Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.1%)
Other
(0.1%)
765,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$736,523)
$
748,085
BANK
LOANS
(6.0%)i
Airlines
(0.1%)
527,686
United
Airlines,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.673%,
02/22/31
1
mo.
USD
Term
SOFR
+
2.000%
529,225
Communication
Services
(0.7%)
729,972
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.547%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
742,440
393,359
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.786%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
298,378
44,133
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.786%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
43,857
478,906
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.922%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
478,159
460,998
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.786%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
462,070
76,596
DirecTV
Financing
LLC‡
Term
Loan,
8.928%,
08/02/27
3
mo.
USD
Term
SOFR
+
5.000%
76,815
346,923
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.178%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
347,910
19,324
Gray
Television,
Inc.‡
2024
Term
Loan
B,
8.950%,
06/04/29
1
mo.
USD
Term
SOFR
+
5.250%
19,357
235,000
iHeartCommunications,
Inc.!
0.000%,
05/01/29
215,677
832,897
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.561%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
764,412
950,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.922%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
952,613
PRINCIPAL
AMOUNT
a
a
VALUE
a
476,400
Sinclair
Television
Group,
Inc.‡
2025
Term
Loan
B6,
7.234%,
12/31/29
1
mo.
USD
Term
SOFR
+
3.300%
$
413,277
570,719
TripAdvisor,
Inc.‡
Term
Loan,
6.422%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
555,917
950,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.161%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
951,188
6,322,070
Consumer
Discretionary
(1.3%)
511,138
American
Airlines,
Inc.‡
2025
Term
Loan
B,
6.918%,
05/28/32
3
mo.
USD
Term
SOFR
+
3.250%
512,735
950,000
American
Axle
&
Manufacturing,
Inc.!
2025
Incremental
Term
Loan
C,
0.000%,
02/24/32
953,562
950,000
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.922%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
952,969
475,000
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
7.206%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.500%
477,275
558,888
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.922%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
556,619
613,800
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.667%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
490,911
763,088
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.422%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
765,232
482,575
Flutter
Financing
BV‡
2025
Term
Loan
B,
5.672%,
06/04/32
3
mo.
USD
Term
SOFR
+
2.000%
482,372
940,524
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.688%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
945,325
867,301
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.671%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
867,301
423,550
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.172%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
429,243
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
475,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.671%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
$
475,416
933,375
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.672%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
935,302
950,000
Voyager
Parent
LLC!
Repriced
Term
Loan
B,
0.000%,
07/01/32
950,062
950,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.411%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
951,088
955,021
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.422%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
958,607
11,704,019
Consumer
Staples
(1.1%)
1,039,096
Amneal
Pharmaceuticals
LLC‡
2025
Term
Loan
B,
7.172%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.500%
1,044,291
497,500
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.172%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
497,500
701,125
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.172%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
668,992
1,055,510
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.422%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
1,064,746
410,000
Bausch
Health
Cos.,
Inc.!
0.000%,
10/08/30
400,775
1,680,555
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.922%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
1,642,742
85,339
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.417%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
85,304
947,625
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.686%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
948,715
1,150,562
Star
Parent,
Inc.‡
Term
Loan
B,
7.672%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
1,152,616
945,250
Team
Health
Holdings,
Inc.‡
2025
Term
Loan
B,
8.167%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.500%
947,689
PRINCIPAL
AMOUNT
a
a
VALUE
a
477,415
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.422%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
$
481,094
702,839
Veritiv
Corp.‡
Term
Loan
B,
7.672%,
12/02/30
3
mo.
USD
Term
SOFR
+
4.000%
689,749
9,624,213
Energy
(0.2%)
706,699
New
Fortress
Energy,
Inc.@‡
2025
Incremental
Term
Loan
B,
9.238%,
10/30/28
3
mo.
USD
Term
SOFR
+
5.500%
283,386
1,418,683
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.955%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
1,423,706
1,707,092
Financials
(0.7%)
716,400
Acrisure
LLC‡
2025
Term
Loan
B,
6.922%,
06/21/32
1
mo.
USD
Term
SOFR
+
3.250%
717,145
925,000
Advisor
Group,
Inc.‡
2025
Term
Loan,
6.595%,
07/30/32
6
mo.
USD
Term
SOFR
+
3.000%
919,455
712,398
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.169%,
12/29/31
3
mo.
USD
Term
SOFR
+
2.500%
709,506
566,527
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.172%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
564,176
1,197,900
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.422%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,182,183
798,092
HUB
International
Ltd.‡
2025
Term
Loan
B,
5.920%,
06/20/30
3
mo.
USD
Term
SOFR
+
2.250%
799,105
705,600
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
700,968
666,349
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.922%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
669,031
6,261,569
Health
Care
(0.1%)
976,846
Padagis
LLC‡
Term
Loan
B,
8.658%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
896,256
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Industrials
(0.9%)
937,859
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.184%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
$
807,600
947,625
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.672%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
955,125
951,425
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.422%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
951,910
730,000
Columbus
McKinnon
Corp.!
2026
Term
Loan
B,
0.000%,
01/21/33
726,350
1,293,451
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.122%,
08/04/31
6
mo.
USD
Term
SOFR
+
2.250%
1,293,419
935,798
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.422%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
937,028
942,875
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.922%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
943,879
1,869,099
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.172%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
1,870,342
8,485,653
Information
Technology
(0.6%)
1,307,201
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.822%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
1,261,448
968,079
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.422%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
895,473
376,071
Coherent
Corp.‡
2025
Term
Loan
B2,
5.422%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
377,952
1,419,275
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.422%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
1,360,290
703,321
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.672%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
704,119
493,763
UKG,
Inc.‡
2024
Term
Loan
B,
6.167%,
02/10/31
3
mo.
USD
Term
SOFR
+
2.500%
482,549
5,081,831
PRINCIPAL
AMOUNT
a
a
VALUE
a
Materials
(0.1%)
1,498,716
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.922%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
$
1,086,569
720,481
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.584%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
80,024
1,166,593
Other
(0.2%)
400,000
Connect
Finco
SARL!
0.000%,
09/27/29
399,500
713,185
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.172%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
712,294
475,000
Windstream
Services
LLC‡
2024
Term
Loan
B,
8.522%,
10/01/31
1
mo.
USD
Term
SOFR
+
4.750%
479,156
1,590,950
Special
Purpose
Acquisition
Companies
(0.0%)
390,400
Clydesdale
Acquisition
Holdings,
Inc.‡
Term
Loan
B,
6.847%,
04/13/29
1
mo.
USD
Term
SOFR
+
3.175%
389,100
TOTAL
BANK
LOANS
(Cost
$55,667,563)
53,758,571
CONVERTIBLE
BONDS
(90.1%)
Communication
Services
(10.2%)
AST
SpaceMobile,
Inc.*
2,000,000
2.375%,
10/15/32
3,645,780
4,750,000
2.000%,
01/15/36
6,493,915
4,750,000
IMAX
Corp.*
0.750%,
11/15/30
5,081,502
9,000,000
Liberty
Media
Corp.-Liberty
Formula
One^
2.250%,
08/15/27
10,517,220
8,500,000
Live
Nation
Entertainment,
Inc.µ
2.875%,
01/15/30
9,038,390
12,500,000
Lyft,
Inc.*µ
0.000%,
09/15/30
13,215,500
16,250,000
Snap,
Inc.µ
0.500%,
05/01/30
14,014,813
14,500,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
18,580,445
10,147,000
Uber
Technologies,
Inc.
(Aurora
Innovation,
Inc.)*§µ
0.000%,
05/15/28
10,201,794
90,789,359
Consumer
Discretionary
(7.4%)
17,250,000
Alibaba
Group
Holding
Ltd.*
0.000%,
09/15/32
19,298,610
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
13,250,000
DoorDash,
Inc.*µ
0.000%,
05/15/30
$
13,280,078
4,250,000
Etsy,
Inc.*µ
1.000%,
06/15/30
4,250,340
2,250,000
Freshpet,
Inc.^
3.000%,
04/01/28
2,793,195
3,500,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
2,046,625
4,250,000
NCL
Corp.
Ltd.*µ
0.750%,
09/15/30
4,147,235
11,500,000
Rivian
Automotive,
Inc.µ
4.625%,
03/15/29
12,160,445
3,500,000
Wayfair,
Inc.
3.500%,
11/15/28
8,239,665
66,216,193
Consumer
Staples
(0.6%)
1,750,000
KalVista
Pharmaceuticals,
Inc.*
3.250%,
10/01/31
2,212,613
4,250,000
Oddity
Finance
LLC*µ
0.000%,
06/15/30
3,536,212
5,748,825
Energy
(1.2%)
3,250,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
4,456,238
5,500,000
Eos
Energy
Enterprises,
Inc.*^
1.750%,
12/01/31
6,501,385
SunEdison,
Inc.@
898,000
0.000%,
10/01/18
3,592
9,411,000
0.000%,
01/15/20*
37,644
10,998,859
Financials
(4.1%)
4,250,000
Affirm
Holdings,
Inc.µ
0.750%,
12/15/29
4,399,515
7,500,000
Barclays
Bank
PLC
(Microsoft
Corp.)§
1.000%,
02/16/29
7,745,025
Coinbase
Global,
Inc.µ
4,500,000
0.250%,
04/01/30
4,422,555
11,250,000
0.000%,
10/01/32*
9,613,463
5,750,000
Galaxy
Digital
Holdings
LP*µ
0.500%,
05/01/31
5,010,377
4,250,000
WisdomTree,
Inc.*^
4.625%,
08/15/30
4,963,277
36,154,212
Health
Care
(8.7%)
4,500,000
Alnylam
Pharmaceuticals,
Inc.*µ
0.000%,
09/15/28
4,209,120
5,750,000
Alphatec
Holdings,
Inc.*^
0.750%,
03/15/30
7,023,165
1,865,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
2,101,762
Bridgebio
Pharma,
Inc.*
2,750,000
1.750%,
03/01/31
4,816,680
1,263,000
0.750%,
02/01/33
1,290,154
1,760,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
2,106,685
PRINCIPAL
AMOUNT
a
a
VALUE
a
4,750,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
$
5,652,547
9,250,000
Halozyme
Therapeutics,
Inc.*
0.875%,
11/15/32
9,728,317
9,250,000
Ionis
Pharmaceuticals,
Inc.*^
0.000%,
12/01/30
10,249,092
Jazz
Investments
I
Ltd.
3,750,000
3.125%,
09/15/30
4,905,713
2,200,000
2.000%,
06/15/26
2,432,012
2,721,000
Lantheus
Holdings,
Inc.µ
2.625%,
12/15/27
3,113,640
4,250,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
5,085,380
3,000,000
Merit
Medical
Systems,
Inc.*
3.000%,
02/01/29
3,477,270
4,250,000
Repligen
Corp.µ
1.000%,
12/15/28
4,530,543
2,000,000
Tempus
AI,
Inc.*^µ
0.750%,
07/15/30
2,171,220
4,625,000
Zoetis,
Inc.*
0.250%,
06/15/29
4,732,393
77,625,693
Industrials
(7.9%)
8,750,000
AeroVironment,
Inc.^
0.000%,
07/15/30
10,346,262
17,250,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
19,474,733
18,500,000
BWX
Technologies,
Inc.*µ
0.000%,
11/01/30
19,182,095
5,250,000
Fluor
Corp.^
1.125%,
08/15/29
6,499,185
4,750,000
JBT
Marel
Corp.*^
0.375%,
09/15/30
5,107,152
4,750,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
4,868,655
4,000,000
Tetra
Tech,
Inc.
2.250%,
08/15/28
4,655,720
70,133,802
Information
Technology
(41.5%)
6,500,000
Advanced
Energy
Industries,
Inc.
2.500%,
09/15/28
12,630,930
14,000,000
Akamai
Technologies,
Inc.*^
0.250%,
05/15/33
16,997,260
3,500,000
Alkami
Technology,
Inc.*
1.500%,
03/15/30
3,478,265
8,500,000
Bill
Holdings,
Inc.µ
0.000%,
04/01/30
7,620,675
5,436,000
Check
Point
Software
Technologies
Ltd.*
0.000%,
12/15/30
5,366,800
8,250,000
Cipher
Mining,
Inc.*
0.000%,
10/01/31
10,589,453
10,445,000
Cloudflare,
Inc.*µ
0.000%,
06/15/30
10,974,770
4,250,000
Commvault
Systems,
Inc.*µ
0.000%,
09/15/30
3,589,168
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
16,500,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
$
17,368,560
2,250,000
Cytokinetics,
Inc.*µ
1.750%,
10/01/31
2,853,090
13,000,000
Datadog,
Inc.µ
0.000%,
12/01/29
12,810,980
8,500,000
Guidewire
Software,
Inc.^µ
1.250%,
11/01/29
8,259,280
15,500,000
IREN
Ltd.*
0.000%,
07/01/31
14,342,460
3,750,000
Itron,
Inc.^
1.375%,
07/15/30
3,997,950
4,250,000
Life360,
Inc.*
0.000%,
06/01/30
4,482,687
13,750,000
Lumentum
Holdings,
Inc.*µ
0.375%,
03/15/32
31,221,988
8,000,000
MACOM
Technology
Solutions
Holdings,
Inc.^
0.000%,
12/15/29
11,549,200
7,500,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
9,724,350
15,750,000
MKS,
Inc.^µ
1.250%,
06/01/30
26,571,510
17,250,000
ON
Semiconductor
Corp.µ
0.500%,
03/01/29
16,887,233
1,750,000
Planet
Labs
PBC*
0.500%,
10/15/30
3,989,440
3,750,000
Seagate
HDD
Caymanµ
3.500%,
06/01/28
18,674,137
14,750,000
Shift4
Payments,
Inc.µ
0.500%,
08/01/27
14,197,908
9,250,000
Snowflake,
Inc.^
0.000%,
10/01/29
13,034,083
6,500,000
Spotify
USA,
Inc.
0.000%,
03/15/26
6,596,200
9,000,000
Strategy,
Inc.µ
0.875%,
03/15/31
9,280,260
Super
Micro
Computer,
Inc.*µ
2,250,000
2.250%,
07/15/28
2,187,472
3,500,000
0.000%,
06/15/30
3,017,945
Terawulf,
Inc.*
8,500,000
1.000%,
09/01/31
11,252,470
1,211,000
0.000%,
05/01/32
1,154,701
4,250,000
Tyler
Technologies,
Inc.
0.250%,
03/15/26
4,230,025
4,250,000
Varonis
Systems,
Inc.
1.000%,
09/15/29
3,968,777
5,250,000
Western
Digital
Corp.
3.000%,
11/15/28
34,815,165
3,750,000
Workiva,
Inc.^µ
1.250%,
08/15/28
3,630,562
9,250,000
Zscaler,
Inc.*µ
0.000%,
07/15/28
8,606,477
369,952,231
Materials
(1.5%)
5,750,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
8,378,267
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,750,000
MP
Materials
Corp.*^
3.000%,
03/01/30
$
4,960,148
13,338,415
Other
(0.9%)
7,250,000
CoreWeave,
Inc.*^
1.750%,
12/01/31
8,342,575
Real
Estate
(1.5%)
4,734,000
Compass,
Inc.*
0.250%,
04/15/31
5,104,293
8,250,000
Digital
Realty
Trust
LP*^
1.875%,
11/15/29
8,554,013
13,658,306
Utilities
(4.6%)
8,750,000
CMS
Energy
Corp.^
3.375%,
05/01/28
9,461,900
7,500,000
Duke
Energy
Corp.
4.125%,
04/15/26
7,794,375
5,250,000
NextEra
Energy
Capital
Holdings,
Inc.
3.000%,
03/01/27
6,990,375
15,250,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
17,202,610
41,449,260
TOTAL
CONVERTIBLE
BONDS
(Cost
$728,397,933)
804,407,730
CORPORATE
BONDS
(33.4%)
Airlines
(0.3%)
699,267
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
08/15/27
702,414
791,860
American
Airlines
Pass-Through
Trust
Series
2021-1,
Class
B
3.950%,
07/11/30
763,052
695,551
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
09/15/31
671,019
764,813
JetBlue
Pass-Through
Trust
Series
2020-1,
Class
B
7.750%,
11/15/28
768,163
2,904,648
Basic
Materials
(0.0%)
235,000
WR
Grace
Holdings
LLC*
7.000%,
08/01/33
235,498
Communication
Services
(2.9%)
1,359,634
Altice
France
SA*
6.875%,
07/15/32
1,328,376
1,160,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
1,140,570
360,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
377,460
856,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
864,791
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Clear
Channel
Outdoor
Holdings,
Inc.*
475,000
7.875%,
04/01/30
$
500,104
522,000
7.500%,
03/15/33
555,032
CSC
Holdings
LLC*
840,000
4.625%,
12/01/30
313,866
1,590,000
4.500%,
11/15/31
962,824
356,000
Directv
Financing
LLC*
8.875%,
02/01/30
360,927
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.*
475,000
10.000%,
02/15/31
489,597
350,000
5.875%,
08/15/27
351,985
475,000
EW
Scripps
Co.*
9.875%,
08/15/30
473,333
1,475,000
Frontier
California,
Inc.
Series
Fµ
6.750%,
05/15/27
1,512,967
239,000
Frontier
Communications
Holdings
LLC*µ
8.750%,
05/15/30
246,560
1,519,000
Frontier
Florida
LLC
Series
Eµ
6.860%,
02/01/28
1,573,927
1,445,000
Frontier
North,
Inc.
Series
Gµ
6.730%,
02/15/28
1,489,130
835,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
794,644
Gray
Media,
Inc.*
475,000
7.250%,
08/15/33
486,571
475,000
5.375%,
11/15/31
353,300
955,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
904,576
237,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
245,719
Lumen
Technologies,
Inc.
712,875
10.000%,
10/15/32*
712,875
605,000
Series
P,
7.600%,
09/15/39
597,855
930,000
Paramount
Global
4.900%,
08/15/44
662,486
Rogers
Communications,
Inc.‡
830,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
871,467
595,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
616,682
Scripps
Escrow
II,
Inc.*^
239,000
5.375%,
01/15/31
178,402
477,000
3.875%,
01/15/29
441,344
480,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
496,786
Sirius
XM
Radio
LLC*
770,000
5.500%,
07/01/29
774,181
1,189,000
3.875%,
09/01/31^
1,087,150
475,000
3.125%,
09/01/26
472,297
485,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
495,815
Time
Warner
Cable
LLC
385,000
7.300%,
07/01/38
410,083
480,000
6.550%,
05/01/37
486,211
PRINCIPAL
AMOUNT
a
a
VALUE
a
378,000
T-Mobile
USA,
Inc.^
6.700%,
12/15/33
$
422,192
Univision
Communications,
Inc.*
480,000
8.500%,
07/31/31
501,336
489,000
8.000%,
08/15/28
505,049
Warnermedia
Holdings,
Inc.
470,000
5.050%,
03/15/42
332,802
235,000
4.279%,
03/15/32
206,922
25,598,194
Communications
(0.1%)
1,100,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*^
4.250%,
01/15/34
929,896
Consumer
Discretionary
(7.0%)
1,430,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
1,493,821
Adient
Global
Holdings
Ltd.*
785,000
8.250%,
04/15/31
823,104
475,000
7.500%,
02/15/33
493,786
Advance
Auto
Parts,
Inc.*
237,000
7.375%,
08/01/33
240,382
422,000
7.000%,
08/01/30
428,933
715,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
735,714
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
475,000
6.875%,
08/01/33
479,498
837,000
4.625%,
08/01/29
802,616
Bath
&
Body
Works,
Inc.
485,000
6.875%,
11/01/35
491,038
1,264,000
6.694%,
01/15/27
1,283,794
655,000
6.625%,
10/01/30*
670,844
1,110,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
1,103,662
Caesars
Entertainment,
Inc.*^
817,000
6.000%,
10/15/32
795,162
604,000
4.625%,
10/15/29
580,148
Carnival
Corp.*
950,000
6.125%,
02/15/33
977,873
481,000
4.000%,
08/01/28
476,402
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
1,100,000
6.375%,
09/01/29
1,112,342
586,000
5.125%,
05/01/27
587,008
965,000
4.750%,
03/01/30
923,524
478,000
4.750%,
02/01/32^
437,184
980,000
4.500%,
08/15/30
923,101
951,000
4.250%,
02/01/31
871,744
950,000
Century
Communities,
Inc.*
6.625%,
09/15/33
963,338
Churchill
Downs,
Inc.*
478,000
6.750%,
05/01/31
493,291
478,000
5.750%,
04/01/30
481,050
712,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
738,095
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
517,000
Dana,
Inc.
4.500%,
02/15/32
$
491,315
DISH
DBS
Corp.
356,000
7.375%,
07/01/28
342,120
470,000
5.125%,
06/01/29
416,458
946,000
DISH
Network
Corp.*
11.750%,
11/15/27
979,167
1,365,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
1,357,206
400,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
406,668
1,000,000
Ford
Motor
Co.
6.100%,
08/19/32
1,040,840
Ford
Motor
Credit
Co.
LLC
1,245,000
7.200%,
06/10/30
1,339,570
1,525,000
4.000%,
11/13/30
1,451,053
490,000
General
Motors
Co.^
5.200%,
04/01/45
442,646
goeasy
Ltd.*
859,000
7.625%,
07/01/29
851,613
950,000
6.875%,
02/15/31^
893,760
Goodyear
Tire
&
Rubber
Co.
1,435,000
5.625%,
04/30/33^
1,370,985
515,000
5.250%,
07/15/31
491,161
Group
1
Automotive,
Inc.*
600,000
6.375%,
01/15/30
616,896
407,000
4.000%,
08/15/28
398,929
607,473
Guitar
Center,
Inc.‡
12.000%,
08/19/32
182,242
166,722
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
B
8.000%,
05/15/29
167,685
470,000
Kohl's
Corp.
5.550%,
07/17/45
319,121
965,000
Liberty
Interactive
LLC
8.250%,
02/01/30
66,633
950,000
Life
Time,
Inc.*
6.000%,
11/15/31
974,368
712,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
722,559
950,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
992,189
475,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
478,681
635,000
M/I
Homes,
Inc.
3.950%,
02/15/30
611,346
Macy's
Retail
Holdings
LLC
646,000
6.700%,
07/15/34*
627,957
1,205,000
4.300%,
02/15/43
872,131
1,860,000
MGM
Resorts
International^
6.500%,
04/15/32
1,905,105
1,219,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
1,197,899
NCL
Corp.
Ltd.*
475,000
6.750%,
02/01/32
487,212
534,000
6.250%,
09/15/33^
537,450
475,000
5.875%,
01/15/31
476,577
PRINCIPAL
AMOUNT
a
a
VALUE
a
Newell
Brands,
Inc.
475,000
8.500%,
06/01/28*
$
498,584
475,000
6.625%,
05/15/32^
465,951
475,000
6.375%,
05/15/30^
470,340
950,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
948,565
Patrick
Industries,
Inc.*
475,000
6.375%,
11/01/32
486,642
849,000
4.750%,
05/01/29
841,079
1,105,000
Penn
Entertainment,
Inc.*^
4.125%,
07/01/29
1,026,865
500,000
PetSmart
LLC/PetSmart
Finance
Corp.*
7.500%,
09/15/32
513,195
960,000
Premier
Entertainment
Sub
LLC/
Premier
Entertainment
Finance
Corp.*^
5.625%,
09/01/29
710,352
470,000
QVC,
Inc.^
5.450%,
08/15/34
183,967
98,500
Rite
Aid
Corp.
0.000%,
08/30/34
—
950,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
967,736
950,000
Rivers
Enterprise
Lender
LLC/Rivers
Enterprise
Lender
Corp.*
6.250%,
10/15/30
964,896
528,750
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
1,405
227,522
SGUS
LLC*@
0.000%,
12/15/29
7,372
875,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
844,900
1,445,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
1,427,559
750,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
720,652
475,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
484,861
610,000
Sonic
Automotive,
Inc.*^
4.625%,
11/15/29
599,618
668,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
667,419
705,000
Staples,
Inc.*
10.750%,
09/01/29
693,339
1,170,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
1,103,450
950,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
1,000,930
594,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
610,026
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
119,000
United
Airlines
Holdings,
Inc.††
5.375%,
03/01/31
$
120,251
240,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
256,042
475,000
Voyager
Parent
LLC*
9.250%,
07/01/32
505,357
950,000
Whirlpool
Corp.^
6.500%,
06/15/33
937,812
455,000
William
Carter
Co.*
7.375%,
02/15/31
470,920
950,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
974,111
62,421,192
Consumer
Staples
(2.2%)
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
720,000
5.875%,
02/15/28
721,505
119,000
5.750%,
03/31/34
117,086
119,000
5.500%,
03/31/31
119,529
1,600,000
4.625%,
01/15/27
1,600,192
950,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
1,001,480
890,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
916,139
940,000
BioMarin
Pharmaceutical,
Inc.*††
5.500%,
02/15/34
944,164
Brink's
Co.*
475,000
6.750%,
06/15/32
494,936
470,000
6.500%,
06/15/29
485,322
1,099,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
1,038,896
950,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
939,084
1,092,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
1,048,342
Energizer
Holdings,
Inc.*
475,000
6.000%,
09/15/33^
456,584
1,096,000
4.375%,
03/31/29
1,053,453
MPH
Acquisition
Holdings
LLC*
816,885
6.750%,
03/31/31
698,143
395,909
5.750%,
12/31/30
340,070
621,000
New
Albertsons
LP
7.750%,
06/15/26
628,005
Performance
Food
Group,
Inc.*
237,000
6.125%,
09/15/32
243,890
957,000
4.250%,
08/01/29
937,755
700,000
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
682,794
Post
Holdings,
Inc.*
829,000
6.375%,
03/01/33
836,370
950,000
6.250%,
02/15/32
976,923
909,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
851,706
1,110,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
1,156,376
PRINCIPAL
AMOUNT
a
a
VALUE
a
815,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
$
817,266
712,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
711,872
19,817,882
Energy
(4.7%)
712,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
711,794
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
950,000
6.625%,
10/15/32
986,081
746,000
6.625%,
07/15/33
772,826
Buckeye
Partners
LP
356,000
6.875%,
07/01/29*
370,681
710,000
6.750%,
02/01/30*
744,016
500,000
5.850%,
11/15/43
468,115
720,000
Continental
Resources,
Inc.
4.900%,
06/01/44
582,826
715,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
691,691
Enbridge,
Inc.‡
724,000
7.375%,
03/15/55^
,
5
yr.
CMT
+
3.122%
769,214
485,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
516,734
Energy
Transfer
LP‡
915,000
7.133%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
917,965
475,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
490,898
700,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
703,465
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
719,000
8.875%,
04/15/30
757,143
475,000
8.000%,
05/15/33
496,280
910,000
Gulfport
Energy
Operating
Corp.*
6.750%,
09/01/29
939,939
950,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
1,004,426
950,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
987,658
960,000
Matador
Resources
Co.*
6.500%,
04/15/32
978,173
1,285,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
1,309,685
715,000
New
Fortress
Energy,
Inc.*
6.500%,
09/30/26
65,380
1,006,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
1,023,887
600,000
ONEOK,
Inc.*µ
6.500%,
09/01/30
643,974
903,000
Permian
Resources
Operating
LLC*
7.000%,
01/15/32
946,326
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
475,000
Phillips
66
Co.
Series
A^‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
$
473,086
960,000
Plains
All
American
Pipeline
LP
Series
B‡
8.223%,
03/01/26
,
3
mo.
USD
Term
SOFR
+
4.372%
960,701
473,000
SM
Energy
Co.*
9.625%,
06/15/33
517,670
960,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
999,475
1,306,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
1,365,854
Sunoco
LP*
700,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
722,624
1,425,000
6.625%,
08/15/32
1,470,814
950,000
6.250%,
07/01/33
977,825
950,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
967,480
935,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
926,435
Transocean
International
Ltd.*
1,425,000
8.500%,
05/15/31
1,451,263
712,000
7.875%,
10/15/32
751,929
Venture
Global
Calcasieu
Pass
LLC*
240,000
4.125%,
08/15/31
221,650
240,000
3.875%,
08/15/29
228,158
Venture
Global
LNG,
Inc.*
480,000
9.875%,
02/01/32
508,344
480,000
9.500%,
02/01/29
511,613
2,330,000
9.000%,
09/30/29^‡
,
5
yr.
CMT
+
5.440%
2,053,732
1,195,000
8.375%,
06/01/31
1,223,130
715,000
8.125%,
06/01/28
732,639
499,000
7.000%,
01/15/30^
502,338
Venture
Global
Plaquemines
LNG
LLC*
950,000
6.500%,
01/15/34
987,278
710,000
6.500%,
06/15/34
736,163
237,000
6.125%,
12/15/30
244,176
1,000,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
999,270
950,000
WBI
Operating
LLC*
6.500%,
10/15/33
959,509
950,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
984,523
1,308,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
1,328,679
41,685,535
Financials
(5.1%)
818,000
Acrisure
LLC/Acrisure
Finance,
Inc.*
8.250%,
02/01/29
849,264
PRINCIPAL
AMOUNT
a
a
VALUE
a
900,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust^‡
6.950%,
03/10/55
,
5
yr.
CMT
+
2.720%
$
942,498
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
950,000
7.375%,
10/01/32
984,884
950,000
6.500%,
10/01/31
978,006
Ally
Financial,
Inc.‡
1,327,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
1,321,320
445,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
427,218
983,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
970,162
475,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
484,514
475,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.375%,
02/01/34
480,567
950,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
995,847
950,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
981,103
950,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
1,019,825
Brandywine
Operating
Partnership
LP
475,000
8.875%,
04/12/29
510,616
951,000
6.125%,
01/15/31
922,242
1,183,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
1,215,509
1,676,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
1,669,330
742,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
732,525
1,000,000
Burford
Capital
Global
Finance
LLC*
7.500%,
07/15/33
968,470
475,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
485,678
935,000
Corebridge
Financial,
Inc.^‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
952,503
Credit
Acceptance
Corp.*
635,000
9.250%,
12/15/28
665,810
422,000
6.625%,
03/15/30
424,080
950,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
965,114
960,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
1,023,475
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
475,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
$
496,247
First
Citizens
BancShares,
Inc.‡
235,000
Series
B,
7.957%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
240,020
725,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
741,102
GGAM
Finance
Ltd.*
1,075,000
8.000%,
02/15/27
1,092,533
475,000
5.875%,
03/15/30
483,484
HUB
International
Ltd.*
715,000
7.375%,
01/31/32
749,570
735,000
5.625%,
12/01/29
734,956
475,000
Huntington
Bancshares,
Inc.
Series
K‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
475,879
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
695,000
6.625%,
10/15/31
689,294
935,000
5.000%,
08/15/28
907,146
1,069,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
1,136,315
715,000
MetLife,
Inc.
6.400%,
12/15/36
751,172
475,000
Newmark
Group,
Inc.
7.500%,
01/12/29
507,538
OneMain
Finance
Corp.
475,000
6.750%,
03/15/32
485,896
950,000
6.750%,
09/15/33
962,587
475,000
6.500%,
03/15/33
477,888
466,000
Osaic
Holdings,
Inc.
Series
JAN*
8.000%,
08/01/33
483,876
905,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
932,964
1,190,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
1,248,917
950,000
RHP
Hotel
Properties
LP/RHP
Finance
Corp.*
6.500%,
04/01/32
984,001
Rocket
Cos.,
Inc.*
712,000
6.375%,
08/01/33
740,088
475,000
6.125%,
08/01/30
487,108
928,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
871,002
960,000
Service
Properties
Trust
8.375%,
06/15/29
972,422
950,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
977,303
236,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
243,767
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,190,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
$
1,266,707
950,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
1,004,559
1,123,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
1,110,613
465,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
452,910
475,000
UWM
Holdings
LLC*
6.250%,
03/15/31
472,283
475,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
497,995
950,000
XHR
LP*
6.625%,
05/15/30
983,127
45,631,829
Health
Care
(2.0%)
1,425,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
1,408,612
CHS/Community
Health
Systems,
Inc.*
571,000
10.875%,
01/15/32
616,377
538,000
6.875%,
04/15/29
495,369
1,917,000
6.125%,
04/01/30
1,583,308
120,000
5.250%,
05/15/30
113,197
DaVita,
Inc.*
925,000
6.875%,
09/01/32
952,315
1,061,000
4.625%,
06/01/30
1,022,857
1,139,000
3.750%,
02/15/31
1,047,345
Embecta
Corp.*
240,000
6.750%,
02/15/30
233,537
717,000
5.000%,
02/15/30^
672,159
Encompass
Health
Corp.
470,000
4.750%,
02/01/30
467,979
470,000
4.500%,
02/01/28
468,064
534,000
IQVIA,
Inc.*
6.250%,
06/01/32
555,958
Medline
Borrower
LP*
1,443,000
5.250%,
10/01/29
1,446,001
1,215,000
3.875%,
04/01/29
1,189,643
1,760,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
1,599,576
Tenet
Healthcare
Corp.
1,315,000
6.875%,
11/15/31
1,441,122
712,000
5.500%,
11/15/32*
719,882
1,215,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
1,228,875
17,262,176
Industrials
(3.1%)
1,068,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
1,106,149
1,100,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
1,019,403
Arcosa,
Inc.*
475,000
6.875%,
08/15/32
501,220
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
538,000
4.375%,
04/15/29
$
528,650
Bombardier,
Inc.*
480,000
8.750%,
11/15/30
514,296
300,000
7.250%,
07/01/31
318,930
355,000
7.000%,
06/01/32
373,354
237,000
6.750%,
06/15/33
249,300
956,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
938,687
1,485,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
1,539,514
235,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
236,370
219,083
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
220,777
Deluxe
Corp.*
235,000
8.125%,
09/15/29
246,999
1,265,000
8.000%,
06/01/29
1,287,504
EnerSys*
500,000
6.625%,
01/15/32
518,395
475,000
4.375%,
12/15/27
472,901
EquipmentShare.com,
Inc.*
590,000
8.625%,
05/15/32
631,111
359,000
8.000%,
03/15/33
378,982
Graphic
Packaging
International
LLC*
625,000
4.750%,
07/15/27
624,400
446,000
3.500%,
03/01/29
426,059
1,054,000
Great
Lakes
Dredge
&
Dock
Corp.*
5.250%,
06/01/29
1,038,190
Herc
Holdings,
Inc.*
475,000
7.250%,
06/15/33
503,034
475,000
7.000%,
06/15/30
498,726
475,000
6.625%,
06/15/29
491,858
712,000
JELD-WEN,
Inc.*^
7.000%,
09/01/32
450,974
1,575,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
1,567,314
588,000
Moog,
Inc.*
4.250%,
12/15/27
585,413
940,000
Novelis
Corp.*
4.750%,
01/30/30
912,082
950,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
985,606
Sealed
Air
Corp.*
235,000
6.500%,
07/15/32
244,369
239,000
5.000%,
04/15/29
240,764
Sealed
Air
Corp./Sealed
Air
Corp.
U.S.*
240,000
7.250%,
02/15/31
250,402
743,000
6.125%,
02/01/28
755,066
278,000
Sensata
Technologies
BV*
4.000%,
04/15/29
272,284
479,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
449,633
Standard
Building
Solutions,
Inc.*
235,000
6.500%,
08/15/32
242,565
712,000
6.250%,
08/01/33
728,048
PRINCIPAL
AMOUNT
a
a
VALUE
a
950,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
$
1,004,235
TransDigm,
Inc.*
360,000
7.125%,
12/01/31
377,626
1,035,000
6.875%,
12/15/30
1,078,687
710,000
6.750%,
08/15/28
722,894
235,000
6.625%,
03/01/32
243,650
210,622
United
Airlines
Pass-Through
Trust
Series
2019-2,
Class
B
3.500%,
05/01/28
205,580
715,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
738,473
Williams
Scotsman,
Inc.*
355,000
6.625%,
06/15/29
367,276
565,000
4.625%,
08/15/28
563,418
27,651,168
Information
Technology
(1.5%)
Block,
Inc.*
238,000
6.000%,
08/15/33
243,160
470,000
5.625%,
08/15/30
478,761
475,000
CACI
International,
Inc.*
6.375%,
06/15/33
493,938
712,000
Cloud
Software
Group,
Inc.*^
6.625%,
08/15/33
683,164
557,000
Coherent
Corp.*
5.000%,
12/15/29
555,390
86,000
Dell
International
LLC/EMC
Corp.µ
6.020%,
06/15/26
86,281
Fair
Isaac
Corp.*
356,000
6.000%,
05/15/33
362,679
480,000
4.000%,
06/15/28
472,354
1,050,000
KBR,
Inc.*
4.750%,
09/30/28
1,037,988
723,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
708,605
475,000
Open
Text
Corp.*
6.900%,
12/01/27
490,756
Open
Text
Holdings,
Inc.*
235,000
4.125%,
02/15/30
218,557
594,000
4.125%,
12/01/31
534,285
1,350,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
1,312,429
Twilio,
Inc.
236,000
3.875%,
03/15/31
223,308
680,000
3.625%,
03/15/29
652,807
596,000
UKG,
Inc.*
6.875%,
02/01/31
596,286
1,435,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
1,370,353
1,358,149
Wolfspeed,
Inc.
7.000%,
06/15/31
1,109,404
950,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
980,581
860,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
786,504
13,397,590
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Materials
(1.9%)
950,000
Avient
Corp.*
6.250%,
11/01/31
$
977,180
950,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
986,299
Celanese
U.S.
Holdings
LLC
475,000
7.379%,
07/15/32
496,176
475,000
7.375%,
02/15/34^
484,073
950,000
Century
Aluminum
Co.*
6.875%,
08/01/32
985,141
805,000
Chemours
Co.*^
8.000%,
01/15/33
807,697
1,765,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
1,677,809
375,000
Constellium
SE*
6.375%,
08/15/32
388,050
1,695,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
1,366,712
950,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
992,237
949,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
957,930
955,000
Knife
River
Corp.*
7.750%,
05/01/31
996,246
Mercer
International,
Inc.
426,000
12.875%,
10/01/28*^
312,923
1,020,000
5.125%,
02/01/29
634,256
950,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
981,616
1,105,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
1,095,762
950,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
955,605
950,000
Terex
Corp.*
6.250%,
10/15/32
973,797
412,168
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*
7.625%,
05/03/29
10,547
960,000
WR
Grace
Holdings
LLC*
6.625%,
08/15/32
955,901
17,035,957
Other
(1.6%)
705,000
1261229
BC
Ltd.*
10.000%,
04/15/32
724,296
950,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
988,409
759,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.000%,
12/31/32
793,922
368,715
Claritev
Corp.
Series
B*
6.750%,
03/31/31
289,928
950,000
DBR
Land
Holdings
LLC*
6.250%,
12/01/30
973,873
EchoStar
Corp.
1,697,615
10.750%,
11/30/29
1,862,233
1,012,724
6.750%,
11/30/30
1,030,558
PRINCIPAL
AMOUNT
a
a
VALUE
a
950,000
Enerflex,
Inc.*
6.875%,
01/15/31
$
983,174
500,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
505,055
215,000
Genmab
AS/Genmab
Finance
LLC*
6.250%,
12/15/32
220,764
475,000
Graham
Holdings
Co.*
5.625%,
12/01/33
479,351
885,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
927,338
712,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
742,474
950,000
New
Gold,
Inc.*
6.875%,
04/01/32
1,010,961
475,000
Reinsurance
Group
of
America,
Inc.^‡
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
490,509
950,000
Rfna
LP*
7.875%,
02/15/30
957,790
950,000
SM
Energy
Co.*
7.000%,
08/01/32
953,002
475,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
496,123
14,429,760
Real
Estate
(0.2%)
475,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
486,628
630,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
617,249
722,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
703,589
1,807,466
Special
Purpose
Acquisition
Companies
(0.2%)
237,000
Clydesdale
Acquisition
Holdings,
Inc.*
6.750%,
04/15/32
239,164
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
1,425,000
6.750%,
01/15/30^
1,347,537
477,000
4.625%,
01/15/29
461,917
2,048,618
Utilities
(0.6%)
475,000
CenterPoint
Energy,
Inc.^‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
487,882
475,000
Dominion
Energy,
Inc.^‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
488,823
950,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
993,757
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
750,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
$
785,257
710,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
730,370
718,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
748,206
350,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.612%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
347,032
Vistra
Corp.*‡
250,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
254,873
450,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
456,921
5,293,121
TOTAL
CORPORATE
BONDS
(Cost
$303,146,246)
298,150,530
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(0.1%)
Other
(0.1%)
580,000
Farm
Credit
Bank
of
Texas‡
7.000%,
09/15/30
,
5
yr.
CMT
+
3.010%
(Cost
$584,601)
602,672
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(1.5%)
Communication
Services
(0.0%)
17,477
Audacy,
Inc.#
87,385
6,819
Cumulus
Media,
Inc.
-
Class
A#
546
20,285
Optimum
Communications,
Inc.
-
Class
A#^µ
31,036
118,967
Consumer
Discretionary
(0.0%)
1,446
Rite
Aid
Corp.#
1,446
Energy
(0.3%)
4,000
Cheniere
Energy
Partners
LP
225,560
56,650
Energy
Transfer
LP
1,045,192
26,095
Enterprise
Products
Partners
LP
866,093
6,644
EP
Energy
Corp.#
10,797
2,147,642
Industrials
(0.0%)
10,901
Ardagh
Holdings
SA#
85,605
Information
Technology
(0.2%)
112,416
Wolfspeed,
Inc.#
1,760,434
Utilities
(1.0%)
102,861
NextEra
Energy,
Inc.µ
9,041,482
TOTAL
COMMON
STOCKS
(Cost
$20,709,790)
13,155,576
NUMBER
OF
SHARES
b
b
VALUE
b
CONVERTIBLE
PREFERRED
STOCKS
(12.8%)
Financials
(3.5%)
83,465
Apollo
Global
Management,
Inc.
6.750%,
07/31/26
$
5,789,967
165,055
ARES
Management
Corp.
6.750%,
10/01/27
7,894,580
8,100
Bank
of
America
Corp.^‡‡
7.250%
10,092,600
156,055
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
7,637,332
31,414,479
Health
Care
(0.5%)
13,135
Bruker
Corp.
6.375%,
09/01/28#
4,555,875
Industrials
(3.9%)
401,365
Boeing
Co.^
6.000%,
10/15/27
29,989,993
82,135
QXO,
Inc.
5.500%,
05/15/28
5,203,252
35,193,245
Information
Technology
(1.7%)
75,270
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
4,559,104
152,495
Microchip
Technology,
Inc.
7.500%,
03/15/28
10,192,766
14,751,870
Materials
(1.0%)
132,880
Albemarle
Corp.
7.250%,
03/01/27
9,213,899
Utilities
(2.2%)
85,285
NextEra
Energy,
Inc.
7.299%,
06/01/27
4,730,759
285,000
Southern
Co.#
7.125%,
12/15/28
14,606,250
19,337,009
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$109,457,583)
114,466,377
PREFERRED
STOCKS
(0.1%)
Communication
Services
(0.1%)
25,448
Qwest
Corp.
6.500%,
09/01/56
487,584
7,676
Telephone
&
Data
Systems,
Inc.
6.625%,
03/31/26
169,870
T-Mobile
USA,
Inc.µ
6,503
5.500%,
03/01/70
148,854
743
5.500%,
06/01/70
17,037
7,935
6.250%,
09/01/69#
199,565
1,022,910
TOTAL
PREFERRED
STOCKS
(Cost
$924,042)
1,022,910
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
NUMBER
OF
SHARES
b
b
VALUE
b
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
498
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
$
—
2,987
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
Energy
(0.0%)
42,965
Mcdermott
International
Ltd.
06/30/27,
Strike
$12.33
4
47,739
Mcdermott
International
Ltd.
06/30/27,
Strike
$15.98
5
9
TOTAL
WARRANTS
(Cost
$18,376)
9
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.2%)#
Long
Call
Option
(0.0%)
70
3,012,030
Microsoft
Corp.
Call,
05/15/26,
Strike
$540.00
20,125
Long
Put
Option
(0.2%)
1,550
107,255,350
SPDR®
S&P
500®
ETF
Trust
Put,
03/20/26,
Strike
$675.00
1,451,575
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$1,759,392)
1,471,700
TOTAL
INVESTMENTS
(144.3%)
(Cost
$1,221,402,049)
1,287,784,160
LIABILITIES,
LESS
OTHER
ASSETS
(-44.3%)
(
395,463,060
)
NET
ASSETS
(100.0%)
$
892,321,100
*
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.
i
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
!
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.
@
In
default
status
and
considered
non-income
producing.
^
Security,
or
portion
of
security,
is
on
loan.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$316,692,859.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
††
When-issued
security.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
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.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
748,085
$
—
$
748,085
Bank
Loans
74
—
53,758,571
—
53,758,571
Convertible
Bonds
97
—
804,407,730
—
804,407,730
Corporate
Bonds
411
—
298,150,530
—
298,150,530
U.S.
Government
and
Agency
Security
1
—
602,672
—
602,672
Common
Stocks
11
13,155,576
—
—
13,155,576
Convertible
Preferred
Stocks
12
114,466,377
—
—
114,466,377
Preferred
Stocks
5
1,022,910
—
—
1,022,910
Warrants
4
9
—
—
9
Exchange-Traded
Purchased
Options
2
1,471,700
—
—
1,471,700
Total
$
130,116,572
$
1,157,667,588
$
—
$
1,287,784,160
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.1%)
Other
(0.1%)
850,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$818,358)
$
831,206
BANK
LOANS
(6.2%)i
Airlines
(0.1%)
568,912
United
Airlines,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.673%,
02/22/31
1
mo.
USD
Term
SOFR
+
2.000%
570,570
Communication
Services
(0.7%)
799,024
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.547%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
812,671
399,109
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.786%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
302,740
44,778
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.786%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
44,498
493,718
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.922%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
492,948
489,198
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.786%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
490,335
87,066
DirecTV
Financing
LLC‡
Term
Loan,
8.928%,
08/02/27
3
mo.
USD
Term
SOFR
+
5.000%
87,315
378,462
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.178%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
379,538
20,827
Gray
Television,
Inc.‡
2024
Term
Loan
B,
8.950%,
06/04/29
1
mo.
USD
Term
SOFR
+
5.250%
20,862
260,000
iHeartCommunications,
Inc.!
2024
Term
Loan,
0.000%,
05/01/29
238,622
887,758
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.561%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
814,762
1,050,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.922%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
1,052,888
PRINCIPAL
AMOUNT
a
a
VALUE
a
521,063
Sinclair
Television
Group,
Inc.‡
2025
Term
Loan
B6,
7.234%,
12/31/29
1
mo.
USD
Term
SOFR
+
3.300%
$
452,022
619,268
TripAdvisor,
Inc.‡
Term
Loan,
6.422%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
603,208
1,060,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.161%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
1,061,325
6,853,734
Consumer
Discretionary
(1.3%)
590,538
American
Airlines,
Inc.‡
2025
Term
Loan
B,
6.918%,
05/28/32
3
mo.
USD
Term
SOFR
+
3.250%
592,383
1,045,000
American
Axle
&
Manufacturing,
Inc.!
2025
Incremental
Term
Loan
C,
0.000%,
02/24/32
1,048,919
1,050,000
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.922%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
1,053,281
550,000
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
7.206%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.500%
552,634
612,819
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.922%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
610,331
648,450
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.667%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
518,624
827,925
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.422%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
830,251
407,950
Flutter
Financing
BV‡
2025
Term
Loan
B,
5.672%,
06/04/32
3
mo.
USD
Term
SOFR
+
2.000%
407,779
1,034,576
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.688%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
1,039,858
895,667
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.671%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
895,667
438,325
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.172%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
444,216
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
525,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.671%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
$
525,459
1,031,625
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.672%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
1,033,755
1,045,000
Voyager
Parent
LLC!
Repriced
Term
Loan
B,
0.000%,
07/01/32
1,045,068
1,045,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.411%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
1,046,197
1,028,482
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.422%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
1,032,344
12,676,766
Consumer
Staples
(1.1%)
1,163,783
Amneal
Pharmaceuticals
LLC‡
2025
Term
Loan
B,
7.172%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.500%
1,169,602
537,300
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.172%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
537,300
780,125
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.172%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
744,372
1,130,310
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.422%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
1,140,200
420,000
Bausch
Health
Cos.,
Inc.!
2025
Term
Loan
B,
0.000%,
10/08/30
410,550
1,830,800
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.922%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
1,789,607
92,450
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.417%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
92,412
1,047,375
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.686%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
1,048,580
1,278,484
Star
Parent,
Inc.‡
Term
Loan
B,
7.672%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
1,280,766
1,039,775
Team
Health
Holdings,
Inc.‡
2025
Term
Loan
B,
8.167%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.500%
1,042,458
PRINCIPAL
AMOUNT
a
a
VALUE
a
488,518
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.422%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
$
492,282
777,010
Veritiv
Corp.‡
Term
Loan
B,
7.672%,
12/02/30
3
mo.
USD
Term
SOFR
+
4.000%
762,538
10,510,667
Energy
(0.2%)
780,826
New
Fortress
Energy,
Inc.@‡
2025
Incremental
Term
Loan
B,
9.238%,
10/30/28
3
mo.
USD
Term
SOFR
+
5.500%
313,111
1,520,627
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.955%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
1,526,010
1,839,121
Financials
(0.7%)
786,050
Acrisure
LLC‡
2025
Term
Loan
B,
6.922%,
06/21/32
1
mo.
USD
Term
SOFR
+
3.250%
786,867
1,015,000
Advisor
Group,
Inc.‡
2025
Term
Loan,
6.595%,
07/30/32
6
mo.
USD
Term
SOFR
+
3.000%
1,008,915
766,442
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.169%,
12/29/31
3
mo.
USD
Term
SOFR
+
2.500%
763,331
54,639
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.172%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
54,412
610,199
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.175%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
607,667
1,301,850
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.422%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,284,770
924,106
HUB
International
Ltd.‡
2025
Term
Loan
B,
5.920%,
06/20/30
3
mo.
USD
Term
SOFR
+
2.250%
925,280
769,300
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
764,250
727,978
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.922%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
730,908
6,926,400
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Health
Care
(0.1%)
1,139,654
Padagis
LLC‡
Term
Loan
B,
8.658%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
$
1,045,632
Industrials
(1.0%)
1,020,038
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.184%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
878,365
1,042,388
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.672%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
1,050,638
1,026,150
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.422%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
1,026,673
785,000
Columbus
McKinnon
Corp.!
2026
Term
Loan
B,
0.000%,
01/21/33
781,075
1,412,377
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.122%,
08/04/31
6
mo.
USD
Term
SOFR
+
2.250%
1,412,342
1,034,303
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.422%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
1,035,663
1,042,125
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.922%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
1,043,235
2,080,652
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.172%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
2,082,036
9,310,027
Information
Technology
(0.6%)
1,385,910
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.822%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
1,337,403
1,052,258
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.422%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
973,339
403,071
Coherent
Corp.‡
2025
Term
Loan
B2,
5.422%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
405,087
1,563,187
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.422%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
1,498,221
805,888
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.672%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
806,803
PRINCIPAL
AMOUNT
a
a
VALUE
a
503,638
UKG,
Inc.‡
2024
Term
Loan
B,
6.167%,
02/10/31
3
mo.
USD
Term
SOFR
+
2.500%
$
492,200
5,513,053
Materials
(0.1%)
1,621,598
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.922%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
1,175,659
764,395
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.584%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
84,901
1,260,560
Other
(0.2%)
445,000
Connect
Finco
SARL!
2024
Extended
Term
Loan
B,
0.000%,
09/27/29
444,443
773,033
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.172%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
772,067
530,000
Windstream
Services
LLC‡
2024
Term
Loan
B,
8.522%,
10/01/31
1
mo.
USD
Term
SOFR
+
4.750%
534,637
1,751,147
Special
Purpose
Acquisition
Companies
(0.1%)
431,067
Clydesdale
Acquisition
Holdings,
Inc.‡
Term
Loan
B,
6.847%,
04/13/29
1
mo.
USD
Term
SOFR
+
3.175%
429,631
TOTAL
BANK
LOANS
(Cost
$60,748,033)
58,687,308
CONVERTIBLE
BONDS
(90.6%)
Communication
Services
(10.1%)
AST
SpaceMobile,
Inc.*
2,000,000
2.375%,
10/15/32
3,645,780
5,000,000
2.000%,
01/15/36
6,835,700
5,000,000
IMAX
Corp.*
0.750%,
11/15/30
5,348,950
9,750,000
Liberty
Media
Corp.-Liberty
Formula
One^
2.250%,
08/15/27
11,393,655
9,000,000
Live
Nation
Entertainment,
Inc.µ
2.875%,
01/15/30
9,570,060
13,250,000
Lyft,
Inc.*µ
0.000%,
09/15/30
14,008,430
17,500,000
Snap,
Inc.µ
0.500%,
05/01/30
15,092,875
15,500,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
19,861,855
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
10,425,000
Uber
Technologies,
Inc.
(Aurora
Innovation,
Inc.)*§µ
0.000%,
05/15/28
$
10,481,295
96,238,600
Consumer
Discretionary
(7.5%)
19,250,000
Alibaba
Group
Holding
Ltd.*
0.000%,
09/15/32
21,536,130
14,000,000
DoorDash,
Inc.*µ
0.000%,
05/15/30
14,031,780
4,500,000
Etsy,
Inc.*µ
1.000%,
06/15/30
4,500,360
2,500,000
Freshpet,
Inc.^
3.000%,
04/01/28
3,103,550
3,750,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
2,192,813
4,500,000
NCL
Corp.
Ltd.*µ
0.750%,
09/15/30
4,391,190
12,250,000
Rivian
Automotive,
Inc.µ
4.625%,
03/15/29
12,953,517
3,750,000
Wayfair,
Inc.
3.500%,
11/15/28
8,828,213
71,537,553
Consumer
Staples
(0.6%)
1,925,000
KalVista
Pharmaceuticals,
Inc.*
3.250%,
10/01/31
2,433,874
4,250,000
Oddity
Finance
LLC*µ
0.000%,
06/15/30
3,536,212
5,970,086
Energy
(1.3%)
3,500,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
4,799,025
6,250,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
7,387,937
SunEdison,
Inc.@
1,027,000
0.000%,
10/01/18
4,108
10,545,000
0.000%,
01/15/20*
42,180
12,233,250
Financials
(4.0%)
4,500,000
Affirm
Holdings,
Inc.µ
0.750%,
12/15/29
4,658,310
8,000,000
Barclays
Bank
PLC
(Microsoft
Corp.)
Series
MSFT§
1.000%,
02/16/29
8,261,360
Coinbase
Global,
Inc.µ
4,750,000
0.250%,
04/01/30
4,668,252
11,750,000
0.000%,
10/01/32*
10,040,728
6,000,000
Galaxy
Digital
Holdings
LP*µ
0.500%,
05/01/31
5,228,220
4,500,000
WisdomTree,
Inc.*
4.625%,
08/15/30
5,255,235
38,112,105
Health
Care
(8.7%)
4,750,000
Alnylam
Pharmaceuticals,
Inc.*µ
0.000%,
09/15/28
4,442,960
6,000,000
Alphatec
Holdings,
Inc.*
0.750%,
03/15/30
7,328,520
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,964,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
$
2,213,330
Bridgebio
Pharma,
Inc.*
3,000,000
1.750%,
03/01/31
5,254,560
1,363,000
0.750%,
02/01/33
1,392,305
1,853,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
2,218,004
5,000,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
5,950,050
10,000,000
Halozyme
Therapeutics,
Inc.*µ
0.875%,
11/15/32
10,517,100
10,000,000
Ionis
Pharmaceuticals,
Inc.*µ
0.000%,
12/01/30
11,080,100
Jazz
Investments
I
Ltd.
4,000,000
3.125%,
09/15/30
5,232,760
2,405,000
2.000%,
06/15/26
2,658,631
3,040,000
Lantheus
Holdings,
Inc.µ
2.625%,
12/15/27
3,478,672
4,500,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
5,384,520
3,250,000
Merit
Medical
Systems,
Inc.*
3.000%,
02/01/29
3,767,042
4,750,000
Repligen
Corp.µ
1.000%,
12/15/28
5,063,547
2,000,000
Tempus
AI,
Inc.*µ
0.750%,
07/15/30
2,171,220
4,875,000
Zoetis,
Inc.*
0.250%,
06/15/29
4,988,198
83,141,519
Industrials
(7.9%)
9,250,000
AeroVironment,
Inc.µ
0.000%,
07/15/30
10,937,477
18,500,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
20,885,945
19,750,000
BWX
Technologies,
Inc.*µ
0.000%,
11/01/30
20,478,183
5,500,000
Fluor
Corp.
1.125%,
08/15/29
6,808,670
5,000,000
JBT
Marel
Corp.*
0.375%,
09/15/30
5,375,950
5,250,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
5,381,145
4,500,000
Tetra
Tech,
Inc.
2.250%,
08/15/28
5,237,685
75,105,055
Information
Technology
(41.8%)
7,000,000
Advanced
Energy
Industries,
Inc.
2.500%,
09/15/28
13,602,540
15,000,000
Akamai
Technologies,
Inc.*µ
0.250%,
05/15/33
18,211,350
3,750,000
Alkami
Technology,
Inc.*
1.500%,
03/15/30
3,726,712
9,250,000
Bill
Holdings,
Inc.µ
0.000%,
04/01/30
8,293,088
5,838,000
Check
Point
Software
Technologies
Ltd.*
0.000%,
12/15/30
5,763,682
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
8,750,000
Cipher
Mining,
Inc.*
0.000%,
10/01/31
$
11,231,237
11,078,000
Cloudflare,
Inc.*µ
0.000%,
06/15/30
11,639,876
4,500,000
Commvault
Systems,
Inc.*µ
0.000%,
09/15/30
3,800,295
17,500,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
18,421,200
2,500,000
Cytokinetics,
Inc.*µ
1.750%,
10/01/31
3,170,100
13,750,000
Datadog,
Inc.µ
0.000%,
12/01/29
13,550,075
9,000,000
Guidewire
Software,
Inc.^µ
1.250%,
11/01/29
8,745,120
16,500,000
IREN
Ltd.*
0.000%,
07/01/31
15,267,780
4,000,000
Itron,
Inc.^
1.375%,
07/15/30
4,264,480
4,750,000
Life360,
Inc.*
0.000%,
06/01/30
5,010,063
14,750,000
Lumentum
Holdings,
Inc.*µ
0.375%,
03/15/32
33,492,678
8,500,000
MACOM
Technology
Solutions
Holdings,
Inc.^
0.000%,
12/15/29
12,271,025
8,000,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
10,372,640
17,250,000
MKS,
Inc.µ
1.250%,
06/01/30
29,102,130
18,500,000
ON
Semiconductor
Corp.µ
0.500%,
03/01/29
18,110,945
2,000,000
Planet
Labs
PBC*
0.500%,
10/15/30
4,559,360
4,000,000
Seagate
HDD
Caymanµ
3.500%,
06/01/28
19,919,080
15,750,000
Shift4
Payments,
Inc.µ
0.500%,
08/01/27
15,160,478
9,750,000
Snowflake,
Inc.µ
0.000%,
10/01/29
13,738,628
7,000,000
Spotify
USA,
Inc.
0.000%,
03/15/26
7,103,600
9,500,000
Strategy,
Inc.µ
0.875%,
03/15/31
9,795,830
Super
Micro
Computer,
Inc.*µ
2,500,000
2.250%,
07/15/28
2,430,525
3,750,000
0.000%,
06/15/30
3,233,512
Terawulf,
Inc.*
9,000,000
1.000%,
09/01/31
11,914,380
1,275,000
0.000%,
05/01/32
1,215,725
4,500,000
Tyler
Technologies,
Inc.
0.250%,
03/15/26
4,478,850
4,500,000
Varonis
Systems,
Inc.
1.000%,
09/15/29
4,202,235
5,750,000
Western
Digital
Corp.
3.000%,
11/15/28
38,130,895
4,250,000
Workiva,
Inc.µ
1.250%,
08/15/28
4,114,637
PRINCIPAL
AMOUNT
a
a
VALUE
a
9,750,000
Zscaler,
Inc.*µ
0.000%,
07/15/28
$
9,071,693
397,116,444
Materials
(1.5%)
6,000,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
8,742,540
2,000,000
MP
Materials
Corp.*
3.000%,
03/01/30
5,668,740
14,411,280
Other
(0.9%)
7,750,000
CoreWeave,
Inc.*^
1.750%,
12/01/31
8,917,925
Real
Estate
(1.6%)
4,983,000
Compass,
Inc.*
0.250%,
04/15/31
5,372,770
9,000,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
9,331,650
14,704,420
Utilities
(4.7%)
9,250,000
CMS
Energy
Corp.^
3.375%,
05/01/28
10,002,580
8,000,000
Duke
Energy
Corp.^
4.125%,
04/15/26
8,314,000
5,500,000
NextEra
Energy
Capital
Holdings,
Inc.
3.000%,
03/01/27
7,323,250
16,500,000
PPL
Capital
Funding,
Inc.µ
2.875%,
03/15/28
18,612,660
44,252,490
TOTAL
CONVERTIBLE
BONDS
(Cost
$779,588,379)
861,740,727
CORPORATE
BONDS
(34.3%)
Airlines
(0.3%)
760,073
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
08/15/27
763,494
852,140
American
Airlines
Pass-Through
Trust
Series
2021-1,
Class
B
3.950%,
07/11/30
821,139
752,203
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
09/15/31
725,672
829,384
JetBlue
Pass-Through
Trust
Series
2020-1,
Class
B
7.750%,
11/15/28
833,017
3,143,322
Basic
Materials
(0.0%)
260,000
WR
Grace
Holdings
LLC*
7.000%,
08/01/33
260,551
Communication
Services
(3.0%)
1,508,453
Altice
France
SA*
6.875%,
07/15/32
1,473,774
1,255,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
1,233,979
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
400,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
$
419,400
952,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
961,777
Clear
Channel
Outdoor
Holdings,
Inc.*
525,000
7.875%,
04/01/30
552,746
574,000
7.500%,
03/15/33
610,323
CSC
Holdings
LLC*
1,000,000
4.625%,
12/01/30
373,650
1,785,000
4.500%,
11/15/31
1,080,907
392,000
Directv
Financing
LLC*
8.875%,
02/01/30
397,425
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.*
522,000
10.000%,
02/15/31
538,041
385,000
5.875%,
08/15/27
387,183
522,000
EW
Scripps
Co.*
9.875%,
08/15/30
520,168
1,610,000
Frontier
California,
Inc.
Series
Fµ
6.750%,
05/15/27
1,651,441
261,000
Frontier
Communications
Holdings
LLC*µ
8.750%,
05/15/30
269,255
1,685,000
Frontier
Florida
LLC
Series
Eµ
6.860%,
02/01/28
1,745,930
1,555,000
Frontier
North,
Inc.
Series
Gµ
6.730%,
02/15/28
1,602,490
905,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
861,261
Gray
Media,
Inc.*
522,000
7.250%,
08/15/33
534,716
515,000
5.375%,
11/15/31
383,052
1,040,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
985,088
261,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
270,602
Lumen
Technologies,
Inc.
771,875
10.000%,
10/15/32*
771,875
660,000
Series
P,
7.600%,
09/15/39
652,205
1,005,000
Paramount
Global
4.900%,
08/15/44
715,912
Rogers
Communications,
Inc.‡
910,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
955,464
650,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
673,686
Scripps
Escrow
II,
Inc.*^
257,000
5.375%,
01/15/31
191,838
514,000
3.875%,
01/15/29
475,578
520,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
538,184
Sirius
XM
Radio
LLC*
830,000
5.500%,
07/01/29
834,507
1,311,000
3.875%,
09/01/31^
1,198,700
515,000
3.125%,
09/01/26
512,070
PRINCIPAL
AMOUNT
a
a
VALUE
a
525,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
$
536,707
Time
Warner
Cable
LLC
420,000
7.300%,
07/01/38
447,363
515,000
6.550%,
05/01/37
521,664
414,000
T-Mobile
USA,
Inc.^
6.700%,
12/15/33
462,401
Univision
Communications,
Inc.*
520,000
8.500%,
07/31/31
543,114
526,000
8.000%,
08/15/28
543,263
Warnermedia
Holdings,
Inc.
520,000
5.050%,
03/15/42
368,207
260,000
4.279%,
03/15/32
228,935
28,024,881
Communications
(0.1%)
1,245,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*^
4.250%,
01/15/34
1,052,473
Consumer
Discretionary
(7.2%)
1,580,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
1,650,515
Adient
Global
Holdings
Ltd.*
855,000
8.250%,
04/15/31
896,502
523,000
7.500%,
02/15/33
543,685
Advance
Auto
Parts,
Inc.*
261,000
7.375%,
08/01/33
264,724
464,000
7.000%,
08/01/30
471,624
782,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
804,655
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
522,000
6.875%,
08/01/33
526,943
913,000
4.625%,
08/01/29
875,494
Bath
&
Body
Works,
Inc.
500,000
6.875%,
11/01/35
506,225
1,369,000
6.694%,
01/15/27
1,390,439
720,000
6.625%,
10/01/30*
737,417
1,215,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
1,208,062
Caesars
Entertainment,
Inc.*^
895,000
6.000%,
10/15/32
871,077
657,000
4.625%,
10/15/29
631,055
Carnival
Corp.*
1,045,000
6.125%,
02/15/33
1,075,660
523,000
4.000%,
08/01/28
518,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
1,200,000
6.375%,
09/01/29
1,213,464
640,000
5.125%,
05/01/27
641,101
1,075,000
4.750%,
03/01/30
1,028,796
522,000
4.750%,
02/01/32^
477,426
1,075,000
4.500%,
08/15/30
1,012,585
1,035,000
4.250%,
02/01/31
948,743
1,045,000
Century
Communities,
Inc.*
6.625%,
09/15/33
1,059,672
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Churchill
Downs,
Inc.*
520,000
6.750%,
05/01/31
$
536,635
522,000
5.750%,
04/01/30
525,330
784,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
812,734
561,000
Dana,
Inc.
4.500%,
02/15/32
533,130
DISH
DBS
Corp.
389,000
7.375%,
07/01/28
373,833
544,000
5.125%,
06/01/29
482,028
1,049,000
DISH
Network
Corp.*
11.750%,
11/15/27
1,085,778
1,510,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
1,501,378
600,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
610,002
1,075,000
Ford
Motor
Co.
6.100%,
08/19/32
1,118,903
Ford
Motor
Credit
Co.
LLC
1,350,000
7.200%,
06/10/30
1,452,546
1,650,000
4.000%,
11/13/30
1,569,991
510,000
General
Motors
Co.
5.200%,
04/01/45
460,714
goeasy
Ltd.*
934,000
7.625%,
07/01/29
925,968
1,045,000
6.875%,
02/15/31^
983,136
Goodyear
Tire
&
Rubber
Co.
1,575,000
5.625%,
04/30/33^
1,504,739
560,000
5.250%,
07/15/31
534,078
Group
1
Automotive,
Inc.*
650,000
6.375%,
01/15/30
668,304
445,000
4.000%,
08/15/28
436,176
661,056
Guitar
Center,
Inc.‡
12.000%,
08/19/32
198,317
181,455
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
B
8.000%,
05/15/29
182,504
533,000
Kohl's
Corp.
5.550%,
07/17/45
361,896
1,045,000
Liberty
Interactive
LLC
8.250%,
02/01/30
72,157
1,045,000
Life
Time,
Inc.*
6.000%,
11/15/31
1,071,804
784,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
795,627
1,050,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
1,096,630
525,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
529,069
685,000
M/I
Homes,
Inc.
3.950%,
02/15/30
659,484
Macy's
Retail
Holdings
LLC
699,000
6.700%,
07/15/34*
679,477
1,285,000
4.300%,
02/15/43
930,032
2,025,000
MGM
Resorts
International^
6.500%,
04/15/32
2,074,106
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,329,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
$
1,305,995
NCL
Corp.
Ltd.*
522,000
6.750%,
02/01/32
535,421
588,000
6.250%,
09/15/33^
591,798
520,000
5.875%,
01/15/31
521,726
Newell
Brands,
Inc.
522,000
8.500%,
06/01/28*
547,917
522,000
6.625%,
05/15/32^
512,056
520,000
6.375%,
05/15/30^
514,899
1,045,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
1,043,422
Patrick
Industries,
Inc.*
522,000
6.375%,
11/01/32
534,794
923,000
4.750%,
05/01/29
914,388
1,195,000
Penn
Entertainment,
Inc.*^
4.125%,
07/01/29
1,110,502
750,000
PetSmart
LLC/PetSmart
Finance
Corp.*
7.500%,
09/15/32
769,792
1,046,000
Premier
Entertainment
Sub
LLC/
Premier
Entertainment
Finance
Corp.*^
5.625%,
09/01/29
773,988
525,000
QVC,
Inc.^
5.450%,
08/15/34
205,495
106,832
Rite
Aid
Corp.
0.000%,
08/30/34
—
1,045,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
1,064,510
1,045,000
Rivers
Enterprise
Lender
LLC/Rivers
Enterprise
Lender
Corp.*
6.250%,
10/15/30
1,061,386
588,750
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
1,564
253,340
SGUS
LLC*@
0.000%,
12/15/29
8,208
955,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
922,148
1,565,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
1,546,110
810,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
778,305
522,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
532,837
648,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
636,971
721,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
720,373
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
780,000
Staples,
Inc.*
10.750%,
09/01/29
$
767,099
1,285,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
1,211,909
1,050,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
1,106,290
653,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
670,618
131,000
United
Airlines
Holdings,
Inc.††
5.375%,
03/01/31
132,377
260,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
277,378
522,000
Voyager
Parent
LLC*
9.250%,
07/01/32
555,361
1,045,000
Whirlpool
Corp.^
6.500%,
06/15/33
1,031,593
550,000
William
Carter
Co.*
7.375%,
02/15/31
569,245
1,025,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
1,051,014
68,647,859
Consumer
Staples
(2.3%)
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
780,000
5.875%,
02/15/28
781,630
131,000
5.750%,
03/31/34
128,894
131,000
5.500%,
03/31/31
131,583
1,750,000
4.625%,
01/15/27
1,750,210
1,037,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
1,093,195
975,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
1,003,636
1,100,000
BioMarin
Pharmaceutical,
Inc.*††
5.500%,
02/15/34
1,104,873
Brink's
Co.*
525,000
6.750%,
06/15/32
547,034
525,000
6.500%,
06/15/29
542,115
1,191,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
1,125,864
1,045,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
1,032,993
1,188,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
1,140,504
Energizer
Holdings,
Inc.*
522,000
6.000%,
09/15/33^
501,762
1,185,000
4.375%,
03/31/29
1,138,998
MPH
Acquisition
Holdings
LLC*
879,125
6.750%,
03/31/31
751,335
429,160
5.750%,
12/31/30
368,631
672,000
New
Albertsons
LP
7.750%,
06/15/26
679,580
Performance
Food
Group,
Inc.*
261,000
6.125%,
09/15/32
268,587
1,043,000
4.250%,
08/01/29
1,022,025
775,000
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
755,951
PRINCIPAL
AMOUNT
a
a
VALUE
a
Post
Holdings,
Inc.*
918,000
6.375%,
03/01/33
$
926,161
1,050,000
6.250%,
02/15/32
1,079,757
986,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
923,853
1,212,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
1,262,637
855,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
857,377
784,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
783,859
21,703,044
Energy
(4.8%)
784,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
783,773
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
1,045,000
6.625%,
10/15/32
1,084,689
820,000
6.625%,
07/15/33
849,487
Buckeye
Partners
LP
392,000
6.875%,
07/01/29*
408,166
787,000
6.750%,
02/01/30*
824,705
545,000
5.850%,
11/15/43
510,245
785,000
Continental
Resources,
Inc.
4.900%,
06/01/44
635,442
785,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
759,409
Enbridge,
Inc.‡
790,000
7.375%,
03/15/55^
,
5
yr.
CMT
+
3.122%
839,336
530,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
564,678
Energy
Transfer
LP‡
970,000
7.133%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
973,143
520,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
537,404
764,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
767,782
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
765,000
8.875%,
04/15/30
805,583
525,000
8.000%,
05/15/33
548,520
995,000
Gulfport
Energy
Operating
Corp.*
6.750%,
09/01/29
1,027,736
1,050,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
1,110,155
1,045,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
1,086,424
1,044,000
Matador
Resources
Co.*
6.500%,
04/15/32
1,063,763
1,410,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
1,437,086
780,000
New
Fortress
Energy,
Inc.*
6.500%,
09/30/26
71,323
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,090,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
$
1,109,380
650,000
ONEOK,
Inc.*µ
6.500%,
09/01/30
697,639
985,000
Permian
Resources
Operating
LLC*
7.000%,
01/15/32
1,032,260
520,000
Phillips
66
Co.
Series
A^‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
517,904
1,040,000
Plains
All
American
Pipeline
LP
Series
B‡
8.223%,
03/01/26
,
3
mo.
USD
Term
SOFR
+
4.372%
1,040,759
519,000
SM
Energy
Co.*
9.625%,
06/15/33
568,014
1,050,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
1,093,176
1,440,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
1,505,995
Sunoco
LP*
800,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
825,856
1,565,000
6.625%,
08/15/32
1,615,315
1,045,000
6.250%,
07/01/33
1,075,608
1,045,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
1,064,228
1,020,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
1,010,657
Transocean
International
Ltd.*
1,570,000
8.500%,
05/15/31
1,598,935
784,000
7.875%,
10/15/32
827,967
Venture
Global
Calcasieu
Pass
LLC*
260,000
4.125%,
08/15/31
240,120
260,000
3.875%,
08/15/29
247,172
Venture
Global
LNG,
Inc.*
525,000
9.875%,
02/01/32
556,001
525,000
9.500%,
02/01/29
559,577
2,552,000
9.000%,
09/30/29^‡
,
5
yr.
CMT
+
5.440%
2,249,409
1,300,000
8.375%,
06/01/31
1,330,602
780,000
8.125%,
06/01/28
799,243
548,000
7.000%,
01/15/30^
551,666
Venture
Global
Plaquemines
LNG
LLC*
1,045,000
6.500%,
01/15/34
1,086,006
780,000
6.500%,
06/15/34
808,743
261,000
6.125%,
12/15/30
268,903
1,045,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
1,044,237
1,042,000
WBI
Operating
LLC*
6.500%,
10/15/33
1,052,430
1,045,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
1,082,975
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,432,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
$
1,454,640
45,604,266
Financials
(5.2%)
871,000
Acrisure
LLC/Acrisure
Finance,
Inc.*
8.250%,
02/01/29
904,290
975,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust^‡
6.950%,
03/10/55
,
5
yr.
CMT
+
2.720%
1,021,039
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
1,045,000
7.375%,
10/01/32
1,083,372
1,045,000
6.500%,
10/01/31
1,075,807
Ally
Financial,
Inc.‡
1,433,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
1,426,867
480,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
460,819
1,082,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
1,067,869
520,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
530,416
525,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.375%,
02/01/34
531,153
1,045,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
1,095,432
1,050,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
1,084,377
1,045,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
1,121,807
Brandywine
Operating
Partnership
LP
525,000
8.875%,
04/12/29
564,364
1,042,000
6.125%,
01/15/31
1,010,490
1,304,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
1,339,834
1,819,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
1,811,760
807,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
796,695
1,050,000
Burford
Capital
Global
Finance
LLC*
7.500%,
07/15/33
1,016,893
520,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
531,690
1,020,000
Corebridge
Financial,
Inc.^‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
1,039,094
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Credit
Acceptance
Corp.*
690,000
9.250%,
12/15/28
$
723,479
464,000
6.625%,
03/15/30
466,287
1,045,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
1,061,626
1,045,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
1,114,095
520,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
543,260
First
Citizens
BancShares,
Inc.‡
260,000
Series
B,
7.957%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
265,554
775,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
792,213
GGAM
Finance
Ltd.*
1,170,000
8.000%,
02/15/27
1,189,083
522,000
5.875%,
03/15/30
531,323
HUB
International
Ltd.*
785,000
7.375%,
01/31/32
822,955
806,000
5.625%,
12/01/29
805,952
520,000
Huntington
Bancshares,
Inc.
Series
K‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
520,962
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
720,000
6.625%,
10/15/31
714,089
1,055,000
5.000%,
08/15/28
1,023,571
1,176,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
1,250,053
783,000
MetLife,
Inc.
6.400%,
12/15/36
822,612
525,000
Newmark
Group,
Inc.
7.500%,
01/12/29
560,962
OneMain
Finance
Corp.
522,000
6.750%,
03/15/32
533,975
1,045,000
6.750%,
09/15/33
1,058,846
522,000
6.500%,
03/15/33
525,174
516,000
Osaic
Holdings,
Inc.
Series
JAN*
8.000%,
08/01/33
535,794
985,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
1,015,436
1,305,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
1,369,611
1,050,000
RHP
Hotel
Properties
LP/RHP
Finance
Corp.*
6.500%,
04/01/32
1,087,579
Rocket
Cos.,
Inc.*
784,000
6.375%,
08/01/33
814,929
523,000
6.125%,
08/01/30
536,331
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,005,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
$
943,273
1,035,000
Service
Properties
Trust
8.375%,
06/15/29
1,048,393
1,045,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
1,075,033
257,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
265,458
1,310,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
1,394,443
1,045,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
1,105,014
1,212,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
1,198,632
525,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
511,350
522,000
UWM
Holdings
LLC*
6.250%,
03/15/31
519,014
525,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
550,415
1,045,000
XHR
LP*
6.625%,
05/15/30
1,081,439
49,892,283
Health
Care
(2.0%)
1,564,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
1,546,014
CHS/Community
Health
Systems,
Inc.*
628,000
10.875%,
01/15/32
677,907
594,000
6.875%,
04/15/29
546,931
2,075,000
6.125%,
04/01/30
1,713,805
130,000
5.250%,
05/15/30
122,630
DaVita,
Inc.*
1,010,000
6.875%,
09/01/32
1,039,825
1,154,000
4.625%,
06/01/30
1,112,514
1,220,000
3.750%,
02/15/31
1,121,827
Embecta
Corp.*
260,000
6.750%,
02/15/30
252,998
783,000
5.000%,
02/15/30^
734,031
Encompass
Health
Corp.
525,000
4.750%,
02/01/30
522,743
525,000
4.500%,
02/01/28
522,837
588,000
IQVIA,
Inc.*
6.250%,
06/01/32
612,179
Medline
Borrower
LP*
1,557,000
5.250%,
10/01/29
1,560,239
1,295,000
3.875%,
04/01/29
1,267,973
1,900,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
1,726,815
Tenet
Healthcare
Corp.
1,420,000
6.875%,
11/15/31
1,556,192
784,000
5.500%,
11/15/32*
792,679
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,320,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
$
1,335,074
18,765,213
Industrials
(3.2%)
1,177,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
1,219,043
1,200,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
1,112,076
Arcosa,
Inc.*
522,000
6.875%,
08/15/32
550,815
587,000
4.375%,
04/15/29
576,798
Bombardier,
Inc.*
520,000
8.750%,
11/15/30
557,154
325,000
7.250%,
07/01/31
345,508
395,000
7.000%,
06/01/32
415,422
263,000
6.750%,
06/15/33
276,650
1,044,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
1,025,093
1,630,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
1,689,837
260,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
261,516
235,583
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
237,404
Deluxe
Corp.*
260,000
8.125%,
09/15/29
273,276
1,360,000
8.000%,
06/01/29
1,384,194
EnerSys*
500,000
6.625%,
01/15/32
518,395
500,000
4.375%,
12/15/27
497,790
EquipmentShare.com,
Inc.*
655,000
8.625%,
05/15/32
700,640
394,000
8.000%,
03/15/33
415,930
Graphic
Packaging
International
LLC*
675,000
4.750%,
07/15/27
674,352
484,000
3.500%,
03/01/29
462,360
1,141,000
Great
Lakes
Dredge
&
Dock
Corp.*
5.250%,
06/01/29
1,123,885
Herc
Holdings,
Inc.*
522,000
7.250%,
06/15/33
552,809
522,000
7.000%,
06/15/30
548,074
525,000
6.625%,
06/15/29
543,632
788,000
JELD-WEN,
Inc.*^
7.000%,
09/01/32
499,111
1,690,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
1,681,753
650,000
Moog,
Inc.*
4.250%,
12/15/27
647,140
1,040,000
Novelis
Corp.*
4.750%,
01/30/30
1,009,112
1,045,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
1,084,167
Sealed
Air
Corp.*
265,000
6.500%,
07/15/32
275,566
261,000
5.000%,
04/15/29
262,926
PRINCIPAL
AMOUNT
a
a
VALUE
a
Sealed
Air
Corp./Sealed
Air
Corp.
U.S.*
260,000
7.250%,
02/15/31
$
271,268
809,000
6.125%,
02/01/28
822,138
248,000
Sensata
Technologies
BV*
4.000%,
04/15/29
242,901
519,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
487,180
Standard
Building
Solutions,
Inc.*
265,000
6.500%,
08/15/32
273,530
784,000
6.250%,
08/01/33
801,671
1,045,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
1,104,659
TransDigm,
Inc.*
390,000
7.125%,
12/01/31
409,094
1,125,000
6.875%,
12/15/30
1,172,486
790,000
6.750%,
08/15/28
804,346
254,000
6.625%,
03/01/32
263,350
227,967
United
Airlines
Pass-Through
Trust
Series
2019-2,
Class
B
3.500%,
05/01/28
222,510
782,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
807,673
Williams
Scotsman,
Inc.*
390,000
6.625%,
06/15/29
403,486
604,000
4.625%,
08/15/28
602,309
30,111,029
Information
Technology
(1.5%)
Block,
Inc.*
261,000
6.000%,
08/15/33
266,659
520,000
5.625%,
08/15/30
529,693
522,000
CACI
International,
Inc.*
6.375%,
06/15/33
542,812
788,000
Cloud
Software
Group,
Inc.*^
6.625%,
08/15/33
756,086
604,000
Coherent
Corp.*
5.000%,
12/15/29
602,254
94,000
Dell
International
LLC/EMC
Corp.µ
6.020%,
06/15/26
94,307
Fair
Isaac
Corp.*
392,000
6.000%,
05/15/33
399,354
520,000
4.000%,
06/15/28
511,716
1,130,000
KBR,
Inc.*
4.750%,
09/30/28
1,117,073
771,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
755,649
525,000
Open
Text
Corp.*
6.900%,
12/01/27
542,414
Open
Text
Holdings,
Inc.*
260,000
4.125%,
02/15/30
241,808
651,000
4.125%,
12/01/31
585,555
1,450,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
1,409,647
Twilio,
Inc.
259,000
3.875%,
03/15/31
245,071
725,000
3.625%,
03/15/29
696,007
659,000
UKG,
Inc.*
6.875%,
02/01/31
659,316
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,555,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
$
1,484,947
1,466,462
Wolfspeed,
Inc.
7.000%,
06/15/31
1,197,880
1,050,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
1,083,800
940,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
859,668
14,581,716
Materials
(2.0%)
1,045,000
Avient
Corp.*
6.250%,
11/01/31
1,074,897
1,045,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
1,084,929
Celanese
U.S.
Holdings
LLC
520,000
7.379%,
07/15/32
543,182
522,000
7.375%,
02/15/34^
531,970
1,050,000
Century
Aluminum
Co.*
6.875%,
08/01/32
1,088,839
888,000
Chemours
Co.*^
8.000%,
01/15/33
890,975
1,900,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
1,806,140
425,000
Constellium
SE*
6.375%,
08/15/32
439,790
1,855,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
1,495,724
1,045,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
1,091,461
1,044,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
1,053,824
1,040,000
Knife
River
Corp.*
7.750%,
05/01/31
1,084,918
Mercer
International,
Inc.^
459,000
12.875%,
10/01/28*
337,163
1,107,000
5.125%,
02/01/29
688,355
1,045,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
1,079,778
1,194,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
1,184,018
1,045,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
1,051,166
1,045,000
Terex
Corp.*
6.250%,
10/15/32
1,071,177
449,246
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*
7.625%,
05/03/29
11,496
1,040,000
WR
Grace
Holdings
LLC*
6.625%,
08/15/32
1,035,559
18,645,361
Other
(1.7%)
760,000
1261229
BC
Ltd.*
10.000%,
04/15/32
780,801
1,030,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
1,071,643
PRINCIPAL
AMOUNT
a
a
VALUE
a
828,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.000%,
12/31/32
$
866,096
407,527
Claritev
Corp.
Series
B*
6.750%,
03/31/31
320,447
1,045,000
DBR
Land
Holdings
LLC*
6.250%,
12/01/30
1,071,261
EchoStar
Corp.
1,853,550
10.750%,
11/30/29
2,033,289
1,099,886
6.750%,
11/30/30
1,119,255
1,045,000
Enerflex,
Inc.*
6.875%,
01/15/31
1,081,491
475,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
479,802
275,000
Genmab
AS/Genmab
Finance
LLC*
6.250%,
12/15/32
282,373
522,000
Graham
Holdings
Co.*
5.625%,
12/01/33
526,782
965,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
1,011,166
788,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
821,726
1,045,000
New
Gold,
Inc.*
6.875%,
04/01/32
1,112,058
520,000
Reinsurance
Group
of
America,
Inc.‡
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
536,978
1,045,000
Rfna
LP*
7.875%,
02/15/30
1,053,569
1,045,000
SM
Energy
Co.*^
7.000%,
08/01/32
1,048,302
522,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
545,213
15,762,252
Real
Estate
(0.2%)
522,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
534,779
650,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
636,844
787,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
766,931
1,938,554
Special
Purpose
Acquisition
Companies
(0.2%)
263,000
Clydesdale
Acquisition
Holdings,
Inc.*
6.750%,
04/15/32
265,401
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
1,565,000
6.750%,
01/15/30
1,479,927
524,000
4.625%,
01/15/29
507,431
2,252,759
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Utilities
(0.6%)
525,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
$
539,238
520,000
Dominion
Energy,
Inc.^‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
535,132
1,025,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
1,072,212
820,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
858,548
770,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
792,091
780,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
812,815
379,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.612%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
375,786
Vistra
Corp.*‡
270,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
275,262
525,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
533,075
5,794,159
TOTAL
CORPORATE
BONDS
(Cost
$331,625,660)
326,179,722
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(0.1%)
Other
(0.1%)
650,000
Farm
Credit
Bank
of
Texas‡
7.000%,
09/15/30
,
5
yr.
CMT
+
3.010%
(Cost
$655,157)
675,408
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(1.5%)
Communication
Services
(0.0%)
17,927
Audacy,
Inc.#
89,635
7,383
Cumulus
Media,
Inc.
-
Class
A#
591
21,970
Optimum
Communications,
Inc.
-
Class
A#^
33,614
123,840
Consumer
Discretionary
(0.0%)
1,568
Rite
Aid
Corp.#
1,568
Energy
(0.3%)
4,350
Cheniere
Energy
Partners
LP
245,296
61,575
Energy
Transfer
LP
1,136,059
28,485
Enterprise
Products
Partners
LP
945,417
7,238
EP
Energy
Corp.#
11,762
2,338,534
NUMBER
OF
SHARES
b
b
VALUE
b
Industrials
(0.0%)
11,791
Ardagh
Holdings
SA#
$
92,594
Information
Technology
(0.2%)
121,382
Wolfspeed,
Inc.#
1,900,842
Utilities
(1.0%)
110,677
NextEra
Energy,
Inc.µ
9,728,508
TOTAL
COMMON
STOCKS
(Cost
$22,324,725)
14,185,886
CONVERTIBLE
PREFERRED
STOCKS
(12.9%)
Financials
(3.5%)
89,885
Apollo
Global
Management,
Inc.
6.750%,
07/31/26
6,235,322
177,785
ARES
Management
Corp.
6.750%,
10/01/27
8,503,457
8,775
Bank
of
America
Corp.^‡‡
7.250%
10,933,650
165,210
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
8,085,377
33,757,806
Health
Care
(0.5%)
13,980
Bruker
Corp.
6.375%,
09/01/28#
4,848,963
Industrials
(4.0%)
433,055
Boeing
Co.
6.000%,
10/15/27
32,357,870
87,620
QXO,
Inc.
5.500%,
05/15/28
5,550,727
37,908,597
Information
Technology
(1.7%)
80,120
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
4,852,869
162,310
Microchip
Technology,
Inc.
7.500%,
03/15/28
10,848,800
15,701,669
Materials
(1.0%)
143,115
Albemarle
Corp.
7.250%,
03/01/27
9,923,594
Utilities
(2.2%)
91,805
NextEra
Energy,
Inc.
7.299%,
06/01/27
5,092,423
300,000
Southern
Co.#
7.125%,
12/15/28
15,375,000
20,467,423
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$116,747,197)
122,608,052
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
PREFERRED
STOCKS
(0.1%)
Communication
Services
(0.1%)
27,800
Qwest
Corp.
6.500%,
09/01/56
$
532,648
8,366
Telephone
&
Data
Systems,
Inc.
6.625%,
03/31/26
185,140
T-Mobile
USA,
Inc.µ
7,072
5.500%,
03/01/70
161,878
808
5.500%,
06/01/70
18,527
8,665
6.250%,
09/01/69#
217,925
1,116,118
TOTAL
PREFERRED
STOCKS
(Cost
$1,008,244)
1,116,118
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
545
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
3,271
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
Energy
(0.0%)
47,202
Mcdermott
International
Ltd.
06/30/27,
Strike
$12.33
5
52,447
Mcdermott
International
Ltd.
06/30/27,
Strike
$15.98
5
10
TOTAL
WARRANTS
(Cost
$20,125)
10
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.1%)#
Information
Technology
(0.0%)
75
3,227,175
Microsoft
Corp.
Call,
05/15/26,
Strike
$540.00
21,563
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Other
(0.1%)
1,650
114,175,050
SPDR®
S&P
500®
ETF
Trust
Put,
03/20/26,
Strike
$675.00
$
1,545,225
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$1,875,319)
1,566,788
TOTAL
INVESTMENTS
(145.9%)
(Cost
$1,315,411,197)
1,387,591,225
LIABILITIES,
LESS
OTHER
ASSETS
(-45.9%)
(
436,631,423
)
NET
ASSETS
(100.0%)
$
950,959,802
*
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.
i
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
!
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.
@
In
default
status
and
considered
non-income
producing.
^
Security,
or
portion
of
security,
is
on
loan.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$436,589,063.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
††
When-issued
security.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
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.
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
831,206
$
—
$
831,206
Bank
Loans
75
—
58,687,308
—
58,687,308
Convertible
Bonds
97
—
861,740,727
—
861,740,727
Corporate
Bonds
411
—
326,179,722
—
326,179,722
U.S.
Government
and
Agency
Security
1
—
675,408
—
675,408
Common
Stocks
11
14,185,886
—
—
14,185,886
Convertible
Preferred
Stocks
12
122,608,052
—
—
122,608,052
Preferred
Stocks
5
1,116,118
—
—
1,116,118
Warrants
4
10
—
—
10
Exchange-Traded
Purchased
Options
2
1,566,788
—
—
1,566,788
Total
$
139,476,854
$
1,248,114,371
$
—
$
1,387,591,225
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.0%)
Other
(0.0%)
145,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$139,602)
$
141,794
BANK
LOANS
(3.3%)i
Airlines
(0.0%)
111,309
United
Airlines,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.673%,
02/22/31
1
mo.
USD
Term
SOFR
+
2.000%
111,633
Communication
Services
(0.4%)
143,035
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.547%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
145,478
74,228
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.786%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
56,305
8,328
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.786%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
8,276
88,869
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.922%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
88,731
110,330
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.786%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
110,586
15,226
DirecTV
Financing
LLC‡
Term
Loan,
8.928%,
08/02/27
3
mo.
USD
Term
SOFR
+
5.000%
15,269
67,582
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.178%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
67,775
3,605
Gray
Television,
Inc.‡
2024
Term
Loan
B,
8.950%,
06/04/29
1
mo.
USD
Term
SOFR
+
5.250%
3,611
45,000
iHeartCommunications,
Inc.!
2024
Term
Loan,
0.000%,
05/01/29
41,300
159,597
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.561%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
146,474
185,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.922%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
185,509
PRINCIPAL
AMOUNT
a
a
VALUE
a
99,250
Sinclair
Television
Group,
Inc.‡
2025
Term
Loan
B6,
7.234%,
12/31/29
1
mo.
USD
Term
SOFR
+
3.300%
$
86,099
112,236
TripAdvisor,
Inc.‡
Term
Loan,
6.422%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
109,326
180,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.161%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
180,225
1,244,964
Consumer
Discretionary
(0.7%)
104,213
American
Airlines,
Inc.‡
2025
Term
Loan
B,
6.918%,
05/28/32
3
mo.
USD
Term
SOFR
+
3.250%
104,538
190,000
American
Axle
&
Manufacturing,
Inc.!
2025
Incremental
Term
Loan
C,
0.000%,
02/24/32
190,713
190,000
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.922%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
190,594
90,000
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
7.206%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.500%
90,431
110,615
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.922%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
110,166
113,850
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.667%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
91,056
149,625
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.422%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
150,045
188,105
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.688%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
189,065
149,278
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.671%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
149,278
78,800
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.172%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
79,859
182,500
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.671%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
182,660
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
176,850
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.672%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
$
177,215
190,000
Voyager
Parent
LLC!
Repriced
Term
Loan
B,
0.000%,
07/01/32
190,012
190,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.411%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
190,218
181,213
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.422%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
181,893
2,267,743
Consumer
Staples
(0.6%)
202,293
Amneal
Pharmaceuticals
LLC‡
2025
Term
Loan
B,
7.172%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.500%
203,305
99,500
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.172%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
99,500
138,250
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.172%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
131,914
209,125
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.422%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
210,954
70,000
Bausch
Health
Cos.,
Inc.!
2025
Term
Loan
B,
0.000%,
10/08/30
68,426
201,985
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.922%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
197,440
16,889
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.417%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
16,882
184,538
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.686%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
184,750
231,134
Star
Parent,
Inc.‡
Term
Loan
B,
7.672%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
231,547
189,050
Team
Health
Holdings,
Inc.‡
2025
Term
Loan
B,
8.167%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.500%
189,538
85,121
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.422%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
85,776
PRINCIPAL
AMOUNT
a
a
VALUE
a
143,606
Veritiv
Corp.‡
Term
Loan
B,
7.672%,
12/02/30
3
mo.
USD
Term
SOFR
+
4.000%
$
140,931
1,760,963
Energy
(0.1%)
143,280
New
Fortress
Energy,
Inc.@‡
2025
Incremental
Term
Loan
B,
9.238%,
10/30/28
3
mo.
USD
Term
SOFR
+
5.500%
57,455
277,833
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.955%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
278,817
336,272
Financials
(0.4%)
139,300
Acrisure
LLC‡
2025
Term
Loan
B,
6.922%,
06/21/32
1
mo.
USD
Term
SOFR
+
3.250%
139,445
180,000
Advisor
Group,
Inc.‡
2025
Term
Loan,
6.595%,
07/30/32
6
mo.
USD
Term
SOFR
+
3.000%
178,921
132,653
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.169%,
12/29/31
3
mo.
USD
Term
SOFR
+
2.500%
132,115
9,712
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.172%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
9,671
108,460
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.175%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
108,009
237,600
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.422%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
234,483
151,217
HUB
International
Ltd.‡
2025
Term
Loan
B,
5.920%,
06/20/30
3
mo.
USD
Term
SOFR
+
2.250%
151,409
137,200
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
136,299
138,665
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.922%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
139,224
1,229,576
Health
Care
(0.1%)
204,672
Padagis
LLC‡
Term
Loan
B,
8.658%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
187,787
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Industrials
(0.5%)
179,050
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.184%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
$
154,182
189,525
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.672%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
191,025
184,300
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.422%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
184,394
135,000
Columbus
McKinnon
Corp.!
2026
Term
Loan
B,
0.000%,
01/21/33
134,325
252,740
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.122%,
08/04/31
6
mo.
USD
Term
SOFR
+
2.250%
252,734
182,234
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.422%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
182,474
183,613
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.922%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
183,808
373,857
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.172%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
374,105
1,657,047
Information
Technology
(0.3%)
238,772
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.822%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
230,415
222,600
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.422%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
205,905
75,214
Coherent
Corp.‡
2025
Term
Loan
B2,
5.422%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
75,590
277,900
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.422%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
266,351
142,862
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.672%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
143,024
98,753
UKG,
Inc.‡
2024
Term
Loan
B,
6.167%,
02/10/31
3
mo.
USD
Term
SOFR
+
2.500%
96,510
1,017,795
PRINCIPAL
AMOUNT
a
a
VALUE
a
Materials
(0.1%)
294,880
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.922%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
$
213,788
131,445
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.584%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
14,600
228,388
Other
(0.1%)
75,000
Connect
Finco
SARL!
2024
Extended
Term
Loan
B,
0.000%,
09/27/29
74,906
139,645
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.172%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
139,470
95,000
Windstream
Services
LLC‡
2024
Term
Loan
B,
8.522%,
10/01/31
1
mo.
USD
Term
SOFR
+
4.750%
95,831
310,207
Special
Purpose
Acquisition
Companies
(0.0%)
81,333
Clydesdale
Acquisition
Holdings,
Inc.‡
Term
Loan
B,
6.847%,
04/13/29
1
mo.
USD
Term
SOFR
+
3.175%
81,062
TOTAL
BANK
LOANS
(Cost
$10,799,011)
10,433,437
CORPORATE
BONDS
(34.3%)
Airlines
(0.2%)
136,813
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
08/15/27
137,429
153,440
American
Airlines
Pass-Through
Trust
Series
2021-1,
Class
B
3.950%,
07/11/30
147,858
135,334
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
09/15/31
130,560
143,014
JetBlue
Pass-Through
Trust
Series
2020-1,
Class
B
7.750%,
11/15/28
143,640
559,487
Basic
Materials
(0.0%)
50,000
WR
Grace
Holdings
LLC*µ
7.000%,
08/01/33
50,106
Communication
Services
(2.2%)
267,947
Altice
France
SA*µ
6.875%,
07/15/32
261,787
225,000
APi
Group
DE,
Inc.*µ
4.750%,
10/15/29
221,231
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
380,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
$
398,430
162,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
163,664
Clear
Channel
Outdoor
Holdings,
Inc.*µ
90,000
7.875%,
04/01/30
94,757
105,000
7.500%,
03/15/33
111,644
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
74,730
350,000
4.500%,
11/15/31
211,942
71,000
Directv
Financing
LLC*µ
8.875%,
02/01/30
71,983
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.*µ
95,000
10.000%,
02/15/31
97,919
72,000
5.875%,
08/15/27
72,408
95,000
EW
Scripps
Co.*µ
9.875%,
08/15/30
94,667
290,000
Frontier
California,
Inc.
Series
Fµ
6.750%,
05/15/27
297,465
48,000
Frontier
Communications
Holdings
LLC*µ
8.750%,
05/15/30
49,518
292,000
Frontier
Florida
LLC
Series
Eµ
6.860%,
02/01/28
302,559
280,000
Frontier
North,
Inc.
Series
Gµ
6.730%,
02/15/28
288,551
165,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*µ
3.500%,
03/01/29
157,026
Gray
Media,
Inc.*µ
95,000
7.250%,
08/15/33
97,314
100,000
5.375%,
11/15/31
74,379
185,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
175,232
48,000
Level
3
Financing,
Inc.*µ
7.000%,
03/31/34
49,766
Lumen
Technologies,
Inc.µ
132,750
10.000%,
10/15/32*
132,750
113,000
Series
P,
7.600%,
09/15/39
111,665
Paramount
Global
291,000
6.375%,
03/30/62‡
,
5
yr.
CMT
+
3.999%
273,779
180,000
4.900%,
08/15/44~
128,223
Rogers
Communications,
Inc.‡
470,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
493,481
285,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
295,385
320,000
5.250%,
03/15/82*~
,
5
yr.
CMT
+
3.590%
319,594
Scripps
Escrow
II,
Inc.*µ
48,000
5.375%,
01/15/31
35,830
95,000
3.875%,
01/15/29
87,899
95,000
Sinclair
Television
Group,
Inc.*µ
8.125%,
02/15/33
98,322
PRINCIPAL
AMOUNT
a
a
VALUE
a
Sirius
XM
Radio
LLC*
100,000
5.500%,
07/01/29
$
100,543
233,000
3.875%,
09/01/31^~
213,041
90,000
3.125%,
09/01/26~
89,488
TELUS
Corp.‡
170,000
7.000%,
10/15/55
,
5
yr.
CMT
+
2.709%
177,859
255,000
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
260,687
Time
Warner
Cable
LLC
70,000
7.300%,
07/01/38~
74,560
100,000
6.550%,
05/01/37
101,294
82,000
T-Mobile
USA,
Inc.µ
6.700%,
12/15/33
91,587
Univision
Communications,
Inc.*µ
95,000
8.500%,
07/31/31
99,223
90,000
8.000%,
08/15/28
92,954
265,000
Vodafone
Group
PLC~‡
7.000%,
04/04/79
,
5
yr.
USD
Swap
+
4.873%
279,654
Warnermedia
Holdings,
Inc.
90,000
5.050%,
03/15/42
63,728
45,000
4.279%,
03/15/32
39,623
7,028,141
Communications
(0.1%)
240,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*^
4.250%,
01/15/34
202,886
Consumer
Discretionary
(4.1%)
280,000
Adams
Homes,
Inc.*µ
9.250%,
10/15/28
292,496
Adient
Global
Holdings
Ltd.*µ
155,000
8.250%,
04/15/31
162,524
95,000
7.500%,
02/15/33
98,757
Advance
Auto
Parts,
Inc.*
48,000
7.375%,
08/01/33
48,685
85,000
7.000%,
08/01/30
86,397
140,000
American
Axle
&
Manufacturing,
Inc.*µ
7.750%,
10/15/33
144,056
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*µ
95,000
6.875%,
08/01/33
95,900
167,000
4.625%,
08/01/29
160,140
Bath
&
Body
Works,
Inc.µ
100,000
6.875%,
11/01/35
101,245
254,000
6.694%,
01/15/27
257,978
125,000
6.625%,
10/01/30*
128,024
200,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
198,858
Caesars
Entertainment,
Inc.*
163,000
6.000%,
10/15/32^
158,643
118,000
4.625%,
10/15/29~
113,340
Carnival
Corp.*µ
190,000
6.125%,
02/15/33
195,575
89,000
4.000%,
08/01/28
88,149
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
220,000
6.375%,
09/01/29~
$
222,468
57,000
5.125%,
05/01/27
57,098
185,000
4.750%,
03/01/30
177,049
96,000
4.750%,
02/01/32~
87,803
190,000
4.500%,
08/15/30
178,969
186,000
4.250%,
02/01/31~
170,499
190,000
Century
Communities,
Inc.*
6.625%,
09/15/33
192,668
Churchill
Downs,
Inc.*
92,000
6.750%,
05/01/31
94,943
96,000
5.750%,
04/01/30~
96,612
143,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*µ
6.750%,
09/15/32
148,241
102,000
Dana,
Inc.µ
4.500%,
02/15/32
96,933
DISH
DBS
Corp.µ
72,000
7.375%,
07/01/28
69,193
88,000
5.125%,
06/01/29
77,975
186,000
DISH
Network
Corp.*µ
11.750%,
11/15/27
192,521
200,000
Empire
Resorts,
Inc.*µ
7.750%,
11/01/26
198,858
200,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
203,334
190,000
Ford
Motor
Co.
6.100%,
08/19/32
197,760
Ford
Motor
Credit
Co.
LLC~
235,000
7.200%,
06/10/30
252,851
300,000
4.000%,
11/13/30
285,453
90,000
General
Motors
Co.~
5.200%,
04/01/45
81,302
General
Motors
Financial
Co.,
Inc.‡
293,000
Series
B,
6.500%,
09/30/28^
,
3
mo.
USD
LIBOR
+
3.436%
297,618
690,000
Series
C,
5.700%,
09/30/30~
,
5
yr.
CMT
+
4.997%
693,188
goeasy
Ltd.*
161,000
7.625%,
07/01/29
159,615
190,000
6.875%,
02/15/31
178,752
Goodyear
Tire
&
Rubber
Co.µ
272,000
5.625%,
04/30/33^
259,866
100,000
5.250%,
07/15/31
95,371
Group
1
Automotive,
Inc.*µ
115,000
6.375%,
01/15/30
118,238
79,000
4.000%,
08/15/28
77,433
358,709
Guitar
Center,
Inc.‡
12.000%,
08/19/32
107,613
31,406
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
B
8.000%,
05/15/29
31,587
91,000
Kohl's
Corp.
5.550%,
07/17/45
61,787
190,000
Liberty
Interactive
LLC
8.250%,
02/01/30
13,119
190,000
Life
Time,
Inc.*µ
6.000%,
11/15/31
194,874
PRINCIPAL
AMOUNT
a
a
VALUE
a
143,000
Light
&
Wonder
International,
Inc.*µ
6.250%,
10/01/33
$
145,121
185,000
Lindblad
Expeditions
LLC*µ
7.000%,
09/15/30
193,216
90,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
90,698
125,000
M/I
Homes,
Inc.
3.950%,
02/15/30
120,344
Macy's
Retail
Holdings
LLC
135,000
6.700%,
07/15/34*
131,229
230,000
4.300%,
02/15/43
166,465
370,000
MGM
Resorts
International^
6.500%,
04/15/32
378,972
242,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*~
4.875%,
05/01/29
237,811
NCL
Corp.
Ltd.*µ
95,000
6.750%,
02/01/32
97,442
107,000
6.250%,
09/15/33
107,691
90,000
5.875%,
01/15/31
90,299
Newell
Brands,
Inc.
95,000
8.500%,
06/01/28*
99,717
95,000
6.625%,
05/15/32^
93,190
90,000
6.375%,
05/15/30^
89,117
190,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
189,713
Patrick
Industries,
Inc.*µ
95,000
6.375%,
11/01/32
97,328
170,000
4.750%,
05/01/29
168,414
215,000
Penn
Entertainment,
Inc.*^µ
4.125%,
07/01/29
199,797
190,000
Premier
Entertainment
Sub
LLC/
Premier
Entertainment
Finance
Corp.*^
5.625%,
09/01/29
140,590
95,000
QVC,
Inc.
5.450%,
08/15/34
37,185
20,067
Rite
Aid
Corp.
0.000%,
08/30/34
—
190,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*µ
6.625%,
02/01/33
193,547
190,000
Rivers
Enterprise
Lender
LLC/Rivers
Enterprise
Lender
Corp.*µ
6.250%,
10/15/30
192,979
105,000
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
279
45,181
SGUS
LLC*@
0.000%,
12/15/29
1,464
175,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*µ
4.625%,
03/01/29
168,980
275,000
Six
Flags
Entertainment
Corp.*^~
7.250%,
05/15/31
271,681
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
115,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.µ
5.250%,
07/15/29
$
110,500
95,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*µ
8.625%,
01/15/32
96,972
117,000
Sonic
Automotive,
Inc.*µ
4.625%,
11/15/29
115,009
141,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*µ
4.875%,
11/01/27
140,877
140,000
Staples,
Inc.*µ
10.750%,
09/01/29
137,684
235,000
Starz
Capital
Holdings
1,
Inc.*µ
6.000%,
04/15/30
221,633
185,000
STL
Holding
Co.
LLC*µ
8.750%,
02/15/29
194,918
119,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
122,211
24,000
United
Airlines
Holdings,
Inc.††
5.375%,
03/01/31
24,252
45,000
Viking
Cruises
Ltd.*µ
9.125%,
07/15/31
48,008
95,000
Voyager
Parent
LLC*µ
9.250%,
07/01/32
101,071
190,000
Whirlpool
Corp.^
6.500%,
06/15/33
187,562
90,000
William
Carter
Co.*
7.375%,
02/15/31
93,149
180,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
184,568
13,184,041
Consumer
Staples
(1.4%)
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*µ
145,000
5.875%,
02/15/28
145,303
24,000
5.750%,
03/31/34
23,614
24,000
5.500%,
03/31/31
24,107
315,000
4.625%,
01/15/27
315,038
185,000
Amneal
Pharmaceuticals
LLC*µ
6.875%,
08/01/32
195,025
172,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*µ
8.375%,
06/15/32
177,052
200,000
BioMarin
Pharmaceutical,
Inc.*††
5.500%,
02/15/34
200,886
Brink's
Co.*µ
92,000
6.750%,
06/15/32
95,861
100,000
6.500%,
06/15/29
103,260
218,000
Central
Garden
&
Pet
Co.*µ
4.125%,
04/30/31
206,078
350,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
345,978
213,000
Edgewell
Personal
Care
Co.*µ
4.125%,
04/01/29
204,484
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energizer
Holdings,
Inc.*µ
95,000
6.000%,
09/15/33
$
91,317
218,000
4.375%,
03/31/29
209,537
655,000
Land
O'
Lakes,
Inc.*
7.000%,
09/18/28
566,523
MPH
Acquisition
Holdings
LLC*µ
163,376
6.750%,
03/31/31
139,628
78,641
5.750%,
12/31/30
67,549
Performance
Food
Group,
Inc.*µ
48,000
6.125%,
09/15/32
49,395
191,000
4.250%,
08/01/29
187,159
140,000
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
136,559
Post
Holdings,
Inc.*µ
162,000
6.375%,
03/01/33
163,440
187,000
6.250%,
02/15/32
192,300
182,000
Prestige
Brands,
Inc.*~
3.750%,
04/01/31
170,528
215,000
RR
Donnelley
&
Sons
Co.*µ
9.500%,
08/01/29
223,983
155,000
United
Natural
Foods,
Inc.*µ
6.750%,
10/15/28
155,431
143,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
142,974
4,533,009
Energy
(4.4%)
143,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*µ
6.000%,
02/01/34
142,959
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*µ
190,000
6.625%,
10/15/32
197,216
145,000
6.625%,
07/15/33
150,214
Buckeye
Partners
LP
70,000
6.875%,
07/01/29*
72,887
140,000
6.750%,
02/01/30*
146,707
135,000
5.850%,
11/15/43
126,391
135,000
Continental
Resources,
Inc.µ
4.900%,
06/01/44
109,280
140,000
Crescent
Energy
Finance
LLC*µ
7.375%,
01/15/33
135,436
Enbridge,
Inc.‡
137,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
145,556
680,000
7.375%,
01/15/83~
,
5
yr.
CMT
+
3.708%
702,012
430,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
458,135
820,000
Series
20-A,
5.750%,
07/15/80~
,
5
yr.
CMT
+
5.314%
830,152
Energy
Transfer
LP‡
345,000
8.000%,
05/15/54
,
5
yr.
CMT
+
4.020%
368,591
125,000
7.133%,
11/01/66~
,
3
mo.
USD
Term
SOFR
+
3.279%
125,405
370,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
382,384
435,000
Series
H,
6.500%,
11/15/26~
,
5
yr.
CMT
+
5.694%
437,153
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Enterprise
Products
Operating
LLCµ‡
185,000
Series
D,
7.099%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.248%
$
185,009
135,000
Series
E,
5.250%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.295%
134,638
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.µ
196,000
8.875%,
04/15/30
206,398
95,000
8.000%,
05/15/33
99,256
180,000
Gulfport
Energy
Operating
Corp.*µ
6.750%,
09/01/29
185,922
185,000
Howard
Midstream
Energy
Partners
LLC*µ
7.375%,
07/15/32
195,599
190,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
197,532
180,000
Matador
Resources
Co.*µ
6.500%,
04/15/32
183,407
250,000
Nabors
Industries,
Inc.*µ
7.625%,
11/15/32
254,803
140,000
New
Fortress
Energy,
Inc.*
6.500%,
09/30/26
12,802
192,000
Oceaneering
International,
Inc.µ
6.000%,
02/01/28
195,414
113,000
ONEOK,
Inc.*µ
6.500%,
09/01/30
121,282
181,000
Permian
Resources
Operating
LLC*µ
7.000%,
01/15/32
189,684
Phillips
66
Co.µ‡
160,000
Series
B,
6.200%,
03/15/56
,
5
yr.
CMT
+
2.166%
160,966
265,000
Series
A,
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
263,932
750,000
Plains
All
American
Pipeline
LP
Series
B‡
8.223%,
03/01/26
,
3
mo.
USD
Term
SOFR
+
4.372%
750,547
93,000
SM
Energy
Co.*µ
9.625%,
06/15/33
101,783
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
660,000
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
687,139
190,000
7.500%,
03/01/55
,
5
yr.
CMT
+
3.667%
201,159
256,000
Summit
Midstream
Holdings
LLC*µ
8.625%,
10/31/29
267,732
Sunoco
LP*µ
610,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
629,715
285,000
6.625%,
08/15/32
294,163
190,000
6.250%,
07/01/33
195,565
190,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*µ
6.750%,
03/15/34
193,496
PRINCIPAL
AMOUNT
a
a
VALUE
a
180,000
TGNR
Intermediate
Holdings
LLC*µ
5.500%,
10/15/29
$
178,351
Transocean
International
Ltd.*µ
270,000
8.500%,
05/15/31
274,976
143,000
7.875%,
10/15/32
151,019
Venture
Global
Calcasieu
Pass
LLC*
45,000
4.125%,
08/15/31~
41,559
45,000
3.875%,
08/15/29
42,780
Venture
Global
LNG,
Inc.*
90,000
9.875%,
02/01/32~
95,314
90,000
9.500%,
02/01/29~
95,927
1,178,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
1,038,325
230,000
8.375%,
06/01/31~
235,414
140,000
8.125%,
06/01/28~
143,454
100,000
7.000%,
01/15/30^
100,669
Venture
Global
Plaquemines
LNG
LLC*
190,000
6.500%,
01/15/34
197,456
135,000
6.500%,
06/15/34
139,975
48,000
6.125%,
12/15/30
49,453
145,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
144,894
190,000
WBI
Operating
LLC*µ
6.500%,
10/15/33
191,902
190,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
196,905
259,000
Wildfire
Intermediate
Holdings
LLC*µ
7.500%,
10/15/29
263,095
14,019,889
Financials
(12.3%)
150,000
Acrisure
LLC/Acrisure
Finance,
Inc.*~
8.250%,
02/01/29
155,733
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trustµ‡
475,000
6.950%,
03/10/55
,
5
yr.
CMT
+
2.720%
497,430
330,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
339,422
605,000
Aircastle
Ltd.
Series
A*‡
5.250%,
06/15/26
,
5
yr.
CMT
+
4.410%
604,316
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*µ
190,000
7.375%,
10/01/32
196,977
190,000
6.500%,
10/01/31
195,601
400,000
Allianz
SE*µ‡
5.600%,
09/03/54
,
5
yr.
CMT
+
2.771%
408,052
360,000
Allstate
Corp.
Series
Bµ‡
7.051%,
08/15/53
,
3
mo.
USD
Term
SOFR
+
3.200%
361,256
Ally
Financial,
Inc.µ‡
1,171,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
1,165,988
740,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
710,430
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
335,000
American
Express
Co.
Series
Dµ‡
3.550%,
09/15/26
,
5
yr.
CMT
+
2.854%
$
331,499
199,000
AmWINS
Group,
Inc.*µ
4.875%,
06/30/29
196,401
95,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*µ
7.500%,
07/15/33
96,903
1,263,000
ARES
Finance
Co.
III
LLC*µ‡
4.125%,
06/30/51
,
5
yr.
CMT
+
3.237%
1,248,198
95,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*µ
8.375%,
02/01/34
96,113
764,000
AXIS
Specialty
Finance
LLCµ‡
4.900%,
01/15/40
,
5
yr.
CMT
+
3.186%
744,701
190,000
Azorra
Finance
Ltd.*µ
7.250%,
01/15/31
199,169
185,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*µ
7.125%,
05/15/31
191,057
Bank
of
America
Corp.‡
675,000
Series
OO,
6.625%,
05/01/30
,
5
yr.
CMT
+
2.684%
701,420
646,000
Series
TT,
6.125%,
04/27/27~
,
5
yr.
CMT
+
3.231%
654,734
150,000
Beacon
Funding
Trust*^
6.266%,
08/15/54
152,603
190,000
Blackstone
Mortgage
Trust,
Inc.*µ
7.750%,
12/01/29
203,965
480,000
BP
Capital
Markets
PLCµ‡
4.875%,
03/22/30
,
5
yr.
CMT
+
4.398%
477,389
Brandywine
Operating
Partnership
LPµ
92,000
8.875%,
04/12/29
98,898
186,000
6.125%,
01/15/31
180,375
237,000
Bread
Financial
Holdings,
Inc.*µ‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
243,513
330,000
Broadstreet
Partners
Group
LLC*µ
5.875%,
04/15/29
328,687
140,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*µ
4.500%,
04/01/27
138,212
200,000
Burford
Capital
Global
Finance
LLC*
7.500%,
07/15/33
193,694
Capital
One
Financial
Corp.‡
505,000
Series
O,
5.500%,
10/30/27
,
3
mo.
USD
Term
SOFR
+
3.338%
507,505
1,213,000
Series
M,
3.950%,
09/01/26^~
,
5
yr.
CMT
+
3.157%
1,204,424
Charles
Schwab
Corp.~‡
170,000
Series
I,
4.000%,
06/01/26
,
5
yr.
CMT
+
3.168%
169,391
PRINCIPAL
AMOUNT
a
a
VALUE
a
338,000
Series
H,
4.000%,
12/01/30
,
10
yr.
CMT
+
3.079%
$
317,294
Citigroup,
Inc.‡
350,000
Series
AA,
7.625%,
11/15/28
,
5
yr.
CMT
+
3.211%
367,482
345,000
Series
BB,
7.200%,
05/15/29
,
5
yr.
CMT
+
2.905%
358,103
330,000
Series
FF,
6.950%,
02/15/30
,
5
yr.
CMT
+
2.726%
339,006
425,000
Series
GG,
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
434,554
336,000
Series
HH,
6.625%,
02/15/31
,
5
yr.
CMT
+
3.001%
342,014
956,000
Series
X,
3.875%,
02/18/26~
,
5
yr.
CMT
+
3.417%
955,398
830,000
Citizens
Financial
Group,
Inc.
Series
G‡
4.000%,
10/06/26
,
5
yr.
CMT
+
3.215%
826,946
Corebridge
Financial,
Inc.µ‡
365,000
6.875%,
12/15/52
,
5
yr.
CMT
+
3.846%
374,808
510,000
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
519,547
Credit
Acceptance
Corp.*µ
125,000
9.250%,
12/15/28
131,065
85,000
6.625%,
03/15/30
85,419
190,000
CrossCountry
Intermediate
HoldCo
LLC*µ
6.500%,
10/01/30
193,023
180,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*µ
8.875%,
09/01/31
191,902
750,000
Depository
Trust
&
Clearing
Corp.
Series
D*µ‡
3.375%,
06/20/26
,
5
yr.
CMT
+
2.606%
745,522
765,000
Enstar
Finance
LLCµ‡
5.500%,
01/15/42
,
5
yr.
CMT
+
4.006%
761,274
265,000
Enstar
Group
Ltd.*µ‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
276,853
First
Citizens
BancShares,
Inc.‡
370,000
Series
B,
7.957%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
377,903
775,000
Series
D,
7.000%,
12/15/30~
,
5
yr.
CMT
+
3.301%
792,213
GGAM
Finance
Ltd.*µ
210,000
8.000%,
02/15/27
213,425
95,000
5.875%,
03/15/30
96,697
Goldman
Sachs
Group,
Inc.‡
180,000
Series
X,
7.500%,
05/10/29
,
5
yr.
CMT
+
2.809%
190,276
715,000
Series
S,
7.186%,
02/10/26
,
5
yr.
CMT
+
2.850%
715,551
300,000
6.850%,
02/10/30
,
5
yr.
CMT
+
2.461%
311,817
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
HUB
International
Ltd.*µ
137,000
7.375%,
01/31/32
$
143,624
141,000
5.625%,
12/01/29
140,992
Huntington
Bancshares,
Inc.‡
254,000
Series
K,
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
254,470
395,000
Series
F,
5.625%,
07/15/30
,
10
yr.
CMT
+
4.945%
400,929
765,000
Series
G,
4.450%,
10/15/27~
,
7
yr.
CMT
+
4.045%
754,344
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*µ
200,000
6.625%,
10/15/31
198,358
200,000
5.000%,
08/15/28
194,042
1,300,000
JPMorgan
Chase
&
Co.
Series
KK~‡
3.650%,
06/01/26
,
5
yr.
CMT
+
2.850%
1,298,505
680,000
KeyCorp
Series
D~‡
5.000%,
09/15/26
,
3
mo.
USD
Term
SOFR
+
3.868%
678,844
211,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*µ
7.000%,
07/15/31
224,287
1,284,000
Liberty
Mutual
Group,
Inc.*~‡
4.125%,
12/15/51
,
5
yr.
CMT
+
3.315%
1,273,484
M&T
Bank
Corp.‡
200,000
Series
G,
7.304%,
02/01/26
,
5
yr.
CMT
+
3.174%
200,000
200,000
Series
F,
5.125%,
11/01/26~
,
3
mo.
USD
Term
SOFR
+
3.782%
199,786
463,000
MetLife,
Inc.µ
6.400%,
12/15/36
486,423
95,000
Newmark
Group,
Inc.µ
7.500%,
01/12/29
101,507
250,000
Northern
Trust
Corp.
Series
Dµ‡
4.600%,
10/01/26
,
3
mo.
USD
Term
SOFR
+
3.464%
249,650
OneMain
Finance
Corp.
95,000
6.750%,
03/15/32
97,179
190,000
6.750%,
09/15/33
192,518
95,000
6.500%,
03/15/33
95,578
93,000
Osaic
Holdings,
Inc.
Series
JAN*
8.000%,
08/01/33
96,567
180,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*µ
7.000%,
02/01/30
185,562
938,000
PartnerRe
Finance
B
LLC~‡
4.500%,
10/01/50
,
5
yr.
CMT
+
3.815%
890,772
PNC
Financial
Services
Group,
Inc.µ‡
360,000
Series
V,
6.200%,
09/15/27
,
5
yr.
CMT
+
3.238%
365,922
165,000
Series
U,
6.000%,
05/15/27~
,
5
yr.
CMT
+
3.000%
166,328
PRINCIPAL
AMOUNT
a
a
VALUE
a
735,000
Series
T,
3.400%,
09/15/26
,
5
yr.
CMT
+
2.595%
$
724,203
238,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*µ
9.750%,
09/15/29
249,783
185,000
RHP
Hotel
Properties
LP/RHP
Finance
Corp.*µ
6.500%,
04/01/32
191,621
Rocket
Cos.,
Inc.*µ
143,000
6.375%,
08/01/33
148,641
96,000
6.125%,
08/01/30
98,447
183,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*~
3.875%,
03/01/31
171,760
200,000
Service
Properties
Trustµ
8.375%,
06/15/29
202,588
190,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
195,461
340,000
State
Street
Corp.
Series
J^‡
6.700%,
09/15/29
,
5
yr.
CMT
+
2.628%
355,626
45,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
46,481
230,000
StoneX
Group,
Inc.*µ
7.875%,
03/01/31
244,826
190,000
TrueNoord
Capital
DAC*µ
8.750%,
03/01/30
200,912
Truist
Financial
Corp.~‡
530,000
Series
N,
6.669%,
03/01/26
,
5
yr.
CMT
+
3.003%
531,754
256,000
Series
Q,
5.100%,
03/01/30
,
10
yr.
CMT
+
4.349%
257,992
U.S.
Bancorpµ‡
655,000
Series
J,
5.300%,
04/15/27~
,
3
mo.
USD
Term
SOFR
+
3.176%
656,487
175,000
Series
N,
3.700%,
01/15/27
,
5
yr.
CMT
+
2.541%
172,506
221,000
United
Wholesale
Mortgage
LLC*µ
5.500%,
04/15/29
218,562
90,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*~
6.500%,
02/15/29
87,660
95,000
UWM
Holdings
LLC*
6.250%,
03/15/31
94,457
92,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*µ
7.500%,
06/15/31
96,454
Wells
Fargo
&
Co.~‡
1,215,000
7.625%,
09/15/28
,
5
yr.
CMT
+
3.606%
1,294,157
1,123,000
Series
BB,
3.900%,
03/15/26
,
5
yr.
CMT
+
3.453%
1,122,124
190,000
XHR
LP*µ
6.625%,
05/15/30
196,625
39,360,946
Health
Care
(1.1%)
278,000
Acadia
Healthcare
Co.,
Inc.*^µ
7.375%,
03/15/33
274,803
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CHS/Community
Health
Systems,
Inc.*µ
117,850
10.875%,
01/15/32
$
127,216
108,000
6.875%,
04/15/29
99,442
377,000
6.125%,
04/01/30
311,376
24,000
5.250%,
05/15/30
22,639
DaVita,
Inc.*
182,000
6.875%,
09/01/32
187,374
197,000
4.625%,
06/01/30~
189,918
222,000
3.750%,
02/15/31~
204,136
Embecta
Corp.*µ
48,000
6.750%,
02/15/30
46,707
144,000
5.000%,
02/15/30^~
134,994
Encompass
Health
Corp.
100,000
4.750%,
02/01/30~
99,570
100,000
4.500%,
02/01/28
99,588
107,000
IQVIA,
Inc.*
6.250%,
06/01/32
111,400
Medline
Borrower
LP*µ
278,000
5.250%,
10/01/29
278,578
230,000
3.875%,
04/01/29~
225,200
350,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*µ
5.125%,
04/30/31
318,097
Tenet
Healthcare
Corp.µ
265,000
6.875%,
11/15/31
290,416
143,000
5.500%,
11/15/32*
144,583
230,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
232,627
3,398,664
Industrials
(1.7%)
208,000
AAR
Escrow
Issuer
LLC*µ
6.750%,
03/15/29
215,430
220,000
ACCO
Brands
Corp.*~
4.250%,
03/15/29
203,881
Arcosa,
Inc.*µ
95,000
6.875%,
08/15/32
100,244
108,000
4.375%,
04/15/29
106,123
Bombardier,
Inc.*µ
90,000
8.750%,
11/15/30~
96,431
56,000
7.250%,
07/01/31
59,534
70,000
7.000%,
06/01/32
73,619
46,000
6.750%,
06/15/33
48,387
191,000
BWX
Technologies,
Inc.*µ
4.125%,
04/15/29
187,541
290,000
Cascades,
Inc./Cascades
USA,
Inc.*µ
6.750%,
07/15/30
300,646
50,000
Columbus
McKinnon
Corp.*µ
7.125%,
02/01/33
50,291
44,000
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
44,340
Deluxe
Corp.*µ
50,000
8.125%,
09/15/29
52,553
245,000
8.000%,
06/01/29
249,359
PRINCIPAL
AMOUNT
a
a
VALUE
a
EnerSys*µ
90,000
6.625%,
01/15/32
$
93,311
85,000
4.375%,
12/15/27
84,624
EquipmentShare.com,
Inc.*µ
115,000
8.625%,
05/15/32
123,013
72,000
8.000%,
03/15/33
76,008
88,000
Graphic
Packaging
International
LLC*µ
3.500%,
03/01/29
84,066
203,000
Great
Lakes
Dredge
&
Dock
Corp.*µ
5.250%,
06/01/29
199,955
Herc
Holdings,
Inc.*µ
95,000
7.250%,
06/15/33
100,607
95,000
7.000%,
06/15/30
99,745
92,000
6.625%,
06/15/29
95,265
139,000
JELD-WEN,
Inc.*^
7.000%,
09/01/32
88,041
305,000
Ken
Garff
Automotive
LLC*µ
4.875%,
09/15/28
303,512
107,000
Moog,
Inc.*µ
4.250%,
12/15/27
106,529
172,000
Novelis
Corp.*~
4.750%,
01/30/30
166,892
190,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
197,121
Sealed
Air
Corp.*µ
45,000
6.500%,
07/15/32
46,794
48,000
5.000%,
04/15/29
48,354
Sealed
Air
Corp./Sealed
Air
Corp.
U.S.*
50,000
7.250%,
02/15/31
52,167
144,000
6.125%,
02/01/28~
146,339
98,000
Sensata
Technologies,
Inc.*~
3.750%,
02/15/31
91,992
Standard
Building
Solutions,
Inc.*
50,000
6.500%,
08/15/32
51,609
143,000
6.250%,
08/01/33
146,223
195,000
Stanley
Black
&
Decker,
Inc.‡
6.707%,
03/15/60
,
5
yr.
CMT
+
2.657%
193,422
190,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
200,847
TransDigm,
Inc.*
70,000
7.125%,
12/01/31~
73,427
195,000
6.875%,
12/15/30
203,231
140,000
6.750%,
08/15/28~
142,542
44,000
6.625%,
03/01/32
45,620
42,124
United
Airlines
Pass-Through
Trust
Series
2019-2,
Class
B
3.500%,
05/01/28
41,116
140,000
Waste
Pro
USA,
Inc.*µ
7.000%,
02/01/33
144,596
Williams
Scotsman,
Inc.*µ
75,000
6.625%,
06/15/29
77,594
107,000
4.625%,
08/15/28
106,700
5,419,641
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Information
Technology
(0.7%)
Block,
Inc.*
47,000
6.000%,
08/15/33
$
48,019
95,000
5.625%,
08/15/30
96,771
95,000
CACI
International,
Inc.*
6.375%,
06/15/33
98,788
143,000
Cloud
Software
Group,
Inc.*µ
6.625%,
08/15/33
137,209
112,000
Coherent
Corp.*~
5.000%,
12/15/29
111,676
Fair
Isaac
Corp.*
71,000
6.000%,
05/15/33
72,332
56,000
4.000%,
06/15/28~
55,108
210,000
KBR,
Inc.*µ
4.750%,
09/30/28
207,598
143,000
ON
Semiconductor
Corp.*µ
3.875%,
09/01/28
140,153
90,000
Open
Text
Corp.*µ
6.900%,
12/01/27
92,985
Open
Text
Holdings,
Inc.*
45,000
4.125%,
02/15/30
41,851
117,000
4.125%,
12/01/31~
105,238
265,000
TTM
Technologies,
Inc.*µ
4.000%,
03/01/29
257,625
Twilio,
Inc.~
47,000
3.875%,
03/15/31
44,472
130,000
3.625%,
03/15/29
124,801
114,000
UKG,
Inc.*µ
6.875%,
02/01/31
114,055
255,000
Viavi
Solutions,
Inc.*µ
3.750%,
10/01/29
243,512
185,000
Zebra
Technologies
Corp.*µ
6.500%,
06/01/32
190,955
175,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*~
3.875%,
02/01/29
160,044
2,343,192
Materials
(1.2%)
190,000
Avient
Corp.*
6.250%,
11/01/31
195,436
190,000
Capstone
Copper
Corp.*µ
6.750%,
03/31/33
197,260
Celanese
U.S.
Holdings
LLC
95,000
7.379%,
07/15/32
99,235
95,000
7.375%,
02/15/34
96,815
188,000
Century
Aluminum
Co.*µ
6.875%,
08/01/32
194,954
160,000
Chemours
Co.*µ
8.000%,
01/15/33
160,536
345,000
Clearwater
Paper
Corp.*µ
4.750%,
08/15/28
327,957
250,000
Constellium
SE*
6.375%,
08/15/32
258,700
735,000
FMC
Corp.µ‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
592,645
PRINCIPAL
AMOUNT
a
a
VALUE
a
190,000
JW
Aluminum
Continuous
Cast
Co.*µ
10.250%,
04/01/30
$
198,448
188,000
Kaiser
Aluminum
Corp.*µ
5.875%,
03/01/34
189,769
185,000
Knife
River
Corp.*µ
7.750%,
05/01/31
192,990
Mercer
International,
Inc.µ
79,000
12.875%,
10/01/28*
58,030
199,000
5.125%,
02/01/29~
123,742
190,000
Qnity
Electronics,
Inc.*µ
6.250%,
08/15/33
196,323
80,000
Silgan
Holdings,
Inc.~
4.125%,
02/01/28
79,331
190,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
191,121
190,000
Terex
Corp.*
6.250%,
10/15/32
194,760
82,778
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*
7.625%,
05/03/29
2,118
182,000
WR
Grace
Holdings
LLC*µ
6.625%,
08/15/32
181,223
3,731,393
Other
(1.8%)
250,000
1261229
BC
Ltd.*µ
10.000%,
04/15/32
256,843
200,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
208,086
150,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.000%,
12/31/32
156,901
73,742
Claritev
Corp.
Series
B*
6.750%,
03/31/31
57,985
500,000
Compeer
Financial
ACA
Series
QIB*‡
7.875%,
02/15/31
,
5
yr.
CMT
+
4.155%
517,035
190,000
DBR
Land
Holdings
LLC*µ
6.250%,
12/01/30
194,775
EchoStar
Corp.µ
321,080
10.750%,
11/30/29
352,215
189,587
6.750%,
11/30/30
192,926
190,000
Enerflex,
Inc.*
6.875%,
01/15/31
196,635
845,000
Everest
Reinsurance
Holdings,
Inc.µ‡
6.498%,
05/15/37
,
3
mo.
USD
Term
SOFR
+
2.647%
804,710
90,000
Gen
Digital,
Inc.*µ
6.750%,
09/30/27
90,910
200,000
Genmab
AS/Genmab
Finance
LLC*
6.250%,
12/15/32
205,362
95,000
Graham
Holdings
Co.*
5.625%,
12/01/33
95,870
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,080,000
HA
Sustainable
Infrastructure
Capital,
Inc.~‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
$
1,131,667
139,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*µ
8.250%,
04/15/30
144,949
190,000
New
Gold,
Inc.*µ
6.875%,
04/01/32
202,192
430,000
Reinsurance
Group
of
America,
Inc.µ‡
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
444,040
190,000
Rfna
LP*µ
7.875%,
02/15/30
191,558
190,000
SM
Energy
Co.*^
7.000%,
08/01/32
190,600
95,000
Synergy
Infrastructure
Holdings
LLC*µ
7.875%,
12/01/30
99,225
5,734,484
Real
Estate
(0.1%)
95,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
97,326
125,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
122,470
143,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
139,353
359,149
Special
Purpose
Acquisition
Companies
(0.1%)
46,000
Clydesdale
Acquisition
Holdings,
Inc.*µ
6.750%,
04/15/32
46,420
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*µ
280,000
6.750%,
01/15/30
264,779
96,000
4.625%,
01/15/29~
92,965
404,164
Utilities
(2.9%)
520,000
Algonquin
Power
&
Utilities
Corp.‡
4.750%,
01/18/82
,
5
yr.
CMT
+
3.249%
515,596
American
Electric
Power
Co.,
Inc.‡
170,000
7.050%,
12/15/54
,
5
yr.
CMT
+
2.750%
178,044
170,000
6.950%,
12/15/54
,
5
yr.
CMT
+
2.675%
182,570
200,000
3.875%,
02/15/62
,
5
yr.
CMT
+
2.675%
197,162
CenterPoint
Energy,
Inc.‡
120,000
Series
A,
7.000%,
02/15/55
,
5
yr.
CMT
+
3.254%
125,771
175,000
Series
B,
6.850%,
02/15/55^
,
5
yr.
CMT
+
2.946%
185,614
390,000
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
400,577
PRINCIPAL
AMOUNT
a
a
VALUE
a
470,000
CMS
Energy
Corp.~‡
4.750%,
06/01/50
,
5
yr.
CMT
+
4.116%
$
464,444
Dominion
Energy,
Inc.‡
338,000
Series
A,
6.875%,
02/01/55
,
5
yr.
CMT
+
2.386%
352,074
440,000
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
452,804
287,000
Series
C,
4.350%,
01/15/27~
,
5
yr.
CMT
+
3.195%
285,255
865,000
Duke
Energy
Corp.µ‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
904,842
480,000
Emera,
Inc.
Series
16-A~‡
6.750%,
06/15/76
,
3
mo.
USD
LIBOR
+
5.440%
483,389
585,000
Entergy
Corp.µ‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
612,501
480,000
Evergy,
Inc.µ‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
493,771
National
Rural
Utilities
Cooperative
Finance
Corp.µ‡
567,000
7.125%,
09/15/53
,
5
yr.
CMT
+
3.533%
595,208
325,000
5.250%,
04/20/46
,
3
mo.
USD
LIBOR
+
3.630%
325,146
NextEra
Energy
Capital
Holdings,
Inc.µ‡
340,000
6.750%,
06/15/54
,
5
yr.
CMT
+
2.457%
361,733
345,000
6.700%,
09/01/54
,
5
yr.
CMT
+
2.364%
356,440
344,000
3.800%,
03/15/82
,
5
yr.
CMT
+
2.547%
338,355
484,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
504,362
314,000
PPL
Capital
Funding,
Inc.
Series
Aµ‡
6.612%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
311,337
170,000
Sempraµ‡
6.400%,
10/01/54
,
5
yr.
CMT
+
2.632%
172,144
160,000
Southern
Co.
Series
21-A~‡
3.750%,
09/15/51
,
5
yr.
CMT
+
2.915%
158,749
Vistra
Corp.*‡
185,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
188,606
225,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
228,460
9,374,954
TOTAL
CORPORATE
BONDS
(Cost
$108,315,993)
109,704,146
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(0.4%)
Financials
(0.1%)
250,000
CoBank
ACBµ‡
7.125%,
01/01/30
,
5
yr.
CMT
+
2.818%
$
259,145
Other
(0.3%)
Farm
Credit
Bank
of
Texasµ‡
500,000
7.750%,
06/15/29
,
5
yr.
CMT
+
3.291%
524,339
500,000
7.000%,
09/15/30
,
5
yr.
CMT
+
3.010%
519,544
1,043,883
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$1,253,967)
1,303,028
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(73.3%)
Communication
Services
(4.4%)
3,316
Audacy,
Inc.#
16,580
1,322
Cumulus
Media,
Inc.
-
Class
A#
106
25,500
Netflix,
Inc.#µ
2,128,995
3,935
Optimum
Communications,
Inc.
-
Class
A#µ
6,020
16,500
Reddit,
Inc.
-
Class
A#
2,974,455
8,100
Spotify
Technology
SA#µ
4,052,835
61,000
Uber
Technologies,
Inc.#µ
4,883,050
14,062,041
Consumer
Discretionary
(10.4%)
65,500
Amazon.com,
Inc.#^µ
15,674,150
34,500
DR
Horton,
Inc.~
5,134,980
16,400
Home
Depot,
Inc.µ
6,143,276
20,000
Marriott
International,
Inc.
-
Class
Aµ
6,306,000
294
Rite
Aid
Corp.#
294
33,258,700
Energy
(0.1%)
800
Cheniere
Energy
Partners
LP
45,112
11,058
Energy
Transfer
LP~
204,020
3,970
Enterprise
Products
Partners
LP~
131,764
380,896
Financials
(4.4%)
27,500
Citigroup,
Inc.µ
3,182,025
120,000
Wells
Fargo
&
Co.~
10,858,800
14,040,825
Health
Care
(3.1%)
65,500
Halozyme
Therapeutics,
Inc.#µ
4,697,005
26,500
ICON
PLC#µ
4,776,625
2,200
UnitedHealth
Group,
Inc.µ
631,246
10,104,876
Industrials
(37.8%)
65,500
3M
Co.µ
10,031,980
3,292
Ardagh
Holdings
SA#
25,852
NUMBER
OF
SHARES
b
b
VALUE
b
51,300
Boeing
Co.#µ
$
11,989,836
107,000
Booz
Allen
Hamilton
Holding
Corp.µ
9,460,940
113,500
Canadian
Pacific
Kansas
City
Ltd.~
8,437,590
36,500
Emerson
Electric
Co.µ
5,364,040
12,400
Ferguson
Enterprises,
Inc.µ
3,130,504
41,000
Jacobs
Solutions,
Inc.µ
5,545,660
55,500
Johnson
Controls
International
PLCµ
6,618,930
33,900
L3Harris
Technologies,
Inc.µ
11,622,615
25,500
Regal
Rexnord
Corp.µ
4,118,250
21,000
EUR
Schneider
Electric
SE
6,020,740
225,500
Southwest
Airlines
Co.
10,715,760
40,000
Union
Pacific
Corp.µ
9,404,000
93,500
United
Airlines
Holdings,
Inc.#µ
9,566,920
7,200
United
Rentals,
Inc.µ
5,630,832
14,500
Waste
Management,
Inc.µ
3,222,480
120,906,929
Information
Technology
(11.0%)
22,900
Broadcom,
Inc.
7,586,770
17,000
HubSpot,
Inc.#µ
4,760,000
9,000
Intuit,
Inc.µ
4,490,280
61,500
NVIDIA
Corp.
11,754,495
14,500
Synopsys,
Inc.#µ
6,744,168
35,335,713
Materials
(2.1%)
19,000
Sherwin-Williams
Co.µ
6,738,160
TOTAL
COMMON
STOCKS
(Cost
$241,711,917)
234,828,140
PREFERRED
STOCKS
(2.9%)
Communication
Services
(0.8%)
7,900
Array
Digital
Infrastructure,
Inc.µ
6.250%,
09/01/69
165,189
AT&T,
Inc.µ
18,155
4.750%,
03/01/26
350,392
5,425
5.350%,
11/01/66
121,845
36,372
Qwest
Corp.µ
6.500%,
09/01/56
696,887
Telephone
&
Data
Systems,
Inc.µ
16,781
6.000%,
09/30/26
340,319
4,548
6.625%,
03/31/26
100,647
T-Mobile
USA,
Inc.µ
12,303
5.500%,
03/01/70
281,616
140
5.500%,
06/01/70
3,210
11,915
6.250%,
09/01/69#
299,662
2,359,767
Consumer
Discretionary
(0.2%)
Ford
Motor
Co.µ
16,125
6.200%,
06/01/59
354,105
5,136
6.500%,
08/15/62
117,101
4,620
QVC
Group,
Inc.µ
8.000%,
03/15/31
17,279
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
9,600
QVC,
Inc.µ
6.250%,
11/26/68
$
79,680
568,165
Financials
(1.5%)
Affiliated
Managers
Group,
Inc.µ
15,100
5.875%,
03/30/59
324,650
12,587
6.750%,
03/30/64
305,864
Annaly
Capital
Management,
Inc.µ
6,750
8.875%,
09/30/30
177,862
12,425
8.915%,
03/02/26
321,435
19,376
Arch
Capital
Group
Ltd.µ
4.550%,
06/11/26
344,893
9,050
Bread
Financial
Holdings,
Inc.#µ
8.625%,
12/15/30
222,449
5,295
Capital
One
Financial
Corp.µ
4.800%,
06/01/26
97,640
6,300
Citigroup,
Inc.#
6.250%,
02/15/31††
158,067
25,150
CNO
Financial
Group,
Inc.µ
5.125%,
11/25/60
484,640
11,075
Comerica,
Inc.
6.875%,
10/01/30
285,181
7,393
Cullen/Frost
Bankers,
Inc.µ
4.450%,
03/15/26
130,671
8,100
Fifth
Third
Bancorpµ
4.950%,
03/31/26
160,947
6,700
First
Citizens
BancShares,
Inc.#
6.625%,
03/15/31††
166,696
3,050
KeyCorpµ
5.625%,
03/15/26
66,886
6,700
M&T
Bank
Corp.#µ
6.350%,
12/15/30
170,381
1,600
Northern
Trust
Corp.µ
4.700%,
04/01/26
31,472
7,550
RenaissanceRe
Holdings
Ltd.µ
5.750%,
03/01/26
168,818
14,526
Selective
Insurance
Group,
Inc.µ
4.600%,
03/02/26
247,233
12,200
UMB
Financial
Corp.µ
7.750%,
07/15/30
330,498
6,480
W.R.
Berkley
Corp.µ
5.100%,
12/30/59
134,914
8,755
WesBanco,
Inc.µ
7.375%,
10/01/30
224,128
13,600
Wintrust
Financial
Corp.µ
7.875%,
07/15/30
361,352
4,916,677
Real
Estate
(0.3%)
Brookfield
Property
Partners
LPµ
20,567
5.750%,
03/01/26
285,470
10,775
6.375%,
03/01/26
161,733
3,651
EPR
Propertiesµ
5.750%,
03/01/26
75,320
Global
Net
Lease,
Inc.µ
4,771
6.875%,
03/01/26
109,017
10,091
7.500%,
03/01/26
249,147
NUMBER
OF
SHARES
b
b
VALUE
b
4,681
Kimco
Realty
Corp.µ
5.250%,
03/01/26
$
96,616
977,303
Utilities
(0.1%)
14,975
Brookfield
Renewable
Partners
LP
5.250%,
02/24/26
268,951
6,700
DTE
Energy
Co.µ
5.250%,
12/01/77
149,812
418,763
TOTAL
PREFERRED
STOCKS
(Cost
$9,867,333)
9,240,675
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
586
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
97
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
TOTAL
WARRANTS
(Cost
$–)
—
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(3.1%)#
Consumer
Discretionary
(0.1%)
200
6,306,000
Marriott
International,
Inc.
Put,
02/20/26,
Strike
$305.00
103,000
6,300
6,218,100
Stellantis
NV
Call,
02/20/26,
Strike
$10.00
204,750
307,750
Health
Care
(0.0%)
170
4,877,810
UnitedHealth
Group,
Inc.
Call,
02/06/26,
Strike
$355.00
1,190
Industrials
(1.3%)
245
483,630,000
GBP
BAE
Systems
PLC
Call,
04/17/26,
Strike
18.50
604,281
2,010
11,975,580
Carrier
Global
Corp.
Call,
03/20/26,
Strike
$62.50
412,050
9,250
8,017,900
EUR
Deutsche
Lufthansa
AG
Call,
03/20/26,
Strike
6.00
2,982,339
610
4,883,050
Uber
Technologies,
Inc.
Put,
02/06/26,
Strike
$78.00
122,000
4,120,670
Information
Technology
(0.5%)
85
2,380,000
HubSpot,
Inc.
Put,
02/20/26,
Strike
$360.00
702,950
1,340
5,535,540
EUR
Infineon
Technologies
AG
Call,
02/20/26,
Strike
40.00
454,273
180
8,980,560
Intuit,
Inc.
Call,
04/17/26,
Strike
$620.00
110,700
800
6,073,600
Microchip
Technology,
Inc.
Put,
02/06/26,
Strike
$70.00
62,000
315
13,554,135
Microsoft
Corp.
Call,
02/06/26,
Strike
$485.00
10,238
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
1,735
28,554,630
Oracle
Corp.
Put,
02/20/26,
Strike
$135.00
$
157,885
1,498,046
Materials
(0.3%)
1,020
6,143,460
Freeport-McMoRan,
Inc.
Call,
03/20/26,
Strike
$50.00
1,142,400
Other
(0.9%)
1,230
76,490,010
Invesco
QQQ
Trust
Series
1
Put,
02/20/26,
Strike
$620.00
1,294,575
1,340
92,723,980
SPDR®
S&P
500®
ETF
Trust
Put,
02/20/26,
Strike
$687.00
951,400
738
29,775,348
VanEck
Semiconductor
ETF
Call,
02/20/26,
Strike
$410.00
791,505
3,037,480
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$8,839,122)
10,107,536
TOTAL
INVESTMENTS
(117.3%)
(Cost
$380,926,945)
375,758,756
LIABILITIES,
LESS
OTHER
ASSETS
(-17.3%)
(
55,537,153
)
NET
ASSETS
(100.0%)
$
320,221,603
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
SOLD
SHORT (-3.0%)#
Consumer
Discretionary
(-0.5%)
(3,500)
Tesla,
Inc.
(
1,506,435
)
Financials
(-0.7%)
(6,800)
American
Express
Co.
(
2,394,756
)
Information
Technology
(-1.8%)
(7,500)
Ciena
Corp.
(
1,888,575
)
(18,000)
Coherent
Corp.
(
3,819,240
)
(
5,707,815
)
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$8,338,226)
(
9,609,006
)
EXCHANGE-TRADED
FUNDS
SOLD
SHORT (-50.0%)#
Other
(-50.0%)
(188,500)
SPDR®
S&P
500®
ETF
Trust#
(
130,436,345
)
(73,800)
VanEck
Semiconductor
ETF
(
29,775,348
)
TOTAL
EXCHANGE-TRADED
FUNDS
SOLD
SHORT
(Proceeds
$137,566,735)
(
160,211,693
)
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
$145,904,961)
(
169,820,699
)
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
WRITTEN
OPTIONS (-1.1%)#
Communication
Services
(0.0%)
(540)
(4,508,460)
Netflix,
Inc.
Put,
03/20/26,
Strike
$80.00
$
(
117,720
)
Consumer
Discretionary
(0.0%)
(105)
(1,562,820)
DR
Horton,
Inc.
Put,
02/20/26,
Strike
$145.00
(
34,125
)
Financials
(0.0%)
(1,680)
(5,558,280)
EUR
Deutsche
Bank
AG
Put,
02/20/26,
Strike
30.50
(
48,789
)
Industrials
(-0.2%)
(265)
(1,578,870)
Carrier
Global
Corp.
Call,
02/20/26,
Strike
$57.50
(
99,375
)
(2,598)
(12,345,696)
Southwest
Airlines
Co.
Call,
02/06/26,
Strike
$47.00
(
335,142
)
(610)
(4,883,050)
Uber
Technologies,
Inc.
Call,
02/20/26,
Strike
$90.00
(
50,020
)
(260)
(6,112,600)
Union
Pacific
Corp.
Put,
02/20/26,
Strike
$220.00
(
16,900
)
(
501,437
)
Information
Technology
(-0.2%)
(180)
(3,819,240)
Coherent
Corp.
Put,
02/06/26,
Strike
$160.00
(
50,399
)
(200)
(1,518,400)
Microchip
Technology,
Inc.
Call,
02/20/26,
Strike
$76.00
(
74,000
)
(315)
(13,554,135)
Microsoft
Corp.
Put,
02/20/26,
Strike
$430.00
(
311,063
)
(1,735)
(28,554,630)
Oracle
Corp.
Put,
02/20/26,
Strike
$130.00
(
105,835
)
(
541,297
)
Other
(-0.7%)
(1,230)
(76,490,010)
Invesco
QQQ
Trust
Series
1
Put,
02/20/26,
Strike
$580.00
(
314,265
)
(685)
(42,598,095)
Invesco
QQQ
Trust
Series
1
Put,
02/20/26,
Strike
$570.00
(
122,615
)
(520)
(32,337,240)
Invesco
QQQ
Trust
Series
1
Call,
02/20/26,
Strike
$650.00
(
63,440
)
(1,230)
(76,490,010)
Invesco
QQQ
Trust
Series
1
Call,
03/20/26,
Strike
$680.00
(
111,930
)
(2,680)
(185,447,960)
SPDR®
S&P
500®
ETF
Trust
Put,
03/20/26,
Strike
$620.00
(
754,420
)
(1,950)
(32,260,800)
State
Street
Industrial
Select
Sector
SPDR
ETF
Call,
02/20/26,
Strike
$172.00
(
158,925
)
(738)
(29,775,348)
VanEck
Semiconductor
ETF
Call,
02/20/26,
Strike
$440.00
(
196,677
)
(1,107)
(44,663,022)
VanEck
Semiconductor
ETF
Put,
03/20/26,
Strike
$320.00
(
304,979
)
(738)
(29,775,348)
VanEck
Semiconductor
ETF
Call,
03/20/26,
Strike
$475.00
(
216,972
)
(
2,244,223
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$3,394,691)
$
(
3,487,591
)
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
*
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.
i
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
!
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.
@
In
default
status
and
considered
non-income
producing.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$211,032,352.
^
Security,
or
portion
of
security,
is
on
loan.
~
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
$72,571,044.
††
When-issued
security.
#
Non-income
producing
security.
FOREIGN
CURRENCY
ABBREVIATIONS
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
US
Dollar
$
192,437,622
95
.0
%
European
Monetary
Unit
9,408,563
4
.7
%
British
Pound
Sterling
604,281
0
.3
%
Total
Investments
$202,450,466
100
.0
%
Currency
exposure
may
vary
over
time.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
141,794
$
—
$
141,794
Bank
Loans
74
—
10,433,437
—
10,433,437
Corporate
Bonds
485
—
109,704,146
—
109,704,146
U.S.
Government
and
Agency
Securities
3
—
1,303,028
—
1,303,028
Common
Stocks
43
228,807,400
6,020,740
—
234,828,140
Preferred
Stocks
43
9,240,675
—
—
9,240,675
Warrants
2
—
*
—
—
—
Exchange-Traded
Purchased
Options
17
10,107,536
—
—
10,107,536
Total
$
248,155,611
$
127,603,145
$
—
$
375,758,756
Liabilities:
—
—
—
—
Common
Stocks
Sold
Short
4
$
9,609,006
$
—
$
—
$
9,609,006
Exchange-Traded
Funds
Sold
Short
2
160,211,693
—
—
160,211,693
Exchange-Traded
Written
Options
21
3,487,591
—
—
3,487,591
Total
$
173,308,290
$
—
$
—
$
173,308,290
*
Amount
rounds
to
less
than
$1
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.0%)
Other
(0.0%)
955,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$919,450)
$
933,884
BANK
LOANS
(3.7%)i
Airlines
(0.1%)
1,682,001
United
Airlines,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.673%,
02/22/31
1
mo.
USD
Term
SOFR
+
2.000%
1,686,903
Communication
Services
(0.4%)
946,991
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.547%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
963,166
1,911,402
APi
Group
DE,
Inc.‡
2025
Term
Loan,
5.422%,
01/03/29
1
mo.
USD
Term
SOFR
+
1.750%
1,918,369
458,701
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.786%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
347,943
51,464
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.786%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
51,142
3,224,571
Charter
Communications
Operating
LLC‡
2024
Term
Loan
B5,
5.911%,
12/15/31
3
mo.
USD
Term
SOFR
+
2.250%
3,224,217
612,210
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.922%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
611,255
575,870
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.786%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
577,209
107,294
DirecTV
Financing
LLC‡
Term
Loan,
8.928%,
08/02/27
3
mo.
USD
Term
SOFR
+
5.000%
107,600
437,033
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.178%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
438,276
1,640,074
Go
Daddy
Operating
Co.
LLC‡
2024
Term
Loan
B8,
5.422%,
11/09/29
1
mo.
USD
Term
SOFR
+
1.750%
1,633,210
PRINCIPAL
AMOUNT
a
a
VALUE
a
24,331
Gray
Television,
Inc.‡
2024
Term
Loan
B,
8.950%,
06/04/29
1
mo.
USD
Term
SOFR
+
5.250%
$
24,373
315,000
iHeartCommunications,
Inc.!
2024
Term
Loan,
0.000%,
05/01/29
289,099
1,072,292
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.561%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
984,123
1,200,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.922%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
1,203,300
595,500
Sinclair
Television
Group,
Inc.‡
2025
Term
Loan
B6,
7.234%,
12/31/29
1
mo.
USD
Term
SOFR
+
3.300%
516,596
736,942
TripAdvisor,
Inc.‡
Term
Loan,
6.422%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
717,830
1,200,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.161%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
1,201,500
14,809,208
Consumer
Discretionary
(1.0%)
1,965,000
Adient
U.S.
LLC‡
2024
Term
Loan
B2,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
1,965,766
650,088
American
Airlines,
Inc.‡
2025
Term
Loan
B,
6.918%,
05/28/32
3
mo.
USD
Term
SOFR
+
3.250%
652,119
1,210,000
American
Axle
&
Manufacturing,
Inc.!
2025
Incremental
Term
Loan
C,
0.000%,
02/24/32
1,214,538
1,885,000
Aramark
Services,
Inc.‡
2025
Term
Loan,
5.422%,
06/22/30
1
mo.
USD
Term
SOFR
+
1.750%
1,891,833
1,200,000
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.922%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
1,203,750
600,000
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
7.206%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.500%
602,874
714,157
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.922%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
711,258
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
732,600
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.667%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
$
585,926
967,575
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.422%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
970,294
1,960,000
Flutter
Financing
BV‡
2024
Term
Loan
B,
5.422%,
11/30/30
3
mo.
USD
Term
SOFR
+
1.750%
1,960,490
383,075
Flutter
Financing
BV‡
2025
Term
Loan
B,
5.672%,
06/04/32
3
mo.
USD
Term
SOFR
+
2.000%
382,914
1,965,000
Installed
Building
Products,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.422%,
03/28/31
1
mo.
USD
Term
SOFR
+
1.750%
1,973,400
2,143,734
KFC
Holding
Co.‡
2021
Term
Loan
B,
5.540%,
03/15/28
1
mo.
USD
Term
SOFR
+
1.750%
2,155,117
1,197,930
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.688%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
1,204,046
3,015,007
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.671%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
3,015,007
1,995,000
Murphy
USA,
Inc.‡
Term
Loan
B,
5.450%,
04/07/32
1
mo.
USD
Term
SOFR
+
1.750%
2,016,197
541,750
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.172%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
549,031
1,949,495
PENN
Entertainment,
Inc.‡
2022
Term
Loan
B,
6.172%,
05/03/29
1
mo.
USD
Term
SOFR
+
2.500%
1,951,415
600,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.671%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
600,525
1,970,000
Six
Flags
Entertainment
Corp.‡
2024
Term
Loan
B,
5.672%,
05/01/31
1
mo.
USD
Term
SOFR
+
2.000%
1,952,359
3,144,000
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.672%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
3,150,492
1,245,000
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
0.000%,
07/01/32
1,245,081
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,210,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.411%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
$
1,211,386
1,175,415
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.422%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
1,179,828
34,345,646
Consumer
Staples
(0.5%)
1,371,563
Amneal
Pharmaceuticals
LLC‡
2025
Term
Loan
B,
7.172%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.500%
1,378,420
616,900
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.172%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
616,900
888,750
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.172%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
848,018
1,409,085
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.422%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
1,421,414
520,000
Bausch
Health
Cos.,
Inc.!
2025
Term
Loan
B,
0.000%,
10/08/30
508,300
2,094,475
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.922%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
2,047,349
105,785
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.417%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
105,741
1,246,875
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.686%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
1,248,309
1,990,323
Organon
&
Co.‡
2024
USD
Term
Loan,
5.922%,
05/19/31
1
mo.
USD
Term
SOFR
+
2.250%
1,933,101
1,399,397
Perrigo
Investments
LLC‡
2024
Term
Loan
B,
5.672%,
04/20/29
1
mo.
USD
Term
SOFR
+
2.000%
1,399,984
1,499,794
Star
Parent,
Inc.‡
Term
Loan
B,
7.672%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
1,502,471
1,203,950
Team
Health
Holdings,
Inc.‡
2025
Term
Loan
B,
8.167%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.500%
1,207,056
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
592,143
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.422%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
$
596,706
930,578
Veritiv
Corp.‡
Term
Loan
B,
7.672%,
12/02/30
3
mo.
USD
Term
SOFR
+
4.000%
913,246
15,727,015
Energy
(0.1%)
869,879
New
Fortress
Energy,
Inc.@‡
2025
Incremental
Term
Loan
B,
9.238%,
10/30/28
3
mo.
USD
Term
SOFR
+
5.500%
348,822
1,754,966
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.955%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
1,761,178
2,110,000
Financials
(0.4%)
920,375
Acrisure
LLC‡
2025
Term
Loan
B,
6.922%,
06/21/32
1
mo.
USD
Term
SOFR
+
3.250%
921,332
1,205,000
Advisor
Group,
Inc.‡
2025
Term
Loan,
6.595%,
07/30/32
6
mo.
USD
Term
SOFR
+
3.000%
1,197,776
899,096
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.169%,
12/29/31
3
mo.
USD
Term
SOFR
+
2.500%
895,446
2,156,261
Avolon
TLB
Borrower
1
(US),
LLC‡
2023
Term
Loan
B6,
5.421%,
06/24/30
1
mo.
USD
Term
SOFR
+
1.750%
2,167,829
58,679
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.172%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
58,435
655,315
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.175%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
652,595
1,499,850
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.422%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,480,172
1,008,116
HUB
International
Ltd.‡
2025
Term
Loan
B,
5.920%,
06/20/30
3
mo.
USD
Term
SOFR
+
2.250%
1,009,396
2,871,400
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
2,852,549
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,247,212
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.922%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
$
2,256,257
13,491,787
Health
Care
(0.2%)
2,155,506
DaVita,
Inc.‡
2025
Term
Loan
B,
5.422%,
05/09/31
1
mo.
USD
Term
SOFR
+
1.750%
2,158,351
1,089,448
Elanco
Animal
Health,
Inc.‡
2025
Term
Loan
B,
5.450%,
10/31/32
1
mo.
USD
Term
SOFR
+
1.750%
1,090,946
376,033
ICON
Luxembourg
SARL‡
2024
LUX
Term
Loan
B,
5.672%,
07/03/28
3
mo.
USD
Term
SOFR
+
2.000%
377,782
1,960,200
IQVIA,
Inc.‡
2025
Incremental
Term
Loan
B5,
5.422%,
01/02/31
3
mo.
USD
Term
SOFR
+
1.750%
1,970,001
1,246,641
Padagis
LLC‡
Term
Loan
B,
8.658%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
1,143,793
93,689
PRA
Health
Sciences,
Inc.‡
2024
US
Term
Loan
B,
5.672%,
07/03/28
3
mo.
USD
Term
SOFR
+
2.000%
94,125
6,834,998
Industrials
(0.4%)
1,176,070
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.184%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
1,012,726
1,206,975
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.672%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
1,216,528
1,220,425
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.422%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
1,221,047
915,000
Columbus
McKinnon
Corp.!‡
2026
Term
Loan
B,
0.000%,
01/21/33
910,425
1,309,046
EMRLD
Borrower
LP‡
Term
Loan
B,
6.072%,
05/31/30
3
mo.
USD
Term
SOFR
+
2.250%
1,309,289
1,670,105
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.122%,
08/04/31
6
mo.
USD
Term
SOFR
+
2.250%
1,670,063
1,191,911
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.422%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
1,193,478
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,240,625
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.922%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
$
1,241,946
1,960,188
TransDigm,
Inc.‡
2025
Term
Loan
K,
5.922%,
03/22/30
1
mo.
USD
Term
SOFR
+
2.250%
1,960,678
2,346,270
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.172%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
2,347,830
14,084,010
Information
Technology
(0.3%)
1,606,423
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.822%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
1,550,198
1,087,365
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.422%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
1,005,812
1,304,429
Coherent
Corp.‡
2025
Term
Loan
B2,
5.422%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
1,310,951
1,123,862
Open
Text
Corp.‡
2023
Term
Loan
B,
5.422%,
01/31/30
1
mo.
USD
Term
SOFR
+
1.750%
1,109,185
2,015,899
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.422%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
1,932,118
2,392,023
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.672%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
2,394,738
1,253,068
TTM
Technologies,
Inc.‡
2024
Term
Loan
B,
5.950%,
05/30/30
1
mo.
USD
Term
SOFR
+
2.250%
1,264,032
592,515
UKG,
Inc.‡
2024
Term
Loan
B,
6.167%,
02/10/31
3
mo.
USD
Term
SOFR
+
2.500%
579,059
11,146,093
Materials
(0.2%)
1,633,473
Axalta
Coating
Systems
U.S.
Holdings,
Inc.‡
2024
Term
Loan
B7,
5.422%,
12/20/29
3
mo.
USD
Term
SOFR
+
1.750%
1,636,544
1,680,700
Chemours
Co.‡
2025
Term
Loan
B,
7.172%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
1,674,817
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,877,238
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.922%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
$
1,360,997
660,013
Knife
River
HoldCo‡
Term
Loan,
5.738%,
03/08/32
3
mo.
USD
Term
SOFR
+
2.000%
664,141
895,840
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.584%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
99,501
5,436,000
Other
(0.1%)
525,000
Connect
Finco
SARL!
2024
Extended
Term
Loan
B,
0.000%,
09/27/29
524,344
917,665
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.172%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
916,518
1,985,000
DK
Crown
Holdings,
Inc.‡
2025
Term
Loan
B,
5.425%,
03/04/32
1
mo.
USD
Term
SOFR
+
1.750%
1,989,030
620,000
Windstream
Services
LLC‡
2024
Term
Loan
B,
8.522%,
10/01/31
1
mo.
USD
Term
SOFR
+
4.750%
625,425
4,055,317
Special
Purpose
Acquisition
Companies
(0.0%)
483,933
Clydesdale
Acquisition
Holdings,
Inc.‡
Term
Loan
B,
6.847%,
04/13/29
1
mo.
USD
Term
SOFR
+
3.175%
482,322
TOTAL
BANK
LOANS
(Cost
$126,552,058)
124,209,299
CONVERTIBLE
BONDS
(20.4%)
Communication
Services
(1.8%)
7,580,000
AST
SpaceMobile,
Inc.*
2.000%,
01/15/36
10,362,921
8,895,000
Liberty
Media
Corp.-Liberty
Formula
One
2.250%,
08/15/27
10,394,519
13,910,000
Lyft,
Inc.*
0.000%,
09/15/30
14,706,209
12,000,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
15,376,920
8,910,000
Uber
Technologies,
Inc.
(Aurora
Innovation,
Inc.)*§
0.000%,
05/15/28
8,958,114
59,798,683
Consumer
Discretionary
(2.1%)
8,205,000
Airbnb,
Inc.
0.000%,
03/15/26
8,162,498
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
10,985,000
Alibaba
Group
Holding
Ltd.*
0.000%,
09/15/32
$
12,289,579
27,185,000
DoorDash,
Inc.*
0.000%,
05/15/30
27,246,710
11,003,000
Etsy,
Inc.*
1.000%,
06/15/30
11,003,880
11,600,000
Ford
Motor
Co.
0.000%,
03/15/26
12,300,292
71,002,959
Energy
(0.4%)
5,830,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
7,993,805
5,645,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
6,672,785
14,666,590
Financials
(1.3%)
7,695,000
Coinbase
Global,
Inc.*
0.000%,
10/01/32
6,575,608
4,115,000
Federal
Realty
OP
LP*
3.250%,
01/15/29
4,164,503
11,275,000
Morgan
Stanley
Finance
LLC
(JPMorgan
Chase
&
Co.)§
1.000%,
11/23/27
22,508,283
9,735,000
WisdomTree,
Inc.*
4.625%,
08/15/30
11,368,825
44,617,219
Health
Care
(0.5%)
3,342,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
3,766,267
10,595,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
10,822,792
3,107,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
3,719,017
18,308,076
Industrials
(2.9%)
8,240,000
AeroVironment,
Inc.
0.000%,
07/15/30
9,743,223
19,235,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
21,715,738
15,573,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
16,147,176
9,165,000
Fluor
Corp.
1.125%,
08/15/29
11,345,720
16,940,000
JBT
Marel
Corp.*
0.375%,
09/15/30
18,213,719
10,745,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
11,013,410
7,200,000
Tetra
Tech,
Inc.
2.250%,
08/15/28
8,380,296
96,559,282
Information
Technology
(7.7%)
11,960,000
Advanced
Energy
Industries,
Inc.
2.500%,
09/15/28
23,240,911
7,610,000
Akamai
Technologies,
Inc.*
0.250%,
05/15/33
9,239,225
PRINCIPAL
AMOUNT
a
a
VALUE
a
18,265,000
Cloudflare,
Inc.*
0.000%,
06/15/30
$
19,191,401
15,400,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
16,210,656
10,650,000
Guidewire
Software,
Inc.
1.250%,
11/01/29
10,348,392
7,500,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
17,030,175
9,075,000
MACOM
Technology
Solutions
Holdings,
Inc.^
0.000%,
12/15/29
13,101,124
11,245,000
Mirion
Technologies,
Inc.*
0.000%,
10/01/31
12,621,388
19,935,000
MKS,
Inc.
1.250%,
06/01/30
33,631,940
13,340,000
ON
Semiconductor
Corp.
0.000%,
05/01/27
16,938,865
5,070,000
Planet
Labs
PBC*
0.500%,
10/15/30
11,557,977
4,475,000
Seagate
HDD
Cayman
3.500%,
06/01/28
22,284,471
8,360,000
Snowflake,
Inc.
0.000%,
10/01/29
11,779,992
11,440,000
Spotify
USA,
Inc.
0.000%,
03/15/26
11,609,312
4,680,000
Western
Digital
Corp.
3.000%,
11/15/28
31,035,233
259,821,062
Other
(0.3%)
9,185,000
CoreWeave,
Inc.*
1.750%,
12/01/31
10,569,180
Real
Estate
(0.9%)
8,476,000
Compass,
Inc.*
0.250%,
04/15/31
9,138,993
13,975,000
Welltower
OP
LLC*
3.125%,
07/15/29
21,327,387
30,466,380
Utilities
(2.5%)
16,655,000
CMS
Energy
Corp.^
3.375%,
05/01/28
18,010,051
22,620,000
Duke
Energy
Corp.
4.125%,
04/15/26
23,507,835
14,320,000
NextEra
Energy
Capital
Holdings,
Inc.
3.000%,
03/01/27
19,067,080
20,355,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
22,961,254
83,546,220
TOTAL
CONVERTIBLE
BONDS
(Cost
$557,373,746)
689,355,651
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CORPORATE
BONDS
(12.0%)
Airlines
(0.1%)
851,282
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
08/15/27
$
855,113
978,180
American
Airlines
Pass-Through
Trust
Series
2021-1,
Class
B
3.950%,
07/11/30
942,594
862,358
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
09/15/31
831,943
963,310
JetBlue
Pass-Through
Trust
Series
2020-1,
Class
B
7.750%,
11/15/28
967,529
3,597,179
Basic
Materials
(0.0%)
310,000
WR
Grace
Holdings
LLC*
7.000%,
08/01/33
310,657
Communication
Services
(1.0%)
1,766,400
Altice
France
SA*
6.875%,
07/15/32
1,725,790
1,415,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
1,391,299
615,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
644,828
1,070,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
1,080,989
Clear
Channel
Outdoor
Holdings,
Inc.*
600,000
7.875%,
04/01/30
631,710
666,000
7.500%,
03/15/33
708,145
CSC
Holdings
LLC*
1,110,000
4.625%,
12/01/30
414,752
1,960,000
4.500%,
11/15/31
1,186,878
454,000
Directv
Financing
LLC*
8.875%,
02/01/30
460,283
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.*
605,000
10.000%,
02/15/31
623,592
429,000
5.875%,
08/15/27
431,432
605,000
EW
Scripps
Co.*
9.875%,
08/15/30
602,876
1,795,000
Frontier
California,
Inc.
Series
F
6.750%,
05/15/27
1,841,203
298,000
Frontier
Communications
Holdings
LLC*
8.750%,
05/15/30
307,426
1,933,000
Frontier
Florida
LLC
Series
E
6.860%,
02/01/28
2,002,897
3,291,000
Frontier
North,
Inc.
Series
G
6.730%,
02/15/28
3,391,507
1,030,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
980,220
Gray
Media,
Inc.*
605,000
7.250%,
08/15/33
619,738
PRINCIPAL
AMOUNT
a
a
VALUE
a
600,000
5.375%,
11/15/31
$
446,274
1,210,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
1,146,112
303,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
314,147
Lumen
Technologies,
Inc.
885,000
10.000%,
10/15/32*
885,000
756,000
Series
P,
7.600%,
09/15/39
747,072
Paramount
Global
141,000
6.375%,
03/30/62‡
,
5
yr.
CMT
+
3.999%
132,656
1,160,000
4.900%,
08/15/44
826,326
Rogers
Communications,
Inc.‡
1,215,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
1,275,701
840,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
870,610
155,000
5.250%,
03/15/82*
,
5
yr.
CMT
+
3.590%
154,803
Scripps
Escrow
II,
Inc.*^
295,000
5.375%,
01/15/31
220,203
591,000
3.875%,
01/15/29
546,823
605,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
626,157
Sirius
XM
Radio
LLC*
895,000
5.500%,
07/01/29
899,860
1,498,000
3.875%,
09/01/31^
1,369,681
585,000
3.125%,
09/01/26
581,671
TELUS
Corp.‡
80,000
7.000%,
10/15/55
,
5
yr.
CMT
+
2.709%
83,698
680,000
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
695,164
Time
Warner
Cable
LLC
480,000
7.300%,
07/01/38
511,272
595,000
6.550%,
05/01/37
602,699
466,000
T-Mobile
USA,
Inc.^
6.700%,
12/15/33
520,480
Univision
Communications,
Inc.*
605,000
8.500%,
07/31/31
631,892
601,000
8.000%,
08/15/28
620,725
125,000
Vodafone
Group
PLC‡
7.000%,
04/04/79
,
5
yr.
USD
Swap
+
4.873%
131,913
Warnermedia
Holdings,
Inc.
615,000
5.050%,
03/15/42
435,475
310,000
4.279%,
03/15/32
272,961
34,594,940
Communications
(0.0%)
1,500,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*^
4.250%,
01/15/34
1,268,040
Consumer
Discretionary
(2.4%)
1,800,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
1,880,334
Adient
Global
Holdings
Ltd.*
1,010,000
8.250%,
04/15/31
1,059,025
605,000
7.500%,
02/15/33
628,928
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Advance
Auto
Parts,
Inc.*
303,000
7.375%,
08/01/33
$
307,324
538,000
7.000%,
08/01/30
546,839
910,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
936,363
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
605,000
6.875%,
08/01/33
610,729
1,043,000
4.625%,
08/01/29
1,000,154
Bath
&
Body
Works,
Inc.
570,000
6.875%,
11/01/35
577,096
1,577,000
6.694%,
01/15/27
1,601,696
1,075,000
6.625%,
10/01/30*
1,101,004
1,450,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
1,441,720
Caesars
Entertainment,
Inc.*^
1,040,000
6.000%,
10/15/32
1,012,201
728,000
4.625%,
10/15/29
699,251
Carnival
Corp.*
1,210,000
6.125%,
02/15/33
1,245,501
601,000
4.000%,
08/01/28
595,254
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
1,370,000
6.375%,
09/01/29
1,385,371
748,000
5.125%,
05/01/27
749,287
1,250,000
4.750%,
03/01/30
1,196,275
596,000
4.750%,
02/01/32^
545,108
1,270,000
4.500%,
08/15/30
1,196,264
1,198,000
4.250%,
02/01/31
1,098,159
1,210,000
Century
Communities,
Inc.*
6.625%,
09/15/33
1,226,988
Churchill
Downs,
Inc.*
600,000
6.750%,
05/01/31
619,194
596,000
5.750%,
04/01/30
599,802
907,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
940,242
647,000
Dana,
Inc.
4.500%,
02/15/32
614,857
DISH
DBS
Corp.
443,000
7.375%,
07/01/28
425,727
588,000
5.125%,
06/01/29
521,015
1,200,000
DISH
Network
Corp.*
11.750%,
11/15/27
1,242,072
1,675,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
1,665,436
800,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
813,336
1,240,000
Ford
Motor
Co.
6.100%,
08/19/32
1,290,642
Ford
Motor
Credit
Co.
LLC
1,555,000
7.200%,
06/10/30
1,673,118
1,885,000
4.000%,
11/13/30
1,793,596
600,000
General
Motors
Co.
5.200%,
04/01/45
542,016
PRINCIPAL
AMOUNT
a
a
VALUE
a
General
Motors
Financial
Co.,
Inc.‡
155,000
Series
B,
6.500%,
09/30/28
,
3
mo.
USD
LIBOR
+
3.436%
$
157,443
310,000
Series
C,
5.700%,
09/30/30
,
5
yr.
CMT
+
4.997%
311,432
goeasy
Ltd.*
1,079,000
7.625%,
07/01/29
1,069,721
1,210,000
6.875%,
02/15/31
1,138,368
Goodyear
Tire
&
Rubber
Co.
1,800,000
5.625%,
04/30/33^
1,719,702
635,000
5.250%,
07/15/31
605,606
Group
1
Automotive,
Inc.*
775,000
6.375%,
01/15/30
796,824
511,000
4.000%,
08/15/28
500,867
811,387
Guitar
Center,
Inc.‡
12.000%,
08/19/32
243,416
208,984
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
B
8.000%,
05/15/29
210,192
603,000
Kohl's
Corp.
5.550%,
07/17/45
409,425
1,175,000
Liberty
Interactive
LLC
8.250%,
02/01/30
81,134
1,210,000
Life
Time,
Inc.*
6.000%,
11/15/31
1,241,036
907,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
920,451
1,200,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
1,253,292
600,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
604,650
M/I
Homes,
Inc.
325,000
4.950%,
02/01/28
324,551
780,000
3.950%,
02/15/30
750,945
Macy's
Retail
Holdings
LLC
782,000
6.700%,
07/15/34*
760,159
1,515,000
4.300%,
02/15/43
1,096,496
2,350,000
MGM
Resorts
International^
6.500%,
04/15/32
2,406,987
1,518,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
1,491,723
NCL
Corp.
Ltd.*
605,000
6.750%,
02/01/32
620,555
681,000
6.250%,
09/15/33
685,399
610,000
5.875%,
01/15/31
612,025
Newell
Brands,
Inc.
605,000
8.500%,
06/01/28*
635,038
605,000
6.625%,
05/15/32^
593,475
615,000
6.375%,
05/15/30^
608,967
1,210,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
1,208,173
Patrick
Industries,
Inc.*
605,000
6.375%,
11/01/32
619,829
1,028,000
4.750%,
05/01/29
1,018,409
1,370,000
Penn
Entertainment,
Inc.*^
4.125%,
07/01/29
1,273,127
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
750,000
PetSmart
LLC/PetSmart
Finance
Corp.*
7.500%,
09/15/32
$
769,792
1,196,000
Premier
Entertainment
Sub
LLC/
Premier
Entertainment
Finance
Corp.*^
5.625%,
09/01/29
884,980
600,000
QVC,
Inc.
5.450%,
08/15/34
234,852
122,236
Rite
Aid
Corp.
0.000%,
08/30/34
—
1,210,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
1,232,591
1,210,000
Rivers
Enterprise
Lender
LLC/Rivers
Enterprise
Lender
Corp.*
6.250%,
10/15/30
1,228,973
686,250
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
1,824
295,295
SGUS
LLC*@
0.000%,
12/15/29
9,568
1,065,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
1,028,364
1,800,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
1,778,274
900,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
864,783
622,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
634,913
748,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
735,269
801,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
800,303
920,000
Staples,
Inc.*
10.750%,
09/01/29
904,783
1,525,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
1,438,258
1,200,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
1,264,332
756,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
776,397
155,000
United
Airlines
Holdings,
Inc.††
5.375%,
03/01/31
156,629
300,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
320,052
605,000
Voyager
Parent
LLC*
9.250%,
07/01/32
643,666
1,210,000
Whirlpool
Corp.^
6.500%,
06/15/33
1,194,476
600,000
William
Carter
Co.*
7.375%,
02/15/31
620,994
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,225,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
$
1,256,090
80,131,504
Consumer
Staples
(0.8%)
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
900,000
5.875%,
02/15/28
901,881
151,000
5.750%,
03/31/34
148,572
151,000
5.500%,
03/31/31
151,672
1,925,000
4.625%,
01/15/27
1,925,231
1,225,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
1,291,383
1,160,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
1,194,069
1,300,000
BioMarin
Pharmaceutical,
Inc.*††
5.500%,
02/15/34
1,305,759
Brink's
Co.*
600,000
6.750%,
06/15/32
625,182
600,000
6.500%,
06/15/29
619,560
1,358,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
1,283,731
1,330,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
1,314,718
1,349,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
1,295,067
Energizer
Holdings,
Inc.*
605,000
6.000%,
09/15/33
581,544
1,336,000
4.375%,
03/31/29
1,284,137
290,000
Land
O'
Lakes,
Inc.*
7.000%,
09/18/28
250,827
MPH
Acquisition
Holdings
LLC*
1,011,383
6.750%,
03/31/31
864,368
490,730
5.750%,
12/31/30
421,518
751,000
New
Albertsons
LP
7.750%,
06/15/26
759,471
Performance
Food
Group,
Inc.*
303,000
6.125%,
09/15/32
311,808
1,192,000
4.250%,
08/01/29
1,168,029
900,000
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
877,878
Post
Holdings,
Inc.*
1,053,000
6.375%,
03/01/33
1,062,361
1,200,000
6.250%,
02/15/32
1,234,008
1,124,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
1,053,154
1,440,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
1,500,163
1,015,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
1,017,822
907,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
906,837
25,350,750
Energy
(1.7%)
933,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
932,729
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
1,210,000
6.625%,
10/15/32
$
1,255,956
963,000
6.625%,
07/15/33
997,629
Buckeye
Partners
LP
452,000
6.875%,
07/01/29*
470,640
903,000
6.750%,
02/01/30*
946,263
600,000
5.850%,
11/15/43
561,738
900,000
Continental
Resources,
Inc.
4.900%,
06/01/44
728,532
925,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
894,845
Enbridge,
Inc.‡
902,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
958,330
350,000
7.375%,
01/15/83
,
5
yr.
CMT
+
3.708%
361,330
760,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
809,727
395,000
Series
20-A,
5.750%,
07/15/80
,
5
yr.
CMT
+
5.314%
399,890
Energy
Transfer
LP‡
155,000
8.000%,
05/15/54
,
5
yr.
CMT
+
4.020%
165,599
1,110,000
7.133%,
11/01/66^
,
3
mo.
USD
Term
SOFR
+
3.279%
1,113,596
765,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
790,605
1,015,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
1,020,024
Enterprise
Products
Operating
LLC‡
75,000
Series
D,
7.099%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.248%
75,004
80,000
Series
E,
5.250%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.295%
79,786
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
885,000
8.875%,
04/15/30
931,949
605,000
8.000%,
05/15/33
632,104
1,175,000
Gulfport
Energy
Operating
Corp.*
6.750%,
09/01/29
1,213,658
1,200,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
1,268,748
1,210,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
1,257,964
1,207,000
Matador
Resources
Co.*
6.500%,
04/15/32
1,229,849
1,675,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
1,707,177
910,000
New
Fortress
Energy,
Inc.*
6.500%,
09/30/26
83,210
1,255,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
1,277,314
745,000
ONEOK,
Inc.*^
6.500%,
09/01/30
799,601
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,155,000
Permian
Resources
Operating
LLC*
7.000%,
01/15/32
$
1,210,417
Phillips
66
Co.‡
75,000
Series
B,
6.200%,
03/15/56
,
5
yr.
CMT
+
2.166%
75,453
690,000
Series
A,
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
687,219
1,390,000
Plains
All
American
Pipeline
LP
Series
B‡
8.223%,
03/01/26
,
3
mo.
USD
Term
SOFR
+
4.372%
1,391,015
611,000
SM
Energy
Co.*
9.625%,
06/15/33
668,703
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
1,450,000
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
1,509,624
85,000
7.500%,
03/01/55
,
5
yr.
CMT
+
3.667%
89,992
1,658,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
1,733,986
Sunoco
LP*
1,130,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
1,166,522
1,815,000
6.625%,
08/15/32
1,873,352
1,210,000
6.250%,
07/01/33
1,245,441
1,210,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
1,232,264
1,210,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
1,198,916
Transocean
International
Ltd.*
1,830,000
8.500%,
05/15/31
1,863,727
907,000
7.875%,
10/15/32
957,865
Venture
Global
Calcasieu
Pass
LLC*
300,000
4.125%,
08/15/31
277,062
300,000
3.875%,
08/15/29
285,198
Venture
Global
LNG,
Inc.*
600,000
9.875%,
02/01/32
635,430
600,000
9.500%,
02/01/29
639,516
3,375,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
2,974,826
1,505,000
8.375%,
06/01/31
1,540,428
900,000
8.125%,
06/01/28
922,203
635,000
7.000%,
01/15/30^
639,248
Venture
Global
Plaquemines
LNG
LLC*
1,210,000
6.500%,
01/15/34
1,257,480
925,000
6.500%,
06/15/34
959,086
303,000
6.125%,
12/15/30
312,175
1,200,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
1,199,124
1,215,000
WBI
Operating
LLC*
6.500%,
10/15/33
1,227,162
1,210,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
1,253,971
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,671,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
$
1,697,419
55,688,621
Financials
(2.2%)
1,002,000
Acrisure
LLC/Acrisure
Finance,
Inc.*
8.250%,
02/01/29
1,040,296
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
1,300,000
6.950%,
03/10/55^
,
5
yr.
CMT
+
2.720%
1,361,386
170,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
174,854
255,000
Aircastle
Ltd.
Series
A*‡
5.250%,
06/15/26
,
5
yr.
CMT
+
4.410%
254,712
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
1,210,000
7.375%,
10/01/32
1,254,431
1,210,000
6.500%,
10/01/31
1,245,671
200,000
Allianz
SE*‡
5.600%,
09/03/54
,
5
yr.
CMT
+
2.771%
204,026
140,000
Allstate
Corp.
Series
B‡
7.051%,
08/15/53
,
3
mo.
USD
Term
SOFR
+
3.200%
140,489
Ally
Financial,
Inc.‡
2,082,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
2,073,089
850,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
816,034
165,000
American
Express
Co.
Series
D‡
3.550%,
09/15/26
,
5
yr.
CMT
+
2.854%
163,276
1,265,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
1,248,479
610,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
622,218
620,000
ARES
Finance
Co.
III
LLC*‡
4.125%,
06/30/51
,
5
yr.
CMT
+
3.237%
612,734
620,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.375%,
02/01/34
627,266
350,000
AXIS
Specialty
Finance
LLC‡
4.900%,
01/15/40
,
5
yr.
CMT
+
3.186%
341,159
1,210,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
1,268,395
1,200,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
1,239,288
Bank
of
America
Corp.‡
325,000
Series
OO,
6.625%,
05/01/30
,
5
yr.
CMT
+
2.684%
337,720
304,000
Series
TT,
6.125%,
04/27/27
,
5
yr.
CMT
+
3.231%
308,110
PRINCIPAL
AMOUNT
a
a
VALUE
a
100,000
Beacon
Funding
Trust*^
6.266%,
08/15/54
$
101,735
1,210,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
1,298,935
280,000
BP
Capital
Markets
PLC^‡
4.875%,
03/22/30
,
5
yr.
CMT
+
4.398%
278,477
Brandywine
Operating
Partnership
LP
600,000
8.875%,
04/12/29
644,988
1,239,000
6.125%,
01/15/31
1,201,533
1,522,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
1,563,825
2,394,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
2,384,472
930,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
918,124
1,250,000
Burford
Capital
Global
Finance
LLC*
7.500%,
07/15/33
1,210,588
Capital
One
Financial
Corp.‡
275,000
Series
O,
5.500%,
10/30/27
,
3
mo.
USD
Term
SOFR
+
3.338%
276,364
573,000
Series
M,
3.950%,
09/01/26^
,
5
yr.
CMT
+
3.157%
568,949
Charles
Schwab
Corp.‡
135,000
Series
I,
4.000%,
06/01/26
,
5
yr.
CMT
+
3.168%
134,517
147,000
Series
H,
4.000%,
12/01/30
,
10
yr.
CMT
+
3.079%
137,995
Citigroup,
Inc.‡
150,000
Series
AA,
7.625%,
11/15/28
,
5
yr.
CMT
+
3.211%
157,492
155,000
Series
BB,
7.200%,
05/15/29
,
5
yr.
CMT
+
2.905%
160,887
170,000
Series
FF,
6.950%,
02/15/30
,
5
yr.
CMT
+
2.726%
174,639
780,000
Series
GG,
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
797,534
164,000
Series
HH,
6.625%,
02/15/31
,
5
yr.
CMT
+
3.001%
166,936
509,000
Series
X,
3.875%,
02/18/26
,
5
yr.
CMT
+
3.417%
508,679
450,000
Citizens
Financial
Group,
Inc.
Series
G‡
4.000%,
10/06/26
,
5
yr.
CMT
+
3.215%
448,344
Corebridge
Financial,
Inc.‡
145,000
6.875%,
12/15/52
,
5
yr.
CMT
+
3.846%
148,896
1,340,000
6.375%,
09/15/54^
,
5
yr.
CMT
+
2.646%
1,365,085
Credit
Acceptance
Corp.*
800,000
9.250%,
12/15/28
838,816
538,000
6.625%,
03/15/30
540,652
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,210,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
$
1,229,251
1,205,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
1,284,675
250,000
Depository
Trust
&
Clearing
Corp.
Series
D*‡
3.375%,
06/20/26
,
5
yr.
CMT
+
2.606%
248,507
335,000
Enstar
Finance
LLC‡
5.500%,
01/15/42
,
5
yr.
CMT
+
4.006%
333,369
690,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
720,864
First
Citizens
BancShares,
Inc.‡
460,000
Series
B,
7.957%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
469,826
1,225,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
1,252,207
GGAM
Finance
Ltd.*
1,350,000
8.000%,
02/15/27
1,372,019
605,000
5.875%,
03/15/30
615,805
Goldman
Sachs
Group,
Inc.‡
85,000
Series
X,
7.500%,
05/10/29
,
5
yr.
CMT
+
2.809%
89,853
310,000
Series
S,
7.186%,
02/10/26
,
5
yr.
CMT
+
2.850%
310,239
150,000
6.850%,
02/10/30
,
5
yr.
CMT
+
2.461%
155,908
HUB
International
Ltd.*
900,000
7.375%,
01/31/32
943,515
955,000
5.625%,
12/01/29
954,943
Huntington
Bancshares,
Inc.‡
688,000
Series
K,
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
689,273
210,000
Series
F,
5.625%,
07/15/30
,
10
yr.
CMT
+
4.945%
213,152
350,000
Series
G,
4.450%,
10/15/27
,
7
yr.
CMT
+
4.045%
345,124
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
775,000
6.625%,
10/15/31
768,637
1,225,000
5.000%,
08/15/28
1,188,507
630,000
JPMorgan
Chase
&
Co.
Series
KK^‡
3.650%,
06/01/26
,
5
yr.
CMT
+
2.850%
629,275
320,000
KeyCorp
Series
D‡
5.000%,
09/15/26
,
3
mo.
USD
Term
SOFR
+
3.868%
319,456
1,360,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
1,445,639
620,000
Liberty
Mutual
Group,
Inc.*‡
4.125%,
12/15/51
,
5
yr.
CMT
+
3.315%
614,922
PRINCIPAL
AMOUNT
a
a
VALUE
a
M&T
Bank
Corp.‡
80,000
Series
G,
7.304%,
02/01/26
,
5
yr.
CMT
+
3.174%
$
80,000
85,000
Series
F,
5.125%,
11/01/26
,
3
mo.
USD
Term
SOFR
+
3.782%
84,909
1,146,000
MetLife,
Inc.
6.400%,
12/15/36
1,203,976
600,000
Newmark
Group,
Inc.
7.500%,
01/12/29
641,100
230,000
Northern
Trust
Corp.
Series
D^‡
4.600%,
10/01/26
,
3
mo.
USD
Term
SOFR
+
3.464%
229,678
OneMain
Finance
Corp.
605,000
6.750%,
03/15/32
618,879
1,210,000
6.750%,
09/15/33
1,226,033
605,000
6.500%,
03/15/33
608,678
609,000
Osaic
Holdings,
Inc.
Series
JAN*
8.000%,
08/01/33
632,361
1,145,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
1,180,380
442,000
PartnerRe
Finance
B
LLC‡
4.500%,
10/01/50
,
5
yr.
CMT
+
3.815%
419,745
PNC
Financial
Services
Group,
Inc.‡
140,000
Series
V,
6.200%,
09/15/27^
,
5
yr.
CMT
+
3.238%
142,303
140,000
Series
U,
6.000%,
05/15/27
,
5
yr.
CMT
+
3.000%
141,127
315,000
Series
T,
3.400%,
09/15/26^
,
5
yr.
CMT
+
2.595%
310,373
1,512,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
1,586,859
1,200,000
RHP
Hotel
Properties
LP/RHP
Finance
Corp.*
6.500%,
04/01/32
1,242,948
Rocket
Cos.,
Inc.*
907,000
6.375%,
08/01/33
942,781
605,000
6.125%,
08/01/30
620,421
1,094,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
1,026,807
1,205,000
Service
Properties
Trust
8.375%,
06/15/29
1,220,593
1,210,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
1,244,775
160,000
State
Street
Corp.
Series
J^‡
6.700%,
09/15/29
,
5
yr.
CMT
+
2.628%
167,354
309,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
319,169
1,500,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
1,596,690
1,210,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
1,279,490
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Truist
Financial
Corp.‡
295,000
Series
N,
6.669%,
03/01/26
,
5
yr.
CMT
+
3.003%
$
295,976
108,000
Series
Q,
5.100%,
03/01/30^
,
10
yr.
CMT
+
4.349%
108,840
U.S.
Bancorp‡
320,000
Series
J,
5.300%,
04/15/27
,
3
mo.
USD
Term
SOFR
+
3.176%
320,726
85,000
Series
N,
3.700%,
01/15/27^
,
5
yr.
CMT
+
2.541%
83,789
1,383,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
1,367,746
600,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
584,400
605,000
UWM
Holdings
LLC*
6.250%,
03/15/31
601,539
600,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
629,046
Wells
Fargo
&
Co.‡
560,000
7.625%,
09/15/28
,
5
yr.
CMT
+
3.606%
596,484
545,000
Series
BB,
3.900%,
03/15/26
,
5
yr.
CMT
+
3.453%
544,575
1,210,000
XHR
LP*
6.625%,
05/15/30
1,252,193
72,709,804
Health
Care
(0.6%)
1,842,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
1,820,817
CHS/Community
Health
Systems,
Inc.*
720,000
10.875%,
01/15/32
777,218
663,000
6.875%,
04/15/29
610,464
2,392,000
6.125%,
04/01/30
1,975,625
149,000
5.250%,
05/15/30
140,553
DaVita,
Inc.*
1,375,000
6.875%,
09/01/32
1,415,604
1,326,000
4.625%,
06/01/30
1,278,330
1,395,000
3.750%,
02/15/31
1,282,744
Embecta
Corp.*
298,000
6.750%,
02/15/30
289,975
894,000
5.000%,
02/15/30^
838,089
Encompass
Health
Corp.
600,000
4.750%,
02/01/30
597,420
600,000
4.500%,
02/01/28
597,528
681,000
IQVIA,
Inc.*
6.250%,
06/01/32
709,003
Medline
Borrower
LP*
1,789,000
5.250%,
10/01/29
1,792,721
1,480,000
3.875%,
04/01/29
1,449,112
2,200,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
1,999,470
Tenet
Healthcare
Corp.
1,575,000
6.875%,
11/15/31
1,726,058
907,000
5.500%,
11/15/32*
917,041
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,520,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
$
1,537,359
21,755,131
Industrials
(1.0%)
1,357,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
1,405,472
1,355,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
1,255,719
Arcosa,
Inc.*
605,000
6.875%,
08/15/32
638,396
670,000
4.375%,
04/15/29
658,355
Bombardier,
Inc.*
600,000
8.750%,
11/15/30
642,870
376,000
7.250%,
07/01/31
399,726
450,000
7.000%,
06/01/32
473,265
300,000
6.750%,
06/15/33
315,570
1,191,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
1,169,431
1,900,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
1,969,749
310,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
311,807
270,417
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*
4.750%,
10/20/28
272,507
Deluxe
Corp.*
305,000
8.125%,
09/15/29
320,573
1,565,000
8.000%,
06/01/29
1,592,841
EnerSys*
600,000
6.625%,
01/15/32
622,074
575,000
4.375%,
12/15/27
572,459
EquipmentShare.com,
Inc.*
755,000
8.625%,
05/15/32
807,609
450,000
8.000%,
03/15/33
475,047
Graphic
Packaging
International
LLC*
750,000
4.750%,
07/15/27
749,280
551,000
3.500%,
03/01/29
526,365
1,303,000
Great
Lakes
Dredge
&
Dock
Corp.*
5.250%,
06/01/29
1,283,455
Herc
Holdings,
Inc.*
605,000
7.250%,
06/15/33
640,707
605,000
7.000%,
06/15/30
635,220
600,000
6.625%,
06/15/29
621,294
900,000
JELD-WEN,
Inc.*^
7.000%,
09/01/32
570,051
1,940,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
1,930,533
722,000
Moog,
Inc.*
4.250%,
12/15/27
718,823
1,140,000
Novelis
Corp.*
4.750%,
01/30/30
1,106,142
1,210,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
1,255,351
Sealed
Air
Corp.*
300,000
6.500%,
07/15/32
311,961
298,000
5.000%,
04/15/29
300,199
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Sealed
Air
Corp./Sealed
Air
Corp.
U.S.*
300,000
7.250%,
02/15/31
$
313,002
933,000
6.125%,
02/01/28
948,152
402,000
Sensata
Technologies
BV*
4.000%,
04/15/29
393,735
593,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
556,643
Standard
Building
Solutions,
Inc.*
305,000
6.500%,
08/15/32
314,818
907,000
6.250%,
08/01/33
927,444
100,000
Stanley
Black
&
Decker,
Inc.‡
6.707%,
03/15/60
,
5
yr.
CMT
+
2.657%
99,191
1,210,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
1,279,079
TransDigm,
Inc.*
450,000
7.125%,
12/01/31
472,032
1,295,000
6.875%,
12/15/30
1,349,662
900,000
6.750%,
08/15/28
916,344
298,000
6.625%,
03/01/32
308,969
261,596
United
Airlines
Pass-Through
Trust
Series
2019-2,
Class
B
3.500%,
05/01/28
255,333
905,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
934,711
Williams
Scotsman,
Inc.*
450,000
6.625%,
06/15/29
465,561
703,000
4.625%,
08/15/28
701,032
34,788,559
Information
Technology
(0.5%)
Block,
Inc.*
302,000
6.000%,
08/15/33
308,547
615,000
5.625%,
08/15/30
626,464
605,000
CACI
International,
Inc.*
6.375%,
06/15/33
629,121
930,000
Cloud
Software
Group,
Inc.*
6.625%,
08/15/33
892,335
692,000
Coherent
Corp.*
5.000%,
12/15/29
690,000
105,000
Dell
International
LLC/EMC
Corp.
6.020%,
06/15/26
105,343
Fair
Isaac
Corp.*
454,000
6.000%,
05/15/33
462,517
586,000
4.000%,
06/15/28
576,665
1,315,000
KBR,
Inc.*
4.750%,
09/30/28
1,299,957
886,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
868,360
600,000
Open
Text
Corp.*
6.900%,
12/01/27
619,902
Open
Text
Holdings,
Inc.*
305,000
4.125%,
02/15/30
283,659
772,000
4.125%,
12/01/31
694,391
1,645,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
1,599,220
Twilio,
Inc.
298,000
3.875%,
03/15/31
281,974
PRINCIPAL
AMOUNT
a
a
VALUE
a
830,000
3.625%,
03/15/29
$
796,808
755,000
UKG,
Inc.*
6.875%,
02/01/31
755,362
1,780,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
1,699,811
548,674
Wolfspeed,
Inc.
7.000%,
06/15/31
448,184
1,200,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
1,238,628
1,050,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
960,267
15,837,515
Materials
(0.6%)
1,210,000
Avient
Corp.*
6.250%,
11/01/31
1,244,618
1,310,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
1,360,055
Celanese
U.S.
Holdings
LLC
610,000
7.379%,
07/15/32
637,194
605,000
7.375%,
02/15/34
616,555
1,208,000
Century
Aluminum
Co.*
6.875%,
08/01/32
1,252,684
1,030,000
Chemours
Co.*^
8.000%,
01/15/33
1,033,450
2,185,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
2,077,061
450,000
Constellium
SE*
6.375%,
08/15/32
465,660
2,425,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
1,955,326
1,210,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
1,263,797
1,215,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
1,226,433
1,200,000
Knife
River
Corp.*
7.750%,
05/01/31
1,251,828
Mercer
International,
Inc.
530,000
12.875%,
10/01/28*^
389,317
1,266,000
5.125%,
02/01/29
787,224
1,210,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
1,250,269
1,328,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
1,316,898
1,210,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
1,217,139
1,210,000
Terex
Corp.*
6.250%,
10/15/32
1,240,310
507,881
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*
7.625%,
05/03/29
12,997
1,220,000
WR
Grace
Holdings
LLC*
6.625%,
08/15/32
1,214,791
21,813,606
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Other
(0.6%)
930,000
1261229
BC
Ltd.*
10.000%,
04/15/32
$
955,454
1,200,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
1,248,516
985,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.000%,
12/31/32
1,030,320
457,984
Claritev
Corp.
Series
B*
6.750%,
03/31/31
360,122
250,000
Compeer
Financial
ACA
Series
QIB*‡
7.875%,
02/15/31
,
5
yr.
CMT
+
4.155%
258,517
1,210,000
DBR
Land
Holdings
LLC*
6.250%,
12/01/30
1,240,407
EchoStar
Corp.
2,135,045
10.750%,
11/30/29
2,342,080
1,268,771
6.750%,
11/30/30
1,291,114
1,210,000
Enerflex,
Inc.*
6.875%,
01/15/31
1,252,253
405,000
Everest
Reinsurance
Holdings,
Inc.‡
6.498%,
05/15/37
,
3
mo.
USD
Term
SOFR
+
2.647%
385,690
625,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
631,319
310,000
Genmab
AS/Genmab
Finance
LLC*
6.250%,
12/15/32
318,311
605,000
Graham
Holdings
Co.*
5.625%,
12/01/33
610,542
1,590,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
1,666,066
900,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
938,520
1,210,000
New
Gold,
Inc.*
6.875%,
04/01/32
1,287,646
775,000
Reinsurance
Group
of
America,
Inc.‡
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
800,304
1,210,000
Rfna
LP*
7.875%,
02/15/30
1,219,922
1,245,000
SM
Energy
Co.*^
7.000%,
08/01/32
1,248,934
605,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
631,904
19,717,941
Real
Estate
(0.1%)
605,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
619,810
780,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
764,213
PRINCIPAL
AMOUNT
a
a
VALUE
a
867,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
$
844,892
2,228,915
Special
Purpose
Acquisition
Companies
(0.1%)
300,000
Clydesdale
Acquisition
Holdings,
Inc.*
6.750%,
04/15/32
302,739
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
1,810,000
6.750%,
01/15/30
1,711,608
596,000
4.625%,
01/15/29
577,155
2,591,502
Utilities
(0.3%)
245,000
Algonquin
Power
&
Utilities
Corp.‡
4.750%,
01/18/82
,
5
yr.
CMT
+
3.249%
242,925
American
Electric
Power
Co.,
Inc.‡
80,000
7.050%,
12/15/54
,
5
yr.
CMT
+
2.750%
83,786
80,000
6.950%,
12/15/54
,
5
yr.
CMT
+
2.675%
85,915
85,000
3.875%,
02/15/62
,
5
yr.
CMT
+
2.675%
83,794
CenterPoint
Energy,
Inc.‡
75,000
Series
A,
7.000%,
02/15/55
,
5
yr.
CMT
+
3.254%
78,607
75,000
Series
B,
6.850%,
02/15/55^
,
5
yr.
CMT
+
2.946%
79,549
760,000
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
780,611
235,000
CMS
Energy
Corp.‡
4.750%,
06/01/50
,
5
yr.
CMT
+
4.116%
232,222
Dominion
Energy,
Inc.‡
162,000
Series
A,
6.875%,
02/01/55^
,
5
yr.
CMT
+
2.386%
168,746
760,000
6.625%,
05/15/55^
,
5
yr.
CMT
+
2.207%
782,116
133,000
Series
C,
4.350%,
01/15/27
,
5
yr.
CMT
+
3.195%
132,191
1,525,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
1,595,242
225,000
Emera,
Inc.
Series
16-A‡
6.750%,
06/15/76
,
3
mo.
USD
LIBOR
+
5.440%
226,589
1,150,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
1,204,061
1,070,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
1,100,698
National
Rural
Utilities
Cooperative
Finance
Corp.‡
288,000
7.125%,
09/15/53
,
5
yr.
CMT
+
3.533%
302,328
150,000
5.250%,
04/20/46
,
3
mo.
USD
LIBOR
+
3.630%
150,068
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
NextEra
Energy
Capital
Holdings,
Inc.‡
160,000
6.750%,
06/15/54
,
5
yr.
CMT
+
2.457%
$
170,227
155,000
6.700%,
09/01/54
,
5
yr.
CMT
+
2.364%
160,140
160,000
3.800%,
03/15/82
,
5
yr.
CMT
+
2.547%
157,374
1,064,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
1,108,762
591,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.612%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
585,988
80,000
Sempra‡
6.400%,
10/01/54
,
5
yr.
CMT
+
2.632%
81,009
95,000
Southern
Co.
Series
21-A‡
3.750%,
09/15/51
,
5
yr.
CMT
+
2.915%
94,257
Vistra
Corp.*‡
340,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
346,627
625,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
634,612
10,668,444
TOTAL
CORPORATE
BONDS
(Cost
$404,882,261)
403,053,108
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(0.0%)
Other
(0.0%)
Farm
Credit
Bank
of
Texas‡
250,000
7.750%,
06/15/29
,
5
yr.
CMT
+
3.291%
262,169
1,020,000
7.000%,
09/15/30
,
5
yr.
CMT
+
3.010%
1,059,871
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$1,278,092)
1,322,040
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(93.7%)
Communication
Services
(11.3%)
622,250
Alphabet,
Inc.
-
Class
Aµ
210,320,500
264,885
AT&T,
Inc.^
6,942,636
20,533
Audacy,
Inc.#
102,665
8,434
Cumulus
Media,
Inc.
-
Class
A#
675
142,710
Meta
Platforms,
Inc.
-
Class
A^µ
102,251,715
323,600
Netflix,
Inc.#
27,017,364
25,095
Optimum
Communications,
Inc.
-
Class
A#^
38,395
205,085
EUR
Orange
SA
3,812,534
83,385
T-Mobile
U.S.,
Inc.
16,444,356
14,866
Uber
Technologies,
Inc.#
1,190,023
118,650
Walt
Disney
Co.
13,383,720
381,504,583
NUMBER
OF
SHARES
b
b
VALUE
b
Consumer
Discretionary
(11.1%)
646,610
Amazon.com,
Inc.#^µ
$
154,733,773
3,510
Booking
Holdings,
Inc.
17,556,458
59,260
Carnival
Corp.#
1,778,985
243,463
General
Motors
Co.
20,450,892
52,240
Home
Depot,
Inc.
19,568,582
88,865
Lowe's
Cos.,
Inc.^
23,732,287
50,170
McDonald's
Corp.
15,803,550
1,794
Rite
Aid
Corp.#
1,794
37,380
Royal
Caribbean
Cruises
Ltd.^
12,135,417
172,710
Starbucks
Corp.
15,880,685
182,630
Tesla,
Inc.#µ
78,605,778
104,675
TJX
Cos.,
Inc.^
15,681,362
375,929,563
Consumer
Staples
(5.2%)
58,750
Altria
Group,
Inc.
3,641,913
329,140
Coca-Cola
Co.
24,622,963
145,515
Colgate-Palmolive
Co.
13,138,549
22,270
Costco
Wholesale
Corp.
20,939,368
187,780
Dollar
General
Corp.
26,933,286
47,280
Estee
Lauder
Cos.,
Inc.
-
Class
A
5,450,438
140,020
Philip
Morris
International,
Inc.^
25,125,189
136,830
Procter
&
Gamble
Co.
20,766,689
294,815
Walmart,
Inc.µ
35,124,259
175,742,654
Energy
(4.3%)
475,000
BP
PLC
(
ADR
)
17,993,000
5,050
Cheniere
Energy
Partners
LP
284,770
57,507
Chevron
Corp.
10,172,988
70,935
Energy
Transfer
LP
1,308,751
33,155
Enterprise
Products
Partners
LP
1,100,414
7,920
EP
Energy
Corp.#
12,870
278,820
EQT
Corp.^
16,096,279
358,440
Exxon
Mobil
Corp.^
50,683,416
153,620
Marathon
Petroleum
Corp.
27,066,308
296,990
Williams
Cos.,
Inc.
19,975,547
144,694,343
Financials
(12.7%)
35,430
Affiliated
Managers
Group,
Inc.^
11,092,779
59,230
American
Express
Co.
20,859,029
29,983
Assurant,
Inc.^
7,139,852
693,210
Bank
of
America
Corp.
36,878,772
10,715
Blackrock,
Inc.^
11,989,442
58,055
Capital
One
Financial
Corp.
12,709,981
46,410
Chubb
Ltd.
14,366,679
310,915
Citigroup,
Inc.^
35,975,975
42,230
Goldman
Sachs
Group,
Inc.^
39,502,364
190,495
JPMorgan
Chase
&
Co.^
58,270,515
72,315
Mastercard,
Inc.
-
Class
A
38,962,599
188,325
Morgan
Stanley^
34,425,810
35,515
S&P
Global,
Inc.^
18,744,462
151,925
Visa,
Inc.
-
Class
A
48,894,023
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
411,130
Wells
Fargo
&
Co.
$
37,203,154
427,015,436
Health
Care
(10.4%)
238,555
Abbott
Laboratories~
26,074,062
145,970
AbbVie,
Inc.
32,552,770
135,825
Boston
Scientific
Corp.#
12,703,712
202,415
CVS
Health
Corp.
15,083,966
91,225
Danaher
Corp.
19,968,240
59,040
Eli
Lilly
&
Co.µ
61,233,336
34,856
GE
HealthCare
Technologies,
Inc.
2,752,578
19,700
Intuitive
Surgical,
Inc.#
9,933,134
72,090
IQVIA
Holdings,
Inc.#
16,591,514
217,145
Johnson
&
Johnson
49,346,201
297,690
Medtronic
PLC
30,650,162
217,650
Merck
&
Co.,
Inc.
24,000,265
20,295
Stryker
Corp.
7,500,220
46,075
Thermo
Fisher
Scientific,
Inc.
26,659,456
55,360
UnitedHealth
Group,
Inc.
15,884,445
350,934,061
Industrials
(6.6%)
13,794
Ardagh
Holdings
SA#
108,323
903,775
CSX
Corp.
34,126,544
344,635
Delta
Air
Lines,
Inc.
22,708,000
84,595
Emerson
Electric
Co.
12,432,081
58,710
GE
Vernova,
Inc.^~
42,645,183
65,790
General
Electric
Co.
20,183,714
27,670
Parker-Hannifin
Corp.~
25,894,693
40,775
Quanta
Services,
Inc.
19,353,038
127,815
RTX
Corp.
25,681,868
89,065
Union
Pacific
Corp.
20,939,182
224,072,626
Information
Technology
(28.3%)
860,785
Apple,
Inc.^µ
223,356,492
15,460
AppLovin
Corp.
-
Class
A#
7,314,281
299,730
Broadcom,
Inc.^
99,300,549
247,515
Cisco
Systems,
Inc.^
19,385,375
20,240
Intuit,
Inc.
10,098,141
176,335
Lam
Research
Corp.
41,167,169
100,410
Micron
Technology,
Inc.^
41,658,101
443,640
Microsoft
Corp.^µ
190,893,856
1,520,000
Nokia
Oyj
(
ADR
)^
9,773,600
1,287,510
NVIDIA
Corp.^
246,081,786
23,830
NXP
Semiconductors
NV
5,388,916
39,705
Oracle
Corp.^
6,534,649
140,175
Palantir
Technologies,
Inc.
-
Class
A#~
20,548,253
62,590
Salesforce,
Inc.^
13,287,231
163,125
ServiceNow,
Inc.#
19,087,256
45,414
Wolfspeed,
Inc.#
711,183
954,586,838
Materials
(2.6%)
326,615
Freeport-McMoRan,
Inc.
19,672,021
56,835
Linde
PLC
25,971,890
NUMBER
OF
SHARES
b
b
VALUE
b
78,355
Sherwin-Williams
Co.
$
27,787,817
50,490
Vulcan
Materials
Co.
15,174,265
88,605,993
Real
Estate
(0.4%)
70,930
American
Tower
Corp.
12,716,330
Special
Purpose
Acquisition
Companies
(0.0%)
52,650
Walgreens
Boots
Alliance,
Inc.#
39,487
Utilities
(0.8%)
149,499
NextEra
Energy,
Inc.
13,140,962
88,540
Vistra
Corp.
14,020,309
27,161,271
TOTAL
COMMON
STOCKS
(Cost
$1,725,190,824)
3,163,003,185
CONVERTIBLE
PREFERRED
STOCKS
(4.3%)
Financials
(0.5%)
140,040
ARES
Management
Corp.
6.750%,
10/01/27
6,698,113
208,780
KKR
&
Co.,
Inc.
6.250%,
03/01/28
10,217,693
16,915,806
Health
Care
(0.2%)
21,535
Bruker
Corp.
6.375%,
09/01/28#
7,469,415
Industrials
(1.6%)
513,410
Boeing
Co.
6.000%,
10/15/27
38,361,995
225,300
QXO,
Inc.
5.500%,
05/15/28
14,272,755
52,634,750
Information
Technology
(0.7%)
355,315
Microchip
Technology,
Inc.
7.500%,
03/15/28
23,749,255
Materials
(0.4%)
203,820
Albemarle
Corp.
7.250%,
03/01/27
14,132,879
Utilities
(0.9%)#
84,885
CenterPoint
Energy,
Inc.
(Warner
Media
LLC,
Charter
Communications
Time,
Inc.)^§
3.369%,
09/15/29
3,116,553
545,000
Southern
Co.
7.125%,
12/15/28
27,931,250
31,047,803
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$130,803,764)
145,949,908
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUNDS
(4.1%)
Other
(4.1%)
1,911,795
Invesco
Senior
Loan
ETF^
$
39,650,628
168,310
iShares
Biotechnology
ETF^
29,021,693
84,565
iShares
Russell
2000
ETF^
21,957,302
812,805
State
Street
Blackstone
Senior
Loan
ETF
33,292,493
12,665
State
Street
SPDR
Bloomberg
High
Yield
Bond
ETF^
1,238,890
487,655
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF^
12,825,327
137,986,333
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$133,687,268)
137,986,333
PREFERRED
STOCKS
(0.2%)
Communication
Services
(0.1%)
3,800
Array
Digital
Infrastructure,
Inc.
6.250%,
09/01/69
79,458
AT&T,
Inc.µ
8,482
4.750%,
03/01/26
163,703
3,485
5.350%,
11/01/66
78,273
47,842
Qwest
Corp.
6.500%,
09/01/56
916,653
Telephone
&
Data
Systems,
Inc.
8,086
6.000%,
09/30/26
163,984
11,183
6.625%,
03/31/26
247,480
T-Mobile
USA,
Inc.µ
13,961
5.500%,
03/01/70
319,567
930
5.500%,
06/01/70
21,325
15,235
6.250%,
09/01/69#
383,160
2,373,603
Consumer
Discretionary
(0.0%)
Ford
Motor
Co.µ
7,860
6.200%,
06/01/59
172,606
2,764
6.500%,
08/15/62
63,019
2,230
QVC
Group,
Inc.
8.000%,
03/15/31
8,340
4,100
QVC,
Inc.^
6.250%,
11/26/68
34,030
277,995
Financials
(0.1%)
Affiliated
Managers
Group,
Inc.µ
7,250
5.875%,
03/30/59
155,875
5,813
6.750%,
03/30/64
141,256
Annaly
Capital
Management,
Inc.µ
3,250
8.875%,
09/30/30
85,637
5,970
8.915%,
03/02/26
154,444
9,294
Arch
Capital
Group
Ltd.µ
4.550%,
06/11/26
165,433
4,450
Bread
Financial
Holdings,
Inc.#^
8.625%,
12/15/30
109,381
2,515
Capital
One
Financial
Corp.µ
4.800%,
06/01/26
46,377
NUMBER
OF
SHARES
b
b
VALUE
b
3,100
Citigroup,
Inc.#
6.250%,
02/15/31††
$
77,779
11,953
CNO
Financial
Group,
Inc.µ
5.125%,
11/25/60
230,334
5,400
Comerica,
Inc.
6.875%,
10/01/30
139,050
3,517
Cullen/Frost
Bankers,
Inc.µ
4.450%,
03/15/26
62,163
4,000
Fifth
Third
Bancorpµ
4.950%,
03/31/26
79,480
3,300
First
Citizens
BancShares,
Inc.#
6.625%,
03/15/31††
82,104
1,450
KeyCorpµ
5.625%,
03/15/26
31,799
3,300
M&T
Bank
Corp.#µ
6.350%,
12/15/30
83,919
765
Northern
Trust
Corp.µ
4.700%,
04/01/26
15,048
3,650
RenaissanceRe
Holdings
Ltd.µ
5.750%,
03/01/26
81,614
8,314
Selective
Insurance
Group,
Inc.µ
4.600%,
03/02/26
141,504
5,900
UMB
Financial
Corp.µ
7.750%,
07/15/30
159,831
3,125
W.R.
Berkley
Corp.µ
5.100%,
12/30/59
65,062
4,270
WesBanco,
Inc.^
7.375%,
10/01/30
109,312
6,400
Wintrust
Financial
Corp.µ
7.875%,
07/15/30
170,048
2,387,450
Real
Estate
(0.0%)
Brookfield
Property
Partners
LPµ
8,773
5.750%,
03/01/26
121,769
5,000
6.375%,
03/01/26
75,050
1,735
EPR
Propertiesµ
5.750%,
03/01/26
35,793
Global
Net
Lease,
Inc.^
2,271
6.875%,
03/01/26
51,893
4,851
7.500%,
03/01/26
119,771
2,559
Kimco
Realty
Corp.µ
5.250%,
03/01/26
52,818
457,094
Utilities
(0.0%)
6,000
Brookfield
Renewable
Partners
LP
5.250%,
02/24/26
107,760
3,175
DTE
Energy
Co.µ
5.250%,
12/01/77
70,993
178,753
TOTAL
PREFERRED
STOCKS
(Cost
$5,809,009)
5,674,895
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
3,672
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
$
—
612
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
Energy
(0.0%)
51,723
Mcdermott
International
Ltd.
06/30/27,
Strike
$12.33
5
57,470
Mcdermott
International
Ltd.
06/30/27,
Strike
$15.98
6
16,676
Tidewater,
Inc.
11/14/42,
Strike
$1.00
2
13
TOTAL
WARRANTS
(Cost
$369,524)
13
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.2%)#
Consumer
Discretionary
(0.0%)
1,400
8,653,400
NIKE,
Inc.
Call,
06/18/26,
Strike
$67.50
444,500
Energy
(0.1%)
1,200
6,927,600
EQT
Corp.
Call,
06/18/26,
Strike
$60.00
579,000
Information
Technology
(0.0%)
320
5,266,560
Oracle
Corp.
Call,
06/18/26,
Strike
$230.00
212,800
Other
(0.1%)
1,350
83,952,450
Invesco
QQQ
Trust
Series
1
Put,
03/20/26,
Strike
$620.00
2,196,450
245
64,036,704
Russell
2000®
Index
Call,
04/30/26,
Strike
$2,760.00
1,357,300
3,553,750
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$5,883,762)
4,790,050
TOTAL
INVESTMENTS
(138.6%)
(Cost
$3,092,749,758)
4,676,278,366
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-9.6%)
(
323,000,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-29.0%)
(
979,069,555
)
NET
ASSETS
(100.0%)
$
3,374,208,811
EXCHANGE-TRADED
WRITTEN
OPTIONS (0.0%)#
Consumer
Discretionary
(0.0%)
(1,400)
(8,653,400)
NIKE,
Inc.
Put,
06/18/26,
Strike
$52.50
(
254,100
)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Energy
(0.0%)
(1,200)
(6,927,600)
EQT
Corp.
Put,
06/18/26,
Strike
$50.00
$
(
273,600
)
Industrials
(0.0%)
(200)
(14,527,400)
GE
Vernova,
Inc.
Call,
02/20/26,
Strike
$770.00
(
283,000
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$1,019,653)
$
(
810,700
)
*
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.
i
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
!
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.
@
In
default
status
and
considered
non-income
producing.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
††
When-issued
security.
^
Security,
or
portion
of
security,
is
on
loan.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$717,025,910.
#
Non-income
producing
security.
~
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
$27,177,200.
FOREIGN
CURRENCY
ABBREVIATION
EUR
European
Monetary
Unit
ABBREVIATION
ADR
American
Depositary
Receipt
SOFR
Secured
Overnight
Financing
Rate
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.
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
933,884
$
—
$
933,884
Bank
Loans
102
—
124,209,299
—
124,209,299
Convertible
Bonds
48
—
689,355,651
—
689,355,651
Corporate
Bonds
492
—
403,053,108
—
403,053,108
U.S.
Government
and
Agency
Securities
2
—
1,322,040
—
1,322,040
Common
Stocks
106
3,159,151,164
3,852,021
—
3,163,003,185
Convertible
Preferred
Stocks
9
142,833,355
3,116,553
—
145,949,908
Exchange-Traded
Funds
6
137,986,333
—
—
137,986,333
Preferred
Stocks
43
5,674,895
—
—
5,674,895
Warrants
5
13
—
—
13
Exchange-Traded
Purchased
Options
5
4,790,050
—
—
4,790,050
Total
$
3,450,435,810
$
1,225,842,556
$
—
$
4,676,278,366
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
3
$
810,700
$
—
$
—
$
810,700
Total
$
810,700
$
—
$
—
$
810,700
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.0%)
Other
(0.0%)
215,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$206,997)
$
210,246
BANK
LOANS
(2.4%)i
Airlines
(0.0%)
148,412
United
Airlines,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.673%,
02/22/31
1
mo.
USD
Term
SOFR
+
2.000%
148,844
Communication
Services
(0.3%)
197,290
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.547%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
200,660
109,774
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.786%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
83,268
12,316
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.786%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
12,239
128,367
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.922%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
128,166
125,611
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.786%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
125,903
22,456
DirecTV
Financing
LLC‡
Term
Loan,
8.928%,
08/02/27
3
mo.
USD
Term
SOFR
+
5.000%
22,521
94,615
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.178%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
94,885
5,207
Gray
Television,
Inc.‡
2024
Term
Loan
B,
8.950%,
06/04/29
1
mo.
USD
Term
SOFR
+
5.250%
5,215
65,000
iHeartCommunications,
Inc.!
2024
Term
Loan,
0.000%,
05/01/29
59,656
239,395
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.561%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
219,711
260,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.922%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
260,715
PRINCIPAL
AMOUNT
a
a
VALUE
a
133,988
Sinclair
Television
Group,
Inc.‡
2025
Term
Loan
B6,
7.234%,
12/31/29
1
mo.
USD
Term
SOFR
+
3.300%
$
116,234
156,098
TripAdvisor,
Inc.‡
Term
Loan,
6.422%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
152,050
260,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.161%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
260,325
1,741,548
Consumer
Discretionary
(0.5%)
138,950
American
Airlines,
Inc.‡
2025
Term
Loan
B,
6.918%,
05/28/32
3
mo.
USD
Term
SOFR
+
3.250%
139,384
260,000
American
Axle
and
Manufacturing,
Inc.!
2025
Incremental
Term
Loan
C,
0.000%,
02/24/32
260,975
260,000
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.922%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
260,812
130,000
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
7.206%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.500%
130,623
154,071
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.922%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
153,446
168,300
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.667%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
134,605
209,475
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.422%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
210,064
253,725
Flutter
Financing
BV‡
2025
Term
Loan
B,
5.672%,
06/04/32
3
mo.
USD
Term
SOFR
+
2.000%
253,618
257,407
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.688%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
258,721
187,593
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.671%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
187,593
113,275
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.172%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
114,797
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
255,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.671%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
$
255,223
255,450
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.672%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
255,978
260,000
Voyager
Parent,
LLC!
Repriced
Term
Loan
B,
0.000%,
07/01/32
260,017
260,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.411%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
260,298
259,574
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.422%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
260,548
3,396,702
Consumer
Staples
(0.4%)
277,106
Amneal
Pharmaceuticals
LLC‡
2025
Term
Loan
B,
7.172%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.500%
278,491
129,350
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.172%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
129,350
192,563
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.172%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
183,737
283,787
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.422%,
01/15/31
1
mo.
USD
Term
SOFR
+
2.750%
286,270
100,000
Bausch
Health
Cos.,
Inc.!
2025
Term
Loan
B,
0.000%,
10/08/30
97,750
278,600
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.922%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
272,332
23,112
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.417%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
23,103
259,350
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.686%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
259,648
329,434
Star
Parent,
Inc.‡
Term
Loan
B,
7.672%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
330,022
258,700
Team
Health
Holdings,
Inc.‡
2025
Term
Loan
B,
8.167%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.500%
259,367
PRINCIPAL
AMOUNT
a
a
VALUE
a
125,830
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.422%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
$
126,800
203,116
Veritiv
Corp.‡
Term
Loan
B,
7.672%,
12/02/30
3
mo.
USD
Term
SOFR
+
4.000%
199,333
2,446,203
Energy
(0.1%)
187,806
New
Fortress
Energy,
Inc.@‡
2025
Incremental
Term
Loan
B,
9.238%,
10/30/28
3
mo.
USD
Term
SOFR
+
5.500%
75,311
380,120
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.955%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
381,465
456,776
Financials
(0.3%)
196,513
Acrisure
LLC‡
2025
Term
Loan
B,
6.922%,
06/21/32
1
mo.
USD
Term
SOFR
+
3.250%
196,717
250,000
Advisor
Group,
Inc.‡
2025
Term
Loan,
6.595%,
07/30/32
6
mo.
USD
Term
SOFR
+
3.000%
248,501
201,437
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.169%,
12/29/31
3
mo.
USD
Term
SOFR
+
2.500%
200,619
177,257
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.172%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
176,521
321,750
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.422%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
317,529
218,425
HUB
International
Ltd.‡
2025
Term
Loan
B,
5.920%,
06/20/30
3
mo.
USD
Term
SOFR
+
2.250%
218,703
191,100
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
189,845
180,528
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.922%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
181,254
1,729,689
Health
Care
(0.0%)
279,099
Padagis
LLC‡
Term
Loan
B,
8.658%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
256,073
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Industrials
(0.4%)
259,564
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.184%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
$
223,513
259,350
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.672%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
261,403
259,025
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.422%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
259,157
200,000
Columbus
McKinnon
Corp.!
2026
Term
Loan
B,
0.000%,
01/21/33
199,000
346,879
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.122%,
08/04/31
6
mo.
USD
Term
SOFR
+
2.250%
346,870
256,113
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.422%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
256,450
258,050
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.922%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
258,325
516,460
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.172%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
516,803
2,321,521
Information
Technology
(0.2%)
364,953
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.822%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
352,180
265,615
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.422%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
245,693
104,143
Coherent
Corp.‡
2025
Term
Loan
B2,
5.422%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
104,664
441,937
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.422%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
423,570
197,809
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.672%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
198,033
128,378
UKG,
Inc.‡
2024
Term
Loan
B,
6.167%,
02/10/31
3
mo.
USD
Term
SOFR
+
2.500%
125,463
1,449,603
PRINCIPAL
AMOUNT
a
a
VALUE
a
Materials
(0.1%)
407,776
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.922%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
$
295,637
189,840
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.584%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
21,086
316,723
Other
(0.1%)
115,000
Connect
Finco
SARL!
2024
Extended
Term
Loan
B,
0.000%,
09/27/29
114,856
184,530
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.172%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
184,300
130,000
Windstream
Services
LLC‡
2024
Term
Loan
B,
8.522%,
10/01/31
1
mo.
USD
Term
SOFR
+
4.750%
131,138
430,294
Special
Purpose
Acquisition
Companies
(0.0%)
113,867
Clydesdale
Acquisition
Holdings,
Inc.‡
Term
Loan
B,
6.847%,
04/13/29
1
mo.
USD
Term
SOFR
+
3.175%
113,488
TOTAL
BANK
LOANS
(Cost
$15,322,247)
14,807,464
CONVERTIBLE
BONDS
(108.8%)
Communication
Services
(12.3%)
AST
SpaceMobile,
Inc.*
1,750,000
2.375%,
10/15/32
3,190,057
3,750,000
2.000%,
01/15/36
5,126,775
4,000,000
IMAX
Corp.*
0.750%,
11/15/30
4,279,160
7,750,000
Liberty
Media
Corp.-Liberty
Formula
One
2.250%,
08/15/27
9,056,495
7,250,000
Live
Nation
Entertainment,
Inc.µ
2.875%,
01/15/30
7,709,215
10,500,000
Lyft,
Inc.*µ
0.000%,
09/15/30
11,101,020
14,000,000
Snap,
Inc.µ
0.500%,
05/01/30
12,074,300
12,000,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
15,376,920
8,257,000
Uber
Technologies,
Inc.
(Aurora
Innovation,
Inc.)*§µ
0.000%,
05/15/28
8,301,588
76,215,530
Consumer
Discretionary
(9.3%)
15,725,000
Alibaba
Group
Holding
Ltd.*^
0.000%,
09/15/32
17,592,501
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
11,000,000
DoorDash,
Inc.*µ
0.000%,
05/15/30
$
11,024,970
3,500,000
Etsy,
Inc.*µ
1.000%,
06/15/30
3,500,280
2,000,000
Freshpet,
Inc.^
3.000%,
04/01/28
2,482,840
3,000,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
1,754,250
3,750,000
NCL
Corp.
Ltd.*µ
0.750%,
09/15/30
3,659,325
10,000,000
Rivian
Automotive,
Inc.µ
4.625%,
03/15/29
10,574,300
3,000,000
Wayfair,
Inc.
3.500%,
11/15/28
7,062,570
57,651,036
Consumer
Staples
(0.8%)
1,575,000
KalVista
Pharmaceuticals,
Inc.*
3.250%,
10/01/31
1,991,351
3,500,000
Oddity
Finance
LLC*
0.000%,
06/15/30
2,912,175
4,903,526
Energy
(1.5%)
2,750,000
Energy
Fuels,
Inc.*^
0.750%,
11/01/31
3,770,663
4,750,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
5,614,832
9,600,000
SunEdison,
Inc.*@
0.000%,
01/15/20
38,400
9,423,895
Financials
(4.9%)
3,750,000
Affirm
Holdings,
Inc.µ
0.750%,
12/15/29
3,881,925
6,250,000
Barclays
Bank
PLC
(Microsoft
Corp.)
Series
MSFT§
1.000%,
02/16/29
6,454,188
Coinbase
Global,
Inc.µ
3,750,000
0.250%,
04/01/30
3,685,463
9,500,000
0.000%,
10/01/32*
8,118,035
4,750,000
Galaxy
Digital
Holdings
LP*µ
0.500%,
05/01/31
4,139,007
3,500,000
WisdomTree,
Inc.*
4.625%,
08/15/30
4,087,405
30,366,023
Health
Care
(10.5%)
3,750,000
Alnylam
Pharmaceuticals,
Inc.*µ
0.000%,
09/15/28
3,507,600
4,750,000
Alphatec
Holdings,
Inc.*
0.750%,
03/15/30
5,801,745
1,571,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
1,770,438
Bridgebio
Pharma,
Inc.*
2,250,000
1.750%,
03/01/31
3,940,920
1,064,000
0.750%,
02/01/33
1,086,876
1,483,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
1,775,121
4,000,000
Guardant
Health,
Inc.*
0.000%,
05/15/33
4,760,040
PRINCIPAL
AMOUNT
a
a
VALUE
a
7,750,000
Halozyme
Therapeutics,
Inc.*
0.875%,
11/15/32
$
8,150,752
7,750,000
Ionis
Pharmaceuticals,
Inc.*^
0.000%,
12/01/30
8,587,078
Jazz
Investments
I
Ltd.
3,250,000
3.125%,
09/15/30
4,251,617
1,250,000
2.000%,
06/15/26
1,381,825
2,439,000
Lantheus
Holdings,
Inc.µ
2.625%,
12/15/27
2,790,948
3,500,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
4,187,960
2,500,000
Merit
Medical
Systems,
Inc.*
3.000%,
02/01/29
2,897,725
3,750,000
Repligen
Corp.µ
1.000%,
12/15/28
3,997,537
1,750,000
Tempus
AI,
Inc.*
0.750%,
07/15/30
1,899,818
3,875,000
Zoetis,
Inc.*
0.250%,
06/15/29
3,964,978
64,752,978
Industrials
(9.6%)
7,500,000
AeroVironment,
Inc.^
0.000%,
07/15/30
8,868,225
14,500,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
16,370,065
15,500,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
16,071,485
4,250,000
Fluor
Corp.
1.125%,
08/15/29
5,261,245
4,000,000
JBT
Marel
Corp.*
0.375%,
09/15/30
4,300,760
4,000,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
4,099,920
3,500,000
Tetra
Tech,
Inc.^
2.250%,
08/15/28
4,073,755
59,045,455
Information
Technology
(50.9%)
5,500,000
Advanced
Energy
Industries,
Inc.~
2.500%,
09/15/28
10,687,710
11,750,000
Akamai
Technologies,
Inc.*^
0.250%,
05/15/33
14,265,558
2,750,000
Alkami
Technology,
Inc.*
1.500%,
03/15/30
2,732,923
7,500,000
Bill
Holdings,
Inc.µ
0.000%,
04/01/30
6,724,125
4,631,000
Check
Point
Software
Technologies
Ltd.*
0.000%,
12/15/30
4,572,047
7,000,000
Cipher
Mining,
Inc.*
0.000%,
10/01/31
8,984,990
8,704,000
Cloudflare,
Inc.*µ
0.000%,
06/15/30
9,145,467
3,750,000
Commvault
Systems,
Inc.*µ
0.000%,
09/15/30
3,166,913
13,500,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
14,210,640
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,000,000
Cytokinetics,
Inc.*µ
1.750%,
10/01/31
$
2,536,080
11,000,000
Datadog,
Inc.µ
0.000%,
12/01/29
10,840,060
7,250,000
Guidewire
Software,
Inc.µ
1.250%,
11/01/29
7,044,680
13,000,000
IREN
Ltd.*^
0.000%,
07/01/31
12,029,160
3,250,000
Itron,
Inc.
1.375%,
07/15/30
3,464,890
3,750,000
Life360,
Inc.*
0.000%,
06/01/30
3,955,312
11,500,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
26,112,935
7,000,000
MACOM
Technology
Solutions
Holdings,
Inc.^
0.000%,
12/15/29
10,105,550
6,250,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
8,103,625
13,750,000
MKS,
Inc.^
1.250%,
06/01/30
23,197,350
15,000,000
ON
Semiconductor
Corp.µ
0.500%,
03/01/29
14,684,550
1,500,000
Planet
Labs
PBC*
0.500%,
10/15/30
3,419,520
3,250,000
Seagate
HDD
Cayman
3.500%,
06/01/28
16,184,253
12,750,000
Shift4
Payments,
Inc.µ
0.500%,
08/01/27
12,272,767
7,500,000
Snowflake,
Inc.
0.000%,
10/01/29
10,568,175
5,750,000
Spotify
USA,
Inc.
0.000%,
03/15/26
5,835,100
7,500,000
Strategy,
Inc.µ
0.875%,
03/15/31
7,733,550
Super
Micro
Computer,
Inc.*µ
2,000,000
2.250%,
07/15/28
1,944,420
3,000,000
0.000%,
06/15/30
2,586,810
Terawulf,
Inc.*
7,250,000
1.000%,
09/01/31^
9,597,695
1,020,000
0.000%,
05/01/32
972,580
3,500,000
Tyler
Technologies,
Inc.
0.250%,
03/15/26
3,483,550
3,750,000
Varonis
Systems,
Inc.
1.000%,
09/15/29
3,501,862
4,500,000
Western
Digital
Corp.
3.000%,
11/15/28
29,841,570
3,250,000
Workiva,
Inc.^
1.250%,
08/15/28
3,146,488
7,750,000
Zscaler,
Inc.*µ
0.000%,
07/15/28
7,210,832
314,863,737
Materials
(1.8%)
4,750,000
Centrus
Energy
Corp.*^
0.000%,
08/15/32
6,921,178
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,500,000
MP
Materials
Corp.*
3.000%,
03/01/30
$
4,251,555
11,172,733
Other
(1.1%)
6,000,000
CoreWeave,
Inc.*^
1.750%,
12/01/31
6,904,200
Real
Estate
(1.9%)
3,987,000
Compass,
Inc.*
0.250%,
04/15/31
4,298,863
7,250,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
7,517,163
11,816,026
Utilities
(4.2%)
3,750,000
CMS
Energy
Corp.^
3.375%,
05/01/28
4,055,100
6,500,000
Duke
Energy
Corp.
4.125%,
04/15/26
6,755,125
13,250,000
PPL
Capital
Funding,
Inc.^
2.875%,
03/15/28
14,946,530
25,756,755
TOTAL
CONVERTIBLE
BONDS
(Cost
$607,746,875)
672,871,894
CORPORATE
BONDS
(13.4%)
Airlines
(0.1%)
188,498
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
08/15/27
189,346
216,460
American
Airlines
Pass-Through
Trust
Series
2021-1,
Class
B
3.950%,
07/11/30
208,585
191,985
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
09/15/31
185,214
208,063
JetBlue
Pass-Through
Trust
Series
2020-1,
Class
B
7.750%,
11/15/28
208,975
792,120
Basic
Materials
(0.0%)
65,000
WR
Grace
Holdings
LLC*
7.000%,
08/01/33
65,138
Communication
Services
(1.2%)
372,177
Altice
France
SA*
6.875%,
07/15/32
363,621
320,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
314,640
100,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
104,850
242,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
244,485
Clear
Channel
Outdoor
Holdings,
Inc.*
130,000
7.875%,
04/01/30
136,871
143,000
7.500%,
03/15/33
152,049
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
$
74,730
535,000
4.500%,
11/15/31
323,969
97,000
Directv
Financing
LLC*
8.875%,
02/01/30
98,342
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.*
130,000
10.000%,
02/15/31
133,995
101,000
5.875%,
08/15/27
101,573
130,000
EW
Scripps
Co.*
9.875%,
08/15/30
129,544
400,000
Frontier
California,
Inc.
Series
F
6.750%,
05/15/27
410,296
65,000
Frontier
Communications
Holdings
LLC*
8.750%,
05/15/30
67,056
419,000
Frontier
Florida
LLC
Series
E
6.860%,
02/01/28
434,151
400,000
Frontier
North,
Inc.
Series
G
6.730%,
02/15/28
412,216
235,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
223,642
Gray
Media,
Inc.*
130,000
7.250%,
08/15/33
133,167
135,000
5.375%,
11/15/31
100,412
260,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
246,272
65,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
67,391
Lumen
Technologies,
Inc.
196,625
10.000%,
10/15/32*
196,625
168,000
Series
P,
7.600%,
09/15/39
166,016
260,000
Paramount
Global
4.900%,
08/15/44
185,211
Rogers
Communications,
Inc.‡
225,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
236,241
160,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
165,830
Scripps
Escrow
II,
Inc.*^
68,000
5.375%,
01/15/31
50,759
136,000
3.875%,
01/15/29
125,834
130,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
134,546
Sirius
XM
Radio
LLC*
215,000
5.500%,
07/01/29
216,167
325,000
3.875%,
09/01/31^
297,161
130,000
3.125%,
09/01/26
129,260
130,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
132,899
Time
Warner
Cable
LLC
105,000
7.300%,
07/01/38
111,841
135,000
6.550%,
05/01/37
136,747
103,000
T-Mobile
USA,
Inc.
6.700%,
12/15/33
115,042
Univision
Communications,
Inc.*
130,000
8.500%,
07/31/31
135,778
PRINCIPAL
AMOUNT
a
a
VALUE
a
137,000
8.000%,
08/15/28
$
141,496
Warnermedia
Holdings,
Inc.
130,000
5.050%,
03/15/42
92,052
65,000
4.279%,
03/15/32
57,234
7,100,011
Communications
(0.0%)
300,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*^
4.250%,
01/15/34
253,608
Consumer
Discretionary
(2.7%)
400,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
417,852
Adient
Global
Holdings
Ltd.*
210,000
8.250%,
04/15/31
220,193
130,000
7.500%,
02/15/33
135,142
Advance
Auto
Parts,
Inc.*
65,000
7.375%,
08/01/33
65,928
116,000
7.000%,
08/01/30
117,906
195,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
200,649
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
130,000
6.875%,
08/01/33
131,231
228,000
4.625%,
08/01/29
218,634
Bath
&
Body
Works,
Inc.
130,000
6.875%,
11/01/35
131,619
355,000
6.694%,
01/15/27
360,559
180,000
6.625%,
10/01/30*
184,354
300,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
298,287
Caesars
Entertainment,
Inc.*^
225,000
6.000%,
10/15/32
218,986
168,000
4.625%,
10/15/29
161,366
Carnival
Corp.*
260,000
6.125%,
02/15/33
267,628
134,000
4.000%,
08/01/28
132,719
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
300,000
6.375%,
09/01/29
303,366
158,000
5.125%,
05/01/27
158,272
270,000
4.750%,
03/01/30
258,395
130,000
4.750%,
02/01/32^
118,899
265,000
4.500%,
08/15/30
249,614
266,000
4.250%,
02/01/31
243,832
260,000
Century
Communities,
Inc.*
6.625%,
09/15/33
263,650
Churchill
Downs,
Inc.*
132,000
6.750%,
05/01/31
136,223
130,000
5.750%,
04/01/30
130,829
195,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
202,147
140,000
Dana,
Inc.
4.500%,
02/15/32
133,045
DISH
DBS
Corp.
101,000
7.375%,
07/01/28
97,062
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
140,000
5.125%,
06/01/29
$
124,051
265,000
DISH
Network
Corp.*
11.750%,
11/15/27
274,291
400,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
397,716
275,000
Ford
Motor
Co.
6.100%,
08/19/32
286,231
Ford
Motor
Credit
Co.
LLC
340,000
7.200%,
06/10/30
365,826
425,000
4.000%,
11/13/30
404,392
135,000
General
Motors
Co.^
5.200%,
04/01/45
121,954
goeasy
Ltd.*
237,000
7.625%,
07/01/29
234,962
260,000
6.875%,
02/15/31^
244,608
Goodyear
Tire
&
Rubber
Co.
400,000
5.625%,
04/30/33^
382,156
140,000
5.250%,
07/15/31
133,519
Group
1
Automotive,
Inc.*
155,000
6.375%,
01/15/30
159,365
114,000
4.000%,
08/15/28
111,739
170,870
Guitar
Center,
Inc.‡
12.000%,
08/19/32
51,261
45,752
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
B
8.000%,
05/15/29
46,016
133,000
Kohl's
Corp.
5.550%,
07/17/45
90,304
265,000
Liberty
Interactive
LLC
8.250%,
02/01/30
18,298
260,000
Life
Time,
Inc.*
6.000%,
11/15/31
266,669
195,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
197,892
260,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
271,547
130,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
131,007
175,000
M/I
Homes,
Inc.
3.950%,
02/15/30
168,481
Macy's
Retail
Holdings
LLC
175,000
6.700%,
07/15/34*
170,112
330,000
4.300%,
02/15/43
238,841
510,000
MGM
Resorts
International^
6.500%,
04/15/32
522,368
332,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
326,253
NCL
Corp.
Ltd.*
130,000
6.750%,
02/01/32
133,342
146,000
6.250%,
09/15/33^
146,943
130,000
5.875%,
01/15/31
130,432
Newell
Brands,
Inc.
130,000
8.500%,
06/01/28*
136,455
130,000
6.625%,
05/15/32^
127,523
130,000
6.375%,
05/15/30^
128,725
260,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
259,607
PRINCIPAL
AMOUNT
a
a
VALUE
a
Patrick
Industries,
Inc.*
130,000
6.375%,
11/01/32
$
133,186
239,000
4.750%,
05/01/29
236,770
305,000
Penn
Entertainment,
Inc.*^
4.125%,
07/01/29
283,433
261,000
Premier
Entertainment
Sub
LLC/
Premier
Entertainment
Finance
Corp.*^
5.625%,
09/01/29
193,127
135,000
QVC,
Inc.^
5.450%,
08/15/34
52,842
27,717
Rite
Aid
Corp.
0.000%,
08/30/34
—
260,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
264,854
260,000
Rivers
Enterprise
Lender
LLC/Rivers
Enterprise
Lender
Corp.*
6.250%,
10/15/30
264,077
146,250
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
389
62,931
SGUS
LLC*@
0.000%,
12/15/29
2,039
240,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
231,744
395,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
390,232
207,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
198,900
130,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
132,699
173,000
Sonic
Automotive,
Inc.*^
4.625%,
11/15/29
170,056
185,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
184,839
195,000
Staples,
Inc.*
10.750%,
09/01/29
191,775
320,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
301,798
260,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
273,939
162,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
166,371
32,000
United
Airlines
Holdings,
Inc.††
5.375%,
03/01/31
32,336
65,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
69,345
130,000
Voyager
Parent
LLC*
9.250%,
07/01/32
138,308
260,000
Whirlpool
Corp.^
6.500%,
06/15/33
256,664
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
130,000
William
Carter
Co.*
7.375%,
02/15/31
$
134,549
250,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
256,345
16,921,890
Consumer
Staples
(0.9%)
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
195,000
5.875%,
02/15/28
195,408
32,000
5.750%,
03/31/34
31,485
32,000
5.500%,
03/31/31
32,142
440,000
4.625%,
01/15/27
440,053
255,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
268,818
240,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
247,049
250,000
BioMarin
Pharmaceutical,
Inc.*††
5.500%,
02/15/34
251,108
Brink's
Co.*
130,000
6.750%,
06/15/32
135,456
130,000
6.500%,
06/15/29
134,238
305,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
288,320
260,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
257,013
304,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
291,846
Energizer
Holdings,
Inc.*
130,000
6.000%,
09/15/33^
124,960
305,000
4.375%,
03/31/29
293,160
MPH
Acquisition
Holdings
LLC*
233,394
6.750%,
03/31/31
199,468
109,200
5.750%,
12/31/30
93,798
177,000
New
Albertsons
LP
7.750%,
06/15/26
178,997
Performance
Food
Group,
Inc.*
65,000
6.125%,
09/15/32
66,890
261,000
4.250%,
08/01/29
255,751
210,000
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
204,838
Post
Holdings,
Inc.*
227,000
6.375%,
03/01/33
229,018
260,000
6.250%,
02/15/32
267,368
252,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
236,116
300,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
312,534
240,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
240,667
195,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
194,965
5,471,466
Energy
(1.9%)
195,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
194,943
PRINCIPAL
AMOUNT
a
a
VALUE
a
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
260,000
6.625%,
10/15/32
$
269,875
200,000
6.625%,
07/15/33
207,192
Buckeye
Partners
LP
98,000
6.875%,
07/01/29*
102,042
197,000
6.750%,
02/01/30*
206,438
135,000
5.850%,
11/15/43
126,391
200,000
Continental
Resources,
Inc.
4.900%,
06/01/44
161,896
195,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
188,643
Enbridge,
Inc.‡
195,000
7.375%,
03/15/55^
,
5
yr.
CMT
+
3.122%
207,178
130,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
138,506
Energy
Transfer
LP‡
250,000
7.133%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
250,810
130,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
134,351
197,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
197,975
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
196,000
8.875%,
04/15/30
206,398
130,000
8.000%,
05/15/33
135,824
245,000
Gulfport
Energy
Operating
Corp.*
6.750%,
09/01/29
253,061
260,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
274,895
260,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
270,306
263,000
Matador
Resources
Co.*
6.500%,
04/15/32
267,979
345,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
351,627
195,000
New
Fortress
Energy,
Inc.*
6.500%,
09/30/26
17,831
275,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
279,890
168,000
ONEOK,
Inc.*
6.500%,
09/01/30
180,313
246,000
Permian
Resources
Operating
LLC*
7.000%,
01/15/32
257,803
130,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
129,476
270,000
Plains
All
American
Pipeline
LP
Series
B‡
8.223%,
03/01/26
,
3
mo.
USD
Term
SOFR
+
4.372%
270,197
130,000
SM
Energy
Co.*
9.625%,
06/15/33
142,277
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
260,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
$
270,691
357,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
373,361
Sunoco
LP*
195,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
201,302
390,000
6.625%,
08/15/32
402,539
260,000
6.250%,
07/01/33
267,615
260,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
264,784
255,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
252,664
Transocean
International
Ltd.*
390,000
8.500%,
05/15/31
397,188
195,000
7.875%,
10/15/32
205,936
Venture
Global
Calcasieu
Pass
LLC*
65,000
4.125%,
08/15/31
60,030
65,000
3.875%,
08/15/29
61,793
Venture
Global
LNG,
Inc.*
135,000
9.875%,
02/01/32
142,972
135,000
9.500%,
02/01/29
143,891
632,000
9.000%,
09/30/29^‡
,
5
yr.
CMT
+
5.440%
557,064
330,000
8.375%,
06/01/31
337,768
200,000
8.125%,
06/01/28
204,934
137,000
7.000%,
01/15/30^
137,917
Venture
Global
Plaquemines
LNG
LLC*
260,000
6.500%,
01/15/34
270,202
190,000
6.500%,
06/15/34
197,002
65,000
6.125%,
12/15/30
66,968
275,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
274,799
260,000
WBI
Operating
LLC*
6.500%,
10/15/33
262,603
260,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
269,448
357,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
362,644
11,410,232
Financials
(2.0%)
222,000
Acrisure
LLC/Acrisure
Finance,
Inc.*
8.250%,
02/01/29
230,485
250,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust^‡
6.950%,
03/10/55
,
5
yr.
CMT
+
2.720%
261,805
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
260,000
7.375%,
10/01/32
269,547
260,000
6.500%,
10/01/31
267,665
Ally
Financial,
Inc.‡
367,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
365,429
PRINCIPAL
AMOUNT
a
a
VALUE
a
125,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
$
120,005
268,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
264,500
130,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
132,604
130,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.375%,
02/01/34
131,524
260,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
272,548
260,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
268,512
260,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
279,110
Brandywine
Operating
Partnership
LP
130,000
8.875%,
04/12/29
139,747
257,000
6.125%,
01/15/31
249,228
320,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
328,794
463,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
461,157
205,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
202,382
275,000
Burford
Capital
Global
Finance
LLC*
7.500%,
07/15/33
266,329
130,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
132,922
255,000
Corebridge
Financial,
Inc.^‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
259,774
Credit
Acceptance
Corp.*
180,000
9.250%,
12/15/28
188,734
116,000
6.625%,
03/15/30
116,572
260,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
264,137
265,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
282,522
130,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
135,815
First
Citizens
BancShares,
Inc.‡
65,000
Series
B,
7.957%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
66,388
190,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
194,220
GGAM
Finance
Ltd.*
300,000
8.000%,
02/15/27
304,893
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
130,000
5.875%,
03/15/30
$
132,322
HUB
International
Ltd.*
195,000
7.375%,
01/31/32
204,428
198,000
5.625%,
12/01/29
197,988
130,000
Huntington
Bancshares,
Inc.
Series
K‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
130,240
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
200,000
6.625%,
10/15/31
198,358
260,000
5.000%,
08/15/28
252,255
292,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
310,387
195,000
MetLife,
Inc.
6.400%,
12/15/36
204,865
130,000
Newmark
Group,
Inc.
7.500%,
01/12/29
138,905
OneMain
Finance
Corp.
130,000
6.750%,
03/15/32
132,982
260,000
6.750%,
09/15/33
263,445
130,000
6.500%,
03/15/33
130,790
128,000
Osaic
Holdings,
Inc.
Series
JAN*
8.000%,
08/01/33
132,910
255,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
262,880
325,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
341,091
265,000
RHP
Hotel
Properties
LP/RHP
Finance
Corp.*
6.500%,
04/01/32
274,484
Rocket
Cos.,
Inc.*
195,000
6.375%,
08/01/33
202,693
129,000
6.125%,
08/01/30
132,288
251,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
235,584
255,000
Service
Properties
Trust
8.375%,
06/15/29
258,300
260,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
267,472
64,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
66,106
325,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
345,950
260,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
274,932
310,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
306,581
135,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
131,490
130,000
UWM
Holdings
LLC*
6.250%,
03/15/31
129,256
PRINCIPAL
AMOUNT
a
a
VALUE
a
130,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
$
136,293
260,000
XHR
LP*
6.625%,
05/15/30
269,066
12,521,689
Health
Care
(0.8%)
387,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
382,549
CHS/Community
Health
Systems,
Inc.*
157,000
10.875%,
01/15/32
169,477
146,000
6.875%,
04/15/29
134,431
533,000
6.125%,
04/01/30
440,221
33,000
5.250%,
05/15/30
31,129
DaVita,
Inc.*
255,000
6.875%,
09/01/32
262,530
291,000
4.625%,
06/01/30
280,539
313,000
3.750%,
02/15/31
287,813
Embecta
Corp.*
67,000
6.750%,
02/15/30
65,196
195,000
5.000%,
02/15/30^
182,805
Encompass
Health
Corp.
130,000
4.750%,
02/01/30
129,441
130,000
4.500%,
02/01/28
129,464
146,000
IQVIA,
Inc.*
6.250%,
06/01/32
152,003
Medline
Borrower
LP*
401,000
5.250%,
10/01/29
401,834
335,000
3.875%,
04/01/29
328,009
490,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
445,336
Tenet
Healthcare
Corp.
375,000
6.875%,
11/15/31
410,966
195,000
5.500%,
11/15/32*
197,159
335,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
338,826
4,769,728
Industrials
(1.2%)
293,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
303,466
300,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
278,019
Arcosa,
Inc.*
130,000
6.875%,
08/15/32
137,176
146,000
4.375%,
04/15/29
143,463
Bombardier,
Inc.*
130,000
8.750%,
11/15/30
139,288
81,000
7.250%,
07/01/31
86,111
95,000
7.000%,
06/01/32
99,912
65,000
6.750%,
06/15/33
68,373
261,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
256,273
405,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
419,868
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
65,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
$
65,379
62,333
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*
4.750%,
10/20/28
62,815
Deluxe
Corp.*
65,000
8.125%,
09/15/29
68,319
350,000
8.000%,
06/01/29
356,226
EnerSys*
135,000
6.625%,
01/15/32
139,967
145,000
4.375%,
12/15/27
144,359
EquipmentShare.com,
Inc.*
160,000
8.625%,
05/15/32
171,149
97,000
8.000%,
03/15/33
102,399
Graphic
Packaging
International
LLC*
175,000
4.750%,
07/15/27
174,832
125,000
3.500%,
03/01/29
119,411
290,000
Great
Lakes
Dredge
&
Dock
Corp.*
5.250%,
06/01/29
285,650
Herc
Holdings,
Inc.*
130,000
7.250%,
06/15/33
137,673
130,000
7.000%,
06/15/30
136,493
130,000
6.625%,
06/15/29
134,614
195,000
JELD-WEN,
Inc.*^
7.000%,
09/01/32
123,511
445,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
442,828
170,000
Moog,
Inc.*
4.250%,
12/15/27
169,252
272,000
Novelis
Corp.*
4.750%,
01/30/30
263,922
260,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
269,745
Sealed
Air
Corp.*
65,000
6.500%,
07/15/32
67,592
65,000
5.000%,
04/15/29
65,480
Sealed
Air
Corp./Sealed
Air
Corp.
U.S.*
65,000
7.250%,
02/15/31
67,817
206,000
6.125%,
02/01/28
209,345
247,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
231,856
Standard
Building
Solutions,
Inc.*
60,000
6.500%,
08/15/32
61,931
195,000
6.250%,
08/01/33
199,395
260,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
274,843
TransDigm,
Inc.*
100,000
7.125%,
12/01/31
104,896
285,000
6.875%,
12/15/30
297,030
200,000
6.750%,
08/15/28
203,632
65,000
6.625%,
03/01/32
67,393
59,116
United
Airlines
Pass-Through
Trust
Series
2019-2,
Class
B
3.500%,
05/01/28
57,701
195,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
201,402
PRINCIPAL
AMOUNT
a
a
VALUE
a
Williams
Scotsman,
Inc.*
100,000
6.625%,
06/15/29
$
103,458
157,000
4.625%,
08/15/28
156,560
7,670,824
Information
Technology
(0.7%)
Block,
Inc.*
65,000
6.000%,
08/15/33
66,409
130,000
5.625%,
08/15/30
132,423
130,000
CACI
International,
Inc.*
6.375%,
06/15/33
135,183
195,000
Cloud
Software
Group,
Inc.*^
6.625%,
08/15/33
187,102
153,000
Coherent
Corp.*
5.000%,
12/15/29
152,558
23,000
Dell
International
LLC/EMC
Corp.
6.020%,
06/15/26
23,075
Fair
Isaac
Corp.*
97,000
6.000%,
05/15/33
98,820
138,000
4.000%,
06/15/28
135,802
300,000
KBR,
Inc.*
4.750%,
09/30/28
296,568
198,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
194,058
135,000
Open
Text
Corp.*
6.900%,
12/01/27
139,478
Open
Text
Holdings,
Inc.*
65,000
4.125%,
02/15/30
60,452
163,000
4.125%,
12/01/31
146,614
370,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
359,703
Twilio,
Inc.
66,000
3.875%,
03/15/31
62,450
185,000
3.625%,
03/15/29
177,602
162,000
UKG,
Inc.*
6.875%,
02/01/31
162,078
390,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
372,430
1,178,123
Wolfspeed,
Inc.
7.000%,
06/15/31
962,350
260,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
268,369
235,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
214,917
4,348,441
Materials
(0.8%)
260,000
Avient
Corp.*
6.250%,
11/01/31
267,439
260,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
269,935
Celanese
U.S.
Holdings
LLC
130,000
7.379%,
07/15/32
135,795
130,000
7.375%,
02/15/34^
132,483
260,000
Century
Aluminum
Co.*
6.875%,
08/01/32
269,617
220,000
Chemours
Co.*^
8.000%,
01/15/33
220,737
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
485,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
$
461,041
250,000
Constellium
SE*
6.375%,
08/15/32
258,700
460,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
370,907
260,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
271,560
260,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
262,447
265,000
Knife
River
Corp.*
7.750%,
05/01/31
276,445
Mercer
International,
Inc.
117,000
12.875%,
10/01/28*^
85,943
279,000
5.125%,
02/01/29
173,488
260,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
268,653
305,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
302,450
260,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
261,534
260,000
Terex
Corp.*
6.250%,
10/15/32
266,513
112,958
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*
7.625%,
05/03/29
2,891
255,000
WR
Grace
Holdings
LLC*
6.625%,
08/15/32
253,911
4,812,489
Other
(0.7%)
355,000
1261229
BC
Ltd.*
10.000%,
04/15/32
364,716
260,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
270,512
207,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.000%,
12/31/32
216,524
104,792
Claritev
Corp.
Series
B*
6.750%,
03/31/31
82,400
260,000
DBR
Land
Holdings
LLC*
6.250%,
12/01/30
266,534
EchoStar
Corp.
471,000
10.750%,
11/30/29
516,673
271,019
6.750%,
11/30/30
275,792
260,000
Enerflex,
Inc.*
6.875%,
01/15/31
269,079
140,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
141,415
130,000
Graham
Holdings
Co.*
5.625%,
12/01/33
131,191
240,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
251,482
PRINCIPAL
AMOUNT
a
a
VALUE
a
195,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
$
203,346
260,000
New
Gold,
Inc.*
6.875%,
04/01/32
276,684
130,000
Reinsurance
Group
of
America,
Inc.^‡
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
134,244
260,000
Rfna
LP*
7.875%,
02/15/30
262,132
260,000
SM
Energy
Co.*^
7.000%,
08/01/32
260,822
130,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
135,781
4,059,327
Real
Estate
(0.1%)
130,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
133,182
170,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
166,559
203,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
197,824
497,565
Special
Purpose
Acquisition
Companies
(0.1%)
65,000
Clydesdale
Acquisition
Holdings,
Inc.*
6.750%,
04/15/32
65,593
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
390,000
6.750%,
01/15/30
368,800
131,000
4.625%,
01/15/29
126,858
561,251
Utilities
(0.2%)
135,000
CenterPoint
Energy,
Inc.^‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
138,661
130,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
133,783
265,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
277,206
200,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
209,402
200,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
205,738
191,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
199,035
97,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.612%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
96,177
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Vistra
Corp.*‡
65,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
$
66,267
125,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
126,923
1,453,192
TOTAL
CORPORATE
BONDS
(Cost
$86,664,599)
82,708,971
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(1.6%)
Communication
Services
(0.0%)
4,890
Audacy,
Inc.#
24,450
1,888
Cumulus
Media,
Inc.
-
Class
A#
151
5,620
Optimum
Communications,
Inc.
-
Class
A#µ
8,599
33,200
Consumer
Discretionary
(0.0%)
408
Rite
Aid
Corp.#
408
Energy
(0.1%)
1,100
Cheniere
Energy
Partners
LP
62,029
15,585
Energy
Transfer
LP
287,542
7,135
Enterprise
Products
Partners
LP
236,811
1,881
EP
Energy
Corp.#
3,056
589,438
Industrials
(0.0%)
3,114
Ardagh
Holdings
SA#
24,454
Information
Technology
(0.2%)
97,515
Wolfspeed,
Inc.#~
1,527,085
Utilities
(1.3%)
89,169
NextEra
Energy,
Inc.µ
7,837,955
TOTAL
COMMON
STOCKS
(Cost
$16,367,528)
10,012,540
CONVERTIBLE
PREFERRED
STOCKS
(15.6%)
Financials
(4.4%)
72,795
Apollo
Global
Management,
Inc.
6.750%,
07/31/26
5,049,789
142,880
ARES
Management
Corp.
6.750%,
10/01/27
6,833,950
7,055
Bank
of
America
Corp.‡‡
7.250%
8,790,530
129,410
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
6,333,326
27,007,595
Health
Care
(0.6%)
11,025
Bruker
Corp.
6.375%,
09/01/28#
3,824,021
NUMBER
OF
SHARES
b
b
VALUE
b
Industrials
(4.7%)
329,445
Boeing
Co.^
6.000%,
10/15/27
$
24,616,131
68,335
QXO,
Inc.^
5.500%,
05/15/28
4,329,022
28,945,153
Information
Technology
(2.0%)
63,145
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
3,824,693
127,910
Microchip
Technology,
Inc.
7.500%,
03/15/28
8,549,504
12,374,197
Materials
(1.3%)
114,980
Albemarle
Corp.~
7.250%,
03/01/27
7,972,713
Utilities
(2.6%)
73,485
NextEra
Energy,
Inc.^
7.299%,
06/01/27
4,076,213
240,000
Southern
Co.#
7.125%,
12/15/28
12,300,000
16,376,213
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$93,132,687)
96,499,892
PREFERRED
STOCKS
(0.1%)
Communication
Services
(0.1%)
6,920
Qwest
Corp.^
6.500%,
09/01/56
132,587
2,091
Telephone
&
Data
Systems,
Inc.
6.625%,
03/31/26
46,274
T-Mobile
USA,
Inc.µ
1,789
5.500%,
03/01/70
40,950
204
5.500%,
06/01/70
4,678
2,160
6.250%,
09/01/69#
54,324
278,813
TOTAL
PREFERRED
STOCKS
(Cost
$251,875)
278,813
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
850
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
142
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
Energy
(0.0%)
12,170
Mcdermott
International
Ltd.
06/30/27,
Strike
$12.33
1
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
NUMBER
OF
SHARES
b
b
VALUE
b
13,522
Mcdermott
International
Ltd.
06/30/27,
Strike
$15.98
$
2
3
TOTAL
WARRANTS
(Cost
$5,195)
3
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(0.2%)#
Information
Technology
(0.0%)
60
2,581,740
Microsoft
Corp.
Call,
05/15/26,
Strike
$540.00
17,250
Other
(0.2%)
1,300
89,956,100
SPDR®
S&P
500®
ETF
Trust
Put,
03/20/26,
Strike
$675.00
1,217,450
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$1,481,795)
1,234,700
TOTAL
INVESTMENTS
(142.1%)
(Cost
$821,179,798)
878,624,523
LIABILITIES,
LESS
OTHER
ASSETS
(-42.1%)
(
260,365,780
)
NET
ASSETS
(100.0%)
$
618,258,743
*
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.
i
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
!
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.
@
In
default
status
and
considered
non-income
producing.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$191,556,179.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
~
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
$7,782,786.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
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.
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
210,246
$
—
$
210,246
Bank
Loans
74
—
14,807,464
—
14,807,464
Convertible
Bonds
95
—
672,871,894
—
672,871,894
Corporate
Bonds
407
—
82,708,971
—
82,708,971
Common
Stocks
11
10,012,540
—
—
10,012,540
Convertible
Preferred
Stocks
12
96,499,892
—
—
96,499,892
Preferred
Stocks
5
278,813
—
—
278,813
Warrants
4
3
—
—
3
Exchange-Traded
Purchased
Options
2
1,234,700
—
—
1,234,700
Total
$
108,025,948
$
770,598,575
$
—
$
878,624,523
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.0%)
Other
(0.0%)
170,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$163,672)
$
166,241
BANK
LOANS
(2.2%)i
Airlines
(0.0%)
123,676
United
Airlines,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.673%,
02/22/31
1
mo.
USD
Term
SOFR
+
2.000%
124,037
Communication
Services
(0.3%)
162,764
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.547%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
165,544
83,638
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.786%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
63,443
9,384
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.786%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
9,325
98,744
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.922%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
98,590
108,011
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.786%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
108,262
17,714
DirecTV
Financing
LLC‡
Term
Loan,
8.928%,
08/02/27
3
mo.
USD
Term
SOFR
+
5.000%
17,764
76,593
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.178%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
76,811
4,206
Gray
Television,
Inc.‡
2024
Term
Loan
B,
8.950%,
06/04/29
1
mo.
USD
Term
SOFR
+
5.250%
4,213
55,000
iHeartCommunications,
Inc.!
2024
Term
Loan,
0.000%,
05/01/29
18,772
184,534
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.561%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
201,067
210,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.922%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
210,578
PRINCIPAL
AMOUNT
a
a
VALUE
a
109,175
Sinclair
Television
Group,
Inc.‡
2025
Term
Loan
B6,
7.234%,
12/31/29
1
mo.
USD
Term
SOFR
+
3.300%
$
94,709
126,824
TripAdvisor,
Inc.‡
Term
Loan,
6.422%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
123,534
220,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.161%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
220,275
1,412,887
Consumer
Discretionary
(0.5%)
119,100
American
Airlines,
Inc.‡
2025
Term
Loan
B,
6.918%,
05/28/32
3
mo.
USD
Term
SOFR
+
3.250%
119,472
210,000
American
Axle
&
Manufacturing,
Inc.!
2025
Incremental
Term
Loan
C,
0.000%,
02/24/32
210,788
215,000
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.922%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
215,672
110,000
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
7.206%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.500%
110,527
123,441
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.922%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
122,939
138,600
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.667%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
110,851
164,588
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.422%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
165,050
208,950
Flutter
Financing
BV‡
2025
Term
Loan
B,
5.672%,
06/04/32
3
mo.
USD
Term
SOFR
+
2.000%
208,862
207,905
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.688%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
208,967
144,303
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.671%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
144,303
88,650
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.172%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
89,841
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.671%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
$
210,184
206,325
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.672%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
206,751
210,000
Voyager
Parent
LLC!
Repriced
Term
Loan
B,
0.000%,
07/01/32
210,014
210,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.411%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
210,240
220,393
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.422%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
221,221
2,765,682
Consumer
Staples
(0.4%)
232,717
Amneal
Pharmaceuticals
LLC‡
2025
Term
Loan
B,
7.172%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.500%
233,880
109,450
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.172%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
109,450
153,063
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.172%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
146,048
238,987
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.422%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
241,078
105,000
Bausch
Health
Cos.,
Inc.!
2025
Term
Loan
B,
0.000%,
10/08/30
102,638
537,300
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.922%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
525,211
19,556
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.417%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
19,548
214,463
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.686%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
214,709
263,572
Star
Parent,
Inc.‡
Term
Loan
B,
7.672%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
264,042
208,950
Team
Health
Holdings,
Inc.‡
2025
Term
Loan
B,
8.167%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.500%
209,489
PRINCIPAL
AMOUNT
a
a
VALUE
a
107,326
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.422%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
$
108,153
168,379
Veritiv
Corp.‡
Term
Loan
B,
7.672%,
12/02/30
3
mo.
USD
Term
SOFR
+
4.000%
165,243
2,339,489
Energy
(0.1%)
153,230
New
Fortress
Energy,
Inc.@‡
2025
Incremental
Term
Loan
B,
9.238%,
10/30/28
3
mo.
USD
Term
SOFR
+
5.500%
61,445
302,244
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.955%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
303,314
364,759
Financials
(0.3%)
161,688
Acrisure
LLC‡
2025
Term
Loan
B,
6.922%,
06/21/32
1
mo.
USD
Term
SOFR
+
3.250%
161,856
210,000
Advisor
Group,
Inc.‡
2025
Term
Loan,
6.595%,
07/30/32
6
mo.
USD
Term
SOFR
+
3.000%
208,741
162,132
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.169%,
12/29/31
3
mo.
USD
Term
SOFR
+
2.500%
161,474
10,936
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.172%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
10,890
122,131
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.175%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
121,624
272,250
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.422%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
268,678
176,420
HUB
International
Ltd.‡
2025
Term
Loan
B,
5.920%,
06/20/30
3
mo.
USD
Term
SOFR
+
2.250%
176,645
156,800
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.672%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
155,771
149,498
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.922%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
150,099
1,415,778
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Health
Care
(0.0%)
232,582
Padagis
LLC‡
Term
Loan
B,
8.658%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
$
213,394
Industrials
(0.3%)
207,406
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.184%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
178,600
209,475
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.672%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
211,133
214,200
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.422%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
214,309
160,000
Columbus
McKinnon
Corp.!
2026
Term
Loan
B,
0.000%,
01/21/33
159,200
292,391
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.122%,
08/04/31
6
mo.
USD
Term
SOFR
+
2.250%
292,383
206,861
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.422%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
207,132
213,388
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.922%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
213,615
418,108
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.172%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
418,386
1,894,758
Information
Technology
(0.2%)
288,662
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.822%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
278,559
215,543
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.422%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
199,377
82,929
Coherent
Corp.‡
2025
Term
Loan
B2,
5.422%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
83,343
317,600
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.422%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
304,400
153,851
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.672%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
154,026
PRINCIPAL
AMOUNT
a
a
VALUE
a
108,628
UKG,
Inc.‡
2024
Term
Loan
B,
6.167%,
02/10/31
3
mo.
USD
Term
SOFR
+
2.500%
$
106,161
1,125,866
Materials
(0.0%)
329,220
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.922%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
238,684
155,745
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.584%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
17,299
255,983
Other
(0.1%)
90,000
Connect
Finco
SARL!
2024
Extended
Term
Loan
B,
0.000%,
09/27/29
89,888
159,594
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.172%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
159,394
105,000
Windstream
Services
LLC‡
2024
Term
Loan
B,
8.522%,
10/01/31
1
mo.
USD
Term
SOFR
+
4.750%
105,919
355,201
Special
Purpose
Acquisition
Companies
(0.0%)
89,467
Clydesdale
Acquisition
Holdings,
Inc.‡
Term
Loan
B,
6.847%,
04/13/29
1
mo.
USD
Term
SOFR
+
3.175%
89,169
TOTAL
BANK
LOANS
(Cost
$12,775,280)
12,357,003
CONVERTIBLE
BONDS
(23.2%)
Communication
Services
(1.7%)
4,143,000
AST
SpaceMobile,
Inc.*
2.375%,
10/15/32
7,552,233
1,938,000
Lyft,
Inc.*
0.000%,
09/15/30
2,048,931
9,601,164
Consumer
Discretionary
(3.0%)
14,860,000
Alibaba
Group
Holding
Ltd.*
0.000%,
09/15/32
16,624,773
251,000
Farfetch
Ltd.@
0.000%,
05/01/27
2,189
16,626,962
Energy
(0.8%)
1,699,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
2,008,337
1,200,000
EUR
Saipem
SpA*
2.875%,
09/11/29
2,667,463
SunEdison,
Inc.@
275,000
0.000%,
10/01/18
1,100
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,261,000
0.000%,
01/15/20*
$
9,044
4,685,944
Financials
(1.2%)
2,400,000
EUR
Cara
Obligations
SAS
(Kering
SA)*§
1.500%,
12/01/30
3,351,334
2,200,000
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)
Series
700§
0.000%,
03/15/27
3,641,506
6,992,840
Health
Care
(2.7%)
793,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
893,671
2,211,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
2,258,537
824,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
986,312
2,280,000
Guardant
Health,
Inc.*
0.000%,
05/15/33
2,713,223
2,224,000
Ionis
Pharmaceuticals,
Inc.*^
0.000%,
12/01/30
2,464,214
4,702,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
5,626,225
14,942,182
Industrials
(3.5%)
2,723,000
AeroVironment,
Inc.
0.000%,
07/15/30
3,219,757
1,550,000
Astronics
Corp.*
0.000%,
01/15/31
2,380,893
4,528,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
5,111,976
4,461,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
4,625,477
1,893,000
JBT
Marel
Corp.*
0.375%,
09/15/30
2,035,335
2,330,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
2,388,203
19,761,641
Information
Technology
(3.5%)
2,028,000
Cloudflare,
Inc.*~
0.000%,
06/15/30
2,130,860
5,198,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
5,471,623
2,064,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
4,686,704
2,634,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
3,415,192
570,000,000
JPY
Rohm
Co.
Ltd.*
0.000%,
04/24/31
4,274,742
19,979,121
Materials
(1.3%)
214,000
Amyris,
Inc.@
0.000%,
11/15/26
916
4,038,000
First
Majestic
Silver
Corp.*
0.125%,
01/15/31
5,142,676
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,800,000
KCC
Corp.
(HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.)*§
1.750%,
07/10/30
$
2,069,100
7,212,692
Other
(0.7%)
3,300,000
EUR
Euronext
NV*
1.500%,
05/30/32
3,799,115
Real
Estate
(0.4%)
2,013,000
Compass,
Inc.*
0.250%,
04/15/31
2,170,457
Utilities
(4.4%)
4,348,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
4,456,961
4,316,000
Duke
Energy
Corp.
4.125%,
04/15/26
4,485,403
7,700,000
EUR
Iberdrola
Finanzas
SA
Series
IBE*
1.500%,
03/27/30
10,419,602
4,648,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
5,243,130
24,605,096
TOTAL
CONVERTIBLE
BONDS
(Cost
$119,167,268)
130,377,214
CORPORATE
BONDS
(11.8%)
Airlines
(0.1%)
158,095
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
08/15/27
158,807
176,045
American
Airlines
Pass-Through
Trust
Series
2021-1,
Class
B
3.950%,
07/11/30
169,640
157,365
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
09/15/31
151,814
170,277
JetBlue
Pass-Through
Trust
Series
2020-1,
Class
B
7.750%,
11/15/28
171,023
651,284
Basic
Materials
(0.0%)
55,000
WR
Grace
Holdings
LLC*
7.000%,
08/01/33
55,117
Communication
Services
(1.1%)
302,691
Altice
France
SA*
6.875%,
07/15/32
295,732
260,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
255,645
80,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
83,880
195,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
197,003
Clear
Channel
Outdoor
Holdings,
Inc.*
105,000
7.875%,
04/01/30
110,549
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
115,000
7.500%,
03/15/33
$
122,277
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
74,730
335,000
4.500%,
11/15/31
202,859
79,000
Directv
Financing
LLC*
8.875%,
02/01/30
80,093
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.*
105,000
10.000%,
02/15/31
108,227
83,000
5.875%,
08/15/27
83,471
105,000
EW
Scripps
Co.*
9.875%,
08/15/30
104,631
325,000
Frontier
California,
Inc.
Series
F
6.750%,
05/15/27
333,365
54,000
Frontier
Communications
Holdings
LLC*
8.750%,
05/15/30
55,708
352,000
Frontier
Florida
LLC
Series
E
6.860%,
02/01/28
364,728
601,000
Frontier
North,
Inc.
Series
G
6.730%,
02/15/28
619,354
195,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
185,576
Gray
Media,
Inc.*
105,000
7.250%,
08/15/33
107,558
110,000
5.375%,
11/15/31
81,817
215,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
203,648
52,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
53,913
Lumen
Technologies,
Inc.
152,500
10.000%,
10/15/32*
152,500
135,000
Series
P,
7.600%,
09/15/39
133,406
205,000
Paramount
Global
4.900%,
08/15/44
146,032
Rogers
Communications,
Inc.‡
190,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
199,492
135,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
139,919
Scripps
Escrow
II,
Inc.*^
56,000
5.375%,
01/15/31
41,801
111,000
3.875%,
01/15/29
102,703
105,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
108,672
Sirius
XM
Radio
LLC*
120,000
5.500%,
07/01/29
120,652
264,000
3.875%,
09/01/31^
241,386
110,000
3.125%,
09/01/26
109,374
110,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
112,453
Time
Warner
Cable
LLC
85,000
7.300%,
07/01/38
90,538
105,000
6.550%,
05/01/37
106,359
75,000
T-Mobile
USA,
Inc.^
6.700%,
12/15/33
83,768
PRINCIPAL
AMOUNT
a
a
VALUE
a
Univision
Communications,
Inc.*
105,000
8.500%,
07/31/31
$
109,667
105,000
8.000%,
08/15/28
108,446
Warnermedia
Holdings,
Inc.
110,000
5.050%,
03/15/42
77,890
55,000
4.279%,
03/15/32
48,429
5,958,251
Communications
(0.0%)
250,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*^
4.250%,
01/15/34
211,340
Consumer
Discretionary
(2.4%)
310,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
323,835
Adient
Global
Holdings
Ltd.*
175,000
8.250%,
04/15/31
183,495
105,000
7.500%,
02/15/33
109,153
Advance
Auto
Parts,
Inc.*
52,000
7.375%,
08/01/33
52,742
93,000
7.000%,
08/01/30
94,528
160,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
164,635
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
105,000
6.875%,
08/01/33
105,994
190,000
4.625%,
08/01/29
182,195
Bath
&
Body
Works,
Inc.
110,000
6.875%,
11/01/35
111,370
292,000
6.694%,
01/15/27
296,573
145,000
6.625%,
10/01/30*
148,508
250,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
248,572
Caesars
Entertainment,
Inc.*^
182,000
6.000%,
10/15/32
177,135
136,000
4.625%,
10/15/29
130,629
Carnival
Corp.*
210,000
6.125%,
02/15/33
216,161
105,000
4.000%,
08/01/28
103,996
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
250,000
6.375%,
09/01/29
252,805
131,000
5.125%,
05/01/27
131,225
215,000
4.750%,
03/01/30
205,759
108,000
4.750%,
02/01/32^
98,778
125,000
4.500%,
08/15/30
117,743
215,000
4.250%,
02/01/31
197,082
210,000
Century
Communities,
Inc.*
6.625%,
09/15/33
212,948
Churchill
Downs,
Inc.*
105,000
6.750%,
05/01/31
108,359
108,000
5.750%,
04/01/30
108,689
157,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
162,754
117,000
Dana,
Inc.
4.500%,
02/15/32
111,187
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
DISH
DBS
Corp.
80,000
7.375%,
07/01/28
$
76,881
102,000
5.125%,
06/01/29
90,380
220,000
DISH
Network
Corp.*
11.750%,
11/15/27
227,713
200,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
198,858
220,000
Ford
Motor
Co.
6.100%,
08/19/32
228,985
Ford
Motor
Credit
Co.
LLC
275,000
7.200%,
06/10/30
295,889
350,000
4.000%,
11/13/30
333,029
110,000
General
Motors
Co.
5.200%,
04/01/45
99,370
goeasy
Ltd.*
188,000
7.625%,
07/01/29
186,383
210,000
6.875%,
02/15/31
197,568
Goodyear
Tire
&
Rubber
Co.
315,000
5.625%,
04/30/33^
300,948
110,000
5.250%,
07/15/31
104,908
Group
1
Automotive,
Inc.*
125,000
6.375%,
01/15/30
128,520
93,000
4.000%,
08/15/28
91,156
158,467
Guitar
Center,
Inc.‡
12.000%,
08/19/32
47,540
36,834
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
B
8.000%,
05/15/29
37,047
103,000
Kohl's
Corp.
5.550%,
07/17/45
69,935
220,000
Liberty
Interactive
LLC
8.250%,
02/01/30
15,191
210,000
Life
Time,
Inc.*
6.000%,
11/15/31
215,387
157,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
159,328
210,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
219,326
110,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
110,852
140,000
M/I
Homes,
Inc.
3.950%,
02/15/30
134,785
Macy's
Retail
Holdings
LLC
156,000
6.700%,
07/15/34*
151,643
265,000
4.300%,
02/15/43
191,796
410,000
MGM
Resorts
International^
6.500%,
04/15/32
419,943
287,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
282,032
NCL
Corp.
Ltd.*
105,000
6.750%,
02/01/32
107,700
118,000
6.250%,
09/15/33^
118,762
110,000
5.875%,
01/15/31
110,365
Newell
Brands,
Inc.
105,000
8.500%,
06/01/28*
110,213
105,000
6.625%,
05/15/32^
103,000
105,000
6.375%,
05/15/30^
103,970
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
$
209,683
Patrick
Industries,
Inc.*
105,000
6.375%,
11/01/32
107,574
192,000
4.750%,
05/01/29
190,209
250,000
Penn
Entertainment,
Inc.*^
4.125%,
07/01/29
232,323
218,000
Premier
Entertainment
Sub
LLC/
Premier
Entertainment
Finance
Corp.*^
5.625%,
09/01/29
161,309
110,000
QVC,
Inc.
5.450%,
08/15/34
43,056
23,472
Rite
Aid
Corp.
0.000%,
08/30/34
—
210,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
213,921
210,000
Rivers
Enterprise
Lender
LLC/Rivers
Enterprise
Lender
Corp.*
6.250%,
10/15/30
213,293
120,000
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
318
51,636
SGUS
LLC*@
0.000%,
12/15/29
1,673
210,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
202,776
320,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
316,138
137,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
131,639
105,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
107,180
136,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
133,685
125,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
124,891
155,000
Staples,
Inc.*
10.750%,
09/01/29
152,436
260,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
245,211
210,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
221,258
131,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
134,534
26,000
United
Airlines
Holdings,
Inc.††
5.375%,
03/01/31
26,273
55,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
58,676
105,000
Voyager
Parent
LLC*
9.250%,
07/01/32
111,711
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Whirlpool
Corp.^
6.500%,
06/15/33
$
207,306
110,000
William
Carter
Co.*
7.375%,
02/15/31
113,849
220,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
225,584
13,512,759
Consumer
Staples
(0.8%)
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
155,000
5.875%,
02/15/28
155,324
26,000
5.750%,
03/31/34
25,582
26,000
5.500%,
03/31/31
26,116
365,000
4.625%,
01/15/27
365,044
215,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
226,651
200,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
205,874
210,000
BioMarin
Pharmaceutical,
Inc.*††
5.500%,
02/15/34
210,930
Brink's
Co.*
105,000
6.750%,
06/15/32
109,407
100,000
6.500%,
06/15/29
103,260
251,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
237,273
215,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
212,530
245,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
235,205
Energizer
Holdings,
Inc.*
105,000
6.000%,
09/15/33
100,929
252,000
4.375%,
03/31/29
242,217
MPH
Acquisition
Holdings
LLC*
190,606
6.750%,
03/31/31
162,899
91,224
5.750%,
12/31/30
78,358
174,000
New
Albertsons
LP
7.750%,
06/15/26
175,963
Performance
Food
Group,
Inc.*
52,000
6.125%,
09/15/32
53,511
217,000
4.250%,
08/01/29
212,636
165,000
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
160,944
Post
Holdings,
Inc.*
184,000
6.375%,
03/01/33
185,636
210,000
6.250%,
02/15/32
215,951
209,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
195,827
250,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
260,445
195,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
195,542
157,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
156,972
4,511,026
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(1.7%)
158,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
$
157,954
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
210,000
6.625%,
10/15/32
217,976
169,000
6.625%,
07/15/33
175,077
Buckeye
Partners
LP
79,000
6.875%,
07/01/29*
82,258
157,000
6.750%,
02/01/30*
164,522
135,000
5.850%,
11/15/43
126,391
160,000
Continental
Resources,
Inc.
4.900%,
06/01/44
129,517
160,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
154,784
Enbridge,
Inc.‡
153,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
162,555
100,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
106,543
Energy
Transfer
LP‡
195,000
7.133%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
195,632
105,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
108,514
162,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
162,802
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
138,000
8.875%,
04/15/30
145,321
105,000
8.000%,
05/15/33
109,704
205,000
Gulfport
Energy
Operating
Corp.*
6.750%,
09/01/29
211,745
210,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
222,031
210,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
218,324
213,000
Matador
Resources
Co.*
6.500%,
04/15/32
217,032
290,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
295,571
160,000
New
Fortress
Energy,
Inc.*
6.500%,
09/30/26
14,630
223,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
226,965
132,000
ONEOK,
Inc.*
6.500%,
09/01/30
141,674
202,000
Permian
Resources
Operating
LLC*
7.000%,
01/15/32
211,692
105,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
104,577
270,000
Plains
All
American
Pipeline
LP
Series
B‡
8.223%,
03/01/26
,
3
mo.
USD
Term
SOFR
+
4.372%
270,197
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
107,000
SM
Energy
Co.*
9.625%,
06/15/33
$
117,105
215,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
223,841
289,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
302,245
Sunoco
LP*
160,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
165,171
315,000
6.625%,
08/15/32
325,127
210,000
6.250%,
07/01/33
216,151
210,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
213,864
210,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
208,076
Transocean
International
Ltd.*
315,000
8.500%,
05/15/31
320,806
157,000
7.875%,
10/15/32
165,805
Venture
Global
Calcasieu
Pass
LLC*
55,000
4.125%,
08/15/31
50,795
55,000
3.875%,
08/15/29
52,286
Venture
Global
LNG,
Inc.*
105,000
9.875%,
02/01/32^
111,200
105,000
9.500%,
02/01/29
111,915
527,000
9.000%,
09/30/29^‡
,
5
yr.
CMT
+
5.440%
464,514
265,000
8.375%,
06/01/31
271,238
155,000
8.125%,
06/01/28
158,824
110,000
7.000%,
01/15/30^
110,736
Venture
Global
Plaquemines
LNG
LLC*
210,000
6.500%,
01/15/34
218,240
160,000
6.500%,
06/15/34
165,896
52,000
6.125%,
12/15/30
53,575
190,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
189,861
210,000
WBI
Operating
LLC*
6.500%,
10/15/33
212,102
210,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
217,631
290,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
294,585
9,275,577
Financials
(1.8%)
179,000
Acrisure
LLC/Acrisure
Finance,
Inc.*
8.250%,
02/01/29
185,841
200,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust^‡
6.950%,
03/10/55
,
5
yr.
CMT
+
2.720%
209,444
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
210,000
7.375%,
10/01/32
217,711
210,000
6.500%,
10/01/31
216,191
PRINCIPAL
AMOUNT
a
a
VALUE
a
Ally
Financial,
Inc.‡
300,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
$
298,716
100,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
96,004
219,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
216,140
105,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
107,103
105,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.375%,
02/01/34
106,231
210,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
220,135
210,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
216,875
210,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
225,435
Brandywine
Operating
Partnership
LP
105,000
8.875%,
04/12/29
112,873
214,000
6.125%,
01/15/31
207,529
263,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
270,227
419,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
417,332
166,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
163,880
225,000
Burford
Capital
Global
Finance
LLC*
7.500%,
07/15/33
217,906
105,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
107,360
210,000
Corebridge
Financial,
Inc.^‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
213,931
Credit
Acceptance
Corp.*
140,000
9.250%,
12/15/28
146,793
93,000
6.625%,
03/15/30
93,459
210,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
213,341
210,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
223,885
105,000
Enstar
Group
Ltd.*^‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
109,697
First
Citizens
BancShares,
Inc.‡
55,000
Series
B,
7.957%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
56,175
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
160,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
$
163,554
GGAM
Finance
Ltd.*
235,000
8.000%,
02/15/27
238,833
105,000
5.875%,
03/15/30
106,875
HUB
International
Ltd.*
160,000
7.375%,
01/31/32
167,736
169,000
5.625%,
12/01/29
168,990
105,000
Huntington
Bancshares,
Inc.
Series
K‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
105,194
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
210,000
6.625%,
10/15/31
208,276
200,000
5.000%,
08/15/28
194,042
236,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
250,861
161,000
MetLife,
Inc.
6.400%,
12/15/36
169,145
105,000
Newmark
Group,
Inc.
7.500%,
01/12/29
112,193
OneMain
Finance
Corp.
105,000
6.750%,
03/15/32
107,409
210,000
6.750%,
09/15/33
212,783
105,000
6.500%,
03/15/33
105,638
103,000
Osaic
Holdings,
Inc.
Series
JAN*
8.000%,
08/01/33
106,951
200,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
206,180
262,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
274,972
215,000
RHP
Hotel
Properties
LP/RHP
Finance
Corp.*
6.500%,
04/01/32
222,695
Rocket
Cos.,
Inc.*
157,000
6.375%,
08/01/33
163,194
104,000
6.125%,
08/01/30
106,651
206,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
193,347
210,000
Service
Properties
Trust
8.375%,
06/15/29
212,717
210,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
216,035
55,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
56,810
265,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
282,082
210,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
222,060
258,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
255,154
PRINCIPAL
AMOUNT
a
a
VALUE
a
110,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
$
107,140
105,000
UWM
Holdings
LLC*
6.250%,
03/15/31
104,399
105,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
110,083
210,000
XHR
LP*
6.625%,
05/15/30
217,323
10,239,536
Health
Care
(0.7%)
320,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
316,320
CHS/Community
Health
Systems,
Inc.*
126,000
10.875%,
01/15/32
136,013
127,000
6.875%,
04/15/29
116,937
435,000
6.125%,
04/01/30
359,280
27,000
5.250%,
05/15/30
25,469
DaVita,
Inc.*
240,000
6.875%,
09/01/32
247,087
233,000
4.625%,
06/01/30
224,624
258,000
3.750%,
02/15/31
237,239
Embecta
Corp.*
52,000
6.750%,
02/15/30
50,600
162,000
5.000%,
02/15/30^
151,868
Encompass
Health
Corp.
110,000
4.750%,
02/01/30
109,527
110,000
4.500%,
02/01/28
109,547
118,000
IQVIA,
Inc.*
6.250%,
06/01/32
122,852
Medline
Borrower
LP*
322,000
5.250%,
10/01/29
322,670
270,000
3.875%,
04/01/29
264,365
400,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
363,540
Tenet
Healthcare
Corp.
295,000
6.875%,
11/15/31
323,293
157,000
5.500%,
11/15/32*
158,738
270,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
273,083
3,913,052
Industrials
(1.1%)
237,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
245,466
260,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
240,950
Arcosa,
Inc.*
105,000
6.875%,
08/15/32
110,796
127,000
4.375%,
04/15/29
124,793
Bombardier,
Inc.*
105,000
8.750%,
11/15/30
112,502
68,000
7.250%,
07/01/31
72,291
80,000
7.000%,
06/01/32
84,136
53,000
6.750%,
06/15/33
55,751
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
226,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
$
221,907
335,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
347,298
55,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
55,321
51,333
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*
4.750%,
10/20/28
51,730
Deluxe
Corp.*
50,000
8.125%,
09/15/29
52,553
282,000
8.000%,
06/01/29
287,017
EnerSys*
110,000
6.625%,
01/15/32
114,047
140,000
4.375%,
12/15/27
139,381
EquipmentShare.com,
Inc.*
135,000
8.625%,
05/15/32
144,407
78,000
8.000%,
03/15/33
82,341
Graphic
Packaging
International
LLC*
85,000
4.750%,
07/15/27
84,918
102,000
3.500%,
03/01/29
97,439
236,000
Great
Lakes
Dredge
&
Dock
Corp.*
5.250%,
06/01/29
232,460
Herc
Holdings,
Inc.*
105,000
7.250%,
06/15/33
111,197
105,000
7.000%,
06/15/30
110,245
105,000
6.625%,
06/15/29
108,726
157,000
JELD-WEN,
Inc.*^
7.000%,
09/01/32
99,442
360,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
358,243
135,000
Moog,
Inc.*
4.250%,
12/15/27
134,406
232,000
Novelis
Corp.*
4.750%,
01/30/30
225,110
210,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
217,871
Sealed
Air
Corp.*
55,000
6.500%,
07/15/32
57,193
54,000
5.000%,
04/15/29
54,398
Sealed
Air
Corp./Sealed
Air
Corp.
U.S.*
50,000
7.250%,
02/15/31
52,167
163,000
6.125%,
02/01/28
165,647
210,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
197,125
Standard
Building
Solutions,
Inc.*
50,000
6.500%,
08/15/32
51,609
157,000
6.250%,
08/01/33
160,539
210,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
221,989
TransDigm,
Inc.*
80,000
7.125%,
12/01/31
83,917
225,000
6.875%,
12/15/30
234,497
155,000
6.750%,
08/15/28
157,815
52,000
6.625%,
03/01/32
53,914
PRINCIPAL
AMOUNT
a
a
VALUE
a
49,912
United
Airlines
Pass-Through
Trust
Series
2019-2,
Class
B
3.500%,
05/01/28
$
48,717
160,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
165,253
Williams
Scotsman,
Inc.*
80,000
6.625%,
06/15/29
82,766
128,000
4.625%,
08/15/28
127,642
6,237,932
Information
Technology
(0.5%)
Block,
Inc.*
53,000
6.000%,
08/15/33
54,149
105,000
5.625%,
08/15/30
106,957
105,000
CACI
International,
Inc.*
6.375%,
06/15/33
109,186
157,000
Cloud
Software
Group,
Inc.*^
6.625%,
08/15/33
150,641
126,000
Coherent
Corp.*
5.000%,
12/15/29
125,636
16,000
Dell
International
LLC/EMC
Corp.
6.020%,
06/15/26
16,052
Fair
Isaac
Corp.*
79,000
6.000%,
05/15/33
80,482
93,000
4.000%,
06/15/28
91,519
245,000
KBR,
Inc.*
4.750%,
09/30/28
242,197
59,004
LivePerson,
Inc.*
10.000%,
12/15/29
32,452
167,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
163,675
110,000
Open
Text
Corp.*
6.900%,
12/01/27
113,649
Open
Text
Holdings,
Inc.*
55,000
4.125%,
02/15/30
51,152
136,000
4.125%,
12/01/31
122,328
315,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
306,234
Twilio,
Inc.
57,000
3.875%,
03/15/31
53,935
150,000
3.625%,
03/15/29
144,002
134,000
UKG,
Inc.*
6.875%,
02/01/31
134,064
295,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
281,710
210,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
216,760
200,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
182,908
2,779,688
Materials
(0.7%)
210,000
Avient
Corp.*
6.250%,
11/01/31
216,008
210,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
218,024
Celanese
U.S.
Holdings
LLC
105,000
7.379%,
07/15/32
109,681
105,000
7.375%,
02/15/34^
107,006
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Century
Aluminum
Co.*
6.875%,
08/01/32
$
217,768
180,000
Chemours
Co.*^
8.000%,
01/15/33
180,603
410,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
389,746
250,000
Constellium
SE*
6.375%,
08/15/32
258,700
385,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
310,433
210,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
219,337
212,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
213,995
210,000
Knife
River
Corp.*
7.750%,
05/01/31
219,070
Mercer
International,
Inc.
95,000
12.875%,
10/01/28*^
69,783
229,000
5.125%,
02/01/29
142,397
210,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
216,989
200,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
198,328
210,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
211,239
210,000
Terex
Corp.*
6.250%,
10/15/32
215,260
97,437
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*
7.625%,
05/03/29
2,493
210,000
WR
Grace
Holdings
LLC*
6.625%,
08/15/32
209,103
3,925,963
Other
(0.5%)
210,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
218,490
170,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.000%,
12/31/32
177,822
85,386
Claritev
Corp.
Series
B*
6.750%,
03/31/31
67,141
210,000
DBR
Land
Holdings
LLC*
6.250%,
12/01/30
215,277
EchoStar
Corp.
375,740
10.750%,
11/30/29
412,175
218,446
6.750%,
11/30/30
222,293
210,000
Enerflex,
Inc.*
6.875%,
01/15/31
217,333
100,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
101,011
105,000
Graham
Holdings
Co.*
5.625%,
12/01/33
105,962
200,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
209,568
PRINCIPAL
AMOUNT
a
a
VALUE
a
157,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
$
163,720
210,000
New
Gold,
Inc.*
6.875%,
04/01/32
223,476
105,000
Reinsurance
Group
of
America,
Inc.‡
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
108,428
210,000
Rfna
LP*
7.875%,
02/15/30
211,722
210,000
SM
Energy
Co.*^
7.000%,
08/01/32
210,664
105,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
109,669
2,974,751
Real
Estate
(0.1%)
105,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
107,570
150,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
146,964
163,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
158,844
413,378
Special
Purpose
Acquisition
Companies
(0.1%)
53,000
Clydesdale
Acquisition
Holdings,
Inc.*
6.750%,
04/15/32
53,484
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
325,000
6.750%,
01/15/30
307,333
107,000
4.625%,
01/15/29
103,616
464,433
Utilities
(0.2%)
110,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
112,983
110,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
113,201
225,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
235,363
165,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
172,757
165,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
169,734
158,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
164,647
79,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.612%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
78,330
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Vistra
Corp.*‡
50,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
$
50,975
105,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
106,615
1,204,605
TOTAL
CORPORATE
BONDS
(Cost
$66,615,832)
66,328,692
SOVEREIGN
BONDS
(4.2%)
Other
(4.2%)
72,000,000
MXN
Mexican
Bonos
7.750%,
05/29/31
4,017,923
70,500,000
MXN
Mexican
Bonos
8.500%,
03/02/28
4,107,498
69,900,000
MXN
Mexican
Bonos
8.500%,
02/28/30
4,046,413
63,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
7.000%,
02/28/31
3,832,942
60,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.000%,
01/31/30
3,818,477
62,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.250%,
03/31/32
3,949,864
TOTAL
SOVEREIGN
BONDS
(Cost
$23,261,221)
23,773,117
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(89.9%)
Communication
Services
(10.0%)
61,285
Alphabet,
Inc.
-
Class
A^µ
20,714,330
3,751
Audacy,
Inc.#
18,755
4,050
Baidu,
Inc.
(
ADR
)#^
620,379
309,850
HKD
Baidu,
Inc.
-
Class
A#~
5,939,065
1,735
Cumulus
Media,
Inc.
-
Class
A#
139
5,455
Meta
Platforms,
Inc.
-
Class
A^
3,908,507
21,865
Millicom
International
Cellular
SA
1,334,421
81,416
ZAR
MTN
Group
Ltd.
904,090
4,575
Optimum
Communications,
Inc.
-
Class
A#^
7,000
95,648
EUR
Orange
SAµ
1,778,098
1,870,100
SGD
Singapore
Telecommunications
Ltd.~
6,748,612
12,900
KRW
SK
Telecom
Co.
Ltd.
650,108
84,800
JPY
SoftBank
Group
Corp.~
2,315,666
88,100
HKD
Tencent
Holdings
Ltd.~
6,744,915
21,900
BRL
TIM
SA
102,036
1,176,545
GBP
Vodafone
Group
PLC~
1,732,729
26,395
Walt
Disney
Co.µ
2,977,356
56,496,206
NUMBER
OF
SHARES
b
b
VALUE
b
Consumer
Discretionary
(7.9%)
151,265
HKD
Alibaba
Group
Holding
Ltd.
(
ADR
)^
$
4,932,880
45,900
MXN
Alsea
SAB
de
CV
140,017
38,210
Amazon.com,
Inc.#µ
9,143,653
315,000
SAR
Americana
Restaurants
International
PLC
138,082
5,760
EUR
Auto1
Group
SE#
189,463
20,700
CNY
China
Tourism
Group
Duty
Free
Corp.
Ltd.
-
Class
A
266,041
71,800
HKD
China
Tourism
Group
Duty
Free
Corp.
Ltd.
-
Class
H*^
833,058
15,745
INR
Eicher
Motors
Ltd.
1,221,454
108,000
HKD
Galaxy
Entertainment
Group
Ltd.~
548,722
33,140
KRW
Hyundai
Motor
Co.
11,536,215
161,219
HKD
JD.com,
Inc.
-
Class
A~
2,299,085
123,000
HKD
Li
Ning
Co.
Ltd.
321,642
1,020
EUR
LVMH
Moet
Hennessy
Louis
Vuitton
SEµ
658,312
6,400
JPY
Nextage
Co.
Ltd.
135,585
44,620
NIO,
Inc.
(
ADR
)#
209,714
1,300
JPY
Open
House
Group
Co.
Ltd.
76,494
345
Rite
Aid
Corp.#
345
236,800
HKD
Sands
China
Ltd.~
513,922
12,400
EUR
Schaeffler
AG
146,247
17,745
Tesla,
Inc.#µ
7,637,625
44,710
Viking
Holdings
Ltd.#µ
3,225,826
7,636
EUR
Westwing
Group
SE#
129,945
44,304,327
Consumer
Staples
(1.2%)
5,600
Constellation
Brands,
Inc.
-
Class
Aµ
877,520
2,600
CNY
Kweichow
Moutai
Co.
Ltd.
-
Class
A
524,136
25,485
Philip
Morris
International,
Inc.^
4,573,029
1,280
PriceSmart,
Inc.
182,029
169,939
BRL
Raia
Drogasil
SA
791,127
6,947,841
Energy
(3.9%)
7,730
Cameco
Corp.
953,805
134,875
CAD
Canadian
Natural
Resources
Ltd.µ
5,015,034
24,500
CAD
CES
Energy
Solutions
Corp.
255,499
885
Cheniere
Energy
Partners
LP~
49,905
17,600
Chevron
Corp.µ
3,113,440
42,400
Denison
Mines
Corp.#^
167,904
12,635
Energy
Transfer
LP~
233,116
5,810
Enterprise
Products
Partners
LP
192,834
1,826
EP
Energy
Corp.#
2,967
42,400
Helmerich
&
Payne,
Inc.
1,436,512
136,900
THB
PTT
Exploration
&
Production
PCL
534,709
82,300
GBP
Shell
PLC
3,163,570
98,974
SLB
Ltd.^~
4,788,362
38,350
TechnipFMC
PLCµ
2,136,862
22,044,519
Financials
(15.8%)
34,000
ZAR
Absa
Group
Ltd.
535,757
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
249,425
EUR
Alpha
Bank
SA
$
1,193,987
39,332
INR
Axis
Bank
Ltd.
585,309
243,320
Banco
Bradesco
SA
(
ADR
)
985,446
434,570
EUR
Banco
Santander
SAµ
5,548,617
10,800
EUR
Bank
of
Cyprus
Holdings
PLC
119,161
697,390
GBP
Barclays
PLC
4,654,429
24,140
EUR
BAWAG
Group
AG*µ
3,926,994
4,010
ZAR
Capitec
Bank
Holdings
Ltd.
1,076,659
145,000
HKD
China
Life
Insurance
Co.
Ltd.
-
Class
H~
645,284
33,400
Citigroup,
Inc.µ
3,864,714
1,680
Credicorp
Ltd.
599,474
39,015
EUR
Erste
Group
Bank
AGµ
5,072,297
187,750
EUR
Eurobank
SA
-
Class
A
917,530
3,530
EUR
flatexDEGIRO
SE
172,192
7,200
Goldman
Sachs
Group,
Inc.^µ
6,734,952
7,130
Grupo
Cibest
SA
(
ADR
)
582,165
162,000
Huntington
Bancshares,
Inc.µ
2,831,760
17,800
SGD
iFAST
Corp.
Ltd.
147,608
116,389
Itau
Unibanco
Holding
SA
(
ADR
)
999,782
14,575
JPMorgan
Chase
&
Co.
4,458,347
48,530
KRW
KB
Financial
Group,
Inc.
4,542,368
1,500
EUR
KBC
Ancora
137,846
38,300
KRW
Mirae
Asset
Securities
Co.
Ltd.
1,135,424
29,400
JPY
Mizuho
Financial
Group,
Inc.~
1,276,486
65,100
NU
Holdings
Ltd.
-
Class
A#µ
1,155,525
54,800
JPY
ORIX
Corp.~
1,670,052
142,000
HKD
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
H~
1,317,099
3,200
JPY
Rakuten
Bank
Ltd.#
153,146
398,870
MYR
RHB
Bank
Bhd.
854,807
31,410
Robinhood
Markets,
Inc.
-
Class
A#µ
3,124,667
7,040
KRW
Samsung
Life
Insurance
Co.
Ltd.
916,647
24,653
SAR
Saudi
National
Bank
294,736
76,000
INR
Shriram
Finance
Ltd.
843,642
865,322
TWD
SinoPac
Financial
Holdings
Co.
Ltd.
783,795
65,690
EUR
Societe
Generale
SA~
5,756,378
92,884
INR
State
Bank
of
India
1,088,509
4,670
ILS
Tel
Aviv
Stock
Exchange
Ltd.
179,423
10,300
SEK
TF
Bank
AB*
198,702
62,570
EUR
Unicaja
Banco
SA*
214,420
116,510
EUR
UniCredit
SpA~
10,153,383
52,375
Wells
Fargo
&
Co.µ
4,739,414
20,300
Wintrust
Financial
Corp.
2,994,047
89,182,980
Health
Care
(4.7%)
14,940
SEK
Ambea
AB*
227,827
910
Ascendis
Pharma
AS
(
ADR
)#
205,751
29,250
GBP
AstraZeneca
PLC~
5,449,688
5,950
Eli
Lilly
&
Co.µ
6,171,043
21,120
EUR
Fresenius
SE
&
Co.
KGaAµ
1,181,405
10,104
GE
HealthCare
Technologies,
Inc.µ
797,913
NUMBER
OF
SHARES
b
b
VALUE
b
4,860
Humana,
Inc.µ
$
948,672
20,945
Johnson
&
Johnsonµ
4,759,751
2,950
EUR
Medincell
SA#
78,877
78,573
Novo
Nordisk
AS
(
ADR
)
4,669,593
6,800
EUR
UCB
SAµ
2,072,133
26,562,653
Industrials
(12.3%)
5,840
EUR
Airbus
SEµ
1,337,066
37,029
EUR
Alstom
SA#µ
1,182,276
2,113
Ardagh
Holdings
SA#
16,593
1,030
EUR
Bilfinger
SE
144,312
28,929
GBP
Ceres
Power
Holdings
PLC#
117,904
18,280
CNY
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
922,355
750
EUR
DO
&
Co.
AG
175,313
8,370
KRW
Doosan
Enerbility
Co.
Ltd.#
522,506
11,600
Embraer
SA
(
ADR
)
852,136
4,625
EUR
Exosens
SAS
296,280
49,000
JPY
FANUC
Corp.~
1,967,574
10,500
JPY
Fujikura
Ltd.~
1,319,713
8,595
GE
Vernova,
Inc.µ
6,243,150
940
KRW
Hanwha
Aerospace
Co.
Ltd.#
846,170
52,400
JPY
Harmonic
Drive
Systems,
Inc.
1,154,170
2,749
KRW
HD
Hyundai
Heavy
Industries
Co.
Ltd.
1,094,184
137,100
JPY
Hitachi
Ltd.~
4,757,385
2,539
KRW
Hyosung
Heavy
Industries
Corp.#
4,553,849
620
KRW
Hyundai
Glovis
Co.
Ltd.
104,532
970
KRW
Hyundai
Rotem
Co.
Ltd.
155,098
8,400
JPY
IHI
Corp.~
194,344
5,990
GBP
IMI
PLC
226,196
14,340
CHF
Implenia
AG
1,373,313
110,750
PHP
International
Container
Terminal
Services,
Inc.
1,213,038
11,700
JPY
Japan
Elevator
Service
Holdings
Co.
Ltd.
123,190
31,500
CNY
Jiangsu
Hengli
Hydraulic
Co.
Ltd.
-
Class
A
490,151
99,000
JPY
Kandenko
Co.
Ltd.
3,564,236
3,260
EUR
KION
Group
AG
230,269
2,872,000
HKD
Lonking
Holdings
Ltd.
1,178,083
40,900
JPY
Mitsubishi
Heavy
Industries
Ltd.~
1,204,257
12,840
SEK
Munters
Group
AB*
253,509
770
KRW
Rainbow
Robotics#
387,636
2,380
EUR
Rheinmetall
AGµ
5,042,854
476,630
GBP
Rolls-Royce
Holdings
PLC~
7,967,812
5,200
KRW
Samsung
C&T
Corp.
1,083,964
54,502
CNY
Shanghai
International
Airport
Co.
Ltd.
-
Class
A
241,455
19,235
EUR
Siemens
AGµ
5,815,320
14,375
EUR
Siemens
Energy
AG#µ
2,449,213
3,995
KRW
SK
Square
Co.
Ltd.#
1,563,847
31,400
HKD
UBTech
Robotics
Corp.
Ltd.
-
Class
H#
560,497
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
20,385
Waste
Management,
Inc.µ
$
4,530,362
237,800
CNY
Weichai
Power
Co.
Ltd.
-
Class
A
812,263
2,500
JPY
Yaskawa
Electric
Corp.
79,798
97,000
CNY
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.
-
Class
A
711,243
69,059,416
Information
Technology
(29.1%)
10,265
Advanced
Micro
Devices,
Inc.#µ
2,430,034
8,400
JPY
Advantest
Corp.~
1,389,246
4,765
AppLovin
Corp.
-
Class
A#µ
2,254,369
18,600
TWD
Asia
Vital
Components
Co.
Ltd.
845,044
7,100
ASML
Holding
NVµ
10,103,300
4,830
TWD
ASPEED
Technology,
Inc.
1,350,738
2,450
CNY
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.
-
Class
A
106,176
17,259
Broadcom,
Inc.
5,717,907
32,900
TWD
Chroma
ATE,
Inc.
1,010,240
62,200
TWD
Compeq
Manufacturing
Co.
Ltd.
331,636
27,800
TWD
Delta
Electronics,
Inc.
1,060,912
19,150
TWD
Elite
Material
Co.
Ltd.
1,038,744
13,200
CNY
Hygon
Information
Technology
Co.
Ltd.
-
Class
A
499,812
290
KRW
Hyundai
Autoever
Corp.
92,970
6,200
JPY
Ibiden
Co.
Ltd.~
326,831
37,980
EUR
Indra
Sistemas
SA^
2,454,797
79,040
Intel
Corp.#^µ
3,672,989
2,800
EUR
Jenoptik
AG
86,758
34,200
JFrog
Ltd.#
1,874,160
5,000
JPY
Keyence
Corp.~
1,834,302
11,700
JPY
Kioxia
Holdings
Corp.#~
1,600,399
398,400
CAD
Kraken
Robotics,
Inc.#^
2,334,838
37,600
TWD
LandMark
Optoelectronics
Corp.
1,177,935
43,700
CNY
Lens
Technology
Co.
Ltd.
-
Class
A
228,015
16,320
Marvell
Technology,
Inc.µ
1,287,974
16,000
TWD
MediaTek,
Inc.
887,529
3,000
JPY
Micronics
Japan
Co.
Ltd.
173,456
17,220
Microsoft
Corp.^
7,409,594
41,320
CNY
Montage
Technology
Co.
Ltd.
-
Class
A
1,078,525
15,000
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
1,024,208
2,650
ILS
Next
Vision
Stabilized
Systems
Ltd.
239,033
540,000
EUR
Nokia
Oyj
3,478,091
133,810
NVIDIA
Corp.^
25,575,105
9,700
JPY
Optex
Group
Co.
Ltd.
150,601
23,155
Palantir
Technologies,
Inc.
-
Class
A#^
3,394,292
15,100
TWD
Phison
Electronics
Corp.
1,119,826
14,990
EUR
Profile
Systems
&
Software
SA
138,730
3,190
KRW
Robotis
Co.
Ltd.#
744,764
1,310
KRW
Samsung
Electro-Mechanics
Co.
Ltd.
251,938
187,175
KRW
Samsung
Electronics
Co.
Ltd.
20,678,104
9,390
Shopify,
Inc.
-
Class
A#µ
1,232,250
NUMBER
OF
SHARES
b
b
VALUE
b
11,180
KRW
SK
Hynix,
Inc.
$
6,980,535
680,000
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
37,601,214
17,300
JPY
Tokyo
Electron
Ltd.~
4,609,738
24,600
TWD
Tripod
Technology
Corp.
289,919
21,325
CNY
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.
-
Class
A#
677,231
3,700
JPY
Yamaichi
Electronics
Co.
Ltd.
140,616
9,500
CNY
Zhongji
Innolight
Co.
Ltd.
-
Class
A
882,210
163,867,635
Materials
(4.3%)
159,931
CAD
Alamos
Gold,
Inc.
-
Class
Aµ
5,926,720
875
EUR
Alzchem
Group
AG
159,963
123,115
Cemex
SAB
de
CV
(
ADR
)
1,536,475
114,000
HKD
China
Hongqiao
Group
Ltd.~
521,399
4,220
CAD
ERO
Copper
Corp.#
141,571
27,685
EUR
Heidelberg
Materials
AGµ
7,582,107
64,400
CAD
Hudbay
Minerals,
Inc.^
1,525,282
5,920
KRW
HVM
Co.
Ltd.#
359,408
55,955
ZAR
Impala
Platinum
Holdings
Ltd.
1,042,959
111,075
AUD
Lynas
Rare
Earths
Ltd.#^
1,118,095
32,050
MP
Materials
Corp.#
1,883,578
370
INR
PTC
Industries
Ltd.#
72,358
4,860
Southern
Copper
Corp.^
924,955
2,130
EUR
Titan
SA
142,926
3,120
CAD
Torex
Gold
Resources,
Inc.
150,174
58,500
Vale
SA
(
ADR
)^
940,095
10,500
HKD
Zijin
Gold
International
Co.
Ltd.#~
290,892
24,318,957
Real
Estate
(0.0%)
2,900
JPY
Kasumigaseki
Capital
Co.
Ltd.
140,732
Utilities
(0.7%)
39,000
BRL
Axia
Energia
402,913
45,801
EUR
Engie
SA#
1,362,684
20,920
EUR
Italgas
SpA^
251,336
25,950
EUR
RWE
AGµ
1,647,925
3,664,858
TOTAL
COMMON
STOCKS
(Cost
$497,098,268)
506,590,124
CONVERTIBLE
PREFERRED
STOCKS
(3.9%)
Industrials
(3.1%)
234,875
Boeing
Co.
6.000%,
10/15/27
17,549,860
Utilities
(0.8%)
89,500
Southern
Co.
7.125%,
12/15/28#
4,586,875
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$21,232,882)
22,136,735
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUNDS
(2.9%)
Other
(2.9%)
186,760
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF^
$
7,907,419
310,000
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF^
8,153,000
16,060,419
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$15,613,258)
16,060,419
PREFERRED
STOCKS
(0.0%)
Communication
Services
(0.0%)
5,640
Qwest
Corp.
6.500%,
09/01/56
108,063
1,701
Telephone
&
Data
Systems,
Inc.
6.625%,
03/31/26
37,643
T-Mobile
USA,
Inc.µ
1,429
5.500%,
03/01/70
32,710
163
5.500%,
06/01/70
3,738
1,770
6.250%,
09/01/69#
44,515
226,669
TOTAL
PREFERRED
STOCKS
(Cost
$204,785)
226,669
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
679
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
113
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
Energy
(0.0%)
12,061
Mcdermott
International
Ltd.
06/30/27,
Strike
$12.33
1
13,401
Mcdermott
International
Ltd.
06/30/27,
Strike
$15.98
2
3
TOTAL
WARRANTS
(Cost
$5,152)
3
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(1.4%)#
Consumer
Discretionary
(0.0%)
14
3,006,906
MercadoLibre,
Inc.
Call,
03/20/26,
Strike
$2,200.00
172,970
216
2,516,184
Sea
Ltd.
Call,
03/20/26,
Strike
$150.00
41,148
520
3,684,200
Urban
Outfitters,
Inc.
Call,
03/20/26,
Strike
$85.00
89,700
303,818
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Consumer
Staples
(0.2%)
1,450
6,620,700
Darling
Ingredients,
Inc.
Call,
07/17/26,
Strike
$45.00
$
870,000
Energy
(0.2%)
1,679
5,628,008
Halliburton
Co.
Call,
02/20/26,
Strike
$28.00
957,030
Materials
(0.0%)
67
1,275,144
Southern
Copper
Corp.
Call,
05/15/26,
Strike
$160.00
264,650
Other
(1.0%)
480
6,608,640
EUR
EURO
STOXX
Banks
Index
Call,
06/19/26,
Strike
250.00
817,891
1,426
88,678,662
Invesco
QQQ
Trust
Series
1
Put,
02/20/26,
Strike
$605.00
893,389
650
40,421,550
Invesco
QQQ
Trust
Series
1
Put,
04/17/26,
Strike
$615.00
1,221,675
4,095
41,253,030
iShares
MSCI
EAFE
ETF
Put,
03/31/26,
Strike
$88.00
124,897
4,090
41,202,660
iShares
MSCI
EAFE
ETF
Put,
04/17/26,
Strike
$98.00
638,040
14,315
84,601,650
iShares
MSCI
Emerging
Markets
ETF
Put,
03/31/26,
Strike
$50.00
250,512
6,815
40,276,650
iShares
MSCI
Emerging
Markets
ETF
Put,
04/17/26,
Strike
$58.50
1,086,993
3,655
18,910,970
iShares
MSCI
India
ETF
Call,
06/18/26,
Strike
$55.00
356,363
5,389,760
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$9,254,457)
7,785,258
TOTAL
INVESTMENTS
(139.5%)
(Cost
$765,392,075)
785,801,475
LIABILITIES,
LESS
OTHER
ASSETS
(-39.5%)
(
222,403,283
)
NET
ASSETS
(100.0%)
$
563,398,192
EXCHANGE-TRADED
WRITTEN
OPTIONS (0.0%)#
Energy
(0.0%)
(75)
(362,850)
SLB
Ltd.
Call,
12/18/26,
Strike
$65.00
(
14,437
)
Information
Technology
(0.0%)
(163)
(1,286,396)
Marvell
Technology,
Inc.
Call,
11/20/26,
Strike
$125.00
(
76,936
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$99,887)
$
(
91,373
)
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
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.
i
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
!
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.
@
In
default
status
and
considered
non-income
producing.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
~
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
$6,494,192.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$240,115,405.
#
Non-income
producing
security.
FOREIGN
CURRENCY
ABBREVIATIONS
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
New
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
PHP
Philippine
Peso
SAR
Saudi
Riyal
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
New
Taiwan
Dollar
ZAR
South
African
Rand
ABBREVIATION
ADR
American
Depositary
Receipt
SOFR
Secured
Overnight
Financing
Rate
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
US
Dollar
$
437,294,737
55
.7
%
European
Monetary
Unit
94,480,912
12
.0
%
South
Korean
Won
58,200,266
7
.4
%
New
Taiwan
Dollar
47,497,532
6
.0
%
Japanese
Yen
34,632,760
4
.4
%
British
Pound
Sterling
23,312,328
3
.0
%
Hong
Kong
Dollar
20,377,186
2
.6
%
Canadian
Dollar
15,349,118
1
.9
%
South
African
Rand
15,160,749
1
.9
%
Mexican
Peso
12,311,851
1
.6
%
Chinese
Yuan
Renminbi
8,463,821
1
.1
%
Singapore
Dollar
6,896,220
0
.9
%
Indian
Rupee
3,811,271
0
.5
%
Swiss
Franc
1,373,313
0
.2
%
Brazilian
Real
1,296,076
0
.2
%
Philippine
Peso
1,213,038
0
.1
%
Australian
Dollar
1,118,095
0
.1
%
Malaysian
Ringgit
854,807
0
.1
%
Swedish
Krona
680,038
0
.1
%
Thai
Baht
534,709
0
.1
%
Saudi
Riyal
432,818
0
.1
%
Israeli
New
Shekel
418,456
0.0
%
Total
Investments
$785,710,101
100
.0
%
Currency
exposure
may
vary
over
time.
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
COUNTRY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
366,515,755
46
.3
%
South
Korea
60,269,366
7
.7
%
China
51,211,695
6
.6
%
Taiwan
47,497,532
6
.0
%
Japan
34,632,760
4
.4
%
Canada
26,603,683
3
.2
%
Germany
25,415,738
3
.3
%
United
Kingdom
22,688,196
3
.0
%
Spain
18,637,436
2
.3
%
France
16,262,581
2
.1
%
South
Africa
15,160,749
1
.9
%
Mexico
14,773,281
1
.9
%
Netherlands
14,111,277
1
.8
%
Italy
13,072,183
1
.6
%
Austria
9,174,604
1
.2
%
Singapore
6,896,220
0
.9
%
Brazil
6,370,631
0
.8
%
Denmark
4,875,344
0
.6
%
India
3,811,271
0
.5
%
Finland
3,478,091
0
.5
%
Greece
2,250,247
0
.3
%
Belgium
2,209,979
0
.3
%
Switzerland
1,373,313
0
.2
%
Guatemala
1,334,421
0
.2
%
Philippines
1,213,038
0
.1
%
Australia
1,118,095
0
.1
%
Macao
1,062,644
0
.2
%
Malaysia
854,807
0
.1
%
Ireland
777,212
0
.1
%
Israel
691,539
0
.1
%
Sweden
680,038
0
.1
%
Peru
599,474
0
.1
%
Colombia
582,164
0
.1
%
Thailand
534,709
0
.1
%
Luxembourg
433,273
0.0
%
Saudi
Arabia
294,736
0
.1
%
Hong
Kong
290,892
0.0
%
United
Arab
Emirates
138,082
0.0
%
Cyprus
119,161
0.0
%
Total
Investments
$778,016,217
98
.8
%
Country
exposure
may
vary
over
time.
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
166,241
$
—
$
166,241
Bank
Loans
75
—
12,357,003
—
12,357,003
Convertible
Bonds
36
—
130,377,214
—
130,377,214
Corporate
Bonds
406
—
66,328,692
—
66,328,692
Sovereign
Bonds
6
—
23,773,117
—
23,773,117
Common
Stocks
236
225,687,993
280,902,131
—
506,590,124
Convertible
Preferred
Stocks
2
22,136,735
—
—
22,136,735
Exchange-Traded
Funds
2
16,060,419
—
—
16,060,419
Preferred
Stocks
5
226,669
—
—
226,669
Warrants
4
3
—
—
3
Exchange-Traded
Purchased
Options
14
7,785,258
—
—
7,785,258
Total
$
271,897,077
$
513,904,398
$
—
$
785,801,475
Liabilities:
—
—
—
—
Exchange-Traded
Written
Options
2
$
91,373
$
—
$
—
$
91,373
Total
$
91,373
$
—
$
—
$
91,373
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
BANK
LOANS
(1.2%)i
Airlines
(0.0%)
37,196
United
Airlines,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.673%,
02/22/31
1
mo.
USD
Term
SOFR
+
2.000%
$
37,304
Communication
Services
(0.2%)
34,526
Altice
France
SA‡
2025
Term
Loan
B14,
10.547%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
35,115
11,239
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.786%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
8,525
1,261
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.786%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
1,253
24,686
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.922%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
24,647
700
Gray
Television,
Inc.‡
2024
Term
Loan
B,
8.950%,
06/04/29
1
mo.
USD
Term
SOFR
+
5.250%
701
10,000
iHeartCommunications,
Inc.!
2024
Term
Loan,
0.000%,
05/01/29
9,178
39,899
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.561%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
36,619
45,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.922%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
45,124
24,337
TripAdvisor,
Inc.‡
Term
Loan,
6.422%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
23,706
40,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.161%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
40,050
224,918
Consumer
Discretionary
(0.3%)
45,000
American
Axle
&
Manufacturing,
Inc.!
2025
Incremental
Term
Loan
C,
0.000%,
02/24/32
45,169
45,000
Beach
Acquisition
Bidco
LLC‡
Term
Loan
B,
6.922%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
45,141
PRINCIPAL
AMOUNT
a
a
VALUE
a
44,551
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.688%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
$
44,779
24,625
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.172%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
24,956
42,500
PetSmart,
Inc.‡
2025
Term
Loan
B,
7.671%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
42,537
49,125
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.672%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
49,226
45,000
Voyager
Parent
LLC!
Repriced
Term
Loan
B,
0.000%,
07/01/32
45,003
45,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.411%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
45,051
341,862
Consumer
Staples
(0.3%)
47,082
Amneal
Pharmaceuticals
LLC‡
2025
Term
Loan
B,
7.172%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.500%
47,317
34,563
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.172%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
32,979
49,875
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.422%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
50,311
20,000
Bausch
Health
Cos.,
Inc.!
2025
Term
Loan
B,
0.000%,
10/08/30
19,550
110,445
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.922%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
107,960
3,555
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.417%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
3,554
51,347
Star
Parent,
Inc.‡
Term
Loan
B,
7.672%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
51,438
44,775
Team
Health
Holdings,
Inc.‡
2025
Term
Loan
B,
8.167%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.500%
44,891
358,000
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(0.0%)
58,941
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.955%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
$
59,150
Financials
(0.1%)
40,000
Advisor
Group,
Inc.‡
2025
Term
Loan,
6.595%,
07/30/32
6
mo.
USD
Term
SOFR
+
3.000%
39,760
2,448
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.172%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
2,438
27,342
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.175%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
27,229
69,427
Industrials
(0.2%)
44,888
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.672%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
45,243
44,825
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.422%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
44,848
30,000
Columbus
McKinnon
Corp.!
2026
Term
Loan
B,
0.000%,
01/21/33
29,850
59,476
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.122%,
08/04/31
6
mo.
USD
Term
SOFR
+
2.250%
59,474
44,327
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.422%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
44,385
83,725
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.172%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
83,781
307,581
Information
Technology
(0.1%)
45,273
Boxer
Parent
Co.,
Inc.‡
2025
Term
Loan
B,
6.822%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
43,689
64,513
Rocket
Software,
Inc.‡
2023
Term
Loan
B,
7.422%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
61,831
33,264
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.672%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
33,302
138,822
PRINCIPAL
AMOUNT
a
a
VALUE
a
Other
(0.0%)
15,000
Connect
Finco
SARL!
2024
Extended
Term
Loan
B,
0.000%,
09/27/29
$
14,981
34,911
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.172%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
34,868
49,849
TOTAL
BANK
LOANS
(Cost
$1,592,229)
1,586,913
CONVERTIBLE
BONDS
(23.5%)
Communication
Services
(1.7%)
997,000
AST
SpaceMobile,
Inc.*
2.375%,
10/15/32
1,817,421
453,000
Lyft,
Inc.*
0.000%,
09/15/30
478,930
2,296,351
Consumer
Discretionary
(3.1%)
3,662,000
Alibaba
Group
Holding
Ltd.*
0.000%,
09/15/32
4,096,899
Energy
(0.9%)
398,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
470,464
300,000
EUR
Saipem
SpA*
2.875%,
09/11/29
666,866
1,137,330
Financials
(1.3%)
600,000
EUR
Cara
Obligations
SAS
(Kering
SA)*§
1.500%,
12/01/30
837,833
500,000
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)
Series
700§
0.000%,
03/15/27
827,615
1,665,448
Health
Care
(2.6%)
185,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
208,486
516,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
527,094
193,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
231,017
530,000
Guardant
Health,
Inc.*
0.000%,
05/15/33
630,705
521,000
Ionis
Pharmaceuticals,
Inc.*^
0.000%,
12/01/30
577,273
1,106,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
1,323,396
3,497,971
Industrials
(3.5%)
643,000
AeroVironment,
Inc.
0.000%,
07/15/30
760,302
360,000
Astronics
Corp.*
0.000%,
01/15/31
552,982
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,098,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
$
1,239,609
1,046,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
1,084,566
443,000
JBT
Marel
Corp.*
0.375%,
09/15/30
476,309
550,000
Joby
Aviation,
Inc.††
0.750%,
02/15/32
563,739
4,677,507
Information
Technology
(3.6%)
477,000
Cloudflare,
Inc.*
0.000%,
06/15/30
501,193
1,220,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
1,284,221
484,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
1,099,014
617,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
799,990
140,000,000
JPY
Rohm
Co.
Ltd.*
0.000%,
04/24/31
1,049,937
4,734,355
Materials
(1.3%)
983,000
First
Majestic
Silver
Corp.*^
0.125%,
01/15/31
1,251,919
400,000
KCC
Corp.
(HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.)*§
1.750%,
07/10/30
459,800
1,711,719
Other
(0.7%)
800,000
EUR
Euronext
NV*
1.500%,
05/30/32
920,998
Real
Estate
(0.4%)
473,000
Compass,
Inc.*
0.250%,
04/15/31
509,998
Utilities
(4.4%)
1,010,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
1,035,311
1,012,000
Duke
Energy
Corp.
4.125%,
04/15/26
1,051,721
1,800,000
EUR
Iberdrola
Finanzas
SA
Series
IBE*
1.500%,
03/27/30
2,435,751
1,097,000
PPL
Capital
Funding,
Inc.
2.875%,
03/15/28
1,237,460
5,760,243
TOTAL
CONVERTIBLE
BONDS
(Cost
$28,301,287)
31,008,819
CORPORATE
BONDS
(10.1%)
Airlines
(0.1%)
33,443
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
08/15/27
33,594
37,675
American
Airlines
Pass-Through
Trust
Series
2021-1,
Class
B
3.950%,
07/11/30
36,304
PRINCIPAL
AMOUNT
a
a
VALUE
a
31,473
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
09/15/31
$
30,363
35,873
JetBlue
Pass-Through
Trust
Series
2020-1,
Class
B
7.750%,
11/15/28
36,030
136,291
Basic
Materials
(0.0%)
10,000
WR
Grace
Holdings
LLC*
7.000%,
08/01/33
10,021
Communication
Services
(0.9%)
59,538
Altice
France
SA*
6.875%,
07/15/32
58,169
55,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
54,079
15,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
15,727
36,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
36,370
Clear
Channel
Outdoor
Holdings,
Inc.*
25,000
7.875%,
04/01/30
26,321
25,000
7.500%,
03/15/33
26,582
17,000
Directv
Financing
LLC*
8.875%,
02/01/30
17,235
Directv
Financing
LLC/Directv
Financing
Co-Obligor,
Inc.*
23,000
10.000%,
02/15/31
23,707
24,000
5.875%,
08/15/27
24,136
23,000
EW
Scripps
Co.*
9.875%,
08/15/30
22,919
70,000
Frontier
California,
Inc.
Series
F
6.750%,
05/15/27
71,802
11,000
Frontier
Communications
Holdings
LLC*
8.750%,
05/15/30
11,348
85,000
Frontier
Florida
LLC
Series
E
6.860%,
02/01/28
88,074
65,000
Frontier
North,
Inc.
Series
G
6.730%,
02/15/28
66,985
40,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
38,067
Gray
Media,
Inc.*
23,000
7.250%,
08/15/33
23,560
20,000
5.375%,
11/15/31
14,876
40,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
37,888
11,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
11,405
Lumen
Technologies,
Inc.
29,500
10.000%,
10/15/32*
29,500
29,000
Series
P,
7.600%,
09/15/39
28,658
45,000
Paramount
Global
4.900%,
08/15/44
32,056
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Rogers
Communications,
Inc.‡
35,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
$
36,749
25,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
25,911
Scripps
Escrow
II,
Inc.*^
11,000
5.375%,
01/15/31
8,211
23,000
3.875%,
01/15/29
21,281
20,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
20,699
Sirius
XM
Radio
LLC*
45,000
5.500%,
07/01/29
45,244
56,000
3.875%,
09/01/31^
51,203
20,000
3.125%,
09/01/26
19,886
20,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
20,446
Time
Warner
Cable
LLC
15,000
7.300%,
07/01/38
15,977
25,000
6.550%,
05/01/37
25,323
21,000
T-Mobile
USA,
Inc.^
6.700%,
12/15/33
23,455
Univision
Communications,
Inc.*
20,000
8.500%,
07/31/31
20,889
35,000
8.000%,
08/15/28
36,149
Warnermedia
Holdings,
Inc.
20,000
5.050%,
03/15/42
14,162
10,000
4.279%,
03/15/32
8,805
1,153,854
Communications
(0.0%)
45,000
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*^
4.250%,
01/15/34
38,041
Consumer
Discretionary
(2.1%)
65,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
67,901
Adient
Global
Holdings
Ltd.*
35,000
8.250%,
04/15/31
36,699
22,000
7.500%,
02/15/33
22,870
Advance
Auto
Parts,
Inc.*
11,000
7.375%,
08/01/33
11,157
20,000
7.000%,
08/01/30
20,329
32,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
32,927
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
22,000
6.875%,
08/01/33
22,208
38,000
4.625%,
08/01/29
36,439
Bath
&
Body
Works,
Inc.
25,000
6.875%,
11/01/35
25,311
57,000
6.694%,
01/15/27
57,893
30,000
6.625%,
10/01/30*
30,726
Caesars
Entertainment,
Inc.*
40,000
6.500%,
02/15/32
40,955
35,000
6.000%,
10/15/32^
34,064
28,000
4.625%,
10/15/29^
26,894
PRINCIPAL
AMOUNT
a
a
VALUE
a
Carnival
Corp.*
45,000
6.125%,
02/15/33
$
46,320
22,000
4.000%,
08/01/28
21,790
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
50,000
6.375%,
09/01/29
50,561
26,000
5.125%,
05/01/27
26,045
45,000
4.750%,
03/01/30
43,066
22,000
4.750%,
02/01/32^
20,121
45,000
4.500%,
08/15/30
42,387
46,000
4.250%,
02/01/31
42,166
45,000
Century
Communities,
Inc.*
6.625%,
09/15/33
45,632
Churchill
Downs,
Inc.*
23,000
6.750%,
05/01/31
23,736
22,000
5.750%,
04/01/30
22,140
34,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
35,246
23,000
Dana,
Inc.
4.500%,
02/15/32
21,857
DISH
DBS
Corp.
18,000
7.375%,
07/01/28
17,298
21,000
5.125%,
06/01/29
18,608
46,000
DISH
Network
Corp.*
11.750%,
11/15/27
47,613
175,000
Ford
Motor
Co.
6.100%,
08/19/32
182,147
20,000
General
Motors
Co.
5.200%,
04/01/45
18,067
goeasy
Ltd.*
41,000
7.625%,
07/01/29
40,647
45,000
6.875%,
02/15/31
42,336
Goodyear
Tire
&
Rubber
Co.
63,000
5.625%,
04/30/33^
60,190
20,000
5.250%,
07/15/31
19,074
Group
1
Automotive,
Inc.*
25,000
6.375%,
01/15/30
25,704
19,000
4.000%,
08/15/28
18,623
30,264
Guitar
Center,
Inc.‡
12.000%,
08/19/32
9,079
7,367
JetBlue
Pass-Through
Trust
Series
2019-1,
Class
B
8.000%,
05/15/29
7,409
20,000
Kohl's
Corp.
5.550%,
07/17/45
13,580
45,000
Liberty
Interactive
LLC
8.250%,
02/01/30
3,107
45,000
Life
Time,
Inc.*
6.000%,
11/15/31
46,154
34,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
34,504
45,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
46,999
25,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
25,194
30,000
M/I
Homes,
Inc.
3.950%,
02/15/30
28,883
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
Macy's
Retail
Holdings
LLC
33,000
6.700%,
07/15/34*
$
32,078
55,000
4.300%,
02/15/43
39,807
80,000
MGM
Resorts
International^
6.500%,
04/15/32
81,940
55,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
54,048
NCL
Corp.
Ltd.*
22,000
6.750%,
02/01/32
22,566
25,000
6.250%,
09/15/33^
25,162
20,000
5.875%,
01/15/31
20,066
Newell
Brands,
Inc.
22,000
8.500%,
06/01/28*
23,092
22,000
6.625%,
05/15/32^
21,581
20,000
6.375%,
05/15/30^
19,804
45,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
44,932
Patrick
Industries,
Inc.*
23,000
6.375%,
11/01/32
23,564
37,000
4.750%,
05/01/29
36,655
50,000
Penn
Entertainment,
Inc.*^
4.125%,
07/01/29
46,465
43,000
Premier
Entertainment
Sub
LLC/
Premier
Entertainment
Finance
Corp.*
5.625%,
09/01/29
31,818
20,000
QVC,
Inc.
5.450%,
08/15/34
7,828
4,767
Rite
Aid
Corp.
0.000%,
08/30/34
—
45,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
45,840
45,000
Rivers
Enterprise
Lender
LLC/Rivers
Enterprise
Lender
Corp.*
6.250%,
10/15/30
45,706
26,250
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
69
11,295
SGUS
LLC*@
0.000%,
12/15/29
366
43,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
41,521
65,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
64,216
39,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
37,474
23,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
23,478
30,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
29,489
PRINCIPAL
AMOUNT
a
a
VALUE
a
34,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
$
33,970
30,000
Staples,
Inc.*
10.750%,
09/01/29
29,504
55,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
51,872
45,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
47,412
28,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
28,755
6,000
United
Airlines
Holdings,
Inc.††
5.375%,
03/01/31
6,063
10,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
10,668
22,000
Voyager
Parent
LLC*
9.250%,
07/01/32
23,406
45,000
Whirlpool
Corp.^
6.500%,
06/15/33
44,423
20,000
William
Carter
Co.*
7.375%,
02/15/31
20,700
40,000
Windsor
Holdings
III
LLC*
8.500%,
06/15/30
42,222
2,771,216
Consumer
Staples
(0.7%)
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
30,000
5.875%,
02/15/28
30,063
6,000
5.750%,
03/31/34
5,903
6,000
5.500%,
03/31/31
6,027
75,000
4.625%,
01/15/27
75,009
43,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
45,330
43,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
44,263
Brink's
Co.*
23,000
6.750%,
06/15/32
23,965
25,000
6.500%,
06/15/29
25,815
51,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
48,211
45,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
44,483
53,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
50,881
Energizer
Holdings,
Inc.*
23,000
6.000%,
09/15/33
22,108
49,000
4.375%,
03/31/29
47,098
MPH
Acquisition
Holdings
LLC*
38,898
6.750%,
03/31/31
33,244
17,076
5.750%,
12/31/30
14,667
33,000
New
Albertsons
LP
7.750%,
06/15/26
33,372
Performance
Food
Group,
Inc.*
11,000
6.125%,
09/15/32
11,320
43,000
4.250%,
08/01/29
42,135
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
35,000
Pilgrim's
Pride
Corp.
4.250%,
04/15/31
$
34,140
Post
Holdings,
Inc.*
39,000
6.375%,
03/01/33
39,347
43,000
6.250%,
02/15/32
44,219
42,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
39,353
48,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
50,005
35,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
35,097
34,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
33,994
880,049
Energy
(1.4%)
34,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
33,990
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
45,000
6.625%,
10/15/32
46,709
35,000
6.625%,
07/15/33
36,259
Buckeye
Partners
LP
16,000
6.875%,
07/01/29*
16,660
33,000
6.750%,
02/01/30*
34,581
25,000
5.850%,
11/15/43
23,406
30,000
Continental
Resources,
Inc.
4.900%,
06/01/44
24,284
35,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
33,859
Enbridge,
Inc.‡
31,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
32,936
20,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
21,309
Energy
Transfer
LP‡
40,000
7.133%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
40,130
20,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
20,669
32,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
32,158
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
31,000
8.875%,
04/15/30
32,645
20,000
8.000%,
05/15/33
20,896
40,000
Gulfport
Energy
Operating
Corp.*
6.750%,
09/01/29
41,316
45,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
47,578
45,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
46,784
41,000
Matador
Resources
Co.*
6.500%,
04/15/32
41,776
60,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
61,153
PRINCIPAL
AMOUNT
a
a
VALUE
a
30,000
New
Fortress
Energy,
Inc.*
6.500%,
09/30/26
$
2,743
45,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
45,800
31,000
ONEOK,
Inc.*^
6.500%,
09/01/30
33,272
42,000
Permian
Resources
Operating
LLC*
7.000%,
01/15/32
44,015
20,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
19,919
50,000
Plains
All
American
Pipeline
LP
Series
B‡
8.223%,
03/01/26
,
3
mo.
USD
Term
SOFR
+
4.372%
50,037
21,000
SM
Energy
Co.*
9.625%,
06/15/33
22,983
45,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
46,850
60,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
62,750
Sunoco
LP*
35,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
36,131
70,000
6.625%,
08/15/32
72,251
45,000
6.250%,
07/01/33
46,318
45,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
45,828
40,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
39,634
Transocean
International
Ltd.*
60,000
8.500%,
05/15/31
61,106
34,000
7.875%,
10/15/32
35,907
Venture
Global
Calcasieu
Pass
LLC*
10,000
4.125%,
08/15/31
9,235
10,000
3.875%,
08/15/29
9,507
Venture
Global
LNG,
Inc.*
20,000
9.875%,
02/01/32^
21,181
20,000
9.500%,
02/01/29
21,317
108,000
9.000%,
09/30/29^‡
,
5
yr.
CMT
+
5.440%
95,194
55,000
8.375%,
06/01/31
56,295
35,000
8.125%,
06/01/28
35,863
23,000
7.000%,
01/15/30^
23,154
Venture
Global
Plaquemines
LNG
LLC*
45,000
6.500%,
01/15/34
46,766
35,000
6.500%,
06/15/34
36,290
11,000
6.125%,
12/15/30
11,333
45,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
44,967
42,000
WBI
Operating
LLC*
6.500%,
10/15/33
42,420
45,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
46,635
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
59,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
$
59,933
1,914,732
Financials
(1.5%)
34,000
Acrisure
LLC/Acrisure
Finance,
Inc.*
8.250%,
02/01/29
35,299
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
45,000
7.375%,
10/01/32
46,652
45,000
6.500%,
10/01/31
46,327
Ally
Financial,
Inc.‡
59,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
58,747
20,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
19,201
46,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
45,399
20,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
20,401
20,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.375%,
02/01/34
20,234
45,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
47,172
45,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
46,473
45,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
48,307
Brandywine
Operating
Partnership
LP
23,000
8.875%,
04/12/29
24,725
42,000
6.125%,
01/15/31
40,730
59,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
60,621
78,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
77,690
33,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
32,579
20,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
20,450
40,000
Corebridge
Financial,
Inc.^‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
40,749
Credit
Acceptance
Corp.*
30,000
9.250%,
12/15/28
31,456
20,000
6.625%,
03/15/30
20,099
45,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
45,716
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
$
47,975
20,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
20,895
First
Citizens
BancShares,
Inc.‡
10,000
Series
B,
7.957%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
10,214
30,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
30,666
GGAM
Finance
Ltd.*
50,000
8.000%,
02/15/27
50,815
23,000
5.875%,
03/15/30
23,411
HUB
International
Ltd.*
33,000
7.375%,
01/31/32
34,596
40,000
7.250%,
06/15/30
41,806
31,000
5.625%,
12/01/29
30,998
20,000
Huntington
Bancshares,
Inc.
Series
K‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
20,037
48,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
51,023
30,000
MetLife,
Inc.
6.400%,
12/15/36
31,518
20,000
Newmark
Group,
Inc.
7.500%,
01/12/29
21,370
OneMain
Finance
Corp.
23,000
6.750%,
03/15/32
23,528
45,000
6.750%,
09/15/33
45,596
23,000
6.500%,
03/15/33
23,140
20,000
Osaic
Holdings,
Inc.
Series
JAN*
8.000%,
08/01/33
20,767
40,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
41,236
55,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
57,723
40,000
RHP
Hotel
Properties
LP/RHP
Finance
Corp.*
6.500%,
04/01/32
41,432
Rocket
Cos.,
Inc.*
34,000
6.375%,
08/01/33
35,341
23,000
6.125%,
08/01/30
23,586
42,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
39,420
40,000
Service
Properties
Trust
8.375%,
06/15/29
40,518
45,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
46,293
11,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
11,362
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
55,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
$
58,545
45,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
47,584
52,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
51,426
25,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
24,350
23,000
UWM
Holdings
LLC*
6.250%,
03/15/31
22,868
23,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
24,113
45,000
XHR
LP*
6.625%,
05/15/30
46,569
1,969,748
Health
Care
(0.6%)
64,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
63,264
CHS/Community
Health
Systems,
Inc.*
29,000
10.875%,
01/15/32
31,305
25,000
6.875%,
04/15/29
23,019
88,000
6.125%,
04/01/30
72,682
5,000
5.250%,
05/15/30
4,716
DaVita,
Inc.*
43,000
6.875%,
09/01/32
44,270
49,000
4.625%,
06/01/30
47,238
52,000
3.750%,
02/15/31
47,816
Embecta
Corp.*
11,000
6.750%,
02/15/30
10,704
33,000
5.000%,
02/15/30^
30,936
Encompass
Health
Corp.
20,000
4.750%,
02/01/30
19,914
20,000
4.500%,
02/01/28
19,918
25,000
IQVIA,
Inc.*
6.250%,
06/01/32
26,028
Medline
Borrower
LP*
63,000
5.250%,
10/01/29
63,131
55,000
3.875%,
04/01/29
53,852
200,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
181,770
Tenet
Healthcare
Corp.
70,000
6.875%,
11/15/31
76,714
34,000
5.500%,
11/15/32*
34,376
851,653
Industrials
(1.0%)
50,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
51,786
50,000
ACCO
Brands
Corp.*
4.250%,
03/15/29
46,337
Arcosa,
Inc.*
22,000
6.875%,
08/15/32
23,214
25,000
4.375%,
04/15/29
24,566
Bombardier,
Inc.*
25,000
8.750%,
11/15/30
26,786
PRINCIPAL
AMOUNT
a
a
VALUE
a
13,000
7.250%,
07/01/31
$
13,820
15,000
7.000%,
06/01/32
15,776
11,000
6.750%,
06/15/33
11,571
44,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
43,203
65,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
67,386
10,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
10,058
10,083
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*
4.750%,
10/20/28
10,161
Deluxe
Corp.*
10,000
8.125%,
09/15/29
10,511
58,000
8.000%,
06/01/29
59,032
EnerSys*
20,000
6.625%,
01/15/32
20,736
25,000
4.375%,
12/15/27
24,890
EquipmentShare.com,
Inc.*
25,000
8.625%,
05/15/32
26,742
15,000
8.000%,
03/15/33
15,835
Graphic
Packaging
International
LLC*
30,000
4.750%,
07/15/27
29,971
20,000
3.500%,
03/01/29
19,106
51,000
Great
Lakes
Dredge
&
Dock
Corp.*
5.250%,
06/01/29
50,235
Herc
Holdings,
Inc.*
23,000
7.250%,
06/15/33
24,357
23,000
7.000%,
06/15/30
24,149
23,000
6.625%,
06/15/29
23,816
34,000
JELD-WEN,
Inc.*^
7.000%,
09/01/32
21,535
70,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
69,658
33,000
Moog,
Inc.*
4.250%,
12/15/27
32,855
52,000
Novelis
Corp.*
4.750%,
01/30/30
50,456
45,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
46,687
Sealed
Air
Corp.*
10,000
6.500%,
07/15/32
10,399
11,000
5.000%,
04/15/29
11,081
Sealed
Air
Corp./Sealed
Air
Corp.
U.S.*
10,000
7.250%,
02/15/31
10,433
35,000
6.125%,
02/01/28
35,568
40,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
37,548
Standard
Building
Solutions,
Inc.*
10,000
6.500%,
08/15/32
10,322
34,000
6.250%,
08/01/33
34,766
45,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
47,569
TransDigm,
Inc.*
15,000
7.125%,
12/01/31
15,734
45,000
6.875%,
12/15/30
46,899
35,000
6.750%,
08/15/28
35,636
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
29,000
6.625%,
03/01/32
$
30,068
10,266
United
Airlines
Pass-Through
Trust
Series
2019-2,
Class
B
3.500%,
05/01/28
10,020
34,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
35,116
Williams
Scotsman,
Inc.*
15,000
6.625%,
06/15/29
15,519
27,000
4.625%,
08/15/28
26,924
1,308,837
Information
Technology
(0.4%)
Block,
Inc.*
11,000
6.000%,
08/15/33
11,238
20,000
5.625%,
08/15/30
20,373
22,000
CACI
International,
Inc.*
6.375%,
06/15/33
22,877
30,000
Cloud
Software
Group,
Inc.*
6.625%,
08/15/33
28,785
23,000
Coherent
Corp.*
5.000%,
12/15/29
22,934
4,000
Dell
International
LLC/EMC
Corp.
6.020%,
06/15/26
4,013
Fair
Isaac
Corp.*
17,000
6.000%,
05/15/33
17,319
26,000
4.000%,
06/15/28
25,586
50,000
KBR,
Inc.*
4.750%,
09/30/28
49,428
34,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
33,323
20,000
Open
Text
Corp.*
6.900%,
12/01/27
20,663
Open
Text
Holdings,
Inc.*
10,000
4.125%,
02/15/30
9,300
26,000
4.125%,
12/01/31
23,386
60,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
58,330
Twilio,
Inc.
11,000
3.875%,
03/15/31
10,408
30,000
3.625%,
03/15/29
28,800
52,000
UKG,
Inc.*
6.875%,
02/01/31
52,025
65,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
62,072
45,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
46,449
40,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
36,582
583,891
Materials
(0.6%)
45,000
Avient
Corp.*
6.250%,
11/01/31
46,287
45,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
46,719
Celanese
U.S.
Holdings
LLC
20,000
7.379%,
07/15/32
20,892
23,000
7.375%,
02/15/34
23,439
PRINCIPAL
AMOUNT
a
a
VALUE
a
44,000
Century
Aluminum
Co.*
6.875%,
08/01/32
$
45,628
37,000
Chemours
Co.*^
8.000%,
01/15/33
37,124
75,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
71,295
75,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
60,474
45,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
47,001
44,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
44,414
45,000
Knife
River
Corp.*
7.750%,
05/01/31
46,944
Mercer
International,
Inc.^
18,000
12.875%,
10/01/28*
13,222
48,000
5.125%,
02/01/29
29,847
45,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
46,498
56,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
55,532
45,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
45,266
45,000
Terex
Corp.*
6.250%,
10/15/32
46,127
18,107
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*
7.625%,
05/03/29
463
43,000
WR
Grace
Holdings
LLC*
6.625%,
08/15/32
42,816
769,988
Other
(0.4%)
33,000
Asurion
LLC
&
Asurion
Co-Issuer,
Inc.*
8.000%,
12/31/32
34,518
15,523
Claritev
Corp.
Series
B*
6.750%,
03/31/31
12,206
45,000
DBR
Land
Holdings
LLC*
6.250%,
12/01/30
46,131
EchoStar
Corp.
73,945
10.750%,
11/30/29
81,115
44,123
6.750%,
11/30/30
44,900
45,000
Enerflex,
Inc.*
6.875%,
01/15/31
46,571
25,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
25,253
22,000
Graham
Holdings
Co.*
5.625%,
12/01/33
22,202
40,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
41,914
34,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
35,455
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
New
Gold,
Inc.*
6.875%,
04/01/32
$
47,888
20,000
Reinsurance
Group
of
America,
Inc.‡
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
20,653
45,000
Rfna
LP*
7.875%,
02/15/30
45,369
45,000
SM
Energy
Co.*^
7.000%,
08/01/32
45,142
22,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
22,978
572,295
Real
Estate
(0.1%)
22,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
22,539
30,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
29,393
31,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
30,209
82,141
Special
Purpose
Acquisition
Companies
(0.1%)
11,000
Clydesdale
Acquisition
Holdings,
Inc.*
6.750%,
04/15/32
11,100
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
65,000
6.750%,
01/15/30
61,467
23,000
4.625%,
01/15/29
22,273
94,840
Utilities
(0.2%)
25,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
25,678
20,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
20,582
45,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
47,073
35,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
36,645
35,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
36,004
33,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
34,388
16,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.612%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
15,864
Vistra
Corp.*‡
10,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
10,195
PRINCIPAL
AMOUNT
a
a
VALUE
a
20,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
$
20,308
246,737
TOTAL
CORPORATE
BONDS
(Cost
$13,397,469)
13,384,334
SOVEREIGN
BONDS
(3.9%)
Other
(3.9%)
17,250,000
MXN
Mexican
Bonos
7.750%,
05/29/31
962,627
12,600,000
MXN
Mexican
Bonos
8.500%,
03/02/28
734,106
12,490,000
MXN
Mexican
Bonos
8.500%,
02/28/30
723,029
15,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
7.000%,
02/28/31
912,605
14,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.000%,
01/31/30
890,978
14,750,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.250%,
03/31/32
939,686
TOTAL
SOVEREIGN
BONDS
(Cost
$5,070,479)
5,163,031
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(91.5%)
Communication
Services
(9.9%)
14,360
Alphabet,
Inc.
-
Class
Aµ
4,853,680
553
Audacy,
Inc.#
2,765
1,050
Baidu,
Inc.
(
ADR
)#^
160,839
76,500
HKD
Baidu,
Inc.
-
Class
A#µ
1,466,317
310
Cumulus
Media,
Inc.
-
Class
A#
25
1,280
Meta
Platforms,
Inc.
-
Class
A^
917,120
6,385
Millicom
International
Cellular
SA
389,677
22,494
ZAR
MTN
Group
Ltd.
249,786
925
Optimum
Communications,
Inc.
-
Class
A#^
1,415
438,000
SGD
Singapore
Telecommunications
Ltd.µ
1,580,606
3,600
KRW
SK
Telecom
Co.
Ltd.
181,426
20,000
JPY
SoftBank
Group
Corp.µ
546,148
23,805
HKD
Tencent
Holdings
Ltd.µ
1,824,597
7,400
BRL
TIM
SA
34,478
7,610
Walt
Disney
Co.µ
858,408
13,067,287
Consumer
Discretionary
(8.4%)
43,055
HKD
Alibaba
Group
Holding
Ltd.
(
ADR
)µ
1,294,806
15,600
MXN
Alsea
SAB
de
CV
47,587
8,925
Amazon.com,
Inc.#^
2,135,753
1,950
EUR
Auto1
Group
SE#
64,141
5,700
CNY
China
Tourism
Group
Duty
Free
Corp.
Ltd.
-
Class
A
73,258
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
19,900
HKD
China
Tourism
Group
Duty
Free
Corp.
Ltd.
-
Class
H*^
$
230,889
4,410
INR
Eicher
Motors
Ltd.
342,116
30,000
HKD
Galaxy
Entertainment
Group
Ltd.
152,423
8,375
KRW
Hyundai
Motor
Co.
2,915,383
45,700
HKD
JD.com,
Inc.
-
Class
A
651,711
33,500
HKD
Li
Ning
Co.
Ltd.
87,602
280
EUR
LVMH
Moet
Hennessy
Louis
Vuitton
SEµ
180,713
2,200
JPY
Nextage
Co.
Ltd.
46,607
11,570
NIO,
Inc.
(
ADR
)#
54,379
400
JPY
Open
House
Group
Co.
Ltd.
23,537
70
Rite
Aid
Corp.#
70
64,000
HKD
Sands
China
Ltd.
138,898
4,200
EUR
Schaeffler
AG
49,535
4,271
Tesla,
Inc.#µ
1,838,281
10,470
Viking
Holdings
Ltd.#
755,410
2,589
EUR
Westwing
Group
SE#
44,058
23,000
HKD
Zhongsheng
Group
Holdings
Ltd.
34,265
11,161,422
Consumer
Staples
(1.3%)
1,500
Constellation
Brands,
Inc.
-
Class
A
235,050
700
CNY
Kweichow
Moutai
Co.
Ltd.
-
Class
A
141,114
5,975
Philip
Morris
International,
Inc.^
1,072,154
435
PriceSmart,
Inc.
61,861
47,088
BRL
Raia
Drogasil
SA
219,212
1,729,391
Energy
(3.1%)
11,650
GBP
BP
PLCµ
73,868
1,830
Cameco
Corp.
225,804
8,300
CAD
CES
Energy
Solutions
Corp.
86,557
180
Cheniere
Energy
Partners
LP
10,150
8,810
Chevron
Corp.µ
1,558,489
14,400
Denison
Mines
Corp.#^
57,024
2,552
Energy
Transfer
LP
47,084
1,160
Enterprise
Products
Partners
LP
38,500
341
EP
Energy
Corp.#
554
11,400
Helmerich
&
Payne,
Inc.
386,232
46,000
THB
PTT
Exploration
&
Production
PCL
179,669
25,010
TechnipFMC
PLC
1,393,557
4,057,488
Financials
(16.6%)
9,500
ZAR
Absa
Group
Ltd.
149,697
72,910
EUR
Alpha
Bank
SA
349,017
11,336
INR
Axis
Bank
Ltd.
168,694
67,390
Banco
Bradesco
SA
(
ADR
)
272,929
98,800
EUR
Banco
Santander
SAµ
1,261,485
3,650
EUR
Bank
of
Cyprus
Holdings
PLC
40,272
163,310
GBP
Barclays
PLC
1,089,942
6,100
EUR
BAWAG
Group
AG*
992,323
1,115
ZAR
Capitec
Bank
Holdings
Ltd.
299,370
40,000
HKD
China
Life
Insurance
Co.
Ltd.
-
Class
Hµ
178,009
NUMBER
OF
SHARES
b
b
VALUE
b
8,000
Citigroup,
Inc.µ
$
925,680
470
Credicorp
Ltd.
167,710
9,720
EUR
Erste
Group
Bank
AG
1,263,687
52,130
EUR
Eurobank
SA
-
Class
A
254,758
1,200
EUR
flatexDEGIRO
SE
58,536
1,685
Goldman
Sachs
Group,
Inc.^µ
1,576,166
1,980
Grupo
Cibest
SA
(
ADR
)
161,667
40,400
Huntington
Bancshares,
Inc.^
706,192
6,000
SGD
iFAST
Corp.
Ltd.
49,755
32,198
Itau
Unibanco
Holding
SA
(
ADR
)
276,581
3,425
JPMorgan
Chase
&
Co.
1,047,673
11,885
KRW
KB
Financial
Group,
Inc.
1,112,426
510
EUR
KBC
Ancora
46,868
10,600
KRW
Mirae
Asset
Securities
Co.
Ltd.
314,243
7,000
JPY
Mizuho
Financial
Group,
Inc.µ
303,925
18,000
NU
Holdings
Ltd.
-
Class
A#µ
319,500
13,000
JPY
ORIX
Corp.
396,180
39,500
HKD
Ping
An
Insurance
Group
Co.
of
China
Ltd.
-
Class
Hµ
366,376
1,100
JPY
Rakuten
Bank
Ltd.#^
52,644
110,620
MYR
RHB
Bank
Bhd.
237,067
7,355
Robinhood
Markets,
Inc.
-
Class
A#µ
731,675
1,945
KRW
Samsung
Life
Insurance
Co.
Ltd.
253,250
21,300
INR
Shriram
Finance
Ltd.
236,442
239,945
TWD
SinoPac
Financial
Holdings
Co.
Ltd.
217,338
15,395
EUR
Societe
Generale
SAµ
1,349,055
25,739
INR
State
Bank
of
India
301,636
1,580
ILS
Tel
Aviv
Stock
Exchange
Ltd.
60,704
3,500
SEK
TF
Bank
AB*
67,520
21,250
EUR
Unicaja
Banco
SA*
72,821
27,145
EUR
UniCredit
SpAµ
2,365,579
12,385
Wells
Fargo
&
Co.µ
1,120,719
4,800
Wintrust
Financial
Corp.
707,952
21,924,063
Health
Care
(4.7%)
5,060
SEK
Ambea
AB*
77,162
310
Ascendis
Pharma
AS
(
ADR
)#
70,091
6,890
GBP
AstraZeneca
PLCµ
1,283,704
1,395
Eli
Lilly
&
Co.µ
1,446,824
5,010
EUR
Fresenius
SE
&
Co.
KGaA
280,248
1,310
Humana,
Inc.~
255,712
4,905
Johnson
&
Johnson^µ
1,114,661
1,000
EUR
Medincell
SA#
26,738
19,829
Novo
Nordisk
AS
(
ADR
)
1,178,438
1,600
EUR
UCB
SAµ
487,561
6,221,139
Industrials
(12.9%)
1,380
EUR
Airbus
SEµ
315,951
889
Ardagh
Holdings
SA#
6,981
350
EUR
Bilfinger
SE
49,038
9,783
GBP
Ceres
Power
Holdings
PLC#
39,872
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
5,140
CNY
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
$
259,349
255
EUR
DO
&
Co.
AG
59,607
2,315
KRW
Doosan
Enerbility
Co.
Ltd.#
144,516
3,200
Embraer
SA
(
ADR
)
235,072
1,570
EUR
Exosens
SAS
100,575
11,500
JPY
FANUC
Corp.
461,778
2,500
JPY
Fujikura
Ltd.
314,217
2,010
GE
Vernova,
Inc.µ
1,460,004
260
KRW
Hanwha
Aerospace
Co.
Ltd.#
234,047
13,100
JPY
Harmonic
Drive
Systems,
Inc.
288,542
761
KRW
HD
Hyundai
Heavy
Industries
Co.
Ltd.
302,901
32,100
JPY
Hitachi
Ltd.µ
1,113,874
686
KRW
Hyosung
Heavy
Industries
Corp.#
1,230,382
210
KRW
Hyundai
Glovis
Co.
Ltd.
35,406
330
KRW
Hyundai
Rotem
Co.
Ltd.
52,765
2,800
JPY
IHI
Corp.
64,781
2,030
GBP
IMI
PLC
76,657
3,670
CHF
Implenia
AG
351,469
30,670
PHP
International
Container
Terminal
Services,
Inc.
335,927
4,000
JPY
Japan
Elevator
Service
Holdings
Co.
Ltd.
42,116
8,700
CNY
Jiangsu
Hengli
Hydraulic
Co.
Ltd.
-
Class
A
135,375
24,300
JPY
Kandenko
Co.
Ltd.
874,858
1,110
EUR
KION
Group
AG
78,405
839,000
HKD
Lonking
Holdings
Ltd.
344,154
9,700
JPY
Mitsubishi
Heavy
Industries
Ltd.µ
285,606
4,350
SEK
Munters
Group
AB*
85,885
220
KRW
Rainbow
Robotics#
110,753
557
EUR
Rheinmetall
AGµ
1,180,197
112,405
GBP
Rolls-Royce
Holdings
PLCµ
1,879,072
1,440
KRW
Samsung
C&T
Corp.
300,175
14,700
CNY
Shanghai
International
Airport
Co.
Ltd.
-
Class
A
65,124
4,830
EUR
Siemens
AGµ
1,460,254
3,410
EUR
Siemens
Energy
AG#µ
580,996
1,105
KRW
SK
Square
Co.
Ltd.#
432,553
8,700
HKD
UBTech
Robotics
Corp.
Ltd.
-
Class
H#
155,297
4,740
Waste
Management,
Inc.^µ
1,053,418
65,800
CNY
Weichai
Power
Co.
Ltd.
-
Class
A
224,755
800
JPY
Yaskawa
Electric
Corp.
25,535
26,800
CNY
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.
-
Class
A
196,509
17,044,748
Information
Technology
(29.7%)
2,400
Advanced
Micro
Devices,
Inc.#µ
568,152
2,000
JPY
Advantest
Corp.µ
330,773
1,110
AppLovin
Corp.
-
Class
A#µ
525,152
5,200
TWD
Asia
Vital
Components
Co.
Ltd.
236,249
1,680
ASML
Holding
NVµ
2,390,640
NUMBER
OF
SHARES
b
b
VALUE
b
1,420
TWD
ASPEED
Technology,
Inc.
$
397,111
830
CNY
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.
-
Class
A
35,970
4,048
Broadcom,
Inc.^
1,341,102
9,350
TWD
Chroma
ATE,
Inc.
287,105
17,800
TWD
Compeq
Manufacturing
Co.
Ltd.
94,906
7,700
TWD
Delta
Electronics,
Inc.
293,850
5,450
TWD
Elite
Material
Co.
Ltd.
295,622
3,700
CNY
Hygon
Information
Technology
Co.
Ltd.
-
Class
A
140,099
100
KRW
Hyundai
Autoever
Corp.
32,059
2,000
JPY
Ibiden
Co.
Ltd.^
105,429
9,315
EUR
Indra
Sistemas
SA^
602,065
18,535
Intel
Corp.#^µ
861,321
950
EUR
Jenoptik
AG
29,436
8,020
JFrog
Ltd.#
439,496
2,800
JPY
Kioxia
Holdings
Corp.#µ
383,002
97,000
CAD
Kraken
Robotics,
Inc.#^
568,472
11,200
TWD
LandMark
Optoelectronics
Corp.
350,874
12,100
CNY
Lens
Technology
Co.
Ltd.
-
Class
A
63,135
4,010
Marvell
Technology,
Inc.^
316,469
4,500
TWD
MediaTek,
Inc.
249,617
1,000
JPY
Micronics
Japan
Co.
Ltd.
57,819
4,025
Microsoft
Corp.^
1,731,917
11,350
CNY
Montage
Technology
Co.
Ltd.
-
Class
A
296,255
4,200
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
286,778
900
ILS
Next
Vision
Stabilized
Systems
Ltd.
81,181
31,380
NVIDIA
Corp.^
5,997,659
3,300
JPY
Optex
Group
Co.
Ltd.
51,235
5,675
Palantir
Technologies,
Inc.
-
Class
A#
831,898
4,350
TWD
Phison
Electronics
Corp.
322,599
5,080
EUR
Profile
Systems
&
Software
SA
47,015
900
KRW
Robotis
Co.
Ltd.#
210,121
365
KRW
Samsung
Electro-Mechanics
Co.
Ltd.
70,196
46,720
KRW
Samsung
Electronics
Co.
Ltd.
5,161,379
2,230
Shopify,
Inc.
-
Class
A#µ
292,643
2,920
KRW
SK
Hynix,
Inc.
1,823,181
170,240
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
9,413,575
4,100
JPY
Tokyo
Electron
Ltd.µ
1,092,481
6,800
TWD
Tripod
Technology
Corp.
80,140
5,905
CNY
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.
-
Class
A#
187,529
1,300
JPY
Yamaichi
Electronics
Co.
Ltd.
49,406
2,700
CNY
Zhongji
Innolight
Co.
Ltd.
-
Class
A
250,733
39,273,846
Materials
(4.6%)
38,367
CAD
Alamos
Gold,
Inc.
-
Class
A^
1,421,804
295
EUR
Alzchem
Group
AG
53,930
34,090
Cemex
SAB
de
CV
(
ADR
)
425,443
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NUMBER
OF
SHARES
b
b
VALUE
b
31,500
HKD
China
Hongqiao
Group
Ltd.
$
144,071
1,430
CAD
ERO
Copper
Corp.#
47,973
6,485
EUR
Heidelberg
Materials
AG
1,776,051
18,700
CAD
Hudbay
Minerals,
Inc.^
442,900
1,720
KRW
HVM
Co.
Ltd.#
104,423
15,515
ZAR
Impala
Platinum
Holdings
Ltd.
289,188
29,030
AUD
Lynas
Rare
Earths
Ltd.#^
292,219
7,520
MP
Materials
Corp.#^
441,950
130
INR
PTC
Industries
Ltd.#
25,423
1,150
Southern
Copper
Corp.^
218,868
720
EUR
Titan
SA
48,313
1,060
CAD
Torex
Gold
Resources,
Inc.
51,021
15,650
Vale
SA
(
ADR
)^
251,495
2,900
HKD
Zijin
Gold
International
Co.
Ltd.#µ
80,342
6,115,414
Real
Estate
(0.0%)
1,000
JPY
Kasumigaseki
Capital
Co.
Ltd.
48,528
Utilities
(0.3%)
10,800
BRL
Axia
Energia
111,576
8,790
EUR
Iberdrola
SAµ
197,623
7,100
EUR
Italgas
SpA^
85,301
394,500
TOTAL
COMMON
STOCKS
(Cost
$108,336,493)
121,037,826
CONVERTIBLE
PREFERRED
STOCKS
(3.9%)
Industrials
(3.1%)
54,190
Boeing
Co.
6.000%,
10/15/27
4,049,077
Utilities
(0.8%)
20,940
Southern
Co.
7.125%,
12/15/28#
1,073,175
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$5,117,579)
5,122,252
EXCHANGE-TRADED
FUNDS
(3.6%)
Other
(3.6%)
45,865
Invesco
Senior
Loan
ETF^
951,240
43,630
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF^
1,847,294
73,000
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF^
1,919,900
4,718,434
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$4,675,866)
4,718,434
NUMBER
OF
SHARES
b
b
VALUE
b
PREFERRED
STOCKS
(0.0%)
Communication
Services
(0.0%)
1,122
Qwest
Corp.
6.500%,
09/01/56
$
21,498
340
Telephone
&
Data
Systems,
Inc.
6.625%,
03/31/26
7,524
T-Mobile
USA,
Inc.µ
289
5.500%,
03/01/70
6,615
33
5.500%,
06/01/70
757
355
6.250%,
09/01/69#
8,928
45,322
TOTAL
PREFERRED
STOCKS
(Cost
$40,954)
45,322
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
153
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
25
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
Energy
(0.0%)
2,347
Mcdermott
International
Ltd.
06/30/27,
Strike
$12.33
—
2,607
Mcdermott
International
Ltd.
06/30/27,
Strike
$15.98
—
—
TOTAL
WARRANTS
(Cost
$1,002)
—
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(1.4%)#
Consumer
Discretionary
(0.1%)
4
859,116
MercadoLibre,
Inc.
Call,
03/20/26,
Strike
$2,200.00
49,420
57
663,993
Sea
Ltd.
Call,
03/20/26,
Strike
$150.00
10,858
125
885,625
Urban
Outfitters,
Inc.
Call,
03/20/26,
Strike
$85.00
21,563
81,841
Consumer
Staples
(0.1%)
340
1,552,440
Darling
Ingredients,
Inc.
Call,
07/17/26,
Strike
$45.00
204,000
Energy
(0.2%)
364
1,220,128
Halliburton
Co.
Call,
02/20/26,
Strike
$28.00
207,480
Materials
(0.0%)
19
361,608
Southern
Copper
Corp.
Call,
05/15/26,
Strike
$160.00
75,050
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Other
(1.0%)
112
1,542,016
EUR
EURO
STOXX
Banks
Index
Call,
06/19/26,
Strike
250.00
$
190,841
334
20,770,458
Invesco
QQQ
Trust
Series
1
Put,
02/20/26,
Strike
$605.00
209,251
155
9,638,985
Invesco
QQQ
Trust
Series
1
Put,
04/17/26,
Strike
$615.00
291,323
965
9,721,410
iShares
MSCI
EAFE
ETF
Put,
03/31/26,
Strike
$88.00
29,432
960
9,671,040
iShares
MSCI
EAFE
ETF
Put,
04/17/26,
Strike
$98.00
149,760
3,380
19,975,800
iShares
MSCI
Emerging
Markets
ETF
Put,
03/31/26,
Strike
$50.00
59,150
1,600
9,456,000
iShares
MSCI
Emerging
Markets
ETF
Put,
04/17/26,
Strike
$58.50
255,200
1,015
5,251,610
iShares
MSCI
India
ETF
Call,
06/18/26,
Strike
$55.00
98,963
1,283,920
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$2,214,933)
1,852,291
TOTAL
INVESTMENTS
(139.1%)
(Cost
$168,748,291)
183,919,222
LIABILITIES,
LESS
OTHER
ASSETS
(-39.1%)
(
51,652,520
)
NET
ASSETS
(100.0%)
$
132,266,702
EXCHANGE-TRADED
WRITTEN
OPTION (0.0%)#
Information
Technology
(0.0%)
(40)
(315,680)
Marvell
Technology,
Inc.
Call,
11/20/26,
Strike
$125.00
(Premium
$21,641)
$
(
18,880
)
i
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
January
31,
2026.
!
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.
*
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.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
@
In
default
status
and
considered
non-income
producing.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$42,929,790.
#
Non-income
producing
security.
~
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
$19,520.
FOREIGN
CURRENCY
ABBREVIATIONS
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
New
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
PHP
Philippine
Peso
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
New
Taiwan
Dollar
ZAR
South
African
Rand
ABBREVIATION
ADR
American
Depositary
Receipt
SOFR
Secured
Overnight
Financing
Rate
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
CURRENCY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
US
Dollar
$
101,380,014
55
.1
%
European
Monetary
Unit
20,904,439
11
.4
%
South
Korean
Won
15,021,584
8
.2
%
New
Taiwan
Dollar
12,238,986
6
.7
%
Japanese
Yen
8,008,959
4
.3
%
Hong
Kong
Dollar
5,891,138
3
.2
%
British
Pound
Sterling
4,443,115
2
.4
%
South
African
Rand
3,731,310
2
.0
%
Canadian
Dollar
2,618,726
1
.4
%
Mexican
Peso
2,467,349
1
.3
%
Chinese
Yuan
Renminbi
2,355,982
1
.3
%
Singapore
Dollar
1,630,362
0
.9
%
Indian
Rupee
1,074,310
0
.6
%
Brazilian
Real
365,265
0
.2
%
Swiss
Franc
351,468
0
.2
%
Philippine
Peso
335,927
0
.2
%
Australian
Dollar
292,220
0
.2
%
Malaysian
Ringgit
237,067
0
.1
%
Swedish
Krona
230,568
0
.1
%
Thai
Baht
179,668
0
.1
%
Israeli
New
Shekel
141,885
0
.1
%
Total
Investments
$183,900,342
100
.0
%
Currency
exposure
may
vary
over
time.
COUNTRY
EXPOSURE
January
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
83,241,585
44
.3
%
South
Korea
15,481,384
8
.5
%
China
13,446,194
7
.6
%
Taiwan
12,238,986
6
.7
%
Japan
8,008,959
4
.3
%
United
Kingdom
5,808,148
3
.2
%
Germany
5,747,894
3
.1
%
Canada
5,061,231
2
.6
%
Spain
4,569,745
2
.5
%
South
Africa
3,731,310
2
.0
%
Netherlands
3,311,638
1
.8
%
Italy
3,117,746
1
.8
%
Mexico
3,111,660
1
.7
%
France
2,904,149
1
.7
%
Austria
2,315,615
1
.2
%
Brazil
1,768,817
1
.2
%
Singapore
1,630,362
0
.9
%
Denmark
1,248,528
0
.8
%
India
1,074,310
0
.6
%
Greece
650,790
0
.3
%
Belgium
534,429
0
.3
%
Guatemala
389,677
0
.2
%
Switzerland
351,468
0
.2
%
Philippines
335,927
0
.2
%
Australia
292,220
0
.2
%
Macao
291,321
0
.2
%
Malaysia
237,067
0
.1
%
Sweden
230,568
0
.1
%
Thailand
179,668
0
.1
%
Peru
167,710
0
.1
%
Colombia
161,667
0
.1
%
Israel
141,885
0
.1
%
Ireland
121,810
0
.1
%
Hong
Kong
80,342
0.0
%
Luxembourg
41,849
0.0
%
Cyprus
40,272
0.0
%
Total
Investments
$182,066,931
98
.8
%
Country
exposure
may
vary
over
time.
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
January
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
January
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Bank
Loans
42
$
—
$
1,586,913
$
—
$
1,586,913
Convertible
Bonds
32
—
31,008,819
—
31,008,819
Corporate
Bonds
393
—
13,384,334
—
13,384,334
Sovereign
Bonds
6
—
5,163,031
—
5,163,031
Common
Stocks
226
52,903,374
68,134,452
—
121,037,826
Convertible
Preferred
Stocks
2
5,122,252
—
—
5,122,252
Exchange-Traded
Funds
3
4,718,434
—
—
4,718,434
Preferred
Stocks
5
45,322
—
—
45,322
Warrants
4
—
*
—
—
—
Exchange-Traded
Purchased
Options
14
1,852,291
—
—
1,852,291
Total
$
64,641,673
$
119,277,549
$
—
$
183,919,222
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
18,880
$
—
$
—
$
18,880
Total
$
18,880
$
—
$
—
$
18,880
*
Amount
rounds
to
less
than
$1
Notes
to
Schedule
of
Investments
(Unaudited)
Note
1
–
Organization
and
Significant
Accounting
Policies
Organization.
Calamos
Convertible
Opportunities
and
Income
Fund
(“CHI”),
Calamos
Convertible
and
High
Income
Fund
(“CHY”),
Calamos
Strategic
Total
Return
Fund
(“CSQ”),
Calamos
Dynamic
Convertible
and
Income
Fund
(“CCD”),
Calamos
Global
Dynamic
Income
Fund
(“CHW”),
Calamos
Global
Total
Return
Fund
(“CGO”),
and
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
(“CPZ”)
(each
a
“Fund”,
and
collectively,
the
“Funds”)
were
each
organized
as
Delaware
statutory
trusts
and
are
each
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”)
as
a
diversified,
closed-end
management
investment
company.
Significant
Accounting
Policies.
The
Schedule
of
Investments
has
been
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(U.S.
GAAP)
and
the
Funds are considered
an
investment
company
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
The
following
summarizes
the
significant
accounting
policies
of
the
Funds:
Funds 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
a Fund determines
its
NAV.
When
a
last
sale
or
closing
price
is
not
available,
equity
securities,
other
than
option
securities,
that
are
traded
on
a
U.S.
securities
exchange
and
other
equity
securities
traded
in
the
over-the-counter
market
are
valued
at
the
mean
between
the
most
recent
bid
and
asked
quotations
on
its
principal
exchange
in
accordance
with
guidelines
adopted
by
the
Board.
Each
option
security
traded
on
a
U.S.
securities
exchange
is
valued
at
the
mid-point
of
the
consolidated
bid/ask
quote
for
the
option
security,
also
in
accordance
with
guidelines
adopted
by
the
Board
of
Trustees.
Each
over-the-counter
option
that
is
not
traded
through
the
Options
Clearing
Corporation
is
valued
either
by
an
independent
pricing
agent
approved
by
the
Board
or
based
on
a
quotation
provided
by
the
counterparty
to
such
option
under
the
ultimate
supervision
of
the
Board.
Fixed
income
securities,
bank
loans,
certain
convertible
preferred
securities,
and
non-exchange
traded
derivatives
are
normally
valued
by
independent
pricing
services
or
by
dealers
or
brokers
who
make
markets
in
such
securities.
Valuations
of
such
fixed
income
securities,
bank
loans,
certain
convertible
preferred
securities,
and
non-exchange
traded
derivatives
consider
yield
or
price
of
equivalent
securities
of
comparable
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
market
data
and
do
not
rely
exclusively
upon
exchange
or
over-the-counter
prices.
Trading
on
European
and
Far
Eastern
exchanges
and
over-the-counter
markets
is
typically
completed
at
various
times
before
the
close
of
business
on
each
day
on
which
the
New
York
Stock
Exchange
(“NYSE”)
is
open.
Each
security
trading
on
these
exchanges
or
in
over-the-counter
markets
may
be
valued
utilizing
a
systematic
fair
valuation
model
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
The
valuation
of
each
security
that
meets
certain
criteria
in
relation
to
the
valuation
model
is
systematically
adjusted
to
reflect
the
impact
of
movement
in
the
U.S.
market
after
the
foreign
markets
close.
Securities
that
do
not
meet
the
criteria,
or
that
are
principally
traded
in
other
foreign
markets,
are
valued
as
of
the
last
reported
sale
price
at
the
time
each
Fund
determines
its
NAV,
or
when
reliable
market
prices
or
quotations
are
not
readily
available,
at
the
mean
between
the
most
recent
bid
and
asked
quotations
as
of
the
close
of
the
appropriate
exchange
or
other
designated
time.
Trading
of
foreign
securities
may
not
take
place
on
every
NYSE
business
day.
In
addition,
trading
may
take
place
in
various
foreign
markets
on
Saturdays
or
on
other
days
when
the
NYSE
is
not
open
and
on
which
each
Fund’s
NAV
is
not
calculated.
If
the
Advisor’s
pricing
committee
determines
that
the
valuation
of
a
security
in
accordance
with
the
methods
described
above
is
not
reflective
of
a
fair
value
for
such
security,
the
security
is
valued
at
a
fair
value
by
the
pricing
committee.
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.
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.
Option
Transactions.
For
hedging
and
investment
purposes,
each
Fund
may
purchase
or
write
(sell)
put
and
call
options.
One
of
the
risks
associated
with
purchasing
an
option
is
that
each
Fund
pays
a
premium
whether
or
not
the
option
is
exercised.
Additionally,
each
Fund
bears
the
risk
of
loss
of
premium
and
change
in
value
should
the
counterparty
not
perform
under
the
contract.
Each
Fund
as
writer
of
an
option
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
security
underlying
the
written
option.
Note
2
–
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.
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
3
–
Fair
Value
Measurements
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
Portfolio.