125 |
| 9/30/15 | $9,306 | $10,193 |
| 10/31/15 | $9,599 | $10,195 |
| 11/30/15 | $9,610 | $10,168 |
| 12/31/15 | $9,495 | $10,135 |
| 1/31/16 | $8,843 | $10,275 |
| 2/29/16 | $8,770 | $10,348 |
| 3/31/16 | $9,162 | $10,443 |
| 4/30/16 | $9,241 | $10,483 |
| 5/31/16 | $9,440 | $10,485 |
| 6/30/16 | $9,349 | $10,674 |
| 7/31/16 | $9,749 | $10,741 |
| 8/31/16 | $9,761 | $10,729 |
| 9/30/16 | $9,885 | $10,723 |
| 10/31/16 | $9,658 | $10,641 |
| 11/30/16 | $9,805 | $10,389 |
| 12/31/16 | $9,845 | $10,404 |
| 1/31/17 | $10,104 | $10,424 |
| 2/28/17 | $10,246 | $10,494 |
| 3/31/17 | $10,353 | $10,489 |
| 4/30/17 | $10,470 | $10,570 |
| 5/31/17 | $10,600 | $10,651 |
| 6/30/17 | $10,676 | $10,640 |
| 7/31/17 | $10,818 | $10,686 |
| 8/31/17 | $10,856 | $10,782 |
| 9/30/17 | $10,961 | $10,730 |
| 10/31/17 | $11,202 | $10,737 |
| 11/30/17 | $11,202 | $10,723 |
| 12/31/17 | $11,168 | $10,772 |
| 1/31/18 | $11,494 | $10,648 |
| 2/28/18 | $11,417 | $10,547 |
| 3/31/18 | $11,447 | $10,615 |
| 4/30/18 | $11,441 | $10,536 |
| 5/31/18 | $11,754 | $10,611 |
| 6/30/18 | $11,823 | $10,598 |
| 7/31/18 | $11,816 | $10,600 |
| 8/31/18 | $12,239 | $10,669 |
| 9/30/18 | $12,147 | $10,600 |
| 10/31/18 | $11,499 | $10,516 |
| 11/30/18 | $11,627 | $10,579 |
| 12/31/18 | $11,138 | $10,773 |
| 1/31/19 | $11,814 | $10,888 |
| 2/28/19 | $12,148 | $10,881 |
| 3/31/19 | $12,083 | $11,090 |
| 4/30/19 | $12,395 | $11,093 |
| 5/31/19 | $11,981 | $11,290 |
| 6/30/19 | $12,453 | $11,432 |
| 7/31/19 | $12,708 | $11,457 |
| 8/31/19 | $12,519 | $11,754 |
| 9/30/19 | $12,405 | $11,691 |
| 10/31/19 | $12,558 | $11,727 |
| 11/30/19 | $12,922 | $11,721 |
| 12/31/19 | $13,183 | $11,712 |
| 1/31/20 | $13,489 | $11,938 |
| 2/29/20 | $13,001 | $12,153 |
| 3/31/20 | $11,542 | $12,081 |
| 4/30/20 | $13,060 | $12,296 |
| 5/31/20 | $14,264 | $12,353 |
| 6/30/20 | $15,008 | $12,431 |
| 7/31/20 | $15,964 | $12,617 |
| 8/31/20 | $16,920 | $12,515 |
| 9/30/20 | $16,555 | $12,508 |
| 10/31/20 | $16,402 | $12,452 |
| 11/30/20 | $18,415 | $12,574 |
| 12/31/20 | $19,415 | $12,592 |
| 1/31/21 | $19,585 | $12,501 |
| 2/28/21 | $20,375 | $12,321 |
| 3/31/21 | $19,663 | $12,167 |
| 4/30/21 | $20,166 | $12,263 |
| 5/31/21 | $19,779 | $12,303 |
| 6/30/21 | $20,135 | $12,390 |
| 7/31/21 | $20,050 | $12,528 |
| 8/31/21 | $20,383 | $12,504 |
| 9/30/21 | $20,119 | $12,396 |
| 10/31/21 | $20,692 | $12,393 |
| 11/30/21 | $20,127 | $12,429 |
| 12/31/21 | $20,277 | $12,397 |
| 1/31/22 | $18,773 | $12,130 |
| 2/28/22 | $18,666 | $11,995 |
| 3/31/22 | $18,773 | $11,662 |
| 4/30/22 | $17,409 | $11,219 |
| 5/31/22 | $16,799 | $11,292 |
| 6/30/22 | $15,657 | $11,114 |
| 7/31/22 | $16,613 | $11,386 |
| 8/31/22 | $16,586 | $11,064 |
| 9/30/22 | $15,480 | $10,586 |
| 10/31/22 | $15,958 | $10,449 |
| 11/30/22 | $16,365 | $10,833 |
| 12/31/22 | $15,851 | $10,785 |
| 1/31/23 | $16,588 | $11,116 |
| 2/28/23 | $16,251 | $10,829 |
| 3/31/23 | $16,322 | $11,104 |
| 4/30/23 | $16,029 | $11,171 |
| 5/31/23 | $16,100 | $11,050 |
| 6/30/23 | $16,917 | $11,010 |
| 7/31/23 | $17,378 | $11,003 |
| 8/31/23 | $16,819 | $10,932 |
| 9/30/23 | $16,428 | $10,654 |
| 10/31/23 | $15,638 | $10,486 |
| 11/30/23 | $16,561 | $10,961 |
| 12/31/23 | $17,403 | $11,381 |
| 1/31/24 | $17,232 | $11,349 |
| 2/29/24 | $17,439 | $11,189 |
| 3/31/24 | $17,808 | $11,292 |
| 4/30/24 | $17,295 | $11,007 |
| 5/31/24 | $17,520 | $11,194 |
| 6/30/24 | $17,907 | $11,300 |
| 7/31/24 | $17,988 | $11,564 |
| 8/31/24 | $18,159 | $11,730 |
| 9/30/24 | $18,555 | $11,887 |
| 10/31/24 | $18,682 | $11,592 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 19.46 | 8.27 | 6.45 |
| Class C with sales charge | 18.46 | 8.27 | 6.45 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $871,208,892 | 91 | 54% | $6,255,523 |
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund invests primarily in convertible securities of US companies and some foreign firms diversified across market sectors and credit quality. Although the Fund can invest across the convertible universe, it emphasizes convertibles with attractive risk-reward profiles issued by midsize companies with higher-quality balance sheets.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 36.3 |
| Consumer Discretionary | 16.0 |
| Health Care | 10.9 |
| Industrials | 9.2 |
| Utilities | 8.5 |
| Financials | 5.6 |
| Communication Services | 5.1 |
| Consumer Staples | 2.3 |
| Real Estate | 1.4 |
| Energy | 1.1 |
| Boeing Company, 6.000%, 10/15/27 | 3.2 |
| Shift4 Payments, Inc., 0.000%, 12/15/25 | 3.1 |
| ON Semiconductor Corp., 0.500%, 03/01/29 | 2.2 |
| Royal Caribbean Cruises, Ltd., 6.000%, 08/15/25 | 2.2 |
| Alibaba Group Holding, Ltd., 0.500%, 06/01/31 | 2.1 |
| NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27 | 2.0 |
| Booking Holdings, Inc., 0.750%, 05/01/25 | 1.9 |
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 1.9 |
| MicroStrategy, Inc., 0.625%, 03/15/30 | 1.8 |
| Southern Company, 3.875%, 12/15/25 | 1.8 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | CVTTSRA-C 24
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Convertible Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $97 | 0.88% |
Against a backdrop of resilient economic growth and a Federal Reserve that pivoted to lower rates as inflation abated, the Fund made gains for the 12 months ended October 31, 2024 (“annual period”). As equities advanced, interest rates declined, and credit spreads narrowed, the Fund benefited from its emphasis on total-return-oriented convertibles and underweight in more credit-sensitive convertibles. The Fund’s underweight and selection in the materials sector as well as favorable selection in the industrials sector supported the result. The Fund’s underweight allocation and lagging selection in the communication services sector in addition to the trailing selection within the health care sector held back the result.
| Class I | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,001 |
| 11/30/14 | $1,005,875 | $1,007,097 |
| 12/31/14 | $996,222 | $1,008,039 |
| 1/31/15 | $983,730 | $1,029,175 |
| 2/28/15 | $1,021,206 | $1,019,500 |
| 3/31/15 | $1,010,146 | $1,024,232 |
| 4/30/15 | $1,017,073 | $1,020,558 |
| 5/31/15 | $1,038,485 | $1,018,099 |
| 6/30/15 | $1,012,833 | $1,006,997 |
| 7/31/15 | $1,014,741 | $1,013,998 |
| 8/31/15 | $975,297 | $1,012,540 |
| 9/30/15 | $938,555 | $1,019,389 |
| 10/31/15 | $968,852 | $1,019,563 |
| 11/30/15 | $970,786 | $1,016,867 |
| 12/31/15 | $960,192 | $1,013,583 |
| 1/31/16 | $895,287 | $1,027,528 |
| 2/29/16 | $888,596 | $1,034,819 |
| 3/31/16 | $929,308 | $1,044,310 |
| 4/30/16 | $938,037 | $1,048,321 |
| 5/31/16 | $958,852 | $1,048,590 |
| 6/30/16 | $950,013 | $1,067,431 |
| 7/31/16 | $991,965 | $1,074,180 |
| 8/31/16 | $993,995 | $1,072,953 |
| 9/30/16 | $1,007,353 | $1,072,321 |
| 10/31/16 | $984,755 | $1,064,120 |
| 11/30/16 | $1,000,505 | $1,038,951 |
| 12/31/16 | $1,005,804 | $1,040,415 |
| 1/31/17 | $1,032,819 | $1,042,457 |
| 2/28/17 | $1,048,058 | $1,049,464 |
| 3/31/17 | $1,060,243 | $1,048,911 |
| 4/30/17 | $1,073,487 | $1,057,008 |
| 5/31/17 | $1,087,428 | $1,065,141 |
| 6/30/17 | $1,096,465 | $1,064,072 |
| 7/31/17 | $1,111,169 | $1,068,652 |
| 8/31/17 | $1,116,770 | $1,078,233 |
| 9/30/17 | $1,128,292 | $1,073,100 |
| 10/31/17 | $1,153,537 | $1,073,722 |
| 11/30/17 | $1,154,939 | $1,072,342 |
| 12/31/17 | $1,152,852 | $1,077,264 |
| 1/31/18 | $1,187,038 | $1,064,857 |
| 2/28/18 | $1,179,764 | $1,054,765 |
| 3/31/18 | $1,184,208 | $1,061,530 |
| 4/30/18 | $1,184,208 | $1,053,633 |
| 5/31/18 | $1,217,813 | $1,061,150 |
| 6/30/18 | $1,225,952 | $1,059,845 |
| 7/31/18 | $1,226,686 | $1,060,098 |
| 8/31/18 | $1,271,439 | $1,066,920 |
| 9/30/18 | $1,262,953 | $1,060,050 |
| 10/31/18 | $1,196,598 | $1,051,675 |
| 11/30/18 | $1,210,607 | $1,057,950 |
| 12/31/18 | $1,161,156 | $1,077,385 |
| 1/31/19 | $1,232,507 | $1,088,830 |
| 2/28/19 | $1,268,182 | $1,088,198 |
| 3/31/19 | $1,261,852 | $1,109,092 |
| 4/30/19 | $1,295,956 | $1,109,376 |
| 5/31/19 | $1,254,178 | $1,129,070 |
| 6/30/19 | $1,304,426 | $1,143,247 |
| 7/31/19 | $1,331,761 | $1,145,763 |
| 8/31/19 | $1,312,968 | $1,175,454 |
| 9/30/19 | $1,302,849 | $1,169,194 |
| 10/31/19 | $1,320,014 | $1,172,716 |
| 11/30/19 | $1,359,494 | $1,172,116 |
| 12/31/19 | $1,387,633 | $1,171,300 |
| 1/31/20 | $1,421,247 | $1,193,842 |
| 2/29/20 | $1,371,257 | $1,215,330 |
| 3/31/20 | $1,217,849 | $1,208,176 |
| 4/30/20 | $1,379,940 | $1,229,655 |
| 5/31/20 | $1,507,359 | $1,235,377 |
| 6/30/20 | $1,587,468 | $1,243,163 |
| 7/31/20 | $1,689,829 | $1,261,730 |
| 8/31/20 | $1,793,058 | $1,251,543 |
| 9/30/20 | $1,756,022 | $1,250,859 |
| 10/31/20 | $1,741,258 | $1,245,274 |
| 11/30/20 | $1,955,767 | $1,257,492 |
| 12/31/20 | $2,064,381 | $1,259,224 |
| 1/31/21 | $2,083,935 | $1,250,196 |
| 2/28/21 | $2,169,602 | $1,232,145 |
| 3/31/21 | $2,096,040 | $1,216,757 |
| 4/30/21 | $2,150,979 | $1,226,370 |
| 5/31/21 | $2,111,870 | $1,230,376 |
| 6/30/21 | $2,150,979 | $1,239,020 |
| 7/31/21 | $2,143,529 | $1,252,875 |
| 8/31/21 | $2,181,707 | $1,250,490 |
| 9/30/21 | $2,154,993 | $1,239,662 |
| 10/31/21 | $2,218,321 | $1,239,320 |
| 11/30/21 | $2,159,650 | $1,242,989 |
| 12/31/21 | $2,177,013 | $1,239,809 |
| 1/31/22 | $2,017,719 | $1,213,098 |
| 2/28/22 | $2,007,966 | $1,199,564 |
| 3/31/22 | $2,020,970 | $1,166,236 |
| 4/30/22 | $1,875,764 | $1,121,979 |
| 5/31/22 | $1,811,829 | $1,129,212 |
| 6/30/22 | $1,690,457 | $1,111,498 |
| 7/31/22 | $1,793,533 | $1,138,656 |
| 8/31/22 | $1,792,448 | $1,106,486 |
| 9/30/22 | $1,674,016 | $1,058,676 |
| 10/31/22 | $1,728,332 | $1,044,963 |
| 11/30/22 | $1,773,957 | $1,083,392 |
| 12/31/22 | $1,719,288 | $1,078,507 |
| 1/31/23 | $1,801,315 | $1,111,687 |
| 2/28/23 | $1,766,317 | $1,082,945 |
| 3/31/23 | $1,775,093 | $1,110,450 |
| 4/30/23 | $1,744,431 | $1,117,183 |
| 5/31/23 | $1,753,192 | $1,105,018 |
| 6/30/23 | $1,844,249 | $1,101,075 |
| 7/31/23 | $1,895,844 | $1,100,311 |
| 8/31/23 | $1,836,565 | $1,093,284 |
| 9/30/23 | $1,795,086 | $1,065,499 |
| 10/31/23 | $1,710,339 | $1,048,685 |
| 11/30/23 | $1,812,695 | $1,096,174 |
| 12/31/23 | $1,907,085 | $1,138,135 |
| 1/31/24 | $1,889,146 | $1,135,008 |
| 2/29/24 | $1,913,812 | $1,118,973 |
| 3/31/24 | $1,955,927 | $1,129,307 |
| 4/30/24 | $1,900,910 | $1,100,780 |
| 5/31/24 | $1,927,857 | $1,119,442 |
| 6/30/24 | $1,971,510 | $1,130,044 |
| 7/31/24 | $1,981,643 | $1,156,439 |
| 8/31/24 | $2,003,036 | $1,173,053 |
| 9/30/24 | $2,048,040 | $1,188,762 |
| 10/31/24 | $2,063,846 | $1,159,282 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 20.67 | 9.35 | 7.51 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $871,208,892 | 91 | 54% | $6,255,523 |
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund invests primarily in convertible securities of US companies and some foreign firms diversified across market sectors and credit quality. Although the Fund can invest across the convertible universe, it emphasizes convertibles with attractive risk-reward profiles issued by midsize companies with higher-quality balance sheets.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 36.3 |
| Consumer Discretionary | 16.0 |
| Health Care | 10.9 |
| Industrials | 9.2 |
| Utilities | 8.5 |
| Financials | 5.6 |
| Communication Services | 5.1 |
| Consumer Staples | 2.3 |
| Real Estate | 1.4 |
| Energy | 1.1 |
| Boeing Company, 6.000%, 10/15/27 | 3.2 |
| Shift4 Payments, Inc., 0.000%, 12/15/25 | 3.1 |
| ON Semiconductor Corp., 0.500%, 03/01/29 | 2.2 |
| Royal Caribbean Cruises, Ltd., 6.000%, 08/15/25 | 2.2 |
| Alibaba Group Holding, Ltd., 0.500%, 06/01/31 | 2.1 |
| NextEra Energy Capital Holdings, Inc., 3.000%, 03/01/27 | 2.0 |
| Booking Holdings, Inc., 0.750%, 05/01/25 | 1.9 |
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 1.9 |
| MicroStrategy, Inc., 0.625%, 03/15/30 | 1.8 |
| Southern Company, 3.875%, 12/15/25 | 1.8 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | CVTTSRA-I 24
Calamos Dividend Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Dividend Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $158 | 1.35% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as the portfolio’s growth stocks were strongly in favor. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest stocks by market capitalization in the US equity market received much attention and made impressive gains during the period. AI-related names saw significant growth in cash flows and earnings, and the Fund was marginally overweight those securities. Holdings in information technology and consumer staples notably contributed to performance, while holdings in industrials were a drag on performance.
| Class A with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $9,523 | $9,999 |
| 11/30/14 | $9,541 | $10,267 |
| 12/31/14 | $9,398 | $10,242 |
| 1/31/15 | $9,307 | $9,934 |
| 2/28/15 | $9,652 | $10,505 |
| 3/31/15 | $9,470 | $10,339 |
| 4/30/15 | $9,606 | $10,438 |
| 5/31/15 | $9,733 | $10,572 |
| 6/30/15 | $9,452 | $10,368 |
| 7/31/15 | $9,661 | $10,585 |
| 8/31/15 | $9,053 | $9,946 |
| 9/30/15 | $8,845 | $9,700 |
| 10/31/15 | $9,543 | $10,518 |
| 11/30/15 | $9,534 | $10,550 |
| 12/31/15 | $9,394 | $10,383 |
| 1/31/16 | $8,909 | $9,868 |
| 2/29/16 | $8,862 | $9,855 |
| 3/31/16 | $9,427 | $10,523 |
| 4/30/16 | $9,446 | $10,564 |
| 5/31/16 | $9,586 | $10,754 |
| 6/30/16 | $9,567 | $10,782 |
| 7/31/16 | $9,876 | $11,179 |
| 8/31/16 | $9,876 | $11,195 |
| 9/30/16 | $9,872 | $11,197 |
| 10/31/16 | $9,750 | $10,993 |
| 11/30/16 | $10,079 | $11,400 |
| 12/31/16 | $10,284 | $11,625 |
| 1/31/17 | $10,462 | $11,846 |
| 2/28/17 | $10,867 | $12,316 |
| 3/31/17 | $10,870 | $12,330 |
| 4/30/17 | $11,030 | $12,457 |
| 5/31/17 | $11,190 | $12,632 |
| 6/30/17 | $11,218 | $12,711 |
| 7/31/17 | $11,473 | $12,972 |
| 8/31/17 | $11,501 | $13,012 |
| 9/30/17 | $11,707 | $13,281 |
| 10/31/17 | $12,009 | $13,591 |
| 11/30/17 | $12,310 | $14,007 |
| 12/31/17 | $12,436 | $14,163 |
| 1/31/18 | $13,121 | $14,974 |
| 2/28/18 | $12,661 | $14,422 |
| 3/31/18 | $12,322 | $14,056 |
| 4/30/18 | $12,373 | $14,109 |
| 5/31/18 | $12,659 | $14,449 |
| 6/30/18 | $12,660 | $14,538 |
| 7/31/18 | $13,162 | $15,079 |
| 8/31/18 | $13,530 | $15,571 |
| 9/30/18 | $13,583 | $15,659 |
| 10/31/18 | $12,641 | $14,589 |
| 11/30/18 | $12,938 | $14,886 |
| 12/31/18 | $11,817 | $13,542 |
| 1/31/19 | $12,695 | $14,627 |
| 2/28/19 | $13,102 | $15,097 |
| 3/31/19 | $13,354 | $15,390 |
| 4/30/19 | $13,890 | $16,013 |
| 5/31/19 | $13,033 | $14,996 |
| 6/30/19 | $13,922 | $16,053 |
| 7/31/19 | $14,115 | $16,283 |
| 8/31/19 | $13,890 | $16,025 |
| 9/30/19 | $14,096 | $16,325 |
| 10/31/19 | $14,364 | $16,679 |
| 11/30/19 | $14,848 | $17,284 |
| 12/31/19 | $15,289 | $17,806 |
| 1/31/20 | $15,253 | $17,799 |
| 2/29/20 | $13,991 | $16,334 |
| 3/31/20 | $12,272 | $14,316 |
| 4/30/20 | $13,870 | $16,152 |
| 5/31/20 | $14,568 | $16,921 |
| 6/30/20 | $14,820 | $17,257 |
| 7/31/20 | $15,566 | $18,231 |
| 8/31/20 | $16,805 | $19,541 |
| 9/30/20 | $16,143 | $18,798 |
| 10/31/20 | $15,686 | $18,299 |
| 11/30/20 | $17,466 | $20,302 |
| 12/31/20 | $18,166 | $21,082 |
| 1/31/21 | $17,840 | $20,869 |
| 2/28/21 | $18,531 | $21,445 |
| 3/31/21 | $19,236 | $22,384 |
| 4/30/21 | $20,266 | $23,579 |
| 5/31/21 | $20,448 | $23,743 |
| 6/30/21 | $20,827 | $24,298 |
| 7/31/21 | $21,257 | $24,875 |
| 8/31/21 | $21,870 | $25,631 |
| 9/30/21 | $20,853 | $24,439 |
| 10/31/21 | $22,339 | $26,151 |
| 11/30/21 | $22,118 | $25,970 |
| 12/31/21 | $23,107 | $27,134 |
| 1/31/22 | $22,017 | $25,730 |
| 2/28/22 | $21,338 | $24,959 |
| 3/31/22 | $21,961 | $25,886 |
| 4/30/22 | $20,106 | $23,629 |
| 5/31/22 | $20,134 | $23,672 |
| 6/30/22 | $18,520 | $21,718 |
| 7/31/22 | $20,021 | $23,721 |
| 8/31/22 | $19,270 | $22,753 |
| 9/30/22 | $17,529 | $20,658 |
| 10/31/22 | $18,987 | $22,330 |
| 11/30/22 | $19,992 | $23,578 |
| 12/31/22 | $18,901 | $22,220 |
| 1/31/23 | $19,953 | $23,616 |
| 2/28/23 | $19,427 | $23,040 |
| 3/31/23 | $20,124 | $23,886 |
| 4/30/23 | $20,564 | $24,258 |
| 5/31/23 | $20,607 | $24,364 |
| 6/30/23 | $21,929 | $25,974 |
| 7/31/23 | $22,511 | $26,808 |
| 8/31/23 | $22,113 | $26,381 |
| 9/30/23 | $21,033 | $25,123 |
| 10/31/23 | $20,621 | $24,595 |
| 11/30/23 | $22,426 | $26,841 |
| 12/31/23 | $23,299 | $28,061 |
| 1/31/24 | $23,758 | $28,532 |
| 2/29/24 | $25,019 | $30,056 |
| 3/31/24 | $25,761 | $31,023 |
| 4/30/24 | $24,767 | $29,756 |
| 5/31/24 | $25,938 | $31,231 |
| 6/30/24 | $26,843 | $32,352 |
| 7/31/24 | $26,873 | $32,746 |
| 8/31/24 | $27,481 | $33,540 |
| 9/30/24 | $28,000 | $34,256 |
| 10/31/24 | $27,777 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 34.70 | 14.10 | 11.30 |
| Class A with sales charge | 28.34 | 12.99 | 10.76 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $20,644,697 | 114 | 24% | $190,896 |
Calamos Dividend Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund is broadly diversified by sector, favoring investments in dividend-paying equities and high-cash-generating businesses. Our preference for companies with stronger cash flows, improving or superior fundamentals, and upside intrinsic values worked well over the year. Dividend-paying equities often provide a sense of stability, and “quality” was a favored attribute.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 30.5 |
| Financials | 15.2 |
| Consumer Discretionary | 10.8 |
| Health Care | 9.7 |
| Communication Services | 8.4 |
| Industrials | 7.4 |
| Consumer Staples | 5.5 |
| Utilities | 3.6 |
| Energy | 3.4 |
| Materials | 2.7 |
| Real Estate | 1.3 |
| Other | 1.2 |
| NVIDIA Corp. | 7.2 |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.5 |
| Alphabet, Inc. - Class C | 3.8 |
| Amazon.com, Inc. | 3.7 |
| Meta Platforms, Inc. - Class A | 2.5 |
| Broadcom, Inc. | 2.3 |
| JPMorgan Chase & Company | 1.9 |
| Eli Lilly & Company | 1.8 |
| Mastercard, Inc. - Class A | 1.6 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | DVGTSRA-A 24
Calamos Dividend Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Dividend Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $245 | 2.10% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as the portfolio’s growth stocks were strongly in favor. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest stocks by market capitalization in the US equity market received much attention and made impressive gains during the period. AI-related names saw significant growth in cash flows and earnings, and the Fund was marginally overweight those securities. Holdings in information technology and consumer staples notably contributed to performance, while holdings in industrials were a drag on performance.
| Class C with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $10,000 | $9,999 |
| 11/30/14 | $10,000 | $10,267 |
| 12/31/14 | $9,841 | $10,242 |
| 1/31/15 | $9,746 | $9,934 |
| 2/28/15 | $10,108 | $10,505 |
| 3/31/15 | $9,908 | $10,339 |
| 4/30/15 | $10,041 | $10,438 |
| 5/31/15 | $10,175 | $10,572 |
| 6/30/15 | $9,870 | $10,368 |
| 7/31/15 | $10,080 | $10,585 |
| 8/31/15 | $9,450 | $9,946 |
| 9/30/15 | $9,221 | $9,700 |
| 10/31/15 | $9,937 | $10,518 |
| 11/30/15 | $9,917 | $10,550 |
| 12/31/15 | $9,775 | $10,383 |
| 1/31/16 | $9,265 | $9,868 |
| 2/29/16 | $9,207 | $9,855 |
| 3/31/16 | $9,783 | $10,523 |
| 4/30/16 | $9,803 | $10,564 |
| 5/31/16 | $9,940 | $10,754 |
| 6/30/16 | $9,925 | $10,782 |
| 7/31/16 | $10,229 | $11,179 |
| 8/31/16 | $10,229 | $11,195 |
| 9/30/16 | $10,216 | $11,197 |
| 10/31/16 | $10,078 | $10,993 |
| 11/30/16 | $10,412 | $11,400 |
| 12/31/16 | $10,621 | $11,625 |
| 1/31/17 | $10,798 | $11,846 |
| 2/28/17 | $11,211 | $12,316 |
| 3/31/17 | $11,201 | $12,330 |
| 4/30/17 | $11,358 | $12,457 |
| 5/31/17 | $11,516 | $12,632 |
| 6/30/17 | $11,544 | $12,711 |
| 7/31/17 | $11,800 | $12,972 |
| 8/31/17 | $11,820 | $13,012 |
| 9/30/17 | $12,026 | $13,281 |
| 10/31/17 | $12,322 | $13,591 |
| 11/30/17 | $12,627 | $14,007 |
| 12/31/17 | $12,744 | $14,163 |
| 1/31/18 | $13,448 | $14,974 |
| 2/28/18 | $12,958 | $14,422 |
| 3/31/18 | $12,606 | $14,056 |
| 4/30/18 | $12,659 | $14,109 |
| 5/31/18 | $12,936 | $14,449 |
| 6/30/18 | $12,936 | $14,538 |
| 7/31/18 | $13,426 | $15,079 |
| 8/31/18 | $13,799 | $15,571 |
| 9/30/18 | $13,853 | $15,659 |
| 10/31/18 | $12,883 | $14,589 |
| 11/30/18 | $13,171 | $14,886 |
| 12/31/18 | $12,024 | $13,542 |
| 1/31/19 | $12,913 | $14,627 |
| 2/28/19 | $13,313 | $15,097 |
| 3/31/19 | $13,557 | $15,390 |
| 4/30/19 | $14,102 | $16,013 |
| 5/31/19 | $13,224 | $14,996 |
| 6/30/19 | $14,113 | $16,053 |
| 7/31/19 | $14,291 | $16,283 |
| 8/31/19 | $14,057 | $16,025 |
| 9/30/19 | $14,257 | $16,325 |
| 10/31/19 | $14,524 | $16,679 |
| 11/30/19 | $15,002 | $17,284 |
| 12/31/19 | $15,439 | $17,806 |
| 1/31/20 | $15,389 | $17,799 |
| 2/29/20 | $14,110 | $16,334 |
| 3/31/20 | $12,371 | $14,316 |
| 4/30/20 | $13,973 | $16,152 |
| 5/31/20 | $14,669 | $16,921 |
| 6/30/20 | $14,917 | $17,257 |
| 7/31/20 | $15,650 | $18,231 |
| 8/31/20 | $16,880 | $19,541 |
| 9/30/20 | $16,209 | $18,798 |
| 10/31/20 | $15,737 | $18,299 |
| 11/30/20 | $17,513 | $20,302 |
| 12/31/20 | $18,200 | $21,082 |
| 1/31/21 | $17,876 | $20,869 |
| 2/28/21 | $18,565 | $21,445 |
| 3/31/21 | $19,239 | $22,384 |
| 4/30/21 | $20,264 | $23,579 |
| 5/31/21 | $20,426 | $23,743 |
| 6/30/21 | $20,804 | $24,298 |
| 7/31/21 | $21,222 | $24,875 |
| 8/31/21 | $21,803 | $25,631 |
| 9/30/21 | $20,777 | $24,439 |
| 10/31/21 | $22,248 | $26,151 |
| 11/30/21 | $22,018 | $25,970 |
| 12/31/21 | $22,988 | $27,134 |
| 1/31/22 | $21,886 | $25,730 |
| 2/28/22 | $21,210 | $24,959 |
| 3/31/22 | $21,798 | $25,886 |
| 4/30/22 | $19,960 | $23,629 |
| 5/31/22 | $19,960 | $23,672 |
| 6/30/22 | $18,343 | $21,718 |
| 7/31/22 | $19,828 | $23,721 |
| 8/31/22 | $19,078 | $22,753 |
| 9/30/22 | $17,344 | $20,658 |
| 10/31/22 | $18,770 | $22,330 |
| 11/30/22 | $19,740 | $23,578 |
| 12/31/22 | $18,662 | $22,220 |
| 1/31/23 | $19,693 | $23,616 |
| 2/28/23 | $19,162 | $23,040 |
| 3/31/23 | $19,825 | $23,886 |
| 4/30/23 | $20,252 | $24,258 |
| 5/31/23 | $20,282 | $24,364 |
| 6/30/23 | $21,563 | $25,974 |
| 7/31/23 | $22,123 | $26,808 |
| 8/31/23 | $21,725 | $26,381 |
| 9/30/23 | $20,650 | $25,123 |
| 10/31/23 | $20,238 | $24,595 |
| 11/30/23 | $21,990 | $26,841 |
| 12/31/23 | $22,826 | $28,061 |
| 1/31/24 | $23,256 | $28,532 |
| 2/29/24 | $24,487 | $30,056 |
| 3/31/24 | $25,194 | $31,023 |
| 4/30/24 | $24,195 | $29,756 |
| 5/31/24 | $25,333 | $31,231 |
| 6/30/24 | $26,209 | $32,352 |
| 7/31/24 | $26,225 | $32,746 |
| 8/31/24 | $26,794 | $33,540 |
| 9/30/24 | $27,286 | $34,256 |
| 10/31/24 | $27,055 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 33.69 | 13.25 | 10.47 |
| Class C with sales charge | 32.69 | 13.25 | 10.47 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $20,644,697 | 114 | 24% | $190,896 |
Calamos Dividend Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund is broadly diversified by sector, favoring investments in dividend-paying equities and high-cash-generating businesses. Our preference for companies with stronger cash flows, improving or superior fundamentals, and upside intrinsic values worked well over the year. Dividend-paying equities often provide a sense of stability, and “quality” was a favored attribute.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 30.5 |
| Financials | 15.2 |
| Consumer Discretionary | 10.8 |
| Health Care | 9.7 |
| Communication Services | 8.4 |
| Industrials | 7.4 |
| Consumer Staples | 5.5 |
| Utilities | 3.6 |
| Energy | 3.4 |
| Materials | 2.7 |
| Real Estate | 1.3 |
| Other | 1.2 |
| NVIDIA Corp. | 7.2 |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.5 |
| Alphabet, Inc. - Class C | 3.8 |
| Amazon.com, Inc. | 3.7 |
| Meta Platforms, Inc. - Class A | 2.5 |
| Broadcom, Inc. | 2.3 |
| JPMorgan Chase & Company | 1.9 |
| Eli Lilly & Company | 1.8 |
| Mastercard, Inc. - Class A | 1.6 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | DVGTSRA-C 24
Calamos Dividend Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Dividend Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $129 | 1.10% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as the portfolio’s growth stocks were strongly in favor. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest stocks by market capitalization in the US equity market received much attention and made impressive gains during the period. AI-related names saw significant growth in cash flows and earnings, and the Fund was marginally overweight those securities. Holdings in information technology and consumer staples notably contributed to performance, while holdings in industrials were a drag on performance.
| Class I | S&P 500 Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,000 |
| 11/30/14 | $1,001,854 | $1,026,895 |
| 12/31/14 | $986,583 | $1,024,308 |
| 1/31/15 | $978,013 | $993,558 |
| 2/28/15 | $1,014,200 | $1,050,661 |
| 3/31/15 | $996,106 | $1,034,044 |
| 4/30/15 | $1,009,439 | $1,043,965 |
| 5/31/15 | $1,023,723 | $1,057,389 |
| 6/30/15 | $994,202 | $1,036,919 |
| 7/31/15 | $1,016,105 | $1,058,645 |
| 8/31/15 | $953,253 | $994,772 |
| 9/30/15 | $931,350 | $970,158 |
| 10/31/15 | $1,004,677 | $1,051,995 |
| 11/30/15 | $1,003,725 | $1,055,123 |
| 12/31/15 | $989,302 | $1,038,482 |
| 1/31/16 | $938,266 | $986,949 |
| 2/29/16 | $934,341 | $985,617 |
| 3/31/16 | $993,402 | $1,052,479 |
| 4/30/16 | $995,371 | $1,056,560 |
| 5/31/16 | $1,010,139 | $1,075,533 |
| 6/30/16 | $1,008,778 | $1,078,321 |
| 7/31/16 | $1,042,339 | $1,118,077 |
| 8/31/16 | $1,042,339 | $1,119,648 |
| 9/30/16 | $1,041,607 | $1,119,857 |
| 10/31/16 | $1,028,736 | $1,099,430 |
| 11/30/16 | $1,063,390 | $1,140,148 |
| 12/31/16 | $1,086,585 | $1,162,683 |
| 1/31/17 | $1,104,463 | $1,184,735 |
| 2/28/17 | $1,148,165 | $1,231,778 |
| 3/31/17 | $1,148,160 | $1,233,213 |
| 4/30/17 | $1,166,054 | $1,245,879 |
| 5/31/17 | $1,182,953 | $1,263,412 |
| 6/30/17 | $1,186,603 | $1,271,298 |
| 7/31/17 | $1,213,526 | $1,297,439 |
| 8/31/17 | $1,216,517 | $1,301,412 |
| 9/30/17 | $1,239,119 | $1,328,257 |
| 10/31/17 | $1,270,097 | $1,359,252 |
| 11/30/17 | $1,303,074 | $1,400,939 |
| 12/31/17 | $1,316,211 | $1,416,515 |
| 1/31/18 | $1,389,875 | $1,497,616 |
| 2/28/18 | $1,341,127 | $1,442,420 |
| 3/31/18 | $1,304,838 | $1,405,763 |
| 4/30/18 | $1,311,346 | $1,411,157 |
| 5/31/18 | $1,341,716 | $1,445,140 |
| 6/30/18 | $1,342,630 | $1,454,035 |
| 7/31/18 | $1,394,771 | $1,508,146 |
| 8/31/18 | $1,434,963 | $1,557,288 |
| 9/30/18 | $1,441,427 | $1,566,152 |
| 10/31/18 | $1,341,343 | $1,459,105 |
| 11/30/18 | $1,372,892 | $1,488,839 |
| 12/31/18 | $1,254,819 | $1,354,412 |
| 1/31/19 | $1,348,191 | $1,462,948 |
| 2/28/19 | $1,391,460 | $1,509,921 |
| 3/31/19 | $1,417,761 | $1,539,260 |
| 4/30/19 | $1,475,885 | $1,601,584 |
| 5/31/19 | $1,384,710 | $1,499,806 |
| 6/30/19 | $1,479,056 | $1,605,508 |
| 7/31/19 | $1,499,598 | $1,628,584 |
| 8/31/19 | $1,476,773 | $1,602,785 |
| 9/30/19 | $1,498,395 | $1,632,774 |
| 10/31/19 | $1,528,134 | $1,668,138 |
| 11/30/19 | $1,579,606 | $1,728,690 |
| 12/31/19 | $1,626,373 | $1,780,867 |
| 1/31/20 | $1,622,531 | $1,780,169 |
| 2/29/20 | $1,489,348 | $1,633,628 |
| 3/31/20 | $1,305,667 | $1,431,852 |
| 4/30/20 | $1,477,364 | $1,615,407 |
| 5/31/20 | $1,551,681 | $1,692,345 |
| 6/30/20 | $1,579,479 | $1,726,003 |
| 7/31/20 | $1,659,030 | $1,823,324 |
| 8/31/20 | $1,791,188 | $1,954,384 |
| 9/30/20 | $1,720,235 | $1,880,123 |
| 10/31/20 | $1,672,736 | $1,830,125 |
| 11/30/20 | $1,862,732 | $2,030,458 |
| 12/31/20 | $1,937,840 | $2,108,526 |
| 1/31/21 | $1,904,429 | $2,087,238 |
| 2/28/21 | $1,978,212 | $2,144,792 |
| 3/31/21 | $2,053,386 | $2,238,725 |
| 4/30/21 | $2,163,364 | $2,358,203 |
| 5/31/21 | $2,182,854 | $2,374,673 |
| 6/30/21 | $2,224,618 | $2,430,111 |
| 7/31/21 | $2,271,950 | $2,487,837 |
| 8/31/21 | $2,335,988 | $2,563,481 |
| 9/30/21 | $2,227,402 | $2,444,255 |
| 10/31/21 | $2,387,497 | $2,615,503 |
| 11/30/21 | $2,365,223 | $2,597,381 |
| 12/31/21 | $2,471,241 | $2,713,786 |
| 1/31/22 | $2,354,645 | $2,573,356 |
| 2/28/22 | $2,283,475 | $2,496,304 |
| 3/31/22 | $2,348,588 | $2,588,992 |
| 4/30/22 | $2,151,736 | $2,363,228 |
| 5/31/22 | $2,154,765 | $2,367,562 |
| 6/30/22 | $1,982,141 | $2,172,135 |
| 7/31/22 | $2,144,165 | $2,372,415 |
| 8/31/22 | $2,063,910 | $2,275,665 |
| 9/30/22 | $1,877,659 | $2,066,077 |
| 10/31/22 | $2,035,140 | $2,233,350 |
| 11/30/22 | $2,142,651 | $2,358,160 |
| 12/31/22 | $2,027,198 | $2,222,295 |
| 1/31/23 | $2,139,735 | $2,361,931 |
| 2/28/23 | $2,083,467 | $2,304,301 |
| 3/31/23 | $2,157,985 | $2,388,902 |
| 4/30/23 | $2,205,129 | $2,426,190 |
| 5/31/23 | $2,211,212 | $2,436,736 |
| 6/30/23 | $2,354,165 | $2,597,745 |
| 7/31/23 | $2,416,517 | $2,681,196 |
| 8/31/23 | $2,373,935 | $2,638,508 |
| 9/30/23 | $2,259,877 | $2,512,709 |
| 10/31/23 | $2,215,774 | $2,459,875 |
| 11/30/23 | $2,408,913 | $2,684,525 |
| 12/31/23 | $2,503,721 | $2,806,485 |
| 1/31/24 | $2,552,939 | $2,853,645 |
| 2/29/24 | $2,689,476 | $3,006,018 |
| 3/31/24 | $2,770,446 | $3,102,735 |
| 4/30/24 | $2,662,486 | $2,976,004 |
| 5/31/24 | $2,789,498 | $3,123,570 |
| 6/30/24 | $2,887,932 | $3,235,649 |
| 7/31/24 | $2,892,695 | $3,275,035 |
| 8/31/24 | $2,957,789 | $3,354,475 |
| 9/30/24 | $3,014,944 | $3,426,117 |
| 10/31/24 | $2,992,717 | $3,395,049 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 35.06 | 14.39 | 11.59 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $20,644,697 | 114 | 24% | $190,896 |
Calamos Dividend Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund is broadly diversified by sector, favoring investments in dividend-paying equities and high-cash-generating businesses. Our preference for companies with stronger cash flows, improving or superior fundamentals, and upside intrinsic values worked well over the year. Dividend-paying equities often provide a sense of stability, and “quality” was a favored attribute.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 30.5 |
| Financials | 15.2 |
| Consumer Discretionary | 10.8 |
| Health Care | 9.7 |
| Communication Services | 8.4 |
| Industrials | 7.4 |
| Consumer Staples | 5.5 |
| Utilities | 3.6 |
| Energy | 3.4 |
| Materials | 2.7 |
| Real Estate | 1.3 |
| Other | 1.2 |
| NVIDIA Corp. | 7.2 |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.5 |
| Alphabet, Inc. - Class C | 3.8 |
| Amazon.com, Inc. | 3.7 |
| Meta Platforms, Inc. - Class A | 2.5 |
| Broadcom, Inc. | 2.3 |
| JPMorgan Chase & Company | 1.9 |
| Eli Lilly & Company | 1.8 |
| Mastercard, Inc. - Class A | 1.6 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | DVGTSRA-I 24
Calamos Evolving World Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Evolving World Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $151 | 1.30% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in emerging markets. The Fund’s investments in companies with higher growth and quality characteristics and a wider universe of equities and convertible securities supported the Fund’s returns over the period. Fund holdings in consumer discretionary and industrials performed well, reflecting large addressable markets, rising earnings, and healthy balance sheets, while holdings in health care and financials lagged over the period. From a geographic view, holdings in India and Korea contributed to outperformance, while positions in China and the Philippines trailed.
| Class A with sales charge | MSCI Emerging Markets Gross Total Return Index |
|---|
| 10/31/14 | $9,528 | $10,001 |
| 11/30/14 | $9,521 | $9,895 |
| 12/31/14 | $9,137 | $9,444 |
| 1/31/15 | $9,208 | $9,501 |
| 2/28/15 | $9,414 | $9,797 |
| 3/31/15 | $9,414 | $9,659 |
| 4/30/15 | $9,877 | $10,405 |
| 5/31/15 | $9,677 | $9,990 |
| 6/30/15 | $9,471 | $9,738 |
| 7/31/15 | $9,001 | $9,069 |
| 8/31/15 | $8,311 | $8,252 |
| 9/30/15 | $8,119 | $8,007 |
| 10/31/15 | $8,617 | $8,578 |
| 11/30/15 | $8,567 | $8,244 |
| 12/31/15 | $8,346 | $8,065 |
| 1/31/16 | $7,841 | $7,543 |
| 2/29/16 | $7,670 | $7,531 |
| 3/31/16 | $8,289 | $8,529 |
| 4/30/16 | $8,325 | $8,578 |
| 5/31/16 | $8,282 | $8,259 |
| 6/30/16 | $8,389 | $8,597 |
| 7/31/16 | $8,660 | $9,035 |
| 8/31/16 | $8,717 | $9,263 |
| 9/30/16 | $8,824 | $9,384 |
| 10/31/16 | $8,624 | $9,408 |
| 11/30/16 | $8,054 | $8,975 |
| 12/31/16 | $7,955 | $9,001 |
| 1/31/17 | $8,396 | $9,494 |
| 2/28/17 | $8,539 | $9,786 |
| 3/31/17 | $8,816 | $10,035 |
| 4/30/17 | $9,066 | $10,257 |
| 5/31/17 | $9,244 | $10,562 |
| 6/30/17 | $9,358 | $10,676 |
| 7/31/17 | $9,977 | $11,321 |
| 8/31/17 | $10,291 | $11,577 |
| 9/30/17 | $10,312 | $11,534 |
| 10/31/17 | $10,561 | $11,939 |
| 11/30/17 | $10,632 | $11,964 |
| 12/31/17 | $10,862 | $12,399 |
| 1/31/18 | $11,660 | $13,434 |
| 2/28/18 | $11,197 | $12,816 |
| 3/31/18 | $11,176 | $12,581 |
| 4/30/18 | $10,848 | $12,528 |
| 5/31/18 | $10,528 | $12,087 |
| 6/30/18 | $10,129 | $11,593 |
| 7/31/18 | $10,157 | $11,858 |
| 8/31/18 | $9,858 | $11,540 |
| 9/30/18 | $9,801 | $11,483 |
| 10/31/18 | $8,932 | $10,484 |
| 11/30/18 | $9,188 | $10,917 |
| 12/31/18 | $8,911 | $10,634 |
| 1/31/19 | $9,587 | $11,566 |
| 2/28/19 | $9,680 | $11,593 |
| 3/31/19 | $9,865 | $11,693 |
| 4/30/19 | $10,043 | $11,941 |
| 5/31/19 | $9,530 | $11,078 |
| 6/30/19 | $10,150 | $11,779 |
| 7/31/19 | $10,036 | $11,645 |
| 8/31/19 | $9,780 | $11,080 |
| 9/30/19 | $9,723 | $11,295 |
| 10/31/19 | $10,057 | $11,773 |
| 11/30/19 | $10,114 | $11,757 |
| 12/31/19 | $10,733 | $12,642 |
| 1/31/20 | $10,496 | $12,053 |
| 2/29/20 | $10,266 | $11,419 |
| 3/31/20 | $8,961 | $9,663 |
| 4/30/20 | $10,015 | $10,549 |
| 5/31/20 | $10,582 | $10,633 |
| 6/30/20 | $11,701 | $11,420 |
| 7/31/20 | $13,179 | $12,450 |
| 8/31/20 | $13,832 | $12,729 |
| 9/30/20 | $13,660 | $12,528 |
| 10/31/20 | $14,062 | $12,788 |
| 11/30/20 | $15,166 | $13,971 |
| 12/31/20 | $16,521 | $15,005 |
| 1/31/21 | $17,202 | $15,469 |
| 2/28/21 | $17,311 | $15,588 |
| 3/31/21 | $16,469 | $15,356 |
| 4/30/21 | $16,806 | $15,741 |
| 5/31/21 | $17,026 | $16,109 |
| 6/30/21 | $17,150 | $16,143 |
| 7/31/21 | $16,140 | $15,066 |
| 8/31/21 | $16,784 | $15,465 |
| 9/30/21 | $16,074 | $14,856 |
| 10/31/21 | $16,294 | $15,004 |
| 11/30/21 | $15,400 | $14,394 |
| 12/31/21 | $15,367 | $14,671 |
| 1/31/22 | $15,037 | $14,395 |
| 2/28/22 | $14,559 | $13,966 |
| 3/31/22 | $14,397 | $13,655 |
| 4/30/22 | $13,398 | $12,898 |
| 5/31/22 | $13,207 | $12,958 |
| 6/30/22 | $12,310 | $12,108 |
| 7/31/22 | $11,972 | $12,088 |
| 8/31/22 | $11,943 | $12,143 |
| 9/30/22 | $10,980 | $10,725 |
| 10/31/22 | $10,664 | $10,394 |
| 11/30/22 | $11,957 | $11,937 |
| 12/31/22 | $11,589 | $11,776 |
| 1/31/23 | $12,669 | $12,707 |
| 2/28/23 | $11,715 | $11,884 |
| 3/31/23 | $12,159 | $12,249 |
| 4/30/23 | $11,744 | $12,112 |
| 5/31/23 | $11,367 | $11,912 |
| 6/30/23 | $11,848 | $12,376 |
| 7/31/23 | $12,529 | $13,155 |
| 8/31/23 | $11,996 | $12,348 |
| 9/30/23 | $11,478 | $12,030 |
| 10/31/23 | $11,004 | $11,564 |
| 11/30/23 | $11,959 | $12,492 |
| 12/31/23 | $12,328 | $12,985 |
| 1/31/24 | $12,210 | $12,383 |
| 2/29/24 | $12,900 | $12,974 |
| 3/31/24 | $13,137 | $13,301 |
| 4/30/24 | $13,085 | $13,363 |
| 5/31/24 | $13,776 | $13,443 |
| 6/30/24 | $14,681 | $13,982 |
| 7/31/24 | $14,213 | $14,033 |
| 8/31/24 | $14,043 | $14,264 |
| 9/30/24 | $14,867 | $15,223 |
| 10/31/24 | $14,555 | $14,565 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 32.27 | 7.67 | 4.33 |
| Class A with sales charge | 26.00 | 6.64 | 3.82 |
| MSCI Emerging Markets Gross Total Return Index | 25.95 | 4.35 | 3.83 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $396,642,147 | 69 | 140% | $4,181,196 |
Calamos Evolving World Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund employs an active, risk-managed strategy to invest in emerging market growth opportunities. The Fund invests in common stocks and draws on our experience in convertible securities to actively manage risk. The Fund invests in emerging markets and developed-market domiciled companies with significant revenue exposure to emerging markets.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Consumer Discretionary | 31.7 |
| Information Technology | 22.3 |
| Financials | 15.7 |
| Industrials | 10.0 |
| Consumer Staples | 5.9 |
| Real Estate | 3.5 |
| Communication Services | 3.4 |
| Health Care | 3.4 |
| Materials | 3.0 |
| Energy | 2.0 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 11.7 |
| Alibaba Group Holding, Ltd., 0.500%, 06/01/31 | 4.7 |
| Trip.com Group, Ltd., 0.750%, 06/15/29 | 3.6 |
| Tencent Holdings, Ltd. | 3.1 |
| NU Holdings Ltd. - Class A | 3.0 |
| JD.com, Inc., 0.250%, 06/01/29 | 2.6 |
| Amber Enterprises India, Ltd. | 2.4 |
| Meritz Financial Group, Inc. | 2.3 |
| Hon Hai Precision Industry Company, Ltd., 0.000%, 08/05/26 | 2.3 |
| Hanwha Aerospace Company, Ltd. | 2.3 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | EWGTSRA-A 24
Calamos Evolving World Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Evolving World Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $237 | 2.05% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in emerging markets. The Fund’s investments in companies with higher growth and quality characteristics and a wider universe of equities and convertible securities supported the Fund’s returns over the period. Fund holdings in consumer discretionary and industrials performed well, reflecting large addressable markets, rising earnings, and healthy balance sheets, while holdings in health care and financials lagged over the period. From a geographic view, holdings in India and Korea contributed to outperformance, while positions in China and the Philippines trailed.
| Class C with sales charge | MSCI Emerging Markets Gross Total Return Index |
|---|
| 10/31/14 | $10,000 | $10,001 |
| 11/30/14 | $9,985 | $9,895 |
| 12/31/14 | $9,569 | $9,444 |
| 1/31/15 | $9,647 | $9,501 |
| 2/28/15 | $9,855 | $9,797 |
| 3/31/15 | $9,847 | $9,659 |
| 4/30/15 | $10,326 | $10,405 |
| 5/31/15 | $10,110 | $9,990 |
| 6/30/15 | $9,886 | $9,738 |
| 7/31/15 | $9,392 | $9,069 |
| 8/31/15 | $8,666 | $8,252 |
| 9/30/15 | $8,465 | $8,007 |
| 10/31/15 | $8,975 | $8,578 |
| 11/30/15 | $8,913 | $8,244 |
| 12/31/15 | $8,681 | $8,065 |
| 1/31/16 | $8,148 | $7,543 |
| 2/29/16 | $7,971 | $7,531 |
| 3/31/16 | $8,604 | $8,529 |
| 4/30/16 | $8,635 | $8,578 |
| 5/31/16 | $8,588 | $8,259 |
| 6/30/16 | $8,689 | $8,597 |
| 7/31/16 | $8,967 | $9,035 |
| 8/31/16 | $9,021 | $9,263 |
| 9/30/16 | $9,129 | $9,384 |
| 10/31/16 | $8,921 | $9,408 |
| 11/30/16 | $8,318 | $8,975 |
| 12/31/16 | $8,210 | $9,001 |
| 1/31/17 | $8,666 | $9,494 |
| 2/28/17 | $8,805 | $9,786 |
| 3/31/17 | $9,090 | $10,035 |
| 4/30/17 | $9,338 | $10,257 |
| 5/31/17 | $9,515 | $10,562 |
| 6/30/17 | $9,623 | $10,676 |
| 7/31/17 | $10,249 | $11,321 |
| 8/31/17 | $10,573 | $11,577 |
| 9/30/17 | $10,581 | $11,534 |
| 10/31/17 | $10,836 | $11,939 |
| 11/30/17 | $10,905 | $11,964 |
| 12/31/17 | $11,129 | $12,399 |
| 1/31/18 | $11,940 | $13,434 |
| 2/28/18 | $11,454 | $12,816 |
| 3/31/18 | $11,431 | $12,581 |
| 4/30/18 | $11,091 | $12,528 |
| 5/31/18 | $10,759 | $12,087 |
| 6/30/18 | $10,342 | $11,593 |
| 7/31/18 | $10,357 | $11,858 |
| 8/31/18 | $10,056 | $11,540 |
| 9/30/18 | $9,994 | $11,483 |
| 10/31/18 | $9,098 | $10,484 |
| 11/30/18 | $9,353 | $10,917 |
| 12/31/18 | $9,060 | $10,634 |
| 1/31/19 | $9,747 | $11,566 |
| 2/28/19 | $9,832 | $11,593 |
| 3/31/19 | $10,017 | $11,693 |
| 4/30/19 | $10,187 | $11,941 |
| 5/31/19 | $9,662 | $11,078 |
| 6/30/19 | $10,288 | $11,779 |
| 7/31/19 | $10,164 | $11,645 |
| 8/31/19 | $9,901 | $11,080 |
| 9/30/19 | $9,832 | $11,295 |
| 10/31/19 | $10,164 | $11,773 |
| 11/30/19 | $10,218 | $11,757 |
| 12/31/19 | $10,836 | $12,642 |
| 1/31/20 | $10,589 | $12,053 |
| 2/29/20 | $10,349 | $11,419 |
| 3/31/20 | $9,029 | $9,663 |
| 4/30/20 | $10,079 | $10,549 |
| 5/31/20 | $10,651 | $10,633 |
| 6/30/20 | $11,770 | $11,420 |
| 7/31/20 | $13,246 | $12,450 |
| 8/31/20 | $13,894 | $12,729 |
| 9/30/20 | $13,709 | $12,528 |
| 10/31/20 | $14,103 | $12,788 |
| 11/30/20 | $15,200 | $13,971 |
| 12/31/20 | $16,549 | $15,005 |
| 1/31/21 | $17,220 | $15,469 |
| 2/28/21 | $17,323 | $15,588 |
| 3/31/21 | $16,470 | $15,356 |
| 4/30/21 | $16,794 | $15,741 |
| 5/31/21 | $17,007 | $16,109 |
| 6/30/21 | $17,118 | $16,143 |
| 7/31/21 | $16,099 | $15,066 |
| 8/31/21 | $16,731 | $15,465 |
| 9/30/21 | $16,012 | $14,856 |
| 10/31/21 | $16,225 | $15,004 |
| 11/30/21 | $15,325 | $14,394 |
| 12/31/21 | $15,278 | $14,671 |
| 1/31/22 | $14,946 | $14,395 |
| 2/28/22 | $14,457 | $13,966 |
| 3/31/22 | $14,291 | $13,655 |
| 4/30/22 | $13,296 | $12,898 |
| 5/31/22 | $13,091 | $12,958 |
| 6/30/22 | $12,199 | $12,108 |
| 7/31/22 | $11,851 | $12,088 |
| 8/31/22 | $11,812 | $12,143 |
| 9/30/22 | $10,856 | $10,725 |
| 10/31/22 | $10,541 | $10,394 |
| 11/30/22 | $11,812 | $11,937 |
| 12/31/22 | $11,441 | $11,776 |
| 1/31/23 | $12,499 | $12,707 |
| 2/28/23 | $11,543 | $11,884 |
| 3/31/23 | $11,978 | $12,249 |
| 4/30/23 | $11,567 | $12,112 |
| 5/31/23 | $11,180 | $11,912 |
| 6/30/23 | $11,646 | $12,376 |
| 7/31/23 | $12,317 | $13,155 |
| 8/31/23 | $11,780 | $12,348 |
| 9/30/23 | $11,267 | $12,030 |
| 10/31/23 | $10,793 | $11,564 |
| 11/30/23 | $11,725 | $12,492 |
| 12/31/23 | $12,080 | $12,985 |
| 1/31/24 | $11,954 | $12,383 |
| 2/29/24 | $12,617 | $12,974 |
| 3/31/24 | $12,846 | $13,301 |
| 4/30/24 | $12,783 | $13,363 |
| 5/31/24 | $13,446 | $13,443 |
| 6/30/24 | $14,331 | $13,982 |
| 7/31/24 | $13,865 | $14,033 |
| 8/31/24 | $13,691 | $14,264 |
| 9/30/24 | $14,481 | $15,223 |
| 10/31/24 | $14,165 | $14,565 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 31.24 | 6.86 | 3.54 |
| Class C with sales charge | 30.24 | 6.86 | 3.54 |
| MSCI Emerging Markets Gross Total Return Index | 25.95 | 4.35 | 3.83 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $396,642,147 | 69 | 140% | $4,181,196 |
Calamos Evolving World Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund employs an active, risk-managed strategy to invest in emerging market growth opportunities. The Fund invests in common stocks and draws on our experience in convertible securities to actively manage risk. The Fund invests in emerging markets and developed-market domiciled companies with significant revenue exposure to emerging markets.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Consumer Discretionary | 31.7 |
| Information Technology | 22.3 |
| Financials | 15.7 |
| Industrials | 10.0 |
| Consumer Staples | 5.9 |
| Real Estate | 3.5 |
| Communication Services | 3.4 |
| Health Care | 3.4 |
| Materials | 3.0 |
| Energy | 2.0 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 11.7 |
| Alibaba Group Holding, Ltd., 0.500%, 06/01/31 | 4.7 |
| Trip.com Group, Ltd., 0.750%, 06/15/29 | 3.6 |
| Tencent Holdings, Ltd. | 3.1 |
| NU Holdings Ltd. - Class A | 3.0 |
| JD.com, Inc., 0.250%, 06/01/29 | 2.6 |
| Amber Enterprises India, Ltd. | 2.4 |
| Meritz Financial Group, Inc. | 2.3 |
| Hon Hai Precision Industry Company, Ltd., 0.000%, 08/05/26 | 2.3 |
| Hanwha Aerospace Company, Ltd. | 2.3 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | EWGTSRA-C 24
Calamos Evolving World Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Evolving World Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $122 | 1.05% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in emerging markets. The Fund’s investments in companies with higher growth and quality characteristics and a wider universe of equities and convertible securities supported the Fund’s returns over the period. Fund holdings in consumer discretionary and industrials performed well, reflecting large addressable markets, rising earnings, and healthy balance sheets, while holdings in health care and financials lagged over the period. From a geographic view, holdings in India and Korea contributed to outperformance, while positions in China and the Philippines trailed.
| Class I | MSCI Emerging Markets Gross Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,000 |
| 11/30/14 | $999,277 | $989,483 |
| 12/31/14 | $959,313 | $944,348 |
| 1/31/15 | $967,494 | $950,085 |
| 2/28/15 | $989,059 | $979,620 |
| 3/31/15 | $989,059 | $965,883 |
| 4/30/15 | $1,037,397 | $1,040,420 |
| 5/31/15 | $1,017,318 | $998,953 |
| 6/30/15 | $995,752 | $973,774 |
| 7/31/15 | $946,671 | $906,867 |
| 8/31/15 | $874,537 | $825,162 |
| 9/30/15 | $854,458 | $800,632 |
| 10/31/15 | $906,514 | $857,799 |
| 11/30/15 | $901,308 | $824,395 |
| 12/31/15 | $878,613 | $806,488 |
| 1/31/16 | $825,613 | $754,213 |
| 2/29/16 | $807,697 | $753,058 |
| 3/31/16 | $872,641 | $852,897 |
| 4/30/16 | $877,120 | $857,705 |
| 5/31/16 | $872,641 | $825,879 |
| 6/30/16 | $883,839 | $859,697 |
| 7/31/16 | $912,952 | $903,455 |
| 8/31/16 | $918,924 | $926,210 |
| 9/30/16 | $930,867 | $938,393 |
| 10/31/16 | $909,966 | $940,714 |
| 11/30/16 | $849,500 | $897,467 |
| 12/31/16 | $839,050 | $900,073 |
| 1/31/17 | $886,825 | $949,372 |
| 2/28/17 | $901,754 | $978,504 |
| 3/31/17 | $931,614 | $1,003,451 |
| 4/30/17 | $956,994 | $1,025,631 |
| 5/31/17 | $976,403 | $1,056,163 |
| 6/30/17 | $988,347 | $1,067,511 |
| 7/31/17 | $1,054,037 | $1,132,004 |
| 8/31/17 | $1,088,376 | $1,157,679 |
| 9/30/17 | $1,089,869 | $1,153,337 |
| 10/31/17 | $1,116,742 | $1,193,841 |
| 11/30/17 | $1,124,954 | $1,196,304 |
| 12/31/17 | $1,149,268 | $1,239,866 |
| 1/31/18 | $1,233,983 | $1,343,299 |
| 2/28/18 | $1,185,253 | $1,281,536 |
| 3/31/18 | $1,183,004 | $1,258,039 |
| 4/30/18 | $1,148,518 | $1,252,709 |
| 5/31/18 | $1,115,532 | $1,208,616 |
| 6/30/18 | $1,073,550 | $1,159,208 |
| 7/31/18 | $1,075,799 | $1,185,694 |
| 8/31/18 | $1,045,062 | $1,153,981 |
| 9/30/18 | $1,039,064 | $1,148,239 |
| 10/31/18 | $946,853 | $1,048,341 |
| 11/30/18 | $974,591 | $1,091,623 |
| 12/31/18 | $945,354 | $1,063,361 |
| 1/31/19 | $1,017,323 | $1,156,548 |
| 2/28/19 | $1,027,069 | $1,159,252 |
| 3/31/19 | $1,047,311 | $1,169,208 |
| 4/30/19 | $1,066,053 | $1,194,043 |
| 5/31/19 | $1,012,076 | $1,107,779 |
| 6/30/19 | $1,078,048 | $1,177,818 |
| 7/31/19 | $1,066,053 | $1,164,390 |
| 8/31/19 | $1,039,064 | $1,107,951 |
| 9/30/19 | $1,033,067 | $1,129,467 |
| 10/31/19 | $1,069,052 | $1,177,213 |
| 11/30/19 | $1,075,799 | $1,175,669 |
| 12/31/19 | $1,141,583 | $1,264,155 |
| 1/31/20 | $1,116,585 | $1,205,277 |
| 2/29/20 | $1,092,344 | $1,141,788 |
| 3/31/20 | $953,718 | $966,212 |
| 4/30/20 | $1,065,831 | $1,054,880 |
| 5/31/20 | $1,127,190 | $1,063,209 |
| 6/30/20 | $1,246,121 | $1,141,911 |
| 7/31/20 | $1,403,685 | $1,244,975 |
| 8/31/20 | $1,473,377 | $1,272,803 |
| 9/30/20 | $1,455,196 | $1,252,684 |
| 10/31/20 | $1,498,375 | $1,278,689 |
| 11/30/20 | $1,615,790 | $1,397,029 |
| 12/31/20 | $1,760,834 | $1,500,393 |
| 1/31/21 | $1,833,525 | $1,546,782 |
| 2/28/21 | $1,846,672 | $1,558,700 |
| 3/31/21 | $1,756,967 | $1,535,543 |
| 4/30/21 | $1,792,540 | $1,573,981 |
| 5/31/21 | $1,817,286 | $1,610,847 |
| 6/30/21 | $1,830,432 | $1,614,166 |
| 7/31/21 | $1,723,715 | $1,506,480 |
| 8/31/21 | $1,791,766 | $1,546,389 |
| 9/30/21 | $1,716,755 | $1,485,476 |
| 10/31/21 | $1,740,728 | $1,500,349 |
| 11/30/21 | $1,645,610 | $1,439,328 |
| 12/31/21 | $1,641,965 | $1,467,033 |
| 1/31/22 | $1,607,709 | $1,439,372 |
| 2/28/22 | $1,556,325 | $1,396,523 |
| 3/31/22 | $1,539,197 | $1,365,464 |
| 4/30/22 | $1,433,314 | $1,289,717 |
| 5/31/22 | $1,413,071 | $1,295,715 |
| 6/30/22 | $1,317,309 | $1,210,686 |
| 7/31/22 | $1,280,718 | $1,208,724 |
| 8/31/22 | $1,278,382 | $1,214,221 |
| 9/30/22 | $1,175,613 | $1,072,482 |
| 10/31/22 | $1,142,135 | $1,039,324 |
| 11/30/22 | $1,280,718 | $1,193,635 |
| 12/31/22 | $1,241,965 | $1,177,503 |
| 1/31/23 | $1,357,515 | $1,270,591 |
| 2/28/23 | $1,255,328 | $1,188,300 |
| 3/31/23 | $1,303,277 | $1,224,802 |
| 4/30/23 | $1,259,258 | $1,211,153 |
| 5/31/23 | $1,219,169 | $1,191,161 |
| 6/30/23 | $1,270,263 | $1,237,516 |
| 7/31/23 | $1,344,152 | $1,315,397 |
| 8/31/23 | $1,287,556 | $1,234,748 |
| 9/30/23 | $1,231,746 | $1,202,957 |
| 10/31/23 | $1,181,439 | $1,156,346 |
| 11/30/23 | $1,284,412 | $1,249,085 |
| 12/31/23 | $1,323,815 | $1,298,375 |
| 1/31/24 | $1,311,960 | $1,238,205 |
| 2/29/24 | $1,385,461 | $1,297,328 |
| 3/31/24 | $1,411,542 | $1,330,034 |
| 4/30/24 | $1,406,800 | $1,336,268 |
| 5/31/24 | $1,481,092 | $1,344,209 |
| 6/30/24 | $1,579,093 | $1,398,081 |
| 7/31/24 | $1,529,302 | $1,403,219 |
| 8/31/24 | $1,511,124 | $1,426,342 |
| 9/30/24 | $1,599,642 | $1,522,189 |
| 10/31/24 | $1,566,448 | $1,456,379 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 32.59 | 7.94 | 4.59 |
| MSCI Emerging Markets Gross Total Return Index | 25.95 | 4.35 | 3.83 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $396,642,147 | 69 | 140% | $4,181,196 |
Calamos Evolving World Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund employs an active, risk-managed strategy to invest in emerging market growth opportunities. The Fund invests in common stocks and draws on our experience in convertible securities to actively manage risk. The Fund invests in emerging markets and developed-market domiciled companies with significant revenue exposure to emerging markets.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Consumer Discretionary | 31.7 |
| Information Technology | 22.3 |
| Financials | 15.7 |
| Industrials | 10.0 |
| Consumer Staples | 5.9 |
| Real Estate | 3.5 |
| Communication Services | 3.4 |
| Health Care | 3.4 |
| Materials | 3.0 |
| Energy | 2.0 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 11.7 |
| Alibaba Group Holding, Ltd., 0.500%, 06/01/31 | 4.7 |
| Trip.com Group, Ltd., 0.750%, 06/15/29 | 3.6 |
| Tencent Holdings, Ltd. | 3.1 |
| NU Holdings Ltd. - Class A | 3.0 |
| JD.com, Inc., 0.250%, 06/01/29 | 2.6 |
| Amber Enterprises India, Ltd. | 2.4 |
| Meritz Financial Group, Inc. | 2.3 |
| Hon Hai Precision Industry Company, Ltd., 0.000%, 08/05/26 | 2.3 |
| Hanwha Aerospace Company, Ltd. | 2.3 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | EWGTSRA-I 24
Calamos Global Convertible Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Convertible Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $148 | 1.35% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund performed well while navigating global challenges, including wars in Ukraine and the Middle East in addition to US election uncertainty. Thanks to resilient economic growth and a Federal Reserve that pivoted to lower rates as inflation abated, the convertible market made gains as equities advanced, interest rates declined, and credit spreads narrowed. The Fund’s overweight and selection in the consumer discretionary sector as well as an overweight and selection in information technology added value. Conversely, the Fund’s overweight and selection in the energy sector along with an underweight and selection in industrials detracted from returns. Regionally, the Fund benefited most from its selections in Japan and Emerging Asia, whereas European and the United States holdings lagged.
| Class A with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 12/31/14 | $9,524 | $9,999 |
| 1/31/15 | $9,514 | $10,209 |
| 2/28/15 | $9,857 | $10,113 |
| 3/31/15 | $9,838 | $10,160 |
| 4/30/15 | $9,914 | $10,124 |
| 5/31/15 | $9,924 | $10,099 |
| 6/30/15 | $9,728 | $9,989 |
| 7/31/15 | $9,651 | $10,059 |
| 8/31/15 | $9,403 | $10,044 |
| 9/30/15 | $9,169 | $10,112 |
| 10/31/15 | $9,524 | $10,114 |
| 11/30/15 | $9,457 | $10,087 |
| 12/31/15 | $9,383 | $10,054 |
| 1/31/16 | $8,901 | $10,193 |
| 2/29/16 | $8,853 | $10,265 |
| 3/31/16 | $9,305 | $10,359 |
| 4/30/16 | $9,392 | $10,399 |
| 5/31/16 | $9,469 | $10,402 |
| 6/30/16 | $9,354 | $10,589 |
| 7/31/16 | $9,703 | $10,656 |
| 8/31/16 | $9,762 | $10,643 |
| 9/30/16 | $9,849 | $10,637 |
| 10/31/16 | $9,645 | $10,556 |
| 11/30/16 | $9,654 | $10,306 |
| 12/31/16 | $9,719 | $10,321 |
| 1/31/17 | $9,935 | $10,341 |
| 2/28/17 | $10,004 | $10,410 |
| 3/31/17 | $10,123 | $10,405 |
| 4/30/17 | $10,339 | $10,485 |
| 5/31/17 | $10,575 | $10,566 |
| 6/30/17 | $10,593 | $10,555 |
| 7/31/17 | $10,760 | $10,601 |
| 8/31/17 | $10,800 | $10,696 |
| 9/30/17 | $10,930 | $10,645 |
| 10/31/17 | $11,078 | $10,651 |
| 11/30/17 | $11,137 | $10,637 |
| 12/31/17 | $11,090 | $10,686 |
| 1/31/18 | $11,425 | $10,563 |
| 2/28/18 | $11,313 | $10,463 |
| 3/31/18 | $11,284 | $10,530 |
| 4/30/18 | $11,314 | $10,452 |
| 5/31/18 | $11,396 | $10,526 |
| 6/30/18 | $11,371 | $10,513 |
| 7/31/18 | $11,371 | $10,516 |
| 8/31/18 | $11,555 | $10,584 |
| 9/30/18 | $11,498 | $10,515 |
| 10/31/18 | $11,068 | $10,432 |
| 11/30/18 | $11,109 | $10,495 |
| 12/31/18 | $10,759 | $10,687 |
| 1/31/19 | $11,274 | $10,801 |
| 2/28/19 | $11,521 | $10,795 |
| 3/31/19 | $11,453 | $11,002 |
| 4/30/19 | $11,711 | $11,005 |
| 5/31/19 | $11,357 | $11,200 |
| 6/30/19 | $11,732 | $11,341 |
| 7/31/19 | $11,840 | $11,366 |
| 8/31/19 | $11,807 | $11,660 |
| 9/30/19 | $11,749 | $11,598 |
| 10/31/19 | $11,943 | $11,633 |
| 11/30/19 | $12,115 | $11,627 |
| 12/31/19 | $12,361 | $11,619 |
| 1/31/20 | $12,657 | $11,843 |
| 2/29/20 | $12,459 | $12,056 |
| 3/31/20 | $11,375 | $11,985 |
| 4/30/20 | $12,416 | $12,198 |
| 5/31/20 | $13,018 | $12,255 |
| 6/30/20 | $13,593 | $12,332 |
| 7/31/20 | $14,196 | $12,516 |
| 8/31/20 | $14,998 | $12,415 |
| 9/30/20 | $14,756 | $12,408 |
| 10/31/20 | $14,800 | $12,353 |
| 11/30/20 | $16,217 | $12,474 |
| 12/31/20 | $17,075 | $12,491 |
| 1/31/21 | $17,158 | $12,402 |
| 2/28/21 | $17,774 | $12,223 |
| 3/31/21 | $17,153 | $12,070 |
| 4/30/21 | $17,449 | $12,165 |
| 5/31/21 | $17,260 | $12,205 |
| 6/30/21 | $17,580 | $12,291 |
| 7/31/21 | $17,426 | $12,428 |
| 8/31/21 | $17,698 | $12,404 |
| 9/30/21 | $17,319 | $12,297 |
| 10/31/21 | $17,591 | $12,294 |
| 11/30/21 | $17,082 | $12,330 |
| 12/31/21 | $16,996 | $12,299 |
| 1/31/22 | $16,032 | $12,034 |
| 2/28/22 | $15,774 | $11,899 |
| 3/31/22 | $15,692 | $11,569 |
| 4/30/22 | $14,619 | $11,130 |
| 5/31/22 | $14,116 | $11,201 |
| 6/30/22 | $13,192 | $11,026 |
| 7/31/22 | $13,695 | $11,295 |
| 8/31/22 | $13,614 | $10,976 |
| 9/30/22 | $12,839 | $10,502 |
| 10/31/22 | $13,016 | $10,366 |
| 11/30/22 | $13,423 | $10,747 |
| 12/31/22 | $13,219 | $10,698 |
| 1/31/23 | $14,048 | $11,028 |
| 2/28/23 | $13,736 | $10,742 |
| 3/31/23 | $13,885 | $11,015 |
| 4/30/23 | $13,777 | $11,082 |
| 5/31/23 | $13,804 | $10,961 |
| 6/30/23 | $14,395 | $10,922 |
| 7/31/23 | $14,816 | $10,915 |
| 8/31/23 | $14,463 | $10,845 |
| 9/30/23 | $14,210 | $10,569 |
| 10/31/23 | $13,638 | $10,403 |
| 11/30/23 | $14,346 | $10,874 |
| 12/31/23 | $14,959 | $11,290 |
| 1/31/24 | $14,919 | $11,259 |
| 2/29/24 | $15,246 | $11,100 |
| 3/31/24 | $15,627 | $11,202 |
| 4/30/24 | $15,164 | $10,919 |
| 5/31/24 | $15,409 | $11,105 |
| 6/30/24 | $15,491 | $11,210 |
| 7/31/24 | $15,818 | $11,472 |
| 8/31/24 | $15,981 | $11,636 |
| 9/30/24 | $16,526 | $11,792 |
| 10/31/24 | $16,349 | $11,500 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 12/31/14 |
|---|
| Class A without sales charge | 19.88 | 6.48 | 5.65 |
| Class A with sales charge | 17.19 | 5.99 | 5.13 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.44 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $127,805,713 | 111 | 40% | $1,062,873 |
Calamos Global Convertible Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund invests in global convertible securities, striving to balance risk-reward while providing growth and income. The active strategy provides broadly diversified exposure to the global convertible bond universe by blending global investment themes and fundamental research.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Consumer Discretionary | 28.1 |
| Information Technology | 27.7 |
| Health Care | 8.9 |
| Industrials | 7.9 |
| Financials | 6.2 |
| Energy | 4.2 |
| Utilities | 3.7 |
| Materials | 3.4 |
| Consumer Staples | 2.1 |
| Communication Services | 2.0 |
| Real Estate | 0.9 |
| Alibaba Group Holding, Ltd., 0.500%, 06/01/31 | 4.6 |
| JD.com, Inc., 0.250%, 06/01/29 | 3.4 |
| Boeing Company, 6.000%, 10/15/27 | 3.2 |
| U.S. Treasury Note, 1.750%, 03/15/25 | 2.8 |
| Trip.com Group, Ltd., 0.750%, 06/15/29 | 2.3 |
| NCL Corp., Ltd., 1.125%, 02/15/27 | 2.2 |
| MakeMyTrip, Ltd., 0.000%, 02/15/28 | 2.2 |
| Eni SpA, 2.950%, 09/14/30 | 2.0 |
| Apollo Global Management, Inc., 6.750%, 07/31/26 | 2.0 |
| Rivian Automotive, Inc., 4.625%, 03/15/29 | 1.8 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GCVTSRA-A 24
Calamos Global Convertible Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Convertible Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $230 | 2.10% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund performed well while navigating global challenges, including wars in Ukraine and the Middle East in addition to US election uncertainty. Thanks to resilient economic growth and a Federal Reserve that pivoted to lower rates as inflation abated, the convertible market made gains as equities advanced, interest rates declined, and credit spreads narrowed. The Fund’s overweight and selection in the consumer discretionary sector as well as an overweight and selection in information technology added value. Conversely, the Fund’s overweight and selection in the energy sector along with an underweight and selection in industrials detracted from returns. Regionally, the Fund benefited most from its selections in Japan and Emerging Asia, whereas European and the United States holdings lagged.
| Class C with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 12/31/14 | $10,000 | $9,999 |
| 1/31/15 | $9,980 | $10,209 |
| 2/28/15 | $10,340 | $10,113 |
| 3/31/15 | $10,310 | $10,160 |
| 4/30/15 | $10,390 | $10,124 |
| 5/31/15 | $10,390 | $10,099 |
| 6/30/15 | $10,178 | $9,989 |
| 7/31/15 | $10,098 | $10,059 |
| 8/31/15 | $9,827 | $10,044 |
| 9/30/15 | $9,576 | $10,112 |
| 10/31/15 | $9,948 | $10,114 |
| 11/30/15 | $9,867 | $10,087 |
| 12/31/15 | $9,780 | $10,054 |
| 1/31/16 | $9,276 | $10,193 |
| 2/29/16 | $9,216 | $10,265 |
| 3/31/16 | $9,681 | $10,359 |
| 4/30/16 | $9,762 | $10,399 |
| 5/31/16 | $9,843 | $10,402 |
| 6/30/16 | $9,724 | $10,589 |
| 7/31/16 | $10,078 | $10,656 |
| 8/31/16 | $10,119 | $10,643 |
| 9/30/16 | $10,210 | $10,637 |
| 10/31/16 | $9,997 | $10,556 |
| 11/30/16 | $9,997 | $10,306 |
| 12/31/16 | $10,055 | $10,321 |
| 1/31/17 | $10,279 | $10,341 |
| 2/28/17 | $10,341 | $10,410 |
| 3/31/17 | $10,453 | $10,405 |
| 4/30/17 | $10,667 | $10,485 |
| 5/31/17 | $10,912 | $10,566 |
| 6/30/17 | $10,921 | $10,555 |
| 7/31/17 | $11,085 | $10,601 |
| 8/31/17 | $11,115 | $10,696 |
| 9/30/17 | $11,248 | $10,645 |
| 10/31/17 | $11,392 | $10,651 |
| 11/30/17 | $11,443 | $10,637 |
| 12/31/17 | $11,392 | $10,686 |
| 1/31/18 | $11,730 | $10,563 |
| 2/28/18 | $11,603 | $10,463 |
| 3/31/18 | $11,565 | $10,530 |
| 4/30/18 | $11,596 | $10,452 |
| 5/31/18 | $11,670 | $10,526 |
| 6/30/18 | $11,639 | $10,513 |
| 7/31/18 | $11,628 | $10,516 |
| 8/31/18 | $11,807 | $10,584 |
| 9/30/18 | $11,737 | $10,515 |
| 10/31/18 | $11,304 | $10,432 |
| 11/30/18 | $11,336 | $10,495 |
| 12/31/18 | $10,963 | $10,687 |
| 1/31/19 | $11,493 | $10,801 |
| 2/28/19 | $11,726 | $10,795 |
| 3/31/19 | $11,659 | $11,002 |
| 4/30/19 | $11,913 | $11,005 |
| 5/31/19 | $11,538 | $11,200 |
| 6/30/19 | $11,913 | $11,341 |
| 7/31/19 | $12,013 | $11,366 |
| 8/31/19 | $11,980 | $11,660 |
| 9/30/19 | $11,908 | $11,598 |
| 10/31/19 | $12,096 | $11,633 |
| 11/30/19 | $12,262 | $11,627 |
| 12/31/19 | $12,503 | $11,619 |
| 1/31/20 | $12,795 | $11,843 |
| 2/29/20 | $12,593 | $12,056 |
| 3/31/20 | $11,492 | $11,985 |
| 4/30/20 | $12,526 | $12,198 |
| 5/31/20 | $13,132 | $12,255 |
| 6/30/20 | $13,698 | $12,332 |
| 7/31/20 | $14,305 | $12,516 |
| 8/31/20 | $15,103 | $12,415 |
| 9/30/20 | $14,844 | $12,408 |
| 10/31/20 | $14,889 | $12,353 |
| 11/30/20 | $16,294 | $12,474 |
| 12/31/20 | $17,149 | $12,491 |
| 1/31/21 | $17,222 | $12,402 |
| 2/28/21 | $17,829 | $12,223 |
| 3/31/21 | $17,197 | $12,070 |
| 4/30/21 | $17,489 | $12,165 |
| 5/31/21 | $17,282 | $12,205 |
| 6/30/21 | $17,598 | $12,291 |
| 7/31/21 | $17,428 | $12,428 |
| 8/31/21 | $17,683 | $12,404 |
| 9/30/21 | $17,295 | $12,297 |
| 10/31/21 | $17,562 | $12,294 |
| 11/30/21 | $17,040 | $12,330 |
| 12/31/21 | $16,945 | $12,299 |
| 1/31/22 | $15,967 | $12,034 |
| 2/28/22 | $15,715 | $11,899 |
| 3/31/22 | $15,617 | $11,569 |
| 4/30/22 | $14,542 | $11,130 |
| 5/31/22 | $14,039 | $11,201 |
| 6/30/22 | $13,103 | $11,026 |
| 7/31/22 | $13,592 | $11,295 |
| 8/31/22 | $13,494 | $10,976 |
| 9/30/22 | $12,726 | $10,502 |
| 10/31/22 | $12,894 | $10,366 |
| 11/30/22 | $13,285 | $10,747 |
| 12/31/22 | $13,075 | $10,698 |
| 1/31/23 | $13,885 | $11,028 |
| 2/28/23 | $13,578 | $10,742 |
| 3/31/23 | $13,718 | $11,015 |
| 4/30/23 | $13,606 | $11,082 |
| 5/31/23 | $13,606 | $10,961 |
| 6/30/23 | $14,193 | $10,922 |
| 7/31/23 | $14,598 | $10,915 |
| 8/31/23 | $14,235 | $10,845 |
| 9/30/23 | $13,969 | $10,569 |
| 10/31/23 | $13,410 | $10,403 |
| 11/30/23 | $14,109 | $10,874 |
| 12/31/23 | $14,682 | $11,290 |
| 1/31/24 | $14,640 | $11,259 |
| 2/29/24 | $14,961 | $11,100 |
| 3/31/24 | $15,310 | $11,202 |
| 4/30/24 | $14,849 | $10,919 |
| 5/31/24 | $15,087 | $11,105 |
| 6/30/24 | $15,157 | $11,210 |
| 7/31/24 | $15,464 | $11,472 |
| 8/31/24 | $15,617 | $11,636 |
| 9/30/24 | $16,134 | $11,792 |
| 10/31/24 | $15,953 | $11,500 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 12/31/14 |
|---|
| Class C without sales charge | 18.96 | 5.69 | 4.86 |
| Class C with sales charge | 17.96 | 5.69 | 4.86 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.44 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $127,805,713 | 111 | 40% | $1,062,873 |
Calamos Global Convertible Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund invests in global convertible securities, striving to balance risk-reward while providing growth and income. The active strategy provides broadly diversified exposure to the global convertible bond universe by blending global investment themes and fundamental research.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Consumer Discretionary | 28.1 |
| Information Technology | 27.7 |
| Health Care | 8.9 |
| Industrials | 7.9 |
| Financials | 6.2 |
| Energy | 4.2 |
| Utilities | 3.7 |
| Materials | 3.4 |
| Consumer Staples | 2.1 |
| Communication Services | 2.0 |
| Real Estate | 0.9 |
| Alibaba Group Holding, Ltd., 0.500%, 06/01/31 | 4.6 |
| JD.com, Inc., 0.250%, 06/01/29 | 3.4 |
| Boeing Company, 6.000%, 10/15/27 | 3.2 |
| U.S. Treasury Note, 1.750%, 03/15/25 | 2.8 |
| Trip.com Group, Ltd., 0.750%, 06/15/29 | 2.3 |
| NCL Corp., Ltd., 1.125%, 02/15/27 | 2.2 |
| MakeMyTrip, Ltd., 0.000%, 02/15/28 | 2.2 |
| Eni SpA, 2.950%, 09/14/30 | 2.0 |
| Apollo Global Management, Inc., 6.750%, 07/31/26 | 2.0 |
| Rivian Automotive, Inc., 4.625%, 03/15/29 | 1.8 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GCVTSRA-C 24
Calamos Global Convertible Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Convertible Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $121 | 1.10% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund performed well while navigating global challenges, including wars in Ukraine and the Middle East in addition to US election uncertainty. Thanks to resilient economic growth and a Federal Reserve that pivoted to lower rates as inflation abated, the convertible market made gains as equities advanced, interest rates declined, and credit spreads narrowed. The Fund’s overweight and selection in the consumer discretionary sector as well as an overweight and selection in information technology added value. Conversely, the Fund’s overweight and selection in the energy sector along with an underweight and selection in industrials detracted from returns. Regionally, the Fund benefited most from its selections in Japan and Emerging Asia, whereas European and the United States holdings lagged.
| Class I | Bloomberg U.S. Aggregate Bond Index |
|---|
| 12/31/14 | $1,000,000 | $1,000,001 |
| 1/31/15 | $999,000 | $1,020,968 |
| 2/28/15 | $1,036,000 | $1,011,370 |
| 3/31/15 | $1,033,000 | $1,016,064 |
| 4/30/15 | $1,043,000 | $1,012,419 |
| 5/31/15 | $1,044,000 | $1,009,980 |
| 6/30/15 | $1,022,776 | $998,967 |
| 7/31/15 | $1,015,764 | $1,005,912 |
| 8/31/15 | $989,718 | $1,004,466 |
| 9/30/15 | $964,625 | $1,011,260 |
| 10/31/15 | $1,002,928 | $1,011,432 |
| 11/30/15 | $995,872 | $1,008,758 |
| 12/31/15 | $988,547 | $1,005,500 |
| 1/31/16 | $937,904 | $1,019,334 |
| 2/29/16 | $932,839 | $1,026,566 |
| 3/31/16 | $979,866 | $1,035,982 |
| 4/30/16 | $990,041 | $1,039,962 |
| 5/31/16 | $998,181 | $1,040,228 |
| 6/30/16 | $986,693 | $1,058,919 |
| 7/31/16 | $1,023,426 | $1,065,613 |
| 8/31/16 | $1,029,548 | $1,064,397 |
| 9/30/16 | $1,039,484 | $1,063,770 |
| 10/31/16 | $1,018,940 | $1,055,634 |
| 11/30/16 | $1,018,940 | $1,030,666 |
| 12/31/16 | $1,025,321 | $1,032,118 |
| 1/31/17 | $1,049,142 | $1,034,144 |
| 2/28/17 | $1,057,427 | $1,041,095 |
| 3/31/17 | $1,069,551 | $1,040,547 |
| 4/30/17 | $1,092,351 | $1,048,578 |
| 5/31/17 | $1,117,225 | $1,056,647 |
| 6/30/17 | $1,119,683 | $1,055,587 |
| 7/31/17 | $1,138,414 | $1,060,130 |
| 8/31/17 | $1,141,536 | $1,069,635 |
| 9/30/17 | $1,155,922 | $1,064,543 |
| 10/31/17 | $1,171,556 | $1,065,159 |
| 11/30/17 | $1,178,852 | $1,063,791 |
| 12/31/17 | $1,173,467 | $1,068,674 |
| 1/31/18 | $1,208,994 | $1,056,365 |
| 2/28/18 | $1,198,228 | $1,046,354 |
| 3/31/18 | $1,194,716 | $1,053,064 |
| 4/30/18 | $1,199,033 | $1,045,231 |
| 5/31/18 | $1,207,667 | $1,052,688 |
| 6/30/18 | $1,204,634 | $1,051,393 |
| 7/31/18 | $1,204,634 | $1,051,644 |
| 8/31/18 | $1,225,180 | $1,058,412 |
| 9/30/18 | $1,218,908 | $1,051,597 |
| 10/31/18 | $1,174,407 | $1,043,288 |
| 11/30/18 | $1,178,748 | $1,049,513 |
| 12/31/18 | $1,141,445 | $1,068,794 |
| 1/31/19 | $1,197,209 | $1,080,147 |
| 2/28/19 | $1,223,384 | $1,079,520 |
| 3/31/19 | $1,215,790 | $1,100,248 |
| 4/30/19 | $1,244,276 | $1,100,530 |
| 5/31/19 | $1,206,675 | $1,120,066 |
| 6/30/19 | $1,246,238 | $1,134,130 |
| 7/31/19 | $1,257,650 | $1,136,626 |
| 8/31/19 | $1,255,368 | $1,166,080 |
| 9/30/19 | $1,248,765 | $1,159,871 |
| 10/31/19 | $1,269,387 | $1,163,364 |
| 11/30/19 | $1,287,718 | $1,162,769 |
| 12/31/19 | $1,314,722 | $1,161,960 |
| 1/31/20 | $1,346,192 | $1,184,321 |
| 2/29/20 | $1,326,377 | $1,205,639 |
| 3/31/20 | $1,210,671 | $1,198,542 |
| 4/30/20 | $1,321,474 | $1,219,849 |
| 5/31/20 | $1,386,790 | $1,225,525 |
| 6/30/20 | $1,447,524 | $1,233,249 |
| 7/31/20 | $1,513,002 | $1,251,668 |
| 8/31/20 | $1,598,356 | $1,241,563 |
| 9/30/20 | $1,572,804 | $1,240,884 |
| 10/31/20 | $1,578,650 | $1,235,343 |
| 11/30/20 | $1,729,499 | $1,247,464 |
| 12/31/20 | $1,821,511 | $1,249,182 |
| 1/31/21 | $1,830,347 | $1,240,226 |
| 2/28/21 | $1,895,987 | $1,222,319 |
| 3/31/21 | $1,830,859 | $1,207,054 |
| 4/30/21 | $1,862,448 | $1,216,590 |
| 5/31/21 | $1,843,495 | $1,220,564 |
| 6/30/21 | $1,877,610 | $1,229,139 |
| 7/31/21 | $1,861,184 | $1,242,884 |
| 8/31/21 | $1,890,246 | $1,240,518 |
| 9/30/21 | $1,849,637 | $1,229,776 |
| 10/31/21 | $1,879,980 | $1,229,437 |
| 11/30/21 | $1,825,616 | $1,233,077 |
| 12/31/21 | $1,817,375 | $1,229,922 |
| 1/31/22 | $1,714,231 | $1,203,425 |
| 2/28/22 | $1,688,081 | $1,189,998 |
| 3/31/22 | $1,679,365 | $1,156,936 |
| 4/30/22 | $1,564,599 | $1,113,032 |
| 5/31/22 | $1,512,300 | $1,120,207 |
| 6/30/22 | $1,412,061 | $1,102,634 |
| 7/31/22 | $1,465,813 | $1,129,576 |
| 8/31/22 | $1,457,096 | $1,097,663 |
| 9/30/22 | $1,374,290 | $1,050,234 |
| 10/31/22 | $1,394,628 | $1,036,630 |
| 11/30/22 | $1,438,211 | $1,074,753 |
| 12/31/22 | $1,416,419 | $1,069,906 |
| 1/31/23 | $1,505,036 | $1,102,822 |
| 2/28/23 | $1,473,076 | $1,074,309 |
| 3/31/23 | $1,489,056 | $1,101,595 |
| 4/30/23 | $1,478,887 | $1,108,274 |
| 5/31/23 | $1,480,340 | $1,096,206 |
| 6/30/23 | $1,544,452 | $1,092,294 |
| 7/31/23 | $1,591,033 | $1,091,537 |
| 8/31/23 | $1,553,186 | $1,084,565 |
| 9/30/23 | $1,525,690 | $1,057,002 |
| 10/31/23 | $1,464,429 | $1,040,322 |
| 11/30/23 | $1,541,734 | $1,087,432 |
| 12/31/23 | $1,607,371 | $1,129,059 |
| 1/31/24 | $1,602,995 | $1,125,957 |
| 2/29/24 | $1,639,460 | $1,110,050 |
| 3/31/24 | $1,678,842 | $1,120,301 |
| 4/30/24 | $1,629,250 | $1,092,002 |
| 5/31/24 | $1,658,422 | $1,110,515 |
| 6/30/24 | $1,667,174 | $1,121,032 |
| 7/31/24 | $1,702,180 | $1,147,217 |
| 8/31/24 | $1,719,683 | $1,163,699 |
| 9/30/24 | $1,779,485 | $1,179,282 |
| 10/31/24 | $1,760,524 | $1,150,037 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 12/31/14 |
|---|
| Class I | 20.22 | 6.76 | 5.92 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.44 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $127,805,713 | 111 | 40% | $1,062,873 |
Calamos Global Convertible Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund invests in global convertible securities, striving to balance risk-reward while providing growth and income. The active strategy provides broadly diversified exposure to the global convertible bond universe by blending global investment themes and fundamental research.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Consumer Discretionary | 28.1 |
| Information Technology | 27.7 |
| Health Care | 8.9 |
| Industrials | 7.9 |
| Financials | 6.2 |
| Energy | 4.2 |
| Utilities | 3.7 |
| Materials | 3.4 |
| Consumer Staples | 2.1 |
| Communication Services | 2.0 |
| Real Estate | 0.9 |
| Alibaba Group Holding, Ltd., 0.500%, 06/01/31 | 4.6 |
| JD.com, Inc., 0.250%, 06/01/29 | 3.4 |
| Boeing Company, 6.000%, 10/15/27 | 3.2 |
| U.S. Treasury Note, 1.750%, 03/15/25 | 2.8 |
| Trip.com Group, Ltd., 0.750%, 06/15/29 | 2.3 |
| NCL Corp., Ltd., 1.125%, 02/15/27 | 2.2 |
| MakeMyTrip, Ltd., 0.000%, 02/15/28 | 2.2 |
| Eni SpA, 2.950%, 09/14/30 | 2.0 |
| Apollo Global Management, Inc., 6.750%, 07/31/26 | 2.0 |
| Rivian Automotive, Inc., 4.625%, 03/15/29 | 1.8 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GCVTSRA-I 24
Calamos Global Equity Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $171 | 1.39% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in its portfolio of global equities. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, leading earnings growth, and attractive momentum characteristics outperformed. Security selection within technology and industrials contributed the most to Fund returns, as holdings in semiconductors and aerospace & defense outperformed. Security selection within financials and materials lagged the index and detracted value. From a geographic view, holdings in the US and India contributed to outperformance, whereas positions in Canada and China trailed the benchmark.
| Class A with sales charge | MSCI ACWI Gross Total Return Index |
|---|
| 10/31/14 | $9,526 | $10,000 |
| 11/30/14 | $9,660 | $10,171 |
| 12/31/14 | $9,379 | $9,979 |
| 1/31/15 | $9,371 | $9,826 |
| 2/28/15 | $10,041 | $10,377 |
| 3/31/15 | $10,003 | $10,223 |
| 4/30/15 | $10,185 | $10,524 |
| 5/31/15 | $10,086 | $10,519 |
| 6/30/15 | $10,018 | $10,276 |
| 7/31/15 | $10,162 | $10,369 |
| 8/31/15 | $9,508 | $9,662 |
| 9/30/15 | $9,219 | $9,316 |
| 10/31/15 | $10,033 | $10,050 |
| 11/30/15 | $10,071 | $9,971 |
| 12/31/15 | $9,847 | $9,796 |
| 1/31/16 | $9,148 | $9,207 |
| 2/29/16 | $8,791 | $9,149 |
| 3/31/16 | $9,435 | $9,833 |
| 4/30/16 | $9,373 | $9,984 |
| 5/31/16 | $9,614 | $10,005 |
| 6/30/16 | $9,420 | $9,950 |
| 7/31/16 | $10,002 | $10,382 |
| 8/31/16 | $9,955 | $10,422 |
| 9/30/16 | $10,204 | $10,490 |
| 10/31/16 | $9,886 | $10,315 |
| 11/30/16 | $9,715 | $10,398 |
| 12/31/16 | $9,746 | $10,627 |
| 1/31/17 | $10,136 | $10,920 |
| 2/28/17 | $10,388 | $11,231 |
| 3/31/17 | $10,607 | $11,376 |
| 4/30/17 | $10,908 | $11,558 |
| 5/31/17 | $11,200 | $11,824 |
| 6/30/17 | $11,298 | $11,883 |
| 7/31/17 | $11,785 | $12,219 |
| 8/31/17 | $12,004 | $12,272 |
| 9/30/17 | $12,256 | $12,513 |
| 10/31/17 | $12,695 | $12,776 |
| 11/30/17 | $12,906 | $13,029 |
| 12/31/17 | $13,100 | $13,244 |
| 1/31/18 | $14,017 | $13,994 |
| 2/28/18 | $13,456 | $13,411 |
| 3/31/18 | $13,243 | $13,132 |
| 4/30/18 | $13,127 | $13,265 |
| 5/31/18 | $13,358 | $13,293 |
| 6/30/18 | $13,082 | $13,226 |
| 7/31/18 | $13,251 | $13,630 |
| 8/31/18 | $13,643 | $13,743 |
| 9/30/18 | $13,572 | $13,808 |
| 10/31/18 | $12,112 | $12,777 |
| 11/30/18 | $12,050 | $12,969 |
| 12/31/18 | $11,073 | $12,061 |
| 1/31/19 | $12,141 | $13,017 |
| 2/28/19 | $12,439 | $13,371 |
| 3/31/19 | $12,806 | $13,548 |
| 4/30/19 | $13,345 | $14,012 |
| 5/31/19 | $12,646 | $13,193 |
| 6/30/19 | $13,426 | $14,063 |
| 7/31/19 | $13,449 | $14,109 |
| 8/31/19 | $13,265 | $13,781 |
| 9/30/19 | $13,047 | $14,077 |
| 10/31/19 | $13,357 | $14,466 |
| 11/30/19 | $13,908 | $14,825 |
| 12/31/19 | $14,294 | $15,354 |
| 1/31/20 | $14,306 | $15,188 |
| 2/29/20 | $13,577 | $13,967 |
| 3/31/20 | $11,821 | $12,090 |
| 4/30/20 | $13,416 | $13,391 |
| 5/31/20 | $14,677 | $13,982 |
| 6/30/20 | $15,543 | $14,434 |
| 7/31/20 | $16,829 | $15,204 |
| 8/31/20 | $17,954 | $16,140 |
| 9/30/20 | $17,620 | $15,625 |
| 10/31/20 | $17,373 | $15,249 |
| 11/30/20 | $19,413 | $17,135 |
| 12/31/20 | $20,577 | $17,936 |
| 1/31/21 | $20,682 | $17,859 |
| 2/28/21 | $21,607 | $18,278 |
| 3/31/21 | $21,356 | $18,776 |
| 4/30/21 | $22,334 | $19,605 |
| 5/31/21 | $22,519 | $19,921 |
| 6/30/21 | $22,797 | $20,190 |
| 7/31/21 | $22,955 | $20,335 |
| 8/31/21 | $23,933 | $20,850 |
| 9/30/21 | $22,942 | $19,998 |
| 10/31/21 | $24,303 | $21,023 |
| 11/30/21 | $23,656 | $20,523 |
| 12/31/21 | $23,961 | $21,351 |
| 1/31/22 | $21,752 | $20,306 |
| 2/28/22 | $21,095 | $19,788 |
| 3/31/22 | $21,423 | $20,228 |
| 4/30/22 | $19,199 | $18,617 |
| 5/31/22 | $19,169 | $18,652 |
| 6/30/22 | $17,497 | $17,087 |
| 7/31/22 | $18,706 | $18,286 |
| 8/31/22 | $17,766 | $17,620 |
| 9/30/22 | $16,153 | $15,941 |
| 10/31/22 | $17,168 | $16,907 |
| 11/30/22 | $18,378 | $18,226 |
| 12/31/22 | $17,334 | $17,516 |
| 1/31/23 | $18,643 | $18,776 |
| 2/28/23 | $18,020 | $18,245 |
| 3/31/23 | $18,784 | $18,820 |
| 4/30/23 | $19,064 | $19,099 |
| 5/31/23 | $19,189 | $18,908 |
| 6/30/23 | $20,202 | $20,014 |
| 7/31/23 | $20,763 | $20,753 |
| 8/31/23 | $20,436 | $20,181 |
| 9/30/23 | $19,267 | $19,354 |
| 10/31/23 | $18,830 | $18,776 |
| 11/30/23 | $20,763 | $20,518 |
| 12/31/23 | $21,543 | $21,511 |
| 1/31/24 | $22,525 | $21,642 |
| 2/29/24 | $24,473 | $22,579 |
| 3/31/24 | $25,642 | $23,288 |
| 4/30/24 | $24,879 | $22,541 |
| 5/31/24 | $26,734 | $23,471 |
| 6/30/24 | $27,731 | $24,002 |
| 7/31/24 | $27,123 | $24,396 |
| 8/31/24 | $27,871 | $25,024 |
| 9/30/24 | $28,012 | $25,615 |
| 10/31/24 | $27,404 | $25,048 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 45.53 | 15.46 | 11.15 |
| Class A with sales charge | 38.64 | 14.34 | 10.61 |
| MSCI ACWI Gross Total Return Index | 33.41 | 11.61 | 9.62 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $133,580,281 | 60 | 78% | $1,199,907 |
Calamos Global Equity Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including attractive earnings growth and cash flow generation, strong balance sheets, and high returns on invested capital.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 31.9 |
| Industrials | 14.5 |
| Communication Services | 10.8 |
| Consumer Discretionary | 10.3 |
| Health Care | 10.2 |
| Financials | 6.3 |
| Consumer Staples | 5.5 |
| Energy | 3.5 |
| Materials | 3.2 |
| Real Estate | 1.0 |
| Utilities | 1.0 |
| Other | 0.3 |
| NVIDIA Corp. | 9.7 |
| Microsoft Corp. | 4.5 |
| Apple, Inc. | 4.3 |
| Amazon.com, Inc. | 3.5 |
| Eli Lilly & Company | 3.1 |
| Spotify Technology, SA | 2.8 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 2.8 |
| Novo Nordisk, A/S (ADR) | 2.7 |
| Canadian Natural Resources Ltd. | 2.4 |
| WiseTech Global, Ltd. | 2.3 |
This is a summary of certain changes of the Fund since October 31, 2024.
Effective October 31, 2024, the Fund’s principal investment strategy was revised to address the Fund’s level of investments in foreign issuers when the Adviser deems market conditions to be unfavorable. The relevant language of the Fund’s principal investment strategy now states: “the Fund anticipates that the investment adviser’s process will result in the Fund investing in a globally diversified manner. Under normal market conditions, the Fund will invest at least 40% of its net assets in securities of foreign issuers, unless market conditions are not deemed favorable by the Adviser, in which case the Fund will invest at least 30% of its net assets in securities of foreign issuers.”
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GEQTSRA-A 24
Calamos Global Equity Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $261 | 2.14% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in its portfolio of global equities. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, leading earnings growth, and attractive momentum characteristics outperformed. Security selection within technology and industrials contributed the most to Fund returns, as holdings in semiconductors and aerospace & defense outperformed. Security selection within financials and materials lagged the index and detracted value. From a geographic view, holdings in the US and India contributed to outperformance, whereas positions in Canada and China trailed the benchmark.
| Class C with sales charge | MSCI ACWI Gross Total Return Index |
|---|
| 10/31/14 | $10,000 | $10,000 |
| 11/30/14 | $10,133 | $10,171 |
| 12/31/14 | $9,839 | $9,979 |
| 1/31/15 | $9,822 | $9,826 |
| 2/28/15 | $10,522 | $10,377 |
| 3/31/15 | $10,472 | $10,223 |
| 4/30/15 | $10,657 | $10,524 |
| 5/31/15 | $10,548 | $10,519 |
| 6/30/15 | $10,463 | $10,276 |
| 7/31/15 | $10,607 | $10,369 |
| 8/31/15 | $9,923 | $9,662 |
| 9/30/15 | $9,620 | $9,316 |
| 10/31/15 | $10,455 | $10,050 |
| 11/30/15 | $10,489 | $9,971 |
| 12/31/15 | $10,248 | $9,796 |
| 1/31/16 | $9,515 | $9,207 |
| 2/29/16 | $9,136 | $9,149 |
| 3/31/16 | $9,800 | $9,833 |
| 4/30/16 | $9,731 | $9,984 |
| 5/31/16 | $9,972 | $10,005 |
| 6/30/16 | $9,765 | $9,950 |
| 7/31/16 | $10,360 | $10,382 |
| 8/31/16 | $10,308 | $10,422 |
| 9/30/16 | $10,558 | $10,490 |
| 10/31/16 | $10,222 | $10,315 |
| 11/30/16 | $10,041 | $10,398 |
| 12/31/16 | $10,067 | $10,627 |
| 1/31/17 | $10,466 | $10,920 |
| 2/28/17 | $10,710 | $11,231 |
| 3/31/17 | $10,936 | $11,376 |
| 4/30/17 | $11,244 | $11,558 |
| 5/31/17 | $11,534 | $11,824 |
| 6/30/17 | $11,624 | $11,883 |
| 7/31/17 | $12,122 | $12,219 |
| 8/31/17 | $12,340 | $12,272 |
| 9/30/17 | $12,584 | $12,513 |
| 10/31/17 | $13,037 | $12,776 |
| 11/30/17 | $13,245 | $13,029 |
| 12/31/17 | $13,425 | $13,244 |
| 1/31/18 | $14,365 | $13,994 |
| 2/28/18 | $13,785 | $13,411 |
| 3/31/18 | $13,545 | $13,132 |
| 4/30/18 | $13,435 | $13,265 |
| 5/31/18 | $13,655 | $13,293 |
| 6/30/18 | $13,365 | $13,226 |
| 7/31/18 | $13,535 | $13,630 |
| 8/31/18 | $13,915 | $13,743 |
| 9/30/18 | $13,835 | $13,808 |
| 10/31/18 | $12,344 | $12,777 |
| 11/30/18 | $12,274 | $12,969 |
| 12/31/18 | $11,266 | $12,061 |
| 1/31/19 | $12,356 | $13,017 |
| 2/28/19 | $12,636 | $13,371 |
| 3/31/19 | $13,008 | $13,548 |
| 4/30/19 | $13,553 | $14,012 |
| 5/31/19 | $12,822 | $13,193 |
| 6/30/19 | $13,620 | $14,063 |
| 7/31/19 | $13,620 | $14,109 |
| 8/31/19 | $13,434 | $13,781 |
| 9/30/19 | $13,207 | $14,077 |
| 10/31/19 | $13,500 | $14,466 |
| 11/30/19 | $14,059 | $14,825 |
| 12/31/19 | $14,440 | $15,354 |
| 1/31/20 | $14,440 | $15,188 |
| 2/29/20 | $13,700 | $13,967 |
| 3/31/20 | $11,917 | $12,090 |
| 4/30/20 | $13,526 | $13,391 |
| 5/31/20 | $14,773 | $13,982 |
| 6/30/20 | $15,643 | $14,434 |
| 7/31/20 | $16,933 | $15,204 |
| 8/31/20 | $18,035 | $16,140 |
| 9/30/20 | $17,702 | $15,625 |
| 10/31/20 | $17,441 | $15,249 |
| 11/30/20 | $19,470 | $17,135 |
| 12/31/20 | $20,631 | $17,936 |
| 1/31/21 | $20,725 | $17,859 |
| 2/28/21 | $21,650 | $18,278 |
| 3/31/21 | $21,352 | $18,776 |
| 4/30/21 | $22,324 | $19,605 |
| 5/31/21 | $22,496 | $19,921 |
| 6/30/21 | $22,763 | $20,190 |
| 7/31/21 | $22,904 | $20,335 |
| 8/31/21 | $23,876 | $20,850 |
| 9/30/21 | $22,873 | $19,998 |
| 10/31/21 | $24,221 | $21,023 |
| 11/30/21 | $23,547 | $20,523 |
| 12/31/21 | $23,847 | $21,351 |
| 1/31/22 | $21,613 | $20,306 |
| 2/28/22 | $20,959 | $19,788 |
| 3/31/22 | $21,286 | $20,228 |
| 4/30/22 | $19,052 | $18,617 |
| 5/31/22 | $19,016 | $18,652 |
| 6/30/22 | $17,345 | $17,087 |
| 7/31/22 | $18,525 | $18,286 |
| 8/31/22 | $17,581 | $17,620 |
| 9/30/22 | $15,983 | $15,941 |
| 10/31/22 | $16,963 | $16,907 |
| 11/30/22 | $18,162 | $18,226 |
| 12/31/22 | $17,109 | $17,516 |
| 1/31/23 | $18,393 | $18,776 |
| 2/28/23 | $17,780 | $18,245 |
| 3/31/23 | $18,508 | $18,820 |
| 4/30/23 | $18,776 | $19,099 |
| 5/31/23 | $18,891 | $18,908 |
| 6/30/23 | $19,868 | $20,014 |
| 7/31/23 | $20,405 | $20,753 |
| 8/31/23 | $20,079 | $20,181 |
| 9/30/23 | $18,910 | $19,354 |
| 10/31/23 | $18,489 | $18,776 |
| 11/30/23 | $20,366 | $20,518 |
| 12/31/23 | $21,095 | $21,511 |
| 1/31/24 | $22,053 | $21,642 |
| 2/29/24 | $23,949 | $22,579 |
| 3/31/24 | $25,080 | $23,288 |
| 4/30/24 | $24,313 | $22,541 |
| 5/31/24 | $26,114 | $23,471 |
| 6/30/24 | $27,072 | $24,002 |
| 7/31/24 | $26,459 | $24,396 |
| 8/31/24 | $27,187 | $25,024 |
| 9/30/24 | $27,302 | $25,615 |
| 10/31/24 | $26,689 | $25,048 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 44.35 | 14.60 | 10.31 |
| Class C with sales charge | 43.35 | 14.60 | 10.31 |
| MSCI ACWI Gross Total Return Index | 33.41 | 11.61 | 9.62 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $133,580,281 | 60 | 78% | $1,199,907 |
Calamos Global Equity Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including attractive earnings growth and cash flow generation, strong balance sheets, and high returns on invested capital.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 31.9 |
| Industrials | 14.5 |
| Communication Services | 10.8 |
| Consumer Discretionary | 10.3 |
| Health Care | 10.2 |
| Financials | 6.3 |
| Consumer Staples | 5.5 |
| Energy | 3.5 |
| Materials | 3.2 |
| Real Estate | 1.0 |
| Utilities | 1.0 |
| Other | 0.3 |
| NVIDIA Corp. | 9.7 |
| Microsoft Corp. | 4.5 |
| Apple, Inc. | 4.3 |
| Amazon.com, Inc. | 3.5 |
| Eli Lilly & Company | 3.1 |
| Spotify Technology, SA | 2.8 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 2.8 |
| Novo Nordisk, A/S (ADR) | 2.7 |
| Canadian Natural Resources Ltd. | 2.4 |
| WiseTech Global, Ltd. | 2.3 |
This is a summary of certain changes of the Fund since October 31, 2024.
Effective October 31, 2024, the Fund’s principal investment strategy was revised to address the Fund’s level of investments in foreign issuers when the Adviser deems market conditions to be unfavorable. The relevant language of the Fund’s principal investment strategy now states: “the Fund anticipates that the investment adviser’s process will result in the Fund investing in a globally diversified manner. Under normal market conditions, the Fund will invest at least 40% of its net assets in securities of foreign issuers, unless market conditions are not deemed favorable by the Adviser, in which case the Fund will invest at least 30% of its net assets in securities of foreign issuers.”
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GEQTSRA-C 24
Calamos Global Equity Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $140 | 1.14% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in its portfolio of global equities. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, leading earnings growth, and attractive momentum characteristics outperformed. Security selection within technology and industrials contributed the most to Fund returns, as holdings in semiconductors and aerospace & defense outperformed. Security selection within financials and materials lagged the index and detracted value. From a geographic view, holdings in the US and India contributed to outperformance, whereas positions in Canada and China trailed the benchmark.
| Class I | MSCI ACWI Gross Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,000 |
| 11/30/14 | $1,014,548 | $1,017,160 |
| 12/31/14 | $985,350 | $997,959 |
| 1/31/15 | $985,350 | $982,580 |
| 2/28/15 | $1,055,619 | $1,037,726 |
| 3/31/15 | $1,051,671 | $1,022,269 |
| 4/30/15 | $1,071,410 | $1,052,430 |
| 5/31/15 | $1,061,146 | $1,051,871 |
| 6/30/15 | $1,054,040 | $1,027,573 |
| 7/31/15 | $1,069,041 | $1,036,868 |
| 8/31/15 | $1,000,351 | $966,212 |
| 9/30/15 | $970,348 | $931,645 |
| 10/31/15 | $1,056,409 | $1,005,005 |
| 11/30/15 | $1,060,356 | $997,153 |
| 12/31/15 | $1,037,062 | $979,590 |
| 1/31/16 | $963,791 | $920,738 |
| 2/29/16 | $925,948 | $914,927 |
| 3/31/16 | $994,388 | $983,360 |
| 4/30/16 | $987,946 | $998,453 |
| 5/31/16 | $1,013,712 | $1,000,559 |
| 6/30/16 | $992,777 | $995,021 |
| 7/31/16 | $1,054,775 | $1,038,207 |
| 8/31/16 | $1,050,750 | $1,042,198 |
| 9/30/16 | $1,076,515 | $1,049,050 |
| 10/31/16 | $1,042,698 | $1,031,486 |
| 11/30/16 | $1,025,789 | $1,039,832 |
| 12/31/16 | $1,029,060 | $1,062,713 |
| 1/31/17 | $1,070,323 | $1,091,989 |
| 2/28/17 | $1,097,271 | $1,123,112 |
| 3/31/17 | $1,120,850 | $1,137,607 |
| 4/30/17 | $1,152,850 | $1,155,859 |
| 5/31/17 | $1,184,008 | $1,182,405 |
| 6/30/17 | $1,194,114 | $1,188,268 |
| 7/31/17 | $1,246,325 | $1,221,913 |
| 8/31/17 | $1,269,904 | $1,227,191 |
| 9/30/17 | $1,296,009 | $1,251,358 |
| 10/31/17 | $1,343,167 | $1,277,632 |
| 11/30/17 | $1,365,904 | $1,302,943 |
| 12/31/17 | $1,386,719 | $1,324,393 |
| 1/31/18 | $1,483,531 | $1,399,391 |
| 2/28/18 | $1,424,522 | $1,341,151 |
| 3/31/18 | $1,402,393 | $1,313,252 |
| 4/30/18 | $1,391,329 | $1,326,538 |
| 5/31/18 | $1,416,224 | $1,329,333 |
| 6/30/18 | $1,385,797 | $1,322,664 |
| 7/31/18 | $1,405,159 | $1,362,978 |
| 8/31/18 | $1,446,650 | $1,374,301 |
| 9/30/18 | $1,439,274 | $1,380,840 |
| 10/31/18 | $1,284,375 | $1,277,671 |
| 11/30/18 | $1,278,843 | $1,296,963 |
| 12/31/18 | $1,175,052 | $1,206,131 |
| 1/31/19 | $1,288,424 | $1,301,747 |
| 2/28/19 | $1,320,310 | $1,337,147 |
| 3/31/19 | $1,359,281 | $1,354,801 |
| 4/30/19 | $1,417,148 | $1,401,263 |
| 5/31/19 | $1,342,748 | $1,319,310 |
| 6/30/19 | $1,426,596 | $1,406,307 |
| 7/31/19 | $1,428,958 | $1,410,923 |
| 8/31/19 | $1,410,063 | $1,378,084 |
| 9/30/19 | $1,386,443 | $1,407,724 |
| 10/31/19 | $1,419,510 | $1,446,608 |
| 11/30/19 | $1,478,558 | $1,482,541 |
| 12/31/19 | $1,520,646 | $1,535,373 |
| 1/31/20 | $1,521,915 | $1,518,798 |
| 2/29/20 | $1,444,487 | $1,396,713 |
| 3/31/20 | $1,259,166 | $1,208,991 |
| 4/30/20 | $1,427,986 | $1,339,123 |
| 5/31/20 | $1,562,534 | $1,398,169 |
| 6/30/20 | $1,655,194 | $1,443,449 |
| 7/31/20 | $1,792,281 | $1,520,371 |
| 8/31/20 | $1,912,866 | $1,613,998 |
| 9/30/20 | $1,878,595 | $1,562,557 |
| 10/31/20 | $1,851,939 | $1,524,960 |
| 11/30/20 | $2,068,993 | $1,713,489 |
| 12/31/20 | $2,193,433 | $1,793,674 |
| 1/31/21 | $2,205,611 | $1,785,952 |
| 2/28/21 | $2,305,743 | $1,827,851 |
| 3/31/21 | $2,278,680 | $1,877,642 |
| 4/30/21 | $2,382,872 | $1,960,518 |
| 5/31/21 | $2,403,169 | $1,992,083 |
| 6/30/21 | $2,432,938 | $2,018,980 |
| 7/31/21 | $2,451,881 | $2,033,488 |
| 8/31/21 | $2,556,073 | $2,085,008 |
| 9/30/21 | $2,451,881 | $1,999,779 |
| 10/31/21 | $2,598,020 | $2,102,363 |
| 11/30/21 | $2,527,657 | $2,052,377 |
| 12/31/21 | $2,561,647 | $2,135,124 |
| 1/31/22 | $2,324,485 | $2,030,667 |
| 2/28/22 | $2,256,073 | $1,978,835 |
| 3/31/22 | $2,292,560 | $2,022,854 |
| 4/30/22 | $2,053,878 | $1,861,704 |
| 5/31/22 | $2,050,837 | $1,865,201 |
| 6/30/22 | $1,872,966 | $1,708,744 |
| 7/31/22 | $2,002,189 | $1,828,670 |
| 8/31/22 | $1,901,852 | $1,762,057 |
| 9/30/22 | $1,730,062 | $1,594,121 |
| 10/31/22 | $1,839,521 | $1,690,725 |
| 11/30/22 | $1,968,743 | $1,822,638 |
| 12/31/22 | $1,858,020 | $1,751,644 |
| 1/31/23 | $1,999,236 | $1,877,642 |
| 2/28/23 | $1,932,595 | $1,824,484 |
| 3/31/23 | $2,015,103 | $1,881,997 |
| 4/30/23 | $2,045,250 | $1,909,947 |
| 5/31/23 | $2,057,944 | $1,890,850 |
| 6/30/23 | $2,167,426 | $2,001,469 |
| 7/31/23 | $2,227,720 | $2,075,336 |
| 8/31/23 | $2,194,399 | $2,018,174 |
| 9/30/23 | $2,069,051 | $1,935,428 |
| 10/31/23 | $2,023,036 | $1,877,668 |
| 11/30/23 | $2,230,893 | $2,051,870 |
| 12/31/23 | $2,314,004 | $2,151,153 |
| 1/31/24 | $2,420,413 | $2,164,218 |
| 2/29/24 | $2,630,055 | $2,257,897 |
| 3/31/24 | $2,757,111 | $2,328,800 |
| 4/30/24 | $2,674,525 | $2,254,153 |
| 5/31/24 | $2,874,638 | $2,347,130 |
| 6/30/24 | $2,982,635 | $2,400,249 |
| 7/31/24 | $2,917,519 | $2,439,627 |
| 8/31/24 | $3,000,105 | $2,502,418 |
| 9/30/24 | $3,014,399 | $2,561,490 |
| 10/31/24 | $2,949,283 | $2,504,849 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 45.79 | 15.75 | 11.42 |
| MSCI ACWI Gross Total Return Index | 33.41 | 11.61 | 9.62 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $133,580,281 | 60 | 78% | $1,199,907 |
Calamos Global Equity Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including attractive earnings growth and cash flow generation, strong balance sheets, and high returns on invested capital.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 31.9 |
| Industrials | 14.5 |
| Communication Services | 10.8 |
| Consumer Discretionary | 10.3 |
| Health Care | 10.2 |
| Financials | 6.3 |
| Consumer Staples | 5.5 |
| Energy | 3.5 |
| Materials | 3.2 |
| Real Estate | 1.0 |
| Utilities | 1.0 |
| Other | 0.3 |
| NVIDIA Corp. | 9.7 |
| Microsoft Corp. | 4.5 |
| Apple, Inc. | 4.3 |
| Amazon.com, Inc. | 3.5 |
| Eli Lilly & Company | 3.1 |
| Spotify Technology, SA | 2.8 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 2.8 |
| Novo Nordisk, A/S (ADR) | 2.7 |
| Canadian Natural Resources Ltd. | 2.4 |
| WiseTech Global, Ltd. | 2.3 |
This is a summary of certain changes of the Fund since October 31, 2024.
Effective October 31, 2024, the Fund’s principal investment strategy was revised to address the Fund’s level of investments in foreign issuers when the Adviser deems market conditions to be unfavorable. The relevant language of the Fund’s principal investment strategy now states: “the Fund anticipates that the investment adviser’s process will result in the Fund investing in a globally diversified manner. Under normal market conditions, the Fund will invest at least 40% of its net assets in securities of foreign issuers, unless market conditions are not deemed favorable by the Adviser, in which case the Fund will invest at least 30% of its net assets in securities of foreign issuers.”
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GEQTSRA-I 24
Calamos Global Equity Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class R6 | $132 | 1.07% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in its portfolio of global equities. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, leading earnings growth, and attractive momentum characteristics outperformed. Security selection within technology and industrials contributed the most to Fund returns, as holdings in semiconductors and aerospace & defense outperformed. Security selection within financials and materials lagged the index and detracted value. From a geographic view, holdings in the US and India contributed to outperformance, whereas positions in Canada and China trailed the benchmark.
| Class R6 | MSCI ACWI Gross Total Return Index |
|---|
| 6/23/20 | $10,000 | $10,000 |
| 6/30/20 | $9,886 | $9,848 |
| 7/31/20 | $10,705 | $10,372 |
| 8/31/20 | $11,425 | $11,011 |
| 9/30/20 | $11,221 | $10,660 |
| 10/31/20 | $11,061 | $10,404 |
| 11/30/20 | $12,365 | $11,690 |
| 12/31/20 | $13,109 | $12,237 |
| 1/31/21 | $13,174 | $12,184 |
| 2/28/21 | $13,772 | $12,470 |
| 3/31/21 | $13,610 | $12,810 |
| 4/30/21 | $14,241 | $13,375 |
| 5/31/21 | $14,362 | $13,590 |
| 6/30/21 | $14,540 | $13,774 |
| 7/31/21 | $14,645 | $13,873 |
| 8/31/21 | $15,275 | $14,224 |
| 9/30/21 | $14,653 | $13,643 |
| 10/31/21 | $15,526 | $14,343 |
| 11/30/21 | $15,114 | $14,002 |
| 12/31/21 | $15,318 | $14,566 |
| 1/31/22 | $13,901 | $13,854 |
| 2/28/22 | $13,492 | $13,500 |
| 3/31/22 | $13,701 | $13,800 |
| 4/30/22 | $12,285 | $12,701 |
| 5/31/22 | $12,267 | $12,725 |
| 6/30/22 | $11,204 | $11,657 |
| 7/31/22 | $11,967 | $12,476 |
| 8/31/22 | $11,368 | $12,021 |
| 9/30/22 | $10,342 | $10,875 |
| 10/31/22 | $10,996 | $11,534 |
| 11/30/22 | $11,776 | $12,434 |
| 12/31/22 | $11,104 | $11,950 |
| 1/31/23 | $11,948 | $12,810 |
| 2/28/23 | $11,549 | $12,447 |
| 3/31/23 | $12,052 | $12,839 |
| 4/30/23 | $12,232 | $13,030 |
| 5/31/23 | $12,308 | $12,900 |
| 6/30/23 | $12,962 | $13,654 |
| 7/31/23 | $13,323 | $14,158 |
| 8/31/23 | $13,124 | $13,768 |
| 9/30/23 | $12,374 | $13,204 |
| 10/31/23 | $12,099 | $12,810 |
| 11/30/23 | $13,342 | $13,998 |
| 12/31/23 | $13,844 | $14,676 |
| 1/31/24 | $14,470 | $14,765 |
| 2/29/24 | $15,733 | $15,404 |
| 3/31/24 | $16,493 | $15,888 |
| 4/30/24 | $16,008 | $15,378 |
| 5/31/24 | $17,205 | $16,013 |
| 6/30/24 | $17,841 | $16,375 |
| 7/31/24 | $17,461 | $16,644 |
| 8/31/24 | $17,955 | $17,072 |
| 9/30/24 | $18,040 | $17,475 |
| 10/31/24 | $17,651 | $17,089 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 6/23/20 |
|---|
| Class R6 | 45.88 | 13.93 |
| MSCI ACWI Gross Total Return Index | 33.41 | 13.09 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $133,580,281 | 60 | 78% | $1,199,907 |
Calamos Global Equity Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in global companies demonstrating compelling growth and quality characteristics, including attractive earnings growth and cash flow generation, strong balance sheets, and high returns on invested capital.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 31.9 |
| Industrials | 14.5 |
| Communication Services | 10.8 |
| Consumer Discretionary | 10.3 |
| Health Care | 10.2 |
| Financials | 6.3 |
| Consumer Staples | 5.5 |
| Energy | 3.5 |
| Materials | 3.2 |
| Real Estate | 1.0 |
| Utilities | 1.0 |
| Other | 0.3 |
| NVIDIA Corp. | 9.7 |
| Microsoft Corp. | 4.5 |
| Apple, Inc. | 4.3 |
| Amazon.com, Inc. | 3.5 |
| Eli Lilly & Company | 3.1 |
| Spotify Technology, SA | 2.8 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 2.8 |
| Novo Nordisk, A/S (ADR) | 2.7 |
| Canadian Natural Resources Ltd. | 2.4 |
| WiseTech Global, Ltd. | 2.3 |
This is a summary of certain changes of the Fund since October 31, 2024.
Effective October 31, 2024, the Fund’s principal investment strategy was revised to address the Fund’s level of investments in foreign issuers when the Adviser deems market conditions to be unfavorable. The relevant language of the Fund’s principal investment strategy now states: “the Fund anticipates that the investment adviser’s process will result in the Fund investing in a globally diversified manner. Under normal market conditions, the Fund will invest at least 40% of its net assets in securities of foreign issuers, unless market conditions are not deemed favorable by the Adviser, in which case the Fund will invest at least 30% of its net assets in securities of foreign issuers.”
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GEQTSRA-R6 24
Calamos Global Opportunities Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Opportunities Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $144 | 1.22% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund pursued its risk-managed equity objective and generated strong returns. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, strong earnings, and healthy balance sheets delivered leading returns. The Fund benefited from security selection and an average overweight allocation in industrials, as holdings in aerospace & defense added to relative returns. Security selection and an average underweight allocation within the financials sector held back returns, as holdings rose but lagged the MSCI ACWI Index. From a geographic view, holdings in the US and India contributed to outperformance, whereas positions in Canada and Italy trailed the benchmark.
| Class A with sales charge | MSCI ACWI Gross Total Return Index |
|---|
| 10/31/14 | $9,525 | $10,000 |
| 11/30/14 | $9,655 | $10,171 |
| 12/31/14 | $9,480 | $9,979 |
| 1/31/15 | $9,413 | $9,826 |
| 2/28/15 | $9,875 | $10,377 |
| 3/31/15 | $9,807 | $10,223 |
| 4/30/15 | $9,976 | $10,524 |
| 5/31/15 | $9,908 | $10,519 |
| 6/30/15 | $9,762 | $10,276 |
| 7/31/15 | $9,796 | $10,369 |
| 8/31/15 | $9,357 | $9,662 |
| 9/30/15 | $9,143 | $9,316 |
| 10/31/15 | $9,717 | $10,050 |
| 11/30/15 | $9,694 | $9,971 |
| 12/31/15 | $9,545 | $9,796 |
| 1/31/16 | $9,032 | $9,207 |
| 2/29/16 | $8,861 | $9,149 |
| 3/31/16 | $9,351 | $9,833 |
| 4/30/16 | $9,408 | $9,984 |
| 5/31/16 | $9,500 | $10,005 |
| 6/30/16 | $9,443 | $9,950 |
| 7/31/16 | $9,785 | $10,382 |
| 8/31/16 | $9,751 | $10,422 |
| 9/30/16 | $9,865 | $10,490 |
| 10/31/16 | $9,659 | $10,315 |
| 11/30/16 | $9,523 | $10,398 |
| 12/31/16 | $9,610 | $10,627 |
| 1/31/17 | $9,828 | $10,920 |
| 2/28/17 | $9,988 | $11,231 |
| 3/31/17 | $10,103 | $11,376 |
| 4/30/17 | $10,333 | $11,558 |
| 5/31/17 | $10,471 | $11,824 |
| 6/30/17 | $10,536 | $11,883 |
| 7/31/17 | $10,835 | $12,219 |
| 8/31/17 | $10,881 | $12,272 |
| 9/30/17 | $11,007 | $12,513 |
| 10/31/17 | $11,317 | $12,776 |
| 11/30/17 | $11,478 | $13,029 |
| 12/31/17 | $11,537 | $13,244 |
| 1/31/18 | $12,219 | $13,994 |
| 2/28/18 | $11,793 | $13,411 |
| 3/31/18 | $11,609 | $13,132 |
| 4/30/18 | $11,585 | $13,265 |
| 5/31/18 | $11,682 | $13,293 |
| 6/30/18 | $11,563 | $13,226 |
| 7/31/18 | $11,673 | $13,630 |
| 8/31/18 | $11,856 | $13,743 |
| 9/30/18 | $11,795 | $13,808 |
| 10/31/18 | $10,988 | $12,777 |
| 11/30/18 | $11,061 | $12,969 |
| 12/31/18 | $10,406 | $12,061 |
| 1/31/19 | $11,078 | $13,017 |
| 2/28/19 | $11,270 | $13,371 |
| 3/31/19 | $11,398 | $13,548 |
| 4/30/19 | $11,783 | $14,012 |
| 5/31/19 | $11,316 | $13,193 |
| 6/30/19 | $11,817 | $14,063 |
| 7/31/19 | $11,830 | $14,109 |
| 8/31/19 | $11,679 | $13,781 |
| 9/30/19 | $11,556 | $14,077 |
| 10/31/19 | $11,721 | $14,466 |
| 11/30/19 | $12,038 | $14,825 |
| 12/31/19 | $12,308 | $15,354 |
| 1/31/20 | $12,294 | $15,188 |
| 2/29/20 | $11,626 | $13,967 |
| 3/31/20 | $10,250 | $12,090 |
| 4/30/20 | $11,418 | $13,391 |
| 5/31/20 | $12,113 | $13,982 |
| 6/30/20 | $12,761 | $14,434 |
| 7/31/20 | $13,568 | $15,204 |
| 8/31/20 | $14,583 | $16,140 |
| 9/30/20 | $14,293 | $15,625 |
| 10/31/20 | $13,958 | $15,249 |
| 11/30/20 | $15,449 | $17,135 |
| 12/31/20 | $16,217 | $17,936 |
| 1/31/21 | $16,350 | $17,859 |
| 2/28/21 | $16,955 | $18,278 |
| 3/31/21 | $16,821 | $18,776 |
| 4/30/21 | $17,486 | $19,605 |
| 5/31/21 | $17,590 | $19,921 |
| 6/30/21 | $17,607 | $20,190 |
| 7/31/21 | $17,784 | $20,335 |
| 8/31/21 | $18,391 | $20,850 |
| 9/30/21 | $17,697 | $19,998 |
| 10/31/21 | $18,821 | $21,023 |
| 11/30/21 | $18,451 | $20,523 |
| 12/31/21 | $18,776 | $21,351 |
| 1/31/22 | $17,556 | $20,306 |
| 2/28/22 | $17,165 | $19,788 |
| 3/31/22 | $17,352 | $20,228 |
| 4/30/22 | $15,850 | $18,617 |
| 5/31/22 | $15,803 | $18,652 |
| 6/30/22 | $14,567 | $17,087 |
| 7/31/22 | $15,412 | $18,286 |
| 8/31/22 | $14,739 | $17,620 |
| 9/30/22 | $13,628 | $15,941 |
| 10/31/22 | $14,317 | $16,907 |
| 11/30/22 | $15,240 | $18,226 |
| 12/31/22 | $14,614 | $17,516 |
| 1/31/23 | $15,475 | $18,776 |
| 2/28/23 | $14,990 | $18,245 |
| 3/31/23 | $15,506 | $18,820 |
| 4/30/23 | $15,553 | $19,099 |
| 5/31/23 | $15,443 | $18,908 |
| 6/30/23 | $16,054 | $20,014 |
| 7/31/23 | $16,367 | $20,753 |
| 8/31/23 | $16,116 | $20,181 |
| 9/30/23 | $15,358 | $19,354 |
| 10/31/23 | $15,028 | $18,776 |
| 11/30/23 | $16,112 | $20,518 |
| 12/31/23 | $16,643 | $21,511 |
| 1/31/24 | $17,179 | $21,642 |
| 2/29/24 | $18,297 | $22,579 |
| 3/31/24 | $19,012 | $23,288 |
| 4/30/24 | $18,555 | $22,541 |
| 5/31/24 | $19,547 | $23,471 |
| 6/30/24 | $20,195 | $24,002 |
| 7/31/24 | $20,005 | $24,396 |
| 8/31/24 | $20,573 | $25,024 |
| 9/30/24 | $20,732 | $25,615 |
| 10/31/24 | $20,495 | $25,048 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 36.38 | 11.83 | 7.96 |
| Class A with sales charge | 29.87 | 10.75 | 7.44 |
| MSCI ACWI Gross Total Return Index | 33.41 | 11.61 | 9.62 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $279,401,506 | 83 | 87% | $2,440,783 |
Calamos Global Opportunities Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund invests primarily in global equity and convertible securities, aiming to actively manage the risk-reward profile while seeking an attractive total return. The strategy favors higher-quality growth businesses, emphasizing companies with higher earnings growth and free cash flow, strong balance sheets, and attractive returns on invested capital.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 30.4 |
| Consumer Discretionary | 12.3 |
| Industrials | 11.2 |
| Health Care | 6.8 |
| Financials | 6.7 |
| Communication Services | 6.1 |
| Consumer Staples | 5.8 |
| Utilities | 4.8 |
| Energy | 4.1 |
| Materials | 3.4 |
| Real Estate | 0.6 |
| Other | 0.6 |
| NVIDIA Corp. | 5.4 |
| Apple, Inc. | 3.7 |
| Microsoft Corp. | 3.3 |
| Southern Company, 4.500%, 06/15/27 | 2.7 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 2.5 |
| Amazon.com, Inc. | 2.2 |
| Eni S.p.A, 2.950%, 09/14/30 | 2.2 |
| Novo Nordisk, A/S (ADR) | 2.2 |
| Boeing Company, 6.000%, 10/15/27 | 2.2 |
| Eli Lilly & Company | 2.1 |
This is a summary of certain changes of the Fund since October 31, 2024.
Effective October 31, 2024, the Fund’s principal investment strategy was revised to address the Fund’s level of investments in foreign issuers when the Adviser deems market conditions to be unfavorable. The relevant language of the Fund’s principal investment strategy now states: “[t]he Fund anticipates that under normal circumstances its investment adviser’s investment process will result in the Fund investing in an internationally-diversified manner, with at least 40% of its assets in securities of foreign issuers, unless market conditions are not deemed favorable by the Adviser, in which case the Fund will invest at least 30% of its net assets in securities of foreign issuers.”
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GLOTSRA-A 24
Calamos Global Opportunities Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Opportunities Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $232 | 1.97% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund pursued its risk-managed equity objective and generated strong returns. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, strong earnings, and healthy balance sheets delivered leading returns. The Fund benefited from security selection and an average overweight allocation in industrials, as holdings in aerospace & defense added to relative returns. Security selection and an average underweight allocation within the financials sector held back returns, as holdings rose but lagged the MSCI ACWI Index. From a geographic view, holdings in the US and India contributed to outperformance, whereas positions in Canada and Italy trailed the benchmark.
| Class C with sales charge | MSCI ACWI Gross Total Return Index |
|---|
| 10/31/14 | $10,000 | $10,000 |
| 11/30/14 | $10,126 | $10,171 |
| 12/31/14 | $9,939 | $9,979 |
| 1/31/15 | $9,849 | $9,826 |
| 2/28/15 | $10,338 | $10,377 |
| 3/31/15 | $10,261 | $10,223 |
| 4/30/15 | $10,428 | $10,524 |
| 5/31/15 | $10,351 | $10,519 |
| 6/30/15 | $10,184 | $10,276 |
| 7/31/15 | $10,222 | $10,369 |
| 8/31/15 | $9,759 | $9,662 |
| 9/30/15 | $9,541 | $9,316 |
| 10/31/15 | $10,119 | $10,050 |
| 11/30/15 | $10,094 | $9,971 |
| 12/31/15 | $9,936 | $9,796 |
| 1/31/16 | $9,389 | $9,207 |
| 2/29/16 | $9,206 | $9,149 |
| 3/31/16 | $9,715 | $9,833 |
| 4/30/16 | $9,767 | $9,984 |
| 5/31/16 | $9,845 | $10,005 |
| 6/30/16 | $9,793 | $9,950 |
| 7/31/16 | $10,145 | $10,382 |
| 8/31/16 | $10,093 | $10,422 |
| 9/30/16 | $10,197 | $10,490 |
| 10/31/16 | $9,975 | $10,315 |
| 11/30/16 | $9,845 | $10,398 |
| 12/31/16 | $9,931 | $10,627 |
| 1/31/17 | $10,141 | $10,920 |
| 2/28/17 | $10,299 | $11,231 |
| 3/31/17 | $10,417 | $11,376 |
| 4/30/17 | $10,640 | $11,558 |
| 5/31/17 | $10,785 | $11,824 |
| 6/30/17 | $10,837 | $11,883 |
| 7/31/17 | $11,139 | $12,219 |
| 8/31/17 | $11,179 | $12,272 |
| 9/30/17 | $11,297 | $12,513 |
| 10/31/17 | $11,612 | $12,776 |
| 11/30/17 | $11,770 | $13,029 |
| 12/31/17 | $11,824 | $13,244 |
| 1/31/18 | $12,511 | $13,994 |
| 2/28/18 | $12,062 | $13,411 |
| 3/31/18 | $11,880 | $13,132 |
| 4/30/18 | $11,838 | $13,265 |
| 5/31/18 | $11,936 | $13,293 |
| 6/30/18 | $11,810 | $13,226 |
| 7/31/18 | $11,908 | $13,630 |
| 8/31/18 | $12,090 | $13,743 |
| 9/30/18 | $12,020 | $13,808 |
| 10/31/18 | $11,193 | $12,777 |
| 11/30/18 | $11,263 | $12,969 |
| 12/31/18 | $10,593 | $12,061 |
| 1/31/19 | $11,261 | $13,017 |
| 2/28/19 | $11,452 | $13,371 |
| 3/31/19 | $11,579 | $13,548 |
| 4/30/19 | $11,960 | $14,012 |
| 5/31/19 | $11,467 | $13,193 |
| 6/30/19 | $11,976 | $14,063 |
| 7/31/19 | $11,976 | $14,109 |
| 8/31/19 | $11,817 | $13,781 |
| 9/30/19 | $11,690 | $14,077 |
| 10/31/19 | $11,849 | $14,466 |
| 11/30/19 | $12,167 | $14,825 |
| 12/31/19 | $12,431 | $15,354 |
| 1/31/20 | $12,399 | $15,188 |
| 2/29/20 | $11,740 | $13,967 |
| 3/31/20 | $10,325 | $12,090 |
| 4/30/20 | $11,499 | $13,391 |
| 5/31/20 | $12,206 | $13,982 |
| 6/30/20 | $12,834 | $14,434 |
| 7/31/20 | $13,654 | $15,204 |
| 8/31/20 | $14,651 | $16,140 |
| 9/30/20 | $14,345 | $15,625 |
| 10/31/20 | $14,008 | $15,249 |
| 11/30/20 | $15,503 | $17,135 |
| 12/31/20 | $16,249 | $17,936 |
| 1/31/21 | $16,387 | $17,859 |
| 2/28/21 | $16,987 | $18,278 |
| 3/31/21 | $16,833 | $18,776 |
| 4/30/21 | $17,485 | $19,605 |
| 5/31/21 | $17,571 | $19,921 |
| 6/30/21 | $17,588 | $20,190 |
| 7/31/21 | $17,742 | $20,335 |
| 8/31/21 | $18,343 | $20,850 |
| 9/30/21 | $17,639 | $19,998 |
| 10/31/21 | $18,737 | $21,023 |
| 11/30/21 | $18,360 | $20,523 |
| 12/31/21 | $18,666 | $21,351 |
| 1/31/22 | $17,457 | $20,306 |
| 2/28/22 | $17,054 | $19,788 |
| 3/31/22 | $17,219 | $20,228 |
| 4/30/22 | $15,736 | $18,617 |
| 5/31/22 | $15,681 | $18,652 |
| 6/30/22 | $14,435 | $17,087 |
| 7/31/22 | $15,259 | $18,286 |
| 8/31/22 | $14,600 | $17,620 |
| 9/30/22 | $13,482 | $15,941 |
| 10/31/22 | $14,160 | $16,907 |
| 11/30/22 | $15,058 | $18,226 |
| 12/31/22 | $14,435 | $17,516 |
| 1/31/23 | $15,259 | $18,776 |
| 2/28/23 | $14,783 | $18,245 |
| 3/31/23 | $15,296 | $18,820 |
| 4/30/23 | $15,314 | $19,099 |
| 5/31/23 | $15,204 | $18,908 |
| 6/30/23 | $15,802 | $20,014 |
| 7/31/23 | $16,095 | $20,753 |
| 8/31/23 | $15,838 | $20,181 |
| 9/30/23 | $15,088 | $19,354 |
| 10/31/23 | $14,758 | $18,776 |
| 11/30/23 | $15,803 | $20,518 |
| 12/31/23 | $16,306 | $21,511 |
| 1/31/24 | $16,820 | $21,642 |
| 2/29/24 | $17,903 | $22,579 |
| 3/31/24 | $18,601 | $23,288 |
| 4/30/24 | $18,142 | $22,541 |
| 5/31/24 | $19,097 | $23,471 |
| 6/30/24 | $19,721 | $24,002 |
| 7/31/24 | $19,519 | $24,396 |
| 8/31/24 | $20,070 | $25,024 |
| 9/30/24 | $20,199 | $25,615 |
| 10/31/24 | $19,960 | $25,048 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 35.25 | 10.99 | 7.16 |
| Class C with sales charge | 34.25 | 10.99 | 7.16 |
| MSCI ACWI Gross Total Return Index | 33.41 | 11.61 | 9.62 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $279,401,506 | 83 | 87% | $2,440,783 |
Calamos Global Opportunities Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund invests primarily in global equity and convertible securities, aiming to actively manage the risk-reward profile while seeking an attractive total return. The strategy favors higher-quality growth businesses, emphasizing companies with higher earnings growth and free cash flow, strong balance sheets, and attractive returns on invested capital.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 30.4 |
| Consumer Discretionary | 12.3 |
| Industrials | 11.2 |
| Health Care | 6.8 |
| Financials | 6.7 |
| Communication Services | 6.1 |
| Consumer Staples | 5.8 |
| Utilities | 4.8 |
| Energy | 4.1 |
| Materials | 3.4 |
| Real Estate | 0.6 |
| Other | 0.6 |
| NVIDIA Corp. | 5.4 |
| Apple, Inc. | 3.7 |
| Microsoft Corp. | 3.3 |
| Southern Company, 4.500%, 06/15/27 | 2.7 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 2.5 |
| Amazon.com, Inc. | 2.2 |
| Eni S.p.A, 2.950%, 09/14/30 | 2.2 |
| Novo Nordisk, A/S (ADR) | 2.2 |
| Boeing Company, 6.000%, 10/15/27 | 2.2 |
| Eli Lilly & Company | 2.1 |
This is a summary of certain changes of the Fund since October 31, 2024.
Effective October 31, 2024, the Fund’s principal investment strategy was revised to address the Fund’s level of investments in foreign issuers when the Adviser deems market conditions to be unfavorable. The relevant language of the Fund’s principal investment strategy now states: “[t]he Fund anticipates that under normal circumstances its investment adviser’s investment process will result in the Fund investing in an internationally-diversified manner, with at least 40% of its assets in securities of foreign issuers, unless market conditions are not deemed favorable by the Adviser, in which case the Fund will invest at least 30% of its net assets in securities of foreign issuers.”
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GLOTSRA-C 24
Calamos Global Opportunities Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Global Opportunities Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $115 | 0.97% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund pursued its risk-managed equity objective and generated strong returns. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, strong earnings, and healthy balance sheets delivered leading returns. The Fund benefited from security selection and an average overweight allocation in industrials, as holdings in aerospace & defense added to relative returns. Security selection and an average underweight allocation within the financials sector held back returns, as holdings rose but lagged the MSCI ACWI Index. From a geographic view, holdings in the US and India contributed to outperformance, whereas positions in Canada and Italy trailed the benchmark.
| Class I | MSCI ACWI Gross Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,000 |
| 11/30/14 | $1,013,423 | $1,017,160 |
| 12/31/14 | $995,696 | $997,959 |
| 1/31/15 | $988,757 | $982,580 |
| 2/28/15 | $1,037,328 | $1,037,726 |
| 3/31/15 | $1,030,389 | $1,022,269 |
| 4/30/15 | $1,047,736 | $1,052,430 |
| 5/31/15 | $1,041,954 | $1,051,871 |
| 6/30/15 | $1,025,764 | $1,027,573 |
| 7/31/15 | $1,030,389 | $1,036,868 |
| 8/31/15 | $984,132 | $966,212 |
| 9/30/15 | $962,159 | $931,645 |
| 10/31/15 | $1,022,294 | $1,005,005 |
| 11/30/15 | $1,021,138 | $997,153 |
| 12/31/15 | $1,005,825 | $979,590 |
| 1/31/16 | $951,962 | $920,738 |
| 2/29/16 | $933,227 | $914,927 |
| 3/31/16 | $985,919 | $983,360 |
| 4/30/16 | $991,774 | $998,453 |
| 5/31/16 | $1,001,141 | $1,000,559 |
| 6/30/16 | $996,457 | $995,021 |
| 7/31/16 | $1,032,756 | $1,038,207 |
| 8/31/16 | $1,028,072 | $1,042,198 |
| 9/30/16 | $1,039,782 | $1,049,050 |
| 10/31/16 | $1,018,705 | $1,031,486 |
| 11/30/16 | $1,005,825 | $1,039,832 |
| 12/31/16 | $1,014,569 | $1,062,713 |
| 1/31/17 | $1,038,218 | $1,091,989 |
| 2/28/17 | $1,054,773 | $1,123,112 |
| 3/31/17 | $1,067,780 | $1,137,607 |
| 4/30/17 | $1,092,612 | $1,155,859 |
| 5/31/17 | $1,106,802 | $1,182,405 |
| 6/30/17 | $1,112,972 | $1,188,268 |
| 7/31/17 | $1,146,124 | $1,221,913 |
| 8/31/17 | $1,150,860 | $1,227,191 |
| 9/30/17 | $1,163,884 | $1,251,358 |
| 10/31/17 | $1,197,037 | $1,277,632 |
| 11/30/17 | $1,214,797 | $1,302,943 |
| 12/31/17 | $1,220,894 | $1,324,393 |
| 1/31/18 | $1,293,596 | $1,399,391 |
| 2/28/18 | $1,248,471 | $1,341,151 |
| 3/31/18 | $1,230,340 | $1,313,252 |
| 4/30/18 | $1,226,574 | $1,326,538 |
| 5/31/18 | $1,237,873 | $1,329,333 |
| 6/30/18 | $1,225,084 | $1,322,664 |
| 7/31/18 | $1,237,662 | $1,362,978 |
| 8/31/18 | $1,257,786 | $1,374,301 |
| 9/30/18 | $1,249,751 | $1,380,840 |
| 10/31/18 | $1,165,342 | $1,277,671 |
| 11/30/18 | $1,174,161 | $1,296,963 |
| 12/31/18 | $1,104,976 | $1,206,131 |
| 1/31/19 | $1,175,537 | $1,301,747 |
| 2/28/19 | $1,196,705 | $1,337,147 |
| 3/31/19 | $1,210,326 | $1,354,801 |
| 4/30/19 | $1,251,282 | $1,401,263 |
| 5/31/19 | $1,201,852 | $1,319,310 |
| 6/30/19 | $1,255,502 | $1,406,307 |
| 7/31/19 | $1,256,918 | $1,410,923 |
| 8/31/19 | $1,241,348 | $1,378,084 |
| 9/30/19 | $1,229,374 | $1,407,724 |
| 10/31/19 | $1,246,390 | $1,446,608 |
| 11/30/19 | $1,280,421 | $1,482,541 |
| 12/31/19 | $1,308,226 | $1,535,373 |
| 1/31/20 | $1,308,226 | $1,518,798 |
| 2/29/20 | $1,238,092 | $1,396,713 |
| 3/31/20 | $1,090,936 | $1,208,991 |
| 4/30/20 | $1,215,492 | $1,339,123 |
| 5/31/20 | $1,289,939 | $1,398,169 |
| 6/30/20 | $1,358,746 | $1,443,449 |
| 7/31/20 | $1,446,176 | $1,520,371 |
| 8/31/20 | $1,553,672 | $1,613,998 |
| 9/30/20 | $1,523,147 | $1,562,557 |
| 10/31/20 | $1,487,257 | $1,524,960 |
| 11/30/20 | $1,646,606 | $1,713,489 |
| 12/31/20 | $1,729,552 | $1,793,674 |
| 1/31/21 | $1,743,230 | $1,785,952 |
| 2/28/21 | $1,808,582 | $1,827,851 |
| 3/31/21 | $1,795,769 | $1,877,642 |
| 4/30/21 | $1,867,295 | $1,960,518 |
| 5/31/21 | $1,877,948 | $1,992,083 |
| 6/30/21 | $1,880,829 | $2,018,980 |
| 7/31/21 | $1,899,119 | $2,033,488 |
| 8/31/21 | $1,964,658 | $2,085,008 |
| 9/30/21 | $1,891,224 | $1,999,779 |
| 10/31/21 | $2,010,188 | $2,102,363 |
| 11/30/21 | $1,972,059 | $2,052,377 |
| 12/31/21 | $2,006,353 | $2,135,124 |
| 1/31/22 | $1,877,534 | $2,030,667 |
| 2/28/22 | $1,835,668 | $1,978,835 |
| 3/31/22 | $1,854,991 | $2,022,854 |
| 4/30/22 | $1,695,577 | $1,861,704 |
| 5/31/22 | $1,690,747 | $1,865,201 |
| 6/30/22 | $1,558,707 | $1,708,744 |
| 7/31/22 | $1,650,491 | $1,828,670 |
| 8/31/22 | $1,579,640 | $1,762,057 |
| 9/30/22 | $1,458,873 | $1,594,121 |
| 10/31/22 | $1,534,554 | $1,690,725 |
| 11/30/22 | $1,632,778 | $1,822,638 |
| 12/31/22 | $1,566,759 | $1,751,644 |
| 1/31/23 | $1,658,542 | $1,877,642 |
| 2/28/23 | $1,607,014 | $1,824,484 |
| 3/31/23 | $1,663,373 | $1,881,997 |
| 4/30/23 | $1,668,203 | $1,909,947 |
| 5/31/23 | $1,656,932 | $1,890,850 |
| 6/30/23 | $1,723,988 | $2,001,469 |
| 7/31/23 | $1,756,272 | $2,075,336 |
| 8/31/23 | $1,730,445 | $2,018,174 |
| 9/30/23 | $1,648,517 | $1,935,428 |
| 10/31/23 | $1,614,544 | $1,877,668 |
| 11/30/23 | $1,731,024 | $2,051,870 |
| 12/31/23 | $1,786,827 | $2,151,153 |
| 1/31/24 | $1,845,252 | $2,164,218 |
| 2/29/24 | $1,965,347 | $2,257,897 |
| 3/31/24 | $2,043,452 | $2,328,800 |
| 4/30/24 | $1,996,345 | $2,254,153 |
| 5/31/24 | $2,101,929 | $2,347,130 |
| 6/30/24 | $2,173,198 | $2,400,249 |
| 7/31/24 | $2,153,678 | $2,439,627 |
| 8/31/24 | $2,213,864 | $2,502,418 |
| 9/30/24 | $2,231,591 | $2,561,490 |
| 10/31/24 | $2,207,158 | $2,504,849 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 36.70 | 12.11 | 8.24 |
| MSCI ACWI Gross Total Return Index | 33.41 | 11.61 | 9.62 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $279,401,506 | 83 | 87% | $2,440,783 |
Calamos Global Opportunities Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund invests primarily in global equity and convertible securities, aiming to actively manage the risk-reward profile while seeking an attractive total return. The strategy favors higher-quality growth businesses, emphasizing companies with higher earnings growth and free cash flow, strong balance sheets, and attractive returns on invested capital.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 30.4 |
| Consumer Discretionary | 12.3 |
| Industrials | 11.2 |
| Health Care | 6.8 |
| Financials | 6.7 |
| Communication Services | 6.1 |
| Consumer Staples | 5.8 |
| Utilities | 4.8 |
| Energy | 4.1 |
| Materials | 3.4 |
| Real Estate | 0.6 |
| Other | 0.6 |
| NVIDIA Corp. | 5.4 |
| Apple, Inc. | 3.7 |
| Microsoft Corp. | 3.3 |
| Southern Company, 4.500%, 06/15/27 | 2.7 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 2.5 |
| Amazon.com, Inc. | 2.2 |
| Eni S.p.A, 2.950%, 09/14/30 | 2.2 |
| Novo Nordisk, A/S (ADR) | 2.2 |
| Boeing Company, 6.000%, 10/15/27 | 2.2 |
| Eli Lilly & Company | 2.1 |
This is a summary of certain changes of the Fund since October 31, 2024.
Effective October 31, 2024, the Fund’s principal investment strategy was revised to address the Fund’s level of investments in foreign issuers when the Adviser deems market conditions to be unfavorable. The relevant language of the Fund’s principal investment strategy now states: “[t]he Fund anticipates that under normal circumstances its investment adviser’s investment process will result in the Fund investing in an internationally-diversified manner, with at least 40% of its assets in securities of foreign issuers, unless market conditions are not deemed favorable by the Adviser, in which case the Fund will invest at least 30% of its net assets in securities of foreign issuers.”
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GLOTSRA-I 24
Calamos Growth and Income Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $121 | 1.05% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as its combination of securities provided a significant portion of the all-equity benchmark’s returns, while taking on less equity market risk. Investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was marginally underweight in those highly priced names to manage risk, which detracted from performance. Equity holdings in large-cap growth names boosted performance, while convertible securities issued by mid- and smaller-cap companies as well as US Treasuries delivered lower performance.
| Class A with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $9,524 | $9,999 |
| 11/30/14 | $9,657 | $10,267 |
| 12/31/14 | $9,580 | $10,242 |
| 1/31/15 | $9,328 | $9,934 |
| 2/28/15 | $9,796 | $10,505 |
| 3/31/15 | $9,639 | $10,339 |
| 4/30/15 | $9,724 | $10,438 |
| 5/31/15 | $9,913 | $10,572 |
| 6/30/15 | $9,732 | $10,368 |
| 7/31/15 | $9,907 | $10,585 |
| 8/31/15 | $9,452 | $9,946 |
| 9/30/15 | $9,257 | $9,700 |
| 10/31/15 | $9,858 | $10,518 |
| 11/30/15 | $9,848 | $10,550 |
| 12/31/15 | $9,739 | $10,383 |
| 1/31/16 | $9,273 | $9,868 |
| 2/29/16 | $9,198 | $9,855 |
| 3/31/16 | $9,683 | $10,523 |
| 4/30/16 | $9,746 | $10,564 |
| 5/31/16 | $9,897 | $10,754 |
| 6/30/16 | $9,841 | $10,782 |
| 7/31/16 | $10,126 | $11,179 |
| 8/31/16 | $10,165 | $11,195 |
| 9/30/16 | $10,201 | $11,197 |
| 10/31/16 | $10,080 | $10,993 |
| 11/30/16 | $10,291 | $11,400 |
| 12/31/16 | $10,442 | $11,625 |
| 1/31/17 | $10,583 | $11,846 |
| 2/28/17 | $10,921 | $12,316 |
| 3/31/17 | $10,931 | $12,330 |
| 4/30/17 | $11,066 | $12,457 |
| 5/31/17 | $11,218 | $12,632 |
| 6/30/17 | $11,234 | $12,711 |
| 7/31/17 | $11,462 | $12,972 |
| 8/31/17 | $11,483 | $13,012 |
| 9/30/17 | $11,608 | $13,281 |
| 10/31/17 | $11,833 | $13,591 |
| 11/30/17 | $12,061 | $14,007 |
| 12/31/17 | $12,152 | $14,163 |
| 1/31/18 | $12,857 | $14,974 |
| 2/28/18 | $12,478 | $14,422 |
| 3/31/18 | $12,228 | $14,056 |
| 4/30/18 | $12,240 | $14,109 |
| 5/31/18 | $12,498 | $14,449 |
| 6/30/18 | $12,504 | $14,538 |
| 7/31/18 | $12,885 | $15,079 |
| 8/31/18 | $13,228 | $15,571 |
| 9/30/18 | $13,252 | $15,659 |
| 10/31/18 | $12,449 | $14,589 |
| 11/30/18 | $12,663 | $14,886 |
| 12/31/18 | $11,682 | $13,542 |
| 1/31/19 | $12,505 | $14,627 |
| 2/28/19 | $12,831 | $15,097 |
| 3/31/19 | $13,020 | $15,390 |
| 4/30/19 | $13,508 | $16,013 |
| 5/31/19 | $12,826 | $14,996 |
| 6/30/19 | $13,542 | $16,053 |
| 7/31/19 | $13,712 | $16,283 |
| 8/31/19 | $13,521 | $16,025 |
| 9/30/19 | $13,629 | $16,325 |
| 10/31/19 | $13,882 | $16,679 |
| 11/30/19 | $14,285 | $17,284 |
| 12/31/19 | $14,715 | $17,806 |
| 1/31/20 | $14,702 | $17,799 |
| 2/29/20 | $13,712 | $16,334 |
| 3/31/20 | $12,319 | $14,316 |
| 4/30/20 | $13,687 | $16,152 |
| 5/31/20 | $14,408 | $16,921 |
| 6/30/20 | $14,782 | $17,257 |
| 7/31/20 | $15,517 | $18,231 |
| 8/31/20 | $16,540 | $19,541 |
| 9/30/20 | $15,948 | $18,798 |
| 10/31/20 | $15,608 | $18,299 |
| 11/30/20 | $17,257 | $20,302 |
| 12/31/20 | $18,016 | $21,082 |
| 1/31/21 | $17,782 | $20,869 |
| 2/28/21 | $18,444 | $21,445 |
| 3/31/21 | $18,809 | $22,384 |
| 4/30/21 | $19,768 | $23,579 |
| 5/31/21 | $19,795 | $23,743 |
| 6/30/21 | $20,139 | $24,298 |
| 7/31/21 | $20,449 | $24,875 |
| 8/31/21 | $20,896 | $25,631 |
| 9/30/21 | $20,070 | $24,439 |
| 10/31/21 | $21,332 | $26,151 |
| 11/30/21 | $21,075 | $25,970 |
| 12/31/21 | $21,819 | $27,134 |
| 1/31/22 | $20,717 | $25,730 |
| 2/28/22 | $20,198 | $24,959 |
| 3/31/22 | $20,713 | $25,886 |
| 4/30/22 | $19,058 | $23,629 |
| 5/31/22 | $19,044 | $23,672 |
| 6/30/22 | $17,625 | $21,718 |
| 7/31/22 | $18,926 | $23,721 |
| 8/31/22 | $18,318 | $22,753 |
| 9/30/22 | $16,858 | $20,658 |
| 10/31/22 | $17,969 | $22,330 |
| 11/30/22 | $18,766 | $23,578 |
| 12/31/22 | $17,785 | $22,220 |
| 1/31/23 | $18,772 | $23,616 |
| 2/28/23 | $18,286 | $23,040 |
| 3/31/23 | $18,844 | $23,886 |
| 4/30/23 | $19,141 | $24,258 |
| 5/31/23 | $19,175 | $24,364 |
| 6/30/23 | $20,199 | $25,974 |
| 7/31/23 | $20,690 | $26,808 |
| 8/31/23 | $20,350 | $26,381 |
| 9/30/23 | $19,558 | $25,123 |
| 10/31/23 | $19,202 | $24,595 |
| 11/30/23 | $20,621 | $26,841 |
| 12/31/23 | $21,400 | $28,061 |
| 1/31/24 | $21,673 | $28,532 |
| 2/29/24 | $22,584 | $30,056 |
| 3/31/24 | $23,168 | $31,023 |
| 4/30/24 | $22,342 | $29,756 |
| 5/31/24 | $23,224 | $31,231 |
| 6/30/24 | $23,972 | $32,352 |
| 7/31/24 | $24,028 | $32,746 |
| 8/31/24 | $24,484 | $33,540 |
| 9/30/24 | $25,033 | $34,256 |
| 10/31/24 | $24,896 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 29.65 | 12.39 | 10.09 |
| Class A with sales charge | 23.50 | 11.30 | 9.55 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $2,832,964,424 | 150 | 28% | $18,052,995 |
Calamos Growth and Income Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund pursued lower-volatility equity participation through a multi-asset-class portfolio consisting largely of stocks and convertible securities as well as US Treasuries, cash, and options. We believe the best positioning for this environment is a neutral risk posture, focusing on areas with growth tailwinds, companies with improving returns on capital, and valuations at favorable expected risk-adjusted returns.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 28.8 |
| Financials | 12.7 |
| Consumer Discretionary | 11.2 |
| Communication Services | 10.2 |
| Industrials | 8.2 |
| Health Care | 7.7 |
| Consumer Staples | 5.3 |
| Utilities | 4.4 |
| Energy | 3.0 |
| Materials | 2.2 |
| Real Estate | 1.9 |
| Other | 0.4 |
| NVIDIA Corp. | 6.0 |
| Apple, Inc. | 5.8 |
| Microsoft Corp. | 5.8 |
| Alphabet, Inc. - Class A | 4.6 |
| Amazon.com, Inc. | 3.9 |
| Meta Platforms, Inc. - Class A | 2.2 |
| Broadcom, Inc. | 1.7 |
| Exxon Mobil Corp. | 1.4 |
| Boeing Company, 6.000%, 10/15/27 | 1.4 |
| JPMorgan Chase & Company | 1.4 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GNITSRA-A 24
Calamos Growth and Income Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $206 | 1.80% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as its combination of securities provided a significant portion of the all-equity benchmark’s returns, while taking on less equity market risk. Investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was marginally underweight in those highly priced names to manage risk, which detracted from performance. Equity holdings in large-cap growth names boosted performance, while convertible securities issued by mid- and smaller-cap companies as well as US Treasuries delivered lower performance.
| Class C with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $10,000 | $9,999 |
| 11/30/14 | $10,133 | $10,267 |
| 12/31/14 | $10,048 | $10,242 |
| 1/31/15 | $9,775 | $9,934 |
| 2/28/15 | $10,261 | $10,505 |
| 3/31/15 | $10,088 | $10,339 |
| 4/30/15 | $10,174 | $10,438 |
| 5/31/15 | $10,364 | $10,572 |
| 6/30/15 | $10,169 | $10,368 |
| 7/31/15 | $10,345 | $10,585 |
| 8/31/15 | $9,862 | $9,946 |
| 9/30/15 | $9,653 | $9,700 |
| 10/31/15 | $10,273 | $10,518 |
| 11/30/15 | $10,257 | $10,550 |
| 12/31/15 | $10,137 | $10,383 |
| 1/31/16 | $9,638 | $9,868 |
| 2/29/16 | $9,553 | $9,855 |
| 3/31/16 | $10,054 | $10,523 |
| 4/30/16 | $10,111 | $10,564 |
| 5/31/16 | $10,261 | $10,754 |
| 6/30/16 | $10,197 | $10,782 |
| 7/31/16 | $10,484 | $11,179 |
| 8/31/16 | $10,522 | $11,195 |
| 9/30/16 | $10,547 | $11,197 |
| 10/31/16 | $10,416 | $10,993 |
| 11/30/16 | $10,630 | $11,400 |
| 12/31/16 | $10,778 | $11,625 |
| 1/31/17 | $10,916 | $11,846 |
| 2/28/17 | $11,259 | $12,316 |
| 3/31/17 | $11,264 | $12,330 |
| 4/30/17 | $11,394 | $12,457 |
| 5/31/17 | $11,543 | $12,632 |
| 6/30/17 | $11,556 | $12,711 |
| 7/31/17 | $11,782 | $12,972 |
| 8/31/17 | $11,797 | $13,012 |
| 9/30/17 | $11,916 | $13,281 |
| 10/31/17 | $12,139 | $13,591 |
| 11/30/17 | $12,365 | $14,007 |
| 12/31/17 | $12,448 | $14,163 |
| 1/31/18 | $13,163 | $14,974 |
| 2/28/18 | $12,769 | $14,422 |
| 3/31/18 | $12,506 | $14,056 |
| 4/30/18 | $12,510 | $14,109 |
| 5/31/18 | $12,765 | $14,449 |
| 6/30/18 | $12,763 | $14,538 |
| 7/31/18 | $13,146 | $15,079 |
| 8/31/18 | $13,483 | $15,571 |
| 9/30/18 | $13,501 | $15,659 |
| 10/31/18 | $12,676 | $14,589 |
| 11/30/18 | $12,885 | $14,886 |
| 12/31/18 | $11,879 | $13,542 |
| 1/31/19 | $12,711 | $14,627 |
| 2/28/19 | $13,032 | $15,097 |
| 3/31/19 | $13,219 | $15,390 |
| 4/30/19 | $13,706 | $16,013 |
| 5/31/19 | $13,003 | $14,996 |
| 6/30/19 | $13,722 | $16,053 |
| 7/31/19 | $13,889 | $16,283 |
| 8/31/19 | $13,681 | $16,025 |
| 9/30/19 | $13,784 | $16,325 |
| 10/31/19 | $14,029 | $16,679 |
| 11/30/19 | $14,433 | $17,284 |
| 12/31/19 | $14,856 | $17,806 |
| 1/31/20 | $14,830 | $17,799 |
| 2/29/20 | $13,822 | $16,334 |
| 3/31/20 | $12,409 | $14,316 |
| 4/30/20 | $13,784 | $16,152 |
| 5/31/20 | $14,499 | $16,921 |
| 6/30/20 | $14,867 | $17,257 |
| 7/31/20 | $15,600 | $18,231 |
| 8/31/20 | $16,614 | $19,541 |
| 9/30/20 | $16,011 | $18,798 |
| 10/31/20 | $15,659 | $18,299 |
| 11/30/20 | $17,299 | $20,302 |
| 12/31/20 | $18,049 | $21,082 |
| 1/31/21 | $17,804 | $20,869 |
| 2/28/21 | $18,460 | $21,445 |
| 3/31/21 | $18,810 | $22,384 |
| 4/30/21 | $19,760 | $23,579 |
| 5/31/21 | $19,773 | $23,743 |
| 6/30/21 | $20,106 | $24,298 |
| 7/31/21 | $20,399 | $24,875 |
| 8/31/21 | $20,836 | $25,631 |
| 9/30/21 | $19,996 | $24,439 |
| 10/31/21 | $21,243 | $26,151 |
| 11/30/21 | $20,972 | $25,970 |
| 12/31/21 | $21,698 | $27,134 |
| 1/31/22 | $20,589 | $25,730 |
| 2/28/22 | $20,059 | $24,959 |
| 3/31/22 | $20,561 | $25,886 |
| 4/30/22 | $18,908 | $23,629 |
| 5/31/22 | $18,880 | $23,672 |
| 6/30/22 | $17,462 | $21,718 |
| 7/31/22 | $18,737 | $23,721 |
| 8/31/22 | $18,125 | $22,753 |
| 9/30/22 | $16,670 | $20,658 |
| 10/31/22 | $17,757 | $22,330 |
| 11/30/22 | $18,535 | $23,578 |
| 12/31/22 | $17,556 | $22,220 |
| 1/31/23 | $18,518 | $23,616 |
| 2/28/23 | $18,027 | $23,040 |
| 3/31/23 | $18,565 | $23,886 |
| 4/30/23 | $18,846 | $24,258 |
| 5/31/23 | $18,870 | $24,364 |
| 6/30/23 | $19,865 | $25,974 |
| 7/31/23 | $20,336 | $26,808 |
| 8/31/23 | $19,984 | $26,381 |
| 9/30/23 | $19,194 | $25,123 |
| 10/31/23 | $18,837 | $24,595 |
| 11/30/23 | $20,217 | $26,841 |
| 12/31/23 | $20,965 | $28,061 |
| 1/31/24 | $21,217 | $28,532 |
| 2/29/24 | $22,096 | $30,056 |
| 3/31/24 | $22,653 | $31,023 |
| 4/30/24 | $21,839 | $29,756 |
| 5/31/24 | $22,678 | $31,231 |
| 6/30/24 | $23,399 | $32,352 |
| 7/31/24 | $23,438 | $32,746 |
| 8/31/24 | $23,868 | $33,540 |
| 9/30/24 | $24,386 | $34,256 |
| 10/31/24 | $24,243 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 28.70 | 11.56 | 9.26 |
| Class C with sales charge | 27.70 | 11.56 | 9.26 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $2,832,964,424 | 150 | 28% | $18,052,995 |
Calamos Growth and Income Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund pursued lower-volatility equity participation through a multi-asset-class portfolio consisting largely of stocks and convertible securities as well as US Treasuries, cash, and options. We believe the best positioning for this environment is a neutral risk posture, focusing on areas with growth tailwinds, companies with improving returns on capital, and valuations at favorable expected risk-adjusted returns.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 28.8 |
| Financials | 12.7 |
| Consumer Discretionary | 11.2 |
| Communication Services | 10.2 |
| Industrials | 8.2 |
| Health Care | 7.7 |
| Consumer Staples | 5.3 |
| Utilities | 4.4 |
| Energy | 3.0 |
| Materials | 2.2 |
| Real Estate | 1.9 |
| Other | 0.4 |
| NVIDIA Corp. | 6.0 |
| Apple, Inc. | 5.8 |
| Microsoft Corp. | 5.8 |
| Alphabet, Inc. - Class A | 4.6 |
| Amazon.com, Inc. | 3.9 |
| Meta Platforms, Inc. - Class A | 2.2 |
| Broadcom, Inc. | 1.7 |
| Exxon Mobil Corp. | 1.4 |
| Boeing Company, 6.000%, 10/15/27 | 1.4 |
| JPMorgan Chase & Company | 1.4 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GNITSRA-C 24
Calamos Growth and Income Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $92 | 0.80% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as its combination of securities provided a significant portion of the all-equity benchmark’s returns, while taking on less equity market risk. Investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was marginally underweight in those highly priced names to manage risk, which detracted from performance. Equity holdings in large-cap growth names boosted performance, while convertible securities issued by mid- and smaller-cap companies as well as US Treasuries delivered lower performance.
| Class I | S&P 500 Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,000 |
| 11/30/14 | $1,014,294 | $1,026,895 |
| 12/31/14 | $1,006,702 | $1,024,308 |
| 1/31/15 | $980,045 | $993,558 |
| 2/28/15 | $1,029,410 | $1,050,661 |
| 3/31/15 | $1,013,118 | $1,034,044 |
| 4/30/15 | $1,022,373 | $1,043,965 |
| 5/31/15 | $1,042,536 | $1,057,389 |
| 6/30/15 | $1,023,863 | $1,036,919 |
| 7/31/15 | $1,042,540 | $1,058,645 |
| 8/31/15 | $994,515 | $994,772 |
| 9/30/15 | $974,340 | $970,158 |
| 10/31/15 | $1,037,877 | $1,051,995 |
| 11/30/15 | $1,036,863 | $1,055,123 |
| 12/31/15 | $1,025,659 | $1,038,482 |
| 1/31/16 | $976,359 | $986,949 |
| 2/29/16 | $968,499 | $985,617 |
| 3/31/16 | $1,020,207 | $1,052,479 |
| 4/30/16 | $1,027,020 | $1,056,560 |
| 5/31/16 | $1,043,157 | $1,075,533 |
| 6/30/16 | $1,037,381 | $1,078,321 |
| 7/31/16 | $1,067,341 | $1,118,077 |
| 8/31/16 | $1,072,033 | $1,119,648 |
| 9/30/16 | $1,075,881 | $1,119,857 |
| 10/31/16 | $1,063,116 | $1,099,430 |
| 11/30/16 | $1,085,728 | $1,140,148 |
| 12/31/16 | $1,102,228 | $1,162,683 |
| 1/31/17 | $1,117,263 | $1,184,735 |
| 2/28/17 | $1,153,118 | $1,231,778 |
| 3/31/17 | $1,154,198 | $1,233,213 |
| 4/30/17 | $1,168,936 | $1,245,879 |
| 5/31/17 | $1,185,225 | $1,263,412 |
| 6/30/17 | $1,187,332 | $1,271,298 |
| 7/31/17 | $1,211,523 | $1,297,439 |
| 8/31/17 | $1,213,865 | $1,301,412 |
| 9/30/17 | $1,227,543 | $1,328,257 |
| 10/31/17 | $1,251,428 | $1,359,252 |
| 11/30/17 | $1,275,705 | $1,400,939 |
| 12/31/17 | $1,285,659 | $1,416,515 |
| 1/31/18 | $1,360,329 | $1,497,616 |
| 2/28/18 | $1,320,699 | $1,442,420 |
| 3/31/18 | $1,294,502 | $1,405,763 |
| 4/30/18 | $1,296,175 | $1,411,157 |
| 5/31/18 | $1,323,789 | $1,445,140 |
| 6/30/18 | $1,324,791 | $1,454,035 |
| 7/31/18 | $1,365,115 | $1,508,146 |
| 8/31/18 | $1,401,658 | $1,557,288 |
| 9/30/18 | $1,404,436 | $1,566,152 |
| 10/31/18 | $1,319,638 | $1,459,105 |
| 11/30/18 | $1,342,841 | $1,488,839 |
| 12/31/18 | $1,238,976 | $1,354,412 |
| 1/31/19 | $1,326,498 | $1,462,948 |
| 2/28/19 | $1,361,142 | $1,509,921 |
| 3/31/19 | $1,381,853 | $1,539,260 |
| 4/30/19 | $1,434,015 | $1,601,584 |
| 5/31/19 | $1,361,720 | $1,499,806 |
| 6/30/19 | $1,438,235 | $1,605,508 |
| 7/31/19 | $1,456,585 | $1,628,584 |
| 8/31/19 | $1,436,399 | $1,602,785 |
| 9/30/19 | $1,447,874 | $1,632,774 |
| 10/31/19 | $1,475,514 | $1,668,138 |
| 11/30/19 | $1,518,817 | $1,728,690 |
| 12/31/19 | $1,564,819 | $1,780,867 |
| 1/31/20 | $1,563,396 | $1,780,169 |
| 2/29/20 | $1,458,537 | $1,633,628 |
| 3/31/20 | $1,310,496 | $1,431,852 |
| 4/30/20 | $1,457,008 | $1,615,407 |
| 5/31/20 | $1,533,843 | $1,692,345 |
| 6/30/20 | $1,573,601 | $1,726,003 |
| 7/31/20 | $1,652,545 | $1,823,324 |
| 8/31/20 | $1,761,630 | $1,954,384 |
| 9/30/20 | $1,699,190 | $1,880,123 |
| 10/31/20 | $1,663,221 | $1,830,125 |
| 11/30/20 | $1,839,231 | $2,030,458 |
| 12/31/20 | $1,920,211 | $2,108,526 |
| 1/31/21 | $1,895,555 | $2,087,238 |
| 2/28/21 | $1,967,058 | $2,144,792 |
| 3/31/21 | $2,006,074 | $2,238,725 |
| 4/30/21 | $2,109,216 | $2,358,203 |
| 5/31/21 | $2,112,670 | $2,374,673 |
| 6/30/21 | $2,149,593 | $2,430,111 |
| 7/31/21 | $2,182,710 | $2,487,837 |
| 8/31/21 | $2,231,148 | $2,563,481 |
| 9/30/21 | $2,143,760 | $2,444,255 |
| 10/31/21 | $2,278,952 | $2,615,503 |
| 11/30/21 | $2,251,715 | $2,597,381 |
| 12/31/21 | $2,331,540 | $2,713,786 |
| 1/31/22 | $2,214,098 | $2,573,356 |
| 2/28/22 | $2,159,047 | $2,496,304 |
| 3/31/22 | $2,214,653 | $2,588,992 |
| 4/30/22 | $2,038,278 | $2,363,228 |
| 5/31/22 | $2,037,229 | $2,367,562 |
| 6/30/22 | $1,886,103 | $2,172,135 |
| 7/31/22 | $2,025,522 | $2,372,415 |
| 8/31/22 | $1,960,810 | $2,275,665 |
| 9/30/22 | $1,804,826 | $2,066,077 |
| 10/31/22 | $1,924,515 | $2,233,350 |
| 11/30/22 | $2,009,932 | $2,358,160 |
| 12/31/22 | $1,905,130 | $2,222,295 |
| 1/31/23 | $2,011,397 | $2,361,931 |
| 2/28/23 | $1,959,907 | $2,304,301 |
| 3/31/23 | $2,020,161 | $2,388,902 |
| 4/30/23 | $2,051,931 | $2,426,190 |
| 5/31/23 | $2,056,313 | $2,436,736 |
| 6/30/23 | $2,166,587 | $2,597,745 |
| 7/31/23 | $2,219,832 | $2,681,196 |
| 8/31/23 | $2,183,603 | $2,638,508 |
| 9/30/23 | $2,098,979 | $2,512,709 |
| 10/31/23 | $2,061,557 | $2,459,875 |
| 11/30/23 | $2,214,550 | $2,684,525 |
| 12/31/23 | $2,298,412 | $2,806,485 |
| 1/31/24 | $2,328,217 | $2,853,645 |
| 2/29/24 | $2,426,229 | $3,006,018 |
| 3/31/24 | $2,489,872 | $3,102,735 |
| 4/30/24 | $2,402,095 | $2,976,004 |
| 5/31/24 | $2,496,756 | $3,123,570 |
| 6/30/24 | $2,577,449 | $3,235,649 |
| 7/31/24 | $2,584,344 | $3,275,035 |
| 8/31/24 | $2,634,330 | $3,354,475 |
| 9/30/24 | $2,693,761 | $3,426,117 |
| 10/31/24 | $2,679,941 | $3,395,049 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 30.00 | 12.68 | 10.36 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $2,832,964,424 | 150 | 28% | $18,052,995 |
Calamos Growth and Income Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund pursued lower-volatility equity participation through a multi-asset-class portfolio consisting largely of stocks and convertible securities as well as US Treasuries, cash, and options. We believe the best positioning for this environment is a neutral risk posture, focusing on areas with growth tailwinds, companies with improving returns on capital, and valuations at favorable expected risk-adjusted returns.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 28.8 |
| Financials | 12.7 |
| Consumer Discretionary | 11.2 |
| Communication Services | 10.2 |
| Industrials | 8.2 |
| Health Care | 7.7 |
| Consumer Staples | 5.3 |
| Utilities | 4.4 |
| Energy | 3.0 |
| Materials | 2.2 |
| Real Estate | 1.9 |
| Other | 0.4 |
| NVIDIA Corp. | 6.0 |
| Apple, Inc. | 5.8 |
| Microsoft Corp. | 5.8 |
| Alphabet, Inc. - Class A | 4.6 |
| Amazon.com, Inc. | 3.9 |
| Meta Platforms, Inc. - Class A | 2.2 |
| Broadcom, Inc. | 1.7 |
| Exxon Mobil Corp. | 1.4 |
| Boeing Company, 6.000%, 10/15/27 | 1.4 |
| JPMorgan Chase & Company | 1.4 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GNITSRA-I 24
Calamos Growth and Income Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Growth and Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class R6 | $84 | 0.73% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as its combination of securities provided a significant portion of the all-equity benchmark’s returns, while taking on less equity market risk. Investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was marginally underweight in those highly priced names to manage risk, which detracted from performance. Equity holdings in large-cap growth names boosted performance, while convertible securities issued by mid- and smaller-cap companies as well as US Treasuries delivered lower performance.
| Class R6 | S&P 500 Total Return Index |
|---|
| 6/23/20 | $10,000 | $9,999 |
| 6/30/20 | $9,898 | $9,902 |
| 7/31/20 | $10,394 | $10,461 |
| 8/31/20 | $11,080 | $11,212 |
| 9/30/20 | $10,689 | $10,786 |
| 10/31/20 | $10,463 | $10,500 |
| 11/30/20 | $11,570 | $11,649 |
| 12/31/20 | $12,082 | $12,097 |
| 1/31/21 | $11,930 | $11,975 |
| 2/28/21 | $12,379 | $12,305 |
| 3/31/21 | $12,624 | $12,844 |
| 4/30/21 | $13,273 | $13,529 |
| 5/31/21 | $13,295 | $13,624 |
| 6/30/21 | $13,529 | $13,942 |
| 7/31/21 | $13,741 | $14,273 |
| 8/31/21 | $14,046 | $14,707 |
| 9/30/21 | $13,495 | $14,023 |
| 10/31/21 | $14,349 | $15,005 |
| 11/30/21 | $14,178 | $14,901 |
| 12/31/21 | $14,683 | $15,569 |
| 1/31/22 | $13,944 | $14,764 |
| 2/28/22 | $13,597 | $14,322 |
| 3/31/22 | $13,947 | $14,853 |
| 4/30/22 | $12,836 | $13,558 |
| 5/31/22 | $12,833 | $13,583 |
| 6/30/22 | $11,881 | $12,462 |
| 7/31/22 | $12,759 | $13,611 |
| 8/31/22 | $12,351 | $13,056 |
| 9/30/22 | $11,372 | $11,853 |
| 10/31/22 | $12,125 | $12,813 |
| 11/30/22 | $12,664 | $13,529 |
| 12/31/22 | $12,006 | $12,750 |
| 1/31/23 | $12,679 | $13,551 |
| 2/28/23 | $12,351 | $13,220 |
| 3/31/23 | $12,734 | $13,705 |
| 4/30/23 | $12,934 | $13,919 |
| 5/31/23 | $12,965 | $13,980 |
| 6/30/23 | $13,659 | $14,904 |
| 7/31/23 | $13,995 | $15,382 |
| 8/31/23 | $13,766 | $15,137 |
| 9/30/23 | $13,235 | $14,416 |
| 10/31/23 | $13,000 | $14,113 |
| 11/30/23 | $13,964 | $15,401 |
| 12/31/23 | $14,495 | $16,101 |
| 1/31/24 | $14,683 | $16,372 |
| 2/29/24 | $15,304 | $17,246 |
| 3/31/24 | $15,705 | $17,801 |
| 4/30/24 | $15,151 | $17,074 |
| 5/31/24 | $15,748 | $17,920 |
| 6/30/24 | $16,263 | $18,563 |
| 7/31/24 | $16,307 | $18,789 |
| 8/31/24 | $16,618 | $19,245 |
| 9/30/24 | $16,996 | $19,656 |
| 10/31/24 | $16,909 | $19,478 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 6/23/20 |
|---|
| Class R6 | 30.07 | 12.82 |
| S&P 500 Total Return Index | 38.06 | 16.54 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $2,832,964,424 | 150 | 28% | $18,052,995 |
Calamos Growth and Income Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund pursued lower-volatility equity participation through a multi-asset-class portfolio consisting largely of stocks and convertible securities as well as US Treasuries, cash, and options. We believe the best positioning for this environment is a neutral risk posture, focusing on areas with growth tailwinds, companies with improving returns on capital, and valuations at favorable expected risk-adjusted returns.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 28.8 |
| Financials | 12.7 |
| Consumer Discretionary | 11.2 |
| Communication Services | 10.2 |
| Industrials | 8.2 |
| Health Care | 7.7 |
| Consumer Staples | 5.3 |
| Utilities | 4.4 |
| Energy | 3.0 |
| Materials | 2.2 |
| Real Estate | 1.9 |
| Other | 0.4 |
| NVIDIA Corp. | 6.0 |
| Apple, Inc. | 5.8 |
| Microsoft Corp. | 5.8 |
| Alphabet, Inc. - Class A | 4.6 |
| Amazon.com, Inc. | 3.9 |
| Meta Platforms, Inc. - Class A | 2.2 |
| Broadcom, Inc. | 1.7 |
| Exxon Mobil Corp. | 1.4 |
| Boeing Company, 6.000%, 10/15/27 | 1.4 |
| JPMorgan Chase & Company | 1.4 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GNITSRA-R6 24
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $156 | 1.29% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as the portfolio’s growth stocks were strongly in favor for the period. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest stocks by market capitalization in the US equity market received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was wisely positioned in those names and received an added boost from favorable sector allocations.
| Class A with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $9,525 | $9,999 |
| 11/30/14 | $9,801 | $10,267 |
| 12/31/14 | $9,672 | $10,242 |
| 1/31/15 | $9,520 | $9,934 |
| 2/28/15 | $10,180 | $10,505 |
| 3/31/15 | $10,118 | $10,339 |
| 4/30/15 | $10,123 | $10,438 |
| 5/31/15 | $10,260 | $10,572 |
| 6/30/15 | $10,215 | $10,368 |
| 7/31/15 | $10,528 | $10,585 |
| 8/31/15 | $9,905 | $9,946 |
| 9/30/15 | $9,570 | $9,700 |
| 10/31/15 | $10,149 | $10,518 |
| 11/30/15 | $10,146 | $10,550 |
| 12/31/15 | $9,964 | $10,383 |
| 1/31/16 | $9,229 | $9,868 |
| 2/29/16 | $9,031 | $9,855 |
| 3/31/16 | $9,579 | $10,523 |
| 4/30/16 | $9,502 | $10,564 |
| 5/31/16 | $9,733 | $10,754 |
| 6/30/16 | $9,493 | $10,782 |
| 7/31/16 | $9,942 | $11,179 |
| 8/31/16 | $9,791 | $11,195 |
| 9/30/16 | $9,862 | $11,197 |
| 10/31/16 | $9,666 | $10,993 |
| 11/30/16 | $9,753 | $11,400 |
| 12/31/16 | $9,752 | $11,625 |
| 1/31/17 | $10,183 | $11,846 |
| 2/28/17 | $10,496 | $12,316 |
| 3/31/17 | $10,630 | $12,330 |
| 4/30/17 | $10,847 | $12,457 |
| 5/31/17 | $11,054 | $12,632 |
| 6/30/17 | $11,124 | $12,711 |
| 7/31/17 | $11,341 | $12,972 |
| 8/31/17 | $11,415 | $13,012 |
| 9/30/17 | $11,582 | $13,281 |
| 10/31/17 | $11,869 | $13,591 |
| 11/30/17 | $12,186 | $14,007 |
| 12/31/17 | $12,345 | $14,163 |
| 1/31/18 | $13,250 | $14,974 |
| 2/28/18 | $12,900 | $14,422 |
| 3/31/18 | $12,607 | $14,056 |
| 4/30/18 | $12,695 | $14,109 |
| 5/31/18 | $13,086 | $14,449 |
| 6/30/18 | $13,079 | $14,538 |
| 7/31/18 | $13,436 | $15,079 |
| 8/31/18 | $13,911 | $15,571 |
| 9/30/18 | $13,782 | $15,659 |
| 10/31/18 | $12,596 | $14,589 |
| 11/30/18 | $12,733 | $14,886 |
| 12/31/18 | $11,621 | $13,542 |
| 1/31/19 | $12,725 | $14,627 |
| 2/28/19 | $13,153 | $15,097 |
| 3/31/19 | $13,447 | $15,390 |
| 4/30/19 | $14,061 | $16,013 |
| 5/31/19 | $13,438 | $14,996 |
| 6/30/19 | $14,222 | $16,053 |
| 7/31/19 | $14,498 | $16,283 |
| 8/31/19 | $14,253 | $16,025 |
| 9/30/19 | $14,164 | $16,325 |
| 10/31/19 | $14,355 | $16,679 |
| 11/30/19 | $15,032 | $17,284 |
| 12/31/19 | $15,235 | $17,806 |
| 1/31/20 | $15,573 | $17,799 |
| 2/29/20 | $14,458 | $16,334 |
| 3/31/20 | $12,399 | $14,316 |
| 4/30/20 | $14,115 | $16,152 |
| 5/31/20 | $15,338 | $16,921 |
| 6/30/20 | $16,033 | $17,257 |
| 7/31/20 | $16,840 | $18,231 |
| 8/31/20 | $18,420 | $19,541 |
| 9/30/20 | $17,603 | $18,798 |
| 10/31/20 | $17,099 | $18,299 |
| 11/30/20 | $19,266 | $20,302 |
| 12/31/20 | $20,252 | $21,082 |
| 1/31/21 | $20,214 | $20,869 |
| 2/28/21 | $20,867 | $21,445 |
| 3/31/21 | $20,861 | $22,384 |
| 4/30/21 | $22,097 | $23,579 |
| 5/31/21 | $21,678 | $23,743 |
| 6/30/21 | $22,902 | $24,298 |
| 7/31/21 | $23,311 | $24,875 |
| 8/31/21 | $24,181 | $25,631 |
| 9/30/21 | $22,979 | $24,439 |
| 10/31/21 | $24,965 | $26,151 |
| 11/30/21 | $24,785 | $25,970 |
| 12/31/21 | $24,964 | $27,134 |
| 1/31/22 | $22,467 | $25,730 |
| 2/28/22 | $21,614 | $24,959 |
| 3/31/22 | $22,399 | $25,886 |
| 4/30/22 | $19,441 | $23,629 |
| 5/31/22 | $18,736 | $23,672 |
| 6/30/22 | $17,238 | $21,718 |
| 7/31/22 | $19,104 | $23,721 |
| 8/31/22 | $18,245 | $22,753 |
| 9/30/22 | $16,490 | $20,658 |
| 10/31/22 | $17,330 | $22,330 |
| 11/30/22 | $18,048 | $23,578 |
| 12/31/22 | $16,643 | $22,220 |
| 1/31/23 | $17,956 | $23,616 |
| 2/28/23 | $17,649 | $23,040 |
| 3/31/23 | $18,723 | $23,886 |
| 4/30/23 | $18,981 | $24,258 |
| 5/31/23 | $19,865 | $24,364 |
| 6/30/23 | $21,196 | $25,974 |
| 7/31/23 | $21,743 | $26,808 |
| 8/31/23 | $21,485 | $26,381 |
| 9/30/23 | $20,239 | $25,123 |
| 10/31/23 | $19,926 | $24,595 |
| 11/30/23 | $22,019 | $26,841 |
| 12/31/23 | $22,896 | $28,061 |
| 1/31/24 | $23,576 | $28,532 |
| 2/29/24 | $25,211 | $30,056 |
| 3/31/24 | $25,749 | $31,023 |
| 4/30/24 | $24,762 | $29,756 |
| 5/31/24 | $26,115 | $31,231 |
| 6/30/24 | $27,730 | $32,352 |
| 7/31/24 | $27,070 | $32,746 |
| 8/31/24 | $27,718 | $33,540 |
| 9/30/24 | $28,416 | $34,256 |
| 10/31/24 | $28,384 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 42.45 | 14.61 | 11.54 |
| Class A with sales charge | 35.68 | 13.50 | 11.00 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $1,534,971,811 | 167 | 42% | $13,107,782 |
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund favored high-quality growth stocks, particularly those well-positioned to capitalize on the ongoing AI revolution as it transitions from its nascent stage to having a broader societal and economic impact. The Fund also owned more defensive, high-quality stocks that may help provide stability in periods of volatility.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 42.9 |
| Consumer Discretionary | 16.1 |
| Communication Services | 14.9 |
| Health Care | 11.0 |
| Financials | 6.3 |
| Industrials | 4.2 |
| Materials | 1.7 |
| Consumer Staples | 1.4 |
| Energy | 0.7 |
| Real Estate | 0.2 |
| Other | 0.1 |
| NVIDIA Corp. | 11.5 |
| Microsoft Corp. | 9.5 |
| Apple, Inc. | 7.8 |
| Amazon.com, Inc. | 7.7 |
| Alphabet, Inc. - Class A | 7.4 |
| Meta Platforms, Inc. - Class A | 3.9 |
| Visa, Inc. - Class A | 2.9 |
| Eli Lilly & Company | 2.5 |
| Broadcom, Inc. | 2.4 |
| Netflix, Inc. | 2.1 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GROTSRA-A 24
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $246 | 2.04% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as the portfolio’s growth stocks were strongly in favor for the period. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest stocks by market capitalization in the US equity market received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was wisely positioned in those names and received an added boost from favorable sector allocations.
| Class C with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $10,000 | $9,999 |
| 11/30/14 | $10,283 | $10,267 |
| 12/31/14 | $10,142 | $10,242 |
| 1/31/15 | $9,978 | $9,934 |
| 2/28/15 | $10,660 | $10,505 |
| 3/31/15 | $10,590 | $10,339 |
| 4/30/15 | $10,590 | $10,438 |
| 5/31/15 | $10,726 | $10,572 |
| 6/30/15 | $10,672 | $10,368 |
| 7/31/15 | $10,991 | $10,585 |
| 8/31/15 | $10,334 | $9,946 |
| 9/30/15 | $9,978 | $9,700 |
| 10/31/15 | $10,575 | $10,518 |
| 11/30/15 | $10,568 | $10,550 |
| 12/31/15 | $10,373 | $10,383 |
| 1/31/16 | $9,599 | $9,868 |
| 2/29/16 | $9,386 | $9,855 |
| 3/31/16 | $9,950 | $10,523 |
| 4/30/16 | $9,865 | $10,564 |
| 5/31/16 | $10,097 | $10,754 |
| 6/30/16 | $9,841 | $10,782 |
| 7/31/16 | $10,301 | $11,179 |
| 8/31/16 | $10,140 | $11,195 |
| 9/30/16 | $10,207 | $11,197 |
| 10/31/16 | $9,998 | $10,993 |
| 11/30/16 | $10,083 | $11,400 |
| 12/31/16 | $10,072 | $11,625 |
| 1/31/17 | $10,509 | $11,846 |
| 2/28/17 | $10,831 | $12,316 |
| 3/31/17 | $10,961 | $12,330 |
| 4/30/17 | $11,177 | $12,457 |
| 5/31/17 | $11,383 | $12,632 |
| 6/30/17 | $11,449 | $12,711 |
| 7/31/17 | $11,665 | $12,972 |
| 8/31/17 | $11,735 | $13,012 |
| 9/30/17 | $11,896 | $13,281 |
| 10/31/17 | $12,182 | $13,591 |
| 11/30/17 | $12,504 | $14,007 |
| 12/31/17 | $12,656 | $14,163 |
| 1/31/18 | $13,579 | $14,974 |
| 2/28/18 | $13,212 | $14,422 |
| 3/31/18 | $12,907 | $14,056 |
| 4/30/18 | $12,986 | $14,109 |
| 5/31/18 | $13,377 | $14,449 |
| 6/30/18 | $13,359 | $14,538 |
| 7/31/18 | $13,713 | $15,079 |
| 8/31/18 | $14,196 | $15,571 |
| 9/30/18 | $14,055 | $15,659 |
| 10/31/18 | $12,833 | $14,589 |
| 11/30/18 | $12,968 | $14,886 |
| 12/31/18 | $11,820 | $13,542 |
| 1/31/19 | $12,942 | $14,627 |
| 2/28/19 | $13,371 | $15,097 |
| 3/31/19 | $13,658 | $15,390 |
| 4/30/19 | $14,278 | $16,013 |
| 5/31/19 | $13,634 | $14,996 |
| 6/30/19 | $14,429 | $16,053 |
| 7/31/19 | $14,692 | $16,283 |
| 8/31/19 | $14,437 | $16,025 |
| 9/30/19 | $14,334 | $16,325 |
| 10/31/19 | $14,525 | $16,679 |
| 11/30/19 | $15,201 | $17,284 |
| 12/31/19 | $15,396 | $17,806 |
| 1/31/20 | $15,727 | $17,799 |
| 2/29/20 | $14,584 | $16,334 |
| 3/31/20 | $12,506 | $14,316 |
| 4/30/20 | $14,225 | $16,152 |
| 5/31/20 | $15,453 | $16,921 |
| 6/30/20 | $16,143 | $17,257 |
| 7/31/20 | $16,945 | $18,231 |
| 8/31/20 | $18,523 | $19,541 |
| 9/30/20 | $17,682 | $18,798 |
| 10/31/20 | $17,172 | $18,299 |
| 11/30/20 | $19,335 | $20,302 |
| 12/31/20 | $20,312 | $21,082 |
| 1/31/21 | $20,265 | $20,869 |
| 2/28/21 | $20,899 | $21,445 |
| 3/31/21 | $20,887 | $22,384 |
| 4/30/21 | $22,108 | $23,579 |
| 5/31/21 | $21,673 | $23,743 |
| 6/30/21 | $22,882 | $24,298 |
| 7/31/21 | $23,281 | $24,875 |
| 8/31/21 | $24,126 | $25,631 |
| 9/30/21 | $22,917 | $24,439 |
| 10/31/21 | $24,889 | $26,151 |
| 11/30/21 | $24,689 | $25,970 |
| 12/31/21 | $24,852 | $27,134 |
| 1/31/22 | $22,350 | $25,730 |
| 2/28/22 | $21,495 | $24,959 |
| 3/31/22 | $22,257 | $25,886 |
| 4/30/22 | $19,304 | $23,629 |
| 5/31/22 | $18,589 | $23,672 |
| 6/30/22 | $17,097 | $21,718 |
| 7/31/22 | $18,931 | $23,721 |
| 8/31/22 | $18,076 | $22,753 |
| 9/30/22 | $16,320 | $20,658 |
| 10/31/22 | $17,143 | $22,330 |
| 11/30/22 | $17,843 | $23,578 |
| 12/31/22 | $16,444 | $22,220 |
| 1/31/23 | $17,734 | $23,616 |
| 2/28/23 | $17,407 | $23,040 |
| 3/31/23 | $18,464 | $23,886 |
| 4/30/23 | $18,713 | $24,258 |
| 5/31/23 | $19,568 | $24,364 |
| 6/30/23 | $20,858 | $25,974 |
| 7/31/23 | $21,386 | $26,808 |
| 8/31/23 | $21,122 | $26,381 |
| 9/30/23 | $19,879 | $25,123 |
| 10/31/23 | $19,568 | $24,595 |
| 11/30/23 | $21,604 | $26,841 |
| 12/31/23 | $22,457 | $28,061 |
| 1/31/24 | $23,104 | $28,532 |
| 2/29/24 | $24,695 | $30,056 |
| 3/31/24 | $25,201 | $31,023 |
| 4/30/24 | $24,223 | $29,756 |
| 5/31/24 | $25,533 | $31,231 |
| 6/30/24 | $27,089 | $32,352 |
| 7/31/24 | $26,425 | $32,746 |
| 8/31/24 | $27,054 | $33,540 |
| 9/30/24 | $27,700 | $34,256 |
| 10/31/24 | $27,666 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 41.38 | 13.75 | 10.71 |
| Class C with sales charge | 40.38 | 13.75 | 10.71 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $1,534,971,811 | 167 | 42% | $13,107,782 |
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund favored high-quality growth stocks, particularly those well-positioned to capitalize on the ongoing AI revolution as it transitions from its nascent stage to having a broader societal and economic impact. The Fund also owned more defensive, high-quality stocks that may help provide stability in periods of volatility.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 42.9 |
| Consumer Discretionary | 16.1 |
| Communication Services | 14.9 |
| Health Care | 11.0 |
| Financials | 6.3 |
| Industrials | 4.2 |
| Materials | 1.7 |
| Consumer Staples | 1.4 |
| Energy | 0.7 |
| Real Estate | 0.2 |
| Other | 0.1 |
| NVIDIA Corp. | 11.5 |
| Microsoft Corp. | 9.5 |
| Apple, Inc. | 7.8 |
| Amazon.com, Inc. | 7.7 |
| Alphabet, Inc. - Class A | 7.4 |
| Meta Platforms, Inc. - Class A | 3.9 |
| Visa, Inc. - Class A | 2.9 |
| Eli Lilly & Company | 2.5 |
| Broadcom, Inc. | 2.4 |
| Netflix, Inc. | 2.1 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GROTSRA-C 24
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $126 | 1.04% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as the portfolio’s growth stocks were strongly in favor for the period. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest stocks by market capitalization in the US equity market received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was wisely positioned in those names and received an added boost from favorable sector allocations.
| Class I | S&P 500 Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,000 |
| 11/30/14 | $1,028,998 | $1,026,895 |
| 12/31/14 | $1,015,907 | $1,024,308 |
| 1/31/15 | $1,000,152 | $993,558 |
| 2/28/15 | $1,069,475 | $1,050,661 |
| 3/31/15 | $1,063,173 | $1,034,044 |
| 4/30/15 | $1,064,013 | $1,043,965 |
| 5/31/15 | $1,078,718 | $1,057,389 |
| 6/30/15 | $1,074,307 | $1,036,919 |
| 7/31/15 | $1,107,288 | $1,058,645 |
| 8/31/15 | $1,041,956 | $994,772 |
| 9/30/15 | $1,006,874 | $970,158 |
| 10/31/15 | $1,068,005 | $1,051,995 |
| 11/30/15 | $1,068,005 | $1,055,123 |
| 12/31/15 | $1,049,188 | $1,038,482 |
| 1/31/16 | $971,919 | $986,949 |
| 2/29/16 | $951,188 | $985,617 |
| 3/31/16 | $1,009,342 | $1,052,479 |
| 4/30/16 | $1,001,265 | $1,056,560 |
| 5/31/16 | $1,025,765 | $1,075,533 |
| 6/30/16 | $1,000,727 | $1,078,321 |
| 7/31/16 | $1,048,380 | $1,118,077 |
| 8/31/16 | $1,032,765 | $1,119,648 |
| 9/30/16 | $1,040,303 | $1,119,857 |
| 10/31/16 | $1,019,842 | $1,099,430 |
| 11/30/16 | $1,029,265 | $1,140,148 |
| 12/31/16 | $1,029,188 | $1,162,683 |
| 1/31/17 | $1,074,756 | $1,184,735 |
| 2/28/17 | $1,108,377 | $1,231,778 |
| 3/31/17 | $1,122,548 | $1,233,213 |
| 4/30/17 | $1,145,888 | $1,245,879 |
| 5/31/17 | $1,167,839 | $1,263,412 |
| 6/30/17 | $1,175,897 | $1,271,298 |
| 7/31/17 | $1,198,681 | $1,297,439 |
| 8/31/17 | $1,206,739 | $1,301,412 |
| 9/30/17 | $1,224,522 | $1,328,257 |
| 10/31/17 | $1,255,364 | $1,359,252 |
| 11/30/17 | $1,289,263 | $1,400,939 |
| 12/31/17 | $1,306,069 | $1,416,515 |
| 1/31/18 | $1,402,212 | $1,497,616 |
| 2/28/18 | $1,365,659 | $1,442,420 |
| 3/31/18 | $1,334,942 | $1,405,763 |
| 4/30/18 | $1,344,157 | $1,411,157 |
| 5/31/18 | $1,386,239 | $1,445,140 |
| 6/30/18 | $1,385,625 | $1,454,035 |
| 7/31/18 | $1,423,713 | $1,508,146 |
| 8/31/18 | $1,474,703 | $1,557,288 |
| 9/30/18 | $1,461,187 | $1,566,152 |
| 10/31/18 | $1,335,864 | $1,459,105 |
| 11/30/18 | $1,350,301 | $1,488,839 |
| 12/31/18 | $1,232,460 | $1,354,412 |
| 1/31/19 | $1,350,380 | $1,462,948 |
| 2/28/19 | $1,396,027 | $1,509,921 |
| 3/31/19 | $1,427,150 | $1,539,260 |
| 4/30/19 | $1,492,853 | $1,601,584 |
| 5/31/19 | $1,426,804 | $1,499,806 |
| 6/30/19 | $1,510,490 | $1,605,508 |
| 7/31/19 | $1,540,229 | $1,628,584 |
| 8/31/19 | $1,514,293 | $1,602,785 |
| 9/30/19 | $1,505,302 | $1,632,774 |
| 10/31/19 | $1,526,051 | $1,668,138 |
| 11/30/19 | $1,598,325 | $1,728,690 |
| 12/31/19 | $1,619,959 | $1,780,867 |
| 1/31/20 | $1,656,583 | $1,780,169 |
| 2/29/20 | $1,537,833 | $1,633,628 |
| 3/31/20 | $1,319,199 | $1,431,852 |
| 4/30/20 | $1,502,688 | $1,615,407 |
| 5/31/20 | $1,632,907 | $1,692,345 |
| 6/30/20 | $1,707,264 | $1,726,003 |
| 7/31/20 | $1,793,460 | $1,823,324 |
| 8/31/20 | $1,962,151 | $1,954,384 |
| 9/30/20 | $1,875,216 | $1,880,123 |
| 10/31/20 | $1,821,945 | $1,830,125 |
| 11/30/20 | $2,053,526 | $2,030,458 |
| 12/31/20 | $2,159,196 | $2,108,526 |
| 1/31/21 | $2,155,609 | $2,087,238 |
| 2/28/21 | $2,225,762 | $2,144,792 |
| 3/31/21 | $2,225,363 | $2,238,725 |
| 4/30/21 | $2,358,096 | $2,358,203 |
| 5/31/21 | $2,313,453 | $2,374,673 |
| 6/30/21 | $2,444,591 | $2,430,111 |
| 7/31/21 | $2,488,835 | $2,487,837 |
| 8/31/21 | $2,582,107 | $2,563,481 |
| 9/30/21 | $2,454,158 | $2,444,255 |
| 10/31/21 | $2,667,407 | $2,615,503 |
| 11/30/21 | $2,648,673 | $2,597,381 |
| 12/31/21 | $2,668,176 | $2,713,786 |
| 1/31/22 | $2,401,574 | $2,573,356 |
| 2/28/22 | $2,310,835 | $2,496,304 |
| 3/31/22 | $2,395,525 | $2,588,992 |
| 4/30/22 | $2,080,097 | $2,363,228 |
| 5/31/22 | $2,004,913 | $2,367,562 |
| 6/30/22 | $1,845,038 | $2,172,135 |
| 7/31/22 | $2,045,097 | $2,372,415 |
| 8/31/22 | $1,953,061 | $2,275,665 |
| 9/30/22 | $1,765,965 | $2,066,077 |
| 10/31/22 | $1,855,840 | $2,233,350 |
| 11/30/22 | $1,933,617 | $2,358,160 |
| 12/31/22 | $1,783,249 | $2,222,295 |
| 1/31/23 | $1,924,111 | $2,361,931 |
| 2/28/23 | $1,891,704 | $2,304,301 |
| 3/31/23 | $2,007,073 | $2,388,902 |
| 4/30/23 | $2,035,591 | $2,426,190 |
| 5/31/23 | $2,130,220 | $2,436,736 |
| 6/30/23 | $2,274,107 | $2,597,745 |
| 7/31/23 | $2,332,871 | $2,681,196 |
| 8/31/23 | $2,306,082 | $2,638,508 |
| 9/30/23 | $2,172,565 | $2,512,709 |
| 10/31/23 | $2,139,294 | $2,459,875 |
| 11/30/23 | $2,364,414 | $2,684,525 |
| 12/31/23 | $2,459,019 | $2,806,485 |
| 1/31/24 | $2,532,821 | $2,853,645 |
| 2/29/24 | $2,709,323 | $3,006,018 |
| 3/31/24 | $2,767,119 | $3,102,735 |
| 4/30/24 | $2,661,752 | $2,976,004 |
| 5/31/24 | $2,808,466 | $3,123,570 |
| 6/30/24 | $2,982,300 | $3,235,649 |
| 7/31/24 | $2,912,055 | $3,275,035 |
| 8/31/24 | $2,982,300 | $3,354,475 |
| 9/30/24 | $3,057,880 | $3,426,117 |
| 10/31/24 | $3,055,657 | $3,395,049 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 42.83 | 14.90 | 11.82 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $1,534,971,811 | 167 | 42% | $13,107,782 |
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund favored high-quality growth stocks, particularly those well-positioned to capitalize on the ongoing AI revolution as it transitions from its nascent stage to having a broader societal and economic impact. The Fund also owned more defensive, high-quality stocks that may help provide stability in periods of volatility.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 42.9 |
| Consumer Discretionary | 16.1 |
| Communication Services | 14.9 |
| Health Care | 11.0 |
| Financials | 6.3 |
| Industrials | 4.2 |
| Materials | 1.7 |
| Consumer Staples | 1.4 |
| Energy | 0.7 |
| Real Estate | 0.2 |
| Other | 0.1 |
| NVIDIA Corp. | 11.5 |
| Microsoft Corp. | 9.5 |
| Apple, Inc. | 7.8 |
| Amazon.com, Inc. | 7.7 |
| Alphabet, Inc. - Class A | 7.4 |
| Meta Platforms, Inc. - Class A | 3.9 |
| Visa, Inc. - Class A | 2.9 |
| Eli Lilly & Company | 2.5 |
| Broadcom, Inc. | 2.4 |
| Netflix, Inc. | 2.1 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | GROTSRA-I 24
Calamos High Income Opportunities Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos High Income Opportunities Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $108 | 1.00% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund delivered well above carry, mid double-digit returns. While trailing the Bloomberg US High Yield 2% Issuer Capped Index, performance bested the peer median and averages. Credit spreads are near recent tights, and the team has been migrating credit quality higher because further progress on spreads will become more difficult, meaning lower quality holdings have less total-return opportunity, in our view. The underweight to CCCs weighed on returns during the year, as did security selection in consumer cyclical industries. Security selection in communications and energy-related businesses supported performance. Our fundamental research continues to identify high-yield issuers and industries where investors are well compensated for risk, and all-in yields in the asset class continue to be attractive given underlying Treasury yields.
| Class A with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $9,526 | $9,999 |
| 11/30/14 | $9,452 | $10,070 |
| 12/31/14 | $9,242 | $10,080 |
| 1/31/15 | $9,249 | $10,291 |
| 2/28/15 | $9,503 | $10,194 |
| 3/31/15 | $9,457 | $10,242 |
| 4/30/15 | $9,592 | $10,205 |
| 5/31/15 | $9,633 | $10,180 |
| 6/30/15 | $9,477 | $10,069 |
| 7/31/15 | $9,369 | $10,139 |
| 8/31/15 | $9,188 | $10,125 |
| 9/30/15 | $8,970 | $10,193 |
| 10/31/15 | $9,217 | $10,195 |
| 11/30/15 | $9,030 | $10,168 |
| 12/31/15 | $8,812 | $10,135 |
| 1/31/16 | $8,615 | $10,275 |
| 2/29/16 | $8,669 | $10,348 |
| 3/31/16 | $8,914 | $10,443 |
| 4/30/16 | $9,155 | $10,483 |
| 5/31/16 | $9,173 | $10,485 |
| 6/30/16 | $9,224 | $10,674 |
| 7/31/16 | $9,468 | $10,741 |
| 8/31/16 | $9,618 | $10,729 |
| 9/30/16 | $9,676 | $10,723 |
| 10/31/16 | $9,701 | $10,641 |
| 11/30/16 | $9,686 | $10,389 |
| 12/31/16 | $9,864 | $10,404 |
| 1/31/17 | $9,990 | $10,424 |
| 2/28/17 | $10,098 | $10,494 |
| 3/31/17 | $10,024 | $10,489 |
| 4/30/17 | $10,185 | $10,570 |
| 5/31/17 | $10,237 | $10,651 |
| 6/30/17 | $10,253 | $10,640 |
| 7/31/17 | $10,354 | $10,686 |
| 8/31/17 | $10,365 | $10,782 |
| 9/30/17 | $10,433 | $10,730 |
| 10/31/17 | $10,460 | $10,737 |
| 11/30/17 | $10,412 | $10,723 |
| 12/31/17 | $10,460 | $10,772 |
| 1/31/18 | $10,545 | $10,648 |
| 2/28/18 | $10,428 | $10,547 |
| 3/31/18 | $10,313 | $10,615 |
| 4/30/18 | $10,390 | $10,536 |
| 5/31/18 | $10,409 | $10,611 |
| 6/30/18 | $10,452 | $10,598 |
| 7/31/18 | $10,563 | $10,600 |
| 8/31/18 | $10,642 | $10,669 |
| 9/30/18 | $10,719 | $10,600 |
| 10/31/18 | $10,487 | $10,516 |
| 11/30/18 | $10,341 | $10,579 |
| 12/31/18 | $10,009 | $10,773 |
| 1/31/19 | $10,524 | $10,888 |
| 2/28/19 | $10,726 | $10,881 |
| 3/31/19 | $10,799 | $11,090 |
| 4/30/19 | $10,974 | $11,093 |
| 5/31/19 | $10,813 | $11,290 |
| 6/30/19 | $11,037 | $11,432 |
| 7/31/19 | $11,078 | $11,457 |
| 8/31/19 | $11,067 | $11,754 |
| 9/30/19 | $11,074 | $11,691 |
| 10/31/19 | $11,100 | $11,727 |
| 11/30/19 | $11,143 | $11,721 |
| 12/31/19 | $11,439 | $11,712 |
| 1/31/20 | $11,452 | $11,938 |
| 2/29/20 | $11,267 | $12,153 |
| 3/31/20 | $9,702 | $12,081 |
| 4/30/20 | $10,062 | $12,296 |
| 5/31/20 | $10,543 | $12,353 |
| 6/30/20 | $10,687 | $12,431 |
| 7/31/20 | $11,127 | $12,617 |
| 8/31/20 | $11,299 | $12,515 |
| 9/30/20 | $11,201 | $12,508 |
| 10/31/20 | $11,226 | $12,452 |
| 11/30/20 | $11,742 | $12,574 |
| 12/31/20 | $11,986 | $12,592 |
| 1/31/21 | $12,069 | $12,501 |
| 2/28/21 | $12,180 | $12,321 |
| 3/31/21 | $12,247 | $12,167 |
| 4/30/21 | $12,383 | $12,263 |
| 5/31/21 | $12,429 | $12,303 |
| 6/30/21 | $12,577 | $12,390 |
| 7/31/21 | $12,623 | $12,528 |
| 8/31/21 | $12,676 | $12,504 |
| 9/30/21 | $12,674 | $12,396 |
| 10/31/21 | $12,672 | $12,393 |
| 11/30/21 | $12,552 | $12,429 |
| 12/31/21 | $12,758 | $12,397 |
| 1/31/22 | $12,474 | $12,130 |
| 2/28/22 | $12,342 | $11,995 |
| 3/31/22 | $12,271 | $11,662 |
| 4/30/22 | $11,885 | $11,219 |
| 5/31/22 | $11,840 | $11,292 |
| 6/30/22 | $11,135 | $11,114 |
| 7/31/22 | $11,686 | $11,386 |
| 8/31/22 | $11,478 | $11,064 |
| 9/30/22 | $11,022 | $10,586 |
| 10/31/22 | $11,320 | $10,449 |
| 11/30/22 | $11,503 | $10,833 |
| 12/31/22 | $11,437 | $10,785 |
| 1/31/23 | $11,855 | $11,116 |
| 2/28/23 | $11,707 | $10,829 |
| 3/31/23 | $11,728 | $11,104 |
| 4/30/23 | $11,864 | $11,171 |
| 5/31/23 | $11,751 | $11,050 |
| 6/30/23 | $11,967 | $11,010 |
| 7/31/23 | $12,155 | $11,003 |
| 8/31/23 | $12,220 | $10,932 |
| 9/30/23 | $12,088 | $10,654 |
| 10/31/23 | $11,911 | $10,486 |
| 11/30/23 | $12,375 | $10,961 |
| 12/31/23 | $12,838 | $11,381 |
| 1/31/24 | $12,859 | $11,349 |
| 2/29/24 | $12,907 | $11,189 |
| 3/31/24 | $13,046 | $11,292 |
| 4/30/24 | $12,934 | $11,007 |
| 5/31/24 | $13,072 | $11,194 |
| 6/30/24 | $13,164 | $11,300 |
| 7/31/24 | $13,404 | $11,564 |
| 8/31/24 | $13,574 | $11,730 |
| 9/30/24 | $13,769 | $11,887 |
| 10/31/24 | $13,719 | $11,592 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 15.18 | 4.33 | 3.71 |
| Class A with sales charge | 12.53 | 3.86 | 3.21 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $37,435,590 | 490 | 42% | $215,383 |
Calamos High Income Opportunities Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
Through its multi-sector fixed-income strategy, the Fund invests mainly in below-investment-grade bonds and loans 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.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Consumer Discretionary | 19.6 |
| Financials | 15.7 |
| Energy | 13.6 |
| Industrials | 11.5 |
| Communication Services | 9.5 |
| Consumer Staples | 5.3 |
| Health Care | 5.0 |
| Materials | 4.9 |
| Information Technology | 4.2 |
| Airlines | 1.5 |
| Special Purpose Acquisition Companies | 0.8 |
| Utilities | 0.8 |
| Real Estate | 0.6 |
| Other | 0.5 |
| Amneal Pharmaceuticals, LLC, 10.185%, 05/04/28 | 0.8 |
| Jefferies Finance, LLC / JFIN Co-Issuer Corp., 5.000%, 08/15/28 | 0.6 |
| Burford Capital Global Financial, LLC, 6.875%, 04/15/30 | 0.5 |
| Tenet Healthcare Corp., 6.250%, 02/01/27 | 0.5 |
| OCI, NV, 6.700%, 03/16/33 | 0.5 |
| Jazz Securities DAC, 4.375%, 01/15/29 | 0.5 |
| Jefferies Finance, LLC / JFIN Co-Issuer Corp., 6.625%, 10/15/31 | 0.5 |
| Ford Motor Credit Company, LLC, 5.113%, 05/03/29 | 0.5 |
| Aptiv, PLC / Aptiv Global Financing DAC, 6.875%, 12/15/54 (5 yr. CMT + 3.390%) | 0.5 |
| Iron Mountain, Inc., 5.250%, 03/15/28 | 0.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | HIOTSRA-A 24
Calamos High Income Opportunities Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos High Income Opportunities Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $188 | 1.75% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund delivered well above carry, mid double-digit returns. While trailing the Bloomberg US High Yield 2% Issuer Capped Index, performance bested the peer median and averages. Credit spreads are near recent tights, and the team has been migrating credit quality higher because further progress on spreads will become more difficult, meaning lower quality holdings have less total-return opportunity, in our view. The underweight to CCCs weighed on returns during the year, as did security selection in consumer cyclical industries. Security selection in communications and energy-related businesses supported performance. Our fundamental research continues to identify high-yield issuers and industries where investors are well compensated for risk, and all-in yields in the asset class continue to be attractive given underlying Treasury yields.
| Class C with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $10,000 | $9,999 |
| 11/30/14 | $9,911 | $10,070 |
| 12/31/14 | $9,683 | $10,080 |
| 1/31/15 | $9,693 | $10,291 |
| 2/28/15 | $9,953 | $10,194 |
| 3/31/15 | $9,891 | $10,242 |
| 4/30/15 | $10,030 | $10,205 |
| 5/31/15 | $10,064 | $10,180 |
| 6/30/15 | $9,891 | $10,069 |
| 7/31/15 | $9,777 | $10,139 |
| 8/31/15 | $9,590 | $10,125 |
| 9/30/15 | $9,356 | $10,193 |
| 10/31/15 | $9,606 | $10,195 |
| 11/30/15 | $9,405 | $10,168 |
| 12/31/15 | $9,171 | $10,135 |
| 1/31/16 | $8,958 | $10,275 |
| 2/29/16 | $9,007 | $10,348 |
| 3/31/16 | $9,264 | $10,443 |
| 4/30/16 | $9,498 | $10,483 |
| 5/31/16 | $9,510 | $10,485 |
| 6/30/16 | $9,566 | $10,674 |
| 7/31/16 | $9,802 | $10,741 |
| 8/31/16 | $9,954 | $10,729 |
| 9/30/16 | $10,016 | $10,723 |
| 10/31/16 | $10,024 | $10,641 |
| 11/30/16 | $10,004 | $10,389 |
| 12/31/16 | $10,183 | $10,404 |
| 1/31/17 | $10,301 | $10,424 |
| 2/28/17 | $10,412 | $10,494 |
| 3/31/17 | $10,320 | $10,489 |
| 4/30/17 | $10,484 | $10,570 |
| 5/31/17 | $10,539 | $10,651 |
| 6/30/17 | $10,535 | $10,640 |
| 7/31/17 | $10,639 | $10,686 |
| 8/31/17 | $10,654 | $10,782 |
| 9/30/17 | $10,714 | $10,730 |
| 10/31/17 | $10,723 | $10,737 |
| 11/30/17 | $10,669 | $10,723 |
| 12/31/17 | $10,710 | $10,772 |
| 1/31/18 | $10,798 | $10,648 |
| 2/28/18 | $10,666 | $10,547 |
| 3/31/18 | $10,546 | $10,615 |
| 4/30/18 | $10,627 | $10,536 |
| 5/31/18 | $10,638 | $10,611 |
| 6/30/18 | $10,672 | $10,598 |
| 7/31/18 | $10,785 | $10,600 |
| 8/31/18 | $10,854 | $10,669 |
| 9/30/18 | $10,910 | $10,600 |
| 10/31/18 | $10,678 | $10,516 |
| 11/30/18 | $10,520 | $10,579 |
| 12/31/18 | $10,180 | $10,773 |
| 1/31/19 | $10,694 | $10,888 |
| 2/28/19 | $10,895 | $10,881 |
| 3/31/19 | $10,955 | $11,090 |
| 4/30/19 | $11,140 | $11,093 |
| 5/31/19 | $10,965 | $11,290 |
| 6/30/19 | $11,186 | $11,432 |
| 7/31/19 | $11,230 | $11,457 |
| 8/31/19 | $11,199 | $11,754 |
| 9/30/19 | $11,198 | $11,691 |
| 10/31/19 | $11,216 | $11,727 |
| 11/30/19 | $11,251 | $11,721 |
| 12/31/19 | $11,551 | $11,712 |
| 1/31/20 | $11,555 | $11,938 |
| 2/29/20 | $11,373 | $12,153 |
| 3/31/20 | $9,786 | $12,081 |
| 4/30/20 | $10,134 | $12,296 |
| 5/31/20 | $10,608 | $12,353 |
| 6/30/20 | $10,751 | $12,431 |
| 7/31/20 | $11,187 | $12,617 |
| 8/31/20 | $11,357 | $12,515 |
| 9/30/20 | $11,243 | $12,508 |
| 10/31/20 | $11,259 | $12,452 |
| 11/30/20 | $11,782 | $12,574 |
| 12/31/20 | $12,016 | $12,592 |
| 1/31/21 | $12,087 | $12,501 |
| 2/28/21 | $12,198 | $12,321 |
| 3/31/21 | $12,252 | $12,167 |
| 4/30/21 | $12,371 | $12,263 |
| 5/31/21 | $12,421 | $12,303 |
| 6/30/21 | $12,566 | $12,390 |
| 7/31/21 | $12,601 | $12,528 |
| 8/31/21 | $12,629 | $12,504 |
| 9/30/21 | $12,632 | $12,396 |
| 10/31/21 | $12,622 | $12,393 |
| 11/30/21 | $12,504 | $12,429 |
| 12/31/21 | $12,688 | $12,397 |
| 1/31/22 | $12,401 | $12,130 |
| 2/28/22 | $12,257 | $11,995 |
| 3/31/22 | $12,169 | $11,662 |
| 4/30/22 | $11,787 | $11,219 |
| 5/31/22 | $11,738 | $11,292 |
| 6/30/22 | $11,033 | $11,114 |
| 7/31/22 | $11,580 | $11,386 |
| 8/31/22 | $11,365 | $11,064 |
| 9/30/22 | $10,907 | $10,586 |
| 10/31/22 | $11,190 | $10,449 |
| 11/30/22 | $11,353 | $10,833 |
| 12/31/22 | $11,285 | $10,785 |
| 1/31/23 | $11,693 | $11,116 |
| 2/28/23 | $11,535 | $10,829 |
| 3/31/23 | $11,561 | $11,104 |
| 4/30/23 | $11,680 | $11,171 |
| 5/31/23 | $11,569 | $11,050 |
| 6/30/23 | $11,774 | $11,010 |
| 7/31/23 | $11,939 | $11,003 |
| 8/31/23 | $11,990 | $10,932 |
| 9/30/23 | $11,862 | $10,654 |
| 10/31/23 | $11,676 | $10,486 |
| 11/30/23 | $12,141 | $10,961 |
| 12/31/23 | $12,570 | $11,381 |
| 1/31/24 | $12,581 | $11,349 |
| 2/29/24 | $12,617 | $11,189 |
| 3/31/24 | $12,767 | $11,292 |
| 4/30/24 | $12,640 | $11,007 |
| 5/31/24 | $12,758 | $11,194 |
| 6/30/24 | $12,849 | $11,300 |
| 7/31/24 | $13,058 | $11,564 |
| 8/31/24 | $13,220 | $11,730 |
| 9/30/24 | $13,420 | $11,887 |
| 10/31/24 | $13,349 | $11,592 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 14.32 | 3.54 | 2.93 |
| Class C with sales charge | 13.32 | 3.54 | 2.93 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $37,435,590 | 490 | 42% | $215,383 |
Calamos High Income Opportunities Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
Through its multi-sector fixed-income strategy, the Fund invests mainly in below-investment-grade bonds and loans 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.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Consumer Discretionary | 19.6 |
| Financials | 15.7 |
| Energy | 13.6 |
| Industrials | 11.5 |
| Communication Services | 9.5 |
| Consumer Staples | 5.3 |
| Health Care | 5.0 |
| Materials | 4.9 |
| Information Technology | 4.2 |
| Airlines | 1.5 |
| Special Purpose Acquisition Companies | 0.8 |
| Utilities | 0.8 |
| Real Estate | 0.6 |
| Other | 0.5 |
| Amneal Pharmaceuticals, LLC, 10.185%, 05/04/28 | 0.8 |
| Jefferies Finance, LLC / JFIN Co-Issuer Corp., 5.000%, 08/15/28 | 0.6 |
| Burford Capital Global Financial, LLC, 6.875%, 04/15/30 | 0.5 |
| Tenet Healthcare Corp., 6.250%, 02/01/27 | 0.5 |
| OCI, NV, 6.700%, 03/16/33 | 0.5 |
| Jazz Securities DAC, 4.375%, 01/15/29 | 0.5 |
| Jefferies Finance, LLC / JFIN Co-Issuer Corp., 6.625%, 10/15/31 | 0.5 |
| Ford Motor Credit Company, LLC, 5.113%, 05/03/29 | 0.5 |
| Aptiv, PLC / Aptiv Global Financing DAC, 6.875%, 12/15/54 (5 yr. CMT + 3.390%) | 0.5 |
| Iron Mountain, Inc., 5.250%, 03/15/28 | 0.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | HIOTSRA-C 24
Calamos High Income Opportunities Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos High Income Opportunities Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $81 | 0.75% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund delivered well above carry, mid double-digit returns. While trailing the Bloomberg US High Yield 2% Issuer Capped Index, performance bested the peer median and averages. Credit spreads are near recent tights, and the team has been migrating credit quality higher because further progress on spreads will become more difficult, meaning lower quality holdings have less total-return opportunity, in our view. The underweight to CCCs weighed on returns during the year, as did security selection in consumer cyclical industries. Security selection in communications and energy-related businesses supported performance. Our fundamental research continues to identify high-yield issuers and industries where investors are well compensated for risk, and all-in yields in the asset class continue to be attractive given underlying Treasury yields.
| Class I | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,001 |
| 11/30/14 | $992,408 | $1,007,097 |
| 12/31/14 | $970,590 | $1,008,039 |
| 1/31/15 | $971,493 | $1,029,175 |
| 2/28/15 | $998,412 | $1,019,500 |
| 3/31/15 | $993,811 | $1,024,232 |
| 4/30/15 | $1,008,225 | $1,020,558 |
| 5/31/15 | $1,012,694 | $1,018,099 |
| 6/30/15 | $996,542 | $1,006,997 |
| 7/31/15 | $985,425 | $1,013,998 |
| 8/31/15 | $966,558 | $1,012,540 |
| 9/30/15 | $943,817 | $1,019,389 |
| 10/31/15 | $970,025 | $1,019,563 |
| 11/30/15 | $950,530 | $1,016,867 |
| 12/31/15 | $927,858 | $1,013,583 |
| 1/31/16 | $907,274 | $1,027,528 |
| 2/29/16 | $913,127 | $1,034,819 |
| 3/31/16 | $939,075 | $1,044,310 |
| 4/30/16 | $964,644 | $1,048,321 |
| 5/31/16 | $966,779 | $1,048,590 |
| 6/30/16 | $972,459 | $1,067,431 |
| 7/31/16 | $997,261 | $1,074,180 |
| 8/31/16 | $1,014,408 | $1,072,953 |
| 9/30/16 | $1,020,758 | $1,072,321 |
| 10/31/16 | $1,022,466 | $1,064,120 |
| 11/30/16 | $1,022,234 | $1,038,951 |
| 12/31/16 | $1,041,191 | $1,040,415 |
| 1/31/17 | $1,054,765 | $1,042,457 |
| 2/28/17 | $1,066,297 | $1,049,464 |
| 3/31/17 | $1,057,519 | $1,048,911 |
| 4/30/17 | $1,074,778 | $1,057,008 |
| 5/31/17 | $1,081,711 | $1,065,141 |
| 6/30/17 | $1,083,595 | $1,064,072 |
| 7/31/17 | $1,094,470 | $1,068,652 |
| 8/31/17 | $1,095,940 | $1,078,233 |
| 9/30/17 | $1,103,290 | $1,073,100 |
| 10/31/17 | $1,105,196 | $1,073,722 |
| 11/30/17 | $1,101,511 | $1,072,342 |
| 12/31/17 | $1,106,863 | $1,077,264 |
| 1/31/18 | $1,116,099 | $1,064,857 |
| 2/28/18 | $1,103,961 | $1,054,765 |
| 3/31/18 | $1,091,968 | $1,061,530 |
| 4/30/18 | $1,100,362 | $1,053,633 |
| 5/31/18 | $1,102,586 | $1,061,150 |
| 6/30/18 | $1,107,360 | $1,059,845 |
| 7/31/18 | $1,119,348 | $1,060,098 |
| 8/31/18 | $1,128,006 | $1,066,920 |
| 9/30/18 | $1,135,087 | $1,060,050 |
| 10/31/18 | $1,111,994 | $1,051,675 |
| 11/30/18 | $1,096,783 | $1,057,950 |
| 12/31/18 | $1,061,733 | $1,077,385 |
| 1/31/19 | $1,116,626 | $1,088,830 |
| 2/28/19 | $1,138,326 | $1,088,198 |
| 3/31/19 | $1,146,224 | $1,109,092 |
| 4/30/19 | $1,165,045 | $1,109,376 |
| 5/31/19 | $1,148,250 | $1,129,070 |
| 6/30/19 | $1,172,222 | $1,143,247 |
| 7/31/19 | $1,176,861 | $1,145,763 |
| 8/31/19 | $1,175,948 | $1,175,454 |
| 9/30/19 | $1,176,894 | $1,169,194 |
| 10/31/19 | $1,179,971 | $1,172,716 |
| 11/30/19 | $1,184,727 | $1,172,116 |
| 12/31/19 | $1,216,430 | $1,171,300 |
| 1/31/20 | $1,218,051 | $1,193,842 |
| 2/29/20 | $1,200,089 | $1,215,330 |
| 3/31/20 | $1,032,445 | $1,208,176 |
| 4/30/20 | $1,070,940 | $1,229,655 |
| 5/31/20 | $1,122,302 | $1,235,377 |
| 6/30/20 | $1,137,856 | $1,243,163 |
| 7/31/20 | $1,184,993 | $1,261,730 |
| 8/31/20 | $1,205,046 | $1,251,543 |
| 9/30/20 | $1,193,328 | $1,250,859 |
| 10/31/20 | $1,196,276 | $1,245,274 |
| 11/30/20 | $1,251,524 | $1,257,492 |
| 12/31/20 | $1,277,751 | $1,259,224 |
| 1/31/21 | $1,286,845 | $1,250,196 |
| 2/28/21 | $1,298,944 | $1,232,145 |
| 3/31/21 | $1,306,361 | $1,216,757 |
| 4/30/21 | $1,321,143 | $1,226,370 |
| 5/31/21 | $1,326,313 | $1,230,376 |
| 6/30/21 | $1,342,430 | $1,239,020 |
| 7/31/21 | $1,349,234 | $1,252,875 |
| 8/31/21 | $1,353,534 | $1,250,490 |
| 9/30/21 | $1,353,628 | $1,239,662 |
| 10/31/21 | $1,353,696 | $1,239,320 |
| 11/30/21 | $1,342,702 | $1,242,989 |
| 12/31/21 | $1,363,400 | $1,239,809 |
| 1/31/22 | $1,333,351 | $1,213,098 |
| 2/28/22 | $1,321,031 | $1,199,564 |
| 3/31/22 | $1,312,190 | $1,166,236 |
| 4/30/22 | $1,271,125 | $1,121,979 |
| 5/31/22 | $1,266,599 | $1,129,212 |
| 6/30/22 | $1,191,458 | $1,111,498 |
| 7/31/22 | $1,250,718 | $1,138,656 |
| 8/31/22 | $1,230,272 | $1,106,486 |
| 9/30/22 | $1,180,163 | $1,058,676 |
| 10/31/22 | $1,212,271 | $1,044,963 |
| 11/30/22 | $1,232,023 | $1,083,392 |
| 12/31/22 | $1,225,297 | $1,078,507 |
| 1/31/23 | $1,270,278 | $1,111,687 |
| 2/28/23 | $1,254,706 | $1,082,945 |
| 3/31/23 | $1,257,183 | $1,110,450 |
| 4/30/23 | $1,273,793 | $1,117,183 |
| 5/31/23 | $1,260,246 | $1,105,018 |
| 6/30/23 | $1,283,613 | $1,101,075 |
| 7/31/23 | $1,304,041 | $1,100,311 |
| 8/31/23 | $1,311,290 | $1,093,284 |
| 9/30/23 | $1,297,394 | $1,065,499 |
| 10/31/23 | $1,278,643 | $1,048,685 |
| 11/30/23 | $1,330,485 | $1,096,174 |
| 12/31/23 | $1,378,666 | $1,138,135 |
| 1/31/24 | $1,381,240 | $1,135,008 |
| 2/29/24 | $1,386,655 | $1,118,973 |
| 3/31/24 | $1,403,638 | $1,129,307 |
| 4/30/24 | $1,390,090 | $1,100,780 |
| 5/31/24 | $1,405,258 | $1,119,442 |
| 6/30/24 | $1,417,276 | $1,130,044 |
| 7/31/24 | $1,441,544 | $1,156,439 |
| 8/31/24 | $1,460,156 | $1,173,053 |
| 9/30/24 | $1,481,433 | $1,188,762 |
| 10/31/24 | $1,476,297 | $1,159,282 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 15.46 | 4.58 | 3.97 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $37,435,590 | 490 | 42% | $215,383 |
Calamos High Income Opportunities Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
Through its multi-sector fixed-income strategy, the Fund invests mainly in below-investment-grade bonds and loans 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.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Consumer Discretionary | 19.6 |
| Financials | 15.7 |
| Energy | 13.6 |
| Industrials | 11.5 |
| Communication Services | 9.5 |
| Consumer Staples | 5.3 |
| Health Care | 5.0 |
| Materials | 4.9 |
| Information Technology | 4.2 |
| Airlines | 1.5 |
| Special Purpose Acquisition Companies | 0.8 |
| Utilities | 0.8 |
| Real Estate | 0.6 |
| Other | 0.5 |
| Amneal Pharmaceuticals, LLC, 10.185%, 05/04/28 | 0.8 |
| Jefferies Finance, LLC / JFIN Co-Issuer Corp., 5.000%, 08/15/28 | 0.6 |
| Burford Capital Global Financial, LLC, 6.875%, 04/15/30 | 0.5 |
| Tenet Healthcare Corp., 6.250%, 02/01/27 | 0.5 |
| OCI, NV, 6.700%, 03/16/33 | 0.5 |
| Jazz Securities DAC, 4.375%, 01/15/29 | 0.5 |
| Jefferies Finance, LLC / JFIN Co-Issuer Corp., 6.625%, 10/15/31 | 0.5 |
| Ford Motor Credit Company, LLC, 5.113%, 05/03/29 | 0.5 |
| Aptiv, PLC / Aptiv Global Financing DAC, 6.875%, 12/15/54 (5 yr. CMT + 3.390%) | 0.5 |
| Iron Mountain, Inc., 5.250%, 03/15/28 | 0.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | HIOTSRA-I 24
Calamos International Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $141 | 1.20% |
For the 12 months ended October 31, 2024 (“annual period”), the fund generated strong returns in its portfolio of international equities. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, leading earnings, and attractive momentum characteristics outperformed. Security selection within technology and industrials contributed the most to Fund returns, notably in semiconductors and aerospace & defense industries. Conversely, security selection within financials and materials detracted value. From a geographic view, holdings in Japan and India contributed strong results, while positions in Switzerland and France trailed the index during the period.
| Class A with sales charge | MSCI ACWI ex-US Gross Total Return Index |
|---|
| 10/31/14 | $9,525 | $10,000 |
| 11/30/14 | $9,609 | $10,073 |
| 12/31/14 | $9,236 | $9,714 |
| 1/31/15 | $9,314 | $9,701 |
| 2/28/15 | $9,882 | $10,221 |
| 3/31/15 | $9,888 | $10,063 |
| 4/30/15 | $10,144 | $10,578 |
| 5/31/15 | $10,138 | $10,422 |
| 6/30/15 | $9,977 | $10,136 |
| 7/31/15 | $9,988 | $10,110 |
| 8/31/15 | $9,348 | $9,339 |
| 9/30/15 | $9,036 | $8,909 |
| 10/31/15 | $9,615 | $9,574 |
| 11/30/15 | $9,648 | $9,377 |
| 12/31/15 | $9,494 | $9,203 |
| 1/31/16 | $8,775 | $8,579 |
| 2/29/16 | $8,424 | $8,483 |
| 3/31/16 | $9,054 | $9,179 |
| 4/30/16 | $9,082 | $9,429 |
| 5/31/16 | $9,255 | $9,279 |
| 6/30/16 | $9,065 | $9,142 |
| 7/31/16 | $9,472 | $9,596 |
| 8/31/16 | $9,411 | $9,659 |
| 9/30/16 | $9,645 | $9,782 |
| 10/31/16 | $9,282 | $9,642 |
| 11/30/16 | $8,898 | $9,421 |
| 12/31/16 | $8,909 | $9,665 |
| 1/31/17 | $9,355 | $10,008 |
| 2/28/17 | $9,438 | $10,169 |
| 3/31/17 | $9,734 | $10,436 |
| 4/30/17 | $10,074 | $10,666 |
| 5/31/17 | $10,498 | $11,023 |
| 6/30/17 | $10,531 | $11,062 |
| 7/31/17 | $11,050 | $11,473 |
| 8/31/17 | $11,312 | $11,535 |
| 9/30/17 | $11,596 | $11,754 |
| 10/31/17 | $12,014 | $11,976 |
| 11/30/17 | $12,181 | $12,075 |
| 12/31/17 | $12,400 | $12,349 |
| 1/31/18 | $13,217 | $13,038 |
| 2/28/18 | $12,516 | $12,425 |
| 3/31/18 | $12,412 | $12,216 |
| 4/30/18 | $12,273 | $12,421 |
| 5/31/18 | $12,348 | $12,147 |
| 6/30/18 | $11,931 | $11,924 |
| 7/31/18 | $11,989 | $12,212 |
| 8/31/18 | $12,105 | $11,959 |
| 9/30/18 | $12,000 | $12,019 |
| 10/31/18 | $10,488 | $11,042 |
| 11/30/18 | $10,384 | $11,149 |
| 12/31/18 | $9,788 | $10,648 |
| 1/31/19 | $10,599 | $11,454 |
| 2/28/19 | $10,836 | $11,680 |
| 3/31/19 | $11,133 | $11,759 |
| 4/30/19 | $11,483 | $12,079 |
| 5/31/19 | $10,981 | $11,443 |
| 6/30/19 | $11,766 | $12,138 |
| 7/31/19 | $11,681 | $11,995 |
| 8/31/19 | $11,615 | $11,627 |
| 9/30/19 | $11,516 | $11,932 |
| 10/31/19 | $11,859 | $12,350 |
| 11/30/19 | $12,103 | $12,461 |
| 12/31/19 | $12,657 | $13,004 |
| 1/31/20 | $12,479 | $12,657 |
| 2/29/20 | $11,964 | $11,658 |
| 3/31/20 | $10,401 | $9,979 |
| 4/30/20 | $11,496 | $10,742 |
| 5/31/20 | $12,505 | $11,099 |
| 6/30/20 | $13,442 | $11,605 |
| 7/31/20 | $14,543 | $12,128 |
| 8/31/20 | $15,361 | $12,649 |
| 9/30/20 | $15,156 | $12,343 |
| 10/31/20 | $15,150 | $12,080 |
| 11/30/20 | $17,095 | $13,706 |
| 12/31/20 | $18,299 | $14,451 |
| 1/31/21 | $18,362 | $14,485 |
| 2/28/21 | $18,878 | $14,774 |
| 3/31/21 | $18,571 | $14,971 |
| 4/30/21 | $19,213 | $15,421 |
| 5/31/21 | $19,638 | $15,914 |
| 6/30/21 | $19,450 | $15,816 |
| 7/31/21 | $19,583 | $15,560 |
| 8/31/21 | $20,231 | $15,859 |
| 9/30/21 | $19,220 | $15,361 |
| 10/31/21 | $20,113 | $15,731 |
| 11/30/21 | $19,052 | $15,025 |
| 12/31/21 | $19,539 | $15,650 |
| 1/31/22 | $17,938 | $15,075 |
| 2/28/22 | $17,054 | $14,779 |
| 3/31/22 | $17,104 | $14,815 |
| 4/30/22 | $15,602 | $13,894 |
| 5/31/22 | $15,577 | $14,008 |
| 6/30/22 | $14,132 | $12,809 |
| 7/31/22 | $14,421 | $13,252 |
| 8/31/22 | $13,604 | $12,829 |
| 9/30/22 | $12,308 | $11,554 |
| 10/31/22 | $12,737 | $11,901 |
| 11/30/22 | $14,107 | $13,308 |
| 12/31/22 | $13,538 | $13,214 |
| 1/31/23 | $14,941 | $14,288 |
| 2/28/23 | $14,215 | $13,788 |
| 3/31/23 | $14,842 | $14,139 |
| 4/30/23 | $14,809 | $14,395 |
| 5/31/23 | $14,355 | $13,886 |
| 6/30/23 | $14,842 | $14,516 |
| 7/31/23 | $15,148 | $15,111 |
| 8/31/23 | $14,594 | $14,432 |
| 9/30/23 | $13,777 | $13,982 |
| 10/31/23 | $13,414 | $13,408 |
| 11/30/23 | $14,925 | $14,617 |
| 12/31/23 | $15,575 | $15,355 |
| 1/31/24 | $15,897 | $15,205 |
| 2/29/24 | $17,103 | $15,593 |
| 3/31/24 | $17,689 | $16,071 |
| 4/30/24 | $16,896 | $15,818 |
| 5/31/24 | $17,970 | $16,292 |
| 6/30/24 | $18,490 | $16,283 |
| 7/31/24 | $18,473 | $16,665 |
| 8/31/24 | $18,928 | $17,143 |
| 9/30/24 | $19,068 | $17,613 |
| 10/31/24 | $18,118 | $16,757 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 35.07 | 8.85 | 6.64 |
| Class A with sales charge | 28.66 | 7.79 | 6.12 |
| MSCI ACWI ex-US Gross Total Return Index | 24.98 | 6.29 | 5.30 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $242,480,525 | 66 | 127% | $2,367,965 |
Calamos International Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in international companies across a broad universe of developed and emerging markets. Our process emphasizes companies demonstrating compelling growth and quality characteristics, including higher earnings growth and cash flow generation, attractive returns on invested capital, and exposure to our key secular themes.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 23.0 |
| Industrials | 17.7 |
| Consumer Discretionary | 13.5 |
| Financials | 12.6 |
| Health Care | 9.0 |
| Communication Services | 8.2 |
| Consumer Staples | 7.4 |
| Materials | 5.3 |
| Real Estate | 2.5 |
| Energy | 0.1 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 4.1 |
| Hitachi, Ltd. | 3.9 |
| Novo Nordisk AS - Class B | 3.6 |
| WiseTech Global, Ltd. | 3.6 |
| Spotify Technology, SA | 3.4 |
| Advantest Corp. | 3.2 |
| Rolls-Royce Holdings, PLC | 3.1 |
| SAP, SE | 2.7 |
| Deutsche Telekom, AG | 2.7 |
| Unilever, PLC | 2.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | IGRTSRA-A 24
Calamos International Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $228 | 1.95% |
For the 12 months ended October 31, 2024 (“annual period”), the fund generated strong returns in its portfolio of international equities. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, leading earnings, and attractive momentum characteristics outperformed. Security selection within technology and industrials contributed the most to Fund returns, notably in semiconductors and aerospace & defense industries. Conversely, security selection within financials and materials detracted value. From a geographic view, holdings in Japan and India contributed strong results, while positions in Switzerland and France trailed the index during the period.
| Class C with sales charge | MSCI ACWI ex-US Gross Total Return Index |
|---|
| 10/31/14 | $10,000 | $10,000 |
| 11/30/14 | $10,077 | $10,073 |
| 12/31/14 | $9,684 | $9,714 |
| 1/31/15 | $9,759 | $9,701 |
| 2/28/15 | $10,352 | $10,221 |
| 3/31/15 | $10,346 | $10,063 |
| 4/30/15 | $10,608 | $10,578 |
| 5/31/15 | $10,596 | $10,422 |
| 6/30/15 | $10,421 | $10,136 |
| 7/31/15 | $10,427 | $10,110 |
| 8/31/15 | $9,753 | $9,339 |
| 9/30/15 | $9,416 | $8,909 |
| 10/31/15 | $10,015 | $9,574 |
| 11/30/15 | $10,046 | $9,377 |
| 12/31/15 | $9,880 | $9,203 |
| 1/31/16 | $9,123 | $8,579 |
| 2/29/16 | $8,760 | $8,483 |
| 3/31/16 | $9,404 | $9,179 |
| 4/30/16 | $9,429 | $9,429 |
| 5/31/16 | $9,598 | $9,279 |
| 6/30/16 | $9,398 | $9,142 |
| 7/31/16 | $9,817 | $9,596 |
| 8/31/16 | $9,748 | $9,659 |
| 9/30/16 | $9,980 | $9,782 |
| 10/31/16 | $9,598 | $9,642 |
| 11/30/16 | $9,192 | $9,421 |
| 12/31/16 | $9,198 | $9,665 |
| 1/31/17 | $9,654 | $10,008 |
| 2/28/17 | $9,736 | $10,169 |
| 3/31/17 | $10,036 | $10,436 |
| 4/30/17 | $10,380 | $10,666 |
| 5/31/17 | $10,811 | $11,023 |
| 6/30/17 | $10,836 | $11,062 |
| 7/31/17 | $11,361 | $11,473 |
| 8/31/17 | $11,624 | $11,535 |
| 9/30/17 | $11,905 | $11,754 |
| 10/31/17 | $12,331 | $11,976 |
| 11/30/17 | $12,493 | $12,075 |
| 12/31/17 | $12,714 | $12,349 |
| 1/31/18 | $13,542 | $13,038 |
| 2/28/18 | $12,818 | $12,425 |
| 3/31/18 | $12,700 | $12,216 |
| 4/30/18 | $12,550 | $12,421 |
| 5/31/18 | $12,616 | $12,147 |
| 6/30/18 | $12,185 | $11,924 |
| 7/31/18 | $12,237 | $12,212 |
| 8/31/18 | $12,348 | $11,959 |
| 9/30/18 | $12,231 | $12,019 |
| 10/31/18 | $10,685 | $11,042 |
| 11/30/18 | $10,567 | $11,149 |
| 12/31/18 | $9,954 | $10,648 |
| 1/31/19 | $10,776 | $11,454 |
| 2/28/19 | $11,009 | $11,680 |
| 3/31/19 | $11,303 | $11,759 |
| 4/30/19 | $11,657 | $12,079 |
| 5/31/19 | $11,145 | $11,443 |
| 6/30/19 | $11,929 | $12,138 |
| 7/31/19 | $11,838 | $11,995 |
| 8/31/19 | $11,755 | $11,627 |
| 9/30/19 | $11,650 | $11,932 |
| 10/31/19 | $11,989 | $12,350 |
| 11/30/19 | $12,230 | $12,461 |
| 12/31/19 | $12,780 | $13,004 |
| 1/31/20 | $12,592 | $12,657 |
| 2/29/20 | $12,064 | $11,658 |
| 3/31/20 | $10,489 | $9,979 |
| 4/30/20 | $11,582 | $10,742 |
| 5/31/20 | $12,592 | $11,099 |
| 6/30/20 | $13,526 | $11,605 |
| 7/31/20 | $14,626 | $12,128 |
| 8/31/20 | $15,440 | $12,649 |
| 9/30/20 | $15,222 | $12,343 |
| 10/31/20 | $15,207 | $12,080 |
| 11/30/20 | $17,151 | $13,706 |
| 12/31/20 | $18,345 | $14,451 |
| 1/31/21 | $18,401 | $14,485 |
| 2/28/21 | $18,899 | $14,774 |
| 3/31/21 | $18,578 | $14,971 |
| 4/30/21 | $19,213 | $15,421 |
| 5/31/21 | $19,622 | $15,914 |
| 6/30/21 | $19,421 | $15,816 |
| 7/31/21 | $19,542 | $15,560 |
| 8/31/21 | $20,177 | $15,859 |
| 9/30/21 | $19,156 | $15,361 |
| 10/31/21 | $20,040 | $15,731 |
| 11/30/21 | $18,971 | $15,025 |
| 12/31/21 | $19,442 | $15,650 |
| 1/31/22 | $17,837 | $15,075 |
| 2/28/22 | $16,946 | $14,779 |
| 3/31/22 | $16,985 | $14,815 |
| 4/30/22 | $15,487 | $13,894 |
| 5/31/22 | $15,448 | $14,008 |
| 6/30/22 | $14,009 | $12,809 |
| 7/31/22 | $14,283 | $13,252 |
| 8/31/22 | $13,470 | $12,829 |
| 9/30/22 | $12,178 | $11,554 |
| 10/31/22 | $12,589 | $11,901 |
| 11/30/22 | $13,940 | $13,308 |
| 12/31/22 | $13,372 | $13,214 |
| 1/31/23 | $14,743 | $14,288 |
| 2/28/23 | $14,019 | $13,788 |
| 3/31/23 | $14,626 | $14,139 |
| 4/30/23 | $14,586 | $14,395 |
| 5/31/23 | $14,136 | $13,886 |
| 6/30/23 | $14,596 | $14,516 |
| 7/31/23 | $14,890 | $15,111 |
| 8/31/23 | $14,342 | $14,432 |
| 9/30/23 | $13,529 | $13,982 |
| 10/31/23 | $13,157 | $13,408 |
| 11/30/23 | $14,635 | $14,617 |
| 12/31/23 | $15,262 | $15,355 |
| 1/31/24 | $15,575 | $15,205 |
| 2/29/24 | $16,740 | $15,593 |
| 3/31/24 | $17,298 | $16,071 |
| 4/30/24 | $16,515 | $15,818 |
| 5/31/24 | $17,553 | $16,292 |
| 6/30/24 | $18,062 | $16,283 |
| 7/31/24 | $18,032 | $16,665 |
| 8/31/24 | $18,453 | $17,143 |
| 9/30/24 | $18,590 | $17,613 |
| 10/31/24 | $17,651 | $16,757 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 34.15 | 8.04 | 5.85 |
| Class C with sales charge | 33.15 | 8.04 | 5.85 |
| MSCI ACWI ex-US Gross Total Return Index | 24.98 | 6.29 | 5.30 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $242,480,525 | 66 | 127% | $2,367,965 |
Calamos International Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in international companies across a broad universe of developed and emerging markets. Our process emphasizes companies demonstrating compelling growth and quality characteristics, including higher earnings growth and cash flow generation, attractive returns on invested capital, and exposure to our key secular themes.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 23.0 |
| Industrials | 17.7 |
| Consumer Discretionary | 13.5 |
| Financials | 12.6 |
| Health Care | 9.0 |
| Communication Services | 8.2 |
| Consumer Staples | 7.4 |
| Materials | 5.3 |
| Real Estate | 2.5 |
| Energy | 0.1 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 4.1 |
| Hitachi, Ltd. | 3.9 |
| Novo Nordisk AS - Class B | 3.6 |
| WiseTech Global, Ltd. | 3.6 |
| Spotify Technology, SA | 3.4 |
| Advantest Corp. | 3.2 |
| Rolls-Royce Holdings, PLC | 3.1 |
| SAP, SE | 2.7 |
| Deutsche Telekom, AG | 2.7 |
| Unilever, PLC | 2.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | IGRTSRA-C 24
Calamos International Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $112 | 0.95% |
For the 12 months ended October 31, 2024 (“annual period”), the fund generated strong returns in its portfolio of international equities. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, leading earnings, and attractive momentum characteristics outperformed. Security selection within technology and industrials contributed the most to Fund returns, notably in semiconductors and aerospace & defense industries. Conversely, security selection within financials and materials detracted value. From a geographic view, holdings in Japan and India contributed strong results, while positions in Switzerland and France trailed the index during the period.
| Class I | MSCI ACWI ex-US Gross Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,000 |
| 11/30/14 | $1,009,231 | $1,007,365 |
| 12/31/14 | $970,611 | $971,394 |
| 1/31/15 | $978,108 | $970,072 |
| 2/28/15 | $1,038,663 | $1,022,076 |
| 3/31/15 | $1,039,240 | $1,006,316 |
| 4/30/15 | $1,066,346 | $1,057,833 |
| 5/31/15 | $1,066,346 | $1,042,248 |
| 6/30/15 | $1,049,044 | $1,013,603 |
| 7/31/15 | $1,050,774 | $1,010,999 |
| 8/31/15 | $983,299 | $933,907 |
| 9/30/15 | $950,426 | $890,959 |
| 10/31/15 | $1,011,558 | $957,383 |
| 11/30/15 | $1,016,171 | $937,735 |
| 12/31/15 | $999,615 | $920,362 |
| 1/31/16 | $924,542 | $857,864 |
| 2/29/16 | $887,584 | $848,323 |
| 3/31/16 | $953,994 | $917,933 |
| 4/30/16 | $956,881 | $942,905 |
| 5/31/16 | $975,360 | $927,883 |
| 6/30/16 | $955,726 | $914,221 |
| 7/31/16 | $999,037 | $959,637 |
| 8/31/16 | $992,685 | $965,894 |
| 9/30/16 | $1,017,516 | $978,234 |
| 10/31/16 | $979,403 | $964,262 |
| 11/30/16 | $938,979 | $942,088 |
| 12/31/16 | $940,134 | $966,516 |
| 1/31/17 | $987,488 | $1,000,835 |
| 2/28/17 | $996,727 | $1,016,946 |
| 3/31/17 | $1,028,488 | $1,043,666 |
| 4/30/17 | $1,064,292 | $1,066,617 |
| 5/31/17 | $1,109,335 | $1,102,336 |
| 6/30/17 | $1,113,378 | $1,106,222 |
| 7/31/17 | $1,168,238 | $1,147,285 |
| 8/31/17 | $1,195,957 | $1,153,542 |
| 9/30/17 | $1,225,986 | $1,175,385 |
| 10/31/17 | $1,271,029 | $1,197,637 |
| 11/30/17 | $1,288,931 | $1,207,528 |
| 12/31/17 | $1,312,171 | $1,234,890 |
| 1/31/18 | $1,399,129 | $1,303,781 |
| 2/28/18 | $1,325,365 | $1,242,528 |
| 3/31/18 | $1,314,570 | $1,221,578 |
| 4/30/18 | $1,300,177 | $1,242,100 |
| 5/31/18 | $1,307,973 | $1,214,680 |
| 6/30/18 | $1,264,194 | $1,192,370 |
| 7/31/18 | $1,270,791 | $1,221,248 |
| 8/31/18 | $1,283,385 | $1,195,927 |
| 9/30/18 | $1,272,590 | $1,201,873 |
| 10/31/18 | $1,112,467 | $1,104,260 |
| 11/30/18 | $1,101,072 | $1,114,890 |
| 12/31/18 | $1,038,133 | $1,064,810 |
| 1/31/19 | $1,124,531 | $1,145,458 |
| 2/28/19 | $1,149,702 | $1,167,981 |
| 3/31/19 | $1,181,676 | $1,175,930 |
| 4/30/19 | $1,219,773 | $1,207,878 |
| 5/31/19 | $1,166,710 | $1,144,350 |
| 6/30/19 | $1,250,386 | $1,213,825 |
| 7/31/19 | $1,241,542 | $1,199,522 |
| 8/31/19 | $1,234,059 | $1,162,715 |
| 9/30/19 | $1,223,854 | $1,193,206 |
| 10/31/19 | $1,260,591 | $1,235,007 |
| 11/30/19 | $1,287,122 | $1,246,084 |
| 12/31/19 | $1,346,308 | $1,300,458 |
| 1/31/20 | $1,327,260 | $1,265,673 |
| 2/29/20 | $1,272,836 | $1,165,805 |
| 3/31/20 | $1,106,843 | $997,920 |
| 4/30/20 | $1,223,854 | $1,074,196 |
| 5/31/20 | $1,331,341 | $1,109,895 |
| 6/30/20 | $1,431,345 | $1,160,538 |
| 7/31/20 | $1,549,036 | $1,212,795 |
| 8/31/20 | $1,636,795 | $1,264,954 |
| 9/30/20 | $1,615,025 | $1,234,366 |
| 10/31/20 | $1,614,345 | $1,208,014 |
| 11/30/20 | $1,822,516 | $1,370,671 |
| 12/31/20 | $1,951,712 | $1,445,159 |
| 1/31/21 | $1,958,896 | $1,448,540 |
| 2/28/21 | $2,013,489 | $1,477,418 |
| 3/31/21 | $1,981,164 | $1,497,162 |
| 4/30/21 | $2,050,124 | $1,542,151 |
| 5/31/21 | $2,096,097 | $1,591,453 |
| 6/30/21 | $2,076,702 | $1,581,658 |
| 7/31/21 | $2,091,069 | $1,556,045 |
| 8/31/21 | $2,160,747 | $1,585,914 |
| 9/30/21 | $2,052,997 | $1,536,107 |
| 10/31/21 | $2,149,254 | $1,573,147 |
| 11/30/21 | $2,036,476 | $1,502,526 |
| 12/31/21 | $2,088,937 | $1,565,024 |
| 1/31/22 | $1,917,824 | $1,507,520 |
| 2/28/22 | $1,823,796 | $1,477,885 |
| 3/31/22 | $1,828,879 | $1,481,538 |
| 4/30/22 | $1,668,778 | $1,389,444 |
| 5/31/22 | $1,666,237 | $1,400,831 |
| 6/30/22 | $1,512,065 | $1,280,928 |
| 7/31/22 | $1,544,255 | $1,325,255 |
| 8/31/22 | $1,457,004 | $1,282,949 |
| 9/30/22 | $1,318,080 | $1,155,369 |
| 10/31/22 | $1,363,824 | $1,190,077 |
| 11/30/22 | $1,511,218 | $1,330,794 |
| 12/31/22 | $1,451,074 | $1,321,388 |
| 1/31/23 | $1,601,010 | $1,428,777 |
| 2/28/23 | $1,523,925 | $1,378,813 |
| 3/31/23 | $1,590,845 | $1,413,910 |
| 4/30/23 | $1,588,304 | $1,439,562 |
| 5/31/23 | $1,540,019 | $1,388,627 |
| 6/30/23 | $1,592,539 | $1,451,669 |
| 7/31/23 | $1,625,576 | $1,511,135 |
| 8/31/23 | $1,566,279 | $1,443,196 |
| 9/30/23 | $1,479,029 | $1,398,266 |
| 10/31/23 | $1,440,062 | $1,340,782 |
| 11/30/23 | $1,602,705 | $1,461,735 |
| 12/31/23 | $1,673,458 | $1,535,563 |
| 1/31/24 | $1,708,286 | $1,520,521 |
| 2/29/24 | $1,837,405 | $1,559,291 |
| 3/31/24 | $1,901,116 | $1,607,136 |
| 4/30/24 | $1,816,169 | $1,581,853 |
| 5/31/24 | $1,931,697 | $1,629,251 |
| 6/30/24 | $1,989,461 | $1,628,337 |
| 7/31/24 | $1,987,762 | $1,666,563 |
| 8/31/24 | $2,036,182 | $1,714,369 |
| 9/30/24 | $2,052,322 | $1,761,300 |
| 10/31/24 | $1,950,385 | $1,675,755 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 35.44 | 9.12 | 6.91 |
| MSCI ACWI ex-US Gross Total Return Index | 24.98 | 6.29 | 5.30 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $242,480,525 | 66 | 127% | $2,367,965 |
Calamos International Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in international companies across a broad universe of developed and emerging markets. Our process emphasizes companies demonstrating compelling growth and quality characteristics, including higher earnings growth and cash flow generation, attractive returns on invested capital, and exposure to our key secular themes.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 23.0 |
| Industrials | 17.7 |
| Consumer Discretionary | 13.5 |
| Financials | 12.6 |
| Health Care | 9.0 |
| Communication Services | 8.2 |
| Consumer Staples | 7.4 |
| Materials | 5.3 |
| Real Estate | 2.5 |
| Energy | 0.1 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 4.1 |
| Hitachi, Ltd. | 3.9 |
| Novo Nordisk AS - Class B | 3.6 |
| WiseTech Global, Ltd. | 3.6 |
| Spotify Technology, SA | 3.4 |
| Advantest Corp. | 3.2 |
| Rolls-Royce Holdings, PLC | 3.1 |
| SAP, SE | 2.7 |
| Deutsche Telekom, AG | 2.7 |
| Unilever, PLC | 2.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | IGRTSRA-I 24
Calamos International Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos International Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class R6 | $101 | 0.86% |
For the 12 months ended October 31, 2024 (“annual period”), the fund generated strong returns in its portfolio of international equities. The Fund’s emphasis on higher-quality growth businesses benefited returns, and companies with exposure to our key secular themes, leading earnings, and attractive momentum characteristics outperformed. Security selection within technology and industrials contributed the most to Fund returns, notably in semiconductors and aerospace & defense industries. Conversely, security selection within financials and materials detracted value. From a geographic view, holdings in Japan and India contributed strong results, while positions in Switzerland and France trailed the index during the period.
| Class R6 | MSCI ACWI ex-US Gross Total Return Index |
|---|
| 9/17/18 | $10,000 | $10,000 |
| 9/30/18 | $10,220 | $10,200 |
| 10/31/18 | $8,933 | $9,371 |
| 11/30/18 | $8,846 | $9,461 |
| 12/31/18 | $8,340 | $9,036 |
| 1/31/19 | $9,034 | $9,721 |
| 2/28/19 | $9,235 | $9,912 |
| 3/31/19 | $9,495 | $9,979 |
| 4/30/19 | $9,799 | $10,251 |
| 5/31/19 | $9,376 | $9,711 |
| 6/30/19 | $10,049 | $10,301 |
| 7/31/19 | $9,978 | $10,180 |
| 8/31/19 | $9,924 | $9,867 |
| 9/30/19 | $9,843 | $10,126 |
| 10/31/19 | $10,130 | $10,481 |
| 11/30/19 | $10,342 | $10,575 |
| 12/31/19 | $10,819 | $11,036 |
| 1/31/20 | $10,673 | $10,741 |
| 2/29/20 | $10,233 | $9,894 |
| 3/31/20 | $8,904 | $8,469 |
| 4/30/20 | $9,843 | $9,116 |
| 5/31/20 | $10,705 | $9,419 |
| 6/30/20 | $11,514 | $9,849 |
| 7/31/20 | $12,463 | $10,292 |
| 8/31/20 | $13,169 | $10,735 |
| 9/30/20 | $12,995 | $10,475 |
| 10/31/20 | $12,990 | $10,252 |
| 11/30/20 | $14,666 | $11,632 |
| 12/31/20 | $15,703 | $12,264 |
| 1/31/21 | $15,760 | $12,293 |
| 2/28/21 | $16,207 | $12,538 |
| 3/31/21 | $15,944 | $12,706 |
| 4/30/21 | $16,500 | $13,087 |
| 5/31/21 | $16,872 | $13,506 |
| 6/30/21 | $16,717 | $13,423 |
| 7/31/21 | $16,832 | $13,205 |
| 8/31/21 | $17,394 | $13,459 |
| 9/30/21 | $16,528 | $13,036 |
| 10/31/21 | $17,308 | $13,350 |
| 11/30/21 | $16,396 | $12,751 |
| 12/31/21 | $16,824 | $13,282 |
| 1/31/22 | $15,447 | $12,794 |
| 2/28/22 | $14,690 | $12,542 |
| 3/31/22 | $14,737 | $12,573 |
| 4/30/22 | $13,447 | $11,791 |
| 5/31/22 | $13,427 | $11,888 |
| 6/30/22 | $12,184 | $10,871 |
| 7/31/22 | $12,441 | $11,247 |
| 8/31/22 | $11,739 | $10,888 |
| 9/30/22 | $10,624 | $9,805 |
| 10/31/22 | $10,996 | $10,100 |
| 11/30/22 | $12,184 | $11,294 |
| 12/31/22 | $11,698 | $11,214 |
| 1/31/23 | $12,914 | $12,125 |
| 2/28/23 | $12,292 | $11,701 |
| 3/31/23 | $12,833 | $11,999 |
| 4/30/23 | $12,812 | $12,217 |
| 5/31/23 | $12,421 | $11,785 |
| 6/30/23 | $12,846 | $12,320 |
| 7/31/23 | $13,116 | $12,824 |
| 8/31/23 | $12,637 | $12,248 |
| 9/30/23 | $11,934 | $11,866 |
| 10/31/23 | $11,624 | $11,378 |
| 11/30/23 | $12,934 | $12,405 |
| 12/31/23 | $13,505 | $13,031 |
| 1/31/24 | $13,790 | $12,904 |
| 2/29/24 | $14,834 | $13,233 |
| 3/31/24 | $15,349 | $13,639 |
| 4/30/24 | $14,664 | $13,424 |
| 5/31/24 | $15,600 | $13,827 |
| 6/30/24 | $16,061 | $13,819 |
| 7/31/24 | $16,054 | $14,143 |
| 8/31/24 | $16,447 | $14,549 |
| 9/30/24 | $16,576 | $14,947 |
| 10/31/24 | $15,756 | $14,221 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 9/17/18 |
|---|
| Class R6 | 35.55 | 9.24 | 7.71 |
| MSCI ACWI ex-US Gross Total Return Index | 24.98 | 6.29 | 5.92 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $242,480,525 | 66 | 127% | $2,367,965 |
Calamos International Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in international companies across a broad universe of developed and emerging markets. Our process emphasizes companies demonstrating compelling growth and quality characteristics, including higher earnings growth and cash flow generation, attractive returns on invested capital, and exposure to our key secular themes.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 23.0 |
| Industrials | 17.7 |
| Consumer Discretionary | 13.5 |
| Financials | 12.6 |
| Health Care | 9.0 |
| Communication Services | 8.2 |
| Consumer Staples | 7.4 |
| Materials | 5.3 |
| Real Estate | 2.5 |
| Energy | 0.1 |
| Taiwan Semiconductor Manufacturing Company, Ltd. | 4.1 |
| Hitachi, Ltd. | 3.9 |
| Novo Nordisk AS - Class B | 3.6 |
| WiseTech Global, Ltd. | 3.6 |
| Spotify Technology, SA | 3.4 |
| Advantest Corp. | 3.2 |
| Rolls-Royce Holdings, PLC | 3.1 |
| SAP, SE | 2.7 |
| Deutsche Telekom, AG | 2.7 |
| Unilever, PLC | 2.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | IGRTSRA-R6 24
Calamos International Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $157 | 1.35% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in its portfolio of international small-cap equities. The Fund’s emphasis on higher growth businesses benefited returns, and companies with exposure to key secular themes, rising earnings, and attractive momentum characteristics outperformed. Security selection within consumer discretionary and industrials contributed the most to Fund returns. Notably, holdings within the travel industry and an overweight stance in aerospace & defense boosted results. Although holdings within health care and consumer staples delivered gains, they trailed the index return. From a geographic view, holdings in India and Canada contributed the most to the results, whereas positions in France and Denmark lagged the index on a relative basis.
| Class A with sales charge | MSCI ACWI ex-US Gross Total Return Index |
|---|
| 3/31/22 | $9,524 | $10,000 |
| 4/30/22 | $8,610 | $9,378 |
| 5/31/22 | $8,533 | $9,455 |
| 6/30/22 | $7,590 | $8,646 |
| 7/31/22 | $7,924 | $8,945 |
| 8/31/22 | $7,590 | $8,660 |
| 9/30/22 | $7,019 | $7,798 |
| 10/31/22 | $7,286 | $8,033 |
| 11/30/22 | $7,743 | $8,983 |
| 12/31/22 | $7,596 | $8,919 |
| 1/31/23 | $7,970 | $9,644 |
| 2/28/23 | $7,768 | $9,307 |
| 3/31/23 | $7,826 | $9,544 |
| 4/30/23 | $7,740 | $9,717 |
| 5/31/23 | $7,462 | $9,373 |
| 6/30/23 | $7,721 | $9,798 |
| 7/31/23 | $8,037 | $10,200 |
| 8/31/23 | $7,845 | $9,741 |
| 9/30/23 | $7,472 | $9,438 |
| 10/31/23 | $7,222 | $9,050 |
| 11/30/23 | $8,085 | $9,866 |
| 12/31/23 | $8,602 | $10,365 |
| 1/31/24 | $8,678 | $10,263 |
| 2/29/24 | $9,224 | $10,525 |
| 3/31/24 | $9,435 | $10,848 |
| 4/30/24 | $9,215 | $10,677 |
| 5/31/24 | $9,770 | $10,997 |
| 6/30/24 | $10,019 | $10,991 |
| 7/31/24 | $10,163 | $11,249 |
| 8/31/24 | $10,048 | $11,572 |
| 9/30/24 | $10,134 | $11,888 |
| 10/31/24 | $9,531 | $11,311 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 3/31/22 |
|---|
| Class A without sales charge | 31.96 | 0.03 |
| Class A with sales charge | 25.63 | -1.84 |
| MSCI ACWI ex-US Gross Total Return Index | 24.98 | 4.50 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $5,719,979 | 61 | 117% | $37,884 |
Calamos International Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Industrials | 15.8 |
| Information Technology | 13.2 |
| Consumer Staples | 12.9 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.9 |
| Materials | 8.5 |
| Communication Services | 8.5 |
| Financials | 7.1 |
| Real Estate | 3.9 |
| Energy | 3.5 |
| Amber Enterprises India, Ltd. | 3.6 |
| Ypsomed Holding, AG | 3.2 |
| Trustpilot Group, PLC | 2.7 |
| Gillette India, Ltd. | 2.7 |
| Hemnet Group, AB | 2.6 |
| Cranswick, PLC | 2.6 |
| CES Energy Solutions Corp. | 2.5 |
| Munters Group, AB | 2.5 |
| Sobha, Ltd. | 2.3 |
| Kobe Bussan Company, Ltd. | 2.2 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | ISGTSRA-A 24
Calamos International Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $242 | 2.10% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in its portfolio of international small-cap equities. The Fund’s emphasis on higher growth businesses benefited returns, and companies with exposure to key secular themes, rising earnings, and attractive momentum characteristics outperformed. Security selection within consumer discretionary and industrials contributed the most to Fund returns. Notably, holdings within the travel industry and an overweight stance in aerospace & defense boosted results. Although holdings within health care and consumer staples delivered gains, they trailed the index return. From a geographic view, holdings in India and Canada contributed the most to the results, whereas positions in France and Denmark lagged the index on a relative basis.
| Class C with sales charge | MSCI ACWI ex-US Gross Total Return Index |
|---|
| 3/31/22 | $10,000 | $10,000 |
| 4/30/22 | $9,040 | $9,378 |
| 5/31/22 | $8,950 | $9,455 |
| 6/30/22 | $7,960 | $8,646 |
| 7/31/22 | $8,300 | $8,945 |
| 8/31/22 | $7,950 | $8,660 |
| 9/30/22 | $7,340 | $7,798 |
| 10/31/22 | $7,620 | $8,033 |
| 11/30/22 | $8,080 | $8,983 |
| 12/31/22 | $7,929 | $8,919 |
| 1/31/23 | $8,311 | $9,644 |
| 2/28/23 | $8,089 | $9,307 |
| 3/31/23 | $8,150 | $9,544 |
| 4/30/23 | $8,059 | $9,717 |
| 5/31/23 | $7,768 | $9,373 |
| 6/30/23 | $8,029 | $9,798 |
| 7/31/23 | $8,351 | $10,200 |
| 8/31/23 | $8,150 | $9,741 |
| 9/30/23 | $7,748 | $9,438 |
| 10/31/23 | $7,497 | $9,050 |
| 11/30/23 | $8,381 | $9,866 |
| 12/31/23 | $8,903 | $10,365 |
| 1/31/24 | $8,984 | $10,263 |
| 2/29/24 | $9,547 | $10,525 |
| 3/31/24 | $9,758 | $10,848 |
| 4/30/24 | $9,526 | $10,677 |
| 5/31/24 | $10,089 | $10,997 |
| 6/30/24 | $10,340 | $10,991 |
| 7/31/24 | $10,481 | $11,249 |
| 8/31/24 | $10,350 | $11,572 |
| 9/30/24 | $10,441 | $11,888 |
| 10/31/24 | $9,808 | $11,311 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 3/31/22 |
|---|
| Class C without sales charge | 30.83 | -0.75 |
| Class C with sales charge | 29.83 | -0.75 |
| MSCI ACWI ex-US Gross Total Return Index | 24.98 | 4.50 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $5,719,979 | 61 | 117% | $37,884 |
Calamos International Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Industrials | 15.8 |
| Information Technology | 13.2 |
| Consumer Staples | 12.9 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.9 |
| Materials | 8.5 |
| Communication Services | 8.5 |
| Financials | 7.1 |
| Real Estate | 3.9 |
| Energy | 3.5 |
| Amber Enterprises India, Ltd. | 3.6 |
| Ypsomed Holding, AG | 3.2 |
| Trustpilot Group, PLC | 2.7 |
| Gillette India, Ltd. | 2.7 |
| Hemnet Group, AB | 2.6 |
| Cranswick, PLC | 2.6 |
| CES Energy Solutions Corp. | 2.5 |
| Munters Group, AB | 2.5 |
| Sobha, Ltd. | 2.3 |
| Kobe Bussan Company, Ltd. | 2.2 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | ISGTSRA-C 24
Calamos International Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $128 | 1.10% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in its portfolio of international small-cap equities. The Fund’s emphasis on higher growth businesses benefited returns, and companies with exposure to key secular themes, rising earnings, and attractive momentum characteristics outperformed. Security selection within consumer discretionary and industrials contributed the most to Fund returns. Notably, holdings within the travel industry and an overweight stance in aerospace & defense boosted results. Although holdings within health care and consumer staples delivered gains, they trailed the index return. From a geographic view, holdings in India and Canada contributed the most to the results, whereas positions in France and Denmark lagged the index on a relative basis.
| Class I | MSCI ACWI ex-US Gross Total Return Index |
|---|
| 3/31/22 | $1,000,000 | $1,000,000 |
| 4/30/22 | $904,000 | $937,839 |
| 5/31/22 | $897,000 | $945,525 |
| 6/30/22 | $797,000 | $864,593 |
| 7/31/22 | $833,000 | $894,513 |
| 8/31/22 | $798,000 | $865,957 |
| 9/30/22 | $737,000 | $779,844 |
| 10/31/22 | $766,000 | $803,271 |
| 11/30/22 | $814,000 | $898,251 |
| 12/31/22 | $798,545 | $891,903 |
| 1/31/23 | $838,825 | $964,387 |
| 2/28/23 | $816,671 | $930,664 |
| 3/31/23 | $823,720 | $954,353 |
| 4/30/23 | $814,657 | $971,667 |
| 5/31/23 | $786,461 | $937,288 |
| 6/30/23 | $813,650 | $979,839 |
| 7/31/23 | $846,881 | $1,019,977 |
| 8/31/23 | $826,741 | $974,120 |
| 9/30/23 | $787,468 | $943,794 |
| 10/31/23 | $762,293 | $904,994 |
| 11/30/23 | $852,923 | $986,634 |
| 12/31/23 | $907,300 | $1,036,465 |
| 1/31/24 | $916,363 | $1,026,313 |
| 2/29/24 | $973,762 | $1,052,481 |
| 3/31/24 | $995,916 | $1,084,775 |
| 4/30/24 | $972,755 | $1,067,710 |
| 5/31/24 | $1,032,167 | $1,099,702 |
| 6/30/24 | $1,057,342 | $1,099,086 |
| 7/31/24 | $1,073,454 | $1,124,887 |
| 8/31/24 | $1,061,370 | $1,157,155 |
| 9/30/24 | $1,071,440 | $1,188,832 |
| 10/31/24 | $1,006,992 | $1,131,091 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 3/31/22 |
|---|
| Class I | 32.10 | 0.27 |
| MSCI ACWI ex-US Gross Total Return Index | 24.98 | 4.50 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $5,719,979 | 61 | 117% | $37,884 |
Calamos International Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Industrials | 15.8 |
| Information Technology | 13.2 |
| Consumer Staples | 12.9 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.9 |
| Materials | 8.5 |
| Communication Services | 8.5 |
| Financials | 7.1 |
| Real Estate | 3.9 |
| Energy | 3.5 |
| Amber Enterprises India, Ltd. | 3.6 |
| Ypsomed Holding, AG | 3.2 |
| Trustpilot Group, PLC | 2.7 |
| Gillette India, Ltd. | 2.7 |
| Hemnet Group, AB | 2.6 |
| Cranswick, PLC | 2.6 |
| CES Energy Solutions Corp. | 2.5 |
| Munters Group, AB | 2.5 |
| Sobha, Ltd. | 2.3 |
| Kobe Bussan Company, Ltd. | 2.2 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | ISGTSRA-I 24
Calamos International Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos International Small Cap Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class R6 | $125 | 1.08% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated strong returns in its portfolio of international small-cap equities. The Fund’s emphasis on higher growth businesses benefited returns, and companies with exposure to key secular themes, rising earnings, and attractive momentum characteristics outperformed. Security selection within consumer discretionary and industrials contributed the most to Fund returns. Notably, holdings within the travel industry and an overweight stance in aerospace & defense boosted results. Although holdings within health care and consumer staples delivered gains, they trailed the index return. From a geographic view, holdings in India and Canada contributed the most to the results, whereas positions in France and Denmark lagged the index on a relative basis.
| Class R6 | MSCI ACWI ex-US Gross Total Return Index |
|---|
| 3/31/22 | $10,000 | $10,000 |
| 4/30/22 | $9,040 | $9,378 |
| 5/31/22 | $8,970 | $9,455 |
| 6/30/22 | $7,970 | $8,646 |
| 7/31/22 | $8,330 | $8,945 |
| 8/31/22 | $7,980 | $8,660 |
| 9/30/22 | $7,380 | $7,798 |
| 10/31/22 | $7,660 | $8,033 |
| 11/30/22 | $8,140 | $8,983 |
| 12/31/22 | $7,986 | $8,919 |
| 1/31/23 | $8,388 | $9,644 |
| 2/28/23 | $8,167 | $9,307 |
| 3/31/23 | $8,237 | $9,544 |
| 4/30/23 | $8,147 | $9,717 |
| 5/31/23 | $7,875 | $9,373 |
| 6/30/23 | $8,137 | $9,798 |
| 7/31/23 | $8,469 | $10,200 |
| 8/31/23 | $8,268 | $9,741 |
| 9/30/23 | $7,875 | $9,438 |
| 10/31/23 | $7,623 | $9,050 |
| 11/30/23 | $8,529 | $9,866 |
| 12/31/23 | $9,073 | $10,365 |
| 1/31/24 | $9,164 | $10,263 |
| 2/29/24 | $9,738 | $10,525 |
| 3/31/24 | $9,959 | $10,848 |
| 4/30/24 | $9,728 | $10,677 |
| 5/31/24 | $10,322 | $10,997 |
| 6/30/24 | $10,584 | $10,991 |
| 7/31/24 | $10,735 | $11,249 |
| 8/31/24 | $10,614 | $11,572 |
| 9/30/24 | $10,715 | $11,888 |
| 10/31/24 | $10,070 | $11,311 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 3/31/22 |
|---|
| Class R6 | 32.10 | 0.27 |
| MSCI ACWI ex-US Gross Total Return Index | 24.98 | 4.50 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $5,719,979 | 61 | 117% | $37,884 |
Calamos International Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks long-term capital appreciation by investing in compelling international small-cap companies with exposure to our key secular themes, superior earnings growth potential, and financial flexibility.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Industrials | 15.8 |
| Information Technology | 13.2 |
| Consumer Staples | 12.9 |
| Health Care | 11.0 |
| Consumer Discretionary | 10.9 |
| Materials | 8.5 |
| Communication Services | 8.5 |
| Financials | 7.1 |
| Real Estate | 3.9 |
| Energy | 3.5 |
| Amber Enterprises India, Ltd. | 3.6 |
| Ypsomed Holding, AG | 3.2 |
| Trustpilot Group, PLC | 2.7 |
| Gillette India, Ltd. | 2.7 |
| Hemnet Group, AB | 2.6 |
| Cranswick, PLC | 2.6 |
| CES Energy Solutions Corp. | 2.5 |
| Munters Group, AB | 2.5 |
| Sobha, Ltd. | 2.3 |
| Kobe Bussan Company, Ltd. | 2.2 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | ISGTSRA-R6 24
Calamos Market Neutral Income Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $125 | 1.20% |
As US economic growth remained resilient and the Federal Reserve began to lower interest rates, the Fund posted a positive return and outperformed the bond market for the 12 months ended October 31, 2024 (“annual period”). All of the Fund’s investment strategies delivered positive returns during the period. The robust performance of the S&P 500 Index supported the hedged equity strategy, while the higher interest rate environment and lower volatility through much of the period contributed to the strategy’s option premium capture. Convertible arbitrage was supported by the upward-trending equity market, narrowing credit spreads, and trade rebalancing generated by individual name volatility. The merger arbitrage strategy contributed despite several deal breaks in January.
| Class A with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $9,528 | $9,999 |
| 11/30/14 | $9,565 | $10,070 |
| 12/31/14 | $9,529 | $10,080 |
| 1/31/15 | $9,448 | $10,291 |
| 2/28/15 | $9,617 | $10,194 |
| 3/31/15 | $9,579 | $10,242 |
| 4/30/15 | $9,675 | $10,205 |
| 5/31/15 | $9,727 | $10,180 |
| 6/30/15 | $9,660 | $10,069 |
| 7/31/15 | $9,712 | $10,139 |
| 8/31/15 | $9,535 | $10,125 |
| 9/30/15 | $9,451 | $10,193 |
| 10/31/15 | $9,681 | $10,195 |
| 11/30/15 | $9,651 | $10,168 |
| 12/31/15 | $9,627 | $10,135 |
| 1/31/16 | $9,454 | $10,275 |
| 2/29/16 | $9,431 | $10,348 |
| 3/31/16 | $9,643 | $10,443 |
| 4/30/16 | $9,726 | $10,483 |
| 5/31/16 | $9,779 | $10,485 |
| 6/30/16 | $9,808 | $10,674 |
| 7/31/16 | $9,929 | $10,741 |
| 8/31/16 | $9,952 | $10,729 |
| 9/30/16 | $9,980 | $10,723 |
| 10/31/16 | $9,987 | $10,641 |
| 11/30/16 | $10,048 | $10,389 |
| 12/31/16 | $10,081 | $10,404 |
| 1/31/17 | $10,135 | $10,424 |
| 2/28/17 | $10,244 | $10,494 |
| 3/31/17 | $10,256 | $10,489 |
| 4/30/17 | $10,279 | $10,570 |
| 5/31/17 | $10,302 | $10,651 |
| 6/30/17 | $10,352 | $10,640 |
| 7/31/17 | $10,398 | $10,686 |
| 8/31/17 | $10,398 | $10,782 |
| 9/30/17 | $10,429 | $10,730 |
| 10/31/17 | $10,460 | $10,737 |
| 11/30/17 | $10,499 | $10,723 |
| 12/31/17 | $10,543 | $10,772 |
| 1/31/18 | $10,678 | $10,648 |
| 2/28/18 | $10,670 | $10,547 |
| 3/31/18 | $10,676 | $10,615 |
| 4/30/18 | $10,732 | $10,536 |
| 5/31/18 | $10,764 | $10,611 |
| 6/30/18 | $10,763 | $10,598 |
| 7/31/18 | $10,835 | $10,600 |
| 8/31/18 | $10,891 | $10,669 |
| 9/30/18 | $10,905 | $10,600 |
| 10/31/18 | $10,857 | $10,516 |
| 11/30/18 | $10,889 | $10,579 |
| 12/31/18 | $10,705 | $10,773 |
| 1/31/19 | $10,913 | $10,888 |
| 2/28/19 | $10,963 | $10,881 |
| 3/31/19 | $11,005 | $11,090 |
| 4/30/19 | $11,080 | $11,093 |
| 5/31/19 | $11,030 | $11,290 |
| 6/30/19 | $11,159 | $11,432 |
| 7/31/19 | $11,209 | $11,457 |
| 8/31/19 | $11,251 | $11,754 |
| 9/30/19 | $11,267 | $11,691 |
| 10/31/19 | $11,326 | $11,727 |
| 11/30/19 | $11,343 | $11,721 |
| 12/31/19 | $11,388 | $11,712 |
| 1/31/20 | $11,413 | $11,938 |
| 2/29/20 | $11,261 | $12,153 |
| 3/31/20 | $10,950 | $12,081 |
| 4/30/20 | $11,297 | $12,296 |
| 5/31/20 | $11,373 | $12,353 |
| 6/30/20 | $11,500 | $12,431 |
| 7/31/20 | $11,636 | $12,617 |
| 8/31/20 | $11,738 | $12,515 |
| 9/30/20 | $11,747 | $12,508 |
| 10/31/20 | $11,696 | $12,452 |
| 11/30/20 | $11,908 | $12,574 |
| 12/31/20 | $11,978 | $12,592 |
| 1/31/21 | $11,953 | $12,501 |
| 2/28/21 | $12,046 | $12,321 |
| 3/31/21 | $12,131 | $12,167 |
| 4/30/21 | $12,208 | $12,263 |
| 5/31/21 | $12,259 | $12,303 |
| 6/30/21 | $12,283 | $12,390 |
| 7/31/21 | $12,317 | $12,528 |
| 8/31/21 | $12,385 | $12,504 |
| 9/30/21 | $12,347 | $12,396 |
| 10/31/21 | $12,475 | $12,393 |
| 11/30/21 | $12,441 | $12,429 |
| 12/31/21 | $12,541 | $12,397 |
| 1/31/22 | $12,447 | $12,130 |
| 2/28/22 | $12,328 | $11,995 |
| 3/31/22 | $12,371 | $11,662 |
| 4/30/22 | $12,080 | $11,219 |
| 5/31/22 | $11,995 | $11,292 |
| 6/30/22 | $11,657 | $11,114 |
| 7/31/22 | $11,938 | $11,386 |
| 8/31/22 | $11,904 | $11,064 |
| 9/30/22 | $11,619 | $10,586 |
| 10/31/22 | $11,824 | $10,449 |
| 11/30/22 | $11,995 | $10,833 |
| 12/31/22 | $11,978 | $10,785 |
| 1/31/23 | $12,236 | $11,116 |
| 2/28/23 | $12,202 | $10,829 |
| 3/31/23 | $12,349 | $11,104 |
| 4/30/23 | $12,426 | $11,171 |
| 5/31/23 | $12,469 | $11,050 |
| 6/30/23 | $12,678 | $11,010 |
| 7/31/23 | $12,738 | $11,003 |
| 8/31/23 | $12,773 | $10,932 |
| 9/30/23 | $12,768 | $10,654 |
| 10/31/23 | $12,742 | $10,486 |
| 11/30/23 | $12,941 | $10,961 |
| 12/31/23 | $13,046 | $11,381 |
| 1/31/24 | $13,092 | $11,349 |
| 2/29/24 | $13,191 | $11,189 |
| 3/31/24 | $13,280 | $11,292 |
| 4/30/24 | $13,261 | $11,007 |
| 5/31/24 | $13,389 | $11,194 |
| 6/30/24 | $13,472 | $11,300 |
| 7/31/24 | $13,545 | $11,564 |
| 8/31/24 | $13,691 | $11,730 |
| 9/30/24 | $13,802 | $11,887 |
| 10/31/24 | $13,839 | $11,592 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 8.61 | 4.09 | 3.80 |
| Class A with sales charge | 6.15 | 3.62 | 3.30 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $15,075,236,249 | 793 | 35% | $94,602,852 |
Calamos Market Neutral Income Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund combined two core strategies, hedged equity and convertible arbitrage, with small allocations to merger arbitrage and special purpose acquisition company (SPAC) arbitrage. Hedged equity represented 52% of the Fund’s allocation on average during the annual period, followed by convertible arbitrage (43%), merger arbitrage (4%), and SPAC arbitrage (1%).
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Information Technology | 34.9 |
| Consumer Discretionary | 13.3 |
| Health Care | 10.2 |
| Financials | 9.9 |
| Communication Services | 7.8 |
| Industrials | 7.7 |
| Utilities | 5.1 |
| Consumer Staples | 4.1 |
| Energy | 2.6 |
| Other | 2.5 |
| Materials | 1.8 |
| Real Estate | 1.7 |
| Special Purpose Acquisition Companies | 0.5 |
| Airlines | 0.0 |
| Apple, Inc. | 3.9 |
| NVIDIA Corp. | 3.9 |
| Microsoft Corp. | 3.5 |
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 2.4 |
| Calamos Short-Term Bond Fund - Class I | 2.2 |
| Amazon.com, Inc. | 2.0 |
| Meta Platforms, Inc. - Class A | 1.5 |
| Alphabet, Inc. - Class C | 1.2 |
| Alibaba Group Holding Ltd., 0.500%, 06/01/31 | 1.1 |
| Alphabet, Inc. - Class A | 1.0 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | MNITSRA-A 24
Calamos Market Neutral Income Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $203 | 1.95% |
As US economic growth remained resilient and the Federal Reserve began to lower interest rates, the Fund posted a positive return and outperformed the bond market for the 12 months ended October 31, 2024 (“annual period”). All of the Fund’s investment strategies delivered positive returns during the period. The robust performance of the S&P 500 Index supported the hedged equity strategy, while the higher interest rate environment and lower volatility through much of the period contributed to the strategy’s option premium capture. Convertible arbitrage was supported by the upward-trending equity market, narrowing credit spreads, and trade rebalancing generated by individual name volatility. The merger arbitrage strategy contributed despite several deal breaks in January.
| Class C with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $10,000 | $9,999 |
| 11/30/14 | $10,030 | $10,070 |
| 12/31/14 | $9,990 | $10,080 |
| 1/31/15 | $9,899 | $10,291 |
| 2/28/15 | $10,074 | $10,194 |
| 3/31/15 | $10,031 | $10,242 |
| 4/30/15 | $10,122 | $10,205 |
| 5/31/15 | $10,167 | $10,180 |
| 6/30/15 | $10,091 | $10,069 |
| 7/31/15 | $10,137 | $10,139 |
| 8/31/15 | $9,955 | $10,125 |
| 9/30/15 | $9,858 | $10,193 |
| 10/31/15 | $10,086 | $10,195 |
| 11/30/15 | $10,056 | $10,168 |
| 12/31/15 | $10,020 | $10,135 |
| 1/31/16 | $9,835 | $10,275 |
| 2/29/16 | $9,804 | $10,348 |
| 3/31/16 | $10,018 | $10,443 |
| 4/30/16 | $10,103 | $10,483 |
| 5/31/16 | $10,149 | $10,485 |
| 6/30/16 | $10,174 | $10,674 |
| 7/31/16 | $10,290 | $10,741 |
| 8/31/16 | $10,306 | $10,729 |
| 9/30/16 | $10,329 | $10,723 |
| 10/31/16 | $10,329 | $10,641 |
| 11/30/16 | $10,384 | $10,389 |
| 12/31/16 | $10,413 | $10,404 |
| 1/31/17 | $10,468 | $10,424 |
| 2/28/17 | $10,571 | $10,494 |
| 3/31/17 | $10,580 | $10,489 |
| 4/30/17 | $10,595 | $10,570 |
| 5/31/17 | $10,611 | $10,651 |
| 6/30/17 | $10,658 | $10,640 |
| 7/31/17 | $10,698 | $10,686 |
| 8/31/17 | $10,690 | $10,782 |
| 9/30/17 | $10,717 | $10,730 |
| 10/31/17 | $10,740 | $10,737 |
| 11/30/17 | $10,772 | $10,723 |
| 12/31/17 | $10,811 | $10,772 |
| 1/31/18 | $10,948 | $10,648 |
| 2/28/18 | $10,924 | $10,547 |
| 3/31/18 | $10,924 | $10,615 |
| 4/30/18 | $10,980 | $10,536 |
| 5/31/18 | $11,004 | $10,611 |
| 6/30/18 | $11,000 | $10,598 |
| 7/31/18 | $11,065 | $10,600 |
| 8/31/18 | $11,113 | $10,669 |
| 9/30/18 | $11,122 | $10,600 |
| 10/31/18 | $11,066 | $10,516 |
| 11/30/18 | $11,090 | $10,579 |
| 12/31/18 | $10,890 | $10,773 |
| 1/31/19 | $11,098 | $10,888 |
| 2/28/19 | $11,149 | $10,881 |
| 3/31/19 | $11,184 | $11,090 |
| 4/30/19 | $11,251 | $11,093 |
| 5/31/19 | $11,192 | $11,290 |
| 6/30/19 | $11,316 | $11,432 |
| 7/31/19 | $11,366 | $11,457 |
| 8/31/19 | $11,400 | $11,754 |
| 9/30/19 | $11,401 | $11,691 |
| 10/31/19 | $11,460 | $11,727 |
| 11/30/19 | $11,460 | $11,721 |
| 12/31/19 | $11,507 | $11,712 |
| 1/31/20 | $11,524 | $11,938 |
| 2/29/20 | $11,356 | $12,153 |
| 3/31/20 | $11,042 | $12,081 |
| 4/30/20 | $11,386 | $12,296 |
| 5/31/20 | $11,454 | $12,353 |
| 6/30/20 | $11,574 | $12,431 |
| 7/31/20 | $11,708 | $12,617 |
| 8/31/20 | $11,801 | $12,515 |
| 9/30/20 | $11,801 | $12,508 |
| 10/31/20 | $11,742 | $12,452 |
| 11/30/20 | $11,952 | $12,574 |
| 12/31/20 | $12,011 | $12,592 |
| 1/31/21 | $11,977 | $12,501 |
| 2/28/21 | $12,069 | $12,321 |
| 3/31/21 | $12,137 | $12,167 |
| 4/30/21 | $12,212 | $12,263 |
| 5/31/21 | $12,254 | $12,303 |
| 6/30/21 | $12,264 | $12,390 |
| 7/31/21 | $12,289 | $12,528 |
| 8/31/21 | $12,356 | $12,504 |
| 9/30/21 | $12,306 | $12,396 |
| 10/31/21 | $12,432 | $12,393 |
| 11/30/21 | $12,382 | $12,429 |
| 12/31/21 | $12,482 | $12,397 |
| 1/31/22 | $12,382 | $12,130 |
| 2/28/22 | $12,256 | $11,995 |
| 3/31/22 | $12,289 | $11,662 |
| 4/30/22 | $11,995 | $11,219 |
| 5/31/22 | $11,903 | $11,292 |
| 6/30/22 | $11,558 | $11,114 |
| 7/31/22 | $11,827 | $11,386 |
| 8/31/22 | $11,785 | $11,064 |
| 9/30/22 | $11,500 | $10,586 |
| 10/31/22 | $11,693 | $10,449 |
| 11/30/22 | $11,852 | $10,833 |
| 12/31/22 | $11,829 | $10,785 |
| 1/31/23 | $12,083 | $11,116 |
| 2/28/23 | $12,040 | $10,829 |
| 3/31/23 | $12,175 | $11,104 |
| 4/30/23 | $12,243 | $11,171 |
| 5/31/23 | $12,277 | $11,050 |
| 6/30/23 | $12,474 | $11,010 |
| 7/31/23 | $12,524 | $11,003 |
| 8/31/23 | $12,558 | $10,932 |
| 9/30/23 | $12,537 | $10,654 |
| 10/31/23 | $12,503 | $10,486 |
| 11/30/23 | $12,689 | $10,961 |
| 12/31/23 | $12,793 | $11,381 |
| 1/31/24 | $12,828 | $11,349 |
| 2/29/24 | $12,917 | $11,189 |
| 3/31/24 | $12,996 | $11,292 |
| 4/30/24 | $12,970 | $11,007 |
| 5/31/24 | $13,085 | $11,194 |
| 6/30/24 | $13,158 | $11,300 |
| 7/31/24 | $13,220 | $11,564 |
| 8/31/24 | $13,353 | $11,730 |
| 9/30/24 | $13,461 | $11,887 |
| 10/31/24 | $13,479 | $11,592 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 7.80 | 3.30 | 3.03 |
| Class C with sales charge | 6.80 | 3.30 | 3.03 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $15,075,236,249 | 793 | 35% | $94,602,852 |
Calamos Market Neutral Income Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund combined two core strategies, hedged equity and convertible arbitrage, with small allocations to merger arbitrage and special purpose acquisition company (SPAC) arbitrage. Hedged equity represented 52% of the Fund’s allocation on average during the annual period, followed by convertible arbitrage (43%), merger arbitrage (4%), and SPAC arbitrage (1%).
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Information Technology | 34.9 |
| Consumer Discretionary | 13.3 |
| Health Care | 10.2 |
| Financials | 9.9 |
| Communication Services | 7.8 |
| Industrials | 7.7 |
| Utilities | 5.1 |
| Consumer Staples | 4.1 |
| Energy | 2.6 |
| Other | 2.5 |
| Materials | 1.8 |
| Real Estate | 1.7 |
| Special Purpose Acquisition Companies | 0.5 |
| Airlines | 0.0 |
| Apple, Inc. | 3.9 |
| NVIDIA Corp. | 3.9 |
| Microsoft Corp. | 3.5 |
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 2.4 |
| Calamos Short-Term Bond Fund - Class I | 2.2 |
| Amazon.com, Inc. | 2.0 |
| Meta Platforms, Inc. - Class A | 1.5 |
| Alphabet, Inc. - Class C | 1.2 |
| Alibaba Group Holding Ltd., 0.500%, 06/01/31 | 1.1 |
| Alphabet, Inc. - Class A | 1.0 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | MNITSRA-C 24
Calamos Market Neutral Income Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $99 | 0.95% |
As US economic growth remained resilient and the Federal Reserve began to lower interest rates, the Fund posted a positive return and outperformed the bond market for the 12 months ended October 31, 2024 (“annual period”). All of the Fund’s investment strategies delivered positive returns during the period. The robust performance of the S&P 500 Index supported the hedged equity strategy, while the higher interest rate environment and lower volatility through much of the period contributed to the strategy’s option premium capture. Convertible arbitrage was supported by the upward-trending equity market, narrowing credit spreads, and trade rebalancing generated by individual name volatility. The merger arbitrage strategy contributed despite several deal breaks in January.
| Class I | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,001 |
| 11/30/14 | $1,004,619 | $1,007,097 |
| 12/31/14 | $1,000,772 | $1,008,039 |
| 1/31/15 | $992,185 | $1,029,175 |
| 2/28/15 | $1,010,920 | $1,019,500 |
| 3/31/15 | $1,006,759 | $1,024,232 |
| 4/30/15 | $1,016,944 | $1,020,558 |
| 5/31/15 | $1,023,212 | $1,018,099 |
| 6/30/15 | $1,015,984 | $1,006,997 |
| 7/31/15 | $1,021,480 | $1,013,998 |
| 8/31/15 | $1,003,421 | $1,012,540 |
| 9/30/15 | $994,448 | $1,019,389 |
| 10/31/15 | $1,018,857 | $1,019,563 |
| 11/30/15 | $1,016,495 | $1,016,867 |
| 12/31/15 | $1,013,786 | $1,013,583 |
| 1/31/16 | $996,113 | $1,027,528 |
| 2/29/16 | $993,703 | $1,034,819 |
| 3/31/16 | $1,016,116 | $1,044,310 |
| 4/30/16 | $1,024,980 | $1,048,321 |
| 5/31/16 | $1,031,426 | $1,048,590 |
| 6/30/16 | $1,034,281 | $1,067,431 |
| 7/31/16 | $1,047,220 | $1,074,180 |
| 8/31/16 | $1,049,646 | $1,072,953 |
| 9/30/16 | $1,053,313 | $1,072,321 |
| 10/31/16 | $1,053,313 | $1,064,120 |
| 11/30/16 | $1,060,616 | $1,038,951 |
| 12/31/16 | $1,064,831 | $1,040,415 |
| 1/31/17 | $1,070,623 | $1,042,457 |
| 2/28/17 | $1,082,206 | $1,049,464 |
| 3/31/17 | $1,084,189 | $1,048,911 |
| 4/30/17 | $1,086,679 | $1,057,008 |
| 5/31/17 | $1,089,170 | $1,065,141 |
| 6/30/17 | $1,094,435 | $1,064,072 |
| 7/31/17 | $1,099,428 | $1,068,652 |
| 8/31/17 | $1,099,428 | $1,078,233 |
| 9/30/17 | $1,103,427 | $1,073,100 |
| 10/31/17 | $1,106,766 | $1,073,722 |
| 11/30/17 | $1,110,939 | $1,072,342 |
| 12/31/17 | $1,115,435 | $1,077,264 |
| 1/31/18 | $1,130,796 | $1,064,857 |
| 2/28/18 | $1,129,943 | $1,054,765 |
| 3/31/18 | $1,130,417 | $1,061,530 |
| 4/30/18 | $1,137,257 | $1,053,633 |
| 5/31/18 | $1,140,678 | $1,061,150 |
| 6/30/18 | $1,141,312 | $1,059,845 |
| 7/31/18 | $1,148,172 | $1,060,098 |
| 8/31/18 | $1,154,174 | $1,066,920 |
| 9/30/18 | $1,156,419 | $1,060,050 |
| 10/31/18 | $1,151,248 | $1,051,675 |
| 11/30/18 | $1,154,695 | $1,057,950 |
| 12/31/18 | $1,135,528 | $1,077,385 |
| 1/31/19 | $1,157,933 | $1,088,830 |
| 2/28/19 | $1,164,207 | $1,088,198 |
| 3/31/19 | $1,168,446 | $1,109,092 |
| 4/30/19 | $1,176,535 | $1,109,376 |
| 5/31/19 | $1,172,041 | $1,129,070 |
| 6/30/19 | $1,185,734 | $1,143,247 |
| 7/31/19 | $1,191,144 | $1,145,763 |
| 8/31/19 | $1,196,554 | $1,175,454 |
| 9/30/19 | $1,198,085 | $1,169,194 |
| 10/31/19 | $1,204,424 | $1,172,716 |
| 11/30/19 | $1,206,235 | $1,172,116 |
| 12/31/19 | $1,211,920 | $1,171,300 |
| 1/31/20 | $1,214,651 | $1,193,842 |
| 2/29/20 | $1,198,262 | $1,215,330 |
| 3/31/20 | $1,165,473 | $1,208,176 |
| 4/30/20 | $1,202,951 | $1,229,655 |
| 5/31/20 | $1,211,178 | $1,235,377 |
| 6/30/20 | $1,224,701 | $1,243,163 |
| 7/31/20 | $1,239,368 | $1,261,730 |
| 8/31/20 | $1,251,285 | $1,251,543 |
| 9/30/20 | $1,252,202 | $1,250,859 |
| 10/31/20 | $1,246,702 | $1,245,274 |
| 11/30/20 | $1,269,619 | $1,257,492 |
| 12/31/20 | $1,276,785 | $1,259,224 |
| 1/31/21 | $1,274,946 | $1,250,196 |
| 2/28/21 | $1,285,977 | $1,232,145 |
| 3/31/21 | $1,294,250 | $1,216,757 |
| 4/30/21 | $1,303,442 | $1,226,370 |
| 5/31/21 | $1,308,957 | $1,230,376 |
| 6/30/21 | $1,311,432 | $1,239,020 |
| 7/31/21 | $1,315,118 | $1,252,875 |
| 8/31/21 | $1,322,491 | $1,250,490 |
| 9/30/21 | $1,319,162 | $1,239,662 |
| 10/31/21 | $1,332,999 | $1,239,320 |
| 11/30/21 | $1,329,309 | $1,242,989 |
| 12/31/21 | $1,340,942 | $1,239,809 |
| 1/31/22 | $1,330,783 | $1,213,098 |
| 2/28/22 | $1,318,778 | $1,199,564 |
| 3/31/22 | $1,322,780 | $1,166,236 |
| 4/30/22 | $1,293,221 | $1,121,979 |
| 5/31/22 | $1,283,984 | $1,129,212 |
| 6/30/22 | $1,247,242 | $1,111,498 |
| 7/31/22 | $1,277,752 | $1,138,656 |
| 8/31/22 | $1,274,979 | $1,106,486 |
| 9/30/22 | $1,244,883 | $1,058,676 |
| 10/31/22 | $1,266,186 | $1,044,963 |
| 11/30/22 | $1,285,638 | $1,083,392 |
| 12/31/22 | $1,283,775 | $1,078,507 |
| 1/31/23 | $1,311,764 | $1,111,687 |
| 2/28/23 | $1,308,032 | $1,082,945 |
| 3/31/23 | $1,323,941 | $1,110,450 |
| 4/30/23 | $1,333,284 | $1,117,183 |
| 5/31/23 | $1,337,956 | $1,105,018 |
| 6/30/23 | $1,360,549 | $1,101,075 |
| 7/31/23 | $1,367,108 | $1,100,311 |
| 8/31/23 | $1,371,793 | $1,093,284 |
| 9/30/23 | $1,370,272 | $1,065,499 |
| 10/31/23 | $1,368,388 | $1,048,685 |
| 11/30/23 | $1,390,049 | $1,096,174 |
| 12/31/23 | $1,401,445 | $1,138,135 |
| 1/31/24 | $1,407,375 | $1,135,008 |
| 2/29/24 | $1,418,246 | $1,118,973 |
| 3/31/24 | $1,427,771 | $1,129,307 |
| 4/30/24 | $1,425,791 | $1,100,780 |
| 5/31/24 | $1,440,643 | $1,119,442 |
| 6/30/24 | $1,449,689 | $1,130,044 |
| 7/31/24 | $1,457,638 | $1,156,439 |
| 8/31/24 | $1,472,542 | $1,173,053 |
| 9/30/24 | $1,485,618 | $1,188,762 |
| 10/31/24 | $1,489,606 | $1,159,282 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 8.86 | 4.34 | 4.07 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $15,075,236,249 | 793 | 35% | $94,602,852 |
Calamos Market Neutral Income Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund combined two core strategies, hedged equity and convertible arbitrage, with small allocations to merger arbitrage and special purpose acquisition company (SPAC) arbitrage. Hedged equity represented 52% of the Fund’s allocation on average during the annual period, followed by convertible arbitrage (43%), merger arbitrage (4%), and SPAC arbitrage (1%).
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Information Technology | 34.9 |
| Consumer Discretionary | 13.3 |
| Health Care | 10.2 |
| Financials | 9.9 |
| Communication Services | 7.8 |
| Industrials | 7.7 |
| Utilities | 5.1 |
| Consumer Staples | 4.1 |
| Energy | 2.6 |
| Other | 2.5 |
| Materials | 1.8 |
| Real Estate | 1.7 |
| Special Purpose Acquisition Companies | 0.5 |
| Airlines | 0.0 |
| Apple, Inc. | 3.9 |
| NVIDIA Corp. | 3.9 |
| Microsoft Corp. | 3.5 |
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 2.4 |
| Calamos Short-Term Bond Fund - Class I | 2.2 |
| Amazon.com, Inc. | 2.0 |
| Meta Platforms, Inc. - Class A | 1.5 |
| Alphabet, Inc. - Class C | 1.2 |
| Alibaba Group Holding Ltd., 0.500%, 06/01/31 | 1.1 |
| Alphabet, Inc. - Class A | 1.0 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | MNITSRA-I 24
Calamos Market Neutral Income Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Market Neutral Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class R6 | $90 | 0.86% |
As US economic growth remained resilient and the Federal Reserve began to lower interest rates, the Fund posted a positive return and outperformed the bond market for the 12 months ended October 31, 2024 (“annual period”). All of the Fund’s investment strategies delivered positive returns during the period. The robust performance of the S&P 500 Index supported the hedged equity strategy, while the higher interest rate environment and lower volatility through much of the period contributed to the strategy’s option premium capture. Convertible arbitrage was supported by the upward-trending equity market, narrowing credit spreads, and trade rebalancing generated by individual name volatility. The merger arbitrage strategy contributed despite several deal breaks in January.
| Class R6 | Bloomberg U.S. Aggregate Bond Index |
|---|
| 6/23/20 | $10,000 | $10,001 |
| 6/30/20 | $10,007 | $10,027 |
| 7/31/20 | $10,135 | $10,177 |
| 8/31/20 | $10,225 | $10,095 |
| 9/30/20 | $10,232 | $10,089 |
| 10/31/20 | $10,195 | $10,044 |
| 11/30/20 | $10,382 | $10,143 |
| 12/31/20 | $10,444 | $10,157 |
| 1/31/21 | $10,422 | $10,084 |
| 2/28/21 | $10,512 | $9,938 |
| 3/31/21 | $10,587 | $9,814 |
| 4/30/21 | $10,662 | $9,892 |
| 5/31/21 | $10,707 | $9,924 |
| 6/30/21 | $10,729 | $9,994 |
| 7/31/21 | $10,760 | $10,105 |
| 8/31/21 | $10,820 | $10,086 |
| 9/30/21 | $10,795 | $9,999 |
| 10/31/21 | $10,908 | $9,996 |
| 11/30/21 | $10,878 | $10,026 |
| 12/31/21 | $10,967 | $10,000 |
| 1/31/22 | $10,892 | $9,784 |
| 2/28/22 | $10,793 | $9,675 |
| 3/31/22 | $10,828 | $9,407 |
| 4/30/22 | $10,579 | $9,050 |
| 5/31/22 | $10,503 | $9,108 |
| 6/30/22 | $10,212 | $8,965 |
| 7/31/22 | $10,462 | $9,184 |
| 8/31/22 | $10,439 | $8,925 |
| 9/30/22 | $10,195 | $8,539 |
| 10/31/22 | $10,369 | $8,428 |
| 11/30/22 | $10,528 | $8,738 |
| 12/31/22 | $10,516 | $8,699 |
| 1/31/23 | $10,745 | $8,967 |
| 2/28/23 | $10,714 | $8,735 |
| 3/31/23 | $10,847 | $8,957 |
| 4/30/23 | $10,923 | $9,011 |
| 5/31/23 | $10,962 | $8,913 |
| 6/30/23 | $11,149 | $8,881 |
| 7/31/23 | $11,203 | $8,875 |
| 8/31/23 | $11,233 | $8,818 |
| 9/30/23 | $11,231 | $8,594 |
| 10/31/23 | $11,207 | $8,458 |
| 11/30/23 | $11,385 | $8,841 |
| 12/31/23 | $11,488 | $9,180 |
| 1/31/24 | $11,529 | $9,155 |
| 2/29/24 | $11,618 | $9,025 |
| 3/31/24 | $11,698 | $9,109 |
| 4/30/24 | $11,690 | $8,879 |
| 5/31/24 | $11,804 | $9,029 |
| 6/30/24 | $11,880 | $9,115 |
| 7/31/24 | $11,954 | $9,327 |
| 8/31/24 | $12,076 | $9,461 |
| 9/30/24 | $12,185 | $9,588 |
| 10/31/24 | $12,210 | $9,350 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 6/23/20 |
|---|
| Class R6 | 8.94 | 4.69 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -1.53 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $15,075,236,249 | 793 | 35% | $94,602,852 |
Calamos Market Neutral Income Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund combined two core strategies, hedged equity and convertible arbitrage, with small allocations to merger arbitrage and special purpose acquisition company (SPAC) arbitrage. Hedged equity represented 52% of the Fund’s allocation on average during the annual period, followed by convertible arbitrage (43%), merger arbitrage (4%), and SPAC arbitrage (1%).
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Information Technology | 34.9 |
| Consumer Discretionary | 13.3 |
| Health Care | 10.2 |
| Financials | 9.9 |
| Communication Services | 7.8 |
| Industrials | 7.7 |
| Utilities | 5.1 |
| Consumer Staples | 4.1 |
| Energy | 2.6 |
| Other | 2.5 |
| Materials | 1.8 |
| Real Estate | 1.7 |
| Special Purpose Acquisition Companies | 0.5 |
| Airlines | 0.0 |
| Apple, Inc. | 3.9 |
| NVIDIA Corp. | 3.9 |
| Microsoft Corp. | 3.5 |
| Palo Alto Networks, Inc., 0.375%, 06/01/25 | 2.4 |
| Calamos Short-Term Bond Fund - Class I | 2.2 |
| Amazon.com, Inc. | 2.0 |
| Meta Platforms, Inc. - Class A | 1.5 |
| Alphabet, Inc. - Class C | 1.2 |
| Alibaba Group Holding Ltd., 0.500%, 06/01/31 | 1.1 |
| Alphabet, Inc. - Class A | 1.0 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | MNITSRA-R6 24
Calamos Phineus Long/Short Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Phineus Long/Short Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $262 | 2.43% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund delivered strong, double-digit returns as equity markets rallied. During the period, investors broadly saw resilient economic growth in the US, and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much of the attention and provided a significant portion of market gains during the period. In efforts to manage risk around extreme valuations, narrow markets, and exceedingly high expectations for AI-related market leaders, the Fund maintained a low net equity exposure of 19% for the period but managed to capture nearly six points of alpha. Our view that the US was not headed to an imminent recession, discussed at the beginning of the period, was rewarded.
| Class A with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $9,527 | $9,999 |
| 11/30/14 | $9,768 | $10,267 |
| 12/31/14 | $9,212 | $10,242 |
| 1/31/15 | $9,128 | $9,934 |
| 2/28/15 | $9,917 | $10,505 |
| 3/31/15 | $9,694 | $10,339 |
| 4/30/15 | $9,981 | $10,438 |
| 5/31/15 | $10,093 | $10,572 |
| 6/30/15 | $10,445 | $10,368 |
| 7/31/15 | $10,538 | $10,585 |
| 8/31/15 | $10,278 | $9,946 |
| 9/30/15 | $9,963 | $9,700 |
| 10/31/15 | $10,334 | $10,518 |
| 11/30/15 | $9,972 | $10,550 |
| 12/31/15 | $9,647 | $10,383 |
| 1/31/16 | $9,054 | $9,868 |
| 2/29/16 | $9,184 | $9,855 |
| 3/31/16 | $9,583 | $10,523 |
| 4/30/16 | $9,731 | $10,564 |
| 5/31/16 | $9,740 | $10,754 |
| 6/30/16 | $9,054 | $10,782 |
| 7/31/16 | $9,471 | $11,179 |
| 8/31/16 | $9,759 | $11,195 |
| 9/30/16 | $9,796 | $11,197 |
| 10/31/16 | $9,991 | $10,993 |
| 11/30/16 | $10,705 | $11,400 |
| 12/31/16 | $10,852 | $11,625 |
| 1/31/17 | $10,862 | $11,846 |
| 2/28/17 | $11,030 | $12,316 |
| 3/31/17 | $11,161 | $12,330 |
| 4/30/17 | $11,245 | $12,457 |
| 5/31/17 | $11,086 | $12,632 |
| 6/30/17 | $11,535 | $12,711 |
| 7/31/17 | $11,517 | $12,972 |
| 8/31/17 | $11,348 | $13,012 |
| 9/30/17 | $11,582 | $13,281 |
| 10/31/17 | $11,535 | $13,591 |
| 11/30/17 | $11,610 | $14,007 |
| 12/31/17 | $11,817 | $14,163 |
| 1/31/18 | $12,092 | $14,974 |
| 2/28/18 | $11,988 | $14,422 |
| 3/31/18 | $12,026 | $14,056 |
| 4/30/18 | $12,045 | $14,109 |
| 5/31/18 | $11,893 | $14,449 |
| 6/30/18 | $11,808 | $14,538 |
| 7/31/18 | $11,950 | $15,079 |
| 8/31/18 | $11,865 | $15,571 |
| 9/30/18 | $11,571 | $15,659 |
| 10/31/18 | $11,496 | $14,589 |
| 11/30/18 | $11,581 | $14,886 |
| 12/31/18 | $11,090 | $13,542 |
| 1/31/19 | $11,592 | $14,627 |
| 2/28/19 | $11,582 | $15,097 |
| 3/31/19 | $11,454 | $15,390 |
| 4/30/19 | $11,631 | $16,013 |
| 5/31/19 | $11,631 | $14,996 |
| 6/30/19 | $11,690 | $16,053 |
| 7/31/19 | $11,779 | $16,283 |
| 8/31/19 | $11,552 | $16,025 |
| 9/30/19 | $11,464 | $16,325 |
| 10/31/19 | $11,444 | $16,679 |
| 11/30/19 | $11,631 | $17,284 |
| 12/31/19 | $11,505 | $17,806 |
| 1/31/20 | $11,456 | $17,799 |
| 2/29/20 | $11,180 | $16,334 |
| 3/31/20 | $10,175 | $14,316 |
| 4/30/20 | $11,032 | $16,152 |
| 5/31/20 | $11,328 | $16,921 |
| 6/30/20 | $11,416 | $17,257 |
| 7/31/20 | $11,003 | $18,231 |
| 8/31/20 | $11,426 | $19,541 |
| 9/30/20 | $11,042 | $18,798 |
| 10/31/20 | $11,013 | $18,299 |
| 11/30/20 | $13,120 | $20,302 |
| 12/31/20 | $13,751 | $21,082 |
| 1/31/21 | $12,933 | $20,869 |
| 2/28/21 | $14,667 | $21,445 |
| 3/31/21 | $15,455 | $22,384 |
| 4/30/21 | $15,898 | $23,579 |
| 5/31/21 | $16,036 | $23,743 |
| 6/30/21 | $15,278 | $24,298 |
| 7/31/21 | $14,992 | $24,875 |
| 8/31/21 | $15,150 | $25,631 |
| 9/30/21 | $15,356 | $24,439 |
| 10/31/21 | $15,219 | $26,151 |
| 11/30/21 | $14,362 | $25,970 |
| 12/31/21 | $14,746 | $27,134 |
| 1/31/22 | $15,839 | $25,730 |
| 2/28/22 | $15,967 | $24,959 |
| 3/31/22 | $15,829 | $25,886 |
| 4/30/22 | $15,209 | $23,629 |
| 5/31/22 | $15,169 | $23,672 |
| 6/30/22 | $14,066 | $21,718 |
| 7/31/22 | $14,706 | $23,721 |
| 8/31/22 | $14,480 | $22,753 |
| 9/30/22 | $13,613 | $20,658 |
| 10/31/22 | $14,391 | $22,330 |
| 11/30/22 | $15,199 | $23,578 |
| 12/31/22 | $14,578 | $22,220 |
| 1/31/23 | $15,494 | $23,616 |
| 2/28/23 | $15,327 | $23,040 |
| 3/31/23 | $14,874 | $23,886 |
| 4/30/23 | $15,012 | $24,258 |
| 5/31/23 | $14,815 | $24,364 |
| 6/30/23 | $15,622 | $25,974 |
| 7/31/23 | $15,701 | $26,808 |
| 8/31/23 | $15,297 | $26,381 |
| 9/30/23 | $15,081 | $25,123 |
| 10/31/23 | $14,696 | $24,595 |
| 11/30/23 | $15,278 | $26,841 |
| 12/31/23 | $15,699 | $28,061 |
| 1/31/24 | $16,020 | $28,532 |
| 2/29/24 | $16,160 | $30,056 |
| 3/31/24 | $16,611 | $31,023 |
| 4/30/24 | $16,811 | $29,756 |
| 5/31/24 | $16,791 | $31,231 |
| 6/30/24 | $16,641 | $32,352 |
| 7/31/24 | $16,891 | $32,746 |
| 8/31/24 | $16,901 | $33,540 |
| 9/30/24 | $16,841 | $34,256 |
| 10/31/24 | $17,021 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 15.82 | 8.26 | 5.98 |
| Class A with sales charge | 10.34 | 7.21 | 5.46 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $1,043,829,683 | 41 | 342% | $12,381,860 |
Calamos Phineus Long/Short Fund
Class A (With Predecessor): CPLSX
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
While the Fund invested in the mega-cap, AI-related market leaders, it was to a lesser extent, and the Fund owned a more diversified portfolio than the more narrowly focused equity indices. Fund holdings in industrials and consumer discretionary were strong contributors, and while the market hedges detracted, good selection offset much of the technology underweight.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Industrials | 29.5 |
| Information Technology | 21.0 |
| Health Care | 12.3 |
| Consumer Discretionary | 9.6 |
| Communication Services | 6.7 |
| Financials | 6.3 |
| Other | 3.1 |
| United Airlines Holdings, Inc. | 6.0 |
| Oracle Corp. | 4.7 |
| Microsoft Corp. | 4.5 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 4.4 |
| L3Harris Technologies, Inc. | 4.1 |
| Alphabet, Inc. - Class A | 4.0 |
| Zimmer Biomet Holdings, Inc. | 3.6 |
| Morgan Stanley | 3.5 |
| Delta Air Lines, Inc. | 3.5 |
| Merck & Company, Inc. | 3.4 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | PLSTSRA-A 24
Calamos Phineus Long/Short Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Phineus Long/Short Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $341 | 3.17% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund delivered strong, double-digit returns as equity markets rallied. During the period, investors broadly saw resilient economic growth in the US, and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much of the attention and provided a significant portion of market gains during the period. In efforts to manage risk around extreme valuations, narrow markets, and exceedingly high expectations for AI-related market leaders, the Fund maintained a low net equity exposure of 19% for the period but managed to capture nearly six points of alpha. Our view that the US was not headed to an imminent recession, discussed at the beginning of the period, was rewarded.
| Class C with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $10,000 | $9,999 |
| 11/30/14 | $10,250 | $10,267 |
| 12/31/14 | $9,657 | $10,242 |
| 1/31/15 | $9,566 | $9,934 |
| 2/28/15 | $10,382 | $10,505 |
| 3/31/15 | $10,142 | $10,339 |
| 4/30/15 | $10,435 | $10,438 |
| 5/31/15 | $10,553 | $10,572 |
| 6/30/15 | $10,912 | $10,368 |
| 7/31/15 | $10,996 | $10,585 |
| 8/31/15 | $10,726 | $9,946 |
| 9/30/15 | $10,385 | $9,700 |
| 10/31/15 | $10,765 | $10,518 |
| 11/30/15 | $10,385 | $10,550 |
| 12/31/15 | $10,035 | $10,383 |
| 1/31/16 | $9,414 | $9,868 |
| 2/29/16 | $9,541 | $9,855 |
| 3/31/16 | $9,948 | $10,523 |
| 4/30/16 | $10,105 | $10,564 |
| 5/31/16 | $10,105 | $10,754 |
| 6/30/16 | $9,393 | $10,782 |
| 7/31/16 | $9,816 | $11,179 |
| 8/31/16 | $10,105 | $11,195 |
| 9/30/16 | $10,144 | $11,197 |
| 10/31/16 | $10,337 | $10,993 |
| 11/30/16 | $11,069 | $11,400 |
| 12/31/16 | $11,212 | $11,625 |
| 1/31/17 | $11,212 | $11,846 |
| 2/28/17 | $11,377 | $12,316 |
| 3/31/17 | $11,504 | $12,330 |
| 4/30/17 | $11,591 | $12,457 |
| 5/31/17 | $11,416 | $12,632 |
| 6/30/17 | $11,863 | $12,711 |
| 7/31/17 | $11,853 | $12,972 |
| 8/31/17 | $11,669 | $13,012 |
| 9/30/17 | $11,892 | $13,281 |
| 10/31/17 | $11,844 | $13,591 |
| 11/30/17 | $11,912 | $14,007 |
| 12/31/17 | $12,117 | $14,163 |
| 1/31/18 | $12,393 | $14,974 |
| 2/28/18 | $12,275 | $14,422 |
| 3/31/18 | $12,304 | $14,056 |
| 4/30/18 | $12,324 | $14,109 |
| 5/31/18 | $12,157 | $14,449 |
| 6/30/18 | $12,058 | $14,538 |
| 7/31/18 | $12,196 | $15,079 |
| 8/31/18 | $12,098 | $15,571 |
| 9/30/18 | $11,793 | $15,659 |
| 10/31/18 | $11,714 | $14,589 |
| 11/30/18 | $11,793 | $14,886 |
| 12/31/18 | $11,293 | $13,542 |
| 1/31/19 | $11,784 | $14,627 |
| 2/28/19 | $11,774 | $15,097 |
| 3/31/19 | $11,631 | $15,390 |
| 4/30/19 | $11,805 | $16,013 |
| 5/31/19 | $11,794 | $14,996 |
| 6/30/19 | $11,856 | $16,053 |
| 7/31/19 | $11,927 | $16,283 |
| 8/31/19 | $11,702 | $16,025 |
| 9/30/19 | $11,600 | $16,325 |
| 10/31/19 | $11,580 | $16,679 |
| 11/30/19 | $11,754 | $17,284 |
| 12/31/19 | $11,621 | $17,806 |
| 1/31/20 | $11,559 | $17,799 |
| 2/29/20 | $11,273 | $16,334 |
| 3/31/20 | $10,260 | $14,316 |
| 4/30/20 | $11,109 | $16,152 |
| 5/31/20 | $11,406 | $16,921 |
| 6/30/20 | $11,488 | $17,257 |
| 7/31/20 | $11,058 | $18,231 |
| 8/31/20 | $11,477 | $19,541 |
| 9/30/20 | $11,089 | $18,798 |
| 10/31/20 | $11,048 | $18,299 |
| 11/30/20 | $13,165 | $20,302 |
| 12/31/20 | $13,779 | $21,082 |
| 1/31/21 | $12,961 | $20,869 |
| 2/28/21 | $14,689 | $21,445 |
| 3/31/21 | $15,467 | $22,384 |
| 4/30/21 | $15,907 | $23,579 |
| 5/31/21 | $16,029 | $23,743 |
| 6/30/21 | $15,252 | $24,298 |
| 7/31/21 | $14,966 | $24,875 |
| 8/31/21 | $15,109 | $25,631 |
| 9/30/21 | $15,313 | $24,439 |
| 10/31/21 | $15,170 | $26,151 |
| 11/30/21 | $14,301 | $25,970 |
| 12/31/21 | $14,679 | $27,134 |
| 1/31/22 | $15,753 | $25,730 |
| 2/28/22 | $15,866 | $24,959 |
| 3/31/22 | $15,723 | $25,886 |
| 4/30/22 | $15,099 | $23,629 |
| 5/31/22 | $15,047 | $23,672 |
| 6/30/22 | $13,943 | $21,718 |
| 7/31/22 | $14,567 | $23,721 |
| 8/31/22 | $14,342 | $22,753 |
| 9/30/22 | $13,472 | $20,658 |
| 10/31/22 | $14,229 | $22,330 |
| 11/30/22 | $15,027 | $23,578 |
| 12/31/22 | $14,393 | $22,220 |
| 1/31/23 | $15,293 | $23,616 |
| 2/28/23 | $15,119 | $23,040 |
| 3/31/23 | $14,669 | $23,886 |
| 4/30/23 | $14,792 | $24,258 |
| 5/31/23 | $14,587 | $24,364 |
| 6/30/23 | $15,375 | $25,974 |
| 7/31/23 | $15,436 | $26,808 |
| 8/31/23 | $15,027 | $26,381 |
| 9/30/23 | $14,812 | $25,123 |
| 10/31/23 | $14,423 | $24,595 |
| 11/30/23 | $14,986 | $26,841 |
| 12/31/23 | $15,387 | $28,061 |
| 1/31/24 | $15,697 | $28,532 |
| 2/29/24 | $15,821 | $30,056 |
| 3/31/24 | $16,255 | $31,023 |
| 4/30/24 | $16,441 | $29,756 |
| 5/31/24 | $16,410 | $31,231 |
| 6/30/24 | $16,244 | $32,352 |
| 7/31/24 | $16,482 | $32,746 |
| 8/31/24 | $16,482 | $33,540 |
| 9/30/24 | $16,420 | $34,256 |
| 10/31/24 | $16,575 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 14.92 | 7.44 | 5.18 |
| Class C with sales charge | 13.92 | 7.44 | 5.18 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $1,043,829,683 | 41 | 342% | $12,381,860 |
Calamos Phineus Long/Short Fund
Class C (With Predecessor): CPCLX
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
While the Fund invested in the mega-cap, AI-related market leaders, it was to a lesser extent, and the Fund owned a more diversified portfolio than the more narrowly focused equity indices. Fund holdings in industrials and consumer discretionary were strong contributors, and while the market hedges detracted, good selection offset much of the technology underweight.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Industrials | 29.5 |
| Information Technology | 21.0 |
| Health Care | 12.3 |
| Consumer Discretionary | 9.6 |
| Communication Services | 6.7 |
| Financials | 6.3 |
| Other | 3.1 |
| United Airlines Holdings, Inc. | 6.0 |
| Oracle Corp. | 4.7 |
| Microsoft Corp. | 4.5 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 4.4 |
| L3Harris Technologies, Inc. | 4.1 |
| Alphabet, Inc. - Class A | 4.0 |
| Zimmer Biomet Holdings, Inc. | 3.6 |
| Morgan Stanley | 3.5 |
| Delta Air Lines, Inc. | 3.5 |
| Merck & Company, Inc. | 3.4 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | PLSTSRA-C 24
Calamos Phineus Long/Short Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Phineus Long/Short Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $236 | 2.18% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund delivered strong, double-digit returns as equity markets rallied. During the period, investors broadly saw resilient economic growth in the US, and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much of the attention and provided a significant portion of market gains during the period. In efforts to manage risk around extreme valuations, narrow markets, and exceedingly high expectations for AI-related market leaders, the Fund maintained a low net equity exposure of 19% for the period but managed to capture nearly six points of alpha. Our view that the US was not headed to an imminent recession, discussed at the beginning of the period, was rewarded.
| Class I | S&P 500 Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,000 |
| 11/30/14 | $1,025,837 | $1,026,895 |
| 12/31/14 | $967,343 | $1,024,308 |
| 1/31/15 | $959,076 | $993,558 |
| 2/28/15 | $1,041,604 | $1,050,661 |
| 3/31/15 | $1,018,433 | $1,034,044 |
| 4/30/15 | $1,048,681 | $1,043,965 |
| 5/31/15 | $1,061,382 | $1,057,389 |
| 6/30/15 | $1,098,429 | $1,036,919 |
| 7/31/15 | $1,107,810 | $1,058,645 |
| 8/31/15 | $1,081,525 | $994,772 |
| 9/30/15 | $1,047,991 | $970,158 |
| 10/31/15 | $1,087,280 | $1,051,995 |
| 11/30/15 | $1,049,741 | $1,055,123 |
| 12/31/15 | $1,015,318 | $1,038,482 |
| 1/31/16 | $953,326 | $986,949 |
| 2/29/16 | $966,903 | $985,617 |
| 3/31/16 | $1,008,980 | $1,052,479 |
| 4/30/16 | $1,025,124 | $1,056,560 |
| 5/31/16 | $1,027,078 | $1,075,533 |
| 6/30/16 | $954,763 | $1,078,321 |
| 7/31/16 | $999,716 | $1,118,077 |
| 8/31/16 | $1,030,010 | $1,119,648 |
| 9/30/16 | $1,033,919 | $1,119,857 |
| 10/31/16 | $1,055,418 | $1,099,430 |
| 11/30/16 | $1,130,666 | $1,140,148 |
| 12/31/16 | $1,146,180 | $1,162,683 |
| 1/31/17 | $1,147,165 | $1,184,735 |
| 2/28/17 | $1,164,905 | $1,231,778 |
| 3/31/17 | $1,178,703 | $1,233,213 |
| 4/30/17 | $1,188,558 | $1,245,879 |
| 5/31/17 | $1,171,804 | $1,263,412 |
| 6/30/17 | $1,219,110 | $1,271,298 |
| 7/31/17 | $1,218,124 | $1,297,439 |
| 8/31/17 | $1,200,384 | $1,301,412 |
| 9/30/17 | $1,225,023 | $1,328,257 |
| 10/31/17 | $1,221,081 | $1,359,252 |
| 11/30/17 | $1,228,965 | $1,400,939 |
| 12/31/17 | $1,251,812 | $1,416,515 |
| 1/31/18 | $1,280,738 | $1,497,616 |
| 2/28/18 | $1,269,766 | $1,442,420 |
| 3/31/18 | $1,273,756 | $1,405,763 |
| 4/30/18 | $1,275,751 | $1,411,157 |
| 5/31/18 | $1,259,792 | $1,445,140 |
| 6/30/18 | $1,250,814 | $1,454,035 |
| 7/31/18 | $1,266,774 | $1,508,146 |
| 8/31/18 | $1,257,797 | $1,557,288 |
| 9/30/18 | $1,226,875 | $1,566,152 |
| 10/31/18 | $1,219,893 | $1,459,105 |
| 11/30/18 | $1,228,870 | $1,488,839 |
| 12/31/18 | $1,177,473 | $1,354,412 |
| 1/31/19 | $1,230,335 | $1,462,948 |
| 2/28/19 | $1,229,298 | $1,509,921 |
| 3/31/19 | $1,215,824 | $1,539,260 |
| 4/30/19 | $1,235,517 | $1,601,584 |
| 5/31/19 | $1,235,517 | $1,499,806 |
| 6/30/19 | $1,242,773 | $1,605,508 |
| 7/31/19 | $1,252,101 | $1,628,584 |
| 8/31/19 | $1,228,262 | $1,602,785 |
| 9/30/19 | $1,218,933 | $1,632,774 |
| 10/31/19 | $1,217,897 | $1,668,138 |
| 11/30/19 | $1,237,590 | $1,728,690 |
| 12/31/19 | $1,224,194 | $1,780,867 |
| 1/31/20 | $1,218,990 | $1,780,169 |
| 2/29/20 | $1,189,842 | $1,633,628 |
| 3/31/20 | $1,083,662 | $1,431,852 |
| 4/30/20 | $1,174,227 | $1,615,407 |
| 5/31/20 | $1,206,498 | $1,692,345 |
| 6/30/20 | $1,215,867 | $1,726,003 |
| 7/31/20 | $1,172,145 | $1,823,324 |
| 8/31/20 | $1,217,949 | $1,954,384 |
| 9/30/20 | $1,176,309 | $1,880,123 |
| 10/31/20 | $1,173,186 | $1,830,125 |
| 11/30/20 | $1,400,120 | $2,030,458 |
| 12/31/20 | $1,466,743 | $2,108,526 |
| 1/31/21 | $1,380,342 | $2,087,238 |
| 2/28/21 | $1,565,636 | $2,144,792 |
| 3/31/21 | $1,649,956 | $2,238,725 |
| 4/30/21 | $1,697,841 | $2,358,203 |
| 5/31/21 | $1,712,415 | $2,374,673 |
| 6/30/21 | $1,631,218 | $2,430,111 |
| 7/31/21 | $1,601,030 | $2,487,837 |
| 8/31/21 | $1,618,727 | $2,563,481 |
| 9/30/21 | $1,640,587 | $2,444,255 |
| 10/31/21 | $1,627,054 | $2,615,503 |
| 11/30/21 | $1,535,448 | $2,597,381 |
| 12/31/21 | $1,577,087 | $2,713,786 |
| 1/31/22 | $1,693,677 | $2,573,356 |
| 2/28/22 | $1,708,251 | $2,496,304 |
| 3/31/22 | $1,693,677 | $2,588,992 |
| 4/30/22 | $1,627,054 | $2,363,228 |
| 5/31/22 | $1,623,931 | $2,367,562 |
| 6/30/22 | $1,506,301 | $2,172,135 |
| 7/31/22 | $1,575,005 | $2,372,415 |
| 8/31/22 | $1,551,063 | $2,275,665 |
| 9/30/22 | $1,458,415 | $2,066,077 |
| 10/31/22 | $1,541,694 | $2,233,350 |
| 11/30/22 | $1,629,136 | $2,358,160 |
| 12/31/22 | $1,561,969 | $2,222,295 |
| 1/31/23 | $1,661,935 | $2,361,931 |
| 2/28/23 | $1,644,233 | $2,304,301 |
| 3/31/23 | $1,596,333 | $2,388,902 |
| 4/30/23 | $1,610,911 | $2,426,190 |
| 5/31/23 | $1,590,085 | $2,436,736 |
| 6/30/23 | $1,677,555 | $2,597,745 |
| 7/31/23 | $1,685,885 | $2,681,196 |
| 8/31/23 | $1,642,150 | $2,638,508 |
| 9/30/23 | $1,619,241 | $2,512,709 |
| 10/31/23 | $1,578,630 | $2,459,875 |
| 11/30/23 | $1,641,109 | $2,684,525 |
| 12/31/23 | $1,687,500 | $2,806,485 |
| 1/31/24 | $1,722,502 | $2,853,645 |
| 2/29/24 | $1,737,351 | $3,006,018 |
| 3/31/24 | $1,786,141 | $3,102,735 |
| 4/30/24 | $1,808,415 | $2,976,004 |
| 5/31/24 | $1,806,293 | $3,123,570 |
| 6/30/24 | $1,790,384 | $3,235,649 |
| 7/31/24 | $1,817,961 | $3,275,035 |
| 8/31/24 | $1,819,021 | $3,354,475 |
| 9/30/24 | $1,813,718 | $3,426,117 |
| 10/31/24 | $1,832,810 | $3,395,049 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 16.10 | 8.52 | 6.25 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $1,043,829,683 | 41 | 342% | $12,381,860 |
Calamos Phineus Long/Short Fund
Class I (With Predecessor): CPLIX
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
While the Fund invested in the mega-cap, AI-related market leaders, it was to a lesser extent, and the Fund owned a more diversified portfolio than the more narrowly focused equity indices. Fund holdings in industrials and consumer discretionary were strong contributors, and while the market hedges detracted, good selection offset much of the technology underweight.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Industrials | 29.5 |
| Information Technology | 21.0 |
| Health Care | 12.3 |
| Consumer Discretionary | 9.6 |
| Communication Services | 6.7 |
| Financials | 6.3 |
| Other | 3.1 |
| United Airlines Holdings, Inc. | 6.0 |
| Oracle Corp. | 4.7 |
| Microsoft Corp. | 4.5 |
| Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 4.4 |
| L3Harris Technologies, Inc. | 4.1 |
| Alphabet, Inc. - Class A | 4.0 |
| Zimmer Biomet Holdings, Inc. | 3.6 |
| Morgan Stanley | 3.5 |
| Delta Air Lines, Inc. | 3.5 |
| Merck & Company, Inc. | 3.4 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | PLSTSRA-I 24
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Select Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $136 | 1.15% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as the portfolio’s growth stocks were strongly in favor. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was wisely positioned in five of those top-six names. The Fund’s sector allocations were also additive, with a slight underweight to energy providing the most lift. An overweight to health care was a slight drag, as was selection among consumer discretionary names.
| Class A with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $9,526 | $9,999 |
| 11/30/14 | $9,513 | $10,267 |
| 12/31/14 | $9,455 | $10,242 |
| 1/31/15 | $9,100 | $9,934 |
| 2/28/15 | $9,551 | $10,505 |
| 3/31/15 | $9,414 | $10,339 |
| 4/30/15 | $9,517 | $10,438 |
| 5/31/15 | $9,626 | $10,572 |
| 6/30/15 | $9,442 | $10,368 |
| 7/31/15 | $9,503 | $10,585 |
| 8/31/15 | $8,929 | $9,946 |
| 9/30/15 | $8,696 | $9,700 |
| 10/31/15 | $9,305 | $10,518 |
| 11/30/15 | $9,318 | $10,550 |
| 12/31/15 | $9,077 | $10,383 |
| 1/31/16 | $8,586 | $9,868 |
| 2/29/16 | $8,534 | $9,855 |
| 3/31/16 | $9,085 | $10,523 |
| 4/30/16 | $9,219 | $10,564 |
| 5/31/16 | $9,308 | $10,754 |
| 6/30/16 | $9,293 | $10,782 |
| 7/31/16 | $9,516 | $11,179 |
| 8/31/16 | $9,583 | $11,195 |
| 9/30/16 | $9,539 | $11,197 |
| 10/31/16 | $9,375 | $10,993 |
| 11/30/16 | $9,881 | $11,400 |
| 12/31/16 | $10,123 | $11,625 |
| 1/31/17 | $10,123 | $11,846 |
| 2/28/17 | $10,475 | $12,316 |
| 3/31/17 | $10,348 | $12,330 |
| 4/30/17 | $10,392 | $12,457 |
| 5/31/17 | $10,505 | $12,632 |
| 6/30/17 | $10,580 | $12,711 |
| 7/31/17 | $10,782 | $12,972 |
| 8/31/17 | $10,842 | $13,012 |
| 9/30/17 | $11,097 | $13,281 |
| 10/31/17 | $11,397 | $13,591 |
| 11/30/17 | $11,719 | $14,007 |
| 12/31/17 | $11,858 | $14,163 |
| 1/31/18 | $12,393 | $14,974 |
| 2/28/18 | $11,928 | $14,422 |
| 3/31/18 | $11,657 | $14,056 |
| 4/30/18 | $11,765 | $14,109 |
| 5/31/18 | $11,975 | $14,449 |
| 6/30/18 | $11,882 | $14,538 |
| 7/31/18 | $12,269 | $15,079 |
| 8/31/18 | $12,618 | $15,571 |
| 9/30/18 | $12,672 | $15,659 |
| 10/31/18 | $11,913 | $14,589 |
| 11/30/18 | $12,192 | $14,886 |
| 12/31/18 | $11,062 | $13,542 |
| 1/31/19 | $11,865 | $14,627 |
| 2/28/19 | $12,188 | $15,097 |
| 3/31/19 | $12,280 | $15,390 |
| 4/30/19 | $12,705 | $16,013 |
| 5/31/19 | $11,846 | $14,996 |
| 6/30/19 | $12,687 | $16,053 |
| 7/31/19 | $12,917 | $16,283 |
| 8/31/19 | $12,687 | $16,025 |
| 9/30/19 | $12,927 | $16,325 |
| 10/31/19 | $13,121 | $16,679 |
| 11/30/19 | $13,508 | $17,284 |
| 12/31/19 | $13,925 | $17,806 |
| 1/31/20 | $13,758 | $17,799 |
| 2/29/20 | $12,597 | $16,334 |
| 3/31/20 | $10,720 | $14,316 |
| 4/30/20 | $12,086 | $16,152 |
| 5/31/20 | $12,959 | $16,921 |
| 6/30/20 | $13,135 | $17,257 |
| 7/31/20 | $13,888 | $18,231 |
| 8/31/20 | $14,891 | $19,541 |
| 9/30/20 | $14,269 | $18,798 |
| 10/31/20 | $13,869 | $18,299 |
| 11/30/20 | $15,467 | $20,302 |
| 12/31/20 | $16,200 | $21,082 |
| 1/31/21 | $15,947 | $20,869 |
| 2/28/21 | $16,580 | $21,445 |
| 3/31/21 | $17,009 | $22,384 |
| 4/30/21 | $18,072 | $23,579 |
| 5/31/21 | $18,081 | $23,743 |
| 6/30/21 | $18,617 | $24,298 |
| 7/31/21 | $19,046 | $24,875 |
| 8/31/21 | $19,563 | $25,631 |
| 9/30/21 | $18,647 | $24,439 |
| 10/31/21 | $19,963 | $26,151 |
| 11/30/21 | $19,573 | $25,970 |
| 12/31/21 | $20,236 | $27,134 |
| 1/31/22 | $19,065 | $25,730 |
| 2/28/22 | $18,612 | $24,959 |
| 3/31/22 | $19,287 | $25,886 |
| 4/30/22 | $17,547 | $23,629 |
| 5/31/22 | $17,346 | $23,672 |
| 6/30/22 | $16,123 | $21,718 |
| 7/31/22 | $17,568 | $23,721 |
| 8/31/22 | $16,988 | $22,753 |
| 9/30/22 | $15,522 | $20,658 |
| 10/31/22 | $16,724 | $22,330 |
| 11/30/22 | $17,515 | $23,578 |
| 12/31/22 | $16,418 | $22,220 |
| 1/31/23 | $17,350 | $23,616 |
| 2/28/23 | $16,851 | $23,040 |
| 3/31/23 | $17,458 | $23,886 |
| 4/30/23 | $17,848 | $24,258 |
| 5/31/23 | $18,043 | $24,364 |
| 6/30/23 | $19,126 | $25,974 |
| 7/31/23 | $19,656 | $26,808 |
| 8/31/23 | $19,364 | $26,381 |
| 9/30/23 | $18,400 | $25,123 |
| 10/31/23 | $18,162 | $24,595 |
| 11/30/23 | $19,906 | $26,841 |
| 12/31/23 | $20,757 | $28,061 |
| 1/31/24 | $21,231 | $28,532 |
| 2/29/24 | $22,426 | $30,056 |
| 3/31/24 | $22,934 | $31,023 |
| 4/30/24 | $22,144 | $29,756 |
| 5/31/24 | $23,171 | $31,231 |
| 6/30/24 | $24,333 | $32,352 |
| 7/31/24 | $24,107 | $32,746 |
| 8/31/24 | $24,615 | $33,540 |
| 9/30/24 | $25,032 | $34,256 |
| 10/31/24 | $24,795 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 36.52 | 13.58 | 10.04 |
| Class A with sales charge | 30.01 | 12.47 | 9.51 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $56,097,236 | 49 | 33% | $524,530 |
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund owns a more focused portfolio of approximately 50 stocks at any given time, looking for quality growth companies, exemplified by superior balance sheets and steady, potentially improving free cash flows.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 30.8 |
| Consumer Discretionary | 12.9 |
| Financials | 11.4 |
| Health Care | 11.2 |
| Communication Services | 11.0 |
| Industrials | 7.7 |
| Consumer Staples | 3.3 |
| Energy | 3.3 |
| Materials | 3.2 |
| Utilities | 1.5 |
| Real Estate | 1.5 |
| NVIDIA Corp. | 7.2 |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.2 |
| Alphabet, Inc. - Class A | 5.7 |
| Amazon.com, Inc. | 5.6 |
| Broadcom, Inc. | 2.7 |
| Home Depot, Inc. | 2.5 |
| Netflix, Inc. | 2.5 |
| Eli Lilly & Company | 2.3 |
| Visa, Inc. - Class A | 2.3 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SELTSRA-A 24
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Select Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $224 | 1.90% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as the portfolio’s growth stocks were strongly in favor. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was wisely positioned in five of those top-six names. The Fund’s sector allocations were also additive, with a slight underweight to energy providing the most lift. An overweight to health care was a slight drag, as was selection among consumer discretionary names.
| Class C with sales charge | S&P 500 Total Return Index |
|---|
| 10/31/14 | $10,000 | $9,999 |
| 11/30/14 | $9,985 | $10,267 |
| 12/31/14 | $9,918 | $10,242 |
| 1/31/15 | $9,542 | $9,934 |
| 2/28/15 | $10,004 | $10,505 |
| 3/31/15 | $9,855 | $10,339 |
| 4/30/15 | $9,957 | $10,438 |
| 5/31/15 | $10,067 | $10,572 |
| 6/30/15 | $9,871 | $10,368 |
| 7/31/15 | $9,926 | $10,585 |
| 8/31/15 | $9,315 | $9,946 |
| 9/30/15 | $9,072 | $9,700 |
| 10/31/15 | $9,699 | $10,518 |
| 11/30/15 | $9,706 | $10,550 |
| 12/31/15 | $9,448 | $10,383 |
| 1/31/16 | $8,929 | $9,868 |
| 2/29/16 | $8,869 | $9,855 |
| 3/31/16 | $9,431 | $10,523 |
| 4/30/16 | $9,567 | $10,564 |
| 5/31/16 | $9,661 | $10,754 |
| 6/30/16 | $9,636 | $10,782 |
| 7/31/16 | $9,865 | $11,179 |
| 8/31/16 | $9,925 | $11,195 |
| 9/30/16 | $9,874 | $11,197 |
| 10/31/16 | $9,695 | $10,993 |
| 11/30/16 | $10,214 | $11,400 |
| 12/31/16 | $10,458 | $11,625 |
| 1/31/17 | $10,458 | $11,846 |
| 2/28/17 | $10,808 | $12,316 |
| 3/31/17 | $10,671 | $12,330 |
| 4/30/17 | $10,714 | $12,457 |
| 5/31/17 | $10,816 | $12,632 |
| 6/30/17 | $10,893 | $12,711 |
| 7/31/17 | $11,089 | $12,972 |
| 8/31/17 | $11,148 | $13,012 |
| 9/30/17 | $11,395 | $13,281 |
| 10/31/17 | $11,702 | $13,591 |
| 11/30/17 | $12,017 | $14,007 |
| 12/31/17 | $12,160 | $14,163 |
| 1/31/18 | $12,698 | $14,974 |
| 2/28/18 | $12,213 | $14,422 |
| 3/31/18 | $11,931 | $14,056 |
| 4/30/18 | $12,037 | $14,109 |
| 5/31/18 | $12,239 | $14,449 |
| 6/30/18 | $12,134 | $14,538 |
| 7/31/18 | $12,530 | $15,079 |
| 8/31/18 | $12,874 | $15,571 |
| 9/30/18 | $12,918 | $15,659 |
| 10/31/18 | $12,142 | $14,589 |
| 11/30/18 | $12,416 | $14,886 |
| 12/31/18 | $11,256 | $13,542 |
| 1/31/19 | $12,062 | $14,627 |
| 2/28/19 | $12,395 | $15,097 |
| 3/31/19 | $12,480 | $15,390 |
| 4/30/19 | $12,899 | $16,013 |
| 5/31/19 | $12,019 | $14,996 |
| 6/30/19 | $12,867 | $16,053 |
| 7/31/19 | $13,093 | $16,283 |
| 8/31/19 | $12,846 | $16,025 |
| 9/30/19 | $13,082 | $16,325 |
| 10/31/19 | $13,275 | $16,679 |
| 11/30/19 | $13,651 | $17,284 |
| 12/31/19 | $14,070 | $17,806 |
| 1/31/20 | $13,887 | $17,799 |
| 2/29/20 | $12,706 | $16,334 |
| 3/31/20 | $10,816 | $14,316 |
| 4/30/20 | $12,180 | $16,152 |
| 5/31/20 | $13,050 | $16,921 |
| 6/30/20 | $13,222 | $17,257 |
| 7/31/20 | $13,973 | $18,231 |
| 8/31/20 | $14,972 | $19,541 |
| 9/30/20 | $14,339 | $18,798 |
| 10/31/20 | $13,920 | $18,299 |
| 11/30/20 | $15,520 | $20,302 |
| 12/31/20 | $16,249 | $21,082 |
| 1/31/21 | $15,988 | $20,869 |
| 2/28/21 | $16,613 | $21,445 |
| 3/31/21 | $17,033 | $22,384 |
| 4/30/21 | $18,089 | $23,579 |
| 5/31/21 | $18,077 | $23,743 |
| 6/30/21 | $18,600 | $24,298 |
| 7/31/21 | $19,020 | $24,875 |
| 8/31/21 | $19,520 | $25,631 |
| 9/30/21 | $18,600 | $24,439 |
| 10/31/21 | $19,894 | $26,151 |
| 11/30/21 | $19,497 | $25,970 |
| 12/31/21 | $20,143 | $27,134 |
| 1/31/22 | $18,972 | $25,730 |
| 2/28/22 | $18,511 | $24,959 |
| 3/31/22 | $19,171 | $25,886 |
| 4/30/22 | $17,427 | $23,629 |
| 5/31/22 | $17,215 | $23,672 |
| 6/30/22 | $15,995 | $21,718 |
| 7/31/22 | $17,415 | $23,721 |
| 8/31/22 | $16,829 | $22,753 |
| 9/30/22 | $15,372 | $20,658 |
| 10/31/22 | $16,543 | $22,330 |
| 11/30/22 | $17,315 | $23,578 |
| 12/31/22 | $16,231 | $22,220 |
| 1/31/23 | $17,132 | $23,616 |
| 2/28/23 | $16,630 | $23,040 |
| 3/31/23 | $17,222 | $23,886 |
| 4/30/23 | $17,595 | $24,258 |
| 5/31/23 | $17,775 | $24,364 |
| 6/30/23 | $18,829 | $25,974 |
| 7/31/23 | $19,344 | $26,808 |
| 8/31/23 | $19,048 | $26,381 |
| 9/30/23 | $18,083 | $25,123 |
| 10/31/23 | $17,826 | $24,595 |
| 11/30/23 | $19,537 | $26,841 |
| 12/31/23 | $20,354 | $28,061 |
| 1/31/24 | $20,814 | $28,532 |
| 2/29/24 | $21,963 | $30,056 |
| 3/31/24 | $22,449 | $31,023 |
| 4/30/24 | $21,665 | $29,756 |
| 5/31/24 | $22,652 | $31,231 |
| 6/30/24 | $23,774 | $32,352 |
| 7/31/24 | $23,544 | $32,746 |
| 8/31/24 | $24,017 | $33,540 |
| 9/30/24 | $24,409 | $34,256 |
| 10/31/24 | $24,166 | $33,945 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 35.56 | 12.73 | 9.22 |
| Class C with sales charge | 34.56 | 12.73 | 9.22 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $56,097,236 | 49 | 33% | $524,530 |
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund owns a more focused portfolio of approximately 50 stocks at any given time, looking for quality growth companies, exemplified by superior balance sheets and steady, potentially improving free cash flows.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 30.8 |
| Consumer Discretionary | 12.9 |
| Financials | 11.4 |
| Health Care | 11.2 |
| Communication Services | 11.0 |
| Industrials | 7.7 |
| Consumer Staples | 3.3 |
| Energy | 3.3 |
| Materials | 3.2 |
| Utilities | 1.5 |
| Real Estate | 1.5 |
| NVIDIA Corp. | 7.2 |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.2 |
| Alphabet, Inc. - Class A | 5.7 |
| Amazon.com, Inc. | 5.6 |
| Broadcom, Inc. | 2.7 |
| Home Depot, Inc. | 2.5 |
| Netflix, Inc. | 2.5 |
| Eli Lilly & Company | 2.3 |
| Visa, Inc. - Class A | 2.3 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SELTSRA-C 24
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Select Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $107 | 0.90% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated robust returns as the portfolio’s growth stocks were strongly in favor. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The largest US stocks by market capitalization received much attention and made impressive gains during the period. AI-related names especially saw significant growth in cash flows and earnings. The Fund was wisely positioned in five of those top-six names. The Fund’s sector allocations were also additive, with a slight underweight to energy providing the most lift. An overweight to health care was a slight drag, as was selection among consumer discretionary names.
| Class I | S&P 500 Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,000 |
| 11/30/14 | $999,352 | $1,026,895 |
| 12/31/14 | $993,270 | $1,024,308 |
| 1/31/15 | $956,093 | $993,558 |
| 2/28/15 | $1,003,792 | $1,050,661 |
| 3/31/15 | $989,061 | $1,034,044 |
| 4/30/15 | $1,000,285 | $1,043,965 |
| 5/31/15 | $1,012,210 | $1,057,389 |
| 6/30/15 | $993,270 | $1,036,919 |
| 7/31/15 | $999,583 | $1,058,645 |
| 8/31/15 | $939,258 | $994,772 |
| 9/30/15 | $915,408 | $970,158 |
| 10/31/15 | $979,241 | $1,051,995 |
| 11/30/15 | $980,644 | $1,055,123 |
| 12/31/15 | $955,935 | $1,038,482 |
| 1/31/16 | $903,974 | $986,949 |
| 2/29/16 | $898,625 | $985,617 |
| 3/31/16 | $956,699 | $1,052,479 |
| 4/30/16 | $971,218 | $1,056,560 |
| 5/31/16 | $981,152 | $1,075,533 |
| 6/30/16 | $979,623 | $1,078,321 |
| 7/31/16 | $1,003,312 | $1,118,077 |
| 8/31/16 | $1,010,953 | $1,119,648 |
| 9/30/16 | $1,006,368 | $1,119,857 |
| 10/31/16 | $988,793 | $1,099,430 |
| 11/30/16 | $1,043,047 | $1,140,148 |
| 12/31/16 | $1,068,237 | $1,162,683 |
| 1/31/17 | $1,069,009 | $1,184,735 |
| 2/28/17 | $1,106,031 | $1,231,778 |
| 3/31/17 | $1,092,919 | $1,233,213 |
| 4/30/17 | $1,098,318 | $1,245,879 |
| 5/31/17 | $1,109,887 | $1,263,412 |
| 6/30/17 | $1,118,371 | $1,271,298 |
| 7/31/17 | $1,139,967 | $1,297,439 |
| 8/31/17 | $1,146,138 | $1,301,412 |
| 9/30/17 | $1,173,133 | $1,328,257 |
| 10/31/17 | $1,205,527 | $1,359,252 |
| 11/30/17 | $1,239,464 | $1,400,939 |
| 12/31/17 | $1,255,132 | $1,416,515 |
| 1/31/18 | $1,311,893 | $1,497,616 |
| 2/28/18 | $1,262,327 | $1,442,420 |
| 3/31/18 | $1,234,347 | $1,405,763 |
| 4/30/18 | $1,246,338 | $1,411,157 |
| 5/31/18 | $1,267,923 | $1,445,140 |
| 6/30/18 | $1,258,330 | $1,454,035 |
| 7/31/18 | $1,299,901 | $1,508,146 |
| 8/31/18 | $1,337,475 | $1,557,288 |
| 9/30/18 | $1,343,072 | $1,566,152 |
| 10/31/18 | $1,263,127 | $1,459,105 |
| 11/30/18 | $1,292,706 | $1,488,839 |
| 12/31/18 | $1,173,500 | $1,354,412 |
| 1/31/19 | $1,258,412 | $1,462,948 |
| 2/28/19 | $1,293,712 | $1,509,921 |
| 3/31/19 | $1,303,253 | $1,539,260 |
| 4/30/19 | $1,348,094 | $1,601,584 |
| 5/31/19 | $1,258,412 | $1,499,806 |
| 6/30/19 | $1,347,140 | $1,605,508 |
| 7/31/19 | $1,372,900 | $1,628,584 |
| 8/31/19 | $1,348,094 | $1,602,785 |
| 9/30/19 | $1,373,854 | $1,632,774 |
| 10/31/19 | $1,394,843 | $1,668,138 |
| 11/30/19 | $1,435,868 | $1,728,690 |
| 12/31/19 | $1,481,285 | $1,780,867 |
| 1/31/20 | $1,463,009 | $1,780,169 |
| 2/29/20 | $1,339,889 | $1,633,628 |
| 3/31/20 | $1,140,782 | $1,431,852 |
| 4/30/20 | $1,286,986 | $1,615,407 |
| 5/31/20 | $1,379,326 | $1,692,345 |
| 6/30/20 | $1,398,564 | $1,726,003 |
| 7/31/20 | $1,478,399 | $1,823,324 |
| 8/31/20 | $1,586,129 | $1,954,384 |
| 9/30/20 | $1,519,760 | $1,880,123 |
| 10/31/20 | $1,477,437 | $1,830,125 |
| 11/30/20 | $1,648,651 | $2,030,458 |
| 12/31/20 | $1,726,479 | $2,108,526 |
| 1/31/21 | $1,700,274 | $2,087,238 |
| 2/28/21 | $1,767,801 | $2,144,792 |
| 3/31/21 | $1,814,163 | $2,238,725 |
| 4/30/21 | $1,928,052 | $2,358,203 |
| 5/31/21 | $1,929,060 | $2,374,673 |
| 6/30/21 | $1,986,509 | $2,430,111 |
| 7/31/21 | $2,032,870 | $2,487,837 |
| 8/31/21 | $2,088,303 | $2,563,481 |
| 9/30/21 | $1,990,540 | $2,444,255 |
| 10/31/21 | $2,131,642 | $2,615,503 |
| 11/30/21 | $2,090,319 | $2,597,381 |
| 12/31/21 | $2,162,945 | $2,713,786 |
| 1/31/22 | $2,037,762 | $2,573,356 |
| 2/28/22 | $1,989,866 | $2,496,304 |
| 3/31/22 | $2,061,710 | $2,588,992 |
| 4/30/22 | $1,876,657 | $2,363,228 |
| 5/31/22 | $1,854,886 | $2,367,562 |
| 6/30/22 | $1,725,349 | $2,172,135 |
| 7/31/22 | $1,879,923 | $2,372,415 |
| 8/31/22 | $1,818,964 | $2,275,665 |
| 9/30/22 | $1,662,213 | $2,066,077 |
| 10/31/22 | $1,790,662 | $2,233,350 |
| 11/30/22 | $1,875,568 | $2,358,160 |
| 12/31/22 | $1,759,103 | $2,222,295 |
| 1/31/23 | $1,858,506 | $2,361,931 |
| 2/28/23 | $1,806,012 | $2,304,301 |
| 3/31/23 | $1,870,792 | $2,388,902 |
| 4/30/23 | $1,914,351 | $2,426,190 |
| 5/31/23 | $1,934,455 | $2,436,736 |
| 6/30/23 | $2,050,611 | $2,597,745 |
| 7/31/23 | $2,108,690 | $2,681,196 |
| 8/31/23 | $2,078,534 | $2,638,508 |
| 9/30/23 | $1,974,663 | $2,512,709 |
| 10/31/23 | $1,948,974 | $2,459,875 |
| 11/30/23 | $2,137,729 | $2,684,525 |
| 12/31/23 | $2,229,322 | $2,806,485 |
| 1/31/24 | $2,280,437 | $2,853,645 |
| 2/29/24 | $2,409,387 | $3,006,018 |
| 3/31/24 | $2,463,987 | $3,102,735 |
| 4/30/24 | $2,380,344 | $2,976,004 |
| 5/31/24 | $2,490,706 | $3,123,570 |
| 6/30/24 | $2,616,171 | $3,235,649 |
| 7/31/24 | $2,592,937 | $3,275,035 |
| 8/31/24 | $2,647,537 | $3,354,475 |
| 9/30/24 | $2,692,844 | $3,426,117 |
| 10/31/24 | $2,668,448 | $3,395,049 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 36.92 | 13.85 | 10.31 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 13.00 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $56,097,236 | 49 | 33% | $524,530 |
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund owns a more focused portfolio of approximately 50 stocks at any given time, looking for quality growth companies, exemplified by superior balance sheets and steady, potentially improving free cash flows.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 30.8 |
| Consumer Discretionary | 12.9 |
| Financials | 11.4 |
| Health Care | 11.2 |
| Communication Services | 11.0 |
| Industrials | 7.7 |
| Consumer Staples | 3.3 |
| Energy | 3.3 |
| Materials | 3.2 |
| Utilities | 1.5 |
| Real Estate | 1.5 |
| NVIDIA Corp. | 7.2 |
| Apple, Inc. | 6.9 |
| Microsoft Corp. | 6.2 |
| Alphabet, Inc. - Class A | 5.7 |
| Amazon.com, Inc. | 5.6 |
| Broadcom, Inc. | 2.7 |
| Home Depot, Inc. | 2.5 |
| Netflix, Inc. | 2.5 |
| Eli Lilly & Company | 2.3 |
| Visa, Inc. - Class A | 2.3 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SELTSRA-I 24
Calamos Timpani Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $166 | 1.30% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated impressive returns as the portfolio’s growth stocks were strongly in favor for the period, outperforming benchmarks and peer group averages. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The Fund’s outperformance was derived from security selection in multiple sectors, most significantly industrials and health care names. Although small caps did not lead the market over the annual period, our stock picking carried the day.
| Class A with sales charge | Russell 3000 Total Return Index |
|---|
| 10/31/14 | $9,528 | $10,000 |
| 11/30/14 | $9,673 | $10,242 |
| 12/31/14 | $9,903 | $10,242 |
| 1/31/15 | $9,546 | $9,957 |
| 2/28/15 | $10,630 | $10,533 |
| 3/31/15 | $10,581 | $10,426 |
| 4/30/15 | $10,291 | $10,473 |
| 5/31/15 | $10,654 | $10,618 |
| 6/30/15 | $11,187 | $10,441 |
| 7/31/15 | $11,581 | $10,615 |
| 8/31/15 | $10,442 | $9,974 |
| 9/30/15 | $9,788 | $9,684 |
| 10/31/15 | $10,006 | $10,449 |
| 11/30/15 | $10,151 | $10,507 |
| 12/31/15 | $9,600 | $10,291 |
| 1/31/16 | $8,468 | $9,710 |
| 2/29/16 | $8,346 | $9,707 |
| 3/31/16 | $8,777 | $10,391 |
| 4/30/16 | $8,843 | $10,455 |
| 5/31/16 | $8,928 | $10,642 |
| 6/30/16 | $8,855 | $10,664 |
| 7/31/16 | $9,394 | $11,087 |
| 8/31/16 | $9,316 | $11,115 |
| 9/30/16 | $9,570 | $11,133 |
| 10/31/16 | $8,879 | $10,892 |
| 11/30/16 | $9,534 | $11,380 |
| 12/31/16 | $9,461 | $11,602 |
| 1/31/17 | $9,637 | $11,820 |
| 2/28/17 | $9,885 | $12,260 |
| 3/31/17 | $10,339 | $12,268 |
| 4/30/17 | $10,624 | $12,398 |
| 5/31/17 | $10,957 | $12,525 |
| 6/30/17 | $11,230 | $12,638 |
| 7/31/17 | $11,478 | $12,876 |
| 8/31/17 | $11,623 | $12,901 |
| 9/30/17 | $11,914 | $13,216 |
| 10/31/17 | $12,308 | $13,504 |
| 11/30/17 | $12,810 | $13,914 |
| 12/31/17 | $12,829 | $14,053 |
| 1/31/18 | $13,307 | $14,794 |
| 2/28/18 | $13,234 | $14,248 |
| 3/31/18 | $13,525 | $13,962 |
| 4/30/18 | $13,580 | $14,016 |
| 5/31/18 | $14,979 | $14,411 |
| 6/30/18 | $15,154 | $14,505 |
| 7/31/18 | $15,130 | $14,987 |
| 8/31/18 | $17,002 | $15,513 |
| 9/30/18 | $16,735 | $15,539 |
| 10/31/18 | $14,434 | $14,395 |
| 11/30/18 | $14,367 | $14,683 |
| 12/31/18 | $12,770 | $13,316 |
| 1/31/19 | $14,121 | $14,459 |
| 2/28/19 | $15,114 | $14,968 |
| 3/31/19 | $14,933 | $15,186 |
| 4/30/19 | $15,303 | $15,793 |
| 5/31/19 | $14,621 | $14,771 |
| 6/30/19 | $15,803 | $15,808 |
| 7/31/19 | $15,952 | $16,043 |
| 8/31/19 | $15,322 | $15,716 |
| 9/30/19 | $14,270 | $15,992 |
| 10/31/19 | $14,497 | $16,336 |
| 11/30/19 | $15,166 | $16,957 |
| 12/31/19 | $15,356 | $17,447 |
| 1/31/20 | $15,752 | $17,428 |
| 2/29/20 | $15,185 | $16,001 |
| 3/31/20 | $12,589 | $13,801 |
| 4/30/20 | $14,181 | $15,628 |
| 5/31/20 | $16,291 | $16,464 |
| 6/30/20 | $17,726 | $16,841 |
| 7/31/20 | $19,160 | $17,797 |
| 8/31/20 | $19,693 | $19,086 |
| 9/30/20 | $19,577 | $18,391 |
| 10/31/20 | $19,939 | $17,994 |
| 11/30/20 | $22,535 | $20,183 |
| 12/31/20 | $25,015 | $21,091 |
| 1/31/21 | $26,823 | $20,998 |
| 2/28/21 | $28,879 | $21,654 |
| 3/31/21 | $27,510 | $22,430 |
| 4/30/21 | $28,850 | $23,586 |
| 5/31/21 | $27,262 | $23,694 |
| 6/30/21 | $28,765 | $24,278 |
| 7/31/21 | $27,929 | $24,689 |
| 8/31/21 | $28,461 | $25,393 |
| 9/30/21 | $27,503 | $24,253 |
| 10/31/21 | $29,992 | $25,894 |
| 11/30/21 | $28,127 | $25,499 |
| 12/31/21 | $27,227 | $26,504 |
| 1/31/22 | $22,278 | $24,944 |
| 2/28/22 | $22,306 | $24,316 |
| 3/31/22 | $22,412 | $25,105 |
| 4/30/22 | $19,371 | $22,852 |
| 5/31/22 | $18,974 | $22,821 |
| 6/30/22 | $17,024 | $20,912 |
| 7/31/22 | $18,917 | $22,874 |
| 8/31/22 | $18,938 | $22,020 |
| 9/30/22 | $17,293 | $19,978 |
| 10/31/22 | $18,683 | $21,617 |
| 11/30/22 | $18,321 | $22,745 |
| 12/31/22 | $17,024 | $21,413 |
| 1/31/23 | $17,449 | $22,888 |
| 2/28/23 | $17,563 | $22,353 |
| 3/31/23 | $17,938 | $22,951 |
| 4/30/23 | $17,428 | $23,195 |
| 5/31/23 | $17,669 | $23,285 |
| 6/30/23 | $19,087 | $24,875 |
| 7/31/23 | $19,264 | $25,767 |
| 8/31/23 | $18,690 | $25,270 |
| 9/30/23 | $17,073 | $24,066 |
| 10/31/23 | $15,740 | $23,428 |
| 11/30/23 | $16,861 | $25,613 |
| 12/31/23 | $18,272 | $26,971 |
| 1/31/24 | $18,555 | $27,270 |
| 2/29/24 | $20,916 | $28,746 |
| 3/31/24 | $21,760 | $29,674 |
| 4/30/24 | $20,597 | $28,368 |
| 5/31/24 | $22,420 | $29,708 |
| 6/30/24 | $22,441 | $30,628 |
| 7/31/24 | $22,958 | $31,197 |
| 8/31/24 | $23,795 | $31,876 |
| 9/30/24 | $24,532 | $32,536 |
| 10/31/24 | $24,483 | $32,297 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 55.54 | 11.05 | 9.90 |
| Class A with sales charge | 48.13 | 9.98 | 9.37 |
| Russell 3000 Total Return Index | 37.85 | 14.60 | 12.44 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $347,372,636 | 104 | 229% | $2,629,099 |
Calamos Timpani Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. While the skeptics will say that a significant percentage of small-cap companies are currently unprofitable businesses, our approach focuses on those that are either generating profits or have tremendous growth potential that leads to profitability near term.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Health Care | 30.9 |
| Information Technology | 24.7 |
| Industrials | 18.9 |
| Consumer Discretionary | 10.6 |
| Financials | 6.2 |
| Consumer Staples | 4.1 |
| Materials | 2.2 |
| Real Estate | 1.5 |
| Communication Services | 0.4 |
| Energy | 0.3 |
| Sterling Infrastructure, Inc. | 3.4 |
| RadNet, Inc. | 3.2 |
| ADMA Biologics, Inc. | 3.2 |
| GeneDx Holdings Corp. | 2.9 |
| FTAI Aviation, Ltd. | 2.9 |
| Axon Enterprise, Inc. | 2.6 |
| Piper Sandler Companies | 2.2 |
| Zeta Global Holdings Corp. - Class A | 2.1 |
| Rush Street Interactive, Inc. | 2.1 |
| Stride, Inc. | 2.0 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SCGTSRA-A 24
Calamos Timpani Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $261 | 2.05% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated impressive returns as the portfolio’s growth stocks were strongly in favor for the period, outperforming benchmarks and peer group averages. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The Fund’s outperformance was derived from security selection in multiple sectors, most significantly industrials and health care names. Although small caps did not lead the market over the annual period, our stock picking carried the day.
| Class C with sales charge | Russell 3000 Total Return Index |
|---|
| 6/25/21 | $10,000 | $10,004 |
| 6/30/21 | $9,976 | $10,024 |
| 7/31/21 | $9,680 | $10,194 |
| 8/31/21 | $9,859 | $10,484 |
| 9/30/21 | $9,520 | $10,014 |
| 10/31/21 | $10,375 | $10,691 |
| 11/30/21 | $9,726 | $10,529 |
| 12/31/21 | $9,408 | $10,943 |
| 1/31/22 | $7,695 | $10,299 |
| 2/28/22 | $7,697 | $10,040 |
| 3/31/22 | $7,731 | $10,365 |
| 4/30/22 | $6,679 | $9,435 |
| 5/31/22 | $6,538 | $9,423 |
| 6/30/22 | $5,860 | $8,634 |
| 7/31/22 | $6,507 | $9,444 |
| 8/31/22 | $6,512 | $9,092 |
| 9/30/22 | $5,941 | $8,249 |
| 10/31/22 | $6,414 | $8,925 |
| 11/30/22 | $6,285 | $9,391 |
| 12/31/22 | $5,839 | $8,841 |
| 1/31/23 | $5,982 | $9,450 |
| 2/28/23 | $6,015 | $9,229 |
| 3/31/23 | $6,139 | $9,476 |
| 4/30/23 | $5,963 | $9,577 |
| 5/31/23 | $6,042 | $9,614 |
| 6/30/23 | $6,521 | $10,271 |
| 7/31/23 | $6,578 | $10,639 |
| 8/31/23 | $6,378 | $10,434 |
| 9/30/23 | $5,822 | $9,937 |
| 10/31/23 | $5,364 | $9,673 |
| 11/30/23 | $5,743 | $10,575 |
| 12/31/23 | $6,218 | $11,136 |
| 1/31/24 | $6,311 | $11,260 |
| 2/29/24 | $7,110 | $11,869 |
| 3/31/24 | $7,394 | $12,252 |
| 4/30/24 | $6,994 | $11,713 |
| 5/31/24 | $7,607 | $12,266 |
| 6/30/24 | $7,609 | $12,646 |
| 7/31/24 | $7,781 | $12,881 |
| 8/31/24 | $8,060 | $13,161 |
| 9/30/24 | $8,304 | $13,434 |
| 10/31/24 | $8,282 | $13,335 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 6/25/21 |
|---|
| Class C without sales charge | 54.40 | -5.48 |
| Class C with sales charge | 53.40 | -5.48 |
| Russell 3000 Total Return Index | 37.85 | 8.98 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $347,372,636 | 104 | 229% | $2,629,099 |
Calamos Timpani Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. While the skeptics will say that a significant percentage of small-cap companies are currently unprofitable businesses, our approach focuses on those that are either generating profits or have tremendous growth potential that leads to profitability near term.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Health Care | 30.9 |
| Information Technology | 24.7 |
| Industrials | 18.9 |
| Consumer Discretionary | 10.6 |
| Financials | 6.2 |
| Consumer Staples | 4.1 |
| Materials | 2.2 |
| Real Estate | 1.5 |
| Communication Services | 0.4 |
| Energy | 0.3 |
| Sterling Infrastructure, Inc. | 3.4 |
| RadNet, Inc. | 3.2 |
| ADMA Biologics, Inc. | 3.2 |
| GeneDx Holdings Corp. | 2.9 |
| FTAI Aviation, Ltd. | 2.9 |
| Axon Enterprise, Inc. | 2.6 |
| Piper Sandler Companies | 2.2 |
| Zeta Global Holdings Corp. - Class A | 2.1 |
| Rush Street Interactive, Inc. | 2.1 |
| Stride, Inc. | 2.0 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SCGTSRA-C 24
Calamos Timpani Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $134 | 1.05% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated impressive returns as the portfolio’s growth stocks were strongly in favor for the period, outperforming benchmarks and peer group averages. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The Fund’s outperformance was derived from security selection in multiple sectors, most significantly industrials and health care names. Although small caps did not lead the market over the annual period, our stock picking carried the day.
| Class I | Russell 3000 Total Return Index |
|---|
| 10/31/14 | $1,000,000 | $999,997 |
| 11/30/14 | $1,015,209 | $1,024,232 |
| 12/31/14 | $1,039,924 | $1,024,219 |
| 1/31/15 | $1,003,169 | $995,715 |
| 2/28/15 | $1,116,603 | $1,053,367 |
| 3/31/15 | $1,112,167 | $1,042,657 |
| 4/30/15 | $1,081,749 | $1,047,374 |
| 5/31/15 | $1,121,039 | $1,061,862 |
| 6/30/15 | $1,177,440 | $1,044,095 |
| 7/31/15 | $1,218,631 | $1,061,558 |
| 8/31/15 | $1,099,493 | $997,473 |
| 9/30/15 | $1,031,052 | $968,406 |
| 10/31/15 | $1,053,866 | $1,044,896 |
| 11/30/15 | $1,069,708 | $1,050,689 |
| 12/31/15 | $1,012,041 | $1,029,122 |
| 1/31/16 | $892,902 | $971,055 |
| 2/29/16 | $880,228 | $970,742 |
| 3/31/16 | $926,489 | $1,039,088 |
| 4/30/16 | $933,460 | $1,045,528 |
| 5/31/16 | $942,332 | $1,064,233 |
| 6/30/16 | $935,995 | $1,066,421 |
| 7/31/16 | $993,029 | $1,108,744 |
| 8/31/16 | $984,791 | $1,111,572 |
| 9/30/16 | $1,012,041 | $1,113,320 |
| 10/31/16 | $939,163 | $1,089,232 |
| 11/30/16 | $1,008,872 | $1,137,977 |
| 12/31/16 | $1,001,267 | $1,160,183 |
| 1/31/17 | $1,020,279 | $1,182,020 |
| 2/28/17 | $1,046,895 | $1,225,981 |
| 3/31/17 | $1,095,057 | $1,226,816 |
| 4/30/17 | $1,126,109 | $1,239,819 |
| 5/31/17 | $1,161,597 | $1,252,507 |
| 6/30/17 | $1,191,381 | $1,263,810 |
| 7/31/17 | $1,217,997 | $1,287,640 |
| 8/31/17 | $1,233,207 | $1,290,121 |
| 9/30/17 | $1,264,892 | $1,321,583 |
| 10/31/17 | $1,306,717 | $1,350,424 |
| 11/30/17 | $1,360,583 | $1,391,429 |
| 12/31/17 | $1,363,118 | $1,405,336 |
| 1/31/18 | $1,414,449 | $1,479,413 |
| 2/28/18 | $1,406,844 | $1,424,881 |
| 3/31/18 | $1,438,530 | $1,396,278 |
| 4/30/18 | $1,444,867 | $1,401,586 |
| 5/31/18 | $1,594,423 | $1,441,153 |
| 6/30/18 | $1,614,068 | $1,450,578 |
| 7/31/18 | $1,611,534 | $1,498,717 |
| 8/31/18 | $1,811,153 | $1,551,348 |
| 9/30/18 | $1,783,904 | $1,553,916 |
| 10/31/18 | $1,538,657 | $1,439,496 |
| 11/30/18 | $1,532,319 | $1,468,328 |
| 12/31/18 | $1,362,017 | $1,331,672 |
| 1/31/19 | $1,506,565 | $1,445,975 |
| 2/28/19 | $1,613,789 | $1,496,828 |
| 3/31/19 | $1,594,788 | $1,518,684 |
| 4/30/19 | $1,634,148 | $1,579,328 |
| 5/31/19 | $1,562,213 | $1,477,128 |
| 6/30/19 | $1,689,118 | $1,580,876 |
| 7/31/19 | $1,705,405 | $1,604,375 |
| 8/31/19 | $1,638,220 | $1,571,670 |
| 9/30/19 | $1,526,246 | $1,599,253 |
| 10/31/19 | $1,550,677 | $1,633,680 |
| 11/30/19 | $1,622,612 | $1,695,781 |
| 12/31/19 | $1,643,748 | $1,744,743 |
| 1/31/20 | $1,685,804 | $1,742,837 |
| 2/29/20 | $1,625,928 | $1,600,145 |
| 3/31/20 | $1,347,931 | $1,380,098 |
| 4/30/20 | $1,519,006 | $1,562,877 |
| 5/31/20 | $1,745,681 | $1,646,458 |
| 6/30/20 | $1,899,649 | $1,684,100 |
| 7/31/20 | $2,053,616 | $1,779,728 |
| 8/31/20 | $2,110,641 | $1,908,659 |
| 9/30/20 | $2,099,236 | $1,839,163 |
| 10/31/20 | $2,138,441 | $1,799,468 |
| 11/30/20 | $2,417,151 | $2,018,379 |
| 12/31/20 | $2,683,770 | $2,109,182 |
| 1/31/21 | $2,878,900 | $2,099,800 |
| 2/28/21 | $3,099,899 | $2,165,434 |
| 3/31/21 | $2,954,291 | $2,243,050 |
| 4/30/21 | $3,098,420 | $2,358,678 |
| 5/31/21 | $2,928,421 | $2,369,444 |
| 6/30/21 | $3,090,290 | $2,427,873 |
| 7/31/21 | $3,000,856 | $2,468,930 |
| 8/31/21 | $3,059,247 | $2,539,337 |
| 9/30/21 | $2,956,508 | $2,425,404 |
| 10/31/21 | $3,224,811 | $2,589,419 |
| 11/30/21 | $3,025,247 | $2,550,005 |
| 12/31/21 | $2,928,421 | $2,650,421 |
| 1/31/22 | $2,396,989 | $2,494,480 |
| 2/28/22 | $2,399,945 | $2,431,646 |
| 3/31/22 | $2,412,510 | $2,510,521 |
| 4/30/22 | $2,085,816 | $2,285,219 |
| 5/31/22 | $2,042,947 | $2,282,156 |
| 6/30/22 | $1,833,774 | $2,091,233 |
| 7/31/22 | $2,037,773 | $2,287,429 |
| 8/31/22 | $2,040,730 | $2,202,064 |
| 9/30/22 | $1,864,078 | $1,997,869 |
| 10/31/22 | $2,013,382 | $2,161,706 |
| 11/30/22 | $1,974,947 | $2,274,539 |
| 12/31/22 | $1,835,991 | $2,141,357 |
| 1/31/23 | $1,882,556 | $2,288,837 |
| 2/28/23 | $1,895,122 | $2,235,342 |
| 3/31/23 | $1,935,034 | $2,295,113 |
| 4/30/23 | $1,881,078 | $2,319,565 |
| 5/31/23 | $1,907,687 | $2,328,591 |
| 6/30/23 | $2,060,686 | $2,487,599 |
| 7/31/23 | $2,080,642 | $2,576,771 |
| 8/31/23 | $2,019,295 | $2,527,030 |
| 9/30/23 | $1,844,861 | $2,406,658 |
| 10/31/23 | $1,700,731 | $2,342,860 |
| 11/30/23 | $1,822,687 | $2,561,328 |
| 12/31/23 | $1,974,947 | $2,697,185 |
| 1/31/24 | $2,006,730 | $2,727,078 |
| 2/29/24 | $2,262,468 | $2,874,696 |
| 3/31/24 | $2,354,119 | $2,967,426 |
| 4/30/24 | $2,228,468 | $2,836,854 |
| 5/31/24 | $2,426,554 | $2,970,886 |
| 6/30/24 | $2,428,771 | $3,062,858 |
| 7/31/24 | $2,485,684 | $3,119,792 |
| 8/31/24 | $2,576,597 | $3,187,706 |
| 9/30/24 | $2,657,161 | $3,253,646 |
| 10/31/24 | $2,651,988 | $3,229,753 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 55.93 | 11.33 | 10.24 |
| Russell 3000 Total Return Index | 37.85 | 14.60 | 12.44 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $347,372,636 | 104 | 229% | $2,629,099 |
Calamos Timpani Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. While the skeptics will say that a significant percentage of small-cap companies are currently unprofitable businesses, our approach focuses on those that are either generating profits or have tremendous growth potential that leads to profitability near term.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Health Care | 30.9 |
| Information Technology | 24.7 |
| Industrials | 18.9 |
| Consumer Discretionary | 10.6 |
| Financials | 6.2 |
| Consumer Staples | 4.1 |
| Materials | 2.2 |
| Real Estate | 1.5 |
| Communication Services | 0.4 |
| Energy | 0.3 |
| Sterling Infrastructure, Inc. | 3.4 |
| RadNet, Inc. | 3.2 |
| ADMA Biologics, Inc. | 3.2 |
| GeneDx Holdings Corp. | 2.9 |
| FTAI Aviation, Ltd. | 2.9 |
| Axon Enterprise, Inc. | 2.6 |
| Piper Sandler Companies | 2.2 |
| Zeta Global Holdings Corp. - Class A | 2.1 |
| Rush Street Interactive, Inc. | 2.1 |
| Stride, Inc. | 2.0 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SCGTSRA-I 24
Calamos Timpani Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Timpani Small Cap Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class R6 | $122 | 0.95% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated impressive returns as the portfolio’s growth stocks were strongly in favor for the period, outperforming benchmarks and peer group averages. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The Fund’s outperformance was derived from security selection in multiple sectors, most significantly industrials and health care names. Although small caps did not lead the market over the annual period, our stock picking carried the day.
| Class R6 | Russell 3000 Total Return Index |
|---|
| 6/3/19 | $10,000 | $10,002 |
| 6/30/19 | $10,812 | $10,704 |
| 7/31/19 | $10,921 | $10,863 |
| 8/31/19 | $10,491 | $10,642 |
| 9/30/19 | $9,774 | $10,829 |
| 10/31/19 | $9,930 | $11,062 |
| 11/30/19 | $10,391 | $11,482 |
| 12/31/19 | $10,526 | $11,814 |
| 1/31/20 | $10,800 | $11,801 |
| 2/29/20 | $10,412 | $10,835 |
| 3/31/20 | $8,633 | $9,345 |
| 4/30/20 | $9,732 | $10,582 |
| 5/31/20 | $11,183 | $11,148 |
| 6/30/20 | $12,169 | $11,403 |
| 7/31/20 | $13,159 | $12,051 |
| 8/31/20 | $13,524 | $12,924 |
| 9/30/20 | $13,451 | $12,453 |
| 10/31/20 | $13,702 | $12,184 |
| 11/30/20 | $15,490 | $13,667 |
| 12/31/20 | $17,202 | $14,281 |
| 1/31/21 | $18,455 | $14,218 |
| 2/28/21 | $19,870 | $14,662 |
| 3/31/21 | $18,938 | $15,188 |
| 4/30/21 | $19,865 | $15,971 |
| 5/31/21 | $18,777 | $16,044 |
| 6/30/21 | $19,813 | $16,439 |
| 7/31/21 | $19,245 | $16,717 |
| 8/31/21 | $19,619 | $17,194 |
| 9/30/21 | $18,961 | $16,423 |
| 10/31/21 | $20,683 | $17,533 |
| 11/30/21 | $19,401 | $17,266 |
| 12/31/21 | $18,786 | $17,946 |
| 1/31/22 | $15,375 | $16,890 |
| 2/28/22 | $15,399 | $16,465 |
| 3/31/22 | $15,479 | $16,999 |
| 4/30/22 | $13,384 | $15,473 |
| 5/31/22 | $13,114 | $15,453 |
| 6/30/22 | $11,770 | $14,160 |
| 7/31/22 | $13,081 | $15,488 |
| 8/31/22 | $13,100 | $14,910 |
| 9/30/22 | $11,964 | $13,528 |
| 10/31/22 | $12,925 | $14,637 |
| 11/30/22 | $12,679 | $15,401 |
| 12/31/22 | $11,789 | $14,499 |
| 1/31/23 | $12,087 | $15,498 |
| 2/28/23 | $12,173 | $15,136 |
| 3/31/23 | $12,433 | $15,540 |
| 4/30/23 | $12,087 | $15,706 |
| 5/31/23 | $12,258 | $15,767 |
| 6/30/23 | $13,242 | $16,844 |
| 7/31/23 | $13,369 | $17,447 |
| 8/31/23 | $12,977 | $17,111 |
| 9/30/23 | $11,856 | $16,296 |
| 10/31/23 | $10,933 | $15,864 |
| 11/30/23 | $11,718 | $17,343 |
| 12/31/23 | $12,698 | $18,263 |
| 1/31/24 | $12,901 | $18,465 |
| 2/29/24 | $14,547 | $19,465 |
| 3/31/24 | $15,144 | $20,093 |
| 4/30/24 | $14,335 | $19,208 |
| 5/31/24 | $15,607 | $20,116 |
| 6/30/24 | $15,626 | $20,739 |
| 7/31/24 | $15,990 | $21,124 |
| 8/31/24 | $16,577 | $21,584 |
| 9/30/24 | $17,097 | $22,031 |
| 10/31/24 | $17,064 | $21,869 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 6/3/19 |
|---|
| Class R6 | 56.08 | 11.44 | 10.37 |
| Russell 3000 Total Return Index | 37.85 | 14.60 | 15.55 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $347,372,636 | 104 | 229% | $2,629,099 |
Calamos Timpani Small Cap Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. While the skeptics will say that a significant percentage of small-cap companies are currently unprofitable businesses, our approach focuses on those that are either generating profits or have tremendous growth potential that leads to profitability near term.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Health Care | 30.9 |
| Information Technology | 24.7 |
| Industrials | 18.9 |
| Consumer Discretionary | 10.6 |
| Financials | 6.2 |
| Consumer Staples | 4.1 |
| Materials | 2.2 |
| Real Estate | 1.5 |
| Communication Services | 0.4 |
| Energy | 0.3 |
| Sterling Infrastructure, Inc. | 3.4 |
| RadNet, Inc. | 3.2 |
| ADMA Biologics, Inc. | 3.2 |
| GeneDx Holdings Corp. | 2.9 |
| FTAI Aviation, Ltd. | 2.9 |
| Axon Enterprise, Inc. | 2.6 |
| Piper Sandler Companies | 2.2 |
| Zeta Global Holdings Corp. - Class A | 2.1 |
| Rush Street Interactive, Inc. | 2.1 |
| Stride, Inc. | 2.0 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SCGTSRA-R6 24
Calamos Timpani SMID Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Timpani SMID Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $172 | 1.35% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated impressive returns as the portfolio’s growth stocks were strongly in favor for the period, outperforming benchmarks and peer group averages. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The Fund’s outperformance was derived from security selection in multiple sectors, most significantly industrials and health care names. Although small- to mid-cap stocks did not lead the market over the annual period, our stock picking carried the day.
| Class A with sales charge | Russell 3000 Total Return Index |
|---|
| 7/31/19 | $9,524 | $9,997 |
| 8/31/19 | $9,162 | $9,793 |
| 9/30/19 | $8,495 | $9,965 |
| 10/31/19 | $8,581 | $10,179 |
| 11/30/19 | $9,114 | $10,566 |
| 12/31/19 | $9,152 | $10,871 |
| 1/31/20 | $9,419 | $10,860 |
| 2/29/20 | $9,029 | $9,970 |
| 3/31/20 | $7,619 | $8,599 |
| 4/30/20 | $8,562 | $9,738 |
| 5/31/20 | $9,733 | $10,259 |
| 6/30/20 | $10,476 | $10,494 |
| 7/31/20 | $11,200 | $11,089 |
| 8/31/20 | $11,581 | $11,893 |
| 9/30/20 | $11,600 | $11,460 |
| 10/31/20 | $11,762 | $11,212 |
| 11/30/20 | $13,048 | $12,576 |
| 12/31/20 | $14,505 | $13,142 |
| 1/31/21 | $15,076 | $13,084 |
| 2/28/21 | $16,190 | $13,493 |
| 3/31/21 | $15,333 | $13,976 |
| 4/30/21 | $16,000 | $14,697 |
| 5/31/21 | $14,981 | $14,764 |
| 6/30/21 | $15,829 | $15,128 |
| 7/31/21 | $15,638 | $15,384 |
| 8/31/21 | $16,286 | $15,823 |
| 9/30/21 | $15,648 | $15,113 |
| 10/31/21 | $17,295 | $16,135 |
| 11/30/21 | $16,286 | $15,889 |
| 12/31/21 | $15,606 | $16,515 |
| 1/31/22 | $12,912 | $15,543 |
| 2/28/22 | $12,902 | $15,152 |
| 3/31/22 | $13,041 | $15,643 |
| 4/30/22 | $11,420 | $14,239 |
| 5/31/22 | $11,195 | $14,220 |
| 6/30/22 | $10,047 | $13,030 |
| 7/31/22 | $11,120 | $14,253 |
| 8/31/22 | $11,206 | $13,721 |
| 9/30/22 | $10,229 | $12,449 |
| 10/31/22 | $10,884 | $13,470 |
| 11/30/22 | $10,927 | $14,173 |
| 12/31/22 | $10,143 | $13,343 |
| 1/31/23 | $10,465 | $14,262 |
| 2/28/23 | $10,422 | $13,928 |
| 3/31/23 | $10,680 | $14,301 |
| 4/30/23 | $10,444 | $14,453 |
| 5/31/23 | $10,487 | $14,509 |
| 6/30/23 | $11,345 | $15,500 |
| 7/31/23 | $11,485 | $16,056 |
| 8/31/23 | $11,259 | $15,746 |
| 9/30/23 | $10,390 | $14,996 |
| 10/31/23 | $9,757 | $14,598 |
| 11/30/23 | $10,572 | $15,960 |
| 12/31/23 | $11,345 | $16,806 |
| 1/31/24 | $11,678 | $16,992 |
| 2/29/24 | $13,277 | $17,912 |
| 3/31/24 | $13,642 | $18,490 |
| 4/30/24 | $12,762 | $17,676 |
| 5/31/24 | $13,717 | $18,512 |
| 6/30/24 | $13,792 | $19,085 |
| 7/31/24 | $13,921 | $19,439 |
| 8/31/24 | $14,533 | $19,863 |
| 9/30/24 | $15,102 | $20,273 |
| 10/31/24 | $15,091 | $20,125 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 7/31/19 |
|---|
| Class A without sales charge | 54.68 | 11.95 | 9.16 |
| Class A with sales charge | 47.38 | 10.87 | 8.15 |
| Russell 3000 Total Return Index | 37.85 | 14.60 | 14.24 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $26,249,395 | 108 | 220% | $211,704 |
Calamos Timpani SMID Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. While skeptics will say that a significant percentage of small-cap companies are currently unprofitable businesses, our approach has been to focus on those that are either generating profits or have tremendous growth potential that leads to profitability in the near term.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 28.6 |
| Health Care | 25.1 |
| Industrials | 19.4 |
| Consumer Discretionary | 12.1 |
| Financials | 6.3 |
| Consumer Staples | 3.3 |
| Real Estate | 2.4 |
| Materials | 2.2 |
| Communication Services | 0.2 |
| Axon Enterprise, Inc. | 3.6 |
| Sterling Infrastructure, Inc. | 3.1 |
| ADMA Biologics, Inc. | 3.1 |
| RadNet, Inc. | 3.1 |
| FTAI Aviation, Ltd. | 2.5 |
| Fair Isaac Corp. | 2.3 |
| AppLovin Corp. - Class A | 2.1 |
| Descartes Systems Group, Inc. | 2.1 |
| GoDaddy, Inc. - Class A | 2.1 |
| Natera, Inc. | 1.9 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SMIDTSRA-A 24
Calamos Timpani SMID Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Timpani SMID Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $140 | 1.10% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated impressive returns as the portfolio’s growth stocks were strongly in favor for the period, outperforming benchmarks and peer group averages. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The Fund’s outperformance was derived from security selection in multiple sectors, most significantly industrials and health care names. Although small- to mid-cap stocks did not lead the market over the annual period, our stock picking carried the day.
| Class I | Russell 3000 Total Return Index |
|---|
| 7/31/19 | $1,000,000 | $1,000,000 |
| 8/31/19 | $962,000 | $979,615 |
| 9/30/19 | $893,000 | $996,808 |
| 10/31/19 | $902,000 | $1,018,266 |
| 11/30/19 | $958,000 | $1,056,973 |
| 12/31/19 | $962,000 | $1,087,491 |
| 1/31/20 | $990,000 | $1,086,303 |
| 2/29/20 | $950,000 | $997,364 |
| 3/31/20 | $801,000 | $860,209 |
| 4/30/20 | $901,000 | $974,134 |
| 5/31/20 | $1,024,000 | $1,026,230 |
| 6/30/20 | $1,102,000 | $1,049,692 |
| 7/31/20 | $1,179,000 | $1,109,297 |
| 8/31/20 | $1,220,000 | $1,189,659 |
| 9/30/20 | $1,222,000 | $1,146,342 |
| 10/31/20 | $1,239,000 | $1,121,601 |
| 11/30/20 | $1,375,000 | $1,258,047 |
| 12/31/20 | $1,529,000 | $1,314,644 |
| 1/31/21 | $1,589,000 | $1,308,796 |
| 2/28/21 | $1,707,000 | $1,349,706 |
| 3/31/21 | $1,617,000 | $1,398,083 |
| 4/30/21 | $1,688,000 | $1,470,154 |
| 5/31/21 | $1,580,000 | $1,476,864 |
| 6/30/21 | $1,670,000 | $1,513,283 |
| 7/31/21 | $1,651,000 | $1,538,873 |
| 8/31/21 | $1,719,000 | $1,582,758 |
| 9/30/21 | $1,653,000 | $1,511,744 |
| 10/31/21 | $1,827,000 | $1,613,974 |
| 11/30/21 | $1,720,000 | $1,589,407 |
| 12/31/21 | $1,649,710 | $1,651,996 |
| 1/31/22 | $1,364,811 | $1,554,798 |
| 2/28/22 | $1,363,685 | $1,515,634 |
| 3/31/22 | $1,379,450 | $1,564,797 |
| 4/30/22 | $1,208,286 | $1,424,367 |
| 5/31/22 | $1,184,638 | $1,422,458 |
| 6/30/22 | $1,063,021 | $1,303,457 |
| 7/31/22 | $1,177,882 | $1,425,744 |
| 8/31/22 | $1,186,890 | $1,372,537 |
| 9/30/22 | $1,083,291 | $1,245,263 |
| 10/31/22 | $1,151,982 | $1,347,382 |
| 11/30/22 | $1,157,612 | $1,417,710 |
| 12/31/22 | $1,074,282 | $1,334,698 |
| 1/31/23 | $1,109,191 | $1,426,622 |
| 2/28/23 | $1,104,686 | $1,393,279 |
| 3/31/23 | $1,131,712 | $1,430,534 |
| 4/30/23 | $1,108,065 | $1,445,775 |
| 5/31/23 | $1,112,569 | $1,451,400 |
| 6/30/23 | $1,203,782 | $1,550,509 |
| 7/31/23 | $1,218,421 | $1,606,090 |
| 8/31/23 | $1,194,773 | $1,575,087 |
| 9/30/23 | $1,102,434 | $1,500,059 |
| 10/31/23 | $1,035,995 | $1,460,294 |
| 11/30/23 | $1,122,704 | $1,596,464 |
| 12/31/23 | $1,206,034 | $1,681,143 |
| 1/31/24 | $1,240,942 | $1,699,776 |
| 2/29/24 | $1,410,981 | $1,791,785 |
| 3/31/24 | $1,450,394 | $1,849,584 |
| 4/30/24 | $1,358,055 | $1,768,199 |
| 5/31/24 | $1,458,276 | $1,851,740 |
| 6/30/24 | $1,467,285 | $1,909,066 |
| 7/31/24 | $1,480,798 | $1,944,553 |
| 8/31/24 | $1,546,111 | $1,986,883 |
| 9/30/24 | $1,608,045 | $2,027,984 |
| 10/31/24 | $1,606,919 | $2,013,091 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 7/31/19 |
|---|
| Class I | 55.11 | 12.24 | 9.45 |
| Russell 3000 Total Return Index | 37.85 | 14.60 | 14.24 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $26,249,395 | 108 | 220% | $211,704 |
Calamos Timpani SMID Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. While skeptics will say that a significant percentage of small-cap companies are currently unprofitable businesses, our approach has been to focus on those that are either generating profits or have tremendous growth potential that leads to profitability in the near term.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 28.6 |
| Health Care | 25.1 |
| Industrials | 19.4 |
| Consumer Discretionary | 12.1 |
| Financials | 6.3 |
| Consumer Staples | 3.3 |
| Real Estate | 2.4 |
| Materials | 2.2 |
| Communication Services | 0.2 |
| Axon Enterprise, Inc. | 3.6 |
| Sterling Infrastructure, Inc. | 3.1 |
| ADMA Biologics, Inc. | 3.1 |
| RadNet, Inc. | 3.1 |
| FTAI Aviation, Ltd. | 2.5 |
| Fair Isaac Corp. | 2.3 |
| AppLovin Corp. - Class A | 2.1 |
| Descartes Systems Group, Inc. | 2.1 |
| GoDaddy, Inc. - Class A | 2.1 |
| Natera, Inc. | 1.9 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SMIDTSRA-I 24
Calamos Timpani SMID Growth Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Timpani SMID Growth Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class R6 | $136 | 1.07% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated impressive returns as the portfolio’s growth stocks were strongly in favor for the period, outperforming benchmarks and peer group averages. During the period, investors broadly benefited from resilient economic growth in the US and a Federal Reserve that pivoted from interest rate hikes to lowering rates as inflation was largely tamed. The Fund’s outperformance was derived from security selection in multiple sectors, most significantly industrials and health care names. Although small- to mid-cap stocks did not lead the market over the annual period, our stock picking carried the day.
| Class R6 | Russell 3000 Total Return Index |
|---|
| 7/31/19 | $10,000 | $9,997 |
| 8/31/19 | $9,620 | $9,793 |
| 9/30/19 | $8,930 | $9,965 |
| 10/31/19 | $9,020 | $10,179 |
| 11/30/19 | $9,570 | $10,566 |
| 12/31/19 | $9,620 | $10,871 |
| 1/31/20 | $9,900 | $10,860 |
| 2/29/20 | $9,500 | $9,970 |
| 3/31/20 | $8,010 | $8,599 |
| 4/30/20 | $9,000 | $9,738 |
| 5/31/20 | $10,240 | $10,259 |
| 6/30/20 | $11,020 | $10,494 |
| 7/31/20 | $11,790 | $11,089 |
| 8/31/20 | $12,200 | $11,893 |
| 9/30/20 | $12,220 | $11,460 |
| 10/31/20 | $12,390 | $11,212 |
| 11/30/20 | $13,750 | $12,576 |
| 12/31/20 | $15,290 | $13,142 |
| 1/31/21 | $15,890 | $13,084 |
| 2/28/21 | $17,070 | $13,493 |
| 3/31/21 | $16,170 | $13,976 |
| 4/30/21 | $16,880 | $14,697 |
| 5/31/21 | $15,800 | $14,764 |
| 6/30/21 | $16,700 | $15,128 |
| 7/31/21 | $16,510 | $15,384 |
| 8/31/21 | $17,190 | $15,823 |
| 9/30/21 | $16,530 | $15,113 |
| 10/31/21 | $18,270 | $16,135 |
| 11/30/21 | $17,200 | $15,889 |
| 12/31/21 | $16,486 | $16,515 |
| 1/31/22 | $13,648 | $15,543 |
| 2/28/22 | $13,637 | $15,152 |
| 3/31/22 | $13,795 | $15,643 |
| 4/30/22 | $12,083 | $14,239 |
| 5/31/22 | $11,846 | $14,220 |
| 6/30/22 | $10,630 | $13,030 |
| 7/31/22 | $11,779 | $14,253 |
| 8/31/22 | $11,869 | $13,721 |
| 9/30/22 | $10,833 | $12,449 |
| 10/31/22 | $11,520 | $13,470 |
| 11/30/22 | $11,576 | $14,173 |
| 12/31/22 | $10,754 | $13,343 |
| 1/31/23 | $11,092 | $14,262 |
| 2/28/23 | $11,047 | $13,928 |
| 3/31/23 | $11,317 | $14,301 |
| 4/30/23 | $11,081 | $14,453 |
| 5/31/23 | $11,137 | $14,509 |
| 6/30/23 | $12,049 | $15,500 |
| 7/31/23 | $12,184 | $16,056 |
| 8/31/23 | $11,948 | $15,746 |
| 9/30/23 | $11,036 | $14,996 |
| 10/31/23 | $10,371 | $14,598 |
| 11/30/23 | $11,238 | $15,960 |
| 12/31/23 | $12,060 | $16,806 |
| 1/31/24 | $12,409 | $16,992 |
| 2/29/24 | $14,121 | $17,912 |
| 3/31/24 | $14,504 | $18,490 |
| 4/30/24 | $13,581 | $17,676 |
| 5/31/24 | $14,594 | $18,512 |
| 6/30/24 | $14,684 | $19,085 |
| 7/31/24 | $14,819 | $19,439 |
| 8/31/24 | $15,472 | $19,863 |
| 9/30/24 | $16,092 | $20,273 |
| 10/31/24 | $16,080 | $20,125 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 7/31/19 |
|---|
| Class R6 | 55.05 | 12.26 | 9.47 |
| Russell 3000 Total Return Index | 37.85 | 14.60 | 14.24 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $26,249,395 | 108 | 220% | $211,704 |
Calamos Timpani SMID Growth Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
We carefully pick stocks with specific characteristics: most importantly, sustainably fast and underestimated growth. While skeptics will say that a significant percentage of small-cap companies are currently unprofitable businesses, our approach has been to focus on those that are either generating profits or have tremendous growth potential that leads to profitability in the near term.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Information Technology | 28.6 |
| Health Care | 25.1 |
| Industrials | 19.4 |
| Consumer Discretionary | 12.1 |
| Financials | 6.3 |
| Consumer Staples | 3.3 |
| Real Estate | 2.4 |
| Materials | 2.2 |
| Communication Services | 0.2 |
| Axon Enterprise, Inc. | 3.6 |
| Sterling Infrastructure, Inc. | 3.1 |
| ADMA Biologics, Inc. | 3.1 |
| RadNet, Inc. | 3.1 |
| FTAI Aviation, Ltd. | 2.5 |
| Fair Isaac Corp. | 2.3 |
| AppLovin Corp. - Class A | 2.1 |
| Descartes Systems Group, Inc. | 2.1 |
| GoDaddy, Inc. - Class A | 2.1 |
| Natera, Inc. | 1.9 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | SMIDTSRA-R6 24
Calamos Hedged Equity Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Hedged Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $127 | 1.15% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund captured close to 60% of the upside of the S&P 500 Index. The Fund’s investment strategy in 2024 focused on a 65/35 option trade, which aimed to capture 65% of the market’s upside while limiting downside exposure to 35%. Throughout the year, the Fund actively traded puts around this core hedge to capitalize on short-term market volatility, making incremental adjustments to maintain upside potential. The Fund’s performance highlighted its ability to mitigate risk in the equity basket without sacrificing significant market returns, even in a concentrated leadership environment. This “threading the needle” suggests that the Fund’s active strategy approach is effective, particularly if the long-term uptrend continues and a broader base of participants drives the S&P 500 upwards.
| Class A with sales charge | S&P 500 Total Return Index |
|---|
| 12/31/14 | $9,524 | $10,000 |
| 1/31/15 | $9,257 | $9,700 |
| 2/28/15 | $9,581 | $10,258 |
| 3/31/15 | $9,467 | $10,095 |
| 4/30/15 | $9,562 | $10,192 |
| 5/31/15 | $9,667 | $10,323 |
| 6/30/15 | $9,584 | $10,123 |
| 7/31/15 | $9,670 | $10,336 |
| 8/31/15 | $9,364 | $9,712 |
| 9/30/15 | $9,175 | $9,472 |
| 10/31/15 | $9,587 | $10,271 |
| 11/30/15 | $9,606 | $10,301 |
| 12/31/15 | $9,569 | $10,139 |
| 1/31/16 | $9,276 | $9,636 |
| 2/29/16 | $9,247 | $9,623 |
| 3/31/16 | $9,540 | $10,275 |
| 4/30/16 | $9,569 | $10,315 |
| 5/31/16 | $9,657 | $10,500 |
| 6/30/16 | $9,686 | $10,528 |
| 7/31/16 | $9,843 | $10,916 |
| 8/31/16 | $9,853 | $10,931 |
| 9/30/16 | $9,884 | $10,933 |
| 10/31/16 | $9,854 | $10,734 |
| 11/30/16 | $9,982 | $11,131 |
| 12/31/16 | $10,068 | $11,351 |
| 1/31/17 | $10,137 | $11,567 |
| 2/28/17 | $10,364 | $12,026 |
| 3/31/17 | $10,380 | $12,040 |
| 4/30/17 | $10,410 | $12,164 |
| 5/31/17 | $10,459 | $12,335 |
| 6/30/17 | $10,479 | $12,412 |
| 7/31/17 | $10,558 | $12,667 |
| 8/31/17 | $10,568 | $12,706 |
| 9/30/17 | $10,639 | $12,968 |
| 10/31/17 | $10,718 | $13,270 |
| 11/30/17 | $10,847 | $13,677 |
| 12/31/17 | $10,875 | $13,829 |
| 1/31/18 | $11,350 | $14,621 |
| 2/28/18 | $11,330 | $14,082 |
| 3/31/18 | $11,245 | $13,724 |
| 4/30/18 | $11,254 | $13,777 |
| 5/31/18 | $11,354 | $14,109 |
| 6/30/18 | $11,337 | $14,196 |
| 7/31/18 | $11,545 | $14,724 |
| 8/31/18 | $11,704 | $15,204 |
| 9/30/18 | $11,688 | $15,290 |
| 10/31/18 | $11,370 | $14,245 |
| 11/30/18 | $11,460 | $14,536 |
| 12/31/18 | $10,940 | $13,223 |
| 1/31/19 | $11,387 | $14,283 |
| 2/28/19 | $11,519 | $14,741 |
| 3/31/19 | $11,630 | $15,028 |
| 4/30/19 | $11,833 | $15,636 |
| 5/31/19 | $11,518 | $14,643 |
| 6/30/19 | $11,861 | $15,675 |
| 7/31/19 | $11,933 | $15,900 |
| 8/31/19 | $11,892 | $15,648 |
| 9/30/19 | $11,973 | $15,941 |
| 10/31/19 | $12,126 | $16,286 |
| 11/30/19 | $12,320 | $16,877 |
| 12/31/19 | $12,493 | $17,387 |
| 1/31/20 | $12,503 | $17,380 |
| 2/29/20 | $12,031 | $15,949 |
| 3/31/20 | $11,325 | $13,979 |
| 4/30/20 | $12,115 | $15,771 |
| 5/31/20 | $12,320 | $16,522 |
| 6/30/20 | $12,544 | $16,851 |
| 7/31/20 | $12,739 | $17,801 |
| 8/31/20 | $13,160 | $19,081 |
| 9/30/20 | $12,959 | $18,356 |
| 10/31/20 | $12,722 | $17,868 |
| 11/30/20 | $13,422 | $19,823 |
| 12/31/20 | $13,653 | $20,586 |
| 1/31/21 | $13,519 | $20,378 |
| 2/28/21 | $13,788 | $20,940 |
| 3/31/21 | $14,118 | $21,857 |
| 4/30/21 | $14,418 | $23,023 |
| 5/31/21 | $14,501 | $23,184 |
| 6/30/21 | $14,626 | $23,725 |
| 7/31/21 | $14,761 | $24,289 |
| 8/31/21 | $15,009 | $25,027 |
| 9/30/21 | $14,658 | $23,863 |
| 10/31/21 | $15,165 | $25,535 |
| 11/30/21 | $15,082 | $25,358 |
| 12/31/21 | $15,433 | $26,495 |
| 1/31/22 | $15,101 | $25,124 |
| 2/28/22 | $14,769 | $24,371 |
| 3/31/22 | $14,915 | $25,276 |
| 4/30/22 | $14,148 | $23,072 |
| 5/31/22 | $14,085 | $23,115 |
| 6/30/22 | $13,381 | $21,207 |
| 7/31/22 | $14,003 | $23,162 |
| 8/31/22 | $13,702 | $22,217 |
| 9/30/22 | $13,032 | $20,171 |
| 10/31/22 | $13,571 | $21,804 |
| 11/30/22 | $14,049 | $23,023 |
| 12/31/22 | $13,689 | $21,696 |
| 1/31/23 | $14,127 | $23,060 |
| 2/28/23 | $13,960 | $22,497 |
| 3/31/23 | $14,294 | $23,323 |
| 4/30/23 | $14,450 | $23,687 |
| 5/31/23 | $14,534 | $23,790 |
| 6/30/23 | $15,049 | $25,362 |
| 7/31/23 | $15,227 | $26,177 |
| 8/31/23 | $15,122 | $25,760 |
| 9/30/23 | $14,785 | $24,532 |
| 10/31/23 | $14,670 | $24,016 |
| 11/30/23 | $15,380 | $26,209 |
| 12/31/23 | $15,820 | $27,400 |
| 1/31/24 | $15,956 | $27,860 |
| 2/29/24 | $16,438 | $29,348 |
| 3/31/24 | $16,742 | $30,292 |
| 4/30/24 | $16,406 | $29,055 |
| 5/31/24 | $16,815 | $30,495 |
| 6/30/24 | $17,182 | $31,590 |
| 7/31/24 | $17,350 | $31,974 |
| 8/31/24 | $17,643 | $32,750 |
| 9/30/24 | $17,931 | $33,449 |
| 10/31/24 | $17,816 | $33,146 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 12/31/14 |
|---|
| Class A without sales charge | 21.45 | 8.00 | 6.57 |
| Class A with sales charge | 15.68 | 6.96 | 6.05 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 12.84 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $697,196,380 | 262 | 20% | $4,793,750 |
Calamos Hedged Equity Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund’s strategic approach is designed to balance risk and reward, ensuring participation in market gains while managing downside exposure. The Fund’s equity basket sector allocation closely mirrors the S&P 500 Index.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 30.5 |
| Financials | 12.9 |
| Health Care | 11.4 |
| Consumer Discretionary | 10.0 |
| Communication Services | 9.3 |
| Industrials | 8.7 |
| Consumer Staples | 5.8 |
| Other | 4.9 |
| Energy | 3.4 |
| Utilities | 2.1 |
| Materials | 2.0 |
| Real Estate | 2.0 |
| Apple, Inc. | 6.9 |
| NVIDIA Corp. | 6.7 |
| Microsoft Corp. | 6.2 |
| Amazon.com, Inc. | 3.5 |
| S&P 500 Index, Strike Price $5,600, 12/19/25 | 3.3 |
| Meta Platforms, Inc. - Class A | 2.7 |
| Alphabet, Inc. - Class C | 2.1 |
| Alphabet, Inc. - Class A | 1.9 |
| Broadcom, Inc. | 1.6 |
SPDR® S&P 500® ETF Trust | 1.6 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | HEQTSRA-A 24
Calamos Hedged Equity Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Hedged Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $210 | 1.90% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund captured close to 60% of the upside of the S&P 500 Index. The Fund’s investment strategy in 2024 focused on a 65/35 option trade, which aimed to capture 65% of the market’s upside while limiting downside exposure to 35%. Throughout the year, the Fund actively traded puts around this core hedge to capitalize on short-term market volatility, making incremental adjustments to maintain upside potential. The Fund’s performance highlighted its ability to mitigate risk in the equity basket without sacrificing significant market returns, even in a concentrated leadership environment. This “threading the needle” suggests that the Fund’s active strategy approach is effective, particularly if the long-term uptrend continues and a broader base of participants drives the S&P 500 upwards.
| Class C with sales charge | S&P 500 Total Return Index |
|---|
| 12/31/14 | $10,000 | $10,000 |
| 1/31/15 | $9,710 | $9,700 |
| 2/28/15 | $10,040 | $10,258 |
| 3/31/15 | $9,920 | $10,095 |
| 4/30/15 | $10,020 | $10,192 |
| 5/31/15 | $10,120 | $10,323 |
| 6/30/15 | $10,024 | $10,123 |
| 7/31/15 | $10,115 | $10,336 |
| 8/31/15 | $9,784 | $9,712 |
| 9/30/15 | $9,578 | $9,472 |
| 10/31/15 | $10,009 | $10,271 |
| 11/30/15 | $10,019 | $10,301 |
| 12/31/15 | $9,973 | $10,139 |
| 1/31/16 | $9,667 | $9,636 |
| 2/29/16 | $9,627 | $9,623 |
| 3/31/16 | $9,928 | $10,275 |
| 4/30/16 | $9,948 | $10,315 |
| 5/31/16 | $10,040 | $10,500 |
| 6/30/16 | $10,056 | $10,528 |
| 7/31/16 | $10,209 | $10,916 |
| 8/31/16 | $10,219 | $10,931 |
| 9/30/16 | $10,242 | $10,933 |
| 10/31/16 | $10,201 | $10,734 |
| 11/30/16 | $10,323 | $11,131 |
| 12/31/16 | $10,414 | $11,351 |
| 1/31/17 | $10,475 | $11,567 |
| 2/28/17 | $10,700 | $12,026 |
| 3/31/17 | $10,710 | $12,040 |
| 4/30/17 | $10,741 | $12,164 |
| 5/31/17 | $10,782 | $12,335 |
| 6/30/17 | $10,801 | $12,412 |
| 7/31/17 | $10,872 | $12,667 |
| 8/31/17 | $10,872 | $12,706 |
| 9/30/17 | $10,944 | $12,968 |
| 10/31/17 | $11,026 | $13,270 |
| 11/30/17 | $11,148 | $13,677 |
| 12/31/17 | $11,169 | $13,829 |
| 1/31/18 | $11,649 | $14,621 |
| 2/28/18 | $11,619 | $14,082 |
| 3/31/18 | $11,527 | $13,724 |
| 4/30/18 | $11,537 | $13,777 |
| 5/31/18 | $11,629 | $14,109 |
| 6/30/18 | $11,609 | $14,196 |
| 7/31/18 | $11,803 | $14,724 |
| 8/31/18 | $11,967 | $15,204 |
| 9/30/18 | $11,948 | $15,290 |
| 10/31/18 | $11,611 | $14,245 |
| 11/30/18 | $11,703 | $14,536 |
| 12/31/18 | $11,162 | $13,223 |
| 1/31/19 | $11,602 | $14,283 |
| 2/28/19 | $11,738 | $14,741 |
| 3/31/19 | $11,843 | $15,028 |
| 4/30/19 | $12,042 | $15,636 |
| 5/31/19 | $11,718 | $14,643 |
| 6/30/19 | $12,053 | $15,675 |
| 7/31/19 | $12,126 | $15,900 |
| 8/31/19 | $12,074 | $15,648 |
| 9/30/19 | $12,147 | $15,941 |
| 10/31/19 | $12,294 | $16,286 |
| 11/30/19 | $12,483 | $16,877 |
| 12/31/19 | $12,650 | $17,387 |
| 1/31/20 | $12,660 | $17,380 |
| 2/29/20 | $12,177 | $15,949 |
| 3/31/20 | $11,462 | $13,979 |
| 4/30/20 | $12,250 | $15,771 |
| 5/31/20 | $12,450 | $16,522 |
| 6/30/20 | $12,660 | $16,851 |
| 7/31/20 | $12,860 | $17,801 |
| 8/31/20 | $13,270 | $19,081 |
| 9/30/20 | $13,062 | $18,356 |
| 10/31/20 | $12,810 | $17,868 |
| 11/30/20 | $13,514 | $19,823 |
| 12/31/20 | $13,736 | $20,586 |
| 1/31/21 | $13,589 | $20,378 |
| 2/28/21 | $13,863 | $20,940 |
| 3/31/21 | $14,179 | $21,857 |
| 4/30/21 | $14,464 | $23,023 |
| 5/31/21 | $14,548 | $23,184 |
| 6/30/21 | $14,664 | $23,725 |
| 7/31/21 | $14,791 | $24,289 |
| 8/31/21 | $15,023 | $25,027 |
| 9/30/21 | $14,664 | $23,863 |
| 10/31/21 | $15,170 | $25,535 |
| 11/30/21 | $15,075 | $25,358 |
| 12/31/21 | $15,423 | $26,495 |
| 1/31/22 | $15,075 | $25,124 |
| 2/28/22 | $14,738 | $24,371 |
| 3/31/22 | $14,875 | $25,276 |
| 4/30/22 | $14,095 | $23,072 |
| 5/31/22 | $14,032 | $23,115 |
| 6/30/22 | $13,315 | $21,207 |
| 7/31/22 | $13,926 | $23,162 |
| 8/31/22 | $13,620 | $22,217 |
| 9/30/22 | $12,946 | $20,171 |
| 10/31/22 | $13,473 | $21,804 |
| 11/30/22 | $13,937 | $23,023 |
| 12/31/22 | $13,576 | $21,696 |
| 1/31/23 | $13,989 | $23,060 |
| 2/28/23 | $13,830 | $22,497 |
| 3/31/23 | $14,137 | $23,323 |
| 4/30/23 | $14,295 | $23,687 |
| 5/31/23 | $14,359 | $23,790 |
| 6/30/23 | $14,866 | $25,362 |
| 7/31/23 | $15,036 | $26,177 |
| 8/31/23 | $14,919 | $25,760 |
| 9/30/23 | $14,581 | $24,532 |
| 10/31/23 | $14,454 | $24,016 |
| 11/30/23 | $15,152 | $26,209 |
| 12/31/23 | $15,571 | $27,400 |
| 1/31/24 | $15,698 | $27,860 |
| 2/29/24 | $16,153 | $29,348 |
| 3/31/24 | $16,439 | $30,292 |
| 4/30/24 | $16,111 | $29,055 |
| 5/31/24 | $16,492 | $30,495 |
| 6/30/24 | $16,852 | $31,590 |
| 7/31/24 | $17,001 | $31,974 |
| 8/31/24 | $17,276 | $32,750 |
| 9/30/24 | $17,541 | $33,449 |
| 10/31/24 | $17,424 | $33,146 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 12/31/14 |
|---|
| Class C without sales charge | 20.55 | 7.22 | 5.81 |
| Class C with sales charge | 19.55 | 7.22 | 5.81 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 12.84 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $697,196,380 | 262 | 20% | $4,793,750 |
Calamos Hedged Equity Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund’s strategic approach is designed to balance risk and reward, ensuring participation in market gains while managing downside exposure. The Fund’s equity basket sector allocation closely mirrors the S&P 500 Index.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 30.5 |
| Financials | 12.9 |
| Health Care | 11.4 |
| Consumer Discretionary | 10.0 |
| Communication Services | 9.3 |
| Industrials | 8.7 |
| Consumer Staples | 5.8 |
| Other | 4.9 |
| Energy | 3.4 |
| Utilities | 2.1 |
| Materials | 2.0 |
| Real Estate | 2.0 |
| Apple, Inc. | 6.9 |
| NVIDIA Corp. | 6.7 |
| Microsoft Corp. | 6.2 |
| Amazon.com, Inc. | 3.5 |
| S&P 500 Index, Strike Price $5,600, 12/19/25 | 3.3 |
| Meta Platforms, Inc. - Class A | 2.7 |
| Alphabet, Inc. - Class C | 2.1 |
| Alphabet, Inc. - Class A | 1.9 |
| Broadcom, Inc. | 1.6 |
SPDR® S&P 500® ETF Trust | 1.6 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | HEQTSRA-C 24
Calamos Hedged Equity Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Hedged Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $100 | 0.90% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund captured close to 60% of the upside of the S&P 500 Index. The Fund’s investment strategy in 2024 focused on a 65/35 option trade, which aimed to capture 65% of the market’s upside while limiting downside exposure to 35%. Throughout the year, the Fund actively traded puts around this core hedge to capitalize on short-term market volatility, making incremental adjustments to maintain upside potential. The Fund’s performance highlighted its ability to mitigate risk in the equity basket without sacrificing significant market returns, even in a concentrated leadership environment. This “threading the needle” suggests that the Fund’s active strategy approach is effective, particularly if the long-term uptrend continues and a broader base of participants drives the S&P 500 upwards.
| Class I | S&P 500 Total Return Index |
|---|
| 12/31/14 | $1,000,000 | $999,999 |
| 1/31/15 | $972,000 | $969,978 |
| 2/28/15 | $1,006,000 | $1,025,726 |
| 3/31/15 | $995,000 | $1,009,504 |
| 4/30/15 | $1,005,000 | $1,019,190 |
| 5/31/15 | $1,016,000 | $1,032,295 |
| 6/30/15 | $1,007,892 | $1,012,311 |
| 7/31/15 | $1,016,926 | $1,033,521 |
| 8/31/15 | $984,802 | $971,164 |
| 9/30/15 | $964,561 | $947,134 |
| 10/31/15 | $1,008,909 | $1,027,029 |
| 11/30/15 | $1,010,925 | $1,030,083 |
| 12/31/15 | $1,007,610 | $1,013,836 |
| 1/31/16 | $976,827 | $963,526 |
| 2/29/16 | $973,749 | $962,226 |
| 3/31/16 | $1,005,004 | $1,027,501 |
| 4/30/16 | $1,008,093 | $1,031,486 |
| 5/31/16 | $1,018,390 | $1,050,009 |
| 6/30/16 | $1,021,000 | $1,052,730 |
| 7/31/16 | $1,037,517 | $1,091,542 |
| 8/31/16 | $1,038,550 | $1,093,076 |
| 9/30/16 | $1,042,474 | $1,093,280 |
| 10/31/16 | $1,039,368 | $1,073,338 |
| 11/30/16 | $1,052,826 | $1,113,089 |
| 12/31/16 | $1,062,534 | $1,135,090 |
| 1/31/17 | $1,069,812 | $1,156,618 |
| 2/28/17 | $1,093,724 | $1,202,546 |
| 3/31/17 | $1,095,191 | $1,203,946 |
| 4/30/17 | $1,099,356 | $1,216,311 |
| 5/31/17 | $1,104,561 | $1,233,428 |
| 6/30/17 | $1,108,125 | $1,241,127 |
| 7/31/17 | $1,116,480 | $1,266,648 |
| 8/31/17 | $1,117,524 | $1,270,526 |
| 9/30/17 | $1,124,739 | $1,296,734 |
| 10/31/17 | $1,134,156 | $1,326,994 |
| 11/30/17 | $1,147,757 | $1,367,692 |
| 12/31/17 | $1,151,477 | $1,382,898 |
| 1/31/18 | $1,201,815 | $1,462,074 |
| 2/28/18 | $1,199,717 | $1,408,189 |
| 3/31/18 | $1,191,739 | $1,372,401 |
| 4/30/18 | $1,192,789 | $1,377,667 |
| 5/31/18 | $1,204,339 | $1,410,844 |
| 6/30/18 | $1,202,158 | $1,419,527 |
| 7/31/18 | $1,224,245 | $1,472,354 |
| 8/31/18 | $1,242,125 | $1,520,330 |
| 9/30/18 | $1,240,187 | $1,528,983 |
| 10/31/18 | $1,206,469 | $1,424,477 |
| 11/30/18 | $1,217,006 | $1,453,506 |
| 12/31/18 | $1,161,766 | $1,322,269 |
| 1/31/19 | $1,209,362 | $1,428,229 |
| 2/28/19 | $1,224,506 | $1,474,087 |
| 3/31/19 | $1,235,861 | $1,502,730 |
| 4/30/19 | $1,258,607 | $1,563,575 |
| 5/31/19 | $1,225,030 | $1,464,213 |
| 6/30/19 | $1,261,004 | $1,567,406 |
| 7/31/19 | $1,269,679 | $1,589,934 |
| 8/31/19 | $1,265,342 | $1,564,747 |
| 9/30/19 | $1,273,698 | $1,594,025 |
| 10/31/19 | $1,291,101 | $1,628,550 |
| 11/30/19 | $1,310,679 | $1,687,665 |
| 12/31/19 | $1,329,831 | $1,738,603 |
| 1/31/20 | $1,330,924 | $1,737,921 |
| 2/29/20 | $1,281,752 | $1,594,858 |
| 3/31/20 | $1,206,288 | $1,397,871 |
| 4/30/20 | $1,290,575 | $1,577,070 |
| 5/31/20 | $1,313,562 | $1,652,182 |
| 6/30/20 | $1,337,082 | $1,685,041 |
| 7/31/20 | $1,359,019 | $1,780,052 |
| 8/31/20 | $1,403,991 | $1,908,002 |
| 9/30/20 | $1,382,157 | $1,835,503 |
| 10/31/20 | $1,356,867 | $1,786,692 |
| 11/30/20 | $1,432,737 | $1,982,270 |
| 12/31/20 | $1,458,265 | $2,058,486 |
| 1/31/21 | $1,442,799 | $2,037,703 |
| 2/28/21 | $1,472,627 | $2,093,891 |
| 3/31/21 | $1,509,083 | $2,185,595 |
| 4/30/21 | $1,540,016 | $2,302,238 |
| 5/31/21 | $1,549,959 | $2,318,317 |
| 6/30/21 | $1,564,265 | $2,372,439 |
| 7/31/21 | $1,578,636 | $2,428,795 |
| 8/31/21 | $1,604,062 | $2,502,644 |
| 9/30/21 | $1,567,430 | $2,386,247 |
| 10/31/21 | $1,622,777 | $2,553,431 |
| 11/30/21 | $1,613,922 | $2,535,739 |
| 12/31/21 | $1,652,396 | $2,649,382 |
| 1/31/22 | $1,616,885 | $2,512,285 |
| 2/28/22 | $1,581,373 | $2,437,061 |
| 3/31/22 | $1,598,019 | $2,527,549 |
| 4/30/22 | $1,515,899 | $2,307,143 |
| 5/31/22 | $1,509,240 | $2,311,374 |
| 6/30/22 | $1,433,778 | $2,120,585 |
| 7/31/22 | $1,500,362 | $2,316,112 |
| 8/31/22 | $1,469,290 | $2,221,658 |
| 9/30/22 | $1,398,443 | $2,017,045 |
| 10/31/22 | $1,455,137 | $2,180,347 |
| 11/30/22 | $1,506,272 | $2,302,195 |
| 12/31/22 | $1,468,735 | $2,169,555 |
| 1/31/23 | $1,515,681 | $2,305,878 |
| 2/28/23 | $1,498,915 | $2,249,615 |
| 3/31/23 | $1,534,024 | $2,332,208 |
| 4/30/23 | $1,553,032 | $2,368,611 |
| 5/31/23 | $1,560,859 | $2,378,907 |
| 6/30/23 | $1,617,179 | $2,536,094 |
| 7/31/23 | $1,637,324 | $2,617,565 |
| 8/31/23 | $1,626,132 | $2,575,891 |
| 9/30/23 | $1,589,817 | $2,453,077 |
| 10/31/23 | $1,577,484 | $2,401,496 |
| 11/30/23 | $1,654,844 | $2,620,815 |
| 12/31/23 | $1,701,928 | $2,739,880 |
| 1/31/24 | $1,717,686 | $2,785,922 |
| 2/29/24 | $1,768,339 | $2,934,678 |
| 3/31/24 | $1,802,716 | $3,029,101 |
| 4/30/24 | $1,766,684 | $2,905,377 |
| 5/31/24 | $1,810,598 | $3,049,440 |
| 6/30/24 | $1,851,168 | $3,158,860 |
| 7/31/24 | $1,869,195 | $3,197,311 |
| 8/31/24 | $1,901,869 | $3,274,866 |
| 9/30/24 | $1,932,914 | $3,344,807 |
| 10/31/24 | $1,920,509 | $3,314,477 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 12/31/14 |
|---|
| Class I | 21.75 | 8.27 | 6.86 |
| S&P 500 Total Return Index | 38.06 | 15.27 | 12.84 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $697,196,380 | 262 | 20% | $4,793,750 |
Calamos Hedged Equity Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund’s strategic approach is designed to balance risk and reward, ensuring participation in market gains while managing downside exposure. The Fund’s equity basket sector allocation closely mirrors the S&P 500 Index.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents or written options.
| Information Technology | 30.5 |
| Financials | 12.9 |
| Health Care | 11.4 |
| Consumer Discretionary | 10.0 |
| Communication Services | 9.3 |
| Industrials | 8.7 |
| Consumer Staples | 5.8 |
| Other | 4.9 |
| Energy | 3.4 |
| Utilities | 2.1 |
| Materials | 2.0 |
| Real Estate | 2.0 |
| Apple, Inc. | 6.9 |
| NVIDIA Corp. | 6.7 |
| Microsoft Corp. | 6.2 |
| Amazon.com, Inc. | 3.5 |
| S&P 500 Index, Strike Price $5,600, 12/19/25 | 3.3 |
| Meta Platforms, Inc. - Class A | 2.7 |
| Alphabet, Inc. - Class C | 2.1 |
| Alphabet, Inc. - Class A | 1.9 |
| Broadcom, Inc. | 1.6 |
SPDR® S&P 500® ETF Trust | 1.6 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | HEQTSRA-I 24
Calamos Merger Arbitrage Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Merger Arbitrage Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $219 | 2.16% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund posted a positive result despite a challenging environment for merger arbitrage, which faced volatile antitrust and regulatory headwinds as the presidential administration took a more holistic approach to identifying harms. During the annual period, government agencies broke up the merger deals of two popular brands, and another high-profile handbag deal looks headed for the same fate. Although discouraged by these outcomes, we believe these are temporary setbacks and expect regulation will swing back to focusing on traditional antitrust theory and case law. Sustained economic growth and a more stable rate environment should also provide catalysts for companies to enter mergers. We believe many companies are simply waiting for rates to stabilize before entering into agreements.
| Class A with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 9/29/23 | $9,728 | $10,001 |
| 10/31/23 | $9,465 | $9,843 |
| 11/30/23 | $9,854 | $10,289 |
| 12/31/23 | $10,115 | $10,682 |
| 1/31/24 | $9,616 | $10,653 |
| 2/29/24 | $9,586 | $10,503 |
| 3/31/24 | $9,665 | $10,600 |
| 4/30/24 | $9,449 | $10,332 |
| 5/31/24 | $9,518 | $10,507 |
| 6/30/24 | $9,498 | $10,606 |
| 7/31/24 | $9,762 | $10,854 |
| 8/31/24 | $9,792 | $11,010 |
| 9/30/24 | $9,890 | $11,158 |
| 10/31/24 | $9,723 | $10,881 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 9/29/23 |
|---|
| Class A without sales charge | 2.73 | -0.04 |
| Class A with sales charge | -0.14 | -2.55 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | 8.07 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $2,096,979 | 39 | 136% | $21,209 |
Calamos Merger Arbitrage Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Information Technology | 35.4 |
| Energy | 13.4 |
| Consumer Staples | 10.8 |
| Communication Services | 10.6 |
| Health Care | 7.6 |
| Special Purpose Acquisition Companies | 7.4 |
| Materials | 6.7 |
| Consumer Discretionary | 4.1 |
| Albertsons Companies, Inc. - Class A | 9.4 |
| Juniper Networks, Inc. | 9.3 |
| Hess Corp. | 7.6 |
| Perficient, Inc., 0.125%, 11/15/26 | 6.3 |
| Amedisys, Inc. | 6.3 |
| ChampionX Corp. | 5.3 |
| United States Steel Corp. | 4.9 |
| Ansys, Inc. | 4.7 |
| Everest Consolidator Acquisition Corp. | 4.3 |
| Shift4 Payments, Inc., 0.500%, 08/01/27 | 4.3 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | MARTSRA-A 24
Calamos Merger Arbitrage Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Merger Arbitrage Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $294 | 2.91% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund posted a positive result despite a challenging environment for merger arbitrage, which faced volatile antitrust and regulatory headwinds as the presidential administration took a more holistic approach to identifying harms. During the annual period, government agencies broke up the merger deals of two popular brands, and another high-profile handbag deal looks headed for the same fate. Although discouraged by these outcomes, we believe these are temporary setbacks and expect regulation will swing back to focusing on traditional antitrust theory and case law. Sustained economic growth and a more stable rate environment should also provide catalysts for companies to enter mergers. We believe many companies are simply waiting for rates to stabilize before entering into agreements.
| Class C with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 9/29/23 | $10,000 | $10,001 |
| 10/31/23 | $9,720 | $9,843 |
| 11/30/23 | $10,120 | $10,289 |
| 12/31/23 | $10,384 | $10,682 |
| 1/31/24 | $9,862 | $10,653 |
| 2/29/24 | $9,832 | $10,503 |
| 3/31/24 | $9,892 | $10,600 |
| 4/30/24 | $9,681 | $10,332 |
| 5/31/24 | $9,731 | $10,507 |
| 6/30/24 | $9,711 | $10,606 |
| 7/31/24 | $9,972 | $10,854 |
| 8/31/24 | $9,992 | $11,010 |
| 9/30/24 | $10,093 | $11,158 |
| 10/31/24 | $9,912 | $10,881 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 9/29/23 |
|---|
| Class C without sales charge | 1.98 | -0.81 |
| Class C with sales charge | 0.98 | -0.81 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | 8.07 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $2,096,979 | 39 | 136% | $21,209 |
Calamos Merger Arbitrage Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Information Technology | 35.4 |
| Energy | 13.4 |
| Consumer Staples | 10.8 |
| Communication Services | 10.6 |
| Health Care | 7.6 |
| Special Purpose Acquisition Companies | 7.4 |
| Materials | 6.7 |
| Consumer Discretionary | 4.1 |
| Albertsons Companies, Inc. - Class A | 9.4 |
| Juniper Networks, Inc. | 9.3 |
| Hess Corp. | 7.6 |
| Perficient, Inc., 0.125%, 11/15/26 | 6.3 |
| Amedisys, Inc. | 6.3 |
| ChampionX Corp. | 5.3 |
| United States Steel Corp. | 4.9 |
| Ansys, Inc. | 4.7 |
| Everest Consolidator Acquisition Corp. | 4.3 |
| Shift4 Payments, Inc., 0.500%, 08/01/27 | 4.3 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | MARTSRA-C 24
Calamos Merger Arbitrage Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Merger Arbitrage Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $194 | 1.91% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund posted a positive result despite a challenging environment for merger arbitrage, which faced volatile antitrust and regulatory headwinds as the presidential administration took a more holistic approach to identifying harms. During the annual period, government agencies broke up the merger deals of two popular brands, and another high-profile handbag deal looks headed for the same fate. Although discouraged by these outcomes, we believe these are temporary setbacks and expect regulation will swing back to focusing on traditional antitrust theory and case law. Sustained economic growth and a more stable rate environment should also provide catalysts for companies to enter mergers. We believe many companies are simply waiting for rates to stabilize before entering into agreements.
| Class I | Bloomberg U.S. Aggregate Bond Index |
|---|
| 9/29/23 | $1,000,000 | $999,999 |
| 10/31/23 | $973,000 | $984,219 |
| 11/30/23 | $1,014,000 | $1,028,789 |
| 12/31/23 | $1,041,071 | $1,068,171 |
| 1/31/24 | $988,766 | $1,065,236 |
| 2/29/24 | $986,754 | $1,050,187 |
| 3/31/24 | $994,801 | $1,059,885 |
| 4/30/24 | $973,678 | $1,033,112 |
| 5/31/24 | $979,713 | $1,050,626 |
| 6/30/24 | $978,707 | $1,060,577 |
| 7/31/24 | $1,005,866 | $1,085,349 |
| 8/31/24 | $1,008,883 | $1,100,942 |
| 9/30/24 | $1,018,942 | $1,115,685 |
| 10/31/24 | $1,002,848 | $1,088,017 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | SINCE INCEPTION 9/29/23 |
|---|
| Class I | 3.07 | 0.26 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | 8.07 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $2,096,979 | 39 | 136% | $21,209 |
Calamos Merger Arbitrage Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
The Fund seeks to capture the completion risk premium—the difference between a company's stock price and the announced acquisition price. In addition to stocks, the Fund can hold convertible bonds and high-yield debt.
Sector weightings and top 10 holdings exclude, if any, cash or cash equivalents, securities sold short or written options.
| Information Technology | 35.4 |
| Energy | 13.4 |
| Consumer Staples | 10.8 |
| Communication Services | 10.6 |
| Health Care | 7.6 |
| Special Purpose Acquisition Companies | 7.4 |
| Materials | 6.7 |
| Consumer Discretionary | 4.1 |
| Albertsons Companies, Inc. - Class A | 9.4 |
| Juniper Networks, Inc. | 9.3 |
| Hess Corp. | 7.6 |
| Perficient, Inc., 0.125%, 11/15/26 | 6.3 |
| Amedisys, Inc. | 6.3 |
| ChampionX Corp. | 5.3 |
| United States Steel Corp. | 4.9 |
| Ansys, Inc. | 4.7 |
| Everest Consolidator Acquisition Corp. | 4.3 |
| Shift4 Payments, Inc., 0.500%, 08/01/27 | 4.3 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | MARTSRA-I 24
Calamos Short-Term Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Short-Term Bond Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $65 | 0.63% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund delivered, high single-digit returns, as healthy starting levels of interest combined with positive price return drove performance. While the Fund outperformed the Bloomberg US Govt/Credit 1-3 Year Index, it lagged the peer group average. Although spreads are near the post-GFC tights, we feel the risk of materially wider spreads is modest given the strong economic backdrop. Additionally, we increased our allocation to below-investment-grade credit in an effort to boost yield. The Fund’s duration and security selection among utility companies underperformed. Security selection among non-financial corporate credits and the underweight allocation to Treasuries supported performance. We continue to apply fundamental research to identify issuers and industries where shareholders are well compensated for the risks taken.
| Class A with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 9/19/18 | $9,775 | $10,000 |
| 9/30/18 | $9,777 | $10,018 |
| 10/31/18 | $9,787 | $9,939 |
| 11/30/18 | $9,796 | $9,998 |
| 12/31/18 | $9,843 | $10,182 |
| 1/31/19 | $9,903 | $10,290 |
| 2/28/19 | $9,924 | $10,284 |
| 3/31/19 | $9,985 | $10,481 |
| 4/30/19 | $10,016 | $10,484 |
| 5/31/19 | $10,077 | $10,670 |
| 6/30/19 | $10,137 | $10,804 |
| 7/31/19 | $10,149 | $10,828 |
| 8/31/19 | $10,220 | $11,109 |
| 9/30/19 | $10,218 | $11,049 |
| 10/31/19 | $10,261 | $11,083 |
| 11/30/19 | $10,261 | $11,077 |
| 12/31/19 | $10,282 | $11,069 |
| 1/31/20 | $10,352 | $11,282 |
| 2/29/20 | $10,403 | $11,485 |
| 3/31/20 | $10,157 | $11,418 |
| 4/30/20 | $10,289 | $11,621 |
| 5/31/20 | $10,370 | $11,675 |
| 6/30/20 | $10,472 | $11,749 |
| 7/31/20 | $10,552 | $11,924 |
| 8/31/20 | $10,580 | $11,828 |
| 9/30/20 | $10,576 | $11,821 |
| 10/31/20 | $10,593 | $11,768 |
| 11/30/20 | $10,640 | $11,884 |
| 12/31/20 | $10,683 | $11,900 |
| 1/31/21 | $10,702 | $11,815 |
| 2/28/21 | $10,695 | $11,644 |
| 3/31/21 | $10,676 | $11,499 |
| 4/30/21 | $10,700 | $11,590 |
| 5/31/21 | $10,724 | $11,628 |
| 6/30/21 | $10,715 | $11,709 |
| 7/31/21 | $10,738 | $11,840 |
| 8/31/21 | $10,739 | $11,818 |
| 9/30/21 | $10,728 | $11,715 |
| 10/31/21 | $10,684 | $11,712 |
| 11/30/21 | $10,670 | $11,747 |
| 12/31/21 | $10,668 | $11,717 |
| 1/31/22 | $10,579 | $11,464 |
| 2/28/22 | $10,535 | $11,336 |
| 3/31/22 | $10,404 | $11,022 |
| 4/30/22 | $10,327 | $10,603 |
| 5/31/22 | $10,371 | $10,672 |
| 6/30/22 | $10,252 | $10,504 |
| 7/31/22 | $10,365 | $10,761 |
| 8/31/22 | $10,292 | $10,457 |
| 9/30/22 | $10,166 | $10,005 |
| 10/31/22 | $10,151 | $9,875 |
| 11/30/22 | $10,270 | $10,239 |
| 12/31/22 | $10,307 | $10,192 |
| 1/31/23 | $10,428 | $10,506 |
| 2/28/23 | $10,352 | $10,234 |
| 3/31/23 | $10,453 | $10,494 |
| 4/30/23 | $10,512 | $10,558 |
| 5/31/23 | $10,483 | $10,443 |
| 6/30/23 | $10,477 | $10,406 |
| 7/31/23 | $10,528 | $10,398 |
| 8/31/23 | $10,568 | $10,332 |
| 9/30/23 | $10,540 | $10,069 |
| 10/31/23 | $10,536 | $9,911 |
| 11/30/23 | $10,702 | $10,359 |
| 12/31/23 | $10,865 | $10,756 |
| 1/31/24 | $10,897 | $10,726 |
| 2/29/24 | $10,873 | $10,575 |
| 3/31/24 | $10,930 | $10,673 |
| 4/30/24 | $10,897 | $10,403 |
| 5/31/24 | $10,982 | $10,579 |
| 6/30/24 | $11,045 | $10,679 |
| 7/31/24 | $11,180 | $10,929 |
| 8/31/24 | $11,279 | $11,086 |
| 9/30/24 | $11,368 | $11,234 |
| 10/31/24 | $11,303 | $10,956 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 9/19/18 |
|---|
| Class A without sales charge | 7.28 | 1.95 | 2.40 |
| Class A with sales charge | 4.92 | 1.50 | 2.02 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.50 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $367,051,856 | 483 | 41% | $1,094,050 |
Calamos Short-Term Bond Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes of US issuers with a dollar-weighted-average portfolio duration of three years or less. The goal is to generate a high level of current income and total return.
Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Corporate Bonds | 58.0 |
| Asset Backed Securities | 19.9 |
| Bank Loans | 9.2 |
| U.S. Government and Agency Securities | 5.1 |
| Municipal Obligations | 3.6 |
| Sovereign Bonds | 1.7 |
| Residential Mortgage Backed Securities | 0.9 |
| U.S. Treasury Note, 4.250%, 02/28/29 | 3.3 |
| U.S. Treasury Note, 3.500%, 09/30/29 | 0.8 |
| MMAF Equipment Finance LLC - Class A3, Series 2023-A, 5.540%, 12/13/29 | 0.6 |
| Credit Acceptance Auto Loan Trust - Class A, Series 2024-1A, 5.680%, 03/15/34 | 0.6 |
| Porsche Financial Auto Securitization Trust - Class A3, Series 2023-2A, 5.790%, 01/22/29 | 0.6 |
| Toyota Auto Loan Extended Note Trust - Class A, Series 2023-1A, 4.930%, 06/25/36 | 0.5 |
| USAA Auto Owner Trust - Class A3, Series 2024-A, 5.030%, 03/15/29 | 0.5 |
| Ford Credit Auto Owner Trust - Class A, Series 2024-1, 4.870%, 08/15/36 | 0.5 |
| DLLAD LLC - Class A3, Series 2023-1A, 4.790%, 01/20/28 | 0.5 |
| Capital One Multi-Asset Execution Trust - Class A3, Series 2021-A3, 1.040%, 11/15/26 | 0.5 |
This is a summary of certain changes of the Fund since October 31, 2024.
Effective August 1, 2024, the Fund’s 80% investment policy was revised to reference a dollar weighted average portfolio duration instead of a dollar weighted average maturity and to remove references to “investment grade.” As revised, “[t]he Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broad range of debt securities that have a dollar weighted average portfolio duration of three years or less.” In addition, the Fund’s principal investment strategy was modified to permit the Fund to invest up to 25% of its net assets in below investment grade debt securities, which are sometimes referred to as high yield or “junk” bonds, which include bonds, bank loans and preferred securities. Prior to this date, the Fund was limited to investing up to 20% of its net assets in such securities.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | STBTSRA-A 24
Calamos Short-Term Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Short-Term Bond Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959. This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $39 | 0.38% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund delivered, high single-digit returns, as healthy starting levels of interest combined with positive price return drove performance. While the Fund outperformed the Bloomberg US Govt/Credit 1-3 Year Index, it lagged the peer group average. Although spreads are near the post-GFC tights, we feel the risk of materially wider spreads is modest given the strong economic backdrop. Additionally, we increased our allocation to below-investment-grade credit in an effort to boost yield. The Fund’s duration and security selection among utility companies underperformed. Security selection among non-financial corporate credits and the underweight allocation to Treasuries supported performance. We continue to apply fundamental research to identify issuers and industries where shareholders are well compensated for the risks taken.
| Class I | Bloomberg U.S. Aggregate Bond Index |
|---|
| 9/19/18 | $1,000,000 | $999,999 |
| 9/30/18 | $1,000,296 | $1,001,761 |
| 10/31/18 | $1,001,581 | $993,846 |
| 11/30/18 | $1,002,657 | $999,776 |
| 12/31/18 | $1,007,678 | $1,018,143 |
| 1/31/19 | $1,014,044 | $1,028,958 |
| 2/28/19 | $1,016,383 | $1,028,361 |
| 3/31/19 | $1,023,834 | $1,048,106 |
| 4/30/19 | $1,026,209 | $1,048,374 |
| 5/31/19 | $1,032,632 | $1,066,985 |
| 6/30/19 | $1,039,068 | $1,080,382 |
| 7/31/19 | $1,040,418 | $1,082,760 |
| 8/31/19 | $1,047,931 | $1,110,818 |
| 9/30/19 | $1,047,927 | $1,104,903 |
| 10/31/19 | $1,052,608 | $1,108,231 |
| 11/30/19 | $1,053,847 | $1,107,664 |
| 12/31/19 | $1,056,249 | $1,106,893 |
| 1/31/20 | $1,062,653 | $1,128,195 |
| 2/29/20 | $1,069,049 | $1,148,502 |
| 3/31/20 | $1,044,056 | $1,141,741 |
| 4/30/20 | $1,056,819 | $1,162,039 |
| 5/31/20 | $1,065,363 | $1,167,446 |
| 6/30/20 | $1,077,040 | $1,174,804 |
| 7/31/20 | $1,084,453 | $1,192,350 |
| 8/31/20 | $1,087,561 | $1,182,724 |
| 9/30/20 | $1,087,429 | $1,182,077 |
| 10/31/20 | $1,089,377 | $1,176,799 |
| 11/30/20 | $1,095,533 | $1,188,345 |
| 12/31/20 | $1,099,069 | $1,189,982 |
| 1/31/21 | $1,100,163 | $1,181,450 |
| 2/28/21 | $1,099,669 | $1,164,392 |
| 3/31/21 | $1,097,970 | $1,149,850 |
| 4/30/21 | $1,100,678 | $1,158,934 |
| 5/31/21 | $1,103,366 | $1,162,720 |
| 6/30/21 | $1,102,667 | $1,170,889 |
| 7/31/21 | $1,105,227 | $1,183,983 |
| 8/31/21 | $1,105,548 | $1,181,729 |
| 9/30/21 | $1,104,713 | $1,171,496 |
| 10/31/21 | $1,101,455 | $1,171,172 |
| 11/30/21 | $1,099,199 | $1,174,640 |
| 12/31/21 | $1,099,209 | $1,171,635 |
| 1/31/22 | $1,091,403 | $1,146,393 |
| 2/28/22 | $1,085,918 | $1,133,603 |
| 3/31/22 | $1,072,596 | $1,102,107 |
| 4/30/22 | $1,064,932 | $1,060,284 |
| 5/31/22 | $1,069,641 | $1,067,119 |
| 6/30/22 | $1,057,631 | $1,050,379 |
| 7/31/22 | $1,069,264 | $1,076,044 |
| 8/31/22 | $1,061,989 | $1,045,643 |
| 9/30/22 | $1,049,187 | $1,000,462 |
| 10/31/22 | $1,048,930 | $987,503 |
| 11/30/22 | $1,060,261 | $1,023,819 |
| 12/31/22 | $1,064,313 | $1,019,202 |
| 1/31/23 | $1,077,114 | $1,050,558 |
| 2/28/23 | $1,069,424 | $1,023,396 |
| 3/31/23 | $1,081,284 | $1,049,389 |
| 4/30/23 | $1,086,446 | $1,055,752 |
| 5/31/23 | $1,083,682 | $1,044,255 |
| 6/30/23 | $1,083,264 | $1,040,529 |
| 7/31/23 | $1,088,689 | $1,039,808 |
| 8/31/23 | $1,093,090 | $1,033,166 |
| 9/30/23 | $1,090,449 | $1,006,909 |
| 10/31/23 | $1,090,202 | $991,020 |
| 11/30/23 | $1,107,610 | $1,035,898 |
| 12/31/23 | $1,124,745 | $1,075,552 |
| 1/31/24 | $1,129,520 | $1,072,597 |
| 2/29/24 | $1,126,003 | $1,057,443 |
| 3/31/24 | $1,132,233 | $1,067,209 |
| 4/30/24 | $1,128,962 | $1,040,251 |
| 5/31/24 | $1,138,043 | $1,057,886 |
| 6/30/24 | $1,144,833 | $1,067,905 |
| 7/31/24 | $1,159,056 | $1,092,849 |
| 8/31/24 | $1,169,624 | $1,108,550 |
| 9/30/24 | $1,179,036 | $1,123,394 |
| 10/31/24 | $1,172,577 | $1,095,536 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | SINCE INCEPTION 9/19/18 |
|---|
| Class I | 7.56 | 2.18 | 2.64 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.50 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $367,051,856 | 483 | 41% | $1,094,050 |
Calamos Short-Term Bond Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes of US issuers with a dollar-weighted-average portfolio duration of three years or less. The goal is to generate a high level of current income and total return.
Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Corporate Bonds | 58.0 |
| Asset Backed Securities | 19.9 |
| Bank Loans | 9.2 |
| U.S. Government and Agency Securities | 5.1 |
| Municipal Obligations | 3.6 |
| Sovereign Bonds | 1.7 |
| Residential Mortgage Backed Securities | 0.9 |
| U.S. Treasury Note, 4.250%, 02/28/29 | 3.3 |
| U.S. Treasury Note, 3.500%, 09/30/29 | 0.8 |
| MMAF Equipment Finance LLC - Class A3, Series 2023-A, 5.540%, 12/13/29 | 0.6 |
| Credit Acceptance Auto Loan Trust - Class A, Series 2024-1A, 5.680%, 03/15/34 | 0.6 |
| Porsche Financial Auto Securitization Trust - Class A3, Series 2023-2A, 5.790%, 01/22/29 | 0.6 |
| Toyota Auto Loan Extended Note Trust - Class A, Series 2023-1A, 4.930%, 06/25/36 | 0.5 |
| USAA Auto Owner Trust - Class A3, Series 2024-A, 5.030%, 03/15/29 | 0.5 |
| Ford Credit Auto Owner Trust - Class A, Series 2024-1, 4.870%, 08/15/36 | 0.5 |
| DLLAD LLC - Class A3, Series 2023-1A, 4.790%, 01/20/28 | 0.5 |
| Capital One Multi-Asset Execution Trust - Class A3, Series 2021-A3, 1.040%, 11/15/26 | 0.5 |
This is a summary of certain changes of the Fund since October 31, 2024.
Effective August 1, 2024, the Fund’s 80% investment policy was revised to reference a dollar weighted average portfolio duration instead of a dollar weighted average maturity and to remove references to “investment grade.” As revised, “[t]he Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in a broad range of debt securities that have a dollar weighted average portfolio duration of three years or less.” In addition, the Fund’s principal investment strategy was modified to permit the Fund to invest up to 25% of its net assets in below investment grade debt securities, which are sometimes referred to as high yield or “junk” bonds, which include bonds, bank loans and preferred securities. Prior to this date, the Fund was limited to investing up to 20% of its net assets in such securities.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | STBTSRA-I 24
Calamos Total Return Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Total Return Bond Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class A | $95 | 0.90% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated low double-digit returns, as high coupons and positive price returns delivered strong total returns. While the Fund outperformed the Bloomberg US Aggregate Bond Index, it trailed the peer group average during the reporting period. Credit spreads are trading near post-GFC tights. The team has been migrating credit quality higher as we view the risks skewed to wider spreads. The underweight allocation and security selection in Treasuries supported returns. Security selection among non-financial companies and the overweight allocation to asset-backed securities depressed returns. The team continues to apply its fundamental research to identify issuers and industries where investors are well compensated for the risks taken.
| Class A with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $9,622 | $9,999 |
| 11/30/14 | $9,662 | $10,070 |
| 12/31/14 | $9,622 | $10,080 |
| 1/31/15 | $9,807 | $10,291 |
| 2/28/15 | $9,782 | $10,194 |
| 3/31/15 | $9,820 | $10,242 |
| 4/30/15 | $9,822 | $10,205 |
| 5/31/15 | $9,813 | $10,180 |
| 6/30/15 | $9,704 | $10,069 |
| 7/31/15 | $9,742 | $10,139 |
| 8/31/15 | $9,706 | $10,125 |
| 9/30/15 | $9,735 | $10,193 |
| 10/31/15 | $9,819 | $10,195 |
| 11/30/15 | $9,783 | $10,168 |
| 12/31/15 | $9,733 | $10,135 |
| 1/31/16 | $9,771 | $10,275 |
| 2/29/16 | $9,857 | $10,348 |
| 3/31/16 | $10,011 | $10,443 |
| 4/30/16 | $10,087 | $10,483 |
| 5/31/16 | $10,067 | $10,485 |
| 6/30/16 | $10,221 | $10,674 |
| 7/31/16 | $10,305 | $10,741 |
| 8/31/16 | $10,294 | $10,729 |
| 9/30/16 | $10,304 | $10,723 |
| 10/31/16 | $10,246 | $10,641 |
| 11/30/16 | $10,031 | $10,389 |
| 12/31/16 | $10,055 | $10,404 |
| 1/31/17 | $10,073 | $10,424 |
| 2/28/17 | $10,151 | $10,494 |
| 3/31/17 | $10,140 | $10,489 |
| 4/30/17 | $10,227 | $10,570 |
| 5/31/17 | $10,283 | $10,651 |
| 6/30/17 | $10,271 | $10,640 |
| 7/31/17 | $10,318 | $10,686 |
| 8/31/17 | $10,405 | $10,782 |
| 9/30/17 | $10,343 | $10,730 |
| 10/31/17 | $10,340 | $10,737 |
| 11/30/17 | $10,318 | $10,723 |
| 12/31/17 | $10,352 | $10,772 |
| 1/31/18 | $10,239 | $10,648 |
| 2/28/18 | $10,147 | $10,547 |
| 3/31/18 | $10,177 | $10,615 |
| 4/30/18 | $10,109 | $10,536 |
| 5/31/18 | $10,160 | $10,611 |
| 6/30/18 | $10,154 | $10,598 |
| 7/31/18 | $10,165 | $10,600 |
| 8/31/18 | $10,239 | $10,669 |
| 9/30/18 | $10,180 | $10,600 |
| 10/31/18 | $10,103 | $10,516 |
| 11/30/18 | $10,116 | $10,579 |
| 12/31/18 | $10,212 | $10,773 |
| 1/31/19 | $10,370 | $10,888 |
| 2/28/19 | $10,404 | $10,881 |
| 3/31/19 | $10,594 | $11,090 |
| 4/30/19 | $10,609 | $11,093 |
| 5/31/19 | $10,770 | $11,290 |
| 6/30/19 | $10,890 | $11,432 |
| 7/31/19 | $10,924 | $11,457 |
| 8/31/19 | $11,178 | $11,754 |
| 9/30/19 | $11,118 | $11,691 |
| 10/31/19 | $11,137 | $11,727 |
| 11/30/19 | $11,135 | $11,721 |
| 12/31/19 | $11,127 | $11,712 |
| 1/31/20 | $11,358 | $11,938 |
| 2/29/20 | $11,537 | $12,153 |
| 3/31/20 | $11,249 | $12,081 |
| 4/30/20 | $11,463 | $12,296 |
| 5/31/20 | $11,546 | $12,353 |
| 6/30/20 | $11,650 | $12,431 |
| 7/31/20 | $11,862 | $12,617 |
| 8/31/20 | $11,774 | $12,515 |
| 9/30/20 | $11,772 | $12,508 |
| 10/31/20 | $11,714 | $12,452 |
| 11/30/20 | $11,849 | $12,574 |
| 12/31/20 | $11,873 | $12,592 |
| 1/31/21 | $11,811 | $12,501 |
| 2/28/21 | $11,652 | $12,321 |
| 3/31/21 | $11,495 | $12,167 |
| 4/30/21 | $11,600 | $12,263 |
| 5/31/21 | $11,640 | $12,303 |
| 6/30/21 | $11,724 | $12,390 |
| 7/31/21 | $11,851 | $12,528 |
| 8/31/21 | $11,825 | $12,504 |
| 9/30/21 | $11,732 | $12,396 |
| 10/31/21 | $11,715 | $12,393 |
| 11/30/21 | $11,721 | $12,429 |
| 12/31/21 | $11,714 | $12,397 |
| 1/31/22 | $11,453 | $12,130 |
| 2/28/22 | $11,325 | $11,995 |
| 3/31/22 | $11,065 | $11,662 |
| 4/30/22 | $10,681 | $11,219 |
| 5/31/22 | $10,673 | $11,292 |
| 6/30/22 | $10,413 | $11,114 |
| 7/31/22 | $10,735 | $11,386 |
| 8/31/22 | $10,480 | $11,064 |
| 9/30/22 | $10,034 | $10,586 |
| 10/31/22 | $9,943 | $10,449 |
| 11/30/22 | $10,268 | $10,833 |
| 12/31/22 | $10,226 | $10,785 |
| 1/31/23 | $10,588 | $11,116 |
| 2/28/23 | $10,359 | $10,829 |
| 3/31/23 | $10,506 | $11,104 |
| 4/30/23 | $10,583 | $11,171 |
| 5/31/23 | $10,461 | $11,050 |
| 6/30/23 | $10,456 | $11,010 |
| 7/31/23 | $10,485 | $11,003 |
| 8/31/23 | $10,409 | $10,932 |
| 9/30/23 | $10,143 | $10,654 |
| 10/31/23 | $9,960 | $10,486 |
| 11/30/23 | $10,431 | $10,961 |
| 12/31/23 | $10,832 | $11,381 |
| 1/31/24 | $10,815 | $11,349 |
| 2/29/24 | $10,676 | $11,189 |
| 3/31/24 | $10,768 | $11,292 |
| 4/30/24 | $10,499 | $11,007 |
| 5/31/24 | $10,689 | $11,194 |
| 6/30/24 | $10,794 | $11,300 |
| 7/31/24 | $11,023 | $11,564 |
| 8/31/24 | $11,179 | $11,730 |
| 9/30/24 | $11,322 | $11,887 |
| 10/31/24 | $11,059 | $11,592 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class A without sales charge | 11.03 | -0.14 | 1.40 |
| Class A with sales charge | 8.57 | -0.59 | 1.01 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $30,230,197 | 197 | 66% | $165,496 |
Calamos Total Return Bond Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes with the goal of generating a high level of current income and total return in excess of the benchmark over full market cycles.
Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Corporate Bonds | 44.8 |
| U.S. Government and Agency Securities | 42.5 |
| Bank Loans | 5.7 |
| Asset Backed Securities | 4.7 |
| Residential Mortgage Backed Securities | 0.3 |
| Federal National Mortgage Association, 6.000%, 03/01/54 | 3.0 |
| Federal National Mortgage Association, 6.000%, 09/01/53 | 2.5 |
| Federal National Mortgage Association, 5.500%, 08/01/53 | 2.4 |
| Federal National Mortgage Association, 4.500%, 02/01/53 | 2.1 |
| U.S. Treasury Note, 3.875%, 08/15/34 | 2.1 |
| Federal National Mortgage Association, 2.500%, 07/01/51 | 2.0 |
| Federal National Mortgage Association, 4.500%, 06/01/52 | 1.7 |
| Federal National Mortgage Association, 2.500%, 04/01/50 | 1.5 |
| Federal National Mortgage Association, 4.000%, 11/01/52 | 1.5 |
| Federal National Mortgage Association, 2.000%, 01/01/52 | 1.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | TRBTSRA-A 24
Calamos Total Return Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Total Return Bond Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class C | $173 | 1.65% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated low double-digit returns, as high coupons and positive price returns delivered strong total returns. While the Fund outperformed the Bloomberg US Aggregate Bond Index, it trailed the peer group average during the reporting period. Credit spreads are trading near post-GFC tights. The team has been migrating credit quality higher as we view the risks skewed to wider spreads. The underweight allocation and security selection in Treasuries supported returns. Security selection among non-financial companies and the overweight allocation to asset-backed securities depressed returns. The team continues to apply its fundamental research to identify issuers and industries where investors are well compensated for the risks taken.
| Class C with sales charge | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $10,000 | $9,999 |
| 11/30/14 | $10,035 | $10,070 |
| 12/31/14 | $9,987 | $10,080 |
| 1/31/15 | $10,164 | $10,291 |
| 2/28/15 | $10,141 | $10,194 |
| 3/31/15 | $10,165 | $10,242 |
| 4/30/15 | $10,169 | $10,205 |
| 5/31/15 | $10,145 | $10,180 |
| 6/30/15 | $10,035 | $10,069 |
| 7/31/15 | $10,068 | $10,139 |
| 8/31/15 | $10,025 | $10,125 |
| 9/30/15 | $10,048 | $10,193 |
| 10/31/15 | $10,128 | $10,195 |
| 11/30/15 | $10,085 | $10,168 |
| 12/31/15 | $10,027 | $10,135 |
| 1/31/16 | $10,060 | $10,275 |
| 2/29/16 | $10,143 | $10,348 |
| 3/31/16 | $10,295 | $10,443 |
| 4/30/16 | $10,357 | $10,483 |
| 5/31/16 | $10,340 | $10,485 |
| 6/30/16 | $10,481 | $10,674 |
| 7/31/16 | $10,561 | $10,741 |
| 8/31/16 | $10,553 | $10,729 |
| 9/30/16 | $10,546 | $10,723 |
| 10/31/16 | $10,490 | $10,641 |
| 11/30/16 | $10,254 | $10,389 |
| 12/31/16 | $10,272 | $10,404 |
| 1/31/17 | $10,294 | $10,424 |
| 2/28/17 | $10,358 | $10,494 |
| 3/31/17 | $10,350 | $10,489 |
| 4/30/17 | $10,432 | $10,570 |
| 5/31/17 | $10,483 | $10,651 |
| 6/30/17 | $10,464 | $10,640 |
| 7/31/17 | $10,516 | $10,686 |
| 8/31/17 | $10,588 | $10,782 |
| 9/30/17 | $10,518 | $10,730 |
| 10/31/17 | $10,508 | $10,737 |
| 11/30/17 | $10,479 | $10,723 |
| 12/31/17 | $10,517 | $10,772 |
| 1/31/18 | $10,396 | $10,648 |
| 2/28/18 | $10,296 | $10,547 |
| 3/31/18 | $10,311 | $10,615 |
| 4/30/18 | $10,245 | $10,536 |
| 5/31/18 | $10,281 | $10,611 |
| 6/30/18 | $10,268 | $10,598 |
| 7/31/18 | $10,283 | $10,600 |
| 8/31/18 | $10,341 | $10,669 |
| 9/30/18 | $10,275 | $10,600 |
| 10/31/18 | $10,190 | $10,516 |
| 11/30/18 | $10,198 | $10,579 |
| 12/31/18 | $10,288 | $10,773 |
| 1/31/19 | $10,441 | $10,888 |
| 2/28/19 | $10,469 | $10,881 |
| 3/31/19 | $10,654 | $11,090 |
| 4/30/19 | $10,662 | $11,093 |
| 5/31/19 | $10,817 | $11,290 |
| 6/30/19 | $10,930 | $11,432 |
| 7/31/19 | $10,958 | $11,457 |
| 8/31/19 | $11,205 | $11,754 |
| 9/30/19 | $11,139 | $11,691 |
| 10/31/19 | $11,151 | $11,727 |
| 11/30/19 | $11,142 | $11,721 |
| 12/31/19 | $11,127 | $11,712 |
| 1/31/20 | $11,351 | $11,938 |
| 2/29/20 | $11,523 | $12,153 |
| 3/31/20 | $11,228 | $12,081 |
| 4/30/20 | $11,434 | $12,296 |
| 5/31/20 | $11,499 | $12,353 |
| 6/30/20 | $11,607 | $12,431 |
| 7/31/20 | $11,811 | $12,617 |
| 8/31/20 | $11,716 | $12,515 |
| 9/30/20 | $11,706 | $12,508 |
| 10/31/20 | $11,641 | $12,452 |
| 11/30/20 | $11,758 | $12,574 |
| 12/31/20 | $11,784 | $12,592 |
| 1/31/21 | $11,704 | $12,501 |
| 2/28/21 | $11,551 | $12,321 |
| 3/31/21 | $11,388 | $12,167 |
| 4/30/21 | $11,474 | $12,263 |
| 5/31/21 | $11,506 | $12,303 |
| 6/30/21 | $11,593 | $12,390 |
| 7/31/21 | $11,700 | $12,528 |
| 8/31/21 | $11,678 | $12,504 |
| 9/30/21 | $11,579 | $12,396 |
| 10/31/21 | $11,555 | $12,393 |
| 11/30/21 | $11,543 | $12,429 |
| 12/31/21 | $11,540 | $12,397 |
| 1/31/22 | $11,275 | $12,130 |
| 2/28/22 | $11,143 | $11,995 |
| 3/31/22 | $10,869 | $11,662 |
| 4/30/22 | $10,496 | $11,219 |
| 5/31/22 | $10,482 | $11,292 |
| 6/30/22 | $10,220 | $11,114 |
| 7/31/22 | $10,529 | $11,386 |
| 8/31/22 | $10,261 | $11,064 |
| 9/30/22 | $9,818 | $10,586 |
| 10/31/22 | $9,734 | $10,449 |
| 11/30/22 | $10,046 | $10,833 |
| 12/31/22 | $9,998 | $10,785 |
| 1/31/23 | $10,346 | $11,116 |
| 2/28/23 | $10,105 | $10,829 |
| 3/31/23 | $10,254 | $11,104 |
| 4/30/23 | $10,311 | $11,171 |
| 5/31/23 | $10,197 | $11,050 |
| 6/30/23 | $10,185 | $11,010 |
| 7/31/23 | $10,196 | $11,003 |
| 8/31/23 | $10,127 | $10,932 |
| 9/30/23 | $9,862 | $10,654 |
| 10/31/23 | $9,678 | $10,486 |
| 11/30/23 | $10,118 | $10,961 |
| 12/31/23 | $10,501 | $11,381 |
| 1/31/24 | $10,489 | $11,349 |
| 2/29/24 | $10,336 | $11,189 |
| 3/31/24 | $10,431 | $11,292 |
| 4/30/24 | $10,164 | $11,007 |
| 5/31/24 | $10,341 | $11,194 |
| 6/30/24 | $10,425 | $11,300 |
| 7/31/24 | $10,651 | $11,564 |
| 8/31/24 | $10,795 | $11,730 |
| 9/30/24 | $10,927 | $11,887 |
| 10/31/24 | $10,666 | $11,592 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class C without sales charge | 10.21 | -0.88 | 0.65 |
| Class C with sales charge | 9.21 | -0.88 | 0.65 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $30,230,197 | 197 | 66% | $165,496 |
Calamos Total Return Bond Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes with the goal of generating a high level of current income and total return in excess of the benchmark over full market cycles.
Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Corporate Bonds | 44.8 |
| U.S. Government and Agency Securities | 42.5 |
| Bank Loans | 5.7 |
| Asset Backed Securities | 4.7 |
| Residential Mortgage Backed Securities | 0.3 |
| Federal National Mortgage Association, 6.000%, 03/01/54 | 3.0 |
| Federal National Mortgage Association, 6.000%, 09/01/53 | 2.5 |
| Federal National Mortgage Association, 5.500%, 08/01/53 | 2.4 |
| Federal National Mortgage Association, 4.500%, 02/01/53 | 2.1 |
| U.S. Treasury Note, 3.875%, 08/15/34 | 2.1 |
| Federal National Mortgage Association, 2.500%, 07/01/51 | 2.0 |
| Federal National Mortgage Association, 4.500%, 06/01/52 | 1.7 |
| Federal National Mortgage Association, 2.500%, 04/01/50 | 1.5 |
| Federal National Mortgage Association, 4.000%, 11/01/52 | 1.5 |
| Federal National Mortgage Association, 2.000%, 01/01/52 | 1.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | TRBTSRA-C 24
Calamos Total Return Bond Fund
Annual Shareholder Report - October 31, 2024
This annual shareholder report contains important information about the Calamos Total Return Bond Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.calamos.com/resources. You can also request this information by contacting us at 800-582-6959.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(based on a hypothetical $10,000 investment)
| Class Name | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|
| Class I | $69 | 0.65% |
For the 12 months ended October 31, 2024 (“annual period”), the Fund generated low double-digit returns, as high coupons and positive price returns delivered strong total returns. While the Fund outperformed the Bloomberg US Aggregate Bond Index, it trailed the peer group average during the reporting period. Credit spreads are trading near post-GFC tights. The team has been migrating credit quality higher as we view the risks skewed to wider spreads. The underweight allocation and security selection in Treasuries supported returns. Security selection among non-financial companies and the overweight allocation to asset-backed securities depressed returns. The team continues to apply its fundamental research to identify issuers and industries where investors are well compensated for the risks taken.
| Class I | Bloomberg U.S. Aggregate Bond Index |
|---|
| 10/31/14 | $1,000,000 | $1,000,001 |
| 11/30/14 | $1,004,290 | $1,007,097 |
| 12/31/14 | $1,000,344 | $1,008,039 |
| 1/31/15 | $1,018,888 | $1,029,175 |
| 2/28/15 | $1,017,418 | $1,019,500 |
| 3/31/15 | $1,020,628 | $1,024,232 |
| 4/30/15 | $1,021,956 | $1,020,558 |
| 5/31/15 | $1,021,292 | $1,018,099 |
| 6/30/15 | $1,010,103 | $1,006,997 |
| 7/31/15 | $1,014,328 | $1,013,998 |
| 8/31/15 | $1,010,781 | $1,012,540 |
| 9/30/15 | $1,014,004 | $1,019,389 |
| 10/31/15 | $1,022,962 | $1,019,563 |
| 11/30/15 | $1,019,394 | $1,016,867 |
| 12/31/15 | $1,014,439 | $1,013,583 |
| 1/31/16 | $1,018,630 | $1,027,528 |
| 2/29/16 | $1,027,826 | $1,034,819 |
| 3/31/16 | $1,044,053 | $1,044,310 |
| 4/30/16 | $1,051,212 | $1,048,321 |
| 5/31/16 | $1,050,372 | $1,048,590 |
| 6/30/16 | $1,065,560 | $1,067,431 |
| 7/31/16 | $1,075,619 | $1,074,180 |
| 8/31/16 | $1,074,705 | $1,072,953 |
| 9/30/16 | $1,074,892 | $1,072,321 |
| 10/31/16 | $1,070,067 | $1,064,120 |
| 11/30/16 | $1,047,829 | $1,038,951 |
| 12/31/16 | $1,049,539 | $1,040,415 |
| 1/31/17 | $1,052,730 | $1,042,457 |
| 2/28/17 | $1,060,056 | $1,049,464 |
| 3/31/17 | $1,060,152 | $1,048,911 |
| 4/30/17 | $1,069,424 | $1,057,008 |
| 5/31/17 | $1,075,559 | $1,065,141 |
| 6/30/17 | $1,074,477 | $1,064,072 |
| 7/31/17 | $1,080,682 | $1,068,652 |
| 8/31/17 | $1,089,002 | $1,078,233 |
| 9/30/17 | $1,082,734 | $1,073,100 |
| 10/31/17 | $1,082,656 | $1,073,722 |
| 11/30/17 | $1,080,531 | $1,072,342 |
| 12/31/17 | $1,084,316 | $1,077,264 |
| 1/31/18 | $1,072,721 | $1,064,857 |
| 2/28/18 | $1,063,249 | $1,054,765 |
| 3/31/18 | $1,066,653 | $1,061,530 |
| 4/30/18 | $1,060,765 | $1,053,633 |
| 5/31/18 | $1,065,351 | $1,061,150 |
| 6/30/18 | $1,064,924 | $1,059,845 |
| 7/31/18 | $1,067,391 | $1,060,098 |
| 8/31/18 | $1,074,300 | $1,066,920 |
| 9/30/18 | $1,068,282 | $1,060,050 |
| 10/31/18 | $1,060,385 | $1,051,675 |
| 11/30/18 | $1,061,998 | $1,057,950 |
| 12/31/18 | $1,072,368 | $1,077,385 |
| 1/31/19 | $1,089,147 | $1,088,830 |
| 2/28/19 | $1,092,916 | $1,088,198 |
| 3/31/19 | $1,113,150 | $1,109,092 |
| 4/30/19 | $1,114,899 | $1,109,376 |
| 5/31/19 | $1,132,078 | $1,129,070 |
| 6/30/19 | $1,144,891 | $1,143,247 |
| 7/31/19 | $1,148,738 | $1,145,763 |
| 8/31/19 | $1,175,674 | $1,175,454 |
| 9/30/19 | $1,169,653 | $1,169,194 |
| 10/31/19 | $1,173,004 | $1,172,716 |
| 11/30/19 | $1,171,940 | $1,172,116 |
| 12/31/19 | $1,171,323 | $1,171,300 |
| 1/31/20 | $1,197,036 | $1,193,842 |
| 2/29/20 | $1,214,958 | $1,215,330 |
| 3/31/20 | $1,184,902 | $1,208,176 |
| 4/30/20 | $1,207,618 | $1,229,655 |
| 5/31/20 | $1,216,656 | $1,235,377 |
| 6/30/20 | $1,227,862 | $1,243,163 |
| 7/31/20 | $1,250,479 | $1,261,730 |
| 8/31/20 | $1,241,467 | $1,251,543 |
| 9/30/20 | $1,241,470 | $1,250,859 |
| 10/31/20 | $1,236,756 | $1,245,274 |
| 11/30/20 | $1,250,162 | $1,257,492 |
| 12/31/20 | $1,252,928 | $1,259,224 |
| 1/31/21 | $1,246,603 | $1,250,196 |
| 2/28/21 | $1,230,142 | $1,232,145 |
| 3/31/21 | $1,213,809 | $1,216,757 |
| 4/30/21 | $1,225,121 | $1,226,370 |
| 5/31/21 | $1,229,575 | $1,230,376 |
| 6/30/21 | $1,238,688 | $1,239,020 |
| 7/31/21 | $1,252,386 | $1,252,875 |
| 8/31/21 | $1,251,055 | $1,250,490 |
| 9/30/21 | $1,241,498 | $1,239,662 |
| 10/31/21 | $1,238,829 | $1,239,320 |
| 11/30/21 | $1,239,741 | $1,242,989 |
| 12/31/21 | $1,239,207 | $1,239,809 |
| 1/31/22 | $1,213,038 | $1,213,098 |
| 2/28/22 | $1,199,754 | $1,199,564 |
| 3/31/22 | $1,171,259 | $1,166,236 |
| 4/30/22 | $1,132,071 | $1,121,979 |
| 5/31/22 | $1,131,481 | $1,129,212 |
| 6/30/22 | $1,104,221 | $1,111,498 |
| 7/31/22 | $1,137,313 | $1,138,656 |
| 8/31/22 | $1,110,522 | $1,106,486 |
| 9/30/22 | $1,063,461 | $1,058,676 |
| 10/31/22 | $1,054,049 | $1,044,963 |
| 11/30/22 | $1,088,789 | $1,083,392 |
| 12/31/22 | $1,085,737 | $1,078,507 |
| 1/31/23 | $1,123,209 | $1,111,687 |
| 2/28/23 | $1,099,119 | $1,082,945 |
| 3/31/23 | $1,116,191 | $1,110,450 |
| 4/30/23 | $1,123,358 | $1,117,183 |
| 5/31/23 | $1,111,883 | $1,105,018 |
| 6/30/23 | $1,111,533 | $1,101,075 |
| 7/31/23 | $1,113,610 | $1,100,311 |
| 8/31/23 | $1,106,997 | $1,093,284 |
| 9/30/23 | $1,078,991 | $1,065,499 |
| 10/31/23 | $1,059,805 | $1,048,685 |
| 11/30/23 | $1,108,811 | $1,096,174 |
| 12/31/23 | $1,151,637 | $1,138,135 |
| 1/31/24 | $1,150,046 | $1,135,008 |
| 2/29/24 | $1,135,516 | $1,118,973 |
| 3/31/24 | $1,145,557 | $1,129,307 |
| 4/30/24 | $1,117,130 | $1,100,780 |
| 5/31/24 | $1,138,889 | $1,119,442 |
| 6/30/24 | $1,149,043 | $1,130,044 |
| 7/31/24 | $1,174,887 | $1,156,439 |
| 8/31/24 | $1,191,782 | $1,173,053 |
| 9/30/24 | $1,207,288 | $1,188,762 |
| 10/31/24 | $1,178,231 | $1,159,282 |
AVERAGE ANNUAL TOTAL RETURNS (%)
| AATR | 1 YEAR | 5 YEARS | 10 YEARS |
|---|
| Class I | 11.17 | 0.09 | 1.65 |
| Bloomberg U.S. Aggregate Bond Index | 10.55 | -0.23 | 1.49 |
The Fund's past performance is not a good predictor of the Fund's future performance.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. 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. 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. Visit https://www.calamos.com/funds/mutual/ for the most recent performance information.
| Total Net Assets | # of Portfolio Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
|---|
| $30,230,197 | 197 | 66% | $165,496 |
Calamos Total Return Bond Fund
Annual Shareholder Report - October 31, 2024
WHAT DID THE FUND INVEST IN?
Through its multi-sector fixed-income strategy, the Fund invests predominantly across government, corporate, and securitized asset classes with the goal of generating a high level of current income and total return in excess of the benchmark over full market cycles.
Asset allocation weightings and top 10 holdings exclude, if any, cash or cash equivalents.
| Corporate Bonds | 44.8 |
| U.S. Government and Agency Securities | 42.5 |
| Bank Loans | 5.7 |
| Asset Backed Securities | 4.7 |
| Residential Mortgage Backed Securities | 0.3 |
| Federal National Mortgage Association, 6.000%, 03/01/54 | 3.0 |
| Federal National Mortgage Association, 6.000%, 09/01/53 | 2.5 |
| Federal National Mortgage Association, 5.500%, 08/01/53 | 2.4 |
| Federal National Mortgage Association, 4.500%, 02/01/53 | 2.1 |
| U.S. Treasury Note, 3.875%, 08/15/34 | 2.1 |
| Federal National Mortgage Association, 2.500%, 07/01/51 | 2.0 |
| Federal National Mortgage Association, 4.500%, 06/01/52 | 1.7 |
| Federal National Mortgage Association, 2.500%, 04/01/50 | 1.5 |
| Federal National Mortgage Association, 4.000%, 11/01/52 | 1.5 |
| Federal National Mortgage Association, 2.000%, 01/01/52 | 1.5 |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, please visit www.calamos.com/resources. You can also request information by contacting us at 800-582-6959.
©2024 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
Calamos Investments LLC | 2020 Calamos Court | Naperville, IL 60563 | 800-582-6959 | www.calamos.com | TRBTSRA-I 24
Item 1(b). Not applicable.
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 | | 10/31/2023 | | | 10/31/2024 | |
| Audit Fees(a) | | $ | 569,521 | | | $ | 586,120 | |
| Audit-Related Fees(b) | | $ | 166,914 | | | $ | 182,816 | |
| Tax Fees(c) | | $ | - | | | $ | - | |
| All Other Fees(d) | | $ | - | | | $ | - | |
| Total | | $ | 736,435 | | | $ | 768,936 | |
(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 | | 10/31/2023 | | | 10/31/2024 | |
| Registrant | | $ | - | | | $ | - | |
| Investment Adviser | | $ | 120 | | | $ | - | |
(h) No disclosures are required by this Item 4(h).
(i) Not applicable.
(j) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. INVESTMENTS.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of the N-CSR.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
TIMELY INFORMATION INSIDE
Family of Funds
ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION OCTOBER 31, 2024
Alternative
Calamos Market Neutral Income Fund
Calamos Hedged Equity Fund
Calamos Phineus Long/Short Fund
Calamos Merger Arbitrage Fund
Convertible
Calamos Convertible Fund
Calamos Global Convertible Fund
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
Fixed Income
Calamos Total Return Bond Fund
Calamos High Income Opportunities Fund
Calamos Short-Term Bond Fund
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.
TABLE OF CONTENTS
The Funds | | | 1 | | |
Statements of Assets and Liabilities | | | 2 | | |
Statements of Operations | | | 7 | | |
Statements of Changes In Net Assets | | | 11 | | |
Financial Highlights | | | 18 | | |
Schedules of Investments | | | 83 | | |
Notes to Financial Statements | | | 175 | | |
Report of Independent Registered Public Accounting Firm | | | 213 | | |
Statement Regarding Basis for Approval of Investment Advisory Contract | | | 215 | | |
Tax Information | | | 220 | | |
Fund | | Class A | | Class C | | Class I | | Class R6 | |
Calamos Market Neutral Income Fund | | CVSIX | | CVSCX | | CMNIX | | CVSOX | |
Calamos Hedged Equity Fund | | CAHEX | | CCHEX | | CIHEX | | | | | |
Calamos Phineus Long/Short Fund | | CPLSX | | CPCLX | | CPLIX | | | | | |
Calamos Merger Arbitrage Fund | | CMRAX | | CMRCX | | CMRGX | | | | | |
Calamos Convertible Fund | | CCVIX | | CCVCX | | CICVX | | | | | |
Calamos Global Convertible Fund | | CAGCX | | CCGCX | | CXGCX | | | | | |
Calamos Timpani Small Cap Growth Fund | | CTASX | | CTCSX | | CTSIX | | CTSOX | |
Calamos Timpani SMID Growth Fund | | CTAGX | | | | CTIGX | | CTOGX | |
Calamos Growth Fund | | CVGRX | | CVGCX | | CGRIX | | | | | |
Calamos Growth and Income Fund | | CVTRX | | CVTCX | | CGIIX | | CGIOX | |
Calamos Dividend Growth Fund | | CADVX | | CCDVX | | CIDVX | | | | | |
Calamos Select Fund | | CVAAX | | CVACX | | CVAIX | | | | | |
Calamos International Growth Fund | | CIGRX | | CIGCX | | CIGIX | | CIGOX | |
Calamos Evolving World Growth Fund | | CNWGX | | CNWDX | | CNWIX | | | | | |
Calamos Global Equity Fund | | CAGEX | | CCGEX | | CIGEX | | CGEOX | |
Calamos Global Opportunities Fund | | CVLOX | | CVLCX | | CGCIX | | | | | |
Calamos International Small Cap Growth Fund | | CAISX | | CCISX | | CSGIX | | CISOX | |
Calamos Total Return Bond Fund | | CTRAX | | CTRCX | | CTRIX | | | | | |
Calamos High Income Opportunities Fund | | CHYDX | | CCHYX | | CIHYX | | | | | |
Calamos Short-Term Bond Fund | | CSTBX | | | | | | CSTIX | | | | | |
www.calamos.com
1
Statements of Assets and Liabilities October 31, 2024
| | | MARKET NEUTRAL
INCOME FUND | | HEDGED EQUITY
FUND | | PHINEUS
LONG/SHORT
FUND | | MERGER
ARBITRAGE
FUND | | CONVERTIBLE
FUND | |
ASSETS | |
Investments in securities, at cost | | $ | 11,352,123,065 | | | $ | 453,325,129 | | | $ | 815,121,936 | | | $ | 2,087,048 | | | $ | 799,148,695 | | |
Investments in affiliated funds, at cost | | | 350,000,000 | | | | — | | | | — | | | | — | | | | — | | |
Investment in securities, at value* | | $ | 15,290,974,923 | | | $ | 718,815,008 | | | $ | 939,516,949 | | | $ | 2,013,782 | | | $ | 904,119,102 | | |
Investments in affiliated funds, at value | | | 334,315,266 | | | | — | | | | — | | | | — | | | | — | | |
Cash with custodian | | | 348,567,095 | | | | 4,096,787 | | | | 80,764,032 | | | | 109,320 | | | | 33,063,702 | | |
Cash held at broker | | | 60,765,548 | | | | 30 | | | | 133,891 | | | | — | | | | 91 | | |
Collateral for short positions domestic | | | 1,180,279,493 | | | | — | | | | — | | | | — | | | | — | | |
Collateral for short positions foreign | | | 33,518,733 | | | | — | | | | — | | | | — | | | | — | | |
Cash collateral segregated for over-the-counter derivatives | | | 2,010,000 | | | | — | | | | — | | | | — | | | | — | | |
Restricted cash for short positions | | | 1,624,333,167 | | | | — | | | | 847,858,994 | | | | 302,231 | | | | — | | |
Restricted cash for open forward foreign currency contracts | | | 170,000 | | | | — | | | | — | | | | — | | | | 320,000 | | |
Restricted foreign currency for short positions (cost $91,907,554 and $102) | | | 91,907,554 | | | | — | | | | 102 | | | | — | | | | — | | |
Cash collateral held | | | 2,030,000 | | | | — | | | | — | | | | — | | | | — | | |
Foreign currencies held at broker (cost $35,707,130) | | | 35,707,130 | | | | — | | | | — | | | | — | | | | — | | |
Unrealized appreciation on total return swaps | | | 99,960 | | | | — | | | | — | | | | — | | | | — | | |
Unrealized appreciation on forward foreign currency contracts | | | 449,015 | | | | — | | | | — | | | | — | | | | 45,307 | | |
Receivables: | |
Investments sold | | | 38,057,719 | | | | — | | | | 71,526,423 | | | | 13,598 | | | | — | | |
Accrued interest and dividends | | | 29,600,985 | | | | 372,403 | | | | 580,547 | | | | 2,235 | | | | 2,562,239 | | |
Fund shares sold | | | 24,239,328 | | | | 551,590 | | | | 1,456,126 | | | | — | | | | 462,781 | | |
Prepaid expenses | | | 226,266 | | | | 21,841 | | | | 30,760 | | | | 30,686 | | | | 48,209 | | |
Other assets | | | 5,009,020 | | | | — | | | | 2,994,728 | | | | 1,018 | | | | 193,933 | | |
Total assets | | | 19,102,261,202 | | | | 723,857,659 | | | | 1,944,862,552 | | | | 2,472,870 | | | | 940,815,364 | | |
LIABILITIES | |
Due to Investment advisor | | | — | | | | — | | | | — | | | | 929 | | | | — | | |
Cash due to custodian | | | 11,541 | | | | — | | | | — | | | | — | | | | — | | |
Cash due to broker | | | 707,147 | | | | — | | | | 557,697 | | | | — | | | | — | | |
Restricted cash for short positions due to broker | | | 37,527 | | | | — | | | | — | | | | — | | | | — | | |
Cash collateral segregated for over-the-counter derivatives—received | | | 2,010,000 | | | | — | | | | — | | | | — | | | | — | | |
Restrcited cash for open foreign forward currency contracts—received | | | 170,000 | | | | — | | | | — | | | | — | | | | — | | |
Foreign currency due to broker (cost $23,526,930 and $303) | | | 23,508,996 | | | | — | | | | 291 | | | | — | | | | — | | |
Collateral for securities loaned | | | 231,428,967 | | | | 441,669 | | | | 15,524,550 | | | | — | | | | 64,401,143 | | |
Securities sold short, at value (proceeds $2,570,288,853, $838,659,430,
and $305,532) | | | 2,891,335,672 | | | | — | | | | 819,766,622 | | | | 289,244 | | | | — | | |
Options written, at value (premium $745,346,888, $24,114,418,
$20,967,001, and $2,961) | | | 824,890,625 | | | | 25,118,500 | | | | 20,590,738 | | | | 3,150 | | | | — | | |
Unrealized depreciation on forward foreign currency contracts | | | 1,905,296 | | | | — | | | | — | | | | — | | | | 292,737 | | |
Payables: | |
Investments purchased | | | 29,513,173 | | | | — | | | | 42,898,738 | | | | — | | | | 3,011,418 | | |
Open swap contracts | | | 544,904 | | | | — | | | | — | | | | — | | | | — | | |
Fund shares redeemed | | | 9,035,682 | | | | 508,546 | | | | 424,442 | | | | — | | | | 984,824 | | |
Affiliates: | |
Investment advisory fees | | | 8,250,800 | | | | 437,483 | | | | 1,072,663 | | | | 1,814 | | | | 539,799 | | |
Distribution fees | | | 24,182 | | | | 1,073 | | | | 2,676 | | | | 7 | | | | 5,046 | | |
Deferred compensation to trustees | | | 188,856 | | | | — | | | | — | | | | — | | | | 193,933 | | |
Trustees' fees and officer compensation | | | 47,621 | | | | 2,998 | | | | 4,246 | | | | 896 | | | | 3,924 | | |
Other accounts payable and accrued liabilities | | | 3,413,964 | | | | 151,010 | | | | 190,206 | | | | 79,851 | | | | 173,648 | | |
Total liabilities | | | 4,027,024,953 | | | | 26,661,279 | | | | 901,032,869 | | | | 375,891 | | | | 69,606,472 | | |
NET ASSETS | | $ | 15,075,236,249 | | | $ | 697,196,380 | | | $ | 1,043,829,683 | | | $ | 2,096,979 | | | $ | 871,208,892 | | |
COMPOSITION OF NET ASSETS | |
Paid in capital | | $ | 13,593,083,769 | | | $ | 515,971,813 | | | $ | 914,157,596 | | | $ | 2,101,786 | | | $ | 771,902,425 | | |
Accumulated distributable earnings (loss) | | | 1,482,152,480 | | | | 181,224,567 | | | | 129,672,087 | | | | (4,807 | ) | | | 99,306,467 | | |
NET ASSETS | | $ | 15,075,236,249 | | | $ | 697,196,380 | | | $ | 1,043,829,683 | | | $ | 2,096,979 | | | $ | 871,208,892 | | |
See accompanying Notes to Financial Statements
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
2
Statements of Assets and Liabilities October 31, 2024
| | | MARKET NEUTRAL
INCOME FUND | | HEDGED EQUITY
FUND | | PHINEUS
LONG/SHORT
FUND | | MERGER
ARBITRAGE
FUND | | CONVERTIBLE
FUND | |
CLASS A SHARES† | |
Net assets applicable to shares outstanding | | $ | 905,711,735 | | | $ | 30,130,459 | | | $ | 67,242,573 | | | $ | 122,943 | | | $ | 248,572,961 | | |
Shares outstanding | | | 59,809,721 | | | | 1,772,669 | | | | 3,957,650 | | | | 12,360 | | | | 11,587,156 | | |
Net asset value and redemption price per share | | $ | 15.14 | | | $ | 17.00 | | | $ | 16.99 | | | $ | 9.95 | | | $ | 21.45 | | |
Maximum offering price per share (Net asset value, plus 4.75% of offering price) | | $ | 15.57 | # | | $ | 17.85 | | | $ | 17.85 | | | $ | 10.23 | # | | $ | 21.94 | # | |
CLASS C SHARES†** | |
Net assets applicable to shares outstanding | | $ | 215,590,637 | | | $ | 11,877,292 | | | $ | 32,321,955 | | | $ | 99,209 | | | $ | 29,466,146 | | |
Shares outstanding | | | 14,168,652 | | | | 722,168 | | | | 2,014,194 | | | | 10,043 | | | | 1,420,090 | | |
Net asset value and redemption price per share | | $ | 15.22 | | | $ | 16.45 | | | $ | 16.05 | | | $ | 9.88 | | | $ | 20.75 | | |
CLASS I SHARES† | |
Net assets applicable to shares outstanding | | $ | 13,793,265,171 | | | $ | 655,188,629 | | | $ | 944,265,155 | | | $ | 1,874,827 | | | $ | 593,169,785 | | |
Shares outstanding | | | 922,856,376 | | | | 38,473,555 | | | | 54,668,910 | | | | 188,045 | | | | 32,449,276 | | |
Net asset value and redemption price per share | | $ | 14.95 | | | $ | 17.03 | | | $ | 17.27 | | | $ | 9.97 | | | $ | 18.28 | | |
CLASS R6 SHARES† | |
Net assets applicable to shares outstanding | | $ | 160,668,706 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
Shares outstanding | | | 10,746,269 | | | | — | | | | — | | | | — | | | | — | | |
Net asset value and redemption price per share | | $ | 14.95 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
| * Includes securities on loan | | $ | 290,335,321 | | | $ | 1,710,593 | | | $ | 15,281,332 | | | $ | — | | | $ | 78,305,851 | | |
# For Market Neutral Income Fund and Merger Arbitrage Fund maximum offering price per share is Net asset value plus 2.75% of offering price. For Convertible Fund maximum offering price per share is Net asset value plus 2.25% of offering price.
† 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
3
Statements of Assets and Liabilities October 31, 2024
| | | GLOBAL
CONVERTIBLE
FUND | | TIMPANI
SMALL CAP
GROWTH FUND | | TIMPANI SMID
GROWTH FUND | | GROWTH FUND | | GROWTH AND
INCOME FUND | |
ASSETS | |
Investments in securities, at cost | | $ | 132,757,925 | | | $ | 256,895,573 | | | $ | 19,357,776 | | | $ | 748,615,961 | | | $ | 1,473,987,857 | | |
Investment in securities, at value* | | $ | 137,218,144 | | | $ | 346,612,949 | | | $ | 26,154,755 | | | $ | 1,545,847,163 | | | $ | 2,841,009,414 | | |
Cash with custodian | | | 2,728,880 | | | | 542,455 | | | | 158,323 | | | | 7,256,082 | | | | 71,116,215 | | |
Cash held at broker | | | 279 | | | | — | | | | — | | | | 2,226,313 | | | | — | | |
Restricted cash for short positions | | | — | | | | — | | | | — | | | | — | | | | 8,399 | | |
Foreign currencies held by broker (cost $54) | | | 54 | | | | — | | | | — | | | | — | | | | — | | |
Receivables: | |
Investments sold | | | — | | | | 3,007,261 | | | | 207,965 | | | | 882,922 | | | | 2,362,379 | | |
Accrued interest | | | 400,220 | | | | 2,464 | | | | 109 | | | | 299,037 | | | | 3,857,338 | | |
Fund shares sold | | | 168,277 | | | | 947,311 | | | | 5,164 | | | | 44,036 | | | | 1,930,016 | | |
Due from Investment advisor | | | — | | | | 4,747 | | | | 10,170 | | | | — | | | | — | | |
Prepaid expenses | | | 13,281 | | | | 27,513 | | | | 24,433 | | | | 36,923 | | | | 57,681 | | |
Other assets | | | — | | | | — | | | | — | | | | 940,007 | | | | 405,896 | | |
Total assets | | | 140,529,135 | | | | 351,144,700 | | | | 26,560,919 | | | | 1,557,532,483 | | | | 2,920,747,338 | | |
LIABILITIES | |
Due to Investment advisor | | | 58 | | | | — | | | | — | | | | — | | | | — | | |
Collateral for securities loaned | | | 12,132,958 | | | | — | | | | — | | | | 18,550,892 | | | | 56,537,968 | | |
Foreign currency due to broker (cost $54 and $55) | | | 54 | | | | — | | | | — | | | | — | | | | 55 | | |
Options written, at value (premium $1,227,647 and $691,874) | | | — | | | | — | | | | — | | | | 29,625 | | | | 376,058 | | |
Payables: | |
Investments purchased | | | 441,018 | | | | 3,236,891 | | | | 261,961 | | | | 1,105,606 | | | | 27,142,906 | | |
Fund shares redeemed | | | 6,566 | | | | 167,152 | | | | 5,819 | | | | 434,490 | | | | 1,159,091 | | |
Affiliates: | |
Investment advisory fees | | | 92,830 | | | | 266,825 | | | | 21,343 | | | | 1,184,754 | | | | 1,646,423 | | |
Distribution fees | | | 227 | | | | 666 | | | | 4 | | | | 17,039 | | | | 25,219 | | |
Deferred compensation to trustees | | | — | | | | — | | | | — | | | | 940,007 | | | | 405,896 | | |
Trustees' fees and officer compensation | | | 1,464 | | | | 1,905 | | | | 1,121 | | | | 5,342 | | | | 9,023 | | |
Other accounts payable and accrued liabilities | | | 48,247 | | | | 98,625 | | | | 21,276 | | | | 292,917 | | | | 480,275 | | |
Total liabilities | | | 12,723,422 | | | | 3,772,064 | | | | 311,524 | | | | 22,560,672 | | | | 87,782,914 | | |
NET ASSETS | | $ | 127,805,713 | | | $ | 347,372,636 | | | $ | 26,249,395 | | | $ | 1,534,971,811 | | | $ | 2,832,964,424 | | |
COMPOSITION OF NET ASSETS | |
Paid in capital | | $ | 131,183,649 | | | $ | 344,275,864 | | | $ | 19,261,072 | | | $ | 669,086,381 | | | $ | 1,391,161,938 | | |
Accumulated distributable earnings (loss) | | | (3,377,936 | ) | | | 3,096,772 | | | | 6,988,323 | | | | 865,885,430 | | | | 1,441,802,486 | | |
NET ASSETS | | $ | 127,805,713 | | | $ | 347,372,636 | | | $ | 26,249,395 | | | $ | 1,534,971,811 | | | $ | 2,832,964,424 | | |
CLASS A SHARES† | |
Net assets applicable to shares outstanding | | $ | 8,122,088 | | | $ | 27,306,200 | | | $ | 293,122 | | | $ | 1,168,907,822 | | | $ | 1,387,945,654 | | |
Shares outstanding | | | 676,618 | | | | 791,121 | | | | 20,847 | | | | 26,400,949 | | | | 28,291,011 | | |
Net asset value and redemption price per share | | $ | 12.00 | | | $ | 34.52 | | | $ | 14.06 | | | $ | 44.28 | | | $ | 49.06 | | |
Maximum offering price per share (Net asset value, plus 4.75% of offering price) | | $ | 12.28 | # | | $ | 36.24 | | | $ | 14.76 | | | $ | 46.49 | | | $ | 51.51 | | |
CLASS C SHARES†** | |
Net assets applicable to shares outstanding | | $ | 2,085,627 | | | $ | 5,035,346 | | | $ | — | | | $ | 10,535,440 | | | $ | 106,421,233 | | |
Shares outstanding | | | 182,550 | | | | 145,135 | | | | — | | | | 665,555 | | | | 2,166,991 | | |
Net asset value and redemption price per share | | $ | 11.42 | | | $ | 34.69 | | | $ | — | | | $ | 15.83 | | | $ | 49.11 | | |
CLASS I SHARES† | |
Net assets applicable to shares outstanding | | $ | 117,597,998 | | | $ | 285,865,732 | | | $ | 25,447,908 | | | $ | 355,528,549 | | | $ | 1,301,172,074 | | |
Shares outstanding | | | 9,741,153 | | | | 7,969,386 | | | | 1,783,336 | | | | 5,172,919 | | | | 27,957,781 | | |
Net asset value and redemption price per share | | $ | 12.07 | | | $ | 35.87 | | | $ | 14.27 | | | $ | 68.73 | | | $ | 46.54 | | |
CLASS R6 SHARES† | |
Net assets applicable to shares outstanding | | $ | — | | | $ | 29,165,358 | | | $ | 508,365 | | | $ | — | | | $ | 37,425,463 | | |
Shares outstanding | | | — | | | | 808,753 | | | | 35,598 | | | | — | | | | 803,712 | | |
Net asset value and redemption price per share | | $ | — | | | $ | 36.06 | | | $ | 14.28 | | | $ | — | | | $ | 46.57 | | |
| * Includes securities on loan | | $ | 11,892,290 | | | $ | — | | | $ | — | | | $ | 30,531,641 | | | $ | 75,174,189 | | |
# For Global Convertible Fund, maximum offering price per share is Net asset value plus 2.25% of offering price.
† 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
4
Statements of Assets and Liabilities October 31, 2024
| | | DIVIDEND
GROWTH FUND | | SELECT FUND | | INTERNATIONAL
GROWTH FUND | | EVOLVING
WORLD GROWTH
FUND | | GLOBAL EQUITY
FUND | |
ASSETS | |
Investments in securities, at cost | | $ | 10,642,023 | | | $ | 32,355,681 | | | $ | 193,434,706 | | | $ | 309,346,421 | | | $ | 80,693,626 | | |
Investment in securities, at value* | | $ | 21,114,944 | | | $ | 54,842,627 | | | $ | 251,333,112 | | | $ | 410,065,061 | | | $ | 133,134,818 | | |
Cash with custodian | | | 80,848 | | | | 1,301,302 | | | | 5,223,750 | | | | — | | | | 830,319 | | |
Cash held at broker | | | — | | | | — | | | | 1,500 | | | | 54 | | | | — | | |
Foreign currencies held at broker (cost $252) | | | — | | | | — | | | | 250 | | | | — | | | | — | | |
Restricted cash for open forward foreign currency contracts | | | — | | | | — | | | | 580,000 | | | | 1,190,000 | | | | — | | |
Receivables: | |
Investments sold | | | — | | | | — | | | | 3,151,172 | | | | 3,944,803 | | | | 2,436,245 | | |
Accrued dividends | | | 7,878 | | | | 13,639 | | | | 485,321 | | | | 290,252 | | | | 85,164 | | |
Fund shares sold | | | — | | | | 12,583 | | | | 76,910 | | | | 225,847 | | | | 219,184 | | |
Due from Investment advisor | | | 10,041 | | | | 17,663 | | | | 57,084 | | | | 106,747 | | | | 12,277 | | |
Prepaid expenses | | | 24,785 | | | | 12,020 | | | | 28,975 | | | | 35,013 | | | | 31,464 | | |
Other assets | | | — | | | | 100,775 | | | | 63,431 | | | | 18,691 | | | | 32,535 | | |
Total assets | | | 21,238,496 | | | | 56,300,609 | | | | 261,001,505 | | | | 415,876,468 | | | | 136,782,006 | | |
LIABILITIES | |
Cash due to custodian | | | — | | | | — | | | | — | | | | 856,982 | | | | — | | |
Cash due to broker | | | — | | | | — | | | | — | | | | 28 | | | | — | | |
Collateral for securities loaned | | | 522,246 | | | | — | | | | 10,466,462 | | | | 9,933,581 | | | | 1,529,569 | | |
Foreign currency due to broker (cost $1) | | | — | | | | — | | | | — | | | | — | | | | 1 | | |
Unrealized depreciation on forward foreign currency contracts | | | — | | | | — | | | | 629,005 | | | | 1,202,567 | | | | — | | |
Payables: | |
Investments purchased | | | 31,428 | | | | — | | | | 5,608,771 | | | | 2,090,260 | | | | 734,860 | | |
Fund shares redeemed | | | — | | | | 27,955 | | | | 88,292 | | | | 285,931 | | | | 120,278 | | |
Affiliates: | |
Investment advisory fees | | | 17,731 | | | | 48,444 | | | | 201,507 | | | | 381,649 | | | | 112,398 | | |
Distribution fees | | | 249 | | | | 219 | | | | 778 | | | | 794 | | | | 469 | | |
Deferred compensation to trustees | | | — | | | | 100,775 | | | | 63,431 | | | | 18,691 | | | | 32,535 | | |
Trustees' fees and officer compensation | | | 1,118 | | | | 1,216 | | | | 1,748 | | | | 2,310 | | | | 1,383 | | |
Other accounts payable and accrued liabilities | | | 21,027 | | | | 24,764 | | | | 1,460,986 | | | | 4,461,528 | | | | 670,232 | | |
Total liabilities | | | 593,799 | | | | 203,373 | | | | 18,520,980 | | | | 19,234,321 | | | | 3,201,725 | | |
NET ASSETS | | $ | 20,644,697 | | | $ | 56,097,236 | | | $ | 242,480,525 | | | $ | 396,642,147 | | | $ | 133,580,281 | | |
COMPOSITION OF NET ASSETS | |
Paid in capital | | $ | 9,679,729 | | | $ | 29,744,734 | | | $ | 176,038,893 | | | $ | 392,319,749 | | | $ | 72,185,030 | | |
Accumulated distributable earnings (loss) | | | 10,964,968 | | | | 26,352,502 | | | | 66,441,632 | | | | 4,322,398 | | | | 61,395,251 | | |
NET ASSETS | | $ | 20,644,697 | | | $ | 56,097,236 | | | $ | 242,480,525 | | | $ | 396,642,147 | | | $ | 133,580,281 | | |
CLASS A SHARES† | |
Net assets applicable to shares outstanding | | $ | 7,128,076 | | | $ | 14,300,512 | | | $ | 50,314,267 | | | $ | 42,336,413 | | | $ | 28,482,438 | | |
Shares outstanding | | | 380,487 | | | | 650,607 | | | | 2,293,374 | | | | 2,159,132 | | | | 1,620,496 | | |
Net asset value and redemption price per share | | $ | 18.73 | | | $ | 21.98 | | | $ | 21.94 | | | $ | 19.61 | | | $ | 17.58 | | |
Maximum offering price per share (Net asset value, plus 4.75% of offering price) | | $ | 19.66 | | | $ | 23.08 | | | $ | 23.03 | | | $ | 20.59 | | | $ | 18.46 | | |
CLASS C SHARES†** | |
Net assets applicable to shares outstanding | | $ | 2,695,503 | | | $ | 347,407 | | | $ | 1,451,527 | | | $ | 3,708,853 | | | $ | 1,268,286 | | |
Shares outstanding | | | 153,252 | | | | 19,429 | | | | 80,532 | | | | 206,705 | | | | 91,075 | | |
Net asset value and redemption price per share | | $ | 17.59 | | | $ | 17.88 | | | $ | 18.02 | | | $ | 17.94 | | | $ | 13.93 | | |
CLASS I SHARES† | |
Net assets applicable to shares outstanding | | $ | 10,821,118 | | | $ | 41,449,317 | | | $ | 184,336,464 | | | $ | 350,596,881 | | | $ | 103,750,659 | | |
Shares outstanding | | | 574,197 | | | | 1,804,515 | | | | 8,028,746 | | | | 17,688,341 | | | | 5,586,326 | | |
Net asset value and redemption price per share | | $ | 18.85 | | | $ | 22.97 | | | $ | 22.96 | | | $ | 19.82 | | | $ | 18.57 | | |
CLASS R6 SHARES† | |
Net assets applicable to shares outstanding | | $ | — | | | $ | — | | | $ | 6,378,267 | | | $ | — | | | $ | 78,898 | | |
Shares outstanding | | | — | | | | — | | | | 274,508 | | | | — | | | | 4,244 | | |
Net asset value and redemption price per share | | $ | — | | | $ | — | | | $ | 23.24 | | | $ | — | | | $ | 18.59 | | |
| * Includes securities on loan | | $ | 501,442 | | | $ | — | | | $ | 14,120,236 | | | $ | 12,724,787 | | | $ | 3,195,355 | | |
† 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
5
Statements of Assets and Liabilities October 31, 2024
| | | GLOBAL
OPPORTUNITIES
FUND | | INTERNATIONAL
SMALL CAP
GROWTH FUND | | TOTAL RETURN
BOND FUND | | HIGH INCOME
OPPORTUNITIES
FUND | | SHORT-TERM
BOND FUND | |
ASSETS | |
Investments in securities, at cost | | $ | 194,513,995 | | | $ | 4,866,872 | | | $ | 33,128,631 | | | $ | 38,192,797 | | | $ | 373,994,177 | | |
Investment in securities, at value* | | $ | 267,533,786 | | | $ | 5,448,297 | | | $ | 30,628,139 | | | $ | 36,851,476 | | | $ | 373,730,062 | | |
Cash with custodian | | | 9,156,180 | | | | 261,473 | | | | 367,739 | | | | 1,863,964 | | | | 4,694,253 | | |
Restricted cash for futures | | | — | | | | — | | | | 28,600 | | | | — | | | | 357,500 | | |
Variation margin on open futures contracts | | | — | | | | — | | | | 52,885 | | | | — | | | | 597,397 | | |
Receivables: | |
Investments sold | | | 4,196,707 | | | | 59,506 | | | | 25,226 | | | | 295,574 | | | | 191,248 | | |
Accrued interest and dividends | | | 718,965 | | | | 5,457 | | | | 228,828 | | | | 498,874 | | | | 2,950,946 | | |
Fund shares sold | | | 655,117 | | | | 51,997 | | | | 17,811 | | | | 248,856 | | | | 139,926 | | |
Due from Investment advisor | | | 51,863 | | | | 9,855 | | | | 6,714 | | | | 11,506 | | | | — | | |
Prepaid expenses | | | 25,970 | | | | 22,178 | | | | 21,599 | | | | 22,156 | | | | 23,956 | | |
Other assets | | | 152,650 | | | | — | | | | 36,610 | | | | 111,054 | | | | — | | |
Total assets | | | 282,491,238 | | | | 5,858,763 | | | | 31,414,151 | | | | 39,903,460 | | | | 382,685,288 | | |
LIABILITIES | |
Cash due to custodian | | | 30 | | | | — | | | | — | | | | — | | | | — | | |
Collateral for securities loaned | | | 581,900 | | | | — | | | | 990,975 | | | | 1,853,285 | | | | 12,451,990 | | |
Variation margin on open futures contracts | | | — | | | | — | | | | 51,406 | | | | — | | | | 578,911 | | |
Foreign currency due to broker (cost $1) | | | — | | | | 1 | | | | — | | | | — | | | | — | | |
Payables: | |
Investments purchased | | | 1,808,783 | | | | 86,836 | | | | — | | | | 346,345 | | | | 1,000,500 | | |
Fund shares redeemed | | | 62,164 | | | | — | | | | 50,892 | | | | 98,299 | | | | 27,413 | | |
Dividends payable | | | — | | | | — | | | | 13,392 | | | | 5,290 | | | | 1,421,495 | | |
Affiliates: | |
Investment advisory fees | | | 238,639 | | | | 4,668 | | | | 11,746 | | | | 19,017 | | | | 93,537 | | |
Distribution fees | | | 2,034 | | | | 7 | | | | 168 | | | | 397 | | | | 52 | | |
Deferred compensation to trustees | | | 152,650 | | | | — | | | | 36,610 | | | | 111,054 | | | | — | | |
Trustees' fees and officer compensation | | | 1,756 | | | | 1,071 | | | | 1,167 | | | | 1,180 | | | | 2,260 | | |
Other accounts payable and accrued liabilities | | | 241,776 | | | | 46,201 | | | | 27,598 | | | | 33,003 | | | | 57,274 | | |
Total liabilities | | | 3,089,732 | | | | 138,784 | | | | 1,183,954 | | | | 2,467,870 | | | | 15,633,432 | | |
NET ASSETS | | $ | 279,401,506 | | | $ | 5,719,979 | | | $ | 30,230,197 | | | $ | 37,435,590 | | | $ | 367,051,856 | | |
COMPOSITION OF NET ASSETS | |
Paid in capital | | $ | 189,009,982 | | | $ | 5,461,999 | | | $ | 35,703,075 | | | $ | 51,600,992 | | | $ | 383,896,303 | | |
Accumulated distributable earnings (loss) | | | 90,391,524 | | | | 257,980 | | | | (5,472,878 | ) | | | (14,165,402 | ) | | | (16,844,447 | ) | |
NET ASSETS | | $ | 279,401,506 | | | $ | 5,719,979 | | | $ | 30,230,197 | | | $ | 37,435,590 | | | $ | 367,051,856 | | |
CLASS A SHARES† | |
Net assets applicable to shares outstanding | | $ | 98,639,537 | | | $ | 433,106 | | | $ | 11,500,209 | | | $ | 27,553,656 | | | $ | 3,824,746 | | |
Shares outstanding | | | 7,590,452 | | | | 43,519 | | | | 1,283,485 | | | | 3,531,073 | | | | 401,375 | | |
Net asset value and redemption price per share | | $ | 13.00 | | | $ | 9.95 | | | $ | 8.96 | | | $ | 7.80 | | | $ | 9.53 | | |
Maximum offering price per share (Net asset value, plus 4.75% of offering price) | | $ | 13.65 | | | $ | 10.45 | | | $ | 9.17 | # | | $ | 7.98 | # | | $ | 9.75 | # | |
CLASS C SHARES†** | |
Net assets applicable to shares outstanding | | $ | 12,172,550 | | | $ | 9,813 | | | $ | 200,192 | | | $ | 378,800 | | | $ | — | | |
Shares outstanding | | | 1,119,326 | | | | 1,005 | | | | 22,354 | | | | 45,053 | | | | — | | |
Net asset value and redemption price per share | | $ | 10.87 | | | $ | 9.76 | | | $ | 8.96 | | | $ | 8.41 | | | $ | — | | |
CLASS I SHARES† | |
Net assets applicable to shares outstanding | | $ | 168,589,419 | | | $ | 5,266,982 | | | $ | 18,529,796 | | | $ | 9,503,134 | | | $ | 363,227,110 | | |
Shares outstanding | | | 12,440,123 | | | | 526,410 | | | | 2,066,819 | | | | 1,217,526 | | | | 38,152,127 | | |
Net asset value and redemption price per share | | $ | 13.55 | | | $ | 10.01 | | | $ | 8.97 | | | $ | 7.81 | | | $ | 9.52 | | |
CLASS R6 SHARES† | |
Net assets applicable to shares outstanding | | $ | — | | | $ | 10,078 | | | $ | — | | | $ | — | | | $ | — | | |
Shares outstanding | | | — | | | | 1,007 | | | | — | | | | — | | | | — | | |
Net asset value and redemption price per share | | $ | — | | | $ | 10.01 | | | $ | — | | | $ | — | | | $ | — | | |
| * Includes securities on loan | | $ | 566,462 | | | $ | — | | | $ | 1,139,471 | | | $ | 1,829,883 | | | $ | 37,923,792 | | |
# 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.
† 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
6
Statements of Operations Year Ended October 31, 2024
| | | MARKET NEUTRAL
INCOME FUND | | HEDGED EQUITY
FUND | | PHINEUS
LONG/SHORT
FUND | | MERGER
ARBITRAGE
FUND | | CONVERTIBLE
FUND | |
INVESTMENT INCOME | |
Interest | | $ | 95,042,406 | | | $ | 216,471 | | | $ | 4,069,786 | | | $ | 14,700 | | | $ | 11,307,277 | | |
Interest on short sales | | | 133,539,972 | | | | — | | | | 32,716,812 | | | | 24,475 | | | | 337 | | |
(Amortization)/accretion of investment securities | | | (69,712,219 | ) | | | — | | | | — | | | | 10,041 | | | | (7,485,652 | ) | |
Net interest | | | 158,870,159 | | | | 216,471 | | | | 36,786,598 | | | | 49,216 | | | | 3,821,962 | | |
Dividends | | | 129,584,406 | | | | 9,410,051 | | | | 13,175,369 | | | | 19,261 | | | | 1,795,694 | | |
Dividends from affiliated funds | | | 16,134,168 | | | | — | | | | — | | | | — | | | | — | | |
Dividend taxes withheld | | | (142,495 | ) | | | (3,421 | ) | | | (196,323 | ) | | | (254 | ) | | | — | | |
Securities lending income, net of rebates received or paid to borrowers | | | 268,239 | | | | 6,050 | | | | 47,328 | | | | — | | | | 49,320 | | |
Total investment income | | | 304,714,477 | | | | 9,629,151 | | | | 49,812,972 | | | | 68,223 | | | | 5,666,976 | | |
EXPENSES | |
Investment advisory fees | | | 94,602,852 | | | | 4,793,750 | | | | 12,381,860 | | | | 21,209 | | | | 6,255,523 | | |
Distribution fees | |
Class A | | | 2,357,118 | | | | 70,705 | | | | 178,948 | | | | 337 | | | | 631,346 | | |
Class C | | | 2,335,542 | | | | 106,638 | | | | 331,529 | | | | 992 | | | | 309,729 | | |
Dividend or interest expense on short positions | | | 25,204,578 | | | | — | | | | 8,058,374 | | | | 13,932 | | | | — | | |
Transfer agent fees | | | 13,081,730 | | | | 691,025 | | | | 954,047 | | | | 8,163 | | | | 828,381 | | |
Fund administration fees | | | 843,962 | | | | 34,427 | | | | 58,310 | | | | 1,464 | | | | 53,930 | | |
Accounting fees | | | 773,669 | | | | 48,869 | | | | 63,487 | | | | 14,868 | | | | 55,317 | | |
Printing and mailing fees | | | 717,471 | | | | 42,353 | | | | 72,377 | | | | 7,775 | | | | 56,966 | | |
Tax fees | | | 591,054 | | | | 26,202 | | | | 29,868 | | | | 619 | | | | 33,513 | | |
Trustees' fees and officer compensation | | | 570,195 | | | | 37,264 | | | | 51,281 | | | | 11,412 | | | | 44,091 | | |
Legal fees | | | 447,006 | | | | 26,575 | | | | 37,158 | | | | 13,542 | | | | 38,834 | | |
Audit fees | | | 381,160 | | | | 26,401 | | | | 34,613 | | | | 13,564 | | | | 29,981 | | |
Custodian fees | | | 293,355 | | | | 10,210 | | | | 163,902 | | | | 4,640 | | | | 16,592 | | |
Registration fees | | | 220,339 | | | | 68,245 | | | | 75,119 | | | | 13,226 | | | | 68,831 | | |
Offering costs | | | — | | | | — | | | | — | | | | 118,379 | | | | — | | |
Other | | | 534,045 | | | | 39,754 | | | | 52,390 | | | | 18,219 | | | | 41,264 | | |
Total expenses | | | 142,954,076 | | | | 6,022,418 | | | | 22,543,263 | | | | 262,341 | | | | 8,464,298 | | |
Less expense reductions | | | (997,595 | ) | | | — | | | | — | | | | (220,569 | ) | | | — | | |
Net expenses | | | 141,956,481 | | | | 6,022,418 | | | | 22,543,263 | | | | 41,772 | | | | 8,464,298 | | |
NET INVESTMENT INCOME (LOSS) | | | 162,757,996 | | | | 3,606,733 | | | | 27,269,709 | | | | 26,451 | | | | (2,797,322 | ) | |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | |
Investments, excluding purchased options | | | 690,454,600 | | | | 28,205,588 | | | | 217,337,547 | | | | 29,038 | | | | 19,468,845 | | |
Purchased options | | | (243,122,320 | ) | | | (29,594,043 | ) | | | (58,999,508 | ) | | | (3,217 | ) | | | 2,962,032 | | |
Foreign currency transactions | | | (261,580 | ) | | | — | | | | 41,411 | | | | 117 | | | | (21,384 | ) | |
Forward foreign currency contracts | | | (1,690,558 | ) | | | — | | | | — | | | | — | | | | 643,891 | | |
Written options | | | (1,305,090,277 | ) | | | (31,398,384 | ) | | | 20,363,161 | | | | 3,988 | | | | — | | |
Short positions | | | (177,094,383 | ) | | | — | | | | (165,790,113 | ) | | | 4,625 | | | | — | | |
Total return swaps | | | (7,139,390 | ) | | | — | | | | — | | | | — | | | | — | | |
Change in net unrealized appreciation/(depreciation) on: | |
Investments, excluding purchased options | | | 2,764,551,280 | | | | 165,155,954 | | | | 115,427,186 | | | | (3,588 | ) | | | 140,376,271 | | |
Affiliated funds | | | 8,076,944 | | | | — | | | | — | | | | — | | | | — | | |
Purchased options | | | (85,462,046 | ) | | | (5,616,435 | ) | | | 5,222,051 | | | | — | | | | 419,880 | | |
Foreign currency translations | | | 8,060,848 | | | | — | | | | (3,497 | ) | | | 1 | | | | — | | |
Forward foreign currency contracts | | | (1,385,561 | ) | | | — | | | | — | | | | — | | | | (318,182 | ) | |
Written options | | | (198,179,585 | ) | | | (6,876,965 | ) | | | (865,940 | ) | | | (189 | ) | | | — | | |
Short positions | | | (397,532,729 | ) | | | — | | | | (14,282,993 | ) | | | 2,835 | | | | — | | |
Total return swaps | | | (128,900 | ) | | | — | | | | — | | | | — | | | | — | | |
NET GAIN (LOSS) | | | 1,054,056,343 | | | | 119,875,715 | | | | 118,449,305 | | | | 33,610 | | | | 163,531,353 | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS | | $ | 1,216,814,339 | | | $ | 123,482,448 | | | $ | 145,719,014 | | | $ | 60,061 | | | $ | 160,734,031 | | |
See accompanying Notes to Financial Statements
www.calamos.com
7
Statements of Operations Year Ended October 31, 2024
| | | GLOBAL
CONVERTIBLE
FUND | | TIMPANI
SMALL CAP
GROWTH FUND | | TIMPANI SMID
GROWTH FUND | | GROWTH FUND | | GROWTH AND
INCOME FUND | |
INVESTMENT INCOME | |
Interest | | $ | 1,466,770 | | | $ | 59,019 | | | $ | 5,598 | | | $ | 977,657 | | | $ | 16,426,212 | | |
Interest on short sales | | | 279 | | | | — | | | | — | | | | 106,923 | | | | 8,400 | | |
(Amortization)/accretion of investment securities | | | (621,738 | ) | | | — | | | | — | | | | — | | | | (10,276,606 | ) | |
Net interest | | | 845,311 | | | | 59,019 | | | | 5,598 | | | | 1,084,580 | | | | 6,158,006 | | |
Dividends | | | 164,174 | | | | 543,104 | | | | 37,993 | | | | 7,558,395 | | | | 26,512,575 | | |
Dividend taxes withheld | | | — | | | | — | | | | — | | | | (72,202 | ) | | | (2,192 | ) | |
Securities lending income, net of rebates received or paid to borrowers | | | 31,890 | | | | — | | | | — | | | | 46,956 | | | | 179,560 | | |
Total investment income | | | 1,041,375 | | | | 602,123 | | | | 43,591 | | | | 8,617,729 | | | | 32,847,949 | | |
EXPENSES | |
Investment advisory fees | | | 1,062,873 | | | | 2,629,099 | | | | 211,704 | | | | 13,107,782 | | | | 18,052,995 | | |
Distribution fees | |
Class A | | | 21,778 | | | | 61,522 | | | | 677 | | | | 2,787,819 | | | | 3,347,941 | | |
Class C | | | 21,506 | | | | 45,412 | | | | — | | | | 105,782 | | | | 984,997 | | |
Dividend or interest expense on short positions | | | — | | | | — | | | | — | | | | 28,288 | | | | — | | |
Transfer agent fees | | | 148,361 | | | | 301,292 | | | | 16,419 | | | | 1,307,826 | | | | 2,226,904 | | |
Fund administration fees | | | 7,686 | | | | 16,311 | | | | 1,053 | | | | 75,620 | | | | 141,831 | | |
Accounting fees | | | 22,685 | | | | 32,690 | | | | 13,561 | | | | 84,678 | | | | 142,223 | | |
Printing and mailing fees | | | 16,258 | | | | 25,263 | | | | 9,978 | | | | 65,075 | | | | 104,131 | | |
Tax fees | | | 4,928 | | | | 12,687 | | | | 897 | | | | 63,561 | | | | 101,790 | | |
Trustees' fees and officer compensation | | | 16,552 | | | | 23,191 | | | | 12,802 | | | | 67,472 | | | | 113,039 | | |
Legal fees | | | 14,044 | | | | 16,920 | | | | 9,666 | | | | 48,285 | | | | 94,559 | | |
Audit fees | | | 12,515 | | | | 16,708 | | | | 9,984 | | | | 45,473 | | | | 76,791 | | |
Custodian fees | | | 6,776 | | | | 23,050 | | | | 8,335 | | | | 40,212 | | | | 45,347 | | |
Registration fees | | | 46,574 | | | | 63,565 | | | | 43,663 | | | | 56,096 | | | | 91,094 | | |
Other | | | 14,281 | | | | 19,192 | | | | 9,357 | | | | 55,966 | | | | 98,115 | | |
Total expenses | | | 1,416,817 | | | | 3,286,902 | | | | 348,096 | | | | 17,939,935 | | | | 25,621,757 | | |
Less expense reductions | | | (110 | ) | | | (145,220 | ) | | | (102,438 | ) | | | — | | | | — | | |
Net expenses | | | 1,416,707 | | | | 3,141,682 | | | | 245,658 | | | | 17,939,935 | | | | 25,621,757 | | |
NET INVESTMENT INCOME (LOSS) | | | (375,332 | ) | | | (2,539,559 | ) | | | (202,067 | ) | | | (9,322,206 | ) | | | 7,226,192 | | |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | |
Investments, excluding purchased options | | | 4,733,138 | | | | 59,919,290 | | | | 4,075,185 | | | | 113,101,294 | | | | 136,053,665 | | |
Purchased options | | | (1,306,234 | ) | | | — | | | | — | | | | (5,734,835 | ) | | | (13,345,465 | ) | |
Foreign currency transactions | | | 1,591 | | | | — | | | | — | | | | — | | | | 11,954 | | |
Written options | | | 324,786 | | | | — | | | | — | | | | (2,057,637 | ) | | | 3,727,191 | | |
Futures contracts | | | — | | | | — | | | | — | | | | (302,604 | ) | | | — | | |
Change in net unrealized appreciation/(depreciation) on: | |
Investments, excluding purchased options | | | 20,206,987 | | | | 64,459,005 | | | | 5,125,958 | | | | 395,895,715 | | | | 531,947,069 | | |
Purchased options | | | (849,591 | ) | | | — | | | | — | | | | (2,073,860 | ) | | | 1,341,596 | | |
Foreign currency translations | | | 4,107 | | | | — | | | | — | | | | 719 | | | | 97 | | |
Written options | | | (81,735 | ) | | | — | | | | — | | | | 1,201,044 | | | | 315,817 | | |
Futures contracts | | | — | | | | — | | | | — | | | | 145,915 | | | | — | | |
NET GAIN (LOSS) | | | 23,033,049 | | | | 124,378,295 | | | | 9,201,143 | | | | 500,175,751 | | | | 660,051,924 | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS | | $ | 22,657,717 | | | $ | 121,838,736 | | | $ | 8,999,076 | | | $ | 490,853,545 | | | $ | 667,278,116 | | |
See accompanying Notes to Financial Statements
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
8
Statements of Operations Year Ended October 31, 2024
| | | DIVIDEND
GROWTH FUND | | SELECT FUND | | INTERNATIONAL
GROWTH FUND | | EVOLVING
WORLD GROWTH
FUND | | GLOBAL EQUITY
FUND | |
INVESTMENT INCOME | |
Interest | | $ | 12,571 | | | $ | 69,724 | | | $ | 101,772 | | | $ | 463,536 | | | $ | 123,226 | | |
Interest on short sales | | | — | | | | — | | | | — | | | | 5,472 | | | | — | | |
(Amortization)/accretion of investment securities | | | — | | | | — | | | | — | | | | (788,328 | ) | | | — | | |
Net interest | | | 12,571 | | | | 69,724 | | | | 101,772 | | | | (319,320 | ) | | | 123,226 | | |
Dividends | | | 242,114 | | | | 487,535 | | | | 2,543,976 | | | | 4,561,008 | | | | 1,021,890 | | |
Dividend taxes withheld | | | (103 | ) | | | (335 | ) | | | (343,188 | ) | | | (691,160 | ) | | | (86,981 | ) | |
Securities lending income, net of rebates received or paid to borrowers | | | 833 | | | | 493 | | | | 22,066 | | | | 16,785 | | | | 8,384 | | |
Total investment income | | | 255,415 | | | | 557,417 | | | | 2,324,626 | | | | 3,567,313 | | | | 1,066,519 | | |
EXPENSES | |
Investment advisory fees | | | 190,896 | | | | 524,530 | | | | 2,367,965 | | | | 4,181,196 | | | | 1,199,907 | | |
Performance fees | | | — | | | | — | | | | (245,028 | ) | | | — | | | | (79,062 | ) | |
Distribution fees | |
Class A | | | 16,396 | | | | 34,512 | | | | 125,662 | | | | 102,198 | | | | 66,388 | | |
Class C | | | 26,900 | | | | 1,922 | | | | 15,012 | | | | 36,946 | | | | 9,361 | | |
Transfer agent fees | | | 24,330 | | | | 30,810 | | | | 251,523 | | | | 492,674 | | | | 90,748 | | |
Fund administration fees | | | 1,108 | | | | 2,717 | | | | 11,852 | | | | 23,456 | | | | 5,685 | | |
Accounting fees | | | 16,280 | | | | 16,172 | | | | 28,394 | | | | 32,327 | | | | 22,548 | | |
Printing and mailing fees | | | 9,262 | | | | 8,446 | | | | 16,949 | | | | 47,695 | | | | 10,241 | | |
Tax fees | | | 753 | | | | 1,994 | | | | 23,178 | | | | 38,708 | | | | 18,131 | | |
Trustees' fees and officer compensation | | | 13,142 | | | | 14,372 | | | | 20,710 | | | | 26,971 | | | | 15,647 | | |
Legal fees | | | 9,635 | | | | 10,524 | | | | 36,275 | | | | 22,611 | | | | 13,451 | | |
Audit fees | | | 9,901 | | | | 10,731 | | | | 15,410 | | | | 18,317 | | | | 12,711 | | |
Custodian fees | | | 3,445 | | | | 2,109 | | | | 108,916 | | | | 352,433 | | | | 23,457 | | |
Registration fees | | | 43,133 | | | | 43,703 | | | | 59,997 | | | | 64,164 | | | | 60,164 | | |
Other | | | 9,969 | | | | 10,230 | | | | 20,245 | | | | 25,171 | | | | 12,789 | | |
Total expenses | | | 375,150 | | | | 712,772 | | | | 2,857,060 | | | | 5,464,867 | | | | 1,482,166 | | |
Less expense reductions | | | (121,868 | ) | | | (204,261 | ) | | | (480,565 | ) | | | (1,342,263 | ) | | | (42,946 | ) | |
Net expenses | | | 253,282 | | | | 508,511 | | | | 2,376,495 | | | | 4,122,604 | | | | 1,439,220 | | |
NET INVESTMENT INCOME (LOSS) | | | 2,133 | | | | 48,906 | | | | (51,869 | ) | | | (555,291 | ) | | | (372,701 | ) | |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | |
Investments, excluding purchased options | | | 623,817 | | | | 4,194,477 | | | | 29,334,136 | (a) | | | 20,303,682 | (a) | | | 12,907,410 | (a) | |
Purchased options | | | (5,802 | ) | | | — | | | | (1,779,148 | ) | | | (1,139,550 | ) | | | (1,315,536 | ) | |
Foreign currency transactions | | | (402 | ) | | | — | | | | (481,244 | ) | | | (917,402 | ) | | | (11,517 | ) | |
Forward foreign currency contracts | | | — | | | | — | | | | 550,256 | | | | 1,195,475 | | | | — | | |
Written options | | | 5,641 | | | | — | | | | — | | | | (144,560 | ) | | | 61,601 | | |
Change in net unrealized appreciation/(depreciation) on: | |
Investments | | | 4,726,623 | | | | 11,344,630 | | | | 38,072,414 | (b) | | | 83,116,974 | (b) | | | 28,323,931 | (b) | |
Purchased options | | | — | | | | — | | | | 875,171 | | | | 5,092,289 | | | | 214,005 | | |
Foreign currency translations | | | — | | | | — | | | | 4,137 | | | | (8,397 | ) | | | 2,374 | | |
Forward foreign currency contracts | | | — | | | | — | | | | (588,107 | ) | | | (1,411,259 | ) | | | — | | |
NET GAIN (LOSS) | | | 5,349,877 | | | | 15,539,107 | | | | 65,987,615 | | | | 106,087,252 | | | | 40,182,268 | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS | | $ | 5,352,010 | | | $ | 15,588,013 | | | $ | 65,935,746 | | | $ | 105,531,961 | | | $ | 39,809,567 | | |
(a) Net of foreign capital gains tax of $2,202,932, $6,522,474, and $160,357, respectively.
(b) Net of change of $(1,128,364), (2,284,458), and (567,516), respectively in deferred capital gains tax.
See accompanying Notes to Financial Statements
www.calamos.com
9
Statements of Operations Year Ended October 31, 2024
| | | GLOBAL
OPPORTUNITIES
FUND | | INTERNATIONAL
SMALL CAP
GROWTH FUND | | TOTAL RETURN
BOND FUND | | HIGH INCOME
OPPORTUNITIES
FUND | | SHORT-TERM
BOND FUND | |
INVESTMENT INCOME | |
Interest | | $ | 2,157,898 | | | $ | 4,130 | | | $ | 1,629,703 | | | $ | 2,414,300 | | | $ | 15,589,149 | | |
Interest on short sales | | | 69 | | | | — | | | | — | | | | — | | | | — | | |
(Amortization)/accretion of investment securities | | | (1,169,499 | ) | | | — | | | | (2,386 | ) | | | 145,411 | | | | 721,857 | | |
Net interest | | | 988,468 | | | | 4,130 | | | | 1,627,317 | | | | 2,559,711 | | | | 16,311,006 | | |
Dividends | | | 1,678,624 | | | | 36,563 | | | | — | | | | 33,535 | | | | — | | |
Dividend taxes withheld | | | (119,641 | ) | | | (4,780 | ) | | | — | | | | — | | | | — | | |
Securities lending income, net of rebates received or paid to borrowers | | | 13,975 | | | | — | | | | 5,327 | | | | 16,953 | | | | 40,211 | | |
Total investment income | | | 2,561,426 | | | | 35,913 | | | | 1,632,644 | | | | 2,610,199 | | | | 16,351,217 | | |
EXPENSES | |
Investment advisory fees | | | 2,440,783 | | | | 37,884 | | | | 165,496 | | | | 215,383 | | | | 1,094,050 | | |
Distribution fees | |
Class A | | | 236,352 | | | | 314 | | | | 29,240 | | | | 66,981 | | | | 9,031 | | |
Class C | | | 98,385 | | | | 96 | | | | 2,632 | | | | 4,164 | | | | — | | |
Transfer agent fees | | | 241,418 | | | | 8,603 | | | | 43,315 | | | | 39,489 | | | | 58,469 | | |
Fund administration fees | | | 12,375 | | | | 147 | | | | 1,960 | | | | 2,077 | | | | 22,080 | | |
Accounting fees | | | 26,438 | | | | 8,195 | | | | 20,538 | | | | 27,351 | | | | 40,752 | | |
Printing and mailing fees | | | 19,333 | | | | 7,643 | | | | 10,342 | | | | 10,521 | | | | 12,284 | | |
Tax fees | | | 20,831 | | | | 13,813 | | | | 1,780 | | | | 1,427 | | | | 13,892 | | |
Trustees' fees and officer compensation | | | 21,652 | | | | 13,005 | | | | 13,223 | | | | 14,541 | | | | 25,718 | | |
Legal fees | | | 35,688 | | | | 9,856 | | | | 10,184 | | | | 10,104 | | | | 22,920 | | |
Audit fees | | | 15,635 | | | | 9,515 | | | | 10,241 | | | | 10,317 | | | | 18,550 | | |
Custodian fees | | | 27,503 | | | | 13,050 | | | | 2,596 | | | | 3,717 | | | | 8,760 | | |
Registration fees | | | 49,091 | | | | 56,952 | | | | 44,295 | | | | 45,329 | | | | 35,847 | | |
Interest expense on uncommitted credit facility | | | — | | | | — | | | | 7,459 | | | | — | | | | — | | |
Other | | | 16,830 | | | | 9,284 | | | | 12,543 | | | | 21,635 | | | | 28,208 | | |
Total expenses | | | 3,262,314 | | | | 188,357 | | | | 375,844 | | | | 473,036 | | | | 1,390,561 | | |
Less expense reductions | | | (560,017 | ) | | | (144,112 | ) | | | (97,464 | ) | | | (132,664 | ) | | | — | | |
Net expenses | | | 2,702,297 | | | | 44,245 | | | | 278,380 | | | | 340,372 | | | | 1,390,561 | | |
NET INVESTMENT INCOME (LOSS) | | | (140,871 | ) | | | (8,332 | ) | | | 1,354,264 | | | | 2,269,827 | | | | 14,960,656 | | |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | |
Investments, excluding purchased options | | | 37,430,650 | (a) | | | 314,912 | (a) | | | (1,022,512 | ) | | | (800,021 | ) | | | (1,370,617 | ) | |
Purchased options | | | (3,242,131 | ) | | | (10,886 | ) | | | — | | | | — | | | | — | | |
Foreign currency transactions | | | 52,755 | | | | (6,998 | ) | | | — | | | | — | | | | — | | |
Forward foreign currency contracts | | | — | | | | 29 | | | | — | | | | — | | | | — | | |
Written options | | | 165,649 | | | | — | | | | — | | | | — | | | | — | | |
Futures contracts | | | — | | | | — | | | | 32,811 | | | | — | | | | 263,680 | | |
Change in net unrealized appreciation/(depreciation) on: | |
Investments, excluding purchased options | | | 36,021,651 | (b) | | | 454,555 | (b) | | | 2,690,666 | | | | 3,570,925 | | | | 12,565,468 | | |
Purchased options | | | 683,527 | | | | (285 | ) | | | — | | | | — | | | | — | | |
Foreign currency translations | | | 6,810 | | | | (193 | ) | | | — | | | | — | | | | — | | |
Futures contracts | | | — | | | | — | | | | (14,767 | ) | | | — | | | | (31,851 | ) | |
NET GAIN (LOSS) | | | 71,118,911 | | | | 751,134 | | | | 1,686,198 | | | | 2,770,904 | | | | 11,426,680 | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS | | $ | 70,978,040 | | | $ | 742,802 | | | $ | 3,040,462 | | | $ | 5,040,731 | | | $ | 26,387,336 | | |
(a) Net of foreign capital gains tax of $30,647 and $46,977, respectively.
(b) Net of change of $(142,228) and $(24,207), respectively in deferred capital gains tax.
See accompanying Notes to Financial Statements
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
10
Statements of Changes in Net Assets
| | | MARKET NEUTRAL INCOME FUND | | HEDGED EQUITY FUND | | PHINEUS LONG/SHORT FUND | |
| | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | |
OPERATIONS | |
Net investment income (loss) | | $ | 162,757,996 | | | $ | 40,375,378 | | | $ | 3,606,733 | | | $ | 4,394,317 | | | $ | 27,269,709 | | | $ | 13,173,074 | | |
Net realized gain (loss) | | | (1,043,943,908 | ) | | | 692,476,533 | | | | (32,786,839 | ) | | | 14,531,487 | | | | 12,952,498 | | | | (11,277,824 | ) | |
Change in unrealized appreciation/(depreciation) | | | 2,098,000,251 | | | | 421,007,207 | | | | 152,662,554 | | | | 25,605,802 | | | | 105,496,807 | | | | 14,298,404 | | |
Net increase (decrease) in net assets resulting
from operations | | | 1,216,814,339 | | | | 1,153,859,118 | | | | 123,482,448 | | | | 44,531,606 | | | | 145,719,014 | | | | 16,193,654 | | |
DISTRIBUTIONS TO SHAREHOLDERS | |
Class A | | | (51,746,743 | ) | | | (15,497,256 | ) | | | (101,872 | ) | | | (195,091 | ) | | | (1,127,444 | ) | | | — | | |
Class C | | | (11,368,494 | ) | | | (2,020,518 | ) | | | (16,785 | ) | | | (22,845 | ) | | | (317,398 | ) | | | — | | |
Class I | | | (722,761,391 | ) | | | (222,576,278 | ) | | | (3,460,430 | ) | | | (4,621,754 | ) | | | (16,078,836 | ) | | | (229,407 | ) | |
Class R6 | | | (5,223,949 | ) | | | (814,421 | ) | | | — | | | | — | | | | — | | | | — | | |
Total distributions | | | (791,100,577 | ) | | | (240,908,473 | ) | | | (3,579,087 | ) | | | (4,839,690 | ) | | | (17,523,678 | ) | | | (229,407 | ) | |
CAPITAL SHARE TRANSACTIONS | | | 715,035,765 | | | | (3,042,937,950 | ) | | | 16,412,446 | | | | (67,675,834 | ) | | | (20,261,932 | ) | | | 135,307,620 | | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 1,140,749,527 | | | | (2,129,987,305 | ) | | | 136,315,807 | | | | (27,983,918 | ) | | | 107,933,404 | | | | 151,271,867 | | |
NET ASSETS | |
Beginning of year | | $ | 13,934,486,722 | | | $ | 16,064,474,027 | | | $ | 560,880,573 | | | $ | 588,864,491 | | | $ | 935,896,279 | | | $ | 784,624,412 | | |
End of year | | $ | 15,075,236,249 | | | $ | 13,934,486,722 | | | $ | 697,196,380 | | | $ | 560,880,573 | | | $ | 1,043,829,683 | | | $ | 935,896,279 | | |
See accompanying Notes to Financial Statements
www.calamos.com
11
Statements of Changes in Net Assets
| | | MERGER ARBITRAGE FUND | | CONVERTIBLE FUND | | GLOBAL CONVERTIBLE FUND | |
| | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023(a) | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | |
OPERATIONS | |
Net investment income (loss) | | $ | 26,451 | | | $ | 1,494 | | | $ | (2,797,322 | ) | | $ | (2,837,135 | ) | | $ | (375,332 | ) | | $ | (1,620,030 | ) | |
Net realized gain (loss) | | | 34,551 | | | | 2,908 | | | | 23,053,384 | | | | 24,280,554 | | | | 3,753,281 | | | | (5,794,012 | ) | |
Change in unrealized appreciation/(depreciation) | | | (941 | ) | | | (56,226 | ) | | | 140,477,969 | | | | (27,235,822 | ) | | | 19,279,768 | | | | 13,327,423 | | |
Net increase (decrease) in net assets resulting
from operations | | | 60,061 | | | | (51,824 | ) | | | 160,734,031 | | | | (5,792,403 | ) | | | 22,657,717 | | | | 5,913,381 | | |
DISTRIBUTIONS TO SHAREHOLDERS | |
Class A | | | (864 | ) | | | — | | | | (4,991,529 | ) | | | (2,369,927 | ) | | | — | | | | (25,216 | ) | |
Class C | | | (440 | ) | | | — | | | | (457,686 | ) | | | (135,629 | ) | | | — | | | | — | | |
Class I | | | (11,740 | ) | | | — | | | | (14,883,387 | ) | | | (8,355,601 | ) | | | — | | | | (474,967 | ) | |
Class R6 | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Total distributions | | | (13,044 | ) | | | — | | | | (20,332,602 | ) | | | (10,861,157 | ) | | | — | | | | (500,183 | ) | |
CAPITAL SHARE TRANSACTIONS | | | (8,682 | ) | | | 2,110,468 | | | | (104,387,833 | ) | | | (164,628,325 | ) | | | (15,240,434 | ) | | | (16,914,443 | ) | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 38,335 | | | | 2,058,644 | | | | 36,013,596 | | | | (181,281,885 | ) | | | 7,417,283 | | | | (11,501,245 | ) | |
NET ASSETS | |
Beginning of year | | $ | 2,058,644 | | | $ | — | | | $ | 835,195,296 | | | $ | 1,016,477,181 | | | $ | 120,388,430 | | | $ | 131,889,675 | | |
End of year | | $ | 2,096,979 | | | $ | 2,058,644 | | | $ | 871,208,892 | | | $ | 835,195,296 | | | $ | 127,805,713 | | | $ | 120,388,430 | | |
(a) Calamos Merger Arbitrage Fund commenced operations on September 29, 2023.
See accompanying Notes to Financial Statements
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
12
Statements of Changes in Net Assets
| | | TIMPANI SMALL CAP
GROWTH FUND | | TIMPANI SMID GROWTH FUND | | GROWTH FUND | |
| | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | |
OPERATIONS | |
Net investment income (loss) | | $ | (2,539,559 | ) | | $ | (2,430,769 | ) | | $ | (202,067 | ) | | $ | (141,277 | ) | | $ | (9,322,206 | ) | | $ | (4,616,398 | ) | |
Net realized gain (loss) | | | 59,919,290 | | | | (15,959,746 | ) | | | 4,075,185 | | | | (1,063,992 | ) | | | 105,006,218 | | | | 58,089,443 | | |
Change in unrealized appreciation/(depreciation) | | | 64,459,005 | | | | (28,976,215 | ) | | | 5,125,958 | | | | (604,298 | ) | | | 395,169,533 | | | | 113,924,834 | | |
Net increase (decrease) in net assets resulting
from operations | | | 121,838,736 | | | | (47,366,730 | ) | | | 8,999,076 | | | | (1,809,567 | ) | | | 490,853,545 | | | | 167,397,879 | | |
DISTRIBUTIONS TO SHAREHOLDERS | |
Class A | | | — | | | | — | | | | — | | | | — | | | | (44,789,321 | ) | | | — | | |
Class C | | | — | | | | — | | | | — | | | | — | | | | (1,169,236 | ) | | | — | | |
Class I | | | — | | | | — | | | | — | | | | — | | | | (8,400,902 | ) | | | — | | |
Class R6 | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Total distributions | | | — | | | | — | | | | — | | | | — | | | | (54,359,459 | ) | | | — | | |
CAPITAL SHARE TRANSACTIONS | | | (12,726,825 | ) | | | (56,927,569 | ) | | | 1,094,630 | | | | 806,907 | | | | (99,204,528 | ) | | | (128,729,370 | ) | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 109,111,911 | | | | (104,294,299 | ) | | | 10,093,706 | | | | (1,002,660 | ) | | | 337,289,558 | | | | 38,668,509 | | |
NET ASSETS | |
Beginning of year | | $ | 238,260,725 | | | $ | 342,555,024 | | | $ | 16,155,689 | | | $ | 17,158,349 | | | $ | 1,197,682,253 | | | $ | 1,159,013,744 | | |
End of year | | $ | 347,372,636 | | | $ | 238,260,725 | | | $ | 26,249,395 | | | $ | 16,155,689 | | | $ | 1,534,971,811 | | | $ | 1,197,682,253 | | |
See accompanying Notes to Financial Statements
www.calamos.com
13
Statements of Changes in Net Assets
| | | GROWTH AND INCOME FUND | | DIVIDEND GROWTH FUND | | SELECT FUND | |
| | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | |
OPERATIONS | |
Net investment income (loss) | | $ | 7,226,192 | | | $ | 13,001,357 | | | $ | 2,133 | | | $ | 54,612 | | | $ | 48,906 | | | $ | 148,202 | | |
Net realized gain (loss) | | | 126,447,345 | | | | 96,697,010 | | | | 623,254 | | | | 926,669 | | | | 4,194,477 | | | | 1,968,869 | | |
Change in unrealized appreciation/(depreciation) | | | 533,604,579 | | | | 44,937,566 | | | | 4,726,623 | | | | 279,558 | | | | 11,344,630 | | | | 1,474,054 | | |
Net increase (decrease) in net assets resulting
from operations | | | 667,278,116 | | | | 154,635,933 | | | | 5,352,010 | | | | 1,260,839 | | | | 15,588,013 | | | | 3,591,125 | | |
DISTRIBUTIONS TO SHAREHOLDERS | |
Class A | | | (51,839,834 | ) | | | (45,490,533 | ) | | | (249,190 | ) | | | (20,668 | ) | | | (520,261 | ) | | | (301,604 | ) | |
Class C | | | (3,121,424 | ) | | | (2,715,457 | ) | | | (109,241 | ) | | | (4,734 | ) | | | (6,362 | ) | | | (4,429 | ) | |
Class I | | | (49,754,222 | ) | | | (40,538,603 | ) | | | (358,151 | ) | | | (41,829 | ) | | | (1,384,807 | ) | | | (747,170 | ) | |
Class R6 | | | (1,424,653 | ) | | | (774,460 | ) | | | — | | | | — | | | | — | | | | — | | |
Total distributions | | | (106,140,133 | ) | | | (89,519,053 | ) | | | (716,582 | ) | | | (67,231 | ) | | | (1,911,430 | ) | | | (1,053,203 | ) | |
CAPITAL SHARE TRANSACTIONS | | | 2,715,738 | | | | (74,053,714 | ) | | | 777,586 | | | | (3,540,025 | ) | | | (895,481 | ) | | | (1,679,203 | ) | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 563,853,721 | | | | (8,936,834 | ) | | | 5,413,014 | | | | (2,346,417 | ) | | | 12,781,102 | | | | 858,719 | | |
NET ASSETS | |
Beginning of year | | $ | 2,269,110,703 | | | $ | 2,278,047,537 | | | $ | 15,231,683 | | | $ | 17,578,100 | | | $ | 43,316,134 | | | $ | 42,457,415 | | |
End of year | | $ | 2,832,964,424 | | | $ | 2,269,110,703 | | | $ | 20,644,697 | | | $ | 15,231,683 | | | $ | 56,097,236 | | | $ | 43,316,134 | | |
See accompanying Notes to Financial Statements
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
14
Statements of Changes in Net Assets
| | | INTERNATIONAL GROWTH FUND | | EVOLVING WORLD
GROWTH FUND | | GLOBAL EQUITY FUND | |
| | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | |
OPERATIONS | |
Net investment income (loss) | | $ | (51,869 | ) | | $ | 962,484 | | | $ | (555,291 | ) | | $ | 1,337,925 | | | $ | (372,701 | ) | | $ | 165,369 | | |
Net realized gain (loss) | | | 27,624,000 | | | | (5,526,414 | ) | | | 19,297,645 | | | | (27,545,373 | ) | | | 11,641,958 | | | | (241,991 | ) | |
Change in unrealized appreciation/(depreciation) | | | 38,363,615 | | | | 15,599,473 | | | | 86,789,607 | | | | 36,235,155 | | | | 28,540,310 | | | | 6,428,619 | | |
Net increase (decrease) in net assets resulting
from operations | | | 65,935,746 | | | | 11,035,543 | | | | 105,531,961 | | | | 10,027,707 | | | | 39,809,567 | | | | 6,351,997 | | |
DISTRIBUTIONS TO SHAREHOLDERS | |
Class A | | | (19,035 | ) | | | — | | | | (117,314 | ) | | | (273,392 | ) | | | — | | | | (892,677 | ) | |
Class C | | | — | | | | — | | | | — | | | | — | | | | — | | | | (36,318 | ) | |
Class I | | | (472,228 | ) | | | — | | | | (1,785,077 | ) | | | (3,280,771 | ) | | | (71,037 | ) | | | (2,193,473 | ) | |
Class R6 | | | (21,914 | ) | | | — | | | | — | | | | — | | | | (193 | ) | | | (477 | ) | |
Total distributions | | | (513,177 | ) | | | — | | | | (1,902,391 | ) | | | (3,554,163 | ) | | | (71,230 | ) | | | (3,122,945 | ) | |
CAPITAL SHARE TRANSACTIONS | | | (12,523,357 | ) | | | 4,712,379 | | | | (68,369,607 | ) | | | (3,991,771 | ) | | | 6,494,691 | | | | 10,701,040 | | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 52,899,212 | | | | 15,747,922 | | | | 35,259,963 | | | | 2,481,773 | | | | 46,233,028 | | | | 13,930,092 | | |
NET ASSETS | |
Beginning of year | | $ | 189,581,313 | | | $ | 173,833,391 | | | $ | 361,382,184 | | | $ | 358,900,411 | | | $ | 87,347,253 | | | $ | 73,417,161 | | |
End of year | | $ | 242,480,525 | | | $ | 189,581,313 | | | $ | 396,642,147 | | | $ | 361,382,184 | | | $ | 133,580,281 | | | $ | 87,347,253 | | |
See accompanying Notes to Financial Statements
www.calamos.com
15
Statements of Changes in Net Assets
| | | GLOBAL OPPORTUNITIES FUND | | INTERNATIONAL
SMALL CAP GROWTH FUND | | TOTAL RETURN BOND FUND | |
| | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | |
OPERATIONS | |
Net investment income (loss) | | $ | (140,871 | ) | | $ | 125,988 | | | $ | (8,332 | ) | | $ | 3,820 | | | $ | 1,354,264 | | | $ | 1,171,064 | | |
Net realized gain (loss) | | | 34,406,923 | | | | (4,398,037 | ) | | | 297,057 | | | | (352,518 | ) | | | (989,701 | ) | | | (1,142,910 | ) | |
Change in unrealized appreciation/(depreciation) | | | 36,711,988 | | | | 15,913,561 | | | | 454,077 | | | | 298,871 | | | | 2,675,899 | | | | 204,471 | | |
Net increase (decrease) in net assets resulting
from operations | | | 70,978,040 | | | | 11,641,512 | | | | 742,802 | | | | (49,827 | ) | | | 3,040,462 | | | | 232,625 | | |
DISTRIBUTIONS TO SHAREHOLDERS | |
Class A | | | (436,600 | ) | | | (328,166 | ) | | | — | | | | (77 | ) | | | (443,589 | ) | | | (492,871 | ) | |
Class C | | | (13,157 | ) | | | (6,784 | ) | | | — | | | | (182 | ) | | | (8,203 | ) | | | (12,234 | ) | |
Class I | | | (921,904 | ) | | | (565,211 | ) | | | — | | | | (14,635 | ) | | | (1,013,778 | ) | | | (755,052 | ) | |
Class R6 | | | — | | | | — | | | | — | | | | (56 | ) | | | — | | | | — | | |
Total distributions | | | (1,371,661 | ) | | | (900,161 | ) | | | — | | | | (14,950 | ) | | | (1,465,570 | ) | | | (1,260,157 | ) | |
CAPITAL SHARE TRANSACTIONS | | | 13,459,575 | | | | (26,126,629 | ) | | | 2,615,155 | | | | 658,512 | | | | (2,668,246 | ) | | | (1,481,529 | ) | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 83,065,954 | | | | (15,385,278 | ) | | | 3,357,957 | | | | 593,735 | | | | (1,093,354 | ) | | | (2,509,061 | ) | |
NET ASSETS | |
Beginning of year | | $ | 196,335,552 | | | $ | 211,720,830 | | | $ | 2,362,022 | | | $ | 1,768,287 | | | $ | 31,323,551 | | | $ | 33,832,612 | | |
End of year | | $ | 279,401,506 | | | $ | 196,335,552 | | | $ | 5,719,979 | | | $ | 2,362,022 | | | $ | 30,230,197 | | | $ | 31,323,551 | | |
See accompanying Notes to Financial Statements
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
16
Statements of Changes in Net Assets
| | | HIGH INCOME
OPPORTUNITIES FUND | | SHORT-TERM BOND FUND | |
| | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | | YEAR ENDED
OCTOBER 31,
2024 | | YEAR ENDED
OCTOBER 31,
2023 | |
OPERATIONS | |
Net investment income (loss) | | $ | 2,269,827 | | | $ | 2,173,903 | | | $ | 14,960,656 | | | $ | 11,692,368 | | |
Net realized gain (loss) | | | (800,021 | ) | | | (857,251 | ) | | | (1,106,937 | ) | | | (3,915,440 | ) | |
Change in unrealized appreciation/(depreciation) | | | 3,570,925 | | | | 500,890 | | | | 12,533,617 | | | | 6,757,549 | | |
Net increase (decrease) in net assets resulting
from operations | | | 5,040,731 | | | | 1,817,542 | | | | 26,387,336 | | | | 14,534,477 | | |
DISTRIBUTIONS TO SHAREHOLDERS | |
Class A | | | (1,717,866 | ) | | | (1,629,693 | ) | | | (166,086 | ) | | | (124,683 | ) | |
Class C | | | (21,770 | ) | | | (25,964 | ) | | | — | | | | — | | |
Class I | | | (570,665 | ) | | | (529,918 | ) | | | (17,520,565 | ) | | | (13,801,746 | ) | |
Class R6 | | | — | | | | — | | | | — | | | | — | | |
Total distributions | | | (2,310,301 | ) | | | (2,185,575 | ) | | | (17,686,651 | ) | | | (13,926,429 | ) | |
CAPITAL SHARE TRANSACTIONS | | | 1,228,142 | | | | (2,550,728 | ) | | | 718,730 | | | | (2,011,700 | ) | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 3,958,572 | | | | (2,918,761 | ) | | | 9,419,415 | | | | (1,403,652 | ) | |
NET ASSETS | |
Beginning of year | | $ | 33,477,018 | | | $ | 36,395,779 | | | $ | 357,632,441 | | | $ | 359,036,093 | | |
End of year | | $ | 37,435,590 | | | $ | 33,477,018 | | | $ | 367,051,856 | | | $ | 357,632,441 | | |
See accompanying Notes to Financial Statements
www.calamos.com
17
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.72 | | | $ | 13.84 | | | $ | 14.63 | | | $ | 13.77 | | | $ | 13.47 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.13 | | | | 0.01 | | | | (0.04 | ) | | | (0.45 | ) | | | 0.19 | | |
Net realized and unrealized gain (loss) | | | 1.08 | | | | 1.07 | | | | (0.72 | ) | | | 1.37 | | | | 0.24 | | |
Total from investment operations | | | 1.21 | | | | 1.08 | | | | (0.76 | ) | | | 0.92 | | | | 0.43 | | |
Distributions: | |
Dividends from net investment income | | | (0.28 | ) | | | (0.20 | ) | | | (0.03 | ) | | | (0.06 | ) | | | (0.13 | ) | |
Dividends from net realized gains | | | (0.51 | ) | | | — | | | | — | | | | — | | | | — | | |
Total distributions** | | | (0.79 | ) | | | (0.20 | ) | | | (0.03 | ) | | | (0.06 | ) | | | (0.13 | ) | |
Net asset value, end of year | | $ | 15.14 | | | $ | 14.72 | | | $ | 13.84 | | | $ | 14.63 | | | $ | 13.77 | | |
Ratios and supplemental data: | |
Total return(b) | | | 8.61 | % | | | 7.76 | % | | | (5.22 | %) | | | 6.67 | % | | | 3.27 | % | |
Net assets, end of year (000) | | $ | 905,712 | | | $ | 1,009,976 | | | $ | 1,244,117 | | | $ | 1,334,984 | | | $ | 817,405 | | |
Ratio of net expenses to average net assets | | | 1.20 | %(c) | | | 1.20 | %(d) | | | 1.16 | %(e) | | | 1.14 | %(f) | | | 1.20 | %(g) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.21 | % | | | 1.21 | % | | | 1.17 | % | | | 1.14 | % | | | 1.21 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.91 | % | | | 0.06 | % | | | (1.12 | %) | | | (3.15 | %) | | | 1.43 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 35 | % | | | 28 | % | | | 41 | % | | | 49 | % | | | 77 | % | |
** 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 1.02% for the year ended October 31, 2024.
(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.03% for the year ended October 31, 2023.
(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.01% for the year ended October 31, 2022.
(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.03% for the year ended October 31, 2021.
(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.05% for the year ended October 31, 2020.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
18
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.79 | | | $ | 13.92 | | | $ | 14.80 | | | $ | 13.98 | | | $ | 13.70 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.02 | | | | (0.10 | ) | | | (0.27 | ) | | | (0.57 | ) | | | 0.10 | | |
Net realized and unrealized gain (loss) | | | 1.10 | | | | 1.07 | | | | (0.61 | ) | | | 1.39 | | | | 0.24 | | |
Total from investment operations | | | 1.12 | | | | 0.97 | | | | (0.88 | ) | | | 0.82 | | | | 0.34 | | |
Distributions: | |
Dividends from net investment income | | | (0.18 | ) | | | (0.10 | ) | | | — | | | | (0.00 | )* | | | (0.06 | ) | |
Dividends from net realized gains | | | (0.51 | ) | | | — | | | | — | | | | — | | | | — | | |
Total distributions** | | | (0.69 | ) | | | (0.10 | ) | | | — | | | | (0.00 | )* | | | (0.06 | ) | |
Net asset value, end of year | | $ | 15.22 | | | $ | 14.79 | | | $ | 13.92 | | | $ | 14.80 | | | $ | 13.98 | | |
Ratios and supplemental data: | |
Total return(b) | | | 7.80 | % | | | 6.93 | % | | | (5.95 | %) | | | 5.88 | % | | | 2.46 | % | |
Net assets, end of year (000) | | $ | 215,591 | | | $ | 254,478 | | | $ | 306,312 | | | $ | 322,432 | | | $ | 252,490 | | |
Ratio of net expenses to average net assets | | | 1.95 | %(c) | | | 1.95 | %(d) | | | 1.91 | %(e) | | | 1.89 | %(f) | | | 1.95 | %(g) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.96 | % | | | 1.96 | % | | | 1.92 | % | | | 1.89 | % | | | 1.96 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.16 | % | | | (0.69 | %) | | | (1.87 | %) | | | (3.92 | %) | | | 0.70 | % | |
* 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 1.78% for the year ended October 31, 2024.
(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.77% for the year ended October 31, 2023.
(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.76% for the year ended October 31, 2022.
(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.78% for the year ended October 31, 2021.
(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.80% for the year ended October 31, 2020.
www.calamos.com
19
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.54 | | | $ | 13.68 | | | $ | 14.45 | | | $ | 13.60 | | | $ | 13.30 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.17 | | | | 0.04 | | | | (0.12 | ) | | | (0.41 | ) | | | 0.22 | | |
Net realized and unrealized gain (loss) | | | 1.07 | | | | 1.06 | | | | (0.59 | ) | | | 1.35 | | | | 0.24 | | |
Total from investment operations | | | 1.24 | | | | 1.10 | | | | (0.71 | ) | | | 0.94 | | | | 0.46 | | |
Distributions: | |
Dividends from net investment income | | | (0.32 | ) | | | (0.24 | ) | | | (0.06 | ) | | | (0.09 | ) | | | (0.16 | ) | |
Dividends from net realized gains | | | (0.51 | ) | | | — | | | | — | | | | — | | | | — | | |
Total distributions** | | | (0.83 | ) | | | (0.24 | ) | | | (0.06 | ) | | | (0.09 | ) | | | (0.16 | ) | |
Net asset value, end of year | | $ | 14.95 | | | $ | 14.54 | | | $ | 13.68 | | | $ | 14.45 | | | $ | 13.60 | | |
Ratios and supplemental data: | |
Total return(b) | | | 8.86 | % | | | 8.07 | % | | | (5.01 | %) | | | 6.92 | % | | | 3.51 | % | |
Net assets, end of year (000) | | $ | 13,793,265 | | | $ | 12,620,874 | | | $ | 14,470,090 | | | $ | 14,780,637 | | | $ | 9,207,961 | | |
Ratio of net expenses to average net assets | | | 0.95 | %(c) | | | 0.95 | %(d) | | | 0.91 | %(e) | | | 0.89 | %(f) | | | 0.95 | %(g) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 0.96 | % | | | 0.95 | % | | | 0.92 | % | | | 0.89 | % | | | 0.96 | % | |
Ratio of net investment income (loss) to average net assets | | | 1.16 | % | | | 0.31 | % | | | (0.87 | %) | | | (2.90 | %) | | | 1.66 | % | |
** 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.
(c) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the year ended October 31, 2024.
(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.77% for the year ended October 31, 2023.
(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.76% for the year ended October 31, 2022.
(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.78% for the year ended October 31, 2021.
(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.80% for the year ended October 31, 2020.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
20
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of period | | $ | 14.54 | | | $ | 13.68 | | | $ | 14.46 | | | $ | 13.61 | | | $ | 13.35 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.18 | | | | 0.06 | | | | (0.11 | ) | | | (0.38 | ) | | | 0.05 | | |
Net realized and unrealized gain (loss) | | | 1.07 | | | | 1.05 | | | | (0.60 | ) | | | 1.33 | | | | 0.21 | | |
Total from investment operations | | | 1.25 | | | | 1.11 | | | | (0.71 | ) | | | 0.95 | | | | 0.26 | | |
Distributions: | |
Dividends from net investment income | | | (0.33 | ) | | | (0.25 | ) | | | (0.07 | ) | | | (0.10 | ) | | | — | | |
Dividends from net realized gains | | | (0.51 | ) | | | — | | | | — | | | | — | | | | — | | |
Total distributions** | | | (0.84 | ) | | | (0.25 | ) | | | (0.07 | ) | | | (0.10 | ) | | | — | | |
Net asset value, end of period | | $ | 14.95 | | | $ | 14.54 | | | $ | 13.68 | | | $ | 14.46 | | | $ | 13.61 | | |
Ratios and supplemental data: | |
Total return(b) | | | 8.94 | % | | | 8.08 | % | | | (4.94 | %) | | | 6.99 | % | | | 1.95 | % | |
Net assets, end of year (000) | | $ | 160,669 | | | $ | 49,159 | | | $ | 43,956 | | | $ | 8,846 | | | $ | 10 | | |
Ratio of net expenses to average net assets | | | 0.86 | %(c) | | | 0.86 | %(d) | | | 0.86 | %(e) | | | 0.82 | %(f) | | | 0.77 | %(g)(h) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 0.86 | % | | | 0.87 | % | | | 0.87 | % | | | 0.83 | % | | | 0.77 | %(h) | |
Ratio of net investment income (loss) to average net assets | | | 1.24 | % | | | 0.40 | % | | | (0.82 | %) | | | (2.64 | %) | | | 1.06 | %(h) | |
• 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) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2024.
(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2023.
(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.69% for the year ended October 31, 2022.
(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.70% for the year ended October 31, 2021.
(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 0.66% for the year ended October 31, 2020.
(h) Annualized.
www.calamos.com
21
Calamos Hedged Equity Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.05 | | | $ | 13.08 | | | $ | 14.66 | | | $ | 12.35 | | | $ | 11.88 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.05 | | | | 0.08 | | | | 0.06 | | | | 0.06 | | | | 0.10 | | |
Net realized and unrealized gain (loss) | | | 2.96 | | | | 0.98 | | | | (1.60 | ) | | | 2.32 | | | | 0.47 | | |
Total from investment operations | | | 3.01 | | | | 1.06 | | | | (1.54 | ) | | | 2.38 | | | | 0.57 | | |
Distributions: | |
Dividends from net investment income | | | (0.06 | ) | | | (0.09 | ) | | | (0.04 | ) | | | (0.07 | ) | | | (0.10 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | |
Total distributions** | | | (0.06 | ) | | | (0.09 | ) | | | (0.04 | ) | | | (0.07 | ) | | | (0.10 | ) | |
Net asset value, end of year | | $ | 17.00 | | | $ | 14.05 | | | $ | 13.08 | | | $ | 14.66 | | | $ | 12.35 | | |
Ratios and supplemental data: | |
Total return(b) | | | 21.45 | % | | | 8.10 | % | | | (10.51 | %) | | | 19.20 | % | | | 4.92 | % | |
Net assets, end of year (000) | | $ | 30,130 | | | $ | 24,754 | | | $ | 33,814 | | | $ | 34,309 | | | $ | 15,782 | | |
Ratio of net expenses to average net assets | | | 1.15 | % | | | 1.17 | % | | | 1.16 | % | | | 1.17 | % | | | 1.15 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.15 | % | | | 1.17 | % | | | 1.16 | % | | | 1.17 | % | | | 1.20 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.34 | % | | | 0.58 | % | | | 0.42 | % | | | 0.44 | % | | | 0.84 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 20 | % | | | 19 | % | | | 32 | % | | | 39 | % | | | 57 | % | |
** 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
22
Calamos Hedged Equity Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 13.67 | | | $ | 12.78 | | | $ | 14.39 | | | $ | 12.18 | | | $ | 11.72 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.07 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.04 | ) | | | 0.01 | | |
Net realized and unrealized gain (loss) | | | 2.88 | | | | 0.96 | | | | (1.57 | ) | | | 2.28 | | | | 0.48 | | |
Total from investment operations | | | 2.81 | | | | 0.93 | | | | (1.61 | ) | | | 2.24 | | | | 0.49 | | |
Distributions: | |
Dividends from net investment income | | | (0.03 | ) | | | (0.04 | ) | | | — | | | | (0.03 | ) | | | (0.03 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | |
Total distributions** | | | (0.03 | ) | | | (0.04 | ) | | | — | | | | (0.03 | ) | | | (0.03 | ) | |
Net asset value, end of year | | $ | 16.45 | | | $ | 13.67 | | | $ | 12.78 | | | $ | 14.39 | | | $ | 12.18 | | |
Ratios and supplemental data: | |
Total return(b) | | | 20.55 | % | | | 7.28 | % | | | (11.19 | %) | | | 18.43 | % | | | 4.19 | % | |
Net assets, end of year (000) | | $ | 11,877 | | | $ | 8,703 | | | $ | 7,884 | | | $ | 6,960 | | | $ | 3,429 | | |
Ratio of net expenses to average net assets | | | 1.90 | % | | | 1.92 | % | | | 1.91 | % | | | 1.92 | % | | | 1.90 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.90 | % | | | 1.92 | % | | | 1.91 | % | | | 1.92 | % | | | 1.95 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.42 | %) | | | (0.20 | %) | | | (0.31 | %) | | | (0.30 | %) | | | 0.08 | % | |
** 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
23
Calamos Hedged Equity Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.07 | | | $ | 13.09 | | | $ | 14.66 | | | $ | 12.34 | | | $ | 11.87 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.09 | | | | 0.11 | | | | 0.10 | | | | 0.10 | | | | 0.13 | | |
Net realized and unrealized gain (loss) | | | 2.96 | | | | 0.99 | | | | (1.61 | ) | | | 2.31 | | | | 0.47 | | |
Total from investment operations | | | 3.05 | | | | 1.10 | | | | (1.51 | ) | | | 2.41 | | | | 0.60 | | |
Distributions: | |
Dividends from net investment income | | | (0.09 | ) | | | (0.12 | ) | | | (0.06 | ) | | | (0.09 | ) | | | (0.13 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | |
Total distributions** | | | (0.09 | ) | | | (0.12 | ) | | | (0.06 | ) | | | (0.09 | ) | | | (0.13 | ) | |
Net asset value, end of year | | $ | 17.03 | | | $ | 14.07 | | | $ | 13.09 | | | $ | 14.66 | | | $ | 12.34 | | |
Ratios and supplemental data: | |
Total return(b) | | | 21.75 | % | | | 8.41 | % | | | (10.33 | %) | | | 19.60 | % | | | 5.09 | % | |
Net assets, end of year (000) | | $ | 655,189 | | | $ | 527,423 | | | $ | 547,166 | | | $ | 514,903 | | | $ | 342,851 | | |
Ratio of net expenses to average net assets | | | 0.90 | % | | | 0.92 | % | | | 0.91 | % | | | 0.92 | % | | | 0.90 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 0.90 | % | | | 0.92 | % | | | 0.91 | % | | | 0.92 | % | | | 0.95 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.58 | % | | | 0.81 | % | | | 0.69 | % | | | 0.73 | % | | | 1.09 | % | |
** 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
24
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.93 | | | $ | 14.60 | | | $ | 15.46 | | | $ | 11.18 | | | $ | 11.63 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.41 | | | | 0.19 | | | | (0.06 | ) | | | (0.13 | ) | | | (0.08 | ) | |
Net realized and unrealized gain (loss) | | | 1.91 | | | | 0.14 | | | | (0.80 | ) | | | 4.41 | | | | (0.36 | ) | |
Total from investment operations | | | 2.32 | | | | 0.33 | | | | (0.86 | ) | | | 4.28 | | | | (0.44 | ) | |
Distributions: | |
Dividends from net investment income | | | (0.26 | ) | | | — | | | | — | | | | — | | | | (0.01 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.00 | )* | |
Total distributions** | | | (0.26 | ) | | | — | | | | — | | | | — | | | | (0.01 | ) | |
Net asset value, end of year | | $ | 16.99 | | | $ | 14.93 | | | $ | 14.60 | | | $ | 15.46 | | | $ | 11.18 | | |
Ratios and supplemental data: | |
Total return(b) | | | 15.82 | % | | | 2.12 | % | | | (5.44 | %) | | | 38.19 | % | | | (3.77 | %) | |
Net assets, end of year (000) | | $ | 67,243 | | | $ | 65,214 | | | $ | 55,800 | | | $ | 51,971 | | | $ | 40,748 | | |
Ratio of net expenses to average net assets | | | 2.43 | %(c) | | | 2.38 | %(d) | | | 2.38 | %(e) | | | 2.34 | %(f) | | | 2.91 | %(g) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.43 | % | | | 2.38 | % | | | 2.38 | % | | | 2.34 | % | | | 2.92 | % | |
Ratio of net investment income (loss) to average net assets | | | 2.49 | % | | | 1.21 | % | | | (0.43 | %) | | | (0.88 | %) | | | (0.68 | %) | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 342 | % | | | 194 | % | | | 214 | % | | | 211 | % | | | 206 | % | |
* 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 1.63% for the year ended October 31, 2024.
(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2023.
(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.64% for the year ended October 31, 2022.
(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.67% for the year ended October 31, 2021.
(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.71% for the year ended October 31, 2020.
www.calamos.com
25
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.11 | | | $ | 13.90 | | | $ | 14.83 | | | $ | 10.80 | | | $ | 11.32 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.28 | | | | 0.07 | | | | (0.17 | ) | | | (0.24 | ) | | | (0.16 | ) | |
Net realized and unrealized gain (loss) | | | 1.80 | | | | 0.14 | | | | (0.76 | ) | | | 4.27 | | | | (0.36 | ) | |
Total from investment operations | | | 2.08 | | | | 0.21 | | | | (0.93 | ) | | | 4.03 | | | | (0.52 | ) | |
Distributions: | |
Dividends from net investment income | | | (0.14 | ) | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.00 | )* | |
Total distributions** | | | (0.14 | ) | | | — | | | | — | | | | — | | | | (0.00 | )* | |
Net asset value, end of year | | $ | 16.05 | | | $ | 14.11 | | | $ | 13.90 | | | $ | 14.83 | | | $ | 10.80 | | |
Ratios and supplemental data: | |
Total return(b) | | | 14.92 | % | | | 1.37 | % | | | (6.20 | %) | | | 37.31 | % | | | (4.59 | %) | |
Net assets, end of year (000) | | $ | 32,322 | | | $ | 32,461 | | | $ | 31,352 | | | $ | 29,980 | | | $ | 22,528 | | |
Ratio of net expenses to average net assets | | | 3.17 | %(c) | | | 3.13 | %(d) | | | 3.12 | %(e) | | | 3.09 | %(f) | | | 3.65 | %(g) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 3.17 | % | | | 3.13 | % | | | 3.12 | % | | | 3.09 | % | | | 3.65 | % | |
Ratio of net investment income (loss) to average net assets | | | 1.74 | % | | | 0.46 | % | | | (1.19 | %) | | | (1.63 | %) | | | (1.43 | %) | |
* 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 2.38% for the year ended October 31, 2024.
(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2023.
(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.39% for the year ended October 31, 2022.
(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.42% for the year ended October 31, 2021.
(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 2.46% for the year ended October 31, 2020.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
26
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 15.17 | | | $ | 14.81 | | | $ | 15.64 | | | $ | 11.28 | | | $ | 11.75 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.46 | | | | 0.23 | | | | (0.02 | ) | | | (0.10 | ) | | | (0.05 | ) | |
Net realized and unrealized gain (loss) | | | 1.94 | | | | 0.13 | | | | (0.81 | ) | | | 4.46 | | | | (0.37 | ) | |
Total from investment operations | | | 2.40 | | | | 0.36 | | | | (0.83 | ) | | | 4.36 | | | | (0.42 | ) | |
Distributions: | |
Dividends from net investment income | | | (0.30 | ) | | | (0.00 | )* | | | — | | | | — | | | | (0.02 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | |
Return of capital | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) | |
Total distributions** | | | (0.30 | ) | | | (0.00 | )* | | | — | | | | — | | | | (0.05 | ) | |
Net asset value, end of year | | $ | 17.27 | | | $ | 15.17 | | | $ | 14.81 | | | $ | 15.64 | | | $ | 11.28 | | |
Ratios and supplemental data: | |
Total return(b) | | | 16.10 | % | | | 2.40 | % | | | (5.25 | %) | | | 38.69 | % | | | (3.67 | %) | |
Net assets, end of year (000) | | $ | 944,265 | | | $ | 838,221 | | | $ | 697,472 | | | $ | 476,965 | | | $ | 344,843 | | |
Ratio of net expenses to average net assets | | | 2.18 | %(c) | | | 2.13 | %(d) | | | 2.14 | %(e) | | | 2.09 | %(f) | | | 2.64 | %(g) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.18 | % | | | 2.13 | % | | | 2.14 | % | | | 2.09 | % | | | 2.65 | % | |
Ratio of net investment income (loss) to average net assets | | | 2.75 | % | | | 1.48 | % | | | (0.12 | %) | | | (0.63 | %) | | | (0.42 | %) | |
* 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 1.38% for the year ended October 31, 2024.
(d) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.39% for the year ended October 31, 2023.
(e) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.38% for the year ended October 31, 2022.
(f) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.42% for the year ended October 31, 2021.
(g) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.46% for the year ended October 31, 2020.
www.calamos.com
27
Calamos Merger Arbitrage Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended
October 31,
2024 | | September 29, 2023•
through
October 31,
2023 | |
Net asset value, beginning of year | | $ | 9.73 | | | $ | 10.00 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.11 | | | | 0.00 | | |
Net realized and unrealized gain (loss) | | | 0.16 | | | | (0.27 | ) | |
Total from investment operations | | | 0.27 | | | | (0.27 | ) | |
Distributions: | |
Dividends from net investment income | | | (0.04 | ) | | | — | | |
Dividends from net realized gains | | | (0.01 | ) | | | — | | |
Total distributions** | | | (0.05 | ) | | | — | | |
Net asset value, end of year | | $ | 9.95 | | | $ | 9.73 | | |
Ratios and supplemental data: | |
Total return(b) | | | 2.73 | % | | | (2.70 | %) | |
Net assets, end of year (000) | | $ | 123 | | | $ | 97 | | |
Ratio of net expenses to average net assets | | | 2.16 | %(d) | | | 1.50 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 12.56 | % | | | 6.06 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | 1.11 | % | | | 0.52 | %(c) | |
| | | Year Ended
October 31,
2024 | | September 29, 2023•
through
October 31,
2023 | |
Portfolio turnover rate | | | 136 | % | | | 13 | %(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) Ratio of net expenses, excluding dividend expense on short positions, to average net assets was 1.50% for the period ended October 31, 2024.
(e) Not annualized.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
28
Calamos Merger Arbitrage Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended
October 31,
2024 | | September 29, 2023•
through
October 31,
2023 | |
Net asset value, beginning of year | | $ | 9.72 | | | $ | 10.00 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.03 | | | | 0.00 | | |
Net realized and unrealized gain (loss) | | | 0.17 | | | | (0.28 | ) | |
Total from investment operations | | | 0.20 | | | | (0.28 | ) | |
Distributions: | |
Dividends from net investment income | | | (0.03 | ) | | | — | | |
Dividends from net realized gains | | | (0.01 | ) | | | — | | |
Total distributions** | | | (0.04 | ) | | | — | | |
Net asset value, end of year | | $ | 9.88 | | | $ | 9.72 | | |
Ratios and supplemental data: | |
Total return(b) | | | 1.98 | % | | | (2.80 | %) | |
Net assets, end of year (000) | | $ | 99 | | | $ | 97 | | |
Ratio of net expenses to average net assets | | | 2.91 | %(d) | | | 2.25 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 13.31 | % | | | 6.81 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | 0.31 | % | | | (0.23 | %)(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 2.25% for the period ended October 31, 2024.
www.calamos.com
29
Calamos Merger Arbitrage Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended
October 31,
2024 | | September 29, 2023•
through
October 31,
2023 | |
Net asset value, beginning of year | | $ | 9.73 | | | $ | 10.00 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.13 | | | | 0.01 | | |
Net realized and unrealized gain (loss) | | | 0.17 | | | | (0.28 | ) | |
Total from investment operations | | | 0.30 | | | | (0.27 | ) | |
Distributions: | |
Dividends from net investment income | | | (0.05 | ) | | | — | | |
Dividends from net realized gains | | | (0.01 | ) | | | — | | |
Total distributions** | | | (0.06 | ) | | | — | | |
Net asset value, end of year | | $ | 9.97 | | | $ | 9.73 | | |
Ratios and supplemental data: | |
Total return(b) | | | 3.07 | % | | | (2.70 | %) | |
Net assets, end of year (000) | | $ | 1,875 | | | $ | 1,864 | | |
Ratio of net expenses to average net assets | | | 1.91 | %(d) | | | 1.25 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 12.31 | % | | | 5.81 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | 1.31 | % | | | 1.13 | %(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 1.25% for the period ended October 31, 2024.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
30
Calamos Convertible Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 18.18 | | | $ | 18.57 | | | $ | 27.25 | | | $ | 22.78 | | | $ | 17.45 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.09 | ) | | | (0.08 | ) | | | (0.27 | ) | | | (0.61 | ) | | | 0.47 | | |
Net realized and unrealized gain (loss) | | | 3.75 | | | | (0.15 | ) | | | (5.20 | ) | | | 6.68 | | | | 4.99 | | |
Total from investment operations | | | 3.66 | | | | (0.23 | ) | | | (5.47 | ) | | | 6.07 | | | | 5.46 | | |
Distributions: | |
Dividends from net investment income | | | (0.17 | ) | | | (0.16 | ) | | | (0.02 | ) | | | (0.06 | ) | | | (0.13 | ) | |
Dividends from net realized gains | | | (0.22 | ) | | | — | | | | (3.19 | ) | | | (1.54 | ) | | | — | | |
Total distributions** | | | (0.39 | ) | | | (0.16 | ) | | | (3.21 | ) | | | (1.60 | ) | | | (0.13 | ) | |
Net asset value, end of year | | $ | 21.45 | | | $ | 18.18 | | | $ | 18.57 | | | $ | 27.25 | | | $ | 22.78 | | |
Ratios and supplemental data: | |
Total return(b) | | | 20.35 | % | | | (1.26 | %) | | | (22.29 | %) | | | 27.09 | % | | | 31.58 | % | |
Net assets, end of year (000) | | $ | 248,573 | | | $ | 243,516 | | | $ | 294,233 | | | $ | 422,476 | | | $ | 333,481 | | |
Ratio of net expenses to average net assets | | | 1.13 | % | | | 1.13 | % | | | 1.10 | % | | | 1.08 | % | | | 1.13 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.13 | % | | | 1.13 | % | | | 1.10 | % | | | 1.08 | % | | | 1.13 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.47 | %) | | | (0.44 | %) | | | (1.30 | %) | | | (2.35 | %) | | | 2.37 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 54 | % | | | 40 | % | | | 39 | % | | | 41 | % | | | 71 | % | |
** 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
31
Calamos Convertible Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 17.62 | | | $ | 18.03 | | | $ | 26.73 | | | $ | 22.48 | | | $ | 17.27 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.24 | ) | | | (0.22 | ) | | | (0.42 | ) | | | (0.80 | ) | | | 0.32 | | |
Net realized and unrealized gain (loss) | | | 3.64 | | | | (0.13 | ) | | | (5.09 | ) | | | 6.59 | | | | 4.93 | | |
Total from investment operations | | | 3.40 | | | | (0.35 | ) | | | (5.51 | ) | | | 5.79 | | | | 5.25 | | |
Distributions: | |
Dividends from net investment income | | | (0.05 | ) | | | (0.06 | ) | | | — | | | | — | | | | (0.04 | ) | |
Dividends from net realized gains | | | (0.22 | ) | | | — | | | | (3.19 | ) | | | (1.54 | ) | | | — | | |
Total distributions** | | | (0.27 | ) | | | (0.06 | ) | | | (3.19 | ) | | | (1.54 | ) | | | (0.04 | ) | |
Net asset value, end of year | | $ | 20.75 | | | $ | 17.62 | | | $ | 18.03 | | | $ | 26.73 | | | $ | 22.48 | | |
Ratios and supplemental data: | |
Total return(b) | | | 19.46 | % | | | (2.01 | %) | | | (22.88 | %) | | | 26.16 | % | | | 30.53 | % | |
Net assets, end of year (000) | | $ | 29,466 | | | $ | 31,773 | | | $ | 41,804 | | | $ | 71,925 | | | $ | 56,935 | | |
Ratio of net expenses to average net assets | | | 1.88 | % | | | 1.88 | % | | | 1.85 | % | | | 1.83 | % | | | 1.88 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.88 | % | | | 1.88 | % | | | 1.85 | % | | | 1.83 | % | | | 1.88 | % | |
Ratio of net investment income (loss) to average net assets | | | (1.22 | %) | | | (1.19 | %) | | | (2.04 | %) | | | (3.10 | %) | | | 1.65 | % | |
** 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.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
32
Calamos Convertible Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 15.55 | | | $ | 15.91 | | | $ | 23.82 | | | $ | 20.05 | | | $ | 15.38 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.04 | ) | | | (0.03 | ) | | | (0.19 | ) | | | (0.48 | ) | | | 0.46 | | |
Net realized and unrealized gain (loss) | | | 3.21 | | | | (0.12 | ) | | | (4.49 | ) | | | 5.86 | | | | 4.39 | | |
Total from investment operations | | | 3.17 | | | | (0.15 | ) | | | (4.68 | ) | | | 5.38 | | | | 4.85 | | |
Distributions: | |
Dividends from net investment income | | | (0.22 | ) | | | (0.21 | ) | | | (0.04 | ) | | | (0.07 | ) | | | (0.18 | ) | |
Dividends from net realized gains | | | (0.22 | ) | | | — | | | | (3.19 | ) | | | (1.54 | ) | | | — | | |
Total distributions** | | | (0.44 | ) | | | (0.21 | ) | | | (3.23 | ) | | | (1.61 | ) | | | (0.18 | ) | |
Net asset value, end of year | | $ | 18.28 | | | $ | 15.55 | | | $ | 15.91 | | | $ | 23.82 | | | $ | 20.05 | | |
Ratios and supplemental data: | |
Total return(b) | | | 20.67 | % | | | (1.04 | %) | | | (22.09 | %) | | | 27.40 | % | | | 31.91 | % | |
Net assets, end of year (000) | | $ | 593,170 | | | $ | 559,907 | | | $ | 680,441 | | | $ | 1,161,030 | | | $ | 773,460 | | |
Ratio of net expenses to average net assets | | | 0.88 | % | | | 0.88 | % | | | 0.85 | % | | | 0.83 | % | | | 0.88 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 0.88 | % | | | 0.88 | % | | | 0.85 | % | | | 0.83 | % | | | 0.88 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.22 | %) | | | (0.19 | %) | | | (1.04 | %) | | | (2.09 | %) | | | 2.60 | % | |
** 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
33
Calamos Global Convertible Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 10.01 | | | $ | 9.59 | | | $ | 14.85 | | | $ | 13.48 | | | $ | 11.08 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.06 | ) | | | (0.15 | ) | | | (0.01 | ) | | | (0.44 | ) | | | 0.24 | | |
Net realized and unrealized gain (loss) | | | 2.05 | | | | 0.60 | | | | (3.45 | ) | | | 2.95 | | | | 2.37 | | |
Total from investment operations | | | 1.99 | | | | 0.45 | | | | (3.46 | ) | | | 2.51 | | | | 2.61 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | (0.03 | ) | | | (0.01 | ) | | | (0.01 | ) | | | (0.06 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | (1.79 | ) | | | (1.13 | ) | | | (0.15 | ) | |
Total distributions** | | | — | | | | (0.03 | ) | | | (1.80 | ) | | | (1.14 | ) | | | (0.21 | ) | |
Net asset value, end of year | | $ | 12.00 | | | $ | 10.01 | | | $ | 9.59 | | | $ | 14.85 | | | $ | 13.48 | | |
Ratios and supplemental data: | |
Total return(b) | | | 19.88 | % | | | 4.78 | % | | | (26.01 | %) | | | 18.86 | % | | | 23.93 | % | |
Net assets, end of year (000) | | $ | 8,122 | | | $ | 8,455 | | | $ | 10,698 | | | $ | 17,865 | | | $ | 11,231 | | |
Ratio of net expenses to average net assets | | | 1.35 | % | | | 1.34 | % | | | 1.28 | % | | | 1.25 | % | | | 1.33 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.35 | % | | | 1.34 | % | | | 1.28 | % | | | 1.25 | % | | | 1.34 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.52 | %) | | | (1.48 | %) | | | (0.11 | %) | | | (2.96 | %) | | | 1.96 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 40 | % | | | 27 | % | | | 31 | % | | | 35 | % | | | 48 | % | |
** 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
34
Calamos Global Convertible Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 9.60 | | | $ | 9.23 | | | $ | 14.47 | | | $ | 13.25 | | | $ | 10.93 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.14 | ) | | | (0.22 | ) | | | (0.09 | ) | | | (0.54 | ) | | | 0.14 | | |
Net realized and unrealized gain (loss) | | | 1.96 | | | | 0.59 | | | | (3.36 | ) | | | 2.89 | | | | 2.35 | | |
Total from investment operations | | | 1.82 | | | | 0.37 | | | | (3.45 | ) | | | 2.35 | | | | 2.49 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.02 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | (1.79 | ) | | | (1.13 | ) | | | (0.15 | ) | |
Total distributions** | | | — | | | | — | | | | (1.79 | ) | | | (1.13 | ) | | | (0.17 | ) | |
Net asset value, end of year | | $ | 11.42 | | | $ | 9.60 | | | $ | 9.23 | | | $ | 14.47 | | | $ | 13.25 | | |
Ratios and supplemental data: | |
Total return(b) | | | 18.96 | % | | | 4.01 | % | | | (26.58 | %) | | | 17.95 | % | | | 23.09 | % | |
Net assets, end of year (000) | | $ | 2,086 | | | $ | 2,615 | | | $ | 3,425 | | | $ | 5,448 | | | $ | 4,824 | | |
Ratio of net expenses to average net assets | | | 2.10 | % | | | 2.09 | % | | | 2.03 | % | | | 2.00 | % | | | 2.08 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.10 | % | | | 2.09 | % | | | 2.03 | % | | | 2.00 | % | | | 2.09 | % | |
Ratio of net investment income (loss) to average net assets | | | (1.28 | %) | | | (2.23 | %) | | | (0.85 | %) | | | (3.72 | %) | | | 1.21 | % | |
** 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.
www.calamos.com
35
Calamos Global Convertible Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 10.04 | | | $ | 9.60 | | | $ | 14.87 | | | $ | 13.50 | | | $ | 11.08 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.03 | ) | | | (0.13 | ) | | | 0.01 | | | | (0.40 | ) | | | 0.26 | | |
Net realized and unrealized gain (loss) | | | 2.06 | | | | 0.61 | | | | (3.46 | ) | | | 2.94 | | | | 2.39 | | |
Total from investment operations | | | 2.03 | | | | 0.48 | | | | (3.45 | ) | | | 2.54 | | | | 2.65 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | (0.04 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.08 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | (1.79 | ) | | | (1.13 | ) | | | (0.15 | ) | |
Total distributions** | | | — | | | | (0.04 | ) | | | (1.82 | ) | | | (1.17 | ) | | | (0.23 | ) | |
Net asset value, end of year | | $ | 12.07 | | | $ | 10.04 | | | $ | 9.60 | | | $ | 14.87 | | | $ | 13.50 | | |
Ratios and supplemental data: | |
Total return(b) | | | 20.22 | % | | | 5.00 | % | | | (25.82 | %) | | | 19.09 | % | | | 24.36 | % | |
Net assets, end of year (000) | | $ | 117,598 | | | $ | 109,319 | | | $ | 117,766 | | | $ | 260,688 | | | $ | 192,475 | | |
Ratio of net expenses to average net assets | | | 1.10 | % | | | 1.09 | % | | | 1.03 | % | | | 1.00 | % | | | 1.08 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.10 | % | | | 1.09 | % | | | 1.03 | % | | | 1.00 | % | | | 1.09 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.27 | %) | | | (1.23 | %) | | | 0.13 | % | | | (2.71 | %) | | | 2.19 | % | |
** 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.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
36
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 22.20 | | | $ | 26.35 | | | $ | 42.31 | | | $ | 29.18 | | | $ | 22.31 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.33 | ) | | | (0.26 | ) | | | (0.24 | ) | | | (0.45 | ) | | | (0.28 | ) | |
Net realized and unrealized gain (loss) | | | 12.65 | | | | (3.89 | ) | | | (15.72 | ) | | | 14.95 | | | | 8.29 | | |
Total from investment operations | | | 12.32 | | | | (4.15 | ) | | | (15.96 | ) | | | 14.50 | | | | 8.01 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (1.37 | ) | | | (1.14 | ) | |
Return of capital | | | — | | | | — | | | | — | | | | (0.00 | )* | | | — | | |
Total distributions** | | | — | | | | — | | | | — | | | | (1.37 | ) | | | (1.14 | ) | |
Net asset value, end of year | | $ | 34.52 | | | $ | 22.20 | | | $ | 26.35 | | | $ | 42.31 | | | $ | 29.18 | | |
Ratios and supplemental data: | |
Total return(b) | | | 55.54 | % | | | (15.75 | %) | | | (37.71 | %) | | | 50.42 | % | | | 37.60 | % | |
Net assets, end of year (000) | | $ | 27,306 | | | $ | 18,283 | | | $ | 23,762 | | | $ | 35,274 | | | $ | 9,313 | | |
Ratio of net expenses to average net assets | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % | | | 1.30 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.35 | % | | | 1.37 | % | | | 1.37 | % | | | 1.37 | % | | | 1.40 | % | |
Ratio of net investment income (loss) to average net assets | | | (1.09 | %) | | | (1.03 | %) | | | (0.78 | %) | | | (1.15 | %) | | | (1.16 | %) | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 229 | % | | | 215 | % | | | 197 | % | | | 165 | % | | | 181 | % | |
* 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.
www.calamos.com
37
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, | | June 25, 2021•
through
October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | |
Net asset value, beginning of year | | $ | 22.48 | | | $ | 26.88 | | | $ | 43.50 | | | $ | 41.91 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.55 | ) | | | (0.45 | ) | | | (0.45 | ) | | | (0.82 | ) | |
Net realized and unrealized gain (loss) | | | 12.76 | | | | (3.95 | ) | | | (16.17 | ) | | | 2.41 | | |
Total from investment operations | | | 12.21 | | | | (4.40 | ) | | | (16.62 | ) | | | 1.59 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | |
Total distributions** | | | — | | | | — | | | | — | | | | — | | |
Net asset value, end of year | | $ | 34.69 | | | $ | 22.48 | | | $ | 26.88 | | | $ | 43.50 | | |
Ratios and supplemental data: | |
Total return(b) | | | 54.40 | % | | | (16.37 | %) | | | (38.18 | %) | | | 3.75 | % | |
Net assets, end of year (000) | | $ | 5,035 | | | $ | 3,648 | | | $ | 4,425 | | | $ | 3,165 | | |
Ratio of net expenses to average net assets | | | 2.05 | % | | | 2.05 | % | | | 2.05 | % | | | 2.05 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.10 | % | | | 2.12 | % | | | 2.12 | % | | | 2.06 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | (1.84 | %) | | | (1.79 | %) | | | (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.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
38
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 23.01 | | | $ | 27.24 | | | $ | 43.65 | | | $ | 29.99 | | | $ | 22.85 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.26 | ) | | | (0.20 | ) | | | (0.16 | ) | | | (0.36 | ) | | | (0.23 | ) | |
Net realized and unrealized gain (loss) | | | 13.12 | | | | (4.03 | ) | | | (16.25 | ) | | | 15.39 | | | | 8.51 | | |
Total from investment operations | | | 12.86 | | | | (4.23 | ) | | | (16.41 | ) | | | 15.03 | | | | 8.28 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (1.37 | ) | | | (1.14 | ) | |
Return of capital | | | — | | | | — | | | | — | | | | (0.00 | )* | | | — | | |
Total distributions** | | | — | | | | — | | | | — | | | | (1.37 | ) | | | (1.14 | ) | |
Net asset value, end of year | | $ | 35.87 | | | $ | 23.01 | | | $ | 27.24 | | | $ | 43.65 | | | $ | 29.99 | | |
Ratios and supplemental data: | |
Total return(b) | | | 55.93 | % | | | (15.53 | %) | | | (37.57 | %) | | | 50.80 | % | | | 37.90 | % | |
Net assets, end of year (000) | | $ | 285,866 | | | $ | 191,831 | | | $ | 292,187 | | | $ | 387,149 | | | $ | 124,867 | | |
Ratio of net expenses to average net assets | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | | | 1.05 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.10 | % | | | 1.12 | % | | | 1.12 | % | | | 1.11 | % | | | 1.16 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.84 | %) | | | (0.78 | %) | | | (0.52 | %) | | | (0.90 | %) | | | (0.92 | %) | |
* 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.
www.calamos.com
39
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 23.11 | | | $ | 27.33 | | | $ | 43.74 | | | $ | 30.02 | | | $ | 22.86 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.23 | ) | | | (0.17 | ) | | | (0.11 | ) | | | (0.32 | ) | | | (0.21 | ) | |
Net realized and unrealized gain (loss) | | | 13.18 | | | | (4.05 | ) | | | (16.30 | ) | | | 15.41 | | | | 8.51 | | |
Total from investment operations | | | 12.95 | | | | (4.22 | ) | | | (16.41 | ) | | | 15.09 | | | | 8.30 | | |
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 | | $ | 36.06 | | | $ | 23.11 | | | $ | 27.33 | | | $ | 43.74 | | | $ | 30.02 | | |
Ratios and supplemental data: | |
Total return(b) | | | 56.08 | % | | | (15.41 | %) | | | (37.51 | %) | | | 50.96 | % | | | 37.98 | % | |
Net assets, end of year (000) | | $ | 29,165 | | | $ | 24,499 | | | $ | 22,181 | | | $ | 29,120 | | | $ | 1,562 | | |
Ratio of net expenses to average net assets | | | 0.95 | % | | | 0.92 | % | | | 0.93 | % | | | 0.96 | % | | | 0.98 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.00 | % | | | 0.99 | % | | | 1.00 | % | | | 1.02 | % | | | 1.09 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.74 | %) | | | (0.67 | %) | | | (0.37 | %) | | | (0.80 | %) | | | (0.84 | %) | |
** 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.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
40
Calamos Timpani SMID Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 9.09 | | | $ | 10.14 | | | $ | 18.17 | | | $ | 12.34 | | | $ | 9.01 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.14 | ) | | | (0.10 | ) | | | (0.08 | ) | | | (0.20 | ) | | | (0.13 | ) | |
Net realized and unrealized gain (loss) | | | 5.11 | | | | (0.95 | ) | | | (6.23 | ) | | | 6.03 | | | | 3.46 | | |
Total from investment operations | | | 4.97 | | | | (1.05 | ) | | | (6.31 | ) | | | 5.83 | | | | 3.33 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | (1.72 | ) | | | — | | | | — | | |
Total distributions** | | | — | | | | — | | | | (1.72 | ) | | | — | | | | — | | |
Net asset value, end of year | | $ | 14.06 | | | $ | 9.09 | | | $ | 10.14 | | | $ | 18.17 | | | $ | 12.34 | | |
Ratios and supplemental data: | |
Total return(b) | | | 54.68 | % | | | (10.36 | %) | | | (37.07 | %) | | | 47.04 | % | | | 36.96 | % | |
Net assets, end of year (000) | | $ | 293 | | | $ | 341 | | | $ | 305 | | | $ | 162 | | | $ | 182 | | |
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 | | | 1.83 | % | | | 1.98 | % | | | 1.93 | % | | | 1.79 | % | | | 2.45 | % | |
Ratio of net investment income (loss) to average net assets | | | (1.14 | %) | | | (1.06 | %) | | | (0.68 | %) | | | (1.22 | %) | | | (1.21 | %) | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 220 | % | | | 231 | % | | | 205 | % | | | 188 | % | | | 201 | % | |
** 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.
www.calamos.com
41
Calamos Timpani SMID Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 9.20 | | | $ | 10.23 | | | $ | 18.28 | | | $ | 12.38 | | | $ | 9.02 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.11 | ) | | | (0.08 | ) | | | (0.06 | ) | | | (0.16 | ) | | | (0.10 | ) | |
Net realized and unrealized gain (loss) | | | 5.18 | | | | (0.95 | ) | | | (6.27 | ) | | | 6.06 | | | | 3.46 | | |
Total from investment operations | | | 5.07 | | | | (1.03 | ) | | | (6.33 | ) | | | 5.90 | | | | 3.36 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | (1.72 | ) | | | — | | | | — | | |
Total distributions** | | | — | | | | — | | | | (1.72 | ) | | | — | | | | — | | |
Net asset value, end of year | | $ | 14.27 | | | $ | 9.20 | | | $ | 10.23 | | | $ | 18.28 | | | $ | 12.38 | | |
Ratios and supplemental data: | |
Total return(b) | | | 55.11 | % | | | (10.07 | %) | | | (36.95 | %) | | | 47.46 | % | | | 37.25 | % | |
Net assets, end of year (000) | | $ | 25,448 | | | $ | 15,495 | | | $ | 16,497 | | | $ | 25,793 | | | $ | 16,877 | | |
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 | | | 1.56 | % | | | 1.73 | % | | | 1.65 | % | | | 1.55 | % | | | 2.25 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.90 | %) | | | (0.80 | %) | | | (0.48 | %) | | | (0.98 | %) | | | (0.94 | %) | |
** 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.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
42
Calamos Timpani SMID Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS R6 | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 9.21 | | | $ | 10.23 | | | $ | 18.28 | | | $ | 12.38 | | | $ | 9.02 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.11 | ) | | | (0.08 | ) | | | (0.05 | ) | | | (0.18 | ) | | | (0.09 | ) | |
Net realized and unrealized gain (loss) | | | 5.18 | | | | (0.94 | ) | | | (6.28 | ) | | | 6.08 | | | | 3.45 | | |
Total from investment operations | | | 5.07 | | | | (1.02 | ) | | | (6.33 | ) | | | 5.90 | | | | 3.36 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | (1.72 | ) | | | — | | | | — | | |
Total distributions** | | | — | | | | — | | | | (1.72 | ) | | | — | | | | — | | |
Net asset value, end of year | | $ | 14.28 | | | $ | 9.21 | | | $ | 10.23 | | | $ | 18.28 | | | $ | 12.38 | | |
Ratios and supplemental data: | |
Total return(b) | | | 55.05 | % | | | (9.97 | %) | | | (36.95 | %) | | | 47.46 | % | | | 37.25 | % | |
Net assets, end of year (000) | | $ | 508 | | | $ | 320 | | | $ | 355 | | | $ | 499 | | | $ | 12 | | |
Ratio of net expenses to average net assets | | | 1.07 | % | | | 1.07 | % | | | 1.07 | % | | | 1.08 | % | | | 1.06 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.53 | % | | | 1.70 | % | | | 1.63 | % | | | 1.48 | % | | | 2.25 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.87 | %) | | | (0.77 | %) | | | (0.43 | %) | | | (1.04 | %) | | | (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.
www.calamos.com
43
Calamos Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 32.47 | | | $ | 28.24 | | | $ | 45.88 | | | $ | 34.96 | | | $ | 32.23 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.28 | ) | | | (0.13 | ) | | | (0.22 | ) | | | (0.33 | ) | | | (0.14 | ) | |
Net realized and unrealized gain (loss) | | | 13.69 | | | | 4.36 | | | | (12.47 | ) | | | 15.44 | | | | 5.90 | | |
Total from investment operations | | | 13.41 | | | | 4.23 | | | | (12.69 | ) | | | 15.11 | | | | 5.76 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | (1.60 | ) | | | — | | | | (4.95 | ) | | | (4.19 | ) | | | (3.03 | ) | |
Total distributions** | | | (1.60 | ) | | | — | | | | (4.95 | ) | | | (4.19 | ) | | | (3.03 | ) | |
Net asset value, end of year | | $ | 44.28 | | | $ | 32.47 | | | $ | 28.24 | | | $ | 45.88 | | | $ | 34.96 | | |
Ratios and supplemental data: | |
Total return(b) | | | 42.45 | % | | | 14.98 | % | | | (30.58 | %) | | | 46.00 | % | | | 19.11 | % | |
Net assets, end of year (000) | | $ | 1,168,908 | | | $ | 925,437 | | | $ | 900,167 | | | $ | 1,436,709 | | | $ | 1,093,909 | | |
Ratio of net expenses to average net assets | | | 1.29 | % | | | 1.32 | % | | | 1.30 | % | | | 1.28 | % | | | 1.34 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.29 | % | | | 1.32 | % | | | 1.30 | % | | | 1.28 | % | | | 1.34 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.69 | %) | | | (0.43 | %) | | | (0.64 | %) | | | (0.80 | %) | | | (0.45 | %) | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 42 | % | | | 57 | % | | | 42 | % | | | 45 | % | | | 115 | % | |
** 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
44
Calamos Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 12.59 | | | $ | 11.03 | | | $ | 21.21 | | | $ | 18.18 | | | $ | 18.26 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.21 | ) | | | (0.14 | ) | | | (0.19 | ) | | | (0.29 | ) | | | (0.20 | ) | |
Net realized and unrealized gain (loss) | | | 5.05 | | | | 1.70 | | | | (5.04 | ) | | | 7.51 | | | | 3.15 | | |
Total from investment operations | | | 4.84 | | | | 1.56 | | | | (5.23 | ) | | | 7.22 | | | | 2.95 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | (1.60 | ) | | | — | | | | (4.95 | ) | | | (4.19 | ) | | | (3.03 | ) | |
Total distributions** | | | (1.60 | ) | | | — | | | | (4.95 | ) | | | (4.19 | ) | | | (3.03 | ) | |
Net asset value, end of year | | $ | 15.83 | | | $ | 12.59 | | | $ | 11.03 | | | $ | 21.21 | | | $ | 18.18 | | |
Ratios and supplemental data: | |
Total return(b) | | | 41.38 | % | | | 14.14 | % | | | (31.12 | %) | | | 44.94 | % | | | 18.23 | % | |
Net assets, end of year (000) | | $ | 10,535 | | | $ | 9,493 | | | $ | 12,281 | | | $ | 25,965 | | | $ | 35,843 | | |
Ratio of net expenses to average net assets | | | 2.04 | % | | | 2.08 | % | | | 2.05 | % | | | 2.04 | % | | | 2.09 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.04 | % | | | 2.08 | % | | | 2.05 | % | | | 2.04 | % | | | 2.10 | % | |
Ratio of net investment income (loss) to average net assets | | | (1.44 | %) | | | (1.16 | %) | | | (1.39 | %) | | | (1.53 | %) | | | (1.17 | %) | |
** 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
45
Calamos Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 49.51 | | | $ | 42.95 | | | $ | 66.93 | | | $ | 49.25 | | | $ | 44.13 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.28 | ) | | | (0.09 | ) | | | (0.20 | ) | | | (0.33 | ) | | | (0.09 | ) | |
Net realized and unrealized gain (loss) | | | 21.10 | | | | 6.65 | | | | (18.83 | ) | | | 22.20 | | | | 8.24 | | |
Total from investment operations | | | 20.82 | | | | 6.56 | | | | (19.03 | ) | | | 21.87 | | | | 8.15 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | (1.60 | ) | | | — | | | | (4.95 | ) | | | (4.19 | ) | | | (3.03 | ) | |
Total distributions** | | | (1.60 | ) | | | — | | | | (4.95 | ) | | | (4.19 | ) | | | (3.03 | ) | |
Net asset value, end of year | | $ | 68.73 | | | $ | 49.51 | | | $ | 42.95 | | | $ | 66.93 | | | $ | 49.25 | | |
Ratios and supplemental data: | |
Total return(b) | | | 42.83 | % | | | 15.27 | % | | | (30.43 | %) | | | 46.40 | % | | | 19.39 | % | |
Net assets, end of year (000) | | $ | 355,529 | | | $ | 262,752 | | | $ | 246,566 | | | $ | 395,431 | | | $ | 291,027 | | |
Ratio of net expenses to average net assets | | | 1.04 | % | | | 1.07 | % | | | 1.05 | % | | | 1.03 | % | | | 1.09 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.04 | % | | | 1.07 | % | | | 1.05 | % | | | 1.03 | % | | | 1.09 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.44 | %) | | | (0.18 | %) | | | (0.39 | %) | | | (0.56 | %) | | | (0.20 | %) | |
** 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
46
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 39.42 | | | $ | 38.33 | | | $ | 48.18 | | | $ | 36.26 | | | $ | 33.43 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.08 | | | | 0.19 | | | | 0.08 | | | | 0.07 | | | | 0.30 | | |
Net realized and unrealized gain (loss) | | | 11.32 | | | | 2.38 | | | | (7.32 | ) | | | 13.01 | | | | 3.74 | | |
Total from investment operations | | | 11.40 | | | | 2.57 | | | | (7.24 | ) | | | 13.08 | | | | 4.04 | | |
Distributions: | |
Dividends from net investment income | | | (0.26 | ) | | | (0.44 | ) | | | (0.24 | ) | | | (0.27 | ) | | | (0.41 | ) | |
Dividends from net realized gains | | | (1.50 | ) | | | (1.04 | ) | | | (2.37 | ) | | | (0.89 | ) | | | (0.80 | ) | |
Total distributions** | | | (1.76 | ) | | | (1.48 | ) | | | (2.61 | ) | | | (1.16 | ) | | | (1.21 | ) | |
Net asset value, end of year | | $ | 49.06 | | | $ | 39.42 | | | $ | 38.33 | | | $ | 48.18 | | | $ | 36.26 | | |
Ratios and supplemental data: | |
Total return(b) | | | 29.65 | % | | | 6.86 | % | | | (15.77 | %) | | | 36.68 | % | | | 12.43 | % | |
Net assets, end of year (000) | | $ | 1,387,946 | | | $ | 1,182,667 | | | $ | 1,199,491 | | | $ | 1,531,445 | | | $ | 1,163,876 | | |
Ratio of net expenses to average net assets | | | 1.05 | % | | | 1.06 | % | | | 1.05 | % | | | 1.06 | % | | | 1.08 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.05 | % | | | 1.06 | % | | | 1.05 | % | | | 1.06 | % | | | 1.08 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.18 | % | | | 0.48 | % | | | 0.19 | % | | | 0.15 | % | | | 0.86 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 28 | % | | | 20 | % | | | 24 | % | | | 18 | % | | | 35 | % | |
** 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
47
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 39.57 | | | $ | 38.57 | | | $ | 48.55 | | | $ | 36.57 | | | $ | 33.68 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.26 | ) | | | (0.11 | ) | | | (0.24 | ) | | | (0.25 | ) | | | 0.04 | | |
Net realized and unrealized gain (loss) | | | 11.36 | | | | 2.38 | | | | (7.37 | ) | | | 13.12 | | | | 3.79 | | |
Total from investment operations | | | 11.10 | | | | 2.27 | | | | (7.61 | ) | | | 12.87 | | | | 3.83 | | |
Distributions: | |
Dividends from net investment income | | | (0.06 | ) | | | (0.23 | ) | | | — | | | | — | | | | (0.14 | ) | |
Dividends from net realized gains | | | (1.50 | ) | | | (1.04 | ) | | | (2.37 | ) | | | (0.89 | ) | | | (0.80 | ) | |
Total distributions** | | | (1.56 | ) | | | (1.27 | ) | | | (2.37 | ) | | | (0.89 | ) | | | (0.94 | ) | |
Net asset value, end of year | | $ | 49.11 | | | $ | 39.57 | | | $ | 38.57 | | | $ | 48.55 | | | $ | 36.57 | | |
Ratios and supplemental data: | |
Total return(b) | | | 28.70 | % | | | 6.08 | % | | | (16.41 | %) | | | 35.66 | % | | | 11.62 | % | |
Net assets, end of year (000) | | $ | 106,421 | | | $ | 79,895 | | | $ | 84,104 | | | $ | 98,647 | | | $ | 101,490 | | |
Ratio of net expenses to average net assets | | | 1.80 | % | | | 1.81 | % | | | 1.80 | % | | | 1.81 | % | | | 1.84 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.80 | % | | | 1.81 | % | | | 1.80 | % | | | 1.81 | % | | | 1.84 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.57 | %) | | | (0.27 | %) | | | (0.56 | %) | | | (0.57 | %) | | | 0.13 | % | |
** 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
48
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 37.47 | | | $ | 36.50 | | | $ | 46.02 | | | $ | 34.68 | | | $ | 32.03 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.19 | | | | 0.27 | | | | 0.17 | | | | 0.17 | | | | 0.36 | | |
Net realized and unrealized gain (loss) | | | 10.75 | | | | 2.25 | | | | (6.97 | ) | | | 12.44 | | | | 3.58 | | |
Total from investment operations | | | 10.94 | | | | 2.52 | | | | (6.80 | ) | | | 12.61 | | | | 3.94 | | |
Distributions: | |
Dividends from net investment income | | | (0.37 | ) | | | (0.51 | ) | | | (0.35 | ) | | | (0.38 | ) | | | (0.49 | ) | |
Dividends from net realized gains | | | (1.50 | ) | | | (1.04 | ) | | | (2.37 | ) | | | (0.89 | ) | | | (0.80 | ) | |
Total distributions** | | | (1.87 | ) | | | (1.55 | ) | | | (2.72 | ) | | | (1.27 | ) | | | (1.29 | ) | |
Net asset value, end of year | | $ | 46.54 | | | $ | 37.47 | | | $ | 36.50 | | | $ | 46.02 | | | $ | 34.68 | | |
Ratios and supplemental data: | |
Total return(b) | | | 30.00 | % | | | 7.12 | % | | | (15.55 | %) | | | 37.02 | % | | | 12.72 | % | |
Net assets, end of year (000) | | $ | 1,301,172 | | | $ | 978,583 | | | $ | 977,765 | | | $ | 1,211,985 | | | $ | 818,641 | | |
Ratio of net expenses to average net assets | | | 0.80 | % | | | 0.81 | % | | | 0.80 | % | | | 0.81 | % | | | 0.83 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 0.80 | % | | | 0.81 | % | | | 0.80 | % | | | 0.81 | % | | | 0.83 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.43 | % | | | 0.73 | % | | | 0.44 | % | | | 0.40 | % | | | 1.11 | % | |
** 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
49
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of period | | $ | 37.49 | | | $ | 36.51 | | | $ | 46.04 | | | $ | 34.69 | | | $ | 33.24 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.22 | | | | 0.30 | | | | 0.21 | | | | 0.16 | | | | 0.12 | | |
Net realized and unrealized gain (loss) | | | 10.76 | | | | 2.26 | | | | (6.99 | ) | | | 12.49 | | | | 1.42 | | |
Total from investment operations | | | 10.98 | | | | 2.56 | | | | (6.78 | ) | | | 12.65 | | | | 1.54 | | |
Distributions: | |
Dividends from net investment income | | | (0.40 | ) | | | (0.54 | ) | | | (0.38 | ) | | | (0.41 | ) | | | (0.09 | ) | |
Dividends from net realized gains | | | (1.50 | ) | | | (1.04 | ) | | | (2.37 | ) | | | (0.89 | ) | | | — | | |
Total distributions** | | | (1.90 | ) | | | (1.58 | ) | | | (2.75 | ) | | | (1.30 | ) | | | (0.09 | ) | |
Net asset value, end of period | | $ | 46.57 | | | $ | 37.49 | | | $ | 36.51 | | | $ | 46.04 | | | $ | 34.69 | | |
Ratios and supplemental data: | |
Total return(b) | | | 30.07 | % | | | 7.21 | % | | | (15.50 | %) | | | 37.14 | % | | | 4.63 | % | |
Net assets, end of year (000) | | $ | 37,425 | | | $ | 27,965 | | | $ | 16,688 | | | $ | 5,968 | | | $ | 15 | | |
Ratio of net expenses to average net assets | | | 0.73 | % | | | 0.71 | % | | | 0.73 | % | | | 0.73 | % | | | 0.71 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 0.73 | % | | | 0.71 | % | | | 0.73 | % | | | 0.73 | % | | | 0.71 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | 0.51 | % | | | 0.78 | % | | | 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.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
50
Calamos Dividend Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.51 | | | $ | 13.41 | | | $ | 17.13 | | | $ | 13.04 | | | $ | 13.37 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.00 | * | | | 0.04 | | | | 0.03 | | | | 0.00 | * | | | 0.05 | | |
Net realized and unrealized gain (loss) | | | 4.90 | | | | 1.11 | | | | (2.41 | ) | | | 5.24 | | | | 1.13 | | |
Total from investment operations | | | 4.90 | | | | 1.15 | | | | (2.38 | ) | | | 5.24 | | | | 1.18 | | |
Distributions: | |
Dividends from net investment income | | | (0.04 | ) | | | (0.05 | ) | | | — | | | | (0.02 | ) | | | (0.06 | ) | |
Dividends from net realized gains | | | (0.64 | ) | | | — | | | | (1.34 | ) | | | (1.13 | ) | | | (1.45 | ) | |
Total distributions** | | | (0.68 | ) | | | (0.05 | ) | | | (1.34 | ) | | | (1.15 | ) | | | (1.51 | ) | |
Net asset value, end of year | | $ | 18.73 | | | $ | 14.51 | | | $ | 13.41 | | | $ | 17.13 | | | $ | 13.04 | | |
Ratios and supplemental data: | |
Total return(b) | | | 34.70 | % | | | 8.61 | % | | | (15.01 | %) | | | 42.42 | % | | | 9.20 | % | |
Net assets, end of year (000) | | $ | 7,128 | | | $ | 5,250 | | | $ | 5,181 | | | $ | 5,139 | | | $ | 3,534 | | |
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 | | | 1.99 | % | | | 2.09 | % | | | 2.03 | % | | | 2.04 | % | | | 2.15 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.01 | %) | | | 0.29 | % | | | 0.23 | % | | | 0.02 | % | | | 0.40 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 24 | % | | | 28 | % | | | 25 | % | | | 20 | % | | | 22 | % | |
* 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
51
Calamos Dividend Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 13.74 | | | $ | 12.77 | | | $ | 16.49 | | | $ | 12.67 | | | $ | 13.07 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.12 | ) | | | (0.06 | )(b) | | | (0.07 | ) | | | (0.11 | ) | | | (0.04 | ) | |
Net realized and unrealized gain (loss) | | | 4.62 | | | | 1.06 | | | | (2.31 | ) | | | 5.07 | | | | 1.09 | | |
Total from investment operations | | | 4.50 | | | | 1.00 | | | | (2.38 | ) | | | 4.96 | | | | 1.05 | | |
Distributions: | |
Dividends from net investment income | | | (0.01 | ) | | | (0.03 | ) | | | — | | | | (0.01 | ) | | | — | | |
Dividends from net realized gains | | | (0.64 | ) | | | — | | | | (1.34 | ) | | | (1.13 | ) | | | (1.45 | ) | |
Total distributions** | | | (0.65 | ) | | | (0.03 | ) | | | (1.34 | ) | | | (1.14 | ) | | | (1.45 | ) | |
Net asset value, end of year | | $ | 17.59 | | | $ | 13.74 | | | $ | 12.77 | | | $ | 16.49 | | | $ | 12.67 | | |
Ratios and supplemental data: | |
Total return(c) | | | 33.69 | % | | | 7.82 | % | | | (15.63 | %) | | | 41.37 | % | | | 8.35 | % | |
Net assets, end of year (000) | | $ | 2,696 | | | $ | 2,342 | | | $ | 2,202 | | | $ | 2,017 | | | $ | 685 | | |
Ratio of net expenses to average net assets | | | 2.10 | % | | | 2.10 | % | | | 2.10 | % | | | 2.10 | % | | | 2.11 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.74 | % | | | 2.85 | % | | | 2.78 | % | | | 2.78 | % | | | 2.91 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.75 | %) | | | (0.46 | %) | | | (0.51 | %) | | | (0.74 | %) | | | (0.36 | %) | |
** Distribution for annual periods determined in accordance with federal income tax regulations.
(a) Net investment income (loss) allocated based on average shares method.
(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.
(c) 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
52
Calamos Dividend Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.57 | | | $ | 13.44 | | | $ | 17.15 | | | $ | 13.03 | | | $ | 13.36 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.04 | | | | 0.08 | | | | 0.07 | | | | 0.04 | | | | 0.08 | | |
Net realized and unrealized gain (loss) | | | 4.93 | | | | 1.11 | | | | (2.41 | ) | | | 5.23 | | | | 1.12 | | |
Total from investment operations | | | 4.97 | | | | 1.19 | | | | (2.34 | ) | | | 5.27 | | | | 1.20 | | |
Distributions: | |
Dividends from net investment income | | | (0.05 | ) | | | (0.06 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.08 | ) | |
Dividends from net realized gains | | | (0.64 | ) | | | — | | | | (1.34 | ) | | | (1.13 | ) | | | (1.45 | ) | |
Total distributions** | | | (0.69 | ) | | | (0.06 | ) | | | (1.37 | ) | | | (1.15 | ) | | | (1.53 | ) | |
Net asset value, end of year | | $ | 18.85 | | | $ | 14.57 | | | $ | 13.44 | | | $ | 17.15 | | | $ | 13.03 | | |
Ratios and supplemental data: | |
Total return(b) | | | 35.06 | % | | | 8.88 | % | | | (14.76 | %) | | | 42.73 | % | | | 9.46 | % | |
Net assets, end of year (000) | | $ | 10,821 | | | $ | 7,639 | | | $ | 10,195 | | | $ | 10,373 | | | $ | 8,974 | | |
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 | | | 1.74 | % | | | 1.84 | % | | | 1.78 | % | | | 1.80 | % | | | 1.88 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.23 | % | | | 0.56 | % | | | 0.48 | % | | | 0.28 | % | | | 0.67 | % | |
** 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.
www.calamos.com
53
Calamos Select Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 16.77 | | | $ | 15.86 | | | $ | 20.48 | | | $ | 14.93 | | | $ | 14.21 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.02 | )(b) | | | 0.03 | | | | 0.00 | | | | (0.03 | ) | | | 0.07 | | |
Net realized and unrealized gain (loss) | | | 5.99 | | | | 1.29 | | | | (3.12 | ) | | | 6.39 | | | | 0.74 | | |
Total from investment operations | | | 5.97 | | | | 1.32 | | | | (3.12 | ) | | | 6.36 | | | | 0.81 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.09 | ) | |
Dividends from net realized gains | | | (0.76 | ) | | | (0.41 | ) | | | (1.50 | ) | | | (0.81 | ) | | | — | | |
Total distributions** | | | (0.76 | ) | | | (0.41 | ) | | | (1.50 | ) | | | (0.81 | ) | | | (0.09 | ) | |
Net asset value, end of year | | $ | 21.98 | | | $ | 16.77 | | | $ | 15.86 | | | $ | 20.48 | | | $ | 14.93 | | |
Ratios and supplemental data: | |
Total return(c) | | | 36.52 | % | | | 8.60 | % | | | (16.22 | %) | | | 43.93 | % | | | 5.71 | % | |
Net assets, end of year (000) | | $ | 14,301 | | | $ | 11,533 | | | $ | 11,628 | | | $ | 14,211 | | | $ | 10,595 | | |
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 | | | 1.54 | % | | | 1.62 | % | | | 1.57 | % | | | 1.57 | % | | | 1.64 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.09 | %) | | | 0.16 | % | | | 0.00 | % | | | (0.19 | %) | | | 0.49 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 33 | % | | | 55 | % | | | 34 | % | | | 25 | % | | | 136 | % | |
** Distribution for annual periods determined in accordance with federal income tax regulations.
(a) Net investment income (loss) allocated based on average shares method.
(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.
(c) 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
54
Calamos Select Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 13.86 | | | $ | 13.28 | | | $ | 17.52 | | | $ | 12.97 | | | $ | 12.36 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.14 | )(b) | | | (0.08 | ) | | | (0.12 | ) | | | (0.14 | ) | | | (0.01 | ) | |
Net realized and unrealized gain (loss) | | | 4.92 | | | | 1.07 | | | | (2.62 | ) | | | 5.50 | | | | 0.62 | | |
Total from investment operations | | | 4.78 | | | | 0.99 | | | | (2.74 | ) | | | 5.36 | | | | 0.61 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | (0.76 | ) | | | (0.41 | ) | | | (1.50 | ) | | | (0.81 | ) | | | — | | |
Total distributions** | | | (0.76 | ) | | | (0.41 | ) | | | (1.50 | ) | | | (0.81 | ) | | | — | | |
Net asset value, end of year | | $ | 17.88 | | | $ | 13.86 | | | $ | 13.28 | | | $ | 17.52 | | | $ | 12.97 | | |
Ratios and supplemental data: | |
Total return(c) | | | 35.56 | % | | | 7.76 | % | | | (16.85 | %) | | | 42.92 | % | | | 4.85 | % | |
Net assets, end of year (000) | | $ | 347 | | | $ | 120 | | | $ | 170 | | | $ | 887 | | | $ | 1,056 | | |
Ratio of net expenses to average net assets | | | 1.90 | % | | | 1.90 | % | | | 1.91 | % | | | 1.90 | % | | | 1.90 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.29 | % | | | 2.36 | % | | | 2.33 | % | | | 2.33 | % | | | 2.40 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.83 | %) | | | (0.57 | %) | | | (0.77 | %) | | | (0.92 | %) | | | (0.11 | %) | |
** Distribution for annual periods determined in accordance with federal income tax regulations.
(a) Net investment income (loss) allocated based on average shares method.
(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.
(c) 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
55
Calamos Select Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 17.45 | | | $ | 16.45 | | | $ | 21.15 | | | $ | 15.36 | | | $ | 14.62 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.03 | | | | 0.07 | | | | 0.05 | | | | 0.01 | | | | 0.10 | | |
Net realized and unrealized gain (loss) | | | 6.25 | | | | 1.34 | | | | (3.23 | ) | | | 6.59 | | | | 0.76 | | |
Total from investment operations | | | 6.28 | | | | 1.41 | | | | (3.18 | ) | | | 6.60 | | | | 0.86 | | |
Distributions: | |
Dividends from net investment income | | | (0.00 | )* | | | — | | | | (0.02 | ) | | | — | | | | (0.12 | ) | |
Dividends from net realized gains | | | (0.76 | ) | | | (0.41 | ) | | | (1.50 | ) | | | (0.81 | ) | | | — | | |
Total distributions** | | | (0.76 | ) | | | (0.41 | ) | | | (1.52 | ) | | | (0.81 | ) | | | (0.12 | ) | |
Net asset value, end of year | | $ | 22.97 | | | $ | 17.45 | | | $ | 16.45 | | | $ | 21.15 | | | $ | 15.36 | | |
Ratios and supplemental data: | |
Total return(b) | | | 36.92 | % | | | 8.84 | % | | | (16.00 | %) | | | 44.28 | % | | | 5.92 | % | |
Net assets, end of year (000) | | $ | 41,449 | | | $ | 31,663 | | | $ | 30,660 | | | $ | 38,585 | | | $ | 36,075 | | |
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 | | | 1.29 | % | | | 1.37 | % | | | 1.32 | % | | | 1.32 | % | | | 1.39 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.16 | % | | | 0.41 | % | | | 0.25 | % | | | 0.07 | % | | | 0.69 | % | |
* 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
56
Calamos International Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 16.25 | | | $ | 15.43 | | | $ | 28.83 | | | $ | 22.96 | | | $ | 17.97 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.04 | ) | | | 0.05 | | | | 0.21 | | | | 0.05 | | | | (0.04 | ) | |
Net realized and unrealized gain (loss) | | | 5.74 | | | | 0.77 | | | | (9.48 | ) | | | 7.29 | | | | 5.03 | | |
Total from investment operations | | | 5.70 | | | | 0.82 | | | | (9.27 | ) | | | 7.34 | | | | 4.99 | | |
Distributions: | |
Dividends from net investment income | | | (0.01 | ) | | | — | | | | (0.00 | )* | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | (4.13 | ) | | | (1.47 | ) | | | — | | |
Total distributions** | | | (0.01 | ) | | | — | | | | (4.13 | ) | | | (1.47 | ) | | | — | | |
Net asset value, end of year | | $ | 21.94 | | | $ | 16.25 | | | $ | 15.43 | | | $ | 28.83 | | | $ | 22.96 | | |
Ratios and supplemental data: | |
Total return(b) | | | 35.07 | % | | | 5.31 | % | | | (36.67 | %) | | | 32.76 | % | | | 27.82 | % | |
Net assets, end of year (000) | | $ | 50,314 | | | $ | 41,631 | | | $ | 46,993 | | | $ | 79,503 | | | $ | 60,527 | | |
Ratio of net expenses to average net assets | | | 1.20 | % | | | 1.16 | % | | | 1.10 | % | | | 1.10 | % | | | 1.10 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.40 | % | | | 1.49 | % | | | 1.64 | % | | | 1.56 | % | | | 1.52 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.21 | %) | | | 0.27 | % | | | 1.04 | % | | | 0.19 | % | | | (0.20 | %) | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 127 | % | | | 131 | % | | | 129 | % | | | 99 | % | | | 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.
www.calamos.com
57
Calamos International Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 13.44 | | | $ | 12.86 | | | $ | 24.94 | | | $ | 20.17 | | | $ | 15.91 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.17 | ) | | | (0.07 | ) | | | 0.05 | | | | (0.16 | ) | | | (0.16 | ) | |
Net realized and unrealized gain (loss) | | | 4.75 | | | | 0.65 | | | | (8.00 | ) | | | 6.40 | | | | 4.42 | | |
Total from investment operations | | | 4.58 | | | | 0.58 | | | | (7.95 | ) | | | 6.24 | | | | 4.26 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | (4.13 | ) | | | (1.47 | ) | | | — | | |
Total distributions** | | | — | | | | — | | | | (4.13 | ) | | | (1.47 | ) | | | — | | |
Net asset value, end of year | | $ | 18.02 | | | $ | 13.44 | | | $ | 12.86 | | | $ | 24.94 | | | $ | 20.17 | | |
Ratios and supplemental data: | |
Total return(b) | | | 34.15 | % | | | 4.51 | % | | | (37.18 | %) | | | 31.79 | % | | | 26.84 | % | |
Net assets, end of year (000) | | $ | 1,452 | | | $ | 1,339 | | | $ | 1,989 | | | $ | 3,953 | | | $ | 6,344 | | |
Ratio of net expenses to average net assets | | | 1.95 | % | | | 1.91 | % | | | 1.85 | % | | | 1.85 | % | | | 1.85 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.15 | % | | | 2.24 | % | | | 2.39 | % | | | 2.31 | % | | | 2.27 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.97 | %) | | | (0.48 | %) | | | 0.27 | % | | | (0.69 | %) | | | (0.95 | %) | |
** 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
58
Calamos International Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 17.00 | | | $ | 16.10 | | | $ | 29.92 | | | $ | 23.73 | | | $ | 18.53 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.01 | (b) | | | 0.09 | | | | 0.27 | | | | 0.12 | | | | 0.01 | | |
Net realized and unrealized gain (loss) | | | 6.00 | | | | 0.81 | | | | (9.88 | ) | | | 7.54 | | | | 5.19 | | |
Total from investment operations | | | 6.01 | | | | 0.90 | | | | (9.61 | ) | | | 7.66 | | | | 5.20 | | |
Distributions: | |
Dividends from net investment income | | | (0.05 | ) | | | — | | | | (0.08 | ) | | | (0.00 | )* | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | (4.13 | ) | | | (1.47 | ) | | | — | | |
Total distributions** | | | (0.05 | ) | | | — | | | | (4.21 | ) | | | (1.47 | ) | | | — | | |
Net asset value, end of year | | $ | 22.96 | | | $ | 17.00 | | | $ | 16.10 | | | $ | 29.92 | | | $ | 23.73 | | |
Ratios and supplemental data: | |
Total return(c) | | | 35.44 | % | | | 5.59 | % | | | (36.54 | %) | | | 33.13 | % | | | 28.06 | % | |
Net assets, end of year (000) | | $ | 184,336 | | | $ | 141,782 | | | $ | 120,520 | | | $ | 216,723 | | | $ | 156,321 | | |
Ratio of net expenses to average net assets | | | 0.95 | % | | | 0.91 | % | | | 0.85 | % | | | 0.85 | % | | | 0.85 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.15 | % | | | 1.24 | % | | | 1.39 | % | | | 1.31 | % | | | 1.28 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.03 | % | | | 0.52 | % | | | 1.28 | % | | | 0.43 | % | | | 0.05 | % | |
* 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) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.
(c) 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
59
Calamos International Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS R6 | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 17.21 | | | $ | 16.28 | | | $ | 30.20 | | | $ | 23.93 | | | $ | 18.67 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.03 | (b) | | | 0.11 | | | | 0.31 | | | | 0.15 | | | | 0.05 | | |
Net realized and unrealized gain (loss) | | | 6.07 | | | | 0.82 | | | | (10.00 | ) | | | 7.61 | | | | 5.21 | | |
Total from investment operations | | | 6.10 | | | | 0.93 | | | | (9.69 | ) | | | 7.76 | | | | 5.26 | | |
Distributions: | |
Dividends from net investment income | | | (0.07 | ) | | | — | | | | (0.10 | ) | | | (0.02 | ) | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | (4.13 | ) | | | (1.47 | ) | | | — | | |
Total distributions** | | | (0.07 | ) | | | — | | | | (4.23 | ) | | | (1.49 | ) | | | — | | |
Net asset value, end of year | | $ | 23.24 | | | $ | 17.21 | | | $ | 16.28 | | | $ | 30.20 | | | $ | 23.93 | | |
Ratios and supplemental data: | |
Total return(c) | | | 35.55 | % | | | 5.71 | % | | | (36.47 | %) | | | 33.24 | % | | | 28.23 | % | |
Net assets, end of year (000) | | $ | 6,378 | | | $ | 4,829 | | | $ | 4,332 | | | $ | 1,921 | | | $ | 1,012 | | |
Ratio of net expenses to average net assets | | | 0.86 | % | | | 0.81 | % | | | 0.75 | % | | | 0.77 | % | | | 0.76 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.06 | % | | | 1.13 | % | | | 1.28 | % | | | 1.22 | % | | | 1.17 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.14 | % | | | 0.61 | % | | | 1.59 | % | | | 0.51 | % | | | 0.24 | % | |
** Distribution for annual periods determined in accordance with federal income tax regulations.
(a) Net investment income (loss) allocated based on average shares method.
(b) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.
(c) 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
60
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 14.87 | | | $ | 14.51 | | | $ | 22.25 | | | $ | 19.60 | | | $ | 14.12 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.06 | ) | | | 0.01 | | | | 0.12 | | | | (0.05 | ) | | | (0.07 | ) | |
Net realized and unrealized gain (loss) | | | 4.85 | | | | 0.46 | | | | (7.79 | ) | | | 3.15 | | | | 5.66 | | |
Total from investment operations | | | 4.79 | | | | 0.47 | | | | (7.67 | ) | | | 3.10 | | | | 5.59 | | |
Distributions: | |
Dividends from net investment income | | | (0.05 | ) | | | (0.11 | ) | | | (0.07 | ) | | | — | | | | (0.11 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (0.45 | ) | | | — | | |
Total distributions** | | | (0.05 | ) | | | (0.11 | ) | | | (0.07 | ) | | | (0.45 | ) | | | (0.11 | ) | |
Net asset value, end of year | | $ | 19.61 | | | $ | 14.87 | | | $ | 14.51 | | | $ | 22.25 | | | $ | 19.60 | | |
Ratios and supplemental data: | |
Total return(b) | | | 32.27 | % | | | 3.19 | % | | | (34.55 | %) | | | 15.87 | % | | | 39.81 | % | |
Net assets, end of year (000) | | $ | 42,336 | | | $ | 36,830 | | | $ | 36,890 | | | $ | 54,731 | | | $ | 31,015 | | |
Ratio of net expenses to average net assets | | | 1.30 | % | | | 1.29 | % | | | 1.30 | % | | | 1.30 | % | | | 1.56 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.65 | % | | | 1.63 | % | | | 1.63 | % | | | 1.60 | % | | | 1.64 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.36 | %) | | | 0.09 | % | | | 0.67 | % | | | (0.21 | %) | | | (0.47 | %) | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 140 | % | | | 137 | % | | | 132 | % | | | 140 | % | | | 125 | % | |
** 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
61
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 13.67 | | | $ | 13.34 | | | $ | 20.55 | | | $ | 18.26 | | | $ | 13.16 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.18 | ) | | | (0.09 | ) | | | (0.03 | ) | | | (0.22 | ) | | | (0.18 | ) | |
Net realized and unrealized gain (loss) | | | 4.45 | | | | 0.42 | | | | (7.18 | ) | | | 2.96 | | | | 5.28 | | |
Total from investment operations | | | 4.27 | | | | 0.33 | | | | (7.21 | ) | | | 2.74 | | | | 5.10 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (0.45 | ) | | | — | | |
Total distributions** | | | — | | | | — | | | | — | | | | (0.45 | ) | | | — | | |
Net asset value, end of year | | $ | 17.94 | | | $ | 13.67 | | | $ | 13.34 | | | $ | 20.55 | | | $ | 18.26 | | |
Ratios and supplemental data: | |
Total return(b) | | | 31.24 | % | | | 2.40 | % | | | (35.04 | %) | | | 15.05 | % | | | 38.75 | % | |
Net assets, end of year (000) | | $ | 3,709 | | | $ | 3,930 | | | $ | 6,153 | | | $ | 16,050 | | | $ | 13,183 | | |
Ratio of net expenses to average net assets | | | 2.05 | % | | | 2.04 | % | | | 2.05 | % | | | 2.05 | % | | | 2.32 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.40 | % | | | 2.38 | % | | | 2.39 | % | | | 2.34 | % | | | 2.39 | % | |
Ratio of net investment income (loss) to average net assets | | | (1.11 | %) | | | (0.63 | %) | | | (0.16 | %) | | | (1.04 | %) | | | (1.23 | %) | |
** 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
62
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 15.03 | | | $ | 14.67 | | | $ | 22.51 | | | $ | 19.78 | | | $ | 14.26 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.02 | ) | | | 0.06 | | | | 0.17 | | | | 0.01 | | | | (0.03 | ) | |
Net realized and unrealized gain (loss) | | | 4.90 | | | | 0.45 | | | | (7.87 | ) | | | 3.18 | | | | 5.71 | | |
Total from investment operations | | | 4.88 | | | | 0.51 | | | | (7.70 | ) | | | 3.19 | | | | 5.68 | | |
Distributions: | |
Dividends from net investment income | | | (0.09 | ) | | | (0.15 | ) | | | (0.14 | ) | | | (0.01 | ) | | | (0.16 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (0.45 | ) | | | — | | |
Total distributions** | | | (0.09 | ) | | | (0.15 | ) | | | (0.14 | ) | | | (0.46 | ) | | | (0.16 | ) | |
Net asset value, end of year | | $ | 19.82 | | | $ | 15.03 | | | $ | 14.67 | | | $ | 22.51 | | | $ | 19.78 | | |
Ratios and supplemental data: | |
Total return(b) | | | 32.59 | % | | | 3.44 | % | | | (34.39 | %) | | | 16.17 | % | | | 40.16 | % | |
Net assets, end of year (000) | | $ | 350,597 | | | $ | 320,622 | | | $ | 315,858 | | | $ | 509,216 | | | $ | 193,243 | | |
Ratio of net expenses to average net assets | | | 1.05 | % | | | 1.04 | % | | | 1.05 | % | | | 1.05 | % | | | 1.30 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.40 | % | | | 1.38 | % | | | 1.38 | % | | | 1.35 | % | | | 1.39 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.11 | %) | | | 0.35 | % | | | 0.90 | % | | | 0.04 | % | | | (0.22 | %) | |
** 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
63
Calamos Global Equity Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 12.08 | | | $ | 11.50 | | | $ | 18.40 | | | $ | 14.05 | | | $ | 11.64 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.08 | ) | | | 0.01 | | | | 0.02 | | | | (0.08 | ) | | | (0.07 | ) | |
Net realized and unrealized gain (loss) | | | 5.58 | | | | 1.07 | | | | (4.94 | ) | | | 5.49 | | | | 3.37 | | |
Total from investment operations | | | 5.50 | | | | 1.08 | | | | (4.92 | ) | | | 5.41 | | | | 3.30 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | (0.50 | ) | | | (1.98 | ) | | | (1.06 | ) | | | (0.89 | ) | |
Total distributions** | | | — | | | | (0.50 | ) | | | (1.98 | ) | | | (1.06 | ) | | | (0.89 | ) | |
Net asset value, end of year | | $ | 17.58 | | | $ | 12.08 | | | $ | 11.50 | | | $ | 18.40 | | | $ | 14.05 | | |
Ratios and supplemental data: | |
Total return(b) | | | 45.53 | % | | | 9.68 | % | | | (29.36 | %) | | | 39.89 | % | | | 30.07 | % | |
Net assets, end of year (000) | | $ | 28,482 | | | $ | 20,462 | | | $ | 21,143 | | | $ | 32,511 | | | $ | 21,814 | | |
Ratio of net expenses to average net assets | | | 1.39 | % | | | 1.41 | % | | | 1.40 | % | | | 1.40 | % | | | 1.40 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.42 | % | | | 1.52 | % | | | 1.61 | % | | | 1.58 | % | | | 1.65 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.49 | %) | | | 0.04 | % | | | 0.17 | % | | | (0.48 | %) | | | (0.59 | %) | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 78 | % | | | 90 | % | | | 77 | % | | | 72 | % | | | 71 | % | |
** 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
64
Calamos Global Equity Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 9.64 | | | $ | 9.35 | | | $ | 15.45 | | | $ | 12.03 | | | $ | 10.15 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.16 | ) | | | (0.07 | ) | | | (0.07 | ) | | | (0.18 | ) | | | (0.14 | ) | |
Net realized and unrealized gain (loss) | | | 4.45 | | | | 0.86 | | | | (4.05 | ) | | | 4.66 | | | | 2.91 | | |
Total from investment operations | | | 4.29 | | | | 0.79 | | | | (4.12 | ) | | | 4.48 | | | | 2.77 | | |
Distributions: | |
Dividends from net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | (0.50 | ) | | | (1.98 | ) | | | (1.06 | ) | | | (0.89 | ) | |
Total distributions** | | | — | | | | (0.50 | ) | | | (1.98 | ) | | | (1.06 | ) | | | (0.89 | ) | |
Net asset value, end of year | | $ | 13.93 | | | $ | 9.64 | | | $ | 9.35 | | | $ | 15.45 | | | $ | 12.03 | | |
Ratios and supplemental data: | |
Total return(b) | | | 44.35 | % | | | 8.99 | % | | | (29.96 | %) | | | 38.88 | % | | | 29.19 | % | |
Net assets, end of year (000) | | $ | 1,268 | | | $ | 611 | | | $ | 726 | | | $ | 1,492 | | | $ | 4,635 | | |
Ratio of net expenses to average net assets | | | 2.14 | % | | | 2.16 | % | | | 2.15 | % | | | 2.15 | % | | | 2.15 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.18 | % | | | 2.28 | % | | | 2.37 | % | | | 2.33 | % | | | 2.40 | % | |
Ratio of net investment income (loss) to average net assets | | | (1.25 | %) | | | (0.71 | %) | | | (0.59 | %) | | | (1.32 | %) | | | (1.31 | %) | |
** 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
65
Calamos Global Equity Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 12.75 | | | $ | 12.10 | | | $ | 19.20 | | | $ | 14.59 | | | $ | 12.02 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.04 | ) | | | 0.04 | | | | 0.05 | | | | (0.04 | ) | | | (0.04 | ) | |
Net realized and unrealized gain (loss) | | | 5.87 | | | | 1.13 | | | | (5.17 | ) | | | 5.71 | | | | 3.50 | | |
Total from investment operations | | | 5.83 | | | | 1.17 | | | | (5.12 | ) | | | 5.67 | | | | 3.46 | | |
Distributions: | |
Dividends from net investment income | | | (0.01 | ) | | | (0.02 | ) | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | (0.50 | ) | | | (1.98 | ) | | | (1.06 | ) | | | (0.89 | ) | |
Total distributions** | | | (0.01 | ) | | | (0.52 | ) | | | (1.98 | ) | | | (1.06 | ) | | | (0.89 | ) | |
Net asset value, end of year | | $ | 18.57 | | | $ | 12.75 | | | $ | 12.10 | | | $ | 19.20 | | | $ | 14.59 | | |
Ratios and supplemental data: | |
Total return(b) | | | 45.79 | % | | | 9.98 | % | | | (29.20 | %) | | | 40.29 | % | | | 30.46 | % | |
Net assets, end of year (000) | | $ | 103,751 | | | $ | 66,181 | | | $ | 51,538 | | | $ | 103,256 | | | $ | 65,062 | | |
Ratio of net expenses to average net assets | | | 1.14 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | | | 1.15 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.17 | % | | | 1.25 | % | | | 1.36 | % | | | 1.33 | % | | | 1.40 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.25 | %) | | | 0.28 | % | | | 0.37 | % | | | (0.23 | %) | | | (0.34 | %) | |
** Distribution for annual periods determined in accordance with federal income tax regulations.
(a) Net investment income (loss) calculated 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
66
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of period | | $ | 12.76 | | | $ | 12.11 | | | $ | 19.21 | | | $ | 14.59 | | | $ | 13.19 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.03 | ) | | | 0.05 | | | | (0.02 | ) | | | (0.03 | ) | | | (0.02 | ) | |
Net realized and unrealized gain (loss) | | | 5.88 | | | | 1.13 | | | | (5.10 | ) | | | 5.71 | | | | 1.42 | | |
Total from investment operations | | | 5.85 | | | | 1.18 | | | | (5.12 | ) | | | 5.68 | | | | 1.40 | | |
Distributions: | |
Dividends from net investment income | | | (0.02 | ) | | | (0.03 | ) | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | (0.50 | ) | | | (1.98 | ) | | | (1.06 | ) | | | — | | |
Total distributions** | | | (0.02 | ) | | | (0.53 | ) | | | (1.98 | ) | | | (1.06 | ) | | | — | | |
Net asset value, end of period | | $ | 18.59 | | | $ | 12.76 | | | $ | 12.11 | | | $ | 19.21 | | | $ | 14.59 | | |
Ratios and supplemental data: | |
Total return(b) | | | 45.88 | % | | | 10.04 | % | | | (29.18 | %) | | | 40.36 | % | | | 10.61 | % | |
Net assets, end of year (000) | | $ | 79 | | | $ | 93 | | | $ | 11 | | | $ | 168 | | | $ | 120 | | |
Ratio of net expenses to average net assets | | | 1.07 | % | | | 1.06 | % | | | 1.12 | % | | | 1.09 | % | | | 1.09 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.11 | % | | | 1.14 | % | | | 1.35 | % | | | 1.27 | % | | | 1.36 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | (0.16 | %) | | | 0.35 | % | | | (0.12 | %) | | | (0.18 | %) | | | (0.45 | %)(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
67
Calamos Global Opportunities Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 9.57 | | | $ | 9.15 | | | $ | 12.72 | | | $ | 10.02 | | | $ | 8.51 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.02 | ) | | | 0.00 | | | | (0.03 | ) | | | (0.04 | ) | | | 0.07 | | |
Net realized and unrealized gain (loss) | | | 3.50 | | | | 0.46 | | | | (2.88 | ) | | | 3.42 | | | | 1.55 | | |
Total from investment operations | | | 3.48 | | | | 0.46 | | | | (2.91 | ) | | | 3.38 | | | | 1.62 | | |
Distributions: | |
Dividends from net investment income | | | (0.05 | ) | | | (0.04 | ) | | | — | | | | (0.05 | ) | | | (0.02 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | (0.66 | ) | | | (0.63 | ) | | | (0.09 | ) | |
Total distributions** | | | (0.05 | ) | | | (0.04 | ) | | | (0.66 | ) | | | (0.68 | ) | | | (0.11 | ) | |
Net asset value, end of year | | $ | 13.00 | | | $ | 9.57 | | | $ | 9.15 | | | $ | 12.72 | | | $ | 10.02 | | |
Ratios and supplemental data: | |
Total return(b) | | | 36.38 | % | | | 4.97 | % | | | (23.93 | %) | | | 34.84 | % | | | 19.09 | % | |
Net assets, end of year (000) | | $ | 98,640 | | | $ | 81,821 | | | $ | 86,403 | | | $ | 119,261 | | | $ | 88,618 | | |
Ratio of net expenses to average net assets | | | 1.22 | % | | | 1.22 | % | | | 1.22 | % | | | 1.31 | % | | | 1.53 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.45 | % | | | 1.49 | % | | | 1.46 | % | | | 1.45 | % | | | 1.53 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.17 | %) | | | (0.05 | %) | | | (0.28 | %) | | | (0.33 | %) | | | 0.78 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 87 | % | | | 81 | % | | | 92 | % | | | 82 | % | | | 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.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
68
Calamos Global Opportunities Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 8.05 | | | $ | 7.73 | | | $ | 10.92 | | | $ | 8.71 | | | $ | 7.45 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.09 | ) | | | (0.07 | ) | | | (0.09 | ) | | | (0.11 | ) | | | 0.00 | | |
Net realized and unrealized gain (loss) | | | 2.92 | | | | 0.40 | | | | (2.44 | ) | | | 2.95 | | | | 1.35 | | |
Total from investment operations | | | 2.83 | | | | 0.33 | | | | (2.53 | ) | | | 2.84 | | | | 1.35 | | |
Distributions: | |
Dividends from net investment income | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | — | | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | (0.66 | ) | | | (0.63 | ) | | | (0.09 | ) | |
Total distributions** | | | (0.01 | ) | | | (0.01 | ) | | | (0.66 | ) | | | (0.63 | ) | | | (0.09 | ) | |
Net asset value, end of year | | $ | 10.87 | | | $ | 8.05 | | | $ | 7.73 | | | $ | 10.92 | | | $ | 8.71 | | |
Ratios and supplemental data: | |
Total return(b) | | | 35.25 | % | | | 4.22 | % | | | (24.43 | %) | | | 33.77 | % | | | 18.22 | % | |
Net assets, end of year (000) | | $ | 12,173 | | | $ | 7,317 | | | $ | 7,528 | | | $ | 10,032 | | | $ | 8,946 | | |
Ratio of net expenses to average net assets | | | 1.97 | % | | | 1.97 | % | | | 1.97 | % | | | 2.07 | % | | | 2.28 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 2.20 | % | | | 2.24 | % | | | 2.21 | % | | | 2.20 | % | | | 2.28 | % | |
Ratio of net investment income (loss) to average net assets | | | (0.92 | %) | | | (0.80 | %) | | | (1.03 | %) | | | (1.09 | %) | | | 0.01 | % | |
** 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.
www.calamos.com
69
Calamos Global Opportunities Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 9.98 | | | $ | 9.53 | | | $ | 13.18 | | | $ | 10.36 | | | $ | 8.79 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.01 | (b) | | | 0.02 | | | | (0.02 | ) | | | (0.01 | ) | | | 0.09 | | |
Net realized and unrealized gain (loss) | | | 3.64 | | | | 0.48 | | | | (2.96 | ) | | | 3.54 | | | | 1.60 | | |
Total from investment operations | | | 3.65 | | | | 0.50 | | | | (2.98 | ) | | | 3.53 | | | | 1.69 | | |
Distributions: | |
Dividends from net investment income | | | (0.08 | ) | | | (0.05 | ) | | | (0.01 | ) | | | (0.08 | ) | | | (0.03 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | (0.66 | ) | | | (0.63 | ) | | | (0.09 | ) | |
Total distributions** | | | (0.08 | ) | | | (0.05 | ) | | | (0.67 | ) | | | (0.71 | ) | | | (0.12 | ) | |
Net asset value, end of year | | $ | 13.55 | | | $ | 9.98 | | | $ | 9.53 | | | $ | 13.18 | | | $ | 10.36 | | |
Ratios and supplemental data: | |
Total return(c) | | | 36.70 | % | | | 5.21 | % | | | (23.66 | %) | | | 35.16 | % | | | 19.33 | % | |
Net assets, end of year (000) | | $ | 168,589 | | | $ | 107,198 | | | $ | 117,790 | | | $ | 152,596 | | | $ | 65,909 | | |
Ratio of net expenses to average net assets | | | 0.97 | % | | | 0.97 | % | | | 0.97 | % | | | 1.04 | % | | | 1.28 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 1.20 | % | | | 1.24 | % | | | 1.21 | % | | | 1.20 | % | | | 1.28 | % | |
Ratio of net investment income (loss) to average net assets | | | 0.08 | % | | | 0.20 | % | | | (0.14 | %) | | | (0.09 | %) | | | 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) The amount shown for a share outstanding throughout the period may not correlate with the net investment income on the Statement of Operations for the period due to class specific expenses.
(c) 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
70
Calamos International Small Cap Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS A | |
| | | Year Ended October 31, | | March 31, 2022•
through
October 31, | |
| | | 2024 | | 2023 | | 2022 | |
Net asset value, beginning of year | | $ | 7.54 | | | $ | 7.65 | | | $ | 10.00 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.05 | ) | | | 0.00 | * | | | 0.05 | | |
Net realized and unrealized gain (loss) | | | 2.46 | | | | (0.06 | ) | | | (2.40 | ) | |
Total from investment operations | | | 2.41 | | | | (0.06 | ) | | | (2.35 | ) | |
Distributions: | |
Dividends from net investment income | | | — | | | | (0.05 | ) | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | — | | |
Total distributions** | | | — | | | | (0.05 | ) | | | — | | |
Net asset value, end of year | | $ | 9.95 | | | $ | 7.54 | | | $ | 7.65 | | |
Ratios and supplemental data: | |
Total return(b) | | | 31.96 | % | | | (0.87 | %) | | | (23.50 | %) | |
Net assets, end of year (000) | | $ | 433 | | | $ | 20 | | | $ | 13 | | |
Ratio of net expenses to average net assets | | | 1.35 | % | | | 1.35 | % | | | 2.66 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 4.96 | % | | | 9.06 | % | | | 11.03 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | (0.46 | %) | | | (0.04 | %) | | | (9.66 | %)(c) | |
| | | Year Ended October 31, | | March 31, 2022•
through
October 31, | |
| | | 2024 | | 2023 | | 2022 | |
Portfolio turnover rate | | | 117 | % | | | 126 | % | | | 64 | %(d) | |
* Amounts are less than $0.005.
• 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.
www.calamos.com
71
Calamos International Small Cap Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS C | |
| | | Year Ended October 31, | | March 31, 2022•
through
October 31, | |
| | | 2024 | | 2023 | | 2022 | |
Net asset value, beginning of year | | $ | 7.46 | | | $ | 7.62 | | | $ | 10.00 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.12 | ) | | | (0.07 | ) | | | 0.01 | | |
Net realized and unrealized gain (loss) | | | 2.42 | | | | (0.05 | ) | | | (2.39 | ) | |
Total from investment operations | | | 2.30 | | | | (0.12 | ) | | | (2.38 | ) | |
Distributions: | |
Dividends from net investment income | | | — | | | | (0.04 | ) | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | — | | |
Total distributions** | | | — | | | | (0.04 | ) | | | — | | |
Net asset value, end of year | | $ | 9.76 | | | $ | 7.46 | | | $ | 7.62 | | |
Ratios and supplemental data: | |
Total return(b) | | | 30.83 | % | | | (1.62 | %) | | | (23.80 | %) | |
Net assets, end of year (000) | | $ | 10 | | | $ | 7 | | | $ | 8 | | |
Ratio of net expenses to average net assets | | | 2.10 | % | | | 2.09 | % | | | 2.67 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 5.71 | % | | | 9.79 | % | | | 11.03 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | (1.22 | %) | | | (0.92 | %) | | | (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
72
Calamos International Small Cap Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS I | |
| | | Year Ended October 31, | | March 31, 2022•
through
October 31, | |
| | | 2024 | | 2023 | | 2022 | |
Net asset value, beginning of year | | $ | 7.56 | | | $ | 7.66 | | | $ | 10.00 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.02 | ) | | | 0.01 | | | | 0.06 | | |
Net realized and unrealized gain (loss) | | | 2.47 | | | | (0.05 | ) | | | (2.40 | ) | |
Total from investment operations | | | 2.45 | | | | (0.04 | ) | | | (2.34 | ) | |
Distributions: | |
Dividends from net investment income | | | — | | | | (0.06 | ) | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | — | | |
Total distributions** | | | — | | | | (0.06 | ) | | | — | | |
Net asset value, end of year | | $ | 10.01 | | | $ | 7.56 | | | $ | 7.66 | | |
Ratios and supplemental data: | |
Total return(b) | | | 32.10 | % | | | (0.48 | %) | | | (23.40 | %) | |
Net assets, end of year (000) | | $ | 5,267 | | | $ | 2,327 | | | $ | 1,740 | | |
Ratio of net expenses to average net assets | | | 1.10 | % | | | 1.10 | % | | | 2.67 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 4.71 | % | | | 8.80 | % | | | 11.03 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | (0.20 | %) | | | 0.17 | % | | | (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
73
Calamos International Small Cap Growth Fund Financial Highlights
Selected data for a share outstanding throughout each year were as follows:
| | | CLASS R6 | |
| | | Year Ended October 31, | | March 31, 2022•
through
October 31, | |
| | | 2024 | | 2023 | | 2022 | |
Net asset value, beginning of year | | $ | 7.56 | | | $ | 7.66 | | | $ | 10.00 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | (0.02 | ) | | | 0.01 | | | | 0.06 | | |
Net realized and unrealized gain (loss) | | | 2.47 | | | | (0.05 | ) | | | (2.40 | ) | |
Total from investment operations | | | 2.45 | | | | (0.04 | ) | | | (2.34 | ) | |
Distributions: | |
Dividends from net investment income | | | — | | | | (0.06 | ) | | | — | | |
Dividends from net realized gains | | | — | | | | — | | | | — | | |
Total distributions** | | | — | | | | (0.06 | ) | | | — | | |
Net asset value, end of year | | $ | 10.01 | | | $ | 7.56 | | | $ | 7.66 | | |
Ratios and supplemental data: | |
Total return(b) | | | 32.10 | % | | | (0.48 | %) | | | (23.40 | %) | |
Net assets, end of year (000) | | $ | 10 | | | $ | 8 | | | $ | 8 | | |
Ratio of net expenses to average net assets | | | 1.08 | % | | | 1.07 | % | | | 2.67 | %(c) | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 4.71 | % | | | 8.78 | % | | | 11.03 | %(c) | |
Ratio of net investment income (loss) to average net assets | | | (0.19 | %) | | | 0.19 | % | | | (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
74
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 8.38 | | | $ | 8.67 | | | $ | 10.61 | | | $ | 10.85 | | | $ | 10.53 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.32 | | | | 0.30 | | | | 0.24 | | | | 0.19 | | | | 0.21 | | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | (0.27 | ) | | | (1.81 | ) | | | (0.19 | ) | | | 0.33 | | |
Total from investment operations | | | 0.92 | | | | 0.03 | | | | (1.57 | ) | | | — | | | | 0.54 | | |
Distributions: | |
Dividends from net investment income | | | (0.34 | ) | | | (0.32 | ) | | | (0.24 | ) | | | (0.23 | ) | | | (0.22 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | (0.13 | ) | | | (0.01 | ) | | | — | | |
Total distributions** | | | (0.34 | ) | | | (0.32 | ) | | | (0.37 | ) | | | (0.24 | ) | | | (0.22 | ) | |
Net asset value, end of year | | $ | 8.96 | | | $ | 8.38 | | | $ | 8.67 | | | $ | 10.61 | | | $ | 10.85 | | |
Ratios and supplemental data: | |
Total return(b) | | | 11.03 | % | | | 0.18 | % | | | (15.13 | %) | | | 0.01 | % | | | 5.18 | % | |
Net assets, end of year (000) | | $ | 11,500 | | | $ | 11,764 | | | $ | 14,662 | | | $ | 22,394 | | | $ | 24,376 | | |
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 | | | 1.21 | % | | | 1.24 | % | | | 1.15 | % | | | 1.01 | % | | | 1.03 | % | |
Ratio of net investment income (loss) to average net assets | | | 3.54 | % | | | 3.36 | % | | | 2.48 | % | | | 1.77 | % | | | 2.00 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 66 | % | | | 41 | % | | | 28 | % | | | 51 | % | | | 61 | % | |
** 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
75
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 8.38 | | | $ | 8.67 | | | $ | 10.61 | | | $ | 10.85 | | | $ | 10.53 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.25 | | | | 0.23 | | | | 0.17 | | | | 0.11 | | | | 0.14 | | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | (0.27 | ) | | | (1.81 | ) | | | (0.19 | ) | | | 0.32 | | |
Total from investment operations | | | 0.85 | | | | (0.04 | ) | | | (1.64 | ) | | | (0.08 | ) | | | 0.46 | | |
Distributions: | |
Dividends from net investment income | | | (0.27 | ) | | | (0.25 | ) | | | (0.17 | ) | | | (0.15 | ) | | | (0.14 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | (0.13 | ) | | | (0.01 | ) | | | — | | |
Total distributions** | | | (0.27 | ) | | | (0.25 | ) | | | (0.30 | ) | | | (0.16 | ) | | | (0.14 | ) | |
Net asset value, end of year | | $ | 8.96 | | | $ | 8.38 | | | $ | 8.67 | | | $ | 10.61 | | | $ | 10.85 | | |
Ratios and supplemental data: | |
Total return(b) | | | 10.21 | % | | | (0.57 | %) | | | (15.76 | %) | | | (0.74 | %) | | | 4.40 | % | |
Net assets, end of year (000) | | $ | 200 | | | $ | 323 | | | $ | 549 | | | $ | 800 | | | $ | 1,777 | | |
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 | | | 1.95 | % | | | 1.99 | % | | | 1.90 | % | | | 1.76 | % | | | 1.77 | % | |
Ratio of net investment income (loss) to average net assets | | | 2.80 | % | | | 2.60 | % | | | 1.72 | % | | | 1.02 | % | | | 1.28 | % | |
** 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
76
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 8.39 | | | $ | 8.68 | | | $ | 10.61 | | | $ | 10.85 | | | $ | 10.54 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.33 | | | | 0.32 | | | | 0.26 | | | | 0.22 | | | | 0.24 | | |
Net realized and unrealized gain (loss) | | | 0.61 | | | | (0.27 | ) | | | (1.79 | ) | | | (0.20 | ) | | | 0.32 | | |
Total from investment operations | | | 0.94 | | | | 0.05 | | | | (1.53 | ) | | | 0.02 | | | | 0.56 | | |
Distributions: | |
Dividends from net investment income | | | (0.36 | ) | | | (0.34 | ) | | | (0.27 | ) | | | (0.25 | ) | | | (0.25 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | (0.13 | ) | | | (0.01 | ) | | | — | | |
Total distributions** | | | (0.36 | ) | | | (0.34 | ) | | | (0.40 | ) | | | (0.26 | ) | | | (0.25 | ) | |
Net asset value, end of year | | $ | 8.97 | | | $ | 8.39 | | | $ | 8.68 | | | $ | 10.61 | | | $ | 10.85 | | |
Ratios and supplemental data: | |
Total return(b) | | | 11.17 | % | | | 0.55 | % | | | (14.92 | %) | | | 0.17 | % | | | 5.34 | % | |
Net assets, end of year (000) | | $ | 18,530 | | | $ | 19,236 | | | $ | 18,622 | | | $ | 43,979 | | | $ | 60,602 | | |
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 | | | 0.92 | % | | | 0.99 | % | | | 0.88 | % | | | 0.76 | % | | | 0.77 | % | |
Ratio of net investment income (loss) to average net assets | | | 3.76 | % | | | 3.61 | % | | | 2.65 | % | | | 2.02 | % | | | 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.
www.calamos.com
77
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 7.22 | | | $ | 7.30 | | | $ | 8.58 | | | $ | 7.96 | | | $ | 8.34 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.48 | | | | 0.45 | | | | 0.37 | | | | 0.35 | | | | 0.43 | | |
Net realized and unrealized gain (loss) | | | 0.59 | | | | (0.07 | ) | | | (1.27 | ) | | | 0.66 | | | | (0.35 | ) | |
Total from investment operations | | | 1.07 | | | | 0.38 | | | | (0.90 | ) | | | 1.01 | | | | 0.08 | | |
Distributions: | |
Dividends from net investment income | | | (0.49 | ) | | | (0.46 | ) | | | (0.38 | ) | | | (0.27 | ) | | | (0.46 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | |
Return of capital | | | — | | | | — | | | | — | | | | (0.12 | ) | | | — | | |
Total distributions** | | | (0.49 | ) | | | (0.46 | ) | | | (0.38 | ) | | | (0.39 | ) | | | (0.46 | ) | |
Net asset value, end of year | | $ | 7.80 | | | $ | 7.22 | | | $ | 7.30 | | | $ | 8.58 | | | $ | 7.96 | | |
Ratios and supplemental data: | |
Total return(b) | | | 15.18 | % | | | 5.22 | % | | | (10.67 | %) | | | 12.88 | % | | | 1.13 | % | |
Net assets, end of year (000) | | $ | 27,554 | | | $ | 25,252 | | | $ | 26,775 | | | $ | 34,550 | | | $ | 30,580 | | |
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 | | | 1.37 | % | | | 1.43 | % | | | 1.40 | % | | | 1.33 | % | | | 1.37 | % | |
Ratio of net investment income (loss) to average net assets | | | 6.27 | % | | | 6.12 | % | | | 4.71 | % | | | 4.10 | % | | | 5.34 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 42 | % | | | 25 | % | | | 30 | % | | | 49 | % | | | 52 | % | |
** 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
78
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 7.74 | | | $ | 7.80 | | | $ | 9.14 | | | $ | 8.45 | | | $ | 8.82 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.45 | | | | 0.43 | | | | 0.33 | | | | 0.31 | | | | 0.40 | | |
Net realized and unrealized gain (loss) | | | 0.65 | | | | (0.09 | ) | | | (1.35 | ) | | | 0.71 | | | | (0.38 | ) | |
Total from investment operations | | | 1.10 | | | | 0.34 | | | | (1.02 | ) | | | 1.02 | | | | 0.02 | | |
Distributions: | |
Dividends from net investment income | | | (0.43 | ) | | | (0.40 | ) | | | (0.32 | ) | | | (0.21 | ) | | | (0.39 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | |
Return of capital | | | — | | | | — | | | | — | | | | (0.12 | ) | | | — | | |
Total distributions** | | | (0.43 | ) | | | (0.40 | ) | | | (0.32 | ) | | | (0.33 | ) | | | (0.39 | ) | |
Net asset value, end of year | | $ | 8.41 | | | $ | 7.74 | | | $ | 7.80 | | | $ | 9.14 | | | $ | 8.45 | | |
Ratios and supplemental data: | |
Total return(b) | | | 14.32 | % | | | 4.35 | % | | | (11.35 | %) | | | 12.11 | % | | | 0.38 | % | |
Net assets, end of year (000) | | $ | 379 | | | $ | 438 | | | $ | 471 | | | $ | 677 | | | $ | 981 | | |
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 | | | 2.12 | % | | | 2.18 | % | | | 2.15 | % | | | 2.08 | % | | | 2.11 | % | |
Ratio of net investment income (loss) to average net assets | | | 5.52 | % | | | 5.37 | % | | | 3.95 | % | | | 3.38 | % | | | 4.67 | % | |
** 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.
www.calamos.com
79
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 7.22 | | | $ | 7.30 | | | $ | 8.58 | | | $ | 7.96 | | | $ | 8.34 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.50 | | | | 0.47 | | | | 0.39 | | | | 0.37 | | | | 0.44 | | |
Net realized and unrealized gain (loss) | | | 0.60 | | | | (0.07 | ) | | | (1.27 | ) | | | 0.67 | | | | (0.34 | ) | |
Total from investment operations | | | 1.10 | | | | 0.40 | | | | (0.88 | ) | | | 1.04 | | | | 0.10 | | |
Distributions: | |
Dividends from net investment income | | | (0.51 | ) | | | (0.48 | ) | | | (0.40 | ) | | | (0.30 | ) | | | (0.48 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | — | | | | — | | |
Return of capital | | | — | | | | — | | | | — | | | | (0.12 | ) | | | — | | |
Total distributions** | | | (0.51 | ) | | | (0.48 | ) | | | (0.40 | ) | | | (0.42 | ) | | | (0.48 | ) | |
Net asset value, end of year | | $ | 7.81 | | | $ | 7.22 | | | $ | 7.30 | | | $ | 8.58 | | | $ | 7.96 | | |
Ratios and supplemental data: | |
Total return(b) | | | 15.46 | % | | | 5.48 | % | | | (10.45 | %) | | | 13.16 | % | | | 1.38 | % | |
Net assets, end of year (000) | | $ | 9,503 | | | $ | 7,786 | | | $ | 9,150 | | | $ | 9,267 | | | $ | 6,716 | | |
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 | | | 1.12 | % | | | 1.18 | % | | | 1.15 | % | | | 1.08 | % | | | 1.12 | % | |
Ratio of net investment income (loss) to average net assets | | | 6.52 | % | | | 6.36 | % | | | 4.98 | % | | | 4.34 | % | | | 5.56 | % | |
** 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.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
80
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 9.30 | | | $ | 9.28 | | | $ | 9.91 | | | $ | 10.23 | | | $ | 10.20 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.37 | | | | 0.28 | | | | 0.13 | | | | 0.15 | | | | 0.21 | | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.07 | | | | (0.62 | ) | | | (0.07 | ) | | | 0.12 | | |
Total from investment operations | | | 0.67 | | | | 0.35 | | | | (0.49 | ) | | | 0.08 | | | | 0.33 | | |
Distributions: | |
Dividends from net investment income | | | (0.44 | ) | | | (0.33 | ) | | | (0.14 | ) | | | (0.31 | ) | | | (0.25 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (0.09 | ) | | | (0.05 | ) | |
Total distributions** | | | (0.44 | ) | | | (0.33 | ) | | | (0.14 | ) | | | (0.40 | ) | | | (0.30 | ) | |
Net asset value, end of year | | $ | 9.53 | | | $ | 9.30 | | | $ | 9.28 | | | $ | 9.91 | | | $ | 10.23 | | |
Ratios and supplemental data: | |
Total return(b) | | | 7.28 | % | | | 3.79 | % | | | (4.99 | %) | | | 0.85 | % | | | 3.24 | % | |
Net assets, end of year (000) | | $ | 3,825 | | | $ | 3,523 | | | $ | 2,128 | | | $ | 2,661 | | | $ | 3,225 | | |
Ratio of net expenses to average net assets | | | 0.63 | % | | | 0.63 | % | | | 0.63 | % | | | 0.65 | % | | | 0.65 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 0.63 | % | | | 0.63 | % | | | 0.63 | % | | | 0.65 | % | | | 0.68 | % | |
Ratio of net investment income (loss) to average net assets | | | 3.86 | % | | | 2.94 | % | | | 1.36 | % | | | 1.51 | % | | | 2.12 | % | |
| | | Year Ended October 31, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Portfolio turnover rate | | | 41 | % | | | 41 | % | | | 48 | % | | | 44 | % | | | 41 | % | |
** 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
81
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, | |
| | | 2024 | | 2023 | | 2022 | | 2021 | | 2020 | |
Net asset value, beginning of year | | $ | 9.29 | | | $ | 9.28 | | | $ | 9.91 | | | $ | 10.23 | | | $ | 10.20 | | |
Income from investment operations: | |
Net investment income (loss)(a) | | | 0.39 | | | | 0.30 | | | | 0.15 | | | | 0.17 | | | | 0.25 | | |
Net realized and unrealized gain (loss) | | | 0.30 | | | | 0.06 | | | | (0.62 | ) | | | (0.06 | ) | | | 0.10 | | |
Total from investment operations | | | 0.69 | | | | 0.36 | | | | (0.47 | ) | | | 0.11 | | | | 0.35 | | |
Distributions: | |
Dividends from net investment income | | | (0.46 | ) | | | (0.35 | ) | | | (0.16 | ) | | | (0.34 | ) | | | (0.27 | ) | |
Dividends from net realized gains | | | — | | | | — | | | | — | | | | (0.09 | ) | | | (0.05 | ) | |
Total distributions** | | | (0.46 | ) | | | (0.35 | ) | | | (0.16 | ) | | | (0.43 | ) | | | (0.32 | ) | |
Net asset value, end of year | | $ | 9.52 | | | $ | 9.29 | | | $ | 9.28 | | | $ | 9.91 | | | $ | 10.23 | | |
Ratios and supplemental data: | |
Total return(b) | | | 7.56 | % | | | 3.93 | % | | | (4.77 | %) | | | 1.11 | % | | | 3.49 | % | |
Net assets, end of year (000) | | $ | 363,227 | | | $ | 354,109 | | | $ | 356,908 | | | $ | 306,398 | | | $ | 176,439 | | |
Ratio of net expenses to average net assets | | | 0.38 | % | | | 0.39 | % | | | 0.38 | % | | | 0.40 | % | | | 0.40 | % | |
Ratio of gross expenses to average net assets prior to expense reductions | | | 0.38 | % | | | 0.39 | % | | | 0.38 | % | | | 0.40 | % | | | 0.42 | % | |
Ratio of net investment income (loss) to average net assets | | | 4.10 | % | | | 3.17 | % | | | 1.58 | % | | | 1.73 | % | | | 2.44 | % | |
** 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.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
82
Market Neutral Income Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
CONVERTIBLE BONDS (37.1%) | | | |
| | | Communication Services (2.5%) | |
| | 7,500,000 | | | Bandwidth, Inc.~
0.500%, 04/01/28 | | $ | 5,949,150 | | |
| | 15,000,000 | | | Live Nation Entertainment,
Inc.~^
3.125%, 01/15/29 | | | 19,096,650 | | |
| | 8,000,000 | | | Lyft, Inc.~
1.500%, 05/15/25 | | | 7,836,640 | | |
| | 6,000,000 | | | 0.625%, 03/01/29* | | | 5,841,660 | | |
| | 15,000,000 | | | Match Group Financeco 2,
Inc.~*
0.875%, 06/15/26 | | | 14,033,100 | | |
| | 15,000,000 | | | Match Group Financeco 3,
Inc.~*
2.000%, 01/15/30 | | | 13,321,650 | | |
| | 43,589,000 | | | Perficient, Inc.
0.125%, 11/15/26 | | | 43,511,847 | | |
| | 80,040,000 | | | Sea, Ltd.~
0.250%, 09/15/26 | | | 72,139,252 | | |
| | 9,614,000 | | | 1.000%, 12/01/24 | | | 18,065,379 | | |
| | 60,897,000 | | | Snap, Inc.
0.000%, 05/01/27~^ | | | 52,374,465 | | |
| | 40,000,000 | | | 0.125%, 03/01/28~ | | | 32,400,400 | | |
| | 8,952,000 | | | 0.500%, 05/01/30^* | | | 8,015,800 | | |
| | 4,000,000 | | | 0.250%, 05/01/25 | | | 3,919,640 | | |
| | 7,500,000 | | | Sphere Entertainment
Company~*
3.500%, 12/01/28 | | | 10,439,400 | | |
| | 23,479,000 | | | TechTarget, Inc.
0.000%, 12/15/26 | | | 23,113,901 | | |
| | 15,000,000 | | | TripAdvisor, Inc.~
0.250%, 04/01/26 | | | 14,119,050 | | |
| | 4,000,000 | | | Weibo Corp.*
1.375%, 12/01/30 | | | 4,336,280 | | |
| | 20,000,000 | | | Ziff Davis, Inc.~
1.750%, 11/01/26 | | | 18,621,000 | | |
| | 6,000,000 | | | Zillow Group, Inc.~
1.375%, 09/01/26 | | | 8,199,000 | | |
| | | | 375,334,264 | | |
| | | Consumer Discretionary (7.1%) | |
| | 116,893,000 | | | Airbnb, Inc.~
0.000%, 03/15/26 | | | 108,923,235 | | |
| | 150,000,000 | | | Alibaba Group Holding,
Ltd.~^*
0.500%, 06/01/31 | | | 173,019,000 | | |
| | 12,800,000 | | | Booking Holdings, Inc.~
0.750%, 05/01/25 | | | 31,856,768 | | |
| | 20,000,000 | | | Carnival Corp.~
5.750%, 12/01/27 | | | 36,617,200 | | |
| | 12,500,000 | | | Cracker Barrel Old Country
Store, Inc.~
0.625%, 06/15/26 | | | 11,530,625 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 25,000,000 | EUR | | Delivery Hero, SE
1.500%, 01/15/28 | | $ | 23,785,827 | | |
| | 50,000,000 | | | DraftKings Holdings, Inc.~
0.000%, 03/15/28 | | | 42,355,000 | | |
| | 50,000,000 | | | Etsy, Inc.~
0.250%, 06/15/28 | | | 40,883,000 | | |
| | 30,000,000 | | | 0.125%, 10/01/26 | | | 28,949,400 | | |
| | 18,500,000 | | | Farfetch, Ltd.@
3.750%, 05/01/27 | | | 387,020 | | |
| | 30,000,000 | | | Fiverr International, Ltd.~
0.000%, 11/01/25 | | | 28,353,000 | | |
| | 12,500,000 | | | Ford Motor Company~
0.000%, 03/15/26 | | | 12,159,250 | | |
| | 6,500,000 | | | Groupon, Inc.~
1.125%, 03/15/26 | | | 5,899,985 | | |
| | 15,000,000 | | | Guess?, Inc.~
3.750%, 04/15/28 | | | 15,202,500 | | |
| | 20,000,000 | | | JD.com, Inc.^*
0.250%, 06/01/29 | | | 22,836,600 | | |
| | 15,000,000 | | | Li Auto, Inc.~
0.250%, 05/01/28 | | | 17,656,350 | | |
| | 10,000,000 | | | Liberty Broadband Corp.~*
3.125%, 03/31/53 | | | 9,936,700 | | |
| | 40,000,000 | | | Lucid Group, Inc.~^*
1.250%, 12/15/26 | | | 29,536,400 | | |
| | 13,000,000 | | | Luminar Technologies, Inc.~*
1.250%, 12/15/26 | | | 6,145,490 | | |
| | 10,000,000 | | | Marriott Vacations Worldwide
Corp.~^
3.250%, 12/15/27 | | | 9,230,600 | | |
| | 7,000,000 | | | 0.000%, 01/15/26 | | | 6,535,060 | | |
| | 20,000,000 | | | Meituan
0.000%, 04/27/27 | | | 19,571,400 | | |
| | 5,000,000 | | | Meritage Homes Corp.~^*
1.750%, 05/15/28 | | | 5,310,800 | | |
| | 25,000,000 | | | NIO, Inc.
3.875%, 10/15/29~ | | | 20,426,500 | | |
| | 15,000,000 | | | 4.625%, 10/15/30 | | | 11,566,950 | | |
| | 20,000,000 | GBP | | Ocado Group, PLC
0.750%, 01/18/27 | | | 21,884,816 | | |
| | 12,500,000 | | | Peloton Interactive, Inc.*
5.500%, 12/01/29 | | | 26,235,625 | | |
| | 5,000,000 | | | Porch Group, Inc.~*
0.750%, 09/15/26 | | | 2,612,950 | | |
| | 47,500,000 | | | Rivian Automotive, Inc.~
4.625%, 03/15/29 | | | 41,381,050 | | |
| | 45,000,000 | | | 3.625%, 10/15/30 | | | 34,561,800 | | |
| | 10,245,000 | | | Shake Shack, Inc.~
0.000%, 03/01/28 | | | 10,250,430 | | |
| | 25,833,000 | | | Stride, Inc.~^
1.125%, 09/01/27 | | | 47,116,034 | | |
| | 25,000,000 | | | Trip.com Group, Ltd.~*
0.750%, 06/15/29 | | | 29,476,750 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
83
Market Neutral Income Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 7,500,000 | | | Vail Resorts, Inc.~
0.000%, 01/01/26 | | $ | 7,038,975 | | |
| | 57,500,000 | | | Wayfair, Inc.
3.500%, 11/15/28~ | | | 70,773,300 | | |
| | 35,555,000 | | | 3.250%, 09/15/27~ | | | 37,445,459 | | |
| | 12,500,000 | | | 1.000%, 08/15/26 | | | 11,451,875 | | |
| | 5,000,000 | | | Winnebago Industries, Inc.~*
3.250%, 01/15/30 | | | 4,827,300 | | |
| | 7,029,000 | | | Wynn Macau, Ltd.^*
4.500%, 03/07/29 | | | 7,223,914 | | |
| | | | 1,070,954,938 | | |
| | | Consumer Staples (0.3%) | |
| | 36,755,000 | | | Beyond Meat, Inc.~
0.000%, 03/15/27 | | | 6,110,519 | | |
| | 8,000,000 | | | Freshpet, Inc.~
3.000%, 04/01/28 | | | 16,162,640 | | |
| | 15,000,000 | | | Post Holdings, Inc.~
2.500%, 08/15/27 | | | 17,180,850 | | |
| | 7,000,000 | | | Spectrum Brands, Inc.*
3.375%, 06/01/29 | | | 7,094,920 | | |
| | | | 46,548,929 | | |
| | | Energy (0.1%) | |
| | 15,000,000 | | | Chesapeake Energy Corp.
0.000%, 09/15/26 | | | 337,500 | | |
| | 5,000,000 | | | Northern Oil & Gas, Inc.~^
3.625%, 04/15/29 | | | 5,772,950 | | |
| | 6,000,000 | | | World Kinect Corp.
3.250%, 07/01/28 | | | 6,588,600 | | |
| | | | 12,699,050 | | |
| | | Financials (1.4%) | |
| | 30,056,000 | | | Affirm Holdings, Inc.~
0.000%, 11/15/26 | | | 26,671,093 | | |
| | 37,500,000 | | | BofA Finance, LLC~
0.600%, 05/25/27 | | | 39,093,000 | | |
| | 45,468,000 | | | Coinbase Global, Inc.~
0.250%, 04/01/30* | | | 41,410,891 | | |
| | 30,000,000 | | | 0.500%, 06/01/26 | | | 29,409,300 | | |
| | 11,000,000 | | | Federal Realty OP, LP~*
3.250%, 01/15/29 | | | 11,320,760 | | |
| | 75,000,000 | HKD | | Link CB, Ltd.
4.500%, 12/12/27 | | | 9,799,848 | | |
| | 7,500,000 | | | Rexford Industrial Realty, LP*
4.375%, 03/15/27~ | | | 7,485,900 | | |
| | 7,500,000 | | | 4.125%, 03/15/29 | | | 7,533,825 | | |
| | 10,000,000 | | | SoFi Technologies, Inc.~*
0.000%, 10/15/26 | | | 9,477,500 | | |
| | 5,000,000 | | | Starwood Property Trust, Inc.~
6.750%, 07/15/27 | | | 5,311,300 | | |
| | 15,000,000 | | | Ventas Realty, LP
3.750%, 06/01/26 | | | 18,620,250 | | |
| | 4,000,000 | | | WisdomTree, Inc.*
3.250%, 08/15/29 | | | 4,277,400 | | |
| | | | 210,411,067 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Health Care (3.1%) | |
| | 30,000,000 | | | Alnylam Pharmaceuticals,
Inc.~^
1.000%, 09/15/27 | | $ | 34,261,200 | | |
| | 10,000,000 | | | Amphastar Pharmaceuticals,
Inc.
2.000%, 03/15/29 | | | 10,727,700 | | |
| | 10,000,000 | | | Bridgebio Pharma, Inc.~
2.500%, 03/15/27^ | | | 10,040,700 | | |
| | 10,000,000 | | | 2.250%, 02/01/29 | | | 8,255,200 | | |
| | 3,759,000 | | | Coherus Biosciences, Inc.~
1.500%, 04/15/26 | | | 2,938,410 | | |
| | 27,500,000 | | | CONMED Corp.~
2.250%, 06/15/27 | | | 25,331,350 | | |
| | 30,000,000 | | | Dexcom, Inc.~
0.375%, 05/15/28 | | | 26,470,200 | | |
| | 9,000,000 | | | Envista Holdings Corp.
1.750%, 08/15/28 | | | 8,160,660 | | |
| | 15,000,000 | | | Haemonetics Corp.~^*
2.500%, 06/01/29 | | | 14,393,550 | | |
| | 37,000,000 | | | Halozyme Therapeutics, Inc.~
1.000%, 08/15/28 | | | 40,904,980 | | |
| | 10,000,000 | | | Innoviva, Inc.~
2.125%, 03/15/28 | | | 9,760,800 | | |
| | 9,000,000 | | | Insmed, Inc.~
0.750%, 06/01/28 | | | 19,126,890 | | |
| | 27,500,000 | | | Insulet Corp.~
0.375%, 09/01/26 | | | 32,452,750 | | |
| | 8,501,000 | | | Integer Holdings Corp.~
2.125%, 02/15/28 | | | 12,934,016 | | |
| | 17,366,000 | | | Ionis Pharmaceuticals, Inc.~
1.750%, 06/15/28 | | | 17,647,677 | | |
| | 5,000,000 | | | iRhythm Technologies, Inc.*
1.500%, 09/01/29 | | | 4,579,700 | | |
| | 15,000,000 | | | Jazz Investments I, Ltd.^
2.000%, 06/15/26~ | | | 14,862,150 | | |
| | 12,500,000 | | | 3.125%, 09/15/30* | | | 12,880,875 | | |
| | 5,000,000 | | | Lantheus Holdings, Inc.~
2.625%, 12/15/27 | | | 7,758,450 | | |
| | 7,250,000 | | | Livongo Health, Inc.~
0.875%, 06/01/25 | | | 7,055,990 | | |
| | 10,000,000 | | | Merit Medical Systems, Inc.~^*
3.000%, 02/01/29 | | | 13,009,900 | | |
| | 5,000,000 | | | Mesa Laboratories, Inc.
1.375%, 08/15/25 | | | 4,726,800 | | |
| | 10,000,000 | | | NeoGenomics, Inc.~
0.250%, 01/15/28 | | | 8,250,400 | | |
| | 12,500,000 | | | Omnicell, Inc.~
0.250%, 09/15/25 | | | 12,073,625 | | |
| | 6,500,000 | | | Pacira BioSciences, Inc.*
2.125%, 05/15/29 | | | 5,232,695 | | |
| | 10,000,000 | | | QIAGEN, NV
0.000%, 12/17/27 | | | 9,429,700 | | |
| | 5,000,000 | | | 1.000%, 11/13/24 | | | 4,991,400 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
84
Market Neutral Income Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 45,000,000 | | | Sarepta Therapeutics, Inc.~
1.250%, 09/15/27 | | $ | 51,018,750 | | |
| | 12,500,000 | | | SmileDirectClub, Inc.*@!!
0.000%, 02/01/26 | | | 28,125 | | |
| | 10,000,000 | | | Tandem Diabetes Care, Inc.*
1.500%, 03/15/29 | | | 11,730,300 | | |
| | 16,250,000 | | | Teladoc Health, Inc.~^
1.250%, 06/01/27 | | | 13,989,300 | | |
| | 10,500,000 | | | Veradigm, Inc.
0.875%, 01/01/27 | | | 11,502,855 | | |
| | | | 466,527,098 | | |
| | | Industrials (2.0%) | |
| | 5,000,000 | | | Air Transport Services
Group, Inc.
3.875%, 08/15/29 | | | 4,776,200 | | |
| | 17,500,000 | | | American Airlines Group, Inc.~
6.500%, 07/01/25 | | | 18,490,150 | | |
| | 20,000,000 | | | Axon Enterprise, Inc.~
0.500%, 12/15/27 | | | 37,899,000 | | |
| | 11,000,000 | | | Bloom Energy Corp.~
3.000%, 06/01/28 | | | 9,631,380 | | |
| | 15,000,000 | | | Chart Industries, Inc.
1.000%, 11/15/24 | | | 30,851,550 | | |
| | 12,500,000 | | | Fluor Corp.^
1.125%, 08/15/29 | | | 16,392,125 | | |
| | 7,000,000 | | | Granite Construction, Inc.~^
3.750%, 05/15/28 | | | 13,312,110 | | |
| | 6,600,000 | | | Greenbrier Companies, Inc.~
2.875%, 04/15/28 | | | 7,947,456 | | |
| | 20,000,000 | | | John Bean Technologies
Corp.~^
0.250%, 05/15/26 | | | 19,251,400 | | |
| | 16,467,000 | | | Middleby Corp.~
1.000%, 09/01/25 | | | 18,130,002 | | |
| | 20,000,000 | EUR | | Rheinmetall, AG Series A
1.875%, 02/07/28 | | | 34,577,175 | | |
| | 20,000,000 | SGD | | Singapore Airlines, Ltd.
1.625%, 12/03/25 | | | 19,774,328 | | |
| | 4,000,000 | | | Stem, Inc.~*
0.500%, 12/01/28 | | | 1,240,320 | | |
| | 7,500,000 | | | Tetra Tech, Inc.~^
2.250%, 08/15/28 | | | 10,124,325 | | |
| | 32,000,000 | | | Uber Technologies, Inc.~^*
0.875%, 12/01/28 | | | 38,550,080 | | |
| | 20,000,000 | | | Upwork, Inc.~
0.250%, 08/15/26 | | | 18,344,200 | | |
| | 15,000,000 | | | Virgin Galactic Holdings, Inc.~*
2.500%, 02/01/27 | | | 5,337,900 | | |
| | | | 304,629,701 | | |
| | | Information Technology (16.5%) | |
| | 5,000,000 | | | Advanced Energy Industries, Inc.
2.500%, 09/15/28 | | | 5,310,250 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 55,000,000 | | | Akamai Technologies, Inc.~
0.125%, 05/01/25^ | | $ | 61,405,850 | | |
| | 48,500,000 | | | 0.375%, 09/01/27 | | | 49,994,770 | | |
| | 45,000,000 | | | 1.125%, 02/15/29 | | | 45,717,750 | | |
| | 20,000,000 | | | Alarm.com Holdings, Inc.~*
2.250%, 06/01/29 | | | 18,838,000 | | |
| | 10,000,000 | | | Altair Engineering, Inc.~
1.750%, 06/15/27 | | | 14,953,900 | | |
| | 16,398,000 | | | Bentley Systems, Inc.~
0.125%, 01/15/26 | | | 16,197,452 | | |
| | 20,000,000 | | | BILL Holdings, Inc.~
0.000%, 04/01/27 | | | 17,659,400 | | |
| | 29,947,000 | | | BlackLine, Inc.~*
1.000%, 06/01/29 | | | 31,246,700 | | |
| | 60,000,000 | | | Block, Inc.~
0.125%, 03/01/25^ | | | 59,043,000 | | |
| | 20,000,000 | | | 0.250%, 11/01/27 | | | 17,218,000 | | |
| | 17,000,000 | | | 0.000%, 05/01/26 | | | 15,670,940 | | |
| | 12,000,000 | | | Box, Inc.
0.000%, 01/15/26~ | | | 15,359,760 | | |
| | 11,951,000 | | | 1.500%, 09/15/29* | | | 11,739,826 | | |
| | 60,000,000 | | | Cloudflare, Inc.~
0.000%, 08/15/26 | | | 55,830,600 | | |
| | 55,000,000 | | | Confluent, Inc.~
0.000%, 01/15/27 | | | 49,144,150 | | |
| | 10,000,000 | | | CSG Systems International, Inc.
3.875%, 09/15/28 | | | 9,895,200 | | |
| | 15,000,000 | | | CyberArk Software, Ltd.
0.000%, 11/15/24 | | | 26,407,500 | | |
| | 50,000,000 | | | DigitalOcean Holdings, Inc.~
0.000%, 12/01/26 | | | 44,400,000 | | |
| | 27,750,000 | | | Dropbox, Inc.~
0.000%, 03/01/28 | | | 26,884,477 | | |
| | 23,000,000 | | | 0.000%, 03/01/26 | | | 22,302,410 | | |
| | 16,000,000 | | | Enphase Energy, Inc.~
0.000%, 03/01/28^ | | | 13,454,400 | | |
| | 10,000,000 | | | 0.000%, 03/01/26 | | | 9,333,600 | | |
| | 36,932,000 | | | Envestnet, Inc.~
0.750%, 08/15/25 | | | 36,455,208 | | |
| | 10,000,000 | | | 2.625%, 12/01/27 | | | 10,633,500 | | |
| | 10,000,000 | | | Evolent Health, Inc.~*
3.500%, 12/01/29 | | | 10,142,800 | | |
| | 29,528,000 | | | Five9, Inc.~
1.000%, 03/15/29* | | | 25,172,029 | | |
| | 15,000,000 | | | 0.500%, 06/01/25 | | | 14,571,000 | | |
| | 21,115,000 | | | Guidewire Software, Inc.
1.250%, 03/15/25~ | | | 34,454,824 | | |
| | 15,000,000 | | | 1.250%, 11/01/29^* | | | 15,273,600 | | |
| | 11,457,000 | | | Infinera Corp.
3.750%, 08/01/28 | | | 13,656,057 | | |
| | 13,000,000 | | | Insight Enterprises, Inc.~^
0.750%, 02/15/25 | | | 33,340,970 | | |
| | 10,000,000 | | | Interdigital, Inc.~
3.500%, 06/01/27 | | | 19,567,500 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
85
Market Neutral Income Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 15,000,000 | | | Itron, Inc.
1.375%, 07/15/30^* | | $ | 16,371,600 | | |
| | 10,800,000 | | | 0.000%, 03/15/26~ | | | 11,467,332 | | |
| | 15,000,000 | | | Jamf Holding Corp.~
0.125%, 09/01/26 | | | 13,636,500 | | |
| | 8,000,000 | | | Lenovo Group, Ltd.
2.500%, 08/26/29 | | | 10,558,400 | | |
| | 17,500,000 | | | LivePerson, Inc.
0.000%, 12/15/26 | | | 7,939,750 | | |
| | 50,500,000 | | | Lumentum Holdings, Inc.
0.500%, 12/15/26~^ | | | 49,892,990 | | |
| | 12,500,000 | | | 0.500%, 06/15/28~ | | | 10,914,125 | | |
| | 10,000,000 | | | 1.500%, 12/15/29 | | | 11,597,300 | | |
| | 10,000,000 | | | MARA Holdings, Inc.
1.000%, 12/01/26~ | | | 8,941,000 | | |
| | 7,000,000 | | | 2.125%, 09/01/31* | | | 8,312,220 | | |
| | 20,000,000 | | | Microchip Technology, Inc.~^*
0.750%, 06/01/30 | | | 19,334,800 | | |
| | 50,000,000 | | | MicroStrategy, Inc.~
0.625%, 03/15/30^* | | | 91,907,500 | | |
| | 30,000,000 | | | 0.875%, 03/15/31^* | | | 40,411,500 | | |
| | 24,523,000 | | | 0.000%, 02/15/27 | | | 44,461,670 | | |
| | 20,000,000 | | | 2.250%, 06/15/32* | | | 29,484,000 | | |
| | 15,000,000 | | | MKS Instruments, Inc.~^*
1.250%, 06/01/30 | | | 14,450,400 | | |
| | 65,500,000 | | | MongoDB, Inc.~
0.250%, 01/15/26 | | | 87,646,860 | | |
| | 40,000,000 | | | NCL Corp., Ltd.~
1.125%, 02/15/27 | | | 41,302,000 | | |
| | 10,000,000 | | | Nova, Ltd.~
0.000%, 10/15/25 | | | 24,794,500 | | |
| | 8,960,000 | | | Nutanix, Inc.~^
0.250%, 10/01/27 | | | 11,033,613 | | |
| | 22,500,000 | | | Okta, Inc.~
0.125%, 09/01/25 | | | 21,541,725 | | |
| | 45,000,000 | | | ON Semiconductor Corp.~
0.000%, 05/01/27 | | | 64,368,450 | | |
| | 40,000,000 | | | 0.500%, 03/01/29 | | | 39,945,200 | | |
| | 5,000,000 | | | OSI Systems, Inc.*
2.250%, 08/01/29 | | | 4,885,600 | | |
| | 10,000,000 | | | PagerDuty, Inc.
1.500%, 10/15/28 | | | 9,877,500 | | |
| | 100,000,000 | | | Palo Alto Networks, Inc.~
0.375%, 06/01/25 | | | 361,923,000 | | |
| | 11,000,000 | | | Parsons Corp.~*
2.625%, 03/01/29 | | | 14,258,970 | | |
| | 22,500,000 | | | Pegasystems, Inc.~
0.750%, 03/01/25 | | | 22,139,550 | | |
| | 12,500,000 | | | Progress Software Corp.~
1.000%, 04/15/26 | | | 14,977,000 | | |
| | 10,000,000 | | | 3.500%, 03/01/30* | | | 11,769,700 | | |
| | 5,000,000 | | | PROS Holdings, Inc.~
2.250%, 09/15/27 | | | 4,658,600 | | |
| | 30,625,000 | | | Q2 Holdings, Inc.~
0.125%, 11/15/25 | | | 29,524,644 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 19,500,000 | | | Rapid7, Inc.
0.250%, 03/15/27~ | | $ | 18,334,290 | | |
| | 10,000,000 | | | 1.250%, 03/15/29 | | | 9,540,400 | | |
| | 41,100,000 | | | RingCentral, Inc.
0.000%, 03/15/26~ | | | 37,984,620 | | |
| | 2,353,000 | | | 0.000%, 03/01/25 | | | 2,306,505 | | |
| | 20,000,000 | | | Seagate HDD Cayman~^
3.500%, 06/01/28 | | | 26,779,600 | | |
| | 23,932,000 | | | Shift4 Payments, Inc.
0.500%, 08/01/27 | | | 24,601,857 | | |
| | 12,500,000 | | | 0.000%, 12/15/25~ | | | 15,290,750 | | |
| | 15,000,000 | | | Shopify, Inc.~
0.125%, 11/01/25 | | | 14,426,700 | | |
| | 30,000,000 | | | Snowflake, Inc.*
0.000%, 10/01/27~ | | | 30,824,700 | | |
| | 15,000,000 | | | 0.000%, 10/01/29 | | | 15,319,500 | | |
| | 75,000,000 | | | Spotify USA, Inc.~
0.000%, 03/15/26 | | | 75,574,500 | | |
| | 45,000,000 | | | Super Micro Computer, Inc.~^*
0.000%, 03/01/29 | | | 35,045,550 | | |
| | 35,336,000 | | | Unity Software, Inc.~
0.000%, 11/15/26 | | | 31,533,493 | | |
| | 5,000,000 | | | Varonis Systems, Inc.
1.000%, 09/15/29^* | | | 5,060,150 | | |
| | 3,000,000 | | | 1.250%, 08/15/25 | | | 4,954,590 | | |
| | 5,000,000 | | | Veritone, Inc.
1.750%, 11/15/26 | | | 2,357,500 | | |
| | 5,000,000 | | | Vertex, Inc.*
0.750%, 05/01/29 | | | 6,594,850 | | |
| | 10,000,000 | | | Vishay Intertechnology, Inc.
2.250%, 09/15/30 | | | 8,769,700 | | |
| | 45,000,000 | | | Western Digital Corp.*
3.000%, 11/15/28 | | | 64,438,650 | | |
| | 22,473,000 | | | Wolfspeed, Inc.~
0.250%, 02/15/28 | | | 13,296,375 | | |
| | 20,000,000 | | | 1.875%, 12/01/29 | | | 10,058,200 | | |
| | 17,862,000 | | | Workiva, Inc.
1.250%, 08/15/28 | | | 16,895,666 | | |
| | 7,516,000 | | | 1.125%, 08/15/26 | | | 8,788,759 | | |
| | 7,200,000 | | | Xerox Holdings Corp.~*
3.750%, 03/15/30 | | | 5,178,672 | | |
| | | | 2,489,558,999 | | |
| | | Materials (0.2%) | |
| | 15,000,000 | | | Amyris, Inc.@
0.000%, 11/15/26 | | | 231,750 | | |
| | 3,124,000 | | | Lithium Americas Corp.^
1.750%, 01/15/27 | | | 2,466,742 | | |
| | 10,000,000 | | | MP Materials Corp.~*
3.000%, 03/01/30 | | | 11,039,300 | | |
| | 10,000,000 | EUR | | POSCO Holdings, Inc.
0.000%, 09/01/26 | | | 10,526,373 | | |
| | | | 24,264,165 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
86
Market Neutral Income Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Real Estate (0.5%) | |
| | 35,000,000 | | | Redfin Corp.~
0.500%, 04/01/27 | | $ | 25,351,200 | | |
| | 18,082,000 | | | Welltower OP, LLC^*
3.125%, 07/15/29 | | | 21,606,905 | | |
| | 15,000,000 | | | 2.750%, 05/15/28~ | | | 21,548,100 | | |
| | | | 68,506,205 | | |
| | | Utilities (3.4%) | |
| | 25,000,000 | | | Alliant Energy Corp.~
3.875%, 03/15/26 | | | 25,992,250 | | |
| | 50,000,000 | | | American Water Capital
Corp.~^
3.625%, 06/15/26 | | | 50,491,500 | | |
| | 25,000,000 | | | CenterPoint Energy, Inc.~
4.250%, 08/15/26 | | | 25,205,000 | | |
| | 15,040,000 | | | CMS Energy Corp.~
3.375%, 05/01/28 | | | 15,956,387 | | |
| | 40,000,000 | | | Duke Energy Corp.~^
4.125%, 04/15/26 | | | 42,237,200 | | |
| | 22,500,000 | | | Evergy, Inc.~*
4.500%, 12/15/27 | | | 24,340,725 | | |
| | 30,000,000 | | | FirstEnergy Corp.~
4.000%, 05/01/26 | | | 30,595,800 | | |
| | 25,000,000 | | | NextEra Energy Capital
Holdings, Inc.~^*
3.000%, 03/01/27 | | | 31,042,250 | | |
| | 22,752,000 | | | PG&E Corp.~*
4.250%, 12/01/27 | | | 24,847,687 | | |
| | 10,000,000 | | | Pinnacle West Capital Corp.*
4.750%, 06/15/27 | | | 10,715,500 | | |
| | 21,922,000 | | | PPL Capital Funding, Inc.~
2.875%, 03/15/28 | | | 22,938,742 | | |
| | 60,000,000 | | | Southern Company~
4.500%, 06/15/27* | | | 65,516,400 | | |
| | 60,000,000 | | | 3.875%, 12/15/25^ | | | 66,999,000 | | |
| | 8,000,000 | | | Sunnova Energy International,
Inc.~
2.625%, 02/15/28 | | | 4,342,080 | | |
| | 40,000,000 | | | WEC Energy Group, Inc.~*
4.375%, 06/01/29 | | | 43,614,000 | | |
| | 30,000,000 | | | 4.375%, 06/01/27 | | | 32,245,500 | | |
| | | | 517,080,021 | | |
| | | | | TOTAL CONVERTIBLE
BONDS
(Cost $5,143,192,309) | | | 5,586,514,437 | | |
CORPORATE BONDS (1.3%) | | | |
| | | Airlines (0.0%) | |
| | 1,650,000 | | | Mileage Plus Holdings, LLC /
Mileage Plus Intellectual
Property Assets, Ltd.~*
6.500%, 06/20/27 | | | 1,670,509 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Communication Services (0.1%) | |
| | 3,257,000 | | | Comcast Corp.~
3.375%, 08/15/25 | | $ | 3,225,114 | | |
| | 3,214,000 | | | Netflix, Inc.~*
3.625%, 06/15/25 | | | 3,190,698 | | |
| | 2,500,000 | | | Verizon Communications, Inc.
1.450%, 03/20/26 | | | 2,395,075 | | |
| | | | 8,810,887 | | |
| | | Consumer Discretionary (0.1%) | |
| | 5,000,000 | | | American Honda Finance
Corp.~^
4.750%, 01/12/26 | | | 5,009,400 | | |
| | 5,000,000 | | | AutoZone, Inc.~
5.050%, 07/15/26 | | | 5,040,350 | | |
| | 5,000,000 | | | Cargill, Inc.~^*
4.875%, 10/10/25 | | | 5,016,350 | | |
| | 5,000,000 | | | General Motors Financial
Company, Inc.~
1.250%, 01/08/26 | | | 4,791,550 | | |
| | 5,000,000 | | | Lowe's Companies, Inc.~
4.400%, 09/08/25 | | | 4,989,700 | | |
| | 1,859,000 | | | VF Corp.~
2.400%, 04/23/25 | | | 1,835,558 | | |
| | | | 26,682,908 | | |
| | | Consumer Staples (0.1%) | |
| | 5,000,000 | | | Dollar General Corp.~^
4.150%, 11/01/25 | | | 4,961,550 | | |
| | 5,000,000 | | | General Mills, Inc.~^
5.241%, 11/18/25 | | | 4,996,700 | | |
| | | | 9,958,250 | | |
| | | Energy (0.1%) | |
| | 5,000,000 | | | Enterprise Products Operating,
LLC~
5.050%, 01/10/26 | | | 5,028,450 | | |
| | 5,000,000 | | | MPLX, LP~
4.875%, 06/01/25 | | | 4,998,000 | | |
| | 3,000,000 | | | Williams Companies, Inc.~
5.400%, 03/02/26 | | | 3,020,160 | | |
| | | | 13,046,610 | | |
| | | Financials (0.4%) | |
| | 5,000,000 | | | Bank of America Corp.~‡
1.530%, 12/06/25
SOFR + 0.65% | | | 4,981,650 | | |
| | 1,000,000 | | | Bank of Montreal~
5.200%, 12/12/24 | | | 1,000,280 | | |
| | 5,000,000 | | | Bank of NY Mellon Corp.~‡
4.414%, 07/24/26
SOFR + 1.35% | | | 4,980,650 | | |
| | 5,000,000 | | | Huntington National Bank~‡
5.699%, 11/18/25
SOFR + 1.22% | | | 4,999,950 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
87
Market Neutral Income Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 2,000,000 | | | Intercontinental Exchange,
Inc.~
3.650%, 05/23/25 | | $ | 1,987,160 | | |
| | 5,000,000 | | | JPMorgan Chase &
Company~‡
2.595%, 02/24/26
SOFR + 0.92% | | | 4,961,000 | | |
| | 5,000,000 | | | Mondelez International
Holdings Netherlands, BV~*
4.250%, 09/15/25 | | | 4,980,100 | | |
| | 208,000 | | | Nasdaq, Inc.
5.650%, 06/28/25 | | | 209,042 | | |
| | 5,000,000 | | | PayPal Holdings, Inc.~
2.650%, 10/01/26 | | | 4,832,650 | | |
| | 5,000,000 | | | State Street Corp.~^‡
5.751%, 11/04/26
SOFR + 1.35% | | | 5,048,300 | | |
| | 5,000,000 | | | Toronto-Dominion Bank~
3.766%, 06/06/25 | | | 4,969,950 | | |
| | 5,000,000 | | | Toyota Motor Credit Corp.~^
3.950%, 06/30/25 | | | 4,978,400 | | |
| | 5,000,000 | | | Truist Financial Corp.~^‡
5.900%, 10/28/26
SOFR + 1.63% | | | 5,046,750 | | |
| | 5,000,000 | | | US Bancorp~‡
5.727%, 10/21/26
SOFR + 1.43% | | | 5,042,150 | | |
| | | | 58,018,032 | | |
| | | Health Care (0.2%) | |
| | 5,000,000 | | | Amgen, Inc.~
5.250%, 03/02/25 | | | 5,004,600 | | |
| | 4,860,000 | | | Baxter International, Inc.~
1.322%, 11/29/24 | | | 4,844,351 | | |
| | 5,000,000 | | | CVS Health Corp.~
5.000%, 02/20/26 | | | 5,003,650 | | |
| | 5,000,000 | | | Elevance Health, Inc.~
5.350%, 10/15/25 | | | 5,030,050 | | |
| | 4,283,000 | | | Gilead Sciences, Inc.~
3.500%, 02/01/25 | | | 4,267,453 | | |
| | 5,000,000 | | | UnitedHealth Group, Inc.~^
5.150%, 10/15/25 | | | 5,031,700 | | |
| | 5,000,000 | | | Zoetis, Inc.~
5.400%, 11/14/25 | | | 5,032,050 | | |
| | | | 34,213,854 | | |
| | | Industrials (0.1%) | |
| | 2,500,000 | | | Lockheed Martin Corp.~^
4.950%, 10/15/25 | | | 2,511,300 | | |
| | 3,830,000 | | | RTX Corp.~
3.950%, 08/16/25 | | | 3,807,365 | | |
| | 5,000,000 | | | Siemens
Financieringsmaatschappij, NV*
3.250%, 05/27/25 | | | 4,959,300 | | |
| | | | 11,277,965 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Information Technology (0.1%) | |
| | 3,500,000 | | | Broadridge Financial
Solutions, Inc.~
3.400%, 06/27/26 | | $ | 3,423,945 | | |
| | 3,000,000 | | | Mercedes-Benz Finance
North America, LLC~*
5.375%, 11/26/25 | | | 3,023,220 | | |
| | 5,000,000 | | | Take-Two Interactive Software,
Inc.~
5.000%, 03/28/26 | | | 5,019,350 | | |
| | | | 11,466,515 | | |
| | | Other (0.0%) | |
| | 5,000,000 | | | Diageo Capital, PLC~
5.200%, 10/24/25 | | | 5,036,550 | | |
| | | Utilities (0.1%) | |
| | 5,000,000 | | | National Rural Utilities
Cooperative Finance Corp.~
5.450%, 10/30/25 | | | 5,047,150 | | |
| | 5,000,000 | | | Southern Company~
5.150%, 10/06/25 | | | 5,025,600 | | |
| | 5,000,000 | | | WEC Energy Group, Inc.~^
5.000%, 09/27/25 | | | 5,006,900 | | |
| | | | 15,079,650 | | |
| | | | | TOTAL CORPORATE BONDS
(Cost $194,121,067) | | | 195,261,730 | | |
NUMBER OF
SHARES | | | | VALUE | |
CONVERTIBLE PREFERRED STOCKS (2.2%) | | | |
| | | Financials (0.7%) | |
| | 849,428 | | | Apollo Global Management,
Inc.~
6.750%, 07/31/26 | | | 64,870,817 | | |
| | 790,000 | | | Ares Management Corp.~#
6.750%, 10/01/27 | | | 42,581,000 | | |
| | | | 107,451,817 | | |
| | | Health Care (0.1%) | |
| | 300,000 | | | Brightspring Health Services,
Inc.~
6.750%, 02/01/27 | | | 16,779,000 | | |
| | | Industrials (0.5%) | |
| | 1,000,000 | | | Boeing Company^#
6.000%, 10/15/27 | | | 53,730,000 | | |
| | 396,461 | | | Chart Industries, Inc.~
6.750%, 12/15/25 | | | 19,565,350 | | |
| | | | 73,295,350 | | |
| | | Information Technology (0.3%) | |
| | 850,000 | | | Hewlett Packard Enterprise
Company~#
7.625%, 09/01/27 | | | 49,172,500 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
88
Market Neutral Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | | Materials (0.2%) | |
| | 500,000 | | | Albemarle Corp.~^
7.250%, 03/01/27 | | $ | 22,375,000 | | |
| | | Utilities (0.4%) | |
| | 500,000 | | | NextEra Energy, Inc.
7.299%, 06/01/27~^# | | | 26,455,000 | | |
| | 500,000 | | | 7.234%, 11/01/27# | | | 24,375,000 | | |
| | 300,000 | | | 6.926%, 09/01/25~^ | | | 13,425,000 | | |
| | | | 64,255,000 | | |
| | | TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $307,648,011) | | | 333,328,667 | | |
COMMON STOCKS (58.8%) | | | |
| | | Communication Services (5.3%) | |
| | 915,485 | | | Alphabet, Inc. - Class A~ | | | 156,648,638 | | |
| | 1,059,610 | | | Alphabet, Inc. - Class C~ | | | 182,984,051 | | |
| | 995,336 | | | AT&T, Inc. | | | 22,434,874 | | |
| | 816,003 | | | Comcast Corp. - Class A~ | | | 35,634,851 | | |
| | 147,498 | | | Fox Corp. - Class A^ | | | 6,194,916 | | |
| | 183,773 | | | Match Group, Inc.^# | | | 6,621,341 | | |
| | 407,941 | | | Meta Platforms, Inc. - Class A~ | | | 231,539,153 | | |
| | 82,106 | | | Netflix, Inc.~# | | | 62,074,599 | | |
| | 131,439 | | | T-Mobile U.S., Inc. | | | 29,331,927 | | |
| | 759,557 | | | Verizon Communications, Inc.~ | | | 32,000,136 | | |
| | 368,413 | | | Walt Disney Company~ | | | 35,441,331 | | |
| | | | 800,905,817 | | |
| | | Consumer Discretionary (5.9%) | |
| | 1,642,401 | | | Amazon.com, Inc.~# | | | 306,143,546 | | |
| | 825,000 | | | Andretti Acquisition Corp. II# | | | 8,241,750 | | |
| | 140,578 | | | Aptiv, PLC# | | | 7,989,048 | | |
| | 6,839 | | | Booking Holdings, Inc.~ | | | 31,980,874 | | |
| | 186,104 | | | Caesars Entertainment, Inc.^# | | | 7,453,465 | | |
| | 420,131 | | | Capri Holdings, Ltd.~# | | | 8,293,386 | | |
| | 589,415 | | | Carnival Corp.# | | | 12,967,130 | | |
| | 434,294 | | | Chipotle Mexican Grill, Inc.# | | | 24,220,576 | | |
| | 52,143 | | | Darden Restaurants, Inc.~^ | | | 8,343,923 | | |
| | 158,404 | | | DR Horton, Inc.~ | | | 26,770,276 | | |
| | 148,542 | | | eBay, Inc. | | | 8,542,650 | | |
| | 758,371 | | | Ford Motor Company~ | | | 7,803,638 | | |
| | 284,721 | | | General Motors Company | | | 14,452,438 | | |
| | 197,199 | | | Home Depot, Inc.~ | | | 77,647,106 | | |
| | 100,000 | | | iRobot Corp.~# | | | 873,000 | | |
| | 169,445 | | | Las Vegas Sands Corp.^ | | | 8,785,723 | | |
| | 159,533 | | | Lowe's Companies, Inc.~ | | | 41,770,525 | | |
| | 36,235 | | | Lululemon Athletica, Inc.# | | | 10,794,406 | | |
| | 125,978 | | | McDonald's Corp. | | | 36,799,434 | | |
| | 23,333 | | | MKD Tech, Inc.# | | | 20,650 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 26,250 | | | Next.e.GO, NV# | | $ | 3 | | |
| | 267,278 | | | NIKE, Inc. - Class B~ | | | 20,615,152 | | |
| | 405,223 | | | Norwegian Cruise Line
Holdings, Ltd.^# | | | 10,268,351 | | |
| | 15,924 | | | O'Reilly Automotive, Inc.# | | | 18,362,601 | | |
| | 90,040 | | | Ross Stores, Inc.~ | | | 12,580,389 | | |
| | 218,680 | | | Starbucks Corp.~ | | | 21,365,036 | | |
| | 486,736 | | | Tesla, Inc.# | | | 121,610,990 | | |
| | 247,451 | | | TJX Companies, Inc.~ | | | 27,969,387 | | |
| | 925,000 | | | Vine Hill Capital Investment
Corp.# | | | 9,268,500 | | |
| | | | 891,933,953 | | |
| | | Consumer Staples (3.7%) | |
| | 3,033,214 | | | Albertsons Companies, Inc. -
Class A | | | 54,901,173 | | |
| | 366,555 | | | Altria Group, Inc.~ | | | 19,962,585 | | |
| | 149,100 | | | Archer-Daniels-Midland
Company~ | | | 8,231,811 | | |
| | 26,981 | | | Boston Beer Company, Inc. -
Class A# | | | 7,853,360 | | |
| | 95,820 | | | Church & Dwight Company,
Inc. | | | 9,573,376 | | |
| | 635,768 | | | Coca-Cola Company | | | 41,522,008 | | |
| | 147,741 | | | Colgate-Palmolive Company~ | | | 13,844,809 | | |
| | 74,056 | | | Constellation Brands, Inc. -
Class A | | | 17,206,171 | | |
| | 58,675 | | | Costco Wholesale Corp.~ | | | 51,292,512 | | |
| | 45,229 | | | Dollar General Corp.~ | | | 3,620,129 | | |
| | 81,700 | | | Dollar Tree, Inc.^# | | | 5,281,088 | | |
| | 139 | | | Duckhorn Portfolio, Inc.# | | | 1,523 | | |
| | 56,215 | | | Estee Lauder Companies,
Inc. - Class A | | | 3,875,462 | | |
| | 161,598 | | | General Mills, Inc. | | | 10,991,896 | | |
| | 119,108 | | | Kellogg Company | | | 9,606,060 | | |
| | 88,771 | | | Kimberly-Clark Corp. | | | 11,911,293 | | |
| | 212,784 | | | Kroger Company | | | 11,866,964 | | |
| | 419,074 | | | Mondelez International, Inc. -
Class A | | | 28,698,188 | | |
| | 184,486 | | | Monster Beverage Corp.# | | | 9,718,722 | | |
| | 195,492 | | | PepsiCo, Inc.~ | | | 32,467,311 | | |
| | 350,197 | | | Philip Morris International,
Inc.~ | | | 46,471,142 | | |
| | 343,940 | | | Procter & Gamble Company | | | 56,812,009 | | |
| | 159,868 | | | Sysco Corp. | | | 11,982,107 | | |
| | 98,927 | | | Target Corp.~ | | | 14,843,007 | | |
| | 975,910 | | | Walmart, Inc.~ | | | 79,975,825 | | |
| | | | 562,510,531 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
89
Market Neutral Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | | Energy (2.4%) | |
| | 1,062,000 | | | ChampionX Corp. | | $ | 29,969,640 | | |
| | 380,333 | | | Chevron Corp. | | | 56,601,157 | | |
| | 244,108 | | | ConocoPhillips~ | | | 26,739,590 | | |
| | 73,061 | | | EOG Resources, Inc.~ | | | 8,910,520 | | |
| | 686,798 | | | Exxon Mobil Corp.~ | | | 80,204,271 | | |
| | 484,075 | | | Hess Corp. | | | 65,098,406 | | |
| | 505,642 | | | Kinder Morgan, Inc. | | | 12,393,285 | | |
| | 152,827 | | | Marathon Petroleum Corp. | | | 22,231,744 | | |
| | 86,428 | | | Noble Corp., PLC | | | 2,763,967 | | |
| | 156,933 | | | Occidental Petroleum Corp. | | | 7,863,913 | | |
| | 101,361 | | | ONEOK, Inc. | | | 9,819,854 | | |
| | 71,143 | | | Phillips 66~ | | | 8,666,640 | | |
| | 225,532 | | | Schlumberger, NV | | | 9,037,067 | | |
| | 68,828 | | | Valero Energy Corp.~ | | | 8,931,121 | | |
| | 255,129 | | | Williams Companies, Inc. | | | 13,361,106 | | |
| | | | 362,592,281 | | |
| | | Financials (7.4%) | |
| | 125,680 | | | Aflac, Inc.~ | | | 13,170,007 | | |
| | 98,051 | | | Allstate Corp.~ | | | 18,288,473 | | |
| | 112,219 | | | American Express Company~ | | | 30,308,107 | | |
| | 49,131 | | | Ameriprise Financial, Inc. | | | 25,071,549 | | |
| | 87,649 | | | Arthur J Gallagher & Company | | | 24,646,899 | | |
| | 73,693 | | | Assurant, Inc.~ | | | 14,126,948 | | |
| | 1,992,606 | | | Bank of America Corp.~ | | | 83,330,783 | | |
| | 182,976 | | | Bank of New York Mellon Corp. | | | 13,789,071 | | |
| | 264,515 | | | Berkshire Hathaway, Inc. -
Class B~# | | | 119,275,104 | | |
| | 18,984 | | | Blackrock, Inc. | | | 18,623,873 | | |
| | 96,400 | | | Blackstone, Inc. | | | 16,171,100 | | |
| | 87,124 | | | Cboe Global Markets, Inc. | | | 18,607,073 | | |
| | 343,871 | | | Charles Schwab Corp.~ | | | 24,356,383 | | |
| | 112,967 | | | Chubb, Ltd.~ | | | 31,906,399 | | |
| | 277,294 | | | Citigroup, Inc.~ | | | 17,793,956 | | |
| | 39,483 | | | CME Group, Inc. | | | 8,897,889 | | |
| | 111,049 | | | Discover Financial Services | | | 16,483,003 | | |
| | 116,485 | | | Fiserv, Inc.# | | | 23,052,381 | | |
| | 66,026 | | | Global Payments, Inc. | | | 6,847,556 | | |
| | 106,431 | | | Goldman Sachs Group, Inc.~ | | | 55,108,907 | | |
| | 500,000 | | | HCM II Acquisition Corp.# | | | 5,015,000 | | |
| | 416,130 | | | Huntington Bancshares, Inc. | | | 6,487,467 | | |
| | 44,016 | | | Jack Henry & Associates, Inc.^ | | | 8,007,831 | | |
| | 481,418 | | | JPMorgan Chase & Company~ | | | 106,836,283 | | |
| | 48,839 | | | M&T Bank Corp. | | | 9,507,977 | | |
| | 135,492 | | | Marsh & McLennan
Companies, Inc. | | | 29,569,774 | | |
| | 166,703 | | | Mastercard, Inc. - Class A | | | 83,283,152 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 147,626 | | | MetLife, Inc.~ | | $ | 11,576,831 | | |
| | 249,225 | | | Morgan Stanley~ | | | 28,972,406 | | |
| | 78,228 | | | Northern Trust Corp. | | | 7,863,479 | | |
| | 133,359 | | | PayPal Holdings, Inc.# | | | 10,575,369 | | |
| | 58,789 | | | Prudential Financial, Inc.~ | | | 7,200,477 | | |
| | 51,030 | | | S&P Global, Inc. | | | 24,512,771 | | |
| | 73,883 | | | State Street Corp.~ | | | 6,856,342 | | |
| | 65,529 | | | Travelers Companies, Inc.~ | | | 16,116,202 | | |
| | 149,408 | | | US Bancorp | | | 7,217,900 | | |
| | 357,923 | | | Visa, Inc. - Class A~ | | | 103,743,982 | | |
| | 929,214 | | | Wells Fargo & Company~ | | | 60,324,573 | | |
| | | | 1,113,523,277 | | |
| | | Health Care (6.8%) | |
| | 254,226 | | | Abbott Laboratories | | | 28,821,602 | | |
| | 318,899 | | | AbbVie, Inc.~ | | | 65,013,939 | | |
| | 168,316 | | | Agilent Technologies, Inc. | | | 21,933,258 | | |
| | 397,347 | | | Amedisys, Inc.# | | | 37,589,026 | | |
| | 71,485 | | | Amgen, Inc.~ | | | 22,886,638 | | |
| | 188,135 | | | Baxter International, Inc. | | | 6,716,419 | | |
| | 61,099 | | | Becton Dickinson & Company | | | 14,272,115 | | |
| | 36,558 | | | Biogen, Inc.~# | | | 6,361,092 | | |
| | 572,959 | | | Boston Scientific Corp.# | | | 48,140,015 | | |
| | 516,993 | | | Bristol-Myers Squibb
Company~ | | | 28,832,700 | | |
| | 115,758 | | | Centene Corp.# | | | 7,207,093 | | |
| | 49,260 | | | Cigna Group | | | 15,507,541 | | |
| | 217,598 | | | CVS Health Corp.~ | | | 12,285,583 | | |
| | 147,669 | | | Danaher Corp.~ | | | 36,276,367 | | |
| | 99,835 | | | Dexcom, Inc.# | | | 7,036,371 | | |
| | 167,083 | | | Edwards Lifesciences Corp.~# | | | 11,196,232 | | |
| | 150,595 | | | Eli Lilly & Company~ | | | 124,954,695 | | |
| | 63,103 | | | GE Healthcare, Inc. | | | 5,512,047 | | |
| | 231,123 | | | Gilead Sciences, Inc. | | | 20,528,345 | | |
| | 49,776 | | | HCA Healthcare, Inc. | | | 17,856,642 | | |
| | 30,192 | | | Humana, Inc. | | | 7,784,403 | | |
| | 83,228 | | | Intuitive Surgical, Inc.# | | | 41,933,595 | | |
| | 50,695 | | | IQVIA Holdings, Inc.# | | | 10,434,045 | | |
| | 400,416 | | | Johnson & Johnson~ | | | 64,010,502 | | |
| | 44,778 | | | Labcorp Holdings, Inc. | | | 10,221,474 | | |
| | 31,369 | | | McKesson Corp. | | | 15,703,008 | | |
| | 266,081 | | | Medtronic, PLC | | | 23,747,729 | | |
| | 503,558 | | | Merck & Company, Inc.~ | | | 51,524,055 | | |
| | 1,243,611 | | | Pfizer, Inc.~ | | | 35,194,191 | | |
| | 12,135 | | | Regeneron Pharmaceuticals,
Inc.~# | | | 10,171,557 | | |
| | 18,413 | | | Solventum Corp.^# | | | 1,336,416 | | |
| | 43,279 | | | Stryker Corp.~ | | | 15,419,442 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
90
Market Neutral Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 86,722 | | | Thermo Fisher Scientific,
Inc.~ | | $ | 47,377,963 | | |
| | 185,379 | | | UnitedHealth Group, Inc.~ | | | 104,646,445 | | |
| | 45,212 | | | Vertex Pharmaceuticals, Inc.# | | | 21,520,008 | | |
| | 46,797 | | | Zimmer Biomet Holdings, Inc.~ | | | 5,003,535 | | |
| | 119,774 | | | Zoetis, Inc. | | | 21,413,196 | | |
| | | | 1,026,369,284 | | |
| | | Industrials (5.0%) | |
| | 73,655 | | | 3M Company | | | 9,462,458 | | |
| | 51,708 | | | Allegion, PLC | | | 7,219,988 | | |
| | 98,606 | | | Automatic Data Processing, Inc. | | | 28,520,799 | | |
| | 72,710 | | | Boeing Company~# | | | 10,856,330 | | |
| | 283,707 | | | Carrier Global Corp. | | | 20,631,173 | | |
| | 141,634 | | | Caterpillar, Inc.~ | | | 53,282,711 | | |
| | 743,620 | | | CSX Corp.~ | | | 25,015,377 | | |
| | 51,091 | | | Deere & Company | | | 20,676,017 | | |
| | 171,709 | | | Delta Air Lines, Inc.~ | | | 9,825,189 | | |
| | 75,232 | | | Eaton Corp., PLC | | | 24,945,427 | | |
| | 199,401 | | | Emerson Electric Company~ | | | 21,589,146 | | |
| | 47,327 | | | GE Vernova, Inc.# | | | 14,276,663 | | |
| | 54,384 | | | Generac Holdings, Inc.# | | | 9,003,271 | | |
| | 43,825 | | | General Dynamics Corp. | | | 12,779,808 | | |
| | 189,308 | | | General Electric Company | | | 32,519,328 | | |
| | 165,904 | | | Honeywell International, Inc. | | | 34,123,135 | | |
| | 8,521 | | | Hubbell, Inc.^ | | | 3,638,723 | | |
| | 62,525 | | | Illinois Tool Works, Inc.~ | | | 16,327,153 | | |
| | 171,673 | | | Johnson Controls International,
PLC | | | 12,969,895 | | |
| | 66,008 | | | L3Harris Technologies, Inc. | | | 16,335,000 | | |
| | 35,830 | | | Lockheed Martin Corp. | | | 19,564,971 | | |
| | 147,660 | | | Masco Corp. | | | 11,799,511 | | |
| | 39,331 | | | Norfolk Southern Corp. | | | 9,849,662 | | |
| | 35,614 | | | Northrop Grumman Corp. | | | 18,128,238 | | |
| | 65,988 | | | Otis Worldwide Corp. | | | 6,480,022 | | |
| | 155,727 | | | PACCAR, Inc. | | | 16,239,212 | | |
| | 92,546 | | | Paychex, Inc. | | | 12,894,434 | | |
| | 36,931 | | | Paycom Software, Inc.^ | | | 7,719,687 | | |
| | 167,796 | | | Pentair, PLC | | | 16,631,940 | | |
| | 60,953 | | | Quanta Services, Inc. | | | 18,385,253 | | |
| | 354,207 | | | RTX Corp.~ | | | 42,855,505 | | |
| | 327,261 | | | Southwest Airlines Company~^ | | | 10,007,641 | | |
| | 467,757 | | | Uber Technologies, Inc.# | | | 33,701,892 | | |
| | 143,736 | | | Union Pacific Corp.~ | | | 33,356,813 | | |
| | 180,006 | | | United Airlines Holdings, Inc.# | | | 14,087,270 | | |
| | 119,031 | | | United Parcel Service, Inc. -
Class B | | | 15,957,296 | | |
| | 22,614 | | | United Rentals, Inc. | | | 18,380,659 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 49,221 | | | Veralto Corp. | | $ | 5,029,894 | | |
| | 58,208 | | | Verisk Analytics, Inc. | | | 15,990,902 | | |
| | 111,216 | | | Waste Management, Inc. | | | 24,005,974 | | |
| | 81,889 | | | Xylem, Inc. | | | 9,972,442 | | |
| | | | 745,036,809 | | |
| | | Information Technology (18.0%) | |
| | 98,103 | | | Accenture, PLC - Class A~ | | | 33,827,876 | | |
| | 76,750 | | | Adobe, Inc.# | | | 36,692,640 | | |
| | 350,224 | | | Advanced Micro Devices,
Inc.~# | | | 50,456,772 | | |
| | 303,193 | | | Amphenol Corp. - Class A~ | | | 20,319,995 | | |
| | 124,250 | | | Analog Devices, Inc. | | | 27,721,417 | | |
| | 85,000 | | | Ansys, Inc.~# | | | 27,234,850 | | |
| | 2,615,224 | | | Apple, Inc.~ | | | 590,805,254 | | |
| | 166,600 | | | Applied Digital Corp.# | | | 1,126,216 | | |
| | 158,867 | | | Applied Materials, Inc.~ | | | 28,847,070 | | |
| | 42,563 | | | Arista Networks, Inc.# | | | 16,448,046 | | |
| | 44,520 | | | Autodesk, Inc.# | | | 12,634,776 | | |
| | 59,792 | | | Blackbaud, Inc.# | | | 4,514,894 | | |
| | 781,710 | | | Broadcom, Inc.~ | | | 132,710,907 | | |
| | 887,301 | | | Cisco Systems, Inc.~ | | | 48,597,476 | | |
| | 128,229 | | | Cognizant Technology
Solutions Corp. - Class A~ | | | 9,564,601 | | |
| | 26,794 | | | Enphase Energy, Inc.^# | | | 2,224,974 | | |
| | 43,302 | | | Gartner, Inc.# | | | 21,759,255 | | |
| | 249,533 | | | HP, Inc. | | | 8,863,412 | | |
| | 725,475 | | | Intel Corp.~ | | | 15,612,222 | | |
| | 118,535 | | | International Business
Machines Corp. | | | 24,503,555 | | |
| | 64,748 | | | Intuit, Inc. | | | 39,515,704 | | |
| | 1,387,382 | | | Juniper Networks, Inc. | | | 53,969,160 | | |
| | 184,650 | | | Lam Research Corp. | | | 13,728,727 | | |
| | 701,377 | | | Matterport, Inc.# | | | 3,198,279 | | |
| | 299,508 | | | Micron Technology, Inc.~ | | | 29,845,972 | | |
| | 1,315,217 | | | Microsoft Corp.~ | | | 534,438,428 | | |
| | 71,193 | | | NetApp, Inc. | | | 8,209,265 | | |
| | 4,374,565 | | | NVIDIA Corp. | | | 580,767,249 | | |
| | 70,236 | | | NXP Semiconductors, NV | | | 16,470,342 | | |
| | 109,826 | | | ON Semiconductor Corp.# | | | 7,741,635 | | |
| | 325,877 | | | Oracle Corp. | | | 54,695,196 | | |
| | 79,503 | | | Palo Alto Networks, Inc.# | | | 28,647,316 | | |
| | 64,190 | | | PTC, Inc.# | | | 11,896,333 | | |
| | 84,834 | | | Qorvo, Inc.# | | | 6,045,271 | | |
| | 213,469 | | | QUALCOMM, Inc. | | | 34,746,349 | | |
| | 202,745 | | | Salesforce, Inc.~ | | | 59,073,811 | | |
| | 45,098 | | | ServiceNow, Inc.# | | | 42,075,983 | | |
| | 68,589 | | | Silicon Motion Technology
Corp. (ADR) | | | 3,690,774 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
91
Market Neutral Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 100,107 | | | Skyworks Solutions, Inc. | | $ | 8,767,371 | | |
| | 78,340 | | | Super Micro Computer, Inc.^# | | | 2,280,477 | | |
| | 64,259 | | | TE Connectivity, PLC | | | 9,473,062 | | |
| | 100,925 | | | Teradyne, Inc. | | | 10,719,244 | | |
| | 115,473 | | | Texas Instruments, Inc.~ | | | 23,459,495 | | |
| | 48,622 | | | Twilio, Inc. - Class A# | | | 3,921,364 | | |
| | 29,103 | | | Tyler Technologies, Inc.# | | | 17,624,486 | | |
| | | | 2,719,467,501 | | |
| | | Materials (1.4%) | |
| | 58,793 | | | Air Products & Chemicals,
Inc.~ | | | 18,256,990 | | |
| | 73,520 | | | Arch Resources, Inc. | | | 10,789,795 | | |
| | 47,933 | | | Avery Dennison Corp. | | | 9,923,569 | | |
| | 63,353 | | | Celanese Corp.^ | | | 7,980,577 | | |
| | 167,086 | | | Corteva, Inc. | | | 10,178,879 | | |
| | 167,086 | | | Dow, Inc.^ | | | 8,250,707 | | |
| | 150,460 | | | DuPont de Nemours, Inc. | | | 12,486,675 | | |
| | 457,842 | | | Freeport-McMoRan, Inc. | | | 20,612,047 | | |
| | 128,440 | | | Linde, PLC | | | 58,587,906 | | |
| | 72,195 | | | PPG Industries, Inc. | | | 8,989,000 | | |
| | 43,243 | | | Sherwin-Williams Company | | | 15,514,291 | | |
| | 723,063 | | | United States Steel Corp. | | | 28,090,998 | | |
| | | | 209,661,434 | | |
| | | Real Estate (1.2%) | |
| | 50,073 | | | Alexandria Real Estate
Equities, Inc. | | | 5,585,643 | | |
| | 69,091 | | | American Tower Corp.~ | | | 14,753,692 | | |
| | 96,529 | | | Camden Property Trust | | | 11,177,093 | | |
| | 132,957 | | | Crown Castle, Inc. | | | 14,291,548 | | |
| | 75,103 | | | Digital Realty Trust, Inc. | | | 13,385,608 | | |
| | 13,237 | | | Equinix, Inc. | | | 12,020,255 | | |
| | 506,055 | | | Healthpeak Properties, Inc. | | | 11,360,935 | | |
| | 59,694 | | | Mid-America Apartment
Communities, Inc. | | | 9,034,090 | | |
| | 197,466 | | | Prologis, Inc.~ | | | 22,301,810 | | |
| | 32,873 | | | Public Storage~ | | | 10,817,189 | | |
| | 284,908 | | | Realty Income Corp. | | | 16,914,988 | | |
| | 92,953 | | | Regency Centers Corp. | | | 6,640,562 | | |
| | 144,615 | | | UDR, Inc. | | | 6,101,307 | | |
| | 116,954 | | | Welltower, Inc. | | | 15,774,755 | | |
| | 223,369 | | | Weyerhaeuser Company | | | 6,960,178 | | |
| | | | 177,119,653 | | |
| | | Special Purpose Acquisition Companies (0.5%)# | |
| | 9,673 | | | Ai Transportation Acquisition
Corp. | | | 101,954 | | |
| | 50,000 | | | Alchemy Investments
Acquisition Corp. 1 | | | 572,000 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 24,591 | | | Black Hawk Acquisition
Corp. - Class A | | $ | 253,779 | | |
| | 1,500,000 | | | CARTESIAN GROWTH
Corp. II - Class A | | | 17,325,000 | | |
| | 1,250,000 | | | Everest Consolidator
Acquisition Corp. | | | 14,237,500 | | |
| | 500,000 | | | Evergreen Corp. - Class A | | | 5,875,000 | | |
| | 231,000 | | | Four Leaf Acquisition Corp. -
Class A | | | 2,547,930 | | |
| | 500,000 | | | FutureTech II Acquisition
Corp. - Class A | | | 5,650,000 | | |
| | 500,000 | | | Generation Asia I Acquisition,
Ltd. - Class A | | | 5,695,000 | | |
| | 925,000 | | | GigCapital7 Corp. | | | 9,250,000 | | |
| | 100,000 | | | Haymaker Acquisition Corp. 4 | | | 1,068,000 | | |
| | 30,000 | | | Israel Acquisitions Corp. -
Class A | | | 336,900 | | |
| | 100,000 | | | Keen Vision Acquisition Corp. | | | 1,087,000 | | |
| | 850,000 | | | Mercer Park Opportunities Corp. | | | 8,491,500 | | |
| | 100,000 | | | Nabors Energy Transition
Corp. II - Class A | | | 1,071,000 | | |
| | 55,000 | | | Oak Woods Acquisition
Corp. - Class A | | | 617,100 | | |
| | 14,770 | | | Quetta Acquisition Corp. | | | 155,085 | | |
| | 500,000 | | | Silverbox Corp. IV | | | 5,044,800 | | |
| | 24,769 | | | Spark I Acquisition Corp. | | | 261,065 | | |
| | | | 79,640,613 | | |
| | | Utilities (1.2%) | |
| | 355,800 | | | AES Corp.~ | | | 5,867,142 | | |
| | 139,141 | | | American Electric Power
Company, Inc. | | | 13,740,174 | | |
| | 108,163 | | | Consolidated Edison, Inc. | | | 10,998,014 | | |
| | 291,174 | | | Dominion Energy, Inc.~ | | | 17,333,588 | | |
| | 176,667 | | | Duke Energy Corp.~ | | | 20,364,405 | | |
| | 84,917 | | | Edison International | | | 6,997,161 | | |
| | 79,091 | | | Entergy Corp. | | | 12,241,705 | | |
| | 336,001 | | | Exelon Corp. | | | 13,204,839 | | |
| | 179,041 | | | FirstEnergy Corp.~^ | | | 7,489,285 | | |
| | 291,964 | | | NextEra Energy, Inc. | | | 23,138,147 | | |
| | 219,135 | | | NiSource, Inc. | | | 7,704,788 | | |
| | 137,562 | | | Public Service Enterprise
Group, Inc.~ | | | 12,299,418 | | |
| | 196,637 | | | Southern Company | | | 17,899,866 | | |
| | 157,390 | | | Xcel Energy, Inc. | | | 10,515,226 | | |
| | | | 179,793,758 | | |
| | | TOTAL COMMON STOCKS
(Cost $5,389,352,760) | | | 8,868,554,911 | | |
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, 2024
NUMBER OF
SHARES | | | | VALUE | |
INVESTMENT IN AFFILIATED FUND (2.2%) | | | |
| | | Other (2.2%) | |
| | 35,117,150 | | | Calamos Short-Term Bond
Fund
(Cost $350,000,000) | | $ | 334,315,266 | | |
WARRANTS (0.0%)# | | | |
| | | Communication Services (0.0%) | |
| | 200,000 | | | PSQ Holdings, Inc.
12/31/28, Strike $11.50 | | | 50,000 | | |
| | | Consumer Discretionary (0.0%) | |
| | 22,968 | | | Allurion Technologies, Inc.
08/01/30, Strike $8.10 | | | 1,149 | | |
| | 83,333 | | | Carbon Revolution, PLC
11/03/28, Strike $11.50 | | | 2,554 | | |
| | 25,000 | | | ECARX Holdings, Inc.
12/21/27, Strike $11.50 | | | 491 | | |
| | 75,000 | | | flyExclusive, Inc.
05/28/28, Strike $11.50 | | | 14,216 | | |
| | 20,000 | | | Grove Collaborative Holdings
06/16/27, Strike $11.50 | | | 249 | | |
| | 35,000 | | | Lanvin Group Holdings, Ltd.
12/14/27, Strike $11.50 | | | 483 | | |
| | 33,333 | | | Lotus Technology, Inc.
02/23/29, Strike $11.50 | | | 10,065 | | |
| | 140,000 | | | MKD Tech, Inc.
07/31/29, Strike $11.50 | | | 2,688 | | |
| | 200,000 | | | Nogin, Inc.
08/26/27, Strike $11.50 | | | 20 | | |
| | 25,000 | | | United Homes Group, Inc.
01/28/28, Strike $11.50 | | | 19,918 | | |
| | | | 51,833 | | |
| | | Consumer Staples (0.0%) | |
| | 83,333 | | | African Agriculture Holdings, Inc.
12/31/27, Strike $11.50 | | | 8 | | |
| | 500,000 | | | Psyence Biomedical, Ltd.
01/25/29, Strike $11.50 | | | 12,550 | | |
| | | | 12,558 | | |
| | | Energy (0.0%) | |
| | 25,000 | | | Crown Lng Holdings, Ltd.
10/18/28, Strike $11.50 | | | 803 | | |
| | 200,000 | | | Vast Solar Pty. Ltd.
07/01/28, Strike $11.50 | | | 11,880 | | |
| | 87,500 | | | Zeo Energy Corp.
03/14/29, Strike $11.50 | | | 3,500 | | |
| | | | 16,183 | | |
| | | Financials (0.0%) | |
| | 187,500 | | | Beneficient - Class A
03/14/28, Strike $11.50 | | | 1,125 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 250,000 | | | DigiAsia Corp.
04/02/29, Strike $11.50 | | $ | 28,500 | | |
| | 412,500 | | | Innventure, Inc.
10/01/29, Strike $11.50 | | | 206,250 | | |
| | | | 235,875 | | |
| | | Health Care (0.0%) | |
| | 156,250 | | | American Oncology Network,
Inc.
09/20/28, Strike $11.50 | | | 28,672 | | |
| | 500,000 | | | Baird Medical Investment
Holdings, Ltd.
10/02/29, Strike $11.50 | | | 20,550 | | |
| | 150,000 | | | Engene Holdings, Inc.
08/28/28, Strike $11.50 | | | 238,500 | | |
| | 100,000 | | | Envoy Medical, Inc.
09/29/28, Strike $11.50 | | | 5,940 | | |
| | 750,000 | | | Holdco Nuvo Group DG, Ltd.
05/01/29, Strike $11.50 | | | 375 | | |
| | 62,500 | | | Ocean Biomedical, Inc.
07/19/26, Strike $11.50 | | | 2,687 | | |
| | 33,333 | | | Oculis Holding, AG
03/03/30, Strike $11.50 | | | 186,665 | | |
| | 200,000 | | | Omniab, Inc.
11/01/27, Strike $11.50 | | | 60,010 | | |
| | 200,000 | | | Prenetics Global, Ltd.
05/17/27, Strike $8.91 | | | 2,190 | | |
| | 425,000 | | | QT Imaging Holdings, Inc.
12/31/28, Strike $11.50 | | | 7,650 | | |
| | 81,526 | | | Spectral AI, Inc.
12/31/27, Strike $11.50 | | | 11,397 | | |
| | 1,000,000 | | | Tevogen Bio Holdings, Inc.
11/04/26, Strike $11.50 | | | 93,800 | | |
| | 146,040 | | | YS Biopharma Company, Ltd.
03/15/28, Strike $11.50 | | | 6,572 | | |
| | | | 665,008 | | |
| | | Industrials (0.0%) | |
| | 289,507 | | | Aeries Technology, Inc.
10/20/26, Strike $11.50 | | | 11,826 | | |
| | 285,000 | | | AERWINS Technology, Inc.
06/16/26, Strike $11.50 | | | 29 | | |
| | 1,000,000 | | | Bitcoin Depot, Inc.
07/03/28, Strike $11.50 | | | 50,000 | | |
| | 25,000 | | | Bridger Aerospace Group
Holdings, Inc.
01/25/28, Strike $11.50 | | | 2,500 | | |
| | 42,500 | | | Complete Solaria, Inc.
12/31/27, Strike $11.50 | | | 6,949 | | |
| | 200,000 | | | Electriq Power Holdings, Inc.
07/31/28, Strike $11.50 | | | 600 | | |
| | 10,000 | | | Falcon's Beyond Global, Inc.
09/01/27, Strike $11.50 | | | 8,946 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
93
Market Neutral Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 250,000 | | | Heramba Electric, PLC
10/10/28, Strike $11.50 | | $ | 16,250 | | |
| | 75,000 | | | Infrared Cameras Holdings, Inc.
12/19/28, Strike $11.50 | | | 2,302 | | |
| | 500,000 | | | Intuitive Machines, Inc.
02/13/28, Strike $11.50 | | | 1,185,000 | | |
| | 300,000 | | | LanzaTech Global, Inc.
12/31/28, Strike $11.50 | | | 39,750 | | |
| | 50,000 | | | Montana Technologies Corp.
12/14/28, Strike $11.50 | | | 25,000 | | |
| | 625,000 | | | Murano Global, BV
03/30/29, Strike $11.50 | | | 112,437 | | |
| | 750,000 | | | PROOF Acquisition Corp. I
12/03/28, Strike $11.50 | | | 2,213 | | |
| | 350,000 | | | Semilux International Ltd.
02/06/29, Strike $1.00 | | | 35 | | |
| | 250,000 | | | Solidion Technology, Inc.
03/15/27, Strike $1.00 | | | 22,500 | | |
| | 750,000 | | | Southland Holdings, Inc.
09/01/26, Strike $11.50 | | | 225,000 | | |
| | 116,666 | | | Terran Orbital Corp.
03/25/27, Strike $11.50 | | | 805 | | |
| | 250,000 | | | Zooz Power, Ltd.
04/04/29, Strike $11.50 | | | 10,100 | | |
| | | | 1,722,242 | | |
| | | Information Technology (0.0%) | |
| | 250,000 | | | Airship AI Holdings, Inc.
12/26/28, Strike $11.50 | | | 52,500 | | |
| | 166,666 | | | Brand Engagement Network,
Inc.
03/14/29, Strike $11.50 | | | 4,233 | | |
| | 450,000 | | | Helport AI, Ltd.
08/05/29, Strike $11.50 | | | 76,500 | | |
| | 50,000 | | | iLearningEngines Holdings, Inc.
04/16/29, Strike $11.50 | | | 9,250 | | |
| | 125,000 | | | Nvni Group, Ltd.
11/01/28, Strike $11.50 | | | 2,538 | | |
| | 625,000 | | | Roadzen, Inc.
11/30/28, Strike $11.50 | | | 44,531 | | |
| | 350,000 | | | Rubicon Technologies, Inc.
04/01/27, Strike $11.50 | | | 473 | | |
| | 459,150 | | | SCHMID Group, NV
08/25/28, Strike $11.50 | | | 97,156 | | |
| | 100,000 | | | Smx Security Matters, PLC
03/07/28, Strike $11.50 | | | 780 | | |
| | 192,245 | | | Spectaire Holdings, Inc.
10/17/28, Strike $11.50 | | | 1,961 | | |
| | 250,000 | | | SpringBig Holdings, Inc.
06/14/27, Strike $11.50 | | | 325 | | |
| | 250,000 | | | Syntec Optics Holdings, Inc.
11/08/26, Strike $11.50 | | | 12,500 | | |
| | 20,000 | | | Veea, Inc.
09/17/29, Strike $11.50 | | | 3,970 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 500,000 | | | Zapata Computing Holdings,
Inc.
03/23/28, Strike $11.50 | | $ | 2,997 | | |
| | | | 309,714 | | |
| | | Materials (0.0%) | |
| | 126,666 | | | Bolt Projects Holdings, Inc.
08/12/29, Strike $11.50 | | | 3,015 | | |
| | 500,000 | | | Lifezone Metals, Ltd.
07/05/28, Strike $11.50 | | | 300,000 | | |
| | 177,835 | | | Niocorp Developments, Ltd.
03/17/28, Strike $0.89 | | | 23,118 | | |
| | | | 326,133 | | |
| | | Other (0.0%) | |
| | 500,000 | | | Critical Metals Corp.
06/06/28, Strike $11.50 | | | 128,700 | | |
| | 200,000 | | | Zoomcar Holdings, Inc.
07/01/28, Strike $11.50 | | | 7,200 | | |
| | | | 135,900 | | |
| | | Special Purpose Acquisition Companies (0.0%) | |
| | 500,000 | | | Aetherium Acquisition Corp.
01/03/29, Strike $11.50 | | | 50 | | |
| | 25,000 | | | Alchemy Investments
Acquisition Corp. 1
06/26/28, Strike $11.50 | | | 2,639 | | |
| | 750,000 | | | Altenergy Acquisition Corp.
11/02/28, Strike $11.50 | | | 16,275 | | |
| | 500,000 | | | APx Acquisition Corp. I
08/19/28, Strike $11.50 | | | 37,275 | | |
| | 250,000 | | | Athena Technology Acquisition
Corp. II
10/17/28, Strike $11.50 | | | 5,275 | | |
| | 625,000 | | | Atlantic Coastal Acquisition
Corp. II
06/02/28, Strike $11.50 | | | 18,781 | | |
| | 500,000 | | | Aura FAT Projects Acquisition
Corp.
06/02/27, Strike $11.50 | | | 14,400 | | |
| | 750,000 | | | Battery Future Acquisition
Corp.
05/26/28, Strike $11.50 | | | 13,087 | | |
| | 377,552 | | | Blockchain Coinvestors
Acquisition Corp. I
11/01/28, Strike $11.50 | | | 8,231 | | |
| | 625,000 | | | Blue Ocean Acquisition Corp.
10/21/28, Strike $11.50 | | | 15,562 | | |
| | 33,333 | | | BlueRiver Acquisition Corp.
01/04/26, Strike $11.50 | | | 90 | | |
| | 1,000,000 | | | BurTech Acquisition Corp.
12/18/26, Strike $11.50 | | | 194,500 | | |
| | 250,000 | | | byNordic Acquisition Corp.
02/09/27, Strike $11.50 | | | 13,125 | | |
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, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 375,000 | | | Cactus Acquisition Corp. 1, Ltd.
10/29/26, Strike $11.50 | | $ | 11,250 | | |
| | 500,000 | | | CARTESIAN GROWTH Corp. II
07/12/28, Strike $11.50 | | | 35,000 | | |
| | 134,701 | | | Cartica Acquisition Corp.
04/30/28, Strike $11.50 | | | 20,407 | | |
| | 159,466 | | | CF Acquisition Corp. VII
03/15/26, Strike $11.50 | | | 10,365 | | |
| | 750,000 | | | Chain Bridge I
12/31/28, Strike $11.50 | | | 7,575 | | |
| | 166,666 | | | Coliseum Acquisition Corp.
12/31/28, Strike $11.50 | | | 10,100 | | |
| | 166,666 | | | Compass Digital Acquisition
Corp.
09/14/23, Strike $11.50 | | | 17 | | |
| | 92,316 | | | Concord Acquisition Corp. II
12/31/28, Strike $11.50 | | | 3,231 | | |
| | 6,666 | | | Constellation Acquisition
Corp. I
12/31/27, Strike $11.50 | | | 127 | | |
| | 41,666 | | | Corner Growth Acquisition
Corp. 2
06/17/26, Strike $11.50 | | | 1,317 | | |
| | 133,333 | | | Crown PropTech Acquisitions
12/31/27, Strike $11.50 | | | 13 | | |
| | 375,000 | | | CSLM Acquisition Corp.
06/01/27, Strike $11.50 | | | 32,831 | | |
| | 350,000 | | | Denali Capital Acquisition Corp.
04/07/27, Strike $11.50 | | | 19,635 | | |
| | 750,000 | | | DP Cap Acquisition Corp. I
11/09/26, Strike $11.50 | | | 7,575 | | |
| | 125,000 | | | Energem Corp.
11/16/26, Strike $11.50 | | | 13 | | |
| | 625,000 | | | Enphys Acquisition Corp.
10/06/26, Strike $11.50 | | | 6,875 | | |
| | 500,000 | | | EVe Mobility Acquisition Corp.
12/31/28, Strike $11.50 | | | 22,250 | | |
| | 625,000 | | | Everest Consolidator
Acquisition Corp.
07/19/28, Strike $11.50 | | | 15,469 | | |
| | 500,000 | | | Evergreen Corp.
02/15/27, Strike $11.50 | | | 25,000 | | |
| | 183,737 | | | Finnovate Acquisition Corp.
09/30/26, Strike $11.50 | | | 2,977 | | |
| | 525,800 | | | Focus Impact Acquisition Corp.
10/28/26, Strike $11.50 | | | 22,084 | | |
| | 60,000 | | | Four Leaf Acquisition Corp.
05/12/28, Strike $11.50 | | | 3,597 | | |
| | 8,600 | | | FTAC Emerald Acquisition Corp.
08/22/28, Strike $11.50 | | | 1,505 | | |
| | 200,000 | | | Future Health ESG Corp.
09/09/26, Strike $11.50 | | | 11,260 | | |
| | 500,000 | | | FutureTech II Acquisition Corp.
02/16/27, Strike $11.50 | | | 14,825 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 225,000 | | | GCT Semiconductor Holding,
Inc. - Class A
12/31/28, Strike $11.50 | | $ | 18,000 | | |
| | 250,000 | | | Generation Asia I Acquisition,
Ltd.
07/24/28, Strike $11.50 | | | 25,775 | | |
| | 500,000 | | | Genesis Growth Tech
Acquisition Corp.
05/19/28, Strike $11.50 | | | 90,000 | | |
| | 50,000 | | | Haymaker Acquisition Corp. 4
09/12/28, Strike $11.50 | | | 8,752 | | |
| | 500,000 | | | Healthcare AI Acquisition Corp.
12/14/26, Strike $11.50 | | | 10,250 | | |
| | 438,223 | | | InFinT Acquisition Corp.
05/19/27, Strike $11.50 | | | 3,550 | | |
| | 350,000 | | | Insight Acquisition Corp.
08/26/26, Strike $11.50 | | | 1,995 | | |
| | 125,000 | | | Integral Acquisition Corp.1
12/14/28, Strike $11.50 | | | 6,250 | | |
| | 154,135 | | | Integrated Wellness
Acquisition Corp.
10/31/28, Strike $11.50 | | | 2,397 | | |
| | 750,000 | | | Investcorp Europe Acquisition
Corp. I
11/23/28, Strike $11.50 | | | 9,900 | | |
| | 6,250 | | | Iris Acquisition Corp.
03/05/26, Strike $11.50 | | | 63 | | |
| | 30,000 | | | Israel Acquisitions Corp.
02/28/28, Strike $11.50 | | | 928 | | |
| | 250,000 | | | IX Acquisition Corp.
11/24/26, Strike $11.50 | | | 2,650 | | |
| | 43,750 | | | Jaws Mustang Acquisition
Corp.
01/30/26, Strike $11.50 | | | 1,205 | | |
| | 100,000 | | | Keen Vision Acquisition Corp.
09/15/28, Strike $11.50 | | | 5,000 | | |
| | 250,000 | | | LatAmGrowth SPAC
01/25/28, Strike $11.50 | | | 5,000 | | |
| | 150,000 | | | Liberty Resources Acquisition
Corp.
10/31/28, Strike $11.50 | | | 15 | | |
| | 228,160 | | | Marblegate Acquisition Corp.
08/31/28, Strike $11.50 | | | 7,404 | | |
| | 850,000 | | | Mercer Park Opportunities
Corp.
08/29/29, Strike $11.50 | | | 70,125 | | |
| | 675,350 | | | Mountain & Company I
Acquisition Corp.
09/30/26, Strike $11.50 | | | 8,712 | | |
| | 50,000 | | | Nabors Energy Transition
Corp. II
09/05/28, Strike $11.50 | | | 5,750 | | |
| | 500,000 | | | New Providence Acquisition
Corp. II
12/31/27, Strike $11.50 | | | 20,000 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
95
Market Neutral Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 3,333 | | | Northern Star Investment
Corp. III
02/25/28, Strike $11.50 | | $ | — | | |
| | 3,333 | | | Northern Star Investment
Corp. IV
12/31/27, Strike $11.50 | | | — | | |
| | 55,000 | | | Oak Woods Acquisition Corp.
05/17/28, Strike $11.50 | | | 1,567 | | |
| | 750,000 | | | Onyx Acquisition Company I
11/30/28, Strike $11.50 | | | 1,312 | | |
| | 625,000 | | | Papaya Growth Opportunity
Corp. I
12/31/28, Strike $11.50 | | | 18,906 | | |
| | 150,000 | | | Patria Latin American
Opportunity Acquisition Corp.
03/10/27, Strike $11.50 | | | 6,915 | | |
| | 500,000 | | | Pearl Holdings Acquisition
Corp.
12/15/26, Strike $11.50 | | | 7,550 | | |
| | 686,522 | | | Perception Capital Corp IV
11/10/26, Strike $11.50 | | | 18,296 | | |
| | 144,093 | | | Perception Capital Corp. III
07/08/26, Strike $11.50 | | | 2,622 | | |
| | 12,500 | | | Phoenix Biotech Acquisition
Corp.
02/14/29, Strike $11.50 | | | 89 | | |
| | 500,000 | | | Pinstripes Holdings, Inc.
09/30/28, Strike $11.50 | | | 9,750 | | |
| | 250,000 | | | Plum Acquisition Corp III
03/31/28, Strike $11.50 | | | 14,575 | | |
| | 50,000 | | | Pyrophyte Acquisition Corp.
05/03/28, Strike $11.50 | | | 1,000 | | |
| | 1,000,000 | | | Rigel Resource Acquisition
Corp.
11/05/26, Strike $11.50 | | | 320,000 | | |
| | 40,000 | | | RMG Acquisition Corp. III
02/08/26, Strike $11.50 | | | 100 | | |
| | 133,333 | | | Ross Acquisition Corp. II
02/12/26, Strike $11.50 | | | 12,027 | | |
| | 250,000 | | | Roth CH Acquisition V
Company
12/10/26, Strike $11.50 | | | 12,275 | | |
| | 400,000 | | | SDCL EDGE Acquisition Corp.
03/23/26, Strike $11.50 | | | 15,900 | | |
| | 1,000,000 | | | ShoulderUp Technology
Acquisition Corp.
07/26/23, Strike $11.50 | | | 25,000 | | |
| | 83,333 | | | SilverBox Corp. III
04/28/28, Strike $11.50 | | | 9,992 | | |
| | 7,500 | | | Slam Corp.
12/31/27, Strike $11.50 | | | 488 | | |
| | 500,000 | | | Southport Acquisition Corp.
05/24/28, Strike $11.50 | | | 50,000 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 12,384 | | | Spark I Acquisition Corp.
11/27/28, Strike $11.50 | | $ | 1,551 | | |
| | 250,000 | | | Spree Acquisition Corp. 1, Ltd.
12/22/28, Strike $11.50 | | | 7,175 | | |
| | 300,286 | | | Springwater Special Situations
Corp.
04/12/26, Strike $11.50 | | | 30 | | |
| | 250,000 | | | Swiftmerge Acquisition Corp.
06/17/28, Strike $11.50 | | | 23,125 | | |
| | 333,333 | | | Target Global Acquisition I
Corp.
12/31/27, Strike $11.50 | | | 26,667 | | |
| | 100,000 | | | Thunder Bridge Capital
Partners IV, Inc.
04/30/28, Strike $11.50 | | | 16,000 | | |
| | 150,000 | | | TKB Critical Technologies 1
10/29/28, Strike $11.50 | | | 180 | | |
| | 328,694 | | | Tlgy Acquisition Corp.
01/14/28, Strike $11.50 | | | 12,162 | | |
| | 250,000 | | | Trajectory Alpha Acquisition
Corp.
12/31/27, Strike $11.50 | | | 8,700 | | |
| | 266,666 | | | Zalatoris II Acquisition Corp.
05/13/27, Strike $11.50 | | | 10,613 | | |
| | | | 1,562,876 | | |
| | | | | TOTAL WARRANTS
(Cost $4,843,980) | | | 5,088,322 | | |
RIGHTS (0.0%)# | | | |
| | | Consumer Staples (0.0%) | |
| | 277,808 | | | Mirati Therapeutics, Inc.,
(Expires 12/31/99)‡‡‡ | | | 277,808 | | |
| | | Special Purpose Acquisition Companies (0.0%) | |
| | 9,673 | | | AI Transportation Acquisition
Corp.,
(Expires 10/25/24) | | | 1,010 | | |
| | 4,918 | | | Black Hawk Acquisition Corp.,
(Expires 6/20/25) | | | 5,410 | | |
| | 750,000 | | | CSLM Acquisition Corp.,
(Expires 7/1/23) | | | 130,500 | | |
| | 850,000 | | | Mercer Park Opportunities
Corp.,
(Expires 1/22/27) | | | 65,875 | | |
| | 55,000 | | | Oak Woods Acquisition Corp.,
(Expires 12/31/49) | | | 10,450 | | |
| | 1,477 | | | Quetta Acquisition Corp.,
(Expires 11/30/24) | | | 2,511 | | |
| | | | 215,756 | | |
| | | | | TOTAL RIGHTS
(Cost $332,530) | | | 493,564 | | |
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, 2024
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | |
| | VALUE | |
PURCHASED OPTIONS (0.5%)# | | | |
| | | Communication Services (0.0%) | |
| 90
6,300,000,000 | JPY | | Cyberagent, Inc.
Call, 11/16/29, Strike 88.81 | | $ | 887,038 | | |
| | 50 | JPY | | | | | | | |
| | 3,500,000,000 | | | Call, 11/16/29, Strike 89.46 | | | 469,472 | | |
| | 30 | JPY | | | | | | | |
| | 2,100,000,000 | | | Call, 02/19/25, Strike 93.40 | | | 125,584 | | |
| | | | | Koei Tecmo Holdings | | | | | |
| | 165 | JPY | | Company, Ltd. | | | | | |
| | 2,646,600,000,000 | | | Call, 12/20/24, Strike 97.97 | | | 187,529 | | |
| | | | 1,669,623 | | |
| | | Consumer Discretionary (0.1%) | |
| | | | | EDION Corp. | | | | | |
| | 60 | JPY | | | | | | | |
| | 1,638,000,000,000 | | | Call, 06/19/25, Strike 99.51 | | | 2,476,767 | | |
| | 50 | JPY | | | | | | | |
| | 1,365,000,000,000 | | | Call, 06/19/25, Strike 95.45 | | | 2,157,552 | | |
| | 50 | JPY | | | | | | | |
| | 13,650,000,000 | | | Call, 06/19/25, Strike 94.30 | | | 2,195,396 | | |
| | 100 | JPY | | H.I.S. Company, Ltd. | | | | | |
| | 1,752,000,000,000 | | | Call, 11/15/24, Strike 96.54 | | | 180,913 | | |
| | | | | Kyoritsu Maintenance
Company, Ltd. | | | | | |
| | 100 | JPY | | | | | | | |
| | 2,445,500,000,000 | | | Call, 01/29/26, Strike 94.89 | | | 1,321,988 | | |
| | 20 | JPY | | | | | | | |
| | 489,100,000,000 | | | Call, 01/29/26, Strike 96.66 | | | 241,121 | | |
| | 5 | JPY | | | | | | | |
| | 122,275,000,000 | | | Call, 01/29/26, Strike 95.73 | | | 63,322 | | |
| | 50 | JPY | | Park24 Company, Ltd. | | | | | |
| | 9,555,000,000 | | | Call, 02/24/28, Strike 92.03 | | | 441,303 | | |
| | 200 | JPY | | Takashimaya Company, Ltd. | | | | | |
| | 24,400,000,000 | | | Call, 12/06/28, Strike 94.40 | | | 4,748,012 | | |
| | | | 13,826,374 | | |
| | | Consumer Staples (0.0%) | |
| | 50 | JPY | | Nippn Corp. | | | | | |
| | 1,101,000,000,000 | | | Call, 06/20/25, Strike 98.27 | | | 447,468 | | |
| | | Industrials (0.1%) | |
| | 100 | JPY | | ANA Holdings, Inc. | | | | | |
| | 3,900,000,000 | | | Call, 12/08/28, Strike 86.09 | | | 2,362,487 | | |
| | 100 | | | Asashi Refining US, Inc. | | | | | |
| | 116,700,000 | | | Call, 03/16/26, Strike $88.78 | | | 10 | | |
| | 300 | JPY | | Infroneer Holdings, Inc. | | | | | |
| | 15,228,000,000,000 | | | Call, 03/30/29, Strike 92.59 | | | 2,758,598 | | |
| | 160 | JPY | | Seino Holdings Company, Ltd. | | | | | |
| | 3,936,000,000,000 | | | Call, 03/31/26, Strike 97.31 | | | 2,706,396 | | |
| | | | 7,827,491 | | |
| | | Information Technology (0.0%) | |
| | 100 | JPY | | Ibiden Company, Ltd. | | | | | |
| | 42,900,000,000 | | | Call, 03/14/31, Strike 91.31 | | | 959,161 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | |
| | VALUE | |
| | | | | Materials (0.0%) | | | |
| 130
17,095,000,000 | JPY | | JFE Holdings, Inc.
Call, 09/08/28, Strike 94.99 | | $ | 930,716 | | |
| | 130 | JPY | | Kansai Paint Company, Ltd. | | | | | |
| | 3,250,000,000,000 | | | Call, 03/08/29, Strike 94.43 | | | 1,567,238 | | |
| | 100 | JPY | | Kobe Steel, Ltd. | | | | | |
| | 1,660,000,000,000 | | | Call, 12/14/28, Strike 92.11 | | | 578,518 | | |
| | | | 3,076,472 | | |
| | | | | Other (0.3%) | | | |
| | | | | S&P 500 Index | | | | | |
| | 6,000 | | | | | | | | | | |
| | 3,423,270,000 | | | Put, 11/15/24, Strike $5,200.00 | | | 6,930,000 | | |
| | 5,000 | | | | | | | | | | |
| | 2,852,725,000 | | | Put, 12/31/24, Strike $5,200.00 | | | 22,075,000 | | |
| | 2,000 | | | | | | | | | | |
| | 1,141,090,000 | | | Put, 11/15/24, Strike $5,600.00 | | | 11,240,000 | | |
| | | | 40,245,000 | | |
| | | | | Real Estate (0.0%) | | | |
| | | | | Daiwa House Industry
Company, Ltd. | | | | | |
| | 150 | JPY | | | | | | | | | |
| | 44,670,000,000 | | | Call, 03/30/29, Strike 93.88 | | | 1,265,793 | | |
| | 50 | JPY | | | | | | | | | |
| | 14,890,000,000 | | | Call, 03/30/29, Strike 94.87 | | | 456,198 | | |
| | 100 | JPY | | Relo Group, Inc. | | | | | |
| | 1,876,000,000,000 | | | Call, 12/17/27, Strike 92.68 | | | 530,745 | | |
| | | | 2,252,736 | | |
| | | | | TOTAL PURCHASED
OPTIONS
(Cost $81,203,441) | | | 70,304,325 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (1.5%) | | | | | |
| | 231,428,967 | | | State Street Navigator
Securities Lending Government
Money Market Portfolio,
4.871%†***
(Cost $231,428,967) | | | 231,428,967 | | |
| | | | | TOTAL INVESTMENTS (103.6%)
(Cost $11,702,123,065) | | | 15,625,290,189 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%) | | | (231,428,967 | ) | |
LIABILITIES, LESS OTHER ASSETS (-2.1%) | | | (318,624,973 | ) | |
NET ASSETS (100.0%) | | $ | 15,075,236,249 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
97
Market Neutral Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS SOLD SHORT (-19.2%)# | | | |
| | | Communication Services (-0.5%) | |
| | (8,500 | ) | | Charter Communications,
Inc. - Class A | | $ | (2,784,685 | ) | |
| | (436,000 | ) JPY | | CyberAgent, Inc. | | | (2,888,206 | ) | |
| | (109,913 | ) | | Live Nation Entertainment, Inc. | | | (12,875,209 | ) | |
| | (159,347 | ) | | Match Group, Inc. | | | (5,741,272 | ) | |
| | (194,000 | ) | | Sea, Ltd. (ADR) | | | (18,245,700 | ) | |
| | (371,846 | ) | | Snap, Inc. - Class A | | | (4,521,647 | ) | |
| | (114,200 | ) | | Sphere Entertainment Company | | | (4,774,702 | ) | |
| | (50,000 | ) | | Spotify Technology, SA | | | (19,255,000 | ) | |
| | (32,170 | ) | | TripAdvisor, Inc. | | | (516,007 | ) | |
| | (218,948 | ) | | Weibo Corp. (ADR) | | | (1,981,479 | ) | |
| | (34,929 | ) | | Ziff Davis, Inc. | | | (1,616,165 | ) | |
| | | | (75,200,072 | ) | |
| | | Consumer Discretionary (-3.0%) | |
| | (1,029,800 | ) | | Alibaba Group Holding,
Ltd. (ADR) | | | (100,899,804 | ) | |
| | (6,811 | ) | | Booking Holdings, Inc. | | | (31,849,939 | ) | |
| | (1,296,000 | ) | | Carnival Corp. | | | (28,512,000 | ) | |
| | (25,000 | ) EUR | | Delivery Hero, SE* | | | (1,058,109 | ) | |
| | (182,300 | ) | | DraftKings, Inc. - Class A | | | (6,438,836 | ) | |
| | (1,440,100 | ) JPY | | EDION Corp. | | | (16,728,817 | ) | |
| | (203,759 | ) | | Etsy, Inc. | | | (10,481,363 | ) | |
| | (360,800 | ) | | Ford Motor Company | | | (3,712,632 | ) | |
| | (435,736 | ) | | Guess?, Inc. | | | (7,403,155 | ) | |
| | (280,000 | ) | | JD.com, Inc. (ADR) | | | (11,373,600 | ) | |
| | (308,300 | ) JPY | | Kyoritsu Maintenance
Company, Ltd. | | | (5,000,693 | ) | |
| | (394,400 | ) | | Li Auto, Inc. (ADR) | | | (9,863,944 | ) | |
| | (30,217 | ) | | Marriott Vacations Worldwide
Corp. | | | (2,327,615 | ) | |
| | (12,600 | ) | | Meritage Homes Corp. | | | (2,283,120 | ) | |
| | (2,291,400 | ) | | NIO, Inc. (ADR) | | | (11,686,140 | ) | |
| | (657,200 | ) | | Norwegian Cruise Line
Holdings, Ltd. | | | (16,653,448 | ) | |
| | (66,200 | ) JPY | | Park24 Company, Ltd. | | | (832,619 | ) | |
| | (2,511,000 | ) | | Peloton Interactive, Inc. -
Class A | | | (21,343,500 | ) | |
| | (3,225,500 | ) | | Rivian Automotive, Inc. -
Class A | | | (32,577,550 | ) | |
| | (29,700 | ) | | Shake Shack, Inc. - Class A | | | (3,613,599 | ) | |
| | (442,355 | ) | | Stride, Inc. | | | (41,262,874 | ) | |
| | (1,291,600 | ) JPY | | Takashimaya Company, Ltd. | | | (10,375,134 | ) | |
| | (216,600 | ) | | Trip.com Group, Ltd. (ADR) | | | (13,949,040 | ) | |
| | (1,479,902 | ) | | Wayfair, Inc. - Class A | | | (63,384,203 | ) | |
| | (30,250 | ) | | Winnebago Industries, Inc. | | | (1,695,210 | ) | |
| | (2,208,800 | ) HKD | | Wynn Macau, Ltd. | | | (1,744,515 | ) | |
| | | | (457,051,459 | ) | |
NUMBER OF
SHARES | | | | VALUE | |
| | | Consumer Staples (-0.2%) | |
| | (113,589 | ) | | Freshpet, Inc. | | $ | (15,055,086 | ) | |
| | (117,100 | ) JPY | | Nippn Corp. | | | (1,697,079 | ) | |
| | (107,400 | ) | | Post Holdings, Inc. | | | (11,729,154 | ) | |
| | (30,000 | ) | | Spectrum Brands Holdings, Inc. | | | (2,688,600 | ) | |
| | | | (31,169,919 | ) | |
| | | Energy (-0.5%) | |
| | (201,774 | ) | | Chevron Corp. | | | (30,028,007 | ) | |
| | (96,468 | ) | | Northern Oil & Gas, Inc. | | | (3,496,965 | ) | |
| | (780,570 | ) | | Schlumberger, NV | | | (31,277,440 | ) | |
| | (141,200 | ) | | World Kinect Corp. | | | (3,692,380 | ) | |
| | | | (68,494,792 | ) | |
| | | Financials (-0.8%) | |
| | (426,500 | ) | | Apollo Global Management,
Inc. | | | (61,100,390 | ) | |
| | (202,600 | ) | | Ares Management Corp. -
Class A | | | (33,971,968 | ) | |
| | (113,210 | ) | | Coinbase Global, Inc. - Class A | | | (20,292,893 | ) | |
| | (157,000 | ) | | SoFi Technologies, Inc. | | | (1,753,690 | ) | |
| | (60,000 | ) | | Starwood Property Trust, Inc. | | | (1,184,400 | ) | |
| | (203,024 | ) | | WisdomTree, Inc. | | | (2,101,298 | ) | |
| | | | (120,404,639 | ) | |
| | | Health Care (-1.6%) | |
| | (73,000 | ) | | Alnylam Pharmaceuticals, Inc. | | | (19,461,070 | ) | |
| | (102,580 | ) | | Amphastar Pharmaceuticals,
Inc. | | | (5,183,367 | ) | |
| | (180,066 | ) | | Bridgebio Pharma, Inc. | | | (4,215,345 | ) | |
| | (973,500 | ) | | BrightSpring Health Services,
Inc. | | | (14,573,295 | ) | |
| | (52,956 | ) | | CONMED Corp. | | | (3,613,717 | ) | |
| | (60,257 | ) | | Dexcom, Inc. | | | (4,246,913 | ) | |
| | (49,406 | ) | | Envista Holdings Corp. | | | (1,036,044 | ) | |
| | (162,000 | ) | | Evolent Health, Inc. - Class A | | | (3,782,700 | ) | |
| | (77,000 | ) | | Haemonetics Corp. | | | (5,479,320 | ) | |
| | (460,224 | ) | | Halozyme Therapeutics, Inc. | | | (23,273,528 | ) | |
| | (220,900 | ) | | Innoviva, Inc. | | | (4,320,804 | ) | |
| | (270,531 | ) | | Insmed, Inc. | | | (18,201,326 | ) | |
| | (82,881 | ) | | Insulet Corp. | | | (19,189,438 | ) | |
| | (85,560 | ) | | Integer Holdings Corp. | | | (10,630,830 | ) | |
| | (214,000 | ) | | Ionis Pharmaceuticals, Inc. | | | (8,215,460 | ) | |
| | (18,800 | ) | | iRhythm Technologies, Inc. | | | (1,361,872 | ) | |
| | (82,692 | ) | | Jazz Pharmaceuticals, PLC | | | (9,098,601 | ) | |
| | (52,580 | ) | | Lantheus Holdings, Inc. | | | (5,775,387 | ) | |
| | (218,400 | ) | | Merck & Company, Inc. | | | (22,346,688 | ) | |
| | (93,500 | ) | | Merit Medical Systems, Inc. | | | (9,224,710 | ) | |
| | (35,000 | ) | | NeoGenomics, Inc. | | | (475,650 | ) | |
| | (35,000 | ) | | Omnicell, Inc. | | | (1,702,400 | ) | |
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, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | (67,198 | ) | | Pacira BioSciences, Inc. | | $ | (1,115,487 | ) | |
| | (211,363 | ) | | Sarepta Therapeutics, Inc. | | | (26,631,738 | ) | |
| | (223,298 | ) | | Tandem Diabetes Care, Inc. | | | (7,004,858 | ) | |
| | (226,149 | ) | | Veradigm, Inc. | | | (2,125,801 | ) | |
| | | | (232,286,349 | ) | |
| | | Industrials (-1.7%) | |
| | (90,200 | ) | | Air Transport Services Group,
Inc. | | | (1,555,048 | ) | |
| | (332,400 | ) | | American Airlines Group, Inc. | | | (4,454,160 | ) | |
| | (218,100 | ) JPY | | ANA Holdings, Inc. | | | (4,320,659 | ) | |
| | (81,455 | ) | | Axon Enterprise, Inc. | | | (34,496,192 | ) | |
| | (382,400 | ) | | Bloom Energy Corp. - Class A | | | (3,671,040 | ) | |
| | (250,700 | ) | | Boeing Company | | | (37,432,017 | ) | |
| | (279,447 | ) | | Chart Industries, Inc. | | | (33,734,842 | ) | |
| | (231,333 | ) | | Fluor Corp. | | | (12,094,089 | ) | |
| | (133,056 | ) | | Granite Construction, Inc. | | | (11,183,357 | ) | |
| | (86,880 | ) | | Greenbrier Companies, Inc. | | | (5,149,378 | ) | |
| | (544,500 | ) JPY | | Infroneer Holdings, Inc. | | | (4,122,991 | ) | |
| | (34,800 | ) | | John Bean Technologies Corp. | | | (3,877,416 | ) | |
| | (180,406 | ) | | Lyft, Inc. - Class A | | | (2,339,866 | ) | |
| | (95,700 | ) | | Middleby Corp. | | | (12,412,290 | ) | |
| | (58,830 | ) EUR | | Rheinmetall, AG | | | (30,281,168 | ) | |
| | (633,700 | ) JPY | | Seino Holdings Company, Ltd. | | | (10,262,070 | ) | |
| | (3,374,000 | ) SGD | | Singapore Airlines, Ltd. | | | (16,505,899 | ) | |
| | (157,470 | ) | | Tetra Tech, Inc. | | | (7,697,134 | ) | |
| | (331,400 | ) | | Uber Technologies, Inc. | | | (23,877,370 | ) | |
| | | | (259,466,986 | ) | |
| | | Information Technology (-8.6%) | |
| | (21,800 | ) | | Advanced Energy Industries,
Inc. | | | (2,365,954 | ) | |
| | (912,900 | ) | | Akamai Technologies, Inc. | | | (92,275,932 | ) | |
| | (124,200 | ) | | Alarm.com Holdings, Inc. | | | (6,623,586 | ) | |
| | (119,250 | ) | | Altair Engineering, Inc. -
Class A | | | (12,400,807 | ) | |
| | (119,700 | ) | | Bentley Systems, Inc. - Class B | | | (5,776,722 | ) | |
| | (144,222 | ) | | Blackline, Inc. | | | (7,985,572 | ) | |
| | (53,000 | ) | | Block, Inc. | | | (3,832,960 | ) | |
| | (546,000 | ) | | Box, Inc. - Class A | | | (17,340,960 | ) | |
| | (93,594 | ) | | Cloudflare, Inc. - Class A | | | (8,209,130 | ) | |
| | (66,300 | ) | | Confluent, Inc. - Class A | | | (1,735,071 | ) | |
| | (72,439 | ) | | CSG Systems International, Inc. | | | (3,376,382 | ) | |
| | (95,217 | ) | | CyberArk Software, Ltd. | | | (26,329,405 | ) | |
| | (25,750 | ) | | DigitalOcean Holdings, Inc. | | | (1,019,185 | ) | |
| | (622,200 | ) | | Dropbox, Inc. - Class A | | | (16,083,870 | ) | |
| | (22,734 | ) | | Enphase Energy, Inc. | | | (1,887,831 | ) | |
| | (93,200 | ) | | Envestnet, Inc. | | | (5,851,096 | ) | |
| | (45,000 | ) | | Five9, Inc. | | | (1,328,850 | ) | |
NUMBER OF
SHARES | | | | VALUE | |
| | (225,708 | ) | | Guidewire Software, Inc. | | $ | (42,040,372 | ) | |
| | (2,063,789 | ) | | Hewlett Packard Enterprise
Company | | | (40,223,248 | ) | |
| | (48,300 | ) JPY | | Ibiden Company, Ltd. | | | (1,579,589 | ) | |
| | (186,826 | ) | | Insight Enterprises, Inc. | | | (32,679,604 | ) | |
| | (125,973 | ) | | InterDigital, Inc. | | | (18,951,378 | ) | |
| | (124,316 | ) | | Itron, Inc. | | | (13,893,556 | ) | |
| | (15,000 | ) | | Jamf Holding Corp. | | | (249,600 | ) | |
| | (5,083,000 | ) HKD | | Lenovo Group, Ltd. | | | (6,734,529 | ) | |
| | (312,323 | ) | | Lumentum Holdings, Inc. | | | (19,948,070 | ) | |
| | (310,000 | ) | | Marathon Digital Holdings, Inc. | | | (5,198,700 | ) | |
| | (61,000 | ) | | Microchip Technology, Inc. | | | (4,475,570 | ) | |
| | (672,560 | ) | | MicroStrategy, Inc. - Class A | | | (164,440,920 | ) | |
| | (65,600 | ) | | MKS Instruments, Inc. | | | (6,516,048 | ) | |
| | (316,653 | ) | | MongoDB, Inc. | | | (85,622,971 | ) | |
| | (134,048 | ) | | Nova, Ltd. | | | (24,839,094 | ) | |
| | (115,021 | ) | | Nutanix, Inc. - Class A | | | (7,142,804 | ) | |
| | (924,700 | ) | | ON Semiconductor Corp. | | | (65,182,103 | ) | |
| | (15,200 | ) | | OSI Systems, Inc. | | | (2,009,592 | ) | |
| | (227,709 | ) | | PagerDuty, Inc. | | | (4,112,425 | ) | |
| | (1,007,986 | ) | | Palo Alto Networks, Inc. | | | (363,207,595 | ) | |
| | (89,992 | ) | | Parsons Corp. | | | (9,733,535 | ) | |
| | (227,200 | ) | | Progress Software Corp. | | | (14,561,248 | ) | |
| | (35,567 | ) | | PROS Holdings, Inc. | | | (704,227 | ) | |
| | (7,500 | ) | | Q2 Holdings, Inc. | | | (634,950 | ) | |
| | (136,800 | ) | | Rapid7, Inc. | | | (5,529,456 | ) | |
| | (194,400 | ) | | Seagate Technology Holdings,
PLC | | | (19,511,928 | ) | |
| | (109,445 | ) | | Shift4 Payments, Inc. - Class A | | | (9,898,206 | ) | |
| | (169,000 | ) | | Snowflake, Inc. - Class A | | | (19,404,580 | ) | |
| | (126,920 | ) | | Super Micro Computer, Inc. | | | (3,694,641 | ) | |
| | (29,325 | ) | | Synopsys, Inc. | | | (15,061,613 | ) | |
| | (143,700 | ) | | Varonis Systems, Inc. | | | (7,238,169 | ) | |
| | (110,900 | ) | | Vertex, Inc. - Class A | | | (4,603,459 | ) | |
| | (201,646 | ) | | Vishay Intertechnology, Inc. | | | (3,419,916 | ) | |
| | (734,600 | ) | | Western Digital Corp. | | | (47,976,726 | ) | |
| | (99,120 | ) | | Wolfspeed, Inc. | | | (1,319,287 | ) | |
| | (133,100 | ) | | Workiva, Inc. | | | (10,616,056 | ) | |
| | (100,000 | ) | | Xerox Holdings Corp. | | | (817,000 | ) | |
| | | | (1,298,196,078 | ) | |
| | | Materials (-0.2%) | |
| | (169,550 | ) | | Albemarle Corp. | | | (16,061,472 | ) | |
| | (25,000 | ) JPY | | ARE Holdings, Inc. | | | (308,510 | ) | |
| | (151,100 | ) JPY | | JFE Holdings, Inc. | | | (1,839,772 | ) | |
| | (233,000 | ) JPY | | Kansai Paint Company, Ltd. | | | (3,833,750 | ) | |
| | (189,000 | ) JPY | | Kobe Steel, Ltd. | | | (2,064,272 | ) | |
| | (325,229 | ) | | MP Materials Corp. | | | (5,850,870 | ) | |
See accompanying Notes to Schedule of Investments
www.calamos.com
99
Market Neutral Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | (30,000 | ) | | POSCO Holdings, Inc. (ADR) | | $ | (1,803,300 | ) | |
| | | | (31,761,946 | ) | |
| | | Real Estate (-0.4%) | |
| | (74,800 | ) JPY | | Daiwa House Industry
Company, Ltd. | | | (2,250,301 | ) | |
| | (38,800 | ) | | Federal Realty Investment Trust | | | (4,300,592 | ) | |
| | (200,000 | ) HKD | | Link REIT | | | (932,584 | ) | |
| | (79,000 | ) JPY | | Relo Group, Inc. | | | (975,151 | ) | |
| | (79,500 | ) | | Rexford Industrial Realty, Inc. | | | (3,409,755 | ) | |
| | (157,500 | ) | | Ventas, Inc. | | | (10,314,675 | ) | |
| | (227,550 | ) | | Welltower, Inc. | | | (30,691,944 | ) | |
| | (115,475 | ) | | Zillow Group, Inc. - Class C | | | (6,938,893 | ) | |
| | | | (59,813,895 | ) | |
| | | Utilities (-1.7%) | |
| | (122,700 | ) | | Alliant Energy Corp. | | | (7,362,000 | ) | |
| | (91,760 | ) | | American Water Works
Company, Inc. | | | (12,672,974 | ) | |
| | (163,000 | ) | | CenterPoint Energy, Inc. | | | (4,813,390 | ) | |
| | (80,500 | ) | | CMS Energy Corp. | | | (5,603,605 | ) | |
| | (146,500 | ) | | Duke Energy Corp. | | | (16,887,055 | ) | |
| | (157,000 | ) | | Evergy, Inc. | | | (9,489,080 | ) | |
| | (160,000 | ) | | FirstEnergy Corp. | | | (6,692,800 | ) | |
| | (836,000 | ) | | NextEra Energy, Inc. | | | (66,253,000 | ) | |
| | (550,000 | ) | | PG&E Corp. | | | (11,121,000 | ) | |
| | (40,500 | ) | | Pinnacle West Capital Corp. | | | (3,556,305 | ) | |
| | (295,000 | ) | | PPL Corp. | | | (9,605,200 | ) | |
| | (805,147 | ) | | Southern Company | | | (73,292,531 | ) | |
| | (26,900 | ) | | Sunnova Energy International,
Inc. | | | (163,283 | ) | |
| | (313,800 | ) | | WEC Energy Group, Inc. | | | (29,977,314 | ) | |
| | | | (257,489,537 | ) | |
| | | | | TOTAL COMMON STOCKS
SOLD SHORT
(Proceeds $2,570,288,853) | | | (2,891,335,672 | ) | |
| | | | | TOTAL SECURITIES SOLD SHORT
(Proceeds $2,570,288,853) | | | (2,891,335,672 | ) | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
WRITTEN OPTIONS (-5.5%)# | | | |
| | | Communication Services (0.0%) | |
| | (955 | ) | | Sphere Entertainment Company | | | | | |
| | (3,992,855 | ) | | Call, 01/17/25, Strike $35.00 | | | (854,725 | ) | |
| | | | (854,725 | ) | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | |
| | VALUE | |
| | | Industrials (0.0%) | |
| | (4,004 | ) | | Albertsons Companies, Inc. | | | | | |
| | (7,247,240 | ) | | Call, 01/17/25, Strike $18.00 | | $ | (900,900 | ) | |
| | | Other (-5.5%) | |
| | | | | S&P 500 Index | | | | | |
| | (10,000 | ) | | | | | | | |
| | (5,705,450,000 | ) | | Call, 12/31/24, Strike $5,200.00 | | | (590,050,000 | ) | |
| | (5,000 | ) | | | | | | | |
| | (2,852,725,000 | ) | | Put, 12/31/24, Strike $4,800.00 | | | (10,625,000 | ) | |
| | (4,000 | ) | | | | | | | |
| | (2,282,180,000 | ) | | Call, 11/29/24, Strike $5,200.00 | | | (219,260,000 | ) | |
| | (2,000 | ) | | | | | | | |
| | (1,141,090,000 | ) | | Put, 11/15/24, Strike $5,300.00 | | | (3,200,000 | ) | |
| | | | (823,135,000 | ) | |
| | | TOTAL WRITTEN OPTIONS
(Premium $745,346,888) | | $ | (824,890,625 | ) | |
FORWARD FOREIGN CURRENCY CONTRACTS
COUNTERPARTY | | LONG
CONTRACTS | | SETTLEMENT
DATE | | LOCAL
CURRENCY | | CURRENT
VALUE | | UNREALIZED
GAIN/LOSS | |
Bank of New York | | European
Monetary Unit | | 11/27/24 | | | 35,076,000 | | | $ | 38,189,820 | | | $ | (874,427 | ) | |
State Street Bank and European
Trust | | Monetary Unit | | 11/27/24 | | | 6,060,000 | | | | 6,597,967 | | | | (158,495 | ) | |
State Street Bank and European
Trust | | Monetary Unit | | 11/27/24 | | | 5,326,000 | | | | 5,798,808 | | | | (85,614 | ) | |
Northern Trust
Company | | Japanese Yen | | 11/27/24 | | | 857,774,000 | | | | 5,661,463 | | | | (248,872 | ) | |
Bank of New York | | Singapore Dollar | | 11/27/24 | | | 1,465,000 | | | | 1,110,578 | | | | 12 | | |
Bank of New York | | Japanese Yen | | 11/27/24 | | | 98,743,000 | | | | 651,722 | | | | (44,432 | ) | |
| | | $ | (1,411,828 | ) | |
COUNTERPARTY | | SHORT
CONTRACTS | | SETTLEMENT
DATE | | LOCAL
CURRENCY | | CURRENT
VALUE | | UNREALIZED
GAIN/LOSS | |
State Street Bank and
Trust | | Japanese Yen | | 11/27/24 | | | 104,500,000 | | | $ | 689,719 | | | $ | 33,525 | | |
Northern Trust
Company | | Singapore Dollar | | 11/27/24 | | | 1,400,000 | | | | 1,061,303 | | | | 20,516 | | |
State Street Bank and
Trust | | Singapore Dollar | | 11/27/24 | | | 1,516,000 | | | | 1,149,240 | | | | 17,466 | | |
State Street Bank and British Pound
Trust | | Sterling | | 11/27/24 | | | 1,408,000 | | | | 1,815,486 | | | | (1,211 | ) | |
State Street Bank and European
Trust | | Monetary Unit | | 11/27/24 | | | 6,301,000 | | | | 6,860,362 | | | | (8,410 | ) | |
State Street Bank and European
Trust | | Monetary Unit | | 11/27/24 | | | 6,845,000 | | | | 7,452,655 | | | | 109,550 | | |
State Street Bank and
Trust | | Japanese Yen | | 11/27/24 | | | 2,688,073,000 | | | | 17,741,766 | | | | (214,930 | ) | |
State Street Bank and British Pound
Trust | | Sterling | | 11/27/24 | | | 14,203,000 | | | | 18,313,454 | | | | 37,562 | | |
Northern Trust
Company | | Singapore Dollar | | 11/27/24 | | | 24,410,000 | | | | 18,504,579 | | | | (268,905 | ) | |
State Street Bank and European
Trust | | Monetary Unit | | 11/27/24 | | | 90,446,000 | | | | 98,475,209 | | | | 230,384 | | |
| | | $ | (44,453 | ) | |
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, 2024
NOTES TO SCHEDULE OF INVESTMENTS
~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options, swaps, or securities sold short. The aggregate value of such securities is $4,701,431,221.
^ 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.
@ In default status and considered non-income producing.
!! Restricted security — The Fund may own investment securities that have other legal or contractual limitations.
RESTRICTED SECURITY | | ACQUISITION DATE | | ACQUISITION COST | |
SmileDirectClub, Inc. | | 02/05/2021 | | $ | 12,518,360 | | |
| | | TOTAL | | $ | 12,518,360 | | |
‡ Variable rate security. The rate shown is the rate in effect at October 31, 2024.
# Non-income producing security.
‡‡‡ Security fair valued using significant unobservable inputs and classified as a Level 3 security.
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FOREIGN CURRENCY ABBREVIATION
EUR European Monetary Unit
GBP British Pound Sterling
HKD Hong Kong Dollar
JPY Japanese Yen
SGD Singapore Dollar
ABBREVIATION
ADR American Depositary Receipt
Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown. For purchased options denominated in JPY, the strike price shown is a percentage of the par value of the underlying.
TOTAL RETURN SWAPS
COUNTERPARTY | |
UNDERLYING
REFERENCE
INSTRUMENT | |
FIXED RATE
(FUND PAYS) | |
FLOATING RATE
(FUND RECEIVES) | |
TERMINATION
DATE | |
PERIODIC
PAYMENT
FREQUENCY | |
NOTIONAL
AMOUNT | | UPFRONT
PAYMENTS
(PAID)/
RECEIVED | |
MARKET
VALUE | |
UNREALIZED
APPRECIATION/
(DEPRECIATION) | |
Goldman Sachs & Co.
| | Applied Digital Corp.
| | Equity returns on 166,600
shares of Applied Digital Corp. | | 3 mo. OBFR Plus 0.000% | | 02/06/25 | | Quarterly | | $ | 1,226,176 | | | $ | — | | | $ | 99,960 | | | $ | 99,960 | | |
| | | $ | — | | | $ | 99,960 | | | $ | 99,960 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
101
Hedged Equity Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (98.1%) | | | |
| | | Communication Services (9.3%) | |
| | 76,837 | | | Alphabet, Inc. - Class A~ | | $ | 13,147,579 | | |
| | 86,160 | | | Alphabet, Inc. - Class C | | | 14,878,970 | | |
| | 77,047 | | | AT&T, Inc. | | | 1,736,639 | | |
| | 66,505 | | | Comcast Corp. - Class A | | | 2,904,273 | | |
| | 12,298 | | | Fox Corp. - Class A | | | 516,516 | | |
| | 14,221 | | | Match Group, Inc.#^ | | | 512,383 | | |
| | 33,040 | | | Meta Platforms, Inc. - Class A | | | 18,752,843 | | |
| | 6,356 | | | Netflix, Inc.# | | | 4,805,327 | | |
| | 10,172 | | | T-Mobile U.S., Inc. | | | 2,269,984 | | |
| | 63,476 | | | Verizon Communications, Inc. | | | 2,674,244 | | |
| | 30,838 | | | Walt Disney Company | | | 2,966,616 | | |
| | | | 65,165,374 | | |
| | | Consumer Discretionary (10.0%) | |
| | 132,463 | | | Amazon.com, Inc.~# | | | 24,691,103 | | |
| | 10,881 | | | Aptiv, PLC# | | | 618,367 | | |
| | 549 | | | Booking Holdings, Inc. | | | 2,567,261 | | |
| | 14,406 | | | Caesars Entertainment, Inc.# | | | 576,960 | | |
| | 49,066 | | | Carnival Corp.# | | | 1,079,452 | | |
| | 32,923 | | | Chipotle Mexican Grill, Inc.# | | | 1,836,116 | | |
| | 4,254 | | | Darden Restaurants, Inc. | | | 680,725 | | |
| | 13,219 | | | DR Horton, Inc. | | | 2,234,011 | | |
| | 11,532 | | | eBay, Inc. | | | 663,205 | | |
| | 58,697 | | | Ford Motor Company | | | 603,992 | | |
| | 22,036 | | | General Motors Company | | | 1,118,547 | | |
| | 16,183 | | | Home Depot, Inc. | | | 6,372,056 | | |
| | 13,676 | | | Las Vegas Sands Corp. | | | 709,101 | | |
| | 13,212 | | | Lowe's Companies, Inc. | | | 3,459,298 | | |
| | 2,975 | | | Lululemon Athletica, Inc.# | | | 886,253 | | |
| | 10,241 | | | McDonald's Corp. | | | 2,991,499 | | |
| | 20,687 | | | NIKE, Inc. - Class B~ | | | 1,595,588 | | |
| | 31,362 | | | Norwegian Cruise Line Holdings, Ltd.#^ | | | 794,713 | | |
| | 1,276 | | | O'Reilly Automotive, Inc.# | | | 1,471,407 | | |
| | 7,332 | | | Ross Stores, Inc. | | | 1,024,427 | | |
| | 17,775 | | | Starbucks Corp.~ | | | 1,736,618 | | |
| | 39,073 | | | Tesla, Inc.# | | | 9,762,389 | | |
| | 20,491 | | | TJX Companies, Inc. | | | 2,316,098 | | |
| | | | 69,789,186 | | |
| | | Consumer Staples (5.8%) | |
| | 28,250 | | | Altria Group, Inc. | | | 1,538,495 | | |
| | 12,455 | | | Archer-Daniels-Midland Company | | | 687,641 | | |
| | 7,987 | | | Church & Dwight Company, Inc. | | | 797,981 | | |
| | 51,658 | | | Coca-Cola Company~ | | | 3,373,784 | | |
| | 12,030 | | | Colgate-Palmolive Company | | | 1,127,331 | | |
| | 5,676 | | | Constellation Brands, Inc. - Class A | | | 1,318,762 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 4,912 | | | Costco Wholesale Corp. | | $ | 4,293,972 | | |
| | 3,844 | | | Dollar General Corp. | | | 307,674 | | |
| | 6,623 | | | Dollar Tree, Inc.# | | | 428,111 | | |
| | 4,351 | | | Estee Lauder Companies, Inc. - Class A | | | 299,958 | | |
| | 13,140 | | | General Mills, Inc. | | | 893,783 | | |
| | 9,967 | | | Kellogg Company | | | 803,839 | | |
| | 7,429 | | | Kimberly-Clark Corp. | | | 996,823 | | |
| | 17,293 | | | Kroger Company | | | 964,431 | | |
| | 34,707 | | | Mondelez International, Inc. - Class A | | | 2,376,735 | | |
| | 15,006 | | | Monster Beverage Corp.# | | | 790,516 | | |
| | 15,844 | | | PepsiCo, Inc.~ | | | 2,631,371 | | |
| | 29,002 | | | Philip Morris International, Inc.~ | | | 3,848,565 | | |
| | 28,483 | | | Procter & Gamble Company | | | 4,704,822 | | |
| | 12,943 | | | Sysco Corp. | | | 970,078 | | |
| | 8,192 | | | Target Corp. | | | 1,229,128 | | |
| | 73,299 | | | Walmart, Inc.~ | | | 6,006,853 | | |
| | | | 40,390,653 | | |
| | | Energy (3.4%) | |
| | 31,988 | | | Chevron Corp. | | | 4,760,454 | | |
| | 21,706 | | | ConocoPhillips | | | 2,377,675 | | |
| | 6,121 | | | EOG Resources, Inc. | | | 746,517 | | |
| | 56,306 | | | Exxon Mobil Corp. | | | 6,575,415 | | |
| | 14,090 | | | Hess Corp. | | | 1,894,823 | | |
| | 41,177 | | | Kinder Morgan, Inc. | | | 1,009,248 | | |
| | 12,437 | | | Marathon Petroleum Corp. | | | 1,809,210 | | |
| | 12,227 | | | Occidental Petroleum Corp. | | | 612,695 | | |
| | 8,254 | | | ONEOK, Inc. | | | 799,648 | | |
| | 5,781 | | | Phillips 66 | | | 704,242 | | |
| | 17,420 | | | Schlumberger, NV | | | 698,019 | | |
| | 5,754 | | | Valero Energy Corp. | | | 746,639 | | |
| | 20,780 | | | Williams Companies, Inc. | | | 1,088,249 | | |
| | | | 23,822,834 | | |
| | | Financials (12.9%) | |
| | 8,535 | | | Aflac, Inc. | | | 894,383 | | |
| | 6,556 | | | Allstate Corp. | | | 1,222,825 | | |
| | 9,130 | | | American Express Company | | | 2,465,831 | | |
| | 4,016 | | | Ameriprise Financial, Inc. | | | 2,049,365 | | |
| | 7,311 | | | Arthur J Gallagher & Company | | | 2,055,853 | | |
| | 6,029 | | | Assurant, Inc. | | | 1,155,759 | | |
| | 162,108 | | | Bank of America Corp.~ | | | 6,779,357 | | |
| | 14,878 | | | Bank of New York Mellon Corp. | | | 1,121,206 | | |
| | 22,096 | | | Berkshire Hathaway, Inc. - Class B# | | | 9,963,528 | | |
| | 1,544 | | | Blackrock, Inc. | | | 1,514,710 | | |
| | 7,623 | | | Blackstone, Inc. | | | 1,278,758 | | |
| | 6,793 | | | Cboe Global Markets, Inc. | | | 1,450,781 | | |
| | 28,496 | | | Charles Schwab Corp. | | | 2,018,372 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
102
Hedged Equity Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 9,078 | | | Chubb, Ltd. | | $ | 2,563,990 | | |
| | 21,464 | | | Citigroup, Inc. | | | 1,377,345 | | |
| | 3,212 | | | CME Group, Inc. | | | 723,856 | | |
| | 8,719 | | | Discover Financial Services | | | 1,294,161 | | |
| | 9,743 | | | Fiserv, Inc.# | | | 1,928,140 | | |
| | 5,396 | | | Global Payments, Inc. | | | 559,619 | | |
| | 8,662 | | | Goldman Sachs Group, Inc.~ | | | 4,485,097 | | |
| | 32,205 | | | Huntington Bancshares, Inc. | | | 502,076 | | |
| | 3,683 | | | Jack Henry & Associates, Inc. | | | 670,048 | | |
| | 39,213 | | | JPMorgan Chase & Company | | | 8,702,149 | | |
| | 3,989 | | | M&T Bank Corp. | | | 776,579 | | |
| | 11,338 | | | Marsh & McLennan Companies, Inc. | | | 2,474,405 | | |
| | 12,904 | | | Mastercard, Inc. - Class A~ | | | 6,446,709 | | |
| | 12,363 | | | MetLife, Inc. | | | 969,507 | | |
| | 20,097 | | | Morgan Stanley | | | 2,336,276 | | |
| | 6,393 | | | Northern Trust Corp. | | | 642,624 | | |
| | 10,321 | | | PayPal Holdings, Inc.# | | | 818,455 | | |
| | 4,789 | | | Prudential Financial, Inc. | | | 586,557 | | |
| | 4,153 | | | S&P Global, Inc. | | | 1,994,935 | | |
| | 5,633 | | | State Street Corp. | | | 522,742 | | |
| | 5,334 | | | Travelers Companies, Inc. | | | 1,311,844 | | |
| | 14,757 | | | US Bancorp~ | | | 712,911 | | |
| | 29,276 | | | Visa, Inc. - Class A | | | 8,485,649 | | |
| | 75,872 | | | Wells Fargo & Company~ | | | 4,925,610 | | |
| | | | 89,782,012 | | |
| | | Health Care (11.4%) | |
| | 21,184 | | | Abbott Laboratories | | | 2,401,630 | | |
| | 26,316 | | | AbbVie, Inc. | | | 5,365,043 | | |
| | 13,582 | | | Agilent Technologies, Inc. | | | 1,769,870 | | |
| | 5,960 | | | Amgen, Inc. | | | 1,908,154 | | |
| | 14,872 | | | Baxter International, Inc. | | | 530,930 | | |
| | 4,975 | | | Becton Dickinson & Company | | | 1,162,110 | | |
| | 3,099 | | | Biogen, Inc.# | | | 539,226 | | |
| | 43,880 | | | Boston Scientific Corp.# | | | 3,686,798 | | |
| | 41,870 | | | Bristol-Myers Squibb Company~ | | | 2,335,090 | | |
| | 9,676 | | | Centene Corp.# | | | 602,428 | | |
| | 4,111 | | | Cigna Group | | | 1,294,184 | | |
| | 18,180 | | | CVS Health Corp. | | | 1,026,443 | | |
| | 11,872 | | | Danaher Corp. | | | 2,916,475 | | |
| | 7,726 | | | Dexcom, Inc.# | | | 544,528 | | |
| | 13,846 | | | Edwards Lifesciences Corp.# | | | 927,820 | | |
| | 12,186 | | | Eli Lilly & Company~ | | | 10,111,212 | | |
| | 5,097 | | | GE Healthcare, Inc. | | | 445,223 | | |
| | 19,367 | | | Gilead Sciences, Inc. | | | 1,720,177 | | |
| | 4,055 | | | HCA Healthcare, Inc. | | | 1,454,691 | | |
| | 2,619 | | | Humana, Inc. | | | 675,257 | | |
| | 6,938 | | | Intuitive Surgical, Inc.# | | | 3,495,642 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 3,926 | | | IQVIA Holdings, Inc.# | | $ | 808,049 | | |
| | 33,502 | | | Johnson & Johnson | | | 5,355,630 | | |
| | 3,839 | | | Labcorp Holdings, Inc. | | | 876,329 | | |
| | 2,530 | | | McKesson Corp. | | | 1,266,493 | | |
| | 20,540 | | | Medtronic, PLC | | | 1,833,195 | | |
| | 40,055 | | | Merck & Company, Inc. | | | 4,098,428 | | |
| | 81,222 | | | Pfizer, Inc. | | | 2,298,583 | | |
| | 988 | | | Regeneron Pharmaceuticals, Inc.# | | | 828,142 | | |
| | 1,425 | | | Solventum Corp.# | | | 103,426 | | |
| | 3,618 | | | Stryker Corp. | | | 1,289,021 | | |
| | 7,092 | | | Thermo Fisher Scientific, Inc.~ | | | 3,874,501 | | |
| | 14,629 | | | UnitedHealth Group, Inc. | | | 8,258,070 | | |
| | 3,775 | | | Vertex Pharmaceuticals, Inc.# | | | 1,796,824 | | |
| | 3,598 | | | Zimmer Biomet Holdings, Inc. | | | 384,698 | | |
| | 9,631 | | | Zoetis, Inc. | | | 1,721,830 | | |
| | | | 79,706,150 | | |
| | | Industrials (8.7%) | |
| | 5,701 | | | 3M Company | | | 732,408 | | |
| | 4,314 | | | Allegion, PLC | | | 602,364 | | |
| | 8,220 | | | Automatic Data Processing, Inc. | | | 2,377,553 | | |
| | 5,630 | | | Boeing Company# | | | 840,615 | | |
| | 22,488 | | | Carrier Global Corp. | | | 1,635,327 | | |
| | 11,455 | | | Caterpillar, Inc.~ | | | 4,309,371 | | |
| | 60,819 | | | CSX Corp.~ | | | 2,045,951 | | |
| | 4,136 | | | Deere & Company | | | 1,673,798 | | |
| | 14,219 | | | Delta Air Lines, Inc. | | | 813,611 | | |
| | 5,674 | | | Eaton Corp., PLC | | | 1,881,385 | | |
| | 16,231 | | | Emerson Electric Company | | | 1,757,330 | | |
| | 3,823 | | | GE Vernova, Inc.# | | | 1,153,246 | | |
| | 4,209 | | | Generac Holdings, Inc.# | | | 696,800 | | |
| | 3,589 | | | General Dynamics Corp. | | | 1,046,588 | | |
| | 15,296 | | | General Electric Company | | | 2,627,547 | | |
| | 13,749 | | | Honeywell International, Inc. | | | 2,827,894 | | |
| | 711 | | | Hubbell, Inc. | | | 303,618 | | |
| | 5,114 | | | Illinois Tool Works, Inc. | | | 1,335,419 | | |
| | 13,191 | | | Johnson Controls International, PLC | | | 996,580 | | |
| | 5,713 | | | L3Harris Technologies, Inc. | | | 1,413,796 | | |
| | 2,881 | | | Lockheed Martin Corp. | | | 1,573,170 | | |
| | 12,068 | | | Masco Corp. | | | 964,354 | | |
| | 3,281 | | | Norfolk Southern Corp. | | | 821,661 | | |
| | 2,950 | | | Northrop Grumman Corp.~ | | | 1,501,609 | | |
| | 5,402 | | | Otis Worldwide Corp. | | | 530,477 | | |
| | 12,662 | | | PACCAR, Inc. | | | 1,320,393 | | |
| | 7,726 | | | Paychex, Inc. | | | 1,076,464 | | |
| | 2,773 | | | Paycom Software, Inc. | | | 579,640 | | |
| | 12,986 | | | Pentair, PLC | | | 1,287,172 | | |
| | 4,848 | | | Quanta Services, Inc. | | | 1,462,302 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
103
Hedged Equity Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 29,334 | | | RTX Corp. | | $ | 3,549,121 | | |
| | 25,923 | | | Southwest Airlines Company | | | 792,725 | | |
| | 36,528 | | | Uber Technologies, Inc.# | | | 2,631,843 | | |
| | 11,457 | | | Union Pacific Corp. | | | 2,658,826 | | |
| | 14,973 | | | United Airlines Holdings, Inc.# | | | 1,171,787 | | |
| | 9,677 | | | United Parcel Service, Inc. - Class B | | | 1,297,299 | | |
| | 1,801 | | | United Rentals, Inc. | | | 1,463,853 | | |
| | 3,956 | | | Veralto Corp. | | | 404,264 | | |
| | 4,856 | | | Verisk Analytics, Inc. | | | 1,334,040 | | |
| | 9,295 | | | Waste Management, Inc. | | | 2,006,326 | | |
| | 6,677 | | | Xylem, Inc. | | | 813,125 | | |
| | | | 60,311,652 | | |
| | | Information Technology (30.5%) | |
| | 8,124 | | | Accenture, PLC - Class A | | | 2,801,318 | | |
| | 5,941 | | | Adobe, Inc.# | | | 2,840,273 | | |
| | 27,112 | | | Advanced Micro Devices, Inc.# | | | 3,906,026 | | |
| | 25,233 | | | Amphenol Corp. - Class A | | | 1,691,116 | | |
| | 10,074 | | | Analog Devices, Inc. | | | 2,247,610 | | |
| | 212,174 | | | Apple, Inc.~ | | | 47,932,228 | | |
| | 12,298 | | | Applied Materials, Inc. | | | 2,233,071 | | |
| | 3,539 | | | Arista Networks, Inc.# | | | 1,367,611 | | |
| | 3,512 | | | Autodesk, Inc.# | | | 996,706 | | |
| | 64,910 | | | Broadcom, Inc. | | | 11,019,771 | | |
| | 74,197 | | | Cisco Systems, Inc. | | | 4,063,770 | | |
| | 9,850 | | | Cognizant Technology Solutions Corp. -
Class A | | | 734,711 | | |
| | 2,074 | | | Enphase Energy, Inc.# | | | 172,225 | | |
| | 3,631 | | | Gartner, Inc.# | | | 1,824,577 | | |
| | 20,249 | | | HP, Inc. | | | 719,244 | | |
| | 62,656 | | | Intel Corp. | | | 1,348,357 | | |
| | 9,908 | | | International Business Machines Corp. | | | 2,048,182 | | |
| | 5,196 | | | Intuit, Inc.~ | | | 3,171,119 | | |
| | 15,500 | | | Lam Research Corp. | | | 1,152,425 | | |
| | 24,004 | | | Micron Technology, Inc.~ | | | 2,391,999 | | |
| | 106,720 | | | Microsoft Corp.~ | | | 43,365,672 | | |
| | 5,455 | | | NetApp, Inc. | | | 629,016 | | |
| | 354,252 | | | NVIDIA Corp. | | | 47,030,496 | | |
| | 5,433 | | | NXP Semiconductors, NV | | | 1,274,038 | | |
| | 8,500 | | | ON Semiconductor Corp.# | | | 599,165 | | |
| | 26,394 | | | Oracle Corp.~ | | | 4,429,969 | | |
| | 6,430 | | | Palo Alto Networks, Inc.# | | | 2,316,922 | | |
| | 5,206 | | | PTC, Inc.# | | | 964,828 | | |
| | 6,566 | | | Qorvo, Inc.# | | | 467,893 | | |
| | 17,346 | | | QUALCOMM, Inc. | | | 2,823,408 | | |
| | 16,418 | | | Salesforce, Inc. | | | 4,783,713 | | |
| | 3,489 | | | ServiceNow, Inc.# | | | 3,255,202 | | |
| | 7,747 | | | Skyworks Solutions, Inc. | | | 678,482 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 6,920 | | | Super Micro Computer, Inc.#^ | | $ | 201,441 | | |
| | 5,267 | | | TE Connectivity, PLC | | | 776,461 | | |
| | 7,812 | | | Teradyne, Inc. | | | 829,713 | | |
| | 9,659 | | | Texas Instruments, Inc. | | | 1,962,322 | | |
| | 2,371 | | | Tyler Technologies, Inc.# | | | 1,435,854 | | |
| | | | 212,486,934 | | |
| | | Materials (2.0%) | |
| | 4,767 | | | Air Products & Chemicals, Inc. | | | 1,480,297 | | |
| | 3,897 | | | Avery Dennison Corp. | | | 806,796 | | |
| | 4,904 | | | Celanese Corp.^ | | | 617,757 | | |
| | 13,588 | | | Corteva, Inc. | | | 827,781 | | |
| | 13,585 | | | Dow, Inc. | | | 670,827 | | |
| | 12,214 | | | DuPont de Nemours, Inc. | | | 1,013,640 | | |
| | 38,304 | | | Freeport-McMoRan, Inc. | | | 1,724,446 | | |
| | 10,654 | | | Linde, PLC | | | 4,859,822 | | |
| | 6,040 | | | PPG Industries, Inc. | | | 752,040 | | |
| | 3,698 | | | Sherwin-Williams Company | | | 1,326,731 | | |
| | | | 14,080,137 | | |
| | | Real Estate (2.0%) | |
| | 4,152 | | | Alexandria Real Estate Equities, Inc. | | | 463,156 | | |
| | 5,219 | | | American Tower Corp. | | | 1,114,465 | | |
| | 7,360 | | | Camden Property Trust | | | 852,214 | | |
| | 10,348 | | | Crown Castle, Inc. | | | 1,112,307 | | |
| | 5,814 | | | Digital Realty Trust, Inc. | | | 1,036,229 | | |
| | 954 | | | Equinix, Inc. | | | 866,308 | | |
| | 38,809 | | | Healthpeak Properties, Inc. | | | 871,262 | | |
| | 4,967 | | | Mid-America Apartment Communities, Inc. | | | 751,706 | | |
| | 15,283 | | | Prologis, Inc. | | | 1,726,062 | | |
| | 2,736 | | | Public Storage | | | 900,308 | | |
| | 22,815 | | | Realty Income Corp. | | | 1,354,527 | | |
| | 7,747 | | | Regency Centers Corp. | | | 553,446 | | |
| | 12,028 | | | UDR, Inc. | | | 507,461 | | |
| | 9,731 | | | Welltower, Inc. | | | 1,312,517 | | |
| | 18,110 | | | Weyerhaeuser Company | | | 564,308 | | |
| | | | 13,986,276 | | |
| | | Utilities (2.1%) | |
| | 29,640 | | | AES Corp. | | | 488,764 | | |
| | 11,605 | | | American Electric Power Company, Inc. | | | 1,145,994 | | |
| | 9,039 | | | Consolidated Edison, Inc. | | | 919,085 | | |
| | 23,357 | | | Dominion Energy, Inc. | | | 1,390,442 | | |
| | 14,781 | | | Duke Energy Corp. | | | 1,703,806 | | |
| | 6,539 | | | Edison International | | | 538,814 | | |
| | 6,617 | | | Entergy Corp. | | | 1,024,179 | | |
| | 25,704 | | | Exelon Corp. | | | 1,010,167 | | |
| | 14,970 | | | FirstEnergy Corp. | | | 626,195 | | |
| | 23,776 | | | NextEra Energy, Inc. | | | 1,884,248 | | |
| | 18,291 | | | NiSource, Inc. | | | 643,112 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
104
Hedged Equity Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 11,495 | | | Public Service Enterprise Group, Inc. | | $ | 1,027,768 | | |
| | 16,408 | | | Southern Company | | | 1,493,620 | | |
| | 13,174 | | | Xcel Energy, Inc. | | | 880,155 | | |
| | | | 14,776,349 | | |
| | | | | TOTAL COMMON STOCKS
(Cost $419,264,026) | | | 684,297,557 | | |
EXCHANGE-TRADED FUND (1.6%) | | | |
| | | Other (1.6%) | |
| | 19,193 | | | SPDR® S&P 500® ETF Trust
(Cost $10,292,372) | | | 10,913,907 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
PURCHASED OPTION (3.3%)# | | | |
| | | Other (3.3%) | |
| | 825 | | | S&P 500 Index | | | | | |
| | 470,699,625 | | | Put, 12/19/25, Strike $5,600.00
(Cost $23,327,062) | | | 23,161,875 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (0.1%) | | | |
| | 441,669 | | | State Street Navigator Securities
Lending Government Money Market
Portfolio, 4.871%†***
(Cost $441,669) | | | 441,669 | | |
| | | | | TOTAL INVESTMENTS (103.1%)
(Cost $453,325,129) | | | 718,815,008 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.1%) | | | (441,669 | ) | |
LIABILITIES, LESS OTHER ASSETS (-3.0%) | | | (21,176,959 | ) | |
NET ASSETS (100.0%) | | $ | 697,196,380 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
WRITTEN OPTIONS (-3.6%)# | | | |
| | | Other (-3.6%) | |
| | | | | S&P 500 Index | | | | | |
| | (400 | ) | | | | | | | |
| | (228,218,000 | ) | | Call, 12/19/25, Strike $5,600.00 | | | (24,634,000 | ) | |
| | (50 | ) | | | | | | | |
| | (28,527,250 | ) | | Put, 12/19/25, Strike $4,500.00 | | | (484,500 | ) | |
| | | | | TOTAL WRITTEN OPTIONS
(Premium $24,114,418) | | $ | (25,118,500 | ) | |
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 $104,466,617.
# 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, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
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
www.calamos.com
105
Phineus Long/Short Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (85.1%) | | | |
| | | Communication Services (6.7%) | |
| | 245,000 | | | Alphabet, Inc. - Class A~ | | $ | 41,921,950 | | |
| | 900,000 | | | Pinterest, Inc. - Class A~# | | | 28,611,000 | | |
| | | | 70,532,950 | | |
| | | Consumer Discretionary (9.5%) | |
| | 131,500 | | | Airbnb, Inc. - Class A~# | | | 17,724,885 | | |
| | 171,000 | | | Amazon.com, Inc.~# | | | 31,874,400 | | |
| | 89,000 | | | Marriott International, Inc. - Class A~ | | | 23,141,780 | | |
| | 340,000 | | | NIKE, Inc. - Class B~ | | | 26,224,200 | | |
| | | | 98,965,265 | | |
| | | Financials (6.3%) | |
| | 314,500 | | | Morgan Stanley~ | | | 36,560,625 | | |
| | 443,500 | | | Wells Fargo & Company~ | | | 28,792,020 | | |
| | | | 65,352,645 | | |
| | | Health Care (12.3%) | |
| | 113,000 | | | IQVIA Holdings, Inc.# | | | 23,257,660 | | |
| | 368,500 | | | Medtronic, PLC~ | | | 32,888,625 | | |
| | 343,000 | | | Merck & Company, Inc.~ | | | 35,095,760 | | |
| | 353,000 | | | Zimmer Biomet Holdings, Inc.~ | | | 37,742,760 | | |
| | | | 128,984,805 | | |
| | | Industrials (29.4%) | |
| | 257,000 | | | 3M Company~ | | | 33,016,790 | | |
| | 660,000 | | | CSX Corp.~ | | | 22,202,400 | | |
| | 635,000 | | | Delta Air Lines, Inc.~ | | | 36,334,700 | | |
| | 242,000 | | | Emerson Electric Company~ | | | 26,201,340 | | |
| | 34,500 | | | General Dynamics Corp.~ | | | 10,060,545 | | |
| | 118,000 | | | Honeywell International, Inc.~ | | | 24,270,240 | | |
| | 171,000 | | | L3Harris Technologies, Inc.~ | | | 42,317,370 | | |
| | 42,500 | | | Northrop Grumman Corp.~ | | | 21,633,350 | | |
| | 121,500 | | | Union Pacific Corp.~ | | | 28,196,505 | | |
| | 802,000 | | | United Airlines Holdings, Inc.~# | | | 62,764,520 | | |
| | | | 306,997,760 | | |
| | | Information Technology (20.9%) | |
| | 126,000 | | | Analog Devices, Inc.~ | | | 28,111,860 | | |
| | 18,500 | EUR | | ASM International, NV | | | 10,332,382 | | |
| | 83,000 | | | Jabil, Inc.~ | | | 10,216,470 | | |
| | 4,900 | | | KLA Corp. | | | 3,264,527 | | |
| | 116,500 | | | Microsoft Corp.~ | | | 47,339,775 | | |
| | 100,000 | | | MKS Instruments, Inc.~ | | | 9,933,000 | | |
| | 292,000 | | | Oracle Corp.~ | | | 49,009,280 | | |
| | 239,500 | | | Taiwan Semiconductor Manufacturing
Company, Ltd. (ADR)~ | | | 45,634,330 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 61,500 | | | Workday, Inc. - Class A~# | | $ | 14,381,775 | | |
| | | | 218,223,399 | | |
| | | TOTAL COMMON STOCKS
(Cost $766,905,443) | | | 889,056,824 | | |
EXCHANGE-TRADED FUNDS (2.5%) | | | |
| | | Other (2.5%) | |
| | 293,500 | | | Energy Select Sector SPDR Fund^
(Cost $26,128,844) | | | 26,001,165 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
PURCHASED OPTIONS (0.9%)# | | | |
| | | Consumer Discretionary (0.1%) | |
| | 1,710 | | | Amazon.com, Inc. | | | | | |
| | 31,874,400 | | | Put, 11/01/24, Strike $182.50 | | | 769,500 | | |
| | 545 | | | Home Depot, Inc. | | | | | |
| | 21,459,375 | | | Put, 11/15/24, Strike $380.00 | | | 318,825 | | |
| | | | 1,088,325 | | |
| | | Health Care (0.0%) | |
| | 1,930 | | | Merck & Company, Inc. | | | | | |
| | 19,747,760 | | | Put, 11/01/24, Strike $102.00 | | | 101,325 | | |
| | | Industrials (0.1%) | |
| | 2,570 | | | 3M Company | | | | | |
| | 33,016,790 | | | Put, 11/01/24, Strike $124.00 | | | 7,710 | | |
| | 3,925 | | | Industrial Select Sector SPDR Fund | | | | | |
| | 52,528,275 | | | Put, 11/08/24, Strike $135.00 | | | 957,700 | | |
| | | | 965,410 | | |
| | | Information Technology (0.1%) | |
| | 445 | | | Adobe, Inc. | | | | | |
| | 21,274,560 | | | Call, 12/06/24, Strike $500.00 | | | 440,550 | | |
| | | Other (0.6%) | |
| | 4,300 | | | Invesco QQQ Trust Series 1 | | | | | |
| | 208,055,500 | | | Put, 11/15/24, Strike $480.00 | | | 3,500,200 | | |
| | 11,200 | | | iShares 20+ Year Treasury Bond ETF | | | | | |
| | 103,544,000 | | | Put, 11/15/24, Strike $90.00 | | | 957,600 | | |
| | 20,900 | | | iShares MSCI Mexico ETF | | | | | |
| | 108,512,800 | | | Put, 11/15/24, Strike $50.00 | | | 1,881,000 | | |
| | | | 6,338,800 | | |
| | | TOTAL PURCHASED OPTIONS
(Cost $6,563,099) | | | 8,934,410 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
106
Phineus Long/Short Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (1.5%) | | | |
| | 15,524,550 | | | State Street Navigator Securities
Lending Government Money Market
Portfolio, 4.871%†***
(Cost $15,524,550) | | $ | 15,524,550 | | |
| | | TOTAL INVESTMENTS (90.0%)
(Cost $815,121,936) | | | 939,516,949 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%) | | | (15,524,550 | ) | |
OTHER ASSETS, LESS LIABILITIES (11.5%) | | | 119,837,284 | | |
NET ASSETS (100.0%) | | $ | 1,043,829,683 | | |
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS SOLD SHORT (-4.8%)# | | | |
| | | Consumer Staples (-1.4%) | |
| | (173,000 | ) | | Walmart, Inc. | | | (14,177,350 | ) | |
| | | Industrials (-1.1%) | |
| | (95,000 | ) | | RTX Corp. | | | (11,494,050 | ) | |
| | | Information Technology (-2.3%) | |
| | (4,900 | ) | | KLA Corp. | | | (3,264,527 | ) | |
| | (31,500 | ) | | Palo Alto Networks, Inc. | | | (11,350,395 | ) | |
| | (94,000 | ) | | Teradyne, Inc. | | | (9,983,740 | ) | |
| | | | (24,598,662 | ) | |
| | | TOTAL COMMON STOCKS
SOLD SHORT
(Proceeds $49,249,204) | | | (50,270,062 | ) | |
EXCHANGE-TRADED FUNDS SOLD SHORT (-73.7%)# | | | |
| | | Other (-73.7%) | |
| | (1,256,500 | ) | | iShares Core S&P 500 ETF | | | (717,763,060 | ) | |
| | (2,275,000 | ) | | U.S. Global Jets ETF | | | (51,733,500 | ) | |
| | | TOTAL EXCHANGE-TRADED FUNDS
SOLD SHORT
(Proceeds $789,410,226) | | | (769,496,560 | ) | |
| | | TOTAL SECURITIES SOLD SHORT
(Proceeds $838,659,430) | | | (819,766,622 | ) | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
WRITTEN OPTIONS (-2.0%)# | | | |
| | | Consumer Discretionary (-0.1%) | |
| | (2,565 | ) | | Amazon.com, Inc. | | | | | |
| | (47,811,600 | ) | | Put, 12/20/24, Strike $160.00 | | $ | (487,350 | ) | |
| | (545 | ) | | Home Depot, Inc. | | | | | |
| | (21,459,375 | ) | | Put, 12/20/24, Strike $340.00 | | | (139,520 | ) | |
| | (400 | ) | | Tesla, Inc. | | | | | |
| | (9,994,000 | ) | | Call, 11/15/24, Strike $260.00 | | | (289,000 | ) | |
| | | | (915,870 | ) | |
| | | Financials (0.0%) | |
| | (960 | ) | | Mastercard, Inc. | | | | | |
| | (47,960,640 | ) | | Put, 12/20/24, Strike $430.00 | | | (135,360 | ) | |
| | | Health Care (0.0%) | |
| | (560 | ) | | Eli Lilly & Company | | | | | |
| | (46,465,440 | ) | | Put, 11/08/24, Strike $710.00 | | | (21,000 | ) | |
| | | Industrials (-1.0%) | |
| | (3,855 | ) | | 3M Company | | | | | |
| | (49,525,185 | ) | | Put, 12/20/24, Strike $115.00 | | | (372,008 | ) | |
| | (2,895 | ) | | Boeing Company | | | | | |
| | (43,225,245 | ) | | Put, 12/20/24, Strike $180.00 | | | (9,097,538 | ) | |
| | (345 | ) | | General Dynamics Corp. | | | | | |
| | (10,060,545 | ) | | Call, 11/15/24, Strike $320.00 | | | (6,900 | ) | |
| | (15,700 | ) | | Industrial Select Sector SPDR Fund | | | | | |
| | (210,113,100 | ) | | Put, 12/20/24, Strike $120.00 | | | (839,950 | ) | |
| | | | | L3Harris Technologies, Inc. | | | | | |
| | (1,710 | ) | | | | | | | |
| | (42,317,370 | ) | | Call, 12/20/24, Strike $270.00 | | | (282,150 | ) | |
| | (855 | ) | | | | | | | |
| | (21,158,685 | ) | | Put, 12/20/24, Strike $210.00 | | | (53,437 | ) | |
| | | | (10,651,983 | ) | |
| | | Information Technology (-0.4%) | |
| | | | | Adobe, Inc. | | | | | |
| | (670 | ) | | | | | | | |
| | (32,031,360 | ) | | Call, 01/17/25, Strike $570.00 | | | (437,175 | ) | |
| | (445 | ) | | | | | | | |
| | (21,274,560 | ) | | Put, 11/08/24, Strike $465.00 | | | (202,475 | ) | |
| | (2,920 | ) | | Oracle Corp. | | | | | |
| | (49,009,280 | ) | | Call, 11/15/24, Strike $160.00 | | | (2,861,600 | ) | |
| | (875 | ) | | Super Micro Computer, Inc. | | | | | |
| | (2,547,125 | ) | | Call, 11/01/24, Strike $59.00 | | | (2,187 | ) | |
| | | | (3,503,437 | ) | |
| | | Other (-0.5%) | |
| | (725 | ) EUR | | adidas AG | | | | | |
| | (8,666,650 | ) | | Call, 12/20/24, Strike 260.00 | | | (57,963 | ) | |
| | (5,750 | ) | | Energy Select Sector SPDR Fund | | | | | |
| | (50,939,250 | ) | | Call, 11/15/24, Strike $95.00 | | | (123,625 | ) | |
| | (8,600 | ) | | Invesco QQQ Trust Series 1 | | | | | |
| | (416,111,000 | ) | | Put, 11/22/24, Strike $440.00 | | | (1,797,400 | ) | |
See accompanying Notes to Schedule of Investments
www.calamos.com
107
Phineus Long/Short Fund Schedule of Investments October 31, 2024
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
| | (11,200 | ) | | iShares 20+ Year Treasury Bond ETF | | | | | |
| | (103,544,000 | ) | | Put, 12/20/24, Strike $85.00 | | $ | (565,600 | ) | |
| | (20,900 | ) | | iShares MSCI Mexico ETF | | | | | |
| | (108,512,800 | ) | | Put, 12/20/24, Strike $47.00 | | | (1,881,000 | ) | |
| | (25,000 | ) | | U.S. Global Jets ETF | | | | | |
| | (56,850,000 | ) | | Put, 11/15/24, Strike $20.00 | | | (937,500 | ) | |
| | | | (5,363,088 | ) | |
| | | | | TOTAL WRITTEN OPTIONS
(Premium $20,967,001) | | $ | (20,590,738 | ) | |
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 $580,240,146.
# 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, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FOREIGN CURRENCY ABBREVIATIONS
EUR European Monetary Unit
ABBREVIATION
ADR American Depositary Receipt
Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
108
Merger Arbitrage Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
CONVERTIBLE BONDS (31.8%) | | | |
| | | Communication Services (10.6%) | |
| | 91,000 | | | TechTarget, Inc.~
0.000%, 12/15/26 | | $ | 89,585 | | |
| | 133,000 | | | Perficient, Inc.
0.125%, 11/15/26 | | | 132,765 | | |
| | | | 222,350 | | |
| | | Consumer Discretionary (2.4%) | |
| | 43,000 | | | Alibaba Group Holding, Ltd.~*
0.500%, 06/01/31 | | | 49,599 | | |
| | | Information Technology (18.8%) | |
| | 55,000 | | | Rapid7, Inc.~
0.250%, 03/15/27 | | | 51,712 | | |
| | 88,000 | | | Shift4 Payments, Inc.~
0.500%, 08/01/27 | | | 90,463 | | |
| | 74,000 | | | Five9, Inc.*
1.000%, 03/15/29 | | | 63,084 | | |
| | 68,000 | | | Envestnet, Inc.
0.750%, 08/15/25 | | | 67,122 | | |
| | 27,000 | | | Wolfspeed, Inc.
0.250%, 02/15/28 | | | 15,975 | | |
| | 43,000 | | | Infinera Corp.
3.750%, 08/01/28 | | | 51,253 | | |
| | 53,000 | | | BlackLine, Inc.*
1.000%, 06/01/29 | | | 55,300 | | |
| | | | 394,909 | | |
| | | | | TOTAL CONVERTIBLE BONDS
(Cost $642,202) | | | 666,858 | | |
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (64.2%) | | | |
| | | Consumer Discretionary (1.7%) | |
| | 400 | | | iRobot Corp.~# | | | 3,492 | | |
| | 1,590 | | | Capri Holdings, Ltd.~# | | | 31,387 | | |
| | | | 34,879 | | |
| | | Consumer Staples (10.8%) | |
| | 10,946 | | | Albertsons Companies, Inc. - Class A | | | 198,122 | | |
| | 97 | | | Boston Beer Company, Inc. - Class A# | | | 28,234 | | |
| | | | 226,356 | | |
| | | Energy (13.4%) | |
| | 1,185 | | | Hess Corp. | | | 159,359 | | |
| | 3,975 | | | ChampionX Corp. | | | 112,174 | | |
| | 303 | | | Noble Corp., PLC | | | 9,690 | | |
| | | | 281,223 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | | Health Care (7.6%) | |
| | 1,391 | | | Amedisys, Inc.~# | | $ | 131,588 | | |
| | 972 | | | Pfizer, Inc. | | | 27,508 | | |
| | | | 159,096 | | |
| | | Information Technology (16.6%) | |
| | 208 | | | Blackbaud, Inc.# | | | 15,706 | | |
| | 239 | | | Silicon Motion Technology Corp. (ADR) | | | 12,861 | | |
| | 5,022 | | | Juniper Networks, Inc.~ | | | 195,356 | | |
| | 180 | | | Twilio, Inc. - Class A~# | | | 14,517 | | |
| | 310 | | | Ansys, Inc.~# | | | 99,327 | | |
| | 2,489 | | | Matterport, Inc.~# | | | 11,350 | | |
| | | | 349,117 | | |
| | | Materials (6.7%) | |
| | 2,628 | | | United States Steel Corp.~ | | | 102,098 | | |
| | 257 | | | Arch Resources, Inc. | | | 37,717 | | |
| | | | 139,815 | | |
| | | Special Purpose Acquisition Companies (7.4%)# | |
| | 4,527 | | | Four Leaf Acquisition Corp. - Class A | | | 49,933 | | |
| | 7,970 | | | Everest Consolidator Acquisition Corp. | | | 90,778 | | |
| | 230 | | | Quetta Acquisition Corp. | | | 2,415 | | |
| | 327 | | | Ai Transportation Acquisition Corp. | | | 3,446 | | |
| | 231 | | | Spark I Acquisition Corp. | | | 2,435 | | |
| | 200 | | | Generation Asia I Acquisition, Ltd. - Class A | | | 2,278 | | |
| | 409 | | | Black Hawk Acquisition Corp. - Class A | | | 4,221 | | |
| | | | 155,506 | | |
| | | | | TOTAL COMMON STOCKS
(Cost $1,444,125) | | | 1,345,992 | | |
RIGHTS (0.0%)# | | | |
| | | Consumer Staples (0.0%) | |
| | 755 | | | Mirati Therapeutics, Inc.,
(Expires 12/31/99)‡‡‡ | | | 755 | | |
| | | Special Purpose Acquisition Companies (0.0%) | |
| | 23 | | | Quetta Acquisition Corp.,
(Expires 11/30/24) | | | 39 | | |
| | 327 | | | AI Transportation Acquisition Corp.,
(Expires 10/25/24) | | | 34 | | |
| | 81 | | | Black Hawk Acquisition Corp.,
(Expires 6/20/25) | | | 89 | | |
| | | | 162 | | |
| | | | | TOTAL RIGHTS
(Cost $705) | | | 917 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
109
Merger Arbitrage Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
WARRANT (0.0%)# | | | |
| | | Special Purpose Acquisition Company (0.0%) | |
| | 115 | | | Spark I Acquisition Corp.
11/27/28, Strike $11.50
(Cost $16) | | $ | 15 | | |
| | | TOTAL INVESTMENTS (96.0%)
(Cost $2,087,048) | | | 2,013,782 | | |
OTHER ASSETS, LESS LIABILITIES (4.0%) | | | 83,197 | | |
NET ASSETS (100.0%) | | $ | 2,096,979 | | |
COMMON STOCKS SOLD SHORT (-13.8%)# | | | |
| | | Energy (-11.2%) | |
| | (2,922 | ) | | Schlumberger, NV | | | (117,084 | ) | |
| | (791 | ) | | Chevron Corp. | | | (117,717 | ) | |
| | | | (234,801 | ) | |
| | | Information Technology (-2.6%) | |
| | (106 | ) | | Synopsys, Inc. | | | (54,443 | ) | |
| | | TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $305,532) | | | (289,244 | ) | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
WRITTEN OPTION (-0.2%)# | | | |
| | | Industrials (-0.2%) | |
| | (14 | ) | | Albertsons Companies, Inc. | | | | | |
| | (25,340 | ) | | Call, 01/17/25, Strike $18.00
(Premium $2,961) | | $ | (3,150 | ) | |
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 $507,947.
* Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
# Non-income producing security.
‡‡‡ Security fair valued using significant unobservable inputs and classified as a Level 3 security.
ABBREVIATION
ADR American Depositary Receipt
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
110
Convertible Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
CONVERTIBLE BONDS (88.5%) | | | |
| | | Communication Services (5.1%) | |
| | 9,250,000 | | | Liberty Media Corp.*
2.375%, 09/30/53 | | $ | 11,584,238 | | |
| | 11,250,000 | | | Liberty Media Corp.-Liberty
Formula One
2.250%, 08/15/27 | | | 12,460,387 | | |
| | 16,750,000 | | | Snap, Inc.*^
0.500%, 05/01/30 | | | 14,998,285 | | |
| | 4,000,000 | | | Zillow Group, Inc.
1.375%, 09/01/26 | | | 5,466,000 | | |
| | | | 44,508,910 | | |
| | | Consumer Discretionary (16.0%) | |
| | 16,000,000 | | | Alibaba Group Holding, Ltd.*
0.500%, 06/01/31 | | | 18,455,360 | | |
| | 6,750,000 | | | Booking Holdings, Inc.
0.750%, 05/01/25 | | | 16,799,467 | | |
| | 5,750,000 | | | Carnival Corp.
5.750%, 12/01/27 | | | 10,527,445 | | |
| | 9,000,000 | | | Etsy, Inc.
0.125%, 10/01/26 | | | 8,684,820 | | |
| | 3,750,000 | | | Ford Motor Company^
0.000%, 03/15/26 | | | 3,647,775 | | |
| | 8,250,000 | | | JD.com, Inc.*^
0.250%, 06/01/29 | | | 9,420,098 | | |
| | 2,695,000 | | | Lucid Group, Inc.*
1.250%, 12/15/26 | | | 1,990,015 | | |
| | 8,250,000 | | | Meritage Homes Corp.*^
1.750%, 05/15/28 | | | 8,762,820 | | |
| | 14,000,000 | | | Rivian Automotive, Inc.
3.625%, 10/15/30 | | | 10,752,560 | | |
| | 4,625,000 | | | Royal Caribbean Cruises, Ltd.
6.000%, 08/15/25 | | | 19,219,927 | | |
| | 7,750,000 | | | Shake Shack, Inc.
0.000%, 03/01/28 | | | 7,754,108 | | |
| | 8,500,000 | | | Trip.com Group, Ltd.*
0.750%, 06/15/29 | | | 10,022,095 | | |
| | 7,500,000 | | | Wayfair, Inc.
3.500%, 11/15/28 | | | 9,231,300 | | |
| | 3,600,000 | | | 3.250%, 09/15/27 | | | 3,791,412 | | |
| | | | 139,059,202 | | |
| | | Consumer Staples (2.3%) | |
| | 4,250,000 | | | Enovis Corp.
3.875%, 10/15/28 | | | 4,435,300 | | |
| | 2,215,000 | | | Immunocore Holdings, PLC*
2.500%, 02/01/30 | | | 1,920,649 | | |
| | 8,000,000 | | | Post Holdings, Inc.
2.500%, 08/15/27 | | | 9,163,120 | | |
| | 4,250,000 | | | Spectrum Brands, Inc.*^
3.375%, 06/01/29 | | | 4,307,630 | | |
| | | | 19,826,699 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Energy (1.1%) | |
| | 4,250,000 | | | Kosmos Energy, Ltd.*
3.125%, 03/15/30 | | $ | 3,814,417 | | |
| | 5,000,000 | | | Northern Oil & Gas, Inc.^
3.625%, 04/15/29 | | | 5,772,950 | | |
| | | | 9,587,367 | | |
| | | Financials (1.9%) | |
| | 4,375,000 | | | Coinbase Global, Inc.
0.250%, 04/01/30* | | | 3,984,619 | | |
| | 4,000,000 | | | 0.500%, 06/01/26^ | | | 3,921,240 | | |
| | 8,750,000 | | | Global Payments, Inc.*^
1.500%, 03/01/31 | | | 8,347,150 | | |
| | | | 16,253,009 | | |
| | | Health Care (10.9%) | |
| | 5,500,000 | | | Alnylam Pharmaceuticals, Inc.^
1.000%, 09/15/27 | | | 6,281,220 | | |
| | 6,000,000 | | | CONMED Corp.
2.250%, 06/15/27 | | | 5,526,840 | | |
| | 16,750,000 | | | Dexcom, Inc.
0.375%, 05/15/28 | | | 14,779,195 | | |
| | 10,750,000 | | | Exact Sciences Corp.
0.375%, 03/01/28^ | | | 10,039,532 | | |
| | 4,000,000 | | | 2.000%, 03/01/30* | | | 4,536,280 | | |
| | 8,250,000 | | | Halozyme Therapeutics, Inc.
0.250%, 03/01/27 | | | 7,920,990 | | |
| | 1,875,000 | | | Insmed, Inc.
0.750%, 06/01/28 | | | 3,984,769 | | |
| | 5,750,000 | | | Insulet Corp.
0.375%, 09/01/26 | | | 6,785,575 | | |
| | 7,625,000 | | | Integer Holdings Corp.^
2.125%, 02/15/28 | | | 11,601,209 | | |
| | 5,500,000 | | | Ionis Pharmaceuticals, Inc.
0.000%, 04/01/26 | | | 5,435,100 | | |
| | 4,250,000 | | | Jazz Investments I, Ltd.*^
3.125%, 09/15/30 | | | 4,379,498 | | |
| | 2,859,000 | | | Lantheus Holdings, Inc.
2.625%, 12/15/27 | | | 4,436,282 | | |
| | 3,500,000 | | | Merit Medical Systems, Inc.*^
3.000%, 02/01/29 | | | 4,553,465 | | |
| | 4,250,000 | | | Sarepta Therapeutics, Inc.
1.250%, 09/15/27 | | | 4,818,437 | | |
| | | | 95,078,392 | | |
| | | Industrials (5.5%) | |
| | 5,000,000 | | | Axon Enterprise, Inc.
0.500%, 12/15/27 | | | 9,474,750 | | |
| | 3,500,000 | | | Fluor Corp.^
1.125%, 08/15/29 | | | 4,589,795 | | |
| | 3,875,000 | | | Middleby Corp.
1.000%, 09/01/25 | | | 4,266,336 | | |
| | 7,000,000 | | | Tetra Tech, Inc.
2.250%, 08/15/28 | | | 9,449,370 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
111
Convertible Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 10,532,000 | | | Uber Technologies, Inc.
0.875%, 12/01/28* | | $ | 12,687,795 | | |
| | 6,750,000 | | | 0.000%, 12/15/25^ | | | 7,265,970 | | |
| | | | 47,734,016 | | |
| | | Information Technology (35.8%) | |
| | 4,750,000 | | | Advanced Energy Industries, Inc.
2.500%, 09/15/28 | | | 5,044,738 | | |
| | 11,000,000 | | | Akamai Technologies, Inc.
1.125%, 02/15/29 | | | 11,175,450 | | |
| | 11,500,000 | | | Bentley Systems, Inc.
0.125%, 01/15/26 | | | 11,359,355 | | |
| | 4,250,000 | | | Box, Inc.*
1.500%, 09/15/29 | | | 4,174,903 | | |
| | 8,000,000 | | | Confluent, Inc.
0.000%, 01/15/27 | | | 7,148,240 | | |
| | 5,000,000 | | | CyberArk Software, Ltd.
0.000%, 11/15/24 | | | 8,802,500 | | |
| | 7,250,000 | | | Datadog, Inc.
0.125%, 06/15/25 | | | 10,074,890 | | |
| | 8,500,000 | | | DigitalOcean Holdings, Inc.
0.000%, 12/01/26 | | | 7,548,000 | | |
| | 8,750,000 | | | Guidewire Software, Inc.*
1.250%, 11/01/29 | | | 8,909,600 | | |
| | 8,250,000 | | | Itron, Inc.*
1.375%, 07/15/30 | | | 9,004,380 | | |
| | 7,750,000 | | | Lumentum Holdings, Inc.^
1.500%, 12/15/29 | | | 8,987,907 | | |
| | 4,250,000 | | | Microchip Technology, Inc.*^
0.750%, 06/01/30 | | | 4,108,645 | | |
| | 8,750,000 | | | MicroStrategy, Inc.*
0.625%, 03/15/30 | | | 16,083,812 | | |
| | 16,250,000 | | | MKS Instruments, Inc.*
1.250%, 06/01/30 | | | 15,654,600 | | |
| | 7,000,000 | | | NCL Corp., Ltd.
5.375%, 08/01/25 | | | 10,035,060 | | |
| | 3,500,000 | | | Nutanix, Inc.^
0.250%, 10/01/27 | | | 4,310,005 | | |
| | 19,250,000 | | | ON Semiconductor Corp.
0.500%, 03/01/29 | | | 19,223,627 | | |
| | 4,500,000 | | | Palo Alto Networks, Inc.
0.375%, 06/01/25 | | | 16,286,535 | | |
| | 10,250,000 | | | Parsons Corp.*
2.625%, 03/01/29 | | | 13,286,767 | | |
| | 4,000,000 | | | Q2 Holdings, Inc.
0.750%, 06/01/26 | | | 4,494,200 | | |
| | 8,000,000 | | | Rapid7, Inc.
1.250%, 03/15/29 | | | 7,632,320 | | |
| | 10,000,000 | | | Seagate HDD Cayman
3.500%, 06/01/28 | | | 13,389,800 | | |
| | 21,750,000 | | | Shift4 Payments, Inc.
0.000%, 12/15/25 | | | 26,605,905 | | |
| | 12,750,000 | | | Snowflake, Inc.*^
0.000%, 10/01/29 | | | 13,021,575 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 7,500,000 | | | Tyler Technologies, Inc.
0.250%, 03/15/26 | | $ | 9,517,575 | | |
| | 7,744,000 | | | Unity Software, Inc.
0.000%, 11/15/26 | | | 6,910,668 | | |
| | 8,250,000 | | | Varonis Systems, Inc.*^
1.000%, 09/15/29 | | | 8,349,248 | | |
| | 4,250,000 | | | Vertex, Inc.*
0.750%, 05/01/29 | | | 5,605,623 | | |
| | 8,750,000 | | | Western Digital Corp.*
3.000%, 11/15/28 | | | 12,529,737 | | |
| | 10,000,000 | | | Wolfspeed, Inc.
1.875%, 12/01/29 | | | 5,029,100 | | |
| | 6,250,000 | | | Zscaler, Inc.
0.125%, 07/01/25 | | | 7,894,438 | | |
| | | | 312,199,203 | | |
| | | Real Estate (1.4%) | |
| | 10,000,000 | | | Welltower OP, LLC*^
3.125%, 07/15/29 | | | 11,949,400 | | |
| | | Utilities (8.5%) | |
| | 8,875,000 | | | Alliant Energy Corp.
3.875%, 03/15/26 | | | 9,227,249 | | |
| | 11,000,000 | | | CMS Energy Corp.
3.375%, 05/01/28 | | | 11,670,230 | | |
| | 8,000,000 | | | Duke Energy Corp.
4.125%, 04/15/26 | | | 8,447,440 | | |
| | 13,750,000 | | | NextEra Energy Capital Holdings, Inc.*
3.000%, 03/01/27 | | | 17,073,237 | | |
| | 11,500,000 | | | PPL Capital Funding, Inc.^
2.875%, 03/15/28 | | | 12,033,370 | | |
| | 14,250,000 | | | Southern Company
3.875%, 12/15/25 | | | 15,912,263 | | |
| | | | 74,363,789 | | |
| | | TOTAL CONVERTIBLE BONDS
(Cost $670,352,120) | | | 770,559,987 | | |
| NUMBER OF SHARES | | | | VALUE | |
CONVERTIBLE PREFERRED STOCKS (7.9%) | |
| | | Financials (3.7%) | |
| | 127,810 | | | Apollo Global Management, Inc.
6.750%, 07/31/26 | | | 9,760,850 | | |
| | 173,440 | | | Ares Management Corp.#
6.750%, 10/01/27 | | | 9,348,416 | | |
| | 10,300 | | | Bank of America Corp.^‡‡
7.250% | | | 12,720,500 | | |
| | | | 31,829,766 | | |
| | | Industrials (3.7%) | |
| | 525,385 | | | Boeing Company#
6.000%, 10/15/27 | | | 28,228,936 | | |
| | 86,940 | | | Chart Industries, Inc.
6.750%, 12/15/25 | | | 4,290,489 | | |
| | | | 32,519,425 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
112
Convertible Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | | Information Technology (0.5%) | |
| | 83,125 | | | Hewlett Packard Enterprise Company#
7.625%, 09/01/27 | | $ | 4,808,781 | | |
| | | TOTAL CONVERTIBLE PREFERRED
STOCKS
(Cost $64,395,432) | | | 69,157,972 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (7.4%) | |
| | 64,401,143 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $64,401,143) | | | 64,401,143 | | |
| | | TOTAL INVESTMENTS (103.8%)
(Cost $799,148,695) | | | 904,119,102 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.4%) | | | (64,401,143 | ) | |
OTHER ASSETS, LESS LIABILITIES (3.6%) | | | 31,490,933 | | |
NET ASSETS (100.0%) | | $ | 871,208,892 | | |
FORWARD FOREIGN CURRENCY CONTRACTS
COUNTERPARTY | | LONG
CONTRACTS | | SETTLEMENT
DATE | | LOCAL
CURRENCY | | CURRENT
VALUE | | UNREALIZED
GAIN/LOSS | |
State Street Bank
and Trust | | South Korean Won | | 11/27/24 | | | 9,653,669,000 | | | $ | 7,001,512 | | | $ | (31,614 | ) | |
State Street Bank
and Trust | | South Korean Won | | 11/27/24 | | | 8,018,002,000 | | | | 5,815,213 | | | | (190,332 | ) | |
State Street Bank
and Trust | | Hong Kong Dollar | | 11/27/24 | | | 14,411,000 | | | | 1,854,647 | | | | (541 | ) | |
State Street Bank
and Trust | | South Korean Won | | 11/27/24 | | | 1,348,131,000 | | | | 977,758 | | | | (37,477 | ) | |
State Street Bank
and Trust | | South Korean Won | | 11/27/24 | | | 1,119,279,000 | | | | 811,779 | | | | (5,929 | ) | |
State Street Bank
and Trust | | South Korean Won | | 11/27/24 | | | 590,505,000 | | | | 428,275 | | | | (7,457 | ) | |
| | | $ | (273,350 | ) | |
COUNTERPARTY | | SHORT
CONTRACTS | | SETTLEMENT
DATE | | LOCAL
CURRENCY | | CURRENT
VALUE | | UNREALIZED
GAIN/LOSS | |
State Street Bank
and Trust | | South Korean Won | | 11/27/24 | | | 665,639,000 | | | $ | 482,768 | | | $ | 11,653 | | |
Bank of New York | | Hong Kong Dollar | | 11/27/24 | | | 18,396,000 | | | | 2,367,503 | | | | 161 | | |
State Street Bank
and Trust | | Hong Kong Dollar | | 11/27/24 | | | 19,586,000 | | | | 2,520,652 | | | | (861 | ) | |
State Street Bank
and Trust | | Hong Kong Dollar | | 11/27/24 | | | 25,775,000 | | | | 3,317,156 | | | | 1,685 | | |
State Street Bank
and Trust | | Hong Kong Dollar | | 11/27/24 | | | 60,459,000 | | | | 7,780,870 | | | | 7,729 | | |
State Street Bank
and Trust | | Hong Kong Dollar | | 11/27/24 | | | 88,645,000 | | | | 11,408,314 | | | | (18,526 | ) | |
State Street Bank
and Trust | | South Korean Won | | 11/27/24 | | | 20,063,947,000 | | | | 14,551,770 | | | | 24,079 | | |
| | | $ | 25,920 | | |
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.
‡‡ Perpetual maturity.
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
See accompanying Notes to Schedule of Investments
www.calamos.com
113
Global Convertible Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
CONVERTIBLE BONDS (88.2%) | | | |
| | | Communication Services (2.0%) | |
| | 50,000,000 | JPY | | CyberAgent, Inc.
0.000%, 02/19/25 | | $ | 327,271 | | |
| | 1,257,000 | | | Snap, Inc.*
0.500%, 05/01/30 | | | 1,125,543 | | |
| | 808,000 | | | Zillow Group, Inc.
1.375%, 09/01/26 | | | 1,104,132 | | |
| | | | 2,556,946 | | |
| | | Consumer Discretionary (28.1%) | |
| | 2,363,200 | EUR | | Accor, SA
0.700%, 12/07/27 | | | 1,362,505 | | |
| | 5,092,000 | | | Alibaba Group Holding, Ltd.*
0.500%, 06/01/31 | | | 5,873,418 | | |
| | 1,557,000 | | | DraftKings Holdings, Inc.
0.000%, 03/15/28 | | | 1,318,935 | | |
| | 772,000 | | | Etsy, Inc.
0.125%, 10/01/26 | | | 744,965 | | |
| | 1,329,000 | | | Farfetch, Ltd.
3.750%, 05/01/27 | | | 27,803 | | |
| | 1,400,000 | AUD | | Flight Centre Travel Group, Ltd.
1.625%, 11/01/28 | | | 878,212 | | |
| | 3,835,000 | | | JD.com, Inc.*^
0.250%, 06/01/29 | | | 4,378,918 | | |
| | 160,000,000 | JPY | | Kyoritsu Maintenance Company, Ltd.
0.000%, 01/29/26 | | | 1,189,533 | | |
| | 1,330,000 | | | Lucid Group, Inc.*
1.250%, 12/15/26 | | | 982,085 | | |
| | 1,052,000 | | | MakeMyTrip, Ltd.
0.000%, 02/15/28 | | | 2,777,911 | | |
| | 1,752,000 | | | Meritage Homes Corp.*^
1.750%, 05/15/28 | | | 1,860,904 | | |
| | 646,000 | | | NIO, Inc.
4.625%, 10/15/30 | | | 498,150 | | |
| | 900,000 | GBP | | Ocado Group, PLC
0.750%, 01/18/27 | | | 984,817 | | |
| | 2,569,000 | | | Rivian Automotive, Inc.
4.625%, 03/15/29 | | | 2,238,061 | | |
| | 302,000 | | | Royal Caribbean Cruises, Ltd.
6.000%, 08/15/25 | | | 1,255,009 | | |
| | 160,000,000 | JPY | | Sanrio Company, Ltd.
0.000%, 12/14/28 | | | 1,785,842 | | |
| | 700,000 | EUR | | Shop Apotheke Europe, NV
0.000%, 01/21/28 | | | 741,978 | | |
| | 530,000 | | | Stride, Inc.
1.125%, 09/01/27 | | | 966,651 | | |
| | 2,522,000 | | | Trip.com Group, Ltd.*
0.750%, 06/15/29 | | | 2,973,615 | | |
| | 1,398,000 | | | Wayfair, Inc.
3.500%, 11/15/28 | | | 1,720,714 | | |
| | 1,283,000 | | | Wynn Macau, Ltd.*
4.500%, 03/07/29 | | | 1,318,578 | | |
| | | | 35,878,604 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Consumer Staples (2.1%) | |
| | 600,000 | EUR | | Davide Campari-Milano, NV
2.375%, 01/17/29 | | $ | 617,068 | | |
| | 625,000 | | | Enovis Corp.
3.875%, 10/15/28 | | | 652,250 | | |
| | 1,000,000 | EUR | | Fomento Economico Mexicano SAB
de CV
2.625%, 02/24/26 | | | 1,080,788 | | |
| | 313,000 | | | Immunocore Holdings, PLC*
2.500%, 02/01/30 | | | 271,405 | | |
| | | | 2,621,511 | | |
| | | Energy (4.2%) | |
| | 2,300,000 | EUR | | Eni S.p.A
2.950%, 09/14/30 | | | 2,583,585 | | |
| | 670,000 | | | Nabors Industries, Inc.
1.750%, 06/15/29 | | | 515,813 | | |
| | 1,341,000 | | | Northern Oil & Gas, Inc.^
3.625%, 04/15/29 | | | 1,548,305 | | |
| | 500,000 | EUR | | Saipem S.p.A
2.875%, 09/11/29 | | | 719,579 | | |
| | | | 5,367,282 | | |
| | | Financials (4.2%) | |
| | 888,000 | | | Affirm Holdings, Inc.
0.000%, 11/15/26 | | | 787,994 | | |
| | 1,273,000 | | | Coinbase Global, Inc.*
0.250%, 04/01/30 | | | 1,159,410 | | |
| | 622,000 | | | Global Payments, Inc.*^
1.500%, 03/01/31 | | | 593,363 | | |
| | 900,000 | EUR | | JPMorgan Chase Financial
Company, LLC§
0.000%, 01/14/25 | | | 1,002,970 | | |
| | 1,299,000 | | | Morgan Stanley Finance, LLC,
Series B
1.000%, 11/23/27 | | | 1,869,001 | | |
| | | | 5,412,738 | | |
| | | Health Care (8.9%) | |
| | 761,000 | | | Alnylam Pharmaceuticals, Inc.^
1.000%, 09/15/27 | | | 869,092 | | |
| | 650,000 | | | Coherus Biosciences, Inc.
1.500%, 04/15/26 | | | 508,105 | | |
| | 841,000 | | | CONMED Corp.
2.250%, 06/15/27 | | | 774,679 | | |
| | 623,000 | | | Dexcom, Inc.
0.375%, 05/15/28 | | | 549,698 | | |
| | 785,000 | | | Halozyme Therapeutics, Inc.
1.000%, 08/15/28 | | | 867,849 | | |
| | 622,000 | | | 0.250%, 03/01/27 | | | 597,195 | | |
| | 502,000 | | | Innoviva, Inc.
2.500%, 08/15/25 | | | 605,251 | | |
| | 788,000 | | | Integra LifeSciences Holdings Corp.
0.500%, 08/15/25 | | | 752,761 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
114
Global Convertible Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 753,000 | | | Ionis Pharmaceuticals, Inc.
0.000%, 04/01/26 | | $ | 744,114 | | |
| | 1,295,000 | | | Jazz Investments I, Ltd.
2.000%, 06/15/26 | | | 1,283,099 | | |
| | 415,000 | | | Lantheus Holdings, Inc.
2.625%, 12/15/27 | | | 643,951 | | |
| | 941,000 | | | NeoGenomics, Inc.
0.250%, 01/15/28 | | | 776,363 | | |
| | 600,000 | | | Omnicell, Inc.
0.250%, 09/15/25 | | | 579,534 | | |
| | 255,000 | | | Pacira BioSciences, Inc.
0.750%, 08/01/25 | | | 245,223 | | |
| | 759,000 | | | Sarepta Therapeutics, Inc.
1.250%, 09/15/27 | | | 860,516 | | |
| | 618,000 | | | TransMedics Group, Inc.^
1.500%, 06/01/28 | | | 730,915 | | |
| | | | 11,388,345 | | |
| | | Industrials (4.7%) | |
| | 180,000,000 | JPY | | Daifuku Company Ltd.
0.000%, 09/13/30 | | | 1,334,244 | | |
| | 600,000 | EUR | | Duerr, AG
0.750%, 01/15/26 | | | 629,559 | | |
| | 700,000 | | | L&F Company Ltd.
2.500%, 04/26/30 | | | 425,376 | | |
| | 652,000 | | | Middleby Corp.
1.000%, 09/01/25 | | | 717,845 | | |
| | 400,000 | EUR | | Rheinmetall, AG Series B
2.250%, 02/07/30 | | | 709,178 | | |
| | 600,000 | EUR | | SPIE, SA
2.000%, 01/17/28 | | | 753,909 | | |
| | 1,196,000 | | | Uber Technologies, Inc.*
0.875%, 12/01/28 | | | 1,440,809 | | |
| | | | 6,010,920 | | |
| | | Information Technology (26.5%) | |
| | 978,000 | | | Akamai Technologies, Inc.
1.125%, 02/15/29 | | | 993,599 | | |
| | 610,000 | | | 0.125%, 05/01/25 | | | 681,047 | | |
| | 691,000 | | | BILL Holdings, Inc.
0.000%, 04/01/27 | | | 610,132 | | |
| | 973,000 | | | CyberArk Software, Ltd.
0.000%, 11/15/24 | | | 1,712,966 | | |
| | 496,000 | | | Datadog, Inc.
0.125%, 06/15/25 | | | 689,261 | | |
| | 2,203,000 | | | DigitalOcean Holdings, Inc.
0.000%, 12/01/26 | | | 1,956,264 | | |
| | 1,374,000 | | | Dropbox, Inc.
0.000%, 03/01/28 | | | 1,331,145 | | |
| | 637,000 | | | Five9, Inc.*
1.000%, 03/15/29 | | | 543,030 | | |
| | 600,000 | | | Gigabyte Technology Company, Ltd.
0.000%, 07/27/28 | | | 599,610 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 500,000 | EUR | | GlobalWafers GmbH
1.500%, 01/23/29 | | $ | 498,238 | | |
| | 649,000 | | | Guidewire Software, Inc.*
1.250%, 11/01/29 | | | 660,838 | | |
| | 663,000 | | | LivePerson, Inc.
0.000%, 12/15/26 | | | 300,803 | | |
| | 1,367,000 | | | Microchip Technology, Inc.
0.125%, 11/15/24 | | | 1,363,924 | | |
| | 923,000 | | | MicroStrategy, Inc.*
0.875%, 03/15/31 | | | 1,243,327 | | |
| | 633,000 | | | MKS Instruments, Inc.*
1.250%, 06/01/30 | | | 609,807 | | |
| | 2,783,000 | | | NCL Corp., Ltd.
1.125%, 02/15/27 | | | 2,873,587 | | |
| | 700,000 | EUR | | Nexi S.p.A
0.000%, 02/24/28 | | | 659,577 | | |
| | 569,000 | | | Nice, Ltd.
0.000%, 09/15/25 | | | 542,320 | | |
| | 1,301,000 | | | ON Semiconductor Corp.
0.500%, 03/01/29 | | | 1,299,218 | | |
| | 824,000 | | | 0.000%, 05/01/27^ | | | 1,178,658 | | |
| | 621,000 | | | Parsons Corp.*
2.625%, 03/01/29 | | | 804,984 | | |
| | 729,000 | | | Pegasystems, Inc.
0.750%, 03/01/25 | | | 717,321 | | |
| | 1,291,000 | | | Seagate HDD Cayman
3.500%, 06/01/28 | | | 1,728,623 | | |
| | 329,000 | | | Shift4 Payments, Inc.
0.000%, 12/15/25 | | | 402,453 | | |
| | 600,000 | | | SK Hynix, Inc.
1.750%, 04/11/30 | | | 1,019,724 | | |
| | 1,285,000 | | | Snowflake, Inc.*
0.000%, 10/01/29 | | | 1,312,370 | | |
| | 708,200 | EUR | | SOITEC
0.000%, 10/01/25 | | | 1,291,768 | | |
| | 1,232,000 | | | Super Micro Computer, Inc.*
0.000%, 03/01/29 | | | 959,469 | | |
| | 796,000 | | | Tyler Technologies, Inc.^
0.250%, 03/15/26 | | | 1,010,132 | | |
| | 1,253,000 | | | Varonis Systems, Inc.*
1.000%, 09/15/29 | | | 1,268,074 | | |
| | 977,000 | | | Workiva, Inc.
1.250%, 08/15/28 | | | 924,144 | | |
| | 120,000 | | | 1.125%, 08/15/26 | | | 140,321 | | |
| | 1,243,000 | | | Xero Investments, Ltd.
1.625%, 06/12/31 | | | 1,367,312 | | |
| | 490,000 | | | Zscaler, Inc.
0.125%, 07/01/25 | | | 618,924 | | |
| | | | 33,912,970 | | |
| | | Materials (3.4%) | |
| | 1,448,000 | | | Amyris, Inc.
0.000%, 11/15/26 | | | 22,371 | | |
| | 1,200,000 | | | Gold Pole Capital Company, Ltd.
1.000%, 06/25/29 | | | 1,267,812 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
115
Global Convertible Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 1,300,000 | | | LG Chem, Ltd.
1.250%, 07/18/28 | | $ | 1,270,295 | | |
| | 844,000 | | | Lithium Americas Corp.
1.750%, 01/15/27 | | | 666,431 | | |
| | 1,100,000 | EUR | | POSCO Holdings, Inc.
0.000%, 09/01/26 | | | 1,157,901 | | |
| | | | 4,384,810 | | |
| | | Real Estate (0.9%) | |
| | 1,235,000 | | | Redfin Corp.
0.000%, 10/15/25 | | | 1,145,660 | | |
| | | Utilities (3.2%) | |
| | 1,282,000 | | | American Water Capital Corp.
3.625%, 06/15/26 | | | 1,294,602 | | |
| | 624,000 | | | CMS Energy Corp.
3.375%, 05/01/28 | | | 662,020 | | |
| | 1,307,000 | | | PPL Capital Funding, Inc.^
2.875%, 03/15/28 | | | 1,367,619 | | |
| | 651,000 | | | Southern Company
3.875%, 12/15/25 | | | 726,939 | | |
| | | | 4,051,180 | | |
| | | TOTAL CONVERTIBLE BONDS
(Cost $108,952,111) | | | 112,730,966 | | |
NUMBER OF
SHARES | | | | VALUE | |
CONVERTIBLE PREFERRED STOCKS (6.9%) | | | |
| | | Financials (2.0%) | |
| | 32,723 | | | Apollo Global Management, Inc.
6.750%, 07/31/26 | | | 2,499,055 | | |
| | | Industrials (3.2%) | |
| | 76,944 | | | Boeing Company#
6.000%, 10/15/27 | | | 4,134,201 | | |
| | | Information Technology (1.1%) | |
| | 24,968 | | | Hewlett Packard Enterprise Company#
7.625%, 09/01/27 | | | 1,444,399 | | |
| | | Utilities (0.6%) | |
| | 15,361 | | | NextEra Energy, Inc.^
6.926%, 09/01/25 | | | 687,405 | | |
| | | TOTAL CONVERTIBLE PREFERRED
STOCKS
(Cost $7,780,277) | | | 8,765,060 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
U.S. GOVERNMENT AND AGENCY SECURITY (2.8%) | | | |
| | | Other (2.8%) | |
| | 3,593,000 | | | U.S. Treasury Note
1.750%, 03/15/25
(Cost $3,549,671) | | $ | 3,557,281 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
PURCHASED OPTIONS (0.0%)# | | | |
| | | Energy (0.0%) | |
| | 164 | | | Eog Resources, Inc. | | | | | |
| | 2,000,144 | | | Call, 01/17/25, Strike $141.00 | | | 22,140 | | |
| | 462 | EUR | | Totalenergies, SE | | | | | |
| | 2,948,077 | | | Call, 12/20/24, Strike 65.00 | | | 9,739 | | |
| | | | 31,879 | | |
| | | TOTAL PURCHASED OPTIONS
(Cost $342,908) | | | 31,879 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (9.5%) | | | |
| | 12,132,958 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $12,132,958) | | | 12,132,958 | | |
| | | TOTAL INVESTMENTS (107.4%)
(Cost $132,757,925) | | | 137,218,144 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-9.5%) | | | (12,132,958 | ) | |
OTHER ASSETS, LESS LIABILITIES (2.1%) | | | 2,720,527 | | |
NET ASSETS (100.0%) | | $ | 127,805,713 | | |
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.
# Non-income producing security.
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
116
Global Convertible Fund Schedule of Investments October 31, 2024
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FOREIGN CURRENCY ABBREVIATIONS
AUD Australian 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, 2024
| | | VALUE | | % OF TOTAL
INVESTMENTS | |
US Dollar | | $ | 116,899,883 | | | | 85.2 | % | |
European Monetary Unit | | | 13,818,342 | | | | 10.1 | % | |
Japanese Yen | | | 4,636,890 | | | | 3.4 | % | |
British Pound Sterling | | | 984,817 | | | | 0.7 | % | |
Australian Dollar | | | 878,212 | | | | 0.6 | % | |
Total Investments | | $ | 137,218,144 | | | | 100.0 | % | |
Currency exposure may vary over time.
See accompanying Notes to Schedule of Investments
www.calamos.com
117
Timpani Small Cap Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (99.8%) | | | |
| | | Communication Services (0.4%) | |
| | 36,923 | | | EverQuote, Inc. - Class A# | | $ | 663,875 | | |
| | 70,764 | | | Magnite, Inc.# | | | 883,135 | | |
| | | | 1,547,010 | | |
| | | Consumer Discretionary (10.6%) | |
| | 23,605 | | | Adtalem Global Education, Inc.# | | | 1,910,117 | | |
| | 17,008 | | | Boot Barn Holdings, Inc.# | | | 2,118,346 | | |
| | 10,062 | | | Cava Group, Inc.# | | | 1,343,881 | | |
| | 355,927 | | | Genius Sports, Ltd.# | | | 2,438,100 | | |
| | 18,828 | | | Kura Sushi USA, Inc. - Class A# | | | 1,879,411 | | |
| | 194,467 | | | Lincoln Educational Services Corp.# | | | 2,582,522 | | |
| | 44,367 | | | Modine Manufacturing Company# | | | 5,225,101 | | |
| | 672,145 | | | Rush Street Interactive, Inc.# | | | 7,272,609 | | |
| | 9,278 | | | SharkNinja, Inc. | | | 855,524 | | |
| | 73,342 | | | Stride, Inc.# | | | 6,841,342 | | |
| | 116,716 | | | Sweetgreen, Inc. - Class A# | | | 4,213,448 | | |
| | | | 36,680,401 | | |
| | | Consumer Staples (4.1%) | |
| | 21,458 | | | Freshpet, Inc.# | | | 2,844,043 | | |
| | 874,081 | | | Mama's Creations, Inc.# | | | 6,511,903 | | |
| | 7,918 | | | Sprouts Farmers Market, Inc.# | | | 1,016,909 | | |
| | 114,036 | | | Vital Farms, Inc.# | | | 3,954,769 | | |
| | | | 14,327,624 | | |
| | | Energy (0.3%) | |
| | 155,655 | | | Newpark Resources, Inc.# | | | 1,036,662 | | |
| | | Financials (6.2%) | |
| | 35,173 | | | Bowhead Specialty Holdings, Inc.# | | | 1,023,886 | | |
| | 74,415 | | | Core Scientific, Inc.# | | | 988,975 | | |
| | 41,256 | | | Marex Group, PLC | | | 1,086,683 | | |
| | 61,433 | | | Moneylion, Inc.# | | | 2,639,776 | | |
| | 20,209 | | | Palomar Holdings, Inc.# | | | 1,814,162 | | |
| | 26,666 | | | Piper Sandler Companies | | | 7,563,544 | | |
| | 15,180 | | | Sezzle, Inc.# | | | 3,258,539 | | |
| | 74,674 | | | Skyward Specialty Insurance Group, Inc.# | | | 3,301,338 | | |
| | | | 21,676,903 | | |
| | | Health Care (30.9%) | |
| | 683,711 | | | ADMA Biologics, Inc.# | | | 11,151,326 | | |
| | 238,369 | | | Applied Therapeutics, Inc.# | | | 2,107,182 | | |
| | 70,638 | | | Artivion, Inc.# | | | 1,859,899 | | |
| | 184,195 | | | AtriCure, Inc.# | | | 6,111,590 | | |
| | 337,800 | | | Avid Bioservices, Inc.# | | | 3,364,488 | | |
| | 123,534 | | | Axogen, Inc.# | | | 1,729,476 | | |
| | 217,861 | | | BioLife Solutions, Inc.# | | | 5,097,947 | | |
| | 127,532 | | | CareDx, Inc.# | | | 2,822,283 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 260 | | | Ceribell, Inc.# | | $ | 6,835 | | |
| | 66,782 | | | Corcept Therapeutics, Inc.# | | | 3,270,315 | | |
| | 71,610 | | | Crinetics Pharmaceuticals, Inc.# | | | 4,007,296 | | |
| | 122,730 | | | GeneDx Holdings Corp.# | | | 10,025,814 | | |
| | 59,938 | | | Guardian Pharmacy Services, Inc. -
Class A# | | | 1,073,490 | | |
| | 55,045 | | | Harrow Health, Inc.# | | | 2,480,328 | | |
| | 49,305 | | | Insmed, Inc.# | | | 3,317,240 | | |
| | 19,535 | | | Intra-Cellular Therapies, Inc.# | | | 1,655,591 | | |
| | 31,753 | | | iRadimed Corp. | | | 1,564,470 | | |
| | 42,583 | | | Ligand Pharmaceuticals, Inc.# | | | 4,501,023 | | |
| | 516,073 | | | MannKind Corp.# | | | 3,648,636 | | |
| | 20,178 | | | Masimo Corp.# | | | 2,905,834 | | |
| | 29,260 | | | Natera, Inc.# | | | 3,539,290 | | |
| | 13,360 | | | Penumbra, Inc.# | | | 3,057,703 | | |
| | 173,188 | | | RadNet, Inc.# | | | 11,264,148 | | |
| | 64,283 | | | RxSight, Inc.# | | | 3,256,577 | | |
| | 64,488 | | | Summit Therapeutics, Inc.# | | | 1,198,832 | | |
| | 21,687 | | | UFP Technologies, Inc.# | | | 5,790,429 | | |
| | 36,881 | | | Vaxcyte, Inc.# | | | 3,922,294 | | |
| | 34,462 | | | Viking Therapeutics, Inc.# | | | 2,499,873 | | |
| | | | 107,230,209 | | |
| | | Industrials (18.9%) | |
| | 35,708 | | | Argan, Inc. | | | 4,714,884 | | |
| | 21,355 | | | Axon Enterprise, Inc.# | | | 9,043,843 | | |
| | 20,949 | | | Blue Bird Corp.# | | | 882,163 | | |
| | 142,274 | | | CECO Environmental Corp.# | | | 3,386,121 | | |
| | 33,014 | | | Construction Partners, Inc. - Class A# | | | 2,599,192 | | |
| | 25,658 | | | Embraer, SA (ADR)# | | | 860,056 | | |
| | 74,452 | | | FTAI Aviation, Ltd. | | | 10,009,327 | | |
| | 76,095 | | | Limbach Holdings, Inc.# | | | 5,780,937 | | |
| | 24,245 | | | Loar Holdings, Inc.# | | | 2,089,434 | | |
| | 19,775 | | | Moog, Inc. - Class A | | | 3,729,565 | | |
| | 535 | | | Standardaero, Inc.# | | | 15,435 | | |
| | 76,635 | | | Sterling Infrastructure, Inc.# | | | 11,836,276 | | |
| | 49,592 | | | Tecnoglass, Inc. | | | 3,398,540 | | |
| | 25,223 | | | VSE Corp. | | | 2,588,384 | | |
| | 77,835 | | | Willdan Group, Inc.# | | | 3,682,374 | | |
| | 7,836 | | | XPO, Inc.# | | | 1,022,833 | | |
| | | | 65,639,364 | | |
| | | Information Technology (24.7%) | |
| | 294,182 | | | ACM Research, Inc. - Class A# | | | 5,529,151 | | |
| | 492,619 | | | AvePoint, Inc.# | | | 5,980,395 | | |
| | 852,766 | | | Blend Labs, Inc. - Class A# | | | 3,095,541 | | |
| | 15,908 | | | Celestica, Inc.# | | | 1,088,107 | | |
| | 155,597 | | | Cellebrite DI, Ltd.# | | | 2,824,086 | | |
| | 33,686 | | | Coherent Corp.# | | | 3,113,934 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
118
Timpani Small Cap Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 201,370 | | | CompoSecure, Inc. - Class A | | $ | 3,042,701 | | |
| | 83,018 | | | Credo Technology Group Holding, Ltd.# | | | 3,129,779 | | |
| | 15,564 | | | CyberArk Software, Ltd.# | | | 4,303,757 | | |
| | 47,222 | | | Descartes Systems Group, Inc.# | | | 4,907,782 | | |
| | 8,607 | | | Elastic, NV# | | | 690,540 | | |
| | 157,602 | | | Extreme Networks, Inc.# | | | 2,352,998 | | |
| | 14,379 | | | Fabrinet# | | | 3,464,908 | | |
| | 25,627 | | | Lumentum Holdings, Inc.# | | | 1,636,796 | | |
| | 24,351 | | | Nutanix, Inc. - Class A# | | | 1,512,197 | | |
| | 5,071 | | | Onto Innovation, Inc.# | | | 1,005,731 | | |
| | 11,724 | | | PAR Technology Corp.# | | | 691,599 | | |
| | 8,334 | | | Parsons Corp.# | | | 901,405 | | |
| | 37,668 | | | Pegasystems, Inc. | | | 2,992,346 | | |
| | 933,728 | | | Powerfleet, Inc. NJ# | | | 4,696,652 | | |
| | 42,801 | | | Red Violet, Inc.# | | | 1,287,454 | | |
| | 90,912 | | | Semtech Corp.# | | | 4,017,401 | | |
| | 168,598 | | | SentinelOne, Inc. - Class A# | | | 4,348,142 | | |
| | 263,342 | | | SimilarWeb, Ltd.# | | | 2,293,709 | | |
| | 10,354 | | | SiTime Corp.# | | | 1,749,929 | | |
| | 61,256 | | | Varonis Systems, Inc.# | | | 3,085,465 | | |
| | 18,246 | | | Wix.com, Ltd.# | | | 3,049,271 | | |
| | 17,895 | | | Workiva, Inc. - Class A# | | | 1,427,305 | | |
| | 269,738 | | | Zeta Global Holdings Corp. - Class A# | | | 7,466,348 | | |
| | | | 85,685,429 | | |
| | | Materials (2.2%) | |
| | 12,319 | | | Carpenter Technology Corp. | | | 1,841,690 | | |
| | 15,291 | | | Eagle Materials, Inc. | | | 4,364,969 | | |
| | 13,234 | | | Knife River Corp.# | | | 1,287,933 | | |
| | | | 7,494,592 | | |
| | | Real Estate (1.5%) | |
| | 309,151 | | | Cushman & Wakefield, PLC# | | | 4,188,996 | | |
| | 202,520 | | | Real Brokerage, Inc.# | | | 1,105,759 | | |
| | | | 5,294,755 | | |
| | | TOTAL COMMON STOCKS
(Cost $256,895,573) | | | 346,612,949 | | |
| | | TOTAL INVESTMENTS (99.8%)
(Cost $256,895,573) | | | 346,612,949 | | |
OTHER ASSETS, LESS LIABILITIES (0.2%) | | | 759,687 | | |
NET ASSETS (100.0%) | | $ | 347,372,636 | | |
NOTES TO SCHEDULE OF INVESTMENTS
# Non-income producing security.
See accompanying Notes to Schedule of Investments
www.calamos.com
119
Timpani SMID Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (99.6%) | | | |
| | | Communication Services (0.2%) | |
| | 4,298 | | | Magnite, Inc.# | | $ | 53,639 | | |
| | | Consumer Discretionary (12.1%) | |
| | 1,780 | | | Adtalem Global Education, Inc.# | | | 144,038 | | |
| | 1,034 | | | Boot Barn Holdings, Inc.# | | | 128,785 | | |
| | 455 | | | Carvana Company# | | | 112,526 | | |
| | 1,667 | | | Cava Group, Inc.# | | | 222,644 | | |
| | 833 | | | Deckers Outdoor Corp.# | | | 134,021 | | |
| | 6,133 | | | DraftKings, Inc. - Class A# | | | 216,618 | | |
| | 1,141 | | | Kura Sushi USA, Inc. - Class A# | | | 113,895 | | |
| | 2,939 | | | Modine Manufacturing Company# | | | 346,126 | | |
| | 9,991 | | | On Holding, AG - Class A# | | | 473,773 | | |
| | 39,703 | | | Rush Street Interactive, Inc.# | | | 429,586 | | |
| | 982 | | | SharkNinja, Inc. | | | 90,550 | | |
| | 5,093 | | | Stride, Inc.# | | | 475,075 | | |
| | 8,050 | | | Sweetgreen, Inc. - Class A# | | | 290,605 | | |
| | | | 3,178,242 | | |
| | | Consumer Staples (3.3%) | |
| | 279 | | | Casey's General Stores, Inc. | | | 109,932 | | |
| | 2,020 | | | Freshpet, Inc.# | | | 267,731 | | |
| | 25,813 | | | Mama's Creations, Inc.# | | | 192,307 | | |
| | 398 | | | Sprouts Farmers Market, Inc.# | | | 51,115 | | |
| | 7,562 | | | Vital Farms, Inc.# | | | 262,250 | | |
| | | | 883,335 | | |
| | | Financials (6.3%) | |
| | 2,216 | | | Bowhead Specialty Holdings, Inc.# | | | 64,508 | | |
| | 3,742 | | | Core Scientific, Inc.# | | | 49,731 | | |
| | 777 | | | Evercore, Inc. - Class A | | | 205,260 | | |
| | 3,257 | | | Jefferies Financial Group, Inc. | | | 208,383 | | |
| | 2,599 | | | Marex Group, PLC | | | 68,458 | | |
| | 3,645 | | | Moneylion, Inc.# | | | 156,626 | | |
| | 930 | | | Palomar Holdings, Inc.# | | | 83,486 | | |
| | 430 | | | Piper Sandler Companies | | | 121,965 | | |
| | 1,084 | | | Sezzle, Inc.# | | | 232,691 | | |
| | 5,200 | | | Skyward Specialty Insurance Group, Inc.# | | | 229,892 | | |
| | 2,270 | | | Stifel Financial Corp. | | | 235,217 | | |
| | | | 1,656,217 | | |
| | | Health Care (25.1%) | |
| | 49,328 | | | ADMA Biologics, Inc.# | | | 804,540 | | |
| | 2,611 | | | Artivion, Inc.# | | | 68,748 | | |
| | 12,343 | | | AtriCure, Inc.# | | | 409,541 | | |
| | 21,881 | | | Avid Bioservices, Inc.# | | | 217,935 | | |
| | 7,056 | | | BioLife Solutions, Inc.# | | | 165,110 | | |
| | 7,343 | | | CareDx, Inc.# | | | 162,501 | | |
| | 20 | | | Ceribell, Inc.# | | | 526 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 4,123 | | | Corcept Therapeutics, Inc.# | | $ | 201,903 | | |
| | 4,872 | | | Crinetics Pharmaceuticals, Inc.# | | | 272,637 | | |
| | 4,639 | | | GeneDx Holdings Corp.# | | | 378,960 | | |
| | 4,509 | | | Guardian Pharmacy Services, Inc. - Class A# | | | 80,756 | | |
| | 3,105 | | | Harrow Health, Inc.# | | | 139,911 | | |
| | 2,724 | | | Insmed, Inc.# | | | 183,271 | | |
| | 2,384 | | | Intra-Cellular Therapies, Inc.# | | | 202,044 | | |
| | 33,130 | | | MannKind Corp.# | | | 234,229 | | |
| | 1,805 | | | Masimo Corp.# | | | 259,938 | | |
| | 4,163 | | | Natera, Inc.# | | | 503,556 | | |
| | 1,260 | | | Penumbra, Inc.# | | | 288,376 | | |
| | 12,338 | | | RadNet, Inc.# | | | 802,464 | | |
| | 4,330 | | | RxSight, Inc.# | | | 219,358 | | |
| | 4,185 | | | Summit Therapeutics, Inc.# | | | 77,799 | | |
| | 1,555 | | | UFP Technologies, Inc.# | | | 415,185 | | |
| | 2,034 | | | Vaxcyte, Inc.# | | | 216,316 | | |
| | 3,860 | | | Viking Therapeutics, Inc.# | | | 280,004 | | |
| | | | 6,585,608 | | |
| | | Industrials (19.4%) | |
| | 2,388 | | | Argan, Inc. | | | 315,312 | | |
| | 2,218 | | | Axon Enterprise, Inc.# | | | 939,323 | | |
| | 8,677 | | | CECO Environmental Corp.# | | | 206,513 | | |
| | 324 | | | Clean Harbors, Inc.# | | | 74,928 | | |
| | 2,123 | | | Construction Partners, Inc. - Class A# | | | 167,144 | | |
| | 3,869 | | | Embraer, SA (ADR)# | | | 129,689 | | |
| | 4,869 | | | FTAI Aviation, Ltd. | | | 654,588 | | |
| | 1,564 | | | Generac Holdings, Inc.# | | | 258,920 | | |
| | 1,280 | | | HEICO Corp. | | | 313,536 | | |
| | 181 | | | Hubbell, Inc. | | | 77,292 | | |
| | 2,139 | | | Loar Holdings, Inc.# | | | 184,339 | | |
| | 1,268 | | | Moog, Inc. - Class A | | | 239,145 | | |
| | 40 | | | Standardaero, Inc.# | | | 1,154 | | |
| | 5,286 | | | Sterling Infrastructure, Inc.# | | | 816,423 | | |
| | 3,194 | | | Tecnoglass, Inc. | | | 218,885 | | |
| | 2,391 | | | Vertiv Holdings Company - Class A | | | 261,312 | | |
| | 1,762 | | | XPO, Inc.# | | | 229,994 | | |
| | | | 5,088,497 | | |
| | | Information Technology (28.6%) | |
| | 3,314 | | | AppLovin Corp. - Class A# | | | 561,358 | | |
| | 1,177 | | | Celestica, Inc.# | | | 80,507 | | |
| | 5,945 | | | Cellebrite DI, Ltd.# | | | 107,902 | | |
| | 3,183 | | | Coherent Corp.# | | | 294,237 | | |
| | 6,670 | | | CompoSecure, Inc. - Class A | | | 100,784 | | |
| | 3,448 | | | Confluent, Inc. - Class A# | | | 90,234 | | |
| | 3,111 | | | Credo Technology Group Holding, Ltd.# | | | 117,285 | | |
| | 1,266 | | | CyberArk Software, Ltd.# | | | 350,074 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
120
Timpani SMID Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 5,333 | | | Descartes Systems Group, Inc.# | | $ | 554,259 | | |
| | 5,181 | | | Dynatrace, Inc.# | | | 278,738 | | |
| | 974 | | | Elastic, NV# | | | 78,144 | | |
| | 11,884 | | | Extreme Networks, Inc.# | | | 177,428 | | |
| | 867 | | | Fabrinet# | | | 208,921 | | |
| | 298 | | | Fair Isaac Corp.# | | | 593,947 | | |
| | 3,245 | | | GoDaddy, Inc. - Class A# | | | 541,266 | | |
| | 496 | | | Guidewire Software, Inc.# | | | 92,385 | | |
| | 1,939 | | | Lumentum Holdings, Inc.# | | | 123,844 | | |
| | 1,024 | | | Manhattan Associates, Inc.# | | | 269,681 | | |
| | 970 | | | Monday.com, Ltd.# | | | 285,054 | | |
| | 2,671 | | | Nutanix, Inc. - Class A# | | | 165,869 | | |
| | 503 | | | Onto Innovation, Inc.# | | | 99,760 | | |
| | 876 | | | Parsons Corp.# | | | 94,748 | | |
| | 3,394 | | | Pegasystems, Inc. | | | 269,619 | | |
| | 6,147 | | | Samsara, Inc. - Class A# | | | 293,765 | | |
| | 6,052 | | | Semtech Corp.# | | | 267,438 | | |
| | 13,285 | | | SentinelOne, Inc. - Class A# | | | 342,620 | | |
| | 628 | | | SiTime Corp.# | | | 106,138 | | |
| | 3,412 | | | Varonis Systems, Inc.# | | | 171,862 | | |
| | 2,520 | | | Wix.com, Ltd.# | | | 421,142 | | |
| | 846 | | | Workiva, Inc. - Class A# | | | 67,477 | | |
| | 11,199 | | | Zeta Global Holdings Corp. - Class A# | | | 309,988 | | |
| | | | 7,516,474 | | |
| | | Materials (2.2%) | |
| | 545 | | | Carpenter Technology Corp. | | | 81,478 | | |
| | 1,417 | | | Eagle Materials, Inc. | | | 404,497 | | |
| | 860 | | | Knife River Corp.# | | | 83,695 | | |
| | | | 569,670 | | |
| | | Real Estate (2.4%) | |
| | 21,359 | | | Cushman & Wakefield, PLC# | | | 289,414 | | |
| | 975 | | | Jones Lang LaSalle, Inc.# | | | 264,186 | | |
| | 12,724 | | | Real Brokerage, Inc.# | | | 69,473 | | |
| | | | 623,073 | | |
| | | TOTAL COMMON STOCKS
(Cost $19,357,776) | | | 26,154,755 | | |
| | | TOTAL INVESTMENTS (99.6%)
(Cost $19,357,776) | | | 26,154,755 | | |
OTHER ASSETS, LESS LIABILITIES (0.4%) | | | 94,640 | | |
NET ASSETS (100.0%) | | $ | 26,249,395 | | |
NOTES TO SCHEDULE OF INVESTMENTS
# Non-income producing security.
See accompanying Notes to Schedule of Investments
www.calamos.com
121
Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (99.4%) | |
| | | Communication Services (14.9%) | |
| | 661,000 | | | Alphabet, Inc. - Class A~ | | $ | 113,103,710 | | |
| | 18,242 | | | Magnite, Inc.# | | | 227,660 | | |
| | 105,016 | | | Meta Platforms, Inc. - Class A | | | 59,604,981 | | |
| | 41,947 | | | Netflix, Inc.~# | | | 31,713,191 | | |
| | 469,300 | | | Pinterest, Inc. - Class A# | | | 14,919,047 | | |
| | 39,500 | | | T-Mobile U.S., Inc. | | | 8,814,820 | | |
| | | | 228,383,409 | | |
| | | Consumer Discretionary (16.1%) | |
| | 7,555 | | | Adtalem Global Education, Inc.# | | | 611,351 | | |
| | 48,000 | | | Airbnb, Inc. - Class A# | | | 6,469,920 | | |
| | 634,340 | | | Amazon.com, Inc.~# | | | 118,240,976 | | |
| | 3,500 | | | Booking Holdings, Inc.~ | | | 16,366,875 | | |
| | 4,388 | | | Boot Barn Holdings, Inc.#^ | | | 546,525 | | |
| | 1,931 | | | Carvana Company# | | | 477,556 | | |
| | 7,068 | | | Cava Group, Inc.#^ | | | 944,002 | | |
| | 395,000 | | | Chipotle Mexican Grill, Inc.# | | | 22,029,150 | | |
| | 3,522 | | | Deckers Outdoor Corp.# | | | 566,655 | | |
| | 140,849 | | | DoorDash, Inc. - Class A# | | | 22,071,038 | | |
| | 310,028 | | | DraftKings, Inc. - Class A# | | | 10,950,189 | | |
| | 4,842 | | | Kura Sushi USA, Inc. - Class A#^ | | | 483,328 | | |
| | 75,000 | | | Lowe's Companies, Inc. | | | 19,637,250 | | |
| | 12,463 | | | Modine Manufacturing Company# | | | 1,467,768 | | |
| | 42,434 | | | On Holding, AG - Class A#^ | | | 2,012,220 | | |
| | 168,498 | | | Rush Street Interactive, Inc.# | | | 1,823,148 | | |
| | 4,170 | | | SharkNinja, Inc. | | | 384,516 | | |
| | 21,614 | | | Stride, Inc.#^ | | | 2,016,154 | | |
| | 34,144 | | | Sweetgreen, Inc. - Class A#^ | | | 1,232,598 | | |
| | 79,200 | | | Tesla, Inc.# | | | 19,788,120 | | |
| | | | 248,119,339 | | |
| | | Consumer Staples (1.4%) | |
| | 1,182 | | | Casey's General Stores, Inc. | | | 465,732 | | |
| | 8,577 | | | Freshpet, Inc.# | | | 1,136,796 | | |
| | 109,440 | | | Mama's Creations, Inc.#^ | | | 815,328 | | |
| | 1,687 | | | Sprouts Farmers Market, Inc.# | | | 216,661 | | |
| | 32,087 | | | Vital Farms, Inc.# | | | 1,112,777 | | |
| | 211,500 | | | Walmart, Inc. | | | 17,332,425 | | |
| | | | 21,079,719 | | |
| | | Energy (0.7%) | |
| | 80,000 | | | Hess Corp. | | | 10,758,400 | | |
| | | Financials (6.3%) | |
| | 29,400 | | | American Express Company | | | 7,940,352 | | |
| | 9,403 | | | Bowhead Specialty Holdings, Inc.# | | | 273,721 | | |
| | 15,880 | | | Core Scientific, Inc.# | | | 211,045 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 3,285 | | | Evercore, Inc. - Class A | | $ | 867,799 | | |
| | 13,818 | | | Jefferies Financial Group, Inc. | | | 884,076 | | |
| | 11,029 | | | Marex Group, PLC | | | 290,504 | | |
| | 40,200 | | | Marsh & McLennan Companies, Inc. | | | 8,773,248 | | |
| | 24,100 | | | Mastercard, Inc. - Class A | | | 12,040,119 | | |
| | 15,465 | | | Moneylion, Inc.# | | | 664,531 | | |
| | 3,938 | | | Palomar Holdings, Inc.# | | | 353,514 | | |
| | 1,821 | | | Piper Sandler Companies | | | 516,508 | | |
| | 17,085 | | | S&P Global, Inc. | | | 8,206,951 | | |
| | 4,601 | | | Sezzle, Inc.# | | | 987,651 | | |
| | 22,062 | | | Skyward Specialty Insurance Group, Inc.# | | | 975,361 | | |
| | 9,615 | | | Stifel Financial Corp. | | | 996,306 | | |
| | 155,000 | | | Visa, Inc. - Class A | | | 44,926,750 | | |
| | 112,000 | | | Wells Fargo & Company | | | 7,271,040 | | |
| | | | 96,179,476 | | |
| | | Health Care (11.0%) | |
| | 209,334 | | | ADMA Biologics, Inc.# | | | 3,414,238 | | |
| | 11,069 | | | Artivion, Inc.# | | | 291,447 | | |
| | 52,395 | | | AtriCure, Inc.#^ | | | 1,738,466 | | |
| | 92,836 | | | Avid Bioservices, Inc.#^ | | | 924,647 | | |
| | 29,848 | | | BioLife Solutions, Inc.#^ | | | 698,443 | | |
| | 134,500 | | | Boston Scientific Corp.# | | | 11,300,690 | | |
| | 31,156 | | | CareDx, Inc.# | | | 689,482 | | |
| | 83 | | | Ceribell, Inc.# | | | 2,182 | | |
| | 17,490 | | | Corcept Therapeutics, Inc.#^ | | | 856,485 | | |
| | 20,648 | | | Crinetics Pharmaceuticals, Inc.# | | | 1,155,462 | | |
| | 46,750 | | | Eli Lilly & Company | | | 38,790,345 | | |
| | 19,687 | | | GeneDx Holdings Corp.# | | | 1,608,231 | | |
| | 19,117 | | | Guardian Pharmacy Services, Inc.# | | | 342,385 | | |
| | 13,181 | | | Harrow Health, Inc.#^ | | | 593,936 | | |
| | 11,550 | | | Insmed, Inc.# | | | 777,084 | | |
| | 10,119 | | | Intra-Cellular Therapies, Inc.# | | | 857,585 | | |
| | 30,000 | | | Intuitive Surgical, Inc.# | | | 15,115,200 | | |
| | 42,600 | | | IQVIA Holdings, Inc.# | | | 8,767,932 | | |
| | 140,447 | | | MannKind Corp.#^ | | | 992,960 | | |
| | 7,650 | | | Masimo Corp.#^ | | | 1,101,677 | | |
| | 113,000 | | | Merck & Company, Inc. | | | 11,562,160 | | |
| | 17,668 | | | Natera, Inc.# | | | 2,137,121 | | |
| | 5,348 | | | Penumbra, Inc.# | | | 1,223,997 | | |
| | 52,297 | | | RadNet, Inc.# | | | 3,401,397 | | |
| | 18,377 | | | RxSight, Inc.# | | | 930,979 | | |
| | 23,900 | | | Stryker Corp. | | | 8,515,092 | | |
| | 17,768 | | | Summit Therapeutics, Inc.#^ | | | 330,307 | | |
| | 21,300 | | | Thermo Fisher Scientific, Inc. | | | 11,636,616 | | |
| | 6,569 | | | UFP Technologies, Inc.# | | | 1,753,923 | | |
| | 44,700 | | | UnitedHealth Group, Inc. | | | 25,233,150 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
122
Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 8,633 | | | Vaxcyte, Inc.# | | $ | 918,120 | | |
| | 16,410 | | | Viking Therapeutics, Inc.#^ | | | 1,190,381 | | |
| | 57,000 | | | Zoetis, Inc. | | | 10,190,460 | | |
| | | | 169,042,580 | | |
| | | Industrials (4.2%) | |
| | 10,135 | | | Argan, Inc. | | | 1,338,225 | | |
| | 9,403 | | | Axon Enterprise, Inc.# | | | 3,982,171 | | |
| | 36,816 | | | CECO Environmental Corp.#^ | | | 876,221 | | |
| | 1,375 | | | Clean Harbors, Inc.# | | | 317,983 | | |
| | 9,013 | | | Construction Partners, Inc. - Class A# | | | 709,593 | | |
| | 16,423 | | | Embraer, SA (ADR)#^ | | | 550,499 | | |
| | 60,000 | | | Emerson Electric Company | | | 6,496,200 | | |
| | 20,658 | | | FTAI Aviation, Ltd. | | | 2,777,262 | | |
| | 6,633 | | | Generac Holdings, Inc.# | | | 1,098,093 | | |
| | 5,433 | | | HEICO Corp.^ | | | 1,330,813 | | |
| | 767 | | | Hubbell, Inc. | | | 327,532 | | |
| | 9,078 | | | Loar Holdings, Inc.#^ | | | 782,342 | | |
| | 5,391 | | | Moog, Inc. - Class A | | | 1,016,743 | | |
| | 167 | | | Standardaero, Inc.# | | | 4,818 | | |
| | 22,412 | | | Sterling Infrastructure, Inc.# | | | 3,461,533 | | |
| | 13,491 | | | Tecnoglass, Inc.^ | | | 924,538 | | |
| | 333,432 | | | Uber Technologies, Inc.# | | | 24,023,776 | | |
| | 51,000 | | | Union Pacific Corp. | | | 11,835,570 | | |
| | 10,145 | | | Vertiv Holdings Company - Class A | | | 1,108,747 | | |
| | 7,474 | | | XPO, Inc.# | | | 975,581 | | |
| | | | 63,938,240 | | |
| | | Information Technology (42.9%) | |
| | 23,600 | | | Adobe, Inc.# | | | 11,282,688 | | |
| | 531,520 | | | Apple, Inc. | | | 120,075,683 | | |
| | 14,066 | | | AppLovin Corp. - Class A# | | | 2,382,640 | | |
| | 221,350 | | | Broadcom, Inc. | | | 37,578,589 | | |
| | 4,994 | | | Celestica, Inc.#^ | | | 341,590 | | |
| | 25,226 | | | Cellebrite DI, Ltd.# | | | 457,852 | | |
| | 16,590 | | | Ciena Corp.# | | | 1,053,631 | | |
| | 13,440 | | | Coherent Corp.# | | | 1,242,394 | | |
| | 28,300 | | | CompoSecure, Inc.^ | | | 427,613 | | |
| | 31,040 | | | Confluent, Inc. - Class A#^ | | | 812,317 | | |
| | 13,148 | | | Credo Technology Group Holding, Ltd.# | | | 495,680 | | |
| | 3,350 | | | Crowdstrike Holdings, Inc. - Class A# | | | 994,515 | | |
| | 5,370 | | | CyberArk Software, Ltd.#^ | | | 1,484,912 | | |
| | 30,800 | | | Datadog, Inc. - Class A# | | | 3,863,552 | | |
| | 22,618 | | | Descartes Systems Group, Inc.# | | | 2,350,689 | | |
| | 36,863 | | | Dynatrace, Inc.# | | | 1,983,229 | | |
| | 11,132 | | | Elastic, NV#^ | | | 893,120 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 50,449 | | | Extreme Networks, Inc.# | | $ | 753,204 | | |
| | 3,659 | | | Fabrinet# | | | 881,709 | | |
| | 1,262 | | | Fair Isaac Corp.# | | | 2,515,305 | | |
| | 19,821 | | | Flex, Ltd.# | | | 687,194 | | |
| | 13,755 | | | GoDaddy, Inc. - Class A# | | | 2,294,334 | | |
| | 2,103 | | | Guidewire Software, Inc.# | | | 391,705 | | |
| | 9,000 | | | KLA Corp. | | | 5,996,070 | | |
| | 8,183 | | | Lumentum Holdings, Inc.#^ | | | 522,648 | | |
| | 4,340 | | | Manhattan Associates, Inc.# | | | 1,142,982 | | |
| | 242,651 | | | Marvell Technology, Inc. | | | 19,438,772 | | |
| | 13,799 | | | Micron Technology, Inc. | | | 1,375,070 | | |
| | 357,190 | | | Microsoft Corp. | | | 145,144,156 | | |
| | 4,118 | | | Monday.com, Ltd.# | | | 1,210,157 | | |
| | 32,910 | | | MongoDB, Inc.#^ | | | 8,898,864 | | |
| | 20,551 | | | Nutanix, Inc. - Class A# | | | 1,276,217 | | |
| | 1,334,500 | | | NVIDIA Corp. | | | 177,168,220 | | |
| | 48,070 | | | NXP Semiconductors, NV | | | 11,272,415 | | |
| | 2,134 | | | Onto Innovation, Inc.# | | | 423,236 | | |
| | 136,422 | | | Oracle Corp. | | | 22,897,068 | | |
| | 20,700 | | | Palo Alto Networks, Inc.# | | | 7,458,831 | | |
| | 3,715 | | | Parsons Corp.#^ | | | 401,814 | | |
| | 14,341 | | | Pegasystems, Inc. | | | 1,139,249 | | |
| | 11,562 | | | Pure Storage, Inc. - Class A# | | | 578,678 | | |
| | 1,291 | | | Salesforce, Inc. | | | 376,159 | | |
| | 50,596 | | | Samsara, Inc. - Class A# | | | 2,417,983 | | |
| | 25,704 | | | Semtech Corp.#^ | | | 1,135,860 | | |
| | 56,078 | | | SentinelOne, Inc. - Class A#^ | | | 1,446,252 | | |
| | 26,671 | | | ServiceNow, Inc.# | | | 24,883,776 | | |
| | 2,662 | | | SiTime Corp.#^ | | | 449,905 | | |
| | 5,860 | | | Snowflake, Inc. - Class A# | | | 672,845 | | |
| | 111,000 | | | Taiwan Semiconductor Manufacturing
Company, Ltd. (ADR) | | | 21,149,940 | | |
| | 14,487 | | | Varonis Systems, Inc.#^ | | | 729,710 | | |
| | 10,690 | | | Wix.com, Ltd.# | | | 1,786,513 | | |
| | 4,650 | | | Workday, Inc. - Class A# | | | 1,087,402 | | |
| | 3,591 | | | Workiva, Inc. - Class A# | | | 286,418 | | |
| | 47,521 | | | Zeta Global Holdings Corp. - Class A#^ | | | 1,315,381 | | |
| | | | 659,326,736 | | |
| | | Materials (1.7%) | |
| | 2,317 | | | Carpenter Technology Corp. | | | 346,391 | | |
| | 6,012 | | | Eagle Materials, Inc.^ | | | 1,716,186 | | |
| | 3,646 | | | Knife River Corp.# | | | 354,829 | | |
| | 15,000 | | | Linde, PLC | | | 6,842,250 | | |
| | 47,200 | | | Sherwin-Williams Company | | | 16,933,944 | | |
| | | | 26,193,600 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
123
Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | | Real Estate (0.2%) | |
| | 90,649 | | | Cushman & Wakefield, PLC#^ | | $ | 1,228,294 | | |
| | 4,137 | | | Jones Lang LaSalle, Inc.# | | | 1,120,961 | | |
| | 53,895 | | | Real Brokerage, Inc.#^ | | | 294,267 | | |
| | | | 2,643,522 | | |
| | | TOTAL COMMON STOCKS
(Cost $726,359,729) | | | 1,525,665,021 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
PURCHASED OPTIONS (0.1%)# | |
| | | Communication Services (0.0%) | |
| | 1,900 | | | Alphabet, Inc. | | | | | |
| | 32,510,900 | | | Put, 11/01/24, Strike $165.00 | | | 24,700 | | |
| | | Information Technology (0.0%) | |
| | 2,300 | | | NVIDIA Corp. | | | | | |
| | 30,534,800 | | | Put, 11/01/24, Strike $135.00 | | | 649,750 | | |
| | | Other (0.1%) | |
| | 3,200 | | | Invesco QQQ Trust Series 1 | | | | | |
| | 154,832,000 | | | Put, 11/01/24, Strike $485.00 | | | 956,800 | | |
| | | TOTAL PURCHASED OPTIONS
(Cost $3,705,340) | | | 1,631,250 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (1.2%) | |
18,550,892State Street Navigator Securities
Lending Government Money Market
Portfolio, 4.871%†***
(Cost $18,550,892) | | | 18,550,892 | | |
| | | TOTAL INVESTMENTS (100.7%)
(Cost $748,615,961) | | | 1,545,847,163 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.2%) | | | (18,550,892 | ) | |
OTHER ASSETS, LESS LIABILITIES (0.5%) | | | 7,675,540 | | |
NET ASSETS (100.0%) | | $ | 1,534,971,811 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
WRITTEN OPTIONS (0.0%)# | |
| | | Communication Services (0.0%) | |
| | (1,900 | ) | | Alphabet, Inc. | | | | | |
| | (32,510,900 | ) | | Put, 11/01/24, Strike $155.00 | | | (3,800 | ) | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
| | | Information Technology (0.0%) | |
| | | | | NVIDIA Corp. | | | | | |
| | (2,300 | ) | | | | | | | | | |
| | (30,534,800 | ) | | Put, 11/01/24, Strike $122.00 | | $ | (14,950 | ) | |
| | (1,150 | ) | | | | | | | | | |
| | (15,267,400 | ) | | Call, 11/01/24, Strike $148.00 | | | (2,875 | ) | |
| | | | (17,825 | ) | |
| | | Other (0.0%) | |
| | (3,200 | ) | | Invesco QQQ Trust Series 1 | | | | | |
| | (154,832,000 | ) | | Put, 11/01/24, Strike $465.00 | | | (8,000 | ) | |
| | | TOTAL WRITTEN OPTIONS
(Premium $1,227,647) | | $ | (29,625 | ) | |
NOTES TO SCHEDULE OF INVESTMENTS
~ 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 $61,778,346.
# 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, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
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
124
Growth and Income Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
CONVERTIBLE BONDS (18.0%) | | | |
| | | Communication Services (1.2%) | |
| | 4,845,000 | | | Liberty Media Corp.*^
2.375%, 09/30/53 | | | $6,067,635 | | |
| | 7,315,000 | | | Liberty Media Corp.-Liberty
Formula One
2.250%, 08/15/27 | | | 8,102,021 | | |
| | 9,400,000 | | | Live Nation Entertainment, Inc.^
3.125%, 01/15/29 | | | 11,967,234 | | |
| | 7,990,000 | | | Snap, Inc.*
0.500%, 05/01/30 | | | 7,154,406 | | |
| | | | | | | | 33,291,296 | | |
| | | Consumer Discretionary (3.8%) | |
| | 13,010,000 | | | Alibaba Group Holding, Ltd.*^
0.500%, 06/01/31 | | | 15,006,515 | | |
| | 7,640,000 | | | Booking Holdings, Inc.
0.750%, 05/01/25 | | | 19,014,508 | | |
| | 13,745,000 | | | JD.com, Inc.*^
0.250%, 06/01/29 | | | 15,694,453 | | |
| | 18,490,000 | | | Meritage Homes Corp.*^
1.750%, 05/15/28 | | | 19,639,338 | | |
| | 3,065,000 | | | Royal Caribbean Cruises, Ltd.
6.000%, 08/15/25 | | | 12,737,098 | | |
| | 18,915,000 | | | Trip.com Group, Ltd.*
0.750%, 06/15/29 | | | 22,302,109 | | |
| | 2,910,000 | | | Wayfair, Inc.
3.250%, 09/15/27 | | | 3,064,725 | | |
| | | | | | | | 107,458,746 | | |
| | | Consumer Staples (0.5%) | |
| | 5,855,000 | | | Post Holdings, Inc.
2.500%, 08/15/27 | | | 6,706,259 | | |
| | 6,800,000 | | | Spectrum Brands, Inc.*
3.375%, 06/01/29 | | | 6,892,208 | | |
| | | | | | | | 13,598,467 | | |
| | | Financials (0.6%) | |
| | 3,725,000 | | | Federal Realty OP, LP*
3.250%, 01/15/29 | | | 3,833,621 | | |
| | 9,225,000 | | | Morgan Stanley Finance, LLC, Series B
1.000%, 11/23/27 | | | 13,272,930 | | |
| | | | | | | | 17,106,551 | | |
| | | Health Care (0.2%) | |
| | 4,470,000 | | | Integer Holdings Corp.^
2.125%, 02/15/28 | | | 6,800,971 | | |
| | | Industrials (1.9%) | |
| | 4,585,000 | | | Axon Enterprise, Inc.
0.500%, 12/15/27 | | | 8,688,346 | | |
| | 4,455,000 | | | Fluor Corp.
1.125%, 08/15/29 | | | 5,842,153 | | |
| | 6,180,000 | | | Middleby Corp.
1.000%, 09/01/25 | | | 6,804,118 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 11,440,000 | | | Tetra Tech, Inc.
2.250%, 08/15/28 | | | $15,442,971 | | |
| | 13,580,000 | | | Uber Technologies, Inc.*
0.875%, 12/01/28 | | | 16,359,690 | | |
| | | | | | | | 53,137,278 | | |
| | | Information Technology (5.3%) | |
| | 4,790,000 | | | Advanced Energy Industries, Inc.
2.500%, 09/15/28 | | | 5,087,220 | | |
| | 7,015,000 | | | Box, Inc.*
1.500%, 09/15/29 | | | 6,891,045 | | |
| | 6,170,000 | | | CyberArk Software, Ltd.
0.000%, 11/15/24 | | | 10,862,285 | | |
| | 8,690,000 | | | Guidewire Software, Inc.*
1.250%, 11/01/29 | | | 8,848,506 | | |
| | 6,935,000 | | | Itron, Inc.*
1.375%, 07/15/30 | | | 7,569,136 | | |
| | 5,455,000 | | | Lumentum Holdings, Inc.^
1.500%, 12/15/29 | | | 6,326,327 | | |
| | 18,840,000 | | | MKS Instruments, Inc.*
1.250%, 06/01/30 | | | 18,149,703 | | |
| | 4,250,000 | | | NCL Corp., Ltd.
5.375%, 08/01/25 | | | 6,092,715 | | |
| | 13,845,000 | | | ON Semiconductor Corp.
0.500%, 03/01/29 | | | 13,826,032 | | |
| | 15,890,000 | | | Parsons Corp.*
2.625%, 03/01/29 | | | 20,597,730 | | |
| | 10,700,000 | | | Seagate HDD Cayman
3.500%, 06/01/28 | | | 14,327,086 | | |
| | 8,230,000 | | | Varonis Systems, Inc.*
1.000%, 09/15/29 | | | 8,329,007 | | |
| | 6,525,000 | | | Vertex, Inc.*
0.750%, 05/01/29 | | | 8,606,279 | | |
| | 10,530,000 | | | Western Digital Corp.*
3.000%, 11/15/28 | | | 15,078,644 | | |
| | | | | | | | 150,591,715 | | |
| | | Real Estate (1.3%) | |
| | 8,975,000 | | | Pebblebrook Hotel Trust
1.750%, 12/15/26 | | | 8,205,932 | | |
| | 14,130,000 | | | Welltower OP, LLC*
3.125%, 07/15/29^ | | | 16,884,502 | | |
| | 7,555,000 | | | 2.750%, 05/15/28 | | | 10,853,060 | | |
| | | | | | | | 35,943,494 | | |
| | | Utilities (3.2%) | |
| | 9,720,000 | | | Alliant Energy Corp.
3.875%, 03/15/26 | | | 10,105,787 | | |
| | 13,340,000 | | | CMS Energy Corp.
3.375%, 05/01/28 | | | 14,152,806 | | |
| | 13,155,000 | | | Duke Energy Corp.
4.125%, 04/15/26 | | | 13,890,759 | | |
| | 15,640,000 | | | NextEra Energy Capital Holdings, Inc.*
3.000%, 03/01/27 | | | 19,420,031 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
125
Growth and Income Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 16,315,000 | | | PPL Capital Funding, Inc.^
2.875%, 03/15/28 | | | $17,071,690 | | |
| | 15,555,000 | | | Southern Company
3.875%, 12/15/25 | | | 17,369,491 | | |
| | | | | | | | 92,010,564 | | |
| | | TOTAL CONVERTIBLE BONDS
(Cost $439,209,000) | | | 509,939,082 | | |
NUMBER OF
SHARES | | | | VALUE | |
CONVERTIBLE PREFERRED STOCKS (3.3%) | | | |
| | | Financials (1.2%) | |
| | 80,250 | | | AMG Capital Trust II
5.150%, 10/15/37 | | | 4,317,129 | | |
| | 242,245 | | | Apollo Global Management, Inc.
6.750%, 07/31/26 | | | 18,500,251 | | |
| | 228,595 | | | Ares Management Corp.#
6.750%, 10/01/27 | | | 12,321,270 | | |
| | | | | | | | 35,138,650 | | |
| | | Industrials (1.5%) | |
| | 750,615 | | | Boeing Company#
6.000%, 10/15/27 | | | 40,330,544 | | |
| | 56,341 | | | Chart Industries, Inc.
6.750%, 12/15/25 | | | 2,780,428 | | |
| | | | | | | | 43,110,972 | | |
| | | Information Technology (0.2%) | |
| | 108,955 | | | Hewlett Packard Enterprise Company#
7.625%, 09/01/27 | | | 6,303,047 | | |
| | | Utilities (0.4%) | |
| | 80,675 | | | CenterPoint Energy, Inc. (Warner
Media, LLC, Charter Communications
Time, Inc.)^#§**
3.369%, 09/15/29 | | | 3,142,130 | | |
| | 126,115 | | | NextEra Energy, Inc.
7.299%, 06/01/27 | | | 6,672,745 | | |
| | | | | | | | 9,814,875 | | |
| | | TOTAL CONVERTIBLE PREFERRED
STOCKS
(Cost $85,257,768) | | | 94,367,544 | | |
COMMON STOCKS (74.1%) | | | |
| | | Communication Services (8.9%) | |
| | 756,405 | | | Alphabet, Inc. - Class A | | | 129,428,460 | | |
| | 107,475 | | | Meta Platforms, Inc. - Class A | | | 61,000,660 | | |
| | 27,710 | | | Netflix, Inc.# | | | 20,949,591 | | |
| | 108,795 | | | T-Mobile U.S., Inc. | | | 24,278,692 | | |
| | 164,375 | | | Walt Disney Company | | | 15,812,875 | | |
| | | | | | | | 251,470,278 | | |
| | | Consumer Discretionary (7.3%) | |
| | 589,450 | | | Amazon.com, Inc.# | | | 109,873,480 | | |
| | 210,500 | | | Chipotle Mexican Grill, Inc.# | | | 11,739,585 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 50,445 | | | Home Depot, Inc. | | $ | 19,862,719 | | |
| | 44,130 | | | Lowe's Companies, Inc. | | | 11,554,558 | | |
| | 47,685 | | | McDonald's Corp. | | | 13,929,265 | | |
| | 91,035 | | | Starbucks Corp. | | | 8,894,119 | | |
| | 87,669 | | | Tesla, Inc.# | | | 21,904,100 | | |
| | 76,340 | | | TJX Companies, Inc. | | | 8,628,710 | | |
| | | | | | | | 206,386,536 | | |
| | | Consumer Staples (4.8%) | |
| | 267,985 | | | Coca-Cola Company | | | 17,502,100 | | |
| | 117,730 | | | Colgate-Palmolive Company | | | 11,032,478 | | |
| | 29,260 | | | Costco Wholesale Corp. | | | 25,578,507 | | |
| | 90,855 | | | Mondelez International, Inc. - Class A | | | 6,221,750 | | |
| | 121,795 | | | Philip Morris International, Inc. | | | 16,162,197 | | |
| | 152,560 | | | Procter & Gamble Company | | | 25,199,861 | | |
| | 67,855 | | | Target Corp. | | | 10,180,964 | | |
| | 294,690 | | | Walmart, Inc. | | | 24,149,846 | | |
| | | | | | | | 136,027,703 | | |
| | | Energy (3.0%) | |
| | 53,770 | | | Chevron Corp. | | | 8,002,051 | | |
| | 54,505 | | | ConocoPhillips | | | 5,970,478 | | |
| | 348,130 | | | Exxon Mobil Corp. | | | 40,654,622 | | |
| | 60,150 | | | Hess Corp. | | | 8,088,972 | | |
| | 92,400 | | | Marathon Petroleum Corp. | | | 13,441,428 | | |
| | 195,675 | | | Schlumberger, NV | | | 7,840,697 | | |
| | | | | | | | 83,998,248 | | |
| | | Financials (10.9%) | |
| | 39,170 | | | American Express Company | | | 10,579,034 | | |
| | 99,710 | | | American International Group, Inc. | | | 7,565,995 | | |
| | 43,888 | | | Assurant, Inc. | | | 8,413,330 | | |
| | 541,560 | | | Bank of America Corp. | | | 22,648,039 | | |
| | 9,110 | | | Blackrock, Inc. | | | 8,937,183 | | |
| | 76,160 | | | Chubb, Ltd. | | | 21,510,630 | | |
| | 171,630 | | | Citigroup, Inc. | | | 11,013,497 | | |
| | 98,940 | | | Fidelity National Information Services,
Inc. | | | 8,877,886 | | |
| | 58,870 | | | Fiserv, Inc. | | | 11,650,373 | | |
| | 21,995 | | | Goldman Sachs Group, Inc. | | | 11,388,791 | | |
| | 173,430 | | | JPMorgan Chase & Company | | | 38,487,586 | | |
| | 97,121 | | | KKR & Company, Inc. | | | 13,426,007 | | |
| | 97,830 | | | Marsh & McLennan Companies, Inc. | | | 21,350,419 | | |
| | 68,530 | | | Mastercard, Inc. - Class A | | | 34,236,903 | | |
| | 123,375 | | | Morgan Stanley | | | 14,342,344 | | |
| | 21,445 | | | S&P Global, Inc. | | | 10,301,320 | | |
| | 115,285 | | | Visa, Inc. - Class A | | | 33,415,357 | | |
| | 320,775 | | | Wells Fargo & Company | | | 20,824,713 | | |
| | | | | | | | 308,969,407 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
126
Growth and Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | | Health Care (7.5%) | |
| | 66,215 | | | Abbott Laboratories | | $ | 7,506,795 | | |
| | 76,365 | | | AbbVie, Inc. | | | 15,568,533 | | |
| | 220,975 | | | Boston Scientific Corp.# | | | 18,566,320 | | |
| | 39,400 | | | Danaher Corp. | | | 9,679,004 | | |
| | 58,380 | | | Dexcom, Inc.# | | | 4,114,622 | | |
| | 19,290 | | | Elevance Health, Inc. | | | 7,827,110 | | |
| | 42,885 | | | Eli Lilly & Company | | | 35,583,400 | | |
| | 33,055 | | | ICON, PLC# | | | 7,341,846 | | |
| | 124,145 | | | Johnson & Johnson | | | 19,845,820 | | |
| | 115,780 | | | Medtronic, PLC | | | 10,333,365 | | |
| | 179,870 | | | Merck & Company, Inc. | | | 18,404,298 | | |
| | 17,665 | | | Stryker Corp. | | | 6,293,686 | | |
| | 26,215 | | | Thermo Fisher Scientific, Inc. | | | 14,321,779 | | |
| | 47,175 | | | UnitedHealth Group, Inc. | | | 26,630,287 | | |
| | 90,405 | | | Zimmer Biomet Holdings, Inc. | | | 9,666,103 | | |
| | | | | | | | 211,682,968 | | |
| | | Industrials (4.8%) | |
| | 696,840 | | | CSX Corp. | | | 23,441,698 | | |
| | 173,540 | | | Emerson Electric Company | | | 18,789,176 | | |
| | 24,490 | | | GE Vernova, Inc.# | | | 7,387,653 | | |
| | 72,590 | | | General Electric Company | | | 12,469,510 | | |
| | 81,800 | | | Honeywell International, Inc. | | | 16,824,624 | | |
| | 31,405 | | | Parker-Hannifin Corp. | | | 19,912,968 | | |
| | 148,475 | | | RTX Corp. | | | 17,963,990 | | |
| | 85,470 | | | Union Pacific Corp. | | | 19,835,023 | | |
| | | | | | | | 136,624,642 | | |
| | | Information Technology (23.3%) | |
| | 85,840 | | | Advanced Micro Devices, Inc.# | | | 12,366,969 | | |
| | 726,405 | | | Apple, Inc. | | | 164,102,154 | | |
| | 291,040 | | | Broadcom, Inc. | | | 49,409,861 | | |
| | 185,485 | | | Cisco Systems, Inc. | | | 10,159,013 | | |
| | 8,450 | | | Intuit, Inc. | | | 5,157,035 | | |
| | 113,050 | | | Lam Research Corp. | | | 8,405,267 | | |
| | 70,330 | | | Micron Technology, Inc. | | | 7,008,385 | | |
| | 402,355 | | | Microsoft Corp. | | | 163,496,954 | | |
| | 1,290,200 | | | NVIDIA Corp. | | | 171,286,952 | | |
| | 19,340 | | | NXP Semiconductors, NV | | | 4,535,230 | | |
| | 131,935 | | | Oracle Corp. | | | 22,143,970 | | |
| | 26,980 | | | Salesforce, Inc. | | | 7,861,163 | | |
| | 39,710 | EUR | | SAP, SE | | | 9,271,685 | | |
| | 26,555 | | | ServiceNow, Inc.# | | | 24,775,549 | | |
| | | | | | | | 659,980,187 | | |
| | | Materials (2.2%) | |
| | 237,540 | | | Freeport-McMoRan, Inc. | | | 10,694,051 | | |
| | 52,565 | | | Linde, PLC | | | 23,977,525 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 47,675 | | | Sherwin-Williams Company | | $ | 17,104,360 | | |
| | 40,695 | | | Vulcan Materials Company | | | 11,147,581 | | |
| | | | | | | | 62,923,517 | | |
| | | Real Estate (0.6%) | |
| | 60,195 | | | American Tower Corp. | | | 12,854,041 | | |
| | 117,530 | | | Invitation Homes, Inc. | | | 3,691,617 | | |
| | | | | | | | 16,545,658 | | |
| | | Utilities (0.8%) | |
| | 83,800 | | | CMS Energy Corp. | | | 5,833,318 | | |
| | 139,570 | | | Vistra Corp. | | | 17,440,667 | | |
| | | | | | | | 23,273,985 | | |
| | | | | TOTAL COMMON STOCKS
(Cost $812,093,306) | | | 2,097,883,129 | | |
EXCHANGE-TRADED FUND (0.2%) | | | |
| | | Other (0.2%) | |
| | 45,780 | | | iShares Biotechnology ETF^
(Cost $6,298,848) | | | 6,422,476 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
U.S. GOVERNMENT AND AGENCY SECURITIES (2.3%) | | | |
| | 22,420,000 | | | U.S. Treasury Note
4.250%, 05/31/25 | | | 22,395,478 | | |
| | 21,960,000 | | | 4.625%, 02/28/25 | | | 21,964,718 | | |
| | 19,655,000 | | | 5.000%, 08/31/25 | | | 19,748,676 | | |
| | | | | TOTAL U.S. GOVERNMENT
AND AGENCY SECURITIES
(Cost $64,089,615) | | | 64,108,872 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
PURCHASED OPTIONS (0.4%)# | | | |
| | | Communication Services (0.1%) | |
| | 1,780 | | | Alphabet, Inc. | | | | | |
| | 30,457,580 | | | Put, 12/20/24, Strike $190.00 | | | 3,448,750 | | |
| | | Consumer Discretionary (0.1%) | |
| | 1,235 | | | Tesla, Inc. | | | | | |
| | 30,856,475 | | | Call, 12/20/24, Strike $240.00 | | | 3,133,813 | | |
| | | Other (0.2%) | |
| | 2,500 | | | iShares Russell 2000 ETF | | | | | |
| | 54,440,000 | | | Call, 03/21/25, Strike $235.00 | | | 1,528,750 | | |
| | 2,020 | | | SPDR® S&P 500® ETF Trust | | | | | |
| | 114,865,280 | | | Put, 01/17/25, Strike $575.00 | | | 3,639,030 | | |
| | | | | | | | 5,167,780 | | |
| | | | | TOTAL PURCHASED OPTIONS
(Cost $10,501,352) | | | 11,750,343 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
127
Growth and Income Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (2.0%) | | | |
| | 56,537,968 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $56,537,968) | | $ | 56,537,968 | | |
| | | TOTAL INVESTMENTS (100.3%)
(Cost $1,473,987,857) | | | 2,841,009,414 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.0%) | | | (56,537,968 | ) | |
OTHER ASSETS, LESS LIABILITIES (1.7%) | | | 48,492,978 | | |
NET ASSETS (100.0%) | | $ | 2,832,964,424 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
WRITTEN OPTION (0.0%)# | | | |
| | | Consumer Discretionary (0.0%) | |
| | (1,235 | ) | | Tesla, Inc. | | | | | |
| | (30,856,475 | ) | | Call, 12/20/24, Strike $320.00
(Premium $691,874) | | $ | (376,058 | ) | |
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.
§ 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, 2024.
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FOREIGN CURRENCY ABBREVIATION
EUR European Monetary Unit
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
128
Dividend Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
CONVERTIBLE PREFERRED STOCKS (2.2%) | | | |
| | | Financials (0.5%) | |
| | 620 | | | Apollo Global Management, Inc.
6.750%, 07/31/26 | | $ | 47,349 | | |
| | 1,035 | | | Ares Management Corp.#
6.750%, 10/01/27 | | | 55,787 | | |
| | | | 103,136 | | |
| | | Industrials (1.5%) | |
| | 5,485 | | | Boeing Company#^
6.000%, 10/15/27 | | | 294,709 | | |
| | | Information Technology (0.2%) | |
| | 790 | | | Hewlett Packard Enterprise Company#^
7.625%, 09/01/27 | | | 45,702 | | |
| | | TOTAL CONVERTIBLE PREFERRED
STOCKS
(Cost $418,047) | | | 443,547 | | |
COMMON STOCKS (96.4%) | | | |
| | | Communication Services (8.4%) | |
| | 4,500 | | | Alphabet, Inc. - Class C | | | 777,105 | | |
| | 155 | | | Live Nation Entertainment, Inc.# | | | 18,156 | | |
| | 910 | | | Meta Platforms, Inc. - Class A | | | 516,498 | | |
| | 265 | | | Netflix, Inc.# | | | 200,348 | | |
| | 525 | | | T-Mobile U.S., Inc. | | | 117,159 | | |
| | 1,160 | | | Walt Disney Company | | | 111,592 | | |
| | | | 1,740,858 | | |
| | | Consumer Discretionary (10.8%) | |
| | 4,080 | | | Amazon.com, Inc.# | | | 760,512 | | |
| | 44 | | | Booking Holdings, Inc. | | | 205,755 | | |
| | 1,550 | | | Chipotle Mexican Grill, Inc.# | | | 86,444 | | |
| | 400 | | | Home Depot, Inc. | | | 157,500 | | |
| | 545 | | | Lowe's Companies, Inc. | | | 142,697 | | |
| | 625 | | | McDonald's Corp. | | | 182,569 | | |
| | 430 | | | Meritage Homes Corp. | | | 77,916 | | |
| | 730 | | | MGM Resorts International# | | | 26,915 | | |
| | 345 | | | Royal Caribbean Cruises, Ltd. | | | 71,191 | | |
| | 710 | | | Starbucks Corp. | | | 69,367 | | |
| | 1,080 | | | Tesla, Inc.# | | | 269,838 | | |
| | 1,580 | | | TJX Companies, Inc. | | | 178,587 | | |
| | | | 2,229,291 | | |
| | | Consumer Staples (5.5%) | |
| | 2,085 | | | Coca-Cola Company | | | 136,171 | | |
| | 870 | | | Colgate-Palmolive Company | | | 81,528 | | |
| | 305 | | | Costco Wholesale Corp. | | | 266,625 | | |
| | 630 | | | Mondelez International, Inc. - Class A | | | 43,142 | | |
| | 895 | | | Philip Morris International, Inc. | | | 118,767 | | |
| | 1,070 | | | Procter & Gamble Company | | | 176,743 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 485 | | | Target Corp. | | $ | 72,769 | | |
| | 2,895 | | | Walmart, Inc. | | | 237,245 | | |
| | | | 1,132,990 | | |
| | | Energy (3.4%) | |
| | 385 | | | Chevron Corp. | | | 57,296 | | |
| | 395 | | | ConocoPhillips | | | 43,268 | | |
| | 2,870 | | | Exxon Mobil Corp. | | | 335,159 | | |
| | 515 | | | Hess Corp. | | | 69,257 | | |
| | 880 | | | Marathon Petroleum Corp. | | | 128,014 | | |
| | 1,645 | | | Schlumberger, NV | | | 65,915 | | |
| | | | 698,909 | | |
| | | Financials (14.7%) | |
| | 690 | | | American Express Company | | | 186,355 | | |
| | 355 | | | American International Group, Inc. | | | 26,938 | | |
| | 460 | | | Assurant, Inc. | | | 88,182 | | |
| | 6,015 | | | Bank of America Corp. | | | 251,547 | | |
| | 575 | | | Berkshire Hathaway, Inc. - Class B# | | | 259,279 | | |
| | 60 | | | Blackrock, Inc. | | | 58,862 | | |
| | 675 | | | Chubb, Ltd. | | | 190,647 | | |
| | 1,260 | | | Citigroup, Inc. | | | 80,854 | | |
| | 840 | | | Fidelity National Information Services, Inc. | | | 75,373 | | |
| | 430 | | | Fiserv, Inc. | | | 85,097 | | |
| | 235 | | | Goldman Sachs Group, Inc. | | | 121,681 | | |
| | 1,785 | | | JPMorgan Chase & Company | | | 396,127 | | |
| | 570 | | | Marsh & McLennan Companies, Inc. | | | 124,397 | | |
| | 680 | | | Mastercard, Inc. - Class A | | | 339,721 | | |
| | 915 | | | Morgan Stanley | | | 106,369 | | |
| | 130 | | | PNC Financial Services Group, Inc. | | | 24,475 | | |
| | 255 | | | S&P Global, Inc. | | | 122,492 | | |
| | 845 | | | Visa, Inc. - Class A | | | 244,923 | | |
| | 3,715 | | | Wells Fargo & Company | | | 241,178 | | |
| | | | 3,024,497 | | |
| | | Health Care (9.7%) | |
| | 915 | | | Abbott Laboratories | | | 103,734 | | |
| | 950 | | | AbbVie, Inc. | | | 193,677 | | |
| | 1,615 | | | Boston Scientific Corp.# | | | 135,692 | | |
| | 330 | | | Danaher Corp. | | | 81,068 | | |
| | 580 | | | Dexcom, Inc.# | | | 40,878 | | |
| | 150 | | | Elevance Health, Inc. | | | 60,864 | | |
| | 445 | | | Eli Lilly & Company | | | 369,234 | | |
| | 240 | | | ICON, PLC# | | | 53,306 | | |
| | 1,040 | | | Johnson & Johnson | | | 166,255 | | |
| | 780 | | | Medtronic, PLC | | | 69,615 | | |
| | 2,160 | | | Merck & Company, Inc. | | | 221,011 | | |
| | 215 | | | Stryker Corp. | | | 76,600 | | |
| | 215 | | | Thermo Fisher Scientific, Inc. | | | 117,459 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
129
Dividend Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 430 | | | UnitedHealth Group, Inc. | | $ | 242,735 | | |
| | 700 | | | Zimmer Biomet Holdings, Inc. | | | 74,844 | | |
| | | | 2,006,972 | | |
| | | Industrials (6.0%) | |
| | 5,535 | | | CSX Corp. | | | 186,197 | | |
| | 1,270 | | | Emerson Electric Company | | | 137,503 | | |
| | 180 | | | GE Vernova, Inc.# | | | 54,299 | | |
| | 885 | | | General Electric Company | | | 152,025 | | |
| | 595 | | | Honeywell International, Inc. | | | 122,380 | | |
| | 300 | | | Parker-Hannifin Corp. | | | 190,221 | | |
| | 1,115 | | | RTX Corp. | | | 134,904 | | |
| | 1,225 | | | Uber Technologies, Inc.# | | | 88,261 | | |
| | 775 | | | Union Pacific Corp. | | | 179,854 | | |
| | | | 1,245,644 | | |
| | | Information Technology (30.3%) | |
| | 715 | | | Advanced Micro Devices, Inc.# | | | 103,010 | | |
| | 6,350 | | | Apple, Inc. | | | 1,434,528 | | |
| | 460 | | | Applied Materials, Inc. | | | 83,527 | | |
| | 2,850 | | | Broadcom, Inc. | | | 483,844 | | |
| | 1,535 | | | Cisco Systems, Inc. | | | 84,072 | | |
| | 172 | | | Intuit, Inc. | | | 104,972 | | |
| | 1,050 | | | Lam Research Corp. | | | 78,067 | | |
| | 815 | | | Microchip Technology, Inc. | | | 59,797 | | |
| | 1,010 | | | Micron Technology, Inc. | | | 100,646 | | |
| | 3,305 | | | Microsoft Corp. | | | 1,342,987 | | |
| | 11,200 | | | NVIDIA Corp. | | | 1,486,912 | | |
| | 145 | | | NXP Semiconductors, NV | | | 34,002 | | |
| | 1,245 | | | Oracle Corp. | | | 208,961 | | |
| | 155 | | | Palo Alto Networks, Inc.# | | | 55,851 | | |
| | 315 | | | Salesforce, Inc. | | | 91,782 | | |
| | 385 | EUR | | SAP, SE | | | 89,892 | | |
| | 800 | | | Seagate Technology Holdings, PLC | | | 80,296 | | |
| | 195 | | | ServiceNow, Inc.# | | | 181,933 | | |
| | 400 | | | Texas Instruments, Inc. | | | 81,264 | | |
| | 1,125 | | | Western Digital Corp.# | | | 73,474 | | |
| | | | 6,259,817 | | |
| | | Materials (2.7%) | |
| | 1,740 | | | Freeport-McMoRan, Inc. | | | 78,335 | | |
| | 430 | | | Linde, PLC | | | 196,144 | | |
| | 405 | | | Sherwin-Williams Company | | | 145,302 | | |
| | 515 | | | Vulcan Materials Company | | | 141,074 | | |
| | | | 560,855 | | |
| | | Real Estate (1.3%) | |
| | 365 | | | American Tower Corp. | | | 77,942 | | |
| | 1,375 | | | Welltower, Inc. | | | 185,460 | | |
| | | | 263,402 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | | Utilities (3.6%) | |
| | 795 | | | Alliant Energy Corp. | | $ | 47,700 | | |
| | 1,685 | | | CMS Energy Corp. | | | 117,293 | | |
| | 725 | | | Duke Energy Corp. | | | 83,571 | | |
| | 1,790 | | | NextEra Energy, Inc. | | | 141,858 | | |
| | 3,970 | | | PPL Corp. | | | 129,263 | | |
| | 1,005 | | | Southern Company | | | 91,485 | | |
| | 1,015 | | | Vistra Corp. | | | 126,834 | | |
| | | | 738,004 | | |
| | | TOTAL COMMON STOCKS
(Cost $9,478,150) | | | 19,901,239 | | |
EXCHANGE-TRADED FUNDS (1.2%) | | | |
| | | Other (1.2%) | |
| | 440 | | | iShares Biotechnology ETF^ | | | 61,727 | | |
| | 855 | | | iShares Russell 2000 ETF^ | | | 186,185 | | |
| | | TOTAL EXCHANGE-TRADED FUNDS
(Cost $223,580) | | | 247,912 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.5%) | | | |
| | 522,246 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $522,246) | | | 522,246 | | |
| | | TOTAL INVESTMENTS (102.3%)
(Cost $10,642,023) | | | 21,114,944 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.5%) | | | (522,246 | ) | |
OTHER ASSETS, LESS LIABILITIES (0.2%) | | | 51,999 | | |
NET ASSETS (100.0%) | | $ | 20,644,697 | | |
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, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
130
Select Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (97.8%) | | | |
| | | Communication Services (11.0%) | |
| | 18,800 | | | Alphabet, Inc. - Class A | | $ | 3,216,868 | | |
| | 1,820 | | | Netflix, Inc.# | | | 1,375,974 | | |
| | 20,000 | | | Pinterest, Inc. - Class A# | | | 635,800 | | |
| | 4,230 | | | T-Mobile U.S., Inc. | | | 943,967 | | |
| | | | 6,172,609 | | |
| | | Consumer Discretionary (12.9%) | |
| | 17,000 | | | Amazon.com, Inc.# | | | 3,168,800 | | |
| | 18,150 | | | Caesars Entertainment, Inc.# | | | 726,907 | | |
| | 5,200 | | | DoorDash, Inc. - Class A# | | | 814,840 | | |
| | 15,000 | | | DraftKings, Inc. - Class A# | | | 529,800 | | |
| | 3,500 | | | Home Depot, Inc. | | | 1,378,125 | | |
| | 5,500 | | | TJX Companies, Inc. | | | 621,665 | | |
| | | | 7,240,137 | | |
| | | Consumer Staples (3.3%) | |
| | 2,740 | | | Constellation Brands, Inc. - Class A | | | 636,612 | | |
| | 15,200 | | | Walmart, Inc. | | | 1,245,640 | | |
| | | | 1,882,252 | | |
| | | Energy (3.3%) | |
| | 8,350 | | | Exxon Mobil Corp. | | | 975,113 | | |
| | 6,370 | | | Hess Corp. | | | 856,638 | | |
| | | | 1,831,751 | | |
| | | Financials (11.4%) | |
| | 3,500 | | | American Express Company | | | 945,280 | | |
| | 16,100 | | | Bank of America Corp. | | | 673,302 | | |
| | 2,600 | | | Chubb, Ltd. | | | 734,344 | | |
| | 2,480 | | | Marsh & McLennan Companies, Inc. | | | 541,235 | | |
| | 5,570 | | | Morgan Stanley | | | 647,512 | | |
| | 1,710 | | | S&P Global, Inc. | | | 821,416 | | |
| | 4,400 | | | Visa, Inc. - Class A | | | 1,275,340 | | |
| | 11,700 | | | Wells Fargo & Company | | | 759,564 | | |
| | | | 6,397,993 | | |
| | | Health Care (11.2%) | |
| | 9,900 | | | Boston Scientific Corp.# | | | 831,798 | | |
| | 1,545 | | | Eli Lilly & Company | | | 1,281,948 | | |
| | 2,480 | | | IQVIA Holdings, Inc.# | | | 510,434 | | |
| | 8,285 | | | Merck & Company, Inc. | | | 847,721 | | |
| | 1,390 | | | Thermo Fisher Scientific, Inc. | | | 759,385 | | |
| | 2,200 | | | UnitedHealth Group, Inc. | | | 1,241,900 | | |
| | 4,600 | | | Zoetis, Inc. | | | 822,388 | | |
| | | | 6,295,574 | | |
| | | Industrials (7.7%) | |
| | 3,330 | | | Boeing Company# | | | 497,203 | | |
| | 25,100 | | | CSX Corp. | | | 844,364 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 1,380 | | | Deere & Company | | $ | 558,472 | | |
| | 6,000 | | | Emerson Electric Company | | | 649,620 | | |
| | 12,300 | | | Uber Technologies, Inc.# | | | 886,215 | | |
| | 4,000 | | | Waste Management, Inc. | | | 863,400 | | |
| | | | 4,299,274 | | |
| | | Information Technology (30.8%) | |
| | 1,380 | | | Adobe, Inc.# | | | 659,750 | | |
| | 3,000 | | | Analog Devices, Inc. | | | 669,330 | | |
| | 17,200 | | | Apple, Inc. | | | 3,885,652 | | |
| | 9,000 | | | Broadcom, Inc. | | | 1,527,930 | | |
| | 8,630 | | | Microsoft Corp. | | | 3,506,801 | | |
| | 30,600 | | | NVIDIA Corp. | | | 4,062,456 | | |
| | 3,000 | | | NXP Semiconductors, NV | | | 703,500 | | |
| | 5,900 | | | Oracle Corp. | | | 990,256 | | |
| | 760 | | | ServiceNow, Inc.# | | | 709,072 | | |
| | 5,000 | | | Snowflake, Inc. - Class A# | | | 574,100 | | |
| | | | 17,288,847 | | |
| | | Materials (3.2%) | |
| | 1,950 | | | Linde, PLC | | | 889,493 | | |
| | 2,520 | | | Sherwin-Williams Company | | | 904,100 | | |
| | | | 1,793,593 | | |
| | | Real Estate (1.5%) | |
| | 7,240 | | | Prologis, Inc. | | | 817,686 | | |
| | | Utilities (1.5%) | |
| | 9,040 | | | Southern Company | | | 822,911 | | |
| | | TOTAL COMMON STOCKS
(Cost $32,355,681) | | | 54,842,627 | | |
| | | TOTAL INVESTMENTS (97.8%)
(Cost $32,355,681) | | | 54,842,627 | | |
OTHER ASSETS, LESS LIABILITIES (2.2%) | | | 1,254,609 | | |
NET ASSETS (100.0%) | | $ | 56,097,236 | | |
NOTES TO SCHEDULE OF INVESTMENTS
# Non-income producing security.
See accompanying Notes to Schedule of Investments
www.calamos.com
131
International Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (99.1%) | | | |
| | | Communication Services (8.3%) | |
| | 212,850 | EUR | | Deutsche Telekom, AG | | $ | 6,435,203 | | |
| | 80,800 | SEK | | Hemnet Group, AB | | | 2,546,713 | | |
| | 21,509 | | | Spotify Technology, SA# | | | 8,283,116 | | |
| | 53,110 | | | Tencent Holdings, Ltd. (ADR)^ | | | 2,772,873 | | |
| | | | 20,037,905 | | |
| | | Consumer Discretionary (13.5%) | |
| | 27,670 | | | Alibaba Group Holding, Ltd. (ADR)# | | | 2,711,107 | | |
| | 42,500 | INR | | Amber Enterprises India, Ltd.# | | | 3,035,685 | | |
| | 77,220 | GBP | | Compass Group, PLC | | | 2,507,829 | | |
| | 15,100 | INR | | Dixon Technologies India, Ltd. | | | 2,526,158 | | |
| | 6,100 | EUR | | Ferrari, NV^ | | | 2,911,952 | | |
| | 621,000 | CNY | | Hisense Home Appliances Group
Company, Ltd. - Class A | | | 2,447,310 | | |
| | 371,615 | INR | | Kalyan Jewellers India, Ltd. | | | 2,892,699 | | |
| | 28,506 | | | MakeMyTrip, Ltd.#^ | | | 2,893,074 | | |
| | 131,600 | HKD | | Meituan - Class B#* | | | 3,109,757 | | |
| | 2,488 | | | MercadoLibre, Inc.# | | | 5,068,504 | | |
| | 937,700 | INR | | Zomato, Ltd.# | | | 2,687,485 | | |
| | | | 32,791,560 | | |
| | | Consumer Staples (7.4%) | |
| | 89,950 | SEK | | AAK, AB | | | 2,582,169 | | |
| | 85,050 | CNY | | Eastroc Beverage Group Company,
Ltd. - Class A | | | 2,533,434 | | |
| | 517,500 | GBP | | Haleon, PLC | | | 2,487,140 | | |
| | 177,300 | JPY | | Kobe Bussan Company, Ltd.^ | | | 4,349,115 | | |
| | 99,690 | GBP | | Unilever, PLC | | | 6,081,295 | | |
| | | | 18,033,153 | | |
| | | Financials (12.5%) | |
| | 84,690 | SEK | | EQT, AB | | | 2,457,111 | | |
| | 70,900 | HKD | | Hong Kong Exchanges & Clearing, Ltd. | | | 2,838,861 | | |
| | 69,000 | AUD | | HUB24, Ltd. | | | 3,105,506 | | |
| | 18,730 | GBP | | London Stock Exchange Group, PLC | | | 2,538,587 | | |
| | 49,610 | KRW | | Meritz Financial Group, Inc. | | | 3,671,603 | | |
| | 165,600 | JPY | | MS&AD Insurance Group Holdings, Inc. | | | 3,662,961 | | |
| | 240,280 | | | NU Holdings, Ltd. - Class A# | | | 3,625,825 | | |
| | 502,000 | HKD | | Ping An Insurance Group Company
of China, Ltd. - Class H | | | 3,110,281 | | |
| | 211,720 | | | Sumitomo Mitsui Financial Group,
Inc. (ADR)^ | | | 2,703,664 | | |
| | 60,430 | EUR | | UniCredit, S.p.A. | | | 2,673,374 | | |
| | | | 30,387,773 | | |
| | | Health Care (8.9%) | |
| | 23,600 | CHF | | Novartis, AG | | | 2,560,748 | | |
| | 78,860 | DKK | | Novo Nordisk, A/S - Class B | | | 8,845,331 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | 109,035 | CHF | | Sandoz Group, AG | | $ | 4,970,716 | | |
| | 77,000 | SEK | | Swedish Orphan Biovitrum, AB# | | | 2,402,258 | | |
| | 6,510 | CHF | | Ypsomed Holding, AG | | | 2,887,443 | | |
| | | | 21,666,496 | | |
| | | Industrials (17.7%) | |
| | 11,250 | DKK | | DSV, A/S | | | 2,462,686 | | |
| | 52,900 | GBP | | Experian, PLC | | | 2,581,827 | | |
| | 49,265 | INR | | Hindustan Aeronautics, Ltd. | | | 2,483,369 | | |
| | 374,100 | JPY | | Hitachi, Ltd. | | | 9,399,210 | | |
| | 29,050 | EUR | | Knorr-Bremse, AG | | | 2,396,360 | | |
| | 242,930 | JPY | | Mitsubishi Heavy Industries, Ltd. | | | 3,429,431 | | |
| | 147,861 | SEK | | Munters Group, AB*~ | | | 2,395,284 | | |
| | 53,230 | GBP | | RELX, PLC | | | 2,441,111 | | |
| | 1,092,360 | GBP | | Rolls-Royce Holdings, PLC# | | | 7,537,719 | | |
| | 10,090 | EUR | | Schneider Electric, SE | | | 2,613,801 | | |
| | 28,575 | | | Waste Connections, Inc. | | | 5,050,631 | | |
| | | | 42,791,429 | | |
| | | Information Technology (22.9%) | |
| | 133,200 | JPY | | Advantest Corp. | | | 7,712,227 | | |
| | 8,425 | EUR | | ASML Holding, NV | | | 5,671,129 | | |
| | 1,595 | CAD | | Constellation Software, Inc. | | | 4,810,191 | | |
| | 8,300 | JPY | | Keyence Corp. | | | 3,746,731 | | |
| | 29,407 | EUR | | Nemetschek, SE | | | 3,168,667 | | |
| | 28,535 | EUR | | SAP, SE | | | 6,662,491 | | |
| | 20,560 | KRW | | SK Hynix, Inc. | | | 2,691,588 | | |
| | 316,000 | TWD | | Taiwan Semiconductor Manufacturing
Company, Ltd. | | | 9,909,596 | | |
| | 112,920 | AUD | | WiseTech Global, Ltd. | | | 8,669,791 | | |
| | 25,160 | AUD | | Xero, Ltd.# | | | 2,444,433 | | |
| | | | 55,486,844 | | |
| | | Materials (5.4%) | |
| | 126,500 | CAD | | Alamos Gold, Inc. - Class A | | | 2,555,712 | | |
| | 123,170 | CAD | | Barrick Gold Corp. | | | 2,380,511 | | |
| | 6,005 | | | Linde, PLC | | | 2,739,181 | | |
| | 102,000 | JPY | | Resonac Holdings Corp.^ | | | 2,426,108 | | |
| | 1,218,000 | CNY | | Zijin Mining Group Company, Ltd. -
Class A | | | 2,857,024 | | |
| | | | 12,958,536 | | |
| | | Real Estate (2.5%) | |
| | 181,730 | INR | | Macrotech Developers, Ltd.* | | | 2,606,167 | | |
| | 177,840 | INR | | Prestige Estates Projects, Ltd. | | | 3,460,117 | | |
| | | | 6,066,284 | | |
| | | TOTAL COMMON STOCKS
(Cost $182,328,495) | | | 240,219,980 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
132
International Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
WARRANTS (0.0%) | | | |
| | | Information Technology (0.0%) | |
| | 1,260 | | | Constellation Software, Inc.#^
03/31/40, Strike 1.00
(Cost $—) | | $ | — | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
PURCHASED OPTIONS (0.3%)# | | | |
| | | Energy (0.2%) | |
| | 1,916 | | | TechnipFMC, PLC | | | | | |
| | 5,113,804 | | | Call, 01/17/25, Strike $27.00 | | | 335,300 | | |
| | | Information Technology (0.1%) | |
| | 642 | | | Shopify, Inc. | | | | | |
| | 5,021,082 | | | Call, 11/15/24, Strike $80.00 | | | 311,370 | | |
| | | TOTAL PURCHASED OPTIONS
(Cost $639,749) | | | 646,670 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.3%) | | | |
| | 10,466,462 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $10,466,462) | | | 10,466,462 | | |
| | | TOTAL INVESTMENTS (103.7%)
(Cost $193,434,706) | | | 251,333,112 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.3%) | | | (10,466,462 | ) | |
OTHER ASSETS, LESS LIABILITIES (0.6%) | | | 1,613,875 | | |
NET ASSETS (100.0%) | | $ | 242,480,525 | | |
FORWARD FOREIGN CURRENCY CONTRACTS
COUNTERPARTY | | LONG
CONTRACTS | | SETTLEMENT
DATE | | LOCAL
CURRENCY | | CURRENT
VALUE | | UNREALIZED
GAIN/LOSS | |
State Street European
Bank and Trust | | Monetary Unit | | 12/20/24 | | | 11,250,000 | | | $ | 12,261,195 | | | $ | (375,615 | ) | |
State Street
Bank and Trust | | European
Monetary Unit | | 12/20/24 | | | 4,225,000 | | | | 4,604,760 | | | | (141,064 | ) | |
State Street
Bank and Trust | | Swiss Franc | | 12/20/24 | | | 3,200,000 | | | | 3,724,718 | | | | (82,821 | ) | |
State Street
Bank and Trust | | Swiss Franc | | 12/20/24 | | | 1,140,000 | | | | 1,326,931 | | | | (29,505 | ) | |
| | | $ | (629,005 | ) | |
NOTES TO SCHEDULE OF INVESTMENTS
# Non-income producing security.
^ 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.
~ 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 $1,619,957.
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FOREIGN CURRENCY ABBREVIATIONS
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CNY Chinese Yuan Renminbi
DKK Danish Krone
EUR European Monetary Unit
GBP British Pound Sterling
HKD Hong Kong Dollar
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
SEK Swedish Krona
TWD New Taiwan Dollar
ABBREVIATION
ADR American Depositary Receipt
Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.
See accompanying Notes to Schedule of Investments
www.calamos.com
133
International Growth Fund Schedule of Investments October 31, 2024
CURRENCY EXPOSURE
OCTOBER 31, 2024
| | | VALUE | | % OF TOTAL
INVESTMENTS | |
US Dollar | | $ | 46,961,107 | | | | 18.7 | % | |
Japanese Yen | | | 34,725,783 | | | | 13.8 | % | |
European Monetary Unit | | | 32,532,977 | | | | 13.0 | % | |
British Pound Sterling | | | 26,175,508 | | | | 10.4 | % | |
Indian Rupee | | | 19,691,680 | | | | 7.8 | % | |
Australian Dollar | | | 14,219,730 | | | | 5.7 | % | |
Swedish Krona | | | 12,383,535 | | | | 4.9 | % | |
Danish Krone | | | 11,308,017 | | | | 4.5 | % | |
Swiss Franc | | | 10,418,907 | | | | 4.2 | % | |
New Taiwan Dollar | | | 9,909,596 | | | | 3.9 | % | |
Canadian Dollar | | | 9,746,414 | | | | 3.9 | % | |
Hong Kong Dollar | | | 9,058,899 | | | | 3.6 | % | |
Chinese Yuan Renminbi | | | 7,837,768 | | | | 3.1 | % | |
South Korean Won | | | 6,363,191 | | | | 2.5 | % | |
Total Investments | | $ | 251,333,112 | | | | 100.0 | % | |
Currency exposure may vary over time.
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
134
Evolving World Growth Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
CONVERTIBLE BONDS (20.3%) | | | |
| | | Consumer Discretionary (14.0%) | |
| | 16,139,000 | | | Alibaba Group Holding, Ltd.*^
0.500%, 06/01/31 | | $ | 18,615,691 | | |
| | 9,139,000 | | | JD.com, Inc.*^
0.250%, 06/01/29 | | | 10,435,184 | | |
| | 3,104,000 | | | MakeMyTrip, Ltd.
0.000%, 02/15/28 | | | 8,196,422 | | |
| | 12,169,000 | | | Trip.com Group, Ltd.*
0.750%, 06/15/29 | | | 14,348,103 | | |
| | 3,868,000 | | | Wynn Macau, Ltd.*
4.500%, 03/07/29 | | | 3,975,260 | | |
| | | | 55,570,660 | | |
| | | Information Technology (4.3%) | |
| | 7,100,000 | | | Hon Hai Precision Industry Company, Ltd.
0.000%, 08/05/26 | | | 9,136,280 | | |
| | 4,600,000 | | | SK Hynix, Inc.
1.750%, 04/11/30 | | | 7,817,884 | | |
| | | | 16,954,164 | | |
| | | Materials (2.0%) | |
| | 7,700,000 | | | Gold Pole Capital Company, Ltd.
1.000%, 06/25/29 | | | 8,135,127 | | |
| | | | | TOTAL CONVERTIBLE BONDS
(Cost $66,428,077) | | | 80,659,951 | | |
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (80.2%) | | | |
| | | Communication Services (3.1%) | |
| | 232,300 | HKD | | Tencent Holdings, Ltd. | | | 12,112,607 | | |
| | | Consumer Discretionary (17.7%) | |
| | 131,490 | INR | | Amber Enterprises India, Ltd.# | | | 9,392,053 | | |
| | 58,000 | CNY | | BYD Company, Ltd. - Class A | | | 2,389,865 | | |
| | 251,700 | CNY | | China Tourism Group Duty Free
Corp., Ltd. - Class A | | | 2,401,281 | | |
| | 47,500 | INR | | Dixon Technologies India, Ltd. | | | 7,946,525 | | |
| | 735,900 | CNY | | Fuyao Glass Industry Group
Company, Ltd. - Class A | | | 5,888,240 | | |
| | 1,009,425 | CNY | | Hisense Home Appliances Group
Company, Ltd. - Class A | | | 3,978,062 | | |
| | 617,570 | INR | | Indian Hotels Company, Ltd. | | | 4,949,853 | | |
| | 852,991 | INR | | Kalyan Jewellers India, Ltd. | | | 6,639,792 | | |
| | 134,495 | INR | | Mahindra & Mahindra, Ltd. | | | 4,379,383 | | |
| | 294,200 | HKD | | Meituan - Class B*# | | | 6,952,055 | | |
| | 4,050 | | | MercadoLibre, Inc.# | | | 8,250,579 | | |
| | 2,496,920 | INR | | Zomato, Ltd.# | | | 7,156,272 | | |
| | | | 70,323,960 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | | Consumer Staples (5.9%) | |
| | 159,470 | TRY | | BIM Birlesik Magazalar, A/S | | $ | 2,175,916 | | |
| | 39,540 | INR | | Britannia Industries, Ltd. | | | 2,689,700 | | |
| | 281,030 | CNY | | Eastroc Beverage Group
Company, Ltd. - Class A | | | 8,371,205 | | |
| | 27,680 | INR | | Gillette India, Ltd. | | | 3,278,005 | | |
| | 14,180,730 | IDR | | Sumber Alfaria Trijaya, Tbk PT | | | 2,999,683 | | |
| | 63,380 | GBP | | Unilever, PLC | | | 3,866,311 | | |
| | | | 23,380,820 | | |
| | | Energy (2.0%) | |
| | 125,490 | INR | | Reliance Industries, Ltd.# | | | 1,984,245 | | |
| | 125,490 | INR | | Reliance Industries, Ltd. | | | 1,984,170 | | |
| | 155,630 | | | TechnipFMC, PLC | | | 4,153,765 | | |
| | | | 8,122,180 | | |
| | | Financials (15.7%) | |
| | 17,285,536 | IDR | | Bank Mandiri Persero, Tbk PT | | | 7,338,034 | | |
| | 1,353,960 | PHP | | Bank of the Philippine Islands | | | 3,325,875 | | |
| | 998,000 | CNY | | China Galaxy Securities Company, Ltd. | | | 2,043,084 | | |
| | 154,100 | HKD | | Hong Kong Exchanges & Clearing, Ltd. | | | 6,170,218 | | |
| | 119,128 | KRW | | KB Financial Group, Inc. | | | 7,751,517 | | |
| | 3,135,000 | THB | | Krung Thai Bank PCL | | | 1,912,610 | | |
| | 124,065 | KRW | | Meritz Financial Group, Inc. | | | 9,181,969 | | |
| | 797,875 | NU | | Holdings, Ltd. - Class A# | | | 12,039,934 | | |
| | 172,465 | INR | | PB Fintech, Ltd.# | | | 3,465,818 | | |
| | 988,500 | HKD | | Ping An Insurance Group
Company of China, Ltd. - Class H | | | 6,124,528 | | |
| | 11,640 | KRW | | Samsung Fire & Marine Insurance
Company, Ltd. | | | 2,822,010 | | |
| | | | 62,175,597 | | |
| | | Health Care (3.4%) | |
| | 41,190 | INR | | Apollo Hospitals Enterprise, Ltd. | | | 3,424,054 | | |
| | 382,000 | THB | | Bumrungrad Hospital PCL | | | 3,082,979 | | |
| | 3,183,960 | MXN | | Genomma Lab Internacional, SAB
de CV - Class B | | | 4,264,481 | | |
| | 512,329 | BRL | | Rede D'Or Sao Luiz, SA* | | | 2,602,013 | | |
| | | | 13,373,527 | | |
| | | Industrials (10.0%) | |
| | 262,715 | INR | | Adani Ports & Special Economic
Zone, Ltd. | | | 4,286,524 | | |
| | 69,100 | CNY | | Contemporary Amperex Technology
Company, Ltd. - Class A | | | 2,398,250 | | |
| | 34,201 | KRW | | Hanwha Aerospace Company, Ltd. | | | 9,049,357 | | |
| | 20,645 | KRW | | HD Hyundai Electric Company, Ltd. | | | 4,832,036 | | |
| | 76,900 | INR | | Hindustan Aeronautics, Ltd. | | | 3,876,404 | | |
| | 584,510 | PHP | | International Container Terminal
Services, Inc. | | | 3,972,184 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
135
Evolving World Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
| | 677,094 | BRL | | WEG, SA | | $ | 6,337,691 | | |
| | 1,609,000 | HKD | | Weichai Power Company,
Ltd. - Class H | | | 2,431,298 | | |
| | 687,659 | CNY | | Yutong Bus Company, Ltd. | | | 2,341,997 | | |
| | | | 39,525,741 | | |
| | | Information Technology (18.0%) | |
| | 194,500 | TWD | | All Ring Tech Company, Ltd. | | | 2,664,192 | | |
| | 145,810 | | | Infosys, Ltd. (ADR)^ | | | 3,048,887 | | |
| | 198,048 | TWD | | Insyde Software Corp. | | | 3,197,534 | | |
| | 109,000 | TWD | | MediaTek, Inc. | | | 4,243,170 | | |
| | 40,400 | CNY | | NAURA Technology Group
Company, Ltd. - Class A | | | 2,223,925 | | |
| | 33,250 | | | NVIDIA Corp. | | | 4,414,270 | | |
| | 1,484,649 | TWD | | Taiwan Semiconductor Manufacturing
Company, Ltd. | | | 46,557,823 | | |
| | 1,415,800 | HKD | | Xiaomi Corp. - Class B*# | | | 4,856,047 | | |
| | | | 71,205,848 | | |
| | | Materials (0.9%) | |
| | 192,585 | CAD | | Barrick Gold Corp.^ | | | 3,722,097 | | |
| | | Real Estate (3.5%) | |
| | 112,230 | | | KE Holdings, Inc. (ADR) | | | 2,461,204 | | |
| | 300,570 | INR | | Macrotech Developers, Ltd.* | | | 4,310,437 | | |
| | 372,780 | INR | | Prestige Estates Projects, Ltd. | | | 7,252,938 | | |
| | | | 14,024,579 | | |
| | | TOTAL COMMON STOCKS
(Cost $230,666,891) | | | 317,966,956 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
PURCHASED OPTIONS (0.4%)# | | | |
| | | Communication Services (0.3%) | |
| | 870 | | | Sea, Ltd. | | | | | |
| | 8,182,350 | | | Call, 12/20/24, Strike $100.00 | | | 517,650 | | |
| | 10,786 | | | Tencent Music Entertainment Group | | | | | |
| | 12,004,818 | | | Call, 12/20/24, Strike $12.00 | | | 755,020 | | |
| | | | 1,272,670 | | |
| | | Materials (0.1%) | |
| | 2,454 | | | Freeport-McMoRan, Inc. | | | | | |
| | 11,047,908 | | | Call, 12/20/24, Strike $50.00 | | | 231,903 | | |
| | | | | TOTAL PURCHASED OPTIONS
(Cost $2,317,872) | | | 1,504,573 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (2.5%) | |
| | 9,933,581 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $9,933,581) | | $ | 9,933,581 | | |
| | | TOTAL INVESTMENTS (103.4%)
(Cost $309,346,421) | | | 410,065,061 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.5%) | | | (9,933,581 | ) | |
LIABILITIES, LESS OTHER ASSETS (-0.9%) | | | (3,489,333 | ) | |
NET ASSETS (100.0%) | | $ | 396,642,147 | | |
FORWARD FOREIGN CURRENCY CONTRACTS
COUNTERPARTY | | LONG
CONTRACTS | | SETTLEMENT
DATE | | LOCAL
CURRENCY | | CURRENT
VALUE | | UNREALIZED
GAIN/LOSS | |
State Street Bank and
Trust | | South African Rand | | 12/20/24 | | | 202,270,000 | | | $ | 11,428,014 | | | $ | (285,768 | ) | |
Northern Trust
Company | | Mexican Peso | | 12/20/24 | | | 227,300,000 | | | | 11,270,588 | | | | (285,900 | ) | |
State Street Bank and
Trust | | Brazilian Real | | 12/20/24 | | | 64,000,000 | | | | 11,012,874 | | | | (630,899 | ) | |
| | | $ | (1,202,567 | ) | |
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.
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FOREIGN CURRENCY ABBREVIATIONS
BRL Brazilian Real
CAD Canadian Dollar
CNY Chinese Yuan Renminbi
GBP British Pound Sterling
HKD Hong Kong Dollar
IDR Indonesian Rupiah
INR Indian Rupee
KRW South Korean Won
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
136
Evolving World Growth Fund Schedule of Investments October 31, 2024
MXN Mexican Peso
PHP Philippine Peso
THB Thai Baht
TRY Turkish Lira
TWD New Taiwan Dollar
CURRENCY EXPOSURE
OCTOBER 31, 2024
| | | VALUE | | % OF TOTAL
INVESTMENTS | |
US Dollar | | $ | 126,466,744 | | | | 30.9 | % | |
Indian Rupee | | | 77,016,173 | | | | 18.8 | % | |
New Taiwan Dollar | | | 56,662,719 | | | | 13.8 | % | |
Hong Kong Dollar | | | 38,646,753 | | | | 9.4 | % | |
South Korean Won | | | 33,636,889 | | | | 8.2 | % | |
Chinese Yuan Renminbi | | | 32,035,909 | | | | 7.8 | % | |
Indonesian Rupiah | | | 10,337,717 | | | | 2.5 | % | |
Brazilian Real | | | 8,939,704 | | | | 2.2 | % | |
Philippine Peso | | | 7,298,059 | | | | 1.8 | % | |
Thai Baht | | | 4,995,589 | | | | 1.2 | % | |
Mexican Peso | | | 4,264,481 | | | | 1.0 | % | |
British Pound Sterling | | | 3,866,311 | | | | 1.0 | % | |
Canadian Dollar | | | 3,722,097 | | | | 0.9 | % | |
Turkish Lira | | | 2,175,916 | | | | 0.5 | % | |
Total Investments | | $ | 410,065,061 | | | | 100.0 | % | |
Currency exposure may vary over time.
See accompanying Notes to Schedule of Investments
www.calamos.com
137
Global Equity Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (97.3%) | | | |
| | | Communication Services (10.8%) | |
| | 14,100 | | | Alphabet, Inc. - Class A | | $ | 2,412,651 | | |
| | 71,750 | EUR | | Deutsche Telekom, AG | | | 2,169,254 | | |
| | 4,810 | | | Meta Platforms, Inc. - Class A | | | 2,730,060 | | |
| | 2,710 | | | Netflix, Inc.# | | | 2,048,841 | | |
| | 9,630 | | | Spotify Technology, SA# | | | 3,708,513 | | |
| | 24,800 | | | Tencent Holdings, Ltd. (ADR)^ | | | 1,294,808 | | |
| | | | 14,364,127 | | |
| | | Consumer Discretionary (10.3%) | |
| | 13,400 | | | Alibaba Group Holding, Ltd. (ADR) | | | 1,312,932 | | |
| | 25,190 | | | Amazon.com, Inc.# | | | 4,695,416 | | |
| | 25,050 | | | Chipotle Mexican Grill, Inc.# | | | 1,397,038 | | |
| | 9,850 | INR | | Dixon Technologies India, Ltd. | | | 1,647,858 | | |
| | 5,150 | | | Lowe's Companies, Inc. | | | 1,348,425 | | |
| | 15,500 | | | MakeMyTrip, Ltd.#^ | | | 1,573,095 | | |
| | 642,000 | INR | | Zomato, Ltd.# | | | 1,839,998 | | |
| | | | 13,814,762 | | |
| | | Consumer Staples (5.5%) | |
| | 2,490 | | | Costco Wholesale Corp. | | | 2,176,708 | | |
| | 15,900 | | | Post Holdings, Inc.# | | | 1,736,439 | | |
| | 22,300 | GBP | | Unilever, PLC | | | 1,360,346 | | |
| | 25,250 | | | Walmart, Inc. | | | 2,069,238 | | |
| | | | 7,342,731 | | |
| | | Energy (3.5%) | |
| | 94,140 | CAD | | Canadian Natural Resources, Ltd.^ | | | 3,201,443 | | |
| | 55,810 | | | TechnipFMC, PLC | | | 1,489,569 | | |
| | | | 4,691,012 | | |
| | | Financials (6.3%) | |
| | 12,750 | | | Apollo Global Management, Inc. | | | 1,826,565 | | |
| | 6,390 | | | Chubb, Ltd. | | | 1,804,791 | | |
| | 2,800 | | | Goldman Sachs Group, Inc. | | | 1,449,812 | | |
| | 2,760 | | | JPMorgan Chase & Company | | | 612,499 | | |
| | 186,500 | HKD | | Ping An Insurance Group Company
of China, Ltd. - Class H | | | 1,155,513 | | |
| | 43,200 | JPY | | Sumitomo Mitsui Financial Group, Inc.^ | | | 916,468 | | |
| | 9,100 | | | Wells Fargo & Company | | | 590,772 | | |
| | | | 8,356,420 | | |
| | | Health Care (10.2%) | |
| | 20,290 | | | Boston Scientific Corp.# | | | 1,704,766 | | |
| | 4,920 | | | Eli Lilly & Company | | | 4,082,321 | | |
| | 12,000 | CHF | | Novartis, AG | | | 1,302,075 | | |
| | 32,390 | | | Novo Nordisk, A/S (ADR) | | | 3,626,060 | | |
| | 40,300 | CHF | | Sandoz Group, AG | | | 1,837,207 | | |
| | 1,850 | | | UnitedHealth Group, Inc. | | | 1,044,325 | | |
| | | | 13,596,754 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | | Industrials (14.0%) | |
| | 21,850 | | | Construction Partners, Inc. - Class A# | | $ | 1,720,250 | | |
| | 3,275 | | | EMCOR Group, Inc. | | | 1,460,879 | | |
| | 15,000 | | | General Electric Company | | | 2,576,700 | | |
| | 27,350 | INR | | Hindustan Aeronautics, Ltd. | | | 1,378,669 | | |
| | 111,500 | JPY | | Hitachi, Ltd. | | | 2,801,422 | | |
| | 83,800 | SEK | | Munters Group, AB* | | | 1,357,524 | | |
| | 427,100 | GBP | | Rolls-Royce Holdings, PLC# | | | 2,947,160 | | |
| | 4,310 | EUR | | Safran, SA | | | 975,636 | | |
| | 6,490 | EUR | | Schneider Electric, SE | | | 1,681,226 | | |
| | 8,620 | | | Waste Management, Inc. | | | 1,860,627 | | |
| | | | 18,760,093 | | |
| | | Information Technology (31.5%) | |
| | 25,660 | | | Apple, Inc. | | | 5,796,851 | | |
| | 3,290 | EUR | | ASML Holding, NV | | | 2,214,601 | | |
| | 10,090 | | | International Business Machines Corp. | | | 2,085,805 | | |
| | 6,100 | JPY | | Keyence Corp. | | | 2,753,621 | | |
| | 14,730 | | | Microsoft Corp.~ | | | 5,985,535 | | |
| | 97,100 | | | NVIDIA Corp. | | | 12,890,996 | | |
| | 10,235 | | | Oracle Corp. | | | 1,717,842 | | |
| | 7,725 | EUR | | SAP, SE | | | 1,803,671 | | |
| | 118,000 | TWD | | Taiwan Semiconductor Manufacturing
Company, Ltd. | | | 3,700,419 | | |
| | 40,830 | AUD | | WiseTech Global, Ltd. | | | 3,134,853 | | |
| | | | 42,084,194 | | |
| | | Materials (3.2%) | |
| | 68,530 | CAD | | Barrick Gold Corp. | | | 1,324,482 | | |
| | 3,105 | | | Linde, PLC | | | 1,416,346 | | |
| | 629,800 | CNY | | Zijin Mining Group Company,
Ltd. - Class A | | | 1,477,302 | | |
| | | | 4,218,130 | | |
| | | Real Estate (1.0%) | |
| | 98,000 | INR | | Macrotech Developers, Ltd.* | | | 1,405,405 | | |
| | | Utilities (1.0%) | |
| | 14,600 | | | Southern Company | | | 1,329,038 | | |
| | | TOTAL COMMON STOCKS
(Cost $77,717,143) | | | 129,962,666 | | |
CONVERTIBLE PREFERRED STOCK (0.5%) | | | |
| | | Industrials (0.5%) | |
| | 13,100 | | | Boeing Company#^
6.000%, 10/15/27
(Cost $715,436) | | | 703,863 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
138
Global Equity Fund Schedule of Investments October 31, 2024
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
PURCHASED OPTIONS (0.7%)# | | | |
| | | Information Technology (0.4%) | |
| | 486 | | | NVIDIA Corp. | | | | | |
| | 6,452,136 | | | Put, 01/17/25, Strike $130.00 | | $ | 532,170 | | |
| | | Other (0.3%) | |
| | 865 | | | iShares Russell 2000 Value ETF | | | | | |
| | 14,217,140 | | | Call, 11/15/24, Strike $165.00 | | | 406,550 | | |
| | | TOTAL PURCHASED OPTIONS
(Cost $731,478) | | | 938,720 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (1.2%) | | | |
| | 1,529,569 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $1,529,569) | | | 1,529,569 | | |
| | | TOTAL INVESTMENTS (99.7%)
(Cost $80,693,626) | | | 133,134,818 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.1%) | | | (1,529,569 | ) | |
OTHER ASSETS, LESS LIABILITIES (1.4%) | | | 1,975,032 | | |
NET ASSETS (100.0%) | | $ | 133,580,281 | | |
NOTES TO SCHEDULE OF INVESTMENTS
# Non-income producing security.
^ 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.
~ 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 $1,117,463.
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FOREIGN CURRENCY ABBREVIATIONS
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CNY Chinese Yuan Renminbi
EUR European Monetary Unit
GBP British Pound Sterling
HKD Hong Kong Dollar
INR Indian Rupee
JPY Japanese Yen
SEK Swedish Krona
TWD New Taiwan Dollar
ABBREVIATION
ADR American Depositary Receipt
Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.
CURRENCY EXPOSURE
OCTOBER 31, 2024
| | | VALUE | | % OF TOTAL
INVESTMENTS | |
US Dollar | | $ | 88,748,665 | | | | 66.7 | % | |
European Monetary Unit | | | 8,844,388 | | | | 6.6 | % | |
Japanese Yen | | | 6,471,511 | | | | 4.9 | % | |
Indian Rupee | | | 6,271,930 | | | | 4.7 | % | |
Canadian Dollar | | | 4,525,925 | | | | 3.4 | % | |
British Pound Sterling | | | 4,307,506 | | | | 3.2 | % | |
New Taiwan Dollar | | | 3,700,419 | | | | 2.8 | % | |
Swiss Franc | | | 3,139,282 | | | | 2.4 | % | |
Australian Dollar | | | 3,134,853 | | | | 2.3 | % | |
Chinese Yuan Renminbi | | | 1,477,302 | | | | 1.1 | % | |
Swedish Krona | | | 1,357,524 | | | | 1.0 | % | |
Hong Kong Dollar | | | 1,155,513 | | | | 0.9 | % | |
Total Investments | | $ | 133,134,818 | | | | 100.0 | % | |
Currency exposure may vary over time.
See accompanying Notes to Schedule of Investments
www.calamos.com
139
Global Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
CONVERTIBLE BONDS (37.6%) | | | |
| | | Communication Services (0.6%) | |
| | 1,576,000 | | | Liberty Media Corp.-Liberty Formula One
2.250%, 08/15/27 | | $ | 1,745,562 | | |
| | | Consumer Discretionary (9.5%) | |
| | 6,030,000 | EUR | | Accor, SA
0.700%, 12/07/27 | | | 3,476,602 | | |
| | 4,480,000 | | | Alibaba Group Holding, Ltd.*
0.500%, 06/01/31 | | | 5,167,501 | | |
| | 4,665,000 | | | JD.com, Inc.*
0.250%, 06/01/29 | | | 5,326,637 | | |
| | 1,159,000 | | | MakeMyTrip, Ltd.
0.000%, 02/15/28 | | | 3,060,455 | | |
| | 2,440,000 | | | Meritage Homes Corp.*
1.750%, 05/15/28 | | | 2,591,670 | | |
| | 1,560,000 | | | Rivian Automotive, Inc.
4.625%, 03/15/29 | | | 1,359,041 | | |
| | 4,778,000 | | | Trip.com Group, Ltd.*
0.750%, 06/15/29 | | | 5,633,597 | | |
| | | | 26,615,503 | | |
| | | Consumer Staples (2.8%) | |
| | 5,071,000 | | | Post Holdings, Inc.
2.500%, 08/15/27 | | | 5,808,273 | | |
| | 1,940,000 | | | Spectrum Brands, Inc.*
3.375%, 06/01/29 | | | 1,966,306 | | |
| | | | 7,774,579 | | |
| | | Energy (2.2%) | |
| | 5,500,000 | EUR | | Eni S.p.A
2.950%, 09/14/30 | | | 6,178,136 | | |
| | | Financials (1.6%) | |
| | 1,100,000 | EUR | | LEG Properties, BV^
1.000%, 09/04/30 | | | 1,248,514 | | |
| | 2,200,000 | | | Morgan Stanley Finance, LLC, Series B
1.000%, 11/23/27 | | | 3,165,360 | | |
| | | | 4,413,874 | | |
| | | Health Care (0.5%) | |
| | 1,220,000 | | | Alnylam Pharmaceuticals, Inc.
1.000%, 09/15/27 | | | 1,393,289 | | |
| | | Industrials (4.6%) | |
| | 2,267,000 | | | Granite Construction, Inc.*
3.250%, 06/15/30 | | | 2,909,672 | | |
| | 3,500,000 | EUR | | SPIE, SA
2.000%, 01/17/28 | | | 4,397,800 | | |
| | 3,013,000 | | | Tetra Tech, Inc.
2.250%, 08/15/28 | | | 4,067,279 | | |
| | 1,131,000 | | | Uber Technologies, Inc.*
0.875%, 12/01/28 | | | 1,362,504 | | |
| | | | 12,737,255 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Information Technology (9.2%) | |
| | 2,836,000 | | | Guidewire Software, Inc.*
1.250%, 11/01/29 | | $ | 2,887,729 | | |
| | 3,400,000 | | | Hon Hai Precision Industry Company, Ltd.
0.000%, 08/05/26 | | | 4,375,120 | | |
| | 1,320,000 | | | Itron, Inc.*
1.375%, 07/15/30 | | | 1,440,701 | | |
| | 3,489,000 | | | Parsons Corp.*
2.625%, 03/01/29 | | | 4,522,686 | | |
| | 1,387,000 | | | Snowflake, Inc.*
0.000%, 10/01/29 | | | 1,416,543 | | |
| | 5,599,000 | | | Spotify USA, Inc.
0.000%, 03/15/26 | | | 5,641,888 | | |
| | 1,320,000 | | | Varonis Systems, Inc.*
1.000%, 09/15/29 | | | 1,335,880 | | |
| | 3,637,000 | | | Xero Investments, Ltd.
1.625%, 06/12/31 | | | 4,000,736 | | |
| | | | 25,621,283 | | |
| | | Materials (1.8%) | |
| | 829,000 | | | Fortuna Mining Corp.*
3.750%, 06/30/29 | | | 923,854 | | |
| | 2,600,000 | | | Gold Pole Capital Company, Ltd.
1.000%, 06/25/29 | | | 2,746,926 | | |
| | 190,000,000 | JPY | | Resonac Holdings Corp.
0.000%, 12/29/28 | | | 1,377,219 | | |
| | | | 5,047,999 | | |
| | | Utilities (4.8%) | |
| | 2,578,000 | | | Duke Energy Corp.
4.125%, 04/15/26 | | | 2,722,187 | | |
| | 2,566,000 | | | NextEra Energy Capital Holdings, Inc.*
3.000%, 03/01/27 | | | 3,186,176 | | |
| | 6,888,000 | | | Southern Company*
4.500%, 06/15/27 | | | 7,521,283 | | |
| | | | 13,429,646 | | |
| | | TOTAL CONVERTIBLE BONDS
(Cost $95,833,110) | | | 104,957,126 | | |
U.S. GOVERNMENT AND AGENCY SECURITIES (2.8%) | | | |
| | | Other (2.8%) | |
| | | | | U.S. Treasury Note | | | | | |
| | 2,860,000 | | | 4.000%, 06/30/28 | | | 2,846,259 | | |
| | 2,835,000 | | | 4.625%, 09/15/26 | | | 2,858,145 | | |
| | 2,120,000 | | | 4.500%, 07/15/26 | | | 2,130,641 | | |
| | | TOTAL U.S. GOVERNMENT AND
AGENCY SECURITIES
(Cost $7,749,497) | | | 7,835,045 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
140
Global Opportunities Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
CONVERTIBLE PREFERRED STOCKS (3.9%) | | | |
| | | Financials (1.7%) | |
| | 42,600 | | | Apollo Global Management, Inc.
6.750%, 07/31/26 | | $ | 3,253,362 | | |
| | 28,000 | | | Ares Management Corp.#
6.750%, 10/01/27 | | | 1,509,200 | | |
| | | | 4,762,562 | | |
| | | Industrials (2.2%) | |
| | 113,240 | | | Boeing Company#
6.000%, 10/15/27 | | | 6,084,385 | | |
| | | TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $9,527,471) | | | 10,846,947 | | |
COMMON STOCKS (50.3%) | | | |
| | | Communication Services (5.5%) | |
| | 26,960 | | | Alphabet, Inc. - Class A | | | 4,613,125 | | |
| | 95,270 | EUR | | Deutsche Telekom, AG | | | 2,880,347 | | |
| | 3,600 | | | Meta Platforms, Inc. - Class A | | | 2,043,288 | | |
| | 3,060 | | | Netflix, Inc.# | | | 2,313,452 | | |
| | 9,270 | | | Spotify Technology, SA# | | | 3,569,877 | | |
| | | | 15,420,089 | | |
| | | Consumer Discretionary (2.7%) | |
| | 33,300 | | | Amazon.com, Inc.# | | | 6,207,120 | | |
| | 24,500 | | | Chipotle Mexican Grill, Inc.# | | | 1,366,365 | | |
| | | | 7,573,485 | | |
| | | Consumer Staples (3.0%) | |
| | 3,990 | | | Costco Wholesale Corp. | | | 3,487,978 | | |
| | 34,470 | GBP | | Unilever, PLC | | | 2,102,741 | | |
| | 33,375 | | | Walmart, Inc. | | | 2,735,081 | | |
| | | | 8,325,800 | | |
| | | Energy (1.9%) | |
| | 158,000 | CAD | | Canadian Natural Resources, Ltd. | | | 5,373,146 | | |
| | | Financials (3.4%) | |
| | 6,900 | | | Chubb, Ltd. | | | 1,948,836 | | |
| | 4,000 | | | Goldman Sachs Group, Inc. | | | 2,071,160 | | |
| | 9,320 | | | JPMorgan Chase & Company | | | 2,068,295 | | |
| | 64,500 | JPY | | Sumitomo Mitsui Financial Group, Inc. | | | 1,368,337 | | |
| | 29,900 | | | Wells Fargo & Company | | | 1,941,108 | | |
| | | | 9,397,736 | | |
| | | Health Care (6.2%) | |
| | 7,040 | | | Eli Lilly & Company | | | 5,841,370 | | |
| | 17,100 | CHF | | Novartis, AG | | | 1,855,457 | | |
| | 54,795 | | | Novo Nordisk, A/S (ADR) | | | 6,134,300 | | |
| | 46,600 | CHF | | Sandoz Group, AG | | | 2,124,413 | | |
| | 2,311 | | | UnitedHealth Group, Inc. | | | 1,304,559 | | |
| | | | 17,260,099 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | | Industrials (4.4%) | |
| | 15,100 | | | General Electric Company | | $ | 2,593,878 | | |
| | 29,700 | INR | | Hindustan Aeronautics, Ltd. | | | 1,497,129 | | |
| | 134,700 | JPY | | Hitachi, Ltd. | | | 3,384,318 | | |
| | 394,911 | GBP | | Rolls-Royce Holdings, PLC# | | | 2,725,043 | | |
| | 10,200 | | | Waste Management, Inc. | | | 2,201,670 | | |
| | | | 12,402,038 | | |
| | | Information Technology (21.0%) | |
| | 45,920 | | | Apple, Inc. | | | 10,373,787 | | |
| | 5,180 | EUR | | ASML Holding, NV | | | 3,486,819 | | |
| | 15,880 | | | International Business Machines Corp. | | | 3,282,714 | | |
| | 5,300 | JPY | | Keyence Corp. | | | 2,392,490 | | |
| | 22,690 | | | Microsoft Corp. | | | 9,220,081 | | |
| | 112,910 | | | NVIDIA Corp. | | | 14,989,932 | | |
| | 12,365 | | | Oracle Corp. | | | 2,075,342 | | |
| | 9,345 | EUR | | SAP, SE | | | 2,181,916 | | |
| | 222,000 | TWD | | Taiwan Semiconductor Manufacturing
Company, Ltd. | | | 6,961,805 | | |
| | 46,438 | AUD | | WiseTech Global, Ltd. | | | 3,565,425 | | |
| | | | 58,530,311 | | |
| | | Materials (1.6%) | |
| | 132,245 | CAD | | Barrick Gold Corp. | | | 2,555,904 | | |
| | 4,010 | | | Linde, PLC | | | 1,829,162 | | |
| | | | 4,385,066 | | |
| | | Real Estate (0.6%) | |
| | 125,110 | INR | | Macrotech Developers, Ltd.* | | | 1,794,187 | | |
| | | TOTAL COMMON STOCKS
(Cost $78,155,028) | | | 140,461,957 | | |
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
PURCHASED OPTIONS (1.0%)# | | | |
| | | Consumer Discretionary (0.1%) | |
| | 207 | | | Lowe's Companies, Inc. | | | | | |
| | 5,419,881 | | | Call, 04/17/25, Strike $270.00 | | | 334,305 | | |
| | | Health Care (0.1%) | |
| | 333 | | | Boston Scientific Corp. | | | | | |
| | 2,797,866 | | | Call, 01/17/25, Strike $77.50 | | | 291,375 | | |
| | | Information Technology (0.2%) | |
| | 394 | | | NVIDIA Corp. | | | | | |
| | 5,230,744 | | | Put, 01/17/25, Strike $130.00 | | | 431,430 | | |
| | | Materials (0.0%) | |
| | 1,150 | | | Freeport-McMoRan, Inc. | | | | | |
| | 5,177,300 | | | Call, 12/20/24, Strike $50.00 | | | 108,675 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
141
Global Opportunities Fund Schedule of Investments October 31, 2024
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT | | | | VALUE | |
| | | Other (0.6%) | |
| | 1,730 | | | iShares Russell 2000 Value ETF | | | | | |
| | 28,434,280 | | | Call, 11/15/24, Strike $165.00 | | $ | 813,100 | | |
| | 484 | | | SPDR® S&P 500® ETF Trust | | | | | |
| | 27,522,176 | | | Put, 01/17/25, Strike $575.00 | | | 871,926 | | |
| | | | 1,685,026 | | |
| | | TOTAL PURCHASED OPTIONS
(Cost $2,666,989) | | | 2,850,811 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (0.2%) | | | |
| | 581,900 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $581,900) | | | 581,900 | | |
| | | TOTAL INVESTMENTS (95.8%)
(Cost $194,513,995) | | | 267,533,786 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.2%) | | | (581,900 | ) | |
OTHER ASSETS, LESS LIABILITIES (4.4%) | | | 12,449,620 | | |
NET ASSETS (100.0%) | | $ | 279,401,506 | | |
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.
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FOREIGN CURRENCY ABBREVIATIONS
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
EUR European Monetary Unit
GBP British Pound Sterling
INR Indian Rupee
JPY Japanese Yen
TWD New Taiwan Dollar
ABBREVIATION
ADR American Depositary Receipt
Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.
CURRENCY EXPOSURE
OCTOBER 31, 2024
| | | VALUE | | % OF TOTAL
INVESTMENTS | |
US Dollar | | $ | 204,606,038 | | | | 76.5 | % | |
European Monetary Unit | | | 23,850,134 | | | | 8.9 | % | |
Japanese Yen | | | 8,522,364 | | | | 3.2 | % | |
Canadian Dollar | | | 7,929,050 | | | | 3.0 | % | |
New Taiwan Dollar | | | 6,961,805 | | | | 2.6 | % | |
British Pound Sterling | | | 4,827,784 | | | | 1.8 | % | |
Swiss Franc | | | 3,979,870 | | | | 1.5 | % | |
Australian Dollar | | | 3,565,425 | | | | 1.3 | % | |
Indian Rupee | | | 3,291,316 | | | | 1.2 | % | |
Total Investments | | $ | 267,533,786 | | | | 100.0 | % | |
Currency exposure may vary over time.
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
142
International Small Cap Growth Fund Schedule of Investments October 31, 2024
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (95.3%) | | | |
| | | Communication Services (8.5%) | |
| | 850 | EUR | | CTS Eventim, AG & Company KGaA | | $ | 89,263 | | |
| | 4,765 | SEK | | Hemnet Group, AB | | | 150,187 | | |
| | 1,027 | EUR | | Scout24, SE* | | | 88,718 | | |
| | 48,630 | GBP | | Trustpilot Group, PLC*# | | | 155,436 | | |
| | | | 483,604 | | |
| | | Consumer Discretionary (11.0%) | |
| | 2,895 | INR | | Amber Enterprises India, Ltd.# | | | 206,784 | | |
| | 300,600 | PHP | | DigiPlus Interactive Corp. | | | 104,276 | | |
| | 14,200 | CNY | | Hisense Home Appliances Group
Company, Ltd. - Class A | | | 55,961 | | |
| | 8,465 | INR | | Kalyan Jewellers India, Ltd. | | | 65,893 | | |
| | 1,222 | | | MakeMyTrip, Ltd.# | | | 124,021 | | |
| | 2,130 | SEK | | Thule Group, AB* | | | 71,296 | | |
| | | | 628,231 | | |
| | | Consumer Staples (12.9%) | |
| | 3,700 | SEK | | AAK, AB | | | 106,215 | | |
| | 2,259 | GBP | | Cranswick, PLC | | | 147,682 | | |
| | 1,291 | INR | | Gillette India, Ltd. | | | 152,887 | | |
| | 5,200 | JPY | | Kobe Bussan Company, Ltd. | | | 127,554 | | |
| | 332,320 | IDR | | Sumber Alfaria Trijaya, Tbk PT | | | 70,296 | | |
| | 1,000 | JPY | | Toyo Suisan Kaisha, Ltd. | | | 58,744 | | |
| | 10,239 | GBP | | Warpaint London, PLC | | | 71,559 | | |
| | | | 734,937 | | |
| | | Energy (3.5%) | |
| | 24,735 | CAD | | CES Energy Solutions Corp. | | | 141,764 | | |
| | 5,150 | CAD | | Secure Energy Services, Inc. | | | 57,368 | | |
| | | | 199,132 | | |
| | | Financials (7.1%) | |
| | 10,500 | JPY | | Concordia Financial Group, Ltd. | | | 52,010 | | |
| | 1,500 | CAD | | Definity Financial Corp. | | | 57,884 | | |
| | 2,285 | AUD | | HUB24, Ltd. | | | 102,842 | | |
| | 1,625 | KRW | | Meritz Financial Group, Inc. | | | 120,265 | | |
| | 3,586 | INR | | PB Fintech, Ltd.# | | | 72,063 | | |
| | | | 405,064 | | |
| | | Health Care (11.0%) | |
| | 1,560 | DKK | | ALK-Abello, A/S# | | | 36,528 | | |
| | 3,620 | SEK | | Biotage, AB | | | 54,368 | | |
| | 9,200 | THB | | Bumrungrad Hospital PCL | | | 74,250 | | |
| | 1,002 | SEK | | Camurus, AB# | | | 56,347 | | |
| | 55,800 | MXN | | Genomma Lab Internacional,
SAB de CV - Class B | | | 74,736 | | |
| | 7,900 | JPY | | Santen Pharmaceutical Company, Ltd. | | | 94,475 | | |
| | 4,000 | JPY | | Shofu, Inc. | | | 59,039 | | |
| | 410 | CHF | | Ypsomed Holding, AG | | | 181,851 | | |
| | | | 631,594 | | |
NUMBER OF
SHARES | | | | VALUE | |
| | | Industrials (15.8%) | |
| | 5,712 | CAD | | Bird Construction, Inc. | | $ | 124,344 | | |
| | 393 | EUR | | DO & CO, AG# | | | 61,095 | | |
| | 348 | KRW | | HD Hyundai Electric Company, Ltd. | | | 81,451 | | |
| | 1,700 | JPY | | IHI Corp. | | | 90,506 | | |
| | 5,100 | JPY | | Japan Elevator Service Holdings Company, Ltd. | | | 97,652 | | |
| | 1,100 | JPY | | Kyudenko Corp. | | | 39,490 | | |
| | 253,000 | HKD | | Lonking Holdings, Ltd. | | | 48,706 | | |
| | 8,735 | SEK | | Munters Group, AB* | | | 141,503 | | |
| | 4,850 | CHF | | R&S Group Holding, AG | | | 117,796 | | |
| | 1,015 | KRW | | SK Square Company, Ltd.# | | | 61,296 | | |
| | 5,600 | GBP | | Volution Group, PLC | | | 41,786 | | |
| | | | 905,625 | | |
| | | Information Technology (13.1%) | |
| | 4,450 | TWD | | All Ring Tech Company, Ltd. | | | 60,955 | | |
| | 6,110 | NOK | | Crayon Group Holding, ASA*# | | | 60,515 | | |
| | 826 | CAD | | Descartes Systems Group, Inc.# | | | 85,812 | | |
| | 3,350 | TWD | | Insyde Software Corp. | | | 54,087 | | |
| | 52,000 | HKD | | Kingdee International Software Group
Company, Ltd.# | | | 54,436 | | |
| | 6,210 | AUD | | Life360, Inc.*# | | | 88,604 | | |
| | 1,088 | EUR | | Nemetschek, SE | | | 117,234 | | |
| | 1,710 | EUR | | SUSS MicroTec, SE | | | 102,318 | | |
| | 4,320 | AUD | | Technology One, Ltd. | | | 68,852 | | |
| | 4,200 | JPY | | Towa Corp. | | | 53,776 | | |
| | | | 746,589 | | |
| | | Materials (8.5%) | |
| | 4,300 | CAD | | Alamos Gold, Inc. - Class A | | | 86,874 | | |
| | 5,055 | JPY | | Artience Company, Ltd. | | | 121,158 | | |
| | 4,600 | JPY | | Resonac Holdings Corp. | | | 109,413 | | |
| | 2,843 | EUR | | SOL S.p.A | | | 110,266 | | |
| | 2,300 | JPY | | Sumitomo Bakelite Company, Ltd. | | | 60,063 | | |
| | | | 487,774 | | |
| | | Real Estate (3.9%) | |
| | 10,900 | JPY | | Mirarth Holdings, Inc. | | | 35,031 | | |
| | 3,045 | INR | | Prestige Estates Projects, Ltd. | | | 59,244 | | |
| | 6,972 | INR | | Sobha, Ltd. | | | 131,472 | | |
| | | | 225,747 | | |
| | | TOTAL COMMON STOCKS
(Cost $4,866,872) | | | 5,448,297 | | |
| | | TOTAL INVESTMENTS (95.3%)
(Cost $4,866,872) | | | 5,448,297 | | |
OTHER ASSETS, LESS LIABILITIES (4.7%) | | | 271,682 | | |
NET ASSETS (100.0%) | | $ | 5,719,979 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
143
International Small Cap Growth Fund Schedule of Investments October 31, 2024
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.
# Non-income producing security.
FOREIGN CURRENCY ABBREVIATIONS
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CNY Chinese Yuan Renminbi
DKK Danish Krone
EUR European Monetary Unit
GBP British Pound Sterling
HKD Hong Kong Dollar
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
NOK Norwegian Krone
PHP Philippine Peso
SEK Swedish Krona
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, 2024
| | | VALUE | | % OF TOTAL
INVESTMENTS | |
Japanese Yen | | $ | 998,911 | | | | 18.3 | % | |
Indian Rupee | | | 688,343 | | | | 12.6 | % | |
Swedish Krona | | | 579,916 | | | | 10.7 | % | |
European Monetary Unit | | | 568,894 | | | | 10.4 | % | |
Canadian Dollar | | | 554,046 | | | | 10.2 | % | |
British Pound Sterling | | | 416,463 | | | | 7.6 | % | |
Swiss Franc | | | 299,647 | | | | 5.5 | % | |
South Korean Won | | | 263,012 | | | | 4.8 | % | |
Australian Dollar | | | 260,298 | | | | 4.8 | % | |
US Dollar | | | 124,021 | | | | 2.3 | % | |
New Taiwan Dollar | | | 115,042 | | | | 2.1 | % | |
Philippine Peso | | | 104,276 | | | | 1.9 | % | |
Hong Kong Dollar | | | 103,142 | | | | 1.9 | % | |
Mexican Peso | | | 74,736 | | | | 1.4 | % | |
Thai Baht | | | 74,250 | | | | 1.4 | % | |
Indonesian Rupiah | | | 70,296 | | | | 1.3 | % | |
Norwegian Krone | | | 60,515 | | | | 1.1 | % | |
Chinese Yuan Renminbi | | | 55,961 | | | | 1.0 | % | |
Danish Krone | | | 36,528 | | | | 0.7 | % | |
Total Investments | | $ | 5,448,297 | | | | 100.0 | % | |
Currency exposure may vary over time.
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
144
Total Return Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
CORPORATE BONDS (44.8%) | | | |
| | | Airlines (1.2%) | |
| | 92,134 | | | Air Canada Pass Through Trust
Series 2015-2, Class AA*
3.750%, 06/15/29 | | $ | 88,790 | | |
| | 85,806 | | | Alaska Airlines Pass Through Trust
Series 2020-1, Class A*
4.800%, 02/15/29 | | | 84,907 | | |
| | 79,769 | | | British Airways Pass Through Trust
Series 2019-1, Class A*
3.350%, 12/15/30 | | | 74,471 | | |
| | 118,908 | | | JetBlue Pass Through Trust
Series 2019-1, Class AA
2.750%, 11/15/33 | | | 104,797 | | |
| | | | 352,965 | | |
| | | Communication Services (2.8%) | |
| | 200,000 | | | Alphabet, Inc.^
2.050%, 08/15/50 | | | 117,574 | | |
| | 200,000 | | | Ashtead Capital, Inc.*
4.375%, 08/15/27 | | | 197,208 | | |
| | 100,000 | | | Charter Communications Operating, LLC /
Charter Communications Operating Capital
2.800%, 04/01/31 | | | 84,134 | | |
| | 150,000 | | | Comcast Corp.
3.900%, 03/01/38 | | | 129,486 | | |
| | 75,000 | | | Paramount Global
3.700%, 10/04/26 | | | 71,541 | | |
| | 100,000 | | | United States Cellular Corp.
6.700%, 12/15/33 | | | 108,263 | | |
| | 150,000 | | | Verizon Communications, Inc.
4.016%, 12/03/29 | | | 144,332 | | |
| | | | 852,538 | | |
| | | Consumer Discretionary (3.2%) | |
| | 150,000 | | | Cargill, Inc.*
3.125%, 05/25/51 | | | 103,251 | | |
| | 200,000 | | | Ford Motor Credit Company, LLC
4.000%, 11/13/30 | | | 180,882 | | |
| | 50,000 | | | goeasy, Ltd.*
7.625%, 07/01/29 | | | 51,418 | | |
| | 125,000 | | | Kohl's Corp.
5.550%, 07/17/45 | | | 84,656 | | |
| | 100,000 | | | M/I Homes, Inc.
3.950%, 02/15/30 | | | 91,492 | | |
| | 100,000 | | | Mattel, Inc.
6.200%, 10/01/40 | | | 100,060 | | |
| | 100,000 | | | Meritage Homes Corp.*
3.875%, 04/15/29 | | | 93,498 | | |
| | 75,000 | | | Newell Brands, Inc.
5.700%, 04/01/26 | | | 75,211 | | |
| | 100,000 | | | NIKE, Inc.
2.850%, 03/27/30 | | | 91,597 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 100,000 | | | Tractor Supply Company
5.250%, 05/15/33 | | $ | 100,651 | | |
| | | | 972,716 | | |
| | | Consumer Staples (2.9%) | |
| | 125,000 | | | Anheuser-Busch InBev Worldwide, Inc.
3.500%, 06/01/30 | | | 117,817 | | |
| | 125,000 | | | Archer-Daniels-Midland Company
3.250%, 03/27/30 | | | 116,217 | | |
| | 125,000 | | | Costco Wholesale Corp.
1.600%, 04/20/30 | | | 107,058 | | |
| | 100,000 | | | Edgewell Personal Care Company*
4.125%, 04/01/29 | | | 93,586 | | |
| | 125,000 | | | Hershey Company
1.700%, 06/01/30 | | | 107,320 | | |
| | 115,000 | | | JBS USA Holding Lux Sarl/ JBS USA
Food Co/ JBS Lux Co Sarl
5.500%, 01/15/30 | | | 114,753 | | |
| | 100,000 | | | Kimberly-Clark Corp.
3.100%, 03/26/30 | | | 92,944 | | |
| | 100,000 | | | Novartis Capital Corp.
4.700%, 09/18/54 | | | 92,592 | | |
| | 50,000 | | | Pilgrim's Pride Corp.
4.250%, 04/15/31 | | | 46,491 | | |
| | | | 888,778 | | |
| | | Energy (1.0%) | |
| | 95,000 | | | Energy Transfer, LP^‡
7.850%, 11/01/66
3 mo. SOFR + 3.28% | | | 94,386 | | |
| | 100,000 | | | EQM Midstream Partners, LP*
7.500%, 06/01/27 | | | 102,608 | | |
| | 100,000 | | | EQT Corp.*
3.125%, 05/15/26 | | | 96,914 | | |
| | | | 293,908 | | |
| | | Financials (15.2%) | |
| | 115,000 | | | Ally Financial, Inc.‡
4.700%, 05/15/26
5 year CMT + 3.87% | | | 103,783 | | |
| | 100,000 | | | Aviation Capital Group, LLC*
3.500%, 11/01/27 | | | 95,308 | | |
| | 100,000 | | | Avolon Holdings Funding, Ltd.*
5.500%, 01/15/26 | | | 100,085 | | |
| | 125,000 | | | AXIS Specialty Finance, PLC
4.000%, 12/06/27 | | | 121,415 | | |
| | 100,000 | | | Bank of America Corp.‡
2.087%, 06/14/29
SOFR + 1.06% | | | 90,733 | | |
| | 150,000 | | | Bank of Montreal‡
3.088%, 01/10/37
5 year CMT + 1.40% | | | 126,724 | | |
| | 100,000 | | | Bank of New York Mellon Corp.‡
5.834%, 10/25/33
SOFR + 2.07% | | | 105,328 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
145
Total Return Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 150,000 | | | Berkshire Hathaway Finance Corp.
4.250%, 01/15/49 | | $ | 130,935 | | |
| | 100,000 | | | BlackRock Funding, Inc.
5.250%, 03/14/54 | | | 98,558 | | |
| | 125,000 | | | BP Capital Markets, PLC‡
4.875%, 03/22/30
5 year CMT + 4.40% | | | 122,547 | | |
| | 175,000 | | | Brookfield Finance, Inc.
2.724%, 04/15/31 | | | 153,060 | | |
| | 100,000 | | | Brown & Brown, Inc.
5.650%, 06/11/34 | | | 101,674 | | |
| | 150,000 | | | Capital One Financial Corp.‡
2.359%, 07/29/32
SOFR + 1.34% | | | 121,121 | | |
| | 100,000 | | | Charles Schwab Corp.‡
4.000%, 06/01/26
5 year CMT + 3.17% | | | 96,073 | | |
| | 100,000 | | | Chubb INA Holdings, Inc.
4.150%, 03/13/43 | | | 86,180 | | |
| | 150,000 | | | Citigroup, Inc.‡
3.875%, 02/18/26
5 year CMT + 3.42% | | | 145,236 | | |
| | 100,000 | | | Citizens Financial Group, Inc.‡
5.718%, 07/23/32
SOFR + 1.91% | | | 100,992 | | |
| | 100,000 | | | Essent Group, Ltd.
6.250%, 07/01/29 | | | 102,329 | | |
| | 100,000 | | | Essential Properties, LP
2.950%, 07/15/31 | | | 85,162 | | |
| | 100,000 | | | Essex Portfolio, LP
1.700%, 03/01/28 | | | 90,460 | | |
| | 100,000 | | | Fiserv, Inc.
4.750%, 03/15/30 | | | 99,485 | | |
| | 100,000 | | | Global Net Lease, Inc. / Global Net Lease
Operating Partnership, LP*
3.750%, 12/15/27 | | | 91,784 | | |
| | 125,000 | | | Globe Life, Inc.
4.550%, 09/15/28 | | | 123,429 | | |
| | 100,000 | | | GLP Capital, LP / GLP Financing II, Inc.
3.250%, 01/15/32 | | | 86,422 | | |
| | 150,000 | | | Goldman Sachs Group, Inc.‡
3.800%, 05/10/26
5 year CMT + 2.97% | | | 144,150 | | |
| | 125,000 | | | JPMorgan Chase & Company^‡
3.650%, 06/01/26
5 year CMT + 2.85% | | | 121,325 | | |
| | 200,000 | | | LSEGA Financing, PLC*
2.000%, 04/06/28 | | | 182,444 | | |
| | 125,000 | | | Markel Corp.
3.500%, 11/01/27 | | | 120,454 | | |
| | 100,000 | | | MetLife, Inc.
6.400%, 12/15/66 | | | 104,244 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 100,000 | | | Morgan Stanley^‡
5.042%, 07/19/30
SOFR + 1.22% | | $ | 100,369 | | |
| | 100,000 | | | Necessity Retail REIT, Inc. /
American Finance Operating Partner, LP*
4.500%, 09/30/28 | | | 92,181 | | |
| | 118,000 | | | PartnerRe Finance B, LLC‡
4.500%, 10/01/50
5 year CMT + 3.82% | | | 108,219 | | |
| | 100,000 | | | Primerica, Inc.
2.800%, 11/19/31 | | | 85,135 | | |
| | 100,000 | | | Prologis, LP
2.875%, 11/15/29 | | | 91,957 | | |
| | 125,000 | | | RenaissanceRe Finance, Inc.
3.450%, 07/01/27 | | | 121,253 | | |
| | 100,000 | | | SLM Corp.
3.125%, 11/02/26 | | | 94,791 | | |
| | 100,000 | | | Toronto-Dominion Bank
4.456%, 06/08/32 | | | 95,971 | | |
| | 125,000 | | | Travelers Companies, Inc.
2.550%, 04/27/50 | | | 77,010 | | |
| | 100,000 | | | US Bancorp‡
5.100%, 07/23/30
SOFR + 1.25% | | | 100,461 | | |
| | 200,000 | | | USAA Capital Corp.*
2.125%, 05/01/30 | | | 174,464 | | |
| | 100,000 | | | VICI Properties, LP /
VICI Note Company, Inc.*
3.500%, 02/15/25 | | | 99,443 | | |
| | 125,000 | | | Wells Fargo & Company
4.400%, 06/14/46 | | | 103,609 | | |
| | | | 4,596,303 | | |
| | | Health Care (2.7%) | |
| | 150,000 | | | CVS Health Corp.
4.780%, 03/25/38 | | | 133,876 | | |
| | 100,000 | | | DaVita, Inc.*
4.625%, 06/01/30 | | | 92,075 | | |
| | 100,000 | | | Elanco Animal Health, Inc.
6.650%, 08/28/28 | | | 102,879 | | |
| | 100,000 | | | Illumina, Inc.
5.750%, 12/13/27 | | | 102,670 | | |
| | 150,000 | | | Johnson & Johnson
3.400%, 01/15/38 | | | 127,778 | | |
| | 100,000 | | | Kaiser Foundation Hospitals
2.810%, 06/01/41 | | | 73,168 | | |
| | 100,000 | | | Royalty Pharma, PLC
2.200%, 09/02/30 | | | 85,476 | | |
| | 100,000 | | | Zoetis, Inc.
5.600%, 11/16/32 | | | 103,947 | | |
| | | | 821,869 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
146
Total Return Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Industrials (5.4%) | |
| | 125,000 | | | Air Lease Corp.‡
4.650%, 06/15/26
5 year CMT + 4.08% | | $ | 121,550 | | |
| | 100,000 | | | Albertsons Companies, Inc. /
Safeway, Inc. / New Albertsons,
LP / Albertsons, LLC*
4.625%, 01/15/27 | | | 98,114 | | |
| | 125,000 | | | Beacon Roofing Supply, Inc.*
4.500%, 11/15/26 | | | 122,566 | | |
| | 100,000 | | | Burlington Northern Santa Fe, LLC
4.950%, 09/15/41 | | | 95,492 | | |
| | 100,000 | | | Cascades, Inc. / Cascades USA, Inc.*
5.125%, 01/15/26 | | | 99,499 | | |
| | 100,000 | | | Cummins, Inc.
4.875%, 10/01/43 | | | 93,994 | | |
| | 100,000 | | | EnerSys*
4.375%, 12/15/27 | | | 96,560 | | |
| | 100,000 | | | Graphic Packaging International, LLC*
1.512%, 04/15/26 | | | 94,511 | | |
| | 80,000 | | | GXO Logistics, Inc.
1.650%, 07/15/26 | | | 75,791 | | |
| | 100,000 | | | Honeywell International, Inc.
1.950%, 06/01/30 | | | 87,074 | | |
| | 100,000 | | | Illinois Tool Works, Inc.
4.875%, 09/15/41 | | | 96,087 | | |
| | 125,000 | | | Infor, Inc.*
1.750%, 07/15/25 | | | 121,860 | | |
| | 250,000 | | | SMBC Aviation Capital Finance DAC*
1.900%, 10/15/26 | | | 235,798 | | |
| | 100,000 | | | TransDigm, Inc.*
6.375%, 03/01/29 | | | 101,551 | | |
| | 88,411 | | | United Airlines Pass Through Trust
Series 2018-1, Class B
4.600%, 09/01/27 | | | 86,146 | | |
| | | | 1,626,593 | | |
| | | Information Technology (5.2%) | |
| | 150,000 | | | Apple, Inc.
4.375%, 05/13/45 | | | 135,843 | | |
| | 125,000 | | | Applied Materials, Inc.
4.350%, 04/01/47 | | | 109,190 | | |
| | 100,000 | | | Broadridge Financial Solutions, Inc.
3.400%, 06/27/26 | | | 97,827 | | |
| | 125,000 | | | CGI, Inc.
1.450%, 09/14/26 | | | 117,586 | | |
| | 125,000 | | | Fortinet, Inc.
2.200%, 03/15/31 | | | 106,376 | | |
| | 100,000 | | | Intuit, Inc.
5.200%, 09/15/33 | | | 101,970 | | |
| | 157,000 | | | Microsoft Corp.
4.100%, 02/06/37 | | | 149,150 | | |
| | 125,000 | | | NVIDIA Corp.
3.500%, 04/01/40 | | | 105,636 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 100,000 | | | Open Text Corp.*
6.900%, 12/01/27 | | $ | 104,089 | | |
| | 125,000 | | | Roper Technologies, Inc.
1.400%, 09/15/27 | | | 114,883 | | |
| | 100,000 | | | Take-Two Interactive Software, Inc.
4.950%, 03/28/28 | | | 100,383 | | |
| | 100,000 | | | TTM Technologies, Inc.*
4.000%, 03/01/29 | | | 93,567 | | |
| | 100,000 | | | Twilio, Inc.
3.625%, 03/15/29 | | | 92,196 | | |
| | 150,000 | | | VMware, Inc.^
1.800%, 08/15/28 | | | 134,394 | | |
| | | | 1,563,090 | | |
| | | Other (0.4%) | |
| | 125,000 | | | Intact Financial Corp.*
5.459%, 09/22/32 | | | 125,886 | | |
| | | Real Estate (1.9%) | |
| | 100,000 | | | Brixmor Operating Partnership, LP
4.125%, 06/15/26 | | | 98,730 | | |
| | 150,000 | | | EPR Properties
4.950%, 04/15/28 | | | 147,600 | | |
| | 125,000 | | | Forestar Group, Inc.*
3.850%, 05/15/26 | | | 121,987 | | |
| | 100,000 | | | Public Storage
2.300%, 05/01/31 | | | 86,548 | | |
| | 125,000 | | | Tanger Properties, LP
3.875%, 07/15/27 | | | 120,723 | | |
| | | | 575,588 | | |
| | | Utilities (2.9%) | |
| | 150,000 | | | Berkshire Hathaway Energy Company
3.800%, 07/15/48 | | | 114,822 | | |
| | 100,000 | | | Consolidated Edison Company of
New York, Inc.
3.350%, 04/01/30 | | | 93,701 | | |
| | 150,000 | | | Duke Energy Carolinas, LLC
3.700%, 12/01/47 | | | 114,846 | | |
| | 100,000 | | | Entergy Texas, Inc.
1.500%, 09/01/26 | | | 94,346 | | |
| | 100,000 | | | Monongahela Power Company*
3.550%, 05/15/27 | | | 96,921 | | |
| | 150,000 | | | Northern States Power Company
3.750%, 12/01/47 | | | 113,735 | | |
| | 150,000 | | | Public Service Electric & Gas Company
3.600%, 12/01/47 | | | 115,153 | | |
| | 125,000 | | | Southern Company‡
3.750%, 09/15/51
5 year CMT + 2.92% | | | 120,440 | | |
| | | | 863,964 | | |
| | | | | TOTAL CORPORATE BONDS
(Cost $14,473,238) | | | 13,534,198 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
147
Total Return Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
BANK LOANS (5.7%)¡ | | | |
| | | Airlines (0.9%) | |
| | 124,375 | | | Air Canada‡
7.253%, 03/21/31
3 mo. SOFR + 2.50% | | $ | 124,674 | | |
| | 129,500 | | | American Airlines, Inc.‡
9.629%, 04/20/28
3 mo. SOFR + 4.75% | | | 133,392 | | |
| | | | 258,066 | | |
| | | Communication Services (2.0%) | |
| | 223,858 | | | APi Group DE, Inc.‡
6.685%, 01/03/29
1 mo. SOFR + 2.00% | | | 224,006 | | |
| | 241,885 | | | Go Daddy Operating Company, LLC‡
6.685%, 11/09/29
1 mo. SOFR + 2.00% | | | 242,104 | | |
| | 142,551 | | | Nexstar Broadcasting, Inc.‡
7.300%, 09/18/26
1 mo. SOFR + 2.50% | | | 142,705 | | |
| | | | 608,815 | | |
| | | Consumer Discretionary (1.8%) | |
| | 34,444 | | | American Axle & Manufacturing, Inc.‡
7.823%, 12/12/29
1 mo. SOFR + 3.00% | | | 34,633 | | |
| | 31,926 | | | American Axle & Manufacturing, Inc.‡
7.446%, 12/12/29
6 mo. SOFR + 3.00% | | | 32,101 | | |
| | 29,630 | | | American Axle & Manufacturing, Inc.‡
7.658%, 12/12/29
3 mo. SOFR + 3.00% | | | 29,792 | | |
| | 67,128 | | | Carnival Corp.‡
7.435%, 08/08/27
1 mo. SOFR + 2.75% | | | 67,411 | | |
| | 124,688 | | | Light & Wonder International, Inc.‡
7.034%, 04/14/29
1 mo. SOFR + 2.25% | | | 124,823 | | |
| | 241,250 | | | Murphy USA, Inc.‡
6.709%, 01/31/28
1 mo. SOFR + 1.75% | | | 242,192 | | |
| | | | 530,952 | | |
| | | Financials (0.2%) | |
| | 75,609 | | | Jazz Financing Lux Sarl‡
6.935%, 05/05/28
1 mo. SOFR + 2.25% | | | 75,703 | | |
| | | Information Technology (0.4%) | |
| | 124,375 | | | KBR, Inc.‡
6.685%, 01/19/31
1 mo. SOFR + 2.00% | | | 124,660 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Materials (0.4%) | |
| | 136,357 | | | Axalta Coating Systems U.S. Holdings, Inc.‡
6.604%, 12/20/29
3 mo. SOFR + 2.00% | | $ | 136,925 | | |
| | | | | TOTAL BANK LOANS
(Cost $1,730,221) | | | 1,735,121 | | |
U.S. GOVERNMENT AND AGENCY SECURITIES (42.5%) | | | |
| | | Other (42.5%) | |
| | 100,000 | | | Farm Credit Bank of Texas*‡
5.700%, 09/15/25
5 year CMT + 5.42% | | | 99,233 | | |
| | 70,199 | | | Federal Home Loan Mortgage Corp.
2.500%, 02/01/35 | | | 64,408 | | |
| | 123,921 | | | 4.000%, 05/01/49 | | | 116,060 | | |
| | 93,639 | | | Federal National Mortgage Association
2.500%, 09/01/31 | | | 89,180 | | |
| | 79,114 | | | 3.000%, 02/01/33 | | | 75,425 | | |
| | 43,894 | | | 3.000%, 01/01/35 | | | 41,468 | | |
| | 236,800 | | | 3.000%, 07/01/46 | | | 208,638 | | |
| | 154,076 | | | 3.000%, 03/01/47 | | | 135,752 | | |
| | 43,833 | | | 4.000%, 03/01/47 | | | 41,162 | | |
| | 132,154 | | | 3.500%, 08/01/47 | | | 120,159 | | |
| | 73,904 | | | 4.500%, 04/01/48 | | | 71,338 | | |
| | 96,780 | | | 4.000%, 06/01/48 | | | 90,784 | | |
| | 64,893 | | | 3.500%, 02/01/49 | | | 58,977 | | |
| | 58,747 | | | 3.000%, 07/01/49 | | | 51,288 | | |
| | 112,005 | | | 3.500%, 11/01/49 | | | 101,366 | | |
| | 556,553 | | | 2.500%, 04/01/50 | | | 466,092 | | |
| | 477,651 | | | 3.000%, 04/01/50 | | | 416,852 | | |
| | 386,463 | | | 3.500%, 04/01/50 | | | 349,818 | | |
| | 743,632 | | | 2.500%, 07/01/51 | | | 619,122 | | |
| | 554,403 | | | 2.000%, 01/01/52 | | | 440,735 | | |
| | 540,156 | | | 4.500%, 06/01/52 | | | 514,284 | | |
| | 500,326 | | | 4.000%, 11/01/52 | | | 462,856 | | |
| | 443,761 | | | 4.500%, 11/01/52 | | | 422,162 | | |
| | 429,142 | | | 5.500%, 12/01/52 | | | 426,487 | | |
| | 681,429 | | | 4.500%, 02/01/53 | | | 648,050 | | |
| | 720,318 | | | 5.500%, 08/01/53 | | | 714,133 | | |
| | 760,166 | | | 6.000%, 09/01/53 | | | 765,385 | | |
| | 915,433 | | | 6.000%, 03/01/54 | | | 921,664 | | |
| | 128,545 | | | Government National Mortgage Association
3.500%, 10/20/47 | | | 117,445 | | |
| | 97,571 | | | 3.000%, 10/20/47 | | | 86,550 | | |
| | 350,000 | | | U.S. Treasury Bond
3.500%, 02/15/39 | | | 317,816 | | |
| | 300,000 | | | 1.125%, 05/15/40 | | | 187,359 | | |
| | 200,000 | | | 4.000%, 11/15/42 | | | 186,563 | | |
| | 460,000 | | | 3.875%, 02/15/43 | | | 420,828 | | |
| | 500,000 | | | 3.000%, 05/15/47 | | | 386,094 | | |
| | 500,000 | | | 2.250%, 08/15/49 | | | 326,133 | | |
| | 500,000 | | | 2.000%, 02/15/50 | | | 306,875 | | |
| | 200,000 | | | 2.875%, 05/15/52 | | | 147,813 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
148
Total Return Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | | | U.S. Treasury Note | | | | | |
| | 350,000 | | | 3.750%, 08/31/31 | | $ | 340,211 | | |
| | 250,000 | | | 3.625%, 09/30/31 | | | 241,113 | | |
| | 650,000 | | | 3.875%, 08/15/34^ | | | 628,926 | | |
| | 350,000 | | | 3.000%, 08/15/52 | | | 265,535 | | |
| | 425,000 | | | 3.625%, 02/15/53 | | | 364,803 | | |
| | | | | TOTAL U.S. GOVERNMENT AND
AGENCY SECURITIES
(Cost $14,375,777) | | | 12,856,942 | | |
RESIDENTIAL MORTGAGE BACKED SECURITY (0.3%) | | | |
| | | Other (0.3%) | |
| | 100,000 | | | BX Trust Series 2019-OC11, Class A*
3.202%, 12/09/41
(Cost $101,684) | | | 91,013 | | |
ASSET BACKED SECURITIES (4.7%) | | | |
| | | Financials (2.8%) | |
| | 75,991 | | | ELFI Graduate Loan Program, LLC
Series 2022-A, Class A*
4.510%, 08/26/47 | | | 73,607 | | |
| | 29,067 | | | Enterprise Fleet Financing, LLC
Series 2022-4, Class A2*
5.760%, 10/22/29 | | | 29,247 | | |
| | 150,000 | | | Hertz Vehicle Financing III, LP
Series 2021-2A, Class A*
1.680%, 12/27/27 | | | 140,425 | | |
| | 85,038 | | | Oscar US Funding XII, LLC
Series 2021-1A, Class A4*
1.000%, 04/10/28 | | | 83,194 | | |
| | 60,155 | | | Pawneee Equipment Receivables, LLC
Series 2022-1, Class A3*
5.170%, 02/15/28 | | | 60,199 | | |
| | 237,000 | | | Progress Residential Trust
Series 2021-SFR5, Class B*
1.658%, 07/17/38 | | | 225,690 | | |
| | 35,905 | | | SoFi Professional Loan Program, LLC
Series 2017-F, Class A2FX*
2.840%, 01/25/41 | | | 35,383 | | |
| | 200,000 | | | Toyota Auto Loan Extended Note Trust
Series 2023-1A, Class A*
4.930%, 06/25/36 | | | 201,588 | | |
| | | | 849,333 | | |
| | | Other (1.9%) | |
| | 150,000 | | | Aligned Data Centers Issuer, LLC
Series 2021-1A, Class A2*
1.937%, 08/15/46 | | | 141,733 | | |
| | 45,252 | | | Amur Equipment Finance
Receivables XI, LLC Series 2022-2A, Class A2*
5.300%, 06/21/28 | | | 45,351 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 83,500 | | | CLI Funding VI, LLC
Series 2020-3A, Class A*
2.070%, 10/18/45 | | $ | 76,579 | | |
| | 47,229 | | | Daimler Trucks Retail Trust
Series 2022-1, Class A3
5.230%, 02/17/26 | | | 47,275 | | |
| | 62,664 | | | MVW Owner Trust
Series 2019-1A, Class A*
2.890%, 11/20/36 | | | 61,861 | | |
| | 99,167 | | | SVC ABS, LLC
Series 2023-1A, Class A*
5.150%, 02/20/53 | | | 97,020 | | |
| | 100,000 | | | USAA Auto Owner Trust
Series 2024-A, Class A3*
5.030%, 03/15/29 | | | 100,738 | | |
| | | | 570,557 | | |
| | | | | TOTAL ASSET BACKED SECURITIES
(Cost $1,456,736) | | | 1,419,890 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (3.3%) | | | |
| | 990,975 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $990,975) | | | 990,975 | | |
| | | | | TOTAL INVESTMENTS (101.3%)
(Cost $33,128,631) | | | 30,628,139 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.3%) | | | (990,975 | ) | |
OTHER ASSETS, LESS LIABILITIES (2.0%) | | | 593,033 | | |
NET ASSETS (100.0%) | | $ | 30,230,197 | | |
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, 2024.
¡ 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.
See accompanying Notes to Schedule of Investments
www.calamos.com
149
Total Return Bond Fund Schedule of Investments October 31, 2024
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FUTURES CONTRACTS
NUMBER OF
CONTRACTS | | DESCRIPTION | | EXPIRATION
DATE | | NOTIONAL
VALUE | | MARKET VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
Buys
2,000,000 | | U.S. Treasury Note 5-Year | | Dec 2024 | | $ | 2,144,688 | | | $ | (51,456 | )* | |
* This amount represents the cumulative appreciation/depreciation on futures contracts. Current day's variation margin is reported within the Statement of Assets and Liabilities for futures contracts.
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
150
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
ASSET BACKED SECURITY (0.3%) | | | |
| | | Other (0.3%) | |
| | 100,000 | | | SVC ABS, LLC Series 2023-1A, Class C*
6.700%, 02/20/53
(Cost $93,795) | | | $94,498 | | |
CORPORATE BONDS (76.8%) | | | |
| | | Airlines (1.0%) | |
| | 78,941 | | | Alaska Airlines Pass Through Trust
Series 2020-1, Class A*
4.800%, 02/15/29 | | | 78,114 | | |
| | 24,674 | | | Alaska Airlines Pass Through Trust
Series 2020-1, Class B*
8.000%, 02/15/27 | | | 25,030 | | |
| | 98,400 | | | American Airlines Pass Through Trust
Series 2021-1, Class B
3.950%, 01/11/32 | | | 91,052 | | |
| | 32,500 | | | American Airlines, Inc. / AAdvantage
Loyalty IP, Ltd.*
5.500%, 04/20/26 | | | 32,440 | | |
| | 84,323 | | | British Airways Pass Through Trust
Series 2021-1, Class B*
3.900%, 03/15/33 | | | 78,764 | | |
| | 66,021 | | | JetBlue Pass Through Trust
Series 2020-1, Class B
7.750%, 05/15/30 | | | 67,645 | | |
| | | | 373,045 | | |
| | | Communication Services (7.3%) | |
| | 100,000 | | | Altice France Holding, SA*
10.500%, 05/15/27 | | | 30,484 | | |
| | 200,000 | | | Altice France, SA*
5.500%, 10/15/29 | | | 151,502 | | |
| | 105,000 | | | APi Group DE, Inc.*
4.750%, 10/15/29 | | | 99,729 | | |
| | 119,000 | | | Audacy Capital LLC*@!!
6.750%, 03/31/29 | | | 4,114 | | |
| | 44,000 | | | 6.500%, 05/01/27 | | | 1,692 | | |
| | 87,000 | | | Cincinnati Bell Telephone Company, LLC
6.300%, 12/01/28 | | | 83,641 | | |
| | 50,000 | | | Clear Channel Outdoor Holdings, Inc.*
7.875%, 04/01/30 | | | 50,992 | | |
| | 40,000 | | | 9.000%, 09/15/28 | | | 42,069 | | |
| | 124,000 | | | Consolidated Communications, Inc.*
6.500%, 10/01/28 | | | 117,888 | | |
| | 220,000 | | | CSC Holdings, LLC*
4.500%, 11/15/31 | | | 161,803 | | |
| | 215,000 | | | 5.750%, 01/15/30 | | | 114,019 | | |
| | 43,000 | | | Directv Financing, LLC /
Directv Financing Co-Obligor, Inc.*
5.875%, 08/15/27 | | | 41,443 | | |
| | 146,000 | | | Frontier California, Inc.
6.750%, 05/15/27 | | | 150,173 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 24,000 | | | Frontier Communications Holdings, LLC*
8.750%, 05/15/30 | | $ | 25,443 | | |
| | 151,000 | | | Frontier Florida, LLC
6.860%, 02/01/28 | | | 157,159 | | |
| | 140,000 | | | Frontier North, Inc.
6.730%, 02/15/28 | | | 143,550 | | |
| | 90,000 | | | Go Daddy Operating Company, LLC /
GD Finance Company, Inc.*
3.500%, 03/01/29 | | | 83,068 | | |
| | 25,000 | | | 5.250%, 12/01/27 | | | 24,712 | | |
| | 45,000 | | | Gray Television, Inc.*
5.375%, 11/15/31 | | | 27,023 | | |
| | 70,000 | | | Hughes Satellite Systems Corp.
5.250%, 08/01/26 | | | 64,354 | | |
| | 23,000 | | | 6.625%, 08/01/26 | | | 19,806 | | |
| | 60,000 | | | iHeartCommunications, Inc.
8.375%, 05/01/27 | | | 31,741 | | |
| | 35,000 | | | 5.250%, 08/15/27* | | | 23,589 | | |
| | 76,068 | | | Ligado Networks, LLC*
15.500%, 11/01/23 | | | 13,911 | | |
| | 68,875 | | | Lumen Technologies, Inc.
10.000%, 10/15/32* | | | 68,694 | | |
| | 65,000 | | | 7.600%, 09/15/39 | | | 47,661 | | |
| | 48,000 | | | Match Group Holdings II, LLC*
3.625%, 10/01/31 | | | 42,075 | | |
| | 90,000 | | | Paramount Global
4.900%, 08/15/44 | | | 66,974 | | |
| | 31,000 | | | Qwest Corp.
7.250%, 09/15/25 | | | 30,911 | | |
| | 46,000 | | | Scripps Escrow II, Inc.*
3.875%, 01/15/29 | | | 35,827 | | |
| | 23,000 | | | 5.375%, 01/15/31 | | | 13,042 | | |
| | 40,000 | | | Scripps Escrow, Inc.*^
5.875%, 07/15/27 | | | 35,344 | | |
| | 124,000 | | | Sirius XM Radio, Inc.*
3.875%, 09/01/31 | | | 106,718 | | |
| | 115,000 | | | 5.500%, 07/01/29 | | | 111,706 | | |
| | 50,000 | | | 3.125%, 09/01/26 | | | 48,028 | | |
| | 77,000 | | | Spanish Broadcasting System, Inc.*
9.750%, 03/01/26 | | | 51,188 | | |
| | 100,000 | | | Stagwell Global, LLC*
5.625%, 08/15/29 | | | 95,247 | | |
| | 53,000 | | | Telesat Canada / Telesat, LLC*
4.875%, 06/01/27 | | | 23,344 | | |
| | 70,000 | | | Time Warner Cable, LLC
6.550%, 05/01/37 | | | 67,283 | | |
| | 35,000 | | | 7.300%, 07/01/38 | | | 35,762 | | |
| | 37,000 | | | United States Cellular Corp.
6.700%, 12/15/33 | | | 40,057 | | |
| | 72,000 | | | Univision Communications, Inc.*
8.000%, 08/15/28 | | | 73,223 | | |
| | 45,000 | | | 8.500%, 07/31/31 | | | 44,255 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
151
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 45,000 | | | Viasat, Inc.*
5.625%, 04/15/27 | | $ | 42,102 | | |
| | | | 2,743,346 | | |
| | | Consumer Discretionary (16.0%) | |
| | 135,000 | | | Adams Homes, Inc.*
9.250%, 10/15/28 | | | 141,209 | | |
| | 75,000 | | | Adient Global Holdings Company*^
8.250%, 04/15/31 | | | 77,723 | | |
| | 57,000 | | | American Axle & Manufacturing, Inc.^
5.000%, 10/01/29 | | | 51,630 | | |
| | 200,000 | | | Aptiv, PLC / Aptiv Global Financing DAC‡
6.875%, 12/15/54
5 year CMT + 3.39% | | | 194,324 | | |
| | 84,000 | | | Ashton Woods USA, LLC /
Ashton Woods Finance Company*
4.625%, 08/01/29 | | | 78,569 | | |
| | 118,000 | | | At Home Group, Inc.*
4.875%, 07/15/28 | | | 50,956 | | |
| | 123,000 | | | Bath & Body Works, Inc.
6.694%, 01/15/27 | | | 126,176 | | |
| | 70,000 | | | 6.875%, 11/01/35 | | | 71,108 | | |
| | 61,000 | | | Caesars Entertainment, Inc.*
4.625%, 10/15/29^ | | | 57,230 | | |
| | 16,000 | | | 8.125%, 07/01/27 | | | 16,331 | | |
| | 46,000 | | | Carnival Corp.*
7.625%, 03/01/26 | | | 46,346 | | |
| | 45,000 | | | 4.000%, 08/01/28 | | | 42,956 | | |
| | 6,000 | | | 7.000%, 08/15/29 | | | 6,281 | | |
| | 19,349 | | | Carvana Company*
14.000%, 06/01/31 | | | 23,154 | | |
| | 15,792 | | | 13.000%, 06/01/30 | | | 17,264 | | |
| | 10,060 | | | 12.000%, 12/01/28 | | | 10,655 | | |
| | 200,000 | | | CCO Holdings, LLC /
CCO Holdings Capital Corp.*
4.750%, 03/01/30 | | | 182,344 | | |
| | 190,000 | | | 4.250%, 02/01/31 | | | 165,076 | | |
| | 110,000 | | | 6.375%, 09/01/29 | | | 108,996 | | |
| | 110,000 | | | 5.125%, 05/01/27 | | | 107,938 | | |
| | 55,000 | | | 5.000%, 02/01/28 | | | 53,260 | | |
| | 50,000 | | | 4.500%, 08/15/30 | | | 44,673 | | |
| | 48,000 | | | 4.750%, 02/01/32 | | | 41,640 | | |
| | 48,000 | | | CDI Escrow Issuer, Inc.*
5.750%, 04/01/30 | | | 47,299 | | |
| | 75,000 | | | Cedar Fair, LP /
Canada's Wonderland Company /
Magnum Management Corp. /
Millennium Op
5.250%, 07/15/29 | | | 72,320 | | |
| | 50,000 | | | Churchill Downs, Inc.*
6.750%, 05/01/31 | | | 50,947 | | |
| | 80,000 | | | Dana, Inc.
4.250%, 09/01/30 | | | 69,896 | | |
| | 68,000 | | | 4.500%, 02/15/32 | | | 58,237 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 47,000 | | | DISH DBS Corp.
5.125%, 06/01/29 | | | $31,288 | | |
| | 36,000 | | | 7.375%, 07/01/28 | | | 26,409 | | |
| | 88,000 | | | DISH Network Corp.*
11.750%, 11/15/27 | | | 92,698 | | |
| | 95,000 | | | Everi Holdings, Inc.*
5.000%, 07/15/29 | | | 94,469 | | |
| | 200,000 | | | Ford Motor Credit Company, LLC
5.113%, 05/03/29 | | | 194,718 | | |
| | 200,000 | | | 4.000%, 11/13/30 | | | 180,882 | | |
| | 200,000 | | | 2.900%, 02/16/28 | | | 183,764 | | |
| | 36,000 | | | Gap, Inc.*
3.875%, 10/01/31 | | | 31,007 | | |
| | 45,000 | | | General Motors Company
5.200%, 04/01/45 | | | 40,285 | | |
| | 165,000 | | | goeasy, Ltd.*
9.250%, 12/01/28 | | | 176,159 | | |
| | 83,000 | | | 7.625%, 07/01/29 | | | 85,354 | | |
| | 140,000 | | | Goodyear Tire & Rubber Company^
5.625%, 04/30/33 | | | 121,052 | | |
| | 50,000 | | | 5.250%, 07/15/31 | | | 43,954 | | |
| | 55,000 | | | Group 1 Automotive, Inc.*
6.375%, 01/15/30 | | | 55,275 | | |
| | 41,000 | | | 4.000%, 08/15/28 | | | 38,503 | | |
| | 21,634 | | | JetBlue Pass Through Trust
Series 2019-2, Class B
8.000%, 11/15/27 | | | 22,012 | | |
| | 102,000 | | | Kohl's Corp.
5.550%, 07/17/45 | | | 69,080 | | |
| | 100,000 | | | LCM Investments Holdings II, LLC*
8.250%, 08/01/31 | | | 104,664 | | |
| | 95,000 | | | Liberty Interactive, LLC
8.250%, 02/01/30 | | | 48,942 | | |
| | 90,000 | | | Life Time, Inc.*
8.000%, 04/15/26 | | | 90,480 | | |
| | 68,000 | | | 6.000%, 11/15/31 | | | 67,702 | | |
| | 45,000 | | | Light & Wonder International, Inc.*
7.500%, 09/01/31 | | | 46,543 | | |
| | 35,000 | | | Lindblad Expeditions Holdings, Inc.*
9.000%, 05/15/28 | | | 36,555 | | |
| | 62,000 | | | Lindblad Expeditions, LLC*
6.750%, 02/15/27 | | | 62,378 | | |
| | 65,000 | | | M/I Homes, Inc.
3.950%, 02/15/30 | | | 59,470 | | |
| | 114,000 | | | Macy's Retail Holdings, LLC
6.700%, 07/15/34* | | | 98,258 | | |
| | 70,000 | | | 4.300%, 02/15/43 | | | 48,362 | | |
| | 95,000 | | | MGM Resorts International
6.500%, 04/15/32 | | | 95,079 | | |
| | 100,000 | | | Midwest Gaming Borrower, LLC /
Midwest Gaming Finance Corp.*
4.875%, 05/01/29 | | | 94,524 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
152
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 95,000 | | | Newell Brands, Inc.
6.875%, 04/01/36 | | $ | 94,641 | | |
| | 41,000 | | | 5.700%, 04/01/26 | | | 41,115 | | |
| | 23,000 | | | 6.625%, 05/15/32 | | | 23,092 | | |
| | 23,000 | | | 6.375%, 05/15/30 | | | 23,133 | | |
| | 50,000 | | | Nordstrom, Inc.
5.000%, 01/15/44 | | | 37,611 | | |
| | 18,000 | | | 4.250%, 08/01/31 | | | 15,893 | | |
| | 15,000 | | | 6.950%, 03/15/28 | | | 15,537 | | |
| | 135,000 | | | Patrick Industries, Inc.*
4.750%, 05/01/29 | | | 127,844 | | |
| | 45,000 | | | 6.375%, 11/01/32 | | | 44,548 | | |
| | 100,000 | | | PENN Entertainment, Inc.*^
4.125%, 07/01/29 | | | 89,868 | | |
| | 120,000 | | | Premier Entertainment Sub, LLC /
Premier Entertainment Finance Corp.*
5.625%, 09/01/29 | | | 85,301 | | |
| | 45,000 | | | QVC, Inc.
5.450%, 08/15/34 | | | 29,526 | | |
| | 45,000 | | | Raising Cane's Restaurants, LLC*
9.375%, 05/01/29 | | | 48,438 | | |
| | 6,782 | | | Rite Aid Cmsr Note
12.000%, 08/30/34 | | | 7,799 | | |
| | 147,000 | | | Rite Aid Corp.*@!!
0.000%, 11/15/26 | | | — | | |
| | 26,771 | | | 0.000%, 10/18/24 | | | — | | |
| | 46,193 | | | Rite Aid Corp.
15.000%, 08/30/31 | | | 24,957 | | |
| | 9,116 | | | 12.057%, 08/30/31*
3 mo. SOFR + 7.00% | | | 8,706 | | |
| | 9,116 | | | Rite Aid Note Holder Trust Bond
0.000%, 08/30/34 | | | — | | |
| | 13,000 | | | Royal Caribbean Cruises, Ltd.*
6.250%, 03/15/32 | | | 13,257 | | |
| | 11,000 | | | 5.625%, 09/30/31 | | | 10,969 | | |
| | 75,000 | | | Simmons Foods, Inc. /
Simmons Prepared Foods, Inc. /
Simmons Pet Food, Inc. / Simmons Feed*
4.625%, 03/01/29 | | | 69,632 | | |
| | 135,000 | | | Six Flags Entertainment Corp.*
7.250%, 05/15/31 | | | 138,456 | | |
| | 63,000 | | | Sonic Automotive, Inc.*
4.625%, 11/15/29 | | | 57,894 | | |
| | 70,000 | | | Speedway Motorsports, LLC /
Speedway Funding II, Inc.*
4.875%, 11/01/27 | | | 68,488 | | |
| | 95,000 | | | Station Casinos, LLC*
4.500%, 02/15/28 | | | 90,766 | | |
| | 100,000 | | | STL Holding Company, LLC*
8.750%, 02/15/29 | | | 106,351 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 59,000 | | | Taylor Morrison Communities, Inc.*
5.750%, 01/15/28 | | $ | 59,063 | | |
| | 25,000 | | | Viking Cruises, Ltd.*
9.125%, 07/15/31 | | | 27,055 | | |
| | 100,000 | | | Vista Outdoor, Inc.*
4.500%, 03/15/29 | | | 101,796 | | |
| | 175,000 | | | ZF North America Capital, Inc.*
7.125%, 04/14/30 | | | 175,987 | | |
| | | | 5,992,127 | | |
| | | Consumer Staples (3.5%) | |
| | 139,000 | | | Arrow Bidco, LLC*
10.750%, 06/15/25 | | | 141,731 | | |
| | 30,000 | | | B&G Foods, Inc.*
8.000%, 09/15/28 | | | 31,191 | | |
| | 50,000 | | | Brink's Company*
6.500%, 06/15/29 | | | 51,118 | | |
| | 25,000 | | | 6.750%, 06/15/32 | | | 25,471 | | |
| | 107,000 | | | Central Garden & Pet Company*
4.125%, 04/30/31 | | | 96,120 | | |
| | 110,000 | | | Edgewell Personal Care Company*
4.125%, 04/01/29 | | | 102,945 | | |
| | 115,000 | | | Energizer Holdings, Inc.*
4.375%, 03/31/29 | | | 107,639 | | |
| | 24,000 | | | 6.500%, 12/31/27 | | | 24,303 | | |
| | 90,000 | | | JBS USA Holding Lux Sarl/
JBS USA Food Co/
JBS Lux Co Sarl
5.500%, 01/15/30 | | | 89,806 | | |
| | 26,000 | | | 5.750%, 04/01/33 | | | 26,272 | | |
| | 45,000 | | | KeHE Distributors, LLC /
KeHE Finance Corp. /
NextWave Distribution, Inc.*
9.000%, 02/15/29 | | | 46,663 | | |
| | 63,000 | | | New Albertsons, LP
7.750%, 06/15/26 | | | 64,578 | | |
| | 96,000 | | | Performance Food Group, Inc.*
4.250%, 08/01/29 | | | 89,904 | | |
| | 23,000 | | | 6.125%, 09/15/32 | | | 23,130 | | |
| | 75,000 | | | Pilgrim's Pride Corp.
4.250%, 04/15/31 | | | 69,736 | | |
| | 75,000 | | | Post Holdings, Inc.*
6.375%, 03/01/33 | | | 74,396 | | |
| | 50,000 | | | 6.250%, 02/15/32 | | | 50,678 | | |
| | 90,000 | | | Prestige Brands, Inc.*
3.750%, 04/01/31 | | | 80,596 | | |
| | 45,000 | | | RR Donnelley & Sons Company*
9.500%, 08/01/29 | | | 45,392 | | |
| | 75,000 | | | United Natural Foods, Inc.*^
6.750%, 10/15/28 | | | 72,478 | | |
| | | | 1,314,147 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
153
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Energy (12.1%) | |
| | 90,000 | | | Apache Corp.
5.100%, 09/01/40 | | $ | 77,928 | | |
| | 90,000 | | | Ascent Resources Utica Holdings, LLC /
ARU Finance Corp.*
6.625%, 10/15/32 | | | 89,214 | | |
| | 110,000 | | | Buckeye Partners, LP
6.875%, 07/01/29* | | | 111,823 | | |
| | 50,000 | | | 5.850%, 11/15/43 | | | 43,228 | | |
| | 153,000 | | | Civitas Resources, Inc.*
8.750%, 07/01/31 | | | 160,405 | | |
| | 70,000 | | | Continental Resources, Inc.
4.900%, 06/01/44 | | | 58,001 | | |
| | 76,000 | | | DT Midstream, Inc.*
4.125%, 06/15/29 | | | 71,483 | | |
| | 68,000 | | | Enbridge, Inc.‡
7.375%, 03/15/55
5 year CMT + 3.12% | | | 70,120 | | |
| | 45,000 | | | 7.200%, 06/27/54
5 year CMT + 2.97% | | | 46,629 | | |
| | 123,000 | | | Encino Acquisition Partners Holdings, LLC*
8.750%, 05/01/31 | | | 126,649 | | |
| | 90,000 | | | Energy Transfer, LP‡
7.850%, 11/01/66^
3 mo. SOFR + 3.28% | | | 89,419 | | |
| | 70,000 | | | 6.500%, 11/15/26
5 year CMT + 5.69% | | | 69,978 | | |
| | 45,000 | | | 7.125%, 10/01/54
5 year CMT + 2.83% | | | 45,494 | | |
| | 90,000 | | | EnLink Midstream Partners, LP
4.850%, 07/15/26 | | | 89,635 | | |
| | 61,000 | | | EnLink Midstream, LLC*
6.500%, 09/01/30 | | | 64,280 | | |
| | 145,000 | | | EQM Midstream Partners, LP*
7.500%, 06/01/27 | | | 148,782 | | |
| | 50,000 | | | 6.375%, 04/01/29 | | | 50,823 | | |
| | 72,000 | | | Expand Energy Corp.*
6.750%, 04/15/29 | | | 72,844 | | |
| | 70,000 | | | Genesis Energy, LP /
Genesis Energy Finance Corp.
8.875%, 04/15/30 | | | 72,158 | | |
| | 45,000 | | | 7.875%, 05/15/32 | | | 44,986 | | |
| | 125,000 | | | Gulfport Energy Operating Corp.*
6.750%, 09/01/29 | | | 125,710 | | |
| | 55,000 | | | Hilcorp Energy I, LP /
Hilcorp Finance Company*
6.000%, 04/15/30 | | | 52,486 | | |
| | 100,000 | | | Howard Midstream Energy Partners, LLC*
7.375%, 07/15/32 | | | 102,047 | | |
| | 100,000 | | | Kodiak Gas Services, LLC*
7.250%, 02/15/29 | | | 102,965 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 89,000 | | | Magnolia Oil & Gas Operating, LLC /
Magnolia Oil & Gas Finance Corp.*
6.000%, 08/01/26 | | $ | 88,868 | | |
| | 87,000 | | | Matador Resources Company*
6.500%, 04/15/32 | | | 86,355 | | |
| | 90,000 | | | Moss Creek Resources Holdings, Inc.*
8.250%, 09/01/31 | | | 88,339 | | |
| | 70,000 | | | Nabors Industries, Inc.*
7.375%, 05/15/27 | | | 70,211 | | |
| | 35,000 | | | 9.125%, 01/31/30 | | | 36,232 | | |
| | 70,000 | | | Nabors Industries, Ltd.*
7.500%, 01/15/28 | | | 66,697 | | |
| | 56,000 | | | New Fortress Energy, Inc.*
6.750%, 09/15/25 | | | 55,889 | | |
| | 97,000 | | | Oceaneering International, Inc.
6.000%, 02/01/28 | | | 95,067 | | |
| | 90,000 | | | Parkland Corp.*
6.625%, 08/15/32 | | | 89,833 | | |
| | 45,000 | | | 5.875%, 07/15/27 | | | 44,561 | | |
| | 53,000 | | | Patterson-UTI Energy, Inc.^
5.150%, 11/15/29 | | | 51,944 | | |
| | 86,000 | | | Permian Resources Operating, LLC*
7.000%, 01/15/32 | | | 87,856 | | |
| | 23,000 | | | 6.250%, 02/01/33 | | | 22,850 | | |
| | 100,000 | | | Plains All American Pipeline, LP‡
9.490%, 12/01/24
3 mo. SOFR + 4.37% | | | 100,045 | | |
| | 135,000 | | | Rockcliff Energy II, LLC*
5.500%, 10/15/29 | | | 127,717 | | |
| | 35,000 | | | South Bow Canadian Infrastructure
Holdings, Ltd.*‡
7.625%, 03/01/55
5 year CMT + 3.95% | | | 36,161 | | |
| | 35,000 | | | 7.500%, 03/01/55
5 year CMT + 3.67% | | | 36,412 | | |
| | 100,000 | | | Summit Midstream Holdings, LLC*
8.625%, 10/31/29 | | | 103,433 | | |
| | 127,500 | | | Transocean, Inc.*
8.750%, 02/15/30 | | | 132,286 | | |
| | 95,000 | | | 8.250%, 05/15/29 | | | 95,554 | | |
| | 60,000 | | | Venture Global Calcasieu Pass, LLC*
6.250%, 01/15/30 | | | 61,367 | | |
| | 25,000 | | | 4.125%, 08/15/31 | | | 22,799 | | |
| | 25,000 | | | 3.875%, 08/15/29 | | | 23,118 | | |
| | 185,000 | | | Venture Global LNG, Inc.*
9.000%, 09/30/29‡
5 year CMT + 5.44% | | | 184,991 | | |
| | 120,000 | | | 8.375%, 06/01/31 | | | 124,744 | | |
| | 75,000 | | | 8.125%, 06/01/28 | | | 77,873 | | |
| | 48,000 | | | 7.000%, 01/15/30 | | | 48,324 | | |
| | 45,000 | | | 9.875%, 02/01/32 | | | 49,153 | | |
| | 45,000 | | | 9.500%, 02/01/29 | | | 49,771 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
154
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 88,000 | | | Vital Energy, Inc.*
7.875%, 04/15/32^ | | $ | 84,674 | | |
| | 55,000 | | | 7.750%, 07/31/29 | | | 54,089 | | |
| | 90,000 | | | VOC Escrow, Ltd.*
5.000%, 02/15/28 | | | 87,599 | | |
| | 118,000 | | | Weatherford International, Ltd.*
8.625%, 04/30/30 | | | 122,058 | | |
| | 56,000 | | | Wildfire Intermediate Holdings, LLC*
7.500%, 10/15/29 | | | 54,279 | | |
| | | | 4,548,236 | | |
| | | Financials (13.3%) | |
| | 140,000 | | | Acrisure, LLC / Acrisure Finance, Inc.*
8.250%, 02/01/29 | | | 142,381 | | |
| | 90,000 | | | Alliant Holdings Intermediate, LLC /
Alliant Holdings Co-Issuer*
7.375%, 10/01/32 | | | 89,498 | | |
| | 90,000 | | | 6.500%, 10/01/31 | | | 89,381 | | |
| | 126,000 | | | Ally Financial, Inc.‡
4.700%, 05/15/26
5 year CMT + 3.87% | | | 113,710 | | |
| | 45,000 | | | 4.700%, 05/15/28
7 year CMT + 3.48% | | | 36,634 | | |
| | 95,000 | | | AmWINS Group, Inc.*
4.875%, 06/30/29 | | | 89,518 | | |
| | 35,000 | | | AssuredPartners, Inc.*
5.625%, 01/15/29 | | | 33,166 | | |
| | 100,000 | | | Baldwin Insurance Group Holdings, LLC /
Baldwin Insurance Group Holdings Finance*
7.125%, 05/15/31 | | | 102,399 | | |
| | 50,000 | | | Brandywine Operating Partnership, LP
8.875%, 04/12/29 | | | 54,215 | | |
| | 150,000 | | | BroadStreet Partners, Inc.*
5.875%, 04/15/29 | | | 143,136 | | |
| | 96,000 | | | Brookfield Property REIT, Inc. /
BPR Cumulus, LLC / BPR Nimbus, LLC /
GGSI Sellco, LLC*
4.500%, 04/01/27 | | | 92,598 | | |
| | 200,000 | | | Burford Capital Global Financial, LLC*
6.875%, 04/15/30 | | | 201,252 | | |
| | 35,000 | | | Corebridge Financial, Inc.^‡
6.375%, 09/15/54
5 year CMT + 2.65% | | | 34,953 | | |
| | 85,000 | | | Credit Acceptance Corp.
6.625%, 03/15/26 | | | 85,060 | | |
| | 70,000 | | | 9.250%, 12/15/28* | | | 74,233 | | |
| | 90,000 | | | Cushman & Wakefield U.S. Borrower LLC*
8.875%, 09/01/31 | | | 97,025 | | |
| | 110,000 | | | GGAM Finance, Ltd.*
8.000%, 02/15/27 | | | 113,723 | | |
| | 45,000 | | | 5.875%, 03/15/30 | | | 44,478 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 94,000 | | | Global Net Lease, Inc. /
Global Net Lease Operating Partnership, LP*
3.750%, 12/15/27 | | $ | 86,277 | | |
| | 55,000 | | | HAT Holdings I, LLC / HAT Holdings II, LLC*
8.000%, 06/15/27 | | | 57,663 | | |
| | 90,000 | | | HUB International, Ltd.*
5.625%, 12/01/29 | | | 87,137 | | |
| | 75,000 | | | 7.375%, 01/31/32 | | | 76,570 | | |
| | 68,000 | | | Icahn Enterprises, LP /
Icahn Enterprises Finance Corp.
4.375%, 02/01/29 | | | 56,800 | | |
| | 195,000 | | | Iron Mountain, Inc.*
5.250%, 03/15/28 | | | 191,658 | | |
| | 260,000 | | | Jefferies Finance, LLC /
JFIN Co-Issuer Corp.*
5.000%, 08/15/28 | | | 240,471 | | |
| | 200,000 | | | 6.625%, 10/15/31 | | | 199,160 | | |
| | 98,000 | | | Ladder Capital Finance Holdings, LLLP /
Ladder Capital Finance Corp.*
4.750%, 06/15/29 | | | 93,467 | | |
| | 94,000 | | | 5.250%, 10/01/25 | | | 93,726 | | |
| | 63,000 | | | 7.000%, 07/15/31 | | | 65,479 | | |
| | 80,000 | | | LD Holdings Group, LLC*
8.750%, 11/01/27 | | | 76,709 | | |
| | 110,000 | | | Level 3 Financing, Inc.*
4.250%, 07/01/28 | | | 91,591 | | |
| | 34,300 | | | 10.000%, 10/15/32 | | | 34,010 | | |
| | 10,000 | | | 4.625%, 09/15/27 | | | 9,104 | | |
| | 65,000 | | | LPL Holdings, Inc.*
4.000%, 03/15/29 | | | 61,160 | | |
| | 90,000 | | | Macquarie Airfinance Holdings, Ltd.*
8.125%, 03/30/29 | | | 95,152 | | |
| | 129,000 | | | MetLife, Inc.
6.400%, 12/15/66 | | | 134,475 | | |
| | 65,000 | | | Necessity Retail REIT, Inc. /
American Finance Operating Partner, LP*
4.500%, 09/30/28 | | | 59,918 | | |
| | 50,000 | | | Newmark Group, Inc.
7.500%, 01/12/29 | | | 52,983 | | |
| | 65,000 | | | OneMain Finance Corp.
3.875%, 09/15/28 | | | 60,068 | | |
| | 60,000 | | | 9.000%, 01/15/29 | | | 63,569 | | |
| | 50,000 | | | 7.500%, 05/15/31 | | | 51,159 | | |
| | 90,000 | | | Park Intermediate Holdings, LLC /
PK Domestic Property, LLC /
PK Finance Co-Issuer*
7.000%, 02/01/30 | | | 92,208 | | |
| | 90,000 | | | Provident Funding Associates, LP /
PFG Finance Corp.*
9.750%, 09/15/29 | | | 92,231 | | |
| | 95,000 | | | RHP Hotel Properties, LP /
RHP Finance Corp.*
6.500%, 04/01/32 | | | 96,139 | | |
| | 56,000 | | | 4.500%, 02/15/29 | | | 53,628 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
155
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 45,000 | | | Rocket Mortgage, LLC /
Rocket Mortgage Co-Issuer, Inc.*
3.875%, 03/01/31 | | $ | 40,105 | | |
| | 45,000 | | | 3.625%, 03/01/29 | | | 41,529 | | |
| | 70,000 | | | Service Properties Trust
8.375%, 06/15/29 | | | 68,215 | | |
| | 90,000 | | | Starwood Property Trust, Inc.*
6.000%, 04/15/30 | | | 88,345 | | |
| | 125,000 | | | StoneX Group, Inc.*
7.875%, 03/01/31 | | | 131,712 | | |
| | 100,000 | | | United Wholesale Mortgage, LLC*
5.500%, 04/15/29 | | | 95,423 | | |
| | 50,000 | | | 5.750%, 06/15/27 | | | 49,222 | | |
| | 60,000 | | | Uniti Group, LP /
Uniti Group Finance 2019, Inc. /
CSL Capital, LLC*
10.500%, 02/15/28 | | | 63,971 | | |
| | 50,000 | | | 6.500%, 02/15/29 | | | 43,030 | | |
| | 50,000 | | | VFH Parent, LLC / Valor Co-Issuer, Inc.*
7.500%, 06/15/31 | | | 51,477 | | |
| | 200,000 | | | VZ Secured Financing, BV*
5.000%, 01/15/32 | | | 179,762 | | |
| | 98,000 | | | XHR, LP*
6.375%, 08/15/25 | | | 98,015 | | |
| | | | 4,960,678 | | |
| | | Health Care (4.7%) | |
| | 170,000 | | | CHS/Community Health Systems, Inc.*
6.125%, 04/01/30 | | | 133,265 | | |
| | 73,000 | | | 10.875%, 01/15/32 | | | 78,362 | | |
| | 49,000 | | | 6.875%, 04/15/29^ | | | 41,399 | | |
| | 12,000 | | | 5.250%, 05/15/30 | | | 10,490 | | |
| | 100,000 | | | DaVita, Inc.*
4.625%, 06/01/30 | | | 92,075 | | |
| | 100,000 | | | 3.750%, 02/15/31 | | | 87,130 | | |
| | 90,000 | | | 6.875%, 09/01/32 | | | 90,524 | | |
| | 72,000 | | | Embecta Corp.*
5.000%, 02/15/30 | | | 65,304 | | |
| | 24,000 | | | 6.750%, 02/15/30 | | | 22,420 | | |
| | 45,000 | | | Encompass Health Corp.
4.750%, 02/01/30 | | | 43,314 | | |
| | 45,000 | | | 4.500%, 02/01/28 | | | 43,795 | | |
| | 100,000 | | | HCA, Inc.
7.500%, 11/06/33 | | | 112,492 | | |
| | 210,000 | | | Jazz Securities DAC*^
4.375%, 01/15/29 | | | 199,193 | | |
| | 110,000 | | | Medline Borrower, LP*
5.250%, 10/01/29 | | | 106,678 | | |
| | 110,000 | | | 3.875%, 04/01/29 | | | 103,040 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 12,000 | | | Medline Borrower, LP /
Medline Co-Issuer, Inc.*
6.250%, 04/01/29 | | $ | 12,229 | | |
| | 200,000 | | | Organon & Company /
Organon Foreign Debt Co-Issuer, BV*^
5.125%, 04/30/31 | | | 182,630 | | |
| | 200,000 | | | Tenet Healthcare Corp.
6.250%, 02/01/27 | | | 200,278 | | |
| | 120,000 | | | 6.875%, 11/15/31 | | | 128,851 | | |
| | | | 1,753,469 | | |
| | | Industrials (10.4%) | |
| | 100,000 | | | Aar Escrow Issuer, LLC*
6.750%, 03/15/29 | | | 102,313 | | |
| | 100,000 | | | ACCO Brands Corp.*^
4.250%, 03/15/29 | | | 91,801 | | |
| | 95,000 | | | Air Lease Corp.‡
4.125%, 12/15/26
5 year CMT + 3.15% | | | 89,653 | | |
| | 155,000 | | | Albertsons Companies, Inc. /
Safeway, Inc. / New Albertsons, LP /
Albertsons, LLC*
4.625%, 01/15/27 | | | 152,077 | | |
| | 75,000 | | | 5.875%, 02/15/28 | | | 75,188 | | |
| | 49,000 | | | Arcosa, Inc.*
4.375%, 04/15/29 | | | 46,310 | | |
| | 46,000 | | | 6.875%, 08/15/32 | | | 47,223 | | |
| | 225,000 | | | ARD Finance, SA*
6.500%, 06/30/27
7.250% PIK rate | | | 50,981 | | |
| | 68,000 | | | Beacon Roofing Supply, Inc.*^
4.125%, 05/15/29 | | | 63,243 | | |
| | 50,000 | | | Bombardier, Inc.*
8.750%, 11/15/30 | | | 54,260 | | |
| | 40,000 | | | 7.000%, 06/01/32^ | | | 41,012 | | |
| | 31,000 | | | 7.250%, 07/01/31 | | | 32,093 | | |
| | 27,000 | | | 7.875%, 04/15/27 | | | 27,084 | | |
| | 87,000 | | | BWX Technologies, Inc.*
4.125%, 04/15/29 | | | 82,421 | | |
| | 95,000 | | | Cascades, Inc. / Cascades USA, Inc.*
5.375%, 01/15/28 | | | 93,540 | | |
| | 23,000 | | | Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
4.750%, 10/20/28 | | | 22,745 | | |
| | 125,000 | | | Deluxe Corp.*
8.000%, 06/01/29 | | | 117,936 | | |
| | 97,000 | | | Eco Material Technologies, Inc.*
7.875%, 01/31/27 | | | 97,765 | | |
| | 85,000 | | | Emerald Debt Merger Sub, LLC*
6.625%, 12/15/30 | | | 86,500 | | |
| | 45,000 | | | EnerSys*
6.625%, 01/15/32 | | | 46,297 | | |
| | 45,000 | | | 4.375%, 12/15/27 | | | 43,452 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
156
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 40,000 | | | EquipmentShare.com, Inc.*
8.625%, 05/15/32 | | $ | 41,314 | | |
| | 35,000 | | | 8.000%, 03/15/33 | | | 35,454 | | |
| | 57,000 | | | Graham Packaging Company, Inc.*
7.125%, 08/15/28 | | | 55,500 | | |
| | 60,000 | | | Graphic Packaging International, LLC*
4.750%, 07/15/27 | | | 58,997 | | |
| | 44,000 | | | 3.500%, 03/01/29 | | | 40,216 | | |
| | 107,000 | | | Great Lakes Dredge & Dock Corp.*
5.250%, 06/01/29 | | | 100,567 | | |
| | 180,000 | | | H&E Equipment Services, Inc.*
3.875%, 12/15/28 | | | 166,408 | | |
| | 115,000 | | | Herc Holdings, Inc.*
5.500%, 07/15/27 | | | 114,250 | | |
| | 50,000 | | | 6.625%, 06/15/29 | | | 51,213 | | |
| | 75,000 | | | JELD-WEN, Inc.*
7.000%, 09/01/32 | | | 74,805 | | |
| | 45,000 | | | 4.875%, 12/15/27 | | | 43,598 | | |
| | 145,000 | | | Ken Garff Automotive, LLC*
4.875%, 09/15/28 | | | 140,702 | | |
| | 100,000 | | | Knife River Holding Company*
7.750%, 05/01/31 | | | 104,907 | | |
| | 75,000 | | | Masterbrand, Inc.*
7.000%, 07/15/32 | | | 76,929 | | |
| | 60,000 | | | Moog, Inc.*
4.250%, 12/15/27 | | | 57,488 | | |
| | 120,000 | | | Newfold Digital Holdings Group, Inc.*
6.000%, 02/15/29 | | | 81,240 | | |
| | 95,000 | | | Novelis Corp.*
4.750%, 01/30/30 | | | 89,030 | | |
| | 53,000 | | | Pactiv Evergreen Group Issuer, Inc. /
Pactiv Evergreen Group Issuer, LLC*
4.000%, 10/15/27 | | | 50,675 | | |
| | 25,000 | | | Sealed Air Corp.*
6.500%, 07/15/32 | | | 25,397 | | |
| | 24,000 | | | 5.000%, 04/15/29 | | | 23,200 | | |
| | 78,000 | | | Sealed Air Corp./Sealed Air Corp. U.S.*
6.125%, 02/01/28 | | | 78,827 | | |
| | 25,000 | | | 7.250%, 02/15/31 | | | 25,971 | | |
| | 86,000 | | | Sensata Technologies, Inc.*
3.750%, 02/15/31 | | | 76,911 | | |
| | 90,000 | | | Standard Industries, Inc.*
5.000%, 02/15/27 | | | 88,252 | | |
| | 76,000 | | | Stericycle, Inc.*
3.875%, 01/15/29 | | | 75,255 | | |
| | 95,000 | | | TransDigm, Inc.*
6.875%, 12/15/30 | | | 97,533 | | |
| | 70,000 | | | 6.750%, 08/15/28 | | | 71,633 | | |
| | 35,000 | | | 7.125%, 12/01/31 | | | 36,304 | | |
| | 23,000 | | | 6.625%, 03/01/32 | | | 23,416 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 29,937 | | | United Airlines Pass Through Trust
Series 2019-2, Class B
3.500%, 11/01/29 | | $ | 28,224 | | |
| | 96,000 | | | Vertiv Group Corp.*
4.125%, 11/15/28 | | | 91,509 | | |
| | 90,000 | | | Wabash National Corp.*
4.500%, 10/15/28 | | | 81,841 | | |
| | 75,000 | | | Waste Pro USA, Inc.*
5.500%, 02/15/26 | | | 74,858 | | |
| | 56,000 | | | Williams Scotsman, Inc.*
4.625%, 08/15/28 | | | 53,670 | | |
| | 45,000 | | | 7.375%, 10/01/31 | | | 46,707 | | |
| | 35,000 | | | 6.625%, 06/15/29 | | | 35,552 | | |
| | | | 3,882,247 | | |
| | | Information Technology (3.1%) | |
| | 56,000 | | | Coherent Corp.*
5.000%, 12/15/29 | | | 53,757 | | |
| | 48,000 | | | Dun & Bradstreet Corp.*^
5.000%, 12/15/29 | | | 47,065 | | |
| | 48,000 | | | Fair Isaac Corp.*
4.000%, 06/15/28 | | | 45,651 | | |
| | 100,000 | | | KBR, Inc.*
4.750%, 09/30/28 | | | 96,207 | | |
| | 100,000 | | | MPH Acquisition Holdings, LLC*
5.750%, 11/01/28 | | | 45,518 | | |
| | 50,000 | | | 5.500%, 09/01/28 | | | 34,288 | | |
| | 45,000 | | | NCL Corp., Ltd.*
8.125%, 01/15/29 | | | 47,701 | | |
| | 68,000 | | | ON Semiconductor Corp.*
3.875%, 09/01/28 | | | 63,870 | | |
| | 72,000 | | | Open Text Corp.*
3.875%, 02/15/28 | | | 67,738 | | |
| | 45,000 | | | 6.900%, 12/01/27 | | | 46,840 | | |
| | 36,000 | | | 3.875%, 12/01/29 | | | 32,891 | | |
| | 36,000 | | | Open Text Holdings, Inc.*
4.125%, 12/01/31 | | | 32,371 | | |
| | 79,000 | | | Playtika Holding Corp.*
4.250%, 03/15/29 | | | 71,392 | | |
| | 120,000 | | | TTM Technologies, Inc.*
4.000%, 03/01/29 | | | 112,281 | | |
| | 65,000 | | | Twilio, Inc.
3.625%, 03/15/29 | | | 59,927 | | |
| | 23,000 | | | 3.875%, 03/15/31^ | | | 20,779 | | |
| | 38,000 | | | UKG, Inc.*
6.875%, 02/01/31 | | | 38,974 | | |
| | 125,000 | | | Viavi Solutions, Inc.*^
3.750%, 10/01/29 | | | 113,474 | | |
| | 50,000 | | | Zebra Technologies Corp.*
6.500%, 06/01/32 | | | 51,191 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
157
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 100,000 | | | ZoomInfo Technologies, LLC /
ZoomInfo Finance Corp.*
3.875%, 02/01/29 | | $ | 91,274 | | |
| | | | 1,173,189 | | |
| | | Materials (3.5%) | |
| | 52,000 | | | ArcelorMittal, SA
7.000%, 10/15/39 | | | 56,767 | | |
| | 47,000 | | | ATI, Inc.
5.875%, 12/01/27 | | | 46,817 | | |
| | 90,000 | | | Avient Corp.*
6.250%, 11/01/31 | | | 90,625 | | |
| | 25,000 | | | Carpenter Technology Corp.
7.625%, 03/15/30 | | | 25,889 | | |
| | 95,000 | | | Chemours Company*^
4.625%, 11/15/29 | | | 82,494 | | |
| | 145,000 | | | Clearwater Paper Corp.*^
4.750%, 08/15/28 | | | 134,766 | | |
| | 75,000 | | | Cleveland-Cliffs, Inc.*
7.000%, 03/15/32 | | | 75,131 | | |
| | 48,000 | | | Commercial Metals Company
4.125%, 01/15/30 | | | 44,537 | | |
| | 24,000 | | | 4.375%, 03/15/32 | | | 22,092 | | |
| | 45,000 | | | HB Fuller Company
4.250%, 10/15/28 | | | 42,669 | | |
| | 85,000 | | | JW Aluminum Continuous Cast Company*
10.250%, 06/01/26 | | | 85,359 | | |
| | 75,000 | | | Kaiser Aluminum Corp.*
4.625%, 03/01/28 | | | 71,594 | | |
| | 92,000 | | | Mercer International, Inc.
5.125%, 02/01/29 | | | 79,496 | | |
| | 47,000 | | | 12.875%, 10/01/28* | | | 49,861 | | |
| | 200,000 | | | OCI, NV*
6.700%, 03/16/33 | | | 199,858 | | |
| | 100,000 | | | Silgan Holdings, Inc.
4.125%, 02/01/28 | | | 96,009 | | |
| | 68,000 | | | Terex Corp*
6.250%, 10/15/32 | | | 67,706 | | |
| | 44,000 | | | Trinseo Materials Operating SCA /
Trinseo Materials Finance, Inc.*
5.125%, 04/01/29 | | | 23,661 | | |
| | | | 1,295,331 | | |
| | | Other (0.1%) | |
| | 45,000 | | | Gen Digital, Inc.*
6.750%, 09/30/27 | | | 45,820 | | |
| | | Real Estate (0.6%) | |
| | 71,000 | | | EPR Properties
3.750%, 08/15/29 | | | 65,403 | | |
| | 67,000 | | | Forestar Group, Inc.*
5.000%, 03/01/28 | | | 64,100 | | |
| | 95,000 | | | MIWD Holdco II, LLC /
MIWD Finance Corp.*
5.500%, 02/01/30 | | | 90,819 | | |
| | | | 220,322 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Special Purpose Acquisition Companies (0.4%) | |
| | 25,000 | | | Clydesdale Acquisition Holdings, Inc.*
6.875%, 01/15/30 | | $ | 25,406 | | |
| | 95,000 | | | Fertitta Entertainment, LLC /
Fertitta Entertainment Finance
Company, Inc.*
6.750%, 01/15/30 | | | 86,450 | | |
| | 46,000 | | | 4.625%, 01/15/29^ | | | 42,991 | | |
| | | | 154,847 | | |
| | | Utilities (0.8%) | |
| | 36,000 | | | AES Corp.‡
7.600%, 01/15/55
5 year CMT + 3.20% | | | 37,290 | | |
| | 80,000 | | | Duke Energy Corp.‡
6.450%, 09/01/54
5 year CMT + 2.59% | | | 81,517 | | |
| | 35,000 | | | Entergy Corp.‡
7.125%, 12/01/54
5 year CMT + 2.67% | | | 35,879 | | |
| | 36,000 | | | NiSource, Inc.‡
6.950%, 11/30/54
5 year CMT + 2.45% | | | 37,048 | | |
| | 34,000 | | | PPL Capital Funding, Inc.‡
7.530%, 03/30/67
3 mo. SOFR + 2.93% | | | 33,812 | | |
| | 45,000 | | | Vistra Corp.*‡
7.000%, 12/15/26
5 year CMT + 5.74% | | | 45,523 | | |
| | 25,000 | | | 8.000%, 10/15/26
5 year CMT + 6.93% | | | 25,739 | | |
| | | | 296,808 | | |
| | | | | TOTAL CORPORATE BONDS
(Cost $29,979,582) | | | 28,753,612 | | |
CONVERTIBLE BONDS (0.5%) | | | |
| | | Communication Services (0.2%) | |
| | 97,000 | | | Cable One, Inc.
0.000%, 03/15/26 | | | 88,579 | | |
| | | Consumer Discretionary (0.2%) | |
| | 85,000 | | | DISH Network Corp.
0.000%, 12/15/25 | | | 75,848 | | |
| | | Other (0.1%) | |
| | 50,000 | | | Multiplan Corp.*
6.000%, 10/15/27
7.000% PIK rate | | | 34,534 | | |
| | | | | TOTAL CONVERTIBLE BONDS
(Cost $199,509) | | | 198,961 | | |
BANK LOANS (15.0%)¡ | | | |
| | | Airlines (0.5%) | |
| | 59,700 | | | Air Canada‡
7.253%, 03/21/31
3 mo. SOFR + 2.50% | | | 59,843 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
158
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 66,500 | | | American Airlines, Inc.‡
9.629%, 04/20/28
3 mo. SOFR + 4.75% | | $ | 68,499 | | |
| | 64,675 | | | United Airlines, Inc.‡
7.385%, 02/22/31
3 mo. SOFR + 2.75% | | | 64,900 | | |
| | | | 193,242 | | |
| | | Communication Services (1.8%) | |
| | 4,281 | | | Audacy Capital Corp.‡
11.800%, 10/02/28
1 mo. SOFR + 7.00% | | | 4,324 | | |
| | 49,744 | | | Cincinnati Bell, Inc.‡
8.035%, 11/22/28
1 mo. SOFR + 3.25% | | | 49,800 | | |
| | 41,983 | | | Clear Channel Outdoor Holdings, Inc.‡
8.800%, 08/23/28
1 mo. SOFR + 4.00% | | | 41,893 | | |
| | 169,112 | | | CSC Holdings, LLC‡
7.174%, 04/15/27
6 mo. LIBOR + 2.50% | | | 157,714 | | |
| | 63,790 | | | Directv Financing, LLC‡
9.847%, 08/02/27
3 mo. SOFR + 5.00% | | | 64,011 | | |
| | 146,000 | | | Entercom Media Corp.‡
0.000%, 11/18/24 | | | 65,961 | | |
| | 69,825 | | | Gray Television, Inc.‡
10.094%, 06/04/29
1 mo. SOFR + 5.25% | | | 67,894 | | |
| | 100,000 | | | Telesat Canada‡
8.074%, 12/07/26
3 mo. SOFR + 2.75% | | | 46,083 | | |
| | 100,000 | | | TripAdvisor, Inc.‡
7.435%, 07/08/31
1 mo. SOFR + 2.75% | | | 100,208 | | |
| | 95,000 | | | Virgin Media Bristol, LLC‡
7.418%, 01/31/28
1 mo. SOFR + 2.50% | | | 92,405 | | |
| | | | 690,293 | | |
| | | Consumer Discretionary (3.3%) | |
| | 49,750 | | | Adient U.S., LLC‡
7.435%, 01/31/31
1 mo. SOFR + 2.75% | | | 49,944 | | |
| | 34,444 | | | American Axle & Manufacturing, Inc.‡
7.658%, 12/12/29
3 mo. SOFR + 3.00% | | | 34,633 | | |
| | 31,926 | | | American Axle & Manufacturing, Inc.‡
7.446%, 12/12/29
6 mo. SOFR + 3.00% | | | 32,101 | | |
| | 29,630 | | | American Axle & Manufacturing, Inc.‡
7.823%, 12/12/29
1 mo. SOFR + 3.00% | | | 29,792 | | |
| | 137,455 | | | Caesars Entertainment, Inc.‡
7.435%, 02/06/30
1 mo. SOFR + 2.75% | | | 137,769 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 77,365 | | | Carnival Corp.‡
7.435%, 10/18/28
1 mo. SOFR + 2.75% | | $ | 77,655 | | |
| | 53,434 | | | Carnival Corp.‡
7.435%, 08/08/27
1 mo. SOFR + 2.75% | | | 53,659 | | |
| | 40,000 | | | Chinos Intermediate Holdings A, Inc.!
0.000%, 09/26/31 | | | 40,583 | | |
| | 10,000 | | | Chinos Intermediate Holdings A, Inc.‡
13.000%, 09/26/31
3 mo. Prime + 5.00% | | | 10,146 | | |
| | 99,499 | | | Flutter Financing, BV‡
6.604%, 11/29/30
3 mo. SOFR + 2.00% | | | 99,598 | | |
| | 31,961 | | | Hanesbrands, Inc.‡
8.435%, 03/08/30
1 mo. SOFR + 3.75% | | | 32,240 | | |
| | 90,000 | | | Life Time Fitness, Inc.!
0.000%, 10/22/31 | | | 90,019 | | |
| | 98,254 | | | Light & Wonder International, Inc.‡
7.034%, 04/14/29
1 mo. SOFR + 2.25% | | | 98,361 | | |
| | 44,888 | | | Peloton Interactive, Inc.‡
10.685%, 05/23/29
1 mo. SOFR + 6.00% | | | 45,617 | | |
| | 86,833 | | | PetSmart, Inc.‡
8.535%, 02/11/28
1 mo. SOFR + 3.75% | | | 86,453 | | |
| | 75,000 | | | Staples, Inc.‡
10.689%, 09/04/29
3 mo. SOFR + 5.75% | | | 69,629 | | |
| | 99,500 | | | Station Casinos, LLC‡
6.935%, 03/14/31
1 mo. SOFR + 2.25% | | | 99,454 | | |
| | 61,065 | | | TKC Holdings, Inc.‡
9.759%, 05/15/28
1 mo. SOFR + 5.00% | | | 60,989 | | |
| | 99,189 | | | Windsor Holdings III, LLC‡
8.259%, 08/01/30
1 mo. SOFR + 3.50% | | | 99,822 | | |
| | | | 1,248,464 | | |
| | | Consumer Staples (1.8%) | |
| | 311,188 | | | Amneal Pharmaceuticals, LLC‡
10.185%, 05/04/28
1 mo. SOFR + 5.50% | | | 317,414 | | |
| | 75,000 | | | B&G Foods, Inc.‡
8.557%, 10/10/29
3 mo. SOFR + 3.50% | | | 74,906 | | |
| | 99,750 | | | Fiesta Purchaser, Inc.‡
8.685%, 02/12/31
1 mo. SOFR + 4.00% | | | 100,150 | | |
| | 89,550 | | | Star Parent, Inc.‡
8.354%, 09/27/30
3 mo. SOFR + 3.75% | | | 87,838 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
159
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 25,000 | | | Star Parent, Inc.!
0.000%, 09/27/30 | | $ | 24,522 | | |
| | 64,675 | | | United Natural Foods, Inc.‡
9.435%, 05/01/31
1 mo. SOFR + 4.75% | | | 65,160 | | |
| | | | 669,990 | | |
| | | Energy (0.9%) | |
| | 98,258 | | | ChampionX Corp.‡
7.557%, 06/07/29
1 mo. SOFR + 2.75% | | | 98,524 | | |
| | 99,250 | | | New Fortress Energy, Inc.‡
9.585%, 10/27/28
3 mo. SOFR + 5.00% | | | 93,965 | | |
| | 138,223 | | | Par Petroleum, LLC‡
8.334%, 02/28/30
3 mo. SOFR + 3.75% | | | 138,165 | | |
| | | | 330,654 | | |
| | | Financials (2.4%) | |
| | 119,488 | | | Advisor Group, Inc.‡
8.685%, 08/17/28
1 mo. SOFR + 4.00% | | | 119,631 | | |
| | 74,252 | | | Amynta Agency Borrower, Inc.‡
8.435%, 02/28/28
1 mo. SOFR + 3.75% | | | 74,546 | | |
| | 124,375 | | | AssuredPartners, Inc.‡
8.185%, 02/14/31
1 mo. SOFR + 3.50% | | | 124,695 | | |
| | 59,401 | | | Avolon TLB Borrower 1 (US), LLC‡
6.509%, 06/24/30
1 mo. SOFR + 1.75% | | | 59,415 | | |
| | 49,750 | | | Broadstreet Partners, Inc.‡
7.935%, 06/13/31
1 mo. SOFR + 3.25% | | | 49,769 | | |
| | 95,000 | | | Dragon Buyer, Inc‡
7.897%, 09/30/31
3 mo. SOFR + 3.25% | | | 94,540 | | |
| | 99,501 | | | HUB International, Ltd.‡
7.367%, 06/20/30
3 mo. SOFR + 2.75% | | | 99,804 | | |
| | 69,475 | | | Iron Mountain, Inc.‡
6.685%, 01/31/31
1 mo. SOFR + 2.00% | | | 69,171 | | |
| | 75,000 | | | Level 3 Financing, Inc.‡
11.278%, 04/15/29
1 mo. SOFR + 6.56% | | | 76,687 | | |
| | 25,000 | | | Level 3 Financing, Inc.!
0.000%, 04/15/29 | | | 25,563 | | |
| | 100,000 | | | VFH Parent, LLC‡
7.435%, 06/21/31
1 mo. SOFR + 2.75% | | | 100,359 | | |
| | | | 894,180 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Health Care (0.3%) | |
| | 108,235 | | | Padagis, LLC‡
9.596%, 07/06/28
3 mo. SOFR + 4.75% | | $ | 100,929 | | |
| | | Industrials (1.1%) | |
| | 90,151 | | | ACProducts, Inc.‡
9.115%, 05/17/28
3 mo. SOFR + 4.25% | | | 75,501 | | |
| | 89,775 | | | MI Windows & Doors, LLC‡
7.685%, 03/28/31
1 mo. SOFR + 3.00% | | | 90,162 | | |
| | 47,243 | | | Reynolds Group Holdings, Inc.‡
7.185%, 09/24/28
1 mo. SOFR + 2.50% | | | 47,340 | | |
| | 184,288 | | | TransDigm, Inc.‡
7.104%, 02/28/31
3 mo. SOFR + 2.50% | | | 184,670 | | |
| | | | 397,673 | | |
| | | Information Technology (1.1%) | |
| | 132,346 | | | Boxer Parent Company, Inc.‡
8.335%, 07/30/31
3 mo. SOFR + 3.75% | | | 132,152 | | |
| | 75,524 | | | Camelot U.S. Acquisition, LLC‡
7.435%, 01/31/31
1 mo. SOFR + 2.75% | | | 75,675 | | |
| | 88,499 | | | Dun & Bradstreet Corp.‡
7.468%, 01/18/29
1 mo. SOFR + 2.75% | | | 88,744 | | |
| | 81,373 | | | II-VI, Inc.‡
7.185%, 07/02/29
1 mo. SOFR + 2.50% | | | 81,566 | | |
| | 49,875 | | | UKG, Inc.‡
7.617%, 02/10/31
3 mo. SOFR + 3.00% | | | 49,988 | | |
| | | | 428,125 | | |
| | | Materials (1.4%) | |
| | 89,287 | | | Chemours Company‡
8.185%, 08/18/28
1 mo. SOFR + 3.50% | | | 89,696 | | |
| | 144,250 | | | Ineos U.S. Finance, LLC‡
7.935%, 02/18/30
1 mo. SOFR + 3.25% | | | 144,566 | | |
| | 123,430 | | | LSF11 A5 Holdco, LLC‡
8.300%, 10/15/28
1 mo. SOFR + 3.50% | | | 124,060 | | |
| | 64,083 | | | Trinseo Materials Operating SCA‡
7.819%, 05/03/28
3 mo. SOFR + 2.50% | | | 48,054 | | |
| | 98,232 | | | W.R. Grace & Co.-Conn.‡
7.854%, 09/22/28
3 mo. SOFR + 3.25% | | | 98,564 | | |
| | | | 504,940 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
160
High Income Opportunities Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Special Purpose Acquisition Companies (0.4%) | |
| | 36,600 | | | Clydesdale Acquisition Holdings, Inc.‡
7.860%, 04/13/29
1 mo. SOFR + 3.18% | | $ | 36,552 | | |
| | 24,375 | | | Fertitta Entertainment, LLC‡
8.536%, 01/27/29
1 mo. SOFR + 3.75% | | | 24,413 | | |
| | 98,000 | | | Patagonia Holdco, LLC‡
10.854%, 08/01/29
3 mo. SOFR + 5.75% | | | 91,692 | | |
| | | | 152,657 | | |
| | | | | TOTAL BANK LOANS
(Cost $5,691,572) | | | 5,611,147 | | |
NUMBER OF
SHARES | | | | VALUE | |
COMMON STOCKS (0.5%) | | | |
| | | Communication Services (0.0%)# | |
| | 2,040 | | | Altice USA, Inc. - Class A# | | | 4,957 | | |
| | 1,273 | | | Cumulus Media, Inc. - Class A# | | | 1,490 | | |
| | | | 6,447 | | |
| | | Energy (0.5%) | |
| | 385 | | | Cheniere Energy Partners, LP | | | 19,462 | | |
| | 5,575 | | | Energy Transfer, LP | | | 91,876 | | |
| | 2,570 | | | Enterprise Products Partners, LP | | | 73,656 | | |
| | 660 | | | EP Energy Corp.# | | | 1,155 | | |
| | 3 | | | Gulfport Energy Corp.# | | | 415 | | |
| | | | 186,564 | | |
| | | Other (0.0%) | |
| | 134 | | | Rite Aid Equity Equity# | | | 12,060 | | |
| | | | | TOTAL COMMON STOCKS
(Cost $227,097) | | | 205,071 | | |
WARRANTS (0.0%)# | | | |
| | | Energy (0.0%) | |
| | 4,950 | | | Mcdermott International, Ltd.
06/30/27, Strike $15.98 | | | 1 | | |
| | 4,455 | | | Mcdermott International, Ltd.
06/30/27, Strike $12.33 | | | — | | |
| | | | | TOTAL WARRANTS
(Cost $1,909) | | | 1 | | |
CONVERTIBLE PREFERRED STOCK (0.1%) | | | |
| | | Energy (0.1%) | |
| | 2 | | | Gulfport Energy Corp.#
10.000%, 12/01/24
(Cost $—) | | | 20,000 | | |
NUMBER OF
SHARES | | | | VALUE | |
PREFERRED STOCKS (0.3%) | | | |
| | | Communication Services (0.2%) | |
| | 1,793 | | | Qwest Corp.
6.500%, 09/01/56 | | $ | 28,742 | | |
| | 738 | | | Telephone and Data Systems, Inc.
6.625%, 03/31/26 | | | 15,188 | | |
| | 1,110 | | | United States Cellular Corp.
5.500%, 06/01/70 | | | 24,975 | | |
| | 1,060 | | | 5.500%, 03/01/70 | | | 23,871 | | |
| | | | 92,776 | | |
| | | Consumer Discretionary (0.1%) | |
| | 590 | | | Guitar Center, Inc.# | | | 22,125 | | |
| | | | | TOTAL PREFERRED STOCKS
(Cost $146,048) | | | 114,901 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (5.0%) | | | |
| | 1,853,285 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $1,853,285) | | | 1,853,285 | | |
| | | TOTAL INVESTMENTS (98.5%)
(Cost $38,192,797) | | | 36,851,476 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-5.0%) | | | (1,853,285 | ) | |
OTHER ASSETS, LESS LIABILITIES (6.5%) | | | 2,437,399 | | |
NET ASSETS (100.0%) | | $ | 37,435,590 | | |
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.
@ In default status and considered non-income producing.
!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.
RESTRICTED SECURITY | | ACQUISITION DATE | | ACQUISITION COST | |
Audacy Capital LLC | | 03/02/2020 | | $ | 44,135 | | |
Audacy Capital LLC | | 03/11/2021 | | | 69,297 | | |
Rite Aid Corp. | | 09/04/2024 | | | — | | |
Rite Aid Corp. | | 10/04/2024 | | | — | | |
| | | TOTAL | | $ | 113,432 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
161
High Income Opportunities Fund Schedule of Investments October 31, 2024
^ Security, or portion of security, is on loan.
‡ Variable rate security. The rate shown is the rate in effect at October 31, 2024.
¡ 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.
# Non-income producing security.
† Represents investment of cash collateral received from securities on loan as of October 31, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
162
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
CORPORATE BONDS (58.0%) | | | |
| | | Airlines (0.5%) | |
| | 858,059 | | | Alaska Airlines Pass Through Trust
Series 2020-1, Class A*
4.800%, 02/15/29 | | $ | 849,066 | | |
| | 123,369 | | | Alaska Airlines Pass Through Trust
Series 2020-1, Class B*
8.000%, 02/15/27 | | | 125,149 | | |
| | 336,092 | | | British Airways Pass Through Trust
Series 2019-1, Class A*
3.350%, 12/15/30 | | | 313,772 | | |
| | 476,111 | | | JetBlue Pass Through Trust
Series 2020-1, Class B
7.750%, 05/15/30 | | | 487,823 | | |
| | | | 1,775,810 | | |
| | | Communication Services (2.1%) | |
| | 1,000,000 | | | Ashtead Capital, Inc.*^
4.375%, 08/15/27 | | | 986,040 | | |
| | 1,000,000 | | | AT&T, Inc.
1.700%, 03/25/26 | | | 959,760 | | |
| | 750,000 | | | Cogent Communications Group, Inc.*
3.500%, 05/01/26 | | | 729,818 | | |
| | 500,000 | | | Frontier California, Inc.
6.750%, 05/15/27 | | | 514,290 | | |
| | 822,000 | | | Netflix, Inc.*
3.625%, 06/15/25 | | | 816,040 | | |
| | 500,000 | | | Paramount Global
3.700%, 10/04/26 | | | 476,940 | | |
| | 400,000 | | | Qwest Corp.
7.250%, 09/15/25 | | | 398,852 | | |
| | 1,000,000 | | | Rogers Communications, Inc.
3.625%, 12/15/25 | | | 986,220 | | |
| | 500,000 | | | Sirius XM Radio, Inc.*
3.125%, 09/01/26 | | | 480,280 | | |
| | 1,000,000 | | | Verizon Communications, Inc.
0.850%, 11/20/25 | | | 962,200 | | |
| | 500,000 | | | Warnermedia Holdings, Inc.
3.788%, 03/15/25 | | | 497,615 | | |
| | | | 7,808,055 | | |
| | | Consumer Discretionary (5.8%) | |
| | 1,000,000 | | | Aptiv, PLC / Aptiv Global Financing DAC
4.650%, 09/13/29 | | | 973,470 | | |
| | 500,000 | | | AutoZone, Inc.
5.050%, 07/15/26 | | | 504,035 | | |
| | 500,000 | | | 4.500%, 02/01/28 | | | 497,215 | | |
| | 1,000,000 | | | BMW US Capital, LLC*^
5.050%, 08/11/28 | | | 1,008,170 | | |
| | 1,000,000 | | | BorgWarner, Inc.^
2.650%, 07/01/27 | | | 949,250 | | |
| | 1,000,000 | | | CCO Holdings, LLC / CCO Holdings
Capital Corp.*
5.125%, 05/01/27 | | | 981,250 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 500,000 | | | Daimler Truck Finance North America, LLC*
5.125%, 09/25/27 | | $ | 504,405 | | |
| | 500,000 | | | 5.000%, 01/15/27 | | | 502,640 | | |
| | 375,000 | | | Dana Financing Luxembourg Sarl*
5.750%, 04/15/25 | | | 374,888 | | |
| | 1,000,000 | | | Ford Motor Credit Company, LLC
6.950%, 03/06/26 | | | 1,019,380 | | |
| | 500,000 | | | 2.300%, 02/10/25 | | | 495,710 | | |
| | 1,000,000 | | | General Motors Financial Company, Inc.
6.000%, 01/09/28^ | | | 1,028,760 | | |
| | 200,000 | | | 5.400%, 04/06/26 | | | 201,566 | | |
| | 500,000 | | | goeasy, Ltd.*
9.250%, 12/01/28 | | | 533,815 | | |
| | 312,000 | | | Goodyear Tire & Rubber Company
9.500%, 05/31/25 | | | 312,995 | | |
| | 500,000 | | | Group 1 Automotive, Inc.*
6.375%, 01/15/30 | | | 502,500 | | |
| | 1,251,000 | | | Hasbro, Inc.
3.000%, 11/19/24 | | | 1,249,299 | | |
| | 500,000 | | | International Game Technology, PLC*
5.250%, 01/15/29 | | | 491,470 | | |
| | 500,000 | | | 4.125%, 04/15/26 | | | 493,205 | | |
| | 307,864 | | | JetBlue Pass Through Trust Series 2019-2,
Class B
8.000%, 11/15/27 | | | 313,251 | | |
| | 500,000 | | | Kia Corp.*
3.500%, 10/25/27 | | | 481,555 | | |
| | 500,000 | | | Kohl's Corp.
4.250%, 07/17/25 | | | 494,330 | | |
| | 750,000 | | | L Brands, Inc.*
9.375%, 07/01/25 | | | 769,372 | | |
| | 1,000,000 | | | Lowe's Companies, Inc.
4.400%, 09/08/25 | | | 997,940 | | |
| | 750,000 | | | Mattel, Inc.*
3.375%, 04/01/26 | | | 732,607 | | |
| | 500,000 | | | 5.875%, 12/15/27^ | | | 503,500 | | |
| | 1,000,000 | | | Meritage Homes Corp.*
3.875%, 04/15/29 | | | 934,980 | | |
| | 500,000 | | | MGM Resorts International
5.500%, 04/15/27 | | | 499,255 | | |
| | 374,000 | | | Newell Brands, Inc.
5.700%, 04/01/26 | | | 375,051 | | |
| | 1,000,000 | | | O'Reilly Automotive, Inc.
5.750%, 11/20/26 | | | 1,020,360 | | |
| | 1,000,000 | | | VF Corp.
2.400%, 04/23/25 | | | 987,390 | | |
| | 500,000 | | | ZF North America Capital, Inc.*
6.875%, 04/14/28 | | | 504,610 | | |
| | | | 21,238,224 | | |
| | | Consumer Staples (2.0%) | |
| | 500,000 | | | Brink's Company*
6.500%, 06/15/29 | | | 511,180 | | |
| | 500,000 | | | Darling Ingredients, Inc.*^
5.250%, 04/15/27 | | | 495,650 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
163
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 1,000,000 | | | Dollar General Corp.
4.625%, 11/01/27 | | $ | 992,490 | | |
| | 1,000,000 | | | General Mills, Inc.^
5.241%, 11/18/25 | | | 999,340 | | |
| | 500,000 | | | Kroger Company
4.650%, 09/15/29^ | | | 500,125 | | |
| | 250,000 | | | 4.600%, 08/15/27 | | | 250,525 | | |
| | 300,000 | | | McCormick & Company, Inc.
0.900%, 02/15/26 | | | 285,723 | | |
| | 1,000,000 | | | Mondelez International, Inc.
2.625%, 03/17/27 | | | 956,490 | | |
| | 500,000 | | | Performance Food Group, Inc.*
5.500%, 10/15/27 | | | 496,845 | | |
| | 1,000,000 | | | Sysco Corp.
3.300%, 07/15/26 | | | 977,390 | | |
| | 1,000,000 | | | United Rentals North America, Inc.^
3.875%, 11/15/27 | | | 963,290 | | |
| | | | 7,429,048 | | |
| | | Energy (2.9%) | |
| | 500,000 | | | Buckeye Partners, LP*
6.875%, 07/01/29 | | | 508,285 | | |
| | 1,000,000 | | | Enbridge, Inc.
5.250%, 04/05/27 | | | 1,013,330 | | |
| | 500,000 | | | 2.500%, 02/14/25 | | | 496,965 | | |
| | 500,000 | | | EnLink Midstream Partners, LP
4.850%, 07/15/26 | | | 497,975 | | |
| | 500,000 | | | Enterprise Products Operating, LLC
5.050%, 01/10/26 | | | 502,845 | | |
| | 500,000 | | | EQM Midstream Partners, LP*
7.500%, 06/01/27 | | | 513,040 | | |
| | 500,000 | | | 6.375%, 04/01/29 | | | 508,235 | | |
| | 1,000,000 | | | Hess Midstream Operations, LP*
6.500%, 06/01/29 | | | 1,017,740 | | |
| | 1,000,000 | | | Kinder Morgan, Inc.
5.100%, 08/01/29 | | | 1,004,740 | | |
| | 1,000,000 | | | ONEOK, Inc.
5.550%, 11/01/26 | | | 1,013,700 | | |
| | 500,000 | | | Parkland Corp.*
5.875%, 07/15/27 | | | 495,120 | | |
| | 1,000,000 | | | Schlumberger Holdings Corp.*
5.000%, 05/29/27 | | | 1,007,770 | | |
| | 1,000,000 | | | South Bow USA Infrastructure Holdings
LLC*
4.911%, 09/01/27 | | | 995,260 | | |
| | 1,000,000 | | | Williams Companies, Inc.
5.400%, 03/02/26 | | | 1,006,720 | | |
| | | | 10,581,725 | | |
| | | Financials (20.5%) | |
| | 1,000,000 | | | African Development Bank
3.375%, 07/07/25 | | | 992,520 | | |
| | 1,000,000 | | | Allstate Corp.^
5.050%, 06/24/29 | | | 1,009,210 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 500,000 | | | American Express Company
5.389%, 07/28/27‡
SOFR + 0.97% | | $ | 505,530 | | |
| | 500,000 | | | 2.250%, 03/04/25 | | | 495,665 | | |
| | 1,000,000 | | | Aon North America, Inc.
5.125%, 03/01/27 | | | 1,012,960 | | |
| | 1,000,000 | | | Asian Infrastructure Investment Bank^
4.000%, 01/18/28 | | | 994,490 | | |
| | 750,000 | | | Aviation Capital Group, LLC*
1.950%, 09/20/26 | | | 708,518 | | |
| | 500,000 | | | Avolon Holdings Funding, Ltd.*
6.375%, 05/04/28 | | | 516,205 | | |
| | 250,000 | | | 5.500%, 01/15/26 | | | 250,213 | | |
| | 1,000,000 | | | AXIS Specialty Finance, PLC
4.000%, 12/06/27 | | | 971,320 | | |
| | 500,000 | | | Bank of America Corp.‡
1.530%, 12/06/25
SOFR + 0.65% | | | 498,165 | | |
| | 250,000 | | | 1.658%, 03/11/27
SOFR + 0.91% | | | 239,465 | | |
| | 1,000,000 | | | Bank of Montreal^
5.203%, 02/01/28 | | | 1,016,700 | | |
| | 1,000,000 | | | Bank of Nova Scotia^
5.250%, 06/12/28 | | | 1,018,340 | | |
| | 1,000,000 | | | Bank of NY Mellon Corp.^‡
4.414%, 07/24/26
SOFR + 1.35% | | | 996,130 | | |
| | 500,000 | | | Barclays, PLC‡
5.304%, 08/09/26
1 year CMT + 2.30% | | | 500,320 | | |
| | 250,000 | | | BlackRock Funding, Inc.
4.600%, 07/26/27 | | | 251,150 | | |
| | 500,000 | | | Blackstone Private Credit Fund
4.950%, 09/26/27* | | | 491,185 | | |
| | 500,000 | | | 2.350%, 11/22/24 | | | 498,865 | | |
| | 500,000 | | | Capital One Financial Corp.‡
4.985%, 07/24/26
SOFR + 2.16% | | | 499,480 | | |
| | 500,000 | | | 2.636%, 03/03/26
SOFR + 1.29% | | | 495,450 | | |
| | 250,000 | | | Charles Schwab Corp.
0.900%, 03/11/26 | | | 237,570 | | |
| | 1,000,000 | | | Chubb INA Holdings, LLC^
4.650%, 08/15/29 | | | 1,001,150 | | |
| | 1,000,000 | | | Citigroup, Inc.‡
3.887%, 01/10/28
3 mo. SOFR + 1.82% | | | 980,070 | | |
| | 500,000 | | | 2.014%, 01/25/26
SOFR + 0.69% | | | 496,175 | | |
| | 1,000,000 | | | CNO Global Funding*
1.650%, 01/06/25 | | | 993,820 | | |
| | 750,000 | | | Comerica, Inc.‡
5.982%, 01/30/30
SOFR + 2.16% | | | 760,207 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
164
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 1,000,000 | | | Cooperatieve Rabobank UA*‡
4.655%, 08/22/28
1 year CMT + 1.75% | | $ | 994,070 | | |
| | 1,000,000 | | | Council Of Europe Development Bank
3.750%, 05/25/26 | | | 991,710 | | |
| | 330,000 | | | Credit Acceptance Corp.*
9.250%, 12/15/28 | | | 349,955 | | |
| | 500,000 | | | Credit Suisse AG/New York NY
3.700%, 02/21/25 | | | 498,110 | | |
| | 1,000,000 | | | Danske Bank, A/S*‡
4.298%, 04/01/28
1 year CMT + 1.75% | | | 985,630 | | |
| | 1,250,000 | | | Discover Financial Services
4.100%, 02/09/27 | | | 1,229,175 | | |
| | 1,000,000 | | | Enact Holdings, Inc.
6.250%, 05/28/29 | | | 1,019,590 | | |
| | 1,000,000 | | | Essent Group, Ltd.
6.250%, 07/01/29 | | | 1,023,290 | | |
| | 1,250,000 | | | European Bank for Reconstruction &
Development
0.500%, 11/25/25 | | | 1,199,387 | | |
| | 1,000,000 | | | 0.500%, 05/19/25 | | | 978,330 | | |
| | 1,000,000 | | | European Investment Bank
3.250%, 11/15/27 | | | 974,260 | | |
| | 500,000 | | | Fifth Third Bancorp‡
1.707%, 11/01/27
SOFR + 0.69% | | | 470,785 | | |
| | 1,000,000 | | | Fiserv, Inc.
4.750%, 03/15/30 | | | 994,850 | | |
| | 500,000 | | | Global Net Lease, Inc. / Global
Net Lease Operating Partnership, LP*
3.750%, 12/15/27 | | | 458,920 | | |
| | 1,000,000 | | | GLP Capital, LP / GLP Financing II, Inc.
5.750%, 06/01/28 | | | 1,016,440 | | |
| | 500,000 | | | Goldman Sachs BDC, Inc.
6.375%, 03/11/27 | | | 510,705 | | |
| | 750,000 | | | Goldman Sachs Group, Inc.^‡
0.855%, 02/12/26
SOFR + 0.61% | | | 740,618 | | |
| | 735,000 | | | HAT Holdings I, LLC / HAT Holdings II, LLC*
8.000%, 06/15/27 | | | 770,581 | | |
| | 450,000 | | | HSBC Holdings, PLC‡
2.999%, 03/10/26
SOFR + 1.43% | | | 446,405 | | |
| | 1,000,000 | | | Huntington National Bank‡
5.699%, 11/18/25
SOFR + 1.22% | | | 999,990 | | |
| | 1,000,000 | | | Inter-American Development Bank
1.750%, 03/14/25 | | | 989,680 | | |
| | 1,000,000 | | | Inter-American Investment Corp.
2.625%, 04/22/25 | | | 990,740 | | |
| | 1,000,000 | | | International Bank for Reconstruction &
Development
1.625%, 01/15/25 | | | 993,820 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 500,000 | | | International Finance Corp.
3.625%, 09/15/25 | | $ | 496,350 | | |
| | 500,000 | | | JPMorgan Chase & Company‡
2.595%, 02/24/26
SOFR + 0.92% | | | 496,100 | | |
| | 250,000 | | | 1.578%, 04/22/27
SOFR + 0.89% | | | 238,598 | | |
| | 500,000 | | | KeyBank NA^
4.150%, 08/08/25 | | | 496,505 | | |
| | 1,000,000 | | | Kreditanstalt fuer Wiederaufbau
3.750%, 02/15/28 | | | 987,030 | | |
| | 1,000,000 | | | 1.250%, 01/31/25 | | | 991,630 | | |
| | 300,000 | | | 1.000%, 10/01/26 | | | 282,447 | | |
| | 1,000,000 | | | Ladder Capital Finance Holdings,
LLLP / Ladder Capital Finance Corp.*^
5.250%, 10/01/25 | | | 997,090 | | |
| | 500,000 | | | Lloyds Banking Group, PLC‡
3.511%, 03/18/26
1 year CMT + 1.60% | | | 496,490 | | |
| | 1,000,000 | | | LPL Holdings, Inc.*^
4.625%, 11/15/27 | | | 980,560 | | |
| | 250,000 | | | Manufacturers & Traders Trust Company^
4.650%, 01/27/26 | | | 249,040 | | |
| | 1,000,000 | | | Metropolitan Life Global Funding I*
2.800%, 03/21/25 | | | 992,680 | | |
| | 500,000 | | | 5.000%, 01/06/26 | | | 502,225 | | |
| | 500,000 | | | Morgan Stanley‡
4.952%, 01/14/28
SOFR + 1.08% | | | 502,240 | | |
| | 500,000 | | | Morgan Stanley^‡
5.042%, 07/19/30
SOFR + 1.22% | | | 501,845 | | |
| | 1,000,000 | | | Mutual of Omaha Companies
Global Funding*
5.350%, 04/09/27 | | | 1,012,490 | | |
| | 750,000 | | | Nasdaq, Inc.
5.350%, 06/28/28 | | | 765,832 | | |
| | 42,000 | | | 5.650%, 06/28/25 | | | 42,210 | | |
| | 500,000 | | | National Bank of Canada
5.600%, 12/18/28 | | | 513,260 | | |
| | 1,000,000 | | | National Securities Clearing Corp.*
5.150%, 05/30/25 | | | 1,003,100 | | |
| | 500,000 | | | NatWest Markets, PLC*^
1.600%, 09/29/26 | | | 471,750 | | |
| | 500,000 | | | Nordea Bank Abp*
4.750%, 09/22/25 | | | 500,835 | | |
| | 500,000 | | | 1.500%, 09/30/26^ | | | 471,415 | | |
| | 1,000,000 | | | Nordic Investment Bank
2.625%, 04/04/25 | | | 991,910 | | |
| | 1,000,000 | | | 0.375%, 09/11/25 | | | 965,550 | | |
| | 1,000,000 | | | Nuveen, LLC*
5.550%, 01/15/30 | | | 1,024,800 | | |
| | 1,000,000 | | | Oesterreichische Kontrollbank, AG
3.625%, 09/09/27^ | | | 983,400 | | |
| | 1,000,000 | | | 1.500%, 02/12/25 | | | 991,190 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
165
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 500,000 | | | OneMain Finance Corp.
3.500%, 01/15/27 | | $ | 477,505 | | |
| | 1,000,000 | | | PayPal Holdings, Inc.^
2.650%, 10/01/26 | | | 966,530 | | |
| | 250,000 | | | PNC Financial Services Group, Inc.
2.200%, 11/01/24 | | | 250,000 | | |
| | 935,000 | | | Pricoa Global Funding I*
4.200%, 08/28/25 | | | 932,064 | | |
| | 500,000 | | | 1.200%, 09/01/26 | | | 470,865 | | |
| | 200,000 | | | Principal Life Global Funding II*
5.000%, 01/16/27 | | | 201,708 | | |
| | 500,000 | | | Prologis Targeted US Logistics Fund, LP*
5.250%, 04/01/29 | | | 507,200 | | |
| | 1,000,000 | | | Prologis, LP^
4.875%, 06/15/28 | | | 1,009,480 | | |
| | 500,000 | | | Radian Group, Inc.^
6.200%, 05/15/29 | | | 512,970 | | |
| | 500,000 | | | RLJ Lodging Trust, LP*
3.750%, 07/01/26 | | | 485,435 | | |
| | 500,000 | | | Rocket Mortgage, LLC / Rocket
Mortgage Co-Issuer, Inc.*
2.875%, 10/15/26 | | | 476,585 | | |
| | 750,000 | | | Royal Bank Of Canada
6.000%, 11/01/27 | | | 779,587 | | |
| | 250,000 | | | Royal Bank of Canada
0.875%, 01/20/26 | | | 239,270 | | |
| | 500,000 | | | SBA Tower Trust*
1.631%, 05/15/51 | | | 465,922 | | |
| | 250,000 | | | 1.840%, 04/15/27 | | | 230,649 | | |
| | 200,000 | | | 1.884%, 07/15/50 | | | 192,650 | | |
| | 190,000 | | | 2.836%, 01/15/50 | | | 189,148 | | |
| | 300,000 | | | Skandinaviska Enskilda Banken, AB*
1.200%, 09/09/26 | | | 282,462 | | |
| | 500,000 | | | SLM Corp.
3.125%, 11/02/26 | | | 473,955 | | |
| | 500,000 | | | Starwood Property Trust, Inc.*
3.750%, 12/31/24 | | | 498,450 | | |
| | 500,000 | | | State Street Corp.‡
5.751%, 11/04/26
SOFR + 1.35% | | | 504,830 | | |
| | 500,000 | | | 4.530%, 02/20/29
SOFR + 1.02% | | | 496,590 | | |
| | 500,000 | | | 2.354%, 11/01/25
SOFR + 0.94% | | | 500,000 | | |
| | 1,000,000 | | | Svenska Handelsbanken, AB*
3.650%, 06/10/25 | | | 994,280 | | |
| | 500,000 | | | Synovus Bank
5.625%, 02/15/28 | | | 497,590 | | |
| | 500,000 | | | Toronto-Dominion Bank
3.766%, 06/06/25 | | | 496,995 | | |
| | 250,000 | | | 1.200%, 06/03/26 | | | 236,763 | | |
| | 250,000 | | | 0.750%, 01/06/26 | | | 238,600 | | |
| | 1,000,000 | | | Toyota Motor Credit Corp.^
4.625%, 01/12/28 | | | 1,002,900 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 1,000,000 | | | Truist Financial Corp.‡
5.900%, 10/28/26
SOFR + 1.63% | | $ | 1,009,350 | | |
| | 1,000,000 | | | US Bancorp‡
5.100%, 07/23/30
SOFR + 1.25% | | | 1,004,610 | | |
| | 1,000,000 | | | Ventas Realty, LP
3.500%, 02/01/25 | | | 995,840 | | |
| | 750,000 | | | VICI Properties, LP /
VICI Note Company, Inc.*
3.500%, 02/15/25 | | | 745,822 | | |
| | | | 75,373,091 | | |
| | | Health Care (4.0%) | |
| | 1,000,000 | | | Agilent Technologies, Inc.
2.750%, 09/15/29 | | | 910,880 | | |
| | 500,000 | | | Amgen, Inc.
5.250%, 03/02/25 | | | 500,460 | | |
| | 1,000,000 | | | Baxter International, Inc.
1.322%, 11/29/24 | | | 996,780 | | |
| | 1,000,000 | | | Blue Cross & Blue Shield of Minnesota*
3.790%, 05/01/25 | | | 991,370 | | |
| | 250,000 | | | Bristol-Myers Squibb Company^
4.900%, 02/22/27 | | | 252,635 | | |
| | 1,000,000 | | | CVS Health Corp.
5.000%, 02/20/26 | | | 1,000,730 | | |
| | 1,000,000 | | | Elevance Health, Inc.^
4.101%, 03/01/28 | | | 980,840 | | |
| | 1,000,000 | | | Gilead Sciences, Inc.^
1.200%, 10/01/27 | | | 911,260 | | |
| | 250,000 | | | Haleon UK Capital PLC
3.125%, 03/24/25 | | | 248,280 | | |
| | 1,000,000 | | | Health Care Service Corp. A
Mutual Legal Reserve Company*
1.500%, 06/01/25 | | | 980,130 | | |
| | 1,000,000 | | | Illumina, Inc.
5.800%, 12/12/25 | | | 1,009,170 | | |
| | 1,000,000 | | | IQVIA, Inc.^
5.700%, 05/15/28 | | | 1,021,700 | | |
| | 500,000 | | | Laboratory Corp. of America Holdings
2.950%, 12/01/29 | | | 455,140 | | |
| | 500,000 | | | 2.300%, 12/01/24 | | | 498,810 | | |
| | 1,000,000 | | | McKesson Corp.
0.900%, 12/03/25 | | | 961,500 | | |
| | 750,000 | | | Quest Diagnostics, Inc.
3.500%, 03/30/25 | | | 745,815 | | |
| | 750,000 | | | Teva Pharmaceutical Finance
Netherlands III, BV
3.150%, 10/01/26 | | | 715,583 | | |
| | 1,000,000 | | | Thermo Fisher Scientific, Inc.^
5.000%, 01/31/29 | | | 1,016,870 | | |
| | 500,000 | | | UnitedHealth Group, Inc.
5.250%, 02/15/28 | | | 511,100 | | |
| | | | 14,709,053 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
166
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Industrials (7.3%) | |
| | 500,000 | | | Aar Escrow Issuer, LLC*
6.750%, 03/15/29 | | $ | 511,565 | | |
| | 1,000,000 | | | AGCO Corp.
5.450%, 03/21/27 | | | 1,011,120 | | |
| | 500,000 | | | Air Lease Corp.
2.200%, 01/15/27 | | | 472,875 | | |
| | 1,000,000 | | | Amphenol Corp.
5.050%, 04/05/27 | | | 1,010,570 | | |
| | 750,000 | | | Beacon Roofing Supply, Inc.*
4.500%, 11/15/26 | | | 735,398 | | |
| | 466,000 | | | Berry Global, Inc.*
4.875%, 07/15/26 | | | 463,339 | | |
| | 1,000,000 | | | Canadian Pacific Railway Company^
4.000%, 06/01/28 | | | 978,690 | | |
| | 1,000,000 | | | Cascades, Inc. / Cascades USA, Inc.*
5.125%, 01/15/26 | | | 994,990 | | |
| | 500,000 | | | Clean Harbors, Inc.*
4.875%, 07/15/27 | | | 492,900 | | |
| | 1,000,000 | | | CNH Industrial Capital, LLC
4.500%, 10/08/27 | | | 993,100 | | |
| | 333,333 | | | Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
4.500%, 10/20/25 | | | 331,926 | | |
| | 250,000 | | | GATX Corp.^
5.400%, 03/15/27 | | | 253,615 | | |
| | 500,000 | | | Graphic Packaging International, LLC*
1.512%, 04/15/26 | | | 472,555 | | |
| | 500,000 | | | GXO Logistics, Inc.
1.650%, 07/15/26 | | | 473,695 | | |
| | 500,000 | | | Harley-Davidson Financial Services, Inc.*
6.500%, 03/10/28 | | | 513,100 | | |
| | 500,000 | | | Herc Holdings, Inc.*
6.625%, 06/15/29 | | | 512,130 | | |
| | 1,000,000 | | | Ingersoll Rand, Inc.
5.400%, 08/14/28 | | | 1,022,640 | | |
| | 500,000 | | | Johnson Controls International, PLC /
Tyco Fire and Security Finance SCA
5.500%, 04/19/29 | | | 513,845 | | |
| | 1,000,000 | | | Keysight Technologies, Inc.
3.000%, 10/30/29 | | | 913,610 | | |
| | 1,000,000 | | | Leidos, Inc.
3.625%, 05/15/25 | | | 992,260 | | |
| | 1,000,000 | | | Lennox International, Inc.^
5.500%, 09/15/28 | | | 1,024,640 | | |
| | 1,000,000 | | | Mohawk Industries, Inc.
5.850%, 09/18/28 | | | 1,031,810 | | |
| | 1,000,000 | | | Nordson Corp
5.600%, 09/15/28 | | | 1,028,240 | | |
| | 1,000,000 | | | Owens Corning
5.500%, 06/15/27 | | | 1,019,740 | | |
| | 500,000 | | | 4.200%, 12/01/24^ | | | 499,725 | | |
| | 1,000,000 | | | Parker-Hannifin Corp.
4.250%, 09/15/27 | | | 991,640 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 1,000,000 | | | Penske Truck Leasing Company, LP / PTL
Finance Corp.*
4.200%, 04/01/27 | | $ | 983,950 | | |
| | 1,000,000 | | | Ryder System, Inc.
5.650%, 03/01/28 | | | 1,026,190 | | |
| | 250,000 | | | Sealed Air Corp.*
4.000%, 12/01/27 | | | 239,615 | | |
| | 389,000 | | | Sealed Air Corp./Sealed Air Corp. U.S.*
6.125%, 02/01/28 | | | 393,124 | | |
| | 500,000 | | | SMBC Aviation Capital Finance DAC*
1.900%, 10/15/26 | | | 471,595 | | |
| | 500,000 | | | TransDigm, Inc.*
6.375%, 03/01/29 | | | 507,755 | | |
| | 1,000,000 | | | Tyco Electronics Group SA
4.500%, 02/13/26 | | | 998,940 | | |
| | 1,000,000 | | | Veralto Corp.
5.500%, 09/18/26 | | | 1,013,640 | | |
| | 148,000 | | | Verisk Analytics, Inc.
4.000%, 06/15/25 | | | 147,196 | | |
| | 500,000 | | | WESCO Distribution, Inc.*
6.375%, 03/15/29 | | | 510,275 | | |
| | 723,000 | | | Williams Scotsman, Inc.*
6.125%, 06/15/25 | | | 723,043 | | |
| | 500,000 | | | 6.625%, 06/15/29 | | | 507,890 | | |
| | | | 26,782,931 | | |
| | | Information Technology (4.9%) | |
| | 1,000,000 | | | Accenture Capital, Inc.
4.050%, 10/04/29 | | | 978,010 | | |
| | 1,000,000 | | | Applied Materials, Inc.^
4.800%, 06/15/29 | | | 1,008,580 | | |
| | 1,000,000 | | | Autodesk, Inc.
4.375%, 06/15/25 | | | 997,960 | | |
| | 1,000,000 | | | Booz Allen Hamilton, Inc.*^
3.875%, 09/01/28 | | | 958,960 | | |
| | 715,000 | | | Broadridge Financial Solutions, Inc.^
3.400%, 06/27/26 | | | 699,463 | | |
| | 1,000,000 | | | Cadence Design Systems, Inc.
4.200%, 09/10/27 | | | 992,630 | | |
| | 500,000 | | | CDW, LLC / CDW Finance Corp.
3.250%, 02/15/29 | | | 462,190 | | |
| | 500,000 | | | CGI, Inc.
1.450%, 09/14/26 | | | 470,345 | | |
| | 500,000 | | | Fortinet, Inc.
1.000%, 03/15/26 | | | 475,415 | | |
| | 1,000,000 | | | Hewlett Packard Enterprise Company^
4.400%, 09/25/27 | | | 992,110 | | |
| | 500,000 | | | HP, Inc.
1.450%, 06/17/26 | | | 474,250 | | |
| | 505,000 | | | International Business Machines Corp.^
4.500%, 02/06/26 | | | 504,404 | | |
| | 1,000,000 | | | Intuit, Inc.
5.250%, 09/15/26 | | | 1,014,320 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
167
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 1,000,000 | | | Mercedes-Benz Finance North America, LLC*
5.375%, 11/26/25 | | $ | 1,007,740 | | |
| | 1,000,000 | | | NetApp, Inc.
1.875%, 06/22/25 | | | 980,560 | | |
| | 1,000,000 | | | NVIDIA Corp.^
1.550%, 06/15/28 | | | 907,800 | | |
| | 500,000 | | | Open Text Corp.*
6.900%, 12/01/27 | | | 520,445 | | |
| | 1,000,000 | | | Oracle Corp.
2.650%, 07/15/26 | | | 967,500 | | |
| | 750,000 | | | PTC, Inc.*
3.625%, 02/15/25 | | | 746,610 | | |
| | 500,000 | | | Roper Technologies, Inc.
4.200%, 09/15/28 | | | 491,755 | | |
| | 500,000 | | | Take-Two Interactive Software, Inc.
5.000%, 03/28/26^ | | | 501,935 | | |
| | 500,000 | | | 3.550%, 04/14/25 | | | 496,750 | | |
| | 500,000 | | | Texas Instruments, Inc.
4.600%, 02/15/28 | | | 503,180 | | |
| | 250,000 | | | 1.125%, 09/15/26 | | | 235,718 | | |
| | 500,000 | | | Viavi Solutions, Inc.*^
3.750%, 10/01/29 | | | 453,895 | | |
| | | | 17,842,525 | | |
| | | Materials (1.3%) | |
| | 410,000 | | | Ball Corp.
6.875%, 03/15/28 | | | 421,738 | | |
| | 1,000,000 | | | Genuine Parts Company
1.750%, 02/01/25 | | | 991,480 | | |
| | 250,000 | | | 4.950%, 08/15/29 | | | 248,268 | | |
| | 1,000,000 | | | Linde, Inc.
4.700%, 12/05/25 | | | 1,001,450 | | |
| | 500,000 | | | Newmont Corp. / Newcrest Finance Pty, Ltd.
5.300%, 03/15/26 | | | 504,600 | | |
| | 500,000 | | | Sherwin-Williams Company
3.450%, 06/01/27 | | | 485,655 | | |
| | 200,000 | | | 4.250%, 08/08/25 | | | 199,474 | | |
| | 1,000,000 | | | Sonoco Products Company
1.800%, 02/01/25 | | | 991,300 | | |
| | | | 4,843,965 | | |
| | | Other (0.9%) | |
| | 2,000,000 | | | Asian Development Bank
2.750%, 01/19/28 | | | 1,914,260 | | |
| | 1,000,000 | | | Federation des Caisses Desjardins
du Quebec*
4.400%, 08/23/25 | | | 997,990 | | |
| | 500,000 | | | Gen Digital, Inc.*
6.750%, 09/30/27 | | | 509,110 | | |
| | | | 3,421,360 | | |
| | | Real Estate (3.2%) | |
| | 1,000,000 | | | American Tower Corp.
1.600%, 04/15/26 | | | 955,080 | | |
| | 1,000,000 | | | Boston Properties, LP
6.750%, 12/01/27 | | | 1,043,370 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 1,000,000 | | | Brixmor Operating Partnership, LP
4.125%, 06/15/26 | | $ | 987,300 | | |
| | 1,000,000 | | | Camden Property Trust
5.850%, 11/03/26 | | | 1,024,570 | | |
| | 1,000,000 | | | Crown Castle, Inc.
4.450%, 02/15/26 | | | 995,220 | | |
| | 500,000 | | | EPR Properties
4.500%, 04/01/25 | | | 497,895 | | |
| | 500,000 | | | Equinix, Inc.
1.000%, 09/15/25 | | | 483,155 | | |
| | 250,000 | | | 1.250%, 07/15/25 | | | 243,575 | | |
| | 500,000 | | | Federal Realty Investment Trust
1.250%, 02/15/26 | | | 477,105 | | |
| | 750,000 | | | Forestar Group, Inc.*
3.850%, 05/15/26 | | | 731,925 | | |
| | 1,000,000 | | | Healthpeak OP LLC
3.400%, 02/01/25 | | | 995,590 | | |
| | 1,000,000 | | | Public Storage^
5.125%, 01/15/29 | | | 1,020,980 | | |
| | 1,000,000 | | | Realty Income Corp.
5.050%, 01/13/26 | | | 997,720 | | |
| | 500,000 | | | Simon Property Group, LP^
1.375%, 01/15/27 | | | 467,145 | | |
| | 250,000 | | | Welltower, Inc.
4.000%, 06/01/25 | | | 248,805 | | |
| | 500,000 | | | Weyerhaeuser Company
4.750%, 05/15/26 | | | 499,895 | | |
| | | | 11,669,330 | | |
| | | Special Purpose Acquisition Company (0.3%) | |
| | 1,000,000 | | | New York Life Global Funding*
3.600%, 08/05/25 | | | 993,560 | | |
| | | Utilities (2.3%) | |
| | 250,000 | | | AES Corp.
1.375%, 01/15/26 | | | 239,507 | | |
| | 1,000,000 | | | Alliant Energy Finance, LLC*
5.400%, 06/06/27 | | | 1,011,870 | | |
| | 1,000,000 | | | CMS Energy Corp.
3.600%, 11/15/25 | | | 985,000 | | |
| | 300,000 | | | DPL, Inc.
4.125%, 07/01/25 | | | 297,681 | | |
| | 300,000 | | | Entergy Corp.
0.900%, 09/15/25 | | | 289,959 | | |
| | 500,000 | | | Entergy Texas, Inc.
1.500%, 09/01/26 | | | 471,730 | | |
| | 1,000,000 | | | National Rural Utilities Cooperative
Finance Corp.
5.450%, 10/30/25 | | | 1,009,430 | | |
| | 500,000 | | | 4.120%, 09/16/27 | | | 495,105 | | |
| | 1,000,000 | | | NiSource, Inc.
5.200%, 07/01/29 | | | 1,014,310 | | |
| | 1,000,000 | | | NSTAR Electric Company^
3.200%, 05/15/27 | | | 967,630 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
168
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 25,000 | | | PPL Capital Funding, Inc.‡
7.530%, 03/30/67
3 mo. SOFR + 2.93% | | $ | 24,862 | | |
| | 1,000,000 | | | Sempra
3.400%, 02/01/28 | | | 956,700 | | |
| | 500,000 | | | WEC Energy Group, Inc.
5.000%, 09/27/25 | | | 500,690 | | |
| | | | 8,264,474 | | |
| | | | | TOTAL CORPORATE BONDS
(Cost $212,510,760) | | | 212,733,151 | | |
U.S. GOVERNMENT AND AGENCY SECURITIES (5.1%) | | | |
| | 1,000,000 | | | Farm Credit Bank of Texas*‡
5.700%, 09/15/25 | | | 992,330 | | |
| | 1,000,000 | | | Federal Home Loan Mortgage Corp.
4.000%, 11/25/24 | | | 999,390 | | |
| | 12,015,000 | | | U.S. Treasury Note
4.250%, 02/28/29^ | | | 12,059,118 | | |
| | 3,000,000 | | | 3.500%, 09/30/29^ | | | 2,914,570 | | |
| | 1,750,000 | | | 4.125%, 07/31/28 | | | 1,748,154 | | |
| | | | | TOTAL U.S. GOVERNMENT AND
AGENCY SECURITIES
(Cost $18,664,665) | | | 18,713,562 | | |
SOVEREIGN BONDS (1.7%) | | | |
| | 1,000,000 | | | Development Bank of Japan, Inc.*
5.125%, 09/01/26 | | | 1,011,730 | | |
| | 1,000,000 | | | Export Development Canada
3.375%, 08/26/25 | | | 991,310 | | |
| | 500,000 | | | 3.875%, 02/14/28 | | | 494,985 | | |
| | 1,000,000 | | | Japan Bank for International Cooperation
4.250%, 04/27/26 | | | 995,850 | | |
| | 500,000 | | | Kommunalbanken, A/S*
0.500%, 01/13/26 | | | 476,950 | | |
| | 200,000 | | | 4.500%, 09/01/28 | | | 201,708 | | |
| | 1,000,000 | | | Kommuninvest I Sverige AB*
4.250%, 12/10/25 | | | 997,080 | | |
| | 1,000,000 | | | Svensk ExportKredit AB
4.125%, 06/14/28 | | | 995,200 | | |
| | | | | TOTAL SOVEREIGN BONDS
(Cost $6,189,925) | | | 6,164,813 | | |
BANK LOANS (9.2%)¡ | | | |
| | | Airlines (0.4%) | |
| | 995,000 | | | Air Canada‡
7.253%, 03/21/31
3 mo. SOFR + 2.50% | | | 997,388 | | |
| | 329,000 | | | American Airlines, Inc.‡
9.629%, 04/20/28
3 mo. SOFR + 4.75% | | | 338,888 | | |
| | | | 1,336,276 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Communication Services (1.5%) | |
| | 895,430 | | | APi Group DE, Inc.‡
6.685%, 01/03/29
1 mo. SOFR + 2.00% | | $ | 896,021 | | |
| | 555,766 | | | Directv Financing, LLC‡
9.847%, 08/02/27
3 mo. SOFR + 5.00% | | | 557,692 | | |
| | 971,763 | | | Go Daddy Operating Company, LLC‡
6.685%, 11/09/29
1 mo. SOFR + 2.00% | | | 972,643 | | |
| | 1,000,000 | | | Match Group, Inc.‡
6.714%, 02/13/27
3 mo. SOFR + 1.75% | | | 1,000,000 | | |
| | 570,205 | | | Nexstar Broadcasting, Inc.‡
7.300%, 09/18/26
1 mo. SOFR + 2.50% | | | 570,820 | | |
| | 500,000 | | | TripAdvisor, Inc.‡
7.435%, 07/08/31
1 mo. SOFR + 2.75% | | | 501,040 | | |
| | 1,000,000 | | | Virgin Media Bristol, LLC‡
7.418%, 01/31/28
1 mo. SOFR + 2.50% | | | 972,690 | | |
| | | | 5,470,906 | | |
| | | Consumer Discretionary (2.5%) | |
| | 1,039,447 | | | Adient U.S., LLC‡
7.435%, 01/31/31
1 mo. SOFR + 2.75% | | | 1,043,511 | | |
| | 344,444 | | | American Axle & Manufacturing, Inc.‡
7.446%, 12/12/29
6 mo. SOFR + 3.00% | | | 346,329 | | |
| | 319,259 | | | American Axle & Manufacturing, Inc.‡
7.823%, 12/12/29
1 mo. SOFR + 3.00% | | | 321,006 | | |
| | 296,296 | | | American Axle & Manufacturing, Inc.‡
7.658%, 12/12/29
3 mo. SOFR + 3.00% | | | 297,917 | | |
| | 975,953 | | | Caesars Entertainment, Inc.‡
7.435%, 02/06/30
1 mo. SOFR + 2.75% | | | 978,188 | | |
| | 537,026 | | | Carnival Corp.‡
7.435%, 08/08/27
1 mo. SOFR + 2.75% | | | 539,292 | | |
| | 992,500 | | | Flutter Financing, BV‡
6.604%, 11/29/30
3 mo. SOFR + 2.00% | | | 993,493 | | |
| | 133,001 | | | Hanesbrands, Inc.‡
8.435%, 03/08/30
1 mo. SOFR + 3.75% | | | 134,165 | | |
| | 1,000,000 | | | Life Time Fitness, Inc.!
0.000%, 10/22/31 | | | 1,000,210 | | |
| | 997,500 | | | Light & Wonder International, Inc.‡
7.034%, 04/14/29
1 mo. SOFR + 2.25% | | | 998,587 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
169
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 966,212 | | | Murphy USA, Inc.‡
6.709%, 01/31/28
1 mo. SOFR + 1.75% | | $ | 969,985 | | |
| | 484,962 | | | PetSmart, Inc.‡
8.536%, 02/11/28
1 mo. SOFR + 3.75% | | | 482,841 | | |
| | 997,500 | | | Six Flags Entertainment Corp.‡
6.845%, 05/01/31
1 mo. SOFR + 2.00% | | | 998,123 | | |
| | 275,963 | | | SkyMiles IP, Ltd.‡
8.367%, 10/20/27
3 mo. SOFR + 3.75% | | | 281,566 | | |
| | | | 9,385,213 | | |
| | | Consumer Staples (0.3%) | |
| | 995,161 | | | Organon & Company‡
7.259%, 05/19/31
1 mo. SOFR + 2.50% | | | 996,405 | | |
| | | Energy (0.5%) | |
| | 982,575 | | | ChampionX Corp.‡
7.557%, 06/07/29
1 mo. SOFR + 2.75% | | | 985,238 | | |
| | 989,950 | | | Par Petroleum, LLC‡
8.334%, 02/28/30
3 mo. SOFR + 3.75% | | | 989,539 | | |
| | | | 1,974,777 | | |
| | | Financials (0.5%) | |
| | 994,862 | | | Iron Mountain, Inc.‡
6.685%, 01/31/31
1 mo. SOFR + 2.00% | | | 990,510 | | |
| | 871,817 | | | Jazz Financing Lux Sarl‡
6.935%, 05/05/28
1 mo. SOFR + 2.25% | | | 872,907 | | |
| | | | 1,863,417 | | |
| | | Health Care (0.8%) | |
| | 183,298 | | | Avantor Funding, Inc.‡
6.785%, 11/08/27
1 mo. SOFR + 2.00% | | | 184,533 | | |
| | 964,963 | | | DaVita, Inc.‡
6.685%, 05/09/31
1 mo. SOFR + 2.00% | | | 965,566 | | |
| | 670,797 | | | Elanco Animal Health, Inc.‡
6.694%, 08/01/27
1 mo. SOFR + 1.75% | | | 670,139 | | |
| | 997,494 | | | Medline Borrower, LP‡
7.435%, 10/23/28
1 mo. SOFR + 2.75% | | | 999,544 | | |
| | | | 2,819,782 | | |
| | | Industrials (0.7%) | |
| | 992,500 | | | Beacon Roofing Supply, Inc.‡
6.685%, 05/19/28
1 mo. SOFR + 2.00% | | | 995,780 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 698,452 | | | JELD-WEN, Inc.‡
6.800%, 07/28/28
1 mo. SOFR + 2.00% | | $ | 701,596 | | |
| | 990,025 | | | Vertiv Group Corp.‡
6.846%, 03/02/27
1 mo. SOFR + 2.00% | | | 991,030 | | |
| | | | 2,688,406 | | |
| | | Information Technology (1.4%) | |
| | 1,017,164 | | | II-VI, Inc.‡
7.185%, 07/02/29
1 mo. SOFR + 2.50% | | | 1,019,580 | | |
| | 995,000 | | | KBR, Inc.‡
6.685%, 01/19/31
1 mo. SOFR + 2.00% | | | 997,284 | | |
| | 497,983 | | | Open Text Corp.‡
6.935%, 01/31/30
1 mo. SOFR + 2.25% | | | 500,233 | | |
| | 899,619 | | | SS&C Technologies, Inc.‡
6.685%, 05/09/31
1 mo. SOFR + 2.00% | | | 900,482 | | |
| | 865,872 | | | TTM Technologies, Inc.‡
7.094%, 05/30/30
1 mo. SOFR + 2.25% | | | 869,483 | | |
| | 982,600 | | | ZoomInfo, LLC‡
6.435%, 02/28/30
1 mo. SOFR + 1.75% | | | 976,665 | | |
| | | | 5,263,727 | | |
| | | Materials (0.6%) | |
| | 1,073,645 | | | Axalta Coating Systems U.S. Holdings, Inc.‡
6.604%, 12/20/29
3 mo. SOFR + 2.00% | | | 1,078,117 | | |
| | 987,084 | | | Chemours Company‡
8.185%, 08/18/28
1 mo. SOFR + 3.50% | | | 991,610 | | |
| | | | 2,069,727 | | |
| | | | | TOTAL BANK LOANS
(Cost $33,818,046) | | | 33,868,636 | | |
ASSET BACKED SECURITIES (19.9%) | | | |
| | | Communication Services (0.3%) | |
| | 1,000,000 | | | T-Mobile U.S. Trust Series 2022-1A, Class A*
4.910%, 05/22/28 | | | 1,000,187 | | |
| | | Consumer Discretionary (0.7%) | |
| | 1,500,000 | | | Avis Budget Rental Car Funding AESOP, LLC
Series 2023-3A, Class A*
5.440%, 02/22/28 | | | 1,514,650 | | |
| | 1,000,000 | | | Octane Receivables Trust Series 2024-2A,
Class A2*
5.800%, 07/20/32 | | | 1,008,292 | | |
| | | | 2,522,942 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
170
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Financials (8.7%) | |
| | 2,000,000 | | | American Express Credit
Account Master Trust
Series 2021-1, Class A
0.900%, 11/15/26 | | $ | 1,996,979 | | |
| | 2,000,000 | | | Capital One Multi-Asset Execution Trust
Series 2021-A3, Class A3
1.040%, 11/15/26 | | | 1,997,068 | | |
| | 630,594 | | | Capital One Prime Auto Receivables Trust
Series 2022-1, Class A3
3.170%, 04/15/27 | | | 624,088 | | |
| | 271,124 | | | Commonbond Student Loan Trust
Series 2017-B-GS, Class A1*
2.680%, 09/25/42 | | | 252,852 | | |
| | 98,655 | | | Commonbond Student Loan Trust
Series 2018-C-GS, Class A1*
3.870%, 02/25/46 | | | 94,294 | | |
| | 335,832 | | | Commonbond Student Loan Trust
Series 2019-A-GS, Class A1*
2.540%, 01/25/47 | | | 303,784 | | |
| | 544,586 | | | Commonbond Student Loan Trust
Series 2021-B-GS, Class A*
1.170%, 09/25/51 | | | 453,477 | | |
| | 35,438 | | | Credit Acceptance Auto Loan Trust
Series 2021-4, Class A*
1.260%, 10/15/30 | | | 35,385 | | |
| | 2,000,000 | | | Credit Acceptance Auto Loan Trust
Series 2024-1A, Class A*
5.680%, 03/15/34 | | | 2,021,818 | | |
| | 1,000,000 | | | Dell Equipment Finance Trust 2024-2,
Class B*
4.820%, 08/22/30 | | | 995,743 | | |
| | 1,500,000 | | | Dell Equipment Finance Trust
Series 2022-2, Class B*
4.400%, 07/22/27 | | | 1,494,952 | | |
| | 1,500,000 | | | Discover Card Execution Note Trust
Series 2022-A2, Class A
3.320%, 05/15/27 | | | 1,488,706 | | |
| | 699,749 | | | ELFI Graduate Loan Program, LLC
Series 2021-A, Class A*
1.530%, 12/26/46 | | | 614,513 | | |
| | 930,887 | | | ELFI Graduate Loan Program, LLC
Series 2022-A, Class A*
4.510%, 08/26/47 | | | 901,684 | | |
| | 272,175 | | | Enterprise Fleet Financing, LLC
Series 2022-4, Class A2*
5.760%, 10/22/29 | | | 273,862 | | |
| | 1,500,000 | | | Enterprise Fleet Financing, LLC
Series 2024-2, Class A3*
5.610%, 04/20/28 | | | 1,528,797 | | |
| | 500,000 | | | Hertz Vehicle Financing LLC
Series 2021-1A, Class A*
1.210%, 12/26/25 | | | 497,913 | | |
| | 1,000,000 | | | Kubota Credit Owner Trust
Series 2023-2A, Class A3*
5.280%, 01/18/28 | | | 1,008,148 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 418,785 | | | MMAF Equipment Finance LLC
Series 2017-B, Class A5*
2.720%, 06/15/40 | | $ | 416,197 | | |
| | 2,000,000 | | | MMAF Equipment Finance LLC
Series 2023-A, Class A3*
5.540%, 12/13/29 | | | 2,034,109 | | |
| | 1,064,906 | | | Navient Private Education Refi Loan Trust
Series 2020-BA, Class A2*
2.120%, 01/15/69 | | | 1,000,743 | | |
| | 288,475 | | | OneMain Direct Auto Receivables Trust
Series 2021-1A, Class A*
0.870%, 07/14/28 | | | 283,218 | | |
| | 777,000 | | | OneMain Direct Auto Receivables Trust
Series 2021-1A, Class B*
1.260%, 07/14/28 | | | 747,651 | | |
| | 992,110 | | | Oscar US Funding XII, LLC Series 2021-1A,
Class A4*
1.000%, 04/10/28 | | | 970,597 | | |
| | 10,768 | | | Pawneee Equipment Receivables, LLC
Series 2021-1, Class A2*
1.100%, 07/15/27 | | | 10,750 | | |
| | 1,104,660 | | | Pawneee Equipment Receivables, LLC
Series 2022-1, Class A3*
5.170%, 02/15/28 | | | 1,105,471 | | |
| | 88,298 | | | PenFed Auto Receivables Owner Trust
Series 2022-A, Class A3*
3.960%, 04/15/26 | | | 88,144 | | |
| | 1,500,000 | | | PenFed Auto Receivables Owner Trust
Series 2022-A, Class A4*
4.180%, 12/15/28 | | | 1,491,817 | | |
| | 2,000,000 | | | Porsche Financial Auto Securitization Trust
Series 2023-2A, Class A3*
5.790%, 01/22/29 | | | 2,019,587 | | |
| | 792,000 | | | Progress Residential Trust
Series 2021-SFR5, Class B*
1.658%, 07/17/38 | | | 754,206 | | |
| | 900,096 | | | SoFi Professional Loan Program Trust
Series 2020-C, Class AFX*
1.950%, 02/15/46 | | | 828,270 | | |
| | 484,767 | | | SoFi Professional Loan Program, LLC
Series 2017-F, Class A2FX*
3.600%, 02/25/48 | | | 477,279 | | |
| | 2,000,000 | | | Toyota Auto Loan Extended Note Trust
Series 2023-1A, Class A*
4.930%, 06/25/36 | | | 2,015,880 | | |
| | 1,000,000 | | | Volvo Financial Equipment, LLC
Series 2024-1A, Class A3*
4.290%, 10/16/28 | | | 991,343 | | |
| | | | 31,819,325 | | |
| | | Industrials (0.2%) | |
| | 1,000,000 | | | John Deere Owner Trust Series 2021-B,
Class A4
0.740%, 05/15/28 | | | 981,976 | | |
See accompanying Notes to Schedule of Investments
www.calamos.com
171
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Other (9.8%) | |
| | 2,000,000 | | | Aligned Data Centers Issuer, LLC
Series 2021-1A, Class A2*
1.937%, 08/15/46 | | $ | 1,889,777 | | |
| | 500,000 | | | American Express Credit Account
Master Trust
Series 2023-2, Class A
4.800%, 05/15/30 | | | 504,476 | | |
| | 271,510 | | | Amur Equipment Finance Receivables XI,
LLC
Series 2022-2A, Class A2*
5.300%, 06/21/28 | | | 272,103 | | |
| | 734,706 | | | Amur Equipment Finance Receivables XIII,
LLC - Class A2,
Series 2024-1A*
5.380%, 01/21/31 | | | 739,700 | | |
| | 1,000,000 | | | BA Credit Card Trust
Series 2022-A1, Class A1
3.530%, 11/15/27 | | | 992,883 | | |
| | 330,000 | | | CCG Receivables Trust
Series 2021-2, Class B*
1.270%, 03/14/29 | | | 323,350 | | |
| | 1,000,000 | | | CCG Receivables Trust
Series 2023-1, Class B*
5.990%, 09/16/30 | | | 1,017,920 | | |
| | 1,000,000 | | | CCG Receivables Trust
Series 2023-1, Class C*
6.280%, 09/16/30 | | | 1,019,960 | | |
| | 1,113,333 | | | CLI Funding VI, LLC
Series 2020-3A, Class A*
2.070%, 10/18/45 | | | 1,021,054 | | |
| | 2,000,000 | | | Compass Datacenters Issuer II, LLC
Series 2024-1A, Class A1*
5.250%, 02/25/49 | | | 1,986,793 | | |
| | 472,294 | | | Daimler Trucks Retail Trust
Series 2022-1, Class A3
5.230%, 02/17/26 | | | 472,753 | | |
| | 2,000,000 | | | DLLAD, LLC
Series 2023-1A, Class A3*
4.790%, 01/20/28 | | | 2,002,540 | | |
| | 1,458,750 | | | Domino's Pizza Master Issuer, LLC
Series 2021-1A, Class A21*
2.662%, 04/25/51 | | | 1,318,360 | | |
| | 2,000,000 | | | Ford Credit Auto Owner Trust
Series 2024-1, Class A***
4.870%, 08/15/36 | | | 2,008,779 | | |
| | 1,000,000 | | | HPEFS Equipment Trust - Class B,
Series 2024-1A*
5.180%, 05/20/31 | | | 1,003,095 | | |
| | 250,000 | | | HPEFS Equipment Trust
Series 2022-2A, Class B*
4.200%, 09/20/29 | | | 249,169 | | |
| | 1,000,000 | | | Kubota Credit Owner Trust
Series 2023-1A, Class A3*
5.020%, 06/15/27 | | | 1,003,921 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 1,167,000 | | | MetroNet Infrastructure Issuer, LLC
Series 2022-1A, Class A2*
6.350%, 10/20/52 | | $ | 1,190,758 | | |
| | 400,000 | | | MetroNet Infrastructure Issuer, LLC
Series 2024-1A, Class A2*
6.230%, 04/20/54 | | | 409,430 | | |
| | 125,327 | | | MVW Owner Trust
Series 2019-1A, Class A*
2.890%, 11/20/36 | | | 123,721 | | |
| | 1,500,000 | | | NextGear Floorplan Master Owner Trust
Series 2023-1A, Class A2*
5.740%, 03/15/28 | | | 1,519,836 | | |
| | 1,000,000 | | | NMEF Funding, LLC
Series 2024-A, Class A2*
5.150%, 12/15/31 | | | 1,001,240 | | |
| | 496,349 | | | OCCU Auto Receivables Trust
Series 2023-1A, Class A2*
6.230%, 04/15/27 | | | 498,407 | | |
| | 1,942,149 | | | Post Road Equipment Finance, LLC
Series 2024-1A, Class A2*
5.590%, 11/15/29 | | | 1,954,017 | | |
| | 923,811 | | | SCF Equipment Leasing, LLC
Series 2022-1A, Class A3*
2.920%, 07/20/29 | | | 915,164 | | |
| | 1,000,000 | | | SCF Equipment Leasing, LLC
Series 2023-1A, Class A3*
6.170%, 05/20/32 | | | 1,031,364 | | |
| | 991,667 | | | SVC ABS, LLC
Series 2023-1A, Class A*
5.150%, 02/20/53 | | | 970,202 | | |
| | 396,848 | | | USAA Auto Owner Trust
Series 2022-A, Class A3*
4.860%, 11/16/26 | | | 396,870 | | |
| | 2,000,000 | | | USAA Auto Owner Trust
Series 2024-A, Class A3*
5.030%, 03/15/29 | | | 2,014,759 | | |
| | 1,000,000 | | | Vantage Data Centers Issuer, LLC
Series 2021-1A, Class A2*
2.165%, 10/15/46 | | | 941,632 | | |
| | 1,000,000 | | | Vantage Data Centers Issuer, LLC
Series 2024-1A, Class A2*
5.100%, 09/15/54 | | | 977,025 | | |
| | 1,000,000 | | | Veridian Auto Receivables Trust
Series 2023-1A, Class A3*
5.560%, 03/15/28 | | | 1,004,646 | | |
| | 1,000,000 | | | Verizon Master Trust
Series 2023-1, Class A
4.490%, 01/22/29 | | | 998,406 | | |
| | 1,000,000 | | | Verizon Master Trust
Series 2023-6, Class A*
5.350%, 09/22/31 | | | 1,025,452 | | |
| | 1,322,130 | | | World Omni Auto Receivables Trust
Series 2022-B, Class A3
3.250%, 07/15/27 | | | 1,312,043 | | |
| | | | 36,111,605 | | |
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
172
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | | Utilities (0.2%) | |
| | 743,433 | | | Harley-Davidson Motorcycle Trust
Series 2022-A, Class A3
3.060%, 02/15/27 | | $ | 738,416 | | |
| | | | | TOTAL ASSET BACKED SECURITIES
(Cost $73,568,600) | | | 73,174,451 | | |
MUNICIPAL OBLIGATIONS (3.6%) | | | |
| | | Consumer Discretionary (0.1%) | |
| | 300,000 | | | Washington State Housing
Finance Commission
5.345%, 12/01/27 | | | 307,702 | | |
| | 200,000 | | | Washington State Housing
Finance Commission
5.285%, 06/01/27 | | | 204,180 | | |
| | | | 511,882 | | |
| | | Other (3.4%) | |
| | 100,000 | | | Alaska Housing Finance Corp.
4.808%, 06/01/27 | | | 100,770 | | |
| | 250,000 | | | Armada Area Schools
0.950%, 05/01/25 | | | 245,706 | | |
| | 155,000 | | | City of Auburn CA
0.961%, 06/01/25 | | | 151,801 | | |
| | 250,000 | | | City of Carmel IN Waterworks Revenue
4.966%, 05/01/28 | | | 250,049 | | |
| | 280,000 | | | City of Mishawaka IN
4.680%, 02/15/26 | | | 280,244 | | |
| | 205,000 | | | City of Mishawaka IN
4.700%, 08/15/26 | | | 205,314 | | |
| | 120,000 | | | City of Omaha NE
0.983%, 04/15/26 | | | 114,264 | | |
| | 500,000 | | | City of Wheaton IL
0.786%, 12/01/24 | | | 498,395 | | |
| | 500,000 | | | Colorado Housing & Finance Authority
5.452%, 11/01/27 | | | 512,628 | | |
| | 500,000 | | | Colorado Housing & Finance Authority
5.402%, 05/01/27 | | | 510,365 | | |
| | 300,000 | | | Colorado Housing & Finance Authority
1.650%, 11/01/25 | | | 291,681 | | |
| | 75,000 | | | Colorado Housing & Finance Authority
0.858%, 11/01/24 | | | 75,000 | | |
| | 895,000 | | | Connecticut Housing Finance Authority
0.974%, 11/15/25 | | | 865,537 | | |
| | 250,000 | | | Corona-Norco Unified School District
1.000%, 09/01/25 | | | 242,945 | | |
| | 250,000 | | | Cypress-Fairbanks Independent School
District
5.000%, 02/15/25 | | | 250,210 | | |
| | 135,000 | | | East Montgomery County Improvement
District
1.550%, 08/15/26 | | | 128,281 | | |
| | 175,000 | | | Encinitas Public Financing Authority
1.020%, 10/01/25 | | | 169,689 | | |
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 440,000 | | | Florida Housing Finance Corp.
5.077%, 07/01/26 | | $ | 441,889 | | |
| | 215,000 | | | Florida Housing Finance Corp.
5.086%, 01/01/27 | | | 216,220 | | |
| | 195,000 | | | Florida Housing Finance Corp.
5.136%, 07/01/27 | | | 196,407 | | |
| | 250,000 | | | Galveston Independent School District
5.000%, 02/01/25 | | | 250,166 | | |
| | 250,000 | | | Indiana Housing & Community
Development Authority
5.065%, 01/01/27 | | | 253,069 | | |
| | 175,000 | | | Indiana Housing & Community
Development Authority
5.095%, 07/01/26 | | | 176,742 | | |
| | 160,000 | | | Indiana Housing & Community
Development Authority
5.095%, 01/01/26 | | | 161,091 | | |
| | 505,000 | | | Iowa Finance Authority
5.502%, 07/01/28 | | | 519,289 | | |
| | 350,000 | | | Iowa Finance Authority
5.412%, 07/01/27 | | | 357,564 | | |
| | 700,000 | | | Metropolitan Washington Airports
Authority Dulles Toll Road Revenue
1.737%, 10/01/25 | | | 681,591 | | |
| | 295,000 | | | Minnesota Housing Finance Agency
5.113%, 01/01/26 | | | 296,248 | | |
| | 450,000 | | | Nevada Housing Division
5.268%, 04/01/27 | | | 457,224 | | |
| | 435,000 | | | Nevada Housing Division
5.338%, 10/01/27 | | | 443,585 | | |
| | 250,000 | | | Nevada Housing Division
5.251%, 10/01/26 | | | 253,327 | | |
| | 390,000 | | | New York City Transitional Finance
Authority Future Tax Secured Revenue
3.430%, 08/01/26 | | | 383,435 | | |
| | 390,000 | | | New York City Transitional Finance
Authority Future Tax Secured Revenue
1.250%, 05/01/26 | | | 372,071 | | |
| | 255,000 | | | New York State Dormitory Authority
2.438%, 02/15/26 | | | 248,828 | | |
| | 150,000 | | | Pharr San Juan Alamo Independent
School District TX
5.000%, 02/01/25 | | | 150,095 | | |
| | 400,000 | | | Regional Transportation Authority
3.000%, 06/01/25 | | | 396,246 | | |
| | 155,000 | | | State of Hawaii
1.033%, 08/01/25 | | | 151,159 | | |
| | 250,000 | | | Thornapple Kellogg School District
0.930%, 05/01/25 | | | 245,643 | | |
| | 145,000 | | | Victor Valley Community College District
2.878%, 08/01/26 | | | 141,485 | | |
| | 170,000 | | | Westminster Public Schools
0.906%, 12/01/26 | | | 158,309 | | |
See accompanying Notes to Schedule of Investments
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173
Short-Term Bond Fund Schedule of Investments October 31, 2024
PRINCIPAL
AMOUNT | | | | VALUE | |
| | 125,000 | | | Wichita Falls 4B Sales Tax Corp.
1.049%, 09/01/25 | | $ | 121,377 | | |
| | 340,000 | | | Williamston Community Schools
School District
1.050%, 05/01/25 | | | 334,274 | | |
| | | | 12,300,213 | | |
| | | Utilities (0.1%) | |
| | 505,000 | | | Augusta GA Water & Sewer Revenue
4.300%, 10/01/26 | | | 502,319 | | |
| | | | | TOTAL MUNICIPAL OBLIGATIONS
(Cost $13,277,333) | | | 13,314,414 | | |
RESIDENTIAL MORTGAGE BACKED SECURITIES (0.9%) | | | |
| | 680,209 | | | BANK Series 2019-BN16, Class A2
3.933%, 02/15/52 | | | 674,140 | | |
| | 1,000,000 | | | GS Mortgage Securities Corp. Trust
Series 2023-SHIP, Class A*‡
4.322%, 09/10/38 | | | 985,068 | | |
| | 1,342,501 | | | GS Mortgage-Backed Securities Corp. Trust
Series 2021-PJ4, Class A8*‡
2.500%, 09/25/51 | | | 1,185,664 | | |
| | 532,070 | | | GS Mortgage-Backed Securities Trust
Series 2021-PJ11, Class A8*‡
2.500%, 04/25/52 | | | 464,173 | | |
| | | | | TOTAL RESIDENTIAL MORTGAGE
BACKED SECURITIES
(Cost $3,512,858) | | | 3,309,045 | | |
NUMBER OF
SHARES/
PRINCIPAL
AMOUNT | | | | VALUE | |
INVESTMENT OF CASH COLLATERAL FOR SECURITIES
LOANED (3.4%) | | | |
| | 12,451,990 | | | State Street Navigator Securities
Lending Government Money
Market Portfolio, 4.871%†***
(Cost $12,451,990) | | | 12,451,990 | | |
| | | | | TOTAL INVESTMENTS (101.8%)
(Cost $373,994,177) | | | 373,730,062 | | |
PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.4%) | | | (12,451,990 | ) | |
OTHER ASSETS, LESS LIABILITIES (1.6%) | | | 5,773,784 | | |
NET ASSETS (100.0%) | | $ | 367,051,856 | | |
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, 2024.
¡ 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, 2024.
*** The rate disclosed is the 7 day net yield as of October 31, 2024.
FUTURES CONTRACTS
NUMBER OF
CONTRACTS | | DESCRIPTION | | EXPIRATION
DATE | | NOTIONAL
VALUE | | MARKET VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) | |
Buys | | | |
| | 25,000,000 | | | U.S. Treasury Note 5-Year | | Dec 2024 | | $ | 26,808,594 | | | $ | (579,466 | )* | |
* This amount represents the cumulative appreciation/depreciation on futures contracts. Current day's variation margin is reported within the Statement of Assets and Liabilities for futures contracts.
See accompanying Notes to Schedule of Investments
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
174
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, Merger Arbitrage 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, Total Return Bond Fund, High Income Opportunities Fund, and Short-Term Bond Fund (each a "Fund" and collectively the "Funds"). The Trust is registered under the Investment Company Act of 1940 as amended (the "1940 Act") as an open-end management investment company. The Trust currently offers Class A, Class C (except Timpani SMID Growth Fund and Short-Term Bond Fund), and Class I shares of each of the Funds. Class R6 shares are offered in Market Neutral Income Fund, Timpani Small Cap Growth Fund, Timpani SMID Growth Fund, Growth and Income Fund, International Growth Fund, Global Equity Fund, and International Small Cap Growth Fund only.
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. 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 Funds:
Fund Valuation. The Trust's Board of Trustees ("Board" or "Trustees"), including a majority of the Trustees who are not "interested persons" of the Trust, have designated Calamos Advisors LLC ("Calamos Advisors", or the "Adviser") to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted procedures to guide the determination of the net asset value ("NAV") on any day on which the Fund's 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 NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the Board. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the Board. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the Board or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board.
Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.
Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the Board. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund's NAV is not calculated.
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175
Notes to Financial Statements
If the Adviser's pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee.
Each Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the 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 NAV.
Investment Transactions. Investment transactions are recorded on a trade date basis as of October 31, 2024. 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 year 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, Calamos Long/Short Equity and Dynamic Income Trust, Calamos Antetokounmpo Sustainable Equities Trust, and Calamos ETF 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 instruments and methods of amortizing and accreting for fixed income securities. The financial statements are not adjusted for temporary differences.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
176
Notes to Financial Statements
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 2021 – 2023 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, 2021.
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 | | MERGER
ARBITRAGE FUND
ANNUAL RATE | | INTERNATIONAL
SMALL CAP
GROWTH FUND
ANNUAL RATE | |
First $500 million | | | 1.00 | % | | | 0.95 | % | |
Next $500 million | | | 0.95 | % | | | 0.90 | % | |
Over $1 billion | | | 0.90 | % | | | 0.85 | % | |
The average investment advisory fee as of the year ended October 31, 2024 was as follows:
FUND | | PERCENTAGE | |
Market Neutral Income Fund | | | 0.66 | % | |
Hedged Equity Fund | | | 0.74 | | |
Phineus Long/Short Fund | | | 1.22 | | |
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177
Notes to Financial Statements
FUND | | PERCENTAGE | |
Merger Arbitrage Fund | | | 1.00 | % | |
Convertible Fund | | | 0.73 | | |
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 | | |
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, 2024, the total advisory fees waived pursuant to such agreement were $997,595 for the Market Neutral Income Fund and are included in the Statements of Operations under the caption "Expense reductions".
As of October 31, 2024, the Market Neutral Income Fund had holdings of $334.3 million in STBF. During the period from November 1, 2023 through October 31, 2024, the Market Neutral Income Fund had no subscriptions or redemptions and earned $16.2 millions in dividends.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
178
Notes to Financial Statements
When a fund in the Calamos Family of Funds (an "Acquiring Fund") invests in shares of another fund in the Calamos Family of Funds (an "Acquired Fund"), the portion of the Acquiring Fund's advisory fee equal to the advisory fee payable to the Acquired Fund (based on average daily net assets invested) is waived.
Each Fund 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, 2025 (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
the annual
sub-transfer
agency
ratio*% less | |
Calamos Hedged Equity Fund | | | 1.25 | % | | | 2.00 | % | | | 1.00 | % | | — | |
Calamos Phineus Long/Short Fund | | | 2.00 | % | | | 2.75 | % | | | 1.75 | % | | — | |
Calamos Merger Arbitrage Fund(1) | | | 1.50 | % | | | 2.25 | % | | | 1.25 | % | | — | |
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
the annual
sub-transfer
agency
ratio*% less | |
Calamos Timpani SMID Growth Fund | | | 1.35 | % | | | — | | | | 1.10 | % | | 1.10
the annual
sub-transfer
agency
ratio*% less | |
Calamos Growth Fund | | | 1.75 | % | | | 2.50 | % | | | 1.50 | % | | — | |
Calamos Growth and Income Fund | | | 1.75 | % | | | 2.50 | % | | | 1.50 | % | | 1.50
the annual
sub-transfer
agency
ratio*% less | |
Calamos Dividend Growth Fund | | | 1.35 | % | | | 2.10 | % | | | 1.10 | % | | — | |
Calamos Select Fund | | | 1.15 | % | | | 1.90 | % | | | 0.90 | % | | — | |
Calamos International Growth Fund | | | 1.20 | % | | | 1.95 | % | | | 0.95 | % | | 0.95
the annual
sub-transfer
agency
ratio*% less | |
Calamos Evolving World Growth Fund | | | 1.30 | % | | | 2.05 | % | | | 1.05 | % | | — | |
Calamos Global Equity Fund | | | 1.40 | % | | | 2.15 | % | | | 1.15 | % | | 1.15
the annual
sub-transfer
agency
ratio*% less | |
www.calamos.com
179
Notes to Financial Statements
FUND | | CLASS A
SHARES | | CLASS C
SHARES | | CLASS I
SHARES | | CLASS R6
SHARES | |
Calamos Global Opportunities Fund | | | 1.22 | % | | | 1.97 | % | | | 0.97 | % | | — | |
Calamos International Small Cap Growth Fund(2) | | | 1.35 | % | | | 2.10 | % | | | 1.10 | % | | 1.10
the annual
sub-transfer
agency ratio*% less | |
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) The Contractual limitation is through October 31, 2026 for the Calamos Merger Arbitrage Fund.
(2) The Contractual limitation is through March 31, 2025 for the Calamos International Small Cap Growth Fund.
For the year ended October 31, 2024, Calamos Advisors waived or absorbed the following expenses:
FUND | | AMOUNT | |
Market Neutral Income Fund | | $ | 997,595 | | |
Merger Arbitrage Fund | | | 220,569 | | |
Global Convertible Fund | | | 110 | | |
Timpani Small Cap Growth Fund | | | 145,220 | | |
Timpani SMID Growth Fund | | | 102,438 | | |
Dividend Growth Fund | | | 121,868 | | |
Select Fund | | | 204,261 | | |
International Growth Fund | | | 480,565 | | |
Evolving World Growth Fund | | | 1,342,263 | | |
Global Equity Fund | | | 42,946 | | |
Global Opportunities Fund | | | 560,017 | | |
International Small Cap Growth Fund | | | 144,112 | | |
Total Return Bond Fund | | | 97,464 | | |
High Income Opportunities Fund | | | 132,664 | | |
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.
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, 2024, CFS received commissions and underwriting fees as follows:
FUND | | AMOUNT | |
Market Neutral Income Fund | | $ | 18,294 | | |
Hedged Equity Fund | | | 7,681 | | |
Phineus Long/Short Fund | | | 11,664 | | |
Merger Arbitrage Fund | | | 1 | | |
Convertible Fund | | | 4,889 | | |
Global Convertible Fund | | | 192 | | |
Timpani Small Cap Growth Fund | | | 9,706 | | |
Timpani SMID Growth Fund | | | 37 | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
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Notes to Financial Statements
FUND | | AMOUNT | |
Growth Fund | | $ | 39,146 | | |
Growth and Income Fund | | | 102,418 | | |
Dividend Growth Fund | | | 2,533 | | |
Select Fund | | | 1,406 | | |
International Growth Fund | | | 1,215 | | |
Evolving World Growth Fund | | | 973 | | |
Global Equity Fund | | | 6,903 | | |
Global Opportunities Fund | | | 6,255 | | |
Total Return Bond Fund | | | 95 | | |
High Income Opportunities Fund | | | 145 | | |
Short-Term Bond Fund | | | 18 | | |
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, 2024, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:
FUND | | PERCENTAGE | |
Merger Arbitrage Fund | | | 48 | % | |
Timpani SMID Growth Fund | | | 63 | | |
Select Fund | | | 35 | | |
Global Equity Fund | | | 25 | | |
International Small Cap Growth Fund | | | 35 | | |
High Income Opportunities Fund | | | 33 | | |
As of October 31, 2024, the Market Neutral Income Fund held 91.1% 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.
At October 31, 2024, 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 | | $ | 188,856 | | |
Convertible Fund | | | 193,933 | | |
Growth Fund | | | 940,007 | | |
Growth and Income Fund | | | 405,896 | | |
Select Fund | | | 100,775 | | |
International Growth Fund | | | 63,431 | | |
Evolving World Growth Fund | | | 18,691 | | |
Global Equity Fund | | | 32,535 | | |
Global Opportunities Fund | | | 152,650 | | |
Total Return Bond Fund | | | 36,610 | | |
High Income Opportunities Fund | | | 111,054 | | |
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181
Notes to Financial Statements
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, 2024.
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"). 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. During the period, the Total Return Bond Fund had borrowed $13,400,000 for 3 days at an interest rate of 6.68%. At October 31, 2024, 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
The cost of purchases and proceeds from sales of long-term investments, excluding investments sold short, for the year ended October 31, 2024 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $2,330,483,382 and $2,485,133,030 for Market Neutral income Fund, $3,713,954,988 and $3,690,311,184 for Phineus Long/Short Fund, and $721,832 and $829,853 for Merger Arbitrage Fund, respectively.
| | | COST OF PURCHASES | | PROCEEDS FROM SALES | |
FUND | | U.S. GOV'T
SECURITIES | | OTHER | | U.S. GOV'T
SECURITIES | | OTHER | |
Market Neutral Income Fund | | $ | — | | | $ | 3,672,064,000 | | | $ | — | | | $ | 4,339,625,187 | | |
Hedged Equity Fund | | | — | | | | 136,424,890 | | | | — | | | | 147,296,801 | | |
Phineus Long/Short Fund | | | — | | | | 1,705,860,830 | | | | — | | | | 1,997,576,879 | | |
Merger Arbitrage Fund | | | — | | | | 3,061,273 | | | | — | | | | 2,457,526 | | |
Convertible Fund | | | — | | | | 452,303,796 | | | | — | | | | 556,767,827 | | |
Global Convertible Fund | | | — | | | | 47,945,673 | | | | 1,014,928 | | | | 66,789,858 | | |
Timpani Small Cap Growth Fund | | | — | | | | 670,175,321 | | | | — | | | | 684,667,094 | | |
Timpani SMID Growth Fund | | | — | | | | 49,507,412 | | | | — | | | | 48,683,265 | | |
Growth Fund | | | — | | | | 593,440,804 | | | | — | | | | 734,745,210 | | |
Growth and Income Fund | | | — | | | | 704,655,108 | | | | 49,495,000 | | | | 710,964,969 | | |
Dividend Growth Fund | | | — | | | | 4,647,858 | | | | — | | | | 4,445,852 | | |
Select Fund | | | — | | | | 16,601,446 | | | | — | | | | 19,217,670 | | |
International Growth Fund | | | — | | | | 293,318,124 | | | | — | | | | 311,569,733 | | |
Evolving World Growth Fund | | | — | | | | 524,589,938 | | | | — | | | | 596,038,253 | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
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Notes to Financial Statements
| | | COST OF PURCHASES | | PROCEEDS FROM SALES | |
FUND | | U.S. GOV'T
SECURITIES | | OTHER | | U.S. GOV'T
SECURITIES | | OTHER | |
Global Equity Fund | | $ | — | | | $ | 97,652,944 | | | $ | — | | | $ | 91,850,635 | | |
Global Opportunities Fund | | | 1,417,916 | | | | 204,210,293 | | | | 2,140,669 | | | | 201,457,599 | | |
International Small Cap Growth Fund | | | — | | | | 6,938,405 | | | | — | | | | 4,579,612 | | |
Total Return Bond Fund | | | 20,750,878 | | | | 2,576,331 | | | | 22,304,229 | | | | 3,625,165 | | |
High Income Opportunities Fund | | | — | | | | 14,555,197 | | | | — | | | | 15,344,063 | | |
Short-Term Bond Fund | | | 15,919,941 | | | | 132,107,030 | | | | 21,571,369 | | | | 130,026,379 | | |
Note 4 – Income Taxes
The following information is presented on a federal income tax basis as of October 31, 2024. Differences between the cost basis under U.S. GAAP and federal income tax purposes are primarily due to temporary differences.
The cost basis of investments for federal income tax purposes at October 31, 2024 was as follows:
FUND | | COST BASIS OF
INVESTMENTS | | GROSS UNREALIZED
APPRECIATION | | GROSS UNREALIZED
DEPRECIATION | | NET UNREALIZED
APPRECIATION
(DEPRECIATION) | |
Market Neutral Income Fund | | $ | 8,786,676,420 | | | $ | 4,359,709,628 | | | $ | (1,238,912,586 | ) | | $ | 3,120,797,042 | | |
Hedged Equity Fund | | | 428,104,670 | | | | 281,198,538 | | | | (15,606,700 | ) | | | 265,591,838 | | |
Phineus Long/Short Fund | | | (24,050,091 | ) | | | 146,601,906 | | | | (23,392,226 | ) | | | 123,209,680 | | |
Merger Arbitrage Fund | | | 1,784,440 | | | | 70,870 | | | | (133,922 | ) | | | (63,052 | ) | |
Convertible Fund | | | 811,934,338 | | | | 106,634,426 | | | | (14,449,662 | ) | | | 92,184,764 | | |
Global Convertible Fund | | | 134,440,557 | | | | 12,338,792 | | | | (9,561,205 | ) | | | 2,777,587 | | |
Timpani Small Cap Growth Fund | | | 266,612,905 | | | | 82,350,825 | | | | (2,350,781 | ) | | | 80,000,044 | | |
Timpani SMID Growth Fund | | | 19,943,277 | | | | 6,343,589 | | | | (132,111 | ) | | | 6,211,478 | | |
Growth Fund | | | 750,225,414 | | | | 802,228,683 | | | | (6,636,559 | ) | | | 795,592,124 | | |
Growth and Income Fund | | | 1,506,517,550 | | | | 1,355,301,629 | | | | (21,185,823 | ) | | | 1,334,115,806 | | |
Dividend Growth Fund | | | 10,671,438 | | | | 10,578,953 | | | | (135,447 | ) | | | 10,443,506 | | |
Select Fund | | | 32,370,829 | | | | 22,874,910 | | | | (403,112 | ) | | | 22,471,798 | | |
International Growth Fund | | | 193,128,509 | | | | 62,192,062 | | | | (3,987,459 | ) | | | 58,204,603 | | |
Evolving World Growth Fund | | | 309,280,236 | | | | 106,388,990 | | | | (5,604,165 | ) | | | 100,784,825 | | |
Global Equity Fund | | | 80,693,626 | | | | 53,217,256 | | | | (776,064 | ) | | | 52,441,192 | | |
Global Opportunities Fund | | | 194,819,592 | | | | 73,986,799 | | | | (1,272,605 | ) | | | 72,714,194 | | |
International Small Cap Growth Fund | | | 4,887,591 | | | | 733,857 | | | | (173,151 | ) | | | 560,706 | | |
Total Return Bond Fund | | | 33,326,725 | | | | 156,216 | | | | (2,906,258 | ) | | | (2,750,042 | ) | |
High Income Opportunities Fund | | | 38,242,466 | | | | 599,155 | | | | (1,990,145 | ) | | | (1,390,990 | ) | |
Short-Term Bond Fund | | | 377,843,110 | | | | 2,462,751 | | | | (7,155,265 | ) | | | (4,692,514 | ) | |
For the fiscal year ended October 31, 2024, 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 | | ACCUMULATED
UNDISTRIBUTED/
(OVERDISTRIBUTED)
NET INVESTMENT
INCOME | | ACCUMULATED
NET REALIZED
GAIN/(LOSS) ON
INVESTMENTS | |
Market Neutral Income Fund | | $ | (6,092,405 | ) | | $ | 165,244,065 | | | $ | (159,151,660 | ) | |
Hedged Equity Fund | | | — | | | | (182,424 | ) | | | 182,424 | | |
Phineus Long/Short Fund | | | 6,942,228 | | | | 6,358,057 | | | | (13,300,285 | ) | |
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183
Notes to Financial Statements
| FUND | | PAID-IN
CAPITAL | | ACCUMULATED
UNDISTRIBUTED/
(OVERDISTRIBUTED)
NET INVESTMENT
INCOME | | ACCUMULATED
NET REALIZED
GAIN/(LOSS) ON
INVESTMENTS | |
Merger Arbitrage Fund | | $ | — | | | $ | 8,016 | | | $ | (8,016 | ) | |
Convertible Fund | | | 2,684,525 | | | | 13,004,371 | | | | (15,688,896 | ) | |
Global Convertible Fund | | | (2,189,754 | ) | | | 2,266,125 | | | | (76,371 | ) | |
Timpani Small Cap Growth Fund | | | (2,881 | ) | | | 6,124,418 | | | | (6,121,537 | ) | |
Timpani SMID Growth Fund | | | (113 | ) | | | 469,256 | | | | (469,143 | ) | |
Growth Fund | | | 11,880,090 | | | | 7,692,507 | | | | (19,572,597 | ) | |
Growth and Income Fund | | | 6,404,785 | | | | 11,519,360 | | | | (17,924,145 | ) | |
Dividend Growth Fund | | | 76,749 | | | | 18,638 | | | | (95,387 | ) | |
Select Fund | | | 240,594 | | | | (1,778 | ) | | | (238,816 | ) | |
International Growth Fund | | | (2,769,749 | ) | | | 677,227 | | | | 2,092,522 | | |
Evolving World Growth Fund | | | (7,555,443 | ) | | | 1,975,998 | | | | 5,579,445 | | |
Global Equity Fund | | | 1,006,216 | | | | 369,078 | | | | (1,375,294 | ) | |
Global Opportunities Fund | | | (81,003 | ) | | | 2,011,681 | | | | (1,930,678 | ) | |
International Small Cap Growth Fund | | | (52,199 | ) | | | (1,746 | ) | | | 53,945 | | |
Total Return Bond Fund | | | 1 | | | | 48,847 | | | | (48,848 | ) | |
High Income Opportunities Fund | | | (38 | ) | | | (2,421 | ) | | | 2,459 | | |
Short-Term Bond Fund | | | 50,971 | | | | 550,883 | | | | (601,854 | ) | |
Distributions were characterized for federal income tax purposes as follows:
| | | YEAR ENDED
OCTOBER 31, 2024 | | YEAR ENDED
OCTOBER 31, 2023 | |
FUND | | ORDINARY
INCOME | | LONG-TERM
CAPITAL GAIN | | RETURN OF
CAPITAL | | ORDINARY
INCOME | | LONG-TERM
CAPITAL GAIN | | RETURN OF
CAPITAL | |
Market Neutral Income Fund | | $ | 525,296,319 | | | $ | 265,804,258 | | | $ | — | | | $ | 240,908,473 | | | $ | — | | | $ | — | | |
Hedged Equity Fund | | | 3,579,087 | | | | — | | | | — | | | | 4,839,690 | | | | — | | | | — | | |
Phineus Long/Short Fund | | | 17,523,678 | | | | — | | | | — | | | | 229,407 | | | | — | | | | — | | |
Merger Arbitrage Fund | | | 13,044 | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Convertible Fund | | | 9,594,758 | | | | 10,737,844 | | | | — | | | | 10,861,157 | | | | — | | | | — | | |
Global Convertible Fund | | | — | | | | — | | | | — | | | | 500,183 | | | | — | | | | |
Timpani Small Cap Growth Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Timpani SMID Growth Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Growth Fund | | | — | | | | 54,359,459 | | | | — | | | | — | | | | — | | | | — | | |
Growth and Income Fund | | | 18,132,723 | | | | 88,007,410 | | | | — | | | | 27,666,243 | | | | 61,852,810 | | | | — | | |
Dividend Growth Fund | | | 40,388 | | | | 676,194 | | | | — | | | | 67,231 | | | | — | | | | — | | |
Select Fund | | | 7,508 | | | | 1,903,922 | | | | — | | | | — | | | | 1,053,203 | | | | — | | |
International Growth Fund | | | 513,134 | | | | 43 | | | | — | | | | — | | | | — | | | | — | | |
Evolving World Growth Fund | | | 1,902,391 | | | | — | | | | — | | | | 3,554,163 | | | | — | | | | — | | |
Global Equity Fund | | | 71,230 | | | | — | | | | — | | | | 89,812 | | | | 3,033,133 | | | | — | | |
Global Opportunities Fund | | | 1,371,661 | | | | — | | | | — | | | | 900,161 | | | | — | | | | — | | |
International Small Cap Growth Fund | | | — | | | | — | | | | — | | | | 14,950 | | | | — | | | | — | | |
Total Return Bond Fund | | | 1,465,570 | | | | — | | | | — | | | | 1,260,157 | | | | — | | | | — | | |
High Income Opportunities Fund | | | 2,310,301 | | | | — | | | | — | | | | 2,185,575 | | | | — | | | | — | | |
Short-Term Bond Fund | | | 17,686,651 | | | | — | | | | — | | | | 13,926,429 | | | | — | | | | — | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
184
Notes to Financial Statements
As of October 31, 2024, the components of accumulated earnings/(loss) on a tax basis were as follows:
| | MARKET NEUTRAL
INCOME FUND | | HEDGED EQUITY
FUND | | PHINEUS
LONG/SHORT
FUND | | MERGER
ARBITRAGE FUND | | CONVERTIBLE
FUND | |
Undistributed ordinary income | | $ | 111,134,664 | | | $ | 955,367 | | | $ | 44,472,280 | | | $ | 58,245 | | | $ | 3,803,876 | | |
Undistributed capital gains | | | — | | | | — | | | | 13,857,520 | | | | — | | | | 4,809,369 | | |
Total undistributed earnings | | | 111,134,664 | | | | 955,367 | | | | 58,329,800 | | | | 58,245 | | | | 8,613,245 | | |
Accumulated capital and other losses | | | (1,509,570,044 | ) | | | (85,140,085 | ) | | | — | | | | — | | | | — | | |
Net unrealized gains/(losses) | | | 3,119,397,434 | | | | 265,591,838 | | | | 123,203,517 | | | | (63,052 | ) | | | 91,937,334 | | |
Total accumulated earnings/(losses) | | | 1,720,962,054 | | | | 181,407,120 | | | | 181,533,317 | | | | (4,807 | ) | | | 100,550,579 | | |
Other | | | (238,809,574 | ) | | | (182,553 | ) | | | (51,861,230 | ) | | | — | | | | (1,244,112 | ) | |
Paid-in-capital | | | 13,593,083,769 | | | | 515,971,813 | | | | 914,157,596 | | | | 2,101,786 | | | | 771,902,425 | | |
Net assets applicable to common shareholders | | $ | 15,075,236,249 | | | $ | 697,196,380 | | | $ | 1,043,829,683 | | | $ | 2,096,979 | | | $ | 871,208,892 | | |
| | GLOBAL
CONVERTIBLE
FUND | | TIMPANI SMALL
CAP GROWTH
FUND | | TIMPANI SMID
GROWTH FUND | | GROWTH
FUND | | GROWTH AND
INCOME FUND | |
Undistributed ordinary income | | $ | — | | | $ | 10,564,275 | | | $ | 729,029 | | | $ | 40,139,092 | | | $ | 8,163,259 | | |
Undistributed capital gains | | | — | | | | — | | | | 47,816 | | | | 53,872,610 | | | | 117,487,719 | | |
Total undistributed earnings | | | — | | | | 10,564,275 | | | | 776,845 | | | | 94,011,702 | | | | 125,650,978 | | |
Accumulated capital and other losses | | | (6,153,761 | ) | | | (87,467,547 | ) | | | — | | | | — | | | | — | | |
Net unrealized gains/(losses) | | | 2,775,825 | | | | 80,000,044 | | | | 6,211,478 | | | | 795,589,797 | | | | 1,334,115,777 | | |
Total accumulated earnings/(losses) | | | (3,377,936 | ) | | | 3,096,772 | | | | 6,988,323 | | | | 889,601,499 | | | | 1,459,766,755 | | |
Other | | | — | | | | — | | | | — | | | | (23,716,069 | ) | | | (17,964,269 | ) | |
Paid-in-capital | | | 131,183,649 | | | | 344,275,864 | | | | 19,261,072 | | | | 669,086,381 | | | | 1,391,161,938 | | |
Net assets applicable to common shareholders | | $ | 127,805,713 | | | $ | 347,372,636 | | | $ | 26,249,395 | | | $ | 1,534,971,811 | | | $ | 2,832,964,424 | | |
| | DIVIDEND
GROWTH FUND | | SELECT FUND | | INTERNATIONAL
GROWTH FUND | | EVOLVING WORLD
GROWTH FUND | | GLOBAL EQUITY
FUND | |
Undistributed ordinary income | | $ | 14,611 | | | $ | 384,928 | | | $ | — | | | $ | — | | | $ | 2,781,092 | | |
Undistributed capital gains | | | 516,523 | | | | 3,613,232 | | | | 10,308,332 | | | | — | | | | 8,247,737 | | |
Total undistributed earnings | | | 531,134 | | | | 3,998,160 | | | | 10,308,332 | | | | — | | | | 11,028,829 | | |
Accumulated capital and other losses | | | — | | | | — | | | | — | | | | (90,573,715 | ) | | | — | | |
Net unrealized gains/(losses) | | | 10,443,506 | | | | 22,471,798 | | | | 56,208,804 | | | | 95,330,650 | | | | 51,827,358 | | |
Total accumulated earnings/(losses) | | | 10,974,640 | | | | 26,469,958 | | | | 66,517,136 | | | | 4,756,935 | | | | 62,856,187 | | |
Other | | | (9,672 | ) | | | (117,456 | ) | | | (75,504 | ) | | | (434,537 | ) | | | (1,460,936 | ) | |
Paid-in-capital | | | 9,679,729 | | | | 29,744,734 | | | | 176,038,893 | | | | 392,319,749 | | | | 72,185,030 | | |
Net assets applicable to common shareholders | | $ | 20,644,697 | | | $ | 56,097,236 | | | $ | 242,480,525 | | | $ | 396,642,147 | | | $ | 133,580,281 | | |
| | GLOBAL
OPPORTUNITIES
FUND | | INTERNATIONAL
SMALL CAP
GROWTH FUND | | TOTAL RETURN
BOND FUND | | HIGH INCOME
OPPORTUNITIES
FUND | | SHORT-TERM
BOND FUND | |
Undistributed ordinary income | | $ | 1,124,097 | | | $ | — | | | $ | 34,864 | | | $ | 64,972 | | | $ | 184,420 | | |
Undistributed capital gains | | | 19,698,546 | | | | — | | | | — | | | | — | | | | — | | |
Total undistributed earnings | | | 20,822,643 | | | | — | | | | 34,864 | | | | 64,972 | | | | 184,420 | | |
Accumulated capital and other losses | | | — | | | | (278,245 | ) | | | (2,646,085 | ) | | | (12,720,933 | ) | | | (12,335,054 | ) | |
Net unrealized gains/(losses) | | | 72,545,006 | | | | 536,225 | | | | (2,750,042 | ) | | | (1,390,990 | ) | | | (4,692,514 | ) | |
Total accumulated earnings/(losses) | | | 93,367,649 | | | | 257,980 | | | | (5,361,263 | ) | | | (14,046,951 | ) | | | (16,843,148 | ) | |
Other | | | (2,976,125 | ) | | | — | | | | (111,615 | ) | | | (118,451 | ) | | | (1,299 | ) | |
Paid-in-capital | | | 189,009,982 | | | | 5,461,999 | | | | 35,703,075 | | | | 51,600,992 | | | | 383,896,303 | | |
Net assets applicable to common shareholders | | $ | 279,401,506 | | | $ | 5,719,979 | | | $ | 30,230,197 | | | $ | 37,435,590 | | | $ | 367,051,856 | | |
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Notes to Financial Statements
The following Funds had capital loss carryforwards for the year ended October 31, 2024, with no expiration date, available to offset future realized capital gains:
FUND | | SHORT-TERM | | LONG-TERM | |
Market Neutral Income Fund | | $ | 716,054,629 | | | $ | 793,515,415 | | |
Hedged Equity Fund | | | 35,774,811 | | | | 49,365,274 | | |
Global Convertible Fund | | | 3,794,009 | | | | 2,359,751 | | |
Timpani Small Cap Growth Fund | | | 87,467,547 | | | | — | | |
Evolving World Growth Fund | | | 90,573,715 | | | | — | | |
International Small Cap Growth Fund | | | 278,245 | | | | — | | |
Total Return Bond Fund | | | 1,207,792 | | | | 1,438,293 | | |
High Income Opportunities Fund | | | 1,165,204 | | | | 11,555,729 | | |
Short-Term Bond Fund | | | 4,144,821 | | | | 8,190,233 | | |
The following funds had capital loss carryforwards utilized in the year ended October 31, 2024:
FUND | | UTILIZED | |
Global Convertible Fund | | $ | 1,781,088 | | |
Timpani Small Cap Growth Fund | | | 54,051,338 | | |
Timpani SMID Growth Fund | | | 3,584,018 | | |
International Growth Fund | | | 19,729,439 | | |
Evolving World Growth Fund | | | 24,883,026 | | |
Global Equity Fund | | | 87,223 | | |
Global Opportunities Fund | | | 14,549,671 | | |
International Small Cap Growth Fund | | | 359,630 | | |
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. Accrued dividends on securities sold short are disclosed within other accounts payable and accrued liabilities on the Statements of Assets and Liabilities. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.
To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, a Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.
Note 6 – Derivative Instruments
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 a 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
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Notes to Financial Statements
of a default and/or termination event. Under an ISDA Master Agreement, a 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 a Fund and the counterparty and the amount of collateral due from a 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, a Fund's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among a 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 a 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 a 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. A 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.
As of October 31, 2024, 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 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 a Fund's portfolio, on broad-based securities indexes, or certain ETFs.
When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a 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, a 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, 2024, the Funds had outstanding purchased options and/or written options as listed on the Schedule of Investments.
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Notes to Financial Statements
As of October 31, 2024, 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) | | $ | 449,015 | | | $ | 1,905,296 | | |
Purchased Options(2) | | | 70,304,325 | | | | — | | |
Total Return Swaps(4) | | | 99,960 | | | | — | | |
Written Options(3) | | | — | | | | 824,890,625 | | |
| | | $ | 70,853,300 | | | $ | 826,795,921 | | |
| | | HEDGED EQUITY FUND | |
Gross amounts at fair value: | |
Purchased Options(2) | | $ | 23,161,875 | | | $ | — | | |
Written Options(3) | | | — | | | | 25,118,500 | | |
| | | $ | 23,161,875 | | | $ | 25,118,500 | | |
| | | PHINEUS LONG/SHORT FUND | |
Gross amounts at fair value: | |
Purchased Options(2) | | $ | 8,934,410 | | | $ | — | | |
Written Options(3) | | | — | | | | 20,590,738 | | |
| | | $ | 8,934,410 | | | $ | 20,590,738 | | |
| | | MERGER ARBITRAGE FUND | |
Gross amounts at fair value: | |
Written Options(3) | | $ | — | | | $ | 3,150 | | |
| | | $ | — | | | $ | 3,150 | | |
| | | CONVERTIBLE FUND | |
Gross amounts at fair value: | |
Forward foreign currency contracts(1) | | $ | 45,307 | | | $ | 292,737 | | |
| | | $ | 45,307 | | | $ | 292,737 | | |
| | | GLOBAL CONVERTIBLE FUND | |
Gross amounts at fair value: | |
Purchased Options(2) | | $ | 31,879 | | | $ | — | | |
| | | $ | 31,879 | | | $ | — | | |
| | | GROWTH FUND | |
Gross amounts at fair value: | |
Purchased Options(2) | | $ | 1,631,250 | | | $ | — | | |
Written Options(3) | | | — | | | | 29,625 | | |
| | | $ | 1,631,250 | | | $ | 29,625 | | |
| | | GROWTH AND INCOME FUND | |
Gross amounts at fair value: | |
Purchased Options(2) | | $ | 11,750,343 | | | $ | — | | |
Written Options(3) | | | — | | | | 376,058 | | |
| | | $ | 11,750,343 | | | $ | 376,058 | | |
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Notes to Financial Statements
| | | ASSET
DERIVATIVES | | LIABILITY
DERIVATIVES | |
| | | INTERNATIONAL GROWTH FUND | |
Gross amounts at fair value: | |
Forward foreign currency contracts(1) | | $ | — | | | $ | 629,005 | | |
Purchased Options(2) | | | 646,670 | | | | — | | |
| | | $ | 646,670 | | | $ | 629,005 | | |
| | | EVOLVING WORLD GROWTH FUND | |
Gross amounts at fair value: | |
Forward foreign currency contracts(1) | | $ | — | | | $ | 1,202,567 | | |
Purchased Options(2) | | | 1,504,573 | | | | — | | |
| | | $ | 1,504,573 | | | $ | 1,202,567 | | |
| | GLOBAL EQUITY FUND | |
Gross amounts at fair value: | |
Purchased Options(2) | | $ | 938,720 | | | $ | — | | |
| | $ | 938,720 | | | $ | — | | |
| | | GLOBAL OPPORTUNITIES FUND | |
Gross amounts at fair value: | |
Purchased Options(2) | | $ | 2,850,811 | | | $ | — | | |
| | | $ | 2,850,811 | | | $ | — | | |
| | | TOTAL RETURN BOND FUND | |
Gross amounts at fair value: | |
Futures contracts(5) | | $ | — | | | $ | 51,456 | | |
| | | $ | — | | | $ | 51,456 | | |
| | | SHORT-TERM BOND FUND | |
Gross amounts at fair value: | |
Futures contracts(5) | | $ | — | | | $ | 579,466 | | |
| | | $ | — | | | $ | 579,466 | | |
| | | 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(a) | | OF DEFAULT | | OF DEFAULT | |
Bank of New York | | ISDA | | $ | 12 | | | $ | 918,859 | | | $ | 918,847 | | | $ | — | | | $ | — | | |
Northern Trust Company | | ISDA | | | 20,516 | | | | 517,777 | | | | — | | | | — | | | | 497,261 | | |
State Street Bank and Trust | | ISDA | | | 428,487 | | | | 468,660 | | | | 40,173 | | | | — | | | | — | | |
Goldman Sachs & Co. | | ISDA | | | 99,960 | | | | — | | | | — | | | | 99,960 | | | | — | | |
| | | | | $ | 548,975 | | | $ | 1,905,296 | | | $ | 959,020 | | | $ | 99,960 | | | $ | 497,261 | | |
(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
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Notes to Financial Statements
| | | GROSS AMOUNTS NOT OFFSET
IN THE STATEMENT OF ASSETS AND LIABILITIES | |
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(a) | | OF DEFAULT | | OF DEFAULT | |
Bank of New York | | ISDA | | $ | 161 | | | $ | — | | | $ | — | | | $ | 161 | | | $ | — | | |
State Street Bank and Trust | | ISDA | | | 45,146 | | | | 292,737 | | | | 247,591 | | | | — | | | | — | | |
| | | | | $ | 45,307 | | | $ | 292,737 | | | $ | 247,591 | | | $ | 161 | | | $ | — | | |
INTERNATIONAL GROWTH 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(a) | | OF DEFAULT | | OF DEFAULT | |
State Street Bank and Trust | | ISDA | | $ | — | | | $ | 629,005 | | | $ | 580,000 | | | $ | — | | | $ | 49,005 | | |
| | | | | $ | — | | | $ | 629,005 | | | $ | 580,000 | | | $ | — | | | $ | 49,005 | | |
EVOLVING WORLD GROWTH 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(a) | | OF DEFAULT | | OF DEFAULT | |
Northern Trust Company | | ISDA | | $ | — | | | $ | 285,900 | | | $ | 285,900 | | | $ | — | | | $ | — | | |
State Street Bank and Trust | | ISDA | | | — | | | | 916,667 | | | | 900,000 | | | | — | | | | 16,667 | | |
| | | | | $ | — | | | $ | 1,202,567 | | | $ | 1,185,900 | | | $ | — | | | $ | 16,667 | | |
(a) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets (liabilities) presented in the Statements of Assets and Liabilities, for each respective counterparty.
For the year ended October 31, 2024, the volume of derivative activity for the Fund is reflected below:*
FUND | | FORWARD
FOREIGN CURRENCY
CONTRACTS(1) | | PURCHASED
OPTIONS(2) | | WRITTEN
OPTIONS(3) | | SWAPS(4) | | FUTURES
CONTRACTS(5) | |
Market Neutral Income Fund | | | 203,820,592 | | | | 106,902 | | | | 119,794 | | | | 114,258,448 | | | | — | | |
Hedged Equity Fund | | | — | | | | 3,055 | | | | 2,330 | | | | — | | | | — | | |
Phineus Long/Short Fund | | | — | | | | 1,212,100 | | | | 1,186,568 | | | | — | | | | — | | |
Merger Arbitrage Fund | | | — | | | | 84 | | | | 88 | | | | — | | | | — | | |
Convertible Fund | | | 32,509,752 | | | | 4,450 | | | | — | | | | — | | | | — | | |
Global Convertible Fund | | | — | | | | 3,188 | | | | 347 | | | | — | | | | — | | |
Growth Fund | | | — | | | | 68,345 | | | | 73,155 | | | | — | | | | 1,430 | | |
Growth and Income Fund | | | — | | | | 121,760 | | | | 17,885 | | | | — | | | | — | | |
Dividend Growth Fund | | | — | | | | 51 | | | | 22 | | | | — | | | | — | | |
International Growth Fund | | | 74,569,581 | | | | 54,492 | | | | — | | | | — | | | | — | | |
Evolving World Growth Fund | | | 82,632,127 | | | | 278,052 | | | | 3,286 | | | | — | | | | — | | |
Global Equity Fund | | | — | | | | 4,628 | | | | 316 | | | | — | | | | — | | |
Global Opportunities Fund | | | — | | | | 18,624 | | | | 467 | | | | — | | | | — | | |
International Small Cap Growth Fund | | | 51 | | | | 107 | | | | — | | | | — | | | | — | | |
Total Return Bond Fund | | | — | | | | — | | | | — | | | | — | | | | 80 | | |
Short-Term Bond Fund | | | — | | | | — | | | | — | | | | — | | | | 1,025 | | |
* 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 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 Variation margin on open futures contracts for asset derivatives and Variation margin on open futures contracts for liability derivatives.
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190
Notes to Financial Statements
Note 7 – Securities Lending
The Funds may loan one or more of their securities to broker-dealers and banks through the Securities Loan Agreements. In Securities Loan Agreements, the "collateral" are the loaned securities themselves. Additionally, the set-off and netting provisions of a Securities Loan Agreement may not extend to the obligations of the counterparty's affiliates or across varying types of transactions. 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 any cash collateral into short term investments 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, 2024.
| | 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 | | $ | 231,428,967 | | | $ | 66,064,369 | | | $ | 297,493,336 | | | $ | 75,947,493 | | | $ | 214,387,828 | | | $ | 290,335,321 | | | $ | 7,158,015 | | |
Hedged Equity Fund | | | 441,669 | | | | 1,305,212 | | | | 1,746,881 | | | | 1,710,593 | | | | — | | | | 1,710,593 | | | | 36,288 | | |
Phineus Long/Short Fund | | | 15,524,550 | | | | — | | | | 15,524,550 | | | | 15,281,332 | | | | — | | | | 15,281,332 | | | | 243,218 | | |
Convertible Fund | | | 64,401,143 | | | | 16,526,818 | | | | 80,927,961 | | | | 3,828,500 | | | | 74,477,351 | | | | 78,305,851 | | | | 2,622,110 | | |
Global Convertible Fund | | | 12,132,958 | | | | — | | | | 12,132,958 | | | | 22,375 | | | | 11,869,915 | | | | 11,892,290 | | | | 240,668 | | |
Growth Fund | | | 18,550,892 | | | | 13,255,402 | | | | 31,806,294 | | | | 30,531,641 | | | | — | | | | 30,531,641 | | | | 1,274,653 | | |
Growth and Income Fund | | | 56,537,968 | | | | 20,677,353 | | | | 77,215,321 | | | | 6,427,270 | | | | 68,746,919 | | | | 75,174,189 | | | | 2,041,132 | | |
Dividend Growth Fund | | | 522,246 | | | | — | | | | 522,246 | | | | 501,442 | | | | — | | | | 501,442 | | | | 20,804 | | |
International Growth Fund | | | 10,466,462 | | | | 4,205,793 | | | | 14,672,255 | | | | 14,120,236 | | | | — | | | | 14,120,236 | | | | 552,019 | | |
Evolving World Growth Fund | | | 9,933,581 | | | | 3,119,450 | | | | 13,053,031 | | | | 3,873,584 | | | | 8,851,203 | | | | 12,724,787 | | | | 328,244 | | |
Global Equity Fund | | | 1,529,569 | | | | 1,754,472 | | | | 3,284,041 | | | | 3,195,355 | | | | — | | | | 3,195,355 | | | | 88,686 | | |
Global Opportunities Fund | | | 581,900 | | | | — | | | | 581,900 | | | | — | | | | 566,462 | | | | 566,462 | | | | 15,438 | | |
Total Return Bond Fund | | | 990,975 | | | | 173,000 | | | | 1,163,975 | | | | — | | | | 1,139,471 | | | | 1,139,471 | | | | 24,504 | | |
High Income Opportunities Fund | | | 1,853,285 | | | | 21,333 | | | | 1,874,618 | | | | — | | | | 1,829,883 | | | | 1,829,883 | | | | 44,735 | | |
Short-Term Bond Fund | | | 12,451,990 | | | | 26,285,021 | | | | 38,737,011 | | | | — | | | | 37,923,792 | | | | 37,923,792 | | | | 813,219 | | |
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Notes to Financial Statements
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.
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 | | $ | — | | | $ | 5,586,514,437 | | | $ | — | | | $ | 5,586,514,437 | | |
Corporate Bonds | | | — | | | | 195,261,730 | | | | — | | | | 195,261,730 | | |
Convertible Preferred Stocks | | | 333,328,667 | | | | — | | | | — | | | | 333,328,667 | | |
Common Stocks | | | 8,819,997,095 | | | | 48,557,816 | | | | — | | | | 8,868,554,911 | | |
Investments in Affiliated Funds | | | 334,315,266 | | | | — | | | | — | | | | 334,315,266 | | |
Warrants | | | 415,793 | | | | 4,672,529 | | | | — | | | | 5,088,322 | | |
Rights | | | 68,386 | | | | 147,370 | | | | 277,808 | | | | 493,564 | | |
Purchased Options | | | 40,245,000 | | | | 30,059,325 | | | | — | | | | 70,304,325 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 231,428,967 | | | | — | | | | 231,428,967 | | |
Forward Foreign Currency Contracts | | | — | | | | 449,015 | | | | — | | | | 449,015 | | |
Total Return Swaps | | | — | | | | 99,960 | | | | — | | | | 99,960 | | |
Total | | $ | 9,528,370,207 | | | $ | 6,097,191,149 | | | $ | 277,808 | | | $ | 15,625,839,164 | | |
Liabilities: | |
Common Stocks Sold Short | | $ | 2,890,403,088 | | | $ | 932,584 | | | $ | — | | | $ | 2,891,335,672 | | |
Written Options | | | 824,890,625 | | | | — | | | | — | | | | 824,890,625 | | |
Forward Foreign Currency Contracts | | | — | | | | 1,905,296 | | | | — | | | | 1,905,296 | | |
Total | | $ | 3,715,293,713 | | | $ | 2,837,880 | | | $ | — | | | $ | 3,718,131,593 | | |
| | | HEDGED EQUITY FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Common Stocks | | $ | 684,297,557 | | | $ | — | | | $ | — | | | $ | 684,297,557 | | |
Exchange-Traded Funds | | | 10,913,907 | | | | — | | | | — | | | | 10,913,907 | | |
Purchased Options | | | 23,161,875 | | | | — | | | | — | | | | 23,161,875 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 441,669 | | | | — | | | | 441,669 | | |
Total | | $ | 718,373,339 | | | $ | 441,669 | | | $ | — | | | $ | 718,815,008 | | |
Liabilities: | |
Written Options | | $ | 25,118,500 | | | $ | — | | | $ | — | | | $ | 25,118,500 | | |
Total | | $ | 25,118,500 | | | $ | — | | | $ | — | | | $ | 25,118,500 | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
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Notes to Financial Statements
| | | PHINEUS LONG/SHORT FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Common Stocks | | $ | 878,724,442 | | | $ | 10,332,382 | | | $ | — | | | $ | 889,056,824 | | |
Exchange-Traded Funds | | | 26,001,165 | | | | — | | | | — | | | | 26,001,165 | | |
Purchased Options | | | 8,934,410 | | | | — | | | | — | | | | 8,934,410 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 15,524,550 | | | | — | | | | 15,524,550 | | |
Total | | $ | 913,660,017 | | | $ | 25,856,932 | | | $ | — | | | $ | 939,516,949 | | |
Liabilities: | |
Common Stocks Sold Short U.S. | | $ | 50,270,062 | | | $ | — | | | $ | — | | | $ | 50,270,062 | | |
Exchange-Traded Funds Sold Short | | | 769,496,560 | | | | — | | | | — | | | | 769,496,560 | | |
Written Options | | | 20,590,738 | | | | — | | | | — | | | | 20,590,738 | | |
Total | | $ | 840,357,360 | | | $ | — | | | $ | — | | | $ | 840,357,360 | | |
| | | MERGER ARBITRAGE FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Convertible Bonds | | $ | — | | | $ | 666,858 | | | $ | — | | | $ | 666,858 | | |
Common Stocks | | | 1,192,764 | | | | 153,228 | | | | — | | | | 1,345,992 | | |
Rights | | | 39 | | | | 123 | | | | 755 | | | | 917 | | |
Warrants | | | — | | | | 15 | | | | — | | | | 15 | | |
Total | | $ | 1,192,803 | | | $ | 820,224 | | | $ | 755 | | | $ | 2,013,782 | | |
Liabilities: | |
Common Stocks Sold Short | | $ | 289,244 | | | $ | — | | | $ | — | | | $ | 289,244 | | |
Written Options | | | 3,150 | | | | — | | | | — | | | | 3,150 | | |
Total | | $ | 292,394 | | | $ | — | | | $ | — | | | $ | 292,394 | | |
| | | CONVERTIBLE FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Convertible Bonds | | $ | — | | | $ | 770,559,987 | | | $ | — | | | $ | 770,559,987 | | |
Convertible Preferred Stocks | | | 69,157,972 | | | | — | | | | — | | | | 69,157,972 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 64,401,143 | | | | — | | | | 64,401,143 | | |
Forward Foreign Currency Contracts | | | — | | | | 45,307 | | | | — | | | | 45,307 | | |
Total | | $ | 69,157,972 | | | $ | 835,006,437 | | | $ | — | | | $ | 904,164,409 | | |
Liabilities: | |
Forward Foreign Currency Contracts | | $ | — | | | $ | 292,737 | | | $ | — | | | $ | 292,737 | | |
Total | | $ | — | | | $ | 292,737 | | | $ | — | | | $ | 292,737 | | |
www.calamos.com
193
Notes to Financial Statements
| | | GLOBAL CONVERTIBLE FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Convertible Bonds | | $ | — | | | $ | 112,730,966 | | | $ | — | | | $ | 112,730,966 | | |
Convertible Preferred Stocks | | | 8,765,060 | | | | — | | | | — | | | | 8,765,060 | | |
U.S. Government and Agency Securities | | | — | | | | 3,557,281 | | | | — | | | | 3,557,281 | | |
Purchased Options | | | 31,879 | | | | — | | | | — | | | | 31,879 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 12,132,958 | | | | — | | | | 12,132,958 | | |
Total | | $ | 8,796,939 | | | $ | 128,421,205 | | | $ | — | | | $ | 137,218,144 | | |
| | | TIMPANI SMALL CAP GROWTH FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Common Stocks | | $ | 346,612,949 | | | $ | — | | | $ | — | | | $ | 346,612,949 | | |
Total | | $ | 346,612,949 | | | $ | — | | | $ | — | | | $ | 346,612,949 | | |
| | | TIMPANI SMID GROWTH FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Common Stocks | | $ | 26,154,755 | | | $ | — | | | $ | — | | | $ | 26,154,755 | | |
Total | | $ | 26,154,755 | | | $ | — | | | $ | — | | | $ | 26,154,755 | | |
| | | GROWTH FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Common Stocks | | $ | 1,525,665,021 | | | $ | — | | | $ | — | | | $ | 1,525,665,021 | | |
Purchased Options | | | 1,631,250 | | | | — | | | | — | | | | 1,631,250 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 18,550,892 | | | | — | | | | 18,550,892 | | |
Total | | $ | 1,527,296,271 | | | $ | 18,550,892 | | | $ | — | | | $ | 1,545,847,163 | | |
Liabilities: | |
Written Options | | $ | 29,625 | | | $ | — | | | $ | — | | | $ | 29,625 | | |
Total | | $ | 29,625 | | | $ | — | | | $ | — | | | $ | 29,625 | | |
| | | GROWTH AND INCOME FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Convertible Bonds | | $ | — | | | $ | 509,939,082 | | | $ | — | | | $ | 509,939,082 | | |
Convertible Preferred Stocks | | | 86,908,285 | | | | 7,459,259 | | | | — | | | | 94,367,544 | | |
Common Stocks | | | 2,088,611,444 | | | | 9,271,685 | | | | — | | | | 2,097,883,129 | | |
Exchange-Traded Funds | | | 6,422,476 | | | | — | | | | — | | | | 6,422,476 | | |
U.S. Government and Agency Securities | | | — | | | | 64,108,872 | | | | — | | | | 64,108,872 | | |
Purchased Options | | | 11,750,343 | | | | — | | | | — | | | | 11,750,343 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 56,537,968 | | | | — | | | | 56,537,968 | | |
Total | | $ | 2,193,692,548 | | | $ | 647,316,866 | | | $ | — | | | $ | 2,841,009,414 | | |
Liabilities: | |
Written Options | | $ | 376,058 | | | $ | — | | | $ | — | | | $ | 376,058 | | |
Total | | $ | 376,058 | | | $ | — | | | $ | — | | | $ | 376,058 | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
194
Notes to Financial Statements
| | | DIVIDEND GROWTH FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Convertible Preferred Stocks | | $ | 443,547 | | | $ | — | | | $ | — | | | $ | 443,547 | | |
Common Stocks | | | 19,811,347 | | | | 89,892 | | | | — | | | | 19,901,239 | | |
Exchange-Traded Funds | | | 247,912 | | | | — | | | | — | | | | 247,912 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 522,246 | | | | — | | | | 522,246 | | |
Total | | $ | 20,502,806 | | | $ | 612,138 | | | $ | — | | | $ | 21,114,944 | | |
| | | SELECT FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Common Stocks | | $ | 54,842,627 | | | $ | — | | | $ | — | | | $ | 54,842,627 | | |
Total | | $ | 54,842,627 | | | $ | — | | | $ | — | | | $ | 54,842,627 | | |
| | | INTERNATIONAL GROWTH FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Common Stocks | | $ | 45,594,389 | | | $ | 194,625,591 | | | $ | — | | | $ | 240,219,980 | | |
Purchased Options | | | 646,670 | | | | — | | | | — | | | | 646,670 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 10,466,462 | | | | — | | | | 10,466,462 | | |
Total | | $ | 46,241,059 | | | $ | 205,092,053 | | | $ | — | | | $ | 251,333,112 | | |
Liabilities: | |
Forward Foreign Currency Contracts | | $ | — | | | $ | 629,005 | | | $ | — | | | $ | 629,005 | | |
Total | | $ | — | | | $ | 629,005 | | | $ | — | | | $ | 629,005 | | |
| | | EVOLVING WORLD GROWTH FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Convertible Bonds | | $ | — | | | $ | 80,659,951 | | | $ | — | | | $ | 80,659,951 | | |
Common Stocks | | | 56,278,849 | | | | 261,688,107 | | | | — | | | | 317,966,956 | | |
Purchased Options | | | 1,504,573 | | | | — | | | | — | | | | 1,504,573 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 9,933,581 | | | | — | | | | 9,933,581 | | |
Total | | $ | 57,783,422 | | | $ | 352,281,639 | | | $ | — | | | $ | 410,065,061 | | |
Liabilities: | |
Forward Foreign Currency Contracts | | $ | — | | | $ | 1,202,567 | | | $ | — | | | $ | 1,202,567 | | |
Total | | $ | — | | | $ | 1,202,567 | | | $ | — | | | $ | 1,202,567 | | |
www.calamos.com
195
Notes to Financial Statements
| | | GLOBAL EQUITY FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Common Stocks | | $ | 90,102,438 | | | $ | 39,860,228 | | | $ | — | | | $ | 129,962,666 | | |
Convertible Preferred Stocks | | | 703,863 | | | | — | | | | — | | | | 703,863 | | |
Purchased Options | | | 938,720 | | | | — | | | | — | | | | 938,720 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 1,529,569 | | | | — | | | | 1,529,569 | | |
Total | | $ | 91,745,021 | | | $ | 41,389,797 | | | $ | — | | | $ | 133,134,818 | | |
| | | GLOBAL OPPORTUNITIES FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Convertible Bonds | | $ | — | | | $ | 104,957,126 | | | $ | — | | | $ | 104,957,126 | | |
U.S. Government and Agency Securities | | | — | | | | 7,835,045 | | | | — | | | | 7,835,045 | | |
Convertible Preferred Stocks | | | 10,846,947 | | | | — | | | | — | | | | 10,846,947 | | |
Common Stocks | | | 102,141,530 | | | | 38,320,427 | | | | — | | | | 140,461,957 | | |
Purchased Options | | | 2,850,811 | | | | — | | | | — | | | | 2,850,811 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 581,900 | | | | — | | | | 581,900 | | |
Total | | $ | 115,839,288 | | | $ | 151,694,498 | | | $ | — | | | $ | 267,533,786 | | |
| | | INTERNATIONAL SMALL CAP GROWTH FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Common Stocks | | $ | 1,042,340 | | | $ | 4,405,957 | | | $ | — | | | $ | 5,448,297 | | |
Total | | $ | 1,042,340 | | | $ | 4,405,957 | | | $ | — | | | $ | 5,448,297 | | |
| | | TOTAL RETURN BOND FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Corporate Bonds | | $ | — | | | $ | 13,534,198 | | | $ | — | | | $ | 13,534,198 | | |
Bank Loans | | | — | | | | 1,735,121 | | | | — | | | | 1,735,121 | | |
U.S. Government and Agency Securities | | | — | | | | 12,856,942 | | | | — | | | | 12,856,942 | | |
Residential Mortgage Backed Securities | | | — | | | | 91,013 | | | | — | | | | 91,013 | | |
Asset Backed Securities | | | — | | | | 1,419,890 | | | | — | | | | 1,419,890 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 990,975 | | | | — | | | | 990,975 | | |
Total | | $ | — | | | $ | 30,628,139 | | | $ | — | | | $ | 30,628,139 | | |
Liabilities: | |
Futures Contracts | | $ | 51,456 | | | $ | — | | | $ | — | | | $ | 51,456 | | |
Total | | $ | 51,456 | | | $ | — | | | $ | — | | | $ | 51,456 | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
196
Notes to Financial Statements
| | | HIGH INCOME OPPORTUNITIES FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Asset Backed Securities | | $ | — | | | $ | 94,498 | | | $ | — | | | $ | 94,498 | | |
Corporate Bonds | | | — | | | | 28,753,612 | | | | — | | | | 28,753,612 | | |
Convertible Bonds | | | — | | | | 198,961 | | | | — | | | | 198,961 | | |
Bank Loans | | | — | | | | 5,611,147 | | | | — | | | | 5,611,147 | | |
Common Stocks | | | 191,856 | | | | 13,215 | | | | — | | | | 205,071 | | |
Warrants | | | — | | | | 1 | | | | — | | | | 1 | | |
Convertible Preferred Stocks | | | — | | | | 20,000 | | | | — | | | | 20,000 | | |
Preferred Stocks | | | 92,776 | | | | 22,125 | | | | — | | | | 114,901 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 1,853,285 | | | | — | | | | 1,853,285 | | |
Total | | $ | 284,632 | | | $ | 36,566,844 | | | $ | — | | | $ | 36,851,476 | | |
| | | SHORT-TERM BOND FUND | |
| | | LEVEL 1 | | LEVEL 2 | | LEVEL 3 | | TOTAL | |
Assets: | |
Corporate Bonds | | $ | — | | | $ | 212,733,151 | | | $ | — | | | $ | 212,733,151 | | |
U.S. Government and Agency Securities | | | — | | | | 18,713,562 | | | | — | | | | 18,713,562 | | |
Sovereign Bonds | | | — | | | | 6,164,813 | | | | — | | | | 6,164,813 | | |
Bank Loans | | | — | | | | 33,868,636 | | | | — | | | | 33,868,636 | | |
Asset Backed Securities | | | — | | | | 73,174,451 | | | | — | | | | 73,174,451 | | |
Municipal Obligations | | | — | | | | 13,314,414 | | | | — | | | | 13,314,414 | | |
Residential Mortgage Backed Securities | | | — | | | | 3,309,045 | | | | — | | | | 3,309,045 | | |
Investment of Cash Collateral For Securities Loaned | | | — | | | | 12,451,990 | | | | — | | | | 12,451,990 | | |
Total | | $ | — | | | $ | 373,730,062 | | | $ | — | | | $ | 373,730,062 | | |
Liabilities: | |
Futures Contracts | | $ | 579,466 | | | $ | — | | | $ | — | | | $ | 579,466 | | |
Total | | $ | 579,466 | | | $ | — | | | $ | — | | | $ | 579,466 | | |
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Market Neutral Income Fund's assets and liabilities during the year ended October 31, 2024:
Investments
in
Securities | | Balance
as of
October 31,
2023 | | Accrued
Discounts/
(Premiums) | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | | Purchases | | Sales
Proceeds | | Transfers
into
Level 3 | | Transfers
out of
Level 3 | | Balance
as of
October 31,
2024 | | Net change in
Unrealized
Appreciation
(Depreciation) from
investments still held
as of October 31, 2024 | |
Common
Stocks | | $ | 41,310,000 | | | $ | — | | | $ | 12,791,673 | | | $ | (1,994,519 | ) | | $ | — | | | $ | (52,107,154 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
Rights | | | — | | | | — | | | | — | | | | 83,342 | | | | 194,466 | | | | — | | | | — | | | | — | | | | 277,808 | | | | 83,342 | | |
Total | | $ | 41,310,000 | | | $ | — | | | $ | 12,791,673 | | | $ | (1,911,177 | ) | | $ | 194,466 | | | $ | (52,107,154 | ) | | $ | — | | | $ | — | | | $ | 277,808 | | | $ | 83,342 | | |
www.calamos.com
197
Notes to Financial Statements
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Merger Arbitrage Fund's assets and liabilities during the year ended October 31, 2024:
Investments
in
Securities | | Balance
as of
October 31,
2023 | | Accrued
Discounts/
(Premiums) | | Realized
Gain
(Loss) | | Change in
Unrealized
Appreciation
(Depreciation) | | Purchases | | Sales
Proceeds | | Transfers
into
Level 3 | | Transfers
out of
Level 3 | | Balance
as of
October 31,
2024 | | Net change in
Unrealized
Appreciation
(Depreciation) from
investments still held
as of October 31, 2024 | |
Common
Stocks | | $ | 154,530 | | | $ | — | | | $ | 34,551 | | | $ | 11,083 | | | $ | — | | | $ | (200,164 | ) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
Rights | | | — | | | | — | | | | — | | | | 227 | | | | 528 | | | | — | | | | — | | | | — | | | | 755 | | | | 227 | | |
Total | | $ | 154,530 | | | $ | — | | | $ | 34,551 | | | $ | 11,310 | | | $ | 528 | | | $ | (200,164 | ) | | $ | — | | | $ | — | | | $ | 755 | | | $ | 227 | | |
As of October 31, 2024, Level 3 investments were valued by the Company using unadjusted pricing quotes obtained from dealers.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
198
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, 2024:
| | MARKET NEUTRAL
INCOME FUND | | HEDGED EQUITY FUND | | PHINEUS LONG/SHORT FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 11,368,786 | | | $ | 167,482,208 | | | | 595,280 | | | $ | 9,557,857 | | | | 856,803 | | | $ | 13,905,977 | | |
Shares issued as reinvestment of distributions | | | 2,941,311 | | | | 42,399,266 | | | | 6,331 | | | | 96,279 | | | | 71,750 | | | | 1,125,719 | | |
Less shares redeemed | | | (23,129,575 | ) | | | (340,654,222 | ) | | | (591,133 | ) | | | (9,507,009 | ) | | | (1,338,392 | ) | | | (22,046,219 | ) | |
Net increase (decrease) | | | (8,819,478 | ) | | $ | (130,772,748 | ) | | | 10,478 | | | $ | 147,127 | | | | (409,839 | ) | | $ | (7,014,523 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 1,201,706 | | | $ | 17,803,540 | | | | 155,026 | | | $ | 2,398,053 | | | | 176,657 | | | $ | 2,726,879 | | |
Shares issued as reinvestment of distributions | | | 647,553 | | | | 9,368,390 | | | | 1,138 | | | | 16,679 | | | | 21,268 | | | | 317,274 | | |
Less shares redeemed | | | (4,886,185 | ) | | | (72,366,089 | ) | | | (70,739 | ) | | | (1,118,089 | ) | | | (483,837 | ) | | | (7,459,169 | ) | |
Net increase (decrease) | | | (3,036,926 | ) | | $ | (45,194,159 | ) | | | 85,425 | | | $ | 1,296,643 | | | | (285,912 | ) | | $ | (4,415,016 | ) | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 244,219,814 | | | $ | 3,549,871,204 | | | | 11,578,134 | | | $ | 183,422,589 | | | | 13,916,154 | | | $ | 231,314,374 | | |
Shares issued as reinvestment of distributions | | | 42,717,952 | | | | 608,398,454 | | | | 222,318 | | | | 3,455,101 | | | | 1,005,365 | | | | 16,004,859 | | |
Less shares redeemed | | | (232,294,639 | ) | | | (3,375,835,457 | ) | | | (10,815,240 | ) | | | (171,909,014 | ) | | | (15,494,450 | ) | | | (256,151,626 | ) | |
Net increase (decrease) | | | 54,643,127 | | | $ | 782,434,201 | | | | 985,212 | | | $ | 14,968,676 | | | | (572,931 | ) | | $ | (8,832,393 | ) | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 8,856,395 | | | $ | 130,102,966 | | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | 286,413 | | | | 4,083,684 | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (1,776,626 | ) | | | (25,618,179 | ) | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | 7,366,182 | | | $ | 108,568,471 | | | | — | | | $ | — | | | | — | | | $ | — | | |
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199
Notes to Financial Statements
| | MERGER ARBITRAGE
FUND | | CONVERTIBLE FUND | | GLOBAL CONVERTIBLE FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 7,178 | | | $ | 72,668 | | | | 654,702 | | | $ | 13,130,529 | | | | 76,033 | | | $ | 844,618 | | |
Shares issued as reinvestment of distributions | | | 83 | | | | 864 | | | | 225,728 | | | | 4,521,836 | | | | — | | | | — | | |
Less shares redeemed | | | (4,901 | ) | | | (48,271 | ) | | | (2,691,213 | ) | | | (54,153,118 | ) | | | (243,769 | ) | | | (2,750,275 | ) | |
Net increase (decrease) | | | 2,360 | | | $ | 25,261 | | | | (1,810,783 | ) | | $ | (36,500,753 | ) | | | (167,736 | ) | | $ | (1,905,657 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | — | | | $ | — | | | | 85,536 | | | $ | 1,652,466 | | | | 12,942 | | | $ | 134,945 | | |
Shares issued as reinvestment of distributions | | | 43 | | | | 440 | | | | 23,655 | | | | 457,259 | | | | — | | | | — | | |
Less shares redeemed | | | — | | | | — | | | | (492,824 | ) | | | (9,555,893 | ) | | | (102,783 | ) | | | (1,075,359 | ) | |
Net increase (decrease) | | | 43 | | | $ | 440 | | | | (383,633 | ) | | $ | (7,446,168 | ) | | | (89,841 | ) | | $ | (940,414 | ) | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 8,524 | | | $ | 84,198 | | | | 8,920,798 | | | $ | 153,127,130 | | | | 1,861,460 | | | $ | 21,027,856 | | |
Shares issued as reinvestment of distributions | | | 1,134 | | | | 11,740 | | | | 849,883 | | | | 14,538,858 | | | | — | | | | — | | |
Less shares redeemed | | | (13,143 | ) | | | (130,321 | ) | | | (13,338,030 | ) | | | (228,106,900 | ) | | | (3,003,491 | ) | | | (33,422,219 | ) | |
Net increase (decrease) | | | (3,485 | ) | | $ | (34,383 | ) | | | (3,567,349 | ) | | $ | (60,440,912 | ) | | | (1,142,031 | ) | | $ | (12,394,363 | ) | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | — | | | $ | — | | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | — | | | $ | — | | | | — | | | $ | — | | | | — | | | $ | — | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
200
Notes to Financial Statements
| | | TIMPANI SMALL CAP
GROWTH FUND | | TIMPANI SMID
GROWTH FUND | | GROWTH FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 226,875 | | | $ | 6,601,344 | | | | 6,754 | | | $ | 76,739 | | | | 416,659 | | | $ | 16,323,128 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | 1,163,676 | | | | 41,543,231 | | |
Less shares redeemed | | | (259,377 | ) | | | (7,731,742 | ) | | | (23,393 | ) | | | (254,642 | ) | | | (3,680,199 | ) | | | (147,279,733 | ) | |
Net increase (decrease) | | | (32,502 | ) | | $ | (1,130,398 | ) | | | (16,639 | ) | | $ | (177,903 | ) | | | (2,099,864 | ) | | $ | (89,413,374 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 22,458 | | | $ | 685,113 | | | | — | | | $ | — | | | | 55,287 | | | $ | 787,442 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | 90,713 | | | | 1,165,660 | | |
Less shares redeemed | | | (39,599 | ) | | | (1,170,011 | ) | | | — | | | | — | | | | (234,543 | ) | | | (3,335,751 | ) | |
Net increase (decrease) | | | (17,141 | ) | | $ | (484,898 | ) | | | — | | | $ | — | | | | (88,543 | ) | | $ | (1,382,649 | ) | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 2,665,563 | | | $ | 86,190,124 | | | | 157,573 | | | $ | 2,005,298 | | | | 222,825 | | | $ | 13,846,062 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | 149,020 | | | | 8,240,800 | | |
Less shares redeemed | | | (3,032,566 | ) | | | (88,415,980 | ) | | | (58,189 | ) | | | (742,766 | ) | | | (505,487 | ) | | | (30,495,367 | ) | |
Net increase (decrease) | | | (367,003 | ) | | $ | (2,225,856 | ) | | | 99,384 | | | $ | 1,262,532 | | | | (133,642 | ) | | $ | (8,408,505 | ) | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 50,330 | | | $ | 1,436,235 | | | | 866 | | | $ | 10,001 | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (301,711 | ) | | | (10,321,908 | ) | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | (251,381 | ) | | $ | (8,885,673 | ) | | | 866 | | | $ | 10,001 | | | | — | | | $ | — | | |
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201
Notes to Financial Statements
| | | GROWTH AND INCOME FUND | | DIVIDEND GROWTH FUND | | SELECT FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 1,196,840 | | | $ | 53,770,975 | | | | 31,398 | | | $ | 527,087 | | | | 12,171 | | | $ | 244,172 | | |
Shares issued as reinvestment of distributions | | | 1,108,920 | | | | 47,079,608 | | | | 15,751 | | | | 246,667 | | | | 26,877 | | | | 492,652 | | |
Less shares redeemed | | | (4,019,619 | ) | | | (181,990,971 | ) | | | (28,402 | ) | | | (491,497 | ) | | | (76,256 | ) | | | (1,546,475 | ) | |
Net increase (decrease) | | | (1,713,859 | ) | | $ | (81,140,388 | ) | | | 18,747 | | | $ | 282,257 | | | | (37,208 | ) | | $ | (809,651 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 572,048 | | | $ | 25,837,177 | | | | 4,202 | | | $ | 65,764 | | | | 11,757 | | | $ | 202,573 | | |
Shares issued as reinvestment of distributions | | | 73,475 | | | | 3,110,927 | | | | 7,386 | | | | 109,241 | | | | 424 | | | | 6,362 | | |
Less shares redeemed | | | (497,390 | ) | | | (22,785,411 | ) | | | (28,791 | ) | | | (474,497 | ) | | | (1,384 | ) | | | (21,691 | ) | |
Net increase (decrease) | | | 148,133 | | | $ | 6,162,693 | | | | (17,203 | ) | | $ | (299,492 | ) | | | 10,797 | | | $ | 187,244 | | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 5,209,507 | | | $ | 222,844,217 | | | | 113,210 | | | $ | 1,915,917 | | | | 80,149 | | | $ | 1,618,912 | | |
Shares issued as reinvestment of distributions | | | 1,220,248 | | | | 49,386,403 | | | | 22,783 | | | | 358,151 | | | | 72,425 | | | | 1,384,771 | | |
Less shares redeemed | | | (4,584,988 | ) | | | (197,057,096 | ) | | | (86,107 | ) | | | (1,479,247 | ) | | | (162,127 | ) | | | (3,276,757 | ) | |
Net increase (decrease) | | | 1,844,767 | | | $ | 75,173,524 | | | | 49,886 | | | $ | 794,821 | | | | (9,553 | ) | | $ | (273,074 | ) | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 175,394 | | | $ | 7,801,153 | | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | 35,155 | | | | 1,424,653 | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (152,704 | ) | | | (6,705,897 | ) | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | 57,845 | | | $ | 2,519,909 | | | | — | | | $ | — | | | | — | | | $ | — | | |
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202
Notes to Financial Statements
| | | INTERNATIONAL
GROWTH FUND | | EVOLVING WORLD
GROWTH FUND | | GLOBAL EQUITY FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 168,322 | | | $ | 3,510,832 | | | | 443,105 | | | $ | 8,201,986 | | | | 203,859 | | | $ | 3,488,341 | | |
Shares issued as reinvestment of distributions | | | 938 | | | | 17,518 | | | | 6,778 | | | | 111,021 | | | | — | | | | — | | |
Less shares redeemed | | | (437,964 | ) | | | (9,068,919 | ) | | | (767,354 | ) | | | (13,892,405 | ) | | | (276,914 | ) | | | (4,530,450 | ) | |
Net increase (decrease) | | | (268,704 | ) | | $ | (5,540,569 | ) | | | (317,471 | ) | | $ | (5,579,398 | ) | | | (73,055 | ) | | $ | (1,042,109 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 4,866 | | | $ | 80,675 | | | | 56,428 | | | $ | 973,650 | | | | 46,185 | | | $ | 619,223 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (23,942 | ) | | | (397,299 | ) | | | (137,214 | ) | | | (2,202,197 | ) | | | (18,495 | ) | | | (232,881 | ) | |
Net increase (decrease) | | | (19,076 | ) | | $ | (316,624 | ) | | | (80,786 | ) | | $ | (1,228,547 | ) | | | 27,690 | | | $ | 386,342 | | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 1,803,714 | | | $ | 38,296,503 | | | | 3,930,692 | | | $ | 71,293,442 | | | | 1,853,759 | | | $ | 32,503,834 | | |
Shares issued as reinvestment of distributions | | | 24,080 | | | | 469,792 | | | | 107,538 | | | | 1,776,534 | | | | 4,894 | | | | 70,910 | | |
Less shares redeemed | | | (2,137,486 | ) | | | (45,196,763 | ) | | | (7,680,617 | ) | | | (134,631,638 | ) | | | (1,464,274 | ) | | | (25,382,223 | ) | |
Net increase (decrease) | | | (309,692 | ) | | $ | (6,430,468 | ) | | | (3,642,387 | ) | | $ | (61,561,662 | ) | | | (394,379 | ) | | $ | 7,192,521 | | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 128,939 | | | $ | 2,800,691 | | | | — | | | $ | — | | | | 3,673 | | | $ | 57,025 | | |
Shares issued as reinvestment of distributions | | | 1,111 | | | | 21,914 | | | | — | | | | — | | | | 13 | | | | 193 | | |
Less shares redeemed | | | (136,127 | ) | | | (3,058,301 | ) | | | — | | | | — | | | | (6,745 | ) | | | (99,281 | ) | |
Net increase (decrease) | | | (6,077 | ) | | $ | (235,696 | ) | | | — | | | $ | — | | | | (3,059 | ) | | $ | (42,063 | ) | |
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203
Notes to Financial Statements
| | GLOBAL
OPPORTUNITIES FUND | | INTERNATIONAL
SMALL CAP
GROWTH FUND | | TOTAL RETURN
BOND FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 369,156 | | | $ | 4,443,660 | | | | 43,751 | | | $ | 449,013 | | | | 148,915 | | | $ | 1,361,852 | | |
Shares issued as reinvestment of distributions | | | 35,355 | | | | 403,190 | | | | — | | | | — | | | | 45,261 | | | | 404,288 | | |
Less shares redeemed | | | (1,359,822 | ) | | | (15,966,735 | ) | | | (2,933 | ) | | | (29,250 | ) | | | (313,951 | ) | | | (2,810,577 | ) | |
Net increase (decrease) | | | (955,311 | ) | | $ | (11,119,885 | ) | | | 40,818 | | | $ | 419,763 | | | | (119,775 | ) | | $ | (1,044,437 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 416,328 | | | $ | 4,123,652 | | | | — | | | $ | — | | | | 4,236 | | | $ | 37,432 | | |
Shares issued as reinvestment of distributions | | | 1,484 | | | | 13,121 | | | | — | | | | — | | | | 895 | | | | 7,985 | | |
Less shares redeemed | | | (207,710 | ) | | | (1,961,991 | ) | | | — | | | | — | | | | (21,344 | ) | | | (187,072 | ) | |
Net increase (decrease) | | | 210,102 | | | $ | 2,174,782 | | | | — | | | $ | — | | | | (16,213 | ) | | $ | (141,655 | ) | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 3,749,569 | | | $ | 47,649,747 | | | | 227,970 | | | $ | 2,290,708 | | | | 1,920,946 | | | $ | 17,339,238 | | |
Shares issued as reinvestment of distributions | | | 75,066 | | | | 914,397 | | | | — | | | | — | | | | 112,618 | | | | 1,004,378 | | |
Less shares redeemed | | | (2,124,646 | ) | | | (26,159,466 | ) | | | (9,140 | ) | | | (95,316 | ) | | | (2,260,628 | ) | | | (19,825,770 | ) | |
Net increase (decrease) | | | 1,699,989 | | | $ | 22,404,678 | | | | 218,830 | | | $ | 2,195,392 | | | | (227,064 | ) | | $ | (1,482,154 | ) | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | — | | | $ | — | | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | — | | | $ | — | | | | — | | | $ | — | | | | — | | | $ | — | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
204
Notes to Financial Statements
| | | HIGH INCOME
OPPORTUNITIES FUND | | SHORT-TERM BOND FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 176,799 | | | $ | 1,365,012 | | | | 67,362 | | | $ | 638,645 | | |
Shares issued as reinvestment of distributions | | | 214,152 | | | | 1,641,875 | | | | 17,501 | | | | 166,016 | | |
Less shares redeemed | | | (359,668 | ) | | | (2,762,597 | ) | | | (62,207 | ) | | | (588,356 | ) | |
Net increase (decrease) | | | 31,283 | | | $ | 244,290 | | | | 22,656 | | | $ | 216,305 | | |
Class C | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | 2,644 | | | | 21,765 | | | | — | | | | — | | |
Less shares redeemed | | | (14,220 | ) | | | (117,863 | ) | | | — | | | | — | | |
Net increase (decrease) | | | (11,576 | ) | | $ | (96,098 | ) | | | — | | | $ | — | | |
Class I | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 632,522 | | | $ | 4,769,922 | | | | 930,072 | | | $ | 8,824,824 | | |
Shares issued as reinvestment of distributions | | | 72,400 | | | | 555,457 | | | | 143,369 | | | | 1,358,530 | | |
Less shares redeemed | | | (566,221 | ) | | | (4,262,179 | ) | | | (1,019,289 | ) | | | (9,680,929 | ) | |
Net increase (decrease) | | | 138,701 | | | $ | 1,063,200 | | | | 54,152 | | | $ | 502,425 | | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | — | | | $ | — | | | | — | | | $ | — | | |
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205
Notes to Financial Statements
The following table summarizes the activity in capital shares of the Funds for the Year ended October 31, 2023.
| | | MARKET NEUTRAL
INCOME FUND | | HEDGED EQUITY FUND | | PHINEUS LONG/SHORT FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 12,170,301 | | | $ | 174,881,045 | | | | 314,123 | | | $ | 4,355,061 | | | | 1,406,590 | | | $ | 21,423,583 | | |
Shares issued as reinvestment of distributions | | | 867,511 | | | | 12,393,537 | | | | 13,915 | | | | 186,843 | | | | — | | | | — | | |
Less shares redeemed | | | (34,288,966 | ) | | | (491,435,483 | ) | | | (1,151,110 | ) | | | (15,663,173 | ) | | | (860,503 | ) | | | (13,143,169 | ) | |
Net increase (decrease) | | | (21,251,154 | ) | | $ | (304,160,901 | ) | | | (823,072 | ) | | $ | (11,121,269 | ) | | | 546,087 | | | $ | 8,280,414 | | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 1,141,139 | | | $ | 16,548,973 | | | | 153,444 | | | $ | 2,068,519 | | | | 410,144 | | | $ | 5,943,464 | | |
Shares issued as reinvestment of distributions | | | 112,172 | | | | 1,605,256 | | | | 1,760 | | | | 22,724 | | | | — | | | | — | | |
Less shares redeemed | | | (6,048,533 | ) | | | (87,408,980 | ) | | | (135,503 | ) | | | (1,826,078 | ) | | | (364,773 | ) | | | (5,312,518 | ) | |
Net increase (decrease) | | | (4,795,222 | ) | | $ | (69,254,751 | ) | | | 19,701 | | | $ | 265,165 | | | | 45,371 | | | $ | 630,946 | | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 187,447,512 | | | $ | 2,661,213,488 | | | | 12,788,661 | | | $ | 176,576,502 | | | | 25,949,835 | | | $ | 402,905,403 | | |
Shares issued as reinvestment of distributions | | | 13,110,726 | | | | 185,267,214 | | | | 340,304 | | | | 4,617,784 | | | | 15,148 | | | | 228,127 | | |
Less shares redeemed | | | (390,304,518 | ) | | | (5,518,414,072 | ) | | | (17,426,092 | ) | | | (238,014,016 | ) | | | (17,828,557 | ) | | | (276,737,270 | ) | |
Net increase (decrease) | | | (189,746,280 | ) | | $ | (2,671,933,370 | ) | | | (4,297,127 | ) | | $ | (56,819,730 | ) | | | 8,136,426 | | | $ | 126,396,260 | | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 483,417 | | | $ | 6,918,049 | | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | 34,210 | | | | 484,970 | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (349,530 | ) | | | (4,991,947 | ) | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | 168,097 | | | $ | 2,411,072 | | | | — | | | $ | — | | | | — | | | $ | — | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
206
Notes to Financial Statements
| | | MERGER ARBITRAGE
FUND(a) | | CONVERTIBLE FUND | | GLOBAL CONVERTIBLE FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 10,000 | | | $ | 100,000 | | | | 1,504,705 | | | $ | 28,823,555 | | | | 124,764 | | | $ | 1,288,444 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | 114,111 | | | | 2,150,596 | | | | 2,291 | | | | 24,156 | | |
Less shares redeemed | | | — | | | | — | | | | (4,068,962 | ) | | | (77,321,899 | ) | | | (398,849 | ) | | | (3,990,708 | ) | |
Net increase (decrease) | | | 10,000 | | | $ | 100,000 | | | | (2,450,146 | ) | | $ | (46,347,748 | ) | | | (271,794 | ) | | $ | (2,678,108 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 10,000 | | | $ | 100,000 | | | | 302,944 | | | $ | 5,602,479 | | | | 17,911 | | | $ | 175,953 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | 7,504 | | | | 135,456 | | | | — | | | | — | | |
Less shares redeemed | | | — | | | | — | | | | (824,838 | ) | | | (15,151,925 | ) | | | (116,401 | ) | | | (1,146,474 | ) | |
Net increase (decrease) | | | 10,000 | | | $ | 100,000 | | | | (514,390 | ) | | $ | (9,413,990 | ) | | | (98,490 | ) | | $ | (970,521 | ) | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 191,530 | | | $ | 1,910,468 | | | | 13,481,446 | | | $ | 219,294,017 | | | | 4,281,532 | | | $ | 43,701,747 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | 499,000 | | | | 8,054,555 | | | | 44,862 | | | | 474,411 | | |
Less shares redeemed | | | — | | | | — | | | | (20,730,117 | ) | | | (336,215,159 | ) | | | (5,705,217 | ) | | | (57,441,972 | ) | |
Net increase (decrease) | | | 191,530 | | | $ | 1,910,468 | | | | (6,749,671 | ) | | $ | (108,866,587 | ) | | | (1,378,823 | ) | | $ | (13,265,814 | ) | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | — | | | $ | — | | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | — | | | $ | — | | | | — | | | $ | — | | | | — | | | $ | — | | |
(a) Calamos Merger Arbitrage Fund commenced operations on September 29, 2023.
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Notes to Financial Statements
| | | TIMPANI SMALL CAP
GROWTH FUND | | TIMPANI SMID
GROWTH FUND | | GROWTH FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 213,781 | | | $ | 5,334,892 | | | | 9,599 | | | $ | 91,993 | | | | 448,404 | | | $ | 13,637,659 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (292,028 | ) | | | (7,283,307 | ) | | | (2,244 | ) | | | (22,479 | ) | | | (3,825,623 | ) | | | (118,160,284 | ) | |
Net increase (decrease) | | | (78,247 | ) | | $ | (1,948,415 | ) | | | 7,355 | | | $ | 69,514 | | | | (3,377,219 | ) | | $ | (104,522,625 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 32,966 | | | $ | 836,452 | | | | — | | | $ | — | | | | 46,362 | | | $ | 573,172 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (35,311 | ) | | | (899,810 | ) | | | — | | | | — | | | | (405,713 | ) | | | (4,801,705 | ) | |
Net increase (decrease) | | | (2,345 | ) | | $ | (63,358 | ) | | | — | | | $ | — | | | | (359,351 | ) | | $ | (4,228,533 | ) | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 2,812,358 | | | $ | 72,418,856 | | | | 168,329 | | | $ | 1,662,934 | | | | 230,544 | | | $ | 10,893,185 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (5,200,522 | ) | | | (133,471,595 | ) | | | (96,521 | ) | | | (925,541 | ) | | | (664,396 | ) | | | (30,871,397 | ) | |
Net increase (decrease) | | | (2,388,164 | ) | | $ | (61,052,739 | ) | | | 71,808 | | | $ | 737,393 | | | | (433,852 | ) | | $ | (19,978,212 | ) | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 290,165 | | | $ | 7,218,285 | | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (41,692 | ) | | | (1,081,342 | ) | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | 248,473 | | | $ | 6,136,943 | | | | — | | | $ | — | | | | — | | | $ | — | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
208
Notes to Financial Statements
| | | GROWTH AND INCOME FUND | | DIVIDEND GROWTH FUND | | SELECT FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 1,395,701 | | | $ | 55,123,038 | | | | 66,886 | | | $ | 934,201 | | | | 21,923 | | | $ | 357,049 | | |
Shares issued as reinvestment of distributions | | | 1,105,036 | | | | 41,224,918 | | | | 1,525 | | | | 20,483 | | | | 18,659 | | | | 285,851 | | |
Less shares redeemed | | | (3,785,998 | ) | | | (149,024,604 | ) | | | (92,888 | ) | | | (1,322,079 | ) | | | (86,039 | ) | | | (1,415,180 | ) | |
Net increase (decrease) | | | (1,285,261 | ) | | $ | (52,676,648 | ) | | | (24,477 | ) | | $ | (367,395 | ) | | | (45,457 | ) | | $ | (772,280 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 333,444 | | | $ | 13,342,934 | | | | 26,870 | | | $ | 371,068 | | | | 1,006 | | | $ | 14,390 | | |
Shares issued as reinvestment of distributions | | | 72,707 | | | | 2,706,158 | | | | 364 | | | | 4,659 | | | | 347 | | | | 4,429 | | |
Less shares redeemed | | | (567,882 | ) | | | (22,558,728 | ) | | | (29,170 | ) | | | (409,286 | ) | | | (5,508 | ) | | | (75,176 | ) | |
Net increase (decrease) | | | (161,731 | ) | | $ | (6,509,636 | ) | | | (1,936 | ) | | $ | (33,559 | ) | | | (4,155 | ) | | $ | (56,357 | ) | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 3,530,219 | | | $ | 132,943,429 | | | | 179,291 | | | $ | 2,720,520 | | | | 91,036 | | | $ | 1,481,648 | | |
Shares issued as reinvestment of distributions | | | 1,131,090 | | | | 40,224,840 | | | | 3,110 | | | | 41,829 | | | | 46,957 | | | | 747,078 | | |
Less shares redeemed | | | (5,335,877 | ) | | | (198,352,324 | ) | | | (416,596 | ) | | | (5,901,420 | ) | | | (187,861 | ) | | | (3,079,292 | ) | |
Net increase (decrease) | | | (674,568 | ) | | $ | (25,184,055 | ) | | | (234,195 | ) | | $ | (3,139,071 | ) | | | (49,868 | ) | | $ | (850,566 | ) | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 338,993 | | | $ | 12,207,180 | | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | 21,604 | | | | 774,460 | | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | (71,796 | ) | | | (2,665,015 | ) | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | 288,801 | | | $ | 10,316,625 | | | | — | | | $ | — | | | | — | | | $ | — | | |
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Notes to Financial Statements
| | | INTERNATIONAL
GROWTH FUND | | EVOLVING WORLD
GROWTH FUND | | GLOBAL EQUITY FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 256,761 | | | $ | 4,451,721 | | | | 565,595 | | | $ | 9,160,185 | | | | 85,674 | | | $ | 1,051,791 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | 16,179 | | | | 255,623 | | | | 70,675 | | | | 795,802 | | |
Less shares redeemed | | | (740,569 | ) | | | (12,753,986 | ) | | | (647,793 | ) | | | (10,312,912 | ) | | | (301,037 | ) | | | (3,670,818 | ) | |
Net increase (decrease) | | | (483,808 | ) | | $ | (8,302,265 | ) | | | (66,019 | ) | | $ | (897,104 | ) | | | (144,688 | ) | | $ | (1,823,225 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 8,311 | | | $ | 119,516 | | | | 25,567 | | | $ | 380,930 | | | | 7,374 | | | $ | 71,977 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | 4,013 | | | | 36,318 | | |
Less shares redeemed | | | (63,336 | ) | | | (912,752 | ) | | | (199,158 | ) | | | (2,937,159 | ) | | | (25,671 | ) | | | (249,212 | ) | |
Net increase (decrease) | | | (55,025 | ) | | $ | (793,236 | ) | | | (173,591 | ) | | $ | (2,556,229 | ) | | | (14,284 | ) | | $ | (140,917 | ) | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 3,281,140 | | | $ | 57,478,839 | | | | 11,322,989 | | | $ | 185,490,477 | | | | 1,150,279 | | | $ | 15,507,044 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | 205,070 | | | | 3,266,770 | | | | 184,546 | | | | 2,188,709 | | |
Less shares redeemed | | | (2,426,078 | ) | | | (43,942,761 | ) | | | (11,733,016 | ) | | | (189,295,685 | ) | | | (402,657 | ) | | | (5,110,431 | ) | |
Net increase (decrease) | | | 855,062 | | | $ | 13,536,078 | | | | (204,957 | ) | | $ | (538,438 | ) | | | 932,168 | | | $ | 12,585,322 | | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 64,500 | | | $ | 1,169,046 | | | | — | | | $ | — | | | | 6,358 | | | $ | 79,421 | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | | | 40 | | | | 477 | | |
Less shares redeemed | | | (49,940 | ) | | | (897,244 | ) | | | — | | | | — | | | | (3 | ) | | | (38 | ) | |
Net increase (decrease) | | | 14,560 | | | $ | 271,802 | | | | — | | | $ | — | | | | 6,395 | | | $ | 79,860 | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
210
Notes to Financial Statements
| | | GLOBAL
OPPORTUNITIES FUND | | INTERNATIONAL
SMALL CAP
GROWTH FUND | | TOTAL RETURN
BOND FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 841,115 | | | $ | 8,263,851 | | | | 4,126 | | | $ | 33,328 | | | | 88,728 | | | $ | 798,909 | | |
Shares issued as reinvestment of distributions | | | 29,808 | | | | 304,335 | | | | 10 | | | | 77 | | | | 49,508 | | | | 438,950 | | |
Less shares redeemed | | | (1,764,946 | ) | | | (17,425,978 | ) | | | (3,113 | ) | | | (24,904 | ) | | | (425,660 | ) | | | (3,801,898 | ) | |
Net increase (decrease) | | | (894,023 | ) | | $ | (8,857,792 | ) | | | 1,023 | | | $ | 8,501 | | | | (287,424 | ) | | $ | (2,564,039 | ) | |
Class C | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 194,062 | | | $ | 1,612,104 | | | | 3,690 | | | $ | 28,189 | | | | 1,794 | | | $ | 16,045 | | |
Shares issued as reinvestment of distributions | | | 781 | | | | 6,767 | | | | 23 | | | | 182 | | | | 1,348 | | | | 11,954 | | |
Less shares redeemed | | | (259,535 | ) | | | (2,157,512 | ) | | | (3,708 | ) | | | (29,884 | ) | | | (27,855 | ) | | | (245,982 | ) | |
Net increase (decrease) | | | (64,692 | ) | | $ | (538,641 | ) | | | 5 | | | $ | (1,513 | ) | | | (24,713 | ) | | $ | (217,983 | ) | |
Class I | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 2,795,086 | | | $ | 28,665,714 | | | | 78,640 | | | $ | 636,833 | | | | 867,270 | | | $ | 7,722,963 | | |
Shares issued as reinvestment of distributions | | | 52,626 | | | | 560,275 | | | | 1,839 | | | | 14,635 | | | | 83,382 | | | | 738,883 | | |
Less shares redeemed | | | (4,470,328 | ) | | | (45,956,185 | ) | | | — | | | | — | | | | (803,160 | ) | | | (7,161,353 | ) | |
Net increase (decrease) | | | (1,622,616 | ) | | $ | (16,730,196 | ) | | | 80,479 | | | $ | 651,468 | | | | 147,492 | | | $ | 1,300,493 | | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | — | | | $ | — | | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | 7 | | | | 56 | | | | — | | | | — | | |
Less shares redeemed | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | — | | | $ | — | | | | 7 | | | $ | 56 | | | | — | | | $ | — | | |
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211
Notes to Financial Statements
| | | HIGH INCOME
OPPORTUNITIES FUND | | SHORT-TERM BOND FUND | |
Class A | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 125,036 | | | $ | 930,176 | | | | 286,429 | | | $ | 2,682,456 | | |
Shares issued as reinvestment of distributions | | | 209,678 | | | | 1,549,071 | | | | 13,227 | | | | 123,782 | | |
Less shares redeemed | | | (504,389 | ) | | | (3,731,630 | ) | | | (150,216 | ) | | | (1,408,916 | ) | |
Net increase (decrease) | | | (169,675 | ) | | $ | (1,252,383 | ) | | | 149,440 | | | $ | 1,397,322 | | |
Class C | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 18,288 | | | $ | 144,615 | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | 3,282 | | | | 25,955 | | | | — | | | | — | | |
Less shares redeemed | | | (25,382 | ) | | | (201,323 | ) | | | — | | | | — | | |
Net increase (decrease) | | | (3,812 | ) | | $ | (30,753 | ) | | | — | | | $ | — | | |
Class I | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | 272,227 | | | $ | 2,016,027 | | | | 1,665,162 | | | $ | 15,595,621 | | |
Shares issued as reinvestment of distributions | | | 69,814 | | | | 515,875 | | | | 144,315 | | | | 1,349,695 | | |
Less shares redeemed | | | (516,836 | ) | | | (3,799,494 | ) | | | (2,181,708 | ) | | | (20,354,338 | ) | |
Net increase (decrease) | | | (174,795 | ) | | $ | (1,267,592 | ) | | | (372,231 | ) | | $ | (3,409,022 | ) | |
Class R6 | | Shares | | Dollars | | Shares | | Dollars | |
Shares sold | | | — | | | $ | — | | | | — | | | $ | — | | |
Shares issued as reinvestment of distributions | | | — | | | | — | | | | — | | | | — | | |
Less shares redeemed | | | — | | | | — | | | | — | | | | — | | |
Net increase (decrease) | | | — | | | $ | — | | | | — | | | $ | — | | |
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
212
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 Merger Arbitrage Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Timpani Small Cap Growth Fund, Calamos Timpani SMID Growth Fund, Calamos Growth Fund, Calamos Growth and Income Fund, Calamos 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 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, 2024; 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, 2024, 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 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 Total Return Bond Fund, Calamos High Income Opportunities Fund, and Calamos Short-Term Bond Fund | | For the year ended October 31, 2024 | | For the years ended October 31, 2024 and 2023 | | For the five years ended October 31, 2024, 2023, 2022, 2021, and 2020 | |
Calamos International Small Cap Growth Fund | | For the year ended October 31, 2024 | | For the years ended October 31, 2024 and 2023 | | For the years ended October 31, 2024 and 2023 and the period from March 31, 2022 (commencement of operations) through October 31, 2022 | |
Calamos Merger Arbitrage Fund | | For the year ended October 31, 2024 | | For the year ended October 31, 2024 and the period from September 29, 2023 (commencement of operations) through October 31, 2023 | | For the year ended October 31, 2024 and the period from September 29, 2023 (commencement of operations) through October 31, 2023 | |
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
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213
Report of Independent Registered Public Accounting Firm
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, 2024, 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 18, 2024
We have served as the auditor of one or more Calamos Advisors LLC investment companies since 2003.
CALAMOS OPEN-END FAMILY OF FUNDS ANNUAL REPORT
214
Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)
The Board of Trustees ("Board" or the "Trustees") of Calamos Investment Trust (the "Trust" and each series of the Trust, a "Fund" and, collectively, the "Funds") 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 27, 2024, 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, 2025, 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 the 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, 2024, 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, 2024 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 older periods.
Calamos Select Fund. The Board considered that the Fund outperformed its custom Category average for the one-, three- and five-year periods, though it underperformed for the ten-year period.
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 all periods other than the three-year period.
Calamos International Small Cap Growth Fund. The Board considered that the Fund outperformed its Category average for all periods.
Calamos Evolving World Growth Fund. The Board considered that the Fund outperformed its Category average for the five- and ten-year periods, though it underperformed for the one- and three-year periods. With respect to the one-year period, the Board considered the Fund's rank in the 55th percentile and that the Fund had beaten its Category average for the year-to-date period. The Board considered the Fund's improving performance, noting further that, as of April 30, 2024, the Fund had outperformed its benchmark for all periods except the three-year and ten-year 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 one-, five- and ten-year periods, though it underperformed for the three- year period. The Board also considered that the Fund ranked in the 55th percentile of its Category average for the year-to-date period, which put it within 15 basis points of the Category average.
Calamos Global Convertible Fund. The Board considered that the Fund outperformed its Category average for the year-to-date and one-year periods, though it underperformed for the older periods. The Board also considered that, as of April 30, 2024, the Fund outperformed its benchmark for the year-to-date and one- and five-year periods. The Board 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 one- and five-year periods and only underperformed peers for the three-year period.
Calamos Total Return Bond Fund. The Board considered that the Fund outperformed its Category average for the three-year period. While the Board noted that the Fund underperformed for the remaining periods, the Board also noted that the Fund has ranked close to the median as follows: 53rd percentile for the one-year period, 54th percentile for the five-year period and 51st percentile for the ten-year period. The Board further considered that the Fund outperformed its benchmark for the year-to-date, one-, three-, five- and ten-year and since inception periods ended April 30, 2024.
Calamos High Income Opportunities Fund. The Board considered that the Fund outperformed its Category average for all periods other than the ten-year period. The Board also considered that the Fund ranked in the 49th percentile and 2nd quartile of its 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 ten-year period, though it underperformed for the remaining periods. The Board also considered, however, that the Fund ranked in the 2nd quartile of its custom Category for the year-to-date and one-, three- and five-year periods; and that the Fund ranked in the 44th, 34th, 30th and 49th percentiles of its custom Category for the year-to-date and one-, three- and five-year periods, respectively. The Board also considered that the Fund outperformed both of its benchmarks for the one-, three-, five-, ten- and since inception periods ended April 30, 2024.
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Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)
Calamos Hedged Equity Fund. The Board considered that the Fund outperformed its Category average for all periods.
Calamos Phineus Long/Short Fund. The Board considered that the Fund outperformed its Category average for the five- and ten-year periods, though it underperformed for the remaining periods. The Board also considered that the Fund outperformed both of its benchmarks for the year-to-date and since inception periods ended April 30, 2024.
Calamos Short-Term Bond Fund. The Board considered that the Fund outperformed its Category average for the three- and five-year periods, though it underperformed for the one-year period. The Board also considered that the Fund ranked in the 48th percentile and 2nd quartile of its Category average for the one-year period. The Board considered that the Fund outperformed both of its benchmarks for the one-, three- and five-year and since inception periods ended April 30, 2024.
Calamos Timpani Small Cap Growth Fund. The Board considered that the Fund outperformed its Category average for the year-to-date and one-year periods, though it underperformed for the remaining periods. The Board also considered that the Fund ranked in the 53rd and 49th percentile of its Category average for the five- and ten-year periods, respectively.
Calamos Timpani SMID Growth Fund. The Board considered that the Fund outperformed its custom Category average for the year-to-date and one-year periods, though it underperformed its custom Category average for the three-year period.
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, other advisory accounts and sub-advisory accounts with comparable investment strategies. The Board took into account that, although the rates of fees paid by institutional clients or for sub-advisory services were generally 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 led 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 adviser 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 reviewed the Fund's expenses in light of its performance record.
Calamos Select 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, 2025 and was currently subsidizing the Fund under this arrangement.
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 reviewed the Fund's expenses in light of the Fund's performance record and level of assets. The Board also considered that the Adviser
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Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)
had contractually agreed to limit Fund expenses through March 1, 2025 and was currently subsidizing the Fund under this arrangement.
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.
Calamos International Small Cap Growth Fund. The Board considered that the Fund's management fee rate is lower than the Fund's Expense Group median, though the Fund's total expense ratio is higher than its Expense Group median. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 31, 2025 and was currently subsidizing the Fund under this arrangement.
Calamos Evolving World 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.
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 considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2025 and was currently subsidizing the Fund under this arrangement.
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. The Board considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2025 and was currently subsidizing the Fund under this arrangement. The Board also considered that the Fund's total expense ratio was only one basis point higher than the Expense Group median.
Calamos Convertible Fund. The Board considered that the Fund's management fee rate is equal to the Fund's Expense Group median, though the Fund's total expense ratio is higher than its Expense Group median. The Board noted that the Fund's total expense ratio was only about one basis point higher the 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 also reviewed the Fund's expenses in light of its more recent performance record.
Calamos Total Return Bond Fund. The Board considered that the Fund's management fee rate is lower than its Expense Group median, though its total expense ratio is higher than its Expense Group median. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2025 and was currently subsidizing the Fund under this arrangement. The Board also reviewed the Fund's expenses in light of its performance record.
Calamos High Income Opportunities Fund. The Board considered that the Fund's management fee rate and total expense ratio are lower than the median of the Fund's Expense Group. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2025 and was currently subsidizing the Fund under this arrangement.
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.
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Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited)
Calamos Short-Term Bond Fund. The Board considered that the Fund's management fee rate is equal to the Fund's Expense Group median, and that the Fund's total expense ratio is lower than its Expense Group median.
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 also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2025 and was currently subsidizing the Fund under this arrangement. The Board also reviewed the Fund's expenses in light of its more recent performance record.
Calamos Timpani SMID 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 total expense ratio is higher than the median of the Fund's Expense Group. The Board considered the Fund's expenses in light of its level of assets and more recent performance record. The Board also considered that the Adviser had contractually agreed to limit Fund expenses through March 1, 2025 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 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.
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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 February 2025, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2024. 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, 2024:
MARKET NEUTRAL
INCOME FUND | | HEDGED EQUITY
FUND | | PHINEUS LONG/SHORT
FUND | | MERGER ARBITRAGE
FUND | |
| $ | 265,804,258 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | |
CONVERTIBLE
FUND | | GLOBAL
CONVERTIBLE FUND | | TIMPANI
SMALL CAP
GROWTH FUND | | TIMPANI SMID
GROWTH FUND | |
| $ | 10,737,844 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | |
GROWTH
FUND | | GROWTH AND
INCOME FUND | | DIVIDEND
GROWTH FUND | | SELECT FUND | |
| $ | 54,359,459 | | | $ | 88,007,410 | | | $ | 676,194 | | | $ | 1,903,922 | | |
INTERNATIONAL
GROWTH FUND | | EVOLVING WORLD
GROWTH FUND | | GLOBAL EQUITY
FUND | | GLOBAL
OPPORTUNITIES FUND | |
| $ | 43 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | |
INTERNATIONAL
SMALL CAP
GROWTH FUND | | TOTAL RETURN
BOND FUND | | HIGH INCOME
OPPORTUNITIES FUND | | SHORT-TERM
BOND FUND | |
| $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | |
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, 2024:
MARKET NEUTRAL
INCOME FUND | | HEDGED EQUITY
FUND | | PHINEUS LONG/SHORT
FUND | | MERGER ARBITRAGE
FUND | |
| $ | 153,683,492 | | | $ | 3,579,087 | | | $ | 17,060,848 | | | $ | 4,392 | | |
CONVERTIBLE
FUND | | GLOBAL
CONVERTIBLE FUND | | TIMPANI
SMALL CAP
GROWTH FUND | | TIMPANI SMID
GROWTH FUND | |
| $ | 2,677,258 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | |
GROWTH
FUND | | GROWTH AND
INCOME FUND | | DIVIDEND
GROWTH FUND | | SELECT FUND | |
| $ | 0 | | | $ | 18,132,723 | | | $ | 117,137 | | | $ | 183,243 | | |
INTERNATIONAL
GROWTH FUND | | EVOLVING WORLD
GROWTH FUND | | GLOBAL EQUITY
FUND | | GLOBAL
OPPORTUNITIES FUND | |
| $ | 760,013 | | | $ | 2,575,103 | | | $ | 278,635 | | | $ | 1,146,789 | | |
INTERNATIONAL
SMALL CAP
GROWTH FUND | | TOTAL RETURN
BOND FUND | | HIGH INCOME
OPPORTUNITIES FUND | | SHORT-TERM
BOND FUND | |
| $ | 3,139 | | | $ | 0 | | | $ | 18,874 | | | $ | 0 | | |
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220
Tax Information (Unaudited)
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, 2024:
MARKET NEUTRAL
INCOME FUND | | HEDGED EQUITY
FUND | | PHINEUS LONG/SHORT
FUND | | MERGER ARBITRAGE
FUND | |
| | 29.7 | % | | | 100.0 | % | | | 68.2 | % | | | 26.5 | % | |
CONVERTIBLE
FUND | | GLOBAL
CONVERTIBLE FUND | | TIMPANI
SMALL CAP
GROWTH FUND | | TIMPANI SMID
GROWTH FUND | |
| | 27.2 | % | | | 0 | % | | | 0 | % | | | 0 | % | |
GROWTH
FUND | | GROWTH AND
INCOME FUND | | DIVIDEND
GROWTH FUND | | SELECT FUND | |
| | 0 | % | | | 100.0 | % | | | 100.0 | % | | | 72.1 | % | |
INTERNATIONAL
GROWTH FUND | | EVOLVING WORLD
GROWTH FUND | | GLOBAL EQUITY
FUND | | GLOBAL
OPPORTUNITIES FUND | |
| | 0 | % | | | 5.3 | % | | | 16.0 | % | | | 54.7 | % | |
INTERNATIONAL
SMALL CAP
GROWTH FUND | | TOTAL RETURN
BOND FUND | | HIGH INCOME
OPPORTUNITIES FUND | | SHORT-TERM
BOND FUND | |
| | 0 | % | | | 0 | % | | | 0.7 | % | | | 0 | % | |
At October 31, 2024, 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 2019 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.
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Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
1. Aggregate remuneration paid to all trustees by Calamos Investment Trust for the period covered by the report is shown in the Statement of Operation included as part of the financial statements filed under item 7 of the N-CSR. Such remuneration only is paid to independent (“non-interested”) trustees. John P. Calamos, Sr., the trustee who is an “interested person” of the Calamos Investment Trust, does not receive remuneration for services provided to the Calamos Investment Trust.
2. Not applicable.
3. Mark J. Mickey, Chief Compliance Officer of the Calamos Investment Trust, is the only officer who receives compensation from the Calamos Investment Trust. Aggregate remuneration paid to Mr. Mickey by Calamos Investment Trust for the period covered by the report is shown in the Statement of Operation included as part of the financial statements filed under item 7 of the N-CSR.
4. Not applicable.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.
Statement Regarding Basis for Approval of Investment Advisory Contracts – Included as part of the financial statements filed under Item 7 of the N-CSR.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Trustees.
Item 16: 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 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19: Exhibits.
(a)(1) Code of Ethics.
(a)(2) Not applicable
(a)(3)(i) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3)(ii) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
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.
(a)(4) Not applicable
(a)(5) Not applicable
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 26, 2024 | |
| By: | /s/ Thomas E. Herman | |
| Name: | Thomas E. Herman | |
| Title: | Principal Financial Officer | |
| Date: | December 26, 2024 | |
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 26, 2024 | |
| By: | /s/ Thomas E. Herman | |
| Name: | Thomas E. Herman | |
| Title: | Principal Financial Officer | |
| Date: | December 26, 2024 | |
