Calamos Investment Trust N-CSRS 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, 2016

DATE OF REPORTING PERIOD:                 November 1, 2015 through April 30, 2016

Item 1. Report to Shareholders

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 20 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	8
Calamos Focus Growth Fund	11
Calamos Discovery Growth Fund	14
Calamos Dividend Growth Fund	17
Calamos Mid Cap Growth Fund	20
Calamos International Growth Fund	23
Calamos Evolving World Growth Fund	27
Calamos Emerging Market Equity Fund	30
Calamos Global Equity Fund	33
Calamos Growth and Income Fund	37
Calamos Global Growth and Income Fund	42
Calamos Convertible Fund	47
Calamos Global Convertible Fund	52
Calamos Total Return Bond Fund	55
Calamos High Income Fund	58
Calamos Market Neutral Income Fund	61
Calamos Hedged Equity Income Fund	64
Calamos Phineus Long/Short Fund	67
Calamos Long/Short Fund	73
Expense Overview	76
Schedules of Investments	80
Statements of Assets and Liabilities	145
Statements of Operations	149
Statements of Changes In Net Assets	153
Notes to Financial Statements	160
Financial Highlights	196
Report of Independent Registered Public Accounting Firm	256
Trustee Approval of Management Agreement	257

Letter to Shareholders

JOHN P. CALAMOS, SR.

Chairman and Global CIO

Dear Fellow Shareholder:

Welcome to your semiannual report for the six-month period ended April 30, 2016. In this report, you will find commentary from the Calamos portfolio management teams, as well as a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of the Calamos Funds.

Market Review

The reporting period proved to be an extremely turbulent time in the financial markets, as changing sentiment fueled volatility and market rotation. During the final months of 2015, investors remained concerned about low commodity prices, global economic growth forecasts, and the implications of central bank policies—including the Federal Reserve’s move to raise short-term interest rates for the first time since 2006.

As 2016 began, markets fell sharply as investor apprehension increased. By mid-February, investors appeared more confident about the health of the U.S. economy and the likelihood of fewer Federal Reserve increases, while commodity prices stabilized. This increased optimism drove a rally in emerging markets, high yield bonds, and value and cyclical stocks. (A stronger economic environment can provide tailwinds for cyclically oriented companies and fewer hurdles for companies with less robust growth prospects.)

In this challenging environment, the S&P 500 Index gained 0.43% for the semiannual period. On the whole, stocks from developed markets landed in negative territory, as measured by the MSCI World Index’s return of -0.74%. Emerging market stocks were essentially flat, with a -0.01% return for the MSCI Emerging Markets Index. Global convertibles outpaced their U.S. counterparts, as the U.S. index reflected the added headwinds faced by small and mid-cap companies during the period. The BofA Merrill Lynch Global 300 Convertible Index returned 0.83%, while the BofA Merrill Lynch All U.S. Convertibles Index returned -2.88%.

Outlook

We do not believe a U.S. recession is imminent, but think the pace of expansion is likely to be measured in 2016. Similarly, we expect that the global economy will grow, but not at a robust pace overall. Around the world, we believe fiscal policy remains an overarching cause of concern, as a lack of clarity on key regulatory issues casts a shadow over a number of sectors. We believe investors will be challenged by a host of

www.calamos.com 1

Letter to Shareholders

uncertainties, including global growth concerns, the policies of the Federal Reserve and other central banks, the U.S. presidential election, commodity prices, and geopolitical uncertainties.

Our teams continue to identify opportunities in this slower-growth environment, but they recognize that selectivity and risk management remain crucial. We believe investment opportunities exist across many asset classes, but selectivity remains paramount. During the reporting period, swings in market sentiment illustrated investors’ tendency to respond dramatically to events and data. Our portfolio management teams are holding to their long-term discipline, seeking to capitalize on short-term investor emotion as they position the funds for longer-term opportunities.

Introducing Calamos Phineus Long/Short Fund

Throughout the years, we have been proud to provide individual investors with access to institutional-caliber investment strategies, including in the alternatives asset class. When we launched Calamos Convertible Fund in 1985, we were one of the first asset managers to offer a convertible mutual fund, at a time when convertibles could be considered an alternative investment. In 1990, we launched Calamos Market Neutral Income Fund, which offers access to sophisticated strategies not broadly available to individual investors. Continuing this tradition, we introduce Calamos Phineus Long/Short Fund. In 2015, Calamos Investments acquired Phineus Partners, an established long/short manager, and we are pleased to provide investors with this time-tested long/short approach. I invite you to learn more about the fund (page 67) and to ask your financial advisor if the fund is appropriate for your needs.

Conclusion

The market environment is always changing. To keep up-to-date on our views of the global financial markets and the opportunities that are emerging, I encourage you to visit our website on an ongoing basis. You’ll find our blog and videos from our team, as well as a variety of pieces designed to help you and your financial advisor make sound asset allocation decisions that align with your long-term goals and risk tolerance.

As always, we thank you for your continued trust. All of us at Calamos Investments are honored that you have chosen us to help you achieve your financial goals.

Sincerely,

John P. Calamos, Sr.

Founder, Chairman and Global Chief Investment Officer

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

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. Investments in alternative strategies may not be suitable for all investors.

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 from a range of market capitalizations that we believe offer the best potential for growth.

KEY FEATURES

¡ Utilizes more than two decades of extensive research experience in growth investing

¡ Active management focuses on top-down views and bottom-up fundamentals

¡ Research-driven approach identifies opportunities by combining top-down analysis with a 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, 2016, Calamos Growth Fund declined 6.37% (Class A shares at net asset value), versus a 1.64% decrease for the Russell 3000 Growth Index. For the same period the S&P 500 Index rose 0.43% and the Russell Midcap Growth Index lost 1.54%.

U.S. equities experienced a steep sell-off that started just prior to the end of calendar year 2015 through February 11, 2016. Concerns regarding falling commodity prices, China’s economic growth and potential currency devaluations, and U.S. earnings fueled recessionary fears and led investors toward safe haven investments and out of higher-growth businesses, which hurt the Fund.

As modest-yet-positive economic data was reported during the first quarter of 2016, investors returned to the equity market with a preference for value, cyclical and higher-dividend stocks. We generally take underweight positions in these categories because of their lower-growth prospects over time. As a consequence, our quality-growth focus lagged the market. When Federal Reserve Chair Janet Yellen spoke in mid-March letting investors know that the Fed foresaw two interest rate hikes and would consider global risks in their interest rate moves, growth stocks returned to favor and the Fund made a strong comeback in March, though not enough to offset earlier losses.

Since its inception on September 4, 1990, the Fund has returned 12.68% on an annualized basis (Class A shares at net asset value). We believe this demonstrates the Fund’s ability to outdistance the growth and broad indices over full market cycles. Over the same period, the Russell 3000 Growth Index returned 9.17%, while the S&P 500 Index and the Russell Midcap Growth Index returned 9.77% and 10.57%, respectively.

What factors influenced performance?

The Fund’s security selection in health care detracted the most value from performance. Specifically, selection in pharmaceuticals and health care services disappointed. Pharmaceutical names have come under pressure as negative headlines and politicians target drug pricing.

The Fund’s selection in consumer discretionary hindered performance. Holdings within the movies and entertainment industry and the cable and satellite industry detracted most. We have been favoring media and experiences as opposed to brick-and-mortar retail. Although we believe that the U.S. consumer is in better health owing to improvements in the labor and housing markets, we have preferred to focus on low-cost providers in the retail space. This tact paid off as discount retail stores contributed positively during the period.

Even though energy was the worst-performing sector in the Russell 3000 Growth Index, as oil prices came under severe pressure, our selection within energy contributed positively to the Fund’s results. We avoided areas that were most negatively impacted during the period and saw positive returns from our energy names.

Selection in industrials also benefited the fund, though the underweight hurt to a small extent. Specifically, aerospace and defense as well as airlines were most additive. We

4 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth Fund

believe the defense space may see increases in outlays as the geopolitical arena remains volatile.

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 growth including higher sustainable growth, high relative growth, or acceleration in 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 investments reflect a positive long-term outlook for equities, but we maintain a somewhat cautious view in light of economic and political conditions. We believe a combination of secular and cyclical growth holdings is appropriate, given our view that we are in a slow-growth phase of the economic cycle, yet conditions are improving for some cyclical areas of the economy. We are emphasizing companies with improving fundamentals, increasing returns on invested capital as well as more stable growth areas of the market, all the while being mindful of valuations in those spaces.

We have increased our allocation within industrials, adding to areas such as defense and environmental services. We believe that defense is an area that will continue to see growth as worrisome geopolitical events elevate fears and outlays to support the space. Industrials selection was additive to Fund performance as mentioned previously and narrowed our underweight relative to the Russell 3000 Growth Index. Conversely, we reduced investments within the consumer discretionary space, moving from a slight overweight to an underweight position relative to the benchmark. While we believe the U.S. consumer to be in decent health by virtue of increased employment and a strengthened housing market, we believe consumers will be a bit more selective in purchases, to the detriment of traditional retail and brick-and-mortar stores. We still have a considerable position in consumer discretionary names, with home improvement and entertainment names among our current favorites within the space.

What closing thoughts do you have for Fund shareholders?

The weakened U.S. dollar, a recovery in oil, and efforts from central banks around the world to reflate the global economy could create tailwinds for cyclical areas of the market. We have increased our investments in energy and industrials, as well as semiconductors within information technology. It appears that growth will remain scarce, so we believe investors will be willing to pay for those businesses that can offer superior growth. We expect to be a bit more cautious concerning valuations as higher-valued stocks may have a greater potential to sell off if volatility returns. We don’t believe that the market’s rotation to low-quality stocks is a sustained shift where companies with very low returns on capital can continue to fare well. However, cyclical growth stocks may continue to be attractive as economic growth picks up, even at a slower pace.

SECTOR WEIGHTINGS
Information Technology	30.3	%
Consumer Discretionary	20.6
Health Care	16.1
Industrials	9.9
Financials	4.3
Consumer Staples	3.8
Energy	3.4
Telecommunication Services	1.8
Materials	0.7

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

www.calamos.com 5

Calamos Growth Fund

ANNUALIZED RETURN: SINCE INCEPTION (9/4/90) THROUGH 4/30/16

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.

6 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/4/90
Without Sales Charge		-6.37	%		-6.13	%		5.10	%		4.13	%
With Sales Charge		-10.81			-10.59			4.08			3.63
Class B Shares – Inception 9/11/00
Without Sales Charge		-6.71			-6.82			4.32			3.51
With Sales Charge		-10.07			-10.18			4.16			3.51
Class C Shares – Inception 9/3/96
Without Sales Charge		-6.71			-6.85			4.32			3.35
With Sales Charge		-7.33			-7.47			4.32			3.35
Class I Shares – Inception 9/18/97		-6.25			-5.90			5.36			4.39
Class R Shares – Inception 3/1/07		-6.46			-6.35			4.84			4.93	^

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 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.32%; Class B and C shares is 2.07%; Class I shares is 1.07%; Class R shares is 1.57%.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2000. 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).

^ Since Inception

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.

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 7

Calamos Opportunistic Value Fund

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

¡ Utilizes bottom-up stock picking and a benchmark-agnostic approach, which focuses on good businesses with solid cash flow and value prices

PORTFOLIO FIT

The fund is a core value 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 momentum growth strategy.

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

CALAMOS OPPORTUNISTIC VALUE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, the Fund dipped 0.92% (Class A shares at net asset value) versus a gain of 1.93% for the Russell 1000 Value Index.

The Fund performed broadly in line with the Russell 1000 Value Index through the first half of the reporting period as U.S. equities experienced a steep sell-off that started just prior to the end of 2015 through February 11, 2016. Concerns of falling commodity prices, China’s economic growth and potential currency devaluations, and U.S. earnings setbacks fueled recessionary fears and led investors into safe-haven investments and out of higher-growth businesses. The market rebound in mid-February through March favored deeper cyclical and value oriented names that performed well once investors came to accept that the global economy was not falling into a recession. The Fund’s performance improved in March, but lost ground relative to the index.

What factors influenced performance?

The U.S. equity market saw a dramatic sell-off during the reporting period, with the Russell 1000 Value Index falling more than 12% by February 11. As modest-yet-positive economic data was reported midway through the quarter, it appears that investors switched gears and returned to the equity market with a preference for deeper value, cyclical and higher-dividend stocks. Federal Reserve Chair Janet Yellen spoke in mid-March letting investors know that the Fed foresaw two rather than four interest rate hikes and, additionally, would consider global risks in deciding interest rate moves. The Fed’s stance appeared to have helped the market return to more balanced leadership between cyclical and secular growth-oriented companies.

Investors in the value space showed a strong preference for lower-beta and higher-dividend stocks. Based upon economic sectors, our selection in energy and industrials were the biggest detractors to performance versus the Russell 1000 Value Index. In the energy space, which was affected by a rapid decline in oil prices worldwide, selection in refining and marketing as well as exploration and production weighed down results. Industrials saw improvement as cyclicals enjoyed success when investor demand returned. The Fund’s overweight to the sector was beneficial, but selections in electrical components and equipment holdings, despite showing strong absolute results, lagged those of the benchmark. Human resource and employment services names also impeded relative performance. The Fund’s selection within information technology added value as IT consulting and data processing and outsourced services strongly outperformed their benchmark brethren. Selection within telecommunications services also worked well for the Fund, as the market favored securities offering higher dividends as is common in telecommunications services.

How is the Fund positioned?

The Fund seeks to identify attractively valued, temporarily out of favor stocks or mispriced companies with good future business prospects. In essence, we believe that 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 has pointed us toward opportunities in

8 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Opportunistic Value Fund

the consumer discretionary and industrials sectors, and the Fund is positioned as such. Within consumer discretionary, we have found opportunities in the movies and entertainment and specialty stores. In Industrials, our research led us to favor industrial machinery. Our most significant underweight is in the utilities sector, where we do have ownership, but have concerns of overheating valuations vis-a-vis higher-dividend and perceived safe-haven investments. During the period, we added to consumer staples, narrowing our underweight to the sector. As mentioned previously, we have concerns over the higher valuations assigned to some areas within the value universe of stocks as investors favor higher-quality, lower-volatility earnings stories. In response, we have constructed a portfolio with favorable valuation metrics such as price-to-sales and price-to-cash flow measures.

What closing thoughts do you have for Fund shareholders?

One commonly held assumption is that today’s financial landscape is fragile. We understand the concerns regarding the economy and have strategically positioned the Fund in areas of the equity market we believe have appreciation potential. Value stocks may offer opportunities as it appears to us that investors have priced in extremely modest expectations for many businesses, and have bid up other safe-haven investments. For example, we think that many consumer staples stocks trade at premiums to the market and to their own history despite negligible growth. Investors appear to be paying for the stability and defensiveness of these companies rather than their long-term potential.

Our focus remains on solid businesses with sustainable cash flows, trading at attractive prices. We are mindful of valuations and have been trimming positions where valuations may subject stocks to increased volatility. In addition, we have used market pullbacks in an attempt to selectively add to positions offering solid fundamentals.

SECTOR WEIGHTINGS
Financials	27.6	%
Energy	13.0
Health Care	11.9
Information Technology	11.6
Industrials	11.4
Consumer Discretionary	6.8
Consumer Staples	6.2
Utilities	4.5
Materials	2.3
Telecommunication Services	2.3

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

ANNUALIZED RETURN: SINCE INCEPTION (1/2/02) THROUGH 4/30/16

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. Performance shown reflects an expense reimbursement that improved results. Source: State Street Corporation and Lipper, Inc.

www.calamos.com 9

Calamos Opportunistic Value Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 1/2/02
Without Sales Charge		-0.92	%		-3.13	%		5.45	%		3.33	%
With Sales Charge		-5.64			-7.70			4.43			2.83
Class B Shares – Inception 1/2/02
Without Sales Charge		-1.25			-3.85			4.67			2.71
With Sales Charge		-5.82			-8.30			4.33			2.71
Class C Shares – Inception 1/2/02
Without Sales Charge		-1.35			-3.91			4.66			2.56
With Sales Charge		-2.26			-4.80			4.66			2.56
Class I Shares – Inception 3/1/02		-0.82			-2.91			5.72			3.58
Class R Shares – Inception 3/1/07		-0.99			-3.37			5.19			2.80	^

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 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.60%; Class B shares is 2.34%; Class C shares is 2.35%; Class I shares is 1.34%; Class R shares is 1.86%. 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 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. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2004. 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).

^ Since Inception

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 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.

10 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Focus Growth Fund

CALAMOS FOCUS GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, the Fund declined 5.66% (Class A Shares at net asset value) versus a return of 0.43% for the S&P 500 Index and a loss of 1.37% for the Russell 1000 Growth Index.

The Fund had performed broadly in line with the U.S. equity market as well as growth stocks through early February, but lagged during a value-oriented market rally in the last two months of the reporting period. The sectors that led the rally in March and April included energy, materials, industrials and financials.

Since its inception on December 1, 2003, the Fund has returned 5.79% NAV versus returns of 7.64% for the S&P 500 Index and 7.97% for the Russell 1000 Growth Index.

What factors influenced performance?

The Fund was challenged in a period characterized by a dramatic and broad sell-off in the marketplace in January. Investors appeared to be concerned about global growth, a rising U.S. dollar, and the dollar’s effects on U.S. corporate earnings. The Russell 1000 Growth Index had declined 11.16% from January 1, 2016 through February 11, 2016 (the market’s low for the reporting period). The subsequent rally was led by cyclical areas of the market (energy, materials, and industrials) and value stocks, counter to the Fund’s growth bias and positioning.

Holdings within the health care sector lagged those of the Russell 1000 Growth Index. The biotechnology industry came under pressure as drug price increases made negative news headlines, and the names held within the Fund subsequently underperformed. Additionally, our ownership of higher growth pharmaceuticals fell out of favor as more conservative pharmaceutical names drew investor attention in the reporting period. Selection within the cable and satellite industry of consumer discretionary also detracted from results. Selection within energy added to performance, as names held within the portfolio finished in positive territory for the period, while the sector was the biggest laggard in the Russell 1000 Growth Index. Additionally, selection within industrials performed well for the Fund, most notably within defense and environmental services.

How is the Fund positioned?

This large cap growth equity Fund invests in a diversified, yet concentrated portfolio of common stocks. We seek to invest in U.S. companies that we believe have the best prospects for growth, including higher sustainable growth, high relative growth, or acceleration in growth. We aim to participate in long-term growth trends by focusing on companies with solid or improving fundamentals, global brands, strong growth catalysts and attractive valuations.

We believe our investments reflect a positive long-term outlook for equities, but we maintain a somewhat cautious view in light of economic and political conditions. We believe a combination of secular and cyclical growth holdings is appropriate, given our view that we are in a slow-growth phase of the economic cycle, yet conditions are improving for some cyclical areas of the economy. We are emphasizing companies that

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 utilizes over 20 years of extensive research experience in growth investing

¡ The compact portfolio comprises only those large cap stocks in which we have the greatest confidence of sustained growth

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

PORTFOLIO FIT

The fund is a core growth allocation centered on a compact equity 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

www.calamos.com 11

Calamos Focus Growth Fund

SECTOR WEIGHTINGS
Information Technology	35.2	%
Consumer Discretionary	20.2
Health Care	14.8
Industrials	9.0
Consumer Staples	3.9
Financials	3.8
Energy	3.0
Telecommunication Services	2.3
Materials	0.7

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

we believe have improving fundamentals and increasing returns on invested capital. We also look for more stable growth areas of the market, while being mindful of valuations in those spaces.

We increased our allocation within industrials, adding to areas such as defense and environmental services. We believe that defense is an area that will continue to see growth as worrisome geopolitical events elevate fears and outlays to support the space. The additions to industrials was additive to Fund performance as mentioned previously and we narrowed our underweight relative to the Russell 1000 Growth Index. Conversely, we reduced investments within the consumer discretionary space, moving from a slight overweight to an underweight position relative to the benchmark. While we believe the U.S. consumer to be in decent health by virtue of increased employment and a strengthened housing market, we believe consumers will be a bit more selective in purchases, to the detriment of traditional retail and brick-and-mortar stores. We still have a considerable position in consumer discretionary names, with home improvement and entertainment names among our current favorites within the space.

What closing thoughts do you have for Fund shareholders?

The weakened U.S. dollar, a recovery in oil, and efforts from central banks around the world to reflate the global economy could create tailwinds for cyclical areas of the market. We have increased our investments in energy and industrials, as well as semiconductors within information technology. Growth may remain scarce, so we believe investors may be willing to pay for those businesses that can offer superior growth. We expect to be a bit more cautious concerning valuations as higher-valued stocks may have a greater potential to sell off if volatility returns. We don’t believe that the market’s rotation to low-quality stocks is a sustained shift where companies with very low returns on capital can continue to fare well. However, cyclical growth stocks may continue to be attractive as economic growth picks up.

ANNUALIZED RETURN: SINCE INCEPTION (12/1/03) THROUGH 4/30/16

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. Performance shown reflects an expense reimbursement that improved results. Source: State Street Corporation and Lipper, Inc.

12 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Focus Growth Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 12/1/03
Without Sales Charge		-5.66	%		-5.55	%		6.04	%		5.10	%
With Sales Charge		-10.13			-10.03			5.02			4.59
Class B Shares – Inception 12/1/03
Without Sales Charge		-6.00			-6.23			5.24			4.46
With Sales Charge		-9.79			-10.01			4.94			4.46
Class C Shares – Inception 12/1/03
Without Sales Charge		-6.00			-6.23			5.26			4.31
With Sales Charge		-6.76			-6.99			5.26			4.31
Class I Shares – Inception 12/1/03		-5.57			-5.31			6.31			5.36
Class R Shares – Inception 3/1/07		-5.71			-5.71			5.79			4.73	^

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 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.58%; Class B and C shares is 2.33%; Class I shares is 1.33%; Class R shares is 1.85%. 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. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2004. 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).

^ Since Inception

NOTES:

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

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

www.calamos.com 13

Calamos Discovery Growth Fund

OVERVIEW

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

KEY FEATURES

¡ Employs bottom-up stock selection based on a combination of quantitative and fundamental research drivers

¡ Applies in-depth research to add value in the inefficient small and mid cap market

¡ Emphasizes risk management and portfolio construction in a process that seeks greater risk-adjusted returns over a full market cycle

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

CALAMOS DISCOVERY GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, the Fund declined 8.80% (Class A shares at net asset value) versus a loss of 3.05% for the Russell 2500 Growth Index.

The Fund performed in line with the Russell 2500 Growth Index through the first half of the reporting period as U.S. equities experienced a steep sell-off that started just prior to the end of 2015 and continued until February 11, 2016. Concerns of falling commodity prices, China’s economic growth and potential currency devaluations, and U.S. earnings fueled recessionary fears and led investors into safe-haven investments and out of higher-growth businesses. The Fund lagged as the market rebound in mid-February favored cyclical and value-oriented names that performed well once investors seemed to accept that the global economy was not falling into a recession.

What factors influenced performance?

The mid cap growth space saw a dramatic sell-off during the reporting period, with the Russell 2500 Growth Index falling more than 20% by February 11. As modest-yet-positive economic data was reported midway through the first quarter of 2016, investors switched gears and returned to the equity market with a preference for value, cyclical and higher-dividend stocks. In mid-March, Federal Reserve Chair Janet Yellen told investors that the Fed foresaw two rather than four interest rate hikes and would consider global risks in deciding interest rate moves. After those comments, growth stocks returned to favor for the month, much as they had for most of 2015.

Investors in this space showed a strong preference for lower-beta and higher-dividend stocks. Based upon economic sectors, our selection in consumer discretionary and information technology were the biggest detractors to relative performance versus the Russell 2500 Growth Index. Selection in auto parts and equipment and restaurants took the biggest hit within consumer discretionary. Within information technology, Internet software and services names lagged those of the benchmark.

Alternatively, selection within health care and energy, the two worst-performing sectors within the index for the period, added to the Fund’s relative performance. Selection in pharmaceuticals and health care equipment worked well as did underweighting the biotechnology industry, which came under severe pressure during the period. Turning to energy, stocks within the exploration and services industry outperformed, and the Fund also benefitted from avoiding other areas within energy that were severely challenged.

How is the Fund positioned?

This Fund seeks to invest in small and midsize U.S. companies that we believe have the best prospects for high sustainable or accelerated growth. The Fund takes a diversified and active approach that participates in long-term growth trends and focuses 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 a business cycle characterized by

14 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Discovery Growth Fund

low inflation and moderate global growth. The Fund holds these secular and cyclical opportunities where we believe expectations for growth are unreasonably low, creating the investment opportunity. 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 largest absolute weightings by sector include opportunities within the information technology, consumer discretionary and health care sectors. We believe that technology offers great long-term growth opportunities as well as some cyclical investments as well. We also believe the U.S. consumer is in overall good health as the employment and housing markets have improved, yet we are selective in the consumer discretionary space, with a preference for low-cost providers in the retail space and more experiential discretionary purchases such as entertainment. We believe health care still offers great opportunity, but we have been cautious on account of negative drug pricing headlines and highly politicized public concerns. We have added to cyclical areas such as energy and industrials, albeit at small absolute levels.

What closing thoughts do you have for Fund shareholders?

We believe the U.S. market will have modestly positive returns and may represent a compelling equity market in a low-return world. We do not foresee a recession in the U.S., but trends in housing and employment point to a slow-growth economy. The market will remain volatile and is anxiously awaiting further news from the Federal Reserve as to the path of potential interest rate moves and indications of strong, self-sustaining economic expansion.

The weakened U.S. dollar, a recovery in oil, and efforts from central banks around the world to reflate the global economy could create tailwinds for cyclical areas of the market. In response, we have increased our investments in energy and industrials. Growth may remain scarce, so we believe investors will be willing to pay for those businesses that can offer superior growth. We expect to be a bit more cautious around valuation as higher-valued stocks may have greater potential for selling off if volatility returns. We don’t believe that the market’s rotation to low-quality stocks is a sustained shift where companies with low returns on capital can continue to fare well. However, cyclical growth stocks may continue to be attractive as economic growth picks up, even at a slower pace.

SECTOR WEIGHTINGS
Information Technology	29.0	%
Health Care	25.1
Consumer Discretionary	18.7
Industrials	10.0
Financials	9.0
Energy	3.6
Telecommunication Services	2.4
Materials	1.3

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

www.calamos.com 15

Calamos Discovery Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (6/1/10) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 6/1/2010
Without Sales Charge		-8.80	%		-17.35	%		-1.16	%		6.47	%
With Sales Charge		-13.12			-21.30			-2.11			5.59
Class B Shares – Inception 6/1/2010
Without Sales Charge		-9.22			-18.03			-1.89			5.68
With Sales Charge		-13.71			-22.09			-2.19			5.55
Class C Shares – Inception 6/1/2010
Without Sales Charge		-9.14			-17.97			-1.89			5.68
With Sales Charge		-10.04			-18.78			-1.89			5.68
Class I Shares – Inception 6/1/2010		-8.66			-17.10			-0.89			6.75
Class R Shares – Inception 6/1/2010		-8.92			-17.51			-1.39			6.22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.64%; Class B and Class C shares is 2.39%; Class I shares is 1.39%; Class R shares is 1.89%. 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 1.50%, 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.

16 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Dividend Growth Fund

CALAMOS DIVIDEND GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, the Fund decreased 1.02% (Class A shares at net asset value) versus a 0.43% gain for the S&P 500 Index and a 0.22% gain for the Russell 1000 Index.

The Fund performed in line with the U.S. equity market as U.S. equities experienced a steep sell-off that started prior to the end of 2015 through February 11, 2016. Concerns of falling commodity prices, China’s economic growth and potential currency devaluations, and U.S. earnings setbacks fueled recessionary fears and led investors toward safe-haven investments and out of higher-growth businesses. The Fund lagged slightly as the market rebound favored cyclical and value-oriented names that performed well after investors appeared to accept that the global economy was not falling into a recession.

What factors influenced performance?

The Fund’s slight overweights to the telecommunications services and utilities sectors bolstered performance as these sectors typically represent higher-dividend-paying securities and were the two leading sectors within the S&P 500 Index for the reporting period. Selection in the consumer discretionary sector also provided a lift to Fund performance as stocks from the advertising and home improvement retail spaces were beneficial. Conversely, stock selection in energy detracted from performance as a small allocation to the oil and-gas storage and transportation industry disappointed. Energy names rebounded strongly during the period, and were led by large cap integrated oil and gas names. Selection within the consumer staples sector lagged because of our lack of holdings in the strong performing packaged foods and meats industry.

How is the Fund positioned?

The Fund’s investments reflect our positive yet cautious long-term outlook for equities and our preference for dividend-paying companies with sound fundamentals and attractive valuations. Furthermore, we seek companies that have an ability to increase dividends over time, either through increasing profits or more efficient use of capital. We continue to actively manage our sector exposures in conjunction with our fundamental, bottom-up research approach. The Fund has slight overweights to telecommunications services and the utilities sectors, while remaining underweight energy, information technology and financials. The Fund’s largest allocations in absolute terms are in the information technology, financials and health care sectors.

OVERVIEW

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

KEY FEATURES

¡ Utilizes bottom-up stock picking and a benchmark-agnostic approach, which focuses on good businesses with solid cash flow and value prices

PORTFOLIO FIT

The fund seeks to provide 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

www.calamos.com 17

Calamos Dividend Growth Fund

SECTOR WEIGHTINGS
Information Technology	18.0	%
Health Care	14.7
Financials	14.6
Consumer Discretionary	12.8
Industrials	9.8
Consumer Staples	9.5
Energy	5.5
Utilities	3.6
Telecommunication Services	3.5
Materials	2.1

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

Our focus remains on solid businesses with sustainable cash flows, trading at attractive prices. We are mindful of valuations and have been trimming positions where valuations may subject stocks to increased volatility. In addition, we have used market pullbacks in an attempt to selectively add to positions offering solid fundamentals.

18 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Dividend Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (8/5/13) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 8/5/2013
Without Sales Charge		-1.02	%		-1.67	%		3.22	%
With Sales Charge		-5.68			-6.36			1.39
Class C Shares – Inception 8/5/2013
Without Sales Charge		-1.34			-2.37			2.45
With Sales Charge		-2.30			-3.32			2.45
Class I Shares – Inception 8/5/2013		-0.93			-1.39			3.46
Class R Shares – Inception 8/5/2013		-1.22			-1.97			2.93

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.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.74%; Class C shares is 2.51%; Class I shares is 1.49%; Class R shares is 1.99%. 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. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

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

www.calamos.com 19

Calamos Mid Cap Growth 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

¡ Utilizes more than two decades of extensive research experience in growth investing

¡ Focuses on top-down views and bottom-up fundamentals

¡ Identifies opportunities by combining top-down analysis with a focus on key growth characteristics

PORTFOLIO FIT

The fund seeks to diversify an equity allocation with a primarily mid cap growth strategy that provides exposure to companies with historically 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

CALAMOS MID CAP GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, the Fund declined 7.59% (Class A shares at net asset value) versus a decrease of 1.54% for the Russell Midcap Growth Index.

In this Fund, we target mid cap companies with established track records and strong revenue and earnings profiles with high or accelerated growth. Many of these businesses were out of favor during the reporting period as investors showed a preference for perceived safe haven investments including dividend-paying securities.

What factors influenced performance?

The mid cap growth space had a dramatic sell-off during the reporting period, with the Russell Midcap Growth Index falling more than 15% by February 11. Concerns of falling commodity prices, China’s economic growth and potential currency devaluations, and U.S. earnings fueled recessionary fears and led investors into safe-haven investments and out of higher-growth businesses. As modest yet positive economic data was reported during the quarter, investors returned to the equity market, with a preference for value, cyclical and higher-dividend stocks. In mid-March, Federal Reserve Chair Janet Yellen told investors that the Fed foresaw two rather than four interest rate hikes and would consider global risks in deciding interest rate moves. After those comments, growth stocks returned to favor for the month, much as they had for most of 2015.

Investors in this space showed a strong preference for lower-beta and higher-dividend stocks. Based upon economic sectors, our selection in financials and health care were the biggest detractors to performance versus the Russell Midcap Growth Index. Specifically, an overweight to and selection among real estate services names and selection within consumer finance weighed on performance. Real estate investment trusts (REITs), which the Fund did not own, did well as dividend-paying securities. Selection in potentially higher-growth biotechnology and pharmaceutical names trailed in the health care sector; pressure mounted on drug companies as concerns over pricing weighed on their outlook.

Selection in the energy sector added value during the period, as did some well-timed additions to the once beleaguered sector. The Fund benefitted from positions in the exploration and production space as well as avoiding some of the heavy equipment industry within energy. The Fund also benefitted from selection within the telecommunications services sector as wireless services names performed well.

How is the Fund positioned?

This Fund seeks to invest in midsize U.S. companies that we believe have the best prospects for high sustainable or accelerated growth. The Fund offers a diversified and active approach, and seeks to participate in long-term growth trends by focusing on companies that we believe have 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

20 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Mid Cap Growth Fund

cyclical growth holdings is appropriate, given our view that we are in a business cycle characterized by low inflation and moderate global growth. The Fund holds these secular and cyclical opportunities where we believe expectations for growth are unreasonably low, creating investment opportunities. 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 largest absolute weightings by sector include opportunities within the information technology, consumer discretionary and health care sectors. We believe that technology offers great long term growth opportunities as well as some cyclical investments as well. We also believe the U.S. consumer is overall in good health as the employment and housing markets have improved, but we are selective in the consumer discretionary space, with a preference for low-cost providers in the retail space and more experiential discretionary purchases such as entertainment. We think that health care still offers great opportunities, but we have been cautious on account of negative drug pricing headlines and highly politicized public concerns. We have added to cyclical areas such as energy, materials and industrials, albeit at small absolute levels.

What closing thoughts do you have for Fund shareholders?

We believe the U.S. market will have modestly positive returns and may represent a compelling equity market in a low-return world. We do not foresee a recession in the U.S., but trends in housing and employment point to a slow-growth economy. We believe the market will remain volatile and is anxiously awaiting news from the Federal Reserve as to the path of potential interest rate moves and indications of strong, self-sustaining economic expansion.

The weakened U.S. dollar, a recovery in oil, and efforts from central banks around the world to reflate the global economy can create tailwinds for cyclical areas of the market. In response, we have increased our investments in energy and industrials. Growth may remain scarce, so we believe investors will be willing to pay for those businesses that can offer superior growth. We expect to be a bit more cautious around valuation as higher-valued stocks may have greater potential for sell-offs if volatility returns. We don’t believe that the market’s rotation to low-quality stocks is a sustained shift where companies with low returns on capital can continue to fare well. However, cyclical growth stocks may continue to be attractive as economic growth picks up, even at a slower pace.

SECTOR WEIGHTINGS
Consumer Discretionary	24.8	%
Information Technology	23.9
Health Care	19.3
Industrials	12.6
Financials	9.3
Telecommunication Services	4.0
Energy	3.5
Materials	0.9

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

www.calamos.com 21

Calamos Mid Cap Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (8/5/13) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 8/5/2013
Without Sales Charge		-7.59	%		-16.19	%		0.01	%
With Sales Charge		-11.98			-20.14			-1.76
Class C Shares – Inception 8/5/2013
Without Sales Charge		-7.93			-16.84			-0.74
With Sales Charge		-8.79			-17.61			-0.74
Class I Shares – Inception 8/5/2013		-7.45			-16.02			0.27
Class R Shares – Inception 8/5/2013		-7.64			-16.42			-0.22

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.69%; Class C shares is 2.46%; Class I shares is 1.45%; Class R shares is 1.97%. 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. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

The 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.

22 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos International Growth Fund

CALAMOS INTERNATIONAL GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund Performed?

For the six-month period ended April 30, 2016, Calamos International Growth Fund declined 5.55% (Class A shares at net asset value) versus a 1.05% decrease for the MSCI ACWI ex-U.S. Growth Index and 1.44% loss for the MSCI EAFE Growth Index.

International equities experienced a six-month period with multiple bouts of heightened volatility and modest declines in broad international indexes overall. Equity prices were impacted by several distinct phases of volatility and rallies vis-a-vis investor sentiment and positioning.

Equities faced relatively steep and rapid losses in early 2016 brought on by concerns relating to slow global growth, depressed commodity prices, and uncertainty over central bank policies. More recently, markets responded positively as the world’s major central banks signaled a renewed commitment to bolster sluggish growth, global economic data showed improvement, and commodity prices recovered from recent lows.

In this difficult environment, the Fund underperformed the index due to trailing security selection and relative sector positioning. Specifically, our emphasis on higher-growth and higher-quality businesses was challenged by markets which rewarded higher-dividend yield, defensive-oriented companies outperform in January’s sharp sell-off followed by a lower-quality, global cyclical rally from February into April 2016.

Since its inception on March 16, 2005, the Fund gained 6.17% on an annualized basis (Class A Shares at net asset value) versus a return of 4.93% for the MSCI EAFE Growth Index and 4.96% for the MSCI ACWI ex-U.S. Growth Index.

What factors influenced performance?

In addition to being underweight defensive, value and dividend-oriented securities, which led the market short-term but we think offer lower-growth prospects over time, the following factors influenced the Fund’s performance.

Relative to the MSCI ACWI ex-U.S. Growth Index, the Fund’s trailing selection in the financials sector detracted from Fund results during the period. In particular, holdings in the diversified banks industry trailed those of the index. Even so, we expect diversified bank holdings to respond positively over time as demand for relatively higher-quality assets and attractive valuations come to the fore. This belief contributes to our selective view of opportunities in financials and rationale for maintaining an underweight stance overall.

Selection in health care also hampered performance. In particular, holdings in the pharmaceuticals industry underperformed as higher-growth companies trailed; the market, as mentioned, rewarded higher-dividend yield, more-defensive characteristics. With respect to individual opportunities, we continue to invest in companies that we believe have a strong innovation and pipeline profile, rising return on invested capital, and alignment with our secular themes.

OVERVIEW

The fund invests in non-U.S. growth companies. We focus on those firms that we believe demonstrate key growth characteristics, including increasing profit margins and high returns on invested capital.

KEY FEATURES

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

¡ Stresses company fundamentals, including global presence and strong or accelerated earnings growth

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

PORTFOLIO FIT

Investors tend to underinvest in growth outside the U.S. compared with a higher emphasis on growth with U.S. oriented equity funds. 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

www.calamos.com 23

Calamos International Growth Fund

SECTOR WEIGHTINGS
Information Technology	23.6	%
Consumer Staples	16.0
Health Care	14.9
Industrials	13.1
Consumer Discretionary	12.5
Financials	11.6
Energy	4.4
Materials	2.1
Telecommunication Services	0.8

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.

The Fund’s selection in information technology contributed positively during the period. In particular, a larger weight and positive performance in the Internet software and services industry added value. We continue to hold an overweight position in the sector overall based on solid earnings growth, cash flow generation, balance sheet quality and large addressable markets. We see excellent alignment with our themes in the sector, and we think many current holdings are well positioned to benefit from global demand for mobility, analytics, and e-commerce among other areas.

The Fund’s modest overweight position in energy also added value, while relative selection lagged the index. Higher global supply and a strong dollar have pressured oil prices over the past few years, but there have been more recent signs of stabilization and improved performance in the sector. We incrementally added to the Fund’s weight during the period but will continue to be highly selective, seeking companies with better quality balance sheets and the potential for earnings improvement.

From a geographic perspective, the Fund’s country weights negatively affected performance overall in the period. In particular, the Fund’s selection in the U.K. and Canada trailed the index. The Fund’s selection in China, Germany and Italy added the most value in the period.

How is the Fund positioned?

Our regional and country positioning reflects the combined inputs from our top-down global framework and our bottom-up security analysis. Our investment team continually evaluates macroeconomic factors and growth opportunities, then actively integrates these into investment decision making.

From a regional perspective, we continue to hold an overweight position in Europe, reflecting our view of stabilizing economic data, a still weak euro, and the European Central Bank’s accommodative monetary policy programs. We have a relatively even-weight view in Japan, supported by accommodative policies and effective corporate reforms but also challenged by low growth and a stronger yen. Economic data has been mixed to lower in recent months, but we see a growing universe of companies with improved capital allocation and more shareholder friendly policies. In emerging markets, we are highly selective, preferring investments in commodity-consuming and pro-growth reform economies.

We made moderate changes to sector weightings during the period, with most adjustments driven by security-specific rationale. We increased the weight in consumer staples while trimming consumer discretionary holdings, as we moderately tilted exposure to more-defensive growth areas. We also added modestly to energy and materials reflecting a marginal increase in cyclically oriented commodity areas. We reduced the weight to financials because of continued challenges to sector fundamentals.

What closing thoughts do you have for Fund shareholders?

We believe the global economy is positioned for moderate growth in 2016. There may be spikes in volatility as mixed fundamental data, key elections and central bank policies influence markets. We continue to see signs of improvement in European economic data along with a positive liquidity environment. However, market headwinds have persisted, fanned by Britain’s potential exit from the European Union and the refugee crisis. In our opinion, Japan’s economy remains lackluster and the

24 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos International Growth Fund

negative interest rate policy is a potential cause for concern. Despite these challenges, we believe that many bottom-up investment opportunities are arising from increased corporate governance initiatives and increased capital efficiency. We expect to be highly selective in emerging markets, but stability in commodities and currencies increases our optimism. China’s recent releases seem to reveal a pickup in economic data but also a divergence between weaker industrial data versus stronger demand in consumption and services.

Given our outlook for a continued period of muted economic growth, we are favoring quality growth companies over cyclicals. We are emphasizing investments in companies with solid free cash flow generation and stronger balance sheets. From a thematic perspective, we see opportunities in the information technology sector, companies tied to global consumption, and businesses positioned to benefit from improving fundamentals in Europe. We believe our active investment approach and long-term perspective positions us to take advantage of the volatility as we seek international investment opportunities.

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

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 25

Calamos International Growth Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 3/16/05
Without Sales Charge		-5.55	%		-10.47	%		-0.06	%		3.51	%
With Sales Charge		-10.03			-14.73			-1.02			3.01
Class B Shares – Inception 3/16/05
Without Sales Charge		-5.84			-11.15			-0.80			2.88
With Sales Charge		-10.54			-15.59			-1.16			2.88
Class C Shares – Inception 3/16/05
Without Sales Charge		-5.85			-11.11			-0.79			2.73
With Sales Charge		-6.79			-12.00			-0.79			2.73
Class I Shares – Inception 3/16/05		-5.41			-10.27			0.19			3.76
Class R Shares – Inception 3/1/07		-5.65			-10.71			-0.30			3.12	^

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 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.31%; Class B and C shares is 2.06%; Class I shares is 1.06%; Class R shares is 1.56%.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2005. 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).

^ Since Inception

NOTES:

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

The MSCI EAFE Growth Index measures developed market growth equity performance (excluding the 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.

26 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund

CALAMOS EVOLVING WORLD GROWTH FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, Calamos Evolving World Growth Fund declined 3.39% (Class A shares at net asset value), versus a dip of 0.01% for the MSCI Emerging Markets Index.

From the period’s onset, emerging market equities experienced turbulence, initially declining almost 20% from the November 2015 peak levels to the January low. The Fund provided some resilience and held up relatively better than the index during the significant sell-off due to our risk-management process and a wider investable opportunity set.

In a rapid turn, emerging markets rallied sharply in February and March and finished the period over 20% above the recent January low. Investors responded positively to signs of stabilization in commodity prices, a decline in the U.S. dollar, and a more dovish stance on interest rates from the Federal Reserve. The Fund returns experienced less volatility but trailed the index during this relatively lower-quality, beta-driven equity rally.

Since its inception on August 15, 2008, the Fund gained 2.75% on an annualized basis (Class A shares at net asset value) versus 0.80% for the MSCI Emerging Markets Index.

What factors influenced performance?

In addition to being underweight lower-quality, beta-driven equities, which led the market short-term but we think offer lower-growth prospects over time, the following factors influenced the Fund’s performance.

Relative to the MSCI Emerging Markets Index, our overweight to and selection in consumer staples aided performance. Specifically, holdings in the personal products and packaged foods industries performed well by virtue of higher-quality, stable-growth characteristics. Within the sector, we continue to be opportunistic and own a combination of emerging market companies in addition to diversified multinationals operating in a variety of categories. We believe our holdings deliver both unit volume increases and earnings growth that is attractive given the sluggish global growth environment.

Our selection in the utilities sector also added value while the underweight position hampered results. Specifically, holdings in the electric utilities industry outperformed those of the index. The portfolio holds a small weight in the sector based on our concerns regarding its perceived low-growth potential, highly regulated operations, and lesser returns on invested capital.

The Fund’s underweight to and selection in energy hindered results. Holdings in the integrated oil and gas industry flagged as index companies with lower-quality, higher-leverage attributes rallied. We continue to take a cautious and patient tact toward the energy sector as reflected by an underweight position. Global oversupply and a strong dollar have pressured oil prices, though we have seen signs of stabilization. We will continue to be highly selective, choosing companies that we believe offer better-quality balance sheets, attractive production profiles, and the potential for earnings improvement.

OVERVIEW

The fund globally invests in growth companies, emphasizing businesses with revenue streams derived within or from emerging markets. The fund is designed to actively manage risk over a full market cycle.

KEY FEATURES

¡ Active risk management aims to generate alpha with less downside risk than the benchmark and peers

¡ Stresses strong or accelerated earnings growth and solid returns on invested capital

¡ Targets well-positioned global growth companies that may benefit from long-term secular themes in emerging markets such as the rise of the emerging-market consumer

PORTFOLIO FIT

Given 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

www.calamos.com 27

Calamos Evolving World Growth Fund

SECTOR WEIGHTINGS
Information Technology	25.2	%
Consumer Discretionary	18.2
Consumer Staples	15.2
Financials	14.5
Industrials	8.1
Health Care	5.0
Energy	4.5
Telecommunication Services	3.8
Materials	3.1
Utilities	0.9

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.

Our underweight to materials also challenged performance, while selection contributed. We are cautious in this area because declining global demand may cause oversupply and lower prices.

How is the Fund positioned?

We are highly selective in emerging markets. We have positioned the Fund toward commodity-consumers and economies benefiting from positive economic and fiscal reforms. We favor investments in India, the Philippines, Mexico, and select Chinese opportunities that we believe are benefiting from exposure to economic reforms and more positive growth conditions. We remain underweight to the most commodity-intensive economies, including Russia, Brazil, South Africa and Malaysia as we view recent rallies in these markets as lower-quality in nature.

From a sector perspective, the Fund is overweight information technology, consumer discretionary and consumer staples, while we are underweight commodity-intensive areas including energy and materials. In addition, the Fund holds lower weights in financials and utilities.

We added selectively to the materials and energy sectors, though we remain underweight overall. We have seen signs of price stabilization, though generally weak fundamentals and low global growth temper our enthusiasm. We reduced the weight in financials during the period, reflecting mainly security-specific rationale and some slowdown in domestic-demand.

From a bottom-up perspective, we favor companies that we believe offer strong balance sheets and high or increasing returns on invested capital, which directly reflect their competitive positioning and capital efficiency. In line with our process, we emphasize companies benefiting from secular themes that could provide a tailwind for potential growth.

What closing thoughts do you have for Fund shareholders?

Our approach to emerging markets remains highly selective. We are incrementally becoming more positive as we have seen signs of stabilization in currencies and commodities, in addition to improving economic data and capital inflows. For example, we have a positive-yet-discerning view of China as we have seen improvement in key guideposts, including purchasing data and export volumes. In recent months, monetary policy has become more accommodative, additional infrastructure stimulus has been announced, and fiscal stimulus has been targeted to support key industries. Generally, we see more positive conditions in consumption-led portions of the economy versus industrial demand.

With respect to commodities, several emerging market economies face significant headwinds from low prices, while many other markets may benefit from this trend by virtue of reduced input costs and increased policy flexibility. We remain underweight key commodity-producing economies. While Russia and Brazil benefited from the commodity super-cycle, they may be unable to implement the policies necessary to support more sustainable growth. Although lower-quality, cyclical investments led the first quarter rally, we expect companies with stronger balance sheets, higher returns on invested capital, and growing markets to regain leadership over time. Ultimately, we believe there will be a broader dispersion of returns among countries, which we believe will benefit our active and risk-aware investment approach in emerging markets.

28 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Evolving World Growth Fund

GROWTH OF $10,000: SINCE INCEPTION (8/15/08) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 8/15/08
Without Sales Charge		-3.39	%		-15.71	%		-3.59	%		2.75	%
With Sales Charge		-7.95			-19.70			-4.52			2.10
Class B Shares – Inception 8/15/08
Without Sales Charge		-3.70			-16.31			-4.31			1.99
With Sales Charge		-8.52			-20.49			-4.69			1.99
Class C Shares – Inception 8/15/08
Without Sales Charge		-3.79			-16.38			-4.32			1.99
With Sales Charge		-4.75			-17.22			-4.32			1.99
Class I Shares – Inception 8/15/08		-3.24			-15.45			-3.35			3.01
Class R Shares – Inception 8/15/08		-3.50			-15.90			-3.83			2.49

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.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.66%; Class B and C shares is 2.41%; Class I shares is 1.41%; Class R shares is 1.91%.

† 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 that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index considered broadly representative of emerging market equity performance. The index represents companies within the constituent emerging markets that are available to investors worldwide. 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 globally invests in growth companies, whose principal activities are in a developing market or are economically tied to a developing market country that we believe offers the best opportunities for 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 equities with at least 80% emerging market exposure

¡ Draws upon decades of Calamos experience investing globally through multiple economic, market and credit cycles

PORTFOLIO FIT

This actively managed fund complements emerging-market strategies with a less-pronounced growth orientation, such as those that more closely track the broad EM equity market.

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

CALAMOS EMERGING MARKET

EQUITY FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, Calamos Emerging Market Equity Fund declined 2.74% (Class A shares at net asset value), versus a slight 0.01% dip for the MSCI Emerging Markets Index.

From the period’s onset, emerging market equities experienced turbulence, initially declining almost 20% from the November 2015 peak levels to the January low. The Fund provided some resilience and held up relatively better than the index during the significant sell-off due to the portfolio’s higher-quality, higher-growth fundamental profile.

In a rapid turn, emerging markets rallied sharply in February and March and finished the period over 20% above the recent January low. Investors responded positively to signs of stabilization in commodity prices, a decline in the U.S. dollar, and a more dovish stance on interest rates from the Federal Reserve. The Fund trailed the index during this relatively lower-quality, higher-beta, value-oriented equity rally.

What factors influenced performance?

The Fund was underweight to the most cyclical and volatile stocks, which led the market during the period but have historically offered lower-growth prospects over time. While this hindered performance during the period, we believe that our growth-oriented positioning will more benefit shareholders over time.

Relative to the MSCI Emerging Markets Index, selection in industrials added the most value versus the benchmark. Holdings in the aerospace and defense industry especially outperformed as demand remains high and fundamentals are stronger than many other industrial areas. We hold a relatively even-weight stance in industrials and may add some cyclical names as we expect a potential pickup in demand and export opportunities.

Selection in consumer staples also contributed to performance. Holdings in the personal products and packaged foods industries performed well by virtue of their higher-quality, stable-growth characteristics. Within the sector, we own a combination of emerging market companies in a variety of categories. Our holdings are delivering both unit volume increases and earnings growth owing to their ability to access burgeoning domestic demand.

Our underweight to and selection in materials detracted value. Specifically, holdings in the construction materials industry underperformed those of the index. We are cautious in this area because declining global demand may cause oversupply and lower prices.

Our underweight to and selection in energy hindered performance. Holdings in the integrated oil and gas industry flagged as index companies with lower-quality, higher-leverage characteristics rallied. We continue to take a cautious and patient tact toward the energy sector as reflected by an underweight position. Global oversupply and a

30 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Emerging Market Equity Fund

strong dollar have put downward pressure on oil prices, though we have seen signs of stabilization. We will continue to be highly selective, choosing companies that we believe have better quality balance sheets and the potential for earnings improvement.

How is the Fund positioned?

We are highly selective in emerging markets. We have positioned the Fund toward commodity-consumers and economies benefiting from positive economic and fiscal reforms. We favor investments in India, the Philippines, Mexico, and select Chinese opportunities, which we see benefiting from exposure to economic reforms and more positive growth conditions. We remain underweight the most commodity-intensive economies, including Russia, Brazil, South Africa and Malaysia, as we view recent rallies in these markets as lower-quality in nature.

From a sector perspective, the Fund is overweight information technology, consumer discretionary, consumer staples and health care, while we are underweight commodity-intensive areas including energy and materials. In addition, the Fund holds lower weights in financials, utilities and telecommunication services.

We increased the weight to consumer staples in the period, investing in those businesses that we believe offer more stable growth in domestic demand and earnings potential. We reduced the weight to financials during the period, reflecting mainly security-specific rationale and a slowdown in credit demand.

From a bottom-up perspective, we favor companies with strong balance sheets and high or increasing returns on invested capital, which we believe directly reflect their competitive positioning and capital efficiency. In line with our process, we emphasize companies that we see benefiting from secular themes that provide a tailwind for potential growth.

What closing thoughts do you have for Fund shareholders?

Our approach to emerging markets remains highly selective. We are incrementally becoming more positive as we have seen signs of stabilization in currencies and commodities, in addition to improving economic data and capital inflows. For example, we have a positive yet discerning view of China, as we have seen improvement in key guideposts, including purchasing data and export volumes. In recent months, monetary policy has become more accommodative, additional infrastructure stimulus has been announced, and fiscal stimulus has been targeted to support key industries. Generally, we see more positive conditions in consumption-led portions of the economy versus industrial demand.

With respect to commodities, several emerging market economies face significant headwinds from low prices, while many other markets benefit from this trend by virtue of reduced input costs and increased policy flexibility. We remain underweight key commodity-producing economies. While Russia and Brazil benefited from the commodity super-cycle, we maintain the view that they are now unable to implement the policies necessary to support more sustainable growth. Although the first quarter had a lower-quality, cyclical-led rally, we expect companies with stronger balance sheets, higher return on invested capital, and growing markets to regain leadership over time. Ultimately, we believe there will be a broader dispersion of returns among countries, which will benefit our selective and active stance in emerging markets.

SECTOR WEIGHTINGS
Information Technology	27.7	%
Financials	18.9
Consumer Discretionary	13.9
Consumer Staples	13.1
Industrials	7.5
Health Care	5.7
Telecommunication Services	3.8
Energy	3.2
Materials	2.0
Utilities	1.8
Other	0.7

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

www.calamos.com 31

Calamos Emerging Market Equity Fund

GROWTH OF $10,000: SINCE INCEPTION (12/31/13) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 12/31/2013
Without Sales Charge		-2.74	%		-18.21	%		-8.06	%
With Sales Charge		-7.37			-22.10			-9.96
Class C Shares – Inception 12/31/2013
Without Sales Charge		-3.12			-18.88			-8.74
With Sales Charge		-4.09			-19.69			-8.74
Class I Shares – Inception 12/31/2013		-2.62			-18.07			-7.85
Class R Shares – Inception 12/31/2013		-2.86			-18.40			-8.29

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.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 2.44%; Class C shares is 3.23%; Class I shares is 2.24%; Class R shares is 2.74%. 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 1.75%, 2.50%, 1.50% and 2.00% 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. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index considered broadly representative of emerging market equity performance. The index represents companies within the constituent emerging markets that are available to investors worldwide. 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

CALAMOS GLOBAL EQUITY FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, Calamos Global Equity Fund declined 6.58% (Class A shares at net asset value) versus a 1.47% decrease for the MSCI ACWI Growth Index and 0.74% loss for the MSCI World Index.

Global equities experienced a six-month period with multiple periods of heightened volatility and modest declines in broad global equity indexes overall. Equity prices were impacted by several distinct phases of volatility and rallies prodded along by investor sentiment and frenetic repositioning.

Equities faced relatively steep and rapid losses in early 2016 brought on by concerns relating to slow global growth, depressed commodity prices, and uncertainty over monetary policy. More recently, markets responded positively as the world’s major central banks signaled a renewed commitment to bolster sluggish growth, global economic data showed improvement, and commodity prices recovered from recent lows.

In this challenging environment, the Fund underperformed the index due to trailing security selection and relative sector positioning. Specifically, our emphasis on what we believe are higher-growth and higher-quality businesses was out of step with the market which saw higher-dividend yield, defensive-oriented companies outperform in January’s sharp sell-off followed by a lower-quality, global cyclical rally from February into April 2016.

Since its inception on March 1, 2007, the Fund has returned 5.74% on an annualized basis (Class A shares at net asset value) versus a 4.08% return for the MSCI World Index and a 4.97% return for the MSCI ACWI Growth Index. We believe the Fund’s 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?

In addition to being underweight in defensive, value and dividend-oriented securities, which led the market short-term but offer lower-growth prospects over time, the following factors influenced the Fund’s performance.

The Fund’s overweight to and selection in information technology detracted the most value during the period versus the MSCI ACWI Growth Index. In particular, Fund holdings in the Internet software and services industry trailed those in the index. Despite the disappointing period, we continue to favor the sector overall based on solid earnings growth, cash flow generation, balance sheet quality and large addressable markets. We see strong alignment with our investment themes in the sector, and we believe many current holdings are well positioned to benefit from the global demand for mobility, analytics, and e-commerce among other areas.

Selection in health care also hampered performance, while the modest underweight stance contributed positively as the sector underperformed. In particular, holdings in the pharmaceuticals industry underperformed as higher-growth companies trailed as the market rewarded higher-dividend-yield, more-defensive characteristics. With

OVERVIEW

The fund invests in equities of companies around the globe. We focus on those firms that we believe demonstrate key growth characteristics, including increasing profit margins and high returns on invested capital.

KEY FEATURES

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

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

PORTFOLIO FIT

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

FUND NASDAQ SYMBOLS
A Shares	CAGEX
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	29.1	%
Consumer Discretionary	19.4
Health Care	12.8
Financials	11.3
Consumer Staples	10.1
Industrials	9.9
Energy	3.2
Materials	1.8

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.

respect to individual opportunities, we continue to invest in companies that we believe have a strong innovation and pipeline profile, rising return on invested capital, and alignment with our secular themes including advances in biotechnology and genetics and the impact of changing global demographics.

Conversely, the Fund’s selection in the materials sector contributed positively to performance while the underweight position detracted value. Holdings in the gold mining and production industry performed well as demand for gold and company fundamentals improved. We have held an underweight position in the materials sector overall based on our cautious view of global demand trends and commodity prices.

Our modest overweight to energy added value while relative selection lagged. Higher global supply and a strong dollar have pressured oil prices over the past few years, but there have been more recent signs of stabilization and improved performance in the sector. We incrementally added to the Fund weight during the period but will continue to be highly selective, seeking companies that we believe offer better quality balance sheets and the potential for earnings improvement.

From a country perspective, the Fund’s selection in the U.S. and Japan trailed the index while our underweight to Canada also held back returns. The Fund’s strong selection in Germany, China and Italy added the most value.

How is the Fund positioned?

Our regional and country positioning reflects the combined inputs from our top-down global framework and our bottom-up security analysis. Our investment team continually evaluates macroeconomic factors and growth opportunities, then actively integrates these into investment decision making.

From a regional perspective, we continue to hold an overweight position in Europe, reflecting our view of stabilizing economic data, a still weak euro, and the European Central Bank’s accommodative monetary policy programs. This weight, in addition to an emphasis on companies benefiting from asset reflation and export opportunities, has been a key catalyst of Fund performance.

We remain underweight the U.S. with our exposure primarily focused on secular growth opportunities and companies that are relatively domestically focused in revenue exposure. We are underweight cyclical businesses as we are skeptical of a significant pickup in U.S. economic growth. We continue to favor technology and consumer companies in the U.S. that we believe are delivering innovation and effectively navigating a low-growth environment.

We have a relatively even-weight view in Japan, supported by accommodative policies and effective corporate reforms but also challenged by low growth and a stronger yen. Economic data has been mixed or lower in recent months, but we see a growing universe of companies with improved capital allocation and more shareholder friendly policies. This trend has resulted in increased stock buybacks, dividend increases and capital expenditures. We believe Japan’s market remains reasonably well positioned, although a bottom-up approach is paramount.

We continue to hold a highly selective view in emerging markets, preferring investments in commodity-consuming and pro-growth reform economies. We anticipate continued divergence in the near-term prospects of emerging market economies because of volatility in commodity prices and currencies, political uncertainty, and varying structural reform paths.

34 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Equity Fund

From a sector standpoint, we maintained relatively stable sector weights during the period. We modestly increased weight in consumer staples and materials offset by a small decrease in industrials and health care, driven mainly by security-specific rationale. The largest overweight positions in the Fund are in the information technology and consumer discretionary sectors, while the key underweights are in financials, materials, telecom services and utilities.

What closing thoughts do you have for Fund shareholders?

We believe the global economy is positioned for moderate growth in 2016. There may be spikes in volatility as geopolitical tensions, elections and central bank policies influence markets. Favorable factors within the U.S. include solid job growth, low interest rates and limited inflationary pressures. Potential risks to the economy include deflation, fiscal policy and onerous regulations that restrain growth. There are signs of improvement in Europe as mixed but hopeful economic data reflects resilience despite persistently low inflation. Japan’s economy remains lackluster, although many bottom-up investment opportunities are benefiting from increased capital efficiency and corporate governance reforms. China’s economic data shows signs of stabilization but also a divergence between relatively weaker industrial numbers versus stronger demand in consumption and services.

Given our outlook for a continued period of muted economic growth, we are favoring quality growth companies over cyclicals. We are emphasizing investments in companies with positive free cash flow generation and stronger balance sheets. From a thematic perspective, we see opportunities in the information technology sector, companies tied to global consumption, and businesses positioned to benefit from improving fundamentals in Europe. We believe our active investment approach and long-term perspective positions us to take advantage of the opportunities in global markets as they arise.

www.calamos.com 35

Calamos Global Equity Fund

GROWTH OF $10,000: SINCE INCEPTION (3/1/07) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 3/1/07
Without Sales Charge		-6.58	%		-7.97	%		3.43	%		5.74	%
With Sales Charge		-11.03			-12.36			2.42			5.18
Class B Shares – Inception 3/1/07
Without Sales Charge		-6.91			-8.67			2.66			5.05
With Sales Charge		-11.47			-13.14			2.34			5.05
Class C Shares – Inception 3/1/07
Without Sales Charge		-6.93			-8.69			2.65			4.95
With Sales Charge		-7.84			-9.59			2.65			4.95
Class I Shares – Inception 3/1/07		-6.48			-7.79			3.69			6.01
Class R Shares – Inception 3/1/07		-6.65			-8.22			3.17			5.48

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.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.35%; Class B and C shares is 2.10%; Class I shares is 1.10%; Class R shares is 1.60%.

† 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 that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends and adjustment for the maximum sales charge for Class A shares. The performance of other classes will vary from the performance of the class shown based on the difference in sales charges and fees paid by shareholders investing in different share classes.

The MSCI 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.

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.

36 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth and Income Fund

CALAMOS GROWTH AND INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, the Fund decreased 1.14% (Class A shares at net asset value) versus a return of 0.43% for the S&P 500 Index and loss of 3.49% 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. Since its inception on September 22, 1988, the Fund returned 10.87% on an annualized basis (Class A shares at net asset value) versus a 10.05% gain for the S&P 500 Index and an 8.98% 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 0.73 (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 market. 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.

Equities experienced a steep sell-off that started just prior to the end of 2015 through February 11, 2016. Concerns of falling commodity prices, China’s economic growth and potential currency devaluations, and U.S. earnings fueled recessionary fears and led investors into safe-haven investments and out of higher growth businesses. As modest yet positive economic data was reported, investors switched gears and returned to the equity market with a preference for value, cyclical and higher-dividend stocks. In mid-March, Federal Reserve Chair Janet Yellen told investors that the Fed foresaw two rather than four interest rate hikes and would consider global risks in deciding interest rate moves. After those comments, growth stocks returned to favor for the month, much as they had for most of 2015.

In this environment, the Fund managed to protect assets during the market’s rapid sell-off, outperforming both the equity and convertible indices. During the market’s recovery, the Fund participated well but did not own as many value-oriented and cyclical names that the market favored as U.S. and global recessionary fears abated. Subsequently, the Fund lagged on the upside. Overall, the Fund provided a less-volatile

OVERVIEW

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

KEY FEATURES

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

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

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

PORTFOLIO FIT

The fund can provide a long-term core equity allocation 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

www.calamos.com 37

Calamos Growth and Income Fund

SECTOR WEIGHTINGS
Information Technology	20.0	%
Consumer Discretionary	17.9
Financials	14.4
Health Care	13.5
Industrials	10.1
Consumer Staples	9.2
Energy	5.8
Utilities	2.4
Materials	0.9
Telecommunication Services	0.7

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

path for investors while participating in the equity markets. In essence, it performed well relative to the equity and convertible market indexes.

In terms of economic sectors, selection in the consumer discretionary and information technology sectors contributed most to performance versus the S&P 500 Index during the six-month period. In particular, selection in home improvement retail, catalog retail as well as houseware and specialties added the most value through both stocks and convertibles. We believe the consumer to be in overall good health, but we are selective in the sector. In the information technology sector, semiconductor holdings added value.

Conversely, selection in financials and consumer staples hindered results. Multi-line insurance and property and casualty insurance holdings lagged within the financials sector, while hypermarkets and super centers detracted among consumer staples. Our use of convertibles in the sector to manage risk provided positive results but lagged the underlying stocks. We appreciate the consistency and stability of consumer staples, but we have been wary of the higher valuations the market has placed on the sector because of perceived safety.

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.

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.

38 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos 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 consistently balance 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 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?

The portfolio’s largest weightings are found within the information technology, consumer discretionary, health care and financials sectors. Our positioning reflects a cautious but positive long-term outlook and we are mindful of risk and valuations. Regardless of the sector, we seek to identify companies with sustainable competitive advantages, accelerating fundamentals, growth potential uncaptured by current analysts’ estimates, and identifiable catalysts. Among the themes we expect will drive growth are productivity enhancements, demographic shifts, data digitalization and security, advancements in biotechnology and genomics, and global infrastructure build-out. We remain cognizant of valuations within the portfolio and have reduced exposure to more expensive names when given the opportunity.

While we have been active in many sectors, absolute and relative changes to the portfolio have been moderate. Among selected changes in the period, we reduced the weight to financials as the path of interest rates, as indicated by Chair Yellen of the Federal Reserve, appears to be lower for longer. We increased the consumer discretionary weight based on our positive view of personal income and consumption. We have been monitoring consumer names for opportunities to add to the portfolio during market volatility.

What closing thoughts do you have for Fund shareholders?

We believe the U.S. market will have modestly positive returns and may represent a compelling equity market in a low-return world. We do not foresee a recession in the U.S., but trends in housing and employment point to a slow-growth economy. The market may remain volatile and may be impacted by news from the Federal Reserve as to the path of potential interest rate moves and indications of strong, self-sustaining economic expansion. Growth may remain scarce, so we believe investors may be willing to pay for those businesses that can offer superior growth. Given the market’s volatile episodes, we expect to be a bit more cautious of valuations as higher-valued stocks may have a greater potential for sell-offs when volatility returns. We believe our flexibility to utilize convertibles and equities underscores the Fund’s ability to help manage risk in this environment.

www.calamos.com 39

Calamos Growth and Income Fund

ANNUALIZED RETURN: SINCE INCEPTION (9/22/88) THROUGH 4/30/16

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.

40 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Growth and Income Fund

GROWTH OF $10,000: FOR 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/22/88
Without Sales Charge		-1.14	%		0.22	%		4.62	%		5.06	%
With Sales Charge		-5.83			-4.54			3.61			4.55
Class B Shares – Inception 9/11/00
Without Sales Charge		-1.55			-0.60			4.06			4.53
With Sales Charge		-6.27			-5.31			3.75			4.53
Class C Shares – Inception 8/5/96
Without Sales Charge		-1.57			-0.61			3.83			4.27
With Sales Charge		-2.51			-1.54			3.83			4.27
Class I Shares – Inception 9/18/97		-1.05			0.45			4.88			5.32
Class R Shares – Inception 3/1/07		-1.24			-0.01			4.37			5.00	^

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 2/29/16, 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).

^ Since Inception

NOTES:

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

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

www.calamos.com 41

Calamos Global Growth and Income Fund

OVERVIEW

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

KEY FEATURES

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

¡ Provides a core holding option that seeks to maintain a consistent risk posture throughout the market cycle

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

PORTFOLIO FIT

The fund can provide a long-term, global-equity core allocation with the potential for lower volatility over a full market cycle.

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

CALAMOS GLOBAL GROWTH AND INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, Calamos Global Growth and Income Fund declined 3.17% (Class A shares at net asset value), versus a 0.65% decrease for the MSCI ACWI Index and 0.74% slip for the MSCI World Index.

Equities faced relatively steep and rapid losses in early 2016 brought on by concerns relating to slow global growth, depressed commodity prices, and uncertainty over monetary policy. More recently, markets responded more positively as the world’s major central banks signaled renewed commitment to bolster sluggish growth, global economic data showed improvement, and commodity prices recovered from recent lows.

In this challenging environment, the Fund experienced less volatility but underperformed the index. The Fund provided some resilience and held up relatively better than the index during the significant sell-off in January and February but trailed the upside rally in global equities over the final couple months of the period. Specifically, our emphasis on higher-growth and higher-quality businesses was out of step with the market which saw a lower-quality, global cyclical rally from February into April 2016.

Since its inception on September 9, 1996, the Fund returned 7.69% on an annualized basis (Class A shares at net asset value) and outperformed the MSCI ACWI Index return of 6.33% and the MSCI World Index return of 6.45%. The Fund delivered this outperformance with less volatility as discussed below.

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, which focuses 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 0.70 (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 almost 30% 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?

The Fund’s security selection in industrials detracted the most value from performance versus the MSCI ACWI Index. Holdings in the construction and engineering industry and industrial conglomerates underperformed as spending in capital goods and heavy industry continued to come under pressure. We continue to evaluate these areas and may add select cyclical opportunities as we expect a potential pickup in demand and export opportunities.

42 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund

Our underweight to and selection in consumer staples also hindered results. Specifically, holdings in the distillers and packaged foods industries trailed because of slowing volume growth and multinational revenue given a challenging and volatile currency environment. Despite the setback this period, we believe strongly that we own high-quality consumer staples businesses with excellent long-term growth potential in multiple consumer categories.

Our underweight to and selection in the financials sector added the most value. In particular, holdings in the asset management and custody banks industry outperformed because of relatively stronger fundamentals and a more predictable revenue stream. We have a selective view of opportunities in financials and maintain an underweight to the sector overall. Specifically, we take an underweight stance toward banks.

Selection in the consumer discretionary sector also contributed. Holdings in the apparel and accessories as well as apparel retail industries outperformed. We have an overweight to the sector and own companies in growing categories and across a number of industries including Internet retail, cable and satellite, apparel and textiles, and autos.

SECTOR WEIGHTINGS
Information Technology	22.9	%
Consumer Discretionary	20.0
Financials	13.0
Industrials	12.9
Health Care	11.8
Consumer Staples	7.7
Energy	5.2
Materials	3.6
Utilities	1.2
Telecommunication Services	1.2

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

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.

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 9/1/96, since comparative index data is available only for full monthly periods.

www.calamos.com 43

Calamos Global Growth and Income Fund

From a geographic perspective, our selection in the U.S. trailed as many secular growth names performed reasonably well but not up to expectations. Also, the underweight to Canada also held back returns. Selection in China and Japan added value.

How is the Fund positioned?

Our regional and country positioning reflects the combined inputs from our top-down global framework and our bottom-up security analysis. Our investment team continually evaluates macroeconomic factors and growth opportunities, then actively integrates these into investment decision making.

From a regional perspective, we hold a significant weight in Europe, reflecting our view of stabilizing economic data, a still weak euro, and the European Central Bank’s accommodative monetary policy programs. This weight, in addition to an emphasis on companies benefiting from asset reflation and export opportunities, has been a key catalyst of Fund performance.

We hold a large but moderately underweight position in the U.S., with our exposure primarily focused on secular growth opportunities and companies that are relatively domestically focused in revenue exposure. We are underweight cyclical businesses as we are skeptical of a significant pickup in U.S. economic growth. We continue to favor technology and consumer companies in the U.S. that are delivering innovation and effectively navigating a low-growth environment.

We have a relatively even-weight view in Japan, supported by accommodative policies and effective corporate reforms but also challenged by low growth and a stronger yen. Economic data has been mixed to lower in recent months, but we see a growing universe of companies with improved capital allocation and more shareholder friendly policies. This trend has resulted in increased stock buybacks, dividend increases and capital expenditures. We believe Japan’s market remains reasonably well positioned, although a bottom-up approach is paramount.

We are highly selective in emerging markets, preferring investments in commodity-consuming and pro-growth reform economies. We anticipate continued divergence in the near-term prospects of emerging market countries because of volatility in commodity prices and currencies, political uncertainty, and varying structural reform paths.

From a sector standpoint, we made moderate adjustments to sector weights during the period. We modestly increased the weight to consumer sectors and materials and lowered the weight to information technology, driven by bottom-up rationale. The largest overweight positions reside in the information technology and consumer discretionary sectors, while underweights are found in financials, telecommunication services and utilities.

What closing thoughts do you have for Fund shareholders?

We believe the global economy is positioned for moderate growth in 2016. There may be spikes in volatility as geopolitical tensions, elections and central bank policies influence markets. Favorable factors within the U.S. include solid job growth, low interest rates and limited inflationary pressures. Potential risks to the economy include deflation, fiscal policy and onerous regulations that restrain growth. There are signs of improvement in Europe as mixed but hopeful economic data reflects resilience despite

44 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Growth and Income Fund

persistently low inflation. We believe Japan’s economy remains lackluster, although many bottom-up investment opportunities are benefiting from increased capital efficiency and corporate governance reforms. China’s economic data shows signs of stabilization but also a divergence between relatively weaker industrial numbers versus stronger demand in consumption and services.

Given our outlook for a continued period of muted economic growth, we are favoring quality growth companies over cyclicals. We are emphasizing investments in companies with positive free cash flow generation and stronger balance sheets. From a thematic perspective, we see opportunities in the information technology sector, companies tied to global consumption, and businesses positioned to benefit from improving Fundamentals in Europe. We believe our active, risk-managed investment approach positions us to take advantage of potential volatility and opportunities in global equities and convertible securities.

ANNUALIZED RETURN: SINCE INCEPTION (9/9/96) THROUGH 4/30/16

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 45

Calamos Global Growth and Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/9/96
Without Sales Charge		-3.17	%		-5.69	%		2.08	%		3.70	%
With Sales Charge		-7.77			-10.15			1.09			3.20
Class B Shares – Inception 9/11/00
Without Sales Charge		-3.48			-6.37			1.33			3.07
With Sales Charge		-8.24			-10.99			1.05			3.07
Class C Shares – Inception 9/24/96
Without Sales Charge		-3.48			-6.34			1.33			2.93
With Sales Charge		-4.44			-7.26			1.33			2.93
Class I Shares – Inception 9/18/97		-2.99			-5.34			2.35			3.96
Class R Shares – Inception 3/1/07		-3.33			-5.87			1.84			3.08	^

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 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.49%; Class B and C shares is 2.24%; Class I shares is 1.24%; Class R shares is 1.74%.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2003. 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).

^ Since Inception

NOTES:

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

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

The MSCI World Index (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.

46 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Convertible Fund

CALAMOS CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, the Fund had a loss of 3.39% (Class A shares at net asset value) versus the BofA Merrill Lynch All U.S. Convertibles Index decrease of 2.88%. For the same period the Value Line Convertible Index declined 2.51% and the S&P 500 Index gained 0.43%.

The six-month period had significant bouts of volatility as investors grappled with a myriad of concerns including commodity-price and U.S. dollar volatility, U.S. recessionary fears, and central bank monetary policy shifts. The convertible market was not immune to these pressures, which also affected equities. Further, because small cap and mid cap growth stocks are well represented within the convertible index, the convertible market shared in the added headwinds that these securities encountered.

Since its inception on June 21, 1985, the Fund returned 8.76% on an annualized basis (Class A shares at net asset value), compared with a gain of 8.27% for the Value Line Convertible Index and 10.56% 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?

While the Fund slightly trailed the convertible benchmarks during the period, our goal in this Fund is to manage the hybrid characteristics of convertibles with more upside equity participation than downside over full market cycles. We believe our approach is well positioned for the environment we expect, one of both opportunity and volatility, over the long-run.

From an economic sector perspective, selection in information technology lagged as holdings in Internet software and services, systems software, and communications equipment underperformed versus the BofA ML All U.S. Convertibles Index. Our underweight to and selection in the utilities sector also held back the result as the Fund had a lighter allocation to the relatively robust integrated telecommunication services industry.

Selection in the financials sector added value. The Fund benefited from its heavy allocation to the strong performing asset management and custody banks and diversified banks industries as well as its lighter weighting to the underperforming thrifts and mortgage finance industry. Selection in the consumer staples sector also helped, particularly holdings in the packaged foods and meats industry.

OVERVIEW

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

KEY FEATURES

¡ Leverages more than three decades of research and experience in convertible security investing

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

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

PORTFOLIO FIT

When used in conjunction with an equity allocation, the fund offers a way potentially to manage risk by employing securities that engage 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

www.calamos.com 47

Calamos Convertible Fund

SECTOR WEIGHTINGS
Information Technology	30.5	%
Health Care	19.3
Consumer Discretionary	17.9
Financials	17.0
Energy	4.2
Utilities	2.4
Telecommunication Services	2.2
Industrials	2.0
Consumer Staples	1.7
Materials	1.3

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

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.

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.

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.

48 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Convertible Fund

How is the Fund positioned?

Our positioning in the U.S. convertible market is cautious but not defensive. We are finding exciting opportunities in information technology where innovation is generating growth in social media, mobile, security, cloud computing, Internet of things, and data center disruption. We think that each of these trends has a long runway of growth.

We have a positive view of the consumer discretionary sector where electric car innovation is disrupting the traditional auto market while the U.S. consumer stands to benefit from higher wages, lower unemployment, lower fuel prices, and an improving housing market. We think that employment and wage gains, stock market and home-value appreciation, and lower energy prices will contribute to increased consumer spending throughout the year.

We are more selective in health care, which faces political pressure during an election year because of escalating drug prices and the negative overtones of tax-inversion acquisitions. In this area, our investments are centered on long-term secular themes such as Medicaid expansion, home health trends, and personalized medicine and genome sequencing.

Although we’ve been cautious on the cyclical sectors (energy, materials and industrials) for the last year as fundamentals had been weak, we have opportunistically added at the margin. We have seen improvements in long-term valuations and fundamentals, such as lower oil rig counts and decreased capital spending that can benefit commodity prices.

As we expect continued bouts of volatility, we are focused on convertibles with balanced risk/reward profiles that participate in rallies and may help to limit losses when equities fall. With more credit-sensitive convertibles, we favor higher-quality balance sheets and companies that we believe can improve their credit profiles. With more equity-sensitive convertibles, we are highly mindful of valuations. In this low-growth environment we’re experiencing, companies with strong balance sheets that generate above-average organic growth have typically been rewarded by investors. Given the volatility that mid cap growth issuers have experienced, we continue to evaluate available opportunities to align the Fund more closely with the attributes of the broader equity market.

Do you have any closing thoughts for shareholders?

We believe that the U.S. economy will maintain its slow growth and markets will advance, though amid volatility—which plays to the strengths of convertibles. We see volatility coming from a variety of sources including presidential politics, the U.K.’s vote on whether to withdraw from the European Union, and continued speculation regarding global central banking policies.

In our view, interest rates are likely to continue to rise, albeit at a slower rate than previously expected, and convertible bonds historically have performed well when rates have risen. We are investing with an eye to risk management because of the potential for volatile markets. We believe that relative to stocks and traditional fixed income securities, convertibles can provide unique advantages in volatile markets as long-term investors may potentially benefit from narrowing spreads, a rebound in convertibles’ underlying equities, and improving convertible valuations.

www.calamos.com 49

Calamos Convertible Fund

ANNUALIZED RETURN: SINCE INCEPTION (6/21/85) THROUGH 4/30/16

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, Lipper, Inc., and Mellon Analytical Solutions, LLC.

50 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Convertible Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 6/21/85
Without Sales Charge		-3.39	%		-8.05	%		2.24	%		4.17	%
With Sales Charge		-8.00			-12.44			1.25			3.67
Class B Shares – Inception 9/11/00
Without Sales Charge		-3.71			-8.68			1.48			3.55
With Sales Charge		-8.41			-13.09			1.18			3.55
Class C Shares – Inception 7/5/96
Without Sales Charge		-3.73			-8.71			1.47			3.39
With Sales Charge		-4.66			-9.58			1.47			3.39
Class I Shares – Inception 6/25/97		-3.18			-7.77			2.51			4.44
Class R Shares – Inception 3/1/07		-3.45			-8.23			1.99			3.91	^

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 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.13%; Class B and C shares is 1.88%; Class I shares is 0.88%; Class R shares is 1.38%.

† 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).

^ Since Inception

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 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.

www.calamos.com 51

Calamos Global Convertible Fund

OVERVIEW

The fund invests in global convertible securities. It strives to balance risk/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 in conjunction with an equity allocation. The fund can also serve a role within a fixed income allocation, as convertibles have performed well during periods of rising interest rates and inflation.

FUND NASDAQ SYMBOLS
A Shares	CAGCX
C Shares	CCGCX
I Shares	CXGCX
R Shares	CRGCX
FUND CUSIP NUMBERS
A Shares	128120748
C Shares	128120730
I Shares	128120722
R Shares	128120714

CALAMOS GLOBAL CONVERTIBLE FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, the Fund had a loss of 1.39% (Class A shares at net asset value) versus the BofA Merrill Lynch Global 300 Convertible Index return of 0.83%. Since its inception on December 31, 2014, the Fund declined 1.04% versus a 2.49% gain by the index.

The benchmark BofA Merrill Lynch Global 300 Convertible Index 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.

What factors influenced performance?

During the period, we witnessed significant bouts of volatility as investors grappled with a myriad of concerns including commodity prices and currency volatility, U.S. recessionary fears and central bank monetary policy shifts. While the Federal Reserve raised interest rates in December, the European Central Bank and Bank of Japan continued their accommodative policies that advanced a stronger U.S. dollar relative to the euro and the yen. The volatile environment hindered the convertible and equities markets.

Our goal in this strategy is to manage the hybrid characteristics of convertibles with more upside equity participation than downside to build wealth for clients over market cycles. In this respect, the Fund was overweight to convertibles displaying these more balanced attributes relative to the index. Within the index, the most equity-sensitive and credit-sensitive names outperformed those with balanced attributes and our overweight allocation to balanced convertibles held back performance versus the benchmark. We continue to believe we are well positioned for the environment we expect, which is one of both opportunity and volatility.

From an economic sector perspective, our overweight to and selection in energy, particularly in the oil and gas exploration and production industry, aided performance versus the BofA Merrill Lynch Global 300 Convertible Index. Our selection in materials also contributed, especially in diversified chemicals, specialty chemicals and construction materials. The Fund was underweight to the most speculative credit tiers, including securities rated CCC and below. This positioning proved beneficial as speculative credits significantly lagged during the period.

Conversely, selection in the automobile manufacturers, apparel accessories and luxury goods, housewares and specialties, and Internet retail industries in the consumer discretionary sector hindered performance. Selection in the health care sector’s pharmaceuticals and health care equipment industries also lagged. Further, selection in the information technology sector trailed, particularly in the semiconductor equipment, Internet software and services, and technology hardware storage and peripherals industries.

On a regional basis, our underweight to and selection in Europe, along with our selection in emerging Europe and South Africa detracted from performance, while selection in the U.S. added value.

52 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund

How is the Fund positioned?

Reflecting our emphasis on growth sectors, the Fund’s largest allocation are found in the financials, information technology, health care, and consumer discretionary sectors. We are becoming more selective in health care, although we have identified issuers that we believe are potential beneficiaries of long-term secular themes. The Fund has its lightest allocations to consumer staples, utilities, materials, energy and telecommunication services. We are cautious of energy, materials and industrials, but we have opportunistically added at the margin when we’ve found attractive valuations and improving fundamentals.

The Fund is allocated heaviest to convertibles displaying attractive risk-reward attributes relative to their underlying common stocks. The Fund is overweight to emerging markets and underweight to Japan versus the benchmark. The Fund also is slightly underweight to Europe and the U.S.

What are your closing thoughts for shareholders?

In a volatile environment where the valuations of many defensive stocks are high, we see pronounced opportunities for global convertibles as a means to pursue lower-volatility equity participation. We remain focused on the more balanced structures within the convertible market, which we believe enables us to protect on a downside equity move yet participate in the upside of a volatile market. We are also favoring higher credit qualities. In this low-growth environment, companies with strong balance sheets that generate above-average organic growth have typically been rewarded by investors.

SECTOR WEIGHTINGS
Financials	24.1	%
Information Technology	20.9
Health Care	14.3
Consumer Discretionary	12.5
Industrials	11.1
Energy	3.7
Telecommunication Services	3.6
Materials	2.3
Utilities	1.5

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

www.calamos.com 53

Calamos Global Convertible Fund

GROWTH OF $10,000: SINCE INCEPTION (12/31/14) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		-1.39	%		-5.27	%		-1.04	%
With Sales Charge		-6.11			-9.78			-4.60
Class C Shares – Inception 12/31/2014
Without Sales Charge		-1.87			-6.05			-1.79
With Sales Charge		-2.84			-6.97			-1.79
Class I Shares – Inception 12/31/2014		-1.28			-5.08			-0.75
Class R Shares – Inception 12/31/2014		-1.52			-5.59			-1.29

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.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 2.31%; Class C shares is 2.89%; Class I shares is 1.80%; Class R shares is 2.93%. 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. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

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.

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.

54 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Total Return Bond Fund

CALAMOS TOTAL RETURN BOND FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, Calamos Total Return Bond Fund gained 2.73% (Class A shares at net asset value) performing in line with the 2.82% return for the Barclays U.S. Aggregate Bond Index.

Since its inception on June 27, 2007, the Fund gained 4.74% on an annualized basis (Class A shares at net asset value) versus a 4.92% return for the Barclays U.S. Aggregate Bond Index.

What factors influenced performance?

The portfolio benefited from its overweight to corporate bonds as corporate bonds outperformed within the Barclays U.S. Aggregate Bond Index during the period. The corporate bond component of the index returned 4.34%. Within the Barclays U.S. Credit Index, AA-rated spreads were 12 basis points (bps) tighter, A-rated spreads were 9 bps tighter and BBB-rated spreads were 16 bps tighter.

The portfolio held a shorter duration than the Barclays U.S. Aggregate Bond Index. However, longer-duration names outperformed. During the period, the 10+ year sector returned 7.19% versus the 2.82% overall index return during that period. The 30-Year Treasury saw its yield decline 24 bps to 2.68% while 3-Year and 5-Year Treasury yields fell 13 bps and 24 bps to 0.92% and 1.28%, respectively.

Our allocation to below-investment grade credits hurt performance during the period. The Barclays U.S. High Yield Index returned 2.37%. Within the index, BB credit returned 2.96% and B credit returned 1.37%. Our below-investment grade allocation underperformed largely because of our limited exposure to the energy and metals and mining sectors, which outperformed during the period.

The portfolio was underweight U.S. Treasurys, which proved beneficial as Treasurys lagged within the index. Additionally, the portfolio benefited from its lack of investment in mortgages, which underperformed during the reporting period.

How is the fund positioned?

The Fund’s duration of 5.0 years is shorter than 5.4 years duration of the Barclays U.S. Aggregate Bond Index.

The portfolio is overweight to corporate debt as we see this as the most-attractive segment of the bond market at present. Additionally, we continue to seek opportunities in the high yield market and will adjust our exposure based on fundamentals and valuations.

We continue to be underweight the energy and metals and mining sectors given our concerns regarding continued commodity price volatility.

Within corporate bonds, the portfolio has its heaviest weightings in the financials, consumer discretionary, and information technology sectors. Our lightest positions are found in utilities, materials and consumer staples.

OVERVIEW

The fund invests in a diversified portfolio of fixed income instruments, seeking total return consistent with capital preservation.

KEY FEATURES

¡ Flexible mandate allows us to invest across the fixed income universe with a focus on investment grade credit, high yield credit and U.S. Treasury securities

¡ Dynamic investment process combines rigorous, fundamental credit research with top-down macro views

¡ Employs proprietary high yield research to identify securities with the best potential to migrate to investment-grade status, ahead of ratings agency upgrades

PORTFOLIO FIT

The fund offers broad, diversified exposure to the U.S. investment grade bond market with opportunistic allocation to high yield securities.

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	87.2%
U.S. Government and Agency Securities	10.1
Cash and Receivables/Payables	2.7

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

www.calamos.com 55

Calamos Total Return Bond Fund

Do you have any closing thoughts for shareholders?

We continue to expect that the combination of moderate economic growth and low U.S. Treasury yields will support the corporate bond asset class. The European Central Bank’s purchase program and negative interest rates in many parts of the world may also bolster demand for the asset class as investors seek higher yields. However, volatility in commodity prices, heightened fears of a U.K. exit from the European Union, angst over growth prospects for the Chinese economy, the upcoming U.S. presidential election and lackluster corporate earnings may add volatility to the credit markets. After a rally in January, U.S. rates have remained range bound since early February. While the consensus view is for the range trade to continue, recent commentary from the Federal Reserve makes us wonder if markets are underestimating the willingness of the Fed to hike rates this year, which could put upward pressure on rates. Although our short-duration bias has hurt performance year-to-date, we continue to maintain a cautious outlook. Additionally, we continue to see the best risk-adjusted opportunities in corporate bonds and we’ll opportunistically adjust positioning based on fundamentals and valuations.

56 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Total Return Bond Fund

GROWTH OF $10,000: SINCE INCEPTION (6/30/07) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			SINCE INCEPTION
Class A Shares – Inception 6/27/07
Without Sales Charge		2.73	%		2.71	%		2.61	%		4.74	%
With Sales Charge		-1.12			-1.11			1.82			4.29
Class B Shares – Inception 6/27/07
Without Sales Charge		2.26			1.84			1.83			4.04
With Sales Charge		-1.23			-1.60			1.61			4.04
Class C Shares – Inception 6/27/07
Without Sales Charge		2.26			1.84			1.83			3.96
With Sales Charge		1.26			0.86			1.83			3.96
Class I Shares – Inception 6/27/07		2.76			2.86			2.85			5.00
Class R Shares – Inception 6/27/07		2.61			2.45			2.36			4.48

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.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.12%; Class B and C shares is 1.87%; Class I shares is 0.87%; Class R shares is 1.37%. 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 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 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 57

Calamos High Income Fund

OVERVIEW

The fund invests primarily in a diversified portfolio of U.S. high yield bonds.

KEY FEATURES

¡ Emphasizes total return rather than an exclusive focus on yield; our total-return framework enhances our ability to potentially generate alpha and preserve capital over entire credit cycles

¡ A disciplined process utilizes proprietary credit research to identify securities most likely to migrate to investment grade, ahead of a rating agency upgrade

¡ Multi-faceted risk management includes stress testing under various economic assumptions and avoids securities with a high probability of default and low expected recovery from default losses

PORTFOLIO FIT

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

FUND NASDAQ SYMBOLS
A Shares	CHYDX
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, 2016, the Fund declined 0.68% (Class A shares at net asset value) versus a gain of 2.34% for the BofA ML BB-B U.S. High Yield Constrained Index and a 1.73% return for the Credit Suisse High Yield Index.

The Fund underperformed versus the BofA ML BB-B U.S. High Yield Constrained Index largely because of our underweight to and selection in the energy sector. The sector lagged early in the reporting period as an oversupply of oil drove prices downward, but after bottoming out in mid-February, oil prices rallied through the end of the reporting period. We were underweight as defaults by energy companies became more likely.

Since its inception on August 2, 1999, the Fund gained 5.91% on an annualized basis (Class A shares at net asset value) versus a 6.47% return for the BofA ML BB-B U.S. High Yield Constrained Index and a 6.93% gain for the Credit Suisse High Yield Index over the same period.

What factors influenced performance?

Beyond the challenges presented by the energy sector discussed above, our selection versus the BofA ML BB-B U.S. High Yield Constrained Index in the telecommunication services sector hindered performance, particularly in the alternative carriers industry. Further, our selection in and underweight to materials also detracted as our light position in the relatively strong-performing diversified metals and mining industry held back results.

Conversely, the Fund benefited to a small extent from selection in financials, namely in diversified real estate, asset management and custody banks, and diversified banks. Further, our selection in information technology contributed, as we were underweight to the lagging semiconductors industry and overweight to the robust electronic components industry versus the BofA ML BB-B U.S. High Yield Constrained Index. Also, our selection in communication equipment outperformed.

How is the fund positioned?

From an economic sector perspective, the Fund’s largest overweight positions are to the consumer discretionary, industrials and health care sectors while its largest underweights are to energy, telecommunication services and utilities. From a credit-quality perspective, the Fund is underweight to the BB credit tier. We believe that the BB tier has the highest amount of risk if interest rates move higher. Similarly, in an effort to reduce to the potential negative effects of future rate increases, we have a slightly lower duration than the benchmark.

In terms of changes during the reporting period, we reduced holdings in energy, consumer staples and telecommunication services. We added to financials, consumer discretionary and industrials.

58 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos High Income Fund

What are your closing thoughts for shareholders?

Following the recent rally in high yield, we are concerned that current prices do not fully reflect the number of defaults that may occur as some issuers face declines in revenue and profits. It is our view that tightening lending standards by the banks and reduced market liquidity also will present challenges. We believe that European easing measures and negative interest rates in many parts of the world will help support demand for the high yield asset class. We believe that periods of volatility will crop up throughout 2016, and returns mainly will come from income rather than price appreciation. We think that strategic and risk-tolerant fixed income investors still will find the yields attractive relative to other fixed income securities. It’s our perspective that security selection will continue to be paramount to the relative success of the Fund as we navigate through 2016’s more challenging credit environment.

SECTOR WEIGHTINGS
Consumer Discretionary	26.0	%
Industrials	14.2
Health Care	11.2
Materials	9.7
Financials	8.3
Energy	7.6
Information Technology	7.0
Telecommunication Services	6.7
Consumer Staples	4.5
Utilities	1.1

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

ANNUALIZED RETURN: SINCE INCEPTION (8/2/99) THROUGH 4/30/16

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 Mellon Analytical Solutions, LLC.

www.calamos.com 59

Calamos High Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 8/2/99
Without Sales Charge		-0.68	%		-4.56	%		3.19	%		4.65	%
With Sales Charge		-5.39			-9.11			2.18			4.15
Class B Shares – Inception 12/21/00
Without Sales Charge		-1.13			-5.28			2.40			4.03
With Sales Charge		-5.97			-9.83			2.09			4.03
Class C Shares – Inception 12/21/00
Without Sales Charge		-1.13			-5.30			2.40			3.86
With Sales Charge		-2.10			-6.21			2.40			3.86
Class I Shares – Inception 3/1/02		-0.55			-4.32			3.45			4.92
Class R Shares – Inception 3/1/07		-0.92			-4.81			2.90			4.11	^

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

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.29%; Class B shares is 2.03%; 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. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2003. 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).

^ Since Inception

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 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.

60 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, 2016, the Fund returned 0.47% (Class A shares at net asset value) versus a 3.18% return for the Barclays U.S. Government/Credit Bond Index and a 0.07% return for the Citigroup 30-Day U.S. Treasury Bill Index.

For both the 10-year and 5-year periods as of April 30, 2016, the Fund’s A share return ranked in the 10th percentile and 11th percentile, respectively, in the Morningstar Market Neutral category peer group.* The Fund is among the first liquid alternative offerings with more than 25 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.

Both strategies utilized in the Fund, convertible arbitrage and covered call writing, contributed positively to performance during a period that included spikes of volatility. Since its inception on September 4, 1990, the Fund gained 6.40% on an annualized basis (Class A shares at net asset value). For the same period, the Barclays U.S. Government/Credit Bond Index gained 6.43% while the Citigroup 30-Day U.S. Treasury Bill Index returned 2.66%.

How did the covered call strategy perform?

In this strategy, we purchase a basket of equities to represent the broad U.S. stock market and sell call options to generate income. We also purchase puts to protect against heavy losses when equities fall. While volatility, on average, was low for the period, it spiked when equities plummeted in January and February of 2016. The covered call writing strategy benefited from the volatility spikes during the period, as we were able to rebalance the portfolio and actively trade options for gains. However, the cost of puts that we purchased was high, which hindered performance. We believe that the high cost of put options reflects investor fears of market downturns, which drives up the price of put options.

How did convertible arbitrage perform?

In the convertible arbitrage strategy, we purchase convertibles bonds and sell short the underlying equities. The strategy also benefited from the volatility spikes during the period when we added value through trading strategies related to convertible arbitrage. As the equity market declined in mid-February, for example, we were able to generate trading profits as we opportunistically adjusted existing hedges while also establishing new ones. The Fund also benefited slightly in December when the Federal Reserve raised short-term interest rates, which allowed us to generate income from cash in our short positions. While widened credit spreads hindered performance, much of this was offset by lower Treasury yields.

* Data is as of 4/30/16. Morningstar category percentile rating is based on annualized total return for the 10-year and 5-year periods. Calamos Market Neutral Income Fund Class A shares were in the 40th, 25th, 11th, and 10th percentiles of 152, 104, 66 and 33 funds for the 1-year, 3-year, 5-year and 10-year periods, respectively, for the Morningstar Market Neutral category.

OVERVIEW

The fund’s core market strategies include covered call writing and convertible arbitrage, complemented by an opportunistic sleeve. Together, these strategies intend 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 capitalizes on more than three decades of experience in the convertible space

¡ Lower correlation with most fixed income benchmarks provides a means to dampen volatility

¡ Risk-management focus blends strategies to achieve the most appropriate risk/reward profile

PORTFOLIO FIT

The fund may provide potential diversification, particularly 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 61

Calamos Market Neutral Income Fund

SECTOR WEIGHTINGS
Information Technology	31.2	%
Consumer Discretionary	15.4
Health Care	14.8
Financials	11.3
Energy	7.5
Industrials	7.1
Consumer Staples	5.4
Materials	2.2
Telecommunication Services	2.2
Utilities	1.9

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

How is the fund positioned?

At the end of the reporting period, the Fund had an equal allocation between convertible arbitrage (50%) and covered call writing (50%) as we believe that both strategies have the potential to perform well going forward. We also believe there is an opportunity to take advantage of high put-option prices with option trading strategies.

What are your closing thoughts for shareholders?

We believe that volatility will continue to periodically spike. Political events, speculation regarding potential future Federal Reserve interest rate hikes, and concerns about a slowing global economy are among the factors that we believe may fuel volatility. We are optimistic that this environment can be favorable to the Fund as it seeks to benefit from swings in volatility, whether from trading opportunities in convertible arbitrage or the potential for more income from the sale of call options in the covered call strategy. As the Fund has lower correlations to other asset classes, we believe the Fund can provide stability to a portfolio in this environment. Additionally, it is our view that when used within a fixed income allocation, the Fund has historically provided bond-like returns with bond-like risk without having bond-like interest rate sensitivity.

ANNUALIZED RETURN: SINCE INCEPTION (9/4/90) THROUGH 4/30/16

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, Lipper, Inc., and Mellon Analytical Solutions, LLC.

62 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			5 YEARS			10 YEARS OR ^SINCE INCEPTION
Class A Shares – Inception 9/4/90
Without Sales Charge		0.47	%		0.53	%		2.98	%		3.19	%
With Sales Charge		-4.29			-4.22			1.99			2.68
Class B Shares – Inception 9/11/00
Without Sales Charge		0.12			-0.17			2.21			2.57
With Sales Charge		-4.81			-5.09			1.84			2.57
Class C Shares – Inception 2/16/00
Without Sales Charge		0.16			-0.19			2.22			2.42
With Sales Charge		-0.82			-1.17			2.22			2.42
Class I Shares – Inception 5/10/00		0.60			0.79			3.23			3.45
Class R Shares – Inception 3/1/07		0.34			0.29			2.72			2.64	^

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 2/29/16, the Fund’s gross expense ratio for Class A shares is 1.23%; Class B and C shares is 1.98%; Class I shares is 0.98%; Class R shares is 1.48%.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions. Performance shown reflects the effects of an expense reimbursement that improved results and was in effect until March 31, 2000. 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).

^ Since Inception

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 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

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 63

Calamos Hedged Equity Income Fund

OVERVIEW

The fund is 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 two decades of equity investing

¡ Option-based risk-management strategy attempts to 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 provide 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

CALAMOS HEDGED EQUITY INCOME FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, Calamos Hedged Equity Income Fund dipped 0.19% (Class A shares at net asset value) versus the S&P 500 Index gain of 0.43% and the Barclays U.S. Aggregate Bond Index return of 2.82%. Since its inception on December 31, 2014, the Fund gained 0.36% on an annualized basis (Class A shares at net asset value) versus 2.35% for the S&P 500 Index and 2.98% for the Barclays U.S. Aggregate Bond Index.

In this strategy, we utilize covered call writing in which we sell call options for income and buy a basket of equities that represents the broad stock market. The selling prices of call options tend to be higher when volatility is higher. While there were spikes of volatility during the period, especially in February, volatility on average was low, which inhibited performance.

What factors influenced performance?

Volatility, as represented by the CBOE Volatility Index (VIX), ended the period at 15.70 from 15.07 six months earlier, well below the long-term average of about 20. Still, we believe the beginning and end points aren’t representative of some of the spikes in volatility during the period, in particular the high of 28.14 on February 11. While low average volatility inhibited the income we received from selling call options, the Fund benefited from changes in volatility, which allowed us to rebalance the portfolio and actively trade the options for gains.

In this strategy, we also purchase put options that may limit losses when equities fall. However, we found that put options were expensive, especially relative to the price of call options we sell, because of investor fears of equity losses. To illustrate, Credit Suisse Group AG’s “Fear Barometer,” which compares the relative value of call and put options hit a new high in April, according to Bloomberg. We have utilized other hedging tools using put option strategies that we feel may be more effective than straight purchases of put options.

How is the fund positioned?

Option Positioning. The call and put quantities are frequently adjusted to maintain a balanced risk and reward profile. At the end of April, the portfolio was positioned with 60% calls written against the equity basket versus a 39% put hedge. Additionally, the calls sold were roughly at the money with 141 days to expiration, while the puts purchased averaged 3.8% out of the money with 57 days to expiration.

Sector Positioning. At the end of the reporting period, the equity basket was slightly overweight to the information technology and energy sectors. We were slightly underweight to the industrials and consumer discretionary sectors.

Market Cap Positioning. The Fund maintained a heavier weight to larger cap (>$22 billion) holdings versus the S&P 500 Index and lighter weights to small cap ($1 billion to $7 billion) and mid cap (>$7 billion to $22 billion) names.

64 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Hedged Equity Income Fund

What closing thoughts do you have for shareholders?

We see elevated levels of volatility in the markets because of election year politics in the U.S., instability in commodity prices, political uncertainty outside the U.S., and concerns about a slowing global economy. We are optimistic that this environment can be favorable for the Fund. The Fund derives benefits from “volatility in volatility,” whether from the rebalancing opportunities higher volatility provides to our option strategies or the potential to receive more income from call options.

SECTOR WEIGHTINGS
Information Technology	20.3	%
Financials	15.1
Health Care	14.0
Consumer Discretionary	12.0
Consumer Staples	9.8
Industrials	9.0
Energy	7.5
Utilities	3.4
Telecommunication Services	2.8
Other	4.5

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

www.calamos.com 65

Calamos Hedged Equity Income Fund

GROWTH OF $10,000: SINCE INCEPTION (12/31/14) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 12/31/2014
Without Sales Charge		-0.19	%		0.08	%		0.36	%
With Sales Charge		-4.94			-4.67			-3.25
Class C Shares – Inception 12/31/2014
Without Sales Charge		-0.61			-0.71			-0.39
With Sales Charge		-1.58			-1.69			-0.39
Class I Shares – Inception 12/31/2014		-0.08			0.31			0.61
Class R Shares – Inception 12/31/2014		-0.43			-0.29			0.08

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.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 3.06%; Class C shares is 3.80%; Class I shares is 2.81%; Class R shares is 3.30%. 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 4.75% for Class A shares. Returns for Class C shares have been adjusted for the contingent deferred sales charge (CDSC).

NOTES:

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

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.

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.

66 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Phineus Long/Short Fund

CALAMOS PHINEUS LONG/SHORT FUND

INVESTMENT TEAM DISCUSSION

What is your rationale behind launching the Calamos Phineus Long/Short Fund?

Calamos Phineus Long/Short Fund offers our clients access to an institutionally managed global equity portfolio that has outperformed its indexes over its 14-year history by the same portfolio manager. This Fund is an alternative strategy because we are able to generate gains by shorting stocks, where the Fund gains when stocks we short fall, and making traditional long-only investments, where the Fund gains when stocks we buy rise. Given a market environment of sluggish growth, low interest rates and sporadic episodes of high volatility, the Fund offers a compelling alternative in a strategy that has generated returns in excess of the S&P 500 Index and the MSCI World Index with lower volatility.

What is the investment approach?

The Fund primarily invests globally in publicly listed equities of issuers of all market capitalizations that operate in the knowledge-based sectors such as technology, communications and media, as well as financial services and healthcare and other investment companies. The Fund seeks to achieve its investment objective through the use of long and short investing. Long investing generally involves buying a security expecting to profit from an increase in its price. Short investing generally involves selling a security that the Fund does not own, expecting to profit from a decline in its price at a later time.

The Fund pursues a fundamental, global approach that incorporates a blend of top-down and bottom-up considerations. The advantages of its investment process are based upon: 1) a comprehensive assessment of what drives share prices; 2) how companies and industries are analyzed; and 3) the flexible management of style, capitalization and country factors. We believe that flexible asset allocation across the global equity universe, with less emphasis upon the traditional role of benchmarks, provides the potential for excess returns. The approach is primarily derived from its assessment of corporate and economic fundamentals. Equally, the Fund’s strategy allows for all investment styles (for example, growth versus value, small versus large capitalization) to be considered depending upon a company’s business model, prevailing market conditions and the economic cycle.

How has the Fund performed?

For the six-month period ended April 30, 2016, Calamos Phineus Long/Short Fund (and for the period prior to April 5, 2016, of its predecessor fund) declined 5.95% (Class A shares at net asset value) versus the HFRI Equity Hedge Index loss of 1.64%. The MSCI World Index declined 0.74% and the S&P 500 Index rose 0.43% over the period.

During the period, we witnessed an unusual degree of volatility and uncertainty. While the S&P 500 Index went mostly unchanged over this period, most non-U.S. markets suffered notable declines. We believe much of this reflects declining profits in the U.S., concern over the timing of future rate hikes by the Federal Reserve, and a growing awareness of risks in China and the emerging economies. We believe those reasons, combined with the impact of a strong U.S. dollar, have negatively affected the non-U.S. sales and earnings of U.S. companies.

FUND OVERVIEW

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

KEY FEATURES

¡ Fundamental global approach blends top-down and bottom-up considerations

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

¡ Comprehensive approach assesses stock, industry, style, country and market factors

¡ Knowledge-based industry concentration includes technology, communications, media, financials and health care

PORTFOLIO FIT

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

FUND NASDAQ SYMBOLS
A Shares	CPLSX
C Shares	CPCLX
I Shares	CPLIX
FUND CUSIP NUMBERS
A Shares	128120656
C Shares	128120649
I Shares	128120631

www.calamos.com 67

Calamos Phineus Long/Short Fund

SECTOR WEIGHTINGS
Financials	26.6	%
Information Technology	8.0
Industrials	6.0
Energy	5.5
Consumer Discretionary	4.9
Other	29.7

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

Since its inception on May 1, 2002 through April 30, 2016, the Fund (and for the period prior to April 5, 2016, of its predecessor fund) returned 11.28% (Class A shares at net asset value) and strongly outperformed both the MSCI World Index and S&P 500 Index, which returned 6.61% and 6.91%, respectively, over the same period.

What factors influenced performance over the period?

Selection in the energy and information technology sectors provided the largest contribution, while long exposure in financials and airlines hindered performance. As of April 30, 2016, notable contributors during the period included long positions in energy, including Gulfport Energy Corp. (1.7%), Exxon Mobil Corp. (1.5%), and TOTAL, SA (1.5%). Selection in information technology also helped through investments in PayPal Holdings, Inc. (2.4%) and Baidu, Inc. (2.8%). Detractors included long positions in financials such as Citigroup, Inc. (3.0%), Morgan Stanley (3.3%) and Bank of America Corp. (3.3%). Our long airline investments in American Airlines Group, Inc. (2.4%) and United Continental Holdings, Inc. (1.9%) also hindered performance.

How is the Fund positioned?

We increased our long exposure, relative to our short exposure, over the period because we believe market participants have an overly negative outlook for the U.S. economy. We think the economy remains on sound footing and we believe the recent fluctuating equity performance represents a typical mid-cycle pause in a long expansion. Lower oil prices and the strong U.S. dollar drove down profits in recent quarters, which contributed to the pervasive mood of uncertainty. We think these impediments will recede this year.

We think another source of market volatility was the timing of the Federal Reserve’s next interest-rate hike. The Federal Reserve said it intends to be gradual with increases to avoid disrupting the U.S. expansion. More recently, the Federal Reserve said that it would incorporate the risks of a global economic slowdown into its decisions. This increases the likelihood that the pace of rate increases will be unhurried. The Fed seems to be saying that it will only raise rates when confident that increases will not lead to a stronger U.S. dollar. This implies that the rate cycle will be highly dependent upon the strength of the global economy.

Early in the six-month period, we added several financial names to the long portfolio because we believe they offer value and timely exposure to renewed economic confidence. Financials will be the main beneficiaries of the inevitable increase in rates as confidence returns to the investment community. The team also added selectively to the major oil companies. We do not expect a significant recovery in oil prices, but company managers are embracing the new price regime. They are increasingly focused on reducing costs and sustaining cash flows to support dividend payouts. There could be substantial upside for oil companies as dividend yields are well above the market average and historical norms.

On the short side, we added new positions in health care and consumer staples. We think the major U.S. drug companies are vulnerable to U.S. presidential politics and the negative impact of market pricing will be greater than generally understood. With the consumer staples stocks, market participants may be overpaying for their defensive characteristics rather than their growth potential, which we believe is limited. We believe that these stocks have become overvalued because of the trauma of the global financial crisis and the misplaced perception that the U.S. economy is unusually fragile.

68 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Phineus Long/Short Fund

What are your closing thoughts for the coming year?

We believe collapsing oil prices, tighter U.S. monetary policy and the uncertain health of the Chinese economy played on the nerves of investors for the first six weeks of 2016. All these concerns have shown distinct improvement since February.

Into spring, investors wondered if we had seen the bottom of the earnings cycle. At the same time, Federal Reserve Chair Janet Yellen promised to go easy for an extended period, or at least until there is more visible strength across the global economy. This would be a favorable mix to be sure: an acceleration of the profit cycle and an easy Fed. A strong global economy would help as well. If the U.S. expansion is sustained through 2018, while Europe and select emerging economies can struggle forward rather than backward, it’s our belief that investors are underestimating the potential for a normalization of economic activity.

All of this supports the bullish case for equities. The world has suffered a series of rolling-debt crises since 2008 and we believe we are approaching the end of this course. If a modicum of healthy growth can emerge, we think the upside for equities is underestimated. This is the scenario we favor. In our view, it is time to focus on what can go right for the global economy and the coming year could be a respectable one for U.S. and European stocks in particular.

www.calamos.com 69

Calamos Phineus Long/Short Fund

ANNUALIZED RETURN: SINCE INCEPTION (5/1/02) THROUGH 4/30/16

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 C and Class I shares, the performance of which may vary. Source: Morningstar, Inc.

The performance shown for periods prior to April 5, 2016 is the performance of a predecessor investment vehicle (the “Predecessor Fund”). The Predecessor Fund was reorganized into the Fund on April 5, 2016, the date upon which the Fund commenced operations. On October 1, 2015, the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund (“Phineus”), and Calamos Advisors served as the Predecessor Fund’s investment adviser between October 1, 2015 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund’s assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A, C and I share expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance may have been lower.

70 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Phineus Long/Short Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	1 YEAR			5 YEARS			10 YEARS
Class A Shares – Inception 5/1/02
Without Sales Charge		-2.61	%		5.12	%		10.71	%
With Sales Charge		-7.24			4.10			10.18
Class C Shares – Inception 5/1/02
Without Sales Charge		-3.35			4.33			9.89
With Sales Charge		-4.31			4.33			9.89
Class I Shares – Inception 5/1/02		-2.37			5.38			10.99

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

The performance shown for periods prior to April 5, 2016 is the performance of a predecessor investment vehicle (the “Predecessor Fund”). The Predecessor Fund was reorganized into the Fund on April 5, 2016, the date upon which the Fund commenced operations. On October 1, 2015, the parent company of Calamos Advisors, purchased Phineus Partners LP, the prior investment adviser to the Predecessor Fund (“Phineus”), and Calamos Advisors served as the Predecessor Fund’s investment adviser between October 1, 2015 until it was reorganized into the Fund. Phineus and Calamos Advisors managed the Predecessor Fund using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. Phineus and Calamos Advisors managed the Predecessor Fund in this manner either directly or indirectly by investing all of the Predecessor Fund’s assets in a master fund structure. The Predecessor Fund performance information has been adjusted to reflect Class A, C and I share expenses. However, the Predecessor Fund was not a registered mutual fund and thus was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance may have been lower.

As of the prospectus dated 4/5/16, the Fund’s gross expense ratio for Class A shares is 3.65%; Class C shares is 4.40%; Class I shares is 3.40%.

The Fund’s investment advisor has contractually agreed to reimburse Fund expenses through 3/31/18, 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 or non-routine expenses, if any) of Class A, Class C and Class I are limited to 2.00%, 2.75% and 1.75% of average net assets, respectively.

The gross expense ratio is inclusive of the 1.25% management fee, short dividend and interest expenses (Class A: 1.12%, Class C: 1.12%, Class I: 1.12%); acquired fund fees, other expenses and 12b-1 fees (Class A: 1.28%, Class C: 2.03%); acquired fund fees and other expenses (Class I: 1.03%).

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

www.calamos.com 71

Calamos Phineus Long/Short Fund

NOTES:

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

The MSCI 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 4/30/02 since 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. Source: Lipper, Inc.

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

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.

72 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Long/Short Fund

CALAMOS LONG/SHORT FUND

INVESTMENT TEAM DISCUSSION

How has the Fund performed?

For the six-month period ended April 30, 2016, Calamos Long/Short Fund declined 4.38% (Class A shares at net asset value) versus the HFRI Equity Hedge Index loss of 1.64% and S&P 500 Index return of 0.43%.

The six months under review has witnessed what we believe to be an unusual degree of volatility and uncertainty during the reporting period. While the S&P 500 Index went mostly unchanged over this period, most overseas markets suffered notable declines. We attribute much of this to the profit recession in the U.S., concerns over the timing of future interest rate hikes by the Federal Reserve, and a growing awareness of deflationary risks in China and other emerging economies. These factors, combined with the impact of a strong U.S. dollar, appeared to have negatively affected the foreign sales and earnings of U.S. companies.

The Fund held up well during the market’s rapid sell-off at the beginning of 2016, but, in the rebound, the portfolio lagged the S&P 500 Index as value stocks advanced.

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. Commencing on October 6, 2015, a new management team led by Michael Grant assumed portfolio responsibilities for the Fund.

What factors influenced performance over the period?

Relative to the S&P 500 Index, selection in the energy and information technology sectors provided the largest contributions, while long exposure in financials and airlines hindered performance. As of April 30, 2016, notable contributors during the period included long positions in energy, including Gulfport Energy Corp. (2.4%), and TOTAL, SA (2.1%). Selection in information technology also helped through investments in Facebook, Inc. (3.1%), PayPal Holdings, Inc. (2.5%) and Baidu, Inc. (3.1%). Detractors included long positions in financials such as Citigroup, Inc. (3.4%), Morgan Stanley (3.7%) and Bank of America Corp. (3.7%). Our long airline investments in American Airlines Group, Inc. (2.7%) and United Continental Holdings, Inc. (2.1%) also hindered performance.

How is the Fund positioned?

We increased our long exposure, relative to our short exposure, over the period because we believe market participants have an overly negative outlook for the U.S. economy. We believe the economy remains on sound footing and we believe the recent fluctuating equity performance represents a typical mid-cycle pause in a long expansion. Lower oil prices and the strong U.S. dollar drove down profits in recent quarters, which, in our view, contributed to the pervasive mood of uncertainty. We think these impediments will recede this year.

OVERVIEW

This fund invests primarily in U.S. equity securities and is diversified across key sectors.

KEY FEATURES

¡ Fundamental global approach blends top-down and bottom-up considerations

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

¡ Comprehensive approach assesses stock, industry, style, country and market factors

¡ Knowledge-based industry concentration includes technology, communications, media, financials and health care

PORTFOLIO FIT

The fund seeks to provide an alternative solution to complement and diversify a long-only portfolio. It 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

www.calamos.com 73

Calamos Long/Short Fund

SECTOR WEIGHTINGS
Financials	34.7	%
Information Technology	14.1
Consumer Discretionary	12.7
Energy	7.6
Health Care	6.8
Industrials	4.8
Other	5.4

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.

Another source of market volatility was the timing of the Federal Reserve’s next interest-rate hike. The Federal Reserve stated its intention to be gradual with increases to avoid disrupting the U.S. expansion. More recently, the Federal Reserve said it would factor the risks of a global economic slowdown into its decisions. This increases the likelihood that the pace of rate increases will be unhurried. Given the Fed’s statements, it is our view that it will only raise rates when confident that rate increases will not lead to a stronger U.S. dollar. Further, we believe this implies that the rate cycle will be highly dependent upon the strength of the global economy.

Early in the six-month period, we added several financial names to the long portfolio because we believe they offer value and timely exposure to renewed economic confidence. Financials will be the main beneficiaries of the inevitable increase in rates as confidence returns to the investment community. We also added selectively to major oil companies. While we do not expect a significant recovery in oil prices, it appears that oil company managers are embracing the new price regime and that they are increasingly focused on reducing costs and sustaining cash flows to support dividend payouts. We believe there could be substantial upside for oil companies as dividend yields are well above the market average and historical norms.

On the short side, we added new positions in health care and consumer staples during the period. We think the major U.S. drug companies are vulnerable to U.S. presidential politics and the negative impact of market pricing will be greater than generally understood. With the consumer staples stocks, we believe market participants may be overpaying for their defensive characteristics rather than their growth potential, which we believe to be limited. We believe that these stocks have become overvalued because of the trauma of the global financial crisis and the misplaced perception that the U.S. economy is unusually fragile.

What are your closing thoughts for the coming year?

Collapsing oil prices, tighter U.S. monetary policy and the uncertain health of the Chinese economy appeared to play on the nerves of investors for the first six weeks of 2016. All these concerns have shown distinct improvement since February.

Into spring, investors appeared to wonder if we had seen the bottom of the earnings cycle. At the same time, Federal Reserve Chair Janet Yellen promised to go easy on future rate hikes for an extended period, or at least until there is more visible strength across the global economy. If our understanding proves correct, we believe that an acceleration of the profit cycle and a dovish Fed, coupled with a strong global economy would be a favorable scenario. If the U.S. expansion is sustained through 2018, while Europe and select emerging economies can struggle forward rather than backward, it’s our belief that investors are underestimating the potential for a normalization of economic activity.

All of this supports our bullish case for equities. The world has suffered a series of rolling-debt crisis since 2008, and it is our view that we are approaching the end of this course. Assuming a modicum of healthy growth can emerge, we believe the upside for equities is underestimated. This is the scenario we favor. In our view, it is time to focus on what can go right for the global economy and the coming year could be a respectable one for U.S. and European stocks in particular.

74 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Long/Short Fund

GROWTH OF $10,000: SINCE INCEPTION (6/3/13) THROUGH 4/30/16

AVERAGE ANNUAL TOTAL RETURN^† AS OF 4/30/16

	6 MONTHS			1 YEAR			SINCE INCEPTION
Class A Shares – Inception 6/3/2013
Without Sales Charge		-4.38	%		-5.62	%		1.56	%
With Sales Charge		-8.89			-10.09			-0.13
Class C Shares – Inception 6/3/2013
Without Sales Charge		-4.74			-6.34			0.81
With Sales Charge		-5.70			-7.28			0.81
Class I Shares – Inception 6/3/2013		-4.17			-5.32			1.84
Class R Shares – Inception 6/3/2013		-4.40			-5.73			1.37

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.

As of the prospectus dated 2/29/16, the Fund’s gross expense ratio for Class A shares is 2.30%; Class C shares is 3.05%; Class I shares is 2.06%; Class R shares is 2.55%.

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

NOTES:

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

The 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.

www.calamos.com 75

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, 2015 to April 30, 2016. 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, 2015 to April 30, 2016, the period covered by this report. This chart also shows the actual returns, after expenses, you would have earned during that time. This chart can help you estimate your own expenses. For example, if you invested $8,600 in Class A shares of the fund, simply divide $8,600 by $1,000, then multiply that result by the figure in the Actual Expenses per $1,000 row. In this example, you would multiply 8.6 times the figure.

Hypothetical

In this part of the chart, you’ll see the hypothetical expenses you would have paid on a $1,000 investment from November 1, 2015 to April 30, 2016, 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.

76 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, 2015 and held through April 30, 2016.

	CLASS A SHARES		CLASS B SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R SHARES
CALAMOS GROWTH FUND
Actual Expenses per $1,000*	$	6.45	$	10.04	$	10.04	$	5.25	$	7.65
Actual – Ending Balance	$	936.30	$	932.90	$	932.90	$	937.50	$	935.40
Hypothetical Expenses per $1,000*	$	6.72	$	10.47	$	10.47	$	5.47	$	7.97
Hypothetical – Ending Value	$	1,018.20	$	1,014.47	$	1,014.47	$	1,019.44	$	1,016.96
Annualized expense ratio		1.34%		2.09%		2.09%		1.09%		1.59%
CALAMOS OPPORTUNISTIC VALUE FUND
Actual Expenses per $1,000*	$	5.69	$	9.39	$	9.38	$	4.46	$	6.93
Actual – Ending Balance	$	990.80	$	987.50	$	986.50	$	991.80	$	990.10
Hypothetical Expenses per $1,000*	$	5.77	$	9.52	$	9.52	$	4.52	$	7.02
Hypothetical – Ending Value	$	1,019.14	$	1,015.42	$	1,015.42	$	1,020.39	$	1,017.90
Annualized expense ratio(1)		1.15%		1.90%		1.90%		0.90%		1.40%
CALAMOS FOCUS GROWTH FUND
Actual Expenses per $1,000*	$	5.56	$	9.16	$	9.16	$	4.35	$	6.76
Actual – Ending Balance	$	943.40	$	940.00	$	940.00	$	944.30	$	942.90
Hypothetical Expenses per $1,000*	$	5.77	$	9.52	$	9.52	$	4.52	$	7.02
Hypothetical – Ending Value	$	1,019.14	$	1,015.42	$	1,015.42	$	1,020.39	$	1,017.90
Annualized expense ratio(1)		1.15%		1.90%		1.90%		0.90%		1.40%
CALAMOS DISCOVERY GROWTH FUND
Actual Expenses per $1,000*	$	7.13	$	10.67	$	10.68	$	5.95	$	8.31
Actual – Ending Balance	$	912.00	$	907.80	$	908.60	$	913.40	$	910.80
Hypothetical Expenses per $1,000*	$	7.52	$	11.27	$	11.27	$	6.27	$	8.77
Hypothetical – Ending Value	$	1,017.40	$	1,013.67	$	1,013.67	$	1,018.65	$	1,016.16
Annualized expense ratio(1)		1.50%		2.25%		2.25%		1.25%		1.75%
CALAMOS DIVIDEND GROWTH FUND
Actual Expenses per $1,000*	$	6.68		—	$	10.37	$	5.44	$	7.91
Actual – Ending Balance	$	989.80		—	$	986.60	$	990.70	$	987.80
Hypothetical Expenses per $1,000*	$	6.77		—	$	10.52	$	5.52	$	8.02
Hypothetical – Ending Value	$	1,018.15		—	$	1,014.42	$	1,019.39	$	1,016.91
Annualized expense ratio(1)		1.35%		—		2.10%		1.10%		1.60%
CALAMOS MID CAP GROWTH FUND
Actual Expenses per $1,000*	$	5.98		—	$	9.55	$	4.79	$	7.17
Actual – Ending Balance	$	924.10		—	$	920.70	$	925.50	$	923.60
Hypothetical Expenses per $1,000*	$	6.27		—	$	10.02	$	5.02	$	7.52
Hypothetical – Ending Value	$	1,018.65		—	$	1,014.92	$	1,019.89	$	1,017.40
Annualized expense ratio(1)		1.25%		—		2.00%		1.00%		1.50%
CALAMOS INTERNATIONAL GROWTH FUND
Actual Expenses per $1,000*	$	6.58	$	10.19	$	10.19	$	5.37	$	7.78
Actual – Ending Balance	$	944.50	$	941.60	$	941.50	$	945.90	$	943.50
Hypothetical Expenses per $1,000*	$	6.82	$	10.57	$	10.57	$	5.57	$	8.07
Hypothetical – Ending Value	$	1,018.10	$	1,014.37	$	1,014.37	$	1,019.34	$	1,016.86
Annualized expense ratio		1.36%		2.11%		2.11%		1.11%		1.61%

* 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 182/366.

(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 Equity Fund, Global Convertible Fund, Total Return Bond Fund, Hedged Equity Income Fund and Phineus Long/Short Fund are adjusted to reflect fee waiver.

www.calamos.com 77

Expense Example

The actual and hypothetical examples shown assume a $1,000 investment at the beginning of the period, November 1, 2015 and held through April 30, 2016.

	CLASS A SHARES		CLASS B SHARES		CLASS C SHARES		CLASS I SHARES		CLASS R SHARES
CALAMOS EVOLVING WORLD GROWTH FUND
Actual Expenses per $1,000*	$	8.02	$	11.81	$	11.66	$	6.80	$	9.23
Actual – Ending Balance	$	966.10	$	963.00	$	962.10	$	967.60	$	965.00
Hypothetical Expenses per $1,000*	$	8.22	$	12.11	$	11.96	$	6.97	$	9.47
Hypothetical – Ending Value	$	1,016.71	$	1,012.83	$	1,012.98	$	1,017.95	$	1,015.47
Annualized expense ratio		1.64%		2.42%		2.39%		1.39%		1.89%
CALAMOS EMERGING MARKET EQUITY FUND
Actual Expenses per $1,000*	$	8.58		—	$	12.24	$	7.36	$	9.80
Actual – Ending Balance	$	972.60		—	$	968.80	$	973.80	$	971.40
Hypothetical Expenses per $1,000*	$	8.77		—	$	12.51	$	7.52	$	10.02
Hypothetical – Ending Value	$	1,016.16		—	$	1,012.43	$	1,017.40	$	1,014.92
Annualized expense ratio(1)		1.75%		—		2.50%		1.50%		2.00%
CALAMOS GLOBAL EQUITY FUND
Actual Expenses per $1,000*	$	6.73	$	10.32	$	10.32	$	5.53	$	7.93
Actual – Ending Balance	$	934.20	$	930.90	$	930.70	$	935.20	$	933.50
Hypothetical Expenses per $1,000*	$	7.02	$	10.77	$	10.77	$	5.77	$	8.27
Hypothetical – Ending Value	$	1,017.90	$	1,014.17	$	1,014.17	$	1,019.14	$	1,016.66
Annualized expense ratio(1)		1.40%		2.15%		2.15%		1.15%		1.65%
CALAMOS GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	5.44	$	9.18	$	9.13	$	4.20	$	6.67
Actual – Ending Balance	$	988.60	$	984.50	$	984.30	$	989.50	$	987.60
Hypothetical Expenses per $1,000*	$	5.52	$	9.32	$	9.27	$	4.27	$	6.77
Hypothetical – Ending Value	$	1,019.39	$	1,015.61	$	1,015.66	$	1,020.64	$	1,018.15
Annualized expense ratio		1.10%		1.86%		1.85%		0.85%		1.35%
CALAMOS GLOBAL GROWTH AND INCOME FUND
Actual Expenses per $1,000*	$	7.24	$	10.90	$	10.90	$	6.02	$	8.46
Actual – Ending Balance	$	968.30	$	965.20	$	965.20	$	970.10	$	966.70
Hypothetical Expenses per $1,000*	$	7.42	$	11.17	$	11.17	$	6.17	$	8.67
Hypothetical – Ending Value	$	1,017.50	$	1,013.77	$	1,013.77	$	1,018.75	$	1,016.26
Annualized expense ratio		1.48%		2.23%		2.23%		1.23%		1.73%
CALAMOS CONVERTIBLE FUND
Actual Expenses per $1,000*	$	5.67	$	9.32	$	9.32	$	4.45	$	6.89
Actual – Ending Balance	$	966.10	$	962.90	$	962.70	$	968.20	$	965.50
Hypothetical Expenses per $1,000*	$	5.82	$	9.57	$	9.57	$	4.57	$	7.07
Hypothetical – Ending Value	$	1,019.10	$	1,015.37	$	1,015.37	$	1,020.34	$	1,017.85
Annualized expense ratio		1.16%		1.91%		1.91%		0.91%		1.41%
CALAMOS GLOBAL CONVERTIBLE FUND
Actual Expenses per $1,000*	$	6.67		—	$	10.34	$	5.43	$	7.90
Actual – Ending Balance	$	986.10		—	$	981.30	$	987.20	$	984.80
Hypothetical Expenses per $1,000*	$	6.77		—	$	10.52	$	5.52	$	8.02
Hypothetical – Ending Value	$	1,018.15		—	$	1,014.42	$	1,019.39	$	1,016.91
Annualized expense ratio(1)		1.35%		—		2.10%		1.10%		1.60%

* 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 182/366.

(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 Equity Fund, Global Convertible Fund, Total Return Bond Fund, Hedged Equity Income Fund and Phineus Long/Short Fund are adjusted to reflect fee waiver.

78 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, 2015 and held through April 30, 2016.

	CLASS A SHARES		CLASS B SHARES		CLASS C SHARES			CLASS I SHARES		CLASS R SHARES
CALAMOS TOTAL RETURN BOND FUND
Actual Expenses per $1,000*	$	4.54	$	8.30	$	8.30		$	3.28	$	5.79
Actual – Ending Balance	$	1,027.30	$	1,022.60	$	1,022.60		$	1,027.60	$	1,026.10
Hypothetical Expenses per $1,000*	$	4.52	$	8.27	$	8.27		$	3.27	$	5.77
Hypothetical – Ending Value	$	1,020.39	$	1,016.66	$	1,016.66		$	1,021.63	$	1,019.14
Annualized expense ratio(1)		0.90%		1.65%		1.65%			0.65%		1.15%
CALAMOS HIGH INCOME FUND
Actual Expenses per $1,000*	$	6.64	$	10.38	$	10.38		$	5.41	$	7.92
Actual – Ending Balance	$	993.20	$	988.70	$	988.70		$	994.50	$	990.80
Hypothetical Expenses per $1,000*	$	6.72	$	10.52	$	10.52		$	5.47	$	8.02
Hypothetical – Ending Value	$	1,018.20	$	1,014.42	$	1,014.42		$	1,019.44	$	1,016.91
Annualized expense ratio		1.34%		2.10%		2.10%			1.09%		1.60%
CALAMOS MARKET NEUTRAL INCOME FUND
Actual Expenses per $1,000*	$	5.98	$	9.70	$	9.70		$	4.74	$	7.22
Actual – Ending Balance	$	1,004.70	$	1,001.20	$	1,001.60		$	1,006.00	$	1,003.40
Hypothetical Expenses per $1,000*	$	6.02	$	9.77	$	9.77		$	4.77	$	7.27
Hypothetical – Ending Value	$	1,018.90	$	1,015.17	$	1,015.17		$	1,020.14	$	1,017.65
Annualized expense ratio(2)		1.20%		1.95%		1.95%			0.95%		1.45%
CALAMOS HEDGED EQUITY INCOME FUND
Actual Expenses per $1,000*	$	6.21		—	$	9.92		$	4.97	$	7.44
Actual – Ending Balance	$	998.10		—	$	993.90		$	999.20	$	995.70
Hypothetical Expenses per $1,000*	$	6.27		—	$	10.02		$	5.02	$	7.52
Hypothetical – Ending Value	$	1,018.65		—	$	1,014.92		$	1,019.89	$	1,017.40
Annualized expense ratio(1)		1.25%		—		2.00%			1.00%		1.50%
CALAMOS PHINEUS LONG/SHORT FUND†
Actual Expenses per $1,000*	$	1.47		—	$	2.02		$	1.34		—
Actual – Ending Balance	$	1,049.00		—	$	1,049.00	��	$	1,049.00		—
Hypothetical Expenses per $1,000*	$	1.44		—	$	1.98		$	1.31		—
Hypothetical – Ending Value	$	1,001.98		—	$	1,001.44		$	1,002.10		—
Annualized expense ratio(1) (2)		2.10%		—		2.89%			1.92%		—
CALAMOS LONG/SHORT FUND
Actual Expenses per $1,000*	$	12.55		—	$	16.65		$	11.59	$	14.25
Actual – Ending Balance	$	956.20		—	$	952.60		$	958.30	$	956.00
Hypothetical Expenses per $1,000*	$	12.91		—	$	17.12		$	11.91	$	14.64
Hypothetical – Ending Value	$	1,012.03		—	$	1,007.81		$	1,013.03	$	1,010.29
Annualized expense ratio(2)		2.58%		—		3.43%			2.38%		2.93%

† April 5, 2016 (commencement of operations) through April 30, 2016. Expenses for all Fund Classes of the Phineus Long/Short Fund are equal to the Fund’s annualized expense ratio, multiplied by the average account value from inception to period end, multiplied by 25/366.

* 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 182/366.

(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 Equity Fund, Global Convertible Fund, Total Return Bond Fund, Hedged Equity Income Fund and Phineus Long/Short Fund are adjusted to reflect fee waiver.

(2) Includes 0.12%, 0.17% and 0.72% related to dividend expense on short positions for Market Neutral Income Fund, Phineus Long/Short Fund and Long/Short Fund, respectively.

www.calamos.com 79

Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	COMMON STOCKS (90.9%)
		Consumer Discretionary (20.6%)
	69,870	Amazon.com, Inc.#	$	46,085,553
	638,000	Comcast Corp. - Class A		38,764,880
	308,800	Delphi Automotive, PLC		22,736,944
	604,000	Dollar General Corp.		49,473,640
	1,401,300	Hilton Worldwide Holdings, Inc.		30,898,665
	464,100	Home Depot, Inc.		62,138,349
	564,230	IMAX Corp.#		18,055,360
	382,800	Johnson Controls, Inc.		15,847,920
	898,000	Liberty Global, PLC - Class A#		33,881,540
	656,900	Lions Gate Entertainment Corp.^		14,583,180
	361,600	Norwegian Cruise Line Holdings, Ltd.#		17,678,624
	172,600	Signet Jewelers, Ltd.		18,737,456
	556,900	Starbucks Corp.		31,314,487
	42,500	Tesla Motors, Inc.#^		10,232,300
	285,400	Walt Disney Company		29,470,404
				439,899,302
		Consumer Staples (3.8%)
	515,690	Mondelez International, Inc. - Class A		22,154,043
	460,400	Reynolds American, Inc.		22,835,840
	442,900	Walgreens Boots Alliance, Inc.		35,113,112
				80,102,995
		Energy (3.4%)
	293,000	Diamondback Energy, Inc.#		25,367,940
	187,000	Pioneer Natural Resources Company		31,060,700
	193,400	Schlumberger, Ltd.		15,537,756
				71,966,396
		Financials (4.3%)
	411,700	E*TRADE Financial Corp.#		10,366,606
	384,300	Evercore Partners, Inc. - Class A		19,845,252
	118,800	Intercontinental Exchange, Inc.		28,515,564
	100,000	Jones Lang LaSalle, Inc.		11,517,000
	217,400	Realogy Holdings Corp.#		7,769,876
	139,200	SVB Financial Group#		14,515,776
				92,530,074
		Health Care (16.1%)
	665,700	AbbVie, Inc.		40,607,700
	573,500	Acadia Healthcare Company, Inc.#		36,239,465
	170,400	Alexion Pharmaceuticals, Inc.#		23,733,312
	97,300	Allergan, PLC#		21,071,288
	202,400	Celgene Corp.#		20,930,184
	343,200	Centene Corp.#		21,264,672
	1,024,400	Envision Healthcare Holdings, Inc.#		23,182,172
	393,600	Express Scripts Holding Company#		29,020,128
	136,600	HCA Holdings, Inc.#		11,012,692

NUMBER OF SHARES			VALUE
	754,900	IMS Health Holdings, Inc.#	$	20,110,536
	86,800	Jazz Pharmaceuticals, PLC#		13,080,760
	159,800	Perrigo Company, PLC		15,447,866
	115,000	Shire, PLC^		21,553,300
	208,500	VCA, Inc.#		13,129,245
	701,400	Zoetis, Inc.		32,986,842
				343,370,162
		Industrials (9.9%)
	171,700	Allegion, PLC		11,237,765
	1,122,000	CSX Corp.		30,596,940
	255,300	Eaton Corp., PLC		16,152,831
	84,500	Lennox International, Inc.		11,403,275
	164,000	Lockheed Martin Corp.		38,110,320
	172,200	Manpowergroup, Inc.		13,264,566
	166,200	Raytheon Company		20,999,370
	395,800	Southwest Airlines Company		17,656,638
	350,800	United Parcel Service, Inc. - Class B		36,858,556
	229,100	Waste Connections, Inc.		15,413,848
				211,694,109
		Information Technology (30.3%)
	357,400	Accenture, PLC - Class A		40,357,608
	204,100	Alphabet, Inc. - Class A#		144,478,308
	1,229,200	Apple, Inc.		115,225,208
	1,120,700	Applied Materials, Inc.		22,940,729
	907,000	Booz Allen Hamilton Holding Corp.		25,005,990
	863,700	Corning, Inc.		16,125,279
	90,200	CoStar Group, Inc.#		17,797,362
	593,400	Facebook, Inc. - Class A#		69,771,972
	611,400	FireEye, Inc.#^		10,607,790
	668,700	InterXion Holding, NV#		22,655,556
	1,195,500	Microsoft Corp.		59,619,585
	131,200	NXP Semiconductors, NV#		11,188,736
	180,900	Red Hat, Inc.#		13,272,633
	525,100	Sabre Corp.		15,201,645
	253,300	Salesforce.com, Inc.#		19,200,140
	359,500	TE Connectivity, Ltd.		21,383,060
	750,200	VeriFone Systems, Inc.#		21,350,692
				646,182,293
		Materials (0.7%)
	216,300	Scotts Miracle-Gro Co- Class A		15,309,714
		Telecommunication Services (1.8%)
	616,100	T-Mobile USA, Inc.#		24,200,408
	530,900	Zayo Group Holdings, Inc.#		13,782,164
				37,982,572
		TOTAL COMMON STOCKS (Cost $1,698,672,086)		1,939,037,617

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

Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (9.6%)
	204,737,882	Fidelity Prime Money Market Fund - Institutional Class (Cost $204,737,882)	$	204,737,882
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.9%)
		Federal Home Loan Bank Discount Notes
	8,762,256	0.000%, 06/15/16		8,762,256
	7,010,627	0.000%, 05/24/16		7,010,627
	5,258,116	0.000%, 05/02/16		5,258,116
	8,093,833	Fidelity Prime Money Market Fund - Institutional Class		8,093,833
	5,415,895	Goldman Sachs Financial Square Prime Obligations Fund		5,415,895
	6,296,134	Morgan Stanley Institutional Liquidity Fund		6,296,134
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $40,836,861)		40,836,861
	TOTAL INVESTMENTS (102.4%) (Cost $1,944,246,829)			2,184,612,360
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.9%)			(40,836,861	)
	LIABILITIES, LESS OTHER ASSETS (-0.4%)			(9,363,365	)
	NET ASSETS (100.0%)		$	2,134,412,134

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	British Pound Sterling	07/21/16		14,039,000	$	20,518,077	$	(322,667	)

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 81

Opportunistic Value Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	COMMON STOCKS (97.6%)
		Consumer Discretionary (6.8%)
	3,600	Carnival Corp.	$	176,580
	3,500	Comcast Corp. - Class A		212,660
	4,200	Dick’s Sporting Goods, Inc.		194,628
	2,700	Foot Locker, Inc.		165,888
	22,800	Ford Motor Company		309,168
	4,400	GameStop Corp. - Class A^		144,320
	12,350	General Motors Company, Inc.		392,730
	14,000	Gentex Corp.		224,560
	2,600	Genuine Parts Company		249,522
	6,300	Goodyear Tire & Rubber Company		182,511
	4,500	H&R Block, Inc.		91,080
	5,950	Harley-Davidson, Inc.		284,589
	4,500	Kohl’s Corp.		199,350
	1,200	Lear Corp.		138,156
	4,700	Target Corp.		373,650
	2,515	Tiffany & Company		179,445
	4,980	Time Warner, Inc.		374,197
	10,150	Twenty-First Century Fox, Inc.		307,139
				4,200,173
		Consumer Staples (6.2%)
	2,300	CVS Health Corp.		231,150
	12,750	Mondelez International, Inc. - Class A		547,740
	2,730	Philip Morris International, Inc.		267,868
	15,150	Procter & Gamble Company		1,213,818
	12,200	Wal-Mart Stores, Inc.		815,814
	6,215	Walgreens Boots Alliance, Inc.		492,725
	8,400	Whole Foods Market, Inc.		244,272
				3,813,387
		Energy (13.0%)
	2,850	Apache Corp.		155,040
	11,700	Chevron Corp.		1,195,506
	8,855	ConocoPhillips		423,180
	6,900	CVR Energy, Inc.^		167,532
	6,188	Devon Energy Corp.		214,600
	5,900	Dril-Quip, Inc.#		382,438
	1,500	EOG Resources, Inc.		123,930
	25,770	Exxon Mobil Corp.		2,278,068
	6,030	FMC Technologies, Inc.#		183,855
	15,300	Frank’s International, NV^		254,745
	9,350	Halliburton Company		386,249
	3,900	Marathon Petroleum Corp.		152,412
	6,900	National Oilwell Varco, Inc.		248,676
	3,325	Occidental Petroleum Corp.		254,861
	5,600	Phillips 66		459,816
	7,895	Schlumberger, Ltd.		634,284

NUMBER OF SHARES			VALUE
	6,120	Valero Energy Corp.	$	360,284
	3,815	World Fuel Services Corp.		178,275
				8,053,751
		Financials (27.6%)
	7,400	American Express Company		484,182
	12,265	American International Group, Inc.		684,632
	1,850	AvalonBay Communities, Inc.		327,061
	60,500	Bank of America Corp.		880,880
	5,540	Bank of Hawaii Corp.		378,991
	6,400	Bank of New York Mellon Corp.		257,536
	10,461	Berkshire Hathaway, Inc. - Class B#		1,521,866
	670	BlackRock, Inc.		238,741
	6,805	Brown & Brown, Inc.		238,924
	4,150	Capital One Financial Corp.		300,419
	1,080	Chubb Corp.		127,289
	2,675	Cincinnati Financial Corp.		176,577
	24,080	Citigroup, Inc.		1,114,422
	1,950	Digital Realty Trust, Inc.		171,561
	6,900	Discover Financial Services		388,263
	5,135	East West Bancorp, Inc.		192,511
	4,100	Equity Residential		279,087
	6,125	Franklin Resources, Inc.		228,708
	7,900	General Growth Properties, Inc.		221,437
	2,045	Goldman Sachs Group, Inc.		335,605
	7,800	Hartford Financial Services Group, Inc.		346,164
	10,700	Host Hotels & Resorts, Inc.		169,274
	870	Intercontinental Exchange, Inc.		208,826
	865	Jones Lang LaSalle, Inc.		99,622
	24,970	JPMorgan Chase & Company		1,578,104
	5,660	Legg Mason, Inc.		181,743
	2,240	Marsh & McLennan Companies, Inc.		141,456
	8,600	MetLife, Inc.		387,860
	4,540	Morgan Stanley		122,852
	3,200	Northern Trust Corp.		227,456
	4,800	PNC Financial Services Group, Inc.		421,344
	6,390	Principal Financial Group, Inc.		272,725
	8,340	Progressive Corp.		271,884
	5,000	Prologis, Inc.		227,050
	22,500	Regions Financial Corp.		211,050
	1,785	Signature Bank#		246,027
	1,800	SL Green Realty Corp.		189,144
	9,790	Unum Group		334,916
	11,300	US Bancorp		482,397
	2,030	Vornado Realty Trust		194,332
	33,050	Wells Fargo & Company		1,651,839
	3,000	Welltower, Inc.		208,260
	6,605	WR Berkley Corp.		369,880
				17,092,897

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

Opportunistic Value Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
		Health Care (11.9%)
	7,385	Abbott Laboratories	$	287,277
	2,500	Aetna, Inc.		280,675
	2,085	Allergan, PLC#		451,528
	2,150	Anthem, Inc.		302,655
	2,800	Cardinal Health, Inc.		219,688
	2,900	Gilead Sciences, Inc.		255,809
	14,660	Johnson & Johnson		1,643,093
	3,500	MEDNAX, Inc.#		249,515
	8,000	Medtronic, PLC		633,200
	19,425	Merck & Company, Inc.		1,065,267
	47,671	Pfizer, Inc.		1,559,318
	1,450	UnitedHealth Group, Inc.		190,936
	1,840	Universal Health Services, Inc. - Class B		245,971
				7,384,932
		Industrials (11.4%)
	1,300	Boeing Company		175,240
	5,350	Crane Company		297,300
	9,295	CSX Corp.		253,475
	2,850	Cummins, Inc.		333,535
	3,600	Dover Corp.		236,520
	3,700	Eaton Corp., PLC		234,099
	4,280	Emerson Electric Company		233,816
	1,700	General Dynamics Corp.		238,884
	49,700	General Electric Company		1,528,275
	2,135	Hubbell, Inc.		225,798
	6,040	ITT Corp.		231,755
	4,125	Jacobs Engineering Group, Inc.#		183,893
	11,600	JetBlue Airways Corp.#		229,564
	3,555	Lincoln Electric Holdings, Inc.		222,792
	3,800	Manpowergroup, Inc.		292,714
	720	Northrop Grumman Corp.		148,507
	1,965	Parker-Hannifin Corp.		227,979
	505	Raytheon Company		63,807
	3,800	Spirit AeroSystems Holdings Inc - Class A#		179,170
	3,125	Stanley Black & Decker, Inc.		349,750
	2,400	United Parcel Service, Inc. - Class B		252,168
	6,650	United Technologies Corp.		694,060
	5,740	Xylem, Inc.		239,817
				7,072,918
		Information Technology (11.6%)
	1,950	Accenture, PLC - Class A		220,194
	3,350	Analog Devices, Inc.		188,672
	2,100	Ansys, Inc.#		190,617
	2,796	Apple, Inc.		262,097
	11,900	Applied Materials, Inc.		243,593
	2,430	Automatic Data Processing, Inc.		214,909

NUMBER OF SHARES			VALUE
	37,275	Cisco Systems, Inc.	$	1,024,690
	1,950	DST Systems, Inc.		235,326
	6,700	FLIR Systems, Inc.		202,407
	30,230	Intel Corp.		915,364
	3,900	International Business Machines Corp.		569,166
	7,900	Juniper Networks, Inc.		184,860
	2,900	Lam Research Corp.		221,560
	14,700	Micron Technology, Inc.#		158,025
	19,200	Microsoft Corp.		957,504
	4,700	Oracle Corp.		187,342
	3,600	Paychex, Inc.		187,632
	12,150	QUALCOMM, Inc.		613,818
	3,900	Synopsys, Inc.#		185,328
	10,200	Teradyne, Inc.		192,882
				7,155,986
		Materials (2.3%)
	12,300	Alcoa, Inc.		137,391
	2,940	Celanese Corp.		207,858
	4,500	Dow Chemical Company		236,745
	4,200	E.I. du Pont de Nemours and Company		276,822
	14,050	Graphic Packaging Holding Company		186,584
	4,125	Mosaic Company		115,459
	3,400	Reliance Steel & Aluminum Company		251,498
				1,412,357
		Telecommunication Services (2.3%)
	22,500	AT&T, Inc.		873,450
	7,800	CenturyLink, Inc.		241,410
	5,600	Verizon Communications, Inc.		285,264
				1,400,124
		Utilities (4.5%)
	4,000	American Electric Power Company, Inc.		254,000
	3,800	Consolidated Edison, Inc.		283,480
	2,480	Dominion Resources, Inc.		177,246
	4,200	Duke Energy Corp.		330,876
	3,400	Edison International		240,414
	6,900	Exelon Corp.		242,121
	1,940	NextEra Energy, Inc.		228,105
	4,200	PG&E Corp.		244,440
	3,800	PPL Corp.		143,032
	5,450	Public Service Enterprise Group, Inc.		251,408
	1,185	Sempra Energy		122,470
	5,010	Southern Company		251,001
				2,768,593
		TOTAL COMMON STOCKS (Cost $59,765,069)		60,355,118

See accompanying Notes to Schedule of Investments www.calamos.com 83

Opportunistic Value Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (2.1%)
	1,303,697	Fidelity Prime Money Market Fund - Institutional Class (Cost $1,303,697)	$	1,303,697
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.8%)
		Federal Home Loan Bank Discount Notes
	104,784	0.000%, 06/15/16		104,784
	83,837	0.000%, 05/24/16		83,837
	62,879	0.000%, 05/02/16		62,879
	96,791	Fidelity Prime Money Market Fund - Institutional Class		96,791
	64,766	Goldman Sachs Financial Square Prime Obligations Fund		64,766
	75,293	Morgan Stanley Institutional Liquidity Fund		75,293
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $488,350)		488,350
	TOTAL INVESTMENTS (100.5%) (Cost $61,557,116)			62,147,165
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.8%)			(488,350	)
	OTHER ASSETS, LESS LIABILITIES (0.3%)			196,156
	NET ASSETS (100.0%)		$	61,854,971

NOTES TO SCHEDULE OF INVESTMENTS

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

# Non-income producing security.

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

Focus Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	COMMON STOCKS (92.9%)
		Consumer Discretionary (20.2%)
	15,355	Comcast Corp. - Class A	$	932,970
	7,600	Delphi Automotive, PLC		559,588
	14,900	Dollar General Corp.		1,220,459
	36,900	Hilton Worldwide Holdings, Inc.		813,645
	18,200	Home Depot, Inc.		2,436,798
	30,200	Liberty Global, PLC - Class A#		1,139,446
	13,400	Norwegian Cruise Line Holdings, Ltd.#		655,126
	13,800	Starbucks Corp.		775,974
	1,800	Tesla Motors, Inc.#^		433,368
	11,600	Walt Disney Company		1,197,816
				10,165,190
		Consumer Staples (3.9%)
	12,700	Mondelez International, Inc. - Class A		545,592
	10,850	Reynolds American, Inc.		538,160
	11,050	Walgreens Boots Alliance, Inc.		876,044
				1,959,796
		Energy (3.0%)
	9,000	Diamondback Energy, Inc.#		779,220
	4,550	Pioneer Natural Resources Company		755,755
				1,534,975
		Financials (3.8%)
	20,000	E*TRADE Financial Corp.#		503,600
	4,400	Intercontinental Exchange, Inc.		1,056,132
	3,300	SVB Financial Group#		344,124
				1,903,856
		Health Care (14.8%)
	22,100	AbbVie, Inc.		1,348,100
	14,400	Acadia Healthcare Company, Inc.#		909,936
	5,150	Alexion Pharmaceuticals, Inc.#		717,292
	2,300	Allergan, PLC#		498,088
	5,050	Celgene Corp.#		522,220
	6,650	Centene Corp.#		412,034
	9,800	Express Scripts Holding Company#		722,554
	3,175	HCA Holdings, Inc.#		255,969
	6,000	Perrigo Company, PLC		580,020
	3,950	Shire, PLC^		740,309
	16,400	Zoetis, Inc.		771,292
				7,477,814
		Industrials (9.0%)
	6,000	Eaton Corp., PLC		379,620
	4,800	Northrop Grumman Corp.		990,048
	3,950	Raytheon Company		499,082
	13,555	Southwest Airlines Company		604,689
	10,200	United Parcel Service, Inc. - Class B		1,071,714

NUMBER OF SHARES			VALUE
	14,400	Waste Connections, Inc.	$	968,832
				4,513,985
		Information Technology (35.2%)
	13,000	Accenture, PLC - Class A		1,467,960
	4,800	Alphabet, Inc. - Class A#		3,397,824
	33,050	Apple, Inc.		3,098,107
	27,800	Applied Materials, Inc.		569,066
	19,250	Booz Allen Hamilton Holding Corp.		530,722
	3,430	CoStar Group, Inc.#		676,773
	13,950	Facebook, Inc. - Class A#		1,640,241
	23,700	FireEye, Inc.#^		411,195
	44,425	InterXion Holding, NV#		1,505,119
	28,100	Microsoft Corp.		1,401,347
	3,100	NXP Semiconductors, NV#		264,368
	17,550	Sabre Corp.		508,073
	10,600	Salesforce.com, Inc.#		803,480
	18,600	Visa, Inc. - Class A		1,436,664
				17,710,939
		Materials (0.7%)
	5,100	Scotts Miracle-Gro Co - Class A		360,978
		Telecommunication Services (2.3%)
	30,000	T-Mobile USA, Inc.#		1,178,400
		TOTAL COMMON STOCKS (Cost $43,564,930)		46,805,933
	SHORT TERM INVESTMENT (7.8%)
	3,909,309	Fidelity Prime Money Market Fund - Institutional Class (Cost $3,909,309)		3,909,309
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.7%)
		Federal Home Loan Bank Discount Notes
	183,584	0.000%, 06/15/16		183,584
	146,884	0.000%, 05/24/16		146,884
	110,166	0.000%, 05/02/16		110,166
	169,579	Fidelity Prime Money Market Fund - Institutional Class		169,579
	113,472	Goldman Sachs Financial Square Prime Obligations Fund		113,472

See accompanying Notes to Schedule of Investments www.calamos.com 85

Focus Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	131,915	Morgan Stanley Institutional Liquidity Fund	$	131,915
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $855,600)		855,600
	TOTAL INVESTMENTS (102.4%) (Cost $48,329,839)			51,570,842
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.7%)			(855,600	)
	LIABILITIES, LESS OTHER ASSETS (-0.7%)			(344,829	)
	NET ASSETS (100.0%)		$	50,370,413

FORWARD FOREIGN CURRENCY CONTRACT

COUNTERPARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	British Pound Sterling	07/21/16		482,000	$	704,446	$	(11,078	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

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

Discovery Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	COMMON STOCKS (99.1%)
		Consumer Discretionary (18.7%)
	3,700	AMC Networks, Inc. - Class A#	$	241,351
	3,475	Bright Horizons Family Solutions, Inc.#		228,029
	6,400	Burlington Stores, Inc.#		364,608
	5,400	Cedar Fair, LP		313,578
	1,725	Chuy’s Holdings, Inc.#		52,682
	8,800	Gentherm, Inc.#		323,312
	12,600	IMAX Corp.#		403,200
	5,300	Lions Gate Entertainment Corp.		117,660
	1,800	Lululemon Athletica, Inc.#		117,990
	6,000	Norwegian Cruise Line Holdings, Ltd.#		293,340
	2,450	Red Robin Gourmet Burgers, Inc.#		158,907
	600	Signet Jewelers, Ltd.		65,136
	12,300	Videocon d2h, Ltd.#		95,817
	1,925	Williams-Sonoma, Inc.		113,151
				2,888,761
		Energy (3.6%)
	3,300	Diamondback Energy, Inc.#		285,714
	1,575	Pioneer Natural Resources Company		261,608
				547,322
		Financials (9.0%)
	4,600	BankUnited, Inc.		158,700
	8,300	Evercore Partners, Inc. - Class A		428,612
	1,950	Jones Lang LaSalle, Inc.		224,581
	7,600	PrivateBancorp, Inc.		316,236
	4,525	Realogy Holdings Corp.#		161,724
	1,025	SVB Financial Group#		106,887
				1,396,740
		Health Care (25.1%)
	9,600	Acadia Healthcare Company, Inc.#		606,624
	5,375	Acorda Therapeutics, Inc.#		138,944
	3,050	Amsurg Corp.#		246,989
	4,750	Centene Corp.#		294,310
	36,100	Cerus Corp.#		225,986
	4,300	Emergent Biosolutions, Inc.#		165,636
	12,500	Envision Healthcare Holdings, Inc.#		282,875
	2,200	Jazz Pharmaceuticals, PLC#		331,540
	15,200	NxStage Medical, Inc.#		245,024
	6,000	Otonomy, Inc.#		85,560
	41,100	Staar Surgical Company#		316,881
	3,500	STERIS, PLC		247,345
	6,600	VCA, Inc.#		415,602
	3,800	Veeva Systems, Inc., Class A#		104,538
	5,800	Zeltiq Aesthetics, Inc.#^		173,420
				3,881,274

NUMBER OF SHARES			VALUE
		Industrials (10.0%)
	3,300	Allegion, PLC	$	215,985
	1,500	Dover Corp.		98,550
	2,000	Lennox International, Inc.		269,900
	1,950	Lincoln Electric Holdings, Inc.		122,207
	2,700	Manpowergroup, Inc.		207,981
	1,725	Orbital ATK, Inc.		150,075
	2,325	United Rentals, Inc.#		155,612
	4,900	Waste Connections, Inc.		329,672
				1,549,982
		Information Technology (29.0%)
	9,400	Adtran, Inc.		181,608
	10,200	Booz Allen Hamilton Holding Corp.		281,214
	46,000	Calix, Inc.#		318,780
	3,700	CommVault Systems, Inc.#		161,949
	1,850	CoStar Group, Inc.#		365,023
	7,300	Criteo, SA#		304,337
	9,400	FireEye, Inc.#^		163,090
	14,700	Gogo, Inc.#^		155,673
	19,300	GTT Communications, Inc.#		308,414
	1,850	Guidewire Software, Inc.#		105,394
	2,770	Harris Corp.		221,628
	13,675	InterXion Holding, NV#		463,309
	5,100	J2 Global, Inc.		323,952
	3,800	NICE-Systems, Ltd.		242,630
	4,025	Sabre Corp.		116,524
	9,800	SunPower Corp.#^		197,372
	9,450	VeriFone Systems, Inc.#		268,947
	24,900	Workiva, Inc.#^		296,559
				4,476,403
		Materials (1.3%)
	2,850	Scotts Miracle-Gro Company, Class A		201,723
		Telecommunication Services (2.4%)
	14,350	Zayo Group Holdings, Inc.#		372,526
		TOTAL COMMON STOCKS (Cost $15,219,256)		15,314,731
	SHORT TERM INVESTMENT (1.5%)
	233,218	Fidelity Prime Money Market Fund - Institutional Class (Cost $233,218)		233,218

See accompanying Notes to Schedule of Investments www.calamos.com 87

Discovery Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (5.7%)
		Federal Home Loan Bank Discount Notes
	187,440	0.000%, 06/15/16	$	187,440
	149,970	0.000%, 05/24/16		149,970
	112,481	0.000%, 05/02/16		112,481
	173,142	Fidelity Prime Money Market Fund - Institutional Class		173,142
	115,856	Goldman Sachs Financial Square Prime Obligations Fund		115,856
	134,686	Morgan Stanley Institutional Liquidity Fund		134,686
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $873,575)		873,575
	TOTAL INVESTMENTS (106.3%) (Cost $16,326,049)			16,421,524
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-5.7%)			(873,575	)
	LIABILITIES, LESS OTHER ASSETS (-0.6%)			(98,429	)
	NET ASSETS (100.0%)		$	15,449,520

NOTE TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

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

Dividend Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	COMMON STOCKS (94.1%)
		Consumer Discretionary (12.8%)
	755	Amazon.com, Inc.#	$	497,990
	5,600	Comcast Corp. - Class A		340,256
	9,715	Ford Motor Company		131,735
	4,115	General Motors Company, Inc.		130,857
	4,970	Home Depot, Inc.		665,433
	2,920	McDonald’s Corp.		369,351
	4,960	Nike, Inc. - Class B		292,342
	4,420	Omnicom Group, Inc.		366,728
	130	Priceline Group, Inc.#		174,676
	1,205	Royal Caribbean Cruises, Ltd.		93,267
	7,200	Starbucks Corp.		404,856
	6,150	Target Corp.		488,925
	785	Time Warner Cable, Inc.		166,506
	1,855	Time Warner, Inc.		139,385
	4,000	Walt Disney Company		413,040
				4,675,347
		Consumer Staples (9.5%)
	4,450	Altria Group, Inc.		279,059
	7,700	Coca-Cola Company		344,960
	1,750	Costco Wholesale Corp.		259,228
	2,475	CVS Health Corp.		248,738
	3,020	Kroger Company		106,878
	5,450	Mondelez International, Inc. - Class A		234,132
	5,000	PepsiCo, Inc.		514,800
	5,385	Philip Morris International, Inc.		528,376
	2,870	Procter & Gamble Company		229,944
	3,555	Reynolds American, Inc.		176,328
	6,915	Walgreens Boots Alliance, Inc.		548,221
				3,470,664
		Energy (5.5%)
	3,940	Chevron Corp.		402,589
	3,400	ConocoPhillips		162,486
	1,770	EOG Resources, Inc.		146,238
	8,495	Exxon Mobil Corp.		750,958
	1,750	Marathon Petroleum Corp.		68,390
	2,100	Phillips 66		172,431
	3,865	Schlumberger, Ltd.		310,514
				2,013,606
		Financials (14.6%)
	2,025	American Express Company		132,496
	5,850	American International Group, Inc.		326,547
	4,400	American Tower Corp.		461,472
	18,800	Bank of America Corp.		273,728
	8,850	Bank of New York Mellon Corp.		356,124

NUMBER OF SHARES			VALUE
	9,570	BB&T Corp.	$	338,587
	3,255	Berkshire Hathaway, Inc. - Class B#		473,537
	7,900	Charles Schwab Corp.		224,439
	5,715	Citigroup, Inc.		264,490
	1,050	Crown Castle International Corp.		91,224
	800	Goldman Sachs Group, Inc.		131,288
	1,225	Intercontinental Exchange, Inc.		294,037
	13,080	JPMorgan Chase & Company		826,656
	4,300	MetLife, Inc.		193,930
	1,800	Prudential Financial, Inc.		139,752
	3,170	State Street Corp.		197,491
	800	Travelers Companies, Inc.		87,920
	10,790	Wells Fargo & Company~		539,284
				5,353,002
		Health Care (14.7%)
	4,850	Abbott Laboratories		188,665
	3,200	AbbVie, Inc.		195,200
	1,025	Alexion Pharmaceuticals, Inc.#		142,762
	630	Allergan, PLC#		136,433
	1,400	Amgen, Inc.		221,620
	2,300	Anthem, Inc.		323,771
	350	Biogen, Inc.#		96,247
	3,200	Bristol-Myers Squibb Company		230,976
	2,665	Cardinal Health, Inc.		209,096
	2,175	Celgene Corp.#		224,917
	1,650	Express Scripts Holding Company#		121,654
	3,250	Gilead Sciences, Inc.		286,682
	480	Illumina, Inc.#		64,795
	4,500	Johnson & Johnson~		504,360
	760	Laboratory Corp. of America Holdings#		95,243
	14,765	Merck & Company, Inc.		809,713
	20,550	Pfizer, Inc.		672,190
	3,230	Stryker Corp.		352,102
	1,020	Thermo Fisher Scientific, Inc.		147,135
	1,535	UnitedHealth Group, Inc.		202,129
	1,340	Zimmer Biomet Holdings, Inc.		155,132
				5,380,822
		Industrials (9.8%)
	880	3M Company		147,294
	3,095	Boeing Company		417,206
	8,480	CSX Corp.		231,250
	3,475	Delta Air Lines, Inc.		144,803
	3,300	Eaton Corp., PLC		208,791
	20,965	General Electric Company		644,674
	4,360	Honeywell International, Inc.		498,217
	3,550	Ingersoll-Rand, PLC		232,667
	1,605	Lockheed Martin Corp.		372,970

See accompanying Notes to Schedule of Investments www.calamos.com 89

Dividend Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	1,615	Stanley Black & Decker, Inc.	$	180,751
	1,600	Union Pacific Corp.		139,568
	975	United Parcel Service, Inc. - Class B		102,443
	2,700	United Technologies Corp.		281,799
				3,602,433
		Information Technology (18.0%)
	1,785	Accenture, PLC - Class A		201,562
	175	Alphabet, Inc. - Class A#		123,879
	1,002	Alphabet, Inc. - Class C#		694,396
	12,100	Apple, Inc.		1,134,254
	8,295	Cisco Systems, Inc.		228,030
	2,100	Electronic Arts, Inc.#		129,885
	5,050	Facebook, Inc. - Class A#		593,779
	12,830	Intel Corp.		388,492
	1,695	International Business Machines Corp.		247,368
	2,400	Lam Research Corp.		183,360
	2,900	MasterCard, Inc. - Class A		281,271
	17,335	Microsoft Corp.		864,497
	3,300	NVIDIA Corp.		117,249
	6,000	Oracle Corp.		239,160
	2,530	QUALCOMM, Inc.		127,816
	1,300	Red Hat, Inc.#		95,381
	3,300	Salesforce.com, Inc.#		250,140
	3,000	Texas Instruments, Inc.		171,120
	4,650	Visa, Inc. - Class A		359,166
	3,750	Xilinx, Inc.		161,550
				6,592,355
		Materials (2.1%)
	1,700	Avery Dennison Corp.		123,437
	5,350	Dow Chemical Company		281,463
	4,300	E.I. du Pont de Nemours and Company		283,413
	1,200	LyondellBasell Industries, NV - Class A		99,204
				787,517
		Telecommunication Services (3.5%)
	9,400	AT&T, Inc.		364,908
	18,284	Verizon Communications, Inc.		931,387
				1,296,295
		Utilities (3.6%)
	4,400	Dominion Resources, Inc.		314,468
	4,000	Duke Energy Corp.		315,120
	9,500	Exelon Corp.		333,355
	3,100	NextEra Energy, Inc.		364,498
				1,327,441
		TOTAL COMMON STOCKS (Cost $33,430,365)		34,499,482

NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (6.0%)
	2,197,345	Fidelity Prime Money Market Fund - Institutional Class (Cost $2,197,345)	$	2,197,345
	TOTAL INVESTMENTS (100.1%) (Cost $35,627,710)			36,696,827
	LIABILITIES, LESS OTHER ASSETS (-0.1%)			(40,309	)
	NET ASSETS (100.0%)		$	36,656,518

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $238,969.

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

Mid Cap Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	COMMON STOCKS (98.3%)
		Consumer Discretionary (24.8%)
��	2,175	AMC Networks, Inc. - Class A#	$	141,875
	135	AutoZone, Inc.#		103,306
	3,375	Burlington Stores, Inc.#		192,274
	950	Delphi Automotive, PLC		69,949
	1,675	Dollar General Corp.		137,199
	1,750	Gentherm, Inc.#		64,295
	6,625	Hilton Worldwide Holdings, Inc.		146,081
	3,000	IMAX Corp.#		96,000
	3,850	Liberty Global, PLC - Class A#		145,260
	2,825	Lions Gate Entertainment Corp.		62,715
	725	Lululemon Athletica, Inc.#		47,524
	1,700	Norwegian Cruise Line Holdings, Ltd.#		83,113
	1,225	Red Robin Gourmet Burgers, Inc.#		79,453
	400	Signet Jewelers, Ltd.		43,424
	225	Tesla Motors, Inc.#		54,171
	1,025	Williams-Sonoma, Inc.		60,250
				1,526,889
		Energy (3.5%)
	1,125	Diamondback Energy, Inc.#		97,403
	710	Pioneer Natural Resources Company		117,931
				215,334
		Financials (9.3%)
	4,100	Evercore Partners, Inc. - Class A		211,724
	1,625	Jones Lang LaSalle, Inc.		187,151
	1,475	PrivateBancorp, Inc.		61,375
	2,025	Realogy Holdings Corp.#		72,373
	400	SVB Financial Group#		41,712
				574,335
		Health Care (19.3%)
	3,700	Acadia Healthcare Company, Inc.#		233,803
	1,625	Amsurg Corp.#		131,592
	1,000	Centene Corp.#		61,960
	5,500	Envision Healthcare Holdings, Inc.#		124,465
	5,600	IMS Health Holdings, Inc.#		149,184
	675	Jazz Pharmaceuticals, PLC#		101,722
	1,000	Perrigo Company, PLC		96,670
	1,025	STERIS, PLC		72,437
	1,475	VCA, Inc.#		92,881
	2,725	Zoetis, Inc.		128,157
				1,192,871
		Industrials (12.6%)
	825	Allegion, PLC		53,996
	8,100	CSX Corp.		220,887
	400	Lennox International, Inc.		53,980

NUMBER OF SHARES			VALUE
	750	Lincoln Electric Holdings, Inc.	$	47,003
	2,000	Manpowergroup, Inc.		154,060
	600	Orbital ATK, Inc.		52,200
	1,560	Southwest Airlines Company		69,592
	925	United Rentals, Inc.#		61,910
	900	Waste Connections, Inc.		60,552
				774,180
		Information Technology (23.9%)
	4,150	Adtran, Inc.		80,178
	7,650	Booz Allen Hamilton Holding Corp.		210,911
	1,100	CommVault Systems, Inc.#		48,147
	2,575	Corning, Inc.		48,075
	870	CoStar Group, Inc.#		171,660
	6,500	FireEye, Inc.#^		112,775
	8,200	Gogo, Inc.#^		86,838
	5,425	InterXion Holding, NV#		183,799
	1,070	Red Hat, Inc.#		78,506
	4,400	Sabre Corp.		127,380
	2,950	SunPower Corp.#^		59,413
	1,080	TE Connectivity, Ltd.		64,238
	7,200	VeriFone Systems, Inc.#		204,912
				1,476,832
		Materials (0.9%)
	750	Scotts Miracle-Gro Company, Class A		53,085
		Telecommunication Services (4.0%)
	3,700	T-Mobile USA, Inc.#		145,336
	3,950	Zayo Group Holdings, Inc.#		102,542
				247,878
		TOTAL COMMON STOCKS (Cost $6,642,030)		6,061,404
	SHORT TERM INVESTMENT (0.6%)
	38,133	Fidelity Prime Money Market Fund - Institutional Class (Cost $38,133)		38,133
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.8%)
		Federal Home Loan Bank Discount Notes
	49,485	0.000%, 06/15/16		49,485
	39,592	0.000%, 05/24/16		39,592
	29,695	0.000%, 05/02/16		29,695
	45,710	Fidelity Prime Money Market Fund - Institutional Class		45,710

See accompanying Notes to Schedule of Investments www.calamos.com 91

Mid Cap Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	35,557	Morgan Stanley Institutional Liquidity Fund	$	35,557
	30,586	Goldman Sachs Financial Square Prime Obligations Fund		30,586
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $230,625)		230,625
	TOTAL INVESTMENTS (102.7%) (Cost $6,910,788)			6,330,162
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.7%)			(230,625	)
	OTHER ASSETS, LESS LIABILITIES (1.0%)			66,472
	NET ASSETS (100.0%)		$	6,166,009

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

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

International Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES				VALUE
	COMMON STOCKS (99.0%)
			Consumer Discretionary (12.5%)
	152,750		Ctrip.com International, Ltd.#^	$	6,661,428
	50,000	EUR	Daimler, AG		3,483,834
	53,000		Delphi Automotive, PLC		3,902,390
	254,500	GBP	Domino’s Pizza Group, PLC		3,421,666
	22,000	EUR	LVMH Moet Hennessy Louis Vuitton, SE		3,665,454
	1,230,685	INR	Motherson Sumi Systems, Ltd.		4,669,293
	65,150	ZAR	Naspers, Ltd. - Class N		8,965,384
	81,000	DKK	Pandora, A/S		10,531,017
	20,000	JPY	Ryohin Keikaku Company, Ltd.		4,637,218
	70,300	JPY	Toyota Motor Corp.		3,735,679
	220,131	GBP	WPP, PLC		5,142,832
					58,816,195
			Consumer Staples (16.0%)
	118,600	EUR	Anheuser-Busch InBev, SA		14,712,798
	157,000	GBP	British American Tobacco, PLC		9,572,624
	369,000	GBP	Diageo, PLC		9,976,325
	105,000	CHF	Nestlé, SA		7,837,167
	80,450	GBP	Reckitt Benckiser Group, PLC		7,837,355
	121,000	JPY	Seven & I Holdings Company, Ltd.		5,166,382
	128,000	SEK	Svenska Cellulosa, AB SCA		4,038,609
	215,000	EUR	Unilever, NV^		9,444,920
	2,590,000	MXN	Wal-Mart de Mexico SAB de CV		6,400,990
					74,987,170
			Energy (4.4%)
	135,000	EUR	Royal Dutch Shell, PLC		3,566,415
	103,000		Schlumberger, Ltd.		8,275,020
	170,000	EUR	TOTAL, SA		8,591,936
					20,433,371
			Financials (11.6%)
	888,400	HKD	AIA Group, Ltd.		5,316,724
	62,000	EUR	AURELIUS, SE & Co. KGaA		3,711,004
	209,850	EUR	Azimut Holding, S.p.A		5,296,897
	837,000	JPY	Daiwa Securities Group, Inc.		5,083,359
	55,000	EUR	Flow Traders*		2,183,208
	215,000	INR	Housing Development Finance Corp., Ltd.		3,523,250
	321,000	EUR	ING Groep, NV		3,933,349
	800,000	JPY	Kenedix, Inc.		3,571,428
	327,000	EUR	Merlin Properties Socimi, SA		3,806,170
	1,999,854	PHP	Metropolitan Bank & Trust Company		3,463,039
	155,000	EUR	PATRIZIA Immobilien, AG#		3,594,786
	201,600	GBP	Prudential, PLC		3,979,493
	180,000	GBP	St. James’s Place, PLC		2,284,865
	140,452	EUR	Vonovia, SE		4,734,378
					54,481,950

NUMBER OF SHARES				VALUE
			Health Care (14.9%)
	17,500		Allergan, PLC#	$	3,789,800
	365,000	JPY	Chugai Pharmaceutical Company, Ltd.		12,898,496
	99,000	EUR	Fresenius, SE & Company KGaA		7,218,908
	160,000	DKK	H Lundbeck, A/S#^		5,346,075
	1,866,000	AUD	Healthscope, Ltd.		3,843,021
	153,000	GBP	Hikma Pharmaceuticals, PLC		4,932,819
	38,500	JPY	Kaken Pharmaceutical Company, Ltd.		2,196,382
	70,000		LivaNova, PLC#		3,691,100
	134,000	DKK	Novo Nordisk, A/S - Class B		7,481,809
	32,800	CHF	Roche Holding, AG		8,298,703
	137,951	EUR	UCB, SA^		10,347,594
					70,044,707
			Industrials (13.1%)
	70,500	EUR	ANDRITZ, AG		3,957,318
	312,000	GBP	Ashtead Group, PLC		4,149,418
	61,000	CAD	Canadian National Railway Company		3,756,165
	548,560	HKD	CK Hutchison Holdings, Ltd.		6,562,765
	5,700	CHF	dorma+kaba Holding AG		3,701,459
	43,100	JPY	FANUC Corp.		6,685,766
	124,750	EUR	KION Group, AG		6,812,288
	359,000	JPY	MISUMI Group, Inc.		5,243,289
	76,000	JPY	Nidec Corp.		5,846,428
	52,250	EUR	Safran, SA		3,602,097
	73,000	EUR	Schneider Electric, SE		4,773,295
	71,500	EUR	Thales, SA		6,187,445
					61,277,733
			Information Technology (23.6%)
	38,000		Accenture, PLC - Class A		4,290,960
	74,000		Alibaba Group Holding, Ltd.#		5,693,560
	354,045	GBP	ARM Holdings, PLC		4,859,576
	65,400		Baidu, Inc.#		12,707,220
	85,000		Check Point Software Technologies, Ltd.#^		7,043,950
	89,000	CAD	Enghouse Systems, Ltd.		3,720,451
	4,300	JPY	Keyence Corp.		2,714,173
	10,200	KRW	NAVER Corp.		6,045,003
	68,700		NXP Semiconductors, NV#		5,858,736
	103,300	JPY	Optex Company, Ltd.		3,441,715
	156,800	EUR	SAP SE		12,302,697
	264,000	JPY	Square Enix Holdings Company, Ltd.		7,044,135
	3,103,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		14,256,330
	678,900	HKD	Tencent Holdings, Ltd.		13,814,472
	73,000	EUR	United Internet, AG		3,568,108
	18,561	EUR	XING, AG		3,523,832
					110,884,918

See accompanying Notes to Schedule of Investments www.calamos.com 93

International Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES				VALUE
			Materials (2.1%)
	200,000	EUR	Buzzi Unicem S.p.A	$	3,798,911
	420,000	AUD	Newcrest Mining, Ltd.#		6,124,281
					9,923,192
			Telecommunication Services (0.8%)
	205,000	EUR	Deutsche Telekom, AG		3,598,454
			TOTAL COMMON STOCKS (Cost $438,424,968)		464,447,690
	SHORT TERM INVESTMENT (1.6%)
	7,466,188		Fidelity Prime Money Market Fund - Institutional Class (Cost $7,466,188)		7,466,188
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (6.9%)
			Federal Home Loan Bank Discount Notes
	6,992,553		0.000%, 06/15/16		6,992,553
	5,594,698		0.000%, 05/24/16		5,594,698
	4,196,140		0.000%, 05/02/16		4,196,140
	6,459,130		Fidelity Prime Money Market Fund - Institutional Class		6,459,130
	4,322,052		Goldman Sachs Financial Square Prime Obligations Fund		4,322,052
	5,024,510		Morgan Stanley Institutional Liquidity Fund		5,024,510
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $32,589,083)		32,589,083
	TOTAL INVESTMENTS (107.5%) (Cost $478,480,239)				504,502,961
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.9%)				(32,589,083	)
	LIABILITIES, LESS OTHER ASSETS (-0.6%)				(2,535,395	)
	NET ASSETS (100.0%)			$	469,378,483

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	European Monetary Unit	05/31/16		35,388,000	$	40,553,643	$	(723,175	)
Northern Trust Company	Japanese Yen	05/31/16		488,081,000		4,589,794		(206,584	)
							$	(929,759	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

* Securities issued and sold pursuant to a Rule 144A transaction are 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.

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.

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

International Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

CURRENCY EXPOSURE

APRIL 30, 2016

	VALUE		% OF TOTAL INVESTMENTS
European Monetary Unit	$	140,416,096		27.9%
US Dollar		101,969,435		20.2%
Japanese Yen		68,264,450		13.5%
British Pound Sterling		56,156,973		11.1%
Hong Kong Dollar		25,693,961		5.1%
Danish Krone		23,358,901		4.6%
Swiss Franc		19,837,329		3.9%
New Taiwan Dollar		14,256,330		2.8%
Australian Dollar		9,967,302		2.0%
South African Rand		8,965,384		1.8%
Indian Rupee		8,192,543		1.6%
Canadian Dollar		7,476,616		1.5%
Mexican Peso		6,400,990		1.3%
South Korean Won		6,045,003		1.2%
Swedish Krona		4,038,609		0.8%
Philippine Peso		3,463,039		0.7%
Total Investments	$	504,502,961		100.0%

Currency exposure may vary over time.

See accompanying Notes to Financial Statements www.calamos.com 95

Evolving World Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (18.8%)
			Consumer Discretionary (6.9%)
			Ctrip.com International, Ltd.
	12,100,000		1.000%, 07/01/20*	$	13,308,548
	1,815,000		1.250%, 10/15/18		2,315,586
	2,360,000		LVMH Moet Hennessy Louis Vuitton, SE 0.000%, 02/16/21		6,123,478
	34,000,000	HKD	Shenzhou International Group Holdings, Ltd. 0.500%, 06/18/19		5,181,423
	4,200,000	EUR	Steinhoff Finance Holding Company 1.250%, 10/21/23		4,824,167
					31,753,202
			Consumer Staples (0.6%)
	348,300	ZAR	Shoprite Investments, Ltd. 6.500%, 04/03/17		2,633,664
			Financials (2.9%)
	9,000,000		AYC Finance, Ltd. 0.500%, 05/02/19		9,428,422
	4,200,000		China Overseas Finance Investment Cayman V, Ltd. 0.000%, 01/05/23		4,235,373
					13,663,795
			Health Care (1.4%)
	7,600,000	SGD	Indah Capital, Ltd. 0.000%, 10/24/18		6,595,198
			Industrials (1.4%)
	6,000,000		CRRC Corp., Ltd. 0.000%, 02/05/21		6,383,760
			Information Technology (3.6%)
	4,750,000		MercadoLibre, Inc. 2.250%, 07/01/19		5,572,106
	4,350,000		NXP Semiconductors, NV 1.000%, 12/01/19		4,935,619
	2,965,000		ON Semiconductor Corp. 2.625%, 12/15/26		3,160,749
	3,000,000		Semiconductor Manufacturing International Corp. 0.000%, 11/07/18		3,180,645
					16,849,119
			Materials (2.0%)
	1,600,000	EUR	Buzzi Unicem, S.p.A. 1.375%, 07/17/19		2,254,030
	6,300,000		Newmont Mining Corp.^ 1.625%, 07/15/17		6,851,282
					9,105,312
			TOTAL CONVERTIBLE BONDS (Cost $87,649,517)		86,984,050

NUMBER OF SHARES				VALUE
	COMMON STOCKS (79.7%)
			Consumer Discretionary (11.3%)
	1,435,595	MXN	Alsea, SAB de CV^	$	5,503,017
	3,100,000	HKD	Brilliance China Automotive Holdings, Ltd.		3,057,672
	531,585	TWD	Eclat Textile Company, Ltd.		6,050,551
	3,998,667	IDR	Matahari Department Store, Tbk PT		5,733,543
	1,740,255	INR	Motherson Sumi Systems, Ltd.		6,602,632
	72,640	ZAR	Naspers, Ltd. - Class N		9,996,094
	2,356,300	MXN	Nemak SAB de CV*^		3,367,776
	237,000	TWD	Tung Thih Electronic Company, Ltd.		4,212,425
	145,400	GBP	WPP, PLC		3,396,922
	58,000		Yum! Brands, Inc.		4,614,480
					52,535,112
			Consumer Staples (14.6%)
	963,263	BRL	Ambev, SA		5,430,739
	9,900	KRW	Amorepacific Corp.		3,530,731
	46,700	EUR	Anheuser-Busch InBev, SA		5,793,319
	55,217	GBP	British American Tobacco, PLC		3,366,698
	300,000	GBP	Diageo, PLC		8,110,833
	536,000	MXN	Fomento Economico Mexicano, SAB de CV		4,996,538
	1,360,000	MXN	Grupo Lala, SAB de CV		3,637,017
	459,366	IDR	Hanjaya Mandala Sampoerna Tbk PT		3,474,413
	745,950	BRL	Hypermarcas, SA		6,580,540
	213,000	EUR	Jeronimo Martins SGPS, SA		3,487,310
	141,000	EUR	Unilever, NV^		6,194,110
	630,000	PHP	Universal Robina Corp.		2,797,591
	4,116,000	MXN	Wal-Mart de Mexico SAB de CV		10,172,385
					67,572,224
			Energy (4.5%)
	70,000		Anadarko Petroleum Corp.		3,693,200
	5,272,000	HKD	PetroChina Company, Ltd. - Class H		3,857,154
	135,000	EUR	Royal Dutch Shell, PLC		3,566,415
	190,000	EUR	TOTAL, SA		9,602,753
					20,719,522
			Financials (11.6%)
	880,000	HKD	AIA Group, Ltd.		5,266,453
	4,501,500	IDR	Bank Mandiri Persero, Tbk PT		3,272,251
	542,000	BRL	BB Seguridade Participacoes, SA		4,727,775
	100,000	EUR	Erste Group Bank, AG#		2,878,623
	1,615,000	MXN	Fibra Uno Administracion, SA de CV		3,836,466
	1,482,000	MXN	Grupo Financiero Banorte, SAB de CV		8,426,166
	278,000	INR	Housing Development Finance Corp., Ltd.		4,555,645
	660,000	THB	Kasikornbank, PCL		3,149,005
	4,072,538	PHP	Metropolitan Bank & Trust Company		7,052,194

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

Evolving World Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES				VALUE
	18,500	KRW	Samsung Fire & Marine Insurance Company, Ltd.	$	4,768,990
	96,700	KRW	Shinhan Financial Group Company, Ltd.		3,545,597
	2,310,000	HKD	Value Partners Group, Ltd.^		2,205,013
					53,684,178
			Health Care (3.6%)
	27,900		China Biologic Products, Inc.#		3,264,300
	263,000	INR	Glenmark Pharmaceuticals, Ltd.		3,277,386
	217,000	GBP	Hikma Pharmaceuticals, PLC		6,996,221
	12,200	KRW	Hugel, Inc.#		3,248,959
					16,786,866
			Industrials (6.7%)
	20,494	EUR	ANDRITZ, AG		1,150,373
	825,000	TRY	Aselsan Elektronik Sanayi Ve Ticaret AS		5,883,011
	699,556	HKD	CK Hutchison Holdings, Ltd.		8,369,224
	182,000		Controladora Vuela Cia de Aviacion, SAB de CV#		3,800,160
	20,500	JPY	FANUC Corp.		3,180,005
	250,000	INR	Larsen & Toubro, Ltd.		4,718,178
	675,000	HKD	Zhuzhou CRRC Times Electric Co., Ltd.		3,840,575
					30,941,526
			Information Technology (21.6%)
	30,000		Accenture, PLC - Class A		3,387,600
	88,800		Alibaba Group Holding, Ltd.#		6,832,272
	78,000		Baidu, Inc.#		15,155,400
	238,000	INR	Infosys, Ltd.		4,329,653
	52,000	TWD	Largan Precision Company, Ltd.		3,629,813
	16,100	KRW	NAVER Corp.		9,541,622
	3,822,000	HKD	PAX Global Technology, Ltd.^		3,291,586
	12,044	KRW	Samsung Electronics Co., Ltd.		13,125,932
	4,107,649	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		18,872,059
	89,518	INR	Tata Consultancy Services, Ltd.		3,418,099
	667,100	HKD	Tencent Holdings, Ltd.		13,574,361
	237,500		Yandex, NV - Class A#		4,861,625
					100,020,022
			Materials (1.1%)
	355,400	AUD	Newcrest Mining, Ltd.#		5,182,308
			Telecommunication Services (3.8%)
	1,166,500	HKD	China Mobile, Ltd.		13,392,321
	16,450,000	IDR	Telekomunikasi Indonesia Persero Tbk PT		4,413,417
					17,805,738

NUMBER OF SHARES				VALUE
			Utilities (0.9%)
	80,000	KRW	Korea Electric Power Corp.	$	4,345,501
			TOTAL COMMON STOCKS (Cost $370,315,743)		369,592,997
	SHORT TERM INVESTMENT (3.6%)
	16,744,710		Fidelity Prime Money Market Fund - Institutional Class (Cost $16,744,710)		16,744,710
					��
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.6%)
			Federal Home Loan Bank Discount Notes
	3,606,839		0.000%, 06/15/16		3,606,839
	2,885,810		0.000%, 05/24/16		2,885,810
	2,164,418		0.000%, 05/02/16		2,164,418
	3,331,694		Fidelity Prime Money Market Fund - Institutional Class		3,331,694
	2,229,365		Goldman Sachs Financial Square Prime Obligations Fund		2,229,365
	2,591,700		Morgan Stanley Institutional Liquidity Fund		2,591,700
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $16,809,826)		16,809,826
	TOTAL INVESTMENTS (105.7%) (Cost $491,519,796)				490,131,583
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.6%)				(16,809,826	)
	LIABILITIES, LESS OTHER ASSETS (-2.1%)				(9,668,320	)
	NET ASSETS (100.0%)			$	463,653,437

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
JPMorgan Chase Bank N.A	Japanese Yen	05/31/16		135,418,000	$	1,273,438	$	53,226
COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	British Pound Sterling	05/31/16		13,965,000	$	20,406,251	$	(321,579	)
Northern Trust Company	European Monetary Unit	05/31/16		23,761,000		27,229,431		(485,570	)
Northern Trust Company	Japanese Yen	05/31/16		504,809,000		4,747,100		(213,664	)
							$	(1,020,813	)

See accompanying Notes to Schedule of Investments www.calamos.com 97

Evolving World Growth Fund    Schedule of Investments April 30, 2016 (Unaudited)

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.

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

# Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS

AUD	Australian Dollar
BRL	Brazilian Real
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, 2016

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	144,659,141		29.5%
Hong Kong Dollar		62,035,782		12.7%
South Korean Won		42,107,332		8.6%
Mexican Peso		39,939,365		8.1%
European Monetary Unit		39,751,100		8.1%
New Taiwan Dollar		32,764,848		6.7%
Indian Rupee		26,901,593		5.5%
British Pound Sterling		21,870,674		4.5%
Indonesian Rupiah		16,893,624		3.4%
Brazilian Real		16,739,054		3.4%
South African Rand		12,629,758		2.6%
Philippine Peso		9,849,785		2.0%
Singapore Dollar		6,595,198		1.3%
Turkish Lira		5,883,011		1.2%
Australian Dollar		5,182,308		1.1%
Japanese Yen		3,180,005		0.7%
Thai Baht		3,149,005		0.6%
Total Investments	$	490,131,583		100.0%

Currency exposure may vary over time.

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

Emerging Market Equity Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES				VALUE
	COMMON STOCKS (97.6%)
			Consumer Discretionary (13.9%)
	35,947	MXN	Alsea, SAB de CV	$	137,794
	169,400	IDR	Astra International, Tbk PT		85,963
	116,000	HKD	Brilliance China Automotive Holdings, Ltd.		114,416
	6,730		Ctrip.com International, Ltd.#		293,495
	15,188	TWD	Eclat Textile Company, Ltd.		172,871
	33,200	PHP	Jollibee Foods Corp.		162,415
	5,000		Mahindra & Mahindra, Ltd.		99,000
	146,870	IDR	Matahari Department Store, Tbk PT		210,592
	2,033	ZAR	Naspers, Ltd. - Class N		279,764
	68,850	MXN	Nemak SAB de CV^*		98,405
	10,000	TWD	Tung Thih Electronic Company, Ltd.		177,740
					1,832,455
			Consumer Staples (13.1%)
	27,700	BRL	Ambev, SA		156,168
	300	KRW	Amorepacific Corp.		106,992
	47,000	HKD	China Resources Beer Holdings Company, Ltd.		103,278
	15,700	MXN	Fomento Economico Mexicano, SAB de CV		146,354
	53,000	MXN	Grupo Lala, SAB de CV		141,737
	14,905	IDR	Hanjaya Mandala Sampoerna Tbk PT		112,734
	27,667	BRL	Hypermarcas, SA		244,070
	21,000		ITC, Ltd.#		102,732
	10,500	EUR	Jeronimo Martins SGPS, SA		171,910
	4,440		United Spirits, Ltd.#		79,387
	18,000	PHP	Universal Robina Corp.		79,931
	115,000	MXN	Wal-Mart de Mexico SAB de CV		284,214
					1,729,507
			Energy (3.2%)
	73,000	HKD	CNOOC, Ltd.		90,178
	1,800		Lukoil PJSC		76,293
	960		Lukoil PJSC		40,800
	163,000	HKD	PetroChina Company, Ltd. - Class H		119,256
	5,000		YPF, SA		100,750
					427,277
			Financials (18.9%)
	24,200	HKD	AIA Group, Ltd.		144,828
	6,225		Axis Bank, Ltd.		222,855
	276,600	PHP	Ayala Land, Inc.		204,082
	113,800	IDR	Bank Rakyat Indonesia Persero, Tbk PT		88,933
	12,700	BRL	BB Seguridade Participacoes, SA		110,780
	42,000	HKD	China Overseas Land & Investment, Ltd.		133,319
	4,270	EUR	Erste Group Bank, AG#		122,917
	58,300	MXN	Fibra Uno Administracion, SA de CV		138,493

NUMBER OF SHARES				VALUE
	45,300	MXN	Grupo Financiero Banorte, SAB de CV	$	257,561
	3,325	PHP	GT Capital Holdings, Inc.		96,789
	14,625		ICICI Bank, Ltd.		103,106
	29,200	BRL	Itausa - Investimentos Itau, SA		73,525
	20,700	THB	Kasikornbank, PCL		98,764
	147,891	PHP	Metropolitan Bank & Trust Company		256,095
	595	KRW	Samsung Fire & Marine Insurance Company, Ltd.		153,381
	2,700	KRW	Shinhan Financial Group Company, Ltd.		98,998
	34,500		Turkiye Garanti Bankasi AS		104,535
	89,000	HKD	Value Partners Group, Ltd.^		84,955
					2,493,916
			Health Care (5.7%)
	1,055		China Biologic Products, Inc.#		123,435
	2,030		Dr. Reddy’s Laboratories, Ltd.		92,568
	8,140	GBP	Hikma Pharmaceuticals, PLC		262,439
	600	KRW	Hugel, Inc.#		159,785
	66,200	MYR	IHH Healthcare Bhd		110,897
					749,124
			Industrials (7.5%)
	38,885	TRY	Aselsan Elektronik Sanayi Ve Ticaret AS		277,286
	8,200		Controladora Vuela Cia de Aviacion, SAB de CV#~		171,216
	13,600		Larsen & Toubro, Ltd.		259,080
	679,000	IDR	Wijaya Karya Persero, Tbk PT		136,009
	27,000	HKD	Zhuzhou CRRC Times Electric Co., Ltd.		153,623
					997,214
			Information Technology (27.7%)
	3,330		Alibaba Group Holding, Ltd.#		256,210
	2,190		Baidu, Inc.#		425,517
	9,830		Infosys, Ltd.		184,804
	2,000	TWD	Largan Precision Company, Ltd.		139,608
	5,300	BRL	Linx, SA		72,891
	1,124		MercadoLibre, Inc.		140,377
	123,500	MYR	My EG Services Bhd		63,470
	570	KRW	NAVER Corp.		337,809
	98,000	HKD	PAX Global Technology, Ltd.^		84,400
	480	KRW	Samsung Electronics Co., Ltd.		523,119
	1,071,500	HKD	Semiconductor Manufacturing International Corp.#		88,086
	119,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		546,730
	27,200	HKD	Tencent Holdings, Ltd.		553,474
	11,770		Yandex, NV - Class A#		240,932
					3,657,427

See accompanying Notes to Schedule of Investments www.calamos.com 99

Emerging Market Equity Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES				VALUE
			Materials (2.0%)
	6,700	ZAR	AngloGold Ashanti, Ltd.#	$	106,370
	1,500	KRW	Kolon Industries, Inc.		91,901
	650	GBP	Randgold Resources, Ltd.		64,927
					263,198
			Telecommunication Services (3.8%)
	33,500	HKD	China Mobile, Ltd.		384,606
	460,000	IDR	Telekomunikasi Indonesia Persero Tbk PT		123,415
					508,021
			Utilities (1.8%)
	4,400	KRW	Korea Electric Power Corp.		239,002
			TOTAL COMMON STOCKS (Cost $12,925,954)		12,897,141
	EXCHANGE-TRADED FUND (0.7%)
			Other (0.7%)
	6,500		VanEck Vectors Vietnam ETF 0.000% (Cost $95,503)		93,730
	SHORT TERM INVESTMENT (2.3%)
	307,314		Fidelity Prime Money Market Fund - Institutional Class (Cost $307,314)		307,314
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.3%)
			Federal Home Loan Bank Discount Notes
	37,899		0.000%, 06/15/16		37,899
	30,322		0.000%, 05/24/16		30,322
	22,742		0.000%, 05/02/16		22,742
	35,007		Fidelity Prime Money Market Fund - Institutional Class		35,007
	23,425		Goldman Sachs Financial Square Prime Obligations Fund		23,425
	27,232		Morgan Stanley Institutional Liquidity Fund		27,232
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $176,627)		176,627
	TOTAL INVESTMENTS (101.9%) (Cost $13,505,398)				13,474,812
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.3%)				(176,627	)
	LIABILITIES, LESS OTHER ASSETS (-0.6%)				(81,277	)
	NET ASSETS (100.0%)			$	13,216,908

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

* Securities issued and sold pursuant to a Rule 144A transaction are 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.

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $41,760.

FOREIGN CURRENCY ABBREVIATIONS

BRL	Brazilian Real
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
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. The common stocks amount for such securities is shown in the respective foreign currency.

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

Emerging Market Equity Fund    Schedule of Investments April 30, 2016 (Unaudited)

CURRENCY EXPOSURE

APRIL 30, 2016

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	3,694,763		27.4%
Hong Kong Dollar		2,054,419		15.3%
South Korean Won		1,710,987		12.7%
Mexican Peso		1,204,558		8.9%
New Taiwan Dollar		1,036,949		7.7%
Philippine Peso		799,312		5.9%
Indonesian Rupiah		757,646		5.6%
Brazilian Real		657,434		4.9%
South African Rand		386,134		2.9%
British Pound Sterling		327,366		2.4%
European Monetary Unit		294,827		2.2%
Turkish Lira		277,286		2.1%
Malaysian Ringgit		174,367		1.3%
Thai Baht		98,764		0.7%
Total Investments	$	13,474,812		100.0%

Currency exposure may vary over time.

See accompanying Notes to Financial Statements www.calamos.com 101

Global Equity Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES				VALUE
	COMMON STOCKS (97.6%)
			Consumer Discretionary (19.4%)
	2,420		Amazon.com, Inc.#	$	1,596,208
	31,300		Comcast Corp. - Class A		1,901,788
	46,000		Ctrip.com International, Ltd.#		2,006,060
	23,800	EUR	Daimler, AG		1,658,305
	20,100		Delphi Automotive, PLC		1,479,963
	19,600		Dollar General Corp.		1,605,436
	51,400	GBP	Domino’s Pizza Group, PLC		691,056
	5,700		Home Depot, Inc.		763,173
	25,700		Michael Kors Holdings, Ltd.#		1,327,662
	290,000	INR	Motherson Sumi Systems, Ltd.		1,100,277
	22,750	ZAR	Naspers, Ltd. - Class N		3,130,660
	22,600	DKK	Pandora, A/S		2,938,284
	2,825		Priceline Group, Inc.#		3,795,839
	5,500		Tesla Motors, Inc.#^		1,324,180
	13,100	JPY	Toyota Motor Corp.		696,122
	10,700		Walt Disney Company		1,104,882
	65,800	GBP	WPP, PLC		1,537,259
					28,657,154
			Consumer Staples (10.1%)
	31,780	EUR	Anheuser-Busch InBev, SA		3,942,435
	38,600	GBP	British American Tobacco, PLC		2,353,524
	100,600	GBP	Diageo, PLC		2,719,833
	24,300		Mondelez International, Inc. - Class A		1,043,928
	7,500	GBP	Reckitt Benckiser Group, PLC		730,642
	27,000	JPY	Seven & I Holdings Company, Ltd.		1,152,829
	34,000	EUR	Unilever, NV^		1,493,615
	18,100		Walgreens Boots Alliance, Inc.		1,434,968
					14,871,774
			Energy (3.2%)
	12,200		Anadarko Petroleum Corp.		643,672
	19,150		EOG Resources, Inc.		1,582,173
	11,000		Occidental Petroleum Corp.		843,150
	21,300		Schlumberger, Ltd.		1,711,242
					4,780,237
			Financials (11.3%)
	219,600	HKD	AIA Group, Ltd.		1,314,219
	18,500	EUR	AURELIUS, SE & Co. KGaA		1,107,316
	68,500	EUR	Azimut Holding, S.p.A		1,729,032
	14,900		Citigroup, Inc.		689,572
	297,000	JPY	Daiwa Securities Group, Inc.		1,803,773
	46,400	INR	Housing Development Finance Corp., Ltd.		760,367
	113,000	EUR	ING Groep, NV		1,384,637
	18,500		JPMorgan Chase & Company		1,169,200
	454,197	PHP	Metropolitan Bank & Trust Company		786,508

NUMBER OF SHARES				VALUE
	33,000	JPY	Mitsui Fudosan Company, Ltd.	$	845,160
	49,500	EUR	PATRIZIA Immobilien, AG#		1,148,012
	35,400	GBP	Prudential, PLC		698,780
	57,200	GBP	St. James’s Place, PLC		726,079
	43,035	EUR	Vonovia, SE		1,450,630
	22,400		Wells Fargo & Company		1,119,552
					16,732,837
			Health Care (12.8%)
	6,700		Allergan, PLC#		1,450,952
	18,150		Celgene Corp.#		1,876,891
	71,600	JPY	Chugai Pharmaceutical Company, Ltd.		2,530,225
	7,700		Gilead Sciences, Inc.		679,217
	45,000	DKK	H Lundbeck, A/S#		1,503,584
	10,720		Illumina, Inc.#		1,447,093
	2,380		Intuitive Surgical, Inc.#		1,490,737
	12,800	JPY	Kaken Pharmaceutical Company, Ltd.		730,226
	14,915		Laboratory Corp. of America Holdings#		1,869,148
	23,000	DKK	Novo Nordisk, A/S - Class B		1,284,191
	8,500		Stryker Corp.		926,585
	29,500	EUR	UCB, SA^		2,212,771
	8,000		Zimmer Biomet Holdings, Inc.		926,160
					18,927,780
			Industrials (9.9%)
	22,700	EUR	ANDRITZ, AG		1,274,200
	88,000	GBP	Ashtead Group, PLC		1,170,349
	124,888	HKD	CK Hutchison Holdings, Ltd.		1,494,113
	29,800		CSX Corp.		812,646
	1,190	CHF	dorma+kaba Holding AG		772,761
	11,100	JPY	FANUC Corp.		1,721,856
	42,750	EUR	KION Group, AG		2,334,471
	16,100	JPY	Nidec Corp.		1,238,520
	17,200	EUR	Schneider Electric, SE		1,124,667
	17,400	EUR	Thales, SA		1,505,756
	12,000		United Parcel Service, Inc. - Class B		1,260,840
					14,710,179
			Information Technology (29.1%)
	15,300		Alibaba Group Holding, Ltd.#		1,177,182
	9,025		Alphabet, Inc. - Class A#		6,388,617
	3,537		Alphabet, Inc. - Class C#		2,451,176
	53,100		Apple, Inc.		4,977,594
	104,000	GBP	ARM Holdings, PLC		1,427,491
	15,900		Baidu, Inc.#		3,089,370
	15,030		Check Point Software Technologies, Ltd.#		1,245,536
	31,100		Facebook, Inc. - Class A#		3,656,738
	14,000		Lam Research Corp.		1,069,600
	9,600		LinkedIn Corp. - Class A#		1,202,976

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

Global Equity Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES				VALUE
	21,000		MasterCard, Inc. - Class A	$	2,036,790
	1,080	KRW	Samsung Electronics Co., Ltd.		1,177,018
	31,600	EUR	SAP SE		2,479,370
	87,300	JPY	Square Enix Holdings Company, Ltd.		2,329,368
	569,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		2,614,197
	170,200	HKD	Tencent Holdings, Ltd.		3,463,283
	98,600		Trimble Navigation, Ltd.#		2,361,470
					43,147,776
			Materials (1.8%)
	60,000	EUR	Buzzi Unicem S.p.A		1,139,673
	43,700		Newmont Mining Corp.		1,528,189
					2,667,862
			TOTAL COMMON STOCKS (Cost $127,291,424)		144,495,599
	SHORT TERM INVESTMENT (2.8%)
	4,080,650		Fidelity Prime Money Market Fund - Institutional Class (Cost $4,080,650)		4,080,650
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.0%)
			Federal Home Loan Bank Discount Notes
	961,429		0.000%, 06/15/16		961,429
	769,233		0.000%, 05/24/16		769,233
	576,941		0.000%, 05/02/16		576,941
	888,087		Fidelity Prime Money Market Fund - Institutional Class		888,087
	594,253		Goldman Sachs Financial Square Prime Obligations Fund		594,253
	690,836		Morgan Stanley Institutional Liquidity Fund		690,836
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $4,480,779)		4,480,779
	TOTAL INVESTMENTS (103.4%) (Cost $135,852,853)				153,057,028
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.0%)				(4,480,779	)
	LIABILITIES, LESS OTHER ASSETS (-0.4%)				(524,992	)
	NET ASSETS (100.0%)			$	148,051,257

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
JPMorgan Chase Bank N.A	Japanese Yen	05/31/16		79,380,000	$	746,470	$	31,200
COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	British Pound Sterling	05/31/16		1,847,000	$	2,698,915	$	(42,532	)
Northern Trust Company	European Monetary Unit	05/31/16		9,505,000		10,892,460		(194,240	)
Northern Trust Company	Japanese Yen	05/31/16		739,290,000		6,952,102		(312,910	)
							$	(549,682	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

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

FOREIGN CURRENCY ABBREVIATIONS

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
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.

See accompanying Notes to Financial Statements www.calamos.com 103

Global Equity Fund    Schedule of Investments April 30, 2016 (Unaudited)

CURRENCY EXPOSURE

APRIL 30, 2016

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	79,629,584		52.0%
European Monetary Unit		25,984,890		17.0%
Japanese Yen		13,048,079		8.5%
British Pound Sterling		12,055,013		7.9%
Hong Kong Dollar		6,271,615		4.1%
Danish Krone		5,726,059		3.7%
South African Rand		3,130,660		2.1%
New Taiwan Dollar		2,614,197		1.7%
Indian Rupee		1,860,644		1.2%
South Korean Won		1,177,018		0.8%
Philippine Peso		786,508		0.5%
Swiss Franc		772,761		0.5%
Total Investments	$	153,057,028		100.0%

Currency exposure may vary over time.

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

Growth and Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	CONVERTIBLE BONDS (15.7%)
		Consumer Discretionary (5.9%)
		Jarden Corp.
	16,600,000	1.125%, 03/15/34	$	21,493,846
	9,275,000	1.500%, 06/15/19		14,598,850
	29,395,000	Liberty Interactive, LLC (Time Warner Cable, Inc., Time Warner, Inc.)§ 0.750%, 03/30/43		50,688,003
	13,063,000	Liberty Media Corp. 1.375%, 10/15/23		13,153,527
	18,000,000	Priceline Group, Inc. 1.000%, 03/15/18		26,595,360
	13,700,000	Tesla Motors, Inc. 1.250%, 03/01/21		12,600,095
				139,129,681
		Health Care (1.8%)
	9,904,000	BioMarin Pharmaceutical, Inc. 1.500%, 10/15/20		12,067,182
	10,700,000	Hologic, Inc.‡ 0.000%, 12/15/43		13,258,424
	17,525,000	Illumina, Inc.^ 0.000%, 06/15/19		17,490,563
				42,816,169
		Industrials (0.6%)
	10,050,000	Air Lease Corp. 3.875%, 12/01/18		13,271,779
		Information Technology (6.8%)
	3,405,000	Citrix Systems, Inc. 0.500%, 04/15/19		3,838,337
	9,000,000	Euronet Worldwide, Inc. 1.500%, 10/01/44		11,028,285
	12,500,000	Intel Corp. 3.250%, 08/01/39		18,990,062
	6,200,000	Lam Research Corp. 0.500%, 05/15/16		7,921,523
	14,260,000	Microchip Technology, Inc. 1.625%, 02/15/25		14,844,304
	6,600,000	NVIDIA Corp. 1.000%, 12/01/18		11,765,127
	13,723,000	NXP Semiconductors, NV 1.000%, 12/01/19		15,570,459
	13,860,000	ON Semiconductor Corp.* 1.000%, 12/01/20		12,584,672
	10,200,000	Red Hat, Inc.^ 0.250%, 10/01/19		12,545,133
	19,925,000	Salesforce.com, Inc. 0.250%, 04/01/18		25,128,214
	11,400,000	Workday, Inc. 0.750%, 07/15/18		12,796,158
	14,700,000	Yahoo!, Inc. 0.000%, 12/01/18		14,777,543
				161,789,817

PRINCIPAL AMOUNT			VALUE
		Materials (0.6%)
	12,721,000	RTI International Metals, Inc. 1.625%, 10/15/19	$	14,592,832
		TOTAL CONVERTIBLE BONDS (Cost $334,762,497)		371,600,278
	CORPORATE BONDS (7.2%)
		Consumer Discretionary (4.3%)
	5,153,000	Dana Holding Corp.^ 5.500%, 12/15/24		5,024,175
		DISH DBS Corp.
	12,500,000	5.875%, 07/15/22		12,226,563
	10,030,000	5.125%, 05/01/20		10,130,300
	23,500,000	Expedia, Inc. 5.950%, 08/15/20		25,997,815
	5,935,000	GameStop Corp.* 6.750%, 03/15/21		5,838,556
	9,900,000	Home Depot, Inc. 2.700%, 04/01/23		10,272,636
	23,000,000	L Brands, Inc. 5.625%, 02/15/22		25,357,500
	2,429,000	Lowe’s Companies, Inc. 3.875%, 09/15/23		2,687,081
	3,040,000	PVH Corp. 4.500%, 12/15/22		3,144,500
				100,679,126
		Consumer Staples (0.5%)
	9,865,000	Wal-Mart Stores, Inc. 3.300%, 04/22/24		10,695,238
		Financials (0.7%)
	4,950,000	Berkshire Hathaway, Inc. 2.750%, 03/15/23		5,106,940
	12,000,000	Neuberger Berman Group, LLC* 5.875%, 03/15/22		12,509,160
				17,616,100
		Health Care (0.1%)
	3,000,000	Universal Health Services, Inc.* 4.750%, 08/01/22		3,086,250
		Industrials (0.0%)
	1,020,000	Icahn Enterprises, LP 4.875%, 03/15/19		1,018,088
		Information Technology (1.3%)
	2,230,000	ACI Worldwide, Inc.* 6.375%, 08/15/20		2,305,262
	9,865,000	Alphabet, Inc. 3.375%, 02/25/24		10,762,468
	4,935,000	Apple, Inc. 3.450%, 05/06/24		5,270,457
	11,415,000	Brocade Communications Systems, Inc. 4.625%, 01/15/23		11,200,969
				29,539,156

See accompanying Notes to Schedule of Investments www.calamos.com 105

Growth and Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Materials (0.3%)
	7,135,000	Alcoa, Inc.^ 5.125%, 10/01/24	$	6,978,922
		Total CORPORATE BONDS (Cost $164,903,001)		169,612,880
NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (10.1%)
		Consumer Staples (0.5%)
	176,350	Tyson Foods, Inc. 4.750%		12,862,969
		Energy (0.9%)
	272,520	Hess Corp. 8.000%		20,716,970
		Financials (2.9%)
	462,500	Affiliated Managers Group, Inc. 5.150%		26,738,282
	161,930	American Tower Corp. 5.250%		17,187,250
	220,000	Crown Castle International Corp. 4.500%		23,367,300
				67,292,832
		Health Care (2.9%)
	31,575	Allergan, PLC 5.500%		25,622,797
	921,975	Anthem, Inc. 5.250%		42,733,541
				68,356,338
		Industrials (0.7%)
	135,000	Stanley Black & Decker, Inc.^ 6.250%		15,986,700
		Telecommunication Services (0.7%)
	236,200	T-Mobile USA, Inc. 5.500%		16,016,722
		Utilities (1.5%)
	301,775	Dominion Resources, Inc. 6.375%		14,886,561
	320,000	Exelon Corp.^ 6.500%		15,507,200
	95,000	NextEra Energy, Inc. 6.371%		5,681,000
				36,074,761
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $219,006,304)		237,307,292

NUMBER OF SHARES			VALUE
	COMMON STOCKS (62.0%)
		Consumer Discretionary (7.7%)
	47,500	Amazon.com, Inc.#	$	31,330,525
	198,200	Comcast Corp. - Class A		12,042,632
	376,350	Home Depot, Inc.		50,389,502
	536,000	Nike, Inc. - Class B		31,591,840
	508,000	Starbucks Corp.		28,564,840
	275,000	Walt Disney Company		28,396,500
				182,315,839
		Consumer Staples (8.2%)
	825,000	Coca-Cola Company		36,960,000
	215,000	Costco Wholesale Corp.		31,847,950
	560,000	Mondelez International, Inc. - Class A		24,057,600
	215,000	PepsiCo, Inc.		22,136,400
	200,000	Philip Morris International, Inc.		19,624,000
	321,000	Procter & Gamble Company		25,718,520
	415,000	Walgreens Boots Alliance, Inc.		32,901,200
				193,245,670
		Energy (5.0%)
	200,000	Anadarko Petroleum Corp.		10,552,000
	130,600	Chevron Corp.		13,344,708
	140,000	EOG Resources, Inc.		11,566,800
	409,000	Exxon Mobil Corp.		36,155,600
	400,000	Occidental Petroleum Corp.		30,660,000
	179,000	Schlumberger, Ltd.		14,380,860
				116,659,968
		Financials (10.8%)
	520,000	American International Group, Inc.		29,026,400
	304,500	Bank of New York Mellon Corp.		12,253,080
	844,710	Citigroup, Inc.		39,093,179
	64,450	Intercontinental Exchange, Inc.		15,469,933
	1,000,000	JPMorgan Chase & Company		63,200,000
	400,890	MetLife, Inc.		18,080,139
	258,302	State Street Corp.		16,092,215
	1,250,000	Wells Fargo & Company		62,475,000
				255,689,946
		Health Care (8.7%)
	76,270	Alexion Pharmaceuticals, Inc.#		10,622,885
	215,000	Celgene Corp.#		22,233,150
	172,000	Gilead Sciences, Inc.		15,172,120
	388,675	Johnson & Johnson		43,562,694
	611,300	Merck & Company, Inc.		33,523,692
	870,000	Pfizer, Inc.		28,457,700
	218,675	Stryker Corp.		23,837,762
	249,000	Zimmer Biomet Holdings, Inc.		28,826,730
				206,236,733

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

Growth and Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
		Industrials (8.8%)
	56,875	3M Company	$	9,519,738
	92,000	Boeing Company		12,401,600
	400,000	CSX Corp.		10,908,000
	416,000	Delta Air Lines, Inc.		17,334,720
	240,800	Eaton Corp., PLC		15,235,416
	1,100,000	General Electric Company		33,825,000
	177,300	Honeywell International, Inc.		20,260,071
	72,800	Lockheed Martin Corp.		16,917,264
	100,000	Northrop Grumman Corp.		20,626,000
	136,750	Union Pacific Corp.		11,928,702
	240,000	United Parcel Service, Inc. - Class B		25,216,800
	135,072	United Technologies Corp.		14,097,465
				208,270,776
		Information Technology (11.9%)
	300,000	Accenture, PLC - Class A		33,876,000
	67,500	Alphabet, Inc. - Class A#		47,781,900
	820,000	Apple, Inc.		76,866,800
	205,800	Facebook, Inc. - Class A#		24,197,964
	270,100	MasterCard, Inc. - Class A		26,196,999
	1,118,000	Microsoft Corp.		55,754,660
	375,000	Oracle Corp.		14,947,500
				279,621,823
		Utilities (0.9%)
	189,090	NextEra Energy, Inc.		22,233,202
		TOTAL COMMON STOCKS (Cost $1,185,358,924)		1,464,273,957
	SHORT TERM INVESTMENT (4.9%)
	115,612,115	Fidelity Prime Money Market Fund - Institutional Class (Cost $115,612,115)		115,612,115
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.2%)
		Federal Home Loan Bank Discount Notes
	5,920,346	0.000%, 06/15/16		5,920,346
	4,736,833	0.000%, 05/24/16		4,736,833
	3,552,723	0.000%, 05/02/16		3,552,723
	5,468,716	Fidelity Prime Money Market Fund - Institutional Class		5,468,716
	3,659,329	Goldman Sachs Financial Square Prime Obligations Fund		3,659,329

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	4,254,075	Morgan Stanley Institutional Liquidity Fund	$	4,254,075
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $27,592,022)		27,592,022
	TOTAL INVESTMENTS (101.1%) (Cost $2,047,234,863)			2,385,998,544
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.2%)			(27,592,022	)
	OTHER ASSETS, LESS LIABILITIES (0.1%)			1,933,627
	NET ASSETS (100.0%)		$	2,360,340,149

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.

‡ Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2016.

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

* 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.

See accompanying Notes to Financial Statements www.calamos.com 107

Global Growth and Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (39.3%)
			Consumer Discretionary (12.0%)
			Ctrip.com International, Ltd.
	6,460,000		1.000%, 07/01/20*	$	7,105,225
	1,200,000		1.250%, 10/15/18		1,530,966
	170,000,000	JPY	Iida Group Holdings Company, Ltd. 0.000%, 06/18/20		1,700,018
	1,261,000		LVMH Moet Hennessy Louis Vuitton, SE 0.000%, 02/16/21		3,271,909
	14,165,000		Priceline Group, Inc.^ 0.900%, 09/15/21		14,640,944
	3,000,000	EUR	Steinhoff Finance Holding Company 1.250%, 10/21/23		3,445,834
			Tesla Motors, Inc.
	7,270,000		1.250%, 03/01/21		6,686,328
	1,900,000		0.250%, 03/01/19		1,788,764
					40,169,988
			Energy (0.5%)
	1,810,000		SEACOR Holdings, Inc. 2.500%, 12/15/27		1,771,483
			Financials (7.0%)
	3,500,000	EUR	AURELIUS, SE & Co. KGaA 1.000%, 12/01/20		4,556,587
	5,500,000		AYC Finance, Ltd. 0.500%, 05/02/19		5,761,814
	7,100,000	EUR	Azimut Holding, S.p.A. 2.125%, 11/25/20		9,455,829
	3,000,000	EUR	Grand City Properties, SA 0.250%, 03/02/22		3,665,208
					23,439,438
			Health Care (1.1%)
	1,620,000		Illumina, Inc.^ 0.500%, 06/15/21		1,673,322
	2,030,000		Medidata Solutions, Inc. 1.000%, 08/01/18		2,149,527
					3,822,849
			Industrials (7.7%)
	3,000,000	GBP	Carillion Finance Jersey, Ltd. 2.500%, 12/19/19		4,250,597
	1,500,000		CRRC Corp., Ltd. 0.000%, 02/05/21		1,595,940
	5,350,000		Larsen & Toubro, Ltd. 0.675%, 10/22/19		4,969,989
	540,000,000	JPY	Lixil Group Corp. 0.000%, 03/04/20		5,016,986
	4,000,000		MISUMI Group, Inc. 0.000%, 10/22/18		5,060,300
	4,500,000	EUR	Safran, SA 0.000%, 12/31/20		4,812,381
					25,706,193

PRINCIPAL AMOUNT				VALUE
			Information Technology (7.2%)
	7,420,000		LinkedIn Corp. 0.500%, 11/01/19	$	6,932,691
	3,440,000		NXP Semiconductors, NV 1.000%, 12/01/19		3,903,110
	3,325,000		ON Semiconductor Corp. 2.625%, 12/15/26		3,544,516
	2,700,000	EUR	Rocket Internet, SE 3.000%, 07/22/22		2,542,600
	1,375,000		Salesforce.com, Inc. 0.250%, 04/01/18		1,734,068
	1,555,000		WebMD Health Corp. 2.500%, 01/31/18		1,784,075
	3,390,000		Workday, Inc. 0.750%, 07/15/18		3,805,173
					24,246,233
			Materials (2.6%)
	3,500,000	EUR	Buzzi Unicem, S.p.A. 1.375%, 07/17/19		4,930,692
	3,400,000		Newmont Mining Corp.^ 1.625%, 07/15/17		3,697,517
					8,628,209
			Telecommunication Services (1.2%)
	3,500,000	EUR	America Movil, SAB de CV 0.000%, 05/28/20		4,009,278
			TOTAL CONVERTIBLE BONDS (Cost $133,220,515)		131,793,671
	SYNTHETIC CONVERTIBLE SECURITIES (4.2%) ¤
	Corporate Bonds (4.0%)
			Consumer Discretionary (2.5%)
	4,400,000		L Brands, Inc. 5.625%, 02/15/22		4,851,000
	3,270,000		Toll Brothers Finance Corp. 4.000%, 12/31/18		3,394,669
					8,245,669
			Industrials (1.5%)
			Icahn Enterprises, LP
	2,725,000		4.875%, 03/15/19		2,719,891
	2,460,000		5.875%, 02/01/22		2,360,062
					5,079,953
			Total CORPORATE BONDS		13,325,622
NUMBER OF CONTRACTS				VALUE
	Purchased Options (0.2%) #
			Health Care (0.1%)
	76		Intuitive Surgical, Inc. Call, 01/20/17, Strike $640.00		367,460

108 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, 2016 (Unaudited)

NUMBER OF CONTRACTS				VALUE
			Information Technology (0.1%)
	595		Lam Research Corp. Call, 01/20/17, Strike $82.50	$	267,750
			TOTAL PURCHASED OPTIONS		635,210
			TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $13,853,426)		13,960,832
NUMBER OF SHARES				VALUE
	CONVERTIBLE PREFERRED STOCKS (4.0%)
			Financials (0.9%)
	28,600		American Tower Corp. 5.250%		3,035,604
			Health Care (1.9%)
	4,250		Allergan, PLC 5.500%		3,448,832
	62,800		Anthem, Inc. 5.250%		2,910,780
					6,359,612
			Utilities (1.2%)
	68,586		NextEra Energy, Inc. 5.799%		4,146,024
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,142,115)		13,541,240
	COMMON STOCKS (52.0%)
			Consumer Discretionary (5.5%)
	56,770		Comcast Corp. - Class A		3,449,345
	13,400		Home Depot, Inc.		1,794,126
	38,350	ZAR	Naspers, Ltd. - Class N		5,277,398
	13,815	DKK	Pandora, A/S		1,796,124
	30,200	JPY	Toyota Motor Corp.		1,604,801
	17,335		Walt Disney Company		1,790,012
	111,110	GBP	WPP, PLC		2,595,818
					18,307,624
			Consumer Staples (7.7%)
	51,000	EUR	Anheuser-Busch InBev, SA		6,326,751
	58,920	GBP	British American Tobacco, PLC		3,592,478
	53,600		Coca-Cola Company		2,401,280
	206,600	GBP	Diageo, PLC		5,585,661
	37,180	CHF	Nestlé, SA		2,775,104
	77,955	EUR	Unilever, NV^		3,424,552
	20,500		Walgreens Boots Alliance, Inc.		1,625,240
					25,731,066
			Energy (4.7%)
	26,000		Anadarko Petroleum Corp.		1,371,760
	34,597		EOG Resources, Inc.		2,858,404

NUMBER OF SHARES				VALUE
	35,830		Exxon Mobil Corp.	$	3,167,372
	130,000	EUR	Royal Dutch Shell, PLC		3,434,325
	38,450		Schlumberger, Ltd.		3,089,073
	39,790	EUR	TOTAL, SA		2,011,019
					15,931,953
			Financials (5.1%)
	337,600	HKD	AIA Group, Ltd.		2,020,403
	35,581		Citigroup, Inc.		1,646,689
	497,000	JPY	Daiwa Securities Group, Inc.		3,018,434
	58,800		JPMorgan Chase & Company		3,716,160
	75,810	EUR	Vonovia, SE		2,555,415
	81,000		Wells Fargo & Company		4,048,380
					17,005,481
			Health Care (8.7%)
	135,300	JPY	Chugai Pharmaceutical Company, Ltd.		4,781,278
	16,600		Gilead Sciences, Inc.		1,464,286
	10,950		Illumina, Inc.#		1,478,141
	65,365		Johnson & Johnson		7,326,109
	51,500		Merck & Company, Inc.		2,824,260
	28,000	DKK	Novo Nordisk, A/S - Class B		1,563,363
	29,000		Stryker Corp.		3,161,290
	56,480	EUR	UCB, SA^		4,236,520
	19,500		Zimmer Biomet Holdings, Inc.		2,257,515
					29,092,762
			Industrials (3.7%)
	166,500	GBP	Ashtead Group, PLC		2,214,353
	276,512	HKD	CK Hutchison Holdings, Ltd.		3,308,085
	16,900	JPY	FANUC Corp.		2,621,565
	91,800	INR	Larsen & Toubro, Ltd.		1,732,515
	23,500		United Parcel Service, Inc. - Class B		2,469,145
					12,345,663
			Information Technology (15.6%)
	32,900		Accenture, PLC - Class A		3,715,068
	23,225		Alibaba Group Holding, Ltd.#		1,786,931
	20,350		Alphabet, Inc. - Class A#		14,405,358
	69,300		Apple, Inc.		6,496,182
	19,800		Baidu, Inc.#		3,847,140
	26,100		Facebook, Inc. - Class A#		3,068,838
	24,000		MasterCard, Inc. - Class A		2,327,760
	72,000		Microsoft Corp.		3,590,640
	50,575	EUR	SAP SE		3,968,169
	863,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		3,964,941
	253,200	HKD	Tencent Holdings, Ltd.		5,152,194
					52,323,221

See accompanying Notes to Schedule of Investments www.calamos.com 109

Global Growth and Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
		Materials (1.0%)
	99,660	Newmont Mining Corp.	$	3,485,110
		TOTAL COMMON STOCKS (Cost $156,047,271)		174,222,880
	SHORT TERM INVESTMENT (1.0%)
	3,346,566	Fidelity Prime Money Market Fund - Institutional Class (Cost $3,346,566)		3,346,566
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (3.1%)
		Federal Home Loan Bank Discount Notes
	2,200,155	0.000%, 06/15/16		2,200,155
	1,760,331	0.000%, 05/24/16		1,760,331
	1,320,285	0.000%, 05/02/16		1,320,285
	2,032,318	Fidelity Prime Money Market Fund - Institutional Class		2,032,318
	1,359,902	Goldman Sachs Financial Square Prime Obligations Fund		1,359,902
	1,580,926	Morgan Stanley Institutional Liquidity Fund		1,580,926
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $10,253,917)		10,253,917
	TOTAL INVESTMENTS (103.6%) (Cost $330,863,810)			347,119,106
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-3.1%)			(10,253,917	)
	LIABILITIES, LESS OTHER ASSETS (-0.5%)			(1,645,025	)
	NET ASSETS (100.0%)		$	335,220,164

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	European Monetary Unit	05/31/16		18,121,000	$	20,766,151	$	(370,313	)

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.

^ 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

CHF	Swiss Franc
DKK	Danish Krone
EUR	European Monetary Unit
GBP	British Pound Sterling
HKD	Hong Kong Dollar
INR	Indian Rupee
JPY	Japanese Yen
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, 2016

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	219,171,830		63.1%
European Monetary Unit		63,375,160		18.3%
Japanese Yen		18,743,082		5.4%
British Pound Sterling		18,238,907		5.3%
Hong Kong Dollar		10,480,682		3.0%
South African Rand		5,277,398		1.5%
New Taiwan Dollar		3,964,941		1.1%
Danish Krone		3,359,487		1.0%
Swiss Franc		2,775,104		0.8%
Indian Rupee		1,732,515		0.5%
Total Investments	$	347,119,106		100.0%

Currency exposure may vary over time.

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

Convertible Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (64.6%)
			Consumer Discretionary (15.7%)
	12,600,000		CalAtlantic Group, Inc. 1.625%, 05/15/18	$	15,112,062
	8,200,000		Ctrip.com International, Ltd.* 1.000%, 07/01/20		9,019,016
	7,000,000		Jarden Corp. 1.125%, 03/15/34		9,063,670
	4,700,000		Lennar Corp. 3.250%, 11/15/21		9,107,073
	7,700,000		Liberty Interactive, LLC (Time Warner Cable, Inc., Time Warner, Inc.)§ 0.750%, 03/30/43		13,277,688
	13,600,000		Liberty Media Corp. 1.375%, 10/15/23		13,694,248
	15,900,000		Priceline Group, Inc.^ 0.350%, 06/15/20		19,447,846
			Tesla Motors, Inc.
	38,500,000		1.250%, 03/01/21		35,409,027
	4,530,000		0.250%, 03/01/19		4,264,791
					128,395,421
			Energy (1.5%)
	12,300,000		SEACOR Holdings, Inc. 2.500%, 12/15/27		12,038,256
			Financials (6.4%)
	18,800,000		Ares Capital Corp.^ 4.750%, 01/15/18		19,593,078
	4,200,000	EUR	Azimut Holding, S.p.A. 2.125%, 11/25/20		5,593,589
	11,600,000		Colony Starwood Homes 3.000%, 07/01/19		11,595,534
	4,195,000		Spirit Realty Capital, Inc.^ 3.750%, 05/15/21		4,539,451
	10,700,000		Starwood Property Trust, Inc. 4.550%, 03/01/18		10,902,819
					52,224,471
			Health Care (10.8%)
	4,250,000		Anacor Pharmaceuticals, Inc.* 2.000%, 04/15/23		4,880,955
	4,900,000		BioMarin Pharmaceutical, Inc. 0.750%, 10/15/18		5,771,245
	9,900,000		Emergent Biosolutions, Inc. 2.875%, 01/15/21		13,521,618
	975,000		Gilead Sciences, Inc. 1.625%, 05/01/16		3,861,302
	6,700,000		Hologic, Inc.‡ 0.000%, 12/15/43		8,302,004
	4,000,000		Illumina, Inc.^ 0.500%, 06/15/21		4,131,660
	2,700,000		Incyte Corp. 0.375%, 11/15/18		4,162,050

PRINCIPAL AMOUNT			VALUE
	4,600,000	Ionis Pharmaceuticals, Inc. 1.000%, 11/15/21	$	4,271,077
	4,040,000	Jazz Investments I, Ltd.^ 1.875%, 08/15/21		4,514,276
	9,733,000	Medidata Solutions, Inc.^ 1.000%, 08/01/18		10,306,079
	11,100,000	Molina Healthcare, Inc. 1.625%, 08/15/44		12,438,271
	8,440,000	NuVasive, Inc.* 2.250%, 03/15/21		9,517,619
	3,000,000	XenoPort, Inc. 2.500%, 02/01/22		2,167,095
				87,845,251
		Industrials (0.7%)
	5,135,000	Greenbrier Companies, Inc. 3.500%, 04/01/18		5,630,964
		Information Technology (28.9%)
	4,943,000	Citrix Systems, Inc. 0.500%, 04/15/19		5,572,071
	4,300,000	Finisar Corp. 0.500%, 12/15/33		4,127,635
	5,900,000	FireEye, Inc.* 1.625%, 06/01/35		4,874,197
	5,486,000	Inphi Corp.* 1.125%, 12/01/20		5,755,884
	11,600,000	Intel Corp. 3.250%, 08/01/39		17,622,778
	3,100,000	Knowles Corp.* 3.250%, 11/01/21		3,154,250
	25,100,000	LinkedIn Corp. 0.500%, 11/01/19		23,451,557
	5,355,000	Microchip Technology, Inc. 1.625%, 02/15/25		5,574,421
	8,000,000	Micron Technology, Inc. 1.625%, 02/15/33		9,553,200
	8,150,000	NVIDIA Corp. 1.000%, 12/01/18		14,528,149
	15,000,000	NXP Semiconductors, NV^ 1.000%, 12/01/19		17,019,375
	2,600,000	Palo Alto Networks, Inc. 0.000%, 07/01/19		3,820,414
	6,285,000	Proofpoint, Inc.*^ 0.750%, 06/15/20		6,433,232
	9,235,000	Red Hat, Inc.^ 0.250%, 10/01/19		11,358,265
	23,600,000	Salesforce.com, Inc. 0.250%, 04/01/18		29,762,904
	3,795,000	ServiceNow, Inc. 0.000%, 11/01/18		4,392,276
		SunPower Corp.
	8,300,000	0.750%, 06/01/18^		8,789,866
	4,978,000	4.000%, 01/15/23*		4,803,322

See accompanying Notes to Schedule of Investments www.calamos.com 111

Convertible Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	16,385,000	Synchronoss Technologies, Inc.^ 0.750%, 08/15/19	$	15,925,155
	2,800,000	Take-Two Interactive Software, Inc. 1.750%, 12/01/16		5,021,968
	8,450,000	Twitter, Inc. 1.000%, 09/15/21		7,083,719
	4,000,000	WebMD Health Corp. 2.500%, 01/31/18		4,589,260
		Workday, Inc.
	10,800,000	0.750%, 07/15/18		12,122,676
	9,000,000	1.500%, 07/15/20		10,533,735
				235,870,309
		Materials (0.6%)
	4,000,000	RTI International Metals, Inc. 1.625%, 10/15/19		4,588,580
		TOTAL CONVERTIBLE BONDS (Cost $530,839,943)		526,593,252
	SYNTHETIC CONVERTIBLE SECURITIES (2.4%) ¤
	Corporate Bonds (2.2%)
		Consumer Discretionary (1.6%)
		DISH DBS Corp.
	3,170,000	5.125%, 05/01/20		3,201,700
	2,830,000	5.875%, 07/15/22		2,768,094
	7,000,000	GameStop Corp.*^ 5.500%, 10/01/19		6,825,000
				12,794,794
		Telecommunication Services (0.6%)
	4,900,000	SBA Communications Corp. 4.875%, 07/15/22		4,945,937
		Total CORPORATE BONDS		17,740,731
NUMBER OF CONTRACTS			VALUE
	Purchased Options (0.2%) #
		Information Technology (0.2%)
	1,625	Apple, Inc. Call, 01/20/17, Strike $110.00		450,937
	1,700	Lam Research Corp. Call, 01/20/17, Strike $82.50		765,000
		Xilinx, Inc.
	1,950	Call, 01/20/17, Strike $50.00		218,400
	1,375	Call, 06/17/16, Strike $43.00		193,188
		TOTAL PURCHASED OPTIONS		1,627,525
		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $21,522,363)		19,368,256

NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (30.1%)
		Consumer Discretionary (0.6%)
	62,300	Fiat Chrysler Automobiles, NV 7.875%	$	4,505,193
		Consumer Staples (1.7%)
	194,500	Tyson Foods, Inc. 4.750%		14,186,830
		Energy (2.7%)
	140,000	Hess Corp.^ 8.000%		10,642,800
	183,000	Southwestern Energy Company 6.250%		5,799,270
	120,000	WPX Energy, Inc. 6.250%		5,672,400
				22,114,470
		Financials (10.6%)
	254,170	Affiliated Managers Group, Inc. 5.150%		14,694,203
	108,000	American Tower Corp. 5.250%		11,463,120
	17,500	Bank of America Corp. 7.250%		20,620,250
	83,500	Crown Castle International Corp. 4.500%		8,868,953
	17,955	Wells Fargo & Company 7.500%		22,371,930
	135,000	Welltower, Inc.# 6.500%		8,333,550
				86,352,006
		Health Care (8.5%)
	39,425	Allergan, PLC 5.500%		31,992,993
	58,350	Amsurg Corp. 5.250%		8,862,198
	358,260	Anthem, Inc. 5.250%		16,605,351
	13,340	Teva Pharmaceutical Industries, Ltd. 7.000%		12,019,340
				69,479,882
		Industrials (1.3%)
	92,000	Stanley Black & Decker, Inc.^ 6.250%		10,894,640
		Materials (0.7%)
	138,150	Alcoa, Inc.^ 5.375%		5,260,752
		Telecommunication Services (1.6%)
	52,300	Frontier Communications Corp. 11.125%		5,454,890
	113,500	T-Mobile USA, Inc. 5.500%		7,696,435
				13,151,325

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

Convertible Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
		Utilities (2.4%)
	140,600	Dominion Resources, Inc. 6.375%	$	6,935,798
	130,000	Exelon Corp.^ 6.500%		6,299,800
	104,000	NextEra Energy, Inc. 5.799%		6,286,800
				19,522,398
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $239,172,841)		245,467,496
	COMMON STOCKS (1.4%)
		Information Technology (1.4%)
	115,500	Finisar Corp.#		1,901,130
	127,000	Lam Research Corp.		9,702,800
		TOTAL COMMON STOCKS (Cost $12,400,227)		11,603,930
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (2.3%)
	19,101,702	Fidelity Prime Money Market Fund - Institutional Class (Cost $19,101,702)		19,101,702
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (6.7%)
		Federal Home Loan Bank Discount Notes
	11,772,040	0.000%, 06/15/16		11,772,040
	9,418,736	0.000%, 05/24/16		9,418,736
	7,064,248	0.000%, 05/02/16		7,064,248
	10,874,017	Fidelity Prime Money Market Fund - Institutional Class		10,874,017
	7,276,223	Goldman Sachs Financial Square Prime Obligations Fund		7,276,223
	8,458,818	Morgan Stanley Institutional Liquidity Fund		8,458,818
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $54,864,082)		54,864,082
	TOTAL INVESTMENTS (107.5%) (Cost $877,901,158)			876,998,718
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-6.7%)			(54,864,082	)
	LIABILITIES, LESS OTHER ASSETS (-0.8%)			(6,313,093	)
	NET ASSETS (100.0%)		$	815,821,543

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTER PARTY	SHORT CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
Northern Trust Company	European Monetary Unit	07/21/16		4,471,000	$	5,132,006	$	(91,584	)

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.

§ 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.

‡ Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2016.

¤ 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

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.

See accompanying Notes to Financial Statements www.calamos.com 113

Global Convertible Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	CONVERTIBLE BONDS (70.8%)
			Consumer Discretionary (10.4%)
			Ctrip.com International, Ltd.
	410,000		1.000%, 07/01/20*	$	450,951
	360,000		1.250%, 10/15/18		459,290
	50,000,000	JPY	Iida Group Holdings Company, Ltd. 0.000%, 06/18/20		500,005
	560,000		Liberty Media Corp. 1.375%, 10/15/23		563,881
			Priceline Group, Inc.
	785,000		1.000%, 03/15/18		1,159,853
	725,000		0.900%, 09/15/21		749,360
	90,000,000	JPY	Sony Corp. 0.000%, 09/30/22		855,314
	1,000,000	EUR	Steinhoff Finance Holdings, GmbH 1.250%, 08/11/22		1,184,306
			Tesla Motors, Inc.
	1,395,000		1.250%, 03/01/21		1,283,002
	610,000		0.250%, 03/01/19		574,287
					7,780,249
			Energy (1.1%)
	1,060,000		Whiting Petroleum Corp.* 1.250%, 04/01/20		802,680
			Financials (17.1%)
			Ares Capital Corp.
	435,000		4.750%, 01/15/18		453,350
	155,000		4.375%, 01/15/19		160,354
	800,000	EUR	AURELIUS, SE & Co. KGaA 1.000%, 12/01/20		1,041,506
	1,000,000		AYC Finance, Ltd. 0.500%, 05/02/19		1,047,602
	1,500,000	EUR	Azimut Holding, S.p.A. 2.125%, 11/25/20		1,997,710
	400,000	EUR	Beni Stabili S.p.A SIIQ 0.875%, 01/31/21		456,989
	400,000	GBP	British Land White 2015, Ltd. 0.000%, 06/09/20		557,853
	1,040,000		Colony Starwood Homes 3.000%, 07/01/19		1,039,600
	1,951,013	EUR	Credit Agricole, SA 0.000%, 12/06/16		1,584,058
	1,200,000	EUR	Cromwell SPV Finance Pty, Ltd. 2.000%, 02/04/20		1,340,547
	505,000	CAD	Element Financial Corp.* 4.250%, 06/30/20		392,396
	800,000	EUR	Grand City Properties, SA 0.250%, 03/02/22		977,389
	200,000	EUR	LEG Immobilien, AG 0.500%, 07/01/21		344,180
	20,000		PRA Group, Inc. 3.000%, 08/01/20		17,165

PRINCIPAL AMOUNT				VALUE
	608,000		Starwood Property Trust, Inc. 4.550%, 03/01/18	$	619,525
	94,000	EUR	Unibail-Rodamco, SE 0.000%, 01/01/22		379,773
	400,000		Yamaguchi Financial Group, Inc.‡ 0.130%, 03/26/20		377,700
					12,787,697
			Health Care (9.3%)
	355,000		Anacor Pharmaceuticals, Inc.* 2.000%, 04/15/23		407,703
			BioMarin Pharmaceutical, Inc.
	330,000		0.750%, 10/15/18		388,676
	225,000		1.500%, 10/15/20		274,143
	241,000		Emergent Biosolutions, Inc. 2.875%, 01/15/21		329,163
	580,000		Hologic, Inc.‡ 0.000%, 12/15/43		718,681
			Illumina, Inc.
	235,000		0.000%, 06/15/19^		234,538
	95,000		0.500%, 06/15/21		98,127
	415,000	SGD	Indah Capital, Ltd. 0.000%, 10/24/18		360,132
	800,000	EUR	Magyar Nemzeti Vagyonkezelo Zrt 3.375%, 04/02/19		1,027,215
	1,320,000		Molina Healthcare, Inc. 1.625%, 08/15/44		1,479,146
	845,000		NuVasive, Inc.* 2.250%, 03/15/21		952,890
	600,000		QIAGEN, NV 0.875%, 03/19/21		650,007
					6,920,421
			Industrials (8.8%)
	500,000	GBP	Carillion Finance Jersey, Ltd. 2.500%, 12/19/19		708,433
	355,000		Greenbrier Companies, Inc. 3.500%, 04/01/18		389,288
	90,000,000	JPY	Japan Airport Terminal Company, Ltd. 0.000%, 03/06/20		847,353
	200,000		Larsen & Toubro, Ltd. 0.675%, 10/22/19		185,794
	60,000,000	JPY	Lixil Group Corp. 0.000%, 03/04/22		556,328
	1,000,000		MISUMI Group, Inc. 0.000%, 10/22/18		1,265,075
	500,000	EUR	Prysmian S.p.A. 1.250%, 03/08/18		639,242
	1,506,000	EUR	Safran, SA 0.000%, 12/31/20		1,610,543
	335,000		Trinity Industries, Inc. 3.875%, 06/01/36		366,996
					6,569,052

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

Global Convertible Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT				VALUE
			Information Technology (20.7%)
	1,000,000		Advanced Semiconductor Engineering, Inc. 0.000%, 03/27/18	$	911,560
	919,000		Citrix Systems, Inc. 0.500%, 04/15/19		1,035,957
	348,000		Euronet Worldwide, Inc. 1.500%, 10/01/44		426,427
			FireEye, Inc.*
	348,000		1.000%, 06/01/35		301,925
	330,000		1.625%, 06/01/35		272,625
	320,000		Inphi Corp.* 1.125%, 12/01/20		335,742
			Intel Corp.
	330,000		2.950%, 12/15/35		410,431
	235,000		3.250%, 08/01/39		357,013
	720,000		LinkedIn Corp. 0.500%, 11/01/19		672,714
	795,000		Microchip Technology, Inc. 1.625%, 02/15/25		827,575
	215,000		Micron Technology, Inc. 2.125%, 02/15/33		261,861
	795,000		NVIDIA Corp. 1.000%, 12/01/18		1,417,163
	600,000		NXP Semiconductors, NV 1.000%, 12/01/19		680,775
	600,000		Qihoo 360 Technology Company, Ltd. 1.750%, 08/15/21		593,352
	535,000		Red Hat, Inc.^ 0.250%, 10/01/19		658,005
	900,000	EUR	Rocket Internet, SE 3.000%, 07/22/22		847,533
	1,465,000		Salesforce.com, Inc. 0.250%, 04/01/18		1,847,570
	335,000		SanDisk Corp. 1.500%, 08/15/17		523,881
	230,000		Synchronoss Technologies, Inc. 0.750%, 08/15/19		223,545
	405,000		Take-Two Interactive Software, Inc. 1.000%, 07/01/18		663,991
			Twitter, Inc.
	345,000		1.000%, 09/15/21		289,217
	325,000		0.250%, 09/15/19		283,899
			Workday, Inc.
	495,000		1.500%, 07/15/20		579,355
	295,000		0.750%, 07/15/18		331,129
	690,000		Yahoo!, Inc. 0.000%, 12/01/18		693,640
					15,446,885
			Materials (1.1%)
	600,000	EUR	Buzzi Unicem, S.p.A. 1.375%, 07/17/19		845,261

PRINCIPAL AMOUNT				VALUE
			Telecommunication Services (2.3%)
	1,500,000	EUR	America Movil, SAB de CV 0.000%, 05/28/20	$	1,718,262
			TOTAL CONVERTIBLE BONDS (Cost $53,342,103)		52,870,507
	SYNTHETIC CONVERTIBLE SECURITIES (7.8%) ¤
	Corporate Bonds (7.2%)
			Consumer Discretionary (1.9%)
	445,000		CalAtlantic Group, Inc. 6.625%, 05/01/20		493,116
	625,000		D.R. Horton, Inc. 3.750%, 03/01/19		640,625
	284,000		Mediacom Broadband, LLC / Mediacom Broadband Corp. 5.500%, 04/15/21		282,047
					1,415,788
			Energy (0.1%)
	50,000		Gulfport Energy Corp. 7.750%, 11/01/20		50,719
			Health Care (0.6%)
	445,000		HCA Holdings, Inc. 6.250%, 02/15/21		484,216
			Industrials (2.2%)
	450,000		AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 5.000%, 10/01/21		476,156
	695,000		Icahn Enterprises, LP 4.875%, 03/15/19		693,697
	455,000		United Continental Holdings, Inc. 6.375%, 06/01/18		480,025
					1,649,878
			Materials (1.2%)
	305,000		Chemtura Corp. 5.750%, 07/15/21		305,381
	300,000	EUR	Huntsman International, LLC 5.125%, 04/15/21		354,250
	200,000	EUR	INEOS Group Holdings, SA 5.750%, 02/15/19		235,594
					895,225
			Telecommunication Services (1.2%)
	283,000		Sprint Corp. 7.250%, 09/15/21		227,815
	645,000		T-Mobile USA, Inc. 6.250%, 04/01/21		677,653
					905,468
			TOTAL CORPORATE BONDS		5,401,294

See accompanying Notes to Schedule of Investments www.calamos.com 115

Global Convertible Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF CONTRACTS				VALUE
	Purchased Options (0.6%) #
			Consumer Discretionary (0.2%)
	320		Lennar Corp. Call, 05/20/16, Strike $45.00	$	45,120
	80	EUR	LVMH Moet Hennessy Louis Vuitton, SE Call, 12/16/16, Strike 150.00		93,940
					139,060
			Financials (0.0%)
	195	EUR	UniCredit S.p.A Call, 06/17/16, Strike 5.60		2,344
			Industrials (0.1%)
	255	EUR	Airbus Group Call, 06/17/16, Strike 60.00		11,096
	125	GBP	International Consolidated Air Call, 07/15/16, Strike 5.80		18,721
	95	EUR	Siemens, AG Call, 12/16/16, Strike 94.00		62,929
					92,746
			Information Technology (0.2%)
	145		Apple, Inc. Call, 01/20/17, Strike $110.00		40,238
	255		Lam Research Corp. Call, 01/20/17, Strike $82.50		114,750
					154,988
			Telecommunication Services (0.1%)
	450	GBP	Vodafone Group, PLC Call, 12/16/16, Strike 2.20		84,943
			TOTAL PURCHASED OPTIONS		474,081
			TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $6,454,901)		5,875,375
NUMBER OF SHARES				VALUE
	CONVERTIBLE PREFERRED STOCKS (15.4%)
			Energy (2.5%)
	6,510		Hess Corp. 8.000%		494,890
	28,040		Southwestern Energy Company 6.250%		888,588
	9,770		WPX Energy, Inc. 6.250%		461,828
					1,845,306
			Financials (7.0%)
	6,345		American Tower Corp. 5.250%		673,458
	1,610		Bank of America Corp. 7.250%		1,897,063
	6,565		Crown Castle International Corp. 4.500%		697,302
	1,565		Wells Fargo & Company 7.500%		1,949,990
					5,217,813

NUMBER OF SHARES			VALUE
		Health Care (4.4%)
	1,610	Allergan, PLC 5.500%	$	1,306,499
	24,490	Anthem, Inc. 5.250%		1,135,111
	970	Teva Pharmaceutical Industries, Ltd. 7.000%		873,970
				3,315,580
		Utilities (1.5%)
	8,205	Exelon Corp. 6.500%		397,614
	12,075	NextEra Energy, Inc. 5.799%		729,934
				1,127,548
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $11,272,894)		11,506,247
	SHORT TERM INVESTMENT (5.4%)
	3,987,549	Fidelity Prime Money Market Fund - Institutional Class (Cost $3,987,549)		3,987,549
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (1.1%)
		Federal Home Loan Bank Discount Notes
	175,563	0.000%, 06/15/16		175,563
	140,467	0.000%, 05/24/16		140,467
	105,353	0.000%, 05/02/16		105,353
	162,170	Fidelity Prime Money Market Fund - Institutional Class		162,170
	108,514	Goldman Sachs Financial Square Prime Obligations Fund		108,514
	126,151	Morgan Stanley Institutional Liquidity Fund		126,151
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $818,218)		818,218
	TOTAL INVESTMENTS (100.5%) (Cost $75,875,665)			75,057,896
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-1.1%)			(818,218	)
	OTHER ASSETS, LESS LIABILITIES (0.6%)			416,243
	NET ASSETS (100.0%)		$	74,655,921

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

Global Convertible Fund    Schedule of Investments April 30, 2016 (Unaudited)

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.

‡ Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2016.

^ 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
EUR	European Monetary Unit
GBP	British Pound Sterling
JPY	Japanese Yen
SGD	Singapore Dollar

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

CURRENCY EXPOSURE

APRIL 30, 2016

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	53,421,751		71.2%
European Monetary Unit		16,754,667		22.3%
Japanese Yen		2,759,000		3.7%
British Pound Sterling		1,369,950		1.8%
Canadian Dollar		392,396		0.5%
Singapore Dollar		360,132		0.5%
Total Investments	$	75,057,896		100.0%

Currency exposure may vary over time.

See accompanying Notes to Financial Statements www.calamos.com 117

Total Return Bond Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (87.2%)
		Consumer Discretionary (18.9%)
	1,000,000	BMW US Capital, LLC* 2.000%, 04/11/21	$	1,005,280
	1,000,000	Carnival Corp. 3.950%, 10/15/20		1,066,485
	500,000	CCO Holdings, LLC / CCO Holdings Capital Corp. 6.625%, 01/31/22		531,250
	500,000	CCO Safari II, LLC* 4.464%, 07/23/22		532,187
	1,000,000	Comcast Corp. 2.750%, 03/01/23		1,034,830
	500,000	Continental Airlines 2012-3 Class C Pass Thru Certificates 6.125%, 04/29/18		524,922
		Dana Holding Corp.
	250,000	6.750%, 02/15/21		259,219
	250,000	5.375%, 09/15/21		256,406
	500,000	DISH DBS Corp. 4.250%, 04/01/18		510,313
	250,000	DR Horton, Inc. 4.750%, 02/15/23		258,281
	500,000	Expedia, Inc. 5.950%, 08/15/20		553,145
	500,000	Ford Motor Credit Company, LLC 5.875%, 08/02/21		577,167
	500,000	General Motors Company, Inc. 3.500%, 10/02/18		516,250
	445,000	Goodyear Tire & Rubber Company 8.750%, 08/15/20		527,325
	1,000,000	Harley-Davidson Financial Services, Inc.* 2.150%, 02/26/20		1,007,265
	1,000,000	Home Depot, Inc. 2.625%, 06/01/22		1,034,760
	1,000,000	Interpublic Group of Companies, Inc. 2.250%, 11/15/17		999,505
	500,000	L Brands, Inc. 5.625%, 02/15/22		551,250
	500,000	Lamar Media Corp.* 5.750%, 02/01/26		530,312
	500,000	Lennar Corp. 4.500%, 06/15/19		519,063
	500,000	Macy’s, Inc. 3.875%, 01/15/22		511,778
	500,000	Mattel, Inc. 2.350%, 05/06/19		507,075
	587,000	Netflix, Inc. 5.500%, 02/15/22		615,249
	1,000,000	Ralph Lauren Corp. 2.125%, 09/26/18		1,019,525
	250,000	Royal Caribbean Cruises, Ltd. 5.250%, 11/15/22		269,219

PRINCIPAL AMOUNT			VALUE
	250,000	Sirius XM Radio, Inc.* 6.000%, 07/15/24	$	264,688
	1,000,000	Time Warner, Inc. 3.600%, 07/15/25		1,043,615
	1,000,000	TJX Companies, Inc. 2.750%, 06/15/21		1,046,600
	500,000	Toll Brothers Finance Corp. 5.625%, 01/15/24		525,000
	500,000	ZF North America Capital, Inc.* 4.500%, 04/29/22		512,188
				19,110,152
		Consumer Staples (5.6%)
	1,000,000	Anheuser-Busch InBev Finance, Inc. 3.650%, 02/01/26		1,055,375
	1,000,000	Coca-Cola Company 2.450%, 11/01/20		1,042,615
	1,000,000	Diageo, PLC 1.500%, 05/11/17		1,005,750
	1,000,000	General Mills, Inc. 2.200%, 10/21/19		1,022,545
	500,000	Smithfield Foods, Inc.* 5.250%, 08/01/18		509,062
	1,000,000	WM Wrigley Jr. Company* 3.375%, 10/21/20		1,050,500
				5,685,847
		Energy (4.3%)
	1,000,000	Chevron Corp. 1.961%, 03/03/20		1,012,655
	265,000	Cimarex Energy Company 5.875%, 05/01/22		279,530
	1,000,000	Exxon Mobil Corp. 2.709%, 03/06/25		1,021,150
	500,000	Hess Corp. 8.125%, 02/15/19		562,187
	500,000	SESI, LLC 7.125%, 12/15/21		431,875
	1,000,000	Shell International Finance, BV 3.250%, 05/11/25		1,033,360
				4,340,757
		Financials (22.0%)
	500,000	Ally Financial, Inc. 3.250%, 09/29/17		501,250
	1,000,000	American Express Company 2.600%, 09/14/20		1,023,465
	500,000	American Tower Corp. 5.900%, 11/01/21		573,942
	1,000,000	AON Corp. 5.000%, 09/30/20		1,108,175
	1,500,000	Bank of America Corp. 4.125%, 01/22/24		1,592,152
	1,000,000	Bank of New York Mellon Corp. 2.800%, 05/04/26		1,006,520

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

Total Return Bond Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,000,000	BB&T Corp. 2.850%, 04/01/21	$	1,032,380
	1,000,000	Berkshire Hathaway, Inc. 2.750%, 03/15/23		1,031,705
	500,000	Capital One NA/Mclean VA 2.950%, 07/23/21		507,963
	500,000	Citigroup, Inc. 2.650%, 10/26/20		505,438
	198,000	DuPont Fabros Technology, LP 5.875%, 09/15/21		208,148
	1,000,000	Fifth Third Bancorp 2.300%, 03/01/19		1,019,085
	1,000,000	Franklin Resources, Inc. 2.850%, 03/30/25		1,004,910
	250,000	GLP Capital, LP / GLP Financing II, Inc. 4.375%, 04/15/21		255,781
	1,000,000	Goldman Sachs Group, Inc. 4.250%, 10/21/25		1,022,290
		JPMorgan Chase & Company
	1,500,000	3.875%, 09/10/24		1,551,517
	500,000	3.875%, 02/01/24		536,263
		Morgan Stanley
	1,000,000	2.500%, 04/21/21		1,002,450
	500,000	3.875%, 01/27/26		520,145
	1,000,000	Neuberger Berman Group, LLC* 5.875%, 03/15/22		1,042,430
	500,000	Royal Bank Of Canada 2.350%, 10/30/20		508,223
	1,000,000	Simon Property Group, LP 3.375%, 10/01/24		1,063,150
	1,000,000	Toronto-Dominion Bank 2.125%, 07/02/19		1,014,200
	1,000,000	US Bancorp 3.600%, 09/11/24		1,056,725
	1,500,000	Wells Fargo & Company 4.125%, 08/15/23		1,604,437
				22,292,744
		Health Care (8.8%)
	500,000	AbbVie, Inc. 1.750%, 11/06/17		502,828
	1,000,000	Actavis, PLC 1.875%, 10/01/17		1,003,245
	1,000,000	Celgene Corp. 1.900%, 08/15/17		1,008,160
	250,000	Community Health Systems, Inc. 5.125%, 08/15/18		254,531
	500,000	Edwards Lifesciences Corp. 2.875%, 10/15/18		512,388
	1,000,000	Express Scripts Holding Company 2.650%, 02/15/17		1,011,855
	1,000,000	Gilead Sciences, Inc. 3.650%, 03/01/26		1,069,590

PRINCIPAL AMOUNT			VALUE
	500,000	HCA, Inc. 3.750%, 03/15/19	$	514,062
	1,000,000	Johnson & Johnson 2.450%, 03/01/26		1,008,425
	1,000,000	Metropolitan Life Global Funding I* 2.300%, 04/10/19		1,018,705
	1,000,000	Thermo Fisher Scientific, Inc. 1.850%, 01/15/18		1,006,770
				8,910,559
		Industrials (7.8%)
		AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust
	500,000	5.000%, 10/01/21		529,062
	250,000	4.625%, 10/30/20		261,094
	500,000	Air Lease Corp. 5.625%, 04/01/17		516,563
	500,000	American Airlines Group, Inc. 6.125%, 06/01/18		521,562
	1,000,000	Boeing Company 2.200%, 10/30/22		1,014,240
	1,000,000	Eaton Corp. 1.500%, 11/02/17		1,003,850
	447,000	Huntington Ingalls Industries, Inc.* 5.000%, 12/15/21		470,747
	500,000	PACCAR Financial Corp. 1.600%, 03/15/17		503,533
	1,000,000	Parker-Hannifin Corp. 5.500%, 05/15/18		1,083,700
	1,000,000	Roper Technologies, Inc. 1.850%, 11/15/17		1,004,315
	500,000	Southwest Airlines Company 2.750%, 11/06/19		514,833
	500,000	Verisk Analytics, Inc. 4.125%, 09/12/22		521,582
				7,945,081
		Information Technology (11.8%)
	500,000	Activision Blizzard, Inc.* 5.625%, 09/15/21		526,250
	500,000	Alibaba Group Holding Company 3.125%, 11/28/21		508,662
	500,000	Alliance Data Systems Corp.* 5.375%, 08/01/22		483,750
	500,000	Alphabet, Inc. 3.625%, 05/19/21		550,200
	1,000,000	Amphenol Corp. 4.000%, 02/01/22		1,058,735
	1,000,000	Apple, Inc. 4.375%, 05/13/45		1,059,085
	500,000	Cardtronics, Inc. 5.125%, 08/01/22		502,188
	500,000	CDW, LLC / CDW Finance Corp. 5.000%, 09/01/23		512,187

See accompanying Notes to Schedule of Investments www.calamos.com 119

Total Return Bond Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,000,000	Electronic Arts, Inc. 4.800%, 03/01/26	$	1,070,175
	500,000	Fiserv, Inc. 3.500%, 10/01/22		524,522
	500,000	Flextronics International, Ltd. 4.750%, 06/15/25		499,375
	1,000,000	Hewlett Packard Enterprise Company* 4.900%, 10/15/25		1,038,625
	1,000,000	Microsoft Corp. 3.125%, 11/03/25		1,054,660
	450,000	Nuance Communications, Inc.* 5.375%, 08/15/20		462,938
	1,000,000	Oracle Corp. 2.250%, 10/08/19		1,030,555
	1,000,000	Visa, Inc. 2.200%, 12/14/20		1,025,630
				11,907,537
		Materials (2.0%)
	500,000	Alcoa, Inc.^ 5.125%, 10/01/24		489,063
	217,000	Barrick Gold Corp. 6.950%, 04/01/19		241,789
	1,000,000	Georgia-Pacific, LLC* 3.600%, 03/01/25		1,043,915
	240,000	Kaiser Aluminum Corp.* 5.875%, 05/15/24		246,000
				2,020,767
		Telecommunication Services (4.0%)
	1,000,000	AT&T, Inc. 3.000%, 06/30/22		1,015,070
	1,000,000	British Telecommunications, PLC 2.350%, 02/14/19		1,021,445
	500,000	Frontier Communications Corp.* 10.500%, 09/15/22		516,250
	500,000	Sprint Corp. 7.250%, 09/15/21		402,500
	500,000	T-Mobile USA, Inc. 6.625%, 11/15/20		516,563
	500,000	Verizon Communications, Inc. 5.150%, 09/15/23		574,872
				4,046,700
		Utilities (2.0%)
	1,000,000	NextEra Energy, Inc. 2.700%, 09/15/19		1,023,460
	1,000,000	Southern Company 2.150%, 09/01/19		1,011,335
				2,034,795
		TOTAL CORPORATE BONDS (Cost $85,607,692)		88,294,939

PRINCIPAL AMOUNT			VALUE
	U.S. GOVERNMENT AND AGENCY SECURITIES (10.1%)
		Other (10.1%)
		United States Treasury Note
	3,000,000	1.625%, 02/15/26	$	2,946,328
	2,000,000	1.750%, 12/31/20		2,044,141
	1,500,000	2.000%, 02/15/25		1,527,920
	1,200,000	2.000%, 08/15/25		1,220,367
	1,000,000	1.750%, 09/30/22		1,012,402
	1,000,000	1.500%, 02/28/23		993,809
	500,000	1.500%, 03/31/23		496,621
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $10,127,863)		10,241,588
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (3.4%)
	3,401,972	Fidelity Prime Money Market Fund - Institutional Class (Cost $3,401,972)		3,401,972
NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.5%)
		Federal Home Loan Bank Discount Notes
	105,138	0.000%, 06/15/16		105,138
	84,120	0.000%, 05/24/16		84,120
	63,092	0.000%, 05/02/16		63,092
	97,118	Fidelity Prime Money Market Fund - Institutional Class		97,118
	64,985	Goldman Sachs Financial Square Prime Obligations Fund		64,985
	75,547	Morgan Stanley Institutional Liquidity Fund		75,547
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $490,000)		490,000
	TOTAL INVESTMENTS (101.2%) (Cost $99,627,527)			102,428,499
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.5%)			(490,000	)
	LIABILITIES, LESS OTHER ASSETS (-0.7%)			(682,524	)
	NET ASSETS (100.0%)		$	101,255,975

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

Total Return Bond Fund    Schedule of Investments April 30, 2016 (Unaudited)

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.

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

See accompanying Notes to Financial Statements www.calamos.com 121

High Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	CORPORATE BONDS (95.0%)
			Consumer Discretionary (26.0%)
	350,000		Altice Luxembourg, SA* 7.750%, 05/15/22	$	350,437
	750,000		CalAtlantic Group, Inc. 6.625%, 05/01/20		831,094
	1,015,000		CCO Holdings, LLC / CCO Holdings Capital Corp. 6.625%, 01/31/22		1,078,437
	870,000		Cedar Fair, LP 5.375%, 06/01/24		911,325
	469,000		Century Communities, Inc. 6.875%, 05/15/22		457,861
	500,000		Cooper Tire & Rubber Company 8.000%, 12/15/19		571,875
			Dana Holding Corp.
	800,000		5.375%, 09/15/21		820,500
	460,000		5.500%, 12/15/24^		448,500
	805,000		DISH DBS Corp. 5.125%, 05/01/20		813,050
	750,000		DR Horton, Inc. 4.750%, 02/15/23		774,844
	600,000	��	GameStop Corp.*^ 5.500%, 10/01/19		585,000
	1,250,000		General Motors Company, Inc. 3.500%, 10/02/18		1,290,625
	515,000		Golden Nugget Escrow, Inc.* 8.500%, 12/01/21		534,956
	510,000		Goodyear Tire & Rubber Company 5.125%, 11/15/23		529,444
			L Brands, Inc.
	850,000		6.875%, 11/01/35		935,000
	500,000		5.625%, 02/15/22		551,250
	750,000		Lamar Media Corp.* 5.750%, 02/01/26		795,469
	800,000		Lennar Corp. 4.500%, 06/15/19		830,500
	825,000		Mediacom Broadband, LLC / Mediacom Broadband Corp. 5.500%, 04/15/21		819,328
	445,000		Meritage Homes Corp. 7.000%, 04/01/22		480,322
	720,000		NCL Corp., Ltd. - Class C* 4.625%, 11/15/20		732,150
	500,000		Neiman Marcus Group Ltd., LLC*^ 8.000%, 10/15/21		435,625
	750,000		Netflix, Inc. 5.375%, 02/01/21		795,000
			Numericable-SFR, SA*
	675,000		6.000%, 05/15/22		680,062
	400,000		7.375%, 05/01/26		407,000
	560,000		Penske Automotive Group, Inc. 5.375%, 12/01/24		565,250
	515,000		Reliance Intermediate Holdings, LP* 6.500%, 04/01/23		539,141
	308,000		Sally Holdings, LLC / Sally Capital, Inc. 5.625%, 12/01/25		330,523

PRINCIPAL AMOUNT			VALUE
	615,000	Service Corp. International 5.375%, 05/15/24	$	655,359
	865,000	Sirius XM Radio, Inc.* 6.000%, 07/15/24		915,819
	875,000	Six Flags Entertainment Corp.* 5.250%, 01/15/21		907,266
	575,000	Speedway Motorsports, Inc. 5.125%, 02/01/23		593,328
	775,000	Time, Inc.* 5.750%, 04/15/22		745,453
	850,000	Toll Brothers Finance Corp. 5.625%, 01/15/24		892,500
	1,000,000	ZF North America Capital, Inc.* 4.500%, 04/29/22		1,024,375
				24,628,668
		Consumer Staples (4.5%)
	742,000	Alphabet Holding Company, Inc. 7.750%, 11/01/17		750,878
	485,000	Fresh Market, Inc. 9.750%, 05/01/23		478,634
	765,000	JBS USA, LLC* 7.250%, 06/01/21		787,472
	500,000	Land O’Lakes, Inc.* 6.000%, 11/15/22		532,500
	233,000	NBTY, Inc.* 7.625%, 05/15/21		237,078
		Post Holdings, Inc.
	464,000	7.375%, 02/15/22		489,810
	170,000	7.750%, 03/15/24*		185,619
	725,000	Smithfield Foods, Inc. 6.625%, 08/15/22		765,328
				4,227,319
		Energy (7.6%)
	370,000	Atwood Oceanics, Inc. 6.500%, 02/01/20		245,356
	420,000	Bill Barrett Corp. 7.000%, 10/15/22		308,175
	515,000	Blue Racer Midstream, LLC / Blue Racer Finance Corp.* 6.125%, 11/15/22		454,487
	530,000	Bonanza Creek Energy, Inc. 6.750%, 04/15/21		208,688
	188,000	Calumet Specialty Products Partners, LP 6.500%, 04/15/21		130,425
		Carrizo Oil & Gas, Inc.
	500,000	7.500%, 09/15/20		506,875
	375,000	6.250%, 04/15/23^		362,813
	981,000	Drill Rigs Holdings, Inc.*^ 6.500%, 10/01/17		608,220
	535,000	Energy Transfer Equity, LP 5.500%, 06/01/27		461,772
	807,000	Gulfmark Offshore, Inc. 6.375%, 03/15/22		369,202

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

High Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Gulfport Energy Corp.
	535,000	7.750%, 11/01/20	$	542,691
	445,000	6.625%, 05/01/23		431,372
	645,000	Laredo Petroleum, Inc.^ 6.250%, 03/15/23		603,075
	575,000	Oasis Petroleum, Inc.^ 6.875%, 01/15/23		516,781
	600,000	Pacific Drilling, SA*^ 5.375%, 06/01/20		183,000
	500,000	Petroleum Geo-Services, ASA* 7.375%, 12/15/18		377,812
	500,000	QEP Resources, Inc. 6.875%, 03/01/21		499,062
	219,000	Rice Energy, Inc. 7.250%, 05/01/23		221,601
	1,186,000	W&T Offshore, Inc. 8.500%, 06/15/19		194,949
				7,226,356
		Financials (7.9%)
	1,250,000	Ally Financial, Inc. 4.750%, 09/10/18		1,282,812
	565,000	Brookfield Residential Properties, Inc.*^ 6.375%, 05/15/25		509,206
	960,000	DuPont Fabros Technology, LP 5.875%, 09/15/21		1,009,200
	900,000	Equinix, Inc. 5.375%, 04/01/23		942,188
	925,000	ESH Hospitality, Inc.* 5.250%, 05/01/25		916,328
	640,000	First Cash Financial Services, Inc. 6.750%, 04/01/21		631,600
	845,000	GLP Capital, LP / GLP Financing II, Inc. 5.375%, 04/15/26		881,969
	760,000	Iron Mountain, Inc. 6.000%, 08/15/23		811,775
	550,000	Quicken Loans, Inc.* 5.750%, 05/01/25		518,031
				7,503,109
		Health Care (10.8%)
	900,000	Acadia Healthcare Company, Inc. 5.625%, 02/15/23		924,187
	850,000	Alere, Inc. 6.500%, 06/15/20		843,625
	750,000	Community Health Systems, Inc. 5.125%, 08/15/18		763,594
	500,000	DaVita HealthCare Partners, Inc. 5.125%, 07/15/24		510,938
	575,000	Endo, Ltd.* 6.000%, 07/15/23		566,734
	835,000	ExamWorks Group, Inc. 5.625%, 04/15/23		898,147
	975,000	HCA Holdings, Inc. 6.250%, 02/15/21		1,060,922

PRINCIPAL AMOUNT			VALUE
	831,000	HCA, Inc. 4.750%, 05/01/23	$	854,372
	255,000	Hologic, Inc.* 5.250%, 07/15/22		268,866
	400,000	Jaguar Holding Company II / Pharmaceutical Product Development, LLC* 6.375%, 08/01/23		418,000
	575,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 5.625%, 10/15/23		540,500
	500,000	Surgical Care Affiliates, Inc.* 6.000%, 04/01/23		512,187
	558,000	Teleflex, Inc. 5.250%, 06/15/24		584,156
	840,000	Tenet Healthcare Corp. 6.750%, 02/01/20		852,600
	500,000	Valeant Pharmaceuticals International, Inc.* 7.250%, 07/15/22		443,125
	200,000	VPII Escrow Corp.* 6.750%, 08/15/18		193,750
				10,235,703
		Industrials (14.2%)
	655,000	ACCO Brands Corp.^ 6.750%, 04/30/20		695,937
		AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust
	685,000	4.625%, 10/30/20		715,397
	575,000	5.000%, 10/01/21		608,422
	315,000	Air Lease Corp. 3.875%, 04/01/21		322,377
	1,000,000	American Airlines Group, Inc. 6.125%, 06/01/18		1,043,125
	557,000	Garda World Security Corp.* 7.250%, 11/15/21		456,044
	790,000	GrafTech International, Ltd. 6.375%, 11/15/20		510,538
	865,000	Huntington Ingalls Industries, Inc.* 5.000%, 11/15/25		910,953
	606,000	Icahn Enterprises, LP 5.875%, 02/01/22		581,381
	725,000	Meritor, Inc. 6.750%, 06/15/21		679,234
		Michael Baker International, LLC*
	688,800	8.875%, 04/15/19		497,658
	459,000	8.250%, 10/15/18		441,214
	795,000	Multi-Color Corp.* 6.125%, 12/01/22		810,900
	490,000	Navistar International Corp. 8.250%, 11/01/21		355,863
	960,000	Oshkosh Corp. 5.375%, 03/01/25		985,800
	765,000	Spirit AeroSystems Holdings, Inc. 5.250%, 03/15/22		805,950

See accompanying Notes to Schedule of Investments www.calamos.com 123

High Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	490,000	Terex Corp. 6.000%, 05/15/21	$	487,244
	575,000	Titan International, Inc.^ 6.875%, 10/01/20		498,813
	500,000	TransDigm, Inc. 5.500%, 10/15/20		509,375
	700,000	United Continental Holdings, Inc. 6.375%, 06/01/18		738,500
	750,000	United Rentals North America, Inc. 7.625%, 04/15/22		802,500
				13,457,225
		Information Technology (7.0%)
	1,185,000	Alliance Data Systems Corp.* 5.375%, 08/01/22		1,146,487
	660,000	Amkor Technology, Inc. 6.625%, 06/01/21		643,088
	700,000	Belden, Inc.* 5.500%, 09/01/22		713,563
	956,000	Cardtronics, Inc. 5.125%, 08/01/22		960,182
	825,000	CDW, LLC / CDW Finance Corp. 5.000%, 09/01/23		845,109
	780,000	CommScope Technologies Finance, LLC* 6.000%, 06/15/25		802,425
	802,000	First Data Corp.* 7.000%, 12/01/23		828,065
	640,000	Nuance Communications, Inc.* 5.375%, 08/15/20		658,400
				6,597,319
		Materials (9.7%)
	640,000	Alcoa, Inc.^ 5.125%, 10/01/24		626,000
	699,000	ArcelorMittal^ 6.500%, 03/01/21		717,786
	335,000	Ball Corp. 5.250%, 07/01/25		353,425
	1,195,000	Cascades, Inc.* 5.750%, 07/15/23		1,142,719
	913,000	Chemtura Corp. 5.750%, 07/15/21		914,141
	865,000	Constellium, NV* 8.000%, 01/15/23		753,091
		First Quantum Minerals, Ltd.*
	160,000	7.000%, 02/15/21		129,800
	160,000	6.750%, 02/15/20		133,500
	850,000	Huntsman International, LLC^ 5.125%, 11/15/22		854,250
		INEOS Group Holdings, SA*^
	550,000	6.125%, 08/15/18		560,312
	350,000	5.875%, 02/15/19		356,781
	220,000	Kaiser Aluminum Corp. 5.875%, 05/15/24		225,500

PRINCIPAL AMOUNT			VALUE
	605,000	New Gold, Inc.* 6.250%, 11/15/22	$	558,113
	875,000	Trinseo Materials Operating, SCA* 6.750%, 05/01/22		905,625
	855,000	Vulcan Materials Company 4.500%, 04/01/25		914,850
				9,145,893
		Telecommunication Services (6.7%)
	542,000	CenturyLink, Inc. 6.750%, 12/01/23		537,596
		Frontier Communications Corp.
	745,000	7.625%, 04/15/24		665,378
	275,000	10.500%, 09/15/22*		283,938
	850,000	Inmarsat Finance, PLC* 4.875%, 05/15/22		804,844
	195,000	Intelsat Jackson Holdings, SA* 8.000%, 02/15/24		201,459
	950,000	SBA Communications Corp. 4.875%, 07/15/22		958,906
	2,145,000	Sprint Corp. 7.250%, 09/15/21		1,726,725
	1,070,000	T-Mobile USA, Inc. 6.625%, 04/01/23		1,144,900
				6,323,746
		Utilities (0.6%)
	500,000	NRG Energy, Inc. 7.875%, 05/15/21		520,625
		TOTAL CORPORATE BONDS (Cost $93,679,486)		89,865,963
NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (1.3%)
		Financials (0.4%)
	3,848	Crown Castle International Corp. 4.500%		408,716
		Health Care (0.4%)
	500	Allergan, PLC 5.500%		405,745
		Utilities (0.5%)
	8,400	Dominion Resources, Inc. 6.375%		414,372
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,353,680)		1,228,833
	SHORT TERM INVESTMENT (3.0%)
	2,849,151	Fidelity Prime Money Market Fund - Institutional Class (Cost $2,849,151)		2,849,151

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

High Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES/ PRINCIPAL AMOUNT			VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (7.6%)
		Federal Home Loan Bank Discount Notes
	1,544,892	0.000 %, 06/15/16	$	1,544,892
	1,236,058	0.000 %, 05/24/16		1,236,058
	927,069	0.000 %, 05/02/16		927,069
	1,427,041	Fidelity Prime Money Market Fund - Institutional Class		1,427,041
	954,888	Goldman Sachs Financial Square Prime Obligations Fund		954,888
	1,110,084	Morgan Stanley Institutional Liquidity Fund		1,110,084
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $7,200,032)		7,200,032
	TOTAL INVESTMENTS (106.9%) (Cost $105,082,349)			101,143,979
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-7.6%)			(7,200,032	)
	OTHER ASSETS, LESS LIABILITIES (0.7%)			642,979
	NET ASSETS (100.0%)		$	94,586,926

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.

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

See accompanying Notes to Financial Statements www.calamos.com 125

Market Neutral Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	CONVERTIBLE BONDS (37.7%)
		Consumer Discretionary (7.1%)
		CalAtlantic Group, Inc.~
	12,000,000	1.625%, 05/15/18	$	14,392,440
	6,500,000	1.250%, 08/01/32		6,814,145
		Ctrip.com International, Ltd.~
	26,000,000	1.250%, 10/15/18		33,170,930
	10,000,000	1.990%, 07/01/25*		11,175,300
	4,000,000	GNC Holdings, Inc.* 1.500%, 08/15/20		3,142,940
		Jarden Corp.~
	12,000,000	1.875%, 09/15/18		23,122,440
	5,000,000	1.500%, 06/15/19		7,870,000
	4,310,602	Liberty Interactive, LLC~* 1.000%, 09/30/43		3,744,835
	10,000,000	Live Nation Entertainment, Inc.~ 2.500%, 05/15/19		9,983,350
	4,000,000	M/I Homes, Inc.~^ 3.000%, 03/01/18		3,950,660
	11,635,000	Meritage Homes Corp.~ 1.875%, 09/15/32		11,539,651
		Priceline Group, Inc.
	15,000,000	1.000%, 03/15/18~		22,162,800
	15,000,000	0.900%, 09/15/21^		15,504,000
	10,000,000	Restoration Hardware Holdings, Inc.*^ 0.000%, 06/15/19		8,292,150
	14,000,000	Shutterfly, Inc. 0.250%, 05/15/18		13,984,180
	5,250,000	TAL Education Group^ 2.500%, 05/15/19		11,745,484
		Tesla Motors, Inc.
	32,500,000	1.250%, 03/01/21~		29,890,738
	10,000,000	1.500%, 06/01/18		19,260,150
	15,000,000	Vipshop Holdings, Ltd.~ 1.500%, 03/15/19		15,429,075
				265,175,268
		Energy (1.2%)
	22,500,000	Energy XXI, Ltd.@ 3.000%, 12/15/18		143,438
	3,000,000	Helix Energy Solutions Group, Inc.^ 3.250%, 03/15/32		2,756,895
	11,500,000	Petroleum Development Corp.~* 3.250%, 05/15/16		16,612,900
	3,000,000	Renewable Energy Group, Inc. 2.750%, 06/15/19		2,737,500
		SEACOR Holdings, Inc.
	5,000,000	2.500%, 12/15/27~		4,893,600
	4,000,000	3.000%, 11/15/28^		3,376,480
	6,000,000	Stone Energy Corp.~^ 1.750%, 03/01/17		2,025,660
	15,000,000	Whiting Petroleum Corp.~* 1.250%, 04/01/20		11,358,675
				43,905,148

PRINCIPAL AMOUNT			VALUE
		Financials (2.1%)
	4,000,000	American Residential Properties OP, LP~* 3.250%, 11/15/18	$	4,148,780
	4,821,000	AmTrust Financial Services, Inc.~ 2.750%, 12/15/44		3,644,845
	3,000,000	2.750%, 12/15/44*		2,471,910
		Colony Starwood Homes
	6,000,000	3.000%, 07/01/19		5,997,690
	5,000,000	4.500%, 10/15/17		5,143,900
	3,500,000	Cowen Group, Inc.~ 3.000%, 03/15/19		3,177,667
	8,200,000	Extra Space Storage, LP*^ 3.125%, 10/01/35		9,070,799
	6,000,000	Forestar Group, Inc. 3.750%, 03/01/20		5,254,200
	1,000,000	FXCM, Inc. 2.250%, 06/15/18		623,935
	10,000,000	NorthStar Realty Europe Corp.* 4.625%, 12/15/16		10,025,000
	15,000,000	SL Green Operating Partnership, LP* 3.000%, 10/15/17		20,273,400
	5,000,000	Starwood Property Trust, Inc. 3.750%, 10/15/17		4,983,400
	8,000,000	Walter Investment Management Corp. 4.500%, 11/01/19		4,846,240
				79,661,766
		Health Care (6.0%)
	7,500,000	Aceto Corp.~* 2.000%, 11/01/20		7,047,863
	8,391,000	Acorda Therapeutics, Inc.~ 1.750%, 06/15/21		7,586,555
	7,500,000	Alere, Inc.~ 3.000%, 05/15/16		7,538,325
	5,000,000	Allscripts Healthcare Solutions, Inc.~ 1.250%, 07/01/20		5,159,700
	10,000,000	AMAG Pharmaceuticals, Inc.~ 2.500%, 02/15/19		11,936,900
	5,200,000	Anacor Pharmaceuticals, Inc.* 2.000%, 04/15/23		5,971,992
	15,000,000	BioMarin Pharmaceutical, Inc.~ 0.750%, 10/15/18		17,667,075
	9,500,000	Brookdale Senior Living, Inc.~ 2.750%, 06/15/18		9,472,592
	7,500,000	Depomed, Inc.~ 2.500%, 09/01/21		8,328,225
	3,500,000	Emergent Biosolutions, Inc.~ 2.875%, 01/15/21		4,780,370
	12,500,000	Horizon Pharma Investment, Ltd.^ 2.500%, 03/15/22		10,953,625
	3,804,000	Insulet Corp.~^ 2.000%, 06/15/19		3,745,647
	17,500,000	Integra LifeSciences Holdings Corp.~ 1.625%, 12/15/16		23,775,587

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, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	8,000,000	Ironwood Pharmaceuticals, Inc.* 2.250%, 06/15/22	$	7,257,800
	7,000,000	Ligand Pharmaceuticals, Inc.~ 0.750%, 08/15/19		11,827,830
		Medicines Company~
	12,500,000	1.375%, 06/01/17		17,185,250
	7,500,000	2.500%, 01/15/22		9,243,188
		Molina Healthcare, Inc.~
	10,500,000	1.625%, 08/15/44		11,765,932
	5,000,000	1.125%, 01/15/20		6,942,325
	12,500,000	NuVasive, Inc.* 2.250%, 03/15/21		14,096,000
	5,000,000	Quidel Corp.~ 3.250%, 12/15/20		4,616,725
	8,000,000	Spectranetics Corp. 2.625%, 06/01/34		6,762,720
	4,000,000	Teligent, Inc. 3.750%, 12/15/19		3,301,320
	10,000,000	Wright Medical Group, Inc. 2.000%, 02/15/20		9,520,100
				226,483,646
		Industrials (0.9%)
	4,000,000	Greenbrier Companies, Inc.^ 3.500%, 04/01/18		4,386,340
		Navistar International Corp.
	10,000,000	4.750%, 04/15/19		6,719,200
	10,000,000	4.500%, 10/15/18~		7,051,250
	5,000,000	SolarCity Corp. 1.625%, 11/01/19		3,305,375
	10,000,000	Trinity Industries, Inc.~ 3.875%, 06/01/36		10,955,100
				32,417,265
		Information Technology (19.4%)
	7,750,000	Bottomline Technologies (de), Inc.~ 1.500%, 12/01/17		8,051,862
	2,500,000	Brocade Communications Systems, Inc.~ 1.375%, 01/01/20		2,431,488
	2,500,000	CalAmp Corp.~* 1.625%, 05/15/20		2,278,125
	7,000,000	Canadian Solar, Inc.~ 4.250%, 02/15/19		6,013,350
	8,800,000	Cardtronics, Inc.~^ 1.000%, 12/01/20		8,817,292
	15,900,000	Ciena Corp.~* 3.750%, 10/15/18		17,895,291
	10,000,000	Citrix Systems, Inc.~ 0.500%, 04/15/19		11,272,650
	12,000,000	Cornerstone OnDemand, Inc.~ 1.500%, 07/01/18		12,067,380
	11,000,000	CSG Systems International, Inc.~* 4.250%, 03/15/36		11,877,965

PRINCIPAL AMOUNT				VALUE
	20,000,000		Electronic Arts, Inc.~ 0.750%, 07/15/16	$	38,820,000
	10,500,000		Electronics For Imaging, Inc.~ 0.750%, 09/01/19		10,799,985
	5,000,000		Envestnet, Inc. 1.750%, 12/15/19		4,519,075
	5,000,000		Euronet Worldwide, Inc. 1.500%, 10/01/44		6,126,825
	12,752,000		Finisar Corp. 0.500%, 12/15/33		12,240,836
			FireEye, Inc.*
	5,000,000		1.625%, 06/01/35		4,130,675
	5,000,000		1.000%, 06/01/35		4,338,000
	9,500,000		Infinera Corp.~ 1.750%, 06/01/18		11,225,295
	5,000,000		Inphi Corp.~* 1.125%, 12/01/20		5,245,975
	10,000,000		Integrated Device Technology, Inc.~* 0.875%, 11/15/22		9,324,450
	7,500,000		Lam Research Corp.~ 0.500%, 05/15/16		9,582,487
	25,000,000		LinkedIn Corp.~ 0.500%, 11/01/19		23,358,125
	10,000,000		Mentor Graphics Corp.~ 4.000%, 04/01/31		10,457,350
	10,000,000		MercadoLibre, Inc.~ 2.250%, 07/01/19		11,730,750
	10,000,000		Microchip Technology, Inc.~ 1.625%, 02/15/25		10,409,750
	20,000,000		Micron Technology, Inc.~ 1.625%, 02/15/33		23,883,000
	2,500,000		NetSuite, Inc.~ 0.250%, 06/01/18		2,490,625
	15,000,000		Nuance Communications, Inc.* 1.000%, 12/15/35		13,599,675
	35,000,000		NVIDIA Corp.~ 1.000%, 12/01/18		62,390,825
	15,000,000		NXP Semiconductors, NV~ 1.000%, 12/01/19		17,019,375
	25,000,000		ON Semiconductor Corp.~ 2.625%, 12/15/26		26,650,500
	10,600,000		Palo Alto Networks, Inc.~ 0.000%, 07/01/19		15,575,534
	7,500,000		Pandora Media, Inc.* 1.750%, 12/01/20		6,837,075
	7,500,000		Proofpoint, Inc.^ 1.250%, 12/15/18		11,737,912
	19,985,000		Qihoo 360 Technology Company, Ltd.~^ 1.750%, 08/15/21		19,763,566
	10,000,000		Rambus, Inc.~ 1.125%, 08/15/18		11,525,000
	10,000,000	EUR	Rocket Internet, SE 3.000%, 07/22/22		9,417,036

See accompanying Notes to Schedule of Investments www.calamos.com 127

Market Neutral Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	7,500,000		Rovi Corp. 0.500%, 03/01/20	$	7,142,363
	18,500,000		Salesforce.com, Inc.~ 0.250%, 04/01/18		23,331,090
	30,000,000		SanDisk Corp.~ 1.500%, 08/15/17		46,914,750
	4,500,000		ServiceNow, Inc. 0.000%, 11/01/18		5,208,233
	5,000,000		SINA Corp. 1.000%, 12/01/18		4,917,750
			SunEdison, Inc.@
	14,500,000		2.375%, 04/15/22^		523,015
	6,250,000		2.000%, 10/01/18		246,250
	10,000,000		SunPower Corp.* 4.000%, 01/15/23		9,649,100
	4,651,000		Synchronoss Technologies, Inc. 0.750%, 08/15/19		4,520,470
			Take-Two Interactive Software, Inc.~
	10,000,000		1.000%, 07/01/18		16,394,850
	9,000,000		1.750%, 12/01/16	��	16,142,040
	5,000,000		TTM Technologies, Inc. 1.750%, 12/15/20		4,468,675
			Twitter, Inc.
	15,000,000		1.000%, 09/15/21		12,574,650
	15,000,000		0.250%, 09/15/19		13,103,025
	15,000,000		Viavi Solutions, Inc.~ 0.625%, 08/15/33		14,511,225
	10,000,000		WebMD Health Corp. 2.500%, 01/31/18		11,473,150
	14,500,000		Workday, Inc.~ 0.750%, 07/15/18		16,275,815
	20,000,000		Xilinx, Inc.~ 2.625%, 06/15/17		29,991,500
	5,000,000		Yahoo!, Inc.~ 0.000%, 12/01/18		5,026,375
	12,501,000		Yandex, NV 1.125%, 12/15/18		11,299,904
					727,619,334
			Materials (0.8%)
	4,000,000		B2Gold Corp.~ 3.250%, 10/01/18		3,760,500
	15,000,000		Cemex, SAB de CV~ 3.750%, 03/15/18		16,429,575
	10,000,000		RTI International Metals, Inc. 1.625%, 10/15/19		11,471,450
					31,661,525
			Telecommunication Services (0.2%)
	5,000,000	EUR	America Movil, SAB de CV 0.000%, 05/28/20		5,727,540
			TOTAL CONVERTIBLE BONDS (Cost $1,470,732,325)		1,412,651,492

PRINCIPAL AMOUNT			VALUE
	SYNTHETIC CONVERTIBLE SECURITIES (8.1%) ¤
	Corporate Bonds (7.7%)
		Consumer Discretionary (2.2%)
	500,000	American Honda Finance Corp.~ 1.125%, 10/07/16	$	501,072
	3,000,000	CCO Holdings, LLC / CCO Holdings Capital Corp.~ 7.000%, 01/15/19		3,054,240
	4,575,000	Continental Airlines 2012-3 Class C Pass Thru Certificates~ 6.125%, 04/29/18		4,803,041
	6,820,000	D.R. Horton, Inc.~ 3.750%, 03/01/19		6,990,500
	10,000,000	DISH DBS Corp.~ 4.250%, 04/01/18		10,206,250
		Ford Motor Credit Company, LLC
	2,000,000	1.500%, 01/17/17~		2,003,860
	1,000,000	2.943%, 01/08/19		1,025,095
		General Motors Company, Inc.
	3,000,000	3.250%, 05/15/18~		3,075,000
	2,500,000	3.500%, 10/02/18		2,581,250
	500,000	2.625%, 07/10/17~		505,000
		Lennar Corp.~
	8,760,000	4.500%, 06/15/19		9,093,975
	7,000,000	4.125%, 12/01/18		7,192,500
	5,745,000	Meritage Homes Corp.~ 4.500%, 03/01/18		5,881,444
	4,170,000	NCL Corp., Ltd. - Class C~* 4.625%, 11/15/20		4,240,369
	2,000,000	Nissan Motor Acceptance Corp.~*‡ 1.182%, 03/03/17		2,002,080
	2,000,000	Numericable-SFR SA* 4.875%, 05/15/19		2,074,890
	2,000,000	Thomson Reuters Corp.~ 0.875%, 05/23/16		1,999,380
	13,760,000	Toll Brothers Finance Corp. 4.000%, 12/31/18		14,284,600
				81,514,546
		Consumer Staples (0.3%)
		Constellation Brands, Inc.~
	6,000,000	7.250%, 05/15/17		6,348,750
	4,000,000	7.250%, 09/01/16		4,077,500
	1,000,000	WM Wrigley Jr. Company~* 1.400%, 10/21/16		1,002,480
				11,428,730
		Energy (0.7%)
	8,000,000	Chesapeake Energy Corp.~*^ 8.000%, 12/15/22		5,500,000
		CNOOC, Ltd.~
	1,000,000	1.625%, 04/30/17		1,000,235
	500,000	1.125%, 05/09/16		500,000
	3,000,000	Enbridge, Inc.~‡ 1.275%, 10/01/16		2,978,460

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, 2016 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	500,000	Exxon Mobil Corp. 1.708%, 03/01/19	$	506,648
	1,500,000	Nabors Industries, Inc.~ 2.350%, 09/15/16		1,500,000
	3,197,000	Oasis Petroleum, Inc.^ 7.250%, 02/01/19		3,051,137
	10,000,000	SESI, LLC~ 6.375%, 05/01/19		9,368,750
	1,250,000	Whiting Petroleum Corp.^ 6.500%, 10/01/18		1,088,281
				25,493,511
		Financials (1.1%)
		Ally Financial, Inc.~
	6,000,000	3.250%, 09/29/17		6,015,000
	2,500,000	3.250%, 11/05/18		2,498,437
	1,000,000	ANZ New Zealand (Int’l), Ltd.~* 1.400%, 04/27/17		1,001,325
	5,000,000	Aviation Capital Group Corp.~* 3.875%, 09/27/16		5,037,050
	7,750,000	BB&T Corp.~ 1.000%, 04/03/17		7,753,449
		Berkshire Hathaway Finance Corp.~
	1,000,000	1.700%, 03/15/19		1,014,025
	1,000,000	0.950%, 08/15/16		1,001,075
	1,850,000	Deutsche Bank, AG~ 1.400%, 02/13/17		1,849,667
	1,500,000	Goldman Sachs Group, Inc. 2.000%, 04/25/19		1,506,007
	1,000,000	Hyundai Capital America* 2.500%, 03/18/19		1,010,745
		iStar, Inc.~
	6,000,000	4.875%, 07/01/18		5,887,500
	2,000,000	4.000%, 11/01/17		1,972,500
	2,983,000	Neuberger Berman Group, LLC* 5.875%, 03/15/22		3,109,569
		PNC Bank NA
	1,000,000	1.950%, 03/04/19		1,010,460
	1,000,000	1.800%, 11/05/18~		1,008,550
				41,675,359
		Health Care (0.5%)
	1,000,000	Actavis Funding SCS~ 1.300%, 06/15/17		997,400
	5,000,000	Amgen, Inc.~ 2.500%, 11/15/16		5,041,900
	6,000,000	Community Health Systems, Inc.~ 5.125%, 08/15/18		6,108,750
	2,703,000	HCA, Inc.~ 3.750%, 03/15/19		2,779,022
		Mylan, Inc.~
	1,000,000	1.800%, 06/24/16		1,000,750
	500,000	1.350%, 11/29/16		499,147
	2,500,000	UnitedHealth Group, Inc. 1.700%, 02/15/19		2,528,850
				18,955,819

PRINCIPAL AMOUNT			VALUE
		Industrials (1.3%)
	12,000,000	AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust~ 2.750%, 05/15/17	$	12,022,500
	10,000,000	Air Lease Corp.~ 5.625%, 04/01/17		10,331,250
	5,000,000	American Airlines Group, Inc. 6.125%, 06/01/18		5,215,625
	4,800,000	CNH Industrial Capital, LLC~ 3.250%, 02/01/17		4,812,000
	5,000,000	Deluxe Corp.~ 6.000%, 11/15/20		5,221,875
	1,000,000	GATX Corp.~ 1.250%, 03/04/17		995,520
	9,175,000	Icahn Enterprises, LP~ 3.500%, 03/15/17		9,180,734
	500,000	John Deere Capital Corp.~ 1.050%, 10/11/16		500,863
	1,000,000	Rockwell Collins, Inc.~‡ 0.984%, 12/15/16		1,000,655
				49,281,022
		Information Technology (1.3%)
	14,700,000	Alliance Data Systems Corp.~* 5.250%, 12/01/17		14,966,437
	2,000,000	eBay, Inc.~ 2.500%, 03/09/18		2,036,070
	10,000,000	Hewlett Packard Enterprise Company* 2.850%, 10/05/18		10,203,650
	5,000,000	Jabil Circuit, Inc.~ 7.750%, 07/15/16		5,059,375
	1,000,000	Juniper Networks, Inc.~ 3.125%, 02/26/19		1,017,705
	2,725,000	NXP Semiconductors, NV~* 3.750%, 06/01/18		2,793,125
	7,000,000	Sanmina Corp.* 4.375%, 06/01/19		7,210,000
	5,000,000	Seagate Technology, PLC~ 3.750%, 11/15/18		4,956,650
				48,243,012
		Materials (0.0%)
	1,000,000	BHP Billiton Finance USA, Ltd.~‡ 0.879%, 09/30/16		998,415
		Telecommunication Services (0.3%)
	5,000,000	AT&T, Inc.~ 2.400%, 03/15/17		5,052,500
	6,000,000	British Telecommunications, PLC~ 1.250%, 02/14/17		6,001,350
	500,000	Verizon Communications, Inc.~‡ 2.164%, 09/15/16		502,378
				11,556,228
		TOTAL CORPORATE BONDS		289,146,642

See accompanying Notes to Schedule of Investments www.calamos.com 129

Market Neutral Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF CONTRACTS			VALUE
	Purchased Options (0.4%) #
		Energy (0.0%)
	1,000	Southwestern Energy Company Call, 01/20/17, Strike $8.00	$	605,000
		Other (0.4%)
		S&P 500 Index
	1,500	Call, 05/06/16, Strike $2,120.00		60,000
	1,000	Call, 12/30/16, Strike $2,000.00		14,045,000
				14,105,000
		TOTAL PURCHASED OPTIONS		14,710,000
		TOTAL SYNTHETIC CONVERTIBLE SECURITIES (Cost $298,462,977)		303,856,642
NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (4.1%)
		Consumer Staples (0.1%)
	40,000	Post Holdings, Inc. 5.250%		5,236,600
		Energy (1.7%)
	325,000	Hess Corp.^ 8.000%		24,706,500
	800,000	Southwestern Energy Company 6.250%		25,352,000
	250,000	WPX Energy, Inc. 6.250%		11,817,500
				61,876,000
		Financials (0.4%)
	150,000	American Tower Corp. 5.500%		15,552,000
		Health Care (1.1%)
	25,000	Allergan, PLC~ 5.500%		20,287,250
	25,000	Teva Pharmaceutical Industries, Ltd.~ 7.000%		22,525,000
				42,812,250
		Industrials (0.3%)
	150,000	Stericycle, Inc. 5.250%		11,649,000
		Telecommunication Services (0.3%)
	113,200	Frontier Communications Corp. 11.125%		11,806,760
		Utilities (0.2%)
	100,000	NextEra Energy, Inc. 6.371%		5,980,000
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $160,261,479)		154,912,610

NUMBER OF SHARES			VALUE
	COMMON STOCKS (49.5%)
		Consumer Discretionary (6.1%)
	40,632	Amazon.com, Inc.~#	$	26,800,461
	3,023	AutoZone, Inc.~#		2,313,290
	25,185	CarMax, Inc.~#		1,333,546
	60,443	Carnival Corp.		2,964,729
	4,562	Chipotle Mexican Grill, Inc.#		1,920,465
	57,925	Coach, Inc.~		2,332,640
	303,989	Comcast Corp. - Class A~		18,470,372
	35,259	D.R. Horton, Inc.~		1,059,886
	20,147	Darden Restaurants, Inc.~		1,254,151
	72,948	Delphi Automotive, PLC		5,371,161
	25,186	Discovery Communications, Inc. - Class A~#		687,830
	25,186	Discovery Communications, Inc. - Class C~#		674,481
	26,194	Dollar General Corp.~		2,145,551
	406,990	Ford Motor Company~		5,518,784
	31,230	Gap, Inc.~		723,911
	108,497	General Motors Company, Inc.		3,450,205
	234,118	Home Depot, Inc.~		31,346,059
	35,258	Interpublic Group of Companies, Inc.~		808,819
	19,343	Lennar Corp. - Class A		876,431
	195,336	Lowe’s Companies, Inc.		14,849,443
	27,703	Macy’s, Inc.~		1,096,762
	101,134	McDonald’s Corp.~		12,792,440
	21,728	Michael Kors Holdings, Ltd.#		1,122,468
	10,075	Mohawk Industries, Inc.~#		1,940,747
	45,012	Netflix, Inc.#		4,052,430
	191,027	Nike, Inc. - Class B~		11,259,131
	6,850	Priceline Group, Inc.~#		9,204,071
	11,081	PVH Corp.~		1,059,344
	40,294	Ross Stores, Inc.~		2,287,893
	35,259	Royal Caribbean Cruises, Ltd.		2,729,047
	119,478	Starbucks Corp.~		6,718,248
	21,658	Time Warner Cable, Inc.		4,593,878
	88,752	Time Warner, Inc.~		6,668,825
	37,071	TJX Companies, Inc.~		2,810,723
	23,216	TripAdvisor, Inc.~#		1,499,521
	212,762	Twenty-First Century Fox, Inc.~		6,438,178
	17,566	Under Armour, Inc., Class A#		771,850
	17,566	Under Armour, Inc., Class C#		716,693
	39,593	Viacom, Inc. - Class B~		1,619,354
	209,841	Walt Disney Company~		21,668,182
	8,059	Whirlpool Corp.~		1,403,394
	20,147	Yum! Brands, Inc.~		1,602,895
				228,958,289

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

Market Neutral Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
		Consumer Staples (5.0%)
	278,950	Altria Group, Inc.~	$	17,492,954
	119,377	Archer-Daniels-Midland Company		4,767,917
	377,775	Coca-Cola Company		16,924,320
	75,958	Colgate-Palmolive Company~		5,386,941
	40,296	ConAgra Foods, Inc.~		1,795,590
	45,083	Costco Wholesale Corp.~		6,678,145
	157,354	CVS Health Corp.		15,814,077
	65,077	General Mills, Inc.		3,991,823
	14,103	Hershey Company~		1,313,130
	35,259	Kellogg Company~		2,708,244
	32,539	Kimberly-Clark Corp.		4,073,557
	63,299	Kraft Heinz Company		4,941,753
	130,963	Kroger Company		4,634,781
	20,819	Mead Johnson Nutrition Company~		1,814,376
	168,327	Mondelez International, Inc. - Class A		7,231,328
	201,680	PepsiCo, Inc.~		20,764,973
	168,236	Philip Morris International, Inc.~		16,507,316
	298,491	Procter & Gamble Company		23,915,099
	35,986	Reynolds American, Inc.		1,784,906
	202,384	Wal-Mart Stores, Inc.~		13,533,418
	105,778	Walgreens Boots Alliance, Inc.		8,386,080
	73,365	Whole Foods Market, Inc.~		2,133,454
				186,594,182
		Energy (3.9%)
	47,449	Anadarko Petroleum Corp.~		2,503,409
	24,680	Apache Corp.		1,342,592
	48,858	Baker Hughes, Inc.~		2,362,773
	208,934	Chevron Corp.~		21,348,876
	124,814	ConocoPhillips~		5,964,861
	62,964	Devon Energy Corp.		2,183,592
	91,471	EOG Resources, Inc.~		7,557,334
	28,207	EQT Corp.~		1,977,311
	549,326	Exxon Mobil Corp.		48,560,418
	96,611	Halliburton Company		3,991,000
	10,075	Helmerich & Payne, Inc.~		666,159
	385,377	Kinder Morgan, Inc.		6,844,296
	60,445	Marathon Oil Corp.~		851,670
	103,157	Marathon Petroleum Corp.		4,031,376
	13,095	Murphy Oil Corp.~		468,015
	48,858	National Oilwell Varco, Inc.~		1,760,842
	70,520	Noble Energy, Inc.		2,546,477
	81,397	Occidental Petroleum Corp.		6,239,080
	80,241	Phillips 66~		6,588,589
	141,439	Schlumberger, Ltd.		11,363,209
	103,159	Spectra Energy Corp.		3,225,782

NUMBER OF SHARES			VALUE
	49,673	Valero Energy Corp.~	$	2,924,250
	38,485	Williams Companies, Inc.		746,224
				146,048,135
		Financials (7.7%)
	37,273	Aflac, Inc.~		2,570,719
	103,158	Allstate Corp.~		6,710,428
	189,894	American Express Company~		12,424,764
	185,525	American International Group, Inc.		10,356,005
	40,801	American Tower Corp.		4,279,209
	32,539	Ameriprise Financial, Inc.~		3,120,490
	12,088	AvalonBay Communities, Inc.~		2,137,037
	1,108,138	Bank of America Corp.		16,134,489
	217,094	Bank of New York Mellon Corp.		8,735,863
	92,279	BB&T Corp.		3,264,831
	217,093	Berkshire Hathaway, Inc. - Class B#		31,582,690
	12,994	BlackRock, Inc.~		4,630,152
	70,520	Capital One Financial Corp.		5,104,943
	176,297	Charles Schwab Corp.~		5,008,598
	41,339	Chubb Corp.~		4,872,215
	314,813	Citigroup, Inc.~		14,569,546
	33,446	Crown Castle International Corp.		2,905,788
	51,379	Discover Financial Services		2,891,096
	36,872	Equity Residential		2,509,877
	110,813	Fifth Third Bancorp~		2,028,986
	42,813	Franklin Resources, Inc.~		1,598,637
	46,642	Goldman Sachs Group, Inc.~		7,654,419
	45,334	Hartford Financial Services Group, Inc.~		2,011,923
	88,651	Host Hotels & Resorts, Inc.		1,402,459
	75,553	Invesco, Ltd.		2,342,898
	469,786	JPMorgan Chase & Company		29,690,475
	77,066	Lincoln National Corp.		3,348,518
	15,110	Macerich Company		1,149,569
	169,486	MetLife, Inc.~		7,643,819
	146,578	Morgan Stanley~		3,966,401
	58,175	PNC Financial Services Group, Inc.~		5,106,601
	55,406	Prologis, Inc.~		2,515,986
	91,169	Prudential Financial, Inc.~		7,078,361
	14,959	Public Storage~		3,662,113
	191,409	Regions Financial Corp.~		1,795,416
	44,528	Simon Property Group, Inc.		8,957,698
	43,822	State Street Corp.~		2,730,111
	60,443	SunTrust Banks, Inc.~		2,522,891
	88,150	Synchrony Financial#		2,694,745
	27,200	T. Rowe Price Group, Inc.~		2,047,888
	28,005	Travelers Companies, Inc.~		3,077,749
	182,251	US Bancorp~		7,780,295

See accompanying Notes to Schedule of Investments www.calamos.com 131

Market Neutral Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	32,740	Ventas, Inc.~	$	2,033,809
	30,223	Vornado Realty Trust		2,893,248
	512,160	Wells Fargo & Company~		25,597,757
	33,421	Welltower, Inc.		2,320,086
				289,461,598
		Health Care (7.2%)
	141,941	Abbott Laboratories~		5,521,505
	222,234	AbbVie, Inc.~		13,556,274
	59,941	Aetna, Inc.~		6,729,576
	38,792	Agilent Technologies, Inc.~		1,587,369
	21,156	Alexion Pharmaceuticals, Inc.#		2,946,608
	51,231	Allergan, PLC#		11,094,585
	80,288	Amgen, Inc.		12,709,590
	40,801	Anthem, Inc.		5,743,557
	65,077	Baxalta, Inc.		2,729,980
	65,077	Baxter International, Inc.~		2,877,705
	30,927	Biogen, Inc.~#		8,504,616
	152,219	Bristol-Myers Squibb Company~		10,987,167
	33,534	Cardinal Health, Inc.		2,631,078
	85,439	Celgene Corp.#		8,835,247
	52,889	Cerner Corp.#		2,969,188
	40,145	Cigna Corp.		5,561,688
	20,147	DaVita HealthCare Partners, Inc.~#		1,488,863
	28,247	Edwards Lifesciences Corp.~#		3,000,114
	97,718	Eli Lilly and Company		7,380,641
	105,676	Express Scripts Holding Company~#		7,791,492
	171,659	Gilead Sciences, Inc.		15,142,040
	11,600	Illumina, Inc.#		1,565,884
	304,687	Johnson & Johnson		34,149,319
	24,179	Laboratory Corp. of America Holdings~#		3,030,112
	123,774	Medtronic, PLC		9,796,712
	373,541	Merck & Company, Inc.		20,484,988
	45,769	Mylan, NV#		1,909,025
	14,997	Perrigo Company, PLC		1,449,760
	703,972	Pfizer, Inc.~		23,026,924
	15,110	Quest Diagnostics, Inc.~		1,135,819
	4,029	Regeneron Pharmaceuticals, Inc.~#		1,517,765
	35,659	St. Jude Medical, Inc.~		2,717,216
	45,333	Stryker Corp.~		4,941,750
	81,396	Thermo Fisher Scientific, Inc.~		11,741,373
	92,279	UnitedHealth Group, Inc.		12,151,299
				269,406,829
		Industrials (4.6%)
	55,304	3M Company		9,256,784
	100,741	Boeing Company~		13,579,887
	66,186	Caterpillar, Inc.~		5,143,976

NUMBER OF SHARES			VALUE
	100,740	CSX Corp.~	$	2,747,180
	19,140	Cummins, Inc.~		2,239,954
	65,076	Danaher Corp.		6,296,103
	73,340	Deere & Company^		6,168,627
	151,916	Delta Air Lines, Inc.		6,330,340
	39,793	Eaton Corp., PLC		2,517,703
	65,077	Emerson Electric Company~		3,555,157
	31,733	Expeditors International of Washington, Inc.~		1,574,274
	37,977	FedEx Corp.		6,270,382
	33,244	Fluor Corp.~		1,817,117
	32,833	General Dynamics Corp.		4,613,693
	1,003,093	General Electric Company		30,845,110
	117,413	Honeywell International, Inc.		13,416,784
	43,419	Illinois Tool Works, Inc.~		4,538,154
	23,297	Jacobs Engineering Group, Inc.~#		1,038,580
	11,137	Kansas City Southern		1,055,231
	8,517	L-3 Communications Holdings, Inc.		1,120,241
	27,740	Lockheed Martin Corp.		6,446,221
	70,520	Masco Corp.~		2,165,669
	27,867	Norfolk Southern Corp.		2,511,095
	35,259	Pentair, PLC		2,047,843
	25,186	Robert Half International, Inc.~		964,876
	154,033	Southwest Airlines Company~		6,871,412
	86,839	Union Pacific Corp.~		7,574,966
	89,558	United Parcel Service, Inc. - Class B		9,409,859
	101,144	United Technologies Corp.~		10,556,399
				172,673,617
		Information Technology (10.5%)
	59,739	Accenture, PLC - Class A~		6,745,728
	40,297	Akamai Technologies, Inc.~#		2,054,744
	30,972	Alphabet, Inc. - Class A#		21,924,459
	31,073	Alphabet, Inc. - Class C~#		21,533,900
	40,297	Amphenol Corp. - Class A~		2,249,782
	782,490	Apple, Inc.		73,350,613
	161,182	Applied Materials, Inc.		3,299,396
	61,776	Broadcom, Ltd.		9,003,852
	515,588	Cisco Systems, Inc.		14,173,514
	76,059	Cognizant Technology Solutions Corp. - Class A#		4,439,564
	115,514	eBay, Inc.#		2,822,007
	200,396	EMC Corp.~		5,232,340
	22,667	F5 Networks, Inc.~#		2,374,368
	268,146	Facebook, Inc. - Class A~#		31,528,607
	65,076	Fiserv, Inc.#		6,359,227
	243,792	Hewlett Packard Enterprise Company		4,061,575
	243,792	HP, Inc.		2,991,328

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

Market Neutral Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	623,379	Intel Corp.~	$	18,875,916
	105,981	International Business Machines Corp.		15,466,867
	73,020	Juniper Networks, Inc.~		1,708,668
	170,553	MasterCard, Inc. - Class A		16,541,935
	40,297	Microchip Technology, Inc.		1,958,031
	137,427	Micron Technology, Inc.~#		1,477,340
	998,634	Microsoft Corp.~		49,801,878
	373,947	Oracle Corp.		14,905,527
	115,513	PayPal Holdings, Inc.#		4,525,799
	209,526	QUALCOMM, Inc.		10,585,254
	20,147	Red Hat, Inc.~#		1,478,185
	85,630	Symantec Corp.~		1,425,311
	55,884	TE Connectivity, Ltd.		3,323,980
	20,147	Teradata Corp.#		509,719
	130,257	Texas Instruments, Inc.~		7,429,859
	306,793	Visa, Inc. - Class A~^		23,696,691
	44,371	Western Digital Corp.		1,813,221
	78,075	Yahoo!, Inc.#		2,857,545
				392,526,730
		Materials (1.4%)
	28,208	Air Products & Chemicals, Inc.~		4,115,265
	6,547	Airgas, Inc.~		932,555
	45,341	CF Industries Holdings, Inc.~		1,499,427
	173,676	Dow Chemical Company~		9,137,094
	106,381	E.I. du Pont de Nemours and Company		7,011,572
	10,074	Eastman Chemical Company~		769,452
	176,894	Freeport-McMoRan, Inc.		2,476,516
	54,300	LyondellBasell Industries, NV - Class A		4,488,981
	94,394	Monsanto Company		8,842,830
	75,958	Mosaic Company		2,126,064
	84,621	Newmont Mining Corp.~		2,959,196
	34,654	PPG Industries, Inc.		3,825,455
	37,977	Praxair, Inc.		4,460,779
				52,645,186
		Telecommunication Services (1.4%)
	749,428	AT&T, Inc.~		29,092,795
	102,050	CenturyLink, Inc.~		3,158,448
	423,309	Verizon Communications, Inc.~		21,563,360
				53,814,603
		Utilities (1.7%)
	105,778	AES Corp.~		1,180,482
	68,403	American Electric Power Company, Inc.~		4,343,591
	55,406	CMS Energy Corp.~		2,253,916

NUMBER OF SHARES				VALUE
	40,296		Consolidated Edison, Inc.	$	3,006,082
	48,858		Dominion Resources, Inc.~		3,491,881
	135,697		Duke Energy Corp.~		10,690,210
	50,371		Edison International		3,561,733
	24,179		Entergy Corp.~		1,817,777
	20,147	��	Eversource Energy~		1,137,097
	70,520		Exelon Corp.~		2,474,547
	50,371		FirstEnergy Corp.~		1,641,591
	83,011		NextEra Energy, Inc.		9,760,433
	60,443		PG&E Corp.		3,517,783
	50,371		PPL Corp.~		1,895,964
	60,443		Public Service Enterprise Group, Inc.~		2,788,236
	174,783		Southern Company		8,756,628
	45,334		Xcel Energy, Inc.~		1,814,720
					64,132,671
			TOTAL COMMON STOCKS (Cost $1,779,935,126)		1,856,261,840
NUMBER OF CONTRACTS				VALUE
	PURCHASED OPTIONS (0.6%) #
			Consumer Discretionary (0.0%)
			Tesla Motors, Inc.
	2,500		Put, 01/19/18, Strike $30.00		218,750
	34		Put, 01/19/18, Strike $20.00		2,159
					220,909
			Financials (0.0%)
	1,500		AmTrust Financial Services, Inc. Put, 06/17/16, Strike $16.25		33,750
			Information Technology (0.0%)
	337		SanDisk Corp. Put, 07/15/16, Strike $70.00		60,660
			Other (0.6%)
			S&P 500 Index
	1,500		Put, 05/13/16, Strike $2,035.00		1,927,500
	1,500		Put, 05/31/16, Strike $1,975.00		1,732,500
	1,000		Put, 05/06/16, Strike $2,040.00		770,000
	1,000		Put, 05/20/16, Strike $2,025.00		1,530,000
	1,000		Put, 05/31/16, Strike $2,000.00		1,560,000
	1,000		Put, 12/30/16, Strike $1,900.00		6,865,000
	750		Put, 12/16/16, Strike $2,000.00		6,971,250
					21,356,250
			TOTAL PURCHASED OPTIONS (Cost $35,351,602)		21,671,569

See accompanying Notes to Schedule of Investments www.calamos.com 133

Market Neutral Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES				VALUE
	SHORT TERM INVESTMENT (1.0%)
	36,429,087		Fidelity Prime Money Market Fund - Institutional Class (Cost $36,429,087)	$	36,429,087
NUMBER OF SHARES/ PRINCIPAL AMOUNT				VALUE
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (0.9%)
			Federal Home Loan Bank Discount Notes
	7,378,624		0.000 %, 06/15/16		7,378,624
	5,903,592		0.000 %, 05/24/16		5,903,592
	4,427,817		0.000 %, 05/02/16		4,427,817
	6,815,750		Fidelity Prime Money Market Fund - Institutional Class		6,815,750
	4,560,681		Goldman Sachs Financial Square Prime Obligations Fund		4,560,681
	5,301,923		Morgan Stanley Institutional Liquidity Fund		5,301,923
			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $34,388,387)		34,388,387
	TOTAL INVESTMENTS (101.9%) (Cost $3,815,560,983)				3,820,171,627
	PAYABLE UPON RETURN OF SECURITIES ON LOAN (-0.9%)				(34,388,387	)
	LIABILITIES, LESS OTHER ASSETS (-1.0%)				(37,963,486	)
	NET ASSETS (100.0%)			$	3,747,819,754
NUMBER OF SHARES				VALUE
	COMMON STOCKS SOLD SHORT (-22.1%) #
			Consumer Discretionary (-3.3%)
	(362,001	)	CalAtlantic Group, Inc.		(11,717,972	)
	(626,000	)	Ctrip.com International, Ltd.		(27,299,860	)
	(23,900	)	GNC Holdings, Inc. - Class A		(582,204	)
	(27,000	)	HSN, Inc.		(1,431,810	)
	(115,800	)	Live Nation Entertainment, Inc.		(2,487,384	)
	(50,500	)	M/I Homes, Inc.		(1,015,050	)
	(69,850	)	Meritage Homes Corp.		(2,376,996	)
	(439,102	)	Newell Brands, Inc.		(19,996,705	)
	(16,110	)	Priceline Group, Inc.		(21,646,363	)
	(22,000	)	Restoration Hardware Holdings, Inc.		(951,940	)
	(88,045	)	Shutterfly, Inc.		(4,048,309	)
	(193,100	)	TAL Education Group		(11,172,766	)
	(55,000	)	Tesla Motors, Inc.		(13,241,800	)
	(296,000	)	Vipshop Holdings, Ltd.		(4,037,440	)
					(122,006,599	)

NUMBER OF SHARES				VALUE
			Consumer Staples (-0.1%)
	(63,700	)	Post Holdings, Inc.	$	(4,576,208	)
			Energy (-1.4%)
	(317,100	)	Hess Corp.		(18,905,502	)
	(115,011	)	PDC Energy, Inc.		(7,221,541	)
	(150,000	)	Renewable Energy Group, Inc.		(1,458,000	)
	(25,550	)	SEACOR Holdings, Inc.		(1,501,574	)
	(1,150,000	)	Southwestern Energy Company		(15,444,500	)
	(100,000	)	Whiting Petroleum Corp.		(1,200,000	)
	(785,749	)	WPX Energy, Inc.		(7,590,335	)
					(53,321,452	)
			Financials (-1.2%)
	(106,406	)	American Homes 4 Rent		(1,683,343	)
	(115,000	)	American Tower Corp.		(12,061,200	)
	(156,400	)	AmTrust Financial Services, Inc.		(3,886,540	)
	(98,500	)	Colony Starwood Homes		(2,400,445	)
	(357,900	)	Cowen Group, Inc.		(1,247,281	)
	(43,000	)	Extra Space Storage, LP		(3,652,850	)
	(123,500	)	Forestar Group, Inc.		(1,667,250	)
	(164,000	)	SL Green Realty Corp.		(17,233,120	)
	(40,000	)	Starwood Property Trust, Inc.		(774,400	)
					(44,606,429	)
			Health Care (-4.2%)
	(145,000	)	Aceto Corp.		(3,252,350	)
	(117,000	)	Acorda Therapeutics, Inc.		(3,024,450	)
	(54,500	)	Allergan, PLC		(11,802,520	)
	(195,000	)	Allscripts Healthcare Solutions, Inc.		(2,613,000	)
	(295,000	)	AMAG Pharmaceuticals, Inc.		(7,823,400	)
	(64,000	)	Anacor Pharmaceuticals, Inc.		(4,015,360	)
	(100,000	)	BioMarin Pharmaceutical, Inc.		(8,468,000	)
	(140,500	)	Brookdale Senior Living, Inc.		(2,593,630	)
	(301,000	)	Depomed, Inc.		(5,231,380	)
	(90,000	)	Emergent Biosolutions, Inc.		(3,466,800	)
	(275,000	)	Horizon Pharma, PLC		(4,226,750	)
	(49,000	)	Insulet Corp.		(1,631,700	)
	(313,500	)	Integra LifeSciences Holdings Corp.		(22,202,070	)
	(342,000	)	Ironwood Pharmaceuticals, Inc.		(3,573,900	)
	(88,700	)	Ligand Pharmaceuticals, Inc.		(10,721,169	)
	(545,000	)	Medicines Company		(19,396,550	)
	(214,100	)	Molina Healthcare, Inc.		(11,081,816	)
	(135,500	)	NuVasive, Inc.		(7,173,370	)
	(95,973	)	Quidel Corp.		(1,660,333	)
	(141,000	)	Spectranetics Corp.		(2,397,000	)
	(140,000	)	Teligent, Inc.		(772,800	)
	(306,300	)	Teva Pharmaceutical Industries, Ltd.		(16,678,035	)

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

Market Neutral Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES					VALUE
	(175,717	)		Wright Medical Group, NV	$	(3,299,965	)
						(157,106,348	)
				Industrials (-0.4%)
	(47,500	)		Greenbrier Companies, Inc.		(1,424,525	)
	(154,600	)		Navistar International Corp.		(2,332,914	)
	(75,000	)		Stericycle, Inc.		(7,167,000	)
	(205,000	)		Trinity Industries, Inc.		(3,999,550	)
						(14,923,989	)
				Information Technology (-10.8%)
	(142,500	)		Bottomline Technologies (de), Inc.		(3,499,800	)
	(45,076	)		Brocade Communications Systems, Inc.		(433,180	)
	(50,000	)		CalAmp Corp.		(748,500	)
	(70,000	)		Canadian Solar, Inc.		(1,253,700	)
	(93,999	)		Cardtronics, Inc.		(3,705,441	)
	(449,400	)		Ciena Corp.		(7,563,402	)
	(75,000	)		Citrix Systems, Inc.		(6,138,000	)
	(102,900	)		Cornerstone OnDemand, Inc.		(3,534,615	)
	(120,000	)		CSG Systems International, Inc.		(5,325,600	)
	(610,000	)		Electronic Arts, Inc.		(37,728,500	)
	(120,000	)		Electronics For Imaging, Inc.		(4,780,800	)
	(36,900	)		Envestnet, Inc.		(1,157,922	)
	(47,200	)		Euronet Worldwide, Inc.		(3,639,120	)
	(185,000	)		Finisar Corp.		(3,045,100	)
	(55,000	)		FireEye, Inc.		(954,250	)
	(550,035	)		Infinera Corp.		(6,539,916	)
	(89,100	)		Inphi Corp.		(2,643,597	)
	(163,800	)		Integrated Device Technology, Inc.		(3,158,064	)
	(59,071	)		Lam Research Corp.		(4,513,024	)
	(22,000	)		LinkedIn Corp.		(2,756,820	)
	(217,899	)		Mentor Graphics Corp.		(4,349,264	)
	(61,700	)		MercadoLibre, Inc.		(7,705,713	)
	(156,000	)		Microchip Technology, Inc.		(7,580,040	)
	(1,319,800	)		Micron Technology, Inc.		(14,187,850	)
	(8,500	)		NetSuite, Inc.		(688,840	)
	(374,700	)		Nuance Communications, Inc.		(6,437,346	)
	(1,563,000	)		NVIDIA Corp.		(55,533,390	)
	(92,773	)		NXP Semiconductors, NV		(7,911,682	)
	(1,272,000	)		ON Semiconductor Corp.		(12,045,840	)
	(86,500	)		Palo Alto Networks, Inc.		(13,050,255	)
	(285,000	)		Pandora Media, Inc.		(2,830,050	)
	(161,300	)		Proofpoint, Inc.		(9,397,338	)
	(96,000	)		Qihoo 360 Technology Company, Ltd.		(7,290,240	)
	(599,000	)		Rambus, Inc.		(6,960,380	)
	(95,000	)	EUR	Rocket Internet, SE*		(2,289,862	)
	(135,000	)		Rovi Corp.		(2,378,700	)
	(225,700	)		Salesforce.com, Inc.		(17,108,060	)

NUMBER OF SHARES						VALUE
	(486,000	)		SanDisk Corp.		$	(36,513,180	)
	(45,000	)		ServiceNow, Inc.			(3,216,600	)
	(7,500	)		SINA Corp.			(375,675	)
	(235,000	)		SunPower Corp.			(4,732,900	)
	(43,500	)		Synchronoss Technologies, Inc.			(1,351,545	)
	(845,000	)		Take-Two Interactive Software, Inc.			(28,882,100	)
	(400,500	)		TTM Technologies, Inc.			(2,611,260	)
	(75,000	)		Twitter, Inc.			(1,096,500	)
	(392,500	)		Viavi Solutions, Inc.			(2,555,175	)
	(84,200	)		WebMD Health Corp.			(5,282,708	)
	(105,700	)		Workday, Inc. - Class A			(7,925,386	)
	(594,000	)		Xilinx, Inc.	��		(25,589,520	)
	(31,000	)		Yahoo!, Inc.			(1,134,600	)
	(76,000	)		Yandex, NV - Class A			(1,555,720	)
							(403,687,070	)
				Materials (-0.3%)
	(359,846	)		Alcoa, Inc.			(4,019,480	)
	(378,000	)		B2Gold Corp.			(839,160	)
	(1,042,891	)		Cemex, SAB de CV			(7,769,539	)
							(12,628,179	)
				Telecommunication Services (-0.3%)
	(1,770,000	)		Frontier Communications Corp.			(9,841,200	)
	(153,000	)	EUR	Koninklijke KPN, NV			(601,238	)
							(10,442,438	)
				Utilities (-0.1%)
	(39,000	)		NextEra Energy, Inc.			(4,585,620	)
				TOTAL COMMON STOCKS SOLD SHORT (Proceeds $783,641,056)			(827,884,332	)
NUMBER OF CONTRACTS						VALUE
	WRITTEN OPTIONS (-1.7%) #
				Consumer Discretionary (-0.2%)
	435			Netflix, Inc. Put, 08/19/16, Strike $85.00			(261,000	)
	800			Tesla Motors, Inc. Call, 01/19/18, Strike $150.00			(8,098,000	)
							(8,359,000	)
				Energy (0.0%)
	630			EOG Resources, Inc. Call, 05/06/16, Strike $83.00			(120,960	)
	2,000			Southwestern Energy Company Call, 01/20/17, Strike $13.00			(660,000	)
							(780,960	)

See accompanying Notes to Schedule of Investments www.calamos.com 135

Market Neutral Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF CONTRACTS			VALUE
		Health Care (-0.1%)
	300	Allergan, PLC Put, 11/18/16, Strike $240.00	$	(1,029,000	)
		Industrials (0.0%)
	340	SolarCity Corp. Call, 01/20/17, Strike $85.00		(12,580	)
		Information Technology (0.0%)
	675	SanDisk Corp. Put, 07/15/16, Strike $55.00		(30,375	)
		Other (-1.4%)
		S&P 500 Index
	2,000	Call, 05/31/16, Strike $2,050.00		(7,880,000	)
	2,000	Call, 12/16/16, Strike $2,150.00		(10,490,000	)
	2,000	Call, 12/30/16, Strike $2,100.00		(16,020,000	)
	2,000	Put, 12/30/16, Strike $1,675.00		(6,300,000	)
	1,000	Put, 05/06/16, Strike $1,960.00		(82,500	)
	1,000	Call, 05/31/16, Strike $2,000.00		(7,635,000	)
	1,000	Put, 05/31/16, Strike $1,900.00		(495,000	)
	1,000	Call, 08/31/16, Strike $2,125.00		(3,560,000	)
				(52,462,500	)
		TOTAL WRITTEN OPTIONS (Premium $68,722,675)		(62,674,415	)

NOTES TO SCHEDULE OF INVESTMENTS

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options and securities sold short. The aggregate value of such securities is $547,206,590.

* 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.

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

@ In default status and considered non-income producing.

¤ 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, 2016.

# Non-income producing security.

FOREIGN CURRENCY ABBREVIATION
EUR	European Monetary Unit

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. 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.

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

Hedged Equity Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	COMMON STOCKS (96.7%)
		Consumer Discretionary (12.0%)
	339	Amazon.com, Inc.#	$	223,601
	27	AutoZone, Inc.#~		20,661
	211	CarMax, Inc.#~		11,172
	552	Carnival Corp.		27,076
	39	Chipotle Mexican Grill, Inc.#		16,418
	480	Coach, Inc.		19,330
	2,543	Comcast Corp. - Class A~		154,513
	295	D.R. Horton, Inc.		8,868
	170	Darden Restaurants, Inc.		10,582
	611	Delphi Automotive, PLC		44,988
	211	Discovery Communications, Inc. - Class A#~		5,762
	210	Discovery Communications, Inc. - Class C#~		5,624
	222	Dollar General Corp.		18,184
	3,406	Ford Motor Company		46,185
	261	Gap, Inc.~		6,050
	909	General Motors Company, Inc.		28,906
	1,961	Home Depot, Inc.		262,558
	294	Interpublic Group of Companies, Inc.		6,744
	163	Lennar Corp. - Class A		7,386
	1,634	Lowe’s Companies, Inc.~		124,217
	231	Macy’s, Inc.		9,145
	848	McDonald’s Corp.		107,264
	184	Michael Kors Holdings, Ltd.#~		9,505
	84	Mohawk Industries, Inc.#		16,181
	371	Netflix, Inc.#		33,401
	1,509	Nike, Inc. - Class B		88,940
	56	Priceline Group, Inc.#		75,245
	93	PVH Corp.		8,891
	340	Ross Stores, Inc.		19,305
	320	Royal Caribbean Cruises, Ltd.		24,768
	998	Starbucks Corp.		56,118
	183	Time Warner Cable, Inc.		38,816
	743	Time Warner, Inc.		55,829
	290	TJX Companies, Inc.		21,988
	198	TripAdvisor, Inc.#		12,789
	1,780	Twenty-First Century Fox, Inc.		53,863
	161	Under Armour, Inc., Class A#		7,074
	161	Under Armour, Inc., Class C#		6,569
	311	Viacom, Inc. - Class B		12,720
	1,758	Walt Disney Company~		181,531
	71	Whirlpool Corp.		12,364
	167	Yum! Brands, Inc.		13,287
				1,914,418

NUMBER OF SHARES			VALUE
		Consumer Staples (9.8%)
	2,332	Altria Group, Inc.~	$	146,240
	995	Archer-Daniels-Midland Company~		39,740
	3,158	Coca-Cola Company~		141,478
	634	Colgate-Palmolive Company		44,963
	337	ConAgra Foods, Inc.~		15,017
	388	Costco Wholesale Corp.		57,474
	1,317	CVS Health Corp.~		132,359
	541	General Mills, Inc.		33,185
	121	Hershey Company~		11,266
	296	Kellogg Company		22,736
	274	Kimberly-Clark Corp.		34,302
	529	Kraft Heinz Company		41,299
	1,096	Kroger Company~		38,787
	171	Mead Johnson Nutrition Company		14,903
	1,401	Mondelez International, Inc. - Class A		60,187
	1,688	PepsiCo, Inc.		173,796
	1,408	Philip Morris International, Inc.		138,153
	2,497	Procter & Gamble Company		200,060
	298	Reynolds American, Inc.		14,781
	1,693	Wal-Mart Stores, Inc.~		113,211
	886	Walgreens Boots Alliance, Inc.		70,242
	625	Whole Foods Market, Inc.		18,175
				1,562,354
		Energy (7.5%)
	398	Anadarko Petroleum Corp.~		20,998
	207	Apache Corp.		11,261
	408	Baker Hughes, Inc.~		19,731
	1,748	Chevron Corp.~		178,611
	1,044	ConocoPhillips~		49,893
	527	Devon Energy Corp.		18,276
	764	EOG Resources, Inc.		63,122
	239	EQT Corp.		16,754
	4,639	Exxon Mobil Corp.		410,088
	807	Halliburton Company		33,337
	83	Helmerich & Payne, Inc.		5,488
	153	Hess Corp.~		9,122
	1,649	Kinder Morgan, Inc.		29,286
	502	Marathon Oil Corp.		7,073
	861	Marathon Petroleum Corp.		33,648
	111	Murphy Oil Corp.		3,967
	407	National Oilwell Varco, Inc.		14,668
	586	Noble Energy, Inc.		21,160
	680	Occidental Petroleum Corp.		52,122
	668	Phillips 66		54,849
	1,185	Schlumberger, Ltd.		95,203
	862	Spectra Energy Corp.		26,955
	407	Valero Energy Corp.		23,960

See accompanying Notes to Schedule of Investments www.calamos.com 137

Hedged Equity Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	327	Williams Companies, Inc.	$	6,341
				1,205,913
		Financials (15.1%)
	275	Aflac, Inc.~		18,967
	810	Allstate Corp.~		52,691
	1,595	American Express Company~		104,361
	1,493	American International Group, Inc.~		83,339
	339	American Tower Corp.~		35,554
	274	Ameriprise Financial, Inc.~		26,277
	104	AvalonBay Communities, Inc.~		18,386
	9,270	Bank of America Corp.~		134,971
	1,815	Bank of New York Mellon Corp.~		73,036
	769	BB&T Corp.~		27,207
	1,815	Berkshire Hathaway, Inc. - Class B#~		264,046
	108	BlackRock, Inc.~		38,484
	586	Capital One Financial Corp.		42,421
	1,474	Charles Schwab Corp.		41,876
	348	Chubb Corp.		41,015
	2,636	Citigroup, Inc.~		121,994
	283	Crown Castle International Corp.		24,587
	427	Discover Financial Services		24,027
	306	Equity Residential		20,829
	926	Fifth Third Bancorp		16,955
	359	Franklin Resources, Inc.		13,405
	390	Goldman Sachs Group, Inc.		64,003
	380	Hartford Financial Services Group, Inc.		16,864
	765	Host Hotels & Resorts, Inc.		12,102
	630	Invesco, Ltd.		19,536
	3,743	JPMorgan Chase & Company~		236,558
	640	Lincoln National Corp.		27,808
	132	Macerich Company		10,043
	1,420	MetLife, Inc.		64,042
	1,225	Morgan Stanley		33,149
	480	PNC Financial Services Group, Inc.		42,134
	460	Prologis, Inc.		20,889
	760	Prudential Financial, Inc.		59,006
	130	Public Storage		31,825
	1,599	Regions Financial Corp.		14,999
	375	Simon Property Group, Inc.		75,439
	366	State Street Corp.		22,802
	503	SunTrust Banks, Inc.		20,995
	807	Synchrony Financial#		24,670
	229	T. Rowe Price Group, Inc.		17,241
	233	Travelers Companies, Inc.		25,607
	1,502	US Bancorp~		64,120
	275	Ventas, Inc.		17,083
	253	Vornado Realty Trust		24,220

NUMBER OF SHARES			VALUE
	4,297	Wells Fargo & Company~	$	214,764
	283	Welltower, Inc.		19,646
				2,403,973
		Health Care (14.0%)
	1,188	Abbott Laboratories~		46,213
	1,858	AbbVie, Inc.~		113,338
	496	Aetna, Inc.~		55,686
	296	Agilent Technologies, Inc.~		12,112
	179	Alexion Pharmaceuticals, Inc.#~		24,931
	426	Allergan, PLC#		92,255
	669	Amgen, Inc.~		105,903
	338	Anthem, Inc.~		47,580
	541	Baxalta, Inc.		22,695
	541	Baxter International, Inc.~		23,923
	256	Biogen, Inc.#~		70,397
	1,275	Bristol-Myers Squibb Company~		92,030
	290	Cardinal Health, Inc.		22,753
	703	Celgene Corp.#		72,697
	439	Cerner Corp.#		24,645
	340	Cigna Corp.		47,104
	170	DaVita HealthCare Partners, Inc.#~		12,563
	232	Edwards Lifesciences Corp.#		24,641
	817	Eli Lilly and Company		61,708
	884	Express Scripts Holding Company#		65,177
	1,438	Gilead Sciences, Inc.~		126,846
	100	Illumina, Inc.#		13,499
	2,549	Johnson & Johnson~		285,692
	203	Laboratory Corp. of America Holdings#		25,440
	972	Medtronic, PLC		76,934
	3,127	Merck & Company, Inc.		171,485
	365	Mylan, NV#		15,224
	121	Perrigo Company, PLC		11,697
	5,887	Pfizer, Inc.		192,564
	127	Quest Diagnostics, Inc.		9,547
	33	Regeneron Pharmaceuticals, Inc.#		12,431
	296	St. Jude Medical, Inc.		22,555
	376	Stryker Corp.		40,988
	680	Thermo Fisher Scientific, Inc.		98,090
	769	UnitedHealth Group, Inc.		101,262
				2,242,605
		Industrials (9.0%)
	459	3M Company		76,827
	840	Boeing Company~		113,232
	552	Caterpillar, Inc.		42,902
	841	CSX Corp.		22,934
	161	Cummins, Inc.		18,842

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

Hedged Equity Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	541	Danaher Corp.	$	52,342
	615	Deere & Company		51,728
	1,272	Delta Air Lines, Inc.		53,004
	328	Eaton Corp., PLC		20,753
	541	Emerson Electric Company		29,555
	264	Expeditors International of Washington, Inc.~		13,097
	320	FedEx Corp.		52,835
	277	Fluor Corp.		15,141
	277	General Dynamics Corp.		38,924
	8,307	General Electric Company~		255,440
	982	Honeywell International, Inc.		112,213
	364	Illinois Tool Works, Inc.		38,045
	197	Jacobs Engineering Group, Inc.#		8,782
	98	Kansas City Southern		9,286
	76	L-3 Communications Holdings, Inc.		9,996
	237	Lockheed Martin Corp.		55,074
	586	Masco Corp.		17,996
	240	Norfolk Southern Corp.		21,626
	296	Pentair, PLC		17,192
	211	Robert Half International, Inc.		8,083
	1,293	Southwest Airlines Company		57,681
	726	Union Pacific Corp.		63,329
	747	United Parcel Service, Inc. - Class B		78,487
	849	United Technologies Corp.		88,610
				1,443,956
		Information Technology (20.3%)
	497	Accenture, PLC - Class A		56,121
	336	Akamai Technologies, Inc.#~		17,133
	247	Alphabet, Inc. - Class A#~		174,846
	247	Alphabet, Inc. - Class C#		171,173
	337	Amphenol Corp. - Class A~		18,815
	6,278	Apple, Inc.		588,500
	1,348	Applied Materials, Inc.~		27,594
	491	Broadcom, Ltd.		71,563
	4,312	Cisco Systems, Inc.~		118,537
	638	Cognizant Technology Solutions Corp. - Class A#		37,240
	963	eBay, Inc.#		23,526
	1,726	EMC Corp.~		45,066
	189	F5 Networks, Inc.#		19,798
	2,263	Facebook, Inc. - Class A#		266,083
	541	Fiserv, Inc.#		52,866
	2,050	Hewlett Packard Enterprise Company~		34,153
	2,050	HP, Inc.		25,153
	5,242	Intel Corp.~		158,728

NUMBER OF SHARES			VALUE
	888	International Business Machines Corp.~	$	129,595
	607	Juniper Networks, Inc.		14,204
	1,425	MasterCard, Inc. - Class A~		138,211
	335	Microchip Technology, Inc.		16,278
	1,159	Micron Technology, Inc.#		12,459
	8,348	Microsoft Corp.		416,315
	3,129	Oracle Corp.~		124,722
	963	PayPal Holdings, Inc.#		37,730
	1,775	QUALCOMM, Inc.~		89,673
	170	Red Hat, Inc.#~		12,473
	715	Symantec Corp.		11,901
	471	TE Connectivity, Ltd.		28,015
	169	Teradata Corp.#		4,276
	1,091	Texas Instruments, Inc.		62,231
	2,572	Visa, Inc. - Class A~		198,661
	383	Western Digital Corp.		15,651
	676	Yahoo!, Inc.#		24,742
				3,244,032
		Materials (2.8%)
	235	Air Products & Chemicals, Inc.~		34,284
	55	Airgas, Inc.~		7,834
	379	CF Industries Holdings, Inc.		12,533
	1,452	Dow Chemical Company		76,390
	890	E.I. du Pont de Nemours and Company		58,660
	84	Eastman Chemical Company		6,416
	1,472	Freeport-McMoRan, Inc.		20,608
	452	LyondellBasell Industries, NV - Class A		37,367
	787	Monsanto Company		73,726
	634	Mosaic Company		17,746
	703	Newmont Mining Corp.		24,584
	294	PPG Industries, Inc.		32,455
	320	Praxair, Inc.		37,587
				440,190
		Telecommunication Services (2.8%)
	6,271	AT&T, Inc.~		243,440
	855	CenturyLink, Inc.		26,462
	3,542	Verizon Communications, Inc.		180,430
				450,332
		Utilities (3.4%)
	883	AES Corp.~		9,854
	570	American Electric Power Company, Inc.~		36,195
	460	CMS Energy Corp.~		18,713
	337	Consolidated Edison, Inc.		25,140
	408	Dominion Resources, Inc.		29,160
	1,135	Duke Energy Corp.		89,415

See accompanying Notes to Schedule of Investments www.calamos.com 139

Hedged Equity Income Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	421	Edison International	$	29,769
	203	Entergy Corp.		15,262
	170	Eversource Energy		9,595
	586	Exelon Corp.		20,563
	421	FirstEnergy Corp.		13,720
	692	NextEra Energy, Inc.		81,365
	503	PG&E Corp.		29,275
	421	PPL Corp.		15,847
	503	Public Service Enterprise Group, Inc.		23,203
	1,461	Southern Company		73,196
	381	Xcel Energy, Inc.		15,251
				535,523
		TOTAL COMMON STOCKS (Cost $15,420,357)		15,443,296
	EXCHANGE-TRADED FUND (2.9%)
		Other (2.9%)
	2,272	SPDR S&P 500 ETF Trust (Cost $455,379)		468,713
NUMBER OF CONTRACTS			VALUE
	PURCHASED OPTIONS (1.6%) #
		Other (1.6%)
		S&P 500 Index
	13	Call, 05/06/16, Strike $2,120.00		520
	12	Put, 05/13/16, Strike $2,035.00		15,420
	12	Put, 05/31/16, Strike $1,975.00		13,860
	9	Put, 05/06/16, Strike $2,040.00		6,930
	9	Put, 05/31/16, Strike $2,000.00		14,040
	8	Put, 05/20/16, Strike $2,025.00		12,240
	8	Call, 12/30/16, Strike $2,000.00		112,360
	6	Put, 12/30/16, Strike $1,900.00		41,190
	4	Put, 12/16/16, Strike $2,000.00		37,180
		TOTAL PURCHASED OPTIONS (Cost $318,546)		253,740
NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (2.7%)
	425,932	Fidelity Prime Money Market Fund - Institutional Class (Cost $425,932)		425,932
	TOTAL INVESTMENTS (103.9%) (Cost $16,620,214)			16,591,681
	LIABILITIES, LESS OTHER ASSETS (-3.9%)			(623,722	)
	NET ASSETS (100.0%)		$	15,967,959

NUMBER OF CONTRACTS			VALUE
	WRITTEN OPTIONS (-2.8%) #
		Consumer Discretionary (0.0%)
	4	Netflix, Inc. Put, 08/19/16, Strike $85.00	$	(2,400	)
		Energy (0.0%)
	5	EOG Resources, Inc. Call, 05/06/16, Strike $83.00		(960	)
		Health Care (-0.1%)
	3	Allergan, PLC Put, 11/18/16, Strike $240.00		(10,290	)
		Other (-2.7%)
		S&P 500 Index
	18	Call, 05/31/16, Strike $2,050.00		(70,920	)
	16	Call, 12/30/16, Strike $2,100.00		(128,160	)
	13	Call, 05/31/16, Strike $2,000.00		(99,255	)
	12	Put, 12/30/16, Strike $1,675.00		(37,800	)
	11	Call, 12/16/16, Strike $2,150.00		(57,695	)
	9	Put, 05/06/16, Strike $1,960.00		(743	)
	9	Put, 05/31/16, Strike $1,900.00		(4,455	)
	9	Call, 08/31/16, Strike $2,125.00		(32,040	)
				(431,068	)
		TOTAL WRITTEN OPTIONS (Premium $462,532)		(444,718	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $3,537,143.

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

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

Phineus Long/Short Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES				VALUE
	COMMON STOCKS (50.9%)
			Consumer Discretionary (4.8%)
	1,750	JPY	Kadokawa Dwango#~	$	25,856
	367		Priceline Group, Inc.#~		493,123
	2,935		Wayfair, Inc.#~		110,796
					629,775
			Energy (5.5%)
	2,243		Exxon Mobil Corp.~		198,281
	7,092		Gulfport Energy Corp.#~		221,980
	3,729	GBP	Royal Dutch Shell, PLC - Class A~		97,674
	3,967		TOTAL, SA~		201,325
					719,260
			Financials (26.6%)
	4,728		American Express Company		309,353
	29,606		Bank of America Corp.~		431,064
	13,007		Blackstone Group, LP~		356,912
	23		Capital One Financial Corp.~		1,665
	11,457		CBRE Group, Inc.#~		339,471
	8,444		Citigroup, Inc.~		390,788
	3,512		Discover Financial Services~		197,620
	2,651		Goldman Sachs Group, Inc.~		435,056
	9,941	EUR	ING Groep, NV~		121,811
	26,373		KKR & Co., LP~		358,673
	16,018		Morgan Stanley~		433,447
	1,039		S&P Global, Inc.~		111,017
					3,486,877
			Industrials (6.0%)
	6,963		Air Lease Corp.		212,232
	9,148		American Airlines Group, Inc.		317,344
	5,454		United Continental Holdings, Inc.#		249,848
					779,424
			Information Technology (8.0%)
	1,901		Baidu, Inc.#		369,364
	7,915		PayPal Holdings, Inc.#		310,110
	7,209		QUALCOMM, Inc.~		364,199
					1,043,673
			TOTAL COMMON STOCKS (Cost $6,627,022)		6,659,009
	EXCHANGE-TRADED FUND (29.5%)
			Other (29.5%)
	134,590		Global X MSCI Greece ETF~		1,056,531
	22,643		iShares MSCI Emerging Markets ETF~		778,693
	22,947		iShares MSCI India ETF~		620,946
	15,647		VanEck Vectors Vietnam ETF~		225,630
	23,785		Vanguard FTSE Europe ETF~		1,185,920
					3,867,720
			TOTAL EXCHANGE-TRADED FUNDS (Cost $3,782,474)		3,867,720

NUMBER OF CONTRACTS				VALUE
	PURCHASED OPTIONS (0.3%) #
			Consumer Discretionary (0.1%)
	38		TripAdvisor, Inc. Call, 05/06/16, Strike $67.00	$	11,115
			Other (0.2%)
	182		Energy Select Sector SPDR Fund Call, 05/20/16, Strike $68.00		23,842
	74		iShares 20+ Year Treasury Bond Call, 05/06/16, Strike $131.50		1,517
					25,359
			TOTAL PURCHASED OPTIONS (Cost $51,687)		36,474
NUMBER OF SHARES				VALUE
	SHORT TERM INVESTMENT (28.6%)
	3,745,511		Fidelity Prime Money Market Fund - Institutional Class (Cost $3,745,511)		3,745,511
	TOTAL INVESTMENTS (109.3%) (Cost $14,206,694)				14,308,714
	LIABILITIES, LESS OTHER ASSETS (-9.3%)				(1,214,943	)
	NET ASSETS (100.0%)			$	13,093,771
	COMMON STOCKS SOLD SHORT (-3.4%) #
			Consumer Staples (-2.2%)
	(3,975	)	Colgate-Palmolive Company		(281,907	)
			Health Care (-1.2%)
	(2,860	)	Merck & Company, Inc.		(156,843	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $440,341)		(438,750	)
	EXCHANGE-TRADED FUNDS SOLD SHORT (-43.0%) #
			Other (-43.0%)
	(8,546	)	Health Care Select Sector SPDR Fund		(596,425	)
	(9,263	)	iShares 20+ Year Treasury Bond ETF		(1,198,447	)
	(18,607	)	SPDR S&P 500 ETF Trust		(3,838,624	)
			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $5,654,576)		(5,633,496	)
NUMBER OF CONTRACTS				VALUE
	WRITTEN OPTIONS (-0.3%) #
			Consumer Staples (0.0%)
	6		Anheuser-Busch InBev, SA Call, 05/20/16, Strike $125.00		(1,920	)

See accompanying Notes to Schedule of Investments www.calamos.com 141

Phineus Long/Short Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF CONTRACTS			VALUE
	Energy (-0.1%)
39	TOTAL, SA Call, 05/20/16, Strike $50.00	$	(5,948	)
	Financials (0.0%)
52	Capital One Financial Corp. Put, 05/06/16, Strike $71.00		(2,470	)
	Other (-0.2%)
182	Energy Select Sector SPDR Fund Call, 05/06/16, Strike $67.00		(22,659	)
	TOTAL WRITTEN OPTIONS (Premium $26,592)		(32,997	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $4,259,746.

FOREIGN CURRENCY ABBREVIATION
EUR	European Monetary Unit
GBP	British Pound Sterling
JPY	Japanese Yen

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

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

Long/Short Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES			VALUE
	COMMON STOCKS (75.0%)
		Consumer Discretionary (7.0%)
	1,337	Priceline Group, Inc.#~	$	1,796,473
	52,952	PulteGroup, Inc.~		973,787
	10,650	Wayfair, Inc.#		402,038
				3,172,298
		Energy (7.6%)
	10,688	Exxon Mobil Corp.		944,819
	34,335	Gulfport Energy Corp.#~		1,074,686
	8,888	Royal Dutch Shell, PLC~		470,086
	18,908	TOTAL, SA~		959,581
				3,449,172
		Financials (34.7%)
	17,292	American Express Company		1,131,416
	114,857	Bank of America Corp.		1,672,318
	50,417	Blackstone Group, LP		1,383,442
	47	Capital One Financial Corp.		3,402
	56,960	CBRE Group, Inc.#		1,687,725
	33,417	Citigroup, Inc.		1,546,539
	23,711	Discover Financial Services~		1,334,218
	10,939	Goldman Sachs Group, Inc.~		1,795,199
	27,489	JPMorgan Chase & Company~		1,737,305
	98,393	KKR & Co., LP~		1,338,145
	62,010	Morgan Stanley~		1,677,991
	4,911	S&P Global, Inc.		524,740
				15,832,440
		Health Care (6.8%)
	16,739	Cerner Corp.#		939,728
	7,319	Laboratory Corp. of America Holdings#~		917,217
	15,874	Medtronic, PLC~		1,256,427
				3,113,372
		Industrials (4.8%)
	34,843	American Airlines Group, Inc.		1,208,704
	20,981	United Continental Holdings, Inc.#		961,139
				2,169,843
		Information Technology (14.1%)
	14,282	Apple, Inc.		1,338,795
	7,290	Baidu, Inc.#		1,416,447
	19,982	Cisco Systems, Inc.		549,305
	67	Facebook, Inc. - Class A#		7,878
	13,222	IAC/InterActiveCorp~		612,707
	29,380	PayPal Holdings, Inc.#~		1,151,108
	26,617	QUALCOMM, Inc.~		1,344,691
				6,420,931
		TOTAL COMMON STOCKS (Cost $34,392,969)		34,158,056

NUMBER OF SHARES				VALUE
	EXCHANGE-TRADED FUND (10.8%)
			Consumer Discretionary (5.6%)
	322,354		Global X MSCI Greece ETF	$	2,530,479
			Other (5.2%)
	47,629		Vanguard FTSE Europe ETF~		2,374,782
			TOTAL EXCHANGE-TRADED FUNDS (Cost $5,387,788)		4,905,261
NUMBER OF CONTRACTS				VALUE
	PURCHASED OPTIONS (0.3%) #
			Consumer Discretionary (0.1%)
	144		TripAdvisor, Inc. Call, 05/06/16, Strike $67.00		42,120
			Information Technology (0.0%)
	119		Facebook, Inc. Put, 05/20/16, Strike $100.00		1,309
			Other (0.2%)
	680		Energy Select Sector SPDR Fund Call, 05/20/16, Strike $68.00		89,080
	354		iShares 20+ Year Treasury Bond Call, 05/06/16, Strike $131.50		7,257
					96,337
			TOTAL PURCHASED OPTIONS (Cost $226,656)		139,766
NUMBER OF SHARES				VALUE
	SHORT TERM INVESTMENT (8.8%)
	4,032,399		Fidelity Prime Money Market Fund - Institutional Class (Cost $4,032,399)		4,032,399
	TOTAL INVESTMENTS (94.9%) (Cost $44,039,812)				43,235,482
	OTHER ASSETS, LESS LIABILITIES (5.1%)				2,334,380
	NET ASSETS (100.0%)			$	45,569,862
NUMBER OF SHARES				VALUE
	COMMON STOCKS SOLD SHORT (-20.2%) #
			Consumer Discretionary (-2.3%)
	(12,602	)	Omnicom Group, Inc.		(1,045,588	)
			Consumer Staples (-2.9%)
	(18,361	)	Colgate-Palmolive Company		(1,302,162	)
			Financials (-1.8%)
	(13,635	)	NASDAQ, Inc.		(841,416	)

See accompanying Notes to Schedule of Investments www.calamos.com 143

Long/Short Fund    Schedule of Investments April 30, 2016 (Unaudited)

NUMBER OF SHARES					VALUE
				Health Care (-3.5%)
	(11,190	)		Merck & Company, Inc.	$	(613,660	)
	(9,401	)	DKK	William Demant Holding, A/S		(966,700	)
						(1,580,360	)
				Industrials (-4.8%)
	(14,466	)		Deluxe Corp.		(908,175	)
	(24,961	)		Nielsen Holdings, PLC		(1,301,467	)
						(2,209,642	)
				Information Technology (-2.6%)
	(59,487	)		Western Union Company		(1,189,740	)
				Telecommunication Services (-2.3%)
	(26,443	)		AT&T, Inc.		(1,026,517	)
				TOTAL COMMON STOCKS SOLD SHORT (Proceeds $7,775,357)		(9,195,425	)
	EXCHANGE-TRADED FUNDS SOLD SHORT (-31.3%) #
				Other (-31.3%)
	(51,002	)		Consumer Staples Select Sector SPDR Fund		(2,667,405	)
	(39,380	)		Health Care Select Sector SPDR Fund		(2,748,330	)
	(17,070	)		iShares 20+ Year Treasury Bond ETF		(2,208,517	)
	(9,000	)		PowerShares QQQ		(951,480	)
	(13,000	)		SPDR S&P 500 ETF Trust		(2,681,900	)
	(1,756	)		SPDR S&P MidCap 400 ETF Trust		(466,832	)
	(21,438	)		Technology Select Sector SPDR Fund		(903,183	)
	(34,107	)		Utilities Select Sector SPDR Fund		(1,651,461	)
				TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $13,865,108)		(14,279,108	)
NUMBER OF CONTRACTS					VALUE
	WRITTEN OPTIONS (-0.3%) #
				Consumer Staples (0.0%)
	36			Anheuser-Busch InBev, SA Call, 05/20/16, Strike $125.00		(11,520	)
				Energy (-0.1%)
	189			TOTAL, SA Call, 05/20/16, Strike $50.00		(28,823	)
				Financials (0.0%)
	192			Capital One Financial Corp. Put, 05/06/16, Strike $71.00		(9,120	)
				Information Technology (0.0%)
	119			Facebook, Inc. Put, 05/20/16, Strike $92.50		(476	)

NUMBER OF CONTRACTS			VALUE
		Other (-0.2%)
	680	Energy Select Sector SPDR Fund Call, 05/06/16, Strike $67.00	$	(84,660	)
		TOTAL WRITTEN OPTIONS (Premium $114,415)		(134,599	)

NOTES TO SCHEDULE OF INVESTMENTS

# Non-income producing security.

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $6,718,314.

FOREIGN CURRENCY ABBREVIATION
DKK	Danish Krone

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.

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

Statements of Assets and Liabilities    April 30, 2016 (Unaudited)

	GROWTH FUND			OPPORTUNISTIC VALUE FUND			FOCUS GROWTH FUND			DISCOVERY GROWTH FUND			DIVIDEND GROWTH FUND
ASSETS
Investments in securities, at cost	$	1,944,246,829		$	61,557,116		$	48,329,839		$	16,326,049		$	35,627,710
Investment in securities, at value	$	2,184,612,360		$	62,147,165		$	51,570,842		$	16,421,524		$	36,696,827
Cash with custodian (interest bearing)		—			—			—			—			—
Restricted cash for short positions (interest bearing)		—			—			—			—			—
Due from investment advisor		—			22,206			26,599			13,469			14,308
Restricted foreign currency for short positions (cost $-)		—			—			—			—			—
Foreign currency (cost $-)		—			—			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—			—
Receivables:
Accrued interest and dividends		1,424,854			59,135			37,473			3,462			36,149
Investments sold		28,925,037			290,466			501,916			206,484			—
Fund shares sold		1,013,485			5,486			7,905			2,543			2,355
Prepaid expenses		126,621			38,457			38,784			20,405			39,627
Deferred offering costs		—			—			—			—			—
Other assets		664,927			92,400			85,856			40,348			12,683
Total assets		2,216,767,284			62,655,315			52,269,375			16,708,235			36,801,949
LIABILITIES
Collateral for securities loaned		40,836,861			488,350			855,600			873,575			—
Securities sold short, at value (proceeds $-)		—			—			—			—			—
Options written, at value (premium $-)		—			—			—			—			—
Unrealized depreciation on forward foreign currency contracts		322,667			—			11,078			—			—
Payables:
Investments purchased		32,467,041			—			767,532			301,027			—
Fund shares redeemed		5,435,506			136,834			112,336			8,916			84,424
Dividends payable		—			—			—			—			—
Affiliates:
Investment advisory fees		1,559,906			50,442			42,282			16,155			29,644
Distribution fees		75,747			1,266			1,055			290			628
Deferred compensation to trustees		664,927			92,400			85,856			40,348			12,683
Financial accounting fees		20,875			586			492			187			345
Trustees’ fees and officer compensation		27,752			2,596			2,550			2,354			2,273
Other accounts payable and accrued liabilities		943,868			27,870			20,181			15,863			15,434
Total liabilities		82,355,150			800,344			1,898,962			1,258,715			145,431
NET ASSETS	$	2,134,412,134		$	61,854,971		$	50,370,413		$	15,449,520		$	36,656,518
COMPOSITION OF NET ASSETS
Paid in capital	$	1,756,639,692		$	62,249,996		$	47,362,842		$	20,322,383		$	35,889,264
Undistributed net investment income (loss)		(1,589,769	)		663,879			(15,536	)		(241,269	)		801,698
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and short positions		139,320,793			(1,648,953	)		(206,818	)		(4,727,069	)		(1,103,561	)
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions		240,041,418			590,049			3,229,925			95,475			1,069,117
NET ASSETS	$	2,134,412,134		$	61,854,971		$	50,370,413		$	15,449,520		$	36,656,518
CLASS A SHARES†
Net assets applicable to shares outstanding	$	1,154,588,356		$	37,948,428		$	12,756,559		$	8,881,583		$	26,646,269
Shares outstanding		38,989,690			3,063,770			931,951			789,057			2,639,173
Net asset value and redemption price per share	$	29.61		$	12.39		$	13.69		$	11.25		$	10.10
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	31.09		$	13.01		$	14.37		$	11.81		$	10.60
CLASS B SHARES†**
Net assets applicable to shares outstanding	$	11,177,779		$	108,968		$	143,890		$	239,530		$	—
Shares outstanding		415,528			9,503			11,644			22,403			—
Net asset value and redemption price per share	$	26.90		$	11.47		$	12.36		$	10.69		$	—
CLASS C SHARES†**
Net assets applicable to shares outstanding	$	614,820,977		$	5,598,648		$	9,219,755		$	887,829		$	853,222
Shares outstanding		29,555,361			497,986			745,512			83,022			85,442
Net asset value and redemption price per share	$	20.80		$	11.24		$	12.37		$	10.69		$	9.99
CLASS I SHARES†
Net assets applicable to shares outstanding	$	346,345,867		$	18,075,759		$	27,838,890		$	5,210,504		$	9,046,585
Shares outstanding		9,311,710			1,422,167			1,998,996			455,082			894,975
Net asset value and redemption price per share	$	37.19		$	12.71		$	13.93		$	11.45		$	10.11
CLASS R SHARES†
Net assets applicable to shares outstanding	$	7,479,155		$	123,168		$	411,319		$	230,074		$	110,442
Shares outstanding		266,191			10,064			30,704			20,768			10,962
Net asset value and redemption price per share	$	28.10		$	12.24		$	13.40		$	11.08		$	10.07

† 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 145

Statements of Assets and Liabilities    April 30, 2016 (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	$	6,910,788		$	478,480,239		$	491,519,796		$	13,505,398		$	135,852,853
Investment in securities, at value	$	6,330,162		$	504,502,961		$	490,131,583		$	13,474,812		$	153,057,028
Cash with custodian (interest bearing)		—			—			15,998			460			—
Restricted cash for short positions (interest bearing)		—			—			—			—			—
Due from investment advisor		16,637			—			—			10,912			27,989
Restricted foreign currency for short positions (cost $-)		—			—			—			—			—
Foreign currency (cost $-)		—			—			2			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			53,226			—			31,200
Receivables:
Accrued interest and dividends		2,499			2,699,543			696,887			5,117			496,385
Investments sold		162,657			—			4,022,379			175,541			—
Fund shares sold		1,022			380,828			842,332			11,324			97,706
Prepaid expenses		23,165			101,803			49,227			51,806			37,714
Deferred offering costs		—			—			—			—			—
Other assets		12,716			93,084			58,951			11,575			65,126
Total assets		6,548,858			507,778,219			495,870,585			13,741,547			153,813,148
LIABILITIES
Collateral for securities loaned		230,625			32,589,083			16,809,826			176,627			4,480,779
Securities sold short, at value (proceeds $-)		—			—			—			—			—
Options written, at value (premium $-)		—			—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			929,759			1,020,813			—			549,682
Payables:
Investments purchased		116,809			2,810,727			12,781,979			306,152			134,844
Fund shares redeemed		94			1,212,790			891,395			104			273,344
Dividends payable		—			—			—			—			—
Affiliates:
Investment advisory fees		6,012			337,364			413,872			11,837			117,387
Distribution fees		90			7,143			5,326			112			2,484
Deferred compensation to trustees		12,716			93,084			58,951			11,575			65,126
Financial accounting fees		70			4,593			4,373			125			1,439
Trustees’ fees and officer compensation		2,240			7,659			6,639			2,097			3,630
Other accounts payable and accrued liabilities		14,193			407,534			223,974			16,010			133,176
Total liabilities		382,849			38,399,736			32,217,148			524,639			5,761,891
NET ASSETS	$	6,166,009		$	469,378,483		$	463,653,437		$	13,216,908		$	148,051,257
COMPOSITION OF NET ASSETS
Paid in capital	$	8,084,804		$	464,499,066		$	520,475,313		$	16,008,902		$	125,513,117
Undistributed net investment income (loss)		7,485			883,437			(1,573,006	)		(84,295	)		90,885
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and short positions		(1,345,654	)		(20,945,753	)		(52,877,492	)		(2,676,549	)		5,787,223
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions		(580,626	)		24,941,733			(2,371,378	)		(31,150	)		16,660,032	*
NET ASSETS	$	6,166,009		$	469,378,483		$	463,653,437		$	13,216,908		$	148,051,257
CLASS A SHARES†
Net assets applicable to shares outstanding	$	2,896,698		$	161,184,828		$	115,424,612		$	4,225,827		$	33,625,245
Shares outstanding		309,202			9,894,073			9,873,360			517,504			2,782,854
Net asset value and redemption price per share	$	9.37		$	16.29		$	11.69		$	8.17		$	12.08
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	9.84		$	17.10		$	12.27		$	8.58		$	12.68
CLASS B SHARES†**
Net assets applicable to shares outstanding	$	—		$	513,219		$	117,796		$	—		$	301,308
Shares outstanding		—			33,998			10,524			—			26,615
Net asset value and redemption price per share	$	—		$	15.10		$	11.19		$	—		$	11.32
CLASS C SHARES†**
Net assets applicable to shares outstanding	$	308,666		$	41,662,595		$	34,410,696		$	267,132		$	18,859,281
Shares outstanding		33,679			2,763,401			3,076,694			33,074			1,669,964
Net asset value and redemption price per share	$	9.16		$	15.08		$	11.18		$	8.08		$	11.29
CLASS I SHARES†
Net assets applicable to shares outstanding	$	2,861,257		$	258,062,006		$	311,241,387		$	8,642,249		$	90,258,892
Shares outstanding		303,306			15,569,496			26,488,419			1,058,086			7,353,637
Net asset value and redemption price per share	$	9.43		$	16.57		$	11.75		$	8.17		$	12.27
CLASS R SHARES†
Net assets applicable to shares outstanding	$	99,388		$	7,955,835		$	2,458,946		$	81,700		$	5,006,531
Shares outstanding		10,687			498,083			212,313			10,017			424,579
Net asset value and redemption price per share	$	9.30		$	15.97		$	11.58		$	8.16		$	11.79

† 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 $(34,491).

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

Statements of Assets and Liabilities    April 30, 2016 (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	$	2,047,234,863		$	330,863,810		$	877,901,158		$	75,875,665		$	99,627,527
Investment in securities, at value	$	2,385,998,544		$	347,119,106		$	876,998,718		$	75,057,896		$	102,428,499
Cash with custodian (interest bearing)		24,663			—			—			—			16,563
Restricted cash for short positions (interest bearing)		—			—			—			—			—
Due from investment advisor		14,348			—			—			21,238			16,319
Restricted foreign currency for short positions (cost $-)		—			—			—			—			—
Foreign currency (cost $11,176)		—			—			—			11,311			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—			—
Receivables:
Accrued interest and dividends		5,104,746			1,320,978			3,182,777			282,219			717,107
Investments sold		6,703,710			—			—			—			—
Fund shares sold		3,087,025			231,217			651,037			243,872			69,387
Prepaid expenses		144,950			55,394			80,346			22,709			34,380
Deferred offering costs		—			—			—			—			—
Other assets		347,609			143,119			188,523			5,723			66,568
Total assets		2,401,425,595			348,869,814			881,101,401			75,644,968			103,348,823
LIABILITIES
Collateral for securities loaned		27,592,022			10,253,917			54,864,082			818,218			490,000
Securities sold short, at value (proceeds $-)		—			—			—			—			—
Options written, at value (premium $-)		—			—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			370,313			91,584			—			—
Payables:
Investments purchased		3,493,509			1,955,168			3,130,836			131			1,236,450
Fund shares redeemed		7,474,251			510,995			6,176,508			94,738			207,289
Dividends payable		—			—			—			—			16,964
Affiliates:
Investment advisory fees		1,333,752			278,777			499,818			51,158			44,847
Distribution fees		88,541			10,648			23,900			825			2,680
Deferred compensation to trustees		347,609			143,119			188,523			5,723			66,568
Financial accounting fees		22,748			3,240			7,958			699			948
Trustees’ fees and officer compensation		25,491			5,450			12,508			2,166			2,612
Other accounts payable and accrued liabilities		707,523			118,023			284,141			15,389			24,490
Total liabilities		41,085,446			13,649,650			65,279,858			989,047			2,092,848
NET ASSETS	$	2,360,340,149		$	335,220,164		$	815,821,543		$	74,655,921		$	101,255,975
COMPOSITION OF NET ASSETS
Paid in capital	$	2,013,886,934		$	322,178,431		$	827,321,946		$	77,356,968		$	99,396,054
Undistributed net investment income (loss)		(6,448,607	)		971,849			(857,527	)		432,954			(593,765	)
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and short positions		14,138,141			(3,823,150	)		(9,650,375	)		(2,318,380	)		(347,286	)
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions		338,763,681			15,893,034			(992,501	)		(815,621	)		2,800,972
NET ASSETS	$	2,360,340,149		$	335,220,164		$	815,821,543		$	74,655,921		$	101,255,975
CLASS A SHARES†
Net assets applicable to shares outstanding	$	1,004,772,707		$	97,582,563		$	260,290,728		$	30,052,258		$	60,894,553
Shares outstanding		33,931,676			11,830,040			16,856,968			3,096,430			5,806,584
Net asset value and redemption price per share	$	29.61		$	8.25		$	15.44		$	9.71		$	10.49
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	31.09		$	8.66		$	16.21		$	10.19		$	10.90	#
CLASS B SHARES†**
Net assets applicable to shares outstanding	$	5,617,681		$	972,462		$	4,396,378		$	—		$	823,466
Shares outstanding		157,602			116,660			221,292			—			78,548
Net asset value and redemption price per share	$	35.64		$	8.34		$	19.87		$	—		$	10.48
CLASS C SHARES†**
Net assets applicable to shares outstanding	$	808,045,332		$	103,683,956		$	218,214,206		$	2,435,601		$	16,474,933
Shares outstanding		27,188,190			13,850,582			14,260,883			252,113			1,571,564
Net asset value and redemption price per share	$	29.72		$	7.49		$	15.30		$	9.66		$	10.48
CLASS I SHARES†
Net assets applicable to shares outstanding	$	528,260,924		$	131,909,928		$	331,109,181		$	41,991,659		$	22,623,776
Shares outstanding		18,447,467			15,581,484			23,706,608			4,317,815			2,157,746
Net asset value and redemption price per share	$	28.64		$	8.47		$	13.97		$	9.73		$	10.48
CLASS R SHARES†
Net assets applicable to shares outstanding	$	13,643,505		$	1,071,255		$	1,811,050		$	176,403		$	439,247
Shares outstanding		464,150			131,661			117,709			18,192			41,892
Net asset value and redemption price per share	$	29.39		$	8.14		$	15.39		$	9.70		$	10.49

† 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 147

Statements of Assets and Liabilities    April 30, 2016 (Unaudited)

	HIGH INCOME FUND			MARKET NEUTRAL INCOME FUND			HEDGED EQUITY INCOME FUND			PHINEUS LONG/SHORT FUND			LONG/SHORT FUND
ASSETS
Investments in securities, at cost	$	105,082,349		$	3,815,560,983		$	16,620,214		$	14,206,694		$	44,039,812
Investment in securities, at value	$	101,143,979		$	3,820,171,627		$	16,591,681		$	14,308,714		$	43,235,482
Cash with custodian (interest bearing)		—			140,109			—			—			—
Restricted cash for short positions (interest bearing)		—			844,489,688			—			5,259,447			22,744,311
Due from investment advisor		—			—			15,213			29,878			—
Restricted foreign currency for short positions (cost $3,622,747, $857,949)		—			3,757,747			—			—			872,773
Foreign currency (cost $-)		—			—			—			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—			—
Receivables:
Accrued interest and dividends		1,502,823			12,317,723			17,274			9,066			43,217
Investments sold		387,265			16,111,863			60,538			1,530,871			4,921,916
Fund shares sold		90,534			36,735,275			1,481			712,855			33,636
Prepaid expenses		53,228			258,221			18,184			—			32,954
Deferred offering costs		—			—			—			182,751			—
Other assets		101,717			197,398			5,711			—			13,497
Total assets		103,279,546			4,734,179,651			16,710,082			22,033,582			71,897,786
LIABILITIES
Collateral for securities loaned		7,200,032			34,388,387			—			—			—
Securities sold short, at value (proceeds $783,641,056, $6,094,917, $21,640,465)		—			827,884,332			—			6,072,246			23,474,533
Options written, at value (premium $68,722,675, $462,532, $26,592, $114,415)		—			62,674,415			444,718			32,997			134,599
Unrealized depreciation on forward foreign currency contracts		—			—			—			—			—
Payables:
Investments purchased		588,843			24,036,854			235,354			2,613,636			2,423,058
Fund shares redeemed		661,749			34,019,104			31,401			—			182,555
Dividends payable		29,273			—			—			—			—
Affiliates:
Investment advisory fees		57,890			2,061,308			9,718			6,710			46,749
Distribution fees		2,770			48,037			214			16			652
Deferred compensation to trustees		101,717			197,398			5,711			—			13,497
Financial accounting fees		897			35,757			150			61			434
Trustees’ fees and officer compensation		2,959			35,210			1,907			775			2,819
Other accounts payable and accrued liabilities		46,490			979,095			12,950			213,370			49,028
Total liabilities		8,692,620			986,359,897			742,123			8,939,811			26,327,924
NET ASSETS	$	94,586,926		$	3,747,819,754		$	15,967,959		$	13,093,771		$	45,569,862
COMPOSITION OF NET ASSETS
Paid in capital	$	106,954,883		$	3,722,359,896		$	16,007,203		$	12,871,809		$	47,288,450
Undistributed net investment income (loss)		(176,953	)		16,345,329			(16,509	)		(1,602	)		99,694
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and short positions		(8,252,634	)		42,561,530			(12,016	)		105,243			825,476
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions		(3,938,370	)		(33,447,001	)		(10,719	)		118,321			(2,643,758	)
NET ASSETS	$	94,586,926		$	3,747,819,754		$	15,967,959		$	13,093,771		$	45,569,862
CLASS A SHARES†
Net assets applicable to shares outstanding	$	58,450,925		$	966,776,654		$	9,602,398		$	270,432		$	14,459,294
Shares outstanding		6,999,045			75,171,449			982,085			25,771			1,410,005
Net asset value and redemption price per share	$	8.35		$	12.86		$	9.78		$	10.49		$	10.25
Maximum offering price per share (Net asset value, plus 4.75% of offering price)	$	8.77		$	13.50		$	10.27		$	11.01		$	10.76
CLASS B SHARES†**
Net assets applicable to shares outstanding	$	395,618		$	852,655		$	—		$	—		$	—
Shares outstanding		44,744			62,428			—			—			—
Net asset value and redemption price per share	$	8.84		$	13.66		$	—		$	—		$	—
CLASS C SHARES†**
Net assets applicable to shares outstanding	$	18,628,474		$	332,218,003		$	163,224		$	119,787		$	4,269,091
Shares outstanding		2,130,821			25,445,570			16,728			11,420			424,981
Net asset value and redemption price per share	$	8.74		$	13.06		$	9.76		$	10.49		$	10.05
CLASS I SHARES†
Net assets applicable to shares outstanding	$	16,970,887		$	2,439,772,478		$	6,102,448		$	12,703,552		$	26,815,727
Shares outstanding		2,032,635			191,747,403			623,451			1,210,192			2,596,494
Net asset value and redemption price per share	$	8.35		$	12.72		$	9.79		$	10.50		$	10.33
CLASS R SHARES†
Net assets applicable to shares outstanding	$	141,022		$	8,199,964		$	99,889		$	—		$	25,750
Shares outstanding		16,921			640,098			10,223			—			2,524
Net asset value and redemption price per share	$	8.33		$	12.81		$	9.77		$	—		$	10.20

† No par value; unlimited number of shares authorized.

** Redemption price may be reduced by contingent deferred sales charge.

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

Statements of Operations    Six Months Ended April 30, 2016 (Unaudited)

	GROWTH FUND			OPPORTUNISTIC VALUE FUND			FOCUS GROWTH FUND			DISCOVERY GROWTH FUND			DIVIDEND GROWTH FUND
INVESTMENT INCOME
Interest	$	—		$	—		$	—		$	5,236		$	—
Dividends		12,561,782			816,673			309,099			68,891			402,144
Securities lending income		195,163			2,111			7,141			6,419			116
Dividend taxes withheld		(22,245	)		(857	)		(1,670	)		(559	)		—
Total investment income		12,734,700			817,927			314,570			79,987			402,260
EXPENSES
Investment advisory fees		9,994,632			301,083			280,135			156,220			174,634
Distribution fees
Class A		1,543,173			46,576			20,413			22,637			33,569
Class B		73,388			629			1,088			7,044			—
Class C		3,345,509			27,588			52,584			10,763			3,326
Class R		19,949			347			1,374			3,617			265
Transfer agent fees		1,753,736			26,306			22,782			12,779			8,816
Printing and mailing fees		235,060			4,834			4,284			3,427			3,199
Financial accounting fees		134,083			3,492			3,250			1,811			2,026
Legal fees		81,690			10,233			7,425			6,784			8,215
Accounting fees		73,747			15,673			11,066			11,695			12,878
Audit fees		69,482			7,199			6,986			6,207			6,426
Trustees’ fees and officer compensation		64,164			7,557			7,618			6,911			6,907
Registration fees		42,730			25,475			27,446			24,029			29,417
Custodian fees		31,025			2,967			3,798			2,445			1,861
Dividend or interest expense on short positions		—			—			—			—			—
Organization expense		—			—			—			—			—
Offering costs		—			—			—			—			—
Other		115,079			6,642			11,887			6,625			4,264
Total expenses		17,577,447			486,601			462,136			282,994			295,803
Less expense reductions		—			(140,045	)		(134,557	)		(43,658	)		(66,545	)
Net expenses		17,577,447			346,556			327,579			239,336			229,258
NET INVESTMENT INCOME (LOSS)		(4,842,747	)		471,371			(13,009	)		(159,349	)		173,002
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		140,872,112			(1,238,977	)		(201,765	)		(4,489,504	)		(298,755	)
Purchased options		—			—			—			—			—
Foreign currency transactions		2,300,643			—			78,508			—			—
Written options		—			—			—			—			—
Short positions		—			—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(301,971,561	)		154,496			(3,365,113	)		862,439			(367,236	)
Purchased options		—			—			—			—			—
Foreign currency translations		(197,228	)		—			(6,775	)		—			—
Written options		—			—			—			—			—
Short positions		—			—			—			—			—
NET GAIN (LOSS)		(158,996,034	)		(1,084,481	)		(3,495,145	)		(3,627,065	)		(665,991	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(163,838,781	)	$	(613,110	)	$	(3,508,154	)	$	(3,786,414	)	$	(492,989	)

See accompanying Notes to Financial Statements www.calamos.com 149

Statements of Operations    Six Months Ended April 30, 2016 (Unaudited)

	MID CAP GROWTH FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			EMERGING MARKET EQUITY FUND			GLOBAL EQUITY FUND
INVESTMENT INCOME
Interest	$	—		$	—		$	1,285,688		$	—		$	—
Dividends		40,356			4,935,388			2,738,420			74,680			1,066,740
Securities lending income		3,447			54,505			13,945			279			12,591
Dividend taxes withheld		(293	)		(518,613	)		(299,387	)		(9,792	)		(82,782	)
Total investment income		43,510			4,471,280			3,738,666			65,167			996,549
EXPENSES
Investment advisory fees		63,786			2,223,781			2,451,236			69,076			714,765
Distribution fees
Class A		8,407			226,884			139,666			5,058			47,118
Class B		—			3,722			1,857			—			2,015
Class C		1,937			224,127			170,887			1,345			98,949
Class R		247			19,886			5,556			195			13,392
Transfer agent fees		7,242			406,968			297,551			5,040			108,225
Printing and mailing fees		3,026			30,872			55,160			2,483			23,402
Financial accounting fees		740			30,747			25,852			729			8,914
Legal fees		6,373			34,791			19,622			6,269			11,130
Accounting fees		8,993			25,606			23,098			9,904			15,293
Audit fees		5,678			20,402			17,762			5,772			9,903
Trustees’ fees and officer compensation		6,313			19,702			17,169			6,284			10,004
Registration fees		23,024			49,518			34,315			21,925			29,922
Custodian fees		2,414			65,551			112,568			7,846			15,871
Dividend or interest expense on short positions		—			—			—			—			—
Organization expense		—			—			—			—			—
Offering costs		—			—			—			—			—
Other		13,573			38,468			39,084			10,936			26,070
Total expenses		151,753			3,421,025			3,411,383			152,862			1,134,973
Less expense reductions		(77,376	)		—			—			(52,130	)		(89,780	)
Net expenses		74,377			3,421,025			3,411,383			100,732			1,045,193
NET INVESTMENT INCOME (LOSS)		(30,867	)		1,050,255			327,283			(35,565	)		(48,644	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(1,297,332	)		(19,009,390	)		(42,765,024	)(a)		(1,591,005	)		7,153,342
Purchased options		—			(672,929	)		(1,191,306	)		(34,765	)		(257,654	)
Foreign currency transactions		—			(839,790	)		388,382			458			(501,310	)
Written options		—			(423,444	)		(505,268	)		(14,160	)		(369,620	)
Short positions		—			—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(291,027	)		(14,809,736	)		29,392,839	(b)		1,296,509			(16,122,470	)(b)
Purchased options		—			—			351,658			11,105			—
Foreign currency translations		—			(902,319	)		(1,070,621	)		(164	)		(533,168	)
Written options		—			—			—			—			—
Short positions		—			—			—			—			—
NET GAIN (LOSS)		(1,588,359	)		(36,657,608	)		(15,399,340	)		(332,022	)		(10,630,880	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,619,226	)	$	(35,607,353	)	$	(15,072,057	)	$	(367,587	)	$	(10,679,524	)

(a) Net of foreign capital gains tax of $74,148.

(b) Net of change of $ 212,336 and $(34,491), respectively in deferred capital gains tax.

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

Statements of Operations    Six Months Ended April 30, 2016 (Unaudited)

	GROWTH AND INCOME FUND			GLOBAL GROWTH AND INCOME FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND			TOTAL RETURN BOND FUND
INVESTMENT INCOME
Interest	$	10,215,482		$	2,586,061		$	12,609,965		$	1,074,512		$	1,486,795
Dividends		22,187,254			1,907,389			7,278,521			288,115			4,498
Securities lending income		207,612			16,496			274,226			5,200			1,791
Dividend taxes withheld		—			(101,033	)		(38,139	)		(6,981	)		—
Total investment income		32,610,348			4,408,913			20,124,573			1,360,846			1,493,084
EXPENSES
Investment advisory fees		8,189,228			1,738,659			3,293,781			283,965			251,744
Distribution fees
Class A		1,283,701			126,656			375,560			31,722			69,314
Class B		36,084			7,158			23,661			—			4,391
Class C		4,127,484			540,424			1,165,930			10,572			80,275
Class R		35,079			2,980			4,808			391			795
Transfer agent fees		1,305,782			196,934			453,593			36,957			40,750
Printing and mailing fees		172,711			24,642			60,405			9,234			7,411
Financial accounting fees		139,483			20,167			52,584			3,876			5,311
Legal fees		74,798			26,291			40,681			9,957			6,911
Accounting fees		79,486			22,080			36,521			12,743			14,193
Audit fees		70,929			15,130			30,559			7,129			7,974
Trustees’ fees and officer compensation		65,899			14,725			29,342			9,036			8,317
Registration fees		46,744			31,514			42,429			10,307			30,007
Custodian fees		28,418			19,627			13,453			6,224			2,419
Dividend or interest expense on short positions		—			—			—			—			—
Organization expense		—			—			—			—			—
Offering costs		—			—			—			18,281			—
Other		105,165			33,972			61,163			5,077			9,131
Total expenses		15,760,991			2,820,959			5,684,470			455,471			538,943
Less expense reductions		—			—			—			(44,326	)		(84,986	)
Net expenses		15,760,991			2,820,959			5,684,470			411,145			453,957
NET INVESTMENT INCOME (LOSS)		16,849,357			1,587,954			14,440,103			949,701			1,039,127
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		3,419,085			(3,704,654	)		(21,286,237	)		(1,391,591	)		(105,528	)
Purchased options		—			(767,105	)		(2,345,762	)		(297,029	)		—
Foreign currency transactions		10,936			(924,915	)		(76,454	)		(4,401	)		—
Written options		—			—			—			—			—
Short positions		—			—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(57,222,941	)		(8,314,163	)		(26,162,679	)		272,217			1,665,076
Purchased options		—			(225,342	)		(1,078,516	)		(509,830	)		—
Foreign currency translations		(4,585	)		(336,888	)		(109,671	)		2,705			—
Written options		—			—			—			—			—
Short positions		—			—			—			—			—
NET GAIN (LOSS)		(53,797,505	)		(14,273,067	)		(51,059,319	)		(1,927,929	)		1,559,548
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(36,948,148	)	$	(12,685,113	)	$	(36,619,216	)	$	(978,228	)	$	2,598,675

See accompanying Notes to Financial Statements www.calamos.com 151

Statements of Operations    Six Months Ended April 30, 2016 (Unaudited)

	HIGH INCOME FUND			MARKET NEUTRAL INCOME FUND			HEDGED EQUITY INCOME FUND			PHINEUS LONG/SHORT FUND(a)			LONG/SHORT FUND
INVESTMENT INCOME
Interest	$	2,733,062		$	33,843,258		$	—		$	—		$	—
Dividends		47,933			26,043,896			147,585			9,325			517,098
Securities lending income		31,000			158,932			—			—			4,254
Dividend taxes withheld		—			(87,114	)		—			(539	)		(20,246	)
Total investment income		2,811,995			59,958,972			147,585			8,786			501,106
EXPENSES
Investment advisory fees		335,751			12,411,380			48,493			6,710			389,639
Distribution fees
Class A		68,092			1,259,984			8,832			28			28,157
Class B		2,473			5,965			—			—			—
Class C		94,609			1,662,035			569			73			24,228
Class R		385			20,896			248			—			222
Transfer agent fees		39,987			1,827,663			4,898			925			24,850
Printing and mailing fees		7,622			226,602			2,036			500			8,360
Financial accounting fees		5,193			214,845			750			61			3,614
Legal fees		9,157			119,110			8,319			500			7,681
Accounting fees		14,712			145,297			18,578			1,276			10,114
Audit fees		8,007			103,550			5,732			750			7,229
Trustees’ fees and officer compensation		8,177			97,588			7,726			775			7,765
Registration fees		34,810			84,547			9,414			—			34,369
Custodian fees		2,905			62,219			10,251			825			8,123
Dividend or interest expense on short positions		—			2,154,906			—			893			225,933
Organization expense		—			—			—			13,300			—
Offering costs		—			—			18,281			13,450			—
Other		21,981			146,203			3,435			200			9,539
Total expenses		653,861			20,542,790			147,562			40,266			789,823
Less expense reductions		—			—			(73,250	)		(29,878	)		—
Net expenses		653,861			20,542,790			74,312			10,388			789,823
NET INVESTMENT INCOME (LOSS)		2,158,134			39,416,182			73,273			(1,602	)		(288,717	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(5,164,195	)		(30,754,766	)		(2,364	)		43,342			750,225
Purchased options		—			(81,112,241	)		(443,289	)		23,316			(1,944,931	)
Foreign currency transactions		—			146,802			—			(391	)		(9,174	)
Written options		—			57,665,661			227,570			41,103			1,608,623
Short positions		—			47,290,843			—			(2,127	)		(291,805	)
Change in net unrealized appreciation/(depreciation) on:
Investments		2,438,013			(49,695,816	)		128,477			117,233			(4,891,216	)
Purchased options		—			9,925,572			11,492			(15,213	)		334,316
Foreign currency translations		—			165,041			—			35			76,861
Written options		—			19,473,914			133,685			(6,405	)		(294,039	)
Short positions		—			6,749,000			—			22,671			(262,484	)
NET GAIN (LOSS)		(2,726,182	)		(20,145,990	)		55,571			223,564			(4,923,624	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(568,048	)	$	19,270,192		$	128,844		$	221,962		$	(5,212,341	)

(a) Phineus Long/Short Fund commenced operations April 5, 2016.

152 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, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015
OPERATIONS
Net investment income (loss)	$	(4,842,747	)	$	(10,420,857	)	$	471,371		$	1,075,070		$	(13,009	)	$	(30,596	)
Net realized gain (loss)		143,172,755			700,082,597			(1,238,977	)		5,669,145			(123,257	)		11,279,851
Change in unrealized appreciation/(depreciation)		(302,168,789	)		(481,070,138	)		154,496			(8,618,225	)		(3,371,888	)		(7,947,702	)
Net increase (decrease) in net assets resulting from operations		(163,838,781	)		208,591,602			(613,110	)		(1,874,010	)		(3,508,154	)		3,301,553
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			—			(461,754	)		(502,337	)		—			—
Class B		—			—			—			—			—			—
Class C		—			—			(21,633	)		(17,709	)		—			—
Class I		—			—			(262,284	)		(360,195	)		—			—
Class R		—			—			(1,573	)		(1,193	)		—			—
Net realized gains
Class A		(348,035,648	)		(334,486,301	)		(2,547,648	)		(3,570,562	)		(3,221,717	)		(1,885,461	)
Class B		(4,805,396	)		(6,995,647	)		(10,093	)		(22,490	)		(51,058	)		(44,044	)
Class C		(243,604,217	)		(223,372,174	)		(403,800	)		(636,667	)		(2,042,689	)		(1,433,556	)
Class I		(91,511,948	)		(134,935,100	)		(1,163,377	)		(1,911,869	)		(5,222,205	)		(2,877,179	)
Class R		(2,356,702	)		(2,037,555	)		(10,292	)		(10,016	)		(77,155	)		(20,196	)
Return of capital
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total distributions		(690,313,911	)		(701,826,777	)		(4,882,454	)		(7,033,038	)		(10,614,824	)		(6,260,436	)
CAPITAL SHARE TRANSACTIONS		262,439,438			(265,115,865	)		(3,090,906	)		(21,672,940	)		(313,577	)		3,138,780
TOTAL INCREASE (DECREASE) IN NET ASSETS		(591,713,254	)		(758,351,040	)		(8,586,470	)		(30,579,988	)		(14,436,555	)		179,897
NET ASSETS
Beginning of period	$	2,726,125,388		$	3,484,476,428		$	70,441,441		$	101,021,429		$	64,806,968		$	64,627,071
End of period		2,134,412,134			2,726,125,388			61,854,971			70,441,441			50,370,413			64,806,968
Undistributed net investment income (loss)	$	(1,589,769	)	$	3,252,978		$	663,879		$	939,752		$	(15,536	)	$	(2,527	)

See accompanying Notes to Financial Statements www.calamos.com 153

Statements of Changes in Net Assets

	DISCOVERY GROWTH FUND						DIVIDEND GROWTH FUND						MID CAP GROWTH FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015
OPERATIONS
Net investment income (loss)	$	(159,349	)	$	(504,740	)	$	173,002		$	558,079		$	(30,867	)	$	(138,205	)
Net realized gain (loss)		(4,489,504	)		1,445,056			(298,755	)		409,584			(1,297,332	)		1,951,972
Change in unrealized appreciation/(depreciation)		862,439			(2,781,869	)		(367,236	)		(814,426	)		(291,027	)		(2,881,280	)
Net increase (decrease) in net assets resulting from operations		(3,786,414	)		(1,841,553	)		(492,989	)		153,237			(1,619,226	)		(1,067,513	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			—			(105,949	)		(362,247	)		—			—
Class B		—			—			—			—			—			—
Class C		—			—			(567	)		(4,913	)		—			—
Class I		—			—			(49,286	)		(114,838	)		—			—
Class R		—			—			(214	)		(1,440	)		—			—
Net realized gains
Class A		(224,438	)		(2,749,737	)		(740,530	)		(319,688	)		(565,411	)		—
Class B		(16,091	)		(162,339	)		—			—			—			—
Class C		(26,089	)		(244,678	)		(18,239	)		(4,968	)		(27,735	)		—
Class I		(90,871	)		(970,172	)		(186,792	)		(96,682	)		(393,240	)		—
Class R		(16,644	)		(171,966	)		(2,828	)		(1,326	)		(6,729	)		—
Return of capital
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total distributions		(374,133	)		(4,298,892	)		(1,104,405	)		(906,102	)		(993,115	)		—
CAPITAL SHARE TRANSACTIONS		(18,602,602	)		(3,221,495	)		2,038,022			56,928			(13,617,343	)		(24,075,227	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(22,763,149	)		(9,361,940	)		440,628			(695,937	)		(16,229,684	)		(25,142,740	)
NET ASSETS
Beginning of period	$	38,212,669		$	47,574,609		$	36,215,890		$	36,911,827		$	22,395,693		$	47,538,433
End of period		15,449,520			38,212,669			36,656,518			36,215,890			6,166,009			22,395,693
Undistributed net investment income (loss)	$	(241,269	)	$	(81,920	)	$	801,698		$	784,712		$	7,485		$	38,352

154 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, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015
OPERATIONS
Net investment income (loss)	$	1,050,255		$	4,024,234		$	327,283		$	1,596,363		$	(35,565	)	$	7,270
Net realized gain (loss)		(20,945,553	)		3,300,529			(44,073,216	)		(8,984,725	)		(1,639,472	)		(747,001	)
Change in unrealized appreciation/(depreciation)		(15,712,055	)		(44,925	)		28,673,876			(53,648,236	)		1,307,450			(1,346,822	)
Net increase (decrease) in net assets resulting from operations		(35,607,353	)		7,279,838			(15,072,057	)		(61,036,598	)		(367,587	)		(2,086,553	)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			—			(92,329	)		(307,098	)		(4,645	)		(41,566	)
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			(1,119,198	)		(2,034,145	)		(40,287	)		(61,523	)
Class R		—			—			—			—			—			(156	)
Net realized gains
Class A		(265,594	)		(26,448,259	)		—			(3,433,350	)		—			—
Class B		(1,374	)		(242,569	)		—			(13,442	)		—			—
Class C		(71,999	)		(6,563,935	)		—			(1,003,187	)		—			—
Class I		(432,514	)		(43,201,700	)	��	—			(8,919,021	)		—			—
Class R		(11,461	)		(1,648,974	)		—			(32,328	)		—			—
Return of capital
Class A		—			—			—			(40	)		—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			(265	)		—			—
Total distributions		(782,942	)		(78,105,437	)		(1,211,527	)		(15,742,876	)		(44,932	)		(103,245	)
CAPITAL SHARE TRANSACTIONS		(101,647,591	)		(63,351,312	)		(32,577,508	)		(62,269,319	)		75,991			296,005
TOTAL INCREASE (DECREASE) IN NET ASSETS		(138,037,886	)		(134,176,911	)		(48,861,092	)		(139,048,793	)		(336,528	)		(1,893,793	)
NET ASSETS
Beginning of period	$	607,416,369		$	741,593,280		$	512,514,529		$	651,563,322		$	13,553,436		$	15,447,229
End of period		469,378,483			607,416,369			463,653,437			512,514,529			13,216,908			13,553,436
Undistributed net investment income (loss)	$	883,437		$	(166,818	)	$	(1,573,006	)	$	(688,762	)	$	(84,295	)	$	(3,798	)

See accompanying Notes to Financial Statements www.calamos.com 155

Statements of Changes in Net Assets

	GLOBAL EQUITY FUND						GROWTH AND INCOME FUND						GLOBAL GROWTH AND INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015
OPERATIONS
Net investment income (loss)	$	(48,644	)	$	46,559		$	16,849,357		$	46,228,173		$	1,587,954		$	4,310,404
Net realized gain (loss)		6,024,758			6,071,551			3,430,021			167,595,445			(5,396,674	)		2,782,109
Change in unrealized appreciation/(depreciation)		(16,655,638	)		4,546,704			(57,227,526	)		(123,738,132	)		(8,876,393	)		604,690
Net increase (decrease) in net assets resulting from operations		(10,679,524	)		10,664,814			(36,948,148	)		90,085,486			(12,685,113	)		7,697,203
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			—			(13,556,991	)		(32,298,585	)		—			(549,399	)
Class B		—			—			(51,050	)		(167,830	)		—			—
Class C		—			—			(7,722,395	)		(18,307,365	)		—			—
Class I		—			—			(7,911,174	)		(18,901,076	)		—			(1,008,993	)
Class R		—			—			(166,861	)		(415,706	)		—			(3,985	)
Net realized gains
Class A		(769,768	)		(16,689,799	)		(45,158,073	)		(136,678,722	)		(1,349,284	)		(23,384,613	)
Class B		(9,659	)		(228,886	)		(299,943	)		(1,585,363	)		(21,251	)		(715,924	)
Class C		(434,202	)		(5,599,563	)		(36,267,311	)		(105,660,707	)		(1,583,129	)		(26,044,532	)
Class I		(1,809,046	)		(18,756,109	)		(24,093,672	)		(73,482,783	)		(1,753,280	)		(27,529,458	)
Class R		(111,823	)		(1,686,163	)		(617,691	)		(1,953,757	)		(16,132	)		(278,726	)
Return of capital
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total distributions		(3,134,498	)		(42,960,520	)		(135,845,161	)		(389,451,894	)		(4,723,076	)		(79,515,630	)
CAPITAL SHARE TRANSACTIONS		(30,524,726	)		(3,109,157	)		(63,887,725	)		(155,916,630	)		(28,234,860	)		(33,583,373	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(44,338,748	)		(35,404,863	)		(236,681,034	)		(455,283,038	)		(45,643,049	)		(105,401,800	)
NET ASSETS
Beginning of period	$	192,390,005		$	227,794,868		$	2,597,021,183		$	3,052,304,221		$	380,863,213		$	486,265,013
End of period		148,051,257			192,390,005			2,360,340,149			2,597,021,183			335,220,164			380,863,213
Undistributed net investment income (loss)	$	90,885		$	139,529		$	(6,448,607	)	$	6,110,507		$	971,849		$	(616,105	)

156 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, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015(a)			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015
OPERATIONS
Net investment income (loss)	$	14,440,103		$	30,651,934		$	949,701		$	313,511		$	1,039,127		$	1,927,173
Net realized gain (loss)		(23,708,453	)		51,010,485			(1,693,021	)		(622,148	)		(105,528	)		1,517,396
Change in unrealized appreciation/(depreciation)		(27,350,866	)		(122,101,608	)		(234,908	)		(580,713	)		1,665,076			(1,763,674	)
Net increase (decrease) in net assets resulting from operations		(36,619,216	)		(40,439,189	)		(978,228	)		(889,350	)		2,598,675			1,680,895
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(5,991,007	)		(14,689,931	)		(224,601	)		(73,599	)		(877,542	)		(1,340,474	)
Class B		(52,418	)		(125,993	)		—			—			(10,823	)		(27,355	)
Class C		(3,635,717	)		(7,505,842	)		(12,630	)		(4,384	)		(196,578	)		(326,886	)
Class I		(8,101,806	)		(19,045,320	)		(403,420	)		(171,040	)		(321,844	)		(391,067	)
Class R		(34,935	)		(72,044	)		(1,258	)		(999	)		(4,484	)		(5,871	)
Net realized gains
Class A		(5,609,807	)		(22,983,932	)		—			—			(664,826	)		(670,900	)
Class B		(66,643	)		(361,425	)		—			—			(11,396	)		(19,196	)
Class C		(4,198,102	)		(15,095,422	)		—			—			(203,238	)		(203,184	)
Class I		(6,966,433	)		(27,856,761	)		—			—			(230,880	)		(144,935	)
Class R		(34,207	)		(115,733	)		—			—			(3,487	)		(2,543	)
Return of capital
Class A		—			—			—			—			—			—
Class B		—			—			—			—			—			—
Class C		—			—			—			—			—			—
Class I		—			—			—			—			—			—
Total distributions		(34,691,075	)		(107,852,403	)		(641,909	)		(250,022	)		(2,525,098	)		(3,132,411	)
CAPITAL SHARE TRANSACTIONS		(227,667,170	)		(111,866,169	)		31,222,592			46,192,838			15,957,470			(13,888,090	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(298,977,461	)		(260,157,761	)		29,602,455			45,053,466			16,031,047			(15,339,606	)
NET ASSETS
Beginning of period	$	1,114,799,004		$	1,374,956,765		$	45,053,466		$	—		$	85,224,928		$	100,564,534
End of period		815,821,543			1,114,799,004			74,655,921			45,053,466			101,255,975			85,224,928
Undistributed net investment income (loss)	$	(857,527	)	$	2,518,253		$	432,954		$	125,162		$	(593,765	)	$	(221,621	)

(a) Global Convertible Fund commenced operations on December 31, 2014.

See accompanying Notes to Financial Statements www.calamos.com 157

Statements of Changes in Net Assets

	HIGH INCOME FUND						MARKET NEUTRAL INCOME FUND						HEDGED EQUITY INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015(a)
OPERATIONS
Net investment income (loss)	$	2,158,134		$	6,183,996		$	39,416,182		$	66,591,495		$	73,273		$	81,269
Net realized gain (loss)		(5,164,195	)		(2,354,906	)		(6,763,701	)		32,564,762			(218,083	)		304,743
Change in unrealized appreciation/(depreciation)		2,438,013			(8,869,137	)		(13,382,289	)		(31,131,108	)		273,654			(284,373	)
Net increase (decrease) in net assets resulting from operations		(568,048	)		(5,040,047	)		19,270,192			68,025,149			128,844			101,639
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		(1,420,931	)		(4,302,176	)		(6,599,374	)		(10,660,238	)		(75,693	)		(36,766	)
Class B		(10,384	)		(53,176	)		—			(2,151	)		—			—
Class C		(401,998	)		(1,034,441	)		(880,638	)		(686,837	)		(786	)		(289	)
Class I		(427,079	)		(1,191,751	)		(18,438,979	)		(29,673,184	)		(70,993	)		(42,418	)
Class R		(3,830	)		(8,290	)		(44,162	)		(55,036	)		(1,010	)		(538	)
Net realized gains
Class A		—			(2,495,790	)		(15,743,390	)		(12,913,256	)		(49,274	)		—
Class B		—			(45,543	)		(20,890	)		(39,864	)		—			—
Class C		—			(687,431	)		(4,999,398	)		(3,594,843	)		(941	)		—
Class I		—			(615,285	)		(35,916,097	)		(27,320,322	)		(48,109	)		—
Class R		—			(4,908	)		(130,687	)		(86,045	)		(877	)		—
Return of capital
Class A		—			(52	)		—			—			—			—
Class B		—			(1	)		—			—			—			—
Class C		—			(12	)		—			—			—			—
Class I		—			(14	)		—			—			—			—
Total distributions		(2,264,222	)		(10,438,870	)		(82,773,615	)		(85,031,776	)		(247,683	)		(80,011	)
CAPITAL SHARE TRANSACTIONS		(13,525,499	)		(62,313,822	)		32,756,274			(390,222,854	)		4,698,887			11,366,283
TOTAL INCREASE (DECREASE) IN NET ASSETS		(16,357,769	)		(77,792,739	)		(30,747,149	)		(407,229,481	)		4,580,048			11,387,911
NET ASSETS
Beginning of period	$	110,944,695		$	188,737,434		$	3,778,566,903		$	4,185,796,384		$	11,387,911		$	—
End of period		94,586,926			110,944,695			3,747,819,754			3,778,566,903			15,967,959			11,387,911
Undistributed net investment income (loss)	$	(176,953	)	$	(70,865	)	$	16,345,329		$	2,892,300		$	(16,509	)	$	58,700

(a) Hedged Equity Income Fund commenced operations December 31, 2014.

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

Statements of Changes in Net Assets

	PHINEUS LONG/SHORT FUND			LONG/SHORT FUND
	(UNAUDITED) PERIOD ENDED APRIL 30, 2016(a)			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2016			YEAR ENDED OCTOBER 31, 2015
OPERATIONS
Net investment income (loss)	$	(1,602	)	$	(288,717	)	$	(1,321,438	)
Net realized gain (loss)		105,243			112,938			2,373,298
Change in unrealized appreciation/(depreciation)		118,321			(5,036,562	)		(990,675	)
Net increase (decrease) in net assets resulting from operations		221,962			(5,212,341	)		61,185
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income
Class A		—			—			—
Class B		—			—			—
Class C		—			—			—
Class I		—			—			—
Class R		—			—			—
Net realized gains
Class A		—			—			(470,012	)
Class B		—			—			—
Class C		—			—			(77,702	)
Class I		—			—			(935,646	)
Class R		—			—			(1,308	)
Return of capital
Class A		—			—			—
Class B		—			—			—
Class C		—			—			—
Class I		—			—			—
Total distributions		—			—			(1,484,668	)
CAPITAL SHARE TRANSACTIONS		12,871,809			(32,105,059	)		(45,663,152	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		13,093,771			(37,317,400	)		(47,086,635	)
NET ASSETS
Beginning of period	$	—		$	82,887,262		$	129,973,897
End of period		13,093,771			45,569,862			82,887,262
Undistributed net investment income (loss)	$	(1,602	)	$	99,694		$	388,411

(a) Phineus Long/Short Fund commenced operations April 5, 2016.

See accompanying Notes to Financial Statements www.calamos.com 159

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 twenty 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, Total Return Bond Fund, High Income Fund, Market Neutral Income Fund, Hedged Equity Income Fund, Phineus Long/Short Fund (commenced operations on April 5, 2016), 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.

Significant Accounting Policies.  The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results may differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Fund Valuation.  The 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.

160 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements    (Unaudited)

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

When fair value pricing of securities is employed, the prices of securities used by 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, 2016. 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.

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.

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 and forward remain subject to

www.calamos.com 161

Notes to Financial Statements    (Unaudited)

examination by U.S. and State tax jurisdictions for those Funds that have been in existence during that time, and for all years since inception for those Funds created subsequent to October 31, 2010.

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 ANNUAL RATE			GROWTH AND INCOME FUND, CONVERTIBLE FUND, HIGH INCOME FUND, MARKET NEUTRAL INCOME FUND, HEDGED EQUITY INCOME FUND ANNUAL RATE			PHINEUS LONG/SHORT FUND, 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	%

Each of the International Growth and Global Equity Funds pays a fee based on average daily net assets of the Fund that is accrued daily and paid on a monthly basis, subject to possible adjustment based on the Fund’s investment performance (since March 2006 for International Growth Fund and since February 2008 for Global Equity Fund). The performance adjustment increases or decreases the management fee, on a monthly basis, by 1/12 of 0.03% of a Fund’s average daily net assets over the performance period for each full 1% increment amount by which a Fund outperforms or underperforms the benchmark index (“Index”), on an annualized basis, over the performance measurement period. The benchmark indexes are the MSCI EAFE Growth Index and the MSCI World Index for the International Growth Fund and Global Equity Fund, respectively.

The base fee is shown in the table above. The performance adjustment rate is calculated by comparing over the performance measurement period the Fund’s Class A share performance to that of the respective Index. The performance measurement period commenced at the beginning of each Fund’s first full month of operation (April 2005 and March 2007 for the International Growth Fund and Global Equity Fund, respectively). The first performance adjustment was applied to the advisory fee at the end of the

162 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements    (Unaudited)

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 Funds reimburses Calamos Advisors for a portion of compensation paid to the Trust’s Chief Compliance Officer. This compensation is reported as part of the “Trustees’ fees and officer compensation” expense on the Statements of Operations.

Calamos Advisors has contractually agreed to limit the annual ordinary operating expenses of each Fund as a percentage of the average daily net assets 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%		1.75%		2.25%
Hedged Equity Income Fund		1.25%		—		2.00%		1.00%		1.50%
Phineus Long/Short Fund		2.00%		—		2.75%		1.75%		—
Long/Short Fund		2.00%		—		2.75%		1.75%		2.25%

www.calamos.com 163

Notes to Financial Statements    (Unaudited)

These agreements are binding on Calamos Advisors through March 31, 2018.

For the period ended April 30, 2016, Calamos Advisors waived or absorbed the following expenses:

FUND	AMOUNT
Opportunistic Value Fund	$	140,045
Focus Growth Fund		134,557
Discovery Growth Fund		43,658
Dividend Growth Fund		66,545
Mid Cap Growth Fund		77,376
Emerging Market Equity Fund		52,130
Global Equity Fund		89,780
Global Convertible Fund		44,326
Total Return Bond Fund		84,986
Hedged Equity Income Fund		73,250
Phineus Long/Short Fund		29,878

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, 2016, CFS received commissions and underwriting fees as follows:

FUND	AMOUNT
Growth Fund	$	43,574
Opportunistic Value Fund		3,278
Focus Growth Fund		821
Discovery Growth Fund		531
Dividend Growth Fund		715
Mid Cap Growth Fund		4
International Growth Fund		3,262
Evolving World Growth Fund		12,434
Emerging Market Equity Fund		39
Global Equity Fund		1,243
Growth and Income Fund		53,543
Global Growth and Income Fund		2,338
Convertible Fund		19,428
Global Convertible Fund		1,021
Total Return Bond Fund		453
High Income Fund		1,367
Market Neutral Income Fund		62,852
Hedged Equity Income Fund		1,705
Phineus Long/Short Fund		—
Long/Short Fund		529

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

164 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements    (Unaudited)

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.

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.

As of April 30, 2016, certain affiliates of Calamos Advisors hold material investments in the Funds as follows:

FUND	PERCENTAGE
Focus Growth Fund		50	%
Discovery Growth Fund		57
Mid Cap Growth Fund		81
Emerging Market Equity Fund		89
Hedged Equity Income Fund		63
Phineus Long/Short Fund		62
Long/Short Fund		26

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, 2016, 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	$	664,927
Opportunistic Value Fund		92,400
Focus Growth Fund		85,856
Discovery Growth Fund		40,348
Dividend Growth Fund		12,683
Mid Cap Growth Fund		12,716
International Growth Fund		93,084
Evolving World Growth Fund		58,951
Emerging Market Equity Fund		11,575
Global Equity Fund		65,126
Growth and Income Fund		347,609
Global Growth and Income Fund		143,119
Convertible Fund		188,523
Global Convertible Fund		5,723
Total Return Bond Fund		66,568
High Income Fund		101,717
Market Neutral Income Fund		197,398
Hedged Equity Income Fund		5,711
Phineus Long/Short Fund		—
Long/Short Fund		13,497

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, 2016.

www.calamos.com 165

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, 2016 were as follows:

	COST OF PURCHASES				PROCEEDS FROM SALES
FUND	U.S. GOV’T SECURITIES		OTHER		U.S. GOV’T SECURITIES			OTHER
Growth Fund	$	—	$	599,849,882	$	—		$	1,051,491,249
Opportunistic Value Fund		—		9,338,899		—			15,913,106
Focus Growth Fund		—		17,666,015		—			26,902,331
Discovery Growth Fund		—		12,181,037		—			28,659,299
Dividend Growth Fund		—		1,793,234		—			1,700,208
Mid Cap Growth Fund		—		3,647,411		—	��		17,956,426
International Growth Fund		—		166,378,179		—			265,681,468
Evolving World Growth Fund		—		158,623,707		—			201,661,785
Emerging Market Equity Fund		—		4,027,986		—			3,603,876
Global Equity Fund		—		42,379,805		—			73,675,302
Growth and Income Fund		—		106,373,010		—			283,612,605
Global Growth and Income Fund		—		111,239,921		—			120,303,145
Convertible Fund		—		234,229,528		—			456,419,115
Global Convertible Fund		—		39,881,660		—			11,232,564
Total Return Bond Fund		9,678,086		22,511,354		8,096,466			10,932,209
High Income Fund		—		20,109,801		—			31,036,995
Market Neutral Income Fund		—		772,513,055		—			836,281,006
Hedged Equity Income Fund		—		5,291,767		—			1,098,915
Phineus Long/Short Fund		—		11,531,320		—			7,257,778
Long/Short Fund		—		53,375,957		—			70,208,919

The following information is presented on a federal income tax basis as of April 30, 2016. 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 (excluding Investments of Collateral for Securities on Loan) for federal income tax purposes at April 30, 2016 was as follows:

FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Growth Fund	$	1,944,246,829	$	357,915,635	$	(117,550,104	)	$	240,365,531
Opportunistic Value Fund		61,604,806		3,522,863		(2,980,504	)		542,359
Focus Growth Fund		48,329,839		5,799,733		(2,558,730	)		3,241,003
Discovery Growth Fund		16,537,858		1,045,070		(1,161,404	)		(116,334	)
Dividend Growth Fund		35,646,830		2,497,179		(1,447,182	)		1,049,997
Mid Cap Growth Fund		6,918,339		243,492		(831,669	)		(588,177	)
International Growth Fund		478,480,239		45,041,256		(19,018,534	)		26,022,722
Evolving World Growth Fund		490,983,708		29,723,768		(30,575,893	)		(852,125	)
Emerging Market Equity Fund		13,531,874		940,327		(997,389	)		(57,062	)
Global Equity Fund		135,901,048		23,969,406		(6,813,426	)		17,155,980
Growth and Income Fund		2,048,549,135		389,205,159		(51,755,750	)		337,449,409
Global Growth and Income Fund		329,056,463		28,509,889		(10,447,246	)		18,062,643
Convertible Fund		871,896,925		50,340,621		(45,238,828	)		5,101,793
Global Convertible Fund		75,654,562		2,510,225		(3,106,891	)		(596,666	)
Total Return Bond Fund		99,887,477		2,648,163		(107,141	)		2,541,022
High Income Fund		105,371,178		1,771,433		(5,998,632	)		(4,227,199	)
Market Neutral Income Fund		3,775,834,116		299,886,529		(255,549,018	)		44,337,511
Hedged Equity Income Fund		16,480,078		820,511		(708,908	)		111,603
Phineus Long/Short Fund		14,203,052		263,562		(157,900	)		105,662
Long/Short Fund		44,346,605		1,655,244		(2,766,367	)		(1,111,123	)

166 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, 2016 will be determined at the end of each Fund’s current fiscal year. Distributions during the fiscal period ended October 31, 2015 were characterized for federal income tax purposes as follows:

	Year Ended October 31, 2015
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL
Growth Fund	$	43,628,514	$	658,198,263	$	—
Opportunistic Value Fund		3,300,466		5,628,860		—
Focus Growth Fund		699,192		6,324,952		—
Discovery Growth Fund		3,506,654		1,387,285		—
Dividend Growth Fund		708,545		425,268		—
Mid Cap Growth Fund		89,775		430,294		—
International Growth Fund		4,483,595		81,175,387		—
Evolving World Growth Fund		4,180,685		13,401,328		305
Emerging Market Equity Fund		135,893		—		—
Global Equity Fund		86,829		46,113,693		—
Growth and Income Fund		74,992,764		338,155,535		—
Global Growth and Income Fund		6,779,009		75,623,881		—
Convertible Fund		41,439,130		81,417,870		—
Global Convertible Fund		250,022		—		—
Total Return Bond Fund		2,389,361		1,075,895		—
High Income Fund		6,589,834		3,848,957		79
Market Neutral Income Fund		46,850,427		38,181,349		—
Hedged Equity Income Fund		80,011		495		—
Long/Short Fund		1,014,940		619,822		—

As of October 31, 2015, 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	$	78,154,909		$	1,654,120		$	—		$	—		$	—
Undistributed capital gains		612,158,769			3,132,258			10,614,820			374,108			948,389
Total undistributed earnings		690,313,678			4,786,378			10,614,820			374,108			948,389
Accumulated capital and other losses		—			—			—			—			—
Net unrealized gains/(losses)		542,210,041			406,491			6,601,799			(1,004,504	)		1,426,176
Total accumulated earnings/(losses)		1,232,523,719			5,192,869			17,216,619			(630,396	)		2,374,565
Other		(598,585	)		(92,330	)		(86,070	)		(81,920	)		(9,917	)
Paid-in-capital		1,494,200,254			65,340,902			47,676,419			38,924,985			33,851,242
Total	$	2,726,125,388		$	70,441,441		$	64,806,968		$	38,212,669		$	36,215,890
	MID CAP GROWTH FUND			INTERNATIONAL GROWTH FUND			EVOLVING WORLD GROWTH FUND			EMERGING MARKET EQUITY FUND			GLOBAL EQUITY FUND
Undistributed ordinary income	$	—		$	—		$	1,211,430		$	44,929		$	—
Undistributed capital gains		993,112			782,742			—			—			3,134,382
Total undistributed earnings		993,112			782,742			1,211,430			44,929			3,134,382
Accumulated capital and other losses		—			—			(9,634,517	)		(1,014,807	)		—
Net unrealized gains/(losses)		(289,603	)		40,653,788			(31,914,678	)		(1,401,152	)		33,313,411
Total accumulated earnings/(losses)		703,509			41,436,530			(40,337,765	)		(2,371,030	)		36,447,793
Other		(9,963	)		(166,818	)		(200,527	)		(8,445	)		(95,631	)
Paid-in-capital		21,702,147			566,146,657			553,052,821			15,932,911			156,037,843
Total	$	22,395,693		$	607,416,369		$	512,514,529		$	13,553,436		$	192,390,005

www.calamos.com 167

Notes to Financial Statements    (Unaudited)

	GROWTH AND INCOME FUND			GLOBAL GROWTH AND INCOME FUND			CONVERTIBLE FUND			GLOBAL CONVERTIBLE FUND			TOTAL RETURN BOND FUND
Undistributed ordinary income	$	16,328,591		$	—		$	10,725,307		$	177,840		$	—
Undistributed capital gains		106,436,170			4,722,926			16,875,147			—			1,113,807
Total undistributed earnings		122,764,761			4,722,926			27,600,454			177,840			1,113,807
Accumulated capital and other losses		—			—			—			(694,485	)		—
Net unrealized gains/(losses)		396,867,882			26,016,342			32,430,475			(563,476	)		894,158
Total accumulated earnings/(losses)		519,632,643			30,739,268			60,030,929			(1,080,121	)		2,007,965
Other		(386,119	)		(289,346	)		(221,041	)		(789	)		(221,621	)
Paid-in-capital		2,077,774,659			350,413,291			1,054,989,116			46,134,376			83,438,584
Total	$	2,597,021,183		$	380,863,213		$	1,114,799,004		$	45,053,466		$	85,224,928

	HIGH INCOME FUND			MARKET NEUTRAL INCOME FUND			HEDGED EQUITY INCOME FUND			LONG/SHORT FUND
Undistributed ordinary income	$	33,547		$	25,227,066		$	59,473		$	—
Undistributed capital gains		—			38,744,165			99,197			—
Total undistributed earnings		33,547			63,971,231			158,670			—
Accumulated capital and other losses		(2,818,255	)		—			—			—
Net unrealized gains/(losses)		(6,646,567	)		50,260,510			(78,302	)		3,503,532
Total accumulated earnings/(losses)		(9,431,275	)		114,231,741			80,368			3,503,532
Other		(104,412	)		(25,268,460	)		(773	)		(9,779	)
Paid-in-capital		120,480,382			3,689,603,622			11,308,316			79,393,509
Total	$	110,944,695		$	3,778,566,903		$	11,387,911		$	82,887,262

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
Evolving World Growth Fund	$	(9,634,517	)	$	—
Emerging Market Equity Fund		(995,308	)		(19,499	)
High Income Fund		(710,030	)		(2,108,225	)

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.

168 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 Fund’s net counterparty exposure is reflected in the counterparty table below. The net unrealized gain, if any, represents the credit risk to the respective Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Funds realize a gain or loss when a position is closed or upon settlement of the contracts.

As of April 30, 2016, 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 the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default.

www.calamos.com 169

Notes to Financial Statements    (Unaudited)

As of April 30, 2016, the Fund had outstanding purchased options and/or written options as listed on the Schedules of Investments. For the period ended April 30, 2016, the Fund had the following transactions in options written:

	INTERNATIONAL GROWTH FUND						EVOLVING WORLD GROWTH FUND
	NUMBER OF CONTRACTS			PREMIUMS RECEIVED			NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2015		—		$	—			—		$	—
Option written		327			158,104			390			188,321
Options closed		(327	)		(158,104	)		(390	)		(188,321	)
Options exercised		—			—			—			—
Options expired		—			—			—			—
Options outstanding at April 30, 2016		—		$	—			—		$	—
	EMERGING MARKET EQUITY FUND						GLOBAL EQUITY FUND
	NUMBER OF CONTRACTS			PREMIUMS RECEIVED			NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2015		—		$	—			—		$	—
Option written		11			5,403			97			107,261
Options closed		(11	)		(5,403	)		(97	)		(107,261	)
Options exercised		—			—			—			—
Options expired		—			—			—			—
Options outstanding at April 30, 2016		—		$	—			—		$	—
	MARKET NEUTRAL INCOME FUND						HEDGED EQUITY INCOME FUND
	NUMBER OF CONTRACTS			PREMIUMS RECEIVED			NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2015		20,005		$	48,417,521			54		$	188,039
Option written		73,893			158,268,892			492			1,079,130
Options closed		(45,454	)		(86,672,690	)		(291	)		(573,387	)
Options exercised		(5,194	)		(10,809,140	)		(24	)		(71,089	)
Options expired		(26,070	)		(40,481,908	)		(122	)		(160,161	)
Options outstanding at April 30, 2016		17,180		$	68,722,675			109		$	462,532
	PHINEUS LONG/SHORT FUND						LONG/SHORT FUND
	NUMBER OF CONTRACTS			PREMIUMS RECEIVED			NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at October 31, 2015		—		$	—			7,039		$	479,798
Option written		1,259			81,292			17,528			2,006,316
Options closed		(624	)		(24,761	)		(11,944	)		(1,208,227	)
Options exercised		(42	)		(8,984	)		(6,048	)		(350,276	)
Options expired		(314	)		(20,955	)		(5,359	)		(813,196	)
Options outstanding at April 30, 2016		279		$	26,592			1,216		$	114,415

* Phineus Long/Short Fund commenced operations on April 5, 2016.

As of April 30, 2016, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

	GROWTH FUND				FOCUS GROWTH FUND
	ASSET DERIVATIVES		LIABILITY DERIVATIVES		ASSET DERIVATIVES		LIABILITY DERIVATIVES
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	—	$	322,667	$	—	$	11,078
	$	—	$	322,667	$	—	$	11,078

170 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements    (Unaudited)

	INTERNATIONAL GROWTH FUND				EVOLVING WORLD GROWTH FUND
	ASSET DERIVATIVES		LIABILITY DERIVATIVES		ASSET DERIVATIVES		LIABILITY DERIVATIVES
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	—	$	929,759	$	53,226	$	1,020,813
	$	—	$	929,759	$	53,226	$	1,020,813
	GLOBAL EQUITY FUND				GLOBAL GROWTH AND INCOME FUND
	ASSET DERIVATIVES		LIABILITY DERIVATIVES		ASSET DERIVATIVES		LIABILITY DERIVATIVES
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	31,200	$	549,682	$	—	$	370,313
Purchased options(2)		—		—		635,210		—
	$	31,200	$	549,682	$	635,210	$	370,313
	CONVERTIBLE FUND				GLOBAL CONVERTIBLE FUND
	ASSET DERIVATIVES		LIABILITY DERIVATIVES		ASSET DERIVATIVES		LIABILITY DERIVATIVES
Gross amounts at fair value:
Forward foreign currency contracts(1)	$	—	$	91,584	$	—	$	—
Purchased options(2)		1,627,525		—		474,081		—
	$	1,627,525	$	91,584	$	474,081	$	—
	MARKET NEUTRAL INCOME FUND				HEDGED EQUITY INCOME FUND
	ASSET DERIVATIVES		LIABILITY DERIVATIVES		ASSET DERIVATIVES		LIABILITY DERIVATIVES
Gross amounts at fair value:
Purchased options(2)	$	36,381,569	$	—	$	253,740	$	—
Written options(3)		—		62,674,415		—		444,718
	$	36,381,569	$	62,674,415	$	253,740	$	444,718
	PHINEUS LONG/SHORT FUND				LONG/SHORT FUND
	ASSET DERIVATIVES		LIABILITY DERIVATIVES		ASSET DERIVATIVES		LIABILITY DERIVATIVES
Gross amounts at fair value:
Purchased options(2)	$	36,474	$	—	$	139,766	$	—
Written options(3)		—		32,997		—		134,599
	$	36,474	$	32,997	$	139,766	$	134,599

	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
Northern Trust Company		ISDA	$	—	$	322,667	$	—	$	—	$	322,667
			$	—	$	322,667	$	—	$	—	$	322,667

www.calamos.com 171

Notes to Financial Statements    (Unaudited)

	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
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
Northern Trust Company		ISDA	$	—	$	11,078	$	—	$	—	$	11,078
			$	—	$	11,078	$	—	$	—	$	11,078
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
Northern Trust Company		ISDA	$	—	$	929,759	$	—	$	—	$	929,759
			$	—	$	929,759	$	—	$	—	$	929,759
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
JPMorgan Chase Bank N.A		ISDA	$	53,226	$	—	$	—	$	53,226	$	—
Northern Trust Company		ISDA		—		1,020,813		—		—		1,020,813
			$	53,226	$	1,020,813	$	—	$	53,226	$	1,020,813
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
JPMorgan Chase Bank N.A		ISDA	$	31,200	$	—	$	—	$	31,200	$	—
Northern Trust Company		ISDA		—		549,682		—		—		549,682
			$	31,200	$	549,682	$	—	$	31,200	$	549,682
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
Northern Trust Company		ISDA	$	—	$	370,313		—	$	—	$	370,313
			$	—	$	370,313	$	—	$	—	$	370,313
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
Northern Trust Company		ISDA	$	—	$	91,584	$	—	$	—	$	91,584
			$	—	$	91,584	$	—	$	—	$	91,584

172 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements    (Unaudited)

For the period ended April 30, 2016, the volume of derivative activity for the Funds is reflected below:*

	DERIVATIVE TYPE
	FORWARD CONTRACTS(1)		OPTIONS PURCHASED(2)		OPTIONS WRITTEN(3)
Growth Fund		42,085,588		—		—
Focus Growth Fund		2,375,653		—		—
International Growth Fund		314,790,787		1,310		327
Evolving World Growth Fund		52,557,666		1,560		390
Emerging Market Equity Fund		—		44		11
Global Equity Fund		85,845,114		353		97
Global Growth and Income Fund		20,375,832		2,761		—
Convertible Fund		10,330,387		9,575		—
Global Convertible Fund		—		3,935		—
Market Neutral Income Fund		—		73,911		73,893
Hedged Equity Income Fund		—		455		492
Phineus Long/Short		—		1,234		1,259
Long/Short Fund		—		21,037		17,528

* 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.

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 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.

www.calamos.com 173

Notes to Financial Statements    (Unaudited)

At April 30, 2016, securities were on loan for the Funds below:

	VALUE OF SECURITIES ON LOAN TO BROKER-DEALERS AND BANKS		AMOUNT OF COLLATERAL HELD IN SHORT TERM INVESTMENTS BY ASSET CLASS ON LOAN
FUND			EQUITY		FIXED INCOME		TOTAL
Growth Fund	$	39,810,492	$	40,836,861	$	—	$	40,836,861
Opportunistic Value Fund		482,119		488,350		—		488,350
Focus Growth Fund		808,342		855,600		—		855,600
Discovery Growth Fund		830,275		873,575		—		873,575
Dividend Growth Fund		—		—		—		—
Mid Cap Growth Fund		216,543		230,625		—		230,625
International Growth Fund		30,788,826		32,589,083		—		32,589,083
Evolving World Growth Fund		15,995,835		10,947,028		5,862,798		16,809,826
Emerging Market Equity Fund		167,779		176,626		—		176,626
Global Equity Fund		4,204,558		4,480,779		—		4,480,779
Growth and Income Fund		26,938,453		4,138,678		23,453,344		27,592,022
Global Growth and Income Fund		9,751,044		6,122,495		4,131,422		10,253,917
Convertible Fund		53,424,416		8,703,376		46,160,706		54,864,082
Global Convertible Fund		800,330		—		818,218		818,218
Total Return Bond Fund		479,281		—		490,000		490,000
High Income Fund		6,959,183		—		7,200,032		7,200,032
Market Neutral Income Fund		33,651,205		4,273,351		30,115,036		34,388,387
Hedged Equity Income Fund		—		—		—		—
Long/Short Fund		—		—		—		—
Phineus Long/Short Fund		—		—		—		—

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.

174 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

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.	$	1,939,037,617	$	—	$	—	$	1,939,037,617
Short Term Investment		204,737,882		—		—		204,737,882
Investment of Cash Collateral For Securities Loaned		19,805,862		21,030,999		—		40,836,861
Total	$	2,163,581,361	$	21,030,999	$	—	$	2,184,612,360
Liabilities:
Forward Foreign Currency Contracts	$	—	$	322,667	$	—	$	322,667
Total	$	—	$	322,667	$	—	$	322,667
	OPPORTUNISTIC VALUE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	60,355,118	$	—	$	—	$	60,355,118
Short Term Investment		1,303,697		—		—		1,303,697
Investment of Cash Collateral For Securities Loaned		236,850		251,500		—		488,350
Total	$	61,895,665	$	251,500	$	—	$	62,147,165
	FOCUS GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	46,805,933	$	—	$	—	$	46,805,933
Short Term Investment		3,909,309		—		—		3,909,309
Investment of Cash Collateral For Securities Loaned		414,966		440,634		—		855,600
Total	$	51,130,208	$	440,634	$	—	$	51,570,842
Liabilities:
Forward Foreign Currency Contracts	$	—	$	11,078	$	—	$	11,078
Total	$	—	$	11,078	$	—	$	11,078
	DISCOVERY GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	15,314,731	$	—	$	—	$	15,314,731
Short Term Investment		233,218		—		—		233,218
Investment of Cash Collateral For Securities Loaned		423,684		449,891		—		873,575
Total	$	15,971,633	$	449,891	$	—	$	16,421,524
	DIVIDEND GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	34,499,482	$	—	$	—	$	34,499,482
Short Term Investment		2,197,345		—		—		2,197,345
Total	$	36,696,827	$	—	$	—	$	36,696,827

www.calamos.com 175

Notes to Financial Statements    (Unaudited)

	MID CAP GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	6,061,404	$	—	$	—	$	6,061,404
Short Term Investment		38,133		—		—		38,133
Investment of Cash Collateral For Securities Loaned		111,853		118,772		—		230,625
Total	$	6,211,390	$	118,772	$	—	$	6,330,162
	INTERNATIONAL GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	61,914,164	$	—	$	—	$	61,914,164
Common Stocks Foreign		91,586,976		310,946,550		—		402,533,526
Short Term Investment		7,466,188		—		—		7,466,188
Investment of Cash Collateral For Securities Loaned		15,805,692		16,783,391		—		32,589,083
Total	$	176,773,020	$	327,729,941	$	—	$	504,502,961
Liabilities:
Forward Foreign Currency Contracts	$	—	$	929,759	$	—	$	929,759
Total	$	—	$	929,759	$	—	$	929,759
	TRANSFERS IN TO LEVEL 1*		TRANSFERS OUT OF LEVEL 1**		TRANSFERS IN TO LEVEL 2**		TRANSFERS OUT OF LEVEL 2*
Investments at Value:
Common Stocks Foreign	$	59,014,874	$	3,933,349	$	3,933,349	$	59,014,874
Total	$	59,014,874	$	3,933,349	$	3,933,349	$	59,014,874
*   Transfers from Level 2 to Level 1 were due to the lack of 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.

176 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements ��  (Unaudited)

	EVOLVING WORLD GROWTH FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	86,984,050	$	—	$	86,984,050
Common Stocks Foreign		66,052,534		257,931,426		—		323,983,960
Common Stocks U.S.		45,609,037		—		—		45,609,037
Short Term Investment		16,744,710		—		—		16,744,710
Investment of Cash Collateral For Securities Loaned		8,152,759		8,657,067		—		16,809,826
Forward Foreign Currency Contracts		—		53,226		—		53,226
Total	$	136,559,040	$	353,625,769	$	—	$	490,184,809
Liabilities:
Forward Foreign Currency Contracts	$	—	$	1,020,813	$	—	$	1,020,813
Total	$	—	$	1,020,813	$	—	$	1,020,813
	TRANSFERS IN TO LEVEL 1*		TRANSFERS OUT OF LEVEL 1		TRANSFERS IN TO LEVEL 2		TRANSFERS OUT OF LEVEL 2*
Investments at Value:
Common Stocks Foreign	$	9,374,115	$	—	$	—	$	9,374,115
Total	$	9,374,115	$	—	$	—	$	9,374,115
* Transfers from Level 2 to Level 1 were due to the lack of 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	$	1,968,362	$	7,811,687	$	—	$	9,780,049
Common Stocks U.S.		3,117,092		—		—		3,117,092
Exchange-Traded Fund		93,730		—		—		93,730
Short Term Investment		307,314		—		—		307,314
Investment of Cash Collateral For Securities Loaned		85,664		90,963		—		176,627
Total	$	5,572,162	$	7,902,650	$	—	$	13,474,812

www.calamos.com 177

Notes to Financial Statements    (Unaudited)

	GLOBAL EQUITY FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	71,068,155	$	—	$	—	$	71,068,155
Common Stocks Foreign		14,541,694		58,885,750		—		73,427,444
Short Term Investment		4,080,650		—		—		4,080,650
Investment of Cash Collateral For Securities Loaned		2,173,176		2,307,603		—		4,480,779
Forward Foreign Currency Contracts		—		31,200		—		31,200
Total	$	91,863,675	$	61,224,553	$	—	$	153,088,228
Liabilities:
Forward Foreign Currency Contracts	$	—	$	549,682	$	—	$	549,682
Total	$	—	$	549,682	$	—	$	549,682
	TRANSFERS IN TO LEVEL 1*		TRANSFERS OUT OF LEVEL 1		TRANSFERS IN TO LEVEL 2		TRANSFERS OUT OF LEVEL 2*
Investments at Value:
Common Stocks Foreign	$	10,718,711	$	—	$	—	$	10,718,711
Total	$	10,718,711	$	—	$	—	$	10,718,711
* Transfers from Level 2 to Level 1 were due to the lack of the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.
	GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	371,600,278	$	—	$	371,600,278
Corporate Bonds		—		169,612,880		—		169,612,880
Convertible Preferred Stocks		210,569,010		26,738,282		—		237,307,292
Common Stocks U.S.		1,464,273,957		—		—		1,464,273,957
Short Term Investment		115,612,115		—		—		115,612,115
Investment of Cash Collateral For Securities Loaned		13,382,120		14,209,902		—		27,592,022
Total	$	1,803,837,202	$	582,161,342	$	—	$	2,385,998,544

178 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements    (Unaudited)

	GLOBAL GROWTH AND INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	131,793,671	$	—	$	131,793,671
Synthetic Convertible Securities (Corporate Bonds)		—		13,325,622		—		13,325,622
Synthetic Convertible Securities (Purchased Options)		635,210		—		—		635,210
Convertible Preferred Stocks		13,541,240		—		—		13,541,240
Common Stocks U.S.		94,661,614		—		—		94,661,614
Common Stocks Foreign		15,450,630		64,110,636		—		79,561,266
Short Term Investment		3,346,566		—		—		3,346,566
Investment of Cash Collateral For Securities Loaned		4,973,146		5,280,771		—		10,253,917
Total	$	132,608,406	$	214,510,700	$	—	$	347,119,106
Liabilities:
Forward Foreign Currency Contracts	$	—	$	370,313	$	—	$	370,313
Total	$	—	$	370,313	$	—	$	370,313
	TRANSFERS IN TO LEVEL 1		TRANSFERS OUT OF LEVEL 1*		TRANSFERS IN TO LEVEL 2*		TRANSFERS OUT OF LEVEL 2
Investments at Value:
Common Stocks Foreign	$	12,026,078	$	—	$	—	$	12,026,078
Total	$	12,026,078	$	—	$	—	$	12,026,078
* Transfers from Level 2 to Level 1 were due to the lack of the availability of an applied factor utilizing a systematic fair valuation model on securities that trade on European and Far Eastern exchanges.
	CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	526,593,252	$	—	$	526,593,252
Synthetic Convertible Securities (Corporate Bonds)		—		17,740,731		—		17,740,731
Synthetic Convertible Securities (Purchased Options)		1,627,525		—		—		1,627,525
Convertible Preferred Stocks		226,268,100		19,199,396		—		245,467,496
Common Stocks U.S.		11,603,930		—		—		11,603,930
Short Term Investment		19,101,702		—		—		19,101,702
Investment of Cash Collateral For Securities Loaned		26,609,058		28,255,024		—		54,864,082
Total	$	285,210,315	$	591,788,403	$	—	$	876,998,718
Liabilities:
Forward Foreign Currency Contracts	$	—	$	91,584	$	—	$	91,584
Total	$	—	$	91,584	$	—	$	91,584
	GLOBAL CONVERTIBLE FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	52,870,507	$	—	$	52,870,507
Synthetic Convertible Securities (Corporate Bonds)		—		5,401,294		—		5,401,294
Synthetic Convertible Securities (Purchased Options)		474,081		—		—		474,081
Convertible Preferred Stocks		11,506,247		—		—		11,506,247
Short Term Investment		3,987,549		—		—		3,987,549
Investment of Cash Collateral For Securities Loaned		396,835		421,383		—		818,218
Total	$	16,364,712	$	58,693,184	$	—	$	75,057,896

www.calamos.com 179

Notes to Financial Statements    (Unaudited)

	TOTAL RETURN BOND FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	88,294,939	$	—	$	88,294,939
U.S. Government and Agency Securities		—		10,241,588		—		10,241,588
Short Term Investment		3,401,972		—		—		3,401,972
Investment of Cash Collateral For Securities Loaned		237,650		252,350		—		490,000
Total	$	3,639,622	$	98,788,877	$	—	$	102,428,499
	HIGH INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	89,865,963	$	—	$	89,865,963
Convertible Preferred Stocks		1,228,833		—		—		1,228,833
Short Term Investment		2,849,151		—		—		2,849,151
Investment of Cash Collateral For Securities Loaned		3,492,013		3,708,019		—		7,200,032
Total	$	7,569,997	$	93,573,982	$	—	$	101,143,979
	MARKET NEUTRAL INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Convertible Bonds	$	—	$	1,412,651,492	$	—	$	1,412,651,492
Synthetic Convertible Securities (Corporate Bonds)		—		289,146,642		—		289,146,642
Synthetic Convertible Securities (Purchased Options)		14,710,000		—		—		14,710,000
Convertible Preferred Stocks		149,676,010		5,236,600		—		154,912,610
Common Stocks U.S.		1,856,261,840		—		—		1,856,261,840
Purchased Options		21,671,569		—		—		21,671,569
Short Term Investment		36,429,087		—		—		36,429,087
Investment of Cash Collateral For Securities Loaned		16,678,354		17,710,033		—		34,388,387
Total	$	2,095,426,860	$	1,724,744,767	$	—	$	3,820,171,627
Liabilities:
Common Stocks Sold Short U.S.	$	824,993,232	$	—	$	—	$	824,993,232
Common Stocks Sold Short Foreign		—		2,891,100		—		2,891,100
Written Options		62,674,415		—		—		62,674,415
Total	$	887,667,647	$	2,891,100	$	—	$	890,558,747
	HEDGED EQUITY INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	15,443,296	$	—	$	—	$	15,443,296
Exchange-Traded Fund		468,713		—		—		468,713
Purchased Options		253,740		—		—		253,740
Short Term Investment		425,932		—		—		425,932
Total	$	16,591,681	$	—	$	—	$	16,591,681
Liabilities:
Written Options	$	444,718	$	—	$	—	$	444,718
Total	$	444,718	$	—	$	—	$	444,718

180 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements    (Unaudited)

	PHINEUS LONG/SHORT FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks Foreign	$	25,856	$	219,485	$	—	$	245,341
Common Stocks U.S.		6,413,668		—		—		6,413,668
Exchange-Traded Fund		3,867,720		—		—		3,867,720
Purchased Options		36,474		—		—		36,474
Short Term Investment		3,745,511		—		—		3,745,511
Total	$	14,089,229	$	219,485	$	—	$	14,308,714
Liabilities:
Common Stocks Sold Short U.S.	$	438,750	$	—	$	—	$	438,750
Exchange-Traded Funds Sold Short		5,633,496		—		—		5,633,496
Written Options		32,997		—		—		32,997
Total	$	6,105,243	$	—	$	—	$	6,105,243
	LONG/SHORT FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Common Stocks U.S.	$	34,158,056	$	—	$	—	$	34,158,056
Exchange-Traded Fund		4,905,261		—		—		4,905,261
Purchased Options		139,766		—		—		139,766
Short Term Investment		4,032,399		—		—		4,032,399
Total	$	43,235,482	$	—	$	—	$	43,235,482
Liabilities:
Common Stocks Sold Short U.S.	$	8,228,725	$	—	$	—	$	8,228,725
Common Stocks Sold Short Foreign		—		966,700		—		966,700
Exchange-Traded Funds Sold Short		14,279,108		—		—		14,279,108
Written Options		134,599		—		—		134,599
Total	$	22,642,432	$	966,700	$	—	$	23,609,132

www.calamos.com 181

Notes to Financial Statements    (Unaudited)

Note 9 – Capital Share Transactions

The following table summarizes the activity in capital shares of the Funds:

For the Period Ended April 30, 2016
	GROWTH FUND						OPPORTUNISTIC VALUE FUND						FOCUS GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,779,748		$	55,535,512			372,397		$	4,353,546			67,165		$	972,217
Shares issued as reinvestment of distributions		10,531,182			326,045,403			243,389			2,959,618			212,717			3,046,104
Less shares redeemed		(6,618,714	)		(217,686,977	)		(844,284	)		(10,770,356	)		(384,521	)		(5,373,696	)
Net increase (decrease)		5,692,216		$	163,893,938			(228,498	)	$	(3,457,192	)		(104,639	)	$	(1,355,375	)
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		13,626		$	380,393			841		$	9,176			170		$	2,000
Shares issued as reinvestment of distributions		155,685			4,390,329			856			9,671			3,712			48,147
Less shares redeemed		(256,543	)		(7,707,018	)		(6,305	)		(74,528	)		(12,469	)		(165,781	)
Net increase (decrease)		(87,232	)	$	(2,936,296	)		(4,608	)	$	(55,681	)		(8,587	)	$	(115,634	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,435,577		$	52,862,280			102,120		$	1,112,061			180,891		$	2,364,192
Shares issued as reinvestment of distributions		9,087,699			198,202,721			34,609			383,118			120,676			1,566,380
Less shares redeemed		(5,624,875	)		(135,666,653	)		(102,385	)		(1,137,089	)		(393,438	)		(5,613,582	)
Net increase (decrease)		5,898,401		$	115,398,348			34,344		$	358,090			(91,871	)	$	(1,683,010	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		846,083		$	32,644,017			142,592		$	1,741,392			39,057		$	552,575
Shares issued as reinvestment of distributions		2,054,942			79,834,503			106,209			1,324,420			355,660			5,178,407
Less shares redeemed		(3,031,497	)		(127,863,752	)		(229,742	)		(2,988,997	)		(156,905	)		(2,507,308	)
Net increase (decrease)		(130,472	)	$	(15,385,232	)		19,059		$	76,815			237,812		$	3,223,674
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		39,115		$	1,131,481			238		$	3,085			20,821		$	329,833
Shares issued as reinvestment of distributions		76,092			2,237,107			986			11,864			2,174			30,508
Less shares redeemed		(66,535	)		(1,899,908	)		(2,316	)		(27,887	)		(45,159	)		(743,573	)
Net increase (decrease)		48,672		$	1,468,680			(1,092	)	$	(12,938	)		(22,164	)	$	(383,232	)

* 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		64,471		$	800,408			716,569		$	7,101,587			11,226		$	112,616
Shares issued as reinvestment of distributions		18,534			223,515			84,196			846,479			57,327			565,247
Less shares redeemed		(1,141,207	)		(12,553,741	)		(826,990	)		(8,038,749	)		(1,153,832	)		(11,289,064	)
Net increase (decrease)		(1,058,202	)	$	(11,529,818	)		(26,225	)	$	(90,683	)		(1,085,279	)	$	(10,611,201	)
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		6,381		$	67,449			—		$	—			—		$	—
Shares issued as reinvestment of distributions		1,399			16,091			—			—			—			—
Less shares redeemed		(116,943	)		(1,257,005	)		—			—			—			—
Net increase (decrease)		(109,163	)	$	(1,173,465	)		—		$	—			—		$	—
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		24,868		$	294,025			28,771		$	285,278			2,537		$	21,289
Shares issued as reinvestment of distributions		2,270			26,089			1,889			18,806			2,865			27,735
Less shares redeemed		(143,375	)		(1,512,737	)		(12,615	)		(123,806	)		(25,224	)		(248,115	)
Net increase (decrease)		(116,237	)	$	(1,192,623	)		18,045		$	180,278			(19,822	)	$	(199,091	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		33,858		$	373,900			229,374		$	2,277,508			66,472		$	619,446
Shares issued as reinvestment of distributions		7,408			90,821			23,462			236,078			39,601			393,240
Less shares redeemed		(342,452	)		(3,888,032	)		(57,179	)		(570,284	)		(411,905	)		(3,826,466	)
Net increase (decrease)		(301,186	)	$	(3,423,311	)		195,657		$	1,943,302			(305,832	)	$	(2,813,780	)
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		—		$	—			236		$	2,297			—		$	—
Shares issued as reinvestment of distributions		1,401			16,644			282			2,831			685			6,729
Less shares redeemed		(117,070	)		(1,300,029	)		—	**		(3	)		—			—
Net increase (decrease)		(115,669	)	$	(1,283,385	)		518		$	5,125			685		$	6,729

* Class B shares continue to be outstanding but are no longer an offered class of shares.

** Amounts are less than 1 share.

www.calamos.com 183

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		1,241,543		$	20,325,896			2,951,757		$	33,629,084			5,230		$	43,068
Shares issued as reinvestment of distributions		13,538			230,151			7,428			87,352			578			4,645
Less shares redeemed		(3,497,242	)		(56,851,188	)		(3,159,537	)		(36,085,596	)		(19,272	)		(152,901	)
Net increase (decrease)		(2,242,161	)	$	(36,295,141	)		(200,352	)	$	(2,369,160	)		(13,464	)	$	(105,188	)
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		1,333		$	20,067			484		$	5,465			—		$	—
Shares issued as reinvestment of distributions		82			1,299			—			—			—			—
Less shares redeemed		(36,108	)		(547,258	)		(31,511	)		(348,409	)		—			—
Net increase (decrease)		(34,693	)	$	(525,892	)		(31,027	)	$	(342,944	)		—		$	—
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		477,073		$	7,506,671			502,610		$	5,613,306			12,495		$	101,398
Shares issued as reinvestment of distributions		3,681			58,077			—			—			—			—
Less shares redeemed		(709,513	)		(10,590,399	)		(571,189	)		(6,258,356	)		(8,297	)		(64,017	)
Net increase (decrease)		(228,759	)	$	(3,025,651	)		(68,579	)	$	(645,050	)		4,198		$	37,381
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,574,217		$	25,878,419			8,359,666		$	95,232,102			28,021		$	211,892
Shares issued as reinvestment of distributions		22,879			395,348			88,404			1,044,052			5,011			40,287
Less shares redeemed		(5,401,174	)		(87,657,768	)		(10,804,064	)		(126,040,044	)		(14,201	)		(108,381	)
Net increase (decrease)		(3,804,078	)	$	(61,384,001	)		(2,355,994	)	$	(29,763,890	)		18,831		$	143,798
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		66,467		$	1,051,857			74,310		$	851,239			—		$	—
Shares issued as reinvestment of distributions		459			7,651			—			—			—			—
Less shares redeemed		(91,596	)		(1,476,414	)		(27,183	)		(307,703	)		—			—
Net increase (decrease)		(24,670	)	$	(416,906	)		47,127		$	543,536			—		$	—

* Class B shares continue to be outstanding but are no longer an offered class of shares.

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		265,186		$	3,282,436			1,524,951		$	45,506,017			832,101		$	6,902,539
Shares issued as reinvestment of distributions		49,667			630,271			1,796,671			53,210,638			148,082			1,237,967
Less shares redeemed		(2,622,512	)		(33,941,661	)		(4,274,301	)		(126,078,865	)		(2,082,592	)		(17,171,102	)
Net increase (decrease)		(2,307,659	)	$	(30,028,954	)		(952,679	)	$	(27,362,210	)		(1,102,409	)	$	(9,030,596	)
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		4,377		$	52,152			3,172		$	114,511			1,366		$	11,236
Shares issued as reinvestment of distributions		756			9,020			8,832			315,285			2,344			19,852
Less shares redeemed		(17,965	)		(206,784	)		(109,862	)		(3,894,715	)		(126,463	)		(1,054,686	)
Net increase (decrease)		(12,832	)	$	(145,612	)		(97,858	)	$	(3,464,919	)		(122,753	)	$	(1,023,598	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		147,544		$	1,761,937			1,140,009		$	34,095,446			619,990		$	4,684,322
Shares issued as reinvestment of distributions		28,225			335,880			1,172,500			34,928,614			171,112			1,302,161
Less shares redeemed		(219,070	)		(2,483,604	)		(3,088,264	)		(91,228,472	)		(2,136,918	)		(15,981,111	)
Net increase (decrease)		(43,301	)	$	(385,787	)		(775,755	)	$	(22,204,412	)		(1,345,816	)	$	(9,994,628	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		811,965		$	9,885,786			2,256,265		$	64,135,623			1,817,088		$	15,291,000
Shares issued as reinvestment of distributions		117,373			1,511,766			927,391			26,562,417			185,762			1,593,836
Less shares redeemed		(780,897	)		(9,717,006	)		(3,542,223	)		(100,912,430	)		(2,957,039	)		(24,910,697	)
Net increase (decrease)		148,441		$	1,680,546			(358,567	)	$	(10,214,390	)		(954,189	)	$	(8,025,861	)
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		31,900		$	380,440			52,548		$	1,547,141			12,635		$	102,066
Shares issued as reinvestment of distributions		7,619			94,478			24,224			712,474			1,523			12,576
Less shares redeemed		(168,841	)		(2,119,837	)		(99,362	)		(2,901,409	)		(33,991	)		(274,819	)
Net increase (decrease)		(129,322	)	$	(1,644,919	)		(22,590	)	$	(641,794	)		(19,833	)	$	(160,177	)

* 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						GLOBAL CONVERTIBLE FUND						TOTAL RETURN BOND FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,823,524		$	27,989,352			1,659,470		$	15,723,798			1,549,918		$	15,957,470
Shares issued as reinvestment of distributions		665,356			10,447,433			23,351			224,209			141,893			1,458,571
Less shares redeemed		(8,937,869	)		(139,133,946	)		(655,415	)		(6,223,878	)		(780,540	)		(8,065,827	)
Net increase (decrease)		(6,448,989	)	$	(100,697,161	)		1,027,406		$	9,724,129			911,271		$	9,350,214
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		2,366		$	47,236			—		$	—			5,748		$	58,515
Shares issued as reinvestment of distributions		4,247			86,036			—			—			1,899			19,492
Less shares redeemed		(41,867	)		(831,361	)		—			—			(27,191	)		(282,278	)
Net increase (decrease)		(35,254	)	$	(698,089	)		—		$	—			(19,544	)	$	(204,271	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		583,658		$	9,084,325			163,131		$	1,576,343			257,837		$	2,650,136
Shares issued as reinvestment of distributions		383,801			5,990,562			1,223			11,721			26,777			274,919
Less shares redeemed		(2,897,930	)		(44,695,620	)		(39,502	)		(365,778	)		(225,875	)		(2,325,108	)
Net increase (decrease)		(1,930,471	)	$	(29,620,733	)		124,852		$	1,222,286			58,739		$	599,947
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,751,108		$	65,483,303			4,109,983		$	40,008,837			732,824		$	7,604,254
Shares issued as reinvestment of distributions		878,826			12,471,987			41,825			402,919			50,663			520,831
Less shares redeemed		(12,233,196	)		(174,418,738	)		(2,151,307	)		(20,125,182	)		(201,407	)		(2,076,793	)
Net increase (decrease)		(6,603,262	)	$	(96,463,448	)		2,000,501		$	20,286,574			582,080		$	6,048,292
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		19,278		$	307,515			9,115		$	86,909			15,393		$	158,509
Shares issued as reinvestment of distributions		3,238			50,707			129			1,241			715			7,341
Less shares redeemed		(34,921	)		(545,961	)		(10,235	)		(98,547	)		(246	)		(2,562	)
Net increase (decrease)		(12,405	)	$	(187,739	)		(991	)	$	(10,397	)		15,862		$	163,288

* 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)

	HIGH INCOME FUND						MARKET NEUTRAL INCOME FUND
Class A	Shares			Dollars			Shares			Dollars
Shares sold		2,791,041		$	22,191,760			14,344,004		$	182,926,141
Shares issued as reinvestment of distributions		162,912			1,332,281			1,689,367			21,520,714
Less shares redeemed		(4,237,412	)		(35,064,836	)		(21,270,484	)		(270,676,880	)
Net increase (decrease)		(1,283,459	)	$	(11,540,795	)		(5,237,113	)	$	(66,230,025	)
Class B	Shares			Dollars			Shares			Dollars
Shares sold*		16		$	139			451		$	6,000
Shares issued as reinvestment of distributions		1,059			9,158			1,249			16,904
Less shares redeemed		(30,446	)		(265,829	)		(71,636	)		(970,387	)
Net increase (decrease)		(29,371	)	$	(256,532	)		(69,936	)	$	(947,483	)
Class C	Shares			Dollars			Shares			Dollars
Shares sold		94,529		$	817,439			2,382,348		$	30,797,771
Shares issued as reinvestment of distributions		37,574			321,279			371,506			4,807,292
Less shares redeemed		(343,357	)		(2,944,961	)		(2,854,480	)		(36,874,951	)
Net increase (decrease)		(211,254	)	$	(1,806,243	)		(100,626	)	$	(1,269,888	)
Class I	Shares			Dollars			Shares			Dollars
Shares sold		405,990		$	3,313,689			48,156,930		$	605,772,413
Shares issued as reinvestment of distributions		46,594			380,700			3,730,402			46,998,050
Less shares redeemed		(441,335	)		(3,608,852	)		(43,852,003	)		(551,460,253	)
Net increase (decrease)		11,249		$	85,537			8,035,329		$	101,310,210
Class R	Shares			Dollars			Shares			Dollars
Shares sold		1,939		$	16,364			110,074		$	1,398,896
Shares issued as reinvestment of distributions		302			2,449			10,264			130,244
Less shares redeemed		(3,201	)		(26,279	)		(129,964	)		(1,635,680	)
Net increase (decrease)		(960	)	$	(7,466	)		(9,626	)	$	(106,540	)

* Class B shares continue to be outstanding but are no longer an offered class of shares.

www.calamos.com 187

Notes to Financial Statements    (Unaudited)

	HEDGED EQUITY INCOME FUND						PHINEUS LONG/ SHORT FUND(a)				LONG/SHORT FUND
Class A	Shares			Dollars			Shares		Dollars		Shares			Dollars
Shares sold		420,302		$	3,991,933			25,771	$	267,477		202,476		$	2,080,883
Shares issued as reinvestment of distributions		11,205			109,796			—		—		—			—
Less shares redeemed		(15,232	)		(148,355	)		—		—		(1,619,416	)		(15,725,212	)
Net increase (decrease)		416,275		$	3,953,374			25,771	$	267,477		(1,416,940	)	$	(13,644,329	)
Class B	Shares			Dollars			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			Dollars
Shares sold		12,388		$	121,755			11,420	$	114,995		162,450		$	1,660,191
Shares issued as reinvestment of distributions		170			1,669			—		—		—			—
Less shares redeemed		(5,859	)		(54,902	)		—		—		(210,598	)		(2,053,506	)
Net increase (decrease)		6,699		$	68,522			11,420	$	114,995		(48,148	)	$	(393,315	)
Class I	Shares			Dollars			Shares		Dollars		Shares			Dollars
Shares sold		88,925		$	844,250			1,210,192	$	12,489,337		1,341,142		$	14,412,156
Shares issued as reinvestment of distributions		10,366			101,756			—		—		—			—
Less shares redeemed		(27,826	)		(270,396	)		—		—		(3,149,592	)		(32,403,358	)
Net increase (decrease)		71,465		$	675,610			1,210,192	$	12,489,337		(1,808,450	)	$	(17,991,202	)
Class R	Shares			Dollars			Shares		Dollars		Shares			Dollars
Shares sold		1,060		$	10,000			—	$	—		—		$	—
Shares issued as reinvestment of distributions		169			1,657			—		—		—			—
Less shares redeemed		(1,060	)		(10,276	)		—		—		(7,675	)		(76,213	)
Net increase (decrease)		169		$	1,381			—	$	—		(7,675	)	$	(76,213	)

* Class B shares continue to be outstanding but are no longer an offered class of shares.

(a) Phineus Long/Short Fund commenced operations April 5, 2016.

188 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

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, 2015
	GROWTH FUND						OPPORTUNISTIC VALUE FUND						FOCUS GROWTH FUND
Class A	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,914,931		$	124,586,708			558,396		$	7,498,981			179,704		$	3,118,013
Shares issued as reinvestment of distributions		7,699,313			313,670,008			288,967			3,984,849			102,952			1,750,183
Less shares redeemed		(11,583,483	)		(501,918,354	)		(1,432,714	)		(19,921,855	)		(306,385	)		(5,367,756	)
Net increase (decrease)		(969,239	)	$	(63,661,638	)		(585,351	)	$	(8,438,025	)		(23,729	)	$	(499,560	)
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		16,239		$	630,291			33		$	424			5,760		$	91,375
Shares issued as reinvestment of distributions		166,266			6,374,662			1,724			22,066			2,271			35,880
Less shares redeemed		(449,693	)		(18,526,842	)		(12,579	)		(161,689	)		(13,600	)		(221,983	)
Net increase (decrease)		(267,188	)	$	(11,521,889	)		(10,822	)	$	(139,199	)		(5,569	)	$	(94,728	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,794,239		$	58,516,100			41,708		$	531,723			165,339		$	2,672,730
Shares issued as reinvestment of distributions		5,597,831			179,578,429			44,005			555,342			62,358			985,892
Less shares redeemed		(6,765,514	)		(233,439,116	)		(344,640	)		(4,420,663	)		(199,122	)		(3,217,629	)
Net increase (decrease)		626,556		$	4,655,413			(258,927	)	$	(3,333,598	)		28,575		$	440,993
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,149,851		$	114,062,912			393,017		$	5,522,505			105,053		$	1,851,295
Shares issued as reinvestment of distributions		2,364,190			114,166,718			149,268			2,106,174			166,011			2,853,725
Less shares redeemed		(8,259,852	)		(423,103,153	)		(1,221,798	)		(17,411,933	)		(117,697	)		(2,096,341	)
Net increase (decrease)		(3,745,811	)	$	(194,873,523	)		(679,513	)	$	(9,783,254	)		153,367		$	2,608,679
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		48,305		$	1,985,895			686		$	9,957			41,167		$	673,773
Shares issued as reinvestment of distributions		48,259			1,897,525			821			11,210			940			15,742
Less shares redeemed		(85,891	)		(3,597,648	)		(2	)		(31	)		(363	)		(6,119	)
Net increase (decrease)		10,673		$	285,772			1,505		$	21,136			41,744		$	683,396

* Class B shares continue to be outstanding but are no longer an offered class of shares.

www.calamos.com 189

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		161,306		$	2,172,090			848,773		$	8,719,505			98,859		$	1,139,798
Shares issued as reinvestment of distributions		208,175			2,735,426			65,272			674,912			—			—
Less shares redeemed		(686,346	)		(8,986,939	)		(878,925	)		(9,157,035	)		(1,970,732	)		(22,350,708	)
Net increase (decrease)		(316,865	)	$	(4,079,423	)		35,120		$	237,382			(1,871,873	)	$	(21,210,910	)
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		60		$	830			—		$	—			—		$	—
Shares issued as reinvestment of distributions		12,864			162,339			—			—			—			—
Less shares redeemed		(2,979	)		(37,148	)		—			—			—			—
Net increase (decrease)		9,945		$	126,021			—		$	—			—		$	—
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		7,803		$	102,273			37,549		$	392,737			63,166		$	703,439
Shares issued as reinvestment of distributions		19,388			244,677			958			9,882			—			—
Less shares redeemed		(11,774	)		(153,355	)		(10,010	)		(106,307	)		(61,481	)		(706,837	)
Net increase (decrease)		15,417		$	193,595			28,497		$	296,312			1,685		$	(3,398	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		236,749		$	3,253,702			344,659		$	3,588,315			418,202		$	4,965,496
Shares issued as reinvestment of distributions		72,836			970,172			20,437			211,519			—			—
Less shares redeemed		(278,747	)		(3,789,984	)		(408,752	)		(4,279,366	)		(662,685	)		(7,826,415	)
Net increase (decrease)		30,838		$	433,890			(43,656	)	$	(479,532	)		(244,483	)	$	(2,860,919	)
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		(5,368	)		(67,544	)		—			—			—			—
Net increase (decrease)		7,881		$	104,422			268		$	2,766			—		$	—

* Class B shares continue to be outstanding but are no longer an offered class of shares.

190 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		3,500,261		$	61,239,325			3,057,734		$	39,443,486			353,807		$	3,407,036
Shares issued as reinvestment of distributions		1,335,539			22,316,855			284,910			3,638,296			4,508			41,566
Less shares redeemed		(5,901,142	)		(103,631,544	)		(5,529,537	)		(71,072,478	)		(372,007	)		(3,640,469	)
Net increase (decrease)		(1,065,342	)	$	(20,075,364	)		(2,186,893	)	$	(27,990,696	)		(13,692	)	$	(191,867	)
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		2,165		$	35,271			410		$	5,463			—		$	—
Shares issued as reinvestment of distributions		13,946			218,110			1,090			13,442			—			—
Less shares redeemed		(73,914	)		(1,224,653	)		(13,692	)		(176,449	)		—			—
Net increase (decrease)		(57,803	)	$	(971,272	)		(12,192	)	$	(157,544	)		—		$	—
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		340,822		$	5,594,682			622,186		$	7,800,801			5,669		$	52,395
Shares issued as reinvestment of distributions		342,126			5,344,016			74,081			913,410			—			—
Less shares redeemed		(977,989	)		(16,176,862	)		(916,237	)		(11,339,374	)		(6,246	)		(54,108	)
Net increase (decrease)		(295,041	)	$	(5,238,164	)		(219,970	)	$	(2,625,163	)		(577	)	$	(1,713	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		4,456,107		$	79,278,569			11,194,213		$	145,211,114			234,818		$	2,137,842
Shares issued as reinvestment of distributions		2,336,056			39,572,790			758,102			9,726,452			6,673			61,523
Less shares redeemed		(8,466,019	)		(151,756,913	)		(14,670,291	)		(187,261,767	)		(186,181	)		(1,711,674	)
Net increase (decrease)		(1,673,856	)	$	(32,905,554	)		(2,717,976	)	$	(32,324,201	)		55,310		$	487,691
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		183,609		$	3,206,561			97,628		$	1,253,698			1,656		$	15,500
Shares issued as reinvestment of distributions		76,975			1,265,464			2,473			31,360			17			156
Less shares redeemed		(508,903	)		(8,632,983	)		(34,905	)		(456,773	)		(1,656	)		(13,762	)
Net increase (decrease)		(248,319	)	$	(4,160,958	)		65,196		$	828,285			17		$	1,894

* Class B shares continue to be outstanding but are no longer an offered class of shares.

www.calamos.com 191

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		885,039		$	11,565,492			2,992,185		$	95,746,121			1,134,497		$	9,884,746
Shares issued as reinvestment of distributions		1,222,600			15,074,660			4,876,380			153,699,703			2,591,794			21,822,907
Less shares redeemed		(2,632,605	)		(34,814,376	)		(10,366,848	)		(332,635,089	)		(5,115,518	)		(45,215,347	)
Net increase (decrease)		(524,966	)	$	(8,174,224	)		(2,498,283	)	$	(83,189,265	)		(1,389,227	)	$	(13,507,694	)
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		2,981		$	37,161			8,557		$	322,036			8,671		$	78,842
Shares issued as reinvestment of distributions		19,094			223,214			41,298			1,546,009			74,467			640,419
Less shares redeemed		(60,509	)		(758,354	)		(281,045	)		(10,792,552	)		(319,885	)		(2,901,607	)
Net increase (decrease)		(38,434	)	$	(497,979	)		(231,190	)	$	(8,924,507	)		(236,747	)	$	(2,182,346	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		270,711		$	3,287,932			1,841,328		$	58,826,641			1,393,916		$	10,952,002
Shares issued as reinvestment of distributions		368,575			4,297,586			3,093,272			97,932,563			2,710,087			20,948,975
Less shares redeemed		(846,571	)		(10,586,444	)		(5,524,610	)		(177,778,084	)		(4,812,686	)		(38,969,784	)
Net increase (decrease)		(207,285	)	$	(3,000,926	)		(590,010	)	$	(21,018,880	)		(708,683	)	$	(7,068,807	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		2,117,952		$	27,865,563			3,541,343		$	110,341,307			2,755,187		$	24,411,558
Shares issued as reinvestment of distributions		1,213,118			15,139,713			2,539,328			77,623,334			2,955,029			25,442,796
Less shares redeemed		(2,544,744	)		(34,566,984	)		(7,351,392	)		(229,339,611	)		(6,623,851	)		(60,471,750	)
Net increase (decrease)		786,326		$	8,438,292			(1,270,721	)	$	(41,374,970	)		(913,635	)	$	(10,617,396	)
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		138,939		$	1,802,138			108,242		$	3,475,280			37,620		$	323,025
Shares issued as reinvestment of distributions		116,339			1,405,379			66,352			2,076,616			28,609			238,597
Less shares redeemed		(240,524	)		(3,081,837	)		(217,912	)		(6,960,904	)		(86,703	)		(768,752	)
Net increase (decrease)		14,754		$	125,680			(43,318	)	$	(1,409,008	)		(20,474	)	$	(207,130	)

* Class B shares continue to be outstanding but are no longer an offered class of shares.

192 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		6,908,567		$	122,488,719			2,101,507		$	21,010,211			1,976,771		$	20,802,702
Shares issued as reinvestment of distributions		1,904,250			33,276,754			7,376			73,599			180,659			1,904,115
Less shares redeemed		(11,808,296	)		(206,634,718	)		(39,859	)		(401,625	)		(3,550,696	)		(37,625,161	)
Net increase (decrease)		(2,995,479	)	$	(50,869,245	)		2,069,024		$	20,682,185			(1,393,266	)	$	(14,918,344	)
Class B	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold*		6,101		$	135,340			—		$	—			2,827		$	29,638
Shares issued as reinvestment of distributions		14,043			311,540			—			—			3,554			37,430
Less shares redeemed		(187,782	)		(4,199,108	)		—			—			(83,980	)		(888,608	)
Net increase (decrease)		(167,638	)	$	(3,752,228	)		—		$	—			(77,599	)	$	(821,540	)
Class C	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		1,842,735		$	32,147,919			126,977		$	1,288,486			221,242		$	2,340,075
Shares issued as reinvestment of distributions		970,022			16,808,352			414			4,107			33,594			353,765
Less shares redeemed		(3,962,632	)		(68,842,760	)		(130	)		(1,274	)		(407,891	)		(4,310,991	)
Net increase (decrease)		(1,149,875	)	$	(19,886,489	)		127,261		$	1,291,319			(153,055	)	$	(1,617,151	)
Class I	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		10,534,281		$	166,993,952			2,654,302		$	27,302,363			640,444		$	6,745,470
Shares issued as reinvestment of distributions		2,429,895			38,648,591			17,067			170,829			47,954			505,463
Less shares redeemed		(15,184,412	)		(242,444,512	)		(354,055	)		(3,443,780	)		(360,456	)		(3,825,872	)
Net increase (decrease)		(2,220,236	)	$	(36,801,969	)		2,317,314		$	24,029,412			327,942		$	3,425,061
Class R	Shares			Dollars			Shares			Dollars			Shares			Dollars
Shares sold		64,033		$	1,130,744			19,247		$	190,519			6,732		$	70,895
Shares issued as reinvestment of distributions		8,637			150,610			101			999			795			8,379
Less shares redeemed		(103,875	)		(1,837,592	)		(165	)		(1,596	)		(3,346	)		(35,390	)
Net increase (decrease)		(31,205	)	$	(556,238	)		19,183		$	189,922			4,181		$	43,884

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.

www.calamos.com 193

Notes to Financial Statements    (Unaudited)

	HIGH INCOME FUND						MARKET NEUTRAL INCOME FUND
Class A	Shares			Dollars			Shares			Dollars
Shares sold		6,478,149		$	57,789,521			25,435,286		$	331,907,273
Shares issued as reinvestment of distributions		718,492			6,457,865			1,757,729			22,777,716
Less shares redeemed		(12,670,719	)		(115,409,036	)		(49,761,327	)		(649,450,135	)
Net increase (decrease)		(5,474,078	)	$	(51,161,650	)		(22,568,312	)	$	(294,765,146	)
Class B	Shares			Dollars			Shares			Dollars
Shares sold*		974		$	9,387			3,450		$	47,170
Shares issued as reinvestment of distributions		9,209			87,307			2,483			34,010
Less shares redeemed		(142,628	)		(1,366,284	)		(193,545	)		(2,665,875	)
Net increase (decrease)		(132,445	)	$	(1,269,590	)		(187,612	)	$	(2,584,695	)
Class C	Shares			Dollars			Shares			Dollars
Shares sold		92,673		$	871,998			4,536,455		$	60,072,372
Shares issued as reinvestment of distributions		145,354			1,361,549			257,558			3,385,832
Less shares redeemed		(811,680	)		(7,672,675	)		(5,504,043	)		(72,808,568	)
Net increase (decrease)		(573,653	)	$	(5,439,128	)		(710,030	)	$	(9,350,364	)
Class I	Shares			Dollars			Shares			Dollars
Shares sold		867,341		$	7,920,245			79,278,656		$	1,023,686,463
Shares issued as reinvestment of distributions		180,014			1,615,576			3,812,543			48,918,321
Less shares redeemed		(1,548,412	)		(13,944,840	)		(89,539,893	)		(1,155,523,315	)
Net increase (decrease)		(501,057	)	$	(4,409,019	)		(6,448,694	)	$	(82,918,531	)
Class R	Shares			Dollars			Shares			Dollars
Shares sold		895		$	8,421			286,295		$	3,714,249
Shares issued as reinvestment of distributions		1,347			12,053			8,827			113,962
Less shares redeemed		(6,029	)		(54,909	)		(341,181	)		(4,432,329	)
Net increase (decrease)		(3,787	)	$	(34,435	)		(46,059	)	$	(604,118	)

* Class B shares continue to be outstanding but are no longer an offered class of shares.

194 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Notes to Financial Statements    (Unaudited)

	HEDGED EQUITY INCOME FUND1						LONG/SHORT FUND
Class A	Shares			Dollars			Shares			Dollars
Shares sold		567,937		$	5,670,164			729,770		$	7,895,425
Shares issued as reinvestment of distributions		3,689			36,766			43,613			468,409
Less shares redeemed		(5,816	)		(58,492	)		(1,610,320	)		(17,369,034	)
Net increase (decrease)		565,810		$	5,648,438			(836,937	)	$	(9,005,200	)
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			158,640		$	1,694,121
Shares issued as reinvestment of distributions		29			289			7,311			77,702
Less shares redeemed		—			—			(297,009	)		(3,164,168	)
Net increase (decrease)		10,029		$	100,289			(131,058	)	$	(1,392,345	)
Class I	Shares			Dollars			Shares			Dollars
Shares sold		547,856		$	5,475,837			1,704,498		$	18,554,168
Shares issued as reinvestment of distributions		4,254			42,418			86,795			935,646
Less shares redeemed		(124	)		(1,237	)		(5,078,962	)		(54,756,729	)
Net increase (decrease)		551,986		$	5,517,018			(3,287,669	)	$	(35,266,915	)
Class R	Shares			Dollars			Shares			Dollars
Shares sold		10,000		$	100,000			—		$	—
Shares issued as reinvestment of distributions		54			538			123			1,308
Less shares redeemed		—			—			—			—
Net increase (decrease)		10,054		$	100,538			123		$	1,308

1 Hedged Equity Income Fund commenced operations December 31, 2014.

www.calamos.com 195

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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$42.80			$50.16			$58.75			$49.90			$51.06			$49.18
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.07	)		(0.20	)		(0.05	)		(0.22	)		(0.32	)
Net realized and unrealized gain (loss)		(2.21	)		2.84			6.90			12.63			1.21			2.20
Total from investment operations		(2.25	)		2.77			6.70			12.58			0.99			1.88
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Total distributions		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Net asset value, end of period		$29.61			$42.80			$50.16			$58.75			$49.90			$51.06
Ratios and supplemental data:
Total return(b)		(6.37%	)		6.55%			13.84%			26.95%			2.26%			3.82%
Net assets, end of period (000)		$1,154,588			$1,424,967			$1,718,674			$2,237,328			$3,241,595			$4,232,942
Ratio of net expenses to average net assets		1.34%	(c)		1.31%			1.26%			1.26%			1.29%			1.26%
Ratio of gross expenses to average net assets prior to expense reductions		1.34%	(c)		1.31%			1.26%			1.26%			1.29%			1.26%
Ratio of net investment income (loss) to average net assets		(0.24%	)(c)		(0.17%	)		(0.42%	)		(0.10%	)		(0.44%	)		(0.60%	)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Portfolio turnover rate		27.4%			60.0%			41.8%			67.1%			57.0%			84.7%

(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.

196 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$40.02			$47.84			$57.05			$48.90			$50.44			$48.96
Income from investment operations:
Net investment income (loss)(a)		(0.14	)		(0.37	)		(0.56	)		(0.43	)		(0.59	)		(0.71	)
Net realized and unrealized gain (loss)		(2.04	)		2.68			6.64			12.31			1.20			2.19
Total from investment operations		(2.18	)		2.31			6.08			11.88			0.61			1.48
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Total distributions		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Net asset value, end of period		$26.90			$40.02			$47.84			$57.05			$48.90			$50.44
Ratios and supplemental data:
Total return(b)		(6.71%	)		5.76%			12.97%			26.00%			1.50%			3.02%
Net assets, end of period (000)		$11,178			$20,119			$36,835			$84,895			$171,357			$335,792
Ratio of net expenses to average net assets		2.09%	(c)		2.06%			2.00%			2.02%			2.03%			2.01%
Ratio of gross expenses to average net assets prior to expense reductions		2.09%	(c)		2.06%			2.00%			2.02%			2.03%			2.01%
Ratio of net investment income (loss) to average net assets		(0.98%	)(c)		(0.91%	)		(1.17%	)		(0.86%	)		(1.18%	)		(1.34%	)
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$33.48			$41.66			$51.58			$44.56			$46.16			$44.80
Income from investment operations:
Net investment income (loss)(a)		(0.11	)		(0.32	)		(0.48	)		(0.38	)		(0.54	)		(0.66	)
Net realized and unrealized gain (loss)		(1.63	)		2.27			5.85			11.13			1.09			2.02
Total from investment operations		(1.74	)		1.95			5.37			10.75			0.55			1.36
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Total distributions		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Net asset value, end of period		$20.80			$33.48			$41.66			$51.58			$44.56			$46.16
Ratios and supplemental data:
Total return(b)		(6.71%	)		5.75%			12.97%			26.00%			1.51%			3.04%
Net assets, end of period (000)		$614,821			$792,046			$959,445			$1,096,492			$1,272,104			$1,517,047
Ratio of net expenses to average net assets		2.09%	(c)		2.06%			2.01%			2.01%			2.04%			2.01%
Ratio of gross expenses to average net assets prior to expense reductions		2.09%	(c)		2.06%			2.01%			2.01%			2.04%			2.01%
Ratio of net investment income (loss) to average net assets		(0.99%	)(c)		(0.92%	)		(1.17%	)		(0.85%	)		(1.19%	)		(1.35%	)

(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 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.

www.calamos.com 197

Calamos Growth Fund    Financial Highlights

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$50.84			$57.59			$65.15			$54.81			$55.72			$53.54
Income from investment operations:
Net investment income (loss)(a)		—			0.05			(0.10	)		0.08			(0.10	)		(0.21	)
Net realized and unrealized gain (loss)		(2.71	)		3.33			7.83			13.99			1.34			2.39
Total from investment operations		(2.71	)		3.38			7.73			14.07			1.24			2.18
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Total distributions		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Net asset value, end of period		$37.19			$50.84			$57.59			$65.15			$54.81			$55.72
Ratios and supplemental data:
Total return(b)		(6.25%	)		6.80%			14.12%			27.27%			2.53%			4.07%
Net assets, end of period (000)		$346,346			$480,028			$759,432			$1,010,805			$1,690,739			$1,628,191
Ratio of net expenses to average net assets		1.09%	(c)		1.06%			1.01%			1.02%			1.04%			1.01%
Ratio of gross expenses to average net assets prior to expense reductions		1.09%	(c)		1.06%			1.01%			1.02%			1.04%			1.01%
Ratio of net investment income (loss) to average net assets		0.02%	(c)		0.09%			(0.18%	)		0.15%			(0.19%	)		(0.37%	)
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$41.22			$48.78			$57.65			$49.15			$50.44			$48.71
Income from investment operations:
Net investment income (loss)(a)		(0.08	)		(0.18	)		(0.32	)		(0.18	)		(0.34	)		(0.46	)
Net realized and unrealized gain (loss)		(2.10	)		2.75			6.74			12.41			1.20			2.19
Total from investment operations		(2.18	)		2.57			6.42			12.23			0.86			1.73
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Total distributions		(10.94	)		(10.13	)		(15.29	)		(3.73	)		(2.15	)		—
Net asset value, end of period		$28.10			$41.22			$48.78			$57.65			$49.15			$50.44
Ratios and supplemental data:
Total return(b)		(6.46%	)		6.28%			13.56%			26.62%			2.02%			3.55%
Net assets, end of period (000)		$7,479			$8,966			$10,089			$11,634			$15,879			$13,030
Ratio of net expenses to average net assets		1.59%	(c)		1.56%			1.51%			1.51%			1.54%			1.51%
Ratio of gross expenses to average net assets prior to expense reductions		1.59%	(c)		1.56%			1.51%			1.51%			1.54%			1.51%
Ratio of net investment income (loss) to average net assets		(0.49%	)(c)		(0.43%	)		(0.67%	)		(0.35%	)		(0.68%	)		(0.88%	)

(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 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.

198 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,
	2016			2015			2014			2013			2012		2011
Net asset value, beginning of period		$13.61			$15.07			$15.22			$12.15			$11.25		$11.02
Income from investment operations:
Net investment income (loss)(a)		0.10			0.19			0.18			0.18			0.10		0.01
Net realized and unrealized gain (loss)		(0.25	)		(0.52	)		0.92			3.07			0.80		0.22
Total from investment operations		(0.15	)		(0.33	)		1.10			3.25			0.90		0.23
Distributions:
Dividends from net investment income		(0.16	)		(0.14	)		(0.14	)		(0.18	)		—		—
Dividends from net realized gains		(0.91	)		(0.99	)		(1.11	)		—			—		—
Total distributions		(1.07	)		(1.13	)		(1.25	)		(0.18	)		—		—
Net asset value, end of period		$12.39			$13.61			$15.07			$15.22			$12.15		$11.25
Ratios and supplemental data:
Total return(b)		(0.92%	)		(2.32%	)		7.67%			27.12%			8.00%		2.09%
Net assets, end of period (000)		$37,948			$44,792			$58,419			$78,843			$38,992		$23,964
Ratio of net expenses to average net assets		1.15%	(c)		1.15%			1.15%			1.15%			1.15%		1.52%
Ratio of gross expenses to average net assets prior to expense reductions		1.62%	(c)		1.61%			1.50%			1.53%			1.72%		1.67%
Ratio of net investment income (loss) to average net assets		1.61%	(c)		1.38%			1.19%			1.31%			0.84%		0.11%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012		2011
Portfolio turnover rate		15.5%			139.8%			165.4%			250.3%			204.9%		27.4%

(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.

www.calamos.com 199

Calamos Opportunistic Value Fund    Financial Highlights

	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012		2011
Net asset value, beginning of period		$12.55			$13.94			$14.17			$11.24			$10.49		$10.35
Income from investment operations:
Net investment income (loss)(a)		0.05			0.08			0.06			0.07			0.02		(0.07	)
Net realized and unrealized gain (loss)		(0.22	)		(0.48	)		0.85			2.88			0.73		0.21
Total from investment operations		(0.17	)		(0.40	)		0.91			2.95			0.75		0.14
Distributions:
Dividends from net investment income		—			—			(0.03	)		(0.02	)		—		—
Dividends from net realized gains		(0.91	)		(0.99	)		(1.11	)		—			—		—
Total distributions		(0.91	)		(0.99	)		(1.14	)		(0.02	)		—		—
Net asset value, end of period		$11.47			$12.55			$13.94			$14.17			$11.24		$10.49
Ratios and supplemental data:
Total return(b)		(1.25%	)		(3.04%	)		6.74%			26.28%			7.15%		1.35%
Net assets, end of period (000)		$109			$177			$348			$1,103			$1,195		$2,308
Ratio of net expenses to average net assets		1.90%	(c)		1.90%			1.90%			1.90%			1.90%		2.29%
Ratio of gross expenses to average net assets prior to expense reductions		2.37%	(c)		2.35%			2.24%			2.28%			2.47%		2.42%
Ratio of net investment income (loss) to average net assets		0.90%	(c)		0.63%			0.42%			0.59%			0.20%		(0.63%	)
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012		2011
Net asset value, beginning of period		$12.38			$13.79			$14.09			$11.23			$10.48		$10.34
Income from investment operations:
Net investment income (loss)(a)		0.05			0.08			0.06			0.08			0.02		(0.07	)
Net realized and unrealized gain (loss)		(0.23	)		(0.47	)		0.85			2.85			0.73		0.21
Total from investment operations		(0.18	)		(0.39	)		0.91			2.93			0.75		0.14
Distributions:
Dividends from net investment income		(0.05	)		(0.03	)		(0.10	)		(0.07	)		—		—
Dividends from net realized gains		(0.91	)		(0.99	)		(1.11	)		—			—		—
Total distributions		(0.96	)		(1.02	)		(1.21	)		(0.07	)		—		—
Net asset value, end of period		$11.24			$12.38			$13.79			$14.09			$11.23		$10.48
Ratios and supplemental data:
Total return(b)		(1.35%	)		(3.01%	)		6.82%			26.27%			7.16%		1.35%
Net assets, end of period (000)		$5,599			$5,738			$9,964			$8,641			$3,753		$3,974
Ratio of net expenses to average net assets		1.90%	(c)		1.90%			1.90%			1.90%			1.90%		2.28%
Ratio of gross expenses to average net assets prior to expense reductions		2.37%	(c)		2.35%			2.25%			2.28%			2.47%		2.42%
Ratio of net investment income (loss) to average net assets		0.84%	(c)		0.64%			0.44%			0.59%			0.16%		(0.63%	)

(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.

200 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,
	2016			2015			2014			2013			2012		2011
Net asset value, beginning of period		$13.96			$15.44			$15.57			$12.41			$11.46		$11.20
Income from investment operations:
Net investment income (loss)(a)		0.12			0.23			0.22			0.22			0.14		0.04
Net realized and unrealized gain (loss)		(0.26	)		(0.53	)		0.94			3.14			0.81		0.22
Total from investment operations		(0.14	)		(0.30	)		1.16			3.36			0.95		0.26
Distributions:
Dividends from net investment income		(0.20	)		(0.19	)		(0.18	)		(0.20	)		—		—
Dividends from net realized gains		(0.91	)		(0.99	)		(1.11	)		—			—		—
Total distributions		(1.11	)		(1.18	)		(1.29	)		(0.20	)		—		—
Net asset value, end of period		$12.71			$13.96			$15.44			$15.57			$12.41		$11.46
Ratios and supplemental data:
Total return(b)		(0.82%	)		(2.08%	)		7.87%			27.47%			8.29%		2.32%
Net assets, end of period (000)		$18,076			$19,583			$32,147			$20,857			$9,671		$11,227
Ratio of net expenses to average net assets		0.90%	(c)		0.90%			0.90%			0.90%			0.90%		1.27%
Ratio of gross expenses to average net assets prior to expense reductions		1.37%	(c)		1.36%			1.25%			1.28%			1.48%		1.42%
Ratio of net investment income (loss) to average net assets		1.85%	(c)		1.63%			1.45%			1.56%			1.15%		0.37%
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012		2011
Net asset value, beginning of period		$13.44			$14.91			$15.09			$12.02			$11.16		$10.96
Income from investment operations:
Net investment income (loss)(a)		0.08			0.15			0.14			0.14			0.07		(0.01	)
Net realized and unrealized gain (loss)		(0.23	)		(0.51	)		0.90			3.07			0.79		0.21
Total from investment operations		(0.15	)		(0.36	)		1.04			3.21			0.86		0.20
Distributions:
Dividends from net investment income		(0.14	)		(0.12	)		(0.11	)		(0.14	)		—		—
Dividends from net realized gains		(0.91	)		(0.99	)		(1.11	)		—			—		—
Total distributions		(1.05	)		(1.11	)		(1.22	)		(0.14	)		—		—
Net asset value, end of period		$12.24			$13.44			$14.91			$15.09			$12.02		$11.16
Ratios and supplemental data:
Total return(b)		(0.99%	)		(2.57%	)		7.28%			26.94%			7.71%		1.82%
Net assets, end of period (000)		$123			$150			$144			$128			$98		$91
Ratio of net expenses to average net assets		1.40%	(c)		1.40%			1.40%			1.40%			1.40%		1.76%
Ratio of gross expenses to average net assets prior to expense reductions		1.87%	(c)		1.86%			1.75%			1.78%			1.97%		1.93%
Ratio of net investment income (loss) to average net assets		1.39%	(c)		1.11%			0.95%			1.08%			0.65%		(0.10%	)

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class 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.

www.calamos.com 201

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,
	2016			2015			2014			2013			2012		2011
Net asset value, beginning of period		$17.68			$18.59			$16.71			$13.10			$12.37		$11.93
Income from investment operations:
Net investment income (loss)(a)**		—			0.00	**		(0.04	)		0.00	**		0.01		(0.03	)
Net realized and unrealized gain (loss)		(0.86	)		0.90			1.94			3.67			0.72		0.47
Total from investment operations		(0.86	)		0.90			1.90			3.67			0.73		0.44
Distributions:
Dividends from net investment income		—			—			(0.02	)		(0.06	)		—		—
Dividends from net realized gains		(3.13	)		(1.81	)		—			—			—		—
Total distributions		(3.13	)		(1.81	)		(0.02	)		(0.06	)		—		—
Net asset value, end of period		$13.69			$17.68			$18.59			$16.71			$13.10		$12.37
Ratios and supplemental data:
Total return(b)		(5.66%	)		5.22%			11.37%			28.15%			5.90%		3.69%
Net assets, end of period (000)		$12,757			$18,329			$19,709			$26,249			$22,389		$22,702
Ratio of net expenses to average net assets		1.15%	(c)		1.15%			1.15%			1.15%			1.15%		1.44%
Ratio of gross expenses to average net assets prior to expense reductions		1.63%	(c)		1.57%			1.52%			1.63%			1.57%		1.57%
Ratio of net investment income (loss) to average net assets		0.02%	(c)		0.01%			(0.25%	)		0.01%			0.06%		(0.28%	)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012		2011
Portfolio turnover rate		33.5%			147.7%			61.0%			89.0%			47.9%		73.5%

** 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 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.

202 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.32			$17.42			$15.76			$12.39			$11.78			$11.45
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.12	)		(0.17	)		(0.09	)		(0.08	)		(0.13	)
Net realized and unrealized gain (loss)		(0.78	)		0.83			1.83			3.46			0.69			0.46
Total from investment operations		(0.83	)		0.71			1.66			3.37			0.61			0.33
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(3.13	)		(1.81	)		—			—			—			—
Total distributions		(3.13	)		(1.81	)		—			—			—			—
Net asset value, end of period		$12.36			$16.32			$17.42			$15.76			$12.39			$11.78
Ratios and supplemental data:
Total return(b)		(6.00%	)		4.41%			10.53%			27.20%			5.18%			2.88%
Net assets, end of period (000)		$144			$330			$449			$796			$1,662			$2,893
Ratio of net expenses to average net assets		1.90%	(c)		1.90%			1.90%			1.90%			1.90%			2.20%
Ratio of gross expenses to average net assets prior to expense reductions		2.37%	(c)		2.32%			2.27%			2.39%			2.33%			2.32%
Ratio of net investment income (loss) to average net assets		(0.74%	)(c)		(0.72%	)		(1.00%	)		(0.68%	)		(0.70%	)		(1.03%	)
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.33			$17.42			$15.76			$12.39			$11.79			$11.45
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.12	)		(0.17	)		(0.10	)		(0.09	)		(0.12	)
Net realized and unrealized gain (loss)		(0.78	)		0.84			1.83			3.47			0.69			0.46
Total from investment operations		(0.83	)		0.72			1.66			3.37			0.60			0.34
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(3.13	)		(1.81	)		—			—			—			—
Total distributions		(3.13	)		(1.81	)		—			—			—			—
Net asset value, end of period		$12.37			$16.33			$17.42			$15.76			$12.39			$11.79
Ratios and supplemental data:
Total return(b)		(6.00%	)		4.46%			10.53%			27.20%			5.09%			2.97%
Net assets, end of period (000)		$9,220			$13,677			$14,092			$10,914			$9,287			$10,153
Ratio of net expenses to average net assets		1.90%	(c)		1.90%			1.90%			1.90%			1.90%			2.19%
Ratio of gross expenses to average net assets prior to expense reductions		2.38%	(c)		2.32%			2.27%			2.38%			2.33%			2.32%
Ratio of net investment income (loss) to average net assets		(0.73%	)(c)		(0.75%	)		(1.01%	)		(0.74%	)		(0.70%	)		(1.03%	)

(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.

www.calamos.com 203

Calamos Focus Growth Fund    Financial Highlights

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.92			$18.77			$16.86			$13.23			$12.46			$11.98
Income from investment operations:
Net investment income (loss)(a)		0.02			0.05			0.00	**		0.04			0.04			(0.00	)
Net realized and unrealized gain (loss)		(0.88	)		0.91			1.96			3.69			0.73			0.48
Total from investment operations		(0.86	)		0.96			1.96			3.73			0.77			0.48
Distributions:
Dividends from net investment income		—			—			(0.05	)		(0.10	)		—			—
Dividends from net realized gains		(3.13	)		(1.81	)		—			—			—			—
Total distributions		(3.13	)		(1.81	)		(0.05	)		(0.10	)		—			—
Net asset value, end of period		$13.93			$17.92			$18.77			$16.86			$13.23			$12.46
Ratios and supplemental data:
Total return(b)		(5.57%	)		5.51%			11.67%			28.42%			6.18%			4.01%
Net assets, end of period (000)		$27,839			$31,553			$30,173			$27,931			$24,863			$24,547
Ratio of net expenses to average net assets		0.90%	(c)		0.90%			0.90%			0.90%			0.90%			1.18%
Ratio of gross expenses to average net assets prior to expense reductions		1.38%	(c)		1.33%			1.27%			1.38%			1.32%			1.32%
Ratio of net investment income (loss) to average net assets		0.27%	(c)		0.25%			0.00%	***		0.27%			0.30%			(0.02%	)
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.38			$18.34			$16.51			$12.97			$12.28			$11.87
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		(0.08	)		(0.08	)		(0.04	)		(0.03	)		(0.07	)
Net realized and unrealized gain (loss)		(0.84	)		0.93			1.91			3.63			0.72			0.48
Total from investment operations		(0.85	)		0.85			1.83			3.59			0.69			0.41
Distributions:
Dividends from net investment income		—			—			—			(0.05	)		—			—
Dividends from net realized gains		(3.13	)		(1.81	)		—			—			—			—
Total distributions		(3.13	)		(1.81	)		—			(0.05	)		—			—
Net asset value, end of period		$13.40			$17.38			$18.34			$16.51			$12.97			$12.28
Ratios and supplemental data:
Total return(b)		(5.71%	)		5.00%			11.08%			27.80%			5.62%			3.45%
Net assets, end of period (000)		$411			$919			$204			$266			$172			$103
Ratio of net expenses to average net assets		1.40%	(c)		1.40%			1.40%			1.40%			1.40%			1.68%
Ratio of gross expenses to average net assets prior to expense reductions		1.87%	(c)		1.84%			1.77%			1.88%			1.82%			1.82%
Ratio of net investment income (loss) to average net assets		(0.09%	)(c)		(0.44%	)		(0.49%	)		(0.26%	)		(0.21%	)		(0.52%	)

** 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 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.

204 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.46			$14.33			$14.77			$11.82			$12.04			$11.64
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.14	)		(0.15	)		(0.12	)		(0.13	)		(0.14	)
Net realized and unrealized gain (loss)		(1.27	)		(0.39	)		1.78			3.07			(0.09	)		0.55
Total from investment operations		(1.33	)		(0.53	)		1.63			2.95			(0.22	)		0.41
Distributions:
Dividends from net investment income		—			—			—			—			—			(0.01	)
Dividends from net realized gains		0.12			(1.34	)		(2.07	)		—			—			—
Total distributions		0.12			(1.34	)		(2.07	)		—			—			(0.01	)
Net asset value, end of period		$11.25			$12.46			$14.33			$14.77			$11.82			$12.04
Ratios and supplemental data:
Total return(b)		(8.80%	)		(4.20%	)		12.14%			24.96%			(1.83%	)		3.55%
Net assets, end of period (000)		$8,882			$23,025			$31,009			$30,726			$21,384			$23,463
Ratio of net expenses to average net assets		1.50%	(c)		1.50%			1.50%			1.50%			1.50%			1.50%
Ratio of gross expenses to average net assets prior to expense reductions		1.77%	(c)		1.63%			1.62%			1.69%			1.74%			1.84%
Ratio of net investment income (loss) to average net assets		(0.98%	)(c)		(1.05%	)		(1.06%	)		(0.88%	)		(1.10%	)		(1.08%	)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Portfolio turnover rate		42.0%			78.1%			152.7%			248.3%			139.8%			97.1%

(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 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.

www.calamos.com 205

Calamos Discovery Growth Fund    Financial Highlights

	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.90			$13.83			$14.42			$11.63			$11.93			$11.60
Income from investment operations:
Net investment income (loss)(a)		(0.10	)		(0.23	)		(0.24	)		(0.20	)		(0.22	)		(0.24	)
Net realized and unrealized gain (loss)		(1.23	)		(0.36	)		1.72			2.99			(0.08	)		0.57
Total from investment operations		(1.33	)		(0.59	)		1.48			2.79			(0.30	)		0.33
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		0.12			(1.34	)		(2.07	)		—			—			—
Total distributions		0.12			(1.34	)		(2.07	)		—			—			—
Net asset value, end of period		$10.69			$11.90			$13.83			$14.42			$11.63			$11.93
Ratios and supplemental data:
Total return(b)		(9.22%	)		(4.83%	)		11.28%			23.99%			(2.51%	)		2.84%
Net assets, end of period (000)		$240			$1,566			$1,682			$1,633			$1,338			$1,451
Ratio of net expenses to average net assets		2.25%	(c)		2.25%			2.25%			2.25%			2.25%			2.25%
Ratio of gross expenses to average net assets prior to expense reductions		2.53%	(c)		2.38%			2.37%			2.44%			2.49%			2.61%
Ratio of net investment income (loss) to average net assets		(1.76%	)(c)		(1.80%	)		(1.81%	)		(1.60%	)		(1.84%	)		(1.81%	)
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.89			$13.83			$14.42			$11.64			$11.93			$11.60
Income from investment operations:
Net investment income (loss)(a)		(0.09	)		(0.23	)		(0.24	)		(0.20	)		(0.22	)		(0.24	)
Net realized and unrealized gain (loss)		(1.23	)		(0.37	)		1.72			2.98			(0.07	)		0.57
Total from investment operations		(1.32	)		(0.60	)		1.48			2.78			(0.29	)		0.33
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		0.12			(1.34	)		(2.07	)		—			—			—
Total distributions		0.12			(1.34	)		(2.07	)		—			—			—
Net asset value, end of period		$10.69			$11.89			$13.83			$14.42			$11.64			$11.93
Ratios and supplemental data:
Total return(b)		(9.14%	)		(4.91%	)		11.30%			23.88%			(2.43%	)		2.84%
Net assets, end of period (000)		$888			$2,370			$2,542			$2,553			$2,274			$2,524
Ratio of net expenses to average net assets		2.25%	(c)		2.25%			2.25%			2.25%			2.25%			2.25%
Ratio of gross expenses to average net assets prior to expense reductions		2.53%	(c)		2.38%			2.37%			2.45%			2.49%			2.59%
Ratio of net investment income (loss) to average net assets		(1.74%	)(c)		(1.80%	)		(1.80%	)		(1.56%	)		(1.84%	)		(1.82%	)

(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.

206 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.66			$14.50			$14.89			$11.89			$12.07			$11.65
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.11	)		(0.11	)		(0.08	)		(0.10	)		(0.12	)
Net realized and unrealized gain (loss)		(1.29	)		(0.39	)		1.79			3.08			(0.08	)		0.57
Total from investment operations		(1.33	)		(0.50	)		1.68			3.00			(0.18	)		0.45
Distributions:
Dividends from net investment income		—			—			—			—			—			(0.03	)
Dividends from net realized gains		0.12			(1.34	)		(2.07	)		—			—			—
Total distributions		0.12			(1.34	)		(2.07	)		—			—			(0.03	)
Net asset value, end of period		$11.45			$12.66			$14.50			$14.89			$11.89			$12.07
Ratios and supplemental data:
Total return(b)		(8.66%	)		(3.92%	)		12.40%			25.23%			(1.49%	)		3.82%
Net assets, end of period (000)		$5,211			$9,575			$10,519			$11,062			$8,608			$7,738
Ratio of net expenses to average net assets		1.25%	(c)		1.25%			1.25%			1.25%			1.25%			1.25%
Ratio of gross expenses to average net assets prior to expense reductions		1.55%	(c)		1.38%			1.37%			1.44%			1.49%			1.54%
Ratio of net investment income (loss) to average net assets		(0.74%	)(c)		(0.80%	)		(0.81%	)		(0.60%	)		(0.83%	)		(0.89%	)
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.29			$14.18			$14.66			$11.77			$12.01			$11.63
Income from investment operations:
Net investment income (loss)(a)		(0.07	)		(0.17	)		(0.18	)		(0.14	)		(0.16	)		(0.17	)
Net realized and unrealized gain (loss)		(1.26	)		(0.38	)		1.77			3.03			(0.08	)		0.55
Total from investment operations		(1.33	)		(0.55	)		1.59			2.89			(0.24	)		0.38
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		0.12			(1.34	)		(2.07	)		—			—			—
Total distributions		0.12			(1.34	)		(2.07	)		—			—			—
Net asset value, end of period		$11.08			$12.29			$14.18			$14.66			$11.77			$12.01
Ratios and supplemental data:
Total return(b)		(8.92%	)		(4.40%	)		11.93%			24.55%			(2.00%	)		3.27%
Net assets, end of period (000)		$230			$1,676			$1,822			$1,787			$1,175			$1,201
Ratio of net expenses to average net assets		1.75%	(c)		1.75%			1.75%			1.75%			1.75%			1.75%
Ratio of gross expenses to average net assets prior to expense reductions		2.02%	(c)		1.88%			1.87%			1.94%			1.99%			2.13%
Ratio of net investment income (loss) to average net assets		(1.24%	)(c)		(1.30%	)		(1.31%	)		(1.11%	)		(1.34%	)		(1.29%	)

(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 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.

www.calamos.com 207

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,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.52			$10.78			$10.36			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.05			0.17			0.39			0.05
Net realized and unrealized gain (loss)		(0.16	)		(0.15	)		0.24			0.31
Total from investment operations		(0.11	)		0.02			0.63			0.36
Distributions:
Dividends from net investment income		(0.04	)		(0.15	)		(0.18	)		—
Dividends from net realized gains		(0.27	)		(0.13	)		(0.03	)		—
Total distributions		(0.31	)		(0.28	)		(0.21	)		—
Net asset value, end of period		$10.10			$10.52			$10.78			$10.36
Ratios and supplemental data:
Total return(b)		(1.02%	)		0.21%			6.12%			3.60%
Net assets, end of period (000)		$26,646			$28,030			$28,365			$25,922
Ratio of net expenses to average net assets		1.35%	(c)		1.35%			1.35%			1.35%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.73%	(c)		1.74%			1.73%			2.14%	(c)
Ratio of net investment income (loss) to average net assets		0.96%	(c)		1.66%			3.68%			1.99%	(c)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						August 5, 2013* through October 31,
	2016			2015			2014			2013
Portfolio turnover rate		5.0%			107.6%			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.

208 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,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.41			$10.74			$10.34			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.01			0.08			0.31			0.03
Net realized and unrealized gain (loss)		(0.15	)		(0.15	)		0.25			0.31
Total from investment operations		(0.14	)		(0.07	)		0.56			0.34
Distributions:
Dividends from net investment income		(0.01	)		(0.13	)		(0.13	)		—
Dividends from net realized gains		(0.27	)		(0.13	)		(0.03	)		—
Total distributions		(0.28	)		(0.26	)		(0.16	)		—
Net asset value, end of period		$9.99			$10.41			$10.74			$10.34
Ratios and supplemental data:
Total return(b)		(1.34%	)		(0.63%	)		5.40%			3.40%
Net assets, end of period (000)		$853			$702			$418			$253
Ratio of net expenses to average net assets		2.10%	(c)		2.10%			2.10%			2.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.49%	(c)		2.51%			2.44%			3.35%	(c)
Ratio of net investment income (loss) to average net assets		0.19%	(c)		0.77%			2.90%			1.39%	(c)
	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						August 5, 2013* through October 31,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.55			$10.79			$10.37			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.06			0.20			0.42			0.05
Net realized and unrealized gain (loss)		(0.16	)		(0.16	)		0.23			0.32
Total from investment operations		(0.10	)		0.04			0.65			0.37
Distributions:
Dividends from net investment income		(0.07	)		(0.15	)		(0.20	)		—
Dividends from net realized gains		(0.27	)		(0.13	)		(0.03	)		—
Total distributions		(0.34	)		(0.28	)		(0.23	)		—
Net asset value, end of period		$10.11			$10.55			$10.79			$10.37
Ratios and supplemental data:
Total return(b)		(0.93%	)		0.47%			6.33%			3.70%
Net assets, end of period (000)		$9,047			$7,375			$8,020			$7,586
Ratio of net expenses to average net assets		1.10%	(c)		1.10%			1.10%			1.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.49%	(c)		1.49%			1.48%			2.13%	(c)
Ratio of net investment income (loss) to average net assets		1.17%	(c)		1.91%			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.

www.calamos.com 209

Calamos Dividend Growth Fund    Financial Highlights

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						August 5, 2013* through October 31,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.49			$10.77			$10.35			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.03			0.14			0.37			0.04
Net realized and unrealized gain (loss)		(0.16	)		(0.15	)		0.24			0.31
Total from investment operations		(0.13	)		(0.01	)		0.61			0.35
Distributions:
Dividends from net investment income		(0.02	)		(0.14	)		(0.16	)		—
Dividends from net realized gains		(0.27	)		(0.13	)		(0.03	)		—
Total distributions		(0.29	)		(0.27	)		(0.19	)		—
Net asset value, end of period		$10.07			$10.49			$10.77			$10.35
Ratios and supplemental data:
Total return(b)		(1.22%	)		(0.04%	)		5.89%			3.50%
Net assets, end of period (000)		$110			$110			$110			$104
Ratio of net expenses to average net assets		1.60%	(c)		1.60%			1.60%			1.60%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.98%	(c)		1.99%			1.98%			3.22%	(c)
Ratio of net investment income (loss) to average net assets		0.70%	(c)		1.38%			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.

210 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,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.82			$11.36			$10.63			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.04	)		(0.06	)		(0.02	)
Net realized and unrealized gain (loss)		(0.76	)		(0.50	)		0.79			0.65
Total from investment operations		(0.79	)		(0.54	)		0.73			0.63
Distributions:
Dividends from net investment income		—			—			(0.00	)**		—
Dividends from net realized gains		(0.67	)		—			(0.00	)**		—
Return of capital		—			—			(0.00	)**		—
Total distributions		(0.67	)		—			(0.00	)**		—
Net asset value, end of period		$9.36			$10.82			$11.36			$10.63
Ratios and supplemental data:
Total return(b)		(7.59%	)		(4.75%	)		6.90%			6.30%
Net assets, end of period (000)		$2,897			$15,090			$37,112			$13,032
Ratio of net expenses to average net assets		1.25%	(c)		1.25%			1.25%			1.25%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.40%	(c)		1.68%			1.68%			5.58%	(c)
Ratio of net investment income (loss) to average net assets		(0.56%	)(c)		(0.38%	)		(0.58%	)		(0.72%	)(c)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						August 5, 2013* through October 31,
	2016			2015			2014			2013
Portfolio turnover rate		28.0%			75.9%			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 211

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,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.64			$11.26			$10.61			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.14	)		(0.14	)		(0.04	)
Net realized and unrealized gain (loss)		(0.75	)		(0.48	)		0.79			0.65
Total from investment operations		(0.81	)		(0.62	)		0.65			0.61
Distributions:
Dividends from net investment income		—			—			—			—
Dividends from net realized gains		(0.67	)		—			(0.00	)**		—
Total distributions		(0.67	)		—			(0.00	)**		—
Net asset value, end of period		$9.16			$10.64			$11.26			$10.61
Ratios and supplemental data:
Total return(b)		(7.93%	)		(5.51%	)		6.13%			6.10%
Net assets, end of period (000)		$309			$569			$583			$122
Ratio of net expenses to average net assets		2.00%	(c)		2.00%			2.00%			2.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.31%	(c)		2.45%			2.41%			6.60%	(c)
Ratio of net investment income (loss) to average net assets		(1.31%	)(c)		(1.18%	)		(1.32%	)		(1.57%	)(c)
	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						August 5, 2013* through October 31,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.88			$11.40			$10.64			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		(0.02	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		(0.76	)		(0.50	)		0.81			0.65
Total from investment operations		(0.78	)		(0.52	)		0.77			0.64
Distributions:
Dividends from net investment income		—			—			(0.01	)		—
Dividends from net realized gains		(0.67	)		—			(0.00	)**		—
Return of capital		—			—			(0.00	)**		—
Total distributions		(0.67	)		—			(0.01	)		—
Net asset value, end of period		$9.43			$10.88			$11.40			$10.64
Ratios and supplemental data:
Total return(b)		(7.45%	)		(4.56%	)		7.21%			6.40%
Net assets, end of period (000)		$2,861			$6,629			$9,730			$7,299
Ratio of net expenses to average net assets		1.00%	(c)		1.00%			1.00%			1.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.28%	(c)		1.44%			1.46%			5.59%	(c)
Ratio of net investment income (loss) to average net assets		(0.33%	)(c)		(0.16%	)		(0.33%	)		(0.54%	)(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.

212 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,
		2016			2015			2014			2013
Net asset value, beginning of period			$10.76			$11.33			$10.63			$10.00
Income from investment operations:
Net investment income (loss)(a)			(0.04	)		(0.08	)		(0.09	)		(0.03	)
Net realized and unrealized gain (loss)			(0.75	)		(0.49	)		0.79			0.66
Total from investment operations			(0.79	)		(0.57	)		0.70			0.63
Distributions:
Dividends from net investment income			—			—			—			—
Dividends from net realized gains			(0.67	)		—			(0.00	)**		—
Total distributions			(0.67	)		—			(0.00	)**		—
Net asset value, end of period			$9.30			$10.76			$11.33			$10.63
Ratios and supplemental data:	��
Total return(b)			(7.64%	)		(5.03%	)		6.59%			6.30%
Net assets, end of period (000)			$99			$108			$113			$106
Ratio of net expenses to average net assets			1.50%	(c)		1.50%			1.50%			1.50%	(c)
Ratio of gross expenses to average net assets prior to expense reductions			2.89%	(c)		1.96%			1.98%			6.13%	(c)
Ratio of net investment income (loss) to average net assets			(0.84%	)(c)		(0.67%	)		(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 213

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,
	2016			2015			2014			2013			2012		2011
Net asset value, beginning of period		$17.27			$19.27			$19.24			$17.27			$16.32		$15.46
Income from investment operations:
Net investment income (loss)(a)		0.03			0.09			0.09			0.09			0.06		(0.04	)
Net realized and unrealized gain (loss)		(0.99	)		0.02			0.02			1.92			0.89		0.90
Total from investment operations		(0.96	)		0.11			0.11			2.01			0.95		0.86
Distributions:
Dividends from net investment income		—			—			(0.08	)		(0.04	)		—		—
Dividends from net realized gains		(0.02	)		(2.11	)		—			—			—		—
Total distributions		(0.02	)		(2.11	)		(0.08	)		(0.04	)		—		—
Net asset value, end of period		$16.29			$17.27			$19.27			$19.24			$17.27		$16.32
Ratios and supplemental data:
Total return(b)		(5.55%	)		0.94%			0.57%			11.64%			5.82%		5.56%
Net assets, end of period (000)		$161,185			$209,548			$254,400			$368,964			$459,516		$238,764
Ratio of net expenses to average net assets		1.36%	(c)		1.31%			1.39%			1.40%			1.40%		1.49%
Ratio of gross expenses to average net assets prior to expense reductions		1.36%	(c)		1.31%			1.39%			1.48%			1.59%		1.58%
Ratio of net investment income (loss) to average net assets		0.34%	(c)		0.52%			0.43%			0.50%			0.36%		(0.21%	)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012		2011
Portfolio turnover rate		31.6%			65.0%			81.6%			73.4%			55.7%		59.6%

(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.

214 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,
	2016			2015			2014			2013			2012				2011
Net asset value, beginning of period		$16.06			$18.20			$18.24			$16.45			$15.67				$14.96
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.05	)		(0.09	)		(0.05	)		(0.07	)			(0.16	)
Net realized and unrealized gain (loss)		(0.89	)		0.02			0.05			1.84			0.85				0.87
Total from investment operations		(0.94	)		(0.03	)		(0.04	)		1.79			0.78				0.71
Distributions:
Dividends from net investment income		—			—			—			—			—				—
Dividends from net realized gains		(0.02	)		(2.11	)		—			—			—				—
Total distributions		(0.02	)		(2.11	)		—			—			—				—
Net asset value, end of period		$15.10			$16.06			$18.20			$18.24			$16.45				$15.67
Ratios and supplemental data:
Total return(b)		(5.84%	)		0.15%			(0.22%	)		10.88%			4.98%				4.75%
Net assets, end of period (000)		$513			$1,103			$2,302			$5,995			$9,542				$13,500
Ratio of net expenses to average net assets		2.11%	(c)		2.06%			2.15%			2.15%			2.15%				2.25%
Ratio of gross expenses to average net assets prior to expense reductions		2.11%	(c)		2.06%			2.15%			2.23%			2.34%				2.32%
Ratio of net investment income (loss) to average net assets		(0.63%	)(c)		(0.29%	)		(0.46%	)		(0.26%	)		(0.45%	)			(1.01%	)
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012				2011
Net asset value, beginning of period		$16.04			$18.18			$18.21			$16.43			$15.65				$14.94
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.04	)		(0.06	)		(0.04	)		(0.06	)			(0.16	)
Net realized and unrealized gain (loss)		(0.91	)		0.01			0.03			1.82			0.84				0.87
Total from investment operations		(0.94	)		(0.03	)		(0.03	)		1.78			0.78				0.71
Distributions:
Dividends from net investment income		—			—			—			—			—				—
Dividends from net realized gains		(0.02	)		(2.11	)		—			—			—				—
Total distributions		(0.02	)		(2.11	)		—			—			—				—
Net asset value, end of period		$15.08			$16.04			$18.18			$18.21			$16.43				$15.65
Ratios and supplemental data:
Total return(b)		(5.85%	)		0.15%			(0.16%	)		10.83%			4.98%				4.75%
Net assets, end of period (000)		$41,663			$47,996			$59,756			$65,622			$65,621		��		$53,355
Ratio of net expenses to average net assets		2.11%	(c)		2.06%			2.13%			2.15%			2.15%				2.25%
Ratio of gross expenses to average net assets prior to expense reductions		2.11%	(c)		2.06%			2.13%			2.23%			2.34%				2.32%
Ratio of net investment income (loss) to average net assets		(0.40%	)(c)		(0.23%	)		(0.32%	)		(0.23%	)		(0.41%	)			(0.98%	)

(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.

www.calamos.com 215

Calamos International Growth Fund    Financial Highlights

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012		2011
Net asset value, beginning of period		$17.54			$19.50			$19.48			$17.47			$16.47		$15.57
Income from investment operations:
Net investment income (loss)(a)		0.05			0.14			0.13			0.14			0.10		0.01
Net realized and unrealized gain (loss)		(1.00	)		0.01			0.03			1.94			0.90		0.89
Total from investment operations		(0.95	)		0.15			0.16			2.08			1.00		0.90
Distributions:
Dividends from net investment income		—			—			(0.14	)		(0.07	)		—		—
Dividends from net realized gains		(0.02	)		(2.11	)		—			—			—		—
Total distributions		(0.02	)		(2.11	)		(0.14	)		(0.07	)		—		—
Net asset value, end of period		$16.57			$17.54			$19.50			$19.48			$17.47		$16.47
Ratios and supplemental data:
Total return(b)		(5.41%	)		1.16%			0.80%			11.97%			6.07%		5.78%
Net assets, end of period (000)		$258,062			$339,909			$410,485			$460,587			$415,463		$226,298
Ratio of net expenses to average net assets		1.11%	(c)		1.06%			1.14%			1.15%			1.15%		1.23%
Ratio of gross expenses to average net assets prior to expense reductions		1.11%	(c)		1.06%			1.14%			1.23%			1.34%		1.33%
Ratio of net investment income (loss) to average net assets		0.56%	(c)		0.78%			0.66%			0.79%			0.61%		0.07%
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012		2011
Net asset value, beginning of period		$16.95			$19.00			$18.98			$17.06			$16.16		$15.35
Income from investment operations:
Net investment income (loss)(a)		0.01			0.05			0.03			0.06			0.02		(0.08	)
Net realized and unrealized gain (loss)		(0.97	)		0.01			0.03			1.88			0.88		0.89
Total from investment operations		(0.96	)		0.06			0.06			1.94			0.90		0.81
Distributions:
Dividends from net investment income		—			—			(0.04	)		(0.02	)		—		—
Dividends from net realized gains		(0.02	)		(2.11	)		—			—			—		—
Total distributions		(0.02	)		(2.11	)		(0.04	)		(0.02	)		—		—
Net asset value, end of period		$15.97			$16.95			$19.00			$18.98			$17.06		$16.16
Ratios and supplemental data:
Total return(b)		(5.65%	)		0.66%			0.33%			11.36%			5.57%		5.28%
Net assets, end of period (000)		$7,956			$8,861			$14,650			$19,550			$12,016		$3,667
Ratio of net expenses to average net assets		1.61%	(c)		1.56%			1.64%			1.65%			1.65%		1.73%
Ratio of gross expenses to average net assets prior to expense reductions		1.61%	(c)		1.56%			1.64%			1.73%			1.84%		1.84%
Ratio of net investment income (loss) to average net assets		0.16%	(c)		0.29%			0.14%			0.33%			0.11%		(0.46%	)

(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.

216 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,
	2016			2015			2014			2013		2012		2011
Net asset value, beginning of period		$12.11			$13.73			$13.97			$12.83		$12.47		$12.42
Income from investment operations:
Net investment income (loss)(a)		0.00	**		0.02			0.06			0.03		0.04		0.01
Net realized and unrealized gain (loss)		(0.41	)		(1.31	)		(0.18	)		1.11		0.32		0.08
Total from investment operations		(0.41	)		(1.29	)		(0.12	)		1.14		0.36		0.09
Distributions:
Dividends from net investment income		(0.01	)		(0.03	)		(0.01	)		—		—		(0.04	)
Dividends from net realized gains		—			(0.30	)		(0.11	)		—		—		—
Return of capital		—			(0.00	)**		—			—		—		—
Total distributions		(0.01	)		(0.33	)		(0.12	)		—		—		(0.04	)
Net asset value, end of period		$11.69			$12.11			$13.73			$13.97		$12.83		$12.47
Ratios and supplemental data:
Total return(b)		(3.39%	)		(9.56%	)		(0.84%	)		8.89%		2.89%		0.68%
Net assets, end of period (000)		$115,425			$121,946			$168,332			$164,273		$138,718		$104,365
Ratio of net expenses to average net assets		1.64%	(c)		1.65%			1.61%			1.63%		1.60%		1.58%
Ratio of gross expenses to average net assets prior to expense reductions		1.64%	(c)		1.65%			1.61%			1.63%		1.60%		1.58%
Ratio of net investment income (loss) to average net assets		0.04%	(c)		0.14%			0.45%			0.23%		0.32%		0.08%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013		2012		2011
Portfolio turnover rate		35.6%			58.8%			99.9%			85.8%		50.1%		67.4%

** 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 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.

www.calamos.com 217

Calamos Evolving World Growth Fund    Financial Highlights

	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.62			$13.26			$13.59			$12.58			$12.32			$12.32
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.08	)		(0.03	)		(0.07	)		(0.06	)		(0.09	)
Net realized and unrealized gain (loss)		(0.38	)		(1.26	)		(0.19	)		1.08			0.32			0.09
Total from investment operations		(0.43	)		(1.34	)		(0.22	)		1.01			0.26			—
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			(0.30	)		(0.11	)		—			—			—
Return of capital		—			(0.00	)**		—			—			—			—
Total distributions		—			(0.30	)		(0.11	)		—			—			—
Net asset value, end of period		$11.19			$11.62			$13.26			$13.59			$12.58			$12.32
Ratios and supplemental data:
Total return(b)		(3.70%	)		(10.25%	)		(1.59%	)		8.03%			2.11%			0.00%
Net assets, end of period (000)		$118			$483			$713			$1,788			$1,595			$1,815
Ratio of net expenses to average net assets		2.42%	(c)		2.40%			2.35%			2.38%			2.34%			2.33%
Ratio of gross expenses to average net assets prior to expense reductions		2.42%	(c)		2.40%			2.35%			2.38%			2.34%			2.33%
Ratio of net investment income (loss) to average net assets		(0.94%	)(c)		(0.60%	)		(0.23%	)		(0.52%	)		(0.46%	)		(0.71%	)
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.62			$13.26			$13.59			$12.57			$12.31			$12.31
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.07	)		(0.04	)		(0.06	)		(0.05	)		(0.09	)
Net realized and unrealized gain (loss)		(0.40	)		(1.27	)		(0.18	)		1.08			0.31			0.09
Total from investment operations		(0.44	)		(1.34	)		(0.22	)		1.02			0.26			—
Distributions:
Dividends from net investment income		—			—			—			—			—			(0.00	)**
Dividends from net realized gains		—			(0.30	)		(0.11	)		—			—			—
Return of capital		—			(0.00	)**		—			—			—			—
Total distributions		—			(0.30	)		(0.11	)		—			—			—
Net asset value, end of period		$11.18			$11.62			$13.26			$13.59			$12.57			$12.31
Ratios and supplemental data:
Total return(b)		(3.79%	)		(10.25%	)		(1.59%	)		8.11%			2.11%			0.00%
Net assets, end of period (000)		$34,411			$36,532			$44,611			$34,022			$21,527			$8,913
Ratio of net expenses to average net assets		2.39%	(c)		2.40%			2.37%			2.39%			2.35%			2.33%
Ratio of gross expenses to average net assets prior to expense reductions		2.39%	(c)		2.40%			2.37%			2.39%			2.35%			2.33%
Ratio of net investment income (loss) to average net assets		(0.72%	)(c)		(0.59%	)		(0.33%	)		(0.50%	)		(0.41%	)		(0.66%	)

** 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 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.

218 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.19			$13.83			$14.07			$12.92			$12.54			$12.46
Income from investment operations:
Net investment income (loss)(a)		0.02			0.05			0.09			0.07			0.07			0.04
Net realized and unrealized gain (loss)		(0.42	)		(1.32	)		(0.18	)		1.11			0.32			0.09
Total from investment operations		(0.40	)		(1.27	)		(0.09	)		1.18			0.39			0.13
Distributions:
Dividends from net investment income		(0.04	)		(0.07	)		(0.04	)		(0.03	)		(0.01	)		(0.05	)
Dividends from net realized gains		—			(0.30	)		(0.11	)		—			—			—
Return of capital		—			(0.00	)**		—			—			—			—
Total distributions		(0.04	)		(0.37	)		(0.15	)		(0.03	)		(0.01	)		(0.05	)
Net asset value, end of period		$11.75			$12.19			$13.83			$14.07			$12.92			$12.54
Ratios and supplemental data:
Total return(b)		(3.24%	)		(9.35%	)		(0.60%	)		9.16%			3.11%			1.05%
Net assets, end of period (000)		$311,241			$351,571			$436,546			$311,823			$175,572			$89,205
Ratio of net expenses to average net assets		1.39%	(c)		1.40%			1.37%			1.39%			1.35%			1.33%
Ratio of gross expenses to average net assets prior to expense reductions		1.39%	(c)		1.40%			1.37%			1.39%			1.35%			1.33%
Ratio of net investment income (loss) to average net assets		0.29%	(c)		0.42%			0.65%			0.53%			0.59%			0.33%
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.00			$13.62			$13.88			$12.78			$12.45			$12.39
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		(0.01	)		0.04			—			0.01			(0.03	)
Net realized and unrealized gain (loss)		(0.41	)		(1.31	)		(0.19	)		1.10			0.32			0.09
Total from investment operations		(0.42	)		(1.32	)		(0.15	)		1.10			0.33			0.06
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		—			(0.30	)		(0.11	)		—			—			—
Return of capital		—			(0.00	)**		—			—			—			—
Total distributions		—			(0.30	)		(0.11	)		—			—			—
Net asset value, end of period		$11.58			$12.00			$13.62			$13.88			$12.78			$12.45
Ratios and supplemental data:
Total return(b)		(3.50%	)		(9.83%	)		(1.05%	)		8.61%			2.65%			0.48%
Net assets, end of period (000)		$2,459			$1,982			$1,361			$1,908			$1,555			$1,274
Ratio of net expenses to average net assets		1.89%	(c)		1.91%			1.86%			1.88%			1.84%			1.83%
Ratio of gross expenses to average net assets prior to expense reductions		1.89%	(c)		1.91%			1.86%			1.88%			1.84%			1.83%
Ratio of net investment income (loss) to average net assets		(0.19%	)(c)		(0.04%	)		0.28%			(0.04%	)		0.05%			(0.21%	)

** 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 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.

www.calamos.com 219

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,			Year Ended October 31,			December 31, 2013* through October 31,
	2016			2015			2014
Net asset value, beginning of period		$8.41			$9.84			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.03	)		(0.01	)		0.02
Net realized and unrealized gain (loss)		(0.20	)		(1.37	)		(0.18	)
Total from investment operations		(0.23	)		(1.38	)		(0.16	)
Distributions:
Dividends from net investment income		(0.01	)		(0.05	)		—
Dividends from net realized gains		—			—			—
Total distributions		(0.01	)		(0.05	)		—
Net asset value, end of period		$8.17			$8.41			$9.84
Ratios and supplemental data:
Total return(b)		(2.74%	)		(14.09%	)		(1.60%	)
Net assets, end of period (000)		$4,226			$4,465			$5,360
Ratio of net expenses to average net assets		1.75%	(c)		1.75%			1.75%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.58%	(c)		2.43%			3.45%	(c)
Ratio of net investment income (loss) to average net assets		(0.71%	)(c)		(0.14%	)		0.24%	(c)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			December 31, 2013* through October 31,
	2016			2015			2014
Portfolio turnover rate		29.2%			68.0%			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 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.

220 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Emerging Market Equity Fund    Financial Highlights

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			December 31, 2013* through October 31,
	2016			2015			2014
Net asset value, beginning of period		$8.34			$9.78			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.07	)		(0.04	)
Net realized and unrealized gain (loss)		(0.20	)		(1.37	)		(0.18	)
Total from investment operations		(0.26	)		(1.44	)		(0.22	)
Distributions:
Dividends from net investment income		—			—			—
Dividends from net realized gains		—			—			—
Total distributions		—			—			—
Net asset value, end of period		$8.08			$8.34			$9.78
Ratios and supplemental data:
Total return(b)		(3.12%	)		(14.72%	)		(2.20%	)
Net assets, end of period (000)		$267			$241			$288
Ratio of net expenses to average net assets		2.50%	(c)		2.50%			2.50%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.32%	(c)		3.22%			4.08%	(c)
Ratio of net investment income (loss) to average net assets		(1.47%	)(c)		(0.80%	)		(0.45%	)(c)
	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			December 31, 2013* through October 31,
	2016			2015			2014
Net asset value, beginning of period		$8.43			$9.86			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		0.02			0.04
Net realized and unrealized gain (loss)		(0.20	)		(1.39	)		(0.18	)
Total from investment operations		(0.22	)		(1.37	)		(0.14	)
Distributions:
Dividends from net investment income		(0.04	)		(0.06	)		—
Dividends from net realized gains		—			—			—
Total distributions		(0.04	)		(0.06	)		—
Net asset value, end of period		$8.17			$8.43			$9.86
Ratios and supplemental data:
Total return(b)		(2.62%	)		(13.92%	)		(1.40%	)
Net assets, end of period (000)		$8,642			$8,763			$9,701
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		2.33%	(c)		2.23%			3.04%	(c)
Ratio of net investment income (loss) to average net assets		(0.46%	)(c)		0.21%			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 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.

www.calamos.com 221

Calamos Emerging Market Equity Fund    Financial Highlights

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,			December 31, 2013* through October 31,
	2016			2015			2014
Net asset value, beginning of period		$8.40			$9.82			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.03	)		—
Net realized and unrealized gain (loss)		(0.20	)		(1.37	)		(0.18	)
Total from investment operations		(0.24	)		(1.40	)		(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		$8.16			$8.40			$9.82
Ratios and supplemental data:
Total return(b)		(2.86%	)		(14.32%	)		(1.80%	)
Net assets, end of period (000)		$82			$84			$98
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		2.83%	(c)		2.73%			3.72%	(c)
Ratio of net investment income (loss) to average net assets		(0.96%	)(c)		(0.30%	)		(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 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.

222 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.19			$15.67			$14.97			$13.00			$12.14			$11.28
Income from investment operations:
Net investment income (loss)(a)		(0.01	)		0.00	*		(0.01	)		0.03			(0.02	)		(0.07	)
Net realized and unrealized gain (loss)		(0.85	)		0.62			1.08			1.96			0.88			0.93
Total from investment operations		(0.86	)		0.62			1.07			1.99			0.86			0.86
Distributions:
Dividends from net investment income		—			—			(0.10	)		(0.02	)		—			—
Dividends from net realized gains		(0.25	)		(3.10	)		(0.27	)		—			—			—
Total distributions		(0.25	)		(3.10	)		(0.37	)		(0.02	)		—			—
Net asset value, end of period		$12.08			$13.19			$15.67			$14.97			$13.00			$12.14
Ratios and supplemental data:
Total return(b)		(6.58%	)		5.33%			7.25%			15.35%			7.08%			7.62%
Net assets, end of period (000)		$33,625			$67,141			$87,989			$152,068			$113,260			$51,525
Ratio of net expenses to average net assets		1.40%	(c)		1.34%			1.40%			1.40%			1.40%			1.57%
Ratio of gross expenses to average net assets prior to expense reductions		1.52%	(c)		1.34%			1.40%			1.44%			1.52%			1.66%
Ratio of net investment income (loss) to average net assets		(0.12%	)(c)		0.00%	**		(0.10%	)		0.22%			(0.14%	)		(0.60%	)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Portfolio turnover rate		27.8%			43.0%			53.3%			75.3%			44.5%			58.8%

* 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 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.

www.calamos.com 223

Calamos Global Equity Fund    Financial Highlights

	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.42			$15.03			$14.38			$12.56			$11.82			$11.06
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.10	)		(0.12	)		(0.07	)		(0.11	)		(0.16	)
Net realized and unrealized gain (loss)		(0.80	)		0.59			1.04			1.89			0.85			0.92
Total from investment operations		(0.85	)		0.49			0.92			1.82			0.74			0.76
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(0.25	)		(3.10	)		(0.27	)		—			—			—
Total distributions		(0.25	)		(3.10	)		(0.27	)		—			—			—
Net asset value, end of period		$11.32			$12.42			$15.03			$14.38			$12.56			$11.82
Ratios and supplemental data:
Total return(b)		(6.91%	)		4.54%			6.49%			14.49%			6.26%			6.87%
Net assets, end of period (000)		$301			$490			$1,171			$2,751			$2,519			$2,603
Ratio of net expenses to average net assets		2.15%	(c)		2.09%			2.16%			2.15%			2.15%			2.35%
Ratio of gross expenses to average net assets prior to expense reductions		2.27%	(c)		2.09%			2.16%			2.19%			2.28%			2.42%
Ratio of net investment income (loss) to average net assets		(0.95%	)(c)		(0.76%	)		(0.81%	)		(0.53%	)		(0.90%	)		(1.37%	)
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.39			$15.00			$14.36			$12.54			$11.80			$11.04
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.09	)		(0.12	)		(0.07	)		(0.11	)		(0.16	)
Net realized and unrealized gain (loss)		(0.80	)		0.58			1.03			1.89			0.85			0.92
Total from investment operations		(0.85	)		0.49			0.91			1.82			0.74			0.76
Distributions:
Dividends from net investment income		—			—			—			—			—			—
Dividends from net realized gains		(0.25	)		(3.10	)		(0.27	)		—			—			—
Total distributions		(0.25	)		(3.10	)		(0.27	)		—			—			—
Net asset value, end of period		$11.29			$12.39			$15.00			$14.36			$12.54			$11.80
Ratios and supplemental data:
Total return(b)		(6.93%	)		4.55%			6.43%			14.51%			6.27%			6.88%
Net assets, end of period (000)		$18,859			$21,227			$28,811			$32,975			$25,749			$10,359
Ratio of net expenses to average net assets		2.15%	(c)		2.09%			2.14%			2.15%			2.15%			2.32%
Ratio of gross expenses to average net assets prior to expense reductions		2.27%	(c)		2.09%			2.14%			2.19%			2.27%			2.41%
Ratio of net investment income (loss) to average net assets		(0.87%	)(c)		(0.76%	)		(0.82%	)		(0.51%	)		(0.89%	)		(1.33%	)

(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 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.

224 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.38			$15.81			$15.11			$13.11			$12.22			$11.31
Income from investment operations:
Net investment income (loss)(a)		0.01			0.04			0.02			0.06			0.02			(0.04	)
Net realized and unrealized gain (loss)		(0.87	)		0.63			1.09			1.99			0.87			0.95
Total from investment operations		(0.86	)		0.67			1.11			2.05			0.89			0.91
Distributions:
Dividends from net investment income		—			—			(0.14	)		(0.05	)		—			—
Dividends from net realized gains		(0.25	)		(3.10	)		(0.27	)		—			—			—
Total distributions		(0.25	)		(3.10	)		(0.41	)		(0.05	)		—			—
Net asset value, end of period		$12.27			$13.38			$15.81			$15.11			$13.11			$12.22
Ratios and supplemental data:
Total return(b)		(6.48%	)		5.64%			7.48%			15.65%			7.28%			8.05%
Net assets, end of period (000)		$90,259			$96,390			$101,511			$212,913			$220,364			$63,563
Ratio of net expenses to average net assets		1.15%	(c)		1.09%			1.15%			1.15%			1.15%			1.27%
Ratio of gross expenses to average net assets prior to expense reductions		1.27%	(c)		1.09%			1.15%			1.19%			1.27%			1.39%
Ratio of net investment income (loss) to average net assets		0.16%	(c)		0.26%			0.15%			0.46%			0.13%			(0.29%	)
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.89			$15.42			$14.75			$12.83			$12.02			$11.19
Income from investment operations:
Net investment income (loss)(a)		(0.02	)		(0.03	)		(0.04	)		0.00	*		(0.06	)		(0.10	)
Net realized and unrealized gain (loss)		(0.83	)		0.60			1.05			1.93			0.87			0.93
Total from investment operations		(0.85	)		0.57			1.01			1.93			0.81			0.83
Distributions:
Dividends from net investment income		—			—			(0.07	)		(0.01	)		—			—
Dividends from net realized gains		(0.25	)		(3.10	)		(0.27	)		—			—			—
Total distributions		(0.25	)		(3.10	)		(0.34	)		(0.01	)		—			—
Net asset value, end of period		$11.79			$12.89			$15.42			$14.75			$12.83			$12.02
Ratios and supplemental data:
Total return(b)		(6.65%	)		5.03%			6.97%			15.07%			6.74%			7.42%
Net assets, end of period (000)		$5,007			$7,142			$8,314			$9,369			$4,693			$1,709
Ratio of net expenses to average net assets		1.65%	(c)		1.59%			1.64%			1.65%			1.65%			1.83%
Ratio of gross expenses to average net assets prior to expense reductions		1.76%	(c)		1.59%			1.64%			1.69%			1.78%			1.91%
Ratio of net investment income (loss) to average net assets		(0.38%	)(c)		(0.25%	)		(0.29%	)		0.00%			(0.45%	)		(0.85%	)

* 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 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.

www.calamos.com 225

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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$31.68			$35.22			$35.84			$32.64			$32.12			$30.15
Income from investment operations:
Net investment income (loss)(a)		0.24			0.60			0.60			0.64			0.52			0.51
Net realized and unrealized gain (loss)		(0.61	)		0.51			2.78			3.70			0.66			1.89
Total from investment operations		(0.37	)		1.11			3.38			4.34			1.18			2.40
Distributions:
Dividends from net investment income		(0.39	)		(0.89	)		(0.80	)		(0.27	)		(0.66	)		(0.43	)
Dividends from net realized gains		(1.31	)		(3.76	)		(3.20	)		(0.87	)		—			—
Total distributions		(1.70	)		(4.65	)		(4.00	)		(1.14	)		(0.66	)		(0.43	)
Net asset value, end of period		$29.61			$31.68			$35.22			$35.84			$32.64			$32.12
Ratios and supplemental data:
Total return(b)		(1.14%	)		3.50%			10.33%			13.72%			3.73%			8.04%
Net assets, end of period (000)		$1,004,773			$1,105,102			$1,316,498			$1,614,236			$1,974,535			$2,017,175
Ratio of net expenses to average net assets		1.10%	(c)		1.10%			1.09%			1.09%			1.09%			1.08%
Ratio of gross expenses to average net assets prior to expense reductions		1.10%	(c)		1.10%			1.09%			1.09%			1.09%			1.08%
Ratio of net investment income (loss) to average net assets		1.61%	(c)		1.86%			1.76%			1.92%			1.62%			1.60%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Portfolio turnover rate		4.6%			23.8%			32.8%			59.5%			42.8%			55.1%

(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 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.

226 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$37.76			$41.04			$41.04			$37.26			$36.47			$34.22
Income from investment operations:
Net investment income (loss)(a)		0.16			0.42			0.54			0.70			0.36			0.32
Net realized and unrealized gain (loss)		(0.75	)		0.61			3.21			4.23			0.77			2.14
Total from investment operations		(0.59	)		1.03			3.75			4.93			1.13			2.46
Distributions:
Dividends from net investment income		(0.22	)		(0.55	)		(0.55	)		(0.28	)		(0.34	)		(0.21	)
Dividends from net realized gains		(1.31	)		(3.76	)		(3.20	)		(0.87	)		—			—
Total distributions		(1.53	)		(4.31	)		(3.75	)		(1.15	)		(0.34	)		(0.21	)
Net asset value, end of period		$35.64	��		$37.76			$41.04			$41.04			$37.26			$36.47
Ratios and supplemental data:
Total return(b)		(1.55%	)		2.72%			9.88%			13.59%			3.12%			7.21%
Net assets, end of period (000)		$5,618			$9,647			$19,972			$49,769			$92,658			$184,989
Ratio of net expenses to average net assets		1.86%	(c)		1.85%			1.44%			1.18%			1.73%			1.82%
Ratio of gross expenses to average net assets prior to expense reductions		1.86%	(c)		1.85%			1.44%			1.18%			1.73%			1.82%
Ratio of net investment income (loss) to average net assets		0.89%	(c)		1.09%			1.37%			1.85%			0.97%			0.88%
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$31.81			$35.34			$35.78			$32.76			$32.23			$30.30
Income from investment operations:
Net investment income (loss)(a)		0.13			0.36			0.35			0.39			0.28			0.27
Net realized and unrealized gain (loss)		(0.63	)		0.51			2.77			3.71			0.67			1.91
Total from investment operations		(0.50	)		0.87			3.12			4.10			0.95			2.18
Distributions:
Dividends from net investment income		(0.28	)		(0.64	)		(0.36	)		(0.21	)		(0.42	)		(0.25	)
Dividends from net realized gains		(1.31	)		(3.76	)		(3.20	)		(0.87	)		—			—
Total distributions		(1.59	)		(4.40	)		(3.56	)		(1.08	)		(0.42	)		(0.25	)
Net asset value, end of period		$29.72			$31.81			$35.34			$35.78			$32.76			$32.23
Ratios and supplemental data:
Total return(b)		(1.57%	)		2.73%			9.48%			12.88%			2.97%			7.23%
Net assets, end of period (000)		$808,045			$889,516			$1,009,029			$1,093,074			$1,255,629			$1,344,781
Ratio of net expenses to average net assets		1.85%	(c)		1.85%			1.84%			1.84%			1.84%			1.83%
Ratio of gross expenses to average net assets prior to expense reductions		1.85%	(c)		1.85%			1.84%			1.84%			1.84%			1.83%
Ratio of net investment income (loss) to average net assets		0.86%	(c)		1.11%			1.02%			1.17%			0.87%			0.86%

(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 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.

www.calamos.com 227

Calamos Growth and Income Fund    Financial Highlights

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$30.71			$34.28			$35.07			$31.91			$31.41			$29.48
Income from investment operations:
Net investment income (loss)(a)		0.26			0.66			0.68			0.71			0.59			0.58
Net realized and unrealized gain (loss)		(0.59	)		0.50			2.69			3.62			0.65			1.84
Total from investment operations		(0.33	)		1.16			3.37			4.33			1.24			2.42
Distributions:
Dividends from net investment income		(0.43	)		(0.97	)		(0.96	)		(0.30	)		(0.74	)		(0.49	)
Dividends from net realized gains		(1.31	)		(3.76	)		(3.20	)		(0.87	)		—			—
Total distributions		(1.74	)		(4.73	)		(4.16	)		(1.17	)		(0.74	)		(0.49	)
Net asset value, end of period		$28.64			$30.71			$34.28			$35.07			$31.91			$31.41
Ratios and supplemental data:
Total return(b)		(1.05%	)		3.79%			10.60%			13.99%			4.01%			8.31%
Net assets, end of period (000)		$528,261			$577,449			$688,258			$668,124			$915,394			$856,632
Ratio of net expenses to average net assets		0.85%	(c)		0.85%			0.84%			0.84%			0.84%			0.83%
Ratio of gross expenses to average net assets prior to expense reductions		0.85%	(c)		0.85%			0.84%			0.84%			0.84%			0.83%
Ratio of net investment income (loss) to average net assets		1.86%	(c)		2.11%			2.04%			2.18%			1.87%			1.85%
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$31.45			$34.99			$35.57			$32.46			$31.95			$30.02
Income from investment operations:
Net investment income (loss)(a)		0.20			0.51			0.51			0.55			0.44			0.43
Net realized and unrealized gain (loss)		(0.60	)		0.52			2.75			3.69			0.66			1.88
Total from investment operations		(0.40	)		1.03			3.26			4.24			1.10			2.31
Distributions:
Dividends from net investment income		(0.35	)		(0.81	)		(0.64	)		(0.26	)		(0.59	)		(0.38	)
Dividends from net realized gains		(1.31	)		(3.76	)		(3.20	)		(0.87	)		—			—
Total distributions		(1.66	)		(4.57	)		(3.84	)		(1.13	)		(0.59	)		(0.38	)
Net asset value, end of period		$29.39			$31.45			$34.99			$35.57			$32.46			$31.95
Ratios and supplemental data:
Total return(b)		(1.24%	)		3.26%			10.04%			13.44%			3.49%			7.75%
Net assets, end of period (000)		$13,644			$15,307			$18,547			$22,181			$22,265			$15,486
Ratio of net expenses to average net assets		1.35%	(c)		1.35%			1.34%			1.34%			1.34%			1.33%
Ratio of gross expenses to average net assets prior to expense reductions		1.35%	(c)		1.35%			1.34%			1.34%			1.34%			1.33%
Ratio of net investment income (loss) to average net assets		1.36%	(c)		1.61%			1.52%			1.66%			1.37%			1.34%

(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.

228 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.63			$10.22			$11.78			$10.88			$10.77			$10.16
Income from investment operations:
Net investment income (loss)(a)		0.04			0.10			0.11			0.10			0.11			0.11
Net realized and unrealized gain (loss)		(0.31	)		0.06			0.36			1.13			0.21			0.50
Total from investment operations		(0.27	)		0.16			0.47			1.23			0.32			0.61
Distributions:
Dividends from net investment income		—			(0.04	)		(0.29	)		(0.09	)		(0.21	)		—
Dividends from net realized gains		(0.11	)		(1.71	)		(1.74	)		(0.24	)		—			—
Total distributions		(0.11	)		(1.75	)		(2.03	)		(0.33	)		(0.21	)		—
Net asset value, end of period		$8.25			$8.63			$10.22			$11.78			$10.88			$10.77
Ratios and supplemental data:
Total return(b)		(3.17%	)		2.02%			4.77%			11.60%			3.03%			6.00%
Net assets, end of period (000)		$97,583			$111,615			$146,431			$210,537			$304,914			$373,595
Ratio of net expenses to average net assets		1.48%	(c)		1.49%			1.44%			1.41%			1.32%			1.32%
Ratio of gross expenses to average net assets prior to expense reductions		1.48%	(c)		1.49%			1.44%			1.41%			1.32%			1.32%
Ratio of net investment income (loss) to average net assets		1.05%	(c)		1.18%			1.01%			0.92%			1.06%			1.01%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Portfolio turnover rate		33.4%			54.7%			72.6%			48.2%			55.1%			73.1%

(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 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.

www.calamos.com 229

Calamos Global Growth and Income Fund    Financial Highlights

	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.75			$10.37			$11.86			$10.97			$10.85			$10.32
Income from investment operations:
Net investment income (loss)(a)		0.01			0.04			0.02			0.02			0.03			0.03
Net realized and unrealized gain (loss)		(0.31	)		0.05			0.38			1.14			0.21			0.50
Total from investment operations		(0.30	)		0.09			0.40			1.16			0.24			0.53
Distributions:
Dividends from net investment income		—			—			(0.15	)		(0.03	)		(0.12	)		—
Dividends from net realized gains		(0.11	)		(1.71	)		(1.74	)		(0.24	)		—			—
Total distributions		(0.11	)		(1.71	)		(1.89	)		(0.27	)		(0.12	)		—
Net asset value, end of period		$8.34			$8.75			$10.37			$11.86			$10.97			$10.85
Ratios and supplemental data:
Total return(b)		(3.48%	)		1.18%			4.04%			10.77%			2.25%			5.14%
Net assets, end of period (000)		$972			$2,096			$4,937			$10,884			$16,654			$30,770
Ratio of net expenses to average net assets		2.23%	(c)		2.23%			2.19%			2.16%			2.07%			2.07%
Ratio of gross expenses to average net assets prior to expense reductions		2.23%	(c)		2.23%			2.19%			2.16%			2.07%			2.07%
Ratio of net investment income (loss) to average net assets		0.22%	(c)		0.42%			0.22%			0.17%			0.30%			0.26%
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$7.87			$9.50			$11.06			$10.25			$10.15			$9.65
Income from investment operations:
Net investment income (loss)(a)		0.01			0.03			0.03			0.02			0.03			0.03
Net realized and unrealized gain (loss)		(0.28	)		0.05			0.33			1.06			0.20			0.47
Total from investment operations		(0.27	)		0.08			0.36			1.08			0.23			0.50
Distributions:
Dividends from net investment income		—			—			(0.18	)		(0.03	)		(0.13	)		—
Dividends from net realized gains		(0.11	)		(1.71	)		(1.74	)		(0.24	)		—			—
Total distributions		(0.11	)		(1.71	)		(1.92	)		(0.27	)		(0.13	)		—
Net asset value, end of period		$7.49			$7.87			$9.50			$11.06			$10.25			$10.15
Ratios and supplemental data:
Total return(b)		(3.48%	)		1.19%			3.98%			10.82%			2.29%			5.18%
Net assets, end of period (000)		$103,684			$119,620			$151,091			$185,577			$235,194			$282,801
Ratio of net expenses to average net assets		2.23%	(c)		2.24%			2.19%			2.16%			2.07%			2.07%
Ratio of gross expenses to average net assets prior to expense reductions		2.23%	(c)		2.24%			2.19%			2.16%			2.07%			2.07%
Ratio of net investment income (loss) to average net assets		0.30%	(c)		0.43%			0.27%			0.17%			0.31%			0.26%

(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.

230 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.84			$10.43			$11.99			$11.06			$10.96			$10.32
Income from investment operations:
Net investment income (loss)(a)		0.05			0.13			0.14			0.13			0.14			0.14
Net realized and unrealized gain (loss)		(0.31	)		0.05			0.36			1.15			0.22			0.50
Total from investment operations		(0.26	)		0.18			0.50			1.28			0.36			0.64
Distributions:
Dividends from net investment income		—			(0.06	)		(0.32	)		(0.11	)		(0.26	)		—
Dividends from net realized gains		(0.11	)		(1.71	)		(1.74	)		(0.24	)		—			—
Total distributions		(0.11	)		(1.77	)		(2.06	)		(0.35	)		(0.26	)		—
Net asset value, end of period		$8.47			$8.84			$10.43			$11.99			$11.06			$10.96
Ratios and supplemental data:
Total return(b)		(2.99%	)		2.23%			4.99%			11.90%			3.32%			6.20%
Net assets, end of period (000)		$131,910			$146,241			$182,064			$232,583			$986,986	��		$978,511
Ratio of net expenses to average net assets		1.23%	(c)		1.24%			1.19%			1.14%			1.07%			1.07%
Ratio of gross expenses to average net assets prior to expense reductions		1.23%	(c)		1.24%			1.19%			1.14%			1.07%			1.07%
Ratio of net investment income (loss) to average net assets		1.31%	(c)		1.43%			1.29%			1.16%			1.31%			1.25%
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.53			$10.13			$11.67			$10.79			$10.67			$10.09
Income from investment operations:
Net investment income (loss)(a)		0.03			0.08			0.08			0.07			0.08			0.08
Net realized and unrealized gain (loss)		(0.31	)		0.05			0.37			1.12			0.21			0.50
Total from investment operations		(0.28	)		0.13			0.45			1.19			0.29			0.58
Distributions:
Dividends from net investment income		—			(0.02	)		(0.25	)		(0.07	)		(0.17	)		—
Dividends from net realized gains		(0.11	)		(1.71	)		(1.74	)		(0.24	)		—			—
Total distributions		(0.11	)		(1.73	)		(1.99	)		(0.31	)		(0.17	)		—
Net asset value, end of period		$8.14			$8.53			$10.13			$11.67			$10.79			$10.67
Ratios and supplemental data:
Total return(b)		(3.33%	)		1.74%			4.62%			11.27%			2.77%			5.75%
Net assets, end of period (000)		$1,071			$1,292			$1,741			$1,674			$3,045			$1,567
Ratio of net expenses to average net assets		1.73%	(c)		1.73%			1.69%			1.66%			1.58%			1.57%
Ratio of gross expenses to average net assets prior to expense reductions		1.73%	(c)		1.73%			1.69%			1.66%			1.58%			1.57%
Ratio of net investment income (loss) to average net assets		0.79%	(c)		0.94%			0.77%			0.68%			0.75%			0.77%

(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.

www.calamos.com 231

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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.56			$18.59			$19.14			$17.70			$19.28			$19.60
Income from investment operations:
Net investment income (loss)(a)		0.25			0.44			0.40			0.39			0.37			0.40
Net realized and unrealized gain (loss)		(0.80	)		(1.01	)		1.14			2.63			(0.33	)		0.14
Total from investment operations		(0.55	)		(0.57	)		1.54			3.02			0.04			0.54
Distributions:
Dividends from net investment income		(0.30	)		(0.58	)		(0.76	)		(0.02	)		(0.14	)		(0.25	)
Dividends from net realized gains		(0.27	)		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)
Total distributions		(0.57	)		(1.46	)		(2.09	)		(1.58	)		(1.62	)		(0.86	)
Net asset value, end of period		$15.44			$16.56			$18.59			$19.14			$17.70			$19.28
Ratios and supplemental data:
Total return(b)		(3.39%	)		(3.31%	)		8.74%			18.50%			0.51%			2.73%
Net assets, end of period (000)		$260,291			$385,844			$488,842			$514,593			$650,100			$1,269,501
Ratio of net expenses to average net assets		1.16%	(c)		1.13%			1.10%			1.11%			1.10%			1.07%
Ratio of gross expenses to average net assets prior to expense reductions		1.16%	(c)		1.13%			1.10%			1.11%			1.10%			1.07%
Ratio of net investment income (loss) to average net assets		3.27%	(c)		2.53%			2.18%			2.18%			2.07%			2.03%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Portfolio turnover rate		26.2%			63.0%			68.1%			73.1%			56.6%			65.7%

(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.

232 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Convertible Fund    Financial Highlights

	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$21.13			$23.29			$23.27			$21.31			$22.89			$23.14
Income from investment operations:
Net investment income (loss)(a)		0.25			0.39			0.32			0.31			0.28			0.32
Net realized and unrealized gain (loss)		(1.03	)		(1.29	)		1.41			3.21			(0.38	)		0.15
Total from investment operations		(0.78	)		(0.90	)		1.73			3.52			(0.10	)		0.47
Distributions:
Dividends from net investment income		(0.21	)		(0.38	)		(0.38	)		—			(0.00	)**		(0.11	)
Dividends from net realized gains		(0.27	)		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)
Total distributions		(0.48	)		(1.26	)		(1.71	)		(1.56	)		(1.48	)		(0.72	)
Net asset value, end of period		$19.87			$21.13			$23.29			$23.27			$21.31			$22.89
Ratios and supplemental data:
Total return(b)		(3.71%	)		(4.03%	)		7.89%			17.63%			(0.25%	)		2.01%
Net assets, end of period (000)		$4,396			$5,420			$9,879			$11,391			$14,256			$21,517
Ratio of net expenses to average net assets		1.91%	(c)		1.88%			1.86%			1.86%			1.85%			1.82%
Ratio of gross expenses to average net assets prior to expense reductions		1.91%	(c)		1.88%			1.86%			1.86%			1.85%			1.82%
Ratio of net investment income (loss) to average net assets		2.52%	(c)		1.74%			1.42%			1.43%			1.32%			1.36%
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.41			$18.43			$18.87			$17.57			$19.15			$19.51
Income from investment operations:
Net investment income (loss)(a)		0.19			0.31			0.26			0.25			0.23			0.25
Net realized and unrealized gain (loss)		(0.79	)		(1.00	)		1.11			2.61			(0.32	)		0.14
Total from investment operations		(0.60	)		(0.69	)		1.37			2.86			(0.09	)		0.39
Distributions:
Dividends from net investment income		(0.24	)		(0.45	)		(0.48	)		—			(0.01	)		(0.14	)
Dividends from net realized gains		(0.27	)		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)
Total distributions		(0.51	)		(1.33	)		(1.81	)		(1.56	)		(1.49	)		(0.75	)
Net asset value, end of period		$15.30			$16.41			$18.43			$18.87			$17.57			$19.15
Ratios and supplemental data:
Total return(b)		(3.73%	)		(4.01%	)		7.86%			17.62%			(0.24%	)		1.99%
Net assets, end of period (000)		$218,214			$265,686			$319,654			$325,823			$390,649			$584,428
Ratio of net expenses to average net assets		1.91%	(c)		1.88%			1.86%			1.86%			1.85%			1.82%
Ratio of gross expenses to average net assets prior to expense reductions		1.91%	(c)		1.88%			1.86%			1.86%			1.85%			1.82%
Ratio of net investment income (loss) to average net assets		2.52%	(c)		1.78%			1.43%			1.43%			1.32%			1.26%

** 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 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.

www.calamos.com 233

Calamos Convertible Fund    Financial Highlights

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$15.03			$17.02			$17.74			$16.51			$18.10			$18.44
Income from investment operations:
Net investment income (loss)(a)		0.25			0.44			0.41			0.40			0.39			0.42
Net realized and unrealized gain (loss)		(0.72	)		(0.93	)		1.04			2.44			(0.30	)		0.14
Total from investment operations		(0.47	)		(0.49	)		1.45			2.84			0.09			0.56
Distributions:
Dividends from net investment income		(0.32	)		(0.62	)		(0.84	)		(0.05	)		(0.20	)		(0.29	)
Dividends from net realized gains		(0.27	)		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)
Total distributions		(0.59	)		(1.50	)		(2.17	)		(1.61	)		(1.68	)		(0.90	)
Net asset value, end of period		$13.97			$15.03			$17.02			$17.74			$16.51			$18.10
Ratios and supplemental data:
Total return(b)		(3.18%	)		(3.11%	)		8.99%			18.78%			0.81%			3.00%
Net assets, end of period (000)		$331,109			$455,702			$553,594			$349,512			$475,526			$759,415
Ratio of net expenses to average net assets		0.91%	(c)		0.88%			0.85%			0.86%			0.85%			0.82%
Ratio of gross expenses to average net assets prior to expense reductions		0.91%	(c)		0.88%			0.85%			0.86%			0.85%			0.82%
Ratio of net investment income (loss) to average net assets		3.54%	(c)		2.77%			2.46%			2.43%			2.33%			2.26%
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.50			$18.52			$19.03			$17.63			$19.21			$19.55
Income from investment operations:
Net investment income (loss)(a)		0.23			0.40			0.35			0.34			0.32			0.34
Net realized and unrealized gain (loss)		(0.79	)		(1.01	)		1.13			2.62			(0.32	)		0.14
Total from investment operations		(0.56	)		(0.61	)		1.48			2.96			—			0.48
Distributions:
Dividends from net investment income		(0.28	)		(0.53	)		(0.66	)		(0.00	)**		(0.10	)		(0.21	)
Dividends from net realized gains		(0.27	)		(0.88	)		(1.33	)		(1.56	)		(1.48	)		(0.61	)
Total distributions		(0.55	)		(1.41	)		(1.99	)		(1.56	)		(1.58	)		(0.82	)
Net asset value, end of period		$15.39			$16.50			$18.52			$19.03			$17.63			$19.21
Ratios and supplemental data:
Total return(b)		(3.45%	)		(3.53%	)		8.44%			18.18%			0.29%			2.46%
Net assets, end of period (000)		$1,811			$2,147			$2,988			$3,074			$3,253			$4,134
Ratio of net expenses to average net assets		1.41%	(c)		1.38%			1.36%			1.36%			1.35%			1.32%
Ratio of gross expenses to average net assets prior to expense reductions		1.41%	(c)		1.38%			1.36%			1.36%			1.35%			1.32%
Ratio of net investment income (loss) to average net assets		3.02%	(c)		2.26%			1.92%			1.93%			1.82%			1.72%

** 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 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.

234 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) Six Months Ended April 30,			December 31, 2014* through October 31,
	2016			2015
Net asset value, beginning of period		$9.93			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.13			0.13
Net realized and unrealized gain (loss)		(0.27	)		(0.13	)
Total from investment operations		(0.14	)		—
Distributions:
Dividends from net investment income		(0.08	)		(0.07	)
Dividends from net realized gains		—			—
Total distributions		(0.08	)		(0.07	)
Net asset value, end of period		$9.71			$9.93
Ratios and supplemental data:
Total return(b)		(1.39%	)		—%
Net assets, end of period (000)		$30,052			$20,550
Ratio of net expenses to average net assets		1.35%	(c)		1.35%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.49%	(c)		2.30%	(c)
Ratio of net investment income (loss) to average net assets		2.73%	(c)		1.56%	(c)
	(Unaudited) Six Months Ended April 30,			December 31, 2014* through October 31,
	2016			2015
Portfolio turnover rate		19.1%			28.2%

* 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 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.

www.calamos.com 235

Calamos Global Convertible Fund    Financial Highlights

	CLASS C
	(Unaudited) Six Months Ended April 30,			December 31, 2014* through October 31,
	2016			2015
Net asset value, beginning of period		$9.90			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.09			0.07
Net realized and unrealized gain (loss)		(0.28	)		(0.12	)
Total from investment operations		(0.19	)		(0.05	)
Distributions:
Dividends from net investment income		(0.05	)		(0.05	)
Dividends from net realized gains		—			—
Total distributions		(0.05	)		(0.05	)
Net asset value, end of period		$9.66			$9.90
Ratios and supplemental data:
Total return(b)		(1.87%	)		(0.52%	)
Net assets, end of period (000)		$2,436			$1,259
Ratio of net expenses to average net assets		2.10%	(c)		2.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.24%	(c)		2.88%	(c)
Ratio of net investment income (loss) to average net assets		1.98%	(c)		0.84%	(c)
	CLASS I
	(Unaudited) Six Months Ended April 30,			December 31, 2014* through October 31,
	2016			2015
Net asset value, beginning of period		$9.95			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.14			0.15
Net realized and unrealized gain (loss)		(0.27	)		(0.12	)
Total from investment operations		(0.13	)		0.03
Distributions:
Dividends from net investment income		(0.09	)		(0.08	)
Dividends from net realized gains		—			—
Total distributions		(0.09	)		(0.08	)
Net asset value, end of period		$9.73			$9.95
Ratios and supplemental data:
Total return(b)		(1.28%	)		0.29%
Net assets, end of period (000)		$41,992			$23,054
Ratio of net expenses to average net assets		1.10%	(c)		1.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.23%	(c)		1.80%	(c)
Ratio of net investment income (loss) to average net assets		2.96%	(c)		1.81%	(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 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.

236 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Global Convertible Fund    Financial Highlights

	CLASS R
	(Unaudited) Six Months Ended April 30,			December 31, 2014* through October 31,
	2016			2015
Net asset value, beginning of period		$9.92			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.11			0.11
Net realized and unrealized gain (loss)		(0.26	)		(0.13	)
Total from investment operations		(0.15	)		(0.02	)
Distributions:
Dividends from net investment income		(0.07	)		(0.06	)
Dividends from net realized gains		—			—
Total distributions		(0.07	)		(0.06	)
Net asset value, end of period		$9.70			$9.92
Ratios and supplemental data:
Total return(b)		(1.52%	)		(0.20%	)
Net assets, end of period (000)		$176			$190
Ratio of net expenses to average net assets		1.60%	(c)		1.60%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		1.73%	(c)		2.93%	(c)
Ratio of net investment income (loss) to average net assets		2.38%	(c)		1.35%	(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 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.

www.calamos.com 237

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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.51			$10.70			$10.89			$11.15			$11.14			$11.23
Income from investment operations:
Net investment income (loss)(a)		0.12			0.26			0.26			0.22			0.22			0.26
Net realized and unrealized gain (loss)		0.15			(0.05	)		0.12			(0.17	)		0.15			0.02
Total from investment operations		0.27			0.21			0.38			0.05			0.37			0.28
Distributions:
Dividends from net investment income		(0.16	)		(0.28	)		(0.53	)		(0.26	)		(0.32	)		(0.28	)
Dividends from net realized gains		(0.13	)		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)
Total distributions		(0.29	)		(0.40	)		(0.57	)		(0.31	)		(0.36	)		(0.37	)
Net asset value, end of period		$10.49			$10.51			$10.70			$10.89			$11.15			$11.14
Ratios and supplemental data:
Total return(b)		2.73%			2.04%			3.71%			0.48%			3.35%			2.64%
Net assets, end of period (000)		$60,895			$51,462			$67,287			$93,691			$137,672			$115,090
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		1.09%	(c)		1.13%			1.05%			0.99%			0.98%			0.97%
Ratio of net investment income (loss) to average net assets		2.36%	(c)		2.49%			2.47%			1.97%			1.98%			2.37%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Portfolio turnover rate		21.1%			80.0%			35.3%			32.5%			34.4%			41.5%

(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.

238 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.51			$10.70			$10.89			$11.15			$11.14			$11.23
Income from investment operations:
Net investment income (loss)(a)		0.08			0.19			0.18			0.13			0.14			0.19
Net realized and unrealized gain (loss)		0.15			(0.06	)		0.12			(0.16	)		0.14			0.01
Total from investment operations		0.23			0.13			0.30			(0.03	)		0.28			0.20
Distributions:
Dividends from net investment income		(0.13	)		(0.20	)		(0.45	)		(0.18	)		(0.23	)		(0.20	)
Dividends from net realized gains		(0.13	)		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)
Total distributions		(0.26	)		(0.32	)		(0.49	)		(0.23	)		(0.27	)		(0.29	)
Net asset value, end of period		$10.48			$10.51			$10.70			$10.89			$11.15			$11.14
Ratios and supplemental data:
Total return(b)		2.26%			1.29%			2.94%			(0.27%	)		2.59%			1.88%
Net assets, end of period (000)		$823			$1,031			$1,879			$5,319			$9,108			$14,193
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		1.84%	(c)		1.88%			1.80%			1.74%			1.73%			1.72%
Ratio of net investment income (loss) to average net assets		1.62%	(c)		1.76%			1.72%			1.22%			1.25%			1.67%
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.51			$10.70			$10.89			$11.15			$11.13			$11.22
Income from investment operations:
Net investment income (loss)(a)		0.08			0.18			0.18			0.13			0.14			0.18
Net realized and unrealized gain (loss)		0.15			(0.05	)		0.12			(0.16	)		0.15			0.02
Total from investment operations		0.23			0.13			0.30			(0.03	)		0.29			0.20
Distributions:
Dividends from net investment income		(0.13	)		(0.20	)		(0.45	)		(0.18	)		(0.23	)		(0.20	)
Dividends from net realized gains		(0.13	)		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)
Total distributions		(0.26	)		(0.32	)		(0.49	)		(0.23	)		(0.27	)		(0.29	)
Net asset value, end of period		$10.48			$10.51			$10.70			$10.89			$11.15			$11.13
Ratios and supplemental data:
Total return(b)		2.26%			1.28%			2.94%			(0.27%	)		2.68%			1.88%
Net assets, end of period (000)		$16,475			$15,898			$17,818			$25,964			$43,823			$48,612
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		1.84%	(c)		1.88%			1.80%			1.74%			1.73%			1.72%
Ratio of net investment income (loss) to average net assets		1.62%	(c)		1.74%			1.73%			1.23%			1.25%			1.63%

(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.

www.calamos.com 239

Calamos Total Return Bond Fund    Financial Highlights

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.51			$10.70			$10.89			$11.15			$11.13			$11.22
Income from investment operations:
Net investment income (loss)(a)		0.13			0.29			0.29			0.24			0.25			0.29
Net realized and unrealized gain (loss)		0.15			(0.05	)		0.12			(0.16	)		0.15			0.02
Total from investment operations		0.28			0.24			0.41			0.08			0.40			0.31
Distributions:
Dividends from net investment income		(0.18	)		(0.31	)		(0.56	)		(0.29	)		(0.34	)		(0.31	)
Dividends from net realized gains		(0.13	)		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)
Total distributions		(0.31	)		(0.43	)		(0.60	)		(0.34	)		(0.38	)		(0.40	)
Net asset value, end of period		$10.48			$10.51			$10.70			$10.89			$11.15			$11.13
Ratios and supplemental data:
Total return(b)		2.76%			2.30%			3.97%			0.73%			3.70%			2.90%
Net assets, end of period (000)		$22,624			$16,561			$13,347			$41,109			$43,464			$41,639
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		0.84%	(c)		0.88%			0.80%			0.74%			0.73%			0.72%
Ratio of net investment income (loss) to average net assets		2.60%	(c)		2.73%			2.70%			2.22%			2.24%			2.64%
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.51			$10.70			$10.89			$11.15			$11.14			$11.23
Income from investment operations:
Net investment income (loss)(a)		0.11			0.23			0.23			0.19			0.19			0.23
Net realized and unrealized gain (loss)		0.15			(0.04	)		0.13			(0.17	)		0.15			0.02
Total from investment operations		0.26			0.19			0.36			0.02			0.34			0.25
Distributions:
Dividends from net investment income		(0.15	)		(0.26	)		(0.51	)		(0.23	)		(0.29	)		(0.25	)
Dividends from net realized gains		(0.13	)		(0.12	)		(0.04	)		(0.05	)		(0.04	)		(0.09	)
Total distributions		(0.28	)		(0.38	)		(0.55	)		(0.28	)		(0.33	)		(0.34	)
Net asset value, end of period		$10.49			$10.51			$10.70			$10.89			$11.15			$11.14
Ratios and supplemental data:
Total return(b)		2.61%			1.79%			3.45%			0.22%			3.09%			2.39%
Net assets, end of period (000)		$439			$274			$234			$2,248			$1,756			$1,638
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		1.34%	(c)		1.38%			1.28%			1.24%			1.23%			1.22%
Ratio of net investment income (loss) to average net assets		2.10%	(c)		2.23%			2.14%			1.72%			1.74%			2.10%

(a) Net investment income (loss) allocated based on average shares method.

(b) Total return measures net investment income (loss) and capital gain or loss from portfolio investments assuming reinvestment of dividends and capital gains distributions. Total return is not annualized for periods that are less than a full year, does not reflect the effect of sales charge for Class A shares nor the contingent deferred sales charge for Class 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.

240 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.63			$9.65			$9.90			$9.92			$9.68			$9.97
Income from investment operations:
Net investment income (loss)(a)		0.20			0.43			0.48			0.51			0.53			0.59
Net realized and unrealized gain (loss)		(0.27	)		(0.74	)		0.01			0.18			0.35			(0.24	)
Total from investment operations		(0.07	)		(0.31	)		0.49			0.69			0.88			0.35
Distributions:
Dividends from net investment income		(0.21	)		(0.47	)		(0.55	)		(0.58	)		(0.51	)		(0.64	)
Dividends from net realized gains		—			(0.24	)		(0.19	)		(0.13	)		(0.13	)		—
Return of capital		—			(0.00	)**		—			—			—			—
Total distributions		(0.21	)		(0.71	)		(0.74	)		(0.71	)		(0.64	)		(0.64	)
Net asset value, end of period		$8.35			$8.63			$9.65			$9.90			$9.92			$9.68
Ratios and supplemental data:
Total return(b)		(0.68%	)		(3.25%	)		5.11%			7.21%			9.39%			3.62%
Net assets, end of period (000)		$58,451			$71,513			$132,756			$201,791			$215,299			$182,515
Ratio of net expenses to average net assets		1.34%	(c)		1.28%			1.18%			1.18%			1.19%			1.22%
Ratio of gross expenses to average net assets prior to expense reductions		1.34%	(c)		1.28%			1.18%			1.18%			1.19%			1.22%
Ratio of net investment income (loss) to average net assets		4.92%	(c)		4.73%			4.84%			5.11%			5.46%			6.01%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Portfolio turnover rate		22.6%			65.3%			51.2%			55.1%			73.9%			72.6%

** 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 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.

www.calamos.com 241

Calamos High Income Fund    Financial Highlights

	CLASS B
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.13			$10.16			$10.38			$10.36			$10.09			$10.37
Income from investment operations:
Net investment income (loss)(a)		0.18			0.38			0.42			0.46			0.48			0.54
Net realized and unrealized gain (loss)		(0.29	)		(0.78	)		0.02			0.18			0.36			(0.26	)
Total from investment operations		(0.11	)		(0.40	)		0.44			0.64			0.84			0.28
Distributions:
Dividends from net investment income		(0.18	)		(0.39	)		(0.47	)		(0.49	)		(0.44	)		(0.56	)
Dividends from net realized gains		—			(0.24	)		(0.19	)		(0.13	)		(0.13	)		—
Return of capital		—			(0.00	)**		—			—			—			—
Total distributions		(0.18	)		(0.63	)		(0.66	)		(0.62	)		(0.57	)		(0.56	)
Net asset value, end of period		$8.84			$9.13			$10.16			$10.38			$10.36			$10.09
Ratios and supplemental data:
Total return(b)		(1.13%	)		(3.93%	)		4.37%			6.40%			8.55%			2.79%
Net assets, end of period (000)		$396			$677			$2,098			$3,340			$5,973			$9,766
Ratio of net expenses to average net assets		2.10%	(c)		2.03%			1.93%			1.93%			1.95%			1.96%
Ratio of gross expenses to average net assets prior to expense reductions		2.10%	(c)		2.03%			1.93%			1.93%			1.95%			1.96%
Ratio of net investment income (loss) to average net assets		4.23%	(c)		4.00%			4.10%			4.39%			4.73%			5.28%
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.03			$10.06			$10.29			$10.28			$10.01			$10.29
Income from investment operations:
Net investment income (loss)(a)		0.18			0.38			0.42			0.45			0.48			0.54
Net realized and unrealized gain (loss)		(0.29	)		(0.78	)		0.01			0.19			0.36			(0.25	)
Total from investment operations		(0.11	)		(0.40	)		0.43			0.64			0.84			0.29
Distributions:
Dividends from net investment income		(0.18	)		(0.39	)		(0.47	)		(0.50	)		(0.44	)		(0.57	)
Dividends from net realized gains		—			(0.24	)		(0.19	)		(0.13	)		(0.13	)		—
Return of capital		—			(0.00	)**		—			—			—			—
Total distributions		(0.18	)		(0.63	)		(0.66	)		(0.63	)		(0.57	)		(0.57	)
Net asset value, end of period		$8.74			$9.03			$10.06			$10.29			$10.28			$10.01
Ratios and supplemental data:
Total return(b)		(1.13%	)		(3.94%	)		4.32%			6.37%			8.65%			2.83%
Net assets, end of period (000)		$18,628			$21,149			$29,333			$34,146			$43,141			$39,764
Ratio of net expenses to average net assets		2.10%	(c)		2.04%			1.93%			1.93%			1.94%			1.97%
Ratio of gross expenses to average net assets prior to expense reductions		2.10%	(c)		2.04%			1.93%			1.93%			1.94%			1.97%
Ratio of net investment income (loss) to average net assets		4.22%	(c)		3.98%			4.10%			4.37%			4.72%			5.26%

** 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 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.

242 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.63			$9.65			$9.90			$9.92			$9.68			$9.97
Income from investment operations:
Net investment income (loss)(a)		0.21			0.45			0.50			0.53			0.56			0.62
Net realized and unrealized gain (loss)		(0.27	)		(0.74	)		0.02			0.19			0.34			(0.24	)
Total from investment operations		(0.06	)		(0.29	)		0.52			0.72			0.90			0.38
Distributions:
Dividends from net investment income		(0.22	)		(0.49	)		(0.58	)		(0.61	)		(0.53	)		(0.67	)
Dividends from net realized gains		—			(0.24	)		(0.19	)		(0.13	)		(0.13	)		—
Return of capital		—			(0.00	)**		—			—			—			—
Total distributions		(0.22	)		(0.73	)		(0.77	)		(0.74	)		(0.66	)		(0.67	)
Net asset value, end of period		$8.35			$8.63			$9.65			$9.90			$9.92			$9.68
Ratios and supplemental data:
Total return(b)		(0.55%	)		(3.00%	)		5.37%			7.50%			9.63%			3.88%
Net assets, end of period (000)		$16,971			$17,452			$24,342			$25,103			$33,271			$21,424
Ratio of net expenses to average net assets		1.09%	(c)		1.04%			0.93%			0.93%			0.94%			0.96%
Ratio of gross expenses to average net assets prior to expense reductions		1.09%	(c)		1.04%			0.93%			0.93%			0.94%			0.96%
Ratio of net investment income (loss) to average net assets		5.22%	(c)		4.98%			5.10%			5.37%			5.71%			6.29%
	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.62			$9.64			$9.89			$9.91			$9.67			$9.96
Income from investment operations:
Net investment income (loss)(a)		0.19			0.41			0.45			0.48			0.51			0.57
Net realized and unrealized gain (loss)		(0.28	)		(0.75	)		0.02			0.18			0.34			(0.24	)
Total from investment operations		(0.09	)		(0.34	)		0.47			0.66			0.85			0.33
Distributions:
Dividends from net investment income		(0.20	)		(0.44	)		(0.53	)		(0.55	)		(0.48	)		(0.62	)
Dividends from net realized gains		—			(0.24	)		(0.19	)		(0.13	)		(0.13	)		—
Return of capital		—			(0.00	)**		—			—			—			—
Total distributions		(0.20	)		(0.68	)		(0.72	)		(0.68	)		(0.61	)		(0.62	)
Net asset value, end of period		$8.33			$8.62			$9.64			$9.89			$9.91			$9.67
Ratios and supplemental data:
Total return(b)		(0.92%	)		(3.48%	)		4.87%			6.92%			9.17%			3.37%
Net assets, end of period (000)		$141			$154			$209			$192			$373			$272
Ratio of net expenses to average net assets		1.60%	(c)		1.54%			1.43%			1.43%			1.44%			1.47%
Ratio of gross expenses to average net assets prior to expense reductions		1.60%	(c)		1.54%			1.43%			1.43%			1.44%			1.47%
Ratio of net investment income (loss) to average net assets		4.73%	(c)		4.49%			4.60%			4.89%			5.21%			5.74%

** 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 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.

www.calamos.com 243

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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.08			$13.13			$13.09			$12.68			$12.11			$11.91
Income from investment operations:
Net investment income (loss)(a)		0.13			0.21			0.15			0.17			0.21			0.22
Net realized and unrealized gain (loss)		(0.07	)		—			0.27			0.42			0.51			0.18
Total from investment operations		0.06			0.21			0.42			0.59			0.72			0.40
Distributions:
Dividends from net investment income		(0.08	)		(0.12	)		(0.12	)		(0.18	)		(0.15	)		(0.20	)
Dividends from net realized gains		(0.20	)		(0.14	)		(0.26	)		—			—			—
Total distributions		(0.28	)		(0.26	)		(0.38	)		(0.18	)		(0.15	)		(0.20	)
Net asset value, end of period		$12.86			$13.08			$13.13			$13.09			$12.68			$12.11
Ratios and supplemental data:
Total return(b)		0.47%			1.60%			3.27%			4.71%			6.01%			3.40%
Net assets, end of period (000)		$966,777			$1,051,576			$1,351,641			$1,354,180			$1,155,161			$1,282,438
Ratio of net expenses to average net assets		1.20%	(c)		1.23%			1.20%			1.26%			1.17%			1.21%
Ratio of gross expenses to average net assets prior to expense reductions		1.20%	(c)		1.23%			1.20%			1.26%			1.17%			1.21%
Ratio of net investment income (loss) to average net assets		2.04%	(c)		1.58%			1.17%			1.33%			1.65%			1.80%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.08%	(c)		1.11%			1.09%			1.12%			1.13%			1.14%
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Portfolio turnover rate		17.2%			37.6%			70.5%			110.6%			82.8%			98.5%

(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.

244 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,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.84			$13.87			$13.82			$13.36			$12.75			$12.51
Income from investment operations:
Net investment income (loss)(a)		0.09			0.12			0.06			0.08			0.12			0.14
Net realized and unrealized gain (loss)		(0.07	)		—			0.27			0.45			0.54			0.20
Total from investment operations		0.02			0.12			0.33			0.53			0.66			0.34
Distributions:
Dividends from net investment income		—			(0.01	)		(0.02	)		(0.07	)		(0.05	)		(0.10	)
Dividends from net realized gains		(0.20	)		(0.14	)		(0.26	)		—			—			—
Total distributions		(0.20	)		(0.15	)		(0.28	)		(0.07	)		(0.05	)		(0.10	)
Net asset value, end of period		$13.66			$13.84			$13.87			$13.82			$13.36			$12.75
Ratios and supplemental data:
Total return(b)		0.12%			0.84%			2.43%			3.98%			5.18%			2.70%
Net assets, end of period (000)		$853			$1,832			$4,436			$9,117			$12,940			$18,147
Ratio of net expenses to average net assets		1.95%	(c)		1.98%			1.95%			2.03%			1.92%			1.97%
Ratio of gross expenses to average net assets prior to expense reductions		1.95%	(c)		1.98%			1.95%			2.03%			1.92%			1.97%
Ratio of net investment income (loss) to average net assets		1.31%	(c)		0.83%			0.44%			0.60%			0.91%			1.07%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.84%	(c)		1.85%			1.84%			1.87%			1.89%			1.89%
	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.27			$13.32			$13.30			$12.88			$12.29			$12.08
Income from investment operations:
Net investment income (loss)(a)		0.08			0.11			0.06			0.08			0.11			0.13
Net realized and unrealized gain (loss)		(0.06	)		0.01			0.26			0.42			0.54			0.18
Total from investment operations		0.02			0.12			0.32			0.50			0.65			0.31
Distributions:
Dividends from net investment income		(0.03	)		(0.03	)		(0.04	)		(0.08	)		(0.06	)		(0.10	)
Dividends from net realized gains		(0.20	)		(0.14	)		(0.26	)		—			—			—
Total distributions		(0.23	)		(0.17	)		(0.30	)		(0.08	)		(0.06	)		(0.10	)
Net asset value, end of period		$13.06			$13.27			$13.32			$13.30			$12.88			$12.29
Ratios and supplemental data:
Total return(b)		0.16%			0.86%			2.40%			3.93%			5.28%			2.61%
Net assets, end of period (000)		$332,218			$339,054			$349,791			$289,520			$267,646			$299,733
Ratio of net expenses to average net assets		1.95%	(c)		1.98%			1.95%			2.02%			1.92%			1.97%
Ratio of gross expenses to average net assets prior to expense reductions		1.95%	(c)		1.98%			1.95%			2.02%			1.92%			1.97%
Ratio of net investment income (loss) to average net assets		1.29%	(c)		0.83%			0.42%			0.58%			0.90%			1.06%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.83%	(c)		1.86%			1.84%			1.87%			1.88%			1.89%

(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.

www.calamos.com 245

Calamos Market Neutral Income Fund    Financial Highlights

	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.94			$12.99			$12.97			$12.56			$12.00			$11.80
Income from investment operations:
Net investment income (loss)(a)		0.14			0.24			0.18			0.20			0.23			0.24
Net realized and unrealized gain (loss)		(0.06	)		—			0.25			0.42			0.51			0.19
Total from investment operations		0.08			0.24			0.43			0.62			0.74			0.43
Distributions:
Dividends from net investment income		(0.10	)		(0.15	)		(0.15	)		(0.21	)		(0.18	)		(0.23	)
Dividends from net realized gains		(0.20	)		(0.14	)		(0.26	)		—			—			—
Total distributions		(0.30	)		(0.29	)		(0.41	)		(0.21	)		(0.18	)		(0.23	)
Net asset value, end of period		$12.72			$12.94			$12.99			$12.97			$12.56			$12.00
Ratios and supplemental data:
Total return(b)		0.60%			1.89%			3.40%			5.01%			6.25%			3.70%
Net assets, end of period (000)		$2,439,772			$2,377,641			$2,470,829			$1,574,197			$1,040,722			$738,421
Ratio of net expenses to average net assets		0.95%	(c)		0.98%			0.95%			1.01%			0.92%			0.96%
Ratio of gross expenses to average net assets prior to expense reductions		0.95%	(c)		0.98%			0.95%			1.01%			0.92%			0.96%
Ratio of net investment income (loss) to average net assets		2.29%	(c)		1.83%			1.41%			1.57%			1.88%			2.04%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		0.83%	(c)		0.86%			0.84%			0.87%			0.88%			0.89%

(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.

246 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Market Neutral Income Fund    Financial Highlights

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2016			2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.03			$13.08			$13.05			$12.64			$12.08			$11.88
Income from investment operations:
Net investment income (loss)(a)		0.11			0.17			0.12			0.14			0.17			0.19
Net realized and unrealized gain (loss)		(0.06	)		0.01			0.26			0.42			0.52			0.18
Total from investment operations		0.05			0.18			0.38			0.56			0.69			0.37
Distributions:
Dividends from net investment income		(0.07	)		(0.09	)		(0.09	)		(0.15	)		(0.13	)		(0.17	)
Dividends from net realized gains		(0.20	)		(0.14	)		(0.26	)		—			—			—
Total distributions		(0.27	)		(0.23	)		(0.35	)		(0.15	)		(0.13	)		(0.17	)
Net asset value, end of period		$12.81			$13.03			$13.08			$13.05			$12.64			$12.08
Ratios and supplemental data:
Total return(b)		0.34%			1.36%			2.97%			4.47%			5.72%			3.18%
Net assets, end of period (000)		$8,200			$8,464			$9,099			$5,408			$5,199			$3,114
Ratio of net expenses to average net assets		1.45%	(c)		1.48%			1.45%			1.52%			1.42%			1.46%
Ratio of gross expenses to average net assets prior to expense reductions		1.45%	(c)		1.48%			1.45%			1.52%			1.42%			1.46%
Ratio of net investment income (loss) to average net assets		1.79%	(c)		1.33%			0.91%			1.08%			1.37%			1.55%
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.33%	(c)		1.36%			1.34%			1.37%			1.38%			1.39%

(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.

www.calamos.com 247

Calamos Hedged Equity Income 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, 2014* through October 31,
	2016			2015
Net asset value, beginning of period		$10.00			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.05			0.06
Net realized and unrealized gain (loss)		(0.07	)		0.01
Total from investment operations		(0.02	)		0.07
Distributions:
Dividends from net investment income		(0.11	)		(0.07	)
Dividends from net realized gains		(0.09	)		—
Total distributions		(0.20	)		(0.07	)
Net asset value, end of period		$9.78			$10.00
Ratios and supplemental data:
Total return(b)		(0.19%	)		0.67%
Net assets, end of period (000)		$9,602			$5,661
Ratio of net expenses to average net assets		1.25%	(c)		1.25%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.38%	(c)		3.05%	(c)
Ratio of net investment income (loss) to average net assets		1.01%	(c)		0.78%	(c)
	(Unaudited) Six Months Ended April 30,			December 31, 2014* through October 31,
	2016			2015
Portfolio turnover rate		8.4%			29.4%

* 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 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.

248 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Hedged Equity Income Fund    Financial Highlights

	CLASS C
	(Unaudited) Six Months Ended April 30,			December 31, 2014* through October 31,
	2016			2015
Net asset value, beginning of period		$9.98			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.01			(0.00	)**
Net realized and unrealized gain (loss)		(0.07	)		0.01
Total from investment operations		(0.06	)		0.01
Distributions:
Dividends from net investment income		(0.07	)		(0.03	)
Dividends from net realized gains		(0.09	)		—
Total distributions		(0.16	)		(0.03	)
Net asset value, end of period		$9.76			$9.98
Ratios and supplemental data:
Total return(b)		(0.61%	)		0.09%
Net assets, end of period (000)		$163			$100
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		3.16%	(c)		3.79%	(c)
Ratio of net investment income (loss) to average net assets		0.21%	(c)		0.03%	(c)
	CLASS I
	(Unaudited) Six Months Ended April 30,			December 31, 2014* through October 31,
	2016			2015
Net asset value, beginning of period		$10.01			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.06			0.09
Net realized and unrealized gain (loss)		(0.07	)		—
Total from investment operations		(0.01	)		0.09
Distributions:
Dividends from net investment income		(0.12	)		(0.08	)
Dividends from net realized gains		(0.09	)		—
Total distributions		(0.21	)		(0.08	)
Net asset value, end of period		$9.79			$10.01
Ratios and supplemental data:
Total return(b)		(0.08%	)		0.89%
Net assets, end of period (000)		$6,102			$5,527
Ratio of net expenses to average net assets		1.00%	(c)		1.00%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.13%	(c)		2.80%	(c)
Ratio of net investment income (loss) to average net assets		1.31%	(c)		1.03%	(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 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.

www.calamos.com 249

Calamos Hedged Equity Income Fund    Financial Highlights

	CLASS R
	(Unaudited) Six Months Ended April 30,			December 31, 2014* through October 31,
	2016			2015
Net asset value, beginning of period		$10.00			$10.00
Income from investment operations:
Net investment income (loss)(a)		0.04			0.04
Net realized and unrealized gain (loss)		(0.08	)		0.01
Total from investment operations		(0.04	)		0.05
Distributions:
Dividends from net investment income		(0.10	)		(0.05	)
Dividends from net realized gains		(0.09	)		—
Total distributions		(0.19	)		(0.05	)
Net asset value, end of period		$9.77			$10.00
Ratios and supplemental data:
Total return(b)		(0.43%	)		0.54%
Net assets, end of period (000)		$100			$100
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		2.64%	(c)		3.29%	(c)
Ratio of net investment income (loss) to average net assets		0.83%	(c)		0.53%	(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 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.

250 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Phineus Long/Short Fund    Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	CLASS A
	(Unaudited) April 5, 2016* through April 30,
	2016
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)		0.49
Total from investment operations		0.49
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.49
Ratios and supplemental data:
Total return(b)		4.90%
Net assets, end of period (000)		$270
Ratio of net expenses to average net assets		2.10%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		7.84%	(c)
Ratio of net investment income (loss) to average net assets		(0.43%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		2.00%	(c)
	(Unaudited) April 5, 2016* through April 30,
	2016
Portfolio turnover rate		43.1%

* 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 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.

www.calamos.com 251

Calamos Phineus Long/Short Fund    Financial Highlights

	CLASS C
	(Unaudited) April 5, 2016* through April 30,
	2016
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)		0.50
Total from investment operations		0.49
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.49
Ratios and supplemental data:
Total return(b)		4.90%
Net assets, end of period (000)		$120
Ratio of net expenses to average net assets		2.89%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		10.67%	(c)
Ratio of net investment income (loss) to average net assets		(1.73%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		2.75%	(c)
	CLASS I
	(Unaudited) April 5, 2016* through April 30,
	2016
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)		0.50
Total from investment operations		0.50
Distributions:
Dividends from net investment income		—
Dividends from net realized gains		—
Total distributions		—
Net asset value, end of period		$10.50
Ratios and supplemental data:
Total return(b)		4.90%
Net assets, end of period (000)		$12,704
Ratio of net expenses to average net assets		1.92%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		7.45%	(c)
Ratio of net investment income (loss) to average net assets		(0.28%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.75%	(c)

* Commencement of operations.

** Amounts are less than $0.005.

(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 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.

252 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

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,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.72			$10.84			$10.28			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.05	)		(0.15	)		(0.11	)		(0.06	)
Net realized and unrealized gain (loss)		(0.42	)		0.16			0.76			0.34
Total from investment operations		(0.47	)		0.01			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		$10.25			$10.72			$10.84			$10.28
Ratios and supplemental data:
Total return(b)		(4.38%	)		0.09%			6.33%			2.80%
Net assets, end of period (000)		$14,459			$30,304			$39,722			$9,258
Ratio of net expenses to average net assets		2.58%	(c)		2.26%			2.57%			2.42%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.58%	(c)		2.26%			2.57%			3.03%	(c)
Ratio of net investment income (loss) to average net assets		(0.97%	)(c)		(1.37%	)		(1.07%	)		(1.53%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.88%	(c)		1.78%			1.79%			2.00%	(c)
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						June 3, 2013* through October 31,
	2016			2015			2014			2013
Portfolio turnover rate		73.3%			154.9%			260.4%			132.1%

* 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.

www.calamos.com 253

Calamos Long/Short Fund    Financial Highlights

	CLASS C
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						June 3, 2013* through October 31,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.54			$10.74			$10.24			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.09	)		(0.23	)		(0.23	)		(0.09	)
Net realized and unrealized gain (loss)		(0.41	)		0.16			0.81			0.33
Total from investment operations		(0.50	)		(0.07	)		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		$10.04			$10.54			$10.74			$10.24
Ratios and supplemental data:
Total return(b)		(4.74%	)		(0.66%	)		5.66%			2.40%
Net assets, end of period (000)		$4,269			$4,986			$6,489			$383
Ratio of net expenses to average net assets		3.43%	(c)		3.01%			3.23%			3.13%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		3.43%	(c)		3.01%			3.23%			3.52%	(c)
Ratio of net investment income (loss) to average net assets		(1.79%	)(c)		(2.11%	)		(2.22%	)		(2.22%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		2.65%	(c)		2.53%			2.51%			2.75%	(c)
	CLASS I
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						June 3, 2013* through October 31,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.78			$10.87			$10.29			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.04	)		(0.12	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss)		(0.41	)		0.16			0.73			0.34
Total from investment operations		(0.45	)		0.04			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		$10.33			$10.78			$10.87			$10.29
Ratios and supplemental data:
Total return(b)		(4.17%	)		0.37%			6.56%			2.90%
Net assets, end of period (000)		$26,816			$47,488			$83,654			$36,433
Ratio of net expenses to average net assets		2.38%	(c)		2.01%			2.10%			2.09%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.38%	(c)		2.01%			2.10%			2.34%	(c)
Ratio of net investment income (loss) to average net assets		(0.78%	)(c)		(1.13%	)		(0.43%	)		(1.16%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		1.64%	(c)		1.52%			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.

254 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Calamos Long/Short Fund    Financial Highlights

	CLASS R
	(Unaudited) Six Months Ended April 30,			Year Ended October 31,						June 3, 2013* through October 31,
	2016			2015			2014			2013
Net asset value, beginning of period		$10.66			$10.81			$10.27			$10.00
Income from investment operations:
Net investment income (loss)(a)		(0.06	)		(0.17	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss)		(0.40	)		0.15			0.69			0.34
Total from investment operations		(0.46	)		(0.02	)		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		$10.20			$10.66			$10.81			$10.27
Ratios and supplemental data:
Total return(b)		(4.40%	)		(0.10%	)		6.06%			2.70%
Net assets, end of period (000)		$26			$109			$109			$103
Ratio of net expenses to average net assets		2.93%	(c)		2.51%			2.68%			2.60%	(c)
Ratio of gross expenses to average net assets prior to expense reductions		2.93%	(c)		2.51%			2.68%			3.26%	(c)
Ratio of net investment income (loss) to average net assets		(1.26%	)(c)		(1.62%	)		(0.64%	)		(1.68%	)(c)
Ratio of net expenses, excluding dividend expense on short positions, to average net assets		2.14%	(c)		2.03%			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.

www.calamos.com 255

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 Income Fund, Calamos Phineus Long/Short Fund, and Calamos Long/Short Fund (the “Funds”), as of April 30, 2016, and the related statements of operations and changes in net assets, and the financial highlights for the six month period then ended. These 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 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 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, 2015 and the financial highlights for each of the periods presented in the period then ended; and in our report dated December 16, 2015, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights.

Chicago, Illinois

June 15, 2016

256 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

Trustee Approval of Management Agreement    (Unaudited)

The Board of Trustees of the Calamos Phineus Long/Short Fund (the “New Fund”) oversees the management of the New Fund, and, as required by law, determines whether to approve the New Fund’s management agreement with Calamos Advisors (the “Adviser”) pursuant to which the Adviser serves as the investment manager and administrator for the New Fund. The “Independent Trustees,” who comprise more than 80% of the Board, have never been affiliated with the Adviser.

In connection with their consideration regarding the approval of the management agreement, the Trustees received and reviewed a substantial amount of information provided by the Adviser in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel and, in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

At a meeting held on December 15, 2015, based on their evaluation of the information referred to above and other information, the Trustees determined that the overall arrangements between the New Fund and the Adviser were fair and reasonable in light of the nature, extent and quality of the services provided by the Adviser and its affiliates, the fees charged for those services and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the management agreement through July 31, 2016, subject to possible earlier termination as provided in the agreement.

In connection with its consideration of the management agreement, the Board considered, among other things: (i) the nature, extend and quality of the Adviser’s services to be provided, (ii) the fees and other expenses paid by the New Fund as well as expense information for comparable funds, (iii) the expected profitability of the Adviser and its affiliates from their relationship with the New Fund, (iv) whether economies of scale may be realized as the New Fund grows and whether potential economies may be shared, in some measure, with the New Fund’s investors;, and (v) other benefits to the Adviser from its relationship with the New Fund. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve the management agreement, and each Trustee may have afforded different weight to the various factors.

Nature, 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 Fund took into account the knowledge gained from the Board’s meetings with the Adviser throughout the year. In addition, the Board considered: the Adviser’s long-term history of managing the other Funds in the Calamos fund complex; the consistency of investment approach; the background and experience of the Adviser’s investment personnel responsible for managing the New Fund; and 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 considered the expertise of the Fund’s portfolio manager and his historical performance results. The Board also reviewed the Adviser’s resources and key personnel expected to provide investment management services to the New Fund. Last, the Board 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 Fund were appropriate and consistent with the management agreement and that the New Fund was likely to benefit from services provided under the management agreement with the Adviser.

Investment Performance of the Fund.  Because the New Fund has not yet commenced operations, the Board did not consider the investment performance of the New Fund, though it did consider the portfolio manager’s historical performance record.

Costs of Services Provided and Profits Realized by the Adviser.  The Board evaluated the New Fund’s 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 the New Fund’s Morningstar Peer Group (the New Fund’s “Expense Group”). The Board noted the Adviser’s agreement to reimburse the New Fund for a portion of its expenses if the New Fund’s expense ratio otherwise would exceed a certain level. In light of all the information presented, the Board concluded that it would be in the best interest of the New Fund and its shareholders to approve the management agreement.

Economies of Scale and Fee Levels Reflecting Those Economies.  The Board considered whether the New Fund’s proposed management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board recognized that breakpoints in the proposed fee schedule for the New Fund could result in the sharing of economies of scale as the New Fund’s assets increase. The Board also considered the Adviser’s agreement to reimburse the New Fund for a portion of its expenses if the New Fund’s respective expense ratios otherwise would exceed a certain level. The Board concluded that the breakpoints in the

www.calamos.com 257

Trustee Approval of Management Agreement    (Unaudited)

proposed fee schedules for the New Fund allow shareholder to benefit from potential economies of scale that may be achieved be the Adviser.

Profitability.  The Board did not consider information concerning the costs incurred and profits realized by the Adviser as the New Fund had not yet commenced operations.

Other Benefits Derived from the Relationship with the Fund.  The Board considered other benefits that could accrue to the Adviser and its affiliates from their relationship with the New Fund. The Board also considered the Adviser’s use of a portion of the commissions paid by the New Fund on its portfolio brokerage transactions to obtain research products and services benefiting the New Fund and/or other clients of the Adviser.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the proposed amendment to the Trust’s management agreement with the Adviser to add the New Fund was in the best interest of the New Fund and its shareholders.

258 CALAMOS OPEN-END FAMILY OF FUNDS SEMIANNUAL REPORT

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, 2016, 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, 2016. 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, 2015 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.

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

^© 2016 Calamos Investments LLC. All Rights Reserved.

Calamos^® and Calamos Investments^® are registered

trademarks of Calamos Investments LLC.

MFSAN 1631 2016

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 21, 2016

By:	/s/    Nimish S. Bhatt
Name:	Nimish S. Bhatt
Title:	Principal Financial Officer
Date:	June 21, 2016

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 21, 2016

By:	/s/     Nimish S. Bhatt
Name:	Nimish S. Bhatt
Title:	Principal Financial Officer
Date:	June 21, 2016