ThZeal - The Zeal

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, 2025

DATE OF REPORTING PERIOD: November 1, 2024 through April 30, 2025

Item 1. Reports to Stockholders.

1(a) Reports to Stockholders

TIMELY INFORMATION INSIDE

Family of Closed-End Funds

SEMIANNUAL REPORT APRIL 30, 2025

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)

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.

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 Distribution Policies*

Closed-end fund investors often seek a steady stream of income. Recognizing this important need, Calamos Strategic Total Return Fund (CSQ) and Calamos Long/Short Equity & Dynamic Income Trust (CPZ) adhere to a managed distribution policy, while Calamos Dynamic Convertible and Income Fund (CCD), Calamos Global Total Return Fund (CGO), Calamos Convertible Opportunities and Income Fund (CHI), Calamos Global Dynamic Income Fund (CHW), and Calamos Convertible and High Income Fund (CHY) adhere to a level distribution policy. Both distribution policies represent our commitment to provide common shareholders with a predictable but not assured level of cash flow through the disbursement of the following:

• Net investment income

• Net realized short-term capital gains

• Net realized long-term capital gains (under a level distribution policy, only a limited number of times a year)

• 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, 2025, is as follows:

• Calamos Global Dynamic Income Fund: $0.0500

• Calamos Global Total Return Fund: $0.0800

• 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

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 Calamos closed-end funds, we encourage you to contact your financial advisor or Calamos Investments at 866.363.9219 (Monday through Friday from 8:30 a.m. to 5:00 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					25
Notes to Financial Statements					137
Report of Independent Registered Public Accounting Firm					151
About Closed-End Funds					152
Managed and Level Distribution Policies					153
Automatic Dividend Reinvestment Plan					154
Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions					155

* On December 17, 2024, the Board of Trustees approved the transition from a managed distribution policy to a level distribution policy for CCD, CHY and CHI to be effective as of January 1, 2025. A managed distribution will change over time based on the Fund's NAV fluctuations; a level distribution is based on a specific dollar amount per share, regardless of NAV changes.

Statements of Assets and Liabilities April 30, 2025 (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	$	1,131,276,497		$	1,225,027,957		$	2,870,203,324	$	752,126,808
Investment in securities, at value*	$	1,085,137,901		$	1,174,313,230		$	3,813,766,023	$	722,956,369
Cash with custodian		72,474,047			74,071,637			136,056,354		30,607,100
Cash held at broker		—			—			—		577
Restricted cash for short positions		—			—			13,670		—
Receivables:
Accrued interest and dividends		7,736,701			8,403,868			10,725,508		3,554,202
Investments sold		1,470,394			1,574,800			3,784,350		397,700
Prepaid expenses		482,169			522,623			1,206,687		328,658
Other assets		220,217			190,052			269,040		—
Total assets		1,167,521,429			1,259,076,210			3,965,821,632		757,844,606
LIABILITIES
Options written, at value (premium $246,990)		—			—			37,993		—
Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued, and outstanding, in 000's) (Note 8)
Series C (1,340, 1,480, 3,240, and 860 shares, respectively)⁽¹⁾		33,412,911			36,904,203			80,789,246		21,444,263
Series D (1,320, 1,400, 2,480 and 1,120 shares, respectively)⁽²⁾		32,919,475			34,915,114			61,847,853		27,929,726
Series E (1,330, 1,460, and 850 shares, respectively)⁽³⁾		33,112,991			36,350,526			—		21,159,851
Series F (4,000 shares)⁽⁴⁾		—			—			99,678,902		—
Series G (1,320, 1,440, 3,200 and 840 shares, respectively)⁽⁵⁾		32,727,376			35,702,592			79,339,094		20,809,597
Unrealized depreciation on forward foreign currency contracts		—			—			—		—
Payables:
Notes payable (Note 7)		291,650,000			313,900,000			1,000,000,000		185,250,000
Distributions payable to Mandatory Redeemable Preferred Shareholders		412,964			450,796			1,087,791		277,191
Investments purchased		17,695,031			18,777,735			2,950,269		4,345,997
Affiliates:
Investment advisory fees		744,853			804,436			3,139,255		613,104
Deferred compensation to trustees		220,217			190,052			269,040		—
Trustees' fees and officer compensation		5,845			6,182			13,824		4,505
Other accounts payable and accrued liabilities		1,549,538			1,672,781			4,514,131		1,034,887
Total liabilities		444,451,201			479,674,417			1,333,667,398		282,869,121
NET ASSETS	$	723,070,228		$	779,401,793		$	2,632,154,234	$	474,975,485
COMPOSITION OF NET ASSETS
Common stock, no par value, unlimited shares authorized	$	827,156,245		$	893,294,262		$	1,889,490,143	$	550,275,271
Accumulated distributable earnings (loss)		(104,086,017	)		(113,892,469	)		742,664,091		(75,299,786	)
NET ASSETS	$	723,070,228		$	779,401,793		$	2,632,154,234	$	474,975,485
Net asset value per common shares	$	9.32		$	9.85		$	16.41	$	17.56
Shares Outstanding		77,613,710			79,140,284			160,369,635		27,054,934
* Includes securities on loan	$	40,035,222		$	52,661,889		$	531,651,495	$	11,451,031
(1) Net of deferred offering costs (Series C)	$	87,089		$	95,797		$	210,754	$	55,737
(2) Net of deferred offering costs (Series D)	$	80,525		$	84,886		$	152,147	$	70,274
(3) Net of deferred offering costs (Series E)	$	137,009		$	149,474		$	—	$	90,149
(4) Net of deferred offering costs (Series F)	$	—		$	—		$	321,098	$	—
(5) Net of deferred offering costs (Series G)	$	272,624		$	297,408		$	660,906	$	190,403

See accompanying Notes to Financial Statements

www.calamos.com
1

Statements of Assets and Liabilities April 30, 2025 (Unaudited)

	GLOBAL DYNAMIC INCOME FUND			GLOBAL TOTAL RETURN FUND			LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
ASSETS
Investments in securities, at cost	$	678,623,885		$	153,528,510		$	415,230,757
Investment in securities, at value*	$	586,837,245		$	142,617,683		$	399,652,471
Cash with custodian		54,285,559			12,089,050			4,954,576
Cash held at broker		—			6			101,957
Collateral for short positions domestic		—			—			56,000,000
Restricted cash for short positions		—			—			112,325,741
Foreign currencies held at broker (cost $6 and $85)		6			—			88
Receivables:
Accrued interest and dividends		2,633,429			599,360			1,956,802
Investments sold		12,767,302			2,869,386			1,027,402
Prepaid expenses		169,659			61,045			2,923
Other assets		102,221			64,962			496,982
Total assets		656,795,421			158,301,492			576,518,942
LIABILITIES
Restricted foreign currency for short positions (cost $915,126)		—			—			914,917
Foreign currency due to broker (cost $420 and $172)		429			—			166
Foreign currency overdraft (cost $800,003 and $191,046)		800,003			191,046			—
Securities sold short, at value (proceeds $102,841,374)		—			—			117,789,220
Options written, at value (premium $54,901, $13,428 and $5,661,884)		85,635			20,955			5,237,123
Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued, and outstanding, in 000's) (Note 8)
Series C (880 and 160 shares, respectively)⁽¹⁾		21,943,393			3,989,549			—
Series D (200 and 200 shares, respectively)⁽²⁾		4,986,285			4,981,380			—
Series E (860 and 160 shares, respectively)⁽³⁾		21,401,263			3,975,027			—
Unrealized depreciation on forward foreign currency contracts		264			63			—
Payables:
Notes payable (Note 7)		136,050,000			34,600,000			120,000,000
Distributions payable to Mandatory Redeemable Preferred Shareholders		130,744			32,057			—
Investments purchased		11,528,241			2,957,547			683,457
Affiliates:
Investment advisory fees		548,026			129,537			494,182
Deferred compensation to trustees		102,227			64,962			—
Trustees' fees and officer compensation		4,068			2,177			3,278
Other accounts payable and accrued liabilities		1,066,814			312,477			643,336
Total liabilities		198,647,392			51,256,777			245,765,679
NET ASSETS	$	458,148,029		$	107,044,715		$	330,753,263
COMPOSITION OF NET ASSETS
Common stock, no par value, unlimited shares authorized	$	546,071,159		$	114,769,615		$	392,628,183
Accumulated distributable earnings (loss)		(87,923,130	)^(a)		(7,724,900	)^(a)		(61,874,920	)
NET ASSETS	$	458,148,029		$	107,044,715		$	330,753,263
Net asset value per common shares	$	7.17		$	10.89		$	16.85
Shares Outstanding		63,864,387			9,827,294			19,632,194
* Includes securities on loan	$	62,149,910		$	18,105,860		$	3,887,655
(1) Net of deferred offering costs (Series C)	$	56,607		$	10,451		$	—
(2) Net of deferred offering costs (Series D)	$	13,715		$	18,620		$	—
(3) Net of deferred offering costs (Series E)	$	98,737		$	24,973		$	—

(a) Net of deferred foreign capital gains tax of $(97,010) and $(41,948), respectively.

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
2

Statements of Operations Six Months Ended April 30, 2025 (Unaudited)

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND			CONVERTIBLE AND HIGH INCOME FUND			STRATEGIC TOTAL RETURN FUND			DYNAMIC CONVERTIBLE AND INCOME FUND
INVESTMENT INCOME
Interest	$	17,925,027		$	19,419,653		$	26,186,201		$	7,959,780
Interest on short sales		—			—			—			15
(Amortization)/accretion of investment securities		(8,516,882	)		(9,509,594	)		(6,621,404	)		(7,708,450	)
Net interest		9,408,145			9,910,059			19,564,797			251,345
Dividends		2,483,789			2,677,868			20,963,938			2,090,250
Dividend taxes withheld		—			—			(32,128	)		—
Total investment income		11,891,934			12,587,927			40,496,607			2,341,595
EXPENSES
Investment advisory fees		4,766,405			5,155,365			20,565,401			4,014,662
Interest expense on Notes Payable (Note 7)		7,950,070			8,616,571			24,524,950			5,336,033
Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8)		2,704,310			2,947,731			7,027,503			1,828,542
Printing and mailing fees		53,819			59,474			112,779			36,480
Legal fees		41,308			44,085			130,668			30,160
Accounting fees		41,212			43,416			110,716			33,357
Tax fees		33,387			36,117			112,504			22,689
Audit fees		32,198			34,117			88,844			24,696
Trustees' fees and officer compensation		29,778			31,792			89,448			21,883
Fund administration fees		27,074			29,271			101,313			18,266
Transfer agent fees		23,174			20,151			20,620			19,468
Registration fees		9,939			10,039			21,189			3,537
Custodian fees		9,225			9,706			26,269			7,438
Other		30,843			30,708			77,724			23,094
Total expenses		15,752,742			17,068,543			53,009,928			11,420,305
NET INVESTMENT INCOME (LOSS)		(3,860,808	)		(4,480,616	)		(12,513,321	)		(9,078,710	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		6,967,217			6,137,175			34,247,986			8,902,898
Purchased options		(235,207	)		(300,378	)		(922,633	)		(242,572	)
Foreign currency transactions		—			—			208			—
Written options		862,472			967,015			(995,928	)		784,126
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(17,983,190	)		(17,952,801	)		(107,301,880	)		(14,807,349	)
Purchased options		35,509			45,135			2,899,101			41,475
Foreign currency translations		—			—			7,896			—
Written options		—			—			74,743			—
NET GAIN (LOSS)		(10,353,199	)		(11,103,854	)		(71,990,507	)		(5,321,422	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,214,007	)	$	(15,584,470	)	$	(84,503,828	)	$	(14,400,132	)

See accompanying Notes to Financial Statements

www.calamos.com
3

Statements of Operations Six Months Ended April 30, 2025 (Unaudited)

	GLOBAL DYNAMIC INCOME FUND			GLOBAL TOTAL RETURN FUND			LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
INVESTMENT INCOME
Interest	$	5,869,122		$	1,295,240		$	4,308,929
Interest on short sales		1,238			—			4,925,137
(Amortization)/accretion of investment securities		(1,450,297	)		(266,170	)		70,825
Net interest		4,420,063			1,029,070			9,304,891
Dividends		4,992,931			1,140,853			1,867,811
Dividend taxes withheld		(208,807	)		(49,835	)		(23,129	)
Total investment income		9,204,187			2,120,088			11,149,573
EXPENSES
Investment advisory fees		3,660,990			863,245			3,050,866
Interest expense on Notes Payable (Note 7)		5,210,102			1,204,111			3,037,313
Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8)		871,341			234,665			—
Printing and mailing fees		36,460			15,250			22,349
Legal fees		32,717			11,607			32,582
Accounting fees		36,373			18,742			25,955
Tax fees		40,309			25,282			13,112
Audit fees		23,384			12,161			17,021
Trustees' fees and officer compensation		20,612			8,835			14,488
Fund administration fees		18,771			4,468			11,653
Transfer agent fees		19,424			21,525			10,634
Registration fees		8,438			1,299			2,594
Custodian fees		80,347			33,575			37,742
Dividend or interest expense on short positions		—			—			1,377,340
Other		94,780			17,530			122,563
Total expenses		10,154,048			2,472,295			7,776,212
NET INVESTMENT INCOME (LOSS)		(949,861	)		(352,207	)		3,373,361
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		19,154,246	^(a)		5,913,598	^(a)		28,446,991
Purchased options		5,303,893			1,637,219			(18,935,915	)
Foreign currency transactions		(136,619	)		(38,216	)		(67,939	)
Forward foreign currency contracts		1,364			470			—
Written options		92,322			63,633			6,325,152
Short positions		(289	)		—			2,393,825
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(34,161,512	)^(b)		(9,813,470	)^(b)		(28,112,990	)
Purchased options		(5,340,294	)		(1,568,992	)		1,942,669
Foreign currency translations		10,069			1,443			3,421
Forward foreign currency contracts		(264	)		(63	)		—
Written options		1,224			1,246			2,872,574
Short positions		—			—			8,639,183
NET GAIN (LOSS)		(15,075,860	)		(3,803,132	)		3,506,971
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(16,025,721	)	$	(4,155,339	)	$	6,880,332

(a) Net of foreign capital gains tax of $261,305 and $92,314, respectively.

(b) Net of change of $959,592 and $281,155, 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, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	(3,860,808	)	$	(14,912,812	)	$	(4,480,616	)	$	(16,507,139	)	$	(12,513,321	)	$	(23,412,384	)
Net realized gain (loss)		7,594,482			58,286,271			6,803,812			63,881,724			32,329,633			207,696,494
Change in unrealized appreciation/(depreciation)		(17,947,681	)		120,657,789			(17,907,666	)		131,356,613			(104,320,140	)		677,644,227
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		(14,214,007	)		164,031,248			(15,584,470	)		178,731,198			(84,503,828	)		861,928,337
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Distributions		(43,477,291	)		(47,584,933	)		(46,720,684	)		(48,023,120	)		(98,627,325	)		(197,233,426	)
Return of capital		—			(38,135,660	)		—			(44,052,948	)		—			—
Net decrease in net assets from distributions to common shareholders		(43,477,291	)		(85,720,593	)		(46,720,684	)		(92,076,068	)		(98,627,325	)		(197,233,426	)
CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold		17,678,983			—			18,165,522			17,883			—			37,382
Reinvestment of distributions resulting in the issuance of stock		3,876,105			8,114,054			3,959,217			8,088,427			—			550,419
Net increase (decrease) in net assets from capital stock transactions		21,555,088			8,114,054			22,124,739			8,106,310			—			587,801
TOTAL INCREASE (DECREASE) IN NET ASSETS		(36,136,210	)		86,424,709			(40,180,415	)		94,761,440			(183,131,153	)		665,282,712
NET ASSETS
Beginning of period	$	759,206,438		$	672,781,729		$	819,582,208		$	724,820,768		$	2,815,285,387		$	2,150,002,675
End of period	$	723,070,228		$	759,206,438		$	779,401,793		$	819,582,208		$	2,632,154,234		$	2,815,285,387

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, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024			(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025			YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	(9,078,710	)	$	(23,788,786	)	$	(949,861	)	$	(3,779,968	)	$	(352,207	)	$	(1,354,621	)
Net realized gain (loss)		9,444,452			58,411,657			24,414,917			49,277,335			7,576,704			13,104,228
Change in unrealized appreciation/(depreciation)		(14,765,874	)		80,755,894			(39,490,777	)		103,278,463			(11,379,836	)		24,001,478
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		(14,400,132	)		115,378,765			(16,025,721	)		148,775,830			(4,155,339	)		35,751,085
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Distributions		(31,535,256	)		(41,801,785	)		(19,159,316	)		(38,318,632	)		(4,717,101	)		(9,432,805	)
Return of capital		—			(20,818,282	)		—			—			—			—
Net decrease in net assets from distributions to common shareholders		(31,535,256	)		(62,620,067	)		(19,159,316	)		(38,318,632	)		(4,717,101	)		(9,432,805	)
CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold		—			—			—			10,535			—			1,960
Reinvestment of distributions resulting in the issuance of stock		3,913,390			4,873,759			—			—			—			17,720
Net increase (decrease) in net assets from capital stock transactions		3,913,390			4,873,759			—			10,535			—			19,680
TOTAL INCREASE (DECREASE) IN NET ASSETS		(42,021,998	)		57,632,457			(35,185,037	)		110,467,733			(8,872,440	)		26,337,960
NET ASSETS
Beginning of period	$	516,997,483		$	459,365,026		$	493,333,066		$	382,865,333		$	115,917,155		$	89,579,195
End of period	$	474,975,485		$	516,997,483		$	458,148,029		$	493,333,066		$	107,044,715		$	115,917,155

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, 2025			YEAR ENDED OCTOBER 31, 2024
OPERATIONS
Net investment income (loss)	$	3,373,361		$	9,196,057
Net realized gain (loss)		18,162,114			4,453,043
Change in unrealized appreciation/(depreciation)		(14,655,143	)		38,765,839
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		6,880,332			52,414,939
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Distributions		(20,336,990	)		(32,982,086	)
Return of capital		—			—
Net decrease in net assets from distributions to common shareholders		(20,336,990	)		(32,982,086	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(13,456,658	)		19,432,853
NET ASSETS
Beginning of period	$	344,209,921		$	324,777,068
End of period	$	330,753,263		$	344,209,921

See accompanying Notes to Financial Statements

www.calamos.com
7

Statement of Cash Flows

	CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(14,214,007	)
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		(448,106,188	)
Proceeds paid on closing written options		(225,166	)
Proceeds from disposition of investment securities, including purchased options		533,029,316
Premiums received from written options		1,087,639
Amortization and accretion of fixed-income securities		8,516,882
Amortization of offering costs on Mandatory Redeemable Preferred Shares		135,994
Net payment-in-kind interest income		(347,076	)
Net realized gains/losses from investments, excluding purchased options		(6,967,217	)
Net realized gains/losses from purchased options		235,207
Net realized gains/losses from written options		(862,472	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		17,983,190
Change in unrealized appreciation or depreciation on purchased options		(35,509	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(178,181	)
Prepaid expenses		(19,327	)
Other assets		5,216
Increase/(decrease) in liabilities:
Payables to affiliates		(83,168	)
Other accounts payable and accrued liabilities		(117,470	)
Net cash provided by/(used in) operating activities	$	89,837,663
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		17,678,983
Distributions to shareholders		(39,601,186	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(21,284	)
Offering costs on Mandatory Redeemable Preferred Shares		(35,557	)
Repayment of Note payable		(23,000,000	)
Net cash provided by/(used in) financing activities	$	(44,979,044	)
Net increase/(decrease) in cash	$	44,858,619
Cash and restricted cash at beginning of period	$	27,615,428
Cash and restricted cash at end of period	$	72,474,047
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	8,029,013
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	2,725,594
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	3,876,105
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		72,474,047
Cash held at broker		—
Total cash and restricted cash at period end	$	72,474,047

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
8

Statement of Cash Flows

	CALAMOS CONVERTIBLE AND HIGH INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(15,584,470	)
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		(484,032,919	)
Proceeds paid on closing written options		(252,459	)
Proceeds from disposition of investment securities, including purchased options		576,657,987
Premiums received from written options		1,219,474
Amortization and accretion of fixed-income securities		9,509,594
Amortization of offering costs on Mandatory Redeemable Preferred Shares		145,506
Net payment-in-kind interest income		(377,898	)
Net realized gains/losses from investments, excluding purchased options		(6,137,175	)
Net realized gains/losses from purchased options		300,378
Net realized gains/losses from written options		(967,015	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		17,952,801
Change in unrealized appreciation or depreciation on purchased options		(45,135	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(180,669	)
Prepaid expenses		(18,351	)
Other assets		4,501
Increase/(decrease) in liabilities:
Payables to affiliates		(90,080	)
Other accounts payable and accrued liabilities		(129,983	)
Net cash provided by/(used in) operating activities	$	97,974,087
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		18,165,522
Distributions to shareholders		(42,761,467	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(23,225	)
Offering costs on Mandatory Redeemable Preferred Shares		(36,879	)
Repayment of Note payable		(27,000,000	)
Net cash provided by/(used in) financing activities	$	(51,656,049	)
Net increase/(decrease) in cash	$	46,318,038
Cash and restricted cash at beginning of period	$	27,753,599
Cash and restricted cash at end of period	$	74,071,637
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	8,705,984
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	2,970,956
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	3,959,217
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		74,071,637
Cash held at broker		—
Total cash and restricted cash at period end	$	74,071,637

See accompanying Notes to Financial Statements

www.calamos.com
9

Statement of Cash Flows

	CALAMOS STRATEGIC TOTAL RETURN FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(84,503,828	)
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		(792,006,294	)
Proceeds paid on closing written options		(1,290,044	)
Proceeds from disposition of investment securities, including purchased options		819,875,264
Premiums received from written options		246,990
Amortization and accretion of fixed-income securities		6,621,404
Amortization of offering costs on Mandatory Redeemable Preferred Shares		280,717
Net payment-in-kind interest income		(426,967	)
Net realized gains/losses from investments, excluding purchased options		(34,247,986	)
Net realized gains/losses from purchased options		922,633
Net realized gains/losses from written options		995,928
Change in unrealized appreciation or depreciation on investments, excluding purchased options		107,301,880
Change in unrealized appreciation or depreciation on purchased options		(2,899,101	)
Change in unrealized appreciation or depreciation on written options		(74,743	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		558,938
Prepaid expenses		(1,480	)
Other assets		6,372
Increase/(decrease) in liabilities:
Payables to affiliates		(301,490	)
Other accounts payable and accrued liabilities		51,728
Net cash provided by/(used in) operating activities	$	21,109,921
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(98,627,325	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(55,914	)
Offering costs on Mandatory Redeemable Preferred Shares		(56,198	)
Proceeds from Note payable		59,000,000
Net cash provided by/(used in) financing activities	$	(39,739,437	)
Net increase/(decrease) in cash	$	(18,629,516	)
Cash and restricted cash at beginning of period	$	154,699,540
Cash and restricted cash at end of period	$	136,070,024
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	24,345,791
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	7,083,417
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		136,056,354
Cash held at broker		—
Restricted cash for short positions		13,670
Total cash and restricted cash at period end	$	136,070,024

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
10

Statement of Cash Flows

	CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(14,400,132	)
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		(349,274,469	)
Proceeds paid on closing written options		(204,667	)
Proceeds from disposition of investment securities, including purchased options		414,768,909
Premiums received from written options		988,792
Amortization and accretion of fixed-income securities		7,708,450
Amortization of offering costs on Mandatory Redeemable Preferred Shares		104,085
Net payment-in-kind interest income		(96,420	)
Net realized gains/losses from investments, excluding purchased options		(8,902,898	)
Net realized gains/losses from purchased options		242,572
Net realized gains/losses from written options		(784,126	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		14,807,349
Change in unrealized appreciation or depreciation on purchased options		(41,475	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(110,859	)
Prepaid expenses		(16,178	)
Increase/(decrease) in liabilities:
Payables to affiliates		(85,182	)
Other accounts payable and accrued liabilities		(104,470	)
Net cash provided by/(used in) operating activities	$	64,599,281
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(27,621,866	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(14,292	)
Offering costs on Mandatory Redeemable Preferred Shares		(30,289	)
Repayment of Note payable		(25,000,000	)
Net cash provided by/(used in) financing activities	$	(52,666,447	)
Net increase/(decrease) in cash	$	11,932,834
Cash and restricted cash at beginning of period	$	18,674,843
Cash at end of period	$	30,607,677
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	5,406,804
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	1,842,834
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	3,913,390
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		30,607,100
Cash held at broker		577
Total cash and restricted cash at period end	$	30,607,677

See accompanying Notes to Financial Statements

www.calamos.com
11

Statement of Cash Flows

	CALAMOS GLOBAL DYNAMIC INCOME FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(16,025,721	)
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		(459,305,208	)
Purchases of securities to cover securities sold short		(704,418	)
Proceeds paid on closing written options		(868,705	)
Proceeds from disposition of investment securities, including purchased options		585,266,403
Proceeds from securities sold short		704,239
Premiums received from written options		948,745
Amortization and accretion of fixed-income securities		1,450,297
Amortization of offering costs on Mandatory Redeemable Preferred Shares		62,295
Net payment-in-kind interest income		(77,210	)
Net realized gains/losses from investments, excluding purchased options		(19,415,551	)
Net realized gains/losses from capital gains tax		261,305
Net realized gains/losses from purchased options		(5,303,893	)
Net realized gains/losses from short positions		289
Net realized gains/losses from written options		(92,322	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		33,201,920
Change in unrealized appreciation or depreciation on capital gains tax		959,592
Change in unrealized appreciation or depreciation on purchased options		5,340,294
Change in unrealized appreciation or depreciation on written options		(1,224	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		73,101
Prepaid expenses		(20,457	)
Other assets		2,428
Increase/(decrease) in liabilities:
Payables to affiliates		(105,964	)
Other accounts payable and accrued liabilities		(204,125	)
Net cash provided by/(used in) operating activities	$	126,146,110
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(19,159,316	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(6,703	)
Offering costs on Mandatory Redeemable Preferred Shares		(21,449	)
Net increase/(decrease) in due to custodian bank		795,587
Repayment of Note payable		(75,500,000	)
Net cash provided by/(used in) financing activities	$	(93,891,881	)
Net increase/(decrease) in cash and foreign currency	$	32,254,229
Cash and foreign currency and restricted cash at beginning of period	$	22,031,336
Cash and foreign currency at end of period	$	54,285,565
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	5,385,995
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	878,044
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		54,285,559
Cash held at broker		—
Foreign currency		6
Total cash and restricted cash at period end	$	54,285,565

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
12

Statement of Cash Flows

	CALAMOS GLOBAL TOTAL RETURN FUND
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(4,155,339	)
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		(118,030,288	)
Proceeds paid on closing written options		(162,449	)
Proceeds from disposition of investment securities, including purchased options		142,161,005
Premiums received from written options		229,198
Amortization and accretion of fixed-income securities		266,170
Amortization of offering costs on Mandatory Redeemable Preferred Shares		36,655
Net payment-in-kind interest income		(20,391	)
Net realized gains/losses from investments, excluding purchased options		(6,005,912	)
Net realized gains/losses from capital gains tax		92,314
Net realized gains/losses from purchased options		(1,637,219	)
Net realized gains/losses from written options		(63,633	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		9,532,315
Change in unrealized appreciation or depreciation on capital gains tax		281,155
Change in unrealized appreciation or depreciation on purchased options		1,568,992
Change in unrealized appreciation or depreciation on written options		(1,246	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(12,686	)
Prepaid expenses		(18,282	)
Other assets		1,539
Increase/(decrease) in liabilities:
Payables to affiliates		(25,595	)
Other accounts payable and accrued liabilities		(52,527	)
Net cash provided by/(used in) operating activities	$	23,983,776
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(4,717,101	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(1,640	)
Offering costs on Mandatory Redeemable Preferred Shares		(21,427	)
Net increase/(decrease) in due to custodian bank		191,046
Repayment of Note payable		(14,200,000	)
Net cash provided by/(used in) financing activities	$	(18,749,122	)
Net increase/(decrease) in cash and foreign currency	$	5,234,654
Cash and foreign currency and restricted cash at beginning of period	$	6,854,402
Cash and restricted cash at end of period	$	12,089,056
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	1,239,333
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	236,305
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		12,089,050
Cash held at broker		6
Total cash and restricted cash at period end	$	12,089,056

See accompanying Notes to Financial Statements

www.calamos.com
13

Statement of Cash Flows

	CALAMOS LONG/SHORT EQUITY AND DYNAMIC INCOME TRUST
	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	6,880,332
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		(503,997,616	)
Purchases of securities to cover securities sold short		(738,279,646	)
Proceeds paid on closing written options		(29,610,077	)
Proceeds from disposition of investment securities, including purchased options		507,440,675
Proceeds from securities sold short		618,919,060
Premiums received from written options		40,482,076
Amortization and accretion of fixed-income securities		(70,825	)
Net payment-in-kind interest income		(80,560	)
Net realized gains/losses from investments, excluding purchased options		(28,446,991	)
Net realized gains/losses from purchased options		18,935,915
Net realized gains/losses from short positions		(2,393,825	)
Net realized gains/losses from written options		(6,325,152	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		28,112,990
Change in unrealized appreciation or depreciation on purchased options		(1,942,669	)
Change in unrealized appreciation or depreciation on short positions		(8,639,183	)
Change in unrealized appreciation or depreciation on written options		(2,872,574	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(95,547	)
Prepaid expenses		1,312
Other assets		461,496
Increase/(decrease) in liabilities:
Payables to affiliates		(36,410	)
Other accounts payable and accrued liabilities		(28,076	)
Net cash provided by/(used in) operating activities	$	(101,585,295	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(20,336,990	)
Net increase/(decrease) in due to custodian bank		4
Net cash provided by/(used in) financing activities	$	(20,336,986	)
Net increase/(decrease) in cash	$	(121,922,281	)
Cash and restricted cash at beginning of period	$	295,310,818
Cash and restricted cash at end of period	$	173,388,537
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	3,055,000
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		4,954,576
Cash held at broker		101,957
Restricted cash for short positions		112,325,741
Restricted foreign cash for short positions		6,263
Total cash and restricted cash at period end	$	117,388,537

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,
	2025			2024			2023
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	10.04		$	8.99		$	10.26
Income from investment operations:
Net investment income (loss)*		(0.05	)		(0.20	)		(0.10	)
Net realized and unrealized gain (loss)		(0.11	)		2.39			(0.03	)
Total from investment operations		(0.16	)		2.19			(0.13	)
Less distributions to common shareholders from:
Net investment income		(0.48	)		(0.42	)		(0.15	)
Net realized gains		(0.10	)		(0.21	)		(0.99	)
Return of capital		—			(0.51	)		—
Total distributions		(0.58	)		(1.14	)		(1.14	)
Premiums from shares sold in at the market offerings		0.02			—			—
Net asset value, end of period	$	9.32		$	10.04		$	8.99
Market value, end of period	$	10.05		$	11.43		$	9.99
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		(2.04	%)		24.26	%		(2.27	%)
Market value		(7.12	%)		27.31	%		3.27	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		4.20	%(d)		4.52	%		4.40	%
Net investment income (loss)		(1.03	%)(d)		(2.00	%)		(1.03	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	723,070		$	759,206		$	672,782
Portfolio turnover rate		33	%		50	%		39	%
Average commission rate paid	$	0.0173		$	0.0186		$	0.0188
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	132,750		$	132,750		$	133,000
Notes Payable (000's omitted)	$	291,650		$	314,650		$	314,400
Asset coverage per $1,000 of loan outstanding(e)	$	3,934		$	3,835		$	3,563
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	216		$	227		$	211

* 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 1.36%, 1.37%, 1.38%, 1.34%, 1.23%, 1.26%, 1.29%, 1.28%, 1.24%, 1.24%, and 1.50%, 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,
	2022			2021			2020			2019			2018			2017			2016			2015
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	15.49		$	12.54		$	10.64		$	10.46		$	11.35		$	10.73		$	11.68		$	13.45
Income from investment operations:
Net investment income (loss)*		0.01			(0.26	)		0.49			0.50			0.57			0.57			0.60			0.62
Net realized and unrealized gain (loss)		(4.11	)		4.31			2.37			0.64			(0.33	)		1.19			(0.41	)		(1.25	)
Total from investment operations		(4.10	)		4.05			2.86			1.14			0.24			1.76			0.19			(0.63	)
Less distributions to common shareholders from:
Net investment income		(0.27	)		(0.31	)		(0.44	)		(0.48	)		(1.13	)		(0.67	)		(0.59	)		(0.81	)
Net realized gains		(0.87	)		(0.79	)		(0.52	)		(0.31	)		—			(0.08	)		—			(0.02	)
Return of capital		—			—			—			(0.17	)		—			(0.39	)		(0.55	)		(0.31	)
Total distributions		(1.14	)		(1.10	)		(0.96	)		(0.96	)		(1.13	)		(1.14	)		(1.14	)		(1.14	)
Premiums from shares sold in at the market offerings		0.01			—	(a)		—			—			0.00	(a)		0.00	(a)		—			0.00	(a)
Net asset value, end of period	$	10.26		$	15.49		$	12.54		$	10.64		$	10.46		$	11.35		$	10.73		$	11.68
Market value, end of period	$	10.78		$	15.81		$	10.89		$	10.67		$	9.91		$	11.59		$	9.89		$	10.41
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		(27.32	%)		33.21	%		29.38	%		11.75	%		1.81	%		17.48	%		3.19	%		(4.69	%)
Market value		(25.10	%)		56.56	%		12.04	%		18.29	%		(5.54	%)		30.15	%		6.72	%		(16.54	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		2.44	%		1.83	%		2.20	%		2.88	%		2.52	%		1.88	%		1.74	%		1.84	%
Net investment income (loss)		0.08	%		(1.76	%)		4.36	%		4.77	%		5.11	%		5.17	%		5.61	%		4.90	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	759,716		$	1,111,526		$	889,577		$	754,310		$	741,306		$	797,968		$	750,773		$	817,491
Portfolio turnover rate		39	%		46	%		76	%		51	%		58	%		90	%		34	%		36	%
Average commission rate paid	$	0.0215		$	0.0215		$	0.0213		$	0.0188		$	0.0270		$	0.0282		$	0.0220		$	0.0303
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	133,000		$	133,000		$	100,000		$	100,000		$	100,000		$	100,000		$	—		$	—
Notes Payable (000's omitted)	$	339,400		$	399,400		$	288,400		$	277,400		$	288,000		$	275,000		$	306,000		$	353,000
Asset coverage per $1,000 of loan outstanding(e)	$	3,630		$	4,116		$	4,431		$	4,080		$	3,921		$	4,265		$	3,454		$	3,316
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	232		$	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,
	2025			2024			2023
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	10.63		$	9.49		$	10.81
Income from investment operations:
Net investment income (loss)*		(0.06	)		(0.22	)		(0.12	)
Net realized and unrealized gain (loss)		(0.13	)		2.56			0.00
Total from investment operations		(0.19	)		2.34			(0.12	)
Less distributions to common shareholders from:
Net investment income		(0.50	)		(0.44	)		(0.15	)
Net realized gains		(0.10	)		(0.19	)		(1.05	)
Return of capital		—			(0.57	)		—
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	$	9.85		$	10.63		$	9.49
Market value, end of period	$	10.12		$	11.79		$	10.87
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		(2.07	%)		24.82	%		(1.99	%)
Market value		(9.19	%)		20.87	%		10.32	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		4.22	%(d)		4.54	%		4.41	%
Net investment income (loss)		(1.11	%)(d)		(2.05	%)		(1.11	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	779,402		$	819,582		$	724,821
Portfolio turnover rate		33	%		50	%		40	%
Average commission rate paid	$	0.0173		$	0.0186		$	0.0188
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	144,500		$	144,500		$	145,000
Notes Payable (000's omitted)	$	313,900		$	340,900		$	340,400
Asset coverage per $1,000 of loan outstanding(e)	$	3,943		$	3,828		$	3,556
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	214		$	226		$	209

* 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 1.36%, 1.37%, 1.38%, 1.34%, 1.23%, 1.27%, 1.30%, 1.28%, 1.24%, 1.25%, and 1.21%, respectively.

(d) Annualized.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
18

Calamos Convertible and High Income Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2022			2021			2020			2019			2018			2017			2016			2015
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	16.38		$	13.22		$	11.18		$	11.02		$	11.96		$	11.33		$	12.39		$	14.24
Income from investment operations:
Net investment income (loss)*		0.00			(0.30	)		0.53			0.54			0.60			0.61			0.65			0.73
Net realized and unrealized gain (loss)		(4.38	)		4.61			2.53			0.64			(0.35	)		1.22			(0.51	)		(1.38	)
Total from investment operations		(4.38	)		4.31			3.06			1.18			0.25			1.83			0.14			(0.65	)
Less distributions to common shareholders from:
Net investment income		(0.27	)		(0.29	)		(0.46	)		(0.51	)		(1.19	)		(0.70	)		(0.69	)		(0.98	)
Net realized gains		(0.93	)		(0.86	)		(0.56	)		(0.34	)		—			—			—			—
Return of capital		—			—			—			(0.17	)		—			(0.50	)		(0.51	)		(0.22	)
Total distributions		(1.20	)		(1.15	)		(1.02	)		(1.02	)		(1.19	)		(1.20	)		(1.20	)		(1.20	)
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		0.01			0.00	(a)		—			—			0.00	(a)		—			—			—
Net asset value, end of period	$	10.81		$	16.38		$	13.22		$	11.18		$	11.02		$	11.96		$	11.33		$	12.39
Market value, end of period	$	11.00		$	16.61		$	11.50		$	11.10		$	10.86		$	11.96		$	10.47		$	11.61
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		(27.50	%)		33.56	%		29.87	%		11.46	%		1.75	%		17.28	%		2.55	%		(4.65	%)
Market value		(27.25	%)		55.69	%		13.79	%		12.29	%		0.28	%		26.91	%		1.13	%		(12.08	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		2.45	%		1.84	%		2.22	%		2.91	%		2.54	%		1.89	%		1.78	%		1.57	%
Net investment income (loss)		(0.02	%)		(1.88	%)		4.45	%		4.85	%		5.13	%		5.25	%		5.73	%		5.38	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	817,828		$	1,207,158		$	968,077		$	818,412		$	806,342		$	868,817		$	822,183		$	898,695
Portfolio turnover rate		36	%		44	%		76	%		47	%		58	%		89	%		34	%		37	%
Average commission rate paid	$	0.0205		$	0.0216		$	0.0225		$	0.0187		$	0.0260		$	0.0282		$	0.0221		$	0.0286
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	145,000		$	145,000		$	110,000		$	110,000		$	110,000		$	110,000		$	—		$	—
Notes Payable (000's omitted)	$	365,400		$	435,400		$	318,400		$	303,900		$	315,500		$	302,500		$	337,000		$	398,000
Asset coverage per $1,000 of loan outstanding(e)	$	3,635		$	4,106		$	4,386		$	4,055		$	3,904		$	4,236		$	3,440		$	3,258
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	229		$	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,
	2025			2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	17.55		$	13.41		$	13.57		$	18.62		$	13.30		$	12.93
Income from investment operations:
Net investment income (loss)*		(0.08	)		(0.15	)		(0.09	)		0.05			0.10			0.21
Net realized and unrealized gain (loss)		(0.44	)		5.52			1.16			(3.87	)		6.42			1.24
Total from investment operations		(0.52	)		5.37			1.07			(3.82	)		6.52			1.45
Less distributions to common shareholders from:
Net investment income		(0.42	)		(1.05	)		(0.63	)		(0.26	)		(0.29	)		(0.54	)
Net realized gains		(0.20	)		(0.18	)		(0.60	)		(0.97	)		(0.91	)		(0.54	)
Total distributions		(0.62	)		(1.23	)		(1.23	)		(1.23	)		(1.20	)		(1.08	)
Premiums from shares sold in at the market offerings		—			—			0.0007	(a)		0.0010	(a)		0.0026	(a)		—
Net asset value, end of period	$	16.41		$	17.55		$	13.41		$	13.57		$	18.62		$	13.30
Market value, end of period	$	16.05		$	17.32		$	12.83		$	13.76		$	18.98		$	12.80
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		(3.13	%)		41.22	%		7.89	%		(21.11	%)		50.32	%		12.33	%
Market value		(3.99	%)		45.67	%		1.80	%		(21.52	%)		59.21	%		7.36	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		3.76	%(d)		3.90	%		4.09	%		2.50	%		2.03	%		2.45	%
Net investment income (loss)		(0.89	%)(d)		(0.90	%)		(0.62	%)		0.31	%		0.60	%		1.64	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	2,632,154		$	2,815,285		$	2,150,003		$	2,156,658		$	2,928,463		$	2,061,019
Portfolio turnover rate		15	%		37	%		29	%		24	%		27	%		36	%
Average commission rate paid	$	0.0242		$	0.0221		$	0.0194		$	0.0189		$	0.0206		$	0.0212
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	323,000		$	323,000		$	323,500		$	323,500		$	304,000		$	242,000
Notes Payable (000's omitted)	$	1,000,000		$	941,000		$	800,500		$	800,500		$	880,000		$	703,000
Asset coverage per $1,000 of loan outstanding(e)	$	3,955		$	4,335		$	4,090		$	4,098		$	4,673		$	4,276
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	306		$	316		$	253		$	254		$	338		$	311

* 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 1.52%, 1.51%, 1.57%, 1.53%, 1.44% and 1.54%, respectively.

(d) Annualized.

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
20

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,
	2025			2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	19.24		$	17.24		$	20.19		$	31.73		$	25.00		$	19.93
Income from investment operations:
Net investment income (loss)*		(0.34	)		(0.89	)		(0.63	)		(0.43	)		(1.21	)		0.70
Net realized and unrealized gain (loss)		(0.16	)		5.23			0.01			(8.81	)		10.20			6.37
Total from investment operations		(0.50	)		4.34			(0.62	)		(9.24	)		8.99			7.07
Less distributions to common shareholders from:
Net investment income		(0.98	)		(0.67	)		(0.03	)		(0.24	)		(0.25	)		(0.70	)
Net realized gains		(0.20	)		(0.89	)		(2.31	)		(2.10	)		(2.01	)		(1.30	)
Return of capital		—			(0.78	)		—			—			—			—
Total distributions		(1.18	)		(2.34	)		(2.34	)		(2.34	)		(2.26	)		(2.00	)
Premiums from shares sold in at the market offerings		—			—			0.0078	(a)		0.0384			0.0078			—
Net asset value, end of period	$	17.56		$	19.24		$	17.24		$	20.19		$	31.73		$	25.00
Market value, end of period	$	21.50		$	24.01		$	17.07		$	21.89		$	32.62		$	22.35
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(b)
Net asset value		(3.74	%)		24.63	%		(4.26	%)		(29.91	%)		36.76	%		38.59	%
Market value		(5.55	%)		57.16	%		(12.56	%)		(26.08	%)		57.27	%		19.58	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		4.52	%(d)		4.80	%		4.63	%		2.75	%		2.10	%		2.50	%
Net investment income (loss)		(3.59	%)(d)		(4.68	%)		(3.19	%)		(1.73	%)		(3.97	%)		3.22	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	474,975		$	516,997		$	459,365		$	526,613		$	788,554		$	612,024
Portfolio turnover rate		37	%		53	%		44	%		42	%		48	%		85	%
Average commission rate paid	$	0.0182		$	0.0184		$	0.0185		$	0.0563		$	0.0217		$	0.0243
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	91,750		$	91,750		$	92,000		$	92,000		$	92,000		$	64,000
Notes Payable (000's omitted)	$	185,250		$	210,250		$	210,000		$	230,000		$	270,000		$	204,600
Asset coverage per $1,000 of loan outstanding(e)	$	4,059		$	3,895		$	3,626		$	3,690		$	4,261		$	4,304
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f)	$	205		$	223		$	207		$	231		$	313		$	344

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

(a) Amount is less than $0.01.

(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 1.68%, 1.69%, 1.70%, 1.65%, 1.51%, and 1.56%, respectively.

(d) Annualized.

www.calamos.com
21

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,
	2025			2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	7.72		$	5.99		$	6.12		$	10.14		$	8.03		$	7.90
Income from investment operations:
Net investment income (loss)*		(0.01	)		(0.06	)		(0.08	)		(0.07	)		0.03			0.15
Net realized and unrealized gain (loss)		(0.24	)		2.39			0.55			(3.15	)		2.92			0.82
Total from investment operations		(0.25	)		2.33			0.47			(3.22	)		2.95			0.97
Less distributions to common shareholders from:
Net investment income		—			(0.15	)		(0.10	)		(0.01	)		(0.15	)		(0.32	)
Net realized gains		(0.30	)		(0.45	)		(0.20	)		(0.09	)		(0.69	)		(0.52	)
Return of capital		—			—			(0.30	)		(0.72	)		—			—
Total distributions		(0.30	)		(0.60	)		(0.60	)		(0.82	)		(0.84	)		(0.84	)
Premiums from shares sold in at the market offerings		—			—			—			0.0191			0.0026			—
Net asset value, end of period	$	7.17		$	7.72		$	5.99		$	6.12		$	10.14		$	8.03
Market value, end of period	$	6.44		$	6.90		$	5.22		$	5.64		$	10.39		$	7.80
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a)
Net asset value		(2.75	%)		41.34	%		8.29	%		(32.89	%)		37.46	%		14.00	%
Market value		(2.40	%)		44.97	%		2.40	%		(39.64	%)		45.01	%		7.60	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(b)		4.22	%(c)		4.21	%		3.68	%		2.73	%		2.27	%		2.70	%
Net investment income (loss)		(0.40	%)(c)		(0.82	%)		(1.19	%)		(0.85	%)		0.26	%		1.91	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	458,148		$	493,333		$	382,865		$	391,101		$	609,038		$	476,533
Portfolio turnover rate		62	%		149	%		114	%		134	%		117	%		128	%
Average commission rate paid	$	0.0117		$	0.0065		$	0.0036		$	0.0117		$	0.0173		$	0.0210
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	48,500		$	48,500		$	70,000		$	70,000		$	70,000		$	65,000
Notes Payable (000's omitted)	$	136,050		$	211,550		$	130,550		$	109,550		$	206,500		$	153,250
Asset coverage per $1,000 of loan outstanding(d)	$	4,724		$	3,561		$	4,469		$	5,209		$	4,288		$	4,534
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(e)	$	331		$	388		$	208		$	204		$	316		$	267

* 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 1.69%, 1.63%, 1.58%, 1.66%, 1.55% and 1.61%, 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
22

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,
	2025			2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	11.80		$	9.12		$	9.59		$	15.82		$	11.99		$	11.60
Income from investment operations:
Net investment income (loss)*		(0.04	)		(0.14	)		(0.17	)		(0.12	)		(0.06	)		0.17
Net realized and unrealized gain (loss)		(0.39	)		3.78			0.66			(4.96	)		5.05			1.40
Total from investment operations		(0.43	)		3.64			0.49			(5.08	)		4.99			1.57
Less distributions to common shareholders from:
Net investment income		—			(0.24	)		(0.17	)		(0.08	)		(0.24	)		(0.31	)
Net realized gains		(0.48	)		(0.72	)		(0.50	)		(0.26	)		(0.96	)		(0.89	)
Return of capital		—			—			(0.29	)		(0.84	)		—			—
Total distributions		(0.48	)		(0.96	)		(0.96	)		(1.18	)		(1.20	)		(1.20	)
Premiums from shares sold in at the market offerings		—			—			—			0.0279			0.0362			0.0176
Net asset value, end of period	$	10.89		$	11.80		$	9.12		$	9.59		$	15.82		$	11.99
Market value, end of period	$	10.44		$	11.66		$	8.15		$	9.12		$	15.86		$	11.63
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a)
Net asset value		(3.47	%)		41.86	%		5.26	%		(33.22	%)		42.86	%		15.08	%
Market value		(6.52	%)		56.82	%		(0.98	%)		(36.65	%)		47.65	%		6.83	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(b)		4.39	%(c)		4.33	%		3.86	%		2.86	%		2.30	%		2.75	%
Net investment income (loss)		(0.63	%)(c)		(1.24	%)		(1.73	%)		(0.93	%)		(0.37	%)		1.50	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	107,045		$	115,917		$	89,579		$	94,186		$	148,697		$	106,882
Portfolio turnover rate		65	%		143	%		120	%		118	%		120	%		153	%
Average commission rate paid	$	0.0112		$	0.0065		$	0.0038		$	0.0123		$	0.0179		$	0.0214
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	13,000		$	13,000		$	17,000		$	17,000		$	17,000		$	12,000
Notes Payable (000's omitted)	$	34,600		$	48,800		$	30,100		$	26,000		$	50,500		$	37,000
Asset coverage per $1,000 of loan outstanding(d)	$	4,470		$	3,642		$	4,541		$	5,276		$	4,281		$	4,213
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(e)	$	297		$	342		$	201		$	202		$	318		$	325

* 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 1.83%, 1.76%, 1.82%,1.83%, 1.69%, and 1.75%, 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.

www.calamos.com
23

Calamos Long/Short Equity and 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,
	2025			2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	17.53		$	16.54		$	17.66		$	21.52		$	17.44		$	20.00
Income from investment operations:
Net investment income (loss)*		0.17			0.47			0.24			0.18			0.22			0.31
Net realized and unrealized gain (loss)		0.18			2.20			0.32			(2.36	)		5.42			(1.84	)
Total from investment operations		0.35			2.67			0.56			(2.18	)		5.64			(1.53	)
Less distributions to common shareholders from:
Net investment income		(0.18	)		(0.47	)		(0.34	)		(0.40	)		(0.55	)		(0.40	)
Net realized gains		(0.85	)		(1.21	)		(1.34	)		(1.28	)		(1.01	)		(0.63	)
Total distributions		(1.03	)		(1.68	)		(1.68	)		(1.68	)		(1.56	)		(1.03	)
Premiums from shares sold in at the market offerings		—			—			—			—			—			—
Net asset value, end of period	$	16.85		$	17.53		$	16.54		$	17.66		$	21.52		$	17.44
Market value, end of period	$	15.24		$	15.50		$	13.73		$	15.75		$	20.68		$	14.13
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a)
Net asset value		2.76	%		18.31	%		4.32	%(b)		(10.05	%)		33.57	%		(6.72	%)
Market value		5.11	%		25.94	%		(2.85	%)		(16.56	%)		58.49	%		(24.42	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(c)		4.67	%(d)		4.87	%		4.52	%		3.21	%		2.45	%		2.12	%(d)
Net investment income (loss)		2.03	%(d)		2.68	%		1.34	%		0.89	%		1.03	%		1.82	%(d)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000)	$	330,753		$	344,210		$	324,777		$	346,747		$	422,483		$	342,473
Portfolio turnover rate		177	%		249	%		210	%		222	%		213	%		155	%
Average commission rate paid	$	0.0148		$	0.0144		$	0.0136		$	0.0126		$	0.0109		$	0.0113
Notes Payable (000's omitted)	$	120,000		$	120,000		$	120,000		$	120,000		$	120,000		$	69,200
Asset coverage per $1,000 of loan outstanding(e)	$	3,756		$	3,868		$	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 2.02%, 1.99%, 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
24

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (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 $724,857)	$	738,844
CORPORATE BONDS (40.0%)
		Airlines (0.5%)
	744,341	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		738,833
	182,142	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		183,470
	895,900	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		838,419
	786,457	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		740,189
	931,650	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		944,591
				3,445,502
		Communication Services (3.7%)
	570,000	Altice Financing, SA* 5.750%, 08/15/29		419,708
	1,160,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,094,646
	856,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		806,489
	475,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		475,912
	425,000	9.000%, 09/15/28		440,827
	400,000	Connect Finco SARL / Connect US Finco, LLC* 9.000%, 09/15/29		374,328
	1,345,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,325,376
	1,590,000	CSC Holdings, LLC* 4.500%, 11/15/31		1,083,442
	1,550,000	4.625%, 12/01/30		718,782
	852,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		824,242
	1,475,000	Frontier California, Inc. 6.750%, 05/15/27		1,465,029
	239,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		250,317
	1,519,000	Frontier Florida, LLC 6.860%, 02/01/28		1,556,808

PRINCIPAL AMOUNT			VALUE
	1,445,000	Frontier North, Inc. 6.730%, 02/15/28	$	1,471,313
	835,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		780,065
	475,000	Gray Media, Inc.* 5.375%, 11/15/31		284,041
	955,000	Hughes Satellite Systems Corp.^ 5.250%, 08/01/26		890,719
	476,000	iHeartCommunications, Inc.* 10.875%, 05/01/30		200,701
	315,950	7.750%, 08/15/30		228,457
	615,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		506,336
	720,000	Lumen Technologies, Inc. 7.600%, 09/15/39		529,358
	712,875	10.000%, 10/15/32*		712,155
	478,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		410,353
	930,000	Paramount Global 4.900%, 08/15/44		700,030
	336,000	Qwest Corp. 7.250%, 09/15/25		335,173
	595,000	Rogers Communications, Inc.‡ 7.125%, 04/15/55 5 year CMT + 2.62		592,656
	595,000	7.000%, 04/15/55 5 year CMT + 2.65		597,856
	477,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29^		367,438
	239,000	5.375%, 01/15/31		136,306
	330,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		261,472
	480,000	Sinclair Television Group, Inc.* 8.125%, 02/15/33		475,973
	1,189,000	Sirius XM Radio, LLC* 3.875%, 09/01/31^		1,020,638
	770,000	5.500%, 07/01/29		750,973
	475,000	3.125%, 09/01/26		462,759
	874,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		559,535
	605,000	Stagwell Global, LLC* 5.625%, 08/15/29		571,804
	473,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		259,374
	715,000	Time Warner Cable, LLC 6.550%, 05/01/37		706,041
	385,000	7.300%, 07/01/38		401,162
	378,000	United States Cellular Corp. 6.700%, 12/15/33		409,480
	724,000	Univision Communications, Inc.* 8.000%, 08/15/28		704,857
	480,000	8.500%, 07/31/31		454,205
				26,617,136

See accompanying Notes to Schedule of Investments

www.calamos.com
25

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (8.5%)
	1,430,000	Adams Homes, Inc.* 9.250%, 10/15/28	$	1,437,293
	1,255,000	Adient Global Holdings, Ltd.*^ 8.250%, 04/15/31		1,244,069
	475,000	7.500%, 02/15/33		450,528
	1,500,000	Aptiv Swiss Holdings, Ltd.‡ 6.875%, 12/15/54 5 year CMT + 3.39%		1,404,495
	837,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		777,473
	1,208,000	At Home Group, Inc.* 4.875%, 07/15/28		325,761
	1,264,000	Bath & Body Works, Inc. 6.694%, 01/15/27^		1,289,027
	720,000	6.875%, 11/01/35		724,738
	180,000	6.625%, 10/01/30*		183,535
	400,000	Benteler International AG* 10.500%, 05/15/28		408,600
	604,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29^		559,576
	580,000	6.000%, 10/15/32^		547,207
	180,000	7.000%, 02/15/30		184,529
	481,000	Carnival Corp.* 4.000%, 08/01/28µ		459,610
	356,000	7.625%, 03/01/26		356,502
	60,000	7.000%, 08/15/29µ		62,661
	237,492	Carvana Company* 9.000%, 06/01/31		267,981
	186,131	9.000%, 06/01/30		197,411
	105,685	9.000%, 12/01/28		108,693
	2,090,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 4.750%, 03/01/30		1,976,764
	1,905,000	5.125%, 05/01/27		1,879,606
	1,685,000	4.500%, 08/15/30		1,566,949
	1,100,000	6.375%, 09/01/29^		1,111,198
	951,000	4.250%, 02/01/31		860,560
	565,000	5.000%, 02/01/28		551,751
	478,000	4.750%, 02/01/32		433,752
	478,000	Churchill Downs, Inc.* 6.750%, 05/01/31^		483,473
	478,000	5.750%, 04/01/30		468,005
	790,000	Dana, Inc.^ 4.250%, 09/01/30		728,672
	723,000	4.500%, 02/15/32		650,266
	470,000	DISH DBS Corp. 5.125%, 06/01/29		294,385
	356,000	7.375%, 07/01/28		241,055
	946,000	DISH Network Corp.* 11.750%, 11/15/27		994,681
	1,365,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,301,760
	1,058,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,063,480

PRINCIPAL AMOUNT			VALUE
	1,000,000	Ford Motor Company^ 6.100%, 08/19/32	$	959,800
	1,525,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		1,358,150
	1,245,000	7.200%, 06/10/30		1,283,769
	1,150,000	5.113%, 05/03/29		1,102,976
	800,000	2.900%, 02/16/28		733,048
	359,000	Gap, Inc.*^ 3.875%, 10/01/31		311,113
	490,000	General Motors Company 5.200%, 04/01/45		403,211
	1,700,000	goeasy, Ltd.* 9.250%, 12/01/28		1,781,736
	859,000	7.625%, 07/01/29		866,697
	1,435,000	Goodyear Tire & Rubber Company^ 5.625%, 04/30/33		1,327,562
	515,000	5.250%, 07/15/31		481,587
	600,000	Group 1 Automotive, Inc.* 6.375%, 01/15/30		607,968
	407,000	4.000%, 08/15/28		387,187
	214,590	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		214,601
	1,322,000	Kohl's Corp. 5.550%, 07/17/45		629,576
	955,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		1,000,811
	965,000	Liberty Interactive, LLC 8.250%, 02/01/30		361,325
	950,000	Life Time, Inc.* 6.000%, 11/15/31		948,869
	480,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		493,550
	360,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		370,501
	616,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		614,614
	635,000	M/I Homes, Inc. 3.950%, 02/15/30		577,037
	1,121,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		941,281
	730,000	4.300%, 02/15/43		438,496
	1,860,000	MGM Resorts International^ 6.500%, 04/15/32		1,835,057
	1,219,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,155,015
	945,000	Newell Brands, Inc. 6.875%, 04/01/36^		823,757
	475,000	6.625%, 05/15/32^		426,588
	360,000	5.700%, 04/01/26		355,734
	500,000	Nordstrom, Inc. 5.000%, 01/15/44		351,000

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
26

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	849,000	Patrick Industries, Inc.* 4.750%, 05/01/29	$	809,343
	475,000	6.375%, 11/01/32		462,223
	1,105,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		970,952
	1,340,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		786,232
	470,000	QVC, Inc. 5.450%, 08/15/34		231,127
	480,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		510,077
	73,276	Rite Aid Cmsr Note 12.000%, 12/31/25		84,267
	1,591,000	Rite Aid Corp. 0.000%, 11/15/26*@!!		2
	311,198	15.000%, 08/30/31		77,800
	289,250	0.000%, 10/18/25*@		—
	226,639	15.000%, 08/30/31&		16,998
	104,539	11.317%, 08/30/31* 3 mo. SOFR + 7.00%		73,177
	98,500	Rite Aid Note Holder Trust Bond 0.000%, 08/30/34		—
	950,000	Rivers Enterprise Borrower, LLC / Rivers Enterprise Finance Corp.* 6.625%, 02/01/33		939,636
	119,000	Royal Caribbean Cruises, Ltd.* 6.250%, 03/15/32		120,898
	119,000	5.625%, 09/30/31		118,229
	875,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		814,214
	1,445,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		1,466,646
	750,000	Six Flags Entertainment Corp. / Canada's Wonderland Company / Magnum Management Corp. 5.250%, 07/15/29		716,123
	610,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		572,619
	698,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		671,651
	1,005,000	Station Casinos, LLC* 4.500%, 02/15/28		971,332
	950,000	STL Holding Company, LLC* 8.750%, 02/15/29		968,857
	240,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		256,874
	950,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		877,610
				61,255,549

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (1.8%)
	475,000	Brink's Company* 6.750%, 06/15/32	$	486,889
	470,000	6.500%, 06/15/29		479,795
	1,099,000	Central Garden & Pet Company* 4.125%, 04/30/31		990,617
	1,092,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,022,964
	1,331,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		1,243,633
	240,000	6.500%, 12/31/27		241,459
	269,000	JBS USA Holding Lux Sarl/ JBS USA Food Company/ JBS Lux Company Sarl 5.750%, 04/01/33		274,636
	154,000	5.500%, 01/15/30µ		156,586
	810,794	MPH Acquisition Holdings, LLC* 6.750%, 03/31/31 0.75% PIK rate		544,732
	395,909	5.750%, 12/31/30		308,571
	344,971	11.500%, 12/31/30 6.50% Cash & 5.00% PIK Rate		322,651
	621,000	New Albertsons, LP 7.750%, 06/15/26		637,109
	400,000	Opal Bidco, SAS* 6.500%, 03/31/32		400,704
	957,000	Performance Food Group, Inc.* 4.250%, 08/01/29		906,509
	237,000	6.125%, 09/15/32		238,093
	700,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		663,572
	950,000	Post Holdings, Inc.* 6.250%, 02/15/32		959,186
	712,000	6.375%, 03/01/33		706,240
	909,000	Prestige Brands, Inc.* 3.750%, 04/01/31		821,990
	710,000	RR Donnelley & Sons Company* 9.500%, 08/01/29		678,348
	815,000	United Natural Foods, Inc.* 6.750%, 10/15/28		800,974
	473,000	Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		429,555
				13,314,813
		Energy (5.3%)
	950,000	Ascent Resources Utica Holdings, LLC / ARU Finance Corp.* 6.625%, 10/15/32		940,775
	710,000	Buckeye Partners, LP 6.750%, 02/01/30*		722,752
	500,000	5.850%, 11/15/43		420,375
	356,000	6.875%, 07/01/29*		362,988
	1,178,000	Civitas Resources, Inc.* 8.750%, 07/01/31		1,119,948
	720,000	Continental Resources, Inc. 4.900%, 06/01/44		556,121

See accompanying Notes to Schedule of Investments

www.calamos.com
27

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	742,000	DT Midstream, Inc.* 4.125%, 06/15/29	$	696,953
	724,000	Enbridge, Inc.‡ 7.375%, 03/15/55 5 year CMT + 3.12%		731,638
	485,000	7.200%, 06/27/54 5 year CMT + 2.97%		484,374
	1,190,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		1,214,883
	915,000	Energy Transfer, LP‡ 7.555%, 11/01/66^ 3 mo. SOFR + 3.28%		887,458
	700,000	6.500%, 11/15/26 5 year CMT + 5.69%		697,081
	475,000	7.125%, 10/01/54^ 5 year CMT + 2.83%		470,236
	1,580,000	EQT Corp.*µ 7.500%, 06/01/27		1,606,576
	719,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		734,840
	475,000	8.000%, 05/15/33		462,389
	1,325,000	Gulfport Energy Operating Corp.* 6.750%, 09/01/29		1,309,338
	950,000	Howard Midstream Energy Partners, LLC* 7.375%, 07/15/32		973,189
	950,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.875%, 12/01/32		922,146
	960,000	Matador Resources Company* 6.500%, 04/15/32		925,594
	1,019,000	Nabors Industries, Inc.* 9.125%, 01/31/30		925,293
	360,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		286,654
	715,000	New Fortress Energy, Inc.*^ 6.500%, 09/30/26		587,516
	1,006,000	Oceaneering International, Inc. 6.000%, 02/01/28		959,704
	600,000	ONEOK, Inc.* 6.500%, 09/01/30		635,940
	1,425,000	Parkland Corp.* 6.625%, 08/15/32		1,418,730
	903,000	Permian Resources Operating, LLC* 7.000%, 01/15/32		910,468
	237,000	6.250%, 02/01/33		232,085
	960,000	Plains All American Pipeline, LP‡ 8.695%, 05/31/25 3 mo. SOFR + 4.37%		949,094
	960,000	South Bow Canadian Infrastructure Holdings, Ltd.*‡ 7.625%, 03/01/55 5 year CMT + 3.95%		959,347

PRINCIPAL AMOUNT			VALUE
	1,306,000	Summit Midstream Holdings, LLC* 8.625%, 10/31/29	$	1,287,233
	475,000	Sunoco, LP* 6.250%, 07/01/33		474,796
	1,340,000	TGNR Intermediate Holdings, LLC* 5.500%, 10/15/29		1,230,897
	1,304,800	Transocean, Inc.* 8.750%, 02/15/30		1,276,081
	950,000	8.250%, 05/15/29		768,540
	240,000	Venture Global Calcasieu Pass, LLC* 4.125%, 08/15/31		216,029
	240,000	3.875%, 08/15/29		220,315
	2,125,000	Venture Global LNG, Inc.* 9.000%, 09/30/29‡ 5 year CMT + 5.44%		1,826,246
	1,195,000	8.375%, 06/01/31		1,152,793
	715,000	8.125%, 06/01/28		711,068
	499,000	7.000%, 01/15/30		470,622
	480,000	9.875%, 02/01/32		488,683
	480,000	9.500%, 02/01/29		497,760
	914,000	Vital Energy, Inc.*^ 7.875%, 04/15/32		707,573
	1,000,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		981,010
	1,432,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,420,902
	833,000	Wildfire Intermediate Holdings, LLC* 7.500%, 10/15/29		762,736
				38,597,769
		Financials (7.2%)
	1,550,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		1,588,176
	900,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust^‡ 6.950%, 03/10/55 5 year CMT + 2.72%		904,824
	950,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 7.375%, 10/01/32		960,887
	950,000	6.500%, 10/01/31		949,762
	1,327,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		1,222,751
	445,000	4.700%, 05/15/28 7 year CMT + 3.48%		380,657
	983,000	AmWINS Group, Inc.* 4.875%, 06/30/29		937,517
	980,000	AssuredPartners, Inc.* 5.625%, 01/15/29		979,216
	950,000	Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance* 7.125%, 05/15/31		969,465

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
28

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	950,000	Blackstone Mortgage Trust, Inc.* 7.750%, 12/01/29	$	989,121
	1,000,000	Boost Newco Borrower LLC* 7.500%, 01/15/31		1,056,120
	475,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		499,510
	713,000	Bread Financial Holdings, Inc.*‡ 8.375%, 06/15/35 5 year CMT + 4.30		668,858
	1,676,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		1,620,558
	998,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		968,799
	1,000,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		999,470
	935,000	Corebridge Financial, Inc.‡ 6.375%, 09/15/54 5 year CMT + 2.65%		901,228
	635,000	Credit Acceptance Corp.* 9.250%, 12/15/28		672,675
	422,000	6.625%, 03/15/30		415,835
	960,000	Cushman & Wakefield U.S. Borrower, LLC*^ 8.875%, 09/01/31		1,027,814
	475,000	Enstar Group, Ltd.*‡ 7.500%, 04/01/45 5 year CMT + 3.19		477,351
	1,075,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		1,103,380
	475,000	5.875%, 03/15/30		473,114
	1,437,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,355,105
	535,000	HAT Holdings I, LLC / HAT Holdings II, LLC* 8.000%, 06/15/27		550,718
	1,430,000	HUB International, Ltd.* 5.625%, 12/01/29		1,402,358
	715,000	7.375%, 01/31/32		737,036
	718,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		598,898
	1,515,000	Iron Mountain, Inc.* 5.250%, 03/15/28		1,492,275
	1,185,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		1,103,342
	945,000	6.625%, 10/15/31		927,565
	1,033,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 4.750%, 06/15/29		990,947
	965,000	5.250%, 10/01/25		961,854
	594,000	7.000%, 07/15/31		614,148

PRINCIPAL AMOUNT			VALUE
	820,000	LD Holdings Group, LLC* 8.750%, 11/01/27	$	749,160
	736,340	Level 3 Financing, Inc.* 10.000%, 10/15/32		737,172
	500,000	3.875%, 10/15/30		395,595
	955,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		1,000,353
	1,405,000	MetLife, Inc. 6.400%, 12/15/66		1,391,554
	630,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		594,374
	475,000	Newmark Group, Inc. 7.500%, 01/12/29		497,287
	660,000	OneMain Finance Corp. 3.875%, 09/15/28		611,325
	475,000	7.500%, 05/15/31^		482,557
	905,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 7.000%, 02/01/30		905,471
	1,190,000	Provident Funding Associates, LP / PFG Finance Corp.* 9.750%, 09/15/29		1,224,153
	950,000	RHP Hotel Properties, LP / RHP Finance Corp.* 6.500%, 04/01/32		948,632
	928,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		840,555
	445,000	3.625%, 03/01/29		415,096
	705,000	Saks Global Enterprises, LLC* 11.000%, 12/15/29		427,984
	725,000	Service Properties Trust 8.375%, 06/15/29		707,477
	950,000	Starwood Property Trust, Inc.* 6.000%, 04/15/30		942,324
	475,000	6.500%, 07/01/30		479,232
	1,190,000	StoneX Group, Inc.* 7.875%, 03/01/31		1,241,075
	950,000	TrueNoord Capital DAC* 8.750%, 03/01/30		971,508
	1,123,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		1,090,051
	480,000	5.750%, 06/15/27		474,240
	572,000	Uniti Group, LP / Uniti Group Finance 2019, Inc. / CSL Capital, LLC* 10.500%, 02/15/28		607,801
	465,000	6.500%, 02/15/29		425,652
	475,000	VFH Parent, LLC / Valor Co-Issuer, Inc.* 7.500%, 06/15/31		488,443
	1,100,000	VZ Secured Financing, BV* 5.000%, 01/15/32		960,443
	950,000	XHR, LP* 6.625%, 05/15/30		937,736
				52,048,584

See accompanying Notes to Schedule of Investments

www.calamos.com
29

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Health Care (2.5%)
	475,000	Acadia Healthcare Company, Inc.* 7.375%, 03/15/33	$	476,378
	1,917,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		1,305,055
	713,000	10.875%, 01/15/32		736,992
	538,000	6.875%, 04/15/29^		394,564
	120,000	5.250%, 05/15/30		102,547
	1,139,000	DaVita, Inc.* 3.750%, 02/15/31		1,001,899
	1,061,000	4.625%, 06/01/30		987,505
	925,000	6.875%, 09/01/32^		935,212
	717,000	Embecta Corp.* 5.000%, 02/15/30		645,967
	240,000	6.750%, 02/15/30		232,980
	470,000	Encompass Health Corp. 4.750%, 02/01/30		457,982
	470,000	4.500%, 02/01/28^		463,382
	1,010,000	HCA, Inc.^ 7.500%, 11/06/33		1,140,219
	300,000	Jazz Securities DAC* 4.375%, 01/15/29		285,105
	1,215,000	Medline Borrower, LP* 3.875%, 04/01/29		1,134,421
	1,208,000	5.250%, 10/01/29		1,148,772
	120,000	Medline Borrower, LP / Medline Co-Issuer, Inc.* 6.250%, 04/01/29		121,118
	1,760,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31^		1,478,030
	450,000	4.125%, 04/30/28		424,890
	2,250,000	Tenet Healthcare Corp. 6.250%, 02/01/27		2,250,653
	1,315,000	6.875%, 11/15/31		1,351,386
	1,215,000	Teva Pharmaceutical Finance Netherlands III, BV^ 5.125%, 05/09/29		1,182,572
				18,257,629
		Industrials (4.6%)
	950,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		973,237
	1,100,000	ACCO Brands Corp.* 4.250%, 03/15/29		956,659
	965,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		888,321
	1,600,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		1,584,480
	720,000	5.875%, 02/15/28		721,346
	538,000	Arcosa, Inc.* 4.375%, 04/15/29		505,316
	475,000	6.875%, 08/15/32		484,248

PRINCIPAL AMOUNT			VALUE
	2,538,812	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate	$	66,745
	480,000	Bombardier, Inc.* 8.750%, 11/15/30		515,314
	355,000	7.000%, 06/01/32^		359,427
	300,000	7.250%, 07/01/31^		307,902
	188,000	7.875%, 04/15/27		188,530
	956,000	BWX Technologies, Inc.* 4.125%, 04/15/29		908,879
	1,000,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		976,010
	239,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		237,181
	1,265,000	Deluxe Corp.* 8.000%, 06/01/29		1,166,482
	235,000	8.125%, 09/15/29		235,416
	908,000	EMRLD Borrower, LP / Emerald Co-Issuer, Inc.* 6.625%, 12/15/30		922,610
	500,000	EnerSys* 6.625%, 01/15/32		511,085
	475,000	4.375%, 12/15/27		460,950
	359,000	EquipmentShare.com, Inc.* 8.000%, 03/15/33^		354,710
	355,000	8.625%, 05/15/32		361,976
	580,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		567,350
	625,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		614,056
	446,000	3.500%, 03/01/29		415,222
	1,054,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		962,618
	2,244,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,238,166
	1,250,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,237,950
	475,000	6.625%, 06/15/29		469,590
	712,000	JELD-WEN, Inc.*^ 7.000%, 09/01/32		626,638
	260,000	4.875%, 12/15/27		240,204
	1,575,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,521,103
	588,000	Moog, Inc.* 4.250%, 12/15/27		568,314
	940,000	Novelis Corp.* 4.750%, 01/30/30		874,839
	950,000	Quikrete Holdings, Inc.* 6.375%, 03/01/32		957,144
	239,000	Sealed Air Corp.* 5.000%, 04/15/29		233,147
	235,000	6.500%, 07/15/32^		239,406
	743,000	Sealed Air Corp./Sealed Air Corp. U.S.* 6.125%, 02/01/28		749,182
	240,000	7.250%, 02/15/31		249,991

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	450,000	Sensata Technologies, BV* 4.000%, 04/15/29	$	414,459
	479,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		418,996
	235,000	Standard Building Solutions, Inc.* 6.500%, 08/15/32		238,248
	451,000	Standard Industries, Inc.* 5.000%, 02/15/27		448,150
	1,035,000	TransDigm, Inc.* 6.875%, 12/15/30^		1,067,778
	710,000	6.750%, 08/15/28		724,803
	360,000	7.125%, 12/01/31		374,688
	235,000	6.625%, 03/01/32		241,112
	282,260	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		269,705
	529,000	Wabash National Corp.*^ 4.500%, 10/15/28		445,418
	952,000	Waste Pro USA, Inc.* 7.000%, 02/01/33		974,858
	565,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		544,259
	480,000	7.375%, 10/01/31		497,918
	355,000	6.625%, 06/15/29		360,534
				33,472,670
		Information Technology (1.7%)
	557,000	Coherent Corp.* 5.000%, 12/15/29		534,575
	430,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		435,083
	478,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		477,556
	480,000	Fair Isaac Corp.* 4.000%, 06/15/28		461,616
	1,050,000	KBR, Inc.* 4.750%, 09/30/28		996,902
	477,000	NCL Corp., Ltd.* 8.125%, 01/15/29		499,352
	475,000	6.750%, 02/01/32		464,137
	723,000	ON Semiconductor Corp.* 3.875%, 09/01/28		684,753
	475,000	Open Text Corp.* 6.900%, 12/01/27		488,595
	359,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		321,118
	840,000	Playtika Holding Corp.* 4.250%, 03/15/29		743,190
	1,350,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,258,416
	680,000	Twilio, Inc. 3.625%, 03/15/29		638,302
	236,000	3.875%, 03/15/31		214,755
	356,000	UKG, Inc.* 6.875%, 02/01/31		366,936

PRINCIPAL AMOUNT			VALUE
	1,435,000	Viavi Solutions, Inc.* 3.750%, 10/01/29	$	1,316,067
	950,000	Zebra Technologies Corp.* 6.500%, 06/01/32		955,596
	1,100,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,012,198
				11,869,147
		Materials (1.7%)
	534,000	ATI, Inc. 5.875%, 12/01/27		533,781
	950,000	Avient Corp.* 6.250%, 11/01/31		940,253
	475,000	Celanese US Holdings, LLC 6.629%, 07/15/32		467,585
	805,000	Chemours Company* 8.000%, 01/15/33		725,901
	717,000	4.625%, 11/15/29		600,660
	1,530,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,427,291
	710,000	Cleveland-Cliffs, Inc.*^ 7.000%, 03/15/32		669,345
	375,000	Constellium, SE*^ 6.375%, 08/15/32		369,446
	712,000	JW Aluminum Continuous Cast Company* 10.250%, 04/01/30		700,167
	955,000	Knife River Corp.* 7.750%, 05/01/31		1,000,420
	1,020,000	Mercer International, Inc. 5.125%, 02/01/29		838,797
	483,000	12.875%, 10/01/28*		494,259
	935,000	OCI, NV* 6.700%, 03/16/33		1,021,375
	1,105,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,062,170
	950,000	Terex Corp.* 6.250%, 10/15/32		910,128
	406,300	Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV, LLC* 7.625%, 05/03/29		249,627
				12,011,205
		Other (1.5%)
	1,305,000	1261229 BC, Ltd.* 10.000%, 04/15/32		1,280,466
	950,000	Alumina Pty, Ltd.* 6.375%, 09/15/32		927,931
	367,338	Claritev Corp.* 6.750%, 03/31/31 0.75% PIK rate		233,289
	1,462,615	EchoStar Corp. 10.750%, 11/30/29		1,547,432
	976,473	6.750%, 11/30/30 6.75% PIK Rate		909,643

See accompanying Notes to Schedule of Investments

www.calamos.com
31

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	500,000	Gen Digital, Inc.* 6.750%, 09/30/27	$	508,795
	475,000	Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings, LLC* 8.250%, 04/15/30		475,736
	950,000	New Gold, Inc.* 6.875%, 04/01/32		971,793
	510,000	Nissan Motor Acceptance Company, LLC* 7.050%, 09/15/28		521,761
	950,000	Olin Corp.* 6.625%, 04/01/33		902,453
	475,000	Reinsurance Group of America, Inc.‡ 6.650%, 09/15/55 5 year CMT + 2.39		462,142
	950,000	Rfna, LP* 7.875%, 02/15/30		934,211
	950,000	Stonepeak Nile Parent, LLC* 7.250%, 03/15/32		965,219
				10,640,871
		Real Estate (0.1%)
	475,000	Forestar Group, Inc.* 6.500%, 03/15/33		462,374
		Special Purpose Acquisition Companies (0.2%)
	237,000	Clydesdale Acquisition Holdings, Inc.* 6.750%, 04/15/32		242,683
	955,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30^		835,510
	477,000	4.625%, 01/15/29		443,062
				1,521,255
		Utilities (0.7%)
	361,000	AES Corp.‡ 6.950%, 07/15/55 5 year CMT + 2.89		337,831
	359,000	7.600%, 01/15/55 5 year CMT + 3.20%		355,887
	475,000	Dominion Energy, Inc.^‡ 6.625%, 05/15/55 5 year CMT + 2.21%		469,248
	950,000	Duke Energy Corp.^‡ 6.450%, 09/01/54 5 year CMT + 2.59%		953,876
	750,000	Entergy Corp.^‡ 7.125%, 12/01/54 5 year CMT + 2.67%		756,067
	710,000	Evergy, Inc.^‡ 6.650%, 06/01/55 5 year CMT + 2.56%		691,299
	718,000	NiSource, Inc.^‡ 6.950%, 11/30/54 5 year CMT + 2.45%		730,773

PRINCIPAL AMOUNT			VALUE
	350,000	PPL Capital Funding, Inc.‡ 7.226%, 03/30/67 3 mo. SOFR + 2.93%	$	342,433
	450,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		455,049
	250,000	8.000%, 10/15/26 5 year CMT + 6.93%		255,603
				5,348,066
		TOTAL CORPORATE BONDS (Cost $302,652,887)		288,862,570
CONVERTIBLE BONDS (90.2%)
		Communication Services (9.7%)
	2,875,000	AST SpaceMobile, Inc.* 4.250%, 03/01/32		3,399,946
	9,000,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		10,977,210
	15,500,000	Live Nation Entertainment, Inc.*µ 2.875%, 01/15/30		16,018,010
	5,250,000	Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		4,599,735
	16,250,000	Snap, Inc.*µ 0.500%, 05/01/30		13,301,437
	16,804,000	Uber Technologies, Inc.µ 0.875%, 12/01/28		22,057,771
				70,354,109
		Consumer Discretionary (12.2%)
	11,000,000	Alibaba Group Holding, Ltd.* 0.500%, 06/01/31		14,470,610
	4,500,000	Booking Holdings, Inc. 0.750%, 05/01/25		11,029,500
	4,250,000	Carnival Corp. 5.750%, 12/01/27		6,784,828
	11,500,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28		10,112,410
	10,250,000	Marriott Vacations Worldwide Corp.µ 3.250%, 12/15/27		9,367,167
	4,875,000	Meritage Homes Corp.*µ 1.750%, 05/15/28		4,759,999
	11,500,000	Rivian Automotive, Inc.µ 4.625%, 03/15/29		11,712,980
	1,000,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		4,318,250
	5,750,000	Shake Shack, Inc. 0.000%, 03/01/28		5,326,570
	6,250,000	Trip.com Group, Ltd.*^ 0.750%, 06/15/29		7,070,375
	3,500,000	Wayfair, Inc.µ 3.500%, 11/15/28		3,485,580
				88,438,269

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (1.0%)
	7,500,000	Enovis Corp.µ 3.875%, 10/15/28	$	7,501,275
		Energy (1.4%)
	4,250,000	Kosmos Energy, Ltd. 3.125%, 03/15/30		2,927,060
	4,890,000	Nabors Industries, Inc. 1.750%, 06/15/29		2,779,525
	4,250,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		4,081,360
	9,411,000	SunEdison, Inc.@ 0.000%, 01/15/49*!!		32,938
	898,000	0.000%, 10/01/49		3,143
				9,824,026
		Financials (1.9%)
	4,250,000	Affirm Holdings, Inc.*µ 0.750%, 12/15/29		3,857,173
	6,250,000	Coinbase Global, Inc.µ 0.250%, 04/01/30		6,223,625
	4,250,000	Upstart Holdings, Inc.* 1.000%, 11/15/30		3,571,445
				13,652,243
		Health Care (11.8%)
	4,500,000	Alnylam Pharmaceuticals, Inc. 1.000%, 09/15/27		5,159,160
	8,250,000	Alphatec Holdings, Inc.* 0.750%, 03/15/30		8,198,025
	8,000,000	Dexcom, Inc.µ 0.375%, 05/15/28		7,246,960
	5,750,000	Exact Sciences Corp.*µ 2.000%, 03/01/30		5,467,215
	4,250,000	Haemonetics Corp.*µ 2.500%, 06/01/29		4,073,753
	8,000,000	Halozyme Therapeutics, Inc.µ 0.250%, 03/01/27		8,389,200
	1,625,000	Insmed, Inc. 0.750%, 06/01/28		3,659,809
	8,000,000	Integer Holdings Corp.* 1.875%, 03/15/30		8,471,920
	4,250,000	Ionis Pharmaceuticals, Inc.µ 1.750%, 06/15/28		4,149,572
	6,200,000	Jazz Investments I, Ltd.µ 2.000%, 06/15/26		6,396,168
	3,750,000	3.125%, 09/15/30*		4,076,512
	2,721,000	Lantheus Holdings, Inc. 2.625%, 12/15/27		4,045,447
	3,000,000	Merit Medical Systems, Inc.* 3.000%, 02/01/29		3,826,350
	10,250,000	NeoGenomics, Inc. 0.250%, 01/15/28		8,659,302
	3,750,000	Sarepta Therapeutics, Inc.µ 1.250%, 09/15/27		3,561,488
				85,380,881

PRINCIPAL AMOUNT			VALUE
		Industrials (2.4%)
	3,500,000	Axon Enterprise, Inc.µ 0.500%, 12/15/27	$	9,503,340
	2,750,000	Bloom Energy Corp. 3.000%, 06/01/28		3,482,325
	4,000,000	Tetra Tech, Inc. 2.250%, 08/15/28		4,256,720
				17,242,385
		Information Technology (39.2%)
	4,125,000	Advanced Energy Industries, Inc. 2.500%, 09/15/28		4,327,042
	8,250,000	Akamai Technologies, Inc.µ 1.125%, 02/15/29		7,992,435
	4,500,000	0.375%, 09/01/27		4,453,830
	2,000,000	Applied Digital Corp.* 2.750%, 06/01/30		1,366,140
	8,500,000	BILL Holdings, Inc.*µ 0.000%, 04/01/30		7,201,115
	8,750,000	Core Scientific, Inc.* 0.000%, 06/15/31µ		7,456,137
	2,500,000	3.000%, 09/01/29		2,724,075
	17,250,000	Datadog, Inc.*µ 0.000%, 12/01/29		15,550,875
	8,500,000	Guidewire Software, Inc.*µ 1.250%, 11/01/29		9,401,340
	3,750,000	Itron, Inc.* 1.375%, 07/15/30		4,095,563
	7,500,000	Lumentum Holdings, Inc.µ 1.500%, 12/15/29		8,571,900
	8,000,000	MACOM Technology Solutions Holdings, Inc.*µ 0.000%, 12/15/29		7,486,880
	17,500,000	MicroStrategy, Inc.* 0.000%, 03/01/30µ		19,615,750
	12,500,000	0.000%, 12/01/29		11,421,750
	15,750,000	MKS Instruments, Inc.*µ 1.250%, 06/01/30		13,587,367
	6,000,000	NCL Corp., Ltd. 1.125%, 02/15/27µ^		5,665,140
	3,000,000	5.375%, 08/01/25		3,143,550
	11,000,000	Nutanix, Inc.*µ 0.500%, 12/15/29		11,874,280
	17,250,000	ON Semiconductor Corp.µ 0.500%, 03/01/29		14,933,842
	3,000,000	Palo Alto Networks, Inc.µ 0.375%, 06/01/25		11,211,000
	2,500,000	PAR Technology Corp. 1.500%, 10/15/27		2,633,325
	2,000,000	1.000%, 01/15/30*		1,849,120
	4,500,000	Parsons Corp.µ 2.625%, 03/01/29		4,771,125
	3,750,000	Q2 Holdings, Inc. 0.750%, 06/01/26		4,156,088

See accompanying Notes to Schedule of Investments

www.calamos.com
33

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	7,500,000	Rapid7, Inc. 1.250%, 03/15/29	$	6,414,750
	2,500,000	Riot Platforms, Inc.* 0.750%, 01/15/30		1,914,075
	9,500,000	Seagate HDD Cayman 3.500%, 06/01/28		12,026,050
	14,750,000	Shift4 Payments, Inc.µ 0.500%, 08/01/27		15,078,777
	13,750,000	Snowflake, Inc.*µ 0.000%, 10/01/29		17,091,250
	6,500,000	Spotify USA, Inc. 0.000%, 03/15/26		8,364,265
	6,750,000	Tyler Technologies, Inc. 0.250%, 03/15/26		7,963,852
	4,250,000	Unity Software, Inc.*µ 0.000%, 03/15/30		4,012,213
	4,250,000	Varonis Systems, Inc.* 1.000%, 09/15/29		4,010,683
	6,500,000	Western Digital Corp.µ 3.000%, 11/15/28		8,829,080
	8,750,000	Wolfspeed, Inc. 1.875%, 12/01/29		2,542,313
	5,338,000	0.250%, 02/15/28		1,593,607
	3,750,000	Workiva, Inc.µ 1.250%, 08/15/28		3,545,850
	3,000,000	Zscaler, Inc. 0.125%, 07/01/25		4,504,080
				283,380,514
		Materials (0.6%)
	3,000,000	MP Materials Corp.* 3.000%, 03/01/30		4,191,420
		Real Estate (2.2%)
	8,250,000	Digital Realty Trust, LP*µ 1.875%, 11/15/29		8,590,642
	4,250,000	Welltower OP, LLC* 2.750%, 05/15/28		6,935,788
				15,526,430
		Utilities (7.8%)
	8,750,000	CMS Energy Corp. 3.375%, 05/01/28		9,694,650
	7,500,000	Duke Energy Corp.µ 4.125%, 04/15/26		8,186,550
	5,250,000	NextEra Energy Capital Holdings, Inc. 3.000%, 03/01/27		5,881,890
	15,250,000	PPL Capital Funding, Inc.µ 2.875%, 03/15/28		17,407,418
	13,500,000	Southern Companyµ 3.875%, 12/15/25		15,169,680
				56,340,188
		TOTAL CONVERTIBLE BONDS (Cost $676,726,029)		651,831,740

PRINCIPAL AMOUNT			VALUE
BANK LOANS (8.0%)¡
		Airlines (0.2%)
	638,550	Air Canada‡ 6.323%, 03/21/31 1 mo. SOFR + 2.00%	$	632,232
	531,715	United Airlines, Inc.‡ 6.275%, 02/22/31 3 mo. SOFR + 2.00%		531,135
				1,163,367
		Communication Services (0.9%)
	396,339	Audacy Capital Corp.‡ 10.436%, 10/01/29 1 mo. SOFR + 6.00%		334,906
	44,133	Audacy Capital Corp.‡ 11.436%, 10/02/28 1 mo. SOFR + 7.00%		44,243
	481,313	Cincinnati Bell, Inc.‡ 7.072%, 11/22/28 1 mo. SOFR + 2.75%		479,147
	460,998	Clear Channel Outdoor Holdings, Inc.‡ 8.436%, 08/23/28 1 mo. SOFR + 4.00%		448,436
	848,466	CSC Holdings, LLC‡ 9.000%, 04/15/27 3 mo. Prime + 1.50%		818,715
	385,000	Directv Financing, LLC! 0.000%, 08/02/29		373,596
	218,339	Directv Financing, LLC‡ 9.541%, 08/02/27 3 mo. SOFR + 5.00%		218,622
	719,563	Gray Television, Inc.‡ 9.574%, 06/04/29 1 mo. SOFR + 5.25%		697,170
	240,000	Gray Television, Inc.! 0.000%, 06/04/29		232,531
	480,000	Sinclair Television Group, Inc.‡ 7.736%, 12/31/29 1 mo. SOFR + 3.30%		379,351
	970,000	Telesat Canada‡ 7.325%, 12/07/26 3 mo. SOFR + 2.75%		538,049
	1,184,649	TripAdvisor, Inc.‡ 7.049%, 07/08/31 3 mo. SOFR + 2.75%		1,157,994
	980,000	Virgin Media Bristol, LLC‡ 6.936%, 01/31/28 1 mo. SOFR + 2.50%		968,108
				6,690,868
		Consumer Discretionary (1.6%)
	338,340	American Axle & Manufacturing, Inc.‡ 7.053%, 12/13/29 6 mo. SOFR + 3.00%		331,997

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	314,302	American Axle & Manufacturing, Inc.‡ 7.320%, 12/13/29 1 mo. SOFR + 3.00%	$	308,411
	291,358	American Axle & Manufacturing, Inc.‡ 7.230%, 12/13/29 3 mo. SOFR + 3.00%		285,897
	564,047	Caesars Entertainment, Inc.‡ 6.563%, 02/06/30 3 mo. SOFR + 2.25%		557,561
	889,695	Carnival Corp.‡ 6.329%, 10/18/28 1 mo. SOFR + 2.00%		888,863
	520,982	Carnival Corp.‡ 6.329%, 08/08/27 1 mo. SOFR + 2.00%		522,287
	618,450	Chinos Intermediate Holdings A, Inc.‡ 10.280%, 09/26/31 3 mo. SOFR + 6.00%		588,817
	720,000	Clarios Global, LP‡ 7.072%, 01/28/32 1 mo. SOFR + 2.75%		707,101
	947,625	Life Time Fitness, Inc.‡ 6.785%, 11/05/31 3 mo. SOFR + 2.50%		943,242
	1,114,492	Light & Wonder International, Inc.‡ 6.570%, 04/14/29 1 mo. SOFR + 2.25%		1,114,960
	426,775	Peloton Interactive, Inc.‡ 9.813%, 05/23/29 3 mo. SOFR + 5.50%		427,575
	2,058,886	PetSmart, Inc.‡ 8.172%, 02/11/28 1 mo. SOFR + 3.75%		2,035,291
	708,938	Staples, Inc.‡ 10.041%, 09/04/29 3 mo. SOFR + 5.75%		613,819
	940,500	Station Casinos, LLC‡ 6.322%, 03/14/31 1 mo. SOFR + 2.00%		935,050
	582,832	TKC Holdings, Inc.‡ 9.323%, 05/15/28 1 mo. SOFR + 5.00%		577,004
	962,256	Windsor Holdings III, LLC‡ 7.073%, 08/01/30 1 mo. SOFR + 2.75%		952,634
				11,790,509
		Consumer Staples (1.3%)
	3,177,998	Amneal Pharmaceuticals, LLC‡ 9.822%, 05/04/28 1 mo. SOFR + 5.50%		3,190,122
	706,450	B&G Foods, Inc.‡ 7.822%, 10/10/29 1 mo. SOFR + 3.50%		677,309

PRINCIPAL AMOUNT			VALUE
	589,000	Bausch Health Companies, Inc.‡ 10.542%, 09/25/30 1 mo. SOFR + 6.25%	$	557,097
	977,625	Fiesta Purchaser, Inc.‡ 7.572%, 02/12/31 1 mo. SOFR + 3.25%		970,801
	85,984	MPH Acquisition Holdings, LLC‡ 8.030%, 12/31/30 3 mo. SOFR + 3.75%		85,081
	950,000	Opal Bidco SAS! 0.000%, 03/31/32		943,473
	1,159,345	Star Parent, Inc.‡ 8.299%, 09/27/30 3 mo. SOFR + 4.00%		1,123,846
	638,550	United Natural Foods, Inc.‡ 9.072%, 05/01/31 1 mo. SOFR + 4.75%		641,743
	950,000	Veritiv Corp.‡ 8.299%, 11/30/30 3 mo. SOFR + 4.00%		943,844
				9,133,316
		Energy (0.4%)
	892,151	ChampionX Corp.‡ 7.172%, 06/07/29 1 mo. SOFR + 2.75%		894,047
	710,250	New Fortress Energy, Inc.‡ 9.795%, 10/30/28 3 mo. SOFR + 5.50%		516,263
	1,429,598	Par Petroleum, LLC‡ 8.009%, 02/28/30 3 mo. SOFR + 3.75%		1,384,473
				2,794,783
		Financials (1.2%)
	1,278,120	Advisor Group, Inc.‡ 7.822%, 08/17/28 1 mo. SOFR + 3.50%		1,274,861
	715,978	Amynta Agency Borrower, Inc.‡ 7.322%, 12/29/31 1 mo. SOFR + 3.00%		710,533
	1,217,700	AssuredPartners, Inc.‡ 7.822%, 02/14/31 1 mo. SOFR + 3.50%		1,219,161
	445,508	Broadstreet Partners, Inc.‡ 7.322%, 06/13/31 1 mo. SOFR + 3.00%		443,969
	1,206,975	Dragon Buyer, Inc.‡ 7.299%, 09/30/31 3 mo. SOFR + 3.00%		1,201,544
	940,530	HUB International Ltd.‡ 6.770%, 06/20/30 3 mo. SOFR + 2.50%		935,583
	711,000	Iron Mountain, Inc.‡ 6.322%, 01/31/31 1 mo. SOFR + 2.00%		708,867

See accompanying Notes to Schedule of Investments

www.calamos.com
35

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	674,458	Jazz Financing Lux Sarl‡ 6.572%, 05/05/28 1 mo. SOFR + 2.25%	$	673,012
	950,000	Level 3 Financing, Inc.‡ 8.572%, 03/27/32 1 mo. SOFR + 4.25%		949,406
	950,000	VFH Parent, LLC‡ 6.822%, 06/21/31 1 mo. SOFR + 2.50%		947,625
				9,064,561
		Health Care (0.1%)
	988,235	Padagis, LLC‡ 9.271%, 07/06/28 3 mo. SOFR + 4.75%		925,853
		Industrials (0.8%)
	945,224	ACProducts, Inc.‡ 8.811%, 05/17/28 3 mo. SOFR + 4.25%		643,017
	520,000	American Airlines, Inc.‡ 6.520%, 04/20/28 3 mo. SOFR + 2.25%		510,133
	950,000	ECO Material Tech, Inc.‡ 7.467%, 02/12/32 3 mo. SOFR + 3.25%		942,875
	353,225	EMRLD Borrower, LP‡ 6.799%, 08/04/31 3 mo. SOFR + 2.50%		349,620
	942,875	MI Windows & Doors, LLC‡ 7.322%, 03/28/31 1 mo. SOFR + 3.00%		930,071
	950,000	Quikrete Holdings, Inc.‡ 6.572%, 02/10/32 1 mo. SOFR + 2.25%		932,563
	1,883,331	TransDigm, Inc.‡ 6.799%, 02/28/31 3 mo. SOFR + 2.50%		1,866,936
				6,175,215
		Information Technology (0.8%)
	1,317,079	Boxer Parent Company, Inc.‡ 7.322%, 07/30/31 1 mo. SOFR + 3.00%		1,293,055
	968,079	Camelot U.S. Acquisition, LLC‡ 7.072%, 01/31/31 1 mo. SOFR + 2.75%		957,188
	950,054	Dun & Bradstreet Corp.‡ 6.570%, 01/18/29 1 mo. SOFR + 2.25%		948,273
	749,482	II-VI, Inc.‡ 6.322%, 07/02/29 1 mo. SOFR + 2.00%		742,613
	95,000	Qxo, Inc.! 0.000%, 04/23/32		95,017

PRINCIPAL AMOUNT			VALUE
	485,000	Rocket Software, Inc.! 0.000%, 11/28/28	$	482,371
	809,962	SS&C Technologies, Inc.‡ 6.322%, 05/09/31 1 mo. SOFR + 2.00%		809,982
	496,250	UKG, Inc.‡ 7.320%, 02/10/31 1 mo. SOFR + 3.00%		495,124
				5,823,623
		Materials (0.4%)
	1,510,099	Ineos U.S. Finance, LLC‡ 7.572%, 02/18/30 1 mo. SOFR + 3.25%		1,417,228
	726,139	Trinseo Materials Operating SCA‡ 7.075%, 05/03/28 3 mo. SOFR + 2.50%		311,220
	968,762	W.R. Grace & Company-Conn.‡ 7.549%, 09/22/28 3 mo. SOFR + 3.25%		953,426
				2,681,874
		Other (0.1%)
	475,000	Windstream Services, LLC‡ 9.172%, 10/01/31 1 mo. SOFR + 4.75%		473,219
		Special Purpose Acquisition Companies (0.2%)
	390,400	Clydesdale Acquisition Holdings, Inc.‡ 7.497%, 04/13/29 1 mo. SOFR + 3.18%		388,180
	237,650	Fertitta Entertainment, LLC‡ 7.822%, 01/27/29 1 mo. SOFR + 3.50%		232,081
	975,000	Patagonia Holdco, LLC‡ 10.052%, 08/01/29 3 mo. SOFR + 5.75%		833,118
				1,453,379
		TOTAL BANK LOANS (Cost $59,706,977)		58,170,567
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (11.4%)
		Financials (3.8%)
	83,465	Apollo Global Management, Inc. 6.750%, 07/31/26		6,019,496
	165,055	Ares Management Corp. 6.750%, 10/01/27		8,148,765
	8,100	Bank of America Corp.‡‡ 7.250%,		9,477,648
	81,445	KKR & Company, Inc.# 6.250%, 03/01/28		3,903,659
				27,549,568

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, 2025 (Unaudited)

NUMBER OF SHARES			VALUE
		Industrials (3.9%)
	460,625	Boeing Company 6.000%, 10/15/27	$	28,273,163
		Information Technology (1.6%)
	149,865	Hewlett Packard Enterprise Company 7.625%, 09/01/27		7,523,223
	80,725	Microchip Technology, Inc.# 7.500%, 03/15/28		3,831,209
				11,354,432
		Materials (0.6%)
	132,880	Albemarle Corp. 7.250%, 03/01/27		4,070,114
		Utilities (1.5%)
	180,300	NextEra Energy, Inc. 6.926%, 09/01/25^		6,941,550
	85,285	7.299%, 06/01/27		3,956,371
				10,897,921
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $86,485,234)		82,145,198
WARRANTS (0.0%)#
		Communication Services (0.0%)
	2,987	Audacy Capital, LLC 09/30/28, Strike $1.00		—
	498	Audacy Capital, LLC 09/30/28, Strike $1.00		—
				—
		Energy (0.0%)
	47,739	Mcdermott International, Ltd. 06/30/27, Strike $15.98		5
	42,965	Mcdermott International, Ltd. 06/30/27, Strike $12.33		4
				9
		TOTAL WARRANTS (Cost $18,376)		9
COMMON STOCKS (0.3%)
		Communication Services (0.1%)
	20,285	Altice USA, Inc. - Class A^#		50,307
	17,477	Audacy, Inc.#		323,325
	6,819	Cumulus Media, Inc. - Class A#		1,590
				375,222
		Consumer Discretionary (0.0%)
	1,446	Rite Aid Corp.#		1,446
		Energy (0.2%)
	4,000	Cheniere Energy Partners, LP		235,120
	56,650	Energy Transfer, LP		936,991

NUMBER OF SHARES			VALUE
	26,095	Enterprise Products Partners, LP	$	780,240
	6,644	EP Energy Corp.#		9,136
				1,961,487
		TOTAL COMMON STOCKS (Cost $2,589,382)		2,338,155
PREFERRED STOCKS (0.1%)
		Communication Services (0.1%)
	25,448	Qwest Corp. 6.500%, 09/01/56		442,795
	7,676	Telephone and Data Systems, Inc. 6.625%, 03/31/26		159,891
	7,935	United States Cellular Corp. 6.250%, 09/01/69		187,266
	6,503	5.500%, 03/01/70		142,806
	743	5.500%, 06/01/70		16,480
				949,238
		Consumer Discretionary (0.0%)
	6,122	Guitar Center, Inc.#		91,830
		TOTAL PREFERRED STOCKS (Cost $1,577,084)		1,041,068
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
EXCHANGE-TRADED PURCHASED OPTION (0.0%)#
		Industrials (0.0%)
	3,250	American Airlines Group, Inc.
	3,233,750	Call, 06/20/25, Strike $17.00 (Cost $795,671)		9,750
		TOTAL INVESTMENTS (150.1%) (Cost $1,131,276,497)		1,085,137,901
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-18.4%)				(132,750,000	)
LIABILITIES, LESS OTHER ASSETS (-31.7%)				(229,317,673	)
NET ASSETS (100.0%)			$	723,070,228

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 $412,737,762.

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

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

See accompanying Notes to Schedule of Investments

www.calamos.com
37

Convertible Opportunities and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

@ In default status and considered non-income producing.

!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.

RESTRICTED SECURITY	ACQUISITION DATE	ACQUISITION COST
Rite Aid Corp.	09/04/2024	$	—
SunEdison, Inc.	10/13/2022		—
	TOTAL	$	—

& Illiquid security.

¡ 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.

‡‡ Perpetual maturity.

# Non-income producing security.

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, 2025 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	738,844	$	—	$	738,844
Corporate Bonds		—		288,862,570		—		288,862,570
Convertible Bonds		—		651,831,740		—		651,831,740
Bank Loans		—		58,170,567		—		58,170,567
Convertible Preferred Stocks		82,145,198		—		—		82,145,198
Warrants		9		—		—		9
Common Stocks		2,338,155		—		—		2,338,155
Preferred Stocks		1,041,068		—		—		1,041,068
Exchange-Traded Purchased Option		9,750		—		—		9,750
Total	$	85,534,180	$	999,603,721	$	—	$	1,085,137,901

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, 2025 (Unaudited)

SECTOR WEIGHTINGS

Information Technology	27.2	%
Consumer Discretionary	14.1
Communication Services	9.1
Health Care	9.1
Financials	8.9
Industrials	7.4
Utilities	6.3
Energy	4.6
Consumer Staples	2.6
Materials	2.0
Real Estate	1.4
Airlines	0.4
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
39

Convertible and High Income Fund Schedule of Investments April 30, 2025 (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 $805,397)	$	820,938
CORPORATE BONDS (40.4%)
		Airlines (0.5%)
	809,066	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		803,079
	194,176	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		195,592
	964,100	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		902,243
	850,512	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		800,476
	1,010,307	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		1,024,340
				3,725,730
		Communication Services (3.7%)
	610,000	Altice Financing, SA* 5.750%, 08/15/29		449,161
	1,255,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,184,293
	952,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		896,936
	525,000	Clear Channel Outdoor Holdings, Inc.*^ 7.875%, 04/01/30		526,008
	475,000	9.000%, 09/15/28		492,689
	450,000	Connect Finco SARL / Connect US Finco, LLC* 9.000%, 09/15/29		421,119
	1,454,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,432,786
	1,800,000	CSC Holdings, LLC* 4.625%, 12/01/30		834,714
	1,785,000	4.500%, 11/15/31		1,216,317
	937,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		906,473
	1,610,000	Frontier California, Inc. 6.750%, 05/15/27		1,599,116
	261,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		273,358
	1,685,000	Frontier Florida, LLC 6.860%, 02/01/28		1,726,940
	1,555,000	Frontier North, Inc. 6.730%, 02/15/28		1,583,317

PRINCIPAL AMOUNT			VALUE
	905,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.*^ 3.500%, 03/01/29	$	845,460
	515,000	Gray Media, Inc.* 5.375%, 11/15/31		307,960
	1,040,000	Hughes Satellite Systems Corp.^ 5.250%, 08/01/26		969,998
	524,000	iHeartCommunications, Inc.* 10.875%, 05/01/30		220,939
	351,550	7.750%, 08/15/30		254,199
	470,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		386,956
	785,000	Lumen Technologies, Inc. 7.600%, 09/15/39		577,148
	771,875	10.000%, 10/15/32*		771,095
	522,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		448,127
	1,005,000	Paramount Global 4.900%, 08/15/44		756,484
	367,000	Qwest Corp. 7.250%, 09/15/25		366,097
	650,000	Rogers Communications, Inc.‡ 7.125%, 04/15/55 5 year CMT + 2.62		647,439
	650,000	7.000%, 04/15/55^ 5 year CMT + 2.65		653,120
	514,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29^		395,939
	257,000	5.375%, 01/15/31		146,572
	415,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		328,821
	520,000	Sinclair Television Group, Inc.* 8.125%, 02/15/33		515,637
	1,311,000	Sirius XM Radio, LLC* 3.875%, 09/01/31^		1,125,362
	830,000	5.500%, 07/01/29		809,491
	515,000	3.125%, 09/01/26		501,729
	957,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		612,671
	650,000	Stagwell Global, LLC* 5.625%, 08/15/29		614,335
	517,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		283,502
	775,000	Time Warner Cable, LLC 6.550%, 05/01/37		765,289
	420,000	7.300%, 07/01/38		437,632
	414,000	United States Cellular Corp. 6.700%, 12/15/33		448,478
	786,000	Univision Communications, Inc.* 8.000%, 08/15/28		765,218
	520,000	8.500%, 07/31/31		492,055
				28,990,980

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
40

Convertible and High Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (8.6%)
	1,580,000	Adams Homes, Inc.* 9.250%, 10/15/28	$	1,588,058
	1,375,000	Adient Global Holdings, Ltd.*^ 8.250%, 04/15/31		1,363,024
	523,000	7.500%, 02/15/33		496,055
	1,660,000	Aptiv Swiss Holdings, Ltd.‡ 6.875%, 12/15/54 5 year CMT + 3.39%		1,554,308
	913,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		848,067
	1,325,000	At Home Group, Inc.* 4.875%, 07/15/28		357,313
	1,369,000	Bath & Body Works, Inc. 6.694%, 01/15/27^		1,396,106
	760,000	6.875%, 11/01/35		765,001
	200,000	6.625%, 10/01/30*		203,928
	600,000	Benteler International AG* 10.500%, 05/15/28		612,900
	657,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29^		608,678
	635,000	6.000%, 10/15/32^		599,097
	200,000	7.000%, 02/15/30		205,032
	523,000	Carnival Corp.* 4.000%, 08/01/28µ		499,742
	384,000	7.625%, 03/01/26		384,541
	65,000	7.000%, 08/15/29µ		67,883
	254,544	Carvana Company* 9.000%, 06/01/31		287,222
	198,540	9.000%, 06/01/30		210,572
	112,410	9.000%, 12/01/28		115,609
	2,275,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 4.750%, 03/01/30		2,151,740
	2,080,000	5.125%, 05/01/27		2,052,274
	1,825,000	4.500%, 08/15/30		1,697,140
	1,200,000	6.375%, 09/01/29^		1,212,216
	1,035,000	4.250%, 02/01/31		936,572
	540,000	5.000%, 02/01/28		527,337
	522,000	4.750%, 02/01/32		473,678
	522,000	Churchill Downs, Inc.* 5.750%, 04/01/30		511,085
	520,000	6.750%, 05/01/31^		525,954
	855,000	Dana, Inc. 4.250%, 09/01/30		788,626
	782,000	4.500%, 02/15/32^		703,331
	544,000	DISH DBS Corp. 5.125%, 06/01/29		340,734
	389,000	7.375%, 07/01/28		263,400
	1,049,000	DISH Network Corp.* 11.750%, 11/15/27		1,102,982
	1,510,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,440,042
	1,142,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,147,916

PRINCIPAL AMOUNT			VALUE
	1,075,000	Ford Motor Company^ 6.100%, 08/19/32	$	1,031,785
	1,650,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		1,469,473
	1,350,000	7.200%, 06/10/30		1,392,039
	1,280,000	5.113%, 05/03/29		1,227,661
	800,000	2.900%, 02/16/28		733,048
	391,000	Gap, Inc.*^ 3.875%, 10/01/31		338,845
	510,000	General Motors Company 5.200%, 04/01/45		419,669
	1,825,000	goeasy, Ltd.* 9.250%, 12/01/28		1,912,746
	934,000	7.625%, 07/01/29		942,369
	1,575,000	Goodyear Tire & Rubber Company^ 5.625%, 04/30/33		1,457,080
	560,000	5.250%, 07/15/31		523,667
	650,000	Group 1 Automotive, Inc.* 6.375%, 01/15/30		658,632
	445,000	4.000%, 08/15/28		423,337
	233,554	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		233,566
	1,443,000	Kohl's Corp. 5.550%, 07/17/45		687,200
	1,040,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		1,089,889
	1,045,000	Liberty Interactive, LLC 8.250%, 02/01/30		391,279
	1,045,000	Life Time, Inc.* 6.000%, 11/15/31		1,043,756
	525,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		539,821
	390,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		401,376
	672,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		670,488
	685,000	M/I Homes, Inc. 3.950%, 02/15/30		622,473
	1,219,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		1,023,570
	765,000	4.300%, 02/15/43		459,520
	2,025,000	MGM Resorts International^ 6.500%, 04/15/32		1,997,845
	1,329,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,259,241
	1,040,000	Newell Brands, Inc. 6.875%, 04/01/36^		906,568
	522,000	6.625%, 05/15/32^		468,798
	391,000	5.700%, 04/01/26		386,367
	500,000	Nordstrom, Inc. 5.000%, 01/15/44		351,000

See accompanying Notes to Schedule of Investments

www.calamos.com
41

Convertible and High Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	923,000	Patrick Industries, Inc.* 4.750%, 05/01/29	$	879,887
	522,000	6.375%, 11/01/32		507,958
	1,195,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		1,050,035
	1,460,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		856,640
	525,000	QVC, Inc. 5.450%, 08/15/34		258,174
	530,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		563,210
	79,474	Rite Aid Cmsr Note 12.000%, 12/31/25		91,395
	1,725,000	Rite Aid Corp. 0.000%, 11/15/26*@!!		2
	583,244	15.000%, 08/30/31		102,809
	313,713	0.000%, 10/18/25*		—
	113,382	11.317%, 08/30/31* 3 mo. SOFR + 7.00%		79,367
	106,832	Rite Aid Note Holder Trust Bond 0.000%, 08/30/34		—
	1,045,000	Rivers Enterprise Borrower, LLC / Rivers Enterprise Finance Corp.* 6.625%, 02/01/33		1,033,599
	131,000	Royal Caribbean Cruises, Ltd.* 6.250%, 03/15/32		133,089
	131,000	5.625%, 09/30/31		130,151
	955,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		888,656
	1,565,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		1,588,444
	810,000	Six Flags Entertainment Corp. / Canada's Wonderland Company / Magnum Management Corp. 5.250%, 07/15/29		773,412
	648,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		608,291
	753,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		724,574
	1,125,000	Station Casinos, LLC* 4.500%, 02/15/28		1,087,312
	1,050,000	STL Holding Company, LLC* 8.750%, 02/15/29		1,070,842
	260,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		278,281
	1,025,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		946,895
				66,754,294

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (1.9%)
	525,000	Brink's Company* 6.750%, 06/15/32	$	538,141
	525,000	6.500%, 06/15/29		535,941
	1,191,000	Central Garden & Pet Company* 4.125%, 04/30/31		1,073,544
	1,188,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,112,895
	1,445,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		1,350,150
	260,000	6.500%, 12/31/27		261,581
	284,000	JBS USA Holding Lux Sarl/ JBS USA Food Company/ JBS Lux Company Sarl 5.750%, 04/01/33		289,950
	167,000	5.500%, 01/15/30µ		169,804
	872,569	MPH Acquisition Holdings, LLC* 6.750%, 03/31/31 0.75% PIK rate		586,235
	429,160	5.750%, 12/31/30		334,487
	374,113	11.500%, 12/31/30 6.50% Cash & 5.00% PIK Rate		349,908
	672,000	New Albertsons, LP 7.750%, 06/15/26		689,432
	600,000	Opal Bidco, SAS* 6.500%, 03/31/32		601,056
	1,043,000	Performance Food Group, Inc.* 4.250%, 08/01/29		987,971
	261,000	6.125%, 09/15/32		262,203
	775,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		734,669
	1,050,000	Post Holdings, Inc.* 6.250%, 02/15/32		1,060,154
	788,000	6.375%, 03/01/33^		781,625
	986,000	Prestige Brands, Inc.* 3.750%, 04/01/31		891,620
	782,000	RR Donnelley & Sons Company* 9.500%, 08/01/29		747,138
	855,000	United Natural Foods, Inc.* 6.750%, 10/15/28		840,285
	520,000	Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		472,238
				14,671,027
		Energy (5.4%)
	1,045,000	Ascent Resources Utica Holdings, LLC / ARU Finance Corp.* 6.625%, 10/15/32		1,034,853
	787,000	Buckeye Partners, LP 6.750%, 02/01/30*		801,135
	545,000	5.850%, 11/15/43		458,209
	392,000	6.875%, 07/01/29*		399,695
	1,283,000	Civitas Resources, Inc.* 8.750%, 07/01/31		1,219,774
	785,000	Continental Resources, Inc. 4.900%, 06/01/44		606,326
	808,000	DT Midstream, Inc.* 4.125%, 06/15/29		758,946

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
42

Convertible and High Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	790,000	Enbridge, Inc.‡ 7.375%, 03/15/55 5 year CMT + 3.12%	$	798,335
	530,000	7.200%, 06/27/54 5 year CMT + 2.97%		529,316
	1,310,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		1,337,392
	970,000	Energy Transfer, LP‡ 7.555%, 11/01/66^ 3 mo. SOFR + 3.28%		940,803
	764,000	6.500%, 11/15/26 5 year CMT + 5.69%		760,814
	520,000	7.125%, 10/01/54^ 5 year CMT + 2.83%		514,784
	1,730,000	EQT Corp.*µ 7.500%, 06/01/27		1,759,099
	765,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		781,853
	525,000	8.000%, 05/15/33		511,061
	1,460,000	Gulfport Energy Operating Corp.* 6.750%, 09/01/29		1,442,743
	1,050,000	Howard Midstream Energy Partners, LLC* 7.375%, 07/15/32		1,075,631
	1,045,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.875%, 12/01/32		1,014,361
	1,044,000	Matador Resources Company* 6.500%, 04/15/32		1,006,583
	1,105,000	Nabors Industries, Inc.* 9.125%, 01/31/30		1,003,384
	390,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		310,541
	780,000	New Fortress Energy, Inc.*^ 6.500%, 09/30/26		640,926
	1,090,000	Oceaneering International, Inc. 6.000%, 02/01/28		1,039,838
	650,000	ONEOK, Inc.* 6.500%, 09/01/30		688,935
	1,565,000	Parkland Corp.* 6.625%, 08/15/32		1,558,114
	985,000	Permian Resources Operating, LLC* 7.000%, 01/15/32		993,146
	261,000	6.250%, 02/01/33		255,587
	1,040,000	Plains All American Pipeline, LP‡ 8.695%, 05/31/25 3 mo. SOFR + 4.37%		1,028,186
	1,050,000	South Bow Canadian Infrastructure Holdings, Ltd.*‡ 7.625%, 03/01/55 5 year CMT + 3.95%		1,049,286
	1,440,000	Summit Midstream Holdings, LLC* 8.625%, 10/31/29		1,419,307

PRINCIPAL AMOUNT			VALUE
	522,000	Sunoco, LP* 6.250%, 07/01/33	$	521,776
	1,460,000	TGNR Intermediate Holdings, LLC* 5.500%, 10/15/29		1,341,127
	1,427,200	Transocean, Inc.* 8.750%, 02/15/30		1,395,787
	1,050,000	8.250%, 05/15/29		849,440
	260,000	Venture Global Calcasieu Pass, LLC* 4.125%, 08/15/31		234,031
	260,000	3.875%, 08/15/29		238,675
	2,357,000	Venture Global LNG, Inc.* 9.000%, 09/30/29‡ 5 year CMT + 5.44%		2,025,629
	1,300,000	8.375%, 06/01/31		1,254,084
	780,000	8.125%, 06/01/28		775,710
	548,000	7.000%, 01/15/30		516,835
	525,000	9.875%, 02/01/32		534,497
	525,000	9.500%, 02/01/29		544,425
	996,000	Vital Energy, Inc.*^ 7.875%, 04/15/32		771,053
	1,045,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		1,025,155
	1,568,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,555,848
	912,000	Wildfire Intermediate Holdings, LLC* 7.500%, 10/15/29		835,073
				42,158,108
		Financials (7.3%)
	1,650,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		1,690,639
	975,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust^‡ 6.950%, 03/10/55 5 year CMT + 2.72%		980,226
	1,045,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 7.375%, 10/01/32		1,056,976
	1,045,000	6.500%, 10/01/31		1,044,739
	1,433,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		1,320,424
	480,000	4.700%, 05/15/28 7 year CMT + 3.48%		410,597
	1,082,000	AmWINS Group, Inc.* 4.875%, 06/30/29		1,031,936
	1,075,000	AssuredPartners, Inc.* 5.625%, 01/15/29		1,074,140
	1,050,000	Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance* 7.125%, 05/15/31		1,071,514
	1,045,000	Blackstone Mortgage Trust, Inc.* 7.750%, 12/01/29		1,088,033
	1,050,000	Boost Newco Borrower LLC* 7.500%, 01/15/31		1,108,926

See accompanying Notes to Schedule of Investments

www.calamos.com
43

Convertible and High Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	525,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29	$	552,090
	784,000	Bread Financial Holdings, Inc.*‡ 8.375%, 06/15/35 5 year CMT + 4.30		735,463
	1,819,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		1,758,827
	1,085,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		1,053,253
	1,000,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		999,470
	1,020,000	Corebridge Financial, Inc.^‡ 6.375%, 09/15/54 5 year CMT + 2.65%		983,158
	690,000	Credit Acceptance Corp.* 9.250%, 12/15/28		730,938
	464,000	6.625%, 03/15/30		457,221
	1,045,000	Cushman & Wakefield U.S. Borrower, LLC*^ 8.875%, 09/01/31		1,118,819
	520,000	Enstar Group, Ltd.*‡ 7.500%, 04/01/45 5 year CMT + 3.19		522,574
	1,170,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		1,200,888
	522,000	5.875%, 03/15/30		519,928
	1,567,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,477,697
	585,000	HAT Holdings I, LLC / HAT Holdings II, LLC* 8.000%, 06/15/27		602,187
	1,571,000	HUB International, Ltd.* 5.625%, 12/01/29		1,540,633
	785,000	7.375%, 01/31/32		809,194
	781,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		651,448
	1,635,000	Iron Mountain, Inc.* 5.250%, 03/15/28		1,610,475
	1,340,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		1,247,661
	1,015,000	6.625%, 10/15/31		996,273
	1,127,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 4.750%, 06/15/29		1,081,120
	1,045,000	5.250%, 10/01/25		1,041,593
	656,000	7.000%, 07/15/31		678,252
	900,000	LD Holdings Group, LLC* 8.750%, 11/01/27		822,249
	805,620	Level 3 Financing, Inc.* 10.000%, 10/15/32		806,530
	500,000	3.875%, 10/15/30		395,595

PRINCIPAL AMOUNT			VALUE
	1,055,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29	$	1,105,102
	1,523,000	MetLife, Inc. 6.400%, 12/15/66		1,508,425
	650,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		613,242
	525,000	Newmark Group, Inc. 7.500%, 01/12/29		549,633
	715,000	OneMain Finance Corp. 3.875%, 09/15/28		662,269
	530,000	7.500%, 05/15/31		538,432
	985,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 7.000%, 02/01/30		985,512
	1,305,000	Provident Funding Associates, LP / PFG Finance Corp.* 9.750%, 09/15/29		1,342,453
	1,050,000	RHP Hotel Properties, LP / RHP Finance Corp.* 6.500%, 04/01/32		1,048,488
	1,005,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		910,299
	475,000	3.625%, 03/01/29		443,080
	785,000	Saks Global Enterprises, LLC* 11.000%, 12/15/29		476,550
	775,000	Service Properties Trust 8.375%, 06/15/29		756,268
	1,045,000	Starwood Property Trust, Inc.* 6.000%, 04/15/30		1,036,556
	522,000	6.500%, 07/01/30		526,651
	1,310,000	StoneX Group, Inc.* 7.875%, 03/01/31		1,366,225
	1,045,000	TrueNoord Capital DAC* 8.750%, 03/01/30		1,068,659
	1,212,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		1,176,440
	525,000	5.750%, 06/15/27		518,700
	622,000	Uniti Group, LP / Uniti Group Finance 2019, Inc. / CSL Capital, LLC* 10.500%, 02/15/28		660,931
	525,000	6.500%, 02/15/29		480,574
	525,000	VFH Parent, LLC / Valor Co-Issuer, Inc.* 7.500%, 06/15/31		539,857
	1,200,000	VZ Secured Financing, BV* 5.000%, 01/15/32		1,047,756
	1,045,000	XHR, LP* 6.625%, 05/15/30		1,031,509
				56,665,297
		Health Care (2.5%)
	522,000	Acadia Healthcare Company, Inc.* 7.375%, 03/15/33		523,514

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	2,075,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30	$	1,412,619
	785,000	10.875%, 01/15/32		811,415
	594,000	6.875%, 04/15/29		435,634
	130,000	5.250%, 05/15/30		111,093
	1,220,000	DaVita, Inc.* 3.750%, 02/15/31		1,073,149
	1,154,000	4.625%, 06/01/30		1,074,062
	1,010,000	6.875%, 09/01/32^		1,021,150
	783,000	Embecta Corp.* 5.000%, 02/15/30		705,428
	260,000	6.750%, 02/15/30		252,395
	525,000	Encompass Health Corp. 4.750%, 02/01/30		511,576
	525,000	4.500%, 02/01/28^		517,608
	1,123,000	HCA, Inc.^ 7.500%, 11/06/33		1,267,788
	340,000	Jazz Securities DAC* 4.375%, 01/15/29		323,119
	1,297,000	Medline Borrower, LP* 5.250%, 10/01/29		1,233,408
	1,295,000	3.875%, 04/01/29		1,209,116
	129,000	Medline Borrower, LP / Medline Co-Issuer, Inc.* 6.250%, 04/01/29		130,202
	1,900,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31^		1,595,601
	450,000	4.125%, 04/30/28		424,890
	2,465,000	Tenet Healthcare Corp. 6.250%, 02/01/27		2,465,715
	1,420,000	6.875%, 11/15/31		1,459,291
	1,320,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29		1,284,769
				19,843,542
		Industrials (4.7%)
	1,050,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		1,075,683
	1,200,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		1,043,628
	1,055,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		971,170
	1,750,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		1,733,025
	780,000	5.875%, 02/15/28		781,459
	587,000	Arcosa, Inc.* 4.375%, 04/15/29		551,340
	522,000	6.875%, 08/15/32		532,163
	2,746,062	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		72,194

PRINCIPAL AMOUNT			VALUE
	520,000	Bombardier, Inc.* 8.750%, 11/15/30	$	558,256
	395,000	7.000%, 06/01/32^		399,926
	325,000	7.250%, 07/01/31^		333,561
	211,000	7.875%, 04/15/27		211,595
	1,044,000	BWX Technologies, Inc.* 4.125%, 04/15/29		992,541
	1,078,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		1,052,139
	257,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		255,044
	1,360,000	Deluxe Corp.* 8.000%, 06/01/29		1,254,083
	260,000	8.125%, 09/15/29		260,460
	995,000	EMRLD Borrower, LP / Emerald Co-Issuer, Inc.* 6.625%, 12/15/30		1,011,010
	500,000	EnerSys* 6.625%, 01/15/32		511,085
	500,000	4.375%, 12/15/27		485,210
	395,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		402,762
	394,000	8.000%, 03/15/33^		389,292
	634,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		620,172
	675,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		663,181
	484,000	3.500%, 03/01/29		450,599
	1,141,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		1,042,075
	2,438,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,431,661
	1,350,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,336,986
	525,000	6.625%, 06/15/29		519,020
	788,000	JELD-WEN, Inc.*^ 7.000%, 09/01/32		693,527
	280,000	4.875%, 12/15/27		258,681
	1,690,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,632,168
	650,000	Moog, Inc.* 4.250%, 12/15/27		628,238
	1,040,000	Novelis Corp.* 4.750%, 01/30/30		967,907
	1,045,000	Quikrete Holdings, Inc.* 6.375%, 03/01/32		1,052,858
	265,000	Sealed Air Corp.* 6.500%, 07/15/32^		269,969
	261,000	5.000%, 04/15/29		254,608
	809,000	Sealed Air Corp./Sealed Air Corp. U.S.* 6.125%, 02/01/28		815,731
	260,000	7.250%, 02/15/31		270,824
	400,000	Sensata Technologies, BV*^ 4.000%, 04/15/29		368,408

See accompanying Notes to Schedule of Investments

www.calamos.com
45

Convertible and High Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	519,000	Sensata Technologies, Inc.* 3.750%, 02/15/31	$	453,985
	200,000	6.625%, 07/15/32		198,416
	265,000	Standard Building Solutions, Inc.* 6.500%, 08/15/32		268,662
	486,000	Standard Industries, Inc.* 5.000%, 02/15/27		482,928
	1,125,000	TransDigm, Inc.* 6.875%, 12/15/30		1,160,629
	790,000	6.750%, 08/15/28		806,472
	390,000	7.125%, 12/01/31		405,912
	254,000	6.625%, 03/01/32		260,607
	305,505	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		291,916
	575,000	Wabash National Corp.*^ 4.500%, 10/15/28		484,150
	1,040,000	Waste Pro USA, Inc.* 7.000%, 02/01/33		1,064,970
	604,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		581,827
	530,000	7.375%, 10/01/31		549,785
	390,000	6.625%, 06/15/29		396,080
				36,560,578
		Information Technology (1.6%)
	604,000	Coherent Corp.* 5.000%, 12/15/29		579,683
	471,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		476,567
	522,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		521,514
	520,000	Fair Isaac Corp.* 4.000%, 06/15/28		500,084
	1,130,000	KBR, Inc.*^ 4.750%, 09/30/28		1,072,856
	528,000	NCL Corp., Ltd.* 8.125%, 01/15/29		552,742
	522,000	6.750%, 02/01/32		510,062
	771,000	ON Semiconductor Corp.* 3.875%, 09/01/28		730,214
	525,000	Open Text Corp.* 6.900%, 12/01/27		540,025
	391,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		349,742
	908,000	Playtika Holding Corp.* 4.250%, 03/15/29		803,353
	1,450,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,351,632
	725,000	Twilio, Inc. 3.625%, 03/15/29		680,543
	259,000	3.875%, 03/15/31		235,685
	394,000	UKG, Inc.* 6.875%, 02/01/31		406,104

PRINCIPAL AMOUNT			VALUE
	1,555,000	Viavi Solutions, Inc.* 3.750%, 10/01/29	$	1,426,122
	1,050,000	Zebra Technologies Corp.* 6.500%, 06/01/32		1,056,184
	1,200,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,104,216
				12,897,328
		Materials (1.7%)
	500,000	ATI, Inc. 5.875%, 12/01/27		499,795
	1,045,000	Avient Corp.* 6.250%, 11/01/31		1,034,278
	520,000	Celanese US Holdings, LLC^ 6.629%, 07/15/32		511,883
	888,000	Chemours Company* 8.000%, 01/15/33		800,745
	780,000	4.625%, 11/15/29		653,437
	1,640,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,529,907
	780,000	Cleveland-Cliffs, Inc.*^ 7.000%, 03/15/32		735,337
	425,000	Constellium, SE*^ 6.375%, 08/15/32		418,706
	784,000	JW Aluminum Continuous Cast Company* 10.250%, 04/01/30		770,970
	1,040,000	Knife River Corp.* 7.750%, 05/01/31		1,089,462
	1,107,000	Mercer International, Inc. 5.125%, 02/01/29		910,341
	520,000	12.875%, 10/01/28*		532,121
	1,015,000	OCI, NV* 6.700%, 03/16/33		1,108,766
	1,194,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,147,721
	1,045,000	Terex Corp* 6.250%, 10/15/32		1,001,141
	442,850	Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV, LLC* 7.625%, 05/03/29		272,083
				13,016,693
		Other (1.5%)
	1,410,000	1261229 BC, Ltd.* 10.000%, 04/15/32		1,383,492
	1,030,000	Alumina Pty, Ltd.* 6.375%, 09/15/32		1,006,073
	406,005	Claritev Corp.* 6.750%, 03/31/31 0.75% PIK rate		257,846
	1,593,550	EchoStar Corp. 10.750%, 11/30/29		1,685,960
	1,060,515	6.750%, 11/30/30 6.75% PIK Rate		987,933

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	475,000	Gen Digital, Inc.* 6.750%, 09/30/27	$	483,355
	525,000	Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings, LLC* 8.250%, 04/15/30		525,814
	1,045,000	New Gold, Inc.* 6.875%, 04/01/32		1,068,972
	470,000	Nissan Motor Acceptance Company, LLC* 7.050%, 09/15/28		480,838
	1,045,000	Olin Corp.* 6.625%, 04/01/33		992,698
	520,000	Reinsurance Group of America, Inc.‡ 6.650%, 09/15/55 5 year CMT + 2.39		505,924
	1,045,000	Rfna, LP* 7.875%, 02/15/30		1,027,632
	1,045,000	Stonepeak Nile Parent, LLC* 7.250%, 03/15/32		1,061,741
				11,468,278
		Real Estate (0.1%)
	522,000	Forestar Group, Inc.* 6.500%, 03/15/33		508,125
		Special Purpose Acquisition Companies (0.2%)
	263,000	Clydesdale Acquisition Holdings, Inc.* 6.750%, 04/15/32		269,307
	1,045,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30^		914,250
	524,000	4.625%, 01/15/29		486,717
				1,670,274
		Utilities (0.7%)
	390,000	AES Corp.‡ 7.600%, 01/15/55 5 year CMT + 3.20%		386,619
	389,000	6.950%, 07/15/55 5 year CMT + 2.89		364,034
	520,000	Dominion Energy, Inc.^‡ 6.625%, 05/15/55 5 year CMT + 2.21%		513,703
	1,025,000	Duke Energy Corp.^‡ 6.450%, 09/01/54 5 year CMT + 2.59%		1,029,182
	820,000	Entergy Corp.^‡ 7.125%, 12/01/54 5 year CMT + 2.67%		826,634
	770,000	Evergy, Inc.^‡ 6.650%, 06/01/55 5 year CMT + 2.56%		749,718
	780,000	NiSource, Inc.^‡ 6.950%, 11/30/54 5 year CMT + 2.45%		793,876

PRINCIPAL AMOUNT			VALUE
	379,000	PPL Capital Funding, Inc.‡ 7.226%, 03/30/67 3 mo. SOFR + 2.93%	$	370,806
	525,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		530,890
	270,000	8.000%, 10/15/26 5 year CMT + 6.93%		276,051
				5,841,513
		TOTAL CORPORATE BONDS (Cost $329,812,547)		314,771,767
CONVERTIBLE BONDS (90.2%)
		Communication Services (9.8%)
	3,125,000	AST SpaceMobile, Inc.* 4.250%, 03/01/32		3,695,594
	9,750,000	Liberty Media Corp.-Liberty Formula One^ 2.250%, 08/15/27		11,891,977
	16,750,000	Live Nation Entertainment, Inc.*µ 2.875%, 01/15/30		17,309,785
	5,750,000	Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		5,037,805
	17,500,000	Snap, Inc.*µ 0.500%, 05/01/30		14,324,625
	18,146,000	Uber Technologies, Inc.µ 0.875%, 12/01/28		23,819,347
				76,079,133
		Consumer Discretionary (12.3%)
	12,250,000	Alibaba Group Holding, Ltd.* 0.500%, 06/01/31		16,114,997
	5,000,000	Booking Holdings, Inc. 0.750%, 05/01/25		12,255,000
	4,500,000	Carnival Corp. 5.750%, 12/01/27		7,183,935
	12,500,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28		10,991,750
	11,000,000	Marriott Vacations Worldwide Corp.µ 3.250%, 12/15/27		10,052,570
	5,375,000	Meritage Homes Corp.*µ^ 1.750%, 05/15/28		5,248,204
	12,250,000	Rivian Automotive, Inc.µ 4.625%, 03/15/29		12,476,870
	1,000,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		4,318,250
	6,250,000	Shake Shack, Inc. 0.000%, 03/01/28		5,789,750
	6,750,000	Trip.com Group, Ltd.* 0.750%, 06/15/29		7,636,005
	3,750,000	Wayfair, Inc.µ 3.500%, 11/15/28		3,734,550
				95,801,881

See accompanying Notes to Schedule of Investments

www.calamos.com
47

Convertible and High Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (1.1%)
	8,250,000	Enovis Corp.µ 3.875%, 10/15/28	$	8,251,403
		Energy (1.3%)
	4,500,000	Kosmos Energy, Ltd. 3.125%, 03/15/30		3,099,240
	5,265,000	Nabors Industries, Inc. 1.750%, 06/15/29		2,992,679
	4,500,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		4,321,440
	10,545,000	SunEdison, Inc.@ 0.000%, 01/15/49*!!		36,907
	1,027,000	0.000%, 10/01/49		3,595
				10,453,861
		Financials (1.8%)
	4,500,000	Affirm Holdings, Inc.*µ 0.750%, 12/15/29		4,084,065
	6,500,000	Coinbase Global, Inc.µ 0.250%, 04/01/30		6,472,570
	4,500,000	Upstart Holdings, Inc.* 1.000%, 11/15/30		3,781,530
				14,338,165
		Health Care (11.8%)
	5,000,000	Alnylam Pharmaceuticals, Inc. 1.000%, 09/15/27		5,732,400
	8,750,000	Alphatec Holdings, Inc.* 0.750%, 03/15/30		8,694,875
	8,750,000	Dexcom, Inc.µ 0.375%, 05/15/28		7,926,363
	6,250,000	Exact Sciences Corp.*µ 2.000%, 03/01/30		5,942,625
	4,500,000	Haemonetics Corp.*µ 2.500%, 06/01/29		4,313,385
	8,500,000	Halozyme Therapeutics, Inc.µ 0.250%, 03/01/27		8,913,525
	1,750,000	Insmed, Inc. 0.750%, 06/01/28		3,941,333
	8,750,000	Integer Holdings Corp.* 1.875%, 03/15/30		9,266,162
	4,500,000	Ionis Pharmaceuticals, Inc.µ 1.750%, 06/15/28		4,393,665
	6,655,000	Jazz Investments I, Ltd.µ 2.000%, 06/15/26^		6,865,564
	4,000,000	3.125%, 09/15/30*		4,348,280
	3,040,000	Lantheus Holdings, Inc. 2.625%, 12/15/27		4,519,720
	3,250,000	Merit Medical Systems, Inc.* 3.000%, 02/01/29		4,145,213
	11,250,000	NeoGenomics, Inc. 0.250%, 01/15/28		9,504,112

PRINCIPAL AMOUNT			VALUE
	4,000,000	Sarepta Therapeutics, Inc.µ 1.250%, 09/15/27	$	3,798,920
				92,306,142
		Industrials (2.5%)
	4,000,000	Axon Enterprise, Inc.µ 0.500%, 12/15/27		10,860,960
	3,000,000	Bloom Energy Corp. 3.000%, 06/01/28		3,798,900
	4,500,000	Tetra Tech, Inc. 2.250%, 08/15/28		4,788,810
				19,448,670
		Information Technology (39.1%)
	4,500,000	Advanced Energy Industries, Inc.^ 2.500%, 09/15/28		4,720,410
	9,000,000	Akamai Technologies, Inc.µ 1.125%, 02/15/29		8,719,020
	4,750,000	0.375%, 09/01/27		4,701,265
	2,250,000	Applied Digital Corp.* 2.750%, 06/01/30		1,536,908
	9,250,000	BILL Holdings, Inc.*µ 0.000%, 04/01/30		7,836,508
	9,250,000	Core Scientific, Inc.* 0.000%, 06/15/31µ		7,882,202
	2,710,000	3.000%, 09/01/29		2,952,897
	18,500,000	Datadog, Inc.*µ 0.000%, 12/01/29		16,677,750
	9,000,000	Guidewire Software, Inc.*µ 1.250%, 11/01/29		9,954,360
	4,000,000	Itron, Inc.*^ 1.375%, 07/15/30		4,368,600
	8,000,000	Lumentum Holdings, Inc.µ 1.500%, 12/15/29		9,143,360
	8,500,000	MACOM Technology Solutions Holdings, Inc.*µ 0.000%, 12/15/29		7,954,810
	18,750,000	MicroStrategy, Inc.* 0.000%, 03/01/30µ^		21,016,875
	13,500,000	0.000%, 12/01/29		12,335,490
	17,250,000	MKS Instruments, Inc.*µ 1.250%, 06/01/30		14,881,402
	6,500,000	NCL Corp., Ltd. 1.125%, 02/15/27µ		6,137,235
	3,250,000	5.375%, 08/01/25		3,405,513
	11,750,000	Nutanix, Inc.*µ 0.500%, 12/15/29		12,683,890
	18,500,000	ON Semiconductor Corp.µ 0.500%, 03/01/29		16,016,005
	3,250,000	Palo Alto Networks, Inc.µ 0.375%, 06/01/25		12,145,250
	2,500,000	PAR Technology Corp. 1.500%, 10/15/27		2,633,325
	2,000,000	1.000%, 01/15/30*		1,849,120

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	4,750,000	Parsons Corp.µ 2.625%, 03/01/29	$	5,036,188
	4,000,000	Q2 Holdings, Inc. 0.750%, 06/01/26		4,433,160
	8,250,000	Rapid7, Inc. 1.250%, 03/15/29		7,056,225
	2,750,000	Riot Platforms, Inc.* 0.750%, 01/15/30		2,105,483
	10,250,000	Seagate HDD Cayman 3.500%, 06/01/28		12,975,475
	15,750,000	Shift4 Payments, Inc.µ 0.500%, 08/01/27		16,101,067
	14,750,000	Snowflake, Inc.*µ 0.000%, 10/01/29		18,334,250
	7,000,000	Spotify USA, Inc. 0.000%, 03/15/26		9,007,670
	7,250,000	Tyler Technologies, Inc. 0.250%, 03/15/26		8,553,767
	4,500,000	Unity Software, Inc.*µ 0.000%, 03/15/30		4,248,225
	4,500,000	Varonis Systems, Inc.*^ 1.000%, 09/15/29		4,246,605
	7,000,000	Western Digital Corp.µ 3.000%, 11/15/28		9,508,240
	9,500,000	Wolfspeed, Inc. 1.875%, 12/01/29		2,760,225
	5,711,000	0.250%, 02/15/28		1,704,962
	4,250,000	Workiva, Inc.µ 1.250%, 08/15/28		4,018,630
	3,250,000	Zscaler, Inc. 0.125%, 07/01/25		4,879,420
				304,521,787
		Materials (0.6%)
	3,250,000	MP Materials Corp.* 3.000%, 03/01/30		4,540,705
		Real Estate (2.2%)
	9,000,000	Digital Realty Trust, LP*µ 1.875%, 11/15/29		9,371,610
	4,750,000	Welltower OP, LLC* 2.750%, 05/15/28		7,751,762
				17,123,372
		Utilities (7.7%)
	9,250,000	CMS Energy Corp. 3.375%, 05/01/28		10,248,630
	8,000,000	Duke Energy Corp. 4.125%, 04/15/26		8,732,320
	5,500,000	NextEra Energy Capital Holdings, Inc. 3.000%, 03/01/27		6,161,980
	16,500,000	PPL Capital Funding, Inc.µ 2.875%, 03/15/28		18,834,255

PRINCIPAL AMOUNT			VALUE
	14,500,000	Southern Companyµ 3.875%, 12/15/25	$	16,293,360
				60,270,545
		TOTAL CONVERTIBLE BONDS (Cost $730,924,919)		703,135,664
BANK LOANS (8.1%)¡
		Airlines (0.1%)
	693,000	Air Canada‡ 6.323%, 03/21/31 1 mo. SOFR + 2.00%		686,143
	573,255	United Airlines, Inc.‡ 6.275%, 02/22/31 3 mo. SOFR + 2.00%		572,630
				1,258,773
		Communication Services (0.9%)
	402,132	Audacy Capital Corp.‡ 10.436%, 10/01/29 1 mo. SOFR + 6.00%		339,802
	44,778	Audacy Capital Corp.‡ 11.436%, 10/02/28 1 mo. SOFR + 7.00%		44,890
	496,199	Cincinnati Bell, Inc.‡ 7.072%, 11/22/28 1 mo. SOFR + 2.75%		493,966
	489,198	Clear Channel Outdoor Holdings, Inc.‡ 8.436%, 08/23/28 1 mo. SOFR + 4.00%		475,867
	941,849	CSC Holdings, LLC‡ 9.000%, 04/15/27 3 mo. Prime + 1.50%		908,823
	420,000	Directv Financing, LLC! 0.000%, 08/02/29		407,560
	248,185	Directv Financing, LLC‡ 9.541%, 08/02/27 3 mo. SOFR + 5.00%		248,506
	769,188	Gray Television, Inc.‡ 9.574%, 06/04/29 1 mo. SOFR + 5.25%		745,250
	265,000	Gray Television, Inc.! 0.000%, 06/04/29		256,753
	525,000	Sinclair Television Group, Inc.‡ 7.736%, 12/31/29 1 mo. SOFR + 3.30%		414,915
	1,050,000	Telesat Canada‡ 7.325%, 12/07/26 3 mo. SOFR + 2.75%		582,425
	1,304,098	TripAdvisor, Inc.‡ 7.049%, 07/08/31 3 mo. SOFR + 2.75%		1,274,756
	1,075,000	Virgin Media Bristol, LLC‡ 6.936%, 01/31/28 1 mo. SOFR + 2.50%		1,061,955
				7,255,468

See accompanying Notes to Schedule of Investments

www.calamos.com
49

Convertible and High Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (1.6%)
	318,827	American Axle & Manufacturing, Inc.‡ 7.230%, 12/13/29 3 mo. SOFR + 3.00%	$	312,851
	370,637	American Axle and Manufacturing, Inc.‡ 7.053%, 12/13/29 6 mo. SOFR + 3.00%		363,689
	343,536	American Axle and Manufacturing, Inc.‡ 7.321%, 12/13/29 1 mo. SOFR + 3.00%		337,097
	618,476	Caesars Entertainment, Inc.‡ 6.563%, 02/06/30 3 mo. SOFR + 2.25%		611,364
	928,377	Carnival Corp.‡ 6.329%, 10/18/28 1 mo. SOFR + 2.00%		927,509
	561,057	Carnival Corp.‡ 6.270%, 08/08/27 3 mo. SOFR + 2.00%		562,463
	653,363	Chinos Intermediate Holdings A, Inc.‡ 10.280%, 09/26/31 3 mo. SOFR + 6.00%		622,057
	785,000	Clarios Global, LP‡ 7.072%, 01/28/32 1 mo. SOFR + 2.75%		770,937
	1,042,388	Life Time Fitness, Inc.‡ 6.785%, 11/05/31 3 mo. SOFR + 2.50%		1,037,566
	1,173,150	Light & Wonder International, Inc.‡ 6.570%, 04/14/29 1 mo. SOFR + 2.25%		1,173,642
	441,663	Peloton Interactive, Inc.‡ 9.813%, 05/23/29 3 mo. SOFR + 5.50%		442,491
	2,251,959	PetSmart, Inc.‡ 8.172%, 02/11/28 1 mo. SOFR + 3.75%		2,226,151
	783,563	Staples, Inc.‡ 10.041%, 09/04/29 3 mo. SOFR + 5.75%		678,432
	1,039,500	Station Casinos, LLC‡ 6.322%, 03/14/31 1 mo. SOFR + 2.00%		1,033,476
	632,797	TKC Holdings, Inc.‡ 9.323%, 05/15/28 1 mo. SOFR + 5.00%		626,469
	1,036,273	Windsor Holdings III, LLC‡ 7.073%, 08/01/30 1 mo. SOFR + 2.75%		1,025,910
				12,752,104
		Consumer Staples (1.3%)
	3,462,360	Amneal Pharmaceuticals, LLC‡ 9.822%, 05/04/28 1 mo. SOFR + 5.50%		3,475,569

PRINCIPAL AMOUNT			VALUE
	786,050	B&G Foods, Inc.‡ 7.822%, 10/10/29 1 mo. SOFR + 3.50%	$	753,625
	650,000	Bausch Health Companies, Inc.‡ 10.542%, 09/25/30 1 mo. SOFR + 6.25%		614,793
	1,042,138	Fiesta Purchaser, Inc.‡ 7.572%, 02/12/31 1 mo. SOFR + 3.25%		1,034,864
	93,149	MPH Acquisition Holdings, LLC‡ 8.030%, 12/31/30 3 mo. SOFR + 3.75%		92,171
	1,050,000	Opal Bidco SAS! 0.000%, 03/31/32		1,042,787
	1,288,244	Star Parent, Inc.‡ 8.299%, 09/27/30 3 mo. SOFR + 4.00%		1,248,798
	653,400	United Natural Foods, Inc.‡ 9.072%, 05/01/31 1 mo. SOFR + 4.75%		656,667
	1,060,000	Veritiv Corp.‡ 8.299%, 11/30/30 3 mo. SOFR + 4.00%		1,053,131
				9,972,405
		Energy (0.4%)
	975,212	ChampionX Corp.‡ 7.172%, 06/07/29 1 mo. SOFR + 2.75%		977,284
	784,750	New Fortress Energy, Inc.‡ 9.795%, 10/30/28 3 mo. SOFR + 5.50%		570,415
	1,532,326	Par Petroleum, LLC‡ 8.009%, 02/28/30 3 mo. SOFR + 3.75%		1,483,958
				3,031,657
		Financials (1.3%)
	1,401,961	Advisor Group, Inc.‡ 7.822%, 08/17/28 1 mo. SOFR + 3.50%		1,398,386
	770,294	Amynta Agency Borrower, Inc.‡ 7.322%, 12/29/31 3 mo. SOFR + 3.00%		764,436
	1,287,000	AssuredPartners, Inc.‡ 7.822%, 02/14/31 1 mo. SOFR + 3.50%		1,288,544
	544,510	Broadstreet Partners, Inc.‡ 7.322%, 06/13/31 1 mo. SOFR + 3.00%		542,629
	1,311,713	Dragon Buyer, Inc‡ 7.299%, 09/30/31 3 mo. SOFR + 3.00%		1,305,810
	1,089,034	HUB International, Ltd.‡ 6.769%, 06/20/30 3 mo. SOFR + 2.50%		1,083,306

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	775,188	Iron Mountain, Inc.‡ 6.322%, 01/31/31 1 mo. SOFR + 2.00%	$	772,862
	736,838	Jazz Financing Lux Sarl‡ 6.572%, 05/05/28 1 mo. SOFR + 2.25%		735,257
	1,050,000	Level 3 Financing, Inc.‡ 8.572%, 03/27/32 1 mo. SOFR + 4.25%		1,049,344
	1,050,000	VFH Parent, LLC‡ 6.822%, 06/21/31 1 mo. SOFR + 2.50%		1,047,375
				9,987,949
		Health Care (0.1%)
	1,152,941	Padagis, LLC‡ 9.271%, 07/06/28 3 mo. SOFR + 4.75%		1,080,162
		Industrials (0.9%)
	1,028,049	ACProducts, Inc.‡ 8.811%, 05/17/28 3 mo. SOFR + 4.25%		699,361
	572,000	American Airlines, Inc.‡ 6.519%, 04/20/28 3 mo. SOFR + 2.25%		561,146
	1,050,000	ECO Material Tech, Inc.‡ 7.467%, 02/12/32 6 mo. SOFR + 3.25%		1,042,125
	388,050	EMRLD Borrower, LP‡ 6.799%, 08/04/31 3 mo. SOFR + 2.50%		384,090
	1,042,125	MI Windows & Doors, LLC‡ 7.322%, 03/28/31 1 mo. SOFR + 3.00%		1,027,973
	1,050,000	Quikrete Holdings, Inc.‡ 6.572%, 02/10/32 1 mo. SOFR + 2.25%		1,030,727
	2,096,495	TransDigm, Inc.‡ 6.799%, 02/28/31 3 mo. SOFR + 2.50%		2,078,245
				6,823,667
		Information Technology (0.8%)
	1,396,383	Boxer Parent Company, Inc.‡ 7.322%, 07/30/31 1 mo. SOFR + 3.00%		1,370,913
	1,052,258	Camelot U.S. Acquisition, LLC‡ 7.072%, 01/31/31 1 mo. SOFR + 2.75%		1,040,420
	991,764	Dun & Bradstreet Corp.‡ 6.570%, 01/18/29 1 mo. SOFR + 2.25%		989,904
	803,291	II-VI, Inc.‡ 6.322%, 07/02/29 1 mo. SOFR + 2.00%		795,929

PRINCIPAL AMOUNT			VALUE
	110,000	Qxo, Inc.! 0.000%, 04/23/32	$	110,020
	525,000	Rocket Software, Inc.! 0.000%, 11/28/28		522,154
	928,081	SS&C Technologies, Inc.‡ 6.322%, 05/09/31 1 mo. SOFR + 2.00%		928,104
	506,175	UKG, Inc.‡ 7.320%, 02/10/31 1 mo. SOFR + 3.00%		505,026
				6,262,470
		Materials (0.4%)
	1,633,914	Ineos U.S. Finance, LLC‡ 7.572%, 02/18/30 1 mo. SOFR + 3.25%		1,533,429
	770,398	Trinseo Materials Operating SCA‡ 7.075%, 05/03/28 3 mo. SOFR + 2.50%		330,189
	1,056,766	W.R. Grace & Company-Conn.‡ 7.549%, 09/22/28 3 mo. SOFR + 3.25%		1,040,037
				2,903,655
		Other (0.1%)
	530,000	Windstream Services, LLC‡ 9.172%, 10/01/31 1 mo. SOFR + 4.75%		528,012
		Special Purpose Acquisition Companies (0.2%)
	431,067	Clydesdale Acquisition Holdings, Inc.‡ 7.497%, 04/13/29 1 mo. SOFR + 3.18%		428,616
	257,050	Fertitta Entertainment, LLC‡ 7.822%, 01/27/29 1 mo. SOFR + 3.50%		251,026
	1,033,500	Patagonia Holdco, LLC‡ 10.052%, 08/01/29 3 mo. SOFR + 5.75%		883,105
				1,562,747
		TOTAL BANK LOANS (Cost $65,083,505)		63,419,069
NUMBER OF SHARES			VALUE
COMMON STOCKS (0.3%)
		Communication Services (0.0%)
	21,970	Altice USA, Inc. - Class A^#		54,486
	17,927	Audacy, Inc.#		331,649
	7,383	Cumulus Media, Inc. - Class A#		1,722
				387,857
		Consumer Discretionary (0.0%)
	1,568	Rite Aid Corp.#		1,568

See accompanying Notes to Schedule of Investments

www.calamos.com
51

Convertible and High Income Fund Schedule of Investments April 30, 2025 (Unaudited)

NUMBER OF SHARES			VALUE
		Energy (0.3%)
	4,350	Cheniere Energy Partners, LP	$	255,693
	61,575	Energy Transfer, LP		1,018,450
	28,485	Enterprise Products Partners, LP		851,702
	7,238	EP Energy Corp.#		9,952
				2,135,797
		TOTAL COMMON STOCKS (Cost $2,794,006)		2,525,222
CONVERTIBLE PREFERRED STOCKS (11.4%)
		Financials (3.8%)
	89,885	Apollo Global Management, Inc. 6.750%, 07/31/26		6,482,506
	177,785	Ares Management Corp. 6.750%, 10/01/27		8,777,245
	8,775	Bank of America Corp.^‡‡ 7.250%		10,267,452
	87,735	KKR & Company, Inc.# 6.250%, 03/01/28		4,205,139
				29,732,342
		Industrials (3.9%)
	495,965	Boeing Company 6.000%, 10/15/27		30,442,332
		Information Technology (1.6%)
	161,410	Hewlett Packard Enterprise Company 7.625%, 09/01/27		8,102,782
	86,505	Microchip Technology, Inc.# 7.500%, 03/15/28		4,105,527
				12,208,309
		Materials (0.6%)
	143,115	Albemarle Corp. 7.250%, 03/01/27		4,383,613
		Utilities (1.5%)
	194,000	NextEra Energy, Inc. 6.926%, 09/01/25^		7,469,000
	91,805	7.299%, 06/01/27		4,258,834
				11,727,834
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $93,012,539)		88,494,430
PREFERRED STOCKS (0.1%)
		Communication Services (0.1%)
	27,800	Qwest Corp. 6.500%, 09/01/56		483,720
	8,366	Telephone and Data Systems, Inc. 6.625%, 03/31/26		174,264

NUMBER OF SHARES			VALUE
	8,665	United States Cellular Corp. 6.250%, 09/01/69	$	204,494
	7,072	5.500%, 03/01/70		155,301
	808	5.500%, 06/01/70		17,921
				1,035,700
		Consumer Discretionary (0.0%)
	6,662	Guitar Center, Inc.#		99,930
		TOTAL PREFERRED STOCKS (Cost $1,718,042)		1,135,630
WARRANTS (0.0%)#
		Communication Services (0.0%)
	3,271	Audacy Capital, LLC 09/30/28, Strike $1.00		—
	545	Audacy Capital, LLC 09/30/28, Strike $1.00		—
				—
		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
				10
		TOTAL WARRANTS (Cost $20,126)		10
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
EXCHANGE-TRADED PURCHASED OPTION (0.0%)#
		Industrials (0.0%)
	3,500	American Airlines Group, Inc.
	3,482,500	Call, 06/20/25, Strike $17.00 (Cost $856,876)		10,500
		TOTAL INVESTMENTS (150.6%) (Cost $1,225,027,957)		1,174,313,230
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-18.5%)				(144,500,000	)
LIABILITIES, LESS OTHER ASSETS (-32.1%)				(250,411,437	)
NET ASSETS (100.0%)			$	779,401,793

NOTES TO SCHEDULE OF INVESTMENTS

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, 2025 (Unaudited)

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $430,865,046.

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

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

@ In default status and considered non-income producing.

!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.

RESTRICTED SECURITY	ACQUISITION DATE	ACQUISITION COST
Rite Aid Corp.	09/04/2024	$	—
SunEdison, Inc.	10/13/2022		—
	TOTAL	$	—

¡ 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.

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2025 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	820,938	$	—	$	820,938
Corporate Bonds		—		314,771,767		—		314,771,767
Convertible Bonds		—		703,135,664		—		703,135,664
Bank Loans		—		63,419,069		—		63,419,069
Common Stocks		2,525,222		—		—		2,525,222
Convertible Preferred Stocks		88,494,430		—		—		88,494,430
Preferred Stocks		1,135,630		—		—		1,135,630
Warrants		10		—		—		10
Exchange-Traded Purchased Option		10,500		—		—		10,500
Total	$	92,165,792	$	1,082,147,438	$	—	$	1,174,313,230

See accompanying Notes to Schedule of Investments

www.calamos.com
53

Convertible and High Income Fund Schedule of Investments April 30, 2025 (Unaudited)

SECTOR WEIGHTINGS

Information Technology	27.1	%
Consumer Discretionary	14.2
Communication Services	9.2
Health Care	9.1
Financials	8.9
Industrials	7.5
Utilities	6.3
Energy	4.7
Consumer Staples	2.7
Materials	2.0
Real Estate	1.4
Airlines	0.4
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
54

Strategic Total Return Fund Schedule of Investments April 30, 2025 (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 $904,887)	$	922,348
CORPORATE BONDS (14.8%)
		Airlines (0.2%)
	906,154	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		899,448
	225,383	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		227,026
	1,106,700	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		1,035,694
	975,064	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		917,701
	1,173,448	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		1,189,747
				4,269,616
		Communication Services (1.3%)
	720,000	Altice Financing, SA* 5.750%, 08/15/29		530,158
	1,415,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,335,279
	80,000	Bell Telephone Company of Canada or Bell Canada‡ 7.000%, 09/15/55 5 year CMT + 2.36		79,742
	1,070,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		1,008,111
	600,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		601,152
	530,000	9.000%, 09/15/28		549,737
	550,000	Connect Finco SARL / Connect US Finco, LLC* 9.000%, 09/15/29		514,701
	1,665,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,640,708
	2,000,000	CSC Holdings, LLC* 4.625%, 12/01/30		927,460
	1,960,000	4.500%, 11/15/31		1,335,564
	1,046,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		1,011,921
	1,795,000	Frontier California, Inc. 6.750%, 05/15/27		1,782,866
	298,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		312,110

PRINCIPAL AMOUNT			VALUE
	1,933,000	Frontier Florida, LLC 6.860%, 02/01/28	$	1,981,112
	1,785,000	Frontier North, Inc. 6.730%, 02/15/28		1,817,505
	1,030,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		962,236
	600,000	Gray Media, Inc.* 5.375%, 11/15/31		358,788
	1,210,000	Hughes Satellite Systems Corp.^ 5.250%, 08/01/26		1,128,555
	600,000	iHeartCommunications, Inc.* 10.875%, 05/01/30		252,984
	400,500	7.750%, 08/15/30		289,594
	515,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		424,005
	900,000	Lumen Technologies, Inc. 7.600%, 09/15/39		661,698
	885,000	10.000%, 10/15/32*		884,106
	596,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		511,654
	1,160,000	Paramount Global 4.900%, 08/15/44		873,155
	286,000	6.375%, 03/30/62‡ 5 year CMT + 4.00%		275,249
	419,000	Qwest Corp. 7.250%, 09/15/25		417,969
	840,000	Rogers Communications, Inc.‡ 7.125%, 04/15/55 5 year CMT + 2.62		836,691
	840,000	7.000%, 04/15/55 5 year CMT + 2.65		844,032
	155,000	5.250%, 03/15/82* 5 year CMT + 3.59%		151,291
	591,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29^		455,253
	295,000	5.375%, 01/15/31		168,244
	385,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		305,051
	605,000	Sinclair Television Group, Inc.* 8.125%, 02/15/33		599,924
	1,498,000	Sirius XM Radio, LLC* 3.875%, 09/01/31^		1,285,883
	895,000	5.500%, 07/01/29		872,885
	585,000	3.125%, 09/01/26		569,925
	1,084,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		693,977
	740,000	Stagwell Global, LLC* 5.625%, 08/15/29		699,396
	591,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		324,081
	900,000	Time Warner Cable, LLC 6.550%, 05/01/37		888,723
	480,000	7.300%, 07/01/38		500,150

See accompanying Notes to Schedule of Investments

www.calamos.com
55

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	466,000	United States Cellular Corp. 6.700%, 12/15/33	$	504,809
	906,000	Univision Communications, Inc.* 8.000%, 08/15/28		882,045
	605,000	8.500%, 07/31/31		572,487
	125,000	Vodafone Group, PLC‡ 7.000%, 04/04/79 U.S. 5yr Swap + 4.87%		128,635
				33,751,601
		Consumer Discretionary (3.0%)
	1,800,000	Adams Homes, Inc.* 9.250%, 10/15/28		1,809,180
	1,625,000	Adient Global Holdings, Ltd.*^ 8.250%, 04/15/31		1,610,846
	605,000	7.500%, 02/15/33		573,830
	2,105,000	Aptiv Swiss Holdings, Ltd.‡ 6.875%, 12/15/54 5 year CMT + 3.39%		1,970,975
	1,043,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		968,822
	1,487,000	At Home Group, Inc.* 4.875%, 07/15/28		400,999
	1,577,000	Bath & Body Works, Inc. 6.694%, 01/15/27^		1,608,225
	875,000	6.875%, 11/01/35		880,757
	460,000	6.625%, 10/01/30*		469,034
	800,000	Benteler International AG* 10.500%, 05/15/28		817,200
	735,000	Caesars Entertainment, Inc.* 6.000%, 10/15/32^		693,443
	728,000	4.625%, 10/15/29^		674,456
	460,000	7.000%, 02/15/30		471,574
	601,000	Carnival Corp.* 4.000%, 08/01/28		574,274
	441,000	7.625%, 03/01/26		441,622
	75,000	7.000%, 08/15/29		78,326
	294,735	Carvana Company* 9.000%, 06/01/31		332,573
	231,254	9.000%, 06/01/30		245,268
	130,666	9.000%, 12/01/28		134,385
	2,650,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 4.750%, 03/01/30		2,506,423
	2,430,000	5.125%, 05/01/27		2,397,608
	2,110,000	4.500%, 08/15/30		1,962,173
	1,370,000	6.375%, 09/01/29		1,383,947
	1,198,000	4.250%, 02/01/31		1,084,070
	620,000	5.000%, 02/01/28		605,461
	596,000	4.750%, 02/01/32		540,828
	600,000	Churchill Downs, Inc.* 6.750%, 05/01/31		606,870
	596,000	5.750%, 04/01/30		583,538
	985,000	Dana, Inc.^ 4.250%, 09/01/30		908,534
	896,000	4.500%, 02/15/32		805,862

PRINCIPAL AMOUNT			VALUE
	588,000	DISH DBS Corp. 5.125%, 06/01/29	$	368,294
	443,000	7.375%, 07/01/28		299,964
	1,200,000	DISH Network Corp.* 11.750%, 11/15/27		1,261,752
	1,675,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,597,397
	1,308,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,314,775
	1,240,000	Ford Motor Company^ 6.100%, 08/19/32		1,190,152
	1,885,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		1,678,762
	1,555,000	7.200%, 06/10/30		1,603,423
	1,450,000	5.113%, 05/03/29		1,390,709
	1,000,000	2.900%, 02/16/28		916,310
	447,000	Gap, Inc.* 3.875%, 10/01/31		387,375
	600,000	General Motors Company 5.200%, 04/01/45		493,728
	310,000	General Motors Financial Company, Inc.‡ 5.700%, 09/30/30^ 5 year CMT + 5.00%		292,944
	155,000	6.500%, 09/30/28 3 mo. USD LIBOR + 3.44%		146,165
	2,100,000	goeasy, Ltd.* 9.250%, 12/01/28		2,200,968
	1,079,000	7.625%, 07/01/29		1,088,668
	1,800,000	Goodyear Tire & Rubber Company^ 5.625%, 04/30/33		1,665,234
	635,000	5.250%, 07/15/31		593,801
	775,000	Group 1 Automotive, Inc.* 6.375%, 01/15/30		785,292
	511,000	4.000%, 08/15/28		486,125
	268,987	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		269,000
	1,655,000	Kohl's Corp. 5.550%, 07/17/45		788,161
	1,200,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		1,257,564
	1,175,000	Liberty Interactive, LLC 8.250%, 02/01/30		439,955
	1,210,000	Life Time, Inc.* 6.000%, 11/15/31		1,208,560
	600,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		616,938
	450,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		463,127
	767,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		765,274
	780,000	M/I Homes, Inc. 3.950%, 02/15/30		708,802

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
56

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,392,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*	$	1,168,835
	905,000	4.300%, 02/15/43		543,615
	2,350,000	MGM Resorts International^ 6.500%, 04/15/32		2,318,486
	1,518,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,438,320
	1,205,000	Newell Brands, Inc. 6.875%, 04/01/36^		1,050,398
	605,000	6.625%, 05/15/32^		543,338
	453,000	5.700%, 04/01/26		447,632
	600,000	Nordstrom, Inc. 5.000%, 01/15/44		421,200
	1,028,000	Patrick Industries, Inc.* 4.750%, 05/01/29		979,982
	605,000	6.375%, 11/01/32		588,726
	1,370,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		1,203,805
	1,670,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		979,856
	600,000	QVC, Inc. 5.450%, 08/15/34		295,056
	600,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		637,596
	90,933	Rite Aid Cmsr Note 12.000%, 12/31/25		104,573
	1,974,000	Rite Aid Corp. 0.000%, 11/15/26*@!!		2
	667,381	15.000%, 08/30/31		117,636
	358,947	0.000%, 10/18/25*		—
	129,731	11.317%, 08/30/31* 3 mo. SOFR + 7.00%		90,812
	122,236	Rite Aid Note Holder Trust Bond 0.000%, 08/30/34		—
	1,210,000	Rivers Enterprise Borrower, LLC / Rivers Enterprise Finance Corp.* 6.625%, 02/01/33		1,196,799
	151,000	Royal Caribbean Cruises, Ltd.* 5.625%, 09/30/31		150,022
	150,000	6.250%, 03/15/32		152,393
	1,065,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		991,014
	1,800,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		1,826,964
	900,000	Six Flags Entertainment Corp. / Canada's Wonderland Company / Magnum Management Corp. 5.250%, 07/15/29		859,347
	748,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		702,163

PRINCIPAL AMOUNT			VALUE
	837,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27	$	805,403
	1,270,000	Station Casinos, LLC* 4.500%, 02/15/28		1,227,455
	1,200,000	STL Holding Company, LLC* 8.750%, 02/15/29		1,223,820
	300,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		321,093
	1,200,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		1,108,560
				77,915,223
		Consumer Staples (0.6%)
	600,000	Brink's Company* 6.750%, 06/15/32		615,018
	600,000	6.500%, 06/15/29		612,504
	1,358,000	Central Garden & Pet Company* 4.125%, 04/30/31		1,224,074
	1,349,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,263,716
	1,641,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		1,533,285
	298,000	6.500%, 12/31/27		299,812
	320,000	JBS USA Holding Lux Sarl/ JBS USA Food Company/ JBS Lux Company Sarl 5.750%, 04/01/33		326,704
	189,000	5.500%, 01/15/30		192,173
	290,000	Land O' Lakes, Inc.* 7.000%, 09/18/28		235,755
	1,003,841	MPH Acquisition Holdings, LLC* 6.750%, 03/31/31 0.75% PIK rate		674,431
	490,730	5.750%, 12/31/30		382,475
	427,568	11.500%, 12/31/30 6.50% Cash & 5.00% PIK Rate		399,904
	751,000	New Albertsons, LP 7.750%, 06/15/26		770,481
	800,000	Opal Bidco, SAS* 6.500%, 03/31/32		801,408
	1,192,000	Performance Food Group, Inc.* 4.250%, 08/01/29		1,129,110
	303,000	6.125%, 09/15/32		304,397
	900,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		853,164
	1,200,000	Post Holdings, Inc.* 6.250%, 02/15/32		1,211,604
	900,000	6.375%, 03/01/33		892,719
	1,124,000	Prestige Brands, Inc.* 3.750%, 04/01/31		1,016,411
	910,000	RR Donnelley & Sons Company* 9.500%, 08/01/29		869,432
	1,015,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		997,532
	607,000	Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		551,247
				17,157,356

See accompanying Notes to Schedule of Investments

www.calamos.com
57

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Energy (1.9%)
	1,210,000	Ascent Resources Utica Holdings, LLC / ARU Finance Corp.* 6.625%, 10/15/32	$	1,198,251
	903,000	Buckeye Partners, LP 6.750%, 02/01/30*		919,218
	600,000	5.850%, 11/15/43		504,450
	452,000	6.875%, 07/01/29*		460,873
	1,471,000	Civitas Resources, Inc.* 8.750%, 07/01/31		1,398,509
	900,000	Continental Resources, Inc. 4.900%, 06/01/44		695,151
	921,000	DT Midstream, Inc.* 4.125%, 06/15/29		865,086
	902,000	Enbridge, Inc.‡ 7.375%, 03/15/55 5 year CMT + 3.12%		911,516
	760,000	7.200%, 06/27/54 5 year CMT + 2.97%		759,020
	395,000	5.750%, 07/15/80 5 year CMT + 5.31%		380,725
	350,000	7.375%, 01/15/83^ 5 year CMT + 3.71%		352,254
	1,502,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		1,533,407
	1,110,000	Energy Transfer, LP‡ 7.555%, 11/01/66^ 3 mo. SOFR + 3.28%		1,076,589
	1,015,000	6.500%, 11/15/26 5 year CMT + 5.69%		1,010,767
	765,000	7.125%, 10/01/54^ 5 year CMT + 2.83%		757,327
	155,000	8.000%, 05/15/54 5 year CMT + 4.02%		161,012
	80,000	Enterprise Products Operating, LLC‡ 5.250%, 08/16/77^ 3 mo. SOFR + 3.29%		77,652
	75,000	7.571%, 08/16/77 3 mo. SOFR + 3.25%		73,722
	1,970,000	EQT Corp.* 7.500%, 06/01/27		2,003,135
	885,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		904,497
	605,000	8.000%, 05/15/33		588,937
	1,700,000	Gulfport Energy Operating Corp.* 6.750%, 09/01/29		1,679,906
	1,200,000	Howard Midstream Energy Partners, LLC* 7.375%, 07/15/32		1,229,292
	1,210,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.875%, 12/01/32		1,174,523
	1,207,000	Matador Resources Company* 6.500%, 04/15/32		1,163,741

PRINCIPAL AMOUNT			VALUE
	1,287,000	Nabors Industries, Inc.* 9.125%, 01/31/30	$	1,168,647
	450,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		358,317
	910,000	New Fortress Energy, Inc.*^ 6.500%, 09/30/26		747,747
	1,255,000	Oceaneering International, Inc. 6.000%, 02/01/28		1,197,245
	745,000	ONEOK, Inc.* 6.500%, 09/01/30		789,625
	1,815,000	Parkland Corp.* 6.625%, 08/15/32		1,807,014
	1,155,000	Permian Resources Operating, LLC* 7.000%, 01/15/32		1,164,552
	303,000	6.250%, 02/01/33		296,716
	1,390,000	Plains All American Pipeline, LP‡ 8.695%, 05/31/25 3 mo. SOFR + 4.37%		1,374,210
	1,450,000	South Bow Canadian Infrastructure Holdings, Ltd.*‡ 7.625%, 03/01/55 5 year CMT + 3.95%		1,449,014
	85,000	7.500%, 03/01/55 5 year CMT + 3.67%		83,678
	1,658,000	Summit Midstream Holdings, LLC* 8.625%, 10/31/29		1,634,175
	605,000	Sunoco, LP* 6.250%, 07/01/33		604,740
	1,670,000	TGNR Intermediate Holdings, LLC* 5.500%, 10/15/29		1,534,029
	1,662,400	Transocean, Inc.* 8.750%, 02/15/30		1,625,811
	1,215,000	8.250%, 05/15/29		982,923
	300,000	Venture Global Calcasieu Pass, LLC* 4.125%, 08/15/31		270,036
	300,000	3.875%, 08/15/29		275,394
	3,035,000	Venture Global LNG, Inc.* 9.000%, 09/30/29‡ 5 year CMT + 5.44%		2,608,309
	1,505,000	8.375%, 06/01/31		1,451,843
	900,000	8.125%, 06/01/28		895,050
	635,000	7.000%, 01/15/30		598,888
	600,000	9.875%, 02/01/32		610,854
	600,000	9.500%, 02/01/29		622,200
	1,155,000	Vital Energy, Inc.*^ 7.875%, 04/15/32		894,143
	1,200,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		1,177,212
	1,810,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,795,972
	1,061,000	Wildfire Intermediate Holdings, LLC* 7.500%, 10/15/29		971,505
				50,869,409

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Financials (3.1%)
	1,900,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29	$	1,946,797
	1,300,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust‡ 6.950%, 03/10/55^ 5 year CMT + 2.72%		1,306,968
	170,000	6.500%, 01/31/56 5 year CMT + 2.44		165,121
	255,000	Aircastle, Ltd.*‡ 5.250%, 06/15/26 5 year CMT + 4.41%		248,018
	1,210,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 7.375%, 10/01/32		1,223,867
	1,210,000	6.500%, 10/01/31		1,209,697
	200,000	Allianz, SE*‡ 5.600%, 09/03/54 5 year CMT + 2.77%		194,584
	140,000	Allstate Corp.‡ 7.523%, 08/15/53 3 mo. SOFR + 3.20%		138,918
	2,082,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		1,918,438
	850,000	4.700%, 05/15/28 7 year CMT + 3.48%		727,098
	1,265,000	AmWINS Group, Inc.* 4.875%, 06/30/29		1,206,468
	460,000	Ares Finance Company III, LLC*‡^ 4.125%, 06/30/51 5 year CMT + 3.24%		443,058
	1,245,000	AssuredPartners, Inc.* 5.625%, 01/15/29		1,244,004
	350,000	AXIS Specialty Finance, LLC‡ 4.900%, 01/15/40 5 year CMT + 3.19%		331,748
	1,200,000	Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance* 7.125%, 05/15/31		1,224,588
	325,000	Bank of America Corp.‡ 6.625%, 05/01/30		325,900
	304,000	6.125%, 04/27/27^ 5 year CMT + 3.23%		303,851
	428,000	Bank of New York Mellon Corp.‡^ 4.700%, 09/20/25 5 year CMT + 4.36%		426,014
	100,000	Beacon Funding Trust*^ 6.266%, 08/15/54		97,427
	1,210,000	Blackstone Mortgage Trust, Inc.* 7.750%, 12/01/29		1,259,828
	1,250,000	Boost Newco Borrower LLC* 7.500%, 01/15/31		1,320,150

PRINCIPAL AMOUNT			VALUE
	285,000	BP Capital Markets, PLC‡ 4.375%, 06/22/25 5 year CMT + 4.04%	$	283,849
	280,000	4.875%, 03/22/30^ 5 year CMT + 4.40%		266,568
	600,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		630,960
	907,000	Bread Financial Holdings, Inc.*‡ 8.375%, 06/15/35 5 year CMT + 4.30		850,848
	2,079,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		2,010,227
	1,250,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		1,213,425
	1,200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		1,199,364
	573,000	Capital One Financial Corp.‡ 3.950%, 09/01/26 5 year CMT + 3.16%		547,129
	285,000	Charles Schwab Corp.‡ 5.375%, 06/01/25 5 year CMT + 4.97%		284,661
	147,000	4.000%, 12/01/30 10 year CMT + 3.08%		128,422
	135,000	4.000%, 06/01/26 5 year CMT + 3.17%		130,773
	509,000	Citigroup, Inc.‡ 3.875%, 02/18/26 5 year CMT + 3.42%		495,603
	170,000	6.950%, 02/15/30 5 year CMT + 2.73		167,367
	155,000	7.200%, 05/15/29 5 year CMT + 2.91%		154,485
	150,000	7.625%, 11/15/28 5 year CMT + 3.21%		154,247
	150,000	4.000%, 12/10/25 5 year CMT + 3.60%		146,966
	450,000	Citizens Financial Group, Inc.‡ 4.000%, 10/06/26 5 year CMT + 3.22%		423,220
	155,000	5.650%, 10/06/25 5 year CMT + 5.31%		153,861
	395,000	Comerica, Inc.‡ 5.625%, 07/01/25 5 year CMT + 5.29%		393,045
	1,340,000	Corebridge Financial, Inc.‡ 6.375%, 09/15/54 5 year CMT + 2.65%		1,291,599
	145,000	6.875%, 12/15/52 5 year CMT + 3.85%		146,813
	800,000	Credit Acceptance Corp.* 9.250%, 12/15/28		847,464
	538,000	6.625%, 03/15/30		530,140

See accompanying Notes to Schedule of Investments

www.calamos.com
59

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,205,000	Cushman & Wakefield U.S. Borrower, LLC*^ 8.875%, 09/01/31	$	1,290,121
	250,000	Depository Trust & Clearing Corp.*‡ 3.375%, 06/20/26 5 year CMT + 2.61%		240,880
	275,000	Discover Financial Services‡ 5.500%, 10/30/27 3 mo. SOFR + 3.34%		263,060
	245,000	6.125%, 06/23/25 5 year CMT + 5.78%		245,044
	335,000	Enstar Finance, LLC‡ 5.500%, 01/15/42 5 year CMT + 4.01%		321,741
	690,000	Enstar Group, Ltd.*‡ 7.500%, 04/01/45 5 year CMT + 3.19		693,415
	605,000	Fifth Third Bancorp‡ 4.500%, 09/30/25 5 year CMT + 4.22%		599,749
	70,000	First Citizens BancShares, Inc.‡ 8.533%, 01/04/27 3 mo. SOFR + 4.23%		71,300
	1,350,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		1,385,640
	605,000	5.875%, 03/15/30		602,598
	1,777,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,675,729
	310,000	Goldman Sachs Group, Inc.‡ 7.186%, 08/10/25 5 year CMT + 2.85%		308,927
	153,000	4.125%, 11/10/26 5 year CMT + 2.95%		146,571
	149,000	7.500%, 02/10/29 5 year CMT + 3.16%		154,260
	85,000	7.500%, 05/10/29 5 year CMT + 2.81%		87,024
	655,000	HAT Holdings I, LLC / HAT Holdings II, LLC* 8.000%, 06/15/27		674,244
	1,785,000	HUB International, Ltd.* 5.625%, 12/01/29		1,750,496
	900,000	7.375%, 01/31/32		927,738
	350,000	Huntington Bancshares, Inc.‡ 4.450%, 10/15/27 7 year CMT + 4.05%		334,201
	210,000	5.625%, 07/15/30 10 year CMT + 4.95%		207,184
	892,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		744,035
	1,865,000	Iron Mountain, Inc.* 5.250%, 03/15/28		1,837,025

PRINCIPAL AMOUNT			VALUE
	1,525,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28	$	1,419,912
	1,175,000	6.625%, 10/15/31		1,153,321
	630,000	JPMorgan Chase & Company‡^ 3.650%, 06/01/26 5 year CMT + 2.85%		612,883
	320,000	KeyCorp‡ 5.000%, 09/15/26 3 mo. SOFR + 3.87%		310,576
	1,296,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 4.750%, 06/15/29		1,243,240
	1,188,000	5.250%, 10/01/25		1,184,127
	750,000	7.000%, 07/15/31		775,440
	1,050,000	LD Holdings Group, LLC* 8.750%, 11/01/27		959,290
	920,420	Level 3 Financing, Inc.* 10.000%, 10/15/32		921,460
	600,000	3.875%, 10/15/30		474,714
	525,000	Liberty Mutual Group, Inc.*‡ 4.125%, 12/15/51 5 year CMT + 3.32%		496,093
	85,000	M&T Bank Corp.‡ 5.125%, 11/01/26 3 mo. SOFR + 3.78%		82,516
	80,000	7.304%, 08/01/25 5 year CMT + 3.17%		79,380
	1,200,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		1,256,988
	280,000	Markel Group, Inc.‡ 6.000%, 06/01/25 5 year CMT + 5.66%		279,331
	2,001,000	MetLife, Inc. 6.400%, 12/15/66		1,981,850
	780,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		735,891
	600,000	Newmark Group, Inc. 7.500%, 01/12/29		628,152
	230,000	Northern Trust Corp.‡ 4.600%, 10/01/26 3 mo. SOFR + 3.46%		225,763
	820,000	OneMain Finance Corp. 3.875%, 09/15/28		759,525
	600,000	7.500%, 05/15/31		609,546
	1,145,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 7.000%, 02/01/30		1,145,595
	442,000	PartnerRe Finance B, LLC‡ 4.500%, 10/01/50 5 year CMT + 3.82%		404,770
	315,000	PNC Financial Services Group, Inc.‡ 3.400%, 09/15/26^ 5 year CMT + 2.60%		295,697

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	140,000	6.200%, 09/15/27^ 5 year CMT + 3.24%	$	140,300
	140,000	6.000%, 05/15/27 5 year CMT + 3.00%		139,192
	1,512,000	Provident Funding Associates, LP / PFG Finance Corp.* 9.750%, 09/15/29		1,555,394
	480,000	QBE Insurance Group, Ltd.*‡ 5.875%, 05/12/25 5 year CMT + 5.51%		479,890
	1,200,000	RHP Hotel Properties, LP / RHP Finance Corp.* 6.500%, 04/01/32		1,198,272
	1,094,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		990,912
	555,000	3.625%, 03/01/29		517,704
	915,000	Saks Global Enterprises, LLC* 11.000%, 12/15/29		555,469
	900,000	Service Properties Trust 8.375%, 06/15/29		878,247
	1,210,000	Starwood Property Trust, Inc.* 6.000%, 04/15/30		1,200,223
	605,000	6.500%, 07/01/30		610,391
	160,000	State Street Corp.‡ 6.700%, 09/15/29 5 year CMT + 2.63%		160,976
	1,500,000	StoneX Group, Inc.* 7.875%, 03/01/31		1,564,380
	1,210,000	TrueNoord Capital DAC* 8.750%, 03/01/30		1,237,394
	295,000	Truist Financial Corp.‡ 6.669%, 09/01/25^ 5 year CMT + 3.00%		290,513
	285,000	4.950%, 09/01/25 5 year CMT + 4.61%		283,678
	108,000	5.100%, 03/01/30 10 year CMT + 4.35%		103,823
	320,000	U.S. Bancorp‡ 5.300%, 04/15/27 3 mo. SOFR + 3.18%		312,048
	1,383,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		1,342,423
	600,000	5.750%, 06/15/27		592,800
	718,000	Uniti Group, LP / Uniti Group Finance 2019, Inc. / CSL Capital, LLC* 10.500%, 02/15/28		762,940
	600,000	6.500%, 02/15/29		549,228
	85,000	US Bancorp‡ 3.700%, 01/15/27 5 year CMT + 2.54%		79,716
	600,000	VFH Parent, LLC / Valor Co-Issuer, Inc.* 7.500%, 06/15/31		616,980
	1,340,000	VZ Secured Financing, BV* 5.000%, 01/15/32		1,169,994

PRINCIPAL AMOUNT			VALUE
	620,000	Wells Fargo & Company‡ 3.900%, 03/15/26 5 year CMT + 3.45%	$	608,933
	560,000	7.625%, 09/15/28 5 year CMT + 3.61%		592,194
	1,210,000	XHR, LP* 6.625%, 05/15/30		1,194,379
				82,039,013
		Health Care (0.9%)
	605,000	Acadia Healthcare Company, Inc.* 7.375%, 03/15/33		606,755
	2,392,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		1,628,426
	900,000	10.875%, 01/15/32		930,285
	663,000	6.875%, 04/15/29		486,238
	149,000	5.250%, 05/15/30		127,329
	1,395,000	DaVita, Inc.* 3.750%, 02/15/31		1,227,084
	1,326,000	4.625%, 06/01/30		1,234,148
	1,175,000	6.875%, 09/01/32^		1,187,972
	894,000	Embecta Corp.* 5.000%, 02/15/30		805,431
	298,000	6.750%, 02/15/30		289,284
	600,000	Encompass Health Corp. 4.750%, 02/01/30		584,658
	600,000	4.500%, 02/01/28		591,552
	1,246,000	HCA, Inc. 7.500%, 11/06/33		1,406,647
	350,000	Jazz Securities DAC* 4.375%, 01/15/29		332,623
	1,484,000	Medline Borrower, LP* 5.250%, 10/01/29		1,411,239
	1,480,000	3.875%, 04/01/29		1,381,846
	150,000	Medline Borrower, LP / Medline Co-Issuer, Inc.* 6.250%, 04/01/29		151,398
	2,200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31^		1,847,538
	500,000	4.125%, 04/30/28		472,100
	2,710,000	Tenet Healthcare Corp. 6.250%, 02/01/27		2,710,786
	1,575,000	6.875%, 11/15/31		1,618,580
	1,520,000	Teva Pharmaceutical Finance Netherlands III, BV^ 5.125%, 05/09/29		1,479,431
				22,511,350
		Industrials (1.6%)
	1,200,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		1,229,352
	1,355,000	ACCO Brands Corp.* 4.250%, 03/15/29		1,178,430

See accompanying Notes to Schedule of Investments

www.calamos.com
61

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	1,520,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%	$	1,399,221
	320,000	4.650%, 06/15/26 5 year CMT + 4.08%		310,362
	1,925,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		1,906,327
	900,000	5.875%, 02/15/28		901,683
	670,000	Arcosa, Inc.* 4.375%, 04/15/29		629,298
	605,000	6.875%, 08/15/32		616,779
	3,212,375	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		84,453
	600,000	Bombardier, Inc.* 8.750%, 11/15/30		644,142
	450,000	7.000%, 06/01/32^		455,612
	376,000	7.250%, 07/01/31		385,904
	233,000	7.875%, 04/15/27		233,657
	1,191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		1,132,296
	1,220,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		1,190,732
	295,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		292,755
	1,565,000	Deluxe Corp.* 8.000%, 06/01/29		1,443,118
	305,000	8.125%, 09/15/29		305,540
	1,150,000	EMRLD Borrower, LP / Emerald Co-Issuer, Inc.* 6.625%, 12/15/30		1,168,503
	600,000	EnerSys* 6.625%, 01/15/32		613,302
	575,000	4.375%, 12/15/27		557,992
	450,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		458,843
	450,000	8.000%, 03/15/33^		444,623
	733,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		717,013
	750,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		736,867
	551,000	3.500%, 03/01/29		512,975
	1,303,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		1,190,030
	2,775,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,767,785
	1,500,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,485,540
	600,000	6.625%, 06/15/29		593,166
	900,000	JELD-WEN, Inc.*^ 7.000%, 09/01/32		792,099
	320,000	4.875%, 12/15/27		295,635
	1,940,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,873,613

PRINCIPAL AMOUNT			VALUE
	722,000	Moog, Inc.* 4.250%, 12/15/27	$	697,827
	1,140,000	Novelis Corp.* 4.750%, 01/30/30		1,060,975
	1,210,000	Quikrete Holdings, Inc.* 6.375%, 03/01/32		1,219,099
	300,000	Sealed Air Corp.* 6.500%, 07/15/32^		305,625
	298,000	5.000%, 04/15/29		290,702
	933,000	Sealed Air Corp./Sealed Air Corp. U.S.* 6.125%, 02/01/28		940,763
	300,000	7.250%, 02/15/31		312,489
	650,000	Sensata Technologies, BV* 4.000%, 04/15/29		598,663
	593,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		518,715
	300,000	6.625%, 07/15/32		297,624
	305,000	Standard Building Solutions, Inc.* 6.500%, 08/15/32		309,215
	549,000	Standard Industries, Inc.* 5.000%, 02/15/27		545,530
	100,000	Stanley Black & Decker, Inc.‡ 6.707%, 03/15/60 5 year CMT + 2.66%		96,219
	1,295,000	TransDigm, Inc.* 6.875%, 12/15/30		1,336,013
	900,000	6.750%, 08/15/28		918,765
	450,000	7.125%, 12/01/31		468,360
	298,000	6.625%, 03/01/32		305,751
	350,572	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		334,978
	641,000	Wabash National Corp.*^ 4.500%, 10/15/28		539,722
	1,212,000	Waste Pro USA, Inc.* 7.000%, 02/01/33		1,241,100
	703,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		677,193
	600,000	7.375%, 10/01/31		622,398
	450,000	6.625%, 06/15/29		457,016
				42,642,389
		Information Technology (0.6%)
	692,000	Coherent Corp.* 5.000%, 12/15/29		664,140
	524,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		530,194
	596,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		595,446
	586,000	Fair Isaac Corp.* 4.000%, 06/15/28		563,556
	1,315,000	KBR, Inc.* 4.750%, 09/30/28		1,248,500
	605,000	NCL Corp., Ltd.* 6.750%, 02/01/32		591,164
	600,000	8.125%, 01/15/29		628,116

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	886,000	ON Semiconductor Corp.* 3.875%, 09/01/28	$	839,131
	600,000	Open Text Corp.* 6.900%, 12/01/27		617,172
	447,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		399,832
	1,035,000	Playtika Holding Corp.* 4.250%, 03/15/29		915,716
	1,645,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,533,403
	830,000	Twilio, Inc. 3.625%, 03/15/29		779,104
	298,000	3.875%, 03/15/31		271,174
	450,000	UKG, Inc.* 6.875%, 02/01/31		463,824
	1,780,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,632,474
	1,200,000	Zebra Technologies Corp.* 6.500%, 06/01/32		1,207,068
	1,355,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,246,844
				14,726,858
		Materials (0.6%)
	600,000	ATI, Inc. 5.875%, 12/01/27		599,754
	1,210,000	Avient Corp.* 6.250%, 11/01/31		1,197,585
	610,000	Celanese US Holdings, LLC^ 6.629%, 07/15/32		600,478
	1,030,000	Chemours Company* 8.000%, 01/15/33		928,792
	897,000	4.625%, 11/15/29		751,453
	1,880,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,753,796
	900,000	Cleveland-Cliffs, Inc.*^ 7.000%, 03/15/32		848,466
	450,000	Constellium, SE*^ 6.375%, 08/15/32		443,336
	907,000	JW Aluminum Continuous Cast Company* 10.250%, 04/01/30		891,926
	1,200,000	Knife River Corp.* 7.750%, 05/01/31		1,257,072
	1,266,000	Mercer International, Inc. 5.125%, 02/01/29		1,041,095
	600,000	12.875%, 10/01/28*		613,986
	1,375,000	OCI, NV* 6.700%, 03/16/33		1,502,022
	1,328,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,276,527
	1,210,000	Terex Corp.* 6.250%, 10/15/32		1,159,216

PRINCIPAL AMOUNT			VALUE
	500,650	Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV, LLC* 7.625%, 05/03/29	$	307,594
				15,173,098
		Other (0.5%)
	1,680,000	1261229 BC, Ltd.* 10.000%, 04/15/32		1,648,416
	1,200,000	Alumina Pty, Ltd.* 6.375%, 09/15/32		1,172,124
	456,273	Claritev Corp.* 6.750%, 03/31/31 0.75% PIK rate		289,770
	1,830,045	EchoStar Corp. 10.750%, 11/30/29		1,936,169
	1,223,354	6.750%, 11/30/30 6.75% PIK Rate		1,139,628
	160,000	Everest Reinsurance Holdings, Inc.‡ 6.970%, 05/01/67 3 mo. SOFR + 2.65%		152,259
	625,000	Gen Digital, Inc.* 6.750%, 09/30/27		635,994
	600,000	Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings, LLC* 8.250%, 04/15/30		600,930
	1,210,000	New Gold, Inc.* 6.875%, 04/01/32		1,237,757
	575,000	Nissan Motor Acceptance Company, LLC* 7.050%, 09/15/28		588,260
	1,210,000	Olin Corp.* 6.625%, 04/01/33		1,149,439
	775,000	Reinsurance Group of America, Inc.‡ 6.650%, 09/15/55 5 year CMT + 2.39		754,021
	1,210,000	Rfna, LP* 7.875%, 02/15/30		1,189,890
	1,210,000	Stonepeak Nile Parent, LLC* 7.250%, 03/15/32		1,229,384
				13,724,041
		Real Estate (0.0%)
	605,000	Forestar Group, Inc.* 6.500%, 03/15/33		588,919
		Special Purpose Acquisition Companies (0.1%)
	300,000	Clydesdale Acquisition Holdings, Inc.* 6.750%, 04/15/32		307,194
	1,195,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30^		1,045,481
	596,000	4.625%, 01/15/29		553,595
				1,906,270
		Utilities (0.4%)
	612,000	AES Corp.‡ 7.600%, 01/15/55 5 year CMT + 3.20%		606,694

See accompanying Notes to Schedule of Investments

www.calamos.com
63

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	455,000	6.950%, 07/15/55 5 year CMT + 2.89	$	425,798
	245,000	Algonquin Power & Utilities Corp.‡ 4.750%, 01/18/82 5 year CMT + 3.25%		230,342
	85,000	American Electric Power Company, Inc.‡ 3.875%, 02/15/62 5 year CMT + 2.68%		80,216
	80,000	7.050%, 12/15/54^ 5 year CMT + 2.75%		81,150
	80,000	6.950%, 12/15/54^ 5 year CMT + 2.68%		80,918
	75,000	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)‡^ 7.000%, 02/15/55 5 year CMT + 3.25%		76,728
	75,000	6.850%, 02/15/55 5 year CMT + 2.95%		75,066
	235,000	CMS Energy Corp.‡ 4.750%, 06/01/50 5 year CMT + 4.12%		220,858
	760,000	Dominion Energy, Inc.‡ 6.625%, 05/15/55^ 5 year CMT + 2.21%		750,796
	162,000	6.875%, 02/01/55^ 5 year CMT + 2.39%		166,983
	133,000	4.350%, 01/15/27 5 year CMT + 3.20%		129,437
	1,525,000	Duke Energy Corp.‡ 6.450%, 09/01/54^ 5 year CMT + 2.59%		1,531,222
	132,000	3.250%, 01/15/82 5 year CMT + 2.32%		124,291
	225,000	Emera, Inc.‡ 6.750%, 06/15/76 3 mo. USD LIBOR + 5.44%		225,877
	1,150,000	Entergy Corp.‡ 7.125%, 12/01/54 5 year CMT + 2.67%		1,159,303
	1,070,000	Evergy, Inc.‡^ 6.650%, 06/01/55 5 year CMT + 2.56%		1,041,816
	288,000	National Rural Utilities Cooperative Finance Corp.‡ 7.125%, 09/15/53 5 year CMT + 3.53%		296,882
	150,000	5.250%, 04/20/46 3 mo. USD LIBOR + 3.63%		147,781
	160,000	NextEra Energy Capital Holdings, Inc.‡ 6.750%, 06/15/54 5 year CMT + 2.46%		162,253
	160,000	3.800%, 03/15/82 5 year CMT + 2.55%		150,475
	155,000	6.700%, 09/01/54 5 year CMT + 2.36%		157,133

PRINCIPAL AMOUNT			VALUE
	1,064,000	NiSource, Inc.‡^ 6.950%, 11/30/54 5 year CMT + 2.45%	$	1,082,929
	591,000	PPL Capital Funding, Inc.‡ 7.226%, 03/30/67 3 mo. SOFR + 2.93%		578,223
	220,000	Sempra‡ 4.875%, 10/15/25 5 year CMT + 4.55%		217,840
	80,000	6.400%, 10/01/54 5 year CMT + 2.63%		73,548
	442,000	Southern Company‡ 4.000%, 01/15/51 5 year CMT + 3.73%		436,683
	95,000	3.750%, 09/15/51 5 year CMT + 2.92%		92,054
	625,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		632,012
	340,000	8.000%, 10/15/26 5 year CMT + 6.93%		347,619
				11,382,927
		TOTAL CORPORATE BONDS (Cost $405,827,796)		388,658,070
CONVERTIBLE BONDS (19.3%)
		Communication Services (2.6%)
	8,895,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		10,849,143
	17,625,000	Live Nation Entertainment, Inc.*^ 2.875%, 01/15/30		18,214,027
	8,260,000	Snap, Inc.*^ 0.500%, 05/01/30		6,761,223
	14,800,000	Uber Technologies, Inc.^ 0.000%, 12/15/25		16,578,664
	12,000,000	0.875%, 12/01/28		15,751,800
				68,154,857
		Consumer Discretionary (2.6%)
	8,205,000	Airbnb, Inc. 0.000%, 03/15/26		7,863,590
	12,725,000	Alibaba Group Holding, Ltd.* 0.500%, 06/01/31		16,739,865
	3,765,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		16,258,211
	23,245,000	Trip.com Group, Ltd.* 0.750%, 06/15/29		26,296,139
				67,157,805
		Consumer Staples (0.3%)
	5,735,000	Post Holdings, Inc. 2.500%, 08/15/27		6,749,407

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Financials (0.8%)
	4,115,000	Federal Realty OP, LP* 3.250%, 01/15/29	$	4,114,506
	11,275,000	Morgan Stanley Finance, LLC, Series B 1.000%, 11/23/27		17,955,438
				22,069,944
		Health Care (0.4%)
	9,169,000	Integer Holdings Corp.* 1.875%, 03/15/30		9,709,879
		Industrials (0.8%)
	3,085,000	Axon Enterprise, Inc. 0.500%, 12/15/27		8,376,515
	4,660,000	Bloom Energy Corp. 3.000%, 06/01/28		5,900,958
	7,200,000	Tetra Tech, Inc. 2.250%, 08/15/28		7,662,096
				21,939,569
		Information Technology (6.8%)
	5,910,000	Advanced Energy Industries, Inc. 2.500%, 09/15/28		6,199,472
	11,255,000	Datadog, Inc.*^ 0.000%, 12/01/29		10,146,382
	10,650,000	Guidewire Software, Inc.* 1.250%, 11/01/29		11,779,326
	6,715,000	Lumentum Holdings, Inc. 1.500%, 12/15/29		7,674,708
	9,075,000	MACOM Technology Solutions Holdings, Inc.* 0.000%, 12/15/29		8,492,930
	19,935,000	MKS Instruments, Inc.* 1.250%, 06/01/30		17,197,725
	17,730,000	Nutanix, Inc.*^ 0.500%, 12/15/29		19,139,180
	17,315,000	ON Semiconductor Corp. 0.500%, 03/01/29		14,990,115
	4,895,000	PAR Technology Corp. 1.500%, 10/15/27		5,156,050
	9,810,000	Parsons Corp.^ 2.625%, 03/01/29		10,401,052
	13,100,000	Seagate HDD Cayman 3.500%, 06/01/28		16,583,290
	16,155,000	Snowflake, Inc.* 0.000%, 10/01/29		20,080,665
	11,440,000	Spotify USA, Inc. 0.000%, 03/15/26		14,721,106
	7,510,000	Unity Software, Inc.* 0.000%, 03/15/30		7,089,816
	6,605,000	Western Digital Corp. 3.000%, 11/15/28		8,971,704
	5,670,000	Wolfspeed, Inc. 1.875%, 12/01/29		1,647,419
				180,270,940

PRINCIPAL AMOUNT			VALUE
		Real Estate (1.4%)
	17,410,000	Welltower OP, LLC* 3.125%, 07/15/29^	$	23,289,183
	7,770,000	2.750%, 05/15/28		12,680,251
				35,969,434
		Utilities (3.6%)
	16,655,000	CMS Energy Corp. 3.375%, 05/01/28		18,453,074
	22,620,000	Duke Energy Corp. 4.125%, 04/15/26		24,690,635
	6,195,000	NextEra Energy Capital Holdings, Inc. 3.000%, 03/01/27		6,940,630
	20,355,000	PPL Capital Funding, Inc. 2.875%, 03/15/28		23,234,622
	19,260,000	Southern Company 3.875%, 12/15/25		21,642,077
				94,961,038
		TOTAL CONVERTIBLE BONDS (Cost $462,487,675)		506,982,873
BANK LOANS (5.4%)¡
		Airlines (0.2%)
	2,796,750	Air Canada‡ 6.323%, 03/21/31 1 mo. SOFR + 2.00%		2,769,076
	1,694,840	United Airlines, Inc.‡ 6.275%, 02/22/31 3 mo. SOFR + 2.00%		1,692,993
				4,462,069
		Communication Services (0.7%)
	1,911,402	APi Group DE, Inc.‡ 6.072%, 01/03/29 1 mo. SOFR + 1.75%		1,910,943
	462,176	Audacy Capital Corp.‡ 10.436%, 10/01/29 1 mo. SOFR + 6.00%		390,538
	51,464	Audacy Capital Corp.‡ 11.436%, 10/02/28 1 mo. SOFR + 7.00%		51,593
	3,249,000	Charter Communications Operating, LLC‡ 6.548%, 12/15/31 3 mo. SOFR + 2.25%		3,241,495
	615,287	Cincinnati Bell, Inc.‡ 7.072%, 11/22/28 1 mo. SOFR + 2.75%		612,518
	575,870	Clear Channel Outdoor Holdings, Inc.‡ 8.436%, 08/23/28 1 mo. SOFR + 4.00%		560,177
	1,059,112	CSC Holdings, LLC‡ 9.000%, 04/15/27 3 mo. Prime + 1.50%		1,021,974

See accompanying Notes to Schedule of Investments

www.calamos.com
65

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	485,000	Directv Financing, LLC! 0.000%, 08/02/29	$	470,634
	305,845	Directv Financing, LLC‡ 9.541%, 08/02/27 3 mo. SOFR + 5.00%		306,241
	1,652,530	Go Daddy Operating Company, LLC‡ 6.072%, 11/09/29 1 mo. SOFR + 1.75%		1,649,035
	903,175	Gray Television, Inc.‡ 9.574%, 06/04/29 1 mo. SOFR + 5.25%		875,068
	305,000	Gray Television, Inc.! 0.000%, 06/04/29		295,508
	1,739,320	Nexstar Broadcasting, Inc.‡ 6.936%, 09/18/26 1 mo. SOFR + 2.50%		1,741,764
	600,000	Sinclair Television Group, Inc.‡ 7.736%, 12/31/29 1 mo. SOFR + 3.30%		474,189
	1,200,000	Telesat Canada‡ 7.325%, 12/07/26 3 mo. SOFR + 2.75%		665,628
	1,498,236	TripAdvisor, Inc.‡ 7.049%, 07/08/31 3 mo. SOFR + 2.75%		1,464,525
	3,240,000	Virgin Media Bristol, LLC‡ 6.936%, 01/31/28 1 mo. SOFR + 2.50%		3,200,683
				18,932,513
		Consumer Discretionary (1.3%)
	1,980,000	Adient U.S., LLC‡ 6.572%, 01/31/31 1 mo. SOFR + 2.25%		1,940,816
	432,960	American Axle & Manufacturing, Inc.‡ 7.053%, 12/13/29 6 mo. SOFR + 3.00%		424,844
	402,201	American Axle & Manufacturing, Inc.‡ 7.320%, 12/13/29 1 mo. SOFR + 3.00%		394,661
	372,840	American Axle & Manufacturing, Inc.‡ 7.230%, 12/13/29 3 mo. SOFR + 3.00%		365,851
	1,945,375	Aramark Services, Inc.‡ 6.322%, 06/22/30 1 mo. SOFR + 2.00%		1,948,410
	720,750	Caesars Entertainment, Inc.‡ 6.563%, 02/06/30 3 mo. SOFR + 2.25%		712,461
	1,715,233	Carnival Corp.‡ 6.329%, 08/08/27 1 mo. SOFR + 2.00%		1,719,529
	1,083,107	Carnival Corp.‡ 6.329%, 10/18/28 1 mo. SOFR + 2.00%		1,082,094

PRINCIPAL AMOUNT			VALUE
	738,150	Chinos Intermediate Holdings A, Inc.‡ 10.280%, 09/26/31 3 mo. SOFR + 6.00%	$	702,782
	920,000	Clarios Global, LP‡ 7.072%, 01/28/32 1 mo. SOFR + 2.75%		903,518
	1,975,000	Flutter Financing, BV‡ 6.049%, 11/30/30 3 mo. SOFR + 1.75%		1,949,700
	1,980,000	Installed Building Products, Inc.‡ 6.072%, 03/28/31 1 mo. SOFR + 1.75%		1,986,603
	2,160,614	KFC Holding Company‡ 6.184%, 03/15/28 1 mo. SOFR + 1.75%		2,166,685
	1,206,975	Life Time Fitness, Inc.‡ 6.785%, 11/05/31 3 mo. SOFR + 2.50%		1,201,393
	3,343,674	Light & Wonder International, Inc.‡ 6.570%, 04/14/29 1 mo. SOFR + 2.25%		3,345,079
	2,000,000	Murphy USA, Inc.‡ 6.071%, 01/31/28 1 mo. SOFR + 1.75%		2,011,250
	545,875	Peloton Interactive, Inc.‡ 9.813%, 05/23/29 3 mo. SOFR + 5.50%		546,899
	1,964,646	PENN Entertainment, Inc.‡ 6.822%, 05/03/29 1 mo. SOFR + 2.50%		1,961,090
	2,599,217	PetSmart, Inc.‡ 8.172%, 02/11/28 1 mo. SOFR + 3.75%		2,569,430
	1,985,000	Six Flags Entertainment Corp.‡ 6.322%, 05/01/31 1 mo. SOFR + 2.00%		1,972,594
	925,350	Staples, Inc.‡ 10.041%, 09/04/29 3 mo. SOFR + 5.75%		801,196
	3,168,000	Station Casinos, LLC‡ 6.322%, 03/14/31 1 mo. SOFR + 2.00%		3,149,641
	727,239	TKC Holdings, Inc.‡ 9.323%, 05/15/28 1 mo. SOFR + 5.00%		719,967
	1,184,319	Windsor Holdings III, LLC‡ 7.073%, 08/01/30 1 mo. SOFR + 2.75%		1,172,476
				35,748,969
		Consumer Staples (0.6%)
	4,011,504	Amneal Pharmaceuticals, LLC‡ 9.822%, 05/04/28 1 mo. SOFR + 5.50%		4,026,808
	895,500	B&G Foods, Inc.‡ 7.822%, 10/10/29 1 mo. SOFR + 3.50%		858,561

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	785,000	Bausch Health Companies, Inc.‡ 10.542%, 09/25/30 1 mo. SOFR + 6.25%	$	742,480
	1,191,015	Fiesta Purchaser, Inc.‡ 7.572%, 02/12/31 1 mo. SOFR + 3.25%		1,182,702
	106,584	MPH Acquisition Holdings, LLC‡ 8.030%, 12/31/30 3 mo. SOFR + 3.75%		105,465
	1,250,000	Opal Bidco SAS! 0.000%, 03/31/32		1,241,412
	1,990,323	Organon & Company‡ 6.570%, 05/19/31 1 mo. SOFR + 2.25%		1,910,710
	1,410,025	Perrigo Investments, LLC‡ 6.322%, 04/20/29 1 mo. SOFR + 2.00%		1,409,440
	1,511,242	Star Parent, Inc.‡ 8.299%, 09/27/30 3 mo. SOFR + 4.00%		1,464,968
	792,000	United Natural Foods, Inc.‡ 9.072%, 05/01/31 1 mo. SOFR + 4.75%		795,960
	1,250,000	Veritiv Corp.‡ 8.299%, 11/30/30 3 mo. SOFR + 4.00%		1,241,900
				14,980,406
		Energy (0.2%)
	3,091,780	ChampionX Corp.‡ 7.172%, 06/07/29 1 mo. SOFR + 2.75%		3,098,350
	874,250	New Fortress Energy, Inc.‡ 9.795%, 10/30/28 3 mo. SOFR + 5.50%		635,470
	1,768,468	Par Petroleum, LLC‡ 8.009%, 02/28/30 3 mo. SOFR + 3.75%		1,712,646
				5,446,466
		Financials (0.6%)
	1,610,029	Advisor Group, Inc.‡ 7.822%, 08/17/28 1 mo. SOFR + 3.50%		1,605,924
	903,614	Amynta Agency Borrower, Inc.‡ 7.322%, 12/29/31 1 mo. SOFR + 3.00%		896,742
	1,485,000	AssuredPartners, Inc.‡ 7.822%, 02/14/31 1 mo. SOFR + 3.50%		1,486,782
	2,172,596	Avolon TLB Borrower 1 (U.S.), LLC‡ 6.070%, 06/24/30 1 mo. SOFR + 1.75%		2,166,719
	594,011	Broadstreet Partners, Inc.‡ 7.322%, 06/13/31 1 mo. SOFR + 3.00%		591,959

PRINCIPAL AMOUNT			VALUE
	1,511,213	Dragon Buyer, Inc.‡ 7.299%, 09/30/31 3 mo. SOFR + 3.00%	$	1,504,412
	1,188,037	HUB International, Ltd.‡ 6.770%, 06/20/30 3 mo. SOFR + 2.50%		1,181,788
	2,893,375	Iron Mountain, Inc.‡ 6.322%, 01/31/31 1 mo. SOFR + 2.00%		2,884,695
	2,274,559	Jazz Financing Lux Sarl‡ 6.572%, 05/05/28 1 mo. SOFR + 2.25%		2,269,680
	1,200,000	Level 3 Financing, Inc.‡ 8.572%, 03/27/32 1 mo. SOFR + 4.25%		1,199,250
	1,200,000	VFH Parent, LLC‡ 6.822%, 06/21/31 1 mo. SOFR + 2.50%		1,197,000
				16,984,951
		Health Care (0.3%)
	155,661	Avantor Funding, Inc.‡ 6.422%, 11/08/27 1 mo. SOFR + 2.00%		156,062
	2,171,795	DaVita, Inc.‡ 6.322%, 05/09/31 1 mo. SOFR + 2.00%		2,162,847
	1,337,947	Elanco Animal Health, Inc.‡ 6.174%, 08/01/27 1 mo. SOFR + 1.75%		1,332,094
	385,190	Icon Luxembourg Sarl‡ 6.299%, 07/03/28 3 mo. SOFR + 2.00%		386,333
	1,975,050	IQVIA, Inc.‡ 6.049%, 01/02/31 3 mo. SOFR + 1.75%		1,976,531
	1,261,176	Padagis, LLC‡ 9.271%, 07/06/28 3 mo. SOFR + 4.75%		1,181,565
	95,970	PRA Health Sciences, Inc.‡ 6.299%, 07/03/28 3 mo. SOFR + 2.00%		96,255
				7,291,687
		Industrials (0.5%)
	1,185,306	ACProducts, Inc.‡ 8.811%, 05/17/28 3 mo. SOFR + 4.25%		806,340
	643,500	American Airlines, Inc.‡ 6.520%, 04/20/28 3 mo. SOFR + 2.25%		631,290
	1,250,000	ECO Material Tech, Inc.‡ 7.467%, 02/12/32 6 mo. SOFR + 3.25%		1,240,625
	1,318,964	EMRLD Borrower, LP‡ 6.933%, 05/31/30 6 mo. SOFR + 2.50%		1,305,860

See accompanying Notes to Schedule of Investments

www.calamos.com
67

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	452,725	EMRLD Borrower, LP‡ 6.799%, 08/04/31 3 mo. SOFR + 2.50%	$	448,105
	1,408,337	JELD-WEN, Inc.‡ 6.436%, 07/28/28 1 mo. SOFR + 2.00%		1,375,643
	1,200,925	MI Windows & Doors, LLC‡ 7.322%, 03/28/31 1 mo. SOFR + 3.00%		1,184,616
	1,250,000	Quikrete Holdings, Inc.‡ 6.572%, 02/10/32 1 mo. SOFR + 2.25%		1,227,056
	2,364,135	TransDigm, Inc.‡ 6.799%, 02/28/31 3 mo. SOFR + 2.50%		2,343,555
	1,970,075	TransDigm, Inc.‡ 7.049%, 08/24/28 3 mo. SOFR + 2.75%		1,969,829
				12,532,919
		Information Technology (0.5%)
	1,618,562	Boxer Parent Company, Inc.‡ 7.322%, 07/30/31 1 mo. SOFR + 3.00%		1,589,040
	1,087,365	Camelot U.S. Acquisition, LLC‡ 7.072%, 01/31/31 1 mo. SOFR + 2.75%		1,075,132
	1,149,334	Dun & Bradstreet Corp.‡ 6.570%, 01/18/29 1 mo. SOFR + 2.25%		1,147,179
	2,599,628	II-VI, Inc.‡ 6.322%, 07/02/29 1 mo. SOFR + 2.00%		2,575,803
	1,230,329	Open Text Corp.‡ 6.072%, 01/31/30 1 mo. SOFR + 1.75%		1,228,176
	120,000	Qxo, Inc.! 0.000%, 04/23/32		120,021
	605,000	Rocket Software, Inc.! 0.000%, 11/28/28		601,721
	2,754,714	SS&C Technologies, Inc.‡ 6.322%, 05/09/31 1 mo. SOFR + 2.00%		2,754,783
	1,262,609	TTM Technologies, Inc.‡ 6.574%, 05/30/30 1 mo. SOFR + 2.25%		1,261,030
	595,500	UKG, Inc.‡ 7.320%, 02/10/31 1 mo. SOFR + 3.00%		594,148
				12,947,033
		Materials (0.3%)
	1,912,574	Axalta Coating Systems U.S. Holdings, Inc.‡ 6.049%, 12/20/29 3 mo. SOFR + 1.75%		1,914,765

PRINCIPAL AMOUNT			VALUE
	1,689,275	Chemours Company‡ 7.322%, 08/18/28 1 mo. SOFR + 3.00%	$	1,651,967
	1,891,495	Ineos U.S. Finance, LLC‡ 7.572%, 02/18/30 1 mo. SOFR + 3.25%		1,775,168
	665,000	Knife River HoldCo‡ 6.292%, 03/08/32 3 mo. SOFR + 2.00%		665,831
	902,876	Trinseo Materials Operating SCA‡ 7.075%, 05/03/28 3 mo. SOFR + 2.50%		386,968
	1,154,741	W.R. Grace & Company-Conn.‡ 7.549%, 09/22/28 3 mo. SOFR + 3.25%		1,136,461
				7,531,160
		Other (0.1%)
	2,000,000	DK Crown Holdings, Inc.‡ 6.069%, 03/04/32 1 mo. SOFR + 1.75%		1,985,420
	620,000	Windstream Services, LLC‡ 9.172%, 10/01/31 1 mo. SOFR + 4.75%		617,675
				2,603,095
		Special Purpose Acquisition Companies (0.1%)
	483,933	Clydesdale Acquisition Holdings, Inc.‡ 7.497%, 04/13/29 1 mo. SOFR + 3.18%		481,182
	291,000	Fertitta Entertainment, LLC‡ 7.822%, 01/27/29 1 mo. SOFR + 3.50%		284,180
	1,170,000	Patagonia Holdco, LLC‡ 10.052%, 08/01/29 3 mo. SOFR + 5.75%		999,742
				1,765,104
		TOTAL BANK LOANS (Cost $143,470,279)		141,226,372
U.S. GOVERNMENT AND AGENCY SECURITIES (0.0%)
		Other (0.0%)
	325,000	CoBank ACB‡ 7.250%, 07/01/29		328,334
	250,000	Farm Credit Bank of Texas‡ 7.750%, 06/15/29		258,961
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $578,003)		587,295

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, 2025 (Unaudited)

NUMBER OF SHARES				VALUE
CONVERTIBLE PREFERRED STOCKS (4.0%)
			Financials (1.0%)
	80,250		AMG Capital Trust II 5.150%, 10/15/37	$	4,077,101
	150,205		Apollo Global Management, Inc. 6.750%, 07/31/26		10,832,785
	140,040		Ares Management Corp. 6.750%, 10/01/27		6,913,775
	104,173		KKR & Company, Inc.# 6.250%, 03/01/28		4,993,012
					26,816,673
			Industrials (1.5%)
	650,880		Boeing Company 6.000%, 10/15/27		39,951,014
			Information Technology (0.7%)
	240,695		Hewlett Packard Enterprise Company 7.625%, 09/01/27		12,082,889
	141,480		Microchip Technology, Inc.# 7.500%, 03/15/28		6,714,641
					18,797,530
			Utilities (0.8%)
	84,885		CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)#§** 3.369%, 09/15/29		3,933,910
	262,050		NextEra Energy, Inc.^ 6.926%, 09/01/25		10,088,925
	149,750		PG&E Corp. 6.000%, 12/01/27		6,512,628
					20,535,463
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $104,604,650)		106,100,680
COMMON STOCKS (96.1%)
			Communication Services (10.7%)
	661,840		Alphabet, Inc. - Class Aµ		105,100,192
	25,095		Altice USA, Inc. - Class A^#		62,236
	264,885		AT&T, Inc.^		7,337,314
	20,533		Audacy, Inc.#		379,861
	8,434		Cumulus Media, Inc. - Class A#		1,967
	142,710		Meta Platforms, Inc. - Class Aµ		78,347,790
	32,360		Netflix, Inc.#µ		36,622,459
	205,085	EUR	Orange, SA		2,975,382
	135,860		T-Mobile U.S., Inc.^		33,550,627
	200,915		Walt Disney Company		18,273,219
					282,651,047

NUMBER OF SHARES			VALUE
		Consumer Discretionary (11.7%)
	688,315	Amazon.com, Inc.^#µ	$	126,939,052
	5,135	Booking Holdings, Inc.		26,184,803
	59,260	Carnival Corp.#		1,086,828
	262,250	Chipotle Mexican Grill, Inc.#		13,248,870
	243,463	General Motors Company		11,014,266
	52,240	Home Depot, Inc.		18,831,998
	54,670	Lowe's Companies, Inc.		12,222,025
	62,500	McDonald's Corp.		19,978,125
	1,794	Rite Aid Corp.#		1,794
	172,710	Starbucks Corp.		13,825,436
	182,630	Tesla, Inc.#µ		51,530,881
	104,675	TJX Companies, Inc.^		13,469,579
				308,333,657
		Consumer Staples (6.6%)
	58,750	Altria Group, Inc.		3,475,062
	329,140	Coca-Cola Company		23,879,107
	145,515	Colgate-Palmolive Company		13,415,028
	31,575	Costco Wholesale Corp.µ		31,401,337
	47,280	Estee Lauder Companies, Inc. - Class A		2,834,909
	149,925	Philip Morris International, Inc.		25,691,148
	183,745	Procter & Gamble Companyµ		29,871,425
	52,650	Walgreens Boots Alliance, Inc.		577,571
	427,615	Walmart, Inc.µ		41,585,559
				172,731,146
		Energy (4.4%)
	475,000	BP, PLC (ADR)^		13,043,500
	5,050	Cheniere Energy Partners, LP		296,839
	70,935	Energy Transfer, LP		1,173,265
	33,155	Enterprise Products Partners, LP		991,334
	7,920	EP Energy Corp.#		10,890
	278,820	EQT Corp.^		13,784,861
	429,490	Exxon Mobil Corp.^µ		45,367,029
	56,105	Hess Corp.		7,240,350
	113,995	Marathon Petroleum Corp.		15,664,053
	296,990	Williams Companies, Inc.		17,394,704
				114,966,825
		Financials (14.6%)
	35,430	Affiliated Managers Group, Inc.^		5,868,271
	59,230	American Express Company		15,779,464
	29,983	Assurant, Inc.^		5,778,923
	578,890	Bank of America Corp.		23,086,133
	45,075	Berkshire Hathaway, Inc. - Class B#µ		24,036,244
	10,715	Blackrock, Inc.^		9,796,296
	58,055	Capital One Financial Corp.		10,464,994
	76,155	Chubb, Ltd.		21,786,422

See accompanying Notes to Schedule of Investments

www.calamos.com
69

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

NUMBER OF SHARES			VALUE
	231,670	Citigroup, Inc.^	$	15,841,595
	88,650	Fiserv, Inc.^#		16,362,131
	27,300	Goldman Sachs Group, Inc.^		14,948,115
	190,495	JPMorgan Chase & Company^		46,598,887
	76,915	Marsh & McLennan Companies, Inc.^		17,342,025
	72,315	Mastercard, Inc. - Class Aµ		39,632,959
	154,465	Morgan Stanley		17,828,350
	35,515	S&P Global, Inc.^		17,759,276
	151,925	Visa, Inc. - Class Aµ		52,490,088
	411,130	Wells Fargo & Company^		29,194,341
				384,594,514
		Health Care (9.7%)
	238,555	Abbott Laboratories~		31,191,066
	118,475	AbbVie, Inc.		23,114,473
	240,498	Boston Scientific Corp.#		24,740,029
	48,945	Danaher Corp.		9,756,207
	59,040	Eli Lilly & Companyµ		53,074,008
	34,856	GE HealthCare Technologies, Inc.		2,451,423
	40,780	ICON, PLC#		6,175,723
	152,895	Johnson & Johnson		23,899,018
	142,050	Medtronic, PLC		12,040,158
	148,485	Merck & Company, Inc.		12,650,922
	20,295	Stryker Corp.		7,588,706
	30,260	Thermo Fisher Scientific, Inc.^		12,981,540
	86,030	UnitedHealth Group, Inc.		35,396,183
				255,059,456
		Industrials (5.7%)
	473,080	CSX Corp.		13,279,356
	194,170	Delta Air Lines, Inc.		8,083,297
	165,475	Emerson Electric Company		17,393,077
	58,710	GE Vernova, Inc.		21,770,842
	104,568	General Electric Company		21,074,635
	114,705	Norfolk Southern Corp.		25,699,655
	38,315	Parker-Hannifin Corp.^		23,182,874
	145,750	RTX Corp.		18,383,448
				148,867,184
		Information Technology (29.0%)
	46,065	Advanced Micro Devices, Inc.#~		4,484,428
	888,175	Apple, Inc.^		188,737,187
	30,765	Atlassian Corp. - Class A#		7,023,957
	299,730	Broadcom, Inc.µ		57,689,033
	247,515	Cisco Systems, Inc.		14,289,041
	17,475	Intuit, Inc.		10,965,038
	139,650	Lam Research Corp.		10,008,716
	86,100	Micron Technology, Inc.		6,625,395
	461,145	Microsoft Corp.^		182,272,173
	1,520,000	Nokia Oyj (ADR)		7,584,800

NUMBER OF SHARES				VALUE
	1,406,505		NVIDIA Corp.^µ	$	153,196,525
	23,830		NXP Semiconductors, NV		4,392,107
	161,745		Oracle Corp.µ		22,760,756
	140,175		Palantir Technologies, Inc. - Class A#		16,602,327
	56,650		Palo Alto Networks, Inc.#		10,589,585
	76,090		Salesforce, Inc.		20,446,144
	48,785	EUR	SAP, SE		14,273,940
	32,625		ServiceNow, Inc.#		31,157,201
					763,098,353
			Materials (2.5%)
	196,120		Freeport-McMoRan, Inc.		7,066,203
	56,835		Linde, PLC		25,759,327
	58,650		Sherwin-Williams Company		20,698,758
	50,490		Vulcan Materials Company		13,245,042
					66,769,330
			Real Estate (0.6%)
	70,930		American Tower Corp.		15,988,331
			Utilities (0.6%)
	125,845		Vistra Corp.		16,313,287
			TOTAL COMMON STOCKS (Cost $1,603,799,648)		2,529,373,130
WARRANTS (0.0%)#
			Communication Services (0.0%)
	3,672		Audacy Capital, LLC 09/30/28, Strike $1.00		—
	612		Audacy Capital, LLC 09/30/28, Strike $1.00		—
					—
			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 $1.00		2
					13
			TOTAL WARRANTS (Cost $369,524)		13
EXCHANGE-TRADED FUNDS (5.0%)
			Other (5.0%)
	1,610,745		Invesco Senior Loan ETF^		33,374,636
	330,035		iShares China Large-Cap ETF^		11,174,985
	225,135		iShares MSCI Emerging Markets ETF		9,851,908
	4,928		iShares Preferred & Income Securities ETF^		148,727
	139,315		iShares Russell 2000 ETF^		27,146,921
	113,165		iShares Russell 2000 Value ETF		16,386,292

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, 2025 (Unaudited)

NUMBER OF SHARES			VALUE
	812,805	SPDR Blackstone Senior Loan ETF	$	33,146,188
	12,665	SPDR Bloomberg High Yield Bond ETF^		1,199,502
		TOTAL EXCHANGE-TRADED FUNDS (Cost $139,597,418)		132,429,159
PREFERRED STOCKS (0.2%)
		Communication Services (0.1%)
	8,482	AT&T, Inc.µ 4.750%, 05/30/25		161,667
	3,485	5.350%, 11/01/66		79,075
	49,077	Qwest Corp. 6.500%, 09/01/56		853,940
	8,086	Telephone & Data Systems, Inc. 6.000%, 09/30/26		150,157
	9,708	Telephone and Data Systems, Inc. 6.625%, 03/31/26		202,218
	13,961	United States Cellular Corp. 5.500%, 03/01/70		306,583
	13,385	6.250%, 09/01/69		315,886
	1,467	5.500%, 06/01/70		32,538
				2,102,064
		Consumer Discretionary (0.0%)
	2,835	Ford Motor Companyµ 6.200%, 06/01/59		59,506
	2,764	6.500%, 08/15/62		60,449
	8,177	Guitar Center, Inc.#		122,655
	1,355	QVC Group, Inc.^ 8.000%, 03/15/31		36,937
	4,100	QVC, Inc. 6.250%, 11/26/68		36,490
				316,037
		Financials (0.1%)
	5,813	Affiliated Managers Group, Inc.µ 6.750%, 03/30/64		137,710
	1,500	Affiliated Managers Group, Inc.µ 5.875%, 03/30/59		31,185
	5,970	Annaly Capital Management, Inc.‡µ 9.521%, 05/30/25 3 mo. SOFR + 5.25%		150,444
	5,094	Arch Capital Group, Ltd. Series Gµ 4.550%, 06/11/26		86,547
	2,515	Capital One Financial Corp.µ 4.800%, 06/01/25		45,672
	11,953	CNO Financial Group, Inc.µ 5.125%, 11/25/60		206,548
	3,517	Cullen/Frost Bankers, Inc.µ 4.450%, 12/15/25		59,051
	3,401	First Citizens BancShares, Inc.^ 5.625%, 01/04/27		75,808
	1,450	KeyCorpµ 5.625%, 06/15/25		30,885
	765	Northern Trust Corp.µ 4.700%, 07/01/25		15,086

NUMBER OF SHARES			VALUE
	8,314	Selective Insurance Group, Inc.^µ 4.600%, 12/15/25	$	142,502
	3,125	W R Berkley Corp.µ 5.100%, 12/30/59		60,625
				1,042,063
		Industrials (0.0%)
	5,043	WESCO International, Inc.‡µ 10.625%, 06/22/25 5 year CMT + 10.33%		128,243
		Real Estate (0.0%)
	8,773	Brookfield Property Partners, LPµ 5.750%, 05/30/25		111,066
	5,000	6.375%, 05/30/25		72,050
	1,735	EPR Propertiesµ 5.750%, 05/30/25		34,839
	4,851	Global Net Lease, Inc.^ 7.500%, 05/30/25		111,621
	2,271	6.875%, 05/30/25		48,895
	2,559	Kimco Realty Corp. Series M, Class Aµ 5.250%, 05/30/25		52,920
				431,391
		Utilities (0.0%)
	6,000	Brookfield Renewable Partners, LP 5.250%, 05/25/25		101,820
	3,175	DTE Energy Companyµ 5.250%, 12/01/77		67,215
				169,035
		TOTAL PREFERRED STOCKS (Cost $5,276,414)		4,188,833
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
EXCHANGE-TRADED PURCHASED OPTIONS (0.1%)#
		Financials (0.1%)
	495	Berkshire Hathaway, Inc.
	26,395,875	Call, 06/20/25, Strike $510.00		1,757,250
		Other (0.0%)
	8,000	iShares MSCI EAFE ETF
	67,800,000	Call, 06/20/25, Strike $85.00		1,540,000
		TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost $3,287,030)		3,297,250
		TOTAL INVESTMENTS (144.9%) (Cost $2,870,203,324)		3,813,766,023
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-12.3%)				(323,000,000	)
LIABILITIES, LESS OTHER ASSETS (-32.6%)				(858,611,789	)
NET ASSETS (100.0%)			$	2,632,154,234

See accompanying Notes to Schedule of Investments

www.calamos.com
71

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT				VALUE
EXCHANGE-TRADED WRITTEN OPTIONS (0.0%)#
			Industrials (0.0%)
	(260	)	Quanta Services, Inc.
	(7,609,940	)	Put, 05/16/25, Strike $230.00	$	(24,050	)
			Information Technology (0.0%)
	(715	)	Palantir Technologies, Inc.
	(8,468,460	)	Put, 05/16/25, Strike $60.00		(13,943	)
			TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premium $246,990)	$	(37,993	)

NOTES TO SCHEDULE OF INVESTMENTS

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

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

@ In default status and considered non-income producing.

!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.

RESTRICTED SECURITY	ACQUISITION DATE	ACQUISITION COST
Rite Aid Corp.	09/04/2024	$	—
	TOTAL	$	—

¡ 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.

§ 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, 2025.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $918,646,787.

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $4,184,000.

ABBREVIATION

ADR American Depositary Receipt

FOREIGN CURRENCY ABBREVIATION

EUR European Monetary Unit

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
72

Strategic Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2025 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	922,348	$	—	$	922,348
Corporate Bonds		—		388,658,070		—		388,658,070
Convertible Bonds		—		506,982,873		—		506,982,873
Bank Loans		—		141,226,372		—		141,226,372
U.S. Government and Agency Securities		—		587,295		—		587,295
Convertible Preferred Stocks		98,089,669		8,011,011		—		106,100,680
Common Stocks		2,512,123,808		17,249,322		—		2,529,373,130
Warrants		13		—		—		13
Exchange-Traded Funds		132,429,159		—		—		132,429,159
Preferred Stocks		4,188,833		—		—		4,188,833
Exchange-Traded Purchased Options		3,297,250		—		—		3,297,250
Total	$	2,750,128,732	$	1,063,637,291	$	—	$	3,813,766,023
Liabilities:
Exchange-Traded Written Options	$	37,993	$	—	$	—	$	37,993
Total	$	37,993	$	—	$	—	$	37,993

SECTOR WEIGHTINGS

Information Technology	25.0	%
Financials	13.5
Consumer Discretionary	12.4
Communication Services	10.3
Health Care	7.4
Industrials	6.7
Consumer Staples	5.4
Energy	4.3
Utilities	3.6
Other	3.3
Materials	2.3
Real Estate	1.3
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

www.calamos.com
73

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (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 $203,718)	$	207,649
CORPORATE BONDS (16.7%)
		Airlines (0.2%)
	200,648	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		199,163
	49,360	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		49,720
	244,900	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		229,187
	217,076	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		204,306
	253,451	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		256,971
				939,347
		Communication Services (1.6%)
	200,000	Altice Financing, SA* 5.750%, 08/15/29		147,266
	320,000	APi Group DE, Inc.* 4.750%, 10/15/29		301,971
	242,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		228,003
	130,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		130,250
	80,000	9.000%, 09/15/28		82,979
	200,000	Connect Finco SARL / Connect US Finco, LLC* 9.000%, 09/15/29		187,164
	371,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		365,587
	535,000	CSC Holdings, LLC* 4.500%, 11/15/31		364,554
	400,000	4.625%, 12/01/30		185,492
	246,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		237,985
	400,000	Frontier California, Inc. 6.750%, 05/15/27		397,296
	65,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		68,078
	419,000	Frontier Florida, LLC 6.860%, 02/01/28		429,429
	400,000	Frontier North, Inc. 6.730%, 02/15/28		407,284

PRINCIPAL AMOUNT			VALUE
	235,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29	$	219,539
	135,000	Gray Media, Inc.* 5.375%, 11/15/31		80,727
	260,000	Hughes Satellite Systems Corp.^ 5.250%, 08/01/26		242,500
	132,000	iHeartCommunications, Inc.* 10.875%, 05/01/30		55,657
	89,000	7.750%, 08/15/30		64,354
	200,000	Lumen Technologies, Inc. 7.600%, 09/15/39		147,044
	196,625	10.000%, 10/15/32*		196,427
	130,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		111,602
	260,000	Paramount Global 4.900%, 08/15/44		195,707
	94,000	Qwest Corp. 7.250%, 09/15/25		93,769
	160,000	Rogers Communications, Inc.‡ 7.125%, 04/15/55 5 year CMT + 2.62		159,370
	160,000	7.000%, 04/15/55 5 year CMT + 2.65		160,768
	136,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29^		104,762
	68,000	5.375%, 01/15/31		38,782
	95,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		75,272
	130,000	Sinclair Television Group, Inc.* 8.125%, 02/15/33		128,909
	325,000	Sirius XM Radio, LLC* 3.875%, 09/01/31^		278,980
	215,000	5.500%, 07/01/29		209,687
	130,000	3.125%, 09/01/26		126,650
	242,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		154,928
	170,000	Stagwell Global, LLC* 5.625%, 08/15/29		160,672
	130,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		71,287
	200,000	Time Warner Cable, LLC 6.550%, 05/01/37		197,494
	105,000	7.300%, 07/01/38		109,408
	103,000	United States Cellular Corp. 6.700%, 12/15/33		111,578
	202,000	Univision Communications, Inc.* 8.000%, 08/15/28		196,659
	130,000	8.500%, 07/31/31		123,014
				7,348,884
		Consumer Discretionary (3.4%)
	400,000	Adams Homes, Inc.* 9.250%, 10/15/28		402,040

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
74

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	340,000	Adient Global Holdings, Ltd.*^ 8.250%, 04/15/31	$	337,039
	130,000	7.500%, 02/15/33		123,302
	320,000	Aptiv Swiss Holdings, Ltd.‡ 6.875%, 12/15/54 5 year CMT + 3.39%		299,626
	228,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		211,785
	325,000	At Home Group, Inc.* 4.875%, 07/15/28		87,643
	355,000	Bath & Body Works, Inc. 6.694%, 01/15/27^		362,029
	195,000	6.875%, 11/01/35		196,283
	50,000	6.625%, 10/01/30*		50,982
	168,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29^		155,644
	160,000	6.000%, 10/15/32^		150,954
	50,000	7.000%, 02/15/30		51,258
	134,000	Carnival Corp.* 4.000%, 08/01/28µ		128,041
	98,000	7.625%, 03/01/26		98,138
	16,000	7.000%, 08/15/29µ		16,710
	63,331	Carvana Company* 9.000%, 06/01/31		71,461
	49,634	9.000%, 06/01/30		52,642
	27,862	9.000%, 12/01/28		28,655
	570,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 4.750%, 03/01/30		539,117
	515,000	5.125%, 05/01/27		508,135
	315,000	4.500%, 08/15/30		292,931
	300,000	6.375%, 09/01/29^		303,054
	266,000	4.250%, 02/01/31		240,703
	130,000	5.000%, 02/01/28		126,952
	130,000	4.750%, 02/01/32		117,966
	132,000	Churchill Downs, Inc.* 6.750%, 05/01/31		133,511
	130,000	5.750%, 04/01/30		127,282
	220,000	Dana, Inc. 4.250%, 09/01/30		202,921
	195,000	4.500%, 02/15/32^		175,383
	140,000	DISH DBS Corp. 5.125%, 06/01/29		87,689
	101,000	7.375%, 07/01/28		68,389
	265,000	DISH Network Corp.* 11.750%, 11/15/27		278,637
	400,000	Empire Resorts, Inc.* 7.750%, 11/01/26		381,468
	296,000	Everi Holdings, Inc.* 5.000%, 07/15/29		297,533
	275,000	Ford Motor Company^ 6.100%, 08/19/32		263,945

PRINCIPAL AMOUNT			VALUE
	425,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30	$	378,501
	350,000	5.113%, 05/03/29		335,688
	340,000	7.200%, 06/10/30		350,588
	98,000	Gap, Inc.* 3.875%, 10/01/31		84,928
	135,000	General Motors Company 5.200%, 04/01/45		111,089
	455,000	goeasy, Ltd.* 9.250%, 12/01/28		476,876
	237,000	7.625%, 07/01/29		239,124
	400,000	Goodyear Tire & Rubber Company^ 5.625%, 04/30/33		370,052
	140,000	5.250%, 07/15/31		130,917
	155,000	Group 1 Automotive, Inc.* 6.375%, 01/15/30		157,058
	114,000	4.000%, 08/15/28		108,450
	58,888	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		58,891
	363,000	Kohl's Corp. 5.550%, 07/17/45		172,871
	265,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		277,712
	265,000	Liberty Interactive, LLC 8.250%, 02/01/30		99,224
	260,000	Life Time, Inc.* 6.000%, 11/15/31		259,691
	135,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		138,811
	100,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		102,917
	168,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		167,622
	175,000	M/I Homes, Inc. 3.950%, 02/15/30		159,026
	305,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		256,102
	200,000	4.300%, 02/15/43		120,136
	510,000	MGM Resorts International 6.500%, 04/15/32		503,161
	332,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		314,573
	265,000	Newell Brands, Inc. 6.875%, 04/01/36^		231,001
	130,000	6.625%, 05/15/32^		116,750
	100,000	5.700%, 04/01/26		98,815
	130,000	Nordstrom, Inc. 5.000%, 01/15/44		91,260
	239,000	Patrick Industries, Inc.* 4.750%, 05/01/29		227,836
	130,000	6.375%, 11/01/32		126,503

See accompanying Notes to Schedule of Investments

www.calamos.com
75

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	305,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29	$	268,000
	365,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		214,160
	135,000	QVC, Inc. 5.450%, 08/15/34		66,388
	130,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		138,146
	20,618	Rite Aid Cmsr Note 12.000%, 12/31/25		23,711
	448,000	Rite Aid Corp. 0.000%, 11/15/26*@		—
	151,382	15.000%, 08/30/31		26,677
	81,390	0.000%, 10/18/25*		—
	29,415	11.317%, 08/30/31* 3 mo. SOFR + 7.00%		20,591
	27,717	Rite Aid Note Holder Trust Bond 0.000%, 08/30/34		—
	260,000	Rivers Enterprise Borrower, LLC / Rivers Enterprise Finance Corp.* 6.625%, 02/01/33		257,163
	32,000	Royal Caribbean Cruises, Ltd.* 6.250%, 03/15/32		32,510
	32,000	5.625%, 09/30/31		31,793
	240,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		223,327
	395,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		400,917
	207,000	Six Flags Entertainment Corp. / Canada's Wonderland Company / Magnum Management Corp. 5.250%, 07/15/29		197,650
	173,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		162,399
	193,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		185,714
	275,000	Station Casinos, LLC* 4.500%, 02/15/28		265,788
	260,000	STL Holding Company, LLC* 8.750%, 02/15/29		265,161
	65,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		69,570
	265,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		244,807
				16,330,493
		Consumer Staples (0.8%)
	130,000	Brink's Company* 6.750%, 06/15/32		133,254
	130,000	6.500%, 06/15/29		132,709

PRINCIPAL AMOUNT			VALUE
	305,000	Central Garden & Pet Company* 4.125%, 04/30/31	$	274,921
	304,000	Edgewell Personal Care Company* 4.125%, 04/01/29		284,781
	370,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		345,713
	66,000	6.500%, 12/31/27		66,401
	73,000	JBS USA Holding Lux Sarl/ JBS USA Food Company/ JBS Lux Company Sarl 5.750%, 04/01/33		74,529
	40,000	5.500%, 01/15/30µ		40,672
	231,655	MPH Acquisition Holdings, LLC* 6.750%, 03/31/31 0.75% PIK rate		155,637
	109,200	5.750%, 12/31/30		85,110
	96,452	11.500%, 12/31/30 6.50% Cash & 5.00% PIK Rate		90,212
	177,000	New Albertsons, LP 7.750%, 06/15/26		181,591
	200,000	Opal Bidco, SAS* 6.500%, 03/31/32		200,352
	261,000	Performance Food Group, Inc.* 4.250%, 08/01/29		247,230
	65,000	6.125%, 09/15/32		65,300
	210,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		199,072
	260,000	Post Holdings, Inc.* 6.250%, 02/15/32		262,514
	195,000	6.375%, 03/01/33		193,422
	252,000	Prestige Brands, Inc.* 3.750%, 04/01/31		227,879
	195,000	RR Donnelley & Sons Company* 9.500%, 08/01/29		186,307
	240,000	United Natural Foods, Inc.* 6.750%, 10/15/28		235,870
	130,000	Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		118,060
				3,801,536
		Energy (2.2%)
	260,000	Ascent Resources Utica Holdings, LLC / ARU Finance Corp.* 6.625%, 10/15/32		257,475
	197,000	Buckeye Partners, LP 6.750%, 02/01/30*		200,538
	135,000	5.850%, 11/15/43		113,501
	98,000	6.875%, 07/01/29*		99,924
	326,000	Civitas Resources, Inc.* 8.750%, 07/01/31		309,935
	200,000	Continental Resources, Inc. 4.900%, 06/01/44		154,478
	202,000	DT Midstream, Inc.* 4.125%, 06/15/29		189,737
	195,000	Enbridge, Inc.‡ 7.375%, 03/15/55 5 year CMT + 3.12%		197,057

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
76

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	130,000	7.200%, 06/27/54 5 year CMT + 2.97%	$	129,832
	325,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		331,796
	250,000	Energy Transfer, LP‡ 7.555%, 11/01/66^ 3 mo. SOFR + 3.28%		242,475
	197,000	6.500%, 11/15/26 5 year CMT + 5.69%		196,178
	130,000	7.125%, 10/01/54^ 5 year CMT + 2.83%		128,696
	430,000	EQT Corp.*µ 7.500%, 06/01/27		437,233
	196,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		200,318
	130,000	8.000%, 05/15/33		126,548
	365,000	Gulfport Energy Operating Corp.* 6.750%, 09/01/29		360,686
	260,000	Howard Midstream Energy Partners, LLC* 7.375%, 07/15/32		266,347
	260,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.875%, 12/01/32		252,377
	263,000	Matador Resources Company* 6.500%, 04/15/32		253,574
	276,000	Nabors Industries, Inc.* 9.125%, 01/31/30		250,619
	100,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		79,626
	195,000	New Fortress Energy, Inc.*^ 6.500%, 09/30/26		160,231
	275,000	Oceaneering International, Inc. 6.000%, 02/01/28		262,344
	168,000	ONEOK, Inc.* 6.500%, 09/01/30		178,063
	390,000	Parkland Corp.* 6.625%, 08/15/32		388,284
	246,000	Permian Resources Operating, LLC* 7.000%, 01/15/32		248,034
	65,000	6.250%, 02/01/33		63,652
	270,000	Plains All American Pipeline, LP‡ 8.695%, 05/31/25 3 mo. SOFR + 4.37%		266,933
	260,000	South Bow Canadian Infrastructure Holdings, Ltd.*‡ 7.625%, 03/01/55 5 year CMT + 3.95%		259,823
	357,000	Summit Midstream Holdings, LLC* 8.625%, 10/31/29		351,870
	130,000	Sunoco, LP* 6.250%, 07/01/33		129,944
	365,000	TGNR Intermediate Holdings, LLC* 5.500%, 10/15/29		335,282

PRINCIPAL AMOUNT			VALUE
	361,600	Transocean, Inc.* 8.750%, 02/15/30	$	353,641
	260,000	8.250%, 05/15/29		210,337
	65,000	Venture Global Calcasieu Pass, LLC* 4.125%, 08/15/31		58,508
	65,000	3.875%, 08/15/29		59,669
	592,000	Venture Global LNG, Inc.* 9.000%, 09/30/29‡ 5 year CMT + 5.44%		508,771
	330,000	8.375%, 06/01/31		318,344
	200,000	8.125%, 06/01/28		198,900
	137,000	7.000%, 01/15/30		129,209
	135,000	9.875%, 02/01/32		137,442
	135,000	9.500%, 02/01/29		139,995
	252,000	Vital Energy, Inc.*^ 7.875%, 04/15/32		195,086
	275,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		269,778
	392,000	Weatherford International, Ltd.* 8.625%, 04/30/30		388,962
	227,000	Wildfire Intermediate Holdings, LLC* 7.500%, 10/15/29		207,853
				10,599,905
		Financials (3.0%)
	420,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		430,345
	250,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust^‡ 6.950%, 03/10/55 5 year CMT + 2.72%		251,340
	260,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 7.375%, 10/01/32		262,980
	260,000	6.500%, 10/01/31		259,935
	367,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		338,168
	125,000	4.700%, 05/15/28 7 year CMT + 3.48%		106,926
	268,000	AmWINS Group, Inc.* 4.875%, 06/30/29		255,600
	270,000	AssuredPartners, Inc.* 5.625%, 01/15/29		269,784
	260,000	Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance* 7.125%, 05/15/31		265,327
	260,000	Blackstone Mortgage Trust, Inc.* 7.750%, 12/01/29		270,707
	275,000	Boost Newco Borrower LLC* 7.500%, 01/15/31		290,433
	130,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		136,708

See accompanying Notes to Schedule of Investments

www.calamos.com
77

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	195,000	Bread Financial Holdings, Inc.*‡ 8.375%, 06/15/35 5 year CMT + 4.30	$	182,928
	463,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		447,684
	275,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		266,954
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		199,894
	255,000	Corebridge Financial, Inc.‡ 6.375%, 09/15/54 5 year CMT + 2.65%		245,789
	180,000	Credit Acceptance Corp.* 9.250%, 12/15/28		190,679
	116,000	6.625%, 03/15/30		114,305
	265,000	Cushman & Wakefield U.S. Borrower, LLC*^ 8.875%, 09/01/31		283,720
	130,000	Enstar Group, Ltd.*‡ 7.500%, 04/01/45 5 year CMT + 3.19		130,644
	300,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		307,920
	130,000	5.875%, 03/15/30		129,484
	398,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		375,318
	145,000	HAT Holdings I, LLC / HAT Holdings II, LLC* 8.000%, 06/15/27		149,260
	398,000	HUB International, Ltd.* 5.625%, 12/01/29		390,307
	195,000	7.375%, 01/31/32		201,010
	202,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		168,492
	420,000	Iron Mountain, Inc.* 5.250%, 03/15/28		413,700
	325,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		302,604
	255,000	6.625%, 10/15/31		250,295
	280,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 4.750%, 06/15/29		268,601
	269,000	5.250%, 10/01/25		268,123
	162,000	7.000%, 07/15/31		167,495
	220,000	LD Holdings Group, LLC* 8.750%, 11/01/27		200,994
	205,860	Level 3 Financing, Inc.* 10.000%, 10/15/32		206,093
	140,000	3.875%, 10/15/30		110,767

PRINCIPAL AMOUNT			VALUE
	265,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29	$	277,585
	390,000	MetLife, Inc. 6.400%, 12/15/66		386,268
	170,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		160,387
	130,000	Newmark Group, Inc. 7.500%, 01/12/29		136,100
	180,000	OneMain Finance Corp. 3.875%, 09/15/28		166,725
	130,000	7.500%, 05/15/31^		132,068
	255,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 7.000%, 02/01/30		255,133
	325,000	Provident Funding Associates, LP / PFG Finance Corp.* 9.750%, 09/15/29		334,327
	265,000	RHP Hotel Properties, LP / RHP Finance Corp.* 6.500%, 04/01/32		264,618
	251,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		227,348
	125,000	3.625%, 03/01/29		116,600
	195,000	Saks Global Enterprises, LLC* 11.000%, 12/15/29		118,379
	190,000	Service Properties Trust 8.375%, 06/15/29		185,408
	260,000	Starwood Property Trust, Inc.* 6.000%, 04/15/30		257,899
	130,000	6.500%, 07/01/30		131,158
	325,000	StoneX Group, Inc.* 7.875%, 03/01/31		338,949
	260,000	TrueNoord Capital DAC* 8.750%, 03/01/30		265,886
	310,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		300,905
	130,000	5.750%, 06/15/27		128,440
	160,000	Uniti Group, LP / Uniti Group Finance 2019, Inc. / CSL Capital, LLC* 10.500%, 02/15/28		170,014
	135,000	6.500%, 02/15/29		123,576
	130,000	VFH Parent, LLC / Valor Co-Issuer, Inc.* 7.500%, 06/15/31		133,679
	300,000	VZ Secured Financing, BV* 5.000%, 01/15/32		261,939
	260,000	XHR, LP* 6.625%, 05/15/30		256,643
				14,241,347
		Health Care (1.1%)
	130,000	Acadia Healthcare Company, Inc.* 7.375%, 03/15/33		130,377

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	533,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30	$	362,856
	197,000	10.875%, 01/15/32		203,629
	146,000	6.875%, 04/15/29		107,075
	33,000	5.250%, 05/15/30		28,201
	313,000	DaVita, Inc.* 3.750%, 02/15/31		275,324
	291,000	4.625%, 06/01/30		270,842
	255,000	6.875%, 09/01/32^		257,815
	195,000	Embecta Corp.* 5.000%, 02/15/30		175,681
	67,000	6.750%, 02/15/30		65,040
	130,000	Encompass Health Corp. 4.750%, 02/01/30		126,676
	130,000	4.500%, 02/01/28		128,170
	257,000	HCA, Inc. 7.500%, 11/06/33		290,135
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		190,070
	336,000	Medline Borrower, LP* 5.250%, 10/01/29		319,526
	335,000	3.875%, 04/01/29		312,783
	33,000	Medline Borrower, LP / Medline Co-Issuer, Inc.* 6.250%, 04/01/29		33,308
	490,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31^		411,497
	200,000	4.125%, 04/30/28		188,840
	625,000	Tenet Healthcare Corp. 6.250%, 02/01/27		625,181
	375,000	6.875%, 11/15/31		385,376
	335,000	Teva Pharmaceutical Finance Netherlands III, BV^ 5.125%, 05/09/29		326,059
				5,214,461
		Industrials (2.0%)
	260,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		266,360
	300,000	ACCO Brands Corp.* 4.250%, 03/15/29		260,907
	265,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		243,943
	440,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		435,732
	195,000	5.875%, 02/15/28		195,365
	146,000	Arcosa, Inc.* 4.375%, 04/15/29		137,130
	130,000	6.875%, 08/15/32		132,531
	725,375	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK Rate		19,070

PRINCIPAL AMOUNT			VALUE
	130,000	Bombardier, Inc.* 8.750%, 11/15/30	$	139,564
	95,000	7.000%, 06/01/32^		96,185
	81,000	7.250%, 07/01/31^		83,134
	54,000	7.875%, 04/15/27		54,152
	261,000	BWX Technologies, Inc.* 4.125%, 04/15/29		248,135
	273,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		266,451
	68,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		67,482
	350,000	Deluxe Corp.* 8.000%, 06/01/29		322,742
	65,000	8.125%, 09/15/29		65,115
	252,000	EMRLD Borrower, LP / Emerald Co-Issuer, Inc.* 6.625%, 12/15/30		256,055
	145,000	EnerSys* 4.375%, 12/15/27		140,711
	135,000	6.625%, 01/15/32		137,993
	97,000	EquipmentShare.com, Inc.* 8.000%, 03/15/33^		95,841
	95,000	8.625%, 05/15/32		96,867
	161,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		157,489
	175,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		171,936
	125,000	3.500%, 03/01/29		116,374
	290,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		264,857
	623,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		621,380
	350,000	Herc Holdings, Inc.* 5.500%, 07/15/27		346,626
	130,000	6.625%, 06/15/29		128,519
	195,000	JELD-WEN, Inc.*^ 7.000%, 09/01/32		171,621
	70,000	4.875%, 12/15/27		64,670
	445,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		429,772
	170,000	Moog, Inc.* 4.250%, 12/15/27		164,308
	272,000	Novelis Corp.* 4.750%, 01/30/30		253,145
	260,000	Quikrete Holdings, Inc.* 6.375%, 03/01/32		261,955
	65,000	Sealed Air Corp.* 6.500%, 07/15/32^		66,219
	65,000	5.000%, 04/15/29		63,408
	206,000	Sealed Air Corp./Sealed Air Corp. U.S.* 6.125%, 02/01/28		207,714
	65,000	7.250%, 02/15/31		67,706
	247,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		216,058

See accompanying Notes to Schedule of Investments

www.calamos.com
79

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	60,000	Standard Building Solutions, Inc.* 6.500%, 08/15/32	$	60,829
	127,000	Standard Industries, Inc.* 5.000%, 02/15/27		126,197
	285,000	TransDigm, Inc.* 6.875%, 12/15/30		294,026
	200,000	6.750%, 08/15/28		204,170
	100,000	7.125%, 12/01/31		104,080
	65,000	6.625%, 03/01/32		66,691
	79,223	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		75,699
	144,000	Wabash National Corp.* 4.500%, 10/15/28		121,248
	260,000	Waste Pro USA, Inc.* 7.000%, 02/01/33		266,243
	157,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		151,236
	130,000	7.375%, 10/01/31		134,853
	100,000	6.625%, 06/15/29		101,559
				9,242,053
		Information Technology (0.7%)
	153,000	Coherent Corp.* 5.000%, 12/15/29		146,840
	116,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		117,371
	130,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		129,879
	138,000	Fair Isaac Corp.* 4.000%, 06/15/28		132,715
	300,000	KBR, Inc.* 4.750%, 09/30/28		284,829
	132,000	NCL Corp., Ltd.* 8.125%, 01/15/29		138,185
	130,000	6.750%, 02/01/32		127,027
	198,000	ON Semiconductor Corp.* 3.875%, 09/01/28		187,526
	135,000	Open Text Corp.* 6.900%, 12/01/27		138,864
	98,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		87,659
	230,000	Playtika Holding Corp.* 4.250%, 03/15/29		203,492
	370,000	TTM Technologies, Inc.* 4.000%, 03/01/29		344,899
	185,000	Twilio, Inc. 3.625%, 03/15/29		173,656
	66,000	3.875%, 03/15/31		60,059
	97,000	UKG, Inc.* 6.875%, 02/01/31		99,980
	390,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		357,677
	260,000	Zebra Technologies Corp.* 6.500%, 06/01/32		261,531

PRINCIPAL AMOUNT			VALUE
	300,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29	$	276,054
				3,268,243
		Materials (0.7%)
	147,000	ATI, Inc. 5.875%, 12/01/27		146,940
	260,000	Avient Corp.* 6.250%, 11/01/31		257,332
	130,000	Celanese US Holdings, LLC^ 6.629%, 07/15/32		127,971
	220,000	Chemours Company* 8.000%, 01/15/33		198,383
	195,000	4.625%, 11/15/29		163,359
	420,000	Clearwater Paper Corp.* 4.750%, 08/15/28		391,806
	200,000	Cleveland-Cliffs, Inc.*^ 7.000%, 03/15/32		188,548
	250,000	Constellium, SE*^ 6.375%, 08/15/32		246,298
	195,000	JW Aluminum Continuous Cast Company* 10.250%, 04/01/30		191,759
	265,000	Knife River Corp.* 7.750%, 05/01/31		277,603
	279,000	Mercer International, Inc. 5.125%, 02/01/29		229,436
	133,000	12.875%, 10/01/28*		136,100
	250,000	OCI, NV* 6.700%, 03/16/33		273,095
	305,000	Silgan Holdings, Inc. 4.125%, 02/01/28		293,178
	260,000	Terex Corp.* 6.250%, 10/15/32		249,088
	111,350	Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV, LLC* 7.625%, 05/03/29		68,412
				3,439,308
		Other (0.6%)
	355,000	1261229 BC, Ltd.* 10.000%, 04/15/32		348,326
	260,000	Alumina Pty, Ltd.* 6.375%, 09/15/32		253,960
	104,401	Claritev Corp.* 6.750%, 03/31/31 0.75% PIK rate		66,303
	406,000	EchoStar Corp. 10.750%, 11/30/29		429,544
	261,318	6.750%, 11/30/30 6.75% PIK Rate		243,433
	140,000	Gen Digital, Inc.* 6.750%, 09/30/27		142,463
	130,000	Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings, LLC* 8.250%, 04/15/30		130,202

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	260,000	New Gold, Inc.* 6.875%, 04/01/32	$	265,964
	100,000	Nissan Motor Acceptance Company, LLC* 7.050%, 09/15/28		102,306
	260,000	Olin Corp.* 6.625%, 04/01/33		246,987
	130,000	Reinsurance Group of America, Inc.‡ 6.650%, 09/15/55 5 year CMT + 2.39		126,481
	260,000	Rfna, LP* 7.875%, 02/15/30		255,679
	260,000	Stonepeak Nile Parent, LLC* 7.250%, 03/15/32		264,165
				2,875,813
		Real Estate (0.0%)
	130,000	Forestar Group, Inc.* 6.500%, 03/15/33		126,545
		Special Purpose Acquisition Companies (0.1%)
	65,000	Clydesdale Acquisition Holdings, Inc.* 6.750%, 04/15/32		66,559
	260,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30^		227,469
	131,000	4.625%, 01/15/29		121,679
				415,707
		Utilities (0.3%)
	99,000	AES Corp.‡ 6.950%, 07/15/55 5 year CMT + 2.89		92,646
	95,000	7.600%, 01/15/55 5 year CMT + 3.20%		94,176
	130,000	Dominion Energy, Inc.^‡ 6.625%, 05/15/55 5 year CMT + 2.21%		128,426
	265,000	Duke Energy Corp.^‡ 6.450%, 09/01/54 5 year CMT + 2.59%		266,081
	200,000	Entergy Corp.‡ 7.125%, 12/01/54 5 year CMT + 2.67%		201,618
	200,000	Evergy, Inc.^‡ 6.650%, 06/01/55 5 year CMT + 2.56%		194,732
	191,000	NiSource, Inc.^‡ 6.950%, 11/30/54 5 year CMT + 2.45%		194,398
	97,000	PPL Capital Funding, Inc.‡ 7.226%, 03/30/67 3 mo. SOFR + 2.93%		94,903
	125,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		126,402

PRINCIPAL AMOUNT			VALUE
	65,000	8.000%, 10/15/26 5 year CMT + 6.93%	$	66,457
				1,459,839
		TOTAL CORPORATE BONDS (Cost $83,196,734)		79,303,481
CONVERTIBLE BONDS (117.0%)
		Communication Services (12.8%)
	2,500,000	AST SpaceMobile, Inc.* 4.250%, 03/01/32		2,956,475
	7,750,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		9,452,598
	13,250,000	Live Nation Entertainment, Inc.*µ 2.875%, 01/15/30		13,692,815
	4,500,000	Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		3,942,630
	14,000,000	Snap, Inc.*µ 0.500%, 05/01/30		11,459,700
	14,508,000	Uber Technologies, Inc.µ 0.875%, 12/01/28		19,043,926
				60,548,144
		Consumer Discretionary (16.2%)
	10,000,000	Alibaba Group Holding, Ltd.* 0.500%, 06/01/31		13,155,100
	4,000,000	Booking Holdings, Inc. 0.750%, 05/01/25		9,804,000
	3,750,000	Carnival Corp. 5.750%, 12/01/27		5,986,612
	9,750,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28		8,573,565
	9,000,000	Marriott Vacations Worldwide Corp.µ 3.250%, 12/15/27		8,224,830
	4,250,000	Meritage Homes Corp.*µ 1.750%, 05/15/28		4,149,742
	10,000,000	Rivian Automotive, Inc.µ 4.625%, 03/15/29		10,185,200
	750,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		3,238,688
	5,000,000	Shake Shack, Inc. 0.000%, 03/01/28		4,631,800
	5,500,000	Trip.com Group, Ltd.* 0.750%, 06/15/29		6,221,930
	3,000,000	Wayfair, Inc.µ 3.500%, 11/15/28		2,987,640
				77,159,107
		Consumer Staples (1.4%)
	6,500,000	Enovis Corp.µ 3.875%, 10/15/28		6,501,105

See accompanying Notes to Schedule of Investments

www.calamos.com
81

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Energy (1.8%)
	3,500,000	Kosmos Energy, Ltd. 3.125%, 03/15/30	$	2,410,520
	4,265,000	Nabors Industries, Inc. 1.750%, 06/15/29		2,424,269
	3,750,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		3,601,200
	9,600,000	SunEdison, Inc.*@ 0.000%, 01/15/49		33,600
				8,469,589
		Financials (2.5%)
	3,750,000	Affirm Holdings, Inc.*µ 0.750%, 12/15/29		3,403,388
	5,375,000	Coinbase Global, Inc.µ 0.250%, 04/01/30		5,352,317
	3,750,000	Upstart Holdings, Inc.* 1.000%, 11/15/30		3,151,275
				11,906,980
		Health Care (15.4%)
	4,000,000	Alnylam Pharmaceuticals, Inc. 1.000%, 09/15/27		4,585,920
	7,000,000	Alphatec Holdings, Inc.* 0.750%, 03/15/30		6,955,900
	7,000,000	Dexcom, Inc.µ 0.375%, 05/15/28		6,341,090
	5,000,000	Exact Sciences Corp.*µ 2.000%, 03/01/30		4,754,100
	3,750,000	Haemonetics Corp.*µ 2.500%, 06/01/29		3,594,487
	6,750,000	Halozyme Therapeutics, Inc. 0.250%, 03/01/27		7,078,387
	1,250,000	Insmed, Inc. 0.750%, 06/01/28		2,815,238
	7,000,000	Integer Holdings Corp.* 1.875%, 03/15/30		7,412,930
	3,750,000	Ionis Pharmaceuticals, Inc.µ 1.750%, 06/15/28		3,661,387
	4,750,000	Jazz Investments I, Ltd.µ 2.000%, 06/15/26		4,900,290
	3,250,000	3.125%, 09/15/30*		3,532,978
	2,439,000	Lantheus Holdings, Inc. 2.625%, 12/15/27		3,626,183
	2,500,000	Merit Medical Systems, Inc.* 3.000%, 02/01/29		3,188,625
	9,000,000	NeoGenomics, Inc. 0.250%, 01/15/28		7,603,290
	3,250,000	Sarepta Therapeutics, Inc.µ 1.250%, 09/15/27		3,086,623
				73,137,428

PRINCIPAL AMOUNT			VALUE
		Industrials (3.2%)
	3,250,000	Axon Enterprise, Inc. 0.500%, 12/15/27	$	8,824,530
	2,250,000	Bloom Energy Corp. 3.000%, 06/01/28		2,849,175
	3,500,000	Tetra Tech, Inc. 2.250%, 08/15/28		3,724,630
				15,398,335
		Information Technology (51.7%)
	3,625,000	Advanced Energy Industries, Inc. 2.500%, 09/15/28		3,802,552
	7,250,000	Akamai Technologies, Inc.µ 1.125%, 02/15/29		7,023,655
	3,750,000	0.375%, 09/01/27		3,711,525
	1,750,000	Applied Digital Corp.* 2.750%, 06/01/30		1,195,373
	7,500,000	BILL Holdings, Inc.*µ 0.000%, 04/01/30		6,353,925
	7,500,000	Core Scientific, Inc.* 0.000%, 06/15/31µ		6,390,975
	2,125,000	3.000%, 09/01/29		2,315,464
	15,000,000	Datadog, Inc.*µ 0.000%, 12/01/29		13,522,500
	7,250,000	Guidewire Software, Inc.* 1.250%, 11/01/29		8,018,790
	3,250,000	Itron, Inc.*^ 1.375%, 07/15/30		3,549,488
	6,500,000	Lumentum Holdings, Inc. 1.500%, 12/15/29		7,428,980
	7,000,000	MACOM Technology Solutions Holdings, Inc.*µ 0.000%, 12/15/29		6,551,020
	14,750,000	MicroStrategy, Inc.* 0.000%, 03/01/30µ		16,533,275
	10,750,000	0.000%, 12/01/29		9,822,705
	13,750,000	MKS Instruments, Inc.*µ 1.250%, 06/01/30		11,861,987
	5,250,000	NCL Corp., Ltd. 1.125%, 02/15/27µ		4,956,997
	2,750,000	5.375%, 08/01/25		2,881,588
	9,250,000	Nutanix, Inc.*µ^ 0.500%, 12/15/29		9,985,190
	15,000,000	ON Semiconductor Corp.µ 0.500%, 03/01/29		12,985,950
	2,750,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		10,276,750
	2,250,000	PAR Technology Corp. 1.500%, 10/15/27		2,369,993
	1,800,000	1.000%, 01/15/30*		1,664,208
	3,750,000	Parsons Corp.µ 2.625%, 03/01/29		3,975,937
	3,250,000	Q2 Holdings, Inc. 0.750%, 06/01/26		3,601,943

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	6,500,000	Rapid7, Inc. 1.250%, 03/15/29	$	5,559,450
	2,125,000	Riot Platforms, Inc.* 0.750%, 01/15/30		1,626,964
	8,000,000	Seagate HDD Cayman 3.500%, 06/01/28		10,127,200
	12,750,000	Shift4 Payments, Inc.µ 0.500%, 08/01/27		13,034,197
	12,000,000	Snowflake, Inc.*µ 0.000%, 10/01/29		14,916,000
	5,750,000	Spotify USA, Inc. 0.000%, 03/15/26		7,399,157
	5,750,000	Tyler Technologies, Inc. 0.250%, 03/15/26		6,784,022
	3,500,000	Unity Software, Inc.*µ 0.000%, 03/15/30		3,304,175
	3,750,000	Varonis Systems, Inc.* 1.000%, 09/15/29		3,538,838
	5,500,000	Western Digital Corp. 3.000%, 11/15/28		7,470,760
	7,750,000	Wolfspeed, Inc. 1.875%, 12/01/29		2,251,763
	4,469,000	0.250%, 02/15/28		1,334,175
	3,250,000	Workiva, Inc.µ 1.250%, 08/15/28		3,073,070
	2,750,000	Zscaler, Inc. 0.125%, 07/01/25		4,128,740
				245,329,281
		Materials (0.8%)
	2,750,000	MP Materials Corp.* 3.000%, 03/01/30		3,842,135
		Real Estate (2.9%)
	7,250,000	Digital Realty Trust, LP*µ 1.875%, 11/15/29		7,549,352
	3,750,000	Welltower OP, LLC* 2.750%, 05/15/28		6,119,813
				13,669,165
		Utilities (8.3%)
	3,750,000	CMS Energy Corp. 3.375%, 05/01/28		4,154,850
	6,500,000	Duke Energy Corp. 4.125%, 04/15/26		7,095,010
	13,250,000	PPL Capital Funding, Inc.µ 2.875%, 03/15/28		15,124,477
	11,750,000	Southern Companyµ 3.875%, 12/15/25		13,203,240
				39,577,577
		TOTAL CONVERTIBLE BONDS (Cost $575,748,584)		555,538,846

PRINCIPAL AMOUNT			VALUE
BANK LOANS (3.3%)¡
		Airlines (0.1%)
	173,250	Air Canada‡ 6.323%, 03/21/31 1 mo. SOFR + 2.00%	$	171,535
	149,545	United Airlines, Inc.‡ 6.275%, 02/22/31 3 mo. SOFR + 2.00%		149,382
				320,917
		Communication Services (0.4%)
	110,606	Audacy Capital Corp.‡ 10.436%, 10/01/29 1 mo. SOFR + 6.00%		93,462
	12,316	Audacy Capital Corp.‡ 11.436%, 10/02/28 1 mo. SOFR + 7.00%		12,347
	129,012	Cincinnati Bell, Inc.‡ 7.072%, 11/22/28 1 mo. SOFR + 2.75%		128,431
	125,611	Clear Channel Outdoor Holdings, Inc.‡ 8.436%, 08/23/28 1 mo. SOFR + 4.00%		122,188
	235,462	CSC Holdings, LLC‡ 9.000%, 04/15/27 3 mo. Prime + 1.50%		227,206
	105,000	Directv Financing, LLC! 0.000%, 08/02/29		101,890
	64,013	Directv Financing, LLC‡ 9.541%, 08/02/27 3 mo. SOFR + 5.00%		64,096
	193,538	Gray Television, Inc.‡ 9.574%, 06/04/29 1 mo. SOFR + 5.25%		187,515
	65,000	Gray Television, Inc.! 0.000%, 06/04/29		62,977
	135,000	Sinclair Television Group, Inc.‡ 7.736%, 12/31/29 1 mo. SOFR + 3.30%		106,693
	280,000	Telesat Canada‡ 7.325%, 12/07/26 3 mo. SOFR + 2.75%		155,313
	323,537	TripAdvisor, Inc.‡ 7.049%, 07/08/31 3 mo. SOFR + 2.75%		316,257
	265,000	Virgin Media Bristol, LLC‡ 6.936%, 01/31/28 1 mo. SOFR + 2.50%		261,784
				1,840,159
		Consumer Discretionary (0.7%)
	91,896	American Axle & Manufacturing, Inc.‡ 7.053%, 12/13/29 6 mo. SOFR + 3.00%		90,174

See accompanying Notes to Schedule of Investments

www.calamos.com
83

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	85,368	American Axle & Manufacturing, Inc.‡ 7.053%, 12/13/29 6 mo. SOFR + 3.00%	$	83,768
	79,136	American Axle & Manufacturing, Inc.‡ 7.230%, 12/13/29 3 mo. SOFR + 3.00%		77,652
	155,493	Caesars Entertainment, Inc.‡ 6.563%, 02/06/30 3 mo. SOFR + 2.25%		153,705
	235,963	Carnival Corp.‡ 6.329%, 10/18/28 1 mo. SOFR + 2.00%		235,742
	141,600	Carnival Corp.‡ 6.329%, 08/08/27 1 mo. SOFR + 2.00%		141,955
	169,575	Chinos Intermediate Holdings A, Inc.‡ 10.280%, 09/26/31 3 mo. SOFR + 6.00%		161,450
	200,000	Clarios Global, LP‡ 7.072%, 01/28/32 1 mo. SOFR + 2.75%		196,417
	259,350	Life Time Fitness, Inc.‡ 6.785%, 11/05/31 3 mo. SOFR + 2.50%		258,150
	254,182	Light & Wonder International, Inc.‡ 6.570%, 04/14/29 1 mo. SOFR + 2.25%		254,289
	114,138	Peloton Interactive, Inc.‡ 9.813%, 05/23/29 3 mo. SOFR + 5.50%		114,352
	545,285	PetSmart, Inc.‡ 8.172%, 02/11/28 1 mo. SOFR + 3.75%		539,036
	194,025	Staples, Inc.‡ 10.041%, 09/04/29 3 mo. SOFR + 5.75%		167,993
	257,400	Station Casinos, LLC‡ 6.322%, 03/14/31 1 mo. SOFR + 2.00%		255,908
	168,175	TKC Holdings, Inc.‡ 9.323%, 05/15/28 1 mo. SOFR + 5.00%		166,493
	261,540	Windsor Holdings III, LLC‡ 7.073%, 08/01/30 1 mo. SOFR + 2.75%		258,925
				3,156,009
		Consumer Staples (0.5%)
	868,507	Amneal Pharmaceuticals, LLC‡ 9.822%, 05/04/28 1 mo. SOFR + 5.50%		871,821
	194,025	B&G Foods, Inc.‡ 7.822%, 10/10/29 1 mo. SOFR + 3.50%		186,021

PRINCIPAL AMOUNT			VALUE
	160,000	Bausch Health Companies, Inc.‡ 10.542%, 09/25/30 1 mo. SOFR + 6.25%	$	151,334
	267,978	Fiesta Purchaser, Inc.‡ 7.572%, 02/12/31 1 mo. SOFR + 3.25%		266,108
	23,287	MPH Acquisition Holdings, LLC‡ 8.030%, 12/31/30 3 mo. SOFR + 3.75%		23,042
	260,000	Opal Bidco SAS! 0.000%, 03/31/32		258,214
	331,948	Star Parent, Inc.‡ 8.299%, 09/27/30 3 mo. SOFR + 4.00%		321,784
	168,300	United Natural Foods, Inc.‡ 9.072%, 05/01/31 1 mo. SOFR + 4.75%		169,142
	250,000	Veritiv Corp.‡ 8.299%, 11/30/30 3 mo. SOFR + 4.00%		248,380
				2,495,846
		Energy (0.2%)
	248,626	ChampionX Corp.‡ 7.172%, 06/07/29 1 mo. SOFR + 2.75%		249,155
	188,750	New Fortress Energy, Inc.‡ 9.795%, 10/30/28 3 mo. SOFR + 5.50%		137,198
	383,044	Par Petroleum, LLC‡ 8.009%, 02/28/30 3 mo. SOFR + 3.75%		370,953
				757,306
		Financials (0.5%)
	361,634	Advisor Group, Inc.‡ 7.822%, 08/17/28 1 mo. SOFR + 3.50%		360,712
	202,449	Amynta Agency Borrower, Inc.‡ 7.322%, 12/29/31 1 mo. SOFR + 3.00%		200,909
	346,500	AssuredPartners, Inc.‡ 7.822%, 02/14/31 1 mo. SOFR + 3.50%		346,916
	148,503	Broadstreet Partners, Inc.‡ 7.322%, 06/13/31 1 mo. SOFR + 3.00%		147,990
	324,188	Dragon Buyer, Inc.‡ 7.299%, 09/30/31 3 mo. SOFR + 3.00%		322,729
	257,408	HUB International, Ltd.‡ 6.770%, 06/20/30 3 mo. SOFR + 2.50%		256,054
	192,563	Iron Mountain, Inc.‡ 6.322%, 01/31/31 1 mo. SOFR + 2.00%		191,985

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	182,725	Jazz Financing Lux Sarl‡ 6.572%, 05/05/28 1 mo. SOFR + 2.25%	$	182,333
	260,000	Level 3 Financing, Inc.‡ 8.572%, 03/27/32 1 mo. SOFR + 4.25%		259,837
	260,000	VFH Parent, LLC‡ 6.822%, 06/21/31 1 mo. SOFR + 2.50%		259,350
				2,528,815
		Health Care (0.1%)
	282,353	Padagis, LLC‡ 9.271%, 07/06/28 3 mo. SOFR + 4.75%		264,529
		Industrials (0.3%)
	261,603	ACProducts, Inc.‡ 8.811%, 05/17/28 3 mo. SOFR + 4.25%		177,963
	146,250	American Airlines, Inc.‡ 6.520%, 04/20/28 3 mo. SOFR + 2.25%		143,475
	260,000	ECO Material Tech, Inc.‡ 7.467%, 02/12/32 6 mo. SOFR + 3.25%		258,050
	99,500	EMRLD Borrower, LP‡ 6.799%, 08/04/31 3 mo. SOFR + 2.50%		98,484
	258,050	MI Windows & Doors, LLC‡ 7.322%, 03/28/31 1 mo. SOFR + 3.00%		254,546
	260,000	Quikrete Holdings, Inc.‡ 6.572%, 02/10/32 1 mo. SOFR + 2.25%		255,228
	520,393	TransDigm, Inc.‡ 6.799%, 02/28/31 3 mo. SOFR + 2.50%		515,862
				1,703,608
		Information Technology (0.3%)
	367,711	Boxer Parent Company, Inc.‡ 7.322%, 07/30/31 1 mo. SOFR + 3.00%		361,004
	265,615	Camelot U.S. Acquisition, LLC‡ 7.072%, 01/31/31 1 mo. SOFR + 2.75%		262,626
	264,161	Dun & Bradstreet Corp.‡ 6.570%, 01/18/29 1 mo. SOFR + 2.25%		263,666
	207,549	II-VI, Inc.‡ 6.322%, 07/02/29 1 mo. SOFR + 2.00%		205,647
	25,000	Qxo, Inc.! 0.000%, 04/23/32		25,005

PRINCIPAL AMOUNT			VALUE
	135,000	Rocket Software, Inc.! 0.000%, 11/28/28	$	134,268
	227,802	SS&C Technologies, Inc.‡ 6.322%, 05/09/31 1 mo. SOFR + 2.00%		227,807
	129,025	UKG, Inc.‡ 7.320%, 02/10/31 1 mo. SOFR + 3.00%		128,732
				1,608,755
		Materials (0.1%)
	410,873	Ineos U.S. Finance, LLC‡ 7.572%, 02/18/30 1 mo. SOFR + 3.25%		385,604
	191,331	Trinseo Materials Operating SCA‡ 7.075%, 05/03/28 3 mo. SOFR + 2.50%		82,004
	249,539	W.R. Grace & Company-Conn.‡ 7.549%, 09/22/28 3 mo. SOFR + 3.25%		245,588
				713,196
		Other (0.0%)
	130,000	Windstream Services, LLC‡ 9.172%, 10/01/31 1 mo. SOFR + 4.75%		129,513
		Special Purpose Acquisition Companies (0.1%)
	113,867	Clydesdale Acquisition Holdings, Inc.‡ 7.497%, 04/13/29 1 mo. SOFR + 3.18%		113,219
	63,050	Fertitta Entertainment, LLC‡ 7.822%, 01/27/29 1 mo. SOFR + 3.50%		61,573
	253,500	Patagonia Holdco, LLC‡ 10.052%, 08/01/29 3 mo. SOFR + 5.75%		216,611
				391,403
		TOTAL BANK LOANS (Cost $16,330,905)		15,910,056
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (15.0%)
		Financials (5.0%)
	72,795	Apollo Global Management, Inc. 6.750%, 07/31/26		5,249,975
	142,880	Ares Management Corp. 6.750%, 10/01/27		7,053,986
	7,055	Bank of America Corp.‡‡‡ 7.250%		8,254,914
	69,345	KKR & Company, Inc.# 6.250%, 03/01/28		3,323,706
				23,882,581

See accompanying Notes to Schedule of Investments

www.calamos.com
85

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

NUMBER OF SHARES			VALUE
		Industrials (5.2%)
	399,215	Boeing Company 6.000%, 10/15/27	$	24,503,817
		Information Technology (2.1%)
	129,690	Hewlett Packard Enterprise Company 7.625%, 09/01/27		6,510,438
	67,735	Microchip Technology, Inc.# 7.500%, 03/15/28		3,214,703
				9,725,141
		Materials (0.7%)
	114,980	Albemarle Corp. 7.250%, 03/01/27		3,521,837
		Utilities (2.0%)
	156,300	NextEra Energy, Inc. 6.926%, 09/01/25^		6,017,550
	73,485	7.299%, 06/01/27		3,408,969
				9,426,519
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $74,818,046)		71,059,895
COMMON STOCKS (0.1%)
		Communication Services (0.0%)
	5,620	Altice USA, Inc. - Class A^#		13,938
	4,890	Audacy, Inc.#		90,465
	1,888	Cumulus Media, Inc. - Class A#		440
				104,843
		Consumer Discretionary (0.0%)
	408	Rite Aid Corp.#		408
		Energy (0.1%)
	1,100	Cheniere Energy Partners, LP		64,658
	15,585	Energy Transfer, LP		257,776
	7,135	Enterprise Products Partners, LP		213,337
	1,881	EP Energy Corp.#		2,586
				538,357
		TOTAL COMMON STOCKS (Cost $715,092)		643,608
PREFERRED STOCKS (0.1%)
		Communication Services (0.1%)
	6,920	Qwest Corp. 6.500%, 09/01/56		120,408
	2,091	Telephone and Data Systems, Inc. 6.625%, 03/31/26		43,556
	2,160	United States Cellular Corp. 6.250%, 09/01/69		50,976
	1,789	5.500%, 03/01/70		39,286
	204	5.500%, 06/01/70		4,525
				258,751

NUMBER OF SHARES			VALUE
		Consumer Discretionary (0.0%)
	1,722	Guitar Center, Inc.#	$	25,830
		TOTAL PREFERRED STOCKS (Cost $435,825)		284,581
WARRANTS (0.0%)#
		Communication Services (0.0%)
	992	Audacy Capital, LLC 09/30/28, Strike $1.00		—
				—
		Energy (0.0%)
	13,522	Mcdermott International, Ltd. 06/30/27, Strike $15.98		2
	12,170	Mcdermott International, Ltd. 06/30/27, Strike $12.33		1
				3
		TOTAL WARRANTS (Cost $5,194)		3
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
EXCHANGE-TRADED PURCHASED OPTION (0.0%)#
		Industrials (0.0%)
	2,750	American Airlines Group, Inc.
	2,736,250	Call, 06/20/25, Strike $17.00 (Cost $672,710)		8,250
		TOTAL INVESTMENTS (152.2%) (Cost $752,126,808)		722,956,369
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-19.3%)				(91,750,000	)
LIABILITIES, LESS OTHER ASSETS (-32.9%)				(156,230,884	)
NET ASSETS (100.0%)			$	474,975,485

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 $296,011,124.

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

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

@ In default status and considered non-income producing.

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
86

Dynamic Convertible and Income Fund Schedule of Investments April 30, 2025 (Unaudited)

‡‡ Perpetual maturity.

# Non-income producing security.

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, 2025 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	207,649	$	—	$	207,649
Corporate Bonds		—		79,303,481		—		79,303,481
Convertible Bonds		—		555,538,846		—		555,538,846
Bank Loans		—		15,910,056		—		15,910,056
Convertible Preferred Stocks		71,059,895		—		—		71,059,895
Common Stocks		643,608		—		—		643,608
Preferred Stocks		284,581		—		—		284,581
Warrants		3		—		—		3
Exchange-Traded Purchased Option		8,250		—		—		8,250
Total	$	71,996,337	$	650,960,032	$	—	$	722,956,369

SECTOR WEIGHTINGS

Information Technology	34.6	%
Consumer Discretionary	12.9
Health Care	10.5
Communication Services	9.3
Financials	7.0
Industrials	6.8
Utilities	6.7
Energy	2.7
Real Estate	1.8
Consumer Staples	1.7
Materials	1.5
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

www.calamos.com
87

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (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 $161,079)	$	164,188
CORPORATE BONDS (13.9%)
		Airlines (0.2%)
	168,286	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		167,040
	42,425	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		42,734
	199,175	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		186,396
	177,931	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		167,464
	207,422	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		210,303
				773,937
		Communication Services (1.4%)
	200,000	Altice Financing, SA* 5.750%, 08/15/29		147,266
	260,000	APi Group DE, Inc.* 4.750%, 10/15/29		245,352
	195,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		183,721
	105,000	Clear Channel Outdoor Holdings, Inc.* 7.875%, 04/01/30		105,202
	95,000	9.000%, 09/15/28		98,538
	200,000	Connect Finco SARL / Connect US Finco, LLC* 9.000%, 09/15/29		187,164
	304,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		299,565
	400,000	CSC Holdings, LLC* 4.625%, 12/01/30		185,492
	335,000	4.500%, 11/15/31		228,272
	202,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		195,419
	325,000	Frontier California, Inc. 6.750%, 05/15/27		322,803
	54,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		56,557
	352,000	Frontier Florida, LLC 6.860%, 02/01/28		360,761
	330,000	Frontier North, Inc. 6.730%, 02/15/28		336,009

PRINCIPAL AMOUNT			VALUE
	195,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29	$	182,171
	110,000	Gray Media, Inc.* 5.375%, 11/15/31		65,778
	215,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		200,528
	108,000	iHeartCommunications, Inc.* 10.875%, 05/01/30		45,537
	71,200	7.750%, 08/15/30		51,483
	200,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		164,662
	160,000	Lumen Technologies, Inc. 7.600%, 09/15/39		117,635
	152,500	10.000%, 10/15/32*		152,346
	109,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		93,574
	205,000	Paramount Global 4.900%, 08/15/44		154,308
	73,000	Qwest Corp. 7.250%, 09/15/25		72,821
	135,000	Rogers Communications, Inc.‡ 7.125%, 04/15/55 5 year CMT + 2.62		134,468
	135,000	7.000%, 04/15/55 5 year CMT + 2.65		135,648
	111,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29^		85,505
	56,000	5.375%, 01/15/31		31,938
	95,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		75,272
	105,000	Sinclair Television Group, Inc.* 8.125%, 02/15/33		104,119
	264,000	Sirius XM Radio, LLC* 3.875%, 09/01/31^		226,618
	120,000	5.500%, 07/01/29		117,035
	110,000	3.125%, 09/01/26		107,165
	202,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		129,320
	140,000	Stagwell Global, LLC* 5.625%, 08/15/29		132,318
	114,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		62,513
	160,000	Time Warner Cable, LLC 6.550%, 05/01/37		157,995
	85,000	7.300%, 07/01/38		88,568
	75,000	United States Cellular Corp. 6.700%, 12/15/33		81,246
	160,000	Univision Communications, Inc.* 8.000%, 08/15/28		155,770
	105,000	8.500%, 07/31/31		99,357
				6,177,819

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
88

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (2.8%)
	310,000	Adams Homes, Inc.* 9.250%, 10/15/28	$	311,581
	280,000	Adient Global Holdings, Ltd.*^ 8.250%, 04/15/31		277,561
	105,000	7.500%, 02/15/33		99,590
	275,000	Aptiv Swiss Holdings, Ltd.‡ 6.875%, 12/15/54 5 year CMT + 3.39%		257,491
	190,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		176,487
	267,000	At Home Group, Inc.* 4.875%, 07/15/28		72,002
	292,000	Bath & Body Works, Inc. 6.694%, 01/15/27		297,782
	165,000	6.875%, 11/01/35		166,086
	40,000	6.625%, 10/01/30*		40,786
	136,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29^		125,997
	130,000	6.000%, 10/15/32^		122,650
	40,000	7.000%, 02/15/30		41,006
	105,000	Carnival Corp.* 4.000%, 08/01/28		100,331
	80,000	7.625%, 03/01/26		80,113
	13,000	7.000%, 08/15/29		13,577
	53,587	Carvana Company* 9.000%, 06/01/31		60,466
	41,738	9.000%, 06/01/30		44,267
	24,018	9.000%, 12/01/28		24,702
	460,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 4.750%, 03/01/30		435,077
	425,000	5.125%, 05/01/27		419,335
	250,000	6.375%, 09/01/29^		252,545
	215,000	4.250%, 02/01/31		194,553
	125,000	5.000%, 02/01/28		122,069
	125,000	4.500%, 08/15/30		116,242
	108,000	4.750%, 02/01/32		98,002
	108,000	Churchill Downs, Inc.* 5.750%, 04/01/30		105,742
	105,000	6.750%, 05/01/31		106,202
	175,000	Dana, Inc.^ 4.250%, 09/01/30		161,415
	164,000	4.500%, 02/15/32		147,502
	102,000	DISH DBS Corp. 5.125%, 06/01/29		63,888
	80,000	7.375%, 07/01/28		54,170
	220,000	DISH Network Corp.* 11.750%, 11/15/27		231,321
	200,000	Empire Resorts, Inc.* 7.750%, 11/01/26		190,734
	238,000	Everi Holdings, Inc.* 5.000%, 07/15/29		239,233
	220,000	Ford Motor Company^ 6.100%, 08/19/32		211,156

PRINCIPAL AMOUNT			VALUE
	350,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30	$	311,706
	300,000	5.113%, 05/03/29		287,733
	275,000	7.200%, 06/10/30		283,563
	82,000	Gap, Inc.* 3.875%, 10/01/31		71,062
	110,000	General Motors Company 5.200%, 04/01/45		90,517
	365,000	goeasy, Ltd.* 9.250%, 12/01/28		382,549
	188,000	7.625%, 07/01/29		189,684
	315,000	Goodyear Tire & Rubber Company^ 5.625%, 04/30/33		291,416
	110,000	5.250%, 07/15/31		102,863
	125,000	Group 1 Automotive, Inc.* 6.375%, 01/15/30		126,660
	93,000	4.000%, 08/15/28		88,473
	47,410	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		47,412
	290,000	Kohl's Corp. 5.550%, 07/17/45		138,107
	210,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		220,074
	220,000	Liberty Interactive, LLC 8.250%, 02/01/30		82,375
	210,000	Life Time, Inc.* 6.000%, 11/15/31		209,750
	105,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		107,964
	80,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		82,334
	139,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		138,687
	140,000	M/I Homes, Inc. 3.950%, 02/15/30		127,221
	261,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		219,156
	160,000	4.300%, 02/15/43		96,109
	410,000	MGM Resorts International^ 6.500%, 04/15/32		404,502
	287,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		271,935
	215,000	Newell Brands, Inc. 6.875%, 04/01/36^		187,415
	105,000	6.625%, 05/15/32^		94,298
	79,000	5.700%, 04/01/26		78,064
	110,000	Nordstrom, Inc. 5.000%, 01/15/44		77,220
	192,000	Patrick Industries, Inc.* 4.750%, 05/01/29		183,032
	105,000	6.375%, 11/01/32		102,175
	250,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		219,672

See accompanying Notes to Schedule of Investments

www.calamos.com
89

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	305,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29	$	178,956
	110,000	QVC, Inc. 5.450%, 08/15/34		54,094
	105,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		111,579
	17,461	Rite Aid Cmsr Note 12.000%, 12/31/25		20,080
	379,000	Rite Aid Corp. 0.000%, 11/15/26*@!!		—
	128,143	15.000%, 08/30/31		22,588
	68,927	0.000%, 10/18/25*		—
	24,910	11.317%, 08/30/31*‡ 3 mo. SOFR + 7.00%		17,437
	23,472	Rite Aid Note Holder Trust Bond 0.000%, 08/30/34		—
	210,000	Rivers Enterprise Borrower, LLC / Rivers Enterprise Finance Corp.* 6.625%, 02/01/33		207,709
	26,000	Royal Caribbean Cruises, Ltd.* 6.250%, 03/15/32		26,415
	26,000	5.625%, 09/30/31		25,832
	210,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		195,411
	320,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		324,794
	137,000	Six Flags Entertainment Corp. / Canada's Wonderland Company / Magnum Management Corp. 5.250%, 07/15/29		130,812
	136,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		127,666
	131,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		126,055
	220,000	Station Casinos, LLC* 4.500%, 02/15/28		212,630
	210,000	STL Holding Company, LLC* 8.750%, 02/15/29		214,168
	55,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		58,867
	210,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		193,998
				13,024,480
		Consumer Staples (0.6%)
	105,000	Brink's Company* 6.750%, 06/15/32		107,628
	100,000	6.500%, 06/15/29		102,084
	251,000	Central Garden & Pet Company* 4.125%, 04/30/31		226,246

PRINCIPAL AMOUNT			VALUE
	245,000	Edgewell Personal Care Company* 4.125%, 04/01/29	$	229,511
	307,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		286,849
	54,000	6.500%, 12/31/27		54,328
	59,000	JBS USA Holding Lux Sarl/ JBS USA Food Company/ JBS Lux Company Sarl 5.750%, 04/01/33		60,236
	32,000	5.500%, 01/15/30		32,537
	189,185	MPH Acquisition Holdings, LLC* 6.750%, 03/31/31 0.75% PIK rate		127,104
	91,224	5.750%, 12/31/30		71,100
	79,814	11.500%, 12/31/30 6.50% Cash & 5.00% PIK Rate		74,650
	174,000	New Albertsons, LP 7.750%, 06/15/26		178,514
	217,000	Performance Food Group, Inc.* 4.250%, 08/01/29		205,551
	52,000	6.125%, 09/15/32		52,240
	165,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		156,413
	210,000	Post Holdings, Inc.* 6.250%, 02/15/32		212,031
	157,000	6.375%, 03/01/33		155,730
	209,000	Prestige Brands, Inc.* 3.750%, 04/01/31		188,995
	160,000	RR Donnelley & Sons Company* 9.500%, 08/01/29		152,867
	195,000	United Natural Foods, Inc.* 6.750%, 10/15/28		191,644
	107,000	Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		97,172
				2,963,430
		Energy (1.9%)
	210,000	Ascent Resources Utica Holdings, LLC / ARU Finance Corp.* 6.625%, 10/15/32		207,961
	157,000	Buckeye Partners, LP 6.750%, 02/01/30*		159,820
	135,000	5.850%, 11/15/43		113,501
	79,000	6.875%, 07/01/29*		80,551
	260,000	Civitas Resources, Inc.* 8.750%, 07/01/31		247,187
	160,000	Continental Resources, Inc. 4.900%, 06/01/44		123,582
	169,000	DT Midstream, Inc.* 4.125%, 06/15/29		158,740
	153,000	Enbridge, Inc.‡ 7.375%, 03/15/55 5 year CMT + 3.12%		154,614
	100,000	7.200%, 06/27/54 5 year CMT + 2.97%		99,871

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
90

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	262,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31	$	267,478
	195,000	Energy Transfer, LP‡ 7.555%, 11/01/66^ 3 mo. SOFR + 3.28%		189,130
	162,000	6.500%, 11/15/26 5 year CMT + 5.69%		161,324
	105,000	7.125%, 10/01/54^ 5 year CMT + 2.83%		103,947
	355,000	EQT Corp.* 7.500%, 06/01/27		360,971
	138,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		141,040
	105,000	8.000%, 05/15/33		102,212
	300,000	Gulfport Energy Operating Corp.* 6.750%, 09/01/29		296,454
	210,000	Howard Midstream Energy Partners, LLC* 7.375%, 07/15/32		215,126
	210,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.875%, 12/01/32		203,843
	213,000	Matador Resources Company* 6.500%, 04/15/32		205,366
	225,000	Nabors Industries, Inc.* 9.125%, 01/31/30		204,309
	80,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		63,701
	160,000	New Fortress Energy, Inc.*^ 6.500%, 09/30/26		131,472
	223,000	Oceaneering International, Inc. 6.000%, 02/01/28		212,738
	132,000	ONEOK, Inc.* 6.500%, 09/01/30		139,907
	315,000	Parkland Corp.* 6.625%, 08/15/32		313,614
	202,000	Permian Resources Operating, LLC* 7.000%, 01/15/32		203,671
	52,000	6.250%, 02/01/33		50,922
	270,000	Plains All American Pipeline, LP‡ 8.695%, 05/31/25 3 mo. SOFR + 4.37%		266,933
	215,000	South Bow Canadian Infrastructure Holdings, Ltd.*‡ 7.625%, 03/01/55 5 year CMT + 3.95%		214,854
	289,000	Summit Midstream Holdings, LLC* 8.625%, 10/31/29		284,847
	105,000	Sunoco, LP* 6.250%, 07/01/33		104,955
	305,000	TGNR Intermediate Holdings, LLC* 5.500%, 10/15/29		280,167

PRINCIPAL AMOUNT			VALUE
	289,600	Transocean, Inc.* 8.750%, 02/15/30	$	283,226
	210,000	8.250%, 05/15/29		169,888
	55,000	Venture Global Calcasieu Pass, LLC* 4.125%, 08/15/31		49,507
	55,000	3.875%, 08/15/29		50,489
	487,000	Venture Global LNG, Inc.* 9.000%, 09/30/29‡ 5 year CMT + 5.44%		418,533
	265,000	8.375%, 06/01/31		255,640
	155,000	8.125%, 06/01/28		154,148
	110,000	7.000%, 01/15/30		103,744
	105,000	9.875%, 02/01/32		106,899
	105,000	9.500%, 02/01/29		108,885
	205,000	Vital Energy, Inc.*^ 7.875%, 04/15/32		158,701
	190,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		186,392
	314,000	Weatherford International, Ltd.* 8.625%, 04/30/30		311,566
	185,000	Wildfire Intermediate Holdings, LLC* 7.500%, 10/15/29		169,395
				8,591,821
		Financials (2.5%)
	340,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29		348,374
	200,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust‡^ 6.950%, 03/10/55 5 year CMT + 2.72%		201,072
	210,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 7.375%, 10/01/32		212,407
	210,000	6.500%, 10/01/31		209,947
	300,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		276,432
	100,000	4.700%, 05/15/28 7 year CMT + 3.48%		85,541
	219,000	AmWINS Group, Inc.* 4.875%, 06/30/29		208,867
	220,000	AssuredPartners, Inc.* 5.625%, 01/15/29		219,824
	210,000	Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance* 7.125%, 05/15/31		214,303
	210,000	Blackstone Mortgage Trust, Inc.* 7.750%, 12/01/29		218,648
	225,000	Boost Newco Borrower LLC* 7.500%, 01/15/31		237,627
	105,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		110,418

See accompanying Notes to Schedule of Investments

www.calamos.com
91

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	158,000	Bread Financial Holdings, Inc.*‡ 8.375%, 06/15/35 5 year CMT + 4.30	$	148,218
	384,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		371,297
	223,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		216,475
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		199,894
	210,000	Corebridge Financial, Inc.‡ 6.375%, 09/15/54 5 year CMT + 2.65%		202,415
	140,000	Credit Acceptance Corp.* 9.250%, 12/15/28		148,306
	93,000	6.625%, 03/15/30		91,641
	210,000	Cushman & Wakefield U.S. Borrower, LLC*^ 8.875%, 09/01/31		224,834
	105,000	Enstar Group, Ltd.*‡ 7.500%, 04/01/45 5 year CMT + 3.19		105,520
	235,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		241,204
	105,000	5.875%, 03/15/30		104,583
	323,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		304,592
	120,000	HAT Holdings I, LLC / HAT Holdings II, LLC* 8.000%, 06/15/27		123,526
	324,000	HUB International, Ltd.* 5.625%, 12/01/29		317,737
	160,000	7.375%, 01/31/32		164,931
	164,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		136,796
	330,000	Iron Mountain, Inc.* 5.250%, 03/15/28		325,050
	265,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		246,739
	210,000	6.625%, 10/15/31		206,125
	224,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 4.750%, 06/15/29		214,881
	199,000	5.250%, 10/01/25		198,351
	131,000	7.000%, 07/15/31		135,444
	180,000	LD Holdings Group, LLC* 8.750%, 11/01/27		164,450
	159,340	Level 3 Financing, Inc.* 10.000%, 10/15/32		159,520
	100,000	3.875%, 10/15/30		79,119

PRINCIPAL AMOUNT			VALUE
	210,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29	$	219,973
	321,000	MetLife, Inc. 6.400%, 12/15/66		317,928
	150,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		141,518
	105,000	Newmark Group, Inc. 7.500%, 01/12/29		109,927
	150,000	OneMain Finance Corp. 3.875%, 09/15/28		138,938
	100,000	7.500%, 05/15/31^		101,591
	200,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 7.000%, 02/01/30		200,104
	262,000	Provident Funding Associates, LP / PFG Finance Corp.* 9.750%, 09/15/29		269,519
	215,000	RHP Hotel Properties, LP / RHP Finance Corp.* 6.500%, 04/01/32		214,690
	206,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		186,589
	100,000	3.625%, 03/01/29		93,280
	160,000	Saks Global Enterprises, LLC* 11.000%, 12/15/29		97,131
	160,000	Service Properties Trust 8.375%, 06/15/29		156,133
	210,000	Starwood Property Trust, Inc.* 6.000%, 04/15/30		208,303
	105,000	6.500%, 07/01/30		105,936
	265,000	StoneX Group, Inc.* 7.875%, 03/01/31		276,374
	210,000	TrueNoord Capital DAC* 8.750%, 03/01/30		214,754
	258,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		250,430
	105,000	5.750%, 06/15/27		103,740
	124,000	Uniti Group, LP / Uniti Group Finance 2019, Inc. / CSL Capital, LLC* 10.500%, 02/15/28		131,761
	110,000	6.500%, 02/15/29		100,692
	105,000	VFH Parent, LLC / Valor Co-Issuer, Inc.* 7.500%, 06/15/31		107,972
	250,000	VZ Secured Financing, BV* 5.000%, 01/15/32		218,282
	210,000	XHR, LP* 6.625%, 05/15/30		207,289
				11,547,962
		Health Care (0.9%)
	105,000	Acadia Healthcare Company, Inc.* 7.375%, 03/15/33		105,304

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	435,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30	$	296,139
	158,000	10.875%, 01/15/32		163,317
	127,000	6.875%, 04/15/29		93,140
	27,000	5.250%, 05/15/30		23,073
	258,000	DaVita, Inc.* 3.750%, 02/15/31		226,945
	233,000	4.625%, 06/01/30		216,860
	205,000	6.875%, 09/01/32^		207,263
	162,000	Embecta Corp.* 5.000%, 02/15/30		145,951
	52,000	6.750%, 02/15/30		50,479
	110,000	Encompass Health Corp. 4.750%, 02/01/30		107,187
	110,000	4.500%, 02/01/28		108,451
	273,000	HCA, Inc. 7.500%, 11/06/33		308,198
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		190,070
	270,000	Medline Borrower, LP* 3.875%, 04/01/29		252,094
	267,000	5.250%, 10/01/29		253,909
	26,000	Medline Borrower, LP / Medline Co-Issuer, Inc.* 6.250%, 04/01/29		26,242
	400,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV*^ 5.125%, 04/30/31		335,916
	430,000	Tenet Healthcare Corp. 6.250%, 02/01/27		430,125
	295,000	6.875%, 11/15/31		303,163
	270,000	Teva Pharmaceutical Finance Netherlands III, BV^ 5.125%, 05/09/29		262,794
				4,106,620
		Industrials (1.6%)
	210,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		215,137
	260,000	ACCO Brands Corp.* 4.250%, 03/15/29		226,119
	200,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		184,108
	365,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		361,459
	155,000	5.875%, 02/15/28		155,290
	127,000	Arcosa, Inc.* 4.375%, 04/15/29		119,285
	105,000	6.875%, 08/15/32		107,044
	492,218	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		12,940

PRINCIPAL AMOUNT			VALUE
	105,000	Bombardier, Inc.* 8.750%, 11/15/30	$	112,725
	80,000	7.000%, 06/01/32^		80,998
	68,000	7.250%, 07/01/31^		69,791
	42,000	7.875%, 04/15/27		42,118
	226,000	BWX Technologies, Inc.* 4.125%, 04/15/29		214,860
	215,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		209,842
	56,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		55,574
	282,000	Deluxe Corp.* 8.000%, 06/01/29		260,038
	50,000	8.125%, 09/15/29		50,089
	205,000	EMRLD Borrower, LP / Emerald Co-Issuer, Inc.* 6.625%, 12/15/30		208,298
	140,000	EnerSys* 4.375%, 12/15/27		135,859
	110,000	6.625%, 01/15/32		112,439
	80,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		81,572
	78,000	8.000%, 03/15/33^		77,068
	135,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		132,056
	102,000	Graphic Packaging International, LLC* 3.500%, 03/01/29		94,961
	85,000	4.750%, 07/15/27		83,512
	236,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		215,539
	516,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		514,658
	270,000	Herc Holdings, Inc.* 5.500%, 07/15/27		267,397
	105,000	6.625%, 06/15/29		103,804
	157,000	JELD-WEN, Inc.*^ 7.000%, 09/01/32		138,177
	55,000	4.875%, 12/15/27		50,812
	360,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		347,681
	135,000	Moog, Inc.* 4.250%, 12/15/27		130,480
	232,000	Novelis Corp.* 4.750%, 01/30/30		215,918
	210,000	Quikrete Holdings, Inc.* 6.375%, 03/01/32		211,579
	55,000	Sealed Air Corp.* 6.500%, 07/15/32^		56,031
	54,000	5.000%, 04/15/29		52,678
	163,000	Sealed Air Corp./Sealed Air Corp. U.S.* 6.125%, 02/01/28		164,356
	50,000	7.250%, 02/15/31		52,082
	210,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		183,693

See accompanying Notes to Schedule of Investments

www.calamos.com
93

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	50,000	Standard Building Solutions, Inc.* 6.500%, 08/15/32	$	50,691
	106,000	Standard Industries, Inc.* 5.000%, 02/15/27		105,330
	225,000	TransDigm, Inc.* 6.875%, 12/15/30		232,126
	155,000	6.750%, 08/15/28		158,232
	80,000	7.125%, 12/01/31		83,264
	52,000	6.625%, 03/01/32		53,353
	66,888	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		63,913
	123,000	Wabash National Corp.*^ 4.500%, 10/15/28		103,566
	212,000	Waste Pro USA, Inc.* 7.000%, 02/01/33		217,090
	128,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		123,301
	105,000	7.375%, 10/01/31		108,920
	80,000	6.625%, 06/15/29		81,247
				7,489,100
		Information Technology (0.6%)
	126,000	Coherent Corp.* 5.000%, 12/15/29		120,927
	79,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		79,934
	108,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		107,900
	93,000	Fair Isaac Corp.* 4.000%, 06/15/28		89,438
	245,000	KBR, Inc.* 4.750%, 09/30/28		232,610
	105,000	NCL Corp., Ltd.* 8.125%, 01/15/29		109,920
	105,000	6.750%, 02/01/32		102,599
	167,000	ON Semiconductor Corp.* 3.875%, 09/01/28		158,166
	110,000	Open Text Corp.* 6.900%, 12/01/27		113,148
	81,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		72,453
	193,000	Playtika Holding Corp.* 4.250%, 03/15/29		170,757
	315,000	TTM Technologies, Inc.* 4.000%, 03/01/29		293,630
	150,000	Twilio, Inc. 3.625%, 03/15/29		140,802
	57,000	3.875%, 03/15/31		51,869
	79,000	UKG, Inc.* 6.875%, 02/01/31		81,427
	295,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		270,550
	210,000	Zebra Technologies Corp.* 6.500%, 06/01/32		211,237

PRINCIPAL AMOUNT			VALUE
	260,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29	$	239,247
				2,646,614
		Materials (0.6%)
	85,000	ATI, Inc. 5.875%, 12/01/27		84,965
	210,000	Avient Corp.* 6.250%, 11/01/31		207,846
	105,000	Celanese US Holdings, LLC^ 6.629%, 07/15/32		103,361
	180,000	Chemours Company* 8.000%, 01/15/33		162,313
	165,000	4.625%, 11/15/29		138,227
	355,000	Clearwater Paper Corp.* 4.750%, 08/15/28		331,169
	160,000	Cleveland-Cliffs, Inc.*^ 7.000%, 03/15/32		150,838
	250,000	Constellium, SE*^ 6.375%, 08/15/32		246,298
	157,000	JW Aluminum Continuous Cast Company* 10.250%, 04/01/30		154,391
	210,000	Knife River Corp.* 7.750%, 05/01/31		219,988
	229,000	Mercer International, Inc. 5.125%, 02/01/29		188,318
	107,000	12.875%, 10/01/28*		109,494
	200,000	OCI, NV* 6.700%, 03/16/33		218,476
	200,000	Silgan Holdings, Inc. 4.125%, 02/01/28		192,248
	210,000	Terex Corp.* 6.250%, 10/15/32		201,186
	96,050	Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV, LLC* 7.625%, 05/03/29		59,012
				2,768,130
		Other (0.4%)
	210,000	Alumina Pty, Ltd.* 6.375%, 09/15/32		205,122
	85,067	Claritev Corp.* 6.750%, 03/31/31 0.75% PIK rate		54,024
	320,740	EchoStar Corp. 10.750%, 11/30/29		339,340
	210,627	6.750%, 11/30/30 6.75% PIK Rate		196,212
	100,000	Gen Digital, Inc.* 6.750%, 09/30/27		101,759
	105,000	Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings, LLC* 8.250%, 04/15/30		105,163
	210,000	New Gold, Inc.* 6.875%, 04/01/32		214,817

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	45,000	Nissan Motor Acceptance Company, LLC* 7.050%, 09/15/28	$	46,038
	210,000	Olin Corp.* 6.625%, 04/01/33		199,489
	105,000	Reinsurance Group of America, Inc.‡ 6.650%, 09/15/55 5 year CMT + 2.39		102,157
	210,000	Rfna, LP* 7.875%, 02/15/30		206,510
	210,000	Stonepeak Nile Parent, LLC* 7.250%, 03/15/32		213,364
				1,983,995
		Real Estate (0.0%)
	105,000	Forestar Group, Inc.* 6.500%, 03/15/33		102,209
		Special Purpose Acquisition Companies (0.1%)
	53,000	Clydesdale Acquisition Holdings, Inc.* 6.750%, 04/15/32		54,271
	220,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30^		192,473
	107,000	4.625%, 01/15/29		99,387
				346,131
		Utilities (0.3%)
	80,000	AES Corp.‡ 6.950%, 07/15/55 5 year CMT + 2.89		74,866
	79,000	7.600%, 01/15/55 5 year CMT + 3.20%		78,315
	110,000	Dominion Energy, Inc.‡^ 6.625%, 05/15/55 5 year CMT + 2.21%		108,668
	225,000	Duke Energy Corp.‡^ 6.450%, 09/01/54 5 year CMT + 2.59%		225,918
	165,000	Entergy Corp.‡ 7.125%, 12/01/54 5 year CMT + 2.67%		166,335
	165,000	Evergy, Inc.‡ 6.650%, 06/01/55 5 year CMT + 2.56%		160,654
	158,000	NiSource, Inc.‡^ 6.950%, 11/30/54 5 year CMT + 2.45%		160,811
	79,000	PPL Capital Funding, Inc.‡ 7.226%, 03/30/67 3 mo. SOFR + 2.93%		77,292
	105,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		106,178

PRINCIPAL AMOUNT				VALUE
	50,000		8.000%, 10/15/26 5 year CMT + 6.93%	$	51,120
					1,210,157
			TOTAL CORPORATE BONDS (Cost $66,896,020)		63,732,405
CONVERTIBLE BONDS (20.8%)
			Communication Services (2.6%)
	2,185,000		Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		2,665,023
	2,805,000		Uber Technologies, Inc.^ 0.875%, 12/01/28		3,681,983
	4,000,000		Xiaomi Best Time International, Ltd. 0.000%, 12/17/27		5,707,520
					12,054,526
			Consumer Discretionary (1.4%)
	9,435,800	EUR	Accor, SA 0.700%, 12/07/27		5,828,262
	251,000		Farfetch, Ltd. 3.750%, 05/01/27		5,251
	583,000		Trip.com Group, Ltd.*~ 0.750%, 06/15/29		659,524
					6,493,037
			Consumer Staples (1.7%)
	3,715,000		Post Holdings, Inc. 2.500%, 08/15/27		4,372,109
	4,900,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		3,430,569
					7,802,678
			Energy (1.0%)
	2,200,000	EUR	Eni S.p.A 2.950%, 09/14/30		2,545,855
	1,200,000	EUR	Saipem S.p.A^ 2.875%, 09/11/29		1,723,310
	2,261,000		SunEdison, Inc.@ 0.000%, 01/15/49*!!		7,913
	275,000		0.000%, 10/01/49		963
					4,278,041
			Financials (0.9%)
	2,800,000		Goldman Sachs Finance Corp. International, Ltd. (Tencent Holdings, Ltd.)§ 0.000%, 03/15/27		3,816,512
			Health Care (0.8%)
	1,774,000		Alnylam Pharmaceuticals, Inc. 1.000%, 09/15/27		2,033,855
	1,683,000		Halozyme Therapeutics, Inc. 0.250%, 03/01/27		1,764,878
					3,798,733

See accompanying Notes to Schedule of Investments

www.calamos.com
95

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Information Technology (6.9%)
	1,597,000	Cloudflare, Inc. 0.000%, 08/15/26	$	1,628,381
	3,297,000	Guidewire Software, Inc.*^ 1.250%, 11/01/29		3,646,614
	175,000	LivePerson, Inc. 0.000%, 12/15/26		69,319
	1,641,000	Nutanix, Inc.*^ 0.500%, 12/15/29		1,771,427
	6,226,000	Snowflake, Inc.*^ 0.000%, 10/01/29		7,738,918
	8,312,000	Spotify USA, Inc. 0.000%, 03/15/26		10,695,965
	5,206,000	Xero Investments, Ltd. 1.625%, 06/12/31		6,107,471
				31,658,095
		Materials (1.0%)
	214,000	Amyris, Inc. 0.000%, 11/15/26		1,136
	2,454,000	Fortuna Mining Corp.* 3.750%, 06/30/29		3,021,267
	1,795,000	Lithium Argentina AG 1.750%, 01/15/27		1,464,828
				4,487,231
		Other (0.2%)
	1,000,000	China Hongqiao Group, Ltd. 1.500%, 03/26/30		994,330
		Utilities (4.3%)
	3,396,000	Duke Energy Corp. 4.125%, 04/15/26		3,706,870
	2,735,000	NextEra Energy Capital Holdings, Inc. 3.000%, 03/01/27		3,064,184
	2,950,000	PPL Capital Funding, Inc. 2.875%, 03/15/28		3,367,336
	8,493,000	Southern Company 4.500%, 06/15/27*		9,442,178
	160,000	3.875%, 12/15/25		179,789
				19,760,357
		TOTAL CONVERTIBLE BONDS (Cost $91,465,295)		95,143,540
BANK LOANS (2.8%)¡
		Airlines (0.1%)
	143,550	Air Canada‡ 6.323%, 03/21/31 1 mo. SOFR + 2.00%		142,129
	124,621	United Airlines, Inc.‡ 6.275%, 02/22/31 3 mo. SOFR + 2.00%		124,485
				266,614

PRINCIPAL AMOUNT			VALUE
		Communication Services (0.3%)
	84,271	Audacy Capital Corp.‡ 10.436%, 10/01/29 1 mo. SOFR + 6.00%	$	71,209
	9,384	Audacy Capital Corp.‡ 11.436%, 10/02/28 1 mo. SOFR + 7.00%		9,407
	99,240	Cincinnati Bell, Inc.‡ 7.072%, 11/22/28 1 mo. SOFR + 2.75%		98,793
	108,011	Clear Channel Outdoor Holdings, Inc.‡ 8.436%, 08/23/28 1 mo. SOFR + 4.00%		105,068
	186,375	CSC Holdings, LLC‡ 9.000%, 04/15/27 3 mo. Prime + 1.50%		179,840
	85,000	DirecTV Financing, LLC! 0.000%, 08/02/29		82,482
	50,494	Directv Financing, LLC‡ 9.541%, 08/02/27 3 mo. SOFR + 5.00%		50,559
	153,838	Gray Television, Inc.‡ 9.574%, 06/04/29 1 mo. SOFR + 5.25%		149,050
	55,000	Gray Television, Inc.! 0.000%, 06/04/29		53,289
	110,000	Sinclair Television Group, Inc.‡ 7.736%, 12/31/29 1 mo. SOFR + 3.30%		86,935
	220,000	Telesat Canada‡ 7.325%, 12/07/26 3 mo. SOFR + 2.75%		122,032
	263,812	TripAdvisor, Inc.‡ 7.049%, 07/08/31 3 mo. SOFR + 2.75%		257,876
	215,000	Virgin Media Bristol, LLC‡ 6.936%, 01/31/28 1 mo. SOFR + 2.50%		212,391
				1,478,931
		Consumer Discretionary (0.5%)
	76,556	American Axle & Manufacturing, Inc.‡ 7.053%, 12/13/29 6 mo. SOFR + 3.00%		75,121
	71,118	American Axle & Manufacturing, Inc.‡ 7.321%, 12/13/29 1 mo. SOFR + 3.00%		69,785
	65,926	American Axle & Manufacturing, Inc.‡ 7.230%, 12/13/29 3 mo. SOFR + 3.00%		64,690
	124,580	Caesars Entertainment, Inc.‡ 6.563%, 02/06/30 3 mo. SOFR + 2.25%		123,147

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	181,807	Carnival Corp.‡ 6.329%, 10/18/28 1 mo. SOFR + 2.00%	$	181,637
	114,883	Carnival Corp.‡ 6.329%, 08/08/27 1 mo. SOFR + 2.00%		115,171
	139,650	Chinos Intermediate Holdings A, Inc.‡ 10.280%, 09/26/31 3 mo. SOFR + 6.00%		132,959
	160,000	Clarios Global, LP‡ 7.072%, 01/28/32 1 mo. SOFR + 2.75%		157,134
	209,475	Life Time Fitness, Inc.‡ 6.785%, 11/05/31 3 mo. SOFR + 2.50%		208,506
	195,525	Light & Wonder International, Inc.‡ 6.570%, 04/14/29 1 mo. SOFR + 2.25%		195,607
	89,325	Peloton Interactive, Inc.‡ 9.813%, 05/23/29 3 mo. SOFR + 5.50%		89,493
	376,217	PetSmart, Inc.‡ 8.172%, 02/11/28 1 mo. SOFR + 3.75%		371,906
	156,713	Staples, Inc.‡ 10.041%, 09/04/29 3 mo. SOFR + 5.75%		135,686
	207,900	Station Casinos, LLC‡ 6.322%, 03/14/31 1 mo. SOFR + 2.00%		206,695
	135,441	TKC Holdings, Inc.‡ 9.323%, 05/15/28 1 mo. SOFR + 5.00%		134,087
	222,063	Windsor Holdings III, LLC‡ 7.073%, 08/01/30 1 mo. SOFR + 2.75%		219,842
				2,481,466
		Consumer Staples (0.5%)
	703,897	Amneal Pharmaceuticals, LLC‡ 9.822%, 05/04/28 1 mo. SOFR + 5.50%		706,582
	154,225	B&G Foods, Inc.‡ 7.822%, 10/10/29 1 mo. SOFR + 3.50%		147,863
	430,000	Bausch Health Companies, Inc.‡ 10.542%, 09/25/30 1 mo. SOFR + 6.25%		406,709
	213,390	Fiesta Purchaser, Inc.‡ 7.572%, 02/12/31 1 mo. SOFR + 3.25%		211,901
	19,704	MPH Acquisition Holdings, LLC‡ 8.030%, 12/31/30 3 mo. SOFR + 3.75%		19,497
	215,000	Opal Bidco SAS! 0.000%, 03/31/32		213,523

PRINCIPAL AMOUNT			VALUE
	265,584	Star Parent, Inc.‡ 8.299%, 09/27/30 3 mo. SOFR + 4.00%	$	257,452
	143,550	United Natural Foods, Inc.‡ 9.072%, 05/01/31 1 mo. SOFR + 4.75%		144,268
	215,000	Veritiv Corp.‡ 8.299%, 11/30/30 3 mo. SOFR + 4.00%		213,607
				2,321,402
		Energy (0.1%)
	199,893	ChampionX Corp.‡ 7.172%, 06/07/29 1 mo. SOFR + 2.75%		200,318
	154,000	New Fortress Energy, Inc.‡ 9.795%, 10/30/28 3 mo. SOFR + 5.50%		111,939
	304,569	Par Petroleum, LLC‡ 8.009%, 02/28/30 3 mo. SOFR + 3.75%		294,956
				607,213
		Financials (0.4%)
	282,382	Advisor Group, Inc.‡ 7.822%, 08/17/28 1 mo. SOFR + 3.50%		281,662
	162,947	Amynta Agency Borrower, Inc.‡ 7.322%, 12/29/31 3 mo. SOFR + 3.00%		161,708
	267,300	AssuredPartners, Inc.‡ 7.822%, 02/14/31 1 mo. SOFR + 3.50%		267,621
	99,002	Broadstreet Partners, Inc.‡ 7.322%, 06/13/31 1 mo. SOFR + 3.00%		98,660
	274,313	Dragon Buyer, Inc‡ 7.299%, 09/30/31 3 mo. SOFR + 3.00%		273,078
	207,907	HUB International, Ltd.‡ 6.769%, 06/20/30 3 mo. SOFR + 2.50%		206,813
	158,000	Iron Mountain, Inc.‡ 6.322%, 01/31/31 1 mo. SOFR + 2.00%		157,526
	151,317	Jazz Financing Lux Sarl‡ 6.572%, 05/05/28 1 mo. SOFR + 2.25%		150,992
	210,000	Level 3 Financing, Inc.‡ 8.572%, 03/27/32 1 mo. SOFR + 4.25%		209,869
	210,000	VFH Parent, LLC‡ 6.822%, 06/21/31		209,475
				2,017,404

See accompanying Notes to Schedule of Investments

www.calamos.com
97

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Health Care (0.1%)
	235,294	Padagis, LLC‡ 9.271%, 07/06/28 3 mo. SOFR + 4.75%	$	220,441
		Industrials (0.3%)
	209,035	ACProducts, Inc.‡ 8.811%, 05/17/28 3 mo. SOFR + 4.25%		142,202
	123,500	American Airlines, Inc.‡ 6.520%, 04/20/28 3 mo. SOFR + 2.25%		121,157
	215,000	ECO Material Tech, Inc.‡ 7.467%, 02/12/32 6 mo. SOFR + 3.25%		213,387
	79,600	EMRLD Borrower, LP‡ 6.799%, 08/04/31 3 mo. SOFR + 2.50%		78,788
	208,425	MI Windows & Doors, LLC‡ 7.322%, 03/28/31 1 mo. SOFR + 3.00%		205,595
	215,000	Quikrete Holdings, Inc.‡ 6.572%, 02/10/32 1 mo. SOFR + 2.25%		211,054
	421,291	TransDigm, Inc.‡ 6.799%, 02/28/31 3 mo. SOFR + 2.50%		417,624
				1,389,807
		Information Technology (0.3%)
	290,843	Boxer Parent Company, Inc.‡ 7.322%, 07/30/31 1 mo. SOFR + 3.00%		285,538
	215,543	Camelot U.S. Acquisition, LLC‡ 7.072%, 01/31/31 1 mo. SOFR + 2.75%		213,118
	200,319	Dun & Bradstreet Corp.‡ 6.570%, 01/18/29 1 mo. SOFR + 2.25%		199,943
	165,271	II-VI, Inc.‡ 6.322%, 07/02/29 1 mo. SOFR + 2.00%		163,756
	20,000	Qxo, Inc.! 0.000%, 04/23/32		20,003
	110,000	Rocket Software, Inc.! 0.000%, 11/28/28		109,404
	178,780	SS&C Technologies, Inc.‡ 6.322%, 05/09/31 1 mo. SOFR + 2.00%		178,785
	109,175	UKG, Inc.‡ 7.320%, 02/10/31 1 mo. SOFR + 3.00%		108,927
				1,279,474

PRINCIPAL AMOUNT			VALUE
		Materials (0.1%)
	331,721	Ineos U.S. Finance, LLC‡ 7.572%, 02/18/30 1 mo. SOFR + 3.25%	$	311,320
	156,969	Trinseo Materials Operating SCA‡ 7.075%, 05/03/28 3 mo. SOFR + 2.50%		67,276
	200,601	W.R. Grace & Company-Conn.‡ 7.549%, 09/22/28 3 mo. SOFR + 3.25%		197,425
				576,021
		Other (0.0%)
	105,000	Windstream Services, LLC‡ 9.172%, 10/01/31 1 mo. SOFR + 4.75%		104,606
		Special Purpose Acquisition Companies (0.1%)
	89,467	Clydesdale Acquisition Holdings, Inc.‡ 7.497%, 04/13/29 1 mo. SOFR + 3.18%		88,958
	53,350	Fertitta Entertainment, LLC‡ 7.822%, 01/27/29 1 mo. SOFR + 3.50%		52,100
	195,000	Patagonia Holdco, LLC‡ 10.052%, 08/01/29 3 mo. SOFR + 5.75%		166,623
				307,681
		TOTAL BANK LOANS (Cost $13,408,846)		13,051,060
U.S. GOVERNMENT AND AGENCY SECURITIES (2.2%)
		Other (2.2%)
	6,650,000	U.S. Treasury Note 4.500%, 07/15/26		6,704,031
	3,350,000	4.000%, 06/30/28		3,391,875
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $10,051,362)		10,095,906
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (3.0%)
		Industrials (3.0%)
	220,635	Boeing Company 6.000%, 10/15/27 (Cost $11,955,589)		13,542,576
COMMON STOCKS (83.9%)
		Communication Services (10.6%)
	37,065	Alphabet, Inc. - Class Aµ		5,885,922
	4,575	Altice USA, Inc. - Class A^#		11,346
	341,925	AT&T, Inc.µ		9,471,322
	3,751	Audacy, Inc.#		69,393

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, 2025 (Unaudited)

NUMBER OF SHARES				VALUE
	4,050		Baidu, Inc. (ADR)^#	$	355,671
	9,550	GBP	Baltic Classifieds Group, PLC		43,316
	131,435	INR	Bharti Airtel, Ltd.		2,884,141
	1,735		Cumulus Media, Inc. - Class A#		405
	73,875	EUR	Deutsche Telekom, AGµ		2,653,408
	11,250		Meta Platforms, Inc. - Class Aµ		6,176,250
	26,530		Millicom International Cellular, SA		916,346
	84,298	ZAR	MTN Group, Ltd.^		557,911
	3,435	KRW	NAVER Corp.		483,324
	4,250		Netflix, Inc.µ#		4,809,810
	96,000	EUR	Orange, SA		1,392,772
	1,140	EUR	Scout24, SE*		135,861
	15,795		Sea, Ltd. (ADR)#		2,117,320
	1,600		Spotify Technology, SA#		982,368
	11,300	HKD	Tencent Holdings, Ltd.µ		692,136
	89,070		Tencent Holdings, Ltd. (ADR)~		5,438,614
	24,105	GBP	Trustpilot Group, PLC*#		72,283
	1,176,545	GBP	Vodafone Group, PLC		1,156,191
	26,395		Walt Disney Companyµ		2,400,625
					48,706,735
			Consumer Discretionary (10.7%)
	179,100	HKD	Alibaba Group Holding, Ltd.µ		2,673,968
	8,175		Alibaba Group Holding, Ltd. (ADR)		976,340
	47,955		Amazon.com, Inc.µ#		8,843,861
	56,410	INR	Amber Enterprises India, Ltd.#		4,060,192
	315,000	SAR	Americana Restaurants International, PLC		187,780
	51,097		Aptiv, PLC#		2,915,595
	835		AutoZone, Inc.#		3,141,771
	4,760	SEK	Betsson, AB - Class B		83,248
	357	EUR	Brunello Cucinelli S.p.A^		40,305
	31,800	CNY	BYD Company, Ltd. - Class A		1,547,660
	20,700	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		180,689
	95,610	GBP	Compass Group, PLC		3,223,474
	270,300	PHP	DigiPlus Interactive Corp.		192,887
	2,250	INR	Dixon Technologies India, Ltd.		437,240
	4,200	HKD	DPC Dash, Ltd.#		53,501
	9,725	INR	Eicher Motors, Ltd.		641,153
	800	JPY	Food & Life Companies, Ltd.		29,604
	88,300	CNY	Fuyao Glass Industry Group Company, Ltd. - Class A		706,454
	303,000	HKD	Geely Automobile Holdings, Ltd.		636,088
	107,720	INR	Indian Hotels Company, Ltd.		1,001,397
	161,219	HKD	JD.com, Inc. - Class A		2,624,875
	173,000	HKD	Jiumaojiu International Holdings, Ltd.*^		56,119
	123,000	HKD	Li Ning Company, Ltd.		231,897
	4,880	EUR	Lottomatica Group S.p.A		111,234
	1,020	EUR	LVMH Moet Hennessy Louis Vuitton, SEµ		565,008

NUMBER OF SHARES				VALUE
	8,450		MakeMyTrip, Ltd.^#	$	885,729
	2,062		MercadoLibre, Inc.#		4,806,213
	370,400	HKD	MGM China Holdings, Ltd.		480,008
	44,620		NIO, Inc. (ADR)^#		180,711
	345		Rite Aid Corp.#		345
	236,800	HKD	Sands China, Ltd.#		424,097
	13,100		Tesla, Inc.µ#		3,696,296
	148,600	JPY	Toyota Motor Corp.µ		2,838,173
	10,100	HKD	Yum China Holdings, Inc.		471,846
	1,180	EUR	Zalando, SE*#		43,089
					48,988,847
			Consumer Staples (5.3%)
	5,600		Constellation Brands, Inc. - Class A^		1,050,224
	4,240		Costco Wholesale Corp.µ		4,216,680
	1,007	GBP	Cranswick, PLC		69,695
	5,390	PLN	Dino Polska, SA*#		755,610
	106,908	CNY	Eastroc Beverage Group Company, Ltd. - Class A		4,209,310
	84,800	HKD	Giant Biogene Holding Company, Ltd.*		876,137
	2,600	CNY	Kweichow Moutai Company, Ltd. - Class A		553,931
	20,500	CHF	Nestle, SAµ		2,181,966
	23,310		Philip Morris International, Inc.µ		3,994,402
	74,568	BRL	Raia Drogasil, SA		260,685
	2,405	KRW	Samyang Foods Company, Ltd.		1,641,509
	106,000	HKD	Smoore International Holdings, Ltd.*^		183,467
	43,715		Walmart, Inc.µ		4,251,284
					24,244,900
			Energy (3.6%)
	134,875	CAD	Canadian Natural Resources, Ltd.		3,870,343
	11,385	CAD	CES Energy Solutions Corp.^		50,211
	885		Cheniere Energy Partners, LP~		52,020
	17,600		Chevron Corp.µ		2,394,656
	12,635		Energy Transfer, LP~		208,983
	5,810		Enterprise Products Partners, LP		173,719
	1,826		EP Energy Corp.#		2,511
	35,980		EQT Corp.^		1,778,851
	42,400		Helmerich & Payne, Inc.^		800,936
	136,900	THB	PTT Exploration & Production, PCL		405,496
	14,500	EUR	Saipem S.p.A^#		33,495
	98,974		Schlumberger, NV^~		3,290,885
	82,300	GBP	Shell, PLCµ		2,655,965
	36,983		TechnipFMC, PLC		1,041,811
					16,759,882
			Financials (12.6%)
	373,000	HKD	AIA Group, Ltd.		2,794,856
	18,350	EUR	Alpha Services and Holdings, SA		44,742
	188,400	BRL	B3, SA - Brasil Bolsa Balcao		447,832

See accompanying Notes to Schedule of Investments

www.calamos.com
99

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

NUMBER OF SHARES				VALUE
	6,095	INR	Bajaj Finance, Ltd.	$	620,400
	87,000	EUR	Banco Santander, SA		612,555
	4,640	EUR	Bank of Ireland Group, PLC		54,480
	33,705		Bank of New York Mellon Corp.		2,710,219
	361,530	PHP	Bank of the Philippine Islands		906,473
	15,010	EUR	BAWAG Group, AG*		1,645,216
	9,900	JPY	Concordia Financial Group, Ltd.		64,033
	1,955	CAD	Definity Financial Corp.^		97,580
	2,510	EUR	Deutsche Böerse, AG		808,456
	303,220	EUR	Eurobank Ergasias Services and Holdings, SA		860,546
	111,948	AED	First Abu Dhabi Bank, PJSC		458,047
	5,765		Goldman Sachs Group, Inc.^		3,156,626
	12,395		HDFC Bank, Ltd. (ADR)		900,993
	25,700	HKD	Hong Kong Exchanges & Clearing, Ltd.		1,122,825
	156,760		ICICI Bank, Ltd. (ADR)^		5,260,866
	147,087		Itau Unibanco Holding, SA (ADR)		928,119
	25,370		JPMorgan Chase & Company^		6,206,009
	1,094,590	THB	Krung Thai Bank PCL		714,282
	890		Marex Group, PLC		39,472
	21,200	KRW	Meritz Financial Group, Inc.		1,852,046
	260,000	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		1,556,108
	62,000	BRL	Porto Seguro, SA		480,583
	33,595	PLN	Powszechna Kasa Oszczednosci Bank Polski, SA		645,895
	10,965		Progressive Corp.µ		3,089,279
	1,100	JPY	Rakuten Bank, Ltd.^#		46,263
	24,653	SAR	Saudi National Bank		234,894
	59,020	EUR	Societe Generale, SA		3,048,854
	165,300	JPY	Sumitomo Mitsui Financial Group, Inc.		3,943,597
	215	CHF	Swissquote Group Holding, SA^		110,982
	81,080	EUR	UniCredit, S.p.A.^		4,717,304
	8,825		Visa, Inc. - Class Aµ		3,049,038
	61,275		Wells Fargo & Company^µ		4,351,138
					57,580,608
			Health Care (4.9%)
	16,460		AbbVie, Inc.^µ		3,211,346
	8,260	SEK	Ambea, AB*		99,785
	20,770	GBP	AstraZeneca, PLCµ		2,975,652
	1,225	SEK	BoneSupport Holding, AB*#		40,075
	4,738	KRW	Dentium Company, Ltd.		243,191
	6,945		Eli Lilly & Companyµ		6,243,208
	10,104		GE HealthCare Technologies, Inc.		710,614
	568,825	MXN	Genomma Lab Internacional, SAB de CV - Class B		664,821
	22,400	EUR	Gerresheimer, AG		1,519,788
	4,860		Humana, Inc.		1,274,486

NUMBER OF SHARES				VALUE
	8,520	BRL	Hypera, SA	$	36,211
	78,573		Novo Nordisk, A/S (ADR)		5,221,176
	565	KRW	Samsung Biologics Company, Ltd.*#		418,139
					22,658,492
			Industrials (10.6%)
	37,029	EUR	Alstom, SA#		894,219
	1,900	JPY	BayCurrent, Inc.		102,379
	59	CHF	Belimo Holding, AG		50,130
	28,780	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		920,200
	7,610		Deere & Company^µ		3,527,692
	215	EUR	DO & CO, AG#		34,344
	49,365		Embraer, SA (ADR)^#		2,267,828
	1,990	EUR	Exosens SAS#		77,450
	29,770		Flowserve Corp.		1,346,497
	13,835		GE Vernova, Inc.		5,130,295
	4,714	KRW	Hanwha Aerospace Company, Ltd.		2,649,285
	2,410	KRW	HD Hyundai Heavy Industries Company, Ltd.		681,619
	21,868	INR	Hindustan Aeronautics, Ltd.		1,157,586
	264,300	JPY	Hitachi, Ltd.µ		6,532,310
	570	KRW	Hyundai Rotem Company, Ltd.		44,927
	1,400	JPY	IHI Corp.^		109,665
	1,840	SEK	INVISIO, AB		73,951
	2,140	EUR	Iveco Group, NV^		34,189
	2,900	JPY	Japan Elevator Service Holdings Company, Ltd.		62,696
	3,311,000	HKD	Lonking Holdings, Ltd.		833,717
	35,300	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		245,707
	1,470	EUR	Palfinger, AG		47,912
	3,835	CHF	R&S Group Holding, AG^		92,211
	1,705	EUR	Rheinmetall, AG		2,903,704
	391,680	GBP	Rolls-Royce Holdings, PLC		3,964,769
	13,015	EUR	Schneider Electric, SEµ		3,040,899
	54,502	CNY	Shanghai International Airport Company, Ltd. - Class A		240,678
	15,025	EUR	Siemens, AGµ		3,459,678
	33,900	EUR	SPIE, SA		1,661,525
	5,360	INR	Transformers & Rectifiers India, Ltd.		31,284
	570	EUR	Vossloh, AG		45,032
	1,290	EUR	Wacker Neuson, SE		34,689
	19,610		Waste Management, Inc.		4,576,190
	83,000	BRL	WEG, SA		652,867
	231,000	HKD	Weichai Power Company, Ltd. - Class H		450,658
	152,100	CNY	Yutong Bus Company, Ltd. - Class A		562,081
					48,540,863

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, 2025 (Unaudited)

NUMBER OF SHARES				VALUE
			Information Technology (21.7%)
	570	TWD	Alchip Technologies, Ltd.	$	38,091
	25,270		Apple, Inc.^		5,369,875
	9,305		ASML Holding, NVµ		6,216,484
	13,150		Broadcom, Inc.µ		2,530,981
	1,300		Cellebrite DI, Ltd.#		25,727
	14,500	CNY	Iflytek Company, Ltd. - Class A		94,098
	16,485		International Business Machines Corp.µ		3,986,403
	12,975	INR	Kaynes Technology India, Ltd.#		881,337
	14,900	JPY	Keyence Corp.		6,229,564
	855,000	HKD	Kingdee International Software Group Company, Ltd.#		1,454,170
	3,215	AUD	Life360, Inc.*#		45,246
	16,320		Marvell Technology, Inc.		952,598
	22,530	TWD	MediaTek, Inc.		957,369
	20,740		Microsoft Corp.^		8,197,692
	1,140	ILS	Nayax, Ltd.#		47,862
	580	EUR	Nemetschek, SE		77,073
	540,000	EUR	Nokia Oyj		2,699,553
	2,550	NOK	NORBIT, ASA		35,021
	127,970		NVIDIA Corp.^µ		13,938,492
	22,530		Oracle Corp.^		3,170,422
	23,155		Palantir Technologies, Inc. - Class Aµ#		2,742,478
	52,000	HKD	Q Technology Group Company, Ltd.#		43,615
	240	EUR	Reply S.p.A^		42,847
	40,920	KRW	Samsung Electronics Company, Ltd.		1,596,598
	20,025	EUR	SAP, SEµ		5,859,089
	4,015		ServiceNow, Inc.µ#		3,834,365
	7,200	JPY	SHIFT, Inc.#		65,881
	18,040		Shopify, Inc. - Class Aµ#		1,713,800
	12,425	KRW	SK Hynix, Inc.		1,550,305
	643,900	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		18,244,618
	4,780	AUD	Technology One, Ltd.		92,264
	108,250	BRL	TOTVS, SA		717,578
	60,065		Unity Software, Inc.^#		1,265,570
	93,700	CNY	Venustech Group, Inc. - Class A		199,869
	33,500	CNY	Will Semiconductor Company, Ltd. Shanghai - Class A		608,496
	27,510	AUD	WiseTech Global, Ltd.		1,564,299
	370,600	HKD	Xiaomi Corp. - Class B*µ#		2,372,655
					99,462,385
			Materials (3.0%)
	144,420	CAD	Alamos Gold, Inc. - Class A		4,128,531
	300	EUR	AlzChem Group, AG		38,715
	145,715		Cemex, SAB de CV (ADR)		899,062
	14,050	EUR	Heidelberg Materials, AG		2,808,784

NUMBER OF SHARES				VALUE
	5,950		Linde, PLCµ	$	2,696,718
	521,200	NOK	Norsk Hydro, ASA		2,764,661
	16,900	ZAR	Sasol, Ltd.#		58,374
	1,629	EUR	SOL S.p.A		74,375
	1,320	EUR	Titan Cement International, SA		61,278
	1,120	CAD	Torex Gold Resources, Inc.#		36,274
	21,200		Vale, SA (ADR)^		197,372
	1,010	EUR	Wienerberger, AG		35,463
					13,799,607
			Real Estate (0.4%)
	935,500	PHP	Ayala Land, Inc.		419,665
	204,750	AED	Emaar Properties, PJSC		731,623
	146,850	HKD	Greentown China Holdings, Ltd.		187,393
	14,230	INR	Macrotech Developers, Ltd.*		223,120
	14,330	INR	Prestige Estates Projects, Ltd.		231,644
					1,793,445
			Utilities (0.5%)
	45,801	EUR	Engie,SA#		943,282
	4,420	EUR	Italgas S.p.A		36,315
	29,000	EUR	RWE, AG		1,126,190
					2,105,787
			TOTAL COMMON STOCKS (Cost $472,150,589)		384,641,551
PREFERRED STOCKS (0.1%)
			Communication Services (0.1%)
	5,640		Qwest Corp. 6.500%, 09/01/56		98,136
	1,701		Telephone and Data Systems, Inc. 6.625%, 03/31/26		35,432
	1,770		United States Cellular Corp. 6.250%, 09/01/69		41,772
	1,429		5.500%, 03/01/70		31,381
	163		5.500%, 06/01/70		3,615
					210,336
			Consumer Discretionary (0.0%)
	1,597		Guitar Center, Inc.#		23,955
			TOTAL PREFERRED STOCKS (Cost $377,256)		234,291
WARRANTS (0.0%)#
			Communication Services (0.0%)
	679		Audacy Capital, LLC 09/30/28, Strike $1.00		—

See accompanying Notes to Schedule of Investments

www.calamos.com
101

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

NUMBER OF SHARES			VALUE
	113	Audacy Capital, LLC 09/30/28, Strike $1.00	$	—
				—
		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
				3
		TOTAL WARRANTS (Cost $5,152)		3
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
EXCHANGE-TRADED PURCHASED OPTIONS (1.4%) #
		Communication Services (0.1%)
	193	Sea, Ltd.
	2,587,165	Call, 06/20/25, Strike $130.00		261,515
		Consumer Discretionary (0.3%)
	511	Aptiv, PLC
	2,915,766	Put, 08/15/25, Strike $47.50		109,865
	407	Flutter Entertainment, PLC
	9,808,293	Call, 01/16/26, Strike $290.00		584,045
	11	MercadoLibre, Inc.
	2,563,935	Call, 06/20/25, Strike $2,200.00		258,335
	224	Royal Caribbean Cruises, Ltd.
	4,813,984	Call, 01/16/26, Strike $260.00		325,920
	148	Toyota Motor Corp.
	2,830,056	Put, 08/15/25, Strike $160.00		44,030
				1,322,195
		Health Care (0.1%)
	164	AbbVie, Inc.
	3,199,640	Put, 08/15/25, Strike $165.00		45,510
	536	Boston Scientific Corp.
	5,513,832	Call, 01/16/26, Strike $110.00		393,960
				439,470
		Industrials (0.0%)
	821	Full Truck Alliance Company, Ltd.
	932,656	Call, 06/20/25, Strike $10.00		141,623
		Information Technology (0.1%)
	180	Shopify, Inc.
	1,710,000	Put, 09/19/25, Strike $75.00		96,750
	315	Taiwan Semiconductor Manufacturing Company, Ltd.
	5,250,735	Call, 06/20/25, Strike $160.00		429,187
				525,937

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			Other (0.8%)
	355		Anglogold Ashanti, PLC
	1,496,680		Call, 07/18/25, Strike $45.00	$	75,438
	151	EUR	EURO STOXX Banks Index
	1,395,542		Call, 09/19/25, Strike 195.00		56,022
	4,065		iShares China Large-Cap ETF
	13,764,090		Put, 05/16/25, Strike $30.00		24,390
	3,597		iShares MSCI Emerging Markets ETF
	15,740,472		Put, 06/20/25, Strike $39.00		68,343
	39		iShares MSCI Eurozone ETF
	217,308		Put, 05/16/25, Strike $48.00		195
	1,165		SPDR^® S&P 500^® ETF Trust
	64,603,910		Put, 12/19/25, Strike $510.00		2,221,072
	635		SPDR^® S&P 500^® ETF Trust
	35,213,290		Put, 07/18/25, Strike $540.00		977,265
	1,095		SPDR^® S&P 500^® ETF Trust
	60,722,130		Put, 05/16/25, Strike $500.00		118,260
					3,540,985
			TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost $12,152,697)		6,231,725
			TOTAL INVESTMENTS (128.1%) (Cost $678,623,885)		586,837,245
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-10.6%)					(48,500,000	)
LIABILITIES, LESS OTHER ASSETS (-17.5%)					(80,189,216	)
NET ASSETS (100.0%)				$	458,148,029
EXCHANGE-TRADED WRITTEN OPTIONS (0.0%)#
			Industrials (0.0%)
	(297	)	Flowserve Corp.
	(1,343,331	)	Call, 10/17/25, Strike $65.00		(16,335	)
			Information Technology (0.0%)
	(180	)	Shopify, Inc.
	(1,710,000	)	Call, 07/18/25, Strike $115.00		(69,300	)
			TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premium $54,901)	$	(85,635	)

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	Yuan Renminbi	05/06/25		5,810,263	$	800,003	$	(264	)
							$	(264	)

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, 2025 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

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

@ In default status and considered non-income producing.

!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.

RESTRICTED SECURITY	ACQUISITION DATE	ACQUISITION COST
Rite Aid Corp.	09/04/2024	$	—
SunEdison, Inc.	10/13/2022		—
	TOTAL	$	—

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $4,516,688.

¡ 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.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $144,803,243.

# Non-income producing security.

ABBREVIATION

ADR American Depositary Receipt

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

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

PHP Philippine Peso

PLN Polish Zloty

SAR Saudi Riyal

SEK Swedish Krona

THB Thai Baht

TWD New Taiwan Dollar

ZAR South African Rand

CURRENCY EXPOSURE
APRIL 30, 2025

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	396,804,386		67.6	%
European Monetary Unit		54,477,167		9.3	%
Hong Kong Dollar		20,220,136		3.4	%
Japanese Yen		20,024,165		3.4	%
New Taiwan Dollar		19,240,078		3.3	%
British Pound Sterling		14,161,345		2.4	%
Indian Rupee		12,169,494		2.1	%
Canadian Dollar		11,613,508		2.0	%
South Korean Won		11,160,943		1.9	%
Chinese Yuan Renminbi		10,069,173		1.7	%
Norwegian Krone		2,799,682		0.5	%
Brazilian Real		2,595,756		0.4	%
Swiss Franc		2,435,289		0.4	%
Australian Dollar		1,701,809		0.3	%
Philippine Peso		1,519,025		0.3	%
Polish Zloty		1,401,505		0.2	%
UAE Dirham		1,189,670		0.2	%
Thai Baht		1,119,778		0.2	%
Mexican Peso		664,821		0.1	%
South African Rand		616,285		0.1	%
Saudi Riyal		422,674		0.1	%
Swedish Krona		297,059		0.1	%
Israeli Shekel		47,862		—	%
Total Investments	$	586,751,610		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com
103

Global Dynamic Income Fund Schedule of Investments April 30, 2025 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2025 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	164,188	$	—	$	164,188
Corporate Bonds		—		63,732,405		—		63,732,405
Convertible Bonds		—		95,143,540		—		95,143,540
Bank Loans		—		13,051,060		—		13,051,060
U.S. Government and Agency Securities		—		10,095,906		—		10,095,906
Convertible Preferred Stocks		13,542,576		—		—		13,542,576
Common Stocks		220,665,143		163,976,408		—		384,641,551
Preferred Stocks		234,291		—		—		234,291
Warrants		3		—		—		3
Exchange-Traded Purchased Options		6,231,725		—		—		6,231,725
Total	$	240,673,738	$	346,163,507	$	—	$	586,837,245
Liabilities:
Forward Foreign Currency Contracts	$	—	$	264	$	—	$	264
Exchange-Traded Written Options		85,635		—		—		85,635
Total	$	85,635	$	264	$	—	$	85,899

SECTOR WEIGHTINGS

Information Technology	21.1	%
Financials	11.7
Consumer Discretionary	11.3
Industrials	11.1
Communication Services	10.7
Consumer Staples	5.8
Health Care	4.9
Energy	4.7
Utilities	3.6
Materials	3.4
Real Estate	0.3
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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
104

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
CORPORATE BONDS (12.4%)
		Airlines (0.2%)
	35,599	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29	$	35,336
	9,586	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		9,656
	42,625	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		39,890
	35,586	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		33,493
	43,698	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		44,305
				162,680
		Communication Services (1.1%)
	55,000	APi Group DE, Inc.* 4.750%, 10/15/29		51,901
	36,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		33,918
	39,000	Clear Channel Outdoor Holdings, Inc.* 5.125%, 08/15/27		37,971
	25,000	7.875%, 04/01/30		25,048
	20,000	9.000%, 09/15/28		20,745
	65,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		64,052
	58,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		56,110
	70,000	Frontier California, Inc. 6.750%, 05/15/27		69,527
	11,000	Frontier Communications Holdings, LLC* 8.750%, 05/15/30		11,521
	85,000	Frontier Florida, LLC 6.860%, 02/01/28		87,116
	65,000	Frontier North, Inc. 6.730%, 02/15/28		66,184
	40,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		37,368
	20,000	Gray Media, Inc.* 5.375%, 11/15/31		11,960
	40,000	Hughes Satellite Systems Corp.^ 5.250%, 08/01/26		37,308
	20,000	iHeartCommunications, Inc.* 10.875%, 05/01/30		8,433
	13,350	7.750%, 08/15/30		9,653
	35,000	Lumen Technologies, Inc. 7.600%, 09/15/39		25,733
	29,500	10.000%, 10/15/32*		29,470

PRINCIPAL AMOUNT			VALUE
	22,000	Match Group Holdings II, LLC* 3.625%, 10/01/31	$	18,887
	45,000	Paramount Global 4.900%, 08/15/44		33,872
	14,000	Qwest Corp. 7.250%, 09/15/25		13,966
	25,000	Rogers Communications, Inc.‡ 7.125%, 04/15/55 5 year CMT + 2.62		24,901
	25,000	7.000%, 04/15/55 5 year CMT + 2.65		25,120
	23,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29^		17,717
	11,000	5.375%, 01/15/31		6,273
	20,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		15,847
	20,000	Sinclair Television Group, Inc.* 8.125%, 02/15/33		19,832
	56,000	Sirius XM Radio, LLC* 3.875%, 09/01/31^		48,070
	45,000	5.500%, 07/01/29		43,888
	20,000	3.125%, 09/01/26		19,485
	41,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		26,248
	25,000	Stagwell Global, LLC* 5.625%, 08/15/29		23,628
	22,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		12,064
	35,000	Time Warner Cable, LLC 6.550%, 05/01/37		34,561
	15,000	7.300%, 07/01/38		15,630
	21,000	United States Cellular Corp. 6.700%, 12/15/33		22,749
	45,000	Univision Communications, Inc.* 8.000%, 08/15/28		43,810
	20,000	8.500%, 07/31/31		18,925
				1,169,491
		Consumer Discretionary (2.6%)
	65,000	Adams Homes, Inc.* 9.250%, 10/15/28		65,331
	55,000	Adient Global Holdings, Ltd.*^ 8.250%, 04/15/31		54,521
	22,000	7.500%, 02/15/33		20,867
	38,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		35,297
	53,000	At Home Group, Inc.* 4.875%, 07/15/28		14,293
	57,000	Bath & Body Works, Inc. 6.694%, 01/15/27		58,129
	35,000	6.875%, 11/01/35		35,230
	10,000	6.625%, 10/01/30*		10,196

See accompanying Notes to Schedule of Investments

www.calamos.com
105

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	40,000	Caesars Entertainment, Inc.* 6.500%, 02/15/32	$	40,260
	28,000	4.625%, 10/15/29^		25,941
	25,000	6.000%, 10/15/32^		23,587
	10,000	7.000%, 02/15/30		10,252
	22,000	Carnival Corp.* 4.000%, 08/01/28		21,022
	16,000	7.625%, 03/01/26		16,023
	3,000	7.000%, 08/15/29		3,133
	9,742	Carvana Company* 9.000%, 06/01/31		10,993
	6,768	9.000%, 06/01/30		7,178
	3,842	9.000%, 12/01/28		3,951
	90,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 4.750%, 03/01/30		85,124
	90,000	4.500%, 08/15/30		83,695
	85,000	5.125%, 05/01/27		83,867
	50,000	6.375%, 09/01/29		50,509
	46,000	4.250%, 02/01/31		41,625
	22,000	4.750%, 02/01/32		19,963
	20,000	5.000%, 02/01/28		19,531
	23,000	Churchill Downs, Inc.* 6.750%, 05/01/31		23,263
	22,000	5.750%, 04/01/30		21,540
	40,000	Dana, Inc.^ 4.250%, 09/01/30		36,895
	32,000	4.500%, 02/15/32		28,781
	21,000	DISH DBS Corp. 5.125%, 06/01/29		13,153
	18,000	7.375%, 07/01/28		12,188
	46,000	DISH Network Corp.* 11.750%, 11/15/27		48,367
	47,000	Everi Holdings, Inc.* 5.000%, 07/15/29		47,243
	175,000	Ford Motor Company^ 6.100%, 08/19/32		167,965
	200,000	Ford Motor Credit Company, LLC 2.900%, 02/16/28		183,262
	16,000	Gap, Inc.* 3.875%, 10/01/31		13,866
	20,000	General Motors Company 5.200%, 04/01/45		16,458
	75,000	goeasy, Ltd.* 9.250%, 12/01/28		78,606
	41,000	7.625%, 07/01/29		41,367
	63,000	Goodyear Tire & Rubber Company^ 5.625%, 04/30/33		58,283
	20,000	5.250%, 07/15/31		18,702
	25,000	Group 1 Automotive, Inc.* 6.375%, 01/15/30		25,332
	19,000	4.000%, 08/15/28		18,075
	9,482	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		9,482

PRINCIPAL AMOUNT			VALUE
	55,000	Kohl's Corp. 5.550%, 07/17/45	$	26,193
	45,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		47,159
	45,000	Liberty Interactive, LLC 8.250%, 02/01/30		16,849
	45,000	Life Time, Inc.* 6.000%, 11/15/31		44,946
	20,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		20,565
	15,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		15,438
	28,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		27,937
	30,000	M/I Homes, Inc. 3.950%, 02/15/30		27,262
	53,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		44,503
	35,000	4.300%, 02/15/43		21,024
	80,000	MGM Resorts International^ 6.500%, 04/15/32		78,927
	55,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		52,113
	45,000	Newell Brands, Inc. 6.875%, 04/01/36^		39,227
	22,000	6.625%, 05/15/32^		19,758
	16,000	5.700%, 04/01/26		15,810
	20,000	Nordstrom, Inc. 5.000%, 01/15/44		14,040
	37,000	Patrick Industries, Inc.* 4.750%, 05/01/29		35,272
	23,000	6.375%, 11/01/32		22,381
	50,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		43,934
	60,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		35,204
	20,000	QVC, Inc. 5.450%, 08/15/34		9,835
	20,000	Raising Cane's Restaurants, LLC* 9.375%, 05/01/29		21,253
	3,546	Rite Aid Cmsr Note 12.000%, 12/31/25		4,078
	77,000	Rite Aid Corp. 0.000%, 11/15/26*@!!		—
	26,029	15.000%, 08/30/31		4,588
	14,000	0.000%, 10/18/25*		—
	5,058	11.317%, 08/30/31* 3 mo. SOFR + 7.00%		3,541
	4,767	Rite Aid Note Holder Trust Bond 0.000%, 08/30/34		—
	45,000	Rivers Enterprise Borrower, LLC / Rivers Enterprise Finance Corp.* 6.625%, 02/01/33		44,509

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
106

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	6,000	Royal Caribbean Cruises, Ltd.* 6.250%, 03/15/32	$	6,096
	6,000	5.625%, 09/30/31		5,961
	43,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		40,013
	65,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		65,974
	39,000	Six Flags Entertainment Corp. / Canada's Wonderland Company / Magnum Management Corp. 5.250%, 07/15/29		37,238
	30,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		28,162
	36,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		34,641
	40,000	Station Casinos, LLC* 4.500%, 02/15/28		38,660
	45,000	STL Holding Company, LLC* 8.750%, 02/15/29		45,893
	10,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		10,703
	40,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		42,132
				2,795,165
		Consumer Staples (0.6%)
	25,000	Brink's Company* 6.500%, 06/15/29		25,521
	23,000	6.750%, 06/15/32		23,576
	51,000	Central Garden & Pet Company* 4.125%, 04/30/31		45,970
	53,000	Edgewell Personal Care Company* 4.125%, 04/01/29		49,649
	59,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		55,127
	10,000	6.500%, 12/31/27		10,061
	40,000	Fiesta Purchaser, Inc.* 7.875%, 03/01/31		41,926
	11,000	JBS USA Holding Lux Sarl/ JBS USA Food Company/ JBS Lux Company Sarl 5.750%, 04/01/33		11,230
	6,000	5.500%, 01/15/30		6,101
	38,609	MPH Acquisition Holdings, LLC* 6.750%, 03/31/31 0.75% PIK rate		25,939
	17,076	5.750%, 12/31/30		13,309
	15,262	11.500%, 12/31/30 6.50% Cash & 5.00% PIK Rate		14,274
	33,000	New Albertsons, LP 7.750%, 06/15/26		33,856
	43,000	Performance Food Group, Inc.* 4.250%, 08/01/29		40,731
	11,000	6.125%, 09/15/32		11,051

PRINCIPAL AMOUNT			VALUE
	35,000	Pilgrim's Pride Corp. 4.250%, 04/15/31	$	33,179
	43,000	Post Holdings, Inc.* 6.250%, 02/15/32		43,416
	34,000	6.375%, 03/01/33		33,725
	42,000	Prestige Brands, Inc.* 3.750%, 04/01/31		37,980
	33,000	RR Donnelley & Sons Company* 9.500%, 08/01/29		31,529
	35,000	United Natural Foods, Inc.* 6.750%, 10/15/28		34,398
	23,000	Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		20,887
				643,435
		Energy (1.6%)
	45,000	Ascent Resources Utica Holdings, LLC / ARU Finance Corp.* 6.625%, 10/15/32		44,563
	33,000	Buckeye Partners, LP 6.750%, 02/01/30*		33,593
	25,000	5.850%, 11/15/43		21,019
	16,000	6.875%, 07/01/29*		16,314
	51,000	Civitas Resources, Inc.* 8.750%, 07/01/31		48,487
	30,000	Continental Resources, Inc. 4.900%, 06/01/44		23,172
	32,000	DT Midstream, Inc.* 4.125%, 06/15/29		30,057
	31,000	Enbridge, Inc.‡ 7.375%, 03/15/55 5 year CMT + 3.12%		31,327
	20,000	7.200%, 06/27/54 5 year CMT + 2.97%		19,974
	55,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		56,150
	40,000	Energy Transfer, LP‡ 7.555%, 11/01/66^ 3 mo. SOFR + 3.28%		38,796
	32,000	6.500%, 11/15/26 5 year CMT + 5.69%		31,867
	20,000	7.125%, 10/01/54^ 5 year CMT + 2.83%		19,799
	70,000	EQT Corp.* 7.500%, 06/01/27		71,177
	31,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		31,683
	20,000	8.000%, 05/15/33		19,469
	60,000	Gulfport Energy Operating Corp.* 6.750%, 09/01/29		59,291
	45,000	Howard Midstream Energy Partners, LLC* 7.375%, 07/15/32		46,098

See accompanying Notes to Schedule of Investments

www.calamos.com
107

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	45,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.875%, 12/01/32	$	43,681
	41,000	Matador Resources Company* 6.500%, 04/15/32		39,531
	44,000	Nabors Industries, Inc.* 9.125%, 01/31/30		39,954
	17,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28		13,536
	30,000	New Fortress Energy, Inc.*^ 6.500%, 09/30/26		24,651
	45,000	Oceaneering International, Inc. 6.000%, 02/01/28		42,929
	31,000	ONEOK, Inc.* 6.500%, 09/01/30		32,857
	70,000	Parkland Corp.* 6.625%, 08/15/32		69,692
	42,000	Permian Resources Operating, LLC* 7.000%, 01/15/32		42,347
	11,000	6.250%, 02/01/33		10,772
	50,000	Plains All American Pipeline, LP‡ 8.695%, 05/31/25 3 mo. SOFR + 4.37%		49,432
	45,000	South Bow Canadian Infrastructure Holdings, Ltd.*‡ 7.625%, 03/01/55 5 year CMT + 3.95%		44,969
	60,000	Summit Midstream Holdings, LLC* 8.625%, 10/31/29		59,138
	23,000	Sunoco, LP* 6.250%, 07/01/33		22,990
	60,000	TGNR Intermediate Holdings, LLC* 5.500%, 10/15/29		55,115
	58,400	Transocean, Inc.* 8.750%, 02/15/30		57,115
	40,000	8.250%, 05/15/29		32,360
	10,000	Venture Global Calcasieu Pass, LLC* 4.125%, 08/15/31		9,001
	10,000	3.875%, 08/15/29		9,180
	98,000	Venture Global LNG, Inc.* 9.000%, 09/30/29‡ 5 year CMT + 5.44%		84,222
	55,000	8.375%, 06/01/31		53,057
	35,000	8.125%, 06/01/28		34,808
	23,000	7.000%, 01/15/30		21,692
	20,000	9.875%, 02/01/32		20,362
	20,000	9.500%, 02/01/29		20,740
	43,000	Vital Energy, Inc.*^ 7.875%, 04/15/32		33,288
	45,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		44,145
	60,000	Weatherford International, Ltd.* 8.625%, 04/30/30		59,535
	39,000	Wildfire Intermediate Holdings, LLC* 7.500%, 10/15/29		35,710
				1,749,645

PRINCIPAL AMOUNT			VALUE
		Financials (2.0%)
	65,000	Acrisure, LLC / Acrisure Finance, Inc.* 8.250%, 02/01/29	$	66,601
	45,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 7.375%, 10/01/32		45,516
	45,000	6.500%, 10/01/31		44,989
	59,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		54,365
	20,000	4.700%, 05/15/28 7 year CMT + 3.48%		17,108
	46,000	AmWINS Group, Inc.* 4.875%, 06/30/29		43,872
	45,000	AssuredPartners, Inc.* 5.625%, 01/15/29		44,964
	45,000	Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance* 7.125%, 05/15/31		45,922
	45,000	Blackstone Mortgage Trust, Inc.* 7.750%, 12/01/29		46,853
	23,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29		24,187
	34,000	Bread Financial Holdings, Inc.*‡ 8.375%, 06/15/35 5 year CMT + 4.30		31,895
	78,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		75,420
	44,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		42,713
	40,000	Corebridge Financial, Inc.^‡ 6.375%, 09/15/54 5 year CMT + 2.65%		38,555
	30,000	Credit Acceptance Corp.* 9.250%, 12/15/28		31,780
	20,000	6.625%, 03/15/30		19,708
	45,000	Cushman & Wakefield U.S. Borrower, LLC*^ 8.875%, 09/01/31		48,179
	20,000	Enstar Group, Ltd.*‡ 7.500%, 04/01/45 5 year CMT + 3.19		20,099
	50,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		51,320
	23,000	5.875%, 03/15/30		22,909
	61,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		57,524
	25,000	HAT Holdings I, LLC / HAT Holdings II, LLC* 8.000%, 06/15/27		25,734
	66,000	HUB International, Ltd.* 5.625%, 12/01/29		64,724
	40,000	7.250%, 06/15/30		41,514
	33,000	7.375%, 01/31/32		34,017

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
108

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	31,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29	$	25,858
	65,000	Iron Mountain, Inc.* 5.250%, 03/15/28		64,025
	47,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 4.750%, 06/15/29		45,087
	45,000	5.250%, 10/01/25		44,853
	28,000	7.000%, 07/15/31		28,950
	35,000	LD Holdings Group, LLC* 8.750%, 11/01/27		31,976
	28,700	Level 3 Financing, Inc.* 10.000%, 10/15/32		28,732
	20,000	3.875%, 10/15/30		15,824
	40,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		41,900
	65,000	MetLife, Inc. 6.400%, 12/15/66		64,378
	30,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		28,303
	20,000	Newmark Group, Inc. 7.500%, 01/12/29		20,938
	30,000	OneMain Finance Corp. 3.875%, 09/15/28		27,787
	25,000	7.500%, 05/15/31^		25,398
	40,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 7.000%, 02/01/30		40,021
	55,000	Provident Funding Associates, LP / PFG Finance Corp.* 9.750%, 09/15/29		56,578
	40,000	RHP Hotel Properties, LP / RHP Finance Corp.* 6.500%, 04/01/32		39,942
	42,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		38,042
	20,000	3.625%, 03/01/29		18,656
	35,000	Saks Global Enterprises, LLC* 11.000%, 12/15/29		21,247
	30,000	Service Properties Trust 8.375%, 06/15/29		29,275
	45,000	Starwood Property Trust, Inc.* 6.000%, 04/15/30		44,636
	23,000	6.500%, 07/01/30		23,205
	55,000	StoneX Group, Inc.* 7.875%, 03/01/31		57,361
	45,000	TrueNoord Capital DAC* 8.750%, 03/01/30		46,019
	52,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		50,474
	20,000	5.750%, 06/15/27		19,760

PRINCIPAL AMOUNT			VALUE
	27,000	Uniti Group, LP / Uniti Group Finance 2019, Inc. / CSL Capital, LLC* 10.500%, 02/15/28	$	28,690
	25,000	6.500%, 02/15/29		22,884
	23,000	VFH Parent, LLC / Valor Co-Issuer, Inc.* 7.500%, 06/15/31		23,651
	45,000	XHR, LP* 6.625%, 05/15/30		44,419
				2,139,337
		Health Care (1.0%)
	22,000	Acadia Healthcare Company, Inc.* 7.375%, 03/15/33		22,064
	88,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		59,908
	37,000	10.875%, 01/15/32		38,245
	25,000	6.875%, 04/15/29^		18,335
	5,000	5.250%, 05/15/30		4,273
	52,000	DaVita, Inc.* 3.750%, 02/15/31		45,741
	49,000	4.625%, 06/01/30		45,606
	43,000	6.875%, 09/01/32^		43,475
	33,000	Embecta Corp.* 5.000%, 02/15/30		29,731
	11,000	6.750%, 02/15/30		10,678
	20,000	Encompass Health Corp. 4.750%, 02/01/30		19,488
	20,000	4.500%, 02/01/28		19,718
	47,000	HCA, Inc. 7.500%, 11/06/33		53,060
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		190,070
	55,000	Medline Borrower, LP* 3.875%, 04/01/29		51,352
	53,000	5.250%, 10/01/29		50,401
	6,000	Medline Borrower, LP / Medline Co-Issuer, Inc.* 6.250%, 04/01/29		6,056
	200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV*^ 5.125%, 04/30/31		167,958
	120,000	Tenet Healthcare Corp. 6.250%, 02/01/27		120,035
	70,000	6.875%, 11/15/31		71,937
				1,068,131
		Industrials (1.5%)
	45,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		46,101
	50,000	ACCO Brands Corp.* 4.250%, 03/15/29		43,485
	50,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		46,027

See accompanying Notes to Schedule of Investments

www.calamos.com
109

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	75,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27	$	74,273
	30,000	5.875%, 02/15/28		30,056
	25,000	Arcosa, Inc.* 4.375%, 04/15/29		23,481
	22,000	6.875%, 08/15/32		22,428
	207,250	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		5,449
	25,000	Bombardier, Inc.* 8.750%, 11/15/30		26,839
	15,000	7.000%, 06/01/32^		15,187
	13,000	7.250%, 07/01/31^		13,342
	9,000	7.875%, 04/15/27		9,025
	44,000	BWX Technologies, Inc.* 4.125%, 04/15/29		41,831
	48,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		46,849
	11,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		10,916
	58,000	Deluxe Corp.* 8.000%, 06/01/29		53,483
	10,000	8.125%, 09/15/29		10,018
	68,000	EMRLD Borrower, LP / Emerald Co-Issuer, Inc.* 6.625%, 12/15/30		69,094
	25,000	EnerSys* 4.375%, 12/15/27		24,261
	20,000	6.625%, 01/15/32		20,443
	15,000	EquipmentShare.com, Inc.* 8.625%, 05/15/32		15,295
	15,000	8.000%, 03/15/33^		14,821
	25,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		24,455
	30,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		29,475
	20,000	3.500%, 03/01/29		18,620
	51,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		46,578
	101,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		100,737
	65,000	Herc Holdings, Inc.* 5.500%, 07/15/27		64,373
	23,000	6.625%, 06/15/29		22,738
	34,000	JELD-WEN, Inc.*^ 7.000%, 09/01/32		29,924
	15,000	4.875%, 12/15/27		13,858
	70,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		67,605
	33,000	Moog, Inc.* 4.250%, 12/15/27		31,895
	52,000	Novelis Corp.* 4.750%, 01/30/30		48,395

PRINCIPAL AMOUNT			VALUE
	45,000	Quikrete Holdings, Inc.* 6.375%, 03/01/32	$	45,338
	11,000	Sealed Air Corp.* 5.000%, 04/15/29		10,731
	10,000	6.500%, 07/15/32^		10,188
	35,000	Sealed Air Corp./Sealed Air Corp. U.S.* 6.125%, 02/01/28		35,291
	10,000	7.250%, 02/15/31		10,416
	40,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		34,989
	10,000	Standard Building Solutions, Inc.* 6.500%, 08/15/32		10,138
	24,000	Standard Industries, Inc.* 5.000%, 02/15/27		23,848
	45,000	TransDigm, Inc.* 6.875%, 12/15/30		46,425
	35,000	6.750%, 08/15/28		35,730
	29,000	6.625%, 03/01/32		29,754
	15,000	7.125%, 12/01/31		15,612
	13,757	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		13,145
	26,000	Wabash National Corp.*^ 4.500%, 10/15/28		21,892
	44,000	Waste Pro USA, Inc.* 7.000%, 02/01/33		45,056
	27,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		26,009
	20,000	7.375%, 10/01/31		20,747
	15,000	6.625%, 06/15/29		15,234
				1,611,900
		Information Technology (0.6%)
	80,000	Clarivate Science Holdings Corp.* 3.875%, 07/01/28		75,603
	23,000	Coherent Corp.* 5.000%, 12/15/29		22,074
	21,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		21,248
	22,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		21,980
	26,000	Fair Isaac Corp.* 4.000%, 06/15/28		25,004
	50,000	KBR, Inc.* 4.750%, 09/30/28		47,472
	22,000	NCL Corp., Ltd.* 6.750%, 02/01/32		21,497
	20,000	8.125%, 01/15/29		20,937
	34,000	ON Semiconductor Corp.* 3.875%, 09/01/28		32,201
	20,000	Open Text Corp.* 6.900%, 12/01/27		20,572
	16,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		14,312

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
110

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	37,000	Playtika Holding Corp.* 4.250%, 03/15/29	$	32,736
	60,000	TTM Technologies, Inc.* 4.000%, 03/01/29		55,930
	30,000	Twilio, Inc. 3.625%, 03/15/29		28,160
	11,000	3.875%, 03/15/31		10,010
	42,000	UKG, Inc.* 6.875%, 02/01/31		43,290
	65,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		59,613
	45,000	Zebra Technologies Corp.* 6.500%, 06/01/32		45,265
	50,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		46,009
				643,913
		Materials (0.5%)
	27,000	ATI, Inc. 5.875%, 12/01/27		26,989
	45,000	Avient Corp.* 6.250%, 11/01/31		44,538
	20,000	Celanese US Holdings, LLC^ 6.629%, 07/15/32		19,688
	37,000	Chemours Company* 8.000%, 01/15/33		33,364
	33,000	4.625%, 11/15/29		27,645
	65,000	Clearwater Paper Corp.* 4.750%, 08/15/28		60,637
	35,000	Cleveland-Cliffs, Inc.*^ 7.000%, 03/15/32		32,996
	34,000	JW Aluminum Continuous Cast Company* 10.250%, 04/01/30		33,435
	45,000	Knife River Corp.* 7.750%, 05/01/31		47,140
	48,000	Mercer International, Inc. 5.125%, 02/01/29		39,473
	20,000	12.875%, 10/01/28*		20,466
	56,000	Silgan Holdings, Inc. 4.125%, 02/01/28		53,830
	45,000	Terex Corp.* 6.250%, 10/15/32		43,111
	17,850	Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV, LLC* 7.625%, 05/03/29		10,967
				494,279
		Other (0.4%)
	15,466	Claritev Corp.* 6.750%, 03/31/31 0.75% PIK rate		9,822
	63,945	EchoStar Corp. 10.750%, 11/30/29		67,653
	42,544	6.750%, 11/30/30 6.75% PIK Rate		39,632

PRINCIPAL AMOUNT			VALUE
	25,000	Gen Digital, Inc.* 6.750%, 09/30/27	$	25,440
	23,000	Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings, LLC* 8.250%, 04/15/30		23,036
	45,000	New Gold, Inc.* 6.875%, 04/01/32		46,032
	40,000	Nissan Motor Acceptance Company, LLC* 7.050%, 09/15/28		40,922
	45,000	Olin Corp.* 6.625%, 04/01/33		42,748
	20,000	Reinsurance Group of America, Inc.‡ 6.650%, 09/15/55 5 year CMT + 2.39		19,459
	45,000	Rfna, LP* 7.875%, 02/15/30		44,252
	45,000	Stonepeak Nile Parent, LLC* 7.250%, 03/15/32		45,721
				404,717
		Real Estate (0.0%)
	22,000	Forestar Group, Inc.* 6.500%, 03/15/33		21,415
		Special Purpose Acquisition Companies (0.1%)
	11,000	Clydesdale Acquisition Holdings, Inc.* 6.750%, 04/15/32		11,264
	45,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30^		39,370
	23,000	4.625%, 01/15/29		21,364
	50,000	W.R. Grace Holding, LLC* 7.375%, 03/01/31		50,297
				122,295
		Utilities (0.2%)
	17,000	AES Corp.‡ 7.600%, 01/15/55 5 year CMT + 3.20%		16,853
	13,000	6.950%, 07/15/55 5 year CMT + 2.89		12,166
	20,000	Dominion Energy, Inc.^‡ 6.625%, 05/15/55 5 year CMT + 2.21%		19,758
	45,000	Duke Energy Corp.^‡ 6.450%, 09/01/54 5 year CMT + 2.59%		45,184
	35,000	Entergy Corp.‡ 7.125%, 12/01/54 5 year CMT + 2.67%		35,283
	35,000	Evergy, Inc.‡ 6.650%, 06/01/55 5 year CMT + 2.56%		34,078
	33,000	NiSource, Inc.^‡ 6.950%, 11/30/54 5 year CMT + 2.45%		33,587

See accompanying Notes to Schedule of Investments

www.calamos.com
111

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT				VALUE
	16,000		PPL Capital Funding, Inc.‡ 7.226%, 03/30/67 3 mo. SOFR + 2.93%	$	15,654
	20,000		Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		20,224
	10,000		8.000%, 10/15/26 5 year CMT + 6.93%		10,224
					243,011
			TOTAL CORPORATE BONDS (Cost $13,963,184)		13,269,414
CONVERTIBLE BONDS (22.2%)
			Communication Services (2.9%)
	580,000		Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		707,420
	721,000		Uber Technologies, Inc.^ 0.875%, 12/01/28		946,421
	1,000,000		Xiaomi Best Time International, Ltd. 0.000%, 12/17/27		1,426,880
					3,080,721
			Consumer Discretionary (1.5%)
	2,224,500	EUR	Accor, SA 0.700%, 12/07/27		1,374,019
	165,000		Trip.com Group, Ltd.* 0.750%, 06/15/29		186,658
					1,560,677
			Consumer Staples (1.6%)
	925,000		Post Holdings, Inc. 2.500%, 08/15/27		1,088,614
	901,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		630,804
					1,719,418
			Energy (1.0%)
	500,000	EUR	Eni S.p.A 2.950%, 09/14/30		578,603
	300,000	EUR	Saipem S.p.A 2.875%, 09/11/29		430,828
					1,009,431
			Financials (0.9%)
	700,000		Goldman Sachs Finance Corp. International, Ltd. (Tencent Holdings, Ltd.)§ 0.000%, 03/15/27		954,128
			Health Care (0.8%)
	410,000		Alnylam Pharmaceuticals, Inc. 1.000%, 09/15/27		470,057
	412,000		Halozyme Therapeutics, Inc. 0.250%, 03/01/27		432,044
					902,101

PRINCIPAL AMOUNT			VALUE
		Information Technology (7.4%)
	411,000	Cloudflare, Inc. 0.000%, 08/15/26	$	419,076
	815,000	Guidewire Software, Inc.*^ 1.250%, 11/01/29		901,423
	401,000	Nutanix, Inc.*^ 0.500%, 12/15/29		432,872
	1,526,000	Snowflake, Inc.* 0.000%, 10/01/29		1,896,818
	2,037,000	Spotify USA, Inc. 0.000%, 03/15/26		2,621,232
	1,440,000	Xero Investments, Ltd. 1.625%, 06/12/31		1,689,350
				7,960,771
		Materials (0.7%)
	626,000	Fortuna Mining Corp.* 3.750%, 06/30/29		770,706
		Other (0.2%)
	200,000	China Hongqiao Group, Ltd. 1.500%, 03/26/30		198,866
		Utilities (5.2%)
	991,000	Duke Energy Corp. 4.125%, 04/15/26		1,081,716
	688,000	NextEra Energy Capital Holdings, Inc.^ 3.000%, 03/01/27		770,808
	750,000	PPL Capital Funding, Inc. 2.875%, 03/15/28		856,102
	2,601,000	Southern Company*~ 4.500%, 06/15/27		2,891,688
				5,600,314
		TOTAL CONVERTIBLE BONDS (Cost $22,514,962)		23,757,133
BANK LOANS (1.2%)¡
		Airlines (0.1%)
	49,500	Air Canada‡ 6.323%, 03/21/31 1 mo. SOFR + 2.00%		49,010
	37,480	United Airlines, Inc.‡ 6.275%, 02/22/31 3 mo. SOFR + 2.00%		37,439
				86,449
		Communication Services (0.2%)
	11,324	Audacy Capital Corp.‡ 10.436%, 10/01/29 1 mo. SOFR + 6.00%		9,569
	1,261	Audacy Capital Corp.‡ 11.436%, 10/02/28 1 mo. SOFR + 7.00%		1,264
	24,810	Cincinnati Bell, Inc.‡ 7.072%, 11/22/28 1 mo. SOFR + 2.75%		24,698

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	59,217	CSC Holdings, LLC‡ 9.000%, 04/15/27 3 mo. Prime + 1.50%	$	57,141
	34,738	Gray Television, Inc.‡ 9.574%, 06/04/29 1 mo. SOFR + 5.25%		33,656
	54,750	TripAdvisor, Inc.‡ 7.049%, 07/08/31 3 mo. SOFR + 2.75%		53,518
	45,000	Virgin Media Bristol, LLC‡ 6.936%, 01/31/28 1 mo. SOFR + 2.50%		44,454
				224,300
		Consumer Discretionary (0.2%)
	16,128	American Axle & Manufacturing, Inc.‡ 7.053%, 12/13/29 6 mo. SOFR + 3.00%		15,826
	14,983	American Axle & Manufacturing, Inc.‡ 7.321%, 12/13/29 1 mo. SOFR + 3.00%		14,702
	13,889	American Axle & Manufacturing, Inc.‡ 7.230%, 12/13/29 3 mo. SOFR + 3.00%		13,628
	53,703	Carnival Corp.‡ 6.329%, 08/08/27 1 mo. SOFR + 2.00%		53,837
	44,888	Life Time Fitness, Inc.‡ 6.785%, 11/05/31 3 mo. SOFR + 2.50%		44,680
	24,813	Peloton Interactive, Inc.‡ 9.813%, 05/23/29 3 mo. SOFR + 5.50%		24,859
	49,500	Station Casinos, LLC‡ 6.322%, 03/14/31 1 mo. SOFR + 2.00%		49,213
				216,745
		Consumer Staples (0.3%)
	141,021	Amneal Pharmaceuticals, LLC‡ 9.822%, 05/04/28 1 mo. SOFR + 5.50%		141,559
	34,825	B&G Foods, Inc.‡ 7.822%, 10/10/29 1 mo. SOFR + 3.50%		33,389
	86,000	Bausch Health Companies, Inc.‡ 10.542%, 09/25/30 1 mo. SOFR + 6.25%		81,342
	3,582	MPH Acquisition Holdings, LLC‡ 8.030%, 12/31/30 3 mo. SOFR + 3.75%		3,544
	51,739	Star Parent, Inc.‡ 8.299%, 09/27/30 3 mo. SOFR + 4.00%		50,154
				309,988

PRINCIPAL AMOUNT			VALUE
		Energy (0.1%)
	59,395	Par Petroleum, LLC‡ 8.009%, 02/28/30 3 mo. SOFR + 3.75%	$	57,520
		Financials (0.1%)
	54,501	Advisor Group, Inc.‡ 7.822%, 08/17/28 1 mo. SOFR + 3.50%		54,362
	45,000	Level 3 Financing, Inc.‡ 8.572%, 03/27/32 1 mo. SOFR + 4.25%		44,972
	45,000	VFH Parent, LLC‡ 6.822%, 06/21/31 1 mo. SOFR + 2.50%		44,888
				144,222
		Industrials (0.1%)
	14,925	EMRLD Borrower, LP‡ 6.799%, 08/04/31 3 mo. SOFR + 2.50%		14,773
	44,663	MI Windows & Doors, LLC‡ 7.322%, 03/28/31 1 mo. SOFR + 3.00%		44,056
	84,363	TransDigm, Inc.‡ 6.799%, 02/28/31 3 mo. SOFR + 2.50%		83,628
				142,457
		Information Technology (0.1%)
	45,616	Boxer Parent Company, Inc.‡ 7.322%, 07/30/31 1 mo. SOFR + 3.00%		44,783
	38,654	SS&C Technologies, Inc.‡ 6.322%, 05/09/31 1 mo. SOFR + 2.00%		38,655
				83,438
		TOTAL BANK LOANS (Cost $1,273,628)		1,265,119
NUMBER OF SHARES			VALUE
WARRANTS (0.0%)#
		Communication Services (0.0%)
	153	Audacy Capital, LLC 09/30/28, Strike $1.00		—
	25	Audacy Capital, LLC 09/30/28, Strike $1.00		—
				—
		Energy (0.0%)
	2,607	Mcdermott International, Ltd. 06/30/27, Strike $15.98		1

See accompanying Notes to Schedule of Investments

www.calamos.com
113

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

NUMBER OF SHARES				VALUE
	2,347		Mcdermott International, Ltd. 06/30/27, Strike $12.33	$	—
					1
			TOTAL WARRANTS (Cost $1,002)		1
COMMON STOCKS (89.3%)
			Communication Services (11.1%)
	9,086		Alphabet, Inc. - Class Aµ		1,442,857
	925		Altice USA, Inc. - Class A^#		2,294
	87,930		AT&T, Inc.µ		2,435,661
	553		Audacy, Inc.#		10,231
	1,050		Baidu, Inc. (ADR)^#		92,211
	5,200	GBP	Baltic Classifieds Group, PLC		23,586
	36,605	INR	Bharti Airtel, Ltd.		803,241
	310		Cumulus Media, Inc. - Class A#		72
	18,465	EUR	Deutsche Telekom, AGµ		663,217
	2,755		Meta Platforms, Inc. - Class Aµ		1,512,495
	7,850		Millicom International Cellular, SA		271,139
	23,737	ZAR	MTN Group, Ltd.^		157,099
	960	KRW	NAVER Corp.		135,077
	1,110		Netflix, Inc.µ#		1,256,209
	617	EUR	Scout24, SE*		73,532
	4,445		Sea, Ltd. (ADR)#		595,852
	380		Spotify Technology, SA#		233,312
	7,800	HKD	Tencent Holdings, Ltd.µ		477,757
	15,060		Tencent Holdings, Ltd. (ADR)		919,564
	13,075	GBP	Trustpilot Group, PLC*#		39,208
	7,610		Walt Disney Companyµ		692,130
					11,836,744
			Consumer Discretionary (12.0%)
	50,300	HKD	Alibaba Group Holding, Ltd.µ		750,980
	1,745		Alibaba Group Holding, Ltd. (ADR)		208,405
	11,730		Amazon.com, Inc.µ#		2,163,247
	16,210	INR	Amber Enterprises India, Ltd.#		1,166,738
	83,000	AED	Americana Restaurants International, PLC		51,053
	9,604		Aptiv, PLC#		548,004
	215		AutoZone, Inc.#		808,959
	2,590	SEK	Betsson, AB - Class B		45,297
	196	EUR	Brunello Cucinelli S.p.A^		22,128
	9,000	CNY	BYD Company, Ltd. - Class A		438,017
	5,700	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		49,755
	24,400	GBP	Compass Group, PLC		822,642
	146,900	PHP	DigiPlus Interactive Corp.		104,828
	630	INR	Dixon Technologies India, Ltd.		122,427
	2,300	HKD	DPC Dash, Ltd.#		29,298

NUMBER OF SHARES				VALUE
	2,715	INR	Eicher Motors, Ltd.	$	178,995
	400	JPY	Food & Life Companies, Ltd.		14,802
	24,700	CNY	Fuyao Glass Industry Group Company, Ltd. - Class A		197,615
	85,000	HKD	Geely Automobile Holdings, Ltd.		178,441
	30,340	INR	Indian Hotels Company, Ltd.		282,050
	45,700	HKD	JD.com, Inc. - Class A		744,061
	48,000	HKD	Jiumaojiu International Holdings, Ltd.*^		15,571
	33,500	HKD	Li Ning Company, Ltd.		63,159
	2,650	EUR	Lottomatica Group S.p.A		60,404
	280	EUR	LVMH Moet Hennessy Louis Vuitton, SEµ		155,100
	2,375		MakeMyTrip, Ltd.^#		248,947
	548		MercadoLibre, Inc.#		1,277,306
	98,400	HKD	MGM China Holdings, Ltd.		127,518
	11,570		NIO, Inc. (ADR)^#		46,859
	70		Rite Aid Corp.#		70
	64,000	HKD	Sands China, Ltd.#		114,621
	3,205		Tesla, Inc.µ#		904,323
	38,700	JPY	Toyota Motor Corp.µ		739,147
	3,250	HKD	Yum China Holdings, Inc.		151,832
	640	EUR	Zalando, SE*#		23,370
	23,000	HKD	Zhongsheng Group Holdings, Ltd.		34,608
					12,890,577
			Consumer Staples (5.9%)
	1,500		Constellation Brands, Inc. - Class A^		281,310
	1,035		Costco Wholesale Corp.µ		1,029,307
	548	GBP	Cranswick, PLC		37,928
	1,515	PLN	Dino Polska, SA*#		212,384
	27,530	CNY	Eastroc Beverage Group Company, Ltd. - Class A		1,083,944
	23,600	HKD	Giant Biogene Holding Company, Ltd.*		243,831
	700	CNY	Kweichow Moutai Company, Ltd. - Class A		149,135
	5,900	CHF	Nestle, SAµ		627,981
	5,715		Philip Morris International, Inc.µ		979,322
	20,332	BRL	Raia Drogasil, SA		71,080
	705	KRW	Samyang Foods Company, Ltd.		481,191
	26,000	HKD	Smoore International Holdings, Ltd.*^		45,001
	11,000		Walmart, Inc.µ		1,069,750
					6,312,164
			Energy (3.4%)
	11,650	GBP	BP, PLC		53,793
	33,280	CAD	Canadian Natural Resources, Ltd.^		954,995
	6,185	CAD	CES Energy Solutions Corp.^		27,278
	180		Cheniere Energy Partners, LP		10,580
	8,810		Chevron Corp.µ		1,198,689
	2,552		Energy Transfer, LP		42,210

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, 2025 (Unaudited)

NUMBER OF SHARES				VALUE
	1,160		Enterprise Products Partners, LP	$	34,684
	341		EP Energy Corp.#		469
	8,880		EQT Corp.^		439,027
	11,400		Helmerich & Payne, Inc.^		215,346
	46,000	THB	PTT Exploration & Production, PCL		136,251
	7,800	EUR	Saipem S.p.A^#		18,018
	16,055		TechnipFMC, PLC		452,269
					3,583,609
			Financials (14.1%)
	116,000	HKD	AIA Group, Ltd.		869,178
	9,970	EUR	Alpha Services and Holdings, SA		24,309
	49,400	BRL	B3, SA - Brasil Bolsa Balcao		117,425
	1,700	INR	Bajaj Finance, Ltd.		173,040
	21,000	EUR	Banco Santander, SA^		147,858
	2,520	EUR	Bank of Ireland Group, PLC		29,588
	8,315		Bank of New York Mellon Corp.		668,609
	101,830	PHP	Bank of the Philippine Islands		255,321
	3,995	EUR	BAWAG Group, AG*		437,884
	5,400	JPY	Concordia Financial Group, Ltd.		34,927
	1,060	CAD	Definity Financial Corp.^		52,908
	600	EUR	Deutsche Böerse, AG		193,256
	85,640	EUR	Eurobank Ergasias Services and Holdings, SA		243,048
	29,304	AED	First Abu Dhabi Bank, PJSC		119,900
	1,510		Goldman Sachs Group, Inc.^		826,801
	3,485		HDFC Bank, Ltd. (ADR)		253,325
	7,300	HKD	Hong Kong Exchanges & Clearing, Ltd.		318,935
	42,000		ICICI Bank, Ltd. (ADR)^		1,409,520
	38,527		Itau Unibanco Holding, SA (ADR)		243,105
	6,465		JPMorgan Chase & Company^		1,581,468
	305,570	THB	Krung Thai Bank PCL		199,402
	480		Marex Group, PLC		21,288
	8,190	KRW	Meritz Financial Group, Inc.		715,484
	48,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H^		290,274
	17,300	BRL	Porto Seguro, SA		134,098
	9,345	PLN	Powszechna Kasa Oszczednosci Bank Polski, SA		179,666
	2,795		Progressive Corp.		787,463
	600	JPY	Rakuten Bank, Ltd.^#		25,235
	14,600	EUR	Societe Generale, SA		754,207
	42,200	JPY	Sumitomo Mitsui Financial Group, Inc.		1,006,774
	115	CHF	Swissquote Group Holding, SA^		59,363
	19,875	EUR	UniCredit, S.p.A.^		1,156,345
	2,165		Visa, Inc. - Class Aµ		748,008
	15,015		Wells Fargo & Company^		1,066,215
					15,144,227

NUMBER OF SHARES				VALUE
			Health Care (5.3%)
	4,035		AbbVie, Inc.^µ	$	787,228
	4,490	SEK	Ambea, AB*		54,242
	5,325	GBP	AstraZeneca, PLCµ		762,896
	665	SEK	BoneSupport Holding, AB*#		21,755
	1,250	KRW	Dentium Company, Ltd.		64,160
	1,715		Eli Lilly & Companyµ		1,541,699
	159,496	MXN	Genomma Lab Internacional, SAB de CV - Class B		186,413
	6,000	EUR	Gerresheimer, AG		407,086
	1,310		Humana, Inc.		343,534
	4,510	BRL	Hypera, SA		19,168
	19,829		Novo Nordisk, A/S (ADR)		1,317,637
	160	KRW	Samsung Biologics Company, Ltd.*#		118,411
					5,624,229
			Industrials (11.6%)
	1,000	JPY	BayCurrent, Inc.		53,884
	31	CHF	Belimo Holding, AG		26,339
	8,140	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		260,265
	1,860		Deere & Company		862,222
	117	EUR	DO & CO, AG#		18,689
	14,400		Embraer, SA (ADR)^#		661,536
	1,080	EUR	Exosens SAS#		42,033
	7,345		Flowserve Corp.		332,214
	3,305		GE Vernova, Inc.		1,225,560
	1,308	KRW	Hanwha Aerospace Company, Ltd.		735,101
	670	KRW	HD Hyundai Heavy Industries Company, Ltd.		189,496
	6,107	INR	Hindustan Aeronautics, Ltd.		323,275
	66,600	JPY	Hitachi, Ltd.		1,646,053
	310	KRW	Hyundai Rotem Company, Ltd.		24,434
	800	JPY	IHI Corp.^		62,666
	1,005	SEK	INVISIO, AB		40,391
	1,160	EUR	Iveco Group, NV^		18,532
	1,600	JPY	Japan Elevator Service Holdings Company, Ltd.		34,591
	998,000	HKD	Lonking Holdings, Ltd.		251,299
	8,700	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		60,557
	800	EUR	Palfinger, AG		26,075
	2,085	CHF	R&S Group Holding, AG^		50,133
	417	EUR	Rheinmetall, AG		710,173
	96,055	GBP	Rolls-Royce Holdings, PLC		972,314
	3,320	EUR	Schneider Electric, SE		775,704
	14,700	CNY	Shanghai International Airport Company, Ltd. - Class A		64,914
	4,235	EUR	Siemens, AGµ		975,157

See accompanying Notes to Schedule of Investments

www.calamos.com
115

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

NUMBER OF SHARES				VALUE
	8,500	EUR	SPIE, SA	$	416,607
	2,910	INR	Transformers & Rectifiers India, Ltd.		16,984
	310	EUR	Vossloh, AG		24,491
	700	EUR	Wacker Neuson, SE		18,824
	4,250		Waste Management, Inc.		991,780
	23,200	BRL	WEG, SA		182,488
	65,000	HKD	Weichai Power Company, Ltd. - Class H		126,808
	42,900	CNY	Yutong Bus Company, Ltd. - Class A		158,536
					12,380,125
			Information Technology (22.8%)
	310	TWD	Alchip Technologies, Ltd.		20,716
	6,185		Apple, Inc.^		1,314,312
	2,370		ASML Holding, NVµ		1,583,350
	3,230		Broadcom, Inc.^µ		621,678
	700		Cellebrite DI, Ltd.#		13,853
	4,100	CNY	Iflytek Company, Ltd. - Class A		26,607
	4,030		International Business Machines Corp.µ		974,535
	3,770	INR	Kaynes Technology India, Ltd.#		256,080
	2,500	JPY	Keyence Corp.		1,045,229
	254,000	HKD	Kingdee International Software Group Company, Ltd.#		431,999
	1,745	AUD	Life360, Inc.*#		24,558
	4,010		Marvell Technology, Inc.		234,064
	6,170	TWD	MediaTek, Inc.		262,182
	5,085		Microsoft Corp.^		2,009,897
	620	ILS	Nayax, Ltd.#		26,030
	315	EUR	Nemetschek, SE		41,859
	1,400	NOK	NORBIT, ASA		19,227
	31,980		NVIDIA Corp.^µ		3,483,261
	5,565		Oracle Corp.^		783,107
	5,675		Palantir Technologies, Inc. - Class Aµ#		672,147
	28,000	HKD	Q Technology Group Company, Ltd.#		23,485
	130	EUR	Reply S.p.A^		23,209
	10,915	KRW	Samsung Electronics Company, Ltd.		425,876
	5,506	EUR	SAP, SEµ		1,610,993
	985		ServiceNow, Inc.µ#		940,685
	3,900	JPY	SHIFT, Inc.#		35,686
	4,450		Shopify, Inc. - Class A#		422,750
	3,540	KRW	SK Hynix, Inc.		441,697
	170,320	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		4,825,941
	2,590	AUD	Technology One, Ltd.^		49,993
	31,300	BRL	TOTVS, SA		207,484
	15,520		Unity Software, Inc.^#		327,006
	24,000	CNY	Venustech Group, Inc. - Class A		51,194
	9,400	CNY	Will Semiconductor Company, Ltd. Shanghai - Class A		170,742

NUMBER OF SHARES				VALUE
	6,735	AUD	WiseTech Global, Ltd.	$	382,972
	103,600	HKD	Xiaomi Corp. - Class B*#		663,268
					24,447,672
			Materials (2.7%)
	38,655	CAD	Alamos Gold, Inc. - Class A		1,105,029
	160	EUR	AlzChem Group, AG		20,648
	38,990		Cemex, SAB de CV (ADR)		240,568
	3,445	EUR	Heidelberg Materials, AG		688,702
	1,505		Linde, PLCµ		682,111
	5,575	ZAR	Sasol, Ltd.#		19,256
	886	EUR	SOL S.p.A		40,452
	720	EUR	Titan Cement International, SA		33,424
	610	CAD	Torex Gold Resources, Inc.#		19,757
	5,250		Vale, SA (ADR)^		48,878
	550	EUR	Wienerberger, AG		19,312
					2,918,137
			Real Estate (0.4%)
	179,500	PHP	Ayala Land, Inc.		80,524
	57,530	AED	Emaar Properties, PJSC		205,569
	41,220	HKD	Greentown China Holdings, Ltd.		52,600
	3,970	INR	Macrotech Developers, Ltd.*		62,248
	4,000	INR	Prestige Estates Projects, Ltd.		64,660
					465,601
			Utilities (0.0%)
	2,400	EUR	Italgas S.p.A		19,718
			TOTAL COMMON STOCKS (Cost $105,850,543)		95,622,803
PREFERRED STOCKS (0.0%)
			Communication Services (0.0%)
	1,122		Qwest Corp. 6.500%, 09/01/56		19,523
	340		Telephone and Data Systems, Inc. 6.625%, 03/31/26		7,082
	355		United States Cellular Corp. 6.250%, 09/01/69		8,378
	289		5.500%, 03/01/70		6,346
	33		5.500%, 06/01/70		732
					42,061
			Consumer Discretionary (0.0%)
	305		Guitar Center, Inc.#		4,575
			TOTAL PREFERRED STOCKS (Cost $73,722)		46,636

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, 2025 (Unaudited)

NUMBER OF SHARES			VALUE
EXCHANGE-TRADED FUNDS (1.1%)
		Other (1.1%)
	45,865	Invesco Senior Loan ETF^	$	950,323
	6,150	iShares MSCI Saudi Arabia ETF^		248,644
		TOTAL EXCHANGE-TRADED FUNDS (Cost $1,280,484)		1,198,967
CONVERTIBLE PREFERRED STOCKS (3.1%)
		Industrials (3.1%)
	54,190	Boeing Company 6.000%, 10/15/27		3,326,182
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,953,219)		3,326,182
PRINCIPAL AMOUNT			VALUE
U.S. GOVERNMENT AND AGENCY SECURITIES (2.4%)
		Other (2.4%)
	1,700,000	U.S. Treasury Note 4.500%, 07/15/26		1,713,813
	850,000	4.000%, 06/30/28		860,625
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $2,563,106)		2,574,438
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
EXCHANGE-TRADED PURCHASED OPTIONS (1.5%)#
		Communication Services (0.1%)
	52	Sea, Ltd.
	697,060	Call, 06/20/25, Strike $130.00		70,460
		Consumer Discretionary (0.3%)
	96	Aptiv, PLC
	547,776	Put, 08/15/25, Strike $47.50		20,640
	99	Flutter Entertainment, PLC
	2,385,801	Call, 01/16/26, Strike $290.00		142,065
	3	MercadoLibre, Inc.
	699,255	Call, 06/20/25, Strike $2,200.00		70,455
	56	Royal Caribbean Cruises, Ltd.
	1,203,496	Call, 01/16/26, Strike $260.00		81,480
	38	Toyota Motor Corp.
	726,636	Put, 08/15/25, Strike $160.00		11,305
				325,945
		Health Care (0.1%)
	40	AbbVie, Inc.
	780,400	Put, 08/15/25, Strike $165.00		11,100
	131	Boston Scientific Corp.
	1,347,597	Call, 01/16/26, Strike $110.00		96,285
				107,385

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			Industrials (0.1%)
	230 261,280		Full Truck Alliance Company, Ltd. Call, 06/20/25, Strike $10.00	$	39,675
			Information Technology (0.1%)
	44		Shopify, Inc.
	418,000		Put, 09/19/25, Strike $75.00		23,650
	88		Taiwan Semiconductor Manufacturing Company, Ltd.
	1,466,872		Call, 06/20/25, Strike $160.00		119,900
					143,550
			Other (0.8%)
	99		Anglogold Ashanti, PLC
	417,384		Call, 07/18/25, Strike $45.00		21,038
	36		EURO STOXX Banks Index
	332,712	EUR	Call, 09/19/25, Strike 195.00		13,356
	1,144		iShares China Large-Cap ETF
	3,873,584		Put, 05/16/25, Strike $30.00		6,864
	1,032		iShares MSCI Emerging Markets ETF
	4,516,032		Put, 06/20/25, Strike $39.00		19,608
	21		iShares MSCI Eurozone ETF
	117,012		Put, 05/16/25, Strike $48.00		105
	280		SPDR^® S&P 500^® ETF Trust
	15,527,120		Put, 12/19/25, Strike $510.00		533,820
	160
	8,872,640		Put, 07/18/25, Strike $540.00		246,240
	268
	14,861,672		Put, 05/16/25, Strike $500.00		28,944
					869,975
			TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost $3,054,660)		1,556,990
			TOTAL INVESTMENTS (133.2%) (Cost $153,528,510)		142,617,683
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-12.1%)					(13,000,000	)
LIABILITIES, LESS OTHER ASSETS (-21.1%)					(22,572,968	)
NET ASSETS (100.0%)				$	107,044,715
EXCHANGE-TRADED WRITTEN OPTIONS (0.0%)#
			Industrials (0.0%)
	(73	)	Flowserve Corp.
	(330,179	)	Call, 10/17/25, Strike $65.00	$	(4,015	)
			Information Technology (0.0%)
	(44	)	Shopify, Inc.
	(418,000	)	Call, 07/18/25, Strike $115.00		(16,940	)
			TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premium $13,428)	$	(20,955	)

See accompanying Notes to Schedule of Investments

www.calamos.com
117

Global Total Return Fund Schedule of Investments April 30, 2025 (Unaudited)

FORWARD FOREIGN CURRENCY CONTRACTS

COUNTERPARTY	LONG CONTRACTS	SETTLEMENT DATE	LOCAL CURRENCY		CURRENT VALUE		UNREALIZED GAIN/LOSS
State Street Bank and Trust	Yuan Renminbi	05/06/25		1,387,526	$	191,046	$	(63	)
							$	(63	)

NOTES TO SCHEDULE OF INVESTMENTS

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

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

@ In default status and considered non-income producing.

!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.

RESTRICTED SECURITY	ACQUISITION DATE	ACQUISITION COST
Rite Aid Corp.	09/04/2024	$	—
	TOTAL	$	—

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

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $166,764.

¡ 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.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $32,043,683.

# 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

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

PHP Philippine Peso

PLN Polish Zloty

SEK Swedish Krona

THB Thai Baht

TWD New Taiwan Dollar

ZAR South African Rand

ABBREVIATION

ADR American Depositary Receipt

CURRENCY EXPOSURE
APRIL 30, 2025

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	95,390,839		66.9	%
European Monetary Unit		12,330,758		8.7	%
Hong Kong Dollar		6,004,524		4.2	%
New Taiwan Dollar		5,108,839		3.6	%
Japanese Yen		4,698,994		3.3	%
Indian Rupee		3,449,738		2.4	%
South Korean Won		3,330,927		2.4	%
Canadian Dollar		2,790,771		2.0	%
British Pound Sterling		2,712,367		1.9	%
Chinese Yuan Renminbi		2,711,281		1.9	%
Swiss Franc		763,816		0.5	%
Brazilian Real		731,743		0.5	%
Australian Dollar		457,523		0.3	%
Philippine Peso		440,673		0.3	%
Polish Zloty		392,050		0.3	%
UAE Dirham		376,522		0.3	%
Thai Baht		335,653		0.2	%
Mexican Peso		186,413		0.1	%
South African Rand		176,355		0.1	%
Swedish Krona		161,685		0.1	%
Israeli Shekel		26,030		—	%
Norwegian Krone		19,227		—	%
Total Investments	$	142,596,728		100.0	%

Currency exposure may vary over time.

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, 2025 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2025 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	13,269,414	$	—	$	13,269,414
Convertible Bonds		—		23,757,133		—		23,757,133
Bank Loans		—		1,265,119		—		1,265,119
Warrants		1		—		—		1
Common Stocks		54,522,647		41,100,156		—		95,622,803
Preferred Stocks		46,636		—		—		46,636
Exchange-Traded Funds		1,198,967		—		—		1,198,967
Convertible Preferred Stocks		3,326,182		—		—		3,326,182
U.S. Government and Agency Securities		—		2,574,438		—		2,574,438
Exchange-Traded Purchased Options		1,556,990		—		—		1,556,990
Total	$	60,651,423	$	81,966,260	$	—	$	142,617,683
Liabilities:
Forward Foreign Currency Contracts	$	—	$	63	$	—	$	63
Exchange-Traded Written Options		20,955		—		—		20,955
Total	$	20,955	$	63	$	—	$	21,018

SECTOR WEIGHTINGS

Information Technology	21.5	%
Financials	11.9
Consumer Discretionary	11.5
Industrials	11.3
Communication Services	10.6
Consumer Staples	5.8
Health Care	5.0
Energy	4.1
Utilities	3.8
Materials	2.7
Other	0.8
Real Estate	0.3
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

See accompanying Notes to Schedule of Investments

www.calamos.com
119

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (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 $137,391)	$	140,042
CORPORATE BONDS (33.2%)
		Airlines (0.2%)
	145,632	Alaska Airlines Pass Through Trust Series 2020-1, Class A*~µ 4.800%, 02/15/29		144,554
	35,490	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		35,749
	173,600	American Airlines Pass Through Trust Series 2021-1, Class Bµ 3.950%, 01/11/32		162,462
	153,021	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		144,018
	174,211	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		176,631
				663,414
		Communication Services (2.2%)
	200,000	Altice Financing, SA*µ 5.750%, 08/15/29		147,266
	225,000	APi Group DE, Inc.*µ 4.750%, 10/15/29		212,323
	170,000	Bell Telephone Company of Canada or Bell Canada‡ 7.000%, 09/15/55 5 year CMT + 2.36		169,453
	162,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		152,630
	90,000	Clear Channel Outdoor Holdings, Inc.*µ 7.875%, 04/01/30		90,173
	85,000	9.000%, 09/15/28		88,165
	200,000	Connect Finco SARL / Connect US Finco, LLC*µ 9.000%, 09/15/29		187,164
	262,000	Consolidated Communications, Inc.*~ 6.500%, 10/01/28		258,177
	400,000	CSC Holdings, LLC* 4.625%, 12/01/30		185,492
	350,000	4.500%, 11/15/31		238,493
	174,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*~µ 5.875%, 08/15/27		168,331
	290,000	Frontier California, Inc. 6.750%, 05/15/27		288,039

PRINCIPAL AMOUNT			VALUE
	48,000	Frontier Communications Holdings, LLC*µ 8.750%, 05/15/30	$	50,273
	292,000	Frontier Florida, LLC 6.860%, 02/01/28		299,268
	280,000	Frontier North, Inc. 6.730%, 02/15/28		285,099
	165,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.*~ 3.500%, 03/01/29		154,145
	100,000	Gray Media, Inc.* 5.375%, 11/15/31		59,798
	185,000	Hughes Satellite Systems Corp.µ^ 5.250%, 08/01/26		172,548
	92,000	iHeartCommunications, Inc.* 10.875%, 05/01/30		38,791
	62,300	7.750%, 08/15/30µ		45,048
	200,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		164,662
	135,000	Lumen Technologies, Inc.µ 7.600%, 09/15/39		99,255
	132,750	10.000%, 10/15/32*		132,616
	95,000	Match Group Holdings II, LLC*~ 3.625%, 10/01/31		81,556
	571,000	Paramount Global~ 6.375%, 03/30/62‡ 5 year CMT + 4.00%		549,536
	180,000	4.900%, 08/15/44		135,490
	63,000	Qwest Corp.µ 7.250%, 09/15/25		62,845
	320,000	Rogers Communications, Inc.‡ 5.250%, 03/15/82*~ 5 year CMT + 3.59%		312,342
	285,000	7.125%, 04/15/55 5 year CMT + 2.62		283,877
	285,000	7.000%, 04/15/55 5 year CMT + 2.65		286,368
	95,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29~µ		73,179
	48,000	5.375%, 01/15/31		27,375
	100,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		79,234
	95,000	Sinclair Television Group, Inc.* 8.125%, 02/15/33		94,203
	233,000	Sirius XM Radio, LLC* 3.875%, 09/01/31~^		200,007
	100,000	5.500%, 07/01/29		97,529
	90,000	3.125%, 09/01/26~		87,681
	175,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		112,035
	115,000	Stagwell Global, LLC*µ 5.625%, 08/15/29		108,690
	100,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		54,836

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
120

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	145,000	Time Warner Cable, LLC 6.550%, 05/01/37	$	143,183
	70,000	7.300%, 07/01/38~		72,939
	82,000	United States Cellular Corp. 6.700%, 12/15/33		88,829
	135,000	Univision Communications, Inc.* 8.000%, 08/15/28~µ		131,431
	95,000	8.500%, 07/31/31		89,895
	265,000	Vodafone Group, PLC~‡ 7.000%, 04/04/79 U.S. 5yr Swap + 4.87%		272,706
				7,132,975
		Consumer Discretionary (4.0%)
	280,000	Adams Homes, Inc.*µ 9.250%, 10/15/28		281,428
	250,000	Adient Global Holdings, Ltd.*^ 8.250%, 04/15/31~		247,823
	95,000	7.500%, 02/15/33		90,106
	740,000	Aptiv Swiss Holdings, Ltd.~‡ 6.875%, 12/15/54 5 year CMT + 3.39%		692,884
	167,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		155,123
	217,000	At Home Group, Inc.* 4.875%, 07/15/28		58,518
	254,000	Bath & Body Works, Inc. 6.694%, 01/15/27		259,029
	145,000	6.875%, 11/01/35~		145,954
	35,000	6.625%, 10/01/30*		35,687
	200,000	Benteler International AG*~ 10.500%, 05/15/28		204,300
	118,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29~		109,321
	115,000	6.000%, 10/15/32^		108,498
	35,000	7.000%, 02/15/30		35,881
	92,000	Carnival Corp.* 7.625%, 03/01/26~		92,130
	89,000	4.000%, 08/01/28~µ		85,042
	12,000	7.000%, 08/15/29µ		12,532
	47,498	Carvana Company*µ 9.000%, 06/01/31		53,596
	37,226	9.000%, 06/01/30		39,482
	21,136	9.000%, 12/01/28		21,738
	750,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 4.750%, 03/01/30~		709,365
	250,000	4.500%, 08/15/30~		232,485
	220,000	6.375%, 09/01/29~		222,240
	186,000	4.250%, 02/01/31~		168,311
	185,000	5.125%, 05/01/27µ		182,534
	96,000	4.750%, 02/01/32~		87,113
	96,000	Churchill Downs, Inc.* 5.750%, 04/01/30~		93,993
	92,000	6.750%, 05/01/31µ		93,053

PRINCIPAL AMOUNT			VALUE
	155,000	Dana, Inc. 4.250%, 09/01/30	$	142,967
	140,000	4.500%, 02/15/32		125,916
	88,000	DISH DBS Corp. 5.125%, 06/01/29		55,119
	72,000	7.375%, 07/01/28		48,753
	186,000	DISH Network Corp.* 11.750%, 11/15/27		195,572
	200,000	Empire Resorts, Inc.*µ 7.750%, 11/01/26		190,734
	204,000	Everi Holdings, Inc.*µ 5.000%, 07/15/29		205,057
	190,000	Ford Motor Company^ 6.100%, 08/19/32		182,362
	300,000	Ford Motor Credit Company, LLC~ 4.000%, 11/13/30		267,177
	270,000	5.113%, 05/03/29		258,960
	235,000	7.200%, 06/10/30		242,318
	71,000	Gap, Inc.*~ 3.875%, 10/01/31		61,529
	90,000	General Motors Company~ 5.200%, 04/01/45		74,059
	690,000	General Motors Financial Company, Inc.‡ 5.700%, 09/30/30~ 5 year CMT + 5.00%		652,036
	293,000	6.500%, 09/30/28 3 mo. USD LIBOR + 3.44%		276,299
	315,000	goeasy, Ltd.* 9.250%, 12/01/28		330,145
	161,000	7.625%, 07/01/29		162,443
	272,000	Goodyear Tire & Rubber Company^ 5.625%, 04/30/33		251,635
	100,000	5.250%, 07/15/31		93,512
	115,000	Group 1 Automotive, Inc.* 6.375%, 01/15/30		116,527
	79,000	4.000%, 08/15/28~		75,154
	40,423	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		40,425
	250,000	Kohl's Corp. 5.550%, 07/17/45		119,058
	185,000	LCM Investments Holdings II, LLC*~µ 8.250%, 08/01/31		193,874
	190,000	Liberty Interactive, LLC 8.250%, 02/01/30		71,142
	190,000	Life Time, Inc.* 6.000%, 11/15/31		189,774
	90,000	Light & Wonder International, Inc.*~µ 7.500%, 09/01/31		92,541
	70,000	Lindblad Expeditions Holdings, Inc.*µ 9.000%, 05/15/28		72,042
	123,000	Lindblad Expeditions, LLC*µ 6.750%, 02/15/27		122,723
	125,000	M/I Homes, Inc. 3.950%, 02/15/30		113,590

See accompanying Notes to Schedule of Investments

www.calamos.com
121

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	230,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*	$	193,126
	135,000	4.300%, 02/15/43		81,092
	370,000	MGM Resorts International^ 6.500%, 04/15/32		365,038
	242,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*~ 4.875%, 05/01/29		229,297
	190,000	Newell Brands, Inc. 6.875%, 04/01/36^		165,623
	95,000	6.625%, 05/15/32		85,318
	64,000	5.700%, 04/01/26~		63,242
	90,000	Nordstrom, Inc.~ 5.000%, 01/15/44		63,180
	170,000	Patrick Industries, Inc.* 4.750%, 05/01/29µ		162,059
	95,000	6.375%, 11/01/32		92,445
	215,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		188,918
	265,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		155,486
	95,000	QVC, Inc. 5.450%, 08/15/34		46,717
	90,000	Raising Cane's Restaurants, LLC*~ 9.375%, 05/01/29		95,639
	14,928	Rite Aid Cmsr Note 12.000%, 12/31/25		17,167
	324,000	Rite Aid Corp. 0.000%, 11/15/26*@!!		—
	109,550	15.000%, 08/30/31		19,310
	58,927	0.000%, 10/18/25*		—
	21,297	11.317%, 08/30/31* 3 mo. SOFR + 7.00%		14,908
	20,067	Rite Aid Note Holder Trust Bond 0.000%, 08/30/34		—
	190,000	Rivers Enterprise Borrower, LLC / Rivers Enterprise Finance Corp.* 6.625%, 02/01/33		187,927
	24,000	Royal Caribbean Cruises, Ltd.* 5.625%, 09/30/31		23,845
	23,000	6.250%, 03/15/32		23,367
	175,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*µ 4.625%, 03/01/29		162,843
	275,000	Six Flags Entertainment Corp.*~µ 7.250%, 05/15/31		279,120
	115,000	Six Flags Entertainment Corp. / Canada's Wonderland Company / Magnum Management Corp.µ 5.250%, 07/15/29		109,805
	117,000	Sonic Automotive, Inc.*µ 4.625%, 11/15/29		109,830

PRINCIPAL AMOUNT			VALUE
	147,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.*µ 4.875%, 11/01/27	$	141,451
	190,000	Station Casinos, LLC*~ 4.500%, 02/15/28		183,635
	185,000	STL Holding Company, LLC*µ 8.750%, 02/15/29		188,672
	45,000	Viking Cruises, Ltd.*µ 9.125%, 07/15/31		48,164
	175,000	ZF North America Capital, Inc.*~ 7.125%, 04/14/30		161,665
				13,200,498
		Consumer Staples (0.9%)
	100,000	Brink's Company* 6.500%, 06/15/29		102,084
	92,000	6.750%, 06/15/32		94,303
	218,000	Central Garden & Pet Company* 4.125%, 04/30/31		196,501
	213,000	Edgewell Personal Care Company*~ 4.125%, 04/01/29		199,534
	263,000	Energizer Holdings, Inc.*µ 4.375%, 03/31/29~		245,737
	48,000	6.500%, 12/31/27		48,292
	51,000	JBS USA Holding Lux Sarl/ JBS USA Food Company/ JBS Lux Company Sarlµ 5.750%, 04/01/33		52,068
	27,000	5.500%, 01/15/30		27,453
	655,000	Land O' Lakes, Inc.* 7.000%, 09/18/28		532,482
	162,158	MPH Acquisition Holdings, LLC* 6.750%, 03/31/31 0.75% PIK rate		108,946
	78,641	5.750%, 12/31/30µ		61,293
	68,712	11.500%, 12/31/30µ 6.50% Cash & 5.00% PIK Rate		64,266
	191,000	Performance Food Group, Inc.* 4.250%, 08/01/29~µ		180,923
	48,000	6.125%, 09/15/32		48,221
	140,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		132,714
	187,000	Post Holdings, Inc.* 6.250%, 02/15/32~		188,808
	139,000	6.375%, 03/01/33		137,876
	182,000	Prestige Brands, Inc.*~ 3.750%, 04/01/31		164,579
	140,000	RR Donnelley & Sons Company*µ 9.500%, 08/01/29		133,759
	155,000	United Natural Foods, Inc.*~µ 6.750%, 10/15/28		152,333
	93,000	Walgreens Boots Alliance, Inc. 4.650%, 06/01/46		84,458
				2,956,630

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
122

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
		Energy (3.7%)
	190,000	Ascent Resources Utica Holdings, LLC / ARU Finance Corp.* 6.625%, 10/15/32	$	188,155
	140,000	Buckeye Partners, LP 6.750%, 02/01/30*		142,514
	135,000	5.850%, 11/15/43		113,501
	70,000	6.875%, 07/01/29*		71,374
	223,000	Civitas Resources, Inc.* 8.750%, 07/01/31		212,011
	135,000	Continental Resources, Inc.µ 4.900%, 06/01/44		104,273
	150,000	DT Midstream, Inc.*~ 4.125%, 06/15/29		140,894
	820,000	Enbridge, Inc.‡ 5.750%, 07/15/80~ 5 year CMT + 5.31%		790,365
	680,000	7.375%, 01/15/83~ 5 year CMT + 3.71%		684,379
	430,000	7.200%, 06/27/54µ 5 year CMT + 2.97%		429,445
	137,000	7.375%, 03/15/55µ 5 year CMT + 3.12%		138,445
	233,000	Encino Acquisition Partners Holdings, LLC* 8.750%, 05/01/31		237,872
	435,000	Energy Transfer, LP‡ 6.500%, 11/15/26~ 5 year CMT + 5.69%		433,186
	370,000	7.125%, 10/01/54^ 5 year CMT + 2.83%		366,289
	345,000	8.000%, 05/15/54 5 year CMT + 4.02%		358,383
	125,000	7.555%, 11/01/66~ 3 mo. SOFR + 3.28%		121,238
	185,000	Enterprise Products Operating, LLCµ‡ 7.571%, 08/16/77 3 mo. SOFR + 3.25%		181,848
	135,000	5.250%, 08/16/77~ 3 mo. SOFR + 3.29%		131,038
	310,000	EQT Corp.*µ 7.500%, 06/01/27		315,214
	196,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30~µ		200,318
	95,000	8.000%, 05/15/33		92,478
	265,000	Gulfport Energy Operating Corp.*µ 6.750%, 09/01/29		261,868
	185,000	Howard Midstream Energy Partners, LLC* 7.375%, 07/15/32		189,516
	190,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.875%, 12/01/32		184,429
	180,000	Matador Resources Company* 6.500%, 04/15/32		173,549
	198,000	Nabors Industries, Inc.*~µ 9.125%, 01/31/30		179,792

PRINCIPAL AMOUNT			VALUE
	68,000	Nabors Industries, Ltd.*^ 7.500%, 01/15/28	$	54,146
	140,000	New Fortress Energy, Inc.*µ 6.500%, 09/30/26		115,038
	192,000	Oceaneering International, Inc. 6.000%, 02/01/28		183,164
	113,000	ONEOK, Inc.*~µ 6.500%, 09/01/30		119,769
	285,000	Parkland Corp.* 6.625%, 08/15/32		283,746
	181,000	Permian Resources Operating, LLC* 7.000%, 01/15/32		182,497
	48,000	6.250%, 02/01/33		47,004
	750,000	Plains All American Pipeline, LP‡ 8.695%, 05/31/25 3 mo. SOFR + 4.37%		741,480
	660,000	South Bow Canadian Infrastructure Holdings, Ltd.*‡ 7.625%, 03/01/55 5 year CMT + 3.95%		659,551
	190,000	7.500%, 03/01/55 5 year CMT + 3.67%		187,046
	256,000	Summit Midstream Holdings, LLC*µ 8.625%, 10/31/29		252,321
	95,000	Sunoco, LP* 6.250%, 07/01/33		94,959
	265,000	TGNR Intermediate Holdings, LLC*~ 5.500%, 10/15/29		243,424
	253,600	Transocean, Inc.*µ 8.750%, 02/15/30		248,018
	180,000	8.250%, 05/15/29		145,618
	45,000	Venture Global Calcasieu Pass, LLC*~ 4.125%, 08/15/31		40,505
	45,000	3.875%, 08/15/29		41,309
	1,093,000	Venture Global LNG, Inc.* 9.000%, 09/30/29‡ 5 year CMT + 5.44%		939,335
	230,000	8.375%, 06/01/31~		221,876
	140,000	8.125%, 06/01/28~		139,230
	100,000	7.000%, 01/15/30		94,313
	90,000	9.875%, 02/01/32~		91,628
	90,000	9.500%, 02/01/29~		93,330
	182,000	Vital Energy, Inc.*^ 7.875%, 04/15/32		140,895
	145,000	VOC Escrow, Ltd.*~ 5.000%, 02/15/28		142,246
	283,000	Weatherford International, Ltd.*~µ 8.625%, 04/30/30		280,807
	164,000	Wildfire Intermediate Holdings, LLC*µ 7.500%, 10/15/29		150,167
				12,375,796
		Financials (13.4%)
	285,000	Acrisure, LLC / Acrisure Finance, Inc.*~µ 8.250%, 02/01/29		292,020

See accompanying Notes to Schedule of Investments

www.calamos.com
123

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	475,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trustµ‡ 6.950%, 03/10/55 5 year CMT + 2.72%	$	477,546
	330,000	6.500%, 01/31/56 5 year CMT + 2.44		320,529
	605,000	Aircastle, Ltd.*‡ 5.250%, 06/15/26 5 year CMT + 4.41%		588,435
	190,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 7.375%, 10/01/32µ		192,177
	190,000	6.500%, 10/01/31		189,953
	400,000	Allianz, SE*µ‡ 5.600%, 09/03/54 5 year CMT + 2.77%		389,168
	360,000	Allstate Corp.‡ 7.523%, 08/15/53 3 mo. SOFR + 3.20%		357,217
	1,171,000	Ally Financial, Inc.‡ 4.700%, 05/15/26 5 year CMT + 3.87%		1,079,006
	740,000	4.700%, 05/15/28 7 year CMT + 3.48%		633,003
	199,000	AmWINS Group, Inc.*µ 4.875%, 06/30/29		189,792
	1,025,000	Ares Finance Company III, LLC*µ‡ 4.125%, 06/30/51 5 year CMT + 3.24%		987,249
	195,000	AssuredPartners, Inc.*µ 5.625%, 01/15/29		194,844
	764,000	AXIS Specialty Finance, LLCµ‡ 4.900%, 01/15/40 5 year CMT + 3.19%		724,157
	185,000	Baldwin Insurance Group Holdings, LLC / Baldwin Insurance Group Holdings Finance* 7.125%, 05/15/31		188,791
	675,000	Bank of America Corp.‡ 6.625%, 05/01/30		676,870
	646,000	6.125%, 04/27/27~ 5 year CMT + 3.23%		645,683
	895,000	Bank of New York Mellon Corp.µ‡ 4.700%, 09/20/25 5 year CMT + 4.36%		890,847
	150,000	Beacon Funding Trust*µ 6.266%, 08/15/54		146,141
	190,000	Blackstone Mortgage Trust, Inc.*µ 7.750%, 12/01/29		197,824
	200,000	Boost Newco Borrower LLC*~ 7.500%, 01/15/31		211,224
	675,000	BP Capital Markets, PLCµ‡ 4.375%, 06/22/25 5 year CMT + 4.04%		672,273
	480,000	4.875%, 03/22/30 5 year CMT + 4.40%		456,974

PRINCIPAL AMOUNT			VALUE
	92,000	Brandywine Operating Partnership, LP 8.875%, 04/12/29	$	96,747
	142,000	Bread Financial Holdings, Inc.*‡ 8.375%, 06/15/35 5 year CMT + 4.30		133,209
	330,000	BroadStreet Partners, Inc.*~µ 5.875%, 04/15/29		319,084
	188,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		182,499
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		199,894
	1,213,000	Capital One Financial Corp.~‡ 3.950%, 09/01/26 5 year CMT + 3.16%		1,158,233
	675,000	Charles Schwab Corp.~‡ 5.375%, 06/01/25 5 year CMT + 4.97%		674,197
	338,000	4.000%, 12/01/30 10 year CMT + 3.08%		295,284
	170,000	4.000%, 06/01/26 5 year CMT + 3.17%		164,677
	956,000	Citigroup, Inc.‡ 3.875%, 02/18/26 5 year CMT + 3.42%		930,838
	350,000	7.625%, 11/15/28 5 year CMT + 3.21%		359,909
	345,000	7.200%, 05/15/29 5 year CMT + 2.91%		343,855
	330,000	6.950%, 02/15/30 5 year CMT + 2.73		324,888
	290,000	4.000%, 12/10/25 5 year CMT + 3.60%		284,133
	830,000	Citizens Financial Group, Inc.‡ 4.000%, 10/06/26 5 year CMT + 3.22%		780,607
	365,000	5.650%, 10/06/25 5 year CMT + 5.31%		362,317
	830,000	Comerica, Inc.‡ 5.625%, 07/01/25 5 year CMT + 5.29%		825,892
	510,000	Corebridge Financial, Inc.µ‡ 6.375%, 09/15/54 5 year CMT + 2.65%		491,579
	365,000	6.875%, 12/15/52 5 year CMT + 3.85%		369,563
	125,000	Credit Acceptance Corp.* 9.250%, 12/15/28~		132,416
	85,000	6.625%, 03/15/30		83,758
	180,000	Cushman & Wakefield U.S. Borrower, LLC*^ 8.875%, 09/01/31		192,715
	500,000	Depository Trust & Clearing Corp.*µ‡ 3.375%, 06/20/26 5 year CMT + 2.61%		481,760

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
124

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	650,000	Discover Financial Services‡ 5.500%, 10/30/27 3 mo. SOFR + 3.34%	$	621,777
	480,000	6.125%, 06/23/25 5 year CMT + 5.78%		480,086
	765,000	Enstar Finance, LLC~µ‡ 5.500%, 01/15/42 5 year CMT + 4.01%		734,721
	265,000	Enstar Group, Ltd.*µ‡ 7.500%, 04/01/45 5 year CMT + 3.19		266,312
	1,295,000	Fifth Third Bancorp‡ 4.500%, 09/30/25 5 year CMT + 4.22%		1,283,759
	160,000	First Citizens BancShares, Inc.‡ 8.533%, 01/04/27 3 mo. SOFR + 4.23%		162,971
	210,000	GGAM Finance, Ltd.* 8.000%, 02/15/27		215,544
	95,000	5.875%, 03/15/30		94,623
	283,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		266,872
	715,000	Goldman Sachs Group, Inc.‡ 7.186%, 08/10/25 5 year CMT + 2.85%		712,526
	337,000	4.125%, 11/10/26 5 year CMT + 2.95%		322,839
	180,000	7.500%, 05/10/29 5 year CMT + 2.81%		184,286
	95,000	HAT Holdings I, LLC / HAT Holdings II, LLC*~ 8.000%, 06/15/27		97,791
	276,000	HUB International, Ltd.*~ 5.625%, 12/01/29		270,665
	137,000	7.375%, 01/31/32µ		141,222
	765,000	Huntington Bancshares, Inc.‡ 4.450%, 10/15/27~ 7 year CMT + 4.05%		730,468
	395,000	5.625%, 07/15/30 10 year CMT + 4.95%		389,703
	144,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp.~ 4.375%, 02/01/29		120,113
	285,000	Iron Mountain, Inc.* 5.250%, 03/15/28		280,725
	235,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28~µ		218,806
	200,000	6.625%, 10/15/31		196,310
	1,300,000	JPMorgan Chase & Company~‡ 3.650%, 06/01/26 5 year CMT + 2.85%		1,264,679
	680,000	KeyCorp~‡ 5.000%, 09/15/26 3 mo. SOFR + 3.87%		659,974

PRINCIPAL AMOUNT			VALUE
	195,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 4.750%, 06/15/29~	$	187,062
	116,000	7.000%, 07/15/31		119,935
	165,000	LD Holdings Group, LLC*µ 8.750%, 11/01/27		150,746
	136,580	Level 3 Financing, Inc.*µ 10.000%, 10/15/32		136,734
	90,000	3.875%, 10/15/30		71,207
	1,099,000	Liberty Mutual Group, Inc.*~‡ 4.125%, 12/15/51 5 year CMT + 3.32%		1,038,489
	200,000	M&T Bank Corp.‡ 7.304%, 08/01/25 5 year CMT + 3.17%		198,450
	200,000	5.125%, 11/01/26~ 3 mo. SOFR + 3.78%		194,156
	185,000	Macquarie Airfinance Holdings, Ltd.*~ 8.125%, 03/30/29		193,786
	577,000	Markel Group, Inc.~‡ 6.000%, 06/01/25 5 year CMT + 5.66%		575,621
	538,000	MetLife, Inc.µ 6.400%, 12/15/66		532,851
	125,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*~ 4.500%, 09/30/28		117,931
	95,000	Newmark Group, Inc. 7.500%, 01/12/29		99,457
	250,000	Northern Trust Corp.µ‡ 4.600%, 10/01/26 3 mo. SOFR + 3.46%		245,395
	130,000	OneMain Finance Corp. 3.875%, 09/15/28~		120,413
	90,000	7.500%, 05/15/31		91,432
	180,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*µ 7.000%, 02/01/30		180,094
	938,000	PartnerRe Finance B, LLC~‡ 4.500%, 10/01/50 5 year CMT + 3.82%		858,992
	735,000	PNC Financial Services Group, Inc.‡ 3.400%, 09/15/26µ 5 year CMT + 2.60%		689,959
	360,000	6.200%, 09/15/27µ 5 year CMT + 3.24%		360,770
	165,000	6.000%, 05/15/27~ 5 year CMT + 3.00%		164,048
	238,000	Provident Funding Associates, LP / PFG Finance Corp.*µ 9.750%, 09/15/29		244,831
	785,000	QBE Insurance Group, Ltd.*µ‡ 5.875%, 05/12/25 5 year CMT + 5.51%		784,819

See accompanying Notes to Schedule of Investments

www.calamos.com
125

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	185,000	RHP Hotel Properties, LP / RHP Finance Corp.* 6.500%, 04/01/32	$	184,734
	183,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*~ 3.875%, 03/01/31		165,756
	85,000	3.625%, 03/01/29		79,288
	140,000	Saks Global Enterprises, LLC* 11.000%, 12/15/29		84,990
	150,000	Service Properties Trustµ 8.375%, 06/15/29		146,375
	190,000	Starwood Property Trust, Inc.* 6.000%, 04/15/30		188,465
	95,000	6.500%, 07/01/30		95,846
	340,000	State Street Corp.‡ 6.700%, 09/15/29 5 year CMT + 2.63%		342,074
	230,000	StoneX Group, Inc.* 7.875%, 03/01/31		239,872
	190,000	TrueNoord Capital DAC*µ 8.750%, 03/01/30		194,302
	685,000	Truist Financial Corp.~‡ 4.950%, 09/01/25 5 year CMT + 4.61%		681,822
	530,000	6.669%, 09/01/25 5 year CMT + 3.00%		521,939
	256,000	5.100%, 03/01/30 10 year CMT + 4.35%		246,098
	655,000	U.S. Bancorp~‡ 5.300%, 04/15/27 3 mo. SOFR + 3.18%		638,723
	221,000	United Wholesale Mortgage, LLC*~ 5.500%, 04/15/29		214,516
	90,000	5.750%, 06/15/27		88,920
	113,000	Uniti Group, LP / Uniti Group Finance 2019, Inc. / CSL Capital, LLC* 10.500%, 02/15/28µ		120,073
	90,000	6.500%, 02/15/29~		82,384
	175,000	US Bancorpµ‡ 3.700%, 01/15/27 5 year CMT + 2.54%		164,120
	92,000	VFH Parent, LLC / Valor Co-Issuer, Inc.* 7.500%, 06/15/31		94,604
	210,000	VZ Secured Financing, BV*~ 5.000%, 01/15/32		183,357
	1,215,000	Wells Fargo & Company‡ 7.625%, 09/15/28~ 5 year CMT + 3.61%		1,284,850
	1,213,000	3.900%, 03/15/26 5 year CMT + 3.45%		1,191,348
	190,000	XHR, LP* 6.625%, 05/15/30		187,547
				44,385,730

PRINCIPAL AMOUNT			VALUE
		Health Care (1.0%)
	95,000	Acadia Healthcare Company, Inc.* 7.375%, 03/15/33	$	95,276
	377,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30~		256,654
	137,000	10.875%, 01/15/32~µ		141,610
	108,000	6.875%, 04/15/29µ		79,206
	24,000	5.250%, 05/15/30µ		20,509
	222,000	DaVita, Inc.* 3.750%, 02/15/31~		195,278
	197,000	4.625%, 06/01/30~		183,354
	182,000	6.875%, 09/01/32		184,009
	144,000	Embecta Corp.* 5.000%, 02/15/30~		129,734
	48,000	6.750%, 02/15/30µ		46,596
	100,000	Encompass Health Corp.~ 4.750%, 02/01/30		97,443
	100,000	4.500%, 02/01/28		98,592
	200,000	Jazz Securities DAC*~ 4.375%, 01/15/29		190,070
	233,000	Medline Borrower, LP*~ 5.250%, 10/01/29µ		221,576
	230,000	3.875%, 04/01/29		214,746
	24,000	Medline Borrower, LP / Medline Co-Issuer, Inc.* 6.250%, 04/01/29		24,224
	350,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV*^ 5.125%, 04/30/31		293,927
	470,000	Tenet Healthcare Corp. 6.875%, 11/15/31		483,005
	230,000	Teva Pharmaceutical Finance Netherlands III, BV^ 5.125%, 05/09/29		223,861
				3,179,670
		Industrials (2.2%)
	185,000	Aar Escrow Issuer, LLC* 6.750%, 03/15/29		189,525
	220,000	ACCO Brands Corp.*~ 4.250%, 03/15/29		191,332
	810,000	Air Lease Corp.‡ 4.650%, 06/15/26 5 year CMT + 4.08%		785,603
	485,000	4.125%, 12/15/26 5 year CMT + 3.15%		446,462
	315,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		311,944
	145,000	5.875%, 02/15/28		145,271
	108,000	Arcosa, Inc.* 4.375%, 04/15/29µ		101,439
	95,000	6.875%, 08/15/32		96,850

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
126

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	766,825	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate	$	20,160
	90,000	Bombardier, Inc.* 8.750%, 11/15/30~		96,621
	70,000	7.000%, 06/01/32^		70,873
	56,000	7.250%, 07/01/31		57,475
	35,000	7.875%, 04/15/27µ		35,099
	191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		181,586
	185,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		180,562
	48,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*~µ 4.750%, 10/20/28		47,635
	245,000	Deluxe Corp.*µ 8.000%, 06/01/29		225,919
	50,000	8.125%, 09/15/29		50,089
	182,000	EMRLD Borrower, LP / Emerald Co-Issuer, Inc.*~µ 6.625%, 12/15/30		184,928
	90,000	EnerSys* 6.625%, 01/15/32		91,995
	85,000	4.375%, 12/15/27		82,486
	72,000	EquipmentShare.com, Inc.* 8.000%, 03/15/33^		71,140
	70,000	8.625%, 05/15/32		71,375
	118,000	Graham Packaging Company, Inc.*~ 7.125%, 08/15/28		115,426
	88,000	Graphic Packaging International, LLC* 3.500%, 03/01/29		81,927
	203,000	Great Lakes Dredge & Dock Corp.*µ 5.250%, 06/01/29		185,400
	443,000	H&E Equipment Services, Inc.*~µ 3.875%, 12/15/28		441,848
	92,000	Herc Holdings, Inc.* 6.625%, 06/15/29		90,952
	139,000	JELD-WEN, Inc.* 7.000%, 09/01/32^		122,335
	50,000	4.875%, 12/15/27µ		46,193
	305,000	Ken Garff Automotive, LLC*µ 4.875%, 09/15/28		294,563
	107,000	Moog, Inc.*~ 4.250%, 12/15/27		103,418
	172,000	Novelis Corp.*~ 4.750%, 01/30/30		160,077
	190,000	Quikrete Holdings, Inc.* 6.375%, 03/01/32		191,429
	48,000	Sealed Air Corp.* 5.000%, 04/15/29		46,824
	45,000	6.500%, 07/15/32^		45,844
	144,000	Sealed Air Corp./Sealed Air Corp. U.S.* 6.125%, 02/01/28~		145,198
	50,000	7.250%, 02/15/31		52,081
	98,000	Sensata Technologies, Inc.*~ 3.750%, 02/15/31		85,724

PRINCIPAL AMOUNT			VALUE
	50,000	Standard Building Solutions, Inc.* 6.500%, 08/15/32	$	50,691
	195,000	Stanley Black & Decker, Inc.‡ 6.707%, 03/15/60 5 year CMT + 2.66%		187,627
	195,000	TransDigm, Inc.* 6.875%, 12/15/30~		201,176
	140,000	6.750%, 08/15/28~		142,919
	70,000	7.125%, 12/01/31~		72,856
	44,000	6.625%, 03/01/32		45,144
	56,452	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		53,941
	106,000	Wabash National Corp.*µ 4.500%, 10/15/28		89,252
	188,000	Waste Pro USA, Inc.* 7.000%, 02/01/33		192,514
	107,000	Williams Scotsman, Inc.* 4.625%, 08/15/28~µ		103,072
	90,000	7.375%, 10/01/31~		93,360
	75,000	6.625%, 06/15/29µ		76,169
				7,254,329
		Information Technology (0.7%)
	112,000	Coherent Corp.*~ 5.000%, 12/15/29		107,491
	96,000	Dun & Bradstreet Corp.*µ 5.000%, 12/15/29		95,911
	56,000	Fair Isaac Corp.*~ 4.000%, 06/15/28		53,855
	210,000	KBR, Inc.*µ 4.750%, 09/30/28		199,380
	95,000	NCL Corp., Ltd.* 6.750%, 02/01/32		92,827
	93,000	8.125%, 01/15/29~		97,358
	143,000	ON Semiconductor Corp.*~ 3.875%, 09/01/28		135,435
	90,000	Open Text Corp.*~ 6.900%, 12/01/27		92,576
	72,000	Open Text Holdings, Inc.*~ 4.125%, 12/01/31		64,402
	161,000	Playtika Holding Corp.*~µ 4.250%, 03/15/29		142,445
	265,000	TTM Technologies, Inc.*~ 4.000%, 03/01/29		247,022
	130,000	Twilio, Inc.~ 3.625%, 03/15/29		122,028
	47,000	3.875%, 03/15/31		42,769
	69,000	UKG, Inc.*~µ 6.875%, 02/01/31		71,120
	255,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		233,866
	185,000	Zebra Technologies Corp.* 6.500%, 06/01/32		186,090

See accompanying Notes to Schedule of Investments

www.calamos.com
127

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	220,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*~ 3.875%, 02/01/29	$	202,440
				2,187,015
		Materials (0.7%)
	90,000	ATI, Inc.µ 5.875%, 12/01/27		89,963
	190,000	Avient Corp.* 6.250%, 11/01/31		188,051
	95,000	Celanese US Holdings, LLC^ 6.629%, 07/15/32		93,517
	160,000	Chemours Company* 8.000%, 01/15/33		144,278
	140,000	4.625%, 11/15/29		117,284
	300,000	Clearwater Paper Corp.*µ 4.750%, 08/15/28		279,861
	140,000	Cleveland-Cliffs, Inc.*^ 7.000%, 03/15/32		131,984
	250,000	Constellium, SE* 6.375%, 08/15/32		246,297
	143,000	JW Aluminum Continuous Cast Company*µ 10.250%, 04/01/30		140,623
	185,000	Knife River Corp.* 7.750%, 05/01/31		193,798
	199,000	Mercer International, Inc.µ 5.125%, 02/01/29~		163,648
	90,000	12.875%, 10/01/28*		92,098
	200,000	OCI, NV* 6.700%, 03/16/33		218,476
	80,000	Silgan Holdings, Inc.~ 4.125%, 02/01/28		76,899
	190,000	Terex Corp.* 6.250%, 10/15/32		182,026
	81,600	Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV, LLC* 7.625%, 05/03/29		50,134
				2,408,937
		Other (0.8%)
	250,000	1261229 BC, Ltd.*µ 10.000%, 04/15/32		245,300
	200,000	Alumina Pty, Ltd.* 6.375%, 09/15/32		195,354
	73,467	Claritev Corp.* 6.750%, 03/31/31 0.75% PIK rate		46,657
	276,080	EchoStar Corp.µ 10.750%, 11/30/29		292,090
	182,801	6.750%, 11/30/30 6.75% PIK Rate		170,290
	340,000	Everest Reinsurance Holdings, Inc.µ‡ 6.970%, 05/01/67 3 mo. SOFR + 2.65%		323,551
	90,000	Gen Digital, Inc.*µ 6.750%, 09/30/27		91,583

PRINCIPAL AMOUNT			VALUE
	92,000	Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings, LLC* 8.250%, 04/15/30	$	92,143
	190,000	New Gold, Inc.* 6.875%, 04/01/32		194,359
	175,000	Nissan Motor Acceptance Company, LLC* 7.050%, 09/15/28		179,035
	190,000	Olin Corp.* 6.625%, 04/01/33		180,490
	430,000	Reinsurance Group of America, Inc.µ‡ 6.650%, 09/15/55 5 year CMT + 2.39		418,360
	190,000	Rfna, LP*µ 7.875%, 02/15/30		186,842
	190,000	Stonepeak Nile Parent, LLC* 7.250%, 03/15/32		193,044
				2,809,098
		Real Estate (0.0%)
	95,000	Forestar Group, Inc.* 6.500%, 03/15/33		92,475
		Special Purpose Acquisition Companies (0.1%)
	46,000	Clydesdale Acquisition Holdings, Inc.* 6.750%, 04/15/32		47,103
	185,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*~ 6.750%, 01/15/30µ		161,853
	96,000	4.625%, 01/15/29		89,169
				298,125
		Utilities (3.3%)
	412,000	AES Corp.‡ 7.600%, 01/15/55 5 year CMT + 3.20%		408,428
	70,000	6.950%, 07/15/55 5 year CMT + 2.89		65,507
	520,000	Algonquin Power & Utilities Corp.‡ 4.750%, 01/18/82 5 year CMT + 3.25%		488,889
	200,000	American Electric Power Company, Inc.‡ 3.875%, 02/15/62 5 year CMT + 2.68%		188,744
	170,000	7.050%, 12/15/54^ 5 year CMT + 2.75%		172,443
	170,000	6.950%, 12/15/54 5 year CMT + 2.68%		171,950
	175,000	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)‡ 6.850%, 02/15/55 5 year CMT + 2.95%		175,154
	120,000	7.000%, 02/15/55 5 year CMT + 3.25%		122,765

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	470,000	CMS Energy Corp.~‡ 4.750%, 06/01/50 5 year CMT + 4.12%	$	441,715
	440,000	Dominion Energy, Inc.‡ 6.625%, 05/15/55µ 5 year CMT + 2.21%		434,672
	338,000	6.875%, 02/01/55µ^ 5 year CMT + 2.39%		348,397
	287,000	4.350%, 01/15/27~ 5 year CMT + 3.20%		279,311
	865,000	Duke Energy Corp.µ‡ 6.450%, 09/01/54 5 year CMT + 2.59%		868,529
	273,000	3.250%, 01/15/82~ 5 year CMT + 2.32%		257,057
	480,000	Emera, Inc.~‡ 6.750%, 06/15/76 3 mo. USD LIBOR + 5.44%		481,872
	585,000	Entergy Corp.µ‡ 7.125%, 12/01/54 5 year CMT + 2.67%		589,733
	480,000	Evergy, Inc.µ‡ 6.650%, 06/01/55 5 year CMT + 2.56%		467,357
	567,000	National Rural Utilities Cooperative Finance Corp.µ‡ 7.125%, 09/15/53 5 year CMT + 3.53%		584,486
	325,000	5.250%, 04/20/46^ 3 mo. USD LIBOR + 3.63%		320,193
	345,000	NextEra Energy Capital Holdings, Inc.µ‡ 6.700%, 09/01/54 5 year CMT + 2.36%		349,747
	344,000	3.800%, 03/15/82~ 5 year CMT + 2.55%		323,522
	340,000	6.750%, 06/15/54 5 year CMT + 2.46%		344,787
	484,000	NiSource, Inc.‡ 6.950%, 11/30/54 5 year CMT + 2.45%		492,610
	314,000	PPL Capital Funding, Inc.µ‡ 7.226%, 03/30/67 3 mo. SOFR + 2.93%		307,211
	490,000	Sempra‡ 4.875%, 10/15/25~ 5 year CMT + 4.55%		485,188
	170,000	6.400%, 10/01/54µ 5 year CMT + 2.63%		156,290
	928,000	Southern Company~‡ 4.000%, 01/15/51 5 year CMT + 3.73%		916,836
	160,000	3.750%, 09/15/51 5 year CMT + 2.92%		155,038
	225,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		227,525

PRINCIPAL AMOUNT			VALUE
	185,000	8.000%, 10/15/26 5 year CMT + 6.93%	$	189,146
				10,815,102
		TOTAL CORPORATE BONDS (Cost $112,845,648)		109,759,794
BANK LOANS (3.9%)¡
		Airlines (0.1%)
	123,750	Air Canada‡ 6.323%, 03/21/31 1 mo. SOFR + 2.00%		122,526
	112,159	United Airlines, Inc.‡ 6.275%, 02/22/31 3 mo. SOFR + 2.00%		112,036
				234,562
		Communication Services (0.5%)
	286,710	APi Group DE, Inc.‡ 6.072%, 01/03/29 1 mo. SOFR + 1.75%		286,642
	74,791	Audacy Capital Corp.‡ 10.436%, 10/01/29 1 mo. SOFR + 6.00%		63,198
	8,328	Audacy Capital Corp.‡ 11.436%, 10/02/28 1 mo. SOFR + 7.00%		8,349
	89,316	Cincinnati Bell, Inc.‡ 7.072%, 11/22/28 1 mo. SOFR + 2.75%		88,914
	110,330	Clear Channel Outdoor Holdings, Inc.‡ 8.436%, 08/23/28 1 mo. SOFR + 4.00%		107,324
	166,740	CSC Holdings, LLC‡ 9.000%, 04/15/27 3 mo. Prime + 1.50%		160,893
	75,000	Directv Financing, LLC! 0.000%, 08/02/29		72,778
	43,402	Directv Financing, LLC‡ 9.541%, 08/02/27 3 mo. SOFR + 5.00%		43,458
	133,988	Gray Television, Inc.‡ 9.574%, 06/04/29 1 mo. SOFR + 5.25%		129,818
	45,000	Gray Television, Inc.! 0.000%, 06/04/29		43,600
	100,000	Sinclair Television Group, Inc.‡ 7.736%, 12/31/29 1 mo. SOFR + 3.30%		79,031
	180,000	Telesat Canada‡ 7.325%, 12/07/26 3 mo. SOFR + 2.75%		99,844
	228,962	TripAdvisor, Inc.‡ 7.049%, 07/08/31 3 mo. SOFR + 2.75%		223,811

See accompanying Notes to Schedule of Investments

www.calamos.com
129

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	200,000	Virgin Media Bristol, LLC‡ 6.936%, 01/31/28 1 mo. SOFR + 2.50%	$	197,573
				1,605,233
		Consumer Discretionary (0.7%)
	65,948	American Axle & Manufacturing, Inc.‡ 7.053%, 12/13/29 6 mo. SOFR + 3.00%		64,711
	61,262	American Axle & Manufacturing, Inc.‡ 7.321%, 12/13/29 1 mo. SOFR + 3.00%		60,114
	56,790	American Axle & Manufacturing, Inc.‡ 7.230%, 12/13/29 3 mo. SOFR + 3.00%		55,726
	111,636	Caesars Entertainment, Inc.‡ 6.563%, 02/06/30 3 mo. SOFR + 2.25%		110,353
	162,466	Carnival Corp.‡ 6.329%, 10/18/28 1 mo. SOFR + 2.00%		162,314
	98,853	Carnival Corp.‡ 6.329%, 08/08/27 1 mo. SOFR + 2.00%		99,101
	114,713	Chinos Intermediate Holdings A, Inc.‡ 10.280%, 09/26/31 3 mo. SOFR + 6.00%		109,216
	145,000	Clarios Global, LP‡ 7.072%, 01/28/32 1 mo. SOFR + 2.75%		142,402
	189,525	Life Time Fitness, Inc.‡ 6.785%, 11/05/31 3 mo. SOFR + 2.50%		188,648
	195,525	Light & Wonder International, Inc.‡ 6.570%, 04/14/29 1 mo. SOFR + 2.25%		195,607
	79,400	Peloton Interactive, Inc.‡ 9.813%, 05/23/29 3 mo. SOFR + 5.50%		79,549
	308,643	PetSmart, Inc.‡ 8.172%, 02/11/28 1 mo. SOFR + 3.75%		305,106
	141,788	Staples, Inc.‡ 10.041%, 09/04/29 3 mo. SOFR + 5.75%		122,764
	178,200	Station Casinos, LLC‡ 6.322%, 03/14/31 1 mo. SOFR + 2.00%		177,167
	121,199	TKC Holdings, Inc.‡ 9.323%, 05/15/28 1 mo. SOFR + 5.00%		119,987
	182,586	Windsor Holdings III, LLC‡ 7.073%, 08/01/30 1 mo. SOFR + 2.75%		180,760
				2,173,525

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (0.6%)
	625,433	Amneal Pharmaceuticals, LLC‡ 9.822%, 05/04/28 1 mo. SOFR + 5.50%	$	627,819
	139,300	B&G Foods, Inc.‡ 7.822%, 10/10/29 1 mo. SOFR + 3.50%		133,554
	118,000	Bausch Health Companies, Inc.‡ 10.542%, 10/08/30 1 mo. SOFR + 6.25%		111,609
	178,652	Fiesta Purchaser, Inc.‡ 7.572%, 02/12/31 1 mo. SOFR + 3.25%		177,405
	17,017	MPH Acquisition Holdings, LLC‡ 8.030%, 12/31/30 3 mo. SOFR + 3.75%		16,838
	185,000	Opal Bidco SAS! 0.000%, 03/31/32		183,729
	298,548	Organon & Company‡ 6.570%, 05/19/31 1 mo. SOFR + 2.25%		286,607
	232,899	Star Parent, Inc.‡ 8.299%, 09/27/30 3 mo. SOFR + 4.00%		225,767
	113,850	United Natural Foods, Inc.‡ 9.072%, 05/01/31 1 mo. SOFR + 4.75%		114,419
	185,000	Veritiv Corp.‡ 8.299%, 11/30/30 3 mo. SOFR + 4.00%		183,801
				2,061,548
		Energy (0.2%)
	170,639	ChampionX Corp.‡ 7.172%, 06/07/29 1 mo. SOFR + 2.75%		171,002
	144,000	New Fortress Energy, Inc.‡ 9.795%, 10/30/28 3 mo. SOFR + 5.50%		104,670
	279,970	Par Petroleum, LLC‡ 8.009%, 02/28/30 3 mo. SOFR + 3.75%		271,133
				546,805
		Financials (0.5%)
	242,744	Advisor Group, Inc.‡ 7.822%, 08/17/28 1 mo. SOFR + 3.50%		242,125
	133,320	Amynta Agency Borrower, Inc.‡ 7.322%, 12/29/31 1 mo. SOFR + 3.00%		132,306
	222,750	AssuredPartners, Inc.‡ 7.822%, 02/14/31 1 mo. SOFR + 3.50%		223,017
	99,002	Broadstreet Partners, Inc.‡ 7.322%, 06/13/31 1 mo. SOFR + 3.00%		98,660

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, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
	239,400	Dragon Buyer, Inc.‡ 7.299%, 09/30/31 3 mo. SOFR + 3.00%	$	238,323
	178,206	HUB International, Ltd.‡ 6.770%, 06/20/30 3 mo. SOFR + 2.50%		177,268
	138,250	Iron Mountain, Inc.‡ 6.322%, 01/31/31 1 mo. SOFR + 2.00%		137,835
	140,353	Jazz Financing Lux Sarl‡ 6.572%, 05/05/28 1 mo. SOFR + 2.25%		140,052
	185,000	Level 3 Financing, Inc.‡ 8.572%, 03/27/32 1 mo. SOFR + 4.25%		184,884
	185,000	VFH Parent, LLC‡ 6.822%, 06/21/31 1 mo. SOFR + 2.50%		184,538
				1,759,008
		Health Care (0.1%)
	298,500	DaVita, Inc.‡ 6.322%, 05/09/31 1 mo. SOFR + 2.00%		297,270
	207,059	Padagis, LLC‡ 9.271%, 07/06/28 3 mo. SOFR + 4.75%		193,988
				491,258
		Industrials (0.5%)
	180,456	ACProducts, Inc.‡ 8.811%, 05/17/28 3 mo. SOFR + 4.25%		122,761
	107,250	American Airlines, Inc.‡ 6.520%, 04/20/28 3 mo. SOFR + 2.25%		105,215
	185,000	ECO Material Tech, Inc.‡ 7.467%, 02/12/32 6 mo. SOFR + 3.25%		183,613
	69,650	EMRLD Borrower, LP‡ 6.799%, 08/04/31 3 mo. SOFR + 2.50%		68,939
	183,613	MI Windows & Doors, LLC‡ 7.322%, 03/28/31 1 mo. SOFR + 3.00%		181,119
	185,000	Quikrete Holdings, Inc.‡ 6.572%, 02/10/32 1 mo. SOFR + 2.25%		181,604
	376,703	TransDigm, Inc.‡ 6.799%, 02/28/31 3 mo. SOFR + 2.50%		373,424
	297,008	Vertiv Group Corp.‡ 6.069%, 03/02/27 1 mo. SOFR + 1.75%		296,327
				1,513,002

PRINCIPAL AMOUNT			VALUE
		Information Technology (0.4%)
	240,576	Boxer Parent Company, Inc.‡ 7.322%, 07/30/31 1 mo. SOFR + 3.00%	$	236,188
	222,600	Camelot U.S. Acquisition, LLC‡ 7.072%, 01/31/31 1 mo. SOFR + 2.75%		220,096
	171,549	Dun & Bradstreet Corp.‡ 6.570%, 01/18/29 1 mo. SOFR + 2.25%		171,227
	149,896	II-VI, Inc.‡ 6.322%, 07/02/29 1 mo. SOFR + 2.00%		148,522
	20,000	Qxo, Inc.! 0.000%, 04/23/32		20,004
	95,000	Rocket Software, Inc.! 0.000%, 11/28/28		94,485
	164,524	SS&C Technologies, Inc.‡ 6.322%, 05/09/31 1 mo. SOFR + 2.00%		164,528
	99,250	UKG, Inc.‡ 7.320%, 02/10/31 1 mo. SOFR + 3.00%		99,025
				1,154,075
		Materials (0.2%)
	297,732	Axalta Coating Systems U.S. Holdings, Inc.‡ 6.049%, 12/20/29 3 mo. SOFR + 1.75%		298,073
	297,119	Ineos U.S. Finance, LLC‡ 7.572%, 02/18/30 1 mo. SOFR + 3.25%		278,846
	132,477	Trinseo Materials Operating SCA‡ 7.075%, 05/03/28 3 mo. SOFR + 2.50%		56,779
	185,905	W.R. Grace & Company-Conn.‡ 7.549%, 09/22/28 3 mo. SOFR + 3.25%		182,962
				816,660
		Other (0.0%)
	95,000	Windstream Services, LLC‡ 9.172%, 10/01/31 1 mo. SOFR + 4.75%		94,644
		Special Purpose Acquisition Companies (0.1%)
	81,333	Clydesdale Acquisition Holdings, Inc.‡ 7.497%, 04/13/29 1 mo. SOFR + 3.18%		80,871
	43,650	Fertitta Entertainment, LLC‡ 7.822%, 01/27/29 1 mo. SOFR + 3.50%		42,627
	175,500	Patagonia Holdco, LLC‡ 10.052%, 08/01/29 3 mo. SOFR + 5.75%		149,961
				273,459
		TOTAL BANK LOANS (Cost $13,031,698)		12,723,779

See accompanying Notes to Schedule of Investments

www.calamos.com
131

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

PRINCIPAL AMOUNT			VALUE
U.S. GOVERNMENT AND AGENCY SECURITIES (0.4%)
		Other (0.4%)
	500,000	CoBank ACBµ‡ 7.250%, 07/01/29 5 year CMT + 2.88%	$	505,129
	250,000	7.125%, 01/01/30 5 year CMT + 2.82%		254,136
	500,000	Farm Credit Bank of Texasµ‡ 7.750%, 06/15/29 5 year CMT + 3.29%		517,922
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $1,250,775)		1,277,187
NUMBER OF SHARES			VALUE
PREFERRED STOCKS (1.9%)
		Communication Services (0.6%)
	18,155	AT&T, Inc.µ 4.750%, 05/30/25		346,035
	5,425	5.350%, 11/01/66		123,093
	41,572	Qwest Corp.µ 6.500%, 09/01/56		723,353
	16,781	Telephone & Data Systems, Inc.µ 6.000%, 09/30/26		311,623
	1,523	Telephone and Data Systems, Inc.µ 6.625%, 03/31/26		31,724
	15,378	United States Cellular Corp.µ 5.500%, 03/01/70		337,701
	8,265	6.250%, 09/01/69		195,054
	1,418	5.500%, 06/01/70		31,451
				2,100,034
		Consumer Discretionary (0.1%)
	5,800	Ford Motor Companyµ 6.200%, 06/01/59		121,742
	5,136	6.500%, 08/15/62		112,324
	3,615	Guitar Center, Inc.#		54,225
	3,120	QVC Group, Inc.µ^ 8.000%, 03/15/31		85,051
	9,600	QVC, Inc.µ 6.250%, 11/26/68		85,440
				458,782
		Financials (0.7%)
	12,587	Affiliated Managers Group, Inc.µ 6.750%, 03/30/64		298,186
	3,100	Affiliated Managers Group, Inc.µ 5.875%, 03/30/59		64,449
	15,560	Annaly Capital Management, Inc.~µ‡ 9.521%, 05/30/25 3 mo. SOFR + 5.25%		392,112

NUMBER OF SHARES			VALUE
	10,576	Arch Capital Group, Ltd. Series Gµ 4.550%, 06/11/26	$	179,686
	5,295	Capital One Financial Corp.µ 4.800%, 06/01/25		96,157
	25,150	CNO Financial Group, Inc.µ 5.125%, 11/25/60		434,592
	7,393	Cullen/Frost Bankers, Inc.µ 4.450%, 12/15/25		124,128
	8,134	First Citizens BancShares, Inc. 5.625%, 01/04/27		181,307
	3,050	KeyCorpµ 5.625%, 06/15/25		64,965
	1,600	Northern Trust Corp.µ 4.700%, 07/01/25		31,552
	14,526	Selective Insurance Group, Inc.µ 4.600%, 12/15/25		248,976
	6,480	W R Berkley Corp.µ 5.100%, 12/30/59		125,712
				2,241,822
		Industrials (0.1%)
	12,312	WESCO International, Inc.µ‡ 10.625%, 06/22/25 5 year CMT + 10.33%		313,094
		Real Estate (0.3%)
	20,567	Brookfield Property Partners, LPµ 5.750%, 05/30/25		260,378
	10,775	6.375%, 05/30/25		155,268
	3,651	EPR Propertiesµ 5.750%, 05/30/25		73,312
	10,091	Global Net Lease, Inc.µ 7.500%, 05/30/25		232,194
	4,771	6.875%, 05/30/25		102,720
	4,681	Kimco Realty Corp. Series M, Class Aµ 5.250%, 05/30/25		96,803
				920,675
		Utilities (0.1%)
	14,975	Brookfield Renewable Partners, LP^ 5.250%, 05/25/25		254,126
	6,700	DTE Energy Companyµ 5.250%, 12/01/77		141,839
				395,965
		TOTAL PREFERRED STOCKS (Cost $7,665,714)		6,430,372
COMMON STOCKS (73.9%)
		Communication Services (7.8%)
	83,500	Alphabet, Inc. - Class Aµ		13,259,800
	3,935	Altice USA, Inc. - Class A#		9,759
	3,316	Audacy, Inc.#		61,346

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, 2025 (Unaudited)

NUMBER OF SHARES				VALUE
	1,322		Cumulus Media, Inc. - Class Aµ#	$	308
	239,500		Pinterest, Inc. - Class Aµ#		6,064,140
	55,000		Reddit, Inc.- Class A#		6,411,350
					25,806,703
			Consumer Discretionary (4.3%)
	47,500		Amazon.com, Inc.µ#		8,759,950
	22,500		Marriott International, Inc. - Class Aµ		5,368,050
	294		Rite Aid Corp.#		294
					14,128,294
			Consumer Staples (1.9%)
	34,000		Constellation Brands, Inc. - Class Aµ		6,376,360
			Energy (0.1%)
	800		Cheniere Energy Partners, LP		47,024
	11,058		Energy Transfer, LP~		182,899
	3,970		Enterprise Products Partners, LP~		118,703
					348,626
			Financials (4.3%)
	69,000		Morgan Stanleyµ		7,963,980
	90,500		Wells Fargo & Companyµ		6,426,405
					14,390,385
			Health Care (7.4%)
	28,000		IQVIA Holdings, Inc.µ#		4,341,960
	20,500		UnitedHealth Group, Inc.µ		8,434,520
	113,000		Zimmer Biomet Holdings, Inc.~		11,644,650
					24,421,130
			Industrials (25.5%)
	73,500		3M Companyµ		10,209,885
	314,000	GBP	BAE Systems, PLCµ		7,279,348
	99,500		Boeing Companyµ#		18,232,380
	66,500		Booz Allen Hamilton Holding Corp.µ		7,981,330
	17,200		CACI International, Inc. - Class Aµ#		7,875,364
	123,500		Canadian Pacific Kansas City, Ltd.~		8,950,045
	214,000	EUR	Deutsche Lufthansa, AGµ		1,537,728
	57,000		L3Harris Technologies, Inc.µ		12,541,140
	32,000		Union Pacific Corp.µ		6,901,120
	39,000		United Airlines Holdings, Inc.µ#		2,683,980
					84,192,320
			Information Technology (22.6%)
	104,000		BILL Holdings, Inc.µ#		4,739,280
	36,000		Celestica, Inc.#		3,072,600
	27,500		Datadog, Inc. - Class Aµ#		2,809,400
	39,000		Fabrinetµ#		7,997,340
	187,000		Flex, Ltd.µ#		6,421,580
	36,500		Microsoft Corp.~^		14,426,990
	30,500		MKS Instruments, Inc.µ		2,139,270

NUMBER OF SHARES			VALUE
	95,500	NVIDIA Corp.µ	$	10,401,860
	61,500	Oracle Corp.µ		8,654,280
	3,900	ServiceNow, Inc.µ#		3,724,539
	62,000	Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)~		10,334,780
				74,721,919
		TOTAL COMMON STOCKS (Cost $256,360,378)		244,385,737
EXCHANGE-TRADED FUND (4.9%)
		Other (4.9%)
	300,000	SPDR S&P Regional Banking ETF^ (Cost $15,858,091)		16,239,000
WARRANTS (0.0%)#
		Communication Services (0.0%)
	586	Audacy Capital, LLC 09/30/28, Strike $1.00		—
	97	Audacy Capital, LLC 09/30/28, Strike $1.00		—
		TOTAL WARRANTS (Cost $—)		—
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
EXCHANGE-TRADED PURCHASED OPTIONS (2.6%)#
		Communication Services (0.1%)
	835	Alphabet, Inc.
	13,259,800	Put, 05/02/25, Strike $150.00		17,117
	2,395	Pinterest, Inc.
	6,064,140	Put, 05/16/25, Strike $24.00		349,670
	550	Reddit, Inc.
	6,411,350	Put, 05/02/25, Strike $100.00		103,125
				469,912
		Consumer Discretionary (0.0%)
	320	Amazon.com, Inc.
	5,901,440	Call, 05/02/25, Strike $195.00		62,880
		Consumer Staples (0.0%)
	820	Sysco Corp.
	5,854,800	Call, 05/16/25, Strike $75.00		22,550
		Financials (0.1%)
	465	Wells Fargo & Company
	3,301,965	Call, 05/02/25, Strike $66.00		231,338
		Industrials (0.3%)
	735	3M Company
	10,209,885	Put, 05/16/25, Strike $130.00		63,578
	375	Boeing Company
	6,871,500	Put, 05/02/25, Strike $170.00		4,125
	1,235	Canadian Pacific Kansas City, Ltd.
	8,950,045	Put, 05/16/25, Strike $70.00		132,762

See accompanying Notes to Schedule of Investments

www.calamos.com
133

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	9,250 5,867,252	EUR	Deutsche Lufthansa, AG Call, 03/20/26, Strike 6.00	$	833,070
	3,700	EUR
	2,346,901		Call, 06/20/25, Strike 7.00		20,958
	570		L3Harris Technologies, Inc.
	12,541,140		Put, 05/16/25, Strike $210.00		84,075
					1,138,568
			Information Technology (0.3%)
	520		Bill Holdings, Inc.
	2,369,640		Put, 05/09/25, Strike $43.00		146,900
	775		Celestica, Inc.
	6,614,625		Call, 05/16/25, Strike $100.00		63,937
	245		Microsoft Corp.
	9,683,870		Put, 05/09/25, Strike $372.50		88,812
	125		SAP, SE
	3,652,375		Put, 05/16/25, Strike $250.00		4,063
	620		Taiwan Semiconductor
	10,334,780		Manufacturing Company, Ltd. Call, 05/16/25, Strike $160.00		606,050
					909,762
			Other (1.8%)
	1,530		SPDR^® S&P 500^® ETF Trust
	84,844,620		Call, 05/16/25, Strike $540.00		3,408,075
	875
	48,522,250		Put, 05/02/25, Strike $540.00		62,125
	1,700
	94,271,800		Put, 05/02/25, Strike $560.00		1,110,100
	820		VanEck Semiconductor ETF
	17,324,960		Call, 05/23/25, Strike $200.00		1,281,250
					5,861,550
			TOTAL EXCHANGE-TRADED PURCHASED OPTIONS (Cost $8,081,062)		8,696,560
			TOTAL INVESTMENTS (120.8%) (Cost $415,230,757)		399,652,471
LIABILITIES, LESS OTHER ASSETS (-20.8%)					(68,899,208	)
NET ASSETS (100.0%)				$	330,753,263
NUMBER OF SHARES				VALUE
COMMON STOCKS SOLD SHORT (-4.0%)#
			Industrials (-1.2%)
	(30,000	)	RTX Corp.		(3,783,900	)
			Information Technology (-2.8%)
	(29,000	)	Apple, Inc.		(6,162,500	)
	(17,000	)	Palo Alto Networks, Inc.		(3,177,810	)
					(9,340,310	)
			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $12,478,581)		(13,124,210	)

NUMBER OF SHARES				VALUE
EXCHANGE-TRADED FUNDS SOLD SHORT (-31.6%) #
			Other (-31.6%)
	(157,500	)	SPDR^® S&P 500^® ETF Trust	$	(87,340,050	)
	(82,000	)	VanEck Semiconductor ETF		(17,324,960	)
					(104,665,010	)
			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT (Proceeds $90,362,793)		(104,665,010	)
			TOTAL SECURITIES SOLD SHORT (Proceeds $102,841,374)		(117,789,220	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
EXCHANGE-TRADED WRITTEN OPTIONS (-1.6%)#
			Communication Services (-0.1%)
	(835	)	Alphabet, Inc.
	(13,259,800	)	Call, 06/20/25, Strike $180.00		(91,432	)
	(1,100	)	Reddit, Inc.
	(12,822,700	)	Put, 07/18/25, Strike $60.00		(108,900	)
					(200,332	)
			Consumer Discretionary (0.0%)
	(320	)	Amazon.com, Inc.
	(5,901,440	)	Put, 06/20/25, Strike $160.00		(95,200	)
			Consumer Staples (0.0%)
	(315	)	Walmart, Inc.
	(3,063,375	)	Call, 05/09/25, Strike $99.00		(24,885	)
			Financials (-0.1%)
	(905	)	Wells Fargo & Company
	(6,426,405	)	Call, 06/20/25, Strike $75.00		(143,443	)
	(1,207	)
	(8,570,907	)	Put, 06/20/25, Strike $62.50		(111,647	)
					(255,090	)
			Health Care (0.0%)
	(160	)	UnitedHealth Group, Inc.
	(6,583,040	)	Put, 05/16/25, Strike $390.00		(67,600	)
			Industrials (-0.3%)
	(735	)	3M Company
	(10,209,885	)	Call, 06/20/25, Strike $155.00		(66,885	)
	(735	)
	(10,209,885	)	Put, 06/20/25, Strike $115.00		(47,408	)
	(375	)	Boeing Company
	(6,871,500	)	Call, 05/02/25, Strike $170.00		(500,625	)
	(1,235	)	Canadian Pacific Kansas City, Ltd.
	(8,950,045	)	Put, 06/20/25, Strike $62.50		(61,750	)
	(3,700	) EUR	Deutsche Lufthansa, AG
	(2,346,901	)	Put, 06/20/25, Strike 6.20		(157,183	)
	(570	)	L3Harris Technologies, Inc.
	(12,541,140	)	Put, 06/20/25, Strike $190.00		(65,550	)
					(899,401	)

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, 2025 (Unaudited)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
			Information Technology (-0.3%)
	(350	)	Bill Holdings, Inc.
	(1,594,950	)	Call, 05/02/25, Strike $46.50	$	(37,625	)
	(390	)	Celestica, Inc.
	(3,328,650	)	Call, 06/20/25, Strike $120.00		(27,300	)
	(365	)	Microsoft Corp.
	(14,426,990	)	Call, 07/18/25, Strike $430.00		(242,725	)
	(188	)	SAP, SE
	(5,493,172	)	Call, 06/20/25, Strike $290.00		(230,300	)
	(1,035	)	Taiwan Semiconductor Manufacturing Company, Ltd.
	(17,252,415	)	Call, 06/20/25, Strike $180.00		(442,462	)
					(980,412	)
			Other (-0.8%)
	(3,000	)	SPDR S&P Regional Banking ETF
	(16,239,000	)	Call, 05/02/25, Strike $54.50		(259,500	)
	(875	)	SPDR^® S&P 500^® ETF Trust
	(48,522,250	)	Call, 05/02/25, Strike $565.00		(123,813	)
	(875	)
	(48,522,250	)	Put, 05/02/25, Strike $520.00		(5,250	)
	(1,700	)
	(94,271,800	)	Call, 07/18/25, Strike $590.00		(1,205,300	)
	(2,015	)
	(111,739,810	)	Put, 08/15/25, Strike $470.00		(1,120,340	)
					(2,714,203	)
			TOTAL EXCHANGE-TRADED WRITTEN OPTIONS (Premium $5,661,884)	$	(5,237,123	)

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 $220,301,222.

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options and securities sold short. The aggregate value of such securities is $80,401,516.

‡ Variable rate security. The rate shown is the rate in effect at April 30, 2025.

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

@ In default status and considered non-income producing.

!! Restricted security—The Fund may own investment securities that have other legal or contractual limitations.

RESTRICTED SECURITY	ACQUISITION DATE	ACQUISITION COST
Rite Aid Corp.	09/04/2024	$	—
	TOTAL	$	—

¡ 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

FOREIGN CURRENCY ABBREVIATION

EUR European Monetary Unit

GBP British Pound Sterling

See accompanying Notes to Schedule of Investments

www.calamos.com
135

Long/Short Equity & Dynamic Income Trust Schedule of Investments April 30, 2025 (Unaudited)

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of April 30, 2025 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Security	$	—	$	140,042	$	—	$	140,042
Corporate Bonds		—		109,759,794		—		109,759,794
Bank Loans		—		12,723,779		—		12,723,779
U.S. Government and Agency Securities		—		1,277,187		—		1,277,187
Preferred Stocks		6,430,372		—		—		6,430,372
Common Stocks		235,568,661		8,817,076		—		244,385,737
Exchange-Traded Fund		16,239,000		—		—		16,239,000
Warrants		—		—		—		—
Exchange-Traded Purchased Options		8,696,560		—		—		8,696,560
Total	$	266,934,593	$	132,717,878	$	—	$	399,652,471
Liabilities:
Common Stocks Sold Short	$	13,124,210	$	—	$	—	$	13,124,210
Exchange-Traded Funds Sold Short		104,665,010		—		—		104,665,010
Exchange-Traded Written Options		5,237,123		—		—		5,237,123
Total	$	123,026,343	$	—	$	—	$	123,026,343

SECTOR WEIGHTINGS

Industrials	20.9	%
Information Technology	17.5
Financials	14.0
Communication Services	8.2
Consumer Discretionary	6.7
Health Care	6.2
Energy	2.9
Consumer Staples	2.5
Utilities	2.5
Materials	0.7
Real Estate	0.2
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

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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 applicable to investment companies. The Funds adhere to the accounting and reporting requirements 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:

Adoption of New Accounting Standards. In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting (Topic 280). The ASU applies to all public entities that are required to report segment information in accordance with Accounting Standards Codification Topic 280 (ASC 280). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant operating segment expenses. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expense, has operating results that are regularly reviewed by the chief operating decision maker, and for which discrete financial information is available. The Funds have adopted ASU 2023-07 as of April 30, 2025, with no material impact on the Funds' financial statements. As defined under ASU No. 2023-07 the chief operating decision maker ("CODM") consists of the members of Calamos Advisors' Investment Committee and Senior Executive Team. Each Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of each Fund. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition, is consistent with that presented within the Funds' financial statements and financial highlights.

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

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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.

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, 2025. 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

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Notes to Financial Statements (Unaudited)

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.

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 2022 – 2024 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

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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.

At April 30, 2025, 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	$	220,217
Convertible and High Income Fund		190,052
Strategic Total Return Fund		269,040
Dynamic Convertible and Income Fund		0
Global Dynamic Income Fund		102,227
Global Total Return Fund		64,962
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, 2025.

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, 2025 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $735,047,253 and $615,686,664 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	$	—	$	379,897,018	$	—	$	440,464,209
Convertible and High Income Fund		—		410,112,736		—		476,354,806
Strategic Total Return Fund		77,416		606,538,511		—		703,989,505
Dynamic Convertible and Income Fund		—		281,216,622		—		335,160,868
Global Dynamic Income Fund		10,052,047		423,933,440		—		557,356,662
Global Total Return Fund		2,563,281		105,191,481		—		129,698,593
Long/Short Equity & Dynamic Income Trust		250,000		459,100,330		—		486,578,032

Note 4 – Income Taxes

The cost basis of investments for federal income tax purposes at April 30, 2025 was as follows*:

FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Convertible Opportunities and Income Fund	$	1,131,276,497	$	37,318,104	$	(83,456,700	)	$	(46,138,596	)
Convertible and High Income Fund		1,225,027,957		39,954,325		(90,669,052	)		(50,714,727	)
Strategic Total Return Fund		2,869,956,334		1,128,357,187		(184,585,491	)		943,771,696
Dynamic Convertible and Income Fund		752,126,808		31,057,510		(60,227,949	)		(29,170,439	)
Global Dynamic Income Fund		678,568,984		23,939,659		(115,757,033	)		(91,817,374	)
Global Total Return Fund		153,515,082		6,758,839		(17,677,193	)		(10,918,354	)
Long/Short Equity & Dynamic Income Trust		306,727,499		16,015,049		(46,116,420	)		(30,101,371	)

* 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.

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Notes to Financial Statements (Unaudited)

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. U.S. GAAP requires that only distributions in excess of tax basis earnings 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, 2025 will be determined at the end of each Fund's current fiscal year. Distributions during the fiscal period ended October 31, 2024 were characterized for federal income tax purposes as follows:

	YEAR ENDED OCTOBER 31, 2024
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL
Convertible Opportunities and Income Fund	$	31,007,658	$	21,122,266	$	38,135,660
Convertible and High Income Fund		33,292,859		19,697,006		44,052,948
Strategic Total Return Fund		55,262,635		154,035,131		—
Dynamic Convertible and Income Fund		15,354,273		29,524,508		20,818,282
Global Dynamic Income Fund		40,678,745		—		—
Global Total Return Fund		9,967,658		—		—
Long/Short Equity & Dynamic Income Trust		32,982,086		—		—

As of October 31, 2024, 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		—			—			4,715,889			—
Total undistributed earnings		—			—			4,715,889			—
Accumulated capital and other losses		—			—			—			(1,165,794	)
Net unrealized gains/(losses)		(46,262,108	)		(51,447,600	)		935,850,921			(28,198,604	)
Total accumulated earnings/(losses)		(46,262,108	)		(51,447,600	)		940,566,810			(29,364,398	)
Other		(132,611	)		(139,715	)		(14,771,566	)		—
Paid-in-capital		805,601,157			871,169,523			1,889,490,143			546,361,881
Net assets applicable to common shareholders	$	759,206,438		$	819,582,208		$	2,815,285,387		$	516,997,483

	GLOBAL DYNAMIC INCOME FUND			GLOBAL TOTAL RETURN FUND			LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
Undistributed ordinary income	$	8,036,083		$	1,740,368		$	10,478,611
Undistributed capital gains		—			—			—
Total undistributed earnings		8,036,083			1,740,368			10,478,611
Accumulated capital and other losses		—			—			—
Net unrealized gains/(losses)		(60,372,145	)		(310,779	)		(50,638,911	)
Total accumulated earnings/(losses)		(52,336,062	)		1,429,589			(40,160,300	)
Other		(402,031	)		(282,049	)		(8,257,962	)
Paid-in-capital		546,071,159			114,769,615			392,628,183
Net assets applicable to common shareholders	$	493,333,066		$	115,917,155		$	344,209,921

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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 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.

As of April 30, 2025, the Funds had outstanding forward foreign currency contracts listed on the Schedules of Investments.

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

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

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

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. As of April 30, 2025, 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, 2025, the Funds had no outstanding interest rate swap agreements.

As of April 30, 2025, 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:
Exchange-Traded Purchased Options⁽¹⁾	$	9,750	$	—
	$	9,750	$	—

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	CONVERTIBLE AND HIGH INCOME FUND
Gross amounts at fair value:
Exchange-Traded Purchased Options⁽¹⁾	$	10,500	$	—
	$	10,500	$	—
	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	STRATEGIC TOTAL RETURN FUND
Gross amounts at fair value:
Exchange-Traded Purchased Options⁽¹⁾	$	3,297,250	$	—
Exchange-Traded Written Options⁽²⁾		—		37,993
	$	3,297,250	$	37,993
	DYNAMIC CONVERTIBLE AND INCOME FUND
Gross amounts at fair value:
Exchange-Traded Purchased Options⁽¹⁾	$	8,250	$	—
	$	8,250	$	—
	GLOBAL DYNAMIC INCOME FUND
Gross amounts at fair value:
Exchange-Traded Purchased Options⁽¹⁾	$	6,231,725	$	—
Exchange-Traded Written Options⁽²⁾		—		85,635
Forward foreign currency contracts⁽³⁾		—		264
	$	6,231,725	$	85,899
	GLOBAL TOTAL RETURN FUND
Gross amounts at fair value:
Exchange-Traded Purchased Options⁽¹⁾	$	1,556,990	$	—
Exchange-Traded Written Options⁽²⁾		—		20,955
Forward foreign currency contracts⁽³⁾		—		63
	$	1,556,990	$	21,018
	LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
Gross amounts at fair value:
Exchange-Traded Purchased Options⁽¹⁾	$	8,696,560	$	—
Exchange-Traded Written Options⁽²⁾		—		5,237,123
	$	8,696,560	$	5,237,123

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Notes to Financial Statements (Unaudited)

	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
GLOBAL DYNAMIC INCOME FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES					COLLATERAL		NET AMOUNT RECEIVABLE IN THE EVENT		NET AMOUNT PAYABLE IN THE EVENT
Counterparty		ASSETS		LIABILITIES		PLEDGED		OF DEFAULT		OF DEFAULT
State Street Bank and Trust	ISDA	$	—	$	264	$	—	$	—	$	264
		$	—	$	264	$	—	$	—	$	264
GLOBAL TOTAL RETURN FUND	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES					COLLATERAL		NET AMOUNT RECEIVABLE IN THE EVENT		NET AMOUNT PAYABLE IN THE EVENT
Counterparty		ASSETS		LIABILITIES		PLEDGED		OF DEFAULT		OF DEFAULT
State Street Bank and Trust	ISDA	$	—	$	63	$	—	$	—	$	63
		$	—	$	63	$	—	$	—	$	63

For the period ended April 30, 2025, the volume of derivative activity for the Fund is reflected below:*

FUND	FORWARD FOREIGN CURRENCY CONTRACTS⁽³⁾		PURCHASED OPTIONS⁽¹⁾		WRITTEN OPTIONS⁽²⁾
Convertible Opportunities and Income Fund		—		430		166
Convertible and High Income Fund		—		470		185
Strategic Total Return Fund		—		20,825		975
Dynamic Convertible and Income Fund		—		380		150
Global Dynamic Income Fund		883,035		58,646		1,025
Global Total Return Fund		217,407		15,679		209
Long/Short Equity & Dynamic Income Trust		—		155,634		180,907

* Activity during the period is measured by opened number of contracts for options purchased or written, opened foreign currency contracts (measured in notional), opened number of contracts for futures contracts, and opened total return swaps (measured in notional).

(1) Generally, the Statement of Assets and Liabilities location for 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".

(3) Generally, the Statement of Assets and Liabilities location for Forward contracts is "Unrealized appreciation on forward foreign currency contracts" for asset derivatives and "Unrealized depreciation on forward foreign currency contracts" for liability derivatives.

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

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Notes to Financial Statements (Unaudited)

plus 0.52% during the period ended April 30, 2025. A commitment fee of 0.10% is payable on any undrawn balance. For the period ended April 30, 2025, 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	$	312.9		4.99	%	$	291.7		4.85	%
Convertible and High Income Fund		338.8		4.99	%		313.9		4.85	%
Strategic Total Return Fund		981.7		4.99	%		1,000.0		4.85	%
Dynamic Convertible and Income Fund		208.3		5.00	%		185.3		4.85	%
Global Dynamic Income Fund		204.9		5.00	%		136.1		4.85	%
Global Total Return Fund		47.5		5.00	%		34.6		4.85	%
Long/Short Equity & Dynamic Income Trust		120.0		4.99	%		120.0		4.85	%

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. The securities on loan are collateralized by cash collateral received and not securities as disclosed in the Statement of Assets and Liabilities and the Schedule of Investments. The contractual maturity of the collateral received under the securities lending agreement is classified as overnight and continuous. 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 Statements 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, 2025, 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.

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	$	40.1	$	35.7	$	4.4
Convertible and High Income Fund		52.7		42.7		10.0
Strategic Total Return Fund		531.6		104.1		427.5
Dynamic Convertible and Income Fund		11.4		11.3		0.1
Global Dynamic Income Fund		62.1		18.3		43.8
Global Total Return Fund		18.1		4.4		13.7
Long/Short Equity & Dynamic Income Trust		3.8		3.3		0.5

Note 8 – Mandatory Redeemable Preferred Shares

All Funds except Long/Short Equity & Dynamic Income Trust have MRPS issued and outstanding, with CHI, CHY, CSQ, and CCD, each divided into four series with different mandatory redemption dates and dividend rates, while CGO and CHW are each divided into three series with different mandatory redemption dates and dividend rates. On September 6, 2024, CHI had $33,250,000, CHY had $36,500,000, CSQ had $80,500,000, CCD had $21,250,000, CHW had $21,500,000, and CGO had $4,000,000 of Series B MRPS redeemed at $25.00 per share, respectively. On September 9, 2024, CHI issued $33,000,000, CHY issued $36,000,000, CSQ issued $80,000,000, and CCD issued $21,000,000 of Series G MRPS with a

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Notes to Financial Statements (Unaudited)

mandatory redemption date of September 9, 2029 and redeemable at $25.00 per share, respectively. CGO and CHW did not participate in the issuance of Series G MRPS. The tables below summarize the key terms of each series of the MRPS at April 30, 2025.

CONVERTIBLE OPPORTUNITIES AND INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
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
Series G	9/9/24	9/9/29		6.24	%		1,320	$	25	$	33,000,000
Total										$	132,750,000

CONVERTIBLE AND HIGH INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series 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
Series G	9/9/24	9/9/29		6.24	%		1,440	$	25	$	36,000,000
Total										$	144,500,000

STRATEGIC TOTAL RETURN FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
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
Series G	9/9/24	9/9/29		6.24	%		3,200	$	25	$	80,000,000
Total										$	323,000,000

DYNAMIC CONVERTIBLE AND INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
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
Series G	9/9/24	9/9/29		6.24	%		840	$	25	$	21,000,000
Total										$	91,750,000

GLOBAL DYNAMIC INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
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										$	48,500,000

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Notes to Financial Statements (Unaudited)

GLOBAL TOTAL RETURN FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
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										$	13,000,000

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, 2025, 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 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 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, F and G 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

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Notes to Financial Statements (Unaudited)

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, 2025. Transactions in common shares for each fund at April 30, 2025 were as follows:

CONVERTIBLE OPPORTUNITIES AND INCOME FUND	SIX MONTHS ENDED APRIL 30, 2025		YEAR ENDED OCTOBER 31, 2024
Beginning shares		75,582,242		74,818,167
Shares sold		1,656,285		—
Shares issued through reinvestment of distributions		375,183		764,075
Ending shares		77,613,710		75,582,242

CONVERTIBLE AND HIGH INCOME FUND	SIX MONTHS ENDED APRIL 30, 2025		YEAR ENDED OCTOBER 31, 2024
Beginning shares		77,113,129		76,379,270
Shares sold		1,653,833		—
Shares issued through reinvestment of distributions		373,322		733,859
Ending shares		79,140,284		77,113,129

STRATEGIC TOTAL RETURN FUND	SIX MONTHS ENDED APRIL 30, 2025		YEAR ENDED OCTOBER 31, 2024
Beginning shares		160,369,635		160,335,126
Shares sold		—		—
Shares issued through reinvestment of distributions		—		34,509
Ending shares		160,369,635		160,369,635

DYNAMIC CONVERTIBLE AND INCOME FUND	SIX MONTHS ENDED APRIL 30, 2025		YEAR ENDED OCTOBER 31, 2024
Beginning shares		26,877,415		26,644,318
Shares sold		—		—
Shares issued through reinvestment of distributions		177,519		233,097
Ending shares		27,054,934		26,877,415

GLOBAL DYNAMIC INCOME FUND	SIX MONTHS ENDED APRIL 30, 2025		YEAR ENDED OCTOBER 31, 2024
Beginning shares		63,864,387		63,864,387
Shares sold		—		—
Shares issued through reinvestment of distributions		—		—
Ending shares		63,864,387		63,864,387

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Notes to Financial Statements (Unaudited)

GLOBAL TOTAL RETURN FUND	SIX MONTHS ENDED APRIL 30, 2025		YEAR ENDED OCTOBER 31, 2024
Beginning shares		9,827,294		9,825,838
Shares sold		—		—
Shares issued through reinvestment of distributions		—		1,456
Ending shares		9,827,294		9,827,294

LONG/SHORT EQUITY & DYNAMIC INCOME TRUST	SIX MONTHS ENDED APRIL 30, 2025		YEAR ENDED OCTOBER 31, 2024
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. For the period ended April 30, 2025, the Funds sold shares according to the table below:

FUND	AMOUNT IN EXCESS OF NET ASSET VALUE		AVERAGE SALES PRICE
Convertible Opportunities and Income Fund	$	0.0181	$	10.7944
Convertible and High Income Fund	$	0.0108	$	11.0213
Strategic Total Return Fund		—		—
Dynamic Convertible and Income Fund		—		—
Global Dynamic Income Fund		—		—
Global Total Return Fund		—		—
Long/Short Equity & Dynamic Income Trust		—		—

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150

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, 2025, 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 18, 2024, 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, and Calamos Convertible and High Income Fund	For the years ended October 31, 2024 and 2023	For the years ended October 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015
Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, and Calamos Global Total Return Fund	For the years ended October 31, 2024 and 2023	For the years ended October 31, 2024, 2023, 2022, 2021, and 2020
Calamos Long/Short Equity & Dynamic Income Trust	For the years ended October 31, 2024 and 2023	For the years ended October 31, 2024, 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 23, 2025

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, Calamos Dynamic Convertible and Income Fund, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income 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, Calamos Dynamic Convertible and Income Fund, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income 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 Strategic Total Return 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 Strategic Total Return 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.

* On December 17, 2024, the Board of Trustees approved the transition from a managed distribution policy to a level distribution policy for Calamos Dynamic Convertible and Income Fund, Calamos Convertible Opportunities and Income Fund and Calamos Convertible and High Income Fund effective as of January 1, 2025. Through December 31, 2024, Calamos Dynamic Convertible and Income Fund, Calamos Convertible Opportunities and Income Fund and Calamos Convertible and High Income Fund adhered to a managed distribution policy.

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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.

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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 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: 866.363.9219

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 866.363.9219, 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: 866.363.9219

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
866.363.9219
www.calamos.com

CEFSAR 822293 043025


Calamos Dynamic Convertible and Income Fund

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	June 27, 2025

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	June 27, 2025