UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| INVESTMENT COMPANY ACT FILE NUMBER: | 811-21484 |
| EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: | |
| ADDRESS OF PRINCIPAL EXECUTIVE OFFICES: |
2020 Calamos Court Naperville, Illinois 60563-2787 |
| NAME AND ADDRESS OF AGENT FOR SERVICE: |
John P. Calamos, Sr., Founder, Chairman and Calamos Advisors LLC 2020 Calamos Court Naperville, Illinois 60563-2787 |
REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200
DATE OF FISCAL YEAR END: October 31, 2026
DATE OF REPORTING PERIOD: November 1, 2025 through
Item 1. Reports to Stockholders.
1(a) Reports to Stockholders
|
Experience and Foresight
Calamos is a trusted and leading provider of closed-end funds that use a diversified blend of convertible securities, equities, fixed income, and alternative investments across innovative investment strategies to support competitive distributions throughout a market cycle.
Our Distribution Policies
Closed-end fund investors often seek a steady stream of income. Recognizing this important need, Calamos Strategic Total Return Fund (CSQ) and Calamos Long/Short Equity & Dynamic Income Trust (CPZ) adhere to a managed distribution policy, while Calamos Dynamic Convertible and Income Fund (CCD), Calamos Global Total Return Fund (CGO), Calamos Convertible Opportunities and Income Fund (CHI), Calamos Global Dynamic Income Fund (CHW), and Calamos Convertible and High Income Fund (CHY) adhere to a level distribution policy. Both distribution policies represent our commitment to provide common shareholders with a predictable but not assured level of cash flow through the disbursement of the following: |
|||
| TABLE OF CONTENTS | |||
| Statements of Assets and Liabilities (unaudited) | 3 | ||
| Statements of Operations (unaudited) | 5 | ||
| Statements of Changes in Net Assets | 7 | ||
| Statements of Cash Flows (unaudited) | 10 | ||
| Financial Highlights | 18 | ||
| Schedules of Investments (unaudited) | 31 | ||
| Notes to Financial Statements (unaudited) | 145 | ||
| Report of Independent Registered Public Accounting Firm | 159 | ||
| About Closed-End Funds | 160 | ||
| Level Rate and Managed Distribution Policies | 161 | ||
| Automatic Dividend Reinvestment Plan | 162 | ||
| Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions | 164 | ||
|
● Net investment income ● Net realized short-term capital gains ● Net realized long-term capital gains ● And, if necessary, return of capital We set distributions at levels that we believe are sustainable for the long term. Each Fund’s current monthly distribution per share as of April 30, 2026 is as follows: ● Calamos Convertible Opportunities and Income Fund: $0.0950 ● Calamos Convertible and High Income Fund: $0.1000 ● Calamos Strategic Total Return Fund: $ ● Calamos Dynamic Convertible and Income Fund: $0.1950 ● Calamos Global Dynamic Income Fund: $0.0500 ● Calamos Global Total Return Fund: $0.0800 ● Calamos Long/Short Equity & Dynamic Income Trust: $0.1400 You should not draw any conclusions about a Fund’s investment performance from the amount of its distribution or from the terms of a Fund’s plan. The Funds’ Board of Trustees may amend or terminate the distribution policies at any time without prior notice to the Fund’s shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of a Fund’s managed distribution policy.
For more information about any of the Calamos closed-end funds, we encourage you to contact your financial advisor or Calamos Investments at 866.363.9219 (Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time). You can also visit us at www.calamos.com.
|
|||
| Statements of Assets and Liabilities April 30, 2026 (unaudited) |
| CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND |
CALAMOS CONVERTIBLE AND HIGH INCOME FUND |
CALAMOS STRATEGIC TOTAL RETURN FUND |
CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND |
|||||||||||||
| ASSETS | ||||||||||||||||
| Investments in securities, at value* | $ | 1,372,446,566 | $ | 1,471,877,840 | $ | 4,755,698,848 | $ | 948,179,782 | ||||||||
| Cash with custodian | 30,007,832 | 24,959,386 | 147,151,955 | 20,254,171 | ||||||||||||
| Cash held at broker | 1 | 1 | 13,653 | 361 | ||||||||||||
| Receivables: | ||||||||||||||||
| Accrued interest and dividends | 6,980,108 | 7,577,812 | 10,230,331 | 3,001,527 | ||||||||||||
| Investments sold | 4,820,315 | 5,439,048 | 1,509,690 | 3,768,564 | ||||||||||||
| Prepaid expenses | 480,513 | 520,898 | 1,208,470 | 327,233 | ||||||||||||
| Other assets | 237,409 | 204,889 | 290,044 | — | ||||||||||||
| Total assets | 1,414,972,744 | 1,510,579,874 | 4,916,102,991 | 975,531,638 | ||||||||||||
| LIABILITIES | ||||||||||||||||
| Options written, at value | 662,625 | 697,500 | 600,250 | 558,000 | ||||||||||||
| Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued, and outstanding, in 000’s) (Note 8) | ||||||||||||||||
| Series C (1,340, 1,480, 3,240 and 860 shares, respectively)(1) | 33,449,959 | 36,944,955 | 80,878,901 | 21,467,974 | ||||||||||||
| Series D (1,320, 1,400, 2,480 and 1,120 shares, respectively)(2) | 32,980,707 | 34,979,664 | 61,963,547 | 27,983,166 | ||||||||||||
| Series E (1,330, 1,460 and 850 shares, respectively)(3) | 33,179,399 | 36,422,982 | — | 21,203,553 | ||||||||||||
| Series F (4,000 shares)(4) | — | — | 99,834,546 | — | ||||||||||||
| Series G (1,320, 1,440, 3,200 and 840 shares, respectively)(5) | 32,789,883 | 35,770,778 | 79,490,620 | 20,853,251 | ||||||||||||
| Payables: | ||||||||||||||||
| Notes payable (Note 7) | 301,650,000 | 328,900,000 | 1,090,000,000 | 193,250,000 | ||||||||||||
| Distributions to Mandatory Redeemable Preferred Shareholders | 412,964 | 450,794 | 1,087,788 | 277,188 | ||||||||||||
| Investments purchased | 9,660,492 | 10,685,467 | 10,413,438 | 4,027,683 | ||||||||||||
| Affiliates: | ||||||||||||||||
| Investment advisory fees | 881,915 | 943,118 | 3,838,730 | 754,698 | ||||||||||||
| Deferred compensation to Trustees | 237,409 | 204,889 | 290,044 | — | ||||||||||||
| Trustees’ fees and officer compensation | 4,500 | 4,749 | 12,306 | 3,348 | ||||||||||||
| Other accounts payable and accrued liabilities | 1,155,728 | 1,254,754 | 4,122,695 | 765,908 | ||||||||||||
| Total liabilities | 447,065,581 | 487,259,650 | 1,432,532,865 | 291,144,769 | ||||||||||||
| NET ASSETS | $ | 967,907,163 | $ | 1,023,320,224 | $ | 3,483,570,126 | $ | 684,386,869 | ||||||||
| COMPOSITION OF NET ASSETS | ||||||||||||||||
| Common stock, no par value, unlimited shares authorized | $ | 859,315,965 | $ | 906,026,969 | $ | 1,889,312,713 | $ | 582,094,953 | ||||||||
| Accumulated distributable earnings | 108,591,198 | 117,293,255 | 1,594,257,413 | 102,291,916 | ||||||||||||
| NET ASSETS | $ | 967,907,163 | $ | 1,023,320,224 | $ | 3,483,570,126 | $ | 684,386,869 | ||||||||
| Net asset value per common shares | $ | 11.99 | $ | 12.74 | $ | $ | 23.94 | |||||||||
| Shares outstanding | 80,706,787 | 80,330,314 | 28,582,860 | |||||||||||||
| Investments in securities, at cost | $ | 1,233,385,539 | $ | 1,324,078,918 | $ | 3,046,800,794 | $ | 829,105,557 | ||||||||
| Options written, at premium | 685,245 | 721,311 | 187,451 | 577,049 | ||||||||||||
| * Includes securities on loan | $ | 91,801,898 | $ | 96,408,377 | $ | 436,690,836 | $ | 32,464,447 | ||||||||
| (1) Net of deferred offering costs (Series C) | $ | 50,041 | $ | 55,045 | $ | 121,099 | $ | 32,026 | ||||||||
| (2) Net of deferred offering costs (Series D) | $ | 19,292 | $ | 20,336 | $ | 36,453 | $ | 16,834 | ||||||||
| (3) Net of deferred offering costs (Series E) | $ | 70,601 | $ | 77,018 | $ | — | $ | 46,447 | ||||||||
| (4) Net of deferred offering costs (Series F) | $ | — | $ | — | $ | 165,454 | $ | — | ||||||||
| (5) Net of deferred offering costs (Series G) | $ | 210,117 | $ | 229,222 | $ | 509,380 | $ | 146,749 | ||||||||
| See accompanying Notes to Financial Statements | www.calamos.com | 3 |
| Statements of Assets and Liabilities April 30, 2026 (unaudited) |
| CALAMOS GLOBAL DYNAMIC INCOME FUND |
CALAMOS GLOBAL TOTAL RETURN FUND |
CALAMOS LONG/ SHORT EQUITY & DYNAMIC INCOME TRUST |
||||||||||
| ASSETS | ||||||||||||
| Investments in securities, at value* | $ | 820,400,939 | $ | 193,722,767 | $ | 350,411,491 | ||||||
| Cash with custodian | 24,909,527 | 5,056,496 | 4,769,942 | |||||||||
| Cash held at broker | 2 | — | 638,455 | |||||||||
| Restricted cash for short positions | — | 10 | 152,927,776 | |||||||||
| Foreign currency | 310,871 | 86,397 | — | |||||||||
| Collateral for short positions domestic | — | — | 75,000,000 | |||||||||
| Foreign currencies held at broker | 117 | — | 4,296 | |||||||||
| Receivables: | ||||||||||||
| Investments sold | 16,290,595 | 2,666,540 | 1,652,375 | |||||||||
| Accrued interest and dividends | 2,852,029 | 579,239 | 1,697,861 | |||||||||
| Prepaid expenses | 172,676 | 62,311 | 2,766 | |||||||||
| Other assets | 110,206 | 70,034 | 403,337 | |||||||||
| Total assets | 865,046,962 | 202,243,794 | 587,508,299 | |||||||||
| LIABILITIES | ||||||||||||
| Foreign currency due to broker, at value | — | — | 223 | |||||||||
| Securities sold short, at value | — | — | 155,690,918 | |||||||||
| Options written, at value | — | — | 5,693,114 | |||||||||
| Cash due to broker | — | 2 | — | |||||||||
| Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued, and outstanding, in 000’s) (Note 8) | ||||||||||||
| Series C (880 and 160 shares, respectively)(1) | 21,967,476 | 3,993,995 | — | |||||||||
| Series D (200 and 200 shares, respectively)(2) | 4,996,713 | 4,995,538 | — | |||||||||
| Series E (860 and 160 shares, respectively)(3) | 21,449,122 | 3,987,134 | — | |||||||||
| Payables: | ||||||||||||
| Notes payable (Note 7) | 203,550,000 | 46,100,000 | 120,000,000 | |||||||||
| Distributions to Mandatory Redeemable Preferred Shareholders | 130,747 | 32,060 | — | |||||||||
| Investments purchased | 8,833,669 | 1,038,250 | 5,530,841 | |||||||||
| Affiliates: | ||||||||||||
| Investment advisory fees | 667,091 | 156,328 | 471,251 | |||||||||
| Deferred compensation to Trustees | 110,208 | 70,034 | — | |||||||||
| Trustees’ fees and officer compensation | 2,927 | 1,637 | 2,753 | |||||||||
| Other accounts payable and accrued liabilities | 1,185,243 | 361,316 | 922,500 | |||||||||
| Total liabilities | 262,893,196 | 60,736,294 | 288,311,600 | |||||||||
| NET ASSETS | $ | 602,153,766 | $ | 141,507,500 | $ | 299,196,699 | ||||||
| COMPOSITION OF NET ASSETS | ||||||||||||
| Common stock, no par value, unlimited shares authorized | $ | 545,752,774 | $ | 114,718,923 | $ | 392,628,096 | ||||||
| Accumulated distributable earnings (loss) | 56,400,992 | 26,788,577 | (93,431,397 | ) | ||||||||
| NET ASSETS | $ | 602,153,766 | $ | 141,507,500 | $ | 299,196,699 | ||||||
| Net asset value per common shares | $ | 9.43 | $ | 14.40 | $ | 15.24 | ||||||
| Shares outstanding | 63,864,387 | 9,827,294 | 19,632,194 | |||||||||
| Investments in securities, at cost | $ | 764,305,934 | $ | 170,236,596 | $ | 360,283,147 | ||||||
| Foreign currency, at cost | 310,831 | 86,386 | — | |||||||||
| Foreign currencies held at broker, at cost | 117 | — | 4,216 | |||||||||
| Foreign currency due to broker, at cost | — | — | 225 | |||||||||
| Securities sold short, at proceeds | — | — | 114,159,115 | |||||||||
| Options written, at premium | — | — | 7,783,547 | |||||||||
| * Includes securities on loan | $ | 32,563,686 | $ | 8,412,830 | $ | 2,378,391 | ||||||
| (1) Net of deferred offering costs (Series C) | $ | 32,524 | $ | 6,005 | $ | — | ||||||
| (2) Net of deferred offering costs (Series D) | $ | 3,287 | $ | 4,462 | $ | — | ||||||
| (3) Net of deferred offering costs (Series E) | $ | 50,878 | $ | 12,866 | $ | — | ||||||
| 4 | CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT | See accompanying Notes to Financial Statements |
| Statements of Operations Six Months Ended April 30, 2026 (unaudited) |
| CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND |
CALAMOS CONVERTIBLE AND HIGH INCOME FUND |
CALAMOS STRATEGIC TOTAL RETURN FUND |
CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND |
|||||||||||||
| INVESTMENT INCOME | ||||||||||||||||
| Interest | $ | 15,506,313 | $ | 16,814,288 | $ | 23,067,996 | $ | 6,274,804 | ||||||||
| Interest on short sales | — | — | — | 7 | ||||||||||||
| (Amortization)/accretion of investment securities | (12,508,639 | ) | (13,621,528 | ) | (6,221,277 | ) | (10,357,229 | ) | ||||||||
| Dividends | 3,498,243 | 3,745,174 | 22,537,652 | 2,892,575 | ||||||||||||
| Dividend taxes withheld | — | — | (24,062 | ) | — | |||||||||||
| Total investment income (loss) | 6,495,917 | 6,937,934 | 39,360,309 | (1,189,843 | ) | |||||||||||
| EXPENSES | ||||||||||||||||
| Investment advisory fees | 5,203,032 | 5,580,060 | 23,212,271 | 4,418,256 | ||||||||||||
| Interest expense on Notes Payable (Note 7) | 6,231,862 | 6,800,390 | 22,225,118 | 4,037,838 | ||||||||||||
| Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8) | 2,703,959 | 2,947,346 | 7,026,630 | 1,828,324 | ||||||||||||
| Printing and mailing fees | 51,381 | 55,802 | 109,487 | 36,757 | ||||||||||||
| Accounting fees | 44,386 | 46,502 | 121,770 | 36,234 | ||||||||||||
| Trustees’ fees and officer compensation | 36,194 | 38,482 | 117,871 | 25,978 | ||||||||||||
| Fund administration fees | 34,232 | 36,733 | 122,448 | 23,031 | ||||||||||||
| Legal fees | 34,126 | 36,214 | 106,439 | 24,860 | ||||||||||||
| Audit fees | 33,074 | 34,740 | 91,313 | 25,568 | ||||||||||||
| Tax fees | 31,167 | 33,436 | 117,190 | 20,900 | ||||||||||||
| Transfer agent fees | 20,654 | 20,399 | 23,931 | 19,323 | ||||||||||||
| Registration fees | 10,258 | 10,259 | 21,741 | 3,647 | ||||||||||||
| Custodian fees | 10,054 | 10,422 | 28,371 | 7,813 | ||||||||||||
| Other | 30,398 | 31,873 | 74,525 | 24,625 | ||||||||||||
| Total expenses | 14,474,777 | 15,682,658 | 53,399,105 | 10,533,154 | ||||||||||||
| NET INVESTMENT (LOSS) | (7,978,860 | ) | (8,744,724 | ) | (14,038,796 | ) | (11,722,997 | ) | ||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
| Net realized gain (loss) from: | ||||||||||||||||
| Investments, excluding purchased options | 25,453,997 | 30,365,143 | 92,220,404 | 28,897,632 | ||||||||||||
| Purchased options | 2,575,252 | 2,825,172 | 670,708 | 2,248,669 | ||||||||||||
| Foreign currency transactions | (5,578 | ) | (5,578 | ) | 61,429 | 998 | ||||||||||
| Written options | — | — | (1,238,555 | ) | — | |||||||||||
| Change in net unrealized appreciation (depreciation) on: | ||||||||||||||||
| Investments, excluding purchased options | 94,873,267 | 99,797,040 | 177,663,415 | 73,594,436 | ||||||||||||
| Purchased options | 1,295,081 | 1,367,561 | 339,746 | 1,079,673 | ||||||||||||
| Foreign currency translations | — | — | 6,773 | — | ||||||||||||
| Written options | 22,620 | 23,811 | (470,883 | ) | 19,049 | |||||||||||
| NET GAIN | 124,214,639 | 134,373,149 | 269,253,037 | 105,840,457 | ||||||||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 116,235,779 | $ | 125,628,425 | $ | 255,214,241 | $ | 94,117,460 | ||||||||
| See accompanying Notes to Financial Statements | www.calamos.com | 5 |
| Statements of Operations Six Months Ended April 30, 2026 (unaudited) |
| CALAMOS GLOBAL DYNAMIC INCOME FUND |
CALAMOS GLOBAL TOTAL RETURN FUND |
CALAMOS LONG/ SHORT EQUITY & DYNAMIC INCOME TRUST |
||||||||||
| INVESTMENT INCOME | ||||||||||||
| Interest | $ | 4,274,004 | $ | 865,094 | $ | 3,874,613 | ||||||
| Interest on short sales | — | — | 3,054,221 | |||||||||
| (Amortization)/accretion of investment securities | (1,576,187 | ) | (373,304 | ) | (1,791 | ) | ||||||
| Dividends | 4,694,446 | 1,137,913 | 1,465,681 | |||||||||
| Dividend taxes withheld | (359,324 | ) | (87,560 | ) | (4,442 | ) | ||||||
| Total investment income | 7,032,939 | 1,542,143 | 8,388,282 | |||||||||
| EXPENSES | ||||||||||||
| Investment advisory fees | 3,912,583 | 917,856 | 2,930,729 | |||||||||
| Interest expense on Notes Payable (Note 7) | 4,086,478 | 923,888 | 2,469,652 | |||||||||
| Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8) | 871,356 | 234,679 | — | |||||||||
| Custodian fees | 100,151 | 47,692 | 30,897 | |||||||||
| Legal fees | 56,290 | 10,155 | 17,035 | |||||||||
| Printing and mailing fees | 36,518 | 16,358 | 22,443 | |||||||||
| Accounting fees | 36,436 | 19,163 | 27,114 | |||||||||
| Tax fees | 31,329 | 17,206 | 12,896 | |||||||||
| Trustees’ fees and officer compensation | 23,426 | 9,175 | 15,664 | |||||||||
| Audit fees | 22,181 | 11,789 | 16,671 | |||||||||
| Fund administration fees | 20,391 | 4,795 | 12,094 | |||||||||
| Transfer agent fees | 17,462 | 20,698 | 11,297 | |||||||||
| Registration fees | 8,657 | 1,333 | 2,661 | |||||||||
| Dividend or interest expense on short positions | — | — | 1,112,326 | |||||||||
| Other | 102,925 | 12,427 | 105,891 | |||||||||
| Total expenses | 9,326,183 | 2,247,214 | 6,787,370 | |||||||||
| NET INVESTMENT INCOME (LOSS) | (2,293,244 | ) | (705,071 | ) | 1,600,912 | |||||||
| REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
| Net realized gain (loss) from: | ||||||||||||
| Investments, excluding purchased options | 34,493,332 | (a) | 11,462,627 | (a) | 4,081,762 | |||||||
| Purchased options | (14,016,713 | ) | (3,603,210 | ) | (11,694,605 | ) | ||||||
| Foreign currency transactions | (195,137 | ) | (42,543 | ) | 19,670 | |||||||
| Written options | 670,565 | 171,931 | 7,552,730 | |||||||||
| Change in net unrealized appreciation (depreciation) on: | ||||||||||||
| Investments, excluding purchased options | 52,602,977 | (b) | 9,122,064 | (b) | (20,689,601 | ) | ||||||
| Purchased options | 2,349,234 | 972,938 | (2,233,535 | ) | ||||||||
| Foreign currency translations | 4,267 | (351 | ) | 2,111 | ||||||||
| Written options | 20,121 | 4,946 | 4,600,061 | |||||||||
| Short positions | — | — | 5,781,317 | |||||||||
| NET GAIN (LOSS) | 75,928,646 | 18,088,402 | (12,580,090 | ) | ||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 73,635,402 | $ | 17,383,331 | $ | (10,979,178 | ) | |||||
| (a) | Net of foreign capital gains tax of $96,651 and $29,023. |
| (b) | Net of change in deferred capital gains tax of $20,202 and $7,208. |
| 6 | CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT | See accompanying Notes to Financial Statements |
| Statements of Changes in Net Assets April 30, 2026 |
| CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND |
CALAMOS CONVERTIBLE AND HIGH INCOME FUND |
CALAMOS STRATEGIC TOTAL RETURN FUND |
||||||||||||||||||||||
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 |
YEAR ENDED OCTOBER 31, 2025 |
(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 |
YEAR ENDED OCTOBER 31, 2025 |
(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 |
YEAR ENDED OCTOBER 31, 2025 |
|||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||
| Net investment (loss) | $ | (7,978,860 | ) | $ | (10,713,893 | ) | $ | (8,744,724 | ) | $ | (11,754,038 | ) | $ | (14,038,796 | ) | $ | (28,339,436 | ) | ||||||
| Net realized gain | 28,023,671 | 112,182,618 | 33,184,737 | 118,278,674 | 91,713,986 | 267,256,455 | ||||||||||||||||||
| Change in unrealized appreciation | 96,190,968 | 71,083,594 | 101,188,412 | 79,441,382 | 177,539,051 | 482,865,026 | ||||||||||||||||||
| Net increase in net assets applicable to common shareholders resulting from operations | 116,235,779 | 172,552,319 | 125,628,425 | 185,966,018 | 255,214,241 | 721,782,045 | ||||||||||||||||||
| DISTRIBUTIONS TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||
| Distributions | (45,586,440 | ) | (88,587,020 | ) | (48,109,011 | ) | (94,605,446 | ) | (111,456,896 | ) | (197,254,651 | ) | ||||||||||||
| Net decrease in net assets from distributions to common shareholders | (45,586,440 | ) | (88,587,020 | ) | (48,109,011 | ) | (94,605,446 | ) | (111,456,896 | ) | (197,254,651 | ) | ||||||||||||
| CAPITAL STOCK TRANSACTIONS | ||||||||||||||||||||||||
| Proceeds from shares sold | 8,057,470 | 34,121,532 | 82,041 | 24,709,998 | — | — | ||||||||||||||||||
| Reinvestment of distributions resulting in the issuance of stock | 4,012,716 | 7,894,369 | 3,405,318 | 6,660,673 | — | — | ||||||||||||||||||
| Net increase in net assets from capital stock transactions | 12,070,186 | 42,015,901 | 3,487,359 | 31,370,671 | — | — | ||||||||||||||||||
| TOTAL INCREASE IN NET ASSETS | 82,719,525 | 125,981,200 | 81,006,773 | 122,731,243 | 143,757,345 | 524,527,394 | ||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||
| Beginning of period | $ | 885,187,638 | $ | 759,206,438 | $ | 942,313,451 | $ | 819,582,208 | $ | 3,339,812,781 | $ | 2,815,285,387 | ||||||||||||
| End of period | $ | 967,907,163 | $ | 885,187,638 | $ | 1,023,320,224 | $ | 942,313,451 | $ | 3,483,570,126 | $ | 3,339,812,781 | ||||||||||||
| See accompanying Notes to Financial Statements | www.calamos.com | 7 |
| Statements of Changes in Net Assets April 30, 2026 |
| CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND |
CALAMOS GLOBAL DYNAMIC INCOME FUND |
CALAMOS GLOBAL TOTAL RETURN FUND |
||||||||||||||||||||||
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 |
YEAR ENDED OCTOBER 31, 2025 |
(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 |
YEAR ENDED OCTOBER 31, 2025 |
(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 |
YEAR ENDED OCTOBER 31, 2025 |
|||||||||||||||||||
| OPERATIONS | ||||||||||||||||||||||||
| Net investment (loss) | $ | (11,722,997 | ) | $ | (20,529,061 | ) | $ | (2,293,244 | ) | $ | (3,483,598 | ) | $ | (705,071 | ) | $ | (1,270,969 | ) | ||||||
| Net realized gain | 31,147,299 | 95,690,404 | 20,952,047 | 42,935,883 | 7,988,805 | 10,766,298 | ||||||||||||||||||
| Change in unrealized appreciation | 74,693,158 | 58,804,682 | 54,976,599 | 53,210,961 | 10,099,597 | 12,862,989 | ||||||||||||||||||
| Net increase in net assets applicable to common shareholders resulting from operations | 94,117,460 | 133,966,025 | 73,635,402 | 92,663,246 | 17,383,331 | 22,358,318 | ||||||||||||||||||
| DISTRIBUTIONS TO COMMON SHAREHOLDERS | ||||||||||||||||||||||||
| Distributions | (32,999,959 | ) | (63,756,645 | ) | (19,159,316 | ) | (38,318,632 | ) | (4,717,102 | ) | (9,434,202 | ) | ||||||||||||
| Net decrease in net assets from distributions to common shareholders | (32,999,959 | ) | (63,756,645 | ) | (19,159,316 | ) | (38,318,632 | ) | (4,717,102 | ) | (9,434,202 | ) | ||||||||||||
| CAPITAL STOCK TRANSACTIONS | ||||||||||||||||||||||||
| Proceeds from shares sold | 10,265,332 | 16,669,317 | — | — | — | — | ||||||||||||||||||
| Reinvestment of distributions resulting in the issuance of stock | 2,642,976 | 6,484,880 | — | — | — | — | ||||||||||||||||||
| Net increase in net assets from capital stock transactions | 12,908,308 | 23,154,197 | — | — | — | — | ||||||||||||||||||
| TOTAL INCREASE IN NET ASSETS | 74,025,809 | 93,363,577 | 54,476,086 | 54,344,614 | 12,666,229 | 12,924,116 | ||||||||||||||||||
| NET ASSETS | ||||||||||||||||||||||||
| Beginning of period | $ | 610,361,060 | $ | 516,997,483 | $ | 547,677,680 | $ | 493,333,066 | $ | 128,841,271 | $ | 115,917,155 | ||||||||||||
| End of period | $ | 684,386,869 | $ | 610,361,060 | $ | 602,153,766 | $ | 547,677,680 | $ | 141,507,500 | $ | 128,841,271 | ||||||||||||
| 8 | CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT | See accompanying Notes to Financial Statements |
| Statements of Changes in Net Assets April 30, 2026 |
| CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST |
||||||||
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 |
YEAR ENDED OCTOBER 31, 2025 |
|||||||
| OPERATIONS | ||||||||
| Net investment income | $ | 1,600,912 | $ | 4,962,996 | ||||
| Net realized gain (loss) | (40,443 | ) | 35,647,043 | |||||
| Change in unrealized (depreciation) | (12,539,647 | ) | (21,325,007 | ) | ||||
| Net increase (decrease) in net assets applicable to common shareholders resulting from operations | (10,979,178 | ) | 19,285,032 | |||||
| DISTRIBUTIONS TO COMMON SHAREHOLDERS | ||||||||
| Distributions | (16,491,043 | ) | (36,828,033 | ) | ||||
| Net decrease in net assets from distributions to common shareholders | (16,491,043 | ) | (36,828,033 | ) | ||||
| TOTAL (DECREASE) IN NET ASSETS | (27,470,221 | ) | (17,543,001 | ) | ||||
| NET ASSETS | ||||||||
| Beginning of period | $ | 326,666,920 | $ | 344,209,921 | ||||
| End of period | $ | 299,196,699 | $ | 326,666,920 | ||||
| See accompanying Notes to Financial Statements | www.calamos.com | 9 |
| Statements of Cash Flows April 30, 2026 (unaudited) |
|
CALAMOS (UNAUDITED) |
||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
| Net increase/(decrease) in net assets from operations | $ | 116,235,779 | ||
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: | ||||
| Purchase of investment securities, including purchased options | (649,006,635 | ) | ||
| Proceeds from disposition of investment securities, including purchased options | 672,246,149 | |||
| Premiums received from written options | 685,245 | |||
| Amortization and accretion of fixed-income securities | 12,508,639 | |||
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 135,643 | |||
| Net realized gain (loss) from investments, excluding purchased options | (25,453,997 | ) | ||
| Net realized gain (loss) from purchased options | (2,575,252 | ) | ||
| Change in unrealized appreciation (depreciation) on investments, excluding purchased options | (94,873,267 | ) | ||
| Change in unrealized appreciation (depreciation) on purchased options | (1,295,081 | ) | ||
| Change in unrealized appreciation (depreciation) on written options | (22,620 | ) | ||
| Net change in assets and liabilities: | ||||
| (Increase)/decrease in assets: | ||||
| Accrued interest and dividends receivable | 220,669 | |||
| Prepaid expenses | (16,636 | ) | ||
| Other assets | 31,846 | |||
| Increase/(decrease) in liabilities: | ||||
| Payables to affiliates | (41,065 | ) | ||
| Other accounts payable and accrued liabilities | (308,598 | ) | ||
| Net cash provided by/(used in) operating activities | $ | 28,470,819 | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
| Proceeds from shares sold | 8,057,470 | |||
| Distributions to shareholders | (41,573,724 | ) | ||
| (Decrease)/Increase in Distributions to Mandatory Redeemable Preferred Shareholders | (21,284 | ) | ||
| Offering costs on Mandatory Redeemable Preferred Shares | (22,979 | ) | ||
| Net cash provided by/(used in) financing activities | $ | (33,560,517 | ) | |
| Net increase/(decrease) in cash | $ | (5,089,698 | ) | |
| Cash and restricted cash at beginning of period | $ | 35,097,531 | ||
| Cash and restricted cash at end of period | $ | 30,007,833 | ||
| Supplemental disclosure | ||||
| Cash paid for interest expense on Notes Payable | $ | 6,601,141 | ||
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $ | 2,725,243 | ||
| Non-cash financing activities not included herein consists of reinvestment of dividends and distributions | $ | 4,012,716 | ||
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows. | ||||
| Cash with custodian | 30,007,832 | |||
| Cash held at broker | 1 | |||
| Total cash and restricted cash at period end | $ | 30,007,833 | ||
| 10 | CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT | See accompanying Notes to Financial Statements |
Statements of Cash Flows April 30, 2026 (unaudited)
| CALAMOS CONVERTIBLE AND HIGH INCOME FUND (UNAUDITED) SIX MONTHS ENDED April 30, 2026 |
|||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net increase/(decrease) in net assets from operations | $ | 125,628,425 | |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: | |||
| Purchase of investment securities, including purchased options | (686,208,698 | ) | |
| Proceeds from disposition of investment securities, including purchased options | 713,285,200 | ||
| Premiums received from written options | 721,311 | ||
| Amortization and accretion of fixed-income securities | 13,621,528 | ||
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 145,120 | ||
| Net realized gain (loss) from investments, excluding purchased options | (30,365,143 | ) | |
| Net realized gain (loss) from purchased options | (2,825,172 | ) | |
| Change in unrealized appreciation (depreciation) on investments, excluding purchased options | (99,797,040 | ) | |
| Change in unrealized appreciation (depreciation) on purchased options | (1,367,561 | ) | |
| Change in unrealized appreciation (depreciation) on written options | (23,811 | ) | |
| Net change in assets and liabilities: | |||
| (Increase)/decrease in assets: | |||
| Accrued interest and dividends receivable | 229,091 | ||
| Prepaid expenses | (15,684 | ) | |
| Other assets | 27,484 | ||
| Increase/(decrease) in liabilities: | |||
| Payables to affiliates | (40,601 | ) | |
| Other accounts payable and accrued liabilities | (337,807 | ) | |
| Net cash provided by/(used in) operating activities | $ | 32,676,642 | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from shares sold | 82,041 | ||
| Distributions to shareholders | (44,703,693 | ) | |
| (Decrease)/Increase in Distributions to Mandatory Redeemable Preferred Shareholders | (23,224 | ) | |
| Offering costs on Mandatory Redeemable Preferred Shares | (23,158 | ) | |
| Net cash provided by/(used in) financing activities | $ | (44,668,034 | ) |
| Net increase/(decrease) in cash | $ | (11,991,392 | ) |
| Cash and restricted cash at beginning of period | $ | 36,950,779 | |
| Cash and restricted cash at end of period | $ | 24,959,387 | |
| Supplemental disclosure | |||
| Cash paid for interest expense on Notes Payable | $ | 7,203,103 | |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $ | 2,970,570 | |
| Non-cash financing activities not included herein consists of reinvestment of dividends and distributions | $ | 3,405,318 | |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows. | |||
| Cash with custodian | 24,959,386 | ||
| Cash held at broker | 1 | ||
| Total cash and restricted cash at period end | $ | 24,959,387 | |
| See accompanying Notes to Financial Statements | www.calamos.com 11 |
Statements of Cash Flows April 30, 2026 (unaudited)
| CALAMOS STRATEGIC TOTAL RETURN FUND (UNAUDITED) SIX MONTHS ENDED April 30, 2026 |
|||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net increase/(decrease) in net assets from operations | $ | 255,214,241 | |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: | |||
| Purchase of investment securities, including purchased options | (1,104,550,391 | ) | |
| Proceeds paid on closing written options | (4,296,268 | ) | |
| Proceeds from disposition of investment securities, including purchased options | 1,195,723,330 | ||
| Premiums received from written options | 2,810,055 | ||
| Amortization and accretion of fixed-income securities | 6,221,277 | ||
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 279,844 | ||
| Net realized gain (loss) from investments, excluding purchased options | (92,220,404 | ) | |
| Net realized gain (loss) from purchased options | (670,708 | ) | |
| Net realized gain (loss) from written options | 1,238,555 | ||
| Change in unrealized appreciation (depreciation) on investments, excluding purchased options | (177,663,415 | ) | |
| Change in unrealized appreciation (depreciation) on purchased options | (339,746 | ) | |
| Change in unrealized appreciation (depreciation) on written options | 470,883 | ||
| Net change in assets and liabilities: | |||
| (Increase)/decrease in assets: | |||
| Accrued interest and dividends receivable | 358,811 | ||
| Prepaid expenses | 3,912 | ||
| Other assets | 38,907 | ||
| Increase/(decrease) in liabilities: | |||
| Payables to affiliates | (148,169 | ) | |
| Other accounts payable and accrued liabilities | (724,998 | ) | |
| Net cash provided by/(used in) operating activities | $ | 81,745,716 | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Distributions to shareholders | (111,456,896 | ) | |
| (Decrease)/Increase in Distributions to Mandatory Redeemable Preferred Shareholders | (55,914 | ) | |
| Offering costs on Mandatory Redeemable Preferred Shares | (25,689 | ) | |
| Proceeds from Note Payable | 40,000,000 | ||
| Net cash provided by/(used in) financing activities | $ | (71,538,499 | ) |
| Net increase/(decrease) in cash | $ | 10,207,217 | |
| Cash and restricted cash at beginning of period | $ | 136,958,391 | |
| Cash and restricted cash at end of period | $ | 147,165,608 | |
| Supplemental disclosure | |||
| Cash paid for interest expense on Notes Payable | $ | 23,098,539 | |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $ | 7,082,544 | |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows. | |||
| Cash with custodian | 147,151,955 | ||
| Cash held at broker | 13,653 | ||
| Total cash and restricted cash at period end | $ | 147,165,608 | |
| 12 | CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT | See accompanying Notes to Financial Statements |
Statements of Cash Flows April 30, 2026 (unaudited)
| CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND (UNAUDITED) SIX MONTHS ENDED April 30, 2026 |
|||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net increase/(decrease) in net assets from operations | $ | 94,117,460 | |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: | |||
| Purchase of investment securities, including purchased options | (492,075,142 | ) | |
| Proceeds from disposition of investment securities, including purchased options | 508,847,624 | ||
| Premiums received from written options | 577,049 | ||
| Amortization and accretion of fixed-income securities | 10,357,229 | ||
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 103,867 | ||
| Net realized gain (loss) from investments, excluding purchased options | (28,897,632 | ) | |
| Net realized gain (loss) from purchased options | (2,248,669 | ) | |
| Change in unrealized appreciation (depreciation) on investments, excluding purchased options | (73,594,436 | ) | |
| Change in unrealized appreciation (depreciation) on purchased options | (1,079,673 | ) | |
| Change in unrealized appreciation (depreciation) on written options | (19,049 | ) | |
| Net change in assets and liabilities: | |||
| (Increase)/decrease in assets: | |||
| Accrued interest and dividends receivable | 91,737 | ||
| Prepaid expenses | (13,676 | ) | |
| Increase/(decrease) in liabilities: | |||
| Payables to affiliates | 2,124 | ||
| Other accounts payable and accrued liabilities | (193,586 | ) | |
| Net cash provided by/(used in) operating activities | $ | 15,975,227 | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from shares sold | 10,265,332 | ||
| Distributions to shareholders | (30,356,983 | ) | |
| (Decrease)/Increase in Distributions to Mandatory Redeemable Preferred Shareholders | (14,292 | ) | |
| Offering costs on Mandatory Redeemable Preferred Shares | (22,291 | ) | |
| Net cash provided by/(used in) financing activities | $ | (20,128,234 | ) |
| Net increase/(decrease) in cash | $ | (4,153,007 | ) |
| Cash and restricted cash at beginning of period | $ | 24,407,539 | |
| Cash and restricted cash at end of period | $ | 20,254,532 | |
| Supplemental disclosure | |||
| Cash paid for interest expense on Notes Payable | $ | 4,276,762 | |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $ | 1,842,617 | |
| Non-cash financing activities not included herein consists of reinvestment of dividends and distributions | $ | 2,642,976 | |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows. | |||
| Cash with custodian | 20,254,171 | ||
| Cash held at broker | 361 | ||
| Total cash and restricted cash at period end | $ | 20,254,532 | |
| See accompanying Notes to Financial Statements | www.calamos.com 13 |
Statements of Cash Flows April 30, 2026 (unaudited)
| CALAMOS GLOBAL DYNAMIC INCOME FUND (UNAUDITED) SIX MONTHS ENDED April 30, 2026 |
|||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net increase/(decrease) in net assets from operations | $ | 73,635,402 | |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: | |||
| Purchase of investment securities, including purchased options | (669,282,656 | ) | |
| Proceeds paid on closing written options | (1,770,403 | ) | |
| Proceeds from disposition of investment securities, including purchased options | 687,223,635 | ||
| Premiums received from written options | 2,399,150 | ||
| Amortization and accretion of fixed-income securities | 1,576,187 | ||
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 62,309 | ||
| Net realized gain (loss) from investments, excluding purchased options | (34,589,983 | ) | |
| Net realized gain (loss) from capital gains tax | 96,651 | ||
| Net realized gain (loss) from purchased options | 14,016,713 | ||
| Net realized gain (loss) from written options | (670,565 | ) | |
| Change in unrealized appreciation (depreciation) on investments, excluding purchased options | (52,260,678 | ) | |
| Change in unrealized appreciation (depreciation) on capital gains tax | (342,299 | ) | |
| Change in unrealized appreciation (depreciation) on purchased options | (2,349,234 | ) | |
| Change in unrealized appreciation (depreciation) on written options | (20,121 | ) | |
| Net change in assets and liabilities: | |||
| (Increase)/decrease in assets: | |||
| Accrued interest and dividends receivable | (462,945 | ) | |
| Prepaid expenses | (20,538 | ) | |
| Other assets | 14,785 | ||
| Increase/(decrease) in liabilities: | |||
| Payables to affiliates | (12,964 | ) | |
| Other accounts payable and accrued liabilities | (141,095 | ) | |
| Net cash provided by/(used in) operating activities | $ | 17,101,351 | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Distributions to shareholders | (19,159,316 | ) | |
| (Decrease)/Increase in Distributions to Mandatory Redeemable Preferred Shareholders | (6,703 | ) | |
| Offering costs on Mandatory Redeemable Preferred Shares | (21,463 | ) | |
| Proceeds from Note Payable | 11,500,000 | ||
| Net cash provided by/(used in) financing activities | $ | (7,687,482 | ) |
| Net increase/(decrease) in cash and foreign currency | $ | 9,413,869 | |
| Cash and foreign currency and restricted cash at beginning of period | $ | 15,806,648 | |
| Cash and foreign currency and restricted cash at end of period | $ | 25,220,517 | |
| Supplemental disclosure | |||
| Cash paid for interest expense on Notes Payable | $ | 4,286,357 | |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $ | 878,059 | |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows. | |||
| Cash with custodian | 24,909,527 | ||
| Cash held at broker | 2 | ||
| Foreign currency | 310,871 | ||
| Foreign currencies held at broker | 117 | ||
| Total cash and restricted cash at period end | $ | 25,220,517 | |
| 14 | CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT | See accompanying Notes to Financial Statements |
Statements of Cash Flows April 30, 2026 (unaudited)
| CALAMOS GLOBAL TOTAL RETURN FUND (UNAUDITED) SIX MONTHS ENDED April 30, 2026 |
|||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net increase/(decrease) in net assets from operations | $ | 17,383,331 | |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: | |||
| Purchase of investment securities, including purchased options | (163,196,123 | ) | |
| Proceeds paid on closing written options | (431,267 | ) | |
| Proceeds from disposition of investment securities, including purchased options | 167,547,635 | ||
| Premiums received from written options | 592,943 | ||
| Amortization and accretion of fixed-income securities | 373,304 | ||
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 36,669 | ||
| Net realized gain (loss) from investments, excluding purchased options | (11,491,650 | ) | |
| Net realized gain (loss) from capital gains tax | 29,023 | ||
| Net realized gain (loss) from purchased options | 3,603,210 | ||
| Net realized gain (loss) from written options | (171,931 | ) | |
| Change in unrealized appreciation (depreciation) on investments, excluding purchased options | (9,017,705 | ) | |
| Change in unrealized appreciation (depreciation) on capital gains tax | (104,359 | ) | |
| Change in unrealized appreciation (depreciation) on purchased options | (972,938 | ) | |
| Change in unrealized appreciation (depreciation) on written options | (4,946 | ) | |
| Net change in assets and liabilities: | |||
| (Increase)/decrease in assets: | |||
| Accrued interest and dividends receivable | (75,994 | ) | |
| Prepaid expenses | (18,830 | ) | |
| Other assets | 9,393 | ||
| Increase/(decrease) in liabilities: | |||
| Payables to affiliates | (10,038 | ) | |
| Other accounts payable and accrued liabilities | (11,833 | ) | |
| Net cash provided by/(used in) operating activities | $ | 4,067,894 | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Distributions to shareholders | (4,717,102 | ) | |
| (Decrease)/Increase in Distributions to Mandatory Redeemable Preferred Shareholders | (1,639 | ) | |
| Offering costs on Mandatory Redeemable Preferred Shares | (21,439 | ) | |
| Net increase/(decrease) in due to custodian bank | 2 | ||
| Proceeds from Note Payable | 2,500,000 | ||
| Net cash provided by/(used in) financing activities | $ | (2,240,178 | ) |
| Net increase/(decrease) in cash and foreign currency | $ | 1,827,716 | |
| Cash and foreign currency and restricted cash at beginning of period | $ | 3,315,187 | |
| Cash and foreign currency and restricted cash at end of period | $ | 5,142,903 | |
| Supplemental disclosure | |||
| Cash paid for interest expense on Notes Payable | $ | 969,649 | |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $ | 236,318 | |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows. | |||
| Cash with custodian | 5,056,496 | ||
| Restricted cash for short positions | 10 | ||
| Foreign currency | 86,397 | ||
| Total cash and restricted cash at period end | $ | 5,142,903 | |
| See accompanying Notes to Financial Statements | www.calamos.com 15 |
Statements of Cash Flows April 30, 2026 (unaudited)
| CALAMOS LONG/ SHORT EQUITY & DYNAMIC INCOME TRUST (UNAUDITED) SIX MONTHS ENDED April 30, 2026 |
|||
|
CASH FLOWS FROM OPERATING ACTIVITIES: Net increase/(decrease) in net assets from operations Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: |
$ | (10,979,178 | ) |
| Purchase of investment securities, including purchased options | (753,070,415 | ) | |
| Purchases of securities to cover securities sold short | (729,086,463 | ) | |
| Proceeds paid on closing written options | (27,121,230 | ) | |
| Proceeds from disposition of investment securities, including purchased options | 781,489,258 | ||
| Proceeds from securities sold short | 667,306,529 | ||
| Premiums received from written options | 42,911,991 | ||
| Amortization and accretion of fixed-income securities | 1,791 | ||
| Net realized gain (loss) from investments, excluding purchased options | (4,081,762 | ) | |
| Net realized gain (loss) from purchased options | 11,694,605 | ||
| Net realized gain (loss) from written options | (7,552,730 | ) | |
| Change in unrealized appreciation (depreciation) on investments, excluding purchased options | 20,689,601 | ||
| Change in unrealized appreciation (depreciation) on purchased options | 2,233,535 | ||
| Change in unrealized appreciation (depreciation) on short positions | (5,781,317 | ) | |
| Change in unrealized appreciation (depreciation) on written options | (4,600,061 | ) | |
| Net change in assets and liabilities: | |||
| (Increase)/decrease in assets: | |||
| Accrued interest and dividends receivable | 66,759 | ||
| Prepaid expenses | 3,567 | ||
| Other assets | 208,522 | ||
| Increase/(decrease) in liabilities: | |||
| Payables to affiliates | (53,027 | ) | |
| Other accounts payable and accrued liabilities | 319,233 | ||
| Net cash provided by/(used in) operating activities | $ | (15,400,792 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Distributions to shareholders | (16,491,043 | ) | |
| Net increase/(decrease) in due to custodian bank | 166 | ||
| Net cash provided by/(used in) financing activities | $ | (16,490,877 | ) |
| Net increase/(decrease) in cash | $ | (31,891,669 | ) |
| Cash and restricted cash at beginning of period | $ | 265,231,915 | |
| Cash and restricted cash at end of period | $ | 233,340,246 | |
| Supplemental disclosure | |||
| Cash paid for interest expense on Notes Payable | $ | 2,615,367 | |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statement of Cash Flows. | |||
| Cash with custodian | 4,769,942 | ||
| Cash held at broker | 638,455 | ||
| Collateral for short positions | 75,000,000 | ||
| Restricted cash for short positions | 152,927,776 | ||
| Foreign currencies held at broker | 4,296 | ||
| Foreign currency due to broker | (223 | ) | |
| Total cash and restricted cash at period end | $ | 233,340,246 | |
| 16 | CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT | See accompanying Notes to Financial Statements |
This page intentionally left blank.
Calamos Convertible Opportunities and Income Fund Financial Highlights
Selected data for a share outstanding throughout each period were as follows:
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 | Year Ended October 31, 2025 | |||
| PER SHARE OPERATING PERFORMANCE | ||||
| Net asset value, beginning of period | $ | 11.12 | $ | 10.04 |
| Income from investment operations: Net investment income (loss)(a) | (0.10) | (0.14) | ||
| Net realized and unrealized gain (loss) | 1.64 | 2.33 | ||
| Total from investment operations | 1.54 | 2.19 | ||
| Less distributions to common shareholders from: Net investment income | (0.33) | (0.76) | ||
| Net realized gains | (0.34) | (0.38) | ||
| Return of capital | — | — | ||
| Total distributions | (0.67) | (1.14) | ||
| Premiums from shares sold in at the market offerings | 0.0016 | 0.0300 | ||
| Net asset value, end of period | $ | 11.99 | $ | 11.12 |
| Market value, end of period | $ | 12.18 | $ | 11.39 |
| TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS | ||||
| Total investment return based on:(c) Net asset value | 14.64% | 23.52% | ||
| Market value | 13.60% | 11.24% | ||
| RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||
| Net expenses(d) | 3.33%(e) | 3.98% | ||
| Net investment income (loss) | (1.83%)(e) | (1.37%) | ||
| SUPPLEMENTAL DATA | ||||
| Net assets applicable to common shareholders, end of period (000) | $ | 967,907 | $ | 885,188 |
| Portfolio turnover rate(f) | 45% | 83% | ||
| Average commission rate paid | $ | 0.0198 | $ | 0.0190 |
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000’s omitted) | $ | 132,750 | $ | 132,750 |
| Notes Payable (000’s omitted) | $ | 301,650 | $ | 301,650 |
| Asset coverage per $1,000 of loan outstanding(g) | $ | 4,649 | $ | 4,375 |
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(h) | $ | 264 | $ | 249 |
| (a) | Net investment income (loss) allocated based on average shares method. |
| (b) | Amount is less than $0.005 per common share. |
| (c) | Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. |
| (d) | Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.27%, 1.33%, 1.37%, 1.38%, 1.34%, 1.23%, 1.26%, 1.29%, 1.28%, 1.24% and 1.24%, respectively. |
| (e) | Annualized. |
| (f) | Not annualized. |
| (g) | Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000. |
| (h) | Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25. |
| 18 | CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT |
Calamos Convertible Opportunities and Income Fund Financial Highlights
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||
| $ | 8.99 | $ | 10.26 | $ | 15.49 | $ | 12.54 | $ | 10.64 | $ | 10.46 | $ | 11.35 | $ | 10.73 | $ | 11.68 | ||||||||
| (0.20) | (0.10) | 0.01 | (0.26) | 0.49 | 0.50 | 0.57 | 0.57 | 0.60 | |||||||||||||||||
| 2.39 | (0.03) | (4.11) | 4.31 | 2.37 | 0.64 | (0.33) | 1.19 | (0.41) | |||||||||||||||||
| 2.19 | (0.13) | (4.10) | 4.05 | 2.86 | 1.14 | 0.24 | 1.76 | 0.19 | |||||||||||||||||
| (0.42) | (0.15) | (0.27) | (0.31) | (0.44) | (0.48) | (1.13) | (0.67) | (0.59) | |||||||||||||||||
| (0.21) | (0.99) | (0.87) | (0.79) | (0.52) | (0.31) | — | (0.08) | — | |||||||||||||||||
| (0.51) | — | — | — | — | (0.17) | — | (0.39) | (0.55) | |||||||||||||||||
| (1.14) | (1.14) | (1.14) | (1.10) | (0.96) | (0.96) | (1.13) | (1.14) | (1.14) | |||||||||||||||||
| — | — | 0.0100 | —(b) | — | — | —(b) | —(b) | — | |||||||||||||||||
| $ | 10.04 | $ | 8.99 | $ | 10.26 | $ | 15.49 | $ | 12.54 | $ | 10.64 | $ | 10.46 | $ | 11.35 | $ | 10.73 | ||||||||
| $ | 11.43 | $ | 9.99 | $ | 10.78 | $ | 15.81 | $ | 10.89 | $ | 10.67 | $ | 9.91 | $ | 11.59 | $ | 9.89 | ||||||||
| 24.26% | (2.27%) | (27.32%) | 33.21% | 29.38% | 11.75% | 1.81% | 17.48% | 3.19% | |||||||||||||||||
| 27.31% | 3.27% | (25.10%) | 56.56% | 12.04% | 18.29% | (5.54%) | 30.15% | 6.72% | |||||||||||||||||
| 4.52% | 4.40% | 2.44% | 1.83% | 2.20% | 2.88% | 2.52% | 1.88% | 1.74% | |||||||||||||||||
| (2.00%) | (1.03%) | 0.08% | (1.76%) | 4.36% | 4.77% | 5.11% | 5.17% | 5.61% | |||||||||||||||||
| $ | 759,206 | $ | 672,782 | $ | 759,716 | $ | 1,111,526 | $ | 889,577 | $ | 754,310 | $ | 741,306 | $ | 797,968 | $ | 750,773 | ||||||||
| 50% | 39% | 39% | 46% | 76% | 51% | 58% | 90% | 34% | |||||||||||||||||
| $ | 0.0186 | $ | 0.0188 | $ | 0.0215 | $ | 0.0215 | $ | 0.0213 | $ | 0.0188 | $ | 0.0270 | $ | 0.0282 | $ | 0.0220 | ||||||||
| $ | 132,750 | $ | 133,000 | $ | 133,000 | $ | 133,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 | $ | 100,000 | $ | — | ||||||||
| $ | 314,650 | $ | 314,400 | $ | 339,400 | $ | 399,400 | $ | 288,400 | $ | 277,400 | $ | 288,000 | $ | 275,000 | $ | 306,000 | ||||||||
| $ | 3,835 | $ | 3,563 | $ | 3,630 | $ | 4,116 | $ | 4,431 | $ | 4,080 | $ | 3,921 | $ | 4,265 | $ | 3,454 | ||||||||
| $ | 227 | $ | 211 | $ | 232 | $ | 309 | $ | 319 | $ | 283 | $ | 282 | $ | 293 | $ | — | ||||||||
| www.calamos.com 19 |
Calamos Convertible and High Income Fund Financial Highlights
Selected data for a share outstanding throughout each period were as follows:
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 | Year Ended October 31, | |||
| PER SHARE OPERATING PERFORMANCE | ||||
| Net asset value, beginning of period | $ | 11.78 | $ | 10.63 |
| Income from investment operations: Net investment income (loss)(a) | (0.11) | (0.15) | ||
| Net realized and unrealized gain (loss) | 1.77 | 2.49 | ||
| Total from investment operations | 1.66 | 2.34 | ||
| Less distributions to common shareholders from: Net investment income | (0.34) | (0.84) | ||
| Net realized gains | (0.36) | (0.36) | ||
| Return of capital | — | — | ||
| Total distributions | (0.70) | (1.20) | ||
| Capital charge resulting from issuance of common and preferred shares and related offering costs | — | — | ||
| Premiums from shares sold in at the market offerings | — | 0.0100 | ||
| Net asset value, end of period | $ | 12.74 | $ | 11.78 |
| Market value, end of period | $ | 12.33 | $ | 11.72 |
| TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS | ||||
| Total investment return based on:(c) Net asset value | 14.97% | 23.80% | ||
| Market value | 11.74% | 11.15% | ||
| RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||
| Net expenses(d) | 3.39%(e) | 4.01% | ||
| Net investment income (loss) | (1.89%)(e) | (1.40%) | ||
| SUPPLEMENTAL DATA | ||||
| Net assets applicable to common shareholders, end of period (000) | $ | 1,023,320 | $ | 942,313 |
| Portfolio turnover rate(f) | 45% | 83% | ||
| Average commission rate paid | $ | 0.0198 | $ | 0.0190 |
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000’s omitted) | $ | 144,500 | $ | 144,500 |
| Notes Payable (000’s omitted) | $ | 328,900 | $ | 328,900 |
| Asset coverage per $1,000 of loan outstanding(g) | $ | 4,551 | $ | 4,304 |
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(h) | $ | 259 | $ | 245 |
| (a) | Net investment income (loss) allocated based on average shares method. |
| (b) | Amount is less than $0.005 per common share. |
| (c) | Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. |
| (d) | Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.28%, 1.33%, 1.37%, 1.38%, 1.34%, 1.23%, 1.27%, 1.30%, 1.28%, 1.24% and 1.25%, respectively. |
| (e) | Annualized. |
| (f) | Not annualized. |
| (g) | Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000. |
| (h) | Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25. |
| 20 | CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT |
Calamos Convertible and High Income Fund Financial Highlights
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
| $ | 9.49 | $ | 10.81 | $ | 16.38 | $ | 13.22 | $ | 11.18 | $ | 11.02 | $ | 11.96 | $ | 11.33 | $ | 12.39 | |||||||||||||||||
| (0.22) | (0.12) | 0.00 | (0.30) | 0.53 | 0.54 | 0.60 | 0.61 | 0.65 | ||||||||||||||||||||||||||
| 2.56 | 0.00 | (4.38) | 4.61 | 2.53 | 0.64 | (0.35) | 1.22 | (0.51) | ||||||||||||||||||||||||||
| 2.34 | (0.12) | (4.38) | 4.31 | 3.06 | 1.18 | 0.25 | 1.83 | 0.14 | ||||||||||||||||||||||||||
| (0.44) | (0.15) | (0.27) | (0.29) | (0.46) | (0.51) | (1.19) | (0.70) | (0.69) | ||||||||||||||||||||||||||
| (0.19) | (1.05) | (0.93) | (0.86) | (0.56) | (0.34) | — | — | — | ||||||||||||||||||||||||||
| (0.57) | — | — | — | — | (0.17) | — | (0.50) | (0.51) | ||||||||||||||||||||||||||
| (1.20) | (1.20) | (1.20) | (1.15) | (1.02) | (1.02) | (1.19) | (1.20) | (1.20) | ||||||||||||||||||||||||||
| — | — | — | — | — | — | 0.00(b) | — | 0.00(b) | ||||||||||||||||||||||||||
| — | — | 0.0100 | —(b) | — | — | —(b) | — | — | ||||||||||||||||||||||||||
| $ | 10.63 | $ | 9.49 | $ | 10.81 | $ | 16.38 | $ | 13.22 | $ | 11.18 | $ | 11.02 | $ | 11.96 | $ | 11.33 | |||||||||||||||||
| $ | 11.79 | $ | 10.87 | $ | 11.00 | $ | 16.61 | $ | 11.50 | $ | 11.10 | $ | 10.86 | $ | 11.96 | $ | 10.47 | |||||||||||||||||
| 24.82% | (1.99%) | (27.50%) | 33.56% | 29.87% | 11.46% | 1.75% | 17.28% | 2.55% | ||||||||||||||||||||||||||
| 20.87% | 10.32% | (27.25%) | 55.69% | 13.79% | 12.29% | 0.28% | 26.91% | 1.13% | ||||||||||||||||||||||||||
| 4.54% | 4.41% | 2.45% | 1.84% | 2.22% | 2.91% | 2.54% | 1.89% | 1.78% | ||||||||||||||||||||||||||
| (2.05%) | (1.11%) | (0.02%) | (1.88%) | 4.45% | 4.85% | 5.13% | 5.25% | 5.73% | ||||||||||||||||||||||||||
| $ | 819,582 | $ | 724,821 | $ | 817,828 | $ | 1,207,158 | $ | 968,077 | $ | 818,412 | $ | 806,342 | $ | 868,817 | $ | 822,183 | |||||||||||||||||
| 50% | 40% | 36% | 44% | 76% | 47% | 58% | 89% | 34% | ||||||||||||||||||||||||||
| $ | 0.0186 | $ | 0.0188 | $ | 0.0205 | $ | 0.0216 | $ | 0.0225 | $ | 0.0187 | $ | 0.0260 | $ | 0.0282 | $ | 0.0221 | |||||||||||||||||
| $ | 144,500 | $ | 145,000 | $ | 145,000 | $ | 145,000 | $ | 110,000 | $ | 110,000 | $ | 110,000 | $ | 110,000 | $ | — | |||||||||||||||||
| $ | 340,900 | $ | 340,400 | $ | 365,400 | $ | 435,400 | $ | 318,400 | $ | 303,900 | $ | 315,500 | $ | 302,500 | $ | 337,000 | |||||||||||||||||
| $ | 3,828 | $ | 3,556 | $ | 3,635 | $ | 4,106 | $ | 4,386 | $ | 4,055 | $ | 3,904 | $ | 4,236 | $ | 3,440 | |||||||||||||||||
| $ | 226 | $ | 209 | $ | 229 | $ | 308 | $ | 317 | $ | 280 | $ | 280 | $ | 291 | $ | — | |||||||||||||||||
www.calamos.com 21
Calamos Strategic Total Return Fund Financial Highlights
Selected data for a share outstanding throughout each period were as follows:
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 |
2025 | 2024 | Year Ended October 31, 2023 |
2022 | 2021 | |
| PER SHARE OPERATING PERFORMANCE | ||||||
| Net asset value, beginning of period | $ |
$ |
$ |
$ |
$ |
$ |
| Income from investment operations: | ||||||
| Net investment income (loss)(a) | (0.09) | (0.18) | (0.15) | (0.09) | 0.05 | 0.10 |
| Net realized and unrealized gain (loss) | 1.68 | 4.69 | 5.52 | 1.16 | (3.87) | 6.42 |
| Total from investment operations | 1.59 | 4.51 | 5.37 | 1.07 | (3.82) | 6.52 |
| Less distributions to common shareholders from: | ||||||
| Net investment income | — | (0.93) | (1.05) | (0.63) | (0.26) | (0.29) |
| Net realized gains | (0.70) | (0.30) | (0.18) | (0.60) | (0.97) | (0.91) |
| Total distributions | ( |
( |
( |
( |
( |
( |
| Premiums from shares sold in at the market offerings | — | — | — | 0.0007 | 0.0010 | 0.0026 |
| Net asset value, end of period | $ |
$ |
$ |
$ |
$ |
$ |
| Market value, end of period | $ |
$ |
$ |
$ |
$ |
$ |
| TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS | ||||||
| Total investment return based on:(b) | ||||||
| Net asset value | 8.21% | 27.10% | 41.22% | 7.89% | (21.11%) | 50.32% |
| Market value | 5.18% | 19.39% | 45.67% | 1.80% | (21.52%) | 59.21% |
| RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||
| Net expenses(c) | 3.28%(d) | 3.69% | 3.90% | 4.09% | 2.50% | 2.03% |
| Net investment income (loss) | (0.86%)(d) | (0.97%) | (0.90%) | (0.62%) | 0.31% | 0.60% |
| SUPPLEMENTAL DATA | ||||||
| Net assets applicable to common shareholders, end of period (000) | $3,483,570 | $3,339,813 | $2,815,285 | $2,150,003 | $2,156,658 | $2,928,463 |
| Portfolio turnover rate(e) | 22% | 43% | 37% | 29% | 24% | 27% |
| Average commission rate paid | $0.0237 | $0.0232 | $0.0221 | $0.0194 | $0.0189 | $0.0206 |
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000’s omitted) | $ |
$ |
$ |
$ |
$ |
$ |
| Notes Payable (000’s omitted) | $ |
$ |
$ |
$ |
$ |
$ |
| Asset coverage per $1,000 of loan outstanding(f) | $ |
$ |
$ |
$ |
$ |
$ |
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(g) | $ |
$ |
$ |
$ |
$ |
$ |
| (a) | Net investment income (loss) allocated based on average shares method. |
| (b) | Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. |
| (c) | Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.48%, 1.51%, 1.51%, 1.57%, 1.53%, and 1.44%, respectively. |
| (d) | Annualized. |
| (e) | Not annualized. |
22 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Calamos Strategic Total Return Fund Financial Highlights
| (f) | Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000. |
| (g) | Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25. |
www.calamos.com 23
Calamos Dynamic Convertible and Income Fund Financial Highlights
Selected data for a share outstanding throughout each period were as follows:
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 | Year Ended October 31, 2025 | |||||||||
| PER SHARE OPERATING PERFORMANCE | ||||||||||
| Net asset value, beginning of period | $ | 21.80 | $ | 19.24 | ||||||
| Income from investment operations: | ||||||||||
| Net investment income (loss)(a) | (0.42) | (0.75) | ||||||||
| Net realized and unrealized gain (loss) | 3.72 | 5.63 | ||||||||
| Total from investment operations | 3.30 | 4.88 | ||||||||
| Less distributions to common shareholders from: | ||||||||||
| Net investment income | (0.37) | (1.37) | ||||||||
| Net realized gains | (0.80) | (0.97) | ||||||||
| Return of capital | — | — | ||||||||
| Total distributions | (1.17) | (2.34) | ||||||||
| Premiums from shares sold in at the market offerings | 0.0060 | 0.0200 | ||||||||
| Net asset value, end of period | $ | 23.94 | $ | 21.80 | ||||||
| Market value, end of period | $ | 24.30 | $ | 21.88 | ||||||
| TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||
| Total investment return based on:(b) | ||||||||||
| Net asset value | 16.02% | 26.63% | ||||||||
| Market value | 17.28% | 1.84% | ||||||||
| RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||||||
| Net expenses(c) | 3.51%(d) | 4.26% | ||||||||
| Net investment income (loss) | (3.90%)(d) | (3.91%) | ||||||||
| SUPPLEMENTAL DATA | ||||||||||
| Net assets applicable to common shareholders, end of period (000) | $ | 684,387 | $ | 610,361 | ||||||
| Portfolio turnover rate(e) | 50% | 91% | ||||||||
| Average commission rate paid | $ | 0.0199 | $ | 0.0193 | ||||||
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000’s omitted) | $ | 91,750 | $ | 91,750 | ||||||
| Notes Payable (000’s omitted) | $ | 193,250 | $ | 193,250 | ||||||
| Asset coverage per $1,000 of loan outstanding(f) | $ | 5,016 | $ | 4,633 | ||||||
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(g) | $ | 264 | $ | 244 | ||||||
| * | Amount is less than $0.01. |
| (a) | Net investment income (loss) allocated based on average shares method. |
| (b) | Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. |
| (c) | Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.55%, 1.64%, 1.69%, 1.70%, 1.65%, 1.51%, 1.56%, 1.61%, 1.57%, 1.51% and 1.52%, respectively. |
| (d) | Annualized. |
| (e) | Not annualized. |
| (f) | Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000. |
| (g) | Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25. |
24 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Calamos Dynamic Convertible and Income Fund Financial Highlights
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||
| $ | 17.24 | $ | 20.19 | $ | 31.73 | $ | 25.00 | $ | 19.93 | $ | 19.55 | $ | 21.03 | $ | 19.56 | $ | 21.63 | |||||||||||||||||
| (0.89) | (0.63) | (0.43) | (1.21) | 0.70 | 0.73 | 0.85 | 0.86 | 0.89 | ||||||||||||||||||||||||||
| 5.23 | 0.01 | (8.81) | 10.20 | 6.37 | 1.65 | (0.33) | 2.61 | (0.96) | ||||||||||||||||||||||||||
| 4.34 | (0.62) | (9.24) | 8.99 | 7.07 | 2.38 | 0.52 | 3.47 | (0.07) | ||||||||||||||||||||||||||
| (0.67) | (0.03) | (0.24) | (0.25) | (0.70) | (0.50) | (2.00) | (0.91) | (0.99) | ||||||||||||||||||||||||||
| (0.89) | (2.31) | (2.10) | (2.01) | (1.30) | (0.80) | — | — | (0.00)* | ||||||||||||||||||||||||||
| (0.78) | — | — | — | — | (0.70) | — | (1.09) | (1.01) | ||||||||||||||||||||||||||
| (2.34) | (2.34) | (2.34) | (2.26) | (2.00) | (2.00) | (2.00) | (2.00) | (2.00) | ||||||||||||||||||||||||||
| — | 0.0078 | 0.0384 | 0.0078 | — | — | — | — | — | ||||||||||||||||||||||||||
| $ | 19.24 | $ | 17.24 | $ | 20.19 | $ | 31.73 | $ | 25.00 | $ | 19.93 | $ | 19.55 | $ | 21.03 | $ | 19.56 | |||||||||||||||||
| $ | 24.01 | $ | 17.07 | $ | 21.89 | $ | 32.62 | $ | 22.35 | $ | 20.65 | $ | 18.94 | $ | 20.49 | $ | 17.83 | |||||||||||||||||
| 24.63% | (4.26%) | (29.91%) | 36.76% | 38.59% | 13.05% | 2.40% | 19.19% | 1.03% | ||||||||||||||||||||||||||
| 57.16% | (12.56%) | (26.08%) | 57.27% | 19.58% | 20.85% | 1.82% | 27.40% | 3.32% | ||||||||||||||||||||||||||
| 4.80% | 4.63% | 2.75% | 2.10% | 2.50% | 3.22% | 2.82% | 2.17% | 2.02% | ||||||||||||||||||||||||||
| (4.68%) | (3.19%) | (1.73%) | (3.97%) | 3.22% | 3.70% | 4.06% | 4.26% | 4.48% | ||||||||||||||||||||||||||
| $ | 516,997 | $ | 459,365 | $ | 526,613 | $ | 788,554 | $ | 612,024 | $ | 487,709 | $ | 477,256 | $ | 512,737 | $ | 477,070 | |||||||||||||||||
| 53% | 44% | 42% | 48% | 85% | 50% | 67% | 78% | 40% | ||||||||||||||||||||||||||
| $ | 0.0184 | $ | 0.0185 | $ | 0.0563 | $ | 0.0217 | $ | 0.0243 | $ | 0.0182 | $ | 0.0249 | $ | 0.0212 | $ | 0.0233 | |||||||||||||||||
| $ | 91,750 | $ | 92,000 | $ | 92,000 | $ | 92,000 | $ | 64,000 | $ | 64,000 | $ | 64,000 | $ | 64,000 | $ | — | |||||||||||||||||
| $ | 210,250 | $ | 210,000 | $ | 230,000 | $ | 270,000 | $ | 204,600 | $ | 180,600 | $ | 187,500 | $ | 169,000 | $ | 195,000 | |||||||||||||||||
| $ | 3,895 | $ | 3,626 | $ | 3,690 | $ | 4,261 | $ | 4,304 | $ | 4,055 | $ | 3,887 | $ | 4,413 | $ | 3,447 | |||||||||||||||||
| $ | 223 | $ | 207 | $ | 231 | $ | 313 | $ | 344 | $ | 286 | $ | 285 | $ | 291 | $ | — | |||||||||||||||||
www.calamos.com 25
Calamos Global Dynamic Income Fund Financial Highlights
Selected data for a share outstanding throughout each period were as follows:
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 | 2025 | 2024 | Year Ended October 31, 2023 | 2022 | 2021 | |
| PER SHARE OPERATING PERFORMANCE | ||||||
| Net asset value, beginning of period | $8.58 | $7.72 | $5.99 | $6.12 | $10.14 | $8.03 |
| Income from investment operations: | ||||||
| Net investment income (loss)(a) | (0.04) | (0.05) | (0.06) | (0.08) | (0.07) | 0.03 |
| Net realized and unrealized gain (loss) | 1.19 | 1.51 | 2.39 | 0.55 | (3.15) | 2.92 |
| Total from investment operations | 1.15 | 1.46 | 2.33 | 0.47 | (3.22) | 2.95 |
| Less distributions to common shareholders from: | ||||||
| Net investment income | (0.09) | (0.08) | (0.15) | (0.10) | (0.01) | (0.15) |
| Net realized gains | (0.21) | (0.52) | (0.45) | (0.20) | (0.09) | (0.69) |
| Return of capital | — | — | — | (0.30) | (0.72) | — |
| Total distributions | (0.30) | (0.60) | (0.60) | (0.60) | (0.82) | (0.84) |
| Premiums from shares sold in at the market offerings | — | — | — | — | 0.0191 | 0.0026 |
| Net asset value, end of period | $9.43 | $8.58 | $7.72 | $5.99 | $6.12 | $10.14 |
| Market value, end of period | $8.30 | $7.67 | $6.90 | $5.22 | $5.64 | $10.39 |
| TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS | ||||||
| Total investment return based on:(b) | ||||||
| Net asset value | 14.53% | 21.02% | 41.34% | 8.29% | (32.89%) | 37.46% |
| Market value | 12.51% | 21.19% | 44.97% | 2.40% | (39.64%) | 45.01% |
| RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||
| Net expenses(c) | 3.47%(d) | 3.85% | 4.21% | 3.68% | 2.73% | 2.27% |
| Net investment income (loss) | (0.85%)(d) | (0.70%) | (0.82%) | (1.19%) | (0.85%) | 0.26% |
| SUPPLEMENTAL DATA | ||||||
| Net assets applicable to common shareholders, end of period (000) | $602,154 | $547,678 | $493,333 | $382,865 | $391,101 | $609,038 |
| Portfolio turnover rate(e) | 83% | 133% | 149% | 114% | 134% | 117% |
| Average commission rate paid | $0.0137 | $0.0104 | $0.0065 | $0.0036 | $0.0117 | $0.0173 |
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000’s omitted) | $48,500 | $48,500 | $48,500 | $70,000 | $70,000 | $70,000 |
| Notes Payable (000’s omitted) | $203,550 | $192,050 | $211,550 | $130,550 | $109,550 | $206,500 |
| Asset coverage per $1,000 of loan outstanding(f) | $4,197 | $4,104 | $3,561 | $4,469 | $5,209 | $4,288 |
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(g) | $440 | $406 | $388 | $208 | $204 | $316 |
| (a) | Net investment income (loss) allocated based on average shares method. |
| (b) | Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. |
| (c) | Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.62%, 1.64%, 1.63%, 1.58%, 1.66%, and 1.55%, respectively. |
| (d) | Annualized. |
| (e) | Not annualized. |
26 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Calamos Global Dynamic Income Fund Financial Highlights
| (f) | Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000. |
| (g) | Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25. |
www.calamos.com 27
Calamos Global Total Return Fund Financial Highlights
Selected data for a share outstanding throughout each period were as follows:
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 | 2025 | 2024 | Year Ended October 31, 2023 | 2022 | 2021 | |
| PER SHARE OPERATING PERFORMANCE | ||||||
| Net asset value, beginning of period | $13.11 | $11.80 | $9.12 | $9.59 | $15.82 | $11.99 |
| Income from investment operations: | ||||||
| Net investment income (loss)(a) | (0.07) | (0.13) | (0.14) | (0.17) | (0.12) | (0.06) |
| Net realized and unrealized gain (loss) | 1.84 | 2.40 | 3.78 | 0.66 | (4.96) | 5.05 |
| Total from investment operations | 1.77 | 2.27 | 3.64 | 0.49 | (5.08) | 4.99 |
| Less distributions to common shareholders from: | ||||||
| Net investment income | (0.02) | — | (0.24) | (0.17) | (0.08) | (0.24) |
| Net realized gains | (0.46) | (0.96) | (0.72) | (0.50) | (0.26) | (0.96) |
| Return of capital | — | — | — | (0.29) | (0.84) | — |
| Total distributions | (0.48) | (0.96) | (0.96) | (0.96) | (1.18) | (1.20) |
| Premiums from shares sold in at the market offerings | — | — | — | — | 0.0279 | 0.0362 |
| Net asset value, end of period | $14.40 | $13.11 | $11.80 | $9.12 | $9.59 | $15.82 |
| Market value, end of period | $12.85 | $11.96 | $11.66 | $8.15 | $9.12 | $15.86 |
| TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS | ||||||
| Total investment return based on:(b) | ||||||
| Net asset value | 14.47% | 20.97% | 41.86% | 5.26% | (33.22%) | 42.86% |
| Market value | 11.89% | 11.59% | 56.82% | (0.98%) | (36.65%) | 47.65% |
| RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||
| Net expenses(c) | 3.56%(d) | 4.02% | 4.33% | 3.86% | 2.86% | 2.30% |
| Net investment income (loss) | (1.12%)(d) | (1.09%) | (1.24%) | (1.73%) | (0.93%) | (0.37%) |
| SUPPLEMENTAL DATA | ||||||
| Net assets applicable to common shareholders, end of period (000) | $141,508 | $128,841 | $115,917 | $89,579 | $94,186 | $148,697 |
| Portfolio turnover rate(e) | 87% | 130% | 143% | 120% | 118% | 120% |
| Average commission rate paid | $0.0129 | $0.0095 | $0.0065 | $0.0038 | $0.0123 | $0.0179 |
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000’s omitted) | $13,000 | $13,000 | $13,000 | $17,000 | $17,000 | $17,000 |
| Notes Payable (000’s omitted) | $46,100 | $43,600 | $48,800 | $30,100 | $26,000 | $50,500 |
| Asset coverage per $1,000 of loan outstanding(f) | $4,352 | $4,253 | $3,642 | $4,541 | $5,276 | $4,281 |
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(g) | $386 | $357 | $342 | $201 | $202 | $318 |
| (a) | Net investment income (loss) allocated based on average shares method. |
| (b) | Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. |
| (c) | Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.73%, 1.78%, 1.76%, 1.82%, 1.83%, and 1.69%, respectively. |
| (d) | Annualized. |
| (e) | Not annualized. |
28 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Calamos Global Total Return Fund Financial Highlights
| (f) | Calculated by subtracting the Fund's total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund's total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000. |
| (g) | Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25. |
www.calamos.com 29
Calamos Long/Short Equity & Dynamic Income Trust Financial Highlights
Selected data for a share outstanding throughout each period were as follows:
| (UNAUDITED) SIX MONTHS ENDED APRIL 30, 2026 | 2025 | 2024 | Year Ended October 31, 2023 | 2022 | 2021 | |
| PER SHARE OPERATING PERFORMANCE | ||||||
| Net asset value, beginning of period | $16.64 | $17.53 | $16.54 | $17.66 | $21.52 | $17.44 |
| Income from investment operations: | ||||||
| Net investment income (loss)(a) | 0.08 | 0.25 | 0.47 | 0.24 | 0.18 | 0.22 |
| Net realized and unrealized gain (loss) | (0.51) | 0.74 | 2.20 | 0.32 | (2.36) | 5.42 |
| Total from investment operations | (0.43) | 0.99 | 2.67 | 0.56 | (2.18) | 5.64 |
| Less distributions to common shareholders from: | ||||||
| Net investment income | (0.55) | (0.37) | (0.47) | (0.34) | (0.40) | (0.55) |
| Net realized gains | (0.42) | (1.51) | (1.21) | (1.34) | (1.28) | (1.01) |
| Total distributions | (0.97) | (1.88) | (1.68) | (1.68) | (1.68) | (1.56) |
| Net asset value, end of period | $15.24 | $16.64 | $17.53 | $16.54 | $17.66 | $21.52 |
| Market value, end of period | $13.64 | $15.12 | $15.50 | $13.73 | $15.75 | $20.68 |
| TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS | ||||||
| Total investment return based on:(b) | ||||||
| Net asset value | (2.17%) | 6.81% | 18.31% | 4.32%(c) | (10.05%) | 33.57% |
| Market value | (3.70%) | 9.83% | 25.94% | (2.85%) | (16.56%) | 58.49% |
| RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS | ||||||
| Net expenses(d) | 4.31%(e) | 4.38% | 4.87% | 4.52% | 3.21% | 2.45% |
| Net investment income (loss) | 1.02%(e) | 1.46% | 2.68% | 1.34% | 0.89% | 1.03% |
| SUPPLEMENTAL DATA | ||||||
| Net assets applicable to common shareholders, end of period (000) | $299,197 | $326,667 | $344,210 | $324,777 | $346,747 | $422,483 |
| Portfolio turnover rate(f) | 249% | 289% | 249% | 210% | 222% | 213% |
| Average commission rate paid | $0.0156 | $0.0152 | $0.0144 | $0.0136 | $0.0126 | $0.0109 |
| Notes Payable (000’s omitted) | $120,000 | $120,000 | $120,000 | $120,000 | $120,000 | $120,000 |
| Asset coverage per $1,000 of loan outstanding(g) | $3,493 | $3,722 | $3,868 | $3,706 | $3,890 | $4,521 |
| (a) | Net investment income (loss) allocated based on average shares method. |
| (b) | Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions. |
| (c) | Includes payment by affiliates, which impacted the total return. Excluding such payment the total return would be 3.97%. |
| (d) | Ratio of net expenses, excluding interest expense on Notes Payable and dividend expense on short positions, to average net assets was 2.03%, 2.00%, 1.99%, 1.98%, 1.92% and 1.75%, respectively. |
| (e) | Annualized. |
| (f) | Not annualized. |
| (g) | Calculated by subtracting the Fund's total liabilities (not including Notes payable) from the Fund's total assets and dividing this by the amount of Notes payable outstanding, and by multiplying the result by 1,000. |
30 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
31
www.calamos.com
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
$740,574)
$
756,018
BANK
LOANS
(5.7%)i
Communication
Services
(0.9%)
1,250,000
Altice
France
S.A.!
2025
USD
Term
Loan
B14,
0.000%,
05/31/31
1,275,682
727,540
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.548%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
742,487
392,365
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.767%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
311,930
34,350
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.767%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
34,135
477,706
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.902%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
478,220
460,998
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.767%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
463,350
337,404
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.175%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
338,801
1,065,200
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.542%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
1,040,700
950,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.902%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
954,408
569,274
TripAdvisor,
Inc.‡
Term
Loan,
6.402%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
534,833
340,000
Versant
Media
Group
Inc!
Term
Loan
B,
0.000%,
01/30/31
341,105
950,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.200%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
953,088
405,000
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
406,727
PRINCIPAL
AMOUNT
a
a
VALUE
a
144,629
ViaSat,
Inc.‡
2023
Term
Loan,
8.267%,
05/30/30
0
+
4.500%
$
145,246
950,000
Virgin
Media
Bristol
LLC!
2020
USD
Term
Loan
Q,
0.000%,
01/31/29
932,587
8,953,299
Consumer
Discretionary
(1.1%)
940,500
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
7.012%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
941,676
947,625
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.950%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
953,254
473,813
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.924%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
477,146
557,169
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.902%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
542,080
612,250
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.663%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
460,718
761,175
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.402%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
765,776
938,161
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.657%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
942,120
656,879
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.152%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
661,398
475,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.652%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
477,525
931,000
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.652%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
934,468
526,344
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.404%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
528,483
947,625
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.950%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
949,117
32
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
950,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.442%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
$
927,585
952,610
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.402%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
951,181
10,512,527
Consumer
Staples
(1.1%)
1,749,700
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.652%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
1,759,542
496,250
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.152%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
493,560
699,350
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.152%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
677,278
1,055,510
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.402%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
1,062,936
2,085,302
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.902%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
2,034,734
85,124
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.413%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
85,220
945,250
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.700%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
950,175
1,471,807
Star
Parent,
Inc.‡
Term
Loan
B,
7.700%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
1,474,110
942,887
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.663%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
945,466
475,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.902%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
479,529
475,860
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.402%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
479,310
10,441,860
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(0.1%)
1,415,045
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.933%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
$
1,420,571
Financials
(0.6%)
712,398
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.152%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
708,395
565,255
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.152%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
562,352
1,194,875
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.450%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,145,885
703,800
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.652%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
705,120
663,646
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.902%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
667,472
570,000
Jupiter
Borrower,
Inc.!
Term
Loan
B,
0.000%,
03/25/33
572,850
190,000
Lockton,
Inc.!
Term
Loan
B,
0.000%,
04/22/33
190,712
925,000
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.200%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
926,133
5,478,919
Health
Care
(0.1%)
976,846
Padagis
LLC‡
Term
Loan
B,
8.689%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
925,561
Industrials
(0.9%)
935,404
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.211%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
761,564
945,250
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.688%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
953,918
949,034
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.402%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
949,172
33
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
644,608
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.200%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
$
646,490
1,290,201
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
5.950%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
1,293,459
933,446
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.402%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
919,710
940,500
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.902%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
942,353
1,864,355
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.152%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
1,869,240
460,000
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.152%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
461,281
8,797,187
Information
Technology
(0.5%)
1,303,908
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.673%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
1,210,731
968,079
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.402%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
911,504
376,071
Coherent
Corp.‡
2025
Term
Loan
B2,
5.402%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
377,482
915,000
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
916,373
1,156,362
Rocket
Software,
Inc.‡
2025
USD
Term
Loan
B,
7.402%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
1,105,679
703,321
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.652%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
704,196
5,225,965
Materials
(0.2%)
473,813
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.152%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
473,576
1,019,922
Ineos
U.S.
Finance
LLC‡
2025
USD
Term
Loan
B,
6.902%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
952,352
PRINCIPAL
AMOUNT
a
a
VALUE
a
720,481
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.434%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
$
102,870
1,528,798
Other
(0.1%)
1,474,424
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.152%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
1,481,147
Special
Purpose
Acquisition
Companies
(0.1%)
235,000
Sword
Purchaser
LLC!
USD
Term
Loan
B,
0.000%,
04/11/33
228,538
480,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.652%,
04/11/33
0
+
4.000%
466,800
695,338
TOTAL
BANK
LOANS
(Cost
$56,617,240)
55,461,172
CONVERTIBLE
BONDS
(87.0%)
Communication
Services
(8.9%)
AST
SpaceMobile,
Inc.*µ
3,750,000
2.250%,
04/15/36
3,487,537
4,750,000
2.000%,
01/15/36
4,808,282
4,750,000
IMAX
Corp.*
0.750%,
11/15/30
5,320,285
5,000,000
Liberty
Media
Corp.-Liberty
Formula
One
2.250%,
08/15/27
5,823,350
16,500,000
Live
Nation
Entertainment,
Inc.^µ
2.875%,
01/15/30
18,345,525
12,500,000
Lyft,
Inc.*µ
0.000%,
09/15/30
12,239,250
4,500,000
Sirius
XM
Holdings,
Inc.
3.750%,
03/15/28
4,928,265
16,250,000
Snap,
Inc.µ
0.500%,
05/01/30
13,747,663
14,500,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
17,761,485
86,461,642
Consumer
Discretionary
(4.4%)
13,250,000
DoorDash,
Inc.*µ
0.000%,
05/15/30
12,668,855
4,250,000
Etsy,
Inc.*µ
1.000%,
06/15/30
4,617,497
3,500,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
1,723,365
6,250,000
NCL
Corp.
Ltd.µ
0.875%,
04/15/30
6,599,625
11,500,000
Rivian
Automotive,
Inc.µ
4.625%,
03/15/29
13,187,970
34
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,500,000
Wayfair,
Inc.
3.500%,
11/15/28
$
3,841,750
42,639,062
Consumer
Staples
(1.4%)
5,750,000
Alphatec
Holdings,
Inc.
0.750%,
03/15/30
5,709,233
3,000,000
Merit
Medical
Systems,
Inc.^
3.000%,
02/01/29
3,225,210
4,257,000
Revolution
Medicines,
Inc.µ
0.500%,
05/01/33
4,714,159
13,648,602
Energy
(2.6%)
3,250,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
4,306,868
5,500,000
Eos
Energy
Enterprises,
Inc.*µ
1.750%,
12/01/31
4,013,680
Liberty
Energy,
Inc.*
7,000,000
0.000%,
03/01/31
8,462,160
2,568,000
0.000%,
03/01/32^
2,896,909
3,750,000
Solaris
Energy
Infrastructure,
Inc.
0.250%,
10/01/31
5,733,075
898,000
Sunedison,
Inc.@
0.000%,
10/01/18
3,592
9,411,000
SunEdison,
Inc.*@
0.000%,
01/15/20
37,644
25,453,928
Financials
(4.1%)
7,500,000
Barclays
Bank
PLC
1.000%,
02/16/29
7,758,525
Coinbase
Global,
Inc.µ
4,500,000
0.250%,
04/01/30
4,347,630
11,250,000
0.000%,
10/01/32*
9,510,300
4,750,000
Dave,
Inc.*
0.000%,
04/01/31
5,889,810
Galaxy
Digital
Holdings
LP*
1,750,000
2.500%,
12/01/29
2,503,165
5,750,000
0.500%,
05/01/31
4,894,860
4,250,000
WisdomTree,
Inc.*
4.625%,
08/15/30
5,039,523
39,943,813
Health
Care
(7.2%)
2,750,000
Arrowhead
Pharmaceuticals,
Inc.µ
0.000%,
01/15/32
3,134,697
Bridgebio
Pharma,
Inc.
2,750,000
1.750%,
03/01/31
4,532,357
5,250,000
0.750%,
02/01/33*
5,188,627
1,760,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
2,098,184
4,750,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
4,964,890
9,250,000
Halozyme
Therapeutics,
Inc.*µ
0.875%,
11/15/32
9,125,310
4,750,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
5,428,728
PRINCIPAL
AMOUNT
a
a
VALUE
a
9,250,000
Ionis
Pharmaceuticals,
Inc.*µ
0.000%,
12/01/30
$
9,642,015
Jazz
Investments
I
Ltd.
3,750,000
3.125%,
09/15/30
5,598,788
2,200,000
2.000%,
06/15/26
2,851,002
2,721,000
Lantheus
Holdings,
Inc.
2.625%,
12/15/27
3,464,459
2,250,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
3,023,933
4,250,000
Repligen
Corp.µ
1.000%,
12/15/28
4,190,245
2,000,000
Tempus
AI,
Inc.*^µ
0.750%,
07/15/30
2,086,320
4,625,000
Zoetis,
Inc.*
0.250%,
06/15/29
4,576,900
69,906,455
Industrials
(7.8%)
6,500,000
AeroVironment,
Inc.µ
0.000%,
07/15/30
6,614,140
17,250,000
Bloom
Energy
Corp.*^
0.000%,
11/15/30
30,030,008
18,500,000
BWX
Technologies,
Inc.*^
0.000%,
11/01/30
20,089,520
5,250,000
Fluor
Corp.
1.125%,
08/15/29
7,055,580
4,750,000
JBT
Marel
Corp.*
0.375%,
09/15/30
4,505,565
4,750,000
Joby
Aviation,
Inc.
0.750%,
02/15/32
4,354,942
2,500,000
Voyager
Technologies,
Inc.*
0.750%,
11/15/30
2,849,100
75,498,855
Information
Technology
(41.4%)
6,500,000
Advanced
Energy
Industries,
Inc.
2.500%,
09/15/28
18,536,310
700,000,000
JPY
Advantest
Corp.*µ
0.000%,
03/28/31
5,318,131
18,000,000
Akamai
Technologies,
Inc.*µ
0.250%,
05/15/33
23,628,960
11,500,000
Cipher
Digital,
Inc.*^
0.000%,
10/01/31
15,976,490
16,500,000
Cloudflare,
Inc.*µ
0.000%,
06/15/30
19,009,815
5,368,000
CoreWeave,
Inc.*
1.750%,
10/01/32
6,473,325
16,500,000
CyberArk
Software
Ltd.*µ
0.000%,
06/15/30
17,978,070
2,250,000
Cytokinetics,
Inc.*µ
1.750%,
10/01/31
2,869,515
13,000,000
Datadog,
Inc.µ
0.000%,
12/01/29
13,034,450
15,500,000
IREN
Ltd.*
0.000%,
07/01/31
13,425,325
9,500,000
Lumentum
Holdings,
Inc.*µ
0.375%,
03/15/32
46,312,785
35
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
8,000,000
MACOM
Technology
Solutions
Holdings,
Inc.^
0.000%,
12/15/29
$
14,113,840
7,000,000
Microchip
Technology,
Inc.*^
0.000%,
02/15/30
8,010,660
7,500,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
8,461,200
14,250,000
MKS,
Inc.µ
1.250%,
06/01/30
27,867,300
5,209,000
Nebius
Group
NV*
1.250%,
03/15/31
5,791,783
17,250,000
ON
Semiconductor
Corp.µ
0.500%,
03/01/29
21,006,188
1,500,000
Seagate
HDD
Cayman
3.500%,
06/01/28
12,226,620
4,000,000
Semtech
Corp.*
0.000%,
10/15/30
5,313,880
9,250,000
Snowflake,
Inc.^
0.000%,
10/01/29
10,747,297
4,600,000
STMicroelectronics
NV
Series
B*
0.000%,
08/04/27
5,876,822
8,250,000
Strategy,
Inc.µ
2.250%,
06/15/32
10,032,247
Terawulf,
Inc.*
8,500,000
1.000%,
09/01/31^
16,409,590
1,211,000
0.000%,
05/01/32
1,646,851
14,500,000
Ultra
Clean
Holdings,
Inc.*^
0.000%,
03/15/31
18,020,165
4,250,000
Western
Digital
Corp.
3.000%,
11/15/28
48,696,627
3,750,000
Workiva,
Inc.µ
1.250%,
08/15/28
3,492,188
400,276,434
Materials
(1.6%)
5,750,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
6,836,922
2,750,000
i-80
Gold
Corp.*
3.750%,
04/15/31
3,089,460
1,750,000
MP
Materials
Corp.*
3.000%,
03/01/30
5,567,678
15,494,060
Other
(1.0%)
7,250,000
CoreWeave,
Inc.*
1.750%,
12/01/31
9,438,993
Real
Estate
(3.1%)
4,734,000
Compass,
Inc.*µ
0.250%,
04/15/31
4,183,530
18,250,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
20,492,560
4,500,000
Realty
Income
Corp.*
3.500%,
01/15/29
4,679,865
29,355,955
PRINCIPAL
AMOUNT
a
a
VALUE
a
Utilities
(3.5%)
18,000,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
$
19,099,800
8,750,000
CMS
Energy
Corp.^
3.375%,
05/01/28
9,794,575
4,750,000
Ormat
Technologies,
Inc.
Series
A*
1.500%,
03/15/31
5,030,060
33,924,435
TOTAL
CONVERTIBLE
BONDS
(Cost
$694,691,987)
842,042,234
CORPORATE
BONDS
(30.5%)
Airlines
(0.3%)
654,194
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
654,259
791,860
American
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.950%,
01/11/32
754,833
665,250
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
643,942
JetBlue
Pass-Through
Trust
166,722
Series
2019,
Class
B,
8.000%,
05/15/29
164,334
764,813
Series
1B,
Class
B,
7.750%,
05/15/30
767,505
2,984,873
Communication
Services
(2.5%)
1,160,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
1,137,786
360,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
373,954
856,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
871,374
Clear
Channel
Outdoor
Holdings,
Inc.*
475,000
7.875%,
04/01/30
495,135
522,000
7.500%,
03/15/33
548,664
CSC
Holdings
LLC*
840,000
4.625%,
12/01/30
298,687
1,590,000
4.500%,
11/15/31
938,831
356,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
362,992
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
345,000
10.000%,
02/15/31
359,138
350,000
5.875%,
08/15/27
350,270
Discovery
Global
Holdings,
Inc.
470,000
5.050%,
03/15/42
337,516
235,000
4.279%,
03/15/32
212,943
475,000
EW
Scripps
Co.*
9.875%,
08/15/30
476,738
1,475,000
Frontier
California,
Inc.
Series
Fµ
6.750%,
05/15/27
1,501,815
36
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
239,000
Frontier
Communications
Holdings
LLC*µ
8.750%,
05/15/30
$
244,729
1,519,000
Frontier
Florida
LLC
Series
Eµ
6.860%,
02/01/28
1,570,707
1,445,000
Frontier
North,
Inc.
Series
Gµ
6.730%,
02/15/28
1,488,480
835,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
781,527
Gray
Media,
Inc.*
475,000
7.250%,
08/15/33
484,258
475,000
5.375%,
11/15/31
372,243
955,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
868,124
240,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
231,108
237,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
246,556
605,000
Lumen
Technologies,
Inc.
Series
P
7.600%,
09/15/39
579,451
475,000
Neptune
Bidco
U.S.,
Inc.*
9.290%,
04/15/29
480,638
930,000
Paramount
Global
4.900%,
08/15/44
612,135
475,000
PR
RNO
Property
Owner
1
LLC*††
6.500%,
05/01/31
471,081
Rogers
Communications,
Inc.‡
343,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
354,309
595,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
607,804
Scripps
Escrow
II,
Inc.*
239,000
5.375%,
01/15/31
185,433
477,000
3.875%,
01/15/29^
452,444
480,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
497,400
Sirius
XM
Radio
LLC*
485,000
5.875%,
04/15/32
477,579
1,189,000
3.875%,
09/01/31^
1,078,257
725,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
734,135
Time
Warner
Cable
LLC
385,000
7.300%,
07/01/38
402,945
480,000
6.550%,
05/01/37
482,846
378,000
T-Mobile
USA,
Inc.
6.700%,
12/15/33
414,571
940,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
924,048
480,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
487,594
23,796,245
Consumer
Discretionary
(6.8%)
1,430,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
1,480,479
PRINCIPAL
AMOUNT
a
a
VALUE
a
Adient
Global
Holdings
Ltd.*^
785,000
8.250%,
04/15/31
$
820,506
475,000
7.500%,
02/15/33
486,367
Advance
Auto
Parts,
Inc.*
237,000
7.375%,
08/01/33
244,466
422,000
7.000%,
08/01/30
435,622
590,000
American
Airlines
Pass-Through
Trust
Series
B††
5.750%,
11/10/36
590,602
715,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
699,599
458,000
Aptiv
Swiss
Holdings
Ltd.‡
6.875%,
12/15/54
,
5
yr.
CMT
+
3.385%
468,955
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
475,000
6.875%,
08/01/33
468,098
837,000
4.625%,
08/01/29
801,712
Bath
&
Body
Works,
Inc.
256,000
7.500%,
06/15/29
260,147
485,000
6.875%,
11/01/35^
478,850
655,000
6.625%,
10/01/30*
664,386
1,110,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
1,087,522
Caesars
Entertainment,
Inc.*^
817,000
6.000%,
10/15/32
732,824
604,000
4.625%,
10/15/29
583,367
Carnival
Corp.*
1,185,000
6.125%,
02/15/33^
1,203,344
481,000
4.000%,
08/01/28
470,303
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
950,000
7.000%,
02/01/33^
937,659
586,000
5.125%,
05/01/27
586,305
965,000
4.750%,
03/01/30
915,650
478,000
4.750%,
02/01/32^
428,216
980,000
4.500%,
08/15/30
914,742
951,000
4.250%,
02/01/31
863,594
1,100,000
4.250%,
01/15/34^
922,867
950,000
Century
Communities,
Inc.*
6.625%,
09/15/33
946,447
Churchill
Downs,
Inc.*
478,000
6.750%,
05/01/31
489,238
478,000
5.750%,
04/01/30
477,465
712,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
728,390
1,190,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.375%,
04/15/34
1,189,453
517,000
Dana,
Inc.
4.500%,
02/15/32
488,508
DISH
DBS
Corp.
1,601,000
7.375%,
07/01/28
1,566,354
470,000
5.125%,
06/01/29
432,851
946,000
DISH
Network
Corp.*
11.750%,
11/15/27
976,395
37
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,365,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
$
1,336,594
895,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
891,357
1,000,000
Ford
Motor
Co.
6.100%,
08/19/32
1,019,290
Ford
Motor
Credit
Co.
LLC
1,245,000
7.200%,
06/10/30
1,317,048
1,525,000
4.000%,
11/13/30
1,432,905
490,000
General
Motors
Co.
5.200%,
04/01/45
429,103
goeasy
Ltd.*^
619,000
7.625%,
07/01/29
554,952
950,000
6.875%,
02/15/31
789,992
Goodyear
Tire
&
Rubber
Co.
1,435,000
5.625%,
04/30/33^
1,288,214
515,000
5.250%,
07/15/31
468,820
Group
1
Automotive,
Inc.*
600,000
6.375%,
01/15/30
609,630
407,000
4.000%,
08/15/28
396,524
607,473
Guitar
Center,
Inc.‡
12.000%,
08/19/32
182,242
470,000
Kohl's
Corp.
5.550%,
07/17/45
284,966
965,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
57,485
950,000
Life
Time,
Inc.*
6.000%,
11/15/31
964,117
897,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
891,735
950,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
976,562
475,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
472,891
635,000
M/I
Homes,
Inc.
3.950%,
02/15/30
603,720
Macy's
Retail
Holdings
LLC
646,000
6.700%,
07/15/34*
616,775
1,205,000
4.300%,
02/15/43
808,362
1,860,000
MGM
Resorts
International^
6.500%,
04/15/32
1,886,617
1,219,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
1,192,523
712,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
742,580
NCL
Corp.
Ltd.*
475,000
6.750%,
02/01/32
473,266
534,000
6.250%,
09/15/33^
517,190
475,000
5.875%,
01/15/31
462,683
Newell
Brands,
Inc.
475,000
8.500%,
06/01/28*
496,422
475,000
6.625%,
05/15/32^
461,396
475,000
6.375%,
05/15/30^
465,562
950,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
936,368
PRINCIPAL
AMOUNT
a
a
VALUE
a
Patrick
Industries,
Inc.*
475,000
6.375%,
11/01/32
$
478,990
849,000
4.750%,
05/01/29
834,567
Penn
Entertainment,
Inc.*
950,000
6.750%,
04/01/31
942,181
570,000
4.125%,
07/01/29^
542,304
500,000
PetSmart
LLC/PetSmart
Finance
Corp.*
7.500%,
09/15/32
506,520
470,000
QVC,
Inc.@^
0.000%,
08/15/34
227,306
98,500
Rite
Aid
Corp.
0.000%,
08/30/34
—
950,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
967,395
950,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
969,770
528,750
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
2,729
227,522
SGUS
LLC*@
0.000%,
12/15/29
39,675
875,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
845,425
970,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
957,167
750,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.^
5.250%,
07/15/29
722,265
950,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
966,976
535,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
523,733
668,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
665,769
705,000
Staples,
Inc.*
10.750%,
09/01/29
675,439
1,550,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
1,466,564
950,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
986,053
594,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
601,009
240,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
252,979
449,000
Voyager
Parent
LLC*
9.250%,
07/01/32
478,571
950,000
Whirlpool
Corp.^
6.500%,
06/15/33
910,423
455,000
William
Carter
Co.*^
7.375%,
02/15/31
468,281
38
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
950,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
$
954,465
65,855,730
Consumer
Staples
(1.9%)
909,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
887,420
465,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
483,521
890,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*^
8.375%,
06/15/32
895,349
940,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
933,909
Brink's
Co.*
475,000
6.750%,
06/15/32
487,583
470,000
6.500%,
06/15/29
480,989
1,099,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
1,034,632
950,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
955,206
1,092,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
1,043,996
Energizer
Holdings,
Inc.*
475,000
6.000%,
09/15/33^
454,394
1,096,000
4.375%,
03/31/29
1,055,316
475,000
Industrial
F&B
Investments
III,
Inc.*
7.750%,
02/11/33
480,439
950,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*
7.125%,
04/30/33
961,504
MPH
Acquisition
Holdings
LLC*
816,885
6.750%,
03/31/31
553,170
395,909
5.750%,
12/31/30
328,996
621,000
New
Albertsons
LP
7.750%,
06/15/26
623,012
950,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
930,715
Post
Holdings,
Inc.*
829,000
6.375%,
03/01/33
829,506
950,000
6.250%,
02/15/32
970,596
909,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
840,180
1,350,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
1,393,240
628,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
628,791
712,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
704,674
17,957,138
Energy
(4.3%)
712,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
716,778
PRINCIPAL
AMOUNT
a
a
VALUE
a
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
950,000
6.625%,
10/15/32
$
976,277
746,000
6.625%,
07/15/33
767,597
Buckeye
Partners
LP
356,000
6.875%,
07/01/29*
367,734
710,000
6.750%,
02/01/30*
734,530
500,000
5.850%,
11/15/43
458,230
950,000
CNX
Resources
Corp.*
5.875%,
03/01/34
942,913
1,120,000
Continental
Resources,
Inc.
4.900%,
06/01/44
897,490
715,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
731,667
Enbridge,
Inc.^‡
724,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
766,397
485,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
519,144
Energy
Transfer
LP‡
475,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
488,447
915,000
6.943%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
912,163
700,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
703,129
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
719,000
8.875%,
04/15/30
753,915
475,000
8.000%,
05/15/33
500,645
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
235,000
6.875%,
05/15/34
236,422
235,000
6.250%,
04/15/32
233,642
950,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
991,515
1,185,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
1,206,804
475,000
Kodiak
Gas
Services
LLC*
5.875%,
04/01/31
478,828
950,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
983,668
960,000
Matador
Resources
Co.*
6.500%,
04/15/32
980,611
1,285,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
1,343,082
1,006,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
1,009,954
475,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
473,318
960,000
Plains
All
American
Pipeline
LP
Series
B‡
8.024%,
05/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
960,480
39
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
960,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
$
1,001,885
1,306,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
1,366,494
Sunoco
LP*
700,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
725,746
1,425,000
6.625%,
08/15/32
1,457,191
950,000
6.250%,
07/01/33
970,900
950,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
971,213
935,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
923,294
TransCanada
PipeLines
Ltd.‡
240,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
241,915
470,000
6.125%,
10/17/56^
,
5
yr.
CMT
+
2.250%
472,449
Transocean
International
Ltd.*
840,000
8.500%,
05/15/31
889,501
712,000
7.875%,
10/15/32
763,520
Venture
Global
LNG,
Inc.*
480,000
9.875%,
02/01/32
515,362
480,000
9.500%,
02/01/29
524,131
1,725,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
1,706,249
1,195,000
8.375%,
06/01/31
1,245,704
715,000
8.125%,
06/01/28
731,895
499,000
7.000%,
01/15/30^
513,935
Venture
Global
Plaquemines
LNG
LLC*
950,000
6.500%,
01/15/34
995,799
710,000
6.500%,
06/15/34
741,595
237,000
6.125%,
12/15/30
244,589
1,000,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
997,670
1,415,000
WBI
Operating
LLC*
6.500%,
10/15/33
1,431,669
950,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
985,967
1,308,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
1,347,672
41,901,725
Financials
(5.1%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
818,000
8.250%,
02/01/29
821,141
745,000
6.750%,
07/01/32
734,935
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
900,000
6.950%,
03/10/55^
,
5
yr.
CMT
+
2.720%
933,363
450,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
458,320
PRINCIPAL
AMOUNT
a
a
VALUE
a
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
1,470,000
7.375%,
10/01/32
$
1,446,010
950,000
6.500%,
10/01/31
959,063
Ally
Financial,
Inc.‡
950,000
Series
D,
7.100%,
08/15/31††
,
5
yr.
CMT
+
3.148%
949,696
1,327,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
1,325,182
445,000
Series
C,
4.700%,
05/15/28^
,
7
yr.
CMT
+
3.481%
427,716
983,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
951,367
475,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
464,692
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
900,000
8.375%,
02/01/34
889,164
759,000
8.000%,
12/31/32
794,111
950,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
972,999
1,410,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
1,428,809
950,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
1,008,891
Brandywine
Operating
Partnership
LP
475,000
8.875%,
04/12/29
497,833
951,000
6.125%,
01/15/31^
885,771
1,183,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
1,240,399
1,676,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
1,651,178
742,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
726,596
1,000,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
821,910
880,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
894,802
935,000
Corebridge
Financial,
Inc.^‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
930,540
Credit
Acceptance
Corp.*
635,000
9.250%,
12/15/28
663,296
922,000
6.625%,
03/15/30
919,483
950,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
934,705
960,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
1,010,822
40
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
475,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
$
494,304
First
Citizens
BancShares,
Inc.‡
235,000
Series
B,
7.908%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
236,685
725,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
729,401
475,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
478,814
HUB
International
Ltd.*
715,000
7.375%,
01/31/32
733,333
735,000
5.625%,
12/01/29
727,944
475,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
475,784
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
945,000
6.625%,
10/15/31
921,838
935,000
5.000%,
08/15/28
896,824
1,069,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
1,110,509
240,000
MetLife,
Inc.^‡
5.850%,
03/15/56
,
5
yr.
CMT
+
1.817%
236,902
475,000
Newmark
Group,
Inc.
7.500%,
01/12/29
500,489
OneMain
Finance
Corp.
475,000
6.750%,
03/15/32
475,480
950,000
6.750%,
09/15/33
936,272
960,000
6.500%,
03/15/33
941,069
466,000
Osaic
Holdings,
Inc.*
8.000%,
08/01/33
475,068
905,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
925,308
1,190,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
1,239,135
Reinsurance
Group
of
America,
Inc.^‡
475,000
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
483,588
475,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
465,505
Rocket
Cos.,
Inc.*
712,000
6.375%,
08/01/33
723,321
475,000
6.125%,
08/01/30
482,738
928,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
862,363
950,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
960,345
236,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
244,496
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,190,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
$
1,254,093
1,700,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
1,736,023
1,123,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
1,071,713
475,000
UWM
Holdings
LLC*
6.250%,
03/15/31
441,584
475,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
498,831
940,000
Wells
Fargo
&
Co.
Series
GG^‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
943,798
950,000
XHR
LP*
6.625%,
05/15/30
973,693
49,420,044
Health
Care
(1.7%)
1,425,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
1,459,699
CHS/Community
Health
Systems,
Inc.*
571,000
10.875%,
01/15/32
614,019
538,000
6.875%,
04/15/29^
529,516
1,917,000
6.125%,
04/01/30^
1,705,478
120,000
5.250%,
05/15/30
113,413
DaVita,
Inc.*
925,000
6.875%,
09/01/32^
955,830
1,061,000
4.625%,
06/01/30
1,027,982
1,139,000
3.750%,
02/15/31
1,057,641
Embecta
Corp.*
240,000
6.750%,
02/15/30
227,568
717,000
5.000%,
02/15/30^
674,467
Encompass
Health
Corp.
470,000
4.750%,
02/01/30
462,884
470,000
4.500%,
02/01/28
466,790
534,000
IQVIA,
Inc.*
6.250%,
06/01/32
545,438
1,443,000
Medline
Borrower
LP*
5.250%,
10/01/29
1,436,781
1,760,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
1,750,074
Tenet
Healthcare
Corp.
1,315,000
6.875%,
11/15/31
1,401,185
712,000
5.500%,
11/15/32*
711,637
1,215,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
1,219,034
16,359,436
Industrials
(2.5%)
1,068,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
1,097,338
1,100,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
983,378
Arcosa,
Inc.*
475,000
6.875%,
08/15/32
493,891
41
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
538,000
4.375%,
04/15/29
$
524,932
Bombardier,
Inc.*
480,000
8.750%,
11/15/30
510,379
300,000
7.250%,
07/01/31
315,858
355,000
7.000%,
06/01/32
371,003
237,000
6.750%,
06/15/33
247,573
956,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
930,886
1,485,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
1,499,924
235,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
236,603
199,167
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
199,404
Deluxe
Corp.*
475,000
8.125%,
09/15/29
496,289
1,265,000
8.000%,
06/01/29
1,280,370
EnerSys*
500,000
6.625%,
01/15/32
514,540
475,000
4.375%,
12/15/27
470,198
EquipmentShare.com,
Inc.*
590,000
8.625%,
05/15/32
625,984
359,000
8.000%,
03/15/33^
376,735
Graphic
Packaging
International
LLC*
625,000
4.750%,
07/15/27
620,969
446,000
3.500%,
03/01/29
422,928
Herc
Holdings,
Inc.*
475,000
7.250%,
06/15/33
497,577
475,000
7.000%,
06/15/30
494,570
475,000
6.625%,
06/15/29
487,132
712,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
361,041
1,575,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
1,558,903
940,000
Novelis
Corp.*
4.750%,
01/30/30
901,441
950,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
965,124
278,000
Sensata
Technologies
BV*
4.000%,
04/15/29
270,886
479,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
446,011
Standard
Building
Solutions,
Inc.*
235,000
6.500%,
08/15/32
237,703
712,000
6.250%,
08/01/33
712,292
950,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
995,286
TransDigm,
Inc.*
360,000
7.125%,
12/01/31
373,694
1,035,000
6.875%,
12/15/30
1,067,675
710,000
6.750%,
08/15/28
720,245
235,000
6.625%,
03/01/32
241,683
210,622
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
205,843
715,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
728,871
PRINCIPAL
AMOUNT
a
a
VALUE
a
Williams
Scotsman,
Inc.*
355,000
6.625%,
06/15/29
$
364,628
565,000
4.625%,
08/15/28
559,164
24,408,951
Information
Technology
(1.4%)
Block,
Inc.*
238,000
6.000%,
08/15/33
238,062
470,000
5.625%,
08/15/30
470,696
710,000
CACI
International,
Inc.*
6.375%,
06/15/33
727,033
712,000
Cloud
Software
Group,
Inc.*
6.625%,
08/15/33
639,234
557,000
Coherent
Corp.*
5.000%,
12/15/29
551,469
Fair
Isaac
Corp.*
356,000
6.000%,
05/15/33
351,464
480,000
4.000%,
06/15/28
469,114
1,050,000
KBR,
Inc.*
4.750%,
09/30/28
1,033,809
235,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
244,405
723,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
704,802
475,000
Open
Text
Corp.*
6.900%,
12/01/27
486,020
Open
Text
Holdings,
Inc.*
235,000
4.125%,
02/15/30
211,881
594,000
4.125%,
12/01/31^
507,716
1,350,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
1,309,027
Twilio,
Inc.^
236,000
3.875%,
03/15/31
220,983
680,000
3.625%,
03/15/29
653,990
1,131,000
UKG,
Inc.*
6.875%,
02/01/31
1,101,311
1,435,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
1,367,569
1,358,149
Wolfspeed,
Inc.
7.000%,
06/15/31
1,110,327
950,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
968,867
860,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
699,619
14,067,398
Materials
(2.0%)
950,000
Avient
Corp.*
6.250%,
11/01/31
964,089
950,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
967,527
845,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
896,815
950,000
Century
Aluminum
Co.*
6.875%,
08/01/32
984,827
Chemours
Co.*
805,000
8.000%,
01/15/33
831,283
475,000
7.875%,
03/15/34
486,243
42
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,765,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
$
1,556,024
950,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
981,939
375,000
Constellium
SE*
6.375%,
08/15/32
384,641
1,572,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
1,042,440
950,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
989,016
1,185,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
1,188,425
955,000
Knife
River
Corp.*
7.750%,
05/01/31
993,372
Mercer
International,
Inc.
426,000
12.875%,
10/01/28*
214,500
1,020,000
5.125%,
02/01/29
415,324
950,000
Olin
Corp.*
6.625%,
04/01/33
943,236
950,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
972,391
1,105,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
1,087,287
950,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
944,984
950,000
Terex
Corp.*
6.250%,
10/15/32
965,609
417,320
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
10,375
WR
Grace
Holdings
LLC*
235,000
7.000%,
08/01/33
234,852
960,000
6.625%,
08/15/32
953,693
19,008,892
Other
(1.1%)
705,000
1261229
BC
Ltd.*
10.000%,
04/15/32
728,801
950,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
976,847
370,097
Claritev
Corp.
Series
B*
6.750%,
03/31/31
242,539
EchoStar
Corp.
2,393,615
10.750%,
11/30/29
2,597,934
1,012,724
6.750%,
11/30/30
1,028,998
500,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
503,050
215,000
Genmab
AS/Genmab
Finance
LLC*
6.250%,
12/15/32
220,680
475,000
Graham
Holdings
Co.*
5.625%,
12/01/33
470,583
885,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
940,428
1,250,000
Rfna
LP*
7.875%,
02/15/30
1,238,912
PRINCIPAL
AMOUNT
a
a
VALUE
a
950,000
SM
Energy
Co.*^
7.000%,
08/01/32
$
975,688
475,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
499,743
10,424,203
Real
Estate
(0.2%)
475,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
477,565
630,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
615,113
722,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
705,661
1,798,339
Special
Purpose
Acquisition
Companies
(0.1%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
780,000
6.750%,
01/15/30^
755,539
477,000
4.625%,
01/15/29
464,632
1,220,171
Utilities
(0.6%)
475,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
484,642
475,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
485,421
698,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
728,838
480,000
Emera
U.S.
Finance
LLC
Series
A‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
481,723
750,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
772,785
710,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
722,255
475,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
473,071
718,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
743,410
350,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.627%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
345,002
Vistra
Corp.*‡
250,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
252,428
450,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
452,066
43
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
240,000
Xcel
Energy,
Inc.‡
5.750%,
12/03/56
,
5
yr.
CMT
+
2.168%
$
237,494
6,179,135
TOTAL
CORPORATE
BONDS
(Cost
$303,016,167)
295,382,280
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
$584,392)
596,576
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(0.6%)
Communication
Services
(0.0%)
17,477
Audacy,
Inc.#
52,431
6,819
Cumulus
Media,
Inc.
-
Class
A#
21
20,285
Optimum
Communications,
Inc.
-
Class
A#^µ
32,050
84,502
Consumer
Discretionary
(0.0%)
1,446
Rite
Aid
Corp.#
1,446
Energy
(0.3%)
4,000
Cheniere
Energy
Partners
LP
268,080
56,650
Energy
Transfer
LP
1,143,763
26,095
Enterprise
Products
Partners
LP
1,009,877
6,644
EP
Energy
Corp.#
6,644
2,428,364
Industrials
(0.0%)
10,901
Ardagh
Holdings
SA#
78,043
Information
Technology
(0.3%)
112,416
Wolfspeed,
Inc.#^
3,319,645
TOTAL
COMMON
STOCKS
(Cost
$11,695,096)
5,912,000
CONVERTIBLE
PREFERRED
STOCKS
(17.2%)
Financials
(2.6%)
83,465
Apollo
Global
Management,
Inc.
6.750%,
07/31/26
5,486,154
123,245
ARES
Management
Corp.
6.750%,
10/01/27
4,836,134
8,100
Bank
of
America
Corp.^‡‡
7.250%
9,904,437
NUMBER
OF
SHARES
b
b
VALUE
b
116,510
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
$
5,170,714
25,397,439
Industrials
(3.9%)
401,365
Boeing
Co.^
6.000%,
10/15/27
28,978,553
82,135
QXO,
Inc.
5.500%,
05/15/28
4,647,199
95,000
VSE
Corp.#^
5.750%,
02/01/29
4,390,900
38,016,652
Information
Technology
(4.0%)
75,270
Hewlett
Packard
Enterprise
Co.^
7.625%,
09/01/27
5,767,187
152,495
Microchip
Technology,
Inc.
7.500%,
03/15/28
11,996,782
422,515
Oracle
Corp.#^
6.500%,
01/15/29
20,563,805
38,327,774
Materials
(1.1%)
132,880
Albemarle
Corp.
7.250%,
03/01/27
10,356,667
Utilities
(5.6%)
NextEra
Energy,
Inc.^
184,410
7.234%,
11/01/27
9,934,167
85,285
7.299%,
06/01/27
5,035,226
95,000
7.375%,
02/15/29#
4,989,400
385,170
PPL
Corp.#^
7.000%,
02/15/29
19,427,975
285,000
Southern
Co.#^
7.125%,
12/15/28
14,828,550
54,215,318
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$160,479,027)
166,313,850
PREFERRED
STOCKS
(0.1%)
Communication
Services
(0.1%)
41,748
Qwest
Corp.
6.500%,
09/01/56
766,076
7,676
Telephone
&
Data
Systems,
Inc.
6.625%,
05/29/26
164,496
T-Mobile
USA,
Inc.#µ
6,503
5.500%,
03/01/70
144,367
743
5.500%,
06/01/70
16,487
7,935
6.250%,
09/01/69
197,978
1,289,404
TOTAL
PREFERRED
STOCKS
(Cost
$1,218,425)
1,289,404
44
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
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
(0.5%)#
Consumer
Discretionary
(0.3%)
475
12,590,350
Amazon.com,
Inc.
Call,
01/15/27,
Strike
$240.00
2,277,625
Information
Technology
(0.0%)
70
2,854,460
Microsoft
Corp.
Call,
05/15/26,
Strike
$540.00
735
Other
(0.2%)
1,425
102,409,050
SPDR
®
S&P
500
®
ETF
Trust
Put,
07/17/26,
Strike
$715.00
2,414,663
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$4,324,255)
4,693,023
TOTAL
INVESTMENTS
(141.8%)
(Cost
$1,233,385,539)
1,372,446,566
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-13.7%)
(
132,750,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-28.1%)
(
271,789,403
)
NET
ASSETS
(100.0%)
$
967,907,163
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTION (-0.1%)#
Other
(-0.1%)
(1,425)
(102,409,050)
SPDR
®
S&P
500
®
ETF
Trust
Put,
07/17/26,
Strike
$640.00
(Premium
$685,245)
$
(
662,625
)
*
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.
!
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
April
30,
2026.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$341,096,507.
^
Security,
or
portion
of
security,
is
on
loan.
@
In
default
status
and
considered
non-income
producing.
††
When-issued
security.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
FOREIGN
CURRENCY
ABBREVIATION
JPY
Japanese
Yen
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
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.
45
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
1):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
756,018
$
—
$
756,018
Bank
Loans
71
—
55,461,172
—
55,461,172
Convertible
Bonds
91
—
842,042,234
—
842,042,234
Corporate
Bonds
405
—
295,382,280
—
295,382,280
U.S.
Government
and
Agency
Security
1
—
596,576
—
596,576
Common
Stocks
10
5,833,957
78,043
—
5,912,000
Convertible
Preferred
Stocks
16
166,313,850
—
—
166,313,850
Preferred
Stocks
5
1,289,404
—
—
1,289,404
Warrants
4
9
—
—
9
Exchange-Traded
Purchased
Options
3
4,693,023
—
—
4,693,023
Total
$
178,130,243
$
1,194,316,323
$
—
$
1,372,446,566
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
662,625
$
—
$
—
$
662,625
Total
$
662,625
$
—
$
—
$
662,625
SECTOR
WEIGHTINGS
Information
Technology
32
.9
%
Industrials
10
.5
Consumer
Discretionary
8
.6
Communication
Services
8
.6
Financials
8
.6
Utilities
6
.7
Health
Care
6
.2
Energy
5
.1
Materials
3
.3
Consumer
Staples
3
.0
Real
Estate
2
.2
Other
1
.8
Airlines
0
.2
Special
Purpose
Acquisition
Companies
0
.1
Sector
weightings
are
based
on
total
investments
and
may
vary
over
time.
Sector
Weightings
exclude
any
government/
sovereign
bonds
or
options
on
broad
market
indexes
the
Fund
may
hold.
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
46
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
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
$822,861)
$
840,020
BANK
LOANS
(5.9%)i
Communication
Services
(0.9%)
1,375,000
Altice
France
SA!
2025
USD
Term
Loan
B14,
0.000%,
05/31/31
1,403,249
796,361
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.548%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
812,723
398,101
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.767%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
316,490
34,852
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.767%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
34,634
492,480
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.902%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
493,010
489,198
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.767%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
491,695
368,077
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.175%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
369,601
1,144,860
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.542%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
1,118,528
1,050,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.902%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
1,054,872
617,701
TripAdvisor,
Inc.‡
Term
Loan,
6.402%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
580,330
350,000
Versant
Media
Group,
Inc.!
Term
Loan
B,
0.000%,
01/30/31
351,138
1,060,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.200%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
1,063,445
450,000
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
451,920
PRINCIPAL
AMOUNT
a
a
VALUE
a
159,591
ViaSat,
Inc.‡
2023
Term
Loan,
8.267%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
$
160,271
1,045,000
Virgin
Media
Bristol
LLC!
2020
USD
Term
Loan
Q,
0.000%,
01/31/29
1,025,845
9,727,751
Consumer
Discretionary
(1.1%)
1,034,550
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
7.012%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
1,035,843
1,047,375
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.950%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
1,053,596
548,625
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.924%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
552,485
610,934
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.902%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
594,390
646,813
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.663%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
486,726
825,850
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.402%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
830,842
1,031,977
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.657%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
1,036,332
711,515
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.152%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
716,410
525,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.652%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
527,790
1,029,000
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.652%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
1,032,833
567,464
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.404%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
569,771
1,042,388
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.950%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
1,044,029
47
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,045,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.442%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
$
1,020,343
1,025,884
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.402%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
1,024,346
11,525,736
Consumer
Staples
(1.1%)
1,943,899
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.652%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
1,954,833
535,950
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.152%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
533,045
778,150
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.152%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
753,592
1,130,310
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.402%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
1,138,262
2,245,145
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.902%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
2,190,700
92,218
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.413%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
92,321
1,044,750
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.700%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
1,050,193
1,624,341
Star
Parent,
Inc.‡
Term
Loan
B,
7.700%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
1,626,883
1,037,176
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.663%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
1,040,012
525,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.902%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
530,006
486,926
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.402%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
490,457
11,400,304
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(0.1%)
1,516,727
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.933%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
$
1,522,650
Financials
(0.6%)
766,442
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.152%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
762,135
663,345
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.152%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
659,939
1,298,563
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.450%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,245,321
767,338
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.652%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
768,776
725,025
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.902%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
729,205
625,000
Jupiter
Borrower,
Inc.!
Term
Loan
B,
0.000%,
03/25/33
628,125
210,000
Lockton,
Inc.!
Term
Loan
B,
0.000%,
04/22/33
210,788
1,015,000
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.200%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
1,016,243
6,020,532
Health
Care
(0.1%)
1,139,654
Padagis
LLC‡
Term
Loan
B,
8.689%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
1,079,822
Industrials
(0.9%)
1,017,368
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.211%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
828,295
1,039,775
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.688%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
1,049,310
1,023,572
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.402%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
1,023,720
48
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
693,174
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.200%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
$
695,198
1,408,828
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
5.950%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
1,412,386
1,031,704
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.402%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
1,016,522
1,039,500
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.902%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
1,041,548
2,075,372
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.152%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
2,080,809
520,000
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.152%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
521,448
9,669,236
Information
Technology
(0.6%)
1,382,419
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.673%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
1,283,631
1,052,258
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.402%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
990,764
403,071
Coherent
Corp.‡
2025
Term
Loan
B2,
5.402%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
404,583
1,000,000
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
1,001,500
1,260,014
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.402%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
1,204,787
805,888
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.652%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
806,892
5,692,157
Materials
(0.2%)
518,700
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.152%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
518,441
1,117,493
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.902%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
1,043,459
PRINCIPAL
AMOUNT
a
a
VALUE
a
764,395
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.434%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
$
109,140
1,671,040
Other
(0.2%)
1,618,903
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.152%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
1,626,285
Special
Purpose
Acquisition
Companies
(0.1%)
260,000
Sword
Purchaser
LLC!
USD
Term
Loan
B,
0.000%,
04/11/33
252,849
525,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.652%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
510,563
763,412
TOTAL
BANK
LOANS
(Cost
$61,933,887)
60,698,925
CONVERTIBLE
BONDS
(87.6%)
Communication
Services
(9.1%)
AST
SpaceMobile,
Inc.*µ
4,250,000
2.250%,
04/15/36
3,952,543
5,000,000
2.000%,
01/15/36
5,061,350
5,000,000
IMAX
Corp.*
0.750%,
11/15/30
5,600,300
5,500,000
Liberty
Media
Corp.-Liberty
Formula
One
2.250%,
08/15/27
6,405,685
17,500,000
Live
Nation
Entertainment,
Inc.^µ
2.875%,
01/15/30
19,457,375
13,250,000
Lyft,
Inc.*µ
0.000%,
09/15/30
12,973,605
5,000,000
Sirius
XM
Holdings,
Inc.
3.750%,
03/15/28
5,475,850
17,500,000
Snap,
Inc.µ
0.500%,
05/01/30
14,805,175
15,500,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
18,986,415
92,718,298
Consumer
Discretionary
(4.4%)
14,000,000
DoorDash,
Inc.*µ
0.000%,
05/15/30
13,385,960
4,500,000
Etsy,
Inc.*µ
1.000%,
06/15/30
4,889,115
3,750,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
1,846,462
6,500,000
NCL
Corp.
Ltd.µ
0.875%,
04/15/30
6,863,610
12,250,000
Rivian
Automotive,
Inc.µ
4.625%,
03/15/29
14,048,055
49
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,750,000
Wayfair,
Inc.
3.500%,
11/15/28
$
4,225,925
45,259,127
Consumer
Staples
(1.4%)
6,000,000
Alphatec
Holdings,
Inc.
0.750%,
03/15/30
5,957,460
3,250,000
Merit
Medical
Systems,
Inc.
3.000%,
02/01/29
3,493,978
4,585,000
Revolution
Medicines,
Inc.µ
0.500%,
05/01/33
5,077,383
14,528,821
Energy
(2.7%)
3,500,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
4,638,165
6,250,000
Eos
Energy
Enterprises,
Inc.*µ
1.750%,
12/01/31
4,561,000
Liberty
Energy,
Inc.*
7,250,000
0.000%,
03/01/31
8,764,380
2,703,000
0.000%,
03/01/32
3,049,200
4,000,000
Solaris
Energy
Infrastructure,
Inc.^
0.250%,
10/01/31
6,115,280
SunEdison,
Inc.@
1,027,000
0.000%,
10/01/18
4,108
10,545,000
0.000%,
01/15/20*
42,180
27,174,313
Financials
(4.1%)
8,000,000
Barclays
Bank
PLC
Series
MSFT
1.000%,
02/16/29
8,275,760
Coinbase
Global,
Inc.µ
4,750,000
0.250%,
04/01/30
4,589,165
11,750,000
0.000%,
10/01/32*
9,932,980
5,000,000
Dave,
Inc.*
0.000%,
04/01/31
6,199,800
Galaxy
Digital
Holdings
LP*µ
2,000,000
2.500%,
12/01/29
2,860,760
6,000,000
0.500%,
05/01/31
5,107,680
4,500,000
WisdomTree,
Inc.*
4.625%,
08/15/30
5,335,965
42,302,110
Health
Care
(7.3%)
3,000,000
Arrowhead
Pharmaceuticals,
Inc.µ
0.000%,
01/15/32
3,419,670
Bridgebio
Pharma,
Inc.
3,000,000
1.750%,
03/01/31
4,944,390
5,500,000
0.750%,
02/01/33*^
5,435,705
1,853,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
2,209,054
5,000,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
5,226,200
10,000,000
Halozyme
Therapeutics,
Inc.*µ
0.875%,
11/15/32
9,865,200
5,000,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
5,714,450
10,000,000
Ionis
Pharmaceuticals,
Inc.*µ
0.000%,
12/01/30
10,423,800
PRINCIPAL
AMOUNT
a
a
VALUE
a
Jazz
Investments
I
Ltd.
4,000,000
3.125%,
09/15/30
$
5,972,040
2,405,000
2.000%,
06/15/26^
3,116,664
3,040,000
Lantheus
Holdings,
Inc.
2.625%,
12/15/27
3,870,619
2,250,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
3,023,932
4,750,000
Repligen
Corp.µ
1.000%,
12/15/28
4,683,215
2,000,000
Tempus
AI,
Inc.*µ
0.750%,
07/15/30
2,086,320
4,875,000
Zoetis,
Inc.*
0.250%,
06/15/29
4,824,300
74,815,559
Industrials
(7.9%)
6,750,000
AeroVironment,
Inc.µ
0.000%,
07/15/30
6,868,530
18,500,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
32,206,095
19,750,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
21,446,920
5,500,000
Fluor
Corp.
1.125%,
08/15/29
7,391,560
5,000,000
JBT
Marel
Corp.*
0.375%,
09/15/30
4,742,700
5,250,000
Joby
Aviation,
Inc.
0.750%,
02/15/32
4,813,358
2,500,000
Voyager
Technologies,
Inc.*
0.750%,
11/15/30
2,849,100
80,318,263
Information
Technology
(41.6%)
7,000,000
Advanced
Energy
Industries,
Inc.^
2.500%,
09/15/28
19,962,180
700,000,000
JPY
Advantest
Corp.*µ
0.000%,
03/28/31
5,318,131
19,250,000
Akamai
Technologies,
Inc.*µ
0.250%,
05/15/33
25,269,860
12,250,000
Cipher
Digital,
Inc.*^
0.000%,
10/01/31
17,018,435
17,500,000
Cloudflare,
Inc.*µ
0.000%,
06/15/30
20,161,925
5,804,000
CoreWeave,
Inc.*
1.750%,
10/01/32
6,999,102
17,500,000
CyberArk
Software
Ltd.*µ
0.000%,
06/15/30
19,067,650
2,500,000
Cytokinetics,
Inc.*^µ
1.750%,
10/01/31
3,188,350
13,750,000
Datadog,
Inc.µ
0.000%,
12/01/29
13,786,437
16,500,000
IREN
Ltd.*
0.000%,
07/01/31
14,291,475
10,000,000
Lumentum
Holdings,
Inc.*µ
0.375%,
03/15/32
48,750,300
8,500,000
MACOM
Technology
Solutions
Holdings,
Inc.^
0.000%,
12/15/29
14,995,955
50
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
7,500,000
Microchip
Technology,
Inc.*
0.000%,
02/15/30
$
8,582,850
8,000,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
9,025,280
15,750,000
MKS,
Inc.µ
1.250%,
06/01/30
30,800,700
5,484,000
Nebius
Group
NV*
1.250%,
03/15/31
6,097,550
18,500,000
ON
Semiconductor
Corp.^
0.500%,
03/01/29
22,528,375
1,500,000
Seagate
HDD
Cayman
3.500%,
06/01/28
12,226,620
4,250,000
Semtech
Corp.*
0.000%,
10/15/30
5,645,997
9,750,000
Snowflake,
Inc.
0.000%,
10/01/29
11,328,233
4,800,000
STMicroelectronics
NV
Series
B*
0.000%,
08/04/27
6,132,336
8,750,000
Strategy,
Inc.µ
2.250%,
06/15/32
10,640,262
Terawulf,
Inc.*
9,000,000
1.000%,
09/01/31
17,374,860
1,275,000
0.000%,
05/01/32^
1,733,885
15,500,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
19,262,935
4,500,000
Western
Digital
Corp.
3.000%,
11/15/28
51,561,135
4,250,000
Workiva,
Inc.µ
1.250%,
08/15/28
3,957,813
425,708,631
Materials
(1.6%)
6,000,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
7,134,180
2,903,000
i-80
Gold
Corp.*
3.750%,
04/15/31
3,261,346
2,000,000
MP
Materials
Corp.*
3.000%,
03/01/30
6,363,060
16,758,586
Other
(1.0%)
7,750,000
CoreWeave,
Inc.*
1.750%,
12/01/31
10,089,958
Real
Estate
(3.0%)
4,983,000
Compass,
Inc.*µ
0.250%,
04/15/31
4,403,577
19,250,000
Digital
Realty
Trust
LP*µ
1.875%,
11/15/29
21,615,440
4,750,000
Realty
Income
Corp.*
3.500%,
01/15/29
4,939,857
30,958,874
Utilities
(3.5%)
19,250,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
20,426,175
9,250,000
CMS
Energy
Corp.
3.375%,
05/01/28
10,354,265
PRINCIPAL
AMOUNT
a
a
VALUE
a
5,000,000
Ormat
Technologies,
Inc.
Series
A*
1.500%,
03/15/31
$
5,294,800
36,075,240
TOTAL
CONVERTIBLE
BONDS
(Cost
$740,347,815)
896,707,780
CORPORATE
BONDS
(31.5%)
Airlines
(0.3%)
711,081
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
711,152
852,140
American
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.950%,
01/11/32
812,294
719,433
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
696,389
JetBlue
Pass-Through
Trust
181,455
Series
2019,
Class
B,
8.000%,
05/15/29
178,857
829,384
Series
1B,
Class
B,
7.750%,
05/15/30
832,304
3,230,996
Communication
Services
(2.5%)
1,255,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
1,230,967
400,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
415,504
952,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
969,098
Clear
Channel
Outdoor
Holdings,
Inc.*
525,000
7.875%,
04/01/30
547,255
574,000
7.500%,
03/15/33
603,320
CSC
Holdings
LLC*
1,000,000
4.625%,
12/01/30
355,580
1,785,000
4.500%,
11/15/31
1,053,971
392,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
399,699
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
375,000
10.000%,
02/15/31
390,367
385,000
5.875%,
08/15/27
385,296
Discovery
Global
Holdings,
Inc.
520,000
5.050%,
03/15/42
373,422
260,000
4.279%,
03/15/32
235,596
522,000
EW
Scripps
Co.*
9.875%,
08/15/30
523,911
1,610,000
Frontier
California,
Inc.
Series
Fµ
6.750%,
05/15/27
1,639,270
261,000
Frontier
Communications
Holdings
LLC*µ
8.750%,
05/15/30
267,256
1,685,000
Frontier
Florida
LLC
Series
Eµ
6.860%,
02/01/28
1,742,357
51
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,555,000
Frontier
North,
Inc.
Series
Gµ
6.730%,
02/15/28
$
1,601,790
905,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
847,044
Gray
Media,
Inc.*
522,000
7.250%,
08/15/33
532,174
515,000
5.375%,
11/15/31
403,590
1,040,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
945,391
260,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
250,367
261,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
271,524
660,000
Lumen
Technologies,
Inc.
Series
P
7.600%,
09/15/39
632,128
525,000
Neptune
Bidco
U.S.,
Inc.*
9.290%,
04/15/29
531,232
1,005,000
Paramount
Global
4.900%,
08/15/44
661,501
522,000
PR
RNO
Property
Owner
1
LLC*††
6.500%,
05/01/31
517,693
Rogers
Communications,
Inc.‡
375,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
387,364
650,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
663,988
Scripps
Escrow
II,
Inc.*
257,000
5.375%,
01/15/31
199,399
514,000
3.875%,
01/15/29^
487,539
520,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
538,850
Sirius
XM
Radio
LLC*
515,000
5.875%,
04/15/32
507,121
1,311,000
3.875%,
09/01/31^
1,188,893
785,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
794,891
Time
Warner
Cable
LLC
420,000
7.300%,
07/01/38
439,576
515,000
6.550%,
05/01/37
518,054
414,000
T-Mobile
USA,
Inc.
6.700%,
12/15/33
454,054
1,050,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
1,032,182
520,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
528,226
26,067,440
Consumer
Discretionary
(7.1%)
1,580,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
1,635,774
Adient
Global
Holdings
Ltd.*
855,000
8.250%,
04/15/31
893,672
523,000
7.500%,
02/15/33^
535,515
Advance
Auto
Parts,
Inc.*
261,000
7.375%,
08/01/33
269,222
464,000
7.000%,
08/01/30
478,978
PRINCIPAL
AMOUNT
a
a
VALUE
a
655,000
American
Airlines
Pass-Through
Trust
Series
B††
5.750%,
11/10/36
$
655,668
782,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
765,156
400,000
Aptiv
Swiss
Holdings
Ltd.‡
6.875%,
12/15/54
,
5
yr.
CMT
+
3.385%
409,568
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
522,000
6.875%,
08/01/33
514,415
913,000
4.625%,
08/01/29
874,508
Bath
&
Body
Works,
Inc.
283,000
7.500%,
06/15/29
287,585
500,000
6.875%,
11/01/35^
493,660
720,000
6.625%,
10/01/30*
730,318
1,215,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
1,190,396
Caesars
Entertainment,
Inc.*^
895,000
6.000%,
10/15/32
802,788
657,000
4.625%,
10/15/29
634,557
Carnival
Corp.*µ
1,302,000
6.125%,
02/15/33^
1,322,155
523,000
4.000%,
08/01/28
511,368
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
1,045,000
7.000%,
02/01/33
1,031,425
640,000
5.125%,
05/01/27
640,333
1,075,000
4.750%,
03/01/30
1,020,024
522,000
4.750%,
02/01/32
467,634
1,075,000
4.500%,
08/15/30
1,003,416
1,035,000
4.250%,
02/01/31
939,873
1,245,000
4.250%,
01/15/34^
1,044,518
1,045,000
Century
Communities,
Inc.*
6.625%,
09/15/33
1,041,092
Churchill
Downs,
Inc.*
520,000
6.750%,
05/01/31
532,225
522,000
5.750%,
04/01/30
521,415
784,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
802,048
1,305,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.375%,
04/15/34
1,304,400
561,000
Dana,
Inc.
4.500%,
02/15/32
530,083
DISH
DBS
Corp.
1,754,000
7.375%,
07/01/28
1,716,043
544,000
5.125%,
06/01/29
501,002
1,049,000
DISH
Network
Corp.*
11.750%,
11/15/27
1,082,704
1,510,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
1,478,577
980,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
976,011
1,075,000
Ford
Motor
Co.
6.100%,
08/19/32
1,095,737
52
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Ford
Motor
Credit
Co.
LLC
1,350,000
7.200%,
06/10/30
$
1,428,124
1,650,000
4.000%,
11/13/30
1,550,356
510,000
General
Motors
Co.
5.200%,
04/01/45
446,617
goeasy
Ltd.*^
674,000
7.625%,
07/01/29
604,261
1,045,000
6.875%,
02/15/31
868,991
Goodyear
Tire
&
Rubber
Co.^
1,575,000
5.625%,
04/30/33
1,413,893
560,000
5.250%,
07/15/31
509,785
Group
1
Automotive,
Inc.*
650,000
6.375%,
01/15/30
660,432
445,000
4.000%,
08/15/28
433,546
661,056
Guitar
Center,
Inc.‡
12.000%,
08/19/32
198,317
533,000
Kohl's
Corp.
5.550%,
07/17/45
323,163
1,045,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
62,251
1,045,000
Life
Time,
Inc.*
6.000%,
11/15/31
1,060,529
984,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
978,224
1,050,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
1,079,358
525,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
522,669
685,000
M/I
Homes,
Inc.
3.950%,
02/15/30
651,257
Macy's
Retail
Holdings
LLC
699,000
6.700%,
07/15/34*
667,377
1,285,000
4.300%,
02/15/43
862,029
2,025,000
MGM
Resorts
International^
6.500%,
04/15/32
2,053,978
1,329,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
1,300,134
788,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
821,845
NCL
Corp.
Ltd.*
522,000
6.750%,
02/01/32
520,095
588,000
6.250%,
09/15/33^
569,490
520,000
5.875%,
01/15/31
506,516
Newell
Brands,
Inc.
522,000
8.500%,
06/01/28*
545,542
522,000
6.625%,
05/15/32^
507,050
520,000
6.375%,
05/15/30^
509,668
1,045,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
1,030,004
Patrick
Industries,
Inc.*
522,000
6.375%,
11/01/32
526,385
923,000
4.750%,
05/01/29
907,309
Penn
Entertainment,
Inc.*
1,045,000
6.750%,
04/01/31
1,036,400
630,000
4.125%,
07/01/29^
599,388
PRINCIPAL
AMOUNT
a
a
VALUE
a
750,000
PetSmart
LLC/PetSmart
Finance
Corp.*
7.500%,
09/15/32
$
759,780
525,000
QVC,
Inc.@^
0.000%,
08/15/34
253,906
106,832
Rite
Aid
Corp.
0.000%,
08/30/34
—
1,045,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
1,064,134
1,045,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
1,066,746
588,750
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
3,038
253,340
SGUS
LLC*@
0.000%,
12/15/29
44,177
955,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
922,721
1,040,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
1,026,241
810,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.^
5.250%,
07/15/29
780,046
1,047,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*^
8.625%,
01/15/32
1,065,710
573,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
560,933
721,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
718,592
780,000
Staples,
Inc.*
10.750%,
09/01/29
747,295
1,700,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
1,608,489
1,050,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
1,089,847
653,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
660,705
260,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
274,061
494,000
Voyager
Parent
LLC*
9.250%,
07/01/32
526,535
1,045,000
Whirlpool
Corp.^
6.500%,
06/15/33
1,001,465
550,000
William
Carter
Co.*
7.375%,
02/15/31
566,055
1,025,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
1,029,818
72,259,140
Consumer
Staples
(1.9%)
996,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
972,355
53
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
507,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
$
527,194
975,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*^
8.375%,
06/15/32
980,860
1,100,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
1,092,872
Brink's
Co.*
525,000
6.750%,
06/15/32
538,907
525,000
6.500%,
06/15/29
537,274
1,191,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
1,121,243
1,045,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
1,050,727
1,188,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
1,135,775
Energizer
Holdings,
Inc.*
522,000
6.000%,
09/15/33^
499,356
1,185,000
4.375%,
03/31/29
1,141,013
520,000
Industrial
F&B
Investments
III,
Inc.*
7.750%,
02/11/33
525,954
1,045,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*
7.125%,
04/30/33
1,057,655
MPH
Acquisition
Holdings
LLC*
879,125
6.750%,
03/31/31
595,317
429,160
5.750%,
12/31/30
356,628
672,000
New
Albertsons
LP
7.750%,
06/15/26
674,177
1,045,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
1,023,786
Post
Holdings,
Inc.*
918,000
6.375%,
03/01/33^
918,560
1,050,000
6.250%,
02/15/32
1,072,764
986,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
911,350
1,472,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
1,519,148
658,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
658,829
784,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
775,933
19,687,677
Energy
(4.5%)
784,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
789,261
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
1,045,000
6.625%,
10/15/32
1,073,905
820,000
6.625%,
07/15/33
843,739
Buckeye
Partners
LP
392,000
6.875%,
07/01/29*
404,920
787,000
6.750%,
02/01/30*
814,191
545,000
5.850%,
11/15/43
499,471
1,045,000
CNX
Resources
Corp.*
5.875%,
03/01/34
1,037,204
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,220,000
Continental
Resources,
Inc.
4.900%,
06/01/44
$
977,623
785,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
803,298
Enbridge,
Inc.^‡
790,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
836,262
530,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
567,312
Energy
Transfer
LP‡
520,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
534,721
970,000
6.943%,
11/01/66^
,
3
mo.
USD
Term
SOFR
+
3.279%
966,993
764,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
767,415
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
765,000
8.875%,
04/15/30
802,148
525,000
8.000%,
05/15/33
553,345
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
265,000
6.875%,
05/15/34
266,603
265,000
6.250%,
04/15/32
263,468
1,050,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
1,095,885
1,305,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
1,329,012
525,000
Kodiak
Gas
Services
LLC*
5.875%,
04/01/31
529,231
1,045,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
1,082,035
1,044,000
Matador
Resources
Co.*
6.500%,
04/15/32
1,066,415
1,410,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
1,473,732
1,090,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
1,094,284
520,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
518,159
1,040,000
Plains
All
American
Pipeline
LP
Series
B‡
8.024%,
05/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
1,040,520
1,050,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
1,095,812
1,440,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
1,506,701
Sunoco
LP*
800,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
829,424
1,565,000
6.625%,
08/15/32
1,600,353
1,045,000
6.250%,
07/01/33
1,067,990
54
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,045,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
$
1,068,335
1,020,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
1,007,230
TransCanada
PipeLines
Ltd.‡
260,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
262,075
525,000
6.125%,
10/17/56^
,
5
yr.
CMT
+
2.250%
527,735
Transocean
International
Ltd.*
925,000
8.500%,
05/15/31
979,510
784,000
7.875%,
10/15/32
840,730
Venture
Global
LNG,
Inc.*
525,000
9.875%,
02/01/32^
563,677
525,000
9.500%,
02/01/29
573,268
1,892,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
1,871,434
1,300,000
8.375%,
06/01/31
1,355,159
780,000
8.125%,
06/01/28
798,431
548,000
7.000%,
01/15/30^
564,402
Venture
Global
Plaquemines
LNG
LLC*
1,045,000
6.500%,
01/15/34
1,095,379
780,000
6.500%,
06/15/34
814,710
261,000
6.125%,
12/15/30
269,357
1,045,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
1,042,565
1,552,000
WBI
Operating
LLC*
6.500%,
10/15/33
1,570,283
1,045,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
1,084,564
1,432,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
1,475,433
45,895,709
Financials
(5.3%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
871,000
8.250%,
02/01/29
874,345
820,000
6.750%,
07/01/32
808,922
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
975,000
6.950%,
03/10/55^
,
5
yr.
CMT
+
2.720%
1,011,143
425,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
432,858
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
1,615,000
7.375%,
10/01/32
1,588,643
1,045,000
6.500%,
10/01/31
1,054,969
Ally
Financial,
Inc.‡
1,045,000
Series
D,
7.100%,
08/15/31††
,
5
yr.
CMT
+
3.148%
1,044,666
1,433,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
1,431,037
480,000
Series
C,
4.700%,
05/15/28^
,
7
yr.
CMT
+
3.481%
461,357
1,082,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
1,047,181
PRINCIPAL
AMOUNT
a
a
VALUE
a
520,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
$
508,716
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
990,000
8.375%,
02/01/34
978,080
828,000
8.000%,
12/31/32
866,303
1,045,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
1,070,300
1,545,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
1,565,610
1,045,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
1,109,780
Brandywine
Operating
Partnership
LP
525,000
8.875%,
04/12/29
550,237
1,042,000
6.125%,
01/15/31^
970,529
1,304,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
1,367,270
1,819,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
1,792,061
807,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
790,247
1,050,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
863,006
965,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
981,231
1,020,000
Corebridge
Financial,
Inc.^‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
1,015,135
Credit
Acceptance
Corp.*
690,000
9.250%,
12/15/28
720,746
1,014,000
6.625%,
03/15/30
1,011,232
1,045,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
1,028,176
1,045,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
1,100,322
520,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
541,133
First
Citizens
BancShares,
Inc.‡
260,000
Series
B,
7.908%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
261,864
775,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
779,704
522,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
526,192
HUB
International
Ltd.*
785,000
7.375%,
01/31/32
805,127
806,000
5.625%,
12/01/29
798,262
55
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
520,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
$
520,858
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
720,000
6.625%,
10/15/31
702,353
1,055,000
5.000%,
08/15/28
1,011,924
1,176,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
1,221,664
260,000
MetLife,
Inc.^‡
5.850%,
03/15/56
,
5
yr.
CMT
+
1.817%
256,643
525,000
Newmark
Group,
Inc.
7.500%,
01/12/29
553,172
OneMain
Finance
Corp.
522,000
6.750%,
03/15/32
522,527
1,045,000
6.750%,
09/15/33
1,029,900
1,052,000
6.500%,
03/15/33
1,031,255
516,000
Osaic
Holdings,
Inc.*
8.000%,
08/01/33
526,041
985,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
1,007,103
1,305,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
1,358,883
Reinsurance
Group
of
America,
Inc.‡
520,000
6.650%,
09/15/55^
,
5
yr.
CMT
+
2.392%
529,402
525,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
514,505
Rocket
Cos.,
Inc.*
784,000
6.375%,
08/01/33
796,466
523,000
6.125%,
08/01/30
531,520
1,005,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
933,916
1,045,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
1,056,380
257,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
266,252
1,310,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
1,380,557
1,865,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
1,904,519
1,212,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
1,156,648
522,000
UWM
Holdings
LLC*
6.250%,
03/15/31
485,277
525,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
551,339
1,025,000
Wells
Fargo
&
Co.
Series
GG^‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
1,029,141
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,045,000
XHR
LP*
6.625%,
05/15/30
$
1,071,062
53,705,691
Health
Care
(1.7%)
1,564,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
1,602,083
CHS/Community
Health
Systems,
Inc.*
628,000
10.875%,
01/15/32
675,314
594,000
6.875%,
04/15/29^
584,633
2,075,000
6.125%,
04/01/30^
1,846,045
130,000
5.250%,
05/15/30
122,864
DaVita,
Inc.*
1,010,000
6.875%,
09/01/32
1,043,663
1,154,000
4.625%,
06/01/30
1,118,088
1,220,000
3.750%,
02/15/31
1,132,855
Embecta
Corp.*
260,000
6.750%,
02/15/30
246,532
783,000
5.000%,
02/15/30^
736,552
Encompass
Health
Corp.
525,000
4.750%,
02/01/30
517,052
525,000
4.500%,
02/01/28
521,414
588,000
IQVIA,
Inc.*
6.250%,
06/01/32
600,595
1,557,000
Medline
Borrower
LP*
5.250%,
10/01/29
1,550,289
1,900,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
1,889,284
Tenet
Healthcare
Corp.
1,420,000
6.875%,
11/15/31
1,513,067
784,000
5.500%,
11/15/32*
783,600
1,320,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
1,324,382
17,808,312
Industrials
(2.6%)
1,177,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
1,209,332
1,200,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
1,072,776
Arcosa,
Inc.*
522,000
6.875%,
08/15/32
542,760
587,000
4.375%,
04/15/29
572,742
Bombardier,
Inc.*
520,000
8.750%,
11/15/30
552,911
325,000
7.250%,
07/01/31
342,179
395,000
7.000%,
06/01/32
412,807
263,000
6.750%,
06/15/33
274,732
1,044,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
1,016,574
1,630,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
1,646,382
260,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
261,773
56
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
214,167
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
$
214,422
Deluxe
Corp.*
520,000
8.125%,
09/15/29
543,306
1,360,000
8.000%,
06/01/29
1,376,524
EnerSys*
500,000
6.625%,
01/15/32
514,540
500,000
4.375%,
12/15/27
494,945
EquipmentShare.com,
Inc.*
655,000
8.625%,
05/15/32
694,948
394,000
8.000%,
03/15/33^
413,464
Graphic
Packaging
International
LLC*
675,000
4.750%,
07/15/27
670,646
484,000
3.500%,
03/01/29
458,963
Herc
Holdings,
Inc.*
522,000
7.250%,
06/15/33
546,811
522,000
7.000%,
06/15/30
543,506
525,000
6.625%,
06/15/29
538,408
788,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
399,579
1,690,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
1,672,728
1,040,000
Novelis
Corp.*
4.750%,
01/30/30
997,339
1,045,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
1,061,636
248,000
Sensata
Technologies
BV*
4.000%,
04/15/29
241,654
519,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
483,256
Standard
Building
Solutions,
Inc.*
265,000
6.500%,
08/15/32
268,048
784,000
6.250%,
08/01/33
784,321
1,045,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
1,094,815
TransDigm,
Inc.*
390,000
7.125%,
12/01/31
404,836
1,125,000
6.875%,
12/15/30
1,160,516
790,000
6.750%,
08/15/28
801,400
254,000
6.625%,
03/01/32
261,224
227,967
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
222,795
782,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
797,171
Williams
Scotsman,
Inc.*
390,000
6.625%,
06/15/29
400,577
604,000
4.625%,
08/15/28
597,761
26,565,107
Information
Technology
(1.5%)
Block,
Inc.*
261,000
6.000%,
08/15/33
261,068
520,000
5.625%,
08/15/30
520,770
782,000
CACI
International,
Inc.*
6.375%,
06/15/33
800,760
PRINCIPAL
AMOUNT
a
a
VALUE
a
788,000
Cloud
Software
Group,
Inc.*
6.625%,
08/15/33
$
707,466
604,000
Coherent
Corp.*
5.000%,
12/15/29
598,002
Fair
Isaac
Corp.*
392,000
6.000%,
05/15/33
387,006
520,000
4.000%,
06/15/28
508,206
1,130,000
KBR,
Inc.*
4.750%,
09/30/28
1,112,575
260,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
270,405
771,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
751,594
525,000
Open
Text
Corp.*
6.900%,
12/01/27
537,180
Open
Text
Holdings,
Inc.*
260,000
4.125%,
02/15/30
234,421
651,000
4.125%,
12/01/31^
556,436
1,450,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
1,405,993
Twilio,
Inc.^
259,000
3.875%,
03/15/31
242,520
725,000
3.625%,
03/15/29
697,269
1,239,000
UKG,
Inc.*
6.875%,
02/01/31
1,206,476
1,555,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
1,481,931
1,466,462
Wolfspeed,
Inc.
7.000%,
06/15/31
1,198,877
1,050,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
1,070,853
940,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
764,699
15,314,507
Materials
(2.0%)
1,045,000
Avient
Corp.*
6.250%,
11/01/31
1,060,497
1,045,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
1,064,280
925,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
981,721
1,050,000
Century
Aluminum
Co.*
6.875%,
08/01/32
1,088,493
Chemours
Co.*
888,000
8.000%,
01/15/33
916,993
522,000
7.875%,
03/15/34
534,356
1,900,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
1,675,040
1,045,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
1,080,133
425,000
Constellium
SE*
6.375%,
08/15/32
435,927
1,721,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
1,141,247
57
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,045,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
$
1,087,918
1,305,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
1,308,772
1,040,000
Knife
River
Corp.*
7.750%,
05/01/31
1,081,787
Mercer
International,
Inc.
459,000
12.875%,
10/01/28*
231,116
1,107,000
5.125%,
02/01/29^
450,748
1,045,000
Olin
Corp.*
6.625%,
04/01/33
1,037,560
1,045,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
1,069,631
1,194,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
1,174,860
1,045,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
1,039,482
1,045,000
Terex
Corp.*
6.250%,
10/15/32
1,062,169
454,861
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
11,308
WR
Grace
Holdings
LLC*
260,000
7.000%,
08/01/33
259,836
1,040,000
6.625%,
08/15/32
1,033,167
20,827,041
Other
(1.1%)
760,000
1261229
BC
Ltd.*
10.000%,
04/15/32
785,658
830,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
853,456
409,055
Claritev
Corp.
Series
B*
6.750%,
03/31/31
268,070
EchoStar
Corp.
2,623,550
10.750%,
11/30/29
2,847,496
1,099,886
6.750%,
11/30/30
1,117,561
475,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
477,898
275,000
Genmab
AS/Genmab
Finance
LLC*
6.250%,
12/15/32
282,266
522,000
Graham
Holdings
Co.*
5.625%,
12/01/33
517,145
965,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
1,025,438
1,265,000
Rfna
LP*
7.875%,
02/15/30
1,253,779
1,045,000
SM
Energy
Co.*^
7.000%,
08/01/32
1,073,257
522,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
549,191
11,051,215
PRINCIPAL
AMOUNT
a
a
VALUE
a
Real
Estate
(0.2%)
522,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
$
524,819
650,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
634,641
787,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
769,190
1,928,650
Special
Purpose
Acquisition
Companies
(0.1%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
855,000
6.750%,
01/15/30^
828,187
524,000
4.625%,
01/15/29
510,413
1,338,600
Utilities
(0.7%)
525,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
535,657
520,000
Dominion
Energy,
Inc.^‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
531,409
765,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
798,798
520,000
Emera
U.S.
Finance
LLC
Series
A‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
521,867
820,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
844,911
770,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
783,290
525,000
Eversource
Energy
Series
A^‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
522,868
780,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
807,604
379,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.627%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
373,588
Vistra
Corp.*‡
270,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
272,622
525,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
527,410
260,000
Xcel
Energy,
Inc.‡
5.750%,
12/03/56
,
5
yr.
CMT
+
2.168%
257,286
6,777,310
TOTAL
CORPORATE
BONDS
(Cost
$330,801,560)
322,457,395
58
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
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
$654,922)
$
668,577
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(0.6%)
Communication
Services
(0.0%)
17,927
Audacy,
Inc.#
53,781
7,383
Cumulus
Media,
Inc.
-
Class
A#
23
21,970
Optimum
Communications,
Inc.
-
Class
A#^
34,713
88,517
Consumer
Discretionary
(0.0%)
1,568
Rite
Aid
Corp.#
1,568
Energy
(0.3%)
4,350
Cheniere
Energy
Partners
LP
291,537
61,575
Energy
Transfer
LP
1,243,199
28,485
Enterprise
Products
Partners
LP
1,102,370
7,238
EP
Energy
Corp.#
7,238
2,644,344
Industrials
(0.0%)
11,791
Ardagh
Holdings
SA#
84,415
Information
Technology
(0.3%)
121,382
Wolfspeed,
Inc.#^
3,584,410
TOTAL
COMMON
STOCKS
(Cost
$12,624,993)
6,403,254
CONVERTIBLE
PREFERRED
STOCKS
(17.4%)
Financials
(2.7%)
89,885
Apollo
Global
Management,
Inc.
6.750%,
07/31/26
5,908,141
131,065
ARES
Management
Corp.
6.750%,
10/01/27
5,142,990
8,775
Bank
of
America
Corp.‡‡
7.250%
10,729,807
123,900
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
5,498,682
27,279,620
Industrials
(4.0%)
433,055
Boeing
Co.^
6.000%,
10/15/27
31,266,571
87,620
QXO,
Inc.^
5.500%,
05/15/28
4,957,540
NUMBER
OF
SHARES
b
b
VALUE
b
100,000
VSE
Corp.#^
5.750%,
02/01/29
$
4,622,000
40,846,111
Information
Technology
(4.0%)
80,120
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
6,138,794
162,310
Microchip
Technology,
Inc.
7.500%,
03/15/28
12,768,928
446,970
Oracle
Corp.#
6.500%,
01/15/29
21,754,030
40,661,752
Materials
(1.1%)
143,115
Albemarle
Corp.
7.250%,
03/01/27
11,154,383
Utilities
(5.6%)
NextEra
Energy,
Inc.^
196,360
7.234%,
11/01/27
10,577,913
91,805
7.299%,
06/01/27
5,420,167
105,000
7.375%,
02/15/29#
5,514,600
410,140
PPL
Corp.#
7.000%,
02/15/29
20,687,462
300,000
Southern
Co.#^
7.125%,
12/15/28
15,609,000
57,809,142
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$170,981,004)
177,751,008
PREFERRED
STOCKS
(0.1%)
Communication
Services
(0.1%)
45,800
Qwest
Corp.
6.500%,
09/01/56
840,430
8,366
Telephone
&
Data
Systems,
Inc.
6.625%,
05/29/26
179,283
T-Mobile
USA,
Inc.#µ
7,072
5.500%,
03/01/70
156,998
808
5.500%,
06/01/70
17,930
8,665
6.250%,
09/01/69
216,192
1,410,833
TOTAL
PREFERRED
STOCKS
(Cost
$1,333,329)
1,410,833
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
3,271
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
545
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
59
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
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
(0.5%)#
Consumer
Discretionary
(0.3%)
500
13,253,000
Amazon.com,
Inc.
Call,
01/15/27,
Strike
$240.00
2,397,500
Information
Technology
(0.0%)
75
3,058,350
Microsoft
Corp.
Call,
05/15/26,
Strike
$540.00
788
Other
(0.2%)
1,500
107,799,000
SPDR
®
S&P
500
®
ETF
Trust
Put,
07/17/26,
Strike
$715.00
2,541,750
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$4,558,422)
4,940,038
TOTAL
INVESTMENTS
(143.8%)
(Cost
$1,324,078,918)
1,471,877,840
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-14.1%)
(
144,500,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-29.7%)
(
304,057,616
)
NET
ASSETS
(100.0%)
$
1,023,320,224
EXCHANGE-TRADED
WRITTEN
OPTION (-0.1%)#
Other
(-0.1%)
(1,500)
(107,799,000)
SPDR
®
S&P
500
®
ETF
Trust
Put,
07/17/26,
Strike
$640.00
(Premium
$721,311)
$
(
697,500
)
*
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.
!
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
April
30,
2026.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$377,524,359.
^
Security,
or
portion
of
security,
is
on
loan.
@
In
default
status
and
considered
non-income
producing.
††
When-issued
security.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
FOREIGN
CURRENCY
ABBREVIATION
JPY
Japanese
Yen
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
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.
60
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
1):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
840,020
$
—
$
840,020
Bank
Loans
71
—
60,698,925
—
60,698,925
Convertible
Bonds
91
—
896,707,780
—
896,707,780
Corporate
Bonds
405
—
322,457,395
—
322,457,395
U.S.
Government
and
Agency
Security
1
—
668,577
—
668,577
Common
Stocks
10
6,318,839
84,415
—
6,403,254
Convertible
Preferred
Stocks
16
177,751,008
—
—
177,751,008
Preferred
Stocks
5
1,410,833
—
—
1,410,833
Warrants
4
10
—
—
10
Exchange-Traded
Purchased
Options
3
4,940,038
—
—
4,940,038
Total
$
190,420,728
$
1,281,457,112
$
—
$
1,471,877,840
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
697,500
$
—
$
—
$
697,500
Total
$
697,500
$
—
$
—
$
697,500
SECTOR
WEIGHTINGS
Information
Technology
32
.8
%
Industrials
10
.5
Consumer
Discretionary
8
.8
Communication
Services
8
.7
Financials
8
.6
Utilities
6
.7
Health
Care
6
.3
Energy
5
.2
Materials
3
.4
Consumer
Staples
3
.0
Real
Estate
2
.2
Other
1
.8
Airlines
0
.2
Special
Purpose
Acquisition
Companies
0
.1
Sector
weightings
are
based
on
total
investments
and
may
vary
over
time.
Sector
Weightings
exclude
any
government/
sovereign
bonds
or
options
on
broad
market
indexes
the
Fund
may
hold.
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
61
www.calamos.com
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
$924,508)
$
943,787
BANK
LOANS
(3.4%)i
Communication
Services
(0.5%)
1,650,000
Altice
France
SA!
2025
USD
Term
Loan
B14,
0.000%,
05/31/31
1,683,899
943,836
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.548%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
963,227
1,911,402
APi
Group
DE,
Inc.‡
2025
Term
Loan,
5.402%,
01/03/29
1
mo.
USD
Term
SOFR
+
1.750%
1,919,373
457,542
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.767%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
363,746
40,056
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.767%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
39,805
3,216,429
Charter
Communications
Operating
LLC‡
2024
Term
Loan
B5,
5.942%,
12/15/31
3
mo.
USD
Term
SOFR
+
2.250%
3,218,278
610,676
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.902%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
611,332
575,870
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.767%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
578,809
425,041
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.175%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
426,801
1,383,789
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.542%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
1,351,962
1,200,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.902%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
1,205,568
735,077
TripAdvisor,
Inc.‡
Term
Loan,
6.402%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
690,605
PRINCIPAL
AMOUNT
a
a
VALUE
a
480,000
Versant
Media
Group,
Inc.!
Term
Loan
B,
0.000%,
01/30/31
$
481,560
1,200,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.200%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
1,203,900
530,000
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
532,261
189,514
ViaSat,
Inc.‡
2023
Term
Loan,
8.267%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
190,322
1,245,000
Virgin
Media
Bristol
LLC!
2020
USD
Term
Loan
Q,
0.000%,
01/31/29
1,222,179
16,683,627
Consumer
Discretionary
(1.0%)
1,960,000
Adient
U.S.
LLC‡
2024
Term
Loan
B2,
5.652%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
1,965,713
1,197,900
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
7.012%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
1,199,397
1,841,155
Aramark
Services,
Inc.‡
2025
Term
Loan,
5.402%,
06/22/30
1
mo.
USD
Term
SOFR
+
1.750%
1,852,091
1,197,000
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.950%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
1,204,110
598,500
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.924%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
602,710
711,960
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.902%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
692,680
730,750
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.663%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
549,889
965,150
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.402%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
970,984
1,980,000
DK
Crown
Holdings,
Inc.‡
2025
Term
Loan
B,
5.411%,
03/04/32
1
mo.
USD
Term
SOFR
+
1.750%
1,985,495
62
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,955,000
Flutter
Financing
BV‡
2024
Term
Loan
B,
5.450%,
11/30/30
3
mo.
USD
Term
SOFR
+
1.750%
$
1,952,556
1,960,000
Installed
Building
Products,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.402%,
03/28/31
1
mo.
USD
Term
SOFR
+
1.750%
1,972,260
2,138,107
KFC
Holding
Co.‡
2021
Term
Loan
B,
5.525%,
03/15/28
1
mo.
USD
Term
SOFR
+
1.750%
2,149,333
1,194,920
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.657%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
1,199,963
1,960,113
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.653%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
1,963,788
1,990,000
Murphy
USA,
Inc.‡
Term
Loan
B,
5.415%,
04/07/32
1
mo.
USD
Term
SOFR
+
1.750%
2,007,413
839,614
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.152%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
845,390
1,944,444
PENN
Entertainment,
Inc.‡
2022
Term
Loan
B,
6.152%,
05/03/29
1
mo.
USD
Term
SOFR
+
2.500%
1,954,614
600,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.652%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
603,189
1,965,000
Six
Flags
Entertainment
Corp.‡
2024
Term
Loan
B,
5.652%,
05/01/31
1
mo.
USD
Term
SOFR
+
2.000%
1,953,534
3,136,000
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.652%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
3,147,682
1,677,721
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.404%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
1,684,541
1,241,888
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.950%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
1,243,844
1,210,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.442%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
1,181,450
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,172,446
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.402%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
$
1,170,688
36,053,314
Consumer
Staples
(0.5%)
2,295,794
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.652%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
2,308,708
615,350
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.152%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
612,015
886,500
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.152%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
858,522
1,409,085
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.402%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
1,418,997
2,607,906
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.902%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
2,544,664
105,518
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.413%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
105,637
1,243,750
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.700%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
1,250,230
1,963,694
Organon
&
Co.‡
2024
USD
Term
Loan,
5.902%,
05/19/31
1
mo.
USD
Term
SOFR
+
2.250%
1,965,412
1,395,854
Perrigo
Investments
LLC‡
2024
Term
Loan
B,
5.652%,
04/20/29
1
mo.
USD
Term
SOFR
+
2.000%
1,397,019
1,914,909
Star
Parent,
Inc.‡
Term
Loan
B,
7.700%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
1,917,906
1,200,940
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.663%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
1,204,225
630,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.902%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
636,007
590,214
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.402%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
594,493
16,813,835
63
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(0.0%)
1,750,465
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.933%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
$
1,757,301
Financials
(0.4%)
899,096
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.152%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
894,043
2,150,816
Avolon
TLB
Borrower
1
U.S.
LLC‡
2023
Term
Loan
B6,
5.411%,
06/24/30
1
mo.
USD
Term
SOFR
+
1.750%
2,161,785
712,390
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.152%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
708,732
1,496,063
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.450%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,434,724
2,864,075
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.652%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
2,869,445
2,238,096
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.902%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
2,250,998
745,000
Jupiter
Borrower,
Inc.!
Term
Loan
B,
0.000%,
03/25/33
748,725
250,000
Lockton,
Inc.!
Term
Loan
B,
0.000%,
04/22/33
250,938
1,205,000
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.200%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
1,206,476
12,525,866
Health
Care
(0.1%)
2,150,090
DaVita,
Inc.‡
2025
Term
Loan
B,
5.402%,
05/09/31
1
mo.
USD
Term
SOFR
+
1.750%
2,162,184
1,086,725
Elanco
Animal
Health,
Inc.‡
2025
Term
Loan
B,
5.415%,
10/31/32
1
mo.
USD
Term
SOFR
+
1.750%
1,091,311
1,246,641
Padagis
LLC‡
Term
Loan
B,
8.689%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
1,181,193
4,434,688
PRINCIPAL
AMOUNT
a
a
VALUE
a
Industrials
(0.4%)
1,172,992
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.211%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
$
954,997
1,203,950
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.688%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
1,214,990
1,217,359
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.402%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
1,217,535
807,967
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.200%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
810,326
1,305,757
EMRLD
Borrower
LP‡
Term
Loan
B,
5.923%,
05/31/30
3
mo.
USD
Term
SOFR
+
2.250%
1,308,871
1,665,908
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
5.950%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
1,670,115
1,188,916
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.402%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
1,171,421
1,237,500
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.902%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
1,239,938
1,955,275
TransDigm,
Inc.‡
2025
Term
Loan
K,
5.902%,
03/22/30
1
mo.
USD
Term
SOFR
+
2.250%
1,960,505
2,340,315
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.152%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
2,346,447
615,000
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.152%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
616,713
14,511,858
Information
Technology
(0.2%)
1,602,377
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.673%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
1,487,871
1,087,365
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.402%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
1,023,819
1,304,429
Coherent
Corp.‡
2025
Term
Loan
B2,
5.402%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
1,309,321
64
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,183,800
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
$
1,185,576
1,492,140
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.402%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
1,426,739
926,771
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.652%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
927,925
1,249,887
TTM
Technologies,
Inc.‡
2024
Term
Loan
B,
5.915%,
05/30/30
1
mo.
USD
Term
SOFR
+
2.250%
1,260,305
8,621,556
Materials
(0.2%)
1,572,356
Axalta
Coating
Systems
U.S.
Holdings,
Inc.‡
2024
Term
Loan
B7,
5.450%,
12/20/29
3
mo.
USD
Term
SOFR
+
1.750%
1,577,002
2,289,961
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.152%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
2,288,816
1,327,485
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.902%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
1,239,539
658,350
Knife
River
HoldCo‡
Term
Loan,
5.669%,
03/08/32
3
mo.
USD
Term
SOFR
+
2.000%
663,083
895,840
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.434%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
127,908
5,896,348
Other
(0.1%)
1,922,760
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.152%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
1,931,528
Special
Purpose
Acquisition
Companies
(0.0%)
315,000
Sword
Purchaser
LLC!
USD
Term
Loan
B,
0.000%,
04/11/33
306,337
625,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.652%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
607,813
914,150
TOTAL
BANK
LOANS
(Cost
$121,396,407)
120,144,071
PRINCIPAL
AMOUNT
a
a
VALUE
a
CONVERTIBLE
BONDS
(21.1%)
Communication
Services
(1.3%)
7,745,000
Live
Nation
Entertainment,
Inc.*
2.875%,
10/15/31
$
8,037,141
13,910,000
Lyft,
Inc.*
0.000%,
09/15/30
13,619,838
Uber
Technologies,
Inc.
12,000,000
Series
2028,
0.875%,
12/01/28
14,699,160
8,910,000
0.000%,
05/15/28*^
9,761,440
46,117,579
Consumer
Discretionary
(1.1%)
27,185,000
DoorDash,
Inc.*
0.000%,
05/15/30
25,992,666
11,003,000
Etsy,
Inc.*
1.000%,
06/15/30
11,954,429
37,947,095
Consumer
Staples
(0.5%)
14,480,000
Revolution
Medicines,
Inc.^
0.500%,
05/01/33
16,035,007
Energy
(0.8%)
5,830,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
7,725,858
5,645,000
Eos
Energy
Enterprises,
Inc.*
1.750%,
12/01/31
4,119,495
12,475,000
Liberty
Energy,
Inc.*
0.000%,
03/01/31
15,080,778
26,926,131
Financials
(0.6%)
7,695,000
Coinbase
Global,
Inc.*
0.000%,
10/01/32
6,505,045
4,115,000
Federal
Realty
OP
LP*
3.250%,
01/15/29
4,301,574
9,735,000
WisdomTree,
Inc.*
4.625%,
08/15/30
11,543,471
22,350,090
Health
Care
(0.8%)
538,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
613,261
10,595,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
10,471,145
9,035,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
10,771,075
3,897,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
4,453,842
26,309,323
Industrials
(2.6%)
19,235,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
33,485,634
15,573,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
16,911,032
9,165,000
Fluor
Corp.
1.125%,
08/15/29
12,317,027
65
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
16,940,000
JBT
Marel
Corp.*
0.375%,
09/15/30
$
16,068,268
10,745,000
Joby
Aviation,
Inc.
0.750%,
02/15/32
9,851,338
88,633,299
Information
Technology
(10.4%)
11,960,000
Advanced
Energy
Industries,
Inc.
2.500%,
09/15/28
34,106,810
14,175,000
Akamai
Technologies,
Inc.*
0.250%,
05/15/33
18,607,806
18,265,000
Cloudflare,
Inc.*^
0.000%,
06/15/30
21,043,289
21,155,000
CyberArk
Software
Ltd.*
0.000%,
06/15/30
23,050,065
8,095,000
IREN
Ltd.*
0.250%,
06/01/32
8,907,009
4,320,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
21,060,130
9,075,000
MACOM
Technology
Solutions
Holdings,
Inc.
0.000%,
12/15/29
16,010,387
19,935,000
Microchip
Technology,
Inc.*
0.000%,
02/15/30
22,813,215
11,245,000
Mirion
Technologies,
Inc.*^
0.000%,
10/01/31
11,125,353
14,150,000
MKS,
Inc.
1.250%,
06/01/30
27,671,740
10,345,000
Nebius
Group
NV*
1.250%,
03/15/31
11,502,399
40,490,000
ON
Semiconductor
Corp.
0.500%,
03/01/29
49,306,698
3,310,000
Seagate
HDD
Cayman
3.500%,
06/01/28
26,980,075
8,360,000
Snowflake,
Inc.
0.000%,
10/01/29
9,713,233
15,800,000
STMicroelectronics
NV
Series
B*
0.000%,
08/04/27
20,185,606
12,715,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
15,801,821
2,200,000
Western
Digital
Corp.
3.000%,
11/15/28
25,207,666
363,093,302
Other
(0.3%)
9,185,000
CoreWeave,
Inc.*
1.750%,
12/01/31
11,958,227
Real
Estate
(1.6%)
8,476,000
Compass,
Inc.*
0.250%,
04/15/31
7,490,411
11,975,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
13,446,488
9,920,000
Realty
Income
Corp.*
3.500%,
01/15/29
10,316,502
PRINCIPAL
AMOUNT
a
a
VALUE
a
13,975,000
Welltower
OP
LLC*
3.125%,
07/15/29
$
24,079,065
55,332,466
Utilities
(1.1%)
19,835,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
21,046,918
16,655,000
CMS
Energy
Corp.
3.375%,
05/01/28
18,643,274
39,690,192
TOTAL
CONVERTIBLE
BONDS
(Cost
$588,019,965)
734,392,711
CORPORATE
BONDS
(11.5%)
Airlines
(0.1%)
796,410
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
02/15/29
796,490
978,180
American
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.950%,
01/11/32
932,440
824,789
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
798,371
JetBlue
Pass-Through
Trust
208,984
Series
2019,
Class
B,
8.000%,
05/15/29
205,991
963,310
Series
1B,
Class
B,
7.750%,
05/15/30
966,701
3,699,993
Communication
Services
(0.9%)
1,415,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
1,387,903
615,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
638,837
1,070,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
1,089,217
Clear
Channel
Outdoor
Holdings,
Inc.*
600,000
7.875%,
04/01/30
625,434
666,000
7.500%,
03/15/33
700,019
CSC
Holdings
LLC*
1,110,000
4.625%,
12/01/30
394,694
1,960,000
4.500%,
11/15/31
1,157,302
454,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
462,917
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
450,000
10.000%,
02/15/31
468,441
429,000
5.875%,
08/15/27
429,330
Discovery
Global
Holdings,
Inc.
615,000
5.050%,
03/15/42
441,644
310,000
4.279%,
03/15/32
280,903
605,000
EW
Scripps
Co.*
9.875%,
08/15/30
607,214
66
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,795,000
Frontier
California,
Inc.
Series
F
6.750%,
05/15/27
$
1,827,633
298,000
Frontier
Communications
Holdings
LLC*
8.750%,
05/15/30
305,143
1,933,000
Frontier
Florida
LLC
Series
E
6.860%,
02/01/28
1,998,799
3,021,000
Frontier
North,
Inc.
Series
G
6.730%,
02/15/28
3,111,902
1,030,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
964,039
Gray
Media,
Inc.*
605,000
7.250%,
08/15/33
616,791
600,000
5.375%,
11/15/31
470,202
1,210,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
1,099,926
310,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
298,515
303,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
315,217
756,000
Lumen
Technologies,
Inc.
Series
P
7.600%,
09/15/39
724,074
620,000
Neptune
Bidco
U.S.,
Inc.*
9.290%,
04/15/29
627,359
Paramount
Global
141,000
6.375%,
03/30/62‡
,
5
yr.
CMT
+
3.999%
109,487
1,160,000
4.900%,
08/15/44
763,524
622,000
PR
RNO
Property
Owner
1
LLC*††
6.500%,
05/01/31
616,868
Rogers
Communications,
Inc.‡
561,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
579,496
840,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
858,077
155,000
5.250%,
03/15/82*
,
5
yr.
CMT
+
3.590%
154,248
Scripps
Escrow
II,
Inc.*
295,000
5.375%,
01/15/31
228,882
591,000
3.875%,
01/15/29^
560,575
605,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
626,931
Sirius
XM
Radio
LLC*
625,000
5.875%,
04/15/32
615,438
1,498,000
3.875%,
09/01/31^
1,358,476
TELUS
Corp.‡
80,000
7.000%,
10/15/55
,
5
yr.
CMT
+
2.709%
82,855
1,060,000
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
1,073,356
Time
Warner
Cable
LLC
480,000
7.300%,
07/01/38
502,373
595,000
6.550%,
05/01/37
598,528
466,000
T-Mobile
USA,
Inc.
6.700%,
12/15/33
511,086
1,220,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
1,199,297
PRINCIPAL
AMOUNT
a
a
VALUE
a
605,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
$
614,571
125,000
Vodafone
Group
PLC‡
7.000%,
04/04/79
,
5
yr.
USD
Swap
+
4.873%
130,255
32,227,778
Consumer
Discretionary
(2.4%)
1,800,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
1,863,540
Adient
Global
Holdings
Ltd.*
1,010,000
8.250%,
04/15/31
1,055,682
605,000
7.500%,
02/15/33^
619,478
Advance
Auto
Parts,
Inc.*
303,000
7.375%,
08/01/33
312,544
538,000
7.000%,
08/01/30
555,367
780,000
American
Airlines
Pass-Through
Trust
Series
B††
5.750%,
11/10/36
780,796
910,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
890,399
587,000
Aptiv
Swiss
Holdings
Ltd.‡
6.875%,
12/15/54
,
5
yr.
CMT
+
3.385%
601,041
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
605,000
6.875%,
08/01/33
596,209
1,043,000
4.625%,
08/01/29
999,027
Bath
&
Body
Works,
Inc.
334,000
7.500%,
06/15/29
339,411
570,000
6.875%,
11/01/35
562,772
1,075,000
6.625%,
10/01/30*
1,090,405
1,450,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
1,420,637
Caesars
Entertainment,
Inc.*^
1,040,000
6.000%,
10/15/32
932,849
728,000
4.625%,
10/15/29
703,131
Carnival
Corp.*
1,530,000
6.125%,
02/15/33^
1,553,684
601,000
4.000%,
08/01/28
587,634
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
1,245,000
7.000%,
02/01/33
1,228,827
748,000
5.125%,
05/01/27
748,389
1,250,000
4.750%,
03/01/30
1,186,075
596,000
4.750%,
02/01/32
533,927
1,270,000
4.500%,
08/15/30
1,185,431
1,198,000
4.250%,
02/01/31
1,087,892
1,500,000
4.250%,
01/15/34^
1,258,455
1,210,000
Century
Communities,
Inc.*
6.625%,
09/15/33
1,205,475
Churchill
Downs,
Inc.*
600,000
6.750%,
05/01/31
614,106
596,000
5.750%,
04/01/30
595,332
907,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
927,879
67
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,555,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.375%,
04/15/34
$
1,554,285
647,000
Dana,
Inc.
4.500%,
02/15/32
611,344
DISH
DBS
Corp.
2,073,000
7.375%,
07/01/28
2,028,140
588,000
5.125%,
06/01/29
541,524
1,200,000
DISH
Network
Corp.*
11.750%,
11/15/27
1,238,556
1,675,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
1,640,143
1,165,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
1,160,258
1,240,000
Ford
Motor
Co.
6.100%,
08/19/32
1,263,920
Ford
Motor
Credit
Co.
LLC
1,555,000
7.200%,
06/10/30
1,644,988
1,885,000
4.000%,
11/13/30
1,771,165
600,000
General
Motors
Co.
5.200%,
04/01/45
525,432
General
Motors
Financial
Co.,
Inc.‡
155,000
Series
B,
6.500%,
09/30/28
,
3
mo.
USD
LIBOR
+
3.436%
154,566
310,000
Series
C,
5.700%,
09/30/30
,
5
yr.
CMT
+
4.997%
305,623
goeasy
Ltd.*
769,000
7.625%,
07/01/29
689,432
1,210,000
6.875%,
02/15/31^
1,006,200
Goodyear
Tire
&
Rubber
Co.
1,800,000
5.625%,
04/30/33^
1,615,878
635,000
5.250%,
07/15/31
578,060
Group
1
Automotive,
Inc.*
775,000
6.375%,
01/15/30
787,439
511,000
4.000%,
08/15/28
497,847
811,387
Guitar
Center,
Inc.‡
12.000%,
08/19/32
243,416
603,000
Kohl's
Corp.
5.550%,
07/17/45
365,605
1,175,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
69,995
1,210,000
Life
Time,
Inc.*
6.000%,
11/15/31
1,227,981
1,162,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
1,155,179
1,200,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
1,233,552
600,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
597,336
M/I
Homes,
Inc.
325,000
4.950%,
02/01/28
323,469
780,000
3.950%,
02/15/30
741,577
Macy's
Retail
Holdings
LLC
782,000
6.700%,
07/15/34*
746,622
1,515,000
4.300%,
02/15/43
1,016,323
2,350,000
MGM
Resorts
International^
6.500%,
04/15/32
2,383,628
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,518,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
$
1,485,029
900,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
938,655
NCL
Corp.
Ltd.*
605,000
6.750%,
02/01/32
602,792
681,000
6.250%,
09/15/33
659,562
610,000
5.875%,
01/15/31
594,183
Newell
Brands,
Inc.
605,000
8.500%,
06/01/28*
632,285
605,000
6.625%,
05/15/32^
587,673
615,000
6.375%,
05/15/30^
602,780
1,210,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
1,192,636
Patrick
Industries,
Inc.*
605,000
6.375%,
11/01/32
610,082
1,028,000
4.750%,
05/01/29
1,010,524
Penn
Entertainment,
Inc.*
1,245,000
6.750%,
04/01/31
1,234,754
745,000
4.125%,
07/01/29^
708,800
750,000
PetSmart
LLC/PetSmart
Finance
Corp.*
7.500%,
09/15/32
759,780
600,000
QVC,
Inc.@
0.000%,
08/15/34
290,178
122,236
Rite
Aid
Corp.
0.000%,
08/30/34
—
1,210,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
1,232,155
1,210,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
1,235,180
686,250
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
3,541
295,295
SGUS
LLC*@
0.000%,
12/15/29
51,494
1,065,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
1,029,003
1,180,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
1,164,389
900,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
866,718
1,242,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
1,264,195
658,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
644,142
801,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
798,325
920,000
Staples,
Inc.*
10.750%,
09/01/29
881,424
68
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,015,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
$
1,906,533
1,200,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
1,245,540
756,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
764,921
300,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
316,224
572,000
Voyager
Parent
LLC*
9.250%,
07/01/32
609,672
1,210,000
Whirlpool
Corp.^
6.500%,
06/15/33
1,159,591
600,000
William
Carter
Co.*
7.375%,
02/15/31
617,514
1,225,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
1,230,757
84,686,908
Consumer
Staples
(0.7%)
1,181,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
1,152,963
595,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
618,699
1,160,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*^
8.375%,
06/15/32
1,166,972
1,300,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
1,291,576
Brink's
Co.*
600,000
6.750%,
06/15/32
615,894
600,000
6.500%,
06/15/29
614,028
1,358,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
1,278,462
1,400,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
1,407,672
1,349,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
1,289,698
Energizer
Holdings,
Inc.*
605,000
6.000%,
09/15/33^
578,755
1,336,000
4.375%,
03/31/29
1,286,408
620,000
Industrial
F&B
Investments
III,
Inc.*
7.750%,
02/11/33
627,099
1,245,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*
7.125%,
04/30/33
1,260,077
290,000
Land
O'
Lakes,
Inc.*
7.000%,
09/18/28
248,779
MPH
Acquisition
Holdings
LLC*
1,011,383
6.750%,
03/31/31
684,878
490,730
5.750%,
12/31/30
407,792
751,000
New
Albertsons
LP
7.750%,
06/15/26
753,433
1,245,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
1,219,726
Post
Holdings,
Inc.*
1,053,000
6.375%,
03/01/33
1,053,642
1,200,000
6.250%,
02/15/32
1,226,016
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,124,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
$
1,038,902
1,750,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
1,806,053
782,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
782,985
907,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
897,667
23,308,176
Energy
(1.6%)
933,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
939,260
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
1,210,000
6.625%,
10/15/32
1,243,469
963,000
6.625%,
07/15/33
990,879
Buckeye
Partners
LP
452,000
6.875%,
07/01/29*
466,898
903,000
6.750%,
02/01/30*
934,199
600,000
5.850%,
11/15/43
549,876
1,245,000
CNX
Resources
Corp.*
5.875%,
03/01/34
1,235,712
1,450,000
Continental
Resources,
Inc.
4.900%,
06/01/44
1,161,929
925,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
946,562
Enbridge,
Inc.‡
902,000
7.375%,
03/15/55^
,
5
yr.
CMT
+
3.122%
954,821
296,000
7.375%,
01/15/83
,
5
yr.
CMT
+
3.708%
303,524
727,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
778,181
395,000
Series
20-A,
5.750%,
07/15/80
,
5
yr.
CMT
+
5.314%
397,789
Energy
Transfer
LP‡
155,000
8.000%,
05/15/54
,
5
yr.
CMT
+
4.020%
164,546
765,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
786,657
1,110,000
6.943%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
1,106,559
1,015,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
1,019,537
Enterprise
Products
Operating
LLC‡
75,000
Series
D,
6.900%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.248%
74,736
80,000
Series
E,
5.250%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.295%
79,890
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
885,000
8.875%,
04/15/30
927,976
605,000
8.000%,
05/15/33
637,664
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
310,000
6.875%,
05/15/34
311,876
69
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
310,000
6.250%,
04/15/32
$
308,208
1,200,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
1,252,440
1,560,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
1,588,704
620,000
Kodiak
Gas
Services
LLC*
5.875%,
04/01/31
624,997
1,210,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
1,252,882
1,207,000
Matador
Resources
Co.*
6.500%,
04/15/32
1,232,914
1,675,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
1,750,710
1,255,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
1,259,932
Phillips
66
Co.‡
75,000
Series
B,
6.200%,
03/15/56^
,
5
yr.
CMT
+
2.166%
75,241
690,000
Series
A,
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
687,557
1,390,000
Plains
All
American
Pipeline
LP
Series
B‡
8.024%,
05/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
1,390,695
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
1,371,000
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
1,430,817
85,000
7.500%,
03/01/55
,
5
yr.
CMT
+
3.667%
89,879
1,658,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
1,734,799
Sunoco
LP*
1,130,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
1,171,561
1,815,000
6.625%,
08/15/32
1,856,001
1,210,000
6.250%,
07/01/33
1,236,620
1,210,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
1,237,019
1,210,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
1,194,851
TransCanada
PipeLines
Ltd.‡
475,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
478,791
717,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
720,736
Transocean
International
Ltd.*
1,095,000
8.500%,
05/15/31
1,159,528
907,000
7.875%,
10/15/32
972,631
Venture
Global
LNG,
Inc.*
600,000
9.875%,
02/01/32
644,202
600,000
9.500%,
02/01/29
655,164
2,525,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
2,497,553
1,505,000
8.375%,
06/01/31
1,568,857
900,000
8.125%,
06/01/28
921,267
635,000
7.000%,
01/15/30^
654,006
PRINCIPAL
AMOUNT
a
a
VALUE
a
Venture
Global
Plaquemines
LNG
LLC*
1,210,000
6.500%,
01/15/34
$
1,268,334
925,000
6.500%,
06/15/34
966,162
303,000
6.125%,
12/15/30
312,702
1,200,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
1,197,204
1,845,000
WBI
Operating
LLC*
6.500%,
10/15/33
1,866,734
1,210,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
1,255,811
1,671,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
1,721,681
56,249,730
Financials
(2.2%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
1,002,000
8.250%,
02/01/29
1,005,848
970,000
6.750%,
07/01/32
956,895
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
1,300,000
6.950%,
03/10/55^
,
5
yr.
CMT
+
2.720%
1,348,191
695,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
707,851
255,000
Aircastle
Ltd.
Series
A*‡
5.250%,
06/15/26
,
5
yr.
CMT
+
4.410%
254,837
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
1,920,000
7.375%,
10/01/32
1,888,666
1,210,000
6.500%,
10/01/31
1,221,543
200,000
Allianz
SE*‡
5.600%,
09/03/54
,
5
yr.
CMT
+
2.771%
199,300
140,000
Allstate
Corp.
Series
B‡
6.852%,
08/15/53
,
3
mo.
USD
Term
SOFR
+
3.200%
140,027
Ally
Financial,
Inc.‡
1,705,000
Series
D,
7.100%,
08/15/31††
,
5
yr.
CMT
+
3.148%
1,704,454
2,082,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
2,079,148
850,000
Series
C,
4.700%,
05/15/28^
,
7
yr.
CMT
+
3.481%
816,986
165,000
American
Express
Co.
Series
D‡
3.550%,
09/15/26
,
5
yr.
CMT
+
2.854%
163,568
1,265,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
1,224,292
610,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
596,763
620,000
ARES
Finance
Co.
III
LLC*‡
4.125%,
06/30/51
,
5
yr.
CMT
+
3.237%
615,257
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
1,175,000
8.375%,
02/01/34
1,160,853
70
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
985,000
8.000%,
12/31/32
$
1,030,566
350,000
AXIS
Specialty
Finance
LLC‡
4.900%,
01/15/40
,
5
yr.
CMT
+
3.186%
342,178
1,210,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
1,239,294
1,835,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
1,859,479
Bank
of
America
Corp.‡
325,000
Series
OO,
6.625%,
05/01/30
,
5
yr.
CMT
+
2.684%
335,088
304,000
Series
TT,
6.125%,
04/27/27
,
5
yr.
CMT
+
3.231%
306,289
100,000
Beacon
Funding
Trust*
6.266%,
08/15/54
99,396
1,210,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
1,285,008
280,000
BP
Capital
Markets
PLC‡
4.875%,
03/22/30
,
5
yr.
CMT
+
4.398%
277,830
Brandywine
Operating
Partnership
LP
600,000
8.875%,
04/12/29
628,842
1,239,000
6.125%,
01/15/31^
1,154,017
1,522,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
1,595,847
2,394,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
2,358,545
930,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
910,693
1,250,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
1,027,388
Capital
One
Financial
Corp.‡
275,000
Series
O,
5.500%,
10/30/27
,
3
mo.
USD
Term
SOFR
+
3.338%
273,787
573,000
Series
M,
3.950%,
09/01/26^
,
5
yr.
CMT
+
3.157%
568,427
Charles
Schwab
Corp.‡
135,000
Series
I,
4.000%,
06/01/26
,
5
yr.
CMT
+
3.168%
134,910
147,000
Series
H,
4.000%,
12/01/30
,
10
yr.
CMT
+
3.079%
136,964
Citigroup,
Inc.‡
150,000
Series
AA,
7.625%,
11/15/28
,
5
yr.
CMT
+
3.211%
155,907
155,000
Series
BB,
7.200%,
05/15/29
,
5
yr.
CMT
+
2.905%
158,205
170,000
Series
FF,
6.950%,
02/15/30
,
5
yr.
CMT
+
2.726%
173,031
1,315,000
Series
GG,
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
1,337,118
164,000
Series
HH,
6.625%,
02/15/31
,
5
yr.
CMT
+
3.001%
165,911
PRINCIPAL
AMOUNT
a
a
VALUE
a
325,000
Series
JJ,
6.500%,
05/15/31
,
5
yr.
CMT
+
2.745%
$
326,943
450,000
Citizens
Financial
Group,
Inc.
Series
G‡
4.000%,
10/06/26
,
5
yr.
CMT
+
3.215%
445,185
Corebridge
Financial,
Inc.‡
145,000
6.875%,
12/15/52
,
5
yr.
CMT
+
3.846%
147,323
1,340,000
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
1,333,608
Credit
Acceptance
Corp.*
800,000
9.250%,
12/15/28
835,648
1,193,000
6.625%,
03/15/30
1,189,743
1,210,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
1,190,519
1,205,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
1,268,793
250,000
Depository
Trust
&
Clearing
Corp.
Series
D*‡
3.375%,
06/20/26
,
5
yr.
CMT
+
2.606%
248,858
335,000
Enstar
Finance
LLC‡
5.500%,
01/15/42
,
5
yr.
CMT
+
4.006%
331,131
690,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
718,042
First
Citizens
BancShares,
Inc.‡
460,000
Series
B,
7.908%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
463,298
1,225,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
1,232,436
605,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
609,858
Goldman
Sachs
Group,
Inc.‡
85,000
Series
X,
7.500%,
05/10/29
,
5
yr.
CMT
+
2.809%
88,754
150,000
6.850%,
02/10/30
,
5
yr.
CMT
+
2.461%
154,461
HUB
International
Ltd.*
900,000
7.375%,
01/31/32
923,076
955,000
5.625%,
12/01/29
945,832
Huntington
Bancshares,
Inc.‡
688,000
Series
K,
6.250%,
10/15/30^
,
5
yr.
CMT
+
2.653%
689,135
210,000
Series
F,
5.625%,
07/15/30
,
10
yr.
CMT
+
4.945%
212,745
350,000
Series
G,
4.450%,
10/15/27
,
7
yr.
CMT
+
4.045%
344,834
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
985,000
6.625%,
10/15/31
960,858
1,225,000
5.000%,
08/15/28
1,174,983
JPMorgan
Chase
&
Co.‡
165,000
Series
PP,
6.100%,
07/01/31††
,
5
yr.
CMT
+
2.080%
165,000
71
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
385,000
Series
KK,
3.650%,
06/01/26^
,
5
yr.
CMT
+
2.850%
$
384,561
320,000
KeyCorp
Series
D‡
5.000%,
09/15/26
,
3
mo.
USD
Term
SOFR
+
3.868%
317,267
1,360,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
1,412,809
620,000
Liberty
Mutual
Group,
Inc.*‡
4.125%,
12/15/51
,
5
yr.
CMT
+
3.315%
613,174
M&T
Bank
Corp.‡
85,000
Series
F,
5.125%,
11/01/26
,
3
mo.
USD
Term
SOFR
+
3.782%
84,787
80,000
Series
I,
3.500%,
09/01/26
,
5
yr.
CMT
+
2.679%
78,854
MetLife,
Inc.
74,000
6.400%,
12/15/66
75,969
390,000
5.850%,
03/15/56^‡
,
5
yr.
CMT
+
1.817%
384,965
600,000
Newmark
Group,
Inc.
7.500%,
01/12/29
632,196
230,000
Northern
Trust
Corp.
Series
D^‡
4.600%,
10/01/26
,
3
mo.
USD
Term
SOFR
+
3.464%
229,225
OneMain
Finance
Corp.
605,000
6.750%,
03/15/32
605,611
1,210,000
6.750%,
09/15/33
1,192,516
1,250,000
6.500%,
03/15/33
1,225,350
609,000
Osaic
Holdings,
Inc.*
8.000%,
08/01/33
620,851
1,145,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
1,170,694
442,000
PartnerRe
Finance
B
LLC‡
4.500%,
10/01/50
,
5
yr.
CMT
+
3.815%
424,859
PNC
Financial
Services
Group,
Inc.‡
140,000
Series
V,
6.200%,
09/15/27^
,
5
yr.
CMT
+
3.238%
141,469
140,000
Series
U,
6.000%,
05/15/27^
,
5
yr.
CMT
+
3.000%
140,402
315,000
Series
T,
3.400%,
09/15/26
,
5
yr.
CMT
+
2.595%
311,352
1,512,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
1,574,430
Reinsurance
Group
of
America,
Inc.‡
775,000
6.650%,
09/15/55^
,
5
yr.
CMT
+
2.392%
789,012
705,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
690,907
Rocket
Cos.,
Inc.*
907,000
6.375%,
08/01/33
921,421
605,000
6.125%,
08/01/30
614,855
1,094,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
1,016,621
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,210,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
$
1,223,177
160,000
State
Street
Corp.
Series
J^‡
6.700%,
09/15/29
,
5
yr.
CMT
+
2.628%
165,875
309,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
320,124
1,500,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
1,580,790
2,210,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
2,256,830
Truist
Financial
Corp.^‡
295,000
Series
N,
6.669%,
09/01/26
,
5
yr.
CMT
+
3.003%
295,614
108,000
Series
Q,
5.100%,
03/01/30
,
10
yr.
CMT
+
4.349%
108,809
U.S.
Bancorp^‡
320,000
Series
J,
5.300%,
04/15/27
,
3
mo.
USD
Term
SOFR
+
3.176%
319,386
85,000
Series
N,
3.700%,
01/15/27
,
5
yr.
CMT
+
2.541%
83,613
1,383,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
1,319,838
605,000
UWM
Holdings
LLC*
6.250%,
03/15/31
562,438
600,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
630,102
Wells
Fargo
&
Co.‡
560,000
7.625%,
09/15/28
,
5
yr.
CMT
+
3.606%
588,431
1,510,000
Series
GG,
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
1,516,100
1,210,000
XHR
LP*
6.625%,
05/15/30
1,240,177
77,505,723
Health
Care
(0.6%)
1,842,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
1,886,853
CHS/Community
Health
Systems,
Inc.*
720,000
10.875%,
01/15/32
774,245
663,000
6.875%,
04/15/29
652,544
2,392,000
6.125%,
04/01/30^
2,128,067
149,000
5.250%,
05/15/30
140,821
DaVita,
Inc.*
1,375,000
6.875%,
09/01/32
1,420,829
1,326,000
4.625%,
06/01/30
1,284,735
1,395,000
3.750%,
02/15/31
1,295,355
Embecta
Corp.*
298,000
6.750%,
02/15/30
282,564
894,000
5.000%,
02/15/30^
840,968
Encompass
Health
Corp.
600,000
4.750%,
02/01/30
590,916
600,000
4.500%,
02/01/28
595,902
681,000
IQVIA,
Inc.*
6.250%,
06/01/32
695,587
1,789,000
Medline
Borrower
LP*
5.250%,
10/01/29
1,781,289
72
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,200,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
$
2,187,592
Tenet
Healthcare
Corp.
1,575,000
6.875%,
11/15/31
1,678,226
907,000
5.500%,
11/15/32*
906,537
1,520,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
1,525,046
20,668,076
Industrials
(0.9%)
1,357,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
1,394,277
1,355,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
1,211,343
Arcosa,
Inc.*
605,000
6.875%,
08/15/32
629,061
670,000
4.375%,
04/15/29
653,726
Bombardier,
Inc.*
600,000
8.750%,
11/15/30
637,974
376,000
7.250%,
07/01/31
395,875
450,000
7.000%,
06/01/32
470,286
300,000
6.750%,
06/15/33
313,383
1,191,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
1,159,712
1,900,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
1,919,095
310,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
312,114
245,833
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*
4.750%,
10/20/28
246,126
Deluxe
Corp.*
615,000
8.125%,
09/15/29
642,564
1,565,000
8.000%,
06/01/29
1,584,015
EnerSys*
600,000
6.625%,
01/15/32
617,448
575,000
4.375%,
12/15/27
569,187
EquipmentShare.com,
Inc.*
755,000
8.625%,
05/15/32
801,047
450,000
8.000%,
03/15/33
472,230
Graphic
Packaging
International
LLC*
750,000
4.750%,
07/15/27
745,163
551,000
3.500%,
03/01/29
522,497
Herc
Holdings,
Inc.*
605,000
7.250%,
06/15/33
633,756
605,000
7.000%,
06/15/30
629,926
600,000
6.625%,
06/15/29
615,324
900,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
456,372
1,940,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
1,920,173
1,140,000
Novelis
Corp.*
4.750%,
01/30/30
1,093,237
1,210,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
1,229,263
PRINCIPAL
AMOUNT
a
a
VALUE
a
402,000
Sensata
Technologies
BV*
4.000%,
04/15/29
$
391,713
593,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
552,160
Standard
Building
Solutions,
Inc.*
305,000
6.500%,
08/15/32
308,508
907,000
6.250%,
08/01/33
907,372
100,000
Stanley
Black
&
Decker,
Inc.‡
6.707%,
03/15/60
,
5
yr.
CMT
+
2.657%
98,894
1,210,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
1,267,681
TransDigm,
Inc.*
450,000
7.125%,
12/01/31
467,118
1,295,000
6.875%,
12/15/30
1,335,883
900,000
6.750%,
08/15/28
912,987
298,000
6.625%,
03/01/32
306,475
378,411
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
369,825
905,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
922,557
Williams
Scotsman,
Inc.*
450,000
6.625%,
06/15/29
462,204
703,000
4.625%,
08/15/28
695,738
30,874,289
Information
Technology
(0.5%)
Block,
Inc.*
302,000
6.000%,
08/15/33
302,079
615,000
5.625%,
08/15/30
615,910
915,000
CACI
International,
Inc.*
6.375%,
06/15/33
936,951
930,000
Cloud
Software
Group,
Inc.*
6.625%,
08/15/33
834,954
692,000
Coherent
Corp.*
5.000%,
12/15/29
685,128
Fair
Isaac
Corp.*
454,000
6.000%,
05/15/33
448,216
586,000
4.000%,
06/15/28
572,710
1,315,000
KBR,
Inc.*
4.750%,
09/30/28
1,294,723
310,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
322,406
886,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
863,699
600,000
Open
Text
Corp.*
6.900%,
12/01/27
613,920
Open
Text
Holdings,
Inc.*
305,000
4.125%,
02/15/30
274,994
772,000
4.125%,
12/01/31
659,859
1,645,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
1,595,074
Twilio,
Inc.^
298,000
3.875%,
03/15/31
279,038
830,000
3.625%,
03/15/29
798,253
1,470,000
UKG,
Inc.*
6.875%,
02/01/31
1,431,413
73
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,780,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
$
1,696,358
548,674
Wolfspeed,
Inc.
7.000%,
06/15/31
448,557
1,200,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
1,223,832
1,050,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
854,186
16,752,260
Materials
(0.7%)
1,210,000
Avient
Corp.*
6.250%,
11/01/31
1,227,944
1,310,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
1,334,169
1,105,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
1,172,759
1,208,000
Century
Aluminum
Co.*
6.875%,
08/01/32
1,252,285
Chemours
Co.*
1,030,000
8.000%,
01/15/33
1,063,629
622,000
7.875%,
03/15/34
636,723
2,185,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
1,926,296
1,210,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
1,250,680
450,000
Constellium
SE*
6.375%,
08/15/32
461,569
2,246,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
1,489,390
1,210,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
1,259,695
1,520,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
1,524,393
1,200,000
Knife
River
Corp.*
7.750%,
05/01/31
1,248,216
Mercer
International,
Inc.
530,000
12.875%,
10/01/28*
266,866
1,266,000
5.125%,
02/01/29
515,490
1,245,000
Olin
Corp.*
6.625%,
04/01/33
1,236,136
1,210,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
1,238,520
1,328,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
1,306,712
1,210,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
1,203,611
1,210,000
Terex
Corp.*
6.250%,
10/15/32
1,229,880
514,229
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
12,784
WR
Grace
Holdings
LLC*
310,000
7.000%,
08/01/33
309,805
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,220,000
6.625%,
08/15/32
$
1,211,985
24,379,537
Other
(0.4%)
930,000
1261229
BC
Ltd.*
10.000%,
04/15/32
961,397
900,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
925,434
459,701
Claritev
Corp.
Series
B*
6.750%,
03/31/31
301,260
250,000
Compeer
Financial
ACA
Series
QIB*‡
7.875%,
02/15/31
,
5
yr.
CMT
+
4.155%
256,945
EchoStar
Corp.
3,109,045
10.750%,
11/30/29
3,374,433
1,268,771
6.750%,
11/30/30
1,289,160
405,000
Everest
Reinsurance
Holdings,
Inc.‡
6.299%,
05/01/67
,
3
mo.
USD
Term
SOFR
+
2.647%
386,107
625,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
628,812
310,000
Genmab
AS/Genmab
Finance
LLC*
6.250%,
12/15/32
318,190
605,000
Graham
Holdings
Co.*
5.625%,
12/01/33
599,374
1,590,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
1,689,582
1,515,000
Rfna
LP*
7.875%,
02/15/30
1,501,562
1,245,000
SM
Energy
Co.*
7.000%,
08/01/32
1,278,665
605,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
636,514
14,147,435
Real
Estate
(0.1%)
605,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
608,267
780,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
761,568
867,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
847,380
2,217,215
Special
Purpose
Acquisition
Companies
(0.0%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
1,010,000
6.750%,
01/15/30
978,326
596,000
4.625%,
01/15/29
580,546
1,558,872
Utilities
(0.4%)
245,000
Algonquin
Power
&
Utilities
Corp.‡
4.750%,
01/18/82
,
5
yr.
CMT
+
3.249%
242,244
74
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
American
Electric
Power
Co.,
Inc.‡
80,000
7.050%,
12/15/54
,
5
yr.
CMT
+
2.750%
$
83,566
80,000
6.950%,
12/15/54
,
5
yr.
CMT
+
2.675%
85,441
85,000
3.875%,
02/15/62
,
5
yr.
CMT
+
2.675%
83,528
CenterPoint
Energy,
Inc.‡
75,000
Series
A,
7.000%,
02/15/55
,
5
yr.
CMT
+
3.254%
77,500
75,000
Series
B,
6.850%,
02/15/55^
,
5
yr.
CMT
+
2.946%
79,265
760,000
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
775,428
235,000
CMS
Energy
Corp.‡
4.750%,
06/01/50
,
5
yr.
CMT
+
4.116%
230,234
Dominion
Energy,
Inc.‡
162,000
Series
A,
6.875%,
02/01/55
,
5
yr.
CMT
+
2.386%
168,308
760,000
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
776,674
133,000
Series
C,
4.350%,
01/15/27
,
5
yr.
CMT
+
3.195%
131,867
1,205,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
1,258,237
Emera
U.S.
Finance
LLC‡
80,000
Series
B,
6.850%,
10/01/56
,
5
yr.
CMT
+
2.648%
80,334
785,000
Series
A,
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
787,818
225,000
Emera,
Inc.
Series
16-A‡
6.750%,
06/15/76
,
3
mo.
USD
LIBOR
+
5.440%
225,155
1,150,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
1,184,937
1,070,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
1,088,468
Eversource
Energy‡
82,000
Series
B,
6.350%,
08/15/56
,
5
yr.
CMT
+
2.325%
82,006
790,000
Series
A,
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
786,793
288,000
National
Rural
Utilities
Cooperative
Finance
Corp.‡
7.125%,
09/15/53
,
5
yr.
CMT
+
3.533%
299,874
NextEra
Energy
Capital
Holdings,
Inc.‡
160,000
6.750%,
06/15/54
,
5
yr.
CMT
+
2.457%
167,630
155,000
6.700%,
09/01/54
,
5
yr.
CMT
+
2.364%
159,242
160,000
3.800%,
03/15/82
,
5
yr.
CMT
+
2.547%
156,224
1,064,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
1,101,655
PRINCIPAL
AMOUNT
a
a
VALUE
a
591,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.627%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
$
582,561
Sempra‡
75,000
6.875%,
10/01/54
,
5
yr.
CMT
+
2.789%
76,315
80,000
6.400%,
10/01/54
,
5
yr.
CMT
+
2.632%
80,923
95,000
Southern
Co.
Series
21-A‡
3.750%,
09/15/51
,
5
yr.
CMT
+
2.915%
94,604
Vistra
Corp.*‡
340,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
343,301
625,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
627,869
385,000
Xcel
Energy,
Inc.‡
5.750%,
12/03/56
,
5
yr.
CMT
+
2.168%
380,981
12,298,982
TOTAL
CORPORATE
BONDS
(Cost
$405,883,947)
400,574,974
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%
260,585
1,020,000
7.000%,
09/15/30
,
5
yr.
CMT
+
3.010%
1,049,152
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$1,277,724)
1,309,737
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(92.0%)
Communication
Services
(10.9%)
622,250
Alphabet,
Inc.
-
Class
Aµ
239,441,800
264,885
AT&T,
Inc.
6,921,445
20,533
Audacy,
Inc.#
61,599
8,434
Cumulus
Media,
Inc.
-
Class
A#
26
138,220
Meta
Platforms,
Inc.
-
Class
A^µ
84,578,200
323,600
Netflix,
Inc.#µ
30,292,196
25,095
Optimum
Communications,
Inc.
-
Class
A#^
39,650
205,085
EUR
Orange
SA
4,270,350
118,650
Walt
Disney
Co.
12,309,938
377,915,204
Consumer
Discretionary
(10.9%)
646,610
Amazon.com,
Inc.#^µ
171,390,447
87,750
Booking
Holdings,
Inc.
14,773,590
59,260
Carnival
Corp.
1,570,983
75
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
243,463
General
Motors
Co.
$
18,719,870
52,240
Home
Depot,
Inc.
17,176,512
15,045
KRW
Hyundai
Motor
Co.
5,453,207
88,865
Lowe's
Cos.,
Inc.^
21,220,073
50,170
McDonald's
Corp.
14,729,410
1,794
Rite
Aid
Corp.#
1,794
37,380
Royal
Caribbean
Cruises
Ltd.^
9,859,349
172,710
Starbucks
Corp.^
18,191,544
182,630
Tesla,
Inc.#µ
69,697,087
104,675
TJX
Cos.,
Inc.^
16,407,806
379,191,672
Consumer
Staples
(4.8%)
58,750
Altria
Group,
Inc.^
4,268,188
329,140
Coca-Cola
Co.
25,923,066
145,515
Colgate-Palmolive
Co.
12,421,160
22,270
Costco
Wholesale
Corp.^
22,593,583
187,780
Dollar
General
Corp.
21,759,946
47,280
Estee
Lauder
Cos.,
Inc.
-
Class
A
3,626,849
140,020
Philip
Morris
International,
Inc.
23,113,101
136,830
Procter
&
Gamble
Co.
20,126,325
251,580
Walmart,
Inc.µ
33,190,950
167,023,168
Energy
(3.8%)
5,050
Cheniere
Energy
Partners
LP
338,451
57,507
Chevron
Corp.
11,116,678
70,935
Energy
Transfer
LP
1,432,178
33,155
Enterprise
Products
Partners
LP
1,283,098
7,920
EP
Energy
Corp.#
7,920
278,820
EQT
Corp.^
16,751,506
278,830
Exxon
Mobil
Corp.^µ
43,031,834
134,880
Marathon
Petroleum
Corp.
33,489,355
296,990
Williams
Cos.,
Inc.^
22,663,307
130,114,327
Financials
(11.7%)
35,430
Affiliated
Managers
Group,
Inc.^
10,440,158
59,230
American
Express
Co.
19,134,251
29,983
Assurant,
Inc.^
7,084,083
608,685
Bank
of
America
Corp.
32,540,300
10,715
BlackRock,
Inc.
11,417,904
36,540
Capital
One
Financial
Corp.
6,990,102
46,410
Chubb
Ltd.^
15,176,070
310,915
Citigroup,
Inc.^
39,790,902
42,230
Goldman
Sachs
Group,
Inc.^
39,010,807
190,495
JPMorgan
Chase
&
Co.^µ
59,668,749
72,315
Mastercard,
Inc.
-
Class
A
36,368,660
125,600
JPY
Mizuho
Financial
Group,
Inc.
5,401,137
188,325
Morgan
Stanley
35,892,862
177,100
JPY
ORIX
Corp.
5,960,565
17,757
S&P
Global,
Inc.^
7,657,351
138,650
Visa,
Inc.
-
Class
Aµ
45,732,316
NUMBER
OF
SHARES
b
b
VALUE
b
359,125
Wells
Fargo
&
Co.
$
29,530,849
407,797,066
Health
Care
(8.0%)
87,445
AbbVie,
Inc.
18,478,878
119,590
Boston
Scientific
Corp.#
6,889,580
202,415
CVS
Health
Corp.
16,859,145
71,760
Danaher
Corp.
12,841,452
59,040
Eli
Lilly
&
Co.µ
55,178,784
34,856
GE
HealthCare
Technologies,
Inc.
2,120,639
124,535
Gilead
Sciences,
Inc.^
16,294,160
19,700
Intuitive
Surgical,
Inc.#^
9,014,917
217,145
Johnson
&
Johnsonµ
49,910,778
158,025
Medtronic
PLC
12,795,284
155,635
Merck
&
Co.,
Inc.
16,992,229
40,435
Quest
Diagnostics,
Inc.
7,852,477
20,295
Stryker
Corp.
6,395,563
29,765
Thermo
Fisher
Scientific,
Inc.^
14,256,245
55,360
UnitedHealth
Group,
Inc.
20,509,773
29,645
Vertex
Pharmaceuticals,
Inc.#
12,669,680
279,059,584
Industrials
(8.8%)
13,794
Ardagh
Holdings
SA#
98,755
38,545
Caterpillar,
Inc.
34,309,290
903,775
CSX
Corp.^
41,058,498
344,635
Delta
Air
Lines,
Inc.
23,431,734
84,595
Emerson
Electric
Co.^
11,880,522
58,710
GE
Vernova,
Inc.~
63,609,937
65,790
General
Electric
Co.
19,074,495
165,500
JPY
Mitsubishi
Electric
Corp.
6,641,676
27,670
Parker-Hannifin
Corp.^
25,163,651
47,925
Quanta
Services,
Inc.^
34,878,377
127,815
RTX
Corp.
22,504,387
14,866
Uber
Technologies,
Inc.#
1,109,152
89,065
Union
Pacific
Corp.^
24,001,236
307,761,710
Information
Technology
(29.3%)
92,805
Advanced
Micro
Devices,
Inc.#µ
32,898,444
73,725
Amphenol
Corp.
-
Class
A
10,857,481
860,785
Apple,
Inc.^µ
233,574,010
299,730
Broadcom,
Inc.^
125,116,294
247,515
Cisco
Systems,
Inc.^
22,647,622
28,815
Intuit,
Inc.
11,194,627
176,335
Lam
Research
Corp.
45,469,743
83,725
Micron
Technology,
Inc.µ
43,299,221
427,570
Microsoft
Corp.µ
174,354,495
1,520,000
Nokia
OYJ
(ADR)
19,623,200
1,287,510
NVIDIA
Corp.^
256,948,371
23,830
NXP
Semiconductors
NV
6,996,250
188,330
Palantir
Technologies,
Inc.
-
Class
A#~
26,198,586
62,590
Salesforce,
Inc.
11,049,013
76
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
45,414
Wolfspeed,
Inc.#^
$
1,341,075
1,021,568,432
Materials
(2.6%)
389,820
Freeport-McMoRan,
Inc.
22,523,800
56,835
Linde
PLC
28,482,292
78,355
Sherwin-Williams
Co.^
25,199,751
50,490
Vulcan
Materials
Co.^
15,234,853
91,440,696
Real
Estate
(0.4%)
70,930
American
Tower
Corp.
12,959,620
Utilities
(0.8%)
149,499
NextEra
Energy,
Inc.
14,632,962
88,540
Vistra
Corp.
13,975,154
28,608,116
TOTAL
COMMON
STOCKS
(Cost
$1,653,680,028)
3,203,439,595
CONVERTIBLE
PREFERRED
STOCKS
(5.9%)
Industrials
(1.7%)
513,410
Boeing
Co.
6.000%,
10/15/27
37,068,202
225,300
QXO,
Inc.
5.500%,
05/15/28
12,747,474
215,085
VSE
Corp.#
5.750%,
02/01/29
9,941,229
59,756,905
Information
Technology
(1.9%)
355,315
Microchip
Technology,
Inc.
7.500%,
03/15/28
27,952,631
776,305
Oracle
Corp.#
6.500%,
01/15/29
37,782,764
65,735,395
Materials
(0.5%)
203,820
Albemarle
Corp.
7.250%,
03/01/27
15,885,731
Utilities
(1.8%)#
84,885
CenterPoint
Energy,
Inc.
(Warner
Media
LLC,
Charter
Communications
Time,
Inc.)§
3.369%,
09/15/29
2,920,893
509,320
NextEra
Energy,
Inc.
7.375%,
02/15/29
26,749,486
420,940
PPL
Corp.
7.000%,
02/15/29
21,232,214
NUMBER
OF
SHARES
b
b
VALUE
b
245,885
Southern
Co.
7.125%,
12/15/28
$
12,793,396
63,695,989
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$184,720,634)
205,074,020
EXCHANGE-TRADED
FUNDS
(2.1%)
Other
(2.1%)
624,830
Invesco
Senior
Loan
ETF
12,859,001
84,565
iShares
Russell
2000
ETF^
23,506,533
316,100
State
Street
Blackstone
Senior
Loan
ETF^
12,833,660
37,365
State
Street
SPDR
Bloomberg
High
Yield
Bond
ETF
3,618,053
793,185
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF^
20,273,809
73,091,056
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$71,949,057)
73,091,056
PREFERRED
STOCKS
(0.2%)
Communication
Services
(0.1%)
5,300
Array
Digital
Infrastructure,
Inc.
6.250%,
09/01/69
106,318
AT&T,
Inc.µ
8,482
4.750%,
05/30/26
159,122
4,860
5.350%,
11/01/66
104,587
72,192
Qwest
Corp.
6.500%,
09/01/56
1,324,723
Telephone
&
Data
Systems,
Inc.
9,536
6.000%,
09/30/26
187,764
11,183
6.625%,
05/29/26
239,652
T-Mobile
USA,
Inc.#µ
13,961
5.500%,
03/01/70
309,934
930
5.500%,
06/01/70
20,637
15,775
6.250%,
09/01/69
393,586
2,846,323
Consumer
Discretionary
(0.0%)
Ford
Motor
Co.µ
7,860
6.200%,
06/01/59
166,160
3,664
6.500%,
08/15/62
80,828
2,230
QVC
Group,
Inc.
8.000%,
03/15/31
9,344
4,100
QVC,
Inc.
6.250%,
11/26/68
48,790
305,122
Financials
(0.1%)
Affiliated
Managers
Group,
Inc.µ
9,250
5.875%,
03/30/59
186,943
5,813
6.750%,
03/30/64
139,279
77
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
1,800
Allstate
Corp.µ
7.091%,
01/15/53
$
46,728
Annaly
Capital
Management,
Inc.µ
3,250
8.875%,
09/30/30
85,053
5,970
8.919%,
05/30/26
154,981
9,294
Arch
Capital
Group
Ltd.µ
4.550%,
06/11/26
160,507
4,450
Bread
Financial
Holdings,
Inc.#^
8.625%,
12/15/30
112,140
2,515
Capital
One
Financial
Corp.µ
4.800%,
06/01/26
45,899
3,100
Citigroup,
Inc.#µ
6.250%,
02/15/31
78,585
11,953
CNO
Financial
Group,
Inc.µ
5.125%,
11/25/60
213,361
5,367
Cullen/Frost
Bankers,
Inc.µ
4.450%,
06/15/26
91,829
Fifth
Third
Bancorpµ
4,000
4.950%,
06/30/26
77,280
5,400
6.875%,
10/01/30
139,374
3,300
First
Citizens
BancShares,
Inc.#^
6.625%,
03/15/31
83,127
4,350
First
Horizon
Corp.#µ
6.750%,
04/10/31
108,967
3,575
KeyCorpµ
5.625%,
06/15/26
76,434
3,300
M&T
Bank
Corp.#µ
6.350%,
12/15/30
82,731
765
Northern
Trust
Corp.µ
4.700%,
07/01/26
14,619
4,415
RenaissanceRe
Holdings
Ltd.µ
5.750%,
05/30/26
95,320
8,314
Selective
Insurance
Group,
Inc.µ
4.600%,
05/29/26
138,179
5,900
UMB
Financial
Corp.µ
7.750%,
07/15/30
156,114
5,550
W.R.
Berkley
Corp.µ
5.100%,
12/30/59
108,059
4,270
WesBanco,
Inc.^
7.375%,
10/01/30
109,824
6,400
Wintrust
Financial
Corp.µ
7.875%,
07/15/30
169,536
2,674,869
Real
Estate
(0.0%)
Brookfield
Property
Partners
LPµ
8,773
5.750%,
05/30/26
122,734
5,000
6.375%,
05/30/26
76,550
1,735
EPR
Propertiesµ
5.750%,
05/30/26
34,301
Global
Net
Lease,
Inc.^
2,271
6.875%,
05/30/26
49,281
5,461
7.500%,
05/30/26
126,804
2,559
Kimco
Realty
Corp.µ
5.250%,
05/30/26
51,590
461,260
NUMBER
OF
SHARES
b
b
VALUE
b
Utilities
(0.0%)
6,000
Brookfield
Renewable
Partners
LP
5.250%,
05/25/26
$
110,580
3,175
DTE
Energy
Co.µ
5.250%,
12/01/77
68,961
3,350
NextEra
Energy
Capital
Holdings,
Inc.#µ
6.500%,
04/15/86
84,386
263,927
TOTAL
PREFERRED
STOCKS
(Cost
$6,800,584)
6,551,501
RIGHT
(0.0%)#
Special
Purpose
Acquisition
Companies
(0.0%)
52,650
Walgreens
Boots
Alliance,
Inc.
(Cost
$27,904)
39,488
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
(0.3%)#
Consumer
Discretionary
(0.0%)
1,400
6,210,400
NIKE,
Inc.
Call,
06/18/26,
Strike
$67.50
9,800
Information
Technology
(0.0%)
320
5,164,480
Oracle
Corp.
Call,
06/18/26,
Strike
$230.00
43,520
78
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Other
(0.3%)
1,500
100,161,000
Invesco
QQQ
Trust
Put,
09/18/26,
Strike
$655.00
$
4,012,500
14,000
143,248,000
iShares
MSCI
EAFE
ETF
Call,
09/18/26,
Strike
$110.00
1,722,000
155
43,398,528
Russell
2000
Index
Call,
09/18/26,
Strike
$2,630.00
4,350,075
10,084,575
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$11,750,512)
10,137,895
TOTAL
INVESTMENTS
(136.5%)
(Cost
$3,046,800,794)
4,755,698,848
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-9.3%)
(
323,000,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-27.2%)
(
949,128,722
)
NET
ASSETS
(100.0%)
$
3,483,570,126
EXCHANGE-TRADED
WRITTEN
OPTION (0.0%)#
Consumer
Discretionary
(0.0%)
(700)
(3,105,200)
NIKE,
Inc.
Put,
06/18/26,
Strike
$52.50
(Premium
$187,451)
$
(
600,250
)
*
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.
!
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
April
30,
2026.
^
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
$1,318,053,724.
#
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
$26,457,780.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
FOREIGN
CURRENCY
ABBREVIATIONS
EUR
European
Monetary
Unit
JPY
Japanese
Yen
KRW
South
Korean
Won
ABBREVIATION
ADR
American
Depositary
Receipt
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
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.
79
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
1):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
943,787
$
—
$
943,787
Bank
Loans
93
—
120,144,071
—
120,144,071
Convertible
Bonds
46
—
734,392,711
—
734,392,711
Corporate
Bonds
487
—
400,574,974
—
400,574,974
U.S.
Government
and
Agency
Securities
2
—
1,309,737
—
1,309,737
Common
Stocks
108
3,175,613,905
27,825,690
—
3,203,439,595
Convertible
Preferred
Stocks
10
202,153,127
2,920,893
—
205,074,020
Exchange-Traded
Funds
5
73,091,056
—
—
73,091,056
Preferred
Stocks
46
6,551,501
—
—
6,551,501
Right
1
—
39,488
—
39,488
Warrants
5
13
—
—
13
Exchange-Traded
Purchased
Options
5
10,137,895
—
—
10,137,895
Total
$
3,467,547,497
$
1,288,151,351
$
—
$
4,755,698,848
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
600,250
$
—
$
—
$
600,250
Total
$
600,250
$
—
$
—
$
600,250
SECTOR
WEIGHTINGS
Information
Technology
30
.1
%
Consumer
Discretionary
11
.0
Financials
10
.7
Industrials
10
.2
Communication
Services
9
.7
Health
Care
6
.7
Consumer
Staples
4
.6
Energy
4
.4
Utilities
3
.0
Materials
2
.8
Other
2
.3
Real
Estate
1
.4
Airlines
0
.1
Special
Purpose
Acquisition
Companies
0
.1
Sector
weightings
are
based
on
total
investments
and
may
vary
over
time.
Sector
Weightings
exclude
any
government/
sovereign
bonds
or
options
on
broad
market
indexes
the
Fund
may
hold.
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
80
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
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
$208,135)
$
212,475
BANK
LOANS
(2.2%)i
Communication
Services
(0.4%)
340,000
Altice
France
S.A.!
2025
USD
Term
Loan
B14,
0.000%,
05/31/31
346,986
196,632
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.548%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
200,672
109,497
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.767%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
87,050
9,586
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.767%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
9,526
128,045
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.902%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
128,183
125,611
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.767%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
126,252
92,019
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.175%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
92,400
303,627
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.542%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
296,644
260,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.902%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
261,207
155,703
TripAdvisor,
Inc.‡
Term
Loan,
6.402%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
146,283
90,000
Versant
Media
Group
Inc!
Term
Loan
B,
0.000%,
01/30/31
90,293
260,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.200%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
260,845
110,000
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
110,469
PRINCIPAL
AMOUNT
a
a
VALUE
a
39,898
ViaSat,
Inc.‡
2023
Term
Loan,
8.267%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
$
40,068
260,000
Virgin
Media
Bristol
LLC!
2020
USD
Term
Loan
Q,
0.000%,
01/31/29
255,234
2,452,112
Consumer
Discretionary
(0.4%)
257,400
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
7.012%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
257,721
259,350
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.950%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
260,891
129,675
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.924%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
130,587
153,597
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.902%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
149,438
167,875
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.663%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
126,326
208,950
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.402%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
210,213
256,760
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.657%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
257,843
182,810
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.152%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
184,068
255,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.652%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
256,355
254,800
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.652%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
255,749
148,034
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.404%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
148,636
259,350
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.950%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
259,758
81
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
260,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.442%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
$
253,865
258,918
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.402%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
258,530
3,009,980
Consumer
Staples
(0.4%)
470,922
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.652%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
473,571
129,025
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.152%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
128,326
192,075
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.152%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
186,013
283,787
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.402%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
285,783
377,649
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.902%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
368,491
23,054
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.413%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
23,080
258,700
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.700%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
260,048
408,392
Star
Parent,
Inc.‡
Term
Loan
B,
7.700%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
409,031
258,053
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.663%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
258,759
130,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.902%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
131,239
125,420
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.402%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
126,330
2,650,671
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(0.1%)
379,145
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.933%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
$
380,625
Financials
(0.2%)
201,437
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.152%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
200,305
176,859
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.152%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
175,951
320,938
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.450%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
307,779
190,613
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.652%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
190,970
179,795
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.902%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
180,832
155,000
Jupiter
Borrower,
Inc.!
Term
Loan
B,
0.000%,
03/25/33
155,775
50,000
Lockton,
Inc.!
Term
Loan
B,
0.000%,
04/22/33
50,187
250,000
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.200%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
250,306
1,512,105
Health
Care
(0.0%)
279,099
Padagis
LLC‡
Term
Loan
B,
8.689%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
264,446
Industrials
(0.3%)
258,885
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.211%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
210,772
258,700
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.688%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
261,072
258,374
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.402%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
258,412
82
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
176,605
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.200%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
$
177,121
346,007
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
5.950%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
346,881
255,470
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.402%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
251,710
257,400
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.902%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
257,907
515,149
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.152%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
516,499
125,000
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.152%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
125,348
2,405,722
Information
Technology
(0.2%)
364,034
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.673%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
338,020
265,615
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.402%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
250,092
104,143
Coherent
Corp.‡
2025
Term
Loan
B2,
5.402%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
104,533
248,000
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
248,372
311,153
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.402%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
297,516
197,809
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.652%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
198,055
1,436,588
Materials
(0.1%)
129,675
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.152%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
129,610
276,743
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.902%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
258,409
PRINCIPAL
AMOUNT
a
a
VALUE
a
189,840
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.434%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
$
27,106
415,125
Other
(0.1%)
398,514
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.152%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
400,331
Special
Purpose
Acquisition
Companies
(0.0%)
65,000
Sword
Purchaser
LLC!
USD
Term
Loan
B,
0.000%,
04/11/33
63,213
130,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.652%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
126,425
189,638
TOTAL
BANK
LOANS
(Cost
$15,425,864)
15,117,343
CONVERTIBLE
BONDS
(102.7%)
Communication
Services
(10.6%)
AST
SpaceMobile,
Inc.*µ
3,250,000
2.250%,
04/15/36
3,022,533
3,750,000
2.000%,
01/15/36
3,796,012
4,000,000
IMAX
Corp.*
0.750%,
11/15/30
4,480,240
4,250,000
Liberty
Media
Corp.-Liberty
Formula
One
2.250%,
08/15/27
4,949,847
13,750,000
Live
Nation
Entertainment,
Inc.^µ
2.875%,
01/15/30
15,287,938
10,500,000
Lyft,
Inc.*µ
0.000%,
09/15/30
10,280,970
4,000,000
Sirius
XM
Holdings,
Inc.
3.750%,
03/15/28
4,380,680
14,000,000
Snap,
Inc.µ
0.500%,
05/01/30
11,844,140
12,000,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
14,699,160
72,741,520
Consumer
Discretionary
(5.3%)
11,000,000
DoorDash,
Inc.*µ
0.000%,
05/15/30
10,517,540
3,500,000
Etsy,
Inc.*µ
1.000%,
06/15/30
3,802,645
3,000,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
1,477,170
5,250,000
NCL
Corp.
Ltd.µ
0.875%,
04/15/30
5,543,685
10,000,000
Rivian
Automotive,
Inc.µ
4.625%,
03/15/29
11,467,800
83
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,250,000
Wayfair,
Inc.
3.500%,
11/15/28
$
3,457,575
36,266,415
Consumer
Staples
(1.7%)
4,750,000
Alphatec
Holdings,
Inc.
0.750%,
03/15/30
4,716,322
2,500,000
Merit
Medical
Systems,
Inc.
3.000%,
02/01/29
2,687,675
3,602,000
Revolution
Medicines,
Inc.µ
0.500%,
05/01/33
3,988,819
11,392,816
Energy
(3.1%)
2,750,000
Energy
Fuels,
Inc.*
0.750%,
11/01/31
3,644,273
4,750,000
Eos
Energy
Enterprises,
Inc.*µ
1.750%,
12/01/31
3,466,360
Liberty
Energy,
Inc.*
5,750,000
0.000%,
03/01/31
6,951,060
2,162,000
0.000%,
03/01/32
2,438,909
3,250,000
Solaris
Energy
Infrastructure,
Inc.
0.250%,
10/01/31
4,968,665
9,600,000
SunEdison,
Inc.*@
0.000%,
01/15/20
38,400
21,507,667
Financials
(4.9%)
6,250,000
Barclays
Bank
PLC
Series
MSFT
1.000%,
02/16/29
6,465,438
Coinbase
Global,
Inc.µ
3,750,000
0.250%,
04/01/30
3,623,025
9,500,000
0.000%,
10/01/32*
8,030,920
4,000,000
Dave,
Inc.*
0.000%,
04/01/31
4,959,840
Galaxy
Digital
Holdings
LP*
1,500,000
2.500%,
12/01/29
2,145,570
4,750,000
0.500%,
05/01/31
4,043,580
3,500,000
WisdomTree,
Inc.*
4.625%,
08/15/30
4,150,195
33,418,568
Health
Care
(8.5%)
2,250,000
Arrowhead
Pharmaceuticals,
Inc.µ
0.000%,
01/15/32
2,564,752
Bridgebio
Pharma,
Inc.
2,250,000
1.750%,
03/01/31
3,708,293
4,250,000
0.750%,
02/01/33*
4,200,317
1,483,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
1,767,958
4,000,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
4,180,960
7,750,000
Halozyme
Therapeutics,
Inc.*µ
0.875%,
11/15/32
7,645,530
4,000,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
4,571,560
7,750,000
Ionis
Pharmaceuticals,
Inc.*µ
0.000%,
12/01/30
8,078,445
PRINCIPAL
AMOUNT
a
a
VALUE
a
Jazz
Investments
I
Ltd.
3,250,000
3.125%,
09/15/30
$
4,852,283
1,250,000
2.000%,
06/15/26
1,619,887
2,439,000
Lantheus
Holdings,
Inc.
2.625%,
12/15/27
3,105,408
1,750,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
2,351,948
3,750,000
Repligen
Corp.µ
1.000%,
12/15/28
3,697,275
1,750,000
Tempus
AI,
Inc.*µ
0.750%,
07/15/30
1,825,530
3,875,000
Zoetis,
Inc.*
0.250%,
06/15/29
3,834,700
58,004,846
Industrials
(9.2%)
5,500,000
AeroVironment,
Inc.µ
0.000%,
07/15/30
5,596,580
14,500,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
25,242,615
15,500,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
16,831,760
4,250,000
Fluor
Corp.
1.125%,
08/15/29
5,711,660
4,000,000
JBT
Marel
Corp.*^
0.375%,
09/15/30
3,794,160
4,000,000
Joby
Aviation,
Inc.
0.750%,
02/15/32
3,667,320
2,000,000
Voyager
Technologies,
Inc.*
0.750%,
11/15/30
2,279,280
63,123,375
Information
Technology
(49.2%)
5,500,000
Advanced
Energy
Industries,
Inc.~
2.500%,
09/15/28
15,684,570
600,000,000
JPY
Advantest
Corp.*~
0.000%,
03/28/31
4,558,398
15,000,000
Akamai
Technologies,
Inc.*^
0.250%,
05/15/33
19,690,800
9,750,000
Cipher
Digital,
Inc.*
0.000%,
10/01/31
13,545,285
14,000,000
Cloudflare,
Inc.*µ
0.000%,
06/15/30
16,129,540
4,643,000
CoreWeave,
Inc.*
1.750%,
10/01/32
5,599,040
13,500,000
CyberArk
Software
Ltd.*µ
0.000%,
06/15/30
14,709,330
2,000,000
Cytokinetics,
Inc.*µ
1.750%,
10/01/31
2,550,680
11,000,000
Datadog,
Inc.µ
0.000%,
12/01/29
11,029,150
13,000,000
IREN
Ltd.*
0.000%,
07/01/31
11,259,950
7,750,000
Lumentum
Holdings,
Inc.*µ
0.375%,
03/15/32
37,781,483
7,000,000
MACOM
Technology
Solutions
Holdings,
Inc.
0.000%,
12/15/29
12,349,610
84
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
6,000,000
Microchip
Technology,
Inc.*
0.000%,
02/15/30
$
6,866,280
6,250,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
7,051,000
12,500,000
MKS,
Inc.µ
1.250%,
06/01/30
24,445,000
4,251,000
Nebius
Group
NV*
1.250%,
03/15/31
4,726,602
15,000,000
ON
Semiconductor
Corp.µ
0.500%,
03/01/29
18,266,250
1,250,000
Seagate
HDD
Cayman^
3.500%,
06/01/28
10,188,850
3,250,000
Semtech
Corp.*
0.000%,
10/15/30
4,317,528
7,500,000
Snowflake,
Inc.
0.000%,
10/01/29
8,714,025
3,800,000
STMicroelectronics
NV
Series
B*
0.000%,
08/04/27
4,854,766
7,000,000
Strategy,
Inc.µ
2.250%,
06/15/32
8,512,210
Terawulf,
Inc.*
7,250,000
1.000%,
09/01/31
13,996,415
1,020,000
0.000%,
05/01/32
1,387,108
12,250,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
15,223,932
3,500,000
Western
Digital
Corp.
3.000%,
11/15/28
40,103,105
3,250,000
Workiva,
Inc.µ
1.250%,
08/15/28
3,026,562
336,567,469
Materials
(1.9%)
4,750,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
5,647,893
2,444,000
i-80
Gold
Corp.*
3.750%,
04/15/31
2,745,687
1,500,000
MP
Materials
Corp.*
3.000%,
03/01/30
4,772,295
13,165,875
Other
(1.1%)
6,000,000
CoreWeave,
Inc.*
1.750%,
12/01/31
7,811,580
Real
Estate
(3.6%)
3,987,000
Compass,
Inc.*µ
0.250%,
04/15/31
3,523,392
15,250,000
Digital
Realty
Trust
LP*
1.875%,
11/15/29
17,123,920
3,750,000
Realty
Income
Corp.*
3.500%,
01/15/29
3,899,887
24,547,199
Utilities
(3.6%)
15,250,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
16,181,775
3,750,000
CMS
Energy
Corp.^
3.375%,
05/01/28
4,197,675
PRINCIPAL
AMOUNT
a
a
VALUE
a
4,000,000
Ormat
Technologies,
Inc.
Series
A*
1.500%,
03/15/31
$
4,235,840
24,615,290
TOTAL
CONVERTIBLE
BONDS
(Cost
$578,574,650)
703,162,620
CORPORATE
BONDS
(11.9%)
Airlines
(0.1%)
176,348
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
176,366
216,460
American
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.950%,
01/11/32
206,338
183,621
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
177,740
JetBlue
Pass-Through
Trust
45,752
Series
2019,
Class
B,
8.000%,
05/15/29
45,096
208,063
Series
1B,
Class
B,
7.750%,
05/15/30
208,796
814,336
Communication
Services
(1.0%)
320,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
313,872
100,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
103,876
242,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
246,346
Clear
Channel
Outdoor
Holdings,
Inc.*
130,000
7.875%,
04/01/30
135,511
143,000
7.500%,
03/15/33
150,304
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
71,116
535,000
4.500%,
11/15/31
315,896
97,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
98,905
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
90,000
10.000%,
02/15/31
93,688
101,000
5.875%,
08/15/27
101,078
Discovery
Global
Holdings,
Inc.
130,000
5.050%,
03/15/42
93,356
65,000
4.279%,
03/15/32
58,899
130,000
EW
Scripps
Co.*
9.875%,
08/15/30
130,476
400,000
Frontier
California,
Inc.
Series
Fµ
6.750%,
05/15/27
407,272
65,000
Frontier
Communications
Holdings
LLC*µ
8.750%,
05/15/30
66,558
419,000
Frontier
Florida
LLC
Series
Eµ
6.860%,
02/01/28
433,263
85
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
400,000
Frontier
North,
Inc.
Series
Gµ
6.730%,
02/15/28
$
412,036
235,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
219,951
Gray
Media,
Inc.*
130,000
7.250%,
08/15/33
132,534
135,000
5.375%,
11/15/31
105,795
260,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
236,348
65,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
62,592
65,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
67,621
168,000
Lumen
Technologies,
Inc.
Series
P
7.600%,
09/15/39
160,905
130,000
Neptune
Bidco
U.S.,
Inc.*
9.290%,
04/15/29
131,543
260,000
Paramount
Global
4.900%,
08/15/44
171,135
130,000
PR
RNO
Property
Owner
1
LLC*††
6.500%,
05/01/31
128,927
Rogers
Communications,
Inc.‡
93,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
96,066
160,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
163,443
Scripps
Escrow
II,
Inc.*
68,000
5.375%,
01/15/31
52,759
136,000
3.875%,
01/15/29^
128,999
130,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
134,712
Sirius
XM
Radio
LLC*
130,000
5.875%,
04/15/32
128,011
325,000
3.875%,
09/01/31^
294,729
195,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
197,457
Time
Warner
Cable
LLC
105,000
7.300%,
07/01/38
109,894
135,000
6.550%,
05/01/37
135,801
103,000
T-Mobile
USA,
Inc.
6.700%,
12/15/33
112,965
265,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
260,503
130,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
132,057
6,597,199
Consumer
Discretionary
(2.6%)
400,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
414,120
Adient
Global
Holdings
Ltd.*
210,000
8.250%,
04/15/31
219,498
130,000
7.500%,
02/15/33^
133,111
Advance
Auto
Parts,
Inc.*
65,000
7.375%,
08/01/33
67,048
116,000
7.000%,
08/01/30
119,744
PRINCIPAL
AMOUNT
a
a
VALUE
a
160,000
American
Airlines
Pass-Through
Trust
Series
B††
5.750%,
11/10/36
$
160,163
195,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
190,800
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
130,000
6.875%,
08/01/33
128,111
228,000
4.625%,
08/01/29
218,388
Bath
&
Body
Works,
Inc.
70,000
7.500%,
06/15/29
71,134
130,000
6.875%,
11/01/35
128,352
180,000
6.625%,
10/01/30*
182,579
300,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
293,925
Caesars
Entertainment,
Inc.*
225,000
6.000%,
10/15/32^
201,818
168,000
4.625%,
10/15/29
162,261
Carnival
Corp.*
323,000
6.125%,
02/15/33^
328,000
134,000
4.000%,
08/01/28
131,020
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
260,000
7.000%,
02/01/33
256,623
158,000
5.125%,
05/01/27
158,082
270,000
4.750%,
03/01/30
256,192
130,000
4.750%,
02/01/32^
116,460
265,000
4.500%,
08/15/30
247,354
266,000
4.250%,
02/01/31
241,552
300,000
4.250%,
01/15/34^
251,691
260,000
Century
Communities,
Inc.*
6.625%,
09/15/33
259,028
Churchill
Downs,
Inc.*
132,000
6.750%,
05/01/31
135,103
130,000
5.750%,
04/01/30
129,854
195,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
199,489
325,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.375%,
04/15/34
324,851
140,000
Dana,
Inc.
4.500%,
02/15/32
132,285
DISH
DBS
Corp.
431,000
7.375%,
07/01/28
421,673
140,000
5.125%,
06/01/29
128,934
265,000
DISH
Network
Corp.*
11.750%,
11/15/27
273,514
400,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
391,676
240,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
239,023
275,000
Ford
Motor
Co.
6.100%,
08/19/32
280,305
Ford
Motor
Credit
Co.
LLC
340,000
7.200%,
06/10/30
359,676
425,000
4.000%,
11/13/30
399,334
86
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
135,000
General
Motors
Co.
5.200%,
04/01/45
$
118,222
goeasy
Ltd.*^
172,000
7.625%,
07/01/29
154,203
260,000
6.875%,
02/15/31
216,208
Goodyear
Tire
&
Rubber
Co.^
400,000
5.625%,
04/30/33
359,084
140,000
5.250%,
07/15/31
127,446
Group
1
Automotive,
Inc.*
155,000
6.375%,
01/15/30
157,488
114,000
4.000%,
08/15/28
111,066
170,870
Guitar
Center,
Inc.‡
12.000%,
08/19/32
51,261
133,000
Kohl's
Corp.
5.550%,
07/17/45
80,639
265,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
15,786
260,000
Life
Time,
Inc.*
6.000%,
11/15/31
263,864
240,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
238,591
260,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
267,270
130,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
129,423
175,000
M/I
Homes,
Inc.
3.950%,
02/15/30
166,379
Macy's
Retail
Holdings
LLC
175,000
6.700%,
07/15/34*
167,083
330,000
4.300%,
02/15/43
221,377
510,000
MGM
Resorts
International^
6.500%,
04/15/32
517,298
332,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
324,789
195,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
203,375
NCL
Corp.
Ltd.*
130,000
6.750%,
02/01/32
129,525
146,000
6.250%,
09/15/33^
141,404
130,000
5.875%,
01/15/31
126,629
Newell
Brands,
Inc.
130,000
8.500%,
06/01/28*
135,863
130,000
6.625%,
05/15/32^
126,277
130,000
6.375%,
05/15/30^
127,417
260,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
256,269
Patrick
Industries,
Inc.*
130,000
6.375%,
11/01/32
131,092
239,000
4.750%,
05/01/29
234,937
Penn
Entertainment,
Inc.*
260,000
6.750%,
04/01/31
257,860
155,000
4.125%,
07/01/29^
147,469
135,000
QVC,
Inc.@^
0.000%,
08/15/34
65,290
27,717
Rite
Aid
Corp.
0.000%,
08/30/34
—
PRINCIPAL
AMOUNT
a
a
VALUE
a
260,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
$
264,761
260,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
265,411
146,250
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
755
62,931
SGUS
LLC*@
0.000%,
12/15/29
10,974
240,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
231,888
265,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
261,494
207,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.^
5.250%,
07/15/29
199,345
260,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
264,646
153,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
149,778
185,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
184,382
195,000
Staples,
Inc.*
10.750%,
09/01/29
186,824
420,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
397,391
260,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
269,867
162,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
163,912
65,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
68,515
123,000
Voyager
Parent
LLC*
9.250%,
07/01/32
131,101
260,000
Whirlpool
Corp.^
6.500%,
06/15/33
249,168
130,000
William
Carter
Co.*
7.375%,
02/15/31
133,795
250,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
251,175
17,808,837
Consumer
Staples
(0.7%)
247,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
241,136
125,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
129,979
240,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*^
8.375%,
06/15/32
241,442
250,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
248,380
87
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Brink's
Co.*
130,000
6.750%,
06/15/32
$
133,444
130,000
6.500%,
06/15/29
133,039
305,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
287,136
260,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
261,425
304,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
290,636
Energizer
Holdings,
Inc.*
130,000
6.000%,
09/15/33^
124,361
305,000
4.375%,
03/31/29
293,678
130,000
Industrial
F&B
Investments
III,
Inc.*
7.750%,
02/11/33
131,489
260,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*
7.125%,
04/30/33
263,149
MPH
Acquisition
Holdings
LLC*
233,394
6.750%,
03/31/31
158,047
109,200
5.750%,
12/31/30
90,744
177,000
New
Albertsons
LP
7.750%,
06/15/26
177,574
260,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
254,722
Post
Holdings,
Inc.*
227,000
6.375%,
03/01/33
227,139
260,000
6.250%,
02/15/32
265,637
252,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
232,921
365,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
376,691
185,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
185,233
195,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
192,993
4,940,995
Energy
(1.7%)
195,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
196,308
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
260,000
6.625%,
10/15/32
267,192
200,000
6.625%,
07/15/33
205,790
Buckeye
Partners
LP
98,000
6.875%,
07/01/29*
101,230
197,000
6.750%,
02/01/30*
203,806
135,000
5.850%,
11/15/43
123,722
260,000
CNX
Resources
Corp.*
5.875%,
03/01/34
258,060
300,000
Continental
Resources,
Inc.
4.900%,
06/01/44
240,399
195,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
199,546
Enbridge,
Inc.^‡
195,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
206,419
PRINCIPAL
AMOUNT
a
a
VALUE
a
130,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
$
139,152
Energy
Transfer
LP‡
130,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
133,680
250,000
6.943%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
249,225
197,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
197,881
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
196,000
8.875%,
04/15/30
205,518
130,000
8.000%,
05/15/33
137,019
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
65,000
6.875%,
05/15/34
65,393
65,000
6.250%,
04/15/32
64,624
260,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
271,362
325,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
330,980
130,000
Kodiak
Gas
Services
LLC*
5.875%,
04/01/31
131,048
260,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
269,214
263,000
Matador
Resources
Co.*
6.500%,
04/15/32
268,647
345,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
360,594
275,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
276,081
130,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
129,540
270,000
Plains
All
American
Pipeline
LP
Series
B‡
8.024%,
05/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
270,135
260,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
271,344
357,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
373,536
Sunoco
LP*
195,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
202,172
390,000
6.625%,
08/15/32
398,810
260,000
6.250%,
07/01/33
265,720
260,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
265,806
255,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
251,807
TransCanada
PipeLines
Ltd.‡
65,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
65,519
88
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
130,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
$
130,677
Transocean
International
Ltd.*
225,000
8.500%,
05/15/31^
238,259
195,000
7.875%,
10/15/32
209,110
Venture
Global
LNG,
Inc.*
135,000
9.875%,
02/01/32
144,946
135,000
9.500%,
02/01/29
147,412
467,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
461,924
330,000
8.375%,
06/01/31
344,002
200,000
8.125%,
06/01/28
204,726
137,000
7.000%,
01/15/30^
141,100
Venture
Global
Plaquemines
LNG
LLC*
260,000
6.500%,
01/15/34
272,535
190,000
6.500%,
06/15/34
198,455
65,000
6.125%,
12/15/30
67,081
275,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
274,359
385,000
WBI
Operating
LLC*
6.500%,
10/15/33
389,535
260,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
269,844
357,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
367,828
11,459,072
Financials
(2.0%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
222,000
8.250%,
02/01/29
222,853
200,000
6.750%,
07/01/32
197,298
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
250,000
6.950%,
03/10/55^
,
5
yr.
CMT
+
2.720%
259,268
150,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
152,774
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
395,000
7.375%,
10/01/32
388,554
260,000
6.500%,
10/01/31
262,480
Ally
Financial,
Inc.‡
260,000
Series
D,
7.100%,
08/15/31††
,
5
yr.
CMT
+
3.148%
259,917
367,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
366,497
125,000
Series
C,
4.700%,
05/15/28^
,
7
yr.
CMT
+
3.481%
120,145
268,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
259,376
130,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
127,179
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
245,000
8.375%,
02/01/34
242,050
207,000
8.000%,
12/31/32
216,576
PRINCIPAL
AMOUNT
a
a
VALUE
a
260,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
$
266,295
380,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
385,069
260,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
276,117
Brandywine
Operating
Partnership
LP
130,000
8.875%,
04/12/29
136,249
257,000
6.125%,
01/15/31^
239,372
320,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
335,526
463,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
456,143
205,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
200,744
275,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
226,025
240,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
244,037
255,000
Corebridge
Financial,
Inc.‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
253,784
Credit
Acceptance
Corp.*
180,000
9.250%,
12/15/28
188,021
246,000
6.625%,
03/15/30
245,328
260,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
255,814
265,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
279,029
130,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
135,283
First
Citizens
BancShares,
Inc.‡
65,000
Series
B,
7.908%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
65,466
190,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
191,153
130,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
131,044
HUB
International
Ltd.*
195,000
7.375%,
01/31/32
200,000
198,000
5.625%,
12/01/29
196,099
130,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
130,215
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
240,000
6.625%,
10/15/31
234,118
89
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
260,000
5.000%,
08/15/28
$
249,384
292,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
303,338
65,000
MetLife,
Inc.^‡
5.850%,
03/15/56
,
5
yr.
CMT
+
1.817%
64,161
130,000
Newmark
Group,
Inc.
7.500%,
01/12/29
136,976
OneMain
Finance
Corp.
130,000
6.750%,
03/15/32
130,131
260,000
6.750%,
09/15/33
256,243
260,000
6.500%,
03/15/33
254,873
128,000
Osaic
Holdings,
Inc.*
8.000%,
08/01/33
130,491
255,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
260,722
325,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
338,419
Reinsurance
Group
of
America,
Inc.‡
130,000
6.650%,
09/15/55^
,
5
yr.
CMT
+
2.392%
132,350
130,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
127,401
Rocket
Cos.,
Inc.*
195,000
6.375%,
08/01/33
198,101
129,000
6.125%,
08/01/30
131,101
251,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
233,247
260,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
262,831
64,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
66,304
325,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
342,505
460,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
469,747
310,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
295,842
130,000
UWM
Holdings
LLC*
6.250%,
03/15/31
120,855
130,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
136,522
240,000
Wells
Fargo
&
Co.
Series
GG^‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
240,970
260,000
XHR
LP*
6.625%,
05/15/30
266,484
13,494,896
Health
Care
(0.6%)
387,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
396,423
PRINCIPAL
AMOUNT
a
a
VALUE
a
CHS/Community
Health
Systems,
Inc.*
157,000
10.875%,
01/15/32
$
168,828
146,000
6.875%,
04/15/29
143,698
533,000
6.125%,
04/01/30^
474,189
33,000
5.250%,
05/15/30
31,189
DaVita,
Inc.*
255,000
6.875%,
09/01/32^
263,499
291,000
4.625%,
06/01/30
281,944
313,000
3.750%,
02/15/31
290,642
Embecta
Corp.*
67,000
6.750%,
02/15/30
63,529
195,000
5.000%,
02/15/30^
183,433
Encompass
Health
Corp.
130,000
4.750%,
02/01/30
128,032
130,000
4.500%,
02/01/28
129,112
146,000
IQVIA,
Inc.*
6.250%,
06/01/32
149,127
401,000
Medline
Borrower
LP*
5.250%,
10/01/29
399,272
490,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
487,236
Tenet
Healthcare
Corp.
375,000
6.875%,
11/15/31
399,578
195,000
5.500%,
11/15/32*
194,901
335,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
336,112
4,520,744
Industrials
(1.0%)
293,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
301,049
300,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
268,194
Arcosa,
Inc.*
130,000
6.875%,
08/15/32
135,170
146,000
4.375%,
04/15/29
142,454
Bombardier,
Inc.*
130,000
8.750%,
11/15/30
138,228
81,000
7.250%,
07/01/31
85,282
95,000
7.000%,
06/01/32
99,283
65,000
6.750%,
06/15/33
67,900
261,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
254,143
405,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
409,070
65,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
65,443
56,667
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
56,734
Deluxe
Corp.*
130,000
8.125%,
09/15/29
135,827
350,000
8.000%,
06/01/29
354,252
EnerSys*
135,000
6.625%,
01/15/32
138,926
145,000
4.375%,
12/15/27
143,534
90
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
EquipmentShare.com,
Inc.*
160,000
8.625%,
05/15/32
$
169,758
97,000
8.000%,
03/15/33^
101,792
Graphic
Packaging
International
LLC*
175,000
4.750%,
07/15/27
173,871
125,000
3.500%,
03/01/29
118,534
Herc
Holdings,
Inc.*
130,000
7.250%,
06/15/33
136,179
130,000
7.000%,
06/15/30
135,356
130,000
6.625%,
06/15/29
133,320
195,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
98,881
445,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
440,452
272,000
Novelis
Corp.*
4.750%,
01/30/30
260,843
260,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
264,139
247,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
229,989
Standard
Building
Solutions,
Inc.*
60,000
6.500%,
08/15/32
60,690
195,000
6.250%,
08/01/33
195,080
260,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
272,394
TransDigm,
Inc.*
100,000
7.125%,
12/01/31
103,804
285,000
6.875%,
12/15/30
293,997
200,000
6.750%,
08/15/28
202,886
65,000
6.625%,
03/01/32
66,849
59,116
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
57,774
195,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
198,783
Williams
Scotsman,
Inc.*
100,000
6.625%,
06/15/29
102,712
157,000
4.625%,
08/15/28
155,378
6,768,950
Information
Technology
(0.7%)
Block,
Inc.*
65,000
6.000%,
08/15/33
65,017
130,000
5.625%,
08/15/30
130,192
195,000
CACI
International,
Inc.*
6.375%,
06/15/33
199,678
195,000
Cloud
Software
Group,
Inc.*
6.625%,
08/15/33
175,071
153,000
Coherent
Corp.*
5.000%,
12/15/29
151,481
Fair
Isaac
Corp.*
97,000
6.000%,
05/15/33
95,764
138,000
4.000%,
06/15/28
134,870
300,000
KBR,
Inc.*
4.750%,
09/30/28
295,374
65,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
67,601
PRINCIPAL
AMOUNT
a
a
VALUE
a
198,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
$
193,016
135,000
Open
Text
Corp.*
6.900%,
12/01/27
138,132
Open
Text
Holdings,
Inc.*
65,000
4.125%,
02/15/30
58,605
163,000
4.125%,
12/01/31^
139,323
370,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
358,771
Twilio,
Inc.^
66,000
3.875%,
03/15/31
61,800
185,000
3.625%,
03/15/29
177,924
307,000
UKG,
Inc.*
6.875%,
02/01/31
298,941
390,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
371,674
1,178,123
Wolfspeed,
Inc.
7.000%,
06/15/31
963,151
260,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
265,164
235,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
191,175
4,532,724
Materials
(0.8%)
260,000
Avient
Corp.*
6.250%,
11/01/31
263,856
260,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
264,797
230,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
244,104
260,000
Century
Aluminum
Co.*
6.875%,
08/01/32
269,532
Chemours
Co.*
220,000
8.000%,
01/15/33
227,183
129,000
7.875%,
03/15/34
132,053
485,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
427,576
260,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
268,741
250,000
Constellium
SE*
6.375%,
08/15/32
256,427
426,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
282,493
260,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
270,678
325,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
325,939
265,000
Knife
River
Corp.*
7.750%,
05/01/31
275,648
Mercer
International,
Inc.
117,000
12.875%,
10/01/28*
58,912
279,000
5.125%,
02/01/29
113,603
260,000
Olin
Corp.*
6.625%,
04/01/33
258,149
91
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
260,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
$
266,128
305,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
300,111
260,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
258,627
260,000
Terex
Corp.*
6.250%,
10/15/32
264,272
114,369
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
2,843
WR
Grace
Holdings
LLC*
65,000
7.000%,
08/01/33
64,959
255,000
6.625%,
08/15/32
253,325
5,349,956
Other
(0.4%)
355,000
1261229
BC
Ltd.*
10.000%,
04/15/32
366,985
260,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
267,348
105,184
Claritev
Corp.
Series
B*
6.750%,
03/31/31
68,931
EchoStar
Corp.
647,000
10.750%,
11/30/29
702,228
271,019
6.750%,
11/30/30
275,374
140,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
140,854
130,000
Graham
Holdings
Co.*
5.625%,
12/01/33
128,791
240,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
255,031
335,000
Rfna
LP*
7.875%,
02/15/30
332,029
260,000
SM
Energy
Co.*^
7.000%,
08/01/32
267,030
130,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
136,772
2,941,373
Real
Estate
(0.1%)
130,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
130,702
170,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
165,983
203,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
198,406
495,091
Special
Purpose
Acquisition
Companies
(0.0%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
210,000
6.750%,
01/15/30^
203,415
131,000
4.625%,
01/15/29
127,603
331,018
PRINCIPAL
AMOUNT
a
a
VALUE
a
Utilities
(0.2%)
135,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
$
137,741
130,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
132,852
190,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
198,394
130,000
Emera
U.S.
Finance
LLC
Series
A‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
130,467
200,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
206,076
200,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
203,452
130,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
129,472
191,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
197,759
97,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.627%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
95,615
Vistra
Corp.*‡
65,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
65,631
125,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
125,574
65,000
Xcel
Energy,
Inc.‡
5.750%,
12/03/56
,
5
yr.
CMT
+
2.168%
64,321
1,687,354
TOTAL
CORPORATE
BONDS
(Cost
$86,425,093)
81,742,545
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(0.5%)
Communication
Services
(0.0%)
4,890
Audacy,
Inc.#
14,670
1,888
Cumulus
Media,
Inc.
-
Class
A#
6
5,620
Optimum
Communications,
Inc.
-
Class
A#µ
8,879
23,555
Consumer
Discretionary
(0.0%)
408
Rite
Aid
Corp.#
408
Energy
(0.1%)
1,100
Cheniere
Energy
Partners
LP
73,722
15,585
Energy
Transfer
LP
314,661
7,135
Enterprise
Products
Partners
LP
276,125
92
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
1,881
EP
Energy
Corp.#
$
1,881
666,389
Industrials
(0.0%)
3,114
Ardagh
Holdings
SA#
22,294
Information
Technology
(0.4%)
97,515
Wolfspeed,
Inc.#^~
2,879,618
TOTAL
COMMON
STOCKS
(Cost
$8,552,800)
3,592,264
CONVERTIBLE
PREFERRED
STOCKS
(20.5%)
Financials
(3.2%)
72,795
Apollo
Global
Management,
Inc.
6.750%,
07/31/26
4,784,815
103,670
ARES
Management
Corp.
6.750%,
10/01/27
4,068,011
7,055
Bank
of
America
Corp.‡‡
7.250%
8,626,643
98,005
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
4,349,462
21,828,931
Industrials
(4.6%)
329,445
Boeing
Co.^
6.000%,
10/15/27
23,785,929
68,335
QXO,
Inc.
5.500%,
05/15/28
3,866,394
80,000
VSE
Corp.#
5.750%,
02/01/29
3,697,600
31,349,923
Information
Technology
(4.7%)
63,145
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
4,838,170
127,910
Microchip
Technology,
Inc.
7.500%,
03/15/28
10,062,680
355,035
Oracle
Corp.#
6.500%,
01/15/29
17,279,553
32,180,403
Materials
(1.3%)
114,980
Albemarle
Corp.~
7.250%,
03/01/27
8,961,541
Utilities
(6.7%)
NextEra
Energy,
Inc.^
155,130
7.234%,
11/01/27
8,356,853
73,485
7.299%,
06/01/27
4,338,554
80,000
7.375%,
02/15/29#
4,201,600
324,045
PPL
Corp.#^
7.000%,
02/15/29
16,344,830
NUMBER
OF
SHARES
b
b
VALUE
b
240,000
Southern
Co.#^
7.125%,
12/15/28
$
12,487,200
45,729,037
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$135,935,753)
140,049,835
PREFERRED
STOCKS
(0.1%)
Communication
Services
(0.1%)
11,320
Qwest
Corp.
6.500%,
09/01/56
207,722
2,091
Telephone
&
Data
Systems,
Inc.
6.625%,
05/29/26
44,810
T-Mobile
USA,
Inc.#µ
1,789
5.500%,
03/01/70
39,716
204
5.500%,
06/01/70
4,527
2,160
6.250%,
09/01/69
53,892
350,667
TOTAL
PREFERRED
STOCKS
(Cost
$331,341)
350,667
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
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
(0.6%)#
Consumer
Discretionary
(0.3%)
400
10,602,400
Amazon.com,
Inc.
Call,
01/15/27,
Strike
$240.00
1,918,000
Information
Technology
(0.0%)
60
2,446,680
Microsoft
Corp.
Call,
05/15/26,
Strike
$540.00
630
93
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Other
(0.3%)
1,200
86,239,200
SPDR
®
S&P
500
®
ETF
Trust
Put,
07/17/26,
Strike
$715.00
$
2,033,400
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$3,646,726)
3,952,030
TOTAL
INVESTMENTS
(138.5%)
(Cost
$829,105,557)
948,179,782
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-13.4%)
(
91,750,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-25.1%)
(
172,042,913
)
NET
ASSETS
(100.0%)
$
684,386,869
EXCHANGE-TRADED
WRITTEN
OPTION (-0.1%)#
Other
(-0.1%)
(1,200)
(86,239,200)
SPDR
®
S&P
500
®
ETF
Trust
Put,
07/17/26,
Strike
$640.00
(Premium
$577,049)
$
(
558,000
)
*
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.
!
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
April
30,
2026.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$265,685,953.
^
Security,
or
portion
of
security,
is
on
loan.
@
In
default
status
and
considered
non-income
producing.
~
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
$10,450,762.
††
When-issued
security.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
FOREIGN
CURRENCY
ABBREVIATION
JPY
Japanese
Yen
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
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.
94
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
1):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
212,475
$
—
$
212,475
Bank
Loans
71
—
15,117,343
—
15,117,343
Convertible
Bonds
90
—
703,162,620
—
703,162,620
Corporate
Bonds
401
—
81,742,545
—
81,742,545
Common
Stocks
10
3,569,970
22,294
—
3,592,264
Convertible
Preferred
Stocks
16
140,049,835
—
—
140,049,835
Preferred
Stocks
5
350,667
—
—
350,667
Warrants
4
3
—
—
3
Exchange-Traded
Purchased
Options
3
3,952,030
—
—
3,952,030
Total
$
147,922,505
$
800,257,277
$
—
$
948,179,782
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
558,000
$
—
$
—
$
558,000
Total
$
558,000
$
—
$
—
$
558,000
SECTOR
WEIGHTINGS
Information
Technology
39
.0
%
Industrials
10
.7
Communication
Services
8
.5
Utilities
7
.4
Financials
7
.2
Health
Care
6
.5
Consumer
Discretionary
6
.1
Energy
3
.5
Materials
2
.9
Real
Estate
2
.6
Consumer
Staples
2
.0
Other
1
.4
Airlines
0
.1
Special
Purpose
Acquisition
Companies
0
.1
Sector
weightings
are
based
on
total
investments
and
may
vary
over
time.
Sector
Weightings
exclude
any
government/
sovereign
bonds
or
options
on
broad
market
indexes
the
Fund
may
hold.
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
95
www.calamos.com
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
$164,572)
$
168,004
BANK
LOANS
(2.1%)i
Communication
Services
(0.3%)
285,000
Altice
France
SA!
2025
USD
Term
Loan
B14,
0.000%,
05/31/31
290,855
162,222
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.548%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
165,555
83,426
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.767%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
66,324
7,304
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.767%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
7,258
98,496
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.902%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
98,602
108,011
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.767%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
108,563
74,492
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.175%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
74,800
238,929
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.542%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
233,434
210,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.902%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
210,974
126,503
TripAdvisor,
Inc.‡
Term
Loan,
6.402%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
118,849
70,000
Versant
Media
Group,
Inc.!
Term
Loan
B,
0.000%,
01/30/31
70,228
220,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.200%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
220,715
95,000
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
95,405
PRINCIPAL
AMOUNT
a
a
VALUE
a
29,923
ViaSat,
Inc.‡
2023
Term
Loan,
8.267%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
$
30,050
210,000
Virgin
Media
Bristol
LLC!
2020
USD
Term
Loan
Q,
0.000%,
01/31/29
206,151
1,997,763
Consumer
Discretionary
(0.4%)
207,900
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
7.012%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
208,160
214,463
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.950%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
215,736
109,725
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.924%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
110,497
123,061
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.902%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
119,728
138,250
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.663%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
104,033
164,175
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.402%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
165,168
207,383
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.657%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
208,258
148,273
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.152%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
149,293
210,000
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.652%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
211,116
205,800
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.652%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
206,567
123,362
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.404%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
123,863
209,475
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.950%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
209,805
96
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.442%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
$
205,045
219,837
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.402%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
219,507
2,456,776
Consumer
Staples
(0.4%)
391,733
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.652%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
393,936
109,175
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.152%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
108,583
152,675
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.152%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
147,857
238,987
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.402%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
240,668
640,686
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.902%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
625,149
19,507
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.413%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
19,529
213,925
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.700%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
215,040
337,710
Star
Parent,
Inc.‡
Term
Loan
B,
7.700%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
338,239
208,428
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.663%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
208,998
100,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.902%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
100,953
106,976
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.402%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
107,752
2,506,704
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(0.1%)
301,469
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.933%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
$
302,646
Financials
(0.2%)
162,132
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.152%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
161,221
132,768
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.152%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
132,086
271,563
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.450%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
260,428
156,400
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.652%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
156,694
148,891
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.902%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
149,750
125,000
Jupiter
Borrower,
Inc.!
Term
Loan
B,
0.000%,
03/25/33
125,625
40,000
Lockton,
Inc.!
Term
Loan
B,
0.000%,
04/22/33
40,150
210,000
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.200%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
210,257
1,236,211
Health
Care
(0.0%)
232,582
Padagis
LLC‡
Term
Loan
B,
8.689%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
220,372
Industrials
(0.3%)
206,863
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.211%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
168,419
208,950
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.688%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
210,866
213,662
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.402%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
213,693
97
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
141,284
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.200%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
$
141,697
291,656
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
5.950%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
292,392
206,341
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.402%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
203,305
212,850
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.902%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
213,269
417,047
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.152%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
418,139
105,000
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.152%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
105,292
1,967,072
Information
Technology
(0.2%)
287,935
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.673%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
267,359
215,543
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.402%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
202,946
82,929
Coherent
Corp.‡
2025
Term
Loan
B2,
5.402%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
83,240
207,000
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
207,311
261,940
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.402%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
250,459
153,851
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.652%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
154,043
1,165,358
Materials
(0.1%)
104,738
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.152%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
104,685
228,387
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.902%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
213,256
PRINCIPAL
AMOUNT
a
a
VALUE
a
155,745
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.434%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
$
22,237
340,178
Other
(0.1%)
333,743
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.152%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
335,264
Special
Purpose
Acquisition
Companies
(0.0%)
55,000
Sword
Purchaser
LLC!
USD
Term
Loan
B,
0.000%,
04/11/33
53,488
100,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.652%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
97,250
150,738
TOTAL
BANK
LOANS
(Cost
$12,932,774)
12,679,082
CONVERTIBLE
BONDS
(22.3%)
Communication
Services
(0.4%)
AST
SpaceMobile,
Inc.*µ
924,000
2.375%,
10/15/32
1,289,396
1,172,000
2.000%,
01/15/36
1,186,380
2,475,776
Consumer
Discretionary
(1.0%)
1,600,000
EUR
Deutsche
Lufthansa
AG*~
0.000%,
09/10/32
1,886,459
251,000
Farfetch
Ltd.@
0.000%,
05/01/27
2,189
3,810,000
NCL
Corp.
Ltd.µ
0.875%,
04/15/30
4,023,131
5,911,779
Consumer
Staples
(0.4%)
2,000,000
Revolution
Medicines,
Inc.µ
0.500%,
05/01/33
2,214,780
Energy
(1.3%)
3,470,000
Liberty
Energy,
Inc.*
0.000%,
03/01/31
4,194,814
1,200,000
EUR
Saipem
SpA*
2.875%,
09/11/29
3,808,160
275,000
Sunedison,
Inc.@
0.000%,
10/01/18
1,100
2,261,000
SunEdison,
Inc.*@
0.000%,
01/15/20
9,044
8,013,118
98
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Financials
(3.2%)
2,230,000
Dave,
Inc.*
0.000%,
04/01/31
$
2,765,111
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)*§
3,000,000
0.000%,
01/29/29
4,206,990
1,100,000
Series
700H,
0.000%,
03/07/30~
1,095,534
40,000,000
HKD
Happy
Ever
Holdings
Ltd.*
0.500%,
07/16/30
5,255,180
10,000,000
HKD
Huatai
Securities
Co.
Ltd.*
0.000%,
02/08/27
1,269,454
4,141,000
Realty
Income
Corp.*µ
3.500%,
01/15/29
4,306,516
18,898,785
Health
Care
(2.4%)
3,231,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
3,193,230
824,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
982,332
2,280,000
Guardant
Health,
Inc.*
0.000%,
05/15/33
2,383,147
2,224,000
Ionis
Pharmaceuticals,
Inc.*µ
0.000%,
12/01/30
2,318,253
3,932,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
5,284,490
14,161,452
Industrials
(4.4%)
1,550,000
Astronics
Corp.*
0.000%,
01/15/31
2,289,087
1,800,000
Avnet,
Inc.*µ
1.750%,
09/01/30
2,357,262
4,891,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
8,514,595
4,461,000
BWX
Technologies,
Inc.*µ
0.000%,
11/01/30
4,844,289
1,400,000
EUR
Exail
Technologies
SA*
4.000%,
10/01/30
,
5
yr.
EUR
Swap
+
13.000%
2,257,698
1,920,000
OSI
Systems,
Inc.*^
0.500%,
02/01/31
2,049,254
20,000,000
CNY
Zoomlion
Heavy
Industry
Science
&
Technology
Co.
Ltd.*
0.700%,
02/05/31
2,948,439
1,200,000
ZTO
Express
Cayman,
Inc.*
0.925%,
03/01/31
1,233,504
26,494,128
Information
Technology
(4.5%)
420,000,000
JPY
Advantest
Corp.*~
0.000%,
03/28/31
3,190,879
2,200,000
EUR
AIXTRON
SE*
0.000%,
04/23/31
3,180,595
1,834,000
Lumentum
Holdings,
Inc.*µ
0.375%,
03/15/32
8,940,805
2,100,000
Nebius
Group
NV*
1.250%,
03/15/31
2,334,948
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,070,000
ON
Semiconductor
Corp.µ
0.500%,
03/01/29
$
2,520,742
2,000,000
STMicroelectronics
NV
Series
B*
0.000%,
08/04/27
2,555,140
3,526,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
4,382,007
27,105,116
Materials
(1.2%)
214,000
Amyris,
Inc.@
0.000%,
11/15/26
916
1,644,000
First
Majestic
Silver
Corp.*µ
0.125%,
01/15/31
2,011,237
3,400,000
Jinkai
Investment
Holdings
Ltd.*~
0.000%,
02/05/31
3,187,330
1,800,000
KCC
Corp.*
1.750%,
07/10/30
2,203,092
7,402,575
Utilities
(3.5%)
4,348,000
CenterPoint
Energy,
Inc.*µ
3.000%,
08/01/28
4,613,663
4,300,000
Duke
Energy
Corp.*µ
3.000%,
03/15/29
4,311,997
1,850,000
Exelon
Corp.*
3.250%,
03/15/29
1,874,457
7,700,000
EUR
Iberdrola
Finanzas
SA
Series
IBE*
1.500%,
03/27/30
10,498,673
21,298,790
TOTAL
CONVERTIBLE
BONDS
(Cost
$116,012,868)
133,976,299
CORPORATE
BONDS
(10.9%)
Airlines
(0.1%)
147,905
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
147,919
176,045
American
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.950%,
01/11/32
167,813
150,509
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
145,688
170,277
JetBlue
Pass-Through
Trust
Series
1B,
Class
B
7.750%,
05/15/30
170,877
632,297
Communication
Services
(1.0%)
260,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
255,021
80,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
83,101
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
210,000
7.000%,
02/01/33
207,272
99
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
250,000
4.250%,
01/15/34^
$
209,743
195,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
198,502
Clear
Channel
Outdoor
Holdings,
Inc.*
105,000
7.875%,
04/01/30
109,451
115,000
7.500%,
03/15/33
120,874
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
71,116
335,000
4.500%,
11/15/31
197,804
79,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
80,552
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
75,000
10.000%,
02/15/31
78,074
83,000
5.875%,
08/15/27
83,064
Discovery
Global
Holdings,
Inc.
110,000
5.050%,
03/15/42
78,993
55,000
4.279%,
03/15/32
49,838
105,000
EW
Scripps
Co.*
9.875%,
08/15/30
105,384
325,000
Frontier
California,
Inc.
Series
Fµ
6.750%,
05/15/27
330,909
54,000
Frontier
Communications
Holdings
LLC*µ
8.750%,
05/15/30
55,294
352,000
Frontier
Florida
LLC
Series
Eµ
6.860%,
02/01/28
363,982
555,000
Frontier
North,
Inc.
Series
Gµ
6.730%,
02/15/28
571,700
195,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
182,512
Gray
Media,
Inc.*
105,000
7.250%,
08/15/33
107,046
110,000
5.375%,
11/15/31
86,204
215,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
195,441
55,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
52,962
52,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
54,097
135,000
Lumen
Technologies,
Inc.
Series
P
7.600%,
09/15/39
129,299
105,000
Neptune
Bidco
U.S.,
Inc.*
9.290%,
04/15/29
106,246
205,000
Paramount
Global
4.900%,
08/15/44
134,933
105,000
PR
RNO
Property
Owner
1
LLC*††
6.500%,
05/01/31
104,134
Rogers
Communications,
Inc.‡
77,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
79,539
135,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
137,905
Scripps
Escrow
II,
Inc.*
56,000
5.375%,
01/15/31
43,449
111,000
3.875%,
01/15/29^
105,286
PRINCIPAL
AMOUNT
a
a
VALUE
a
105,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
$
108,806
Sirius
XM
Radio
LLC*
110,000
5.875%,
04/15/32
108,317
264,000
3.875%,
09/01/31^
239,411
165,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
167,079
Time
Warner
Cable
LLC
85,000
7.300%,
07/01/38
88,962
105,000
6.550%,
05/01/37
105,623
75,000
T-Mobile
USA,
Inc.
6.700%,
12/15/33
82,256
215,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
211,351
105,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
106,661
5,988,193
Consumer
Discretionary
(2.3%)
310,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
320,943
Adient
Global
Holdings
Ltd.*
175,000
8.250%,
04/15/31
182,915
105,000
7.500%,
02/15/33^
107,513
Advance
Auto
Parts,
Inc.*
52,000
7.375%,
08/01/33
53,638
93,000
7.000%,
08/01/30
96,002
130,000
American
Airlines
Pass-Through
Trust
Series
B††
5.750%,
11/10/36
130,133
160,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
156,554
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
105,000
6.875%,
08/01/33
103,474
190,000
4.625%,
08/01/29
181,990
Bath
&
Body
Works,
Inc.
57,000
7.500%,
06/15/29
57,923
110,000
6.875%,
11/01/35
108,605
145,000
6.625%,
10/01/30*
147,078
250,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
244,937
Caesars
Entertainment,
Inc.*^
182,000
6.000%,
10/15/32
163,249
136,000
4.625%,
10/15/29
131,354
Carnival
Corp.*µ
266,000
6.125%,
02/15/33^
270,118
105,000
4.000%,
08/01/28
102,665
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
131,000
5.125%,
05/01/27
131,068
215,000
4.750%,
03/01/30
204,005
108,000
4.750%,
02/01/32
96,752
125,000
4.500%,
08/15/30
116,676
215,000
4.250%,
02/01/31
195,239
100
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Century
Communities,
Inc.*
6.625%,
09/15/33
$
209,215
Churchill
Downs,
Inc.*
105,000
6.750%,
05/01/31
107,469
108,000
5.750%,
04/01/30
107,879
157,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
160,614
265,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.375%,
04/15/34
264,878
117,000
Dana,
Inc.
4.500%,
02/15/32
110,552
DISH
DBS
Corp.
370,000
7.375%,
07/01/28
361,993
102,000
5.125%,
06/01/29
93,938
220,000
DISH
Network
Corp.*
11.750%,
11/15/27
227,069
200,000
Empire
Resorts,
Inc.*
7.750%,
11/01/26
195,838
200,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
199,186
220,000
Ford
Motor
Co.
6.100%,
08/19/32
224,244
Ford
Motor
Credit
Co.
LLC
275,000
7.200%,
06/10/30
290,914
350,000
4.000%,
11/13/30
328,863
110,000
General
Motors
Co.
5.200%,
04/01/45
96,329
goeasy
Ltd.*^
133,000
7.625%,
07/01/29
119,238
210,000
6.875%,
02/15/31
174,630
Goodyear
Tire
&
Rubber
Co.^
315,000
5.625%,
04/30/33
282,779
110,000
5.250%,
07/15/31
100,136
Group
1
Automotive,
Inc.*
125,000
6.375%,
01/15/30
127,006
93,000
4.000%,
08/15/28
90,606
158,467
Guitar
Center,
Inc.‡
12.000%,
08/19/32
47,540
36,834
JetBlue
Pass-Through
Trust
Series
2019,
Class
B
8.000%,
05/15/29
36,306
103,000
Kohl's
Corp.
5.550%,
07/17/45
62,450
220,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
13,105
210,000
Life
Time,
Inc.*
6.000%,
11/15/31
213,121
202,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
200,814
210,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
215,872
110,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
109,512
140,000
M/I
Homes,
Inc.
3.950%,
02/15/30
133,104
Macy's
Retail
Holdings
LLC
156,000
6.700%,
07/15/34*
148,943
PRINCIPAL
AMOUNT
a
a
VALUE
a
265,000
4.300%,
02/15/43
$
177,773
410,000
MGM
Resorts
International^
6.500%,
04/15/32
415,867
287,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
280,766
NCL
Corp.
Ltd.*
105,000
6.750%,
02/01/32
104,617
118,000
6.250%,
09/15/33^
114,285
110,000
5.875%,
01/15/31
107,148
Newell
Brands,
Inc.
105,000
8.500%,
06/01/28*
109,736
105,000
6.625%,
05/15/32^
101,993
105,000
6.375%,
05/15/30^
102,914
210,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
206,986
Patrick
Industries,
Inc.*
105,000
6.375%,
11/01/32
105,882
192,000
4.750%,
05/01/29
188,736
Penn
Entertainment,
Inc.*
210,000
6.750%,
04/01/31
208,272
130,000
4.125%,
07/01/29^
123,683
110,000
QVC,
Inc.@
0.000%,
08/15/34
53,199
23,472
Rite
Aid
Corp.
0.000%,
08/30/34
—
210,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
213,845
210,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
214,370
120,000
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
619
51,636
SGUS
LLC*@
0.000%,
12/15/29
9,004
210,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
202,902
215,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
212,156
137,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.^
5.250%,
07/15/29
131,934
210,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
213,753
121,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
118,452
125,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
124,582
155,000
Staples,
Inc.*
10.750%,
09/01/29
148,501
350,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
331,159
101
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
$
217,969
131,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
132,546
55,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
57,974
99,000
Voyager
Parent
LLC*
9.250%,
07/01/32
105,520
210,000
Whirlpool
Corp.^
6.500%,
06/15/33
201,251
110,000
William
Carter
Co.*
7.375%,
02/15/31
113,211
220,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
221,034
13,729,613
Consumer
Staples
(0.7%)
206,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
201,110
110,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
114,381
200,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*^
8.375%,
06/15/32
201,202
210,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
208,639
Brink's
Co.*
105,000
6.750%,
06/15/32
107,781
100,000
6.500%,
06/15/29
102,338
251,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
236,299
215,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
216,178
245,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
234,230
Energizer
Holdings,
Inc.*
105,000
6.000%,
09/15/33^
100,445
252,000
4.375%,
03/31/29
242,646
105,000
Industrial
F&B
Investments
III,
Inc.*
7.750%,
02/11/33
106,202
210,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*
7.125%,
04/30/33
212,543
MPH
Acquisition
Holdings
LLC*
190,606
6.750%,
03/31/31
129,073
91,224
5.750%,
12/31/30
75,806
174,000
New
Albertsons
LP
7.750%,
06/15/26
174,564
210,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
205,737
Post
Holdings,
Inc.*
184,000
6.375%,
03/01/33
184,112
210,000
6.250%,
02/15/32
214,553
209,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
193,177
305,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
314,769
PRINCIPAL
AMOUNT
a
a
VALUE
a
150,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
$
150,189
157,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
155,385
4,081,359
Energy
(1.6%)
158,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
159,060
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
210,000
6.625%,
10/15/32
215,809
169,000
6.625%,
07/15/33
173,893
Buckeye
Partners
LP
79,000
6.875%,
07/01/29*
81,604
157,000
6.750%,
02/01/30*
162,424
135,000
5.850%,
11/15/43
123,722
210,000
CNX
Resources
Corp.*
5.875%,
03/01/34
208,433
250,000
Continental
Resources,
Inc.
4.900%,
06/01/44
200,332
160,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
163,730
Enbridge,
Inc.‡
153,000
7.375%,
03/15/55^
,
5
yr.
CMT
+
3.122%
161,960
100,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
107,040
Energy
Transfer
LP‡
105,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
107,973
195,000
6.943%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
194,396
162,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
162,724
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
138,000
8.875%,
04/15/30
144,701
105,000
8.000%,
05/15/33
110,669
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
55,000
6.875%,
05/15/34
55,333
55,000
6.250%,
04/15/32
54,682
210,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
219,177
265,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
269,876
105,000
Kodiak
Gas
Services
LLC*
5.875%,
04/01/31
105,846
210,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
217,442
213,000
Matador
Resources
Co.*
6.500%,
04/15/32
217,573
290,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
303,108
223,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
223,876
102
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
105,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
$
104,628
270,000
Plains
All
American
Pipeline
LP
Series
B‡
8.024%,
05/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
270,135
215,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
224,380
289,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
302,386
Sunoco
LP*
160,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
165,885
315,000
6.625%,
08/15/32
322,116
210,000
6.250%,
07/01/33
214,620
210,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
214,689
210,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
207,371
TransCanada
PipeLines
Ltd.‡
55,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
55,439
110,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
110,573
Transocean
International
Ltd.*
190,000
8.500%,
05/15/31
201,197
157,000
7.875%,
10/15/32
168,361
Venture
Global
LNG,
Inc.*
105,000
9.875%,
02/01/32
112,735
105,000
9.500%,
02/01/29
114,654
392,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
387,739
265,000
8.375%,
06/01/31
276,244
155,000
8.125%,
06/01/28
158,663
110,000
7.000%,
01/15/30^
113,292
Venture
Global
Plaquemines
LNG
LLC*
210,000
6.500%,
01/15/34
220,124
160,000
6.500%,
06/15/34
167,120
52,000
6.125%,
12/15/30
53,665
190,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
189,557
320,000
WBI
Operating
LLC*
6.500%,
10/15/33
323,770
210,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
217,951
290,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
298,796
9,341,473
Financials
(1.8%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
179,000
8.250%,
02/01/29
179,687
170,000
6.750%,
07/01/32
167,703
PRINCIPAL
AMOUNT
a
a
VALUE
a
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
200,000
6.950%,
03/10/55^
,
5
yr.
CMT
+
2.720%
$
207,414
150,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
152,774
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
335,000
7.375%,
10/01/32
329,533
210,000
6.500%,
10/01/31
212,003
Ally
Financial,
Inc.‡
210,000
Series
D,
7.100%,
08/15/31††
,
5
yr.
CMT
+
3.148%
209,933
300,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
299,589
100,000
Series
C,
4.700%,
05/15/28^
,
7
yr.
CMT
+
3.481%
96,116
219,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
211,953
105,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
102,722
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
205,000
8.375%,
02/01/34
202,532
170,000
8.000%,
12/31/32
177,864
210,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
215,084
320,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
324,269
210,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
223,018
Brandywine
Operating
Partnership
LP
105,000
8.875%,
04/12/29
110,047
214,000
6.125%,
01/15/31^
199,322
263,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
275,761
419,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
412,795
166,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
162,554
225,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
184,930
200,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
203,364
210,000
Corebridge
Financial,
Inc.‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
208,998
Credit
Acceptance
Corp.*
140,000
9.250%,
12/15/28
146,238
208,000
6.625%,
03/15/30
207,432
103
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
$
206,619
210,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
221,117
105,000
Enstar
Group
Ltd.*^‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
109,267
First
Citizens
BancShares,
Inc.‡
55,000
Series
B,
7.908%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
55,394
160,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
160,971
105,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
105,843
HUB
International
Ltd.*
160,000
7.375%,
01/31/32
164,102
169,000
5.625%,
12/01/29
167,378
105,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
105,173
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*
210,000
6.625%,
10/15/31
204,853
200,000
5.000%,
08/15/28
191,834
236,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
245,164
55,000
MetLife,
Inc.^‡
5.850%,
03/15/56
,
5
yr.
CMT
+
1.817%
54,290
105,000
Newmark
Group,
Inc.
7.500%,
01/12/29
110,634
OneMain
Finance
Corp.
105,000
6.750%,
03/15/32
105,106
210,000
6.750%,
09/15/33
206,966
220,000
6.500%,
03/15/33
215,662
103,000
Osaic
Holdings,
Inc.*
8.000%,
08/01/33
105,004
200,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
204,488
262,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
272,818
Reinsurance
Group
of
America,
Inc.‡
105,000
6.650%,
09/15/55^
,
5
yr.
CMT
+
2.392%
106,899
110,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
107,801
Rocket
Cos.,
Inc.*
157,000
6.375%,
08/01/33
159,496
104,000
6.125%,
08/01/30
105,694
PRINCIPAL
AMOUNT
a
a
VALUE
a
206,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
$
191,430
210,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
212,287
55,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
56,980
265,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
279,273
385,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
393,158
258,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
246,217
105,000
UWM
Holdings
LLC*
6.250%,
03/15/31
97,613
105,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
110,268
200,000
Wells
Fargo
&
Co.
Series
GG^‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
200,808
210,000
XHR
LP*
6.625%,
05/15/30
215,237
11,119,479
Health
Care
(0.6%)
320,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
327,792
CHS/Community
Health
Systems,
Inc.*
126,000
10.875%,
01/15/32
135,493
127,000
6.875%,
04/15/29
124,997
435,000
6.125%,
04/01/30^
387,002
27,000
5.250%,
05/15/30
25,518
DaVita,
Inc.*
240,000
6.875%,
09/01/32
247,999
233,000
4.625%,
06/01/30
225,749
258,000
3.750%,
02/15/31
239,571
Embecta
Corp.*
52,000
6.750%,
02/15/30
49,307
162,000
5.000%,
02/15/30^
152,390
Encompass
Health
Corp.
110,000
4.750%,
02/01/30
108,335
110,000
4.500%,
02/01/28
109,249
118,000
IQVIA,
Inc.*
6.250%,
06/01/32
120,528
322,000
Medline
Borrower
LP*
5.250%,
10/01/29
320,612
400,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
397,744
Tenet
Healthcare
Corp.
295,000
6.875%,
11/15/31
314,334
157,000
5.500%,
11/15/32*
156,920
270,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV^
5.125%,
05/09/29
270,896
3,714,436
104
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Industrials
(0.9%)
237,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
$
243,510
260,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
232,435
Arcosa,
Inc.*
105,000
6.875%,
08/15/32
109,176
127,000
4.375%,
04/15/29
123,915
Bombardier,
Inc.*
105,000
8.750%,
11/15/30
111,645
68,000
7.250%,
07/01/31
71,594
80,000
7.000%,
06/01/32
83,606
53,000
6.750%,
06/15/33
55,364
226,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
220,063
335,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
338,367
55,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
55,375
46,667
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
46,722
Deluxe
Corp.*
105,000
8.125%,
09/15/29
109,706
282,000
8.000%,
06/01/29
285,426
EnerSys*
110,000
6.625%,
01/15/32
113,199
140,000
4.375%,
12/15/27
138,585
EquipmentShare.com,
Inc.*
135,000
8.625%,
05/15/32
143,234
78,000
8.000%,
03/15/33
81,853
Graphic
Packaging
International
LLC*
85,000
4.750%,
07/15/27
84,452
102,000
3.500%,
03/01/29
96,723
Herc
Holdings,
Inc.*
105,000
7.250%,
06/15/33
109,991
105,000
7.000%,
06/15/30
109,326
105,000
6.625%,
06/15/29
107,682
157,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
79,612
360,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
356,321
232,000
Novelis
Corp.*
4.750%,
01/30/30
222,483
210,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
213,343
210,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
195,537
Standard
Building
Solutions,
Inc.*
50,000
6.500%,
08/15/32
50,575
157,000
6.250%,
08/01/33
157,064
210,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
220,011
TransDigm,
Inc.*
80,000
7.125%,
12/01/31
83,043
225,000
6.875%,
12/15/30
232,103
155,000
6.750%,
08/15/28
157,237
52,000
6.625%,
03/01/32
53,479
PRINCIPAL
AMOUNT
a
a
VALUE
a
49,912
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
$
48,780
160,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
163,104
Williams
Scotsman,
Inc.*
80,000
6.625%,
06/15/29
82,170
128,000
4.625%,
08/15/28
126,678
5,513,489
Information
Technology
(0.5%)
Block,
Inc.*
53,000
6.000%,
08/15/33
53,014
105,000
5.625%,
08/15/30
105,155
160,000
CACI
International,
Inc.*
6.375%,
06/15/33
163,838
157,000
Cloud
Software
Group,
Inc.*
6.625%,
08/15/33
140,955
126,000
Coherent
Corp.*
5.000%,
12/15/29
124,749
Fair
Isaac
Corp.*
79,000
6.000%,
05/15/33
77,993
93,000
4.000%,
06/15/28
90,891
245,000
KBR,
Inc.*
4.750%,
09/30/28
241,222
62,003
LivePerson,
Inc.*
10.000%,
12/15/29
39,682
55,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
57,201
167,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
162,797
110,000
Open
Text
Corp.*
6.900%,
12/01/27
112,552
Open
Text
Holdings,
Inc.*
55,000
4.125%,
02/15/30
49,589
136,000
4.125%,
12/01/31^
116,245
315,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
305,440
Twilio,
Inc.^
57,000
3.875%,
03/15/31
53,373
150,000
3.625%,
03/15/29
144,262
254,000
UKG,
Inc.*
6.875%,
02/01/31
247,332
295,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
281,138
210,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
214,171
200,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
162,702
2,944,301
Materials
(0.7%)
210,000
Avient
Corp.*
6.250%,
11/01/31
213,114
210,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
213,875
190,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
201,651
105
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Century
Aluminum
Co.*
6.875%,
08/01/32
$
217,699
Chemours
Co.*
180,000
8.000%,
01/15/33
185,877
105,000
7.875%,
03/15/34
107,485
410,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
361,456
210,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
217,060
250,000
Constellium
SE*
6.375%,
08/15/32
256,428
356,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
236,074
210,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
218,625
265,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
265,766
210,000
Knife
River
Corp.*
7.750%,
05/01/31
218,438
Mercer
International,
Inc.
95,000
12.875%,
10/01/28*
47,834
229,000
5.125%,
02/01/29
93,244
210,000
Olin
Corp.*
6.625%,
04/01/33
208,505
210,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
214,950
200,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
196,794
210,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
208,891
210,000
Terex
Corp.*
6.250%,
10/15/32
213,450
98,654
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
2,453
WR
Grace
Holdings
LLC*
55,000
7.000%,
08/01/33
54,965
210,000
6.625%,
08/15/32
208,620
4,363,254
Other
(0.4%)
210,000
Alumina
Pty.
Ltd.*
6.375%,
09/15/32
215,935
85,706
Claritev
Corp.
Series
B*
6.750%,
03/31/31
56,167
EchoStar
Corp.
542,740
10.750%,
11/30/29
589,068
218,446
6.750%,
11/30/30
221,956
100,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
100,610
105,000
Graham
Holdings
Co.*
5.625%,
12/01/33
104,024
200,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
212,526
PRINCIPAL
AMOUNT
a
a
VALUE
a
157,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
$
163,743
285,000
Rfna
LP*
7.875%,
02/15/30
282,472
210,000
SM
Energy
Co.*^
7.000%,
08/01/32
215,678
105,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
110,469
2,272,648
Real
Estate
(0.1%)
105,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
105,567
150,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
146,456
163,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
159,311
411,334
Special
Purpose
Acquisition
Companies
(0.0%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
175,000
6.750%,
01/15/30
169,512
107,000
4.625%,
01/15/29
104,225
273,737
Utilities
(0.2%)
110,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
112,233
110,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
112,413
158,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
164,980
105,000
Emera
U.S.
Finance
LLC
Series
A‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
105,377
165,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
170,013
165,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
167,848
110,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
109,553
158,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
163,592
79,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.627%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
77,872
106
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Vistra
Corp.*‡
50,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
$
50,486
105,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
105,482
55,000
Xcel
Energy,
Inc.‡
5.750%,
12/03/56
,
5
yr.
CMT
+
2.168%
54,426
1,394,275
TOTAL
CORPORATE
BONDS
(Cost
$66,652,914)
65,779,888
SOVEREIGN
BONDS
(3.8%)
Other
(3.8%)
72,000,000
MXN
Mexico
Bonos
7.750%,
05/29/31
3,966,214
70,500,000
MXN
Mexico
Bonos
8.500%,
03/02/28
4,093,992
69,900,000
MXN
Mexico
Bonos
8.500%,
02/28/30
4,004,009
63,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
7.000%,
02/28/31
3,582,179
60,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.000%,
01/31/30
3,581,885
62,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.250%,
03/31/32
3,678,956
TOTAL
SOVEREIGN
BONDS
(Cost
$23,251,096)
22,907,235
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(86.2%)
Communication
Services
(9.2%)
61,285
Alphabet,
Inc.
-
Class
Aµ
23,582,468
63,800
AST
SpaceMobile,
Inc.#µ
4,714,820
3,751
Audacy,
Inc.#
11,253
1,735
Cumulus
Media,
Inc.
-
Class
A#
5
5,455
Meta
Platforms,
Inc.
-
Class
Aµ
3,337,969
18,760
Millicom
International
Cellular
SAµ
1,592,349
81,416
ZAR
MTN
Group
Ltd.
1,024,871
4,575
Optimum
Communications,
Inc.
-
Class
A#µ
7,229
95,648
EUR
Orange
SA
1,991,616
1,228,400
SGD
Singapore
Telecommunications
Ltd.~
4,449,016
121,840
KRW
SK
Telecom
Co.
Ltd.
(ADR)^
6,735,704
8,800
JPY
SKY
Perfect
JSAT
Corp.~
192,128
84,800
JPY
SoftBank
Group
Corp.~
2,896,667
26,900
BRL
TIM
SA
139,883
1,176,545
GBP
Vodafone
Group
PLC~
1,872,054
NUMBER
OF
SHARES
b
b
VALUE
b
26,395
Walt
Disney
Co.µ
$
2,738,481
55,286,513
Consumer
Discretionary
(6.9%)
139,605
HKD
Alibaba
Group
Holding
Ltd.~
2,566,826
40,710
Amazon.com,
Inc.#µ
10,790,592
315,000
SAR
Americana
Restaurants
International
PLC
-
Foreign
Co.
171,848
16,500
INR
Bharat
Forge
Ltd.
330,384
9,000
JPY
BuySell
Technologies
Co.
Ltd.
192,891
34,180
KRW
Hyundai
Motor
Co.
12,388,875
161,219
HKD
JD.com,
Inc.
-
Class
A~
2,442,487
123,000
HKD
Li
Ning
Co.
Ltd.~
320,227
1,020
EUR
LVMH
Moet
Hennessy
Louis
Vuitton
SE~
544,893
120,000
HKD
Minth
Group
Ltd.~
524,793
6,400
JPY
Nextage
Co.
Ltd.~
140,482
44,620
NIO,
Inc.
(ADR)#
285,122
2,100
JPY
Open
House
Group
Co.
Ltd.~
123,593
345
Rite
Aid
Corp.#
345
236,800
HKD
Sands
China
Ltd.~
496,843
12,400
EUR
Schaeffler
AG
117,895
12,360
Tesla,
Inc.#µ
4,716,947
60,210
Viking
Holdings
Ltd.#µ
4,931,801
14,570
EUR
Westwing
Group
SE#
227,260
41,314,104
Consumer
Staples
(1.4%)
5,600
Constellation
Brands,
Inc.
-
Class
Aµ
876,848
2,600
CNY
Kweichow
Moutai
Co.
Ltd.
-
Class
A
526,997
32,985
Philip
Morris
International,
Inc.µ
5,444,834
8,680
PriceSmart,
Inc.^µ
1,362,065
8,210,744
Energy
(3.0%)
7,730
Cameco
Corp.
951,099
22,200
CAD
CES
Energy
Solutions
Corp.~
316,080
885
Cheniere
Energy
Partners
LP~
59,313
35,050
Denison
Mines
Corp.#^
134,241
12,635
Energy
Transfer
LP~
255,101
5,810
Enterprise
Products
Partners
LP
224,847
1,826
EP
Energy
Corp.#
1,826
36,600
Exxon
Mobil
Corp.µ
5,648,478
83,900
Halliburton
Co.µ
3,548,970
95,519
TechnipFMC
PLCµ
7,218,371
18,358,326
Financials
(9.6%)
213,300
EUR
Alpha
Bank
SA
856,022
151,620
Banco
Bradesco
SA
(ADR)
588,286
10,800
EUR
Bank
of
Cyprus
Holdings
PLC
117,038
26,990
EUR
BAWAG
Group
AG*~
4,622,058
4,010
ZAR
Capitec
Bank
Holdings
Ltd.
1,040,994
33,400
Citigroup,
Inc.µ
4,274,532
2,020
Credicorp
Ltd.
654,823
107
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
37,965
EUR
Erste
Group
Bank
AG~
$
4,194,981
138,400
EUR
Eurobank
SA
602,185
5,200
Goldman
Sachs
Group,
Inc.µ
4,803,604
7,130
Grupo
Cibest
SA
(ADR)
486,195
116,389
Itau
Unibanco
Holding
SA
(ADR)
1,012,584
14,575
JPMorgan
Chase
&
Co.µ
4,565,327
48,530
KRW
KB
Financial
Group,
Inc.
5,314,283
26,593
KRW
Mirae
Asset
Securities
Co.
Ltd.
1,181,207
29,400
JPY
Mizuho
Financial
Group,
Inc.~
1,264,279
14,900
INR
Multi
Commodity
Exchange
of
India
Ltd.
469,044
4,600
JPY
Nishi-Nippon
Financial
Holdings,
Inc.~
115,502
142,500
JPY
ORIX
Corp.~
4,796,050
4,600
HUF
OTP
Bank
Nyrt
616,993
3,440
GBP
Plus500
Ltd.~
208,958
3,300
EUR
Revo
Insurance
SpA
98,763
398,870
MYR
RHB
Bank
Bhd.
817,525
7,040
KRW
Samsung
Life
Insurance
Co.
Ltd.
1,197,358
24,653
SAR
Saudi
National
Bank
258,197
12,000
JPY
Shiga
Bank
Ltd.~
147,945
106,000
INR
Shriram
Finance
Ltd.
1,055,527
7,000
CAD
Stack
Capital
Group,
Inc.#
137,800
92,884
INR
State
Bank
of
India
1,054,052
125,000
Sumitomo
Mitsui
Financial
Group,
Inc.
(ADR)^
2,653,750
4,670
ILS
Tel
Aviv
Stock
Exchange
Ltd.
234,985
109,990
EUR
UniCredit
SpA~
8,500,287
57,941,134
Health
Care
(5.7%)
6,300
JPY
Asahi
Intecc
Co.
Ltd.~
132,568
910
Ascendis
Pharma
AS
(ADR)#µ
208,736
30,880
GBP
AstraZeneca
PLC~
5,858,622
18,400
Cardinal
Health,
Inc.µ
3,548,992
7,500
Eli
Lilly
&
Co.µ
7,009,500
10,104
GE
HealthCare
Technologies,
Inc.µ
614,727
14,200
Gilead
Sciences,
Inc.µ
1,857,928
4,860
Humana,
Inc.µ
1,149,099
20,945
Johnson
&
Johnsonµ
4,814,208
78,573
Novo
Nordisk
AS
(ADR)
3,317,352
115,940
Royalty
Pharma
PLC
-
Class
Aµ
5,807,435
34,319,167
Industrials
(13.2%)
37,029
EUR
Alstom
SA#~
744,071
2,113
Ardagh
Holdings
SA#
15,128
32,629
GBP
Ceres
Power
Holdings
PLC#~
276,073
1,400
Comfort
Systems
USA,
Inc.µ
2,576,350
29,800
CNY
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
1,912,901
13,800
KRW
Daewoo
Engineering
&
Construction
Co.
Ltd.#
330,727
8,370
KRW
Doosan
Enerbility
Co.
Ltd.#
729,468
4,310
DKK
DSV
AS~
1,060,001
NUMBER
OF
SHARES
b
b
VALUE
b
930
EUR
Exail
Technologies
SA#~
$
135,331
4,625
EUR
Exosens
SAS~
353,189
49,000
JPY
FANUC
Corp.~
2,164,480
1,380
DKK
FLSmidth
&
Co.
AS~
102,496
63,000
JPY
Fujikura
Ltd.~
2,430,728
8,595
GE
Vernova,
Inc.µ
9,312,339
1,370
KRW
Hanwha
Aerospace
Co.
Ltd.
1,315,953
136,700
JPY
Harmonic
Drive
Systems,
Inc.~
4,660,312
670
KRW
HD
Hyundai
Heavy
Industries
Co.
Ltd.
312,016
4,140
INR
Hitachi
Energy
India
Ltd.
1,471,472
2,180
EUR
HOCHTIEF
AG~
1,172,467
3,579
KRW
Hyosung
Heavy
Industries
Corp.
9,641,145
620
KRW
Hyundai
Glovis
Co.
Ltd.
95,730
4,550
GBP
IMI
PLC~
173,301
591,000
HKD
Impro
Precision
Industries
Ltd.*
787,197
74,900
PHP
International
Container
Terminal
Services,
Inc.
868,066
99,000
JPY
Kandenko
Co.
Ltd.~
4,318,529
6,100
TWD
Kinik
Co.
106,324
57,800
INR
KRN
Heat
Exchanger
&
Refrigeration
Ltd.#
796,737
121,300
JPY
Mitsubishi
Electric
Corp.~
4,867,887
40,900
JPY
Mitsubishi
Heavy
Industries
Ltd.~
1,220,696
28,620
INR
MTAR
Technologies
Ltd.#*
2,025,349
12,840
SEK
Munters
Group
AB*
283,069
700
JPY
Nitto
Boseki
Co.
Ltd.~
128,612
1,060
EUR
Pfisterer
Holding
SE#
129,053
770
KRW
Rainbow
Robotics#
350,653
476,630
GBP
Rolls-Royce
Holdings
PLC~
7,669,719
5,200
KRW
Samsung
C&T
Corp.
1,062,383
54,502
CNY
Shanghai
International
Airport
Co.
Ltd.
-
Class
A
217,690
14,375
EUR
Siemens
Energy
AG~
3,046,375
17,200
CNY
Sieyuan
Electric
Co.
Ltd.
-
Class
A
492,561
3,995
KRW
SK
Square
Co.
Ltd.#
2,325,093
21,350
TWD
Syntec
Technology
Co.
Ltd.
1,733,770
20,385
Waste
Management,
Inc.µ
4,740,532
343,800
CNY
Weichai
Power
Co.
Ltd.
-
Class
A
1,581,246
79,737,219
Information
Technology
(33.3%)
14,665
Advanced
Micro
Devices,
Inc.#µ
5,198,596
8,400
JPY
Advantest
Corp.~
1,568,436
63,000
SGD
AEM
Holdings
Ltd.#
365,537
32,800
TWD
All
Ring
Tech
Co.
Ltd.
1,252,600
15,400
TWD
Asia
Vital
Components
Co.
Ltd.
1,409,921
7,100
ASML
Holding
NVµ
10,216,829
3,360
TWD
ASPEED
Technology,
Inc.
1,806,243
2,450
CNY
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.
-
Class
A
126,070
17,259
Broadcom,
Inc.^~
7,204,424
25,400
TWD
Chroma
ATE,
Inc.
1,735,590
123,700
TWD
Compeq
Manufacturing
Co.
Ltd.
964,605
108
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
50,900
TWD
Delta
Electronics,
Inc.
$
3,569,385
11,650
TWD
Elite
Material
Co.
Ltd.
1,735,904
1,560
Fabrinet#µ
1,066,213
290
KRW
Hyundai
Autoever
Corp.
89,607
4,400
JPY
Ibiden
Co.
Ltd.~
376,333
56,670
EUR
Indra
Sistemas
SA~
3,259,338
79,040
Intel
Corp.#
7,467,699
7,100
EUR
Jenoptik
AG
279,414
5,000
JPY
Keyence
Corp.~
2,293,330
7,200
JPY
Kioxia
Holdings
Corp.#~
1,742,102
23,000
HKD
Knowledge
Atlas
Technology
JSC
Ltd.
-
Class
H#
2,628,613
398,400
CAD
Kraken
Robotics,
Inc.#^
2,290,650
16,300
TWD
LandMark
Optoelectronics
Corp.
1,413,911
1,060
Lumentum
Holdings,
Inc.#µ
956,459
15,700
TWD
MediaTek,
Inc.
1,310,661
3,000
JPY
Micronics
Japan
Co.
Ltd.~
252,227
17,220
Microsoft
Corp.µ
7,021,972
18,780
HKD
Minimax
Group,
Inc.#^
1,754,593
27,920
CNY
Montage
Technology
Co.
Ltd.
-
Class
A
716,988
15,000
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
1,186,686
1,090
ILS
Next
Vision
Stabilized
Systems
Ltd.
124,946
540,000
EUR
Nokia
OYJ
6,861,544
133,810
NVIDIA
Corp.^
26,704,462
9,700
JPY
Optex
Group
Co.
Ltd.~
180,437
16,450
Palantir
Technologies,
Inc.
-
Class
A#
2,288,360
1,600
TWD
Phison
Electronics
Corp.
100,121
3,190
KRW
Robotis
Co.
Ltd.#
693,965
3,510
KRW
Samsung
Electro-Mechanics
Co.
Ltd.
2,013,635
146,085
KRW
Samsung
Electronics
Co.
Ltd.
21,998,587
650
KRW
Samsung
SDI
Co.
Ltd.#
307,845
700
JPY
Seikoh
Giken
Co.
Ltd.
130,173
59,400
CNY
Shengyi
Technology
Co.
Ltd.
-
Class
A
673,360
7,370
KRW
SK
Hynix,
Inc.
6,572,330
26,740
EUR
STMicroelectronics
NV
1,457,071
18,000
CNY
Suzhou
TFC
Optical
Communication
Co.
Ltd.
-
Class
A
813,696
714,400
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
49,594,969
20,780
Tower
Semiconductor
Ltd.#µ
4,593,419
71,600
TWD
Tripod
Technology
Corp.
1,031,558
14,300
TWD
Universal
Microwave
Technology,
Inc.
711,484
3,700
JPY
Yamaichi
Electronics
Co.
Ltd.~
246,865
200,359,763
Materials
(2.0%)
143,201
CAD
Alamos
Gold,
Inc.
-
Class
A~
5,713,913
8,600
JPY
Carlit
Co.
Ltd.~
150,206
54,515
Cemex
SAB
de
CV
(ADR)
670,534
NUMBER
OF
SHARES
b
b
VALUE
b
182,000
HKD
China
Hongqiao
Group
Ltd.~
$
770,414
61,950
CAD
Hudbay
Minerals,
Inc.~
1,432,966
8,840
KRW
HVM
Co.
Ltd.#
533,639
95,975
AUD
Lynas
Rare
Earths
Ltd.#~
1,361,518
5,921
Southern
Copper
Corp.µ
1,016,576
45,000
AUD
Westgold
Resources
Ltd.~
178,704
11,828,470
Real
Estate
(0.1%)
745,000
MYR
IOI
Properties
Group
Bhd.
779,684
47,000
HKD
Kerry
Properties
Ltd.~
143,056
922,740
Utilities
(1.8%)
319,000
INR
Adani
Power
Ltd.#
751,403
83,500
BRL
Axia
Energia
SA
1,046,321
45,801
EUR
Engie
SA#
1,508,884
1,000
EUR
Grenergy
Renovables
SA#^
141,915
12,700
EUR
Italgas
SpA~
153,414
25,950
EUR
RWE
AGµ
1,889,484
142,450
GBP
SSE
PLC~
5,100,331
10,591,752
TOTAL
COMMON
STOCKS
(Cost
$476,809,452)
518,869,932
CONVERTIBLE
PREFERRED
STOCKS
(6.6%)
Industrials
(2.8%)
234,875
Boeing
Co.
6.000%,
10/15/27
16,957,975
Information
Technology
(1.1%)
33,100
Microchip
Technology,
Inc.
7.500%,
03/15/28
2,603,977
84,000
Oracle
Corp.#
6.500%,
01/15/29
4,088,280
6,692,257
Utilities
(2.7%)#
108,400
NextEra
Energy,
Inc.
7.375%,
02/15/29
5,693,168
115,000
PPL
Corp.
7.000%,
02/15/29
5,800,600
89,500
Southern
Co.
7.125%,
12/15/28
4,656,685
16,150,453
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$39,270,000)
39,800,685
109
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
EXCHANGE-TRADED
FUNDS
(2.6%)
Other
(2.6%)
186,760
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF
$
7,800,965
310,000
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF^
7,923,600
15,724,565
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$15,613,259)
15,724,565
PREFERRED
STOCKS
(0.0%)
Communication
Services
(0.0%)
9,440
Qwest
Corp.
6.500%,
09/01/56
173,224
1,701
Telephone
&
Data
Systems,
Inc.
6.625%,
05/29/26
36,453
T-Mobile
USA,
Inc.#µ
1,429
5.500%,
03/01/70
31,724
163
5.500%,
06/01/70
3,617
1,770
6.250%,
09/01/69
44,161
289,179
TOTAL
PREFERRED
STOCKS
(Cost
$273,414)
289,179
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
679
Audacy
Capital
Corp.
09/30/28,
Strike
$0.00
—
113
Audacy
Capital
Corp.
09/30/28,
Strike
$0.00
—
—
Energy
(0.0%)
13,401
McDermott
International
Ltd.
06/30/27,
Strike
$0.00
2
12,061
McDermott
International
Ltd.
06/30/27,
Strike
$0.00
1
3
TOTAL
WARRANTS
(Cost
$5,152)
3
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(1.7%)#
Consumer
Discretionary
(0.0%)
14
2,509,682
MercadoLibre,
Inc.
Call,
05/15/26,
Strike
$1,900.00
60,060
1,250
2,272,500
Norwegian
Cruise
Line
Holdings
Ltd.
Call,
05/15/26,
Strike
$25.00
5,000
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
147
1,247,736
Sea
Ltd.
Call,
05/15/26,
Strike
$95.00
$
37,485
102,545
Consumer
Staples
(0.3%)
967
6,211,041
Darling
Ingredients,
Inc.
Call,
07/17/26,
Strike
$45.00
1,846,970
Information
Technology
(0.5%)
547
14,842,845
Apple,
Inc.
Call,
11/20/26,
Strike
$275.00
1,248,527
212
8,849,516
Broadcom,
Inc.
Call,
06/18/26,
Strike
$400.00
859,660
418
8,342,026
NVIDIA
Corp.
Call,
06/18/26,
Strike
$200.00
528,770
2,636,957
Materials
(0.0%)
144
2,472,336
Southern
Copper
Corp.
Call,
06/18/26,
Strike
$180.00
125,280
Other
(0.9%)
1,130
75,454,620
Invesco
QQQ
Trust
Put,
05/15/26,
Strike
$595.00
57,065
675
45,072,450
Invesco
QQQ
Trust
Put,
05/15/26,
Strike
$600.00
40,162
4,000
40,928,000
iShares
MSCI
EAFE
ETF
Put,
12/18/26,
Strike
$99.00
1,898,000
6,321
64,676,472
iShares
MSCI
EAFE
ETF
Put,
05/15/26,
Strike
$100.00
404,544
6,580
42,105,420
iShares
MSCI
Emerging
Markets
ETF
Put,
11/20/26,
Strike
$60.00
2,141,790
4,351
27,842,049
iShares
MSCI
Emerging
Markets
ETF
Put,
05/15/26,
Strike
$62.00
280,640
5,454
26,953,668
iShares
MSCI
India
ETF
Call,
06/18/26,
Strike
$52.00
286,335
8,865
25,504,605
KraneShares
CSI
China
Internet
ETF
Call,
06/18/26,
Strike
$33.00
221,625
654
1,440,762
Petroleo
Brasileiro
SA
-
Petrobras
Call,
06/18/26,
Strike
$20.00
164,154
5,494,315
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$13,320,433)
10,206,067
TOTAL
INVESTMENTS
(136.2%)
(Cost
$764,305,934)
820,400,939
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-8.1%)
(
48,500,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-28.1%)
(
169,747,173
)
NET
ASSETS
(100.0%)
$
602,153,766
110
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
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.
!
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
April
30,
2026.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$317,840,005.
~
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
$3,924,827.
@
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.
#
Non-income
producing
security.
FOREIGN
CURRENCY
ABBREVIATIONS
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CNY
Chinese
Yuan
Renminbi
DKK
Danish
Krone
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
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
TWD
New
Taiwan
Dollar
ZAR
South
African
Rand
ABBREVIATION
ADR
American
Depositary
Receipt
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
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.
COUNTRY
EXPOSURE
April
30,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
409,561,814
49
.7
%
South
Korea
77,393,295
9
.5
%
Taiwan
68,477,047
8
.3
%
Japan
42,578,085
5
.2
%
All
other
countries
less
than
5%
$
221,880,722
27
.2
%
Total
Investments
$820,400,939
100
.0
%
Country
exposure
may
vary
over
time.
111
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
1):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
168,004
$
—
$
168,004
Bank
Loans
71
—
12,679,082
—
12,679,082
Convertible
Bonds
44
—
133,976,299
—
133,976,299
Corporate
Bonds
400
—
65,779,888
—
65,779,888
Sovereign
Bonds
6
—
22,907,235
—
22,907,235
Common
Stocks
210
237,863,666
281,006,266
—
518,869,932
Convertible
Preferred
Stocks
6
39,800,685
—
—
39,800,685
Exchange-Traded
Funds
2
15,724,565
—
—
15,724,565
Preferred
Stocks
5
289,179
—
—
289,179
Warrants
4
3
—
—
3
Exchange-Traded
Purchased
Options
17
10,206,067
—
—
10,206,067
Total
$
303,884,165
$
516,516,774
$
—
$
820,400,939
SECTOR
WEIGHTINGS
Information
Technology
28
.2
%
Industrials
15
.3
Financials
10
.4
Communication
Services
7
.7
Consumer
Discretionary
7
.4
Health
Care
6
.1
Utilities
5
.8
Other
5
.5
Energy
4
.2
Materials
2
.8
Consumer
Staples
2
.2
Real
Estate
0
.2
Airlines
0
.1
Special
Purpose
Acquisition
Companies
0.0
Sector
weightings
are
based
on
total
investments
and
may
vary
over
time.
Sector
Weightings
exclude
any
government/
sovereign
bonds
or
options
on
broad
market
indexes
the
Fund
may
hold.
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
112
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
PRINCIPAL
AMOUNT
a
a
VALUE
a
BANK
LOANS
(1.4%)i
Communication
Services
(0.3%)
55,000
Altice
France
SA!
2025
USD
Term
Loan
B14,
0.000%,
05/31/31
$
56,129
34,411
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.548%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
35,118
11,210
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.767%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
8,912
981
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.767%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
975
24,624
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.902%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
24,651
49,773
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.542%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
48,628
45,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.902%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
45,209
24,276
TripAdvisor,
Inc.‡
Term
Loan,
6.402%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
22,807
20,000
Versant
Media
Group,
Inc.!
Term
Loan
B,
0.000%,
01/30/31
20,065
40,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.200%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
40,130
20,000
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
20,086
4,987
ViaSat,
Inc.‡
2023
Term
Loan,
8.267%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
5,008
45,000
Virgin
Media
Bristol
LLC!
2020
USD
Term
Loan
Q,
0.000%,
01/31/29
44,175
371,893
Consumer
Discretionary
(0.3%)
44,550
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
7.012%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
44,606
PRINCIPAL
AMOUNT
a
a
VALUE
a
44,888
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.950%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
$
45,154
44,439
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.657%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
44,627
34,537
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.152%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
34,775
42,500
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.652%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
42,726
49,000
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.652%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
49,182
37,101
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.404%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
37,252
44,888
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.950%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
44,958
45,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.442%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
43,938
387,218
Consumer
Staples
(0.3%)
81,876
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.652%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
82,337
34,475
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.152%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
33,387
49,875
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.402%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
50,226
130,117
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.902%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
126,962
3,546
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.413%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
3,550
66,178
Star
Parent,
Inc.‡
Term
Loan
B,
7.700%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
66,281
113
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
44,663
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.663%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
$
44,785
20,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.902%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
20,191
427,719
Energy
(0.0%)
58,790
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.933%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
59,020
Financials
(0.1%)
29,724
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.152%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
29,571
30,000
Jupiter
Borrower,
Inc.!
Term
Loan
B,
0.000%,
03/25/33
30,150
10,000
Lockton,
Inc.!
Term
Loan
B,
0.000%,
04/22/33
10,038
40,000
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.200%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
40,049
109,808
Industrials
(0.2%)
44,775
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.688%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
45,186
44,712
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.402%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
44,719
26,491
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.200%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
26,568
59,326
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
5.950%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
59,476
44,216
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.402%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
43,565
83,513
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.152%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
83,731
PRINCIPAL
AMOUNT
a
a
VALUE
a
20,000
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.152%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
$
20,056
323,301
Information
Technology
(0.1%)
45,159
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.673%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
41,932
40,700
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
40,761
49,388
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.402%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
47,223
33,264
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.652%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
33,306
163,222
Materials
(0.0%)
19,950
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.152%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
19,940
Other
(0.1%)
64,746
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.152%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
65,041
Special
Purpose
Acquisition
Companies
(0.0%)
10,000
Sword
Purchaser
LLC!
USD
Term
Loan
B,
0.000%,
04/11/33
9,725
20,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.652%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
19,450
29,175
TOTAL
BANK
LOANS
(Cost
$1,958,941)
1,956,337
CONVERTIBLE
BONDS
(22.7%)
Communication
Services
(0.4%)
AST
SpaceMobile,
Inc.*µ
217,000
2.375%,
10/15/32
302,813
324,000
2.000%,
01/15/36
327,975
630,788
114
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Consumer
Discretionary
(1.0%)
400,000
EUR
Deutsche
Lufthansa
AG*µ
0.000%,
09/10/32
$
471,615
880,000
NCL
Corp.
Ltd.µ
0.875%,
04/15/30
929,227
1,400,842
Consumer
Staples
(0.4%)
467,000
Revolution
Medicines,
Inc.µ
0.500%,
05/01/33
517,151
Energy
(1.4%)
811,000
Liberty
Energy,
Inc.*
0.000%,
03/01/31
980,402
300,000
EUR
Saipem
SpA*
2.875%,
09/11/29
952,040
1,932,442
Financials
(2.8%)
520,000
Dave,
Inc.*
0.000%,
04/01/31
644,779
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)*§
800,000
0.000%,
01/29/29
1,121,864
300,000
Series
700H,
0.000%,
03/07/30~
298,782
12,000,000
HKD
Happy
Ever
Holdings
Ltd.*
0.500%,
07/16/30
1,576,554
3,000,000
HKD
Huatai
Securities
Co.
Ltd.*
0.000%,
02/08/27
380,837
4,022,816
Health
Care
(2.3%)
746,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
737,279
193,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
230,085
530,000
Guardant
Health,
Inc.*
0.000%,
05/15/33
553,977
521,000
Ionis
Pharmaceuticals,
Inc.*µ
0.000%,
12/01/30
543,080
916,000
Ligand
Pharmaceuticals,
Inc.*
0.750%,
10/01/30
1,231,077
3,295,498
Industrials
(3.9%)
360,000
Astronics
Corp.*
0.000%,
01/15/31
531,659
1,188,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
2,068,154
1,046,000
BWX
Technologies,
Inc.*µ
0.000%,
11/01/30
1,135,872
300,000
EUR
Exail
Technologies
SA*
4.000%,
10/01/30
,
5
yr.
EUR
Swap
+
13.000%
483,792
450,000
OSI
Systems,
Inc.*
0.500%,
02/01/31
480,294
PRINCIPAL
AMOUNT
a
a
VALUE
a
4,000,000
CNY
Zoomlion
Heavy
Industry
Science
&
Technology
Co.
Ltd.*
0.700%,
02/05/31
$
589,688
210,000
ZTO
Express
Cayman,
Inc.*
0.925%,
03/01/31
215,863
5,505,322
Information
Technology
(5.0%)
100,000,000
JPY
Advantest
Corp.*~
0.000%,
03/28/31
759,733
500,000
EUR
AIXTRON
SE*
0.000%,
04/23/31
722,862
420,000
Avnet,
Inc.*
1.750%,
09/01/30
550,028
434,000
Lumentum
Holdings,
Inc.*µ
0.375%,
03/15/32
2,115,763
491,000
Nebius
Group
NV*
1.250%,
03/15/31
545,933
480,000
ON
Semiconductor
Corp.
0.500%,
03/01/29
584,520
600,000
STMicroelectronics
NV
Series
B*
0.000%,
08/04/27
766,542
822,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
1,021,557
7,066,938
Materials
(1.3%)
384,000
First
Majestic
Silver
Corp.*µ
0.125%,
01/15/31
469,778
900,000
Jinkai
Investment
Holdings
Ltd.*µ
0.000%,
02/05/31
843,705
400,000
KCC
Corp.*
1.750%,
07/10/30
489,576
1,803,059
Real
Estate
(0.7%)
967,000
Realty
Income
Corp.*
3.500%,
01/15/29
1,005,651
Utilities
(3.5%)
1,010,000
CenterPoint
Energy,
Inc.*~
3.000%,
08/01/28
1,071,711
1,010,000
Duke
Energy
Corp.*
3.000%,
03/15/29
1,012,818
430,000
Exelon
Corp.*
3.250%,
03/15/29
435,685
1,800,000
EUR
Iberdrola
Finanzas
SA
Series
IBE*
1.500%,
03/27/30
2,454,235
4,974,449
TOTAL
CONVERTIBLE
BONDS
(Cost
$27,820,627)
32,154,956
115
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
CORPORATE
BONDS
(9.3%)
Airlines
(0.1%)
31,288
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
$
31,291
37,675
American
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.950%,
01/11/32
35,913
30,102
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
29,138
JetBlue
Pass-Through
Trust
7,367
Series
2019,
Class
B,
8.000%,
05/15/29
7,261
35,873
Series
1B,
Class
B,
7.750%,
05/15/30
35,999
139,602
Communication
Services
(0.7%)
55,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
53,947
15,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
15,581
36,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
36,647
Clear
Channel
Outdoor
Holdings,
Inc.*
25,000
7.875%,
04/01/30
26,060
25,000
7.500%,
03/15/33
26,277
17,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
17,334
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
15,000
10.000%,
02/15/31
15,615
24,000
5.875%,
08/15/27
24,019
Discovery
Global
Holdings,
Inc.
20,000
5.050%,
03/15/42
14,362
10,000
4.279%,
03/15/32
9,061
23,000
EW
Scripps
Co.*
9.875%,
08/15/30
23,084
70,000
Frontier
California,
Inc.
Series
Fµ
6.750%,
05/15/27
71,273
11,000
Frontier
Communications
Holdings
LLC*µ
8.750%,
05/15/30
11,264
85,000
Frontier
Florida
LLC
Series
Eµ
6.860%,
02/01/28
87,893
65,000
Frontier
North,
Inc.
Series
Gµ
6.730%,
02/15/28
66,956
40,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
37,438
Gray
Media,
Inc.*
23,000
7.250%,
08/15/33
23,448
20,000
5.375%,
11/15/31
15,673
40,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
36,361
PRINCIPAL
AMOUNT
a
a
VALUE
a
10,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
$
9,630
11,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
11,444
29,000
Lumen
Technologies,
Inc.
Series
P
7.600%,
09/15/39
27,775
20,000
Neptune
Bidco
U.S.,
Inc.*
9.290%,
04/15/29
20,237
45,000
Paramount
Global
4.900%,
08/15/44
29,620
23,000
PR
RNO
Property
Owner
1
LLC*††
6.500%,
05/01/31
22,810
Rogers
Communications,
Inc.‡
15,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
15,495
25,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
25,538
Scripps
Escrow
II,
Inc.*
11,000
5.375%,
01/15/31
8,535
23,000
3.875%,
01/15/29^
21,816
20,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
20,725
Sirius
XM
Radio
LLC*
20,000
5.875%,
04/15/32
19,694
56,000
3.875%,
09/01/31^
50,784
30,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
30,378
Time
Warner
Cable
LLC
15,000
7.300%,
07/01/38
15,699
25,000
6.550%,
05/01/37
25,148
21,000
T-Mobile
USA,
Inc.
6.700%,
12/15/33
23,032
45,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
44,236
20,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
20,316
1,055,205
Consumer
Discretionary
(2.0%)
65,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
67,295
Adient
Global
Holdings
Ltd.*
35,000
8.250%,
04/15/31
36,583
22,000
7.500%,
02/15/33^
22,526
Advance
Auto
Parts,
Inc.*
11,000
7.375%,
08/01/33
11,347
20,000
7.000%,
08/01/30
20,646
30,000
American
Airlines
Pass-Through
Trust
Series
B††
5.750%,
11/10/36
30,031
32,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
31,311
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
22,000
6.875%,
08/01/33
21,680
38,000
4.625%,
08/01/29
36,398
116
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Bath
&
Body
Works,
Inc.
11,000
7.500%,
06/15/29
$
11,178
25,000
6.875%,
11/01/35
24,683
30,000
6.625%,
10/01/30*
30,430
Caesars
Entertainment,
Inc.*
40,000
6.500%,
02/15/32
38,964
35,000
6.000%,
10/15/32^
31,394
28,000
4.625%,
10/15/29^
27,044
Carnival
Corp.*
55,000
6.125%,
02/15/33^
55,851
22,000
4.000%,
08/01/28
21,511
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
45,000
7.000%,
02/01/33
44,415
26,000
5.125%,
05/01/27
26,014
45,000
4.750%,
03/01/30
42,699
22,000
4.750%,
02/01/32
19,709
45,000
4.500%,
08/15/30
42,003
46,000
4.250%,
02/01/31
41,772
45,000
4.250%,
01/15/34^
37,754
45,000
Century
Communities,
Inc.*
6.625%,
09/15/33
44,832
Churchill
Downs,
Inc.*
23,000
6.750%,
05/01/31
23,541
22,000
5.750%,
04/01/30
21,975
34,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
34,783
55,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.375%,
04/15/34
54,975
23,000
Dana,
Inc.
4.500%,
02/15/32
21,732
DISH
DBS
Corp.
73,000
7.375%,
07/01/28
71,420
21,000
5.125%,
06/01/29
19,340
46,000
DISH
Network
Corp.*
11.750%,
11/15/27
47,478
175,000
Ford
Motor
Co.
6.100%,
08/19/32
178,376
20,000
General
Motors
Co.
5.200%,
04/01/45
17,514
goeasy
Ltd.*^
31,000
7.625%,
07/01/29
27,792
45,000
6.875%,
02/15/31
37,421
Goodyear
Tire
&
Rubber
Co.^
63,000
5.625%,
04/30/33
56,556
20,000
5.250%,
07/15/31
18,207
Group
1
Automotive,
Inc.*
25,000
6.375%,
01/15/30
25,401
19,000
4.000%,
08/15/28
18,511
30,264
Guitar
Center,
Inc.‡
12.000%,
08/19/32
9,079
20,000
Kohl's
Corp.
5.550%,
07/17/45
12,126
45,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
2,681
45,000
Life
Time,
Inc.*
6.000%,
11/15/31
45,669
PRINCIPAL
AMOUNT
a
a
VALUE
a
39,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
$
38,771
45,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
46,258
25,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
24,889
30,000
M/I
Homes,
Inc.
3.950%,
02/15/30
28,522
Macy's
Retail
Holdings
LLC
33,000
6.700%,
07/15/34*
31,507
55,000
4.300%,
02/15/43
36,896
80,000
MGM
Resorts
International^
6.500%,
04/15/32
81,145
55,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
53,805
34,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
35,460
NCL
Corp.
Ltd.*
22,000
6.750%,
02/01/32
21,920
25,000
6.250%,
09/15/33^
24,213
20,000
5.875%,
01/15/31
19,481
Newell
Brands,
Inc.
22,000
8.500%,
06/01/28*
22,992
22,000
6.625%,
05/15/32^
21,370
20,000
6.375%,
05/15/30^
19,603
45,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
44,354
Patrick
Industries,
Inc.*
23,000
6.375%,
11/01/32
23,193
37,000
4.750%,
05/01/29
36,371
Penn
Entertainment,
Inc.*
45,000
6.750%,
04/01/31
44,630
25,000
4.125%,
07/01/29^
23,785
20,000
QVC,
Inc.@
0.000%,
08/15/34
9,673
4,767
Rite
Aid
Corp.
0.000%,
08/30/34
—
45,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
45,824
45,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
45,936
26,250
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
135
11,295
SGUS
LLC*@
0.000%,
12/15/29
1,970
43,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*
4.625%,
03/01/29
41,547
45,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
44,405
39,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.^
5.250%,
07/15/29
37,558
117
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
43,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
$
43,768
25,000
Sonic
Automotive,
Inc.*
4.625%,
11/15/29
24,473
34,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
33,886
30,000
Staples,
Inc.*
10.750%,
09/01/29
28,742
70,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
66,232
45,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
46,708
28,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
28,330
10,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
10,541
21,000
Voyager
Parent
LLC*
9.250%,
07/01/32
22,383
45,000
Whirlpool
Corp.^
6.500%,
06/15/33
43,125
20,000
William
Carter
Co.*
7.375%,
02/15/31
20,584
40,000
Windsor
Holdings
III
LLC*
8.500%,
06/15/30
41,849
2,879,481
Consumer
Staples
(0.6%)
41,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
40,027
18,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
18,717
43,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*^
8.375%,
06/15/32
43,258
Brink's
Co.*
23,000
6.750%,
06/15/32
23,609
25,000
6.500%,
06/15/29
25,584
51,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
48,013
45,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
45,247
53,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
50,670
Energizer
Holdings,
Inc.*
23,000
6.000%,
09/15/33^
22,002
49,000
4.375%,
03/31/29
47,181
25,000
Industrial
F&B
Investments
III,
Inc.*
7.750%,
02/11/33
25,286
45,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*
7.125%,
04/30/33
45,545
MPH
Acquisition
Holdings
LLC*
38,898
6.750%,
03/31/31
26,341
17,076
5.750%,
12/31/30
14,190
PRINCIPAL
AMOUNT
a
a
VALUE
a
33,000
New
Albertsons
LP
7.750%,
06/15/26
$
33,107
45,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
44,087
Post
Holdings,
Inc.*
39,000
6.375%,
03/01/33
39,024
43,000
6.250%,
02/15/32
43,932
42,000
Prestige
Brands,
Inc.*
3.750%,
04/01/31
38,820
58,000
RR
Donnelley
&
Sons
Co.*
9.500%,
08/01/29
59,858
27,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
27,034
34,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
33,650
795,182
Energy
(1.4%)
34,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
34,228
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
45,000
6.625%,
10/15/32
46,245
35,000
6.625%,
07/15/33
36,013
Buckeye
Partners
LP
16,000
6.875%,
07/01/29*
16,527
33,000
6.750%,
02/01/30*
34,140
25,000
5.850%,
11/15/43
22,912
45,000
CNX
Resources
Corp.*
5.875%,
03/01/34
44,664
50,000
Continental
Resources,
Inc.
4.900%,
06/01/44
40,067
35,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
35,816
Enbridge,
Inc.^‡
31,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
32,815
20,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
21,408
Energy
Transfer
LP‡
20,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
20,566
40,000
6.943%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
39,876
32,000
Series
H,
6.500%,
11/15/26
,
5
yr.
CMT
+
5.694%
32,143
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
31,000
8.875%,
04/15/30
32,505
20,000
8.000%,
05/15/33
21,080
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
10,000
6.875%,
05/15/34
10,061
10,000
6.250%,
04/15/32
9,942
45,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
46,967
55,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
56,012
118
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
20,000
Kodiak
Gas
Services
LLC*
5.875%,
04/01/31
$
20,161
45,000
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
6.875%,
12/01/32
46,595
41,000
Matador
Resources
Co.*
6.500%,
04/15/32
41,880
60,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
62,712
45,000
Oceaneering
International,
Inc.
6.000%,
02/01/28
45,177
20,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
19,929
50,000
Plains
All
American
Pipeline
LP
Series
B‡
8.024%,
05/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
50,025
45,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
46,963
60,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
62,779
Sunoco
LP*
35,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
36,287
70,000
6.625%,
08/15/32
71,581
45,000
6.250%,
07/01/33
45,990
45,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
46,005
40,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
39,499
TransCanada
PipeLines
Ltd.‡
10,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
10,080
20,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
20,104
Transocean
International
Ltd.*
40,000
8.500%,
05/15/31
42,357
34,000
7.875%,
10/15/32
36,460
Venture
Global
LNG,
Inc.*
20,000
9.875%,
02/01/32
21,474
20,000
9.500%,
02/01/29
21,839
78,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
77,152
55,000
8.375%,
06/01/31
57,334
35,000
8.125%,
06/01/28
35,827
23,000
7.000%,
01/15/30^
23,688
Venture
Global
Plaquemines
LNG
LLC*
45,000
6.500%,
01/15/34
47,170
35,000
6.500%,
06/15/34
36,558
11,000
6.125%,
12/15/30
11,352
45,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
44,895
67,000
WBI
Operating
LLC*
6.500%,
10/15/33
67,789
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
$
46,704
59,000
Wildfire
Intermediate
Holdings
LLC*
7.500%,
10/15/29
60,790
1,931,143
Financials
(1.5%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
34,000
8.250%,
02/01/29
34,131
35,000
6.750%,
07/01/32
34,527
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
65,000
7.375%,
10/01/32
63,939
45,000
6.500%,
10/01/31
45,429
Ally
Financial,
Inc.‡
45,000
Series
D,
7.100%,
08/15/31††
,
5
yr.
CMT
+
3.148%
44,986
59,000
Series
B,
4.700%,
05/15/26
,
5
yr.
CMT
+
3.868%
58,919
20,000
Series
C,
4.700%,
05/15/28^
,
7
yr.
CMT
+
3.481%
19,223
46,000
AmWINS
Group,
Inc.*
4.875%,
06/30/29
44,520
20,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
19,566
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
40,000
8.375%,
02/01/34
39,518
33,000
8.000%,
12/31/32
34,527
45,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
46,089
65,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
65,867
45,000
Blackstone
Mortgage
Trust,
Inc.*
7.750%,
12/01/29
47,789
Brandywine
Operating
Partnership
LP
23,000
8.875%,
04/12/29
24,106
42,000
6.125%,
01/15/31^
39,119
59,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
61,863
78,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
76,845
33,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
32,315
40,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
40,673
40,000
Corebridge
Financial,
Inc.‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
39,809
Credit
Acceptance
Corp.*
30,000
9.250%,
12/15/28
31,337
119
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
40,000
6.625%,
03/15/30
$
39,891
45,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
44,275
45,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
47,382
20,000
Enstar
Group
Ltd.*‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
20,813
First
Citizens
BancShares,
Inc.‡
10,000
Series
B,
7.908%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
10,072
30,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
30,182
23,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
23,185
HUB
International
Ltd.*
33,000
7.375%,
01/31/32
33,846
40,000
7.250%,
06/15/30
41,393
31,000
5.625%,
12/01/29
30,702
20,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
20,033
48,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
49,864
10,000
MetLife,
Inc.^‡
5.850%,
03/15/56
,
5
yr.
CMT
+
1.817%
9,871
20,000
Newmark
Group,
Inc.
7.500%,
01/12/29
21,073
OneMain
Finance
Corp.
23,000
6.750%,
03/15/32
23,023
45,000
6.750%,
09/15/33
44,350
43,000
6.500%,
03/15/33
42,152
20,000
Osaic
Holdings,
Inc.*
8.000%,
08/01/33
20,389
40,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
40,898
55,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
57,271
Reinsurance
Group
of
America,
Inc.‡
20,000
6.650%,
09/15/55^
,
5
yr.
CMT
+
2.392%
20,362
20,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
19,600
Rocket
Cos.,
Inc.*
34,000
6.375%,
08/01/33
34,541
23,000
6.125%,
08/01/30
23,375
42,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*
3.875%,
03/01/31
39,029
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
$
45,490
11,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
11,396
55,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
57,962
75,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
76,589
52,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
49,625
23,000
UWM
Holdings
LLC*
6.250%,
03/15/31
21,382
23,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
24,154
40,000
Wells
Fargo
&
Co.
Series
GG^‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
40,162
45,000
XHR
LP*
6.625%,
05/15/30
46,122
2,105,551
Health
Care
(0.6%)
64,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
65,558
CHS/Community
Health
Systems,
Inc.*
29,000
10.875%,
01/15/32
31,185
25,000
6.875%,
04/15/29
24,606
88,000
6.125%,
04/01/30^
78,290
5,000
5.250%,
05/15/30
4,726
DaVita,
Inc.*
43,000
6.875%,
09/01/32
44,433
49,000
4.625%,
06/01/30
47,475
52,000
3.750%,
02/15/31
48,286
Embecta
Corp.*
11,000
6.750%,
02/15/30
10,430
33,000
5.000%,
02/15/30^
31,042
Encompass
Health
Corp.
20,000
4.750%,
02/01/30
19,697
20,000
4.500%,
02/01/28
19,863
25,000
IQVIA,
Inc.*
6.250%,
06/01/32
25,536
63,000
Medline
Borrower
LP*
5.250%,
10/01/29
62,728
200,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
198,872
Tenet
Healthcare
Corp.
70,000
6.875%,
11/15/31
74,588
34,000
5.500%,
11/15/32*
33,983
821,298
Industrials
(0.8%)
50,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
51,373
50,000
ACCO
Brands
Corp.*
4.250%,
03/15/29
44,699
120
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Arcosa,
Inc.*
22,000
6.875%,
08/15/32
$
22,875
25,000
4.375%,
04/15/29
24,393
Bombardier,
Inc.*
25,000
8.750%,
11/15/30
26,582
13,000
7.250%,
07/01/31
13,687
15,000
7.000%,
06/01/32
15,676
11,000
6.750%,
06/15/33
11,491
44,000
BWX
Technologies,
Inc.*
4.125%,
04/15/29
42,844
65,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
65,653
10,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
10,068
9,167
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
9,178
Deluxe
Corp.*
20,000
8.125%,
09/15/29
20,896
58,000
8.000%,
06/01/29
58,705
EnerSys*
20,000
6.625%,
01/15/32
20,582
25,000
4.375%,
12/15/27
24,747
EquipmentShare.com,
Inc.*
25,000
8.625%,
05/15/32
26,525
15,000
8.000%,
03/15/33
15,741
Graphic
Packaging
International
LLC*
30,000
4.750%,
07/15/27
29,806
20,000
3.500%,
03/01/29
18,965
Herc
Holdings,
Inc.*
23,000
7.250%,
06/15/33
24,093
23,000
7.000%,
06/15/30
23,948
23,000
6.625%,
06/15/29
23,587
34,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
17,241
70,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
69,285
52,000
Novelis
Corp.*
4.750%,
01/30/30
49,867
45,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
45,716
40,000
Sensata
Technologies,
Inc.*
3.750%,
02/15/31
37,245
Standard
Building
Solutions,
Inc.*
10,000
6.500%,
08/15/32
10,115
34,000
6.250%,
08/01/33
34,014
45,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
47,145
TransDigm,
Inc.*
15,000
7.125%,
12/01/31
15,571
45,000
6.875%,
12/15/30
46,421
35,000
6.750%,
08/15/28
35,505
29,000
6.625%,
03/01/32
29,825
10,266
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
10,033
34,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
34,660
PRINCIPAL
AMOUNT
a
a
VALUE
a
Williams
Scotsman,
Inc.*
15,000
6.625%,
06/15/29
$
15,407
27,000
4.625%,
08/15/28
26,721
1,150,885
Information
Technology
(0.4%)
Block,
Inc.*
11,000
6.000%,
08/15/33
11,003
20,000
5.625%,
08/15/30
20,030
32,000
CACI
International,
Inc.*
6.375%,
06/15/33
32,768
30,000
Cloud
Software
Group,
Inc.*
6.625%,
08/15/33
26,934
23,000
Coherent
Corp.*
5.000%,
12/15/29
22,772
Fair
Isaac
Corp.*
17,000
6.000%,
05/15/33
16,783
26,000
4.000%,
06/15/28
25,410
50,000
KBR,
Inc.*
4.750%,
09/30/28
49,229
10,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
10,400
34,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
33,144
20,000
Open
Text
Corp.*
6.900%,
12/01/27
20,464
Open
Text
Holdings,
Inc.*
10,000
4.125%,
02/15/30
9,016
26,000
4.125%,
12/01/31
22,223
60,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
58,179
Twilio,
Inc.^
11,000
3.875%,
03/15/31
10,300
30,000
3.625%,
03/15/29
28,853
52,000
UKG,
Inc.*
6.875%,
02/01/31
50,635
65,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
61,946
45,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
45,894
40,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
32,540
588,523
Materials
(0.6%)
45,000
Avient
Corp.*
6.250%,
11/01/31
45,667
45,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
45,830
35,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
37,146
44,000
Century
Aluminum
Co.*
6.875%,
08/01/32
45,613
Chemours
Co.*
37,000
8.000%,
01/15/33
38,208
23,000
7.875%,
03/15/34
23,545
75,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
66,120
121
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
$
46,513
70,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
46,419
45,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
46,848
55,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
55,159
45,000
Knife
River
Corp.*
7.750%,
05/01/31
46,808
Mercer
International,
Inc.
18,000
12.875%,
10/01/28*
9,063
48,000
5.125%,
02/01/29
19,545
45,000
Olin
Corp.*
6.625%,
04/01/33
44,680
45,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
46,061
56,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
55,102
45,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
44,762
45,000
Terex
Corp.*
6.250%,
10/15/32
45,739
18,333
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
456
WR
Grace
Holdings
LLC*
10,000
7.000%,
08/01/33
9,994
43,000
6.625%,
08/15/32
42,718
861,996
Other
(0.3%)
15,581
Claritev
Corp.
Series
B*
6.750%,
03/31/31
10,211
EchoStar
Corp.
105,945
10.750%,
11/30/29
114,988
44,123
6.750%,
11/30/30
44,832
25,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
25,153
22,000
Graham
Holdings
Co.*
5.625%,
12/01/33
21,795
40,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
42,505
45,000
Rfna
LP*
7.875%,
02/15/30
44,601
45,000
SM
Energy
Co.*^
7.000%,
08/01/32
46,217
22,000
Synergy
Infrastructure
Holdings
LLC*
7.875%,
12/01/30
23,146
373,448
Real
Estate
(0.1%)
22,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
22,119
PRINCIPAL
AMOUNT
a
a
VALUE
a
30,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
$
29,291
31,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
30,298
81,708
Special
Purpose
Acquisition
Companies
(0.0%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
35,000
6.750%,
01/15/30
33,902
23,000
4.625%,
01/15/29
22,404
56,306
Utilities
(0.2%)
25,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
25,507
20,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
20,439
31,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
32,370
20,000
Emera
U.S.
Finance
LLC
Series
A‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
20,072
35,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
36,063
35,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
35,604
20,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
19,919
33,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
34,168
16,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.627%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
15,771
Vistra
Corp.*‡
10,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
10,097
20,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
20,092
10,000
Xcel
Energy,
Inc.‡
5.750%,
12/03/56
,
5
yr.
CMT
+
2.168%
9,896
279,998
TOTAL
CORPORATE
BONDS
(Cost
$13,237,016)
13,120,326
122
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
SOVEREIGN
BONDS
(3.5%)
Other
(3.5%)
17,250,000
MXN
Mexico
Bonos
7.750%,
05/29/31
$
950,239
12,600,000
MXN
Mexico
Bonos
8.500%,
03/02/28
731,692
12,490,000
MXN
Mexico
Bonos
8.500%,
02/28/30
715,452
15,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
7.000%,
02/28/31
852,900
14,000,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.000%,
01/31/30
835,773
14,750,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.250%,
03/31/32
875,235
TOTAL
SOVEREIGN
BONDS
(Cost
$5,068,682)
4,961,291
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(88.1%)
Communication
Services
(8.8%)
14,360
Alphabet,
Inc.
-
Class
Aµ
5,525,728
14,910
AST
SpaceMobile,
Inc.#µ
1,101,849
553
Audacy,
Inc.#
1,659
310
Cumulus
Media,
Inc.
-
Class
A#
1
1,280
Meta
Platforms,
Inc.
-
Class
Aµ
783,245
5,430
Millicom
International
Cellular
SAµ
460,898
22,494
ZAR
MTN
Group
Ltd.
283,156
925
Optimum
Communications,
Inc.
-
Class
A#^
1,462
284,800
SGD
Singapore
Telecommunications
Ltd.~
1,031,488
30,900
KRW
SK
Telecom
Co.
Ltd.
1,728,463
3,000
JPY
SKY
Perfect
JSAT
Corp.~
65,498
20,000
JPY
SoftBank
Group
Corp.~
683,176
9,100
BRL
TIM
SA
47,321
7,610
Walt
Disney
Co.µ
789,538
12,503,482
Consumer
Discretionary
(7.2%)
38,655
HKD
Alibaba
Group
Holding
Ltd.
(ADR)^
678,040
9,425
Amazon.com,
Inc.#µ
2,498,190
4,500
INR
Bharat
Forge
Ltd.
90,105
3,000
JPY
BuySell
Technologies
Co.
Ltd.
64,297
8,575
KRW
Hyundai
Motor
Co.
3,108,092
45,700
HKD
JD.com,
Inc.
-
Class
A~
692,361
33,500
HKD
Li
Ning
Co.
Ltd.~
87,216
280
EUR
LVMH
Moet
Hennessy
Louis
Vuitton
SE~
149,579
34,000
HKD
Minth
Group
Ltd.~
148,691
2,200
JPY
Nextage
Co.
Ltd.~
48,291
NUMBER
OF
SHARES
b
b
VALUE
b
11,570
NIO,
Inc.
(ADR)#
$
73,932
700
JPY
Open
House
Group
Co.
Ltd.~
41,198
70
Rite
Aid
Corp.#
70
64,000
HKD
Sands
China
Ltd.~
134,282
4,200
EUR
Schaeffler
AG
39,932
2,885
Tesla,
Inc.#µ
1,101,003
14,130
Viking
Holdings
Ltd.#µ
1,157,388
4,940
EUR
Westwing
Group
SE#
77,053
23,000
HKD
Zhongsheng
Group
Holdings
Ltd.~
20,995
10,210,715
Consumer
Staples
(1.5%)
1,500
Constellation
Brands,
Inc.
-
Class
Aµ
234,870
700
CNY
Kweichow
Moutai
Co.
Ltd.
-
Class
A
141,884
7,775
Philip
Morris
International,
Inc.µ
1,283,419
2,485
PriceSmart,
Inc.µ
389,946
2,050,119
Energy
(3.0%)
1,830
Cameco
Corp.
225,163
7,550
CAD
CES
Energy
Solutions
Corp.µ
107,496
180
Cheniere
Energy
Partners
LP
12,063
11,900
Denison
Mines
Corp.#^
45,577
2,552
Energy
Transfer
LP
51,525
1,160
Enterprise
Products
Partners
LP
44,892
341
EP
Energy
Corp.#
341
7,800
Exxon
Mobil
Corp.µ
1,203,774
18,200
Halliburton
Co.µ
769,860
23,380
TechnipFMC
PLCµ
1,766,827
4,227,518
Financials
(10.1%)
59,000
EUR
Alpha
Bank
SA
236,781
42,190
Banco
Bradesco
SA
(ADR)
163,697
3,650
EUR
Bank
of
Cyprus
Holdings
PLC
39,554
6,510
EUR
BAWAG
Group
AG*µ
1,114,842
1,115
ZAR
Capitec
Bank
Holdings
Ltd.
289,453
8,000
Citigroup,
Inc.µ
1,023,840
550
Credicorp
Ltd.
178,294
9,380
EUR
Erste
Group
Bank
AGµ
1,036,452
38,300
EUR
Eurobank
SA
166,645
1,215
Goldman
Sachs
Group,
Inc.^µ
1,122,381
1,980
Grupo
Cibest
SA
(ADR)
135,016
32,198
Itau
Unibanco
Holding
SA
(ADR)
280,123
3,425
JPMorgan
Chase
&
Co.µ
1,072,813
11,885
KRW
KB
Financial
Group,
Inc.
1,301,468
7,353
KRW
Mirae
Asset
Securities
Co.
Ltd.
326,605
7,000
JPY
Mizuho
Financial
Group,
Inc.~
301,019
4,450
INR
Multi
Commodity
Exchange
of
India
Ltd.
140,084
1,600
JPY
Nishi-Nippon
Financial
Holdings,
Inc.~
40,175
33,500
JPY
ORIX
Corp.~
1,127,492
1,275
HUF
OTP
Bank
Nyrt
171,014
1,170
GBP
Plus500
Ltd.~
71,070
123
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
1,100
EUR
Revo
Insurance
SpA
$
32,921
110,620
MYR
RHB
Bank
Bhd.
226,727
1,945
KRW
Samsung
Life
Insurance
Co.
Ltd.
330,804
4,000
JPY
Shiga
Bank
Ltd.~
49,315
29,300
INR
Shriram
Finance
Ltd.
291,764
2,400
CAD
Stack
Capital
Group,
Inc.#
47,246
25,739
INR
State
Bank
of
India
292,087
29,000
Sumitomo
Mitsui
Financial
Group,
Inc.
(ADR)
615,670
1,580
ILS
Tel
Aviv
Stock
Exchange
Ltd.
79,502
25,575
EUR
UniCredit
SpA~
1,976,497
14,281,351
Health
Care
(5.7%)
2,200
JPY
Asahi
Intecc
Co.
Ltd.~
46,294
310
Ascendis
Pharma
AS
(ADR)#µ
71,108
7,270
GBP
AstraZeneca
PLC~
1,379,281
4,300
Cardinal
Health,
Inc.µ
829,384
1,755
Eli
Lilly
&
Co.µ
1,640,223
3,300
Gilead
Sciences,
Inc.µ
431,772
1,310
Humana,
Inc.µ
309,736
4,905
Johnson
&
Johnsonµ
1,127,414
19,829
Novo
Nordisk
AS
(ADR)
837,180
27,130
Royalty
Pharma
PLC
-
Class
Aµ
1,358,942
8,031,334
Industrials
(14.0%)
889
Ardagh
Holdings
SA#
6,365
11,083
GBP
Ceres
Power
Holdings
PLC#^~
93,773
330
Comfort
Systems
USA,
Inc.µ
607,282
8,200
CNY
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
526,369
3,800
KRW
Daewoo
Engineering
&
Construction
Co.
Ltd.#
91,070
2,315
KRW
Doosan
Enerbility
Co.
Ltd.#
201,758
1,020
DKK
DSV
ASµ
250,859
310
EUR
Exail
Technologies
SA#~
45,110
1,570
EUR
Exosens
SAS~
119,893
11,500
JPY
FANUC
Corp.~
507,990
470
DKK
FLSmidth
&
Co.
ASµ
34,908
15,000
JPY
Fujikura
Ltd.~
578,745
2,010
GE
Vernova,
Inc.µ
2,177,755
380
KRW
Hanwha
Aerospace
Co.
Ltd.
365,009
33,100
JPY
Harmonic
Drive
Systems,
Inc.~
1,128,430
190
KRW
HD
Hyundai
Heavy
Industries
Co.
Ltd.
88,482
1,140
INR
Hitachi
Energy
India
Ltd.
405,188
520
EUR
HOCHTIEF
AGµ
279,671
916
KRW
Hyosung
Heavy
Industries
Corp.
2,467,530
210
KRW
Hyundai
Glovis
Co.
Ltd.
32,425
1,530
GBP
IMI
PLC~
58,275
171,000
HKD
Impro
Precision
Industries
Ltd.*
227,768
20,650
PHP
International
Container
Terminal
Services,
Inc.
239,326
24,300
JPY
Kandenko
Co.
Ltd.~
1,060,003
NUMBER
OF
SHARES
b
b
VALUE
b
2,100
TWD
Kinik
Co.
$
36,603
16,600
INR
KRN
Heat
Exchanger
&
Refrigeration
Ltd.#
228,821
28,400
JPY
Mitsubishi
Electric
Corp.~
1,139,720
9,700
JPY
Mitsubishi
Heavy
Industries
Ltd.~
289,505
8,350
INR
MTAR
Technologies
Ltd.#*
590,904
4,350
SEK
Munters
Group
AB*
95,899
200
JPY
Nitto
Boseki
Co.
Ltd.~
36,746
360
EUR
Pfisterer
Holding
SE#
43,829
220
KRW
Rainbow
Robotics#
100,187
112,405
GBP
Rolls-Royce
Holdings
PLC~
1,808,771
1,440
KRW
Samsung
C&T
Corp.
294,198
14,700
CNY
Shanghai
International
Airport
Co.
Ltd.
-
Class
A
58,714
3,410
EUR
Siemens
Energy
AGµ
722,653
4,800
CNY
Sieyuan
Electric
Co.
Ltd.
-
Class
A
137,459
1,105
KRW
SK
Square
Co.
Ltd.#
643,111
6,050
TWD
Syntec
Technology
Co.
Ltd.
491,303
4,740
Waste
Management,
Inc.µ
1,102,287
96,100
CNY
Weichai
Power
Co.
Ltd.
-
Class
A
441,994
19,856,688
Information
Technology
(34.1%)
3,400
Advanced
Micro
Devices,
Inc.#µ
1,205,266
2,000
JPY
Advantest
Corp.~
373,437
21,300
SGD
AEM
Holdings
Ltd.#
123,586
9,600
TWD
All
Ring
Tech
Co.
Ltd.
366,615
4,300
TWD
Asia
Vital
Components
Co.
Ltd.
393,679
1,680
ASML
Holding
NVµ
2,417,503
971
TWD
ASPEED
Technology,
Inc.
521,983
830
CNY
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.
-
Class
A
42,709
4,048
Broadcom,
Inc.^
1,689,757
7,100
TWD
Chroma
ATE,
Inc.
485,145
34,700
TWD
Compeq
Manufacturing
Co.
Ltd.
270,589
13,300
TWD
Delta
Electronics,
Inc.
932,668
3,400
TWD
Elite
Material
Co.
Ltd.
506,616
430
Fabrinet#µ
293,892
100
KRW
Hyundai
Autoever
Corp.
30,899
1,500
JPY
Ibiden
Co.
Ltd.~
128,295
13,725
EUR
Indra
Sistemas
SA^µ
789,385
18,535
Intel
Corp.#µ
1,751,187
2,410
EUR
Jenoptik
AG
94,843
1,700
JPY
Kioxia
Holdings
Corp.#~
411,330
6,100
HKD
Knowledge
Atlas
Technology
JSC
Ltd.
-
Class
H#
697,154
97,000
CAD
Kraken
Robotics,
Inc.#^
557,713
4,700
TWD
LandMark
Optoelectronics
Corp.
407,692
300
Lumentum
Holdings,
Inc.#µ
270,696
4,400
TWD
MediaTek,
Inc.
367,319
1,000
JPY
Micronics
Japan
Co.
Ltd.~
84,076
4,025
Microsoft
Corp.µ
1,641,314
5,020
HKD
Minimax
Group,
Inc.#^
469,013
7,750
CNY
Montage
Technology
Co.
Ltd.
-
Class
A
199,021
124
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
4,200
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
$
332,272
370
ILS
Next
Vision
Stabilized
Systems
Ltd.
42,413
28,090
Nokia
OYJ
(ADR)
362,642
31,380
NVIDIA
Corp.^
6,262,507
3,300
JPY
Optex
Group
Co.
Ltd.~
61,386
3,845
Palantir
Technologies,
Inc.
-
Class
A#
534,878
550
TWD
Phison
Electronics
Corp.
34,417
900
KRW
Robotis
Co.
Ltd.#
195,789
975
KRW
Samsung
Electro-Mechanics
Co.
Ltd.
559,343
36,160
KRW
Samsung
Electronics
Co.
Ltd.
5,445,247
180
KRW
Samsung
SDI
Co.
Ltd.#
85,249
200
JPY
Seikoh
Giken
Co.
Ltd.
37,192
16,400
CNY
Shengyi
Technology
Co.
Ltd.
-
Class
A
185,911
1,890
KRW
SK
Hynix,
Inc.
1,685,442
6,200
EUR
STMicroelectronics
NV
337,840
5,000
CNY
Suzhou
TFC
Optical
Communication
Co.
Ltd.
-
Class
A
226,027
182,240
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
12,651,438
4,890
Tower
Semiconductor
Ltd.#µ
1,080,934
19,800
TWD
Tripod
Technology
Corp.
285,263
4,100
TWD
Universal
Microwave
Technology,
Inc.
203,992
1,300
JPY
Yamaichi
Electronics
Co.
Ltd.~
86,736
48,220,300
Materials
(2.1%)
34,367
CAD
Alamos
Gold,
Inc.
-
Class
A^µ
1,371,290
2,900
JPY
Carlit
Co.
Ltd.~
50,651
15,090
Cemex
SAB
de
CV
(ADR)
185,607
50,500
HKD
China
Hongqiao
Group
Ltd.~
213,769
17,740
CAD
Hudbay
Minerals,
Inc.µ
410,344
2,560
KRW
HVM
Co.
Ltd.#
154,538
23,890
AUD
Lynas
Rare
Earths
Ltd.#^µ
338,907
1,399
Southern
Copper
Corp.µ
240,194
15,200
AUD
Westgold
Resources
Ltd.µ
60,362
3,025,662
Real
Estate
(0.2%)
206,000
MYR
IOI
Properties
Group
Bhd.
215,591
15,800
HKD
Kerry
Properties
Ltd.~
48,091
263,682
Utilities
(1.4%)
88,000
INR
Adani
Power
Ltd.#
207,284
23,100
BRL
Axia
Energia
SA
289,461
330
EUR
Grenergy
Renovables
SA#^
46,832
8,790
EUR
Iberdrola
SA^µ
206,075
4,300
EUR
Italgas
SpA^~
51,943
NUMBER
OF
SHARES
b
b
VALUE
b
33,290
GBP
SSE
PLC~
$
1,191,927
1,993,522
TOTAL
COMMON
STOCKS
(Cost
$104,827,578)
124,664,373
CONVERTIBLE
PREFERRED
STOCKS
(6.5%)
Industrials
(2.8%)
54,190
Boeing
Co.
6.000%,
10/15/27
3,912,518
Information
Technology
(1.1%)
7,700
Microchip
Technology,
Inc.
7.500%,
03/15/28
605,759
19,700
Oracle
Corp.#
6.500%,
01/15/29
958,799
1,564,558
Utilities
(2.6%)#
25,200
NextEra
Energy,
Inc.
7.375%,
02/15/29
1,323,504
26,700
PPL
Corp.
7.000%,
02/15/29
1,346,748
20,940
Southern
Co.
7.125%,
12/15/28
1,089,508
3,759,760
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$9,318,157)
9,236,836
EXCHANGE-TRADED
FUNDS
(3.3%)
Other
(3.3%)
45,865
Invesco
Senior
Loan
ETF^
943,902
43,630
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF^
1,822,425
73,000
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF^
1,865,880
4,632,207
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$4,675,866)
4,632,207
PREFERRED
STOCKS
(0.0%)
Communication
Services
(0.0%)
1,882
Qwest
Corp.
6.500%,
09/01/56
34,535
340
Telephone
&
Data
Systems,
Inc.
6.625%,
05/29/26
7,286
T-Mobile
USA,
Inc.#µ
289
5.500%,
03/01/70
6,416
33
5.500%,
06/01/70
732
125
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
355
6.250%,
09/01/69
$
8,857
57,826
TOTAL
PREFERRED
STOCKS
(Cost
$54,680)
57,826
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
1
1
TOTAL
WARRANTS
(Cost
$1,002)
1
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(2.1%)#
Consumer
Discretionary
(0.0%)
4
717,052
MercadoLibre,
Inc.
Call,
05/15/26,
Strike
$1,900.00
17,160
293
532,674
Norwegian
Cruise
Line
Holdings
Ltd.
Call,
05/15/26,
Strike
$25.00
1,172
18,332
Consumer
Staples
(0.3%)
227
1,458,021
Darling
Ingredients,
Inc.
Call,
07/17/26,
Strike
$45.00
433,570
Information
Technology
(0.9%)
127
3,446,145
Apple,
Inc.
Call,
11/20/26,
Strike
$275.00
289,877
50
2,087,150
Broadcom,
Inc.
Call,
06/18/26,
Strike
$400.00
202,750
1,217
1,571,147
Nokia
OYJ
Call,
06/18/26,
Strike
$8.00
596,330
97
1,935,829
NVIDIA
Corp.
Call,
06/18/26,
Strike
$200.00
122,705
1,211,662
Long
Call
Option
(0.1%)
2,456
7,065,912
KraneShares
CSI
China
Internet
ETF
Call,
06/18/26,
Strike
$33.00
61,400
181
398,743
Petroleo
Brasileiro
SA
-
Petrobras
Call,
06/18/26,
Strike
$20.00
45,431
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
41
348,008
Sea
Ltd.
Call,
05/15/26,
Strike
$95.00
$
10,455
117,286
Materials
(0.0%)
40
686,760
Southern
Copper
Corp.
Call,
06/18/26,
Strike
$180.00
34,800
Other
(0.8%)
264
17,628,336
Invesco
QQQ
Trust
Put,
05/15/26,
Strike
$595.00
13,332
160
10,683,840
Invesco
QQQ
Trust
Put,
05/15/26,
Strike
$600.00
9,520
847
8,666,504
iShares
MSCI
EAFE
ETF
Put,
12/18/26,
Strike
$99.00
401,901
1,495
15,296,840
iShares
MSCI
EAFE
ETF
Put,
05/15/26,
Strike
$100.00
95,680
1,369
8,760,231
iShares
MSCI
Emerging
Markets
ETF
Put,
11/20/26,
Strike
$60.00
445,610
1,203
7,697,997
iShares
MSCI
Emerging
Markets
ETF
Put,
05/15/26,
Strike
$62.00
77,594
1,511
7,467,362
iShares
MSCI
India
ETF
Call,
06/18/26,
Strike
$52.00
79,327
1,122,964
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$3,274,047)
2,938,614
TOTAL
INVESTMENTS
(136.9%)
(Cost
$170,236,596)
193,722,767
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-9.2%)
(
13,000,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-27.7%)
(
39,215,267
)
NET
ASSETS
(100.0%)
$
141,507,500
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.
!
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
April
30,
2026.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$73,243,278.
126
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
*
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
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$554,194.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
@
In
default
status
and
considered
non-income
producing.
#
Non-income
producing
security.
FOREIGN
CURRENCY
ABBREVIATIONS
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CNY
Chinese
Yuan
Renminbi
DKK
Danish
Krone
EUR
European
Monetary
Unit
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
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
TWD
New
Taiwan
Dollar
ZAR
South
African
Rand
ABBREVIATION
ADR
American
Depositary
Receipt
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
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.
COUNTRY
EXPOSURE
April
30,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
94,230,981
48
.1
%
South
Korea
19,725,286
10
.2
%
Taiwan
17,955,321
9
.3
%
Japan
9,816,398
5
.0
%
All
other
countries
less
than
5%
$
51,994,781
27
.4
%
Total
Investments
$193,722,767
100
.0
%
Country
exposure
may
vary
over
time.
127
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
April
30,
2026
(unaudited)
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
1):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Bank
Loans
50
$
—
$
1,956,337
$
—
$
1,956,337
Convertible
Bonds
40
—
32,154,956
—
32,154,956
Corporate
Bonds
385
—
13,120,326
—
13,120,326
Sovereign
Bonds
6
—
4,961,291
—
4,961,291
Common
Stocks
203
56,464,978
68,199,395
—
124,664,373
Convertible
Preferred
Stocks
6
9,236,836
—
—
9,236,836
Exchange-Traded
Funds
3
4,632,207
—
—
4,632,207
Preferred
Stocks
5
57,826
—
—
57,826
Warrants
4
1
—
—
1
Exchange-Traded
Purchased
Options
18
2,938,614
—
—
2,938,614
Total
$
73,330,462
$
120,392,305
$
—
$
193,722,767
SECTOR
WEIGHTINGS
Information
Technology
29
.3
%
Industrials
15
.3
Financials
10
.2
Consumer
Discretionary
7
.4
Communication
Services
7
.3
Health
Care
6
.1
Other
5
.6
Utilities
5
.5
Energy
4
.1
Materials
2
.9
Consumer
Staples
2
.1
Real
Estate
0
.7
Airlines
0
.1
Long
Call
Option
0
.1
Special
Purpose
Acquisition
Companies
0.0
Sector
weightings
are
based
on
total
investments
and
may
vary
over
time.
Sector
Weightings
exclude
any
government/
sovereign
bonds
or
options
on
broad
market
indexes
the
Fund
may
hold.
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
128
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.1%)
Other
(0.1%)
145,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$140,370)
$
143,297
BANK
LOANS
(3.6%)i
Communication
Services
(0.6%)
240,000
Altice
France
SA!
2025
USD
Term
Loan
B14,
0.000%,
05/31/31
244,931
142,559
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.548%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
145,487
74,041
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.767%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
58,863
6,482
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.767%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
6,441
88,646
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.902%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
88,742
110,330
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.767%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
110,893
65,728
DirecTV
Financing
LLC‡
2024
Term
Loan,
9.175%,
08/02/29
3
mo.
USD
Term
SOFR
+
5.250%
66,000
204,080
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.542%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
199,387
185,000
Level
3
Financing,
Inc.‡
2025
Repriced
Term
Loan
B4,
6.902%,
03/29/32
1
mo.
USD
Term
SOFR
+
3.250%
185,858
111,952
TripAdvisor,
Inc.‡
Term
Loan,
6.402%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
105,179
70,000
Versant
Media
Group,
Inc.!
Term
Loan
B,
0.000%,
01/30/31
70,228
180,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.200%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
180,585
80,000
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
80,341
PRINCIPAL
AMOUNT
a
a
VALUE
a
29,923
ViaSat,
Inc.‡
2023
Term
Loan,
8.267%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
$
30,051
185,000
Virgin
Media
Bristol
LLC!
2020
USD
Term
Loan
Q,
0.000%,
01/31/29
181,609
1,754,595
Consumer
Discretionary
(0.7%)
188,100
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
7.012%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
188,335
189,525
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.950%,
09/12/32
3
mo.
USD
Term
SOFR
+
3.250%
190,651
89,775
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.924%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
90,407
110,275
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.902%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
107,289
113,563
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.663%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
85,456
149,250
Clarios
Global
LP‡
2025
USD
Term
Loan
B,
6.402%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.750%
150,152
187,632
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.657%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
188,424
128,473
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.152%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
129,357
182,500
PetSmart,
Inc.‡
2023
USD
Term
Loan
B,
7.652%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
183,470
176,400
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.652%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
177,057
111,026
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.404%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
111,477
189,525
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.950%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
189,823
129
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
190,000
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.442%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
$
185,517
180,755
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.402%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
180,484
2,157,899
Consumer
Staples
(0.6%)
341,435
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.652%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
343,356
99,250
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.152%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
98,712
137,900
B&G
Foods,
Inc.‡
2024
Term
Loan
B,
7.152%,
10/10/29
1
mo.
USD
Term
SOFR
+
3.500%
133,548
209,125
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.402%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
210,596
271,302
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.902%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
264,722
16,847
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.413%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
16,866
184,075
Opal
Bidco
SAS‡
USD
Term
Loan
B4,
6.700%,
04/28/32
3
mo.
USD
Term
SOFR
+
3.000%
185,034
290,394
Star
Parent,
Inc.‡
Term
Loan
B,
7.700%,
09/27/30
3
mo.
USD
Term
SOFR
+
4.000%
290,848
188,577
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.663%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
189,093
90,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.902%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
90,858
84,843
United
Natural
Foods,
Inc.‡
2024
Term
Loan,
8.402%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.750%
85,458
1,909,091
PRINCIPAL
AMOUNT
a
a
VALUE
a
Energy
(0.1%)
277,120
Par
Petroleum
LLC‡
2025
Term
Loan
B,
6.933%,
02/28/30
3
mo.
USD
Term
SOFR
+
3.250%
$
278,202
Financials
(0.4%)
132,653
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.152%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
131,908
117,906
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.152%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
117,301
237,000
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.450%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
227,283
136,850
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.652%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
137,107
138,103
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.902%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
138,899
115,000
Jupiter
Borrower,
Inc.!
Term
Loan
B,
0.000%,
03/25/33
115,575
40,000
Lockton,
Inc.!
Term
Loan
B,
0.000%,
04/22/33
40,150
180,000
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.200%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
180,220
1,088,443
Health
Care
(0.1%)
204,672
Padagis
LLC‡
Term
Loan
B,
8.689%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
193,927
Industrials
(0.6%)
178,582
ACProducts,
Inc.‡
2021
Term
Loan
B,
8.211%,
05/17/28
3
mo.
USD
Term
SOFR
+
4.250%
145,393
189,050
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.688%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
190,784
183,837
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.402%,
09/08/32
1
mo.
USD
Term
SOFR
+
2.750%
183,864
130
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
119,208
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.200%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
$
119,556
252,105
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
5.950%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
252,742
181,776
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.402%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
179,101
183,150
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.902%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
183,511
372,908
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.152%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
373,885
95,000
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.152%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
95,264
1,724,100
Information
Technology
(0.3%)
238,170
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.673%,
07/30/31
3
mo.
USD
Term
SOFR
+
3.000%
221,151
222,600
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.402%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
209,591
75,214
Coherent
Corp.‡
2025
Term
Loan
B2,
5.402%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
75,496
178,000
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
178,267
222,340
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.402%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
212,595
142,862
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.652%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
143,040
1,040,140
Materials
(0.1%)
89,775
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.152%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
89,730
199,133
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.902%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
185,941
PRINCIPAL
AMOUNT
a
a
VALUE
a
131,445
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.434%,
05/03/28
3
mo.
USD
Term
SOFR
+
2.500%
$
18,768
294,439
Other
(0.1%)
283,920
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.152%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
285,215
Special
Purpose
Acquisition
Companies
(0.0%)
45,000
Sword
Purchaser
LLC!
USD
Term
Loan
B,
0.000%,
04/11/33
43,762
90,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.652%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
87,525
131,287
TOTAL
BANK
LOANS
(Cost
$11,072,856)
10,857,338
CORPORATE
BONDS
(36.1%)
Airlines
(0.2%)
127,995
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*~µ
4.800%,
02/15/29
128,007
153,440
American
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.950%,
01/11/32
146,265
129,438
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
125,292
JetBlue
Pass-Through
Trust
31,406
Series
2019,
Class
B,
8.000%,
05/15/29
30,956
143,014
Series
1B,
Class
B,
7.750%,
05/15/30
143,517
574,037
Communication
Services
(2.3%)
225,000
APi
Group
DE,
Inc.*µ
4.750%,
10/15/29
220,691
380,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
394,729
162,000
Cincinnati
Bell
Telephone
Co.
LLC
6.300%,
12/01/28
164,910
Clear
Channel
Outdoor
Holdings,
Inc.*µ
90,000
7.875%,
04/01/30
93,815
105,000
7.500%,
03/15/33
110,363
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
71,116
350,000
4.500%,
11/15/31
206,661
131
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
71,000
DirecTV
Financing
LLC*µ
8.875%,
02/01/30
$
72,394
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*µ
65,000
10.000%,
02/15/31
67,664
72,000
5.875%,
08/15/27
72,055
Discovery
Global
Holdings,
Inc.
90,000
5.050%,
03/15/42
64,631
45,000
4.279%,
03/15/32
40,776
95,000
EW
Scripps
Co.*µ
9.875%,
08/15/30
95,348
290,000
Frontier
California,
Inc.
Series
Fµ
6.750%,
05/15/27
295,272
48,000
Frontier
Communications
Holdings
LLC*µ
8.750%,
05/15/30
49,151
292,000
Frontier
Florida
LLC
Series
Eµ
6.860%,
02/01/28
301,940
280,000
Frontier
North,
Inc.
Series
Gµ
6.730%,
02/15/28
288,425
165,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*~µ
3.500%,
03/01/29
154,433
Gray
Media,
Inc.*µ
95,000
7.250%,
08/15/33
96,852
100,000
5.375%,
11/15/31
78,367
185,000
Hughes
Satellite
Systems
Corp.µ
5.250%,
08/01/26
168,171
45,000
iHeartCommunications,
Inc.*µ
7.750%,
08/15/30
43,333
48,000
Level
3
Financing,
Inc.*µ
7.000%,
03/31/34
49,935
113,000
Lumen
Technologies,
Inc.
Series
Pµ
7.600%,
09/15/39
108,228
95,000
Neptune
Bidco
U.S.,
Inc.*µ
9.290%,
04/15/29
96,128
Paramount
Global~µ
291,000
6.375%,
03/30/62‡
,
5
yr.
CMT
+
3.999%
225,961
180,000
4.900%,
08/15/44
118,478
95,000
PR
RNO
Property
Owner
1
LLC*††
6.500%,
05/01/31
94,216
Rogers
Communications,
Inc.‡
300,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
309,891
285,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
291,133
320,000
5.250%,
03/15/82*~
,
5
yr.
CMT
+
3.590%
318,448
Scripps
Escrow
II,
Inc.*µ
48,000
5.375%,
01/15/31
37,242
95,000
3.875%,
01/15/29~
90,109
95,000
Sinclair
Television
Group,
Inc.*µ
8.125%,
02/15/33
98,444
Sirius
XM
Radio
LLC*
90,000
5.875%,
04/15/32
88,623
233,000
3.875%,
09/01/31^~
211,298
PRINCIPAL
AMOUNT
a
a
VALUE
a
TELUS
Corp.‡
170,000
7.000%,
10/15/55
,
5
yr.
CMT
+
2.709%
$
176,067
430,000
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
435,418
Time
Warner
Cable
LLC
70,000
7.300%,
07/01/38~
73,263
100,000
6.550%,
05/01/37
100,593
82,000
T-Mobile
USA,
Inc.µ
6.700%,
12/15/33
89,933
185,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*~µ
6.500%,
02/15/29
181,861
95,000
Univision
Communications,
Inc.*µ
8.500%,
07/31/31
96,503
265,000
Vodafone
Group
PLC~‡
7.000%,
04/04/79
,
5
yr.
USD
Swap
+
4.873%
276,141
6,719,010
Consumer
Discretionary
(4.5%)
280,000
Adams
Homes,
Inc.*µ
9.250%,
10/15/28
289,884
Adient
Global
Holdings
Ltd.*µ
155,000
8.250%,
04/15/31
162,011
95,000
7.500%,
02/15/33
97,273
Advance
Auto
Parts,
Inc.*µ
48,000
7.375%,
08/01/33
49,512
85,000
7.000%,
08/01/30
87,744
120,000
American
Airlines
Pass-Through
Trust
Series
B††
5.750%,
11/10/36
120,122
140,000
American
Axle
&
Manufacturing,
Inc.*µ
7.750%,
10/15/33
136,984
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
95,000
6.875%,
08/01/33
93,620
167,000
4.625%,
08/01/29
159,959
Bath
&
Body
Works,
Inc.µ
51,000
7.500%,
06/15/29
51,826
100,000
6.875%,
11/01/35
98,732
125,000
6.625%,
10/01/30*
126,791
200,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
195,950
Caesars
Entertainment,
Inc.*
163,000
6.000%,
10/15/32^
146,206
118,000
4.625%,
10/15/29~
113,969
Carnival
Corp.*µ
234,000
6.125%,
02/15/33
237,622
89,000
4.000%,
08/01/28~
87,021
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*µ
190,000
7.000%,
02/01/33
187,532
57,000
5.125%,
05/01/27
57,030
185,000
4.750%,
03/01/30~
175,539
96,000
4.750%,
02/01/32~
86,002
190,000
4.500%,
08/15/30
177,348
186,000
4.250%,
02/01/31~
168,905
132
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
240,000
4.250%,
01/15/34
$
201,353
190,000
Century
Communities,
Inc.*
6.625%,
09/15/33
189,289
Churchill
Downs,
Inc.*µ
92,000
6.750%,
05/01/31
94,163
96,000
5.750%,
04/01/30~
95,892
143,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*µ
6.750%,
09/15/32
146,292
235,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.375%,
04/15/34
234,892
102,000
Dana,
Inc.µ
4.500%,
02/15/32
96,379
DISH
DBS
Corp.µ
307,000
7.375%,
07/01/28
300,357
88,000
5.125%,
06/01/29
81,044
186,000
DISH
Network
Corp.*µ
11.750%,
11/15/27
191,976
200,000
Empire
Resorts,
Inc.*µ
7.750%,
11/01/26
195,838
200,000
Flutter
Treasury
DAC*µ
5.875%,
06/04/31
199,186
190,000
Ford
Motor
Co.
6.100%,
08/19/32
193,665
Ford
Motor
Credit
Co.
LLC~µ
235,000
7.200%,
06/10/30
248,599
300,000
4.000%,
11/13/30
281,883
90,000
General
Motors
Co.~
5.200%,
04/01/45
78,815
General
Motors
Financial
Co.,
Inc.‡
293,000
Series
B,
6.500%,
09/30/28
,
3
mo.
USD
LIBOR
+
3.436%
292,180
615,000
Series
C,
5.700%,
09/30/30~
,
5
yr.
CMT
+
4.997%
606,316
goeasy
Ltd.*µ
116,000
7.625%,
07/01/29
103,997
190,000
6.875%,
02/15/31
157,998
Goodyear
Tire
&
Rubber
Co.µ
272,000
5.625%,
04/30/33^
244,177
100,000
5.250%,
07/15/31
91,033
Group
1
Automotive,
Inc.*µ
115,000
6.375%,
01/15/30
116,846
79,000
4.000%,
08/15/28~
76,967
358,709
Guitar
Center,
Inc.‡
12.000%,
08/19/32
107,613
91,000
Kohl's
Corp.
5.550%,
07/17/45
55,174
190,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
11,318
190,000
Life
Time,
Inc.*µ
6.000%,
11/15/31
192,823
173,000
Light
&
Wonder
International,
Inc.*µ
6.250%,
10/01/33
171,984
185,000
Lindblad
Expeditions
LLC*µ
7.000%,
09/15/30
190,173
90,000
Lithia
Motors,
Inc.*µ
5.500%,
10/01/30
89,600
PRINCIPAL
AMOUNT
a
a
VALUE
a
125,000
M/I
Homes,
Inc.µ
3.950%,
02/15/30
$
118,843
Macy's
Retail
Holdings
LLC
135,000
6.700%,
07/15/34*
128,893
230,000
4.300%,
02/15/43
154,293
370,000
MGM
Resorts
International^
6.500%,
04/15/32
375,295
242,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*~
4.875%,
05/01/29
236,744
139,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*µ
8.250%,
04/15/30
144,970
NCL
Corp.
Ltd.*µ
95,000
6.750%,
02/01/32
94,653
107,000
6.250%,
09/15/33
103,632
90,000
5.875%,
01/15/31
87,666
Newell
Brands,
Inc.µ
95,000
8.500%,
06/01/28*
99,285
95,000
6.625%,
05/15/32^
92,279
90,000
6.375%,
05/15/30
88,212
190,000
Nissan
Motor
Acceptance
Co.
LLC*µ
6.125%,
09/30/30
187,273
Patrick
Industries,
Inc.*µ
95,000
6.375%,
11/01/32
95,798
170,000
4.750%,
05/01/29
167,110
Penn
Entertainment,
Inc.*µ
190,000
6.750%,
04/01/31
188,436
110,000
4.125%,
07/01/29
104,655
95,000
QVC,
Inc.@
0.000%,
08/15/34
45,945
20,067
Rite
Aid
Corp.
0.000%,
08/30/34
—
190,000
Rivers
Enterprise
Borrower
LLC*µ
6.250%,
10/15/30
193,479
190,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*µ
6.625%,
02/01/33
193,954
105,000
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
542
45,181
SGUS
LLC*@
0.000%,
12/15/29
7,879
175,000
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed*µ
4.625%,
03/01/29
169,085
180,000
Six
Flags
Entertainment
Corp.*~µ
7.250%,
05/15/31
177,619
115,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.µ
5.250%,
07/15/29
110,747
190,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*µ
8.625%,
01/15/32
193,395
102,000
Sonic
Automotive,
Inc.*µ
4.625%,
11/15/29
99,852
133
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
141,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*µ
4.875%,
11/01/27
$
140,529
140,000
Staples,
Inc.*µ
10.750%,
09/01/29
134,130
300,000
Starz
Capital
Holdings
1,
Inc.*µ
6.000%,
04/15/30
283,851
185,000
STL
Holding
Co.
LLC*µ
8.750%,
02/15/29
192,021
119,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
120,404
45,000
Viking
Cruises
Ltd.*µ
9.125%,
07/15/31
47,434
90,000
Voyager
Parent
LLC*µ
9.250%,
07/01/32
95,927
190,000
Whirlpool
Corp.
6.500%,
06/15/33
182,085
90,000
William
Carter
Co.*µ
7.375%,
02/15/31
92,627
180,000
ZF
North
America
Capital,
Inc.*µ
7.500%,
03/24/31
180,846
13,575,792
Consumer
Staples
(1.4%)
179,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
174,751
90,000
Amneal
Pharmaceuticals
LLC*µ
6.875%,
08/01/32
93,585
172,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*µ
8.375%,
06/15/32
173,034
200,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
198,704
Brink's
Co.*µ
92,000
6.750%,
06/15/32
94,437
100,000
6.500%,
06/15/29
102,338
218,000
Central
Garden
&
Pet
Co.*µ
4.125%,
04/30/31
205,232
490,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
492,685
213,000
Edgewell
Personal
Care
Co.*~µ
4.125%,
04/01/29
203,636
Energizer
Holdings,
Inc.*
95,000
6.000%,
09/15/33^
90,879
218,000
4.375%,
03/31/29~
209,908
95,000
Industrial
F&B
Investments
III,
Inc.*µ
7.750%,
02/11/33
96,088
190,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*µ
7.125%,
04/30/33
192,301
655,000
Land
O'
Lakes,
Inc.*
7.000%,
09/18/28
561,898
MPH
Acquisition
Holdings
LLC*
163,376
6.750%,
03/31/31
110,633
78,641
5.750%,
12/31/30
65,350
PRINCIPAL
AMOUNT
a
a
VALUE
a
190,000
Performance
Food
Group,
Inc.*µ
5.625%,
03/01/34
$
186,143
Post
Holdings,
Inc.*µ
162,000
6.375%,
03/01/33
162,099
187,000
6.250%,
02/15/32~
191,054
182,000
Prestige
Brands,
Inc.*~
3.750%,
04/01/31
168,221
260,000
RR
Donnelley
&
Sons
Co.*µ
9.500%,
08/01/29
268,328
120,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
120,151
143,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
141,528
4,302,983
Energy
(4.7%)
143,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*µ
6.000%,
02/01/34
143,960
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*µ
190,000
6.625%,
10/15/32
195,255
145,000
6.625%,
07/15/33
149,198
Buckeye
Partners
LPµ
70,000
6.875%,
07/01/29*
72,307
140,000
6.750%,
02/01/30*
144,837
135,000
5.850%,
11/15/43
123,722
190,000
CNX
Resources
Corp.*µ
5.875%,
03/01/34
188,583
215,000
Continental
Resources,
Inc.µ
4.900%,
06/01/44
172,286
140,000
Crescent
Energy
Finance
LLC*µ
7.375%,
01/15/33
143,263
Enbridge,
Inc.‡
137,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
145,023
599,000
7.375%,
01/15/83~
,
5
yr.
CMT
+
3.708%
614,227
347,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
371,429
820,000
Series
20-A,
5.750%,
07/15/80~
,
5
yr.
CMT
+
5.314%
825,789
Energy
Transfer
LP‡
345,000
8.000%,
05/15/54
,
5
yr.
CMT
+
4.020%
366,249
370,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
380,475
125,000
6.943%,
11/01/66~
,
3
mo.
USD
Term
SOFR
+
3.279%
124,613
435,000
Series
H,
6.500%,
11/15/26~
,
5
yr.
CMT
+
5.694%
436,944
Enterprise
Products
Operating
LLCµ‡
185,000
Series
D,
6.900%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.248%
184,349
135,000
Series
E,
5.250%,
08/16/77~
,
3
mo.
USD
Term
SOFR
+
3.295%
134,814
134
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.µ
196,000
8.875%,
04/15/30~
$
205,518
95,000
8.000%,
05/15/33
100,129
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*µ
45,000
6.875%,
05/15/34
45,272
45,000
6.250%,
04/15/32
44,740
185,000
Howard
Midstream
Energy
Partners
LLC*µ
7.375%,
07/15/32
193,084
235,000
Infinity
Natural
Resources
LLC*µ
7.625%,
04/01/31
239,324
95,000
Kodiak
Gas
Services
LLC*µ
5.875%,
04/01/31
95,766
190,000
Magnolia
Oil
&
Gas
Operating
LLC/Magnolia
Oil
&
Gas
Finance
Corp.*µ
6.875%,
12/01/32
196,734
180,000
Matador
Resources
Co.*µ
6.500%,
04/15/32
183,865
250,000
Nabors
Industries,
Inc.*µ
7.625%,
11/15/32
261,300
192,000
Oceaneering
International,
Inc.µ
6.000%,
02/01/28
192,755
Phillips
66
Co.µ‡
160,000
Series
B,
6.200%,
03/15/56
,
5
yr.
CMT
+
2.166%
160,515
265,000
Series
A,
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
264,062
750,000
Plains
All
American
Pipeline
LP
Series
B‡
8.024%,
05/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
750,375
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
486,000
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
507,204
190,000
7.500%,
03/01/55
,
5
yr.
CMT
+
3.667%
200,906
256,000
Summit
Midstream
Holdings
LLC*µ
8.625%,
10/31/29
267,858
Sunoco
LP*µ
610,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
632,436
285,000
6.625%,
08/15/32
291,438
190,000
6.250%,
07/01/33
194,180
190,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*µ
6.750%,
03/15/34
194,243
180,000
TGNR
Intermediate
Holdings
LLC*~µ
5.500%,
10/15/29
177,746
TransCanada
PipeLines
Ltd.µ‡
380,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
383,032
277,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
278,443
Transocean
International
Ltd.*µ
165,000
8.500%,
05/15/31
174,723
PRINCIPAL
AMOUNT
a
a
VALUE
a
143,000
7.875%,
10/15/32
$
153,347
Venture
Global
LNG,
Inc.*
90,000
9.875%,
02/01/32~
96,630
90,000
9.500%,
02/01/29~
98,275
923,000
9.000%,
09/30/29~‡
,
5
yr.
CMT
+
5.440%
912,967
230,000
8.375%,
06/01/31~
239,759
140,000
8.125%,
06/01/28~
143,308
100,000
7.000%,
01/15/30
102,993
Venture
Global
Plaquemines
LNG
LLC*
190,000
6.500%,
01/15/34
199,160
135,000
6.500%,
06/15/34
141,007
48,000
6.125%,
12/15/30
49,537
145,000
VOC
Escrow
Ltd.*~µ
5.000%,
02/15/28
144,662
275,000
WBI
Operating
LLC*µ
6.500%,
10/15/33
278,239
190,000
Weatherford
International
Ltd.*µ
6.750%,
10/15/33
197,193
259,000
Wildfire
Intermediate
Holdings
LLC*µ
7.500%,
10/15/29
266,855
14,176,903
Financials
(13.0%)
Acrisure
LLC/Acrisure
Finance,
Inc.*µ
150,000
8.250%,
02/01/29~
150,576
145,000
6.750%,
07/01/32
143,041
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trustµ‡
475,000
6.950%,
03/10/55
,
5
yr.
CMT
+
2.720%
492,608
480,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
488,875
520,000
Aircastle
Ltd.
Series
A*‡
5.250%,
06/15/26
,
5
yr.
CMT
+
4.410%
519,667
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*µ
285,000
7.375%,
10/01/32
280,349
190,000
6.500%,
10/01/31
191,813
400,000
Allianz
SE*µ‡
5.600%,
09/03/54
,
5
yr.
CMT
+
2.771%
398,600
360,000
Allstate
Corp.
Series
Bµ‡
6.852%,
08/15/53
,
3
mo.
USD
Term
SOFR
+
3.200%
360,068
Ally
Financial,
Inc.µ‡
1,130,000
Series
D,
7.100%,
08/15/31††
,
5
yr.
CMT
+
3.148%
1,129,638
1,171,000
Series
B,
4.700%,
05/15/26~
,
5
yr.
CMT
+
3.868%
1,169,396
680,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
653,589
335,000
American
Express
Co.
Series
Dµ‡
3.550%,
09/15/26
,
5
yr.
CMT
+
2.854%
332,092
135
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
199,000
AmWINS
Group,
Inc.*µ
4.875%,
06/30/29
$
192,596
95,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*µ
7.500%,
07/15/33
92,938
1,263,000
ARES
Finance
Co.
III
LLC*µ‡
4.125%,
06/30/51
,
5
yr.
CMT
+
3.237%
1,253,338
Asurion
LLC/Asurion
Co-Issuer,
Inc.*µ
175,000
8.375%,
02/01/34
172,893
150,000
8.000%,
12/31/32
156,939
694,000
AXIS
Specialty
Finance
LLCµ‡
4.900%,
01/15/40
,
5
yr.
CMT
+
3.186%
678,489
190,000
Azorra
Finance
Ltd.*µ
7.250%,
01/15/31
194,600
270,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*µ
7.125%,
05/15/31
273,602
Bank
of
America
Corp.µ‡
675,000
Series
OO,
6.625%,
05/01/30
,
5
yr.
CMT
+
2.684%
695,952
646,000
Series
TT,
6.125%,
04/27/27~
,
5
yr.
CMT
+
3.231%
650,864
150,000
Beacon
Funding
Trust*
6.266%,
08/15/54
149,094
190,000
Blackstone
Mortgage
Trust,
Inc.*µ
7.750%,
12/01/29
201,778
480,000
BP
Capital
Markets
PLCµ‡
4.875%,
03/22/30
,
5
yr.
CMT
+
4.398%
476,280
Brandywine
Operating
Partnership
LPµ
92,000
8.875%,
04/12/29
96,422
186,000
6.125%,
01/15/31
173,242
237,000
Bread
Financial
Holdings,
Inc.*µ‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
248,499
330,000
Broadstreet
Partners
Group
LLC*~µ
5.875%,
04/15/29
325,113
140,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*µ
4.500%,
04/01/27
137,094
200,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
164,382
Capital
One
Financial
Corp.‡
505,000
Series
O,
5.500%,
10/30/27
,
3
mo.
USD
Term
SOFR
+
3.338%
502,773
1,213,000
Series
M,
3.950%,
09/01/26^~
,
5
yr.
CMT
+
3.157%
1,203,320
Charles
Schwab
Corp.~‡
170,000
Series
I,
4.000%,
06/01/26
,
5
yr.
CMT
+
3.168%
169,886
338,000
Series
H,
4.000%,
12/01/30
,
10
yr.
CMT
+
3.079%
314,925
PRINCIPAL
AMOUNT
a
a
VALUE
a
Citigroup,
Inc.‡
270,000
Series
AA,
7.625%,
11/15/28
,
5
yr.
CMT
+
3.211%
$
280,633
345,000
Series
BB,
7.200%,
05/15/29
,
5
yr.
CMT
+
2.905%
352,135
330,000
Series
FF,
6.950%,
02/15/30
,
5
yr.
CMT
+
2.726%
335,884
505,000
Series
GG,
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
513,494
336,000
Series
HH,
6.625%,
02/15/31
,
5
yr.
CMT
+
3.001%
339,914
675,000
Series
JJ,
6.500%,
05/15/31
,
5
yr.
CMT
+
2.745%
679,036
830,000
Citizens
Financial
Group,
Inc.
Series
G‡
4.000%,
10/06/26
,
5
yr.
CMT
+
3.215%
821,119
Corebridge
Financial,
Inc.µ‡
270,000
6.875%,
12/15/52
,
5
yr.
CMT
+
3.846%
274,325
510,000
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
507,567
Credit
Acceptance
Corp.*µ
125,000
9.250%,
12/15/28~
130,570
180,000
6.625%,
03/15/30
179,509
190,000
CrossCountry
Intermediate
HoldCo
LLC*µ
6.500%,
10/01/30
186,941
180,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*µ
8.875%,
09/01/31
189,529
500,000
Depository
Trust
&
Clearing
Corp.
Series
D*µ‡
3.375%,
06/20/26
,
5
yr.
CMT
+
2.606%
497,715
690,000
Enstar
Finance
LLC~µ‡
5.500%,
01/15/42
,
5
yr.
CMT
+
4.006%
682,030
265,000
Enstar
Group
Ltd.*µ‡
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
275,770
First
Citizens
BancShares,
Inc.‡
370,000
Series
B,
7.908%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
372,653
775,000
Series
D,
7.000%,
12/15/30~
,
5
yr.
CMT
+
3.301%
779,704
95,000
GGAM
Finance
Ltd.*µ
5.875%,
03/15/30
95,763
Goldman
Sachs
Group,
Inc.‡
180,000
Series
X,
7.500%,
05/10/29
,
5
yr.
CMT
+
2.809%
187,949
300,000
6.850%,
02/10/30
,
5
yr.
CMT
+
2.461%
308,922
HUB
International
Ltd.*µ
137,000
7.375%,
01/31/32~
140,513
141,000
5.625%,
12/01/29
139,646
Huntington
Bancshares,
Inc.‡
254,000
Series
K,
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
254,419
136
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
395,000
Series
F,
5.625%,
07/15/30
,
10
yr.
CMT
+
4.945%
$
400,163
765,000
Series
G,
4.450%,
10/15/27~
,
7
yr.
CMT
+
4.045%
753,709
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*µ
200,000
6.625%,
10/15/31
195,098
200,000
5.000%,
08/15/28
191,834
JPMorgan
Chase
&
Co.‡
335,000
Series
PP,
6.100%,
07/01/31††
,
5
yr.
CMT
+
2.080%
335,000
775,000
Series
KK,
3.650%,
06/01/26~
,
5
yr.
CMT
+
2.850%
774,117
680,000
KeyCorp
Series
D~‡
5.000%,
09/15/26
,
3
mo.
USD
Term
SOFR
+
3.868%
674,193
211,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*µ
7.000%,
07/15/31
219,193
1,284,000
Liberty
Mutual
Group,
Inc.*~‡
4.125%,
12/15/51
,
5
yr.
CMT
+
3.315%
1,269,863
M&T
Bank
Corp.‡
200,000
Series
F,
5.125%,
11/01/26~
,
3
mo.
USD
Term
SOFR
+
3.782%
199,498
160,000
Series
I,
3.500%,
09/01/26
,
5
yr.
CMT
+
2.679%
157,709
MetLife,
Inc.µ
150,000
6.400%,
12/15/66
153,991
195,000
5.850%,
03/15/56‡
,
5
yr.
CMT
+
1.817%
192,483
95,000
Newmark
Group,
Inc.µ
7.500%,
01/12/29
100,098
250,000
Northern
Trust
Corp.
Series
Dµ‡
4.600%,
10/01/26
,
3
mo.
USD
Term
SOFR
+
3.464%
249,157
OneMain
Finance
Corp.µ
95,000
6.750%,
03/15/32
95,096
190,000
6.750%,
09/15/33
187,254
185,000
6.500%,
03/15/33
181,352
93,000
Osaic
Holdings,
Inc.*µ
8.000%,
08/01/33
94,810
180,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*µ
7.000%,
02/01/30
184,039
858,000
PartnerRe
Finance
B
LLC~‡
4.500%,
10/01/50
,
5
yr.
CMT
+
3.815%
824,727
PNC
Financial
Services
Group,
Inc.µ‡
360,000
Series
V,
6.200%,
09/15/27
,
5
yr.
CMT
+
3.238%
363,776
165,000
Series
U,
6.000%,
05/15/27~
,
5
yr.
CMT
+
3.000%
165,474
630,000
Series
T,
3.400%,
09/15/26
,
5
yr.
CMT
+
2.595%
622,705
PRINCIPAL
AMOUNT
a
a
VALUE
a
238,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*µ
9.750%,
09/15/29
$
247,827
Reinsurance
Group
of
America,
Inc.µ‡
430,000
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
437,774
255,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
249,903
Rocket
Cos.,
Inc.*µ
143,000
6.375%,
08/01/33
145,274
96,000
6.125%,
08/01/30
97,564
183,000
Rocket
Mortgage
LLC/Rocket
Mortgage
Co-Issuer,
Inc.*~µ
3.875%,
03/01/31
170,056
190,000
Starwood
Property
Trust,
Inc.*µ
6.000%,
04/15/30
192,069
340,000
State
Street
Corp.
Series
J^‡
6.700%,
09/15/29
,
5
yr.
CMT
+
2.628%
352,485
45,000
Stonex
Escrow
Issuer
LLC*µ
6.875%,
07/15/32
46,620
230,000
StoneX
Group,
Inc.*µ
7.875%,
03/01/31
242,388
330,000
TrueNoord
Capital
DAC*µ
8.750%,
03/01/30
336,993
Truist
Financial
Corp.~‡
530,000
Series
N,
6.669%,
09/01/26
,
5
yr.
CMT
+
3.003%
531,102
256,000
Series
Q,
5.100%,
03/01/30
,
10
yr.
CMT
+
4.349%
257,917
U.S.
Bancorp‡
655,000
Series
J,
5.300%,
04/15/27~
,
3
mo.
USD
Term
SOFR
+
3.176%
653,742
175,000
Series
N,
3.700%,
01/15/27
,
5
yr.
CMT
+
2.541%
172,144
221,000
United
Wholesale
Mortgage
LLC*~µ
5.500%,
04/15/29
210,907
95,000
UWM
Holdings
LLC*µ
6.250%,
03/15/31
88,317
92,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*µ
7.500%,
06/15/31
96,616
Wells
Fargo
&
Co.‡
1,160,000
7.625%,
09/15/28~
,
5
yr.
CMT
+
3.606%
1,218,893
990,000
Series
GG,
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
994,000
190,000
XHR
LP*µ
6.625%,
05/15/30
194,739
38,883,740
Health
Care
(1.1%)
278,000
Acadia
Healthcare
Co.,
Inc.*^µ
7.375%,
03/15/33
284,769
CHS/Community
Health
Systems,
Inc.*
109,000
10.875%,
01/15/32
117,212
137
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
108,000
6.875%,
04/15/29
$
106,297
377,000
6.125%,
04/01/30~
335,402
24,000
5.250%,
05/15/30
22,683
DaVita,
Inc.*µ
182,000
6.875%,
09/01/32
188,066
197,000
4.625%,
06/01/30~
190,869
222,000
3.750%,
02/15/31~
206,142
Embecta
Corp.*µ
48,000
6.750%,
02/15/30
45,514
144,000
5.000%,
02/15/30~
135,458
Encompass
Health
Corp.~
100,000
4.750%,
02/01/30
98,486
100,000
4.500%,
02/01/28
99,317
107,000
IQVIA,
Inc.*µ
6.250%,
06/01/32
109,292
278,000
Medline
Borrower
LP*~µ
5.250%,
10/01/29
276,802
350,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*µ
5.125%,
04/30/31
348,026
Tenet
Healthcare
Corp.µ
265,000
6.875%,
11/15/31
282,368
143,000
5.500%,
11/15/32*
142,927
230,000
Teva
Pharmaceutical
Finance
Netherlands
III
BVµ
5.125%,
05/09/29
230,764
3,220,394
Industrials
(1.6%)
208,000
AAR
Escrow
Issuer
LLC*µ
6.750%,
03/15/29
213,714
220,000
ACCO
Brands
Corp.*~
4.250%,
03/15/29
196,676
Arcosa,
Inc.*µ
95,000
6.875%,
08/15/32
98,778
108,000
4.375%,
04/15/29
105,377
Bombardier,
Inc.*µ
90,000
8.750%,
11/15/30~
95,696
56,000
7.250%,
07/01/31
58,960
70,000
7.000%,
06/01/32
73,156
46,000
6.750%,
06/15/33
48,052
191,000
BWX
Technologies,
Inc.*µ
4.125%,
04/15/29
185,982
290,000
Cascades,
Inc./Cascades
USA,
Inc.*µ
6.750%,
07/15/30
292,914
50,000
Columbus
McKinnon
Corp.*µ
7.125%,
02/01/33
50,341
40,000
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*~µ
4.750%,
10/20/28
40,048
Deluxe
Corp.*µ
95,000
8.125%,
09/15/29
99,258
245,000
8.000%,
06/01/29
247,977
EnerSys*µ
90,000
6.625%,
01/15/32
92,617
85,000
4.375%,
12/15/27
84,141
EquipmentShare.com,
Inc.*µ
115,000
8.625%,
05/15/32
122,014
PRINCIPAL
AMOUNT
a
a
VALUE
a
72,000
8.000%,
03/15/33
$
75,557
88,000
Graphic
Packaging
International
LLC*µ
3.500%,
03/01/29
83,448
Herc
Holdings,
Inc.*µ
95,000
7.250%,
06/15/33
99,515
95,000
7.000%,
06/15/30
98,914
92,000
6.625%,
06/15/29
94,350
139,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
70,484
305,000
Ken
Garff
Automotive
LLC*µ
4.875%,
09/15/28
301,883
172,000
Novelis
Corp.*~
4.750%,
01/30/30
164,944
190,000
Quikrete
Holdings,
Inc.*µ
6.375%,
03/01/32
193,025
98,000
Sensata
Technologies,
Inc.*~
3.750%,
02/15/31
91,251
Standard
Building
Solutions,
Inc.*
50,000
6.500%,
08/15/32
50,575
143,000
6.250%,
08/01/33
143,059
195,000
Stanley
Black
&
Decker,
Inc.‡
6.707%,
03/15/60
,
5
yr.
CMT
+
2.657%
192,843
190,000
Stonepeak
Nile
Parent
LLC*µ
7.250%,
03/15/32
199,057
TransDigm,
Inc.*µ
70,000
7.125%,
12/01/31~
72,663
195,000
6.875%,
12/15/30~
201,156
140,000
6.750%,
08/15/28~
142,020
44,000
6.625%,
03/01/32
45,251
42,124
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
41,168
140,000
Waste
Pro
USA,
Inc.*µ
7.000%,
02/01/33
142,716
Williams
Scotsman,
Inc.*µ
75,000
6.625%,
06/15/29
77,034
107,000
4.625%,
08/15/28~
105,895
4,792,509
Information
Technology
(0.8%)
Block,
Inc.*
47,000
6.000%,
08/15/33
47,012
95,000
5.625%,
08/15/30
95,141
145,000
CACI
International,
Inc.*µ
6.375%,
06/15/33
148,479
143,000
Cloud
Software
Group,
Inc.*µ
6.625%,
08/15/33
128,385
112,000
Coherent
Corp.*~
5.000%,
12/15/29
110,888
Fair
Isaac
Corp.*
71,000
6.000%,
05/15/33
70,095
56,000
4.000%,
06/15/28~
54,730
210,000
KBR,
Inc.*µ
4.750%,
09/30/28
206,762
50,000
OAK-Eagle
Acquireco,
Inc.*µ
8.750%,
07/01/34
52,001
138
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
143,000
ON
Semiconductor
Corp.*~µ
3.875%,
09/01/28
$
139,401
90,000
Open
Text
Corp.*~µ
6.900%,
12/01/27
92,088
Open
Text
Holdings,
Inc.*µ
45,000
4.125%,
02/15/30
40,573
117,000
4.125%,
12/01/31~
100,005
265,000
TTM
Technologies,
Inc.*~µ
4.000%,
03/01/29
256,957
Twilio,
Inc.~µ
47,000
3.875%,
03/15/31
44,009
130,000
3.625%,
03/15/29
125,027
219,000
UKG,
Inc.*~µ
6.875%,
02/01/31
213,251
255,000
Viavi
Solutions,
Inc.*µ
3.750%,
10/01/29
243,018
185,000
Zebra
Technologies
Corp.*µ
6.500%,
06/01/32
188,674
175,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*~
3.875%,
02/01/29
142,364
2,498,860
Materials
(1.4%)
190,000
Avient
Corp.*µ
6.250%,
11/01/31
192,818
190,000
Capstone
Copper
Corp.*µ
6.750%,
03/31/33
193,505
165,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
175,118
188,000
Century
Aluminum
Co.*µ
6.875%,
08/01/32
194,892
Chemours
Co.*µ
160,000
8.000%,
01/15/33
165,224
96,000
7.875%,
03/15/34
98,272
345,000
Clearwater
Paper
Corp.*µ
4.750%,
08/15/28
304,152
190,000
Coeur
Mining,
Inc.*µ
6.875%,
04/01/32
196,388
250,000
Constellium
SE*µ
6.375%,
08/15/32
256,428
689,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
456,897
190,000
JW
Aluminum
Continuous
Cast
Co.*µ
10.250%,
04/01/30
197,803
235,000
Kaiser
Aluminum
Corp.*µ
5.875%,
03/01/34
235,679
185,000
Knife
River
Corp.*µ
7.750%,
05/01/31
192,433
Mercer
International,
Inc.
79,000
12.875%,
10/01/28*
39,778
199,000
5.125%,
02/01/29
81,029
190,000
Olin
Corp.*µ
6.625%,
04/01/33
188,647
190,000
Qnity
Electronics,
Inc.*µ
6.250%,
08/15/33
194,478
PRINCIPAL
AMOUNT
a
a
VALUE
a
80,000
Silgan
Holdings,
Inc.~
4.125%,
02/01/28
$
78,718
190,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
188,997
190,000
Terex
Corp.*µ
6.250%,
10/15/32
193,122
83,812
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
2,084
WR
Grace
Holdings
LLC*µ
50,000
7.000%,
08/01/33
49,968
182,000
6.625%,
08/15/32
180,804
4,057,234
Other
(1.5%)
250,000
1261229
BC
Ltd.*µ
10.000%,
04/15/32
258,440
200,000
Alumina
Pty.
Ltd.*µ
6.375%,
09/15/32
205,652
74,018
Claritev
Corp.
Series
B*
6.750%,
03/31/31
48,507
500,000
Compeer
Financial
ACA
Series
QIB*‡
7.875%,
02/15/31
,
5
yr.
CMT
+
4.155%
513,890
EchoStar
Corp.µ
460,080
10.750%,
11/30/29
499,352
189,587
6.750%,
11/30/30
192,634
845,000
Everest
Reinsurance
Holdings,
Inc.µ‡
6.299%,
05/01/67
,
3
mo.
USD
Term
SOFR
+
2.647%
805,581
90,000
Gen
Digital,
Inc.*µ
6.750%,
09/30/27
90,549
200,000
Genmab
AS/Genmab
Finance
LLC*µ
6.250%,
12/15/32
205,284
95,000
Graham
Holdings
Co.*
5.625%,
12/01/33
94,116
1,080,000
HA
Sustainable
Infrastructure
Capital,
Inc.~‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
1,147,640
215,000
Rfna
LP*µ
7.875%,
02/15/30
213,093
190,000
SM
Energy
Co.*µ
7.000%,
08/01/32
195,138
95,000
Synergy
Infrastructure
Holdings
LLC*µ
7.875%,
12/01/30
99,949
4,569,825
Real
Estate
(0.1%)
95,000
Forestar
Group,
Inc.*µ
6.500%,
03/15/33
95,513
125,000
Global
Net
Lease,
Inc.*~µ
4.500%,
09/30/28
122,046
139
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
143,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
$
139,764
357,323
Special
Purpose
Acquisition
Companies
(0.1%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*~µ
150,000
6.750%,
01/15/30
145,296
96,000
4.625%,
01/15/29
93,511
238,807
Utilities
(3.4%)
520,000
Algonquin
Power
&
Utilities
Corp.‡
4.750%,
01/18/82
,
5
yr.
CMT
+
3.249%
514,150
American
Electric
Power
Co.,
Inc.‡
170,000
7.050%,
12/15/54
,
5
yr.
CMT
+
2.750%
177,577
170,000
6.950%,
12/15/54
,
5
yr.
CMT
+
2.675%
181,562
125,000
3.875%,
02/15/62
,
5
yr.
CMT
+
2.675%
122,835
CenterPoint
Energy,
Inc.‡
120,000
Series
A,
7.000%,
02/15/55
,
5
yr.
CMT
+
3.254%
124,001
175,000
Series
B,
6.850%,
02/15/55^
,
5
yr.
CMT
+
2.946%
184,952
390,000
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
397,917
470,000
CMS
Energy
Corp.~‡
4.750%,
06/01/50
,
5
yr.
CMT
+
4.116%
460,468
Dominion
Energy,
Inc.µ‡
338,000
Series
A,
6.875%,
02/01/55
,
5
yr.
CMT
+
2.386%
351,162
440,000
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
449,653
287,000
Series
C,
4.350%,
01/15/27~
,
5
yr.
CMT
+
3.195%
284,555
485,000
Duke
Energy
Corp.µ‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
506,427
Emera
U.S.
Finance
LLC‡
170,000
Series
B,
6.850%,
10/01/56
,
5
yr.
CMT
+
2.648%
170,709
430,000
Series
A,
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
431,544
480,000
Emera,
Inc.
Series
16-A~‡
6.750%,
06/15/76
,
3
mo.
USD
LIBOR
+
5.440%
480,331
585,000
Entergy
Corp.µ‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
602,772
480,000
Evergy,
Inc.µ‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
488,285
Eversource
Energy‡
168,000
Series
B,
6.350%,
08/15/56
,
5
yr.
CMT
+
2.325%
168,012
PRINCIPAL
AMOUNT
a
a
VALUE
a
425,000
Series
A,
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
$
423,274
567,000
National
Rural
Utilities
Cooperative
Finance
Corp.µ‡
7.125%,
09/15/53
,
5
yr.
CMT
+
3.533%
590,377
NextEra
Energy
Capital
Holdings,
Inc.µ‡
340,000
6.750%,
06/15/54
,
5
yr.
CMT
+
2.457%
356,215
345,000
6.700%,
09/01/54
,
5
yr.
CMT
+
2.364%
354,443
279,000
3.800%,
03/15/82~
,
5
yr.
CMT
+
2.547%
272,416
484,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
501,129
314,000
PPL
Capital
Funding,
Inc.
Series
Aµ‡
6.627%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
309,516
Sempraµ‡
150,000
6.875%,
10/01/54
,
5
yr.
CMT
+
2.789%
152,629
170,000
6.400%,
10/01/54
,
5
yr.
CMT
+
2.632%
171,962
160,000
Southern
Co.
Series
21-A~‡
3.750%,
09/15/51
,
5
yr.
CMT
+
2.915%
159,333
Vistra
Corp.*‡
185,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
186,796
225,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
226,033
200,000
Xcel
Energy,
Inc.µ‡
5.750%,
12/03/56
,
5
yr.
CMT
+
2.168%
197,912
9,998,947
TOTAL
CORPORATE
BONDS
(Cost
$107,469,181)
107,966,364
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%
257,288
Other
(0.3%)
Farm
Credit
Bank
of
Texasµ‡
500,000
7.750%,
06/15/29
,
5
yr.
CMT
+
3.291%
521,171
500,000
7.000%,
09/15/30
,
5
yr.
CMT
+
3.010%
514,290
1,035,461
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$1,253,786)
1,292,749
140
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(71.5%)
Communication
Services
(4.5%)
3,316
Audacy,
Inc.#
$
9,948
1,322
Cumulus
Media,
Inc.
-
Class
A#
4
13,500
Meta
Platforms,
Inc.
-
Class
Aµ
8,260,785
3,935
Optimum
Communications,
Inc.
-
Class
A#µ
6,218
11,800
Spotify
Technology
SA#µ
5,269,290
13,546,245
Consumer
Discretionary
(7.6%)
48,500
DoorDash,
Inc.
-
Class
A#~µ
8,179,525
58,500
DR
Horton,
Inc.~µ
9,000,810
16,400
Home
Depot,
Inc.~µ
5,392,320
294
Rite
Aid
Corp.#
294
22,572,949
Energy
(2.3%)
94,000
Baker
Hughes
Co.µ
6,548,980
800
Cheniere
Energy
Partners
LP
53,616
11,058
Energy
Transfer
LP~
223,261
3,970
Enterprise
Products
Partners
LP~
153,639
6,979,496
Financials
(5.0%)
39,500
Citigroup,
Inc.µ
5,055,210
120,000
Wells
Fargo
&
Co.~
9,867,600
14,922,810
Health
Care
(0.9%)
43,000
Halozyme
Therapeutics,
Inc.#µ
2,737,380
Industrials
(31.5%)
3,292
Ardagh
Holdings
SA#
23,568
51,300
Boeing
Co.#µ
11,749,239
94,500
Booz
Allen
Hamilton
Holding
Corp.~µ
7,349,265
15,200
CACI
International,
Inc.
-
Class
A#µ
7,897,008
749,000
EUR
Deutsche
Lufthansa
AG~
6,417,762
61,500
Flowserve
Corp.µ
4,528,860
47,500
Johnson
Controls
International
PLCµ
6,936,425
27,500
L3Harris
Technologies,
Inc.µ
8,815,125
31,000
Regal
Rexnord
Corp.µ
6,665,930
18,300
EUR
Schneider
Electric
SE
5,823,220
127,000
Southwest
Airlines
Co.µ
4,815,840
112,000
Toast,
Inc.
-
Class
A#µ
3,194,240
36,000
Union
Pacific
Corp.µ
9,701,280
115,000
United
Airlines
Holdings,
Inc.#µ
10,350,000
94,267,762
Information
Technology
(17.3%)
32,600
Broadcom,
Inc.
13,608,218
24,000
Datadog,
Inc.
-
Class
A#µ
3,172,560
128,000
EUR
Infineon
Technologies
AG~
8,608,671
NUMBER
OF
SHARES
b
b
VALUE
b
15,100
Intuit,
Inc.µ
$
5,866,350
64,400
NVIDIA
Corp.~
12,852,308
15,900
Synopsys,
Inc.#µ
7,673,340
51,781,447
Materials
(2.4%)
22,400
Sherwin-Williams
Co.µ
7,204,064
TOTAL
COMMON
STOCKS
(Cost
$223,424,693)
214,012,153
CONVERTIBLE
PREFERRED
STOCK
(0.0%)
Utilities
(0.0%)
1,275
NextEra
Energy,
Inc.
7.375%,
02/15/29#
(Cost
$63,916)
66,963
PREFERRED
STOCKS
(3.5%)
Communication
Services
(0.9%)
10,760
Array
Digital
Infrastructure,
Inc.µ
6.250%,
09/01/69
215,846
AT&T,
Inc.µ
18,155
4.750%,
05/30/26
340,588
9,875
5.350%,
11/01/66
212,510
43,572
Qwest
Corp.
6.500%,
09/01/56
799,546
Telephone
&
Data
Systems,
Inc.µ
19,281
6.000%,
09/30/26
379,643
4,548
6.625%,
05/29/26
97,464
T-Mobile
USA,
Inc.#µ
12,303
5.500%,
03/01/70
273,127
140
5.500%,
06/01/70
3,106
12,975
6.250%,
09/01/69
323,726
2,645,556
Consumer
Discretionary
(0.2%)
Ford
Motor
Co.µ
16,125
6.200%,
06/01/59
340,882
7,386
6.500%,
08/15/62
162,935
4,620
QVC
Group,
Inc.
8.000%,
03/15/31
19,358
9,600
QVC,
Inc.
6.250%,
11/26/68
114,240
637,415
Financials
(1.9%)
Affiliated
Managers
Group,
Inc.µ
18,700
5.875%,
03/30/59
377,927
12,587
6.750%,
03/30/64
301,585
3,625
Allstate
Corp.µ
7.091%,
01/15/53
94,105
Annaly
Capital
Management,
Inc.µ
6,750
8.875%,
09/30/30
176,647
12,425
8.919%,
05/30/26
322,553
141
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
19,376
Arch
Capital
Group
Ltd.µ
4.550%,
06/11/26
$
334,624
9,050
Bread
Financial
Holdings,
Inc.#µ
8.625%,
12/15/30
228,060
5,295
Capital
One
Financial
Corp.µ
4.800%,
06/01/26
96,634
6,300
Citigroup,
Inc.#µ
6.250%,
02/15/31
159,705
25,150
CNO
Financial
Group,
Inc.µ
5.125%,
11/25/60
448,927
10,868
Cullen/Frost
Bankers,
Inc.µ
4.450%,
06/15/26
185,951
Fifth
Third
Bancorpµ
8,100
4.950%,
06/30/26
156,492
11,075
6.875%,
10/01/30
285,846
6,700
First
Citizens
BancShares,
Inc.#^
6.625%,
03/15/31
168,773
8,850
First
Horizon
Corp.#µ
6.750%,
04/10/31
221,692
7,225
KeyCorpµ
5.625%,
06/15/26
154,470
6,700
M&T
Bank
Corp.#µ
6.350%,
12/15/30
167,969
1,600
Northern
Trust
Corp.µ
4.700%,
07/01/26
30,576
8,950
RenaissanceRe
Holdings
Ltd.µ
5.750%,
05/30/26
193,231
14,526
Selective
Insurance
Group,
Inc.µ
4.600%,
05/29/26
241,422
12,200
UMB
Financial
Corp.µ
7.750%,
07/15/30
322,812
11,245
W.R.
Berkley
Corp.µ
5.100%,
12/30/59
218,940
8,755
WesBanco,
Inc.µ
7.375%,
10/01/30
225,179
13,600
Wintrust
Financial
Corp.µ
7.875%,
07/15/30
360,264
5,474,384
Real
Estate
(0.3%)
Brookfield
Property
Partners
LPµ
20,567
5.750%,
05/30/26
287,733
10,775
6.375%,
05/30/26
164,965
3,651
EPR
Propertiesµ
5.750%,
05/30/26
72,180
Global
Net
Lease,
Inc.µ
4,771
6.875%,
05/30/26
103,531
11,066
7.500%,
05/30/26
256,952
4,681
Kimco
Realty
Corp.µ
5.250%,
05/30/26
94,369
979,730
Utilities
(0.2%)
14,975
Brookfield
Renewable
Partners
LP
5.250%,
05/25/26
275,989
6,700
DTE
Energy
Co.µ
5.250%,
12/01/77
145,524
NUMBER
OF
SHARES
b
b
VALUE
b
6,650
NextEra
Energy
Capital
Holdings,
Inc.#µ
6.500%,
04/15/86
$
167,514
589,027
TOTAL
PREFERRED
STOCKS
(Cost
$11,117,565)
10,326,112
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
(1.9%)#
Communication
Services
(0.2%)
90
5,507,190
Meta
Platforms,
Inc.
Put,
05/01/26,
Strike
$660.00
436,500
29
1,294,995
Spotify
Technology
SA
Put,
05/01/26,
Strike
$500.00
156,890
593,390
Consumer
Discretionary
(0.1%)
565
14,975,890
Amazon.com,
Inc.
Call,
05/01/26,
Strike
$260.00
333,350
Health
Care
(0.1%)
170
6,298,160
UnitedHealth
Group,
Inc.
Call,
05/15/26,
Strike
$350.00
402,475
Information
Technology
(0.0%)
281
11,458,618
Microsoft
Corp.
Call,
05/01/26,
Strike
$432.50
1,967
Materials
(0.3%)
1,530
8,840,340
Freeport-McMoRan,
Inc.
Call,
05/01/26,
Strike
$53.00
715,275
Other
(1.2%)
700
10,256,400
3M
Co.
Call,
06/18/26,
Strike
$150.00
285,250
7,200
8,431,200
American
Airlines
Group,
Inc.
Call,
05/15/26,
Strike
$15.00
10,800
750
6,522,000
Canadian
Pacific
Kansas
City
Ltd.
Call,
05/15/26,
Strike
$82.50
367,500
142
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
715
47,743,410
Invesco
QQQ
Trust
Series
1
Put,
05/04/26,
Strike
$650.00
$
36,465
715
47,743,410
Invesco
QQQ
Trust
Series
1
Call,
05/04/26,
Strike
$666.00
378,235
1,300
93,425,800
SPDR
®
S&P
500
®
ETF
Trust
Put,
05/01/26,
Strike
$695.00
4,550
1,245
89,473,170
SPDR
®
S&P
500
®
ETF
Trust
Put,
05/15/26,
Strike
$700.00
339,263
680
10,002,120
U.S.
Oil
Fund
LP
Call,
05/01/26,
Strike
$147.00
165,920
630
31,923,360
VanEck
Semiconductor
ETF
Call,
05/15/26,
Strike
$480.00
2,112,075
3,700,058
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$5,740,780)
5,746,515
TOTAL
INVESTMENTS
(117.1%)
(Cost
$360,283,147)
350,411,491
LIABILITIES,
LESS
OTHER
ASSETS
(-17.1%)
(
51,214,792
)
NET
ASSETS
(100.0%)
$
299,196,699
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
SOLD
SHORT (-3.0%)
Information
Technology
(-3.0%)
(7,500)
Ciena
Corp.
(
3,956,850
)
(9,300)
Coherent
Corp.
(
2,973,303
)
(12,500)
Marvell
Technology,
Inc.
(
2,064,375
)
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$4,209,452)
(
8,994,528
)
EXCHANGE-TRADED
FUNDS
SOLD
SHORT (-49.0%)
Other
(-49.0%)
(71,500)
Invesco
QQQ
Trust
Series
1
(
47,743,410
)
(79,000)
SPDR
®
S&P
500
®
ETF
Trust
(
56,774,140
)
(68,000)
U.S.
Oil
Fund
LP
(
10,002,120
)
(63,500)
VanEck
Semiconductor
ETF
(
32,176,720
)
TOTAL
EXCHANGE-TRADED
FUNDS
SOLD
SHORT
(Proceeds
$109,949,663)
(
146,696,390
)
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
$114,159,115)
(
155,690,918
)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS (-1.9%)#
Communication
Services
(0.0%)
(180)
(11,014,380)
Meta
Platforms,
Inc.
Put,
06/18/26,
Strike
$550.00
$
(
128,700
)
Consumer
Discretionary
(0.0%)
(565)
(14,975,890)
Amazon.com,
Inc.
Put,
05/01/26,
Strike
$250.00
(
10,453
)
Information
Technology
(-0.2%)
(315)
(12,845,070)
Microsoft
Corp.
Put,
05/01/26,
Strike
$422.50
(
472,500
)
Other
(-1.7%)
(700)
(10,256,400)
3M
Co.
Put,
07/17/26,
Strike
$140.00
$
(
316,750
)
(656)
(5,704,576)
Canadian
Pacific
Kansas
City
Ltd.
Put,
05/15/26,
Strike
$77.50
(
55,760
)
(1,430)
(95,486,820)
Invesco
QQQ
Trust
Series
1
Put,
05/15/26,
Strike
$625.00
(
215,930
)
(1,070)
(71,448,180)
Invesco
QQQ
Trust
Series
1
Call,
05/15/26,
Strike
$688.00
(
274,455
)
(1,300)
(93,425,800)
SPDR
®
S&P
500
®
ETF
Trust
Put,
05/01/26,
Strike
$675.00
(
1,950
)
(1,300)
(93,425,800)
SPDR
®
S&P
500
®
ETF
Trust
Put,
06/18/26,
Strike
$600.00
(
155,350
)
(2,490)
(178,946,340)
SPDR
®
S&P
500
®
ETF
Trust
Put,
06/30/26,
Strike
$640.00
(
793,065
)
(1,360)
(20,004,240)
U.S.
Oil
Fund
LP
Call,
05/06/26,
Strike
$158.00
(
313,480
)
(738)
(37,395,936)
VanEck
Semiconductor
ETF
Put,
06/18/26,
Strike
$350.00
(
88,191
)
(1,107)
(56,093,904)
VanEck
Semiconductor
ETF
Call,
09/18/26,
Strike
$580.00
(
2,645,730
)
(480)
(4,663,200)
Zoom
Communications,
Inc.
Put,
09/18/26,
Strike
$80.00
(
220,800
)
(
5,081,461
)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$7,783,547)
$
(
5,693,114
)
*
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.
143
www.calamos.com
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
The
following
table
summarizes
the
Fund’s
investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
April
30,
2026
(see
Note
1):
!
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.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
April
30,
2026.
~
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
$61,998,697.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$216,376,713.
††
When-issued
security.
^
Security,
or
portion
of
security,
is
on
loan.
@
In
default
status
and
considered
non-income
producing.
#
Non-income
producing
security.
FOREIGN
CURRENCY
ABBREVIATION
EUR
European
Monetary
Unit
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
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
$
—
$
143,297
$
—
$
143,297
Bank
Loans
71
—
10,857,338
—
10,857,338
Corporate
Bonds
480
—
107,966,364
—
107,966,364
U.S.
Government
and
Agency
Securities
3
—
1,292,749
—
1,292,749
Common
Stocks
37
193,138,932
20,873,221
—
214,012,153
Convertible
Preferred
Stock
1
66,963
—
—
66,963
Preferred
Stocks
46
10,326,112
—
—
10,326,112
Warrants
2
—
*
—
—
—
Exchange-Traded
Purchased
Options
15
5,746,515
—
—
5,746,515
Total
$
209,278,522
$
141,132,969
$
—
$
350,411,491
Liabilities:
—
—
—
—
Common
Stocks
Sold
Short
3
$
8,994,528
$
—
$
—
$
8,994,528
Exchange-Traded
Funds
Sold
Short
4
146,696,390
—
—
146,696,390
Exchange-Traded
Written
Options
14
5,693,114
—
—
5,693,114
Total
$
161,384,032
$
—
$
—
$
161,384,032
*
Amount
rounds
to
less
than
$1
144
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
SEMIANNUAL
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
April
30,
2026
(unaudited)
SECTOR
WEIGHTINGS
Industrials
24
.0
%
Financials
14
.5
Information
Technology
13
.2
Consumer
Discretionary
9
.4
Communication
Services
6
.0
Energy
5
.1
Materials
2
.9
Utilities
2
.5
Health
Care
1
.6
Consumer
Staples
1
.5
Real
Estate
0
.3
Airlines
0
.1
Special
Purpose
Acquisition
Companies
0
.1
Other
2
.3
Sector
weightings
are
based
on
total
investments
and
may
vary
over
time.
Sector
Weightings
exclude
any
government/
sovereign
bonds
or
options
on
broad
market
indexes
the
Fund
may
hold.
Notes to Financial Statements (unaudited)
Note 1 – Organization and Significant Accounting Policies
Organization. Calamos Convertible Opportunities and Income Fund (“CHI”), Calamos Convertible and High Income Fund (“CHY”), Calamos Strategic Total Return Fund (“CSQ”), Calamos Dynamic Convertible and Income Fund (“CCD”), Calamos Global Dynamic Income Fund (“CHW”), Calamos Global Total Return Fund (“CGO”), and Calamos Long/Short Equity & Dynamic Income Trust (“CPZ”) (each a “Fund”, and collectively, the “Funds”) were each organized as a Delaware statutory trust and are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”) as a diversified, closed-end management investment company.
Significant Accounting Policies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Funds are each considered an investment company under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. The Funds adhere to the accounting and reporting requirements set forth by the Financial Accounting Standards Board in Accounting Standards Codification (ASC) Topic 946: Financial Services—Investment Companies. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates.
Fund Valuation. Each Board of Trustees (“Board” or “Trustees”), including a majority of the Trustees who are not “interested persons” of each Fund, have designated Calamos Advisors LLC (“Calamos Advisors”) 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 consistent with ASC Topic 820: Fair Value Measurement 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 Calamos Advisors’ 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
www.calamos.com 145
Notes to Financial Statements (unaudited)
but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by Calamos Advisors, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.
When fair value pricing of securities is employed, the prices of securities used by each Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that each Fund could purchase or sell a portfolio security at the price used to calculate each Fund’s NAV.
Various inputs are used to determine the value of each Fund’s investments. These inputs are categorized into three broad levels as follows:
| ● | Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets. | |
| ● | Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data. | |
| ● | Level 3 – Prices reflect unobservable market inputs (including each Fund’s own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable. |
Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of each Fund’s investments. The summary of the inputs used in valuing each Fund’s holdings are available after each Fund’s Schedule of Investments.
Investment Transactions. Investment transactions are recorded on a trade date basis as of April 30, 2026. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.
Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign currency gains or losses arise from the disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.
Allocation of Expenses Among Funds. Expenses directly attributable to each respective Fund are charged to the applicable Fund. Certain other common expenses of Calamos Advisors Trust, Calamos Investment Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity & Dynamic Income Trust, Calamos Antetokounmpo Sustainable Equities Trust, Calamos ETF Trust, Calamos Aksia Alternative Credit and Income Fund, Calamos Aksia Private Equity and Alternatives Fund, and Calamos Aksia Hedged Strategies Fund are allocated proportionately among each fund to which the expenses relate in relation to the net assets of each fund or on another reasonable basis.
146 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Notes to Financial Statements (unaudited)
Income Taxes. No provision has been made for U.S. income taxes because each Fund’s policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of the respective Fund’s taxable income and net realized gains.
Dividends and distributions paid to common shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these “book and tax” differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting for fixed income securities. The financial statements are not adjusted for temporary differences.
Distributions to holders of Mandatory Redeemable Preferred Shares (“MRPS”) as described in Note 8 are accrued on a daily basis and are treated as an operating expense due to the fixed term of the obligation. The distributions are shown on the Statement of Operations as Interest expense and amortization of offering costs on MRPS. For tax purposes, the distributions made to the holders of the MRPS are treated as dividends.
The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction.
Indemnifications. Under the Funds’ organizational documents, each Fund is obligated to indemnify its officers and Trustees against certain liabilities incurred by them by reason of having been an officer or Trustee of the Fund. In addition, in the normal course of business, a Fund may enter into contracts that provide general indemnifications to other parties. A Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a Fund that have not yet occurred. Currently, the Funds’ management expects the risk of material loss in connection to a potential claim to be remote.
Segment Reporting. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the chief operating decision maker, and for which discrete financial information is available. Consistent with the definition of a chief operating decision maker (“CODM”) provided by Financial Accounting Standards Board (“FASB”) “Accounting Standards Update (ASU) 2023-07-Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” the Funds’ CODM is Calamos Advisors’ Chief Executive Officer, who also serves as Trustee and Vice President of the Funds. The Funds operate as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Funds. The financial information used by the CODM to assess the segment’s performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition, is consistent with that presented within the Funds’ financial statements and financial highlights.
Note 2 – Investment Advisor and Transactions with Affiliates or Certain Other Parties
Pursuant to an investment advisory agreement with Calamos Advisors, each Fund pays an annual fee, payable monthly based on the average weekly managed assets of the Fund, as shown below:
| FUND | PERCENTAGE |
| Calamos Convertible Opportunities and Income Fund | 0.80% |
| Calamos Convertible and High Income Fund | 0.80% |
| Calamos Strategic Total Return Fund | 1.00% |
| Calamos Dynamic Convertible and Income Fund | 1.00% |
| Calamos Global Dynamic Income Fund | 1.00% |
| Calamos Global Total Return Fund | 1.00% |
| Calamos Long/Short Equity & Dynamic Income Trust | 1.35% |
Each Fund reimburses Calamos Advisors for a portion of compensation paid to each Trust’s Chief Compliance Officer. This compensation is reported as part of the “Trustees’ fees and officer compensation” expense on the Statements of Operations.
www.calamos.com 147
Notes to Financial Statements (unaudited)
The Funds have adopted a deferred compensation plan (the “Plan”). Under the Plan, a trustee who is not an “interested person” (as defined in the 1940 Act) and has elected to participate in the Plan (a “participating trustee”) may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee’s deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Calamos Investment Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.
At April 30, 2026, the Funds had deferred compensation balances, which are included in “Other assets” on the Statements of Assets and Liabilities, as follows:
| FUND | AMOUNT |
| Calamos Convertible Opportunities and Income Fund | $ 237,409 |
| Calamos Convertible and High Income Fund | 204,889 |
| Calamos Strategic Total Return Fund | 290,044 |
| Calamos Global Dynamic Income Fund | 110,208 |
| Calamos Global Total Return Fund | 70,034 |
Each Fund’s obligation to make payments under the Plan is a general obligation of the Fund and is included in “Payable for deferred compensation to trustees” on the Statements of Assets and Liabilities at April 30, 2026.
Note 3 – Investments
The cost of purchases and proceeds from sales of long-term investments, excluding investments sold short, for the period ended April 30, 2026 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $717,487,929 and $655,691,810 for Long/Short Equity & Dynamic Income Trust, respectively.
| COST OF PURCHASES | PROCEEDS FROM SALES | |||||||||||||||
| FUND | U.S. GOV’T SECURITIES | OTHER | U.S. GOV’T SECURITIES | OTHER | ||||||||||||
| Calamos Convertible Opportunities and Income Fund | $ | — | $ | 571,879,847 | $ | — | $ | 598,179,314 | ||||||||
| Calamos Convertible and High Income Fund | — | 617,920,644 | — | 649,526,856 | ||||||||||||
| Calamos Strategic Total Return Fund | — | 989,790,508 | 334,750 | 1,083,935,324 | ||||||||||||
| Calamos Dynamic Convertible and Income Fund | — | 436,386,997 | — | 457,128,185 | ||||||||||||
| Calamos Global Dynamic Income Fund | — | 626,892,652 | — | 661,237,275 | ||||||||||||
| Calamos Global Total Return Fund | — | 153,797,879 | — | 162,707,873 | ||||||||||||
| Calamos Long/Short Equity & Dynamic Income Trust | — | 665,335,922 | 515,000 | 727,831,727 | ||||||||||||
Note 4 – Income Taxes
The cost basis of investments for federal income tax purposes at April 30, 2026 was as follows*:
| FUND | COST BASIS OF INVESTMENTS | GROSS UNREALIZED APPRECIATION | GROSS UNREALIZED DEPRECIATION | NET UNREALIZED APPRECIATION (DEPRECIATION) | ||||||||||||
| Calamos Convertible Opportunities and Income Fund | $ | 1,232,700,294 | $ | 193,273,606 | $ | (54,189,959 | ) | $ | 139,083,647 | |||||||
| Calamos Convertible and High Income Fund | 1,323,357,607 | 206,091,718 | (58,268,986 | ) | 147,822,732 | |||||||||||
| Calamos Strategic Total Return Fund | 3,200,589,594 | 2,264,556,375 | (119,373,910 | ) | 2,145,182,465 | |||||||||||
| Calamos Dynamic Convertible and Income Fund | 828,528,508 | 157,218,762 | (38,144,536 | ) | 119,074,226 | |||||||||||
| Calamos Global Dynamic Income Fund | 789,434,808 | 154,751,715 | (66,091,910 | ) | 88,659,805 | |||||||||||
| Calamos Global Total Return Fund | 175,403,706 | 41,239,471 | (9,340,458 | ) | 31,899,013 | |||||||||||
| Calamos Long/Short Equity & Dynamic Income Trust | 238,340,486 | 13,278,182 | (62,591,209 | ) | (49,313,027 | ) | ||||||||||
| * | Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Funds’ most recent annual report. |
148 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Notes to Financial Statements (unaudited)
Each Fund intends to make monthly distributions from its income available for distribution, which consists of each Fund’s dividends and interest income after payment of Fund expenses, and net realized gains on investments. At least annually, each Fund intends to distribute all or substantially all of its net realized capital gains, if any. Distributions are recorded on the ex-dividend date. Each Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in-capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.
The tax character of distributions for the period ended April 30, 2026 will be determined at the end of each Fund’s current fiscal year. Distributions during the fiscal year ended October 31, 2025 were characterized for federal income tax purposes as follows:
| YEAR ENDED OCTOBER 31, 2025 | ||||||||
| FUND | ORDINARY INCOME | LONG-TERM CAPITAL GAIN | ||||||
| Calamos Convertible Opportunities and Income Fund | $ | 93,766,220 | $ | — | ||||
| Calamos Convertible and High Income Fund | 100,256,343 | — | ||||||
| Calamos Strategic Total Return Fund | 34,163,264 | 176,696,784 | ||||||
| Calamos Dynamic Convertible and Income Fund | 67,234,142 | — | ||||||
| Calamos Global Dynamic Income Fund | 39,950,135 | — | ||||||
| Calamos Global Total Return Fund | 9,656,614 | 176,891 | ||||||
| Calamos Long/Short Equity & Dynamic Income Trust | 36,828,033 | — | ||||||
As of October 31, 2025, the components of accumulated earnings/(loss) on a tax basis were as follows:
| CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND | CALAMOS CONVERTIBLE AND HIGH INCOME FUND | CALAMOS STRATEGIC TOTAL RETURN FUND | CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND | |||||||||||||
| Undistributed ordinary income | $ | 10,688,372 | $ | 9,360,076 | $ | — | $ | 8,983,284 | ||||||||
| Undistributed capital gains | — | — | 48,453,387 | 188,345 | ||||||||||||
| Total undistributed earnings | 10,688,372 | 9,360,076 | 48,453,387 | 9,171,629 | ||||||||||||
| Net unrealized gains/(losses) | 27,912,592 | 31,146,780 | 1,418,422,807 | 32,500,699 | ||||||||||||
| Total accumulated earnings/(losses) | $ | 38,600,964 | $ | 40,506,856 | $ | 1,466,876,194 | $ | 41,672,328 | ||||||||
| Other | (659,105 | ) | (733,015 | ) | (16,376,126 | ) | (497,913 | ) | ||||||||
| Paid-in-capital | 847,245,779 | 902,539,610 | 1,889,312,713 | 569,186,645 | ||||||||||||
| Net assets applicable to common shareholders | $ | 885,187,638 | $ | 942,313,451 | $ | 3,339,812,781 | $ | 610,361,060 | ||||||||
| CALAMOS GLOBAL DYNAMIC INCOME FUND | CALAMOS GLOBAL TOTAL RETURN FUND | CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST | ||||||||||
| Undistributed ordinary income | $ | 6,319,158 | $ | 1,983,326 | $ | 7,259,087 | ||||||
| Undistributed capital gains | — | 23,332 | — | |||||||||
| Total undistributed earnings | 6,319,158 | 2,006,658 | 7,259,087 | |||||||||
| Net unrealized gains/(losses) | (4,179,518 | ) | 12,339,285 | (69,608,929 | ) | |||||||
| Total accumulated earnings/(losses) | $ | 2,139,640 | $ | 14,345,943 | $ | (62,349,842 | ) | |||||
| Other | (214,734 | ) | (223,595 | ) | (3,611,334 | ) | ||||||
| Paid-in-capital | 545,752,774 | 114,718,923 | 392,628,096 | |||||||||
| Net assets applicable to common shareholders | $ | 547,677,680 | $ | 128,841,271 | $ | 326,666,920 | ||||||
www.calamos.com 149
Notes to Financial Statements (unaudited)
Note 5 – Short Sales
Calamos Global Dynamic Income Fund and Calamos Long/Short Equity & Dynamic Income Trust may sell securities short. Securities sold short represent obligations to deliver the securities at a future date. Each Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.
To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, a Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.
Note 6 – Derivative Instruments
Foreign Currency Risk. Each Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform.
To mitigate the counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between a Fund and the counterparty and the amount of collateral due from a Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, a Fund’s custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among a Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that a Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to a Fund’s custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. Generally before a default, neither a Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Each Fund’s net counterparty exposure, if any, is reflected in the Schedules of Investments. The net unrealized gain, if any, represents the credit risk to the Funds on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Funds realize a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward foreign currency contracts for any of the Funds at April 30, 2026.
Equity Risk. Each Fund may engage in option transactions and in doing so achieves similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.
150 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Notes to Financial Statements (unaudited)
To seek to offset some of the risk of a potential decline in value of certain long positions, each Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds (“ETFs”). Each Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in a Fund’s portfolio, on broad-based securities indexes, or certain ETFs.
When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, a Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Gain or loss on written options and purchased options is presented separately on the Statements of Operations as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.
Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default. As of April 30, 2026, the Funds had outstanding purchased options and/or written options as listed on the Schedules of Investments.
Interest Rate Risk. Each Fund may engage in interest rate swaps primarily to hedge the interest rate risk on the Fund’s borrowings (see Note 7 - Notes Payable). An interest rate swap is a contract that involves the exchange of one type of interest rate for another type of interest rate. If interest rates rise, resulting in a diminution in the value of the Fund’s portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction. Unrealized gains are reported as an asset, and unrealized losses are reported as a liability on the Statements of Assets and Liabilities. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/ depreciation on interest rate swaps in the Statements of Operations. A realized gain or loss is recorded in net realized gain (loss) on interest rate swaps in the Statements of Operations upon payment or receipt of a periodic payment or termination of the swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective swap contracts in the event of default or bankruptcy of each Fund. Please see the disclosure regarding ISDA Master Agreements under Foreign Currency Risk within this note.
Premiums paid to or by a Fund are accrued daily and included in realized gain (loss) when paid on swaps in the accompanying Statements of Operations. The contracts are marked-to-market daily based upon third party vendor valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the contract. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms, counterparty’s creditworthiness, and the possible lack of liquidity with respect to the contracts.
As of April 30, 2026, the Funds had no outstanding interest rate swap agreements.
www.calamos.com 151
Notes to Financial Statements (unaudited)
As of April 30, 2026, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:
| ASSET DERIVATIVES |
LIABILITY DERIVATIVES |
|||||||
| CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND | ||||||||
| Gross amounts at fair value: | ||||||||
| Exchange-Traded Purchased Options(1) | $ | 4,693,023 | $ | — | ||||
| Exchange-Traded Written Options(2) | — | 662,625 | ||||||
| $ | 4,693,023 | $ | 662,625 | |||||
| CALAMOS CONVERTIBLE AND HIGH INCOME FUND | ||||||||
| Gross amounts at fair value: | ||||||||
| Exchange-Traded Purchased Options(1) | $ | 4,940,038 | $ | — | ||||
| Exchange-Traded Written Options(2) | — | 697,500 | ||||||
| $ | 4,940,038 | $ | 697,500 | |||||
| CALAMOS STRATEGIC TOTAL RETURN FUND | ||||||||
| Gross amounts at fair value: | ||||||||
| Exchange-Traded Purchased Options(1) | $ | 10,137,895 | $ | — | ||||
| Exchange-Traded Written Options(2) | — | 600,250 | ||||||
| $ | 10,137,895 | $ | 600,250 | |||||
| CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND | ||||||||
| Gross amounts at fair value: | ||||||||
| Exchange-Traded Purchased Options(1) | $ | 3,952,030 | $ | — | ||||
| Exchange-Traded Written Options(2) | — | 558,000 | ||||||
| $ | 3,952,030 | $ | 558,000 | |||||
| CALAMOS GLOBAL DYNAMIC INCOME FUND | ||||||||
| Gross amounts at fair value: | ||||||||
| Exchange-Traded Purchased Options(1) | $ | 10,206,067 | $ | — | ||||
| $ | 10,206,067 | $ | — | |||||
| CALAMOS GLOBAL TOTAL RETURN FUND | ||||||||
| Gross amounts at fair value: | ||||||||
| Exchange-Traded Purchased Options(1) | $ | 2,938,614 | $ | — | ||||
| $ | 2,938,614 | $ | — | |||||
152 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Notes to Financial Statements (unaudited)
| ASSET DERIVATIVES |
LIABILITY DERIVATIVES |
|||||||
| CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST | ||||||||
| Gross amounts at fair value: | ||||||||
| Exchange-Traded Purchased Options(1) | $ | 5,746,515 | $ | — | ||||
| Exchange-Traded Written Options(2) | — | 5,693,114 | ||||||
| $ | 5,746,515 | $ | 5,693,114 | |||||
For the period ended April 30, 2026, the volume of derivative activity for the Fund is reflected below:*
| FUND | PURCHASED OPTIONS(1) |
WRITTEN OPTIONS(2) |
||||||
| Calamos Convertible Opportunities and Income Fund | 6,925 | 1,425 | ||||||
| Calamos Convertible and High Income Fund | 7,420 | 1,500 | ||||||
| Calamos Strategic Total Return Fund | 26,305 | 4,620 | ||||||
| Calamos Dynamic Convertible and Income Fund | 5,870 | 1,200 | ||||||
| Calamos Global Dynamic Income Fund | 102,232 | 13,549 | ||||||
| Calamos Global Total Return Fund | 25,709 | 3,248 | ||||||
| Calamos Long/Short Equity & Dynamic Income Trust | 158,828 | 160,831 | ||||||
| * | Activity during the period is measured by opened number of contracts for options purchased or written and opened forward foreign currency contracts (measured in notional), opened number of contracts for futures contracts, and opened total return swaps (measured in notional). |
| (1) | Generally, the Statement of Assets and Liabilities location for Purchased Options is “Investments in securities, at value”. |
| (2) | Generally, the Statement of Assets and Liabilities location for Written Options is “Options written, at value”. |
Note 7 – Notes Payable
The Funds have each entered into an Amended and Restated Liquidity Agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”) that allows each Fund to borrow up to a certain limit as shown in the table below, as well as engage in securities lending and securities repurchase transactions.
| FUND | BORROWING LIMIT (IN MILLIONS) |
|||
| Calamos Convertible Opportunities and Income Fund | $ | 430.0 | ||
| Calamos Convertible and High Income Fund | 480.0 | |||
| Calamos Strategic Total Return Fund | 1,230.0 | |||
| Calamos Dynamic Convertible and Income Fund | 370.0 | |||
| Calamos Global Dynamic Income Fund | 265.0 | |||
| Calamos Global Total Return Fund | 55.0 | |||
| Calamos Long/Short Equity & Dynamic Income Trust | 150.0 | |||
Advances under the SSB Agreement are secured by assets of the Funds that are held with the Funds’ custodian in a separate account (the “pledged collateral”). Interest on the SSB Agreement was charged on the drawn amount at the rate of Overnight Bank Funding Rate (“OBFR”) plus 0.52% during the period ended April 30, 2026. A commitment fee of 0.10% is payable on any undrawn balance. For the period ended April 30, 2026, the Funds borrowed according to the table below:
| TOTAL | ||||
| AVERAGE | OUTSTANDING | INTEREST RATE | ||
| BORROWINGS | AVERAGE | BORROWINGS | APPLICABLE | |
| FUND | (IN MILLIONS) | INTEREST RATE | (IN MILLIONS) | TO BORROWINGS |
| Calamos Convertible Opportunities and Income Fund | $301.7 | 4.27% | $301.7 | 4.16% |
| Calamos Convertible and High Income Fund | 328.9 | 4.27% | 328.9 | 4.16% |
| Calamos Strategic Total Return Fund | 1,071.7 | 4.27% | 1,090.0 | 4.16% |
www.calamos.com 153
Notes to Financial Statements (unaudited)
| AVERAGE | TOTAL OUTSTANDING |
INTEREST RATE | ||
| BORROWINGS | AVERAGE | BORROWINGS | APPLICABLE | |
| FUND | (IN MILLIONS) | INTEREST RATE | (IN MILLIONS) | TO BORROWINGS |
| Calamos Dynamic Convertible and Income Fund | 193.3 | 4.27% | $193.3 | 4.16% |
| Calamos Global Dynamic Income Fund | 198.3 | 4.27% | 203.6 | 4.16% |
| Calamos Global Total Return Fund | 45.0 | 4.27% | 46.1 | 4.16% |
| Calamos Long/Short Equity & Dynamic Income Trust | 120.0 | 4.27% | 120.0 | 4.16% |
Under the terms of the SSB Agreement, all securities lent through SSB must be secured continuously by collateral received in cash. Cash collateral received by SSB on behalf of the Fund is deposited by SSB in a custodial account of the Fund and then applied to repay borrowings under the SSB Agreement, such that the cash advanced to the Fund remains unchanged. The securities on loan are collateralized by cash collateral received and not securities as disclosed in the Statements of Assets and Liabilities and the Schedules of Investments. The contractual maturity of the collateral received under the securities lending agreement is classified as overnight and continuous. Upon termination of a securities loan, SSB will advance to the Fund the cash collateral required to be returned by the Fund, or secure the appropriate amount through one or more securities lending transactions as the Fund’s agent, and deposit the amount to a custodial account of the Fund and then subsequently return such amount to the securities borrower against return of the securities on loan. Again, the net cash to the Fund is unaltered. Only the composition of the advance is changed, and regardless of the composition of advances as between cash collateral for securities lending transactions or borrowings from SSB, they are not reflected separately in the Statement of Assets and Liabilities but as a component of the Notes Payable. The Fund has the right to recall securities which have been lent at any time. The securities lending arrangement with SSB involves characteristics common in arm’s length relationships in which one party may benefit at the expense of the other party. As of April 30, 2026, the Funds had securities on loan under the SSB Agreement which are reflected in the Investment in securities, at value on the Statement of Assets and Liabilities and are shown in the table below. The borrowings are categorized as Level 2 within the fair value hierarchy.
The composition of the securities on loan was as follows:
| FUND | SECURITIES ON LOAN (IN MILLIONS) |
FIXED INCOME SECURITIES (IN MILLIONS) |
EQUITY SECURITIES (IN MILLIONS) |
|||||||||
| Calamos Convertible Opportunities and Income Fund | $ | 91.8 | $ | 64.1 | $ | 27.7 | ||||||
| Calamos Convertible and High Income Fund | 96.4 | 58.1 | 38.3 | |||||||||
| Calamos Strategic Total Return Fund | 436.7 | 43.2 | 393.5 | |||||||||
| Calamos Dynamic Convertible and Income Fund | 32.5 | 19.9 | 12.6 | |||||||||
| Calamos Global Dynamic Income Fund | 32.6 | 8.1 | 24.5 | |||||||||
| Calamos Global Total Return Fund | 8.4 | 1.4 | 7.0 | |||||||||
| Calamos Long/Short Equity & Dynamic Income Trust | 2.4 | 2.2 | 0.2 | |||||||||
Note 8 – Mandatory Redeemable Preferred Shares
All Funds except Long/Short Equity & Dynamic Income Trust have MRPS issued and outstanding, with CHI, CHY, CSQ, and CCD, each divided into four series with different mandatory redemption dates and dividend rates, while CGO and CHW are each divided into three series with different mandatory redemption dates and dividend rates. On September 9, 2024, CHI issued $33,000,000, CHY issued $36,000,000, CSQ issued $80,000,000, and CCD issued $21,000,000 of Series G MRPS with a mandatory redemption date of September 9, 2029 and redeemable at $25.00 per share, respectively. CGO and CHW did not participate in the issuance of Series G MRPS.
The tables below summarize the key terms of each Fund’s series of the MRPS at April 30, 2026.
154 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Notes to Financial Statements (unaudited)
CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND
| SERIES | ISSUE DATE |
TERM REDEMPTION DATE |
DIVIDEND RATE |
SHARES (000’S) |
LIQUIDATION PREFERENCE PER SHARE |
AGGREGATE LIQUIDATION PREFERENCE |
|||||||||||||||||
| Series C | 9/6/17 | 9/6/27 | 4.24% | 1,340 | $25 | $ | 33,500,000 | ||||||||||||||||
| Series D | 8/24/21 | 8/24/26 | 2.45% | 1,320 | $25 | $ | 33,000,000 | ||||||||||||||||
| Series E | 3/8/22 | 5/24/27 | 2.68% | 1,330 | $25 | $ | 33,250,000 | ||||||||||||||||
| Series G | 9/9/24 | 9/9/29 | 6.24% | 1,320 | $25 | $ | 33,000,000 | ||||||||||||||||
| Total | $ | 132,750,000 |
CALAMOS CONVERTIBLE AND HIGH INCOME FUND
| SERIES | ISSUE DATE |
TERM REDEMPTION DATE |
DIVIDEND RATE |
SHARES (000’S) |
LIQUIDATION PREFERENCE PER SHARE |
AGGREGATE LIQUIDATION PREFERENCE |
|||||||||||||||||
| Series C | 9/6/17 | 9/6/27 | 4.24% | 1,480 | $25 | $ | 37,000,000 | ||||||||||||||||
| Series D | 8/24/21 | 8/24/26 | 2.45% | 1,400 | $25 | $ | 35,000,000 | ||||||||||||||||
| Series E | 3/8/22 | 5/24/27 | 2.68% | 1,460 | $25 | $ | 36,500,000 | ||||||||||||||||
| Series G | 9/9/24 | 9/9/29 | 6.24% | 1,440 | $25 | $ | 36,000,000 | ||||||||||||||||
| Total | $ | 144,500,000 |
CALAMOS STRATEGIC TOTAL RETURN FUND
| SERIES | ISSUE DATE |
TERM REDEMPTION DATE |
DIVIDEND RATE |
SHARES (000’S) |
LIQUIDATION PREFERENCE PER SHARE |
AGGREGATE LIQUIDATION PREFERENCE |
|||||||||||||||||
| 9/6/17 | 9/6/27 | 4.24% | 3,240 | $ |
$ | ||||||||||||||||||
| 8/24/21 | 8/24/26 | 2.45% | 2,480 | $ |
$ | ||||||||||||||||||
| 5/24/22 | 5/24/27 | 3.66% | 4,000 | $ |
$ | ||||||||||||||||||
| 9/9/24 | 9/9/29 | 6.24% | 3,200 | $ |
$ | ||||||||||||||||||
| Total | $ |
CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND
| SERIES | ISSUE DATE |
TERM REDEMPTION DATE |
DIVIDEND RATE |
SHARES (000’S) |
LIQUIDATION PREFERENCE PER SHARE |
AGGREGATE LIQUIDATION PREFERENCE |
|||||||||||||||||
| Series C | 9/6/17 | 9/6/27 | 4.24% | 860 | $25 | $ | 21,500,000 | ||||||||||||||||
| Series D | 8/24/21 | 8/24/26 | 2.45% | 1,120 | $25 | $ | 28,000,000 | ||||||||||||||||
| Series E | 3/8/22 | 5/24/27 | 2.68% | 850 | $25 | $ | 21,250,000 | ||||||||||||||||
| Series G | 9/9/24 | 9/9/29 | 6.24% | 840 | $25 | $ | 21,000,000 | ||||||||||||||||
| Total | $ | 91,750,000 |
CALAMOS GLOBAL DYNAMIC INCOME FUND
| SERIES | ISSUE DATE |
TERM REDEMPTION DATE |
DIVIDEND RATE |
SHARES (000’S) |
LIQUIDATION PREFERENCE PER SHARE |
AGGREGATE LIQUIDATION PREFERENCE |
|||||||||||||||||
| Series C | 9/6/17 | 9/6/27 | 4.24% | 880 | $25 | $ | 22,000,000 | ||||||||||||||||
| Series D | 8/24/21 | 8/24/26 | 2.45% | 200 | $25 | $ | 5,000,000 | ||||||||||||||||
| Series E | 3/8/22 | 5/24/27 | 2.68% | 860 | $25 | $ | 21,500,000 | ||||||||||||||||
| Total | $ | 48,500,000 |
www.calamos.com 155
Notes to Financial Statements (unaudited)
CALAMOS GLOBAL TOTAL RETURN FUND
| SERIES | ISSUE DATE |
TERM REDEMPTION DATE |
DIVIDEND RATE |
SHARES (000’S) |
LIQUIDATION PREFERENCE PER SHARE |
AGGREGATE LIQUIDATION PREFERENCE |
|||||||||||||||||
| Series C | 9/6/17 | 9/6/27 | 4.24% | 160 | $25 | $ | 4,000,000 | ||||||||||||||||
| Series D | 8/24/21 | 8/24/26 | 2.45% | 200 | $25 | $ | 5,000,000 | ||||||||||||||||
| Series E | 3/8/22 | 5/24/27 | 2.68% | 160 | $25 | $ | 4,000,000 | ||||||||||||||||
| Total | $ | 13,000,000 |
The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the MRPS, is recorded as a liability in each Fund’s Statement of Assets and Liabilities net of deferred offering costs. The MRPS are categorized as Level 2 within the fair value hierarchy.
During the period ended April 30, 2026, all MRPS were rated ‘AA-’ by Kroll Bond Rating Agency LLC (“KBRA”). If the ratings of the MRPS are downgraded, each Fund’s dividend expense may increase, as described below.
Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA-” by KBRA. If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by KBRA, the dividend rate for such period shall be increased by 0.5%, 2.0% or 4.0% according to an agreed upon schedule. The MRPS’ dividend rate is also subject to increase during periods when a Fund has not made timely payments to MRPS holders and/or the MRPS do not have a current credit rating, subject to various terms and conditions. Dividends accrued and paid to the shareholders of MRPS are included in “Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares” with each Fund’s Statement of Operations.
With regard to the Series C MRPS, so long as any MRPS are outstanding, a Fund will not declare, pay or set apart for payment any dividend or other distribution (other than non-cash distributions) with respect to Fund shares ranking junior to or on parity with the MRPS, unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test (as defined below), (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the holders of MRPS and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption or deposited sufficient monies with the Fund’s paying agent for that purpose, subject to certain grace periods and exceptions.
MRPS Asset Coverage Test: Asset coverage with respect to all outstanding senior securities and preferred shares, including the MRPS, determined in accordance with Section 18(h) of the 1940 Act, on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next preceding the time of determination, must be greater than or equal to 225%.
In accordance with that certain Statement of Preferences governing the Series D, E, F and G MRPS, for so long as any MRPS are outstanding, a Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRPS as to dividends or upon liquidation (collectively “non-cash distributions”) with respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRPS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRPS as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the MRPS as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test, (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the Holders of MRPS, and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code (“Tax Required Payments”). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable
156 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Notes to Financial Statements (unaudited)
distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of MRPS.
Except as otherwise required pursuant to the Funds' governing documents or applicable law, the holders of the MRPS have one vote per share and vote together with the holders of common stock of the Funds as a single class except on matters affecting only the holders of MRPS or the holders of common stock. Pursuant to the 1940 Act, holders of the MRPS have the right to elect at least two trustees of a Fund, voting separately as a class. Except during any time when a Fund has failed to make a dividend or redemption payment in respect of MRPS outstanding, the holders of MRPS have agreed to vote in accordance with the recommendation of the Board on any matter submitted to them for their vote or to the vote of shareholders of a Fund generally.
Note 9 – Common Shares
Each Fund has unlimited common shares of beneficial interest authorized at April 30, 2026. Transactions in common shares for each fund at April 30, 2026 were as follows:
| SIX MONTHS ENDED | YEAR ENDED | |||
| CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND | APRIL 30, 2026 | OCTOBER 31, 2025 | ||
| Beginning shares | 79,627,689 | 75,582,242 | ||
| Shares sold | 711,790 | 3,279,815 | ||
| Shares issued through reinvestment of distributions | 367,308 | 765,632 | ||
| Ending shares | 80,706,787 | 79,627,689 |
| SIX MONTHS ENDED | YEAR ENDED | |||
| CALAMOS CONVERTIBLE AND HIGH INCOME FUND | APRIL 30, 2026 | OCTOBER 31, 2025 | ||
| Beginning shares | 80,025,019 | 77,113,129 | ||
| Shares sold | 7,252 | 2,282,008 | ||
| Shares issued through reinvestment of distributions | 298,043 | 629,882 | ||
| Ending shares | 80,330,314 | 80,025,019 |
| SIX MONTHS ENDED | YEAR ENDED | |||
| CALAMOS STRATEGIC TOTAL RETURN FUND | APRIL 30, 2026 | OCTOBER 31, 2025 | ||
| Beginning shares | ||||
| Shares sold | — | — | ||
| Shares issued through reinvestment of distributions | — | — | ||
| Ending shares |
| SIX MONTHS ENDED | YEAR ENDED | |||
| CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND | APRIL 30, 2026 | OCTOBER 31, 2025 | ||
| Beginning shares | 28,002,867 | 26,877,415 | ||
| Shares sold | 456,435 | 820,326 | ||
| Shares issued through reinvestment of distributions | 123,558 | 305,126 | ||
| Ending shares | 28,582,860 | 28,002,867 |
| SIX MONTHS ENDED | YEAR ENDED | |||
| CALAMOS GLOBAL DYNAMIC INCOME FUND | APRIL 30, 2026 | OCTOBER 31, 2025 | ||
| Beginning shares | 63,864,387 | 63,864,387 | ||
| Shares sold | — | — | ||
| Shares issued through reinvestment of distributions | — | — | ||
| Ending shares | 63,864,387 | 63,864,387 |
| SIX MONTHS ENDED | YEAR ENDED | |||
| CALAMOS GLOBAL TOTAL RETURN FUND | APRIL 30, 2026 | OCTOBER 31, 2025 | ||
| Beginning shares | 9,827,294 | 9,827,294 | ||
| Shares sold | — | — | ||
| Shares issued through reinvestment of distributions | — | — | ||
| Ending shares | 9,827,294 | 9,827,294 |
www.calamos.com 157
Notes to Financial Statements (unaudited)
| SIX MONTHS ENDED | YEAR ENDED | |||
| CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST | APRIL 30, 2026 | OCTOBER 31, 2025 | ||
| Beginning shares | 19,632,194 | 19,632,194 | ||
| Shares sold | — | — | ||
| Shares issued through reinvestment of distributions | — | — | ||
| Ending shares | 19,632,194 | 19,632,194 |
Notice is hereby given in accordance with Section 23(c) of the 1940 Act that each Fund may from time to time purchase its shares of common stock in the open market.
The Funds also may offer and sell common shares from time to time at an offering price equal to or in excess of the net asset value per share of each Fund’s common shares at the time such common shares are initially sold. For the period ended April 30, 2026, the Funds sold shares according to the table below:
| FUND | AMOUNT IN EXCESS OF NET ASSET VALUE |
AVERAGE SALES PRICE |
||||||
| Calamos Convertible Opportunities and Income Fund | $ | 0.0016 | $ | 11.4006 | ||||
| Calamos Convertible and High Income Fund | 0.0000 | 10.8853 | ||||||
| Calamos Strategic Total Return Fund | — | — | ||||||
| Calamos Dynamic Convertible and Income Fund | 0.0060 | 22.6682 | ||||||
| Calamos Global Dynamic Income Fund | — | — | ||||||
| Calamos Global Total Return Fund | — | — | ||||||
| Calamos Long/Short Equity & Dynamic Income Trust | — | — | ||||||
Note 10 – Subsequent Events
Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the financial statements.
158 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees of Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust
Results of Review of Interim Financial Information
We have reviewed the accompanying statements of assets and liabilities of Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust (the “Funds”), including the schedules of investments, as of April 30, 2026, the related statements of operations, changes in net assets, and the financial highlights for the six month period then ended, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of changes in net assets of the Funds and the financial highlights for each of the periods listed in the table below; and in our report dated December 18, 2025, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights.
| Fund | Statement of Changes in Net Assets |
Financial Highlights | ||
| Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, and Calamos Dynamic Convertible and Income Fund |
For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016 |
||
| Calamos Strategic Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust |
For the years ended October 31, 2025 and 2024 | For the years ended October 31, 2025, 2024, 2023, 2022, and 2021 |
Basis for Review Results
This interim financial information is the responsibility of the Funds’ management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.
June 25, 2026
Chicago, Illinois
We have served as the auditor of one or more Calamos Advisors LLC investment companies since 2003.
www.calamos.com 159
About Closed-End Funds
What is a Closed-End Fund?
A closed-end fund is a publicly traded investment company that raises its initial investment capital through the issuance of a fixed number of shares to investors in a public offering. Shares of a closed-end fund are listed on a stock exchange or traded in the over-the-counter market. Like all investment companies, a closed-end fund is professionally managed and offers investors a unique investment solution based on its investment objective approved by the fund’s Board of Trustees.
Potential Advantages of Closed-End Fund Investing
| ● | Defined Asset Pool Allows Efficient Portfolio Management—Although closed-end fund shares trade actively on a securities exchange, this doesn’t affect the closed-end fund manager because there are no new investors buying into or selling out of the fund’s portfolio. |
| ● | More Flexibility in the Timing and Price of Trades—Investors can purchase and sell shares of closed- end funds throughout the trading day, just like the shares of other publicly traded securities. |
| ● | Lower Expense Ratios—The expense ratios of closed-end funds are oftentimes less than those of mutual funds. Over time, a lower expense ratio could enhance investment performance. |
| ● | Closed-End Structure Makes Sense for Less-Liquid Asset Classes—A closed-end structure makes sense for investors considering less-liquid asset classes, such as high-yield bonds or micro-cap stocks. |
| ● | Ability to Put Leverage to Work—Closed-end funds may issue senior securities (such as preferred shares or debentures) or borrow money to “leverage” their investment positions. |
| ● | No Minimum Investment Requirements |
OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS
| OPEN-END FUND | CLOSED-END FUND |
| Issues new shares on an ongoing basis | Generally issues a fixed number of shares |
| Issues common equity shares | Can issue common equity shares and senior securities such as preferred shares and bonds |
| Sold at NAV plus any sales charge | Price determined by the marketplace |
| Sold through the fund’s distributor | Traded in the secondary market |
| Fund redeems shares at NAV calculated at the close of business day | Fund does not redeem shares |
You can purchase or sell common shares of closed-end funds daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount, which is a market price that is below their net asset value.
Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares and fluctuations in the variable rates of the leverage financing.
Each open-end or closed-end fund should be evaluated individually. Before investing carefully consider the fund’s investment objectives, risks, charges and expenses.
160 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Level Rate and Managed Distribution Policies
Using a Level Rate Distribution Policy to Promote Dependable Income and Total Return
Calamos Global Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund and Calamos Global Dynamic Income Fund have implemented a level rate distribution policy. The goal of the level rate distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can either serve as a stable income stream or, through reinvestment, may contribute significantly to long-term total return.
We understand the importance that investors place on the stability of dividends and their ability to contribute to long-term total return, which is why we have instituted a level rate distribution policy for Calamos Global Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund and Calamos Global Dynamic Income Fund. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains, and, if necessary, return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Please refer to each Fund’s financial statements for specific information about distributions made during the last fiscal year.
There is no guarantee that the Funds will realize capital gains in any given year. Distributions are subject to recharacterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV. For purposes of maintaining the level rate distribution policy, the Funds may realize short-term capital gains on securities that, if sold at a later date, would have resulted in long-term capital gains. Maintenance of a level rate distribution policy may increase transaction and tax costs associated with the Funds.
Distributions from the Funds are generally subject to Federal income taxes.
Using a Managed Distribution Policy to Promote Dependable Income and Total Return
Calamos Strategic Total Return Fund and Calamos Long/Short Equity & Dynamic Income Trust have implemented a managed distribution policy. The goal of the managed distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can serve either as a stable income stream or, through reinvestment, may contribute significantly to long-term total return.
We understand the importance that investors place on the stability of dividends and their ability to contribute to long-term total return, which is why we have instituted a managed distribution policy for Calamos Strategic Total Return Fund and Calamos Long/Short Equity & Dynamic Income Trust. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains, net realized long-term capital gains and, if necessary, return of capital. Please refer to each Fund’s financial statements for specific information about distributions made during the last fiscal year.
Distributions of capital decrease a Fund’s total assets and total assets per share and, therefore, could have the effect of increasing a Fund’s expense ratio. In general, the policy of fixing a Fund’s distributions at a targeted rate does not affect a Fund’s investment strategy. However, in order to make these distributions, on occasion the Funds may have to sell portfolio securities at a less than opportune time.
There is no guarantee that the Funds will realize capital gains in any given year. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV.
Distributions from the Funds are generally subject to Federal income taxes.
www.calamos.com 161
Automatic Dividend Reinvestment Plan
Maximizing Investment with an Automatic Dividend Reinvestment Plan
The Automatic Dividend Reinvestment Plan offers a simple, cost-efficient and convenient way to reinvest your dividends and capital gains distributions in additional shares of each Fund, allowing you to increase your investment in the Fund.
Potential Benefits
| ● | Compounded Growth: By automatically reinvesting with the Plan, you gain the potential to allow your dividends and capital gains to compound over time. |
| ● | Potential for Lower Commission Costs: Additional shares are purchased in large blocks, with brokerage commissions shared among all plan participants. There is no cost to enroll in the Plan. |
| ● | Convenience: After enrollment, the Plan is automatic and includes detailed statements for participants. Participants can terminate their enrollment at any time. |
Pursuant to the Plan, unless a shareholder is ineligible or elects otherwise, all dividend and capital gains on common shares distributions are automatically reinvested by Computershare, as agent for shareholders in administering the Plan (“Plan Agent”), in additional common shares of the Fund. Shareholders who elect not to participate in the Plan will receive all dividends and distributions payable in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee) by Plan Agent, as dividend paying agent. Shareholders may elect not to participate in the Plan and to receive all dividends and distributions in cash by sending written instructions to the Plan Agent, as dividend paying agent, at: Dividend Reinvestment Department, P.O. Box 43078, Providence RI 02940-3078. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by giving notice in writing to the Plan Agent; such termination will be effective with respect to a particular dividend or distribution if notice is received prior to the record date for the applicable distribution.
The shares are acquired by the Plan Agent for the participant’s account either (i) through receipt of additional common shares from the Fund (“newly issued shares”) or (ii) by purchase of outstanding common shares on the open market (“open-market purchases”) on the NASDAQ® or elsewhere. If, on the payment date, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions (a “market premium”), the Plan Agent will receive newly issued shares from the Fund for each participant’s account. The number of newly issued common shares to be credited to the participant’s account will be determined by dividing the dollar amount of the dividend or distribution by the greater of (i) the net asset value per common share on the payment date, or (ii) 95% of the market price per common share on the payment date.
If, on the payment date, the net asset value per common share exceeds the market price plus estimated brokerage commissions (a “market discount”), the Plan Agent has a limited period of time to invest the dividend or distribution amount in shares acquired in open-market purchases. If, before the Plan Agent has completed its open-market purchases, the market price plus estimated brokerage commissions exceeds the net asset value of the common shares as of the payment date, the purchase price paid by Plan Agent may exceed the net asset value of the common shares, resulting in the acquisition of fewer common shares than if such dividend or distribution had been paid in common shares issued by the Fund. The weighted average price (including brokerage commissions) of all common shares purchased by the Plan Agent as Plan Agent will be the price per common share allocable to each participant. If the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open- market purchases and will invest the uninvested portion of the dividend or distribution amount in newly issued shares at the net asset value per common share at the close of business on the last purchase date.
The automatic reinvestment of dividends and distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends even though no cash is received by participants.
There are no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold, plus a $15 transaction fee. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.
162 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Automatic Dividend Reinvestment Plan
A participant may request the sale of all of the common shares held by the Plan Agent in his or her Plan account in order to terminate participation in the Plan. If such participant elects in advance of such termination to have the Plan Agent sell part or all of his shares, the Plan Agent is authorized to deduct from the proceeds a $15 fee plus the brokerage commissions incurred for the transaction. A participant may re-enroll in the Plan in limited circumstances.
The terms and conditions of the Plan may be amended by the Plan Agent or the Fund at any time upon notice as required by the Plan.
This discussion of the Plan is only a summary, and is qualified in its entirety by the Terms and Conditions of the Dividend Reinvestment Plan filed as part of the Fund’s registration statement.
For additional information about the Plan, please contact the Plan Agent, Computershare, at 866.226.8016. If you wish to participate in the Plan and your shares are held in your own name, simply call the Plan Agent. If your shares are not held in your name, please contact your brokerage firm, bank, or other nominee to request that they participate in the Plan on your behalf. If your brokerage firm, bank, or other nominee is unable to participate on your behalf, you may request that your shares be re-registered in your own name.
We’re pleased to provide our shareholders with the additional benefit of the Fund’s Dividend Reinvestment Plan and hope that it may serve your financial plan.
www.calamos.com 163
Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions
Each Fund is organized as a Delaware statutory trust and thus is subject to the control share acquisition statute contained in Subchapter III of the Delaware Statutory Trust Act (the DSTA Control Share Statute). The DSTA Control Share Statute applies to any closed-end investment company organized as a Delaware statutory trust and listed on a national securities exchange, such as the Fund. The DSTA Control Share Statute became automatically applicable to the Funds on August 1, 2022.
The DSTA Control Share Statute defines “control beneficial interests” (referred to as “control shares” herein) by reference to a series of voting power thresholds and provides that a holder of control shares acquired in a control share acquisition has no voting rights under the Delaware Statutory Trust Act (DSTA) or each Fund’s Governing Documents (as used herein, “Governing Documents” means each Fund’s Agreement and Declaration of Trust and By-Laws, together with any amendments or supplements thereto, including any Statement of Preferences establishing a series of preferred shares, as applicable) with respect to the control shares acquired in the control share acquisition, except to the extent approved by a Fund’s shareholders by the affirmative vote of two—thirds of all the votes entitled to be cast on the matter, excluding all interested shares (generally, shares held by the acquiring person and their associates and shares held by Fund insiders).
The DSTA Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. Whether one of these thresholds of voting power is met is determined by aggregating the holdings of the acquiring person as well as those of his, her or its “associates.” These thresholds are:
● 10% or more, but less than 15% of all voting power;
● 15% or more, but less than 20% of all voting power;
● 20% or more, but less than 25% of all voting power;
● 25% or more, but less than 30% of all voting power;
● 30% or more, but less than a majority of all voting power; or
● a majority or more of all voting power.
Under the DSTA Control Share Statute, once a threshold is reached, an acquirer has no voting rights with respect to shares in excess of that threshold (i.e., the “control shares”) until approved by a vote of shareholders, as described above, or otherwise exempted by the Funds’ Board of Trustees. The DSTA Control Share Statute contains a statutory process for an acquiring person to request a shareholder meeting for the purpose of considering the voting rights to be accorded control shares. An acquiring person must repeat this process at each threshold level.
Under the DSTA Control Share Statute, an acquiring person’s “associates” are broadly defined to include, among others, relatives of the acquiring person, anyone in a control relationship with the acquiring person, any investment fund or other collective investment vehicle that has the same investment adviser as the acquiring person, any investment adviser of an acquiring person that is an investment fund or other collective investment vehicle and any other person acting or intending to act jointly or in concert with the acquiring person.
Voting power under the DSTA Control Share Statute is the power (whether such power is direct or indirect or through any contract, arrangement, understanding, relationship or otherwise) to directly or indirectly exercise or direct the exercise of the voting power of shares of a Fund in the election of each Fund’s Trustees (either generally or with respect to any subset, series or class of trustees, including any Trustees elected solely by a particular series or class of shares, such as the preferred shares). Thus, a Fund’s preferred shares, as applicable, acquired in excess of the above thresholds would be considered control shares with respect to the preferred share class vote for two Trustees.
Any control shares of the Fund acquired before August 1, 2022 are not subject to the DSTA Control Share Statute; however, any further acquisitions on or after August 1, 2022 are considered control shares subject to the DSTA Control Share Statute.
The DSTA Control Share Statute requires shareholders to disclose to a Fund any control share acquisition within 10 days of such acquisition, and also permits the Fund to require a shareholder or an associate of such person to disclose the number of shares owned or with respect to which such person or an associate thereof can directly or indirectly exercise voting power. Further, the DSTA Control Share Statute requires a shareholder or an associate of such person to provide to the Fund within 10 days of receiving a request therefor from the Fund any information that the Fund’s Trustees reasonably believe is necessary or desirable to determine whether a control share acquisition has occurred.
The DSTA Control Share Statute permits the Funds’ Board of Trustees, through a provision in each Fund’s Governing Documents or by Board action alone, to eliminate the application of the DSTA Control Share Statute to the acquisition of
164 CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT
Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions
control shares in the Fund specifically, generally, or generally by types, as to specifically identified or unidentified existing or future beneficial owners or their affiliates or associates or as to any series or classes of shares. The DSTA Control Share Statute does not provide that the Fund can generally “opt out” of the application of the DSTA Control Share Statute; rather, specific acquisitions or classes of acquisitions may be exempted by the Board of Trustees, either in advance or retroactively, but other aspects of the DSTA Control Share Statute, which are summarized above, would continue to apply.
The DSTA Control Share Statute further provides that the Board of Trustees is under no obligation to grant any such exemptions.
The foregoing is only a summary of the material terms of the DSTA Control Share Statute. Shareholders should consult their own counsel with respect to the application of the DSTA Control Share Statute to any particular circumstance.
www.calamos.com 165
MANAGING YOUR CALAMOS FUNDS INVESTMENTS
Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.
PERSONAL ASSISTANCE: 866.363.9219
Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund.
ONLINE ACCOUNT MANAGEMENT:
www.calamos.com
Manage your personal account of Calamos Funds online at www. calamos.com. On your account access page, you can view account history and download data.
YOUR FINANCIAL ADVISOR
We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.
A description of the Calamos Proxy Voting Policies and Procedures and the Funds’ proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 866.363.9219, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds’ proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.
The Funds file a complete list of their portfolio holdings with the SEC for the first and third quarters each fiscal year as an exhibit to its reports on Form N-PORT. The Forms N-PORT are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov.
The Fund’s report to the SEC on Form N-CSR contains certifications by the fund’s principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act, relating to, among other things, the quality of the Fund’s disclosure controls and procedures and internal control over financial reporting.
FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 866.226.8016
TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 866.363.9219
VISIT OUR WEB SITE: www.calamos.com
INVESTMENT ADVISER:
Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787
CUSTODIAN AND FUND ACCOUNTING AGENT:
State Street Bank and Trust Company
Boston, MA
TRANSFER AGENT:
Computershare
P.O. Box 43078
Providence, RI 02940-3078
866.226.8016
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:
Deloitte & Touche LLP
Chicago, IL
LEGAL COUNSEL:
Ropes & Gray LLP
Chicago, IL
2020 Calamos Court
Naperville, IL 60563-2787
866.363.9219
www.calamos.com
© 2026 Calamos Investments LLC. All Rights
Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
CEFSAR 822293 043026