Calamos Dynamic Convertible and Income Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-22949

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:	Calamos Dynamic Convertible and Income Fund

ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:	2020 Calamos Court
	Naperville, Illinois 60563-2787

NAME AND ADDRESS OF AGENT FOR SERVICE:	John P. Calamos, Sr., Founder, Chairman and
	Global Chief Investment Officer
	Calamos Advisors LLC
	2020 Calamos Court
	Naperville, Illinois 60563-2787

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

DATE OF FISCAL YEAR END: October 31, 2024

DATE OF REPORTING PERIOD: November 1, 2023 through April 30, 2024

ITEM 1(a). REPORT TO SHAREHOLDERS.

TIMELY INFORMATION INSIDE

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

Family of Closed-End Funds

SEMIANNUAL REPORT APRIL 30, 2024

Domestic Funds

Calamos Convertible Opportunities and Income Fund (Ticker: CHI)

Calamos Convertible and High Income Fund (Ticker: CHY)

Calamos Strategic Total Return Fund (Ticker: CSQ)

Calamos Dynamic Convertible and Income Fund (Ticker: CCD)

Global Funds

Calamos Global Dynamic Income Fund (Ticker: CHW)

Calamos Global Total Return Fund (Ticker: CGO)

Calamos Long/Short Equity & Dynamic Income Trust (Ticker: CPZ)

Experience and Foresight

Calamos is a trusted and leading provider of closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle.

Our Managed Distribution Policy

(for Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, and Calamos Long/Short Equity & Dynamic Income Fund)

Closed-end fund investors often seek a steady stream of income. Recognizing this important need, certain Calamos closed-end funds adhere to a managed distribution policy in which we aim to provide consistent monthly distributions through the disbursement of the following:

• Net investment income

• Net realized short-term capital gains

• Net realized long-term capital gains

• And, if necessary, return of capital

We set distributions at levels that we believe are sustainable for the long term. Each Fund's current monthly distribution per share as of April 30, 2024 is as follows:

• Calamos Convertible Opportunities and Income Fund: $0.0950

• Calamos Convertible and High Income Fund: $0.1000

• Calamos Strategic Total Return Fund: $0.1025

• Calamos Dynamic Convertible and Income Fund: $0.1950

• Calamos Long/Short Equity & Dynamic Income Fund: $0.1400

Our team focuses on delivering an attractive monthly distribution, while maintaining a long-term emphasis on risk management. The level of a Fund's distribution can be greatly influenced by market conditions, including the interest rate environment, the individual performance of securities held by the funds, our view of retaining leverage, fund tax considerations, and regulatory requirements.

You should not draw any conclusions about a Fund's investment performance from the amount of its distribution or from the terms of a Fund's plan. The Funds' Board of Trustees may amend or terminate the managed distribution policy at any time without prior notice to the Fund's shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of a Fund's managed distribution policy.

For more information about any of the Calamos closed-end funds, we encourage you to contact your financial advisor or Calamos Investments at 800.582.6959 (Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time). You can also visit us at www.calamos.com.

TABLE OF CONTENTS

Statements of Assets and Liabilities					1
Statements of Operations					3
Statements of Changes In Net Assets					5
Statements of Cash Flows					8
Financial Highlights					16
Schedules of Investments					29
Notes to Financial Statements					146
Report of Independent Registered Public Accounting Firm					159
About Closed-End Funds					160
Managed and Level Distribution Policies					161
Automatic Dividend Reinvestment Plan					162
Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions					163

Statements of Assets and Liabilities April 30, 2024 (Unaudited)

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND			CONVERTIBLE AND HIGH INCOME FUND			STRATEGIC TOTAL RETURN FUND		DYNAMIC CONVERTIBLE AND INCOME FUND
ASSETS
Investments in securities, at cost	$	1,185,400,692		$	1,291,268,212		$	2,671,923,425	$	793,239,835
Investment in securities, at value*	$	1,138,696,354		$	1,239,062,992		$	3,577,640,100	$	771,729,396
Cash with custodian		39,299,842			35,529,316			152,843,581		27,966,272
Restricted cash for short positions		—			—			—		690
Receivables:
Investments sold		4,016,327			4,507,612			16,517,516		3,379,336
Accrued interest and dividends		7,402,695			8,017,391			11,018,771		3,322,026
Fund shares sold		—			—			2,059		—
Prepaid expenses		438,112			474,976			1,672,365		303,554
Other assets		202,110			174,425			246,919		—
Total assets		1,190,055,440			1,287,766,712			3,759,941,311		806,701,274
LIABILITIES
Options written, at value (premium $2,504,579)		—			—			1,666,590		—
Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued, and outstanding, in 000's) (Note 8)
Series B (1,330, 1,460, 3,220, and 850 shares, respectively)⁽¹⁾		33,231,630			36,479,792			80,455,548		21,238,245
Series C (1,340, 1,480, 3,240, and 860 shares, respectively)⁽²⁾		33,375,863			36,863,449			80,699,588		21,420,552
Series D (1,320, 1,400, 2,480, and 1,120 shares, respectively)⁽³⁾		32,858,243			34,850,566			61,732,157		27,876,290
Series E (1,330, 1,460, and 850 shares, respectively)⁽⁴⁾		33,046,576			36,278,072			—		21,116,156
Series F (4,000 shares)⁽⁵⁾		—			—			99,523,256		—
Payables:
Notes payable (Note 7)		314,400,000			340,400,000			860,500,000		210,000,000
Distributions payable to Mandatory Redeemable Preferred Shareholders		376,868			412,260			1,001,330		254,805
Investments purchased		7,100,732			8,736,609			15,342,602		2,562,477
Affiliates:
Investment Advisory fees		782,612			846,382			3,114,547		666,453
Deferred compensation to trustees		202,110			174,425			246,919		—
Trustees' fees and officer compensation		13,380			14,200			29,084		10,241
Other accounts payable and accrued liabilities		1,663,229			1,730,347			4,613,012		1,196,159
Total liabilities		457,051,243			496,786,102			1,208,924,633		306,341,378
NET ASSETS	$	733,004,197		$	790,980,610		$	2,551,016,678	$	500,359,896
COMPOSITION OF NET ASSETS
Common stock, no par value, unlimited shares authorized	$	840,820,735		$	911,351,378		$	1,890,367,045	$	565,603,660
Accumulated distributable earnings (loss)		(107,816,538	)		(120,370,768	)		660,649,633		(65,243,764	)
NET ASSETS	$	733,004,197		$	790,980,610		$	2,551,016,678	$	500,359,896
Net asset value per common shares	$	9.74		$	10.30		$	15.91	$	18.69
Shares Outstanding		75,238,025			76,762,574			160,369,635		26,772,582
* Includes securities on loan	$	52,763,336		$	52,211,933		$	773,609,573	$	24,748,771
(1) Net of deferred offering costs (Series B)	$	18,370		$	20,208		$	44,452	$	11,755
(2) Net of deferred offering costs (Series C)	$	124,137		$	136,551		$	300,412	$	79,448
(3) Net of deferred offering costs (Series D)	$	141,757		$	149,434		$	267,843	$	123,710
(4) Net of deferred offering costs (Series E)	$	203,424		$	221,928		$	—	$	133,844
(5) Net of deferred offering costs (Series F)	$	—		$	—		$	476,744	$	—

See accompanying Notes to Financial Statements

www.calamos.com
1

Statements of Assets and Liabilities April 30, 2024 (Unaudited)

	GLOBAL DYNAMIC INCOME FUND			GLOBAL TOTAL RETURN FUND			LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
ASSETS
Investments in securities, at cost	$	745,748,132		$	162,279,121		$	474,564,203
Investment in securities, at value*	$	645,470,154		$	152,136,693		$	463,615,118
Cash with custodian		31,802,833			7,660,406			207,899
Restricted cash for short positions		—			45			234,728,004
Foreign currency (cost $8,876, $1,745 and $154)		8,873			1,744			154
Receivables:
Investments sold		38,152,893			188,665			8,288,974
Accrued interest and dividends		2,651,393			567,324			1,896,437
Fund shares sold		—			—			—
Prepaid expenses		263,089			84,217			13,508
Other assets		93,822			59,621			812,545
Total assets		718,443,057			160,698,715			709,562,639
LIABILITIES
Due to custodian bank		—			—			39,311
Due to custodian bank - Foreign currency (cost $159)		—			—			159
Securities sold short, at value (proceeds $211,055,532)		—			—			227,122,982
Options written, at value (premium $164,769, $30,987 and $4,853,310)		398,719			91,504			4,427,252
Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued, and outstanding, in 000's) (Note 8)
Series B (860 and 160 shares, respectively)⁽¹⁾		21,488,059			3,997,795			—
Series C (880 and 160 shares, respectively)⁽²⁾		21,919,314			3,985,104			—
Series D (200 and 200 shares, respectively)⁽³⁾		4,975,856			4,967,220			—
Series E (860 and 160 shares, respectively)⁽⁴⁾		21,353,402			3,962,924			—
Payables:
Notes payable (Note 7)		147,050,000			34,350,000			120,000,000
Distributions payable to Mandatory Redeemable Preferred Shareholders		212,840			47,464			—
Investments purchased		40,571,013			454,793			4,679,905
Affiliates:
Investment Advisory fees		558,140			131,808			519,094
Deferred compensation to trustees		93,822			59,621			—
Trustees' fees and officer compensation		8,236			4,419			5,265
Other accounts payable and accrued liabilities		1,465,138			481,294			720,201
Total liabilities		260,094,539			52,533,946			357,514,169
NET ASSETS	$	458,348,518		$	108,164,769		$	352,048,470
COMPOSITION OF NET ASSETS
Common stock, no par value, unlimited shares authorized	$	546,739,904		$	114,926,525		$	392,628,225
Accumulated distributable earnings (loss)		(88,391,386	)^(a)		(6,761,756	)^(a)		(40,579,755	)
NET ASSETS	$	458,348,518		$	108,164,769		$	352,048,470
Net asset value per common shares	$	7.18		$	11.01		$	17.93
Shares Outstanding		63,864,387			9,825,838			19,632,194
* Includes securities on loan	$	20,699,256		$	17,757,362		$	792,978
(1) Net of deferred offering costs (Series B)	$	11,941		$	2,205		$	—
(2) Net of deferred offering costs (Series C)	$	80,686		$	14,896		$	—
(3) Net of deferred offering costs (Series D)	$	24,144		$	32,780		$	—
(4) Net of deferred offering costs (Series E)	$	146,598		$	37,076		$	—
(5) Net of deferred offering costs (Series F)	$	—		$	—		$	—

(a) Net of deferred foreign capital gains tax of $(530,016) and $(155,985), respectively.

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
2

Statements of Operations Six Months Ended April 30, 2024 (Unaudited)

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND			CONVERTIBLE AND HIGH INCOME FUND			STRATEGIC TOTAL RETURN FUND			DYNAMIC CONVERTIBLE AND INCOME FUND
INVESTMENT INCOME
Interest	$	17,441,970		$	18,714,058		$	25,990,674		$	7,786,020
Interest on short sales		—			—			—			266
(Amortization)/accretion of investment securities		(11,929,579	)		(12,903,375	)		(6,058,428	)		(10,480,069	)
Net interest		5,512,391			5,810,683			19,932,246			(2,693,783	)
Dividends		1,106,324			1,195,541			18,307,248			824,849
Dividend taxes withheld		—			—			(39,470	)		—
Total investment income (loss)		6,618,715			7,006,224			38,200,024			(1,868,934	)
EXPENSES
Investment advisory fees		4,724,545			5,108,213			18,055,061			4,025,469
Interest expense on Notes Payable (Note 6)		9,340,626			10,120,369			24,345,882			6,280,820
Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 7)		2,343,682			2,559,078			6,152,250			1,599,364
Printing and mailing fees		58,063			63,394			113,687			39,460
Legal fees		45,848			48,663			149,548			35,124
Accounting fees		42,148			44,400			102,804			34,314
Fund administration fees		35,531			38,377			103,603			24,246
Tax fees		34,825			37,607			103,920			23,744
Audit fees		32,692			34,600			78,526			25,126
Trustees' fees and officer compensation		28,626			30,432			73,653			21,434
Transfer agent fees		21,896			19,122			17,394			18,782
Registration fees		9,648			9,852			20,685			3,417
Custodian fees		8,290			8,725			22,021			6,792
Other		44,630			46,275			90,429			36,847
Total expenses		16,771,050			18,169,107			49,429,463			12,174,939
NET INVESTMENT INCOME (LOSS)		(10,152,335	)		(11,162,883	)		(11,229,439	)		(14,043,873	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		4,638,338			4,856,363			(22,560,502	)		8,324,267
Purchased options		2,051,228			2,200,191			(3,982,086	)		1,804,685
Foreign currency transactions		—			—			(138	)		—
Written options		—			—			746,310			—
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		102,131,477			111,947,589			535,123,938			73,619,890
Purchased options		12,889			10,865			131,946			30,130
Foreign currency translations		—			—			1,668			—
Written options		—			—			837,989			—
NET GAIN (LOSS)		108,833,932			119,015,008			510,299,125			83,778,972
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	98,681,597		$	107,852,125		$	499,069,686		$	69,735,099

See accompanying Notes to Financial Statements

www.calamos.com
3

Statements of Operations Six Months Ended April 30, 2024 (Unaudited)

	GLOBAL DYNAMIC INCOME FUND			GLOBAL TOTAL RETURN FUND			LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
INVESTMENT INCOME
Interest	$	5,905,541		$	1,205,983		$	4,152,310
Interest on short sales		—			—			5,866,265
(Amortization)/accretion of investment securities		(1,966,663	)		(526,439	)		3,814
Net interest		3,938,878			679,544			10,022,389
Dividends		3,145,263			822,807			2,583,032
Foreign taxes withheld		(191,775	)		(54,059	)		(26,204	)
Total investment income (loss)		6,892,366			1,448,292			12,579,217
EXPENSES
Investment advisory fees		3,191,506			750,806			3,101,673
Interest expense on Notes Payable (Note 7)		4,072,294			939,888			3,557,985
Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8)		1,319,087			318,607			—
Printing and mailing fees		41,492			19,898			28,673
Legal fees		47,122			15,273			31,285
Accounting fees		35,651			18,341			26,386
Fund administration fees		18,941			4,325			14,252
Tax fees		33,660			20,572			13,870
Audit fees		21,262			11,928			16,786
Trustees' fees and officer compensation		17,806			8,800			16,237
Transfer agent fees		18,896			21,406			10,154
Registration fees		8,276			1,273			2,544
Custodian fees		70,758			31,037			38,958
Dividend or interest expense on short positions		—			—			1,420,179
Other		36,022			22,518			92,709
Total expenses		8,932,773			2,184,672			8,371,691
NET INVESTMENT INCOME (LOSS)		(2,040,407	)		(736,380	)		4,207,526
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		49,558,824	^(a)		12,647,614	^(a)		44,483,066
Purchased options		(7,306,344	)		(1,799,704	)		(12,170,841	)
Foreign currency transactions		(143,510	)		(36,239	)		7,055
Written options		(65,587	)		8,485			3,734,616
Short positions		—			—			(24,116,164	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		49,078,635	^(b)		11,765,134	^(b)		45,345,373
Purchased options		5,750,091			1,497,129			874,145
Foreign currency translations		(2,461	)		(720	)		979
Written options		(186,740	)		(43,343	)		(130,086	)
Short positions		—			—			(18,473,224	)
NET GAIN (LOSS)		96,682,908			24,038,356			39,554,919
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	94,642,501		$	23,301,976		$	43,762,445

(a) Net of foreign capital gains tax of $724,319 and $200,457, respectively.

(b) Net of change of $(350,512) and $(98,179), respectively in deferred capital gains tax.

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
4

Statements of Changes in Net Assets

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND						CONVERTIBLE AND HIGH INCOME FUND						STRATEGIC TOTAL RETURN FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	(10,152,335	)	$	(7,707,689	)	$	(11,162,883	)	$	(8,936,047	)	$	(11,229,439	)	$	(13,950,035	)
Net realized gain (loss)		6,689,566			86,950,149			7,056,554			95,774,113			(25,796,416	)		196,397,180
Change in unrealized appreciation/(depreciation)		102,144,366			(89,072,698	)		111,958,454			(96,449,417	)		536,095,541			(12,807,341	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		98,681,597			(9,830,238	)		107,852,125			(9,611,351	)		499,069,686			169,639,804
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Distributions		(42,751,460	)		(84,820,549	)		(45,927,090	)		(91,178,228	)		(98,606,102	)		(196,582,807	)
Return of capital		—			—			—			—			—			—
Net decrease in net assets from distributions to common shareholders		(42,751,460	)		(84,820,549	)		(45,927,090	)		(91,178,228	)		(98,606,102	)		(196,582,807	)
CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold		—			—			—			—			—			9,878,699
Reinvestment of distributions resulting in the issuance of stock		4,292,331			7,716,841			4,234,807			7,782,199			550,419			10,409,380
Net increase (decrease) in net assets from capital stock transactions		4,292,331			7,716,841			4,234,807			7,782,199			550,419			20,288,079
TOTAL INCREASE (DECREASE) IN NET ASSETS		60,222,468			(86,933,946	)		66,159,842			(93,007,380	)		401,014,003			(6,654,924	)
NET ASSETS
Beginning of period	$	672,781,729		$	759,715,675		$	724,820,768		$	817,828,148		$	2,150,002,675		$	2,156,657,599
End of period	$	733,004,197		$	672,781,729		$	790,980,610		$	724,820,768		$	2,551,016,678		$	2,150,002,675

See accompanying Notes to Financial Statements

www.calamos.com
5

Statements of Changes in Net Assets

	DYNAMIC CONVERTIBLE AND INCOME FUND						GLOBAL DYNAMIC INCOME FUND						GLOBAL TOTAL RETURN FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	(14,043,873	)	$	(16,557,803	)	$	(2,040,407	)	$	(4,968,800	)	$	(736,380	)	$	(1,707,700	)
Net realized gain (loss)		10,128,952			81,214,594			42,043,383			21,633,158			10,820,156			7,424,177
Change in unrealized appreciation/(depreciation)		73,650,020			(81,728,395	)		54,639,525			13,418,308			13,218,200			(913,955	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		69,735,099			(17,071,604	)		94,642,501			30,082,666			23,301,976			4,802,522
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Distributions		(31,244,451	)		(61,802,066	)		(19,159,316	)		(19,096,474	)		(4,716,402	)		(6,618,494	)
Return of capital		—			—			—			(19,222,158	)		—			(2,813,588	)
Net decrease in net assets from distributions to common shareholders		(31,244,451	)		(61,802,066	)		(19,159,316	)		(38,318,632	)		(4,716,402	)		(9,432,082	)
CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold		—			4,371,538			—			—			—			—
Reinvestment of distributions resulting in the issuance of stock		2,504,222			7,254,396			—			—			—			23,134
Net increase (decrease) in net assets from capital stock transactions		2,504,222			11,625,934			—			—			—			23,134
TOTAL INCREASE (DECREASE) IN NET ASSETS		40,994,870			(67,247,736	)		75,483,185			(8,235,966	)		18,585,574			(4,606,426	)
NET ASSETS
Beginning of period	$	459,365,026		$	526,612,762		$	382,865,333		$	391,101,299		$	89,579,195		$	94,185,621
End of period	$	500,359,896		$	459,365,026		$	458,348,518		$	382,865,333		$	108,164,769		$	89,579,195

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
6

Statements of Changes in Net Assets

	LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024			YEAR ENDED OCTOBER 31, 2023
OPERATIONS
Net investment income (loss)	$	4,207,526		$	4,692,577
Net realized gain (loss)		11,937,732			22,502,178
Change in unrealized appreciation/(depreciation)		27,617,187			(16,183,025	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		43,762,445			11,011,730
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Distributions		(16,491,043	)		(32,982,086	)
Return of capital		—			—
Net decrease in net assets from distributions to common shareholders		(16,491,043	)		(32,982,086	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		27,271,402			(21,970,356	)
NET ASSETS
Beginning of period	$	324,777,068		$	346,747,424
End of period	$	352,048,470		$	324,777,068

See accompanying Notes to Financial Statements

www.calamos.com
7

Statement of Cash Flows

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	98,681,597
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(313,510,631	)
Proceeds from disposition of investment securities, including purchased options		367,013,562
Amortization and accretion of fixed-income securities		11,929,579
Amortization of offering costs on Mandatory Redeemable Preferred Shares		130,841
Net realized gains/losses from investments, excluding purchased options		(4,638,338	)
Net realized gains/losses from purchased options		(2,051,228	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(102,131,477	)
Change in unrealized appreciation or depreciation on purchased options		(12,889	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		78,608
Prepaid expenses		(44,436	)
Other assets		(36,450	)
Increase/(decrease) in liabilities:
Payables to affiliates		39,021
Other accounts payable and accrued liabilities		17,533
Net cash provided by/(used in) operating activities	$	55,465,292
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(38,459,129	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(12,158	)
Offering costs on Mandatory Redeemable Preferred Shares		(22,603	)
Net cash provided by/(used in) financing activities	$	(38,493,890	)
Net increase/(decrease) in cash	$	16,971,402
Cash and restricted cash at beginning of period	$	22,328,440
Cash at end of period	$	39,299,842
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	9,389,457
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	2,355,840
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	4,292,331
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		39,299,842
Total cash and restricted cash at period end	$	39,299,842

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
8

Statement of Cash Flows

	CONVERTIBLE AND HIGH INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	107,852,125
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(338,921,105	)
Proceeds from disposition of investment securities, including purchased options		397,374,572
Amortization and accretion of fixed-income securities		12,903,375
Amortization of offering costs on Mandatory Redeemable Preferred Shares		140,117
Net realized gains/losses from investments, excluding purchased options		(4,856,363	)
Net realized gains/losses from purchased options		(2,200,191	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(111,947,589	)
Change in unrealized appreciation or depreciation on purchased options		(10,865	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		84,278
Prepaid expenses		(45,434	)
Other assets		(31,457	)
Increase/(decrease) in liabilities:
Payables to affiliates		35,196
Other accounts payable and accrued liabilities		4,655
Net cash provided by/(used in) operating activities	$	60,381,314
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(41,692,283	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(13,291	)
Offering costs on Mandatory Redeemable Preferred Shares		(22,753	)
Net cash provided by/(used in) financing activities	$	(41,728,327	)
Net increase/(decrease) in cash	$	18,652,987
Cash and restricted cash at beginning of period	$	16,876,329
Cash at end of period	$	35,529,316
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	10,173,278
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	2,572,369
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	4,234,807
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		35,529,316
Total cash and restricted cash at period end	$	35,529,316

See accompanying Notes to Financial Statements

www.calamos.com
9

Statement of Cash Flows

	STRATEGIC TOTAL RETURN FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	499,069,686
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(549,281,998	)
Proceeds paid on closing written options		(1,514,868	)
Proceeds from disposition of investment securities, including purchased options		667,361,718
Premiums received from written options		4,765,757
Amortization and accretion of fixed-income securities		6,058,428
Amortization of offering costs on Mandatory Redeemable Preferred Shares		267,883
Net realized gains/losses from investments, excluding purchased options		22,560,502
Net realized gains/losses from purchased options		3,982,086
Net realized gains/losses from written options		(746,310	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(535,123,938	)
Change in unrealized appreciation or depreciation on purchased options		(131,946	)
Change in unrealized appreciation or depreciation on written options		(837,989	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(103,245	)
Prepaid expenses		(638,336	)
Other assets		(44,532	)
Increase/(decrease) in liabilities:
Payables to affiliates		324,940
Other accounts payable and accrued liabilities		267,209
Net cash provided by/(used in) operating activities	$	116,235,047
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(98,055,683	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(32,332	)
Offering costs on Mandatory Redeemable Preferred Shares		(24,672	)
Proceeds from Note payable		60,000,000
Net cash provided by/(used in) financing activities	$	(38,112,687	)
Net increase/(decrease) in cash	$	78,122,360
Cash and restricted cash at beginning of period	$	74,721,221
Cash at end of period	$	152,843,581
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	24,182,841
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	6,184,582
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	550,419
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		152,843,581
Total cash and restricted cash at period end	$	152,843,581

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
10

Statement of Cash Flows

	DYNAMIC CONVERTIBLE AND INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	69,735,099
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(234,517,145	)
Proceeds from disposition of investment securities, including purchased options		274,412,204
Amortization and accretion of fixed-income securities		10,480,069
Amortization of offering costs on Mandatory Redeemable Preferred Shares		99,058
Net realized gains/losses from investments, excluding purchased options		(8,324,267	)
Net realized gains/losses from purchased options		(1,804,685	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(73,619,890	)
Change in unrealized appreciation or depreciation on purchased options		(30,130	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(71,297	)
Prepaid expenses		(34,584	)
Increase/(decrease) in liabilities:
Payables to affiliates		1,023
Other accounts payable and accrued liabilities		10,773
Net cash provided by/(used in) operating activities	$	36,336,228
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(28,740,229	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(8,243	)
Offering costs on Mandatory Redeemable Preferred Shares		(22,080	)
Net cash provided by/(used in) financing activities	$	(28,770,552	)
Net increase/(decrease) in cash	$	7,565,676
Cash and restricted cash at beginning of period	$	20,401,286
Cash at end of period	$	27,966,962
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	6,313,667
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	1,607,607
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	2,504,222
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		27,966,272
Restricted cash for short positions		690
Total cash and restricted cash at period end	$	27,966,962

See accompanying Notes to Financial Statements

www.calamos.com
11

Statement of Cash Flows

	GLOBAL DYNAMIC INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	94,642,501
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(708,763,537	)
Proceeds paid on closing written options		(1,980,442	)
Proceeds from disposition of investment securities, including purchased options		734,500,334
Premiums received from written options		1,965,994
Amortization and accretion of fixed-income securities		1,966,663
Amortization of offering costs on Mandatory Redeemable Preferred Shares		80,144
Net realized gains/losses from investments, excluding purchased options		(50,283,143	)
Net realized gains/losses from capital gains tax		724,319
Net realized gains/losses from purchased options		7,306,344
Net realized gains/losses from written options		65,587
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(49,078,635	)
Change in unrealized appreciation or depreciation on capital gains tax		(350,512	)
Change in unrealized appreciation or depreciation on purchased options		(5,750,091	)
Change in unrealized appreciation or depreciation on written options		186,740
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(281,985	)
Prepaid expenses		(40,052	)
Other assets		(16,921	)
Increase/(decrease) in liabilities:
Payables to affiliates		68,889
Other accounts payable and accrued liabilities		455,940
Net cash provided by/(used in) operating activities	$	25,418,137
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(19,159,316	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(6,808	)
Offering costs on Mandatory Redeemable Preferred Shares		(22,094	)
Proceeds from Note payable		16,500,000
Net cash provided by/(used in) financing activities	$	(2,688,218	)
Net increase/(decrease) in cash and foreign currency	$	22,729,919
Cash and foreign currency and restricted cash at beginning of period	$	9,081,787
Cash and foreign currency at end of period	$	31,811,706
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	4,013,807
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	1,325,895
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		31,802,833
Foreign currency		8,873
Total cash and restricted cash at period end	$	31,811,706

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
12

Statement of Cash Flows

	GLOBAL TOTAL RETURN FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	23,301,976
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(156,156,374	)
Proceeds paid on closing written options		(436,054	)
Proceeds from disposition of investment securities, including purchased options		160,092,235
Premiums received from written options		456,336
Amortization and accretion of fixed-income securities		526,439
Amortization of offering costs on Mandatory Redeemable Preferred Shares		40,484
Net realized gains/losses from investments, excluding purchased options		(12,848,071	)
Net realized gains/losses from capital gains tax		200,457
Net realized gains/losses from purchased options		1,799,704
Net realized gains/losses from written options		(8,485	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(11,765,134	)
Change in unrealized appreciation or depreciation on capital gains tax		(98,179	)
Change in unrealized appreciation or depreciation on purchased options		(1,497,129	)
Change in unrealized appreciation or depreciation on written options		43,343
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(63,959	)
Prepaid expenses		(26,537	)
Other assets		(10,753	)
Increase/(decrease) in liabilities:
Payables to affiliates		23,860
Other accounts payable and accrued liabilities		146,245
Net cash provided by/(used in) operating activities	$	3,720,404
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(4,716,402	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(1,527	)
Offering costs on Mandatory Redeemable Preferred Shares		(22,036	)
Proceeds from Note payable		4,250,000
Net cash provided by/(used in) financing activities	$	(489,965	)
Net increase/(decrease) in cash and foreign currency	$	3,230,439
Cash and foreign currency and restricted cash at beginning of period	$	4,431,756
Cash, foreign currency and restricted cash at end of period	$	7,662,195
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	924,254
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	320,134
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		7,660,406
Foreign currency		1,744
Restricted cash for short positions		45
Total cash and restricted cash at period end	$	7,662,195

See accompanying Notes to Financial Statements

www.calamos.com
13

Statement of Cash Flows

	LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	43,762,445
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(636,260,976	)
Purchases of securities to cover securities sold short		(362,358,491	)
Proceeds paid on closing written options		(20,736,053	)
Proceeds from disposition of investment securities, including purchased options		668,672,734
Proceeds from securities sold short		301,715,673
Premiums received from written options		28,293,195
Amortization and accretion of fixed-income securities		(3,814	)
Net realized gains/losses from investments, excluding purchased options		(44,483,066	)
Net realized gains/losses from purchased options		12,170,841
Net realized gains/losses from short positions		24,116,164
Net realized gains/losses from written options		(3,734,616	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(45,345,373	)
Change in unrealized appreciation or depreciation on purchased options		(874,145	)
Change in unrealized appreciation or depreciation on short positions		18,473,224
Change in unrealized appreciation or depreciation on written options		130,086
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		144,261
Prepaid expenses		(8,538	)
Other assets		(173,622	)
Increase/(decrease) in liabilities:
Payables to affiliates		4,454
Other accounts payable and accrued liabilities		16,882
Net cash provided by/(used in) operating activities	$	(16,478,735	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(16,491,043	)
Net increase/(decrease) in due to custodian bank		(1,797	)
Net cash provided by/(used in) financing activities	$	(16,492,840	)
Net increase/(decrease) in cash	$	(32,971,575	)
Cash and restricted cash at beginning of period	$	267,907,632
Cash at end of period	$	234,936,057
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	3,576,583
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		207,899
Restricted cash for short positions		234,728,004
Foreign currency		154
Total cash and restricted cash at period end	$	234,936,057

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
14

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Calamos Convertible Opportunities and Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	(UNAUDITED) SIX MONTHS ENDED APRIL 30,			YEAR ENDED OCTOBER 31,
	2024			2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	8.99		$	10.26		$	15.49
Income from investment operations:
Net investment income (loss)*		(0.14	)		(0.10	)		0.01
Net realized and unrealized gain (loss)		1.46			(0.03	)		(4.11	)
Total from investment operations		1.32			(0.13	)		(4.10	)
Less distributions to common shareholders from:
Net investment income		(0.49	)		(0.15	)		(0.27	)
Net realized gains		(0.08	)		(0.99	)		(0.87	)
Return of capital		—			—			—
Total distributions		(0.57	)		(1.14	)		(1.14	)
Premiums from shares sold in at the market offerings		—			—			0.01
Net asset value, end of period	$	9.74		$	8.99		$	10.26
Market value, end of period	$	10.95		$	9.99		$	10.78
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		14.52	%		(2.27	%)		(27.32	%)
Market value		15.86	%		3.37	%		(25.10	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		4.56	%(d)		4.40	%		2.44	%
Net investment income (loss)		(2.76	%)(d)		(1.03	%)		0.08	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	733,004		$	672,782		$	759,716
Portfolio turnover rate		16	%		39	%		39	%
Average commission rate paid	$	0.0200		$	0.0188		$	0.0215
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	133,000		$	133,000		$	133,000
Notes Payable (000's omitted)	$	314,400		$	314,400		$	339,400
Asset coverage per $1,000 of loan outstanding(e)	$	3,754		$	3,563		$	3,630
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	222		$	211		$	232

* Net investment income (loss) calculated based on average shares method.

(a) Amount is less than $0.005 per common share.

(b) Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions.

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.38%, 1.38%, 1.34%, 1.23%, 1.26%, 1.29%, 1.28%, 1.24%, 1.24%, 1.50%, and 1.18%, respectively.

(d) Annualized.

(e) Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000.

(f) Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
16

Calamos Convertible Opportunities and Income Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	12.54		$	10.64		$	10.46		$	11.35		$	10.73		$	11.68		$	13.45		$	13.20
Income from investment operations:
Net investment income (loss)*		(0.26	)		0.49			0.50			0.57			0.57			0.60			0.62			0.72
Net realized and unrealized gain (loss)		4.31			2.37			0.64			(0.33	)		1.19			(0.41	)		(1.25	)		0.67
Total from investment operations		4.05			2.86			1.14			0.24			1.76			0.19			(0.63	)		1.39
Less distributions to common shareholders from:
Net investment income		(0.31	)		(0.44	)		(0.48	)		(1.13	)		(0.67	)		(0.59	)		(0.81	)		(0.95	)
Net realized gains		(0.79	)		(0.52	)		(0.31	)		—			(0.08	)		—			(0.02	)		(0.19	)
Return of capital		—			—			(0.17	)		—			(0.39	)		(0.55	)		(0.31	)		—
Total distributions		(1.10	)		(0.96	)		(0.96	)		(1.13	)		(1.14	)		(1.14	)		(1.14	)		(1.14	)
Premiums from shares sold in at the market offerings		—	(a)		—			—			0.00	(a)		0.00	(a)		—			0.00	(a)		0.00	(a)
Net asset value, end of period	$	15.49		$	12.54		$	10.64		$	10.46		$	11.35		$	10.73		$	11.68		$	13.45
Market value, end of period	$	15.81		$	10.89		$	10.67		$	9.91		$	11.59		$	9.89		$	10.41		$	13.69
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		33.21	%		29.38	%		11.75	%		1.81	%		17.48	%		3.19	%		(4.69	%)		10.90	%
Market value		56.56	%		12.04	%		18.29	%		(5.54	%)		30.15	%		6.72	%		(16.54	%)		13.83	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		1.83	%		2.20	%		2.88	%		2.52	%		1.88	%		1.74	%		1.84	%		1.47	%
Net investment income (loss)		(1.76	%)		4.36	%		4.77	%		5.11	%		5.17	%		5.61	%		4.90	%		5.38	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	1,111,526		$	889,577		$	754,310		$	741,306		$	797,968		$	750,773		$	817,491		$	931,703
Portfolio turnover rate		46	%		76	%		51	%		58	%		90	%		34	%		36	%		40	%
Average commission rate paid	$	0.0215		$	0.0213		$	0.0188		$	0.0270		$	0.0282		$	0.0220		$	0.0303		$	0.0294
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	133,000		$	100,000		$	100,000		$	100,000		$	100,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	399,400		$	288,400		$	277,400		$	288,000		$	275,000		$	306,000		$	353,000		$	360,000
Asset coverage per $1,000 of loan outstanding(e)	$	4,116		$	4,431		$	4,080		$	3,921		$	4,265		$	3,454		$	3,316		$	3,588
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	309		$	319		$	283		$	282		$	293		$	—		$	—		$	—

www.calamos.com
17

Calamos Convertible and High Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	(UNAUDITED) SIX MONTHS ENDED APRIL 30,			YEAR ENDED OCTOBER 31,
	2024			2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	9.49		$	10.81		$	16.38
Income from investment operations:
Net investment income (loss)*		(0.15	)		(0.12	)		0.00
Net realized and unrealized gain (loss)		1.56			0.00			(4.38	)
Total from investment operations		1.41			(0.12	)		(4.38	)
Less distributions to common shareholders from:
Net investment income		(0.55	)		(0.15	)		(0.27	)
Net realized gains		(0.05	)		(1.05	)		(0.93	)
Return of capital		—			—			—
Total distributions		(0.60	)		(1.20	)		(1.20	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—			—
Premiums from shares sold in at the market offerings		—			—			0.01
Net asset value, end of period	$	10.30		$	9.49		$	10.81
Market value, end of period	$	11.20		$	10.87		$	11.00
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		14.56	%		(1.99	%)		(27.50	%)
Market value		8.75	%		10.32	%		(27.25	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		4.57	%(d)		4.41	%		2.45	%
Net investment income (loss)		(2.81	%)(d)		(1.11	%)		(0.02	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	790,981		$	724,821		$	817,828
Portfolio turnover rate		15	%		40	%		36	%
Average commission rate paid	$	0.0200		$	0.0188		$	0.0205
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	145,000		$	145,000		$	145,000
Notes Payable (000's omitted)	$	340,400		$	340,400		$	365,400
Asset coverage per $1,000 of loan outstanding(e)	$	3,750		$	3,556		$	3,635
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	220		$	209		$	229

* Net investment income (loss) calculated based on average shares method.

(a) Amount is less than $0.005 per common share.

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.38%, 1.38%, 1.34%, 1.23%, 1.27%, 1.30%, 1.28%, 1.24%, 1.25%, 1.21%, and 1.18%, respectively.

(d) Annualized.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
18

Calamos Convertible and High Income Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	13.22		$	11.18		$	11.02		$	11.96		$	11.33		$	12.39		$	14.24		$	13.89
Income from investment operations:
Net investment income (loss)*		(0.30	)		0.53			0.54			0.60			0.61			0.65			0.73			0.79
Net realized and unrealized gain (loss)		4.61			2.53			0.64			(0.35	)		1.22			(0.51	)		(1.38	)		0.69
Total from investment operations		4.31			3.06			1.18			0.25			1.83			0.14			(0.65	)		1.48
Less distributions to common shareholders from:
Net investment income		(0.29	)		(0.46	)		(0.51	)		(1.19	)		(0.70	)		(0.69	)		(0.98	)		(1.13	)
Net realized gains		(0.86	)		(0.56	)		(0.34	)		—			—			—			—			—
Return of capital		—			—			(0.17	)		—			(0.50	)		(0.51	)		(0.22	)		—
Total distributions		(1.15	)		(1.02	)		(1.02	)		(1.19	)		(1.20	)		(1.20	)		(1.20	)		(1.13	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—			—			0.00	(a)		—			0.00	(a)		—			—
Premiums from shares sold in at the market offerings		0.00	(a)		—			—			0.00	(a)		—			—			—			—
Net asset value, end of period	$	16.38		$	13.22		$	11.18		$	11.02		$	11.96		$	11.33		$	12.39		$	14.24
Market value, end of period	$	16.61		$	11.50		$	11.10		$	10.86		$	11.96		$	10.47		$	11.61		$	14.47
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		33.56	%		29.87	%		11.46	%		1.75	%		17.28	%		2.55	%		(4.65	%)		11.22	%
Market value		55.69	%		13.79	%		12.29	%		0.28	%		26.91	%		1.13	%		(12.08	%)		22.16	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		1.84	%		2.22	%		2.91	%		2.54	%		1.89	%		1.78	%		1.57	%		1.47	%
Net investment income (loss)		(1.88	%)		4.45	%		4.85	%		5.13	%		5.25	%		5.73	%		5.38	%		5.57	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	1,207,158		$	968,077		$	818,412		$	806,342		$	868,817		$	822,183		$	898,695		$	1,029,902
Portfolio turnover rate		44	%		76	%		47	%		58	%		89	%		34	%		37	%		35	%
Average commission rate paid	$	0.0216		$	0.0225		$	0.0187		$	0.0260		$	0.0282		$	0.0221		$	0.0286		$	0.0292
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	145,000		$	110,000		$	110,000		$	110,000		$	110,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	435,400		$	318,400		$	303,900		$	315,500		$	302,500		$	337,000		$	398,000		$	400,000
Asset coverage per $1,000 of loan outstanding(e)	$	4,106		$	4,386		$	4,055		$	3,904		$	4,236		$	3,440		$	3,258		$	3,575
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	308		$	317		$	280		$	280		$	291		$	—		$	—		$	—

www.calamos.com
19

Calamos Strategic Total Return Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	(UNAUDITED) SIX MONTHS ENDED APRIL 30,			YEAR ENDED OCTOBER 31,
	2024			2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	13.41		$	13.57		$	18.62
Income from investment operations:
Net investment income (loss)*		(0.07	)		(0.09	)		0.05
Net realized and unrealized gain (loss)		3.18			1.16			(3.87	)
Total from investment operations		3.11			1.07			(3.82	)
Less distributions to common shareholders from:
Net investment income		(0.51	)		(0.63	)		(0.26	)
Net realized gains		(0.10	)		(0.60	)		(0.97	)
Return of capital		—			—			—
Total distributions		(0.61	)		(1.23	)		(1.23	)
Premiums from shares sold in at the market offerings(a)		—			0.0007			0.0010
Net asset value, end of period	$	15.91		$	13.41		$	13.57
Market value, end of period	$	15.56		$	12.83		$	13.76
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		23.41	%		7.89	%		(21.11	%)
Market value		26.23	%		1.80	%		(21.52	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		4.00	%(d)		4.09	%		2.50	%
Net investment income (loss)		(0.91	%)(d)		(0.62	%)		0.31	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	2,551,017		$	2,150,003		$	2,156,658
Portfolio turnover rate		11	%		29	%		24	%
Average commission rate paid	$	0.0210		$	0.0194		$	0.0189
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	323,500		$	323,500		$	323,500
Notes Payable (000's omitted)	$	860,500		$	800,500		$	800,500
Asset coverage per $1,000 of loan outstanding(e)	$	4,341		$	4,090		$	4,098
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	289		$	253		$	254

* Net investment income (loss) calculated based on average shares method.

(a) Amount is less than $0.005 per common share.

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.53%, 1.57%, 1.53%, 1.44%, 1.54%, 1.55%, 1.53%, 1.47%, 1.49%, 1.47% and 1.44%, respectively.

(d) Annualized.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
20

Calamos Strategic Total Return Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	13.30		$	12.93		$	12.25		$	12.76		$	11.13		$	11.67		$	12.51		$	11.86
Income from investment operations:
Net investment income (loss)*		0.10			0.21			0.18			0.16			0.26			0.30			0.38			0.42
Net realized and unrealized gain (loss)		6.42			1.24			1.49			0.32			2.36			0.15			(0.23	)		1.16
Total from investment operations		6.52			1.45			1.67			0.48			2.62			0.45			0.15			1.58
Less distributions to common shareholders from:
Net investment income		(0.29	)		(0.54	)		(0.16	)		(0.48	)		(0.85	)		(0.46	)		(0.66	)		(0.55	)
Net realized gains		(0.91	)		(0.54	)		(0.83	)		(0.51	)		(0.14	)		(0.16	)		—			(0.16	)
Return of capital		—			—			—			—			—			(0.37	)		(0.33	)		(0.22	)
Total distributions		(1.20	)		(1.08	)		(0.99	)		(0.99	)		(0.99	)		(0.99	)		(0.99	)		(0.93	)
Premiums from shares sold in at the market offerings(a)		0.0026			—			—			—			—			—			—			—
Net asset value, end of period	$	18.62		$	13.30		$	12.93		$	12.25		$	12.76		$	11.13		$	11.67		$	12.51
Market value, end of period	$	18.98		$	12.80		$	13.02		$	11.75		$	12.33		$	9.95		$	10.20		$	11.82
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		50.32	%		12.33	%		14.46	%		3.81	%		25.11	%		5.48	%		1.98	%		14.46	%
Market value		59.21	%		7.36	%		20.16	%		3.05	%		35.23	%		7.89	%		(5.66	%)		21.46	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		2.03	%		2.45	%		3.05	%		2.74	%		2.09	%		1.97	%		1.81	%		1.72	%
Net investment income (loss)		0.60	%		1.64	%		1.42	%		1.25	%		2.17	%		2.73	%		3.11	%		3.39	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	2,928,463		$	2,061,019		$	2,000,709		$	1,893,000		$	1,971,910		$	1,719,456		$	1,803,026		$	1,932,218
Portfolio turnover rate		27	%		36	%		26	%		27	%		65	%		31	%		23	%		20	%
Average commission rate paid	$	0.0206		$	0.0212		$	0.0270		$	0.0217		$	0.0240		$	0.0307		$	0.0336		$	0.0210
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	304,000		$	242,000		$	242,000		$	242,000		$	242,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	880,000		$	703,000		$	668,000		$	713,000		$	543,000		$	682,000		$	716,000		$	725,000
Asset coverage per $1,000 of loan outstanding(e)	$	4,673		$	4,276		$	4,357		$	3,995		$	5,077		$	3,521		$	3,518		$	3,665
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	338		$	311		$	301		$	294		$	285		$	—		$	—		$	—

www.calamos.com
21

Calamos Dynamic Convertible and Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	(UNAUDITED) SIX MONTHS ENDED APRIL 30,			YEAR ENDED OCTOBER 31,
	2024			2023
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	17.24		$	20.19
Income from investment operations:
Net investment income (loss)*		(0.54	)		(0.63	)
Net realized and unrealized gain (loss)		3.16			0.01
Total from investment operations		2.62			(0.62	)
Less distributions to common shareholders from:
Net investment income		(0.97	)		(0.03	)
Net realized gains		(0.20	)		(2.31	)
Return of capital		—			—
Total distributions		(1.17	)		(2.34	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—
Premiums from shares sold in at the market offerings		—			0.0078	(b)
Net asset value, end of period	$	18.69		$	17.24
Market value, end of period	$	22.01		$	17.07
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(c)(d)
Net asset value		14.96	%		(4.26	%)
Market value		36.80	%		(12.56	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(d)		4.82	%(e)		4.63	%
Net investment income (loss)		(5.56	%)(e)		(3.19	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	500,360		$	459,365
Portfolio turnover rate		16	%		44	%
Average commission rate paid	$	0.0200		$	0.0185
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	92,000		$	92,000
Notes Payable (000's omitted)	$	210,000		$	210,000
Asset coverage per $1,000 of loan outstanding(f)	$	3,821		$	3,626
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(g)	$	218		$	207

• Commencement of operations.

* Net investment income (loss) calculated based on average shares method.

(a) Net of sales load of $1.125 on initial shares issued and beginning net asset value of $23.875.

(b) Amount is less than $0.01.

(c) Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions.

(d) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.70%, 1.70%, 1.65%, 1.51%, 1.56%, 1.61%, 1.57%, 1.51%, 1.52% and 1.56%, respectively.

(e) Annualized.

(f) Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000.

(g) Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
22

Calamos Dynamic Convertible and Income Fund Financial Highlights

	YEAR ENDED OCTOBER 31,																					MARCH 27, 2015• THROUGH OCTOBER 31,
	2022			2021			2020			2019			2018			2017			2016			2015
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	31.73		$	25.00		$	19.93		$	19.55		$	21.03		$	19.56		$	21.63		$	23.88	(a)
Income from investment operations:
Net investment income (loss)*		(0.43	)		(1.21	)		0.70			0.73			0.85			0.86			0.89			0.48
Net realized and unrealized gain (loss)		(8.81	)		10.20			6.37			1.65			(0.33	)		2.61			(0.96	)		(1.84	)
Total from investment operations		(9.24	)		8.99			7.07			2.38			0.52			3.47			(0.07	)		(1.36	)
Less distributions to common shareholders from:
Net investment income		(0.24	)		(0.25	)		(0.70	)		(0.50	)		(2.00	)		(0.91	)		(0.99	)		(0.84	)
Net realized gains		(2.10	)		(2.01	)		(1.30	)		(0.80	)		—			—			(0.00	)(b)		—
Return of capital		—			—			—			(0.70	)		—			(1.09	)		(1.01	)		—
Total distributions		(2.34	)		(2.26	)		(2.00	)		(2.00	)		(2.00	)		(2.00	)		(2.00	)		(0.84	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—			—			—			—			—			—			(0.05	)
Premiums from shares sold in at the market offerings		0.0384			0.0078			—			—			—			—			—			—
Net asset value, end of period	$	20.19		$	31.73		$	25.00		$	19.93		$	19.55		$	21.03		$	19.56		$	21.63
Market value, end of period	$	21.89		$	32.62		$	22.35		$	20.65		$	18.94		$	20.49		$	17.83		$	19.28
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(c)(d)
Net asset value		(29.91	%)		36.76	%		38.59	%		13.05	%		2.40	%		19.19	%		1.03	%		(5.78	%)
Market value		(26.08	%)		57.27	%		19.58	%		20.85	%		1.82	%		27.40	%		3.32	%		(19.79	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(d)		2.75	%		2.10	%		2.50	%		3.22	%		2.82	%		2.17	%		2.02	%		1.91	%(e)
Net investment income (loss)		(1.73	%)		(3.97	%)		3.22	%		3.70	%		4.06	%		4.26	%		4.48	%		3.65	%(e)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	526,613		$	788,554		$	612,024		$	487,709		$	477,256		$	512,737		$	477,070		$	527,472
Portfolio turnover rate		42	%		48	%		85	%		50	%		67	%		78	%		40	%		23	%
Average commission rate paid	$	0.0563		$	0.0217		$	0.0243		$	0.0182		$	0.0249		$	0.0212		$	0.0233		$	0.0198
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	92,000		$	92,000		$	64,000		$	64,000		$	64,000		$	64,000		$	—		$	—
Notes Payable (000's omitted)	$	230,000		$	270,000		$	204,600		$	180,600		$	187,500		$	169,000		$	195,000		$	220,000
Asset coverage per $1,000 of loan outstanding(f)	$	3,690		$	4,261		$	4,304		$	4,055		$	3,887		$	4,413		$	3,447		$	3,398
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(g)	$	231		$	313		$	344		$	286		$	285		$	291		$	—		$	—

www.calamos.com
23

Calamos Global Dynamic Income Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	(UNAUDITED) SIX MONTHS ENDED APRIL 30,			YEAR ENDED OCTOBER 31,
	2024			2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	5.99		$	6.12		$	10.14
Income from investment operations:
Net investment income (loss)*		(0.03	)		(0.08	)		(0.07	)
Net realized and unrealized gain (loss)		1.52			0.55			(3.15	)
Total from investment operations		1.49			0.47			(3.22	)
Less distributions to common shareholders from:
Net investment income		(0.15	)		(0.10	)		(0.01	)
Net realized gains		(0.15	)		(0.20	)		(0.09	)
Return of capital		—			(0.30	)		(0.72	)
Total distributions		(0.30	)		(0.60	)		(0.82	)
Premiums from shares sold in at the market offerings		—			—			0.0191
Net asset value, end of period	$	7.18		$	5.99		$	6.12
Market value, end of period	$	6.37		$	5.22		$	5.64
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a)
Net asset value		25.95	%		8.29	%		(32.89	%)
Market value		28.23	%		2.40	%		(39.64	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(b)		4.12	%(c)		3.68	%		2.73	%
Net investment income (loss)		(0.94	%)(c)		(1.19	%)		(0.85	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	458,349		$	382,865		$	391,101
Portfolio turnover rate		113	%		114	%		134	%
Average commission rate paid	$	0.0047		$	0.0036		$	0.0117
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	70,000		$	70,000		$	70,000
Notes Payable (000's omitted)	$	147,050		$	130,550		$	109,550
Asset coverage per $1,000 of loan outstanding(d)	$	4,593		$	4,469		$	5,209
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(e)	$	241		$	208		$	204

* Net investment income (loss) calculated based on average shares method.

(a) Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions.

(b) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.63%, 1.58%, 1.66%, 1.55%, 1.61%, 1.65%, 1.60%, 1.53%, 1.54%, 1.53% and 1.48%, respectively.

(d) Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000.

(e) Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
24

Calamos Global Dynamic Income Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	8.03		$	7.90		$	7.98		$	9.21		$	8.16		$	8.92		$	9.86		$	10.05
Income from investment operations:
Net investment income (loss)*		0.03			0.15			0.17			0.18			0.22			0.28			0.28			0.40
Net realized and unrealized gain (loss)		2.92			0.82			0.59			(0.57	)		1.67			(0.20	)		(0.38	)		0.21
Total from investment operations		2.95			0.97			0.76			(0.39	)		1.89			0.08			(0.10	)		0.61
Less distributions to common shareholders from:
Net investment income		(0.15	)		(0.32	)		(0.28	)		(0.84	)		(0.76	)		(0.46	)		(0.72	)		(0.70	)
Net realized gains		(0.69	)		(0.52	)		(0.14	)		—			(0.08	)		—			—			—
Return of capital		—			—			(0.42	)		—			—			(0.38	)		(0.12	)		(0.10	)
Total distributions		(0.84	)		(0.84	)		(0.84	)		(0.84	)		(0.84	)		(0.84	)		(0.84	)		(0.80	)
Premiums from shares sold in at the market offerings		0.0026			—			—			—			—			—			—			—
Net asset value, end of period	$	10.14		$	8.03		$	7.90		$	7.98		$	9.21		$	8.16		$	8.92		$	9.86
Market value, end of period	$	10.39		$	7.80		$	8.13		$	7.59		$	9.13		$	7.16		$	7.68		$	9.01
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a)
Net asset value		37.46	%		14.00	%		10.29	%		(4.85	%)		25.23	%		2.98	%		(0.15	%)		7.02	%
Market value		45.01	%		7.60	%		19.34	%		(8.71	%)		41.48	%		4.95	%		(5.92	%)		10.93	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(b)		2.27	%		2.70	%		3.41	%		2.97	%		2.23	%		2.06	%		1.89	%		1.79	%
Net investment income (loss)		0.26	%		1.91	%		2.12	%		1.95	%		2.58	%		3.42	%		2.97	%		3.92	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	609,038		$	476,533		$	468,186		$	471,953		$	543,275		$	481,513		$	526,508		$	581,624
Portfolio turnover rate		117	%		128	%		78	%		93	%		99	%		29	%		45	%		32	%
Average commission rate paid	$	0.0173		$	0.0210		$	0.0279		$	0.0199		$	0.0295		$	0.0289		$	0.0244		$	0.0269
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	70,000		$	65,000		$	65,000		$	65,000		$	65,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	206,500		$	153,250		$	174,500		$	204,000		$	160,000		$	196,000		$	224,400		$	230,000
Asset coverage per $1,000 of loan outstanding(d)	$	4,288		$	4,534		$	4,056		$	3,632		$	4,802		$	3,457		$	3,346		$	3,529
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(e)	$	316		$	267		$	272		$	285		$	295		$	—		$	—		$	—

www.calamos.com
25

Calamos Global Total Return Fund Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	(UNAUDITED) SIX MONTHS ENDED APRIL 30,			YEAR ENDED OCTOBER 31,
	2024			2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	9.12		$	9.59		$	15.82
Income from investment operations:
Net investment income (loss)*		(0.07	)		(0.17	)		(0.12	)
Net realized and unrealized gain (loss)		2.44			0.66			(4.96	)
Total from investment operations		2.37			0.49			(5.08	)
Less distributions to common shareholders from:
Net investment income		(0.24	)		(0.17	)		(0.08	)
Net realized gains		(0.24	)		(0.50	)		(0.26	)
Return of capital		—			(0.29	)		(0.84	)
Total distributions		(0.48	)		(0.96	)		(1.18	)
Premiums from shares sold in at the market offerings		—			—			0.0279
Net asset value, end of period	$	11.01		$	9.12		$	9.59
Market value, end of period	$	9.96		$	8.15		$	9.12
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a)
Net asset value		26.92	%		5.26	%		(33.22	%)
Market value		28.46	%		(0.98	%)		(36.65	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(b)		4.28	%(c)		3.86	%		2.86	%
Net investment income (loss)		(1.44	%)(c)		(1.73	%)		(0.93	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	108,165		$	89,579		$	94,186
Portfolio turnover rate		102	%		120	%		118	%
Average commission rate paid	$	0.0063		$	0.0038		$	0.0123
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	17,000		$	17,000		$	17,000
Notes Payable (000's omitted)	$	34,350		$	30,100		$	26,000
Asset coverage per $1,000 of loan outstanding(d)	$	4,644		$	4,541		$	5,276
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(e)	$	235		$	201		$	202

* Net investment income (loss) calculated based on average shares method.

(b) Ratio of net expenses, excluding interest expense on Notes payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.82%, 1.82%, 1.83%, 1.69%, 1.75%, 1.75% , 1.69%,1.62%, 1.62%, 1.63%, and 1.59%, respectively.

(e) Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
26

Calamos Global Total Return Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	11.99		$	11.60		$	11.65		$	13.40		$	12.19		$	13.29		$	14.21		$	14.56
Income from investment operations:
Net investment income (loss)*		(0.06	)		0.17			0.17			0.18			0.23			0.21			0.22			0.26
Net realized and unrealized gain (loss)		5.05			1.40			0.98			(0.73	)		2.18			(0.11	)		0.06			0.59
Total from investment operations		4.99			1.57			1.15			(0.55	)		2.41			0.10			0.28			0.85
Less distributions to common shareholders from:
Net investment income		(0.24	)		(0.31	)		(0.41	)		(0.97	)		(1.09	)		(0.99	)		(0.85	)		(0.85	)
Net realized gains		(0.96	)		(0.89	)		(0.24	)		(0.23	)		(0.11	)		(0.20	)		—			(0.19	)
Return of capital		—			—			(0.55	)		—			—			(0.01	)		(0.35	)		(0.16	)
Total distributions		(1.20	)		(1.20	)		(1.20	)		(1.20	)		(1.20	)		(1.20	)		(1.20	)		(1.20	)
Premiums from shares sold in at the market offerings		0.0362			0.0176			—			0.0236			—			—			—			—
Net asset value, end of period	$	15.82		$	11.99		$	11.60		$	11.65		$	13.40		$	12.19		$	13.29		$	14.21
Market value, end of period	$	15.86		$	11.63		$	12.12		$	11.50		$	13.98		$	10.96		$	11.96		$	13.57
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a)
Net asset value		42.86	%		15.08	%		10.35	%		(5.06	%)		21.44	%		2.22	%		2.39	%		6.19	%
Market value		47.65	%		6.83	%		16.80	%		(10.17	%)		40.91	%		2.13	%		(3.51	%)		5.54	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(b)		2.30	%		2.75	%		3.42	%		2.98	%		2.34	%		2.11	%		2.00	%		1.92	%
Net investment income (loss)		(0.37	%)		1.50	%		1.48	%		1.39	%		1.87	%		1.73	%		1.56	%		1.78	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	148,697		$	106,882		$	100,526		$	100,722		$	113,638		$	103,158		$	112,474		$	120,277
Portfolio turnover rate		120	%		153	%		81	%		119	%		134	%		114	%		76	%		95	%
Average commission rate paid	$	0.0179		$	0.0214		$	0.0317		$	0.0203		$	0.0272		$	0.0279		$	0.0279		$	0.0253
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	17,000		$	12,000		$	12,000		$	12,000		$	12,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	50,500		$	37,000		$	38,300		$	43,000		$	36,000		$	42,000		$	44,000		$	49,000
Asset coverage per $1,000 of loan outstanding(d)	$	4,281		$	4,213		$	3,938		$	3,621		$	4,490		$	3,456		$	3,556		$	3,455
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(e)	$	318		$	325		$	314		$	324		$	337		$	—		$	—		$	—

www.calamos.com
27

Calamos Long/Short Equity & Dynamic Income Trust Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

	(UNAUDITED) SIX MONTHS ENDED APRIL 30,			YEAR ENDED OCTOBER 31,									NOVEMBER 29, 2019• THROUGH OCTOBER 31,
	2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	16.54		$	17.66		$	21.52		$	17.44		$	20.00
Income from investment operations:
Net investment income (loss)*		0.21			0.24			0.18			0.22			0.31
Net realized and unrealized gain (loss)		2.02			0.32			(2.36	)		5.42			(1.84	)
Total from investment operations		2.23			0.56			(2.18	)		5.64			(1.53	)
Less distributions to common shareholders from:
Net investment income		(0.37	)		(0.34	)		(0.40	)		(0.55	)		(0.40	)
Net realized gains		(0.47	)		(1.34	)		(1.28	)		(1.01	)		(0.63	)
Total distributions		(0.84	)		(1.68	)		(1.68	)		(1.56	)		(1.03	)
Premiums from shares sold in at the market offerings		—			—			—			—			—
Net asset value, end of period	$	17.93		$	16.54		$	17.66		$	21.52		$	17.44
Market value, end of period	$	15.33		$	13.73		$	15.75		$	20.68		$	14.13
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a)
Net asset value(b)		14.66	%		4.32	%		(10.05	%)		33.57	%		(6.72	%)
Market value		18.03	%		(2.85	%)		(16.56	%)		58.49	%		(24.42	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		4.92	%(d)		4.52	%		3.21	%		2.45	%		2.12	%(d)
Net investment income (loss)		2.47	%(d)		1.34	%		0.89	%		1.03	%		1.82	%(d)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	352,048		$	324,777		$	346,747		$	422,483		$	342,473
Portfolio turnover rate		140	%		210	%		222	%		213	%		155	%
Average commission rate paid	$	0.0137		$	0.0136		$	0.0126		$	0.0109		$	0.0113
Notes Payable (000's omitted)	$	120,000		$	120,000		$	120,000		$	120,000		$	69,200
Asset coverage per $1,000 of loan outstanding(e)	$	3,934		$	3,706		$	3,890		$	4,521		$	5,949

• Commencement of operations.

* Net investment income (loss) calculated based on average shares method.

(b) Includes payment by affiliates, which impacted the total return. Excluding such payment the total return would be 3.97% (see Note 2).

(c) Ratio of net expenses, excluding interest expense on Notes Payable and dividend expense on short positions, to average net assets was 2.00%, 1.98%, 1.92%, 1.75% and 1.62%, respectively.

(d) Annualized.

(e) Calculated by subtracting the Fund's total liabilities (not including Notes payable) from the Fund's total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
28

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
ASSET BACKED SECURITY (0.1%)
		Other (0.1%)
	765,000	SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $710,508)	$	695,266
CORPORATE BONDS (40.9%)
		Airlines (0.6%)
	834,487	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		810,254
	336,297	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		340,114
	999,940	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		906,545
	478,000	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		472,971
	907,663	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		824,785
	765,300	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		783,423
				4,138,092
		Communication Services (4.1%)
	800,000	Altice France Holding, SA* 10.500%, 05/15/27		286,792
	1,100,000	Altice France, SA* 5.500%, 10/15/29		721,600
	1,160,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,056,818
	1,025,000	Ashtead Capital, Inc.*^ 2.450%, 08/12/31		814,301
	1,193,000	Audacy Capital Corp.*@ 6.750%, 03/31/29		42,113
	448,000	6.500%, 05/01/27		15,989
	856,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		781,151
	475,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		466,051
	425,000	9.000%, 09/15/28^		437,487
	1,345,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,168,133
	1,450,000	CSC Holdings, LLC* 5.375%, 02/01/28		1,118,240
	1,350,000	4.625%, 12/01/30		587,358
	1,125,000	4.500%, 11/15/31		715,343
	1,100,000	5.750%, 01/15/30		482,768
	950,000	5.500%, 04/15/27		779,817

PRINCIPAL AMOUNT			VALUE
	487,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27	$	454,220
	1,000,000	Frontier California, Inc. 6.750%, 05/15/27		953,020
	239,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		243,560
	1,519,000	Frontier Florida, LLC 6.860%, 02/01/28		1,447,212
	1,445,000	Frontier North, Inc. 6.730%, 02/15/28		1,370,510
	835,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		741,847
	250,000	5.250%, 12/01/27		241,700
	240,000	Hughes Satellite Systems Corp. 6.625%, 08/01/26		138,257
	595,000	iHeartCommunications, Inc. 8.375%, 05/01/27		317,141
	355,000	5.250%, 08/15/27*^		260,872
	1,215,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,126,463
	722,947	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		119,814
	720,000	Lumen Technologies, Inc. 7.600%, 09/15/39		220,363
	485,000	4.000%, 02/15/27*		258,219
	240,000	7.650%, 03/15/42		73,488
	478,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		395,143
	570,000	Nexstar Media, Inc.* 5.625%, 07/15/27		536,438
	930,000	Paramount Global 4.900%, 08/15/44		651,986
	336,000	Qwest Corp. 7.250%, 09/15/25		333,023
	477,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		352,970
	239,000	5.375%, 01/15/31		141,543
	810,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		640,378
	1,250,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		1,165,675
	963,000	4.000%, 07/15/28		858,582
	475,000	3.125%, 09/01/26		443,522
	239,000	3.875%, 09/01/31^		192,287
	874,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		416,610
	2,430,000	Sprint, LLCµ 7.125%, 06/15/24		2,433,353
	1,080,000	Stagwell Global, LLC* 5.625%, 08/15/29		968,814

See accompanying Notes to Schedule of Investments

www.calamos.com
29

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	473,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27	$	216,464
	385,000	Time Warner Cable, LLC 7.300%, 07/01/38		373,935
	1,100,000	United States Cellular Corp. 6.700%, 12/15/33		1,074,062
	724,000	Univision Communications, Inc.* 8.000%, 08/15/28		725,701
	480,000	Viasat, Inc.*^ 5.625%, 04/15/27		440,074
				29,801,207
		Consumer Discretionary (8.7%)
	1,162,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,171,877
	955,000	Adams Homes, Inc.* 9.250%, 10/15/28		987,289
	715,000	Adient Global Holdings Company*^ 8.250%, 04/15/31		743,214
	840,000	American Axle & Manufacturing, Inc.^ 5.000%, 10/01/29		758,352
	837,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		758,188
	705,000	6.625%, 01/15/28		703,978
	1,208,000	At Home Group, Inc.* 4.875%, 07/15/28		574,295
	1,264,000	Bath & Body Works, Inc. 6.694%, 01/15/27		1,273,783
	720,000	6.875%, 11/01/35		716,868
	400,000	Benteler International AG* 10.500%, 05/15/28		426,908
	604,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29		538,937
	472,000	8.125%, 07/01/27		479,354
	481,000	Carnival Corp.* 7.625%, 03/01/26		484,247
	481,000	4.000%, 08/01/28		439,466
	60,000	7.000%, 08/15/29^		61,653
	207,436	Carvana Company* 14.000%, 06/01/31		208,220
	174,771	13.000%, 06/01/30		173,656
	116,013	12.000%, 12/01/28		113,646
	2,130,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		1,999,772
	1,685,000	4.500%, 08/15/30		1,371,641
	1,100,000	6.375%, 09/01/29		1,008,381
	1,055,000	4.750%, 03/01/30		878,330
	951,000	4.250%, 02/01/31		747,410
	565,000	5.000%, 02/01/28		515,263
	478,000	4.750%, 02/01/32		376,253
	478,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		456,136

PRINCIPAL AMOUNT			VALUE
	750,000	Cedar Fair, LP 5.250%, 07/15/29	$	701,047
	478,000	Churchill Downs, Inc.* 6.750%, 05/01/31		474,793
	790,000	Dana, Inc. 4.250%, 09/01/30		686,470
	723,000	4.500%, 02/15/32		613,465
	1,010,000	DISH DBS Corp. 5.125%, 06/01/29		408,101
	720,000	5.250%, 12/01/26*		567,914
	595,000	7.375%, 07/01/28		267,084
	480,000	5.750%, 12/01/28*		325,781
	408,000	7.750%, 07/01/26		257,346
	946,000	DISH Network Corp.* 11.750%, 11/15/27		954,665
	1,365,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,272,808
	1,058,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,039,242
	1,000,000	Ford Motor Company 6.100%, 08/19/32		981,230
	1,525,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		1,331,218
	1,245,000	7.200%, 06/10/30^		1,290,965
	1,150,000	5.113%, 05/03/29		1,096,157
	865,000	7.350%, 11/04/27		895,059
	800,000	2.900%, 02/16/28		712,368
	359,000	Gap, Inc.* 3.875%, 10/01/31		293,684
	490,000	General Motors Company 5.200%, 04/01/45		419,808
	1,700,000	goeasy, Ltd.* 9.250%, 12/01/28		1,799,467
	859,000	7.625%, 07/01/29		860,409
	515,000	Goodyear Tire & Rubber Company 5.250%, 07/15/31^		456,249
	480,000	5.625%, 04/30/33		422,429
	407,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		371,286
	1,026,000	Guitar Center, Inc.*^& 8.500%, 01/15/26		907,282
	770,000	International Game Technology, PLC* 6.250%, 01/15/27		769,546
	262,459	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		265,186
	1,077,000	Kohl's Corp. 5.550%, 07/17/45		739,694
	955,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		993,907
	965,000	Liberty Interactive, LLC 8.250%, 02/01/30		536,086
	937,000	Life Time, Inc.* 8.000%, 04/15/26		938,574

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
30

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	480,000	Light & Wonder International, Inc.* 7.500%, 09/01/31	$	489,845
	360,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		377,507
	616,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		611,318
	635,000	M/I Homes, Inc. 3.950%, 02/15/30		551,472
	1,121,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		944,801
	730,000	4.300%, 02/15/43^		577,445
	1,219,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,114,958
	575,000	Newell Brands, Inc. 5.700%, 04/01/26		567,237
	500,000	Nordstrom, Inc. 5.000%, 01/15/44		379,930
	480,000	6.950%, 03/15/28		476,976
	465,000	4.250%, 08/01/31		401,397
	1,449,000	Patrick Industries, Inc.* 4.750%, 05/01/29		1,318,489
	1,105,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		926,112
	480,000	Phinia, Inc.* 6.750%, 04/15/29		482,054
	1,340,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		1,001,235
	470,000	QVC, Inc. 5.450%, 08/15/34		308,762
	480,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		515,208
	1,880,000	Rite Aid Corp.*@ 8.000%, 11/15/26		1,213,220
	478,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		492,459
	119,000	6.250%, 03/15/32		117,327
	1,350,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		1,167,750
	1,445,000	Six Flags Entertainment Corp.*^ 7.250%, 05/15/31		1,443,295
	1,090,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		976,607
	698,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		658,744
	1,005,000	Station Casinos, LLC* 4.500%, 02/15/28		932,901
	950,000	STL Holding Company, LLC* 8.750%, 02/15/29		977,179
	589,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		574,151

PRINCIPAL AMOUNT			VALUE
	240,000	Viking Cruises, Ltd.* 9.125%, 07/15/31	$	257,626
	1,100,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		1,087,306
	950,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		972,952
	300,000	6.875%, 04/23/32		303,393
	300,000	6.750%, 04/23/30		300,897
				64,136,990
		Consumer Staples (1.9%)
	1,090,000	1375209 B.C., Ltd.*^ 9.000%, 01/30/28		1,071,339
	1,413,000	Arrow Bidco, LLC* 10.750%, 06/15/25		1,457,594
	970,000	B&G Foods, Inc.* 8.000%, 09/15/28		1,006,686
	1,099,000	Central Garden & Pet Company* 4.125%, 04/30/31		953,844
	1,092,000	Edgewell Personal Care Company* 4.125%, 04/01/29		990,313
	1,331,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		1,177,283
	240,000	6.500%, 12/31/27^		237,879
	1,415,000	JBS USA Holding LUX Sarl / JBS USA Food Company / JBS LUX Company Sarl 5.500%, 01/15/30^		1,367,074
	595,000	5.125%, 02/01/28µ		578,560
	370,000	5.750%, 04/01/33		354,297
	621,000	New Albertsons, LP 7.750%, 06/15/26		639,574
	957,000	Performance Food Group, Inc.* 4.250%, 08/01/29		858,142
	700,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		619,934
	475,000	Post Holdings, Inc.* 6.250%, 02/15/32		469,827
	909,000	Prestige Brands, Inc.* 3.750%, 04/01/31		774,459
	815,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		626,531
	1,020,000	Vector Group, Ltd.* 5.750%, 02/01/29		928,190
				14,111,526
		Energy (5.5%)
	479,000	Antero Resources Corp.* 5.375%, 03/01/30		455,797
	958,000	Apache Corp. 5.100%, 09/01/40		797,822
	500,000	Buckeye Partners, LP 5.850%, 11/15/43		418,635
	477,000	Cheniere Energy, Inc.µ 4.625%, 10/15/28		456,413

See accompanying Notes to Schedule of Investments

www.calamos.com
31

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	720,000	Chesapeake Energy Corp.* 6.750%, 04/15/29	$	720,821
	1,341,000	Civitas Resources, Inc.* 8.750%, 07/01/31		1,427,092
	480,000	Continental Resources, Inc. 4.900%, 06/01/44		387,014
	477,000	2.875%, 04/01/32*		381,352
	742,000	DT Midstream, Inc.* 4.125%, 06/15/29		672,638
	941,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		968,289
	360,000	9.875%, 07/15/31		398,365
	555,000	Enbridge, Inc.^‡ 7.375%, 01/15/83 5 year CMT + 3.71%		546,270
	525,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		534,812
	1,400,000	Energy Transfer, LP‡ 8.606%, 11/01/66 3 mo. USD SOFR + 3.28%		1,271,704
	700,000	6.500%, 11/15/26 5 year CMT + 5.69%		679,973
	1,235,000	EnLink Midstream Partners, LP 9.701%, 05/31/24‡ 3 mo. USD LIBOR + 4.11%		1,219,649
	1,015,000	4.850%, 07/15/26		989,605
	600,000	Enlink Midstream, LLC* 6.500%, 09/01/30		607,716
	1,580,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		1,609,767
	470,000	6.375%, 04/01/29		466,997
	719,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		744,834
	478,000	6.250%, 05/15/26		474,587
	955,000	Gulfport Energy Corp. 8.000%, 05/17/26*		969,373
	288,135	8.000%, 05/17/26		292,471
	1,340,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,287,592
	717,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		708,711
	950,000	Kodiak Gas Services, LLC* 7.250%, 02/15/29		961,286
	940,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		927,526
	720,000	Matador Resources Company* 6.500%, 04/15/32		714,118
	500,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		511,955
	455,000	7.500%, 01/15/26		454,509

PRINCIPAL AMOUNT			VALUE
	720,000	Nabors Industries, Inc.* 7.375%, 05/15/27	$	714,132
	360,000	9.125%, 01/31/30^		372,622
	720,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		683,222
	618,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		611,474
	1,006,000	Oceaneering International, Inc. 6.000%, 02/01/28		969,663
	1,025,000	Parkland Corp.* 5.875%, 07/15/27		1,002,614
	506,000	Patterson-UTI Energy, Inc.^ 5.150%, 11/15/29		483,594
	238,000	Permian Resources Operating LLC* 7.000%, 01/15/32		243,181
	960,000	Plains All American Pipeline, LP‡ 9.679%, 05/31/24 3 mo. USD LIBOR + 4.11%		956,698
	1,340,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		1,239,339
	479,000	Southwestern Energy Company 4.750%, 02/01/32		431,929
	1,291,500	Transocean, Inc.* 8.750%, 02/15/30		1,348,042
	475,000	8.250%, 05/15/29		472,430
	600,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		594,864
	240,000	4.125%, 08/15/31		210,221
	240,000	3.875%, 08/15/29		212,064
	1,195,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		1,227,301
	715,000	8.125%, 06/01/28		731,917
	480,000	9.875%, 02/01/32		512,251
	480,000	9.500%, 02/01/29		516,346
	570,000	Vital Energy, Inc. 7.750%, 07/31/29*		574,224
	499,000	7.875%, 04/15/32*		506,889
	368,000	9.750%, 10/15/30		401,304
	1,000,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		954,430
	1,195,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,241,462
				40,269,906
		Financials (7.1%)
	1,550,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		1,540,483
	1,440,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		1,451,678
	1,675,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		1,646,006
	120,000	7.000%, 01/15/31		120,734

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
32

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,087,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%	$	923,483
	445,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		344,866
	402,000	8.000%, 11/01/31		435,672
	1,923,000	AmWINS Group, Inc.* 4.875%, 06/30/29		1,750,699
	726,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		668,820
	475,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		486,685
	1,436,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		1,310,249
	1,145,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		1,025,806
	1,000,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		970,330
	925,000	Credit Acceptance Corp. 6.625%, 03/15/26^		922,789
	635,000	9.250%, 12/15/28*		673,875
	960,000	Cushman & Wakefield U.S. Borrower LLC* 8.875%, 09/01/31		998,928
	1,247,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		1,246,464
	1,075,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		1,104,541
	1,197,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,019,509
	1,000,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		1,032,000
	535,000	HAT Holdings I LLC / HAT Holdings II LLC* 8.000%, 06/15/27		549,402
	1,430,000	HUB International, Ltd.* 5.625%, 12/01/29		1,319,447
	475,000	7.375%, 01/31/32		473,043
	718,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		605,023
	1,300,000	ILFC E-Capital Trust II*‡ 7.395%, 12/21/65 3 mo. USD LIBOR + 1.80%		1,038,648
	1,990,000	Iron Mountain, Inc.* 5.250%, 03/15/28		1,906,659
	2,435,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		2,193,302
	1,874,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		1,843,323
	1,033,000	4.750%, 06/15/29		923,905

PRINCIPAL AMOUNT			VALUE
	875,000	LD Holdings Group, LLC* 6.125%, 04/01/28	$	664,248
	985,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		385,371
	480,000	4.625%, 09/15/27		283,080
	720,000	LPL Holdings, Inc.*µ 4.000%, 03/15/29		653,731
	955,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		1,001,021
	476,407	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 14.750%, 11/14/28		519,612
	1,498,000	MetLife, Inc. 6.400%, 12/15/66		1,494,300
	1,300,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,223,690
	1,038,000	Navient Corp. 5.000%, 03/15/27		980,401
	525,000	4.875%, 03/15/28		475,209
	630,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		537,957
	475,000	Newmark Group, Inc.* 7.500%, 01/12/29		480,254
	670,000	OneMain Finance Corp. 9.000%, 01/15/29		704,358
	660,000	3.875%, 09/15/28		582,377
	479,000	7.125%, 03/15/26^		483,680
	1,493,000	PHH Mortgage Corp.* 7.875%, 03/15/26		1,435,833
	1,100,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		1,013,595
	950,000	6.500%, 04/01/32		932,245
	450,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		383,355
	445,000	3.625%, 03/01/29		393,055
	220,000	2.875%, 10/15/26		202,424
	1,190,000	StoneX Group, Inc.* 7.875%, 03/01/31		1,204,256
	943,000	8.625%, 06/15/25		946,847
	1,123,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		1,045,412
	480,000	5.750%, 06/15/27		461,299
	478,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 10.500%, 02/15/28		496,523
	465,000	6.500%, 02/15/29		374,199
	1,100,000	VZ Secured Financing, BV* 5.000%, 01/15/32		929,599
	1,017,000	XHR, LP* 6.375%, 08/15/25		1,016,583
				51,830,883

See accompanying Notes to Schedule of Investments

www.calamos.com
33

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Health Care (2.8%)
	1,934,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28^	$	1,514,980
	382,000	14.000%, 10/15/30		246,818
	359,000	6.125%, 02/01/27^		263,585
	1,917,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		1,357,696
	544,000	8.000%, 03/15/26		542,167
	538,000	6.875%, 04/15/29		399,535
	475,000	10.875%, 01/15/32		487,198
	120,000	5.250%, 05/15/30		98,387
	1,139,000	DaVita, Inc.* 3.750%, 02/15/31		938,844
	1,061,000	4.625%, 06/01/30		932,067
	717,000	Embecta Corp.* 5.000%, 02/15/30^		553,230
	240,000	6.750%, 02/15/30		206,431
	470,000	Encompass Health Corp. 4.750%, 02/01/30		431,939
	470,000	4.500%, 02/01/28		442,129
	1,109,000	HCA, Inc.^ 7.500%, 11/06/33		1,209,786
	300,000	Jazz Securities DAC* 4.375%, 01/15/29		274,854
	1,215,000	Medline Borrower, LP* 3.875%, 04/01/29		1,088,275
	1,208,000	5.250%, 10/01/29		1,125,675
	1,760,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		1,523,315
	450,000	4.125%, 04/30/28		410,328
	1,025,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		954,542
	2,250,000	Tenet Healthcare Corp. 6.250%, 02/01/27		2,245,252
	1,315,000	6.875%, 11/15/31		1,361,235
	1,215,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29^		1,153,242
	800,000	4.750%, 05/09/27		766,512
	440,000	3.150%, 10/01/26		407,858
				20,935,880
		Industrials (5.8%)
	950,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		958,541
	1,100,000	ACCO Brands Corp.* 4.250%, 03/15/29		960,025
	740,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		733,532
	965,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		835,709

PRINCIPAL AMOUNT			VALUE
	1,600,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27	$	1,529,856
	720,000	5.875%, 02/15/28		706,226
	620,000	Allegiant Travel Company*^ 7.250%, 08/15/27		600,569
	538,000	Arcosa, Inc.* 4.375%, 04/15/29		492,523
	2,450,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		683,844
	753,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		673,958
	478,000	Boeing Company* 6.388%, 05/01/31		481,489
	480,000	Bombardier, Inc.* 8.750%, 11/15/30		511,027
	395,000	7.875%, 04/15/27		393,768
	300,000	7.250%, 07/01/31		301,170
	956,000	BWX Technologies, Inc.* 4.125%, 04/15/29		872,015
	1,000,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		942,750
	239,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		231,787
	1,265,000	Deluxe Corp.* 8.000%, 06/01/29		1,149,151
	957,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		965,135
	478,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		475,127
	500,000	EnerSys* 6.625%, 01/15/32		498,655
	475,000	4.375%, 12/15/27		445,346
	355,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		361,976
	580,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		525,010
	625,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		599,631
	446,000	3.500%, 03/01/29		395,147
	1,054,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		890,324
	2,244,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		1,988,229
	1,198,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		1,126,168
	1,250,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,215,737
	1,120,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,069,096

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
34

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	564,000	JELD-WEN, Inc.* 4.625%, 12/15/25	$	550,735
	500,000	4.875%, 12/15/27		475,355
	1,575,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,467,412
	955,000	Knife River Holding Company* 7.750%, 05/01/31		993,935
	234,000	MasTec, Inc.*µ^ 4.500%, 08/15/28		218,825
	119,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower, LLC* 6.750%, 04/01/32		118,269
	588,000	Moog, Inc.* 4.250%, 12/15/27		550,233
	1,198,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		900,309
	940,000	Novelis Corp.* 4.750%, 01/30/30		858,455
	360,000	OI European Group, BV* 4.750%, 02/15/30		329,558
	1,100,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		1,023,264
	743,000	Sealed Air Corp.* 6.125%, 02/01/28		734,760
	239,000	5.000%, 04/15/29		225,050
	240,000	Sealed Air Corp./Sealed Air Corp. U.S.* 7.250%, 02/15/31		244,817
	450,000	Sensata Technologies, BV* 4.000%, 04/15/29		403,025
	479,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		405,833
	717,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		493,884
	475,000	5.500%, 03/01/30		329,451
	955,000	Standard Industries, Inc.* 5.000%, 02/15/27		921,680
	773,000	Stericycle, Inc.*^ 3.875%, 01/15/29		691,155
	1,035,000	TransDigm, Inc.* 6.875%, 12/15/30		1,042,856
	710,000	6.750%, 08/15/28		713,387
	360,000	7.125%, 12/01/31		367,373
	235,000	6.625%, 03/01/32		234,984
	480,000	Tronox, Inc.* 4.625%, 03/15/29		429,806
	353,898	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		326,892
	961,000	Vertiv Group Corp.* 4.125%, 11/15/28		890,568
	1,004,000	Wabash National Corp.* 4.500%, 10/15/28		903,700

PRINCIPAL AMOUNT			VALUE
	855,000	Waste Pro USA, Inc.* 5.500%, 02/15/26	$	837,592
	565,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		522,636
	480,000	7.375%, 10/01/31		490,694
				42,310,014
		Information Technology (1.8%)
	238,000	Booz Allen Hamilton, Inc.*^ 4.000%, 07/01/29		218,344
	557,000	Coherent Corp.* 5.000%, 12/15/29		514,451
	895,000	CommScope, Inc.*^ 4.750%, 09/01/29		625,829
	430,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		432,649
	478,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		435,640
	480,000	Fair Isaac Corp.* 4.000%, 06/15/28		442,776
	1,050,000	KBR, Inc.* 4.750%, 09/30/28		981,036
	1,050,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		773,283
	480,000	5.500%, 09/01/28		392,131
	477,000	NCL Corp., Ltd.* 8.125%, 01/15/29		497,239
	478,000	NCR Voyix Corp.* 5.125%, 04/15/29		439,645
	723,000	ON Semiconductor Corp.* 3.875%, 09/01/28		656,296
	705,000	Open Text Corp.* 3.875%, 02/15/28		644,039
	475,000	6.900%, 12/01/27		485,934
	359,000	3.875%, 12/01/29		314,782
	359,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		308,219
	840,000	Playtika Holding Corp.* 4.250%, 03/15/29		723,551
	1,350,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,209,559
	680,000	Twilio, Inc. 3.625%, 03/15/29		604,017
	236,000	3.875%, 03/15/31		204,650
	356,000	UKG, Inc.* 6.875%, 02/01/31		356,833
	1,200,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,015,620
	1,100,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		972,763
				13,249,286

See accompanying Notes to Schedule of Investments

www.calamos.com
35

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Materials (1.8%)
	500,000	ArcelorMittal, SA 7.000%, 10/15/39	$	529,325
	534,000	ATI, Inc. 5.875%, 12/01/27		524,564
	242,000	Carpenter Technology Corp. 7.625%, 03/15/30		247,249
	955,000	Chemours Company* 4.625%, 11/15/29		819,123
	1,530,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,391,458
	716,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		699,618
	478,000	Commercial Metals Company 4.125%, 01/15/30		429,402
	239,000	4.375%, 03/15/32		210,817
	1,115,000	Constellium, SE*^ 3.750%, 04/15/29		990,399
	477,000	HB Fuller Company 4.250%, 10/15/28		440,767
	475,000	INEOS Finance, PLC*^ 6.750%, 05/15/28		467,353
	725,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		732,148
	850,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		792,599
	235,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		219,189
	1,020,000	Mercer International, Inc. 5.125%, 02/01/29^		892,061
	483,000	12.875%, 10/01/28*		527,808
	935,000	OCI, NV* 6.700%, 03/16/33		898,451
	720,000	Owens-Brockway Glass Container, Inc.*^ 7.250%, 05/15/31		722,045
	472,000	6.625%, 05/13/27		472,142
	1,105,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,031,716
	478,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		123,759
				13,161,993
		Other (0.1%)
	500,000	Gen Digital, Inc.* 6.750%, 09/30/27		502,135
	260,000	7.125%, 09/30/30		263,120
				765,255
		Real Estate (0.4%)
	764,000	EPR Properties 3.750%, 08/15/29		664,734

PRINCIPAL AMOUNT			VALUE
	750,000	Forestar Group, Inc.* 5.000%, 03/01/28	$	713,063
	502,000	3.850%, 05/15/26		477,246
	1,073,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		972,020
	465,000	Service Properties Trust 5.250%, 02/15/26		447,590
				3,274,653
		Special Purpose Acquisition Companies (0.2%)
	955,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		832,588
	477,000	4.625%, 01/15/29		431,847
				1,264,435
		Utilities (0.1%)
	350,000	PPL Capital Funding, Inc.‡ 8.236%, 03/30/67 3 mo. USD LIBOR + 2.67%		347,322
	450,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		443,164
	250,000	8.000%, 10/15/26 5 year CMT + 6.93%		252,848
				1,043,334
		TOTAL CORPORATE BONDS (Cost $305,197,055)		300,293,454
CONVERTIBLE BONDS (102.1%)
		Communication Services (8.1%)
	960,000	Cable One, Inc.µ 0.000%, 03/15/26		830,275
	8,250,000	Liberty Media Corp.*µ 2.375%, 09/30/53		8,656,395
	9,000,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		9,373,770
	5,250,000	Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		4,285,470
	6,000,000	Perficient, Inc.µ 0.125%, 11/15/26		5,275,680
	14,500,000	Sea, Ltd.^ 0.250%, 09/15/26		12,470,870
	10,500,000	Snap, Inc.µ 0.000%, 05/01/27		8,576,715
	5,750,000	0.750%, 08/01/26		5,966,775
	3,500,000	Zillow Group, Inc.^ 1.375%, 09/01/26		4,041,415
				59,477,365
		Consumer Discretionary (18.8%)
	11,500,000	Airbnb, Inc.µ 0.000%, 03/15/26		10,590,695
	4,500,000	Booking Holdings, Inc. 0.750%, 05/01/25		8,268,075

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
36

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	4,250,000	Carnival Corp. 5.750%, 12/01/27	$	6,003,635
	6,750,000	Chegg, Inc.µ 0.000%, 09/01/26		5,425,312
	6,691,000	DISH Network Corp.µ 0.000%, 12/15/25		4,911,194
	11,500,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28		9,571,910
	12,750,000	Etsy, Inc.µ 0.125%, 09/01/27		10,582,372
	16,750,000	Ford Motor Companyµ 0.000%, 03/15/26		16,721,022
	2,435,000	Lucid Group, Inc.* 1.250%, 12/15/26		1,116,399
	10,250,000	Marriott Vacations Worldwide Corp.µ 3.250%, 12/15/27		9,397,712
	11,500,000	Rivian Automotive, Inc. 4.625%, 03/15/29		7,855,190
	2,000,000	Royal Caribbean Cruises, Ltd.µ 6.000%, 08/15/25		5,700,900
	5,750,000	Shake Shack, Inc.µ 0.000%, 03/01/28		5,212,318
	3,250,000	Stride, Inc.^ 1.125%, 09/01/27		4,482,693
	15,000,000	Vail Resorts, Inc.µ 0.000%, 01/01/26		13,633,050
	13,500,000	Wayfair, Inc.µ 3.250%, 09/15/27		14,891,445
	3,791,000	Winnebago Industries, Inc.*µ 3.250%, 01/15/30		3,747,366
				138,111,288
		Consumer Staples (0.7%)
	4,500,000	Post Holdings, Inc. 2.500%, 08/15/27		5,044,950
		Energy (2.9%)
	4,250,000	Kosmos Energy, Ltd.* 3.125%, 03/15/30		4,516,050
	4,890,000	Nabors Industries, Inc.µ 1.750%, 06/15/29		3,589,456
	4,250,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		5,260,990
	2,750,000	Pioneer Natural Resources Companyµ 0.250%, 05/15/25		8,075,512
	9,411,000	SunEdison, Inc.@ 0.000%, 01/15/49		94,110
	898,000	0.000%, 10/01/49		8,980
				21,545,098
		Financials (1.7%)
	4,250,000	Coinbase Global, Inc.*µ 0.250%, 04/01/30		3,843,530
	8,250,000	Global Payments, Inc.*^ 1.500%, 03/01/31		8,229,128
				12,072,658

PRINCIPAL AMOUNT			VALUE
		Health Care (21.6%)
	4,500,000	Alnylam Pharmaceuticals, Inc.µ 1.000%, 09/15/27	$	4,147,200
	5,500,000	Alphatec Holdings, Inc.µ 0.750%, 08/01/26		5,547,410
	9,500,000	CONMED Corp.µ 2.250%, 06/15/27		8,385,175
	12,250,000	CryoPort, Inc.*µ 0.750%, 12/01/26		10,670,240
	15,831,000	Dexcom, Inc. 0.250%, 11/15/25		16,599,753
	8,000,000	0.375%, 05/15/28*		8,127,200
	2,886,000	Enovis Corp.* 3.875%, 10/15/28		3,412,580
	6,750,000	Exact Sciences Corp.µ 0.375%, 03/15/27		6,123,195
	3,750,000	2.000%, 03/01/30*		3,866,850
	7,250,000	Halozyme Therapeutics, Inc.µ 1.000%, 08/15/28		6,841,825
	2,088,000	Immunocore Holdings, PLC*µ 2.500%, 02/01/30		2,067,016
	4,250,000	Insmed, Inc. 0.750%, 06/01/28		4,353,147
	4,500,000	Insulet Corp.µ 0.375%, 09/01/26		4,641,705
	9,125,000	Integer Holdings Corp. 2.125%, 02/15/28		12,689,955
	4,500,000	Ionis Pharmaceuticals, Inc.µ 0.000%, 04/01/26		4,364,865
	4,000,000	iRhythm Technologies, Inc.*µ 1.500%, 09/01/29		4,057,840
	9,950,000	Jazz Investments I, Ltd.µ 2.000%, 06/15/26		9,599,362
	3,721,000	Lantheus Holdings, Inc.µ 2.625%, 12/15/27		4,208,191
	10,250,000	NeoGenomics, Inc.µ 0.250%, 01/15/28		8,086,225
	8,500,000	Omnicell, Inc.µ 0.250%, 09/15/25		7,991,275
	8,000,000	Pacira BioSciences, Inc.µ 0.750%, 08/01/25		7,571,040
	3,750,000	Sarepta Therapeutics, Inc. 1.250%, 09/15/27		4,303,388
	8,250,000	Shockwave Medical, Inc.* 1.000%, 08/15/28		10,485,337
				158,140,774
		Industrials (7.7%)
	4,250,000	Axon Enterprise, Inc. 0.500%, 12/15/27		6,193,015
	4,125,000	Fluor Corp.*^ 1.125%, 08/15/29		4,494,270
	7,250,000	John Bean Technologies Corp.µ 0.250%, 05/15/26		6,550,085

See accompanying Notes to Schedule of Investments

www.calamos.com
37

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	4,250,000	Middleby Corp.µ 1.000%, 09/01/25	$	5,008,285
	4,000,000	Tetra Tech, Inc.*^ 2.250%, 08/15/28		4,543,960
	20,000,000	Uber Technologies, Inc. 0.000%, 12/15/25		20,883,400
	7,804,000	0.875%, 12/01/28*		8,817,349
				56,490,364
		Information Technology (34.3%)
	4,125,000	Advanced Energy Industries, Inc.*µ 2.500%, 09/15/28		4,089,154
	8,250,000	Akamai Technologies, Inc. 1.125%, 02/15/29*		8,127,240
	4,500,000	0.375%, 09/01/27^		4,568,850
	9,250,000	Bentley Systems, Inc. 0.125%, 01/15/26		9,398,740
	7,500,000	BILL Holdings, Inc.µ 0.000%, 12/01/25		6,939,300
	3,250,000	Camtek, Ltd.* 0.000%, 12/01/26		4,856,150
	5,750,000	Confluent, Inc.µ 0.000%, 01/15/27		4,886,235
	5,000,000	CyberArk Software, Ltd. 0.000%, 11/15/24		7,682,600
	4,750,000	Datadog, Inc.µ 0.125%, 06/15/25		6,777,348
	6,000,000	DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		5,013,600
	9,066,000	Enphase Energy, Inc.µ 0.000%, 03/01/26		8,205,274
	2,250,000	Five9, Inc.µ 0.500%, 06/01/25		2,120,648
	6,000,000	NCL Corp., Ltd. 1.125%, 02/15/27µ		5,491,320
	4,500,000	2.500%, 02/15/27µ		4,219,065
	3,000,000	5.375%, 08/01/25		3,688,620
	6,250,000	Nutanix, Inc.^ 0.250%, 10/01/27		7,569,812
	4,000,000	Okta, Inc.µ 0.375%, 06/15/26		3,630,280
	17,250,000	ON Semiconductor Corp.µ 0.500%, 03/01/29		16,720,942
	4,250,000	Palo Alto Networks, Inc.µ 0.375%, 06/01/25		12,441,407
	6,250,000	Parsons Corp.*µ 2.625%, 03/01/29		6,554,750
	7,500,000	Rapid7, Inc.*µ 1.250%, 03/15/29		7,271,925
	11,250,000	Repay Holdings Corp.*µ 0.000%, 02/01/26		10,284,637
	5,750,000	Seagate HDD Cayman* 3.500%, 06/01/28		6,884,245

PRINCIPAL AMOUNT			VALUE
	13,750,000	Shift4 Payments, Inc.µ^ 0.000%, 12/15/25	$	14,246,650
	6,600,000	SK Hynix, Inc. 1.750%, 04/11/30		10,351,836
	12,500,000	Super Micro Computer, Inc.*µ 0.000%, 03/01/29		12,784,000
	10,000,000	Tyler Technologies, Inc.µ^ 0.250%, 03/15/26		10,504,800
	12,250,000	Unity Software, Inc.µ 0.000%, 11/15/26		10,443,492
	3,730,000	Vertex, Inc.* 0.750%, 05/01/29		3,900,648
	8,000,000	Western Digital Corp.* 3.000%, 11/15/28		12,084,880
	6,250,000	Wix.com, Ltd. 0.000%, 08/15/25		5,793,000
	8,750,000	Wolfspeed, Inc. 1.875%, 12/01/29		5,012,963
	5,338,000	0.250%, 02/15/28		3,157,907
	4,250,000	Zscaler, Inc.µ 0.125%, 07/01/25		5,384,623
				251,086,941
		Materials (1.6%)
	1,500,000	ATI, Inc.^ 3.500%, 06/15/25		5,777,490
	6,306,000	MP Materials Corp.*µ 0.250%, 04/01/26		5,572,171
				11,349,661
		Other (0.0%)
	475,000	Multiplan Corp.*µ 6.000%, 10/15/27 7.000% PIK rate		338,385
		Real Estate (0.7%)
	6,000,000	Pebblebrook Hotel Trustµ 1.750%, 12/15/26		5,298,840
		Utilities (4.0%)
	4,250,000	CMS Energy Corp.* 3.375%, 05/01/28		4,164,193
	6,500,000	PG&E Corp.*µ 4.250%, 12/01/27		6,522,945
	15,250,000	PPL Capital Funding, Inc.µ^ 2.875%, 03/15/28		14,498,175
	4,250,000	Southern Company^ 3.875%, 12/15/25		4,242,775
				29,428,088
		TOTAL CONVERTIBLE BONDS (Cost $785,822,994)		748,384,412

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
38

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
BANK LOANS (7.7%)¡
		Airlines (0.3%)
	645,000	Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%	$	650,241
	640,000	American Airlines, Inc.‡ 10.336%, 04/20/28 3 mo. SOFR + 4.75%		666,467
	640,250	Mileage Plus Holdings, LLC‡ 10.733%, 06/21/27 3 mo. SOFR + 5.25%		658,122
	640,000	United Airlines, Inc.‡ 8.076%, 02/22/31 3 mo. SOFR + 2.75%		643,501
				2,618,331
		Communication Services (0.5%)
	56,490	Audacy Capital Corp.‡ 11.430%, 08/19/24 3 mo. SOFR + 6.11%		56,631
	460,998	Clear Channel Outdoor Holdings, Inc.‡ 9.430%, 08/23/28 1 mo. SOFR + 4.00%		461,959
	377,146	DIRECTV Financing, LLC! 0.000%, 08/02/27		379,555
	355,716	DIRECTV Financing, LLC‡ 10.430%, 08/02/27 1 mo. SOFR + 5.00%		357,987
	1,505,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 0.00%		815,710
	950,493	Gray Television, Inc.‡ 7.942%, 01/02/26 1 mo. SOFR + 2.50%		939,862
	970,000	Telesat Canada‡ 8.355%, 12/07/26 3 mo. SOFR + 2.75%		494,904
				3,506,608
		Consumer Discretionary (1.8%)
	475,000	Adient U.S., LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		477,672
	744,000	American Axle & Manufacturing, Inc.‡ 8.921%, 12/13/29 1 mo. SOFR + 3.50%		748,419
	960,300	Caesars Entertainment, Inc.‡ 8.666%, 02/06/30 1 mo. SOFR + 3.25%		963,483
	1,487,932	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%		1,497,462
	889,695	Carnival Corp.‡ 8.067%, 10/18/28 1 mo. SOFR + 2.75%		894,423

PRINCIPAL AMOUNT			VALUE
	950,000	Flutter Financing, BV! 0.000%, 11/25/30	$	952,883
	1,219,533	Hanesbrands, Inc.‡ 9.066%, 03/08/30 1 mo. SOFR + 3.75%		1,222,070
	530,816	Life Time Fitness, Inc.‡ 9.591%, 01/15/26 3 mo. SOFR + 4.00%		534,633
	1,122,900	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%		1,126,796
	2,074,888	PetSmart, Inc.‡ 9.166%, 02/11/28 1 mo. SOFR + 3.75%		2,048,952
	505,000	Station Casinos LLC! 0.000%, 03/14/31		505,654
	445,000	Station Casinos, LLC‡ 7.566%, 03/14/31 1 mo. SOFR + 2.25%		445,576
	593,828	TKC Holdings, Inc.‡ 10.930%, 05/15/28 1 mo. SOFR + 5.50%		590,488
	971,952	Windsor Holdings III, LLC‡ 9.319%, 08/01/30 1 mo. SOFR + 4.00%		981,550
				12,990,061
		Consumer Staples (1.0%)
	2,248,650	Amneal Pharmaceuticals, LLC‡ 10.816%, 05/04/28 1 mo. SOFR + 5.50%		2,253,575
	540,943	Fiesta Purchaser, Inc.‡ 9.316%, 02/12/31 1 mo. SOFR + 4.00%		543,750
	444,057	Fiesta Purchaser, Inc.‡ 9.318%, 02/12/31 1 mo. SOFR + 4.00%		446,362
	1,751,452	Jazz Financing Lux Sarl‡ 8.430%, 05/05/28 1 mo. SOFR + 3.00%		1,763,773
	960,000	Star Parent, Inc.‡ 9.309%, 09/27/30 3 mo. SOFR + 4.00%		960,903
	645,000	United Natural Foods, Inc.! 0.000%, 04/25/31		639,356
	481,343	United Natural Foods, Inc.‡ 8.680%, 10/22/25 1 mo. SOFR + 3.25%		479,813
				7,087,532
		Energy (0.4%)
	748,125	Buckeye Partners, LP‡ 7.816%, 11/22/30 1 mo. SOFR + 2.50%		751,682
	473,813	New Fortress Energy, Inc.‡ 10.330%, 10/27/28 3 mo. SOFR + 5.00%		477,070

See accompanying Notes to Schedule of Investments

www.calamos.com
39

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,194,169	Par Petroleum, LLC‡ 9.052%, 02/28/30 3 mo. SOFR + 3.75%	$	1,199,764
	250,000	Par Petroleum, LLC‡! 9.738%, 02/28/30 3 mo. SOFR + 4.25%		251,171
				2,679,687
		Financials (1.2%)
	1,050,000	Advisor Group, Inc.! 0.000%, 08/17/28		1,057,634
	239,400	Advisor Group, Inc.‡ 9.816%, 08/17/28 1 mo. SOFR + 4.50%		241,140
	776,684	Alliant Holdings Intermediate, LLC‡ 8.819%, 11/06/30 1 mo. SOFR + 3.50%		780,645
	719,572	Amynta Agency Borrower, Inc.‡ 9.552%, 02/28/28 3 mo. SOFR + 4.25%		722,914
	775,000	AssuredPartners, Inc.! 0.000%, 02/14/31		779,270
	455,000	AssuredPartners, Inc.‡ 8.816%, 02/14/31 1 mo. SOFR + 3.50%		457,507
	736,305	Avolon TLB Borrower 1 (US) LLC‡ 7.315%, 06/22/28 1 mo. SOFR + 2.00%		738,720
	448,875	Broadstreet Partners, Inc.‡ 9.066%, 01/27/29 1 mo. SOFR + 3.75%		451,025
	947,625	HUB International, Ltd.‡ 8.575%, 06/20/30 3 mo. SOFR + 3.25%		953,486
	2,375	HUB International, Ltd.‡ 8.565%, 06/20/30 3 mo. SOFR + 3.25%		2,390
	718,200	Iron Mountain, Inc.‡ 7.566%, 01/31/31 1 mo. SOFR + 2.25%		717,600
	475,000	Level 3 Financing, Inc.! 0.000%, 04/15/29		467,961
	1,290,453	VFH Parent, LLC‡ 8.416%, 01/13/29 1 mo. SOFR + 3.00%		1,292,272
				8,662,564
		Health Care (0.5%)
	446,023	Icon Luxembourg Sarl‡ 7.320%, 07/03/28 3 mo. SOFR + 2.00%		448,404
	988,235	Padagis, LLC‡ 10.314%, 07/06/28 3 mo. SOFR + 4.75%		909,176
	111,127	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		111,720

PRINCIPAL AMOUNT			VALUE
	2,360,705	Team Health Holdings, Inc.‡ 10.580%, 03/02/27 3 mo. SOFR + 5.25%	$	2,075,308
	6,770	Team Health Holdings, Inc.‡ 10.566%, 03/02/27 3 mo. SOFR + 5.25%		5,952
				3,550,560
		Industrials (0.4%)
	955,045	ACProducts, Inc.‡ 9.814%, 05/17/28 3 mo. SOFR + 4.25%		831,844
	901,209	ChampionX Corp.‡ 8.168%, 06/07/29 1 mo. SOFR + 2.75%		906,278
	404,717	Emrld Borrower, LP‡ 7.816%, 05/31/30 1 mo. SOFR + 2.50%		406,435
	110,000	MI Windows & Doors, LLC‡ 8.816%, 03/21/31 1 mo. SOFR + 3.50%		110,642
	972,563	TransDigm, Inc.‡ 8.559%, 02/28/31 1 mo. SOFR + 3.25%		979,366
				3,234,565
		Information Technology (0.7%)
	1,320,388	Banff Merger Sub, Inc.‡ 9.566%, 12/29/28 1 mo. SOFR + 4.25%		1,330,113
	756,093	Camelot US Acquisition LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		758,456
	913,163	Central Parent, Inc.‡ 9.309%, 07/06/29 3 mo. SOFR + 4.00%		917,938
	959,651	Dun & Bradstreet Corp.‡ 8.068%, 01/18/29 1 mo. SOFR + 2.75%		963,053
	848,119	II-VI, Inc.‡ 7.829%, 07/02/29 1 mo. SOFR + 2.50%		853,153
	500,000	UKG, Inc.‡ 8.814%, 02/10/31 3 mo. SOFR + 3.50%		502,867
				5,325,580
		Materials (0.7%)
	716,400	Chemours Company‡ 8.817%, 08/18/28 1 mo. SOFR + 3.50%		717,074
	967,688	Ineos US Finance, LLC‡ 8.930%, 02/18/30 1 mo. SOFR + 3.50%		971,316
	755,670	Innophos, Inc.‡ 8.930%, 02/05/27 1 mo. SOFR + 3.50%		756,539

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
40

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,200,925	LSF11 A5 Holdco, LLC‡ 9.666%, 10/15/28 1 mo. SOFR + 4.25%	$	1,205,729
	733,683	Trinseo Materials Operating SCA‡ 7.824%, 05/03/28 3 mo. SOFR + 2.50%		512,698
	978,775	W.R. Grace & Co.-Conn.‡ 9.321%, 09/22/28 3 mo. SOFR + 3.75%		981,657
				5,145,013
		Special Purpose Acquisition Companies (0.2%)
	471,600	Clydesdale Acquisition Holdings, Inc.‡ 9.091%, 04/13/29 1 mo. SOFR + 3.67%		474,168
	240,100	Fertitta Entertainment, LLC‡ 9.069%, 01/27/29 1 mo. SOFR + 4.00%		240,926
	985,000	Patagonia Holdco, LLC‡ 11.064%, 08/01/29 3 mo. SOFR + 5.75%		916,050
				1,631,144
		TOTAL BANK LOANS (Cost $57,224,569)		56,431,645
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (3.6%)
		Energy (0.0%)
	26	Gulfport Energy Corp.# 10.000%, 05/31/24 15.000% PIK rate		300,950
		Financials (2.0%)
	83,465	Apollo Global Management, Inc. 6.750%, 07/31/26		5,089,696
	8,100	Bank of America Corp.‡‡ 7.250%, 12/31/49		9,315,000
				14,404,696
		Industrials (0.6%)
	75,625	Chart Industries, Inc. 6.750%, 12/15/25		4,345,412
		Utilities (1.0%)
	180,300	NextEra Energy, Inc.^ 6.926%, 09/01/25		7,347,225
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $28,651,882)		26,398,283
WARRANTS (0.0%)#
		Energy (0.0%)
	47,739	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		5

NUMBER OF SHARES			VALUE
	42,965	Mcdermott International, Ltd. 06/30/27, Strike $12.33	$	4
		TOTAL WARRANTS (Cost $18,376)		9
COMMON STOCKS (0.4%)
		Communication Services (0.0%)
	20,285	Altice USA, Inc. - Class A^#		39,150
	6,819	Cumulus Media, Inc. - Class Aµ#		17,934
	1	Frontier Communications Parent, Inc.µ#		23
				57,107
		Consumer Staples (0.1%)
	7,073	Mallinckrodt, PLC#		374,869
		Energy (0.2%)
	1,384	Chesapeake Energy Corp.µ		124,394
	67,000	Energy Transfer, LP		1,053,910
	39,795	Enterprise Products Partners, LP		1,117,444
	6,644	EP Energy Corp.&#		15,779
	32	Gulfport Energy Corp.µ&#		5,079
				2,316,606
		Special Purpose Acquisition Company (0.1%)
	11,411	Intelsat Emergence, SA&#		413,649
		TOTAL COMMON STOCKS (Cost $3,842,232)		3,162,231
PREFERRED STOCKS (0.4%)
		Communication Services (0.1%)
	11,875	United States Cellular Corp.µ 5.500%, 06/01/70		209,594
	11,375	5.500%, 03/01/70		202,134
				411,728
		Consumer Discretionary (0.1%)
	6,122	Guitar Center, Inc.&#		480,577
		Energy (0.2%)
	29,680	NuStar Energy, LP‡ 11.234%, 05/30/24 3 mo. USD LIBOR + 5.64%		757,137
	7,294	NuStar Energy, LP‡ 12.357%, 05/30/24 3 mo. USD LIBOR + 6.77%		186,507
	43,000	NuStar Logistics, LP‡ 12.324%, 01/15/43 3 mo. USD SOFR + 7.00%		1,090,480
				2,034,124
		TOTAL PREFERRED STOCKS (Cost $3,137,405)		2,926,429

See accompanying Notes to Schedule of Investments

www.calamos.com
41

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTION (0.1%)#
		Industrials (0.1%)
	3,250	American Airlines Group, Inc.
	4,390,750	Call, 06/20/25, Strike $17.00 (Cost $795,671)	$	404,625
		TOTAL INVESTMENTS (155.3%) (Cost $1,185,400,692)		1,138,696,354
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-18.1%)				(133,000,000	)
LIABILITIES, LESS OTHER ASSETS (-37.2%)				(272,692,157	)
NET ASSETS (100.0%)			$	733,004,197

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Funds. 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.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $448,944,441.

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

@ In default status and considered non-income producing.

& Illiquid security.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

! This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

# Non-income producing security.

‡‡ Perpetual maturity.

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
42

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2024 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	695,266	$	—	$	695,266
Corporate Bonds		—		300,293,454		—		300,293,454
Convertible Bonds		—		748,384,412		—		748,384,412
Bank Loans		—		56,431,645		—		56,431,645
Convertible Preferred Stocks		26,097,333		300,950		—		26,398,283
Warrants		—		9		—		9
Common Stocks		2,357,934		804,297		—		3,162,231
Preferred Stocks		2,445,852		480,577		—		2,926,429
Purchased Options		404,625		—		—		404,625
Total	$	31,305,744	$	1,107,390,610	$	—	$	1,138,696,354

SECTOR WEIGHTINGS

Information Technology	22.8	%
Consumer Discretionary	18.3
Health Care	15.5
Industrials	9.0
Communication Services	7.9
Financials	7.4
Energy	5.9
Utilities	3.2
Materials	2.5
Consumer Staples	2.3
Real Estate	0.7
Airlines	0.6
Special Purpose Acquisition Companies	0.3

Sector weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

ASSET ALLOCATION

Fund asset allocations are based on total investments and may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
43

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
ASSET BACKED SECURITY (0.1%)
		Other (0.1%)
	850,000	SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $789,454)	$	772,517
CORPORATE BONDS (41.1%)
		Airlines (0.6%)
	907,051	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		880,710
	358,516	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		362,585
	1,076,060	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		975,556
	522,000	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		516,509
	981,591	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		891,962
	833,999	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		853,748
				4,481,070
		Communication Services (4.0%)
	800,000	Altice France Holding, SA* 10.500%, 05/15/27		286,792
	1,200,000	Altice France, SA* 5.500%, 10/15/29		787,200
	1,255,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,143,368
	1,100,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		873,884
	1,307,000	Audacy Capital Corp.*@ 6.750%, 03/31/29		46,137
	490,000	6.500%, 05/01/27		17,488
	952,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		868,757
	525,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		515,109
	475,000	9.000%, 09/15/28^		488,956
	1,454,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,262,799
	1,630,000	CSC Holdings, LLC* 5.375%, 02/01/28		1,257,056
	1,600,000	4.625%, 12/01/30		696,128
	1,220,000	4.500%, 11/15/31		775,749
	1,150,000	5.750%, 01/15/30		504,712
	1,035,000	5.500%, 04/15/27		849,590

PRINCIPAL AMOUNT			VALUE
	512,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27	$	477,537
	1,060,000	Frontier California, Inc. 6.750%, 05/15/27		1,010,201
	261,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		265,980
	1,685,000	Frontier Florida, LLC@ 6.860%, 02/01/28		1,605,367
	1,555,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,474,840
	905,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		804,038
	270,000	5.250%, 12/01/27		261,036
	263,000	Hughes Satellite Systems Corp. 6.625%, 08/01/26		151,506
	655,000	iHeartCommunications, Inc. 8.375%, 05/01/27		349,122
	395,000	5.250%, 08/15/27*^		290,266
	1,295,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,200,633
	791,137	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		131,115
	785,000	Lumen Technologies, Inc. 7.600%, 09/15/39		240,257
	525,000	4.000%, 02/15/27*		279,515
	263,000	7.650%, 03/15/42		80,531
	522,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		431,517
	610,000	Nexstar Media, Inc.* 5.625%, 07/15/27		574,083
	1,005,000	Paramount Global 4.900%, 08/15/44		704,565
	367,000	Qwest Corp. 7.250%, 09/15/25		363,748
	514,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		380,350
	257,000	5.375%, 01/15/31		152,203
	930,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		735,249
	1,350,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		1,258,929
	1,044,000	4.000%, 07/15/28		930,799
	515,000	3.125%, 09/01/26		480,871
	261,000	3.875%, 09/01/31^		209,988
	957,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		456,173
	1,915,000	Sprint, LLCµ 7.125%, 06/15/24		1,917,643
	1,170,000	Stagwell Global, LLC* 5.625%, 08/15/29		1,049,548
	517,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		236,600

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
44

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	420,000	Time Warner Cable, LLC 7.300%, 07/01/38	$	407,929
	1,186,000	United States Cellular Corp. 6.700%, 12/15/33		1,158,034
	786,000	Univision Communications, Inc.* 8.000%, 08/15/28		787,847
	525,000	Viasat, Inc.*^ 5.625%, 04/15/27		481,331
				31,713,076
		Consumer Discretionary (8.8%)
	1,257,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,267,684
	1,055,000	Adams Homes, Inc.* 9.250%, 10/15/28		1,090,670
	780,000	Adient Global Holdings Company*^ 8.250%, 04/15/31		810,779
	920,000	American Axle & Manufacturing, Inc.^ 5.000%, 10/01/29		830,576
	913,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		827,032
	780,000	6.625%, 01/15/28		778,869
	1,325,000	At Home Group, Inc.* 4.875%, 07/15/28		629,918
	1,369,000	Bath & Body Works, Inc. 6.694%, 01/15/27		1,379,596
	760,000	6.875%, 11/01/35		756,694
	600,000	Benteler International AG* 10.500%, 05/15/28		640,362
	657,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29		586,228
	512,000	8.125%, 07/01/27		519,977
	523,000	Carnival Corp.* 4.000%, 08/01/28		477,839
	520,000	7.625%, 03/01/26		523,510
	65,000	7.000%, 08/15/29^		66,791
	222,329	Carvana Company* 14.000%, 06/01/31		223,169
	186,423	13.000%, 06/01/30		185,234
	123,395	12.000%, 12/01/28		120,878
	2,250,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		2,112,435
	1,825,000	4.500%, 08/15/30		1,485,605
	1,200,000	6.375%, 09/01/29		1,100,052
	1,150,000	4.750%, 03/01/30		957,421
	1,035,000	4.250%, 02/01/31		813,427
	540,000	5.000%, 02/01/28		492,464
	522,000	4.750%, 02/01/32		410,887
	522,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		498,124
	810,000	Cedar Fair, LP 5.250%, 07/15/29		757,131

PRINCIPAL AMOUNT			VALUE
	520,000	Churchill Downs, Inc.* 6.750%, 05/01/31	$	516,511
	855,000	Dana, Inc. 4.250%, 09/01/30		742,952
	782,000	4.500%, 02/15/32		663,527
	1,170,000	DISH DBS Corp. 5.125%, 06/01/29		472,750
	775,000	5.250%, 12/01/26*		611,297
	650,000	7.375%, 07/01/28		291,772
	525,000	5.750%, 12/01/28*		356,323
	428,000	7.750%, 07/01/26		269,961
	1,049,000	DISH Network Corp.* 11.750%, 11/15/27		1,058,609
	1,510,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,408,015
	1,142,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,121,752
	1,075,000	Ford Motor Company 6.100%, 08/19/32		1,054,822
	1,650,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		1,440,334
	1,350,000	7.200%, 06/10/30^		1,399,842
	1,280,000	5.113%, 05/03/29		1,220,070
	945,000	7.350%, 11/04/27		977,839
	800,000	2.900%, 02/16/28		712,368
	391,000	Gap, Inc.* 3.875%, 10/01/31		319,861
	510,000	General Motors Company 5.200%, 04/01/45		436,943
	1,825,000	goeasy, Ltd.* 9.250%, 12/01/28		1,931,781
	934,000	7.625%, 07/01/29		935,532
	560,000	Goodyear Tire & Rubber Company 5.250%, 07/15/31^		496,115
	525,000	5.625%, 04/30/33		462,032
	445,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		405,951
	1,116,000	Guitar Center, Inc.*^& 8.500%, 01/15/26		986,868
	825,000	International Game Technology, PLC* 6.250%, 01/15/27		824,513
	285,653	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		288,621
	1,188,000	Kohl's Corp. 5.550%, 07/17/45		815,930
	1,040,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		1,082,370
	1,045,000	Liberty Interactive, LLC 8.250%, 02/01/30		580,529
	1,008,000	Life Time, Inc.* 8.000%, 04/15/26		1,009,693
	525,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		535,768

See accompanying Notes to Schedule of Investments

www.calamos.com
45

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	390,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28	$	408,966
	672,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		666,893
	685,000	M/I Homes, Inc. 3.950%, 02/15/30		594,895
	1,219,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		1,027,398
	765,000	4.300%, 02/15/43		605,130
	1,329,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,215,570
	625,000	Newell Brands, Inc. 5.700%, 04/01/26		616,563
	525,000	Nordstrom, Inc. 6.950%, 03/15/28		521,693
	500,000	5.000%, 01/15/44		379,930
	499,000	4.250%, 08/01/31		430,747
	1,573,000	Patrick Industries, Inc.* 4.750%, 05/01/29		1,431,320
	1,195,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		1,001,541
	523,000	Phinia, Inc.* 6.750%, 04/15/29		525,238
	1,460,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		1,090,897
	525,000	QVC, Inc. 5.450%, 08/15/34		344,894
	530,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		568,876
	2,039,000	Rite Aid Corp.*@ 8.000%, 11/15/26		1,315,828
	520,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		535,730
	131,000	6.250%, 03/15/32		129,158
	1,475,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		1,275,875
	1,565,000	Six Flags Entertainment Corp.*^ 7.250%, 05/15/31		1,563,153
	1,173,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		1,050,973
	753,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		710,651
	1,125,000	Station Casinos, LLC* 4.500%, 02/15/28		1,044,292
	1,050,000	STL Holding Company, LLC* 8.750%, 02/15/29		1,080,040
	636,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		619,966
	260,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		279,094

PRINCIPAL AMOUNT			VALUE
	1,215,000	Vista Outdoor, Inc.* 4.500%, 03/15/29	$	1,200,979
	1,025,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		1,049,764
	300,000	6.875%, 04/23/32		303,393
	300,000	6.750%, 04/23/30		300,897
				69,664,947
		Consumer Staples (1.9%)
	1,178,000	1375209 B.C., Ltd.*^ 9.000%, 01/30/28		1,157,833
	1,543,000	Arrow Bidco, LLC* 10.750%, 06/15/25		1,591,697
	1,050,000	B&G Foods, Inc.* 8.000%, 09/15/28		1,089,711
	1,191,000	Central Garden & Pet Company* 4.125%, 04/30/31		1,033,693
	1,188,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,077,373
	1,445,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		1,278,117
	260,000	6.500%, 12/31/27^		257,702
	1,575,000	JBS USA Holding LUX Sarl / JBS USA Food Company / JBS LUX Company Sarl 5.500%, 01/15/30^		1,521,655
	650,000	5.125%, 02/01/28µ		632,040
	390,000	5.750%, 04/01/33		373,448
	672,000	New Albertsons, LP 7.750%, 06/15/26		692,100
	1,043,000	Performance Food Group, Inc.* 4.250%, 08/01/29		935,258
	775,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		686,355
	525,000	Post Holdings, Inc.* 6.250%, 02/15/32		519,283
	986,000	Prestige Brands, Inc.* 3.750%, 04/01/31		840,062
	855,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		657,281
	1,103,000	Vector Group, Ltd.* 5.750%, 02/01/29		1,003,719
				15,347,327
		Energy (5.5%)
	516,000	Antero Resources Corp.* 5.375%, 03/01/30		491,005
	1,037,000	Apache Corp. 5.100%, 09/01/40		863,614
	545,000	Buckeye Partners, LP 5.850%, 11/15/43		456,312
	520,000	Cheniere Energy, Inc.µ 4.625%, 10/15/28		497,557
	780,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		780,889

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
46

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,465,000	Civitas Resources, Inc.* 8.750%, 07/01/31	$	1,559,053
	525,000	Continental Resources, Inc. 4.900%, 06/01/44		423,297
	517,000	2.875%, 04/01/32*		413,331
	808,000	DT Midstream, Inc.* 4.125%, 06/15/29		732,468
	1,024,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		1,053,696
	390,000	9.875%, 07/15/31		431,562
	600,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		590,562
	575,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		585,747
	1,520,000	Energy Transfer, LP‡ 8.606%, 11/01/66 3 mo. SOFR + 3.28%		1,380,707
	764,000	6.500%, 11/15/26 5 year CMT + 5.69%		742,142
	1,300,000	EnLink Midstream Partners, LP 9.701%, 05/31/24‡ 3 mo. LIBOR + 4.11%		1,283,841
	1,125,000	4.850%, 07/15/26		1,096,853
	650,000	Enlink Midstream, LLC* 6.500%, 09/01/30		658,359
	1,730,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		1,762,593
	525,000	6.375%, 04/01/29		521,645
	765,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		792,487
	467,000	6.250%, 05/15/26		463,666
	1,105,000	Gulfport Energy Corp. 8.000%, 05/17/26*		1,121,630
	311,124	8.000%, 05/17/26^		315,807
	1,460,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,402,899
	782,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		772,960
	1,050,000	Kodiak Gas Services, LLC* 7.250%, 02/15/29		1,062,474
	1,015,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		1,001,531
	784,000	Matador Resources Company* 6.500%, 04/15/32		777,595
	540,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		552,911
	495,000	7.500%, 01/15/26		494,465
	780,000	Nabors Industries, Inc.* 7.375%, 05/15/27		773,643
	390,000	9.125%, 01/31/30^		403,673

PRINCIPAL AMOUNT			VALUE
	780,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28	$	740,158
	676,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		668,862
	1,090,000	Oceaneering International, Inc. 6.000%, 02/01/28		1,050,629
	1,110,000	Parkland Corp.* 5.875%, 07/15/27		1,085,758
	551,000	Patterson-UTI Energy, Inc.^ 5.150%, 11/15/29		526,602
	260,000	Permian Resources Operating LLC* 7.000%, 01/15/32		265,660
	1,040,000	Plains All American Pipeline, LP‡ 9.679%, 05/31/24 3 mo. LIBOR + 4.11%		1,036,422
	1,460,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		1,350,325
	521,000	Southwestern Energy Company 4.750%, 02/01/32		469,801
	1,402,200	Transocean, Inc.* 8.750%, 02/15/30		1,463,588
	525,000	8.250%, 05/15/29		522,160
	650,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		644,436
	260,000	4.125%, 08/15/31		227,739
	260,000	3.875%, 08/15/29		229,736
	1,300,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		1,335,139
	780,000	8.125%, 06/01/28		798,455
	525,000	9.875%, 02/01/32		560,275
	525,000	9.500%, 02/01/29		564,753
	605,000	Vital Energy, Inc. 7.750%, 07/31/29*		609,483
	551,000	7.875%, 04/15/32*		559,711
	412,000	9.750%, 10/15/30		449,286
	1,045,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		997,379
	1,308,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,358,855
				43,776,186
		Financials (7.1%)
	1,650,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		1,639,869
	1,562,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		1,574,668
	1,830,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		1,798,323
	135,000	7.000%, 01/15/31		135,826
	1,173,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%		996,546
	480,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		371,990
	434,000	8.000%, 11/01/31		470,352

See accompanying Notes to Schedule of Investments

www.calamos.com
47

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	2,082,000	AmWINS Group, Inc.* 4.875%, 06/30/29	$	1,895,453
	779,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		717,646
	525,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		537,915
	1,559,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		1,422,478
	1,245,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		1,115,396
	1,000,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		970,330
	1,010,000	Credit Acceptance Corp. 6.625%, 03/15/26^		1,007,586
	690,000	9.250%, 12/15/28*		732,242
	1,045,000	Cushman & Wakefield U.S. Borrower LLC*^ 8.875%, 09/01/31		1,087,375
	1,346,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		1,345,421
	1,170,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		1,202,152
	1,292,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,100,422
	1,050,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		1,083,600
	585,000	HAT Holdings I LLC / HAT Holdings II LLC* 8.000%, 06/15/27		600,748
	1,571,000	HUB International, Ltd.* 5.625%, 12/01/29		1,449,546
	525,000	7.375%, 01/31/32		522,837
	781,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		658,110
	1,420,000	ILFC E-Capital Trust II*‡ 7.395%, 12/21/65 3 mo. LIBOR + 1.80%		1,134,523
	2,155,000	Iron Mountain, Inc.* 5.250%, 03/15/28		2,064,749
	2,640,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		2,377,954
	2,029,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		1,995,785
	1,127,000	4.750%, 06/15/29		1,007,978
	960,000	LD Holdings Group, LLC* 6.125%, 04/01/28		728,774
	1,080,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		422,539
	525,000	4.625%, 09/15/27		309,619

PRINCIPAL AMOUNT			VALUE
	774,000	LPL Holdings, Inc.*µ 4.000%, 03/15/29	$	702,761
	1,055,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		1,105,840
	480,377	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 14.750%, 11/14/28		523,942
	1,623,000	MetLife, Inc. 6.400%, 12/15/66		1,618,991
	1,415,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,331,939
	1,133,000	Navient Corp. 5.000%, 03/15/27		1,070,130
	565,000	4.875%, 03/15/28		511,415
	650,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		555,035
	525,000	Newmark Group, Inc.* 7.500%, 01/12/29		530,807
	730,000	OneMain Finance Corp. 9.000%, 01/15/29		767,434
	715,000	3.875%, 09/15/28		630,909
	518,000	7.125%, 03/15/26^		523,061
	1,602,000	PHH Mortgage Corp.* 7.875%, 03/15/26		1,540,659
	1,200,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		1,105,740
	1,050,000	6.500%, 04/01/32		1,030,376
	475,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.625%, 03/01/29		419,553
	470,000	3.875%, 03/01/31		400,393
	240,000	2.875%, 10/15/26		220,826
	1,310,000	StoneX Group, Inc.* 7.875%, 03/01/31		1,325,694
	1,047,000	8.625%, 06/15/25		1,051,272
	1,212,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		1,128,263
	525,000	5.750%, 06/15/27		504,546
	525,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		422,483
	520,000	10.500%, 02/15/28		540,150
	1,200,000	VZ Secured Financing, BV* 5.000%, 01/15/32		1,014,108
	1,091,000	XHR, LP* 6.375%, 08/15/25		1,090,553
				56,145,632
		Health Care (2.9%)
	2,092,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28^		1,638,747
	413,000	14.000%, 10/15/30		266,848
	391,000	6.125%, 02/01/27^		287,080

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
48

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	2,075,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30	$	1,469,598
	594,000	6.875%, 04/15/29		441,122
	583,000	8.000%, 03/15/26		581,035
	525,000	10.875%, 01/15/32		538,482
	130,000	5.250%, 05/15/30		106,586
	1,220,000	DaVita, Inc.* 3.750%, 02/15/31		1,005,609
	1,154,000	4.625%, 06/01/30		1,013,766
	783,000	Embecta Corp.* 5.000%, 02/15/30^		604,155
	260,000	6.750%, 02/15/30		223,634
	525,000	Encompass Health Corp. 4.750%, 02/01/30		482,486
	525,000	4.500%, 02/01/28		493,868
	1,234,000	HCA, Inc.^ 7.500%, 11/06/33		1,346,146
	340,000	Jazz Securities DAC* 4.375%, 01/15/29		311,501
	1,297,000	Medline Borrower, LP* 5.250%, 10/01/29^		1,208,609
	1,295,000	3.875%, 04/01/29		1,159,932
	1,900,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		1,644,488
	450,000	4.125%, 04/30/28		410,328
	1,103,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		1,027,180
	2,465,000	Tenet Healthcare Corp. 6.250%, 02/01/27		2,459,799
	1,420,000	6.875%, 11/15/31		1,469,927
	1,320,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29^		1,252,904
	1,000,000	4.750%, 05/09/27		958,140
	500,000	3.150%, 10/01/26		463,475
				22,865,445
		Industrials (5.8%)
	1,050,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		1,059,439
	1,200,000	ACCO Brands Corp.* 4.250%, 03/15/29		1,047,300
	825,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		817,790
	1,055,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		913,651
	1,750,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		1,673,280
	780,000	5.875%, 02/15/28		765,079
	677,000	Allegiant Travel Company*^ 7.250%, 08/15/27		655,783

PRINCIPAL AMOUNT			VALUE
	587,000	Arcosa, Inc.* 4.375%, 04/15/29	$	537,381
	2,650,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		739,668
	821,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		734,820
	521,000	Boeing Company* 6.388%, 05/01/31		524,803
	520,000	Bombardier, Inc.* 8.750%, 11/15/30		553,613
	442,000	7.875%, 04/15/27		440,621
	325,000	7.250%, 07/01/31		326,268
	1,044,000	BWX Technologies, Inc.* 4.125%, 04/15/29		952,285
	1,078,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		1,016,284
	257,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		249,244
	1,360,000	Deluxe Corp.* 8.000%, 06/01/29		1,235,451
	1,048,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		1,056,908
	520,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		516,875
	500,000	EnerSys* 6.625%, 01/15/32		498,655
	500,000	4.375%, 12/15/27		468,785
	395,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		402,762
	634,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		573,890
	675,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		647,602
	484,000	3.500%, 03/01/29		428,814
	1,141,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		963,814
	2,438,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,160,117
	1,289,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		1,211,712
	1,350,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,312,996
	1,210,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,155,005
	727,000	JELD-WEN, Inc.* 4.625%, 12/15/25		709,901
	540,000	4.875%, 12/15/27		513,383
	1,690,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,574,556
	1,040,000	Knife River Holding Company* 7.750%, 05/01/31		1,082,401
	255,000	MasTec, Inc.*µ 4.500%, 08/15/28		238,463

See accompanying Notes to Schedule of Investments

www.calamos.com
49

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	131,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower, LLC* 6.750%, 04/01/32	$	130,196
	650,000	Moog, Inc.* 4.250%, 12/15/27		608,251
	1,302,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		978,466
	1,040,000	Novelis Corp.* 4.750%, 01/30/30		949,780
	390,000	OI European Group, BV* 4.750%, 02/15/30		357,022
	1,200,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^ 4.000%, 10/15/27		1,116,288
	809,000	Sealed Air Corp.* 6.125%, 02/01/28		800,028
	261,000	5.000%, 04/15/29		245,765
	260,000	Sealed Air Corp./Sealed Air Corp. U.S.* 7.250%, 02/15/31		265,218
	400,000	Sensata Technologies, BV* 4.000%, 04/15/29		358,244
	519,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		439,723
	774,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		533,147
	515,000	5.500%, 03/01/30		357,194
	1,030,000	Standard Industries, Inc.* 5.000%, 02/15/27		994,063
	835,000	Stericycle, Inc.* 3.875%, 01/15/29		746,590
	1,125,000	TransDigm, Inc.* 6.875%, 12/15/30		1,133,539
	790,000	6.750%, 08/15/28		793,768
	390,000	7.125%, 12/01/31		397,987
	254,000	6.625%, 03/01/32		253,982
	519,000	Tronox, Inc.* 4.625%, 03/15/29		464,728
	383,042	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		353,812
	1,039,000	Vertiv Group Corp.* 4.125%, 11/15/28		962,852
	1,095,000	Wabash National Corp.* 4.500%, 10/15/28		985,609
	915,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		896,371
	604,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		558,712
	530,000	7.375%, 10/01/31		541,808
				45,982,542
		Information Technology (1.8%)
	266,000	Booz Allen Hamilton, Inc.*^ 4.000%, 07/01/29		244,031

PRINCIPAL AMOUNT			VALUE
	604,000	Coherent Corp.* 5.000%, 12/15/29	$	557,860
	955,000	CommScope, Inc.* 4.750%, 09/01/29		667,784
	471,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		473,901
	522,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		475,740
	520,000	Fair Isaac Corp.* 4.000%, 06/15/28		479,674
	1,130,000	KBR, Inc.* 4.750%, 09/30/28		1,055,782
	1,130,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		832,200
	520,000	5.500%, 09/01/28		424,809
	528,000	NCL Corp., Ltd.* 8.125%, 01/15/29		550,403
	522,000	NCR Voyix Corp.* 5.125%, 04/15/29		480,115
	771,000	ON Semiconductor Corp.* 3.875%, 09/01/28		699,868
	780,000	Open Text Corp.* 3.875%, 02/15/28		712,553
	525,000	6.900%, 12/01/27		537,086
	391,000	3.875%, 12/01/29		342,841
	391,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		335,693
	908,000	Playtika Holding Corp.* 4.250%, 03/15/29		782,124
	1,450,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,299,156
	725,000	Twilio, Inc. 3.625%, 03/15/29		643,988
	259,000	3.875%, 03/15/31		224,594
	394,000	UKG, Inc.* 6.875%, 02/01/31		394,922
	1,300,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,100,255
	1,200,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,061,196
				14,376,575
		Materials (1.8%)
	555,000	ArcelorMittal, SA^ 7.000%, 10/15/39		587,551
	500,000	ATI, Inc. 5.875%, 12/01/27		491,165
	258,000	Carpenter Technology Corp. 7.625%, 03/15/30		263,596
	1,040,000	Chemours Company* 4.625%, 11/15/29		892,029
	1,640,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,491,498

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
50

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	780,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30	$	762,154
	522,000	Commercial Metals Company 4.125%, 01/15/30		468,928
	261,000	4.375%, 03/15/32		230,223
	1,210,000	Constellium, SE*^ 3.750%, 04/15/29		1,074,783
	512,000	HB Fuller Company 4.250%, 10/15/28		473,108
	525,000	INEOS Finance, PLC*^ 6.750%, 05/15/28		516,548
	800,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		807,888
	920,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		857,872
	260,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		242,507
	1,107,000	Mercer International, Inc. 5.125%, 02/01/29^		968,149
	520,000	12.875%, 10/01/28*		568,240
	1,015,000	OCI, NV* 6.700%, 03/16/33		975,324
	785,000	Owens-Brockway Glass Container, Inc.*^ 7.250%, 05/15/31		787,229
	505,000	6.625%, 05/13/27		505,152
	1,194,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,114,814
	521,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		134,892
				14,213,650
		Other (0.1%)
	475,000	Gen Digital, Inc.* 6.750%, 09/30/27		477,028
	215,000	7.125%, 09/30/30		217,580
				694,608
		Real Estate (0.4%)
	834,000	EPR Properties 3.750%, 08/15/29		725,638
	750,000	Forestar Group, Inc.* 5.000%, 03/01/28		713,062
	551,000	3.850%, 05/15/26		523,830
	1,168,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		1,058,080
	485,000	Service Properties Trust 5.250%, 02/15/26		466,842
				3,487,452

PRINCIPAL AMOUNT			VALUE
		Special Purpose Acquisition Companies (0.2%)
	1,045,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30	$	911,052
	524,000	4.625%, 01/15/29		474,398
				1,385,450
		Utilities (0.2%)
	379,000	PPL Capital Funding, Inc.‡ 8.236%, 03/30/67 3 mo. LIBOR + 2.67%		376,101
	525,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		517,025
	270,000	8.000%, 10/15/26 5 year CMT + 6.93%		273,075
				1,166,201
		TOTAL CORPORATE BONDS (Cost $330,609,703)		325,300,161
CONVERTIBLE BONDS (103.1%)
		Communication Services (8.2%)
	1,040,000	Cable One, Inc.µ 0.000%, 03/15/26		899,465
	8,750,000	Liberty Media Corp.* 2.375%, 09/30/53		9,181,025
	9,750,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		10,154,917
	5,750,000	Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		4,693,610
	6,750,000	Perficient, Inc.µ 0.125%, 11/15/26		5,935,140
	16,500,000	Sea, Ltd. 0.250%, 09/15/26		14,190,990
	11,500,000	Snap, Inc.µ 0.000%, 05/01/27		9,393,545
	6,000,000	0.750%, 08/01/26		6,226,200
	3,750,000	Zillow Group, Inc.^ 1.375%, 09/01/26		4,330,088
				65,004,980
		Consumer Discretionary (19.0%)
	12,250,000	Airbnb, Inc.µ 0.000%, 03/15/26		11,281,392
	5,000,000	Booking Holdings, Inc. 0.750%, 05/01/25		9,186,750
	4,500,000	Carnival Corp. 5.750%, 12/01/27		6,356,790
	7,500,000	Chegg, Inc.µ 0.000%, 09/01/26		6,028,125
	7,320,000	DISH Network Corp.µ 0.000%, 12/15/25		5,372,880

See accompanying Notes to Schedule of Investments

www.calamos.com
51

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	12,500,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28	$	10,404,250
	14,000,000	Etsy, Inc.µ 0.125%, 09/01/27		11,619,860
	18,500,000	Ford Motor Company 0.000%, 03/15/26		18,467,995
	2,620,000	Lucid Group, Inc.* 1.250%, 12/15/26		1,201,218
	11,000,000	Marriott Vacations Worldwide Corp.µ 3.250%, 12/15/27		10,085,350
	12,250,000	Rivian Automotive, Inc. 4.625%, 03/15/29		8,367,485
	2,250,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		6,413,512
	6,250,000	Shake Shack, Inc.µ 0.000%, 03/01/28		5,665,563
	3,500,000	Stride, Inc.µ 1.125%, 09/01/27		4,827,515
	16,250,000	Vail Resorts, Inc.µ 0.000%, 01/01/26		14,769,137
	14,500,000	Wayfair, Inc.µ 3.250%, 09/15/27		15,994,515
	4,028,000	Winnebago Industries, Inc.*µ 3.250%, 01/15/30		3,981,638
				150,023,975
		Consumer Staples (0.7%)
	5,000,000	Post Holdings, Inc.µ 2.500%, 08/15/27		5,605,500
		Energy (2.9%)
	4,500,000	Kosmos Energy, Ltd.* 3.125%, 03/15/30		4,781,700
	5,265,000	Nabors Industries, Inc.µ 1.750%, 06/15/29		3,864,721
	4,500,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		5,570,460
	3,000,000	Pioneer Natural Resources Company 0.250%, 05/15/25		8,809,650
	10,545,000	SunEdison, Inc.@& 0.000%, 01/15/49		105,450
	1,027,000	0.000%, 10/01/49		10,270
				23,142,251
		Financials (1.7%)
	4,500,000	Coinbase Global, Inc.*µ 0.250%, 04/01/30		4,069,620
	9,000,000	Global Payments, Inc.*^ 1.500%, 03/01/31		8,977,230
				13,046,850
		Health Care (21.8%)
	5,000,000	Alnylam Pharmaceuticals, Inc.µ 1.000%, 09/15/27		4,608,000

PRINCIPAL AMOUNT			VALUE
	6,000,000	Alphatec Holdings, Inc.µ 0.750%, 08/01/26	$	6,051,720
	10,250,000	CONMED Corp.µ 2.250%, 06/15/27		9,047,162
	13,500,000	CryoPort, Inc.*µ 0.750%, 12/01/26		11,759,040
	17,458,000	Dexcom, Inc. 0.250%, 11/15/25		18,305,760
	8,750,000	0.375%, 05/15/28*µ		8,889,125
	3,067,000	Enovis Corp.*^ 3.875%, 10/15/28		3,626,605
	7,500,000	Exact Sciences Corp.µ 0.375%, 03/15/27		6,803,550
	4,000,000	2.000%, 03/01/30*		4,124,640
	7,750,000	Halozyme Therapeutics, Inc.µ 1.000%, 08/15/28		7,313,675
	2,278,000	Immunocore Holdings, PLC*µ 2.500%, 02/01/30		2,255,106
	4,750,000	Insmed, Inc. 0.750%, 06/01/28		4,865,283
	5,000,000	Insulet Corp.µ 0.375%, 09/01/26		5,157,450
	9,750,000	Integer Holdings Corp. 2.125%, 02/15/28		13,559,130
	4,750,000	Ionis Pharmaceuticals, Inc.µ 0.000%, 04/01/26		4,607,358
	4,500,000	iRhythm Technologies, Inc.*µ 1.500%, 09/01/29		4,565,070
	10,905,000	Jazz Investments I, Ltd.µ 2.000%, 06/15/26		10,520,708
	4,040,000	Lantheus Holdings, Inc.µ 2.625%, 12/15/27		4,568,957
	11,250,000	NeoGenomics, Inc.µ 0.250%, 01/15/28		8,875,125
	9,500,000	Omnicell, Inc.µ 0.250%, 09/15/25		8,931,425
	8,750,000	Pacira BioSciences, Inc.µ 0.750%, 08/01/25		8,280,825
	4,000,000	Sarepta Therapeutics, Inc. 1.250%, 09/15/27		4,590,280
	9,000,000	Shockwave Medical, Inc.*µ 1.000%, 08/15/28		11,438,550
				172,744,544
		Industrials (7.9%)
	4,750,000	Axon Enterprise, Inc. 0.500%, 12/15/27		6,921,605
	4,500,000	Fluor Corp.*µ 1.125%, 08/15/29		4,902,840
	7,750,000	John Bean Technologies Corp.µ 0.250%, 05/15/26		7,001,815
	4,750,000	Middleby Corp.µ 1.000%, 09/01/25		5,597,495

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
52

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	4,500,000	Tetra Tech, Inc.* 2.250%, 08/15/28	$	5,111,955
	21,750,000	Uber Technologies, Inc. 0.000%, 12/15/25µ		22,710,698
	8,646,000	0.875%, 12/01/28*		9,768,683
				62,015,091
		Information Technology (34.6%)
	4,500,000	Advanced Energy Industries, Inc.*µ 2.500%, 09/15/28		4,460,895
	9,000,000	Akamai Technologies, Inc. 1.125%, 02/15/29*		8,866,080
	4,750,000	0.375%, 09/01/27		4,822,675
	10,000,000	Bentley Systems, Inc. 0.125%, 01/15/26		10,160,800
	11,750,000	BILL Holdings, Inc.µ 0.000%, 04/01/27		10,001,365
	3,500,000	Camtek, Ltd.* 0.000%, 12/01/26		5,229,700
	6,250,000	Confluent, Inc.µ 0.000%, 01/15/27		5,311,125
	5,250,000	CyberArk Software, Ltd. 0.000%, 11/15/24		8,066,730
	5,125,000	Datadog, Inc. 0.125%, 06/15/25		7,312,401
	6,750,000	DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		5,640,300
	10,012,000	Enphase Energy, Inc.µ 0.000%, 03/01/26		9,061,461
	2,250,000	Five9, Inc.µ 0.500%, 06/01/25		2,120,648
	6,500,000	NCL Corp., Ltd.µ 1.125%, 02/15/27		5,948,930
	5,000,000	2.500%, 02/15/27		4,687,850
	3,250,000	5.375%, 08/01/25		3,996,005
	6,750,000	Nutanix, Inc. 0.250%, 10/01/27		8,175,397
	4,250,000	Okta, Inc.µ 0.375%, 06/15/26		3,857,173
	18,500,000	ON Semiconductor Corp.µ 0.500%, 03/01/29		17,932,605
	4,500,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		13,173,255
	6,750,000	Parsons Corp.*µ 2.625%, 03/01/29		7,079,130
	8,250,000	Rapid7, Inc.*µ 1.250%, 03/15/29		7,999,118
	12,250,000	Repay Holdings Corp.*µ 0.000%, 02/01/26		11,198,827
	6,250,000	Seagate HDD Cayman* 3.500%, 06/01/28		7,482,875
	15,000,000	Shift4 Payments, Inc.µ^ 0.000%, 12/15/25		15,541,800

PRINCIPAL AMOUNT			VALUE
	7,000,000	SK Hynix, Inc. 1.750%, 04/11/30	$	10,979,220
	13,500,000	Super Micro Computer, Inc.*µ 0.000%, 03/01/29		13,806,720
	10,750,000	Tyler Technologies, Inc.^ 0.250%, 03/15/26		11,292,660
	13,250,000	Unity Software, Inc.µ 0.000%, 11/15/26		11,296,022
	3,962,000	Vertex, Inc.* 0.750%, 05/01/29		4,143,262
	8,750,000	Western Digital Corp.* 3.000%, 11/15/28		13,217,837
	7,000,000	Wix.com, Ltd. 0.000%, 08/15/25		6,488,160
	9,500,000	Wolfspeed, Inc. 1.875%, 12/01/29		5,442,645
	5,711,000	0.250%, 02/15/28		3,378,570
	4,500,000	Zscaler, Inc. 0.125%, 07/01/25		5,701,365
				273,873,606
		Materials (1.5%)
	1,500,000	ATI, Inc. 3.500%, 06/15/25		5,777,490
	6,858,000	MP Materials Corp.*µ 0.250%, 04/01/26		6,059,934
				11,837,424
		Other (0.1%)
	525,000	Multiplan Corp.*µ 6.000%, 10/15/27 7.000% PIK rate		374,005
		Real Estate (0.7%)
	6,500,000	Pebblebrook Hotel Trustµ 1.750%, 12/15/26		5,740,410
		Utilities (4.0%)
	4,500,000	CMS Energy Corp.*µ 3.375%, 05/01/28		4,409,145
	7,000,000	PG&E Corp.*µ 4.250%, 12/01/27		7,024,710
	16,500,000	PPL Capital Funding, Inc.µ^ 2.875%, 03/15/28		15,686,550
	4,750,000	Southern Companyµ 3.875%, 12/15/25		4,741,925
				31,862,330
		TOTAL CONVERTIBLE BONDS (Cost $857,516,315)		815,270,966

See accompanying Notes to Schedule of Investments

www.calamos.com
53

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
BANK LOANS (7.8%)¡
		Airlines (0.4%)
	700,000	Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%	$	705,687
	704,000	American Airlines, Inc.‡ 10.336%, 04/20/28 3 mo. SOFR + 4.75%		733,114
	698,750	Mileage Plus Holdings, LLC‡ 10.733%, 06/21/27 3 mo. SOFR + 5.25%		718,256
	690,000	United Airlines, Inc.‡ 8.076%, 02/22/31 3 mo. SOFR + 2.75%		693,774
				2,850,831
		Communication Services (0.5%)
	57,316	Audacy Capital Corp.‡ 11.430%, 08/19/24 3 mo. SOFR + 6.11%		57,459
	489,198	Clear Channel Outdoor Holdings, Inc.‡ 9.430%, 08/23/28 1 mo. SOFR + 4.00%		490,218
	425,498	DIRECTV Financing, LLC! 0.000%, 08/02/27		428,215
	407,542	DIRECTV Financing, LLC‡ 10.430%, 08/02/27 1 mo. SOFR + 5.00%		410,144
	1,527,000	Entercom Media Corp.&‡ 8.145%, 11/18/24 3 mo. SOFR + 0.00%		827,634
	1,015,794	Gray Television, Inc.‡ 7.942%, 01/02/26 1 mo. SOFR + 2.50%		1,004,433
	1,050,000	Telesat Canada‡ 8.355%, 12/07/26 3 mo. SOFR + 2.75%		535,721
				3,753,824
		Consumer Discretionary (1.9%)
	550,000	Adient U.S., LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		553,094
	768,000	American Axle & Manufacturing, Inc.‡ 8.921%, 12/13/29 1 mo. SOFR + 3.50%		772,562
	1,064,250	Caesars Entertainment, Inc.‡ 8.666%, 02/06/30 1 mo. SOFR + 3.25%		1,067,778
	1,602,388	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%		1,612,651
	1,090,843	Carnival Corp.‡ 8.067%, 10/18/28		1,098,343
	928,377	Carnival Corp.‡ 8.067%, 10/18/28 1 mo. SOFR + 2.75%		933,311

PRINCIPAL AMOUNT			VALUE
	1,050,000	Flutter Financing, BV‡! 0.000%, 11/25/30	$	1,053,187
	1,303,832	Hanesbrands, Inc.‡ 9.066%, 03/08/30 1 mo. SOFR + 3.75%		1,306,544
	596,912	Life Time Fitness, Inc.‡ 9.591%, 01/15/26 3 mo. SOFR + 4.00%		601,204
	1,182,000	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%		1,186,101
	2,269,461	PetSmart, Inc.‡ 9.166%, 02/11/28 1 mo. SOFR + 3.75%		2,241,093
	560,000	Station Casinos, LLC! 0.000%, 03/14/31		560,725
	490,000	Station Casinos, LLC‡ 7.566%, 03/14/31 1 mo. SOFR + 2.25%		490,635
	644,735	TKC Holdings, Inc.‡ 10.930%, 05/15/28 1 mo. SOFR + 5.50%		641,108
	1,046,714	Windsor Holdings III, LLC‡ 9.319%, 08/01/30 1 mo. SOFR + 4.00%		1,057,050
				15,175,386
		Consumer Staples (0.7%)
	2,449,781	Amneal Pharmaceuticals, LLC‡ 10.816%, 05/04/28 1 mo. SOFR + 5.50%		2,455,146
	576,639	Fiesta Purchaser, Inc.‡ 9.316%, 02/12/31 1 mo. SOFR + 4.00%		579,632
	473,361	Fiesta Purchaser, Inc.‡ 9.318%, 02/12/31 1 mo. SOFR + 4.00%		475,818
	1,050,000	Star Parent, Inc.‡ 9.309%, 09/27/30 3 mo. SOFR + 4.00%		1,050,987
	660,000	United Natural Foods, Inc.! 0.000%, 04/25/31		654,225
	529,478	United Natural Foods, Inc.‡ 8.680%, 10/22/25 1 mo. SOFR + 3.25%		527,794
				5,743,602
		Energy (0.4%)
	812,962	Buckeye Partners, LP‡ 7.816%, 11/22/30 1 mo. SOFR + 2.50%		816,828
	523,688	New Fortress Energy, Inc.‡ 10.330%, 10/27/28 3 mo. SOFR + 5.00%		527,288
	1,322,943	Par Petroleum, LLC‡ 9.052%, 02/28/30 3 mo. SOFR + 3.75%		1,329,142

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
54

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	225,000	Par Petroleum, LLC! 0.000%, 02/28/30	$	226,054
				2,899,312
		Financials (1.4%)
	1,150,000	Advisor Group, Inc.! 0.000%, 08/17/28		1,158,360
	264,338	Advisor Group, Inc.‡ 9.816%, 08/17/28 1 mo. SOFR + 4.50%		266,259
	862,079	Alliant Holdings Intermediate, LLC‡ 8.819%, 11/06/30 1 mo. SOFR + 3.50%		866,476
	774,160	Amynta Agency Borrower, Inc.‡ 9.552%, 02/28/28 3 mo. SOFR + 4.25%		777,756
	820,000	AssuredPartners, Inc.! 0.000%, 02/24/31		824,518
	480,000	AssuredPartners, Inc.‡ 8.816%, 02/14/31 1 mo. SOFR + 3.50%		482,645
	786,055	Avolon TLB Borrower 1 (US) LLC‡ 7.315%, 06/22/28 1 mo. SOFR + 2.00%		788,633
	548,625	Broadstreet Partners, Inc.‡ 9.066%, 01/27/29 1 mo. SOFR + 3.75%		551,253
	1,097,250	HUB International, Ltd.‡ 8.575%, 06/20/30 3 mo. SOFR + 3.25%		1,104,037
	2,750	HUB International, Ltd.‡ 8.565%, 06/20/30 3 mo. SOFR + 3.25%		2,767
	783,038	Iron Mountain, Inc.‡ 7.566%, 01/31/31 1 mo. SOFR + 2.25%		782,384
	1,839,024	Jazz Financing Lux Sarl‡ 8.430%, 05/05/28 1 mo. SOFR + 3.00%		1,851,962
	525,000	Level 3 Financing, Inc.! 0.000%, 04/15/29		517,219
	1,395,992	VFH Parent, LLC‡ 8.416%, 01/13/29 1 mo. SOFR + 3.00%		1,397,960
				11,372,229
		Health Care (0.5%)
	482,652	Icon Luxembourg Sarl‡ 7.320%, 07/03/28 3 mo. SOFR + 2.00%		485,230
	1,152,941	Padagis, LLC‡ 10.313%, 07/06/28 3 mo. SOFR + 4.75%		1,060,706
	120,253	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		120,895

PRINCIPAL AMOUNT			VALUE
	2,571,116	Team Health Holdings, Inc.‡ 10.566%, 03/02/27 3 mo. SOFR + 5.25%	$	2,260,281
	7,373	Team Health Holdings, Inc.‡ 10.565%, 03/02/27 1 mo. SOFR + 5.25%		6,482
				3,933,594
		Industrials (0.4%)
	1,038,730	ACProducts, Inc.‡ 9.814%, 05/17/28 3 mo. SOFR + 4.25%		904,734
	985,112	ChampionX Corp.‡ 8.168%, 06/07/29 1 mo. SOFR + 2.75%		990,653
	431,096	Emrld Borrower, LP‡ 7.816%, 05/31/30 1 mo. SOFR + 2.50%		432,926
	120,000	MI Windows & Doors, LLC‡ 8.816%, 03/21/31 1 mo. SOFR + 3.50%		120,700
	1,062,338	TransDigm, Inc.‡ 8.559%, 02/28/31 1 mo. SOFR + 3.25%		1,069,769
				3,518,782
		Information Technology (0.7%)
	1,399,891	Banff Merger Sub, Inc.‡ 9.566%, 12/29/28 1 mo. SOFR + 4.25%		1,410,201
	808,981	Camelot US Acquisition LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		811,509
	982,975	Central Parent, Inc.‡ 9.309%, 07/06/29 3 mo. SOFR + 4.00%		988,116
	1,001,782	Dun & Bradstreet Corp.‡ 8.068%, 01/18/29 1 mo. SOFR + 2.75%		1,005,333
	909,010	II-VI, Inc.‡ 7.829%, 07/02/29 1 mo. SOFR + 2.50%		914,405
	510,000	UKG, Inc.‡ 8.814%, 02/10/31 3 mo. SOFR + 3.50%		512,925
				5,642,489
		Materials (0.7%)
	781,075	Chemours Company‡ 8.817%, 08/18/28 1 mo. SOFR + 3.50%		781,809
	1,042,125	Ineos US Finance, LLC‡ 8.930%, 02/18/30 1 mo. SOFR + 3.50%		1,046,033
	798,255	Innophos, Inc.‡ 8.930%, 02/05/27 1 mo. SOFR + 3.50%		799,172

See accompanying Notes to Schedule of Investments

www.calamos.com
55

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,305,138	LSF11 A5 Holdco, LLC‡ 9.666%, 10/15/28 1 mo. SOFR + 4.25%	$	1,310,358
	778,403	Trinseo Materials Operating SCA‡ 8.105%, 05/03/28 3 mo. SOFR + 2.50%		543,948
	1,067,688	W.R. Grace & Co.-Conn.‡ 9.321%, 09/22/28 3 mo. SOFR + 3.75%		1,070,833
				5,552,153
		Special Purpose Acquisition Companies (0.2%)
	520,725	Clydesdale Acquisition Holdings, Inc.‡ 9.091%, 04/13/29 1 mo. SOFR + 3.68%		523,560
	259,700	Fertitta Entertainment, LLC‡ 9.069%, 01/27/29 1 mo. SOFR + 3.75%		260,594
	1,044,100	Patagonia Holdco, LLC‡ 11.064%, 08/01/29 3 mo. SOFR + 5.75%		971,013
				1,755,167
		TOTAL BANK LOANS (Cost $63,009,730)		62,197,369
NUMBER OF SHARES			VALUE
COMMON STOCKS (0.4%)
		Communication Services (0.0%)
	21,970	Altice USA, Inc. - Class A^#		42,402
	7,383	Cumulus Media, Inc. - Class Aµ#		19,417
				61,819
		Consumer Staples (0.0%)
	7,203	Mallinckrodt, PLC#		381,759
		Energy (0.3%)
	1,506	Chesapeake Energy Corp.µ		135,359
	72,575	Energy Transfer, LP		1,141,605
	43,085	Enterprise Products Partners, LP		1,209,827
	7,238	Ep Energy Corp.&#		17,190
	35	Gulfport Energy Corp.µ#		5,555
				2,509,536
		Special Purpose Acquisition Company (0.1%)
	12,300	Intelsat Emergence, SA&#		445,875
		TOTAL COMMON STOCKS (Cost $4,140,584)		3,398,989
CONVERTIBLE PREFERRED STOCKS (3.6%)
		Energy (0.0%)
	29	Gulfport Energy Corp. 10.000%, 05/31/24 15.000% PIK rate		335,675

NUMBER OF SHARES			VALUE
		Financials (2.0%)
	89,885	Apollo Global Management, Inc. 6.750%, 07/31/26	$	5,481,187
	8,775	Bank of America Corp. ‡‡ 7.250%, 12/31/49		10,091,250
				15,572,437
		Industrials (0.6%)
	81,495	Chart Industries, Inc. 6.750%, 12/15/25		4,682,703
		Utilities (1.0%)
	194,000	NextEra Energy, Inc.^ 6.926%, 09/01/25		7,905,500
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $30,905,605)		28,496,315
PREFERRED STOCKS (0.4%)
		Communication Services (0.1%)
	12,900	United States Cellular Corp.µ 5.500%, 06/01/70		227,685
	12,370	5.500%, 03/01/70		219,815
				447,500
		Consumer Discretionary (0.1%)
	6,662	Guitar Center, Inc.&		522,967
		Energy (0.2%)
	32,380	NuStar Energy, LP‡ 11.234%, 05/30/24 3 mo. LIBOR + 5.64%		826,014
	7,920	NuStar Energy, LP‡ 12.357%, 05/30/24 3 mo. LIBOR + 6.77%		202,514
	47,000	NuStar Logistics, LP‡ 12.324%, 01/15/43 3 mo. LIBOR + 6.73%		1,191,920
				2,220,448
		TOTAL PREFERRED STOCKS (Cost $3,419,819)		3,190,915
WARRANTS (0.0%)#
		Energy (0.0%)
	52,447	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		5
	47,202	Mcdermott International, Ltd. 06/30/27, Strike $12.33		5
		TOTAL WARRANTS (Cost $20,126)		10

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
56

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTION (0.1%)#
		Industrials (0.1%)
	4,728,500	American Airlines Group, Inc.
	350,000	Call, 06/20/25, Strike $17.00 (Cost $856,876)	$	435,750
		TOTAL INVESTMENTS (156.6%) (Cost $1,291,268,212)		1,239,062,992
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-18.3%)				(145,000,000	)
LIABILITIES, LESS OTHER ASSETS (-38.3%)				(303,082,382	)
NET ASSETS (100.0%)			$	790,980,610

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $494,473,881.

@ In default status and considered non-income producing.

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

& Illiquid security.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

# Non-income producing security.

‡‡ Perpetual maturity.

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

See accompanying Notes to Schedule of Investments

www.calamos.com
57

Convertible and High Income Fund Schedule of Investments April 30, 2024 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2024 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	772,517	$	—	$	772,517
Corporate Bonds		—		325,300,161		—		325,300,161
Convertible Bonds		—		815,270,966		—		815,270,966
Bank Loans		—		62,197,369		—		62,197,369
Common Stocks		2,554,165		844,824		—		3,398,989
Convertible Preferred Stocks		28,160,640		335,675		—		28,496,315
Preferred Stocks		2,667,948		522,967		—		3,190,915
Warrants		—		10		—		10
Purchased Options		435,750		—		—		435,750
Total	$	33,818,503	$	1,205,244,489	$	—	$	1,239,062,992

SECTOR WEIGHTINGS

Information Technology	23.0	%
Consumer Discretionary	18.4
Health Care	15.6
Industrials	9.1
Communication Services	7.9
Financials	7.5
Energy	5.9
Utilities	3.2
Materials	2.5
Consumer Staples	2.1
Real Estate	0.7
Airlines	0.6
Special Purpose Acquisition Companies	0.3

Sector weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

ASSET ALLOCATION

Fund asset allocations are based on total investments and may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
58

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
ASSET BACKED SECURITY (0.0%)
		Other (0.0%)
	955,000	SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $886,975)	$	867,946
CORPORATE BONDS (15.6%)
		Airlines (0.2%)
	1,015,897	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		986,396
	416,135	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		420,858
	1,235,220	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		1,119,850
	589,333	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		583,133
	1,125,338	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		1,022,584
	971,396	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		994,398
				5,127,219
		Communication Services (1.5%)
	900,000	Altice France Holding, SA* 10.500%, 05/15/27		322,641
	1,400,000	Altice France, SA* 5.500%, 10/15/29		918,400
	1,415,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,289,136
	1,270,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		1,008,939
	1,479,000	Audacy Capital Corp.*@ 6.750%, 03/31/29		52,209
	538,000	6.500%, 05/01/27		19,201
	1,070,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		976,439
	600,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		588,696
	530,000	9.000%, 09/15/28^		545,571
	1,665,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,446,053
	1,800,000	CSC Holdings, LLC* 5.375%, 02/01/28		1,388,160
	1,800,000	4.625%, 12/01/30		783,144
	1,395,000	4.500%, 11/15/31		887,025
	1,250,000	5.750%, 01/15/30		548,600
	1,190,000	5.500%, 04/15/27		976,823

PRINCIPAL AMOUNT			VALUE
	571,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27	$	532,566
	1,210,000	Frontier California, Inc. 6.750%, 05/15/27		1,153,154
	298,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		303,686
	1,933,000	Frontier Florida, LLC@ 6.860%, 02/01/28		1,841,646
	1,785,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,692,983
	1,030,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		915,093
	301,000	5.250%, 12/01/27		291,007
	302,000	Hughes Satellite Systems Corp. 6.625%, 08/01/26		173,973
	750,000	iHeartCommunications, Inc. 8.375%, 05/01/27		399,758
	450,000	5.250%, 08/15/27*^		330,683
	1,480,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,372,152
	875,638	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		145,119
	900,000	Lumen Technologies, Inc. 7.600%, 09/15/39		275,454
	600,000	4.000%, 02/15/27*		319,446
	300,000	7.650%, 03/15/42		91,860
	596,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		492,689
	695,000	Nexstar Media, Inc.* 5.625%, 07/15/27		654,078
	1,160,000	Paramount Global 4.900%, 08/15/44		813,230
	286,000	6.375%, 03/30/62‡ 5 year CMT + 4.00%		264,825
	419,000	Qwest Corp. 7.250%, 09/15/25		415,288
	235,000	Rogers Communications, Inc.*‡ 5.250%, 03/15/82 5 year CMT + 3.59%		223,584
	591,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		437,328
	295,000	5.375%, 01/15/31		174,708
	985,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		778,731
	1,500,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		1,398,810
	1,185,000	4.000%, 07/15/28		1,056,510
	585,000	3.125%, 09/01/26		546,232
	298,000	3.875%, 09/01/31^		239,756
	1,084,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		516,710

See accompanying Notes to Schedule of Investments

www.calamos.com
59

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	3,045,000	Sprint, LLC 7.125%, 06/15/24	$	3,049,202
	1,350,000	Stagwell Global, LLC* 5.625%, 08/15/29		1,211,018
	591,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		270,465
	480,000	Time Warner Cable, LLC 7.300%, 07/01/38		466,205
	1,356,000	United States Cellular Corp. 6.700%, 12/15/33		1,324,026
	906,000	Univision Communications, Inc.* 8.000%, 08/15/28		908,129
	600,000	Viasat, Inc.* 5.625%, 04/15/27		550,092
	125,000	Vodafone Group, PLC‡ 7.000%, 04/04/79 U.S. 5 yr Swap + 4.87%		127,411
				37,508,644
		Consumer Discretionary (3.2%)
	1,435,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,447,197
	1,200,000	Adams Homes, Inc.* 9.250%, 10/15/28		1,240,572
	905,000	Adient Global Holdings Company*^ 8.250%, 04/15/31		940,711
	1,050,000	American Axle & Manufacturing, Inc.^ 5.000%, 10/01/29		947,940
	1,043,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		944,791
	856,000	6.625%, 01/15/28		854,759
	1,487,000	At Home Group, Inc.* 4.875%, 07/15/28		706,935
	1,577,000	Bath & Body Works, Inc. 6.694%, 01/15/27		1,589,206
	875,000	6.875%, 11/01/35		871,194
	800,000	Benteler International AG* 10.500%, 05/15/28		853,816
	728,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29		649,580
	605,000	8.125%, 07/01/27		614,426
	601,000	Carnival Corp.* 4.000%, 08/01/28		549,104
	596,000	7.625%, 03/01/26		600,023
	75,000	7.000%, 08/15/29		77,066
	257,434	Carvana Company* 14.000%, 06/01/31		258,407
	217,140	13.000%, 06/01/30		215,755
	143,434	12.000%, 12/01/28		140,508
	2,610,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		2,450,425
	2,110,000	4.500%, 08/15/30		1,717,603

PRINCIPAL AMOUNT			VALUE
	1,370,000	6.375%, 09/01/29	$	1,255,893
	1,300,000	4.750%, 03/01/30		1,082,302
	1,198,000	4.250%, 02/01/31		941,532
	620,000	5.000%, 02/01/28		565,421
	596,000	4.750%, 02/01/32		469,135
	596,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		568,739
	900,000	Cedar Fair, LP^ 5.250%, 07/15/29		841,257
	600,000	Churchill Downs, Inc.* 6.750%, 05/01/31		595,974
	985,000	Dana, Inc. 4.250%, 09/01/30		855,916
	896,000	4.500%, 02/15/32		760,256
	1,265,000	DISH DBS Corp. 5.125%, 06/01/29		511,136
	895,000	5.250%, 12/01/26*		705,949
	739,000	7.375%, 07/01/28		331,722
	600,000	5.750%, 12/01/28*		407,226
	476,000	7.750%, 07/01/26		300,237
	1,200,000	DISH Network Corp.* 11.750%, 11/15/27		1,210,992
	1,675,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,561,870
	1,308,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,284,809
	1,240,000	Ford Motor Company 6.100%, 08/19/32		1,216,725
	1,885,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		1,645,473
	1,555,000	7.200%, 06/10/30		1,612,411
	1,450,000	5.113%, 05/03/29		1,382,111
	1,100,000	7.350%, 11/04/27		1,138,225
	1,000,000	2.900%, 02/16/28		890,460
	447,000	Gap, Inc.* 3.875%, 10/01/31		365,673
	600,000	General Motors Company 5.200%, 04/01/45		514,050
	310,000	General Motors Financial Company, Inc.‡ 5.700%, 09/30/30^ 5 year CMT + 5.00%		291,440
	155,000	6.500%, 09/30/28 3 mo. LIBOR + 3.44%		148,640
	2,100,000	goeasy, Ltd.* 9.250%, 12/01/28		2,222,871
	1,079,000	7.625%, 07/01/29		1,080,770
	635,000	Goodyear Tire & Rubber Company 5.250%, 07/15/31^		562,559
	600,000	5.625%, 04/30/33		528,036
	511,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		466,160
	1,280,000	Guitar Center, Inc.*^ 8.500%, 01/15/26		1,131,891

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
60

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	915,000	International Game Technology, PLC* 6.250%, 01/15/27	$	914,460
	328,990	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		332,408
	1,355,000	Kohl's Corp. 5.550%, 07/17/45		930,628
	1,200,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		1,248,888
	1,175,000	Liberty Interactive, LLC 8.250%, 02/01/30		652,748
	1,159,000	Life Time, Inc.* 8.000%, 04/15/26		1,160,947
	600,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		612,306
	450,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		471,884
	767,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		761,171
	780,000	M/I Homes, Inc. 3.950%, 02/15/30		677,399
	1,392,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		1,173,205
	905,000	4.300%, 02/15/43		715,873
	1,518,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,388,439
	725,000	Newell Brands, Inc. 5.700%, 04/01/26		715,212
	605,000	Nordstrom, Inc. 6.950%, 03/15/28		601,189
	600,000	5.000%, 01/15/44		455,916
	551,000	4.250%, 08/01/31		475,634
	1,783,000	Patrick Industries, Inc.* 4.750%, 05/01/29		1,622,405
	1,370,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		1,148,211
	605,000	Phinia, Inc.* 6.750%, 04/15/29		607,589
	1,670,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		1,247,807
	600,000	QVC, Inc. 5.450%, 08/15/34		394,164
	600,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		644,010
	2,333,000	Rite Aid Corp.*@ 8.000%, 11/15/26		1,505,555
	600,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		618,150
	150,000	6.250%, 03/15/32		147,891

PRINCIPAL AMOUNT			VALUE
	1,670,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29	$	1,444,550
	1,800,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		1,797,876
	1,348,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		1,207,768
	837,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		789,927
	1,270,000	Station Casinos, LLC* 4.500%, 02/15/28		1,178,890
	1,200,000	STL Holding Company, LLC* 8.750%, 02/15/29		1,234,332
	707,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		689,177
	300,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		322,032
	1,355,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		1,339,363
	1,200,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		1,228,992
	400,000	6.875%, 04/23/32		404,524
	400,000	6.750%, 04/23/30		401,196
				80,380,595
		Consumer Staples (0.7%)
	1,335,000	1375209 B.C., Ltd.*^ 9.000%, 01/30/28		1,312,145
	1,739,000	Arrow Bidco, LLC* 10.750%, 06/15/25		1,793,883
	1,210,000	B&G Foods, Inc.* 8.000%, 09/15/28		1,255,762
	1,358,000	Central Garden & Pet Company* 4.125%, 04/30/31		1,178,635
	1,349,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,223,381
	1,641,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		1,451,481
	298,000	6.500%, 12/31/27		295,366
	1,770,000	JBS USA Holding LUX Sarl / JBS USA Food Company / JBS LUX Company Sarl 5.500%, 01/15/30		1,710,050
	740,000	5.125%, 02/01/28^		719,554
	440,000	5.750%, 04/01/33		421,326
	290,000	Land O' Lakes, Inc.* 7.000%, 09/18/28		225,713
	751,000	New Albertsons, LP 7.750%, 06/15/26		773,462
	1,192,000	Performance Food Group, Inc.* 4.250%, 08/01/29		1,068,866
	900,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		797,058

See accompanying Notes to Schedule of Investments

www.calamos.com
61

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	600,000	Post Holdings, Inc.* 6.250%, 02/15/32	$	593,466
	1,124,000	Prestige Brands, Inc.* 3.750%, 04/01/31		957,637
	1,015,000	United Natural Foods, Inc.* 6.750%, 10/15/28		780,281
	1,257,000	Vector Group, Ltd.* 5.750%, 02/01/29		1,143,858
				17,701,924
		Energy (2.0%)
	598,000	Antero Resources Corp.* 5.375%, 03/01/30		569,033
	1,187,000	Apache Corp. 5.100%, 09/01/40		988,534
	600,000	Buckeye Partners, LP 5.850%, 11/15/43		502,362
	591,000	Cheniere Energy, Inc. 4.625%, 10/15/28		565,492
	892,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		893,017
	1,688,000	Civitas Resources, Inc.* 8.750%, 07/01/31		1,796,370
	600,000	Continental Resources, Inc. 4.900%, 06/01/44		483,768
	600,000	2.875%, 04/01/32*		479,688
	921,000	DT Midstream, Inc.* 4.125%, 06/15/29		834,905
	1,176,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		1,210,104
	450,000	9.875%, 07/15/31		497,957
	1,036,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		1,019,704
	395,000	5.750%, 07/15/80 5 year CMT + 5.31%		362,294
	660,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		672,335
	1,735,000	Energy Transfer, LP‡ 8.606%, 11/01/66 3 mo. SOFR + 3.28%		1,576,005
	1,015,000	6.500%, 11/15/26 5 year CMT + 5.69%		985,961
	155,000	8.000%, 05/15/54		159,845
	75,000	9.597%, 05/16/24 3 mo. USD LIBOR + 4.03		74,866
	1,775,000	EnLink Midstream Partners, LP 9.701%, 05/31/24‡ 3 mo. LIBOR + 4.11%		1,752,937
	1,285,000	4.850%, 07/15/26		1,252,849
	745,000	Enlink Midstream, LLC* 6.500%, 09/01/30		754,581

PRINCIPAL AMOUNT			VALUE
	80,000	Enterprise Products Operating, LLC‡ 5.250%, 08/16/77 3 mo. SOFR + 3.29%	$	75,401
	75,000	8.573%, 08/16/77 3 mo. LIBOR + 2.99%		74,753
	1,970,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		2,007,115
	600,000	6.375%, 04/01/29		596,166
	885,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		916,798
	543,000	6.250%, 05/15/26		539,123
	1,190,000	Gulfport Energy Corp. 8.000%, 05/17/26*		1,207,909
	306,527	8.000%, 05/17/26		311,140
	1,670,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,604,686
	894,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		883,665
	1,200,000	Kodiak Gas Services, LLC* 7.250%, 02/15/29		1,214,256
	1,162,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		1,146,580
	907,000	Matador Resources Company* 6.500%, 04/15/32		899,590
	600,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		614,346
	540,000	7.500%, 01/15/26		539,417
	900,000	Nabors Industries, Inc.* 7.375%, 05/15/27		892,665
	450,000	9.125%, 01/31/30		465,777
	900,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		854,028
	773,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		764,837
	1,255,000	Oceaneering International, Inc. 6.000%, 02/01/28		1,209,669
	1,270,000	Parkland Corp.*~ 5.875%, 07/15/27		1,242,263
	633,000	Patterson-UTI Energy, Inc.^ 5.150%, 11/15/29		604,971
	300,000	Permian Resources Operating LLC* 7.000%, 01/15/32		306,531
	1,390,000	Plains All American Pipeline, LP‡ 9.679%, 05/31/24 3 mo. LIBOR + 4.11%		1,385,218
	1,670,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		1,544,550
	593,000	Southwestern Energy Company 4.750%, 02/01/32		534,726

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
62

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,626,300	Transocean, Inc.* 8.750%, 02/15/30	$	1,697,499
	600,000	8.250%, 05/15/29		596,754
	750,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		743,580
	300,000	4.125%, 08/15/31		262,776
	300,000	3.875%, 08/15/29		265,080
	1,505,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		1,545,680
	900,000	8.125%, 06/01/28		921,294
	600,000	9.875%, 02/01/32		640,314
	600,000	9.500%, 02/01/29		645,432
	685,000	Vital Energy, Inc. 7.750%, 07/31/29*		690,076
	630,000	7.875%, 04/15/32*		639,960
	464,000	9.750%, 10/15/30		505,992
	1,200,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		1,145,316
	1,505,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,563,514
				51,732,054
		Financials (3.2%)
	1,900,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		1,888,334
	1,789,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		1,803,509
	255,000	Aircastle, Ltd.*‡ 5.250%, 06/15/26 5 year CMT + 4.41%		242,979
	2,100,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		2,063,649
	140,000	7.000%, 01/15/31		140,857
	140,000	Allstate Corp.‡ 8.507%, 08/15/53 3 mo. LIBOR + 2.94%		140,139
	1,782,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%		1,513,934
	850,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		658,733
	489,000	8.000%, 11/01/31		529,959
	250,000	American International Group, Inc.‡ 5.750%, 04/01/48 3 mo. LIBOR + 2.87%		242,310
	2,365,000	AmWINS Group, Inc.* 4.875%, 06/30/29		2,153,096
	460,000	Ares Finance Company III, LLC*‡ 4.125%, 06/30/51 5 year CMT + 3.24%		424,230
	888,000	Aviation Capital Group, LLC*^ 3.500%, 11/01/27		818,061
	350,000	AXIS Specialty Finance, LLC‡ 4.900%, 01/15/40
		5 year CMT + 3.19%		313,877

PRINCIPAL AMOUNT			VALUE
	439,000	Bank of America Corp.‡ 6.125%, 04/27/27 5 year CMT + 3.23%	$	434,535
	300,000	4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		292,173
	145,000	5.125%, 06/20/24 3 mo. SOFR + 3.55%3 mo. LIBOR + 3.03%3 mo. LIBOR + 3.03%		145,136
	135,000	6.250%, 09/05/24 3 mo. SOFR + 3.97%		134,939
	135,000	6.100%, 03/17/25 3 mo. SOFR + 4.16%		134,949
	763,000	Bank of New York Mellon Corp.‡ 4.700%, 09/20/25 5 year CMT + 4.36%		747,671
	285,000	BP Capital Markets, PLC‡ 4.375%, 06/22/25 5 year CMT + 4.04%		279,177
	280,000	4.875%, 03/22/30 5 year CMT + 4.40%		262,265
	600,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		614,760
	1,779,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		1,623,213
	1,435,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		1,285,616
	1,200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		1,164,396
	458,000	Capital One Financial Corp.^‡ 3.950%, 09/01/26 5 year CMT + 3.16%		395,900
	285,000	Charles Schwab Corp.‡ 5.375%, 06/01/25 5 year CMT + 4.97%		282,150
	147,000	4.000%, 12/01/30 10 year CMT + 3.08%		119,704
	135,000	4.000%, 06/01/26 5 year CMT + 3.17%		124,546
	509,000	Citigroup, Inc.‡ 3.875%, 02/18/26 5 year CMT + 3.42%		478,185
	166,000	4.150%, 11/15/26 5 year CMT + 3.00%		152,537
	155,000	7.200%, 05/15/29		156,705
	150,000	7.625%, 11/15/28 5 year CMT + 3.21%		155,190
	150,000	4.000%, 12/10/25 5 year CMT + 3.60%		143,445
	140,000	5.950%, 05/15/25 3 mo. USD LIBOR + 3.91%		139,434
	450,000	Citizens Financial Group, Inc.‡ 4.000%, 10/06/26 5 year CMT + 3.22%		384,826
	155,000	5.650%, 10/06/25 5 year CMT + 5.31%		151,756

See accompanying Notes to Schedule of Investments

www.calamos.com
63

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	315,000	Comerica, Inc.‡ 5.625%, 07/01/25 5 year CMT + 5.29%	$	303,984
	145,000	Corebridge Financial, Inc.‡ 6.875%, 12/15/52		143,435
	1,165,000	Credit Acceptance Corp. 6.625%, 03/15/26		1,162,216
	800,000	9.250%, 12/15/28*		848,976
	1,205,000	Cushman & Wakefield U.S. Borrower LLC*^ 8.875%, 09/01/31		1,253,863
	250,000	Depository Trust & Clearing Corp.*‡ 3.375%, 06/20/26 5 year CMT + 2.61		220,508
	275,000	Discover Financial Services‡ 5.500%, 10/30/27 3 mo. SOFR + 3.34%		231,052
	245,000	6.125%, 06/23/25 5 year CMT + 5.78%		245,463
	1,533,000	Enact Holdings, Inc.* 6.500%, 08/15/25		1,532,341
	335,000	Enstar Finance, LLC‡ 5.500%, 01/15/42 5 year CMT + 4.01%		316,330
	605,000	Fifth Third Bancorp‡ 4.500%, 09/30/25 5 year CMT + 4.22%		578,646
	70,000	First Citizens BancShares, Inc.‡ 9.563%, 01/04/27 3 mo. SOFR + 4.23%		70,855
	1,350,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		1,387,098
	1,472,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,253,732
	310,000	Goldman Sachs Group, Inc.‡ 4.400%, 02/10/25 5 year CMT + 2.85%		301,965
	153,000	4.125%, 11/10/26 5 year CMT + 2.95%		141,450
	150,000	7.500%, 05/10/29 5 year CMT + 2.81		151,893
	149,000	7.500%, 02/10/29 5 year CMT + 3.16%		154,315
	1,250,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		1,290,000
	655,000	HAT Holdings I LLC / HAT Holdings II LLC* 8.000%, 06/15/27		672,633
	1,785,000	HUB International, Ltd.* 5.625%, 12/01/29		1,647,002
	600,000	7.375%, 01/31/32		597,528
	350,000	Huntington Bancshares, Inc.‡ 4.450%, 10/15/27 7 year CMT + 4.05%		314,212
	210,000	5.625%, 07/15/30 10 year CMT + 4.95%		188,206

PRINCIPAL AMOUNT			VALUE
	892,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29	$	751,644
	1,913,000	ILFC E-Capital Trust II*‡ 7.395%, 12/21/65 3 mo. LIBOR + 1.80%		1,528,410
	2,470,000	Iron Mountain, Inc.* 5.250%, 03/15/28		2,366,556
	3,000,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		2,702,220
	775,000	JPMorgan Chase & Company‡ 3.650%, 06/01/26^ 5 year CMT + 2.85%		726,880
	300,000	6.100%, 10/01/24 3 mo. USD LIBOR + 3.33%		300,879
	180,000	KeyCorp‡ 5.000%, 09/15/26 3 mo. SOFR + 3.87%		152,716
	2,306,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		2,268,251
	1,296,000	4.750%, 06/15/29		1,159,129
	1,080,000	LD Holdings Group, LLC* 6.125%, 04/01/28		819,871
	1,250,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		489,050
	600,000	4.625%, 09/15/27		353,850
	525,000	Liberty Mutual Group, Inc.*‡ 4.125%, 12/15/51 5 year CMT + 3.32%		478,984
	892,000	LPL Holdings, Inc.* 4.000%, 03/15/29		809,900
	145,000	M&T Bank Corp.‡ 9.179%, 08/15/24 3 mo. LIBOR + 3.61%		145,126
	85,000	5.125%, 11/01/26 3 mo. LIBOR + 3.52%		74,831
	80,000	5.000%, 08/01/24 5 year CMT + 3.17%		76,512
	1,200,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		1,257,828
	531,987	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 14.750%, 11/14/28		580,233
	280,000	Markel Corp.‡ 6.000%, 06/01/25 5 year CMT + 5.66%		277,354
	2,137,000	MetLife, Inc. 6.400%, 12/15/66		2,131,722
	225,000	3.850%, 09/15/25‡ 5 year CMT + 3.58%		215,694
	1,615,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,520,199
	1,305,000	Navient Corp. 5.000%, 03/15/27		1,232,586
	655,000	4.875%, 03/15/28		592,880

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
64

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	780,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28	$	666,042
	600,000	Newmark Group, Inc.* 7.500%, 01/12/29		606,636
	230,000	Northern Trust Corp.‡ 4.600%, 10/01/26 3 mo. LIBOR + 3.20%		220,720
	900,000	OneMain Finance Corp. 9.000%, 01/15/29		946,152
	820,000	3.875%, 09/15/28		723,560
	599,000	7.125%, 03/15/26		604,852
	442,000	PartnerRe Finance B, LLC^‡ 4.500%, 10/01/50 5 year CMT + 3.82%		399,992
	1,871,000	PHH Mortgage Corp.* 7.875%, 03/15/26		1,799,359
	315,000	PNC Financial Services Group, Inc.‡ 3.400%, 09/15/26 5 year CMT + 2.60%		271,773
	140,000	6.200%, 09/15/27 5 year CMT + 3.24%		137,448
	140,000	6.000%, 05/15/27 5 year CMT + 3.00%		135,309
	280,000	QBE Insurance Group, Ltd.*‡ 5.875%, 05/12/25 5 year CMT + 5.51%		277,029
	1,355,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		1,248,565
	1,200,000	6.500%, 04/01/32		1,177,572
	560,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		477,064
	555,000	3.625%, 03/01/29		490,215
	275,000	2.875%, 10/15/26		253,030
	1,500,000	StoneX Group, Inc.* 7.875%, 03/01/31		1,517,970
	1,225,000	8.625%, 06/15/25		1,229,998
	295,000	Truist Financial Corp.‡ 4.800%, 09/01/24 5 year CMT + 3.00%		285,474
	285,000	4.950%, 09/01/25 5 year CMT + 4.61%		277,630
	108,000	5.100%, 03/01/30 10 year CMT + 4.35%		98,061
	320,000	U.S. Bancorp^‡ 5.300%, 04/15/27 3 mo. SOFR + 3.18%		300,307
	1,383,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		1,287,449
	600,000	5.750%, 06/15/27		576,624
	600,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 10.500%, 02/15/28		623,250
	600,000	6.500%, 02/15/29		482,838

PRINCIPAL AMOUNT			VALUE
	1,340,000	VZ Secured Financing, BV* 5.000%, 01/15/32	$	1,132,421
	620,000	Wells Fargo & Company‡ 3.900%, 03/15/26 5 year CMT + 3.45%		588,020
	560,000	7.625%, 09/15/28 5 year CMT + 3.61		585,850
	1,255,000	XHR, LP* 6.375%, 08/15/25		1,254,485
				81,433,578
		Health Care (1.0%)
	2,370,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28^		1,856,516
	469,000	14.000%, 10/15/30		303,030
	447,000	6.125%, 02/01/27		328,196
	2,392,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		1,694,110
	663,000	6.875%, 04/15/29		492,364
	655,000	8.000%, 03/15/26		652,793
	600,000	10.875%, 01/15/32		615,408
	149,000	5.250%, 05/15/30		122,164
	1,395,000	DaVita, Inc.* 3.750%, 02/15/31		1,149,857
	1,326,000	4.625%, 06/01/30		1,164,865
	894,000	Embecta Corp.* 5.000%, 02/15/30		689,801
	298,000	6.750%, 02/15/30		256,319
	600,000	Encompass Health Corp. 4.750%, 02/01/30		551,412
	600,000	4.500%, 02/01/28		564,420
	1,369,000	HCA, Inc. 7.500%, 11/06/33		1,493,415
	350,000	Jazz Securities DAC* 4.375%, 01/15/29		320,663
	1,484,000	Medline Borrower, LP* 5.250%, 10/01/29		1,382,865
	1,480,000	3.875%, 04/01/29		1,325,636
	2,200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		1,904,144
	500,000	4.125%, 04/30/28		455,920
	1,251,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		1,165,006
	2,710,000	Tenet Healthcare Corp. 6.250%, 02/01/27		2,704,282
	1,575,000	6.875%, 11/15/31		1,630,377
	1,520,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29^		1,442,738
	1,100,000	4.750%, 05/09/27		1,053,954
	535,000	3.150%, 10/01/26		495,918
				25,816,173
		Industrials (2.1%)
	1,200,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		1,210,788

See accompanying Notes to Schedule of Investments

www.calamos.com
65

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,355,000	ACCO Brands Corp.* 4.250%, 03/15/29	$	1,182,576
	1,170,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		1,159,774
	1,520,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		1,316,350
	320,000	4.650%, 06/15/26 5 year CMT + 4.08%		301,597
	1,925,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		1,840,608
	900,000	5.875%, 02/15/28		882,783
	770,000	Allegiant Travel Company* 7.250%, 08/15/27		745,868
	670,000	Arcosa, Inc.* 4.375%, 04/15/29		613,365
	3,100,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		865,272
	937,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		838,643
	604,000	Boeing Company* 6.388%, 05/01/31		608,409
	600,000	Bombardier, Inc.* 8.750%, 11/15/30		638,784
	490,000	7.875%, 04/15/27		488,471
	376,000	7.250%, 07/01/31		377,466
	1,191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		1,086,371
	1,220,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		1,150,155
	295,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		286,097
	1,565,000	Deluxe Corp.* 8.000%, 06/01/29		1,421,677
	1,194,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		1,204,149
	600,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		596,394
	600,000	EnerSys* 6.625%, 01/15/32		598,386
	575,000	4.375%, 12/15/27		539,103
	450,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		458,843
	733,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		663,504
	750,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		719,557
	551,000	3.500%, 03/01/29		488,175
	1,303,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		1,100,657

PRINCIPAL AMOUNT			VALUE
	2,775,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28	$	2,458,705
	1,492,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		1,402,540
	1,500,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,458,885
	1,385,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,322,052
	721,000	JELD-WEN, Inc.* 4.625%, 12/15/25		704,042
	625,000	4.875%, 12/15/27		594,194
	1,940,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,807,479
	1,200,000	Knife River Holding Company* 7.750%, 05/01/31		1,248,924
	298,000	MasTec, Inc.*^ 4.500%, 08/15/28		278,675
	150,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower, LLC* 6.750%, 04/01/32		149,079
	722,000	Moog, Inc.* 4.250%, 12/15/27		675,626
	1,472,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		1,106,223
	1,140,000	Novelis Corp.* 4.750%, 01/30/30		1,041,105
	450,000	OI European Group, BV* 4.750%, 02/15/30		411,948
	1,375,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		1,279,080
	933,000	Sealed Air Corp.* 6.125%, 02/01/28		922,653
	298,000	5.000%, 04/15/29		280,606
	300,000	Sealed Air Corp./Sealed Air Corp. U.S.* 7.250%, 02/15/31		306,021
	650,000	Sensata Technologies, BV* 4.000%, 04/15/29		582,146
	593,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		502,419
	891,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		613,739
	600,000	5.500%, 03/01/30		416,148
	1,165,000	Standard Industries, Inc.* 5.000%, 02/15/27		1,124,353
	100,000	Stanley Black & Decker, Inc.‡ 4.000%, 03/15/60 5 year CMT + 2.66%		87,966
	957,000	Stericycle, Inc.* 3.875%, 01/15/29		855,673
	1,295,000	TransDigm, Inc.* 6.875%, 12/15/30		1,304,829
	900,000	6.750%, 08/15/28		904,293

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
66

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	450,000	7.125%, 12/01/31	$	459,216
	298,000	6.625%, 03/01/32		297,979
	583,000	Tronox, Inc.* 4.625%, 03/15/29		522,036
	439,547	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		406,005
	1,191,000	Vertiv Group Corp.* 4.125%, 11/15/28		1,103,712
	1,251,000	Wabash National Corp.* 4.500%, 10/15/28		1,126,025
	1,050,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		1,028,622
	703,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		650,289
	600,000	7.375%, 10/01/31		613,368
				53,430,477
		Information Technology (0.6%)
	296,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		271,553
	692,000	Coherent Corp.* 5.000%, 12/15/29		639,138
	1,100,000	CommScope, Inc.* 4.750%, 09/01/29		769,175
	524,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		527,228
	596,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		543,182
	586,000	Fair Isaac Corp.* 4.000%, 06/15/28		540,556
	1,315,000	KBR, Inc.* 4.750%, 09/30/28		1,228,631
	1,300,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28		957,398
	595,000	5.500%, 09/01/28		486,079
	600,000	NCL Corp., Ltd.* 8.125%, 01/15/29		625,458
	589,000	NCR Voyix Corp.* 5.125%, 04/15/29		541,739
	886,000	ON Semiconductor Corp.* 3.875%, 09/01/28		804,257
	855,000	Open Text Corp.* 3.875%, 02/15/28		781,068
	600,000	6.900%, 12/01/27		613,812
	447,000	3.875%, 12/01/29		391,943
	447,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		383,772
	1,035,000	Playtika Holding Corp.* 4.250%, 03/15/29		891,518
	1,645,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,473,871
	830,000	Twilio, Inc. 3.625%, 03/15/29		737,256
	298,000	3.875%, 03/15/31		258,414

PRINCIPAL AMOUNT			VALUE
	450,000	UKG, Inc.* 6.875%, 02/01/31	$	451,053
	1,475,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,248,366
	1,355,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,198,267
				16,363,734
		Materials (0.6%)
	623,000	ArcelorMittal, SA 7.000%, 10/15/39		659,539
	600,000	ATI, Inc. 5.875%, 12/01/27		589,398
	295,000	Carpenter Technology Corp. 7.625%, 03/15/30		301,398
	1,195,000	Chemours Company* 4.625%, 11/15/29		1,024,975
	1,880,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,709,766
	900,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		879,408
	596,000	Commercial Metals Company 4.125%, 01/15/30		535,405
	298,000	4.375%, 03/15/32		262,860
	1,375,000	Constellium, SE*^ 3.750%, 04/15/29		1,221,344
	590,000	HB Fuller Company 4.250%, 10/15/28		545,184
	600,000	INEOS Finance, PLC* 6.750%, 05/15/28		590,340
	900,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		908,874
	1,050,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		979,093
	297,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		277,018
	1,266,000	Mercer International, Inc. 5.125%, 02/01/29		1,107,206
	600,000	12.875%, 10/01/28*		655,662
	1,175,000	OCI, NV* 6.700%, 03/16/33		1,129,069
	900,000	Owens-Brockway Glass Container, Inc.* 7.250%, 05/15/31		902,556
	590,000	6.625%, 05/13/27		590,177
	1,328,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,239,927
	589,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		152,498
				16,261,697

See accompanying Notes to Schedule of Investments

www.calamos.com
67

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Other (0.0%)
	625,000	Gen Digital, Inc.* 6.750%, 09/30/27	$	627,669
	325,000	7.125%, 09/30/30^		328,900
				956,569
		Real Estate (0.2%)
	953,000	EPR Properties 3.750%, 08/15/29		829,177
	862,000	Forestar Group, Inc.* 5.000%, 03/01/28		819,547
	630,000	3.850%, 05/15/26		598,935
	1,341,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		1,214,798
	550,000	Service Properties Trust 5.250%, 02/15/26		529,408
				3,991,865
		Special Purpose Acquisition Companies (0.1%)
	1,195,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		1,041,825
	596,000	4.625%, 01/15/29		539,583
				1,581,408
		Utilities (0.2%)
	340,000	Algonquin Power & Utilities Corp.‡ 4.750%, 01/18/82 5 year CMT + 3.25%		294,957
	85,000	American Electric Power Company, Inc.‡ 3.875%, 02/15/62 5 year CMT + 2.68		76,361
	235,000	CMS Energy Corp.‡ 4.750%, 06/01/50 5 year CMT + 4.12%		212,513
	250,000	Dominion Energy, Inc.‡ 4.650%, 12/15/24 5 year CMT + 2.99%		244,792
	133,000	4.350%, 01/15/27 5 year CMT + 3.20%		122,291
	330,000	Duke Energy Corp.‡ 4.875%, 09/16/24 5 year CMT + 3.39%		327,598
	132,000	3.250%, 01/15/82 5 year CMT + 2.32%		116,470
	285,000	Emera, Inc.‡ 6.750%, 06/15/76 3 mo. LIBOR + 5.44		282,481
	288,000	National Rural Utilities Cooperative Finance Corp.‡ 7.125%, 09/15/53		294,733
	150,000	5.250%, 04/20/46 3 mo. LIBOR + 3.63%		145,183
	320,000	NextEra Energy Capital Holdings, Inc.‡ 3.800%, 03/15/82 5 year CMT + 2.55%		290,042
	155,000	6.700%, 09/01/54		153,608

PRINCIPAL AMOUNT			VALUE
	591,000	PPL Capital Funding, Inc.‡ 8.236%, 03/30/67 3 mo. LIBOR + 2.67%	$	586,479
	220,000	Sempra‡ 4.875%, 10/15/25 5 year CMT + 4.55%		215,052
	85,000	4.125%, 04/01/52 5 year CMT + 2.87%		77,285
	442,000	Southern Company‡ 4.000%, 01/15/51 5 year CMT + 3.73%		422,561
	95,000	3.750%, 09/15/51 5 year CMT + 2.92%		87,256
	625,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		615,506
	340,000	8.000%, 10/15/26 5 year CMT + 6.93%		343,872
	80,000	WEC Energy Group, Inc.‡ 7.681%, 05/15/67 3 mo. LIBOR + 2.11%		77,980
				4,987,020
		TOTAL CORPORATE BONDS (Cost $417,404,277)		397,272,957
CONVERTIBLE BONDS (20.8%)
		Communication Services (1.1%)
	1,203,000	Cable One, Inc. 0.000%, 03/15/26		1,040,439
	5,970,000	Liberty Media Corp.* 2.375%, 09/30/53		6,264,082
	8,895,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		9,264,409
	11,475,000	Live Nation Entertainment, Inc. 3.125%, 01/15/29		12,483,767
				29,052,697
		Consumer Discretionary (2.3%)
	8,205,000	Airbnb, Inc. 0.000%, 03/15/26		7,556,231
	9,550,000	Booking Holdings, Inc. 0.750%, 05/01/25		17,546,692
	1,803,000	DISH Network Corp. 0.000%, 12/15/25		1,323,402
	14,650,000	Ford Motor Company 0.000%, 03/15/26		14,624,655
	3,765,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		10,731,944
	2,370,000	Wayfair, Inc. 3.250%, 09/15/27		2,614,276
	3,885,000	Winnebago Industries, Inc.* 3.250%, 01/15/30		3,840,284
				58,237,484

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
68

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (0.3%)
	5,735,000	Post Holdings, Inc. 2.500%, 08/15/27	$	6,429,509
		Energy (0.3%)
	6,615,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		8,188,576
		Financials (1.0%)
	4,115,000	Federal Realty OP, LP* 3.250%, 01/15/29		4,011,755
	7,915,000	Global Payments, Inc.* 1.500%, 03/01/31		7,894,975
	11,275,000	Morgan Stanley Finance, LLC 1.000%, 11/23/27		14,178,312
				26,085,042
		Health Care (1.7%)
	13,555,000	Dexcom, Inc. 0.250%, 11/15/25		14,213,231
	6,245,000	0.375%, 05/15/28*		6,344,295
	4,085,000	Exact Sciences Corp.* 2.000%, 03/01/30		4,212,289
	7,895,000	Integer Holdings Corp. 2.125%, 02/15/28		10,979,418
	6,480,000	iRhythm Technologies, Inc.* 1.500%, 09/01/29		6,573,701
				42,322,934
		Industrials (3.0%)
	6,850,000	American Airlines Group, Inc. 6.500%, 07/01/25		7,491,434
	4,215,000	Axon Enterprise, Inc. 0.500%, 12/15/27		6,142,014
	7,500,000	Fluor Corp.* 1.125%, 08/15/29		8,171,400
	13,805,000	Middleby Corp. 1.000%, 09/01/25		16,268,088
	8,835,000	Tetra Tech, Inc.* 2.250%, 08/15/28		10,036,472
	14,800,000	Uber Technologies, Inc. 0.000%, 12/15/25		15,453,716
	12,000,000	0.875%, 12/01/28*		13,558,200
				77,121,324
		Information Technology (7.3%)
	5,910,000	Advanced Energy Industries, Inc.* 2.500%, 09/15/28		5,858,642
	16,815,000	Akamai Technologies, Inc. 1.125%, 02/15/29*		16,564,793
	4,230,000	0.375%, 09/01/27		4,294,719
	7,838,000	BILL Holdings, Inc. 0.000%, 04/01/27		6,671,549
	7,545,000	CyberArk Software, Ltd. 0.000%, 11/15/24		11,593,043

PRINCIPAL AMOUNT			VALUE
	12,325,000	Enphase Energy, Inc. 0.000%, 03/01/28	$	10,230,736
	5,215,000	NCL Corp., Ltd. 5.375%, 08/01/25		6,412,051
	7,605,000	Nutanix, Inc. 0.250%, 10/01/27		9,210,948
	17,315,000	ON Semiconductor Corp. 0.500%, 03/01/29		16,783,949
	2,520,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		7,377,023
	7,920,000	Parsons Corp.* 2.625%, 03/01/29		8,306,179
	5,970,000	Rapid7, Inc.* 1.250%, 03/15/29		5,788,452
	13,100,000	Seagate HDD Cayman* 3.500%, 06/01/28		15,684,106
	8,400,000	SK Hynix, Inc. 1.750%, 04/11/30		13,175,064
	8,013,000	Super Micro Computer, Inc.* 0.000%, 03/01/29		8,195,055
	5,850,000	Tyler Technologies, Inc.^ 0.250%, 03/15/26		6,145,308
	6,065,000	Vertex, Inc.* 0.750%, 05/01/29		6,342,474
	16,670,000	Western Digital Corp.* 3.000%, 11/15/28		25,181,869
	5,670,000	Wolfspeed, Inc. 1.875%, 12/01/29		3,248,400
				187,064,360
		Other (0.0%)
	590,000	Multiplan Corp.* 6.000%, 10/15/27		420,310
		Real Estate (1.2%)
	15,115,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		13,348,661
	15,640,000	Welltower OP, LLC* 2.750%, 05/15/28		17,531,815
				30,880,476
		Utilities (2.6%)
	11,920,000	Alliant Energy Corp. 3.875%, 03/15/26		11,696,500
	16,655,000	CMS Energy Corp.* 3.375%, 05/01/28		16,318,736
	7,245,000	PG&E Corp.* 4.250%, 12/01/27		7,270,575
	20,355,000	PPL Capital Funding, Inc. 2.875%, 03/15/28		19,351,498
	10,540,000	Southern Company 3.875%, 12/15/25		10,522,082
				65,159,391
		TOTAL CONVERTIBLE BONDS (Cost $514,831,006)		530,962,103

See accompanying Notes to Schedule of Investments

www.calamos.com
69

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
BANK LOANS (6.1%)¡
		Airlines (0.2%)
	2,825,000	Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%	$	2,847,953
	792,000	American Airlines, Inc.‡ 10.336%, 04/20/28 3 mo. SOFR + 4.75%		824,753
	793,000	Mileage Plus Holdings, LLC‡ 10.733%, 06/21/27 3 mo. SOFR + 5.25%		815,137
	2,040,000	United Airlines, Inc.‡ 8.076%, 02/22/31 3 mo. SOFR + 2.75%		2,051,159
				6,539,002
		Communication Services (0.7%)
	2,000,000	APi Group DE, Inc. 7.930%, 01/03/29 1 mo. SOFR + 2.50%		2,009,830
	65,874	Audacy Capital Corp.‡ 11.430%, 08/19/24 3 mo. SOFR + 6.11%		66,038
	3,274,286	Charter Communications Operating LLC‡ 7.079%, 02/01/27 1 mo. SOFR + 1.75%		3,274,564
	575,870	Clear Channel Outdoor Holdings, Inc.‡ 9.430%, 08/23/28 1 mo. SOFR + 4.00%		577,070
	531,873	DIRECTV Financing, LLC! 0.000%, 08/02/27		535,269
	494,704	DIRECTV Financing, LLC‡ 10.430%, 08/02/27 1 mo. SOFR + 5.00%		497,863
	1,755,000	Entercom Media Corp.‡& 8.145%, 11/18/24 3 mo. SOFR + 0.00%		951,210
	1,985,025	Go Daddy Operating Company, LLC‡ 7.316%, 11/09/29 1 mo. SOFR + 2.00%		1,988,162
	1,165,745	Gray Television, Inc.‡ 7.942%, 01/02/26 1 mo. SOFR + 2.50%		1,152,706
	2,000,000	Match Group, Inc.‡ 7.233%, 02/13/27 3 mo. SOFR + 1.75%		2,000,000
	2,000,000	Nexstar Broadcasting, Inc.‡ 7.930%, 09/18/26 1 mo. SOFR + 2.50%		2,004,000
	1,200,000	Telesat Canada‡ 8.355%, 12/07/26 3 mo. SOFR + 2.75%		612,252
	2,000,000	Virgin Media Bristol, LLC‡ 7.936%, 01/31/28 1 mo. SOFR + 2.50%		1,965,750
				17,634,714

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (1.7%)
	2,580,000	Adient U.S., LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%	$	2,594,512
	768,000	American Axle & Manufacturing, Inc.‡ 8.921%, 12/13/29 1 mo. SOFR + 3.50%		772,562
	1,985,000	Aramark Services, Inc.‡ 7.316%, 06/22/30 1 mo. SOFR + 2.00%		1,986,985
	1,188,000	Caesars Entertainment, Inc.‡ 8.666%, 02/06/30 1 mo. SOFR + 3.25%		1,191,938
	4,898,729	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%		4,930,105
	1,083,107	Carnival Corp.‡ 8.067%, 10/18/28 1 mo. SOFR + 3.25%		1,088,863
	1,083,107	Carnival Corp.‡ 0.000%, 10/18/28		1,090,553
	2,000,000	Cedar Fair, LP‡! 0.000%, 04/18/31		2,002,500
	1,995,000	Flutter Financing, BV‡ 7.559%, 11/25/30 3 mo. SOFR + 2.25%		2,001,055
	1,230,000	Flutter Financing, BV! 0.000%, 11/25/30		1,233,733
	1,492,232	Hanesbrands, Inc.‡ 9.066%, 03/08/30 1 mo. SOFR + 3.75%		1,495,336
	2,000,000	Hilton Domestic Operating Company, Inc.‡ 7.417%, 11/08/30 1 mo. SOFR + 2.00%		2,006,710
	2,000,000	Installed Building Products, Inc.‡ 7.316%, 03/28/31 1 mo. SOFR + 2.00%		2,009,690
	2,183,120	KFC Holding Company‡ 7.183%, 03/15/28 1 mo. SOFR + 1.75%		2,184,823
	722,390	Life Time Fitness, Inc.‡ 9.591%, 01/15/26 3 mo. SOFR + 4.00%		727,584
	3,368,899	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%		3,380,589
	1,984,655	Murphy USA, Inc.‡ 7.192%, 01/31/28 1 mo. SOFR + 1.75%		1,993,834
	1,984,848	PENN Entertainment, Inc.‡ 8.166%, 05/03/29 1 mo. SOFR + 2.75%		1,989,910
	2,619,419	PetSmart, Inc.‡ 9.166%, 02/11/28 1 mo. SOFR + 3.75%		2,586,676

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
70

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,705,000	Station Casinos LLC! 0.000%, 03/14/31	$	1,707,208
	1,495,000	Station Casinos, LLC‡ 7.566%, 03/14/31 1 mo. SOFR + 2.25%		1,496,936
	740,959	TKC Holdings, Inc.‡ 10.930%, 05/15/28 1 mo. SOFR + 5.50%		736,791
	1,196,252	Windsor Holdings III, LLC‡ 9.319%, 08/01/30 1 mo. SOFR + 4.00%		1,208,065
				42,416,958
		Consumer Staples (0.4%)
	2,791,704	Amneal Pharmaceuticals, LLC‡ 10.816%, 05/04/28 1 mo. SOFR + 5.50%		2,797,818
	659,016	Fiesta Purchaser, Inc.‡ 9.316%, 02/12/31 1 mo. SOFR + 4.00%		662,437
	540,984	Fiesta Purchaser, Inc.‡ 9.318%, 02/12/31 1 mo. SOFR + 4.00%		543,791
	4,128,545	Jazz Financing Lux Sarl‡ 8.430%, 05/05/28 1 mo. SOFR + 3.00%		4,157,589
	1,225,000	Star Parent, Inc.‡ 9.309%, 09/27/30 3 mo. SOFR + 4.00%		1,226,152
	800,000	United Natural Foods, Inc.! 0.000%, 04/25/31		793,000
	543,918	United Natural Foods, Inc.‡ 8.680%, 10/22/25 1 mo. SOFR + 3.25%		542,188
				10,722,975
		Energy (0.1%)
	952,612	Buckeye Partners, LP‡ 7.816%, 11/22/30 1 mo. SOFR + 2.50%		957,142
	573,563	New Fortress Energy, Inc.‡ 10.330%, 10/27/28 3 mo. SOFR + 5.00%		577,506
	1,486,492	Par Petroleum, LLC‡ 9.052%, 02/28/30 3 mo. SOFR + 3.75%		1,493,457
	300,000	Par Petroleum, LLC! 9.693%, 02/28/30 3 mo. SOFR + 4.25%		301,405
				3,329,510
		Financials (0.6%)
	1,325,000	Advisor Group, Inc.! 0.000%, 08/17/28		1,334,633
	299,250	Advisor Group, Inc.‡ 9.816%, 08/17/28 1 mo. SOFR + 4.50%		301,426

PRINCIPAL AMOUNT			VALUE
	996,271	Alliant Holdings Intermediate, LLC‡ 8.819%, 11/06/30 1 mo. SOFR + 3.50%	$	1,001,351
	908,149	Amynta Agency Borrower, Inc.‡ 9.552%, 02/28/28 1 mo. SOFR + 4.25%		912,367
	945,000	AssuredPartners, Inc.! 0.000%, 02/14/31		950,207
	555,000	AssuredPartners, Inc.‡ 8.816%, 02/14/31 1 mo. SOFR + 3.50%		558,058
	3,084,519	Avolon TLB Borrower 1 (US) LLC‡ 7.315%, 06/22/28 1 mo. SOFR + 2.00%		3,094,637
	598,500	Broadstreet Partners, Inc.‡ 9.066%, 01/27/29 1 mo. SOFR + 3.75%		601,367
	616,410	Delos Aircraft Leasing DAC‡ 7.302%, 10/31/27 3 mo. SOFR + 2.00%		617,874
	1,197,000	HUB International, Ltd.‡ 8.575%, 06/20/30 3 mo. SOFR + 3.25%		1,204,403
	3,000	HUB International, Ltd.‡ 8.565%, 06/20/30 3 mo. SOFR + 3.25%		3,018
	2,922,675	Iron Mountain, Inc.‡ 7.566%, 01/31/31 1 mo. SOFR + 2.25%		2,920,235
	610,000	Level 3 Financing, Inc.! 0.000%, 04/15/29		600,960
	1,583,083	VFH Parent, LLC‡ 8.416%, 01/13/29 1 mo. SOFR + 3.00%		1,585,315
				15,685,851
		Health Care (0.7%)
	1,419,958	Avantor Funding, Inc.‡ 7.416%, 11/08/27 1 mo. SOFR + 2.00%		1,426,724
	2,182,708	DaVita, Inc.‡ 7.180%, 08/12/26 1 mo. SOFR + 1.75%		2,185,229
	1,983,385	Elanco Animal Health, Inc.‡ 7.177%, 08/01/27 1 mo. SOFR + 1.75%		1,982,314
	1,799,971	Icon Luxembourg Sarl‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		1,809,583
	1,995,000	IQVIA, Inc.‡ 7.309%, 01/02/31 3 mo. SOFR + 2.00%		2,007,249
	2,000,000	Organon & Company 8.433%, 06/02/28 1 mo. SOFR + 3.00%		2,013,440

See accompanying Notes to Schedule of Investments

www.calamos.com
71

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,261,176	Padagis, LLC‡ 10.314%, 07/06/28 3 mo. SOFR + 4.75%	$	1,160,282
	1,989,899	Perrigo Investments, LLC‡ 7.666%, 04/20/29 1 mo. SOFR + 2.25%		1,990,526
	448,464	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		450,859
	2,862,349	Team Health Holdings, Inc.‡ 10.580%, 03/02/27 1 mo. SOFR + 5.25%		2,516,305
	8,209	Team Health Holdings, Inc.‡ 10.566%, 03/02/27 3 mo. SOFR + 5.25%		7,216
				17,549,727
		Industrials (0.6%)
	1,197,621	ACProducts, Inc.‡ 9.814%, 05/17/28 3 mo. SOFR + 4.25%		1,043,128
	1,984,821	Beacon Roofing Supply, Inc.‡ 7.316%, 05/19/28 1 mo. SOFR + 2.00%		1,993,505
	2,120,387	Berry Global, Inc.‡ 7.182%, 07/01/29 1 mo. SOFR + 1.75%		2,128,339
	3,123,168	ChampionX Corp.‡ 8.168%, 06/07/29 1 mo. SOFR + 2.75%		3,140,736
	1,837,435	Emrld Borrower, LP‡ 7.816%, 05/31/30 1 mo. SOFR + 2.50%		1,845,235
	1,984,821	JELD-WEN, Inc.‡ 7.430%, 07/28/28 1 mo. SOFR + 2.00%		1,992,512
	135,000	MI Windows & Doors, LLC‡ 8.816%, 03/28/31 1 mo. SOFR + 3.50%		135,788
	1,989,975	TransDigm, Inc.‡ 8.059%, 08/24/28 3 mo. SOFR + 2.75%		2,002,183
	1,197,000	TransDigm, Inc.‡ 8.559%, 02/28/31 1 mo. SOFR + 3.25%		1,205,373
				15,486,799
		Information Technology (0.5%)
	1,622,629	Banff Merger Sub, Inc.‡ 9.566%, 12/29/28 1 mo. SOFR + 4.25%		1,634,580
	927,390	Camelot US Acquisition LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		930,288
	1,132,750	Central Parent, Inc.‡ 9.309%, 07/06/29 3 mo. SOFR + 4.00%		1,138,674

PRINCIPAL AMOUNT			VALUE
	1,160,943	Dun & Bradstreet Corp.‡ 8.068%, 01/18/29 1 mo. SOFR + 2.75%	$	1,165,058
	2,941,760	II-VI, Inc.‡ 7.829%, 07/02/29 1 mo. SOFR + 2.50%		2,959,219
	1,844,754	Open Text Corp.‡ 8.166%, 01/31/30 1 mo. SOFR + 2.75%		1,852,197
	1,179,826	SS&C Technologies, Inc.‡ 7.666%, 03/22/29 1 mo. SOFR + 2.25%		1,183,714
	499,221	SS&C Technologies, Inc.‡ 7.666%, 03/22/29 1 mo. SOFR + 2.25%		500,866
	1,275,363	TTM Technologies, Inc.‡ 8.077%, 05/30/30 1 mo. SOFR + 2.75%		1,277,754
	600,000	UKG, Inc.‡ 8.814%, 02/10/31 3 mo. SOFR + 3.55%		603,441
				13,245,791
		Materials (0.5%)
	1,927,144	Axalta Coating Systems U.S. Holdings, Inc.‡ 7.330%, 12/20/29 3 mo. SOFR + 2.00%		1,934,863
	2,606,900	Chemours Company‡ 8.817%, 08/18/28 1 mo. SOFR + 3.50%		2,609,350
	1,989,975	H.B. Fuller Company‡ 7.316%, 02/15/30 1 mo. SOFR + 2.00%		1,997,437
	1,191,000	Ineos US Finance, LLC‡ 8.930%, 02/18/30 1 mo. SOFR + 3.50%		1,195,466
	938,079	Innophos, Inc.‡ 8.930%, 02/05/27 1 mo. SOFR + 3.50%		939,158
	1,503,638	LSF11 A5 Holdco, LLC‡ 9.666%, 10/15/28 1 mo. SOFR + 4.25%		1,509,652
	912,256	Trinseo Materials Operating SCA‡ 7.824%, 05/03/28 3 mo. SOFR + 2.50%		637,485
	1,166,676	W.R. Grace & Co.-Conn.‡ 9.321%, 09/22/28 3 mo. SOFR + 3.75%		1,170,112
				11,993,523
		Special Purpose Acquisition Companies (0.1%)
	584,588	Clydesdale Acquisition Holdings, Inc.‡ 9.091%, 04/13/29 1 mo. SOFR + 3.67%		587,771

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
72

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	294,000	Fertitta Entertainment, LLC‡ 9.069%, 01/27/29 1 mo. SOFR + 3.75%	$	295,011
	1,182,000	Patagonia Holdco, LLC‡ 11.064%, 08/01/29 3 mo. SOFR + 5.75%		1,099,260
				1,982,042
		TOTAL BANK LOANS (Cost $157,294,014)		156,586,892
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (1.5%)
		Energy (0.0%)
	6,300	Equitrans Midstream Corp.‡ 13.740%, 05/15/24		138,600
	28	Gulfport Energy Corp.# 10.000%, 05/31/24 15.000% PIK rate		324,100
				462,700
		Financials (0.9%)
	80,250	AMG Capital Trust II 5.150%, 10/15/37		4,055,835
	300,410	Apollo Global Management, Inc. 6.750%, 07/31/26		18,319,002
				22,374,837
		Industrials (0.1%)
	46,187	Chart Industries, Inc. 6.750%, 12/15/25		2,653,905
		Utilities (0.5%)
	84,885	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)#§** 3.369%, 09/15/29		2,549,945
	262,050	NextEra Energy, Inc.^ 6.926%, 09/01/25		10,678,538
				13,228,483
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $40,065,483)		38,719,925
COMMON STOCKS (95.5%)
		Communication Services (10.7%)
	661,840	Alphabet, Inc. - Class A^#		107,734,315
	199,700	Alphabet, Inc. - Class C^#		32,878,608
	25,095	Altice USA, Inc. - Class A#		48,433
	264,885	AT&T, Inc.		4,473,908
	8,434	Cumulus Media, Inc. - Class A#µ		22,181
	2	Frontier Communications Parent, Inc.#µ		46
	146,450	Meta Platforms, Inc. - Class A		62,998,397
	32,360	Netflix, Inc.#		17,818,710

NUMBER OF SHARES			VALUE
	205,085	EUR Orange, SA	$	2,282,654
	135,860	T-Mobile U.S., Inc.		22,304,136
	200,915	Walt Disney Company^		22,321,657
				272,883,045
		Consumer Discretionary (10.0%)
	688,315	Amazon.com, Inc.^#		120,455,125
	59,260	Carnival Corp.#		878,233
	5,245	Chipotle Mexican Grill, Inc.#		16,572,102
	243,463	General Motors Company		10,841,408
	52,240	Home Depot, Inc.		17,459,653
	54,670	Lowe's Companies, Inc.		12,464,213
	62,500	McDonald's Corp.		17,065,000
	162,800	NIKE, Inc. - Class B		15,019,928
	107,325	Starbucks Corp.		9,497,189
	144,100	Tesla, Inc.#		26,410,648
	104,675	TJX Cos., Inc.		9,848,871
				256,512,370
		Consumer Staples (6.8%)
	58,750	Altria Group, Inc.µ		2,573,838
	329,140	Coca-Cola Company^		20,330,978
	31,575	Costco Wholesale Corp.		22,825,567
	47,280	Estee Lauder Companies, Inc. - Class A		6,936,449
	7,965	Mallinckrodt, PLC#		422,145
	113,665	Mondelez International, Inc. - Class A^		8,177,060
	149,110	Monster Beverage Corp.#		7,969,929
	90,260	PepsiCo, Inc.		15,877,637
	179,035	Philip Morris International, Inc.^		16,997,583
	203,745	Procter & Gamble Company^		33,251,184
	84,550	Target Corp.		13,610,859
	52,650	Walgreens Boots Alliance, Inc.		933,485
	392,370	Walmart, Inc.		23,287,159
				173,193,873
		Energy (4.6%)
	475,000	BP, PLC (ADR)		18,415,750
	1,730	Chesapeake Energy Corp.µ		155,492
	54,445	Chevron Corp.^~		8,780,345
	64,470	ConocoPhillips^		8,098,721
	82,935	Energy Transfer, LP		1,304,568
	49,155	Enterprise Products Partners, LP		1,380,272
	7,920	EP Energy Corp.&#		18,810
	317,920	Exxon Mobil Corp.		37,600,399
	34	Gulfport Energy Corp.#		5,396
	56,105	Hess Corp.		8,835,977
	80,370	Marathon Petroleum Corp.µ		14,604,836
	24,975	Pioneer Natural Resources Company		6,726,267
	219,710	Schlumberger, NV		10,431,831
				116,358,664

See accompanying Notes to Schedule of Investments

www.calamos.com
73

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
		Financials (13.0%)
	35,430	Affiliated Managers Group, Inc.	$	5,530,623
	59,230	American Express Company^		13,861,597
	346,890	American International Group, Inc.		26,124,286
	29,983	Assurant, Inc.^		5,229,035
	663,370	Bank of America Corp.^~		24,551,324
	71,870	Bank of New York Mellon Corp.^		4,059,936
	10,715	BlackRock, Inc.		8,085,968
	76,155	Chubb, Ltd.		18,935,179
	231,670	Citigroup, Inc.		14,208,321
	27,300	Goldman Sachs Group, Inc.^		11,649,183
	212,020	JPMorgan Chase & Company^		40,652,715
	120,287	KKR & Company, Inc.µ		11,195,111
	76,915	Marsh & McLennan Cos., Inc.		15,339,158
	72,315	Mastercard, Inc. - Class A^		32,628,528
	154,465	Morgan Stanley^		14,031,601
	26,315	S&P Global, Inc.		10,942,566
	157,631	Starwood Property Trust, Inc.^		2,990,260
	178,525	Visa, Inc. - Class A^		47,953,600
	411,130	Wells Fargo & Company^		24,388,232
				332,357,223
		Health Care (12.3%)
	82,820	Abbott Laboratories~		8,776,435
	118,475	AbbVie, Inc.		19,268,774
	124,060	Alcon, Inc.^		9,624,575
	267,298	Boston Scientific Corp.^#		19,210,707
	107,005	Bristol-Myers Squibb Company^		4,701,800
	85,885	Danaher Corp.		21,180,959
	71,605	Dexcom, Inc.#		9,121,761
	23,435	Elevance Health, Inc.		12,387,272
	74,890	Eli Lilly & Company		58,496,579
	34,856	GE Healthcare, Inc.		2,657,421
	200,940	Johnson & Johnson		29,053,915
	20,020	McKesson Corp.^		10,754,944
	142,050	Medtronic, PLC		11,398,092
	219,485	Merck & Company, Inc.		28,361,852
	20,295	Stryker Corp.		6,829,267
	30,260	Thermo Fisher Scientific, Inc.~		17,209,467
	62,270	UnitedHealth Group, Inc.^		30,119,999
	112,720	Zimmer Biomet Holdings, Inc.^		13,557,962
				312,711,781
		Industrials (6.2%)
	47,290	Boeing Company#		7,937,153
	777,890	CSX Corp.		25,841,506
	230,090	Delta Air Lines, Inc.		11,520,606
	26,142	GE Vernova, Inc.#		4,018,287

NUMBER OF SHARES			VALUE
	104,568	General Electric Company	$	16,921,194
	104,790	Honeywell International, Inc.		20,196,177
	79,505	JB Hunt Transport Services, Inc.		12,925,128
	50,835	Parker-Hannifin Corp.		27,700,500
	56,950	Rockwell Automation, Inc.		15,431,172
	145,750	RTX Corp.µ		14,796,540
				157,288,263
		Information Technology (27.4%)
	40,182	Accenture, PLC - Class A		12,091,166
	92,130	Advanced Micro Devices, Inc.^#		14,591,549
	888,175	Apple, Inc.^~		151,282,848
	59,580	Applied Materials, Inc.		11,835,567
	35,949	Broadcom, Inc.µ		46,743,406
	247,515	Cisco Systems, Inc.^		11,628,255
	58,910	Fidelity National Information Services, Inc.^		4,001,167
	10,330	Intuit, Inc.^		6,462,655
	16,960	Lam Research Corp.		15,169,194
	143,195	Micron Technology, Inc.^		16,175,307
	574,150	Microsoft Corp.^		223,533,819
	1,520,000	Nokia Oyj (ADR)		5,548,000
	161,290	NVIDIA Corp.		139,357,786
	81,370	Oracle Corp.		9,255,837
	59,985	Salesforce, Inc.		16,132,366
	21,845	ServiceNow, Inc.#		15,145,794
				698,954,716
		Materials (2.9%)
	255,945	Freeport-McMoRan, Inc.^		12,781,893
	56,835	Linde, PLC		25,061,962
	126,910	PPG Industries, Inc.		16,371,390
	19,725	Sherwin-Williams Company		5,909,807
	50,490	Vulcan Materials Company		13,007,739
				73,132,791
		Real Estate (0.6%)
	70,930	American Tower Corp.µ		12,168,751
	119,195	Invitation Homes, Inc.		4,076,469
				16,245,220
		Special Purpose Acquisition Company (0.0%)
	14,052	Intelsat Emergence, SA&#		509,385
		Utilities (1.0%)
	77,480	CMS Energy Corp.		4,696,063
	176,574	DTE Energy Company		19,479,644
	32,149	NextEra Energy, Inc.		2,153,018
				26,328,725
		TOTAL COMMON STOCKS (Cost $1,521,875,389)		2,436,476,056

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
74

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
WARRANTS (0.0%)#
		Energy (0.0%)
	57,470	Mcdermott International, Ltd.& 06/30/27, Strike $15.98	$	6
	51,723	Mcdermott International, Ltd. 06/30/27, Strike $12.33		5
	16,676	Tidewater, Inc.& 11/14/42, Strike $0.01		1
		TOTAL WARRANTS (Cost $369,524)		12
EXCHANGE-TRADED FUNDS (0.3%)
		Other (0.3%)
	56,295	iShares Biotechnology ETF^		7,144,961
	11,975	iShares Preferred & Income Securities ETF		370,746
		TOTAL EXCHANGE-TRADED FUNDS (Cost $8,140,902)		7,515,707
PREFERRED STOCKS (0.3%)
		Communication Services (0.1%)
	8,482	AT&T, Inc. 4.750%, 02/18/25		166,586
	3,485	AT&T, Inc. 5.350%, 11/01/66		78,169
	14,625	Qwest Corp. 6.500%, 09/01/56		142,155
	9,521	Telephone & Data Systems, Inc. 6.000%, 09/30/26		143,196
	24,420	United States Cellular Corp. 5.500%, 03/01/70		433,943
	23,445	United States Cellular Corp. 5.500%, 06/01/70		413,804
				1,377,853
		Consumer Discretionary (0.0%)
	2,835	Ford Motor Company 6.200%, 06/01/59		68,522
	2,764	Ford Motor Company 6.500%, 08/15/62		67,718
	8,177	Guitar Center, Inc.&#		641,895
	1,355	Qurate Retail, Inc.^ 8.000%, 03/15/31		62,560
	4,100	QVC, Inc. 6.250%, 11/26/68		51,373
				892,068
		Energy (0.1%)
	43,730	NuStar Energy, LP‡ 11.234%, 05/30/24 3 mo. LIBOR + 5.64%		1,115,552
	9,119	NuStar Energy, LP‡ 12.357%, 05/30/24 3 mo. LIBOR + 6.77%		233,173

NUMBER OF SHARES			VALUE
	55,760	NuStar Logistics, LP‡ 12.324%, 01/15/43 3 mo. LIBOR + 6.73%	$	1,414,074
				2,762,799
		Financials (0.1%)
	4,200	Affiliated Managers Group, Inc.^# 6.750%, 03/30/64		107,520
	5,970	Annaly Capital Management, Inc.‡ 10.557%, 05/30/24 3 mo. LIBOR + 4.99%		150,981
	1,350	Capital One Financial Corp. 4.800%, 06/01/25		24,786
	10,725	CNO Financial Group, Inc. 5.125%, 11/25/60		216,001
	1,732	Cullen/Frost Bankers, Inc. 4.450%, 12/15/25		31,765
	3,401	First Citizens BancShares, Inc.^ 5.625%, 01/04/27		74,176
	1,374	Goldman Sachs Group, Inc.^‡ 6.375%, 05/17/24 3 mo. SOFR + 3.81%		34,323
	11,100	Reinsurance Group of America, Inc.‡ 7.125%, 10/15/52 5 year CMT + 3.46%		290,709
	6,214	Selective Insurance Group, Inc.^ 4.600%, 12/15/25		111,603
				1,041,864
		Industrials (0.0%)
	5,043	WESCO International, Inc.‡ 10.625%, 06/22/25 5 year CMT + 10.33%		133,085
		Real Estate (0.0%)
	8,773	Brookfield Property Partners, LP 5.750%, 03/31/25		109,750
	5,000	Brookfield Property Partners, LP 6.375%, 09/30/24		67,650
	3,625	Global Net Lease, Inc. 6.875%, 11/26/24		69,854
	1,951	Global Net Lease, Inc.^ 7.500%, 05/30/24		40,113
	3,000	Realty Income Corp. 6.000%, 05/30/24		70,830
				358,197
		Utilities (0.0%)
	6,000	Brookfield Renewable Partners, LP 5.250%, 03/31/25		102,000
	5,100	DTE Energy Company 5.250%, 12/01/77		115,056
				217,056
		TOTAL PREFERRED STOCKS (Cost $7,454,978)		6,782,922

See accompanying Notes to Schedule of Investments

www.calamos.com
75

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.1%)#
		Communication Services (0.0%)
	3,340	Alphabet, Inc.
	33,807,480	Put, 05/03/24, Strike $155.00	$	75,150
		Other (0.1%)
	130	S&P 500 Index
	65,463,970	Put, 09/20/24, Strike $5,100.00		2,131,350
		TOTAL PURCHASED OPTIONS (Cost $3,349,940)		2,206,500
PRINCIPAL AMOUNT			VALUE
U.S. GOVERNMENT AND AGENCY SECURITY (0.0%)
	250,000	CoBank ACB‡ 7.250%, 07/01/29 5 year CMT + 2.88 (Cost $250,937)		249,080
		TOTAL INVESTMENTS (140.2%) (Cost $2,671,923,425)		3,577,640,100
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-12.7%)				(323,500,000	)
LIABILITIES, LESS OTHER ASSETS (-27.5%)				(703,123,422	)
NET ASSETS (100.0%)			$	2,551,016,678
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
WRITTEN OPTIONS (-0.1%)#
		Communication Services (0.0%)
	3,340	Alphabet, Inc.
	33,807,480	Put, 05/03/24, Strike $147.00		(11,690	)
		Other (-0.1%)
	260	S&P 500 Index
	130,927,940	Put, 09/20/24, Strike $4,700.00		(1,654,900	)
		TOTAL WRITTEN OPTIONS (Premium $2,504,579)	$	(1,666,590	)

NOTES TO SCHEDULE OF INVESTMENTS

@ In default status and considered non-income producing.

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

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

~ 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 $11,540,631.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

& Illiquid security.

# Non-income producing security.

§ Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

** Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at April 30, 2024.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $95,644,162.

FOREIGN CURRENCY ABBREVIATION

EUR European Monetary Unit

ABBREVIATION

ADR American Depositary Receipt

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
76

Strategic Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2024 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	867,946	$	—	$	867,946
Corporate Bonds		—		397,272,957		—		397,272,957
Convertible Bonds		—		530,962,103		—		530,962,103
Bank Loans		—		156,586,892		—		156,586,892
Convertible Preferred Stocks		31,651,445		7,068,480		—		38,719,925
Common Stocks		2,433,243,062		3,232,994		—		2,436,476,056
Warrants		—		12		—		12
Exchange-Traded Funds		7,515,707		—		—		7,515,707
Preferred Stocks		6,141,027		641,895		—		6,782,922
Purchased Options		2,206,500		—		—		2,206,500
U.S. Government and Agency Securities		—		249,080		—		249,080
Total	$	2,480,757,741	$	1,096,882,359	$	—	$	3,577,640,100
Liabilities:
Written Options	$	1,666,590	$	—	$	—	$	1,666,590
Total	$	1,666,590	$	—	$	—	$	1,666,590

SECTOR WEIGHTINGS

Information Technology	24.5	%
Financials	12.8
Consumer Discretionary	11.7
Health Care	10.7
Communication Services	9.6
Industrials	8.2
Consumer Staples	5.6
Energy	4.9
Utilities	2.9
Materials	2.7
Real Estate	1.4
Airlines	0.3
Other	0.3
Special Purpose Acquisition Companies	0.1

Sector weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

ASSET ALLOCATION

Fund asset allocations are based on total investments and may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
77

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
ASSET BACKED SECURITY (0.0%)
		Other (0.0%)
	215,000	SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $199,685)	$	195,401
CORPORATE BONDS (16.5%)
		Airlines (0.2%)
	224,949	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		218,416
	91,135	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		92,170
	273,340	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		247,810
	130,667	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		129,292
	250,532	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		227,655
	209,530	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		214,492
				1,129,835
		Communication Services (1.7%)
	200,000	Altice France Holding, SA* 10.500%, 05/15/27		71,698
	300,000	Altice France, SA* 5.500%, 10/15/29		196,800
	320,000	APi Group DE, Inc.* 4.750%, 10/15/29		291,536
	280,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		222,443
	336,000	Audacy Capital Corp.*@ 6.750%, 03/31/29		11,861
	131,000	6.500%, 05/01/27		4,675
	242,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		220,840
	130,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		127,551
	80,000	9.000%, 09/15/28^		82,350
	371,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		322,214
	400,000	CSC Holdings, LLC* 5.375%, 02/01/28		308,480
	400,000	4.625%, 12/01/30		174,032
	400,000	4.500%, 11/15/31		254,344
	370,000	5.500%, 04/15/27		303,718
	200,000	5.750%, 01/15/30		87,776

PRINCIPAL AMOUNT			VALUE
	141,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27	$	131,509
	275,000	Frontier California, Inc. 6.750%, 05/15/27		262,081
	65,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		66,240
	419,000	Frontier Florida, LLC 6.860%, 02/01/28		399,198
	400,000	Frontier North, Inc. 6.730%, 02/15/28		379,380
	235,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		208,783
	69,000	5.250%, 12/01/27		66,709
	65,000	Hughes Satellite Systems Corp. 6.625%, 08/01/26		37,445
	165,000	iHeartCommunications, Inc. 8.375%, 05/01/27		87,947
	100,000	5.250%, 08/15/27*^		73,485
	330,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		305,953
	198,330	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		32,869
	200,000	Lumen Technologies, Inc. 7.600%, 09/15/39		61,212
	135,000	4.000%, 02/15/27*		71,875
	67,000	7.650%, 03/15/42		20,515
	130,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		107,466
	155,000	Nexstar Media, Inc.* 5.625%, 07/15/27		145,874
	260,000	Paramount Global 4.900%, 08/15/44		182,276
	94,000	Qwest Corp. 7.250%, 09/15/25		93,167
	136,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		100,637
	68,000	5.375%, 01/15/31		40,272
	225,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		177,883
	345,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		321,726
	268,000	4.000%, 07/15/28		238,941
	130,000	3.125%, 09/01/26		121,385
	65,000	3.875%, 09/01/31^		52,296
	242,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		115,354
	680,000	Sprint, LLCµ 7.125%, 06/15/24		680,938
	300,000	Stagwell Global, LLC* 5.625%, 08/15/29		269,115
	130,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		59,493

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
78

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	105,000	Time Warner Cable, LLC 7.300%, 07/01/38	$	101,982
	300,000	United States Cellular Corp. 6.700%, 12/15/33		292,926
	202,000	Univision Communications, Inc.* 8.000%, 08/15/28		202,475
	135,000	Viasat, Inc.*^ 5.625%, 04/15/27		123,771
				8,313,496
		Consumer Discretionary (3.4%)
	320,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		322,720
	265,000	Adams Homes, Inc.* 9.250%, 10/15/28		273,960
	195,000	Adient Global Holdings Company*^ 8.250%, 04/15/31		202,695
	230,000	American Axle & Manufacturing, Inc.^ 5.000%, 10/01/29		207,644
	228,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		206,532
	204,000	6.625%, 01/15/28		203,704
	325,000	At Home Group, Inc.* 4.875%, 07/15/28		154,508
	355,000	Bath & Body Works, Inc. 6.694%, 01/15/27		357,748
	195,000	6.875%, 11/01/35		194,152
	168,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29		149,903
	132,000	8.125%, 07/01/27		134,057
	134,000	Carnival Corp.* 4.000%, 08/01/28		122,429
	133,000	7.625%, 03/01/26		133,898
	16,000	7.000%, 08/15/29^		16,441
	55,316	Carvana Company* 14.000%, 06/01/31		55,525
	46,605	13.000%, 06/01/30		46,308
	30,585	12.000%, 12/01/28		29,961
	575,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		539,844
	315,000	4.500%, 08/15/30		256,419
	300,000	6.375%, 09/01/29		275,013
	300,000	4.750%, 03/01/30		249,762
	266,000	4.250%, 02/01/31		209,055
	130,000	5.000%, 02/01/28		118,556
	130,000	4.750%, 02/01/32		102,328
	130,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		124,054
	207,000	Cedar Fair, LP 5.250%, 07/15/29		193,489
	132,000	Churchill Downs, Inc.* 6.750%, 05/01/31		131,114

PRINCIPAL AMOUNT			VALUE
	220,000	Dana, Inc. 4.250%, 09/01/30	$	191,169
	195,000	4.500%, 02/15/32		165,457
	300,000	DISH DBS Corp. 5.125%, 06/01/29		121,218
	190,000	5.250%, 12/01/26*		149,866
	168,000	7.375%, 07/01/28		75,412
	135,000	5.750%, 12/01/28*		91,626
	115,000	7.750%, 07/01/26		72,536
	265,000	DISH Network Corp.* 11.750%, 11/15/27		267,427
	400,000	Empire Resorts, Inc.* 7.750%, 11/01/26		372,984
	296,000	Everi Holdings, Inc.* 5.000%, 07/15/29		290,752
	275,000	Ford Motor Company 6.100%, 08/19/32		269,838
	425,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		370,995
	350,000	5.113%, 05/03/29		333,613
	340,000	7.200%, 06/10/30		352,553
	240,000	7.350%, 11/04/27		248,340
	98,000	Gap, Inc.* 3.875%, 10/01/31		80,170
	135,000	General Motors Company 5.200%, 04/01/45		115,661
	455,000	goeasy, Ltd.* 9.250%, 12/01/28		481,622
	237,000	7.625%, 07/01/29		237,389
	140,000	Goodyear Tire & Rubber Company 5.250%, 07/15/31^		124,029
	135,000	5.625%, 04/30/33		118,808
	114,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		103,997
	283,000	Guitar Center, Inc.*^ 8.500%, 01/15/26		250,254
	145,000	International Game Technology, PLC* 6.250%, 01/15/27		144,914
	72,024	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		72,772
	298,000	Kohl's Corp. 5.550%, 07/17/45		204,669
	265,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		275,796
	265,000	Liberty Interactive, LLC 8.250%, 02/01/30		147,215
	256,000	Life Time, Inc.* 8.000%, 04/15/26		256,430
	135,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		137,769
	100,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		104,863
	168,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		166,723

See accompanying Notes to Schedule of Investments

www.calamos.com
79

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	175,000	M/I Homes, Inc. 3.950%, 02/15/30	$	151,980
	305,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		257,060
	200,000	4.300%, 02/15/43		158,204
	332,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		303,664
	160,000	Newell Brands, Inc. 5.700%, 04/01/26		157,840
	130,000	Nordstrom, Inc. 6.950%, 03/15/28		129,181
	130,000	5.000%, 01/15/44		98,782
	123,000	4.250%, 08/01/31		106,176
	399,000	Patrick Industries, Inc.* 4.750%, 05/01/29		363,062
	305,000	PENN Entertainment, Inc.* 4.125%, 07/01/29		255,624
	132,000	Phinia, Inc.* 6.750%, 04/15/29		132,565
	365,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		272,724
	135,000	QVC, Inc. 5.450%, 08/15/34		88,687
	130,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		139,536
	529,000	Rite Aid Corp.*@ 8.000%, 11/15/26		341,380
	132,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		135,993
	32,000	6.250%, 03/15/32		31,550
	370,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		320,050
	395,000	Six Flags Entertainment Corp.*^ 7.250%, 05/15/31		394,534
	303,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		271,479
	193,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		182,146
	275,000	Station Casinos, LLC* 4.500%, 02/15/28		255,271
	260,000	STL Holding Company, LLC* 8.750%, 02/15/29		267,439
	162,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		157,916
	65,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		69,774
	300,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		296,538
	265,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		271,402
				17,019,243

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (0.8%)
	303,000	1375209 B.C., Ltd.*^ 9.000%, 01/30/28	$	297,813
	395,000	Arrow Bidco, LLC* 10.750%, 06/15/25		407,466
	255,000	B&G Foods, Inc.* 8.000%, 09/15/28		264,644
	305,000	Central Garden & Pet Company* 4.125%, 04/30/31		264,716
	304,000	Edgewell Personal Care Company* 4.125%, 04/01/29		275,691
	370,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		327,269
	66,000	6.500%, 12/31/27^		65,417
	390,000	JBS USA Holding LUX Sarl / JBS USA Food Company / JBS LUX Company Sarl 5.500%, 01/15/30		376,791
	175,000	5.125%, 02/01/28µ		170,165
	100,000	5.750%, 04/01/33		95,756
	177,000	New Albertsons, LP 7.750%, 06/15/26		182,294
	261,000	Performance Food Group, Inc.* 4.250%, 08/01/29		234,039
	210,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		185,980
	130,000	Post Holdings, Inc.* 6.250%, 02/15/32		128,584
	252,000	Prestige Brands, Inc.* 3.750%, 04/01/31		214,701
	240,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		184,500
	278,000	Vector Group, Ltd.* 5.750%, 02/01/29		252,977
				3,928,803
		Energy (2.2%)
	132,000	Antero Resources Corp.* 5.375%, 03/01/30		125,606
	268,000	Apache Corp. 5.100%, 09/01/40		223,190
	135,000	Buckeye Partners, LP 5.850%, 11/15/43		113,031
	129,000	Cheniere Energy, Inc.µ 4.625%, 10/15/28		123,432
	198,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		198,226
	371,000	Civitas Resources, Inc.* 8.750%, 07/01/31		394,818
	135,000	Continental Resources, Inc. 4.900%, 06/01/44		108,848
	133,000	2.875%, 04/01/32*		106,331
	202,000	DT Midstream, Inc.* 4.125%, 06/15/29		183,117

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
80

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	256,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27	$	263,424
	100,000	9.875%, 07/15/31		110,657
	150,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		147,641
	145,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		147,710
	390,000	Energy Transfer, LP‡ 8.606%, 11/01/66 3 mo. SOFR + 3.28%		354,260
	197,000	6.500%, 11/15/26 5 year CMT + 5.69%		191,364
	340,000	EnLink Midstream Partners, LP 9.701%, 05/31/24‡ 3 mo. USD LIBOR + 4.11%		335,774
	285,000	4.850%, 07/15/26		277,869
	168,000	Enlink Midstream, LLC* 6.500%, 09/01/30		170,160
	430,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		438,101
	135,000	6.375%, 04/01/29		134,137
	196,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		203,042
	109,000	6.250%, 05/15/26		108,222
	255,000	Gulfport Energy Corp. 8.000%, 05/17/26*		258,838
	79,696	8.000%, 05/17/26		80,895
	365,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		350,725
	196,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		193,734
	260,000	Kodiak Gas Services, LLC* 7.250%, 02/15/29		263,089
	262,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		258,523
	198,000	Matador Resources Company* 6.500%, 04/15/32		196,382
	145,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		148,467
	130,000	7.500%, 01/15/26		129,860
	200,000	Nabors Industries, Inc.* 7.375%, 05/15/27		198,370
	100,000	9.125%, 01/31/30^		103,506
	200,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		189,784
	177,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		175,131
	275,000	Oceaneering International, Inc. 6.000%, 02/01/28		265,067
	280,000	Parkland Corp.* 5.875%, 07/15/27		273,885

PRINCIPAL AMOUNT			VALUE
	138,000	Patterson-UTI Energy, Inc.^ 5.150%, 11/15/29	$	131,889
	66,000	Permian Resources Operating LLC* 7.000%, 01/15/32		67,437
	270,000	Plains All American Pipeline, LP‡ 9.679%, 05/31/24 3 mo. USD LIBOR + 4.11%		269,071
	365,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		337,581
	130,000	Southwestern Energy Company 4.750%, 02/01/32		117,225
	355,500	Transocean, Inc.* 8.750%, 02/15/30		371,064
	130,000	8.250%, 05/15/29		129,297
	165,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		163,588
	65,000	4.125%, 08/15/31		56,935
	65,000	3.875%, 08/15/29		57,434
	330,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		338,920
	200,000	8.125%, 06/01/28		204,732
	135,000	9.875%, 02/01/32		144,071
	135,000	9.500%, 02/01/29		145,222
	165,000	Vital Energy, Inc. 7.750%, 07/31/29*^		166,223
	137,000	7.875%, 04/15/32*		139,166
	103,000	9.750%, 10/15/30		112,322
	275,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		262,468
	327,000	Weatherford International, Ltd.* 8.625%, 04/30/30		339,714
				11,099,575
		Financials (2.8%)
	420,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		417,421
	400,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		403,244
	460,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		452,037
	35,000	7.000%, 01/15/31		35,214
	302,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%		256,570
	125,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		96,873
	110,000	8.000%, 11/01/31		119,214
	533,000	AmWINS Group, Inc.* 4.875%, 06/30/29		485,243
	198,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		182,406
	130,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		133,198

See accompanying Notes to Schedule of Investments

www.calamos.com
81

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	398,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29	$	363,147
	315,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		282,209
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		194,066
	255,000	Credit Acceptance Corp. 6.625%, 03/15/26^		254,391
	180,000	9.250%, 12/15/28*		191,020
	265,000	Cushman & Wakefield U.S. Borrower LLC* 8.875%, 09/01/31		275,746
	344,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		343,852
	300,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		308,244
	333,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		283,623
	275,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		283,800
	145,000	HAT Holdings I LLC / HAT Holdings II LLC* 8.000%, 06/15/27		148,903
	398,000	HUB International, Ltd.* 5.625%, 12/01/29		367,231
	130,000	7.375%, 01/31/32		129,464
	202,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		170,215
	360,000	ILFC E-Capital Trust II*‡ 7.395%, 12/21/65 3 mo. USD LIBOR + 1.80%		287,626
	550,000	Iron Mountain, Inc.* 5.250%, 03/15/28		526,966
	540,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		486,400
	522,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		513,455
	280,000	4.750%, 06/15/29		250,429
	245,000	LD Holdings Group, LLC* 6.125%, 04/01/28		185,989
	280,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		109,547
	135,000	4.625%, 09/15/27		79,616
	200,000	LPL Holdings, Inc.*µ 4.000%, 03/15/29		181,592
	265,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		277,770
	129,027	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 14.750%, 11/14/28		140,728

PRINCIPAL AMOUNT			VALUE
	417,000	MetLife, Inc. 6.400%, 12/15/66	$	415,970
	365,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		343,574
	288,000	Navient Corp. 5.000%, 03/15/27		272,019
	145,000	4.875%, 03/15/28		131,248
	170,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		145,163
	130,000	Newmark Group, Inc.* 7.500%, 01/12/29		131,438
	185,000	OneMain Finance Corp. 9.000%, 01/15/29		194,487
	180,000	3.875%, 09/15/28		158,830
	127,000	7.125%, 03/15/26^		128,241
	416,000	PHH Mortgage Corp.* 7.875%, 03/15/26		400,071
	300,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		276,435
	265,000	6.500%, 04/01/32		260,047
	125,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.625%, 03/01/29		110,409
	120,000	3.875%, 03/01/31		102,228
	65,000	2.875%, 10/15/26		59,807
	325,000	StoneX Group, Inc.* 7.875%, 03/01/31		328,893
	269,000	8.625%, 06/15/25		270,098
	310,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		288,582
	130,000	5.750%, 06/15/27		124,935
	135,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		108,639
	132,000	10.500%, 02/15/28		137,115
	300,000	VZ Secured Financing, BV* 5.000%, 01/15/32		253,527
	280,000	XHR, LP* 6.375%, 08/15/25		279,885
				14,139,090
		Health Care (1.2%)
	539,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28^		422,220
	105,000	14.000%, 10/15/30		67,843
	98,000	6.125%, 02/01/27^		71,954
	533,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		377,492
	151,000	8.000%, 03/15/26		150,491
	146,000	6.875%, 04/15/29		108,424
	130,000	10.875%, 01/15/32		133,338
	33,000	5.250%, 05/15/30		27,056

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
82

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	313,000	DaVita, Inc.* 3.750%, 02/15/31	$	257,996
	291,000	4.625%, 06/01/30		255,638
	195,000	Embecta Corp.* 5.000%, 02/15/30^		150,460
	67,000	6.750%, 02/15/30		57,629
	130,000	Encompass Health Corp. 4.750%, 02/01/30		119,473
	130,000	4.500%, 02/01/28		122,291
	282,000	HCA, Inc. 7.500%, 11/06/33		307,628
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		183,236
	336,000	Medline Borrower, LP* 5.250%, 10/01/29		313,102
	335,000	3.875%, 04/01/29		300,059
	490,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		424,105
	200,000	4.125%, 04/30/28		182,368
	302,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		281,241
	625,000	Tenet Healthcare Corp. 6.250%, 02/01/27		623,681
	375,000	6.875%, 11/15/31		388,185
	335,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29		317,972
	200,000	4.750%, 05/09/27		191,628
	130,000	3.150%, 10/01/26		120,503
				5,956,013
		Industrials (2.4%)
	260,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		262,337
	300,000	ACCO Brands Corp.* 4.250%, 03/15/29		261,825
	300,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		297,378
	265,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		229,495
	440,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		420,710
	195,000	5.875%, 02/15/28		191,270
	168,000	Allegiant Travel Company*^ 7.250%, 08/15/27		162,735
	146,000	Arcosa, Inc.* 4.375%, 04/15/29		133,659
	700,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK Rate		195,384

PRINCIPAL AMOUNT			VALUE
	206,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29	$	184,376
	131,000	Boeing Company* 6.388%, 05/01/31		131,956
	130,000	Bombardier, Inc.* 8.750%, 11/15/30		138,403
	113,000	7.875%, 04/15/27		112,647
	81,000	7.250%, 07/01/31		81,316
	261,000	BWX Technologies, Inc.* 4.125%, 04/15/29		238,071
	273,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		257,371
	68,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		65,948
	350,000	Deluxe Corp.* 8.000%, 06/01/29		317,947
	260,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		262,210
	132,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		131,207
	145,000	EnerSys* 4.375%, 12/15/27		135,948
	135,000	6.625%, 01/15/32		134,637
	95,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		96,867
	161,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		145,736
	175,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		167,897
	125,000	3.500%, 03/01/29		110,748
	290,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		244,966
	623,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		551,990
	337,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		316,793
	350,000	Herc Holdings, Inc.* 5.500%, 07/15/27		340,406
	310,000	IEA Energy Services, LLC* 6.625%, 08/15/29		295,911
	160,000	JELD-WEN, Inc.* 4.625%, 12/15/25		156,237
	135,000	4.875%, 12/15/27		128,346
	445,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		414,602
	265,000	Knife River Holding Company* 7.750%, 05/01/31		275,804
	69,000	MasTec, Inc.*µ 4.500%, 08/15/28		64,525
	32,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower, LLC* 6.750%, 04/01/32		31,804

See accompanying Notes to Schedule of Investments

www.calamos.com
83

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	170,000	Moog, Inc.* 4.250%, 12/15/27	$	159,081
	323,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		242,738
	272,000	Novelis Corp.* 4.750%, 01/30/30		248,404
	100,000	OI European Group, BV* 4.750%, 02/15/30		91,544
	310,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^ 4.000%, 10/15/27		288,374
	206,000	Sealed Air Corp.* 6.125%, 02/01/28		203,715
	65,000	5.000%, 04/15/29		61,206
	65,000	Sealed Air Corp./Sealed Air Corp. U.S.* 7.250%, 02/15/31		66,305
	247,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		209,271
	201,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		138,453
	135,000	5.500%, 03/01/30		93,633
	270,000	Standard Industries, Inc.* 5.000%, 02/15/27		260,580
	216,000	Stericycle, Inc.* 3.875%, 01/15/29		193,130
	285,000	TransDigm, Inc.* 6.875%, 12/15/30		287,163
	200,000	6.750%, 08/15/28		200,954
	100,000	7.125%, 12/01/31		102,048
	65,000	6.625%, 03/01/32		64,995
	136,000	Tronox, Inc.* 4.625%, 03/15/29		121,778
	99,329	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		91,750
	265,000	Vertiv Group Corp.* 4.125%, 11/15/28		245,578
	274,000	Wabash National Corp.* 4.500%, 10/15/28		246,627
	240,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		235,114
	157,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		145,228
	130,000	7.375%, 10/01/31		132,896
				11,820,027
		Information Technology (0.7%)
	66,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		60,549
	153,000	Coherent Corp.* 5.000%, 12/15/29		141,312
	245,000	CommScope, Inc.* 4.750%, 09/01/29		171,316
	116,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		116,715

PRINCIPAL AMOUNT			VALUE
	130,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29	$	118,479
	138,000	Fair Isaac Corp.* 4.000%, 06/15/28		127,298
	300,000	KBR, Inc.* 4.750%, 09/30/28		280,296
	300,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		220,938
	130,000	5.500%, 09/01/28		106,202
	132,000	NCL Corp., Ltd.* 8.125%, 01/15/29		137,601
	130,000	NCR Voyix Corp.* 5.125%, 04/15/29		119,569
	198,000	ON Semiconductor Corp.* 3.875%, 09/01/28		179,732
	204,000	Open Text Corp.* 3.875%, 02/15/28		186,360
	135,000	6.900%, 12/01/27		138,108
	98,000	3.875%, 12/01/29		85,929
	98,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		84,138
	230,000	Playtika Holding Corp.* 4.250%, 03/15/29		198,115
	370,000	TTM Technologies, Inc.* 4.000%, 03/01/29		331,509
	185,000	Twilio, Inc. 3.625%, 03/15/29		164,328
	66,000	3.875%, 03/15/31		57,233
	97,000	UKG, Inc.* 6.875%, 02/01/31		97,227
	325,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		275,064
	300,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		265,299
				3,663,317
		Materials (0.7%)
	140,000	ArcelorMittal, SA 7.000%, 10/15/39		148,211
	147,000	ATI, Inc. 5.875%, 12/01/27		144,403
	67,000	Carpenter Technology Corp. 7.625%, 03/15/30		68,453
	260,000	Chemours Company* 4.625%, 11/15/29		223,007
	420,000	Clearwater Paper Corp.* 4.750%, 08/15/28		381,969
	199,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		194,447
	130,000	Commercial Metals Company 4.125%, 01/15/30		116,783
	65,000	4.375%, 03/15/32		57,335

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
84

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	250,000	Constellium, SE*^ 3.750%, 04/15/29	$	222,063
	136,000	HB Fuller Company 4.250%, 10/15/28		125,669
	200,000	INEOS Finance, PLC*^ 6.750%, 05/15/28		196,780
	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		217,120
	235,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		219,131
	63,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		58,761
	279,000	Mercer International, Inc. 5.125%, 02/01/29		244,005
	133,000	12.875%, 10/01/28*		145,338
	250,000	OCI, NV* 6.700%, 03/16/33		240,228
	200,000	Owens-Brockway Glass Container, Inc.* 7.250%, 05/15/31		200,568
	130,000	6.625%, 05/13/27		130,039
	305,000	Silgan Holdings, Inc. 4.125%, 02/01/28		284,772
	131,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		33,917
				3,652,999
		Other (0.0%)
	140,000	Gen Digital, Inc.* 6.750%, 09/30/27		140,598
	75,000	7.125%, 09/30/30		75,900
				216,498
		Real Estate (0.2%)
	210,000	EPR Properties 3.750%, 08/15/29		182,715
	195,000	Forestar Group, Inc.* 5.000%, 03/01/28		185,396
	137,000	3.850%, 05/15/26		130,244
	301,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		272,673
	125,000	Service Properties Trust 5.250%, 02/15/26		120,320
				891,348
		Special Purpose Acquisition Companies (0.1%)
	260,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		226,673
	131,000	4.625%, 01/15/29		118,600
				345,273

PRINCIPAL AMOUNT			VALUE
		Utilities (0.1%)
	97,000	PPL Capital Funding, Inc.‡ 8.236%, 03/30/67 3 mo. USD LIBOR + 2.67%	$	96,258
	125,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		123,101
	65,000	8.000%, 10/15/26 5 year CMT + 6.93%		65,741
				285,100
		TOTAL CORPORATE BONDS (Cost $72,290,709)		82,460,617
CONVERTIBLE BONDS (129.6%)
		Communication Services (8.4%)
	264,000	Cable One, Inc.µ 0.000%, 03/15/26		228,326
	7,250,000	Liberty Media Corp.* 2.375%, 09/30/53		7,607,135
	7,750,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		8,071,857
	4,500,000	Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		3,673,260
	5,250,000	Perficient, Inc.µ 0.125%, 11/15/26		4,616,220
	11,000,000	Snap, Inc.µ 0.000%, 05/01/27		8,985,130
	5,000,000	0.750%, 08/01/26		5,188,500
	3,000,000	Zillow Group, Inc.^ 1.375%, 09/01/26		3,464,070
				41,834,498
		Consumer Discretionary (24.4%)
	5,000,000	Airbnb, Inc.µ 0.000%, 03/15/26		4,604,650
	4,000,000	Booking Holdings, Inc. 0.750%, 05/01/25		7,349,400
	3,750,000	Carnival Corp. 5.750%, 12/01/27		5,297,325
	6,000,000	Chegg, Inc.µ 0.000%, 09/01/26		4,822,500
	4,900,000	DISH Network Corp.µ 0.000%, 12/15/25		3,596,600
	9,750,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28		8,115,315
	11,250,000	Etsy, Inc.µ 0.125%, 09/01/27		9,337,387
	14,500,000	Ford Motor Company 0.000%, 03/15/26		14,474,915
	7,500,000	Liberty Broadband Corp.*µ 3.125%, 03/31/53		6,971,475
	2,125,000	Lucid Group, Inc.* 1.250%, 12/15/26		974,270

See accompanying Notes to Schedule of Investments

www.calamos.com
85

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	9,000,000	Marriott Vacations Worldwide Corp.µ 3.250%, 12/15/27	$	8,251,650
	10,000,000	Rivian Automotive, Inc. 4.625%, 03/15/29		6,830,600
	1,750,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		4,988,288
	5,000,000	Shake Shack, Inc.µ 0.000%, 03/01/28		4,532,450
	2,750,000	Stride, Inc. 1.125%, 09/01/27		3,793,048
	13,250,000	Vail Resorts, Inc.µ 0.000%, 01/01/26		12,042,527
	11,750,000	Wayfair, Inc.µ 3.250%, 09/15/27		12,961,072
	3,316,000	Winnebago Industries, Inc.*µ 3.250%, 01/15/30		3,277,833
				122,221,305
		Consumer Staples (0.9%)
	4,000,000	Post Holdings, Inc. 2.500%, 08/15/27		4,484,400
		Energy (3.8%)
	3,500,000	Kosmos Energy, Ltd.* 3.125%, 03/15/30		3,719,100
	4,265,000	Nabors Industries, Inc.µ 1.750%, 06/15/29		3,130,681
	3,750,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		4,642,050
	2,500,000	Pioneer Natural Resources Company 0.250%, 05/15/25		7,341,375
	9,600,000	SunEdison, Inc.@ 0.000%, 01/15/49		96,000
				18,929,206
		Financials (2.1%)
	3,625,000	Coinbase Global, Inc.*µ 0.250%, 04/01/30		3,278,305
	7,250,000	Global Payments, Inc.*µ^ 1.500%, 03/01/31		7,231,658
				10,509,963
		Health Care (27.3%)
	4,000,000	Alnylam Pharmaceuticals, Inc.µ 1.000%, 09/15/27		3,686,400
	4,750,000	Alphatec Holdings, Inc.µ 0.750%, 08/01/26		4,790,945
	8,250,000	CONMED Corp.µ 2.250%, 06/15/27		7,281,862
	10,500,000	CryoPort, Inc.*µ 0.750%, 12/01/26		9,145,920
	13,817,000	Dexcom, Inc. 0.250%, 11/15/25		14,487,954
	7,000,000	0.375%, 05/15/28*		7,111,300

PRINCIPAL AMOUNT			VALUE
	2,525,000	Enovis Corp.* 3.875%, 10/15/28	$	2,985,712
	6,000,000	Exact Sciences Corp.µ 0.375%, 03/15/27		5,442,840
	3,250,000	2.000%, 03/01/30*		3,351,270
	6,250,000	Halozyme Therapeutics, Inc.µ^ 1.000%, 08/15/28		5,898,125
	1,772,000	Immunocore Holdings, PLC*µ 2.500%, 02/01/30		1,754,191
	3,750,000	Insmed, Inc. 0.750%, 06/01/28		3,841,012
	3,750,000	Insulet Corp.µ 0.375%, 09/01/26		3,868,087
	7,750,000	Integer Holdings Corp.µ 2.125%, 02/15/28		10,777,770
	3,750,000	Ionis Pharmaceuticals, Inc.µ 0.000%, 04/01/26		3,637,388
	3,500,000	iRhythm Technologies, Inc.*µ 1.500%, 09/01/29		3,550,610
	8,000,000	Jazz Investments I, Ltd.µ 2.000%, 06/15/26		7,718,080
	3,189,000	Lantheus Holdings, Inc.µ 2.625%, 12/15/27		3,606,536
	9,000,000	NeoGenomics, Inc.µ 0.250%, 01/15/28		7,100,100
	7,500,000	Omnicell, Inc.µ 0.250%, 09/15/25		7,051,125
	7,000,000	Pacira BioSciences, Inc.µ 0.750%, 08/01/25		6,624,660
	3,250,000	Sarepta Therapeutics, Inc. 1.250%, 09/15/27		3,729,603
	7,250,000	Shockwave Medical, Inc.* 1.000%, 08/15/28		9,214,387
				136,655,877
		Industrials (9.8%)
	3,750,000	Axon Enterprise, Inc. 0.500%, 12/15/27		5,464,425
	3,625,000	Fluor Corp.* 1.125%, 08/15/29		3,949,510
	6,250,000	John Bean Technologies Corp.µ 0.250%, 05/15/26		5,646,625
	3,750,000	Middleby Corp. 1.000%, 09/01/25		4,419,075
	3,500,000	Tetra Tech, Inc.* 2.250%, 08/15/28		3,975,965
	17,000,000	Uber Technologies, Inc. 0.000%, 12/15/25^		17,750,890
	6,758,000	0.875%, 12/01/28*µ		7,635,526
				48,842,016

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
86

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Information Technology (44.3%)
	3,625,000	Advanced Energy Industries, Inc.*µ 2.500%, 09/15/28	$	3,593,499
	7,250,000	Akamai Technologies, Inc. 1.125%, 02/15/29*		7,142,120
	3,750,000	0.375%, 09/01/27^		3,807,375
	7,750,000	Bentley Systems, Inc. 0.125%, 01/15/26		7,874,620
	6,500,000	BILL Holdings, Inc.µ 0.000%, 12/01/25		6,014,060
	3,000,000	Camtek, Ltd.* 0.000%, 12/01/26		4,482,600
	7,000,000	Confluent, Inc.µ 0.000%, 01/15/27		5,948,460
	4,250,000	CyberArk Software, Ltd.^ 0.000%, 11/15/24		6,530,210
	4,250,000	Datadog, Inc. 0.125%, 06/15/25		6,063,942
	5,250,000	DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		4,386,900
	7,927,000	Enphase Energy, Inc.µ 0.000%, 03/01/26		7,174,411
	1,750,000	Five9, Inc.µ 0.500%, 06/01/25		1,649,393
	5,250,000	NCL Corp., Ltd. 1.125%, 02/15/27µ		4,804,905
	4,000,000	2.500%, 02/15/27µ		3,750,280
	2,750,000	5.375%, 08/01/25		3,381,235
	5,500,000	Nutanix, Inc. 0.250%, 10/01/27		6,661,435
	3,500,000	Okta, Inc.µ 0.375%, 06/15/26		3,176,495
	15,000,000	ON Semiconductor Corp.µ 0.500%, 03/01/29		14,539,950
	3,750,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		10,977,712
	5,250,000	Parsons Corp.* 2.625%, 03/01/29		5,505,990
	6,500,000	Rapid7, Inc.*µ^ 1.250%, 03/15/29		6,302,335
	9,750,000	Repay Holdings Corp.*µ 0.000%, 02/01/26		8,913,352
	5,000,000	Seagate HDD Cayman* 3.500%, 06/01/28		5,986,300
	12,000,000	Shift4 Payments, Inc.µ^ 0.000%, 12/15/25		12,433,440
	5,800,000	SK Hynix, Inc. 1.750%, 04/11/30		9,097,068
	11,000,000	Super Micro Computer, Inc.*µ 0.000%, 03/01/29		11,249,920
	8,500,000	Tyler Technologies, Inc. 0.250%, 03/15/26		8,929,080

PRINCIPAL AMOUNT			VALUE
	12,500,000	Unity Software, Inc.µ 0.000%, 11/15/26	$	10,656,625
	3,263,000	Vertex, Inc.* 0.750%, 05/01/29		3,412,282
	7,000,000	Western Digital Corp.*^ 3.000%, 11/15/28		10,574,270
	5,500,000	Wix.com, Ltd. 0.000%, 08/15/25		5,097,840
	7,750,000	Wolfspeed, Inc. 1.875%, 12/01/29		4,440,053
	4,469,000	0.250%, 02/15/28		2,643,816
	3,750,000	Zscaler, Inc.^ 0.125%, 07/01/25		4,751,137
				221,953,110
		Materials (1.9%)
	1,250,000	ATI, Inc.~ 3.500%, 06/15/25		4,814,575
	5,225,000	MP Materials Corp.*µ 0.250%, 04/01/26		4,616,967
				9,431,542
		Other (0.0%)
	135,000	Multiplan Corp.*µ 6.000%, 10/15/27		96,173
		Real Estate (0.9%)
	5,250,000	Pebblebrook Hotel Trustµ 1.750%, 12/15/26		4,636,485
		Utilities (5.8%)
	3,750,000	CMS Energy Corp.* 3.375%, 05/01/28		3,674,288
	5,750,000	PG&E Corp.*µ 4.250%, 12/01/27		5,770,297
	13,250,000	PPL Capital Funding, Inc. 2.875%, 03/15/28		12,596,775
	7,000,000	Southern Company 3.875%, 12/15/25		6,988,100
				29,029,460
		TOTAL CONVERTIBLE BONDS (Cost $677,401,169)		648,624,035
BANK LOANS (3.1%)¡
		Airlines (0.1%)
	175,000	Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%		176,422
	180,000	American Airlines, Inc.‡ 10.336%, 04/20/28 3 mo. SOFR + 4.75%		187,444
	175,500	Mileage Plus Holdings, LLC‡ 10.733%, 06/21/27 3 mo. SOFR + 5.25%		180,399

See accompanying Notes to Schedule of Investments

www.calamos.com
87

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	180,000	United Airlines, Inc.‡ 8.076%, 02/22/31 3 mo. SOFR + 2.75%	$	180,984
				725,249
		Communication Services (0.2%)
	15,765	Audacy Capital Corp.‡ 11.430%, 08/19/24 3 mo. SOFR + 6.11%		15,804
	125,611	Clear Channel Outdoor Holdings, Inc.‡ 9.430%, 08/23/28 1 mo. SOFR + 4.00%		125,873
	111,210	DIRECTV Financing, LLC! 0.000%, 08/02/27		111,920
	103,652	DIRECTV Financing, LLC‡ 10.430%, 08/02/27 1 mo. SOFR + 5.00%		104,314
	420,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 0.00%		227,640
	258,786	Gray Television, Inc.‡ 7.942%, 01/02/26 1 mo. SOFR + 2.50%		255,891
	280,000	Telesat Canada‡ 8.355%, 12/07/26 3 mo. SOFR + 2.75%		142,859
				984,301
		Consumer Discretionary (0.7%)
	135,000	Adient U.S., LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		135,759
	206,400	American Axle & Manufacturing, Inc.‡ 8.921%, 12/13/29 1 mo. SOFR + 3.50%		207,626
	262,350	Caesars Entertainment, Inc.‡ 8.666%, 02/06/30 1 mo. SOFR + 3.25%		263,220
	404,412	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%		407,002
	235,963	Carnival Corp.‡ 8.067%, 10/18/28		237,585
	235,963	Carnival Corp.‡ 8.067%, 10/18/28 1 mo. SOFR + 3.25%		237,217
	260,000	Flutter Financing, BV! 0.000%, 11/25/30		260,789
	327,186	Hanesbrands, Inc.‡ 9.066%, 03/08/30 1 mo. SOFR + 3.75%		327,867
	153,526	Life Time Fitness, Inc.‡ 9.591%, 01/15/26 3 mo. SOFR + 4.00%		154,630

PRINCIPAL AMOUNT			VALUE
	256,100	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%	$	256,989
	549,523	PetSmart, Inc.‡ 9.166%, 02/11/28 1 mo. SOFR + 3.75%		542,654
	140,000	Station Casinos, LLC! 0.000%, 03/14/31		140,181
	120,000	Station Casinos, LLC‡ 7.566%, 03/14/31 1 mo. SOFR + 2.25%		120,155
	171,347	TKC Holdings, Inc.‡ 10.930%, 05/15/28 1 mo. SOFR + 5.50%		170,384
	264,175	Windsor Holdings III, LLC‡ 9.319%, 08/01/30 1 mo. SOFR + 4.00%		266,784
				3,728,842
		Consumer Staples (0.4%)
	619,212	Amneal Pharmaceuticals, LLC‡ 10.816%, 05/04/28 1 mo. SOFR + 5.50%		620,568
	148,279	Fiesta Purchaser, Inc.‡ 9.315%, 02/12/31 1 mo. SOFR + 4.00%		149,048
	121,721	Fiesta Purchaser, Inc.‡ 9.318%, 02/12/31 1 mo. SOFR + 4.00%		122,353
	372,183	Jazz Financing Lux Sarl‡ 8.430%, 05/05/28 1 mo. SOFR + 3.00%		374,802
	275,000	Star Parent, Inc.‡ 9.309%, 09/27/30 3 mo. SOFR + 4.00%		275,258
	170,000	United Natural Foods, Inc.! 0.000%, 04/25/31		168,513
	120,336	United Natural Foods, Inc.‡ 8.680%, 10/22/25 1 mo. SOFR + 3.25%		119,953
				1,830,495
		Energy (0.1%)
	209,475	Buckeye Partners, LP‡ 7.816%, 11/22/30 1 mo. SOFR + 2.50%		210,471
	124,688	New Fortress Energy, Inc.‡ 10.330%, 10/27/28 3 mo. SOFR + 5.00%		125,545
	336,948	Par Petroleum, LLC‡ 9.052%, 02/28/30 3 mo. SOFR + 3.75%		338,527
	50,000	Par Petroleum, LLC! 0.000%, 02/28/30		50,234
				724,777

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
88

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Financials (0.5%)
	300,000	Advisor Group, Inc.! 0.000%, 08/17/28	$	302,181
	64,838	Advisor Group, Inc.‡ 9.816%, 08/17/28 1 mo. SOFR + 4.50%		65,309
	215,520	Alliant Holdings Intermediate, LLC‡ 8.819%, 11/06/30 1 mo. SOFR + 3.50%		216,619
	203,465	Amynta Agency Borrower, Inc.‡ 9.552%, 02/28/28 3 mo. SOFR + 4.25%		204,410
	220,000	AssuredPartners, Inc.! 0.000%, 02/14/31		221,212
	130,000	AssuredPartners, Inc.‡ 8.816%, 02/14/31 1 mo. SOFR + 3.50%		130,716
	203,976	Avolon TLB Borrower 1 (US) LLC‡ 7.315%, 06/22/28 1 mo. SOFR + 2.00%		204,645
	149,625	Broadstreet Partners, Inc.‡ 9.066%, 01/27/29 1 mo. SOFR + 3.75%		150,342
	259,350	HUB International, Ltd.‡ 8.575%, 06/20/30 3 mo. SOFR + 3.25%		260,954
	650	HUB International, Ltd.‡ 8.565%, 06/20/30 3 mo. SOFR + 3.25%		654
	194,513	Iron Mountain, Inc.‡ 7.566%, 01/31/31 1 mo. SOFR + 2.25%		194,350
	130,000	Level 3 Financing, Inc.! 0.000%, 04/15/29		128,074
	350,197	VFH Parent, LLC‡ 8.416%, 01/13/29 1 mo. SOFR + 3.00%		350,691
				2,430,157
		Health Care (0.2%)
	120,663	Icon Luxembourg Sarl‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		121,308
	282,353	Padagis, LLC‡ 10.314%, 07/06/28 3 mo. SOFR + 4.75%		259,765
	30,063	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		30,224
	674,790	Team Health Holdings, Inc.‡ 10.580%, 03/02/27 3 mo. SOFR + 5.25%		593,211
	1,935	Team Health Holdings, Inc.‡ 10.565%, 03/02/27 1 mo. SOFR + 5.25%		1,701
				1,006,209

PRINCIPAL AMOUNT			VALUE
		Industrials (0.2%)
	264,321	ACProducts, Inc.‡ 9.814%, 05/17/28 3 mo. SOFR + 4.25%	$	230,223
	251,150	ChampionX Corp.‡ 8.168%, 06/07/29 1 mo. SOFR + 2.75%		252,563
	118,430	Emrld Borrower, LP‡ 7.816%, 05/31/30 1 mo. SOFR + 2.50%		118,933
	30,000	MI Windows & Doors, LLC‡ 8.816%, 03/21/31 1 mo. SOFR + 3.50%		30,175
	269,325	TransDigm, Inc.‡ 8.559%, 02/28/31 1 mo. SOFR + 3.25%		271,209
				903,103
		Information Technology (0.3%)
	368,635	Banff Merger Sub, Inc.‡ 9.566%, 12/29/28 1 mo. SOFR + 4.25%		371,350
	204,988	Camelot US Acquisition LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		205,628
	249,513	Central Parent, Inc.‡ 9.309%, 07/06/29 3 mo. SOFR + 4.00%		250,817
	266,830	Dun & Bradstreet Corp.‡ 8.068%, 01/18/29 1 mo. SOFR + 2.75%		267,776
	234,864	II-VI, Inc.‡ 7.829%, 07/02/29 1 mo. SOFR + 2.50%		236,258
	130,000	UKG, Inc.‡ 8.814%, 02/10/31 3 mo. SOFR + 3.50%		130,745
				1,462,574
		Materials (0.3%)
	199,000	Chemours Company‡ 8.817%, 08/18/28 1 mo. SOFR + 3.50%		199,187
	272,938	Ineos US Finance, LLC‡ 8.930%, 02/18/30 1 mo. SOFR + 3.50%		273,961
	195,602	Innophos, Inc.‡ 8.930%, 02/05/27 1 mo. SOFR + 3.50%		195,828
	332,488	LSF11 A5 Holdco, LLC‡ 9.666%, 10/15/28 1 mo. SOFR + 4.25%		333,818
	193,319	Trinseo Materials Operating SCA‡ 7.824%, 05/03/28 3 mo. SOFR + 2.50%		135,091
	252,118	W.R. Grace & Co.-Conn.‡ 9.321%, 09/22/28 3 mo. SOFR + 3.75%		252,860
				1,390,745

See accompanying Notes to Schedule of Investments

www.calamos.com
89

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Special Purpose Acquisition Companies (0.1%)
	137,550	Clydesdale Acquisition Holdings, Inc.‡ 9.091%, 04/13/29 1 mo. SOFR + 3.67%	$	138,299
	63,700	Fertitta Entertainment, LLC‡ 9.069%, 01/27/29 1 mo. SOFR + 3.75%		63,919
	256,100	Patagonia Holdco, LLC‡ 11.064%, 08/01/29 3 mo. SOFR + 5.75%		238,173
				440,391
		TOTAL BANK LOANS (Cost $15,852,848)		15,626,843
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (4.5%)
		Energy (0.0%)
	7	Gulfport Energy Corp.# 10.000%, 05/31/24 15.000% PIK rate		81,025
		Financials (2.5%)
	72,795	Apollo Global Management, Inc.~ 6.750%, 07/31/26		4,439,039
	7,055	Bank of America Corp.~‡‡ 7.250%, 12/31/49		8,113,250
				12,552,289
		Industrials (0.7%)
	65,985	Chart Industries, Inc.~ 6.750%, 12/15/25		3,791,498
		Utilities (1.3%)
	156,300	NextEra Energy, Inc.^~ 6.926%, 09/01/25		6,369,225
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $24,914,246)		22,794,037
COMMON STOCKS (0.2%)
		Communication Services (0.0%)
	5,620	Altice USA, Inc. - Class A#		10,847
	1,888	Cumulus Media, Inc. - Class Aµ#		4,965
				15,812
		Consumer Staples (0.0%)
	1,926	Mallinckrodt, PLC#		102,078
		Energy (0.2%)
	380	Chesapeake Energy Corp.µ		34,154
	18,535	Energy Transfer, LP		291,556
	11,035	Enterprise Products Partners, LP		309,863
	1,881	EP Energy Corp.#&		4,467
	8	Gulfport Energy Corp.µ#		1,270
				641,310

NUMBER OF SHARES			VALUE
		Special Purpose Acquisition Company (0.0%)
	3,168	Intelsat Emergence, SA#&	$	114,840
		TOTAL COMMON STOCKS (Cost $1,063,081)		874,040
PREFERRED STOCKS (0.2%)
		Communication Services (0.0%)
	3,265	United States Cellular Corp.µ 5.500%, 06/01/70		57,627
	3,130	United States Cellular Corp.µ 5.500%, 03/01/70		55,620
				113,247
		Consumer Discretionary (0.1%)
	1,722	Guitar Center, Inc.#&		135,177
		Energy (0.1%)
	8,160	NuStar Energy, LP‡ 11.234%, 05/30/24 3 mo. USD LIBOR + 5.64%		208,162
	2,000	NuStar Energy, LP‡ 12.357%, 05/30/24 3 mo. SOFR + 7.03%		51,140
	12,000	NuStar Logistics, LP‡~ 12.324%, 01/15/43 3 mo. SOFR + 6.98%		304,320
				563,622
		TOTAL PREFERRED STOCKS (Cost $840,192)		812,046
WARRANTS (0.0%)#
		Energy (0.0%)
	13,522	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		1
	12,170	Mcdermott International, Ltd. 06/30/27, Strike $12.33		1
		TOTAL WARRANTS (Cost $5,195)		2
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTION (0.1%)#
		Industrials (0.1%)
	2,750	American Airlines Group, Inc.
	3,715,250	Call, 06/20/25, Strike $17.00 (Cost $672,710)		342,375
		TOTAL INVESTMENTS (154.2%) (Cost $793,239,835)		771,729,396
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-18.4%)				(92,000,000	)
LIABILITIES, LESS OTHER ASSETS (-35.8%)				(179,369,500	)
NET ASSETS (100.0%)			$	500,359,896

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
90

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $333,703,129.

@ In default status and considered non-income producing.

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

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $5,697,046.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

# Non-income producing security.

‡‡ Perpetual maturity.

& Illiquid security.

ABBREVIATION

ADR American Depositary Receipt

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

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2024 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	195,401	$	—	$	195,401
Corporate Bonds		—		82,460,617		—		82,460,617
Convertible Bonds		—		648,624,035		—		648,624,035
Bank Loans		—		15,626,843		—		15,626,843
Convertible Preferred Stocks		22,713,012		81,025		—		22,794,037
Common Stocks		652,655		221,385		—		874,040
Preferred Stocks		676,869		135,177		—		812,046
Warrants		—		2		—		2
Purchased Options		342,375		—		—		342,375
Total	$	24,384,911	$	747,344,485	$	—	$	771,729,396

See accompanying Notes to Schedule of Investments

www.calamos.com
91

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2024 (Unaudited)

SECTOR WEIGHTINGS

Information Technology	28.3	%
Health Care	17.9
Consumer Discretionary	17.8
Industrials	8.2
Communication Services	6.4
Financials	5.0
Utilities	4.4
Energy	4.0
Materials	1.8
Consumer Staples	1.2
Real Estate	0.7
Airlines	0.2
Special Purpose Acquisition Companies	0.1

Sector weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

ASSET ALLOCATION

Fund asset allocations are based on total investments and may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
92

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
ASSET BACKED SECURITY (0.0%)
		Other (0.0%)
	170,000	SVC ABS, LLC Series 2023-1A, Class C*~ 6.700%, 02/20/53 (Cost $157,891)	$	154,503
CORPORATE BONDS (14.4%)
		Airlines (0.2%)
	188,667	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		183,188
	78,331	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		79,220
	222,305	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		201,542
	112,667	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		111,481
	205,354	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		186,603
	168,998	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		173,000
				935,034
		Communication Services (1.3%)
	200,000	Altice France Holding, SA* 10.500%, 05/15/27		71,698
	250,000	Altice France, SA* 5.500%, 10/15/29		164,000
	260,000	APi Group DE, Inc.* 4.750%, 10/15/29		236,873
	225,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		178,749
	273,000	Audacy Capital Corp.*@ 6.750%, 03/31/29		9,637
	100,000	6.500%, 05/01/27		3,569
	195,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		177,949
	105,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		103,022
	95,000	9.000%, 09/15/28^		97,791
	304,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		264,024
	400,000	CSC Holdings, LLC* 4.625%, 12/01/30		174,032
	335,000	5.375%, 02/01/28		258,352
	300,000	5.750%, 01/15/30		131,664
	200,000	5.500%, 04/15/27		164,172
	200,000	4.500%, 11/15/31		127,172

PRINCIPAL AMOUNT			VALUE
	117,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27	$	109,125
	225,000	Frontier California, Inc. 6.750%, 05/15/27		214,430
	54,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		55,030
	352,000	Frontier Florida, LLC 6.860%, 02/01/28		335,364
	330,000	Frontier North, Inc. 6.730%, 02/15/28		312,989
	195,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		173,246
	69,000	5.250%, 12/01/27		66,709
	52,000	Hughes Satellite Systems Corp. 6.625%, 08/01/26		29,956
	135,000	iHeartCommunications, Inc. 8.375%, 05/01/27		71,956
	80,000	5.250%, 08/15/27*^		58,788
	265,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		245,689
	167,354	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		27,736
	160,000	Lumen Technologies, Inc. 7.600%, 09/15/39		48,970
	100,000	4.000%, 02/15/27*		53,241
	52,000	7.650%, 03/15/42		15,922
	109,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		90,106
	125,000	Nexstar Media, Inc.* 5.625%, 07/15/27		117,640
	205,000	Paramount Global 4.900%, 08/15/44		143,717
	73,000	Qwest Corp. 7.250%, 09/15/25		72,353
	111,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		82,138
	56,000	5.375%, 01/15/31		33,165
	210,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		166,024
	225,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		209,822
	217,000	4.000%, 07/15/28		193,471
	110,000	3.125%, 09/01/26		102,710
	54,000	3.875%, 09/01/31^		43,446
	202,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		96,287
	245,000	Stagwell Global, LLC* 5.625%, 08/15/29		219,777
	114,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		52,171
	85,000	Time Warner Cable, LLC 7.300%, 07/01/38		82,557

See accompanying Notes to Schedule of Investments

www.calamos.com
93

Global Dynamic Income FundSchedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	245,000	United States Cellular Corp. 6.700%, 12/15/33	$	239,223
	160,000	Univision Communications, Inc.* 8.000%, 08/15/28		160,376
	105,000	Viasat, Inc.* 5.625%, 04/15/27		96,266
				6,183,104
		Consumer Discretionary (3.0%)
	265,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		267,253
	210,000	Adams Homes, Inc.* 9.250%, 10/15/28		217,100
	155,000	Adient Global Holdings Company* 8.250%, 04/15/31		161,116
	185,000	American Axle & Manufacturing, Inc.^ 5.000%, 10/01/29		167,018
	190,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		172,110
	139,000	6.625%, 01/15/28		138,798
	267,000	At Home Group, Inc.* 4.875%, 07/15/28		126,934
	292,000	Bath & Body Works, Inc. 6.694%, 01/15/27		294,260
	165,000	6.875%, 11/01/35		164,282
	136,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29		121,350
	112,000	8.125%, 07/01/27		113,745
	108,000	Carnival Corp.* 7.625%, 03/01/26		108,729
	105,000	4.000%, 08/01/28		95,933
	13,000	7.000%, 08/15/29		13,358
	46,806	Carvana Company* 14.000%, 06/01/31		46,983
	39,191	13.000%, 06/01/30		38,941
	26,366	12.000%, 12/01/28		25,828
	470,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		441,264
	250,000	6.375%, 09/01/29		229,178
	245,000	4.750%, 03/01/30		203,972
	215,000	4.250%, 02/01/31		168,973
	125,000	5.000%, 02/01/28		113,996
	125,000	4.500%, 08/15/30		101,754
	108,000	4.750%, 02/01/32		85,011
	108,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		103,060
	137,000	Cedar Fair, LP^ 5.250%, 07/15/29		128,058
	105,000	Churchill Downs, Inc.* 6.750%, 05/01/31		104,295
	175,000	Dana, Inc. 4.250%, 09/01/30		152,066
	164,000	4.500%, 02/15/32		139,154

PRINCIPAL AMOUNT			VALUE
	220,000	DISH DBS Corp. 5.125%, 06/01/29	$	88,893
	170,000	5.250%, 12/01/26*		134,091
	133,000	7.375%, 07/01/28		59,701
	129,000	7.750%, 07/01/26		81,367
	100,000	5.750%, 12/01/28*		67,871
	220,000	DISH Network Corp.* 11.750%, 11/15/27		222,015
	200,000	Empire Resorts, Inc.* 7.750%, 11/01/26		186,492
	238,000	Everi Holdings, Inc.* 5.000%, 07/15/29		233,780
	220,000	Ford Motor Company 6.100%, 08/19/32		215,871
	350,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		305,526
	300,000	5.113%, 05/03/29		285,954
	275,000	7.200%, 06/10/30		285,153
	200,000	7.350%, 11/04/27		206,950
	82,000	Gap, Inc.* 3.875%, 10/01/31		67,081
	110,000	General Motors Company 5.200%, 04/01/45		94,243
	365,000	goeasy, Ltd.* 9.250%, 12/01/28		386,356
	188,000	7.625%, 07/01/29		188,308
	110,000	Goodyear Tire & Rubber Company 5.250%, 07/15/31^		97,451
	105,000	5.625%, 04/30/33		92,406
	93,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		84,839
	226,000	Guitar Center, Inc.*^& 8.500%, 01/15/26		199,850
	145,000	International Game Technology, PLC* 6.250%, 01/15/27		144,914
	57,985	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		58,588
	230,000	Kohl's Corp. 5.550%, 07/17/45		157,966
	210,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		218,555
	220,000	Liberty Interactive, LLC 8.250%, 02/01/30		122,217
	204,000	Life Time, Inc.* 8.000%, 04/15/26		204,343
	105,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		107,154
	80,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		83,890
	139,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		137,944
	140,000	M/I Homes, Inc. 3.950%, 02/15/30		121,584

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
94

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	261,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*	$	219,976
	160,000	4.300%, 02/15/43		126,563
	287,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		262,505
	125,000	Newell Brands, Inc. 5.700%, 04/01/26		123,313
	110,000	Nordstrom, Inc. 5.000%, 01/15/44		83,585
	105,000	6.950%, 03/15/28		104,339
	105,000	4.250%, 08/01/31		90,638
	327,000	Patrick Industries, Inc.* 4.750%, 05/01/29		297,547
	250,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		209,528
	105,000	Phinia, Inc.* 6.750%, 04/15/29		105,449
	305,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		227,893
	110,000	QVC, Inc. 5.450%, 08/15/34		72,263
	105,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		112,702
	448,000	Rite Aid Corp.*@ 8.000%, 11/15/26		289,108
	105,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		108,176
	26,000	6.250%, 03/15/32		25,634
	320,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		276,800
	320,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		319,622
	241,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		215,929
	131,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		123,633
	220,000	Station Casinos, LLC* 4.500%, 02/15/28		204,217
	210,000	STL Holding Company, LLC* 8.750%, 02/15/29		216,008
	128,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		124,773
	55,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		59,039
	260,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		257,000
	210,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		215,074
				13,657,186

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (0.7%)
	224,000	1375209 B.C., Ltd.*^ 9.000%, 01/30/28	$	220,165
	310,000	Arrow Bidco, LLC* 10.750%, 06/15/25		319,784
	205,000	B&G Foods, Inc.* 8.000%, 09/15/28		212,753
	251,000	Central Garden & Pet Company* 4.125%, 04/30/31		217,848
	245,000	Edgewell Personal Care Company* 4.125%, 04/01/29		222,186
	307,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		271,544
	54,000	6.500%, 12/31/27^		53,523
	320,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc. 5.500%, 01/15/30		309,162
	135,000	5.125%, 02/01/28µ^		131,270
	80,000	5.750%, 04/01/33		76,605
	174,000	New Albertsons, LP 7.750%, 06/15/26		179,204
	217,000	Performance Food Group, Inc.* 4.250%, 08/01/29		194,584
	165,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		146,127
	105,000	Post Holdings, Inc.* 6.250%, 02/15/32		103,856
	209,000	Prestige Brands, Inc.* 3.750%, 04/01/31		178,066
	195,000	United Natural Foods, Inc.* 6.750%, 10/15/28		149,906
	237,000	Vector Group, Ltd.* 5.750%, 02/01/29		215,668
				3,202,251
		Energy (2.0%)
	106,000	Antero Resources Corp.* 5.375%, 03/01/30		100,865
	223,000	Apache Corp. 5.100%, 09/01/40		185,714
	135,000	Buckeye Partners, LP 5.850%, 11/15/43		113,031
	112,000	Cheniere Energy, Inc.µ 4.625%, 10/15/28		107,166
	167,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		167,190
	297,000	Civitas Resources, Inc.* 8.750%, 07/01/31		316,067
	110,000	Continental Resources, Inc. 2.875%, 04/01/32*		87,943
	105,000	4.900%, 06/01/44		84,659
	169,000	DT Midstream, Inc.* 4.125%, 06/15/29		153,202

See accompanying Notes to Schedule of Investments

www.calamos.com
95

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	207,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27	$	213,003
	80,000	9.875%, 07/15/31		88,526
	120,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		118,112
	115,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		117,149
	320,000	Energy Transfer, LP‡ 8.606%, 11/01/66 3 mo. SOFR + 3.28%		290,675
	162,000	6.500%, 11/15/26 5 year CMT + 5.69%		157,365
	240,000	EnLink Midstream Partners, LP 9.701%, 05/31/24‡ 3 mo. SOFR + 4.37%		237,017
	224,000	4.850%, 07/15/26		218,396
	132,000	Enlink Midstream, LLC* 6.500%, 09/01/30		133,698
	355,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		361,688
	110,000	6.375%, 04/01/29		109,297
	138,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		142,958
	88,000	6.250%, 05/15/26		87,372
	205,000	Gulfport Energy Corp. 8.000%, 05/17/26*		208,085
	65,902	8.000%, 05/17/26		66,894
	305,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		293,072
	163,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		161,116
	210,000	Kodiak Gas Services, LLC* 7.250%, 02/15/29		212,495
	217,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		214,120
	158,000	Matador Resources Company* 6.500%, 04/15/32		156,709
	135,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		138,228
	90,000	7.500%, 01/15/26		89,903
	160,000	Nabors Industries, Inc.* 7.375%, 05/15/27		158,696
	80,000	9.125%, 01/31/30		82,805
	160,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		151,827
	144,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		142,479
	223,000	Oceaneering International, Inc. 6.000%, 02/01/28		214,945

PRINCIPAL AMOUNT			VALUE
	230,000	Parkland Corp.* 5.875%, 07/15/27	$	224,977
	112,000	Patterson-UTI Energy, Inc.^ 5.150%, 11/15/29		107,041
	52,000	Permian Resources Operating LLC* 7.000%, 01/15/32		53,132
	270,000	Plains All American Pipeline, LP‡ 9.679%, 05/31/24 3 mo. SOFR + 4.37%		269,071
	305,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		282,088
	109,000	Southwestern Energy Company 4.750%, 02/01/32		98,289
	285,300	Transocean, Inc.* 8.750%, 02/15/30		297,790
	105,000	8.250%, 05/15/29		104,432
	130,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		128,887
	55,000	4.125%, 08/15/31		48,176
	55,000	3.875%, 08/15/29		48,598
	265,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		272,163
	155,000	8.125%, 06/01/28		158,667
	105,000	9.875%, 02/01/32		112,055
	105,000	9.500%, 02/01/29		112,951
	110,000	Vital Energy, Inc. 7.875%, 04/15/32*		111,739
	100,000	7.750%, 07/31/29*		100,741
	79,000	9.750%, 10/15/30		86,150
	190,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		181,342
	262,000	Weatherford International, Ltd.* 8.625%, 04/30/30		272,187
				8,952,943
		Financials (2.5%)
	340,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		337,912
	323,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		325,620
	370,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		363,595
	30,000	7.000%, 01/15/31		30,184
	245,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%		208,145
	100,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		77,498
	90,000	8.000%, 11/01/31		97,538
	439,000	AmWINS Group, Inc.* 4.875%, 06/30/29		399,666
	168,000	Aviation Capital Group, LLC*^ 3.500%, 11/01/27		154,768

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
96

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	105,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29	$	107,583
	329,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		300,189
	255,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		228,454
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		194,066
	205,000	Credit Acceptance Corp. 6.625%, 03/15/26^		204,510
	140,000	9.250%, 12/15/28*		148,571
	210,000	Cushman & Wakefield U.S. Borrower LLC* 8.875%, 09/01/31		218,515
	283,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		282,878
	235,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		241,458
	278,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		236,778
	225,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		232,200
	120,000	HAT Holdings I LLC / HAT Holdings II LLC* 8.000%, 06/15/27		123,230
	324,000	HUB International, Ltd.* 5.625%, 12/01/29		298,952
	105,000	7.375%, 01/31/32		104,567
	164,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		138,195
	275,000	ILFC E-Capital Trust II*‡ 7.395%, 12/21/65 3 mo. SOFR + 2.06%		219,714
	435,000	Iron Mountain, Inc.* 5.250%, 03/15/28		416,782
	600,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		540,444
	387,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		380,665
	224,000	4.750%, 06/15/29		200,343
	205,000	LD Holdings Group, LLC* 6.125%, 04/01/28		155,624
	235,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		91,941
	105,000	4.625%, 09/15/27		61,924
	162,000	LPL Holdings, Inc.*µ 4.000%, 03/15/29		147,090
	210,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		220,120

PRINCIPAL AMOUNT			VALUE
	138,952	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 14.750%, 11/14/28	$	151,554
	344,000	MetLife, Inc. 6.400%, 12/15/66		343,150
	300,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		282,390
	228,000	Navient Corp. 5.000%, 03/15/27		215,348
	115,000	4.875%, 03/15/28		104,093
	150,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		128,085
	105,000	Newmark Group, Inc.* 7.500%, 01/12/29		106,161
	150,000	OneMain Finance Corp. 3.875%, 09/15/28		132,359
	145,000	9.000%, 01/15/29		152,436
	108,000	7.125%, 03/15/26		109,055
	341,000	PHH Mortgage Corp.* 7.875%, 03/15/26		327,943
	260,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		239,577
	215,000	6.500%, 04/01/32		210,982
	100,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		85,190
	100,000	3.625%, 03/01/29		88,327
	50,000	2.875%, 10/15/26		46,006
	265,000	StoneX Group, Inc.* 7.875%, 03/01/31		268,175
	227,000	8.625%, 06/15/25		227,926
	258,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		240,175
	105,000	5.750%, 06/15/27		100,909
	110,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		88,520
	105,000	10.500%, 02/15/28		109,069
	250,000	VZ Secured Financing, BV* 5.000%, 01/15/32		211,273
	237,000	XHR, LP* 6.375%, 08/15/25		236,903
				11,695,325
		Health Care (1.0%)
	398,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28^		311,769
	81,000	6.125%, 02/01/27		59,472
	78,000	14.000%, 10/15/30		50,397
	435,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		308,084
	127,000	6.875%, 04/15/29		94,314
	114,000	8.000%, 03/15/26		113,616
	105,000	10.875%, 01/15/32		107,696
	27,000	5.250%, 05/15/30		22,137

See accompanying Notes to Schedule of Investments

www.calamos.com
97

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	258,000	DaVita, Inc.* 3.750%, 02/15/31	$	212,662
	233,000	4.625%, 06/01/30		204,686
	162,000	Embecta Corp.* 5.000%, 02/15/30^		124,998
	52,000	6.750%, 02/15/30		44,727
	110,000	Encompass Health Corp. 4.750%, 02/01/30		101,092
	110,000	4.500%, 02/01/28		103,477
	300,000	HCA, Inc. 7.500%, 11/06/33		327,264
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		183,236
	270,000	Medline Borrower, LP* 3.875%, 04/01/29		241,839
	267,000	5.250%, 10/01/29		248,804
	400,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		346,208
	305,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		284,034
	430,000	Tenet Healthcare Corp. 6.250%, 02/01/27		429,093
	295,000	6.875%, 11/15/31		305,372
	270,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29^		256,276
	200,000	4.750%, 05/09/27		191,628
	100,000	3.150%, 10/01/26		92,695
				4,765,576
		Industrials (2.1%)
	210,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		211,888
	260,000	ACCO Brands Corp.* 4.250%, 03/15/29		226,915
	235,000	AerCap Holdings, NV‡ 5.875%, 10/10/79 5 year CMT + 4.54%		232,946
	200,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		173,204
	365,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		348,998
	155,000	5.875%, 02/15/28		152,035
	140,000	Allegiant Travel Company*^ 7.250%, 08/15/27		135,612
	127,000	Arcosa, Inc.* 4.375%, 04/15/29		116,265
	475,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		132,582

PRINCIPAL AMOUNT			VALUE
	178,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29	$	159,315
	105,000	Boeing Company* 6.388%, 05/01/31		105,767
	105,000	Bombardier, Inc.* 8.750%, 11/15/30		111,787
	87,000	7.875%, 04/15/27		86,729
	68,000	7.250%, 07/01/31		68,265
	226,000	BWX Technologies, Inc.* 4.125%, 04/15/29		206,146
	215,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		202,691
	56,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		54,310
	282,000	Deluxe Corp.* 8.000%, 06/01/29		256,175
	213,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		214,811
	105,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		104,369
	140,000	EnerSys* 4.375%, 12/15/27		131,260
	110,000	6.625%, 01/15/32		109,704
	80,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		81,572
	135,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		122,201
	102,000	Graphic Packaging International, LLC* 3.500%, 03/01/29		90,370
	85,000	4.750%, 07/15/27		81,550
	236,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		199,352
	516,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		457,186
	269,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		252,871
	270,000	Herc Holdings, Inc.* 5.500%, 07/15/27		262,599
	255,000	IEA Energy Services, LLC* 6.625%, 08/15/29		243,410
	154,000	JELD-WEN, Inc.* 4.625%, 12/15/25		150,378
	110,000	4.875%, 12/15/27		104,578
	360,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		335,408
	210,000	Knife River Holding Company* 7.750%, 05/01/31		218,562
	55,000	MasTec, Inc.*^ 4.500%, 08/15/28		51,433
	26,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower, LLC* 6.750%, 04/01/32		25,840

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
98

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	135,000	Moog, Inc.* 4.250%, 12/15/27	$	126,329
	275,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		206,665
	232,000	Novelis Corp.* 4.750%, 01/30/30		211,874
	80,000	OI European Group, BV* 4.750%, 02/15/30		73,235
	255,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		237,211
	163,000	Sealed Air Corp.* 6.125%, 02/01/28		161,192
	54,000	5.000%, 04/15/29		50,848
	50,000	Sealed Air Corp./Sealed Air Corp. U.S.* 7.250%, 02/15/31		51,004
	210,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		177,923
	167,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		115,033
	100,000	5.500%, 03/01/30		69,358
	225,000	Standard Industries, Inc.* 5.000%, 02/15/27		217,150
	176,000	Stericycle, Inc.* 3.875%, 01/15/29		157,365
	225,000	TransDigm, Inc.* 6.875%, 12/15/30		226,708
	155,000	6.750%, 08/15/28		155,739
	80,000	7.125%, 12/01/31		81,638
	52,000	6.625%, 03/01/32		51,996
	105,000	Tronox, Inc.* 4.625%, 03/15/29		94,020
	83,865	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		77,465
	217,000	Vertiv Group Corp.* 4.125%, 11/15/28		201,096
	228,000	Wabash National Corp.* 4.500%, 10/15/28		205,223
	170,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		166,539
	128,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		118,403
	105,000	7.375%, 10/01/31		107,339
				9,560,437
		Information Technology (0.6%)
	54,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		49,540
	126,000	Coherent Corp.* 5.000%, 12/15/29		116,375
	200,000	CommScope, Inc.* 4.750%, 09/01/29		139,850
	79,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		79,487

PRINCIPAL AMOUNT			VALUE
	108,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29	$	98,429
	93,000	Fair Isaac Corp.* 4.000%, 06/15/28		85,788
	245,000	KBR, Inc.* 4.750%, 09/30/28		228,908
	245,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		180,433
	110,000	5.500%, 09/01/28		89,863
	105,000	NCL Corp., Ltd.* 8.125%, 01/15/29		109,455
	113,000	NCR Voyix Corp.* 5.125%, 04/15/29		103,933
	167,000	ON Semiconductor Corp.* 3.875%, 09/01/28		151,593
	139,000	Open Text Corp.* 3.875%, 02/15/28		126,981
	110,000	6.900%, 12/01/27		112,532
	81,000	3.875%, 12/01/29		71,023
	81,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		69,543
	193,000	Playtika Holding Corp.* 4.250%, 03/15/29		166,244
	315,000	TTM Technologies, Inc.* 4.000%, 03/01/29		282,230
	150,000	Twilio, Inc. 3.625%, 03/15/29		133,239
	57,000	3.875%, 03/15/31		49,428
	79,000	UKG, Inc.* 6.875%, 02/01/31		79,185
	240,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		203,124
	260,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		229,926
				2,957,109
		Materials (0.6%)
	130,000	ArcelorMittal, SA 7.000%, 10/15/39		137,625
	85,000	ATI, Inc. 5.875%, 12/01/27		83,498
	55,000	Carpenter Technology Corp. 7.625%, 03/15/30		56,193
	220,000	Chemours Company* 4.625%, 11/15/29		188,698
	355,000	Clearwater Paper Corp.* 4.750%, 08/15/28		322,855
	157,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		153,408
	108,000	Commercial Metals Company 4.125%, 01/15/30		97,020
	54,000	4.375%, 03/15/32		47,632

See accompanying Notes to Schedule of Investments

www.calamos.com
99

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	250,000	Constellium, SE* 3.750%, 04/15/29	$	222,062
	111,000	HB Fuller Company 4.250%, 10/15/28		102,568
	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		217,120
	190,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		177,169
	58,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		54,098
	229,000	Mercer International, Inc. 5.125%, 02/01/29		200,277
	107,000	12.875%, 10/01/28*		116,926
	200,000	OCI, NV* 6.700%, 03/16/33		192,182
	160,000	Owens-Brockway Glass Container, Inc.* 7.250%, 05/15/31		160,454
	115,000	6.625%, 05/13/27		115,035
	200,000	Silgan Holdings, Inc. 4.125%, 02/01/28		186,736
	113,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		29,257
				2,860,813
		Other (0.0%)
	100,000	Gen Digital, Inc.* 6.750%, 09/30/27		100,427
	45,000	7.125%, 09/30/30^		45,540
				145,967
		Real Estate (0.2%)
	174,000	EPR Properties 3.750%, 08/15/29		151,392
	187,000	Forestar Group, Inc.* 5.000%, 03/01/28		177,790
	110,000	3.850%, 05/15/26		104,576
	248,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		224,661
	105,000	Service Properties Trust 5.250%, 02/15/26		101,069
				759,488
		Special Purpose Acquisition Companies (0.1%)
	220,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		191,801
	107,000	4.625%, 01/15/29		96,871
				288,672
		Utilities (0.1%)
	79,000	PPL Capital Funding, Inc.‡ 8.236%, 03/30/67 3 mo. SOFR + 2.93%		78,396

PRINCIPAL AMOUNT				VALUE
	105,000		Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%	$	103,405
	50,000		8.000%, 10/15/26 5 year CMT + 6.93%		50,569
					232,370
			TOTAL CORPORATE BONDS (Cost $66,045,248)		66,196,275
CONVERTIBLE BONDS (30.7%)
			Communication Services (2.2%)
	325,000		Bharti Airtel, Ltd.* 1.500%, 02/17/25		707,444
	209,000		Cable One, Inc.µ 0.000%, 03/15/26		180,758
	20,000,000	JPY	CyberAgent, Inc.µ 0.000%, 02/19/25		125,885
	2,185,000		Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		2,275,743
	5,311,000		Sea, Ltd. 2.375%, 12/01/25		5,588,075
	604,000		0.250%, 09/15/26		519,476
	538,000		Snap, Inc.µ 0.125%, 03/01/28		420,953
	157,000		Zillow Group, Inc.µ 1.375%, 09/01/26		181,286
					9,999,620
			Consumer Discretionary (6.2%)
	7,145,800	EUR	Accor, SA 0.700%, 12/07/27		3,896,124
	280,000,000	JPY	Daiwa House Ind Company, Ltd. 0.000%, 03/30/29		1,777,556
	608,000		DISH Network Corp.µ 0.000%, 12/15/25		446,272
	410,000		DraftKings Holdings, Inc.µ 0.000%, 03/15/28		341,259
	229,000		Etsy, Inc.µ 0.125%, 10/01/26		241,442
	161,000		0.125%, 09/01/27		133,628
	251,000		Farfetch, Ltd. 3.750%, 05/01/27		9,789
	200,000	AUD	Flight Centre Travel Group, Ltd. 1.625%, 11/01/28		126,837
	11,210,000		Ford Motor Company~ 0.000%, 03/15/26		11,190,607
	2,740,000		IMAX Corp.µ 0.500%, 04/01/26		2,561,982
	161,000		Liberty Broadband Corp.*µ 3.125%, 03/31/53		149,654
	214,000		Lucid Group, Inc.* 1.250%, 12/15/26		98,115
	296,000		MakeMyTrip, Ltd. 0.000%, 02/15/28		526,107

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
100

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	725,000		Marriott Vacations Worldwide Corp.µ 0.000%, 01/15/26	$	674,504
	400,000		Meituan 0.000%, 04/27/28		354,784
	40,000,000	JPY	Mercari, Inc.µ 0.000%, 07/14/28		204,498
	160,000		NIO, Inc.* 4.625%, 10/15/30		101,645
	100,000	GBP	Ocado Group, PLCµ 0.875%, 12/09/25		111,367
	100,000	GBP	0.750%, 01/18/27		94,993
	230,000		Rivian Automotive, Inc. 4.625%, 03/15/29		157,104
	145,000		3.625%, 10/15/30*		84,964
	194,000		Royal Caribbean Cruises, Ltd.µ 6.000%, 08/15/25		552,987
	40,000,000	JPY	Sanrio Company, Ltd. 0.000%, 12/14/28		317,672
	100,000	EUR	Shop Apotheke Europe, NVµ 0.000%, 01/21/28		100,708
	162,000		Stride, Inc. 1.125%, 09/01/27		223,445
	318,000		Wayfair, Inc.µ 0.625%, 10/01/25		296,217
	302,000		3.500%, 11/15/28*		402,412
	1,900,000	GBP	WH Smith, PLCµ 1.625%, 05/07/26		2,171,607
	316,000		Wynn Macau, Ltd.* 4.500%, 03/07/29		337,788
	5,000,000	HKD	Zhongsheng Group Holdings, Ltd. 0.000%, 05/21/25		703,517
					28,389,584
			Consumer Staples (2.3%)
	100,000	EUR	Davide Campari-Milano, NVµ 2.375%, 01/17/29		109,785
	2,500,000	EUR	Fomento Economico Mexicano SAB de CV 2.625%, 02/24/26		2,664,213
	20,000,000	JPY	Nippn Corp. 0.000%, 06/20/25		143,720
	3,715,000		Post Holdings, Inc.µ 2.500%, 08/15/27		4,164,886
	4,975,000	CAD	Premium Brands Holdings Corp.µ 4.200%, 09/30/27		3,312,342
					10,394,946
			Energy (1.5%)
	4,500,000	EUR	Eni S.p.A 2.950%, 09/14/30		4,988,544
	1,650,000		Nabors Industries, Inc.µ 1.750%, 06/15/29		1,211,166
	306,000		Northern Oil & Gas, Inc. 3.625%, 04/15/29		378,791

PRINCIPAL AMOUNT				VALUE
	100,000		Pioneer Natural Resources Company 0.250%, 05/15/25	$	293,655
	100,000	EUR	Saipem S.p.A 2.875%, 09/11/29		142,450
	2,261,000		SunEdison, Inc.@ 0.000%, 01/15/49		22,610
	275,000		0.000%, 10/01/49		2,750
					7,039,966
			Financials (1.0%)
	223,000		Affirm Holdings, Inc.µ 0.000%, 11/15/26		185,208
	323,000		Coinbase Global, Inc.*µ 0.250%, 04/01/30		292,108
	67,242	EUR	Corestate Capital Holding, SA 8.000%, 12/31/26 9.000% PIK rate		25,122
	100,000	GBP	Cornwall Jersey, Ltd. 0.750%, 04/16/26		86,540
	3,316,000		Global Payments, Inc.*^ 1.500%, 03/01/31		3,307,611
	200,000	EUR	JPMorgan Chase Financial Company, LLC (Voya Financial, Inc)§ 0.000%, 01/14/25		215,003
	200,000	EUR	LEG Immobilien, SEµ 0.875%, 09/01/25		206,934
	314,000		Morgan Stanley Finance, LLC 1.000%, 11/23/27		394,855
					4,713,381
			Health Care (1.3%)
	164,000		Alnylam Pharmaceuticals, Inc.µ 1.000%, 09/15/27		151,142
	160,000		BioMarin Pharmaceutical, Inc.µ 0.599%, 08/01/24		157,810
	135,000		Coherus Biosciences, Inc. 1.500%, 04/15/26		84,762
	172,000		CONMED Corp.µ 2.250%, 06/15/27		151,816
	156,000		Dexcom, Inc. 0.375%, 05/15/28*µ		158,480
	142,000		0.250%, 11/15/25		148,895
	154,000		Enovis Corp.* 3.875%, 10/15/28		182,099
	161,000		Envista Holdings Corp.*µ 1.750%, 08/15/28		137,391
	205,000		Haemonetics Corp.µ 0.000%, 03/01/26		188,502
	206,000		Halozyme Therapeutics, Inc.µ 0.250%, 03/01/27		180,582
	170,000		1.000%, 08/15/28		160,429
	81,000		Immunocore Holdings, PLC*µ 2.500%, 02/01/30		80,186
	73,000		Innoviva, Inc.µ 2.500%, 08/15/25		78,314

See accompanying Notes to Schedule of Investments

www.calamos.com
101

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	158,000		Insmed, Inc. 0.750%, 06/01/28	$	161,835
	162,000		Integer Holdings Corp. 2.125%, 02/15/28		225,290
	167,000		Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		156,698
	163,000		Ionis Pharmaceuticals, Inc.µ 0.000%, 04/01/26		158,105
	1,632,000		iRhythm Technologies, Inc.*µ 1.500%, 09/01/29		1,655,599
	156,000		Jazz Investments I, Ltd.µ 2.000%, 06/15/26		150,502
	101,000		Lantheus Holdings, Inc.µ 2.625%, 12/15/27		114,224
	30,000,000	JPY	Menicon Company, Ltd.µ 0.000%, 01/29/25		189,341
	181,000		NeoGenomics, Inc.µ 0.250%, 01/15/28		142,791
	165,000		NuVasive, Inc.µ 0.375%, 03/15/25		157,506
	145,000		Omnicell, Inc.µ 0.250%, 09/15/25		136,322
	135,000		Pacira BioSciences, Inc.µ 0.750%, 08/01/25		127,761
	163,000		Sarepta Therapeutics, Inc. 1.250%, 09/15/27		187,054
	242,000		Shockwave Medical, Inc.*µ 1.000%, 08/15/28		307,570
	156,000		TransMedics Group, Inc.*µ 1.500%, 06/01/28		195,139
					5,926,145
			Industrials (6.1%)
	40,000,000	JPY	Daifuku Co., Ltd. 0.000%, 09/13/30		295,449
	100,000	EUR	Duerr, AGµ 0.750%, 01/15/26		103,818
	196,000		John Bean Technologies Corp.µ 0.250%, 05/15/26		177,078
	200,000		L&F Company Ltd. 2.500%, 04/26/30		137,416
	161,000		Middleby Corp. 1.000%, 09/01/25		189,726
	4,000,000	EUR	Prysmian S.p.A 0.000%, 02/02/26		5,532,795
	1,800,000	EUR	Rheinmetall, AG 1.875%, 02/07/28		3,289,703
	100,000	EUR	2.250%, 02/07/30		185,839
	159,600	EUR	Schneider Electric, SE 0.000%, 06/15/26		375,569
	4,100,000	EUR	SPIE, SA 2.000%, 01/17/28		5,072,981

PRINCIPAL AMOUNT				VALUE
	3,150,000		Tetra Tech, Inc.* 2.250%, 08/15/28	$	3,578,369
	7,945,000		Uber Technologies, Inc.*~ 0.875%, 12/01/28		8,976,658
					27,915,401
			Information Technology (7.3%)
	240,000		Akamai Technologies, Inc. 1.125%, 02/15/29*		236,429
	190,000		0.125%, 05/01/25µ		214,491
	208,000		BILL Holdings, Inc.µ 0.000%, 04/01/27		177,045
	94,000		0.000%, 12/01/25		86,973
	3,175,000		Block, Inc.µ 0.125%, 03/01/25		3,144,520
	210,000		Cloudflare, Inc.µ 0.000%, 08/15/26		191,585
	213,000		Confluent, Inc.µ 0.000%, 01/15/27		181,003
	162,000		CyberArk Software, Ltd. 0.000%, 11/15/24		248,916
	146,000		Datadog, Inc. 0.125%, 06/15/25		208,314
	447,000		DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		373,513
	207,000		Dropbox, Inc.µ 0.000%, 03/01/28		189,237
	411,000		Fastly, Inc.µ 0.000%, 03/15/26		373,924
	357,000		Five9, Inc.µ 0.500%, 06/01/25		336,476
	161,000		1.000%, 03/15/29*		159,772
	2,900,000	EUR	GlobalWafers GmbH 1.500%, 01/23/29		2,981,485
	700,000		Hon Hai Precision Industry Company, Ltd. 0.000%, 08/05/26		686,420
	17,000,000	HKD	Kingsoft Corp, Ltd. 0.625%, 04/29/25		2,261,676
	175,000		LivePerson, Inc. 0.000%, 12/15/26		66,906
	451,000		Microchip Technology, Inc. 0.125%, 11/15/24		486,922
	343,000		MicroStrategy, Inc.*µ 0.875%, 03/15/31		273,999
	1,440,000		NCL Corp., Ltd. 5.375%, 08/01/25		1,770,538
	447,000		1.125%, 02/15/27µ		409,103
	200,000	EUR	Nexi S.p.Aµ 1.750%, 04/24/27		196,708
	162,000		Nice, Ltd. 0.000%, 09/15/25		160,675
	413,000		Okta, Inc.µ 0.125%, 09/01/25		390,343

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
102

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	319,000		ON Semiconductor Corp. 0.500%, 03/01/29µ	$	309,216
	202,000		0.000%, 05/01/27		289,751
	4,301,000		Parsons Corp.* 2.625%, 03/01/29		4,510,717
	173,000		Pegasystems, Inc.µ 0.750%, 03/01/25		166,187
	296,000		Repay Holdings Corp.*µ 0.000%, 02/01/26		270,600
	320,000		RingCentral, Inc.µ 0.000%, 03/15/26		287,062
	360,000,000	JPY	Rohm Company, Ltd.µ 0.000%, 12/05/24		2,276,641
	320,000		Seagate HDD Cayman* 3.500%, 06/01/28		383,123
	139,000		Shift4 Payments, Inc.µ 0.000%, 12/15/25		144,021
	200,000		SK Hynix, Inc. 1.750%, 04/11/30		313,692
	148,300	EUR	SOITECµ 0.000%, 10/01/25		258,790
	3,815,000		Spotify USA, Inc.µ 0.000%, 03/15/26		3,555,084
	3,687,000		Super Micro Computer, Inc.*µ 0.000%, 03/01/29		3,770,769
	200,000		Tyler Technologies, Inc.^ 0.250%, 03/15/26		210,096
	318,000		Wix.com, Ltd. 0.000%, 08/15/25		294,748
	240,000		Workiva, Inc. 1.250%, 08/15/28*µ		216,170
	34,000		1.125%, 08/15/26		39,211
	265,000		Xero Investments, Ltd. 0.000%, 12/02/25		246,392
	145,000		Zscaler, Inc. 0.125%, 07/01/25		183,711
					33,532,954
			Materials (1.9%)
	214,000		Amyris, Inc.@ 1.500%, 11/15/26		7,601
	3,600,000		Glencore Funding, LLC 0.000%, 03/27/25		3,876,984
	2,700,000		LG Chem, Ltd. 1.250%, 07/18/28		2,564,622
	1,976,000		Lithium Americas Corp.µ 1.750%, 01/15/27		1,505,337
	20,000,000	JPY	Nippon Steel Corp. 0.000%, 10/05/26		183,766
	400,000	EUR	POSCO Holdings, Inc. 0.000%, 09/01/26		441,876
					8,580,186

PRINCIPAL AMOUNT				VALUE
			Other (0.0%)
	110,000		Multiplan Corp.*µ 6.000%, 10/15/27 7.000% PIK rate	$	78,363
			Real Estate (0.7%)
	2,700,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		3,047,931
	330,000		Redfin Corp.µ 0.000%, 10/15/25		287,061
					3,334,992
			Utilities (0.2%)
	318,000		American Water Capital Corp.*µ 3.625%, 06/15/26		309,436
	156,000		CMS Energy Corp.* 3.375%, 05/01/28		152,851
	320,000		PPL Capital Funding, Inc. 2.875%, 03/15/28		304,224
	160,000		Southern Company 3.875%, 12/15/25		159,728
					926,239
			TOTAL CONVERTIBLE BONDS (Cost $151,203,779)		140,831,777
BANK LOANS (7.2%)¡
			Airlines (0.4%)
	1,395,000		Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%		1,406,334
	152,000		American Airlines, Inc.‡ 10.336%, 04/20/28 3 mo. SOFR + 4.75%		158,286
	143,000		Mileage Plus Holdings, LLC‡ 10.733%, 06/21/27 3 mo. SOFR + 5.25%		146,992
	150,000		United Airlines, Inc.‡ 8.076%, 02/22/31 3 mo. SOFR + 2.75%		150,821
					1,862,433
			Communication Services (0.7%)
	1,250,000		APi Group DE, Inc.‡ 7.930%, 01/03/29 1 mo. SOFR + 2.50%		1,256,144
	12,011		Audacy Capital Corp.‡ 11.430%, 08/19/24 3 mo. SOFR + 6.11%		12,041
	108,011		Clear Channel Outdoor Holdings, Inc.‡ 9.430%, 08/23/28 1 mo. SOFR + 4.00%		108,236
	87,034		Directv Financing, LLC! 0.000%, 08/02/27		87,590

See accompanying Notes to Schedule of Investments

www.calamos.com
103

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	82,451	Directv Financing, LLC‡ 10.430%, 08/02/27 1 mo. SOFR + 5.00%	$	82,977
	320,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 0.00%		173,440
	1,240,641	Go Daddy Operating Company, LLC‡ 7.316%, 11/09/29 1 mo. SOFR + 2.00%		1,242,601
	210,415	Gray Television, Inc.‡ 7.942%, 01/02/26 1 mo. SOFR + 2.50%		208,061
	220,000	Telesat Canada‡ 8.355%, 12/07/26 3 mo. SOFR + 2.75%		112,246
				3,283,336
		Consumer Discretionary (1.8%)
	120,000	Adient U.S., LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		120,675
	153,600	American Axle & Manufacturing, Inc.‡ 8.921%, 12/13/29 1 mo. SOFR + 3.50%		154,512
	207,900	Caesars Entertainment, Inc.‡ 8.666%, 02/06/30 3 mo. SOFR + 3.25%		208,589
	541,496	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%		544,964
	181,807	Carnival Corp.‡ 8.067%, 10/18/28 1 mo. SOFR + 3.25%		182,774
	181,807	Carnival Corp.‡ 8.067%, 10/18/28		183,057
	1,246,875	Flutter Financing, BV‡ 7.559%, 11/25/30		1,250,659
	210,000	Flutter Financing, BV! 0.000%, 11/25/30		210,637
	262,761	Hanesbrands, Inc.‡ 9.066%, 03/08/30 1 mo. SOFR + 3.75%		263,308
	1,250,000	Installed Building Products, Inc.‡ 7.316%, 03/28/31 1 mo. SOFR + 2.00%		1,256,056
	122,430	Life Time Fitness, Inc.‡ 9.591%, 01/15/26 3 mo. SOFR + 4.00%		123,310
	197,000	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%		197,684
	1,240,530	PENN Entertainment, Inc.‡ 8.166%, 05/03/29 1 mo. SOFR + 2.75%		1,243,694

PRINCIPAL AMOUNT			VALUE
	379,141	PetSmart, Inc.‡ 9.166%, 02/11/28 1 mo. SOFR + 3.75%	$	374,402
	780,000	Station Casinos LLC! 0.000%, 03/14/31		781,010
	680,000	Station Casinos, LLC‡ 7.566%, 03/14/31 1 mo. SOFR + 2.25%		680,881
	137,996	TKC Holdings, Inc.‡ 10.930%, 05/15/28 1 mo. SOFR + 5.50%		137,220
	224,300	Windsor Holdings III, LLC‡ 9.319%, 08/01/30 1 mo. SOFR + 4.00%		226,515
				8,139,947
		Consumer Staples (0.3%)
	495,638	Amneal Pharmaceuticals, LLC‡ 10.816%, 05/04/28 1 mo. SOFR + 5.50%		496,724
	118,074	Fiesta Purchaser, Inc.‡ 9.316%, 02/12/31 1 mo. SOFR + 4.00%		118,686
	96,926	Fiesta Purchaser, Inc.‡ 9.318%, 02/12/31 1 mo. SOFR + 4.00%		97,429
	262,718	Jazz Financing Lux Sarl‡ 8.430%, 05/05/28 1 mo. SOFR + 3.00%		264,566
	215,000	Star Parent, Inc.‡ 9.309%, 09/27/30 3 mo. SOFR + 4.00%		215,202
	145,000	United Natural Foods, Inc.! 0.000%, 04/25/31		143,731
	105,896	United Natural Foods, Inc.‡ 8.680%, 10/22/25 1 mo. SOFR + 3.25%		105,559
				1,441,897
		Energy (0.1%)
	159,600	Buckeye Partners, LP‡ 7.816%, 11/22/30 1 mo. SOFR + 2.50%		160,359
	99,750	New Fortress Energy, Inc.‡ 10.330%, 10/27/28 3 mo. SOFR + 5.00%		100,436
	257,674	Par Petroleum, LLC‡ 9.052%, 02/28/30 3 mo. SOFR + 3.75%		258,881
	50,000	Par Petroleum, LLC! 0.000%, 02/28/30		50,234
				569,910

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
104

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Financials (0.4%)
	230,000	Advisor Group, Inc.! 0.000%, 08/17/28	$	231,672
	54,863	Advisor Group, Inc.‡ 9.816%, 08/17/28 1 mo. SOFR + 4.50%	55,261
	170,789	Alliant Holdings Intermediate, LLC‡ 8.819%, 11/06/30 1 mo. SOFR + 3.50%	171,660
	163,765	Amynta Agency Borrower, Inc.‡ 9.552%, 02/28/28 3 mo. SOFR + 4.25%	164,525
	170,000	AssuredPartners, Inc.! 0.000%, 02/14/31	170,937
	100,000	AssuredPartners, Inc.‡ 8.816%, 02/14/31 1 mo. SOFR + 3.50%	100,551
	164,176	Avolon TLB Borrower 1 (US) LLC‡ 7.315%, 06/22/28 1 mo. SOFR + 2.00%	164,714
	99,750	Broadstreet Partners, Inc.‡ 9.066%, 01/27/29 1 mo. SOFR + 3.75%	100,228
	209,475	HUB International, Ltd.‡ 8.575%, 06/20/30 3 mo. SOFR + 3.25%	210,771
	525	HUB International, Ltd.‡ 8.565%, 06/20/30 3 mo. SOFR + 3.25%	528
	159,600	Iron Mountain, Inc.‡ 7.566%, 01/31/31 1 mo. SOFR + 2.25%	159,467
	110,000	Level 3 Financing, Inc.! 0.000%, 04/15/29	108,370
	283,036	VFH Parent, LLC‡ 8.416%, 01/13/29 1 mo. SOFR + 3.00%	283,435
				1,922,119
		Health Care (1.5%)
	887,474	Avantor Funding, Inc.‡ 7.416%, 11/08/27 1 mo. SOFR + 2.00%	891,702
	2,195,562	Icon Luxembourg Sarl‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%	2,207,287
	1,250,000	Organon & Company‡ 8.433%, 06/02/28 1 mo. SOFR + 3.00%	1,258,400
	235,294	Padagis, LLC‡ 10.314%, 07/06/28 3 mo. SOFR + 4.75%	216,471
	1,243,687	Perrigo Investments, LLC‡ 7.666%, 04/20/29 1 mo. SOFR + 2.25%	1,244,079

PRINCIPAL AMOUNT			VALUE
	547,026	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%	$	549,947
	628,801	Team Health Holdings, Inc.‡ 10.580%, 03/02/27 3 mo. SOFR + 5.25%		552,782
	1,803	Team Health Holdings, Inc.‡ 10.566%, 03/02/27 1 mo. SOFR + 5.25%		1,585
				6,922,253
		Industrials (0.7%)
	211,207	ACProducts, Inc.‡ 9.814%, 05/17/28 3 mo. SOFR + 4.25%		183,961
	1,240,513	Beacon Roofing Supply, Inc.‡ 7.316%, 05/19/28 1 mo. SOFR + 2.00%		1,245,941
	201,923	ChampionX Corp.‡ 8.168%, 06/07/29 1 mo. SOFR + 2.75%		203,059
	89,463	Emrld Borrower, LP‡ 7.816%, 05/31/30 1 mo. SOFR + 2.50%		89,843
	1,240,513	JELD-WEN, Inc.‡ 7.430%, 07/28/28 1 mo. SOFR + 2.00%		1,245,320
	25,000	MI Windows & Doors, LLC‡ 8.816%, 03/21/31 1 mo. SOFR + 3.50%		25,146
	209,475	TransDigm, Inc.‡ 8.559%, 02/28/31 1 mo. SOFR + 3.25%		210,940
				3,204,210
		Information Technology (0.9%)
	291,574	Banff Merger Sub, Inc.‡ 9.566%, 12/29/28 1 mo. SOFR + 4.25%		293,721
	161,894	Camelot US Acquisition LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		162,400
	204,625	Central Parent, Inc.‡ 9.309%, 07/06/29 3 mo. SOFR + 4.00%		205,695
	202,342	Dun & Bradstreet Corp.‡ 8.068%, 01/18/29 1 mo. SOFR + 2.75%		203,060
	187,021	II-VI, Inc.‡ 7.829%, 07/02/29 1 mo. SOFR + 2.50%		188,132
	1,152,971	Open Text Corp.‡ 8.166%, 01/31/30 1 mo. SOFR + 2.75%		1,157,623

See accompanying Notes to Schedule of Investments

www.calamos.com
105

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	737,344	SS&C Technologies, Inc.‡ 7.666%, 03/22/29 1 mo. SOFR + 2.25%	$	739,774
	312,004	SS&C Technologies, Inc.‡ 7.666%, 03/22/29 1 mo. SOFR + 2.25%		313,032
	794,000	TTM Technologies, Inc.‡ 8.077%, 05/30/30 1 mo. SOFR + 2.75%		795,489
	110,000	UKG, Inc.‡ 8.814%, 02/10/31 3 mo. SOFR + 3.50%		110,631
				4,169,557
		Materials (0.3%)
	159,200	Chemours Company‡ 8.817%, 08/18/28 1 mo. SOFR + 3.50%		159,350
	213,388	Ineos US Finance, LLC‡ 8.930%, 02/18/30 1 mo. SOFR + 3.50%		214,188
	161,360	Innophos, Inc.‡ 8.930%, 02/05/27 1 mo. SOFR + 3.25%		161,546
	263,013	LSF11 A5 Holdco, LLC‡ 9.666%, 10/15/28 1 mo. SOFR + 4.25%		264,064
	158,599	Trinseo Materials Operating SCA‡ 8.105%, 05/03/28 3 mo. SOFR + 2.50%		110,829
	202,674	W.R. Grace & Co.-Conn.‡ 9.321%, 09/22/28 3 mo. SOFR + 3.75%		203,271
				1,113,248
		Special Purpose Acquisition Companies (0.1%)
	108,075	Clydesdale Acquisition Holdings, Inc.‡ 9.091%, 04/13/29 1 mo. SOFR + 3.68%		108,664
	53,900	Fertitta Entertainment, LLC‡ 9.069%, 01/27/29 1 mo. SOFR + 3.75%		54,085
	197,000	Patagonia Holdco, LLC‡ 11.064%, 08/01/29 3 mo. SOFR + 5.75%		183,210
				345,959
		TOTAL BANK LOANS (Cost $33,110,623)		32,974,869
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (1.6%)
		Energy (0.0%)
	5	Gulfport Energy Corp.# 10.000%, 05/31/24 15.000% PIK rate		57,875

NUMBER OF SHARES				VALUE
			Financials (1.3%)
	97,640		Apollo Global Management, Inc.~ 6.750%, 07/31/26	$	5,954,087
			Utilities (0.3%)
	35,211		NextEra Energy, Inc.~ 6.926%, 09/01/25		1,434,848
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $7,535,885)		7,446,810
COMMON STOCKS (77.8%)
			Communication Services (5.9%)
	40,650		Alphabet, Inc. - Class A#		6,617,007
	4,575		Altice USA, Inc. - Class A^#		8,830
	4,050		Baidu, Inc. (ADR)µ#		418,770
	1,735		Cumulus Media, Inc. - Class Aµ#		4,563
	1		Frontier Communications Parent, Inc.^#		23
	3,450	SEK	Hemnet Group, AB		89,661
	4,600		Meta Platforms, Inc. - Class Aµ		1,978,782
	4,250		Netflix, Inc.µ#		2,340,220
	96,000	EUR	Orange, SAµ		1,068,507
	525	EUR	Scout24, SE*µ		38,565
	12,990		Spotify Technology, SAµ#		3,642,916
	66,700	HKD	Tencent Holdings, Ltd.µ		2,927,008
	89,070		Tencent Holdings, Ltd. (ADR)~^		3,896,812
	40,790	GBP	Trustpilot Group, PLC*µ#		96,320
	1,176,545	GBP	Vodafone Group, PLCµ		992,182
	26,395		Walt Disney Company~		2,932,485
					27,052,651
			Consumer Discretionary (11.3%)
	374,200		ADT, Inc.µ		2,432,300
	124,700	HKD	Alibaba Group Holding, Ltd.µ		1,167,574
	8,175		Alibaba Group Holding, Ltd. (ADR)~		611,899
	174,450	MXN	Alsea, SAB de CV#		730,153
	37,750		Amazon.com, Inc.µ#		6,606,250
	19,240	INR	Amber Enterprises India, Ltd.#		889,703
	315,000	SAR	Americana Restaurants International, PLC#		286,942
	51,097		Aptiv, PLCµ#		3,627,887
	3,900	BRL	Arezzo Industria e Comercio, SA		38,996
	1,025	CNY	Beijing Roborock Technology Company, Ltd. - Class A		59,883
	12,500	CNY	BYD Company, Ltd. - Class A		375,275
	20,700	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		212,380
	1,195		Chipotle Mexican Grill, Inc.#		3,775,722
	15,655	INR	Dixon Technologies India, Ltd.		1,560,759
	4,050	EUR	Ferrari, NV		1,665,662

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
106

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
	149,500	CNY	Hisense Home Appliances Group Company, Ltd. - Class A		$795,646
	3,050	KRW	Hotel Shilla Company, Ltd.		130,656
	112,532	INR	Indian Hotels Company, Ltd.		776,456
	161,219	HKD	JD.com, Inc. - Class Aµ		2,322,903
	173,000	HKD	Jiumaojiu International Holdings, Ltd.*µ		108,654
	334,330	INR	Kalyan Jewellers India, Ltd.		1,654,221
	8,600	KRW	Kia Corp.		728,614
	123,000	HKD	Li Ning Company, Ltd.µ		321,998
	1,020	EUR	LVMH Moet Hennessy Louis Vuitton, SEµ		837,865
	32,200	INR	Mahindra & Mahindra, Ltd.		831,931
	110,230		MakeMyTrip, Ltd.µ#		7,298,328
	11,470	HKD	Meituan - Class B*µ#		156,618
	2,855		MercadoLibre, Inc.µ#		4,164,589
	44,620		NIO, Inc. (ADR)#		210,606
	17,872	EUR	Prosus, NV~		597,996
	236,800	HKD	Sands China, Ltd.µ#		558,527
	63,750	INR	Tata Motors, Ltd.		768,841
	2,100		Tesla, Inc.µ#		384,888
	148,600	JPY	Toyota Motor Corp.µ		3,389,354
	10,100	HKD	Yum China Holdings, Inc.µ		378,098
	593,500	INR	Zomato, Ltd.#		1,372,591
					51,830,765
			Consumer Staples (3.5%)
	2,450	SEK	AAK, AB		63,018
	20,710	TRY	BIM Birlesik Magazalar, A/S		247,421
	77,500	GBP	British American Tobacco, PLCµ		2,275,111
	5,600		Constellation Brands, Inc. - Class Aµ		1,419,376
	5,100		Costco Wholesale Corp.µ		3,686,790
	69,120	MXN	Grupo Comercial Chedraui, SA de CV		508,956
	2,600	CNY	Kweichow Moutai Company, Ltd. - Class A		609,578
	2,062		Mallinckrodt, PLC#		109,286
	20,500	CHF	Nestle, SAµ		2,058,203
	74,568	BRL	Raia Drogasil, SA		367,340
	201,300	JPY	Seven & i Holdings Company, Ltd.µ		2,601,036
	106,000	HKD	Smoore International Holdings, Ltd.*µ		92,317
	1,100	JPY	Toyo Suisan Kaisha, Ltd.µ		68,788
	14,150	INR	Varun Beverages, Ltd.		250,573
	27,600		Walmart, Inc.µ		1,638,060
	2,000	JPY	Yamazaki Baking Company, Ltd.µ		48,407
					16,044,260
			Energy (4.5%)
	74,600	CAD	Canadian Natural Resources, Ltd.µ		5,653,051
	12,395	CAD	CES Energy Solutions Corp.		51,051
	305		Chesapeake Energy Corp.µ		27,413
	17,600		Chevron Corp.~µ		2,838,352

NUMBER OF SHARES				VALUE
	14,985		Energy Transfer, LP	$	235,714
	9,035		Enterprise Products Partners, LP		253,703
	1,826		EP Energy Corp.&#		4,337
	7		Gulfport Energy Corp.µ#		1,111
	42,400		Helmerich & Payne, Inc.~µ		1,667,592
	136,900	THB	PTT Exploration & Production, PCL		575,713
	38,530	INR	Reliance Industries, Ltd.		1,351,645
	24,475	EUR	Saipem S.p.A^#		56,164
	98,974		Schlumberger, NVµ		4,699,286
	82,300	GBP	Shell, PLCµ		2,925,649
	20,070		TechnipFMC, PLCµ		514,193
					20,854,974
			Financials (9.4%)
	62,050	INR	360 ONE WAM, Ltd.		580,015
	373,000	HKD	AIA Group, Ltd.µ		2,731,984
	10,000		Aon, PLC - Class Aµ		2,820,100
	188,400	BRL	B3, SA - Brasil Bolsa Balcao		391,487
	7,038,130	IDR	Bank Mandiri Persero, Tbk PT		2,974,854
	189,000		Bank of America Corp.~µ		6,994,890
	9,680		Chubb, Ltd.µ		2,406,835
	16,200	JPY	Concordia Financial Group, Ltd.µ		87,288
	111,948	AED	First Abu Dhabi Bank, PJSC		380,599
	224,876	INR	HDFC Bank, Ltd.		4,071,386
	2,750	AUD	HUB24, Ltd.µ		70,657
	133,716		Itau Unibanco Holding, SA (ADR)		808,982
	12,575		JPMorgan Chase & Companyµ		2,411,130
	156,300	THB	Kasikornbank PCL		548,660
	7,600	KRW	KB Financial Group, Inc.		412,200
	4,120,000	GBP	Lloyds Banking Group, PLCµ		2,658,977
	22,456	KRW	Meritz Financial Group, Inc.		1,283,976
	44,285		Morgan Stanleyµ		4,022,849
	124,670		NU Holdings, Ltd. - Class Aµ#		1,353,916
	260,000	HKD	Ping An Insurance Group Company of China, Ltd. - Class Hµ		1,178,341
	24,653	SAR	Saudi National Bank		246,788
	8,600		Visa, Inc. - Class Aµ		2,310,046
	41,825		Wells Fargo & Company		2,481,059
					43,227,019
			Health Care (8.8%)
	8,400	INR	Apollo Hospitals Enterprise, Ltd.		598,515
	23,100	GBP	AstraZeneca, PLCµ		3,493,849
	14,355		Danaher Corp.µ		3,540,230
	4,738	KRW	Dentium Company, Ltd.		442,049
	15,250		Eli Lilly & Companyµ		11,911,775
	10,104		GE Healthcare, Inc.~µ		770,329
	22,400	EUR	Gerresheimer, AGµ		2,412,411
	4,860		Humana, Inc.µ		1,468,157
	8,520	BRL	Hypera, SA		48,436

See accompanying Notes to Schedule of Investments

www.calamos.com
107

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
	1,500	JPY	Jeol, Ltd.µ	$	59,429
	4,700		McKesson Corp.		2,524,887
	99,880		Novo Nordisk, A/S (ADR)~		12,815,603
	331	CHF	Ypsomed Holding, AG^		117,982
					40,203,652
			Industrials (9.4%)
	25,300	INR	Adani Ports & Special Economic Zone, Ltd.		400,198
	37,029	EUR	Alstom, SAµ		583,876
	11,125	GBP	Ashtead Technology Holdings, PLC		113,279
	28,000	CAD	Canadian Pacific Kansas City, Ltd.µ		2,196,637
	12,780	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		357,439
	1,115	EUR	DO & CO, AGµ		171,112
	850	JPY	Ebara Corp.µ		70,069
	7,578		GE Vernova, Inc.#		1,164,814
	30,312		General Electric Companyµ		4,905,088
	4,095	KRW	Hanwha Aerospace Company, Ltd.		622,016
	8,277	KRW	HD Hyundai Electric Company, Ltd.		1,460,183
	89,110	INR	Hindustan Aeronautics, Ltd.		4,207,005
	41,500	JPY	Hitachi, Ltd.µ		3,828,818
	2,200	JPY	Japan Elevator Service Holdings Company, Ltd.µ		34,189
	12,490	INR	KEI Industries, Ltd.		596,937
	1,515	EUR	KION Group, AGµ		69,823
	1,900	JPY	Kyudenko Corp.µ		78,857
	3,980	EUR	Leonardo S.p.Aµ		91,469
	347,065	GBP	Melrose Industries, PLCµ		2,726,657
	10,080	SEK	Munters Group, AB*		200,969
	35,300	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A#		214,591
	800		nVent Electric, PLCµ		57,656
	6,700	EUR	Rheinmetall, AGµ		3,692,000
	1,024,500	GBP	Rolls-Royce Holdings, PLCµ#		5,253,661
	167,200	CNY	Sany Heavy Industry Company, Ltd. - Class A		375,691
	54,502	CNY	Shanghai International Airport Company, Ltd. - Class A#		282,700
	1,410	KRW	SK Square Company, Ltd.#		77,469
	1,400	JPY	Sojitz Corp.µ		36,046
	754	CAD	Stantec, Inc.µ		60,034
	56,626	INR	Titagarh Rail System, Ltd.		715,881
	4,785		Veralto Corp.µ		448,259
	44,050		Vertiv Holdings Company - Class A		4,096,650
	16,500		Waste Management, Inc.µ		3,432,330
	134,400	CNY	Weichai Power Company, Ltd. - Class A		322,426
					42,944,829

NUMBER OF SHARES				VALUE
			Information Technology (21.3%)
	11,500	JPY	Advantest Corp.µ	$	359,957
	42,900		Apple, Inc.~^		7,307,157
	32,000	TWD	Asia Vital Components Company, Ltd.		631,223
	5,000	TWD	ASMedia Technology, Inc.		295,650
	9,005		ASML Holding, NV (ADR)µ		7,856,592
	3,500	HKD	ASMPT, Ltd.µ		43,497
	269	EUR	BE Semiconductor Industries, NVµ		35,689
	565	CAD	Descartes Systems Group, Inc.µ#		52,410
	400	JPY	Horiba, Ltd.µ		38,808
	14,500	CNY	Iflytek Company, Ltd. - Class A		89,635
	28,901		Infosys, Ltd. (ADR)^		482,936
	9,600		International Business Machines Corp.µ		1,595,520
	14,900	JPY	Keyence Corp.µ		6,552,567
	270,000	HKD	Kingdee International Software Group Company, Ltd.µ#		284,857
	74,625	INR	KPIT Technologies, Ltd.		1,324,693
	1,150	EUR	Lectraµ		39,178
	20,000	TWD	MediaTek, Inc.		603,023
	800	JPY	Micronics Japan Company, Ltd.µ		32,955
	33,400		Microsoft Corp.^		13,003,622
	930	EUR	Nemetschek, SEµ		82,183
	540,000	EUR	Nokia Oyjµ		1,963,090
	27,370		NVIDIA Corp.µ		23,648,227
	29,340	KRW	Samsung Electronics Company, Ltd.		1,630,912
	1,790		ServiceNow, Inc.µ#		1,241,061
	19,050	CAD	Shopify, Inc. - Class Aµ#		1,337,437
	13,000	TWD	Silergy Corp.		172,655
	56,300	KRW	SK Hynix, Inc.		6,947,735
	40,500	HKD	Sunny Optical Technology Group Company, Ltd.µ		195,928
	705,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		16,880,347
	45,000	BRL	TOTVS, SA		238,667
	1,900	JPY	Towa Corp.µ		109,422
	60,065		Unity Software, Inc.µ#		1,457,778
	93,700	CNY	Venustech Group, Inc. - Class A		253,423
	303,800	HKD	Xiaomi Corp. - Class B*µ#		662,262
	1,000	JPY	Zuken, Inc.µ		26,130
					97,477,226
			Materials (1.7%)
	1,570	JPY	Artience Company, Ltd.µ		29,096
	145,715		Cemex, SAB de CV (ADR)#		1,152,606
	219,750	AED	Fertiglobe, PLC		166,547
	5,950		Linde, PLCµ		2,623,712
	521,200	NOK	Norsk Hydro, ASA~		3,202,973

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
108

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
	16,900	ZAR	Sasol, Ltd.	$	118,728
	1,945	EUR	SOL S.p.A^		74,822
	3,200	JPY	Sumitomo Bakelite Company, Ltd.µ		91,145
	21,200		Vale, SA (ADR)		258,004
					7,717,633
			Real Estate (1.2%)
	935,500	PHP	Ayala Land, Inc.		463,747
	169,699	MXN	Corp. Inmobiliaria Vesta SAB de CV		601,003
	104,680	INR	DLF, Ltd.		1,116,075
	200,670	INR	Macrotech Developers, Ltd.*		2,953,341
	11,500	JPY	Mirarth Holdings, Inc.µ		35,262
	14,680	INR	Prestige Estates Projects, Ltd.		241,894
	410	EUR	VGP, NV		44,607
					5,455,929
			Special Purpose Acquisition Company (0.0%)#
	2,835		Intelsat Emergence, SA&#		102,769
			Utilities (0.8%)
	45,801	EUR	Engie,SA#		795,259
	25,088		NextEra Energy, Inc.µ		1,680,143
	29,000	EUR	RWE, AGµ		1,010,231
					3,485,633
			TOTAL COMMON STOCKS (Cost $444,022,442)		356,397,340
PREFERRED STOCKS (0.1%)
			Communication Services (0.0%)
	2,600		United States Cellular Corp.µ 5.500%, 06/01/70		45,890
	2,500		United States Cellular Corp.µ 5.500%, 03/01/70		44,425
					90,315
			Consumer Discretionary (0.0%)
	1,597		Guitar Center, Inc.&#		125,364
			Energy (0.1%)
	6,520		NuStar Energy, LP‡ 11.234%, 05/30/24 3 mo. SOFR + 5.91%		166,325
	1,600		NuStar Energy, LP‡ 12.357%, 05/30/24 3 mo. SOFR + 7.03%		40,912
	8,335		NuStar Logistics, LP‡ 12.324%, 01/15/43 3 mo. SOFR + 7.00%		211,376
					418,613
			TOTAL PREFERRED STOCKS (Cost $688,098)		634,292

NUMBER OF SHARES			VALUE
WARRANTS (0.0%)#
		Energy (0.0%)
	13,401	Mcdermott International, Ltd.& 06/30/27, Strike $15.98	$	2
	12,061	Mcdermott International, Ltd. 06/30/27, Strike $12.33		1
		TOTAL WARRANTS (Cost $5,152)		3
PRINCIPAL AMOUNT			VALUE
U.S. GOVERNMENT AND AGENCY SECURITIES (0.3%)
		Other (0.3%)
	914,000	United States Treasury Note 1.750%, 03/15/25		886,848
	265,000	4.375%, 10/31/24		263,721
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $1,152,076)		1,150,569
EXCHANGE-TRADED FUNDS (7.4%)
		Other (7.4%)
	799,500	Invesco Senior Loan ETF		16,829,475
	403,500	SPDR Blackstone Senior Loan ETF^		16,938,930
		TOTAL EXCHANGE-TRADED FUNDS (Cost $33,856,045)		33,768,405
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (1.3%)#
		Communication Services (0.1%)
	705	Tencent Music Entertainment Group, Inc.
	884,775	Call, 07/19/24, Strike $10.00		215,025
		Consumer Discretionary (0.3%)
	67	Alibaba Group Holding, Ltd.
	501,495	Call, 06/21/24, Strike $85.00		8,006
	282	Dr Horton, Inc.
	4,018,218	Call, 01/17/25, Strike $175.00		159,330
	1,365	MakeMyTrip, Ltd.
	9,037,665	Call, 11/15/24, Strike $70.00		1,173,900
				1,341,236
		Energy (0.0%)
	42	Eog Resources, Inc.
	554,946	Call, 01/17/25, Strike $141.00		39,900
		Financials (0.0%)
	590	ICICI Bank, Ltd.
	1,624,270	Call, 08/16/24, Strike $27.00		100,300

See accompanying Notes to Schedule of Investments

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109

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			Health Care (0.1%)
	535		Boston Scientific Corp.
	3,845,045		Call, 11/15/24, Strike $70.00	$	411,950
	160		Icon, PLC
	4,766,080		Call, 11/15/24, Strike $360.00		135,200
					547,150
			Industrials (0.1%)
	290	EUR	Schneider Electric, SE
	1,325,300		Call, 12/20/24, Strike 220.00		467,946
	240	CHF	Swatch Group, AG
	25,128		Call, 09/20/24, Strike 200.00		20,691
					488,637
			Information Technology (0.1%)
	212		Cadence Design Systems, Inc.
	5,843,356		Call, 01/17/25, Strike $335.00		252,280
	53
	1,460,839		Call, 11/15/24, Strike $300.00		97,255
					349,535
			Other (0.6%)
	745		Coupang, Inc.
	1,676,250		Call, 08/16/24, Strike $21.00		230,950
	820		Invesco QQQ Trust Series 1
	34,816,380		Put, 06/28/24, Strike $440.00		1,653,940
	815
	34,604,085		Put, 12/20/24, Strike $344.78		394,867
	88
	3,736,392		Put, 09/30/24, Strike $420.00		139,744
	690		SPDR S&P 500 ETF Trust
	34,636,620		Put, 12/20/24, Strike $410.00		274,965
	140	EUR	TotalEnergies, SE
	1,034,872		Call, 06/21/24, Strike 60.00		139,062
					2,833,528
			TOTAL PURCHASED OPTIONS (Cost $7,970,893)		5,915,311
			TOTAL INVESTMENTS (140.8%) (Cost $745,748,132)		645,470,154
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-15.3%)					(70,000,000	)
LIABILITIES, LESS OTHER ASSETS (-25.5%)					(117,121,636	)
NET ASSETS (100.0%)				$	458,348,518
WRITTEN OPTIONS (-0.1%)#
			Financials (0.0%)
	442		Morgan Stanley
	4,015,128		Call, 09/20/24, Strike $100.00		(102,102	)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			Health Care (-0.1%)
	23	GBP	Astrazeneca, PLC
	1,745,240		Call, 09/20/24, Strike 117.50	$	(247,161	)
			Other (0.0%)
	88		Invesco QQQ Trust Series 1
	3,736,392		Put, 09/30/24, Strike $380.00		(49,456	)
			TOTAL WRITTEN OPTIONS (Premium $164,769)	$	(398,719	)

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $30,583,062.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $242,957,941.

@ In default status and considered non-income producing.

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

& Illiquid security.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

§ Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

# Non-income producing security.

ABBREVIATION

ADR American Depositary Receipt

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
110

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

FOREIGN CURRENCY ABBREVIATIONS

AED UAE Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

PHP Philippine Peso

SAR Saudi Riyal

SEK Swedish Krona

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

ZAR South African Rand

CURRENCY EXPOSURE
APRIL 30, 2024

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	443,277,574		68.7	%
European Monetary Unit		49,773,895		7.7	%
Indian Rupee		26,262,660		4.1	%
Japanese Yen		23,092,151		3.6	%
British Pound Sterling		22,753,031		3.5	%
New Taiwan Dollar		18,582,898		2.9	%
Hong Kong Dollar		16,095,759		2.5	%
South Korean Won		13,735,810		2.1	%
Canadian Dollar		12,662,962		2.0	%
Chinese Yuan Renminbi		3,948,667		0.6	%
Norwegian Krone		3,202,973		0.5	%
Indonesian Rupiah		2,974,854		0.4	%
Swiss Franc		2,196,876		0.3	%
Mexican Peso		1,840,112		0.3	%
Thai Baht		1,124,373		0.2	%
Brazilian Real		1,084,926		0.2	%
UAE Dirham		547,146		0.1	%
Saudi Riyal		533,730		0.1	%
Philippine Peso		463,747		0.1	%
Swedish Krona		353,648		0.1	%
Turkish Lira		247,421		—	%
Australian Dollar		197,494		—	%
South African Rand		118,728		—	%
Total Investments Net of Written Options	$	645,071,435		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
111

Global Dynamic Income Fund Schedule of Investments April 30, 2024 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2024 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	154,503	$	—	$	154,503
Corporate Bonds		—		66,196,275		—		66,196,275
Convertible Bonds		—		140,831,777		—		140,831,777
Bank Loans		—		32,974,869		—		32,974,869
Convertible Preferred Stocks		7,388,935		57,875		—		7,446,810
Common Stocks		215,434,181		140,963,159		—		356,397,340
Preferred Stocks		508,928		125,364		—		634,292
Warrants		—		3		—		3
U.S. Government and Agency Securities		—		1,150,569		—		1,150,569
Exchange-Traded Funds		33,768,405		—		—		33,768,405
Purchased Options		5,915,311		—		—		5,915,311
Total	$	263,015,760	$	382,454,394	$	—	$	645,470,154
Liabilities:
Written Options	$	398,719	$	—	$	—	$	398,719
Total	$	398,719	$	—	$	—	$	398,719

SECTOR WEIGHTINGS

Information Technology	20.5	%
Consumer Discretionary	15.3
Industrials	12.5
Financials	10.0
Health Care	8.6
Communication Services	6.9
Energy	5.6
Other	5.4
Consumer Staples	4.6
Materials	3.0
Real Estate	1.4
Utilities	0.9
Airlines	0.4
Special Purpose Acquisition Companies	0.1

Sector weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

ASSET ALLOCATION

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
112

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
CORPORATE BONDS (12.9%)
		Airlines (0.2%)
	39,910	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29	$	38,751
	17,700	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		17,901
	47,575	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		43,131
	22,000	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		21,768
	41,071	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		37,321
	37,784	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		38,679
				197,551
		Communication Services (1.2%)
	55,000	APi Group DE, Inc.* 4.750%, 10/15/29		50,108
	57,000	Audacy Capital Corp.*@ 6.750%, 03/31/29		2,012
	27,000	6.500%, 05/01/27		964
	36,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		32,852
	25,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		24,529
	20,000	9.000%, 09/15/28		20,588
	65,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		56,452
	200,000	CSC Holdings, LLC* 5.500%, 04/15/27		164,172
	43,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		40,106
	45,000	Frontier California, Inc. 6.750%, 05/15/27		42,886
	11,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		11,210
	85,000	Frontier Florida, LLC@ 6.860%, 02/01/28		80,983
	65,000	Frontier North, Inc.@ 6.730%, 02/15/28		61,649
	40,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		35,538
	13,000	5.250%, 12/01/27		12,568
	10,000	Hughes Satellite Systems Corp. 6.625%, 08/01/26		5,761

PRINCIPAL AMOUNT			VALUE
	25,000	iHeartCommunications, Inc. 8.375%, 05/01/27	$	13,325
	15,000	5.250%, 08/15/27*^		11,023
	37,759	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		6,258
	35,000	Lumen Technologies, Inc. 7.600%, 09/15/39		10,712
	20,000	4.000%, 02/15/27*		10,648
	10,000	7.650%, 03/15/42		3,062
	22,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		18,186
	25,000	Nexstar Media, Inc.* 5.625%, 07/15/27		23,528
	45,000	Paramount Global 4.900%, 08/15/44		31,548
	14,000	Qwest Corp. 7.250%, 09/15/25		13,876
	23,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		17,020
	11,000	5.375%, 01/15/31		6,514
	40,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		31,624
	65,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		60,615
	43,000	4.000%, 07/15/28		38,337
	20,000	3.125%, 09/01/26		18,675
	11,000	3.875%, 09/01/31^		8,850
	41,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		19,543
	110,000	Sprint, LLC 7.125%, 06/15/24		110,152
	45,000	Stagwell Global, LLC* 5.625%, 08/15/29		40,367
	22,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		10,068
	15,000	Time Warner Cable, LLC 7.300%, 07/01/38		14,569
	54,000	United States Cellular Corp. 6.700%, 12/15/33		52,727
	45,000	Univision Communications, Inc.* 8.000%, 08/15/28		45,106
	20,000	Viasat, Inc.*^ 5.625%, 04/15/27		18,336
				1,277,047
		Consumer Discretionary (2.6%)
	53,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		53,451
	40,000	Adams Homes, Inc.* 9.250%, 10/15/28		41,352
	35,000	Adient Global Holdings Company*^ 8.250%, 04/15/31		36,381

See accompanying Notes to Schedule of Investments

www.calamos.com
113

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	35,000	American Axle & Manufacturing, Inc.^ 5.000%, 10/01/29	$	31,598
	39,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 6.625%, 01/15/28		38,943
	38,000	4.625%, 08/01/29		34,422
	53,000	At Home Group, Inc.* 4.875%, 07/15/28		25,197
	57,000	Bath & Body Works, Inc. 6.694%, 01/15/27		57,441
	35,000	6.875%, 11/01/35		34,848
	28,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29^		24,984
	21,000	8.125%, 07/01/27		21,327
	22,000	Carnival Corp.* 4.000%, 08/01/28		20,100
	21,000	7.625%, 03/01/26		21,142
	3,000	7.000%, 08/15/29^		3,083
	8,510	Carvana Company* 14.000%, 06/01/31		8,542
	6,355	13.000%, 06/01/30		6,314
	4,218	12.000%, 12/01/28		4,132
	95,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		89,192
	90,000	4.500%, 08/15/30		73,263
	50,000	6.375%, 09/01/29		45,836
	50,000	4.750%, 03/01/30		41,627
	46,000	4.250%, 02/01/31		36,152
	22,000	4.750%, 02/01/32		17,317
	20,000	5.000%, 02/01/28		18,239
	22,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		20,994
	39,000	Cedar Fair, LP 5.250%, 07/15/29		36,455
	23,000	Churchill Downs, Inc.* 6.750%, 05/01/31		22,846
	40,000	Dana, Inc. 4.250%, 09/01/30		34,758
	32,000	4.500%, 02/15/32		27,152
	45,000	DISH DBS Corp. 5.125%, 06/01/29		18,183
	30,000	7.375%, 07/01/28		13,466
	30,000	5.250%, 12/01/26*		23,663
	26,000	7.750%, 07/01/26		16,400
	25,000	5.750%, 12/01/28*		16,968
	46,000	DISH Network Corp.* 11.750%, 11/15/27		46,421
	47,000	Everi Holdings, Inc.* 5.000%, 07/15/29		46,167
	175,000	Ford Motor Company 6.100%, 08/19/32		171,715
	200,000	Ford Motor Credit Company, LLC 2.900%, 02/16/28		178,092
	16,000	Gap, Inc.* 3.875%, 10/01/31		13,089

PRINCIPAL AMOUNT			VALUE
	20,000	General Motors Company 5.200%, 04/01/45	$	17,135
	75,000	goeasy, Ltd.* 9.250%, 12/01/28		79,388
	41,000	7.625%, 07/01/29		41,067
	20,000	Goodyear Tire & Rubber Company 5.625%, 04/30/33		17,601
	20,000	5.250%, 07/15/31^		17,718
	19,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		17,333
	45,000	Guitar Center, Inc.*^& 8.500%, 01/15/26		39,793
	11,597	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		11,718
	45,000	Kohl's Corp. 5.550%, 07/17/45		30,906
	45,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		46,833
	45,000	Liberty Interactive, LLC 8.250%, 02/01/30		24,999
	43,000	Life Time, Inc.* 8.000%, 04/15/26		43,072
	20,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		20,410
	15,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		15,729
	28,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		27,787
	30,000	M/I Homes, Inc. 3.950%, 02/15/30		26,054
	53,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		44,669
	35,000	4.300%, 02/15/43		27,686
	55,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		50,306
	25,000	Newell Brands, Inc. 5.700%, 04/01/26		24,663
	23,000	Nordstrom, Inc. 4.250%, 08/01/31		19,854
	20,000	6.950%, 03/15/28		19,874
	20,000	5.000%, 01/15/44		15,197
	67,000	Patrick Industries, Inc.* 4.750%, 05/01/29		60,965
	50,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		41,906
	21,000	Phinia, Inc.* 6.750%, 04/15/29		21,090
	60,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		44,831
	20,000	QVC, Inc. 5.450%, 08/15/34		13,139

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
114

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	20,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29	$	21,467
	91,000	Rite Aid Corp.*@ 8.000%, 11/15/26		58,725
	23,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		23,696
	6,000	6.250%, 03/15/32		5,916
	63,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		54,495
	65,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		64,923
	50,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		44,799
	36,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		33,975
	40,000	Station Casinos, LLC* 4.500%, 02/15/28		37,130
	45,000	STL Holding Company, LLC* 8.750%, 02/15/29		46,287
	31,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		30,219
	10,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		10,734
	50,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		49,423
				2,814,764
		Consumer Staples (0.6%)
	52,000	1375209 B.C., Ltd.*^ 9.000%, 01/30/28		51,110
	67,000	Arrow Bidco, LLC* 10.750%, 06/15/25		69,114
	40,000	B&G Foods, Inc.* 8.000%, 09/15/28		41,513
	51,000	Central Garden & Pet Company* 4.125%, 04/30/31		44,264
	53,000	Edgewell Personal Care Company* 4.125%, 04/01/29		48,065
	59,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		52,186
	10,000	6.500%, 12/31/27^		9,912
	65,000	JBS USA Holding LUX Sarl / JBS USA Food Company / JBS LUX Company Sarl 5.500%, 01/15/30^		62,798
	25,000	5.125%, 02/01/28^		24,309
	15,000	5.750%, 04/01/33		14,363
	33,000	New Albertsons, LP 7.750%, 06/15/26		33,987
	43,000	Performance Food Group, Inc.* 4.250%, 08/01/29		38,558
	35,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		30,997

PRINCIPAL AMOUNT			VALUE
	23,000	Post Holdings, Inc.* 6.250%, 02/15/32	$	22,750
	42,000	Prestige Brands, Inc.* 3.750%, 04/01/31		35,784
	35,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		26,906
	50,000	Vector Group, Ltd.* 5.750%, 02/01/29		45,499
				652,115
		Energy (1.7%)
	24,000	Antero Resources Corp.* 5.375%, 03/01/30		22,837
	45,000	Apache Corp. 5.100%, 09/01/40		37,476
	25,000	Buckeye Partners, LP 5.850%, 11/15/43		20,932
	23,000	Cheniere Energy, Inc. 4.625%, 10/15/28		22,007
	32,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		32,036
	58,000	Civitas Resources, Inc.* 8.750%, 07/01/31		61,724
	23,000	Continental Resources, Inc. 2.875%, 04/01/32*		18,388
	20,000	4.900%, 06/01/44		16,126
	32,000	DT Midstream, Inc.* 4.125%, 06/15/29		29,009
	39,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		40,131
	15,000	9.875%, 07/15/31		16,599
	25,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		24,607
	25,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		25,467
	65,000	Energy Transfer, LP‡ 8.606%, 11/01/66 3 mo. USD Term SOFR + 3.28%		59,043
	32,000	6.500%, 11/15/26 5 year CMT + 5.69%		31,084
	60,000	EnLink Midstream Partners, LP 9.701%, 05/31/24‡ 3 mo. USD LIBOR + 4.11%		59,254
	50,000	4.850%, 07/15/26		48,749
	31,000	Enlink Midstream, LLC* 6.500%, 09/01/30		31,399
	70,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		71,319
	20,000	6.375%, 04/01/29		19,872
	31,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		32,114
	18,000	6.250%, 05/15/26		17,871

See accompanying Notes to Schedule of Investments

www.calamos.com
115

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	40,000	Gulfport Energy Corp. 8.000%, 05/17/26*	$	40,602
	13,792	8.000%, 05/17/26^		14,000
	60,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		57,653
	32,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		31,630
	45,000	Kodiak Gas Services, LLC* 7.250%, 02/15/29		45,535
	44,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		43,416
	31,000	Matador Resources Company* 6.500%, 04/15/32		30,747
	25,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		25,598
	25,000	7.500%, 01/15/26		24,973
	35,000	Nabors Industries, Inc.* 7.375%, 05/15/27		34,715
	15,000	9.125%, 01/31/30^		15,526
	35,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		33,212
	26,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		25,725
	45,000	Oceaneering International, Inc. 6.000%, 02/01/28		43,375
	45,000	Parkland Corp.* 5.875%, 07/15/27		44,017
	23,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		21,982
	12,000	Permian Resources Operating LLC* 7.000%, 01/15/32		12,261
	50,000	Plains All American Pipeline, LP‡ 9.679%, 05/31/24 3 mo. USD LIBOR + 4.11%		49,828
	60,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		55,493
	21,000	Southwestern Energy Company 4.750%, 02/01/32		18,936
	58,500	Transocean, Inc.* 8.750%, 02/15/30		61,061
	25,000	8.250%, 05/15/29		24,865
	30,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		29,743
	10,000	4.125%, 08/15/31		8,759
	10,000	3.875%, 08/15/29		8,836
	55,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		56,487
	35,000	8.125%, 06/01/28		35,828
	20,000	9.875%, 02/01/32		21,344
	20,000	9.500%, 02/01/29		21,514
	25,000	Vital Energy, Inc. 7.750%, 07/31/29*^		25,185
	23,000	7.875%, 04/15/32*		23,364
	15,000	9.750%, 10/15/30		16,358

PRINCIPAL AMOUNT			VALUE
	45,000	VOC Escrow, Ltd.* 5.000%, 02/15/28	$	42,949
	50,000	Weatherford International, Ltd.* 8.625%, 04/30/30		51,944
				1,835,505
		Financials (2.0%)
	65,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		64,601
	67,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		67,543
	75,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		73,702
	50,000	7.000%, 01/15/31		50,306
	49,000	Ally Financial, Inc. 4.700%, 05/15/26‡ ‡‡ 5 year CMT + 3.87%		41,629
	20,000	8.000%, 11/01/31		21,675
	20,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		15,500
	86,000	AmWINS Group, Inc.* 4.875%, 06/30/29		78,294
	33,000	Aviation Capital Group, LLC*^ 3.500%, 11/01/27		30,401
	23,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		23,566
	68,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		62,045
	50,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		44,795
	40,000	Credit Acceptance Corp. 6.625%, 03/15/26^		39,904
	30,000	9.250%, 12/15/28*		31,837
	45,000	Cushman & Wakefield U.S. Borrower LLC* 8.875%, 09/01/31		46,825
	58,000	Enact Holdings, Inc.* 6.500%, 08/15/25		57,975
	50,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		51,374
	56,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		47,696
	25,000	HAT Holdings I LLC / HAT Holdings II LLC* 8.000%, 06/15/27		25,673
	66,000	HUB International, Ltd.* 5.625%, 12/01/29		60,898
	23,000	7.375%, 01/31/32		22,905
	31,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		26,122

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
116

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	100,000	ILFC E-Capital Trust II*‡ 7.395%, 12/21/65 3 mo. USD LIBOR + 1.80%	$	79,896
	90,000	Iron Mountain, Inc.* 5.250%, 03/15/28		86,231
	88,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		86,559
	47,000	4.750%, 06/15/29		42,036
	40,000	LD Holdings Group, LLC* 6.125%, 04/01/28		30,366
	45,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		17,606
	20,000	4.625%, 09/15/27		11,795
	30,000	LPL Holdings, Inc.* 4.000%, 03/15/29		27,239
	40,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		41,928
	70,000	MetLife, Inc. 6.400%, 12/15/66		69,827
	60,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		56,478
	50,000	Navient Corp. 5.000%, 03/15/27		47,226
	20,000	4.875%, 03/15/28		18,103
	30,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		25,617
	20,000	Newmark Group, Inc.* 7.500%, 01/12/29		20,221
	30,000	OneMain Finance Corp. 9.000%, 01/15/29		31,538
	30,000	3.875%, 09/15/28		26,472
	22,000	7.125%, 03/15/26^		22,215
	73,000	PHH Mortgage Corp.* 7.875%, 03/15/26		70,205
	50,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		46,073
	40,000	6.500%, 04/01/32		39,252
	20,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		17,038
	20,000	3.625%, 03/01/29		17,665
	10,000	2.875%, 10/15/26		9,201
	55,000	StoneX Group, Inc.* 7.875%, 03/01/31		55,659
	43,000	8.625%, 06/15/25		43,175
	52,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		48,407
	20,000	5.750%, 06/15/27		19,221
	25,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		20,118
	22,000	10.500%, 02/15/28		22,853

PRINCIPAL AMOUNT			VALUE
	47,000	XHR, LP* 6.375%, 08/15/25	$	46,981
				2,182,467
		Health Care (1.2%)
	95,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28^		74,417
	16,000	14.000%, 10/15/30		10,338
	16,000	6.125%, 02/01/27^		11,748
	88,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		62,325
	30,000	8.000%, 03/15/26		29,899
	25,000	10.875%, 01/15/32		25,642
	25,000	6.875%, 04/15/29		18,566
	5,000	5.250%, 05/15/30		4,099
	52,000	DaVita, Inc.* 3.750%, 02/15/31		42,862
	49,000	4.625%, 06/01/30		43,046
	33,000	Embecta Corp.* 5.000%, 02/15/30^		25,462
	11,000	6.750%, 02/15/30		9,461
	20,000	Encompass Health Corp. 4.750%, 02/01/30		18,380
	20,000	4.500%, 02/01/28		18,814
	52,000	HCA, Inc. 7.500%, 11/06/33		56,726
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		183,236
	55,000	Medline Borrower, LP* 3.875%, 04/01/29		49,264
	53,000	5.250%, 10/01/29		49,388
	200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		173,104
	62,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		57,738
	120,000	Tenet Healthcare Corp. 6.250%, 02/01/27		119,747
	70,000	6.875%, 11/15/31		72,461
	190,000	Teva Pharmaceutical Finance Netherlands III, BV 3.150%, 10/01/26		176,121
				1,332,844
		Industrials (1.9%)
	45,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		45,405
	50,000	ACCO Brands Corp.* 4.250%, 03/15/29		43,637
	50,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		43,301
	75,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		71,712
	30,000	5.875%, 02/15/28		29,426

See accompanying Notes to Schedule of Investments

www.calamos.com
117

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	30,000	Allegiant Travel Company*^ 7.250%, 08/15/27	$	29,060
	25,000	Arcosa, Inc.* 4.375%, 04/15/29		22,887
	200,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		55,824
	34,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		30,431
	20,000	Boeing Company* 6.388%, 05/01/31		20,146
	25,000	Bombardier, Inc.* 8.750%, 11/15/30		26,616
	20,000	7.875%, 04/15/27		19,938
	13,000	7.250%, 07/01/31		13,051
	44,000	BWX Technologies, Inc.* 4.125%, 04/15/29		40,135
	48,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		45,252
	11,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		10,668
	58,000	Deluxe Corp.* 8.000%, 06/01/29		52,688
	43,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		43,365
	68,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		67,591
	25,000	EnerSys* 4.375%, 12/15/27		23,439
	20,000	6.625%, 01/15/32		19,946
	15,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		15,295
	25,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		22,630
	30,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		28,782
	20,000	3.500%, 03/01/29		17,720
	51,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		43,080
	101,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		89,488
	59,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		55,462
	65,000	Herc Holdings, Inc.* 5.500%, 07/15/27		63,218
	50,000	IEA Energy Services, LLC* 6.625%, 08/15/29		47,727
	34,000	JELD-WEN, Inc.* 4.625%, 12/15/25		33,200
	25,000	4.875%, 12/15/27		23,768
	70,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		65,218

PRINCIPAL AMOUNT			VALUE
	45,000	Knife River Holding Company* 7.750%, 05/01/31	$	46,835
	11,000	MasTec, Inc.*^ 4.500%, 08/15/28		10,287
	6,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower, LLC* 6.750%, 04/01/32		5,963
	33,000	Moog, Inc.* 4.250%, 12/15/27		30,880
	55,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		41,333
	52,000	Novelis Corp.* 4.750%, 01/30/30		47,489
	15,000	OI European Group, BV* 4.750%, 02/15/30		13,732
	50,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		46,512
	35,000	Sealed Air Corp.* 6.125%, 02/01/28		34,612
	11,000	5.000%, 04/15/29		10,358
	10,000	Sealed Air Corp./Sealed Air Corp. U.S.*^ 7.250%, 02/15/31		10,201
	40,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		33,890
	33,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		22,731
	20,000	5.500%, 03/01/30^		13,872
	50,000	Standard Industries, Inc.* 5.000%, 02/15/27		48,255
	35,000	Stericycle, Inc.* 3.875%, 01/15/29		31,294
	45,000	TransDigm, Inc.* 6.875%, 12/15/30		45,342
	35,000	6.750%, 08/15/28		35,167
	29,000	6.625%, 03/01/32		28,998
	15,000	7.125%, 12/01/31		15,307
	25,000	Tronox, Inc.* 4.625%, 03/15/29		22,386
	17,249	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		15,933
	44,000	Vertiv Group Corp.* 4.125%, 11/15/28		40,775
	46,000	Wabash National Corp.* 4.500%, 10/15/28		41,405
	35,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		34,287
	27,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		24,975
	20,000	7.375%, 10/01/31		20,446
				2,033,371

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
118

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Information Technology (0.7%)
	11,000	Booz Allen Hamilton, Inc.*^ 4.000%, 07/01/29	$	10,092
	80,000	Clarivate Science Holdings Corp.* 3.875%, 07/01/28		72,942
	39,000	Clear Channel Worldwide Holdings, Inc.* 5.125%, 08/15/27		36,195
	23,000	Coherent Corp.* 5.000%, 12/15/29		21,243
	40,000	CommScope, Inc.*^ 4.750%, 09/01/29		27,970
	21,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		21,129
	22,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		20,050
	26,000	Fair Isaac Corp.* 4.000%, 06/15/28		23,984
	50,000	KBR, Inc.* 4.750%, 09/30/28		46,716
	50,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		36,823
	20,000	5.500%, 09/01/28		16,339
	20,000	NCL Corp., Ltd.* 8.125%, 01/15/29		20,849
	22,000	NCR Voyix Corp.* 5.125%, 04/15/29		20,235
	34,000	ON Semiconductor Corp.* 3.875%, 09/01/28		30,863
	39,000	Open Text Corp.* 3.875%, 02/15/28		35,628
	20,000	6.900%, 12/01/27		20,460
	16,000	3.875%, 12/01/29		14,029
	16,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		13,737
	37,000	Playtika Holding Corp.* 4.250%, 03/15/29		31,871
	60,000	TTM Technologies, Inc.* 4.000%, 03/01/29		53,758
	30,000	Twilio, Inc. 3.625%, 03/15/29		26,648
	11,000	3.875%, 03/15/31		9,539
	17,000	UKG, Inc.* 6.875%, 02/01/31		17,040
	55,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		46,549
	50,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		44,216
				718,905
		Materials (0.5%)
	25,000	ArcelorMittal, SA^ 7.000%, 10/15/39		26,466

PRINCIPAL AMOUNT			VALUE
	27,000	ATI, Inc. 5.875%, 12/01/27	$	26,523
	12,000	Carpenter Technology Corp. 7.625%, 03/15/30		12,260
	45,000	Chemours Company* 4.625%, 11/15/29		38,598
	65,000	Clearwater Paper Corp.* 4.750%, 08/15/28		59,114
	34,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		33,222
	22,000	Commercial Metals Company 4.125%, 01/15/30		19,763
	11,000	4.375%, 03/15/32		9,703
	23,000	HB Fuller Company 4.250%, 10/15/28		21,253
	40,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		40,395
	40,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		37,299
	10,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		9,327
	48,000	Mercer International, Inc. 5.125%, 02/01/29^		41,979
	20,000	12.875%, 10/01/28*		21,855
	35,000	Owens-Brockway Glass Container, Inc.*^ 7.250%, 05/15/31		35,099
	25,000	6.625%, 05/13/27		25,008
	56,000	Silgan Holdings, Inc. 4.125%, 02/01/28		52,286
	21,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		5,437
				515,587
		Other (0.0%)
	25,000	Gen Digital, Inc.* 6.750%, 09/30/27		25,107
	15,000	7.125%, 09/30/30^		15,180
				40,287
		Real Estate (0.1%)
	34,000	EPR Properties 3.750%, 08/15/29		29,582
	38,000	Forestar Group, Inc.* 5.000%, 03/01/28		36,129
	21,000	3.850%, 05/15/26		19,964
	50,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		45,295
	20,000	Service Properties Trust 5.250%, 02/15/26		19,251
				150,221

See accompanying Notes to Schedule of Investments

www.calamos.com
119

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
			Special Purpose Acquisition Companies (0.1%)
	45,000		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30	$	39,232
	23,000		4.625%, 01/15/29		20,823
	50,000		W.R. Grace Holding, LLC* 7.375%, 03/01/31		50,753
					110,808
			Utilities (0.1%)
	16,000		PPL Capital Funding, Inc.‡ 8.236%, 03/30/67 3 mo. USD LIBOR + 2.67%		15,878
	20,000		Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		19,696
	10,000		8.000%, 10/15/26 5 year CMT + 6.93%		10,114
					45,688
			TOTAL CORPORATE BONDS (Cost $13,628,112)		13,907,160
CONVERTIBLE BONDS (29.3%)
			Communication Services (2.0%)
	44,000		Cable One, Inc.µ 0.000%, 03/15/26		38,054
	580,000		Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		604,088
	1,484,000		Sea, Ltd. 2.375%, 12/01/25		1,561,420
					2,203,562
			Consumer Discretionary (6.1%)
	1,660,000	EUR	Accor, SA 0.700%, 12/07/27		905,086
	90,000,000	JPY	Daiwa House Ind Company, Ltd. 0.000%, 03/30/29		571,357
	63,000		DISH Network Corp.µ 0.000%, 12/15/25		46,242
	3,160,000		Ford Motor Company 0.000%, 03/15/26		3,154,533
	730,000		IMAX Corp. 0.500%, 04/01/26		682,572
	685,000		Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		637,290
	500,000	GBP	WH Smith, PLC 1.625%, 05/07/26		571,476
					6,568,556
			Consumer Staples (2.2%)
	700,000	EUR	Fomento Economico Mexicano SAB de CV 2.625%, 02/24/26		745,980

PRINCIPAL AMOUNT				VALUE
	955,000		Post Holdings, Inc. 2.500%, 08/15/27	$	1,070,650
	915,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		609,205
					2,425,835
			Energy (1.8%)
	1,500,000	EUR	Eni S.p.A 2.950%, 09/14/30		1,662,848
	400,000		Nabors Industries, Inc.µ 1.750%, 06/15/29		293,616
					1,956,464
			Financials (0.8%)
	820,000		Global Payments, Inc.*^ 1.500%, 03/01/31		817,925
			Health Care (0.4%)
	425,000		iRhythm Technologies, Inc.* 1.500%, 09/01/29		431,145
			Industrials (7.2%)
	1,000,000	EUR	Prysmian S.p.A 0.000%, 02/02/26		1,383,199
	1,000,000	EUR	Rheinmetall, AG 1.875%, 02/07/28		1,827,613
	1,100,000	EUR	SPIE, SA 2.000%, 01/17/28		1,361,044
	798,000		Tetra Tech, Inc.*^ 2.250%, 08/15/28		906,520
	1,990,000		Uber Technologies, Inc.*~ 0.875%, 12/01/28		2,248,401
					7,726,777
			Information Technology (6.1%)
	835,000		Block, Inc. 0.125%, 03/01/25		826,984
	700,000	EUR	GlobalWafers GmbH 1.500%, 01/23/29		719,669
	200,000		Hon Hai Precision Industry Company, Ltd. 0.000%, 08/05/26		196,120
	7,000,000	HKD	Kingsoft Corp, Ltd. 0.625%, 04/29/25		931,278
	370,000		NCL Corp., Ltd. 5.375%, 08/01/25		454,930
	1,049,000		Parsons Corp.* 2.625%, 03/01/29		1,100,149
	100,000,000	JPY	Rohm Company, Ltd. 0.000%, 12/05/24		632,400
	965,000		Spotify USA, Inc.µ 0.000%, 03/15/26		899,255
	850,000		Super Micro Computer, Inc.* 0.000%, 03/01/29		869,312
					6,630,097

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
120

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
			Materials (1.9%)
	1,000,000		Glencore Funding, LLC 0.000%, 03/27/25	$	1,076,940
	600,000		LG Chem, Ltd. 1.250%, 07/18/28		569,916
	476,000		Lithium Americas Corp. 1.750%, 01/15/27		362,621
					2,009,477
			Other (0.0%)
	20,000		Multiplan Corp.*µ 6.000%, 10/15/27		14,248
			Real Estate (0.8%)
	800,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		903,091
			TOTAL CONVERTIBLE BONDS (Cost $33,812,906)		31,687,177
BANK LOANS (7.0%)¡
			Airlines (0.4%)
	300,000		Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%		302,437
	29,250		Mileage Plus Holdings, LLC‡ 10.733%, 06/21/27 3 mo. SOFR + 5.25%		30,067
	140,000		United Airlines, Inc.‡ 8.076%, 02/22/31 3 mo. SOFR + 2.75%		140,766
					473,270
			Communication Services (0.7%)
	250,000		APi Group DE, Inc. ‡ 7.930%, 01/03/29 1 mo. SOFR + 2.50%		251,229
	1,614		Audacy Capital Corp.‡ 11.430%, 08/19/24 3 mo. SOFR + 6.11%		1,618
	43,000		Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 0.00%		23,306
	248,128		Go Daddy Operating Company, LLC‡ 7.316%, 11/09/29 1 mo. SOFR + 2.00%		248,520
	250,000		Virgin Media Bristol, LLC‡ 7.936%, 01/31/28 1 mo. SOFR + 2.50%		245,719
					770,392
			Consumer Discretionary (1.9%)
	250,000		Adient U.S., LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		251,406

PRINCIPAL AMOUNT			VALUE
	267,448	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%	$	269,161
	249,375	Flutter Financing, BV‡ 7.559%, 11/25/30 3 mo. SOFR + 2.25%		250,132
	250,000	Installed Building Products, Inc.‡ 7.316%, 03/28/31 1 mo. SOFR + 2.00%		251,211
	248,737	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%		249,601
	248,082	Murphy USA, Inc.‡ 7.192%, 01/31/28 1 mo. SOFR + 1.75%		249,229
	248,106	PENN Entertainment, Inc.‡ 8.166%, 05/03/29 1 mo. SOFR + 2.75%		248,739
	160,000	Station Casinos, LLC! 0.000%, 03/14/31		160,207
	140,000	Station Casinos, LLC‡ 7.566%, 03/14/31 1 mo. SOFR + 2.25%		140,181
				2,069,867
		Consumer Staples (0.3%)
	99,375	Amneal Pharmaceuticals, LLC‡ 10.816%, 05/04/28 1 mo. SOFR + 5.50%		99,593
	247,877	Jazz Financing Lux Sarl‡ 8.430%, 05/05/28 1 mo. SOFR + 3.00%		249,621
				349,214
		Energy (0.1%)
	60,000	Par Petroleum, LLC! 0.000%, 02/28/30		60,281
		Financials (0.1%)
	45,000	Advisor Group, Inc.! 0.000%, 08/17/28		45,327
	9,975	Advisor Group, Inc.‡ 9.816%, 08/17/28 1 mo. SOFR + 4.50%		10,048
				55,375
		Health Care (1.5%)
	177,495	Avantor Funding, Inc.‡ 7.416%, 11/08/27 1 mo. SOFR + 2.00%		178,340
	247,923	Elanco Animal Health, Inc.‡ 7.177%, 08/01/27 1 mo. SOFR + 1.75%		247,789
	545,946	Icon Luxembourg Sarl‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		548,861

See accompanying Notes to Schedule of Investments

www.calamos.com
121

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	250,000	Organon & Company‡ 8.433%, 06/02/28 1 mo. SOFR + 3.00%	$	251,680
	248,737	Perrigo Investments, LLC‡ 7.666%, 04/20/29 1 mo. SOFR + 2.25%		248,816
	136,023	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		136,749
				1,612,235
		Industrials (0.9%)
	248,103	Beacon Roofing Supply, Inc.‡ 7.316%, 05/19/28 1 mo. SOFR + 2.00%		249,188
	248,750	ChampionX Corp.‡ 8.168%, 06/07/29 1 mo. SOFR + 2.75%		250,149
	248,103	JELD-WEN, Inc.‡ 7.430%, 07/28/28 1 mo. SOFR + 2.00%		249,064
	5,000	MI Windows & Doors, LLC‡ 8.816%, 03/21/31 1 mo. SOFR + 3.50%		5,029
	248,747	TransDigm, Inc.‡ 8.059%, 08/24/28 3 mo. SOFR + 2.75%		250,273
				1,003,703
		Information Technology (0.8%)
	45,730	Banff Merger Sub, Inc.‡ 9.566%, 12/29/28 1 mo. SOFR + 4.25%		46,067
	237,240	II-VI, Inc.‡ 7.829%, 07/02/29 1 mo. SOFR + 2.50%		238,648
	230,594	Open Text Corp.‡ 8.166%, 01/31/30 1 mo. SOFR + 2.75%		231,525
	147,488	SS&C Technologies, Inc.‡ 7.666%, 03/22/29 1 mo. SOFR + 2.25%		147,974
	62,326	SS&C Technologies, Inc.‡ 7.666%, 03/22/29 1 mo. SOFR + 2.25%		62,531
	158,800	TTM Technologies, Inc.‡ 8.077%, 05/30/30 1 mo. SOFR + 2.75%		159,098
				885,843
		Materials (0.3%)
	262,792	Axalta Coating Systems U.S. Holdings, Inc.‡ 7.330%, 12/20/29 3 mo. SOFR + 2.00%		263,845

PRINCIPAL AMOUNT				VALUE
	29,850		Chemours Company‡ 8.817%, 08/18/28 1 mo. SOFR + 3.50%	$	29,878
					293,723
			TOTAL BANK LOANS (Cost $7,569,431)		7,573,903
NUMBER OF SHARES				VALUE
WARRANTS (0.0%)#
			Energy (0.0%)
	2,607		Mcdermott International, Ltd.& 06/30/27, Strike $15.98		—
	2,347		Mcdermott International, Ltd. 06/30/27, Strike $12.33		—
			TOTAL WARRANTS (Cost $1,002)		—
COMMON STOCKS (80.7%)
			Communication Services (6.2%)
	10,600		Alphabet, Inc. - Class A#		1,725,468
	925		Altice USA, Inc. - Class A^#		1,785
	1,050		Baidu, Inc. (ADR)µ#		108,570
	310		Cumulus Media, Inc. - Class Aµ#		815
	1,895	SEK	Hemnet Group, AB		49,249
	1,250		Meta Platforms, Inc. - Class Aµ		537,713
	1,110		Netflix, Inc.µ#		611,210
	288	EUR	Scout24, SE*		21,156
	3,335		Spotify Technology, SAµ#		935,267
	27,000	HKD	Tencent Holdings, Ltd.		1,184,846
	15,060		Tencent Holdings, Ltd. (ADR)^		658,875
	22,390	GBP	Trustpilot Group, PLC*#		52,871
	7,610		Walt Disney Companyµ~		845,471
					6,733,296
			Consumer Discretionary (12.5%)
	97,200		ADT, Inc.µ		631,800
	37,500	HKD	Alibaba Group Holding, Ltd.		351,115
	1,745		Alibaba Group Holding, Ltd. (ADR)		130,613
	50,750	MXN	Alsea, SAB de CV#		212,412
	9,750		Amazon.com, Inc.^µ#		1,706,250
	5,535	INR	Amber Enterprises India, Ltd.#		255,952
	83,000	AED	Americana Restaurants International, PLC#		75,251
	9,604		Aptiv, PLCµ#		681,884
	975	BRL	Arezzo Industria e Comercio, SA		9,749
	565	CNY	Beijing Roborock Technology Company, Ltd. - Class A		33,009
	3,400	CNY	BYD Company, Ltd. - Class A		102,075

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
122

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
	5,700	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A	$	58,482
	310		Chipotle Mexican Grill, Inc.µ#		979,476
	4,300	INR	Dixon Technologies India, Ltd.		428,698
	1,050	EUR	Ferrari, NVµ		431,838
	44,600	CNY	Hisense Home Appliances Group Company, Ltd. - Class A		237,363
	790	KRW	Hotel Shilla Company, Ltd.		33,842
	28,821	INR	Indian Hotels Company, Ltd.		198,861
	45,700	HKD	JD.com, Inc. - Class A		658,463
	48,000	HKD	Jiumaojiu International Holdings, Ltd.*		30,147
	90,020	INR	Kalyan Jewellers India, Ltd.		445,407
	2,340	KRW	Kia Corp.		198,251
	33,500	HKD	Li Ning Company, Ltd.		87,699
	280	EUR	LVMH Moet Hennessy Louis Vuitton, SE		230,002
	8,310	INR	Mahindra & Mahindra, Ltd.		214,700
	28,910		MakeMyTrip, Ltd.^#		1,914,131
	4,780	HKD	Meituan - Class B*#		65,269
	745		MercadoLibre, Inc.µ#		1,086,731
	11,570		NIO, Inc. (ADR)#		54,610
	4,871	EUR	Prosus, NV		162,983
	64,000	HKD	Sands China, Ltd.#		150,953
	17,220	INR	Tata Motors, Ltd.		207,678
	38,700	JPY	Toyota Motor Corp.		882,692
	3,250	HKD	Yum China Holdings, Inc.µ		121,665
	23,000	HKD	Zhongsheng Group Holdings, Ltd.		41,947
	154,520	INR	Zomato, Ltd.#		357,359
					13,469,357
			Consumer Staples (4.0%)
	1,345	SEK	AAK, AB		34,595
	5,590	TRY	BIM Birlesik Magazalar, A/S		66,783
	20,850	GBP	British American Tobacco, PLC		612,078
	1,500		Constellation Brands, Inc. - Class Aµ		380,190
	1,360		Costco Wholesale Corp.µ		983,144
	18,660	MXN	Grupo Comercial Chedraui, SA de CV		137,400
	700	CNY	Kweichow Moutai Company, Ltd. - Class A		164,117
	44		Mallinckrodt, PLC#		2,332
	5,900	CHF	Nestle, SA		592,361
	20,332	BRL	Raia Drogasil, SA		100,160
	54,000	JPY	Seven & i Holdings Company, Ltd.^		697,745
	26,000	HKD	Smoore International Holdings, Ltd.*		22,644
	600	JPY	Toyo Suisan Kaisha, Ltd.		37,521
	3,820	INR	Varun Beverages, Ltd.		67,646
	7,090		Walmart, Inc.µ		420,792
	1,100	JPY	Yamazaki Baking Company, Ltd.^		26,624
					4,346,132

NUMBER OF SHARES				VALUE
			Energy (4.2%)
	11,650	GBP	BP, PLC	$	75,092
	22,500	CAD	Canadian Natural Resources, Ltd.^		1,705,008
	6,815	CAD	CES Energy Solutions Corp.		28,069
	61		Chesapeake Energy Corp.µ		5,483
	8,810		Chevron Corp.		1,420,789
	3,045		Energy Transfer, LP		47,898
	1,815		Enterprise Products Partners, LP		50,965
	341		EP Energy Corp.&#		810
	1		Gulfport Energy Corp.#		159
	11,400		Helmerich & Payne, Inc.^µ		448,362
	46,000	THB	PTT Exploration & Production, PCL		193,446
	9,900	INR	Reliance Industries, Ltd.		347,295
	13,450	EUR	Saipem S.p.A^#		30,864
	8,065		TechnipFMC, PLCµ		206,625
					4,560,865
			Financials (10.5%)
	17,720	INR	360 ONE WAM, Ltd.		165,638
	116,000	HKD	AIA Group, Ltd.		849,625
	3,000		Aon, PLC - Class Aµ		846,030
	49,400	BRL	B3, SA - Brasil Bolsa Balcao		102,651
	1,899,285	IDR	Bank Mandiri Persero, Tbk PT		802,784
	53,325		Bank of America Corp.µ~		1,973,558
	2,480		Chubb, Ltd.µ		616,627
	8,800	JPY	Concordia Financial Group, Ltd.		47,416
	29,304	AED	First Abu Dhabi Bank, PJSC		99,627
	39,340	INR	HDFC Bank, Ltd.		712,252
	1,510	AUD	HUB24, Ltd.		38,797
	35,025		Itau Unibanco Holding, SA (ADR)		211,901
	3,425		JPMorgan Chase & Companyµ		656,710
	42,800	THB	Kasikornbank PCL		150,241
	2,100	KRW	KB Financial Group, Inc.		113,897
	1,170,000	GBP	Lloyds Banking Group, PLC		755,098
	6,529	KRW	Meritz Financial Group, Inc.		373,311
	11,725		Morgan Stanleyµ		1,065,099
	33,670		NU Holdings, Ltd. - Class A#		365,656
	48,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		219,806
	2,206		Visa, Inc. - Class Aµ		592,554
	10,945		Wells Fargo & Company		649,257
					11,408,535
			Health Care (9.6%)
	2,230	INR	Apollo Hospitals Enterprise, Ltd.		158,892
	6,125	GBP	AstraZeneca, PLC		926,399
	3,900		Danaher Corp.µ		961,818
	1,250	KRW	Dentium Company, Ltd.		116,623
	3,900		Eli Lilly & Companyµ		3,046,290
	6,000	EUR	Gerresheimer, AG		646,182

See accompanying Notes to Schedule of Investments

www.calamos.com
123

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
	1,310		Humana, Inc.µ	$	395,738
	4,510	BRL	Hypera, SA		25,639
	800	JPY	Jeol, Ltd.		31,696
	1,215		McKesson Corp.µ		652,710
	26,100		Novo Nordisk, A/S (ADR)		3,348,891
	182	CHF	Ypsomed Holding, AG^		64,872
					10,375,750
			Industrials (8.2%)
	6,500	INR	Adani Ports & Special Economic Zone, Ltd.		102,818
	6,105	GBP	Ashtead Technology Holdings, PLC		62,163
	7,450	CAD	Canadian Pacific Kansas City, Ltd.		584,462
	2,340	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		65,447
	615	EUR	DO & CO, AG		94,380
	450	JPY	Ebara Corp.		37,095
	1,105	KRW	Hanwha Aerospace Company, Ltd.		167,846
	2,367	KRW	HD Hyundai Electric Company, Ltd.		417,573
	23,420	INR	Hindustan Aeronautics, Ltd.		1,105,690
	10,800	JPY	Hitachi, Ltd.		996,415
	1,200	JPY	Japan Elevator Service Holdings Company, Ltd.		18,649
	3,600	INR	KEI Industries, Ltd.		172,056
	835	EUR	KION Group, AG		38,483
	1,100	JPY	Kyudenko Corp.		45,654
	2,180	EUR	Leonardo S.p.A^		50,101
	94,900	GBP	Melrose Industries, PLC		745,566
	5,510	SEK	Munters Group, AB*		109,855
	8,700	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A#		52,888
	440		nVent Electric, PLCµ		31,711
	259,500	GBP	Rolls-Royce Holdings, PLC#		1,330,722
	44,100	CNY	Sany Heavy Industry Company, Ltd. - Class A		99,091
	14,700	CNY	Shanghai International Airport Company, Ltd. - Class A#		76,249
	780	KRW	SK Square Company, Ltd.#		42,855
	800	JPY	Sojitz Corp.		20,598
	413	CAD	Stantec, Inc.		32,883
	15,710	INR	Titagarh Rail System, Ltd.		198,610
	1,300		Veralto Corp.		121,784
	11,150		Vertiv Holdings Company - Class Aµ		1,036,950
	4,250		Waste Management, Inc.		884,085
	49,700	CNY	Weichai Power Company, Ltd. - Class A		119,230
					8,861,909
			Information Technology (22.4%)
	3,100	JPY	Advantest Corp.^		97,032
	11,495		Apple, Inc.^		1,957,943
	9,000	TWD	Asia Vital Components Company, Ltd.		177,532

NUMBER OF SHARES				VALUE
	1,000	TWD	ASMedia Technology, Inc.	$	59,130
	2,290		ASML Holding, NV (ADR)µ		1,997,956
	1,900	HKD	ASMPT, Ltd.		23,613
	147	EUR	BE Semiconductor Industries, NV		19,503
	310	CAD	Descartes Systems Group, Inc.^#		28,756
	200	JPY	Horiba, Ltd.		19,404
	4,100	CNY	Iflytek Company, Ltd. - Class A		25,345
	2,400		International Business Machines Corp.µ		398,880
	2,500	JPY	Keyence Corp.		1,099,424
	73,000	HKD	Kingdee International Software Group Company, Ltd.#		77,017
	21,155	INR	KPIT Technologies, Ltd.		375,530
	630	EUR	Lectra		21,463
	5,000	TWD	MediaTek, Inc.		150,756
	400	JPY	Micronics Japan Company, Ltd.		16,477
	8,780		Microsoft Corp.^		3,418,317
	510	EUR	Nemetschek, SE		45,068
	7,080		NVIDIA Corp.µ		6,117,262
	5,480	KRW	Samsung Electronics Company, Ltd.		304,615
	460		ServiceNow, Inc.µ#		318,932
	4,950	CAD	Shopify, Inc. - Class A#		347,523
	4,000	TWD	Silergy Corp.		53,124
	15,225	KRW	SK Hynix, Inc.		1,878,850
	10,600	HKD	Sunny Optical Technology Group Company, Ltd.		51,280
	183,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		4,381,707
	8,300	BRL	TOTVS, SA		44,021
	1,000	JPY	Towa Corp.^		57,591
	15,520		Unity Software, Inc.µ#		376,670
	24,000	CNY	Venustech Group, Inc. - Class A		64,911
	78,600	HKD	Xiaomi Corp. - Class B*#		171,342
	500	JPY	Zuken, Inc.		13,065
					24,190,039
			Materials (1.1%)
	865	JPY	Artience Company, Ltd.		16,031
	38,990		Cemex, SAB de CV (ADR)#		308,411
	55,150	AED	Fertiglobe, PLC		41,798
	1,505		Linde, PLC		663,645
	5,575	ZAR	Sasol, Ltd.		39,166
	1,065	EUR	SOL S.p.A^		40,969
	1,800	JPY	Sumitomo Bakelite Company, Ltd.		51,269
	5,250		Vale, SA (ADR)		63,892
					1,225,181
			Real Estate (1.6%)
	179,500	PHP	Ayala Land, Inc.		88,982
	48,270	MXN	Corp. Inmobiliaria Vesta SAB de CV		170,952

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
124

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
	27,090	INR	DLF, Ltd.	$	288,828
	69,525	INR	Macrotech Developers, Ltd.*		1,023,227
	6,300	JPY	Mirarth Holdings, Inc.		19,317
	4,465	INR	Prestige Estates Projects, Ltd.		73,573
	225	EUR	VGP, NV		24,480
					1,689,359
			Special Purpose Acquisition Company (0.0%)
	518		Intelsat Emergence, SA&#		18,777
			Utilities (0.4%)
	6,836		NextEra Energy, Inc.µ		457,807
			TOTAL COMMON STOCKS (Cost $94,986,915)		87,337,007
PREFERRED STOCKS (0.1%)
			Communication Services (0.0%)
	530		United States Cellular Corp.µ 5.500%, 06/01/70		9,354
	505		United States Cellular Corp.µ 5.500%, 03/01/70		8,974
					18,328
			Consumer Discretionary (0.0%)
	305		Guitar Center, Inc.&#		23,943
			Energy (0.1%)
	1,325		NuStar Energy, LP‡ 11.234%, 05/30/24 3 mo. USD LIBOR + 5.64%		33,801
	325		NuStar Energy, LP‡ 12.357%, 05/30/24 3 mo. USD LIBOR + 6.77%		8,310
	2,270		NuStar Logistics, LP‡ 12.324%, 01/15/43 3 mo. USD Term SOFR + 7.00%		57,567
					99,678
			TOTAL PREFERRED STOCKS (Cost $147,689)		141,949
EXCHANGE-TRADED FUNDS (7.7%)
			Other (7.7%)
	189,615		Invesco Senior Loan ETF^		3,991,396
	6,150		iShares MSCI Saudi Arabia ETF^		264,573
	95,750		SPDR Blackstone Senior Loan ETF^		4,019,585
			TOTAL EXCHANGE-TRADED FUNDS (Cost $8,390,379)		8,275,554

NUMBER OF SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (1.7%)
			Energy (0.0%)
	1		Gulfport Energy Corp.&# 10.000%, 05/31/24 15.000% PIK rate	$	11,575
			Financials (1.3%)
	23,500		Apollo Global Management, Inc. 6.750%, 07/31/26		1,433,030
			Utilities (0.4%)
	8,700		NextEra Energy, Inc.^ 6.926%, 09/01/25		354,525
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,837,330)		1,799,130
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
PURCHASED OPTIONS (1.3%)#
			Communication Services (0.1%)
	190		Tencent Music Entertainment Group, Inc.
	238,450		Call, 07/19/24, Strike $10.00		57,950
			Consumer Discretionary (0.3%)
	71		Dr Horton, Inc.
	1,011,679		Call, 01/17/25, Strike $175.00		40,115
	355		MakeMyTrip, Ltd.
	2,350,455		Call, 11/15/24, Strike $70.00		305,300
					345,415
			Financials (0.0%)
	159		ICICI Bank, Ltd.
	437,727		Call, 08/16/24, Strike $27.00		27,030
			Health Care (0.1%)
	135		Boston Scientific Corp.
	970,245		Call, 11/15/24, Strike $70.00		103,950
	40		Icon, PLC
	1,191,520		Call, 11/15/24, Strike $360.00		33,800
					137,750
			Industrials (0.1%)
	75	EUR	Schneider Electric, SE
	342,750		Call, 12/20/24, Strike 220.00		121,021
			Information Technology (0.1%)
	56	1,543,528	Cadence Design Systems, Inc. Call, 01/17/25, Strike $335.00		66,640
	14	385,882	Call, 11/15/24, Strike $300.00		25,690
					92,330

See accompanying Notes to Schedule of Investments

www.calamos.com
125

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			Other (0.6%)
	200		Coupang, Inc.
	450,000		Call, 08/16/24, Strike $21.00	$	62,000
			Invesco QQQ Trust Series 1
	206
	8,746,554		Put, 06/28/24, Strike $440.00		415,502
	190
	8,067,210		Put, 12/20/24, Strike $344.78		92,055
	160		SPDR S&P 500 ETF Trust
	8,031,680		Put, 12/20/24, Strike $410.00		63,760
					633,317
			TOTAL PURCHASED OPTIONS (Cost $1,905,357)		1,414,813
			TOTAL INVESTMENTS (140.7%) (Cost $162,279,121)		152,136,693
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-15.7%)					(17,000,000	)
LIABILITIES, LESS OTHER ASSETS (-25.0%)					(26,971,924	)
NET ASSETS (100.0%)				$	108,164,769
WRITTEN OPTIONS (-0.1%)#
			Financials (0.0%)
	117		Morgan Stanley
	1,062,828		Call, 09/20/24, Strike $100.00	$	(27,027	)
			Health Care (-0.1%)
	6	GBP	Astrazeneca, PLC
	455,280		Call, 09/20/24, Strike 117.50		(64,477	)
			TOTAL WRITTEN OPTIONS (Premium $30,987)	$	(91,504	)

NOTES TO SCHEDULE OF INVESTMENTS

@ In default status and considered non-income producing.

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

& Illiquid security.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

‡‡ Perpetual maturity.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $31,640,239.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $1,942,358.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

# Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS

AED UAE Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

PHP Philippine Peso

SEK Swedish Krona

THB Thai Baht

TRY Turkish Lira

TWD New Taiwan Dollar

ZAR South African Rand

ABBREVIATION

ADR American Depositary Receipt

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
126

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

CURRENCY EXPOSURE
APRIL 30, 2024

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	101,961,471		67.1	%
European Monetary Unit		11,487,023		7.6	%
Indian Rupee		6,900,710		4.5	%
Japanese Yen		5,435,472		3.6	%
British Pound Sterling		5,066,988		3.3	%
Hong Kong Dollar		5,038,709		3.3	%
New Taiwan Dollar		4,822,249		3.2	%
South Korean Won		3,647,663		2.4	%
Canadian Dollar		3,335,906		2.2	%
Chinese Yuan Renminbi		1,098,207		0.7	%
Indonesian Rupiah		802,784		0.5	%
Swiss Franc		657,233		0.4	%
Mexican Peso		520,764		0.4	%
Thai Baht		343,687		0.2	%
Brazilian Real		282,220		0.2	%
UAE Dirham		216,676		0.1	%
Swedish Krona		193,699		0.1	%
Philippine Peso		88,982		0.1	%
Turkish Lira		66,783		0.1	%
South African Rand		39,166		—	%
Australian Dollar		38,797		—	%
Total Investments Net of Written Options	$	152,045,189		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
127

Global Total Return Fund Schedule of Investments April 30, 2024 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2024 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	13,907,160	$	—	$	13,907,160
Convertible Bonds		—		31,687,177		—		31,687,177
Bank Loans		—		7,573,903		—		7,573,903
Common Stocks		53,811,476		33,525,531		—		87,337,007
Preferred Stocks		118,006		23,943		—		141,949
Exchange-Traded Funds		8,275,554		—		—		8,275,554
Convertible Preferred Stocks		1,787,555		11,575		—		1,799,130
Purchased Options		1,414,813		—		—		1,414,813
Total	$	65,407,404	$	86,729,289	$	—	$	152,136,693
Liabilities:
Written Options	$	91,504	$	—	$	—	$	91,504
Total	$	91,504	$	—	$	—	$	91,504

SECTOR WEIGHTINGS

Information Technology	20.4	%
Consumer Discretionary	15.9
Industrials	12.4
Financials	10.0
Health Care	8.7
Communication Services	6.9
Other	5.6
Energy	5.3
Consumer Staples	4.9
Materials	2.5
Real Estate	1.7
Utilities	0.5
Airlines	0.4
Special Purpose Acquisition Companies	0.1

Sector weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

ASSET ALLOCATION

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
128

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
ASSET BACKED SECURITY (0.0%)
		Other (0.0%)
	145,000	SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $134,672)	$	131,782
CORPORATE BONDS (31.4%)
		Airlines (0.2%)
	163,269	Alaska Airlines Pass Through Trust Series 2020-1, Class A*~ 4.800%, 02/15/29		158,528
	65,527	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		66,271
	193,760	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		175,663
	96,000	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*~ 5.500%, 04/20/26		94,990
	176,604	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		160,478
	143,580	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		146,980
				802,910
		Communication Services (2.0%)
	200,000	Altice France Holding, SA* 10.500%, 05/15/27		71,698
	225,000	Altice France, SA* 5.500%, 10/15/29		147,600
	225,000	APi Group DE, Inc.* 4.750%, 10/15/29		204,986
	200,000	Ashtead Capital, Inc.*~ 2.450%, 08/12/31		158,888
	231,000	Audacy Capital Corp.*@ 6.750%, 03/31/29		8,154
	91,000	6.500%, 05/01/27		3,248
	162,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		147,835
	90,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		88,304
	85,000	9.000%, 09/15/28		87,497
	262,000	Consolidated Communications, Inc.*~ 6.500%, 10/01/28		227,547
	285,000	CSC Holdings, LLC* 5.375%, 02/01/28		219,792
	240,000	5.500%, 04/15/27~		197,006
	215,000	4.500%, 11/15/31		136,710
	200,000	5.750%, 01/15/30~		87,776
	200,000	4.625%, 12/01/30~		87,016

PRINCIPAL AMOUNT			VALUE
	99,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*~ 5.875%, 08/15/27	$	92,336
	195,000	Frontier California, Inc. 6.750%, 05/15/27		185,839
	48,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		48,916
	292,000	Frontier Florida, LLC 6.860%, 02/01/28		278,200
	280,000	Frontier North, Inc. 6.730%, 02/15/28		265,566
	165,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.*~ 3.500%, 03/01/29		146,593
	45,000	Hughes Satellite Systems Corp. 6.625%, 08/01/26		25,923
	115,000	iHeartCommunications, Inc.~ 8.375%, 05/01/27		61,296
	70,000	5.250%, 08/15/27*		51,440
	230,000	LCPR Senior Secured Financing DAC*~ 6.750%, 10/15/27		213,240
	151,589	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		25,123
	135,000	Lumen Technologies, Inc. 7.600%, 09/15/39		41,318
	90,000	4.000%, 02/15/27*		47,917
	45,000	7.650%, 03/15/42		13,779
	95,000	Match Group Holdings II, LLC*~ 3.625%, 10/01/31		78,533
	115,000	Nexstar Media, Inc.*~ 5.625%, 07/15/27		108,229
	711,000	Paramount Global~ 6.375%, 03/30/62‡ 5 year CMT + 4.00%		658,358
	180,000	4.900%, 08/15/44		126,191
	63,000	Qwest Corp. 7.250%, 09/15/25		62,442
	535,000	Rogers Communications, Inc.*~‡ 5.250%, 03/15/82 5 year CMT + 3.59%		509,010
	95,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29~		70,298
	48,000	5.375%, 01/15/31		28,427
	195,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		154,165
	195,000	Sirius XM Radio, Inc.*~ 5.500%, 07/01/29		181,845
	185,000	4.000%, 07/15/28		164,940
	90,000	3.125%, 09/01/26		84,036
	48,000	3.875%, 09/01/31^		38,618
	175,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		83,417
	165,000	Sprint, LLC~ 7.125%, 06/15/24		165,228

See accompanying Notes to Schedule of Investments

www.calamos.com
129

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	210,000	Stagwell Global, LLC*~ 5.625%, 08/15/29	$	188,380
	100,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		45,764
	70,000	Time Warner Cable, LLC~ 7.300%, 07/01/38		67,988
	230,000	United States Cellular Corp.~ 6.700%, 12/15/33		224,577
	135,000	Univision Communications, Inc.*~ 8.000%, 08/15/28		135,317
	90,000	Viasat, Inc.* 5.625%, 04/15/27		82,514
	265,000	Vodafone Group, PLC~‡ 7.000%, 04/04/79 U.S. 5 yr Swap + 4.87%		270,112
				6,899,932
		Consumer Discretionary (3.7%)
	228,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		229,938
	185,000	Adams Homes, Inc.* 9.250%, 10/15/28		191,255
	140,000	Adient Global Holdings Company*~ 8.250%, 04/15/31		145,524
	160,000	American Axle & Manufacturing, Inc.~ 5.000%, 10/01/29		144,448
	167,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		151,275
	149,000	6.625%, 01/15/28		148,784
	217,000	At Home Group, Inc.* 4.875%, 07/15/28		103,164
	254,000	Bath & Body Works, Inc. 6.694%, 01/15/27		255,966
	145,000	6.875%, 11/01/35~		144,369
	200,000	Benteler International AG*~ 10.500%, 05/15/28		213,454
	118,000	Caesars Entertainment, Inc.*~ 4.625%, 10/15/29		105,289
	93,000	8.125%, 07/01/27		94,449
	92,000	Carnival Corp.*~ 7.625%, 03/01/26		92,621
	89,000	4.000%, 08/01/28		81,315
	12,000	7.000%, 08/15/29		12,331
	41,487	Carvana Company* 14.000%, 06/01/31		41,644
	34,954	13.000%, 06/01/30		34,731
	23,202	12.000%, 12/01/28		22,729
	750,000	CCO Holdings, LLC / CCO Holdings Capital Corp.*~ 4.750%, 03/01/30		624,405
	250,000	4.500%, 08/15/30		203,507
	220,000	6.375%, 09/01/29		201,676
	186,000	4.250%, 02/01/31		146,181
	96,000	4.750%, 02/01/32		75,565

PRINCIPAL AMOUNT			VALUE
	96,000	CDI Escrow Issuer, Inc.*~ 5.750%, 04/01/30	$	91,609
	115,000	Cedar Fair, LP 5.250%, 07/15/29		107,494
	92,000	Churchill Downs, Inc.* 6.750%, 05/01/31		91,383
	155,000	Dana, Inc. 4.250%, 09/01/30		134,687
	140,000	4.500%, 02/15/32		118,790
	190,000	DISH DBS Corp. 5.125%, 06/01/29		76,771
	140,000	5.250%, 12/01/26*		110,428
	120,000	7.375%, 07/01/28		53,866
	115,000	7.750%, 07/01/26		72,536
	90,000	5.750%, 12/01/28*		61,084
	186,000	DISH Network Corp.* 11.750%, 11/15/27		187,704
	200,000	Empire Resorts, Inc.* 7.750%, 11/01/26		186,492
	204,000	Everi Holdings, Inc.* 5.000%, 07/15/29		200,383
	190,000	Ford Motor Company~ 6.100%, 08/19/32		186,434
	300,000	Ford Motor Credit Company, LLC~ 4.000%, 11/13/30		261,879
	270,000	5.113%, 05/03/29		257,359
	235,000	7.200%, 06/10/30		243,676
	200,000	7.350%, 11/04/27		206,950
	71,000	Gap, Inc.*~ 3.875%, 10/01/31		58,082
	90,000	General Motors Company~ 5.200%, 04/01/45		77,108
	690,000	General Motors Financial Company, Inc.~‡ 5.700%, 09/30/30 5 year CMT + 5.00%		648,690
	395,000	6.500%, 09/30/28 3 mo. USD LIBOR + 3.44%		378,793
	315,000	goeasy, Ltd.* 9.250%, 12/01/28~		333,431
	161,000	7.625%, 07/01/29		161,264
	100,000	Goodyear Tire & Rubber Company 5.250%, 07/15/31^		88,592
	90,000	5.625%, 04/30/33		79,205
	79,000	Group 1 Automotive, Inc.*~ 4.000%, 08/15/28		72,068
	193,000	Guitar Center, Inc.*~ 8.500%, 01/15/26		170,668
	49,440	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		49,954
	205,000	Kohl's Corp. 5.550%, 07/17/45		140,796
	185,000	LCM Investments Holdings II, LLC*~ 8.250%, 08/01/31		192,537

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
130

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	190,000	Liberty Interactive, LLC 8.250%, 02/01/30	$	105,551
	179,000	Life Time, Inc.* 8.000%, 04/15/26		179,301
	90,000	Light & Wonder International, Inc.*~ 7.500%, 09/01/31		91,846
	70,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		73,404
	123,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		122,065
	125,000	M/I Homes, Inc. 3.950%, 02/15/30		108,557
	230,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		193,849
	135,000	4.300%, 02/15/43		106,788
	242,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*~ 4.875%, 05/01/29		221,345
	110,000	Newell Brands, Inc.~ 5.700%, 04/01/26		108,515
	90,000	Nordstrom, Inc. 6.950%, 03/15/28		89,433
	90,000	5.000%, 01/15/44~		68,387
	86,000	4.250%, 08/01/31		74,237
	285,000	Patrick Industries, Inc.* 4.750%, 05/01/29		259,330
	215,000	PENN Entertainment, Inc.* 4.125%, 07/01/29		180,194
	90,000	Phinia, Inc.* 6.750%, 04/15/29		90,385
	265,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*~ 5.625%, 09/01/29		198,005
	95,000	QVC, Inc. 5.450%, 08/15/34		62,409
	90,000	Raising Cane's Restaurants, LLC*~ 9.375%, 05/01/29		96,601
	383,000	Rite Aid Corp.*@ 8.000%, 11/15/26		247,161
	92,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30~		94,783
	23,000	6.250%, 03/15/32		22,677
	270,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*~ 4.625%, 03/01/29		233,550
	275,000	Six Flags Entertainment Corp.*~ 7.250%, 05/15/31		274,675
	212,000	Sonic Automotive, Inc.*~ 4.625%, 11/15/29		189,946
	147,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		138,733

PRINCIPAL AMOUNT			VALUE
	190,000	Station Casinos, LLC*~ 4.500%, 02/15/28	$	176,369
	185,000	STL Holding Company, LLC* 8.750%, 02/15/29		190,293
	107,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		104,303
	45,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		48,305
	220,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		217,461
	175,000	ZF North America Capital, Inc.*~ 7.125%, 04/14/30		179,228
				13,113,019
		Consumer Staples (0.9%)
	179,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		175,936
	290,000	Arrow Bidco, LLC* 10.750%, 06/15/25		299,152
	180,000	B&G Foods, Inc.* 8.000%, 09/15/28		186,808
	218,000	Central Garden & Pet Company* 4.125%, 04/30/31		189,207
	213,000	Edgewell Personal Care Company*~ 4.125%, 04/01/29		193,165
	263,000	Energizer Holdings, Inc.* 4.375%, 03/31/29~		232,626
	48,000	6.500%, 12/31/27^		47,576
	280,000	JBS USA Holding LUX Sarl / JBS USA Food Company / JBS LUX Company Sarl 5.500%, 01/15/30~		270,516
	120,000	5.125%, 02/01/28^		116,684
	70,000	5.750%, 04/01/33		67,029
	655,000	Land O' Lakes, Inc.* 7.000%, 09/18/28		509,800
	191,000	Performance Food Group, Inc.*~ 4.250%, 08/01/29		171,270
	140,000	Pilgrim's Pride Corp.~ 4.250%, 04/15/31		123,987
	92,000	Post Holdings, Inc.*~ 6.250%, 02/15/32		90,998
	182,000	Prestige Brands, Inc.*~ 3.750%, 04/01/31		155,062
	155,000	United Natural Foods, Inc.*~ 6.750%, 10/15/28		119,156
	203,000	Vector Group, Ltd.*~ 5.750%, 02/01/29		184,728
				3,133,700
		Energy (3.3%)
	100,000	Antero Resources Corp.*~ 5.375%, 03/01/30		95,156
	192,000	Apache Corp.~ 5.100%, 09/01/40		159,898

See accompanying Notes to Schedule of Investments

www.calamos.com
131

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	135,000	Buckeye Partners, LP 5.850%, 11/15/43	$	113,031
	96,000	Cheniere Energy, Inc.~ 4.625%, 10/15/28		91,857
	139,000	Chesapeake Energy Corp.*~ 6.750%, 04/15/29		139,158
	256,000	Civitas Resources, Inc.*~ 8.750%, 07/01/31		272,435
	90,000	Continental Resources, Inc. 4.900%, 06/01/44		72,565
	90,000	2.875%, 04/01/32*		71,953
	150,000	DT Midstream, Inc.*~ 4.125%, 06/15/29		135,978
	181,000	Earthstone Energy Holdings, LLC*~ 8.000%, 04/15/27		186,249
	70,000	9.875%, 07/15/31		77,460
	920,000	Enbridge, Inc.~‡ 5.750%, 07/15/80 5 year CMT + 5.31%		843,824
	785,000	7.375%, 01/15/83 5 year CMT + 3.71%		772,652
	100,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		101,869
	560,000	Energy Transfer, LP~‡ 6.500%, 11/15/26 5 year CMT + 5.69%		543,978
	345,000	8.000%, 05/15/54		355,785
	170,000	9.597%, 05/16/24 3 mo. USD LIBOR + 4.03%		169,696
	125,000	8.606%, 11/01/66 3 mo. SOFR + 3.28%		113,545
	835,000	EnLink Midstream Partners, LP 9.701%, 05/31/24‡ 3 mo. SOFR + 4.37%		824,621
	205,000	4.850%, 07/15/26		199,871
	113,000	Enlink Midstream, LLC*~ 6.500%, 09/01/30		114,453
	205,000	Enterprise Products Operating, LLC‡ 5.250%, 08/16/77~ 3 mo. SOFR + 3.29%		193,215
	185,000	8.573%, 08/16/77 3 mo. SOFR + 3.25%		184,390
	310,000	EQM Midstream Partners, LP*~ 7.500%, 06/01/27		315,840
	90,000	6.375%, 04/01/29		89,425
	196,000	Genesis Energy, LP / Genesis Energy Finance Corp.~ 8.875%, 04/15/30		203,042
	255,000	Gulfport Energy Corp.*~ 8.000%, 05/17/26		258,838
	265,000	Hilcorp Energy I, LP / Hilcorp Finance Company*~ 6.000%, 04/15/30		254,636
	144,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		142,335

PRINCIPAL AMOUNT			VALUE
	185,000	Kodiak Gas Services, LLC*~ 7.250%, 02/15/29	$	187,198
	186,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		183,532
	135,000	Matador Resources Company* 6.500%, 04/15/32		133,897
	75,000	Moss Creek Resources Holdings, Inc.* 7.500%, 01/15/26~		74,919
	70,000	10.500%, 05/15/27		71,674
	135,000	Nabors Industries, Inc.*~ 7.375%, 05/15/27		133,900
	70,000	9.125%, 01/31/30		72,454
	135,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		128,104
	117,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		115,764
	192,000	Oceaneering International, Inc. 6.000%, 02/01/28		185,065
	200,000	Parkland Corp.*~ 5.875%, 07/15/27		195,632
	99,000	Patterson-UTI Energy, Inc.^ 5.150%, 11/15/29		94,616
	46,000	Permian Resources Operating LLC* 7.000%, 01/15/32		47,001
	750,000	Plains All American Pipeline, LP‡ 9.679%, 05/31/24 3 mo. SOFR + 4.37%		747,420
	265,000	Rockcliff Energy II, LLC*~ 5.500%, 10/15/29		245,093
	98,000	Southwestern Energy Company~ 4.750%, 02/01/32		88,370
	247,500	Transocean, Inc.* 8.750%, 02/15/30~		258,336
	90,000	8.250%, 05/15/29		89,513
	115,000	Venture Global Calcasieu Pass, LLC*~ 6.250%, 01/15/30		114,016
	45,000	4.125%, 08/15/31		39,416
	45,000	3.875%, 08/15/29		39,762
	230,000	Venture Global LNG, Inc.*~ 8.375%, 06/01/31		236,217
	140,000	8.125%, 06/01/28		143,312
	90,000	9.875%, 02/01/32		96,047
	90,000	9.500%, 02/01/29		96,815
	115,000	Vital Energy, Inc. 7.750%, 07/31/29*		115,852
	97,000	7.875%, 04/15/32*		98,534
	72,000	9.750%, 10/15/30		78,516
	280,000	VOC Escrow, Ltd.*~ 5.000%, 02/15/28		267,240
	235,000	Weatherford International, Ltd.*~ 8.625%, 04/30/30		244,137
				11,720,107

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
132

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Financials (13.3%)
	285,000	Acrisure, LLC / Acrisure Finance, Inc.*~ 8.250%, 02/01/29	$	283,250
	286,000	Aethon United BR, LP / Aethon United Finance Corp.*~ 8.250%, 02/15/26		288,319
	605,000	Aircastle, Ltd.*‡ 5.250%, 06/15/26 5 year CMT + 4.41%		576,480
	315,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27~		309,547
	25,000	7.000%, 01/15/31		25,153
	360,000	Allstate Corp.~‡ 8.507%, 08/15/53 3 mo. SOFR + 3.20%		360,356
	1,236,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		1,050,069
	740,000	4.700%, 05/15/28 7 year CMT + 3.48%		573,485
	525,000	American International Group, Inc.~‡ 5.750%, 04/01/48 3 mo. USD LIBOR + 2.87%		508,851
	379,000	AmWINS Group, Inc.*~ 4.875%, 06/30/29		345,042
	1,025,000	Ares Finance Company III, LLC*‡ 4.125%, 06/30/51 5 year CMT + 3.24%		945,296
	141,000	Aviation Capital Group, LLC*~ 3.500%, 11/01/27		129,895
	835,000	AXIS Specialty Finance, LLC‡ 4.900%, 01/15/40 5 year CMT + 3.19%		748,820
	991,000	Bank of America Corp.~‡ 6.125%, 04/27/27 5 year CMT + 3.23%		980,922
	700,000	4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%		681,737
	330,000	6.250%, 09/05/24 3 mo. SOFR + 3.97%		329,851
	330,000	6.100%, 03/17/25 3 mo. SOFR + 4.16%		329,875
	1,560,000	Bank of New York Mellon Corp.~‡ 4.700%, 09/20/25 5 year CMT + 4.36%		1,528,660
	675,000	BP Capital Markets, PLC‡ 4.375%, 06/22/25 5 year CMT + 4.04%		661,210
	480,000	4.875%, 03/22/30~ 5 year CMT + 4.40%		449,597
	92,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		94,263

PRINCIPAL AMOUNT			VALUE
	285,000	BroadStreet Partners, Inc.*~ 5.875%, 04/15/29	$	260,043
	215,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*~ 4.500%, 04/01/27		192,619
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		194,066
	1,028,000	Capital One Financial Corp.~‡ 3.950%, 09/01/26 5 year CMT + 3.16%		888,613
	675,000	Charles Schwab Corp.~‡ 5.375%, 06/01/25 5 year CMT + 4.97%		668,250
	338,000	4.000%, 12/01/30 10 year CMT + 3.08%		275,237
	320,000	4.000%, 06/01/26 5 year CMT + 3.17%		295,219
	1,141,000	Citigroup, Inc.‡ 3.875%, 02/18/26 5 year CMT + 3.42%		1,071,924
	395,000	4.150%, 11/15/26~ 5 year CMT + 3.00%		362,965
	360,000	4.000%, 12/10/25 5 year CMT + 3.60%		344,268
	350,000	7.625%, 11/15/28~ 5 year CMT + 3.21%		362,110
	345,000	7.200%, 05/15/29		348,795
	335,000	5.950%, 05/15/25~ 3 mo. SOFR + 4.17%		333,647
	995,000	Citizens Financial Group, Inc.‡ 4.000%, 10/06/26 5 year CMT + 3.22%		850,894
	365,000	5.650%, 10/06/25 5 year CMT + 5.31%		357,361
	710,000	Comerica, Inc.‡ 5.625%, 07/01/25 5 year CMT + 5.29%		685,171
	365,000	Corebridge Financial, Inc.~‡ 6.875%, 12/15/52 5 year CMT + 3.85%		361,062
	175,000	Credit Acceptance Corp. 6.625%, 03/15/26		174,582
	125,000	9.250%, 12/15/28*~		132,653
	180,000	Cushman & Wakefield U.S. Borrower LLC* 8.875%, 09/01/31		187,299
	500,000	Depository Trust & Clearing Corp.*~‡ 3.375%, 06/20/26 5 year CMT + 2.61%		441,015
	650,000	Discover Financial Services‡ 5.500%, 10/30/27 3 mo. SOFR + 3.34%		546,123
	570,000	6.125%, 06/23/25~ 5 year CMT + 5.78%		571,077
	241,000	Enact Holdings, Inc.*~ 6.500%, 08/15/25		240,896

See accompanying Notes to Schedule of Investments

www.calamos.com
133

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	765,000	Enstar Finance, LLC~‡ 5.500%, 01/15/42 5 year CMT + 4.01%	$	722,367
	1,390,000	Fifth Third Bancorp‡ 4.500%, 09/30/25 5 year CMT + 4.22%		1,329,452
	160,000	First Citizens BancShares, Inc.‡ 9.563%, 01/04/27 3 mo. SOFR + 4.23%		161,954
	210,000	GGAM Finance, Ltd.*~ 8.000%, 02/15/27		215,771
	238,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*~ 3.750%, 12/15/27		202,709
	715,000	Goldman Sachs Group, Inc.‡ 4.400%, 02/10/25 5 year CMT + 2.85%		696,467
	350,000	7.500%, 05/10/29 5 year CMT + 2.81		354,417
	337,000	4.125%, 11/10/26 5 year CMT + 2.95%		311,560
	200,000	GTCR W-2 Merger Sub, LLC*~ 7.500%, 01/15/31		206,400
	95,000	HAT Holdings I LLC / HAT Holdings II LLC*~ 8.000%, 06/15/27		97,557
	276,000	HUB International, Ltd.*~ 5.625%, 12/01/29		254,662
	92,000	7.375%, 01/31/32		91,621
	765,000	Huntington Bancshares, Inc.~‡ 4.450%, 10/15/27 7 year CMT + 4.05%		686,779
	505,000	5.625%, 07/15/30 10 year CMT + 4.95%		452,591
	144,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp.~ 4.375%, 02/01/29		121,342
	380,000	Iron Mountain, Inc.*~ 5.250%, 03/15/28		364,086
	525,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.*~ 5.000%, 08/15/28		472,888
	1,760,000	JPMorgan Chase & Company‡ 3.650%, 06/01/26~ 5 year CMT + 2.85%		1,650,722
	700,000	6.100%, 10/01/24 3 mo. USD LIBOR + 3.33%		702,051
	430,000	KeyCorp~‡ 5.000%, 09/15/26 3 mo. SOFR + 3.87%		364,821
	379,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		372,796
	195,000	4.750%, 06/15/29~		174,406
	175,000	LD Holdings Group, LLC*~ 6.125%, 04/01/28		132,850

PRINCIPAL AMOUNT			VALUE
	200,000	Level 3 Financing, Inc.* 4.250%, 07/01/28	$	78,248
	90,000	4.625%, 09/15/27		53,078
	1,205,000	Liberty Mutual Group, Inc.*~‡ 4.125%, 12/15/51 5 year CMT + 3.32%		1,099,382
	139,000	LPL Holdings, Inc.*~ 4.000%, 03/15/29		126,206
	270,000	M&T Bank Corp.‡ 9.179%, 08/15/24 3 mo. SOFR + 3.87%		270,235
	200,000	5.125%, 11/01/26~ 3 mo. USD LIBOR + 3.52%		176,072
	200,000	5.000%, 08/01/24 5 year CMT + 3.17%		191,280
	185,000	Macquarie Airfinance Holdings, Ltd.*~ 8.125%, 03/30/29		193,915
	118,923	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*~ 14.750%, 11/14/28		129,708
	670,000	Markel Corp.~‡ 6.000%, 06/01/25 5 year CMT + 5.66%		663,668
	545,000	MetLife, Inc.~ 6.400%, 12/15/66		543,654
	505,000	3.850%, 09/15/25‡ 5 year CMT + 3.58%		484,113
	255,000	Nationstar Mortgage Holdings, Inc.*~ 5.500%, 08/15/28		240,031
	197,000	Navient Corp.~ 5.000%, 03/15/27		186,068
	100,000	4.875%, 03/15/28		90,516
	125,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*~ 4.500%, 09/30/28		106,738
	95,000	Newmark Group, Inc.*~ 7.500%, 01/12/29		96,051
	250,000	Northern Trust Corp.‡ 4.600%, 10/01/26 3 mo. SOFR + 3.46%		239,912
	130,000	OneMain Finance Corp.~ 9.000%, 01/15/29		136,666
	130,000	3.875%, 09/15/28		114,711
	95,000	7.125%, 03/15/26		95,928
	938,000	PartnerRe Finance B, LLC~‡ 4.500%, 10/01/50 5 year CMT + 3.82%		848,852
	295,000	PHH Mortgage Corp.* 7.875%, 03/15/26		283,704
	735,000	PNC Financial Services Group, Inc.‡ 3.400%, 09/15/26 5 year CMT + 2.60%		634,136
	360,000	6.200%, 09/15/27~ 5 year CMT + 3.24%		353,437

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
134

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	280,000	6.000%, 05/15/27~ 5 year CMT + 3.00%	$	270,617
	785,000	QBE Insurance Group, Ltd.*~‡ 5.875%, 05/12/25 5 year CMT + 5.51%		776,671
	220,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29~		202,719
	185,000	6.500%, 04/01/32		181,542
	85,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*~ 3.875%, 03/01/31		72,412
	85,000	3.625%, 03/01/29		75,078
	45,000	2.875%, 10/15/26		41,405
	230,000	StoneX Group, Inc.* 7.875%, 03/01/31		232,755
	199,000	8.625%, 06/15/25		199,812
	685,000	Truist Financial Corp.~‡ 4.950%, 09/01/25 5 year CMT + 4.61%		667,286
	530,000	4.800%, 09/01/24 5 year CMT + 3.00%		512,886
	256,000	5.100%, 03/01/30 10 year CMT + 4.35%		232,440
	765,000	U.S. Bancorp~‡ 5.300%, 04/15/27 3 mo. SOFR + 3.18%		717,922
	221,000	United Wholesale Mortgage, LLC*~ 5.500%, 04/15/29		205,731
	90,000	5.750%, 06/15/27		86,494
	93,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*~ 10.500%, 02/15/28		96,604
	90,000	6.500%, 02/15/29		72,426
	210,000	VZ Secured Financing, BV*~ 5.000%, 01/15/32		177,469
	1,425,000	Wells Fargo & Company‡ 3.900%, 03/15/26 5 year CMT + 3.45%		1,351,498
	1,340,000	7.625%, 09/15/28~ 5 year CMT + 3.61%		1,401,854
	208,000	XHR, LP*~ 6.375%, 08/15/25		207,915
				46,706,681
		Health Care (1.0%)
	318,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28^		249,102
	72,000	6.125%, 02/01/27		52,864
	62,000	14.000%, 10/15/30		40,059
	377,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30~		267,007
	108,000	6.875%, 04/15/29		80,204
	104,000	8.000%, 03/15/26~		103,650
	90,000	10.875%, 01/15/32~		92,311
	24,000	5.250%, 05/15/30		19,677

PRINCIPAL AMOUNT				VALUE
	222,000	DaVita, Inc.*~ 3.750%, 02/15/31		$	182,988
	197,000	4.625%, 06/01/30			173,061
	144,000	Embecta Corp.* 5.000%, 02/15/30~^			111,109
	48,000	6.750%, 02/15/30			41,286
	100,000	Encompass Health Corp.~ 4.750%, 02/01/30			91,902
	100,000	4.500%, 02/01/28			94,070
	200,000	Jazz Securities DAC*~ 4.375%, 01/15/29			183,236
	233,000	Medline Borrower, LP*~ 5.250%, 10/01/29			217,121
	230,000	3.875%, 04/01/29			206,011
	350,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV*~ 5.125%, 04/30/31			302,932
	470,000	Tenet Healthcare Corp. 6.875%, 11/15/31			486,525
	230,000	Teva Pharmaceutical Finance Netherlands III, BV~ 5.125%, 05/09/29			218,309
	200,000	4.750%, 05/09/27			191,628
	115,000	3.150%, 10/01/26			106,599
					3,511,651
		Industrials (2.8%)
	185,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29			186,663
	220,000	ACCO Brands Corp.*~ 4.250%, 03/15/29			192,005
	800,000	AerCap Holdings, NV~‡ 5.875%, 10/10/79 5 year CMT + 4.54%			793,008
	810,000	Air Lease Corp.‡ 4.650%, 06/15/26 5 year CMT + 4.08%			763,417
	485,000	4.125%, 12/15/26 5 year CMT + 3.15%			420,020
	315,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*~ 4.625%, 01/15/27			301,190
	145,000	5.875%, 02/15/28			142,226
	130,000	Allegiant Travel Company*~ 7.250%, 08/15/27			125,926
	108,000	Arcosa, Inc.* 4.375%, 04/15/29			98,871
	740,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate	��		206,549
	151,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29			135,150
	95,000	Boeing Company* 6.388%, 05/01/31			95,694

See accompanying Notes to Schedule of Investments

www.calamos.com
135

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	90,000	Bombardier, Inc.* 8.750%, 11/15/30~	$	95,818
	75,000	7.875%, 04/15/27		74,766
	56,000	7.250%, 07/01/31		56,218
	191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		174,221
	185,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		174,409
	48,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*~ 4.750%, 10/20/28		46,551
	245,000	Deluxe Corp.* 8.000%, 06/01/29		222,563
	188,000	Eco Material Technologies, Inc.*~ 7.875%, 01/31/27		189,598
	92,000	Emerald Debt Merger Sub, LLC*~ 6.625%, 12/15/30		91,447
	90,000	EnerSys* 6.625%, 01/15/32		89,758
	85,000	4.375%, 12/15/27		79,693
	70,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		71,376
	118,000	Graham Packaging Company, Inc.*~ 7.125%, 08/15/28		106,812
	88,000	Graphic Packaging International, LLC* 3.500%, 03/01/29		77,966
	203,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		171,476
	443,000	H&E Equipment Services, Inc.*~ 3.875%, 12/15/28		392,507
	236,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*~ 5.750%, 01/20/26		221,849
	290,000	Herc Holdings, Inc.*~ 5.500%, 07/15/27		282,051
	220,000	IEA Energy Services, LLC* 6.625%, 08/15/29		210,001
	110,000	JELD-WEN, Inc.* 4.625%, 12/15/25		107,413
	95,000	4.875%, 12/15/27		90,317
	305,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		284,165
	185,000	Knife River Holding Company* 7.750%, 05/01/31		192,542
	51,000	MasTec, Inc.* 4.500%, 08/15/28		47,693
	23,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower, LLC* 6.750%, 04/01/32		22,859
	107,000	Moog, Inc.*~ 4.250%, 12/15/27		100,127
	230,000	Newfold Digital Holdings Group, Inc.*~ 6.000%, 02/15/29		172,847
	172,000	Novelis Corp.*~ 4.750%, 01/30/30		157,079

PRINCIPAL AMOUNT			VALUE
	70,000	OI European Group, BV* 4.750%, 02/15/30	$	64,081
	225,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*~ 4.000%, 10/15/27		209,304
	144,000	Sealed Air Corp.* 6.125%, 02/01/28~		142,403
	48,000	5.000%, 04/15/29		45,198
	50,000	Sealed Air Corp./Sealed Air Corp. U.S.* 7.250%, 02/15/31		51,004
	98,000	Sensata Technologies, Inc.*~ 3.750%, 02/15/31		83,031
	141,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30~		97,124
	100,000	5.500%, 03/01/30		69,358
	195,000	Standard Industries, Inc.*~ 5.000%, 02/15/27		188,196
	195,000	Stanley Black & Decker, Inc.‡ 4.000%, 03/15/60 5 year CMT + 2.66%		171,534
	150,000	Stericycle, Inc.*~ 3.875%, 01/15/29		134,118
	195,000	TransDigm, Inc.* 6.875%, 12/15/30~		196,480
	140,000	6.750%, 08/15/28~		140,668
	70,000	7.125%, 12/01/31~		71,434
	44,000	6.625%, 03/01/32		43,997
	96,000	Tronox, Inc.*~ 4.625%, 03/15/29		85,961
	70,780	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		65,378
	187,000	Vertiv Group Corp.*~ 4.125%, 11/15/28		173,295
	201,000	Wabash National Corp.* 4.500%, 10/15/28		180,920
	150,000	Waste Pro USA, Inc.*~ 5.500%, 02/15/26		146,946
	107,000	Williams Scotsman, Inc.*~ 4.625%, 08/15/28		98,977
	90,000	7.375%, 10/01/31		92,005
				10,016,253
		Information Technology (0.7%)
	46,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		42,201
	112,000	Coherent Corp.*~ 5.000%, 12/15/29		103,444
	175,000	CommScope, Inc.*~ 4.750%, 09/01/29		122,369
	96,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		87,492
	56,000	Fair Isaac Corp.*~ 4.000%, 06/15/28		51,657

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
136

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	210,000	KBR, Inc.* 4.750%, 09/30/28	$	196,207
	210,000	MPH Acquisition Holdings, LLC*~ 5.750%, 11/01/28		154,657
	95,000	5.500%, 09/01/28		77,609
	93,000	NCL Corp., Ltd.*~ 8.125%, 01/15/29		96,946
	96,000	NCR Voyix Corp.*~ 5.125%, 04/15/29		88,297
	143,000	ON Semiconductor Corp.*~ 3.875%, 09/01/28		129,807
	129,000	Open Text Corp.*~ 3.875%, 02/15/28		117,845
	90,000	6.900%, 12/01/27		92,072
	72,000	3.875%, 12/01/29		63,132
	72,000	Open Text Holdings, Inc.*~^ 4.125%, 12/01/31		61,816
	161,000	Playtika Holding Corp.*~ 4.250%, 03/15/29		138,681
	265,000	TTM Technologies, Inc.*~ 4.000%, 03/01/29		237,432
	130,000	Twilio, Inc.~ 3.625%, 03/15/29		115,474
	47,000	3.875%, 03/15/31		40,756
	69,000	UKG, Inc.*~ 6.875%, 02/01/31		69,161
	205,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		173,502
	220,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*~ 3.875%, 02/01/29		194,553
				2,455,110
		Materials (0.7%)
	150,000	ArcelorMittal, SA~ 7.000%, 10/15/39		158,798
	90,000	ATI, Inc. 5.875%, 12/01/27		88,410
	46,000	Carpenter Technology Corp. 7.625%, 03/15/30		46,998
	190,000	Chemours Company*~ 4.625%, 11/15/29		162,967
	300,000	Clearwater Paper Corp.* 4.750%, 08/15/28		272,835
	139,000	Cleveland-Cliffs, Inc.*~ 6.750%, 04/15/30		135,820
	96,000	Commercial Metals Company 4.125%, 01/15/30		86,240
	48,000	4.375%, 03/15/32		42,340
	250,000	Constellium, SE*~ 3.750%, 04/15/29		222,062
	96,000	HB Fuller Company 4.250%, 10/15/28		88,708

PRINCIPAL AMOUNT			VALUE
	165,000	Kaiser Aluminum Corp.*~ 4.625%, 03/01/28	$	153,858
	53,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		49,434
	199,000	Mercer International, Inc. 5.125%, 02/01/29~		174,039
	90,000	12.875%, 10/01/28*		98,349
	200,000	OCI, NV*~ 6.700%, 03/16/33		192,182
	135,000	Owens-Brockway Glass Container, Inc.*~ 7.250%, 05/15/31		135,383
	100,000	6.625%, 05/13/27		100,030
	80,000	Silgan Holdings, Inc.~ 4.125%, 02/01/28		74,694
	96,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		24,855
				2,308,002
		Other (0.0%)
	90,000	Gen Digital, Inc.* 6.750%, 09/30/27		90,384
	45,000	7.125%, 09/30/30		45,540
				135,924
		Real Estate (0.2%)
	152,000	EPR Properties~ 3.750%, 08/15/29		132,251
	139,000	Forestar Group, Inc.* 5.000%, 03/01/28		132,154
	97,000	3.850%, 05/15/26		92,217
	211,000	MIWD Holdco II, LLC / MIWD Finance Corp.*~ 5.500%, 02/01/30		191,143
	95,000	Service Properties Trust 5.250%, 02/15/26		91,443
				639,208
		Special Purpose Acquisition Companies (0.1%)
	185,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*~ 6.750%, 01/15/30		161,287
	96,000	4.625%, 01/15/29		86,912
				248,199
		Utilities (2.5%)
	785,000	Algonquin Power & Utilities Corp.~‡ 4.750%, 01/18/82 5 year CMT + 3.25%		681,003
	200,000	American Electric Power Company, Inc.‡ 3.875%, 02/15/62 5 year CMT + 2.68%		179,672
	515,000	CMS Energy Corp.~‡ 4.750%, 06/01/50 5 year CMT + 4.12%		465,720

See accompanying Notes to Schedule of Investments

www.calamos.com
137

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	580,000	Dominion Energy, Inc.~‡ 4.650%, 12/15/24 5 year CMT + 2.99%	$	567,918
	287,000	4.350%, 01/15/27 5 year CMT + 3.20%		263,891
	800,000	Duke Energy Corp.~‡ 4.875%, 09/16/24 5 year CMT + 3.39%		794,176
	273,000	3.250%, 01/15/82 5 year CMT + 2.32%		240,881
	655,000	Emera, Inc.~‡ 6.750%, 06/15/76 3 mo. USD LIBOR + 5.44%		649,210
	632,000	National Rural Utilities Cooperative Finance Corp.‡ 7.125%, 09/15/53 5 year CMT + 3.53%		646,776
	385,000	5.250%, 04/20/46 3 mo. USD LIBOR + 3.63%		372,638
	770,000	NextEra Energy Capital Holdings, Inc.‡ 3.800%, 03/15/82~ 5 year CMT + 2.55%		697,912
	345,000	6.700%, 09/01/54		341,902
	434,000	PPL Capital Funding, Inc.‡ 8.236%, 03/30/67 3 mo. SOFR + 2.93%		430,680
	490,000	Sempra~‡ 4.875%, 10/15/25 5 year CMT + 4.55%		478,980
	240,000	4.125%, 04/01/52 5 year CMT + 2.87%		218,218
	1,028,000	Southern Company~‡ 4.000%, 01/15/51 5 year CMT + 3.73%		982,788
	220,000	3.750%, 09/15/51 5 year CMT + 2.92%		202,066
	225,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		221,582
	185,000	8.000%, 10/15/26 5 year CMT + 6.93%		187,107
	205,000	WEC Energy Group, Inc.‡ 7.681%, 05/15/67 3 mo. SOFR + 2.37%		199,824
				8,822,944
		TOTAL CORPORATE BONDS (Cost $117,385,814)		110,513,640
CONVERTIBLE BONDS (0.1%)
		Communication Services (0.0%)
	183,000	Cable One, Inc.µ 0.000%, 03/15/26		158,271

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (0.1%)
	272,000	DISH Network Corp.µ 0.000%, 12/15/25	$	199,648
		Other (0.0%)
	95,000	Multiplan Corp.*µ 6.000%, 10/15/27		67,677
		TOTAL CONVERTIBLE BONDS (Cost $444,684)		425,596
BANK LOANS (3.9%)¡
		Airlines (0.1%)
	125,000	Air Canada‡ 7.833%, 03/21/31 3 mo. SOFR + 2.50%		126,016
	132,000	American Airlines, Inc.‡ 10.336%, 04/20/28 3 mo. SOFR + 4.75%		137,459
	120,250	Mileage Plus Holdings, LLC‡ 10.733%, 06/21/27 3 mo. SOFR + 5.25%		123,607
	135,000	United Airlines, Inc.‡ 8.076%, 02/22/31 3 mo. SOFR + 2.75%		135,738
				522,820
		Communication Services (0.4%)
	300,000	APi Group DE, Inc.! 0.000%, 01/03/29		301,475
	10,660	Audacy Capital Corp.‡ 11.430%, 08/19/24 3 mo. SOFR + 6.11%		10,687
	110,330	Clear Channel Outdoor Holdings, Inc.‡ 9.430%, 08/23/28 1 mo. SOFR + 4.00%		110,560
	77,363	DIRECTV Financing, LLC! 0.000%, 08/02/27		77,857
	68,316	DIRECTV Financing, LLC‡ 10.430%, 08/02/27 1 mo. SOFR + 5.00%		68,752
	284,000	Entercom Media Corp.‡& 0.000%, 11/18/24 3 mo. SOFR + 0.00%		153,928
	300,000	Go Daddy Operating Company, LLC‡! 0.000%, 11/09/29		300,474
	181,392	Gray Television, Inc.‡ 7.942%, 01/02/26 1 mo. SOFR + 2.50%		179,363
	180,000	Telesat Canada‡ 8.355%, 12/07/26 3 mo. SOFR + 2.75%		91,838
				1,294,934

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
138

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (0.9%)
	90,000	Adient U.S., LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%	$	90,506
	144,000	American Axle & Manufacturing, Inc.‡ 8.921%, 12/13/29 1 mo. SOFR + 3.50%		144,855
	178,200	Caesars Entertainment, Inc.‡ 8.666%, 02/06/30 1 mo. SOFR + 3.25%		178,791
	282,326	Carnival Corp.‡ 8.067%, 08/08/27 1 mo. SOFR + 2.75%		284,134
	162,466	Carnival Corp.‡ 8.067%, 10/18/28 1 mo. SOFR + 2.75%		163,329
	300,000	Cedar Fair, LP‡! 0.000%, 04/18/31		300,375
	200,000	Flutter Financing, BV‡! 0.000%, 11/25/30		200,607
	232,987	Hanesbrands, Inc.‡ 9.066%, 03/08/30 1 mo. SOFR + 3.75%		233,471
	300,000	Hilton Domestic Operating Company, Inc.‡! 0.000%, 11/08/30		301,007
	300,000	Installed Building Products, Inc.‡! 0.000%, 03/28/31		301,453
	109,382	Life Time Fitness, Inc.‡ 9.591%, 01/15/26 3 mo. SOFR + 4.00%		110,169
	197,000	Light & Wonder International, Inc.‡ 8.071%, 04/14/29 1 mo. SOFR + 2.75%		197,684
	311,042	PetSmart, Inc.‡ 9.166%, 02/11/28 1 mo. SOFR + 3.75%		307,154
	95,000	Station Casinos, LLC! 0.000%, 03/14/31		95,123
	85,000	Station Casinos, LLC‡ 7.566%, 03/14/31 1 mo. SOFR + 2.25%		85,110
	123,485	TKC Holdings, Inc.‡ 10.930%, 05/15/28 1 mo. SOFR + 5.50%		122,791
	184,425	Windsor Holdings III, LLC‡ 9.319%, 08/01/30 1 mo. SOFR + 4.00%		186,246
				3,302,805
		Consumer Staples (0.3%)
	420,180	Amneal Pharmaceuticals, LLC‡ 10.816%, 05/04/28 1 mo. SOFR + 5.50%		421,101

PRINCIPAL AMOUNT			VALUE
	98,852	Fiesta Purchaser, Inc.‡ 9.316%, 02/12/31	$	99,365
	81,148	Fiesta Purchaser, Inc.‡ 9.318%, 02/12/31 1 mo. SOFR + 3.75%		81,569
	185,000	Star Parent, Inc.‡ 9.309%, 09/27/30 3 mo. SOFR + 4.00%		185,174
	115,000	United Natural Foods, Inc.! 0.000%, 04/25/31		113,994
	96,269	United Natural Foods, Inc.‡! 8.680%, 10/22/25 1 mo. SOFR + 3.25%		95,962
				997,165
		Energy (0.1%)
	139,650	Buckeye Partners, LP‡ 7.816%, 11/22/30 1 mo. SOFR + 2.50%		140,314
	99,750	New Fortress Energy, Inc.‡ 10.330%, 10/27/28 3 mo. SOFR + 5.00%		100,436
	237,824	Par Petroleum, LLC‡ 9.052%, 02/28/30 3 mo. SOFR + 3.75%		238,938
	45,000	Par Petroleum, LLC! 0.000%, 02/28/30 3 mo. SOFR + 4.25%		45,211
				524,899
		Financials (0.5%)
	200,000	Advisor Group, Inc.! 0.000%, 08/17/28		201,454
	44,888	Advisor Group, Inc.‡ 9.816%, 08/17/28 1 mo. SOFR + 4.50%		45,214
	150,457	Alliant Holdings Intermediate, LLC‡ 8.819%, 11/06/30 1 mo. SOFR + 3.50%		151,225
	133,989	Amynta Agency Borrower, Inc.‡ 9.552%, 02/28/28 3 mo. SOFR + 4.25%		134,612
	140,000	AssuredPartners, Inc.! 0.000%, 02/14/31		140,771
	85,000	AssuredPartners, Inc.‡ 8.816%, 02/14/31 1 mo. SOFR + 3.50%		85,468
	139,301	Avolon TLB Borrower 1 (US) LLC‡ 7.315%, 06/22/28 1 mo. SOFR + 2.00%		139,758
	99,750	Broadstreet Partners, Inc.‡ 9.066%, 01/27/29 1 mo. SOFR + 3.75%		100,228
	179,550	HUB International, Ltd.‡ 8.575%, 06/20/30 3 mo. SOFR + 3.25%		180,661

See accompanying Notes to Schedule of Investments

www.calamos.com
139

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	450	HUB International, Ltd.‡ 8.565%, 06/20/30	$	453
	139,650	Iron Mountain, Inc.‡ 7.566%, 01/31/31 1 mo. SOFR + 2.25%		139,533
	197,038	Jazz Financing Lux Sarl‡ 8.430%, 05/05/28 1 mo. SOFR + 3.00%		198,424
	100,000	Level 3 Financing, Inc.! 0.000%, 04/15/29		98,518
	249,456	VFH Parent, LLC‡ 8.416%, 01/13/29 1 mo. SOFR + 3.00%		249,807
				1,866,126
		Health Care (0.5%)
	300,000	DaVita, Inc.‡! 0.000%, 04/25/31		298,641
	88,343	Icon Luxembourg Sarl‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		88,814
	300,000	Organon & Company‡! 0.000%, 06/02/28		302,016
	207,059	Padagis, LLC‡ 10.314%, 07/06/28 3 mo. SOFR + 4.75%		190,494
	22,011	PRA Health Sciences, Inc.‡ 7.309%, 07/03/28 3 mo. SOFR + 2.00%		22,128
	806,692	Team Health Holdings, Inc.‡ 10.580%, 03/02/27 3 mo. SOFR + 5.25%		709,167
	2,313	Team Health Holdings, Inc.‡ 10.566%, 03/02/27 1 mo. SOFR + 5.25%		2,034
				1,613,294
		Industrials (0.3%)
	182,331	ACProducts, Inc.‡ 9.814%, 05/17/28 3 mo. SOFR + 4.25%		158,810
	172,371	ChampionX Corp.‡ 8.168%, 06/07/29 1 mo. SOFR + 2.75%		173,341
	81,181	Emrld Borrower, LP‡ 7.816%, 05/31/30 1 mo. SOFR + 3.00%		81,526
	20,000	MI Windows & Doors, LLC‡ 8.816%, 03/21/31 1 mo. SOFR + 3.50%		20,117
	179,550	TransDigm, Inc.‡ 8.559%, 02/28/31 1 mo. SOFR + 3.25%		180,806
	300,000	Vertiv Group Corp.‡! 0.000%, 03/02/27		301,465
				916,065

PRINCIPAL AMOUNT			VALUE
		Information Technology (0.3%)
	241,180	Banff Merger Sub, Inc.‡ 9.566%, 12/29/28 1 mo. SOFR + 4.25%	$	242,957
	196,369	Camelot US Acquisition LLC‡ 8.066%, 01/31/31 1 mo. SOFR + 2.75%		196,982
	169,663	Central Parent, Inc.‡ 9.309%, 07/06/29 3 mo. SOFR + 4.00%		170,550
	173,282	Dun & Bradstreet Corp.‡ 8.068%, 01/18/29 1 mo. SOFR + 2.75%		173,896
	169,624	II-VI, Inc.‡ 7.829%, 07/02/29 1 mo. SOFR + 2.50%		170,631
	100,000	UKG, Inc.‡ 8.814%, 02/10/31 3 mo. SOFR + 3.50%		100,573
				1,055,589
		Materials (0.4%)
	300,000	Axalta Coating Systems U.S. Holdings, Inc.‡! 0.000%, 12/20/29		301,202
	134,325	Chemours Company‡ 8.817%, 08/18/28 1 mo. SOFR + 3.50%		134,451
	183,613	Ineos US Finance, LLC‡ 8.930%, 02/18/30 1 mo. SOFR + 3.50%		184,301
	138,600	Innophos, Inc.‡ 8.930%, 02/05/27 1 mo. SOFR + 3.50%		138,759
	233,238	LSF11 A5 Holdco, LLC‡ 9.666%, 10/15/28 1 mo. SOFR + 4.25%		234,170
	133,854	Trinseo Materials Operating SCA‡ 8.105%, 05/03/28 3 mo. SOFR + 2.50%		93,537
	187,826	W.R. Grace & Co.-Conn.‡ 9.321%, 09/22/28 3 mo. SOFR + 3.75%		188,379
				1,274,799
		Special Purpose Acquisition Companies (0.1%)
	98,250	Clydesdale Acquisition Holdings, Inc.‡ 9.091%, 04/13/29 1 mo. SOFR + 3.67%		98,785
	44,100	Fertitta Entertainment, LLC‡ 9.069%, 01/27/29 1 mo. SOFR + 4.00%		44,252
	177,300	Patagonia Holdco, LLC‡ 11.064%, 08/01/29 3 mo. SOFR + 5.75%		164,889
				307,926
		TOTAL BANK LOANS (Cost $13,871,881)		13,676,422

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
140

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCK (0.1%)
		Energy (0.1%)
	14,700	Equitrans Midstream Corp.~‡ 13.740%, 05/15/24 (Cost $323,400)	$	323,400
PREFERRED STOCKS (2.4%)
		Communication Services (0.6%)
	21,155	AT&T, Inc.µ 4.750%, 02/18/25		415,484
	9,450	AT&T, Inc.µ 5.350%, 11/01/66		211,964
	36,510	Qwest Corp.µ 6.500%, 09/01/56		354,877
	22,306	Telephone & Data Systems, Inc.µ 6.000%, 09/30/26		335,482
	26,898	United States Cellular Corp.µ 5.500%, 03/01/70		477,977
	22,660	United States Cellular Corp.µ 5.500%, 06/01/70		399,949
				2,195,733
		Consumer Discretionary (0.2%)
	7,236	Ford Motor Companyµ 6.500%, 08/15/62		177,282
	5,800	Ford Motor Companyµ 6.200%, 06/01/59		140,186
	3,615	Guitar Center, Inc.&#		283,778
	3,120	Qurate Retail, Inc.µ 8.000%, 03/15/31		144,050
	9,600	QVC, Inc.µ 6.250%, 11/26/68		120,288
				865,584
		Energy (0.3%)
	22,515	NuStar Energy, LP~‡ 11.234%, 05/30/24 3 mo. SOFR + 5.90%		574,358
	17,500	NuStar Logistics, LP~‡ 12.324%, 01/15/43 3 mo. SOFR + 7.00%		443,800
				1,018,158
		Financials (0.7%)
	9,800	Affiliated Managers Group, Inc.µ# 6.750%, 03/30/64		250,880
	15,560	Annaly Capital Management, Inc.~‡ 10.557%, 05/30/24 3 mo. USD LIBOR + 4.99%		393,512
	3,675	Capital One Financial Corp.µ 4.800%, 06/01/25		67,473
	24,345	CNO Financial Group, Inc.µ 5.125%, 11/25/60		490,308

NUMBER OF SHARES			VALUE
	4,608	Cullen/Frost Bankers, Inc.µ 4.450%, 12/15/25	$	84,511
	8,134	First Citizens BancShares, Inc.µ 5.625%, 01/04/27		177,403
	3,288	Goldman Sachs Group, Inc.‡µ 6.375%, 05/17/24 3 mo. SOFR + 3.81%		82,134
	23,595	Reinsurance Group of America, Inc.‡µ 7.125%, 10/15/52 5 year CMT + 3.46%		617,953
	14,526	Selective Insurance Group, Inc.µ 4.600%, 12/15/25		260,887
				2,425,061
		Industrials (0.1%)
	12,312	WESCO International, Inc.‡µ 10.625%, 06/22/25 5 year CMT + 10.33%		324,914
		Real Estate (0.3%)
	23,352	Brookfield Property Partners, LP 5.750%, 03/31/25		292,134
	12,800	Brookfield Property Partners, LP 6.375%, 09/30/24		173,184
	6,245	Global Net Lease, Inc.µ 6.875%, 11/26/24		120,341
	5,466	Global Net Lease, Inc.µ 7.500%, 05/30/24		112,381
	8,025	Realty Income Corp.µ 6.000%, 05/30/24		189,470
				887,510
		Utilities (0.2%)
	14,975	Brookfield Renewable Partners, LP 5.250%, 03/31/25		254,575
	13,450	DTE Energy Company~µ 5.250%, 12/01/77		303,432
				558,007
		TOTAL PREFERRED STOCKS (Cost $9,471,916)		8,274,967
COMMON STOCKS (92.6%)
		Communication Services (6.3%)
	111,000	Alphabet, Inc. - Class Aµ#		18,068,580
	3,935	Altice USA, Inc. - Class A#		7,595
	1,322	Cumulus Media, Inc. - Class Aµ#		3,477
	126,500	Pinterest, Inc. - Class Aµ#		4,231,425
				22,311,077
		Consumer Discretionary (10.7%)
	100,000	Amazon.com, Inc.~µ#		17,500,000
	71,000	Hyatt Hotels Corp. - Class A~µ		10,564,090
	40,500	Marriott International, Inc. - Class A~µ		9,563,265
				37,627,355

See accompanying Notes to Schedule of Investments

www.calamos.com
141

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

NUMBER OF SHARES				VALUE
			Consumer Staples (0.0%)
	1,522		Mallinckrodt, PLC#	$	80,666
			Energy (3.0%)
	266,000		BP, PLC (ADR)~		10,312,820
	260		Chesapeake Energy Corp.µ		23,369
	12,950		Energy Transfer, LP~		203,703
	3,970		Enterprise Products Partners, LP~		111,478
					10,651,370
			Financials (7.9%)
	89,500		Charles Schwab Corp.µ		6,618,525
	139,000		Morgan Stanley~µ		12,626,760
	143,000		Wells Fargo & Companyµ		8,482,760
					27,728,045
			Health Care (15.9%)
	48,500		Danaher Corp.µ		11,961,070
	11,000		ICON, PLCµ#		3,276,680
	14,400		IQVIA Holdings, Inc.µ#		3,337,488
	119,500		Medtronic, PLCµ		9,588,680
	109,000		Merck & Company, Inc.µ		14,084,980
	113,000		Zimmer Biomet Holdings, Inc.~µ		13,591,640
					55,840,538
			Industrials (29.3%)
	77,000		3M Companyµ		7,431,270
	40,000	EUR	Airbus, SE		6,582,309
	777,000		American Airlines Group, Inc.~µ#		10,497,270
	65,000		Boeing Companyµ#		10,909,600
	375,000		CSX Corp.~		12,457,500
	66,000		Delta Air Lines, Inc.µ		3,304,620
	35,800		General Dynamics Corp.µ		10,277,822
	50,000		Honeywell International, Inc.~µ		9,636,500
	62,900		L3Harris Technologies, Inc.µ		13,463,745
	30,500		Union Pacific Corp.µ		7,233,380
	221,500		United Airlines Holdings, Inc.µ#		11,398,390
					103,192,406
			Information Technology (19.5%)
	43,000		Advanced Micro Devices, Inc.µ#		6,810,340
	71,000		Analog Devices, Inc.µ		14,243,310
	39,100		Microsoft Corp.^		15,222,803
	130,000		Oracle Corp.µ		14,787,500
	27,000	EUR	SAP, SE~		4,875,313
	91,000		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)~		12,497,940
					68,437,206

NUMBER OF SHARES			VALUE
		Special Purpose Acquisition Company (0.0%)
	1,380	Intelsat Emergence, SA~&#	$	50,025
		TOTAL COMMON STOCKS (Cost $328,499,853)		325,918,688
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (1.1%)#
		Communication Services (0.1%)
	1,800	Pinterest, Inc.
	6,021,000	Call, 05/17/24, Strike $37.00		189,000
		Consumer Discretionary (0.3%)
	1,000	Amazon.com, Inc.
	17,500,000	Put, 05/03/24, Strike $177.50		922,500
	405	Marriott International, Inc.
	9,563,265	Put, 05/03/24, Strike $235.00		178,200
				1,100,700
		Industrials (0.2%)
	770	3M Company
	7,431,270	Call, 05/03/24, Strike $95.00		174,405
	770
	7,431,270	Put, 05/03/24, Strike $89.00		4,235
	2,910	Delta Air Lines, Inc.
	14,570,370	Call, 05/10/24, Strike $50.00		343,380
				522,020
		Information Technology (0.2%)
	430	Advanced Micro Devices, Inc.
	6,810,340	Put, 05/03/24, Strike $160.00		319,275
	115	Arista Networks, Inc.
	2,950,440	Put, 05/10/24, Strike $250.00		120,750
	95	Monolithic Power Systems, Inc.
	6,358,635	Call, 05/17/24, Strike $700.00		220,400
	145	NVIDIA Corp.
	3,755,500	Put, 05/17/24, Strike $800.00		160,588
				821,013
		Other (0.3%)
	3,900	iShares 20+ Year Treasury Bond
	34,405,800	Put, 06/21/24, Strike $85.00		298,350
	2,120	SPDR S&P 500 ETF Trust
	106,419,760	Put, 05/03/24, Strike $497.00		331,780
	1,340
	67,265,320	Put, 05/24/24, Strike $495.00		589,600
				1,219,730
		TOTAL PURCHASED OPTIONS (Cost $3,931,045)		3,852,463

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
142

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

PRINCIPAL AMOUNT				VALUE
U.S. GOVERNMENT AND AGENCY SECURITY (0.1%)
			Other (0.1%)
	500,000		CoBank ACB‡ 7.250%, 07/01/29 (Cost $500,938)	$	498,160
			TOTAL INVESTMENTS (131.7%) (Cost $474,564,203)		463,615,118
LIABILITIES, LESS OTHER ASSETS (-31.7%)					(111,566,648	)
NET ASSETS (100.0%)				$	352,048,470
NUMBER OF SHARES				VALUE
COMMON STOCKS SOLD SHORT (-8.0%)#
			Health Care (-0.8%)
	(2,400	)	Mettler-Toledo International, Inc.		(2,951,280	)
			Industrials (-1.2%)
	(13,500	)	Eaton Corp., PLC		(4,296,510	)
			Information Technology (-6.0%)
	(26,700	)	Apple, Inc.		(4,547,811	)
	(11,500	)	Arista Networks, Inc.		(2,950,440	)
	(2,900	)	KLA Corp.		(1,998,941	)
	(9,400	)	Lam Research Corp.		(8,407,454	)
	(11,900	)	Salesforce, Inc.		(3,200,386	)
					(21,105,032	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $23,586,091)		(28,352,822	)
EXCHANGE-TRADED FUNDS SOLD SHORT (-56.5%)#
			Other (-56.5%)
	(361,000	)	SPDR S&P 500 ETF Trust		(181,214,780	)
	(82,000	)	VanEck Semiconductor ETF		(17,555,380	)
			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $187,469,441)		(198,770,160	)
			TOTAL SECURITIES SOLD SHORT (Proceeds $211,055,532)		(227,122,982	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
WRITTEN OPTIONS (-1.3%)#
			Communication Services (-0.1%)
			Pinterest, Inc.
	1,265
	4,231,425		Call, 05/17/24, Strike $36.00		(170,142	)
	360
	1,204,200		Put, 05/17/24, Strike $30.00		(32,040	)
					(202,182	)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Consumer Discretionary (-0.2%)
	1,250	Amazon.com, Inc.
	21,875,000	Call, 06/21/24, Strike $200.00	$	(362,500	)
	1,000
	17,500,000	Put, 06/21/24, Strike $160.00		(350,000	)
	235	Hyatt Hotels Corp.
	3,496,565	Put, 05/17/24, Strike $140.00		(36,425	)
	405	Marriott International, Inc.
	9,563,265	Put, 05/17/24, Strike $220.00		(59,737	)
				(808,662	)
		Industrials (-0.1%)
	1,150	United Airlines Holdings, Inc.
	5,917,900	Call, 09/20/24, Strike $55.00		(431,250	)
		Information Technology (-0.6%)
		Advanced Micro Devices, Inc.
	430
	6,810,340	Put, 05/03/24, Strike $152.50		(166,625	)
	430
	6,810,340	Call, 06/21/24, Strike $185.00		(173,075	)
		Arista Networks, Inc.
	115
	2,950,440	Put, 05/10/24, Strike $235.00		(58,650	)
	115
	2,950,440	Put, 05/24/24, Strike $230.00		(61,525	)
	190	Monolithic Power Systems, Inc.
	12,717,270	Call, 06/21/24, Strike $800.00		(268,850	)
		NVIDIA Corp.
	220
	5,698,000	Put, 05/24/24, Strike $700.00		(168,850	)
	145
	3,755,500	Put, 05/24/24, Strike $900.00		(1,143,688	)
				(2,041,263	)
		Other (-0.3%)
	3,900	iShares 20+ Year Treasury Bond
	34,405,800	Call, 05/03/24, Strike $88.00		(249,600	)
		SPDR S&P 500 ETF Trust
	2,210
	110,937,580	Put, 06/28/24, Strike $460.00		(416,585	)
	935
	46,935,130	Put, 05/31/24, Strike $460.00		(61,710	)
	4,800	Stellantis, NV
	10,704,000	Put, 06/21/24, Strike $21.00		(216,000	)
				(943,895	)
		TOTAL WRITTEN OPTIONS (Premium $4,853,310)	$	(4,427,252	)

See accompanying Notes to Schedule of Investments

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143

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $140,406,913.

@ In default status and considered non-income producing.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2024.

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

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $235,381,456.

¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

& Illiquid security.

# Non-income producing security.

FOREIGN CURRENCY ABBREVIATION

EUR European Monetary Unit

ABBREVIATION

ADR American Depositary Receipt

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
144

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2024 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2024 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Security	$	—	$	131,782	$	—	$	131,782
Corporate Bonds		—		110,513,640		—		110,513,640
Convertible Bonds		—		425,596		—		425,596
Bank Loans		—		13,676,422		—		13,676,422
Convertible Preferred Stock		—		323,400		—		323,400
Preferred Stocks		7,991,189		283,778		—		8,274,967
Common Stocks		314,330,375		11,588,313		—		325,918,688
Purchased Options		3,852,463		—		—		3,852,463
U.S. Government and Agency Security		—		498,160		—		498,160
Total	$	326,174,027	$	137,441,091	$	—	$	463,615,118
Liabilities:
Common Stocks Sold Short	$	28,352,822	$	—	$	—	$	28,352,822
Exchange-Traded Funds Sold Short		198,770,160		—		—		198,770,160
Written Options		4,427,252		—		—		4,427,252
Total	$	231,550,234	$	—	$	—	$	231,550,234

SECTOR WEIGHTINGS

Industrials	24.4	%
Financials	16.7
Information Technology	15.4
Health Care	12.9
Consumer Discretionary	11.9
Communication Services	7.0
Energy	5.1
Utilities	2.0
Consumer Staples	0.9
Materials	0.8
Real Estate	0.3
Airlines	0.3
Special Purpose Acquisition Companies	0.1

Sector Weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

ASSET ALLOCATION

Fund asset allocations are based on total investments and may vary over time.

See accompanying Notes to Schedule of Investments

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145

Notes to Financial Statements (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Convertible Opportunities and Income Fund ("CHI"), Calamos Convertible and High Income Fund ("CHY"), Calamos Strategic Total Return Fund ("CSQ"), Calamos Dynamic Convertible and Income Fund ("CCD"), Calamos Global Dynamic Income Fund ("CHW"), Calamos Global Total Return Fund ("CGO"), and Calamos Long/Short Equity & Dynamic Income Trust ("CPZ") (each a "Fund", and collectively, the "Funds") were each organized as Delaware statutory trusts and are each registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a diversified, closed-end management investment company.

Significant Accounting Policies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Funds are each considered an investment company under U.S. GAAP and follow the accounting and reporting guidance set forth by the Financial Accounting Standards Board in Accounting Standards Codification (ASC) Topic 946: Financial Services—Investment Companies. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Fund Valuation. Each Board of Trustees ("Board" or "Trustees"), including a majority of the Trustees who are not "interested persons" of each Fund, have designated Calamos Advisors LLC ("Calamos Advisors", or the "Advisor") to perform fair valuation determinations related to all Funds' investments under the oversight of the Board. As "valuation designee" Calamos Advisors has adopted policies and procedures to guide the determination of the net asset value ("NAV") on any day on which each Fund's NAV is determined. The valuation of each Fund's investments is in accordance with these procedures.

Funds' 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 the Fund determines its NAV. Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the Board. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the Board of Trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued either by an independent pricing agent approved by the Board or based on a quotation provided by the counterparty to such option under the ultimate supervision of the Board.

Fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, bank loans, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Each security trading on these exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the Board 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 each 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 each Fund's NAV is not calculated.

If the Advisor's pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
146

Notes to Financial Statements (Unaudited)

The Funds also may use fair value pricing, pursuant to policies and procedures adopted by Calamos Advisors, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before a Fund's pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by Calamos Advisors, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by each Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that each Fund could purchase or sell a portfolio security at the price used to calculate each Fund's NAV.

Various inputs are used to determine the value of each Fund's 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 each Fund's 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 each Fund's investments. The summary of the inputs used in valuing each Fund's holdings are available after each Fund's Schedule of Investments.

Investment Transactions. Investment transactions are recorded on a trade date basis as of April 30, 2024. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

Allocation of Expenses Among Funds. Expenses directly attributable to each respective Fund are charged to the Fund; certain other common expenses of Calamos Advisors Trust, Calamos Investment Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity & Dynamic Income Trust, Calamos Antetokounmpo Sustainable Equities Trust, and Calamos ETF Trust are allocated proportionately among each fund to which the expenses relate in relation to the net assets of each fund or on another reasonable basis.

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147

Notes to Financial Statements (Unaudited)

Income Taxes. No provision has been made for U.S. income taxes because each Funds' 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 respective Funds' taxable income and net realized gains.

Dividends and distributions paid to common 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 and 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.

Distributions to holders of Mandatory Redeemable Preferred Shares ("MRPS") as described in Note 8 are accrued on a daily basis and are treated as an operating expense due to the fixed term of the obligation. The distributions are shown on the Statement of Operations as Interest expense and amortization of offering costs on MRPS. For tax purposes, the distributions made to the holders of the MRPS are treated as dividends.

The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2021 – 2023 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

Indemnifications. Under the Funds' organizational documents, each Fund 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 Fund. In addition, in the normal course of business, a Fund may enter into contracts that provide general indemnifications to other parties. A Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a Fund that have not yet occurred. Currently, the Funds' management expects the risk of material loss in connection to a potential claim to be remote.

Note 2 – Investment Adviser and Transactions With Affiliates Or Certain Other Parties

Pursuant to an investment advisory agreement with Calamos Advisors, each Fund pays an annual fee, payable monthly based on the average weekly managed assets of the Fund, as shown below:

FUND	ANNUAL RATE
Convertible Opportunities and Income Fund		0.80	%
Convertible and High Income Fund		0.80	%
Strategic Total Return Fund		1.00	%
Dynamic Convertible and Income Fund		1.00	%
Global Dynamic Income Fund		1.00	%
Global Total Return Fund		1.00	%
Long/Short Equity & Dynamic Income Trust		1.35	%

Each Fund reimburses Calamos Advisors for a portion of compensation paid to each Trust's Chief Compliance Officer. This compensation is reported as part of the "Trustees' fees and officer compensation" expense on the Funds' Statements of Operations.

The Funds have adopted a deferred compensation plan (the "Plan"). Under the Plan, a trustee who is not an "interested person" (as defined in the 1940 Act) and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee's deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Calamos Investment 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.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
148

Notes to Financial Statements (Unaudited)

At April 30, 2024, the Funds had deferred compensation balances, which are included in "Other assets" on the Statements of Assets and Liabilities, as follows:

FUND	AMOUNT
Convertible Opportunities and Income Fund	$	202,110
Convertible and High Income Fund		174,425
Strategic Total Return Fund		246,919
Dynamic Convertible and Income Fund		0
Global Dynamic Income Fund		93,822
Global Total Return Fund		59,621
Long/Short Equity & Dynamic Income Trust		0

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, 2024.

Note 3 – Investments

The cost of purchases and proceeds from sales of long-term investments, excluding investments sold short, for the period ended April 30, 2024 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $362,303,957 and $301,661,173 for Long/Short Equity & Dynamic Income Fund, respectively.

	COST OF PURCHASES				PROCEEDS FROM SALES
FUND	U.S. GOV'T SECURITIES		OTHER		U.S. GOV'T SECURITIES		OTHER
Convertible Opportunities and Income Fund	$	—	$	178,127,069	$	—	$	222,952,592
Convertible and High Income Fund		—		193,047,002		—		242,308,301
Strategic Total Return Fund		250,938		388,223,447		66,901,030		459,504,697
Dynamic Convertible and Income Fund		—		123,430,062		—		158,335,120
Global Dynamic Income Fund		—		699,116,938		309,673		734,036,611
Global Total Return Fund		—		147,413,571		—		153,314,381
Long/Short Equity & Dynamic Income Trust		500,938		575,205,241		—		625,997,256

Note 4 – Income Taxes

The cost basis of investments for federal income tax purposes at April 30, 2024 was as follows*:

FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Convertible Opportunities and Income Fund	$	1,185,400,692	$	57,300,432	$	(104,004,770	)	$	(46,704,338	)
Convertible and High Income Fund		1,291,268,212		61,345,959		(113,551,179	)		(52,205,220	)
Strategic Total Return Fund		2,669,418,846		1,104,318,563		(197,763,899	)		906,554,664
Dynamic Convertible and Income Fund		793,239,835		46,787,504		(68,297,943	)		(21,510,439	)
Global Dynamic Income Fund		745,583,363		17,757,338		(118,269,266	)		(100,511,928	)
Global Total Return Fund		162,248,134		6,150,625		(16,353,570	)		(10,202,945	)
Long/Short Equity & Dynamic Income Trust		258,655,361		13,144,858		(39,735,335	)		(26,590,477	)

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Funds' most recent annual report.

Each Fund intends to make monthly distributions from its income available for distribution, which consists of each Fund's dividends and interest income after payment of Fund expenses, and net realized gains on investments. At least annually, each Fund intends to distribute all or substantially all of its net realized capital gains, if any. Distributions are recorded on the ex-dividend date. Each Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings

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Notes to Financial Statements (Unaudited)

and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in-capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.

The tax character of distributions for the period ended April 30, 2024 will be determined at the end of each Fund's current fiscal year. Distributions during the fiscal period ended October 31, 2023 were characterized for federal income tax purposes as follows:

	YEAR ENDED OCTOBER 31, 2023
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL
Convertible Opportunities and Income Fund	$	30,821,886	$	58,448,531	$	—
Convertible and High Income Fund		32,248,272		63,794,457		—
Strategic Total Return Fund		17,803,791		190,612,272		—
Dynamic Convertible and Income Fund		16,264,044		48,555,021		—
Global Dynamic Income Fund		21,588,110		—		19,222,158
Global Total Return Fund		5,888,148		1,289,760		2,813,588
Long/Short Equity & Dynamic Income Trust		32,183,213		798,873		—

As of October 31, 2023, the components of accumulated earnings/(loss) on a tax basis were as follows:

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND			CONVERTIBLE AND HIGH INCOME FUND			STRATEGIC TOTAL RETURN FUND			DYNAMIC CONVERTIBLE AND INCOME FUND
Undistributed ordinary income	$	—		$	—		$	—		$	—
Undistributed capital gains		2,231,502			442,758			4,141,607			4,987,751
Total undistributed earnings		2,231,502			442,758			4,141,607			4,987,751
Accumulated capital and other losses		—			—			(8,231,699	)		—
Net unrealized gains/(losses)		(165,873,337	)		(182,602,517	)		264,399,772			(108,722,163	)
Total accumulated earnings/(losses)		(163,641,835	)		(182,159,759	)		260,309,680			(103,734,412	)
Other		(104,840	)		(136,044	)		(123,631	)		—
Paid-in-capital		836,528,404			907,116,571			1,889,816,626			563,099,438
Net assets applicable to common shareholders	$	672,781,729		$	724,820,768		$	2,150,002,675		$	459,365,026

	GLOBAL DYNAMIC INCOME FUND			GLOBAL TOTAL RETURN FUND			LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
Undistributed ordinary income	$	—		$	—		$	4,767,671
Undistributed capital gains		—			—			—
Total undistributed earnings		—			—			4,767,671
Accumulated capital and other losses		—			—			—
Net unrealized gains/(losses)		(163,667,896	)		(25,255,338	)		(68,500,156	)
Total accumulated earnings/(losses)		(163,667,896	)		(25,255,338	)		(63,732,485	)
Other		(206,675	)		(91,992	)		(4,118,672	)
Paid-in-capital		546,739,904			114,926,525			392,628,225
Net assets applicable to common shareholders	$	382,865,333		$	89,579,195		$	324,777,068

Note 5 – Short Sales

Calamos Global Dynamic Income Fund and Calamos Long/Short Equity & Dynamic Income Trust may sell securities short. Securities sold short represent obligations to deliver the securities at a future date. Each Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
150

Notes to Financial Statements (Unaudited)

on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, a Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

Note 6 – Derivative Instruments

Foreign Currency Risk. Each Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.

To mitigate the counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between a Fund and the counterparty and the amount of collateral due from a Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, a Fund's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among a Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that a Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to a Fund's custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. Generally before a default, neither a Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Each Fund's net counterparty exposure, if any, is reflected in the Schedules of Investments. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward foreign currency contracts for any of the Funds at April 30, 2024.

Equity Risk. Each Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds ("ETFs"). Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in a Fund's portfolio, on broad-based securities indexes, or certain ETFs.

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151

Notes to Financial Statements (Unaudited)

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. As of April 30, 2024, the Funds had outstanding purchased options and/or written options as listed on the Schedules of Investments.

Interest Rate Risk. Each Fund may engage in interest rate swaps primarily to hedge the interest rate risk on the Fund's borrowings (see Note 7—Notes Payable). An interest rate swap is a contract that involves the exchange of one type of interest rate for another type of interest rate. If interest rates rise, resulting in a diminution in the value of the Fund's portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction. Unrealized gains are reported as an asset, and unrealized losses are reported as a liability on the Statements of Assets and Liabilities. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on interest rate swaps in the Statements of Operations. A realized gain or loss is recorded in net realized gain (loss) on interest rate swaps in the Statements of Operations upon payment or receipt of a periodic payment or termination of the swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective swap contracts in the event of default or bankruptcy of each Fund. Please see the disclosure regarding ISDA Master Agreements under Foreign Currency Risk within this note.

Premiums paid to or by a Fund are accrued daily and included in realized gain (loss) when paid on swaps in the accompanying Statements of Operations. The contracts are marked-to-market daily based upon third party vendor valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the contract. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts' terms, counterparty's creditworthiness, and the possible lack of liquidity with respect to the contracts.

As of April 30, 2024, the Funds had no outstanding interest rate swap agreements.

As of April 30, 2024, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	CONVERTIBLE OPPORTUNITIES AND INCOME FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	404,625	$	—
	$	404,625	$	—
	CONVERTIBLE AND HIGH INCOME FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	435,750	$	—
	$	435,750	$	—

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
152

Notes to Financial Statements (Unaudited)

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	STRATEGIC TOTAL RETURN FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	2,206,500	$	—
Written Options⁽²⁾		—		1,666,590
	$	2,206,500	$	1,666,590
	DYNAMIC CONVERTIBLE AND INCOME FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	342,375	$	—
	$	342,375	$	—
	GLOBAL DYNAMIC INCOME FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	5,915,311	$	—
Written Options⁽²⁾		—		398,719
	$	5,915,311	$	398,719
	GLOBAL TOTAL RETURN FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	1,414,813	$	—
Written Options⁽²⁾		—		91,504
	$	1,414,813	$	91,504
	LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	3,852,463	$	—
Written Options⁽²⁾		—		4,427,252
	$	3,852,463	$	4,427,252

For the period ended April 30, 2024, the volume of derivative activity for the Fund is reflected below:*

FUND	PURCHASED OPTIONS⁽¹⁾		WRITTEN OPTIONS⁽²⁾
Convertible Opportunities and Income Fund		5,225		—
Convertible and High Income Fund		5,650		—
Strategic Total Return Fund		20,660		9,340
Dynamic Convertible and Income Fund		4,475		—
Global Dynamic Income Fund		26,954		4,756
Global Total Return Fund		6,733		1,175
Long/Short Equity & Dynamic Income Trust		194,576		208,866

* Activity during the period is measured by opened number of contracts for options purchased or written.

(1) Generally, the Statement of Assets and Liabilities location for Purchased Options is "Investments in securities, at value".

(2) Generally, the Statement of Assets and Liabilities location for Written Options is "Options written, at value".

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153

Notes to Financial Statements (Unaudited)

Note 7 – Notes Payable

The Funds have each entered into an Amended and Restated Liquidity Agreement (the "SSB Agreement") with State Street Bank and Trust Company ("SSB") that allows each Fund to borrow up to a certain limit as shown in the table below, as well as engage in securities lending and securities repurchase transactions.

FUND	BORROWING LIMIT (IN MILLIONS)
Convertible Opportunities and Income Fund	$	430.0
Convertible and High Income Fund		480.0
Strategic Total Return Fund		1,130.0
Dynamic Convertible and Income Fund		370.0
Global Dynamic Income Fund		265.0
Global Total Return Fund		55.0
Long/Short Equity & Dynamic Income Trust		150.0

Advances under the SSB Agreement are secured by assets of the Funds that are held with the Funds' custodian in a separate account (the "pledged collateral"). Interest on the SSB Agreement was charged on the drawn amount at the rate of OBFR plus 0.52%. A commitment fee of 0.10% is payable on any undrawn balance. For the period ended April 30, 2024, the Funds borrowed according to the table below:

FUND	AVERAGE BORROWINGS (IN MILLIONS)		AVERAGE INTEREST RATE			TOTAL OUTSTANDING BORROWINGS (IN MILLIONS)		INTEREST RATE APPLICABLE TO BORROWINGS
Convertible Opportunities and Income Fund	$	314.4		5.94	%	$	314.4		5.84	%
Convertible and High Income Fund		340.4		5.94	%		340.4		5.84	%
Strategic Total Return Fund		819.3		5.94	%		860.5		5.84	%
Dynamic Convertible and Income Fund		210.0		5.94	%		210.0		5.84	%
Global Dynamic Income Fund		135.7		5.94	%		147.1		5.84	%
Global Total Return Fund		31.4		5.94	%		34.4		5.84	%
Long/Short Equity & Dynamic Income Trust		120.0		5.94	%		120.0		5.84	%

Under the terms of the SSB Agreement, all securities lent through SSB must be secured continuously by collateral received in cash. Cash collateral received by SSB on behalf of the Fund is deposited by SSB in a custodial account of the Fund and then applied to repay borrowings under the SSB Agreement, such that the cash advanced to the Fund remains unchanged. Upon termination of a securities loan, SSB will advance to the Fund the cash collateral required to be returned by the Fund, or secure the appropriate amount through one or more securities lending transactions as the Fund's agent, and deposit the amount to a custodial account of the Fund and then subsequently return such amount to the securities borrower against return of the securities on loan. Again, the net cash to the Fund is unaltered. Only the composition of the advance is changed, and regardless of the composition of advances as between cash collateral for securities lending transactions or borrowings from SSB, they are not reflected separately in the Statement of Assets and Liabilities but as a component of the Notes Payable. The Fund has the right to recall securities which have been lent at any time. The securities lending arrangement with SSB involves characteristics common in arm's length relationships in which one party may benefit at the expense of the other party. As of April 30, 2024, the Funds had securities on loan under the SSB Agreement which are reflected in the Investment in securities, at value on the Statement of Assets and Liabilities and are shown in the table below. The borrowings are categorized as Level 2 within the fair value hierarchy.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
154

Notes to Financial Statements (Unaudited)

The composition of the securities on loan was as follows:

FUND	SECURITIES ON LOAN (IN MIILIONS)		FIXED INCOME SECURITIES (IN MILLIONS)		EQUITY SECURITIES (IN MILLIONS)
Convertible Opportunities and Income Fund	$	52.8	$	45.4	$	7.4
Convertible and High Income Fund		52.2		44.3		7.9
Strategic Total Return Fund		773.6		13.3		760.3
Dynamic Convertible and Income Fund		24.8		19.1		5.7
Global Dynamic Income Fund		20.7		6.3		14.4
Global Total Return Fund		17.7		2.8		14.9
Long/Short Equity & Dynamic Income Trust		0.8		0.7		0.1

Note 8 – Mandatory Redeemable Preferred Shares

All Funds except Long/Short Equity & Dynamic Income Trust have MRPS issued and outstanding, each divided into four series with different mandatory redemption dates and dividend rates. The tables below summarize the key terms of each series of the MRPS at April 30, 2024.

The MRPS are divided into four series with different mandatory redemption dates and dividend rates. The tables below summarizes the key terms of each Fund's series of the MRPS at April 30, 2024.

CONVERTIBLE OPPORTUNITIES AND INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		1,330	$	25	$	33,250,000
Series C	9/6/17	9/6/27		4.24	%		1,340	$	25	$	33,500,000
Series D	8/24/21	8/24/26		2.45	%		1,320	$	25	$	33,000,000
Series E	3/8/22	5/24/27		2.68	%		1,330	$	25	$	33,250,000
Total										$	133,000,000

CONVERTIBLE AND HIGH INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		1,460	$	25	$	36,500,000
Series C	9/6/17	9/6/27		4.24	%		1,480	$	25	$	37,000,000
Series D	8/24/21	8/24/26		2.45	%		1,400	$	25	$	35,000,000
Series E	3/8/22	5/24/27		2.68	%		1,460	$	25	$	36,500,000
Total										$	145,000,000

STRATEGIC TOTAL RETURN FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		3,220	$	25	$	80,500,000
Series C	9/6/17	9/6/27		4.24	%		3,240	$	25	$	81,000,000
Series D	8/24/21	8/24/26		2.45	%		2,480	$	25	$	62,000,000
Series F	5/24/22	5/24/27		3.66	%		4,000	$	25	$	100,000,000
Total										$	323,500,000

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155

Notes to Financial Statements (Unaudited)

DYNAMIC CONVERTIBLE AND INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		850	$	25	$	21,250,000
Series C	9/6/17	9/6/27		4.24	%		860	$	25	$	21,500,000
Series D	8/24/21	8/24/26		2.45	%		1,120	$	25	$	28,000,000
Series E	3/8/22	5/24/27		2.68	%		850	$	25	$	21,250,000
Total										$	92,000,000

GLOBAL DYNAMIC INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		860	$	25	$	21,500,000
Series C	9/6/17	9/6/27		4.24	%		880	$	25	$	22,000,000
Series D	8/24/21	8/24/26		2.45	%		200	$	25	$	5,000,000
Series E	3/8/22	5/24/27		2.68	%		860	$	25	$	21,500,000
Total										$	70,000,000

GLOBAL TOTAL RETURN FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		160	$	25	$	4,000,000
Series C	9/6/17	9/6/27		4.24	%		160	$	25	$	4,000,000
Series D	8/24/21	8/24/26		2.45	%		200	$	25	$	5,000,000
Series E	3/8/22	5/24/27		2.68	%		160	$	25	$	4,000,000
Total										$	17,000,000

Offering costs incurred by the Funds in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to interest expense and amortization of offering costs on MRPS over the respective life of each series of MRPS and shown in the Statement of operations.

The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the MRPS, is recorded as a liability in each Fund's Statement of Assets and Liabilities net of deferred offering costs. The MRPS are categorized as Level 2 within the fair value hierarchy.

During the period ended April 30, 2024, all MRPS were rated `AA-' by Kroll Bond Rating Agency LLC ("KBRA"). If the ratings of the MRPS are downgraded, each Fund's dividend expense may increase, as described below.

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated "AA-" by KBRA. If on the first day of a monthly dividend period the MRPS of any class are rated lower than "A" by KBRA, the dividend rate for such period shall be increased by 0.5%, 2.0% or 4.0% according to an agreed upon schedule. The MRPS' dividend rate is also subject to increase during periods when a Fund has not made timely payments to MRPS holders and/or the MRPS do not have a current credit rating, subject to various terms and conditions. Dividends accrued and paid to the shareholders of MRPS are included in "Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares" with each Fund's Statement of Operations.

With regard to the Series B and C MRPS, so long as any MRPS are outstanding, a Fund will not declare, pay or set apart for payment any dividend or other distribution (other than non-cash distributions) with respect to Fund shares ranking junior to or on parity with the MRPS, unless (1) the Fund has satisfied the MRPS Overcollateralization Test (as defined below) on at least one "valuation date" in the preceding 65 calendar days, (2) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test (as defined below), (3) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the holders of MRPS and (4) the Fund has redeemed the full number of

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
156

Notes to Financial Statements (Unaudited)

MRPS required to be redeemed by any provision for mandatory redemption or deposited sufficient monies with the Fund's paying agent for that purpose, subject to certain grace periods and exceptions.

MRPS Asset Coverage Test: Asset coverage with respect to all outstanding senior securities and preferred shares, including the MRPS, determined in accordance with Section 18(h) of the 1940 Act, on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next preceding the time of determination, must be greater than or equal to 225%.

MRPS Overcollateralization Test: So long as Fitch or any other NSRSO, such as KBRA, is then rating any class of the outstanding MRPS pursuant to the request of the Fund, satisfaction of only those overcollateralization ratios applicable to closed-end fund issuers with the same rating(s) as the Fund's MRPS' then-current rating(s) issued by Fitch or such other NSRSO, such as KBRA, by application of the applicable rating agency guidelines.

In accordance with that certain Statement of Preferences governing the Series D, E and F MRPS, for so long as any MRPS are outstanding, a Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRPS as to dividends or upon liquidation (collectively "non-cash distributions") with respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRPS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRPS as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the MRPS as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test, (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the Holders of MRPS, and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code ("Tax Required Payments"). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of MRPS.

Except as otherwise required pursuant to the Funds' governing documents or applicable law, the holders of the MRPS have one vote per share and vote together with the holders of common stock of the Funds as a single class except on matters affecting only the holders of MRPS or the holders of common stock. Pursuant to the 1940 Act, holders of the MRPS have the right to elect at least two trustees of a Fund, voting separately as a class. Except during any time when a Fund has failed to make a dividend or redemption payment in respect of MRPS outstanding, the holders of MRPS have agreed to vote in accordance with the recommendation of the Board on any matter submitted to them for their vote or to the vote of shareholders of a Fund generally.

Note 9 – Common Shares

Each Fund has unlimited common shares of beneficial interest authorized at April 30, 2024. Transactions in common shares for each fund at April 30, 2024 were as follows:

CONVERTIBLE OPPORTUNITIES AND INCOME FUND	SIX MONTHS ENDED APRIL 30, 2024		YEAR ENDED OCTOBER 31, 2023
Beginning shares		74,818,167		74,081,296
Shares sold		—		—
Shares issued through reinvestment of distributions		419,858		736,871
Ending shares		75,238,025		74,818,167

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157

Notes to Financial Statements (Unaudited)

CONVERTIBLE AND HIGH INCOME FUND	SIX MONTHS ENDED APRIL 30, 2024		YEAR ENDED OCTOBER 31, 2023
Beginning shares		76,379,270		75,661,499
Shares sold		—		—
Shares issued through reinvestment of distributions		383,304		717,771
Ending shares		76,762,574		76,379,270

STRATEGIC TOTAL RETURN FUND	SIX MONTHS ENDED APRIL 30, 2024		YEAR ENDED OCTOBER 31, 2023
Beginning shares		160,335,126		158,887,622
Shares sold		—		702,814
Shares issued through reinvestment of distributions		34,509		744,690
Ending shares		160,369,635		160,335,126

DYNAMIC CONVERTIBLE AND INCOME FUND	SIX MONTHS ENDED APRIL 30, 2024		YEAR ENDED OCTOBER 31, 2023
Beginning shares		26,644,318		26,080,838
Shares sold		—		206,742
Shares issued through reinvestment of distributions		128,264		356,738
Ending shares		26,772,582		26,644,318

GLOBAL DYNAMIC INCOME FUND	SIX MONTHS ENDED APRIL 30, 2024		YEAR ENDED OCTOBER 31, 2023
Beginning shares		63,864,387		63,864,387
Shares sold		—		—
Shares issued through reinvestment of distributions		—		—
Ending shares		63,864,387		63,864,387
GLOBAL TOTAL RETURN FUND	SIX MONTHS ENDED APRIL 30, 2024		YEAR ENDED OCTOBER 31, 2023
Beginning shares		9,825,838		9,823,566
Shares sold		—		—
Shares issued through reinvestment of distributions		—		2,272
Ending shares		9,825,838		9,825,838
LONG/SHORT EQUITY & DYNAMIC INCOME TRUST	SIX MONTHS ENDED APRIL 30, 2024		YEAR ENDED OCTOBER 31, 2023
Beginning shares		19,632,194		19,632,194
Shares sold		—		—
Shares issued through reinvestment of distributions		—		—
Ending shares		19,632,194		19,632,194

Notice is hereby given in accordance with Section 23(c) of the 1940 Act that each Fund may from time to time purchase its shares of common stock in the open market.

The Funds also may offer and sell common shares from time to time at an offering price equal to or in excess of the net asset value per share of each Fund's common shares at the time such common shares are initially sold.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
158

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust

Results of Review of Interim Financial Information

We have reviewed the accompanying statements of assets and liabilities of Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust (the "Funds"), including the schedules of investments, as of April 30, 2024, the related statements of operations, changes in net assets, and the financial highlights for the six month period then ended; and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it 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) (PCAOB), the statements of changes in net assets of the Funds and the financial highlights for each of the periods listed in the table below; and in our report dated December 20, 2023, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights.

Individual Fund Comprising the Calamos Investment Trust	Statement of Changes in Net Assets	Financial Highlights
Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Dynamic Income Fund, and Calamos Global Total Return Fund	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014
Calamos Dynamic Convertible and Income Fund	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and the period from March 27, 2015 (commencement of operations) through October 31, 2015
Calamos Long/Short Equity & Dynamic Income Trust	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022, 2021, and the period from November 29, 2019 (commencement of operations) through October 31, 2020

Basis for Review Results

This interim financial information is the responsibility of the Funds' management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, 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.

June 20, 2024

Chicago, Illinois

We have served as the auditor of one or more Calamos investment companies since 2003.

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About Closed-End Funds

What is a Closed-End Fund?

A closed-end fund is a publicly traded investment company that raises its initial investment capital through the issuance of a fixed number of shares to investors in a public offering. Shares of a closed-end fund are listed on a stock exchange or traded in the over-the-counter market. Like all investment companies, a closed-end fund is professionally managed and offers investors a unique investment solution based on its investment objective approved by the fund's Board of Trustees.

Potential Advantages of Closed-End Fund Investing

• Defined Asset Pool Allows Efficient Portfolio Management—Although closed-end fund shares trade actively on a securities exchange, this doesn't affect the closed-end fund manager because there are no new investors buying into or selling out of the fund's portfolio.

• More Flexibility in the Timing and Price of Trades—Investors can purchase and sell shares of closed-end funds throughout the trading day, just like the shares of other publicly traded securities.

• Lower Expense Ratios—The expense ratios of closed-end funds are oftentimes less than those of mutual funds. Over time, a lower expense ratio could enhance investment performance.

• Closed-End Structure Makes Sense for Less-Liquid Asset Classes—A closed-end structure makes sense for investors considering less-liquid asset classes, such as high-yield bonds or micro-cap stocks.

• Ability to Put Leverage to Work—Closed-end funds may issue senior securities (such as preferred shares or debentures) or borrow money to "leverage" their investment positions.

• No Minimum Investment Requirements

OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS

OPEN-END FUND				CLOSED-END FUND
Issues new shares on an ongoing basis				Generally issues a fixed number of shares
Issues common equity shares				Can issue common equity shares and senior securities such as preferred shares and bonds
Sold at NAV plus any sales charge				Price determined by the marketplace
Sold through the fund's distributor				Traded in the secondary market
Fund redeems shares at NAV calculated at the close of business day				Fund does not redeem shares

You can purchase or sell common shares of closed-end funds daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount, which is a market price that is below their net asset value.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares and fluctuations in the variable rates of the leverage financing.

Each open-end or closed-end fund should be evaluated individually. Before investing carefully consider the fund's investment objectives, risks, charges and expenses.

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Level Rate Distribution Policy

Using a Level Rate Distribution Policy to Promote Dependable Income and Total Return

Calamos Global Total Return Fund and Calamos Global Dynamic Income Fund have implemented a level rate distribution policy. The goal of the level rate distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can either serve as a stable income stream or, through reinvestment, may contribute significantly to long-term total return.

We understand the importance that investors place on the stability of dividends and their ability to contribute to long-term total return, which is why we have instituted a level rate distribution policy for Calamos Global Total Return Fund and Calamos Global Dynamic Income Fund. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains, and, if necessary, return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Please refer to each Fund's financial statements for specific information about distributions made during the last fiscal year.

There is no guarantee that the Funds will realize capital gains in any given year. Distributions are subject to recharacterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV. For purposes of maintaining the level rate distribution policy, the Funds may realize short-term capital gains on securities that, if sold at a later date, would have resulted in long-term capital gains. Maintenance of a level rate distribution policy may increase transaction and tax costs associated with the Funds.

Distributions from the Funds are generally subject to Federal income taxes.

Managed Distribution Policy

Using a Managed Distribution Policy to Promote Dependable Income and Total Return

Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, and Calamos Long/Short Equity & Dynamic Income Trust have implemented a managed distribution policy. The goal of the managed distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can serve either as a stable income stream or, through reinvestment, may contribute significantly to long-term total return.

We understand the importance that investors place on the stability of dividends and their ability to contribute to long-term total return, which is why we have instituted a managed distribution policy for Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund and Calamos Long/Short Equity & Dynamic Income Trust. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains, net realized long-term capital gains and, if necessary, return of capital. Please refer to each Fund's financial statements for specific information about distributions made during the last fiscal year.

Distributions of capital decrease a Fund's total assets and total assets per share and, therefore, could have the effect of increasing a Fund's expense ratio. In general, the policy of fixing a Fund's distributions at a targeted rate does not affect a Fund's investment strategy. However, in order to make these distributions, on occasion the Funds may have to sell portfolio securities at a less than opportune time.

There is no guarantee that the Funds will realize capital gains in any given year. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV.

Distributions from the Funds are generally subject to Federal income taxes.

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Automatic Dividend Reinvestment Plan

Maximizing Investment with an Automatic Dividend Reinvestment Plan

The Automatic Dividend Reinvestment Plan offers a simple, cost-efficient and convenient way to reinvest your dividends and capital gains distributions in additional shares of each Fund, allowing you to increase your investment in the Fund.

Potential Benefits

• Compounded Growth: By automatically reinvesting with the Plan, you gain the potential to allow your dividends and capital gains to compound over time.

• Potential for Lower Commission Costs: Additional shares are purchased in large blocks, with brokerage commissions shared among all plan participants. There is no cost to enroll in the Plan.

• Convenience: After enrollment, the Plan is automatic and includes detailed statements for participants. Participants can terminate their enrollment at any time.

Pursuant to the Plan, unless a shareholder is ineligible or elects otherwise, all dividend and capital gains on common shares distributions are automatically reinvested by Computershare, as agent for shareholders in administering the Plan ("Plan Agent"), in additional common shares of the Fund. Shareholders who elect not to participate in the Plan will receive all dividends and distributions payable in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee) by Plan Agent, as dividend paying agent. Shareholders may elect not to participate in the Plan and to receive all dividends and distributions in cash by sending written instructions to the Plan Agent, as dividend paying agent, at: Dividend Reinvestment Department, P.O. Box 43078, Providence RI 02940-3078. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by giving notice in writing to the Plan Agent; such termination will be effective with respect to a particular dividend or distribution if notice is received prior to the record date for the applicable distribution.

The shares are acquired by the Plan Agent for the participant's account either (i) through receipt of additional common shares from the Fund ("newly issued shares") or (ii) by purchase of outstanding common shares on the open market ("open-market purchases") on the NASDAQ or elsewhere. If, on the payment date, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions (a "market premium"), the Plan Agent will receive newly issued shares from the Fund for each participant's account. The number of newly issued common shares to be credited to the participant's account will be determined by dividing the dollar amount of the dividend or distribution by the greater of (i) the net asset value per common share on the payment date, or (ii) 95% of the market price per common share on the payment date.

If, on the payment date, the net asset value per common share exceeds the market price plus estimated brokerage commissions (a "market discount"), the Plan Agent has a limited period of time to invest the dividend or distribution amount in shares acquired in open-market purchases. If, before the Plan Agent has completed its open-market purchases, the market price plus estimated brokerage commissions exceeds the net asset value of the common shares as of the payment date, the purchase price paid by Plan Agent may exceed the net asset value of the common shares, resulting in the acquisition of fewer common shares than if such dividend or distribution had been paid in common shares issued by the Fund. The weighted average price (including brokerage commissions) of all common shares purchased by the Plan Agent as Plan Agent will be the price per common share allocable to each participant. If the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will invest the uninvested portion of the dividend or distribution amount in newly issued shares at the net asset value per common share at the close of business on the last purchase date.

The automatic reinvestment of dividends and distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends even though no cash is received by participants.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
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Automatic Dividend Reinvestment Plan

There are no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold, plus a $15 transaction fee. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

A participant may request the sale of all of the common shares held by the Plan Agent in his or her Plan account in order to terminate participation in the Plan. If such participant elects in advance of such termination to have the Plan Agent sell part or all of his shares, the Plan Agent is authorized to deduct from the proceeds a $15.00 fee plus the brokerage commissions incurred for the transaction. A participant may re-enroll in the Plan in limited circumstances.

The terms and conditions of the Plan may be amended by the Plan Agent or the Fund at any time upon notice as required by the Plan.

This discussion of the Plan is only summary, and is qualified in its entirety by the Terms and Conditions of the Dividend Reinvestment Plan filed as part of the Fund's registration statement.

For additional information about the Plan, please contact the Plan Agent, Computershare, at 866.226.8016. If you wish to participate in the Plan and your shares are held in your own name, simply call the Plan Agent. If your shares are not held in your name, please contact your brokerage firm, bank, or other nominee to request that they participate in the Plan on your behalf. If your brokerage firm, bank, or other nominee is unable to participate on your behalf, you may request that your shares be re-registered in your own name.

We're pleased to provide our shareholders with the additional benefit of the Fund's Dividend Reinvestment Plan and hope that it may serve your financial plan.

Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions

Each Fund is organized as a Delaware statutory trust and thus is subject to the control share acquisition statute contained in Subchapter III of the Delaware Statutory Trust Act (the DSTA Control Share Statute). The DSTA Control Share Statute applies to any closed-end investment company organized as a Delaware statutory trust and listed on a national securities exchange, such as the Fund. The DSTA Control Share Statute became automatically applicable to the Funds on August 1, 2022.

The DSTA Control Share Statute defines "control beneficial interests" (referred to as "control shares" herein) by reference to a series of voting power thresholds and provides that a holder of control shares acquired in a control share acquisition has no voting rights under the Delaware Statutory Trust Act (DSTA) or each Fund's Governing Documents (as used herein, "Governing Documents" means each Fund's Agreement and Declaration of Trust and By-Laws, together with any amendments or supplements thereto, including any Statement of Preferences establishing a series of preferred shares, as applicable) with respect to the control shares acquired in the control share acquisition, except to the extent approved by a Fund's shareholders by the affirmative vote of two—thirds of all the votes entitled to be cast on the matter, excluding all interested shares (generally, shares held by the acquiring person and their associates and shares held by Fund insiders).

The DSTA Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. Whether one of these thresholds of voting power is met is determined by

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Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions

aggregating the holdings of the acquiring person as well as those of his, her or its "associates." These thresholds are:

• 10% or more, but less than 15% of all voting power;

• 15% or more, but less than 20% of all voting power;

• 20% or more, but less than 25% of all voting power;

• 25% or more, but less than 30% of all voting power;

• 30% or more, but less than a majority of all voting power; or

• a majority or more of all voting power.

Under the DSTA Control Share Statute, once a threshold is reached, an acquirer has no voting rights with respect to shares in excess of that threshold (i.e., the "control shares") until approved by a vote of shareholders, as described above, or otherwise exempted by the Funds' Board of Trustees. The DSTA Control Share Statute contains a statutory process for an acquiring person to request a shareholder meeting for the purpose of considering the voting rights to be accorded control shares. An acquiring person must repeat this process at each threshold level.

Under the DSTA Control Share Statute, an acquiring person's "associates" are broadly defined to include, among others, relatives of the acquiring person, anyone in a control relationship with the acquiring person, any investment fund or other collective investment vehicle that has the same investment adviser as the acquiring person, any investment adviser of an acquiring person that is an investment fund or other collective investment vehicle and any other person acting or intending to act jointly or in concert with the acquiring person.

Voting power under the DSTA Control Share Statute is the power (whether such power is direct or indirect or through any contract, arrangement, understanding, relationship or otherwise) to directly or indirectly exercise or direct the exercise of the voting power of shares of a Fund in the election of each Fund's Trustees (either generally or with respect to any subset, series or class of trustees, including any Trustees elected solely by a particular series or class of shares, such as the preferred shares). Thus, a Fund's preferred shares, as applicable, acquired in excess of the above thresholds would be considered control shares with respect to the preferred share class vote for two Trustees.

Any control shares of the Fund acquired before August 1, 2022 are not subject to the DSTA Control Share Statute; however, any further acquisitions on or after August 1, 2022 are considered control shares subject to the DSTA Control Share Statute.

The DSTA Control Share Statute requires shareholders to disclose to a Fund any control share acquisition within 10 days of such acquisition, and also permits the Fund to require a shareholder or an associate of such person to disclose the number of shares owned or with respect to which such person or an associate thereof can directly or indirectly exercise voting power. Further, the DSTA Control Share Statute requires a shareholder or an associate of such person to provide to the Fund within 10 days of receiving a request therefor from the Fund any information that the Fund's Trustees reasonably believe is necessary or desirable to determine whether a control share acquisition has occurred.

The DSTA Control Share Statute permits the Funds' Board of Trustees, through a provision in each Fund's Governing Documents or by Board action alone, to eliminate the application of the DSTA Control Share Statute to the acquisition of control shares in the Fund specifically, generally, or generally by types, as to specifically identified or unidentified existing or future beneficial owners or their affiliates or associates or as to any series or classes of shares. The DSTA Control Share Statute does not provide that the Fund can generally "opt out" of the application of the DSTA Control Share Statute; rather, specific acquisitions or classes of acquisitions may be exempted by the Board of Trustees, either in advance or retroactively, but other aspects of the DSTA Control Share Statute, which are summarized above, would continue to apply.

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Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions

The DSTA Control Share Statute further provides that the Board of Trustees is under no obligation to grant any such exemptions.

The foregoing is only a summary of the material terms of the DSTA Control Share Statute. Shareholders should consult their own counsel with respect to the application of the DSTA Control Share Statute to any particular circumstance.

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MANAGING YOUR CALAMOS FUNDS INVESTMENTS

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

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.

A description of the Calamos Proxy Voting Policies and Procedures and the Funds' proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds' proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Funds file a complete list of their portfolio holdings with the SEC for the first and third quarters each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov.

The Fund's report to the SEC on Form N-CSR contains certifications by the fund's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act, relating to, among other things, the quality of the Fund's disclosure controls and procedures and internal control over financial reporting.

FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 866.226.8016

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:
Computershare
P.O. Box 43078
Providence RI 02940-3078
866.226.8016

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:
Deloitte & Touche LLP
Chicago, IL

LEGAL COUNSEL:
Ropes & Gray LLP
Chicago, IL

Visit our Web site for timely fund performance, detailed fund profiles, fund news and insightful market commentary.

2020 Calamos Court
Naperville, IL 60563-2787
800.582.6959
www.calamos.com

CEFSAR 822293 043024

ITEM 1(b). Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, Registrant has not included a copy of the notice herewith.

ITEM 2. CODE OF ETHICS.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

ITEM 6. SCHEDULE OF INVESTMENTS

(a) Included in the Report to Shareholders in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The information required by this Item 7 is only required in an annual report on this Form N-CSR.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) The information required by this Item 8 is only required in an annual report on this Form N-CSR.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

The information required by this Item 9 is only required in an annual report on this Form N-CSR.

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 reported within the time periods specified in the Commission’s rules and forms.

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The Fund did not participate directly in securities lending activity. See Note [6] to the Financial Statements in Item 1. ITEM 13. EXHIBITS.

(a)(1) Code of Ethics - Not applicable for semiannual reports.

(a)(2)(i) Certification of Principal Executive Officer.

(a)(2)(ii) Certification of Principal Financial Officer.

(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

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 Dynamic Convertible and Income Fund

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	June 27, 2024

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	June 27, 2024

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

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	June 27, 2024

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	June 27, 2024

Calamos Dynamic Convertible and Income Fund (CCD) N-CSRSCertified semi-annual shareholder report (management investment company)