Calamos Investment Trust NCSRS Certified semi-annual shareholder report (management investment company)

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., President, 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, 2015

DATE OF REPORTING PERIOD: November 1, 2014 through April 30, 2015

Item 1. Report to Shareholders

LOGO

Experience and Foresight

About Calamos Investments

For over 35 years, we have helped investors like you manage and build wealth to meet long-term objectives. Because investors have different time horizons, risk tolerances and goals, we offer funds to suit a variety of asset allocation needs. Our 19 mutual funds include equity, fixed income, convertible and alternative funds. We offer U.S. funds as well as global and international choices.

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

We believe an active, risk-conscious approach is essential for wealth creation. In the 1970s, we pioneered the use of convertible securities as a means to control risk in volatile markets. We followed with strategies that combine convertibles and stocks, with the aim of participating in equity market upside with potentially less volatility than an all-stock portfolio. In the 1990s, we introduced our first stock fund, which invests in growth companies both large and small. Across our funds, our investment process seeks to manage risk at multiple levels and draws upon our experience investing through many market cycles. In a rapidly changing environment, we believe that this active management is essential.

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

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


TABLE OF CONTENTS
Letter to Shareholders			1
The Funds
Calamos Growth Fund			4
Calamos Opportunistic Value Fund			7
Calamos Focus Growth Fund			10
Calamos Discovery Growth Fund			13
Calamos Dividend Growth Fund			16
Calamos Mid Cap Growth Fund			19
Calamos International Growth Fund			22
Calamos Evolving World Growth Fund			26
Calamos Emerging Market Equity Fund			30
Calamos Global Equity Fund			33
Calamos Growth and Income Fund			36
Calamos Global Growth and Income Fund			41
Calamos Convertible Fund			46
Calamos Global Convertible Fund			51
Calamos Total Return Bond Fund			54
Calamos High Income Fund			56
Calamos Market Neutral Income Fund			59
Calamos Hedged Equity Income Fund			62
Calamos Long/Short Fund			64
Expense Overview			67
Schedules of Investments			71
Statements of Assets and Liabilities			137
Statements of Operations			141
Statements of Changes In Net Assets			145
Notes to Financial Statements			152
Financial Highlights			188
Report of Independent Registered Public Accounting Firm			245
Trustee Approval of Management Agreement			246

Letter to Shareholders

LOGO

JOHN P. CALAMOS, SR.

CEO and Global Co-CIO

Dear Fellow Shareholder:

Welcome to your semiannual report for the six-month period ended April 30, 2015. In this report, you will find commentary from the management teams of the Calamos Funds, as well as a listing of portfolio holdings, financial statements and highlights, and detailed information about each Fund’s performance and positioning.

Market Review

Stocks advanced during the reporting period, surmounting headwinds related to energy prices, unrest in Ukraine, political wrangling in the euro zone, global growth rates, and the potential impact of a strengthening dollar. In the U.S., unemployment continued to fall, the Federal Reserve maintained accommodative monetary policy, and corporate profits remained healthy. Outside the U.S., positive economic surprises in Europe and Japan boosted investor sentiment. Markets responded favorably to the European Central Bank’s decision to move forward with quantitative easing as well as to Japan’s concerted and coordinated efforts to promote economic recovery.

The MSCI World Index, a measure of stocks from developed markets, returned 5.38% for the six-month period. Growth stocks outperformed, with the MSCI World Growth Index gaining 7.49%. In the U.S., stocks extended their bull market run, with the S&P 500 Index advancing 4.40%. Investors also demonstrated a preference for growth stocks, with the Russell 3000 Growth Index returning 6.59%, versus the Russell 3000 Value Index, up 2.82%. Emerging market equities gained 4.04%, as measured by the MSCI Emerging Markets Index.

Convertible securities, which combine attributes of stocks and fixed income securities, captured a substantial measure of the stock market’s gains. U.S. convertibles advanced 3.64%, as measured by the BofA Merrill Lynch All U.S. Convertibles ex-Mandatory Index, and global convertibles gained 4.11%, as measured by the BofA Merrill Lynch Global 300 Convertible Index. The U.S. bond market produced more muted returns, with the Barclays U.S. Aggregate Bond Index rising 2.06%.

Outlook

Our team is optimistic about the global markets and the prospects for stocks and convertible securities. We see especially attractive potential for growth-oriented


		www.calamos.com			1

Letter to Shareholders

companies—the focus of many of our funds, including our flagship Calamos Growth Fund (page 4) and Calamos International Growth Fund (page 22), which marked its 10-year anniversary during the reporting period.

Although the U.S. economy grew slowly during the first quarter of the year—due in large measure to unseasonably cold weather and turmoil in the energy sector—we believe the U.S. can resume its steady expansion for the remainder of 2015, if energy prices continue to stabilize, inflation remains contained, and the Federal Reserve maintains its accommodative stance. We also expect the global economy to expand in 2015, benefiting from ranging factors including central bank policy in the euro zone, Japan, and select emerging markets.

Looking beyond stocks and convertibles, we are concerned about the potential risks associated with oversized allocations to traditional fixed-income securities, as history has shown that interest rates can rise quickly. We believe investors should work proactively with their financial advisors to ensure appropriate diversification, which may include convertibles strategies and liquid alternative strategies. As a starting point for your discussions, you may wish to review the commentaries for two of our newer offerings, Calamos Global Convertible Fund (page 51) and Calamos Hedged Equity Income Fund (page 62).

While we see a good deal of opportunity, this is an environment where active management, rigorous research and keen awareness of risk will be important drivers of success. We anticipate market volatility will persist as investors respond to the activities of central banks (particularly those of the Federal Reserve), as well as geopolitical uncertainties. We believe that our disciplined, tested, and fundamentally driven approach will serve the Funds well.

In closing, I invite you to visit us at www.calamos.com. We’re continually updating our site with thought leadership, blogs and commentary designed to help you and your financial advisor decide which opportunities are most appropriate for you.

On behalf of all of us at Calamos Investments, I thank you for your trust. We are honored you have chosen us to help you pursue your investment goals.

Sincerely,

LOGO

John P. Calamos, Sr.

CEO and Global Co-CIO


2		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Letter to Shareholders

Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800.582.6959. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The MSCI World Index is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. The MSCI World Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across 23 developed markets countries. The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. The Russell 3000 Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index considered broadly representative of emerging market equity performance. The index represents companies within the constituent emerging markets that are available to investors worldwide. The BofA Merrill Lynch All U.S. Convertibles Ex-Mandatory Index represents the U.S. convertible securities market excluding mandatory convertibles. The BofA Merrill Lynch Global 300 Convertible Index is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. The Barclays U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. Sources: Lipper, Inc.; Morningstar.

Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. Investments in overseas markets pose special risks, including currency fluctuation and political risks. These risks are generally intensified for investments in emerging markets. Countries, regions, and sectors mentioned are presented to illustrate countries, regions, and sectors in which a fund may invest. Fund holdings are subject to change daily. The Funds are actively managed.

The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable. There are certain risks involved with investing in convertible securities in addition to market risk, such as call risk, dividend risk, liquidity risk and default risk, that should be carefully considered prior to investing. This information is being provided for informational purposes only and should not be considered investment advice or an offer to buy or sell any security in the portfolio.

This report is intended for informational purposes only and should not be considered investment advice.


		www.calamos.com			3

Calamos Growth Fund

OVERVIEW

The Fund invests in the equities of U.S. companies with a range of market capitalizations that we believe offer the best potential for growth.

KEY FEATURES

Utilize more than two decades of extensive research experience in growth investing

Active management with a focus on top-down views and bottom-up fundamentals

Research-driven approach identifies opportunities by combining top-down analysis and a research focus on key growth characteristics

PORTFOLIO FIT

This actively managed Fund seeks to provide attractive returns through its emphasis on higher-growth companies primarily in large and mid cap arenas.


FUND NASDAQ SYMBOLS
A Shares		CVGRX
B Shares		CVGBX
C Shares		CVGCX
I Shares		CGRIX
R Shares		CGRRX


FUND CUSIP NUMBERS
A Shares		128119302
B Shares		128119740
C Shares		128119856
I Shares		128119807
R Shares		128119435

CALAMOS GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund returned 6.27% (Class A shares at net asset value) versus the Russell 3000 Growth Index gain of 6.59%. For the same period the S&P 500 Index rose 4.40% and the Russell Midcap Growth Index returned 7.77%.

The Fund’s strong absolute results, which outperformed by 95 basis points the average return of peers in the Morningstar Large Growth category, reflected the strength of the growth equity market. We remain especially bullish on growth stocks as we believe earnings growth remains solidly positive and corporate earnings will continue to expand. We feel we have entered a growth regime, and recent market performance has aligned with our view. In the first quarter of 2015, growth stocks led value by 460 basis points, a spread not seen since the first quarter of 2009.

Since its inception on September 4, 1990, the Fund has returned 13.52% on an annualized basis (Class A shares at net asset value), demonstrating its ability to outdistance the growth and broad indices over full market cycles. Over the same period, the Russell 3000 Growth Index returned 9.55%, while the S&P 500 Index and the Russell Midcap Growth Index returned 10.14% and 11.21%, respectively.

What factors influenced performance over the period?

The U.S. equity market continues to be buoyed by solid corporate performance, benign inflation and the prospect of a slower path to interest rate increases. Our use of both cyclical and secular themes supports our stance that we are in the mid-stages of the business cycle, and this approach worked well for the Fund during the period.

Selection in financials contributed to performance versus the Russell 3000 Growth Index. Holdings in the asset management, custody banks and regional banks industries were especially strong. An underweight and selection within the consumer staples sector also added value. In particular, positioning and holdings within the tobacco and drug retail industries contributed to performance.

Although the Fund’s overweight to consumer discretionary was positive, selection held back relative performance. We believe the sector continues to benefit from an improving housing industry and sustained positive consumer sentiment. Selection in energy hampered performance. As we believe oil and gas prices could remain lower for an extended period, we remain underweight and will be selective moving forward.

How is the Fund positioned?

In this all-cap growth equity Fund, we seek to invest in U.S. companies that we believe have the best prospects for sustainable and high relative growth. The Fund offers a diversified approach and participates in long-term growth trends by focusing on companies with solid fundamentals, global brands, strong growth catalysts and attractive valuations.

We continue to actively manage our sector exposures in conjunction with our fundamental, bottom-up research. Our research points us to opportunities within the


4		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth Fund

technology, consumer discretionary and health care sectors, and the Fund is positioned as such. Overall, changes to sector weights were modest during the period. We added to the consumer discretionary sector by virtue of improving fundamentals and growth prospects as well as security-specific factors. For example, we added names from the general merchandise stores, apparel, accessories and luxury goods, and restaurants industries. On the other hand, we marginally reduced the Fund’s stake in consumer staples, industrials and financials. We sold companies marked by declining growth catalysts, deteriorating fundamentals and valuation concerns.

At period end, the Fund’s largest allocations in absolute terms included the information technology and consumer discretionary sectors. Relative to the Russell 3000 Growth Index, the portfolio’s largest overweight was in information technology, and its largest underweight was in consumer staples.

What closing thoughts do you have for Fund shareholders?

With the Fed likely to hold off on raising interest rates until later this year, we believe stock prices should continue their upward trend, though experiencing periodic bouts of volatility. With earnings yields still far in excess of long-term borrowing costs, it’s our belief that record merger and acquisition and buyback activity will likely continue. We remain bullish on equities, and particularly growth equities, where valuations remain attractive on a number of our favored measures. We believe the current growth regime is similar to 1995 – 1999, supported by low inflation, high cash levels and high innovation. We favor companies with strong growth catalysts, improving fundamentals and solid balance sheets. That mindset leads us to favor the information technology, consumer discretionary and health care sectors, while we remain underweight to consumer staples and materials.


SECTOR WEIGHTINGS
Information Technology	31.5	%
Consumer Discretionary	20.4
Health Care	15.5
Industrials	11.8
Financials	6.2
Energy	4.6
Consumer Staples	3.4

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

ANNUALIZED RETURN: SINCE INCEPTION (9/4/90) THROUGH 4/30/15

LOGO

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%—had it been included, the Fund’s return would have been lower. The Fund also offers Class B, Class C, Class I and Class R shares, the performance of which may vary. Source: State Street Corporation and Lipper, Inc.


		www.calamos.com			5

Calamos Growth Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/4/90
Without Sales Charge		6.27	%		16.75	%		11.34	%		7.67	%
With Sales Charge		1.23			11.19			10.26			7.15
Class B Shares – Inception 9/11/00
Without Sales Charge		5.89			15.87			10.51			7.03
With Sales Charge		1.70			11.29			10.28			7.03
Class C Shares – Inception 9/3/96
Without Sales Charge		5.90			15.89			10.51			6.87
With Sales Charge		5.10			15.01			10.51			6.87
Class I Shares – Inception 9/18/97		6.40			17.03			11.62			7.94
Class R Shares – Inception 3/1/07		6.15			16.46			11.06			6.40	^

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

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.29%; Class B and C shares is 2.04%; Class I shares is 1.04%; Class R shares is 1.54%.

†

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

NOTES:

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

The Russell 3000^® Growth Index measures the performance of companies with higher price-to-book ratios and higher forecasted growth values. Index data shown for the Annualized Return Since Inception graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Annualized Return Since Inception graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

The Russell Midcap^® Growth Index measures the performance of mid-sized companies with growth characteristics. Index data shown for the Annualized Return Since Inception graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

Morningstar Large Growth category funds invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields). Most of these funds focus on companies in rapidly expanding industries.

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


6		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Opportunistic Value Fund

CALAMOS OPPORTUNISTIC VALUE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund dipped 0.10% (Class A shares at net asset value) versus a 2.89% gain for the Russell 1000 Value Index.

This core value equity option invests in U.S. companies that we believe are undervalued according to certain financial measurements of their intrinsic values. We focus on companies with higher-quality attributes, such as high margins and cash flow growth, with reasonable stock prices. Our goal is to purchase companies that are battered but not broken, with potential catalysts to lead their stock prices higher.

Since its inception on January 2, 2002, the Fund has returned 5.19% on an annualized basis (Class A shares at net asset value) versus 7.39% for the Russell 1000 Value Index.

What factors influenced performance?

An overweight to and stock selection in consumer discretionary contributed to returns in the period. Holdings within both the movies and entertainment industry and the auto parts and equipment industry posted especially strong gains. Selection within consumer staples added to performance. Specifically, holdings within the drug retail and tobacco industries contributed to return.

The Fund’s average overweight to energy detracted from return, as this was the worst-performing sector during the period. We gradually reduced the Fund’s energy allocation throughout the time period and finished at a slight underweight. Although the Fund’s overweight to health care added value, stock selection, specifically holdings within health care services and pharmaceuticals, underperformed.

How is the Fund positioned?

The Fund seeks to identify attractively valued out of favor stocks or mispriced companies with good future business prospects. In essence, the Fund’s positioning reflects good businesses trading at value prices.

We continue to actively manage our sector exposures in conjunction with our fundamental, bottom-up research. Our research points us toward opportunities within the financials and health care sectors, and the Fund is positioned as such. Among selected changes in the period, we added to the Fund’s weights in the utilities, information technology and industrials sectors. These moves were made in part to bring underweight allocations up to market-equivalent levels within the respective sectors. In the case of technology, however, we moved to a slight overweight stance given attractive prospects within the sector. From a bottom-up perspective, we added holdings in response to improving fundamentals and favorable valuations as well as security-specific factors, such as attractive future business prospects. On the flipside, Fund positioning was reduced within the energy sector. We sold companies marked by declining profitability, deteriorating fundamentals and valuation concerns. Broadly, these moves were made to reduce a large overweight allocation to a slight underweight stance.

OVERVIEW

The Fund invests in the equities of small, midsize and large U.S. companies that we believe are undervalued according to certain financial measurements of their intrinsic values.

KEY FEATURES

Bottom-up stock picking and benchmark agnostic approach with a focus on good businesses with solid cash flow trading at value prices

Trading focus where positions are frequently monitored, investment assumptions are often questioned, and losing investments are quickly sold to protect capital

Options strategies to potentially generate income and lower risk

PORTFOLIO FIT

The Fund is a core value equity option that may balance a growth allocation and complement other value strategies. Our flexibility in analyzing all companies regardless of sector helps us avoid the cyclicality inherent in a deep value strategy or a momentum growth strategy over full market cycles.


FUND NASDAQ SYMBOLS
A Shares		CVAAX
B Shares		CVABX
C Shares		CVACX
I Shares		CVAIX
R Shares		CVARX


FUND CUSIP NUMBERS
A Shares		128119666
B Shares		128119658
C Shares		128119641
I Shares		128119633
R Shares		128119419


		www.calamos.com			7

Calamos Opportunistic Value Fund


SECTOR WEIGHTINGS
Financials	29.4	%
Health Care	15.0
Energy	10.6
Information Technology	10.0
Industrials	9.7
Consumer Discretionary	7.0
Consumer Staples	7.0
Utilities	5.3
Materials	2.9
Telecommunication Services	2.0

What closing thoughts do you have for Fund shareholders?

With the Fed likely to hold off raising interest rates until later this year, we believe stock prices should continue their upward trend, while also experiencing periodic bouts of volatility. With earnings yields still far in excess of long-term borrowing costs, it’s our belief that record merger and acquisition and buyback activity will likely continue. We remain bullish on equities, where valuations remain attractive on a number of our favored measures. We believe we are in an environment supported by low inflation, high cash levels and high innovation. We feel our use of both cyclical and secular themes is appropriate and continue to favor good businesses that may be out of favor or mispriced.

ANNUALIZED RETURN: SINCE INCEPTION (1/2/02) THROUGH 4/30/15

LOGO

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


8		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Opportunistic Value Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 1/2/02
Without Sales Charge		-0.10	%		2.70	%		7.86	%		5.37	%
With Sales Charge		-4.83			-2.17			6.81			4.86
Class B Shares – Inception 1/2/02
Without Sales Charge		-0.41			1.93			7.06			4.73
With Sales Charge		-5.03			-2.80			6.75			4.73
Class C Shares – Inception 1/2/02
Without Sales Charge		-0.43			1.94			7.07			4.58
With Sales Charge		-1.35			0.99			7.07			4.58
Class I Shares – Inception 3/1/02		0.03			2.89			8.12			5.63
Class R Shares – Inception 3/1/07		-0.18			2.43			7.60			3.58	^

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.50%; Class B and C shares is 2.25%; Class I shares is 1.25%; Class R shares is 1.75%. The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2017, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class B, Class C, Class I and Class R are limited to 1.15%, 1.90%, 1.90%, 0.90% and 1.40% of average net assets, respectively.

†

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

NOTES:

The Russell 1000^® Value Index measures the performance of those companies in the Russell 1000^® Index with lower price-to-book ratios and lower forecasted growth values. Index data shown for the Annualized Return Since Inception graph is from 12/31/01, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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


		www.calamos.com			9

Calamos Focus Growth Fund

OVERVIEW

The Fund invests in a select portfolio of equities issued by “blue chip” U.S. companies that offer opportunities for growth.

KEY FEATURES

Active management utilizing over 20 years of extensive research experience in growth investing

A compact portfolio consisting of only those large cap stocks in which we have the greatest confidence of sustained growth

Stress company fundamentals, including global presence, strong and/or accelerated earnings growth, and solid returns on invested capital

PORTFOLIO FIT

The Fund is a core growth equity allocation option centered on a compact portfolio of large cap stocks.


FUND NASDAQ SYMBOLS
A Shares		CBCAX
B Shares		CBCBX
C Shares		CBXCX
I Shares		CBCIX
R Shares		CBCRX


FUND CUSIP NUMBERS
A Shares		128119625
B Shares		128119617
C Shares		128119591
I Shares		128119583
R Shares		128119427

CALAMOS FOCUS GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund returned 5.10% (Class A shares at net asset value) versus the S&P 500 Index gain of 4.40% and the Russell 1000 Growth Index increase of 6.54%.

The Fund performed well on an absolute basis and outperformed the broad equity market, although it did not capture the full strength of the growth equity market. We remain especially bullish on growth stocks as we believe earnings growth remains solidly positive and corporate earnings will continue to expand. We feel we have entered a growth regime, and recent market performance has aligned with our view. In the first quarter, growth stocks led value by 460 basis points, a spread not seen since the first quarter of 2009.

Since its inception on December 1, 2003, the Fund has returned 6.85% on an annualized basis (Class A shares at net asset value) versus a return of 8.22% for the S&P 500 Index and an 8.59% return for the Russell 1000 Growth Index.

What factors influenced performance?

In terms of economic sectors, selection in financials contributed to relative performance. Holdings in the asset management, custody banks and regional banks industries were especially strong. Selection in the consumer staples sector also added value. In particular, holdings within the tobacco industry and the packaged foods and meats industry contributed to performance.

Although the Fund’s overweight to consumer discretionary was positive, selection held back relative performance. Further, selection in health care hampered performance. Specifically, holdings within the health care equipment industry and life sciences tools and services industry underperformed. That said, we continue to seek growth opportunities based on new and modernized technologies in these industries. From a risk-management standpoint, we are mindful of the U.S. health care system’s changing dynamics and the potential impact of new regulations on current and future holdings.

How is the Fund positioned?

This large cap growth equity Fund invests in a more concentrated portfolio of common stocks. The Fund seeks to invest in U.S. companies that we believe have the best prospects for sustainable and high relative growth. The portfolio aims to participate in long-term growth trends by focusing on companies with solid fundamentals, global brands, strong growth catalysts and attractive valuations.


10		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Focus Growth Fund

as such. We added to the portfolio’s weight in the consumer staples sector by virtue of improving fundamentals and growth prospects, attractive valuations, as well as security-specific factors. For example, we added names from the tobacco, packaged foods and meats and food retail industries. We also modestly boosted the Fund’s health care allocation in the period. On the other hand, we reduced the Fund’s industrials position, selling across a number of industries, such as electrical components and equipment, construction machinery and heavy trucks, and aerospace and defense. The Fund’s weighting within consumer discretionary was also dialed back, as we selectively sold companies marked by declining growth catalysts, deteriorating fundamentals and valuation concerns.

At period end, the Fund’s largest allocations in absolute terms spanned the information technology and consumer discretionary sectors. Relative to the Russell 1000 Growth Index, the portfolio’s largest overweight was in the financials sector, and its largest underweight was in materials.

What closing thoughts do you have for Fund shareholders?

With the Fed likely to hold off on raising interest rates until later this year, we believe stock prices should continue their upward trend, though experiencing periodic bouts of volatility. With earnings yields still far in excess of long-term borrowing costs, it’s our belief that record merger and acquisition and buyback activity will likely continue. We remain bullish on equities, and particularly growth equities, where valuations remain attractive on a number of our favored measures. We favor companies with strong growth catalysts, improving fundamentals and solid balance sheets. That mindset leads us to favor the information technology, consumer discretionary and health care sectors, while we remain underweight to materials, utilities and telecommunication services.


SECTOR WEIGHTINGS
Information Technology	28.8	%
Consumer Discretionary	19.0
Health Care	14.7
Consumer Staples	10.4
Financials	9.4
Industrials	8.3
Energy	5.1
Telecommunication Services	1.0

ANNUALIZED RETURN: SINCE INCEPTION (12/1/03) THROUGH 4/30/15

LOGO

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


		www.calamos.com			11

Calamos Focus Growth Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 12/1/03
Without Sales Charge		5.10	%		14.26	%		11.52	%		7.19	%
With Sales Charge		0.09			8.85			10.44			6.67
Class B Shares – Inception 12/1/03
Without Sales Charge		4.66			13.38			10.69			6.55
With Sales Charge		-0.03			8.38			10.43			6.55
Class C Shares – Inception 12/1/03
Without Sales Charge		4.72			13.38			10.69			6.39
With Sales Charge		3.78			12.38			10.69			6.39
Class I Shares – Inception 12/1/03		5.22			14.49			11.80			7.46
Class R Shares – Inception 3/1/07		5.00			13.94			11.24			6.08	^

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.56%; Class B and C shares is 2.31%; Class I shares is 1.31%; Class R shares is 1.81%. The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2017 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class B, Class C, Class I and Class R are limited to 1.15%, 1.90%, 1.90%, 0.90% and 1.40% of average net assets, respectively.

†

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

NOTES:

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Since Inception Growth of $10,000 graph is from 11/30/03, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price to-book ratios and higher forecasted growth values. Index data shown for the Since Inception Growth of $10,000 graph is from 11/30/03, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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


12		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Discovery Growth Fund

CALAMOS DISCOVERY GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund returned 5.72% (Class A shares at net asset value) versus an 8.31% gain for the Russell 2500 Growth Index. Although sector allocations added value to the Fund, stock selection detracted markedly, especially within health care and financials.

Growth stocks performed strongly and outperformed value during the period, and we believe we are in a growth regime similar to 1995 – 1999. We think growth stocks can perform well as earnings growth slows but remains solidly positive and corporate earnings continue to expand.

Since its inception on June 1, 2010, the Fund has returned 12.10% on an annualized basis (Class A shares at net asset value) versus a return of 18.28% for the Russell 2500 Growth Index.

What factors influenced performance?

Stock selection within industrials contributed to return in the period. Holdings in the industrial machinery, building products, and construction machinery and heavy trucks industries posted especially strong gains. An overweight allocation and selection within the information technology sector added value. In particular, Internet software and services holdings contributed to performance. We continue to own a larger relative weight to information technology because of attractive fundamentals, including the potential for strong earnings growth and cash flow. We believe the Fund’s tech holdings are well positioned to benefit from key secular themes, including innovation in mobility and connectivity, social media and e-commerce, and demand for productivity enhancements. Despite choppy global growth conditions, many of these businesses are capable of delivering strong revenue and earnings growth, capitalizing on synergistic product cycles and high-growth end markets.

Although the Fund’s overweight to health care was positive, selection within health care equipment underperformed. Portfolio selection within financials also hampered performance although our underweight to the sector helped partly offset the underperformance of individual stocks.

How is the Fund positioned?

The Fund offers a diversified way to participate in the long-term growth potential of small and mid-cap equities. We seek to invest in U.S. companies that we believe offer the best prospects for sustainable and high relative appreciation. The Fund aims to engage in long-term growth trends by focusing on companies with solid fundamentals, global brands, strong growth catalysts and attractive valuations.

The Fund is positioned to reflect our positive long-term outlook for equities. We believe a combination of secular and cyclical growth holdings is appropriate, given our view that we are in the mid-part of the business cycle with low inflation and moderate global growth. We are emphasizing small to mid-cap companies with sound growth fundamentals, increasing returns on invested capital and attractive valuations.

OVERVIEW

The Fund invests in small and midsize U.S. companies that we believe offer the best potential for growth.

KEY FEATURES

Bottom-up stock selection based on a combination of quantative and fundamental research drivers

In-depth research can add significant value in the inefficient small- and mid-cap market

Risk management and portfolio construction are central to the process, seeking greater risk-adjusted returns over full market cycles

PORTFOLIO FIT

The Fund is a SMID cap growth equity allocation option.


FUND NASDAQ SYMBOLS
A Shares		CADGX
B Shares		CBDGX
C Shares		CCDGX
I Shares		CIDGX
R Shares		CRDGX


FUND CUSIP NUMBERS
A Shares		128120102
B Shares		128120201
C Shares		128120300
I Shares		128120409
R Shares		128120508


		www.calamos.com			13

Calamos Discovery Growth Fund


SECTOR WEIGHTINGS
Information Technology	24.3	%
Health Care	22.4
Consumer Discretionary	17.5
Industrials	12.6
Financials	6.6
Energy	4.2
Materials	2.6
Consumer Staples	0.6

We continue to actively manage our sector exposures in conjunction with our fundamental, bottom-up research. Our research points us to opportunities within the technology, consumer discretionary and health care sectors, and the Fund is positioned as such. Overall, changes to sector weights were modest during the period. By virtue of improving fundamentals and growth prospects as well as security-specific factors, we added to the Fund’s weight in the health care sector. For example, we added select holdings from the health care supplies, biotechnology and health care facilities industries. We also modestly increased the weighting to the energy sector. Conversely, we reduced the Fund’s stake within the industrials sector, selling companies susceptible to declining growth catalysts, deteriorating fundamentals and valuation concerns.

At period end, the fund’s largest allocations in absolute terms spanned the information technology and health care sectors. Relative to the Russell 2500 Growth Index, the Fund’s largest overweight went to the health care sector, and its largest underweights went to materials and industrials.

What closing thoughts do you have for Fund shareholders?


14		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Discovery Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (6/1/10) THROUGH 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 6/1/2010
Without Sales Charge		5.72	%		14.25	%		12.10	%
With Sales Charge		0.73			8.83			10.99
Class B Shares – Inception 6/1/2010
Without Sales Charge		5.40			13.44			11.29
With Sales Charge		0.64			8.44			11.02
Class C Shares – Inception 6/1/2010
Without Sales Charge		5.32			13.35			11.27
With Sales Charge		4.37			12.35			11.27
Class I Shares – Inception 6/1/2010		5.87			14.56			12.39
Class R Shares – Inception 6/1/2010		5.56			13.92			11.82

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.63%; Class B is 2.38% and Class C shares is 2.38%; Class I shares is 1.38%; Class R shares is 1.88%. The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through March 31, 2017, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class B, Class C, Class I and Class R are limited to 1.50%, 2.25%, 2.25%, 1.25% and 1.75% of average net assets, respectively.

†

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

NOTES:

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

The Russell 2500^™ Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. Source: Lipper, Inc.

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


		www.calamos.com			15

Calamos Dividend Growth Fund

OVERVIEW

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

KEY FEATURES

Bottom-up stock picking and benchmark agnostic approach with a focus on good businesses with solid cash flow trading at value prices

Trading focus where positions are frequently monitored, investment assumptions are often questioned, and losing investments are quickly sold to protect capital

Options strategies to potentially generate income and lower risk

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS
A Shares		CADVX
C Shares		CCDVX
I Shares		CIDVX
R Shares		CRDVX

FUND CUSIP NUMBERS
A Shares		128120839
C Shares		128120821
I Shares		128120813
R Shares		128120797

CALAMOS DIVIDEND GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund returned 0.88% (Class A shares at net asset value) versus a 4.40% gain for the S&P 500 Index and a 4.75% gain for the Russell 1000 Index.

Overall sector positioning and allocations within the fund detracted the most from performance in the period. The portfolio was rebalanced during the period to include companies that we believe can deliver higher dividends over time, either through increasing profits or more efficient use of capital. We believe dividend-paying companies can not only help provide income in a portfolio, but may do so while also delivering the potential for both lower volatility and better risk-adjusted performance than companies that don’t pay dividends.

Since its inception on August 5, 2013, the Fund gained 6.14% on an annualized basis (Class A shares at net asset value) versus returns of 14.55% for the S&P 500 Index and 14.64% for the Russell 1000 Index.

What factors influenced performance?

The Fund’s average overweight to energy detracted from return, as this was the worst-performing sector during the period. Specifically, an overweight allocation to the oil-and-gas storage and transportation industry hurt. We gradually reduced the Fund’s energy allocation throughout the time period and finished at a slight underweight.

An underweight stance and lagging selection within the consumer discretionary sector also hampered performance. In particular, automobile manufacturers and the hotels, resorts and cruise lines industry weighed on results. An underweight position and selection within health care detracted. Specifically, positioning and holdings within the pharmaceuticals, health care equipment, and managed health care industries underperformed.

Selection within consumer staples added to performance. Specifically, holdings within the drug retail and tobacco industries contributed to return. Selection in financials also contributed to relative return. Holdings in the asset management, custody banks and regional banks industries posted especially strong gains.

How is the Fund positioned?

The Fund’s investments reflect our positive long-term outlook for equities. We are emphasizing dividend-paying companies with sound fundamentals and attractive valuations. As stated earlier, we seek companies that have an ability to increase dividends over time, either through increasing profits or more efficient use of capital.

Among selected changes in the period, we added to the Fund’s allocations in the information technology, health care, consumer discretionary and industrials sectors. These moves were made to reduce underweight allocations and gravitate to a more


16		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Dividend Growth Fund

neutral stance within the respective sectors. From a bottom-up perspective, we added holdings based on improving fundamentals and attractive valuations as well as security-specific factors, such as increasing profitability. Conversely, Fund positioning was reduced within the financials and energy sectors. We sold companies marked by declining profitability, deteriorating fundamentals and valuation concerns. Broadly, these moves were made to reduce large overweight allocations and establish more sector-neutral positions.

The Fund’s largest allocations in absolute terms went to the financials and information technology sectors. Relative to the S&P 500 Index, the Fund’s largest overweight allocation went to the financials sector, and its largest underweight allocation went to consumer staples.

What closing thoughts do you have for Fund shareholders?

With the Fed likely to hold off raising interest rates until later this year, we believe stock prices should continue their upward trend, while also experiencing periodic bouts of volatility. With earnings yields still far in excess of long-term borrowing costs, it’s our belief that record merger and acquisition and buyback activity will likely continue. We remain bullish on equities, where valuations remain attractive on a number of our favored measures. We believe we are in an environment supported by low inflation, high cash levels and high innovation. We feel our use of both cyclical and secular themes is appropriate, given our stance that we are in the mid-stages of the business cycle. We favor companies with strong and improving fundamentals, solid balance sheets, and the ability to increase dividends over time. That mindset leads us to favor the information technology, financials and health care sectors, while we remain underweight to consumer staples and materials.


SECTOR WEIGHTINGS
Information Technology	18.9	%
Financials	16.1
Consumer Discretionary	14.9
Health Care	14.3
Industrials	8.4
Energy	7.7
Consumer Staples	6.3
Utilities	3.9
Telecommunication Services	3.8
Materials	0.5


		www.calamos.com			17

Calamos Dividend Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (8/5/13) THROUGH 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 8/5/2013
Without Sales Charge		0.88	%		4.52	%		6.14	%
With Sales Charge		-3.94			-0.44			3.20
Class C Shares – Inception 8/5/2013
Without Sales Charge		0.42			3.69			5.33
With Sales Charge		-0.56			2.69			5.33
Class I Shares – Inception 8/5/2013		0.94			4.76			6.36
Class R Shares – Inception 8/5/2013		0.72			4.20			5.86

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.74%; Class C shares is 2.45%; Class I shares is 1.49%; Class R shares is 1.98%. The Fund’s Investment Adviser has contractually agreed to reimburse Fund expenses through March 1, 2017 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) of Class A, Class C, Class I and Class R are limited to 1.35%, 2.10%, 1.10% and 1.60% of average net assets, respectively. This agreement is not terminable by either party.

†

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

NOTES:

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

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Index data shown for the Annualized Return Since Inception graph is from 8/31/13, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.

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


18		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Mid Cap Growth Fund

CALAMOS MID CAP GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund returned 5.02% (Class A shares at net asset value) versus a gain of 7.77% for the Russell Midcap Growth Index.

In this Fund, we selectively target mid-cap companies with established track records and strong revenue and earnings profiles relative to larger companies. While the Fund’s top-down allocations contributed to a strong period return, overall stock selection did not hold up to the benchmark’s return.

Since its inception on August 5, 2013, the Fund has returned 10.71% on an annualized basis (Class A shares at net asset value) versus a return of 15.17% for the Russell Midcap Growth Index.

What factors influenced performance?

Selection in financials contributed to relative performance. Holdings in the asset management, custody banks, regional banks and thrifts and mortgage finance industries posted especially strong gains. An overweight allocation and selection within the information technology sector added value as well. In particular, positioning and holdings within IT consulting and other services, and semiconductors contributed to performance. We continue to own a larger relative weight to information technology because of attractive fundamentals, including the potential for strong earnings growth and cash flow. We believe the Fund’s technology holdings are well positioned to benefit from key secular themes, including innovation in mobility and connectivity, social media and e-commerce, and demand for productivity enhancements. Despite choppy global growth conditions, many of these businesses are capable of delivering strong revenue and earnings growth, capitalizing on synergistic product cycles and high-growth end markets.

An underweight allocation and selection within the consumer discretionary sector detracted from return. Although the Fund’s overweight to health care was positive, selection within the health care equipment and pharmaceuticals industries underperformed.

How is the Fund positioned?

This Fund seeks to invest in midsized U.S. companies that we believe have the best prospects for sustainable and high relative growth. The Fund offers a diversified and active approach, and participates in long-term growth trends by focusing on companies with solid fundamentals, global brands, strong growth catalysts and attractive valuations.

Our investments reflect what we believe to be a positive long-term outlook for equities. We believe a combination of secular and cyclical growth holdings is appropriate, given our view that we are in the mid-part of the business cycle with low inflation and moderate global growth. We are emphasizing companies with sound growth fundamentals, increasing returns on invested capital and attractive valuations.

We continue to actively manage our sector exposures in conjunction with our fundamental, bottom-up research. Our research points us to opportunities within the information technology, consumer discretionary and health care sectors, and the Fund

OVERVIEW

The Fund invests primarily in equity securities issued by midsize U.S. companies that we believe offer the best opportunities for growth.

KEY FEATURES

Utilize more than two decades of extensive research experience in growth investing

Active management with a focus on top-down views and bottom-up fundamentals

Research-driven approach identifies opportunities by combining top-down analysis and a research focus on key growth characteristics

PORTFOLIO FIT

The Fund may be suitable for investors seeking to diversify equity allocations with a primarily mid cap growth strategy and add holdings in companies that historically have higher growth rates and returns than larger companies.


FUND NASDAQ SYMBOLS
A Shares		CMXAX
C Shares		CMXCX
I Shares		CMXIX
R Shares		CMXRX

FUND CUSIP NUMBERS
A Shares		128120870
C Shares		128120862
I Shares		128120854
R Shares		128120847


		www.calamos.com			19

Calamos Mid Cap Growth Fund


SECTOR WEIGHTINGS
Information Technology	19.8	%
Consumer Discretionary	19.8
Health Care	18.6
Industrials	13.9
Financials	10.1
Energy	3.8
Consumer Staples	3.3
Materials	1.4

is positioned as such. Overall, changes to sector weights were modest during the period. We added to the consumer discretionary sector by virtue of improving fundamentals and growth prospects as well as security-specific factors. For example, we added names from the general merchandise stores, apparel, accessories and luxury goods, and restaurants industries. We also modestly dialed up the Fund’s allocation to health care in the period. Conversely, we lightened the Fund’s weight to the information technology sector by reducing holdings in the semiconductors, application software, and systems software industries. We also reduced the Fund’s exposure to energy where we sold companies susceptible to declining growth catalysts, deteriorating fundamentals and valuation concerns.

At period end, the fund’s largest allocations in absolute terms included the information technology and consumer discretionary sectors. Relative to the Russell Midcap Growth Index, the Fund’s largest overweight was in the health care sector, and its largest underweight was in consumer staples.

What closing thoughts do you have for Fund shareholders?

With the Fed likely to hold off on raising interest rates until later this year, we believe stock prices should continue their upward trend, though experiencing periodic bouts of volatility. With earnings yields still far in excess of long-term borrowing costs, it’s our belief that record merger and acquisition and buyback activity will likely continue. We remain bullish on equities, and particularly growth equities, where valuations remain attractive on a number of our favored measures. We believe we are in a growth regime (similar to 1995 – 1999), supported by low inflation, high cash levels and high innovation. We feel our use of both cyclical and secular themes is appropriate, given our stance that we are in the mid-stages of the business cycle. We favor companies with strong growth catalysts, improving fundamentals and solid balance sheets. That mindset leads us to favor the information technology, consumer discretionary and health care sectors, while we remain underweight to consumer staples and materials.


20		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Mid Cap Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (8/5/13) THROUGH 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 8/5/2013
Without Sales Charge		5.02	%		11.60	%		10.71	%
With Sales Charge		0.00			6.33			7.64
Class C Shares – Inception 8/5/2013
Without Sales Charge		4.62			10.82			9.89
With Sales Charge		3.62			9.82			9.89
Class I Shares – Inception 8/5/2013		5.18			12.06			11.05
Class R Shares – Inception 8/5/2013		4.94			11.43			10.48

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.69%; Class C shares is 2.42%; Class I shares is 1.47%; Class R shares is 1.98%. The Fund’s Investment Adviser has contractually agreed to reimburse the Fund expenses through March 1, 2017, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired funds fees and expenses and extraordinary expenses, if any) of Class A, Class C, Class I and Class R are limited to 1.25%, 2.00%, 1.00% and 1.50% of average net assets, respectively. This agreement is not terminable by either party.

†

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

NOTES:

The Russell Midcap Growth Index measures the performance of midcap growth companies.

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


		www.calamos.com			21

Calamos International Growth Fund

OVERVIEW

The Fund invests in non-U.S. growth companies, focusing on those firms demonstrating what we believe to be key growth characteristics, including increasing profit margins and high returns on invested capital.

KEY FEATURES

Focus on growth in an asset class that is mostly defined by core and value offerings

Stress company fundamentals, including global presence and strong and/or accelerating earnings growth

Investments driven by international sources of revenue for companies, not on location of headquarters

PORTFOLIO FIT

Only about 10% of international stock assets are currently invested in growth. The Fund stands as a potential growth-focused addition to a mostly core- or value-intensive international allocation.


FUND NASDAQ SYMBOLS
A Shares		CIGRX
B Shares		CIGBX
C Shares		CIGCX
I Shares		CIGIX
R Shares		CIGFX


FUND CUSIP NUMBERS
A Shares		128119575
B Shares		128119567
C Shares		128119559
I Shares		128119542
R Shares		128119393

INTERNATIONAL GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund gained 6.49% (Class A shares at net asset value) versus a gain of 7.48% for the MSCI ACWI ex-U.S. Growth Index and 8.51% for the MSCI EAFE Growth Index. While the Fund’s overall sector weights and regional allocations added value, trailing security selection caused the Fund to finish behind the index.

The Fund recently marked its 10-year anniversary with a top ranking for the period. As of April 30, the Fund’s I shares ranked #1 and the A shares ranked #2, both for the 10 year period, in the Morningstar Foreign Large Growth category peer group*. Since its inception on March 16, 2005, the Fund gained 7.97% on an annualized basis (Class A Shares at net asset value) versus a return of 5.97% for the MSCI EAFE Growth Index and 6.38% for the MSCI ACWI ex-U.S. Growth Index.

In launching our international growth strategy, we sought to provide investors access to growth opportunities outside the U.S. using our time-tested approach to growth investing. We believe the Fund’s 10-year track record and top-tier ranking is a testament to our focus on long-term investing and adding value over full market cycles.

What factors influenced performance?

From a geographic perspective, the Fund’s country weights contributed positively to performance while selection within countries trailed the index. In particular, underweight positions and better selection in Canada and Australia were key positives while lagging selection in China, Mexico and Switzerland hampered performance.

From a sector perspective, the Fund’s positioning in information technology contributed the most value to performance during the period. Holdings in the Internet software and semiconductors industries notably outperformed. We believe many of these holdings exhibit leading growth fundamentals and are well positioned to benefit from growth in mobility, social media, e-commerce and analytics—areas that are of key focus for our team from a thematic standpoint. Despite slow global growth conditions, many of these businesses are delivering strong revenue and earnings results by virtue of synergistic product cycles and high-growth end markets.

The Fund’s security selection in industrials also added significant value in the period. Our team has emphasized companies positioned to benefit from weakened currency and enhanced export opportunities. As a result of this emphasis, we have had an overweight to the industrial machinery industry, in particular those companies generating significant export growth and tied to one of our key themes of robotics and automation.

Fund data is as of 4/30/15. Morningstar category percentile rating is based on annualized total return for the 10-year period. Calamos International Growth Fund Class A, Class I and Class A Load-waived shares were in the first percentile for the Morningstar Foreign Large Growth Category. Morningstar data is as of 4/30/15. Morningstar category percentile rating is based on annualized total return. Calamos International Growth Fund Class A and Class A Load-waived shares were in the 62nd, 96th, 46th, and 1st percentiles for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar Foreign Large Growth Category. Calamos International Growth Fund Class I shares were in the 58th, 95th, 40th, and 1st percentiles for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar Foreign Large Growth Category.


22		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos International Growth Fund

The Fund’s relative security selection and modest underweight position in health care detracted the most value from performance in the period. Select companies in the index performed especially well due to stock-specific events, such as merger and acquisition transactions. The Fund held a relatively lower weight in these stocks. We continue to hold a blend of secular growth and stable growth positions in this sector and believe the strong fundamental profile and valuation discipline position the Fund well to participate in potential sector gains. Within health care, we also seek to invest in higher-growth, higher-quality companies in diversified regions including Europe, Japan and India.

Although the Fund’s underweight allocation added value, trailing selection in the materials sector also negatively affected performance in the period. Security selection in the construction materials industry lagged the index because of company-specific factors. We have held an underweight position in the materials sector with respect to our relatively cautious view on commodity prices, pressured from measured global growth and a stronger U.S. dollar.

How is the Fund positioned?

The team’s investment process has remained consistent during the International Growth Fund’s 10-year tenure, combining our top-down insights with bottom-up fundamental research, and an approach to investing that focuses on understanding a company’s entire capital structure. The International Growth Fund’s strong 10-year performance speaks to our team’s ability to navigate many different market environments.

We continue to position the portfolio with the goal of including aspects of both secular and cyclical growth opportunities, while also paying close attention to valuation discipline. We continue to emphasize companies with attractive growth fundamentals, increasing returns on invested capital and reasonable valuations. While we expect global growth will continue at a moderate pace, we also believe there will be periods of spiking volatility within international markets and, therefore, we maintain a strong focus on risk and reward.

With respect to geographic positioning, the most notable changes occurred in Europe. We increased the Fund weight in Europe during the period and benefited from strong market performance year-to-date, driven by stabilizing economic data, positive corporate revisions, a weaker euro, and the ECB’s quantitative easing program. In addition to a larger allocation, we are favoring companies benefiting from asset reflation and export opportunities via the weakened currency.

We are holding a modest overweight in Japan, also reflecting a more constructive view on the market during the period. We added to our Japan allocation based on a combination of factors including relative valuation, accommodative monetary policy and corporate reforms. Economic data has been mixed to stable, but we are seeing individual companies surprise investors with more strategic capital allocation and shareholder friendly policies. We have seen an increase in stock buybacks, dividend payouts and capital expenditures. Against this backdrop, we believe Japan’s market is well positioned to climb, although a bottom-up approach remains paramount.

We offset additions to Europe and Japan by reducing the Fund’s weight in emerging markets during the period, reflecting our view of relative opportunities. We expect divergence in the near-term prospects of emerging market economies due to differing growth prospects and structural reform trajectories. We have favored commodity consumers relative to producers (given the lower-cost environment), exporters benefiting


SECTOR WEIGHTINGS
Consumer Discretionary	20.5	%
Information Technology	17.1
Industrials	15.1
Financials	14.9
Health Care	14.8
Consumer Staples	10.6
Energy	3.5
Telecommunication Services	1.0
Materials	0.8


		www.calamos.com			23

Calamos International Growth Fund

from increased developed market demand, and companies benefiting from pro-growth structural reform opportunities at home and abroad in the markets they serve.

In terms of sector positioning, we have positioned the portfolio to focus on a balance of secular and cyclical growth areas including information technology, consumer discretionary, health care and industrials. We increased the Fund weight in health care, discretionary, and industrials during the period while reducing the overweight to technology because of company-specific factors. The largest underweight positions are in materials, consumer staples and financials reflecting our view of relative growth and valuation characteristics.

What closing thoughts do you have for Fund shareholders?

We expect international equities to deliver additional gains this year but we believe investors should anticipate periods of higher volatility as markets confront slow global growth, policy uncertainty, and fluctuations in currencies and commodities. We believe acquisitions and share buyback activity may provide a floor for valuations and support higher prices and demand for equities. However, we think markets will continue to confront ambiguity as commodity prices fluctuate and global growth fears linger. We believe many investors remain underweight in Europe and Japan, but we expect that changing monetary conditions, relative valuations, stable and improving macro fundamentals, and positive sentiment could provide additional catalysts for investment in international equities. We continue to favor companies with higher cash flows, growth catalysts and balance sheet flexibility. The Fund reflects our emphasis on key secular themes related to mobility and connectivity, rising consumption, financial disintermediation, and the need for modernized infrastructure. We believe a selective return environment buffeted by many international market cross-currents will benefit our active investment approach.

ANNUALIZED RETURN: SINCE INCEPTION (3/16/05) THROUGH 4/30/15

LOGO

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


24		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos International Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (3/16/05) THROUGH 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 3/16/05
Without Sales Charge		6.49	%		3.59	%		7.91	%		8.67	%
With Sales Charge		1.44			-1.34			6.87			8.15
Class B Shares – Inception 3/16/05
Without Sales Charge		6.14			2.86			7.11			8.03
With Sales Charge		1.46			-1.67			6.81			8.03
Class C Shares – Inception 3/16/05
Without Sales Charge		6.08			2.80			7.11			7.87
With Sales Charge		5.15			1.90			7.11			7.87
Class I Shares – Inception 3/16/05		6.63			3.86			8.20			8.95
Class R Shares – Inception 3/1/07		6.36			3.37			7.65			4.95	^

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.39%; Class B is 2.15%; C shares is 2.14%; Class I shares is 1.14%; Class R shares is 1.64%.

†

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

NOTES:

The MSCI EAFE Growth Index measures developed market growth equity performance (excluding the U.S. and Canada). Source: MSCI Barra.

The MSCI ACWI ex-U.S. Growth Index measures equity market performance of companies outside of the United States with higher growth values in developed and emerging markets.

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


		www.calamos.com			25

Calamos Evolving World Growth Fund

OVERVIEW

The Fund invests in growth companies globally, emphasizing companies with revenue streams derived within or from emerging markets. The Fund is designed to actively manage the risk profile over full market cycles.

KEY FEATURES

Active risk management with an aim of generating alpha and less downside risk than the benchmark and peers

Stress company fundamentals, including strong and/or accelerating earnings growth and solid returns on invested capital

Seek global growth companies that may benefit from long-term secular themes in the emerging markets such as the rise of the EM consumer

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS
A Shares		CNWGX
B Shares		CNWZX
C Shares		CNWDX
I Shares		CNWIX
R Shares		CNWRX


FUND CUSIP NUMBERS
A Shares		128119161
B Shares		128119153
C Shares		128119146
I Shares		128119138
R Shares		128119120

EVOLVING WORLD GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, Calamos Evolving World Growth Fund returned 3.66% (Class A shares at net asset value) versus the MSCI Emerging Markets Index return of 4.04%. Since its inception on August 15, 2008, the Fund gained 5.83% on an annualized basis (Class A shares at net asset value) versus 3.86% for the MSCI Emerging Markets Index.

On May 22, 2013, then Federal Reserve Chairman Ben Bernanke commented on the potential timing of the Quantitative Easing (QE) taper which set in motion the “taper tantrum” and elevated concerns about emerging markets. In the two years that have followed Bernanke’s statement, the Fund has demonstrated the virtues of an actively managed approach to investing in emerging market (EM) companies.

Our team’s focus on actively managing risk while pursuing opportunities tied to the growth trends in emerging markets (notably, the rise of the consumer) has led the Fund to outperform the benchmark since its inception. While there are risk factors that warrant close attention, we continue to see significant long-term growth potential in many markets and believe that clients can continue to benefit from the active management we provide through both calm and volatile periods.

What factors influenced performance?

Emerging market equities experienced bouts of volatility and generally choppy returns during the period. Against this backdrop, the Fund provided resilience versus the index during downturns and participated appreciably during periods of emerging market gains, including 91% of the benchmark’s upside during the period.

Late in 2014, investors exhibited a risk-off stance based on concerns of a global economic slowdown brought on by a slide in oil prices and Russia’s worsening financial crisis. However, emerging and developed market equities generated moderate gains in the first quarter of 2015 as investors responded to the Shanghai-Hong Kong connect program; the ECB pursued a major quantitative easing program; economic indexes surprised on the upside; and corporate earnings exceeded estimates in many regions. The end of the six-month period was marked by a return to a choppy and volatile performance environment. April took on a rotational nature as global markets saw a reversal in several prevalent market trends: the U.S. dollar sold off, crude oil prices jumped, and many emerging markets outperformed.

With respect to geographic influences on performance, the fund’s positions in developed market equities with significant economic ties to emerging markets performed well during the period. These holdings generally benefited from strong trends in developed market equities, particularly those in Europe and Japan, enjoying a tailwind from highly accommodative monetary policies, structural reforms and attractive relative valuation. In particular, our positioning in Japan performed well in response to these macro influences and strong bottom-up company execution. Within Japan, we are seeing individual companies surprise investors with more strategic capital allocation and shareholder friendly policies, including increased dividends, buybacks, and higher return on equity targets. These companies, many of which enjoy significant revenue generation in emerging markets, have been key contributors.


26		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund

In terms of economic sectors, the Fund’s security selection in industrials contributed to performance in the period. Specifically, holdings in the industrial machinery and industrial conglomerates industries outperformed. Our positioning in these industries benefited from a tailwind fanned by weakened currencies (vis-a-vis the U.S. dollar) and enhanced export opportunities. In fact, these factors have been key drivers behind our decision to overweight the industrial machinery industry, in particular those companies generating significant foreign sales and tied to our key theme related to the ubiquitous demand for robotics and automation. Holdings in this area performed well in the period and continue to be high-conviction positions.

Trailing selection in the consumer discretionary sector had a negative impact on Fund performance in the period. Specifically, Fund holdings in the education services and casinos and gaming industries underperformed as a consequence of unfavorable reform initiatives and slowing growth fundamentals. We have an overweight position in the sector and own companies that are well-positioned to tap into potential rising demand from emerging market consumers. Recent holdings within the sector span a number of industries including cable and satellite, automobiles, department stores, and apparel and accessories.

The Fund’s security selection in the materials sector also weighed on performance in the period, while the fund’s underweight allocation added value. Security selection in the construction materials industry lagged the index due to weaker demand, particularly in energy-related projects. We have held an underweight position in the materials sector based on our relatively cautious view of commodity prices under pressure from measured global growth and a stronger U.S. dollar.

How is the Fund positioned?

Broadly speaking, we have positioned the Fund toward net commodity-consuming nations, high-value exporters, and economies that benefit from positive economic and fiscal reforms. Within our top-down framework, we favor countries positioned to benefit from secular tailwinds, such as China, India, the Philippines, Indonesia and Mexico. We modestly increased the weight in local emerging market holdings during the period (relative to developed market holdings), reflecting potential valuation opportunities and company-specific growth factors.

In regard to select key markets, we are encouraged by China’s recent policy initiatives and stimulus actions, yet remain keenly aware of the Chinese market’s volatility and maintain what we believe to be an appropriate valuation discipline. Although India’s Prime Minister Narendra Modi faces increased pressure to deliver on expectations for reforms and economic growth, we remain positive on the prospects for India. Lower energy prices have allowed the central bank to be more accommodative. Our team continues to identify investments in the Philippines, which we believe is one of the faster growing emerging markets. Valuations are more expensive relative to some other emerging markets, but we are finding bottom-up opportunities that we believe are positioned to benefit from the Philippines’ economic growth potential.

From a sector perspective, the Fund is overweight to information technology, consumer discretionary and health care, while underweight toward commodity-intensive areas including energy and materials. We also have lower weights in utilities and telecommunication services, which are both challenged by low-growth and regulatory headwinds. Most sector positioning changes were relatively modest during the period.


SECTOR WEIGHTINGS
Financials	25.0	%
Information Technology	23.1
Consumer Discretionary	16.9
Consumer Staples	8.1
Industrials	6.7
Energy	5.7
Telecommunication Services	4.3
Health Care	3.9
Materials	2.5
Utilities	1.1


		www.calamos.com			27

Calamos Evolving World Growth Fund

We reduced the weight to telecommunication services, energy and materials given our views noted earlier and company-specific factors. We added to financials reflecting a widening opportunity set and a more constructive view on sector fundamentals. We believe loan growth, attractive valuations and increased earnings power support a more positive yet selective view of the sector. We also rotated modestly from consumer discretionary to consumer staples based on bottom-up fundamentals.

What closing thoughts do you have for Fund shareholders?

We believe that market fluctuations will likely continue, but also believe that key reform initiatives, moderate economic growth, improving capital accounts and robust secular trends support our positioning. The nations that embrace these initiatives versus those that do not should result in greater differentiation between countries’ performances, underscoring the importance of selectivity. We are seeing stronger company fundamentals generally rewarded in emerging markets and we think that we will continue to see better prospects for commodity-consumer countries versus producers. We believe that countries with burgeoning domestic demand and positive reform catalysts are also positioned to benefit. Ultimately, we believe a selective environment and many emerging market crosscurrents, which cause countries to rise or fall, will benefit our active and risk-aware investment approach.


28		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (8/15/08) THROUGH 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 8/15/08
Without Sales Charge		3.66	%		1.66	%		4.93	%		5.83	%
With Sales Charge		-1.23			-3.18			3.92			5.06
Class B Shares – Inception 8/15/08
Without Sales Charge		3.26			0.83			4.13			5.03
With Sales Charge		-1.74			-4.09			3.79			5.03
Class C Shares – Inception 8/15/08
Without Sales Charge		3.26			0.90			4.15			5.05
With Sales Charge		2.26			-0.08			4.15			5.05
Class I Shares – Inception 8/15/08		3.74			1.83			5.18			6.09
Class R Shares – Inception 8/15/08		3.47			1.39			4.65			5.56

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.62%; Class B shares is 2.36%; C shares is 2.37%; Class I shares is 1.37%; Class R shares is 1.86%.

†

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

NOTES:

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index considered broadly representative of emerging market equity performance. The index represents companies within the constituent emerging markets that are available to investors worldwide. Index data shown for the Since Inception Growth of $10,000 graph is from 8/31/08, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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


		www.calamos.com			29

Calamos Emerging Market Equity Fund

OVERVIEW

The Fund invests in growth companies globally, whose principal activities are in a developing market or are economically tied to a developing market country that we believe offer the best opportunities for emerging-market growth.

KEY FEATURES

Stresses company fundamentals, including global presence, strong revenue and earnings growth, solid returns on invested capital and lower debt-to-capital levels

Actively seeks growth opportunities by investing in 100% equity, with at least 80% emerging-market exposure

Utilizes decades of Calamos experience investing globally through multiple economic, market and credit cycles

PORTFOLIO FIT

This actively managed Fund complements emerging-markets strategies with less pronounced growth orientations, such as those that more closely track broad emerging-markets equity.


FUND NASDAQ SYMBOLS
A Shares		CEGAX
C Shares		CEGCX
I Shares		CIEIX
R Shares		CEGRX

FUND CUSIP NUMBERS
A Shares		128120789
C Shares		128120771
I Shares		128120763
R Shares		128120755

EMERGING MARKET EQUITY FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund gained 2.15% (Class A shares at net asset value) versus a return of 4.04% for the MSCI Emerging Markets Index.

While the Fund’s overall sector weights added value during the period, the Fund trailed the index primarily because of security selection. In particular, security selection lagged in the materials sector as Fund holdings in construction materials reported decelerating growth fundamentals. We have held a cautious underweight in this sector and will continue to analyze relative growth and valuation attributes for investment opportunities.

Since its inception on December 31, 2013, the Fund returned 0.39% on an annualized basis (Class A shares at net asset value) versus a 6.07% gain for the index.

What factors influenced performance?

Emerging market equities experienced bouts of volatility and generally choppy returns during the period. Late in 2014, investors exhibited a risk-off stance based on concerns of a global economic slowdown brought on by a slide in oil prices and Russia’s worsening financial crisis. However, emerging market equities generated moderate gains in the first quarter of 2015 as investors responded to the Shanghai-Hong Kong connect program; the ECB pursued a major quantitative easing program; economic indexes surprised on the upside; and corporate earnings exceeded estimates in many regions. The end of the six-month period was marked by a return to a choppy and volatile performance environment in global markets. April took on a rotational nature as global markets saw a reversal in several prevalent market trends: the U.S. dollar sold off, crude oil prices jumped and many emerging markets outperformed.

Strong security selection in the financials sector contributed the most to relative performance in the period. In particular, holdings in the asset management and custody banks industry significantly outperformed those of the index. We have increased our investments in financials based on positive structural-reform catalysts and improved sector fundamentals. We believe loan growth, attractive valuations and increased earnings power support a more positive yet selective view of financials.

Selection in telecommunication services and an underweight position versus the index also added to return. Specifically, holdings in the wireless telecom services industry outperformed their index peers. We continue to seek attractive growth opportunities in the telecommunication services, traditionally a more defensive sector but one offering more substantial organic growth potential in many emerging market economies.

Selection in health care hindered results. In particular, holdings in the pharmaceuticals and health care equipment industries trailed the index. We invest in companies in the sector according to their research and development profile, return on invested capital characteristics and long-term growth potential within emerging markets. Selection in the consumer discretionary sector also held back performance. Specifically, holdings in education services and the casinos and gaming industries underperformed as a consequence of unfavorable reform initiatives and slowing growth fundamentals. We have an overweight position in the sector and own companies that are well positioned


30		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Emerging Market Equity Fund

to tap into potential rising demand from emerging market consumers. Recent holdings within the sector span a number of industries including cable and satellite, automobiles, department stores, and apparel and accessories.

From a geographic perspective, the Fund’s country weights contributed positively to performance while selection within countries trailed the index. In particular, overweight positions and stronger selection in Hong Kong and Taiwan led to positive results. Holdings in China delivered strong gains yet trailed the even higher returns in the index. Also, the Fund’s overweight stance in Mexico hampered performance as the market there performed poorly.

How is the Fund positioned?

Broadly speaking, we have positioned the Fund toward net commodity-consuming nations, high-value exporters, and economies benefiting from positive economic and fiscal reforms. Within our top-down framework, we favor countries that we believe are positioned to benefit from secular tailwinds, such as China, India, the Philippines, Indonesia and Mexico.

In regard to select key markets, we are encouraged by China’s recent policy initiatives and stimulus actions, yet we remain keenly aware of the Chinese market’s volatility and maintain what we believe to be an appropriate valuation discipline. Although India’s Prime Minister Narendra Modi faces increased pressure to deliver on expectations for reforms and economic growth, we remain positive on the prospects for India. Lower energy prices have allowed the central bank to be more accommodative. Our team continues to identify investments in the Philippines, which we believe to be one of the faster growing emerging markets. Valuations are more expensive relative to some other emerging markets, but we are finding bottom-up opportunities that we believe are positioned to benefit from the Philippines’ economic growth potential.

From a sector perspective, the Fund is overweight to information technology and consumer discretionary and underweight toward commodity-intensive areas including energy and materials. We also have lower weights in utilities and telecommunication services, which are both challenged by low-growth characteristics and regulatory headwinds.

Most sector positioning changes were relatively modest during the period. We reduced the weight in telecommunication services, energy and materials because of company-specific factors and our more cautious view toward commodity-producers. We added weight to the industrials and financials sectors reflecting a widening opportunity set and a more constructive view on sector fundamentals. We also rotated modestly from consumer discretionary to consumer staples based on bottom-up fundamentals.

In terms of geographic positioning, we added to greater China (including China and Hong Kong) and South Korea in acknowledgement of an increased opportunity set, structural reform initiatives and bottom-up security catalysts. Offsetting this, we modestly reduced the weight in Mexico and Brazil, and we trimmed holdings in Indonesia in response to company-specific rationale.

What closing thoughts do you have for Fund shareholders?


SECTOR WEIGHTINGS
Financials	28.4	%
Information Technology	24.1
Consumer Discretionary	13.2
Industrials	7.3
Consumer Staples	6.7
Telecommunication Services	5.2
Energy	5.1
Materials	2.2
Health Care	2.0
Utilities	1.6


		www.calamos.com			31

Calamos Emerging Market Equity Fund

that do not should result in greater differentiation between countries’ performances, underscoring the importance of selectivity. We are seeing stronger company fundamentals generally rewarded in emerging markets and we think that we will continue to see better prospects for commodity-consumer countries versus producers. We believe that countries with burgeoning domestic demand and positive reform catalysts are also positioned to benefit. Ultimately, we believe a selective environment and many emerging market crosscurrents will benefit our active and risk-aware investment approach.

GROWTH OF $10,000: SINCE INCEPTION (12/31/13) THROUGH 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 12/31/2013
Without Sales Charge		2.15	%		1.74	%		0.39	%
With Sales Charge		-2.69			-3.07			-3.22
Class C Shares – Inception 12/31/2013
Without Sales Charge		1.84			1.12			-0.30
With Sales Charge		0.84			0.12			-0.30
Class I Shares – Inception 12/31/2013		2.31			2.11			0.66
Class R Shares – Inception 12/31/2013		2.01			1.49			0.13

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 3.45%; Class C shares is 4.07%; Class I shares is 3.03%; Class R shares is 3.71%. The Fund’s Investment Adviser has contractually agreed to reimburse the Fund expenses through March 1, 2017, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired funds fees and expenses and extraordinary expenses, if any) of Class A, Class C, Class I and Class R are limited to 1.25%, 2.00%, 1.00% and 1.50% of average net assets, respectively. This agreement is not terminable by either party.

†

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

NOTES:

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index considered broadly representative of emerging market equity performance. The index represents companies within the constituent emerging markets that are available to investors worldwide. Index data shown for the Since Inception Growth of $10,000 graph is from 12/31/13, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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


32		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Equity Fund

GLOBAL EQUITY FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund gained 6.92% (Class A shares at net asset value) versus a 5.38% return for the MSCI World Index and 7.29% for the MSCI ACWI Growth Index.

The Fund’s strong results, which outperformed by 217 basis points the average return of peers in the Morningstar World Stock category, reflected the strength of the Fund’s growth holdings. We remain especially bullish on growth stocks as we believe earnings growth remains solidly positive and corporate earnings will continue to expand. We feel we have entered a growth regime, and recent market performance has aligned with our view. In the first quarter, U.S. growth stocks led value by 460 basis points, a spread not seen since the first quarter of 2009.

Since its inception on March 1, 2007, the Fund has returned 7.55% on an annualized basis (Class A shares at net asset value), outperforming the 5.07% return for the MSCI World Index as well as the 6.13% return for the MSCI ACWI Growth Index. We believe the Fund’s solid track record since its inception is a testament to our focus on long-term global investing and adding value over full market cycles.

What factors influenced performance?

From a geographic perspective, the Fund’s country weights contributed positively to performance while selection within countries trailed. In particular, overweight positions and stronger selection in Denmark and South Africa led to positive results while lagging selection in China and the U.S. hampered performance.

In terms of economic sectors, selection in industrials added the most value in the period. Our team has emphasized companies positioned to benefit from weakened currency and enhanced export opportunities. As a result of this emphasis, we have had an overweight to the industrial machinery industry, in particular those companies generating significant export growth and tied to one of our key themes of robotics and automation.

Selection in financials also added considerable value. In particular, holdings in the asset management and custody banks industry outperformed those of the index. We gradually increased our investments in financials based on improved sector fundamentals and our positive market outlook. We believe loan growth, attractive valuations and increased earnings power support a more positive yet selective view of the sector.

Selection in and a modest underweight to health care hindered performance. In particular, holdings in the health care equipment industry lagged their index peers. Select companies in the index, which we didn’t own, performed especially well due to stock-specific events, such as merger and acquisition transactions. Within health care, we prefer the higher-growth, higher-innovation opportunities in select industries including pharmaceuticals, biotechnology and health care technology. Fund holdings are mainly diversified across the U.S., Europe and Japan.

Although the Fund’s underweight allocation added value, selection in the materials sector held back performance. Holdings in the construction materials industry lagged

OVERVIEW

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

KEY FEATURES

Flexibility to seek growth globally, pursuing the best risk/reward opportunities across country, market capitalization and sector

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

PORTFOLIO FIT

The Fund is a growth-oriented addition to a strategic global equity allocation that may complement or provide an alternative to value or blended styles.


FUND NASDAQ SYMBOLS
A Shares		CAGEX
B Shares		CBGEX
C Shares		CCGEX
I Shares		CIGEX
R Shares		CRGEX


FUND CUSIP NUMBERS
A Shares		128119484
B Shares		128119476
C Shares		128119468
I Shares		128119450
R Shares		128119443


		www.calamos.com			33

Calamos Global Equity Fund


SECTOR WEIGHTINGS
Information Technology	27.1	%
Consumer Discretionary	21.9
Health Care	13.6
Industrials	12.5
Financials	11.6
Consumer Staples	5.8
Energy	3.6
Materials	1.3
Telecommunication Services	0.5

because of company-specific factors. We have held an underweight to materials as we believe commodity prices will remain under pressure from measured global growth and a stronger U.S. dollar.

How is the Fund positioned?

We continue to seek secular and cyclical growth opportunities that are appropriately valued. In the U.S., we favor companies that we think are poised to execute well and outperform despite a backdrop of low global growth. We are most interested in companies with attractive growth fundamentals, increasing returns on invested capital and reasonable valuations.

We increased the Fund’s weight to Europe where market performance has been strong because of stabilizing economic data, positive corporate revisions, a weaker euro and quantitative easing. In addition to a larger allocation, we are favoring companies benefiting from asset reflation and export opportunities via the weakened currency.

We are holding a modest overweight in Japan, which reflects our increasingly positive view on the market because of relative valuation, accommodative monetary policy and corporate reforms. Economic data has been mixed to stable, but we are seeing individual companies beating expectations with better strategic investments and shareholder friendly policies. For example, we have seen an increase in stock buybacks, dividend payouts and capital expenditures. Against this backdrop, we believe Japan’s market is well positioned to climb, although a bottom-up approach remains paramount.

With respect to emerging markets, we expect divergences in the near-term prospects of many economies due to differing growth prospects and structural reform. We have favored commodity consumers relative to producers (given the lower-cost environment), exporters benefiting from increased developed market demand and companies benefitting from pro-growth structural reform opportunities at home and abroad in the markets they serve.

In terms of sector positioning, we are focused on a combination of secular and cyclical growth areas including information technology, consumer discretionary, health care and industrials. We increased health care, consumer discretionary and industrials during the period and reduced the overweight to technology as we sold some holdings on company-specific issues. We also trimmed energy and materials because of weaker fundamentals. The largest underweight positions are in energy, materials, consumer staples and financials, reflecting our view of relative growth and valuation.

What closing thoughts do you have for Fund shareholders?

We expect global equities to deliver additional gains in 2015 but we also believe investors should anticipate periods of higher volatility as markets confront slow global growth, policy uncertainty, and fluctuations in currencies and commodities. We believe acquisitions and share buybacks may provide a floor for valuations and support higher prices for equities and equity-sensitive securities. We maintain our belief that global equities remain attractive against a backdrop of moderate economic growth, low inflation, reasonable valuations and highly accommodative central bank policy.


34		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Equity Fund

GROWTH OF $10,000: SINCE INCEPTION (3/1/07) THROUGH 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 3/1/07
Without Sales Charge		6.92	%		12.52	%		10.54	%		7.55	%
With Sales Charge		1.85			7.20			9.47			6.91
Class B Shares – Inception 3/1/07
Without Sales Charge		6.56			11.76			9.72			6.77
With Sales Charge		2.35			7.34			9.45			6.77
Class C Shares – Inception 3/1/07
Without Sales Charge		6.57			11.71			9.73			6.75
With Sales Charge		5.73			10.83			9.73			6.75
Class I Shares – Inception 3/1/07		7.14			12.85			10.83			7.84
Class R Shares – Inception 3/1/07		6.83			12.29			10.27			7.29

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.40%; Class B is 2.15%; Class C shares is 2.14%; Class I shares is 1.15%; Class R shares is 1.64%.

†

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

NOTES:

The MSCI World Index (U.S. Dollars) is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. Since inception data for the index is shown from 2/28/07 since data is only available for full monthly periods. Source: Lipper, Inc.

The MSCI ACWI Growth Index is designed to measure the equity performance of companies with higher growth values in developed and emerging markets.

Morningstar World Stock category funds have few geographical limitations. It is common for these funds to invest the majority of their assets in the U.S., Europe and Japan, with the remainder divided among the globe’s smaller markets. These funds typically have 20% – 60% of assets in U.S. stocks.

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


		www.calamos.com			35

Calamos Growth and Income Fund

OVERVIEW

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

KEY FEATURES

Leverage more than three decades of research experience combining equities and convertible holdings to provide equity-like participation

Provide a core holding option that aims to maintain a consistent risk posture throughout the market cycle

Seek to participate in the upside movements of the equity market while lessening the blows of down periods

PORTFOLIO FIT

The Fund can provide a long-term core allocation to equities with the potential for lower volatility.


FUND NASDAQ SYMBOLS
A Shares		CVTRX
B Shares		CVTYX
C Shares		CVTCX
I Shares		CGIIX
R Shares		CGNRX


FUND CUSIP NUMBERS
A Shares		128119104
B Shares		128119765
C Shares		128119831
I Shares		128119872
R Shares		128119336

CALAMOS GROWTH AND INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund returned 2.10% (Class A shares at net asset value) versus returns of 4.40% for the S&P 500 Index and 3.64% for the BofA Merrill Lynch All U.S. Convertibles ex-Mandatory Index.

We manage this Fund with the goal of achieving upside equity participation and potential downside protection over full market cycles, and the Fund’s historical performance reflects our goal. Since its inception on September 22, 1988, the Fund returned 11.29% on an annualized basis (Class A shares at net asset value) versus a 10.40% gain for the S&P 500 Index and a 9.64% return for the BofA Merrill Lynch All U.S. Convertibles ex-Mandatory Index.

Please discuss the Fund’s lower-volatility characteristics?

We believe the Fund’s historical lower-volatility characteristics are a by-product of our investment style and focus on participating in equity market upside with less volatility than the market as a whole. Beta is one popular statistic for measuring volatility. Beta considers a fund’s historic volatility versus the market, which is assigned a beta of 1.0. A fund with half the volatility of the market would have a beta of 0.5, while a fund with a beta of 2.0 would have been twice as volatile as the market.

Since its inception, the Fund has had a beta of 0.72 (Class A shares) versus the S&P 500 Index. The Fund has therefore outperformed the broader equity market, as measured by the S&P 500 Index, with less volatility than the equity markets. Please note that past performance does not indicate future results and that beta is one of many measures of risk.

What factors influenced performance?

The Fund invests in a combination of stocks, convertible securities and bonds. It offers a total return-oriented investment that seeks to keep a consistent balance of risk and reward through full market cycles. As we focus on managing volatility, we strive to participate in a greater portion of equity market upside than downside.

During the six-month period, the Fund participated in equity upside. While the Fund’s equities performed generally in line with the market, the Fund’s convertible bond allocation trailed. The Fund did not hold a large weighting to the most equity-sensitive convertible bonds, and these bonds led the convertible bond market as equities continued to gain. We believe the asymmetric risk/reward characteristics of hybrid or “middle of the road” convertibles are more appealing in managing market volatility.

Selection in financials contributed to relative performance. Holdings in the asset management, custody banks and regional banks industries posted especially strong gains. An underweight allocation to the utilities and telecommunication services sectors also added value. Performance in these lower-growth sectors trailed the overall market in the period, and our underweight positioning helped. Underweight allocations to the utilities and telecom services sectors also added value. Performance in these lower -growth sectors trailed the overall market in the period, and our underweight positioning was helpful.


36		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth and Income Fund

In terms of economic sectors, positioning and security selection within the health care sector detracted from return. In particular, selection within the pharmaceuticals and health care equipment industries held back results. That said, we uphold our conviction regarding higher-growth and highly innovative companies within the pharmaceuticals, health care equipment and biotechnology industries. We believe these companies offer a desirable combination of growth and quality characteristics founded on strong fundamentals, in addition to a wider opportunity set within the convertible universe, which is well suited to our risk-adjusted portfolio mandate. Portfolio positioning and security selection within energy lagged during the period. Specifically, holdings within the oil-and-gas equipment and services industry along with names in the oil-and-gas exploration and production industry hampered performance.


SECTOR WEIGHTINGS
Information Technology	22.5	%
Financials	16.5
Health Care	15.4
Consumer Discretionary	14.5
Industrials	9.7
Consumer Staples	7.7
Energy	6.2
Utilities	2.0
Materials	1.3
Telecommunication Services	0.5

MANAGING RISK OVER MARKET CYCLES

The Growth and Income Fund historically has captured a significant amount of upside during bull markets and limited losses when markets have plunged.

LOGO

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Performance reflected at NAV does not include the Fund’s maximum front-end sales load of 4.75% had it been included, the Fund’s return would have been lower. For the most recent fund performance information visit www.calamos.com.

There is no assurance that the Fund will achieve or maintain its investment objective. Results are before taxes on Fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 11/1/88, since comparative index data is available only for full monthly periods.


		www.calamos.com			37

Calamos Growth and Income Fund

Logarithmic scales can be useful when looking at performance data over a long period of time. Common percent changes are represented by an equal spacing between the numbers in the scale. For example, the distance between $1 and $2 is equal to the distance between $2 and $4 because both scenarios represent a 100% increase in price.

Upside capture ratio measures a manager’s performance in up markets relative to the named index itself. It is calculated by taking the security’s upside capture return and dividing it by the benchmark’s upside capture return. Downside capture ratio measures manager’s performance in down markets as defined by the named index. A down-market is defined as those periods (months or quarters) in which named index return is less than 0. In essence, it tells you what percentage of the downmarket was captures by the manager. For example, if the ratio is 110%, the manager has captured 110% of the down-market and therefore underperformed the market on the downside. Source: State Street Corporation and Lipper, Inc.

Please describe the Fund’s participation in up and down markets since its inception.

The Fund invests in a combination of stocks, convertible securities and bonds to offer a total-return-oriented investment that seeks to keep a consistent balance of risk and reward through full market cycles. As we focus on managing volatility, we strive to participate in a greater portion of equity market upside than downside.

There are a variety of ways to express up- and down-market capture, whether it is calculated daily, monthly, quarterly, or as we look at the markets—in longer-term up-and-down market trends. In the chart above, you can see how the Fund performed through distinct market periods. In the five major market periods shown, the Fund has generally participated in the upside movements of the equity market while limiting the downside exposure during times of tumult.

How is the Fund positioned?

From a portfolio perspective, we seek to invest in U.S. companies that we believe have the best prospects for sustainable and high relative growth. The Fund offers a diversified approach and participates in long-term growth trends by focusing on companies with solid fundamentals, global brands, strong growth catalysts and attractive valuations. We believe the Fund’s historical low-volatility characteristics are a by-product of both our investment style and our focus on participating in equity market upside with less volatility than the market as a whole.

The Fund’s investments reflect our positive long-term outlook for equities and equity-sensitive securities. We believe a combination of secular and cyclical growth holdings is appropriate, given our view that we are in the mid-part of the business cycle with low inflation and moderate global growth. We are emphasizing companies with sound growth fundamentals, increasing returns on invested capital, and attractive valuations.

We continue to actively manage our sector exposures in conjunction with our fundamental, bottom-up research. Our research points us to opportunities within the technology, financials, health care and consumer discretionary sectors, and the Fund is positioned as such. Overall, changes to sector weights were modest during the period. Among selected changes, we added to the Fund’s weight in the health care sector by virtue of improving fundamentals and growth prospects as well as security-specific factors. For example, we added names from the pharmaceuticals and biotechnology industries. We also increased the Fund’s weighting to consumer staples. Conversely, Fund positioning was marginally reduced within the energy sector. We sold companies marked by declining growth catalysts, deteriorating fundamentals and valuation concerns. We pared back the industrials sector on lower oil prices, a strong U.S. dollar and a sluggish global economy.

The Fund’s largest allocation in absolute terms went to the information technology sector. Relative to the S&P 500 Index, the Fund’s largest overweight allocations went to the information technology and consumer discretionary sectors, and its largest underweights went to energy and materials.


38		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth and Income Fund

What closing thoughts do you have for Fund shareholders?

With the Fed likely to hold off on raising interest rates until later this year, we believe stock prices should continue their upward trend, though experiencing periodic bouts of volatility. With earnings yields still far in excess of long-term borrowing costs, it’s our belief that record merger and acquisition and buyback activity will likely continue. We remain bullish on equities, and particularly growth equities, where valuations remain attractive on a number of our favored measures. We believe we are in a growth regime (similar to 1995 – 1999), supported by low inflation, high cash levels and high innovation. We feel our use of both cyclical and secular themes is appropriate, given our stance that we are in the mid-stages of the business cycle. We favor companies with strong growth catalysts, improving fundamentals and solid balance sheets. That mindset leads us to favor the information technology, health care and consumer discretionary sectors, while we remain underweight to energy, materials and telecom services.

Convertible securities have tended to perform well in a slow-growth environment, when stocks are rising and interest rates are increasing slowly. We believe convertibles can also benefit from market volatility, as their embedded option can become more valuable. Because convertibles combine equity and fixed income characteristics, they offer the opportunity for upside equity participation with potential downside protection when equity markets decline. Against this backdrop, we believe the benefits of convertible securities are especially pronounced.

ANNUALIZED RETURN: SINCE INCEPTION (9/22/88) THROUGH 4/30/15

LOGO

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

The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gains distributions. Performance is for the Fund’s Class A shares at net asset value and does not include the Fund’s maximum front-end sales charge of 4.75%—had it been included, the Fund’s return would have been lower. The Fund also offers Class B, Class C, Class I and R shares, the performance of which may vary. Source: State Street Corporation and Lipper, Inc.


		www.calamos.com			39

Calamos Growth and Income Fund

GROWTH OF $10,000: FOR 10-YEAR PERIOD ENDED 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/22/88
Without Sales Charge		2.10	%		8.44	%		8.42	%		7.15	%
With Sales Charge		-2.76			3.29			7.36			6.63
Class B Shares – Inception 9/11/00
Without Sales Charge		1.74			7.77			7.84			6.57
With Sales Charge		-2.88			2.89			7.55			6.57
Class C Shares – Inception 8/5/96
Without Sales Charge		1.74			7.65			7.60			6.35
With Sales Charge		0.83			6.69			7.60			6.35
Class I Shares – Inception 9/18/97		2.24			8.71			8.69			7.42
Class R Shares – Inception 3/1/07		1.99			8.17			8.14			5.63	^

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.09%; Class B is 1.85%; Class C shares is 1.84%; Class I shares is 0.84%; Class R shares is 1.34%.

†

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

NOTES:

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Source: Lipper, Inc.

The BofA Merrill Lynch All U.S. Convertibles Ex-Mandatory Index represents the U.S. convertibles securities market excluding mandatory convertibles. Index data shown for the Annualized Return Since Inception graph is from 9/30/88, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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


40		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund

GLOBAL GROWTH AND INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, the Fund returned 4.74% (Class A shares at net asset value) versus a return of 5.24% for the MSCI ACWI Index and 5.38% for the MSCI World Index.

The Fund’s strong results, which outperformed by 240 basis points the average return of peers in the Morningstar World Allocation category, reflected the strength of the Fund’s growth holdings. Also, we manage this Fund with the goal of achieving upside equity participation with potential downside protection over full market cycles. The Fund’s performance captured 90% of the MSCI ACWI Index’s return and 88% of the MSCI World Index’s upside during the six-month period.

Since its inception on September 9, 1996, the Fund returned 8.45% on an annualized basis (Class A shares at net asset value) and outperformed the MSCI ACWI Index return of 6.98% and the MSCI World Index return of 7.02%.

Please discuss the Fund’s lower-volatility characteristics?

Since its inception, the Fund has had a beta of 0.69 (Class A shares) versus the MSCI ACWI Index. The Fund has therefore outperformed the broader equity market, as measured by the MSCI ACWI Index, with less volatility than the equity markets. Please note that past performance does not indicate future results and that beta is one of many measures of risk.

What factors influenced performance?

From a geographic perspective, the Fund’s country weights contributed positively to performance while selection within countries trailed. In particular, overweight positions and stronger selection in South Africa, Hong Kong and Denmark led to positive results while lagging selection in China and the U.S. hampered performance.

In terms of economic sectors, selection in industrials added the most value in the period versus the MSCI ACWI Index benchmark. Our team has emphasized companies positioned to benefit from weakened currency and enhanced export opportunities. As a result of this emphasis, we have overweighted the industrial machinery industry, in particular those companies generating significant export growth and tied to one of our key themes of robotics and automation.

An overweight to the consumer discretionary sector also contributed positively to performance. Specifically, the Fund’s overweight stance and holdings in the cable and satellite and the apparel and accessories industries outperformed. We own companies that we believe comprise attractive growth fundamentals and are well positioned to

OVERVIEW

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

KEY FEATURES

Combining equity and convertible holdings, aiming to limit downside risk while potentially capturing upside equity participation

Provide a core holding option that aims to maintain a consistent risk posture throughout the market cycle

Participate in the upside movements of the global equity market while lessening the damage of down periods

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS
A Shares		CVLOX
B Shares		CVLDX
C Shares		CVLCX
I Shares		CGCIX
R Shares		CVLRX


FUND CUSIP NUMBERS
A Shares		128119500
B Shares		128119732
C Shares		128119708
I Shares		128119609
R Shares		128119385


		www.calamos.com			41

Calamos Global Growth and Income Fund


SECTOR WEIGHTINGS
Information Technology	25.0	%
Consumer Discretionary	17.4
Financials	15.3
Health Care	12.0
Industrials	9.6
Energy	6.7
Consumer Staples	5.5
Materials	2.6
Utilities	1.3
Telecommunication Services	0.6
Other	0.4

tap into rising consumption in both developed and emerging markets. Recent holdings span a number of industries including cable and satellite, apparel and accessories, automobiles, and Internet retail.

Selection in and a modest underweight to health care hindered performance. In particular, holdings in the health care equipment industry lagged their index peers. Select companies in the index, which we didn’t own, performed especially well in response to stock-specific events, such as merger and acquisition transactions. Within health care, we prefer the higher-growth, higher-innovation opportunities in select industries including pharmaceuticals, biotechnology and health care technology. Fund holdings are mainly diversified across the U.S., Europe and Japan.

Although the Fund’s underweight allocation added value, selection in the materials sector held back performance. Holdings in the construction materials industry lagged because of company-specific factors. We have held an underweight to materials as we believe commodity prices will remain under pressure from measured global growth and a stronger U.S. dollar.

MANAGING RISK OVER MARKET CYCLES

The Global Growth and Income Fund historically has captured a significant amount of upside during bull markets and limited losses when global markets have plunged.

LOGO

There is no assurance that the fund will achieve or maintain its investment objective. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains. Index data shown is from 11/1/88, since comparative index data is available only for full monthly periods.


42		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund

Please describe the Fund’s participation in up and down markets since its inception.

The Fund invests in a combination of stocks, convertible securities and bonds to offer a total return-oriented investment that seeks to keep a consistent balance of risk and reward through full market cycles. As we focus on managing volatility, we strive to participate in a greater portion of equity market upside than downside.

There are a variety of ways to express up- and down-market capture, whether it is calculated daily, monthly, quarterly, etc., or as we look at the markets—in longer-term up- and down-market trends. In the chart above, you can see how the Fund performed through a few distinct market periods. In the five major market periods shown, we believe that the Fund has participated in the upside movements of the equity market while limiting the downside exposure during times of tumult.

How is the Fund positioned?

We position the Fund with the goal of providing the opportunity for upside equity participation along with downside resilience in the event that markets retreat. We favor company structures that offer compelling risk/reward characteristics relative to their underlying common stocks. Generally, we view prevailing valuations of global growth companies relative to value companies as attractive by historic standards, and we anticipate outperformance in growth areas as the global economic recovery advances. At the same time, we remain mindful of risk and valuation discipline and are cognizant of the many cross-currents in markets and the potential effects of diverging monetary policies. We believe the global equity opportunity set is well suited to our active, risk-aware approach.

In the U.S., we favor companies that we believe possess attractive secular growth characteristics and are positioned to execute well and outperform despite a backdrop of low global growth. We are investing in companies with attractive growth fundamentals, increasing returns on invested capital and reasonable valuations.

During the period, we increased the Fund weight to Japan and held a moderate overweight at period end. We did this based on a combination of factors including relative valuation, accommodative monetary policy, and corporate reforms. Economic data has been mixed to stable, but we are seeing individual companies beat expectations with better strategic investments and shareholder friendly policies. For example, we have seen an increase in stock buybacks, dividend payouts and capital expenditures. Against this backdrop, we believe Japan’s market is well positioned to climb, although a bottom-up approach remains paramount.

We maintained a relatively stable weight in Europe during the period. Fund holdings benefited from strong market performance year-to-date, driven by stabilizing economic data, positive corporate revisions, a weaker euro and the central bank’s quantitative easing program. We are favoring companies benefiting from asset reflation and export opportunities born out of the weakened currency.


		www.calamos.com			43

Calamos Global Growth and Income Fund

We are focused on a combination of secular and cyclical growth areas including information technology, consumer discretionary, health care and industrials. We increased the Fund’s weight to health care, consumer discretionary and industrials during the period and reduced the overweight to technology as we sold holdings on company-specific issues. We also trimmed energy and materials because of weaker fundamentals. The largest underweight positions are in energy, materials, consumer staples and financials reflecting our view of relative growth and valuation.

We increased the Fund’s weight to the health care sector by virtue of market performance and our identification of bottom-up opportunities offering attractive growth, quality and innovation characteristics. We decreased Fund weight to energy as a consequence of our relatively cautious view of sector fundamentals, in addition to the sector’s lagging performance.

What closing thoughts do you have for Fund shareholders?

We expect global equities to deliver additional gains in 2015 but we believe investors should anticipate periods of higher volatility as markets confront sluggish global growth, policy uncertainty, and fluctuations in currencies and commodities. We believe merger and acquisition and share buyback activity may provide a floor for market valuations, and support higher prices and investor demand for equities and equity-sensitive securities. However, we believe markets will continue to confront uncertainty as commodity prices fluctuate and geopolitical events and global growth fears linger.

It’s under this partly cloudy, partly sunny sky that we believe the benefits of convertible securities are especially pronounced. Convertibles have tended to perform well in a slow-growth environment, when stocks are rising and interest rates are increasing slowly. We believe convertibles can also benefit from market volatility, as their embedded option can become more valuable. Because convertibles combine equity and fixed income characteristics, they offer the opportunity for upside equity participation with potential downside protection when equity markets decline.

In summary, we believe global equities and convertible securities remain attractive against a backdrop of moderate economic growth, low inflation, reasonable valuations, and highly accommodative central bank policy.

ANNUALIZED RETURN: SINCE INCEPTION (9/9/96) THROUGH 4/30/15

LOGO

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


44		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/9/96
Without Sales Charge		4.74	%		6.19	%		7.04	%		7.47	%
With Sales Charge		-0.24			1.17			6.00			6.95
Class B Shares – Inception 9/11/00
Without Sales Charge		4.30			5.42			6.25			6.82
With Sales Charge		-0.05			1.02			5.96			6.82
Class C Shares – Inception 9/24/96
Without Sales Charge		4.28			5.39			6.24			6.66
With Sales Charge		3.43			4.53			6.24			6.66
Class I Shares – Inception 9/18/97		4.77			6.30			7.29			7.73
Class R Shares – Inception 3/1/07		4.48			5.84			6.76			4.23	^

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.44%; Class B and C shares is 2.19%; Class I shares is 1.19%; Class R shares is 1.69%.

†

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

NOTES:

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

The MSCI World Index (U.S. Dollars) is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. Since inception data for the index is shown from 9/30/96 since data is only available for full monthly periods. Source: Lipper, Inc.

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


		www.calamos.com			45

Calamos Convertible Fund

OVERVIEW

The Fund invests primarily in convertible securities of U.S. companies that are diversified across market sector and credit quality.

KEY FEATURES

Leverage more than three decades of research in convertible security investing

A portfolio diversified across market sector and credit quality emphasizing mid-sized companies with higher-quality balance sheets

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

PORTFOLIO FIT

The Fund offers a way to potentially manage risk alongside an equity allocation with securities that participate in upside equity movements with limited downside participation.


FUND NASDAQ SYMBOLS
A Shares		CCVIX
B Shares		CALBX
C Shares		CCVCX
I Shares		CICVX
R Shares		CCVRX


FUND CUSIP NUMBERS
A Shares		128119401
B Shares		128119773
C Shares		128119823
I Shares		128119864
R Shares		128119369

CALAMOS CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 6-month period ended April 30, 2015, Calamos Convertible Fund returned 1.60% (Class A shares at net asset value). For this same period, the BofA Merrill Lynch All U.S. Convertibles Index returned 3.91%, the Value Line Convertible Index gained 5.20%, and the S&P 500 Index returned 4.40%.

The Fund has historically been managed with an investment philosophy that seeks to use convertibles as a means of participating in the equity market’s upside while holding up better during down market periods. The portfolio delivered positive results but trailed the BofA Merrill Lynch All U.S. Convertibles Index, which was led by the strong performance of convertibles with the greatest equity sensitivity. We have been significantly underweight to these convertibles relative to the index as they do not offer downside protection when their underlying equities retreat.

Since its inception on June 21, 1985, the Fund returned 9.38% on an annualized basis (Class A shares at net asset value), compared with a gain of 8.86% for the Value Line Convertible Index and 10.89% for the S&P 500 Index.

Please discuss the Fund’s lower-volatility characteristics.

We believe the Fund’s historical lower-volatility characteristics are a by-product of our investment style and we focus on participating in equity market upside with less volatility than the market as a whole. Beta is one popular statistic for measuring volatility. Beta considers a fund’s historic volatility versus a market index, which is assigned a beta of 1.0. A fund with half the volatility of the benchmark index has a beta of 0.5, while a fund with a beta of 2.0 is twice as volatile as the market.

Since its inception, the Fund had a beta of 0.63 (Class A shares) versus the S&P 500 Index. The Fund has therefore provided comparable performance to the broader equity market, as measured by the S&P 500 Index, with less volatility. Please note that past performance does not indicate future results and that beta is one of many measures of risk.

What factors influenced performance over the period?

As discussed above, we actively seek securities that we believe offer the best risk-reward characteristics. This may lead us to invest differently from the benchmark, which has become increasingly equity sensitive with the long-term bull market. The most equity-sensitive convertibles tend to behave more like their underlying stocks and may have larger losses in down markets than other, more bond-like convertibles. Based on our proprietary analysis, about 40% of convertibles in the BofA Merrill Lynch All U.S. Convertibles Index are equity sensitive, as they participate in about 80% of the movement of their underlying equities. Those convertibles represented more than 70% of the index return during the period. Our underweight toward these types of convertibles hindered performance.


46		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Convertible Fund

On an economic sector basis, the Fund’s underweight toward the energy sector, the worst-performing sector during the period, contributed to relative performance. We had no holdings in the coal and consumer fuel industry, which dropped significantly, and we were underweight toward the oil and gas exploration industry that performed poorly. Further, the Fund’s underweight toward the materials sector, the second-worst performer behind energy, contributed to relative performance. We did not have any holdings in the steel or aluminum industries, which suffered losses.

Selection in the health care sector hindered performance. As mentioned previously, the portfolio had a considerably lower allocation to convertibles displaying high equity sensitivity within the outperforming biotechnology industry. Selection within financials also held back results, as diversified banks and life and health insurance lagged. We also were underweight to the relatively strong-performing REITs industries.


SECTOR WEIGHTINGS
Information Technology	32.8	%
Health Care	23.0
Financials	14.8
Consumer Discretionary	13.0
Energy	6.4
Industrials	3.7
Utilities	2.7
Consumer Staples	1.5
Telecommunication Services	1.2

MANAGING RISK OVER MARKET CYCLES

Over the last 20 years, the Convertible Fund historically has captured a significant amount of upside during bull markets and limited losses when markets have plunged.

LOGO

There is no assurance that the Fund will achieve or maintain its investment objective. Results are before taxes on fund distributions and assume reinvestment of dividends and capital gains.


		www.calamos.com			47

Calamos Convertible Fund

Please describe the Fund’s participation in up and down markets since its inception.

Convertible securities combine characteristics of stocks and fixed income securities. Like stocks, convertibles typically offer potential upside participation in rising equity markets. Like bonds, convertible securities may provide income and potential downside protection in declining equity markets.

There are a variety of ways to express up-market and down-market capture, whether it is calculated daily, monthly, quarterly, or as we look at the markets—in longer-term up and down market trends. In the chart above, you can see how the Convertible Fund performed compared to the U.S. equity market through distinct market periods over the past 20 years. In the five major market periods shown, we believe that the Fund has participated in the upside movements of the equity market while limiting the downside exposure during times of tumult.

How is the Fund positioned?

Reflecting our belief that the economy remains within the midrange of its cycle, the portfolio is positioned heaviest towards the cyclical growth sectors, which we believe tend to outperform in this phase. As such, the portfolio’s largest allocations are to the information technology, health care, and consumer discretionary sectors. We also expect heightened volatility in this phase of the market cycle and continue to manage the portfolio with a risk-aware mindset. In response, we advocate an active approach to convertibles and place emphasis on those issues which strike a balance of risk and reward. Conversely, we remain underweight to convertibles displaying the most equity and credit sensitivities.

Valuations are attractive and our team is finding many securities that meet our criteria. More specifically, we seek out issues that offer higher skew on the upside. To identify these securities, we combine our proprietary credit research (given our emphasis on downside resilience) and equity analysis (to secure a healthy measure of equity upside).

We increased the portfolio’s weight in the health care sector by adding or swapping holdings within the pharmaceuticals and biotechnology industries. We continue to see the health care sector benefiting from several trends including increased access to health care in emerging markets and the U.S. implementation of the Affordable Care Act. We pared back the industrials sector on lower oil prices, a strong U.S. dollar and a sluggish global economy. Specifically, we sold holdings in the construction machinery and heavy trucks industry.

What are your closing thoughts for Fund shareholders?


48		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Convertible Fund

ANNUALIZED RETURN: SINCE INCEPTION (6/21/85) THROUGH 4/30/15

LOGO

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


		www.calamos.com			49

Calamos Convertible Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 6/21/85
Without Sales Charge		1.60	%		5.89	%		6.97	%		6.62	%
With Sales Charge		-3.24			0.85			5.94			6.11
Class B Shares – Inception 9/11/00
Without Sales Charge		1.19			5.06			6.16			5.99
With Sales Charge		-3.65			0.06			5.85			5.99
Class C Shares – Inception 7/5/96
Without Sales Charge		1.23			5.10			6.16			5.83
With Sales Charge		0.27			4.12			6.16			5.83
Class I Shares – Inception 6/25/97		1.71			6.18			7.24			6.89
Class R Shares – Inception 3/1/07		1.50			5.62			6.70			5.50	^

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.11%; Class B and C shares is 1.86%; Class I shares is 0.86%; Class R shares is 1.36%.

†

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

NOTES:

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

The BofA Merrill Lynch All U.S. Convertibles Ex-Mandatory Index is comprised of approximately 700 issues of only convertible bonds and preferreds of all qualities.

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

The Value Line Convertible Index is an equally-weighted index of the larger convertibles, representing 90% of the U.S. convertible securities market. Index data shown for the Annualized Returns Since Inception graph is from 6/30/85, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC.

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


50		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund

GLOBAL CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

What is your rationale behind launching this Fund?

Calamos introduced the Calamos Global Convertible Fund on December 31, 2014, as a natural extension of the investment team’s established capabilities. Calamos has actively managed convertibles for more than 30 years and managed global convertible portfolios for institutional clients since 2001. Global convertible issuance has been robust in recent years, and 2014 was another strong year. Through the fund, investors can take advantage of the healthy sector breadth in convertible issuance as well as regional diversification.

Although the Federal Reserve may be patient, sooner or later interest rates will rise. When they do, traditional fixed-income investments often struggle. Historically, convertibles have proven less vulnerable to rate increases than traditional debt. In general, the more a convertible’s price is determined by the value of its underlying equity, the greater its resilience to rising interest rates, which allows it to outperform traditional bonds when rates rise.

Therefore, we believe the case for convertible securities is strong, and the use of convertibles in a risk-managed strategy may provide benefits that stock and bond allocations alone cannot. However, we believe convertible securities require active management to achieve a desired outcome.

How has the Fund performed?

Since the Fund’s inception on December 31, 2014 to April 30, 2015, the Global Convertible Fund returned 4.10% (Class A shares at net asset value). For this same period, the BofA Merrill Lynch Global 300 Convertible Index returned 3.92%.

The Fund is managed with an investment philosophy that seeks to use convertibles as a means of participating in the equity market’s upside while holding up better during down market periods. The portfolio outperformed the benchmark in a solid period for global convertibles, which captured most of the equity upside.

What factors influenced performance over the period?

In our active investment approach, we seek convertibles that we believe will participate in the equity market’s upside and have limited downside when equities fall. This philosophy generally leads us to invest in total return convertibles, or convertibles that display asymmetric upside and downside characteristics relative to their underlying stocks. During the inception-to-date period, the Fund’s A shares participated in the equity upside by capturing 84% of the MSCI World Index’s return.

At the same time, from a convertible market standpoint, the convertibles that displayed the highest equity sensitivity performed the strongest during the period. In the benchmark, about 39% of the convertibles are the most equity sensitive convertibles, defined as those that capture at least 80% of underlying equity movement (up or down). These names contributed 59% of the benchmark return. Given our more defensive investment philosophy, the Fund was significantly underweight to these more sensitive securities, which hindered results.

OVERVIEW

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

KEY FEATURES

Provides broadly diversified exposure to the global convertible bond universe

Leverages more than 30 years of research in convertible security investing

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

Blends global investment themes and fundamental research via active management

PORTFOLIO FIT

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


FUND NASDAQ SYMBOLS
A Shares		CAGCX
C Shares		CCGCX
I Shares		CXGCX
R Shares		CRGCX

FUND CUSIP NUMBERS
A Shares		128120748
C Shares		128120730
I Shares		128120722
R Shares		128120714


		www.calamos.com			51

Calamos Global Convertible Fund


SECTOR WEIGHTINGS
Information Technology	16.2	%
Financials	12.3
Health Care	6.8
Consumer Discretionary	6.5
Industrials	5.3
Energy	2.3
Telecommunication Services	2.0
Materials	1.8
Utilities	0.8

From an economic sector perspective, the Fund’s overweight position to and selection in industrials added value relative to the benchmark, in particular holdings in the aerospace and defense and electrical equipment businesses. Selection in the information technology sector also contributed with investments in the communication equipment, semiconductors and application software industries. Selection in the health care sector lagged, as we were underweight to the strong performing biotechnology and pharmaceuticals industries. Further, selection in the materials sector hindered results, as the Fund lacked holdings in the strong performing steel industry.

From a geographic perspective, the Fund’s underweight toward Europe and the weakened euro currency added value and our selection in Europe strongly outperformed. The underweight toward emerging markets and Latin America hindered results.

How is the Fund positioned?

The portfolio is positioned towards the high-growth sectors of the market which include information technology, financials, consumer discretionary, industrials and health care. As equity prices continue to move higher, the convertible market has become increasingly equity sensitive, as discussed above. While the convertible index is positioned to participate more fully with the equity market’s upside, it also offers less downside protection should the markets retreat. We recognize that there will be volatility in the markets and will proceed with a risk-aware mindset. As such, we follow an active approach to convertibles and emphasize those issues which strike a balance of risk and reward.

Versus the benchmark, the Fund has heavier allocations in the U.S. and emerging markets. The portfolio is significantly underweight in Europe.

What are your closing thoughts for shareholders?

We expect global convertibles to deliver additional gains in 2015, but we believe investors should anticipate periods of higher volatility as markets confront sluggish global growth, policy uncertainty, and fluctuations in currencies and commodities. We believe merger and acquisition and share buyback activity may provide a floor for market valuations and support higher prices. We believe markets will continue to confront uncertainty as commodity prices fluctuate and geopolitical events and global growth fears linger.

Although many investors remain underweight in Europe and Japan, potential catalysts could spur further investment. These include changing monetary conditions, relative valuations, stable and improving macro fundamentals, and more upbeat sentiment. U.S. companies remain relatively upbeat given solid earnings, strong balance sheets, and resilient consumer demand, while concerns linger regarding the impact of the strong U.S. dollar on multinational businesses and persistently low capital expenditures continue to plague many industries. We maintain our belief that global convertibles remain attractive against a backdrop of moderate economic growth, low inflation, reasonable valuations and highly accommodative central bank policy.


52		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	SINCE INCEPTION*
Class A Shares – Inception 12/31/2014
Without Sales Charge		4.10	%
With Sales Charge		-0.86
Class C Shares – Inception 12/31/2014
Without Sales Charge		3.90
With Sales Charge		2.90
Class I Shares – Inception 12/31/2014		4.30
Class R Shares – Inception 12/31/2014		4.10

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 2.75%; Class C shares is 3.50%; Class I shares is 2.50%; Class R shares is 3.00%. The fund’s investment adviser has contractually agreed to reimburse the fund expenses through March 1, 2017, to the extent necessary so that total annual fund operating expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired funds fees and expenses and extraordinary expenses, if any) of Class A, Class C, Class I and Class R are limited to 1.35%, 2.10%, 1.10% and 1.60% of average net assets, respectively.

†

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

*	Cumulative since inception.

NOTES:

The BofA Merrill Lynch Global 300 Convertible Index is a global convertible index composed of companies representative of the market structure of countries in North America, Europe and the Asia/Pacific region. Barclays Global Aggregate Index provides a broad-based measure of the global investment grade fixed-rate debt markets.

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


		www.calamos.com			53

Calamos Total Return Bond Fund

OVERVIEW

The Fund invests primarily in U.S. fixed income instruments, including government and agency securities, corporate debt and high yield debt.

KEY FEATURES

Active management blending global investment themes and fundamental research

Opportunistic sector allocations that provide greater flexibility in managing risk and reward

Broad diversified exposure to U.S. investment-grade bond market and complementary holdings that may include high yield securities, international bonds and currencies

Active interest rate analysis focused on conservative portfolio duration positioning, given our expectation of rising interest rates

PORTFOLIO FIT

The Fund offers broad exposure to the U.S. investment-grade bond market.


FUND NASDAQ SYMBOLS
A Shares		CTRAX
B Shares		CTXBX
C Shares		CTRCX
I Shares		CTRIX
R Shares		CTRRX


FUND CUSIP NUMBERS
A Shares		128119310
B Shares		128119294
C Shares		128119286
I Shares		128119278
R Shares		128119260


ASSET ALLOCATION


Corporate Bonds		88.4%
U.S. Government and Agency Securities		8.8
Cash and Receivables/Payables		2.8

Asset allocation is subject to change daily and is calculated as a percentage of net assets.

TOTAL RETURN BOND FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, Calamos Total Return Bond Fund gained 2.07% (Class A shares at net asset value) versus a 2.06% return for the Barclays U.S. Aggregate Bond Index.

Since its inception on June 27, 2007, the Fund gained 5.01% on an annualized basis (Class A shares at net asset value) versus a 5.21% return for the Barclays U.S. Aggregate Bond Index.

What factors influenced performance over the period?

The Fund benefited from its significant overweight in corporate bonds, which outperformed versus other bond sectors. Additionally, performance was aided by strong selection in corporate bonds and the overweight to BBB and BB credit tiers. The lack of mortgage and agency holdings also contributed, as those segments underperformed.

Conversely, the Fund’s shorter duration hindered results as longer-dated bonds outperformed as the yield curve flattened (long-term yields fell more than short-term yields). While the allocation to non-U.S. government bonds in the benchmark was very small, they outperformed versus other bond segments, and the Fund’s lack of ownership in those bonds slightly held back performance.

How is the Fund positioned?

Duration continues to be shorter than the benchmark as we think that the eventual rise in interest rates makes longer-term bonds too risky. The Fund remains overweight to corporate debt, which we believe is the most attractive segment. Within corporate bonds, we favor companies in the financials, consumer discretionary and information technology sectors. Our lightest positions are in utilities, telecommunication services and consumer staples.

What closing thoughts do you have for Fund shareholders?

We believe a combination of lower Treasury yields and moderate economic growth continues to support corporate bonds as companies strengthen their balance sheets and reduce interest expenses. However, we also believe that the focus is on interest rates. Investors are assessing the timing of the Federal Reserve’s first rate hike and the likely tempo of subsequent increases given weaker recent U.S. economic indicators, heightened fears of Greece exiting the euro zone and unimpressive first-quarter earnings. We believe interest rates will be range bound over the next few months while low global government yields offset the Fed’s intent to move inflation toward long-term targets. We feel that the Fund’s shorter duration gives us flexibility to reposition when higher-yield opportunities become available.


54		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Total Return Bond Fund

GROWTH OF $10,000: SINCE INCEPTION (6/27/07) THROUGH 04/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 04/30/15


	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 6/27/07
Without Sales Charge		2.07	%		3.55	%		3.37	%		5.01	%
With Sales Charge		-1.78			-0.37			2.59			4.50
Class B Shares – Inception 6/27/07
Without Sales Charge		1.69			2.78			2.60			4.23
With Sales Charge		-1.79			-0.70			2.38			4.23
Class C Shares – Inception 6/27/07
Without Sales Charge		1.69			2.88			2.60			4.23
With Sales Charge		0.70			1.88			2.60			4.23
Class I Shares – Inception 6/27/07		2.20			3.91			3.64			5.28
Class R Shares – Inception 6/27/07		1.94			3.29			3.11			4.75

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.05%; Class B and C shares is 1.80%; Class I shares is 0.80%; Class R shares is 1.29%. The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2017 to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class B, Class C, Class I and Class R are limited to 0.90%, 1.65%, 1.65%, 0.65% and 1.15% of average net assets, respectively.

†

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 3.75% for Class A shares and returns for Class B and C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

The Barclays U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. Index data shown for the Since Inception Growth of $10,000 graph is from 6/30/07, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

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

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


		www.calamos.com			55

Calamos High Income Fund

OVERVIEW

The Fund invests in a diversified portfolio of U.S. and non-U.S. high yield bonds.

KEY FEATURES

Uses three decades of experience in credit evaluation to find issuers with sustainable revenues and lower risk of default

Emphasis on total return, rather than an exclusive focus on yield, may enhance our ability to generate alpha and preserve capital over the entire credit cycles

A disciplined process using fundamental analysis which can potentially provide the best opportunity for identifying investments

PORTFOLIO FIT

The Fund can complement speculative-grade or investment-grade credit exposure which may provide an attractive option for fixed income investors concerned about generating income.


FUND NASDAQ SYMBOLS
A Shares		CHYDX
B Shares		CAHBX
C Shares		CCHYX
I Shares		CIHYX
R Shares		CHYRX


FUND CUSIP NUMBERS
A Shares		128119815
B Shares		128119724
C Shares		128119799
I Shares		128119781
R Shares		128119377

CALAMOS HIGH INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, Calamos High Income Fund gained 0.70% (Class A shares at net asset value) versus a 1.93% return for the BofA ML BB-B U.S. High Yield Constrained Index and a 1.33% gain for the Credit Suisse High Yield Index.

We believe the Fund will benefit from our commitment to specialized fundamental research with the strengthening of the firm’s team, including the addition of high yield expertise with the hiring of Jeremy Hughes, CFA, and Chris Langs, CFA, in 2013. Collectively, they have more than 40 years of investment experience. The Fund utilizes decades of experience in credit research to create a portfolio that is focused on total return and preserving capital, rather than an exclusive focus on yield.

Since its inception on August 2, 1999, the Fund gained 6.62% on an annualized basis (Class A shares at net asset value) versus a 6.91% return for BofA ML BB-B U.S. High Yield Constrained Index and 7.52% for the Credit Suisse High Yield Index over the same period.

What factors influenced performance over the period?

The high yield market was muted during the period, mostly because of weakness in the energy sector. Oil prices plummeted after a November decision by OPEC members not to cut production; a reduction by the cartel may have stabilized prices. In the later part of the period, energy companies and the high-yield market recovered as oil prices rallied. The average credit spread widened 34 basis points, or 0.34%, during the period. Spreads in the B credit tier widened 35 basis points while spreads in the BB credit tier increased 21 basis points.

The market also recovered as the Federal Reserve took the stance that decisions on whether to raise interest rates would be data dependent, and as of late U.S. economic indicators have been sluggish. While the greatly anticipated removal of the term “patient” from the March minutes occurred, subsequent commentary by Fed Chair Janet Yellen comforted the markets into believing that the Fed would still bide its time.

The Fund’s relative performance was impacted by the overweight to the energy sector, the worst performing sector during the period. Further, selection in telecommunication services, including holdings of alternative carriers, held back the Fund’s return. However, the Fund benefited from its overweight position and security selection in industrials, including aerospace and defense companies, as well as its overweight and selection in consumer discretionary, including holdings in the automobile manufacturers, specialty stores and apparel retail industries.

How is the Fund positioned?

We remain focused on issuers’ balance sheets and debt-servicing abilities. With equal diligence, we continue to assess the impact of various exogenous macro factors (such as a strengthening dollar, oil prices and interest rate increases) on the overall financial stability and creditworthiness of an issuer. We continue to favor mid-grade credits (BB/B) that we believe offer more favorable risk/reward profiles over the credit cycle,


56		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos High Income Fund

especially given the possibilities of widening credit spreads and higher default rates. The Fund’s largest overweight positions relative to the BofA ML BB-B U.S. High Yield Constrained Index are to the industrials and information technology sectors. The largest underweights are to the financials and utilities sectors as of the end of the period.

In mid-January, we reduced our heavy exposure to the energy sector by selling our most stressed positions. With the plunge in oil prices, we felt there was still substantial downside if oil prices kept cratering. Within the oil-and-gas exploration and production industry specifically, we looked to position the Fund in names that could survive even if low oil prices persisted for the next several years. As such, we reduced our allocation to the lowest-quality names in favor of higher-quality names in this area. Our aim is to improve the risk/return profile of the sector allocation and the Fund as a whole. Further, we added holdings in the information technology and financials sectors.

From a credit quality perspective, the Fund is positioned relatively underweight to the BB credit tier while relatively overweight to B. We believe that the BB credit tier has the highest degree of interest rate sensitivity should rates move higher as we expect. In similar respect, we also maintain a lower overall duration in the Fund relative to the index.

What are your closing thoughts for Fund shareholders?

We believe interest rates will stay range-bound for the foreseeable future. When the Fed’s first rate hike approaches, we believe it will likely be counteracted by the historically low level of government-bond yields in Europe with its continued quantitative easing. In high yield, we expect volatility with some pressure on technicals, and we believe ultimately the market will price in the likelihood of higher default rates and higher liquidity premiums. However, we think defaults will not occur uniformly across industries, which we believe underscores the importance of rigorous fundamental research.

We think achieving better-than-coupon returns for the balance of the calendar year will be a challenge given strong returns this year. However, for risk-tolerant fixed income investors, we believe that the high-yield asset class still is attractive given the lack of fixed income alternatives. As we approach more volatile periods, we believe active security selection will become paramount to success.


SECTOR WEIGHTINGS
Consumer Discretionary	21.8	%
Industrials	15.3
Energy	12.8
Health Care	10.7
Materials	10.0
Information Technology	9.1
Telecommunication Services	6.8
Financials	5.2
Consumer Staples	2.8
Utilities	1.1


		www.calamos.com			57

ANNUALIZED RETURN: SINCE INCEPTION (8/2/99) THROUGH 4/30/15

LOGO

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

Calamos High Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 04/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 8/2/99
Without Sales Charge		0.70	%		1.18	%		6.34	%		6.33	%
With Sales Charge		-4.08			-3.60			5.31			5.81
Class B Shares – Inception 12/21/00
Without Sales Charge		0.28			0.34			5.53			5.70
With Sales Charge		-4.50			-4.33			5.22			5.70
Class C Shares – Inception 12/21/00
Without Sales Charge		0.30			0.37			5.53			5.53
With Sales Charge		-0.66			-0.57			5.53			5.53
Class I Shares – Inception 3/1/02		0.82			1.44			6.61			6.60
Class R Shares – Inception 3/1/07		0.47			0.83			6.05			5.26	^

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.19%; Class B and C shares is 1.94%; Class I shares is 0.94%; Class R shares is 1.44%.

†

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

NOTES:

The BofA Merrill Lynch BB-B US High Yield Constrained index tracks the performance of BB and B rated high yield bonds.

The Credit Suisse High Yield Index is an unmanaged index of high yield debt securities. Index data shown is from 7/31/99, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC

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


58		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund

CALAMOS MARKET NEUTRAL INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2015, Calamos Market Neutral Income Fund gained 1.54% (Class A shares at net asset value) versus a 2.12% return for the Barclays U.S. Government/Credit Bond Index and 0.01% return for the Citigroup 30-Day U.S. Treasury Bill Index.

The Fund is among the first liquid alternative offerings with more than 20 years of history that blends two main strategies, convertible arbitrage and covered call writing. In addition to offering an attractive historical risk/reward profile, the Fund may enhance long-term portfolio diversification potential, especially versus fixed income securities. The strategies all contributed positively to performance during the period.

Since inception on September 4, 1990, the Fund gained 6.65% on an annualized basis (Class A shares at net asset value). For the same period, the Barclays U.S. Government/Credit Bond Index gained 6.58% while the Citigroup 30-Day U.S. Treasury Bill Index returned 2.76%.

How did the covered call strategy contribute?

The strategy benefited from the positive return of the S&P 500 Index as the Fund’s equity basket advanced along with the stock market during the reporting period.

Volatility during the quarter was low on average, which made options selling challenging as low volatility depresses options prices. Still, there was significant “volatility in volatility” on a month-to-month basis. The equity volatility level, as measured by the CBOE Volatility Index (VIX), started the period at 14.03, rose to as high as 23.57 in mid-December, and finished the period at 14.55. As the price of options fluctuated with the changes in volatility, this environment provided opportunities to execute profitable trading strategies with sales of call options.

We also purchase put options that allow us to hedge the risk of loss from equities. Investors remain concerned about equity declines, which made purchasing put options expensive relative to the income we receive from the sale of call options. This hindered performance.

How did convertible arbitrage perform?

The convertible arbitrage strategy also benefited from rising equity prices as more value was gained on the long convertible than was lost on the short equity position over the six-month period. Two detractors for convertible arbitrage during the reporting period included the near-zero fed funds rate (no overnight interest received on cash from short equity positions) and widened credit spreads that exceeded the benefit from declining interest rates. The average high yield credit spread rose 34 basis points, or 0.34%, while the 5-Year Treasury yield fell 19 basis points.

How did the opportunistic allocation to the beta neutral long-short equity strategy perform?

The strategy seeks to minimize market risk by taking long positions in an economic sector or industry while simultaneously utilizing short positions in the same sector or

OVERVIEW

The Fund’s core market strategies include covered call writing and convertible arbitrage, complemented by an opportunistic sleeve. Together, these strategies are intended to provide the Fund with an enhanced potential for risk-managed returns due to their differing responses to volatility.

KEY FEATURES

One of the first alternative mutual funds, capitalizing on experience in the convertible space going back more than three decades

Low correlation with most fixed income benchmarks

Risk management is a primary focus, with risk characteristics that remain well below the equity and fixed income benchmarks

PORTFOLIO FIT

The Fund may provide potential diversification, in particular in a low interest-rate environment.


FUND NASDAQ SYMBOLS
A Shares		CVSIX
B Shares		CAMNX
C Shares		CVSCX
I Shares		CMNIX
R Shares		CVSRX


FUND CUSIP NUMBERS
A Shares		128119203
B Shares		128119757
C Shares		128119849
I Shares		128119880
R Shares		128119351


		www.calamos.com			59

Calamos Market Neutral Income Fund


SECTOR WEIGHTINGS
Information Technology	29.1	%
Consumer Discretionary	15.7
Health Care	13.7
Financials	12.2
Energy	8.6
Industrials	7.0
Consumer Staples	5.3
Materials	3.2
Telecommunication Services	1.6
Utilities	1.4

industry. It provided a positive return that was largely in line with our expectations given its mandate and beta constraint. Given this strategy’s low correlation to the equity market, the Fund utilizes this strategy as a tool to help control volatility relative to equities.

How is the Fund positioned?

At the end of the reporting period, the Fund had its highest allocation in the core strategies of convertible arbitrage (49%) and covered call writing (45%). The opportunistic allocation to the beta-neutral long-short equity allocation was 6%. This reflected a slight reduction in convertible arbitrage and a slight increase in covered call writing during the period. Convertible arbitrage usually performs well in periods of rising volatility, so the slightly heavier emphasis in convertible arbitrage reflects our expectations that volatility will increase. At the same time, the lack of interest earned from cash on short positions in convertible arbitrage keeps us from raising the convertible arbitrage allocation higher.

What closing thoughts do you have for Fund shareholders?

We continue to expect rising volatility, an environment which may benefit the Fund. Geopolitical events, speculation on the Federal Reserve and interest rates, and concerns about a slowing global economy are among just a few factors that may fuel volatility. The Fund derives benefits from “volatility in volatility,” either from rebalancing opportunities in the convertible arbitrage strategy or more income from selling options in covered call writing. We believe the Fund is well positioned to provide stability in investors’ portfolios amid a relatively uncertain market environment. Additionally, when used to complement fixed income allocations, the Market Neutral Income Fund has historically provided bond-like returns and bond-like risk without bond-like interest rate sensitivity.

ANNUALIZED RETURN: SINCE INCEPTION (9/4/90) THROUGH 4/30/15

LOGO

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


60		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/4/90
Without Sales Charge		1.54	%		2.86	%		4.21	%		3.92	%
With Sales Charge		-3.25			-2.04			3.19			3.42
Class B Shares – Inception 9/11/00
Without Sales Charge		1.14			2.09			3.42			3.30
With Sales Charge		-3.86			-2.91			3.07			3.30
Class C Shares – Inception 2/16/00
Without Sales Charge		1.22			2.15			3.42			3.15
With Sales Charge		0.22			1.15			3.42			3.15
Class I Shares – Inception 5/10/00		1.69			3.08			4.47			4.18
Class R Shares – Inception 3/1/07		1.42			2.63			3.94			2.93	^

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 1.22%; Class B shares is 1.96% and C shares is 1.96%; Class I shares is 0.97%; Class R shares is 1.47%.

†

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

NOTES:

The Barclays U.S. Government/Credit Index is comprised of long-term government and investment-grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. Index data shown for the Annualized Returns Since Inception graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Lipper, Inc.

The Citigroup 30-Day Treasury Bill Index is an unmanaged index generally considered representative of the performance of short-term money instruments. U.S. Treasury Bills are backed by the full faith and credit of the U.S. government and offer a guarantee as to the repayment of principal and interest at maturity. Index data shown for the Annualized Returns Since Inception graph is from 8/31/90, since comparative index data is only available for full monthly periods. Source: Mellon Analytical Solutions, LLC

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

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


		www.calamos.com			61

Calamos Hedged Equity Income Fund

OVERVIEW

The Fund uses an alternative strategy that invests in equities and sells options with the aim of achieving the total return of equity markets with lower volatility. It utilizes a covered call strategy, which involves investing in a diversified portfolio of equities while using options to generate income and manage risk.

KEY FEATURES

Draws upon almost a decade of experience in covered call writing and more than two decades of equity investing

Option-based risk-management strategy may lower the volatility of equity investments

An alternative approach potentially provides upside participation in equity markets while limiting downside exposure

PORTFOLIO FIT

The Fund provides an alternative strategy that can generate income and equity exposure with potentially lower volatility than equities.


FUND NASDAQ SYMBOLS
A Shares		CAHEX
C Shares		CCHEX
I Shares		CIHEX
R Shares		CRHEX

FUND CUSIP NUMBERS
A Shares		128120698
C Shares		128120680
I Shares		128120672
R Shares		128120664

HEDGED EQUITY INCOME FUND

INVESTMENT TEAM DISCUSSION

What is the rationale behind launching the Fund?

The Calamos Hedged Equity Income Fund was launched on December 31, 2014, continuing the firm’s history of providing liquid alternative strategies with the aim of helping to generate income, total return and lower volatility. Covered call writing, the strategy utilized by the Fund, involves investing in a diversified portfolio of stocks that represents the S&P 500 Index and selling options to generate income and potentially reduce volatility over the long-term. We also purchase put options to limit losses from the equity basket in down markets. As one of the first asset managers to establish an alternative-oriented mutual fund, Calamos has almost a decade of experience with covered call writing. We believe the strategy is most likely to perform well in volatile equity markets that trend sideways or down. The Fund has low correlations to common asset classes, has asymmetric performance characteristics and is more liquid than hedge funds.

How has the Fund performed?

Since the Fund’s inception on December 31, 2014 to April 30, 2015, the Hedged Equity Income Fund returned 0.40% (Class A shares at net asset value). For this same period, the S&P 500 Index returned 1.92% and the Barclays U.S. Aggregate Bond Index returned 1.24%.

We believe it’s important to consider that the since inception performance comparison between the Fund and the benchmark S&P 500 Index was negatively affected by a timing issue. Fund trades made on the inception date of December 31, 2014, resulted in a loss as the equity market declined, reflected by a 1.03% fall in the S&P 500. However, inception dates for benchmarks conventionally start at the end of the trading day. While the loss on December 31 is reflected in the Fund’s performance, the equity market decline on the same day is not reflected in the S&P 500 because the benchmark inception commenced after the market closed.

What factors influenced performance over the period?

Volatility during the quarter was low on average, which made options selling challenging as low volatility depresses options prices. Still, there was significant “volatility in volatility” on a month-to-month basis. The equity volatility level as measured by the CBOE Volatility Index (VIX), a measure of market expectations of near-term volatility conveyed by S&P 500 Index (SPX) option prices, rose to as high as 23.57 in mid-December and finished the period at 14.55. As the price of options fluctuated with the changes in volatility, this environment provided opportunities to execute profitable trading strategies with sales of call options.

How is the Fund positioned?

Our relative positions between call and put options are frequently adjusted to maintain a balanced risk and reward profile in the Fund. At the end of April, the portfolio was


62		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Hedged Equity Income Fund

positioned with 80% calls written against the equity basket versus 67% puts purchased. Additionally, the calls written averaged roughly 1.9% out of the money with 45 days to expiration while the puts purchased averaged 2.2% out of the money with 6 days to expiration.

At the end of the reporting period, the equity basket was slightly overweight to the information technology, financials, consumer staples and utilities sectors versus the S&P 500 Index. The Fund had underweight positions in the consumer discretionary and industrials sectors. The Fund maintained a heavier relative weight to larger cap holdings and a lighter weight to small cap and mid cap names. Even with these differences, the equity basket tracked very closely to the S&P 500.

What closing thoughts do you have for Fund shareholders?

We continue to expect rising volatility in the markets. Geopolitical events, continued speculation on the Federal Reserve and interest rates, and concerns about a slowing global economy are among just a few factors that we believe will help fuel volatility. The Fund also derives benefits from swings in volatility, which creates opportunities to profit from option strategies. We remain optimistic that this environment is favorable to the Fund and its goal to achieve equity-like returns with lower volatility.

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	SINCE INCEPTION*
Class A Shares – Inception 12/31/2014
Without Sales Charge		0.40	%
With Sales Charge		-4.38
Class C Shares – Inception 12/31/2014
Without Sales Charge		0.20
With Sales Charge		-0.80
Class I Shares – Inception 12/31/2014		0.50
Class R Shares – Inception 12/31/2014		0.40

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 2.61%; Class C shares is 3.36%; Class I shares is 2.36%; Class R shares is 2.86%. The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through March 1, 2017, to the extent necessary so that Total Annual Fund Operating Expenses (excluding taxes, interest, short interest, short dividend expenses, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) of Class A, Class C, Class I and Class R are limited to 1.25%, 2.00%, 1.00% and 1.50% of average net assets, respectively.

†

Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Load-adjusted returns are adjusted for the maximum front-end sales load of 3.75% for Class A shares and C shares have been adjusted for the contingent deferred sales charge (CDSC).

*	Cumulative since inception.

NOTES:

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

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


SECTOR WEIGHTINGS
Information Technology	20.3	%
Financials	15.9
Health Care	14.1
Consumer Discretionary	11.1
Consumer Staples	9.4
Industrials	9.3
Energy	8.5
Materials	3.1
Utilities	3.0
Telecommunication Services	2.3


		www.calamos.com			63

Calamos Long/Short Fund

OVERVIEW

The Fund utilizes a high-conviction, best ideas long/short strategy that invests primarily in U.S. equity securities and is diversified with exposure to key sectors.

KEY FEATURES

Seasoned team of investment professionals in the hedge fund and long/short space with deep expertise in the industries they cover

High-conviction investing with the aim of generating alpha through both long and short positions

Catalyst driven and bottom-up fundamental equity investment approach

Collaborative assessment of ideas that are vetted by the entire team rather than one portfolio manager

PORTFOLIO FIT

The Fund may be suitable for investors seeking an alternative solution to complement and diversify a long-only portfolio with an investment that has the potential to lower overall portfolio beta and create superior risk-adjusted returns.


FUND NASDAQ SYMBOLS
A Shares		CALSX
C Shares		CCLSX
I Shares		CILSX
R Shares		CRLSX

FUND CUSIP NUMBERS
A Shares		128120607
C Shares		128120706
I Shares		128120805
R Shares		128120888

CALAMOS LONG/SHORT FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the 6-month period ended April 30, 2015, Calamos Long/Short Fund returned 1.40% (Class A shares at net asset value) versus the HFRI Equity Hedge Index gain of 4.17% and S&P 500 Index return of 4.40%.

The Fund is an alternative strategy, where we take long positions on individual companies that gain when stocks rise and short positions that gain when stocks fall. We believe the Fund provides an opportunity for consistent performance under various market conditions. Our focus is on fundamental research, a consistent portfolio management process, and a mission to generate attractive risk-adjusted returns for our investors.

Since its inception on June 3, 2013, the Fund returned 5.54% on an annualized basis (Class A shares at net asset value). Over the same period, the HFRI Equity Hedge Index returned 6.90%, while the S&P 500 Index returned 15.73%.

What factors influenced performance over the period?

Stock selection and our preference for investments with the best risk-reward profiles benefited results, but overriding market factors that had the most impact on performance included subdued economic indicators, disappointing earnings guidance from companies, the stronger dollar and unstable oil prices. As fundamental investors we look forward to an environment of low correlation and high dispersion of returns among individual equities, an environment where our security selection can be most rewarded.

From an economic perspective, the largest contributors came from investments in the financials and materials sectors, while investments in the energy and health care sectors hindered performance. Long positions contributed positively to results and short investments detracted. Notable contributors during the period included long positions in Berry Plastics Group, Inc. (3.8%*), Blackstone Group Holdings LP (3.8%*) and Apple, Inc. (4.3%*). Notable detractors included long positions in WPX Energy, Inc. (5.36%†), Cameron International Corp. (3.93%†) and Lumber Liquidators Holdings Inc. (1.42%‡).

How is the Fund positioned?

The Fund’s gross exposure, or the sum of long and short positions, totaled 104%. The net long exposure, or the long position less the short position, totaled 45%. The team reduced its net long exposure throughout the period against the backdrop of market uncertainty. We plan to remain conservatively positioned for the time being while we proactively seek opportunities. We are on the hunt for emerging and disruptive trends, and we are focused on risk management as we enter the later stages of the economic cycle.

Our market cap exposure continues to remain fairly balanced between large and mid/small cap companies. We believe small capitalization securities provide relative shelter against a strengthening U.S. dollar, rising interest rates and an unstable energy sector. As always, we continue to invest the majority of our assets in the North America region where we believe that we have an edge through differentiated research.

*	as of 4/30/15

†	as of 10/31/14

‡	as of 1/30/15


64		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Long/Short Fund

The team expects that volatility will continue throughout 2015 and we stand ready to invest capital at prudent entry points during market selloffs, as we did in October last year. The team continuously utilizes industry-specific expertise to identify themes and opportunities to optimize the positioning of the portfolio. We seek investment opportunities in enduring or eroding franchises by identifying unappreciated change in market size, market share or structural profitability. The team continues to allocate the majority of its capital to its highest-conviction positions.

What are your closing thoughts for shareholders?

We believe in the Fund’s ability to mute portfolio volatility and protect during drawdowns by seeking skewed return profiles and remaining diligent with respect to entry and exit prices. Especially during periods of uncertainty, we believe investors should consider dampening drawdown risk by allocating a portion of their equity allocation to alternative equity strategies. Doing so may limit losses versus equity markets in downturns, lower volatility and increase alpha versus more traditional portfolios. These are important factors to increase wealth creation.

We view ourselves as playing an instrumental role in aligning our clients with their goals. As always, our ongoing commitment is to deliver superior risk-adjusted returns to our investors.


SECTOR WEIGHTINGS
Consumer Discretionary	26.5	%
Financials	14.2
Information Technology	12.6
Health Care	10.9
Materials	3.8
Consumer Staples	0.1


		www.calamos.com			65

Calamos Long/Short Fund

GROWTH OF $10,000: SINCE INCEPTION (6/3/13) THROUGH 4/30/15

LOGO

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/15


	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 6/3/2013
Without Sales Charge		1.40	%		3.50	%		5.54	%
With Sales Charge		-3.42			-1.42			2.87
Class C Shares – Inception 6/3/2013
Without Sales Charge		1.03			2.75			4.77
With Sales Charge		0.03			1.75			4.77
Class I Shares – Inception 6/3/2013		1.58			3.77			5.81
Class R Shares – Inception 6/3/2013		1.31			3.22			5.29

As of the prospectus dated 3/1/15, the Fund’s gross expense ratio for Class A shares is 2.61%; Class C shares is 3.27%; Class I shares is 2.14%; Class R shares is 2.72%.

†

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

NOTES:

The HFRI Equity Hedge Index consists of funds where portfolio managers maintain long and short positions in primarily equity and derivative securities.

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. Source: Lipper, Inc.

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


66		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Expense Overview

EXPENSE OVERVIEW

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

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

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

The examples in this report are based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2014 to April 30, 2015. It is intended to help you understand the ongoing costs associated with investing in each mutual fund and to compare these costs with the ongoing costs of investing in other mutual funds.

There are two parts of each Fund’s chart:

Actual

In this part of the chart, you’ll see the actual expenses you would have paid on a $1,000 investment made at the beginning of the period and held for the entire period in each fund from November 1, 2014 to April 30, 2015, the period covered by this report. This chart also shows the actual returns, after expenses, you would have earned during that time. This chart can help you estimate your own expenses. For example, if you invested $8,600 in Class A shares of a fund, simply divide $8,600 by $1,000, then multiply that result by the figure in the “Actual Expenses per $1,000” row. In this example, you would multiply 8.6 times the figure.

Hypothetical

In this part of the chart, you’ll see the hypothetical expenses you would have paid on a $1,000 investment from November 1, 2014 to April 30, 2015, and the hypothetical returns, after expenses, you would have earned during that time. The Securities and Exchange Commission (SEC) has established the guidelines for this chart, including the assumed 5% annual rate of return before expenses, which is what you’ll see in the chart. Note that this chart will not help you determine your own expenses, but will help you compare expenses of the fund you own to the expenses of another fund since the information for that fund should be calculated using the same assumptions.

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


		www.calamos.com			67

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2014 and held through April 30, 2015.


	CLASS A SHARES		CLASS B SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R SHARES
CALAMOS GROWTH FUND
Actual Expenses per $1,000*	$	6.65	$	10.47	$	10.47	$	5.37	$	7.92
Actual – Ending Balance	$	1,062.70	$	1,058.90	$	1,059.00	$	1,064.00	$	1,061.50

Hypothetical Expenses per $1,000*	$	6.51	$	10.24	$	10.24	$	5.26	$	7.75
Hypothetical – Ending Value	$	1,018.35	$	1,014.63	$	1,014.63	$	1,019.59	$	1,017.11

Annualized expense ratio		1.30%		2.05%		2.05%		1.05%		1.55%
CALAMOS OPPORTUNISTIC VALUE FUND
Actual Expenses per $1,000*	$	5.70	$	9.40	$	9.40	$	4.46	$	6.94
Actual – Ending Balance	$	999.00	$	995.90	$	995.70	$	1,000.30	$	998.20

Hypothetical Expenses per $1,000*	$	5.76	$	9.49	$	9.49	$	4.51	$	7.00
Hypothetical – Ending Value	$	1,019.09	$	1,015.37	$	1,015.37	$	1,020.33	$	1,017.85

Annualized expense ratio⁽¹⁾		1.15%		1.90%		1.90%		0.90%		1.40%
CALAMOS FOCUS GROWTH FUND
Actual Expenses per $1,000*	$	5.85	$	9.64	$	9.64	$	4.58	$	7.12
Actual – Ending Balance	$	1,051.00	$	1,046.60	$	1,047.20	$	1,052.20	$	1,050.00

Hypothetical Expenses per $1,000*	$	5.76	$	9.49	$	9.49	$	4.51	$	7.00
Hypothetical – Ending Value	$	1,019.09	$	1,015.37	$	1,015.37	$	1,020.33	$	1,017.85

Annualized expense ratio⁽¹⁾		1.15%		1.90%		1.90%		0.90%		1.40%
CALAMOS DISCOVERY GROWTH FUND
Actual Expenses per $1,000*	$	7.65	$	11.46	$	11.45	$	6.38	$	8.92
Actual – Ending Balance	$	1,057.20	$	1,054.00	$	1,053.20	$	1,058.70	$	1,055.60

Hypothetical Expenses per $1,000*	$	7.50	$	11.23	$	11.23	$	6.26	$	8.75
Hypothetical – Ending Value	$	1,017.36	$	1,013.64	$	1,013.64	$	1,018.60	$	1,016.12

Annualized expense ratio⁽¹⁾		1.50%		2.25%		2.25%		1.25%		1.75%
CALAMOS DIVIDEND GROWTH FUND
Actual Expenses per $1,000*	$	6.72		—	$	10.44	$	5.48	$	7.96
Actual – Ending Balance	$	1,008.80		—	$	1,004.20	$	1,009.40	$	1,007.20

Hypothetical Expenses per $1,000*	$	6.76		—	$	10.49	$	5.51	$	8.00
Hypothetical – Ending Value	$	1,018.10		—	$	1,014.38	$	1,019.34	$	1,016.86

Annualized expense ratio⁽¹⁾		1.35%		—		2.10%		1.10%		1.60%
CALAMOS MID CAP GROWTH FUND
Actual Expenses per $1,000*	$	6.35		—	$	10.15	$	5.09	$	7.62
Actual – Ending Balance	$	1,050.20		—	$	1,046.20	$	1,051.80	$	1,049.40

Hypothetical Expenses per $1,000*	$	6.26		—	$	9.99	$	5.01	$	7.50
Hypothetical – Ending Value	$	1,018.60		—	$	1,014.88	$	1,019.84	$	1,017.36

Annualized expense ratio⁽¹⁾		1.25%		—		2.00%		1.00%		1.50%

*	Expenses for all Fund Classes A, B, C, I and R, are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365.

(1)	Annualized Expense Ratios for Opportunistic Value Fund, Focus Growth Fund, Discovery Growth Fund, Dividend Growth Fund, Mid Cap Growth Fund, Emerging Market Equity Fund, Global Convertible Fund, Total Return Bond Fund and Hedged Equity Income Fund are adjusted to reflect fee waiver.


68		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2014 and held through April 30, 2015.


	CLASS A SHARES		CLASS B SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R SHARES
CALAMOS INTERNATIONAL GROWTH FUND
Actual Expenses per $1,000*	$	6.81	$	10.63	$	10.63	$	5.53	$	8.08
Actual – Ending Balance	$	1,064.95	$	1,061.40	$	1,060.80	$	1,066.30	$	1,063.60

Hypothetical Expenses per $1,000*	$	6.66	$	10.39	$	10.39	$	5.41	$	7.90
Hypothetical – Ending Value	$	1,018.20	$	1,014.48	$	1,014.48	$	1,019.44	$	1,016.96

Annualized expense ratio		1.33%		2.08%		2.08%		1.08%		1.58%
CALAMOS EVOLVING WORLD GROWTH FUND
Actual Expenses per $1,000*	$	8.33	$	12.10	$	12.10	$	7.07	$	9.59
Actual – Ending Balance	$	1,036.60	$	1,032.60	$	1,032.60	$	1,037.40	$	1,034.70

Hypothetical Expenses per $1,000*	$	8.25	$	11.98	$	11.98	$	7.00	$	9.49
Hypothetical – Ending Value	$	1,016.61	$	1,012.89	$	1,012.89	$	1,017.85	$	1,015.37

Annualized expense ratio		1.65%		2.40%		2.40%		1.40%		1.90%
CALAMOS EMERGING MARKET EQUITY FUND
Actual Expenses per $1,000*	$	8.77		—	$	12.51	$	7.52	$	10.02
Actual – Ending Balance	$	1,021.50		—	$	1,018.40	$	1,023.10	$	1,020.10

Hypothetical Expenses per $1,000*	$	8.75		—	$	12.47	$	7.50	$	9.99
Hypothetical – Ending Value	$	1,016.12		—	$	1,012.40	$	1,017.36	$	1,014.88

Annualized expense ratio⁽¹⁾		1.75%		—		2.50%		1.50%		2.00%
CALAMOS GLOBAL EQUITY FUND
Actual Expenses per $1,000*	$	6.87	$	10.70	$	10.70	$	5.60	$	8.15
Actual – Ending Balance	$	1,069.20	$	1,065.60	$	1,065.70	$	1,071.40	$	1,068.30

Hypothetical Expenses per $1,000*	$	6.71	$	10.44	$	10.44	$	5.46	$	7.95
Hypothetical – Ending Value	$	1,018.15	$	1,014.43	$	1,014.43	$	1,019.39	$	1,016.91

Annualized expense ratio		1.34%		2.09%		2.09%		1.09%		1.59%
CALAMOS GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	5.46	$	9.20	$	9.20	$	4.21	$	6.71
Actual – Ending Balance	$	1,021.00	$	1,017.40	$	1,017.40	$	1,022.40	$	1,019.90

Hypothetical Expenses per $1,000*	$	5.46	$	9.20	$	9.20	$	4.21	$	6.71
Hypothetical – Ending Value	$	1,019.39	$	1,015.67	$	1,015.67	$	1,020.63	$	1,018.15

Annualized expense ratio		1.09%		1.84%		1.84%		0.84%		1.34%
CALAMOS GLOBAL GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	7.46	$	11.25	$	11.24	$	6.19	$	8.72
Actual – Ending Balance	$	1,047.40	$	1,043.00	$	1,042.80	$	1,047.70	$	1,044.80

Hypothetical Expenses per $1,000*	$	7.35	$	11.08	$	11.08	$	6.11	$	8.60
Hypothetical – Ending Value	$	1,017.51	$	1,013.79	$	1,013.79	$	1,018.75	$	1,016.27

Annualized expense ratio		1.47%		2.22%		2.22%		1.22%		1.72%
CALAMOS CONVERTIBLE FUND
Actual Expenses per $1,000*	$	5.55	$	9.28	$	9.28	$	4.30	$	6.79
Actual – Ending Balance	$	1,016.00	$	1,011.90	$	1,012.30	$	1,017.10	$	1,015.00

Hypothetical Expenses per $1,000*	$	5.56	$	9.30	$	9.30	$	4.31	$	6.80
Hypothetical – Ending Value	$	1,019.29	$	1,015.57	$	1,015.57	$	1,020.53	$	1,018.05

Annualized expense ratio		1.11%		1.86%		1.86%		0.86%		1.36%

*	Expenses for all Fund Classes A, B, C, I and R, are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365.

(1)	Annualized Expense Ratios for Opportunistic Value Fund, Focus Growth Fund, Discovery Growth Fund, Dividend Growth Fund, Mid Cap Growth Fund, Emerging Market Equity Fund, Global Convertible Fund, Total Return Bond Fund and Hedged Equity Income Fund are adjusted to reflect fee waiver.


		www.calamos.com			69

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2014 and held through April 30, 2015.


	CLASS A SHARES		CLASS B SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R SHARES
CALAMOS GLOBAL CONVERTIBLE FUND†
Actual Expenses per $1,000	$	4.53		—	$	7.04	$	3.69	$	5.37
Actual – Ending Balance	$	1,041.00		—	$	1,039.00	$	1,043.00	$	1,041.00

Hypothetical Expenses per $1,000	$	4.46		—	$	6.94	$	3.64	$	5.29
Hypothetical – Ending Value	$	1,012.00		—	$	1,009.53	$	1,012.82	$	1,011.18

Annualized expense ratio⁽¹⁾		1.35%		—		2.10%		1.10%		1.60%
CALAMOS TOTAL RETURN BOND FUND
Actual Expenses per $1,000*	$	4.51	$	8.25	$	8.25	$	3.26	$	5.76
Actual – Ending Balance	$	1,020.70	$	1,016.90	$	1,016.90	$	1,022.00	$	1,019.40

Hypothetical Expenses per $1,000*	$	4.51	$	8.25	$	8.25	$	3.26	$	5.76
Hypothetical – Ending Value	$	1,020.33	$	1,016.61	$	1,016.61	$	1,021.57	$	1,019.09

Annualized expense ratio⁽¹⁾		0.90%		1.65%		1.65%		0.65%		1.15%
CALAMOS HIGH INCOME FUND
Actual Expenses per $1,000*	$	6.27	$	9.98	$	9.98	$	5.03	$	7.51
Actual – Ending Balance	$	1,007.00	$	1,002.80	$	1,003.00	$	1,008.20	$	1,004.70

Hypothetical Expenses per $1,000*	$	6.31	$	10.04	$	10.04	$	5.06	$	7.55
Hypothetical – Ending Value	$	1,018.55	$	1,014.83	$	1,014.83	$	1,019.79	$	1,017.31

Annualized expense ratio		1.26%		2.01%		2.01%		1.01%		1.51%
CALAMOS MARKET NEUTRAL INCOME FUND
Actual Expenses per $1,000*	$	6.15	$	9.87	$	9.88	$	4.90	$	7.39
Actual – Ending Balance	$	1,015.40	$	1,011.40	$	1,012.20	$	1,016.90	$	1,014.20

Hypothetical Expenses per $1,000*	$	6.16	$	9.90	$	9.90	$	4.91	$	7.40
Hypothetical – Ending Value	$	1,018.70	$	1,015.67	$	1,015.67	$	1,019.94	$	1,017.46

Annualized expense ratio⁽²⁾		1.23%		1.98%		1.98%		0.98%		1.48%
CALAMOS HEDGED EQUITY INCOME FUND†
Actual Expenses per $1,000	$	4.15		—	$	6.64	$	3.32	$	4.98
Actual – Ending Balance	$	1,004.00		—	$	1,002.00	$	1,005.00	$	1,004.00

Hypothetical Expenses per $1,000	$	4.17		—	$	6.66	$	3.34	$	5.00
Hypothetical – Ending Value	$	1,012.43		—	$	1,009.95	$	1,013.26	$	1,011.60

Annualized expense ratio⁽¹⁾		1.25%		—		2.00%		1.00%		1.50%
CALAMOS LONG/SHORT FUND
Actual Expenses per $1,000*	$	11.34		—	$	15.00	$	10.10	$	12.58
Actual – Ending Balance	$	1,014.00		—	$	1,010.30	$	1,015.80	$	1,013.10

Hypothetical Expenses per $1,000*	$	11.33		—	$	15.02	$	10.09	$	12.57
Hypothetical – Ending Value	$	1,013.54		—	$	1,012.40	$	1,014.78	$	1,012.30

Annualized expense ratio⁽²⁾		2.27%		—		3.01%		2.02%		2.52%

†

December 31, 2014 (commencement of operations) through April 30, 2015. Expenses for all Fund Classes of the Global Convertible Fund and Hedged Equity Income Fund are equal to each Fund’s annualized expense ratio, multiplied by the average account value from inception to period end, multiplied by 120/365.

*	Expenses for all Fund Classes A, B, C, I and R, are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365.

(1)	Annualized Expense Ratios for Opportunistic Value Fund, Focus Growth Fund, Discovery Growth Fund, Dividend Growth Fund, Mid Cap Growth Fund, Emerging Market Equity Fund, Global Convertible Fund, Total Return Bond Fund and Hedged Equity Income Fund are adjusted to reflect fee waiver.

(2)	Includes 0.02%, 0.02%, 0.14% and 0.52% related to dividend expense on short positions for Market Neutral Income Fund and Long/Short Fund, respectively.


70		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	COMMON STOCKS (93.4%)
		Consumer Discretionary (20.4%)
	82,000	Amazon.com, Inc.#	$	34,585,960
	711,000	Bloomin’ Brands, Inc.		16,111,260
	426,000	Comcast Corp. - Class A		24,605,760
	806,000	D.R. Horton, Inc.		20,472,400
	435,100	Deckers Outdoor Corp.#		32,197,400
	604,000	Dollar General Corp.		43,916,840
	464,100	Home Depot, Inc.		49,649,418
	501,000	Las Vegas Sands Corp.		26,492,880
	1,134,000	Lions Gate Entertainment Corp.^		35,165,340
	1,088,000	LKQ Corp.#		29,452,160
	358,300	Nike, Inc. - Class B		35,414,372
	59,513	Priceline Group, Inc.#		73,665,787
	269,000	PVH Corp.		27,801,150
	235,000	Restoration Hardware Holdings, Inc.#		20,249,950
	305,000	Royal Caribbean Cruises, Ltd.		20,758,300
	1,486,000	Starbucks Corp.		73,675,880
	402,000	Walt Disney Company		43,705,440
	1,784,000	Wendy’s Company		18,054,080
	102,000	Whirlpool Corp.		17,911,200

				643,885,577

		Consumer Staples (3.4%)
	1,066,190	Mondelez International, Inc. - Class A		40,909,710
	568,400	Reynolds American, Inc.		41,663,720
	203,700	Walgreens Boots Alliance, Inc.		16,892,841
	165,249	WhiteWave Foods Company - Class A#		7,265,999

				106,732,270

		Energy (4.6%)
	364,060	Antero Resources Corp.#^		16,131,499
	363,065	EOG Resources, Inc.		35,925,282
	679,300	Gulfport Energy Corp.#		33,244,942
	655,135	Schlumberger, Ltd.		61,982,322

				147,284,045

		Financials (6.2%)
	438,080	Arthur J. Gallagher & Company		20,953,366
	662,000	Blackstone Group, LP		27,115,520
	384,300	Evercore Partners, Inc. - Class A		18,538,632
	400,055	JPMorgan Chase & Company		25,307,479
	690,800	Realogy Holdings Corp.#		32,750,828
	230,500	SVB Financial Group#		30,601,180
	741,135	Wells Fargo & Company		40,836,539

				196,103,544

		Health Care (15.5%)
	452,067	Acadia Healthcare Company, Inc.#		30,966,589
	121,200	Biogen, Inc.#		45,320,316


NUMBER OF SHARES				VALUE
	424,000		Celgene Corp.#	$	45,817,440
	557,000		Cepheid#		31,247,700
	1,365,300		Cerner Corp.#		98,042,193
	703,000		Envision Healthcare Holdings, Inc.#		26,685,880
	161,000		Illumina, Inc.#		29,664,250
	418,000		Insulet Corp.#		12,477,300
	86,800		Jazz Pharmaceuticals, PLC#		15,511,160
	321,000		Laboratory Corp. of America Holdings#		38,378,760
	233,400		PAREXEL International Corp.#		14,838,405
	136,700		Shire, PLC		33,287,817
	318,000		Stryker Corp.		29,332,320
	146,281		Wright Medical Group, Inc.#		3,711,149
	311,000		Zimmer Holdings, Inc.		34,160,240

					489,441,519

			Industrials (11.8%)
	313,045		B/E Aerospace, Inc.		18,716,961
	158,025		Boeing Company		22,651,303
	744,000		Delta Air Lines, Inc.		33,212,160
	502,000		Eaton Corp., PLC		34,502,460
	748,000		Fortune Brands Home & Security, Inc.		33,360,800
	164,000		Lockheed Martin Corp.		30,602,400
	194,900		Manpowergroup, Inc.		16,630,817
	545,000		Quanta Services, Inc.#		15,755,950
	338,050		Rockwell Automation, Inc.		40,092,730
	484,140		Spirit Airlines, Inc.#		33,149,066
	282,000		United Parcel Service, Inc. - Class B		28,349,460
	291,000		United Technologies Corp.		33,101,250
	264,500		WABCO Holdings, Inc.#		32,917,025

					373,042,382

			Information Technology (31.5%)
	2,287,700		Apple, Inc.		286,305,655
	1,491,000		Applied Materials, Inc.		29,506,890
	907,000		Booz Allen Hamilton Holding Corp.		24,942,500
	788,000		Cognizant Technology Solutions Corp. - Class A#		46,129,520
	141,100		Equinix, Inc.		36,111,723
	1,432,000		Facebook, Inc. - Class A#		112,798,640
	611,400		FireEye, Inc.#^		25,250,820
	155,600		Google, Inc. - Class A#		85,388,612
	183,100		LinkedIn Corp. - Class A#		46,165,003
	828,000		MasterCard, Inc. - Class A		74,693,880
	1,426,000		Microsoft Corp.		69,360,640
	1,082,000		Sabre Corp.		26,930,980
	453,000		Salesforce.com, Inc.#^		32,987,460
	813,000	HKD	Tencent Holdings, Ltd.		16,779,410
	141,000		Ultimate Software Group, Inc.#		23,437,020


See accompanying Notes to Schedule of Investments		www.calamos.com			71

Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	750,200	VeriFone Systems, Inc.#	$	26,834,654
	328,300	Western Digital Corp.		32,088,042

				995,711,449

		TOTAL COMMON STOCKS (Cost $2,146,923,539)		2,952,200,786


	SHORT TERM INVESTMENT (7.5%)
	238,503,185	Fidelity Prime Money Market Fund - Institutional Class (Cost $238,503,185)		238,503,185

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.8%)
		Federal Home Loan Bank Discount Notes
	16,800,224	0.000%, 05/29/15		16,800,224
	10,500,962	0.000%, 06/10/15		10,500,962
	5,250,709	0.000%, 05/27/15		5,250,709
	5,250,564	0.000%, 06/15/15		5,250,564
	10,500,458	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		10,500,458
	20,860,763	Fidelity Prime Money Market Fund - Institutional Class		20,860,763
	9,567,963	Goldman Sachs Financial Square Fund		9,567,963
	10,501,732	Morgan Stanley Institutional Liquidity Fund		10,501,732

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $89,233,375)		89,233,375


	TOTAL INVESTMENTS (103.7%) (Cost $2,474,660,099)			3,279,937,346


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.8%)			(89,233,375	)


	LIABILITIES, LESS OTHER ASSETS (-0.9%)			(28,756,106	)


	NET ASSETS (100.0%)		$	3,161,947,865

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTER PARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Citibank N.A.	Hong Kong Dollar	07/23/15		41,664,000	$	5,375,568	$	1,408


COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	British Pound Sterling	07/23/15		21,505,000	$	32,992,193	$	(926,195	)
Barclays Bank PLC	Hong Kong Dollar	07/23/15		165,281,000		21,324,867		(5,282	)

							$	(931,477	)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

^	Security, or portion of security, is on loan.

FOREIGN CURRENCY ABBREVIATION


HKD		Hong Kong Dollar

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


72		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Opportunistic Value Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	COMMON STOCKS (98.9%)
		Consumer Discretionary (7.0%)
	3,300	Bed Bath & Beyond, Inc.#	$	232,518
	13,100	Chico’s FAS, Inc.		220,866
	1,070	Dillard’s, Inc. - Class A		140,801
	1,955	Dollar General Corp.		142,148
	4,500	Foot Locker, Inc.		267,525
	26,900	Ford Motor Company		425,020
	11,900	General Motors Company, Inc.		417,214
	14,000	Gentex Corp.		242,900
	2,600	Genuine Parts Company		233,610
	250	Graham Holdings Company		255,732
	4,500	Johnson Controls, Inc.		226,710
	2,250	Lear Corp.		249,818
	4,000	Macy’s, Inc.		258,520
	9,300	Mattel, Inc.		261,888
	1,800	Ralph Lauren Corp.		240,138
	4,300	Target Corp.		338,969
	6,980	Time Warner, Inc.		589,182
	7,000	Twenty-First Century Fox, Inc.		238,560
	2,130	Walt Disney Company		231,574

				5,213,693

		Consumer Staples (7.0%)
	2,640	Campbell Soup Company		118,034
	8,400	CVS Health Corp.		834,036
	2,990	Ingredion, Inc.		237,406
	11,700	Mondelez International, Inc. - Class A		448,929
	5,100	Philip Morris International, Inc.		425,697
	20,900	Procter & Gamble Company		1,661,759
	13,400	Wal-Mart Stores, Inc.		1,045,870
	2,505	Walgreens Boots Alliance, Inc.		207,740
	4,400	Whole Foods Market, Inc.		210,144

				5,189,615

		Energy (10.6%)
	5,000	Anadarko Petroleum Corp.		470,500
	3,300	Apache Corp.		225,720
	14,470	Chevron Corp.		1,607,038
	12,355	ConocoPhillips		839,152
	3,888	Devon Energy Corp.		265,200
	34,420	Exxon Mobil Corp.		3,007,275
	9,100	Kinder Morgan, Inc.		390,845
	4,200	National Oilwell Varco, Inc.		228,522
	5,725	Occidental Petroleum Corp.		458,573
	2,900	Phillips 66		229,999
	3,970	Valero Energy Corp.		225,893

				7,948,717


NUMBER OF SHARES			VALUE

		Financials (29.4%)
	5,225	American Financial Group, Inc.	$	330,220
	12,265	American International Group, Inc.		690,397
	2,195	AON, PLC		211,225
	7,190	Aspen Insurance Holdings, Ltd.		335,989
	1,300	AvalonBay Communities, Inc.		213,642
	80,400	Bank of America Corp.		1,280,772
	5,540	Bank of Hawaii Corp.		334,561
	10,900	Bank of New York Mellon Corp.		461,506
	14,471	Berkshire Hathaway, Inc. - Class B#		2,043,450
	1,225	BlackRock, Inc.		445,826
	1,600	Boston Properties, Inc.		211,696
	6,805	Brown & Brown, Inc.		217,420
	5,500	Capital One Financial Corp.		444,675
	16,200	Charles Schwab Corp.		494,100
	3,295	Chubb Corp.		324,063
	4,075	Cincinnati Financial Corp.		206,358
	26,530	Citigroup, Inc.		1,414,579
	7,805	Commerce Bancshares, Inc.		333,351
	8,235	East West Bancorp, Inc.		334,259
	2,800	Equity Residential		206,808
	22,995	First Horizon National Corp.		327,679
	6,125	Franklin Resources, Inc.		315,805
	7,900	General Growth Properties, Inc.		216,460
	3,455	Goldman Sachs Group, Inc.		678,631
	4,635	Hanover Insurance Group, Inc.		317,822
	5,400	HCP, Inc.		217,566
	2,015	Jones Lang LaSalle, Inc.		334,611
	32,470	JPMorgan Chase & Company		2,054,052
	5,660	Legg Mason, Inc.		297,999
	3,770	Marsh & McLennan Companies, Inc.		211,723
	4,135	Mercury General Corp.		227,177
	8,600	MetLife, Inc.		441,094
	12,060	Morgan Stanley		449,959
	4,800	PNC Financial Services Group, Inc.		440,304
	6,390	Principal Financial Group, Inc.		326,657
	8,340	Progressive Corp.		222,344
	2,650	Signature Bank#		355,338
	4,970	StanCorp Financial Group, Inc.		358,238
	9,790	Unum Group		334,426
	14,400	US Bancorp		617,328
	2,030	Vornado Realty Trust		210,085
	38,150	Wells Fargo & Company		2,102,065
	6,605	WR Berkley Corp.		323,579

				21,915,839

		Health Care (15.0%)
	13,285	Abbott Laboratories		616,690
	2,500	Aetna, Inc.		267,175


See accompanying Notes to Schedule of Investments		www.calamos.com			73

Opportunistic Value Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	1,500	Anthem, Inc.	$	226,395
	7,500	Bristol-Myers Squibb Company		477,975
	2,800	Cardinal Health, Inc.		236,152
	2,050	Cigna Corp.		255,512
	4,800	DENTSPLY International, Inc.		244,800
	7,900	Eli Lilly and Company		567,773
	2,850	Express Scripts Holding Company#		246,240
	4,300	Health Net, Inc.#		226,395
	19,100	Johnson & Johnson		1,894,720
	2,050	Laboratory Corp. of America Holdings#		245,098
	3,500	MEDNAX, Inc.#		247,730
	10,200	Medtronic, PLC		759,390
	21,325	Merck & Company, Inc.		1,270,117
	52,621	Pfizer, Inc.		1,785,430
	3,700	St. Jude Medical, Inc.		259,185
	7,800	UnitedHealth Group, Inc.		868,920
	4,700	VCA, Inc.#		239,559
	2,040	Zimmer Holdings, Inc.		224,074

				11,159,330

		Industrials (9.7%)
	3,940	Alaska Air Group, Inc.		252,396
	5,100	Caterpillar, Inc.		443,088
	2,870	Danaher Corp.		234,996
	5,300	Delta Air Lines, Inc.		236,592
	3,375	Dover Corp.		255,555
	4,280	Emerson Electric Company		251,792
	1,395	FedEx Corp.		236,550
	3,900	Fluor Corp.		234,546
	3,050	General Dynamics Corp.		418,826
	69,605	General Electric Company		1,884,904
	2,135	Hubbell Inc - Class B		232,352
	3,640	Ingersoll-Rand, PLC		239,658
	6,040	ITT Corp.		239,486
	1,880	L-3 Communications Holdings, Inc.		216,031
	3,555	Lincoln Electric Holdings, Inc.		237,687
	720	Northrop Grumman Corp.		110,909
	2,015	Parker-Hannifin Corp.		240,510
	1,205	Raytheon Company		125,320
	5,480	Textron, Inc.		241,010
	7,900	United Technologies Corp.		898,625

				7,230,833

		Information Technology (10.0%)
	4,750	Amdocs, Ltd.		261,583
	1,896	Apple, Inc.		237,284


NUMBER OF SHARES			VALUE
	10,300	Applied Materials, Inc.	$	203,837
	19,890	Brocade Communications Systems, Inc.		224,757
	41,675	Cisco Systems, Inc.		1,201,490
	23,100	EMC Corp.		621,621
	22,000	Hewlett-Packard Company		725,340
	37,730	Intel Corp.		1,228,112
	27,300	Microsoft Corp.		1,327,872
	6,420	NetApp, Inc.		232,725
	9,785	Symantec Corp.		243,891
	5,260	Synopsys, Inc.#		246,589
	2,330	Western Digital Corp.		227,734
	12,000	Yahoo!, Inc.#		510,780

				7,493,615

		Materials (2.9%)
	4,475	Albemarle Corp.		267,157
	4,550	Avery Dennison Corp.		252,934
	4,260	Celanese Corp.^		282,694
	5,100	Domtar Corp.		220,422
	8,800	Dow Chemical Company		448,800
	3,275	Eastman Chemical Company		249,621
	4,320	International Paper Company		232,070
	3,515	Rock-Tenn Company - Class A		221,375

				2,175,073

		Telecommunication Services (2.0%)
	42,500	AT&T, Inc.		1,472,200

		Utilities (5.3%)
	4,000	American Electric Power Company, Inc.		227,480
	3,800	Consolidated Edison, Inc.		233,890
	8,390	Dominion Resources, Inc.		601,395
	7,870	Duke Energy Corp.		610,476
	6,900	Exelon Corp.		234,738
	5,845	NextEra Energy, Inc.		589,936
	4,200	PG&E Corp.		222,264
	6,800	PPL Corp.		231,404
	5,450	Public Service Enterprise Group, Inc.		226,393
	2,050	Sempra Energy		217,649
	13,360	Southern Company		591,848

				3,987,473

		TOTAL COMMON STOCKS (Cost $71,841,876)		73,786,388


	SHORT TERM INVESTMENT (1.1%)
	811,324	Fidelity Prime Money Market Fund - Institutional Class (Cost $811,324)		811,324


74		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Opportunistic Value Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.1%)
		Federal Home Loan Bank Discount Notes
	14,083	0.000%, 05/29/15	$	14,083
	8,803	0.000%, 06/10/15		8,803
	4,401	0.000%, 05/27/15		4,401
	4,401	0.000%, 06/15/15		4,401
	8,802	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		8,802
	17,487	Fidelity Prime Money Market Fund - Institutional Class		17,487
	8,020	Goldman Sachs Financial Square Fund		8,020
	8,803	Morgan Stanley Institutional Liquidity Fund		8,803

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $74,800)		74,800

	TOTAL INVESTMENTS (100.1%) (Cost $72,728,000)			74,672,512


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.1%)			(74,800	)


	OTHER ASSETS, LESS LIABILITIES (0.0%)			11,859


	NET ASSETS (100.0%)		$	74,609,571

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

^	Security, or portion of security, is on loan.


See accompanying Notes to Financial Statements		www.calamos.com			75

Focus Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE

	COMMON STOCKS (96.7%)
		Consumer Discretionary (19.0%)
	18,200	Deckers Outdoor Corp.#~	$	1,346,800
	14,000	Home Depot, Inc.		1,497,720
	16,500	Nike, Inc. - Class B		1,630,860
	855	Priceline Group, Inc.#		1,058,328
	16,565	Restoration Hardware Holdings, Inc.#~		1,427,406
	18,300	Royal Caribbean Cruises, Ltd.		1,245,498
	29,000	Starbucks Corp.		1,437,820
	16,000	Under Armour, Inc.#		1,240,800
	14,600	Walt Disney Company~		1,587,312

				12,472,544

		Consumer Staples (10.4%)
	17,300	Keurig Green Mountain, Inc.		2,013,201
	28,300	Mondelez International, Inc. - Class A		1,085,871
	32,300	Reynolds American, Inc.		2,367,590
	30,100	Sprouts Farmers Market, Inc.#		962,748
	8,679	WhiteWave Foods Company - Class A#		381,616

				6,811,026

		Energy (5.1%)
	10,600	EOG Resources, Inc.		1,048,870
	24,600	Schlumberger, Ltd.		2,327,406

				3,376,276

		Financials (9.4%)
	25,700	Blackstone Group, LP		1,052,672
	18,100	Morgan Stanley		675,311
	28,300	Realogy Holdings Corp.#		1,341,703
	10,400	SVB Financial Group#		1,380,704
	89,500	WisdomTree Investments, Inc.		1,704,080

				6,154,470

		Health Care (14.7%)
	1,700	Biogen, Inc.#		635,681
	11,600	Cepheid#		650,760
	23,100	Cerner Corp.#		1,658,811
	5,925	Illumina, Inc.#~		1,091,681
	45,700	Insulet Corp.#~		1,364,145
	11,400	Laboratory Corp. of America Holdings#		1,362,984
	5,018	Perrigo Company, PLC		919,699
	25,300	Wright Medical Group, Inc.#		641,861
	12,300	Zimmer Holdings, Inc.		1,351,032

				9,676,654

		Industrials (8.3%)
	11,050	Boeing Company		1,583,907
	9,200	FedEx Corp.		1,560,044
	22,000	Fortune Brands Home & Security, Inc.		981,200
	12,900	Honeywell International, Inc.		1,301,868

				5,427,019


NUMBER OF SHARES			VALUE

		Information Technology (28.8%)
	52,000	Apple, Inc.~	$	6,507,800
	2,900	Equinix, Inc.		742,197
	24,600	Facebook, Inc. - Class A#~		1,937,742
	23,700	FireEye, Inc.#^		978,810
	3,280	Google, Inc. - Class A#~		1,799,966
	30,400	Microsoft Corp.		1,478,656
	91,100	Tencent Holdings, Ltd.~		1,878,482
	41,500	Twitter, Inc.#		1,616,840
	29,800	Visa, Inc. - Class A^		1,968,290

				18,908,783

		Telecommunication Services (1.0%)
	19,300	T-Mobile USA, Inc.#		656,972

		TOTAL COMMON STOCKS (Cost $53,963,516)		63,483,744


	SHORT TERM INVESTMENT (2.5%)
	1,633,029	Fidelity Prime Money Market Fund - Institutional Class (Cost $1,633,029)		1,633,029


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.7%)
		Federal Home Loan Bank Discount Notes
	214,631	0.000%, 05/29/15		214,631
	134,155	0.000%, 06/10/15		134,155
	67,080	0.000%, 05/27/15		67,080
	67,079	0.000%, 06/15/15		67,079
	134,148	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		134,148
	266,507	Fidelity Prime Money Market Fund - Institutional Class		266,507
	122,235	Goldman Sachs Financial Square Fund		122,235
	134,165	Morgan Stanley Institutional Liquidity Fund		134,165

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $1,140,000)		1,140,000

	TOTAL INVESTMENTS (100.9%) (Cost $56,736,545)			66,256,773


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.7%)			(1,140,000	)


	OTHER ASSETS, LESS LIABILITIES (0.8%)			540,723


	NET ASSETS (100.0%)		$	65,657,496


76		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Focus Growth Fund Schedule of Investments April 30, 2015 (Unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Barclays Bank plc	Hong Kong Dollar	07/23/15		13,314,000	$	1,717,797	$	(425	)
Northern Trust Company	Hong Kong Dollar	07/23/15		794,000		102,443		1

							$	(424	)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

~	Security, or portion of security, is segregated as collateral for written options. The aggregate value of such securities is $488,932.

^	Security, or portion of security, is on loan.


See accompanying Notes to Financial Statements		www.calamos.com			77

Discovery Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE

	COMMON STOCKS (90.8%)
		Consumer Discretionary (17.5%)
	8,600	AMC Networks, Inc. - Class A#	$	648,784
	44,800	Belmond, Ltd.#		551,936
	9,400	Bloomin’ Brands, Inc.		213,004
	10,600	D.R. Horton, Inc.		269,240
	2,600	Deckers Outdoor Corp.#		192,400
	14,600	Gentherm, Inc.#		769,858
	12,800	Homeinns Hotel Group#		358,016
	28,200	Kirkland’s, Inc.#		669,468
	16,000	Lions Gate Entertainment Corp.		496,160
	41,800	LKQ Corp.#		1,131,526
	11,300	Monro Muffler Brake, Inc.		676,757
	5,300	Norwegian Cruise Line Holdings, Ltd.#		257,103
	6,900	Red Robin Gourmet Burgers, Inc.#		518,121
	18,300	Sotheby’s		781,593
	13,800	Vitamin Shoppe, Inc.#		577,944
	38,700	Wendy’s Company		391,644

				8,503,554

		Consumer Staples (0.6%)
	17,600	Dean Foods Company		286,000

		Energy (4.2%)
	12,200	Carrizo Oil & Gas, Inc.#		679,906
	6,200	Diamondback Energy, Inc.#		511,934
	4,000	Dril-Quip, Inc.#		318,880
	10,500	Gulfport Energy Corp.#		513,870

				2,024,590

		Financials (6.6%)
	7,700	BankUnited, Inc.		253,022
	13,800	Evercore Partners, Inc. - Class A		665,712
	6,200	PRA Group, Inc.#		339,605
	12,600	PrivateBancorp, Inc.		467,082
	14,000	Realogy Holdings Corp.#		663,740
	6,300	SVB Financial Group#		836,388

				3,225,549

		Health Care (22.4%)
	17,800	Acadia Healthcare Company, Inc.#		1,219,300
	14,700	Air Methods Corp.#		671,790
	8,500	Alkermes, PLC#		470,645
	27,700	Allscripts Healthcare Solutions, Inc.#		368,410
	8,700	Amsurg Corp.#		545,664
	10,600	Cepheid#		594,660
	11,500	Community Health Systems, Inc.#		617,320
	25,500	Endologix, Inc.#		396,780
	20,800	Envision Healthcare Holdings, Inc.#		789,568
	26,800	Globus Medical, Inc. - Class A#		640,252
	13,608	Insulet Corp.#		406,199


NUMBER OF SHARES			VALUE
	3,600	Isis Pharmaceuticals, Inc.#	$	204,192
	3,700	Jazz Pharmaceuticals, PLC#		661,190
	13,700	NxStage Medical, Inc.#		251,121
	4,800	PAREXEL International Corp.#		305,160
	6,600	Phibro Animal Health Corp.		209,616
	29,600	Spectranetics Corp.#		759,240
	68,200	Staar Surgical Company#^		603,570
	8,300	STERIS Corp.^		551,950
	9,368	Wright Medical Group, Inc.#		237,666
	21,100	XenoPort, Inc.#		125,123
	7,600	Zeltiq Aesthetics, Inc.#		233,320

				10,862,736

		Industrials (12.6%)
	7,900	A.O. Smith Corp.		504,810
	22,000	DigitalGlobe, Inc.#		707,740
	4,300	Huron Consulting Group, Inc.#		260,666
	30,800	JetBlue Airways Corp.#		632,324
	6,100	Manpowergroup, Inc.		520,513
	5,400	Power Solutions International, Inc.#		344,520
	25,600	Quanta Services, Inc.#		740,096
	29,400	Roadrunner Transportation Systems, Inc.#		719,418
	7,900	Spirit Airlines, Inc.#		540,913
	9,400	US Ecology, Inc.		440,954
	5,500	WABCO Holdings, Inc.#		684,475

				6,096,429

		Information Technology (24.3%)
	16,900	Booz Allen Hamilton Holding Corp.		464,750
	60,500	Calix, Inc.#		447,095
	5,700	Criteo, SA#		236,322
	6,200	Demandware, Inc.#		381,920
	1,100	Equinix, Inc.		281,523
	8,700	FireEye, Inc.#		359,310
	25,800	GTT Communications, Inc.#		471,108
	11,500	Guidewire Software, Inc.#		574,425
	15,200	Hollysys Automation Technologies, Ltd.		333,944
	3,500	IAC/InterActiveCorp		244,370
	11,200	Imperva, Inc.#		510,944
	61,700	Internap Network Services Corp.#		579,980
	8,500	J2 Global, Inc.		589,645
	51,400	MaxLinear, Inc. - Class A#		438,442
	11,400	Mellanox Technologies, Ltd.#		529,986
	10,100	NICE-Systems, Ltd.		604,485
	18,700	Progress Software Corp.#		493,680
	5,250	Proofpoint, Inc.#		283,395
	23,600	Sabre Corp.		587,404
	16,200	SunPower Corp.#^		521,478


78		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Discovery Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	4,500	Ultimate Software Group, Inc.#	$	747,990
	9,000	Vantiv, Inc. - Class A#		351,900
	15,750	VeriFone Systems, Inc.#		563,377
	10,600	Verint Systems, Inc.#		651,158
	7,300	Virtusa Corp.#		290,540
	17,100	Workiva, Inc.#		247,437

				11,786,608

		Materials (2.6%)
	46,500	Horsehead Holding Corp.#		695,175
	15,100	PolyOne Corp.		589,655

				1,284,830

		TOTAL COMMON STOCKS (Cost $40,628,536)		44,070,296


	SHORT TERM INVESTMENT (9.6%)
	4,654,869	Fidelity Prime Money Market Fund - Institutional Class (Cost $4,654,869)		4,654,869


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.3%)
		Federal Home Loan Bank Discount Notes
	298,525	0.000%, 05/29/15		298,525
	186,593	0.000%, 06/10/15		186,593
	93,301	0.000%, 05/27/15		93,301
	93,298	0.000%, 06/15/15		93,298
	186,584	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		186,584
	370,678	Fidelity Prime Money Market Fund -Institutional Class		370,678
	170,014	Goldman Sachs Financial Square Fund		170,014
	186,607	Morgan Stanley Institutional Liquidity Fund		186,607

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $1,585,600)		1,585,600

	TOTAL INVESTMENTS (103.7%) (Cost $46,869,005)			50,310,765


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.3%)			(1,585,600	)


	LIABILITIES, LESS OTHER ASSETS (-0.4%)			(203,477	)


	NET ASSETS (100.0%)		$	48,521,688

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

^	Security, or portion of security, is on loan.


See accompanying Notes to Financial Statements		www.calamos.com			79

Dividend Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE

	COMMON STOCKS (94.8%)
		Consumer Discretionary (14.9%)
	5,600	Comcast Corp. - Class A	$	323,456
	9,715	Ford Motor Company		153,497
	4,115	General Motors Company, Inc.		144,272
	4,970	Home Depot, Inc.		531,691
	17,300	Lamar Advertising Company		1,002,708
	2,480	Nike, Inc. - Class B		245,123
	9,470	Omnicom Group, Inc.		717,447
	1,205	Royal Caribbean Cruises, Ltd.		82,012
	7,200	Starbucks Corp.		356,976
	10,120	Target Corp.		797,760
	1,855	Time Warner, Inc.		156,580
	3,200	Walt Disney Company		347,904

				4,859,426

		Consumer Staples (6.3%)
	7,700	Coca-Cola Company		312,312
	2,330	Lorillard, Inc.		162,774
	3,300	PepsiCo, Inc.		313,896
	5,385	Philip Morris International, Inc.		449,486
	2,870	Procter & Gamble Company		228,193
	6,915	Walgreens Boots Alliance, Inc.		573,461

				2,040,122

		Energy (7.7%)
	3,940	Chevron Corp.		437,576
	1,770	EOG Resources, Inc.		175,142
	8,495	Exxon Mobil Corp.		742,208
	18,140	Kinder Morgan, Inc.~		779,113
	3,865	Schlumberger, Ltd.		365,668

				2,499,707

		Financials (16.1%)
	4,490	Allstate Corp.		312,773
	19,510	American Homes 4 Rent		329,524
	4,300	American International Group, Inc.		242,047
	3,255	Berkshire Hathaway, Inc. - Class B#		459,639
	14,700	Blackstone Group, LP		602,112
	5,400	Charles Schwab Corp.		164,700
	5,715	Citigroup, Inc.		304,724
	10,780	JPMorgan Chase & Company		681,943
	22,580	Oaktree Capital Group, LLC		1,207,578
	14,670	Senior Housing Properties Trust		300,295
	3,170	State Street Corp.		244,470
	7,261	Wells Fargo & Company~		400,081

				5,249,886

		Health Care (14.3%)
	3,200	AbbVie, Inc.		206,912
	2,300	Anthem, Inc.		347,139


NUMBER OF SHARES			VALUE
	350	Biogen, Inc.#	$	130,875
	3,200	Bristol-Myers Squibb Company		203,936
	2,665	Cardinal Health, Inc.		224,766
	2,900	Gilead Sciences, Inc.#		291,479
	9,640	Johnson & Johnson~		956,288
	760	Laboratory Corp. of America Holdings#		90,866
	14,765	Merck & Company, Inc.		879,403
	25,294	Pfizer, Inc.		858,225
	3,420	Stryker Corp.		315,461
	1,340	Zimmer Holdings, Inc.		147,186

				4,652,536

		Industrials (8.4%)
	3,095	Boeing Company		443,637
	3,475	Delta Air Lines, Inc.		155,124
	4,600	Eaton Corp., PLC		316,158
	18,665	General Electric Company		505,448
	1,530	Honeywell International, Inc.		154,408
	3,550	Ingersoll-Rand, PLC		233,732
	1,605	Lockheed Martin Corp.		299,493
	2,980	Union Pacific Corp.		316,566
	2,700	United Technologies Corp.		307,125

				2,731,691

		Information Technology (18.9%)
	1,785	Accenture, PLC - Class A		165,380
	10,810	Apple, Inc.		1,352,871
	6,650	Applied Materials, Inc.		131,604
	3,500	Broadcom Corp. - Class A		154,718
	8,295	Cisco Systems, Inc.		239,145
	2,995	Facebook, Inc. - Class A#		235,916
	1,002	Google, Inc. - Class C#		538,415
	12,830	Intel Corp.		417,616
	1,695	International Business Machines Corp.		290,337
	2,640	MasterCard, Inc. - Class A		238,154
	22,495	Microsoft Corp.		1,094,157
	6,000	Oracle Corp.		261,720
	4,620	QUALCOMM, Inc.		314,160
	2,415	Salesforce.com, Inc.#		175,860
	10,000	Symantec Corp.		249,250
	5,700	Texas Instruments, Inc.		308,997

				6,168,300

		Materials (0.5%)
	3,310	Dow Chemical Company		168,810

		Telecommunication Services (3.8%)
	9,400	AT&T, Inc.		325,616
	18,284	Verizon Communications, Inc.		922,245

				1,247,861


80		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Dividend Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE

		Utilities (3.9%)
	4,400	Dominion Resources, Inc.	$	315,392
	4,000	Duke Energy Corp.		310,280
	9,500	Exelon Corp.		323,190
	3,100	NextEra Energy, Inc.		312,883

				1,261,745

		TOTAL COMMON STOCKS (Cost $29,370,340)		30,880,084


	SHORT TERM INVESTMENT (5.0%)
	1,630,512	Fidelity Prime Money Market Fund - Institutional Class (Cost $1,630,512)		1,630,512

	TOTAL INVESTMENTS (99.8%) (Cost $31,000,852)			32,510,596


	OTHER ASSETS, LESS LIABILITIES (0.2%)			58,317


	NET ASSETS (100.0%)		$	32,568,913

NOTES TO SCHEDULE OF INVESTMENTS

~	Security, or portion of security, is segregated as collateral for written options. The aggregate value of such securities is $245,455.

#	Non-income producing security.


See accompanying Notes to Financial Statements		www.calamos.com			81

Mid Cap Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE

	COMMON STOCKS (90.7%)
		Consumer Discretionary (19.8%)
	700	AutoZone, Inc.#	$	470,862
	13,600	Bloomin’ Brands, Inc.		308,176
	10,900	D.R. Horton, Inc.		276,860
	13,200	Dave & Buster’s Entertainment, Inc.#		416,064
	15,800	Deckers Outdoor Corp.#		1,169,200
	3,800	Delphi Automotive, PLC		315,400
	8,400	Dollar General Corp.		610,764
	4,900	Gentherm, Inc.#		258,377
	17,400	Lions Gate Entertainment Corp.		539,574
	26,500	LKQ Corp.#		717,355
	2,300	Mohawk Industries, Inc.#		399,050
	4,400	PVH Corp.		454,740
	10,600	Restoration Hardware Holdings, Inc.#		913,402
	5,500	Royal Caribbean Cruises, Ltd.		374,330
	24,600	Wendy’s Company		248,952
	2,750	Whirlpool Corp.		482,900

				7,956,006

		Consumer Staples (3.3%)
	18,700	Dean Foods Company		303,875
	5,500	Kroger Company		379,005
	18,500	Smart & Final Stores, Inc.#		320,420
	6,839	WhiteWave Foods Company - Class A#		300,711

				1,304,011

		Energy (3.8%)
	7,500	Antero Resources Corp.#^		332,325
	11,300	Bonanza Creek Energy, Inc.#		311,428
	2,000	Cimarex Energy Company		248,800
	2,700	Dril-Quip, Inc.#		215,244
	8,850	Gulfport Energy Corp.#		433,119

				1,540,916

		Financials (10.1%)
	1,200	Affiliated Managers Group, Inc.#		271,356
	10,400	Arthur J. Gallagher & Company		497,432
	7,000	Blackstone Group, LP		286,720
	53,000	MGIC Investment Corp.#		552,260
	29,233	Och-Ziff Capital Management Group, LLC - Class A		377,398
	12,300	Realogy Holdings Corp.#		583,143
	8,750	SVB Financial Group#		1,161,650
	4,100	T. Rowe Price Group, Inc.		332,838

				4,062,797

		Health Care (18.6%)
	5,700	Acadia Healthcare Company, Inc.#		390,450
	6,300	Align Technology, Inc.#		370,692
	6,700	Amsurg Corp.#		420,224


NUMBER OF SHARES				VALUE

	8,400		Cepheid#	$	471,240
	17,700		Cerner Corp.#		1,271,037
	11,600		Envision Healthcare Holdings, Inc.#		440,336
	4,425		Illumina, Inc.#		815,306
	20,800		Insulet Corp.#		620,880
	1,120		Jazz Pharmaceuticals, PLC#		200,144
	4,400		Laboratory Corp. of America Holdings#		526,064
	3,400		PAREXEL International Corp.#		216,155
	5,700		Stryker Corp.		525,768
	9,152		Wright Medical Group, Inc.#		232,186
	19,500		XenoPort, Inc.#		115,635
	7,725		Zimmer Holdings, Inc.		848,514

					7,464,631

			Industrials (13.9%)
	8,100		B/E Aerospace, Inc.		484,299
	9,500		Delta Air Lines, Inc.		424,080
	16,745		DigitalGlobe, Inc.#		538,687
	16,500		Fortune Brands Home & Security, Inc.		735,900
	5,100		Huron Consulting Group, Inc.#		309,162
	2,600		L-3 Communications Holdings, Inc.		298,766
	8,200		Manpowergroup, Inc.		699,706
	4,200		Quanta Services, Inc.#		121,422
	17,600		Roadrunner Transportation Systems, Inc.#		430,672
	4,700		Rockwell Automation, Inc.		557,420
	9,800		Spirit Airlines, Inc.#		671,006
	2,450		WABCO Holdings, Inc.#		304,902

					5,576,022

			Information Technology (19.8%)
	26,100		Applied Materials, Inc.		516,519
	12,000		Booz Allen Hamilton Holding Corp.		330,000
	12,700		Cognizant Technology Solutions Corp. - Class A#		743,458
	800	CAD	Constellation Software, Inc.		313,634
	2,700		Equinix, Inc.		691,011
	4,800		FireEye, Inc.#		198,240
	8,550		Guidewire Software, Inc.#		427,073
	13,700		Hollysys Automation Technologies, Ltd.		300,989
	4,810		LinkedIn Corp. - Class A#		1,212,745
	11,900		Mellanox Technologies, Ltd.#		553,231
	20,800		Sabre Corp.		517,712
	12,100		SunPower Corp.#		389,499
	2,800		Synaptics, Inc.#		237,216
	18,900		Teradyne, Inc.		344,925
	1,400		Ultimate Software Group, Inc.#		232,708
	7,400		Vantiv, Inc. - Class A#		289,340
	12,700		VeriFone Systems, Inc.#		454,279
	2,125		Western Digital Corp.		207,698

					7,960,277


82		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Mid Cap Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE


		Materials (1.4%)
	7,800	KapStone Paper and Packaging Corp.	$	218,010
	5,000	Packaging Corp. of America		345,950

				563,960

		TOTAL COMMON STOCKS (Cost $33,272,378)		36,428,620


	SHORT TERM INVESTMENT (9.0%)
	3,628,818	Fidelity Prime Money Market Fund - Institutional Class (Cost $3,628,818)		3,628,818


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.2%)
		Federal Home Loan Bank Discount Notes
	18,837	0.000%, 05/29/15		18,837
	11,774	0.000%, 06/10/15		11,774
	5,887	0.000%, 05/27/15		5,887
	5,887	0.000%, 06/15/15		5,887
	11,773	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		11,773
	23,389	Fidelity Prime Money Market Fund - Institutional Class		23,389


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	11,775	Morgan Stanley Institutional Liquidity Fund	$	11,775
	10,728	Goldman Sachs Financial Square Fund		10,728

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $100,050)		100,050

	TOTAL INVESTMENTS (99.9%) (Cost $37,001,246)			40,157,488


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.2%)			(100,050	)


	OTHER ASSETS, LESS LIABILITIES (0.3%)			128,130


	NET ASSETS (100.0%)		$	40,185,568

FORWARD FOREIGN CURRENCY CONTRACT


COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Citibank N.A.	Canadian Dollar	07/23/15		377,000	$	312,120	$	(4,169	)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

^	Security, or portion of security, is on loan.

FOREIGN CURRENCY ABBREVIATION


CAD		Canadian Dollar

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


See accompanying Notes to Financial Statements		www.calamos.com			83

International Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE

	COMMON STOCKS (98.3%)
			Consumer Discretionary (20.5%)
	57,000	GBP	ASOS, PLC#	$	3,274,489
	3,400,000	HKD	Brilliance China Automotive Holdings, Ltd.		6,380,887
	80,000	CHF	Compagnie Financière Richemont, SA		7,130,636
	390,000	GBP	Compass Group, PLC		6,894,314
	25,500	EUR	Continental, AG^		5,976,047
	86,000	EUR	Daimler, AG		8,268,621
	13,500	JPY	Fast Retailing Co., Ltd.		5,317,378
	700,000	INR	Motherson Sumi Systems, Ltd.		5,540,757
	93,000	ZAR	Naspers, Ltd. - Class N		14,590,382
	200,000	DKK	Pandora, A/S		20,672,306
	141,000	GBP	Persimmon, PLC		3,660,971
	49,632	EUR	Renault, SA		5,222,164
	2,850,100	HKD	Samsonite International, SA		10,394,795
	170,000	JPY	Sony Corp.#		5,139,397
	202,800	JPY	Toyota Motor Corp.		14,116,732
	300,000	EUR	TUI, AG		5,592,271
	53,000	GBP	Whitbread, PLC		4,255,866
	385,131	GBP	WPP, PLC		8,981,829

					141,409,842

			Consumer Staples (10.6%)
	140,000	EUR	Anheuser-Busch InBev, NV		17,044,767
	140,000	GBP	British American Tobacco, PLC		7,692,107
	391,000	GBP	Diageo, PLC		10,855,086
	185,000	CHF	Nestlé, SA		14,353,081
	34,800	EUR	Pernod Ricard, SA		4,325,079
	141,000	JPY	Seven & I Holdings Company, Ltd.		6,060,793
	195,000	JPY	Unicharm Corp.		4,908,183
	170,000	EUR	Unilever, NV^		7,415,502

					72,654,598

			Energy (3.5%)
	105,000	EUR	Royal Dutch Shell, PLC		3,329,255
	64,000		Schlumberger, Ltd.		6,055,040
	150,000	EUR	TOTAL, SA		8,122,494
	190,000	CAD	Tourmaline Oil Corp.#		6,557,480

					24,064,269

			Financials (14.9%)
	1,363,400	HKD	AIA Group, Ltd.		9,067,265
	358,600	EUR	Azimut Holding, S.p.A		10,525,884
	1,630,000	JPY	Daiwa Securities Group, Inc.		13,522,181
	231,506	EUR	Deutsche Annington Immobilien, SE		7,770,528
	1,310,000	MXN	Grupo Financiero Banorte, SAB de CV		7,431,189
	1,550,000	GBP	Henderson Group, PLC		6,613,851
	315,000	INR	Housing Development Finance Corp, Ltd.		5,793,831


NUMBER OF SHARES				VALUE

	408,000	EUR	ING Groep, NV#	$	6,259,354
	2,330,000	EUR	Intesa Sanpaolo, S.p.A		7,827,642
	2,299,854	PHP	Metropolitan Bank & Trust Company		4,794,279
	268,000	JPY	Mitsui Fudosan Company, Ltd.		7,944,673
	210,000	GBP	Prudential, PLC		5,228,483
	356,000	GBP	St. James’s Place, PLC		4,856,091
	114,000	SEK	Svenska Handelsbanken, AB - Class A		5,262,122

					102,897,373

			Health Care (14.8%)
	358,000	JPY	Chugai Pharmaceutical Co., Ltd.		10,887,414
	58,000	EUR	Fresenius, SE & Company KGaA		3,450,590
	267,000	INR	Glenmark Pharmaceuticals, Ltd.		3,734,790
	2,556,000	AUD	Healthscope, Ltd.		5,728,162
	167,000	GBP	Hikma Pharmaceuticals, PLC		5,222,453
	226,582	INR	Lupin, Ltd.		6,314,337
	151,000	CHF	Novartis, AG		15,412,901
	167,000	DKK	Novo Nordisk, A/S - Class B		9,375,492
	36,000	CHF	Roche Holding, AG		10,301,584
	58,000	EUR	Sanofi		5,903,849
	182,000	GBP	Shire, PLC		14,789,974
	152,000	EUR	UCB, SA^		10,948,994

					102,070,540

			Industrials (15.1%)
	240,000	CHF	ABB, Ltd.#		5,258,986
	60,000	EUR	Airbus Group, NV		4,158,128
	113,000	EUR	ANDRITZ, AG		6,615,783
	28,000	CAD	Canadian Pacific Railway, Ltd.^		5,338,450
	200,000	GBP	Experian, PLC		3,572,055
	91,100	JPY	FANUC Corp.		20,038,601
	66,000	EUR	HOCHTIEF, AG^		5,099,613
	590,000	HKD	Hutchison Whampoa, Ltd.		8,674,013
	7,500	CHF	Kaba Holding, AG#		4,925,755
	165,000	EUR	KION Group, AG		7,320,211
	175,000	JPY	MISUMI Group, Inc.		6,567,423
	124,000	JPY	Nidec Corp.		9,275,797
	231,250	EUR	Safran, SA^		16,896,823

					103,741,638

			Information Technology (17.1%)
	218,000	JPY	Alps Electric Company, Ltd.		5,415,210
	411,000	GBP	ARM Holdings, PLC		6,983,458
	33,000	EUR	ASML Holding, NV		3,551,228
	47,000		Baidu, Inc.#		9,413,160
	80,000		Check Point Software Technologies, Ltd.#		6,678,400
	29,700	CAD	Constellation Software, Inc.		11,643,680
	108,000	CAD	Enghouse Systems, Ltd.		4,620,771
	71,000	TWD	Hermes Microvision, Inc.		4,992,563


84		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

International Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE
	30,000	EUR	Ingenico^	$	3,764,180
	9,000	JPY	Keyence Corp.		4,804,642
	52,000	TWD	Largan Precision Company, Ltd.		5,210,716
	221,600		Mellanox Technologies, Ltd.#		10,302,184
	5,412	KRW	Samsung Electronics Co., Ltd.		7,099,753
	100,800	EUR	SAP SE		7,616,953	��
	1,503,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		7,235,852
	168,034	INR	Tata Consultancy Services, Ltd.		6,550,456
	393,900	HKD	Tencent Holdings, Ltd.		8,129,655
	75,000	EUR	United Internet, AG		3,353,177

					117,366,038

			Materials (0.8%)
	1,150,000	GBP	Glencore, PLC#		5,463,156

			Telecommunication Services (1.0%)
	107,000	JPY	SoftBank Corp.		6,688,607

			TOTAL COMMON STOCKS (Cost $609,388,009)		676,356,061


	SHORT TERM INVESTMENT (2.4%)
	16,209,024		Fidelity Prime Money Market Fund - Institutional Class (Cost $16,209,024)		16,209,024

NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (4.2%)
			Federal Home Loan Bank Discount Notes
	5,508,294		0.000%, 05/29/15		5,508,294
	3,442,953		0.000%, 06/10/15		3,442,953
	1,721,551		0.000%, 05/27/15		1,721,551
	1,721,504		0.000%, 06/15/15		1,721,504
	3,442,788		Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		3,442,788
	6,839,624		Fidelity Prime Money Market Fund - Institutional Class		6,839,624
	3,137,050		Goldman Sachs Financial Square Fund		3,137,050
	3,443,206		Morgan Stanley Institutional Liquidity Fund		3,443,206

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $29,256,970)		29,256,970

	TOTAL INVESTMENTS (104.9%) (Cost $654,854,003)				721,822,055


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-4.2%)				(29,256,970	)


	LIABILITIES, LESS OTHER ASSETS (-0.7%)				(4,649,501	)


	NET ASSETS (100.0%)			$	687,915,584

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
JPMorgan Chase Bank N.A.	British Pound Sterling	05/29/15		13,085,000	$	20,081,974	$	(234,332	)
Brown Brothers Harriman & Company	European Monetary Unit	05/29/15		49,919,000		56,068,910		(1,805,958	)
Northern Trust Company	Japanese Yen	05/29/15		1,005,500,000		8,422,840		(4,852	)
JPMorgan Chase Bank N.A.	Japanese Yen	05/29/15		940,896,000		7,881,667		28,594

							$	(2,016,548	)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

^	Security, or portion of security, is on loan.

FOREIGN CURRENCY ABBREVIATIONS


AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
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
MXN		Mexican Peso
PHP		Philippine Peso
SEK		Swedish Krona
TWD		New Taiwan Dollar
ZAR		South African Rand

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


See accompanying Notes to Financial Statements		www.calamos.com			85

International Growth Fund Schedule of Investments April 30, 2015 (Unaudited)

CURRENCY EXPOSURE

APRIL 30, 2015


	VALUE		% OF TOTAL INVESTMENTS
European Monetary Unit	$	176,359,137		24.4	%
Japanese Yen		120,687,031		16.7	%
British Pound Sterling		98,344,183		13.6	%
US Dollar		77,914,778		10.8	%
Swiss Franc		57,382,943		8.0	%
Hong Kong Dollar		42,646,615		5.9	%
Danish Krone		30,047,798		4.2	%
Canadian Dollar		28,160,381		3.9	%
Indian Rupee		27,934,171		3.9	%
New Taiwan Dollar		17,439,131		2.4	%
South African Rand		14,590,382		2.0	%
Mexican Peso		7,431,189		1.0	%
South Korean Won		7,099,753		1.0	%
Australian Dollar		5,728,162		0.8	%
Swedish Krona		5,262,122		0.7	%
Philippine Peso		4,794,279		0.7	%
Total Investments	$	721,822,055		100.0	%

Currency exposure may vary over time.


86		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Evolving World Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT				VALUE

	CONVERTIBLE BONDS (17.3%)
			Consumer Discretionary (3.8%)
	3,600,000	EUR	Adidas, AG 0.250%, 06/14/19	$	4,763,993
	33,000,000	HKD	Hengan International Group Company, Ltd. 0.000%, 06/27/18		4,648,018
	6,800,000,000	KRW	Lotte Shopping Company, Ltd. 0.000%, 01/24/18		6,508,769
	3,650,000	EUR	Steinhoff Finance Holding, GmbH 4.500%, 03/31/18		7,183,169

					23,103,949

			Financials (5.0%)
	9,000,000		AYC Finance, Ltd. 0.500%, 05/02/19		10,271,899
	5,200,000		China Overseas Finance Investment Cayman IV, Ltd. 0.000%, 02/04/21		6,587,781
	4,000,000		HKEx International, Ltd. 0.500%, 10/23/17		7,488,071
	5,600,000		National Bank of Abu Dhabi PJSC 1.000%, 03/12/18		5,976,375

					30,324,126

			Health Care (1.1%)
	7,600,000	SGD	Indah Capital, Ltd. 0.000%, 10/24/18		6,661,114

			Industrials (1.4%)
	8,110,000		Larsen & Toubro, Ltd. 0.675%, 10/22/19		8,747,726

			Information Technology (2.5%)
	4,600,000		Advanced Semiconductor Engineering, Inc. 0.000%, 09/05/18		6,224,008
	3,990,000		NXP Semiconductors, NV* 1.000%, 12/01/19		4,669,377
	4,100,000		Yahoo!, Inc. 0.000%, 12/01/18		4,363,364

					15,256,749

			Materials (2.0%)
	10,800,000		Cemex, SAB de CV 3.250%, 03/15/16		12,529,836

			Telecommunication Services (1.0%)
	5,900,000		Billion Express Investments, Ltd. 0.750%, 10/18/15		6,299,385

			Utilities (0.5%)
	2,500,000		ENN Energy Holdings, Ltd. 0.000%, 02/26/18		3,147,369

			TOTAL CONVERTIBLE BONDS (Cost $103,043,777)		106,070,254


NUMBER OF SHARES				VALUE
	COMMON STOCKS (79.3%)
			Consumer Discretionary (13.1%)
	2,016,971	MXN	Alsea, SAB de CV#^	$	6,060,642
	5,085,000	IDR	Astra International, Tbk PT		2,675,890
	4,500,000	HKD	Brilliance China Automotive Holdings, Ltd.		8,445,292
	476,280	TWD	Eclat Textile Company, Ltd.		6,376,590
	36,100	KRW	Hyundai Motor Company		5,665,573
	112,000	INR	Jubilant Foodworks, Ltd.#		2,624,973
	74,000		Las Vegas Sands Corp.		3,913,120
	3,998,667	IDR	Matahari Department Store, Tbk PT		5,377,845
	760,000	INR	Motherson Sumi Systems, Ltd.		6,015,679
	141,290	ZAR	Naspers, Ltd. - Class N		22,166,398
	1,680,100	HKD	Samsonite International, SA		6,127,608
	197,000	GBP	WPP, PLC		4,594,334

					80,043,944

			Consumer Staples (8.1%)
	1,164,500	BRL	Ambev, SA		7,320,277
	760,000	HKD	China Mengniu Dairy Company, Ltd.		3,858,565
	225,000	GBP	Diageo, PLC		6,246,533
	686,000	MXN	Fomento Economico Mexicano, SAB de CV#		6,207,178
	457,453	BRL	Hypermarcas, SA#		3,018,359
	559,750	INR	ITC, Ltd.		2,836,803
	80,000	CHF	Nestlé, SA		6,206,738
	150,000	JPY	Unicharm Corp.		3,775,525
	105,000	EUR	Unilever, NV^		4,580,163
	2,500,000	MXN	Wal-Mart de Mexico SAB de CV^		5,882,545

					49,932,686

			Energy (5.7%)
	50,000		Anadarko Petroleum Corp.		4,705,000
	2,000,000	HKD	CNOOC, Ltd.		3,410,425
	690,000	INR	Oil & Natural Gas Corp, Ltd.		3,295,833
	6,000,000	HKD	PetroChina Company, Ltd. - Class H		7,738,585
	913,000	BRL	Petróleo Brasileiro, SA#		4,318,110
	285,000	THB	PTT PCL		3,072,882
	83,000	ZAR	Sasol, Ltd.		3,341,868
	90,000	EUR	TOTAL, SA		4,873,496

					34,756,199

			Financials (19.3%)
	997,000	HKD	AIA Group, Ltd.		6,630,529
	927,500	INR	Axis Bank, Ltd.		8,279,586
	4,725,000	IDR	Bank Mandiri Persero, Tbk PT		3,886,507
	542,000	BRL	BB Seguridade Participacoes, SA		6,341,127
	7,250,000	HKD	China Construction Bank Corp.		7,037,827
	1,100,000	HKD	China Life Insurance Company, Ltd.		5,338,613
	39,250		Credicorp, Ltd.		5,987,587
	1,040,000	MXN	Fibra Uno Administracion, SA de CV^		2,593,560
	2,167,000	MXN	Grupo Financiero Banorte, SAB de CV^		12,292,661


See accompanying Notes to Schedule of Investments		www.calamos.com			87

Evolving World Growth Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE
	6,925,207	HKD	Haitong International Securities Group, Ltd.	$	7,701,905
	1,458,000	INR	ICICI Bank, Ltd.		7,617,095
	8,600,000	HKD	Industrial & Commercial Bank of China, Ltd.		7,460,164
	397,300		Itau Unibanco Holding, SA		5,093,386
	770,000	BRL	Itausa - Investimentos Itau, SA		2,711,529
	660,000	THB	Kasikornbank, PCL		4,190,096
	4,072,538	PHP	Metropolitan Bank & Trust Company		8,489,619
	18,500	KRW	Samsung Fire & Marine Insurance Company, Ltd.		4,875,233
	107,000	KRW	Shinhan Financial Group Company, Ltd.		4,428,534
	160,000	INR	Shriram Transport Finance Company, Ltd.		2,441,890
	657,000	TRY	Turkiye Garanti Bankasi AS		2,090,412
	1,100,000	TRY	Turkiye Is Bankasi - Class C		2,473,434

					117,961,294

			Health Care (2.8%)
	470,000	INR	Glenmark Pharmaceuticals, Ltd.		6,574,350
	110,000	GBP	Hikma Pharmaceuticals, PLC		3,439,939
	248,437	INR	Lupin, Ltd.		6,923,387

					16,937,676

			Industrials (5.3%)
	60,000	EUR	ANDRITZ, AG		3,512,805
	700,000	TRY	Aselsan Elektronik Sanayi Ve Ticaret AS		3,650,161
	1,000,000	HKD	China Communications Construction Company, Ltd.		1,818,855
	34,300	JPY	FANUC Corp.		7,544,720
	484,000	HKD	Hutchison Whampoa, Ltd.		7,115,631
	218,000	BRL	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao, SA		3,389,801
	675,000	HKD	Zhuzhou CSR Times Electric Company, Ltd.		5,739,589

					32,771,562

			Information Technology (20.6%)
	80,700		Baidu, Inc.#		16,162,596
	380,000	TWD	Catcher Technology Company, Ltd.		4,446,701
	250,000	INR	HCL Technologies, Ltd.		3,484,020
	141,000	TWD	Hermes Microvision, Inc.		9,914,809
	61,000	TWD	Largan Precision Company, Ltd.		6,112,570
	3,201,000	HKD	Lenovo Group, Ltd.		5,504,344
	140,000	BRL	Linx, SA		2,063,094
	4,200	KRW	NAVER Corp.		2,539,649
	5,122,000	HKD	PAX Global Technology, Ltd.#		7,441,228
	15,594	KRW	Samsung Electronics Co., Ltd.		20,457,049
	94,000	KRW	SK Hynix, Inc.		4,021,798
	3,209,649	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		15,452,125
	277,518	INR	Tata Consultancy Services, Ltd.		10,818,461
	856,500	HKD	Tencent Holdings, Ltd.		17,677,202

					126,095,646


NUMBER OF SHARES				VALUE

			Materials (0.5%)
	1,000,000	MXN	Grupo Mexico, SAB de CV - Series B	$	3,090,210

			Telecommunication Services (3.3%)
	874,500	HKD	China Mobile, Ltd.		12,490,733
	152,000	ZAR	MTN Group, Ltd.		3,051,998
	17,900	KRW	SK Telecom Company, Ltd.		4,796,716

					20,339,447

			Utilities (0.6%)
	80,000	KRW	Korea Electric Power Corp.		3,478,715

			TOTAL COMMON STOCKS (Cost $443,611,312)		485,407,379


	RIGHT (0.8%) #
			Financials (0.8%)
	6,925,207		HKD Haitong International Securities Group, Ltd. (Cost $1,274,666)		4,601,585


	SHORT TERM INVESTMENT (1.9%)
	11,764,356		Fidelity Prime Money Market Fund - Institutional Class (Cost $11,764,356)		11,764,356


NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.8%)
			Federal Home Loan Bank Discount Notes
	944,416		0.000%, 05/29/15		944,416
	590,306		0.000%, 06/10/15		590,306
	295,166		0.000%, 05/27/15		295,166
	295,158		0.000%, 06/15/15		295,158
	590,278		Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		590,278
	1,172,677		Fidelity Prime Money Market Fund - Institutional Class		1,172,677
	537,858		Goldman Sachs Financial Square Fund		537,858
	590,350		Morgan Stanley Institutional Liquidity Fund		590,350

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $5,016,209)		5,016,209

	TOTAL INVESTMENTS (100.1%) (Cost $564,710,320)				612,859,783


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.8%)				(5,016,209	)

	OTHER ASSETS, LESS LIABILITIES (0.7%)				4,735,678


	NET ASSETS (100.0%)			$	612,579,252


88		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Evolving World Growth Fund Schedule of Investments April 30, 2015 (Unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTER PARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	European Monetary Unit	05/29/15		4,536,000	$	5,094,825	$	24,017


COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
JPMorgan Chase Bank N.A.	British Pound Sterling	05/29/15		8,872,000	$	13,616,146	$	(158,884	)
Brown Brothers Harriman & Company	European Monetary Unit	05/29/15		24,385,000		27,389,178		(882,195	)
JPMorgan Chase Bank N.A.	Japanese Yen	05/29/15		1,352,794,000		11,332,041		41,112
Income Repatriation Hong Kong IBS	Thai Baht	05/06/15		2,079,000		63,067		79

							$	(999,888	)

NOTES TO SCHEDULE OF INVESTMENTS

Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

#	Non-income producing security.

^	Security, or portion of security, is on loan.

FOREIGN CURRENCY ABBREVIATIONS


BRL		Brazilian Real
CHF		Swiss Franc
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
PHP		Philippine Peso
SGD		Singapore Dollar
THB		Thai Baht
TRY		Turkish Lira
TWD		New Taiwan Dollar
ZAR		South African Rand

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency.

CURRENCY EXPOSURE

APRIL 30, 2015


	VALUE		% OF TOTAL INVESTMENTS
Hong Kong Dollar	$	130,786,698		21.3%
US Dollar		128,947,445		21.0%
Indian Rupee		60,912,077		9.9%
South Korean Won		56,772,036		9.3%
New Taiwan Dollar		42,302,795		6.9%
Mexican Peso		36,126,796		5.9%
Brazilian Real		29,162,297		4.8%
South African Rand		28,560,264		4.7%
European Monetary Unit		24,913,626		4.1%
British Pound Sterling		14,280,806		2.3%
Indonesian Rupiah		11,940,242		2.0%
Japanese Yen		11,320,245		1.8%
Philippine Peso		8,489,619		1.4%
Turkish Lira		8,214,007		1.3%
Thai Baht		7,262,978		1.2%
Singapore Dollar		6,661,114		1.1%
Swiss Franc		6,206,738		1.0%
Total Investments	$	612,859,783		100.0%

Currency exposure may vary over time.


See accompanying Notes to Financial Statements		www.calamos.com			89

Emerging Market Equity Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE

	COMMON STOCKS (95.8%)
			Consumer Discretionary (13.2%)
	62,600	MXN	Alsea, SAB de CV#	$	188,102
	186,000	IDR	Astra International, Tbk PT		97,879
	136,000	HKD	Brilliance China Automotive Holdings, Ltd.		255,236
	13,960	TWD	Eclat Textile Company, Ltd.		186,901
	1,660	KRW	Hyundai Motor Company		260,522
	2,300	KRW	LOTTE Himart Company, Ltd.		152,680
	146,870	IDR	Matahari Department Store, Tbk PT		197,527
	4,219	ZAR	Naspers, Ltd. - Class N		661,901
	32,000	ZAR	Steinhoff International Holdings, Ltd.		203,049
	2,900		Tata Motors, Ltd.		119,451
	33,000	TWD	Tung Thih Electronic Company, Ltd.		149,952

					2,473,200

			Consumer Staples (6.7%)
	47,400	BRL	Ambev, SA		297,966
	32,000	HKD	China Mengniu Dairy Company, Ltd.		162,466
	20,200	MXN	Fomento Economico Mexicano, SAB de CV#^		182,777
	19,540	BRL	Hypermarcas, SA#		128,928
	25,100		ITC, Ltd.#~		127,182
	2,660		Magnit PJSC		146,699
	600		Magnit PJSC~		33,090
	75,000	MXN	Wal-Mart de Mexico SAB de CV		176,476

					1,255,584

			Energy (5.1%)
	98,000	HKD	CNOOC, Ltd.		167,111
	1,800		Lukoil OAO		92,250
	195,000	HKD	PetroChina Company, Ltd. - Class H		251,504
	27,800	BRL	Petróleo Brasileiro, SA#		131,482
	24,700	THB	PTT Exploration & Production, PCL		87,666
	13,000	THB	PTT PCL		140,167
	2,100	ZAR	Sasol, Ltd.		84,553

					954,733

			Financials (28.4%)
	24,200	HKD	AIA Group, Ltd.		160,942
	8,050		Axis Bank, Ltd.~		357,018
	218,200	PHP	Ayala Land, Inc.		188,773
	4,400		Banco Santander Chile		95,964
	96,000	IDR	Bank Mandiri Persero, Tbk PT		78,964
	320,000	HKD	Bank of China, Ltd.		219,265
	147,000	IDR	Bank Rakyat Indonesia Persero, Tbk PT		131,242
	18,200	BRL	BB Seguridade Participacoes, SA		212,931
	217,000	HKD	China Construction Bank Corp.		210,650
	3,000		China Life Insurance Company, Ltd.		218,010
	24,000	HKD	China Overseas Land & Investment, Ltd.		99,969


NUMBER OF SHARES				VALUE

	15,500	ZAR	Coronation Fund Managers, Ltd.	$	118,428
	1,100		Credicorp, Ltd.		167,805
	33,400	MXN	Fibra Uno Administracion, SA de CV		83,293
	65,300	MXN	Grupo Financiero Banorte, SAB de CV		370,425
	36,800	HKD	Haitong Securities Company, Ltd. - Class H		120,192
	12,400	EUR	Hellenic Exchanges - Athens Stock Exchange, SA Holding#		80,755
	24,475		ICICI Bank, Ltd.		267,512
	251,000	HKD	Industrial & Commercial Bank of China, Ltd.		217,733
	21,130	BRL	Itau Unibanco Holding, SA		270,213
	24,000	BRL	Itausa - Investimentos Itau, SA		84,515
	11,700	THB	Kasikornbank, PCL		74,240
	9,000	THB	Kasikornbank, PCL		57,138
	144,891	PHP	Metropolitan Bank & Trust Company		302,040
	26,400	AED	National Bank of Abu Dhabi PJSC		79,569
	740	KRW	Samsung Fire & Marine Insurance Company, Ltd.		195,009
	4,700	KRW	Shinhan Financial Group Company, Ltd.		194,524
	33,000		Turkiye Garanti Bankasi AS		105,930
	50,000	TRY	Turkiye Is Bankasi - Class C		112,429
	153,000	HKD	Value Partners Group, Ltd.		282,877
	250,000	TWD	Yuanta Financial Holding Company, Ltd.		145,308

					5,303,663

			Health Care (2.0%)
	3,100	ZAR	Aspen Pharmacare Holdings, Ltd.#		94,270
	3,590		Dr. Reddy’s Laboratories, Ltd.		186,608
	201,000	HKD	PW Medtech Group, Ltd.#		86,364

					367,242

			Industrials (7.3%)
	28,000	TRY	Aselsan Elektronik Sanayi Ve Ticaret AS		146,006
	177,000	HKD	AviChina Industry & Technology Company, Ltd. - Class H		200,532
	28,000	HKD	China Communications Construction Company, Ltd.		50,928
	12,000		Controladora Vuela Cia de Aviacion SAB de CV#		149,040
	1,900	KRW	Hyundai Engineering & Construction Company, Ltd.		91,412
	7,300		Larsen & Toubro, Ltd.~		186,515
	12,400	BRL	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao, SA		192,814
	504,000	IDR	Wijaya Karya Persero, Tbk PT		115,547
	27,000	HKD	Zhuzhou CSR Times Electric Company, Ltd.		229,584

					1,362,378


90		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Emerging Market Equity Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE


			Information Technology (24.1%)
	121,000	TWD	Advanced Semiconductor Engineering, Inc.	$	171,593
	2,830		Baidu, Inc.#		566,792
	16,000	TWD	Catcher Technology Company, Ltd.		187,230
	4,000	TWD	Hermes Microvision, Inc.		281,271
	10,590		Infosys, Ltd.		328,078
	3,000	TWD	Largan Precision Company, Ltd.		300,618
	101,000	HKD	Lenovo Group, Ltd.		173,677
	5,300	BRL	Linx, SA		78,103
	210	KRW	NAVER Corp.		126,982
	193,000	HKD	PAX Global Technology, Ltd.#		280,390
	530	KRW	Samsung Electronics Co., Ltd.		695,283
	4,300	KRW	SK Hynix, Inc.		183,976
	103,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		495,870
	25,700	HKD	Tencent Holdings, Ltd.		530,419
	4,600		Yandex, NV - Class A#		88,504

					4,488,786

			Materials (2.2%)
	325,353	MXN	Cemex, SAB de CV#		314,071
	32,200	MXN	Grupo Mexico, SAB de CV - Series B		99,505

					413,576

			Telecommunication Services (5.2%)
	26,500	HKD	China Mobile, Ltd.		378,507
	54,000	HKD	China Unicom Hong Kong, Ltd.		101,419
	9,450	ZAR	MTN Group, Ltd.		189,746
	880	KRW	SK Telecom Company, Ltd.		235,816
	3,800		Tim Participacoes, SA		59,736

					965,224

			Utilities (1.6%)
	72,000	HKD	Huaneng Power International, Inc.		102,112
	4,400	KRW	Korea Electric Power Corp.		191,329

					293,441

			TOTAL COMMON STOCKS (Cost $16,795,107)		17,877,827


	SHORT TERM INVESTMENT (3.7%)
	677,275		Fidelity Prime Money Market Fund - Institutional Class (Cost $677,275)		677,275


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.5%)
		Federal Home Loan Bank Discount Notes
	18,357	0.000%, 05/29/15	$	18,357
	11,474	0.000%, 06/10/15		11,474
	5,737	0.000%, 06/15/15		5,737
	5,737	0.000%, 05/27/15		5,737
	11,473	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		11,473
	22,793	Fidelity Prime Money Market Fund - Institutional Class		22,793
	10,454	Goldman Sachs Financial Square Fund		10,454
	11,475	Morgan Stanley Institutional Liquidity Fund		11,475

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $97,500)		97,500

	TOTAL INVESTMENTS (100.0%) (Cost $17,569,882)			18,652,602


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.5%)			(97,500	)


	OTHER ASSETS, LESS LIABILITIES (0.5%)			100,748


	NET ASSETS (100.0%)		$	18,655,850

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY

SHORT

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED

GAIN/LOSS

Income Repatriation Hong Kong IBS

Thai Baht

05/06/15

28,350

860

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

^	Security, or portion of security, is on loan.

~	Security, or portion of security, is segregated as collateral for written options. The aggregate value of such securities is $108,156.


See accompanying Notes to Financial Statements		www.calamos.com			91

Emerging Market Equity Fund Schedule of Investments April 30, 2015 (Unaudited)

FOREIGN CURRENCY ABBREVIATIONS


AED		UAE Dirham
BRL		Brazilian Real
EUR		European Monetary Unit
HKD		Hong Kong Dollar
IDR		Indonesian Rupiah
KRW		South Korean Won
MXN		Mexican Peso
PHP		Philippine Peso
THB		Thai Baht
TRY		Turkish Lira
TWD		New Taiwan Dollar
ZAR		South African Rand

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

CURRENCY EXPOSURE

APRIL 30, 2015


	VALUE		% OF TOTAL INVESTMENTS
Hong Kong Dollar	$	4,281,877		23.0%
US Dollar		4,070,959		21.8%
South Korean Won		2,327,533		12.5%
New Taiwan Dollar		1,918,743		10.3%
Mexican Peso		1,414,649		7.6%
Brazilian Real		1,396,952		7.5%
South African Rand		1,351,947		7.3%
Indonesian Rupiah		621,159		3.3%
Philippine Peso		490,813		2.6%
Thai Baht		359,211		1.9%
Turkish Lira		258,435		1.4%
European Monetary Unit		80,755		0.4%
UAE Dirham		79,569		0.4%
Total Investments	$	18,652,602		100.0%

Currency exposure may vary over time.


92		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Global Equity Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE

	COMMON STOCKS (97.9%)
			Consumer Discretionary (21.9%)
	8,400		Amazon.com, Inc.#	$	3,542,952
	778,000	HKD	Brilliance China Automotive Holdings, Ltd.		1,460,097
	27,000		Comcast Corp. - Class A		1,559,520
	19,800	CHF	Compagnie Financière Richemont, SA		1,764,833
	16,900	EUR	Daimler, AG		1,624,880
	4,200	JPY	Fast Retailing Co., Ltd.		1,654,295
	20,000		Home Depot, Inc.		2,139,600
	17,000		Las Vegas Sands Corp.		898,960
	71,500		Lions Gate Entertainment Corp.^		2,217,215
	140,000	INR	Motherson Sumi Systems, Ltd.		1,108,151
	43,000	ZAR	Naspers, Ltd. - Class N		6,746,090
	59,400	DKK	Pandora, A/S		6,139,675
	3,600		Priceline Group, Inc.#		4,456,116
	625,000	HKD	Samsonite International, SA		2,279,480
	22,800		Starbucks Corp.		1,130,424
	32,700	JPY	Toyota Motor Corp.		2,276,219
	60,000	EUR	TUI, AG		1,118,454
	13,400		Walt Disney Company		1,456,848
	103,000	GBP	WPP, PLC		2,402,114

					45,975,923

			Consumer Staples (5.8%)
	18,300	EUR	Anheuser-Busch InBev, NV		2,227,995
	20,700	GBP	British American Tobacco, PLC		1,137,333
	72,100	GBP	Diageo, PLC		2,001,667
	13,200		Keurig Green Mountain, Inc.		1,536,084
	28,000		Mondelez International, Inc. - Class A		1,074,360
	10,400	EUR	Pernod Ricard, SA		1,292,552
	39,000	JPY	Seven & I Holdings Company, Ltd.		1,676,389
	14,700		Walgreens Boots Alliance, Inc.		1,219,071

					12,165,451

			Energy (3.6%)
	15,000		Anadarko Petroleum Corp.		1,411,500
	18,000		Continental Resources, Inc.#		947,340
	16,750		EOG Resources, Inc.		1,657,413
	15,000		Occidental Petroleum Corp.		1,201,500
	24,900		Schlumberger, Ltd.		2,355,789

					7,573,542

			Financials (11.6%)
	281,600	HKD	AIA Group, Ltd.		1,872,775
	32,500		Arthur J. Gallagher & Company		1,554,475
	94,500	EUR	Azimut Holding, S.p.A		2,773,832
	45,000		Blackstone Group, LP		1,843,200
	52,000		Citigroup, Inc.		2,772,640
	374,000	JPY	Daiwa Securities Group, Inc.		3,102,635


NUMBER OF SHARES				VALUE

	30,335	EUR	Deutsche Annington Immobilien, SE	$	1,018,198
	165,000	MXN	Grupo Financiero Banorte, SAB de CV^		935,990
	50,000	INR	Housing Development Finance Corp, Ltd.		919,656
	350,000	EUR	Intesa Sanpaolo S.p.A		1,175,826
	739,197	PHP	Metropolitan Bank & Trust Company		1,540,931
	40,000	JPY	Mitsui Fudosan Company, Ltd.		1,185,772
	13,000		State Street Corp.		1,002,560
	30,000		Wells Fargo & Company		1,653,000
	56,000		WisdomTree Investments, Inc.		1,066,240

					24,417,730

			Health Care (13.6%)
	4,900		Biogen, Inc.#		1,832,257
	6,250		C.R. Bard, Inc.		1,041,125
	18,900		Celgene Corp.#		2,042,334
	69,500		Cerner Corp.#		4,990,795
	69,900	JPY	Chugai Pharmaceutical Co., Ltd.		2,125,783
	10,200		Gilead Sciences, Inc.#		1,025,202
	11,000		Illumina, Inc.#		2,026,750
	17,500		Laboratory Corp. of America Holdings#		2,092,300
	26,500	CHF	Novartis, AG		2,704,913
	26,000	DKK	Novo Nordisk, A/S - Class B		1,459,657
	12,000	EUR	Sanofi		1,221,486
	27,500	GBP	Shire, PLC		2,234,749
	22,000		Stryker Corp.		2,029,280
	15,500		Zimmer Holdings, Inc.		1,702,520

					28,529,151

			Industrials (12.5%)
	50,000	CHF	ABB, Ltd.#		1,095,622
	35,100	EUR	ANDRITZ, AG		2,054,991
	5,500	CAD	Canadian Pacific Railway, Ltd.^		1,048,624
	47,000		Delta Air Lines, Inc.		2,098,080
	25,000	JPY	FANUC Corp.		5,499,067
	15,000	EUR	HOCHTIEF, AG		1,159,003
	157,000	HKD	Hutchison Whampoa, Ltd.		2,308,170
	2,300	CHF	Kaba Holding, AG#		1,510,565
	55,500	EUR	KION Group, AG		2,462,253
	59,800	EUR	Safran, SA		4,369,427
	16,600		United Parcel Service, Inc. - Class B		1,668,798
	8,500		United Technologies Corp.		966,875

					26,241,475

			Information Technology (27.1%)
	64,100		Apple, Inc.		8,022,115
	125,000	GBP	ARM Holdings, PLC		2,123,923
	14,400		Baidu, Inc.#		2,884,032
	32,300		Cognizant Technology Solutions Corp. - Class A#		1,890,842
	5,300	CAD	Constellation Software, Inc.		2,077,829


See accompanying Notes to Schedule of Investments		www.calamos.com			93

Global Equity Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE

	40,500		Facebook, Inc. - Class A#	$	3,190,185
	12,025		Google, Inc. - Class A#		6,598,959
	8,347		Google, Inc. - Class C#		4,485,177
	1,900	JPY	Keyence Corp.		1,014,313
	76,000		LendingClub Corp.#^		1,326,200
	21,400		LinkedIn Corp. - Class A#		5,395,582
	39,400		MasterCard, Inc. - Class A		3,554,274
	32,900		Mellanox Technologies, Ltd.#		1,529,521
	1,230	KRW	Samsung Electronics Co., Ltd.		1,613,580
	15,000	EUR	SAP SE		1,133,475
	30,000		Splunk, Inc.#		1,990,350
	614,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		2,955,964
	247,200	HKD	Tencent Holdings, Ltd.		5,101,931

					56,888,252

			Materials (1.3%)
	1,560,000	MXN	Cemex, SAB de CV#		1,505,905
	270,000	GBP	Glencore, PLC#		1,282,654

					2,788,559

			Telecommunication Services (0.5%)
	16,800	JPY	SoftBank Corp.		1,050,174

			TOTAL COMMON STOCKS (Cost $170,382,012)		205,630,257


	SHORT TERM INVESTMENT (1.9%)
	4,005,916		Fidelity Prime Money Market Fund - Institutional Class (Cost $4,005,916)		4,005,916


NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.5%)
			Federal Home Loan Bank Discount Notes
	984,357		0.000%, 05/29/15		984,357
	615,271		0.000%, 06/10/15		615,271
	307,649		0.000%, 05/27/15		307,649
	307,640		0.000%, 06/15/15		307,640
	615,242		Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		615,242
	1,222,271		Fidelity Prime Money Market Fund - Institutional Class		1,222,271
	560,605		Goldman Sachs Financial Square Fund		560,605


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	615,316	Morgan Stanley Institutional Liquidity Fund	$	615,316

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $5,228,351)		5,228,351

	TOTAL INVESTMENTS (102.3%) (Cost $179,616,279)			214,864,524


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.5%)			(5,228,351	)


	OTHER ASSETS, LESS LIABILITIES (0.2%)			354,593


	NET ASSETS (100.0%)		$	209,990,766

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY

LONG
CONTRACTS

SETTLEMENT
DATE

LOCAL
CURRENCY

CURRENT
VALUE

UNREALIZED
GAIN/LOSS

Northern Trust Company

European Monetary Unit

05/29/15

1,312,000

1,473,635

6,946

COUNTERPARTY

SHORT
CONTRACTS

SETTLEMENT
DATE

LOCAL

CURRENCY

CURRENT
VALUE

UNREALIZED
GAIN/LOSS

Brown Brothers Harriman & Company

European Monetary Unit

05/29/15

9,194,000

10,326,680

(332,618

)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

^	Security, or portion of security, is on loan.

FOREIGN CURRENCY ABBREVIATIONS


CAD		Canadian Dollar
CHF		Swiss Franc
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
MXN		Mexican Peso
PHP		Philippine Peso
TWD		New Taiwan Dollar
ZAR		South African Rand

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


94		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Global Equity Fund Schedule of Investments April 30, 2015 (Unaudited)

CURRENCY EXPOSURE

APRIL 30, 2015


	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	112,314,627		52.3%
European Monetary Unit		23,632,372		11.0%
Japanese Yen		19,584,647		9.1%
Hong Kong Dollar		13,022,453		6.1%
British Pound Sterling		11,182,440		5.2%
Danish Krone		7,599,332		3.5%
Swiss Franc		7,075,933		3.3%
South African Rand		6,746,090		3.1%
Canadian Dollar		3,126,453		1.5%
New Taiwan Dollar		2,955,964		1.4%
Mexican Peso		2,441,895		1.1%
Indian Rupee		2,027,807		0.9%
South Korean Won		1,613,580		0.8%
Philippine Peso		1,540,931		0.7%
Total Investments	$	214,864,524		100.0%

Currency exposure may vary over time.


See accompanying Notes to Financial Statements		www.calamos.com			95

Growth and Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE

	CONVERTIBLE BONDS (21.4%)
		Consumer Discretionary (5.0%)
		Jarden Corp.
	16,600,000	1.125%, 03/15/34^	$	19,216,326
	9,275,000	1.500%, 06/15/19		12,858,906
	38,195,000	Liberty Interactive, LLC (Time Warner Cable, Inc., Time Warner, Inc.)§ 0.750%, 03/30/43		55,318,583
	13,063,000	Liberty Media Corp.^ 1.375%, 10/15/23		13,074,365
	24,600,000	Priceline Group, Inc. 1.000%, 03/15/18		34,459,803
	6,000,000	Tesla Motors, Inc. 1.250%, 03/01/21		5,553,210

				140,481,193

		Energy (0.4%)
	8,700,000	Whiting Petroleum Corp.* 1.250%, 04/01/20		10,370,617

		Financials (1.1%)
	20,550,000	Ares Capital Corp.^ 5.750%, 02/01/16		21,197,736
	5,850,000	MGIC Investment Corp. 2.000%, 04/01/20		9,199,505

				30,397,241

		Health Care (6.8%)
	31,500,000	Anthem, Inc. 2.750%, 10/15/42		63,627,952
	9,904,000	BioMarin Pharmaceutical, Inc. 1.500%, 10/15/20		13,917,844
	15,130,000	Cepheid 1.250%, 02/01/21		16,837,950
	3,920,000	Gilead Sciences, Inc. 1.625%, 05/01/16		17,307,016
	14,100,000	Hologic, Inc.‡ 2.000%, 12/15/37		21,211,194
	40,825,000	Illumina, Inc.^* 0.000%, 06/15/19		45,494,359
	8,457,000	Molina Healthcare, Inc.* 1.625%, 08/15/44		9,876,761

				188,273,076

		Industrials (0.5%)
	10,050,000	Air Lease Corp. 3.875%, 12/01/18		14,752,847

		Information Technology (6.6%)
	9,000,000	Euronet Worldwide, Inc.* 1.500%, 10/01/44		9,834,435
	9,300,000	Intel Corp. 3.250%, 08/01/39		15,175,600
	12,990,000	LinkedIn Corp.* 0.500%, 11/01/19		14,419,420


PRINCIPAL AMOUNT			VALUE
	14,260,000	Microchip Technology, Inc.* 1.625%, 02/15/25	$	14,579,495
	17,270,000	NVIDIA Corp. 1.000%, 12/01/18		21,083,389
	7,375,000	Rovi Corp.^* 0.500%, 03/01/20		7,166,472
	23,700,000	Salesforce.com, Inc.^ 0.250%, 04/01/18		29,647,515
	26,000,000	SanDisk Corp. 0.500%, 10/15/20		26,910,390
	12,974,000	ServiceNow, Inc. 0.000%, 11/01/18		15,597,862
	15,450,000	Twitter, Inc.* 0.250%, 09/15/19		14,300,366
	14,700,000	Yahoo!, Inc. 0.000%, 12/01/18		15,644,254

				184,359,198

		Materials (1.0%)
	11,000,000	Cemex, SAB de CV 3.250%, 03/15/16		12,761,870
	12,721,000	RTI International Metals, Inc. 1.625%, 10/15/19		15,108,923

				27,870,793

		TOTAL CONVERTIBLE BONDS (Cost $507,550,814)		596,504,965


	CORPORATE BONDS (6.8%)
		Consumer Discretionary (3.5%)
		DISH DBS Corp.
	12,500,000	5.875%, 07/15/22		12,632,813
	10,030,000	5.125%, 05/01/20		10,155,375
	23,500,000	Expedia, Inc. 5.950%, 08/15/20		26,499,070
	6,500,000	FCA US, LLC 8.250%, 06/15/21		7,182,500
	9,900,000	Home Depot, Inc. 2.700%, 04/01/23		10,019,295
	1,020,000	Icahn Enterprises, LP 4.875%, 03/15/19		1,039,125
	23,000,000	L Brands, Inc. 5.625%, 02/15/22		25,185,000
	2,429,000	Lowe’s Companies, Inc. 3.875%, 09/15/23		2,640,687
	3,040,000	PVH Corp. 4.500%, 12/15/22		3,116,000

				98,469,865

		Consumer Staples (0.4%)
	9,865,000	Wal-Mart Stores, Inc. 3.300%, 04/22/24		10,412,902

		Financials (0.6%)
	4,950,000	Berkshire Hathaway, Inc. 3.000%, 02/11/23		5,116,394


96		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Growth and Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	12,000,000	Neuberger Berman Group, LLC* 5.875%, 03/15/22	$	12,911,940

				18,028,334

		Health Care (0.5%)
	10,750,000	Endo International, PLC* 7.000%, 07/15/19		11,206,875
	3,000,000	Universal Health Services, Inc.* 4.750%, 08/01/22		3,168,750

				14,375,625

		Industrials (0.4%)
	9,941,000	Actuant Corp. 5.625%, 06/15/22		10,264,083

		Information Technology (1.1%)
	2,230,000	ACI Worldwide, Inc.* 6.375%, 08/15/20		2,349,863
	4,935,000	Apple, Inc. 3.450%, 05/06/24		5,194,433
	11,415,000	Brocade Communications Systems, Inc. 4.625%, 01/15/23		11,357,925
	9,865,000	Google, Inc. 3.375%, 02/25/24		10,395,194

				29,297,415

		Materials (0.3%)
	7,135,000	Alcoa, Inc. 5.125%, 10/01/24		7,674,584

		TOTAL CORPORATE BONDS (Cost $182,617,790)		188,522,808


NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (9.6%)
		Consumer Staples (0.3%)
	176,350	Tyson Foods, Inc. 4.750%		8,674,657

		Energy (1.1%)
	35,950	Chesapeake Energy Corp. 5.750%		31,563,400

		Financials (2.9%)
	653,216	Affiliated Managers Group, Inc. 5.150%		40,213,610
	161,930	American Tower Corp. 5.250%		16,788,902
	220,000	Crown Castle International Corp. 4.500%		23,034,000

				80,036,512

		Health Care (1.1%)
	29,200	Actavis, PLC 5.500%		29,219,272


NUMBER OF SHARES			VALUE

		Industrials (1.7%)
	135,000	Stanley Black & Decker, Inc.^ 6.250%	$	15,776,100
	553,500	United Technologies Corp. 7.500%		32,556,870

				48,332,970

		Telecommunication Services (0.5%)
	236,200	T-Mobile USA, Inc. 5.500%		14,727,070

		Utilities (2.0%)
	301,775	Dominion Resources, Inc. 6.375%		14,983,129
	320,000	Exelon Corp.^ 6.500%		15,766,400
	380,000	NextEra Energy, Inc. 5.889%		24,187,000

				54,936,529

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $241,893,961)		267,490,410


	COMMON STOCKS (58.5%)
		Consumer Discretionary (6.0%)
	47,500	Amazon.com, Inc.#		20,034,550
	480,000	Home Depot, Inc.		51,350,400
	268,000	Nike, Inc. - Class B		26,489,120
	508,000	Starbucks Corp.		25,186,640
	435,000	Twenty-First Century Fox, Inc.		14,824,800
	275,000	Walt Disney Company		29,898,000

				167,783,510

		Consumer Staples (7.0%)
	1,000,000	Coca-Cola Company		40,560,000
	260,000	Costco Wholesale Corp.		37,193,000
	560,000	Mondelez International, Inc. - Class A		21,487,200
	215,000	PepsiCo, Inc.		20,450,800
	200,000	Philip Morris International, Inc.		16,694,000
	321,000	Procter & Gamble Company		25,522,710
	415,000	Walgreens Boots Alliance, Inc.		34,415,950

				196,323,660

		Energy (4.7%)
	200,000	Anadarko Petroleum Corp.		18,820,000
	130,600	Chevron Corp.		14,504,436
	140,000	EOG Resources, Inc.		13,853,000
	409,000	Exxon Mobil Corp.		35,734,330
	400,000	Occidental Petroleum Corp.		32,040,000
	179,000	Schlumberger, Ltd.		16,935,190

				131,886,956


See accompanying Notes to Schedule of Investments		www.calamos.com			97

Growth and Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE

		Financials (11.9%)
	520,000	American International Group, Inc.	$	29,270,800
	350,000	Arthur J. Gallagher & Company		16,740,500
	420,000	Blackstone Group, LP		17,203,200
	945,000	Citigroup, Inc.		50,387,400
	1,140,000	JPMorgan Chase & Company		72,116,400
	400,890	MetLife, Inc.		20,561,648
	412,350	State Street Corp.		31,800,432
	300,000	T. Rowe Price Group, Inc.		24,354,000
	1,250,000	Wells Fargo & Company		68,875,000

				331,309,380

		Health Care (7.0%)
	33,200	Biogen, Inc.#		12,414,476
	215,000	Celgene Corp.#		23,232,900
	482,400	Johnson & Johnson		47,854,080
	500,175	Merck & Company, Inc.		29,790,423
	870,000	Pfizer, Inc.		29,519,100
	281,000	Stryker Corp.		25,919,440
	249,000	Zimmer Holdings, Inc.		27,350,160

				196,080,579

		Industrials (7.1%)
	196,000	Boeing Company		28,094,640
	416,000	Delta Air Lines, Inc.		18,570,240
	450,000	Eaton Corp., PLC		30,928,500
	1,100,000	General Electric Company		29,788,000
	136,000	Honeywell International, Inc.		13,725,120
	72,800	Lockheed Martin Corp.		13,584,480
	100,000	Northrop Grumman Corp.		15,404,000
	220,000	Union Pacific Corp.		23,370,600
	240,000	United Parcel Service, Inc. - Class B		24,127,200

				197,592,780

		Information Technology (14.8%)
	300,000	Accenture, PLC - Class A		27,795,000
	1,234,000	Apple, Inc.		154,435,100
	600,000	Applied Materials, Inc.		11,874,000
	392,000	Broadcom Corp. - Class A		17,328,360
	205,800	Facebook, Inc. - Class A#		16,210,866
	67,500	Google, Inc. - Class A#		37,041,975
	349,500	MasterCard, Inc. - Class A		31,528,395
	1,315,000	Microsoft Corp.		63,961,600
	375,000	Oracle Corp.		16,357,500
	300,000	QUALCOMM, Inc.		20,400,000
	275,000	Texas Instruments, Inc.		14,907,750

				411,840,546

		TOTAL COMMON STOCKS (Cost $1,301,179,473)		1,632,817,411


NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (3.7%)
	104,036,048	Fidelity Prime Money Market Fund - Institutional Class (Cost $104,036,048)	$	104,036,048


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (2.4%)
		Federal Home Loan Bank Discount Notes
	12,451,936	0.000%, 05/29/15		12,451,936
	7,783,069	0.000%, 06/10/15		7,783,069
	3,891,703	0.000%, 05/27/15		3,891,703
	3,891,596	0.000%, 06/15/15		3,891,596
	7,782,696	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		7,782,696
	15,461,513	Fidelity Prime Money Market Fund - Institutional Class		15,461,513
	7,091,552	Goldman Sachs Financial Square Fund		7,091,552
	7,783,640	Morgan Stanley Institutional Liquidity Fund		7,783,640

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $66,137,705)		66,137,705

	TOTAL INVESTMENTS (102.4%) (Cost $2,403,415,791)			2,855,509,347


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-2.4%)			(66,137,705	)


	LIABILITIES, LESS OTHER ASSETS (0.0%)			(156,996	)


	NET ASSETS (100.0%)		$	2,789,214,646

FORWARD FOREIGN CURRENCY CONTRACT

COUNTERPARTY

SHORT
CONTRACTS

SETTLEMENT
DATE

LOCAL
CURRENCY

CURRENT
VALUE

UNREALIZED
GAIN/LOSS

Northern Trust Company

Mexican Peso

07/23/15

124,033,000

8,039,534

53,397

NOTES TO SCHEDULE OF INVESTMENTS

^	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.

*	Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of


98		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Growth and Income Fund Schedule of Investments April 30, 2015 (Unaudited)

1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2015.

#	Non-income producing security.


See accompanying Notes to Financial Statements		www.calamos.com			99

Global Growth and Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (37.4%)
			Consumer Discretionary (4.9%)
	2,800,000	EUR	Adidas, AG 0.250%, 06/14/19	$	3,705,328
	220,000,000	JPY	HIS Company, Ltd. 0.000%, 08/30/19		2,090,061
	1,950,000		Liberty Interactive, LLC (Time Warner Cable, Inc., Time Warner, Inc.)§ 0.750%, 03/30/43		2,824,224
	8,300,000		Priceline Group, Inc.^ 0.350%, 06/15/20		9,791,136
	1,100,000	EUR	Steinhoff Finance Holding, GmbH 4.500%, 03/31/18		2,164,791

					20,575,540

			Energy (0.7%)
	2,970,000		SEACOR Holdings, Inc. 2.500%, 12/15/27		3,088,310

			Financials (7.6%)
			Ares Capital Corp.
	3,975,000		5.750%, 02/01/16		4,100,292
	2,912,000		4.750%, 01/15/18		3,066,132
	5,500,000		AYC Finance, Ltd. 0.500%, 05/02/19		6,277,272
	7,200,000	EUR	Azimut Holding, S.p.A. 2.125%, 11/25/20		10,206,712
	2,000,000		HKEx International, Ltd. 0.500%, 10/23/17		3,744,035
	3,650,000	EUR	Industrivarden, AB 1.875%, 02/27/17		4,703,920

					32,098,363

			Health Care (3.6%)
	2,700,000		Cepheid 1.250%, 02/01/21		3,004,789
	6,915,000		Illumina, Inc.^* 0.000%, 06/15/19		7,705,903
	2,100,000		Insulet Corp. 2.000%, 06/15/19		2,032,664
	2,030,000		Medidata Solutions, Inc.^ 1.000%, 08/01/18		2,379,911

					15,123,267

			Industrials (4.6%)
	3,200,000	GBP	Carillion Finance Jersey, Ltd. 2.500%, 12/19/19		5,182,223
	700,000	EUR	International Consolidated Airlines Group, SA 1.750%, 05/31/18		1,386,240
	3,350,000		Larsen & Toubro, Ltd. 0.675%, 10/22/19		3,613,426
	4,800,000		MISUMI Group, Inc. 0.000%, 10/22/18		5,477,826


PRINCIPAL AMOUNT				VALUE
	265,000,000	JPY	Nidec Corp. 0.000%, 09/18/15	$	3,725,470

					19,385,185

			Information Technology (13.5%)
	2,000,000		Advanced Semiconductor Engineering, Inc. 0.000%, 09/05/18		2,706,091
	220,000,000	JPY	Alps Electric Company, Ltd. 0.000%, 03/25/19		3,039,509
	4,100,000		Epistar Corp. 0.000%, 08/07/18		4,239,371
	2,400,000		Euronet Worldwide, Inc.* 1.500%, 10/01/44		2,622,516
	3,225,000		InvenSense, Inc. 1.750%, 11/01/18		3,124,783
	8,200,000		LinkedIn Corp.* 0.500%, 11/01/19		9,102,328
	2,120,000		Microchip Technology, Inc.* 1.625%, 02/15/25		2,167,499
	2,103,000		NVIDIA Corp. 1.000%, 12/01/18		2,567,363
	3,100,000		NXP Semiconductors, NV* 1.000%, 12/01/19		3,627,837
	2,200,000		ON Semiconductor Corp. 2.625%, 12/15/26		2,744,852
	2,180,000		Rovi Corp.^* 0.500%, 03/01/20		2,118,361
	3,800,000		Salesforce.com, Inc. 0.250%, 04/01/18		4,753,610
	2,020,000		SanDisk Corp. 0.500%, 10/15/20		2,090,730
	1,332,000		ServiceNow, Inc. 0.000%, 11/01/18		1,601,384
	2,200,000		Twitter, Inc.* 0.250%, 09/15/19		2,036,298
	3,000,000		Yahoo!, Inc. 0.000%, 12/01/18		3,192,705
	405,000,000	JPY	Yaskawa Electric Corp. 0.000%, 03/16/17		5,024,746

					56,759,983

			Materials (2.5%)
	3,500,000	EUR	Buzzi Unicem, S.p.A. 1.375%, 07/17/19		4,735,119
	5,025,000		Cemex, SAB de CV 3.250%, 03/15/16		5,829,854

					10,564,973

			TOTAL CONVERTIBLE BONDS (Cost $153,426,761)		157,595,621


	SYNTHETIC CONVERTIBLE SECURITIES (4.9%)¤
	Corporate Bonds (4.3%)
			Consumer Discretionary (2.1%)
	3,525,000		FCA US, LLC 8.250%, 06/15/21		3,895,125


100		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Global Growth and Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT				VALUE
	4,400,000		L Brands, Inc. 5.625%, 02/15/22	$	4,818,000

					8,713,125

			Energy (0.9%)
			Cimarex Energy Company
	2,612,000		4.375%, 06/01/24		2,649,547
	1,030,000		5.875%, 05/01/22		1,098,238

					3,747,785

			Industrials (1.2%)
			Icahn Enterprises, LP
	2,725,000		4.875%, 03/15/19		2,776,094
	2,460,000		5.875%, 02/01/22		2,547,638

					5,323,732

			Materials (0.1%)
	334,000		FMG Resources^* 8.250%, 11/01/19		292,041

			TOTAL CORPORATE BONDS		18,076,683


NUMBER OF CONTRACTS				VALUE
	Purchased Options (0.6%)#
			Consumer Discretionary (0.1%)
	1,550	EUR	Daimler, AG Call, 06/19/15, Strike 88.00		539,529

			Financials (0.0%)
	2,300	CHF	Credit Suisse Group, AG Call, 06/19/15, Strike 28.00		19,722

			Information Technology (0.1%)
	900		Facebook, Inc. Call, 06/19/15, Strike $80.00		204,300

			Other (0.4%)
	6,210		iShares MSCI EAFE Index Fund Put, 06/19/15, Strike $65.00		605,475
	2,930		Powershares QQQ Trust Series Put, 06/30/15, Strike $108.00		858,490
	735		SPDR S&P 500 ETF Trust Put, 06/30/15, Strike $210.00		408,293

					1,872,258

			TOTAL PURCHASED OPTIONS		2,635,809

			TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $22,880,664)		20,712,492


NUMBER OF SHARES				VALUE
	CONVERTIBLE PREFERRED STOCKS (4.9%)
			Energy (1.4%)
	6,488		Chesapeake Energy Corp. 5.750%		5,709,440


NUMBER OF SHARES				VALUE

			Financials (0.7%)
	28,600		American Tower Corp. 5.250%	$	2,965,248

			Health Care (0.8%)
	3,250		Actavis, PLC 5.500%		3,252,145

			Industrials (0.7%)
	51,325		United Technologies Corp. 7.500%		3,018,937

			Utilities (1.3%)
	97,500		NextEra Energy, Inc. 5.799%		5,546,775

			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $21,134,558)		20,492,545


	COMMON STOCKS (49.2%)
			Consumer Discretionary (10.3%)
	37,500		Comcast Corp. - Class A		2,166,000
	25,700	CHF	Compagnie Financière Richemont, SA		2,290,717
	28,000		Home Depot, Inc.		2,995,440
	37,000		Las Vegas Sands Corp.		1,956,560
	71,350	ZAR	Naspers, Ltd. - Class N		11,193,804
	81,625	DKK	Pandora, A/S		8,436,885
	37,000		Starbucks Corp.		1,834,460
	58,800	JPY	Toyota Motor Corp.		4,093,017
	73,000		Twenty-First Century Fox, Inc.		2,487,840
	28,000		Walt Disney Company		3,044,160
	125,000	GBP	WPP, PLC		2,915,186

					43,414,069

			Consumer Staples (5.5%)
	38,500	EUR	Anheuser-Busch InBev, NV		4,687,311
	43,000	GBP	British American Tobacco, PLC		2,362,576
	53,600		Coca-Cola Company		2,174,016
	146,600	GBP	Diageo, PLC		4,069,963
	69,000	CHF	Nestlé, SA		5,353,311
	22,000	EUR	Pernod Ricard, SA		2,734,246
	19,200		Walgreens Boots Alliance, Inc.		1,592,256

					22,973,679

			Energy (3.7%)
	26,000		Anadarko Petroleum Corp.		2,446,600
	30,000	CAD	Canadian Natural Resources, Ltd.		996,850
	34,597		EOG Resources, Inc.		3,423,373
	38,450		Schlumberger, Ltd.		3,637,755
	38,000	EUR	TOTAL, SA		2,057,698
	82,000	CAD	Tourmaline Oil Corp.#		2,830,071

					15,392,347


See accompanying Notes to Schedule of Investments		www.calamos.com			101

Global Growth and Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE

			Financials (7.0%)
	556,000	HKD	AIA Group, Ltd.	$	3,697,667
	49,000		Arthur J. Gallagher & Company		2,343,670
	105,700		Citigroup, Inc.		5,635,924
	497,000	JPY	Daiwa Securities Group, Inc.		4,123,021
	59,410	EUR	Deutsche Annington Immobilien, SE		1,994,104
	75,000	JPY	Mitsui Fudosan Company, Ltd.		2,223,323
	30,000		State Street Corp.		2,313,600
	62,000	JPY	Sumitomo Mitsui Financial Group, Inc.		2,707,205
	81,000		Wells Fargo & Company		4,463,100

					29,501,614

			Health Care (7.6%)
	5,200		Biogen, Inc.#		1,944,436
	13,000		C.R. Bard, Inc.		2,165,540
	16,600		Gilead Sciences, Inc.#		1,668,466
	72,700		Johnson & Johnson		7,211,840
	43,500	CHF	Novartis, AG		4,440,140
	28,000	DKK	Novo Nordisk, A/S - Class B		1,571,939
	38,000	EUR	Sanofi		3,868,039
	54,600	GBP	Shire, PLC		4,436,992
	29,000		Stryker Corp.		2,674,960
	19,500		Zimmer Holdings, Inc.		2,141,880

					32,124,232

			Industrials (3.1%)
	28,000	JPY	FANUC Corp.		6,158,955
	318,000	HKD	Hutchison Whampoa, Ltd.		4,675,146
	23,500		United Parcel Service, Inc. - Class B		2,362,455

					13,196,556

			Information Technology (11.4%)
	32,900		Accenture, PLC - Class A		3,048,185
	69,300		Apple, Inc.		8,672,895
	19,800		Baidu, Inc.#		3,965,544
	24,500		Google, Inc. - Class A#		13,444,865
	24,000		MasterCard, Inc. - Class A		2,165,040
	72,000		Microsoft Corp.		3,502,080
	1,607	KRW	Samsung Electronics Co., Ltd.		2,108,149
	1,203,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		5,791,570
	250,100	HKD	Tencent Holdings, Ltd.		5,161,784

					47,860,112

			Telecommunication Services (0.6%)
	40,000	JPY	SoftBank Corp.		2,500,414

			TOTAL COMMON STOCKS (Cost $180,074,022)		206,963,023


NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (2.6%)
	10,815,796	Fidelity Prime Money Market Fund - Institutional Class (Cost $10,815,796)	$	10,815,796

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.1%)
		Federal Home Loan Bank Discount Notes
	2,484,212	0.000%, 05/29/15		2,484,212
	1,552,754	0.000%, 06/10/15		1,552,754
	776,411	0.000%, 05/27/15		776,411
	776,390	0.000%, 06/15/15		776,390
	1,552,680	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		1,552,680
	3,084,636	Fidelity Prime Money Market Fund - Institutional Class		3,084,636
	1,414,794	Goldman Sachs Financial Square Fund		1,414,794
	1,552,868	Morgan Stanley Institutional Liquidity Fund		1,552,868

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $13,194,745)		13,194,745

	TOTAL INVESTMENTS (102.1%) (Cost $401,526,546)			429,774,222


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.1%)			(13,194,745	)


	OTHER ASSETS, LESS LIABILITIES (1.0%)			4,447,981


	NET ASSETS (100.0%)		$	421,027,458

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER
PARTY

LONG

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT

VALUE

UNREALIZED
GAIN/LOSS

Northern Trust Company

European Monetary Unit

05/29/15

2,951,000

3,314,557

15,625

COUNTERPARTY

SHORT

CONTRACTS

SETTLEMENT

DATE

LOCAL

CURRENCY

CURRENT
VALUE

UNREALIZED
GAIN/LOSS

Brown Brothers Harriman & Company

European Monetary Unit

05/29/15

9,294,000

10,439,000

(336,236

)


102		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Global Growth and Income Fund Schedule of Investments April 30, 2015 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS

§	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

^	Security, or portion of security, is on loan.

¤	The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.

#	Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS


CAD		Canadian Dollar
CHF		Swiss Franc
DKK		Danish Krone
EUR		European Monetary Unit
GBP		British Pound Sterling
HKD		Hong Kong Dollar
JPY		Japanese Yen
KRW		South Korean Won
TWD		New Taiwan Dollar
ZAR		South African Rand

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. 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

APRIL 30, 2015


	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	273,770,769		63.7%
European Monetary Unit		42,783,037		10.0%
Japanese Yen		35,685,721		8.3%
British Pound Sterling		18,966,940		4.4%
Hong Kong Dollar		13,534,597		3.2%
Swiss Franc		12,103,890		2.8%
South African Rand		11,193,804		2.6%
Danish Krone		10,008,824		2.3%
New Taiwan Dollar		5,791,570		1.3%
Canadian Dollar		3,826,921		0.9%
South Korean Won		2,108,149		0.5%
Total Investments	$	429,774,222		100.0%

Currency exposure may vary over time.


See accompanying Notes to Financial Statements		www.calamos.com			103

Convertible Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (71.4%)
			Consumer Discretionary (11.0%)
			Jarden Corp.
	7,000,000		1.125%, 03/15/34^	$	8,103,270
	1,750,000		1.500%, 06/15/19		2,426,209
	6,100,000		Lennar Corp.* 3.250%, 11/15/21		12,065,221
	12,000,000		Liberty Interactive, LLC (Time Warner Cable, Inc., Time Warner, Inc.)§ 0.750%, 03/30/43		17,379,840
	13,600,000		Liberty Media Corp.^ 1.375%, 10/15/23		13,611,832
	27,300,000		Priceline Group, Inc. 0.350%, 06/15/20		32,204,581
	12,500,000		Standard Pacific Corp. 1.250%, 08/01/32		14,591,125
			Tesla Motors, Inc.
	20,200,000		1.250%, 03/01/21		18,695,807
	6,700,000		0.250%, 03/01/19^		6,262,457
	9,000,000	EUR	Volkswagen International Finance, NV* 5.500%, 11/09/15		13,314,583

					138,654,925

			Energy (2.9%)
	1,496,000		Hornbeck Offshore Services, Inc.^ 1.500%, 09/01/19		1,268,481
	12,300,000		SEACOR Holdings, Inc. 2.500%, 12/15/27		12,789,970
	18,600,000		Whiting Petroleum Corp.* 1.250%, 04/01/20		22,171,665

					36,230,116

			Financials (5.1%)
			Ares Capital Corp.
	23,000,000		4.750%, 01/15/18		24,217,390
	3,200,000		4.375%, 01/15/19^		3,360,832
	4,200,000	EUR	Azimut Holding, S.p.A. 2.125%, 11/25/20		5,953,915
	956,000		PRA Group, Inc. 3.000%, 08/01/20		1,030,707
	13,450,000		Spirit Realty Capital, Inc.^ 2.875%, 05/15/19		13,326,663
	10,700,000		Starwood Property Trust, Inc. 4.550%, 03/01/18		11,645,613
	5,000,000		Starwood Waypoint Residential Trust* 3.000%, 07/01/19		4,843,250

					64,378,370

			Health Care (18.8%)
	10,800,000		Acorda Therapeutics, Inc. 1.750%, 06/15/21		10,522,494
	3,000,000		Anacor Pharmaceuticals, Inc.* 2.000%, 10/15/21		5,400,630
	17,600,000		Anthem, Inc. 2.750%, 10/15/42		35,550,856


PRINCIPAL AMOUNT			VALUE
	4,900,000	BioMarin Pharmaceutical, Inc. 0.750%, 10/15/18	$	6,713,686
	6,300,000	Cepheid 1.250%, 02/01/21		7,011,176
	8,574,000	Depomed, Inc. 2.500%, 09/01/21		11,794,566
	6,400,000	Emergent Biosolutions, Inc. 2.875%, 01/15/21		7,582,208
	2,900,000	Gilead Sciences, Inc. 1.625%, 05/01/16		12,803,659
	5,900,000	HealthSouth Corp. 2.000%, 12/01/43		7,544,006
	13,000,000	Hologic, Inc.^‡ 2.000%, 03/01/42		16,278,275
	5,430,000	Horizon Pharma Investment, Ltd.* 2.500%, 03/15/22		6,748,377
		Illumina, Inc.
	7,250,000	0.000%, 06/15/19^*		8,079,219
	6,950,000	0.500%, 06/15/21^*		8,067,039
	3,700,000	0.250%, 03/15/16		8,154,892
	3,700,000	Incyte Corp. 0.375%, 11/15/18		7,082,855
	12,900,000	Integra LifeSciences Holdings Corp. 1.625%, 12/15/16		14,549,652
	6,600,000	Isis Pharmaceuticals, Inc.* 1.000%, 11/15/21		7,169,943
	11,400,000	Jazz Pharmaceuticals, PLC^* 1.875%, 08/15/21		13,660,677
	9,733,000	Medidata Solutions, Inc. 1.000%, 08/01/18		11,410,677
		Molina Healthcare, Inc.
	7,100,000	1.625%, 08/15/44		8,426,138
	5,557,000	1.625%, 08/15/44*		6,489,909
	2,198,000	NuVasive, Inc. 2.750%, 07/01/17		2,708,639
	7,584,000	Wright Medical Group, Inc.* 2.000%, 02/15/20		7,930,323
	5,000,000	XenoPort, Inc.* 2.500%, 02/01/22		4,393,500

				236,073,396

		Industrials (1.1%)
	6,300,000	Echo Global Logistics, Inc. 2.500%, 05/01/20		6,457,500
	5,135,000	Greenbrier Companies, Inc. 3.500%, 04/01/18		7,876,859

				14,334,359

		Information Technology (32.5%)
	12,300,000	AOL, Inc.^* 0.750%, 09/01/19		12,441,634
	12,500,000	Citrix Systems, Inc.^* 0.500%, 04/15/19		13,360,000
	4,500,000	Electronic Arts, Inc. 0.750%, 07/15/16		8,243,730


104		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Convertible Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	6,800,000	Euronet Worldwide, Inc.* 1.500%, 10/01/44	$	7,430,462
	8,100,000	Intel Corp. 3.250%, 08/01/39		13,217,458
	12,100,000	InvenSense, Inc. 1.750%, 11/01/18		11,723,993
	21,900,000	Lam Research Corp. 0.500%, 05/15/16		27,715,983
	13,700,000	LinkedIn Corp.* 0.500%, 11/01/19		15,207,548
	12,900,000	Microchip Technology, Inc.* 1.625%, 02/15/25		13,189,024
	24,100,000	Micron Technology, Inc. 3.000%, 11/15/43		27,343,860
	27,500,000	NVIDIA Corp. 1.000%, 12/01/18		33,572,275
	6,800,000	NXP Semiconductors, NV* 1.000%, 12/01/19		7,957,836
	10,800,000	ON Semiconductor Corp. 2.625%, 12/15/26		13,474,728
	5,150,000	Palo Alto Networks, Inc.* 0.000%, 07/01/19		7,382,113
	5,600,000	Red Hat, Inc.^* 0.250%, 10/01/19		6,859,356
	13,100,000	Rovi Corp.^* 0.500%, 03/01/20		12,729,597
	32,900,000	Salesforce.com, Inc.^ 0.250%, 04/01/18		41,156,255
	23,500,000	SanDisk Corp. 0.500%, 10/15/20		24,322,852
	8,050,000	ServiceNow, Inc. 0.000%, 11/01/18		9,678,032
	14,500,000	SunEdison, Inc.^* 0.250%, 01/15/20		16,280,310
	8,300,000	SunPower Corp.^ 0.750%, 06/01/18		11,806,045
	19,700,000	Synchronoss Technologies, Inc. 0.750%, 08/15/19		22,824,420
		Twitter, Inc.*
	13,300,000	1.000%, 09/15/21		12,095,951
	5,830,000	0.250%, 09/15/19		5,396,190
	13,900,000	Verint Systems, Inc.^ 1.500%, 06/01/21		16,244,374
	5,500,000	Workday, Inc. 0.750%, 07/15/18		6,943,503
	8,900,000	Yahoo!, Inc. 0.000%, 12/01/18		9,471,692

				408,069,221

		TOTAL CONVERTIBLE BONDS (Cost $830,681,173)		897,740,387


PRINCIPAL AMOUNT			VALUE
	SYNTHETIC CONVERTIBLE SECURITIES (3.3%)¤
	Corporate Bonds (2.7%)
		Consumer Discretionary (1.5%)
		DISH DBS Corp.
	3,170,000	5.125%, 05/01/20	$	3,209,625
	2,830,000	5.875%, 07/15/22		2,860,069
	7,000,000	GameStop Corp.^* 5.500%, 10/01/19		7,240,625
	5,534,000	Outerwall, Inc. 6.000%, 03/15/19		5,461,366

				18,771,685

		Energy (0.6%)
		Cimarex Energy Company
	3,092,000	4.375%, 06/01/24		3,136,447
	1,815,000	5.875%, 05/01/22		1,935,244
	2,289,000	Rice Energy, Inc. 6.250%, 05/01/22		2,311,890

				7,383,581

		Telecommunication Services (0.6%)
	7,200,000	SBA Communications Corp.* 4.875%, 07/15/22		7,101,000

		TOTAL CORPORATE BONDS		33,256,266


NUMBER OF CONTRACTS			VALUE
	Purchased Options (0.6%)#
		Health Care (0.3%)
	450	Biogen, Inc. Call, 10/16/15, Strike $425.00		783,000
	3,350	Mylan, NV Call, 10/16/15, Strike $70.00		2,797,250

				3,580,250

		Industrials (0.1%)
	2,750	Delta Air Lines, Inc. Call, 01/15/16, Strike $50.00		845,625

		Information Technology (0.2%)
	1,680	Apple, Inc. Call, 01/15/16, Strike $125.71		1,835,400
	1,650	Twitter, Inc. Call, 06/19/15, Strike $40.00		315,150
	5,000	Xilinx, Inc. Call, 01/15/16, Strike $45.00		1,255,000

				3,405,550

		TOTAL PURCHASED OPTIONS		7,831,425

		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $43,236,329)		41,087,691


See accompanying Notes to Schedule of Investments		www.calamos.com			105

Convertible Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (24.3%)
		Consumer Discretionary (0.5%)
	46,600	Fiat Chrysler Automobiles, NV 7.875%	$	5,992,084

		Consumer Staples (1.5%)
	387,000	Tyson Foods, Inc. 4.750%		19,036,530

		Energy (2.9%)
	25,800	Chesapeake Energy Corp. 5.750%		22,640,000
	231,000	Southwestern Energy Company 6.250%		13,702,920

				36,342,920

		Financials (9.7%)
	408,022	Affiliated Managers Group, Inc. 5.150%		25,118,854
	131,000	American Tower Corp. 5.250%		13,582,080
	22,100	Bank of America Corp. 7.250%		25,613,900
	105,500	Crown Castle International Corp. 4.500%		11,045,850
	135,000	Health Care REIT, Inc. 6.500%		8,606,250
	26,200	Wells Fargo & Company 7.500%		31,931,250
	111,500	Weyerhaeuser Company 6.375%		5,952,985

				121,851,169

		Health Care (3.9%)
	39,425	Actavis, PLC 5.500%		39,451,021
	75,900	Amsurg Corp. 5.250%		9,564,159

				49,015,180

		Industrials (2.5%)
	145,000	Stanley Black & Decker, Inc.^ 4.750%		19,946,925
	207,000	United Technologies Corp. 7.500%		12,175,740

				32,122,665

		Telecommunication Services (0.6%)
	113,500	T-Mobile USA, Inc. 5.500%		7,076,725

		Utilities (2.7%)
	140,600	Dominion Resources, Inc. 6.375%		6,980,790
	263,000	Exelon Corp. 6.500%		12,958,010


NUMBER OF SHARES			VALUE
	250,000	NextEra Energy, Inc. 5.799%	$	14,222,500

				34,161,300

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $297,305,282)		305,598,573


NUMBER OF CONTRACTS			VALUE
	PURCHASED OPTIONS (0.1%)#
		Information Technology (0.1%)
	1,400	Electronic Arts, Inc. Put, 09/18/15, Strike $55.00		458,500
	460	Palo Alto Networks, Inc. Put, 09/18/15, Strike $145.00		519,800

		TOTAL PURCHASED OPTIONS (Cost $1,064,524)		978,300


NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (1.5%)
	18,305,987	Fidelity Prime Money Market Fund - Institutional Class (Cost $18,305,987)		18,305,987


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (6.4%)
		Federal Home Loan Bank Discount Notes
	15,174,711	0.000%, 05/29/15		15,174,711
	9,484,938	0.000%, 06/10/15		9,484,938
	4,742,674	0.000%, 05/27/15		4,742,674
	4,742,544	0.000%, 06/15/15		4,742,544
	9,484,482	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		9,484,482
	18,842,371	Fidelity Prime Money Market Fund - Institutional Class		18,842,371
	8,642,212	Goldman Sachs Financial Square Fund		8,642,212
	9,485,633	Morgan Stanley Institutional Liquidity Fund		9,485,633

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $80,599,565)		80,599,565

	TOTAL INVESTMENTS (107.0%) (Cost $1,271,192,860)			1,344,310,503


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.4%)			(80,599,565	)


	LIABILITIES, LESS OTHER ASSETS (-0.6%)			(7,131,933	)


	NET ASSETS (100.0%)		$	1,256,579,005


106		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Convertible Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF CONTRACTS			VALUE
	WRITTEN OPTION (0.0%)#
		Information Technology (0.0%)
	460	Palo Alto Networks, Inc. Put, 09/18/15, Strike $125.00 (Premium $168,568)	$	(179,400	)

FORWARD FOREIGN CURRENCY CONTRACTS


COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Citibank N.A.	European Monetary Unit	07/23/15		17,118,000	$	19,241,177	$	(833,815	)
Northern Trust Company	Mexican Peso	07/23/15		—		—		29,286

							$	(804,529	)

NOTES TO SCHEDULE OF INVESTMENTS

^	Security, or portion of security, is on loan.

§	Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2015.

¤	The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.

#	Non-income producing security.

FOREIGN CURRENCY ABBREVIATION


EUR		European Monetary Unit


See accompanying Notes to Financial Statements		www.calamos.com			107

Global Convertible Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (41.7%)
			Consumer Discretionary (4.5%)
	75,000		Liberty Media Corp. 1.375%, 10/15/23	$	75,065
			Priceline Group, Inc.
	125,000		0.900%, 09/15/21*		124,292
	70,000		1.000%, 03/15/18		98,056
	50,000	EUR	Steinhoff Finance Holding, GmbH 4.500%, 03/31/18		98,400
			Tesla Motors, Inc.
	100,000		1.250%, 03/01/21		92,554
	60,000		0.250%, 03/01/19		56,082
	100,000	EUR	Volkswagen International Finance, NV* 5.500%, 11/09/15		147,940

					692,389

			Energy (1.5%)
	96,000	EUR	Technip, SA 0.500%, 01/01/16		90,471
	115,000		Whiting Petroleum Corp.* 1.250%, 04/01/20		137,083

					227,554

			Financials (9.1%)
			Ares Capital Corp.
	75,000		5.750%, 02/01/16		77,364
	35,000		4.750%, 01/15/18		36,853
	200,000		AYC Finance, Ltd. 0.500%, 05/02/19		228,264
	100,000	EUR	Azimut Holding, S.p.A. 2.125%, 11/25/20		141,760
	180,000	EUR	Credit Agricole, SA 0.000%, 12/06/16		152,694
	200,000	EUR	Cromwell SPV Finance Pty, Ltd. 2.000%, 02/04/20		229,181
	200,000	EUR	Magyar Nemzeti Vagyonkezelo Zrt 3.375%, 04/02/19		247,717
	20,000		PRA Group, Inc. 3.000%, 08/01/20		21,563
	110,000		Prospect Capital Corp.~ 5.375%, 10/15/17		113,247
	45,000		Starwood Property Trust, Inc. 4.550%, 03/01/18		48,977
	100,000		Yamaguchi Financial Group 1.000%, 03/26/20		108,829

					1,406,449

			Health Care (5.2%)
	55,000		Acorda Therapeutics, Inc. 1.750%, 06/15/21		53,587
	40,000		Anthem, Inc.~ 2.750%, 10/15/42		80,797
			BioMarin Pharmaceutical, Inc.
	20,000		1.500%, 10/15/20		28,105
	20,000		0.750%, 10/15/18		27,403


PRINCIPAL AMOUNT				VALUE
	65,000		Cepheid 1.250%, 02/01/21	$	72,338
	41,000		Emergent Biosolutions, Inc. 2.875%, 01/15/21		48,574
	64,000	EUR	Groupe Artémis 3.250%, 01/01/16		126,427
	50,000		Hologic, Inc.‡ 2.000%, 12/15/37		75,217
			Illumina, Inc.*~
	50,000		0.500%, 06/15/21		58,036
	50,000		0.000%, 06/15/19		55,719
	30,000		Integra LifeSciences Holdings Corp. 1.625%, 12/15/16		33,836
	110,000		Molina Healthcare, Inc.* 1.625%, 08/15/44		128,467
	22,000		NuVasive, Inc. 2.750%, 07/01/17		27,111

					815,617

			Industrials (3.3%)
	100,000	GBP	Carillion Finance Jersey, Ltd. 2.500%, 12/19/19		161,944
	200,000		MISUMI Group, Inc. 0.000%, 10/22/18		228,243
	5,000,000	JPY	Nidec Corp. 0.000%, 09/18/15		70,292
	40,000		Trinity Industries, Inc.~ 3.875%, 06/01/36		51,963

					512,442

			Information Technology (16.0%)
	10,000,000	JPY	Alps Electric Company, Ltd. 0.000%, 03/25/19		138,160
	130,000		AOL, Inc.* 0.750%, 09/01/19		131,497
	155,000		Citrix Systems, Inc.*~ 0.500%, 04/15/19		165,664
	10,000		Cornerstone OnDemand, Inc. 1.500%, 07/01/18		9,776
	100,000		Epistar Corp. 0.000%, 08/07/18		103,399
	43,000		Euronet Worldwide, Inc.* 1.500%, 10/01/44		46,987
	50,000		Finisar Corp. 0.500%, 12/15/33		50,609
	75,000		LinkedIn Corp.*~ 0.500%, 11/01/19		83,253
	25,000		Mentor Graphics Corp. 4.000%, 04/01/31		31,280
	100,000		Microchip Technology, Inc.* 1.625%, 02/15/25		102,241
	55,000		Micron Technology, Inc. 3.000%, 11/15/43		62,403
	150,000		NVIDIA Corp.~ 1.000%, 12/01/18		183,121


108		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Global Convertible Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT				VALUE
	200,000		NXP Semiconductors, NV* 1.000%, 12/01/19	$	234,054
	20,000		Palo Alto Networks, Inc.* 0.000%, 07/01/19		28,668
	200,000		Qihoo 360 Technology Company, Ltd.* 1.750%, 08/15/21		171,230
	80,000		Red Hat, Inc.*~ 0.250%, 10/01/19		97,991
	35,000		Rovi Corp.* 0.500%, 03/01/20		34,010
	130,000		Salesforce.com, Inc. 0.250%, 04/01/18		162,624
	145,000		SanDisk Corp.~ 0.500%, 10/15/20		150,077
	85,000		ServiceNow, Inc. 0.000%, 11/01/18		102,190
	70,000		SunEdison, Inc.* 0.250%, 01/15/20		78,595
	40,000		Synchronoss Technologies, Inc. 0.750%, 08/15/19		46,344
	50,000		Take-Two Interactive Software, Inc. 1.000%, 07/01/18		62,674
			Twitter, Inc.*~
	75,000		1.000%, 09/15/21		68,210
	75,000		0.250%, 09/15/19		69,419
	5,000,000	JPY	Yaskawa Electric Corp. 0.000%, 03/16/17		62,034

					2,476,510

			Materials (0.7%)
	100,000		Cemex, SAB de CV 3.250%, 03/15/16		116,017

			Telecommunication Services (1.4%)
	200,000		Billion Express Investments, Ltd. 0.750%, 10/18/15		213,538

			TOTAL CONVERTIBLE BONDS (Cost $6,362,423)		6,460,516

	SYNTHETIC CONVERTIBLE SECURITIES (5.1%)¤
	Corporate Bonds (4.4%)
			Consumer Discretionary (1.3%)
	50,000		D.R. Horton, Inc. 3.750%, 03/01/19		50,719
	25,000		GameStop Corp.* 5.500%, 10/01/19		25,859
	75,000		Mediacom Broadband, LLC / Mediacom Broadband Corp. 5.500%, 04/15/21		76,312
	50,000		Ryland Group, Inc. 6.625%, 05/01/20		54,938

					207,828


PRINCIPAL AMOUNT				VALUE

			Energy (0.2%)
	25,000		Gulfport Energy Corp. 7.750%, 11/01/20	$	26,453

			Health Care (0.4%)
	50,000		HCA Holdings, Inc. 6.250%, 02/15/21		54,781

			Industrials (0.8%)
	70,000		Icahn Enterprises, LP 4.875%, 03/15/19		71,313
	50,000		United Continental Holdings, Inc. 6.375%, 06/01/18		53,469

					124,782

			Materials (1.1%)
	50,000		Chemtura Corp. 5.750%, 07/15/21		51,750
	100,000	EUR	Huntsman International, LLC 5.125%, 04/15/21		119,794

					171,544

			Telecommunication Services (0.6%)
	38,000		Sprint Corp. 7.250%, 09/15/21		38,261
	50,000		T-Mobile USA, Inc. 6.250%, 04/01/21		52,250

					90,511

			TOTAL CORPORATE BONDS		675,899


NUMBER OF CONTRACTS				VALUE

	Purchased Options (0.7%)#
			Consumer Discretionary (0.1%)
	24	EUR	Daimler, AG Call, 06/19/15, Strike 88.00		8,354
	16		Lennar Corp. Call, 05/15/15, Strike $45.00		2,368
	11		Toyota Motor Corp. Call, 07/17/15, Strike $135.00		7,645

					18,367

			Financials (0.0%)
	18		American International Group, Inc. Call, 01/15/16, Strike $57.50		5,805

			Health Care (0.2%)
	3		Biogen, Inc. Call, 10/16/15, Strike $425.00		5,220
	22		Mylan, NV Call, 07/17/15, Strike $62.50		26,400

					31,620

			Industrials (0.2%)
	33	EUR	Airbus Group, NV Call, 06/19/15, Strike 60.00		14,154


See accompanying Notes to Schedule of Investments		www.calamos.com			109

Global Convertible Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF CONTRACTS				VALUE
	10	GBP	International Consolidated Airlines Group, SA Call, 07/17/15, Strike 5.60	$	4,490
	14	EUR	Siemens, AG Call, 06/19/15, Strike 96.00		7,640
				��
					26,284

			Information Technology (0.2%)
	7		Apple, Inc. Call, 01/15/16, Strike $125.71		7,648
	9		Lam Research Corp. Call, 06/19/15, Strike $80.00		990
	75		Taiwan Semiconductor Manufacturing Company, Ltd. Call, 07/17/15, Strike $25.00		6,750
	30		Xilinx, Inc. Call, 01/15/16, Strike $45.00		7,530

					22,918

			TOTAL PURCHASED OPTIONS		104,994

			TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $773,976)		780,893


NUMBER OF SHARES				VALUE
	CONVERTIBLE PREFERRED STOCKS (6.6%)
			Energy (0.6%)
	1,500		Southwestern Energy Company 6.250%		88,980

			Financials (3.2%)
	610		American Tower Corp. 5.250%		63,245
	135		Bank of America Corp. 7.250%		156,465
	655		Crown Castle International Corp. 4.500%		68,579
	170		Wells Fargo & Company 7.500%		207,187

					495,476

			Health Care (1.0%)
	155		Actavis, PLC 5.500%		155,102

			Industrials (1.0%)
	2,625		United Technologies Corp. 7.500%		154,402

			Utilities (0.8%)
	905		Exelon Corp. 6.500%		44,589


NUMBER OF SHARES			VALUE
	1,405	NextEra Energy, Inc. 5.799%	$	79,931

				124,520

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,031,463)		1,018,480

	COMMON STOCKS (0.5%)
		Consumer Discretionary (0.5%)
	4,037	MGM Resorts International# (Cost $89,196)		85,383

	SHORT TERM INVESTMENT (4.4%)
	691,197	Fidelity Prime Money Market Fund - Institutional Class (Cost $691,197)		691,197

	TOTAL INVESTMENTS (58.3%) (Cost $8,948,255)			9,036,469


	OTHER ASSETS, LESS LIABILITIES (41.7%)			6,463,239


	NET ASSETS (100.0%)		$	15,499,708

NOTES TO SCHEDULE OF INVESTMENTS

~	Security, or portion of security, is segregated as collateral for written options. The aggregate value of such securities is $733,931.

‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2015.

¤	The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.

#	Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS


EUR		European Monetary Unit
GBP		British Pound Sterling
JPY		Japanese Yen


110		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Global Convertible Fund Schedule of Investments April 30, 2015 (Unaudited)

CURRENCY EXPOSURE

APRIL 30, 2015


	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	7,215,017		79.9%
European Monetary Unit		1,384,532		15.3%
Japanese Yen		270,486		3.0%
British Pound Sterling		166,434		1.8%
Total Investments	$	9,036,469		100.0%

Currency exposure may vary over time.


See accompanying Notes to Financial Statements		www.calamos.com			111

Total Return Bond Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (88.4%)
		Consumer Discretionary (15.8%)
	1,000,000	British Telecommunications, PLC 2.350%, 02/14/19	$	1,015,310
	1,000,000	Carnival Corp. 3.950%, 10/15/20		1,064,555
	500,000	CCO Holdings, LLC / CCO Holdings Capital Corp. 6.625%, 01/31/22		533,437
	500,000	DISH DBS Corp. 4.250%, 04/01/18		510,000
	500,000	Expedia, Inc. 5.950%, 08/15/20		563,810
	500,000	FCA US, LLC 8.000%, 06/15/19		523,225
	700,000	Ford Motor Credit Company, LLC 5.875%, 08/02/21		818,730
	500,000	GameStop Corp.* 5.500%, 10/01/19		517,188
	1,000,000	Harley-Davidson Financial Services, Inc.* 2.150%, 02/26/20		1,007,390
	1,000,000	Interpublic Group of Companies, Inc. 2.250%, 11/15/17		1,011,600
	500,000	Lennar Corp. 4.500%, 06/15/19		519,688
	1,000,000	Macy’s, Inc. 3.875%, 01/15/22		1,063,980
	500,000	Mattel, Inc. 2.350%, 05/06/19		498,860
	375,000	Netflix, Inc.* 5.500%, 02/15/22		395,391
	1,000,000	Ralph Lauren Corp. 2.125%, 09/26/18		1,015,255
	500,000	Toll Brothers Finance Corp. 5.625%, 01/15/24		545,312
	500,000	ZF North America Capital, Inc.* 4.500%, 04/29/22		502,500

				12,106,231

		Consumer Staples (3.3%)
	1,000,000	Diageo, PLC 1.500%, 05/11/17		1,010,115
	500,000	Smithfield Foods, Inc.* 5.250%, 08/01/18		513,125
	1,000,000	WM Wrigley Jr. Company* 3.375%, 10/21/20		1,045,670

				2,568,910

		Energy (7.8%)
	1,000,000	Chevron Corp. 1.961%, 03/03/20		1,007,040
		Cimarex Energy Company
	277,000	4.375%, 06/01/24		280,982
	265,000	5.875%, 05/01/22		282,556


PRINCIPAL AMOUNT			VALUE
	1,000,000	Exxon Mobil Corp. 2.709%, 03/06/25	$	1,007,045
	814,000	Frontier Oil Corp. 6.875%, 11/15/18		842,234
	1,000,000	Hess Corp. 8.125%, 02/15/19		1,198,480
	265,000	Rowan Companies, Inc. 7.875%, 08/01/19		298,672
	500,000	SESI, LLC 7.125%, 12/15/21		527,670
	500,000	Tennessee Gas Pipeline Company 8.000%, 02/01/16		524,865

				5,969,544

		Financials (20.4%)
	1,000,000	American Tower Corp. 5.900%, 11/01/21		1,146,285
	1,000,000	AON Corp. 5.000%, 09/30/20		1,122,085
	1,500,000	Bank of America Corp. 4.125%, 01/22/24		1,587,832
	1,000,000	Bank of New York Mellon Corp. 2.300%, 09/11/19		1,016,070
	1,000,000	BB&T Corp. 2.850%, 04/01/21		1,029,690
	1,000,000	Berkshire Hathaway Finance Corp. 2.900%, 10/15/20		1,051,180
	1,000,000	Fifth Third Bancorp 2.300%, 03/01/19		1,010,560
	1,000,000	Franklin Resources, Inc. 2.850%, 03/30/25		993,670
	1,000,000	Goldman Sachs Group, Inc. 2.625%, 01/31/19		1,019,380
		JPMorgan Chase & Company
	1,500,000	3.875%, 09/10/24		1,520,558
	500,000	3.875%, 02/01/24		524,790
	1,000,000	Simon Property Group, LP 3.375%, 10/01/24		1,028,295
	1,000,000	US Bancorp^ 3.600%, 09/11/24		1,038,740
	1,500,000	Wells Fargo & Company 4.125%, 08/15/23		1,596,990

				15,686,125

		Health Care (8.6%)
	1,000,000	AbbVie, Inc. 1.750%, 11/06/17		1,005,735
	1,000,000	Actavis, PLC 1.875%, 10/01/17		1,003,840
	1,000,000	Celgene Corp. 1.900%, 08/15/17		1,012,280
	1,000,000	Edwards Lifesciences Corp. 2.875%, 10/15/18		1,026,335
	1,000,000	Express Scripts Holding Company 2.650%, 02/15/17		1,023,795


112		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Total Return Bond Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	500,000	HCA, Inc. 3.750%, 03/15/19	$	514,687
	1,000,000	Thermo Fisher Scientific, Inc. 1.850%, 01/15/18		1,006,885

				6,593,557

		Industrials (8.1%)
	500,000	AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust* 5.000%, 10/01/21		537,187
	1,000,000	Eaton Corp. 1.500%, 11/02/17		1,006,290
	500,000	Icahn Enterprises, LP 4.875%, 03/15/19		509,375
	1,000,000	PACCAR Financial Corp. 1.600%, 03/15/17		1,012,865
	1,000,000	Parker-Hannifin Corp. 5.500%, 05/15/18		1,119,120
	1,000,000	Roper Industries, Inc. 1.850%, 11/15/17		1,008,125
	500,000	Southwest Airlines Company 2.750%, 11/06/19		510,910
	500,000	Verisk Analytics, Inc. 4.125%, 09/12/22		521,955

				6,225,827

		Information Technology (12.1%)
	500,000	Activision Blizzard, Inc.* 5.625%, 09/15/21		535,000
	500,000	Alibaba Group Holding, Ltd.* 3.125%, 11/28/21		500,655
	500,000	Alliance Data Systems Corp.* 5.375%, 08/01/22		506,250
	1,000,000	Amphenol Corp. 4.000%, 02/01/22		1,060,605
	500,000	Anixter, Inc. 5.625%, 05/01/19		540,312
	1,000,000	Apple, Inc. 2.150%, 02/09/22		984,110
	500,000	CDW, LLC / CDW Finance Corp. 5.000%, 09/01/23		516,250
	500,000	eBay, Inc. 3.250%, 10/15/20		518,740
	500,000	Equinix, Inc. 5.375%, 01/01/22		521,250
	500,000	Fiserv, Inc. 3.500%, 10/01/22		514,025
	1,000,000	Juniper Networks, Inc. 3.100%, 03/15/16		1,017,895
	500,000	Nuance Communications, Inc.* 5.375%, 08/15/20		507,500
	1,000,000	Oracle Corp. 2.250%, 10/08/19		1,018,380


PRINCIPAL AMOUNT			VALUE
	500,000	Seagate Technology, PLC 3.750%, 11/15/18	$	523,153

				9,264,125

		Materials (5.6%)
	355,000	Alcoa, Inc. 5.125%, 10/01/24		381,847
	500,000	ArcelorMittal, SA 6.000%, 08/05/20		524,687
	1,000,000	Barrick Gold Corp. 6.950%, 04/01/19		1,169,675
	1,000,000	Georgia-Pacific, LLC* 3.600%, 03/01/25		1,019,440
	300,000	Huntsman International, LLC* 5.125%, 11/15/22		304,313
	850,000	Newmont Mining Corp.^ 5.125%, 10/01/19		931,668

				4,331,630

		Telecommunication Services (4.1%)
	1,000,000	AT&T, Inc.† 3.000%, 06/30/22		995,320
	500,000	CenturyLink, Inc.^ 6.750%, 12/01/23		544,898
	1,000,000	Sprint Capital Corp. 6.900%, 05/01/19		1,033,125
	500,000	Verizon Communications, Inc. 5.150%, 09/15/23		565,635

				3,138,978

		Utilities (2.6%)
	1,000,000	NextEra Energy, Inc. 2.700%, 09/15/19		1,024,405
	1,000,000	Southern Company 2.150%, 09/01/19		1,009,425

				2,033,830

		TOTAL CORPORATE BONDS (Cost $65,586,278)		67,918,757


	U.S. GOVERNMENT AND AGENCY SECURITIES (8.8%)
		Other (8.8%)
		United States Treasury Note
	3,000,000	2.250%, 11/15/24		3,057,246
	1,500,000	2.000%, 02/15/25		1,494,961
	1,250,000	1.625%, 12/31/19		1,263,159
	500,000	1.500%, 01/31/22		490,996
	500,000	0.750%, 04/15/18		497,754

		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $6,854,624)		6,804,116


See accompanying Notes to Schedule of Investments		www.calamos.com			113

Total Return Bond Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (0.6%)
	481,236	Fidelity Prime Money Market Fund - Institutional Class (Cost $481,236)	$	481,236


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.5%)
		Federal Home Loan Bank Discount Notes
	213,132	0.000%, 05/29/15		213,132
	133,218	0.000%, 06/10/15		133,218
	66,612	0.000%, 05/27/15		66,612
	66,610	0.000%, 06/15/15		66,610
	133,211	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		133,211
	264,645	Fidelity Prime Money Market Fund - Institutional Class		264,645
	121,382	Goldman Sachs Financial Square Fund		121,382
	133,228	Morgan Stanley Institutional Liquidity Fund		133,228

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $1,132,038)		1,132,038

	TOTAL INVESTMENTS (99.3%) (Cost $74,054,176)			76,336,147


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.5%)			(1,132,038	)


	OTHER ASSETS, LESS LIABILITIES (2.2%)			1,639,773


	NET ASSETS (100.0%)		$	76,843,882

NOTES TO SCHEDULE OF INVESTMENTS

^	Security, or portion of security, is on loan.

†	Security or a portion of the security purchased on a delayed delivery or when-issued basis.


114		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

High Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (93.1%)
		Consumer Discretionary (21.8%)
	600,000	Altice, SA* 7.750%, 05/15/22	$	607,500
	1,060,000	American Axle & Manufacturing, Inc. 6.625%, 10/15/22		1,131,550
	210,000	Brunswick Corp.* 4.625%, 05/15/21		211,706
	1,250,000	CCO Holdings, LLC / CCO Holdings Capital Corp. 6.625%, 01/31/22		1,333,594
	1,090,000	Cedar Fair, LP* 5.375%, 06/01/24		1,130,875
	1,364,000	Century Communities, Inc. 6.875%, 05/15/22		1,350,360
	1,080,000	DISH DBS Corp. 5.125%, 05/01/20		1,093,500
	1,200,000	Dufry Finance, SCA* 5.500%, 10/15/20		1,251,750
	600,000	FCA US, LLC 8.000%, 06/15/19		627,870
	800,000	Fiat Chrysler Automobiles, NV* 5.250%, 04/15/23		808,000
	1,350,000	GameStop Corp.* 5.500%, 10/01/19		1,396,406
	1,300,000	Goodyear Tire & Rubber Company 7.000%, 05/15/22		1,425,125
	1,750,000	L Brands, Inc. 5.625%, 02/15/22		1,916,250
	1,050,000	Lennar Corp. 4.500%, 06/15/19		1,091,344
	1,400,000	Liberty Interactive, LLC^ 8.500%, 07/15/29		1,570,625
	1,375,000	Mediacom Broadband, LLC / Mediacom Broadband Corp. 5.500%, 04/15/21		1,399,062
	445,000	Meritage Homes Corp. 7.000%, 04/01/22		478,931
	1,000,000	Netflix, Inc. 5.375%, 02/01/21		1,048,750
	1,330,000	Nexstar Broadcasting, Inc.* 6.125%, 02/15/22		1,381,538
	675,000	Numericable Group, SA* 6.000%, 05/15/22		691,031
	713,000	Outerwall, Inc. 6.000%, 03/15/19		703,642
	1,360,000	Penske Automotive Group, Inc. 5.375%, 12/01/24		1,421,200
	515,000	Reliance Intermediate Holdings, LP* 6.500%, 04/01/23		541,716
	858,000	Ryland Group, Inc. 6.625%, 05/01/20		942,728
	1,500,000	Six Flags Entertainment Corp.* 5.250%, 01/15/21		1,556,250


PRINCIPAL AMOUNT			VALUE
	1,325,000	Speedway Motorsports, Inc.* 5.125%, 02/01/23	$	1,349,844
	1,275,000	Time, Inc.* 5.750%, 04/15/22		1,253,484
		Toll Brothers Finance Corp.
	1,200,000	4.000%, 12/31/18		1,242,750
	850,000	5.625%, 01/15/24		927,031

				31,884,412

		Consumer Staples (2.8%)
	430,000	Alphabet Holding Company, Inc. 7.750%, 11/01/17		429,463
	850,000	Land O’Lakes, Inc.* 6.000%, 11/15/22		916,937
	634,000	Post Holdings, Inc. 7.375%, 02/15/22		659,756
	975,000	Smithfield Foods, Inc. 6.625%, 08/15/22		1,051,781
	990,000	WhiteWave Foods Company - Class A 5.375%, 10/01/22		1,064,869

				4,122,806

		Energy (12.1%)
	370,000	Atwood Oceanics, Inc. 6.500%, 02/01/20		363,294
	590,000	Berry Petroleum Company, LLC 6.750%, 11/01/20		497,444
	420,000	Bill Barrett Corp. 7.000%, 10/15/22		374,850
	340,000	Blue Racer Midstream, LLC / Blue Racer Finance Corp.* 6.125%, 11/15/22		358,062
	1,030,000	Bonanza Creek Energy, Inc. 6.750%, 04/15/21		1,049,312
	188,000	Calumet Specialty Products Partners, LP 6.500%, 04/15/21		187,530
	375,000	Carrizo Oil & Gas, Inc. 6.250%, 04/15/23		382,266
	1,200,000	Crestwood Midstream Partners, LP / Crestwood Midstream Finance Corp. 6.125%, 03/01/22		1,240,500
	1,655,000	Drill Rigs Holdings, Inc.*^ 6.500%, 10/01/17		1,436,747
	1,557,000	Gulfmark Offshore, Inc.^ 6.375%, 03/15/22		1,230,030
		Gulfport Energy Corp.
	890,000	6.625%, 05/01/23*		907,244
	525,000	7.750%, 11/01/20		555,516
	895,000	Laredo Petroleum, Inc. 6.250%, 03/15/23		930,240
	1,260,000	Linn Energy, LLC^‡ 6.250%, 11/01/19		1,068,637
	1,000,000	MarkWest Energy Partners, LP / MarkWest Energy Finance Corp. 4.875%, 12/01/24		1,042,500


See accompanying Notes to Schedule of Investments		www.calamos.com			115

High Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	1,000,000	Matador Resources Company* 6.875%, 04/15/23	$	1,030,625
	1,500,000	Oasis Petroleum, Inc. 6.875%, 01/15/23		1,530,000
	600,000	Pacific Drilling, SA* 5.375%, 06/01/20		513,000
	775,000	Petroleum Geo-Services, ASA* 7.375%, 12/15/18		730,922
		Rice Energy, Inc.
	231,000	6.250%, 05/01/22^		233,310
	145,000	7.250%, 05/01/23*		151,072
	920,000	Seventy Seven Operating ,LLC 6.625%, 11/15/19		735,425
	1,686,000	W&T Offshore, Inc. 8.500%, 06/15/19		1,210,759

				17,759,285

		Financials (3.9%)
	1,210,000	DuPont Fabros Technology, LP 5.875%, 09/15/21		1,258,400
	910,000	First Cash Financial Services, Inc. 6.750%, 04/01/21		950,381
	1,325,000	Iron Mountain, Inc. 6.000%, 08/15/23		1,422,719
	750,000	iStar Financial, Inc. 4.875%, 07/01/18		752,344
		Jefferies Finance, LLC*
	694,000	6.875%, 04/15/22		664,071
	75,000	7.375%, 04/01/20		74,250
	600,000	Nationstar Mortgage, LLC / Nationstar Capital Corp. 7.875%, 10/01/20		620,250

				5,742,415

		Health Care (10.2%)
	1,400,000	Acadia Healthcare Company, Inc.* 5.625%, 02/15/23		1,435,000
	850,000	Alere, Inc. 6.500%, 06/15/20		895,687
	2,000,000	Ally Financial, Inc. 4.125%, 02/13/22		1,972,500
	1,000,000	Community Health Systems, Inc. 7.125%, 07/15/20		1,071,250
	785,000	Crimson Merger Sub, Inc.* 6.625%, 05/15/22		698,159
	1,335,000	ExamWorks Group, Inc. 5.625%, 04/15/23		1,384,228
	725,000	HCA Holdings, Inc. 6.250%, 02/15/21		794,328
	1,581,000	HCA, Inc. 4.750%, 05/01/23		1,664,991
	905,000	Hologic, Inc. 6.250%, 08/01/20		941,200
	750,000	Omnicare, Inc. 4.750%, 12/01/22		817,969


PRINCIPAL AMOUNT			VALUE
	558,000	Teleflex, Inc. 5.250%, 06/15/24	$	545,794
	840,000	Tenet Healthcare Corp.^ 6.750%, 02/01/20		887,775
	500,000	Valeant Pharmaceuticals International, Inc.* 7.250%, 07/15/22		534,062
		VPII Escrow Corp.*
	450,000	6.750%, 08/15/18		477,563
	290,000	7.500%, 07/15/21		315,375
		VRX Escrow Corp.*
	249,000	6.125%, 04/15/25		257,715
	249,000	5.875%, 05/15/23		255,381

				14,948,977

		Industrials (14.8%)
	1,155,000	ACCO Brands Corp.^ 6.750%, 04/30/20		1,217,803
	1,075,000	AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust* 5.000%, 10/01/21		1,154,953
	1,000,000	American Airlines Group, Inc.* 4.625%, 03/01/20		990,000
	1,030,000	DigitalGlobe, Inc.* 5.250%, 02/01/21		1,041,587
	1,100,000	Dycom Investments, Inc. 7.125%, 01/15/21		1,159,812
	1,836,000	Edgen Murray Corp.* 8.750%, 11/01/20		2,005,830
	1,012,000	Garda World Security Corp.* 7.250%, 11/15/21		1,013,265
	790,000	GrafTech International, Ltd. 6.375%, 11/15/20		661,131
		Icahn Enterprises, LP
	744,000	5.875%, 02/01/22		770,505
	190,000	4.875%, 03/15/19		193,563
	725,000	Meritor, Inc. 6.750%, 06/15/21		760,797
		Michael Baker International, LLC*
	850,000	8.250%, 10/15/18		836,719
	627,000	8.875%, 04/15/19		541,179
	1,430,000	Multi-Color Corp.* 6.125%, 12/01/22		1,492,562
	740,000	Navistar International Corp.^ 8.250%, 11/01/21		735,375
	960,000	Oshkosh Corp.* 5.375%, 03/01/25		1,002,000
	1,530,000	Spirit AeroSystems Holdings, Inc. 5.250%, 03/15/22		1,609,369
	1,030,000	Terex Corp. 6.000%, 05/15/21		1,046,094
	825,000	Titan International, Inc. 6.875%, 10/01/20		748,172
	1,200,000	United Continental Holdings, Inc. 6.375%, 06/01/18		1,283,250


116		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

High Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
		United Rentals North America, Inc.
	750,000	7.625%, 04/15/22	$	829,688
	462,000	8.250%, 02/01/21		501,559

				21,595,213

		Information Technology (9.1%)
	850,000	Activision Blizzard, Inc.* 5.625%, 09/15/21		909,500
	1,185,000	Alliance Data Systems Corp.* 5.375%, 08/01/22		1,199,813
	1,160,000	Amkor Technology, Inc. 6.625%, 06/01/21		1,205,675
	1,200,000	Belden, Inc.* 5.500%, 09/01/22		1,239,000
	1,000,000	Cardtronics, Inc.* 5.125%, 08/01/22		995,625
	1,335,000	CDW, LLC / CDW Finance Corp. 5.000%, 09/01/23		1,378,387
	1,400,000	Equinix, Inc. 5.375%, 04/01/23		1,452,500
	1,000,000	Hughes Satellite Systems Corp. 7.625%, 06/15/21		1,118,750
	1,330,000	Micron Technology, Inc.* 5.250%, 08/01/23		1,340,806
	640,000	Nuance Communications, Inc.* 5.375%, 08/15/20		649,600
	800,000	NXP Semiconductors, NV* 5.750%, 02/15/21		855,500
	900,000	Viasystems, Inc.* 7.875%, 05/01/19		948,938

				13,294,094

		Materials (10.0%)
	640,000	Alcoa, Inc. 5.125%, 10/01/24		688,400
	1,529,000	ArcelorMittal, SA 6.000%, 08/05/20		1,604,494
	1,363,000	Chemtura Corp. 5.750%, 07/15/21		1,410,705
	1,365,000	Constellium, NV* 8.000%, 01/15/23		1,473,347
		First Quantum Minerals, Ltd.*
	690,000	7.000%, 02/15/21		642,131
	690,000	6.750%, 02/15/20		642,994
		FMG Resources*
	518,000	8.250%, 11/01/19^		452,926
	230,000	9.750%, 03/01/22		237,906
	540,000	Huntsman International, LLC* 5.125%, 11/15/22		547,763
		INEOS Group Holdings, SA*^
	800,000	6.125%, 08/15/18		820,500
	600,000	5.875%, 02/15/19		608,625
	850,000	New Gold, Inc.* 6.250%, 11/15/22		840,969


PRINCIPAL AMOUNT			VALUE
		Trinseo Materials Operating, SCA
	1,337,000	8.750%, 02/01/19^	$	1,419,212
	1,125,000	6.750%, 05/01/22*†		1,143,281
	754,000	United States Steel Corp.^ 6.875%, 04/01/21		759,655
	1,355,000	Vulcan Materials Company 4.500%, 04/01/25		1,382,947

				14,675,855

		Other (0.9%)
	1,350,000	ZF North America Capital, Inc.* 4.500%, 04/29/22		1,356,750

		Telecommunication Services (6.8%)
	912,000	CenturyLink, Inc. 6.750%, 12/01/23		993,893
		Frontier Communications Corp.
	745,000	7.625%, 04/15/24		760,831
	145,000	6.875%, 01/15/25		140,831
	1,425,000	Inmarsat Finance, PLC* 4.875%, 05/15/22		1,426,781
		Intelsat, SA
	950,000	7.750%, 06/01/21^		874,000
	100,000	8.125%, 06/01/23		91,250
	1,450,000	SBA Communications Corp.* 4.875%, 07/15/22		1,430,063
		Sprint Corp.
	2,570,000	7.250%, 09/15/21		2,587,669
	320,000	7.125%, 06/15/24		309,000
	1,320,000	T-Mobile USA, Inc. 6.625%, 04/01/23		1,377,750

				9,992,068

		Utilities (0.7%)
	1,000,000	Calpine Corp. 5.500%, 02/01/24		1,001,875

		TOTAL CORPORATE BONDS (Cost $135,770,867)		136,373,750


	CONVERTIBLE BOND (0.8%)

		Financials (0.8%)
	1,109,000	Ares Capital Corp. 5.750%, 02/01/16 (Cost $1,126,352)		1,143,956


NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (2.6%)
		Energy (0.7%)
	1,125	Chesapeake Energy Corp. 5.750%		990,000

		Financials (0.5%)
	6,900	Crown Castle International Corp. 4.500%		722,430


See accompanying Notes to Schedule of Investments		www.calamos.com			117

High Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE

		Health Care (0.5%)
	750	Actavis, PLC 5.500%	$	750,495

		Industrials (0.5%)
	12,700	United Technologies Corp. 7.500%		747,014

		Utilities (0.4%)
	12,500	Dominion Resources, Inc. 6.375%		620,625

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $4,188,815)		3,830,564


NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (7.6%)
		Federal Home Loan Bank Discount Notes
	2,108,552	0.000%, 05/29/15		2,108,552
	1,317,948	0.000%, 06/10/15		1,317,948
	659,002	0.000%, 05/27/15		659,002
	658,984	0.000%, 06/15/15		658,984
	1,317,885	Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		1,317,885
	2,618,179	Fidelity Prime Money Market Fund - Institutional Class		2,618,179
	1,318,045	Morgan Stanley Institutional Liquidity Fund		1,318,045
	1,200,850	Goldman Sachs Financial Square Fund		1,200,850

		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $11,199,445)		11,199,445


NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (2.8%)
	4,108,271	Fidelity Prime Money Market Fund - Institutional Class (Cost $4,108,271)		4,108,271

	TOTAL INVESTMENTS (106.9%) (Cost $156,393,750)			156,655,986


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.6%)			(11,199,445	)


	OTHER ASSETS, LESS LIABILITIES (0.7%)			1,025,935


	NET ASSETS (100.0%)		$	146,482,476

NOTES TO SCHEDULE OF INVESTMENTS

^	Security, or portion of security, is on loan.

‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2015.

†	Security or a portion of the security purchased on a delayed delivery or when-issued basis.


118		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	CONVERTIBLE BONDS (35.1%)
		Consumer Discretionary (6.0%)
	15,000,000	Ctrip.com International, Ltd. 1.250%, 10/15/18	$	16,655,625
	6,000,000	Iconix Brand Group, Inc.~ 1.500%, 03/15/18		6,220,500
		Jarden Corp.~
	12,000,000	1.875%, 09/15/18		19,918,680
	5,000,000	1.500%, 06/15/19		6,932,025
	4,327,100	Liberty Interactive, LLC~^* 1.000%, 09/30/43		4,067,020
	10,000,000	Live Nation Entertainment, Inc.^* 2.500%, 05/15/19		10,395,300
	4,000,000	M/I Homes, Inc.^ 3.000%, 03/01/18		4,000,420
	11,635,000	Meritage Homes Corp.^ 1.875%, 09/15/32		11,979,047
		Priceline Group, Inc.~
	15,000,000	1.000%, 03/15/18		21,012,075
	15,000,000	0.900%, 09/15/21*		14,915,100
	10,000,000	Restoration Hardware Holdings, Inc.^* 0.000%, 06/15/19		9,996,200
	12,000,000	Ryland Group, Inc.~ 1.625%, 05/15/18		16,748,340
	14,000,000	Shutterfly, Inc. 0.250%, 05/15/18		13,848,520
	6,500,000	Standard Pacific Corp.~ 1.250%, 08/01/32		7,587,385
	5,250,000	TAL Education Group~^* 2.500%, 05/15/19		7,796,591
	32,500,000	Tesla Motors, Inc.^ 1.250%, 03/01/21		30,079,887
	9,500,000	Toll Brothers Finance Corp. 0.500%, 09/15/32		9,771,130
	15,000,000	Vipshop Holdings, Ltd. 1.500%, 03/15/19		22,907,925

				234,831,770

		Consumer Staples (0.1%)
	4,000,000	IGI Laboratories, Inc.* 3.750%, 12/15/19		3,385,620

		Energy (2.2%)
	22,500,000	Energy XXI, Ltd.^ 3.000%, 12/15/18		8,870,400
	6,850,000	Helix Energy Solutions Group, Inc. 3.250%, 03/15/32		6,996,213
	7,000,000	Newpark Resources, Inc.~ 4.000%, 10/01/17		8,267,035
	11,500,000	Petroleum Development Corp.~* 3.250%, 05/15/16		16,451,210
	3,000,000	Renewable Energy Group, Inc.^ 2.750%, 06/15/19		2,854,620


PRINCIPAL AMOUNT			VALUE
		SEACOR Holdings, Inc.
	14,295,000	2.500%, 12/15/27~	$	14,864,441
	4,000,000	3.000%, 11/15/28		3,647,040
	6,000,000	Stone Energy Corp.^ 1.750%, 03/01/17		5,616,420
	15,000,000	Whiting Petroleum Corp.~* 1.250%, 04/01/20		17,880,375

				85,447,754

		Financials (1.8%)
	4,000,000	American Residential Properties OP, LP~^* 3.250%, 11/15/18		4,168,860
		AmTrust Financial Services, Inc.
	4,821,000	2.750%, 12/15/44		4,483,530
	3,000,000	2.750%, 12/15/44*		2,760,000
	3,500,000	Cowen Group, Inc. 3.000%, 03/15/19		4,187,785
	5,000,000	DDR Corp.~^ 1.750%, 11/15/40		5,798,725
		Encore Capital Group, Inc.
	5,000,000	3.000%, 11/27/17~		6,790,675
	5,000,000	2.875%, 03/15/21^		4,683,725
	3,000,000	Ezcorp, Inc.* 2.125%, 06/15/19		2,581,485
	6,000,000	Forestar Group, Inc.^ 3.750%, 03/01/20		5,558,730
	1,000,000	FXCM, Inc. 2.250%, 06/15/18		827,480
	5,000,000	SL Green Operating Partnership, LP* 3.000%, 10/15/17		7,553,275
	5,000,000	Starwood Property Trust, Inc. 3.750%, 10/15/17		5,188,775
		Starwood Waypoint Residential Trust*
	6,000,000	3.000%, 07/01/19		5,811,900
	5,000,000	4.500%, 10/15/17		5,154,200
	8,000,000	Walter Investment Management Corp.^ 4.500%, 11/01/19		6,368,760

				71,917,905

		Health Care (4.7%)
	8,391,000	Acorda Therapeutics, Inc. 1.750%, 06/15/21		8,175,393
	5,000,000	Allscripts Healthcare Solutions, Inc. 1.250%, 07/01/20		5,145,000
	10,000,000	AMAG Pharmaceuticals, Inc. 2.500%, 02/15/19		19,637,550
	2,500,000	Brocade Communications Systems, Inc.* 1.375%, 01/01/20		2,591,563
	9,500,000	Brookdale Senior Living, Inc.~ 2.750%, 06/15/18		12,949,355
	7,500,000	Depomed, Inc. 2.500%, 09/01/21		10,317,150


See accompanying Notes to Schedule of Investments		www.calamos.com			119

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	3,500,000	Emergent Biosolutions, Inc.^ 2.875%, 01/15/21	$	4,146,520
	7,000,000	Healthways, Inc. 1.500%, 07/01/18		7,624,505
	2,667,000	Horizon Pharma Investment, Ltd.* 2.500%, 03/15/22		3,314,534
	3,804,000	Insulet Corp. 2.000%, 06/15/19		3,682,025
	10,162,000	Integra LifeSciences Holdings Corp.~ 1.625%, 12/15/16		11,461,517
	9,700,000	Jazz Investments I, Ltd.~^* 1.875%, 08/15/21		11,623,558
	7,000,000	Ligand Pharmaceuticals, Inc.* 0.750%, 08/15/19		8,474,305
		Medicines Company
	12,500,000	1.375%, 06/01/17		14,203,250
	7,500,000	2.500%, 01/15/22*		7,788,787
		Molina Healthcare, Inc.
	9,416,000	1.625%, 08/15/44*		10,996,758
	5,000,000	1.125%, 01/15/20~		7,633,000
	1,084,000	1.625%, 08/15/44		1,286,470
	8,000,000	NuVasive, Inc. 2.750%, 07/01/17		9,858,560
	5,000,000	Quidel Corp. 3.250%, 12/15/20		5,121,125
	8,000,000	Spectranetics Corp. 2.625%, 06/01/34		8,697,000
	10,000,000	Wright Medical Group, Inc.* 2.000%, 02/15/20		10,456,650

				185,184,575

		Industrials (1.2%)
	3,750,000	CBIZ, Inc.~* 4.875%, 10/01/15		4,764,000
	2,400,000	Echo Global Logistics, Inc. 2.500%, 05/01/20		2,460,000
	4,000,000	Greenbrier Companies, Inc. 3.500%, 04/01/18		6,135,820
		Navistar International Corp.
	10,000,000	4.750%, 04/15/19		9,313,700
	10,000,000	4.500%, 10/15/18^		9,222,150
	5,000,000	SolarCity Corp.* 1.625%, 11/01/19		4,886,575
	10,000,000	Trinity Industries, Inc.~ 3.875%, 06/01/36		12,990,800

				49,773,045

		Information Technology (18.1%)
	8,500,000	AOL, Inc.* 0.750%, 09/01/19		8,597,878
	3,000,000	Blucora, Inc. 4.250%, 04/01/19		2,833,320
	7,750,000	Bottomline Technologies (de), Inc.~ 1.500%, 12/01/17		8,477,880


PRINCIPAL AMOUNT			VALUE
	7,500,000	Broadsoft, Inc.~ 1.500%, 07/01/18	$	7,859,588
	7,000,000	Canadian Solar, Inc. 4.250%, 02/15/19		7,488,810
	8,800,000	Cardtronics, Inc.^ 1.000%, 12/01/20		8,776,196
	15,900,000	Ciena Corp.* 3.750%, 10/15/18		20,707,126
	10,000,000	Citrix Systems, Inc.^* 0.500%, 04/15/19		10,688,000
	12,000,000	Cornerstone OnDemand, Inc. 1.500%, 07/01/18		11,731,320
	10,716,000	CSG Systems International, Inc.~* 3.000%, 03/01/17		14,067,536
	5,000,000	Dealertrack Technologies, Inc.~ 1.500%, 03/15/17		6,034,875
	30,000,000	Electronic Arts, Inc. 0.750%, 07/15/16		54,958,200
	10,500,000	Electronics For Imaging, Inc.~* 0.750%, 09/01/19		10,824,083
	11,900,000	Emulex Corp. 1.750%, 11/15/18		12,082,070
	5,000,000	EnerNOC, Inc.* 2.250%, 08/15/19		3,694,975
	5,000,000	Envestnet, Inc. 1.750%, 12/15/19		5,371,000
	5,000,000	Euronet Worldwide, Inc.~* 1.500%, 10/01/44		5,463,575
	12,752,000	Finisar Corp. 0.500%, 12/15/33		12,907,256
	8,000,000	Homeaway, Inc.^ 0.125%, 04/01/19		7,573,000
	9,500,000	Infinera Corp. 1.750%, 06/01/18		15,131,315
	13,000,000	InterDigital, Inc. 2.500%, 03/15/16		14,447,290
	15,000,000	JDS Uniphase Corp.^ 0.625%, 08/15/33		15,330,000
	7,500,000	Lam Research Corp.~ 0.500%, 05/15/16		9,491,775
	12,500,000	LinkedIn Corp.~* 0.500%, 11/01/19		13,875,500
	10,000,000	Mentor Graphics Corp.~ 4.000%, 04/01/31		12,511,950
	10,000,000	MercadoLibre, Inc.* 2.250%, 07/01/19		12,809,600
	10,000,000	Microchip Technology, Inc.~* 1.625%, 02/15/25		10,224,050
	2,500,000	NetSuite, Inc. 0.250%, 06/01/18		2,668,475
	25,000,000	NVIDIA Corp.~ 1.000%, 12/01/18		30,520,250
	15,000,000	NXP Semiconductors, NV* 1.000%, 12/01/19		17,554,050


120		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	25,000,000	ON Semiconductor Corp.~ 2.625%, 12/15/26	$	31,191,500
	10,600,000	Palo Alto Networks, Inc.* 0.000%, 07/01/19		15,194,252
	5,200,000	Photronics, Inc. 3.250%, 04/01/16		5,397,236
	7,500,000	Proofpoint, Inc. 1.250%, 12/15/18		11,147,587
	3,000,000	PROS Holdings, Inc.* 2.000%, 12/01/19		2,969,145
	29,985,000	Qihoo 360 Technology Company, Ltd.* 1.750%, 08/15/21		25,671,658
	7,000,000	Rambus, Inc.~^ 1.125%, 08/15/18		8,997,065
	7,500,000	Rovi Corp.* 0.500%, 03/01/20		7,287,938
	18,500,000	Salesforce.com, Inc. 0.250%, 04/01/18		23,142,575
		SanDisk Corp.
	30,000,000	1.500%, 08/15/17		43,038,150
	5,000,000	0.500%, 10/15/20~		5,175,075
	4,500,000	ServiceNow, Inc. 0.000%, 11/01/18		5,410,080
	10,000,000	SINA Corp. 1.000%, 12/01/18		9,358,250
		SunEdison, Inc.
	7,000,000	2.375%, 04/15/22*		8,466,045
	6,250,000	2.000%, 10/01/18^		11,240,437
	4,651,000	Synchronoss Technologies, Inc. 0.750%, 08/15/19		5,388,649
		Take-Two Interactive Software, Inc.~
	10,000,000	1.000%, 07/01/18		12,534,750
	9,000,000	1.750%, 12/01/16		11,979,225
	7,000,000	TiVo, Inc.* 4.000%, 03/15/16		7,887,285
	5,000,000	TTM Technologies, Inc. 1.750%, 12/15/20		5,578,050
		Twitter, Inc.*
	15,000,000	1.000%, 09/15/21~		13,642,050
	15,000,000	0.250%, 09/15/19		13,883,850
	14,500,000	Workday, Inc.~ 0.750%, 07/15/18		18,305,597
	5,000,000	Xilinx, Inc.~ 2.625%, 06/15/17		7,591,275
	5,000,000	Yahoo!, Inc.~ 0.000%, 12/01/18		5,321,175
	16,601,000	Yandex, NV 1.125%, 12/15/18		14,567,045
	8,520,000	YY, Inc. 2.250%, 04/01/19		8,017,192

				713,084,079

		Materials (1.0%)
	4,000,000	B2Gold Corp. 3.250%, 10/01/18		3,489,720


PRINCIPAL AMOUNT			VALUE
	15,000,000	Cemex, SAB de CV~^ 3.750%, 03/15/18	$	18,350,325
	2,950,000	Horsehead Holding Corp.~ 3.800%, 07/01/17		3,464,347
		RTI International Metals, Inc.
	4,000,000	3.000%, 12/01/15		4,490,040
	3,600,000	1.625%, 10/15/19		4,275,774
	3,750,000	United States Steel Corp.~ 2.750%, 04/01/19		4,519,163

				38,589,369

		TOTAL CONVERTIBLE BONDS (Cost $1,342,848,863)		1,382,214,117


	SYNTHETIC CONVERTIBLE SECURITIES (11.9%)¤
	Corporate Bonds (11.9%)
		Consumer Discretionary (3.1%)
	500,000	American Honda Finance Corp.~ 1.125%, 10/07/16		502,688
	6,000,000	British Telecommunications, PLC~ 1.250%, 02/14/17		6,006,330
	6,820,000	D.R. Horton, Inc. 3.750%, 03/01/19		6,918,038
	5,000,000	Daimler Finance North America, LLC~* 1.250%, 01/11/16		5,019,525
		DIRECTV Holdings, LLC~
	5,000,000	3.500%, 03/01/16		5,103,325
	5,000,000	2.400%, 03/15/17		5,092,425
	10,000,000	DISH DBS Corp. 4.250%, 04/01/18		10,200,000
	10,000,000	FCA US, LLC 8.000%, 06/15/19		10,464,500
		Ford Motor Credit Company, LLC~
	5,000,000	1.700%, 05/09/16		5,027,400
	2,000,000	1.500%, 01/17/17		2,004,450
		General Motors Company, Inc.~
	3,000,000	3.250%, 05/15/18		3,075,000
	2,000,000	2.750%, 05/15/16		2,030,000
	500,000	2.625%, 07/10/17		506,875
	4,000,000	Hyundai Capital America~* 1.625%, 10/02/15		4,015,320
		Lennar Corp.~
	8,760,000	4.500%, 06/15/19		9,104,925
	7,000,000	4.125%, 12/01/18		7,153,125
	5,745,000	Meritage Homes Corp. 4.500%, 03/01/18		5,874,262
	5,605,000	NCL Corp., Ltd. - Class C 5.000%, 02/15/18		5,748,628
	2,000,000	Nissan Motor Acceptance Corp.~*‡ 0.812%, 03/03/17		2,006,150
	2,000,000	Numericable Group, SA^* 4.875%, 05/15/19		2,025,000
	5,333,000	Sally Holdings, LLC 6.875%, 11/15/19		5,649,647


See accompanying Notes to Schedule of Investments		www.calamos.com			121

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	2,000,000	Thomson Reuters Corp.~ 0.875%, 05/23/16	$	1,999,530
	2,500,000	Time Warner, Inc.~ 3.150%, 07/15/15		2,513,150
	13,760,000	Toll Brothers Finance Corp. 4.000%, 12/31/18		14,250,200

				122,290,493

		Consumer Staples (0.8%)
		ConAgra Foods, Inc.~
	5,000,000	1.350%, 09/10/15		5,009,675
	4,500,000	1.300%, 01/25/16		4,514,063
	4,000,000	Constellation Brands, Inc.~ 7.250%, 09/01/16		4,295,000
	500,000	General Mills, Inc.~ 0.875%, 01/29/16		501,080
	3,000,000	Kraft Foods Group, Inc.~ 1.625%, 06/04/15		3,002,655
	11,347,000	Reynolds American, Inc.~ 1.050%, 10/30/15		11,352,106
	1,000,000	WM Wrigley Jr. Company~* 1.400%, 10/21/16		1,004,400

				29,678,979

		Energy (1.6%)
	5,000,000	Chesapeake Energy Corp.~^ 3.250%, 03/15/16		5,006,250
		CNOOC, Ltd.~
	1,000,000	1.625%, 04/30/17		1,001,455
	500,000	1.125%, 05/09/16		499,670
	3,000,000	Enbridge, Inc.~‡ 0.924%, 10/01/16		3,012,915
	3,235,000	Exterran Holdings, Inc. 7.250%, 12/01/18		3,313,853
	14,110,000	Frontier Oil Corp.~ 6.875%, 11/15/18		14,599,405
	8,000,000	Marathon Oil Corp.~ 0.900%, 11/01/15		8,005,040
	1,500,000	Nabors Industries, Inc.~ 2.350%, 09/15/16		1,505,603
	3,197,000	Oasis Petroleum, Inc.^ 7.250%, 02/01/19		3,288,914
	7,000,000	Petrobras Global Finance, BV~ 2.000%, 05/20/16		6,873,125
	14,866,000	SESI, LLC~ 6.375%, 05/01/19		15,235,866
	1,250,000	Whiting Petroleum Corp.^ 6.500%, 10/01/18		1,269,531

				63,611,627

		Financials (1.9%)
	5,000,000	ABN AMRO Bank, NV~* 1.375%, 01/22/16		5,021,525
	5,000,000	Aviation Capital Group Corp.~* 3.875%, 09/27/16		5,153,300


PRINCIPAL AMOUNT			VALUE
	8,000,000	Bank of America Corp.~ 1.250%, 01/11/16	$	8,021,640
	7,750,000	BB&T Corp.~ 1.000%, 04/03/17		7,742,095
	1,000,000	Berkshire Hathaway Finance Corp.~ 0.950%, 08/15/16		1,004,605
	500,000	Berkshire Hathaway, Inc.~ 0.800%, 02/11/16		501,400
	5,000,000	CIT Group, Inc.^ 4.250%, 08/15/17		5,093,750
	10,000,000	Citigroup, Inc.~ 1.300%, 04/01/16		10,036,800
	1,850,000	Deutsche Bank, AG~ 1.400%, 02/13/17		1,853,154
	7,000,000	Goldman Sachs Group, Inc.~ 1.600%, 11/23/15		7,036,575
		iStar Financial, Inc.
	6,000,000	4.875%, 07/01/18		6,018,750
	6,000,000	3.875%, 07/01/16		6,045,000
	2,000,000	4.000%, 11/01/17		1,986,250
	5,000,000	Leucadia National Corp.~ 8.125%, 09/15/15		5,128,125
	6,000,000	Morgan Stanley~ 1.750%, 02/25/16		6,043,290

				76,686,259

		Health Care (1.0%)
	10,000,000	AbbVie, Inc.~ 1.200%, 11/06/15		10,025,950
	1,000,000	Actavis Funding SCS~ 1.300%, 06/15/17		994,470
	5,000,000	Amgen, Inc.~ 2.500%, 11/15/16		5,113,575
	1,000,000	ANZ New Zealand (Int’l), Ltd.~* 1.400%, 04/27/17		1,003,005
	3,000,000	Baxter International, Inc.~ 0.950%, 06/01/16		3,002,970
	6,000,000	Community Health Systems, Inc. 5.125%, 08/15/18		6,187,500
	5,000,000	Fresenius US Finance II, Inc.* 9.000%, 07/15/15		5,071,875
	2,703,000	HCA, Inc.~ 3.750%, 03/15/19		2,782,401
		Mylan, Inc.
	1,000,000	1.800%, 06/24/16		1,006,520
	500,000	1.350%, 11/29/16		498,790
	3,050,000	Thermo Fisher Scientific, Inc. 3.200%, 05/01/15		3,050,000
	1,000,000	VPII Escrow Corp.* 6.750%, 08/15/18		1,061,250

				39,798,306

		Industrials (1.5%)
	12,000,000	AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust~* 2.750%, 05/15/17		11,985,000


122		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


PRINCIPAL AMOUNT			VALUE
	4,000,000	Air Lease Corp.~ 4.500%, 01/15/16	$	4,090,340
		CNH Industrial Capital, LLC
	7,675,000	3.875%, 11/01/15		7,742,156
	4,800,000	3.250%, 02/01/17~^		4,827,000
	5,000,000	Deluxe Corp. 6.000%, 11/15/20		5,303,125
	8,000,000	Eaton Corp.~ 0.950%, 11/02/15		8,007,240
	1,000,000	GATX Corp.~ 1.250%, 03/04/17		997,170
	9,175,000	Icahn Enterprises, LP~ 3.500%, 03/15/17		9,243,812
	500,000	John Deere Capital Corp.~ 1.050%, 10/11/16		502,468
	1,000,000	PACCAR Financial Corp.~ 0.800%, 02/08/16		1,002,875
	5,000,000	Penske Truck Leasing Company, LP~* 2.500%, 03/15/16		5,058,500
	1,000,000	Rockwell Collins, Inc.~‡ 0.621%, 12/15/16		1,000,840

				59,760,526

		Information Technology (1.0%)
	14,700,000	Alliance Data Systems Corp.* 5.250%, 12/01/17		15,306,375
	5,000,000	Hewlett-Packard Company~ 3.000%, 09/15/16		5,132,825
	5,000,000	Jabil Circuit, Inc.~ 7.750%, 07/15/16		5,350,000
	7,000,000	Sanmina Corp.* 4.375%, 06/01/19		7,070,000
	5,000,000	Seagate Technology, PLC~ 3.750%, 11/15/18		5,231,525

				38,090,725

		Materials (0.5%)
	5,000,000	ArcelorMittal, SA~ 5.250%, 02/25/17		5,206,250
	5,000,000	Ashland, Inc.~ 3.000%, 03/15/16		5,043,750
	1,000,000	BHP Billiton Finance USA, Ltd.~‡ 0.523%, 09/30/16		1,000,025
	7,625,000	Ecolab, Inc.~ 1.000%, 08/09/15		7,635,751

				18,885,776

		Telecommunication Services (0.5%)
		AT&T, Inc.~
	6,155,000	0.800%, 12/01/15		6,158,908
	5,000,000	0.900%, 02/12/16		5,000,400
	5,875,000	Brightstar Corp.* 9.500%, 12/01/16		6,139,375


PRINCIPAL AMOUNT			VALUE
		Verizon Communications, Inc.~
	500,000	1.801%, 09/15/16‡	$	507,820
	343,000	2.500%, 09/15/16		350,186

				18,156,689

		TOTAL CORPORATE BONDS		466,959,380


NUMBER OF CONTRACTS			VALUE

	Purchased Options (0.0%)#
		Consumer Discretionary (0.0%)
	460	Cablevision Systems Corp. Call, 06/19/15, Strike $19.00		67,850
	383	Kohl’s Corp. Call, 05/15/15, Strike $77.50		13,405

				81,255

		Consumer Staples (0.0%)
	581	Nu Skin Enterprises, Inc. Call, 06/19/15, Strike $55.00		264,355

		Health Care (0.0%)
	380	Illumina, Inc. Call, 01/15/16, Strike $210.00		480,700

		Information Technology (0.0%)
	315	VMware, Inc. - Class A Call, 01/15/16, Strike $105.00		82,688

		TOTAL PURCHASED OPTIONS		908,998

		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $465,572,243)		467,868,378

NUMBER OF SHARES			VALUE

	CONVERTIBLE PREFERRED STOCKS (2.4%)
		Consumer Staples (0.1%)
	40,000	Post Holdings, Inc. 5.250%		3,820,000

		Energy (0.9%)
	600,000	Southwestern Energy Company 6.250%		35,592,000

		Financials (0.4%)
	150,000	American Tower Corp. 5.500%		15,390,000

		Health Care (0.9%)
	36,307	Actavis, PLC 5.500%		36,330,963

		Materials (0.1%)
	3,500	Schulman A, Inc. 6.000%		3,626,875

		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $88,733,310)		94,759,838


See accompanying Notes to Schedule of Investments		www.calamos.com			123

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	COMMON STOCKS (48.4%)
		Consumer Discretionary (6.6%)
	17,393	Advance Auto Parts, Inc.	$	2,487,199
	38,167	Amazon.com, Inc.~#		16,098,077
	2,840	AutoZone, Inc.~#		1,910,354
	75,533	Brinker International, Inc.		4,182,262
	81,540	Brunswick Corp.		4,080,262
	23,657	CarMax, Inc.~#		1,611,278
	56,777	Carnival Corp.		2,496,485
	151,378	CBS Corp. - Class B~		9,405,115
	54,411	Coach, Inc.~		2,079,044
	318,048	Comcast Corp. - Class A~		18,370,452
	33,121	D.R. Horton, Inc.~		841,273
	18,925	Darden Restaurants, Inc.~		1,206,847
	48,923	Delphi Automotive, PLC		4,060,609
	91,791	DIRECTV#		8,325,903
	23,657	Discovery Communications, Inc. - Class A~#		765,541
	23,657	Discovery Communications, Inc. - Class C~#		715,151
	24,604	Dollar General Corp.~		1,788,957
	382,301	Ford Motor Company~		6,040,356
	11,356	Fossil Group, Inc.~#		953,677
	29,335	Gap, Inc.~		1,162,839
	101,916	General Motors Company, Inc.		3,573,175
	219,918	Home Depot, Inc.~		23,526,828
	33,120	Interpublic Group of Companies, Inc.~		690,221
	327,793	La Quinta Holdings, Inc.#		7,893,255
	18,169	Lennar Corp. - Class A		832,140
	183,486	Lowe’s Companies, Inc.		12,634,846
	26,023	Macy’s, Inc.~		1,681,867
	94,998	McDonald’s Corp.~		9,172,057
	20,411	Michael Kors Holdings, Ltd.#		1,262,624
	9,464	Mohawk Industries, Inc.~#		1,642,004
	3,076	Netflix, Inc.~#		1,711,794
	121,820	Nike, Inc. - Class B~		12,040,689
	223,405	Norwegian Cruise Line Holdings, Ltd.#		10,837,377
	119,398	Party City Holdco, Inc.#		2,482,284
	6,434	Priceline Group, Inc.~#		7,964,070
	87,059	PulteGroup, Inc.~		1,680,239
	10,410	PVH Corp.~		1,075,874
	18,925	Ross Stores, Inc.~		1,871,304
	33,121	Royal Caribbean Cruises, Ltd.		2,254,215
	112,230	Starbucks Corp.~		5,564,363
	70,777	Time Warner Cable, Inc.~		11,007,239
	83,367	Time Warner, Inc.~		7,037,008
	34,824	TJX Companies, Inc.~		2,247,541
	8,800	TripAdvisor, Inc.~#		708,312


NUMBER OF SHARES			VALUE
	199,855	Twenty-First Century Fox, Inc.~	$	6,811,058
	37,190	Viacom, Inc. - Class B~		2,582,846
	150,942	Vitamin Shoppe, Inc.#		6,321,451
	197,112	Walt Disney Company~^		21,430,017
	7,570	Whirlpool Corp.~		1,329,292
	11,355	Wynn Resorts, Ltd.~		1,261,200
	18,925	Yum! Brands, Inc.~		1,626,793

				261,335,664

		Consumer Staples (4.3%)
	262,028	Altria Group, Inc.~		13,114,501
	112,135	Archer-Daniels-Midland Company		5,481,159
	354,859	Coca-Cola Company		14,393,081
	71,350	Colgate-Palmolive Company~		4,800,428
	37,852	ConAgra Foods, Inc.~		1,368,350
	25,549	Costco Wholesale Corp.~		3,654,784
	147,810	CVS Health Corp.		14,676,055
	61,130	General Mills, Inc.		3,382,934
	13,248	Hershey Company~		1,217,756
	33,121	Kellogg Company~		2,097,553
	30,566	Kimberly-Clark Corp.~		3,352,785
	59,459	Kraft Foods Group, Inc.		5,039,150
	61,509	Kroger Company		4,238,585
	58,102	Lorillard, Inc.		4,059,006
	37,757	Mead Johnson Nutrition Company~		3,621,651
	198,816	Mondelez International, Inc. - Class A		7,628,570
	189,447	PepsiCo, Inc.~		18,020,199
	158,031	Philip Morris International, Inc.~		13,190,848
	280,385	Procter & Gamble Company		22,293,411
	190,109	Wal-Mart Stores, Inc.~		14,838,007
	99,361	Walgreens Boots Alliance, Inc.		8,240,008
	32,173	Whole Foods Market, Inc.~		1,536,583

				170,245,404

		Energy (3.9%)
	44,570	Anadarko Petroleum Corp.~		4,194,037
	23,184	Apache Corp.~		1,585,786
	45,895	Baker Hughes, Inc.~		3,141,972
	196,259	Chevron Corp.~		21,796,524
	117,244	ConocoPhillips~		7,963,212
	59,143	Devon Energy Corp.		4,034,144
	85,922	EOG Resources, Inc.~		8,501,982
	26,496	EQT Corp.~		2,383,050
	444,302	Exxon Mobil Corp.		38,818,666
	90,749	Halliburton Company		4,442,164
	9,463	Helmerich & Payne, Inc.~		737,830
	17,032	Hess Corp.~		1,309,761
	137,213	Kinder Morgan, Inc.		5,893,298
	56,779	Marathon Oil Corp.~		1,765,827


124		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	48,449	Marathon Petroleum Corp.	$	4,775,618
	12,301	Murphy Oil Corp.~		585,651
	45,895	National Oilwell Varco, Inc.~		2,497,147
	66,241	Noble Energy, Inc.		3,359,743
	76,460	Occidental Petroleum Corp.		6,124,446
	75,372	Phillips 66~		5,977,753
	12,301	Pioneer Natural Resources Company~		2,125,367
	132,859	Schlumberger, Ltd.		12,569,790
	96,900	Spectra Energy Corp.		3,609,525
	99,361	Valero Energy Corp.~		5,653,641

				153,846,934

		Financials (8.1%)
	27,442	ACE, Ltd.~		2,936,020
	35,013	Aflac, Inc.~		2,207,220
	96,900	Allstate Corp.~		6,750,054
	178,376	American Express Company		13,815,221
	224,271	American International Group, Inc.		12,624,215
	38,325	American Tower Corp.		3,622,862
	30,566	Ameriprise Financial, Inc.~		3,829,308
	11,356	AvalonBay Communities, Inc.~		1,866,245
	1,040,919	Bank of America Corp.		16,581,840
	203,925	Bank of New York Mellon Corp.		8,634,184
	86,681	BB&T Corp.		3,319,015
	203,925	Berkshire Hathaway, Inc. - Class B#		28,796,249
	12,207	BlackRock, Inc.~		4,442,616
	114,062	Blackstone Group, LP~		4,671,980
	66,241	Capital One Financial Corp.		5,355,585
	165,602	Charles Schwab Corp.~		5,050,861
	18,925	Chubb Corp.~		1,861,274
	28,334	CIT Group, Inc.		1,275,880
	295,715	Citigroup, Inc.~		15,767,524
	31,418	Crown Castle International Corp.~		2,624,346
	48,261	Discover Financial Services~		2,797,690
	34,634	Equity Residential~		2,558,067
	104,091	Fifth Third Bancorp~		2,081,820
	451,802	Fortress Investment Group, LLC - Class A		3,668,632
	40,217	Franklin Resources, Inc.~		2,073,589
	75,702	Genworth Financial, Inc. - Class A~#		665,421
	43,814	Goldman Sachs Group, Inc.~		8,605,946
	42,583	Hartford Financial Services Group, Inc.~		1,736,109
	31,394	Health Care REIT, Inc.		2,260,996
	184,768	Hilltop Holdings, Inc.#		3,715,684
	83,273	Host Hotels & Resorts, Inc.		1,677,118
	70,971	Invesco, Ltd.		2,939,619
	502,290	JPMorgan Chase & Company~		31,774,865
	72,391	Lincoln National Corp.		4,089,368


NUMBER OF SHARES			VALUE
	14,194	Macerich Company	$	1,160,501
	159,204	MetLife, Inc.~		8,165,573
	137,685	Morgan Stanley~		5,137,027
	262,694	Navient Corp.~		5,133,041
	54,648	PNC Financial Services Group, Inc.~		5,012,861
	45,234	Principal Financial Group, Inc.~		2,312,362
	52,046	Prologis, Inc.~		2,092,249
	85,639	Prudential Financial, Inc.~		6,988,142
	14,053	Public Storage~		2,640,699
	179,797	Regions Financial Corp.~		1,767,404
	41,826	Simon Property Group, Inc.		7,591,001
	41,164	State Street Corp.~		3,174,568
	56,777	SunTrust Banks, Inc.~		2,356,245
	25,549	T. Rowe Price Group, Inc.~		2,074,068
	26,306	Travelers Companies, Inc.~		2,659,800
	243,197	US Bancorp~		10,425,855
	30,754	Ventas, Inc.~		2,118,951
	28,389	Vornado Realty Trust		2,937,978
	481,093	Wells Fargo & Company~		26,508,224

				316,933,972

		Health Care (7.1%)
	133,332	Abbott Laboratories~		6,189,271
	208,752	AbbVie, Inc.~		13,497,904
	48,123	Actavis, PLC#		13,612,072
	56,304	Aetna, Inc.		6,017,209
	223,438	Agilent Technologies, Inc.~		9,243,630
	19,873	Alexion Pharmaceuticals, Inc.#		3,363,108
	75,419	Amgen, Inc.		11,909,414
	38,325	Anthem, Inc.		5,784,392
	61,130	Baxter International, Inc.~		4,202,076
	29,051	Biogen, Inc.~#		10,863,040
	142,984	Bristol-Myers Squibb Company~		9,112,370
	113,756	Celgene Corp.~#		12,292,473
	49,680	Cerner Corp.#		3,567,521
	48,261	Cigna Corp.		6,015,251
	18,925	DaVita HealthCare Partners, Inc.~#		1,534,818
	22,003	Edwards Lifesciences Corp.~#		2,786,680
	91,791	Eli Lilly and Company~		6,597,019
	99,266	Express Scripts Holding Company~^#		8,576,582
	161,248	Gilead Sciences, Inc.#		16,207,037
	67,729	Insulet Corp.#		2,021,711
	286,205	Johnson & Johnson		28,391,536
	22,712	Laboratory Corp. of America Holdings~#		2,715,447
	181,767	Medtronic, PLC		13,532,553
	350,883	Merck & Company, Inc.		20,898,592
	42,993	Mylan, NV#		3,106,674
	14,088	Perrigo Company, PLC		2,582,049


See accompanying Notes to Schedule of Investments		www.calamos.com			125

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	661,268	Pfizer, Inc.~	$	22,436,823
	280,319	Presbia, PLC^#**		2,204,429
	14,194	Quest Diagnostics, Inc.~		1,013,736
	3,785	Regeneron Pharmaceuticals, Inc.~#		1,731,486
	52,283	St. Jude Medical, Inc.~		3,662,424
	42,583	Stryker Corp.~		3,927,856
	76,460	Thermo Fisher Scientific, Inc.~		9,609,493
	86,681	UnitedHealth Group, Inc.		9,656,263

				278,862,939

		Industrials (4.3%)
	51,951	3M Company		8,124,617
	94,630	Boeing Company~		13,564,264
	62,171	Caterpillar, Inc.~		5,401,416
	94,630	CSX Corp.~		3,415,197
	17,979	Cummins, Inc.~		2,485,776
	61,130	Danaher Corp.~		5,005,324
	68,890	Deere & Company		6,235,923
	142,701	Delta Air Lines, Inc.		6,370,173
	37,378	Eaton Corp., PLC		2,568,990
	61,130	Emerson Electric Company~		3,596,278
	29,808	Expeditors International of Washington, Inc.~		1,366,101
	35,675	FedEx Corp.		6,049,410
	31,228	Fluor Corp.~		1,878,052
	66,241	General Dynamics Corp.		9,096,214
	894,623	General Electric Company~		24,226,391
	110,290	Honeywell International, Inc.~		11,130,467
	40,785	Illinois Tool Works, Inc.~		3,816,660
	21,883	Jacobs Engineering Group, Inc.~#		937,905
	20,818	Kansas City Southern~		2,133,637
	13,058	Lockheed Martin Corp.		2,436,623
	66,241	Masco Corp.~		1,754,724
	46,177	Norfolk Southern Corp.		4,656,950
	33,121	Pentair, PLC		2,058,470
	29,524	Precision Castparts Corp.		6,102,316
	23,657	Robert Half International, Inc.~		1,311,781
	122,688	Southwest Airlines Company~		4,976,225
	81,570	Union Pacific Corp.~		8,665,181
	84,125	United Parcel Service, Inc. - Class B		8,457,086
	95,008	United Technologies Corp.~		10,807,160

				168,629,311

		Information Technology (10.0%)
	56,115	Accenture, PLC - Class A~		5,199,055
	37,852	Akamai Technologies, Inc.~#		2,792,721
	37,852	Amphenol Corp. - Class A~		2,095,865
	724,525	Apple, Inc.		90,674,304
	151,406	Applied Materials, Inc.		2,996,325
	23,657	Avago Technologies, Ltd.		2,765,030


NUMBER OF SHARES			VALUE
	66,241	Broadcom Corp. - Class A~	$	2,928,183
	484,312	Cisco Systems, Inc.		13,962,715
	71,445	Cognizant Technology Solutions Corp. - Class A#		4,182,390
	108,506	eBay, Inc.#		6,321,559
	284,739	EMC Corp.~		7,662,326
	21,293	F5 Networks, Inc.~#		2,598,172
	251,880	Facebook, Inc. - Class A~#		19,840,588
	61,130	Fiserv, Inc.#		4,743,688
	35,693	Google, Inc. - Class A~#		19,587,248
	33,287	Google, Inc. - Class C~#		17,886,437
	229,002	Hewlett-Packard Company~		7,550,196
	129,201	IAC/InterActiveCorp		9,020,814
	585,564	Intel Corp.~		19,060,108
	99,551	International Business Machines Corp.		17,052,091
	68,591	Juniper Networks, Inc.~		1,812,860
	27,916	KLA-Tencor Corp.~		1,641,461
	160,206	MasterCard, Inc. - Class A		14,452,183
	37,852	Microchip Technology, Inc.		1,803,837
	104,091	Micron Technology, Inc.~#		2,928,080
	938,057	Microsoft Corp.~		45,627,092
	351,263	Oracle Corp.		15,322,092
	161,816	QUALCOMM, Inc.		11,003,488
	18,925	Red Hat, Inc.~#		1,424,295
	80,435	Symantec Corp.~		2,004,842
	37,852	TE Connectivity, Ltd.		2,519,051
	18,925	Teradata Corp.#		832,511
	122,356	Texas Instruments, Inc.~		6,632,919
	315,682	Visa, Inc. - Class A^		20,850,796
	31,506	Western Digital Corp.		3,079,396
	73,338	Yahoo!, Inc.#		3,121,632

				393,976,350

		Materials (1.6%)
	26,496	Air Products & Chemicals, Inc.		3,800,321
	6,150	Airgas, Inc.~		622,872
	23,657	Allegheny Technologies, Inc.~		804,101
	219,280	Berry Plastics Group, Inc.#		7,503,762
	8,518	CF Industries Holdings, Inc.~		2,448,669
	163,141	Dow Chemical Company~		8,320,191
	99,929	E.I. du Pont de Nemours and Company		7,314,803
	9,463	Eastman Chemical Company~		721,270
	166,170	Freeport-McMoRan, Inc.		3,866,776
	51,005	LyondellBasell Industries, NV - Class A		5,280,038
	88,667	Monsanto Company		10,104,491
	71,350	Mosaic Company		3,139,400
	79,488	Newmont Mining Corp.~		2,105,637
	16,276	PPG Industries, Inc.		3,606,111
	35,675	Praxair, Inc.		4,349,853

				63,988,295


126		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE

		Telecommunication Services (1.1%)
	530,301	AT&T, Inc.~	$	18,369,626
	95,859	CenturyLink, Inc.~		3,447,090
	397,630	Verizon Communications, Inc.~		20,056,457

				41,873,173

		Utilities (1.4%)
	99,361	AES Corp.~		1,316,533
	64,253	American Electric Power Company, Inc.~		3,654,068
	52,046	CMS Energy Corp.~		1,765,921
	37,852	Consolidated Edison, Inc.~		2,329,791
	45,895	Dominion Resources, Inc.~		3,289,754
	127,465	Duke Energy Corp.~		9,887,460
	47,314	Edison International		2,883,315
	22,712	Entergy Corp.~		1,752,912
	18,925	Eversource Energy~		922,783
	66,241	Exelon Corp.~		2,253,519
	47,314	FirstEnergy Corp.~		1,699,046
	77,974	NextEra Energy, Inc.		7,869,916
	56,777	PG&E Corp.		3,004,639
	47,314	PPL Corp.~		1,610,095
	56,777	Public Service Enterprise Group, Inc.~		2,358,517
	164,181	Southern Company		7,273,218
	42,583	Xcel Energy, Inc.~		1,443,989

				55,315,476

		TOTAL COMMON STOCKS (Cost $1,785,129,402)		1,905,007,518


NUMBER OF CONTRACTS			VALUE
	PURCHASED OPTIONS (0.4%)#
		Industrials (0.0%)
	750	Greenbrier Companies, Inc. Put, 01/15/16, Strike $35.00		99,375

		Other (0.4%)
	500	United States Treasury Note Put, 05/22/15, Strike $109.50		54,688
		S & P 500 Index
	2,000	Put, 05/29/15, Strike $2,100.00		7,700,000
	1,000	Put, 05/01/15, Strike $1,990.00		10,000
	1,000	Put, 05/08/15, Strike $2,075.00		1,350,000
	1,000	Put, 05/08/15, Strike $1,975.00		100,000
	1,000	Put, 05/29/15, Strike $2,000.00		1,000,000
	1,000	Put, 06/30/15, Strike $2,075.00		4,500,000
	1,000	Put, 06/30/15, Strike $2,000.00		2,435,000
	500	Put, 05/08/15, Strike $2,040.00		260,000

				17,409,688

		TOTAL PURCHASED OPTIONS (Cost $16,070,011)		17,509,063


NUMBER OF SHARES				VALUE
	SHORT TERM INVESTMENT (0.9%)
	35,238,278		Fidelity Prime Money Market Fund - Institutional Class (Cost $35,238,278)		35,238,278

NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.1%)
			Federal Home Loan Bank Discount Notes
	22,619,683		0.000%, 05/29/15		22,619,683
	14,138,410		0.000%, 06/10/15		14,138,410
	7,069,511		0.000%, 05/27/15		7,069,511
	7,069,317		0.000%, 06/15/15		7,069,317
	14,137,731		Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		14,137,731
	28,086,760		Fidelity Prime Money Market Fund - Institutional Class		28,086,760
	12,882,228		Goldman Sachs Financial Square Fund		12,882,228
	14,139,447		Morgan Stanley Institutional Liquidity Fund		14,139,447

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $120,143,087)		120,143,087

	TOTAL INVESTMENTS (102.2%) (Cost $3,853,735,194)				4,022,740,279


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.1%)				(120,143,087	)


	OTHER ASSETS, LESS LIABILITIES (0.9%)				34,166,226


	NET ASSETS (100.0%)			$	3,936,763,418


NUMBER OF SHARES				VALUE
	COMMON STOCKS SOLD SHORT (-22.4%)#
			Consumer Discretionary (-3.6%)
	(172,336	)	Cablevision Systems Corp.		(3,443,273	)
	(57,853	)	Cheesecake Factory, Inc.		(2,900,171	)
	(96,050	)	Ctrip.com International, Ltd.		(6,116,464	)
	(78,500	)	HomeAway, Inc.		(2,194,075	)
	(42,000	)	HSN, Inc.		(2,621,640	)
	(130,300	)	Iconix Brand Group, Inc.		(3,428,193	)
	(477,000	)	Jarden Corp.		(24,412,860	)
	(74,630	)	Kate Spade & Company		(2,440,401	)
	(38,367	)	Kohl’s Corp.		(2,748,996	)
	(24,049	)	L Brands, Inc.		(2,149,019	)
	(130,800	)	Live Nation Entertainment, Inc.		(3,277,848	)


See accompanying Notes to Schedule of Investments		www.calamos.com			127

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE
	(60,500	)	M/I Homes, Inc.	$	(1,364,880	)
	(96,650	)	Meritage Homes Corp.		(4,133,720	)
	(27,355	)	Omnicom Group, Inc.		(2,072,415	)
	(14,110	)	Priceline Group, Inc.		(17,465,499	)
	(54,000	)	Restoration Hardware Holdings, Inc.		(4,653,180	)
	(312,500	)	Ryland Group, Inc.		(12,881,250	)
	(98,045	)	Shutterfly, Inc.		(4,388,494	)
	(546,400	)	Standard Pacific Corp.		(4,425,840	)
	(167,600	)	TAL Education Group		(6,159,300	)
	(56,200	)	Tesla Motors, Inc.		(12,704,010	)
	(80,000	)	Toll Brothers, Inc.		(2,843,200	)
	(505,500	)	Vipshop Holdings, Ltd.		(14,300,595	)
	(33,733	)	Zumiez, Inc.		(1,069,673	)

					(144,194,996	)

			Consumer Staples (-0.1%)
	(90,000	)	IGI Laboratories, Inc.		(457,200	)
	(58,700	)	Post Holdings, Inc.		(2,755,378	)

					(3,212,578	)

			Energy (-1.7%)
	(156,000	)	Helix Energy Solutions Group, Inc.		(2,570,880	)
	(336,328	)	Newpark Resources, Inc.		(3,450,725	)
	(228,500	)	PDC Energy, Inc.		(12,965,090	)
	(150,000	)	Renewable Energy Group, Inc.		(1,381,500	)
	(105,550	)	SEACOR Holdings, Inc.		(7,669,263	)
	(1,020,000	)	Southwestern Energy Company		(28,590,600	)
	(32,000	)	Stone Energy Corp.		(546,240	)
	(220,000	)	Whiting Petroleum Corp.		(8,340,200	)

					(65,514,498	)

			Financials (-1.4%)
	(101,250	)	American Residential Properties, Inc.		(1,899,450	)
	(115,000	)	American Tower Corp.		(10,870,950	)
	(66,059	)	Amtrust Financial Services, Inc.		(3,928,528	)
	(127,530	)	Cohen & Steers, Inc.		(4,828,286	)
	(497,900	)	Cowen Group, Inc.		(2,783,261	)
	(315,000	)	DDR Corp.		(5,370,750	)
	(187,959	)	Encore Capital Group, Inc.		(7,601,062	)
	(118,400	)	Ezcorp, Inc. - Class A		(1,089,280	)
	(135,500	)	Forestar Group, Inc.		(1,999,980	)
	(36,019	)	NASDAQ OMX Group, Inc.		(1,751,604	)
	(59,000	)	SL Green Realty Corp.		(7,219,240	)
	(40,000	)	Starwood Property Trust, Inc.		(960,400	)
	(137,500	)	Starwood Waypoint Residential Trust		(3,539,250	)

					(53,842,041	)

			Health Care (-4.0%)
	(134,000	)	Acorda Therapeutics, Inc.		(4,029,380	)
	(82,000	)	Actavis, PLC		(23,194,520	)


NUMBER OF SHARES					VALUE
	(185,000	)		Allscripts Healthcare Solutions, Inc.	$	(2,460,500	)
	(355,000	)		AMAG Pharmaceuticals, Inc.		(18,094,350	)
	(280,500	)		Brookdale Senior Living, Inc.		(10,162,515	)
	(334,000	)		Depomed, Inc.		(7,768,840	)
	(34,321	)		DexCom, Inc.		(2,319,070	)
	(80,000	)		Emergent Biosolutions, Inc.		(2,375,200	)
	(260,000	)		Healthways, Inc.		(4,524,000	)
	(75,000	)		Horizon Pharma, PLC		(2,109,000	)
	(15,939	)		Illumina, Inc.		(2,936,761	)
	(49,000	)		Insulet Corp.		(1,462,650	)
	(127,500	)		Integra LifeSciences Holdings Corp.		(7,494,450	)
	(37,500	)		Jazz Pharmaceuticals, PLC		(6,701,250	)
	(78,200	)		Ligand Pharmaceuticals, Inc.		(6,071,448	)
	(470,000	)		Medicines Company		(12,036,700	)
	(242,852	)		Molina Healthcare, Inc.		(14,384,124	)
	(125,500	)		NuVasive, Inc.		(5,613,615	)
	(116,973	)		Quidel Corp.		(2,725,471	)
	(181,000	)		Spectranetics Corp.		(4,642,650	)
	(75,741	)	DKK	William Demant Holding, A/S		(6,230,733	)
	(210,000	)		Wright Medical Group, Inc.		(5,327,700	)
	(35,578	)		Zimmer Holdings, Inc.		(3,907,888	)

						(156,572,815	)

				Industrials (-0.7%)
	(444,400	)		CBIZ, Inc.		(4,017,376	)
	(79,075	)		Deluxe Corp.		(5,120,106	)
	(42,000	)		Echo Global Logistics, Inc.		(1,213,800	)
	(183,600	)		Navistar International Corp.		(5,500,656	)
	(55,225	)		Nielsen, NV		(2,481,812	)
	(15,000	)		SolarCity Corp.		(900,750	)
	(300,000	)		Trinity Industries, Inc.		(8,127,000	)

						(27,361,500	)

				Information Technology (-10.3%)
	(80,000	)		AOL, Inc.		(3,192,000	)
	(55,500	)		Blucora, Inc.		(758,685	)
	(142,500	)		Bottomline Technologies (de), Inc.		(3,813,300	)
	(98,200	)		BroadSoft, Inc.		(3,107,048	)
	(74,176	)		Brocade Communications Systems, Inc.		(838,189	)
	(50,000	)		CalAmp Corp.		(985,500	)
	(85,000	)		Canadian Solar, Inc.		(3,009,000	)
	(93,999	)		Cardtronics, Inc.		(3,546,582	)
	(549,400	)		Ciena Corp.		(11,702,220	)
	(52,600	)		Citrix Systems, Inc.		(3,532,616	)
	(87,900	)		Cornerstone OnDemand, Inc.		(2,516,577	)
	(392,600	)		CSG Systems International, Inc.		(11,432,512	)
	(99,000	)		Dealertrack Technologies, Inc.		(3,891,690	)
	(925,000	)		Electronic Arts, Inc.		(53,733,250	)


128		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES				VALUE
	(120,000	)	Electronics For Imaging, Inc.	$	(5,007,600	)
	(637,500	)	Emulex Corp.		(5,112,750	)
	(95,000	)	EnerNOC, Inc.		(1,049,750	)
	(60,000	)	Envestnet, Inc.		(3,075,600	)
	(40,200	)	Euronet Worldwide, Inc.		(2,350,896	)
	(220,000	)	Finisar Corp.		(4,472,600	)
	(666,750	)	Infinera Corp.		(12,534,900	)
	(113,000	)	InterDigital, Inc.		(6,183,360	)
	(317,800	)	JDS Uniphase Corp.		(4,023,348	)
	(90,000	)	Lam Research Corp.		(6,802,200	)
	(26,000	)	LinkedIn Corp.		(6,555,380	)
	(342,900	)	Mentor Graphics Corp.		(8,205,597	)
	(69,700	)	MercadoLibre, Inc.		(9,920,401	)
	(156,000	)	Microchip Technology, Inc.		(7,434,180	)
	(13,500	)	NetSuite, Inc.		(1,290,195	)
	(781,000	)	NVIDIA Corp.		(17,334,295	)
	(103,773	)	NXP Semiconductors, NV		(9,974,661	)
	(1,297,000	)	ON Semiconductor Corp.		(14,941,440	)
	(86,500	)	Palo Alto Networks, Inc.		(12,777,780	)
	(230,575	)	Photronics, Inc.		(2,022,143	)
	(170,400	)	Proofpoint, Inc.		(9,198,192	)
	(58,200	)	PROS Holdings, Inc.		(1,293,786	)
	(136,500	)	Qihoo 360 Technology Company, Ltd.		(8,230,950	)
	(479,000	)	Rambus, Inc.		(6,629,360	)
	(153,589	)	Rovi Corp.		(2,842,932	)
	(174,700	)	Salesforce.com, Inc.		(12,721,654	)
	(522,400	)	SanDisk Corp.		(34,969,456	)
	(45,000	)	ServiceNow, Inc.		(3,368,700	)
	(8,000	)	SINA Corp.		(351,960	)
	(596,000	)	SunEdison, Inc.		(15,090,720	)
	(63,500	)	Synchronoss Technologies, Inc.		(2,913,380	)
	(776,000	)	Take-Two Interactive Software, Inc.		(18,391,200	)
	(315,300	)	TiVo, Inc.		(3,484,065	)
	(425,500	)	TTM Technologies, Inc.		(3,978,425	)
	(175,000	)	Twitter, Inc.		(6,818,000	)
	(10,425	)	VMware, Inc. - Class A		(918,443	)
	(147,412	)	Western Union Company		(2,989,515	)
	(113,200	)	Workday, Inc. - Class A		(10,324,972	)
	(147,000	)	Xilinx, Inc.		(6,373,920	)
	(51,000	)	Yahoo!, Inc.		(2,170,815	)
	(132,900	)	Yandex, NV - Class A		(2,556,996	)
	(34,400	)	YY, Inc.		(2,186,464	)

					(404,932,150	)

			Materials (-0.6%)
	(60,000	)	A Schulman, Inc.		(2,547,000	)
	(403,000	)	B2Gold Corp.		(624,650	)
	(1,262,780	)	Cemex, SAB de CV		(12,147,944	)


NUMBER OF SHARES				VALUE
	(121,600	)	Horsehead Holding Corp.	$	(1,817,920	)
	(130,000	)	RTI International Metals, Inc.		(4,894,500	)
	(117,000	)	United States Steel Corp.		(2,810,340	)

					(24,842,354	)

			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $797,155,760)		(880,472,932	)


	EXCHANGE-TRADED FUNDS SOLD SHORT (-1.2%)#
			Other (-1.2%)
	(117,746	)	Consumer Discretionary Select Sector SPDR Fund		(8,867,451	)
	(71,576	)	Consumer Staples Select Sector SPDR Fund		(3,462,131	)
	(92,490	)	Health Care Select Sector SPDR Fund		(6,629,683	)
	(9,688	)	iShares NASDAQ Biotechnology ETF		(3,232,498	)
	(34,995	)	iShares U.S. Healthcare Providers ETF		(4,498,257	)
	(47,272	)	iShares U.S. Industrials ETF		(5,072,758	)
	(34,550	)	iShares U.S. Medical Devices ETF		(4,038,895	)
	(90,000	)	iShares US Telecommunications ETF		(2,767,500	)
	(82,534	)	PowerShares QQQ		(8,883,135	)

			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $39,035,449)		(47,452,308	)


NUMBER OF CONTRACTS				VALUE

	WRITTEN OPTIONS (-0.6%)#
			Consumer Discretionary (-0.1%)
	244		Brunswick Corp. Put, 06/19/15, Strike $50.00		(42,700	)
	1,513		Cbs Corp. Call, 05/15/15, Strike $62.50		(223,924	)
	1,405		Vipshop Holdings, Ltd. Call, 01/15/16, Strike $7.00		(3,076,950	)
			Vitamin Shoppe, Inc.
	389		Call, 05/15/15, Strike $45.00		(17,505	)
	389		Call, 05/15/15, Strike $40.00		(102,113	)

					(3,463,192	)

			Energy (0.0%)
	750		Whiting Petroleum Corp. Call, 06/19/15, Strike $37.50		(213,750	)

			Financials (0.0%)
	300		Walter Investment Management Corp. Call, 01/15/16, Strike $30.00		(7,500	)

			Health Care (0.0%)
	291		Express Scripts Holding Company Put, 05/15/15, Strike $83.50		(16,296	)


See accompanying Notes to Schedule of Investments		www.calamos.com			129

Market Neutral Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF CONTRACTS			VALUE
	355	Zimmer Holdings, Inc. Put, 06/19/15, Strike $110.00	$	(129,575	)

				(145,871	)

		Industrials (0.0%)
	790	Deluxe Corp. Put, 05/15/15, Strike $65.00		(118,500	)
	750	Greenbrier Companies, Inc. Call, 01/15/16, Strike $55.00		(532,500	)
	350	SolarCity Corp. Call, 01/20/17, Strike $85.00		(202,125	)

				(853,125	)

		Information Technology (0.0%)
	2,500	Electronic Arts, Inc. Put, 01/15/16, Strike $32.00		(53,750	)
	2,000	SanDisk Corp. Put, 01/15/16, Strike $50.00		(293,000	)

				(346,750	)

		Other (-0.5%)
		S & P 500 Index
	2,000	Call, 05/08/15, Strike $2,100.00		(1,900,000	)
	2,000	Put, 05/29/15, Strike $2,050.00		(4,000,000	)
	1,500	Call, 06/30/15, Strike $2,125.00		(3,300,000	)
	1,250	Call, 06/19/15, Strike $2,150.00		(1,218,750	)
	1,000	Call, 05/22/15, Strike $2,125.00		(750,000	)
	1,000	Put, 06/30/15, Strike $1,975.00		(1,900,000	)
	500	Call, 06/30/15, Strike $2,100.00		(1,692,500	)
	500	Call, 12/31/15, Strike $2,200.00		(2,000,000	)

				(16,761,250	)

		TOTAL WRITTEN OPTIONS (Premium $24,480,848)		(21,791,438	)

NOTES TO SCHEDULE OF INVESTMENTS

~	Security, or portion of security, is segregated as collateral for written options and securities sold short. The aggregate value of such securities is $630,865,007.

^	Security, or portion of security, is on loan.

¤	The synthetic convertible securities strategy combines separate securities that together possess the economic characteristics similar to a convertible security.

‡	Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2015.

#	Non-income producing security.

**	In default status and considered illiquid and non-income producing.


FOREIGN CURRENCY ABBREVIATION
DKK		Danish Krone


130		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Hedged Equity Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	COMMON STOCKS (97.0%)
		Consumer Discretionary (11.1%)
	234	Amazon.com, Inc.#	$	98,697
	17	AutoZone, Inc.#~		11,435
	145	CarMax, Inc.#~		9,876
	382	Carnival Corp.		16,797
	334	Coach, Inc.		12,762
	1,953	Comcast Corp. - Class A~		112,805
	203	D.R. Horton, Inc.		5,156
	116	Darden Restaurants, Inc.		7,397
	301	Delphi Automotive, PLC		24,983
	564	DIRECTV#		51,158
	145	Discovery Communications, Inc. - Class A#~		4,692
	145	Discovery Communications, Inc. - Class C#~		4,383
	152	Dollar General Corp.		11,052
	2,348	Ford Motor Company		37,099
	70	Fossil Group, Inc.#		5,879
	180	Gap, Inc.~		7,135
	626	General Motors Company, Inc.		21,948
	1,352	Home Depot, Inc.		144,637
	204	Interpublic Group of Companies, Inc.		4,251
	112	Lennar Corp. - Class A		5,130
	1,127	Lowe’s Companies, Inc.		77,605
	159	Macy’s, Inc.		10,276
	584	McDonald’s Corp.		56,385
	126	Michael Kors Holdings, Ltd.#~		7,794
	57	Mohawk Industries, Inc.#		9,890
	18	Netflix, Inc.#		10,017
	521	Nike, Inc. - Class B		51,496
	39	Priceline Group, Inc.#		48,275
	534	PulteGroup, Inc.		10,306
	62	PVH Corp.		6,408
	117	Ross Stores, Inc.		11,569
	220	Royal Caribbean Cruises, Ltd.		14,973
	690	Starbucks Corp.		34,210
	125	Time Warner Cable, Inc.		19,440
	513	Time Warner, Inc.		43,302
	200	TJX Companies, Inc.		12,908
	53	TripAdvisor, Inc.#		4,266
	1,227	Twenty-First Century Fox, Inc.		41,816
	215	Viacom, Inc. - Class B		14,932
	1,211	Walt Disney Company~		131,660
	47	Whirlpool Corp.		8,253
	70	Wynn Resorts, Ltd.		7,775
	115	Yum! Brands, Inc.		9,885

				1,240,713


NUMBER OF SHARES			VALUE

		Consumer Staples (9.4%)
	1,610	Altria Group, Inc.~	$	80,581
	688	Archer-Daniels-Midland Company~		33,629
	2,179	Coca-Cola Company~		88,380
	438	Colgate-Palmolive Company		29,469
	232	ConAgra Foods, Inc.~		8,387
	157	Costco Wholesale Corp.		22,459
	908	CVS Health Corp.		90,155
	375	General Mills, Inc.		20,753
	82	Hershey Company~		7,537
	204	Kellogg Company		12,919
	189	Kimberly-Clark Corp.		20,731
	366	Kraft Foods Group, Inc.		31,019
	378	Kroger Company		26,048
	356	Lorillard, Inc.		24,870
	231	Mead Johnson Nutrition Company		22,158
	1,221	Mondelez International, Inc. - Class A		46,850
	1,164	PepsiCo, Inc.		110,720
	970	Philip Morris International, Inc.		80,966
	1,722	Procter & Gamble Company		136,916
	1,168	Wal-Mart Stores, Inc.~		91,162
	610	Walgreens Boots Alliance, Inc.		50,587
	197	Whole Foods Market, Inc.		9,409

				1,045,705

		Energy (8.5%)
	274	Anadarko Petroleum Corp.~		25,784
	143	Apache Corp.~		9,781
	281	Baker Hughes, Inc.~		19,237
	1,205	Chevron Corp.~		133,827
	721	ConocoPhillips		48,970
	364	Devon Energy Corp.		24,829
	528	EOG Resources, Inc.		52,246
	164	EQT Corp.		14,750
	2,728	Exxon Mobil Corp.		238,345
	557	Halliburton Company		27,265
	57	Helmerich & Payne, Inc.		4,444
	105	Hess Corp.~		8,075
	843	Kinder Morgan, Inc.		36,207
	349	Marathon Oil Corp.		10,854
	297	Marathon Petroleum Corp.		29,275
	76	Murphy Oil Corp.		3,618
	281	National Oilwell Varco, Inc.		15,289
	406	Noble Energy, Inc.		20,592
	470	Occidental Petroleum Corp.		37,647
	463	Phillips 66		36,721
	75	Pioneer Natural Resources Company		12,959
	817	Schlumberger, Ltd.		77,296


See accompanying Notes to Schedule of Investments		www.calamos.com			131

Hedged Equity Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	595	Spectra Energy Corp.	$	22,164
	610	Valero Energy Corp.		34,709

				944,884

		Financials (15.9%)
	169	ACE, Ltd.		18,081
	215	Aflac, Inc.~		13,554
	559	Allstate Corp.~		38,940
	1,099	American Express Company~		85,117
	1,378	American International Group, Inc.~		77,568
	234	American Tower Corp.~		22,120
	189	Ameriprise Financial, Inc.~		23,678
	70	AvalonBay Communities, Inc.~		11,504
	6,392	Bank of America Corp.~		101,824
	1,252	Bank of New York Mellon Corp.~		53,010
	532	BB&T Corp.~		20,370
	1,252	Berkshire Hathaway, Inc. - Class B#		176,795
	74	BlackRock, Inc.~		26,932
	406	Capital One Financial Corp.		32,825
	1,017	Charles Schwab Corp.		31,018
	116	Chubb Corp.		11,409
	1,817	Citigroup, Inc.~		96,882
	195	Crown Castle International Corp.		16,288
	296	Discover Financial Services		17,159
	211	Equity Residential		15,584
	639	Fifth Third Bancorp		12,780
	247	Franklin Resources, Inc.		12,735
	435	Genworth Financial, Inc. - Class A#		3,824
	269	Goldman Sachs Group, Inc.		52,837
	261	Hartford Financial Services Group, Inc.		10,641
	195	Health Care REIT, Inc.		14,044
	529	Host Hotels & Resorts, Inc.		10,654
	435	Invesco, Ltd.		18,018
	2,283	JPMorgan Chase & Company		144,423
	444	Lincoln National Corp.		25,082
	90	Macerich Company		7,358
	978	MetLife, Inc.		50,162
	845	Morgan Stanley		31,527
	334	PNC Financial Services Group, Inc.		30,638
	277	Principal Financial Group, Inc.		14,160
	320	Prologis, Inc.		12,864
	526	Prudential Financial, Inc.		42,922
	89	Public Storage		16,724
	1,103	Regions Financial Corp.		10,842
	257	Simon Property Group, Inc.		46,643
	252	State Street Corp.		19,434
	349	SunTrust Banks, Inc.		14,483
	157	T. Rowe Price Group, Inc.		12,745


NUMBER OF SHARES			VALUE
	161	Travelers Companies, Inc.	$	16,279
	1,488	US Bancorp~		63,791
	190	Ventas, Inc.		13,091
	175	Vornado Realty Trust		18,111
	2,962	Wells Fargo & Company		163,206

				1,780,676

		Health Care (14.1%)
	819	Abbott Laboratories~		38,018
	1,282	AbbVie, Inc.~		82,894
	295	Actavis, PLC#		83,444
	344	Aetna, Inc.~		36,763
	204	Agilent Technologies, Inc.~		8,439
	123	Alexion Pharmaceuticals, Inc.#~		20,815
	463	Amgen, Inc.~		73,112
	233	Anthem, Inc.~		35,167
	375	Baxter International, Inc.~		25,777
	176	Biogen, Inc.#~		65,812
	878	Bristol-Myers Squibb Company~		55,955
	466	Celgene Corp.#		50,356
	305	Cerner Corp.#		21,902
	295	Cigna Corp.		36,769
	116	DaVita HealthCare Partners, Inc.#~		9,408
	134	Edwards Lifesciences Corp.#		16,971
	564	Eli Lilly and Company		40,535
	609	Express Scripts Holding Company#		52,618
	991	Gilead Sciences, Inc.#		99,605
	1,757	Johnson & Johnson		174,294
	139	Laboratory Corp. of America Holdings#		16,619
	673	Medtronic, PLC		50,105
	2,155	Merck & Company, Inc.		128,352
	266	Mylan, NV#		19,221
	82	Perrigo Company, PLC		15,029
	4,061	Pfizer, Inc.		137,790
	87	Quest Diagnostics, Inc.		6,213
	23	Regeneron Pharmaceuticals, Inc.#		10,521
	321	St. Jude Medical, Inc.		22,486
	258	Stryker Corp.		23,798
	470	Thermo Fisher Scientific, Inc.		59,070
	532	UnitedHealth Group, Inc.		59,265

				1,577,123

		Industrials (9.3%)
	319	3M Company		49,888
	580	Boeing Company~		83,137
	382	Caterpillar, Inc.		33,188
	581	CSX Corp.		20,968
	110	Cummins, Inc.		15,209
	375	Danaher Corp.		30,705


132		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Hedged Equity Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	425	Deere & Company	$	38,471
	876	Delta Air Lines, Inc.		39,105
	226	Eaton Corp., PLC		15,533
	375	Emerson Electric Company		22,061
	182	Expeditors International of Washington, Inc.~		8,341
	220	FedEx Corp.		37,305
	192	Fluor Corp.		11,547
	406	General Dynamics Corp.		55,752
	5,494	General Electric Company		148,777
	678	Honeywell International, Inc.		68,424
	250	Illinois Tool Works, Inc.		23,395
	135	Jacobs Engineering Group, Inc.#		5,786
	128	Kansas City Southern		13,119
	83	Lockheed Martin Corp.		15,488
	406	Masco Corp.		10,755
	283	Norfolk Southern Corp.		28,541
	204	Pentair, PLC		12,679
	181	Precision Castparts Corp.		37,411
	145	Robert Half International, Inc.		8,040
	754	Southwest Airlines Company		30,582
	502	Union Pacific Corp.		53,327
	517	United Parcel Service, Inc. - Class B		51,974
	585	United Technologies Corp.		66,544

				1,036,052

		Information Technology (20.3%)
	345	Accenture, PLC - Class A		31,964
	232	Akamai Technologies, Inc.#~		17,117
	232	Amphenol Corp. - Class A~		12,846
	4,001	Apple, Inc.		500,725
	930	Applied Materials, Inc.~		18,405
	145	Avago Technologies, Ltd.		16,948
	406	Broadcom Corp. - Class A		17,947
	2,974	Cisco Systems, Inc.		85,740
	442	Cognizant Technology Solutions Corp. - Class A#		25,875
	665	eBay, Inc.#		38,743
	1,757	EMC Corp.		47,281
	130	F5 Networks, Inc.#		15,863
	1,560	Facebook, Inc. - Class A#~		122,881
	375	Fiserv, Inc.#		29,100
	169	Google, Inc. - Class A#~		92,742
	169	Google, Inc. - Class C#		90,810
	1,414	Hewlett-Packard Company		46,620
	3,615	Intel Corp.~		117,668
	612	International Business Machines Corp.~		104,830
	419	Juniper Networks, Inc.		11,074
	172	KLA-Tencor Corp.		10,114


NUMBER OF SHARES			VALUE
	983	MasterCard, Inc. - Class A	$	88,676
	231	Microchip Technology, Inc.		11,008
	639	Micron Technology, Inc.#		17,975
	5,756	Microsoft Corp.		279,972
	2,157	Oracle Corp.~		94,088
	994	QUALCOMM, Inc.~		67,592
	116	Red Hat, Inc.#~		8,730
	494	Symantec Corp.		12,313
	233	TE Connectivity, Ltd.		15,506
	116	Teradata Corp.#		5,103
	752	Texas Instruments, Inc.		40,766
	1,936	Visa, Inc. - Class A~		127,873
	197	Western Digital Corp.		19,255
	468	Yahoo!, Inc.#		19,920

				2,264,070

		Materials (3.1%)
	162	Air Products & Chemicals, Inc.~		23,236
	37	Airgas, Inc.~		3,747
	145	Allegheny Technologies, Inc.~		4,929
	52	CF Industries Holdings, Inc.		14,948
	1,002	Dow Chemical Company		51,102
	614	E.I. du Pont de Nemours and Company		44,945
	57	Eastman Chemical Company		4,344
	1,020	Freeport-McMoRan, Inc.		23,735
	314	LyondellBasell Industries, NV - Class A		32,505
	545	Monsanto Company		62,108
	438	Mosaic Company		19,272
	487	Newmont Mining Corp.		12,901
	101	PPG Industries, Inc.		22,378
	220	Praxair, Inc.		26,825

				346,975

		Telecommunication Services (2.3%)
	3,257	AT&T, Inc.~		112,822
	590	CenturyLink, Inc.		21,216
	2,442	Verizon Communications, Inc.~		123,175

				257,213

		Utilities (3.0%)
	609	AES Corp.~		8,069
	394	American Electric Power Company, Inc.~		22,407
	320	CMS Energy Corp.~		10,858
	232	Consolidated Edison, Inc.		14,280
	281	Dominion Resources, Inc.		20,142
	783	Duke Energy Corp.		60,737
	291	Edison International		17,734
	139	Entergy Corp.		10,728
	116	Eversource Energy		5,656
	406	Exelon Corp.		13,812


See accompanying Notes to Schedule of Investments		www.calamos.com			133

Hedged Equity Income Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	291	FirstEnergy Corp.	$	10,450
	478	NextEra Energy, Inc.		48,245
	349	PG&E Corp.		18,469
	291	PPL Corp.		9,903
	349	Public Service Enterprise Group, Inc.		14,497
	1,007	Southern Company		44,610
	261	Xcel Energy, Inc.		8,850

				339,447

		TOTAL COMMON STOCKS (Cost $10,844,170)		10,832,858

	EXCHANGE-TRADED FUND (1.8%)
		Other (1.8%)
	950	SPDR S&P 500 ETF Trust (Cost $198,488)		198,094


NUMBER OF CONTRACTS			VALUE
	PURCHASED OPTIONS (0.4%) #
		Other (0.4%)
		S & P 500 Index
	10	Put, 05/08/15, Strike $2,060.00		9,000
	5	Put, 05/01/15, Strike $1,990.00		50
	5	Put, 05/08/15, Strike $2,040.00		2,600
	5	Put, 06/30/15, Strike $2,000.00		12,175
	3	Put, 05/08/15, Strike $2,090.00		5,850
	3	Put, 05/22/15, Strike $2,100.00		10,500

		TOTAL PURCHASED OPTIONS (Cost $50,287)		40,175


NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (0.7%)
	81,759	Fidelity Prime Money Market Fund - Institutional Class (Cost $81,759)		81,759

	TOTAL INVESTMENTS (99.9%) (Cost $11,174,704)			11,152,886


	OTHER ASSETS, LESS LIABILITIES (0.1%)			12,742


	NET ASSETS (100.0%)		$	11,165,628


NUMBER OF CONTRACTS			VALUE
	WRITTEN OPTIONS (-0.6%)#
		Other (-0.6%)
		S & P 500 Index
	13	Call, 05/08/15, Strike $2,100.00	$	(12,350	)
	10	Call, 06/30/15, Strike $2,125.00		(22,000	)
	9	Call, 05/22/15, Strike $2,125.00		(6,750	)
	5	Call, 06/19/15, Strike $2,150.00		(4,875	)
	3	Call, 06/30/15, Strike $2,100.00		(10,155	)
	3	Call, 12/31/15, Strike $2,200.00		(12,000	)

		TOTAL WRITTEN OPTIONS (Premium $111,569)		(68,130	)

NOTES TO SCHEDULE OF INVESTMENTS

#	Non-income producing security.

~	Security, or portion of security, is segregated as collateral for written options. The aggregate value of such securities is $2,732,591.

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.


134		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Long/Short Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES			VALUE
	COMMON STOCKS (68.0%)
		Consumer Discretionary (26.5%)
	6,733	Advance Auto Parts, Inc.	$	962,819
	31,109	Brinker International, Inc.		1,722,505
	41,740	Brunswick Corp.~		2,088,670
	73,072	CBS Corp. - Class B~		4,539,964
	138,266	La Quinta Holdings, Inc.~#		3,329,445
	15,274	Nike, Inc. - Class B		1,509,682
	106,214	Norwegian Cruise Line Holdings, Ltd.#		5,152,441
	49,176	Party City Holdco, Inc.#		1,022,369
	20,781	Time Warner Cable, Inc.		3,231,861
	81,307	Vitamin Shoppe, Inc.~#		3,405,137

				26,964,893

		Financials (14.2%)
	85,016	Blackstone Group, LP~		3,482,255
	13,337	CIT Group, Inc.~		600,565
	205,880	Fortress Investment Group, LLC - Class A~		1,671,746
	87,781	Hilltop Holdings, Inc.~#		1,765,276
	60,884	JPMorgan Chase & Company~		3,851,522
	156,400	Navient Corp.~		3,056,056

				14,427,420

		Health Care (10.9%)
	125,129	Agilent Technologies, Inc.~		5,176,587
	18,068	Celgene Corp.~#		1,952,428
	30,510	Insulet Corp.~#		910,723
	29,387	Medtronic, PLC		2,187,862
	113,781	Presbia, PLC#^**		894,774
	308,561	Targeted Medical Pharma, Inc.~#**		25,302

				11,147,676

		Information Technology (12.6%)
	35,009	Apple, Inc.~		4,381,376
	4,151	Google, Inc. - Class A~#		2,277,945
	3,679	Google, Inc. - Class C~#		1,976,874
	60,873	IAC/InterActiveCorp~		4,250,153

				12,886,348

		Materials (3.8%)
	112,022	Berry Plastics Group, Inc.#		3,833,393

		TOTAL COMMON STOCKS (Cost $63,589,893)		69,259,730


NUMBER OF CONTRACTS			VALUE
	PURCHASED OPTIONS (0.1%)#
		Consumer Discretionary (0.0%)
	256	Cablevision Systems Corp. Call, 06/19/15, Strike $19.00		37,760


NUMBER OF CONTRACTS				VALUE
	154		Kohl’s Corp. Call, 05/15/15, Strike $77.50	$	5,390

					43,150

			Consumer Staples (0.1%)
	234		Nu Skin Enterprises, Inc. Call, 06/19/15, Strike $55.00		106,470

			TOTAL PURCHASED OPTIONS (Cost $161,905)		149,620

NUMBER OF SHARES				VALUE

	SHORT TERM INVESTMENT (30.5%)
	31,114,474		Fidelity Prime Money Market Fund - Institutional Class (Cost $31,114,474)		31,114,474


NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE

	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.4%)
			Federal Home Loan Bank Discount Notes
	73,954		0.000%, 05/29/15		73,954
	46,225		0.000%, 06/10/15		46,225
	23,113		0.000%, 05/27/15		23,113
	23,113		0.000%, 06/15/15		23,113
	46,222		Federal Home Loan Mortgage Corp. Discount Note 0.000%, 06/01/15		46,222
	91,828		Fidelity Prime Money Market Fund - Institutional Class		91,828
	42,117		Goldman Sachs Financial Square Fund		42,117
	46,228		Morgan Stanley Institutional Liquidity Fund		46,228

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $392,800)		392,800

	TOTAL INVESTMENTS (99.0%) (Cost $95,259,072)				100,916,624


	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.4%)				(392,800	)


	OTHER ASSETS, LESS LIABILITIES (1.4%)				1,406,823


	NET ASSETS (100.0%)			$	101,930,647


	COMMON STOCKS SOLD SHORT (-25.5%)#
			Consumer Discretionary (-8.2%)
	(96,226	)	Cablevision Systems Corp.		(1,922,595	)
	(37,877	)	Cheesecake Factory, Inc.		(1,898,774	)
	(30,607	)	Kate Spade & Company		(1,000,849	)


See accompanying Notes to Schedule of Investments		www.calamos.com			135

Long/Short Fund Schedule of Investments April 30, 2015 (Unaudited)


NUMBER OF SHARES/ PRINCIPAL AMOUNT					VALUE
	(15,483	)		Kohl’s Corp.	$	(1,109,357	)
	(10,823	)		L Brands, Inc.		(967,143	)
	(12,602	)		Omnicom Group, Inc.		(954,728	)
	(15,182	)		Zumiez, Inc.		(481,421	)

						(8,334,867	)

				Financials (-3.2%)
	(54,468	)		Cohen & Steers, Inc.		(2,062,158	)
	(23,776	)		NASDAQ OMX Group, Inc.		(1,156,227	)

						(3,218,385	)

				Health Care (-8.5%)
	(14,023	)		DexCom, Inc.		(947,534	)
	(29,106	)		Express Scripts Holding Company		(2,514,759	)
	(32,334	)	DKK	William Demant Holding, A/S		(2,659,914	)
	(23,492	)		Zimmer Holdings, Inc.		(2,580,361	)

						(8,702,568	)

				Industrials (-3.5%)
	(37,270	)		Deluxe Corp.		(2,413,232	)
	(26,006	)		Nielsen, NV		(1,168,710	)

						(3,581,942	)

				Information Technology (-1.2%)
	(59,487	)		Western Union Company		(1,206,396	)

				Telecommunication Services (-0.9%)
	(26,443	)		AT&T, Inc.		(915,986	)

				TOTAL COMMON STOCKS SOLD SHORT (Proceeds $23,894,838)		(25,960,144	)


NUMBER OF CONTRACTS					VALUE
	WRITTEN OPTIONS (-0.3%)#
				Consumer Discretionary (-0.1%)
	102			Brunswick Corp. Put, 06/19/15, Strike $50.00		(17,850	)
	730			CBS Corp. Call, 05/15/15, Strike $62.50		(108,040	)
				Vitamin Shoppe, Inc.
	210			Call, 05/15/15, Strike $45.00		(9,450	)
	210			Call, 05/15/15, Strike $40.00		(55,125	)

						(190,465	)

				Health Care (-0.1%)
	117			Express Scripts Holding Company Put, 05/15/15, Strike $83.50		(6,552	)
	234			Zimmer Holdings, Inc. Put, 06/19/15, Strike $110.00		(85,410	)

						(91,962	)


NUMBER OF CONTRACTS			VALUE

		Industrials (-0.1%)
	370	Deluxe Corp. Put, 05/15/15, Strike $65.00	$	(55,500	)

		TOTAL WRITTEN OPTIONS (Premium $311,875)		(337,927	)

NOTES TO SCHEDULE OF INVESTMENTS

~	Security, or portion of security, is segregated as collateral for written options and securities sold short. The aggregate value of such securities is $10,884,434.

#	Non-income producing security.

^	Security, or portion of security, is on loan.

**	In default status and considered illiquid and non-income producing.

FOREIGN CURRENCY ABBREVIATION


DKK		Danish Krone


136		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Assets and Liabilities April 30, 2015 (Unaudited)


	GROWTH FUND			OPPORTUNISTIC VALUE FUND		FOCUS GROWTH FUND		DISCOVERY GROWTH FUND			DIVIDEND GROWTH FUND
ASSETS
Investments in securities, at cost	$	2,474,660,099		$	72,728,000	$	56,736,545	$	46,869,005		$	31,000,852
Investment in securities, at value	$	3,279,937,346		$	74,672,512	$	66,256,773	$	50,310,765		$	32,510,596
Cash with custodian (interest bearing)		—			9,715		—		—			—
Restricted cash for short positions (interest bearing)		—			—		—		—			—
Due from investment advisor		—			36,703		25,280		7,931			15,895
Restricted foreign currency for short positions (cost $-)		—			—		—		—			—
Foreign currency		—			—		—		—			—
Unrealized appreciation on forward foreign currency contracts		1,408			—		1		—			—
Receivables:
Accrued interest and dividends		1,198,597			78,127		27,258		2,454			54,874
Investments sold		2,398,331			—		1,198,278		383,544			—
Fund shares sold		819,042			7,380		8,252		6,858			4,077
Prepaid expenses		209,979			40,414		36,883		21,970			23,504
Deferred offering costs		—			—		—		—			—
Other assets		850,191			103,711		96,053		37,586			9,972
Total assets		3,285,414,894			74,948,562		67,648,778		50,771,108			32,618,918
LIABILITIES
Due to custodian bank		—			—		—		—			—
Collateral for securities loaned		89,233,375			74,800		1,140,000		1,585,600			—
Securities sold short, at value (proceeds $-)		—			—		—		—			—
Options written, at value (premium $-)		—			—		—		—			—
Unrealized depreciation on forward foreign currency contracts		931,477			—		425		—			—
Payables:
Investments purchased		23,742,174			—		665,991		544,277			—
Fund shares redeemed		5,035,894			67,186		7,096		20,919			—
Dividends payable		—			—		—		—			—
Affiliates:
Investment advisory fees		2,240,805			61,892		55,277		40,554			26,441
Distribution fees		72,130			1,048		1,105		733			384
Deferred compensation to trustees		850,191			103,711		96,053		37,586			9,972
Financial accounting fees		30,429			712		635		466			304
Trustees’ fees and officer compensation		21,828			1,901		1,649		1,543			1,498
Other accounts payable and accrued liabilities		1,308,726			27,741		23,051		17,742			11,406
Total liabilities		123,467,029			338,991		1,991,282		2,249,420			50,005
NET ASSETS	$	3,161,947,865		$	74,609,571	$	65,657,496	$	48,521,688		$	32,568,913
COMPOSITION OF NET ASSETS
Paid in capital	$	1,938,122,280		$	66,061,261	$	47,848,022	$	44,184,397		$	29,946,563
Undistributed net investment income (loss)		(2,257,734	)		463,336		77,766		(324,060	)		568,401
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and short positions		421,736,455			6,140,462		8,211,904		1,219,591			544,205
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions		804,346,864			1,944,512		9,519,804		3,441,760			1,509,744
NET ASSETS	$	3,161,947,865		$	74,609,571	$	65,657,496	$	48,521,688		$	32,568,913
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	1,584,009,971		$	45,244,558	$	18,793,557	$	31,021,012		$	24,801,773
Shares outstanding		37,102,701			3,249,174		1,064,364		2,255,814			2,342,806
Net asset value and redemption price per share	$	42.69		$	13.92	$	17.66	$	13.75		$	10.59
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	44.82		$	14.61	$	18.54	$	14.44		$	11.12
CLASS B SHARES^†**
Net assets applicable to shares outstanding	$	26,823,334		$	264,522	$	420,841	$	1,759,298		$	—
Shares outstanding		669,384			20,515		25,719		133,507			—
Net asset value and redemption price per share	$	40.07		$	12.89	$	16.36	$	13.18		$	—
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	868,049,054		$	7,277,976	$	14,535,874	$	2,644,069		$	659,049
Shares outstanding		25,891,137			572,467		887,871		200,748			62,662
Net asset value and redemption price per share	$	33.53		$	12.71	$	16.37	$	13.17		$	10.52
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	672,967,606		$	21,670,693	$	31,675,440	$	11,175,338		$	6,997,702
Shares outstanding		13,285,519			1,519,018		1,772,731		801,040			660,030
Net asset value and redemption price per share	$	50.65		$	14.27	$	17.87	$	13.95		$	10.60
CLASS R SHARES^†
Net assets applicable to shares outstanding	$	10,097,900		$	151,822	$	231,784	$	1,921,971		$	110,389
Shares outstanding		245,264			11,021		13,337		141,606			10,444
Net asset value and redemption price per share	$	41.17		$	13.78	$	17.38	$	13.57		$	10.57

†	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			137

Statements of Assets and Liabilities April 30, 2015 (Unaudited)


	MID CAP GROWTH FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			EMERGING MARKET EQUITY FUND			GLOBAL EQUITY FUND
ASSETS
Investments in securities, at cost	$	37,001,246		$	654,854,003		$	564,710,320		$	17,569,882		$	179,616,279
Investment in securities, at value	$	40,157,488		$	721,822,055		$	612,859,783		$	18,652,602		$	214,864,524
Restricted cash for short positions (interest bearing)		—			—			—			—			—
Due from investment advisor		16,695			—			—			9,339			—
Restricted foreign currency for short positions (cost $-)		—			—			—			—			—
Foreign currency (cost $18,100, $127,325, $55,074, $2,617)		—			18,106			126,641			55,063			1,429
Unrealized appreciation on forward foreign currency contracts		—			28,594			65,208			1			6,946
Receivables:
Accrued interest and dividends		7,498			2,326,998			576,141			9,533			402,847
Investments sold		130,381			3,533,077			11,040,757			91,253			1,561,677
Fund shares sold		4,161			682,823			2,728,038			22,441			173,029
Prepaid expenses		24,295			85,380			66,082			30,321			49,207
Deferred offering costs		—			—			—			—			—
Other assets		10,006			106,315			61,562			8,472			69,991
Total assets		40,350,524			728,603,348			627,524,212			18,879,025			217,129,650
LIABILITIES
Due to custodian bank		—			—			—			—			—
Collateral for securities loaned		100,050			29,256,970			5,016,209			97,500			5,228,351
Securities sold short, at value (proceeds $-)		—			—			—			—			—
Options written, at value (premium $-)		—			—			—			—			—
Unrealized depreciation on forward foreign currency contracts		4,169			2,045,142			1,041,079			—			332,618
Payables:
Investments purchased		232			7,277,651			3,666,411			53,039			957,180
Fund shares redeemed		—			1,020,959			3,340,195			26,578			272,340
Dividends payable		—			—			—			—			—
Affiliates:
Investment advisory fees		34,054			472,910			545,695			16,752			143,568
Distribution fees		472			6,652			4,559			139			2,714
Deferred compensation to trustees		10,006			106,315			61,562			8,472			69,991
Financial accounting fees		391			6,530			5,751			175			2,010
Trustees’ fees and officer compensation		1,547			5,688			4,861			1,256			2,650
Other accounts payable and accrued liabilities		14,035			488,947			1,258,638			19,264			127,462
Total liabilities		164,956			40,687,764			14,944,960			223,175			7,138,884
NET ASSETS	$	40,185,568		$	687,915,584		$	612,579,252		$	18,655,850		$	209,990,766
COMPOSITION OF NET ASSETS
Paid in capital	$	35,691,751		$	604,676,415		$	572,236,710		$	18,504,075		$	167,092,574
Undistributed net investment income (loss)		(12,375	)		1,135,233			(1,869,382	)		(59,292	)		166,876
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and short positions		1,354,118			17,305,282			(3,988,579	)		(871,889	)		7,802,924
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions		3,152,074			64,798,654	*		46,200,503	*		1,082,956			34,928,392
NET ASSETS	$	40,185,568		$	687,915,584		$	612,579,252		$	18,655,850		$	209,990,766
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	30,717,981		$	231,786,577		$	148,809,660		$	8,472,116		$	76,709,050
Shares outstanding		2,574,039			12,719,567			10,723,703			847,077			5,726,780
Net asset value and redemption price per share	$	11.93		$	18.22		$	13.88		$	10.00		$	13.39
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	12.52		$	19.13		$	14.57		$	10.50		$	14.06
CLASS B SHARES^†**
Net assets applicable to shares outstanding	$	—		$	1,594,069		$	586,369		$	—		$	701,785
Shares outstanding		—			93,683			43,859			—			55,425
Net asset value and redemption price per share	$	—		$	17.02		$	13.37		$	—		$	12.66
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	753,123		$	52,938,131		$	43,242,920		$	322,558		$	24,632,166
Shares outstanding		63,925			3,115,211			3,235,516			32,396			1,950,185
Net asset value and redemption price per share	$	11.78		$	16.99		$	13.37		$	9.96		$	12.63
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	8,595,587		$	388,180,254		$	418,128,591		$	9,760,968		$	99,895,516
Shares outstanding		717,082			20,989,927			29,963,478			974,372			7,362,050
Net asset value and redemption price per share	$	11.99		$	18.49		$	13.95		$	10.02		$	13.57
CLASS R SHARES^†
Net assets applicable to shares outstanding	$	118,877		$	13,416,553		$	1,811,712		$	100,208		$	8,052,249
Shares outstanding		10,002			749,038			131,564			10,017			614,152
Net asset value and redemption price per share	$	11.89		$	17.91		$	13.77		$	10.00		$	13.11

†	No par value; unlimited number of shares authorized.

**	Redemption price may be reduced by contingent deferred sales charge.

*	Net of deferred foreign capital gains tax of $186,197 and $987,467, respectively.


138		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Assets and Liabilities April 30, 2015 (Unaudited)


	GROWTH AND INCOME FUND				GLOBAL GROWTH AND INCOME FUND		CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND		TOTAL RETURN BOND FUND
ASSETS
Investments in securities, at cost	$	2,403,415,791			$	401,526,546	$	1,271,192,860		$	8,948,255	$	74,054,176
Investment in securities, at value	$	2,855,509,347			$	429,774,222	$	1,344,310,503		$	9,036,469	$	76,336,147
Restricted cash for short positions (interest bearing)		—				—		—			—		—
Due from investment advisor		14,348				—		—			15,636		17,422
Restricted foreign currency for short positions (cost $-)		—				—		—			—		—
Foreign currency (cost $2)		—				—		—			2		—
Unrealized appreciation on forward foreign currency contracts		53,397				15,625		30,378			—		—
Receivables:
Accrued interest and dividends		6,467,251				1,620,698		4,970,523			35,740		622,764
Investments sold		752,595				8,073,045		24,904,290			—		3,109,289
Fund shares sold		1,546,931				157,414		1,866,436			6,965,672		91,708
Prepaid expenses		181,313				61,985		107,035			4,253		25,555
Deferred offering costs		—				—		—			165,685		—
Other assets		436,002				170,399		229,540			403		71,963
Total assets		2,864,961,184				439,873,388		1,376,418,705			16,223,860		80,274,848
LIABILITIES
Due to custodian bank		—				2,628,642		—			—		—
Collateral for securities loaned		66,137,705				13,194,745		80,599,565			—		1,132,038
Securities sold short, at value (proceeds $-)		—		��		—		—			—		—
Options written, at value (premium $168,568)		—				—		179,400			—		—
Unrealized depreciation on forward foreign currency contracts		—				336,236		834,907			—		—
Payables:
Investments purchased		—				1,450,852		33,708,595			596,248		1,997,440
Fund shares redeemed		6,583,477				553,733		3,194,083			6,719		139,248
Dividends payable		—				—		—			—		16,151
Affiliates:
Investment advisory fees		1,572,522				347,759		745,467			5,802		35,307
Distribution fees		70,064				9,380		23,328			81		1,636
Deferred compensation to trustees		436,002				170,399		229,540			403		71,963
Financial accounting fees		26,723				3,998		12,095			78		738
Trustees’ fees and officer compensation		18,975				4,219		9,023			427		1,884
Other accounts payable and accrued liabilities		901,070				145,967		303,697			114,394		34,561
Total liabilities		75,746,538				18,845,930		119,839,700			724,152		3,430,966
NET ASSETS	$	2,789,214,646			$	421,027,458	$	1,256,579,005		$	15,499,708	$	76,843,882
COMPOSITION OF NET ASSETS
Paid in capital	$	2,227,278,142			$	377,637,222	$	1,097,616,050		$	15,273,731	$	73,889,040
Undistributed net investment income (loss)		(6,741,980	)			1,115,598		(7,658,183	)		49,020		(267,021	)
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and short positions		116,531,531				14,329,272		94,324,258			89,458		939,892
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions		452,146,953				27,945,366		72,296,880			87,499		2,281,971
NET ASSETS	$	2,789,214,646			$	421,027,458	$	1,256,579,005		$	15,499,708	$	76,843,882
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	1,194,218,454			$	125,501,254	$	453,719,342		$	4,709,541	$	45,296,314
Shares outstanding		37,445,332				14,170,295		25,568,694			452,226		4,256,351
Net asset value and redemption price per share	$	31.89			$	8.86	$	17.75		$	10.41	$	10.64
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	33.48			$	9.30	$	18.64		$	10.93	$	11.05	#
CLASS B SHARES^†**
Net assets applicable to shares outstanding	$	13,579,539			$	3,325,314	$	7,772,123		$	—	$	1,346,517
Shares outstanding		358,572				368,822		344,900			—		126,569
Net asset value and redemption price per share	$	37.87			$	9.02	$	22.53		$	—	$	10.64
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	943,453,988			$	133,555,878	$	299,592,800		$	247,106	$	17,031,315
Shares outstanding		29,464,971				16,471,328		17,031,109			23,785		1,601,025
Net asset value and redemption price per share	$	32.02			$	8.11	$	17.59		$	10.39	$	10.64
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	621,119,145			$	157,050,210	$	493,232,996		$	10,439,002	$	12,937,490
Shares outstanding		20,078,952				17,326,566		30,541,699			1,001,241		1,216,016
Net asset value and redemption price per share	$	30.93			$	9.06	$	16.15		$	10.43	$	10.64
CLASS R SHARES^†
Net assets applicable to shares outstanding	$	16,843,520			$	1,594,802	$	2,261,744		$	104,059	$	232,246
Shares outstanding		531,991				182,057		127,876			10,000		21,828
Net asset value and redemption price per share	$	31.66			$	8.76	$	17.69		$	10.41	$	10.64

†	No par value; unlimited number of shares authorized.

**	Redemption price may be reduced by contingent deferred sales charge.

#	For Total Return Bond Fund, maximum offering price per share is Net asset value plus 3.75% of offering price.


See accompanying Notes to Financial Statements		www.calamos.com			139

Statements of Assets and Liabilities April 30, 2015 (Unaudited)


	HIGH INCOME FUND			MARKET NEUTRAL INCOME FUND		HEDGED EQUITY INCOME FUND		LONG/SHORT FUND
ASSETS
Investments in securities, at cost	$	156,393,750		$	3,853,735,194	$	11,174,704	$	95,259,072
Investment in securities, at value	$	156,655,986		$	4,022,740,279	$	11,152,886	$	100,916,624
Restricted cash for short positions (interest bearing)		—			967,154,407		—		24,439,840
Due from investment advisor		—			—		15,117		—
Restricted foreign currency for short positions (cost $8,368,841, $3,584,702)		—			7,285,712		—		3,110,276
Foreign currency		—			—		—		—
Unrealized appreciation on forward foreign currency contracts		—			—		—		—
Receivables:
Accrued interest and dividends		2,178,739			12,670,537		10,116		75,674
Investments sold		389,629			18,142,866		14,893		1,569,170
Fund shares sold		303,908			8,390,209		5,108		95,913
Prepaid expenses		42,099			270,382		4,458		27,067
Deferred offering costs		—			—		165,685		—
Other assets		115,926			238,345		409		10,988
Total assets		159,686,287			5,036,892,737		11,368,672		130,245,552
LIABILITIES
Due to custodian bank		—			1,177,081		—		—
Collateral for securities loaned		11,199,445			120,143,087		—		392,800
Securities sold short, at value (proceeds $836,191,209, $23,894,838)		—			927,925,240		—		25,960,144
Options written, at value (premium $24,480,848, $111,569, $311,875)		—			21,791,438		68,130		337,927
Unrealized depreciation on forward foreign currency contracts		—			—		—		—
Payables:
Investments purchased		1,332,121			18,217,931		18,506		1,277,601
Fund shares redeemed		351,501			7,194,784		—		185,770
Dividends payable		48,465			—		—		—
Affiliates:
Investment advisory fees		91,026			2,205,167		6,850		105,355
Distribution fees		2,764			34,854		86		849
Deferred compensation to trustees		115,926			238,345		409		10,988
Financial accounting fees		1,395			37,913		105		969
Trustees’ fees and officer compensation		2,404			24,806		384		2,009
Other accounts payable and accrued liabilities		58,764			1,138,673		108,574		40,493
Total liabilities		13,203,811			1,100,129,319		203,044		28,314,905
NET ASSETS	$	146,482,476		$	3,936,763,418	$	11,165,628	$	101,930,647
COMPOSITION OF NET ASSETS
Paid in capital	$	148,707,530		$	3,835,695,962	$	11,103,384	$	97,883,760
Undistributed net investment income (loss)		(285,896	)		9,428,785		25,733		(571,827	)
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and short positions		(2,201,394	)		12,761,325		14,890		1,526,953
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions		262,236			78,877,346		21,621		3,091,761
NET ASSETS	$	146,482,476		$	3,936,763,418	$	11,165,628	$	101,930,647
CLASS A SHARES^†
Net assets applicable to shares outstanding	$	93,682,617		$	1,148,771,534	$	5,568,756	$	36,394,685
Shares outstanding		10,187,341			87,580,278		554,409		3,349,752
Net asset value and redemption price per share	$	9.20		$	13.12	$	10.04	$	10.86
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	9.66		$	13.77	$	10.54	$	11.40
CLASS B SHARES^†**
Net assets applicable to shares outstanding	$	1,289,543		$	3,158,604	$	—	$	—
Shares outstanding		132,824			227,557		—		—
Net asset value and redemption price per share	$	9.71		$	13.88	$	—	$	—
CLASS C SHARES^†**
Net assets applicable to shares outstanding	$	25,452,952		$	339,682,967	$	100,195	$	6,260,114
Shares outstanding		2,649,260			25,508,247		10,000		583,841
Net asset value and redemption price per share	$	9.61		$	13.32	$	10.02	$	10.72
CLASS I SHARES^†
Net assets applicable to shares outstanding	$	25,897,652		$	2,436,964,948	$	5,396,317	$	59,165,475
Shares outstanding		2,816,254			187,726,840		536,824		5,421,745
Net asset value and redemption price per share	$	9.20		$	12.98	$	10.05	$	10.91
CLASS R SHARES^†
Net assets applicable to shares outstanding	$	159,712		$	8,185,365	$	100,360	$	110,373
Shares outstanding		17,394			626,361		10,000		10,199
Net asset value and redemption price per share	$	9.18		$	13.07	$	10.04	$	10.82

†	No par value; unlimited number of shares authorized.

**	Redemption price may be reduced by contingent deferred sales charge.


140		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Operations Six Months Ended April 30, 2015 (Unaudited)


	GROWTH FUND			OPPORTUNISTIC VALUE FUND			FOCUS GROWTH FUND			DISCOVERY GROWTH FUND			DIVIDEND GROWTH FUND
INVESTMENT INCOME
Interest	$	1,075,339		$	—		$	25,342		$	—		$	—
Dividends		16,552,238			1,030,402			388,585			79,681			579,958
Securities lending income		1,206,972			38,042			3,608			28,473			14,489
Dividend taxes withheld		(12,939	)		—			—			(797	)		—
Total investment income		18,821,610			1,068,444			417,535			107,357			594,447

EXPENSES
Investment advisory fees		13,898,922			427,992			326,889			236,304			167,644
Distribution fees
Class A		2,037,270			62,923			24,457			38,017			31,854
Class B		155,151			1,488			2,210			8,517			—
Class C		4,505,146			41,601			71,885			12,809			2,541
Class R		24,855			370			548			4,625			271
Transfer agent fees		2,357,556			41,756			23,707			13,659			7,623
Printing and mailing fees		311,971			5,350			3,585			2,023			1,771
Financial accounting fees		189,270			4,927			3,762			2,719			1,929
Accounting fees		92,515			10,950			10,189			11,293			9,899
Registration fees		76,874			33,897			27,571			30,626			24,035
Trustees’ fees and officer compensation		73,552			7,359			6,773			6,380			6,149
Audit fees		71,279			6,425			6,053			5,638			5,368
Legal fees		69,505			11,258			6,686			6,247			9,404
Custodian fees		54,243			4,555			5,462			4,730			3,320
Dividend or interest expense on short positions		—			—			—			—			—
Offering costs and organizational fees		—			—			—			—			—
Other		93,039			7,124			7,099			4,470			3,735
Total expenses		24,011,148			667,975			526,876			388,057			275,543
Less expense reductions		—			(176,400	)		(133,576	)		(28,708	)		(56,467	)
Net expenses		24,011,148			491,575			393,300			359,349			219,076
NET INVESTMENT INCOME (LOSS)		(5,189,538	)		576,869			24,235			(251,992	)		375,371

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		419,698,322			6,372,510			8,209,610			1,438,143			646,916
Purchased options		—			(83,311	)		(37,290	)		—			(31,824	)
Foreign currency transactions		3,974,151			—			8,046			—			—
Written options		942,581			(6,126	)		41,881			—			(75	)
Short positions		—			(73,203	)		—			—			(51,745	)
Change in net unrealized appreciation/(depreciation) on:
Investments		(217,878,724	)		(7,149,860	)		(5,037,475	)		1,426,855			(755,036	)
Purchased options		—			—			—			—			—
Foreign currency translations		(1,013,169	)		—			7,764			—			—
Written options		(41,588	)		40,594			—			—			14,001
Short positions		—			—			—			—			—
NET GAIN (LOSS)		205,681,573			(899,396	)		3,192,536			2,864,998			(177,763	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	200,492,035		$	(322,527	)	$	3,216,771		$	2,613,006		$	197,608


See accompanying Notes to Financial Statements		www.calamos.com			141

Statements of Operations Six Months Ended April 30, 2015 (Unaudited)


	MID CAP GROWTH FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			EMERGING MARKET EQUITY FUND			GLOBAL EQUITY FUND
INVESTMENT INCOME
Interest	$	—		$	—		$	1,153,339		$	—		$	5,374
Dividends		169,521			6,158,610			3,463,926			112,110			1,444,913
Securities lending income		54,989			69,402			27,683			842			9,103
Dividend taxes withheld		(710	)		(624,107	)		(295,466	)		(12,992	)		(101,591	)
Total investment income		223,800			5,603,905			4,349,482			99,960			1,357,799

EXPENSES
Investment advisory fees		221,123			2,863,752			3,244,805			95,074			846,900
Distribution fees
Class A		42,270			292,847			185,471			9,507			101,233
Class B		—			9,308			2,908			—			5,195
Class C		3,637			268,240			210,943			1,513			127,720
Class R		290			35,865			3,933			236			20,167
Transfer agent fees		7,868			499,558			463,353			5,606			148,271
Printing and mailing fees		1,946			41,102			58,405			2,445			36,789
Financial accounting fees		2,544			39,792			34,212			995			12,174
Accounting fees		10,062			27,313			25,033			9,129			15,936
Registration fees		26,307			41,760			55,604			20,471			31,414
Trustees’ fees and officer compensation		6,464			19,931			19,122			7,212			9,445
Audit fees		5,560			19,731			14,138			5,273			9,474
Legal fees		6,877			39,292			16,205			4,073			7,958
Custodian fees		5,471			114,180			188,723			19,104			23,456
Dividend or interest expense on short positions		—			—			—			—			—
Offering costs and organizational fees		—			—			—			—			—
Other		3,448			26,805			29,961			4,464			14,717
Total expenses		343,867			4,339,476			4,552,816			185,102			1,410,849
Less expense reductions		(76,549	)		—			—			(44,198	)		—
Net expenses		267,318			4,339,476			4,552,816			140,904			1,410,849
NET INVESTMENT INCOME (LOSS)		(43,518	)		1,264,429			(203,334	)		(40,944	)		(53,050	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		1,600,858			16,188,171	^(a)		(8,998,015	)^(a)		(576,597	)		7,547,676
Purchased options		—			59,824			127,759			4,108			24,432
Foreign currency transactions		88,195			1,057,347			4,487,500			(5,917	)		292,358
Written options		6,761			—			—			—			—
Short positions		—			—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		571,591			26,031,763	^(b)		25,572,534	^(b)		1,074,785			6,473,041
Purchased options		—			—			—			—			—
Foreign currency translations		(11,198	)		(1,931,822	)		(1,975,013	)		(51	)		(313,615	)
Written options		—			—			—			—			—
Short positions		—			—			—			—			—
NET GAIN (LOSS)		2,256,207			41,405,283			19,214,765			496,328			14,023,892
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,212,689		$	42,669,712		$	19,011,431		$	455,384		$	13,970,842

(a)	Net of foreign capital gains tax of $208,878 and $131,189, respectively.

(b)	Net of change of $275,906 and $230,035, respectively in deferred capital gains tax.


142		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Operations Six Months Ended April 30, 2015 (Unaudited)


	GROWTH AND INCOME FUND			GLOBAL GROWTH AND INCOME FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND^(a)			TOTAL RETURN BOND FUND
INVESTMENT INCOME
Interest	$	16,487,276		$	3,490,105		$	16,259,706		$	63,184		$	1,500,991
Dividends		25,286,147			2,384,656			6,458,259			13,274			499
Securities lending income		110,514			36,188			237,743			—			1,911
Dividend taxes withheld		—			(122,438	)		—			1			—
Total investment income		41,883,937			5,788,511			22,955,708			76,459			1,503,401

EXPENSES
Investment advisory fees		9,774,050			2,187,530			4,597,020			18,569			236,388
Distribution fees
Class A		1,551,426			164,832			587,673			2,723			66,814
Class B		79,809			19,779			44,662			—			7,897
Class C		4,853,369			687,938			1,533,276			517			87,112
Class R		45,591			4,044			6,126			168			563
Transfer agent fees		1,616,631			255,370			638,678			2,963			46,458
Printing and mailing fees		201,284			31,671			70,940			1,320			6,393
Financial accounting fees		166,492			25,179			74,818			251			4,947
Accounting fees		84,591			23,167			44,385			6,356			13,000
Registration fees		58,305			39,788			54,602			—			30,716
Trustees’ fees and officer compensation		67,095			14,564			34,568			3,000			7,021
Audit fees		58,357			14,200			26,742			2,880			6,516
Legal fees		58,324			28,643			28,209			2,040			7,226
Custodian fees		37,185			26,181			12,649			5,400			3,795
Dividend or interest expense on short positions		—			—			—			—			—
Offering costs and organizational fees		—			—			—			36,160			—
Other		73,048			21,252			32,543			2,952			11,199
Total expenses		18,725,557			3,544,138			7,786,891			85,299			536,045
Less expense reductions		—			—			—			(57,860	)		(94,292	)
Net expenses		18,725,557			3,544,138			7,786,891			27,439			441,753
NET INVESTMENT INCOME (LOSS)		23,158,380			2,244,373			15,168,817			49,020			1,061,648

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		96,971,989			11,833,727			62,576,683			16,208			1,267,352
Purchased options		3,108,166			322,124			13,936,333			69,396			—
Foreign currency transactions		2,422,433			539,678			2,803,429			3,854			—
Written options		—			—			886,356			—			—
Short positions		—			—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(62,490,286	)		5,104,915			(60,456,129	)		94,148			(617,599	)
Purchased options		(5,055,156	)		(1,008,200	)		(14,460,344	)		(5,934	)		—
Foreign currency translations		(36,944	)		(316,086	)		(891,197	)		(715	)		—
Written options		—			—			(355,423	)		—			—
Short positions		—			—			—			—			—
NET GAIN (LOSS)		34,920,202			16,476,158			4,039,708			176,957			649,753
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	58,078,582		$	18,720,531		$	19,208,525		$	225,977		$	1,711,401

(a)	Global Convertible Fund commenced operations on December 31, 2014.


See accompanying Notes to Financial Statements		www.calamos.com			143

Statements of Operations Six Months Ended April 30, 2015 (Unaudited)


	HIGH INCOME FUND			MARKET NEUTRAL INCOME FUND			HEDGED EQUITY INCOME FUND^(a)			LONG/SHORT FUND
INVESTMENT INCOME
Interest	$	4,429,903		$	34,771,984		$	—		$	468
Dividends		90,391			21,180,800			65,468			545,251
Securities lending income		19,110			221,739			—			15,762
Dividend taxes withheld		—			—			—			—
Total investment income		4,539,404			56,174,523			65,468			561,481

EXPENSES
Investment advisory fees		559,219			13,665,331			26,186			708,496
Distribution fees
Class A		122,063			1,515,726			4,330			47,658
Class B		8,074			18,594			—			—
Class C		132,550			1,711,162			327			31,916
Class R		450			20,038			164			271
Transfer agent fees		81,634			2,366,890			2,968			43,673
Printing and mailing fees		10,627			240,867			1,440			6,207
Financial accounting fees		8,583			235,400			402			6,524
Accounting fees		15,379			151,929			6,418			11,019
Registration fees		32,651			104,026			—			31,824
Trustees’ fees and officer compensation		8,597			97,304			3,000			8,295
Audit fees		8,475			67,750			2,880			5,997
Legal fees		8,724			84,561			2,040			6,701
Custodian fees		5,401			79,830			4,320			14,004
Dividend or interest expense on short positions		—			2,821,257			—			299,087
Offering costs and organizational fees		—			—			36,160			—
Other		12,089			138,794			2,760			4,716
Total expenses		1,014,516			23,319,459			93,395			1,226,388
Less expense reductions		—			—			(53,660	)		—
Net expenses		1,014,516			23,319,459			39,735			1,226,388
NET INVESTMENT INCOME (LOSS)		3,524,888			32,855,064			25,733			(664,907	)

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(1,659,078	)		60,634,316			26,721			269,038
Purchased options		—			(45,362,798	)		(153,073	)		145,991
Foreign currency transactions		—			(22,342	)		—			(6,167	)
Written options		—			(31,204,567	)		141,242			298,429
Short positions		—			(20,582,560	)		—			1,390,046
Change in net unrealized appreciation/(depreciation) on:
Investments		(2,230,518	)		29,026,244			(11,706	)		676,406
Purchased options		—			11,102,837			(10,112	)		(61,950	)
Foreign currency translations		—			(560,522	)		—			(266,670	)
Written options		—			39,180,596			43,439			(46,699	)
Short positions		—			(10,938,205	)		—			(592,805	)
NET GAIN (LOSS)		(3,889,596	)		31,272,999			36,511			1,805,619
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(364,708	)	$	64,128,063		$	62,244		$	1,140,712

(a)	Hedged Equity Income Fund commenced operations December 31, 2014.


144		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	GROWTH FUND						OPPORTUNISTIC VALUE FUND						FOCUS GROWTH FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014
OPERATIONS
Net investment income (loss)	$	(5,189,538	)	$	(22,580,354	)	$	576,869		$	1,286,323		$	24,235		$	(213,187	)
Net realized gain (loss)		424,615,054			737,769,087			6,209,870			7,981,689			8,222,247			10,204,758
Change in unrealized appreciation/(depreciation)		(218,933,481	)		(210,834,316	)		(7,109,266	)		(1,359,198	)		(5,029,711	)		(2,530,005	)
Net increase (decrease) in net assets resulting from operations		200,492,035			504,354,417			(322,527	)		7,908,814			3,216,771			7,461,566

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			—			(502,337	)		(694,484	)		—			(29,408	)
Class B		—			—			—			(1,818	)		—			—
Class C		—			—			(17,709	)		(65,180	)		—			—
Class I		—			—			(360,195	)		(250,952	)		—			(92,898	)
Class R		—			—			(1,193	)		(929	)		—			—
Net realized gains
Class A		(334,486,283	)		(558,239,074	)		(3,570,562	)		(5,427,315	)		(1,885,461	)		—
Class B		(6,995,647	)		(20,551,728	)		(22,490	)		(79,512	)		(44,044	)		—
Class C		(223,372,174	)		(313,752,235	)		(636,667	)		(748,482	)		(1,433,556	)		—
Class I		(134,935,100	)		(229,597,726	)		(1,911,869	)		(1,585,880	)		(2,877,179	)		—
Class R		(2,037,555	)		(2,670,144	)		(10,016	)		(9,466	)		(20,197	)		—
Return of capital
Class A		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total distributions		(701,826,759	)		(1,124,810,907	)		(7,033,038	)		(8,864,018	)		(6,260,437	)		(122,306	)

CAPITAL SHARE TRANSACTIONS		178,806,161			(336,219,913	)		(19,056,293	)		(7,595,737	)		4,074,091			(8,868,607	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(322,528,563	)		(956,676,403	)		(26,411,858	)		(8,550,941	)		1,030,425			(1,529,347	)

NET ASSETS
Beginning of period	$	3,484,476,428		$	4,441,152,831		$	101,021,429		$	109,572,370		$	64,627,071		$	66,156,418
End of period		3,161,947,865			3,484,476,428			74,609,571			101,021,429			65,657,496			64,627,071
Undistributed net investment income (loss)	$	(2,257,734	)	$	2,931,804		$	463,336		$	767,901		$	77,766		$	53,531


See accompanying Notes to Financial Statements		www.calamos.com			145

Statements of Changes in Net Assets


	DISCOVERY GROWTH FUND						DIVIDEND GROWTH FUND						MID CAP GROWTH FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014
OPERATIONS
Net investment income (loss)	$	(251,992	)	$	(519,564	)	$	375,371		$	1,368,926		$	(43,518	)	$	(218,150	)
Net realized gain (loss)		1,438,143			6,704,516			563,272			372,679			1,695,814			(304,230	)
Change in unrealized appreciation/(depreciation)		1,426,855			(740,542	)		(741,035	)		462,096			560,393			2,351,400
Net increase (decrease) in net assets resulting from operations		2,613,006			5,444,410			197,608			2,203,701			2,212,689			1,829,020

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			—			(362,247	)		(476,475	)		—			(4,021	)
Class B		—			—			—			—			—			—
Class C		—			—			(4,913	)		(3,693	)		—			—
Class I		—			—			(114,838	)		(155,141	)		—			(4,014	)
Class R		—			—			(1,440	)		(1,592	)		—			—
Net realized gains
Class A		(2,749,737	)		(4,234,941	)		(319,688	)		(64,701	)		—			(1,526	)
Class B		(162,339	)		(232,562	)		—			—			—			—
Class C		(244,677	)		(375,617	)		(4,968	)		(729	)		—			(12	)
Class I		(970,172	)		(1,398,357	)		(96,682	)		(19,232	)		—			(574	)
Class R		(171,966	)		(251,178	)		(1,326	)		(258	)		—			(8	)
Return of capital
Class A		—			—			—			—			—			(11	)
Class I		—			—			—			—			—			(11	)
Total distributions		(4,298,891	)		(6,492,655	)		(906,102	)		(721,821	)		—			(10,177	)

CAPITAL SHARE TRANSACTIONS		2,632,964			863,360			(3,634,420	)		1,565,128			(9,565,554	)		25,159,893
TOTAL INCREASE (DECREASE) IN NET ASSETS		947,079			(184,885	)		(4,342,914	)		3,047,008			(7,352,865	)		26,978,736

NET ASSETS
Beginning of period	$	47,574,609		$	47,759,494		$	36,911,827		$	33,864,819		$	47,538,433		$	20,559,697
End of period		48,521,688			47,574,609			32,568,913			36,911,827			40,185,568			47,538,433
Undistributed net investment income (loss)	$	(324,060	)	$	(72,068	)	$	568,401		$	676,468		$	(12,375	)	$	31,143


146		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						EMERGING MARKET EQUITY FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			PERIOD ENDED OCTOBER 31, 2014*
OPERATIONS
Net investment income (loss)	$	1,264,429		$	4,163,624		$	(203,334	)	$	3,139,061		$	(40,944	)	$	41,684
Net realized gain (loss)		17,305,342			95,194,298			(4,382,756	)		12,761,694			(578,406	)		(304,414	)
Change in unrealized appreciation/(depreciation)		24,099,941			(90,456,725	)		23,597,521			(23,918,187	)		1,074,734			8,222
Net increase (decrease) in net assets resulting from operations		42,669,712			8,901,197			19,011,431			(8,017,432	)		455,384			(254,508	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			(1,474,327	)		(307,138	)		(102,330	)		(41,567	)		—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			(3,174,460	)		(2,034,410	)		(923,825	)		(61,523	)		—
Class R		—			(40,645	)		—			—			(156	)		—
Net realized gains
Class A		(26,448,259	)		—			(3,433,350	)		(1,437,516	)		—			—
Class B		(242,569	)		—			(13,442	)		(14,719	)		—			—
Class C		(6,563,935	)		—			(1,003,187	)		(311,938	)		—			—
Class I		(43,201,700	)		—			(8,919,021	)		(2,656,170	)		—			—
Class R		(1,648,974	)		—			(32,328	)		(15,858	)		—			—
Return of capital
Class A		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total distributions		(78,105,437	)		(4,689,432	)		(15,742,876	)		(5,462,356	)		(103,246	)		—

CAPITAL SHARE TRANSACTIONS		(18,241,971	)		(183,336,549	)		(42,252,625	)		151,229,636			2,856,483			15,701,737
TOTAL INCREASE (DECREASE) IN NET ASSETS		(53,677,696	)		(179,124,784	)		(38,984,070	)		137,749,848			3,208,621			15,447,229

NET ASSETS
Beginning of period	$	741,593,280		$	920,718,064		$	651,563,322		$	513,813,474		$	15,447,229		$	—
End of period		687,915,584			741,593,280			612,579,252			651,563,322			18,655,850			15,447,229
Undistributed net investment income (loss)	$	1,135,233		$	(129,196	)	$	(1,869,382	)	$	675,500		$	(59,292	)	$	84,898

*	Emerging Market Equity commenced operations on December 31, 2013.


See accompanying Notes to Financial Statements		www.calamos.com			147

Statements of Changes in Net Assets


	GLOBAL EQUITY FUND						GROWTH AND INCOME FUND						GLOBAL GROWTH AND INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014
OPERATIONS
Net investment income (loss)	$	(53,050	)	$	(246,342	)	$	23,158,380		$	50,472,535		$	2,244,373		$	4,959,034
Net realized gain (loss)		7,864,466			59,594,689			102,502,588			330,742,423			12,695,529			82,182,781
Change in unrealized appreciation/(depreciation)		6,159,426			(38,674,942	)		(67,582,386	)		(72,957,107	)		3,780,629			(59,103,330	)
Net increase (decrease) in net assets resulting from operations		13,970,842			20,673,405			58,078,582			308,257,851			18,720,531			28,038,485

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			(849,768	)		(9,389,170	)		(34,093,049	)		(549,399	)		(4,854,837	)
Class B		—			—			(30,709	)		(560,141	)		—			(125,709	)
Class C		—			—			(3,640,468	)		(10,751,288	)		—			(2,971,428	)
Class I		—			(1,047,636	)		(5,913,372	)		(17,953,025	)		(1,008,993	)		(6,086,968	)
Class R		—			(44,278	)		(116,247	)		(387,064	)		(3,985	)		(34,861	)
Net realized gains
Class A		(16,689,799	)		(2,386,305	)		(136,678,722	)		(138,834,231	)		(23,384,613	)		(29,539,610	)
Class B		(228,886	)		(51,337	)		(1,585,363	)		(3,497,795	)		(715,924	)		(1,441,922	)
Class C		(5,599,563	)		(613,953	)		(105,660,707	)		(95,532,118	)		(26,044,532	)		(28,499,801	)
Class I		(18,756,109	)		(2,063,076	)		(73,482,783	)		(58,434,064	)		(27,529,458	)		(33,164,954	)
Class R		(1,686,163	)		(168,513	)		(1,953,757	)		(1,980,893	)		(278,726	)		(244,791	)
Return of capital
Class A		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total distributions		(42,960,520	)		(7,224,866	)		(338,451,298	)		(362,023,668	)		(79,515,630	)		(106,964,881	)

CAPITAL SHARE TRANSACTIONS		11,185,576			(195,729,870	)		17,283,141			(341,313,573	)		(4,442,456	)		(76,063,619	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(17,804,102	)		(182,281,331	)		(263,089,575	)		(395,079,390	)		(65,237,555	)		(154,990,015	)

NET ASSETS
Beginning of period	$	227,794,868		$	410,076,199		$	3,052,304,221		$	3,447,383,611		$	486,265,013		$	641,255,028
End of period		209,990,766			227,794,868			2,789,214,646			3,052,304,221			421,027,458			486,265,013
Undistributed net investment income (loss)	$	166,876		$	219,926		$	(6,741,980	)	$	(10,810,394	)	$	1,115,598		$	433,602


148		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND		TOTAL RETURN BOND FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) PERIOD ENDED APRIL 30, 2015¹		(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014
OPERATIONS
Net investment income (loss)	$	15,168,817		$	27,815,452		$	49,020	$	1,061,648		$	2,963,974
Net realized gain (loss)		80,202,801			77,664,106			89,458		1,267,352			2,266,974
Change in unrealized appreciation/(depreciation)		(76,163,093	)		(568,367	)		87,499		(617,599	)		(761,956	)
Net increase (decrease) in net assets resulting from operations		19,208,525			104,911,191			225,977		1,711,401			4,468,992

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(6,053,798	)		(20,564,576	)		—		(798,744	)		(3,992,366	)
Class B		(53,466	)		(178,661	)		—		(17,577	)		(178,947	)
Class C		(2,829,961	)		(8,351,790	)		—		(192,617	)		(954,511	)
Class I		(7,974,679	)		(19,867,745	)		—		(210,955	)		(1,623,053	)
Class R		(26,470	)		(100,499	)		—		(3,035	)		(51,821	)
Net realized gains
Class A		(22,983,932	)		(34,701,406	)		—		(670,900	)		(339,398	)
Class B		(361,425	)		(629,103	)		—		(19,196	)		(19,414	)
Class C		(15,095,422	)		(22,464,315	)		—		(203,184	)		(97,491	)
Class I		(27,856,761	)		(26,235,143	)		—		(144,935	)		(165,178	)
Class R		(115,733	)		(184,985	)		—		(2,543	)		(6,611	)
Return of capital
Class A		—			—			—		—			—
Class I		—			—			—		—			—
Total distributions		(83,351,647	)		(133,278,223	)		—		(2,263,686	)		(7,428,790	)

CAPITAL SHARE TRANSACTIONS		(54,234,638	)		198,930,703			15,273,731		(23,168,367	)		(64,806,114	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(118,377,760	)		170,563,671			15,499,708		(23,720,652	)		(67,765,912	)

NET ASSETS
Beginning of period	$	1,374,956,765		$	1,204,393,094		$	—	$	100,564,534		$	168,330,446
End of period		1,256,579,005			1,374,956,765			15,499,708		76,843,882			100,564,534
Undistributed net investment income (loss)	$	(7,658,183	)	$	(5,888,626	)	$	49,020	$	(267,021	)	$	(105,741	)

1	Global Convertible Fund commenced operations on December 31, 2014.


See accompanying Notes to Financial Statements		www.calamos.com			149

Statements of Changes in Net Assets


	HIGH INCOME FUND						MARKET NEUTRAL INCOME FUND						HEDGED EQUITY INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014			(UNAUDITED) PERIOD ENDED APRIL 30, 2015²
OPERATIONS
Net investment income (loss)	$	3,524,888		$	11,488,380		$	32,855,064		$	47,166,282		$	25,733
Net realized gain (loss)		(1,659,078	)		8,261,670			(36,537,951	)		55,651,180			14,890
Change in unrealized appreciation/(depreciation)		(2,230,518	)		(7,253,066	)		67,810,950			16,433,656			21,621
Net increase (decrease) in net assets resulting from operations		(364,708	)		12,496,984			64,128,063			119,251,118			62,244

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(2,623,112	)		(10,016,160	)		(6,634,151	)		(13,925,582	)		—
Class B		(36,423	)		(121,002	)		(2,151	)		(12,236	)		—
Class C		(603,900	)		(1,481,953	)		(604,312	)		(884,774	)		—
Class I		(686,354	)		(1,489,891	)		(17,801,619	)		(23,624,478	)		—
Class R		(4,751	)		(10,433	)		(33,952	)		(45,966	)		—
Net realized gains
Class A		(2,495,790	)		(3,754,356	)		(12,913,256	)		(27,945,831	)		—
Class B		(45,543	)		(59,311	)		(39,864	)		(154,437	)		—
Class C		(687,431	)		(619,759	)		(3,594,843	)		(5,789,060	)		—
Class I		(615,285	)		(470,722	)		(27,320,322	)		(32,685,336	)		—
Class R		(4,908	)		(3,752	)		(86,045	)		(106,077	)		—
Return of capital
Class A		—			—			—			—			—
Class I		—			—			—			—			—
Total distributions		(7,803,497	)		(18,027,339	)		(69,030,515	)		(105,173,777	)		—

CAPITAL SHARE TRANSACTIONS		(34,086,753	)		(70,303,582	)		(244,130,514	)		939,297,704			11,103,384
TOTAL INCREASE (DECREASE) IN NET ASSETS		(42,254,958	)		(75,833,937	)		(249,032,966	)		953,375,045			11,165,628

NET ASSETS
Beginning of period	$	188,737,434		$	264,571,371		$	4,185,796,384		$	3,232,421,339		$	—
End of period		146,482,476			188,737,434			3,936,763,418			4,185,796,384			11,165,628
Undistributed net investment income (loss)	$	(285,896	)	$	143,756		$	9,428,785		$	1,649,906		$	25,733

2	Hedged Equity Income Fund commenced operations December 31, 2014.


150		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	LONG/SHORT FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2015			YEAR ENDED OCTOBER 31, 2014
OPERATIONS
Net investment income (loss)	$	(664,907	)	$	(677,764	)
Net realized gain (loss)		2,097,337			2,296,374
Change in unrealized appreciation/(depreciation)		(291,718	)		2,569,782
Net increase (decrease) in net assets resulting from operations		1,140,712			4,188,392

DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			(193,717	)
Class B		—			—
Class C		—			(7,374	)
Class I		—			(248,363	)
Class R		—			(590	)
Net realized gains
Class A		(470,012	)		(49,216	)
Class B		—			—
Class C		(77,702	)		(2,181	)
Class I		(935,646	)		(104,959	)
Class R		(1,308	)		(294	)
Return of capital
Class A		—			—
Class I		—			—
Total distributions		(1,484,668	)		(606,694	)

CAPITAL SHARE TRANSACTIONS		(27,699,294	)		80,215,423
TOTAL INCREASE (DECREASE) IN NET ASSETS		(28,043,250	)		83,797,121

NET ASSETS
Beginning of period	$	129,973,897		$	46,176,776
End of period		101,930,647			129,973,897
Undistributed net investment income (loss)	$	(571,827	)	$	93,080


See accompanying Notes to Financial Statements		www.calamos.com			151

Notes to Financial Statements (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. CALAMOS INVESTMENT TRUST, a Massachusetts business trust organized December 21, 1987 (the “Trust”), consists of nineteen series, Growth Fund, Opportunistic Value Fund, Focus Growth Fund, Discovery Growth Fund, Dividend Growth Fund, Mid Cap Growth Fund, International Growth Fund, Evolving World Growth Fund, Emerging Market Equity Fund, Global Equity Fund, Growth and Income Fund, Global Growth and Income Fund, Convertible Fund, Global Convertible Fund (commenced operations on December 31, 2014), Total Return Bond Fund, High Income Fund, Market Neutral Income Fund, Hedged Equity Income Fund (commenced operations on December 31, 2014) and Long/Short 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, Class I and Class R shares of each of the Funds. Class B shares continue to be outstanding, but are no longer an offered class of shares.

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

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principal exchange at the time each Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, 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, certain convertible preferred securities and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the respective Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the respective Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

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


152		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

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. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

Investment Transactions. Investment transactions are recorded on a trade date basis as of April 30, 2015. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

Allocation of Expenses Among Funds and Classes. Expenses directly attributable to a Fund are charged to that Fund; certain other common expenses of the Trust, Calamos Advisors Trust, Calamos ETF 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 and Calamos Dynamic Convertible and Income Fund 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.

Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

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.


		www.calamos.com			153

Notes to Financial Statements (Unaudited)

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 2011 – 2014 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

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 LLC (“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, EMERGING MARKET EQUITY FUND ANNUAL RATE		TOTAL RETURN BOND FUND ANNUAL RATE		OPPORTUNISTIC VALUE FUND, FOCUS GROWTH FUND, DIVIDEND GROWTH FUND, MID CAP GROWTH FUND, INTERNATIONAL GROWTH FUND, GLOBAL EQUITY FUND, GLOBAL GROWTH AND INCOME FUND ANNUAL RATE
First $500 million		1.00%		1.10%		0.55%		1.00%

Next $500 million		0.90%		1.05%		0.53%		0.95%

Next $5 billion		0.80%		1.00%		0.51%		0.90%

Next $5 billion		0.78%		0.98%		0.49%		0.88%

Next $5 billion		0.76%		0.96%		0.48%		0.86%

Next $5 billion		0.74%		0.94%		0.47%		0.84%

Next $5 billion		0.72%		0.92%		0.46%		0.82%

Over $26 billion		0.70%		0.90%		0.45%		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		GROWTH AND INCOME FUND, CONVERTIBLE FUND, HIGH INCOME FUND, MARKET NEUTRAL INCOME FUND, HEDGED EQUITY FUND ANNUAL RATE		LONG/SHORT FUND ANNUAL RATE		DISCOVERY GROWTH FUND ANNUAL RATE
First $500 million		0.85%		0.75%		1.25%		1.00%

Next $500 million		0.80%		0.70%		1.20%		0.90%

Over $1 billion		0.75%		0.65%		1.15%		0.80%

Pursuant to an investment advisory agreement with Calamos Advisors, Global Convertible Fund and Hedged Equity Income Fund each pay a monthly investment advisory fee based on the average daily net assets of the each Fund at the annual rate of 0.85% and 0.75%, respectively.

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.


154		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

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.

Pursuant to a financial accounting services agreement, during the period the Funds paid Calamos Advisors a fee for financial accounting services payable monthly at the annual rate of 0.0175% on the first $1 billion of combined assets, 0.0150% on the next $1 billion of combined assets and 0.0110% on combined assets above $2 billion (for purposes of this calculation “combined assets” means the sum of the total average daily net assets of Calamos Investment Trust, Calamos Advisors Trust, Calamos ETF Trust and the total average weekly managed assets of Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Convertible Opportunities and Income Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund and Calamos Dynamic Convertible and Income Fund). Financial accounting services include, but are not limited to, the following: managing expenses and expense payment processing; monitoring the calculation of expense accrual amounts; calculating, tracking and reporting tax adjustments on all assets; and monitoring trustee deferred compensation plan accruals and valuations. The Funds pay their pro rata share of the financial accounting services fee payable to Calamos Advisors based on their relative portion of combined assets used in calculating the fee.

The Trust 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 as follows:


FUND	CLASS A SHARES		CLASS B SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R SHARES
Growth Fund		1.75%		2.50%		2.50%		1.50%		2.00%
Opportunistic Value Fund		1.15%		1.90%		1.90%		0.90%		1.40%
Focus Growth Fund		1.15%		1.90%		1.90%		0.90%		1.40%
Discovery Growth Fund		1.50%		2.25%		2.25%		1.25%		1.75%
Dividend Growth Fund		1.35%		—		2.10%		1.10%		1.60%
Mid Cap Growth Fund		1.25%		—		2.00%		1.00%		1.50%
International Growth Fund		1.40%		2.15%		2.15%		1.15%		1.65%
Evolving World Growth Fund		1.75%		2.50%		2.50%		1.50%		2.00%
Emerging Market Equity Fund		1.75%		—		2.50%		1.50%		2.00%
Global Equity Fund		1.40%		2.15%		2.15%		1.15%		1.65%
Growth and Income Fund		1.75%		2.50%		2.50%		1.50%		2.00%
Global Growth and Income Fund		1.75%		2.50%		2.50%		1.50%		2.00%
Convertible Fund		1.75%		2.50%		2.50%		1.50%		2.00%
Global Convertible Fund		1.35%		—		2.10%		1.10%		1.60%
Total Return Bond Fund		0.90%		1.65%		1.65%		0.65%		1.15%
High Income Fund		1.75%		2.50%		2.50%		1.50%		2.00%
Market Neutral Income Fund		1.75%		2.50%		2.50%		1.50%		2.00%
Hedged Equity Income Fund		1.25%		—		2.00%		1.00%		1.50%
Long/Short Fund		2.00%		—		2.75%		1.75%		2.25%


		www.calamos.com			155

Notes to Financial Statements (Unaudited)

These agreements are binding on Calamos Advisors through March 1, 2017.

For the period ended April 30, 2015, the Funds waived or absorbed the following expenses:


FUND	AMOUNT
Opportunistic Value Fund	$	176,400
Focus Growth Fund		133,576
Discovery Growth Fund		28,708
Dividend Growth Fund		56,467
Mid Cap Growth Fund		76,549
Emerging Market Equity Fund		44,198
Global Convertible Fund		57,860
Total Return Bond Fund		94,292
Hedged Equity Income Fund		53,660

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 B and Class C shares; and a service fee at the annual rate of 0.25% and a distribution fee of 0.25% of the average daily net assets of the Fund’s Class R shares. No such fees are paid on each Fund’s Class I 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 April 30, 2015, CFS received commissions and underwriting fees as follows:


FUND	AMOUNT
Growth Fund	$	43,677
Opportunistic Value Fund		1,440
Focus Growth Fund		1,991
Discovery Growth Fund		1,623
Dividend Growth Fund		328
Mid Cap Growth Fund		29
International Growth Fund		5,616
Evolving World Growth Fund		9,809
Emerging Market Equity Fund		54
Global Equity Fund		4,039
Growth and Income Fund		45,325
Global Growth and Income Fund		4,381
Convertible Fund		51,292
Global Convertible Fund		1,460
Total Return Bond Fund		560
High Income Fund		2,012
Market Neutral Income Fund		23,983
Hedged Equity Income Fund		339
Long/Short Fund		2,807

Pursuant to an agreement with US Bancorp Fund Services, LLC, the Funds’ transfer agent (“US Bancorp”), CFS provides certain shareholder administrative services to US Bancorp. CFS receives from US Bancorp an annual aggregate fee of $175,000, paid in monthly installments, for providing these services which relate to Calamos Investment Trust and Calamos Advisors Trust. Also, US Bancorp pays license fees to unaffiliated third parties for CFS’ utilization of certain transfer agent and phone systems in providing the shareholder administrative services. The fees paid to CFS and the payment of license fees to third parties are borne by US Bancorp.


156		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

The Funds have not assumed or incurred any additional expenses in connection with CFS providing these services to US Bancorp, and the transfer agency fees payable by the Funds to US Bancorp have not increased as a result thereof.

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 Funds’ Statement of Additional Information contains additional information about the Funds’ trustees and is available upon request without charge by calling our toll free number 800.582.6959.

As of April 30, 2015, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:


FUND	PERCENTAGE
Discovery Growth Fund		51	%
Emerging Market Equity Fund		77
Global Convertible Fund		34
Hedged Equity Fund		90

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 their 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 April 30, 2015, the Funds had deferred compensation balances, which are included in “Other assets” on the Statements of Assets and Liabilities, as follows:


FUND	AMOUNT
Growth Fund	$	850,191
Opportunistic Value Fund		103,711
Focus Growth Fund		96,053
Discovery Growth Fund		37,586
Dividend Growth Fund		9,972
Mid Cap Growth Fund		10,006
International Growth Fund		106,315
Evolving World Growth Fund		61,562
Emerging Market Equity Fund		8,472
Global Equity Fund		69,991
Growth and Income Fund		436,002
Global Growth and Income Fund		170,399
Convertible Fund		229,540
Global Convertible Fund		403
Total Return Bond Fund		71,963
High Income Fund		115,926
Market Neutral Income Fund		238,345
Hedged Equity Income Fund		409
Long/Short Fund		10,988

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 April 30, 2015.


		www.calamos.com			157

Notes to Financial Statements (Unaudited)

Note 3 – Investments

The cost of purchases and proceeds from sale of long-term investments for the period ended April 30, 2015 were as follows:


	COST OF PURCHASES				PROCEEDS FROM SALES
Fund	U.S. GOV’T SECURITIES		OTHER		U.S. GOV’T SECURITIES		OTHER
Growth Fund	$	0	$	959,509,455	$	0	$	1,572,813,210
Opportunistic Value Fund		0		81,389,939		0		107,737,445
Focus Growth Fund		0		54,779,262		0		57,743,638
Discovery Growth Fund		0		20,916,617		0		24,122,851
Dividend Growth Fund		0		24,259,687		0		30,005,869
Mid Cap Growth Fund		0		14,864,272		0		25,692,381
International Growth Fund		0		268,200,846		0		355,852,015
Evolving World Growth Fund		0		182,533,604		0		236,500,609
Emerging Market Equity Fund		0		7,757,337		0		5,191,602
Global Equity Fund		0		58,278,472		0		88,030,953
Growth and Income Fund		0		426,024,451		0		669,495,038
Global Growth and Income Fund		0		117,368,656		0		194,232,210
Convertible Fund		0		466,792,472		0		581,701,769
Global Convertible Fund		0		7,609,853		0		206,222
Total Return Bond Fund		12,935,246		16,120,430		6,085,647		47,386,559
High Income Fund		0		52,889,865		0		86,661,165
Market Neutral Income Fund		0		885,295,452		0		1,305,939,414
Hedged Equity Income Fund		0		12,317,500		0		1,301,564
Long/Short Fund		0		73,197,004		0		104,181,597

The following information is presented on a federal income tax basis as of April 30, 2015. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at April 30, 2015 was as follows:


FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Growth Fund	$	2,473,380,585	$	838,921,835	$	(32,365,074	)	$	806,556,761
Opportunistic Value Fund		72,764,144		3,614,216		(1,705,848	)		1,908,368
Focus Growth Fund		56,653,675		10,915,999		(1,312,901	)		9,603,098
Discovery Growth Fund		47,121,033		4,757,282		(1,567,550	)		3,189,732
Dividend Growth Fund		30,949,398		1,995,392		(434,194	)		1,561,198
Mid Cap Growth Fund		36,977,878		4,286,317		(1,106,707	)		3,179,610
International Growth Fund		654,854,003		83,040,176		(16,072,124	)		66,968,052
Evolving World Growth Fund		564,358,353		78,212,449		(29,711,019	)		48,501,430
Emerging Market Equity Fund		17,607,915		1,997,010		(952,323	)		1,044,687
Global Equity Fund		179,544,945		38,861,905		(3,542,326	)		35,319,579
Growth and Income Fund		2,405,953,952		476,837,022		(27,281,627	)		449,555,395
Global Growth and Income Fund		400,306,960		42,088,393		(12,621,131	)		29,467,262
Convertible Fund		1,266,800,421		105,053,578		(27,543,496	)		77,510,082
Global Convertible Fund		8,935,893		259,350		(158,774	)		100,576
Total Return Bond Fund		74,299,815		2,161,815		(125,483	)		2,036,332
High Income Fund		156,766,463		3,248,709		(3,359,186	)		(110,477	)
Market Neutral Income Fund		3,831,896,584		299,153,054		(108,309,359	)		190,843,695
Hedged Equity Income Fund		11,200,769		326,788		(374,671	)		(47,883	)
Long/Short Fund		95,404,946		7,115,443		(1,603,765	)		5,511,678


158		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

Note 4 – Income Taxes

The tax character of distributions for the period ended April 30, 2015 will be determined at the end of each Fund’s current fiscal year. Distributions during the fiscal period ended October 31, 2014 were characterized for federal income tax purposes as follows:


	YEAR ENDED OCTOBER 31, 2014
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN
Growth Fund	$	79,113,077	$	1,060,626,877
Opportunistic Value Fund		10,604,683		623,975
Focus Growth Fund		122,306		1,440,806
Discovery Growth Fund		6,210,626		2,324,459
Dividend Growth Fund		911,944		15,524
Mid Cap Growth Fund		10,155		—
International Growth Fund		10,696,527		9,283,676
Evolving World Growth Fund		3,764,079		4,436,201
Emerging Market Equity Fund		21,107		—
Global Equity Fund		13,254,469		10,186,933
Growth and Income Fund		98,856,736		298,279,101
Global Growth and Income Fund		17,007,473		95,810,958
Convertible Fund		79,171,467		61,609,167
Total Return Bond Fund		7,177,416		964,750
High Income Fund		14,081,921		6,259,012
Market Neutral Income Fund		38,933,008		66,724,661
Long/Short Fund		772,392		—

As of October 31, 2014, the components of accumulated earnings/(loss) on a tax basis were as follows:


	GROWTH FUND			OPPORTUNISTIC VALUE FUND			FOCUS GROWTH FUND			DISCOVERY GROWTH FUND			DIVIDEND GROWTH FUND
Undistributed ordinary income	$	43,628,766		$	1,296,154		$	—		$	2,957,444		$	524,515
Undistributed capital gains		658,197,765			5,628,856			6,260,404			1,341,433			197,528

Total undistributed earnings		701,826,531			6,925,010			6,260,404			4,298,877			722,043
Accumulated capital and other losses		—			—			—			—			—
Net unrealized gain/(losses)		1,023,899,163			9,056,310			14,651,320			1,796,367			2,611,514

Total accumulated earnings/(losses)		1,725,725,694			15,981,320			20,911,724			6,095,244			3,333,557
Other		(565,385	)		(77,445	)		(58,584	)		(72,068	)		(2,713	)
Paid-in capital		1,759,316,119			85,117,554			43,773,931			41,551,433			33,580,983

	$	3,484,476,428		$	101,021,429		$	64,627,071		$	47,574,609		$	36,911,827


	MID CAP GROWTH FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			EMERGING MARKET EQUITY FUND			GLOBAL EQUITY FUND
Undistributed ordinary income	$	—		$	—		$	2,341,411		$	103,235		$	—
Undistributed capital gains		—			78,105,377			13,401,023			—			42,960,381

Total undistributed earnings		—			78,105,377			15,742,434			103,235			42,960,381
Accumulated capital and other losses		(338,808	)		—			—			(287,481	)		—
Net unrealized gain/(losses)		2,625,391			40,698,713			22,442,880			(14,866	)		28,976,815

Total accumulated earnings/(losses)		2,286,583			118,804,090			38,185,314			(199,112	)		71,937,196
Other		(5,455	)		(129,196	)		(1,111,327	)		(1,251	)		(49,326	)
Paid-in capital		45,257,305			622,918,386			614,489,335			15,647,592			155,906,998

	$	47,538,433		$	741,593,280		$	651,563,322		$	15,447,229		$	227,794,868


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Notes to Financial Statements (Unaudited)


	GROWTH AND INCOME FUND			GLOBAL GROWTH AND INCOME FUND			CONVERTIBLE FUND			TOTAL RETURN BOND FUND			HIGH INCOME FUND
Undistributed ordinary income	$	8,191,179		$	6,779,009		$	5,337,407		$	164,497		$	232,689
Undistributed capital gains		314,458,504			72,736,606			66,412,935			1,040,699			3,848,878

Total undistributed earnings		322,649,683			79,515,615			71,750,342			1,205,196			4,081,567
Accumulated capital and other losses		—			—			—			—			—
Net unrealized gain/(losses)		520,103,428			25,252,208			151,617,402			2,572,169			1,950,517

Total accumulated earnings/(losses)		842,753,111			104,767,823			223,367,744			3,777,365			6,032,084
Other		(443,891	)		(582,488	)		(261,667	)		(270,238	)		(88,933	)
Paid-in capital		2,209,995,001			382,079,678			1,151,850,688			97,057,407			182,794,283

	$	3,052,304,221		$	486,265,013		$	1,374,956,765		$	100,564,534		$	188,737,434


										MARKET NEUTRAL INCOME FUND			LONG/SHORT FUND
Undistributed ordinary income										$	10,044,280		$	1,014,924
Undistributed capital gains											38,180,824			469,652

Total undistributed earnings											48,225,104			1,484,576
Accumulated capital and other losses											—			—
Net unrealized gain/(losses)											71,917,892			2,909,702

Total accumulated earnings/(losses)											120,142,996			4,394,278
Other											(14,173,088	)		(3,435	)
Paid-in capital											4,079,826,476			125,583,054

										$	4,185,796,384		$	129,973,897

The Regulated Investment Company Modernization Act of 2010 (the “Act”) modernized various tax rules for regulated investment companies, and was effective for taxable years beginning after the enactment date of December 22, 2010. One significant change is to the treatment of capital loss carryforwards. Now, any capital losses recognized will retain their character as either short-term or long-term capital losses, will be utilized before the pre-Act capital loss carryforwards, and will be carried forward indefinitely, until applied in offsetting future capital gains.

In addition, the funds below had post-Act capital losses as follows:


FUND	Short-Term			Long-Term
Mid Cap Growth Fund	$	(330,729	)	$	(8,079	)
Emerging Market Equity Fund		(287,481	)		—

Note 5 – Short Sales

Securities sold short represent obligations to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, the Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, the Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.


160		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

Note 6 – Derivative Investments

Foreign Currency Risk. Each Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between the Fund and the counterparty and the amount of collateral due from the Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The Funds’ 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 April 30, 2015, 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 the 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 as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by a Fund do not typically give rise to counterparty credit risk since options written obligate the Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to a Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default.


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Notes to Financial Statements (Unaudited)

As of April 30, 2015, the Funds had outstanding purchased options and/or written options as listed on the Schedules of Investments. For the period ended April 30, 2015, the Funds had the following transactions in options written:


	GROWTH FUND						OPPORTUNISTIC VALUE FUND
	NUMBER OF CONTRACTS			PREMIUMS RECEIVED			NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2014		2,550		$	640,838			145		$	76,856
Option written		2,270			495,099			36			27,386
Options closed		(2,550	)		(640,838	)		(22	)		(17,434	)
Options exercised		—			—			(159	)		(86,808	)
Options expired		(2,270	)		(495,099	)		—			—

Options outstanding at April 30, 2015		—		$	—			—		$	—

	FOCUS GROWTH FUND						DIVIDEND GROWTH FUND
	NUMBER OF CONTRACTS			PREMIUMS RECEIVED			NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2014		—		$	—			50		$	26,499
Option written		1,289			148,958			20			15,212
Options closed		(1,118	)		(112,890	)		(10	)		(8,104	)
Options exercised		—			—			(60	)		(33,607	)
Options expired		(171	)		(36,068	)		—			—

Options outstanding at April 30, 2015		—		$	—			—		$	—

	MID CAP GROWTH FUND						CONVERTIBLE FUND
	NUMBER OF CONTRACTS			PREMIUMS RECEIVED			NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2014		—		$	—			5,700		$	558,341
Option written		31			6,761			2,110			603,810
Options closed		—			—			(4,500	)		(714,412	)
Options exercised		—			—			—			—
Options expired		(31	)		(6,761	)		(2,850	)		(279,171	)

Options outstanding at April 30, 2015		—		$	—			460		$	168,568

	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY INCOME FUND
	NUMBER OF CONTRACTS			PREMIUMS RECEIVED			NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2014		13,621		$	15,221,159			—		$	—
Option written		79,146			74,892,393			167			354,651
Options closed		(46,118	)		(63,233,884	)		(114	)		(241,768	)
Options exercised		(4,504	)		(1,161,101	)		—			—
Options expired		(20,369	)		(1,237,719	)		(10	)		(1,314	)

Options outstanding at April 30, 2015		21,776		$	24,480,848			43		$	111,569

							LONG/SHORT FUND
							NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2014								1,130		$	93,846
Option written								10,598			1,283,486
Options closed								(5,041	)		(625,643	)
Options exercised								(1,659	)		(205,409	)
Options expired								(3,055	)		(234,405	)

Options outstanding at April 30, 2015								1,973		$	311,875


162		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

As of April 30, 2015, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:


	ASSET DERIVATIVES		LIABILITY DERIVATIVES

	GROWTH FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	1,408	$	931,477

	$	1,408	$	931,477


	FOCUS GROWTH FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	1	$	425

	$	1	$	425


	MID CAP GROWTH FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	—	$	4,169

	$	—	$	4,169


	INTERNATIONAL GROWTH FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	28,594	$	2,045,142

	$	28,594	$	2,045,142


	EVOLVING WORLD GROWTH FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	65,208	$	1,041,079

	$	65,208	$	1,041,079


	EMERGING MARKET EQUITY FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	1	$	—

	$	1	$	—


	GLOBAL EQUITY FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	6,946	$	332,618

	$	6,946	$	332,618


	GROWTH AND INCOME FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	53,397	$	—

	$	53,397	$	—


	GLOBAL GROWTH AND INCOME FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	15,625	$	336,236
Purchased options⁽²⁾		2,635,809		—

	$	2,651,434	$	336,236


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Notes to Financial Statements (Unaudited)


	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	CONVERTIBLE FUND
Gross amounts at fair value:
Forward foreign currency contracts⁽¹⁾	$	30,378	$	834,907
Purchased options⁽²⁾		8,809,725		—
Written options⁽³⁾		—		179,400

	$	8,840,103	$	1,014,307


	GLOBAL CONVERTIBLE FUND
Gross amounts at fair value:
Purchased options⁽²⁾	$	104,994	$	—

	$	104,994	$	—


	MARKET NEUTRAL INCOME FUND
Gross amounts at fair value:
Purchased options⁽²⁾	$	18,418,061	$	—
Written options⁽³⁾		—		21,791,438

	$	18,418,061	$	21,791,438


	HEDGED EQUITY FUND
Gross amounts at fair value:
Purchased options⁽²⁾	$	40,175	$	—
Written options⁽³⁾		—		68,130

	$	40,175	$	68,130


	LONG/SHORT FUND
Gross amounts at fair value:
Purchased options⁽²⁾	$	149,620	$	—
Written options⁽³⁾		—		337,927

	$	149,620	$	337,927


	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES

GROWTH FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Barclays Bank PLC		ISDA	$	—	$	5,282	$	—	$	—	$	5,282
Citibank N.A.		ISDA		1,408		—		—		1,408		—
Northern Trust Company		ISDA		—		926,195		—		—		926,195

			$	1,408	$	931,477	$	—	$	1,408	$	931,477


FOCUS GROWTH FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Barclays Bank PLC		ISDA	$	—	$	425	$	—	$	—	$	425
Northern Trust Company		ISDA		1		—		—		1		—

			$	1	$	425	$	—	$	1	$	425


164		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES

MID CAP GROWTH FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Citibank N.A.		ISDA	$	—	$	4,169	$	—	$	—	$	4,169

			$	—	$	4,169	$	—	$	—	$	4,169


INTERNATIONAL GROWTH FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Brown Brothers Harriman & Company		ISDA	$	—	$	1,805,958	$	—	$	—	$	1,805,958
JPMorgan Chase Bank N.A.		ISDA		28,594		234,332		—		—		205,738
Northern Trust Company		ISDA		—		4,852		—		—		4,852

			$	28,594	$	2,045,142	$	—	$	—	$	2,016,548


EVOLVING WORLD GROWTH FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Brown Brothers Harriman & Company		ISDA	$	—	$	882,195	$	—	$	—	$	882,195
JPMorgan Chase Bank N.A.		ISDA		41,112		158,884		—		—		117,772
Northern Trust Company		ISDA		24,017		—		—		24,017		—
Other derivatives⁽⁴⁾				79		—		—		79		—

			$	65,208	$	1,041,079	$	—	$	24,096	$	999,967


EMERGING MARKET EQUITY FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Other derivatives⁽⁴⁾			$	1	$	—	$	—	$	1	$	—

			$	1	$	—	$	—	$	1	$	—


GLOBAL EQUITY FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Brown Brothers Harriman & Company		ISDA	$	—	$	332,618	$	—	$	—	$	332,618
Northern Trust Company		ISDA		6,946		—		—		6,946		—

			$	6,946	$	332,618	$	—	$	6,946	$	332,618


GROWTH AND INCOME FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Northern Trust Company		ISDA	$	53,397	$	—	$	—	$	53,397	$	—

			$	53,397	$	—	$	—	$	53,397	$	—


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Notes to Financial Statements (Unaudited)


	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES

GLOBAL GROWTH AND INCOME FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Brown Brothers Harriman & Company		ISDA	$	—	$	336,236	$	—	$	—	$	336,236
Northern Trust Company		ISDA		15,625		—		—		15,625		—

			$	15,625	$	336,236	$	—	$	15,625	$	336,236


CONVERTIBLE FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES						COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty			ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Citibank N.A.		ISDA	$	—	$	834,907	$	—	$	—	$	834,907
Northern Trust Company		ISDA		30,378		—		—		30,378		—

			$	30,378	$	834,907	$	—	$	30,378	$	834,907

For the period ended April 30, 2015, the volume of derivative activity for the Funds is reflected below:*



	DERIVATIVE TYPE
	FORWARD CONTRACTS FAIR VALUE⁽¹⁾		OPTION PURCHASED FAIR VALUE⁽²⁾		OPTIONS WRITTEN FAIR VALUE⁽³⁾
Growth Fund		301,174,050		—		2,270
Opportunistic Value Fund		—		5,375		36
Focus Growth Fund		8,675,780		597		1,289
Dividend Growth Fund		—		2,005		20
Mid Cap Growth Fund		3,581,819		—		31
International Growth Fund		242,914,181		3,006		—
Evolving World Growth Fund		278,294,625		6,419		—
Emerging Market Equity Fund		—		206		—
Global Equity Fund		29,771,203		1,228		—
Growth and Income Fund		53,076,116		—		—
Global Growth and Income Fund		38,851,628		18,096		—
Convertible Fund		43,059,318		34,430		2,110
Global Convertible Fund		—		549		—
Market Neutral Income Fund		—		72,585		79,146
Hedged Equity Fund		—		243		167
Long/Short Fund		—		13,811		10,598

*	Activity during the period is measured by opened number of contracts for options purchased or written and opened forward foreign currency contracts (measured in notional).

(1)	Generally, the Statement of Assets and Liabilities location for Forward foreign currency contracts is Unrealized appreciation on forward foreign currency contracts for asset derivatives and Unrealized depreciation on forward foreign currency contracts for liability derivatives.

(2)	Generally, the Statement of Assets and Liabilities location for Options purchased is Investments in securities, at value.

(3)	Generally, the Statement of Assets and Liabilities location for Options written is Options written, at value.

(4)	Other derivatives are not subject to a master netting agreement which include forward foreign currency contracts.

Note 7 – Securities Lending

The Funds may loan one or more of their securities to broker-dealers and banks. Any such loan must be secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the value of the securities loaned by the Funds. The Funds continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. Upon receipt of cash or cash equivalent collateral, the Funds’ securities lending agent invests the collateral into short term investments following investment guidelines approved by Calamos Advisors. 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


166		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

by the borrower, the Funds will record unrealized depreciation equal to the decline in value of the invested collateral. The Funds may pay reasonable fees to persons unaffiliated with the Funds for services in arranging these loans. The Funds have the right to call a loan and obtain the securities loaned at any time. The Funds do not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Funds could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Funds seek to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) the expenses of enforcing their rights. In an effort to reduce these risks, the Funds’ security lending agent monitors and reports to Calamos Advisors on the creditworthiness of the firms to which a Fund lends securities.

At April 30, 2015, securities were on loan for the Funds below:


Fund	Value of securities on loan to broker-dealers and banks		Amount of collateral held in short term investments and the corresponding liability
Growth Fund	$	85,095,046	$	89,233,375
Opportunistic Value Fund		72,996		74,800
Focus Growth Fund		1,072,100		1,140,000
Discovery Growth Fund		1,497,587		1,585,600
Dividend Growth Fund		—		—
Mid Cap Growth Fund		101,913		100,050
International Growth Fund		35,125,310		29,256,970
Evolving World Growth Fund		9,236,220		5,016,209
Emerging Market Equity Fund		90,484		97,500
Global Equity Fund		4,961,255		5,228,351
Growth and Income Fund		64,605,438		66,137,705
Global Growth and Income Fund		12,721,291		13,194,745
Convertible Fund		78,493,025		80,599,565
Global Convertible Fund		—		—
Total Return Bond Fund		1,104,160		1,132,038
High Income Fund		10,748,563		11,199,445
Market Neutral Income Fund		116,862,138		120,143,087
Hedged Equity Income Fund		—		—
Long/Short Fund		386,122		392,800

Note 8 – Fair Value Measurement

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. Transfers between the levels for investment securities or other financial instruments are measured at the end of the reporting period.


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Notes to Financial Statements (Unaudited)

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



	GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	2,935,421,376	$	—	$	—	$	2,935,421,376
Common Stocks Foreign		—		16,779,410		—		16,779,410
Short Term Investment		238,503,185		—		—		238,503,185
Investment of Cash Collateral For Securities Loaned		40,930,458		48,302,917		—		89,233,375
Forward Foreign Currency Contracts		—		1,408		—		1,408

Total	$	3,214,855,019	$	65,083,735	$	—	$	3,279,938,754

Liabilities:
Collateral For Securities Loaned	$	—	$	89,233,375	$	—	$	89,233,375
Forward Foreign Currency Contracts		—		931,477		—		931,477

Total	$	—	$	90,164,852	$	—	$	90,164,852


	OPPORTUNISTIC VALUE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	73,786,388	$	—	$	—	$	73,786,388
Short Term Investment		811,324		—		—		811,324
Investment of Cash Collateral For Securities Loaned		34,310		40,490		—		74,800

Total	$	74,632,022	$	40,490	$	—	$	74,672,512

Liabilities:
Collateral For Securities Loaned	$	—	$	74,800	$	—	$	74,800

Total	$	—	$	74,800	$	—	$	74,800


	FOCUS GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	63,483,744	$	—	$	—	$	63,483,744
Short Term Investment		1,633,029		—		—		1,633,029
Investment of Cash Collateral For Securities Loaned		522,907		617,093		—		1,140,000
Forward Foreign Currency Contracts		—		1		—		1

Total	$	65,639,680	$	617,094	$	—	$	66,256,774

Liabilities:
Collateral For Securities Loaned	$	—	$	1,140,000	$	—	$	1,140,000
Forward Foreign Currency Contracts		—		425		—		425

Total	$	—	$	1,140,425	$	—	$	1,140,425


168		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)



	DISCOVERY GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	44,070,296	$	—	$	—	$	44,070,296
Short Term Investment		4,654,869		—		—		4,654,869
Investment of Cash Collateral For Securities Loaned		727,299		858,301		—		1,585,600

Total	$	49,452,464	$	858,301	$	—	$	50,310,765

Liabilities:
Collateral For Securities Loaned	$	—	$	1,585,600	$	—	$	1,585,600

Total	$	—	$	1,585,600	$	—	$	1,585,600


	DIVIDEND GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	30,880,084	$	—	$	—	$	30,880,084
Short Term Investment		1,630,512		—		—		1,630,512

Total	$	32,510,596	$	—	$	—	$	32,510,596


	MID CAP GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	36,114,986	$	—	$	—	$	36,114,986
Common Stocks Foreign		313,634		—		—		313,634
Short Term Investment		3,628,818		—		—		3,628,818
Investment of Cash Collateral For Securities Loaned		45,892		54,158		—		100,050

Total	$	40,103,330	$	54,158	$	—	$	40,157,488

Liabilities:
Collateral For Securities Loaned	$	—	$	100,050	$	—	$	100,050
Forward Foreign Currency Contracts		—		4,169		—		4,169

Total	$	—	$	104,219	$	—	$	104,219


	INTERNATIONAL GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks Foreign	$	42,142,026	$	601,765,251	$	—	$	643,907,277
Common Stocks U.S.		32,448,784		—		—		32,448,784
Short Term Investment		16,209,024		—		—		16,209,024
Investment of Cash Collateral For Securities Loaned		13,419,880		15,837,090		—		29,256,970
Forward Foreign Currency Contracts		—		28,594		—		28,594

Total	$	104,219,714	$	617,630,935	$	—	$	721,850,649

Liabilities:
Collateral For Securities Loaned	$	—	$	29,256,970	$	—	$	29,256,970
Forward Foreign Currency Contracts		—		2,045,142		—		2,045,142

Total	$	—	$	31,302,112	$	—	$	31,302,112


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Notes to Financial Statements (Unaudited)


	INTERNATIONAL GROWTH FUND
	TRANSFERS IN TO LEVEL 1*		TRANSFERS OUT OF LEVEL 1**		TRANSFERS IN TO LEVEL 2**		TRANSFERS OUT OF LEVEL 2*
Investments at Value:
Common Stock Foreign	$	6,550,456	$	4,255,865	$	4,255,865	$	6,550,456

Total	$	6,550,456	$	4,255,865	$	4,255,865	$	6,550,456

*	Transfers from Level 2 to Level 1 were due to the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.

**	Transfers from Level 1 to Level 2 were due to the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.



	EVOLVING WORLD GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	106,070,254	$	—	$	106,070,254
Common Stocks Foreign		87,460,022		362,085,668		—		449,545,690
Common Stocks U.S.		35,861,689		—		—		35,861,689
Rights		—		4,601,585		—		4,601,585
Short Term Investment		11,764,356		—		—		11,764,356
Investment of Cash Collateral For Securities Loaned		2,300,885		2,715,324		—		5,016,209
Forward Foreign Currency Contracts		—		65,208		—		65,208

Total	$	137,386,952	$	475,538,039	$	—	$	612,924,991

Liabilities:
Collateral For Securities Loaned	$	—	$	5,016,209	$	—	$	5,016,209
Forward Foreign Currency Contracts		—		1,041,079		—		1,041,079

Total	$	—	$	6,057,288	$	—	$	6,057,288


	TRANSFERS IN TO LEVEL 1*		TRANSFERS OUT OF LEVEL 1**		TRANSFERS IN TO LEVEL 2**		TRANSFERS OUT OF LEVEL 2*
Investments at Value:
Common Stock Foreign	$	14,302,481	$	8,279,586	$	8,279,586	$	14,302,481

Total	$	14,302,481	$	8,279,586	$	8,279,586	$	14,302,481

*	Transfers from Level 2 to Level 1 were due to the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.

**	Transfers from Level 1 to Level 2 were due to the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.



	EMERGING MARKET EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks Foreign	$	3,205,367	$	11,376,276	$	—	$	14,581,643
Common Stocks U.S.		3,296,184				—		3,296,184
Short Term Investment		677,275		—		—		677,275
Investment of Cash Collateral For Securities Loaned		44,722		52,778		—		97,500
Forward Foreign Currency Contracts		—		1		—		1

Total	$	7,223,548	$	11,429,055	$	—	$	18,652,603

Liabilities:
Collateral For Securities Loaned	$	—	$	97,500	$	—	$	97,500

Total	$	—	$	97,500	$	—	$	97,500


170		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	EMERGING MARKET EQUITY FUND
	TRANSFERS IN TO LEVEL 1		TRANSFERS OUT OF LEVEL 1*		TRANSFERS IN TO LEVEL 2*		TRANSFERS OUT OF LEVEL 2
Investments at Value:
Common Stock Foreign	$	—	$	79,569	$	79,569	$	—

Total	$	—	$	79,569	$	79,569	$	—

*	Transfer from Level 1 to Level 2 was due to the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.



	GLOBAL EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	103,080,360	$	—	$	—	$	103,080,360
Common Stocks Foreign		5,568,348		96,981,549		—		102,549,897
Short Term Investment		4,005,916		—		—		4,005,916
Investment of Cash Collateral For Securities Loaned		—		5,228,351		—		5,228,351
Forward Foreign Currency Contracts		—		6,946		—		6,946

Total	$	112,654,624	$	102,216,846	$	—	$	214,871,470

Liabilities:
Collateral For Securities Loaned	$	—	$	5,228,351	$	—	$	5,228,351
Forward Foreign Currency Contracts		—		332,618		—		332,618

Total	$	—	$	5,560,969	$	—	$	5,560,969


	GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	596,504,965	$	—	$	596,504,965
Corporate Bonds		—		188,522,808		—		188,522,808
Convertible Preferred Stocks		195,713,400		71,777,010		—		267,490,410
Common Stocks U.S.		1,632,817,411		—		—		1,632,817,411
Short Term Investment		104,036,048		—		—		104,036,048
Investment of Cash Collateral For Securities Loaned		30,336,705		35,801,000		—		66,137,705
Forward Foreign Currency Contracts		—		53,397		—		53,397

Total	$	1,962,903,564	$	892,659,180	$	—	$	2,855,562,744

Liabilities:
Collateral For Securities Loaned	$	—	$	66,137,705	$	—	$	66,137,705

Total	$	—	$	66,137,705	$	—	$	66,137,705


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Notes to Financial Statements (Unaudited)



	GLOBAL GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	157,595,621	$	—	$	157,595,621
Synthetic Convertible Securities (Corporate Bonds)		—		18,076,683		—		18,076,683
Synthetic Convertible Securities (Purchased Options)		2,635,809		—		—		2,635,809
Convertible Preferred Stocks		14,783,105		5,709,440		—		20,492,545
Common Stocks U.S.		97,482,940		—		—		97,482,940
Common Stocks Foreign		3,826,921		105,653,162		—		109,480,083
Short Term Investment		10,815,796		—		—		10,815,796
Investment of Cash Collateral For Securities Loaned		6,052,298		7,142,447		—		13,194,745
Forward Foreign Currency Contracts		—		15,625		—		15,625

Total	$	135,596,869	$	294,192,978	$	—	$	429,789,847

Liabilities:
Collateral For Securities Loaned	$	—	$	13,194,745	$	—	$	13,194,745
Forward Foreign Currency Contracts		—		336,236		—		336,236

Total	$	—	$	13,530,981	$	—	$	13,530,981


	CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	897,740,387	$	—	$	897,740,387
Synthetic Convertible Securities (Corporate Bonds)		—		33,256,266		—		33,256,266
Synthetic Convertible Securities (Purchased Options)		7,831,425		—		—		7,831,425
Convertible Preferred Stocks		251,847,635		53,750,938		—		305,598,573
Purchased Options		978,300		—		—		978,300
Short Term Investment		18,305,987		—		—		18,305,987
Investment of Cash Collateral For Securities Loaned		36,970,216		43,629,349		—		80,599,565
Forward Foreign Currency Contracts		—		30,378		—		30,378

Total	$	315,933,563	$	1,028,407,318	$	—	$	1,344,340,881

Liabilities:
Collateral for Securities Loaned	$	—	$	80,599,565	$	—	$	80,599,565
Written Option		179,400		—		—		179,400
Forward Foreign Currency Contracts		—		834,907		—		834,907

Total	$	179,400	$	81,434,472	$	—	$	81,613,872


	GLOBAL CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	6,460,516	$	—	$	6,460,516
Synthetic Convertible Securities (Corporate Bonds)		—		675,899		—		675,899
Synthetic Convertible Securities (Purchased Options)		104,994		—		—		104,994
Convertible Preferred Stocks		1,018,480		—		—		1,018,480
Common Stocks U.S.		85,383		—		—		85,383
Short Term Investment		691,197		—		—		691,197

Total	$	1,900,054	$	7,136,415	$	—	$	9,036,469


172		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)



	TOTAL RETURN BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	67,918,757	$	—	$	67,918,757
U.S. Government and Agency Securities		—		6,804,116		—		6,804,116
Short Term Investment		481,236		—		—		481,236
Investment of Cash Collateral For Securities Loaned		519,255		612,783		—		1,132,038

Total	$	1,000,491	$	75,335,656	$	—	$	76,336,147

Liabilities:
Collateral For Securities Loaned	$	—	$	1,132,038	$	—	$	1,132,038

Total	$	—	$	1,132,038	$	—	$	1,132,038


	HIGH INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	136,373,750	$	—	$	136,373,750
Convertible Bonds		—		1,143,956		—		1,143,956
Convertible Preferred Stocks		2,840,564		990,000		—		3,830,564
Investment of Cash Collateral For Securities Loaned		5,137,074		6,062,371		—		11,199,445
Short Term Investment		4,108,271		—		—		4,108,271

Total	$	12,085,909	$	144,570,077	$	—	$	156,655,986

Liabilities:
Collateral For Securities Loaned	$	—	$	11,199,445	$	—	$	11,199,445

Total	$	—	$	11,199,445	$	—	$	11,199,445


	MARKET NEUTRAL INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	1,382,214,117	$	—	$	1,382,214,117
Synthetic Convertible Securities (Corporate Bonds)		—		466,959,380		—		466,959,380
Synthetic Convertible Securities (Purchased Options)		908,998		—		—		908,998
Convertible Preferred Stocks		87,312,963		7,446,875		—		94,759,838
Common Stocks U.S.		1,902,803,089		2,204,429		—		1,905,007,518
Purchased Options		17,509,063		—		—		17,509,063
Short Term Investment		35,238,278		—		—		35,238,278
Investment of Cash Collateral For Securities Loaned		55,108,435		65,034,652		—		120,143,087

Total	$	2,098,880,826	$	1,923,859,453	$	—	$	4,022,740,279

Liabilities:
Collateral For Securities Loaned	$	—	$	120,143,087	$	—	$	120,143,087
Common Stocks Sold Short U.S.		880,472,932		—		—		880,472,932
Common Stocks Sold Short Foreign		6,230,733		—		—		6,230,733
Exchange-Traded Funds Sold Short		41,221,575		—		—		41,221,575
Written Options		21,791,438		—		—		21,791,438

Total	$	949,716,678	$	120,143,087	$	—	$	1,069,859,765


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Notes to Financial Statements (Unaudited)


	MARKET NEUTRAL INCOME FUND
	TRANSFERS IN TO LEVEL 1*			TRANSFERS OUT OF LEVEL 1		TRANSFERS IN TO LEVEL 2		TRANSFERS OUT OF LEVEL 2*
Investments at Value:
Common Stock Sold Short Foreign	$	(6,230,733	)	$	—	$	—	$	(6,230,733	)

Total	$	(6,230,733	)	$	—	$	—	$	(6,230,733	)

*	Transfers from Level 2 to Level 1 were due to the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.



	HEDGED EQUITY INCOME FUND
	LEVEL 1			LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	10,832,858		$	—	$	—	$	10,832,858
Exchange-Traded Funds		198,094			—		—		198,094
Purchased Options		40,175			—		—		40,175
Short Term Investment		81,759			—		—		81,759

Total	$	11,152,886		$	—	$	—	$	11,152,886

Liabilities:
Written Options	$	68,130		$	—	$	—	$	68,130

Total	$	68,130		$	—	$	—	$	68,130


	LONG/SHORT FUND
	LEVEL 1			LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	68,364,956		$	894,774	$	—	$	69,259,730
Purchased Options		149,620			—		—		149,620
Short Term Investment		31,114,474			—		—		31,114,474
Investment of Cash Collateral For Securities Loaned		180,173			212,627		—		392,800

Total	$	99,809,223		$	1,107,401	$	—	$	100,916,624

Liabilities:
Collateral For Securities Loaned	$	—		$	392,800	$	—	$	392,800
Common Stocks Sold Short U.S.		23,300,230			—		—		23,300,230
Common Stocks Sold Short Foreign		2,659,914			—		—		2,659,914
Written Options		337,927			—		—		337,927

Total	$	26,298,071		$	392,800	$	—	$	26,690,871


	TRANSFERS IN TO LEVEL 1*			TRANSFERS OUT OF LEVEL 1**		TRANSFERS IN TO LEVEL 2**		TRANSFERS OUT OF LEVEL 2*
Investments at Value:
Common Stock U.S.	$	—		$	25,302	$	25,302	$	—
Common Stock Sold Short Foreign		(2,659,914	)		—		—		(2,659,914	)

Total	$	(2,659,914	)	$	25,302	$	25,302	$	(2,659,914	)

*	Transfers from Level 2 to Level 1 were due to the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.

**	Transfers from Level 1 to Level 2 were due to the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.


174		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

Note 9 – Capital Share Transactions

The following table summarizes the activity in capital shares of the Funds:


For the Fiscal Year or Period Ended April 30, 2015
	GROWTH FUND						OPPORTUNISTIC VALUE FUND						FOCUS GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,938,810		$	82,745,254			100,297		$	1,417,846			144,694		$	2,509,378
Shares issued as reinvestment of distributions		7,699,312			313,669,997			288,966			3,984,849			102,952			1,750,183
Less shares redeemed		(6,802,134	)		(296,536,792	)		(1,017,708	)		(14,314,860	)		(243,601	)		(4,262,765	)

Net increase (decrease)		2,835,988		$	99,878,459			(628,445	)	$	(8,912,165	)		4,045		$	(3,204	)


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		13,820		$	535,177			33		$	424			5,005		$	79,265
Shares issued as reinvestment of distributions		166,267			6,374,662			1,724			22,066			2,271			35,880
Less shares redeemed		(280,651	)		(11,740,708	)		(6,175	)		(81,647	)		(7,357	)		(120,934	)

Net increase (decrease)		(100,564	)	$	(4,830,869	)		(4,418	)	$	(59,157	)		(81	)	$	(5,789	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,577,995		$	51,271,995			36,433		$	465,661			142,420		$	2,295,571
Shares issued as reinvestment of distributions		5,597,832			179,578,429			44,005			555,342			62,358			985,892
Less shares redeemed		(4,315,094	)		(151,122,401	)		(230,540	)		(3,003,898	)		(125,715	)		(2,041,488	)

Net increase (decrease)		2,860,733		$	79,728,023			(150,102	)	$	(1,982,895	)		79,063		$	1,239,975


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,744,742		$	93,459,199			302,649		$	4,288,580			62,858		$	1,098,000
Shares issued as reinvestment of distributions		2,364,190			114,166,718			149,268			2,106,173			166,012			2,853,725
Less shares redeemed		(4,011,406	)		(205,051,155	)		(1,015,520	)		(14,516,176	)		(63,956	)		(1,146,058	)

Net increase (decrease)		97,526		$	2,574,762			(563,603	)	$	(8,121,423	)		164,914		$	2,805,667


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		18,549		$	774,406			550		$	8,151			1,354		$	23,048
Shares issued as reinvestment of distributions		48,258			1,897,525			821			11,210			939			15,742
Less shares redeemed		(28,389	)		(1,216,145	)		(1	)		(14	)		(80	)		(1,348	)

Net increase (decrease)		38,418		$	1,455,786			1,370		$	19,347			2,213		$	37,442

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


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Notes to Financial Statements (Unaudited)


	DISCOVERY GROWTH FUND						DIVIDEND GROWTH FUND						MID CAP GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		130,278		$	1,747,640			211,051		$	2,233,566			81,172		$	935,033
Shares issued as reinvestment of distributions		208,175			2,735,426			65,271			674,912			—			—
Less shares redeemed		(246,763	)		(3,381,211	)		(563,794	)		(5,915,026	)		(773,487	)		(8,976,391	)

Net increase (decrease)		91,690		$	1,101,855			(287,472	)	$	(3,006,548	)		(692,315	)	$	(8,041,358	)


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		12,863			162,339			—			—			—			—
Less shares redeemed		(977	)		(13,085	)		—			—			—			—

Net increase (decrease)		11,886		$	149,254			—		$	—			—		$	—


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,728		$	61,634			26,723		$	279,828			55,956		$	623,198
Shares issued as reinvestment of distributions		19,388			244,677			959			9,882			—			—
Less shares redeemed		(7,210	)		(92,770	)		(3,920	)		(42,289	)		(43,847	)		(503,645	)

Net increase (decrease)		16,906		$	213,541			23,762		$	247,421			12,109		$	119,553


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		193,869		$	2,655,609			268,151		$	2,799,682			391,103		$	4,647,737
Shares issued as reinvestment of distributions		72,836			970,172			20,437			211,519			—			—
Less shares redeemed		(191,095	)		(2,626,846	)		(371,532	)		(3,889,260	)		(527,642	)		(6,291,486	)

Net increase (decrease)		75,610		$	998,935			(82,944	)	$	(878,059	)		(136,539	)	$	(1,643,749	)


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		13,249			171,966			268			2,766			—			—
Less shares redeemed		(199	)		(2,587	)		—			—			—			—

Net increase (decrease)		13,050		$	169,379			268		$	2,766			—		$	—

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


176		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						EMERGING MARKET EQUITY FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,697,471		$	29,632,374			1,548,274		$	20,535,182			352,909		$	3,398,204
Shares issued as reinvestment of distributions		1,335,539			22,316,855			284,910			3,638,296			4,508			41,566
Less shares redeemed		(3,515,019	)		(62,127,470	)		(3,370,086	)		(44,366,186	)		(55,000	)		(519,474	)

Net increase (decrease)		(482,009	)	$	(10,178,241	)		(1,536,902	)	$	(20,192,708	)		302,417		$	2,920,296


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		1,152		$	18,186			410		$	5,463			—		$	—
Shares issued as reinvestment of distributions		13,946			218,110			1,091			13,442			—			—
Less shares redeemed		(47,909	)		(798,654	)		(11,385	)		(149,127	)		—			—

Net increase (decrease)		(32,811	)	$	(562,358	)		(9,884	)	$	(130,222	)		—		$	—


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		206,123		$	3,370,042			302,793		$	3,886,056			4,278		$	40,947
Shares issued as reinvestment of distributions		342,126			5,344,015			74,080			913,410			—			—
Less shares redeemed		(720,239	)		(11,977,238	)		(506,600	)		(6,432,527	)		(1,335	)		(12,943	)

Net increase (decrease)		(171,990	)	$	(3,263,181	)		(129,727	)	$	(1,633,061	)		2,943		$	28,004


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,622,981		$	46,522,946			6,159,293		$	82,061,329			10,059		$	94,117
Shares issued as reinvestment of distributions		2,336,056			39,572,790			758,102			9,726,453			6,673			61,523
Less shares redeemed		(5,016,540	)		(89,864,581	)		(8,516,306	)		(112,490,062	)		(26,305	)		(247,613	)

Net increase (decrease)		(57,503	)	$	(3,768,845	)		(1,598,911	)	$	(20,702,280	)		(9,573	)	$	(91,973	)


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		116,217		$	2,041,369			54,855		$	718,106			—		$	—
Shares issued as reinvestment of distributions		76,975			1,265,465			2,473			31,360			17			156
Less shares redeemed		(215,226	)		(3,776,180	)		(25,754	)		(343,820	)		—			—

Net increase (decrease)		(22,034	)	$	(469,346	)		31,574		$	405,646			17		$	156

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


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Notes to Financial Statements (Unaudited)


	GLOBAL EQUITY FUND						GROWTH AND INCOME FUND						GLOBAL GROWTH AND INCOME FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		591,420		$	7,727,029			1,791,145		$	57,837,112			692,719		$	6,110,385
Shares issued as reinvestment of distributions		1,222,600			15,074,660			4,217,060			132,985,831			2,591,794			21,822,907
Less shares redeemed		(1,702,719	)		(22,662,798	)		(5,945,511	)		(193,026,582	)		(3,435,894	)		(30,765,793	)

Net increase (decrease)		111,301		$	138,891			62,694		$	(2,203,639	)		(151,381	)	$	(2,832,501	)


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		1,576		$	19,712			7,329		$	276,869			8,670		$	78,842
Shares issued as reinvestment of distributions		19,094			223,214			38,074			1,425,273			74,467			640,419
Less shares redeemed		(43,126	)		(548,264	)		(173,481	)		(6,754,270	)		(190,475	)		(1,767,791	)

Net increase (decrease)		(22,456	)	$	(305,338	)		(128,078	)	$	(5,052,128	)		(107,338	)	$	(1,048,530	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		222,099		$	2,693,978			1,301,968		$	41,735,071			1,051,099		$	8,267,523
Shares issued as reinvestment of distributions		368,575			4,297,586			2,724,612			86,309,740			2,710,087			20,948,975
Less shares redeemed		(561,039	)		(7,071,459	)		(3,115,564	)		(101,281,168	)		(3,194,939	)		(26,260,494	)

Net increase (decrease)		29,635		$	(79,895	)		911,016		$	26,763,643			566,247		$	2,956,004


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,390,860		$	18,474,650			2,289,796		$	71,972,158			1,405,042		$	12,586,879
Shares issued as reinvestment of distributions		1,213,118			15,139,713			2,183,495			66,787,087			2,955,029			25,442,796
Less shares redeemed		(1,660,798	)		(23,088,111	)		(4,471,094	)		(140,995,402	)		(4,482,813	)		(41,610,951	)

Net increase (decrease)		943,180		$	10,526,252			2,197		$	(2,236,157	)		(122,742	)	$	(3,581,276	)


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		101,594		$	1,328,136			65,752		$	2,139,820			19,962		$	173,608
Shares issued as reinvestment of distributions		116,339			1,405,379			57,654			1,805,360			28,609			238,597
Less shares redeemed		(142,928	)		(1,827,849	)		(121,473	)		(3,933,758	)		(38,482	)		(348,358	)

Net increase (decrease)		75,005		$	905,666			1,933		$	11,422			10,089		$	63,847

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


178		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	CONVERTIBLE FUND						GLOBAL CONVERTIBLE FUND¹						TOTAL RETURN BOND FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,421,689		$	79,354,260			453,017		$	4,598,717			649,535		$	6,887,604
Shares issued as reinvestment of distributions		1,464,348			25,635,749			—			—			132,067			1,394,315
Less shares redeemed		(6,618,779	)		(118,053,407	)		(791	)		(8,240	)		(2,813,830	)		(29,888,799	)

Net increase (decrease)		(732,742	)	$	(13,063,398	)		452,226		$	4,590,477			(2,032,228	)	$	(21,606,880	)


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		5,297		$	117,532			—		$	—			375		$	3,957
Shares issued as reinvestment of distributions		11,794			261,695			—			—			2,789			29,409
Less shares redeemed		(96,375	)		(2,178,207	)		—			—			(52,286	)		(556,310	)

Net increase (decrease)		(79,284	)	$	(1,798,980	)		—		$	—			(49,122	)	$	(522,944	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,058,834		$	18,635,994			23,785		$	242,250			137,845		$	1,464,869
Shares issued as reinvestment of distributions		764,391			13,267,429			—			—			25,045			264,096
Less shares redeemed		(2,133,345	)		(37,698,410	)		—			—			(227,745	)		(2,419,972	)

Net increase (decrease)		(310,120	)	$	(5,794,987	)		23,785		$	242,250			(64,855	)	$	(691,007	)


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,865,252		$	79,116,823			1,001,439		$	10,343,067			191,697		$	2,037,151
Shares issued as reinvestment of distributions		1,856,932			29,604,332			—			—			31,929			337,347
Less shares redeemed		(8,710,591	)		(141,696,790	)		(198	)		(2,063	)		(255,334	)		(2,721,710	)

Net increase (decrease)		(1,988,407	)	$	(32,975,635	)		1,001,241		$	10,341,004			(31,708	)	$	(347,212	)


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		9,784		$	174,364			10,000		$	100,000			1,230		$	13,052
Shares issued as reinvestment of distributions		6,530			113,962			—			—			527			5,562
Less shares redeemed		(49,757	)		(889,964	)		—			—			(1,778	)		(18,938	)

Net increase (decrease)		(33,443	)	$	(601,638	)		10,000		$	100,000			(21	)	$	(324	)

1	Global Convertible Fund commenced operations on December 31, 2014

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


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Notes to Financial Statements (Unaudited)


	HIGH INCOME FUND						MARKET NEUTRAL INCOME FUND
Class A	Shares			Dollars			Shares			Dollars
Shares sold		4,159,390		$	37,662,308			12,115,114		$	157,916,983
Shares issued as reinvestment of distributions		538,275			4,869,796			1,461,097			18,912,192
Less shares redeemed		(8,266,906	)		(76,012,306	)		(28,972,807	)		(378,411,536	)

Net increase (decrease)		(3,569,241	)	$	(33,480,202	)		(15,396,596	)	$	(201,582,361	)


Class B	Shares			Dollars			Shares			Dollars
Shares sold*		905		$	8,736			666		$	9,183
Shares issued as reinvestment of distributions		7,648			72,741			2,483			34,010
Less shares redeemed		(82,289	)		(796,764	)		(95,568	)		(1,317,137	)

Net increase (decrease)		(73,736	)	$	(715,287	)		(92,419	)	$	(1,273,944	)


Class C	Shares			Dollars			Shares			Dollars
Shares sold		52,014		$	496,901			2,125,575		$	28,132,523
Shares issued as reinvestment of distributions		108,325			1,020,811			252,437			3,318,646
Less shares redeemed		(426,807	)		(4,083,174	)		(3,125,991	)		(41,320,166	)

Net increase (decrease)		(266,468	)	$	(2,565,462	)		(747,979	)	$	(9,868,997	)


Class I	Shares			Dollars			Shares			Dollars
Shares sold		718,388		$	6,600,809			47,500,954		$	613,990,718
Shares issued as reinvestment of distributions		128,429			1,161,386			3,018,709			38,682,486
Less shares redeemed		(553,006	)		(5,049,280	)		(52,953,591	)		(683,174,188	)

Net increase (decrease)		293,811		$	2,712,915			(2,433,928	)	$	(30,500,984	)


Class R	Shares			Dollars			Shares			Dollars
Shares sold		791		$	7,496			149,421		$	1,941,864
Shares issued as reinvestment of distributions		964			8,692			7,609			98,165
Less shares redeemed		(6,029	)		(54,905	)		(226,452	)		(2,944,257	)

Net increase (decrease)		(4,274	)	$	(38,717	)		(69,422	)	$	(904,228	)

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


180		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	HEDGED EQUITY INCOME FUND						LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars
Shares sold		556,976		$	5,562,783			544,439		$	5,870,735
Shares issued as reinvestment of distributions		—			—			43,613			468,408
Less shares redeemed		(2,567	)		(25,721	)		(902,182	)		(9,692,933	)

Net increase (decrease)		554,409		$	5,537,062			(314,130	)	$	(3,353,790	)


Class B	Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—
Shares issued as reinvestment of distributions		—			—			—			—
Less shares redeemed		—			—			—			—

Net increase (decrease)		—		$	—			—		$	—


Class C	Shares			Dollars			Shares			Dollars
Shares sold		10,000		$	100,000			87,775		$	937,661
Shares issued as reinvestment of distributions		—			—			7,310			77,702
Less shares redeemed		—			—			(115,431	)		(1,232,257	)

Net increase (decrease)		10,000		$	100,000			(20,346	)	$	(216,894	)


Class I	Shares			Dollars			Shares			Dollars
Shares sold		536,824		$	5,366,322			934,867		$	10,116,371
Shares issued as reinvestment of distributions		—			—			86,795			935,646
Less shares redeemed		—			—			(3,292,530	)		(35,181,935	)

Net increase (decrease)		536,824		$	5,366,322			(2,270,868	)	$	(24,129,918	)


Class R	Shares			Dollars			Shares			Dollars
Shares sold		10,000		$	100,000			—		$	—
Shares issued as reinvestment of distributions		—			—			123			1,308
Less shares redeemed		—			—			—			—

Net increase (decrease)		10,000		$	100,000			123		$	1,308

1	Hedged Equity Income Fund commenced operations on December 31, 2014


		www.calamos.com			181

Notes to Financial Statements (Unaudited)

The following table summarizes the activity in capital shares of the Funds:


For the Fiscal Year or Period Ended October 31, 2014
	GROWTH FUND						OPPORTUNISTIC VALUE FUND						FOCUS GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,169,402		$	203,575,461			986,113		$	14,768,548			1,344,082		$	23,646,215
Shares issued as reinvestment of distributions		11,438,191			524,669,823			420,977			6,041,017			1,608			28,041
Less shares redeemed		(19,422,426	)		(949,192,457	)		(2,708,610	)		(40,395,770	)		(1,856,583	)		(33,035,632	)

Net increase (decrease)		(3,814,833	)	$	(220,947,173	)		(1,301,520	)	$	(19,586,205	)		(510,893	)	$	(9,361,376	)


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		35,910		$	1,586,358			5,612		$	78,620			3,438		$	58,529
Shares issued as reinvestment of distributions		424,071			18,676,120			6,049			80,879			—			—
Less shares redeemed		(1,178,174	)		(55,133,645	)		(64,557	)		(883,494	)		(28,187	)		(466,080	)

Net increase (decrease)		(718,193	)	$	(34,871,167	)		(52,896	)	$	(723,995	)		(24,749	)	$	(407,551	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,918,450		$	74,764,571			220,929		$	3,024,995			233,266		$	3,799,871
Shares issued as reinvestment of distributions		6,476,475			248,372,816			53,258			704,065			—			—
Less shares redeemed		(6,623,740	)		(272,043,288	)		(164,812	)		(2,228,705	)		(116,860	)		(1,944,321	)

Net increase		1,771,185		$	51,094,099			109,375		$	1,500,355			116,406		$	1,855,550


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		6,106,079		$	346,248,281			1,163,752		$	17,678,376			164,697		$	2,953,928
Shares issued as reinvestment of distributions		3,644,971			191,543,226			116,680			1,711,690			5,239			92,100
Less shares redeemed		(12,078,610	)		(669,064,186	)		(537,807	)		(8,193,218	)		(218,637	)		(3,917,909	)

Net increase (decrease)		(2,327,560	)	$	(131,272,679	)		742,625		$	11,196,848			(48,701	)	$	(871,881	)


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		45,853		$	2,216,295			461		$	6,864			1,514		$	26,156
Shares issued as reinvestment of distributions		55,617			2,486,625			731			10,396			—			—
Less shares redeemed		(96,424	)		(4,925,913	)		—			—			(6,511	)		(109,505	)

Net increase (decrease)		5,046		$	(222,993	)		1,192		$	17,260			(4,997	)	$	(83,349	)

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


182		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	DISCOVERY GROWTH FUND						DIVIDEND GROWTH FUND						MID CAP GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		877,889		$	12,650,132			718,584		$	7,600,725			2,580,733		$	28,771,965
Shares issued as reinvestment of distributions		318,417			4,234,941			51,460			541,176			511			5,558
Less shares redeemed		(1,112,634	)		(15,919,384	)		(642,277	)		(6,841,721	)		(540,491	)		(5,987,253	)

Net increase (decrease)		83,672		$	965,689			127,767		$	1,300,180			2,040,753		$	22,790,270


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		199		$	2,553			—		$	—			—		$	—
Shares issued as reinvestment of distributions		17,986			232,562			—			—			—			—
Less shares redeemed		(9,776	)		(132,908	)		—			—			—			—

Net increase (decrease)		8,409		$	102,207			—		$	—			—		$	—


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		21,562		$	294,494			16,227		$	173,846			41,247		$	464,867
Shares issued as reinvestment of distributions		29,073			375,617			422			4,422			1			12
Less shares redeemed		(43,874	)		(578,715	)		(2,202	)		(23,597	)		(973	)		(11,000	)

Net increase (decrease)		6,761		$	91,396			14,447		$	154,671			40,275		$	453,879


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		166,972		$	2,309,779			333,638		$	3,570,422			494,023		$	5,550,945
Shares issued as reinvestment of distributions		104,045			1,398,357			16,571			174,373			422			4,599
Less shares redeemed		(288,515	)		(4,089,606	)		(339,122	)		(3,636,368	)		(326,803	)		(3,639,808	)

Net increase (decrease)		(17,498	)	$	(381,470	)		11,087		$	108,427			167,642		$	1,915,736


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			—		$	—			—		$	—
Shares issued as reinvestment of distributions		19,043			251,178			176			1,850			1			8
Less shares redeemed		(12,312	)		(165,640	)		—			—			—			—

Net increase (decrease)		6,731		$	85,538			176		$	1,850			1		$	8

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


		www.calamos.com			183

Notes to Financial Statements (Unaudited)


	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND						EMERGING MARKET EQUITY FUND¹
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,121,503		$	81,370,181			7,954,449		$	110,962,598			621,188		$	6,213,623
Shares issued as reinvestment of distributions		68,048			1,315,376			110,950			1,517,798			—			—
Less shares redeemed		(10,161,635	)		(200,761,635	)		(7,563,915	)		(106,962,856	)		(76,528	)		(775,464	)

Net increase (decrease)		(5,972,084	)	$	(118,076,078	)		501,484		$	5,517,540			544,660		$	5,438,159


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		1,632		$	30,834			7,297		$	98,615			—		$	—
Shares issued as reinvestment of distributions		—			—			1,107			14,719			—			—
Less shares redeemed		(203,835	)		(3,821,643	)		(86,212	)		(1,213,178	)		—			—

Net increase (decrease)		(202,203	)	$	(3,790,809	)		(77,808	)	$	(1,099,844	)		—		$	—


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		363,989		$	6,819,007			1,429,701		$	19,462,204			31,670		$	318,335
Shares issued as reinvestment of distributions		—			—			21,045			279,897			—			—
Less shares redeemed		(679,512	)		(12,663,987	)		(589,783	)		(7,970,084	)		(2,217	)		(20,754	)

Net increase (decrease)		(315,523	)	$	(5,844,980	)		860,963		$	11,772,017			29,453		$	297,581


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		7,889,142		$	157,945,168			19,554,553		$	277,940,237			1,051,043		$	10,567,059
Shares issued as reinvestment of distributions		140,580			2,744,118			232,806			3,203,411			—			—
Less shares redeemed		(10,624,094	)		(211,395,184	)		(10,388,282	)		(145,524,332	)		(67,098	)		(701,062	)

Net increase (decrease)		(2,594,372	)	$	(50,705,898	)		9,399,077		$	135,619,316			983,945		$	9,865,997


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		225,586		$	4,384,413			155,991		$	2,146,309			10,000		$	100,000
Shares issued as reinvestment of distributions		1,538			29,377			1,166			15,858			—			—
Less shares redeemed		(485,865	)		(9,332,574	)		(194,657	)		(2,741,560	)		—			—

Net increase (decrease)		(258,741	)	$	(4,918,784	)		(37,500	)	$	(579,393	)		10,000		$	100,000

*	Class B shares continue to be outstanding but are no longer an offered class of shares.

1	Emerging Market Equity Fund commenced operations on December 31, 2013.


184		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	GLOBAL EQUITY FUND						GROWTH AND INCOME FUND						GLOBAL GROWTH AND INCOME FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,574,537		$	39,112,015			3,024,499		$	102,499,417			1,738,669		$	18,016,612
Shares issued as reinvestment of distributions		202,247			3,011,453			4,847,970			158,770,504			3,229,249			31,618,850
Less shares redeemed		(7,320,032	)		(111,411,798	)		(15,525,637	)		(531,027,923	)		(8,517,784	)		(88,661,991	)

Net increase (decrease)		(4,543,248	)	$	(69,288,330	)		(7,653,168	)	$	(269,758,002	)		(3,549,866	)	$	(39,026,529	)


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		5,022		$	73,105			20,650		$	799,005			17,877		$	180,881
Shares issued as reinvestment of distributions		3,469			49,880			89,387			3,401,594			136,244			1,361,076
Less shares redeemed		(121,895	)		(1,821,588	)		(836,097	)		(33,056,075	)		(595,597	)		(6,280,338	)

Net increase (decrease)		(113,404	)	$	(1,698,603	)		(726,060	)	$	(28,855,476	)		(441,476	)	$	(4,738,381	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		202,949		$	2,966,357			1,292,908		$	43,583,661			1,155,910		$	10,881,146
Shares issued as reinvestment of distributions		32,906			472,200			2,544,234			83,644,927			2,696,480			24,672,794
Less shares redeemed		(612,180	)		(9,022,346	)		(5,836,550	)		(199,478,339	)		(4,733,883	)		(45,552,842	)

Net increase (decrease)		(376,325	)	$	(5,583,789	)		(1,999,408	)	$	(72,249,751	)		(881,493	)	$	(9,998,902	)


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,153,492		$	33,387,296			5,818,571		$	194,654,513			4,182,731		$	43,942,902
Shares issued as reinvestment of distributions		171,983			2,578,019			1,983,416			63,324,616			3,397,387			33,914,813
Less shares redeemed		(9,997,608	)		(153,601,588	)		(6,774,543	)		(225,229,614	)		(9,536,753	)		(100,435,221	)

Net increase (decrease)		(7,672,133	)	$	(117,636,273	)		1,027,444		$	32,749,515			(1,956,635	)	$	(22,577,506	)


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		371,122		$	5,589,530			115,758		$	3,905,247			56,656		$	579,617
Shares issued as reinvestment of distributions		12,709			186,563			63,698			2,071,779			26,946			261,658
Less shares redeemed		(479,931	)		(7,298,968	)		(272,973	)		(9,176,885	)		(55,016	)		(563,576	)

Net increase (decrease)		(96,100	)	$	(1,522,875	)		(93,517	)	$	(3,199,859	)		28,586		$	277,699

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


		www.calamos.com			185

Notes to Financial Statements (Unaudited)


	CONVERTIBLE FUND						TOTAL RETURN BOND FUND						HIGH INCOME FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		9,987,438		$	182,738,512			2,179,054		$	23,249,389			4,804,505		$	47,159,168
Shares issued as reinvestment of distributions		2,806,489			49,636,786			392,228			4,156,799			1,360,453			13,333,056
Less shares redeemed		(13,374,627	)		(246,089,080	)		(4,885,639	)		(52,345,904	)		(12,790,210	)		(125,436,872	)

Net increase (decrease)		(580,700	)	$	(13,713,782	)		(2,314,357	)	$	(24,939,716	)		(6,625,252	)	$	(64,944,648	)


Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		14,862		$	332,596			6,949		$	74,076			27,920		$	289,625
Shares issued as reinvestment of distributions		23,491			517,586			15,216			160,931			15,391			158,355
Less shares redeemed		(103,690	)		(2,365,327	)		(334,873	)		(3,582,399	)		(158,366	)		(1,638,534	)

Net increase (decrease)		(65,337	)	$	(1,515,145	)		(312,708	)	$	(3,347,392	)		(115,055	)	$	(1,190,554	)


Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,722,931		$	49,155,974			133,486		$	1,416,851			252,150		$	2,569,644
Shares issued as reinvestment of distributions		1,287,951			22,560,787			63,665			673,709			161,183			1,643,279
Less shares redeemed		(3,939,459	)		(71,512,966	)		(916,226	)		(9,787,789	)		(815,712	)		(8,341,242	)

Net increase (decrease)		71,423		$	203,795			(719,075	)	$	(7,697,229	)		(402,379	)	$	(4,128,319	)


Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		20,533,223		$	343,816,639			979,335		$	10,449,287			857,639		$	8,444,246
Shares issued as reinvestment of distributions		2,343,898			38,110,323			165,635			1,752,368			166,427			1,630,648
Less shares redeemed		(10,049,092	)		(167,930,158	)		(3,673,387	)		(39,060,727	)		(1,037,040	)		(10,137,137	)

Net increase (decrease)		12,828,029		$	213,996,804			(2,528,417	)	$	(26,859,072	)		(12,974	)	$	(62,243	)


Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		47,121		$	854,312			52,117		$	564,971			4,139		$	40,847
Shares issued as reinvestment of distributions		13,136			231,610			2,026			21,521			1,227			12,008
Less shares redeemed		(60,437	)		(1,126,891	)		(238,719	)		(2,549,197	)		(3,107	)		(30,673	)

Net increase (decrease)		(180	)	$	(40,969	)		(184,576	)	$	(1,962,705	)		2,259		$	22,182

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


186		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)


	MARKET NEUTRAL INCOME FUND						LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars
Shares sold		50,269,892		$	654,756,366			5,153,378		$	55,032,659
Shares issued as reinvestment of distributions		3,151,586			40,742,177			22,410			242,933
Less shares redeemed		(53,858,000	)		(702,711,796	)		(2,412,813	)		(25,682,216	)

Net increase (decrease)		(436,522	)	$	(7,213,253	)		2,762,975		$	29,593,376


Class B	Shares			Dollars			Shares			Dollars
Shares sold*		12,452		$	171,144			—		$	—
Shares issued as reinvestment of distributions		8,923			121,669			—			—
Less shares redeemed		(361,322	)		(4,970,395	)		—			—

Net increase (decrease)		(339,947	)	$	(4,677,582	)		—		$	—


Class C	Shares			Dollars			Shares			Dollars
Shares sold		8,550,550		$	113,196,384			641,920		$	6,825,517
Shares issued as reinvestment of distributions		392,424			5,148,225			887			9,555
Less shares redeemed		(4,456,820	)		(58,996,872	)		(76,000	)		(789,563	)

Net increase (decrease)		4,486,154		$	59,347,737			566,807		$	6,045,509


Class I	Shares			Dollars			Shares			Dollars
Shares sold		110,860,805		$	1,431,307,473			6,679,002		$	71,222,333
Shares issued as reinvestment of distributions		3,587,887			45,980,143			32,684			353,322
Less shares redeemed		(45,692,384	)		(589,104,635	)		(2,560,986	)		(27,000,385	)

Net increase (decrease)		68,756,308		$	888,182,981			4,150,700		$	44,575,270


Class R	Shares			Dollars			Shares			Dollars
Shares sold		482,810		$	6,281,640			1,624		$	17,653
Shares issued as reinvestment of distributions		9,557			123,166			82			884
Less shares redeemed		(210,950	)		(2,746,985	)		(1,630	)		(17,269	)

Net increase (decrease)		281,417		$	3,657,821			76		$	1,268

*	Class B shares continue to be outstanding but are no longer an offered class of shares.


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Calamos Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$50.16			$58.75			$49.90			$51.06			$49.18			$40.60
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.20	)		(0.05	)		(0.22	)		(0.32	)		(0.16	)
Net realized and unrealized gain (loss)		2.69			6.90			12.63			1.21			2.20			8.74
Total from investment operations		2.66			6.70			12.58			0.99			1.88			8.58
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Total distributions		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Net asset value, end of period		$42.69			$50.16			$58.75			$49.90			$51.06			$49.18
Ratios and supplemental data:
Total return(b)		6.27%			13.84%			26.95%			2.26%			3.82%			21.13%
Net assets, end of period (000)		$1,584,010			$1,718,674			$2,237,328			$3,241,595			$4,232,942			$4,721,389
Ratio of net expenses to average net assets		1.30%	(c)		1.26%			1.26%			1.29%			1.26%			1.27%
Ratio of gross expenses to average net assets prior to expense reductions		1.30%	(c)		1.26%			1.26%			1.29%			1.26%			1.27%
Ratio of net investment income (loss) to average net assets		(0.16%	)(c)		(0.42%	)		(0.10%	)		(0.44%	)		(0.60%	)		(0.37%	)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Portfolio turnover rate		30.3%			41.8%			67.1%			57.0%			84.7%			52.7%

(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 B and 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.


188		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$47.84			$57.05			$48.90			$50.44			$48.96			$40.72
Income from investment operations:
Net investment income (loss)(a)		(0.19	)		(0.56	)		(0.43	)		(0.59	)		(0.71	)		(0.50	)
Net realized and unrealized gain (loss)		2.55			6.64			12.31			1.20			2.19			8.74
Total from investment operations		2.36			6.08			11.88			0.61			1.48			8.24
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Total distributions		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Net asset value, end of period		$40.07			$47.84			$57.05			$48.90			$50.44			$48.96
Ratios and supplemental data:
Total return(b)		5.89%			12.97%			26.00%			1.50%			3.02%			20.24%
Net assets, end of period (000)		$26,823			$36,835			$84,895			$171,357			$335,792			$508,828
Ratio of net expenses to average net assets		2.05%	(c)		2.00%			2.02%			2.03%			2.01%			2.02%
Ratio of gross expenses to average net assets prior to expense reductions		2.05%	(c)		2.00%			2.02%			2.03%			2.01%			2.02%
Ratio of net investment income (loss) to average net assets		(0.90%	)(c)		(1.17%	)		(0.86%	)		(1.18%	)		(1.34%	)		(1.12%	)

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$41.66			$51.58			$44.56			$46.16			$44.80			$37.26
Income from investment operations:
Net investment income (loss)(a)		(0.16	)		(0.48	)		(0.38	)		(0.54	)		(0.66	)		(0.45	)
Net realized and unrealized gain (loss)		2.16			5.85			11.13			1.09			2.02			7.99
Total from investment operations		2.00			5.37			10.75			0.55			1.36			7.54
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Total distributions		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Net asset value, end of period		$33.53			$41.66			$51.58			$44.56			$46.16			$44.80
Ratios and supplemental data:
Total return(b)		5.90%			12.97%			26.00%			1.51%			3.04%			20.24%
Net assets, end of period (000)		$868,049			$959,445			$1,096,492			$1,272,104			$1,517,047			$1,718,714
Ratio of net expenses to average net assets		2.05%	(c)		2.01%			2.01%			2.04%			2.01%			2.02%
Ratio of gross expenses to average net assets prior to expense reductions		2.05%	(c)		2.01%			2.01%			2.04%			2.01%			2.02%
Ratio of net investment income (loss) to average net assets		(0.90%	)(c)		(1.17%	)		(0.85%	)		(1.19%	)		(1.35%	)		(1.12%	)

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


		www.calamos.com			189

Calamos Growth Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$57.59			$65.15			$54.81			$55.72			$53.54			$44.09
Income from investment operations:
Net investment income (loss)(a)		0.02			(0.10	)		0.08			(0.10	)		(0.21	)		(0.05	)
Net realized and unrealized gain (loss)		3.17			7.83			13.99			1.34			2.39			9.50
Total from investment operations		3.19			7.73			14.07			1.24			2.18			9.45
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Total distributions		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Net asset value, end of period		$50.65			$57.59			$65.15			$54.81			$55.72			$53.54
Ratios and supplemental data:
Total return(b)		6.40%			14.12%			27.27%			2.53%			4.07%			21.43%
Net assets, end of period (000)		$672,968			$759,432			$1,010,805			$1,690,739			$1,628,191			$1,335,967
Ratio of net expenses to average net assets		1.05%	(c)		1.01%			1.02%			1.04%			1.01%			1.02%
Ratio of gross expenses to average net assets prior to expense reductions		1.05%	(c)		1.01%			1.02%			1.04%			1.01%			1.02%
Ratio of net investment income (loss) to average net assets		0.09%	(c)		(0.18%	)		0.15%			(0.19%	)		(0.37%	)		(0.11%	)

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$48.78			$57.65			$49.15			$50.44			$48.71			$40.31
Income from investment operations:
Net investment income (loss)(a)		(0.09	)		(0.32	)		(0.18	)		(0.34	)		(0.46	)		(0.27	)
Net realized and unrealized gain (loss)		2.61			6.74			12.41			1.20			2.19			8.67
Total from investment operations		2.52			6.42			12.23			0.86			1.73			8.40
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Total distributions		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—			—
Net asset value, end of period		$41.17			$48.78			$57.65			$49.15			$50.44			$48.71
Ratios and supplemental data:
Total return(b)		6.15%			13.56%			26.62%			2.02%			3.55%			20.84%
Net assets, end of period (000)		$10,098			$10,089			$11,634			$15,879			$13,030			$9,071
Ratio of net expenses to average net assets		1.55%	(c)		1.51%			1.51%			1.54%			1.51%			1.52%
Ratio of gross expenses to average net assets prior to expense reductions		1.55%	(c)		1.51%			1.51%			1.54%			1.51%			1.52%
Ratio of net investment income (loss) to average net assets		(0.41%	)(c)		(0.67%	)		(0.35%	)		(0.68%	)		(0.88%	)		(0.62%	)

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


190		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Opportunistic Value Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011		2010
Net asset value, beginning of period		$15.07			$15.22			$12.15			$11.25		$11.02		$10.57
Income from investment operations:
Net investment income (loss)(a)		0.09			0.18			0.18			0.10		0.01		(0.00	)**
Net realized and unrealized gain (loss)		(0.11	)		0.92			3.07			0.80		0.22		0.48
Total from investment operations		(0.02	)		1.10			3.25			0.90		0.23		0.48
Distributions:
Dividends from net investment income		(0.14	)		(0.14	)		(0.18	)		—		—		(0.03	)
Dividends from net realized gains		(0.99	)		(1.11	)		—			—		—		—
Total distributions		(1.13	)		(1.25	)		(0.18	)		—		—		(0.03	)
Net asset value, end of period		$13.92			$15.07			$15.22			$12.15		$11.25		$11.02
Ratios and supplemental data:
Total return(b)		(0.10%	)		7.67%			27.12%			8.00%		2.09%		4.52%
Net assets, end of period (000)		$45,245			$58,419			$78,843			$38,992		$23,964		$31,556
Ratio of net expenses to average net assets		1.15%	(c)		1.15%			1.15%			1.15%		1.52%		1.60%
Ratio of gross expenses to average net assets prior to expense reductions		1.56%	(c)		1.50%			1.53%			1.72%		1.67%		1.60%
Ratio of net investment income (loss) to average net assets		1.34%	(c)		1.19%			1.31%			0.84%		0.11%		0.03%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011		2010
Portfolio turnover rate		95.1%			165.4%			250.3%			204.9%		27.4%		37.7%

**	Amounts are less than $0.005.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


		www.calamos.com			191

Calamos Opportunistic Value Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Net asset value, beginning of period		$13.94			$14.17			$11.24			$10.49		$10.35			$9.98
Income from investment operations:
Net investment income (loss)(a)		0.04			0.06			0.07			0.02		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		(0.10	)		0.85			2.88			0.73		0.21			0.44
Total from investment operations		(0.06	)		0.91			2.95			0.75		0.14			0.37
Distributions:
Dividends from net investment income		—			(0.03	)		(0.02	)		—		—			—
Dividends from net realized gains		(0.99	)		(1.11	)		—			—		—			—
Total distributions		(0.99	)		(1.14	)		(0.02	)		—		—			—
Net asset value, end of period		$12.89			$13.94			$14.17			$11.24		$10.49			$10.35
Ratios and supplemental data:
Total return(b)		(0.41%	)		6.74%			26.28%			7.15%		1.35%			3.71%
Net assets, end of period (000)		$265			$348			$1,103			$1,195		$2,308			$3,903
Ratio of net expenses to average net assets		1.90%	(c)		1.90%			1.90%			1.90%		2.29%			2.34%
Ratio of gross expenses to average net assets prior to expense reductions		2.31%	(c)		2.24%			2.28%			2.47%		2.42%			2.34%
Ratio of net investment income (loss) to average net assets		0.58%	(c)		0.42%			0.59%			0.20%		(0.63%	)		(0.70%	)

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Net asset value, beginning of period		$13.79			$14.09			$11.23			$10.48		$10.34			$9.97
Income from investment operations:
Net investment income (loss)(a)		0.04			0.06			0.08			0.02		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		(0.10	)		0.85			2.85			0.73		0.21			0.44
Total from investment operations		(0.06	)		0.91			2.93			0.75		0.14			0.37
Distributions:
Dividends from net investment income		(0.03	)		(0.10	)		(0.07	)		—		—			—
Dividends from net realized gains		(0.99	)		(1.11	)		—			—		—			—
Total distributions		(1.02	)		(1.21	)		(0.07	)		—		—			—
Net asset value, end of period		$12.71			$13.79			$14.09			$11.23		$10.48			$10.34
Ratios and supplemental data:
Total return(b)		(0.43%	)		6.82%			26.27%			7.16%		1.35%			3.71%
Net assets, end of period (000)		$7,278			$9,964			$8,641			$3,753		$3,974			$5,915
Ratio of net expenses to average net assets		1.90%	(c)		1.90%			1.90%			1.90%		2.28%			2.35%
Ratio of gross expenses to average net assets prior to expense reductions		2.31%	(c)		2.25%			2.28%			2.47%		2.42%			2.35%
Ratio of net investment income (loss) to average net assets		0.60%	(c)		0.44%			0.59%			0.16%		(0.63%	)		(0.71%	)

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


192		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Opportunistic Value Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Net asset value, beginning of period		$15.44			$15.57			$12.41			$11.46		$11.20			$10.74
Income from investment operations:
Net investment income (loss)(a)		0.12			0.22			0.22			0.14		0.04			0.03
Net realized and unrealized gain (loss)		(0.11	)		0.94			3.14			0.81		0.22			0.48
Total from investment operations		0.01			1.16			3.36			0.95		0.26			0.51
Distributions:
Dividends from net investment income		(0.19	)		(0.18	)		(0.20	)		—		—			(0.05	)
Dividends from net realized gains		(0.99	)		(1.11	)		—			—		—			—
Total distributions		(1.18	)		(1.29	)		(0.20	)		—		—			(0.05	)
Net asset value, end of period		$14.27			$15.44			$15.57			$12.41		$11.46			$11.20
Ratios and supplemental data:
Total return(b)		0.03%			7.87%			27.47%			8.29%		2.32%			4.79%
Net assets, end of period (000)		$21,671			$32,147			$20,857			$9,671		$11,227			$17,340
Ratio of net expenses to average net assets		0.90%	(c)		0.90%			0.90%			0.90%		1.27%			1.35%
Ratio of gross expenses to average net assets prior to expense reductions		1.31%	(c)		1.25%			1.28%			1.48%		1.42%			1.35%
Ratio of net investment income (loss) to average net assets		1.60%	(c)		1.45%			1.56%			1.15%		0.37%			0.28%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Net asset value, beginning of period		$14.91			$15.09			$12.02			$11.16		$10.96			$10.52
Income from investment operations:
Net investment income (loss)(a)		0.07			0.14			0.14			0.07		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		(0.09	)		0.90			3.07			0.79		0.21			0.46
Total from investment operations		(0.02	)		1.04			3.21			0.86		0.20			0.44
Distributions:
Dividends from net investment income		(0.12	)		(0.11	)		(0.14	)		—		—			(0.00	)**
Dividends from net realized gains		(0.99	)		(1.11	)		—			—		—			—
Total distributions		(1.11	)		(1.22	)		(0.14	)		—		—			—
Net asset value, end of period		$13.78			$14.91			$15.09			$12.02		$11.16			$10.96
Ratios and supplemental data:
Total return(b)		(0.18%	)		7.28%			26.94%			7.71%		1.82%			4.21%
Net assets, end of period (000)		$152			$144			$128			$98		$91			$89
Ratio of net expenses to average net assets		1.40%	(c)		1.40%			1.40%			1.40%		1.76%			1.85%
Ratio of gross expenses to average net assets prior to expense reductions		1.82%	(c)		1.75%			1.78%			1.97%		1.93%			1.85%
Ratio of net investment income (loss) to average net assets		1.04%	(c)		0.95%			1.08%			0.65%		(0.10%	)		(0.23%	)

**	Amounts are less than $0.005.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


		www.calamos.com			193

Calamos Focus Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Net asset value, beginning of period		$18.59			$16.71			$13.10			$12.37		$11.93			$10.51
Income from investment operations:
Net investment income (loss)(a)		0.01			(0.04	)		0.00	**		0.01		(0.03	)		(0.02	)
Net realized and unrealized gain (loss)		0.87			1.94			3.67			0.72		0.47			1.46
Total from investment operations		0.88			1.90			3.67			0.73		0.44			1.44
Distributions:
Dividends from net investment income		—			(0.02	)		(0.06	)		—		—			(0.02	)
Dividends from net realized gains		(1.81	)		—			—			—		—			—
Total distributions		(1.81	)		(0.02	)		(0.06	)		—		—			(0.02	)
Net asset value, end of period		$17.66			$18.59			$16.71			$13.10		$12.37			$11.93
Ratios and supplemental data:
Total return(b)		5.10%			11.37%			28.15%			5.90%		3.69%			13.72%
Net assets, end of period (000)		$18,794			$19,709			$26,249			$22,389		$22,702			$24,518
Ratio of net expenses to average net assets		1.15%	(c)		1.15%			1.15%			1.15%		1.44%			1.56%
Ratio of gross expenses to average net assets prior to expense reductions		1.56%	(c)		1.52%			1.63%			1.57%		1.57%			1.56%
Ratio of net investment income (loss) to average net assets		0.13%	(c)		(0.25%	)		0.01%			0.06%		(0.28%	)		(0.18%	)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Portfolio turnover rate		85.7%			61.0%			89.0%			47.9%		73.5%			49.4%

**	Amounts are less than $0.005.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


194		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Focus Growth Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$17.42			$15.76			$12.39			$11.78			$11.45			$10.14
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.17	)		(0.09	)		(0.08	)		(0.13	)		(0.10	)
Net realized and unrealized gain (loss)		0.80			1.83			3.46			0.69			0.46			1.41
Total from investment operations		0.75			1.66			3.37			0.61			0.33			1.31
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.81	)		—			—			—			—			—
Total distributions		(1.81	)		—			—			—			—			—
Net asset value, end of period		$16.36			$17.42			$15.76			$12.39			$11.78			$11.45
Ratios and supplemental data:
Total return(b)		4.66%			10.53%			27.20%			5.18%			2.88%			12.92%
Net assets, end of period (000)		$421			$449			$796			$1,662			$2,893			$4,171
Ratio of net expenses to average net assets		1.90%	(c)		1.90%			1.90%			1.90%			2.20%			2.31%
Ratio of gross expenses to average net assets prior to expense reductions		2.31%	(c)		2.27%			2.39%			2.33%			2.32%			2.31%
Ratio of net investment income (loss) to average net assets		(0.62%	)(c)		(1.00%	)		(0.68%	)		(0.70%	)		(1.03%	)		(0.92%	)

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$17.42			$15.76			$12.39			$11.79			$11.45			$10.15
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.17	)		(0.10	)		(0.09	)		(0.12	)		(0.10	)
Net realized and unrealized gain (loss)		0.81			1.83			3.47			0.69			0.46			1.40
Total from investment operations		0.76			1.66			3.37			0.60			0.34			1.30
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.81	)		—			—			—			—			—
Total distributions		(1.81	)		—			—			—			—			—
Net asset value, end of period		$16.37			$17.42			$15.76			$12.39			$11.79			$11.45
Ratios and supplemental data:
Total return(b)		4.72%			10.53%			27.20%			5.09%			2.97%			12.81%
Net assets, end of period (000)		$14,536			$14,092			$10,914			$9,287			$10,153			$10,628
Ratio of net expenses to average net assets		1.90%	(c)		1.90%			1.90%			1.90%			2.19%			2.31%
Ratio of gross expenses to average net assets prior to expense reductions		2.31%	(c)		2.27%			2.38%			2.33%			2.32%			2.31%
Ratio of net investment income (loss) to average net assets		(0.63%	)(c)		(1.01%	)		(0.74%	)		(0.70%	)		(1.03%	)		(0.92%	)

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Focus Growth Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$18.77			$16.86			$13.23			$12.46			$11.98			$10.56
Income from investment operations:
Net investment income (loss)(a)		0.03			0.00	••		0.04			0.04			(0.00	)		0.01
Net realized and unrealized gain (loss)		0.88			1.96			3.69			0.73			0.48			1.46
Total from investment operations 0.91		1.96			3.73			0.77			0.48			1.47
Distributions:
Dividends from net investment income		—			(0.05	)		(0.10	)		—			—			(0.05	)
Dividends from net realized gains		(1.81	)		—			—			—			—			—
Total distributions		(1.81	)		(0.05	)		(0.10	)		—			—			(0.05	)
Net asset value, end of period		$17.87			$18.77			$16.86			$13.23			$12.46			$11.98
Ratios and supplemental data:
Total return(b)		5.22%			11.67%			28.42%			6.18%			4.01%			13.97%
Net assets, end of period (000)		$31,675			$30,173			$27,931			$24,863			$24,547			$23,441
Ratio of net expenses to average net assets		0.90%	(c)		0.90%			0.90%			0.90%			1.18%			1.31%
Ratio of gross expenses to average net assets prior to expense reductions		1.31%	(c)		1.27%			1.38%			1.32%			1.32%			1.31%
Ratio of net investment income (loss) to average net assets		0.38%	(c)		0.00%	•••		0.27%			0.30%			(0.02%	)		0.08%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$18.34			$16.51			$12.97			$12.28			$11.87			$10.47
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		(0.08	)		(0.04	)		(0.03	)		(0.07	)		(0.05	)
Net realized and unrealized gain (loss)		0.86			1.91			3.63			0.72			0.48			1.45
Total from investment operations 0.85		1.83			3.59			0.69			0.41			1.40
Distributions:
Dividends from net investment income		—			—			(0.05	)		—			—			—
Dividends from net realized gains		(1.81	)		—			—			—			—			—
Total distributions		(1.81	)		—			(0.05	)		—			—			—
Net asset value, end of period		$17.38			$18.34			$16.51			$12.97			$12.28			$11.87
Ratios and supplemental data:
Total return(b)		5.00%			11.08%			27.80%			5.62%			3.45%			13.37%
Net assets, end of period (000)		$232			$204			$266			$172			$103			$99
Ratio of net expenses to average net assets		1.40%	(c)		1.40%			1.40%			1.40%			1.68%			1.81%
Ratio of gross expenses to average net assets prior to expense reductions		1.81%	(c)		1.77%			1.88%			1.82%			1.82%			1.81%
Ratio of net investment income (loss) to average net assets		(0.14%	)(c)		(0.49%	)		(0.26%	)		(0.21%	)		(0.52%	)		(0.43%	)

••	Amounts are less than $0.005.

•••	Amount is less than 0.005%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


196		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Discovery Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												June 1, 2010* through October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$14.33			$14.77			$11.82			$12.04			$11.64			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.07	)		(0.15	)		(0.12	)		(0.13	)		(0.14	)		(0.04	)
Net realized and unrealized gain (loss)		0.83			1.78			3.07			(0.09	)		0.55			1.68
Total from investment operations		0.76			1.63			2.95			(0.22	)		0.41			1.64
Distributions:
Dividends from net investment income		—			—			—			—			(0.01	)		—
Dividends from net realized gains		(1.34	)		(2.07	)		—			—			—			—
Total distributions		(1.34	)		(2.07	)		—			—			(0.01	)		—
Net asset value, end of period		$13.75			$14.33			$14.77			$11.82			$12.04			$11.64
Ratios and supplemental data:
Total return(b)		5.72%			12.14%			24.96%			(1.83%	)		3.55%			16.40%
Net assets, end of period (000)		$31,021			$31,009			$30,726			$21,384			$23,463			$14,557
Ratio of net expenses to average net assets		1.50%	(c)		1.50%			1.50%			1.50%			1.50%			1.50%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.62%	(c)		1.62%			1.69%			1.74%			1.84%			2.63%	(c)
Ratio of net investment income (loss) to average net assets		(1.05%	)(c)		(1.06%	)		(0.88%	)		(1.10%	)		(1.08%	)		(0.99%	)(c)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												June 1, 2010* through October 31,
	2015			2014			2013			2012			2011			2010
Portfolio turnover rate		47.1%			152.7%			248.3%			139.8%			97.1%			26.2%

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Discovery Growth Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												June 1, 2010* through October 31,
	2015			2014			2013			2012			2011			2010*
Net asset value, beginning of period		$13.83			$14.42			$11.63			$11.93			$11.60			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.12	)		(0.24	)		(0.20	)		(0.22	)		(0.24	)		(0.08	)
Net realized and unrealized gain (loss)		0.81			1.72			2.99			(0.08	)		0.57			1.68
Total from investment operations		0.69			1.48			2.79			(0.30	)		0.33			1.60
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.34	)		(2.07	)		—			—			—			—
Total distributions		(1.34	)		(2.07	)		—			—			—			—
Net asset value, end of period		$13.18			$13.83			$14.42			$11.63			$11.93			$11.60
Ratios and supplemental data:
Total return(b)		5.40%			11.28%			23.99%			(2.51%	)		2.84%			16.00%
Net assets, end of period (000)		$1,759			$1,682			$1,633			$1,338			$1,451			$1,160
Ratio of net expenses to average net assets		2.25%	(c)		2.25%			2.25%			2.25%			2.25%			2.25%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.37%	(c)		2.37%			2.44%			2.49%			2.61%			3.41%	(c)
Ratio of net investment income (loss) to average net assets		(1.80%	)(c)		(1.81%	)		(1.60%	)		(1.84%	)		(1.81%	)		(1.74%	)(c)

	Class C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												June 1, 2010* through October 31,
	2015			2014			2013			2012			2011			2010*
Net asset value, beginning of period		$13.83			$14.42			$11.64			$11.93			$11.60			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.12	)		(0.24	)		(0.20	)		(0.22	)		(0.24	)		(0.08	)
Net realized and unrealized gain (loss)		0.80			1.72			2.98			(0.07	)		0.57			1.68
Total from investment operations		0.68			1.48			2.78			(0.29	)		0.33			1.60
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.34	)		(2.07	)		—			—			—			—
Total distributions		(1.34	)		(2.07	)		—			—			—			—
Net asset value, end of period		$13.17			$13.83			$14.42			$11.64			$11.93			$11.60
Ratios and supplemental data:
Total return(b)		5.32%			11.30%			23.88%			(2.43%	)		2.84%			16.00%
Net assets, end of period (000)		$2,644			$2,542			$2,553			$2,274			$2,524			$1,545
Ratio of net expenses to average net assets		2.25%	(c)		2.25%			2.25%			2.25%			2.25%			2.25%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.37%	(c)		2.37%			2.45%			2.49%			2.59%			3.38%	(c)
Ratio of net investment income (loss) to average net assets		(1.80%	)(c)		(1.80%	)		(1.56%	)		(1.84%	)		(1.82%	)		(1.76%	)(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


198		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Discovery Growth Fund Financial Highlights


	Class I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												June 1, 2010* through October 31,
	2015			2014			2013			2012			2011			2010*
Net asset value, beginning of period	$	14.50		$	14.89		$	11.89		$	12.07		$	11.65		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.11	)		(0.08	)		(0.10	)		(0.12	)		(0.03	)
Net realized and unrealized gain (loss)		0.84			1.79			3.08			(0.08	)		0.57			1.68
Total from investment operations		0.79			1.68			3.00			(0.18	)		0.45			1.65
Distributions:
Dividends from net investment income		—			—			—			—			(0.03	)		—
Dividends from net realized gains		(1.34	)		(2.07	)		—			—			—			—
Total distributions		(1.34	)		(2.07	)		—			—			(0.03	)		—
Net asset value, end of period	$	13.95		$	14.50		$	14.89		$	11.89		$	12.07		$	11.65
Ratios and supplemental data:
Total return(b)		5.87	%		12.40	%		25.23	%		(1.49	%)		3.82	%		16.50	%
Net assets, end of period (000)	$	11,175		$	10,519		$	11,062		$	8,608		$	7,738		$	2,540
Ratio of net expenses to average net assets		1.25	%(c)		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.37	%(c)		1.37	%		1.44	%		1.49	%		1.54	%		2.40	%(c)
Ratio of net investment income (loss) to average net assets		(0.80	%)(c)		(0.81	%)		(0.60	%)		(0.83	%)		(0.89	%)		(0.74	%)(c)

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,												June 1, 2010* through October 31,
	2015			2014			2013			2012			2011			2010*
Net asset value, beginning of period	$	14.18		$	14.66		$	11.77		$	12.01		$	11.63		$	10.00
Income from investment operations:
Net investment income (loss)(a)		(0.09	)		(0.18	)		(0.14	)		(0.16	)		(0.17	)		(0.05	)
Net realized and unrealized gain (loss)		0.82			1.77			3.03			(0.08	)		0.55			1.68
Total from investment operations		0.73			1.59			2.89			(0.24	)		0.38			1.63
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(1.34	)		(2.07	)		—			—			—			—
Total distributions		(1.34	)		(2.07	)		—			—			—			—
Net asset value, end of period	$	13.57		$	14.18		$	14.66		$	11.77		$	12.01		$	11.63
Ratios and supplemental data:
Total return(b)		5.56	%		11.93	%		24.55	%		(2.00	%)		3.27	%		16.30	%
Net assets, end of period (000)	$	1,922		$	1,822		$	1,787		$	1,175		$	1,201		$	1,163
Ratio of net expenses to average net assets		1.75	%(c)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.87	%(c)		1.87	%		1.94	%		1.99	%		2.13	%		2.91	%(c)
Ratio of net investment income (loss) to average net assets		(1.30	%)(c)		(1.31	%)		(1.11	%)		(1.34	%)		(1.29	%)		(1.24	%)(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


		www.calamos.com			199

Calamos Dividend Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013
Net asset value, beginning of period		$10.78			$10.36			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.12			0.39			0.05
Net realized and unrealized gain (loss)		(0.03	)		0.24			0.31
Total from investment operations		0.09			0.63			0.36
Distributions:
Dividends from net investment income		(0.15	)		(0.18	)		—
Dividends from net realized gains		(0.13	)		(0.03	)		—
Total distributions		(0.28	)		(0.21	)		—
Net asset value, end of period		$10.59			$10.78			$10.36
Ratios and supplemental data:
Total return(b)		0.88%			6.12%			3.60%
Net assets, end of period (000)		$24,802			$28,365			$25,922
Ratio of net expenses to average net assets		1.35%	(c)		1.35%			1.35%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.69%	(c)		1.73%			2.14%	(c)
Ratio of net investment income (loss) to average net assets		2.20%	(c)		3.68%			1.99%	(c)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013
Portfolio turnover rate		75.3%			130.0%			20.7%

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


200		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Dividend Growth Fund Financial Highlights


	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013*
Net asset value, beginning of period		$10.74			$10.34			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.07			0.31			0.03
Net realized and unrealized gain (loss)		(0.03	)		0.25			0.31
Total from investment operations		0.04			0.56			0.34
Distributions:
Dividends from net investment income		(0.13	)		(0.13	)		—
Dividends from net realized gains		(0.13	)		(0.03	)		—
Total distributions		(0.26	)		(0.16	)		—
Net asset value, end of period		$10.52			$10.74			$10.34
Ratios and supplemental data:
Total return(b)		0.42%			5.40%			3.40%
Net assets, end of period (000)		$659			$418			$253
Ratio of net expenses to average net assets		2.10%	(c)		2.10%			2.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.46%	(c)		2.44%			3.35%	(c)
Ratio of net investment income (loss) to average net assets		1.29%	(c)		2.90%			1.39%	(c)

	Class I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013*
Net asset value, beginning of period		$10.79			$10.37			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.13			0.42			0.05
Net realized and unrealized gain (loss)		(0.04	)		0.23			0.32
Total from investment operations		0.09			0.65			0.37
Distributions:
Dividends from net investment income		(0.15	)		(0.20	)		—
Dividends from net realized gains		(0.13	)		(0.03	)		—
Total distributions		(0.28	)		(0.23	)		—
Net asset value, end of period		$10.60			$10.79			$10.37
Ratios and supplemental data:
Total return(b)		0.94%			6.33%			3.70%
Net assets, end of period (000)		$6,998			$8,020			$7,586
Ratio of net expenses to average net assets		1.10%	(c)		1.10%			1.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.44%	(c)		1.48%			2.13%	(c)
Ratio of net investment income (loss) to average net assets		2.44%	(c)		3.97%			2.13%	(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


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Calamos Dividend Growth Fund Financial Highlights


	Class R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013*
Net asset value, beginning of period		$10.77			$10.35			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.10			0.37			0.04
Net realized and unrealized gain (loss)		(0.03	)		0.24			0.31
Total from investment operations		0.07			0.61			0.35
Distributions:
Dividends from net investment income		(0.14	)		(0.16	)		—
Dividends from net realized gains		(0.13	)		(0.03	)		—
Total distributions		(0.27	)		(0.19	)		—
Net asset value, end of period		$10.57			$10.77			$10.35
Ratios and supplemental data:
Total return(b)		0.72%			5.89%			3.50%
Net assets, end of period (000)		$110			$110			$104
Ratio of net expenses to average net assets		1.60%	(c)		1.60%			1.60%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.94%	(c)		1.98%			3.22%	(c)
Ratio of net investment income (loss) to average net assets		1.90%	(c)		3.44%			1.62%	(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


202		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Mid Cap Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013
Net asset value, beginning of period		$11.36			$10.63			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss)		0.58			0.79			0.65
Total from investment operations		0.57			0.73			0.63
Distributions:
Dividends from net investment income		—			(0.00	)**		—
Dividends from net realized gains		—			(0.00	)**		—
Return of capital		—			(0.00	)**		—
Total distributions		—			(0.00	)**		—
Net asset value, end of period		$11.93			$11.36			$10.63
Ratios and supplemental data:
Total return(b)		5.02%			6.90%			6.30%
Net assets, end of period (000)		$30,718			$37,112			$13,032
Ratio of net expenses to average net assets		1.25%	(c)		1.25%			1.25%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.60%	(c)		1.68%			5.58%	(c)
Ratio of net investment income (loss) to average net assets		(0.23%	)(c)		(0.58%	)		(0.72%	)(c)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013
Portfolio turnover rate		35.8%			69.2%			12.0%

*	Commencement of operations.

**	Amounts are less than $0.005.

(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			203

Calamos Mid Cap Growth Fund Financial Highlights


	Class C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013*
Net asset value, beginning of period		$11.26			$10.61			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.14	)		(0.04	)
Net realized and unrealized gain (loss)		0.58			0.79			0.65
Total from investment operations		0.52			0.65			0.61
Distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		—			(0.00	)**		—
Total distributions		—			(0.00	)**		—
Net asset value, end of period		$11.78			$11.26			$10.61
Ratios and supplemental data:
Total return(b)		4.62%			6.13%			6.10%
Net assets, end of period (000)		$753			$583			$122
Ratio of net expenses to average net assets		2.00%	(c)		2.00%			2.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.35%	(c)		2.41%			6.60%	(c)
Ratio of net investment income (loss) to average net assets		(1.03%	)(c)		(1.32%	)		(1.57%	)(c)

	Class I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013*
Net asset value, beginning of period		$11.40			$10.64			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.00	**		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		0.59			0.81			0.65
Total from investment operations		0.59			0.77			0.64
Distributions:
Dividends from net investment income		—			(0.01	)		—
Dividends from net realized gains		—			(0.00	)**		—
Return of capital		—			(0.00	)**		—
Total distributions		—			(0.01	)		—
Net asset value, end of period		$11.99			$11.40			$10.64
Ratios and supplemental data:
Total return(b)		5.18%			7.21%			6.40%
Net assets, end of period (000)		$8,596			$9,730			$7,299
Ratio of net expenses to average net assets		1.00%	(c)		1.00%			1.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.35%	(c)		1.46%			5.59%	(c)
Ratio of net investment income (loss) to average net assets		0.00%	(c)***		(0.33%	)		(0.54%	)(c)

*	Commencement of operations.

**	Amounts are less than $0.005.

***	Amount is less than 0.005%

(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.


204		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Mid Cap Growth Fund Financial Highlights


	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			August 5, 2013* through October 31,
	2015			2014			2013*
Net asset value, beginning of period		$11.33			$10.63			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.09	)		(0.03	)
Net realized and unrealized gain (loss)		0.59			0.79			0.66
Total from investment operations		0.56			0.70			0.63
Distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		—			(0.00	)**		—
Total distributions		—			(0.00	)**		—
Net asset value, end of period		$11.89			$11.33			$10.63
Ratios and supplemental data:
Total return(b)		4.94%			6.59%			6.30%
Net assets, end of period (000)		$119			$113			$106
Ratio of net expenses to average net assets		1.50%	(c)		1.50%			1.50%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.85%	(c)		1.98%			6.13%	(c)
Ratio of net investment income (loss) to average net assets		(0.50%	)(c)		(0.82%	)		(1.06%	)(c)

*	Commencement of operations.

**	Amounts are less than $0.005.

(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			205

Calamos International Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Net asset value, beginning of period		$19.27			$19.24			$17.27			$16.32		$15.46			$12.64
Income from investment operations:
Net investment income (loss)(a)		0.03			0.09			0.09			0.06		(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		1.03			0.02			1.92			0.89		0.90			2.86
Total from investment operations		1.06			0.11			2.01			0.95		0.86			2.82
Distributions:
Dividends from net investment income		—			(0.08	)		(0.04	)		—		—			—
Dividends from net realized gains		(2.11	)		—			—			—		—			—
Total distributions		(2.11	)		(0.08	)		(0.04	)		—		—			—
Net asset value, end of period		$18.22			$19.27			$19.24			$17.27		$16.32			$15.46
Ratios and supplemental data:
Total return(b)		6.49%			0.57%			11.64%			5.82%		5.56%			22.31%
Net assets, end of period (000)		$231,787			$254,400			$368,964			$459,516		$238,764			$136,723
Ratio of net expenses to average net assets		1.33%	(c)		1.39%			1.40%			1.40%		1.49%			1.67%
Ratio of gross expenses to average net assets prior to expense reductions		1.33%	(c)		1.39%			1.48%			1.59%		1.58%			1.67%
Ratio of net investment income (loss) to average net assets		0.28%	(c)		0.43%			0.50%			0.36%		(0.21%	)		(0.26%	)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Portfolio turnover rate		39.4%			81.6%			73.4%			55.7%		59.6%			63.1%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


206		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos International Growth Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$18.20			$18.24			$16.45			$15.67			$14.96			$12.32
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.09	)		(0.05	)		(0.07	)		(0.16	)		(0.14	)
Net realized and unrealized gain (loss)		0.98			0.05			1.84			0.85			0.87			2.78
Total from investment operations		0.93			(0.04	)		1.79			0.78			0.71			2.64
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(2.11	)		—			—			—			—			—
Total distributions		(2.11	)		—			—			—			—			—
Net asset value, end of period		$17.02			$18.20			$18.24			$16.45			$15.67			$14.96
Ratios and supplemental data:
Total return(b)		6.14%			(0.22%	)		10.88%			4.98%			4.75%			21.43%
Net assets, end of period (000)		$1,594			$2,302			$5,995			$9,542			$13,500			$16,606
Ratio of net expenses to average net assets		2.08%	(c)		2.15%			2.15%			2.15%			2.25%			2.42%
Ratio of gross expenses to average net assets prior to expense reductions		2.08%	(c)		2.15%			2.23%			2.34%			2.32%			2.42%
Ratio of net investment income (loss) to average net assets		(0.55%	)(c)		(0.46%	)		(0.26%	)		(0.45%	)		(1.01%	)		(1.02%	)

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$18.18			$18.21			$16.43			$15.65			$14.94			$12.30
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.06	)		(0.04	)		(0.06	)		(0.16	)		(0.14	)
Net realized and unrealized gain (loss)		0.96			0.03			1.82			0.84			0.87			2.78
Total from investment operations		0.92			(0.03	)		1.78			0.78			0.71			2.64
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(2.11	)		—			—			—			—			—
Total distributions		(2.11	)		—			—			—			—			—
Net asset value, end of period		$16.99			$18.18			$18.21			$16.43			$15.65			$14.94
Ratios and supplemental data:
Total return(b)		6.08%			(0.16%	)		10.83%			4.98%			4.75%			21.46%
Net assets, end of period (000)		$52,938			$59,756			$65,622			$65,621			$53,355			$48,200
Ratio of net expenses to average net assets		2.08%	(c)		2.13%			2.15%			2.15%			2.25%			2.42%
Ratio of gross expenses to average net assets prior to expense reductions		2.08%	(c)		2.13%			2.23%			2.34%			2.32%			2.42%
Ratio of net investment income (loss) to average net assets		(0.46%	)(c)		(0.32%	)		(0.23%	)		(0.41%	)		(0.98%	)		(1.01%	)

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos International Growth Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Net asset value, beginning of period		$19.50			$19.48			$17.47			$16.47		$15.57			$12.72
Income from investment operations:
Net investment income (loss)(a)		0.05			0.13			0.14			0.10		0.01			0.01
Net realized and unrealized gain (loss)		1.05			0.03			1.94			0.90		0.89			2.87
Total from investment operations		1.10			0.16			2.08			1.00		0.90			2.88
Distributions:
Dividends from net investment income		—			(0.14	)		(0.07	)		—		—			(0.03	)
Dividends from net realized gains		(2.11	)		—			—			—		—			—
Total distributions		(2.11	)		(0.14	)		(0.07	)		—		—			(0.03	)
Net asset value, end of period		$18.49			$19.50			$19.48			$17.47		$16.47			$15.57
Ratios and supplemental data:
Total return(b)		6.63%			0.80%			11.97%			6.07%		5.78%			22.66%
Net assets, end of period (000)		$388,180			$410,485			$460,587			$415,463		$226,298			$96,003
Ratio of net expenses to average net assets		1.08%	(c)		1.14%			1.15%			1.15%		1.23%			1.42%
Ratio of gross expenses to average net assets prior to expense reductions		1.08%	(c)		1.14%			1.23%			1.34%		1.33%			1.42%
Ratio of net investment income (loss) to average net assets		0.55%	(c)		0.66%			0.79%			0.61%		0.07%			0.06%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012		2011			2010
Net asset value, beginning of period		$19.00			$18.98			$17.06			$16.16		$15.35			$12.58
Income from investment operations:
Net investment income (loss)(a)		0.01			0.03			0.06			0.02		(0.08	)		(0.07	)
Net realized and unrealized gain (loss)		1.01			0.03			1.88			0.88		0.89			2.84
Total from investment operations		1.02			0.06			1.94			0.90		0.81			2.77
Distributions:
Dividends from net investment income		—			(0.04	)		(0.02	)		—		—			—
Dividends from net realized gains		(2.11	)		—			—			—		—			—
Total distributions		(2.11	)		(0.04	)		(0.02	)		—		—			—
Net asset value, end of period		$17.91			$19.00			$18.98			$17.06		$16.16			$15.35
Ratios and supplemental data:
Total return(b)		6.36%			0.33%			11.36%			5.57%		5.28%			22.02%
Net assets, end of period (000)		$13,417			$14,650			$19,550			$12,016		$3,667			$1,163
Ratio of net expenses to average net assets		1.58%	(c)		1.64%			1.65%			1.65%		1.73%			1.92%
Ratio of gross expenses to average net assets prior to expense reductions		1.58%	(c)		1.64%			1.73%			1.84%		1.84%			1.92%
Ratio of net investment income (loss) to average net assets		0.06%	(c)		0.14%			0.33%			0.11%		(0.46%	)		(0.49%	)

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


208		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013		2012		2011			2010
Net asset value, beginning of period		$13.73			$13.97			$12.83		$12.47		$12.42			$10.30
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.06			0.03		0.04		0.01			0.08
Net realized and unrealized gain (loss)		0.49			(0.18	)		1.11		0.32		0.08			2.11
Total from investment operations		0.48			(0.12	)		1.14		0.36		0.09			2.19
Distributions:
Dividends from net investment income		(0.03	)		(0.01	)		—		—		(0.04	)		(0.07	)
Dividends from net realized gains		(0.30	)		(0.11	)		—		—		—			—
Total distributions		(0.33	)		(0.12	)		—		—		(0.04	)		(0.07	)
Net asset value, end of period		$13.88			$13.73			$13.97		$12.83		$12.47			$12.42
Ratios and supplemental data:
Total return(b)		3.66%			(0.84%	)		8.89%		2.89%		0.68%			21.40%
Net assets, end of period (000)		$148,810			$168,332			$164,273		$138,718		$104,365			$44,895
Ratio of net expenses to average net assets		1.65%	(c)		1.61%			1.63%		1.60%		1.58%			1.67%
Ratio of gross expenses to average net assets prior to expense reductions		1.65%	(c)		1.61%			1.63%		1.60%		1.58%			1.67%
Ratio of net investment income (loss) to average net assets		(0.20%	)(c)		0.45%			0.23%		0.32%		0.08%			0.67%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013		2012		2011			2010
Portfolio turnover rate		31.1%			99.9%			85.8%		50.1%		67.4%			48.3%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Evolving World Growth Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$13.26			$13.59			$12.58			$12.32			$12.32			$10.24
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.03	)		(0.07	)		(0.06	)		(0.09	)		(0.01	)
Net realized and unrealized gain (loss)		0.47			(0.19	)		1.08			0.32			0.09			2.10
Total from investment operations		0.41			(0.22	)		1.01			0.26			—			2.09
Distributions:
Dividends from net investment income		—			—			—			—			—			(0.01	)
Dividends from net realized gains		(0.30	)		(0.11	)		—			—			—			—
Total distributions		(0.30	)		(0.11	)		—			—			—			(0.01	)
Net asset value, end of period		$13.37			$13.26			$13.59			$12.58			$12.32			$12.32
Ratios and supplemental data:
Total return(b)		3.26%			(1.59%	)		8.03%			2.11%			0.00%			20.42%
Net assets, end of period (000)		$586			$713			$1,788			$1,595			$1,815			$1,819
Ratio of net expenses to average net assets		2.40%	(c)		2.35%			2.38%			2.34%			2.33%			2.43%
Ratio of gross expenses to average net assets prior to expense reductions		2.40%	(c)		2.35%			2.38%			2.34%			2.33%			2.43%
Ratio of net investment income (loss) to average net assets		(0.94%	)(c)		(0.23%	)		(0.52%	)		(0.46%	)		(0.71%	)		(0.11%	)

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$13.26			$13.59			$12.57			$12.31			$12.31			$10.24
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.04	)		(0.06	)		(0.05	)		(0.09	)		(0.01	)
Net realized and unrealized gain (loss)		0.47			(0.18	)		1.08			0.31			0.09			2.10
Total from investment operations		0.41			(0.22	)		1.02			0.26			—			2.09
Distributions:
Dividends from net investment income		—			—			—			—			(0.00	)**		(0.02	)
Dividends from net realized gains		(0.30	)		(0.11	)		—			—			—			—
Total distributions		(0.30	)		(0.11	)		—			—			—			(0.02	)
Net asset value, end of period		$13.37			$13.26			$13.59			$12.57			$12.31			$12.31
Ratios and supplemental data:
Total return(b)		3.26%			(1.59%	)		8.11%			2.11%			0.00%			20.43%
Net assets, end of period (000)		$43,243			$44,611			$34,022			$21,527			$8,913			$3,472
Ratio of net expenses to average net assets		2.40%	(c)		2.37%			2.39%			2.35%			2.33%			2.43%
Ratio of gross expenses to average net assets prior to expense reductions		2.40%	(c)		2.37%			2.39%			2.35%			2.33%			2.43%
Ratio of net investment income (loss) to average net assets		(0.93%	)(c)		(0.33%	)		(0.50%	)		(0.41%	)		(0.66%	)		(0.07%	)

**	Amounts are less than $0.005.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


210		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$13.83			$14.07			$12.92			$12.54			$12.46			$10.32
Income from investment operations:
Net investment income (loss)(a)		—			0.09			0.07			0.07			0.04			0.10
Net realized and unrealized gain (loss)		0.49			(0.18	)		1.11			0.32			0.09			2.12
Total from investment operations		0.49			(0.09	)		1.18			0.39			0.13			2.22
Distributions:
Dividends from net investment income		(0.07	)		(0.04	)		(0.03	)		(0.01	)		(0.05	)		(0.08	)
Dividends from net realized gains		(0.30	)		(0.11	)		—			—			—			—
Total distributions		(0.37	)		(0.15	)		(0.03	)		(0.01	)		(0.05	)		(0.08	)
Net asset value, end of period		$13.95			$13.83			$14.07			$12.92			$12.54			$12.46
Ratios and supplemental data:
Total return(b)		3.74%			(0.60%	)		9.16%			3.11%			1.05%			21.68%
Net assets, end of period (000)		$418,129			$436,546			$311,823			$175,572			$89,205			$52,875
Ratio of net expenses to average net assets		1.40%	(c)		1.37%			1.39%			1.35%			1.33%			1.43%
Ratio of gross expenses to average net assets prior to expense reductions		1.40%	(c)		1.37%			1.39%			1.35%			1.33%			1.43%
Ratio of net investment income (loss) to average net assets		0.07%	(c)		0.65%			0.53%			0.59%			0.33%			0.92%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$13.62			$13.88			$12.78			$12.45			$12.39			$10.28
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		0.04			—			0.01			(0.03	)		0.04
Net realized and unrealized gain (loss)		0.47			(0.19	)		1.10			0.32			0.09			2.11
Total from investment operations		0.45			(0.15	)		1.10			0.33			0.06			2.15
Distributions:
Dividends from net investment income		—			—			—			—			—			(0.04	)
Dividends from net realized gains		(0.30	)		(0.11	)		—			—			—			—
Total distributions		(0.30	)		(0.11	)		—			—			—			(0.04	)
Net asset value, end of period		$13.77			$13.62			$13.88			$12.78			$12.45			$12.39
Ratios and supplemental data:
Total return(b)		3.47%			(1.05%	)		8.61%			2.65%			0.48%			20.99%
Net assets, end of period (000)		$1,812			$1,361			$1,908			$1,555			$1,274			$1,252
Ratio of net expenses to average net assets		1.90%	(c)		1.86%			1.88%			1.84%			1.83%			1.93%
Ratio of gross expenses to average net assets prior to expense reductions		1.90%	(c)		1.86%			1.88%			1.84%			1.83%			1.93%
Ratio of net investment income (loss) to average net assets		(0.38%	)(c)		0.28%			(0.04%	)		0.05%			(0.21%	)		0.38%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Emerging Market Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	Class A
	(Unaudited) Six Months Ended April 30,			December 31, 2013* through October 31,
	2015			2014
Net asset value, beginning of period		$9.84			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		0.02
Net realized and unrealized gain (loss)		0.24			(0.18	)
Total from investment operations		0.21			(0.16	)
Distributions:
Dividends from net investment income		(0.05	)		—
Dividends from net realized gains		—			—
Total distributions		(0.05	)		—
Net asset value, end of period		$10.00			$9.84
Ratios and supplemental data:
Total return(b)		2.15%			(1.60%	)
Net assets, end of period (000)		$8,472			$5,360
Ratio of net expenses to average net assets		1.75%	(c)		1.75%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.26%	(c)		3.45%	(c)
Ratio of net investment income (loss) to average net assets		(0.58%	)(c)		0.24%	(c)

	(Unaudited) Six Months Ended April 30,			December 31, 2013* through October 31,
	2015			2014
Portfolio turnover rate		31.4%			109.2%

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


212		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Emerging Market Equity Fund Financial Highlights


	Class C
	(Unaudited) Six Months Ended April 30,			December 31, 2013* through October 31,
	2015			2014
Net asset value, beginning of period		$9.78			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.04	)
Net realized and unrealized gain (loss)		0.24			(0.18	)
Total from investment operations		0.18			(0.22	)
Distributions:
Dividends from net investment income		—			—
Dividends from net realized gains		—			—
Total distributions		—			—
Net asset value, end of period		$9.96			$9.78
Ratios and supplemental data:
Total return(b)		1.84%			(2.20%	)
Net assets, end of period (000)		$323			$288
Ratio of net expenses to average net assets		2.50%	(c)		2.50%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.01%	(c)		4.08%	(c)
Ratio of net investment income (loss) to average net assets		(1.35%	)(c)		(0.45%	)(c)

	CLASS I
	(Unaudited) Six Months Ended April 30,			December 31, 2013* through October 31,
	2015			2014
Net asset value, beginning of period		$9.86			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		0.04
Net realized and unrealized gain (loss)		0.24			(0.18	)
Total from investment operations		0.22			(0.14	)
Distributions:
Dividends from net investment income		(0.06	)		—
Dividends from net realized gains		—			—
Total distributions		(0.06	)		—
Net asset value, end of period		$10.02			$9.86
Ratios and supplemental data:
Total return(b)		2.31%			(1.40%	)
Net assets, end of period (000)		$9,761			$9,701
Ratio of net expenses to average net assets		1.50%	(c)		1.50%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.01%	(c)		3.04%	(c)
Ratio of net investment income (loss) to average net assets		(0.36%	)(c)		0.50%	(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


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Calamos Emerging Market Equity Fund Financial Highlights


	CLASS R
	(Unaudited) Six Months Ended April 30,			December 31, 2013* through October 31,
	2015			2014
Net asset value, beginning of period		$9.82			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		—
Net realized and unrealized gain (loss)		0.24			(0.18	)
Total from investment operations		0.20			(0.18	)
Distributions:
Dividends from net investment income		(0.02	)		—
Dividends from net realized gains		—			—
Total distributions		(0.02	)		—
Net asset value, end of period		$10.00			$9.82
Ratios and supplemental data:
Total return(b)		2.01%			(1.80%	)
Net assets, end of period (000)		$100			$98
Ratio of net expenses to average net assets		2.00%	(c)		2.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.51%	(c)		3.72%	(c)
Ratio of net investment income (loss) to average net assets		(0.85%	)(c)		(0.02%	)(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


214		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Equity Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$15.67			$14.97			$13.00			$12.14			$11.28			$9.12
Income from investment operations:
Net investment income (loss)(a)		(0.00	)*		(0.01	)		0.03			(0.02	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		0.82			1.08			1.96			0.88			0.93			2.23
Total from investment operations		0.82			1.07			1.99			0.86			0.86			2.16
Distributions:
Dividends from net investment income		—			(0.10	)		(0.02	)		—			—			—
Dividends from net realized gains		(3.10	)		(0.27	)		—			—			—			—
Total distributions		(3.10	)		(0.37	)		(0.02	)		—			—			—
Net asset value, end of period		$13.39			$15.67			$14.97			$13.00			$12.14			$11.28
Ratios and supplemental data:
Total return(b)		6.92%			7.25%			15.35%			7.08%			7.62%			23.68%
Net assets, end of period (000)		$76,709			$87,989			$152,068			$113,260			$51,525			$30,212
Ratio of net expenses to average net assets		1.34%	(c)		1.40%			1.40%			1.40%			1.57%			1.88%
Ratio of gross expenses to average net assets prior to expense reductions		1.34%	(c)		1.40%			1.44%			1.52%			1.66%			1.88%
Ratio of net investment income (loss) to average net assets		(0.07%	)(c)		(0.10%	)		0.22%			(0.14%	)		(0.60%	)		(0.71%	)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Portfolio turnover rate		27.9%			53.3%			75.3%			44.5%			58.8%			65.1%

*	Amount is less than $0.005.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Global Equity Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$15.03			$14.38			$12.56			$11.82			$11.06			$9.02
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.12	)		(0.07	)		(0.11	)		(0.16	)		(0.15	)
Net realized and unrealized gain (loss)		0.78			1.04			1.89			0.85			0.92			2.19
Total from investment operations		0.73			0.92			1.82			0.74			0.76			2.04
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(3.10	)		(0.27	)		—			—			—			—
Total distributions		(3.10	)		(0.27	)		—			—			—			—
Net asset value, end of period		$12.66			$15.03			$14.38			$12.56			$11.82			$11.06
Ratios and supplemental data:
Total return(b)		6.56%			6.49%			14.49%			6.26%			6.87%			22.62%
Net assets, end of period (000)		$702			$1,171			$2,751			$2,519			$2,603			$2,552
Ratio of net expenses to average net assets		2.09%	(c)		2.16%			2.15%			2.15%			2.35%			2.63%
Ratio of gross expenses to average net assets prior to expense reductions		2.09%	(c)		2.16%			2.19%			2.28%			2.42%			2.63%
Ratio of net investment income (loss) to average net assets		(0.82%	)(c)		(0.81%	)		(0.53%	)		(0.90%	)		(1.37%	)		(1.46%	)

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$15.00			$14.36			$12.54			$11.80			$11.04			$9.00
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.12	)		(0.07	)		(0.11	)		(0.16	)		(0.15	)
Net realized and unrealized gain (loss)		0.78			1.03			1.89			0.85			0.92			2.19
Total from investment operations		0.73			0.91			1.82			0.74			0.76			2.04
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(3.10	)		(0.27	)		—			—			—			—
Total distributions		(3.10	)		(0.27	)		—			—			—			—
Net asset value, end of period		$12.63			$15.00			$14.36			$12.54			$11.80			$11.04
Ratios and supplemental data:
Total return(b)		6.57%			6.43%			14.51%			6.27%			6.88%			22.67%
Net assets, end of period (000)		$24,632			$28,811			$32,975			$25,749			$10,359			$6,523
Ratio of net expenses to average net assets		2.09%	(c)		2.14%			2.15%			2.15%			2.32%			2.63%
Ratio of gross expenses to average net assets prior to expense reductions		2.09%	(c)		2.14%			2.19%			2.27%			2.41%			2.63%
Ratio of net investment income (loss) to average net assets		(0.83%	)(c)		(0.82%	)		(0.51%	)		(0.89%	)		(1.33%	)		(1.46%	)

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


216		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Equity Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$15.81			$15.11			$13.11			$12.22			$11.31			$9.13
Income from investment operations:
Net investment income (loss)(a)		0.01			0.02			0.06			0.02			(0.04	)		(0.04	)
Net realized and unrealized gain (loss)		0.85			1.09			1.99			0.87			0.95			2.22
Total from investment operations		0.86			1.11			2.05			0.89			0.91			2.18
Distributions:
Dividends from net investment income		—			(0.14	)		(0.05	)		—			—			—
Dividends from net realized gains		(3.10	)		(0.27	)		—			—			—			—
Total distributions		(3.10	)		(0.41	)		(0.05	)		—			—			—
Net asset value, end of period		$13.57			$15.81			$15.11			$13.11			$12.22			$11.31
Ratios and supplemental data:
Total return(b)		7.14%			7.48%			15.65%			7.28%			8.05%			23.88%
Net assets, end of period (000)		$99,896			$101,511			$212,913			$220,364			$63,563			$11,996
Ratio of net expenses to average net assets		1.09%	(c)		1.15%			1.15%			1.15%			1.27%			1.63%
Ratio of gross expenses to average net assets prior to expense reductions		1.09%	(c)		1.15%			1.19%			1.27%			1.39%			1.63%
Ratio of net investment income (loss) to average net assets		0.20%	(c)		0.15%			0.46%			0.13%			(0.29%	)		(0.39%	)

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$15.42			$14.75			$12.83			$12.02			$11.19			$9.07
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		(0.04	)		0.00	*		(0.06	)		(0.10	)		(0.10	)
Net realized and unrealized gain (loss)		0.81			1.05			1.93			0.87			0.93			2.22
Total from investment operations		0.79			1.01			1.93			0.81			0.83			2.12
Distributions:
Dividends from net investment income		—			(0.07	)		(0.01	)		—			—			—
Dividends from net realized gains		(3.10	)		(0.27	)		—			—			—			—
Total distributions		(3.10	)		(0.34	)		(0.01	)		—			—			—
Net asset value, end of period		$13.11			$15.42			$14.75			$12.83			$12.02			$11.19
Ratios and supplemental data:
Total return(b)		6.83%			6.97%			15.07%			6.74%			7.42%			23.37%
Net assets, end of period (000)		$8,052			$8,314			$9,369			$4,693			$1,709			$1,223
Ratio of net expenses to average net assets		1.59%	(c)		1.64%			1.65%			1.65%			1.83%			2.13%
Ratio of gross expenses to average net assets prior to expense reductions		1.59%	(c)		1.64%			1.69%			1.78%			1.91%			2.13%
Ratio of net investment income (loss) to average net assets		(0.33%	)(c)		(0.29%	)		0.00%			(0.45%	)		(0.85%	)		(0.96%	)

*	Amount is less than $0.005.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


		www.calamos.com			217

Calamos Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$35.22			$35.84			$32.64			$32.12			$30.15			$27.49
Income from investment operations:
Net investment income (loss)(a)		0.29			0.60			0.64			0.52			0.51			0.64
Net realized and unrealized gain (loss)		0.39			2.78			3.70			0.66			1.89			2.70
Total from investment operations		0.68			3.38			4.34			1.18			2.40			3.34
Distributions:
Dividends from net investment income		(0.25	)		(0.80	)		(0.27	)		(0.66	)		(0.43	)		(0.68	)
Dividends from net realized gains		(3.76	)		(3.20	)		(0.87	)		—			—			—
Total distributions		(4.01	)		(4.00	)		(1.14	)		(0.66	)		(0.43	)		(0.68	)
Net asset value, end of period		$31.89			$35.22			$35.84			$32.64			$32.12			$30.15
Ratios and supplemental data:
Total return(b)		2.10%			10.33%			13.72%			3.73%			8.04%			12.31%
Net assets, end of period (000)		$1,194,218			$1,316,498			$1,614,236			$1,974,535			$2,017,175			$1,706,548
Ratio of net expenses to average net assets		1.09%	(c)		1.09%			1.09%			1.09%			1.08%			1.09%
Ratio of gross expenses to average net assets prior to expense reductions		1.09%	(c)		1.09%			1.09%			1.09%			1.08%			1.09%
Ratio of net investment income (loss) to average net assets		1.80%	(c)		1.76%			1.92%			1.62%			1.60%			2.26%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Portfolio turnover rate		15.5%			32.8%			59.5%			42.8%			55.1%			54.6%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


218		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth and Income Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$41.04			$41.04			$37.26			$36.47			$34.22			$31.10
Income from investment operations:
Net investment income (loss)(a)		0.20			0.54			0.70			0.36			0.32			0.49
Net realized and unrealized gain (loss)		0.47			3.21			4.23			0.77			2.14			3.05
Total from investment operations		0.67			3.75			4.93			1.13			2.46			3.54
Distributions:
Dividends from net investment income		(0.08	)		(0.55	)		(0.28	)		(0.34	)		(0.21	)		(0.42	)
Dividends from net realized gains		(3.76	)		(3.20	)		(0.87	)		—			—			—
Total distributions		(3.84	)		(3.75	)		(1.15	)		(0.34	)		(0.21	)		(0.42	)
Net asset value, end of period		$37.87			$41.04			$41.04			$37.26			$36.47			$34.22
Ratios and supplemental data:
Total return(b)		1.74%			9.88%			13.59%			3.12%			7.21%			11.46%
Net assets, end of period (000)		$13,580			$19,972			$49,769			$92,658			$184,989			$303,273
Ratio of net expenses to average net assets		1.84%	(c)		1.44%			1.18%			1.73%			1.82%			1.84%
Ratio of gross expenses to average net assets prior to expense reductions		1.84%	(c)		1.44%			1.18%			1.73%			1.82%			1.84%
Ratio of net investment income (loss) to average net assets		1.04%	(c)		1.37%			1.85%			0.97%			0.88%			1.51%

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$35.34			$35.78			$32.76			$32.23			$30.30			$27.62
Income from investment operations:
Net investment income (loss)(a)		0.17			0.35			0.39			0.28			0.27			0.43
Net realized and unrealized gain (loss)		0.40			2.77			3.71			0.67			1.91			2.72
Total from investment operations		0.57			3.12			4.10			0.95			2.18			3.15
Distributions:
Dividends from net investment income		(0.13	)		(0.36	)		(0.21	)		(0.42	)		(0.25	)		(0.47	)
Dividends from net realized gains		(3.76	)		(3.20	)		(0.87	)		—			—			—
Total distributions		(3.89	)		(3.56	)		(1.08	)		(0.42	)		(0.25	)		(0.47	)
Net asset value, end of period		$32.02			$35.34			$35.78			$32.76			$32.23			$30.30
Ratios and supplemental data:
Total return(b)		1.74%			9.48%			12.88%			2.97%			7.23%			11.50%
Net assets, end of period (000)		$943,454			$1,009,029			$1,093,074			$1,255,629			$1,344,781			$1,291,168
Ratio of net expenses to average net assets		1.84%	(c)		1.84%			1.84%			1.84%			1.83%			1.84%
Ratio of gross expenses to average net assets prior to expense reductions		1.84%	(c)		1.84%			1.84%			1.84%			1.83%			1.84%
Ratio of net investment income (loss) to average net assets		1.05%	(c)		1.02%			1.17%			0.87%			0.86%			1.51%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Growth and Income Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$34.28			$35.07			$31.91			$31.41			$29.48			$26.89
Income from investment operations:
Net investment income (loss)(a)		0.32			0.68			0.71			0.59			0.58			0.70
Net realized and unrealized gain (loss)		0.38			2.69			3.62			0.65			1.84			2.64
Total from investment operations		0.70			3.37			4.33			1.24			2.42			3.34
Distributions:
Dividends from net investment income		(0.29	)		(0.96	)		(0.30	)		(0.74	)		(0.49	)		(0.75	)
Dividends from net realized gains		(3.76	)		(3.20	)		(0.87	)		—			—			—
Total distributions		(4.05	)		(4.16	)		(1.17	)		(0.74	)		(0.49	)		(0.75	)
Net asset value, end of period		$30.93			$34.28			$35.07			$31.91			$31.41			$29.48
Ratios and supplemental data:
Total return(b)		2.24%			10.60%			13.99%			4.01%			8.31%			12.61%
Net assets, end of period (000)		$621,119			$688,258			$668,124			$915,394			$856,632			$683,473
Ratio of net expenses to average net assets		0.84%	(c)		0.84%			0.84%			0.84%			0.83%			0.84%
Ratio of gross expenses to average net assets prior to expense reductions		0.84%	(c)		0.84%			0.84%			0.84%			0.83%			0.84%
Ratio of net investment income (loss) to average net assets		2.05%	(c)		2.04%			2.18%			1.87%			1.85%			2.51%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$34.99			$35.57			$32.46			$31.95			$30.02			$27.39
Income from investment operations:
Net investment income (loss)(a)		0.25			0.51			0.55			0.44			0.43			0.57
Net realized and unrealized gain (loss)		0.39			2.75			3.69			0.66			1.88			2.69
Total from investment operations		0.64			3.26			4.24			1.10			2.31			3.26
Distributions:
Dividends from net investment income		(0.21	)		(0.64	)		(0.26	)		(0.59	)		(0.38	)		(0.63	)
Dividends from net realized gains		(3.76	)		(3.20	)		(0.87	)		—			—			—
Total distributions		(3.97	)		(3.84	)		(1.13	)		(0.59	)		(0.38	)		(0.63	)
Net asset value, end of period		$31.66			$34.99			$35.57			$32.46			$31.95			$30.02
Ratios and supplemental data:
Total return(b)		1.99%			10.04%			13.44%			3.49%			7.75%			12.05%
Net assets, end of period (000)		$16,844			$18,547			$22,181			$22,265			$15,486			$10,285
Ratio of net expenses to average net assets		1.34%	(c)		1.34%			1.34%			1.34%			1.33%			1.34%
Ratio of gross expenses to average net assets prior to expense reductions		1.34%	(c)		1.34%			1.34%			1.34%			1.33%			1.34%
Ratio of net investment income (loss) to average net assets		1.55%	(c)		1.52%			1.66%			1.37%			1.34%			2.00%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


220		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011		2010
Net asset value, beginning of period		$10.22			$11.78			$10.88			$10.77			$10.16		$9.20
Income from investment operations:
Net investment income (loss)(a)		0.05			0.11			0.10			0.11			0.11		0.17
Net realized and unrealized gain (loss)		0.34			0.36			1.13			0.21			0.50		0.98
Total from investment operations		0.39			0.47			1.23			0.32			0.61		1.15
Distributions:
Dividends from net investment income		(0.04	)		(0.29	)		(0.09	)		(0.21	)		—		(0.04	)
Dividends from net realized gains		(1.71	)		(1.74	)		(0.24	)		—			—		—
Return of capital		—			—			—			—			—		(0.15	)
Total distributions		(1.75	)		(2.03	)		(0.33	)		(0.21	)		—		(0.19	)
Net asset value, end of period		$8.86			$10.22			$11.78			$10.88			$10.77		$10.16
Ratios and supplemental data:
Total return(b)		4.74%			4.77%			11.60%			3.03%			6.00%		12.64%
Net assets, end of period (000)		$125,501			$146,431			$210,537			$304,914			$373,595		$318,493
Ratio of net expenses to average net assets		1.47%	(c)		1.44%			1.41%			1.32%			1.32%		1.36%
Ratio of gross expenses to average net assets prior to expense reductions		1.47%	(c)		1.44%			1.41%			1.32%			1.32%		1.36%
Ratio of net investment income (loss) to average net assets		1.17%	(c)		1.01%			0.92%			1.06%			1.01%		1.74%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011		2010
Portfolio turnover rate		27.4%			72.6%			48.2%			55.1%			73.1%		62.2%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


		www.calamos.com			221

Calamos Global Growth and Income Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011		2010
Net asset value, beginning of period		$10.37			$11.86			$10.97			$10.85			$10.32		$9.37
Income from investment operations:
Net investment income (loss)(a)		0.02			0.02			0.02			0.03			0.03		0.10
Net realized and unrealized gain (loss)		0.34			0.38			1.14			0.21			0.50		1.00
Total from investment operations		0.36			0.40			1.16			0.24			0.53		1.10
Distributions:
Dividends from net investment income		—			(0.15	)		(0.03	)		(0.12	)		—		(0.03	)
Dividends from net realized gains		(1.71	)		(1.74	)		(0.24	)		—			—		—
Return of capital		—			—			—			—			—		(0.12	)
Total distributions		(1.71	)		(1.89	)		(0.27	)		(0.12	)		—		(0.15	)
Net asset value, end of period		$9.02			$10.37			$11.86			$10.97			$10.85		$10.32
Ratios and supplemental data:
Total return(b)		4.30%			4.04%			10.77%			2.25%			5.14%		11.86%
Net assets, end of period (000)		$3,325			$4,937			$10,884			$16,654			$30,770		$43,323
Ratio of net expenses to average net assets		2.22%	(c)		2.19%			2.16%			2.07%			2.07%		2.12%
Ratio of gross expenses to average net assets prior to expense reductions		2.22%	(c)		2.19%			2.16%			2.07%			2.07%		2.12%
Ratio of net investment income (loss) to average net assets		0.39%	(c)		0.22%			0.17%			0.30%			0.26%		0.99%

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011		2010
Net asset value, beginning of period		$9.50			$11.06			$10.25			$10.15			$9.65		$8.78
Income from investment operations:
Net investment income (loss)(a)		0.02			0.03			0.02			0.03			0.03		0.09
Net realized and unrealized gain (loss)		0.30			0.33			1.06			0.20			0.47		0.94
Total from investment operations		0.32			0.36			1.08			0.23			0.50		1.03
Distributions:
Dividends from net investment income		—			(0.18	)		(0.03	)		(0.13	)		—		(0.03	)
Dividends from net realized gains		(1.71	)		(1.74	)		(0.24	)		—			—		—
Return of capital		—			—			—			—			—		(0.13	)
Total distributions		(1.71	)		(1.92	)		(0.27	)		(0.13	)		—		(0.16	)
Net asset value, end of period		$8.11			$9.50			$11.06			$10.25			$10.15		$9.65
Ratios and supplemental data:
Total return(b)		4.28%			3.98%			10.82%			2.29%			5.18%		11.81%
Net assets, end of period (000)		$133,556			$151,091			$185,577			$235,194			$282,801		$276,141
Ratio of net expenses to average net assets		2.22%	(c)		2.19%			2.16%			2.07%			2.07%		2.11%
Ratio of gross expenses to average net assets prior to expense reductions		2.22%	(c)		2.19%			2.16%			2.07%			2.07%		2.11%
Ratio of net investment income (loss) to average net assets		0.43%	(c)		0.27%			0.17%			0.31%			0.26%		0.99%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


222		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011		2010
Net asset value, beginning of period		$10.43			$11.99			$11.06			$10.96			$10.32		$9.33
Income from investment operations:
Net investment income (loss)(a)		0.07			0.14			0.13			0.14			0.14		0.19
Net realized and unrealized gain (loss)		0.33			0.36			1.15			0.22			0.50		1.00
Total from investment operations		0.40			0.50			1.28			0.36			0.64		1.19
Distributions:
Dividends from net investment income		(0.06	)		(0.32	)		(0.11	)		(0.26	)		—		(0.04	)
Dividends from net realized gains		(1.71	)		(1.74	)		(0.24	)		—			—		—
Return of capital		—			—			—			—			—		(0.16	)
Total distributions		(1.77	)		(2.06	)		(0.35	)		(0.26	)		—		(0.20	)
Net asset value, end of period		$9.06			$10.43			$11.99			$11.06			$10.96		$10.32
Ratios and supplemental data:
Total return(b)		4.77%			4.99%			11.90%			3.32%			6.20%		12.92%
Net assets, end of period (000)		$157,050			$182,064			$232,583			$986,986			$978,511		$763,531
Ratio of net expenses to average net assets		1.22%	(c)		1.19%			1.14%			1.07%			1.07%		1.11%
Ratio of gross expenses to average net assets prior to expense reductions		1.22%	(c)		1.19%			1.14%			1.07%			1.07%		1.11%
Ratio of net investment income (loss) to average net assets		1.43%	(c)		1.29%			1.16%			1.31%			1.25%		1.97%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011		2010
Net asset value, beginning of period		$10.13			$11.67			$10.79			$10.67			$10.09		$9.16
Income from investment operations:
Net investment income (loss)(a)		0.04			0.08			0.07			0.08			0.08		0.14
Net realized and unrealized gain (loss)		0.32			0.37			1.12			0.21			0.50		0.97
Total from investment operations		0.36			0.45			1.19			0.29			0.58		1.11
Distributions:
Dividends from net investment income		(0.02	)		(0.25	)		(0.07	)		(0.17	)		—		(0.04	)
Dividends from net realized gains		(1.71	)		(1.74	)		(0.24	)		—			—		—
Return of capital		—			—			—			—			—		(0.14	)
Total distributions		(1.73	)		(1.99	)		(0.31	)		(0.17	)		—		(0.18	)
Net asset value, end of period		$8.76			$10.13			$11.67			$10.79			$10.67		$10.09
Ratios and supplemental data:
Total return(b)		4.48%			4.62%			11.27%			2.77%			5.75%		12.26%
Net assets, end of period (000)		$1,595			$1,741			$1,674			$3,045			$1,567		$1,302
Ratio of net expenses to average net assets		1.72%	(c)		1.69%			1.66%			1.58%			1.57%		1.61%
Ratio of gross expenses to average net assets prior to expense reductions		1.72%	(c)		1.69%			1.66%			1.58%			1.57%		1.61%
Ratio of net investment income (loss) to average net assets		0.94%	(c)		0.77%			0.68%			0.75%			0.77%		1.43%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


		www.calamos.com			223

Calamos Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$18.59			$19.14			$17.70			$19.28			$19.60			$18.31
Income from investment operations:
Net investment income (loss)(a)		0.21			0.40			0.39			0.37			0.40			0.53
Net realized and unrealized gain (loss)		0.06			1.14			2.63			(0.33	)		0.14			1.45
Total from investment operations		0.27			1.54			3.02			0.04			0.54			1.98
Distributions:
Dividends from net investment income		(0.23	)		(0.76	)		(0.02	)		(0.14	)		(0.25	)		(0.69	)
Dividends from net realized gains		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)		—
Total distributions		(1.11	)		(2.09	)		(1.58	)		(1.62	)		(0.86	)		(0.69	)
Net asset value, end of period		$17.75			$18.59			$19.14			$17.70			$19.28			$19.60
Ratios and supplemental data:
Total return(b)		1.60%			8.74%			18.50%			0.51%			2.73%			11.06%
Net assets, end of period (000)		$453,719			$488,842			$514,593			$650,100			$1,269,501			$1,741,954
Ratio of net expenses to average net assets		1.11%	(c)		1.10%			1.11%			1.10%			1.07%			1.08%
Ratio of gross expenses to average net assets prior to expense reductions		1.11%	(c)		1.10%			1.11%			1.10%			1.07%			1.08%
Ratio of net investment income (loss) to average net assets		2.42%	(c)		2.18%			2.18%			2.07%			2.03%			2.82%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Portfolio turnover rate		37.1%			68.1%			73.1%			56.6%			65.7%			77.4%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Convertible Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$23.29			$23.27			$21.31			$22.89			$23.14			$21.48
Income from investment operations:
Net investment income (loss)(a)		0.19			0.32			0.31			0.28			0.32			0.47
Net realized and unrealized gain (loss)		0.07			1.41			3.21			(0.38	)		0.15			1.69
Total from investment operations		0.26			1.73			3.52			(0.10	)		0.47			2.16
Distributions:
Dividends from net investment income		(0.14	)		(0.38	)		—			(0.00	)**		(0.11	)		(0.50	)
Dividends from net realized gains		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)		—
Total distributions		(1.02	)		(1.71	)		(1.56	)		(1.48	)		(0.72	)		(0.50	)
Net asset value, end of period		$22.53			$23.29			$23.27			$21.31			$22.89			$23.14
Ratios and supplemental data:
Total return(b)		1.19%			7.89%			17.63%			(0.25%	)		2.01%			10.20%
Net assets, end of period (000)		$7,772			$9,879			$11,391			$14,256			$21,517			$56,141
Ratio of net expenses to average net assets		1.86%	(c)		1.86%			1.86%			1.85%			1.82%			1.83%
Ratio of gross expenses to average net assets prior to expense reductions		1.86%	(c)		1.86%			1.86%			1.85%			1.82%			1.83%
Ratio of net investment income (loss) to average net assets		1.65%	(c)		1.42%			1.43%			1.32%			1.36%			2.12%

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$18.43			$18.87			$17.57			$19.15			$19.51			$18.24
Income from investment operations:
Net investment income (loss)(a)		0.15			0.26			0.25			0.23			0.25			0.38
Net realized and unrealized gain (loss)		0.05			1.11			2.61			(0.32	)		0.14			1.45
Total from investment operations		0.20			1.37			2.86			(0.09	)		0.39			1.83
Distributions:
Dividends from net investment income		(0.16	)		(0.48	)		—			(0.01	)		(0.14	)		(0.56	)
Dividends from net realized gains		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)		—
Total distributions		(1.04	)		(1.81	)		(1.56	)		(1.49	)		(0.75	)		(0.56	)
Net asset value, end of period		$17.59			$18.43			$18.87			$17.57			$19.15			$19.51
Ratios and supplemental data:
Total return(b)		1.23%			7.86%			17.62%			(0.24%	)		1.99%			10.20%
Net assets, end of period (000)		$299,593			$319,654			$325,823			$390,649			$584,428			$706,108
Ratio of net expenses to average net assets		1.86%	(c)		1.86%			1.86%			1.85%			1.82%			1.83%
Ratio of gross expenses to average net assets prior to expense reductions		1.86%	(c)		1.86%			1.86%			1.85%			1.82%			1.83%
Ratio of net investment income (loss) to average net assets		1.67%	(c)		1.43%			1.43%			1.32%			1.26%			2.03%

**	Amounts are less than $0.005.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Convertible Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$17.02			$17.74			$16.51			$18.10			$18.44			$17.27
Income from investment operations:
Net investment income (loss)(a)		0.22			0.41			0.40			0.39			0.42			0.53
Net realized and unrealized gain (loss)		0.04			1.04			2.44			(0.30	)		0.14			1.38
Total from investment operations		0.26			1.45			2.84			0.09			0.56			1.91
Distributions:
Dividends from net investment income		(0.25	)		(0.84	)		(0.05	)		(0.20	)		(0.29	)		(0.74	)
Dividends from net realized gains		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)		—
Total distributions		(1.13	)		(2.17	)		(1.61	)		(1.68	)		(0.90	)		(0.74	)
Net asset value, end of period		$16.15			$17.02			$17.74			$16.51			$18.10			$18.44
Ratios and supplemental data:
Total return(b)		1.71%			8.99%			18.78%			0.81%			3.00%			11.32%
Net assets, end of period (000)		$493,233			$553,594			$349,512			$475,526			$759,415			$883,151
Ratio of net expenses to average net assets		0.86%	(c)		0.85%			0.86%			0.85%			0.82%			0.82%
Ratio of gross expenses to average net assets prior to expense reductions		0.86%	(c)		0.85%			0.86%			0.85%			0.82%			0.82%
Ratio of net investment income (loss) to average net assets		2.67%	(c)		2.46%			2.43%			2.33%			2.26%			2.97%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$18.52			$19.03			$17.63			$19.21			$19.55			$18.28
Income from investment operations:
Net investment income (loss)(a)		0.19			0.35			0.34			0.32			0.34			0.45
Net realized and unrealized gain (loss)		0.06			1.13			2.62			(0.32	)		0.14			1.48
Total from investment operations		0.25			1.48			2.96			—			0.48			1.93
Distributions:
Dividends from net investment income		(0.20	)		(0.66	)		(0.00	)**		(0.10	)		(0.21	)		(0.66	)
Dividends from net realized gains		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)		—
Total distributions		(1.08	)		(1.99	)		(1.56	)		(1.58	)		(0.82	)		(0.66	)
Net asset value, end of period		$17.69			$18.52			$19.03			$17.63			$19.21			$19.55
Ratios and supplemental data:
Total return(b)		1.50%			8.44%			18.18%			0.29%			2.46%			10.78%
Net assets, end of period (000)		$2,262			$2,988			$3,074			$3,253			$4,134			$2,878
Ratio of net expenses to average net assets		1.36%	(c)		1.36%			1.36%			1.35%			1.32%			1.32%
Ratio of gross expenses to average net assets prior to expense reductions		1.36%	(c)		1.36%			1.36%			1.35%			1.32%			1.32%
Ratio of net investment income (loss) to average net assets		2.13%	(c)		1.92%			1.93%			1.82%			1.72%			2.39%

**	Amounts are less than $0.005.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


226		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) December 31, 2014* through April 30,
	2015
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		0.07
Net realized and unrealized gain (loss)		0.34
Total from investment operations		0.41
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.41
Ratios and supplemental data:
Total return(b)		4.10%
Net assets, end of period (000)		$4,710
Ratio of net expenses to average net assets		1.35%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.94%	(c)
Ratio of net investment income (loss) to average net assets		2.16%	(c)

	(Unaudited) December 31, 2014* through April 30,
	2015
Portfolio turnover rate		4.3%

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


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Calamos Global Convertible Fund Financial Highlights


	CLASS C
	(Unaudited) December 31, 2014* through April 30,
	2015
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		0.05
Net realized and unrealized gain (loss)		0.34
Total from investment operations		0.39
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.39
Ratios and supplemental data:
Total return(b)		3.90%
Net assets, end of period (000)		$247
Ratio of net expenses to average net assets		2.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		4.61%	(c)
Ratio of net investment income (loss) to average net assets		1.40%	(c)

	CLASS I
	(Unaudited) December 31, 2014* through April 30,
	2015
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		0.08
Net realized and unrealized gain (loss)		0.35
Total from investment operations		0.43
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.43
Ratios and supplemental data:
Total return(b)		4.30%
Net assets, end of period (000)		$10,439
Ratio of net expenses to average net assets		1.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.82%	(c)
Ratio of net investment income (loss) to average net assets		2.38%	(c)

*	Commencement of operations.

(a)	Net investment income 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.


228		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund Financial Highlights


	CLASS R
	(Unaudited) December 31, 2014* through April 30,
	2015
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		0.07
Net realized and unrealized gain (loss)		0.34
Total from investment operations		0.41
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.41
Ratios and supplemental data:
Total return(b)		4.10%
Net assets, end of period (000)		$104
Ratio of net expenses to average net assets		1.60%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		4.32%	(c)
Ratio of net investment income (loss) to average net assets		1.94%	(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


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Calamos Total Return Bond Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$10.70			$10.89			$11.15			$11.14			$11.23			$11.06
Income from investment operations:
Net investment income (loss)(a)		0.14			0.26			0.22			0.22			0.26			0.31
Net realized and unrealized gain (loss)		0.08			0.12			(0.17	)		0.15			0.02			0.45
Total from investment operations		0.22			0.38			0.05			0.37			0.28			0.76
Distributions:
Dividends from net investment income		(0.16	)		(0.53	)		(0.26	)		(0.32	)		(0.28	)		(0.59	)
Dividends from net realized gains		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)		—
Total distributions		(0.28	)		(0.57	)		(0.31	)		(0.36	)		(0.37	)		(0.59	)
Net asset value, end of period		$10.64			$10.70			$10.89			$11.15			$11.14			$11.23
Ratios and supplemental data:
Total return(b)		2.07%			3.71%			0.48%			3.35%			2.64%			7.12%
Net assets, end of period (000)		$45,296			$67,287			$93,691			$137,672			$115,090			$114,922
Ratio of net expenses to average net assets		0.90%	(c)		0.90%			0.90%			0.90%			0.90%			0.90%
Ratio of gross expenses to average net assets prior to expense reductions		1.12%	(c)		1.05%			0.99%			0.98%			0.97%			0.98%
Ratio of net investment income (loss) to average net assets		2.60%	(c)		2.47%			1.97%			1.98%			2.37%			2.83%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Portfolio turnover rate		34.3%			35.3%			32.5%			34.4%			41.5%			55.7%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


230		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Total Return Bond Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$10.70			$10.89			$11.15			$11.14			$11.23			$11.06
Income from investment operations:
Net investment income (loss)(a)		0.10			0.18			0.13			0.14			0.19			0.23
Net realized and unrealized gain (loss)		0.08			0.12			(0.16	)		0.14			0.01			0.44
Total from investment operations		0.18			0.30			(0.03	)		0.28			0.20			0.67
Distributions:
Dividends from net investment income		(0.12	)		(0.45	)		(0.18	)		(0.23	)		(0.20	)		(0.50	)
Dividends from net realized gains		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)		—
Total distributions		(0.24	)		(0.49	)		(0.23	)		(0.27	)		(0.29	)		(0.50	)
Net asset value, end of period		$10.64			$10.70			$10.89			$11.15			$11.14			$11.23
Ratios and supplemental data:
Total return(b)		1.69%			2.94%			(0.27%	)		2.59%			1.88%			6.33%
Net assets, end of period (000)		$1,347			$1,879			$5,319			$9,108			$14,193			$21,402
Ratio of net expenses to average net assets		1.65%	(c)		1.65%			1.65%			1.65%			1.65%			1.65%
Ratio of gross expenses to average net assets prior to expense reductions		1.87%	(c)		1.80%			1.74%			1.73%			1.72%			1.73%
Ratio of net investment income (loss) to average net assets		1.85%	(c)		1.72%			1.22%			1.25%			1.67%			2.10%

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$10.70			$10.89			$11.15			$11.13			$11.22			$11.06
Income from investment operations:
Net investment income (loss)(a)		0.10			0.18			0.13			0.14			0.18			0.23
Net realized and unrealized gain (loss)		0.08			0.12			(0.16	)		0.15			0.02			0.43
Total from investment operations		0.18			0.30			(0.03	)		0.29			0.20			0.66
Distributions:
Dividends from net investment income		(0.12	)		(0.45	)		(0.18	)		(0.23	)		(0.20	)		(0.50	)
Dividends from net realized gains		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)		—
Total distributions		(0.24	)		(0.49	)		(0.23	)		(0.27	)		(0.29	)		(0.50	)
Net asset value, end of period		$10.64			$10.70			$10.89			$11.15			$11.13			$11.22
Ratios and supplemental data:
Total return(b)		1.69%			2.94%			(0.27%	)		2.68%			1.88%			6.24%
Net assets, end of period (000)		$17,031			$17,818			$25,964			$43,823			$48,612			$50,793
Ratio of net expenses to average net assets		1.65%	(c)		1.65%			1.65%			1.65%			1.65%			1.65%
Ratio of gross expenses to average net assets prior to expense reductions		1.87%	(c)		1.80%			1.74%			1.73%			1.72%			1.73%
Ratio of net investment income (loss) to average net assets		1.85%	(c)		1.73%			1.23%			1.25%			1.63%			2.09%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Total Return Bond Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$10.70			$10.89			$11.15			$11.13			$11.22			$11.06
Income from investment operations:
Net investment income (loss)(a)		0.15			0.29			0.24			0.25			0.29			0.34
Net realized and unrealized gain (loss)		0.08			0.12			(0.16	)		0.15			0.02			0.43
Total from investment operations		0.23			0.41			0.08			0.40			0.31			0.77
Distributions:
Dividends from net investment income		(0.17	)		(0.56	)		(0.29	)		(0.34	)		(0.31	)		(0.61	)
Dividends from net realized gains		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)		—
Total distributions		(0.29	)		(0.60	)		(0.34	)		(0.38	)		(0.40	)		(0.61	)
Net asset value, end of period		$10.64			$10.70			$10.89			$11.15			$11.13			$11.22
Ratios and supplemental data:
Total return(b)		2.20%			3.97%			0.73%			3.70%			2.90%			7.30%
Net assets, end of period (000)		$12,937			$13,347			$41,109			$43,464			$41,639			$46,625
Ratio of net expenses to average net assets		0.65%	(c)		0.65%			0.65%			0.65%			0.65%			0.65%
Ratio of gross expenses to average net assets prior to expense reductions		0.87%	(c)		0.80%			0.74%			0.73%			0.72%			0.73%
Ratio of net investment income (loss) to average net assets		2.84%	(c)		2.70%			2.22%			2.24%			2.64%			3.07%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$10.70			$10.89			$11.15			$11.14			$11.23			$11.06
Income from investment operations:
Net investment income (loss)(a)		0.12			0.23			0.19			0.19			0.23			0.28
Net realized and unrealized gain (loss)		0.08			0.13			(0.17	)		0.15			0.02			0.45
Total from investment operations		0.20			0.36			0.02			0.34			0.25			0.73
Distributions:
Dividends from net investment income		(0.14	)		(0.51	)		(0.23	)		(0.29	)		(0.25	)		(0.56	)
Dividends from net realized gains		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)		—
Total distributions		(0.26	)		(0.55	)		(0.28	)		(0.33	)		(0.34	)		(0.56	)
Net asset value, end of period		$10.64			$10.70			$10.89			$11.15			$11.14			$11.23
Ratios and supplemental data:
Total return(b)		1.94%			3.45%			0.22%			3.09%			2.39%			6.86%
Net assets, end of period (000)		$232			$234			$2,248			$1,756			$1,638			$1,389
Ratio of net expenses to average net assets		1.15%	(c)		1.15%			1.15%			1.15%			1.15%			1.15%
Ratio of gross expenses to average net assets prior to expense reductions		1.37%	(c)		1.28%			1.24%			1.23%			1.22%			1.23%
Ratio of net investment income (loss) to average net assets		2.34%	(c)		2.14%			1.72%			1.74%			2.10%			2.59%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


232		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos High Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$9.65			$9.90			$9.92			$9.68			$9.97			$9.52
Income from investment operations:
Net investment income (loss)(a)		0.22			0.48			0.51			0.53			0.59			0.63
Net realized and unrealized gain (loss)		(0.18	)		0.01			0.18			0.35			(0.24	)		0.58
Total from investment operations		0.04			0.49			0.69			0.88			0.35			1.21
Distributions:
Dividends from net investment income		(0.25	)		(0.55	)		(0.58	)		(0.51	)		(0.64	)		(0.76	)
Dividends from net realized gains		(0.24	)		(0.19	)		(0.13	)		(0.13	)		—			—
Total distributions		(0.49	)		(0.74	)		(0.71	)		(0.64	)		(0.64	)		(0.76	)
Net asset value, end of period		$9.20			$9.65			$9.90			$9.92			$9.68			$9.97
Ratios and supplemental data:
Total return(b)		0.70%			5.11%			7.21%			9.39%			3.62%			13.26%
Net assets, end of period (000)		$93,683			$132,756			$201,791			$215,299			$182,515			$211,632
Ratio of net expenses to average net assets		1.26%	(c)		1.18%			1.18%			1.19%			1.22%			1.21%
Ratio of gross expenses to average net assets prior to expense reductions		1.26%	(c)		1.18%			1.18%			1.19%			1.22%			1.21%
Ratio of net investment income (loss) to average net assets		4.83%	(c)		4.84%			5.11%			5.46%			6.01%			6.56%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Portfolio turnover rate		35.9%			51.2%			55.1%			73.9%			72.6%			57.6%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos High Income Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$10.16			$10.38			$10.36			$10.09			$10.37			$9.86
Income from investment operations:
Net investment income (loss)(a)		0.20			0.42			0.46			0.48			0.54			0.58
Net realized and unrealized gain (loss)		(0.19	)		0.02			0.18			0.36			(0.26	)		0.60
Total from investment operations		0.01			0.44			0.64			0.84			0.28			1.18
Distributions:
Dividends from net investment income		(0.22	)		(0.47	)		(0.49	)		(0.44	)		(0.56	)		(0.67	)
Dividends from net realized gains		(0.24	)		(0.19	)		(0.13	)		(0.13	)		—			—
Total distributions		(0.46	)		(0.66	)		(0.62	)		(0.57	)		(0.56	)		(0.67	)
Net asset value, end of period		$9.71			$10.16			$10.38			$10.36			$10.09			$10.37
Ratios and supplemental data:
Total return(b)		0.28%			4.37%			6.40%			8.55%			2.79%			12.45%
Net assets, end of period (000)		$1,290			$2,098			$3,340			$5,973			$9,766			$17,387
Ratio of net expenses to average net assets		2.01%	(c)		1.93%			1.93%			1.95%			1.96%			1.96%
Ratio of gross expenses to average net assets prior to expense reductions		2.01%	(c)		1.93%			1.93%			1.95%			1.96%			1.96%
Ratio of net investment income (loss) to average net assets		4.09%	(c)		4.10%			4.39%			4.73%			5.28%			5.82%

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$10.06			$10.29			$10.28			$10.01			$10.29			$9.80
Income from investment operations:
Net investment income (loss)(a)		0.19			0.42			0.45			0.48			0.54			0.58
Net realized and unrealized gain (loss)		(0.18	)		0.01			0.19			0.36			(0.25	)		0.58
Total from investment operations		0.01			0.43			0.64			0.84			0.29			1.16
Distributions:
Dividends from net investment income		(0.22	)		(0.47	)		(0.50	)		(0.44	)		(0.57	)		(0.67	)
Dividends from net realized gains		(0.24	)		(0.19	)		(0.13	)		(0.13	)		—			—
Total distributions		(0.46	)		(0.66	)		(0.63	)		(0.57	)		(0.57	)		(0.67	)
Net asset value, end of period		$9.61			$10.06			$10.29			$10.28			$10.01			$10.29
Ratios and supplemental data:
Total return(b)		0.30%			4.32%			6.37%			8.65%			2.83%			12.34%
Net assets, end of period (000)		$25,453			$29,333			$34,146			$43,141			$39,764			$48,149
Ratio of net expenses to average net assets		2.01%	(c)		1.93%			1.93%			1.94%			1.97%			1.96%
Ratio of gross expenses to average net assets prior to expense reductions		2.01%	(c)		1.93%			1.93%			1.94%			1.97%			1.96%
Ratio of net investment income (loss) to average net assets		4.09%	(c)		4.10%			4.37%			4.72%			5.26%			5.81%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


234		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos High Income Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$9.65			$9.90			$9.92			$9.68			$9.97			$9.52
Income from investment operations:
Net investment income (loss)(a)		0.23			0.50			0.53			0.56			0.62			0.65
Net realized and unrealized gain (loss)		(0.18	)		0.02			0.19			0.34			(0.24	)		0.58
Total from investment operations		0.05			0.52			0.72			0.90			0.38			1.23
Distributions:
Dividends from net investment income		(0.26	)		(0.58	)		(0.61	)		(0.53	)		(0.67	)		(0.78	)
Dividends from net realized gains		(0.24	)		(0.19	)		(0.13	)		(0.13	)		—			—
Total distributions		(0.50	)		(0.77	)		(0.74	)		(0.66	)		(0.67	)		(0.78	)
Net asset value, end of period		$9.20			$9.65			$9.90			$9.92			$9.68			$9.97
Ratios and supplemental data:
Total return(b)		0.82%			5.37%			7.50%			9.63%			3.88%			13.58%
Net assets, end of period (000)		$25,898			$24,342			$25,103			$33,271			$21,424			$44,574
Ratio of net expenses to average net assets		1.01%	(c)		0.93%			0.93%			0.94%			0.96%			0.96%
Ratio of gross expenses to average net assets prior to expense reductions		1.01%	(c)		0.93%			0.93%			0.94%			0.96%			0.96%
Ratio of net investment income (loss) to average net assets		5.08%	(c)		5.10%			5.37%			5.71%			6.29%			6.76%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$9.64			$9.89			$9.91			$9.67			$9.96			$9.52
Income from investment operations:
Net investment income (loss)(a)		0.21			0.45			0.48			0.51			0.57			0.60
Net realized and unrealized gain (loss)		(0.19	)		0.02			0.18			0.34			(0.24	)		0.57
Total from investment operations		0.02			0.47			0.66			0.85			0.33			1.17
Distributions:
Dividends from net investment income		(0.24	)		(0.53	)		(0.55	)		(0.48	)		(0.62	)		(0.73	)
Dividends from net realized gains		(0.24	)		(0.19	)		(0.13	)		(0.13	)		—			—
Total distributions		(0.48	)		(0.72	)		(0.68	)		(0.61	)		(0.62	)		(0.73	)
Net asset value, end of period		$9.18			$9.64			$9.89			$9.91			$9.67			$9.96
Ratios and supplemental data:
Total return(b)		0.47%			4.87%			6.92%			9.17%			3.37%			12.88%
Net assets, end of period (000)		$160			$209			$192			$373			$272			$248
Ratio of net expenses to average net assets		1.51%	(c)		1.43%			1.43%			1.44%			1.47%			1.46%
Ratio of gross expenses to average net assets prior to expense reductions		1.51%	(c)		1.43%			1.43%			1.44%			1.47%			1.46%
Ratio of net investment income (loss) to average net assets		4.59%	(c)		4.60%			4.89%			5.21%			5.74%			6.28%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


		www.calamos.com			235

Calamos Market Neutral Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$13.13			$13.09			$12.68			$12.11			$11.91			$11.35
Income from investment operations:
Net investment income (loss)(a)		0.10			0.15			0.17			0.21			0.22			0.23
Net realized and unrealized gain (loss)		0.10			0.27			0.42			0.51			0.18			0.46
Total from investment operations		0.20			0.42			0.59			0.72			0.40			0.69
Distributions:
Dividends from net investment income		(0.07	)		(0.12	)		(0.18	)		(0.15	)		(0.20	)		(0.13	)
Dividends from net realized gains		(0.14	)		(0.26	)		—			—			—			—
Total distributions		(0.21	)		(0.38	)		(0.18	)		(0.15	)		(0.20	)		(0.13	)
Net asset value, end of period		$13.12			$13.13			$13.09			$12.68			$12.11			$11.91
Ratios and supplemental data:
Total return(b)		1.54%			3.27%			4.71%			6.01%			3.40%			6.11%
Net assets, end of period (000)		$1,148,772			$1,351,641			$1,354,180			$1,155,161			$1,282,438			$1,203,750
Ratio of net expenses to average net assets		1.23%	(c)		1.20%			1.26%			1.17%			1.21%			1.19%
Ratio of gross expenses to average net assets prior to expense reductions		1.23%	(c)		1.20%			1.26%			1.17%			1.21%			1.19%
Ratio of net investment income (loss) to average net assets		1.53%	(c)		1.17%			1.33%			1.65%			1.80%			2.00%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.09%	(c)		1.09%			1.12%			1.13%			1.14%			1.14%

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Portfolio turnover rate		18.0%			70.5%			110.6%			82.8%			98.5%			87.8%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


236		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund Financial Highlights


	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$13.87			$13.82			$13.36			$12.75			$12.51			$11.92
Income from investment operations:
Net investment income (loss)(a)		0.05			0.06			0.08			0.12			0.14			0.15
Net realized and unrealized gain (loss)		0.11			0.27			0.45			0.54			0.20			0.48
Total from investment operations		0.16			0.33			0.53			0.66			0.34			0.63
Distributions:
Dividends from net investment income		(0.01	)		(0.02	)		(0.07	)		(0.05	)		(0.10	)		(0.04	)
Dividends from net realized gains		(0.14	)		(0.26	)		—			—			—			—
Total distributions		(0.15	)		(0.28	)		(0.07	)		(0.05	)		(0.10	)		(0.04	)
Net asset value, end of period		$13.88			$13.87			$13.82			$13.36			$12.75			$12.51
Ratios and supplemental data:
Total return(b)		1.14%			2.43%			3.98%			5.18%			2.70%			5.31%
Net assets, end of period (000)		$3,159			$4,436			$9,117			$12,940			$18,147			$25,349
Ratio of net expenses to average net assets		1.98%	(c)		1.95%			2.03%			1.92%			1.97%			1.94%
Ratio of gross expenses to average net assets prior to expense reductions		1.98%	(c)		1.95%			2.03%			1.92%			1.97%			1.94%
Ratio of net investment income (loss) to average net assets		0.78%	(c)		0.44%			0.60%			0.91%			1.07%			1.27%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.84%	(c)		1.84%			1.87%			1.89%			1.89%			1.88%

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$13.32			$13.30			$12.88			$12.29			$12.08			$11.52
Income from investment operations:
Net investment income (loss)(a)		0.05			0.06			0.08			0.11			0.13			0.15
Net realized and unrealized gain (loss)		0.11			0.26			0.42			0.54			0.18			0.46
Total from investment operations		0.16			0.32			0.50			0.65			0.31			0.61
Distributions:
Dividends from net investment income		(0.02	)		(0.04	)		(0.08	)		(0.06	)		(0.10	)		(0.05	)
Dividends from net realized gains		(0.14	)		(0.26	)		—			—			—			—
Total distributions		(0.16	)		(0.30	)		(0.08	)		(0.06	)		(0.10	)		(0.05	)
Net asset value, end of period		$13.32			$13.32			$13.30			$12.88			$12.29			$12.08
Ratios and supplemental data:
Total return(b)		1.22%			2.40%			3.93%			5.28%			2.61%			5.31%
Net assets, end of period (000)		$339,683			$349,791			$289,520			$267,646			$299,733			$353,019
Ratio of net expenses to average net assets		1.98%	(c)		1.95%			2.02%			1.92%			1.97%			1.94%
Ratio of gross expenses to average net assets prior to expense reductions		1.98%	(c)		1.95%			2.02%			1.92%			1.97%			1.94%
Ratio of net investment income (loss) to average net assets		0.76%	(c)		0.42%			0.58%			0.90%			1.06%			1.26%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.84%	(c)		1.84%			1.87%			1.88%			1.89%			1.88%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


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Calamos Market Neutral Income Fund Financial Highlights


	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$12.99			$12.97			$12.56			$12.00			$11.80			$11.25
Income from investment operations:
Net investment income (loss)(a)		0.11			0.18			0.20			0.23			0.24			0.25
Net realized and unrealized gain (loss)		0.11			0.25			0.42			0.51			0.19			0.46
Total from investment operations		0.22			0.43			0.62			0.74			0.43			0.71
Distributions:
Dividends from net investment income		(0.09	)		(0.15	)		(0.21	)		(0.18	)		(0.23	)		(0.16	)
Dividends from net realized gains		(0.14	)		(0.26	)		—			—			—			—
Total distributions		(0.23	)		(0.41	)		(0.21	)		(0.18	)		(0.23	)		(0.16	)
Net asset value, end of period		$12.98			$12.99			$12.97			$12.56			$12.00			$11.80
Ratios and supplemental data:
Total return(b)		1.69%			3.40%			5.01%			6.25%			3.70%			6.33%
Net assets, end of period (000)		$2,436,965			$2,470,829			$1,574,197			$1,040,722			$738,421			$521,364
Ratio of net expenses to average net assets		0.98%	(c)		0.95%			1.01%			0.92%			0.96%			0.96%
Ratio of gross expenses to average net assets prior to expense reductions		0.98%	(c)		0.95%			1.01%			0.92%			0.96%			0.96%
Ratio of net investment income (loss) to average net assets		1.76%	(c)		1.41%			1.57%			1.88%			2.04%			2.22%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		0.84%	(c)		0.84%			0.87%			0.88%			0.89%			0.89%

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2015			2014			2013			2012			2011			2010
Net asset value, beginning of period		$13.08			$13.05			$12.64			$12.08			$11.88			$11.33
Income from investment operations:
Net investment income (loss)(a)		0.08			0.12			0.14			0.17			0.19			0.20
Net realized and unrealized gain (loss)		0.11			0.26			0.42			0.52			0.18			0.46
Total from investment operations		0.19			0.38			0.56			0.69			0.37			0.66
Distributions:
Dividends from net investment income		(0.06	)		(0.09	)		(0.15	)		(0.13	)		(0.17	)		(0.11	)
Dividends from net realized gains		(0.14	)		(0.26	)		—			—			—			—
Total distributions		(0.20	)		(0.35	)		(0.15	)		(0.13	)		(0.17	)		(0.11	)
Net asset value, end of period		$13.07			$13.08			$13.05			$12.64			$12.08			$11.88
Ratios and supplemental data:
Total return(b)		1.42%			2.97%			4.47%			5.72%			3.18%			5.84%
Net assets, end of period (000)		$8,185			$9,099			$5,408			$5,199			$3,114			$2,351
Ratio of net expenses to average net assets		1.48%	(c)		1.45%			1.52%			1.42%			1.46%			1.46%
Ratio of gross expenses to average net assets prior to expense reductions		1.48%	(c)		1.45%			1.52%			1.42%			1.46%			1.46%
Ratio of net investment income (loss) to average net assets		1.27%	(c)		0.91%			1.08%			1.37%			1.55%			1.72%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.34%	(c)		1.34%			1.37%			1.38%			1.39%			1.39%

(a)	Net investment income (loss) allocated based on average shares method.

(b)

(c)	Annualized.


238		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Hedged Equity Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) December 31, 2014^* through April 30,
	2015
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		0.02
Net realized and unrealized gain (loss)		0.02
Total from investment operations		0.04
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.04
Ratios and supplemental data:
Total return(b)		0.40%
Net assets, end of period (000)		$5,569
Ratio of net expenses to average net assets		1.25%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.79%	(c)
Ratio of net investment income (loss) to average net assets		0.63%	(c)

	(Unaudited) Six Months Ended April 30,
	2015
Portfolio turnover rate		15.4%

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


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Calamos Hedged Equity Income Fund Financial Highlights


	CLASS C
	(Unaudited) December 31, 2014^* through April 30,
	2015
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.00	)**
Net realized and unrealized gain (loss)		0.02
Total from investment operations		0.02
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.02
Ratios and supplemental data:
Total return(b)		0.20%
Net assets, end of period (000)		$100
Ratio of net expenses to average net assets		2.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.54%	(c)
Ratio of net investment income (loss) to average net assets		(0.13%	)(c)

	CLASS I
	(Unaudited) December 31, 2014^* through April 30,
	2015
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		0.03
Net realized and unrealized gain (loss)		0.02
Total from investment operations		0.05
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.05
Ratios and supplemental data:
Total return(b)		0.50%
Net assets, end of period (000)		$5,396
Ratio of net expenses to average net assets		1.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.54%	(c)
Ratio of net investment income (loss) to average net assets		0.87%	(c)

*	Commencement of operations.

**	Amount is less than $0.005.

(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.


240		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Hedged Equity Income Fund Financial Highlights


	CLASS R
	(Unaudited) December 31, 2014^* through April 30,
	2015
Net asset value, beginning of period		$10.00
Income from investment operations:
Net investment income (loss)(a)		0.01
Net realized and unrealized gain (loss)		0.03
Total from investment operations		0.04
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.04
Ratios and supplemental data:
Total return(b)		0.40%
Net assets, end of period (000)		$100
Ratio of net expenses to average net assets		1.50%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.04%	(c)
Ratio of net investment income (loss) to average net assets		0.38%	(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


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Calamos Long/Short Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:


	CLASS A
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			June 3, 2013* through October 31,
	2015			2014			2013
Net asset value, beginning of period		$10.84			$10.28			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.07	)		(0.11	)		(0.06	)
Net realized and unrealized gain (loss)		0.22			0.76			0.34
Total from investment operations		0.15			0.65			0.28
Distributions:
Dividends from net investment income		—			(0.06	)		—
Dividends from net realized gains		(0.13	)		(0.03	)		—
Total distributions		(0.13	)		(0.09	)		—
Net asset value, end of period		$10.86			$10.84			$10.28
Ratios and supplemental data:
Total return(b)		1.40%			6.33%			2.80%
Net assets, end of period (000)		$36,395			$39,722			$9,258
Ratio of net expenses to average net assets		2.27%	(c)		2.57%			2.42%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.27%	(c)		2.57%			3.03%	(c)
Ratio of net investment income (loss) to average net assets		(1.27%	)(c)		(1.07%	)		(1.53%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.75%	(c)		1.79%			2.00%	(c)

	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			June 3, 2013* through October 31,
	2015			2014			2013
Portfolio turnover rate		66.1%			260.4%			132.1%

(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.


242		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Long/Short Fund Financial Highlights


	CLASS C
	(Unaudited) Six Months Ended April 30, 2015			Year Ended October 31, 2014			June 3, 2013* through October 31, 2013*
Net asset value, beginning of period		$10.74			$10.24			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.11	)		(0.23	)		(0.09	)
Net realized and unrealized gain (loss)		0.22			0.81			0.33
Total from investment operations		0.11			0.58			0.24
Distributions:
Dividends from net investment income		—			(0.05	)		—
Dividends from net realized gains		(0.13	)		(0.03	)		—
Total distributions		(0.13	)		(0.08	)		—
Net asset value, end of period		$10.72			$10.74			$10.24
Ratios and supplemental data:
Total return(b)		1.03%			5.66%			2.40%
Net assets, end of period (000)		$6,260			$6,489			$383
Ratio of net expenses to average net assets		3.01%	(c)		3.23%			3.13%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.01%	(c)		3.23%			3.52%	(c)
Ratio of net investment income (loss) to average net assets		(2.01%	)(c)		(2.22%)			(2.22%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		2.50%	(c)		2.51%			2.75%	(c)

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			June 3, 2013* through October 31,
	2015			2014			2013*
Net asset value, beginning of period		$10.87			$10.29			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		0.23			0.73			0.34
Total from investment operations		0.17			0.68			0.29
Distributions:
Dividends from net investment income		—			(0.07	)		—
Dividends from net realized gains		(0.13	)		(0.03	)		—
Total distributions		(0.13	)		(0.10	)		—
Net asset value, end of period		$10.91			$10.87			$10.29
Ratios and supplemental data:
Total return(b)		1.58%			6.56%			2.90%
Net assets, end of period (000)		$59,165			$83,654			$36,433
Ratio of net expenses to average net assets		2.02%	(c)		2.10%			2.09%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.02%	(c)		2.10%			2.34%	(c)
Ratio of net investment income (loss) to average net assets		(1.04%	)(c)		(0.43%	)		(1.16%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.49%	(c)		1.55%			1.75%	(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


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Calamos Long/Short Fund Financial Highlights


	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			June 3, 2013* through October 31,
	2015			2014			2013*
Net asset value, beginning of period		$10.81			$10.27			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.08	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		0.22			0.69			0.34
Total from investment operations		0.14			0.62			0.27
Distributions:
Dividends from net investment income		—			(0.05	)		—
Dividends from net realized gains		(0.13	)		(0.03	)		—
Total distributions		(0.13	)		(0.08	)		—
Net asset value, end of period		$10.82			$10.81			$10.27
Ratios and supplemental data:
Total return(b)		1.31%			6.06%			2.70%
Net assets, end of period (000)		$110			$109			$103
Ratio of net expenses to average net assets		2.52%	(c)		2.68%			2.60%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.52%	(c)		2.68%			3.26%	(c)
Ratio of net investment income (loss) to average net assets		(1.50%	)(c)		(0.64%	)		(1.68%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		2.00%	(c)		2.08%			2.25%	(c)

*	Commencement of operations.

(a)	Net investment income (loss) allocated based on average shares method.

(b)

Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class C shares and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

(c)	Annualized.


244		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Calamos Investment Trust

We have reviewed the accompanying statements of assets and liabilities, including the schedules of investments, of Calamos Investment Trust (the “Trust”), including Calamos Growth Fund, Calamos Opportunistic Value Fund, Calamos Focus Growth Fund, Calamos Discovery Growth Fund, Calamos Dividend Growth Fund, Calamos Mid Cap Growth Fund, Calamos International Growth Fund, Calamos Evolving World Growth Fund, Calamos Emerging Market Equity Fund, Calamos Global Equity Fund, Calamos Growth and Income Fund, Calamos Global Growth and Income Fund, Calamos Convertible Fund, Calamos Global Convertible Fund, Calamos Total Return Bond Fund, Calamos High Income Fund, Calamos Market Neutral Income Fund, Calamos Hedged Equity Fund, and Calamos Long/Short Fund (the “Funds”), as of April 30, 2015, and the related statements of operations and changes in net assets, and the financial highlights for the six month period then ended. These interim financial statements and financial highlights are the responsibility of the Trust’s management.

We conducted our reviews in accordance with standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to such interim financial statements and financial highlights for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statements of changes in net assets of the Funds for the year or period ended October 31, 2014 and the financial highlights for each of the periods presented; and in our report dated December 17, 2014, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights.

LOGO

Chicago, Illinois

June 17, 2015


		www.calamos.com			245

Trustee Approval of Management Agreement (Unaudited)

The Board of Trustees of the Global Convertible Fund and Hedged Equity Income Fund (each a “New Fund” and, collectively, the “New Funds”) oversees the New Funds’ management, and, as required by law, determines whether to approve or (annually thereafter) continue the New Funds’ management agreements with Calamos Advisors under which Calamos Advisors serves as the investment manager and administrator for each New Fund. The “Independent Trustees,” who comprise more than 80% of the Board, have never been affiliated with Calamos Advisors.

In connection with their consideration regarding the approval of the management agreements for the New Funds, the Trustees received and reviewed a substantial amount of information provided by Calamos Advisors in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreements, the Independent Trustees were advised by their counsel and, in addition to meeting with management of Calamos Advisors, they met separately in executive session with their counsel.

At a meeting held on December 18, 2014, the Trustees determined, based on their evaluation of the information referred to at the meeting, and other information, that the overall arrangements between the Trust and Calamos Advisors with respect to the New Funds were fair and reasonable in light of the nature, extent and quality of the services to be provided by Calamos Advisors 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 the meeting, the Trustees, including all of the Independent Trustees, approved the management agreement with respect to the New Funds.

The Trustees discussed the nature and quality of the advisory and other services to be provided by the Adviser to the New Funds. In connection with its consideration of the management agreements of the Trust, the Board considered, among other things: (i) the nature, extent and quality of the Adviser’s services to be provided, (ii) the fees and other expenses to be paid by the New Funds as well as expense information for comparable funds, (iii) the expected profitability of the Adviser and its affiliates from its relationship with the New Funds, (iv) whether economies of scale may be realized as the New Funds grow and whether potential economies may be shared, in some measure, with the New Funds’ investors; and (v) other benefits to the Adviser from its relationship with the New Funds. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve the management agreement, and each Trustee may have afforded different weight to the various factors.

Nature, Extent and Quality of Services. The Board’s consideration of the nature, extent and quality of the Adviser’s services to be provided to the New Funds took into account the knowledge that may be gained from the Board’s meetings with the Adviser throughout the year. In addition, the Board considered: (i) the Adviser’s long-term history of managing the other Funds in the Calamos fund complex; (ii) the consistency of investment approach; (iii) the background and experience of the Adviser’s investment personnel responsible for managing the New Funds; and (iv) the Adviser’s performance as administrator of the other Funds in the fund complex, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications. The Board also reviewed the Adviser’s resources and key personnel expected to provide investment management services to the New Funds. The Board also considered compliance reports about the Adviser from the Trust’s Chief Compliance Officer. The Board concluded that the nature, extent and quality of the services to be provided by the Adviser to the New Funds were appropriate and consistent with the management agreement and that the New Funds were likely to benefit from services provided under the management agreement with the Adviser.

Investment Performance of the Fund. Because the New Funds had not yet commenced operations, the Board did not consider the investment performance of the New Funds.

Costs of Services Provided and Profits Realized by the Adviser. The Board evaluated the New Funds’ proposed management fee rates and estimated total expense ratios as compared to information provided by the Adviser regarding the median management fee rate and total expense ratios of each New Fund’s Morningstar Peer Group (the Funds’ “Expense Group”). The Board considered that the Global Convertible Fund’s proposed contractual management fee rate and estimated total expense ratio are above the median fee rate and total expense ratio of the Fund’s Expense Group. The Board also considered the Adviser’s assertion that the Fund’s Expense Group did not contain other global funds and that the proposed contractual management fee rate was in line with those of other global funds. The Board considered that the Hedged Equity Income Fund’s proposed contractual management fee rate and estimated total expense ratio were below the median fee rate and total expense ratio of its Expense Group. The Board noted the Adviser’s agreement to reimburse the New Funds for a portion of their expenses if the New Funds expense ratio otherwise would exceed a


246		CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Trustee Approval of Management Agreement (Unaudited)

certain level. In light of all the information presented, the Board concluded that it would be in the best interest of the New Funds and their shareholders to approve the management agreement.

Economies of Scale and Fee Levels Reflecting Those Economies. The Board considered whether each New Fund’s proposed management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board recognized that breakpoints in the proposed fee schedule for the New Funds could result in the sharing of economies of scale as the New Funds’ assets increase. The Board also considered the Adviser’s agreement to reimburse the New Funds for a portion of their expenses if a New Funds’ respective expense ratios otherwise would exceed a certain level. The Board concluded that the breakpoints in the proposed fee schedule for the New Funds allow shareholders to benefit from potential economies of scale that may be achieved by the Adviser.

Profitability. The Board did not consider information concerning the costs incurred and profits realized by the Adviser as the New Funds had not yet commenced operations.

Other Benefits Derived from the Relationship with the Fund. The Board also considered other benefits that could accrue to the Adviser and its affiliates from their relationship with the New Funds. The Board concluded that the Funds and the Adviser may potentially benefit from their relationship with each other in ways other than the services to be provided by the Adviser and its affiliates pursuant to their agreements 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 New Funds on their portfolio brokerage transactions to obtain research products and services benefiting the New 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 proposed amendment to the Trust’s management agreement with the Adviser to add the New Funds was in the best interest of the New Funds and their shareholders.


		www.calamos.com			247

MANAGING YOUR CALAMOS FUNDS INVESTMENTS

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

Through a single toll-free number, Calamos 24-Hour Shareholder Assistance is fast and easy. Get fund prices and account balances, review recent transactions, order statements, literature and more.

PERSONAL ASSISTANCE: 800.582.6959

Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund.

ONLINE ACCOUNT MANAGEMENT: www.calamos.com

Manage your personal account of Calamos Funds online at www.calamos.com. On your account access page, you can view account history and download data.

YOUR FINANCIAL ADVISOR

We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

This report, including the audited financial statements contained herein, is submitted for general information for the shareholders of the Funds. The report is not authorized for distribution to prospective investors in the Funds unless accompanied by a currently effective prospectus of the Funds and, after July 31, 2015, updated performance data for the most recently completed fiscal quarter. The views expressed in this report reflect those of Calamos Advisors LLC only through April 30, 2015. The managers’ views are subject to change at any time based on market and other conditions.

A description of the Calamos Proxy Voting Policies and Procedures and the Funds’ proxy voting record for the 12-month period ended June 30, 2014 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds’ proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Funds file a complete list of their portfolio holdings with the SEC for the first and third quarters each fiscal year on Form N-Q. The Forms N-Q are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov. You may also review or, for a fee, copy the forms at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.732.0330.

FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.823.7386

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEB SITE: www.calamos.com

INVESTMENT ADVISER:

Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563-2787

CUSTODIAN AND FUND ACCOUNTING AGENT:

State Street Bank and Trust Company

Boston, MA

TRANSFER AGENT:

U.S. Bancorp Fund Services, LLC

615 E. Michigan St., 3rd Floor

Milwaukee, WI 53202

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:

Deloitte & Touche LLP

Chicago, IL

LEGAL COUNSEL:

Ropes & Gray LLP

Chicago, IL


		STAY CONNECTED www.calamos.com/connect

Visit our Web site for timely fund performance, detailed fund profiles, fund news and insightful market commentary.

LOGO

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

Calamos^® and Calamos Investments^® are registered

trademarks of Calamos Investments LLC.

MFSAN 1631 2015

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Included in the Report to Shareholders in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1) Code of Ethics - Not applicable.

(a)(2)(i) Certification of Principal Executive Officer.

(a)(2)(ii) Certification of Principal Financial Officer.

SIGNATURES

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

Calamos Investment Trust



By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		June 19, 2015



By:		/s/ Nimish S. Bhatt
Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		June 19, 2015

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:		June 19, 2015



By:		/s/ Nimish S. Bhatt
Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		June 19, 2015

Calamos Investment Trust N-CSRSCertified semi-annual shareholder report (management investment company)