Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.1%)
Other
(0.1%)
765,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$744,747)
$
757,010
BANK
LOANS
(6.4%)i
Communication
Services
(1.4%)
1,970,929
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.628%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
2,008,514
391,372
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.845%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
337,069
34,350
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.845%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
34,350
950,000
Cengage
Learning,
Inc.!
2026
Term
Loan
B,
0.000%,
03/24/31
944,291
476,506
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.981%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
476,768
460,998
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.845%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
462,849
620,000
DirecTV
Financing
LLC!
2025
Term
Loan
B,
0.000%,
02/17/31
624,018
327,885
DirecTV
Financing
LLC‡
2026
Term
Loan
B,
8.323%,
08/02/29
3
mo.
USD
Term
SOFR
+
4.500%
330,298
463,059
DirecTV
Financing
LLC‡
2025
Term
Loan
B,
9.323%,
02/17/31
3
mo.
USD
Term
SOFR
+
5.500%
466,059
938,558
Discovery
Global
Holdings,
Inc.‡
2026
USD
Term
Loan
B,
6.231%,
06/03/33
1
mo.
USD
Term
SOFR
+
2.500%
940,416
915,000
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
921,693
1,062,503
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.620%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
987,793
950,000
Level
3
Financing,
Inc.‡
2026
Term
Loan
B,
6.481%,
03/29/32
1
mo.
USD
Term
SOFR
+
2.750%
954,550
PRINCIPAL
AMOUNT
a
a
VALUE
a
95,000
QTS
Thunder
Managing
Issuer
LLC!
Term
Loan
B,
0.000%,
07/22/33
$
93,813
380,000
QTS
Thunder
Managing
Issuer
LLC‡
Term
Loan
B,
6.025%,
07/22/33
3
mo.
USD
Term
SOFR
+
2.250%
375,250
567,829
TripAdvisor,
Inc.‡
Term
Loan,
6.481%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
549,733
1,290,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.232%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
1,300,126
403,965
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
407,272
144,258
ViaSat,
Inc.‡
2023
Term
Loan,
8.290%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
145,440
950,000
Virgin
Media
Bristol
LLC‡
2020
USD
Term
Loan
Q,
7.041%,
01/31/29
1
mo.
USD
Term
SOFR
+
3.250%
861,788
13,222,090
Consumer
Discretionary
(1.2%)
369,263
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
1
mo.
USD
Term
SOFR
+
3.250%
370,648
568,862
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
570,996
945,256
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.481%,
09/12/32
1
mo.
USD
Term
SOFR
+
2.750%
950,838
472,625
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.920%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
474,889
555,449
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.981%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
537,605
610,700
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.823%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
507,534
761,175
Clarios
Global
LP‡
2026
USD
Term
Loan
B,
6.231%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.500%
763,793
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
935,797
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.667%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
$
938,839
655,207
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.231%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
658,483
473,813
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.724%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
475,530
80,000
Pioneer
Opco
LLC‡
Term
Loan
B,
6.999%,
05/16/33
1
mo.
USD
Term
SOFR
+
3.250%
80,564
928,625
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.731%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
930,779
400,000
Stonepeak
Motion
Finco
LLC!
USD
Term
Loan
B,
0.000%,
06/24/33
400,730
525,001
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.481%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
524,607
945,250
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.982%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
947,783
947,625
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.475%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
941,556
950,198
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.481%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
953,405
11,028,579
Consumer
Staples
(1.1%)
1,745,314
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.731%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
1,753,221
495,000
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.231%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
491,287
1,052,872
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.481%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
1,057,610
2,080,050
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.981%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
2,023,316
240,000
Charlotte
Buyer,
Inc.!
2026
Term
Loan
B,
0.000%,
06/30/31
240,593
PRINCIPAL
AMOUNT
a
a
VALUE
a
950,000
McKesson
Medical-Surgical
Top
Holdings,
Inc.‡
Term
Loan
B,
5.982%,
06/09/32
3
mo.
USD
Term
SOFR
+
2.250%
$
952,080
84,909
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.573%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
85,143
942,887
Opal
Bidco
SAS‡
2026
USD
Term
Loan
B,
6.232%,
04/28/32
3
mo.
USD
Term
SOFR
+
2.500%
945,664
80,000
Prestige
Brands,
Inc.‡
2026
Term
Loan
B,
5.731%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.000%
80,325
1,298,235
Star
Parent,
Inc.‡
Term
Loan
B,
7.232%,
09/27/30
3
mo.
USD
Term
SOFR
+
3.500%
1,304,544
940,524
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.823%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
943,350
475,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.981%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
477,133
474,670
United
Natural
Foods,
Inc.‡
2026
Term
Loan
B,
7.731%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.000%
479,863
10,834,129
Financials
(0.6%)
710,617
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.231%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
707,601
563,982
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.231%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
555,478
530,000
Cushman
&
Wakefield
U.S.
Borrower
LLC‡
2026
Term
Loan
B,
5.981%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.250%
530,882
1,191,850
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.482%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
954,475
702,000
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
701,649
660,943
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.981%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
663,484
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
950,000
Jupiter
Borrower,
Inc.‡
Term
Loan
B,
6.504%,
06/30/33
3
mo.
USD
Term
SOFR
+
2.750%
$
956,926
190,000
Lockton,
Inc.‡
Term
Loan
B,
5.823%,
05/09/33
3
mo.
USD
Term
SOFR
+
2.000%
190,237
922,688
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.232%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
918,194
6,178,926
Health
Care
(0.1%)
966,716
Padagis
LLC‡
Term
Loan
B,
8.742%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
930,465
Industrials
(1.0%)
63,132
ACProducts,
Inc.‡
2026
First
Lien
First
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
64,805
882,680
ACProducts,
Inc.‡
2026
First
Lien
Second
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
756,898
942,875
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.750%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
945,628
946,644
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.731%,
09/08/32
1
mo.
USD
Term
SOFR
+
3.000%
949,011
642,783
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.232%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
645,061
1,286,951
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.073%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
1,288,431
922,160
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.481%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
911,210
938,125
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.981%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
939,884
1,859,611
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.231%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
1,864,139
PRINCIPAL
AMOUNT
a
a
VALUE
a
458,850
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.231%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
$
459,846
960,000
Worthington
Steel,
Inc.‡
Term
Loan
B,
7.731%,
06/01/33
1
mo.
USD
Term
SOFR
+
4.000%
964,920
9,789,833
Information
Technology
(0.5%)
1,300,615
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.416%,
07/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,187,897
768,079
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.481%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
718,515
475,000
Cloud
Software
Group,
Inc.!
2025
Term
Loan
B
(2032),
0.000%,
08/13/32
426,773
140,000
CoreWeave
Financing
DDTL
V
LLC
1st
Lien
Delayed
Draw
Term
Loan,
0.000%,
09/30/31
140,525
615,000
CoreWeave
Financing
DDTL
V
LLC!
Delayed
Draw
Term
Loan,
0.000%,
11/17/31
615,384
269,065
CoreWeave
Financing
DDTL
V
LLC¡¡‡
Delayed
Draw
Term
Loan,
0.500%,
11/17/31
3
mo.
USD
Term
SOFR
+
0.500%
269,233
37,234
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.120%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
37,257
168,702
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.140%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
168,807
914,054
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.481%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
882,350
694,215
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.731%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
694,302
5,141,043
Materials
(0.2%)
620,000
BASF
Coatings‡
USD
Term
Loan
B,
7.244%,
06/29/33
3
mo.
USD
Term
SOFR
+
3.500%
623,488
472,625
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.231%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
472,183
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
475,000
Ineos
Finance
PLC‡
2026
USD
Term
Loan,
8.731%,
06/25/32
1
mo.
USD
Term
SOFR
+
5.000%
$
441,750
534,764
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.981%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
508,194
720,481
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.258%,
05/03/28
1
mo.
USD
Term
SOFR
+
2.500%
46,831
2,092,446
Other
(0.2%)
1,470,663
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.231%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
1,479,582
Special
Purpose
Acquisition
Companies
(0.1%)
715,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.731%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
690,615
TOTAL
BANK
LOANS
(Cost
$62,779,939)
61,387,708
CONVERTIBLE
BONDS
(82.6%)
Communication
Services
(6.0%)
8,250,000
AST
SpaceMobile,
Inc.*µ
1.625%,
02/01/34
8,382,082
4,750,000
IMAX
Corp.*
0.750%,
11/15/30
6,116,433
5,000,000
Liberty
Media
Corp.-Liberty
Formula
One^
2.250%,
08/15/27
6,321,050
16,500,000
Live
Nation
Entertainment,
Inc.^
2.875%,
01/15/30
19,091,160
12,500,000
Lyft,
Inc.*µ
0.000%,
09/15/30
12,644,000
4,500,000
Sirius
XM
Holdings,
Inc.
3.750%,
03/15/28
5,148,090
57,702,815
Consumer
Discretionary
(4.8%)
13,250,000
DoorDash,
Inc.µ
0.000%,
05/15/30
13,361,167
10,000,000
Etsy,
Inc.
1.000%,
06/15/30
12,199,000
3,500,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
1,555,295
6,250,000
NCL
Corp.
Ltd.µ
0.875%,
04/15/30
6,527,188
Rivian
Automotive,
Inc.µ
3,240,000
4.625%,
03/15/29
3,633,433
PRINCIPAL
AMOUNT
a
a
VALUE
a
9,000,000
3.625%,
10/15/30
$
9,343,440
46,619,523
Consumer
Staples
(0.5%)
4,250,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
5,136,720
Energy
(2.1%)
3,250,000
Energy
Fuels,
Inc.*µ
0.750%,
11/01/31
2,958,865
Liberty
Energy,
Inc.*µ
7,000,000
0.000%,
03/01/31
6,137,880
2,568,000
0.000%,
03/01/32
2,111,898
5,250,000
ProPetro
Holding
Corp.*µ
0.000%,
11/15/31
4,369,102
3,750,000
Solaris
Energy
Infrastructure,
Inc.
0.250%,
10/01/31
4,464,450
20,042,195
Financials
(3.5%)
7,500,000
Barclays
Bank
PLC
1.000%,
02/16/29
8,126,175
12,000,000
Galaxy
Digital
Holdings
LP*µ
0.500%,
05/01/31
9,033,120
11,500,000
Robinhood
Markets,
Inc.*µ
0.000%,
10/01/29
11,035,630
4,250,000
WisdomTree,
Inc.*
4.625%,
08/15/30
5,441,742
33,636,667
Health
Care
(11.2%)
2,750,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
3,417,727
12,250,000
Bridgebio
Pharma,
Inc.*µ
0.750%,
02/01/33
12,676,913
1,760,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
2,177,085
2,250,000
Cytokinetics,
Inc.*
1.750%,
10/01/31
3,148,020
7,000,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
10,770,480
9,250,000
Halozyme
Therapeutics,
Inc.*^
0.875%,
11/15/32
10,471,833
4,750,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
5,669,220
9,250,000
Ionis
Pharmaceuticals,
Inc.*µ
0.000%,
12/01/30
8,187,360
3,750,000
Jazz
Investments
I
Ltd.
3.125%,
09/15/30
6,622,087
2,721,000
Lantheus
Holdings,
Inc.
2.625%,
12/15/27
3,570,387
11,500,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
12,275,330
6,750,000
Merit
Medical
Systems,
Inc.
3.000%,
02/01/29
7,917,345
5,500,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
5,605,600
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
4,250,000
Repligen
Corp.µ
1.000%,
12/15/28
$
4,436,490
4,257,000
Revolution
Medicines,
Inc.
0.500%,
05/01/33
5,279,489
5,250,000
Travere
Therapeutics,
Inc.
0.500%,
05/15/32
6,133,575
108,358,941
Industrials
(7.5%)
10,000,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
14,055,300
18,500,000
BWX
Technologies,
Inc.*µ
0.000%,
11/01/30
17,859,900
5,250,000
Fluor
Corp.
1.125%,
08/15/29
6,818,385
4,750,000
JBT
Marel
Corp.*
0.375%,
09/15/30
4,777,692
9,500,000
Knight-Swift
Transportation
Holdings,
Inc.*
1.000%,
11/15/31
10,380,080
14,500,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
17,079,840
1,250,000
Voyager
Technologies,
Inc.*
0.750%,
11/15/30
1,382,625
72,353,822
Information
Technology
(36.8%)
720,000,000
JPY
Advantest
Corp.*µ
0.000%,
03/28/31
5,845,709
Akamai
Technologies,
Inc.µ
12,500,000
0.250%,
05/15/33
17,894,250
10,500,000
0.000%,
05/15/30*
9,826,530
7,250,000
Amkor
Technology,
Inc.*µ
0.000%,
07/15/31
6,766,860
11,500,000
Cipher
Digital,
Inc.*
0.000%,
10/01/31
19,018,125
3,000,000
Cleanspark,
Inc.*
0.000%,
02/15/32
2,991,210
16,500,000
Cloudflare,
Inc.
0.000%,
06/15/30
22,846,560
CoreWeave,
Inc.*µ
7,250,000
1.750%,
12/01/31^
6,832,473
8,000,000
1.750%,
10/01/32
7,062,240
12,250,000
CyberArk
Software
Ltd.
0.000%,
06/15/30
20,077,015
13,000,000
Datadog,
Inc.
0.000%,
12/01/29
18,894,330
28,460,000
IREN
Ltd.*
1.000%,
12/01/33
21,571,826
4,335,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
16,905,676
5,000,000
MACOM
Technology
Solutions
Holdings,
Inc.
0.000%,
12/15/29
8,126,800
19,000,000
Microchip
Technology,
Inc.*^µ
0.000%,
02/15/30
20,281,930
7,500,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
7,343,475
PRINCIPAL
AMOUNT
a
a
VALUE
a
8,750,000
MKS,
Inc.
1.250%,
06/01/30
$
17,954,913
15,000,000
ON
Semiconductor
Corp.µ
0.500%,
03/01/29
16,989,450
9,500,000
Onto
Innovation,
Inc.*µ
0.000%,
06/01/31
10,318,805
5,250,000
Penguin
Solutions,
Inc.*µ
0.000%,
08/01/31
4,675,020
530,000
Seagate
HDD
Cayman
3.500%,
06/01/28
5,508,714
4,000,000
Semtech
Corp.*
0.000%,
10/15/30
5,921,840
9,250,000
Snowflake,
Inc.
0.000%,
10/01/29
18,330,355
Terawulf,
Inc.*
8,500,000
1.000%,
09/01/31
13,991,765
1,211,000
0.000%,
05/01/32
1,450,391
12,500,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
16,340,125
2,115,000
Western
Digital
Corp.
3.000%,
11/15/28
30,532,584
354,298,971
Materials
(1.3%)
8,500,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
8,923,980
1,750,000
MP
Materials
Corp.*
3.000%,
03/01/30
3,571,925
12,495,905
Real
Estate
(3.8%)
23,250,000
Digital
Realty
Trust
LP*µ
1.875%,
11/15/29
25,345,058
10,500,000
Realty
Income
Corp.*
3.500%,
01/15/29
10,906,350
36,251,408
Utilities
(5.1%)
23,500,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
24,483,475
13,750,000
CMS
Energy
Corp.^
3.375%,
05/01/28
14,863,888
10,250,000
Duke
Energy
Corp.*
3.000%,
03/15/29
10,125,565
49,472,928
TOTAL
CONVERTIBLE
BONDS
(Cost
$701,303,645)
796,369,895
CORPORATE
BONDS
(31.2%)
Airlines
(0.3%)
654,194
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
654,089
American
Airlines
Pass-Through
Trust
590,000
Series
B,
Class
B,
5.750%,
11/10/36
579,870
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
739,840
Series
B,
Class
B,
3.950%,
01/11/32
$
699,644
634,948
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
609,042
JetBlue
Pass-Through
Trust
142,787
Series
2019,
Class
B,
8.000%,
05/15/29
139,525
681,394
Series
1B,
Class
B,
7.750%,
05/15/30
684,474
3,366,644
Communication
Services
(4.0%)
710,000
AMC
Global
Media,
Inc.
4.250%,
02/15/29
627,171
7,962,000
APLD
ComputeCo
3
LLC*
7.000%,
06/15/31
7,779,033
475,000
Arches
Buyer,
Inc.*††
9.000%,
08/15/31
477,622
360,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
362,995
Clear
Channel
Outdoor
Holdings,
Inc.*
475,000
7.875%,
04/01/30
493,763
522,000
7.500%,
03/15/33
548,392
CSC
Holdings
LLC*
840,000
4.625%,
12/01/30
180,256
1,590,000
4.500%,
11/15/31
903,565
356,000
DirecTV
Financing
LLC*^
8.875%,
02/01/30
363,173
345,000
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*^
10.000%,
02/15/31
360,842
Discovery
Global
Holdings,
Inc.
470,000
5.050%,
03/15/42
328,774
235,000
4.279%,
03/15/32
208,889
475,000
EW
Scripps
Co.*
9.875%,
08/15/30
415,516
835,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
784,791
Gray
Media,
Inc.*
475,000
7.250%,
08/15/33^
469,941
475,000
5.375%,
11/15/31
351,799
955,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
699,815
240,000
iHeartCommunications,
Inc.*^
7.750%,
08/15/30
210,682
237,000
Level
3
Financing,
Inc.*^
7.000%,
03/31/34
241,380
605,000
Lumen
Technologies,
Inc.
Series
P^
7.600%,
09/15/39
561,277
1,230,000
McGraw-Hill
Education,
Inc.*^
8.000%,
08/01/29
1,221,784
475,000
Neptune
Bidco
U.S.,
Inc.*
9.290%,
04/15/29
484,315
930,000
Paramount
Global
4.900%,
08/15/44
580,115
PRINCIPAL
AMOUNT
a
a
VALUE
a
715,000
PR
RNO
Property
Owner
1
LLC*
6.500%,
05/01/31
$
673,065
1,043,700
Qwest
Corp.
6.500%,
09/01/51
784,883
Rogers
Communications,
Inc.‡
343,000
7.125%,
04/15/55^
,
5
yr.
CMT
+
2.620%
344,780
595,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
598,695
Scripps
Escrow
II,
Inc.*
239,000
5.375%,
01/15/31
140,341
477,000
3.875%,
01/15/29
436,188
870,000
Sinclair
Television
Group,
Inc.*^
8.125%,
02/15/33
897,275
Sirius
XM
Radio
LLC*^
485,000
5.875%,
04/15/32
476,459
1,189,000
3.875%,
09/01/31
1,073,964
9,710,000
Stingray
Compute
LLC*
6.000%,
06/15/31
9,496,089
475,000
SV
RNO
Property
Owner
1
LLC*
5.875%,
03/01/31
441,945
725,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
723,528
Time
Warner
Cable
LLC
385,000
7.300%,
07/01/38
381,173
480,000
6.550%,
05/01/37
456,360
940,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*^
6.500%,
02/15/29
928,062
480,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
479,597
Verizon
Communications,
Inc.‡
540,000
6.200%,
05/14/56
,
5
yr.
CMT
+
2.042%
528,428
365,000
6.050%,
05/14/58^
,
5
yr.
CMT
+
1.813%
359,284
475,000
Viasat,
Inc.*
7.500%,
05/30/31
475,613
38,351,619
Consumer
Discretionary
(6.5%)
475,000
Academy
Ltd.*
5.875%,
05/15/31
470,597
1,430,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
1,473,844
Adient
Global
Holdings
Ltd.*^
785,000
8.250%,
04/15/31
817,421
475,000
7.500%,
02/15/33
490,870
Advance
Auto
Parts,
Inc.*
237,000
7.375%,
08/01/33
244,778
422,000
7.000%,
08/01/30^
432,761
950,000
Allegiant
Travel
Co.*^
7.125%,
07/01/31
964,145
715,000
American
Axle
&
Manufacturing,
Inc.*^
7.750%,
10/15/33
704,189
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
783,000
Aptiv
Swiss
Holdings
Ltd.^‡
6.875%,
12/15/54
,
5
yr.
CMT
+
3.385%
$
795,105
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
475,000
6.875%,
08/01/33
474,630
837,000
4.625%,
08/01/29
805,152
Bath
&
Body
Works,
Inc.
123,000
7.500%,
06/15/29
124,721
485,000
6.875%,
11/01/35
490,655
655,000
6.625%,
10/01/30*^
666,233
500,000
Beach
Acquisition
Bidco
LLC*
10.000%,
07/15/33
537,190
1,110,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*^
5.750%,
01/15/33
1,071,161
604,000
Caesars
Entertainment,
Inc.*
4.625%,
10/15/29
575,419
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
950,000
7.000%,
02/01/33
910,841
586,000
5.125%,
05/01/27^
585,127
965,000
4.750%,
03/01/30^
902,429
478,000
4.750%,
02/01/32^
418,097
980,000
4.500%,
08/15/30^
895,250
951,000
4.250%,
02/01/31^
842,510
1,100,000
4.250%,
01/15/34^
900,570
950,000
Century
Communities,
Inc.*^
6.625%,
09/15/33
954,332
Churchill
Downs,
Inc.*^
478,000
6.750%,
05/01/31
485,256
478,000
5.750%,
04/01/30
477,321
487,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*^
6.750%,
09/15/32
493,764
1,500,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*^
6.375%,
04/15/34
1,482,135
517,000
Dana,
Inc.
4.500%,
02/15/32
516,152
DISH
DBS
Corp.@
1,601,000
0.000%,
07/01/28
1,537,072
375,000
0.000%,
12/01/28*
362,074
470,000
0.000%,
06/01/29
426,219
950,000
Dorman
Products,
Inc.*
6.250%,
06/15/34
954,902
895,000
Flutter
Treasury
DAC*^
5.875%,
06/04/31
885,969
1,000,000
Ford
Motor
Co.^
6.100%,
08/19/32
1,012,000
Ford
Motor
Credit
Co.
LLC
1,245,000
7.200%,
06/10/30
1,303,515
1,525,000
4.000%,
11/13/30
1,424,441
490,000
General
Motors
Co.
5.200%,
04/01/45
418,837
goeasy
Ltd.*^
619,000
7.625%,
07/01/29
589,672
950,000
6.875%,
02/15/31
849,139
PRINCIPAL
AMOUNT
a
a
VALUE
a
Goodyear
Tire
&
Rubber
Co.^
1,435,000
5.625%,
04/30/33
$
1,252,784
515,000
5.250%,
07/15/31
458,067
Group
1
Automotive,
Inc.*^
600,000
6.375%,
01/15/30
603,996
407,000
4.000%,
08/15/28
393,056
607,473
Guitar
Center,
Inc.‡
12.000%,
08/19/32
182,242
470,000
Kohl's
Corp.
5.550%,
07/17/45
323,957
965,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
59,869
950,000
Life
Time,
Inc.*^
6.000%,
11/15/31
959,101
897,000
Light
&
Wonder
International,
Inc.*^
6.250%,
10/01/33
882,217
950,000
Lindblad
Expeditions
LLC*^
7.000%,
09/15/30
977,959
475,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
469,832
635,000
M/I
Homes,
Inc.
3.950%,
02/15/30
598,843
Macy's
Retail
Holdings
LLC
646,000
6.700%,
07/15/34*
627,008
1,205,000
4.300%,
02/15/43
861,635
890,000
MGM
Resorts
International^
6.500%,
04/15/32
884,989
1,219,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
1,184,685
712,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
740,978
NCL
Corp.
Ltd.*^
475,000
6.750%,
02/01/32
466,080
534,000
6.250%,
09/15/33
508,085
475,000
5.875%,
01/15/31
454,941
Newell
Brands,
Inc.^
475,000
8.500%,
06/01/28*
496,280
475,000
6.625%,
05/15/32
480,610
475,000
6.375%,
05/15/30
480,168
950,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
928,093
Patrick
Industries,
Inc.*^
475,000
6.375%,
11/01/32
469,381
849,000
4.750%,
05/01/29
831,171
Penn
Entertainment,
Inc.*^
950,000
6.750%,
04/01/31
953,543
570,000
4.125%,
07/01/29
543,740
500,000
PetSmart
LLC/PetSmart
Finance
Corp.*
7.500%,
09/15/32
506,155
590,000
Pioneer
Opco
LLC*
7.000%,
05/15/33
597,310
470,000
QVC,
Inc.@
0.000%,
08/15/34
235,747
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
98,500
Rite
Aid
Corp.
0.000%,
08/30/34
$
—
950,000
Rivers
Enterprise
Borrower
LLC*^
6.250%,
10/15/30
955,187
950,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*^
6.625%,
02/01/33
956,403
528,750
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
1,232
970,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
951,745
750,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
721,425
950,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*^
8.625%,
01/15/32
961,343
668,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*^
4.875%,
11/01/27
664,860
705,000
Staples,
Inc.*
10.750%,
09/01/29
675,404
1,550,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
1,498,122
950,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
985,055
594,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
608,785
240,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
251,546
449,000
Voyager
Parent
LLC*
9.250%,
07/01/32
477,471
Whirlpool
Corp.
300,000
7.875%,
07/01/34*
284,709
300,000
7.500%,
07/01/31*
298,362
950,000
6.500%,
06/15/33^
805,401
455,000
William
Carter
Co.*^
7.375%,
02/15/31
467,426
950,000
ZF
North
America
Capital,
Inc.*^
7.500%,
03/24/31
956,194
62,699,687
Consumer
Staples
(2.0%)
909,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*^
5.750%,
03/31/34
845,997
465,000
Amneal
Pharmaceuticals
LLC*^
6.875%,
08/01/32
479,252
1,160,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
1,134,329
890,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
887,802
940,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
917,647
PRINCIPAL
AMOUNT
a
a
VALUE
a
475,000
Brink's
Co.*^
6.750%,
06/15/32
$
484,320
1,099,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
1,026,576
355,000
Charlotte
Buyer,
Inc.*
8.000%,
06/30/31
359,136
1,185,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
1,181,646
1,092,000
Edgewell
Personal
Care
Co.*^
4.125%,
04/01/29
1,052,142
Energizer
Holdings,
Inc.*^
475,000
6.000%,
09/15/33
451,654
1,096,000
4.375%,
03/31/29
1,057,081
950,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*^
7.125%,
04/30/33
966,492
MPH
Acquisition
Holdings
LLC*
819,948
6.750%,
03/31/31
494,183
395,909
5.750%,
12/31/30
305,190
950,000
Performance
Food
Group,
Inc.*^
5.625%,
03/01/34
922,156
Post
Holdings,
Inc.*^
829,000
6.375%,
03/01/33
817,261
950,000
6.250%,
02/15/32
956,365
Prestige
Brands,
Inc.*
235,000
6.250%,
07/15/34
235,785
909,000
3.750%,
04/01/31^
834,598
RR
Donnelley
&
Sons
Co.*
340,000
10.875%,
08/01/29
347,024
1,350,000
9.500%,
08/01/29
1,400,949
Synergy
Infrastructure
Holdings
LLC*
475,000
7.875%,
12/01/30^
497,140
235,000
7.000%,
07/15/34
237,211
571,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
571,868
712,000
United
Rentals
North
America,
Inc.*^
5.375%,
11/15/33
693,695
19,157,499
Energy
(4.5%)
907,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*^
6.000%,
02/01/34
888,606
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
950,000
6.625%,
10/15/32
956,897
746,000
6.625%,
07/15/33^
749,551
Buckeye
Partners
LP
356,000
6.875%,
07/01/29*
364,459
710,000
6.750%,
02/01/30*
728,964
500,000
5.850%,
11/15/43^
447,435
950,000
CNX
Resources
Corp.*^
5.875%,
03/01/34
921,918
1,120,000
Continental
Resources,
Inc.^
4.900%,
06/01/44
892,214
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
715,000
Crescent
Energy
Finance
LLC*^
7.375%,
01/15/33
$
718,725
Enbridge,
Inc.‡
724,000
7.375%,
03/15/55^
,
5
yr.
CMT
+
3.122%
755,327
485,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
510,715
Energy
Transfer
LP‡
475,000
7.125%,
10/01/54^
,
5
yr.
CMT
+
2.829%
485,113
915,000
7.090%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
910,553
240,000
6.700%,
01/15/57
,
5
yr.
CMT
+
2.219%
236,686
240,000
6.550%,
01/15/57
,
5
yr.
CMT
+
2.336%
236,990
700,000
Series
H,
6.500%,
08/17/26
,
5
yr.
CMT
+
5.694%
700,700
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
719,000
8.875%,
04/15/30
751,060
475,000
8.000%,
05/15/33
494,447
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
710,000
6.875%,
05/15/34
695,523
710,000
6.250%,
04/15/32
691,022
950,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
983,687
1,425,000
Infinity
Natural
Resources
LLC*^
7.625%,
04/01/31
1,426,496
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
950,000
6.875%,
12/01/32
968,155
475,000
6.625%,
08/15/34††
475,437
960,000
Matador
Resources
Co.*
6.500%,
04/15/32
960,288
1,285,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
1,311,522
950,000
Oceaneering
International,
Inc.*
6.875%,
07/15/34
972,486
950,000
Par
Petroleum
LLC*
7.375%,
06/01/34
984,048
725,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
716,199
960,000
Plains
All
American
Pipeline
LP
Series
B‡
8.023%,
08/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
960,902
210,000
Seadrill
Finance
Ltd.*
6.750%,
07/15/34
202,501
960,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
998,477
1,306,000
Summit
Midstream
Holdings
LLC*^
8.625%,
10/31/29
1,356,150
PRINCIPAL
AMOUNT
a
a
VALUE
a
Sunoco
LP*
700,000
7.875%,
09/18/30^‡
,
5
yr.
CMT
+
4.230%
$
719,054
1,425,000
6.625%,
08/15/32
1,440,789
950,000
6.250%,
07/01/33^
953,230
950,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*^
6.750%,
03/15/34
956,612
935,000
TGNR
Intermediate
Holdings
LLC*^
5.500%,
10/15/29
916,964
TransCanada
PipeLines
Ltd.‡
240,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
240,211
470,000
6.125%,
10/17/56^
,
5
yr.
CMT
+
2.250%
469,948
1,357,000
Transocean
International
Ltd.*^
7.875%,
10/15/32
1,414,469
Venture
Global
LNG,
Inc.*
480,000
9.875%,
02/01/32
511,253
480,000
9.500%,
02/01/29
514,728
1,725,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
1,715,461
1,195,000
8.375%,
06/01/31^
1,235,941
499,000
7.000%,
01/15/30
507,308
235,000
6.625%,
06/15/36
230,570
475,000
6.375%,
12/15/34
463,020
Venture
Global
Plaquemines
LNG
LLC*
950,000
6.500%,
01/15/34
981,264
710,000
6.500%,
06/15/34
733,189
237,000
6.125%,
12/15/30
240,854
1,000,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
997,430
1,415,000
WBI
Operating
LLC*^
6.500%,
10/15/33
1,412,708
950,000
Weatherford
International
Ltd.*^
6.750%,
10/15/33
962,284
43,070,540
Financials
(4.8%)
Acrisure
LLC/Acrisure
Finance,
Inc.*^
818,000
8.250%,
02/01/29
784,830
745,000
6.750%,
07/01/32
686,123
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
750,000
6.950%,
03/10/55
,
5
yr.
CMT
+
2.720%
768,540
450,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
452,385
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*^
1,470,000
7.375%,
10/01/32
1,481,701
950,000
6.500%,
10/01/31
950,788
Ally
Financial,
Inc.^‡
950,000
Series
D,
7.100%,
08/15/31
,
5
yr.
CMT
+
3.148%
954,750
445,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
429,955
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
475,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
$
464,631
Asurion
LLC/Asurion
Co-Issuer,
Inc.*^
900,000
8.375%,
02/01/34
821,259
759,000
8.000%,
12/31/32
768,579
950,000
Azorra
Finance
Ltd.*^
7.250%,
01/15/31
979,269
1,410,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*^
7.125%,
05/15/31
1,424,269
950,000
Blackstone
Mortgage
Trust,
Inc.*
6.250%,
06/01/31
910,822
Brandywine
Operating
Partnership
LP^
475,000
8.875%,
04/12/29
499,453
951,000
6.125%,
01/15/31
913,768
1,183,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
1,224,405
1,676,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
1,644,491
742,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*^
4.500%,
04/01/27
732,732
1,000,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
844,280
880,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
889,152
935,000
Corebridge
Financial,
Inc.^‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
918,142
Credit
Acceptance
Corp.*^
635,000
9.250%,
12/15/28
658,628
922,000
6.625%,
03/15/30
922,747
950,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
919,391
475,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*^
8.875%,
09/01/31
497,691
Enstar
Group
Ltd.*‡
521,000
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
541,892
355,000
6.693%,
07/15/37
,
1
day
USD
SOFR
+
2.540%
347,286
First
Citizens
BancShares,
Inc.‡
235,000
Series
B,
7.898%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
236,558
725,000
Series
D,
7.000%,
12/15/30^
,
5
yr.
CMT
+
3.301%
728,589
475,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
474,805
PRINCIPAL
AMOUNT
a
a
VALUE
a
470,000
Goldman
Sachs
Group,
Inc.
Series
AA‡
6.500%,
08/10/31
,
5
yr.
CMT
+
2.175%
$
466,795
HUB
International
Ltd.*^
715,000
7.375%,
01/31/32
731,702
735,000
5.625%,
12/01/29
735,132
475,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
473,703
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*^
945,000
6.625%,
10/15/31
928,793
935,000
5.000%,
08/15/28
905,491
1,069,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
1,106,265
475,000
Newmark
Group,
Inc.
7.500%,
01/12/29
495,363
OneMain
Finance
Corp.
475,000
6.750%,
03/15/32
473,950
950,000
6.750%,
09/15/33^
936,244
960,000
6.500%,
03/15/33^
938,112
466,000
Osaic
Holdings,
Inc.*^
8.000%,
08/01/33
472,706
905,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*^
7.000%,
02/01/30
920,503
1,190,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
1,227,783
Reinsurance
Group
of
America,
Inc.^‡
475,000
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
474,777
475,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
463,861
Rocket
Cos.,
Inc.*^
712,000
6.375%,
08/01/33
717,169
475,000
6.125%,
08/01/30
479,133
950,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
952,498
950,000
Stonebriar
ABF
Issuer
LLC*
7.000%,
08/15/31
950,969
236,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
239,743
1,190,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
1,240,718
1,700,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
1,765,110
1,123,000
United
Wholesale
Mortgage
LLC*^
5.500%,
04/15/29
1,050,567
475,000
UWM
Holdings
LLC*^
6.250%,
03/15/31
424,394
475,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
493,136
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
700,000
Wells
Fargo
&
Co.
Series
GG,
Class
A^‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
$
699,279
950,000
XHR
LP*^
6.625%,
05/15/30
969,903
46,605,710
Health
Care
(1.5%)
1,425,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
1,473,151
CHS/Community
Health
Systems,
Inc.*
571,000
10.875%,
01/15/32
602,930
538,000
6.875%,
04/15/29
519,186
1,917,000
6.125%,
04/01/30^
1,616,376
120,000
5.250%,
05/15/30^
111,125
DaVita,
Inc.*^
925,000
6.875%,
09/01/32
951,159
1,061,000
4.625%,
06/01/30
1,023,154
1,139,000
3.750%,
02/15/31
1,052,413
Embecta
Corp.*
240,000
6.750%,
02/15/30
184,603
717,000
5.000%,
02/15/30^
554,858
Encompass
Health
Corp.
470,000
4.750%,
02/01/30^
460,196
235,000
4.500%,
02/01/28
232,685
534,000
IQVIA,
Inc.*^
6.250%,
06/01/32
541,727
1,443,000
Medline
Borrower
LP*^
5.250%,
10/01/29
1,430,807
1,760,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*^
5.125%,
04/30/31
1,744,248
Tenet
Healthcare
Corp.
990,000
6.875%,
11/15/31^
1,051,380
712,000
5.500%,
11/15/32*
701,740
14,251,738
Industrials
(2.4%)
1,068,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
1,093,066
1,100,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
1,036,827
Arcosa,
Inc.*
475,000
6.875%,
08/15/32^
490,798
538,000
4.375%,
04/15/29
526,740
Bombardier,
Inc.*
480,000
8.750%,
11/15/30
506,635
300,000
7.250%,
07/01/31^
313,176
355,000
7.000%,
06/01/32^
366,949
237,000
6.750%,
06/15/33^
244,259
1,485,000
Cascades,
Inc./Cascades
USA,
Inc.*^
6.750%,
07/15/30
1,511,121
235,000
Columbus
McKinnon
Corp.*^
7.125%,
02/01/33
237,190
179,250
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
178,970
PRINCIPAL
AMOUNT
a
a
VALUE
a
Deluxe
Corp.*
475,000
8.125%,
09/15/29^
$
492,257
1,265,000
8.000%,
06/01/29
1,276,512
500,000
EnerSys*
6.625%,
01/15/32
506,710
EquipmentShare.com,
Inc.*
590,000
8.625%,
05/15/32
604,532
710,000
7.125%,
07/01/34^
679,214
595,000
Granite
Construction,
Inc.*
6.375%,
06/15/34
595,821
Graphic
Packaging
International
LLC*
625,000
4.750%,
07/15/27
621,619
446,000
3.500%,
03/01/29
423,575
Herc
Holdings,
Inc.*
475,000
7.250%,
06/15/33
490,490
475,000
7.000%,
06/15/30^
490,081
475,000
6.625%,
06/15/29^
483,963
712,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
435,253
1,575,000
Ken
Garff
Automotive
LLC*^
4.875%,
09/15/28
1,561,093
940,000
Novelis
Corp.*^
4.750%,
01/30/30
903,613
950,000
Quikrete
Holdings,
Inc.*^
6.375%,
03/01/32
962,075
Standard
Building
Solutions,
Inc.*^
235,000
6.500%,
08/15/32
235,961
712,000
6.250%,
08/01/33
704,624
950,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
980,124
TransDigm,
Inc.*
360,000
7.125%,
12/01/31^
371,542
1,035,000
6.875%,
12/15/30
1,061,248
710,000
6.750%,
08/15/28
715,879
235,000
6.625%,
03/01/32
239,218
174,803
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
170,310
715,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
728,149
Williams
Scotsman,
Inc.*
355,000
6.625%,
06/15/29
361,592
565,000
4.625%,
08/15/28
559,299
23,160,485
Information
Technology
(1.5%)
Block,
Inc.*
238,000
6.000%,
08/15/33
236,422
470,000
5.625%,
08/15/30
468,045
710,000
CACI
International,
Inc.*
6.375%,
06/15/33
715,644
Cloud
Software
Group
LLC*
475,000
8.250%,
06/30/32
450,086
712,000
6.625%,
08/15/33^
622,466
557,000
Coherent
Corp.*^
5.000%,
12/15/29
545,169
Fair
Isaac
Corp.*
356,000
6.000%,
05/15/33
344,911
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
480,000
4.000%,
06/15/28
$
465,974
1,050,000
KBR,
Inc.*
4.750%,
09/30/28
1,034,859
235,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
247,504
723,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
697,934
475,000
Open
Text
Corp.*
6.900%,
12/01/27
484,728
Open
Text
Holdings,
Inc.*^
235,000
4.125%,
02/15/30
217,124
594,000
4.125%,
12/01/31
524,502
470,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
472,632
1,350,000
TTM
Technologies,
Inc.*^
4.000%,
03/01/29
1,296,729
Twilio,
Inc.
236,000
3.875%,
03/15/31^
220,653
680,000
3.625%,
03/15/29
653,398
1,131,000
UKG,
Inc.*^
6.875%,
02/01/31
1,108,923
1,435,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
1,357,711
1,358,149
Wolfspeed,
Inc.
7.000%,
06/15/31
1,165,468
950,000
Zebra
Technologies
Corp.*^
6.500%,
06/01/32
961,543
485,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*^
3.875%,
02/01/29
404,466
14,696,891
Materials
(1.9%)
950,000
Avient
Corp.*^
6.250%,
11/01/31
958,303
650,000
Bond
U.S.
Bidco
1,
Inc./Bidco
2/
Bidco
3/German
Bidco
1
GmbH/
German
Bidco
2*
7.125%,
06/15/33
654,608
1,190,000
Capstone
Copper
Corp.*^
6.750%,
03/31/33
1,196,902
845,000
Celanese
U.S.
Holdings
LLC^
7.379%,
07/15/32
884,352
950,000
Century
Aluminum
Co.*
6.875%,
08/01/32
968,031
Chemours
Co.*^
805,000
8.000%,
01/15/33
793,996
475,000
7.875%,
03/15/34
462,588
1,290,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
1,149,158
950,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
973,237
1,572,000
FMC
Corp.^‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
1,182,223
950,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
993,215
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,185,000
Kaiser
Aluminum
Corp.*^
5.875%,
03/01/34
$
1,160,245
955,000
Knife
River
Corp.*
7.750%,
05/01/31
986,343
426,000
Mercer
International,
Inc.*
12.875%,
10/01/28
190,333
1,190,000
Olin
Corp.*^
6.625%,
04/01/33
1,165,664
1,105,000
Silgan
Holdings,
Inc.^
4.125%,
02/01/28
1,090,270
950,000
Solstice
Advanced
Materials,
Inc.*^
5.625%,
09/30/33
930,525
530,000
Stonepeak
Motion
Holdco
Ltd./
Stonepeak
Motion
Finco
LLC*
6.125%,
07/15/33
527,149
950,000
Terex
Corp.*^
6.250%,
10/15/32
954,902
417,320
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
4,954
WR
Grace
Holdings
LLC*
235,000
7.000%,
08/01/33
225,612
475,000
6.625%,
08/15/32
452,475
17,905,085
Other
(0.9%)
705,000
1261229
BC
Ltd.*^
10.000%,
04/15/32
721,011
371,484
Claritev
Corp.
Series
B*
6.750%,
03/31/31
222,303
EchoStar
Corp.
2,393,615
10.750%,
11/30/29
2,590,466
1,012,724
6.750%,
11/30/30
1,027,834
500,000
Gen
Digital,
Inc.*^
6.750%,
09/30/27
501,070
475,000
Graham
Holdings
Co.*
5.625%,
12/01/33
465,272
885,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
927,852
1,250,000
Rfna
LP*^
7.875%,
02/15/30
1,251,850
950,000
SM
Energy
Co.*^
7.000%,
08/01/32
966,102
8,673,760
Real
Estate
(0.2%)
475,000
Forestar
Group,
Inc.*^
6.500%,
03/15/33
477,033
630,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
615,258
662,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*^µ
3.750%,
12/15/27
647,886
1,740,177
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Special
Purpose
Acquisition
Companies
(0.1%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
780,000
6.750%,
01/15/30^
$
766,514
477,000
4.625%,
01/15/29
463,854
1,230,368
Utilities
(0.6%)
475,000
CenterPoint
Energy,
Inc.^‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
483,346
235,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
237,113
698,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
715,289
480,000
Emera
U.S.
Finance
LLC
Series
A^‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
483,221
750,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
769,515
710,000
Evergy,
Inc.^‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
721,005
475,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
472,007
718,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
738,664
350,000
PPL
Capital
Funding,
Inc.
Series
A^‡
6.659%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
345,891
Vistra
Corp.*‡
250,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
251,293
450,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
452,691
5,670,035
TOTAL
CORPORATE
BONDS
(Cost
$310,395,865)
300,580,238
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(0.0%)
Other
(0.0%)
580,000
Farm
Credit
Bank
of
Texas‡
7.000%,
09/15/30,
5
yr.
CMT
+
3.010%
(Cost
$584,174)
591,637
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(0.3%)
Communication
Services
(0.0%)
17,477
Audacy,
Inc.#
52,431
6,819
Cumulus
Media,
Inc.
-
Class
A#
48
NUMBER
OF
SHARES
b
b
VALUE
b
10,421
Optimum
Communications,
Inc.
-
Class
A#
$
7,943
60,422
Consumer
Discretionary
(0.0%)
1,446
Rite
Aid
Corp.#
1,446
Energy
(0.3%)
4,000
Cheniere
Energy
Partners
LP
263,600
56,650
Energy
Transfer
LP
1,153,394
26,095
Enterprise
Products
Partners
LP
992,915
6,644
EP
Energy
Corp.#
6,644
2,416,553
Materials
(0.0%)
10,901
Ardagh
Holdings
SA#
69,138
TOTAL
COMMON
STOCKS
(Cost
$2,484,823)
2,547,559
CONVERTIBLE
PREFERRED
STOCKS
(21.3%)
Communication
Services
(5.2%)
993,619
Alphabet,
Inc.
6.250%,
05/15/29#
49,857,674
Financials
(3.3%)
123,245
ARES
Management
Corp.
6.750%,
10/01/27
5,067,834
16,695
Bank
of
America
Corp.#‡‡
7.250%
21,534,881
116,510
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
5,055,369
31,658,084
Health
Care
(0.3%)
6,715
Bruker
Corp.
6.375%,
09/01/28#
3,135,234
Industrials
(3.2%)
333,755
Boeing
Co.#
6.000%,
10/15/27
22,298,172
82,135
QXO,
Inc.
5.500%,
05/15/28
3,326,467
95,000
VSE
Corp.#
5.750%,
02/01/29
4,824,100
30,448,739
Information
Technology
(3.4%)
112,985
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
14,070,022
268,325
Oracle
Corp.#
6.500%,
01/15/29
11,237,451
150,475
Super
Micro
Computer,
Inc.#
7.000%,
06/01/29
7,579,426
32,886,899
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
Materials
(0.7%)
132,880
Albemarle
Corp.
7.250%,
03/01/27
$
6,614,766
Utilities
(5.2%)
NextEra
Energy,
Inc.
184,410
7.234%,
11/01/27#
9,023,181
85,285
7.299%,
06/01/27
4,537,162
95,000
7.375%,
02/15/29#
4,531,500
385,170
PPL
Corp.#
7.000%,
02/15/29
18,095,287
285,000
Southern
Co.#^
7.125%,
12/15/28
14,150,250
50,337,380
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$210,390,145)
204,938,776
PREFERRED
STOCKS
(0.1%)
Communication
Services
(0.1%)
Telephone
&
Data
Systems,
Inc.
8,863
6.000%,
09/30/26
169,283
7,676
6.625%,
08/31/26
157,435
T-Mobile
USA,
Inc.µ
6,503
5.500%,
03/01/70
132,792
743
5.500%,
06/01/70
15,417
7,935
6.250%,
09/01/69
182,981
657,908
TOTAL
PREFERRED
STOCKS
(Cost
$662,787)
657,908
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
TOTAL
INVESTMENTS
(142.0%)
(Cost
$1,289,364,501)
1,367,830,740
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-13.8%)
(
132,750,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-28.2%)
(
271,648,560
)
NET
ASSETS
(100.0%)
$
963,432,180
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
¡¡
As
of
July
31,
2026,
the
value
of
unfunded
loan
commitments
was
$269,233
for
the
Calamos
Convertible
Opportunities
and
Income
Fund.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$274,535,640.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
@
In
default
status
and
considered
non-income
producing.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
FOREIGN
CURRENCY
ABBREVIATION
JPY
Japanese
Yen
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
Opportunities
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
757,010
$
—
$
757,010
Bank
Loans
90
—
61,387,708
—
61,387,708
Convertible
Bonds
79
—
796,369,895
—
796,369,895
Corporate
Bonds
405
—
300,580,238
—
300,580,238
U.S.
Government
and
Agency
Security
1
—
591,637
—
591,637
Common
Stocks
9
2,417,900
129,659
—
2,547,559
Convertible
Preferred
Stocks
20
204,938,776
—
—
204,938,776
Preferred
Stocks
5
657,908
—
—
657,908
Warrants
4
—
9
—
9
Total
$
208,014,584
$
1,159,816,156
$
—
$
1,367,830,740
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
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
$827,496)
$
841,122
BANK
LOANS
(6.6%)i
Communication
Services
(1.4%)
2,164,102
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.628%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
2,205,372
397,093
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.845%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
341,996
34,852
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.845%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
34,852
1,045,000
Cengage
Learning,
Inc.!
2026
Term
Loan
B,
0.000%,
03/24/31
1,038,720
491,243
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.981%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
491,513
489,198
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.845%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
491,162
675,000
DirecTV
Financing
LLC!
2025
Term
Loan
B,
0.000%,
02/17/31
679,374
357,692
DirecTV
Financing
LLC‡
2026
Term
Loan
B,
8.323%,
08/02/29
3
mo.
USD
Term
SOFR
+
4.500%
360,325
506,471
DirecTV
Financing
LLC‡
2025
Term
Loan
B,
9.323%,
02/17/31
3
mo.
USD
Term
SOFR
+
5.500%
509,753
1,032,500
Discovery
Global
Holdings,
Inc.‡
2026
USD
Term
Loan
B,
6.231%,
06/03/33
1
mo.
USD
Term
SOFR
+
2.500%
1,034,544
1,000,000
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
1,007,315
1,141,961
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.620%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
1,061,664
1,050,000
Level
3
Financing,
Inc.‡
2026
Term
Loan
B,
6.481%,
03/29/32
1
mo.
USD
Term
SOFR
+
2.750%
1,055,030
PRINCIPAL
AMOUNT
a
a
VALUE
a
105,000
QTS
Thunder
Managing
Issuer
LLC!
Term
Loan
B,
0.000%,
07/22/33
$
103,688
420,000
QTS
Thunder
Managing
Issuer
LLC‡
Term
Loan
B,
6.025%,
07/22/33
3
mo.
USD
Term
SOFR
+
2.250%
414,750
616,133
TripAdvisor,
Inc.‡
Term
Loan,
6.481%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
596,497
1,410,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.232%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
1,421,068
448,849
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
452,525
159,182
ViaSat,
Inc.‡
2023
Term
Loan,
8.290%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
160,485
1,045,000
Virgin
Media
Bristol
LLC‡
2020
USD
Term
Loan
Q,
7.041%,
01/31/29
1
mo.
USD
Term
SOFR
+
3.250%
947,967
14,408,600
Consumer
Discretionary
(1.2%)
406,189
American
Axle
&
Manufacturing,
Inc.!‡
1
mo.
SOFR,
3.250%,
02/03/33
407,712
625,749
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
628,095
1,044,757
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.481%,
09/12/32
1
mo.
USD
Term
SOFR
+
2.750%
1,050,926
547,250
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.920%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
549,871
609,048
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.981%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
589,482
645,175
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.823%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
536,186
825,850
Clarios
Global
LP‡
2026
USD
Term
Loan
B,
6.231%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.500%
828,691
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,029,377
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.667%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
$
1,032,723
709,704
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.231%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
713,252
523,688
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.724%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
525,586
85,000
Pioneer
Opco
LLC‡
Term
Loan
B,
6.999%,
05/16/33
1
mo.
USD
Term
SOFR
+
3.250%
85,600
1,026,375
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.731%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
1,028,756
480,000
Stonepeak
Motion
Finco
LLC!
USD
Term
Loan
B,
0.000%,
06/24/33
480,876
566,017
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.481%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
565,592
1,039,775
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.982%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
1,042,562
1,042,388
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.475%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
1,035,711
1,023,287
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.481%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
1,026,741
12,128,362
Consumer
Staples
(1.2%)
1,939,027
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.731%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
1,947,811
534,600
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.231%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
530,590
1,127,484
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.481%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
1,132,558
2,239,489
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.981%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
2,178,407
260,000
Charlotte
Buyer,
Inc.!
2026
Term
Loan
B,
0.000%,
06/30/31
260,642
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,045,000
McKesson
Medical-Surgical
Top
Holdings,
Inc.‡
Term
Loan
B,
5.982%,
06/09/32
3
mo.
USD
Term
SOFR
+
2.250%
$
1,047,289
91,985
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.573%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
92,238
1,042,138
Opal
Bidco
SAS‡
2026
USD
Term
Loan
B,
6.232%,
04/28/32
3
mo.
USD
Term
SOFR
+
2.500%
1,045,207
90,000
Prestige
Brands,
Inc.‡
2026
Term
Loan
B,
5.731%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.000%
90,366
1,432,779
Star
Parent,
Inc.‡
Term
Loan
B,
7.232%,
09/27/30
3
mo.
USD
Term
SOFR
+
3.500%
1,439,743
1,034,576
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.823%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
1,037,685
525,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.981%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
527,357
485,709
United
Natural
Foods,
Inc.‡
2026
Term
Loan
B,
7.731%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.000%
491,023
11,820,916
Financials
(0.7%)
764,526
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.231%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
761,281
661,852
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.231%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
651,871
585,000
Cushman
&
Wakefield
U.S.
Borrower
LLC‡
2026
Term
Loan
B,
5.981%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.250%
585,974
1,295,275
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.482%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,037,302
765,375
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
764,992
722,072
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.981%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
724,849
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,045,000
Jupiter
Borrower,
Inc.‡
Term
Loan
B,
6.504%,
06/30/33
3
mo.
USD
Term
SOFR
+
2.750%
$
1,052,618
210,000
Lockton,
Inc.‡
Term
Loan
B,
5.823%,
05/09/33
3
mo.
USD
Term
SOFR
+
2.000%
210,262
1,012,463
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.232%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
1,007,532
6,796,681
Health
Care
(0.1%)
1,127,836
Padagis
LLC‡
Term
Loan
B,
8.742%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
1,085,542
Industrials
(1.0%)
960,024
ACProducts,
Inc.‡
2026
First
Lien
Second
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
823,221
68,664
ACProducts,
Inc.‡
2026
First
Lien
First
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
70,483
1,037,163
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.750%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
1,040,191
1,020,993
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.731%,
09/08/32
1
mo.
USD
Term
SOFR
+
3.000%
1,023,546
691,212
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.232%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
693,662
1,405,280
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.073%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
1,406,896
1,019,230
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.481%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
1,007,126
1,036,875
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.981%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
1,038,819
2,070,091
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.231%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
2,075,131
PRINCIPAL
AMOUNT
a
a
VALUE
a
518,700
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.231%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
$
519,826
1,047,500
Worthington
Steel,
Inc.‡
Term
Loan
B,
7.731%,
06/01/33
1
mo.
USD
Term
SOFR
+
4.000%
1,052,868
10,751,769
Information
Technology
(0.5%)
1,378,928
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.416%,
07/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,259,423
842,258
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.481%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
787,907
525,000
Cloud
Software
Group,
Inc.!
2025
Term
Loan
B
(2032),
0.000%,
08/13/32
471,697
155,000
CoreWeave
Financing
DDTL
V
LLC
1st
Lien
Delayed
Draw
Term
Loan,
0.000%,
09/30/31
155,581
675,000
CoreWeave
Financing
DDTL
V
LLC!
Delayed
Draw
Term
Loan,
0.000%,
11/17/31
675,422
297,387
CoreWeave
Financing
DDTL
V
LLC¡¡‡
Delayed
Draw
Term
Loan,
0.500%,
11/17/31
297,573
41,153
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.120%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
41,179
186,460
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.140%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
186,576
997,495
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.481%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
962,896
795,454
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.731%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
795,554
5,633,808
Materials
(0.2%)
680,000
BASF
Coatings‡
USD
Term
Loan
B,
7.244%,
06/29/33
3
mo.
USD
Term
SOFR
+
3.500%
683,825
517,400
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.231%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
516,916
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
525,000
Ineos
Finance
PLC‡
2026
USD
Term
Loan,
8.731%,
06/25/32
1
mo.
USD
Term
SOFR
+
5.000%
$
488,250
592,252
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.981%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
562,826
764,395
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.258%,
05/03/28
1
mo.
USD
Term
SOFR
+
2.500%
49,686
2,301,503
Other
(0.2%)
1,614,773
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.231%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
1,624,567
Special
Purpose
Acquisition
Companies
(0.1%)
785,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.731%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
758,228
TOTAL
BANK
LOANS
(Cost
$68,802,470)
67,309,976
CONVERTIBLE
BONDS
(82.6%)
Communication
Services
(6.1%)
8,750,000
AST
SpaceMobile,
Inc.*µ
1.625%,
02/01/34
8,890,087
5,000,000
IMAX
Corp.*
0.750%,
11/15/30
6,438,350
5,500,000
Liberty
Media
Corp.-Liberty
Formula
One^
2.250%,
08/15/27
6,953,155
17,500,000
Live
Nation
Entertainment,
Inc.^
2.875%,
01/15/30
20,248,200
13,250,000
Lyft,
Inc.*µ
0.000%,
09/15/30
13,402,640
5,000,000
Sirius
XM
Holdings,
Inc.
3.750%,
03/15/28
5,720,100
61,652,532
Consumer
Discretionary
(4.8%)
14,000,000
DoorDash,
Inc.µ
0.000%,
05/15/30
14,117,460
10,500,000
Etsy,
Inc.
1.000%,
06/15/30
12,808,950
3,750,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
1,666,388
6,500,000
NCL
Corp.
Ltd.µ
0.875%,
04/15/30
6,788,275
Rivian
Automotive,
Inc.µ
3,635,000
4.625%,
03/15/29
4,076,398
PRINCIPAL
AMOUNT
a
a
VALUE
a
9,250,000
3.625%,
10/15/30
$
9,602,980
49,060,451
Consumer
Staples
(0.6%)
4,750,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
5,741,040
Energy
(2.0%)
3,250,000
Energy
Fuels,
Inc.*µ
0.750%,
11/01/31
2,958,865
Liberty
Energy,
Inc.*µ
7,250,000
0.000%,
03/01/31
6,357,090
2,703,000
0.000%,
03/01/32^
2,222,920
5,500,000
ProPetro
Holding
Corp.*µ
0.000%,
11/15/31
4,577,155
4,000,000
Solaris
Energy
Infrastructure,
Inc.
0.250%,
10/01/31
4,762,080
20,878,110
Financials
(3.5%)
8,000,000
Barclays
Bank
PLC
Series
MSFT
1.000%,
02/16/29
8,667,920
12,750,000
Galaxy
Digital
Holdings
LP*µ
0.500%,
05/01/31
9,597,690
12,000,000
Robinhood
Markets,
Inc.*µ
0.000%,
10/01/29
11,515,440
4,500,000
WisdomTree,
Inc.*
4.625%,
08/15/30
5,761,845
35,542,895
Health
Care
(11.4%)
3,000,000
Arrowhead
Pharmaceuticals,
Inc.
0.000%,
01/15/32
3,728,430
12,750,000
Bridgebio
Pharma,
Inc.*µ
0.750%,
02/01/33
13,194,338
1,853,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
2,292,124
2,500,000
Cytokinetics,
Inc.*
1.750%,
10/01/31
3,497,800
7,500,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
11,539,800
10,000,000
Halozyme
Therapeutics,
Inc.*
0.875%,
11/15/32
11,320,900
5,000,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
5,967,600
10,000,000
Ionis
Pharmaceuticals,
Inc.*µ
0.000%,
12/01/30
8,851,200
4,000,000
Jazz
Investments
I
Ltd.
3.125%,
09/15/30
7,063,560
3,040,000
Lantheus
Holdings,
Inc.
2.625%,
12/15/27
3,988,966
12,000,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
12,809,040
7,250,000
Merit
Medical
Systems,
Inc.
3.000%,
02/01/29
8,503,815
5,750,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
5,860,400
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
4,750,000
Repligen
Corp.µ
1.000%,
12/15/28
$
4,958,430
4,585,000
Revolution
Medicines,
Inc.
0.500%,
05/01/33
5,686,271
5,500,000
Travere
Therapeutics,
Inc.
0.500%,
05/15/32
6,425,650
115,688,324
Industrials
(7.5%)
10,500,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
14,758,065
19,750,000
BWX
Technologies,
Inc.*µ
0.000%,
11/01/30
19,066,650
5,500,000
Fluor
Corp.
1.125%,
08/15/29
7,143,070
5,000,000
JBT
Marel
Corp.*
0.375%,
09/15/30
5,029,150
10,000,000
Knight-Swift
Transportation
Holdings,
Inc.*
1.000%,
11/15/31
10,926,400
15,500,000
Uber
Technologies,
Inc.
Series
2028
0.875%,
12/01/28
18,257,760
1,250,000
Voyager
Technologies,
Inc.*
0.750%,
11/15/30
1,382,625
76,563,720
Information
Technology
(36.6%)
730,000,000
JPY
Advantest
Corp.*µ
0.000%,
03/28/31
5,926,900
Akamai
Technologies,
Inc.µ
13,000,000
0.250%,
05/15/33
18,610,020
11,000,000
0.000%,
05/15/30*
10,294,460
7,500,000
Amkor
Technology,
Inc.*µ
0.000%,
07/15/31
7,000,200
12,250,000
Cipher
Digital,
Inc.*
0.000%,
10/01/31
20,258,438
3,250,000
Cleanspark,
Inc.*
0.000%,
02/15/32
3,240,478
17,500,000
Cloudflare,
Inc.
0.000%,
06/15/30
24,231,200
CoreWeave,
Inc.*µ
7,750,000
1.750%,
12/01/31
7,303,677
8,500,000
1.750%,
10/01/32
7,503,630
12,750,000
CyberArk
Software
Ltd.
0.000%,
06/15/30
20,896,485
13,750,000
Datadog,
Inc.
0.000%,
12/01/29
19,984,387
30,055,000
IREN
Ltd.*
1.000%,
12/01/33
22,780,788
4,605,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
17,958,625
5,250,000
MACOM
Technology
Solutions
Holdings,
Inc.
0.000%,
12/15/29
8,533,140
20,000,000
Microchip
Technology,
Inc.*^µ
0.000%,
02/15/30
21,349,400
8,000,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
7,833,040
PRINCIPAL
AMOUNT
a
a
VALUE
a
9,250,000
MKS,
Inc.
1.250%,
06/01/30
$
18,980,908
16,250,000
ON
Semiconductor
Corp.µ
0.500%,
03/01/29
18,405,238
10,000,000
Onto
Innovation,
Inc.*µ
0.000%,
06/01/31
10,861,900
5,750,000
Penguin
Solutions,
Inc.*µ
0.000%,
08/01/31
5,120,260
525,000
Seagate
HDD
Cayman
3.500%,
06/01/28
5,456,745
4,250,000
Semtech
Corp.*
0.000%,
10/15/30
6,291,955
9,750,000
Snowflake,
Inc.
0.000%,
10/01/29
19,321,185
Terawulf,
Inc.*
9,000,000
1.000%,
09/01/31^
14,814,810
1,275,000
0.000%,
05/01/32
1,527,042
13,250,000
Ultra
Clean
Holdings,
Inc.*
0.000%,
03/15/31
17,320,532
2,105,000
Western
Digital
Corp.
3.000%,
11/15/28
30,388,222
372,193,665
Materials
(1.3%)
8,750,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
9,186,450
2,000,000
MP
Materials
Corp.*
3.000%,
03/01/30
4,082,200
13,268,650
Real
Estate
(3.7%)
24,500,000
Digital
Realty
Trust
LP*µ
1.875%,
11/15/29
26,707,695
11,000,000
Realty
Income
Corp.*
3.500%,
01/15/29
11,425,700
38,133,395
Utilities
(5.1%)
24,750,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
25,785,787
14,500,000
CMS
Energy
Corp.^
3.375%,
05/01/28
15,674,645
10,750,000
Duke
Energy
Corp.*
3.000%,
03/15/29
10,619,495
52,079,927
TOTAL
CONVERTIBLE
BONDS
(Cost
$742,161,270)
840,802,709
CORPORATE
BONDS
(32.2%)
Airlines
(0.3%)
711,081
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
710,967
American
Airlines
Pass-Through
Trust
655,000
Series
B,
Class
B,
5.750%,
11/10/36
643,754
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
796,160
Series
B,
Class
B,
3.950%,
01/11/32
$
752,905
686,663
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
658,647
JetBlue
Pass-Through
Trust
155,406
Series
2019,
Class
B,
8.000%,
05/15/29
151,855
738,923
Series
1B,
Class
B,
7.750%,
05/15/30
742,262
3,660,390
Communication
Services
(4.0%)
780,000
AMC
Global
Media,
Inc.
4.250%,
02/15/29
689,005
8,287,000
APLD
ComputeCo
3
LLC*
7.000%,
06/15/31
8,096,565
520,000
Arches
Buyer,
Inc.*††
9.000%,
08/15/31
522,870
400,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
403,328
Clear
Channel
Outdoor
Holdings,
Inc.*
525,000
7.875%,
04/01/30
545,738
574,000
7.500%,
03/15/33
603,022
CSC
Holdings
LLC*
1,000,000
4.625%,
12/01/30
214,590
1,785,000
4.500%,
11/15/31
1,014,380
392,000
DirecTV
Financing
LLC*^
8.875%,
02/01/30
399,899
375,000
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*^
10.000%,
02/15/31
392,220
Discovery
Global
Holdings,
Inc.
520,000
5.050%,
03/15/42
363,750
260,000
4.279%,
03/15/32
231,111
522,000
EW
Scripps
Co.*
9.875%,
08/15/30
456,630
905,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
850,582
Gray
Media,
Inc.*
522,000
7.250%,
08/15/33^
516,441
515,000
5.375%,
11/15/31
381,425
1,040,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
762,102
260,000
iHeartCommunications,
Inc.*^
7.750%,
08/15/30
228,238
261,000
Level
3
Financing,
Inc.*^
7.000%,
03/31/34
265,823
660,000
Lumen
Technologies,
Inc.
Series
P^
7.600%,
09/15/39
612,302
1,345,000
McGraw-Hill
Education,
Inc.*
8.000%,
08/01/29
1,336,015
525,000
Neptune
Bidco
U.S.,
Inc.*^
9.290%,
04/15/29
535,295
1,005,000
Paramount
Global
4.900%,
08/15/44
626,899
PRINCIPAL
AMOUNT
a
a
VALUE
a
782,000
PR
RNO
Property
Owner
1
LLC*
6.500%,
05/01/31
$
736,136
1,145,000
Qwest
Corp.
6.500%,
09/01/51
861,063
Rogers
Communications,
Inc.‡
375,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
376,946
650,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
654,037
Scripps
Escrow
II,
Inc.*
257,000
5.375%,
01/15/31
150,910
514,000
3.875%,
01/15/29^
470,022
955,000
Sinclair
Television
Group,
Inc.*^
8.125%,
02/15/33
984,939
Sirius
XM
Radio
LLC*^
515,000
5.875%,
04/15/32
505,931
1,311,000
3.875%,
09/01/31
1,184,161
10,035,000
Stingray
Compute
LLC*
6.000%,
06/15/31
9,813,929
520,000
SV
RNO
Property
Owner
1
LLC*
5.875%,
03/01/31
483,813
785,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
783,407
Time
Warner
Cable
LLC
420,000
7.300%,
07/01/38
415,825
515,000
6.550%,
05/01/37
489,636
1,050,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*^
6.500%,
02/15/29
1,036,665
520,000
Univision
Communications,
Inc.*^
8.500%,
07/31/31
519,563
Verizon
Communications,
Inc.‡
595,000
6.200%,
05/14/56
,
5
yr.
CMT
+
2.042%
582,249
400,000
6.050%,
05/14/58^
,
5
yr.
CMT
+
1.813%
393,736
500,000
Viasat,
Inc.*
7.500%,
05/30/31
500,645
40,991,843
Consumer
Discretionary
(6.8%)
525,000
Academy
Ltd.*^
5.875%,
05/15/31
520,133
1,580,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
1,628,443
Adient
Global
Holdings
Ltd.*^
855,000
8.250%,
04/15/31
890,312
523,000
7.500%,
02/15/33
540,473
Advance
Auto
Parts,
Inc.*^
261,000
7.375%,
08/01/33
269,566
464,000
7.000%,
08/01/30
475,832
1,045,000
Allegiant
Travel
Co.*
7.125%,
07/01/31
1,060,560
782,000
American
Axle
&
Manufacturing,
Inc.*^
7.750%,
10/15/33
770,176
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,000,000
Aptiv
Swiss
Holdings
Ltd.^‡
6.875%,
12/15/54
,
5
yr.
CMT
+
3.385%
$
1,015,460
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
522,000
6.875%,
08/01/33
521,593
913,000
4.625%,
08/01/29
878,260
Bath
&
Body
Works,
Inc.
136,000
7.500%,
06/15/29
137,903
500,000
6.875%,
11/01/35^
505,830
720,000
6.625%,
10/01/30*^
732,348
550,000
Beach
Acquisition
Bidco
LLC*
10.000%,
07/15/33
590,909
1,215,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*^
5.750%,
01/15/33
1,172,487
657,000
Caesars
Entertainment,
Inc.*
4.625%,
10/15/29
625,911
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
1,045,000
7.000%,
02/01/33
1,001,925
640,000
5.125%,
05/01/27^
639,046
1,075,000
4.750%,
03/01/30^
1,005,297
522,000
4.750%,
02/01/32^
456,583
1,075,000
4.500%,
08/15/30^
982,034
1,035,000
4.250%,
02/01/31^
916,927
1,245,000
4.250%,
01/15/34^
1,019,281
1,045,000
Century
Communities,
Inc.*^
6.625%,
09/15/33
1,049,765
Churchill
Downs,
Inc.*^
520,000
6.750%,
05/01/31
527,894
522,000
5.750%,
04/01/30
521,259
534,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*^
6.750%,
09/15/32
541,417
1,645,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*^
6.375%,
04/15/34
1,625,408
561,000
Dana,
Inc.
4.500%,
02/15/32
560,080
DISH
DBS
Corp.@
1,754,000
0.000%,
07/01/28
1,683,963
410,000
0.000%,
12/01/28*
395,867
544,000
0.000%,
06/01/29
493,326
1,045,000
Dorman
Products,
Inc.*
6.250%,
06/15/34
1,050,392
980,000
Flutter
Treasury
DAC*^
5.875%,
06/04/31
970,112
1,075,000
Ford
Motor
Co.^
6.100%,
08/19/32
1,087,900
Ford
Motor
Credit
Co.
LLC
1,350,000
7.200%,
06/10/30
1,413,450
1,650,000
4.000%,
11/13/30
1,541,199
510,000
General
Motors
Co.^
5.200%,
04/01/45
435,933
goeasy
Ltd.*^
674,000
7.625%,
07/01/29
642,066
1,045,000
6.875%,
02/15/31
934,052
PRINCIPAL
AMOUNT
a
a
VALUE
a
Goodyear
Tire
&
Rubber
Co.^
1,575,000
5.625%,
04/30/33
$
1,375,006
560,000
5.250%,
07/15/31
498,092
Group
1
Automotive,
Inc.*^
650,000
6.375%,
01/15/30
654,329
445,000
4.000%,
08/15/28
429,754
661,056
Guitar
Center,
Inc.‡
12.000%,
08/19/32
198,317
533,000
Kohl's
Corp.
5.550%,
07/17/45
367,381
1,045,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
64,832
1,045,000
Life
Time,
Inc.*^
6.000%,
11/15/31
1,055,011
984,000
Light
&
Wonder
International,
Inc.*^
6.250%,
10/01/33
967,784
1,050,000
Lindblad
Expeditions
LLC*^
7.000%,
09/15/30
1,080,901
525,000
Lithia
Motors,
Inc.*^
5.500%,
10/01/30
519,288
685,000
M/I
Homes,
Inc.
3.950%,
02/15/30
645,996
Macy's
Retail
Holdings
LLC
699,000
6.700%,
07/15/34*
678,449
1,285,000
4.300%,
02/15/43
918,839
975,000
MGM
Resorts
International^
6.500%,
04/15/32
969,511
1,329,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
1,291,589
788,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
820,072
NCL
Corp.
Ltd.*^
522,000
6.750%,
02/01/32
512,197
588,000
6.250%,
09/15/33
559,464
520,000
5.875%,
01/15/31
498,040
Newell
Brands,
Inc.^
522,000
8.500%,
06/01/28*
545,386
522,000
6.625%,
05/15/32
528,165
520,000
6.375%,
05/15/30
525,658
1,045,000
Nissan
Motor
Acceptance
Co.
LLC*^
6.125%,
09/30/30
1,020,902
Patrick
Industries,
Inc.*
522,000
6.375%,
11/01/32
515,825
923,000
4.750%,
05/01/29^
903,617
Penn
Entertainment,
Inc.*
1,045,000
6.750%,
04/01/31^
1,048,898
630,000
4.125%,
07/01/29
600,976
750,000
PetSmart
LLC/PetSmart
Finance
Corp.*
7.500%,
09/15/32
759,233
655,000
Pioneer
Opco
LLC*
7.000%,
05/15/33
663,115
525,000
QVC,
Inc.@
0.000%,
08/15/34
263,335
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
106,832
Rite
Aid
Corp.
0.000%,
08/30/34
$
—
1,045,000
Rivers
Enterprise
Borrower
LLC*^
6.250%,
10/15/30
1,050,706
1,045,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*^
6.625%,
02/01/33
1,052,043
588,750
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
1,372
1,040,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
1,020,427
810,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.^
5.250%,
07/15/29
779,139
1,047,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*^
8.625%,
01/15/32
1,059,501
721,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*^
4.875%,
11/01/27
717,611
780,000
Staples,
Inc.*
10.750%,
09/01/29
747,256
1,700,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
1,643,101
1,050,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
1,088,745
653,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
669,253
260,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
272,509
494,000
Voyager
Parent
LLC*^
9.250%,
07/01/32
525,325
Whirlpool
Corp.
325,000
7.875%,
07/01/34*
308,435
325,000
7.500%,
07/01/31*
323,225
1,045,000
6.500%,
06/15/33^
885,941
550,000
William
Carter
Co.*^
7.375%,
02/15/31
565,021
1,025,000
ZF
North
America
Capital,
Inc.*^
7.500%,
03/24/31
1,031,683
69,052,627
Consumer
Staples
(2.1%)
996,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*^
5.750%,
03/31/34
926,967
507,000
Amneal
Pharmaceuticals
LLC*^
6.875%,
08/01/32
522,540
1,255,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
1,227,227
975,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
972,592
1,100,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
1,073,842
PRINCIPAL
AMOUNT
a
a
VALUE
a
525,000
Brink's
Co.*^
6.750%,
06/15/32
$
535,301
1,191,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
1,112,513
390,000
Charlotte
Buyer,
Inc.*
8.000%,
06/30/31
394,544
1,295,000
Dentsply
Sirona,
Inc.^‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
1,291,335
1,188,000
Edgewell
Personal
Care
Co.*^
4.125%,
04/01/29
1,144,638
Energizer
Holdings,
Inc.*^
522,000
6.000%,
09/15/33
496,344
1,185,000
4.375%,
03/31/29
1,142,921
1,045,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*^
7.125%,
04/30/33
1,063,141
MPH
Acquisition
Holdings
LLC*
882,421
6.750%,
03/31/31
531,835
429,160
5.750%,
12/31/30
330,822
1,045,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
1,014,371
Post
Holdings,
Inc.*^
918,000
6.375%,
03/01/33
905,001
1,050,000
6.250%,
02/15/32
1,057,035
Prestige
Brands,
Inc.*
260,000
6.250%,
07/15/34
260,868
986,000
3.750%,
04/01/31^
905,296
RR
Donnelley
&
Sons
Co.*
375,000
10.875%,
08/01/29
382,747
1,472,000
9.500%,
08/01/29
1,527,553
Synergy
Infrastructure
Holdings
LLC*
522,000
7.875%,
12/01/30
546,330
260,000
7.000%,
07/15/34
262,447
598,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
598,909
784,000
United
Rentals
North
America,
Inc.*^
5.375%,
11/15/33
763,843
20,990,962
Energy
(4.7%)
994,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*^
6.000%,
02/01/34
973,842
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
1,045,000
6.625%,
10/15/32
1,052,587
820,000
6.625%,
07/15/33^
823,903
Buckeye
Partners
LP
392,000
6.875%,
07/01/29*
401,314
787,000
6.750%,
02/01/30*
808,021
545,000
5.850%,
11/15/43
487,704
1,045,000
CNX
Resources
Corp.*^
5.875%,
03/01/34
1,014,110
1,220,000
Continental
Resources,
Inc.^
4.900%,
06/01/44
971,876
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
785,000
Crescent
Energy
Finance
LLC*^
7.375%,
01/15/33
$
789,090
Enbridge,
Inc.^‡
790,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
824,183
530,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
558,101
Energy
Transfer
LP‡
520,000
7.125%,
10/01/54^
,
5
yr.
CMT
+
2.829%
531,071
970,000
7.090%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
965,286
260,000
6.700%,
01/15/57
,
5
yr.
CMT
+
2.219%
256,409
260,000
6.550%,
01/15/57
,
5
yr.
CMT
+
2.336%
256,740
764,000
Series
H,
6.500%,
08/17/26
,
5
yr.
CMT
+
5.694%
764,764
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.^
765,000
8.875%,
04/15/30
799,111
525,000
8.000%,
05/15/33
546,494
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
790,000
6.875%,
05/15/34^
773,892
790,000
6.250%,
04/15/32
768,883
1,050,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
1,087,233
1,565,000
Infinity
Natural
Resources
LLC*^
7.625%,
04/01/31
1,566,643
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
1,045,000
6.875%,
12/01/32
1,064,970
523,000
6.625%,
08/15/34††
523,481
1,044,000
Matador
Resources
Co.*^
6.500%,
04/15/32
1,044,313
1,410,000
Nabors
Industries,
Inc.*^
7.625%,
11/15/32
1,439,102
1,045,000
Oceaneering
International,
Inc.*^
6.875%,
07/15/34
1,069,735
1,045,000
Par
Petroleum
LLC*^
7.375%,
06/01/34
1,082,453
770,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
760,652
1,040,000
Plains
All
American
Pipeline
LP
Series
B‡
8.023%,
08/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
1,040,978
670,000
Seadrill
Finance
Ltd.*
6.750%,
07/15/34
646,074
1,050,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
1,092,084
1,440,000
Summit
Midstream
Holdings
LLC*^
8.625%,
10/31/29
1,495,296
PRINCIPAL
AMOUNT
a
a
VALUE
a
Sunoco
LP*
800,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
$
821,776
1,565,000
6.625%,
08/15/32
1,582,340
1,045,000
6.250%,
07/01/33^
1,048,553
1,045,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*^
6.750%,
03/15/34
1,052,273
1,020,000
TGNR
Intermediate
Holdings
LLC*^
5.500%,
10/15/29
1,000,324
TransCanada
PipeLines
Ltd.^‡
260,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
260,229
525,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
524,942
1,484,000
Transocean
International
Ltd.*
7.875%,
10/15/32
1,546,847
Venture
Global
LNG,
Inc.*
525,000
9.875%,
02/01/32^
559,183
525,000
9.500%,
02/01/29
562,984
1,892,000
9.000%,
09/30/29^‡
,
5
yr.
CMT
+
5.440%
1,881,537
1,300,000
8.375%,
06/01/31^
1,344,538
548,000
7.000%,
01/15/30^
557,124
260,000
6.625%,
06/15/36
255,099
520,000
6.375%,
12/15/34
506,886
Venture
Global
Plaquemines
LNG
LLC*
1,045,000
6.500%,
01/15/34
1,079,391
780,000
6.500%,
06/15/34
805,475
261,000
6.125%,
12/15/30
265,244
1,045,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
1,042,314
1,552,000
WBI
Operating
LLC*^
6.500%,
10/15/33
1,549,486
1,045,000
Weatherford
International
Ltd.*^
6.750%,
10/15/33
1,058,512
47,585,452
Financials
(5.0%)
Acrisure
LLC/Acrisure
Finance,
Inc.*^
871,000
8.250%,
02/01/29
835,681
820,000
6.750%,
07/01/32
755,195
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
775,000
6.950%,
03/10/55
,
5
yr.
CMT
+
2.720%
794,158
425,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
427,253
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*^
1,615,000
7.375%,
10/01/32
1,627,855
1,045,000
6.500%,
10/01/31
1,045,867
Ally
Financial,
Inc.^‡
1,045,000
Series
D,
7.100%,
08/15/31
,
5
yr.
CMT
+
3.148%
1,050,225
480,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
463,771
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
520,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
$
508,649
Asurion
LLC/Asurion
Co-Issuer,
Inc.*^
990,000
8.375%,
02/01/34
903,385
828,000
8.000%,
12/31/32
838,449
1,045,000
Azorra
Finance
Ltd.*^
7.250%,
01/15/31
1,077,197
1,545,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*^
7.125%,
05/15/31
1,560,635
1,045,000
Blackstone
Mortgage
Trust,
Inc.*
6.250%,
06/01/31
1,001,904
Brandywine
Operating
Partnership
LP^
525,000
8.875%,
04/12/29
552,027
1,042,000
6.125%,
01/15/31
1,001,206
1,304,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
1,349,640
1,819,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
1,784,803
807,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
796,921
1,050,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
886,494
965,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
975,036
1,020,000
Corebridge
Financial,
Inc.‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
1,001,609
Credit
Acceptance
Corp.*^
690,000
9.250%,
12/15/28
715,675
1,014,000
6.625%,
03/15/30
1,014,821
1,045,000
CrossCountry
Intermediate
HoldCo
LLC*^
6.500%,
10/01/30
1,011,330
520,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
544,840
Enstar
Group
Ltd.*‡
570,000
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
592,857
400,000
6.693%,
07/15/37
,
1
day
USD
SOFR
+
2.540%
391,308
First
Citizens
BancShares,
Inc.‡
260,000
Series
B,
7.898%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
261,724
775,000
Series
D,
7.000%,
12/15/30^
,
5
yr.
CMT
+
3.301%
778,836
522,000
GGAM
Finance
Ltd.*^
5.875%,
03/15/30
521,786
PRINCIPAL
AMOUNT
a
a
VALUE
a
525,000
Goldman
Sachs
Group,
Inc.
Series
AA‡
6.500%,
08/10/31
,
5
yr.
CMT
+
2.175%
$
521,420
HUB
International
Ltd.*^
785,000
7.375%,
01/31/32
803,338
806,000
5.625%,
12/01/29
806,145
520,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
518,580
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*^
1,040,000
6.625%,
10/15/31
1,022,164
1,055,000
5.000%,
08/15/28
1,021,704
1,176,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
1,216,995
525,000
Newmark
Group,
Inc.
7.500%,
01/12/29
547,507
OneMain
Finance
Corp.
522,000
6.750%,
03/15/32
520,846
1,045,000
6.750%,
09/15/33^
1,029,868
1,052,000
6.500%,
03/15/33^
1,028,014
516,000
Osaic
Holdings,
Inc.*^
8.000%,
08/01/33
523,425
985,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*^
7.000%,
02/01/30
1,001,873
1,305,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
1,346,434
Reinsurance
Group
of
America,
Inc.‡
520,000
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
519,756
525,000
6.375%,
09/15/56^
,
5
yr.
CMT
+
2.344%
512,689
Rocket
Cos.,
Inc.*^
784,000
6.375%,
08/01/33
789,692
523,000
6.125%,
08/01/30
527,550
1,045,000
Starwood
Property
Trust,
Inc.*^
6.000%,
04/15/30
1,047,748
1,045,000
Stonebriar
ABF
Issuer
LLC*
7.000%,
08/15/31
1,046,066
257,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
261,076
1,310,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
1,365,832
1,865,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
1,936,430
1,212,000
United
Wholesale
Mortgage
LLC*^
5.500%,
04/15/29
1,133,826
522,000
UWM
Holdings
LLC*^
6.250%,
03/15/31
466,386
525,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
545,045
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
765,000
Wells
Fargo
&
Co.
Series
GG,
Class
A^‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
$
764,212
1,045,000
XHR
LP*^
6.625%,
05/15/30
1,066,893
50,962,651
Health
Care
(1.5%)
1,564,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
1,616,848
CHS/Community
Health
Systems,
Inc.*
628,000
10.875%,
01/15/32
663,118
594,000
6.875%,
04/15/29
573,228
2,075,000
6.125%,
04/01/30^
1,749,598
130,000
5.250%,
05/15/30^
120,385
DaVita,
Inc.*
1,010,000
6.875%,
09/01/32^
1,038,563
1,154,000
4.625%,
06/01/30
1,112,837
1,220,000
3.750%,
02/15/31
1,127,256
Embecta
Corp.*
260,000
6.750%,
02/15/30
199,987
783,000
5.000%,
02/15/30^
605,932
Encompass
Health
Corp.
525,000
4.750%,
02/01/30^
514,048
263,000
4.500%,
02/01/28
260,409
588,000
IQVIA,
Inc.*^
6.250%,
06/01/32
596,508
1,557,000
Medline
Borrower
LP*^
5.250%,
10/01/29
1,543,843
1,900,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*^
5.125%,
04/30/31
1,882,995
Tenet
Healthcare
Corp.
1,085,000
6.875%,
11/15/31^
1,152,270
784,000
5.500%,
11/15/32*
772,703
15,530,528
Industrials
(2.5%)
1,177,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
1,204,624
1,200,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
1,131,084
Arcosa,
Inc.*
522,000
6.875%,
08/15/32^
539,362
587,000
4.375%,
04/15/29
574,714
Bombardier,
Inc.*
520,000
8.750%,
11/15/30
548,855
325,000
7.250%,
07/01/31^
339,274
395,000
7.000%,
06/01/32^
408,296
263,000
6.750%,
06/15/33^
271,056
1,630,000
Cascades,
Inc./Cascades
USA,
Inc.*^
6.750%,
07/15/30
1,658,672
260,000
Columbus
McKinnon
Corp.*^
7.125%,
02/01/33
262,423
192,750
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
192,449
PRINCIPAL
AMOUNT
a
a
VALUE
a
Deluxe
Corp.*
520,000
8.125%,
09/15/29
$
538,892
1,360,000
8.000%,
06/01/29
1,372,376
500,000
EnerSys*
6.625%,
01/15/32
506,710
EquipmentShare.com,
Inc.*
655,000
8.625%,
05/15/32
671,133
785,000
7.125%,
07/01/34^
750,962
650,000
Granite
Construction,
Inc.*
6.375%,
06/15/34
650,897
Graphic
Packaging
International
LLC*
675,000
4.750%,
07/15/27
671,348
484,000
3.500%,
03/01/29^
459,664
Herc
Holdings,
Inc.*
522,000
7.250%,
06/15/33
539,022
522,000
7.000%,
06/15/30^
538,574
525,000
6.625%,
06/15/29^
534,907
788,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
481,712
1,690,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
1,675,077
1,040,000
Novelis
Corp.*^
4.750%,
01/30/30
999,742
1,045,000
Quikrete
Holdings,
Inc.*^
6.375%,
03/01/32
1,058,282
Standard
Building
Solutions,
Inc.*^
265,000
6.500%,
08/15/32
266,084
784,000
6.250%,
08/01/33
775,878
1,045,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
1,078,137
TransDigm,
Inc.*
390,000
7.125%,
12/01/31^
402,503
1,125,000
6.875%,
12/15/30
1,153,530
790,000
6.750%,
08/15/28
796,541
254,000
6.625%,
03/01/32
258,559
189,198
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
184,336
782,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
796,381
Williams
Scotsman,
Inc.*
390,000
6.625%,
06/15/29
397,242
604,000
4.625%,
08/15/28
597,906
25,287,204
Information
Technology
(1.6%)
Block,
Inc.*
261,000
6.000%,
08/15/33
259,270
520,000
5.625%,
08/15/30
517,837
782,000
CACI
International,
Inc.*
6.375%,
06/15/33
788,217
Cloud
Software
Group
LLC*
525,000
8.250%,
06/30/32
497,464
788,000
6.625%,
08/15/33
688,909
604,000
Coherent
Corp.*^
5.000%,
12/15/29
591,171
Fair
Isaac
Corp.*
392,000
6.000%,
05/15/33
379,789
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
520,000
4.000%,
06/15/28
$
504,806
1,130,000
KBR,
Inc.*
4.750%,
09/30/28
1,113,705
260,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
273,835
771,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
744,269
525,000
Open
Text
Corp.*
6.900%,
12/01/27
535,752
Open
Text
Holdings,
Inc.*^
260,000
4.125%,
02/15/30
240,222
651,000
4.125%,
12/01/31
574,833
510,000
Qnity
Electronics,
Inc.*^
6.250%,
08/15/33
512,856
1,450,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
1,392,783
Twilio,
Inc.
259,000
3.875%,
03/15/31^
242,157
725,000
3.625%,
03/15/29
696,638
1,239,000
UKG,
Inc.*^
6.875%,
02/01/31
1,214,815
1,555,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
1,471,248
1,466,462
Wolfspeed,
Inc.
7.000%,
06/15/31
1,258,415
1,050,000
Zebra
Technologies
Corp.*^
6.500%,
06/01/32
1,062,757
530,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*
3.875%,
02/01/29
441,993
16,003,741
Materials
(1.9%)
1,045,000
Avient
Corp.*^
6.250%,
11/01/31
1,054,133
700,000
Bond
U.S.
Bidco
1,
Inc./Bidco
2/
Bidco
3/German
Bidco
1
GmbH/
German
Bidco
2*
7.125%,
06/15/33
704,963
1,305,000
Capstone
Copper
Corp.*^
6.750%,
03/31/33
1,312,569
925,000
Celanese
U.S.
Holdings
LLC^
7.379%,
07/15/32
968,077
1,050,000
Century
Aluminum
Co.*
6.875%,
08/01/32
1,069,929
Chemours
Co.*^
888,000
8.000%,
01/15/33
875,861
522,000
7.875%,
03/15/34
508,360
1,375,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
1,224,877
1,045,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
1,070,561
1,721,000
FMC
Corp.^‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
1,294,278
1,045,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
1,092,537
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,305,000
Kaiser
Aluminum
Corp.*^
5.875%,
03/01/34
$
1,277,739
1,040,000
Knife
River
Corp.*
7.750%,
05/01/31
1,074,133
459,000
Mercer
International,
Inc.*
12.875%,
10/01/28
205,077
1,305,000
Olin
Corp.*^
6.625%,
04/01/33
1,278,313
1,194,000
Silgan
Holdings,
Inc.^
4.125%,
02/01/28
1,178,084
1,045,000
Solstice
Advanced
Materials,
Inc.*^
5.625%,
09/30/33
1,023,577
540,000
Stonepeak
Motion
Holdco
Ltd./
Stonepeak
Motion
Finco
LLC*
6.125%,
07/15/33
537,095
1,045,000
Terex
Corp.*^
6.250%,
10/15/32
1,050,392
454,861
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
5,399
WR
Grace
Holdings
LLC*
260,000
7.000%,
08/01/33
249,613
515,000
6.625%,
08/15/32
490,579
19,546,146
Other
(0.9%)
760,000
1261229
BC
Ltd.*^
10.000%,
04/15/32
777,260
410,588
Claritev
Corp.
Series
B*
6.750%,
03/31/31
245,704
EchoStar
Corp.
2,623,550
10.750%,
11/30/29
2,839,311
1,099,886
6.750%,
11/30/30
1,116,296
475,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
476,017
522,000
Graham
Holdings
Co.*
5.625%,
12/01/33
511,309
965,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
1,011,725
1,265,000
Rfna
LP*
7.875%,
02/15/30
1,266,872
1,045,000
SM
Energy
Co.*^
7.000%,
08/01/32
1,062,713
9,307,207
Real
Estate
(0.2%)
522,000
Forestar
Group,
Inc.*^
6.500%,
03/15/33
524,234
650,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
634,790
722,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
706,607
1,865,631
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Special
Purpose
Acquisition
Companies
(0.1%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
855,000
6.750%,
01/15/30^
$
840,217
524,000
4.625%,
01/15/29
509,559
1,349,776
Utilities
(0.6%)
525,000
CenterPoint
Energy,
Inc.^‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
534,224
260,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
262,337
765,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
783,949
520,000
Emera
U.S.
Finance
LLC
Series
A^‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
523,489
820,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
841,336
770,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
781,935
525,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
521,693
780,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
802,448
379,000
PPL
Capital
Funding,
Inc.
Series
A^‡
6.659%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
374,551
Vistra
Corp.*‡
270,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
271,396
525,000
7.000%,
12/15/26^
,
5
yr.
CMT
+
5.740%
528,140
6,225,498
TOTAL
CORPORATE
BONDS
(Cost
$339,085,803)
328,359,656
U.S.
GOVERNMENT
AND
AGENCY
SECURITY
(0.0%)
Other
(0.0%)
650,000
Farm
Credit
Bank
of
Texas^‡
7.000%,
09/15/30,
5
yr.
CMT
+
3.010%
(Cost
$654,678)
663,042
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(0.3%)
Communication
Services
(0.0%)
17,927
Audacy,
Inc.#
53,781
7,383
Cumulus
Media,
Inc.
-
Class
A#
53
NUMBER
OF
SHARES
b
b
VALUE
b
11,286
Optimum
Communications,
Inc.
-
Class
A#
$
8,602
62,436
Consumer
Discretionary
(0.0%)
1,568
Rite
Aid
Corp.#
1,568
Energy
(0.3%)
4,350
Cheniere
Energy
Partners
LP
286,665
61,575
Energy
Transfer
LP
1,253,667
28,485
Enterprise
Products
Partners
LP
1,083,854
7,238
EP
Energy
Corp.#
7,238
2,631,424
Materials
(0.0%)
11,791
Ardagh
Holdings
SA#
74,783
TOTAL
COMMON
STOCKS
(Cost
$2,680,608)
2,770,211
CONVERTIBLE
PREFERRED
STOCKS
(21.3%)
Communication
Services
(5.2%)
1,049,664
Alphabet,
Inc.
6.250%,
05/15/29#
52,669,905
Financials
(3.3%)
131,065
ARES
Management
Corp.
6.750%,
10/01/27
5,389,393
17,555
Bank
of
America
Corp.#‡‡
7.250%
22,644,194
123,900
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
5,376,021
33,409,608
Health
Care
(0.3%)
7,060
Bruker
Corp.
6.375%,
09/01/28#
3,296,314
Industrials
(3.1%)
350,840
Boeing
Co.#
6.000%,
10/15/27
23,439,620
87,620
QXO,
Inc.
5.500%,
05/15/28
3,548,610
100,000
VSE
Corp.#
5.750%,
02/01/29
5,078,000
32,066,230
Information
Technology
(3.4%)
118,790
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
14,792,919
282,125
Oracle
Corp.#
6.500%,
01/15/29
11,815,395
158,185
Super
Micro
Computer,
Inc.#
7.000%,
06/01/29
7,967,778
34,576,092
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
Materials
(0.7%)
143,115
Albemarle
Corp.
7.250%,
03/01/27
$
7,124,265
Utilities
(5.3%)
NextEra
Energy,
Inc.
196,360
7.234%,
11/01/27#
9,607,895
91,805
7.299%,
06/01/27
4,884,026
105,000
7.375%,
02/15/29#
5,008,500
410,140
PPL
Corp.#
7.000%,
02/15/29
19,268,377
300,000
Southern
Co.#
7.125%,
12/15/28
14,895,000
53,663,798
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$222,024,750)
216,806,212
PREFERRED
STOCKS
(0.1%)
Communication
Services
(0.1%)
Telephone
&
Data
Systems,
Inc.
9,735
6.000%,
09/30/26
185,938
8,366
6.625%,
08/31/26
171,587
T-Mobile
USA,
Inc.µ
7,072
5.500%,
03/01/70
144,410
808
5.500%,
06/01/70
16,766
8,665
6.250%,
09/01/69
199,815
718,516
TOTAL
PREFERRED
STOCKS
(Cost
$723,823)
718,516
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
—
—
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
TOTAL
INVESTMENTS
(143.2%)
(Cost
$1,376,981,023)
1,458,271,454
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-14.2%)
(
144,500,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-29.0%)
(
295,469,258
)
NET
ASSETS
(100.0%)
$
1,018,302,196
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
¡¡
As
of
July
31,
2026,
the
value
of
unfunded
loan
commitments
was
$297,573
for
the
Calamos
Convertible
and
High
Income
Fund.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$265,896,556.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
@
In
default
status
and
considered
non-income
producing.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
FOREIGN
CURRENCY
ABBREVIATION
JPY
Japanese
Yen
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Convertible
and
High
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
841,122
$
—
$
841,122
Bank
Loans
90
—
67,309,976
—
67,309,976
Convertible
Bonds
79
—
840,802,709
—
840,802,709
Corporate
Bonds
405
—
328,359,656
—
328,359,656
U.S.
Government
and
Agency
Security
1
—
663,042
—
663,042
Common
Stocks
9
2,632,841
137,370
—
2,770,211
Convertible
Preferred
Stocks
20
216,806,212
—
—
216,806,212
Preferred
Stocks
5
718,516
—
—
718,516
Warrants
4
—
10
—
10
Total
$
220,157,569
$
1,238,113,885
$
—
$
1,458,271,454
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.0%)
Other
(0.0%)
955,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$929,716)
$
945,025
BANK
LOANS
(3.6%)i
Communication
Services
(0.6%)
2,585,164
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.628%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
2,634,463
456,384
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.845%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
393,061
40,056
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.845%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
40,056
1,245,000
Cengage
Learning,
Inc.!
2026
Term
Loan
B,
0.000%,
03/24/31
1,237,518
3,208,286
Charter
Communications
Operating
LLC‡
2024
Term
Loan
B5,
5.975%,
12/15/31
3
mo.
USD
Term
SOFR
+
2.250%
3,093,782
609,141
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.981%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
609,476
575,870
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.845%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
578,182
790,000
DirecTV
Financing
LLC!
2025
Term
Loan
B,
0.000%,
02/17/31
795,119
413,049
DirecTV
Financing
LLC‡
2026
Term
Loan
B,
8.323%,
08/02/29
3
mo.
USD
Term
SOFR
+
4.500%
416,089
588,471
DirecTV
Financing
LLC‡
2025
Term
Loan
B,
9.323%,
02/17/31
3
mo.
USD
Term
SOFR
+
5.500%
592,284
1,230,096
Discovery
Global
Holdings,
Inc.‡
2026
USD
Term
Loan
B,
6.231%,
06/03/33
1
mo.
USD
Term
SOFR
+
2.500%
1,232,532
1,183,800
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
1,192,459
1,380,286
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.620%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
1,283,231
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,200,000
Level
3
Financing,
Inc.‡
2026
Term
Loan
B,
6.481%,
03/29/32
1
mo.
USD
Term
SOFR
+
2.750%
$
1,205,748
125,000
QTS
Thunder
Managing
Issuer
LLC!
Term
Loan
B,
0.000%,
07/22/33
123,438
500,000
QTS
Thunder
Managing
Issuer
LLC‡
Term
Loan
B,
6.025%,
07/22/33
3
mo.
USD
Term
SOFR
+
2.250%
493,750
733,211
TripAdvisor,
Inc.‡
Term
Loan,
6.481%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
709,844
1,680,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.232%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
1,693,188
528,645
ViaSat,
Inc.!
2023
Term
Loan,
0.000%,
05/30/30
532,974
189,028
ViaSat,
Inc.‡
2023
Term
Loan,
8.290%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
190,576
1,245,000
Virgin
Media
Bristol
LLC‡
2020
USD
Term
Loan
Q,
7.041%,
01/31/29
1
mo.
USD
Term
SOFR
+
3.250%
1,129,395
20,177,165
Consumer
Discretionary
(1.0%)
1,955,000
Adient
U.S.
LLC‡
2024
Term
Loan
B2,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
1,958,314
1,194,875
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
1,199,356
1,841,155
Aramark
Services,
Inc.‡
2025
Term
Loan,
5.481%,
06/22/30
1
mo.
USD
Term
SOFR
+
1.750%
1,845,758
1,194,008
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.481%,
09/12/32
1
mo.
USD
Term
SOFR
+
2.750%
1,201,058
597,000
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.920%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
599,860
709,763
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.981%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
686,961
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
728,900
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.823%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
$
605,767
965,150
Clarios
Global
LP‡
2026
USD
Term
Loan
B,
6.231%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.500%
968,470
1,975,000
DK
Crown
Holdings,
Inc.‡
2025
Term
Loan
B,
5.425%,
03/04/32
1
mo.
USD
Term
SOFR
+
1.750%
1,972,373
1,950,000
Flutter
Financing
BV‡
2024
Term
Loan
B,
5.482%,
11/30/30
3
mo.
USD
Term
SOFR
+
1.750%
1,935,863
1,955,000
Installed
Building
Products,
Inc.‡
2024
1st
Lien
Term
Loan
B,
5.481%,
03/28/31
1
mo.
USD
Term
SOFR
+
1.750%
1,965,469
2,132,481
KFC
Holding
Co.‡
2021
Term
Loan
B,
5.534%,
03/15/28
1
mo.
USD
Term
SOFR
+
1.750%
2,141,810
1,191,910
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.667%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
1,195,784
1,955,212
Light
&
Wonder
International,
Inc.‡
2026
Term
Loan
B,
5.667%,
04/16/29
1
mo.
USD
Term
SOFR
+
2.000%
1,960,100
1,985,000
Murphy
USA,
Inc.‡
Term
Loan
B,
5.397%,
04/07/32
1
mo.
USD
Term
SOFR
+
1.750%
2,001,128
837,477
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.231%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
841,665
1,939,394
PENN
Entertainment,
Inc.‡
2022
Term
Loan
B,
5.731%,
05/30/33
1
mo.
USD
Term
SOFR
+
2.000%
1,936,533
598,500
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.724%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
600,670
105,000
Pioneer
Opco
LLC‡
Term
Loan
B,
6.999%,
05/16/33
1
mo.
USD
Term
SOFR
+
3.250%
105,741
1,960,000
Six
Flags
Entertainment
Corp.‡
2024
Term
Loan
B,
5.731%,
05/01/31
1
mo.
USD
Term
SOFR
+
2.000%
1,946,525
3,128,000
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.731%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
3,135,257
PRINCIPAL
AMOUNT
a
a
VALUE
a
570,000
Stonepeak
Motion
Finco
LLC!
USD
Term
Loan
B,
0.000%,
06/24/33
$
571,040
1,673,441
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.481%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
1,672,186
1,238,775
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.982%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
1,242,095
1,206,975
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.475%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
1,199,244
1,169,478
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.481%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
1,173,425
36,662,452
Consumer
Staples
(0.5%)
2,290,040
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.731%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
2,300,414
1,906,624
APi
Group
DE,
Inc.‡
2026
Term
Loan
B,
5.481%,
05/16/33
1
mo.
USD
Term
SOFR
+
1.750%
1,912,534
613,800
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.231%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
609,197
1,405,562
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.481%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
1,411,887
2,601,337
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.981%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
2,530,385
310,000
Charlotte
Buyer,
Inc.!
2026
Term
Loan
B,
0.000%,
06/30/31
310,766
1,245,000
McKesson
Medical-Surgical
Top
Holdings,
Inc.‡
Term
Loan
B,
5.982%,
06/09/32
3
mo.
USD
Term
SOFR
+
2.250%
1,247,727
105,252
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.573%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
105,541
1,240,641
Opal
Bidco
SAS‡
2026
USD
Term
Loan
B,
6.232%,
04/28/32
3
mo.
USD
Term
SOFR
+
2.500%
1,244,294
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,963,694
Organon
&
Co.‡
2024
USD
Term
Loan,
5.981%,
05/19/31
1
mo.
USD
Term
SOFR
+
2.250%
$
1,965,226
1,392,311
Perrigo
Investments
LLC‡
2024
Term
Loan
B,
5.731%,
04/20/29
1
mo.
USD
Term
SOFR
+
2.000%
1,392,311
105,000
Prestige
Brands,
Inc.‡
2026
Term
Loan
B,
5.731%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.000%
105,427
1,689,080
Star
Parent,
Inc.‡
Term
Loan
B,
7.232%,
09/27/30
3
mo.
USD
Term
SOFR
+
3.500%
1,697,289
1,197,930
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.823%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
1,201,530
630,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.981%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
632,829
588,738
United
Natural
Foods,
Inc.‡
2026
Term
Loan
B,
7.731%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.000%
595,179
19,262,536
Financials
(0.4%)
896,848
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.231%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
893,041
2,145,371
Avolon
TLB
Borrower
1
U.S.
LLC‡
2023
Term
Loan
B6,
5.420%,
06/24/30
1
mo.
USD
Term
SOFR
+
1.750%
2,150,573
710,786
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.231%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
700,068
695,000
Cushman
&
Wakefield
U.S.
Borrower
LLC‡
2026
Term
Loan
B,
5.981%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.250%
696,157
1,492,275
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.482%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,195,066
2,856,750
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
2,855,322
2,228,980
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.981%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
2,237,550
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,245,000
Jupiter
Borrower,
Inc.‡
Term
Loan
B,
6.504%,
06/30/33
3
mo.
USD
Term
SOFR
+
2.750%
$
1,254,076
250,000
Lockton,
Inc.‡
Term
Loan
B,
5.823%,
05/09/33
3
mo.
USD
Term
SOFR
+
2.000%
250,312
1,201,988
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.232%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
1,196,134
13,428,299
Health
Care
(0.1%)
2,144,674
DaVita,
Inc.‡
2025
Term
Loan
B,
5.481%,
05/09/31
1
mo.
USD
Term
SOFR
+
1.750%
2,146,851
1,084,001
Elanco
Animal
Health,
Inc.‡
2025
Term
Loan
B,
5.397%,
10/31/32
1
mo.
USD
Term
SOFR
+
1.750%
1,085,492
1,233,714
Padagis
LLC‡
Term
Loan
B,
8.742%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
1,187,450
4,419,793
Industrials
(0.5%)
1,106,876
ACProducts,
Inc.‡
2026
First
Lien
Second
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
949,146
79,167
ACProducts,
Inc.‡
2026
First
Lien
First
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
81,265
1,200,925
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.750%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
1,204,432
1,214,292
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.731%,
09/08/32
1
mo.
USD
Term
SOFR
+
3.000%
1,217,328
805,680
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.232%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
808,536
1,302,468
EMRLD
Borrower
LP‡
Term
Loan
B,
5.916%,
05/31/30
3
mo.
USD
Term
SOFR
+
2.250%
1,303,745
1,661,712
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.073%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
1,663,623
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
656,704
Knife
River
HoldCo‡
2026
Term
Loan
B,
5.401%,
03/08/32
3
mo.
USD
Term
SOFR
+
1.750%
$
656,980
1,174,541
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.481%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
1,160,593
1,234,375
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.981%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
1,236,689
1,950,362
TransDigm,
Inc.‡
2025
Term
Loan
K,
5.981%,
03/22/30
1
mo.
USD
Term
SOFR
+
2.250%
1,952,868
2,334,360
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.231%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
2,340,044
613,463
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.231%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
614,794
1,237,500
Worthington
Steel,
Inc.‡
Term
Loan
B,
7.731%,
06/01/33
1
mo.
USD
Term
SOFR
+
4.000%
1,243,842
16,433,885
Information
Technology
(0.2%)
1,598,330
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.416%,
07/30/31
3
mo.
USD
Term
SOFR
+
2.750%
1,459,811
1,002,365
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.481%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
937,682
625,000
Cloud
Software
Group,
Inc.!
2025
Term
Loan
B
(2032),
0.000%,
08/13/32
561,544
841,572
Coherent
Corp.‡
2025
Term
Loan
B2,
5.481%,
07/02/29
1
mo.
USD
Term
SOFR
+
1.750%
843,499
185,000
CoreWeave
Financing
DDTL
V
LLC!
1st
Lien
Delayed
Draw
Term
Loan,
0.000%,
09/30/31
185,694
810,000
CoreWeave
Financing
DDTL
V
LLC!
Delayed
Draw
Term
Loan,
0.000%,
11/17/31
810,506
351,200
CoreWeave
Financing
DDTL
V
LLC¡¡‡
Delayed
Draw
Term
Loan,
0.500%,
11/17/31
3
mo.
USD
Term
SOFR
+
0.500%
351,420
48,600
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.120%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
48,630
PRINCIPAL
AMOUNT
a
a
VALUE
a
220,200
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.140%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
$
220,338
1,179,162
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.481%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
1,138,263
914,773
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.731%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
914,887
1,246,763
TTM
Technologies,
Inc.‡
2026
Term
Loan,
5.397%,
05/30/30
1
mo.
USD
Term
SOFR
+
1.750%
1,250,397
8,722,671
Materials
(0.2%)
1,511,238
Axalta
Coating
Systems
U.S.
Holdings,
Inc.‡
2024
Term
Loan
B7,
5.482%,
12/20/29
3
mo.
USD
Term
SOFR
+
1.750%
1,514,903
665,000
BASF
Coatings‡
USD
Term
Loan
B,
7.244%,
06/29/33
3
mo.
USD
Term
SOFR
+
3.500%
668,741
2,284,221
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.231%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
2,282,086
702,078
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.981%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
667,195
625,000
Ineos
U.S.
Finance
LLC‡
2026
USD
Term
Loan,
8.731%,
06/25/32
1
mo.
USD
Term
SOFR
+
5.000%
581,250
895,840
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.258%,
05/03/28
1
mo.
USD
Term
SOFR
+
2.500%
58,230
5,772,405
Other
(0.1%)
1,917,855
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.231%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
1,929,487
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Special
Purpose
Acquisition
Companies
(0.0%)
940,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.731%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
$
907,941
TOTAL
BANK
LOANS
(Cost
$129,495,768)
127,716,634
CONVERTIBLE
BONDS
(19.4%)
Communication
Services
(0.6%)
7,745,000
Live
Nation
Entertainment,
Inc.*
2.875%,
10/15/31
8,361,115
13,910,000
Lyft,
Inc.*^
0.000%,
09/15/30
14,070,243
22,431,358
Consumer
Discretionary
(1.5%)
27,185,000
DoorDash,
Inc.^
0.000%,
05/15/30
27,413,082
20,255,000
Etsy,
Inc.
1.000%,
06/15/30
24,709,075
52,122,157
Consumer
Staples
(0.3%)
9,250,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
11,179,920
Energy
(0.3%)
12,475,000
Liberty
Energy,
Inc.*
0.000%,
03/01/31
10,938,579
Financials
(1.0%)
4,115,000
Federal
Realty
OP
LP*
3.250%,
01/15/29
4,544,318
10,877,000
Kite
Realty
Group
LP*
3.250%,
04/15/32
10,841,432
10,180,000
Robinhood
Markets,
Inc.*
0.000%,
10/01/29
9,768,932
9,735,000
WisdomTree,
Inc.*
4.625%,
08/15/30
12,464,791
37,619,473
Health
Care
(2.8%)
10,595,000
Bridgebio
Pharma,
Inc.*
0.750%,
02/01/33
10,964,236
9,035,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
11,176,114
3,897,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
4,651,147
18,680,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
19,939,406
7,920,000
Merit
Medical
Systems,
Inc.
3.000%,
02/01/29
9,289,685
13,615,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
13,876,408
PRINCIPAL
AMOUNT
a
a
VALUE
a
14,480,000
Revolution
Medicines,
Inc.
0.500%,
05/01/33
$
17,957,951
9,015,000
Travere
Therapeutics,
Inc.
0.500%,
05/15/32
10,532,225
98,387,172
Industrials
(2.8%)
7,115,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
10,000,346
15,573,000
BWX
Technologies,
Inc.*
0.000%,
11/01/30
15,034,174
9,165,000
Fluor
Corp.
1.125%,
08/15/29
11,902,952
16,940,000
JBT
Marel
Corp.*
0.375%,
09/15/30
17,038,760
20,600,000
Knight-Swift
Transportation
Holdings,
Inc.*
1.000%,
11/15/31
22,508,384
Uber
Technologies,
Inc.
12,000,000
Series
2028,
0.875%,
12/01/28^
14,135,040
8,910,000
0.000%,
05/15/28
9,980,715
100,600,371
Information
Technology
(7.6%)
14,175,000
Akamai
Technologies,
Inc.
0.250%,
05/15/33
20,292,079
18,265,000
Cloudflare,
Inc.
0.000%,
06/15/30
25,290,450
18,390,000
CyberArk
Software
Ltd.
0.000%,
06/15/30
30,140,107
11,255,000
Datadog,
Inc.
0.000%,
12/01/29
16,358,129
13,555,000
IREN
Ltd.*
1.000%,
12/01/33
10,274,283
2,670,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
10,412,493
19,935,000
Microchip
Technology,
Inc.*^
0.000%,
02/15/30
21,280,014
11,245,000
Mirion
Technologies,
Inc.*^
0.000%,
10/01/31
9,687,118
18,270,000
ON
Semiconductor
Corp.
0.500%,
03/01/29
20,693,150
11,705,000
Onto
Innovation,
Inc.*
0.000%,
06/01/31
12,713,854
6,966,000
Penguin
Solutions,
Inc.*
0.000%,
08/01/31
6,203,084
3,785,000
Seagate
HDD
Cayman
3.500%,
06/01/28
39,340,533
8,360,000
Snowflake,
Inc.
0.000%,
10/01/29
16,566,678
2,200,000
Western
Digital
Corp.
3.000%,
11/15/28
31,759,662
271,011,634
Real
Estate
(1.4%)
11,975,000
Digital
Realty
Trust
LP*^
1.875%,
11/15/29
13,054,067
9,920,000
Realty
Income
Corp.*
3.500%,
01/15/29
10,303,904
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
13,975,000
Welltower
OP
LLC*
3.125%,
07/15/29
$
25,879,324
49,237,295
Utilities
(1.1%)
19,835,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
20,665,095
16,655,000
CMS
Energy
Corp.^
3.375%,
05/01/28
18,004,221
38,669,316
TOTAL
CONVERTIBLE
BONDS
(Cost
$571,696,921)
692,197,275
CORPORATE
BONDS
(10.9%)
Airlines
(0.1%)
796,410
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*
4.800%,
02/15/29
796,283
American
Airlines
Pass-Through
Trust
780,000
Series
B,
Class
B,
5.750%,
11/10/36
766,607
913,920
Series
B,
Class
B,
3.950%,
01/11/32
864,267
787,221
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
755,102
JetBlue
Pass-Through
Trust
178,982
Series
2019,
Class
B,
8.000%,
05/15/29
174,893
858,241
Series
1B,
Class
B,
7.750%,
05/15/30
862,120
4,219,272
Communication
Services
(0.9%)
945,000
AMC
Global
Media,
Inc.
4.250%,
02/15/29
834,756
935,000
APLD
ComputeCo
3
LLC*
7.000%,
06/15/31
913,514
620,000
Arches
Buyer,
Inc.*††
9.000%,
08/15/31
623,422
615,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
620,117
Clear
Channel
Outdoor
Holdings,
Inc.*
600,000
7.875%,
04/01/30
623,700
666,000
7.500%,
03/15/33
699,673
CSC
Holdings
LLC*
1,110,000
4.625%,
12/01/30
238,195
1,960,000
4.500%,
11/15/31
1,113,829
454,000
DirecTV
Financing
LLC*^
8.875%,
02/01/30
463,148
450,000
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*^
10.000%,
02/15/31
470,664
Discovery
Global
Holdings,
Inc.
615,000
5.050%,
03/15/42
430,205
PRINCIPAL
AMOUNT
a
a
VALUE
a
310,000
4.279%,
03/15/32
$
275,556
605,000
EW
Scripps
Co.*
9.875%,
08/15/30
529,236
1,030,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
968,066
Gray
Media,
Inc.*^
605,000
7.250%,
08/15/33
598,557
600,000
5.375%,
11/15/31
444,378
1,210,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
886,676
310,000
iHeartCommunications,
Inc.*^
7.750%,
08/15/30
272,130
303,000
Level
3
Financing,
Inc.*^
7.000%,
03/31/34
308,599
756,000
Lumen
Technologies,
Inc.
Series
P^
7.600%,
09/15/39
701,364
1,605,000
McGraw-Hill
Education,
Inc.*^
8.000%,
08/01/29
1,594,279
620,000
Neptune
Bidco
U.S.,
Inc.*^
9.290%,
04/15/29
632,158
Paramount
Global
141,000
6.375%,
03/30/62‡
,
5
yr.
CMT
+
3.999%
116,771
1,160,000
4.900%,
08/15/44
723,585
932,000
PR
RNO
Property
Owner
1
LLC*
6.500%,
05/01/31
877,338
1,559,800
Qwest
Corp.
6.500%,
09/01/51
1,173,001
Rogers
Communications,
Inc.‡
561,000
7.125%,
04/15/55^
,
5
yr.
CMT
+
2.620%
563,912
840,000
7.000%,
04/15/55^
,
5
yr.
CMT
+
2.653%
845,216
155,000
5.250%,
03/15/82*
,
5
yr.
CMT
+
3.590%
154,375
Scripps
Escrow
II,
Inc.*
295,000
5.375%,
01/15/31
173,224
591,000
3.875%,
01/15/29^
540,434
1,135,000
Sinclair
Television
Group,
Inc.*^
8.125%,
02/15/33
1,170,582
Sirius
XM
Radio
LLC*
625,000
5.875%,
04/15/32^
613,994
1,498,000
3.875%,
09/01/31
1,353,069
940,000
Stingray
Compute
LLC*
6.000%,
06/15/31
919,292
620,000
SV
RNO
Property
Owner
1
LLC*
5.875%,
03/01/31
576,854
TELUS
Corp.‡
80,000
7.000%,
10/15/55
,
5
yr.
CMT
+
2.709%
80,699
1,060,000
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
1,057,848
Time
Warner
Cable
LLC
480,000
7.300%,
07/01/38
475,229
595,000
6.550%,
05/01/37
565,696
1,220,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*^
6.500%,
02/15/29
1,204,506
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
605,000
Univision
Communications,
Inc.*^
8.500%,
07/31/31
$
604,492
Verizon
Communications,
Inc.‡
1,100,000
6.200%,
05/14/56
,
5
yr.
CMT
+
2.042%
1,076,427
1,050,000
6.050%,
05/14/58^
,
5
yr.
CMT
+
1.813%
1,033,557
650,000
Viasat,
Inc.*
7.500%,
05/30/31
650,838
125,000
Vodafone
Group
PLC^‡
7.000%,
04/04/79
,
5
yr.
USD
Swap
+
4.873%
128,365
30,921,526
Consumer
Discretionary
(2.3%)
620,000
Academy
Ltd.*^
5.875%,
05/15/31
614,253
1,800,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
1,855,188
Adient
Global
Holdings
Ltd.*^
1,010,000
8.250%,
04/15/31
1,051,713
605,000
7.500%,
02/15/33
625,213
Advance
Auto
Parts,
Inc.*^
303,000
7.375%,
08/01/33
312,944
538,000
7.000%,
08/01/30
551,719
1,245,000
Allegiant
Travel
Co.*^
7.125%,
07/01/31
1,263,538
910,000
American
Axle
&
Manufacturing,
Inc.*^
7.750%,
10/15/33
896,241
1,375,000
Aptiv
Swiss
Holdings
Ltd.^‡
6.875%,
12/15/54
,
5
yr.
CMT
+
3.385%
1,396,258
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
605,000
6.875%,
08/01/33
604,528
1,043,000
4.625%,
08/01/29
1,003,314
Bath
&
Body
Works,
Inc.
161,000
7.500%,
06/15/29
163,252
570,000
6.875%,
11/01/35^
576,646
1,075,000
6.625%,
10/01/30*^
1,093,436
655,000
Beach
Acquisition
Bidco
LLC*
10.000%,
07/15/33
703,719
1,450,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*^
5.750%,
01/15/33
1,399,265
728,000
Caesars
Entertainment,
Inc.*
4.625%,
10/15/29
693,551
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*^
1,245,000
7.000%,
02/01/33
1,193,681
748,000
5.125%,
05/01/27
746,885
1,250,000
4.750%,
03/01/30
1,168,950
596,000
4.750%,
02/01/32
521,309
1,270,000
4.500%,
08/15/30
1,160,170
1,198,000
4.250%,
02/01/31
1,061,332
1,500,000
4.250%,
01/15/34
1,228,050
1,210,000
Century
Communities,
Inc.*
6.625%,
09/15/33
1,215,518
PRINCIPAL
AMOUNT
a
a
VALUE
a
Churchill
Downs,
Inc.*^
600,000
6.750%,
05/01/31
$
609,108
596,000
5.750%,
04/01/30
595,154
615,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*^
6.750%,
09/15/32
623,542
1,950,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*^
6.375%,
04/15/34
1,926,776
647,000
Dana,
Inc.
4.500%,
02/15/32
645,939
DISH
DBS
Corp.@
2,073,000
0.000%,
07/01/28
1,990,225
485,000
0.000%,
12/01/28*
468,282
588,000
0.000%,
06/01/29
533,228
1,245,000
Dorman
Products,
Inc.*
6.250%,
06/15/34
1,251,424
1,165,000
Flutter
Treasury
DAC*^
5.875%,
06/04/31
1,153,245
1,240,000
Ford
Motor
Co.^
6.100%,
08/19/32
1,254,880
Ford
Motor
Credit
Co.
LLC
1,555,000
7.200%,
06/10/30
1,628,085
1,885,000
4.000%,
11/13/30
1,760,703
600,000
General
Motors
Co.^
5.200%,
04/01/45
512,862
General
Motors
Financial
Co.,
Inc.‡
155,000
Series
B,
6.500%,
09/30/28
,
3
mo.
USD
LIBOR
+
3.436%
154,884
310,000
Series
C,
5.700%,
09/30/30
,
5
yr.
CMT
+
4.997%
305,223
goeasy
Ltd.*
769,000
7.625%,
07/01/29^
732,565
1,210,000
6.875%,
02/15/31
1,081,534
Goodyear
Tire
&
Rubber
Co.^
1,800,000
5.625%,
04/30/33
1,571,436
635,000
5.250%,
07/15/31
564,801
Group
1
Automotive,
Inc.*^
775,000
6.375%,
01/15/30
780,161
511,000
4.000%,
08/15/28
493,493
811,387
Guitar
Center,
Inc.‡
12.000%,
08/19/32
243,416
603,000
Kohl's
Corp.
5.550%,
07/17/45
415,630
1,175,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
72,897
1,210,000
Life
Time,
Inc.*^
6.000%,
11/15/31
1,221,592
1,162,000
Light
&
Wonder
International,
Inc.*^
6.250%,
10/01/33
1,142,850
1,200,000
Lindblad
Expeditions
LLC*^
7.000%,
09/15/30
1,235,316
600,000
Lithia
Motors,
Inc.*^
5.500%,
10/01/30
593,472
M/I
Homes,
Inc.
325,000
4.950%,
02/01/28
322,449
780,000
3.950%,
02/15/30
735,587
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Macy's
Retail
Holdings
LLC
782,000
6.700%,
07/15/34*
$
759,009
1,515,000
4.300%,
02/15/43
1,083,301
1,165,000
MGM
Resorts
International^
6.500%,
04/15/32
1,158,441
1,518,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
1,475,268
900,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
936,630
NCL
Corp.
Ltd.*^
605,000
6.750%,
02/01/32
593,638
681,000
6.250%,
09/15/33
647,951
610,000
5.875%,
01/15/31
584,240
Newell
Brands,
Inc.^
605,000
8.500%,
06/01/28*
632,104
605,000
6.625%,
05/15/32
612,145
615,000
6.375%,
05/15/30
621,691
1,210,000
Nissan
Motor
Acceptance
Co.
LLC*^
6.125%,
09/30/30
1,182,097
Patrick
Industries,
Inc.*^
605,000
6.375%,
11/01/32
597,843
1,028,000
4.750%,
05/01/29
1,006,412
Penn
Entertainment,
Inc.*^
1,245,000
6.750%,
04/01/31
1,249,644
745,000
4.125%,
07/01/29
710,678
750,000
PetSmart
LLC/PetSmart
Finance
Corp.*
7.500%,
09/15/32
759,233
780,000
Pioneer
Opco
LLC*
7.000%,
05/15/33
789,664
600,000
QVC,
Inc.@
0.000%,
08/15/34
300,954
122,236
Rite
Aid
Corp.
0.000%,
08/30/34
—
1,210,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
1,216,607
1,210,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*^
6.625%,
02/01/33
1,218,155
686,250
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
1,599
1,180,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
1,157,792
900,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.^
5.250%,
07/15/29
865,710
1,242,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*^
8.625%,
01/15/32
1,256,829
801,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*^
4.875%,
11/01/27
797,235
920,000
Staples,
Inc.*
10.750%,
09/01/29
881,378
PRINCIPAL
AMOUNT
a
a
VALUE
a
2,015,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
$
1,947,558
1,200,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
1,244,280
756,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
774,817
300,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
314,433
572,000
Voyager
Parent
LLC*^
9.250%,
07/01/32
608,271
Whirlpool
Corp.
385,000
7.875%,
07/01/34*
365,377
385,000
7.500%,
07/01/31*
382,898
1,210,000
6.500%,
06/15/33^
1,025,826
600,000
William
Carter
Co.*
7.375%,
02/15/31
616,386
1,225,000
ZF
North
America
Capital,
Inc.*^
7.500%,
03/24/31
1,232,987
81,330,513
Consumer
Staples
(0.7%)
1,181,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*^
5.750%,
03/31/34
1,099,145
595,000
Amneal
Pharmaceuticals
LLC*^
6.875%,
08/01/32
613,237
1,415,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
1,383,686
1,160,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*^
8.375%,
06/15/32
1,157,135
1,300,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
1,269,086
600,000
Brink's
Co.*^
6.750%,
06/15/32
611,772
1,358,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
1,268,508
465,000
Charlotte
Buyer,
Inc.*
8.000%,
06/30/31
470,417
1,820,000
Dentsply
Sirona,
Inc.^‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
1,814,849
1,349,000
Edgewell
Personal
Care
Co.*^
4.125%,
04/01/29
1,299,761
Energizer
Holdings,
Inc.*^
605,000
6.000%,
09/15/33
575,264
1,336,000
4.375%,
03/31/29
1,288,559
1,245,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*^
7.125%,
04/30/33
1,266,613
290,000
Land
O'
Lakes,
Inc.*
7.000%,
09/18/28
251,265
MPH
Acquisition
Holdings
LLC*
1,015,175
6.750%,
03/31/31
611,846
490,730
5.750%,
12/31/30
378,284
1,245,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
1,208,509
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Post
Holdings,
Inc.*^
1,053,000
6.375%,
03/01/33
$
1,038,090
1,200,000
6.250%,
02/15/32
1,208,040
Prestige
Brands,
Inc.*
310,000
6.250%,
07/15/34
311,035
1,124,000
3.750%,
04/01/31^
1,032,001
RR
Donnelley
&
Sons
Co.*
455,000
10.875%,
08/01/29
464,400
1,750,000
9.500%,
08/01/29
1,816,045
Synergy
Infrastructure
Holdings
LLC*
605,000
7.875%,
12/01/30^
633,199
310,000
7.000%,
07/15/34
312,917
711,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
712,081
907,000
United
Rentals
North
America,
Inc.*^
5.375%,
11/15/33
883,681
24,979,425
Energy
(1.6%)
1,178,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
1,154,110
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
1,210,000
6.625%,
10/15/32
1,218,785
963,000
6.625%,
07/15/33^
967,584
Buckeye
Partners
LP
452,000
6.875%,
07/01/29*
462,740
903,000
6.750%,
02/01/30*
927,119
600,000
5.850%,
11/15/43^
536,922
1,245,000
CNX
Resources
Corp.*^
5.875%,
03/01/34
1,208,198
1,450,000
Continental
Resources,
Inc.^
4.900%,
06/01/44
1,155,099
925,000
Crescent
Energy
Finance
LLC*^
7.375%,
01/15/33
929,819
Enbridge,
Inc.‡
902,000
7.375%,
03/15/55^
,
5
yr.
CMT
+
3.122%
941,030
296,000
7.375%,
01/15/83
,
5
yr.
CMT
+
3.708%
302,127
727,000
7.200%,
06/27/54^
,
5
yr.
CMT
+
2.970%
765,546
395,000
Series
20-A,
5.750%,
07/15/80
,
5
yr.
CMT
+
5.314%
394,518
Energy
Transfer
LP‡
155,000
8.000%,
05/15/54
,
5
yr.
CMT
+
4.020%
162,711
765,000
7.125%,
10/01/54^
,
5
yr.
CMT
+
2.829%
781,287
1,110,000
7.090%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
1,104,605
385,000
6.700%,
01/15/57
,
5
yr.
CMT
+
2.219%
379,683
385,000
6.550%,
01/15/57
,
5
yr.
CMT
+
2.336%
380,172
869,000
Series
H,
6.500%,
08/17/26
,
5
yr.
CMT
+
5.694%
869,869
PRINCIPAL
AMOUNT
a
a
VALUE
a
Enterprise
Products
Operating
LLC‡
75,000
Series
D,
6.897%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.248%
$
75,052
80,000
Series
E,
5.250%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.295%
79,769
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.^
885,000
8.875%,
04/15/30
924,462
605,000
8.000%,
05/15/33
629,769
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
930,000
6.875%,
05/15/34^
911,037
930,000
6.250%,
04/15/32
905,141
1,200,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
1,242,552
1,870,000
Infinity
Natural
Resources
LLC*^
7.625%,
04/01/31
1,871,964
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
1,210,000
6.875%,
12/01/32
1,233,123
620,000
6.625%,
08/15/34††
620,570
1,207,000
Matador
Resources
Co.*^
6.500%,
04/15/32
1,207,362
1,675,000
Nabors
Industries,
Inc.*^
7.625%,
11/15/32
1,709,572
1,245,000
Oceaneering
International,
Inc.*^
6.875%,
07/15/34
1,274,469
1,245,000
Par
Petroleum
LLC*
7.375%,
06/01/34
1,289,621
Phillips
66
Co.‡
160,000
Series
B,
6.200%,
03/15/56^
,
5
yr.
CMT
+
2.166%
159,360
1,075,000
Series
A,
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
1,061,949
1,390,000
Plains
All
American
Pipeline
LP
Series
B‡
8.023%,
08/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
1,391,307
920,000
Seadrill
Finance
Ltd.*
6.750%,
07/15/34
887,147
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
1,371,000
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
1,425,950
85,000
7.500%,
03/01/55
,
5
yr.
CMT
+
3.667%
89,724
1,658,000
Summit
Midstream
Holdings
LLC*^
8.625%,
10/31/29
1,721,667
Sunoco
LP*
1,130,000
7.875%,
09/18/30^‡
,
5
yr.
CMT
+
4.230%
1,160,759
1,815,000
6.625%,
08/15/32
1,835,110
1,210,000
6.250%,
07/01/33^
1,214,114
1,210,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*^
6.750%,
03/15/34
1,218,422
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,210,000
TGNR
Intermediate
Holdings
LLC*^
5.500%,
10/15/29
$
1,186,659
TransCanada
PipeLines
Ltd.‡
475,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
475,418
717,000
6.125%,
10/17/56^
,
5
yr.
CMT
+
2.250%
716,921
1,777,000
Transocean
International
Ltd.*^
7.875%,
10/15/32
1,852,256
Venture
Global
LNG,
Inc.*
600,000
9.875%,
02/01/32^
639,066
600,000
9.500%,
02/01/29
643,410
2,525,000
9.000%,
09/30/29^‡
,
5
yr.
CMT
+
5.440%
2,511,037
1,505,000
8.375%,
06/01/31^
1,556,561
635,000
7.000%,
01/15/30
645,573
310,000
6.625%,
06/15/36
304,156
620,000
6.375%,
12/15/34
604,364
Venture
Global
Plaquemines
LNG
LLC*
1,210,000
6.500%,
01/15/34^
1,249,821
925,000
6.500%,
06/15/34
955,210
303,000
6.125%,
12/15/30
307,927
1,200,000
VOC
Escrow
Ltd.*
5.000%,
02/15/28
1,196,916
1,845,000
WBI
Operating
LLC*^
6.500%,
10/15/33
1,842,011
1,210,000
Weatherford
International
Ltd.*^
6.750%,
10/15/33
1,225,645
58,694,847
Financials
(2.1%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
1,002,000
8.250%,
02/01/29
961,369
970,000
6.750%,
07/01/32^
893,341
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
1,000,000
6.950%,
03/10/55^
,
5
yr.
CMT
+
2.720%
1,024,720
695,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
698,684
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*^
1,920,000
7.375%,
10/01/32
1,935,283
1,210,000
6.500%,
10/01/31
1,211,004
200,000
Allianz
SE*‡
5.600%,
09/03/54
,
5
yr.
CMT
+
2.771%
197,902
140,000
Allstate
Corp.
Series
B‡
6.851%,
08/15/53
,
3
mo.
USD
Term
SOFR
+
3.200%
140,259
Ally
Financial,
Inc.^‡
1,705,000
Series
D,
7.100%,
08/15/31
,
5
yr.
CMT
+
3.148%
1,713,525
850,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
821,261
165,000
American
Express
Co.
Series
D‡
3.550%,
09/15/26
,
5
yr.
CMT
+
2.854%
164,531
PRINCIPAL
AMOUNT
a
a
VALUE
a
610,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*^
7.500%,
07/15/33
$
596,684
620,000
ARES
Finance
Co.
III
LLC*‡
7.357%,
06/30/51
,
5
yr.
CMT
+
3.237%
620,961
Asurion
LLC/Asurion
Co-Issuer,
Inc.*^
1,175,000
8.375%,
02/01/34
1,072,199
985,000
8.000%,
12/31/32
997,431
350,000
AXIS
Specialty
Finance
LLC‡
4.900%,
01/15/40
,
5
yr.
CMT
+
3.186%
342,734
1,210,000
Azorra
Finance
Ltd.*^
7.250%,
01/15/31
1,247,280
1,835,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
1,853,570
Bank
of
America
Corp.‡
325,000
Series
OO,
6.625%,
05/01/30
,
5
yr.
CMT
+
2.684%
331,958
270,000
Series
TT,
6.125%,
04/27/27
,
5
yr.
CMT
+
3.231%
271,650
165,000
Bank
of
New
York
Mellon
Corp.
Series
N‡
6.150%,
09/20/31
,
5
yr.
CMT
+
1.868%
163,665
100,000
Beacon
Funding
Trust*
6.266%,
08/15/54
97,410
1,245,000
Blackstone
Mortgage
Trust,
Inc.*
6.250%,
06/01/31
1,193,656
280,000
BP
Capital
Markets
PLC^‡
4.875%,
03/22/30
,
5
yr.
CMT
+
4.398%
273,764
Brandywine
Operating
Partnership
LP^
600,000
8.875%,
04/12/29
630,888
1,239,000
6.125%,
01/15/31
1,190,493
1,522,000
Bread
Financial
Holdings,
Inc.*^‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
1,575,270
2,394,000
Broadstreet
Partners
Group
LLC*^
5.875%,
04/15/29
2,348,993
930,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*^
4.500%,
04/01/27
918,384
1,250,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
1,055,350
Capital
One
Financial
Corp.‡
275,000
Series
O,
5.500%,
10/30/27
,
3
mo.
USD
Term
SOFR
+
3.338%
273,952
573,000
Series
M,
3.950%,
09/01/26^
,
5
yr.
CMT
+
3.157%
571,865
Charles
Schwab
Corp.‡
76,000
Series
L,
6.100%,
06/01/31
,
5
yr.
CMT
+
2.250%
75,067
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
147,000
Series
H,
4.000%,
12/01/30
,
10
yr.
CMT
+
3.079%
$
135,941
Citigroup,
Inc.‡
150,000
Series
AA,
7.625%,
11/15/28
,
5
yr.
CMT
+
3.211%
155,263
155,000
Series
BB,
7.200%,
05/15/29
,
5
yr.
CMT
+
2.905%
158,199
170,000
Series
FF,
6.950%,
02/15/30
,
5
yr.
CMT
+
2.726%
171,765
1,315,000
Series
GG,
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
1,328,676
164,000
Series
HH,
6.625%,
02/15/31
,
5
yr.
CMT
+
3.001%
164,525
325,000
Series
JJ,
6.500%,
05/15/31
,
5
yr.
CMT
+
2.745%
324,152
Citizens
Financial
Group,
Inc.‡
325,000
Series
J,
6.750%,
10/06/31
,
5
yr.
CMT
+
2.379%
322,023
450,000
Series
G,
4.000%,
10/06/26
,
5
yr.
CMT
+
3.215%
448,879
Corebridge
Financial,
Inc.‡
145,000
6.875%,
12/15/52
,
5
yr.
CMT
+
3.846%
146,805
1,340,000
6.375%,
09/15/54^
,
5
yr.
CMT
+
2.646%
1,315,840
Credit
Acceptance
Corp.*^
800,000
9.250%,
12/15/28
829,768
1,193,000
6.625%,
03/15/30
1,193,966
1,210,000
CrossCountry
Intermediate
HoldCo
LLC*^
6.500%,
10/01/30
1,171,014
595,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*^
8.875%,
09/01/31
623,423
Enstar
Group
Ltd.*‡
751,000
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
781,115
790,000
6.693%,
07/15/37
,
1
day
USD
SOFR
+
2.540%
772,833
First
Citizens
BancShares,
Inc.‡
460,000
Series
B,
7.898%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
463,050
1,225,000
Series
D,
7.000%,
12/15/30^
,
5
yr.
CMT
+
3.301%
1,231,064
605,000
GGAM
Finance
Ltd.*^
5.875%,
03/15/30
604,752
Goldman
Sachs
Group,
Inc.‡
85,000
Series
X,
7.500%,
05/10/29
,
5
yr.
CMT
+
2.809%
87,915
150,000
Series
Z,
6.850%,
02/10/30
,
5
yr.
CMT
+
2.461%
151,899
790,000
Series
AA,
6.500%,
08/10/31
,
5
yr.
CMT
+
2.175%
784,612
HUB
International
Ltd.*^
900,000
7.375%,
01/31/32
921,024
955,000
5.625%,
12/01/29
955,172
Huntington
Bancshares,
Inc.‡
688,000
Series
K,
6.250%,
10/15/30^
,
5
yr.
CMT
+
2.653%
686,122
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Series
F,
5.625%,
07/15/30
,
10
yr.
CMT
+
4.945%
$
209,349
350,000
Series
G,
4.450%,
10/15/27
,
7
yr.
CMT
+
4.045%
344,802
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*^
1,235,000
6.625%,
10/15/31
1,213,820
1,225,000
5.000%,
08/15/28
1,186,339
1,535,000
JPMorgan
Chase
&
Co.
Series
PP‡
6.100%,
07/01/31
,
5
yr.
CMT
+
2.080%
1,529,689
320,000
KeyCorp
Series
D‡
5.000%,
09/15/26
,
3
mo.
USD
Term
SOFR
+
3.868%
319,274
1,360,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
1,407,410
567,000
Liberty
Mutual
Group,
Inc.*‡
4.125%,
12/15/51
,
5
yr.
CMT
+
3.315%
564,165
M&T
Bank
Corp.‡
85,000
Series
F,
5.125%,
11/01/26
,
3
mo.
USD
Term
SOFR
+
3.782%
84,792
80,000
Series
I,
3.500%,
09/01/26
,
5
yr.
CMT
+
2.679%
79,737
74,000
MetLife,
Inc.
6.400%,
12/15/66
74,729
600,000
Newmark
Group,
Inc.
7.500%,
01/12/29
625,722
230,000
Northern
Trust
Corp.
Series
D^‡
4.600%,
10/01/26
,
3
mo.
USD
Term
SOFR
+
3.464%
229,788
OneMain
Finance
Corp.
605,000
6.750%,
03/15/32
603,663
1,210,000
6.750%,
09/15/33^
1,192,479
1,250,000
6.500%,
03/15/33^
1,221,500
609,000
Osaic
Holdings,
Inc.*^
8.000%,
08/01/33
617,764
1,145,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*^
7.000%,
02/01/30
1,164,614
237,000
PartnerRe
Finance
B
LLC‡
4.500%,
10/01/50
,
5
yr.
CMT
+
3.815%
226,290
PNC
Financial
Services
Group,
Inc.‡
140,000
Series
V,
6.200%,
09/15/27
,
5
yr.
CMT
+
3.238%
141,147
140,000
Series
U,
6.000%,
05/15/27
,
5
yr.
CMT
+
3.000%
140,046
1,512,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
1,560,006
Reinsurance
Group
of
America,
Inc.^‡
775,000
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
774,636
705,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
688,468
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Rocket
Cos.,
Inc.*^
907,000
6.375%,
08/01/33
$
913,585
605,000
6.125%,
08/01/30
610,264
1,210,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
1,213,182
160,000
State
Street
Corp.
Series
J‡
6.700%,
09/15/29
,
5
yr.
CMT
+
2.628%
164,520
1,245,000
Stonebriar
ABF
Issuer
LLC*
7.000%,
08/15/31
1,246,270
309,000
Stonex
Escrow
Issuer
LLC*^
6.875%,
07/15/32
313,901
1,500,000
StoneX
Group,
Inc.*^
7.875%,
03/01/31
1,563,930
2,210,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
2,294,643
Truist
Financial
Corp.‡
295,000
Series
N,
6.669%,
09/01/26
,
5
yr.
CMT
+
3.003%
295,407
165,000
Series
S,
6.250%,
06/15/31
,
5
yr.
CMT
+
2.129%
163,286
108,000
Series
Q,
5.100%,
03/01/30
,
10
yr.
CMT
+
4.349%
107,148
U.S.
Bancorp‡
320,000
Series
J,
5.300%,
04/15/27
,
3
mo.
USD
Term
SOFR
+
3.176%
319,478
85,000
Series
N,
3.700%,
01/15/27
,
5
yr.
CMT
+
2.541%
84,305
1,383,000
United
Wholesale
Mortgage
LLC*^
5.500%,
04/15/29
1,293,796
605,000
UWM
Holdings
LLC*^
6.250%,
03/15/31
540,543
600,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
622,908
Wells
Fargo
&
Co.‡
560,000
7.625%,
09/15/28
,
5
yr.
CMT
+
3.606%
585,323
1,200,000
Series
GG,
Class
A,
6.125%,
06/15/31^
,
5
yr.
CMT
+
2.340%
1,198,764
1,210,000
XHR
LP*
6.625%,
05/15/30
1,235,350
74,361,732
Health
Care
(0.5%)
1,842,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
1,904,241
CHS/Community
Health
Systems,
Inc.*
720,000
10.875%,
01/15/32
760,262
663,000
6.875%,
04/15/29^
639,815
2,392,000
6.125%,
04/01/30^
2,016,886
149,000
5.250%,
05/15/30^
137,980
DaVita,
Inc.*
1,375,000
6.875%,
09/01/32^
1,413,885
1,326,000
4.625%,
06/01/30
1,278,702
1,395,000
3.750%,
02/15/31
1,288,952
PRINCIPAL
AMOUNT
a
a
VALUE
a
Embecta
Corp.*
298,000
6.750%,
02/15/30
$
229,216
894,000
5.000%,
02/15/30^
691,831
Encompass
Health
Corp.
600,000
4.750%,
02/01/30^
587,484
300,000
4.500%,
02/01/28
297,045
681,000
IQVIA,
Inc.*^
6.250%,
06/01/32
690,854
1,789,000
Medline
Borrower
LP*^
5.250%,
10/01/29
1,773,883
2,200,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*^
5.125%,
04/30/31
2,180,310
Tenet
Healthcare
Corp.
1,290,000
6.875%,
11/15/31^
1,369,980
907,000
5.500%,
11/15/32*
893,930
18,155,256
Industrials
(0.8%)
1,357,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
1,388,849
1,355,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
1,277,182
Arcosa,
Inc.*
605,000
6.875%,
08/15/32^
625,122
670,000
4.375%,
04/15/29
655,977
Bombardier,
Inc.*
600,000
8.750%,
11/15/30
633,294
376,000
7.250%,
07/01/31^
392,514
450,000
7.000%,
06/01/32^
465,147
300,000
6.750%,
06/15/33^
309,189
1,900,000
Cascades,
Inc./Cascades
USA,
Inc.*^
6.750%,
07/15/30
1,933,421
310,000
Columbus
McKinnon
Corp.*^
7.125%,
02/01/33
312,889
221,250
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*
4.750%,
10/20/28
220,905
Deluxe
Corp.*
615,000
8.125%,
09/15/29^
637,343
1,565,000
8.000%,
06/01/29
1,579,242
600,000
EnerSys*
6.625%,
01/15/32
608,052
EquipmentShare.com,
Inc.*
755,000
8.625%,
05/15/32
773,596
935,000
7.125%,
07/01/34
894,458
775,000
Granite
Construction,
Inc.*
6.375%,
06/15/34
776,070
Graphic
Packaging
International
LLC*
750,000
4.750%,
07/15/27
745,943
551,000
3.500%,
03/01/29^
523,296
Herc
Holdings,
Inc.*
605,000
7.250%,
06/15/33
624,729
605,000
7.000%,
06/15/30
624,209
600,000
6.625%,
06/15/29^
611,322
900,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
550,179
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,940,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
$
1,922,870
1,140,000
Novelis
Corp.*^
4.750%,
01/30/30
1,095,871
1,210,000
Quikrete
Holdings,
Inc.*^
6.375%,
03/01/32
1,225,379
Standard
Building
Solutions,
Inc.*^
305,000
6.500%,
08/15/32
306,247
907,000
6.250%,
08/01/33
897,603
100,000
Stanley
Black
&
Decker,
Inc.‡
6.707%,
03/15/60
,
5
yr.
CMT
+
2.657%
99,159
1,210,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
1,248,369
TransDigm,
Inc.*
450,000
7.125%,
12/01/31^
464,427
1,295,000
6.875%,
12/15/30
1,327,841
900,000
6.750%,
08/15/28
907,452
298,000
6.625%,
03/01/32
303,349
314,058
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
305,986
905,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
921,643
Williams
Scotsman,
Inc.*
450,000
6.625%,
06/15/29
458,356
703,000
4.625%,
08/15/28
695,907
29,343,387
Information
Technology
(0.5%)
Block,
Inc.*
302,000
6.000%,
08/15/33
299,998
615,000
5.625%,
08/15/30
612,442
915,000
CACI
International,
Inc.*^
6.375%,
06/15/33
922,274
Cloud
Software
Group
LLC*
625,000
8.250%,
06/30/32
592,219
930,000
6.625%,
08/15/33^
813,052
692,000
Coherent
Corp.*^
5.000%,
12/15/29
677,302
Fair
Isaac
Corp.*
454,000
6.000%,
05/15/33
439,858
586,000
4.000%,
06/15/28
568,877
1,315,000
KBR,
Inc.*
4.750%,
09/30/28
1,296,038
310,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
326,495
886,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
855,282
600,000
Open
Text
Corp.*
6.900%,
12/01/27
612,288
Open
Text
Holdings,
Inc.*^
305,000
4.125%,
02/15/30
281,799
772,000
4.125%,
12/01/31
681,676
610,000
Qnity
Electronics,
Inc.*^
6.250%,
08/15/33
613,416
1,645,000
TTM
Technologies,
Inc.*^
4.000%,
03/01/29
1,580,088
PRINCIPAL
AMOUNT
a
a
VALUE
a
Twilio,
Inc.
298,000
3.875%,
03/15/31^
$
278,621
830,000
3.625%,
03/15/29
797,530
1,470,000
UKG,
Inc.*^
6.875%,
02/01/31
1,441,306
1,780,000
Viavi
Solutions,
Inc.*^
3.750%,
10/01/29
1,684,129
548,674
Wolfspeed,
Inc.
7.000%,
06/15/31
470,834
1,200,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
1,214,580
592,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*^
3.875%,
02/01/29
493,698
17,553,802
Materials
(0.7%)
1,210,000
Avient
Corp.*^
6.250%,
11/01/31
1,220,575
965,000
Bond
U.S.
Bidco
1,
Inc./Bidco
2/
Bidco
3/German
Bidco
1
GmbH/
German
Bidco
2*
7.125%,
06/15/33
971,842
1,620,000
Capstone
Copper
Corp.*^
6.750%,
03/31/33
1,629,396
1,105,000
Celanese
U.S.
Holdings
LLC^
7.379%,
07/15/32
1,156,460
1,208,000
Century
Aluminum
Co.*^
6.875%,
08/01/32
1,230,928
Chemours
Co.*^
1,030,000
8.000%,
01/15/33
1,015,920
622,000
7.875%,
03/15/34
605,747
1,570,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
1,398,587
1,210,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
1,239,597
2,246,000
FMC
Corp.^‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
1,689,104
1,210,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
1,265,043
1,520,000
Kaiser
Aluminum
Corp.*^
5.875%,
03/01/34
1,488,247
1,200,000
Knife
River
Corp.*
7.750%,
05/01/31
1,239,384
530,000
Mercer
International,
Inc.*
12.875%,
10/01/28
236,799
1,555,000
Olin
Corp.*^
6.625%,
04/01/33
1,523,200
1,328,000
Silgan
Holdings,
Inc.^
4.125%,
02/01/28
1,310,298
1,210,000
Solstice
Advanced
Materials,
Inc.*^
5.625%,
09/30/33
1,185,195
640,000
Stonepeak
Motion
Holdco
Ltd./
Stonepeak
Motion
Finco
LLC*
6.125%,
07/15/33
636,557
1,210,000
Terex
Corp.*^
6.250%,
10/15/32
1,216,244
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
514,229
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
$
6,104
WR
Grace
Holdings
LLC*
310,000
7.000%,
08/01/33
297,615
605,000
6.625%,
08/15/32
576,311
23,139,153
Other
(0.3%)
930,000
1261229
BC
Ltd.*^
10.000%,
04/15/32
951,120
461,424
Claritev
Corp.
Series
B*
6.750%,
03/31/31
276,125
250,000
Compeer
Financial
ACA
Series
QIB*‡
7.875%,
02/15/31
,
5
yr.
CMT
+
4.155%
256,035
EchoStar
Corp.
3,109,045
10.750%,
11/30/29
3,364,733
1,268,771
6.750%,
11/30/30
1,287,701
405,000
Everest
Reinsurance
Holdings,
Inc.‡
6.298%,
05/01/67
,
3
mo.
USD
Term
SOFR
+
2.647%
382,555
625,000
Gen
Digital,
Inc.*^
6.750%,
09/30/27
626,337
605,000
Graham
Holdings
Co.*^
5.625%,
12/01/33
592,610
1,590,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
1,666,988
1,515,000
Rfna
LP*^
7.875%,
02/15/30
1,517,242
1,245,000
SM
Energy
Co.*^
7.000%,
08/01/32
1,266,103
12,187,549
Real
Estate
(0.1%)
605,000
Forestar
Group,
Inc.*^
6.500%,
03/15/33
607,589
780,000
Global
Net
Lease,
Inc.*
4.500%,
09/30/28
761,748
792,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*
3.750%,
12/15/27
775,115
2,144,452
Special
Purpose
Acquisition
Companies
(0.0%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
1,010,000
6.750%,
01/15/30^
992,537
596,000
4.625%,
01/15/29
579,574
1,572,111
Utilities
(0.3%)
245,000
Algonquin
Power
&
Utilities
Corp.^‡
4.750%,
01/18/82
,
5
yr.
CMT
+
3.249%
242,800
PRINCIPAL
AMOUNT
a
a
VALUE
a
American
Electric
Power
Co.,
Inc.‡
80,000
7.050%,
12/15/54
,
5
yr.
CMT
+
2.750%
$
82,680
80,000
6.950%,
12/15/54
,
5
yr.
CMT
+
2.675%
84,270
85,000
3.875%,
02/15/62
,
5
yr.
CMT
+
2.675%
84,251
CenterPoint
Energy,
Inc.‡
75,000
Series
A,
7.000%,
02/15/55
,
5
yr.
CMT
+
3.254%
77,415
75,000
Series
B,
6.850%,
02/15/55^
,
5
yr.
CMT
+
2.946%
77,851
760,000
6.700%,
05/15/55^
,
5
yr.
CMT
+
2.586%
773,353
235,000
CMS
Energy
Corp.‡
4.750%,
06/01/50
,
5
yr.
CMT
+
4.116%
228,725
Dominion
Energy,
Inc.‡
162,000
Series
A,
6.875%,
02/01/55
,
5
yr.
CMT
+
2.386%
165,608
450,000
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
454,046
93,000
Series
C,
4.350%,
01/15/27
,
5
yr.
CMT
+
3.195%
92,605
1,205,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
1,234,848
Emera
U.S.
Finance
LLC‡
80,000
Series
B,
6.850%,
10/01/56
,
5
yr.
CMT
+
2.648%
80,674
710,000
Series
A,
6.650%,
10/01/56^
,
5
yr.
CMT
+
2.866%
714,764
1,150,000
Entergy
Corp.^‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
1,179,923
1,025,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
1,040,888
Eversource
Energy‡
82,000
Series
B,
6.350%,
08/15/56^
,
5
yr.
CMT
+
2.325%
81,591
745,000
Series
A,
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
740,307
218,000
National
Rural
Utilities
Cooperative
Finance
Corp.‡
7.125%,
09/15/53
,
5
yr.
CMT
+
3.533%
225,244
NextEra
Energy
Capital
Holdings,
Inc.‡
160,000
6.750%,
06/15/54
,
5
yr.
CMT
+
2.457%
164,310
115,000
6.700%,
09/01/54
,
5
yr.
CMT
+
2.364%
116,715
80,000
Series
CC,
6.625%,
10/01/66
,
5
yr.
CMT
+
1.685%
77,950
80,000
Series
BB,
6.200%,
10/01/56
,
5
yr.
CMT
+
1.765%
78,282
160,000
3.800%,
03/15/82
,
5
yr.
CMT
+
2.547%
157,771
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
1,039,000
NiSource,
Inc.^‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
$
1,068,902
591,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.659%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
584,062
Sempra‡
75,000
6.875%,
10/01/54
,
5
yr.
CMT
+
2.789%
76,167
80,000
6.400%,
10/01/54
,
5
yr.
CMT
+
2.632%
79,504
95,000
Southern
Co.
Series
21-A‡
3.750%,
09/15/51
,
5
yr.
CMT
+
2.915%
94,908
Vistra
Corp.*‡
340,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
341,758
625,000
7.000%,
12/15/26^
,
5
yr.
CMT
+
5.740%
628,737
75,000
Xcel
Energy,
Inc.^‡
5.750%,
12/03/56
,
5
yr.
CMT
+
2.168%
73,549
11,204,458
TOTAL
CORPORATE
BONDS
(Cost
$397,890,872)
389,807,483
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%
260,113
1,020,000
7.000%,
09/15/30
,
5
yr.
CMT
+
3.010%
1,040,466
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$1,277,341)
1,300,579
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(94.6%)
Communication
Services
(9.6%)
622,250
Alphabet,
Inc.
-
Class
Aµ
221,601,893
264,885
AT&T,
Inc.
6,158,576
20,533
Audacy,
Inc.#
61,599
8,434
Cumulus
Media,
Inc.
-
Class
A#
60
138,220
Meta
Platforms,
Inc.
-
Class
Aµ
76,948,456
323,600
Netflix,
Inc.#^
23,205,356
12,892
Optimum
Communications,
Inc.
-
Class
A#
9,826
205,085
EUR
Orange
SA
3,918,701
118,650
Walt
Disney
Co.
11,412,944
343,317,411
Consumer
Discretionary
(10.5%)
646,610
Amazon.com,
Inc.#µ
175,606,344
87,750
Booking
Holdings,
Inc.
16,926,975
NUMBER
OF
SHARES
b
b
VALUE
b
59,260
Carnival
Corp.
Ltd.
$
1,648,021
243,463
General
Motors
Co.
21,634,122
52,240
Home
Depot,
Inc.
17,341,590
15,045
KRW
Hyundai
Motor
Co.
3,986,276
88,865
Lowe's
Cos.,
Inc.^
18,467,036
50,170
McDonald's
Corp.
13,578,009
1,794
Rite
Aid
Corp.#
1,794
37,380
Royal
Caribbean
Cruises
Ltd.^
11,898,054
172,710
Starbucks
Corp.
18,177,727
182,630
Tesla,
Inc.#µ
56,836,282
104,675
TJX
Cos.,
Inc.
16,469,565
372,571,795
Consumer
Staples
(4.8%)
58,750
Altria
Group,
Inc.
4,014,388
329,140
Coca-Cola
Co.^
28,829,373
145,515
Colgate-Palmolive
Co.
13,285,519
22,270
Costco
Wholesale
Corp.
21,198,590
187,780
Dollar
General
Corp.
23,857,449
47,280
Estee
Lauder
Cos.,
Inc.
-
Class
A^
3,966,792
140,020
Philip
Morris
International,
Inc.
26,718,616
136,830
Procter
&
Gamble
Co.
19,770,567
251,580
Walmart,
Inc.^
27,975,696
169,616,990
Energy
(3.8%)
5,050
Cheniere
Energy
Partners
LP
332,795
57,507
Chevron
Corp.
11,319,103
70,935
Energy
Transfer
LP
1,444,236
33,155
Enterprise
Products
Partners
LP
1,261,548
7,920
EP
Energy
Corp.#
7,920
278,820
EQT
Corp.^
14,858,318
278,830
ExxonMobil
Holdings
Corp.^
43,341,335
134,880
Marathon
Petroleum
Corp.
42,685,473
296,990
Williams
Cos.,
Inc.
21,246,665
136,497,393
Financials
(13.1%)
35,430
Affiliated
Managers
Group,
Inc.^
12,993,244
59,230
American
Express
Co.
19,916,087
29,983
Assurant,
Inc.^
8,370,954
608,685
Bank
of
America
Corp.
37,708,036
10,715
BlackRock,
Inc.
11,683,529
36,540
Capital
One
Financial
Corp.
7,637,225
46,410
Chubb
Ltd.
16,275,059
310,915
Citigroup,
Inc.^
41,180,692
42,230
Goldman
Sachs
Group,
Inc.^
43,006,187
190,495
JPMorgan
Chase
&
Co.^
67,014,236
72,315
Mastercard,
Inc.
-
Class
A
41,443,727
125,600
JPY
Mizuho
Financial
Group,
Inc.
6,511,630
188,325
Morgan
Stanley^
39,627,347
177,100
JPY
ORIX
Corp.
7,147,637
17,757
S&P
Global,
Inc.
7,314,641
103,125
State
Street
Corp.
18,991,500
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
138,650
Visa,
Inc.
-
Class
A
$
50,763,925
359,125
Wells
Fargo
&
Co.
31,046,356
468,632,012
Health
Care
(10.1%)
87,445
AbbVie,
Inc.
21,943,448
119,590
Boston
Scientific
Corp.#
5,588,441
202,415
CVS
Health
Corp.
21,138,198
71,760
Danaher
Corp.
13,991,765
59,040
Eli
Lilly
&
Co.µ
67,827,514
34,856
GE
HealthCare
Technologies,
Inc.
2,370,905
124,535
Gilead
Sciences,
Inc.
16,215,702
19,700
Intuitive
Surgical,
Inc.#
6,960,601
217,145
Johnson
&
Johnson
55,665,121
158,025
Medtronic
PLC^
13,493,755
234,030
Merck
&
Co.,
Inc.^
30,470,706
80,635
Quest
Diagnostics,
Inc.^
18,788,761
20,295
Stryker
Corp.^
6,610,081
47,625
Thermo
Fisher
Scientific,
Inc.^
27,351,038
90,675
UnitedHealth
Group,
Inc.
37,575,720
29,645
Vertex
Pharmaceuticals,
Inc.#
14,143,630
360,135,386
Industrials
(7.1%)
38,545
Caterpillar,
Inc.
31,406,851
903,775
CSX
Corp.^
45,550,260
172,320
Delta
Air
Lines,
Inc.^
15,067,661
41,350
GE
Vernova,
Inc.
40,948,492
65,790
General
Electric
Co.
23,689,005
17,757
Mobility
Global,
Inc.#
361,888
27,670
Parker-Hannifin
Corp.
27,020,585
23,965
Quanta
Services,
Inc.^
15,993,282
127,815
RTX
Corp.
27,508,344
14,866
Uber
Technologies,
Inc.#^
1,045,972
89,065
Union
Pacific
Corp.^
26,018,559
254,610,899
Information
Technology
(32.3%)
92,805
Advanced
Micro
Devices,
Inc.#
44,189,101
73,725
Amphenol
Corp.
-
Class
A
11,847,607
860,785
Apple,
Inc.^µ
265,905,094
48,520
Applied
Materials,
Inc.
24,632,148
269,570
Broadcom,
Inc.^
104,938,210
303,965
Cisco
Systems,
Inc.
35,256,900
275,220
Intel
Corp.#
24,824,844
176,335
Lam
Research
Corp.
51,669,682
74,985
Micron
Technology,
Inc.
61,714,905
427,570
Microsoft
Corp.µ
198,700,330
1,520,000
Nokia
OYJ
(ADR)
13,892,800
1,287,510
NVIDIA
Corp.^
258,467,632
23,830
NXP
Semiconductors
NV
5,460,883
188,330
Palantir
Technologies,
Inc.
-
Class
A#
23,175,890
62,590
Salesforce,
Inc.
11,517,812
11,560
Sandisk
Corp.#
14,043,435
NUMBER
OF
SHARES
b
b
VALUE
b
45,414
Wolfspeed,
Inc.#^
$
1,072,679
1,151,309,952
Materials
(2.6%)
13,794
Ardagh
Holdings
SA#
87,486
389,820
Freeport-McMoRan,
Inc.
24,414,427
56,835
Linde
PLC
27,188,727
78,355
Sherwin-Williams
Co.
26,707,302
50,490
Vulcan
Materials
Co.^
13,560,099
91,958,041
Utilities
(0.7%)
149,499
NextEra
Energy,
Inc.
12,994,453
88,540
Vistra
Corp.
13,120,743
26,115,196
TOTAL
COMMON
STOCKS
(Cost
$1,717,672,342)
3,374,765,075
CONVERTIBLE
PREFERRED
STOCKS
(5.8%)
Communication
Services
(1.3%)
927,069
Alphabet,
Inc.
6.250%,
05/15/29#
46,520,322
Industrials
(1.2%)
357,885
Boeing
Co.#
6.000%,
10/15/27
23,910,297
225,300
QXO,
Inc.
5.500%,
05/15/28
9,124,650
215,085
VSE
Corp.#
5.750%,
02/01/29
10,922,016
43,956,963
Information
Technology
(1.3%)
114,505
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
14,259,308
355,315
Microchip
Technology,
Inc.
7.500%,
03/15/28
22,839,648
223,965
Oracle
Corp.#
6.500%,
01/15/29
9,379,654
46,478,610
Materials
(0.3%)
203,820
Albemarle
Corp.
7.250%,
03/01/27
10,146,160
Utilities
(1.7%)#
84,885
CenterPoint
Energy,
Inc.
(Warner
Media
LLC,
Charter
Communications
Time,
Inc.)§
3.369%,
09/15/29
2,625,493
509,320
NextEra
Energy,
Inc.
7.375%,
02/15/29
24,294,564
420,940
PPL
Corp.
7.000%,
02/15/29
19,775,761
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
245,885
Southern
Co.
7.125%,
12/15/28
$
12,208,191
58,904,009
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$207,972,187)
206,006,064
EXCHANGE-TRADED
FUNDS
(2.1%)
Other
(2.1%)
624,830
Invesco
Senior
Loan
ETF
12,740,284
84,565
iShares
®
Russell
2000
®
ETF^
24,625,328
316,100
State
Street
Blackstone
Senior
Loan
ETF^
12,770,440
37,365
State
Street
SPDR
Bloomberg
High
Yield
Bond
ETF
3,575,083
793,185
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF^
20,202,422
73,913,557
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$71,949,057)
73,913,557
PREFERRED
STOCKS
(0.2%)
Communication
Services
(0.1%)
5,300
Array
Digital
Infrastructure,
Inc.
6.250%,
09/01/69
101,442
AT&T,
Inc.µ
8,482
4.750%,
08/30/26
145,466
4,860
5.350%,
11/01/66
96,714
12,750
Qwest
Corp.#
6.500%,
09/01/51
209,483
Telephone
&
Data
Systems,
Inc.
21,134
6.000%,
09/30/26
403,659
11,953
6.625%,
08/31/26
245,156
T-Mobile
USA,
Inc.µ
13,961
5.500%,
03/01/70
285,084
930
5.500%,
06/01/70
19,297
15,775
6.250%,
09/01/69
363,772
1,870,073
Consumer
Discretionary
(0.0%)
Ford
Motor
Co.µ
7,860
6.200%,
06/01/59
160,266
3,664
6.500%,
08/15/62
76,724
2,230
QVC
Group,
Inc.#
8.000%,
03/15/31
634
4,100
QVC,
Inc.
6.250%,
11/26/68
51,250
288,874
Financials
(0.1%)
Affiliated
Managers
Group,
Inc.µ
9,250
5.875%,
03/30/59
186,573
5,813
6.750%,
03/30/64
133,408
1,800
Allstate
Corp.µ
7.178%,
01/15/53
45,990
NUMBER
OF
SHARES
b
b
VALUE
b
Annaly
Capital
Management,
Inc.µ
3,250
8.875%,
09/30/30
$
84,760
5,970
9.006%,
08/31/26
154,205
9,294
Arch
Capital
Group
Ltd.µ
4.550%,
08/31/26
152,886
Bread
Financial
Holdings,
Inc.#
1,825
8.625%,
12/15/30
46,063
2,500
8.875%,
12/15/31
62,650
2,515
Capital
One
Financial
Corp.µ
4.800%,
09/01/26
43,610
3,100
Citigroup,
Inc.#µ
6.250%,
02/15/31
76,167
11,953
CNO
Financial
Group,
Inc.µ
5.125%,
11/25/60
197,105
7,442
Cullen/Frost
Bankers,
Inc.µ
4.450%,
09/15/26
123,091
Fifth
Third
Bancorpµ
4,000
4.950%,
09/30/26
72,040
5,400
6.875%,
10/01/30
140,184
3,300
First
Citizens
BancShares,
Inc.#^
6.625%,
03/15/31
81,906
4,350
First
Horizon
Corp.#µ
6.750%,
04/10/31
107,228
3,575
KeyCorpµ
5.625%,
09/15/26
77,184
3,300
M&T
Bank
Corp.#µ
6.350%,
12/15/30
78,837
1,360
MetLife,
Inc.µ
5.625%,
08/30/26
29,920
765
Northern
Trust
Corp.µ
4.700%,
10/01/26
14,168
5,950
RenaissanceRe
Holdings
Ltd.µ
5.750%,
08/30/26
123,403
8,314
Selective
Insurance
Group,
Inc.µ
4.600%,
08/31/26
132,109
5,900
UMB
Financial
Corp.µ
7.750%,
07/15/30
155,760
7,375
W.R.
Berkley
Corp.µ
5.100%,
12/30/59
136,511
4,270
WesBanco,
Inc.
7.375%,
10/01/30
108,928
6,400
Wintrust
Financial
Corp.µ
7.875%,
07/15/30
167,680
2,732,366
Real
Estate
(0.0%)
Brookfield
Property
Partners
LPµ
8,773
5.750%,
08/30/26
122,295
5,000
6.375%,
08/30/26
75,750
1,735
EPR
Propertiesµ
5.750%,
08/30/26
36,418
3,150
Federal
Realty
Investment
Trust
5.000%,
08/30/26
60,480
Global
Net
Lease,
Inc.^
2,271
6.875%,
08/30/26
49,054
5,461
7.500%,
08/30/26
129,753
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
3,909
Kimco
Realty
Corp.µ
5.250%,
08/30/26
$
76,538
550,288
Utilities
(0.0%)
6,000
Brookfield
Renewable
Partners
LP
5.250%,
08/25/26
102,180
3,175
DTE
Energy
Co.µ
5.250%,
12/01/77
64,167
3,350
NextEra
Energy
Capital
Holdings,
Inc.µ
6.500%,
04/15/86
80,232
246,579
TOTAL
PREFERRED
STOCKS
(Cost
$6,287,412)
5,688,180
RIGHT
(0.0%)#
Special
Purpose
Acquisition
Companies
(0.0%)
52,650
Walgreens
Boots
Alliance,
Inc.
(Cost
$27,905)
39,487
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%)#
Other
(0.3%)
17,300
182,653,400
iShares
MSCI
EAFE
ETF
Call,
09/18/26,
Strike
$110.00
1,245,600
87
245,985,540
NASDAQ
100
Stock
Index
Put,
10/16/26,
Strike
$27,250.00
6,551,535
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
39
11,432,222
Russell
2000
Index
Call,
09/18/26,
Strike
$2,630.00
$
1,250,145
9,047,280
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$12,363,011)
9,047,280
TOTAL
INVESTMENTS
(136.9%)
(Cost
$3,117,932,056)
4,881,426,652
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-9.1%)
(
323,000,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-27.8%)
(
991,953,402
)
NET
ASSETS
(100.0%)
$
3,566,473,250
EXCHANGE-TRADED
WRITTEN
OPTION (-0.1%)#
Other
(-0.1%)
(87)
(245,985,540)
NASDAQ
100
Stock
Index
Put,
10/16/26,
Strike
$25,000.00
(Premium
$3,311,027)
$
(
2,775,300
)
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
¡¡
As
of
July
31,
2026,
the
value
of
unfunded
loan
commitments
was
$351,420
for
the
Calamos
Strategic
Total
Return
Fund.
^
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
$995,830,307.
#
Non-income
producing
security.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
FOREIGN
CURRENCY
ABBREVIATIONS
EUR
European
Monetary
Unit
JPY
Japanese
Yen
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
KRW
South
Korean
Won
ABBREVIATION
ADR
American
Depositary
Receipt
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Strategic
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
945,025
$
—
$
945,025
Bank
Loans
112
—
127,716,634
—
127,716,634
Convertible
Bonds
44
—
692,197,275
—
692,197,275
Corporate
Bonds
487
—
389,807,483
—
389,807,483
U.S.
Government
and
Agency
Securities
2
—
1,300,579
—
1,300,579
Common
Stocks
109
3,356,960,733
17,804,342
—
3,374,765,075
Convertible
Preferred
Stocks
15
203,380,571
2,625,493
—
206,006,064
Exchange-Traded
Funds
5
73,913,557
—
—
73,913,557
Preferred
Stocks
49
5,688,180
—
—
5,688,180
Right
1
—
39,487
—
39,487
Warrants
5
—
13
—
13
Exchange-Traded
Purchased
Options
3
9,047,280
—
—
9,047,280
Total
$
3,648,990,321
$
1,232,436,331
$
—
$
4,881,426,652
Liabilities:
—
—
—
—
Exchange-Traded
Written
Option
1
$
2,775,300
$
—
$
—
$
2,775,300
Total
$
2,775,300
$
—
$
—
$
2,775,300
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.0%)
Other
(0.0%)
215,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$209,308)
$
212,754
BANK
LOANS
(2.5%)i
Communication
Services
(0.5%)
534,838
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.628%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
545,038
109,220
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.845%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
94,066
9,586
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.845%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
9,586
260,000
Cengage
Learning,
Inc.
2026
Term
Loan
B,
0.000%,
03/24/31
258,437
127,723
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.981%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
127,794
125,611
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.845%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
126,115
170,000
DirecTV
Financing
LLC!
2025
Term
Loan
B,
0.000%,
02/17/31
171,102
89,423
DirecTV
Financing
LLC‡
2026
Term
Loan
B,
8.323%,
08/02/29
3
mo.
USD
Term
SOFR
+
4.500%
90,081
125,412
DirecTV
Financing
LLC‡
2025
Term
Loan
B,
9.323%,
02/17/31
3
mo.
USD
Term
SOFR
+
5.500%
126,224
256,827
Discovery
Global
Holdings,
Inc.‡
2026
USD
Term
Loan
B,
6.231%,
06/03/33
1
mo.
USD
Term
SOFR
+
2.500%
257,335
248,000
Electronic
Arts,
Inc.
USD
Term
Loan
B,
0.000%,
03/24/33
249,814
302,858
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.620%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
281,563
260,000
Level
3
Financing,
Inc.‡
2026
Term
Loan
B,
6.481%,
03/29/32
1
mo.
USD
Term
SOFR
+
2.750%
261,245
PRINCIPAL
AMOUNT
a
a
VALUE
a
25,000
QTS
Thunder
Managing
Issuer
LLC!
Term
Loan
B,
0.000%,
07/22/33
$
24,687
105,000
QTS
Thunder
Managing
Issuer
LLC‡
Term
Loan
B,
6.025%,
07/22/33
3
mo.
USD
Term
SOFR
+
2.250%
103,688
155,308
TripAdvisor,
Inc.‡
Term
Loan,
6.481%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
150,358
350,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.232%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
352,748
149,233
ViaSat,
Inc.‡
2023
Term
Loan,
8.290%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
150,455
260,000
Virgin
Media
Bristol
LLC‡
2020
USD
Term
Loan
Q,
7.041%,
01/31/29
1
mo.
USD
Term
SOFR
+
3.250%
235,858
3,616,194
Consumer
Discretionary
(0.5%)
101,061
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
1
mo.
USD
Term
SOFR
+
3.250%
101,440
155,689
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
156,273
258,702
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.481%,
09/12/32
1
mo.
USD
Term
SOFR
+
2.750%
260,229
129,350
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.920%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
129,970
153,123
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.981%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
148,204
167,450
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.823%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
139,163
208,950
Clarios
Global
LP‡
2026
USD
Term
Loan
B,
6.231%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.500%
209,669
256,113
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.667%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
256,945
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
182,345
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.231%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
$
183,256
254,363
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.724%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
255,285
20,000
Pioneer
Opco
LLC‡
Term
Loan
B,
6.999%,
05/16/33
1
mo.
USD
Term
SOFR
+
3.250%
20,141
254,150
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.731%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
254,740
245,000
Stonepeak
Motion
Finco
LLC
USD
Term
Loan
B,
0.000%,
06/24/33
245,447
147,657
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.481%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
147,546
258,700
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.982%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
259,393
259,350
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.475%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
257,689
258,263
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.481%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
259,134
3,284,524
Consumer
Staples
(0.4%)
469,742
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.731%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
471,870
128,700
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.231%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
127,735
283,078
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.481%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
284,351
376,697
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.981%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
366,423
65,000
Charlotte
Buyer,
Inc.
2026
Term
Loan
B,
0.000%,
06/30/31
65,161
PRINCIPAL
AMOUNT
a
a
VALUE
a
260,000
McKesson
Medical-Surgical
Top
Holdings,
Inc.‡
Term
Loan
B,
5.982%,
06/09/32
3
mo.
USD
Term
SOFR
+
2.250%
$
260,569
22,996
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.573%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
23,059
258,053
Opal
Bidco
SAS‡
2026
USD
Term
Loan
B,
6.232%,
04/28/32
3
mo.
USD
Term
SOFR
+
2.500%
258,813
20,000
Prestige
Brands,
Inc.‡
2026
Term
Loan
B,
5.731%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.000%
20,081
360,230
Star
Parent,
Inc.‡
Term
Loan
B,
7.232%,
09/27/30
3
mo.
USD
Term
SOFR
+
3.500%
361,980
257,407
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.823%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
258,180
130,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.981%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
130,584
125,107
United
Natural
Foods,
Inc.‡
2026
Term
Loan
B,
7.731%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.000%
126,476
2,755,282
Financials
(0.3%)
200,933
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.231%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
200,080
176,461
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.231%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
173,800
140,000
Cushman
&
Wakefield
U.S.
Borrower
LLC‡
2026
Term
Loan
B,
5.981%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.250%
140,233
320,125
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.482%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
256,367
190,125
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
190,030
179,063
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.981%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
179,751
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
260,000
Jupiter
Borrower,
Inc.‡
Term
Loan
B,
6.504%,
06/30/33
3
mo.
USD
Term
SOFR
+
2.750%
$
261,895
50,000
Lockton,
Inc.‡
Term
Loan
B,
5.823%,
05/09/33
3
mo.
USD
Term
SOFR
+
2.000%
50,063
249,375
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.232%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
248,161
1,700,380
Health
Care
(0.0%)
276,205
Padagis
LLC‡
Term
Loan
B,
8.742%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
265,847
Industrials
(0.4%)
17,473
ACProducts,
Inc.‡
2026
First
Lien
First
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
17,935
244,293
ACProducts,
Inc.‡
2026
First
Lien
Second
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
209,481
258,050
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.750%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
258,804
257,723
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.731%,
09/08/32
1
mo.
USD
Term
SOFR
+
3.000%
258,368
176,105
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.232%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
176,729
345,136
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.073%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
345,533
252,381
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.481%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
249,384
256,750
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.981%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
257,231
513,839
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.231%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
515,090
PRINCIPAL
AMOUNT
a
a
VALUE
a
124,688
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.231%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
$
124,958
260,000
Worthington
Steel,
Inc.‡
Term
Loan
B,
7.731%,
06/01/33
1
mo.
USD
Term
SOFR
+
4.000%
261,332
2,674,845
Information
Technology
(0.2%)
363,114
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.416%,
07/30/31
3
mo.
USD
Term
SOFR
+
2.750%
331,645
210,615
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.481%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
197,024
130,000
Cloud
Software
Group,
Inc.
2025
Term
Loan
B
(2032),
0.000%,
08/13/32
116,801
40,000
CoreWeave
Financing
DDTL
V
LLC
1st
Lien
Delayed
Draw
Term
Loan,
0.000%,
09/30/31
40,150
170,000
CoreWeave
Financing
DDTL
V
LLC!
Delayed
Draw
Term
Loan,
0.000%,
11/17/31
170,107
73,639
CoreWeave
Financing
DDTL
V
LLC¡¡‡
Delayed
Draw
Term
Loan,
0.500%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
73,685
10,190
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.120%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
10,197
46,171
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.140%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
46,199
245,533
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.481%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
237,017
195,248
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.731%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
195,272
1,418,097
Materials
(0.1%)
80,000
BASF
Coatings‡
USD
Term
Loan
B,
7.244%,
06/29/33
3
mo.
USD
Term
SOFR
+
3.500%
80,450
129,350
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.231%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
129,229
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
130,000
Ineos
Finance
PLC‡
2026
USD
Term
Loan,
8.731%,
06/25/32
1
mo.
USD
Term
SOFR
+
5.000%
$
120,900
146,699
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.981%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
139,410
189,840
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.258%,
05/03/28
1
mo.
USD
Term
SOFR
+
2.500%
12,340
482,329
Other
(0.1%)
397,497
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.231%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
399,908
Special
Purpose
Acquisition
Companies
(0.0%)
195,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.731%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
188,350
TOTAL
BANK
LOANS
(Cost
$17,156,193)
16,785,756
CONVERTIBLE
BONDS
(97.3%)
Communication
Services
(7.2%)
7,000,000
AST
SpaceMobile,
Inc.*µ
1.625%,
02/01/34
7,112,070
4,000,000
IMAX
Corp.*
0.750%,
11/15/30
5,150,680
4,250,000
Liberty
Media
Corp.-Liberty
Formula
One
2.250%,
08/15/27
5,372,892
13,750,000
Live
Nation
Entertainment,
Inc.^
2.875%,
01/15/30
15,909,300
10,500,000
Lyft,
Inc.*µ
0.000%,
09/15/30
10,620,960
4,000,000
Sirius
XM
Holdings,
Inc.
3.750%,
03/15/28
4,576,080
48,741,982
Consumer
Discretionary
(5.7%)
11,000,000
DoorDash,
Inc.µ
0.000%,
05/15/30
11,092,290
8,250,000
Etsy,
Inc.
1.000%,
06/15/30
10,064,175
3,000,000
Lucid
Group,
Inc.*
5.000%,
04/01/30
1,333,110
5,250,000
NCL
Corp.
Ltd.µ
0.875%,
04/15/30
5,482,838
Rivian
Automotive,
Inc.µ
2,875,000
4.625%,
03/15/29
3,224,111
PRINCIPAL
AMOUNT
a
a
VALUE
a
7,500,000
3.625%,
10/15/30
$
7,786,200
38,982,724
Consumer
Staples
(0.7%)
3,750,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
4,532,400
Energy
(2.5%)
2,750,000
Energy
Fuels,
Inc.*µ
0.750%,
11/01/31
2,503,655
Liberty
Energy,
Inc.*µ
5,750,000
0.000%,
03/01/31
5,041,830
2,162,000
0.000%,
03/01/32
1,778,007
4,250,000
ProPetro
Holding
Corp.*µ
0.000%,
11/15/31
3,536,893
3,250,000
Solaris
Energy
Infrastructure,
Inc.
0.250%,
10/01/31
3,869,190
16,729,575
Financials
(4.1%)
6,250,000
Barclays
Bank
PLC
Series
MSFT
1.000%,
02/16/29
6,771,812
10,250,000
Galaxy
Digital
Holdings
LP*µ
0.500%,
05/01/31
7,715,790
9,500,000
Robinhood
Markets,
Inc.*µ
0.000%,
10/01/29
9,116,390
3,500,000
WisdomTree,
Inc.*
4.625%,
08/15/30
4,481,435
28,085,427
Health
Care
(13.4%)
2,250,000
Arrowhead
Pharmaceuticals,
Inc.^
0.000%,
01/15/32
2,796,323
10,250,000
Bridgebio
Pharma,
Inc.*µ
0.750%,
02/01/33
10,607,212
1,483,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
1,834,441
2,000,000
Cytokinetics,
Inc.*
1.750%,
10/01/31
2,798,240
5,750,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
8,847,180
7,750,000
Halozyme
Therapeutics,
Inc.*
0.875%,
11/15/32
8,773,698
4,000,000
Indivior
Pharmaceuticals,
Inc.*
0.625%,
03/15/31
4,774,080
7,750,000
Ionis
Pharmaceuticals,
Inc.*µ
0.000%,
12/01/30
6,859,680
3,250,000
Jazz
Investments
I
Ltd.
3.125%,
09/15/30
5,739,143
2,439,000
Lantheus
Holdings,
Inc.
2.625%,
12/15/27
3,200,358
9,500,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
10,140,490
5,750,000
Merit
Medical
Systems,
Inc.
3.000%,
02/01/29
6,744,405
4,500,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
4,586,400
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
3,750,000
Repligen
Corp.µ
1.000%,
12/15/28
$
3,914,550
3,602,000
Revolution
Medicines,
Inc.
0.500%,
05/01/33
4,467,164
4,500,000
Travere
Therapeutics,
Inc.
0.500%,
05/15/32
5,257,350
91,340,714
Industrials
(8.8%)
8,250,000
Bloom
Energy
Corp.*
0.000%,
11/15/30
11,595,623
15,500,000
BWX
Technologies,
Inc.*µ
0.000%,
11/01/30
14,963,700
4,250,000
Fluor
Corp.
1.125%,
08/15/29
5,519,645
4,000,000
JBT
Marel
Corp.*
0.375%,
09/15/30
4,023,320
8,000,000
Knight-Swift
Transportation
Holdings,
Inc.*
1.000%,
11/15/31
8,741,120
12,000,000
Uber
Technologies,
Inc.
Series
2028^
0.875%,
12/01/28
14,135,040
1,000,000
Voyager
Technologies,
Inc.*
0.750%,
11/15/30
1,106,100
60,084,548
Information
Technology
(43.3%)
630,000,000
JPY
Advantest
Corp.*~
0.000%,
03/28/31
5,114,996
Akamai
Technologies,
Inc.µ
10,500,000
0.250%,
05/15/33
15,031,170
8,750,000
0.000%,
05/15/30*
8,188,775
6,000,000
Amkor
Technology,
Inc.*µ
0.000%,
07/15/31
5,600,160
9,750,000
Cipher
Digital,
Inc.*
0.000%,
10/01/31
16,124,062
2,500,000
Cleanspark,
Inc.*
0.000%,
02/15/32
2,492,675
14,000,000
Cloudflare,
Inc.
0.000%,
06/15/30
19,384,960
CoreWeave,
Inc.*µ
6,000,000
1.750%,
12/01/31
5,654,460
6,750,000
1.750%,
10/01/32
5,958,765
10,250,000
CyberArk
Software
Ltd.
0.000%,
06/15/30
16,799,135
11,000,000
Datadog,
Inc.
0.000%,
12/01/29
15,987,510
23,874,000
IREN
Ltd.*
1.000%,
12/01/33
18,095,776
3,740,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
14,585,289
4,250,000
MACOM
Technology
Solutions
Holdings,
Inc.
0.000%,
12/15/29
6,907,780
16,000,000
Microchip
Technology,
Inc.*^µ
0.000%,
02/15/30
17,079,520
6,250,000
Mirion
Technologies,
Inc.*
0.250%,
06/01/30
6,119,563
PRINCIPAL
AMOUNT
a
a
VALUE
a
7,250,000
MKS,
Inc.
1.250%,
06/01/30
$
14,876,928
13,000,000
ON
Semiconductor
Corp.µ
0.500%,
03/01/29
14,724,190
8,000,000
Onto
Innovation,
Inc.*^µ
0.000%,
06/01/31
8,689,520
4,500,000
Penguin
Solutions,
Inc.*µ
0.000%,
08/01/31
4,007,160
315,000
Seagate
HDD
Cayman
3.500%,
06/01/28
3,274,047
3,250,000
Semtech
Corp.*
0.000%,
10/15/30
4,811,495
7,500,000
Snowflake,
Inc.
0.000%,
10/01/29
14,862,450
Terawulf,
Inc.*
7,250,000
1.000%,
09/01/31
11,934,152
1,020,000
0.000%,
05/01/32
1,221,634
10,500,000
Ultra
Clean
Holdings,
Inc.*^
0.000%,
03/15/31
13,725,705
1,634,000
Western
Digital
Corp.
3.000%,
11/15/28
23,588,767
294,840,644
Materials
(1.5%)
7,000,000
Centrus
Energy
Corp.*
0.000%,
08/15/32
7,349,160
1,500,000
MP
Materials
Corp.*
3.000%,
03/01/30
3,061,650
10,410,810
Real
Estate
(4.5%)
19,500,000
Digital
Realty
Trust
LP*µ
1.875%,
11/15/29
21,257,145
8,750,000
Realty
Income
Corp.*
3.500%,
01/15/29
9,088,625
30,345,770
Utilities
(5.6%)
19,750,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
20,576,537
8,500,000
CMS
Energy
Corp.^
3.375%,
05/01/28
9,188,585
8,500,000
Duke
Energy
Corp.*
3.000%,
03/15/29
8,396,810
38,161,932
TOTAL
CONVERTIBLE
BONDS
(Cost
$583,574,573)
662,256,526
CORPORATE
BONDS
(13.5%)
Airlines
(0.1%)
176,348
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
176,320
American
Airlines
Pass-Through
Trust
160,000
Series
B,
Class
B,
5.750%,
11/10/36
157,253
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
202,240
Series
B,
Class
B,
3.950%,
01/11/32
$
191,252
175,257
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
168,106
JetBlue
Pass-Through
Trust
39,183
Series
2019,
Class
B,
8.000%,
05/15/29
38,288
185,370
Series
1B,
Class
B,
7.750%,
05/15/30
186,208
917,427
Communication
Services
(2.9%)
190,000
AMC
Global
Media,
Inc.
4.250%,
02/15/29
167,835
6,445,000
APLD
ComputeCo
3
LLC*
7.000%,
06/15/31
6,296,894
130,000
Arches
Buyer,
Inc.*††
9.000%,
08/15/31
130,718
100,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
100,832
Clear
Channel
Outdoor
Holdings,
Inc.*
130,000
7.875%,
04/01/30
135,135
143,000
7.500%,
03/15/33
150,230
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
42,918
535,000
4.500%,
11/15/31
304,030
97,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
98,954
90,000
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
10.000%,
02/15/31
94,133
Discovery
Global
Holdings,
Inc.
130,000
5.050%,
03/15/42
90,938
65,000
4.279%,
03/15/32
57,778
130,000
EW
Scripps
Co.*
9.875%,
08/15/30
113,720
235,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
220,869
Gray
Media,
Inc.*
130,000
7.250%,
08/15/33
128,615
135,000
5.375%,
11/15/31
99,985
260,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
190,525
65,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
57,060
65,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
66,201
168,000
Lumen
Technologies,
Inc.
Series
P^
7.600%,
09/15/39
155,859
330,000
McGraw-Hill
Education,
Inc.*^
8.000%,
08/01/29
327,796
130,000
Neptune
Bidco
U.S.,
Inc.*^
9.290%,
04/15/29
132,549
260,000
Paramount
Global
4.900%,
08/15/44
162,183
PRINCIPAL
AMOUNT
a
a
VALUE
a
195,000
PR
RNO
Property
Owner
1
LLC*
6.500%,
05/01/31
$
183,563
283,000
Qwest
Corp.
6.500%,
09/01/51
212,822
Rogers
Communications,
Inc.‡
93,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
93,483
160,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
160,993
Scripps
Escrow
II,
Inc.*
68,000
5.375%,
01/15/31
39,930
136,000
3.875%,
01/15/29
124,364
235,000
Sinclair
Television
Group,
Inc.*^
8.125%,
02/15/33
242,367
Sirius
XM
Radio
LLC*^
130,000
5.875%,
04/15/32
127,711
325,000
3.875%,
09/01/31
293,556
7,695,000
Stingray
Compute
LLC*
6.000%,
06/15/31
7,525,479
130,000
SV
RNO
Property
Owner
1
LLC*
5.875%,
03/01/31
120,953
195,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
194,604
Time
Warner
Cable
LLC
105,000
7.300%,
07/01/38
103,956
135,000
6.550%,
05/01/37
128,351
265,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*^
6.500%,
02/15/29
261,634
130,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
129,891
Verizon
Communications,
Inc.‡
145,000
6.200%,
05/14/56
,
5
yr.
CMT
+
2.042%
141,893
100,000
6.050%,
05/14/58^
,
5
yr.
CMT
+
1.813%
98,434
130,000
Viasat,
Inc.*
7.500%,
05/30/31
130,168
19,639,909
Consumer
Discretionary
(2.5%)
130,000
Academy
Ltd.*^
5.875%,
05/15/31
128,795
400,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
412,264
Adient
Global
Holdings
Ltd.*^
210,000
8.250%,
04/15/31
218,673
130,000
7.500%,
02/15/33
134,343
Advance
Auto
Parts,
Inc.*
65,000
7.375%,
08/01/33
67,133
116,000
7.000%,
08/01/30^
118,958
260,000
Allegiant
Travel
Co.*^
7.125%,
07/01/31
263,871
195,000
American
Axle
&
Manufacturing,
Inc.*^
7.750%,
10/15/33
192,052
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
240,000
Aptiv
Swiss
Holdings
Ltd.^‡
6.875%,
12/15/54
,
5
yr.
CMT
+
3.385%
$
243,710
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
130,000
6.875%,
08/01/33
129,899
228,000
4.625%,
08/01/29
219,325
Bath
&
Body
Works,
Inc.
34,000
7.500%,
06/15/29
34,476
130,000
6.875%,
11/01/35^
131,516
180,000
6.625%,
10/01/30*^
183,087
135,000
Beach
Acquisition
Bidco
LLC*
10.000%,
07/15/33
145,041
300,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
289,503
168,000
Caesars
Entertainment,
Inc.*
4.625%,
10/15/29
160,050
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
260,000
7.000%,
02/01/33
249,283
158,000
5.125%,
05/01/27
157,765
270,000
4.750%,
03/01/30^
252,493
130,000
4.750%,
02/01/32^
113,708
265,000
4.500%,
08/15/30^
242,083
266,000
4.250%,
02/01/31^
235,655
300,000
4.250%,
01/15/34^
245,610
260,000
Century
Communities,
Inc.*^
6.625%,
09/15/33
261,186
Churchill
Downs,
Inc.*^
132,000
6.750%,
05/01/31
134,004
130,000
5.750%,
04/01/30
129,815
135,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*^
6.750%,
09/15/32
136,875
405,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*^
6.375%,
04/15/34
400,176
140,000
Dana,
Inc.
4.500%,
02/15/32
139,770
DISH
DBS
Corp.@
431,000
0.000%,
07/01/28
413,790
100,000
0.000%,
12/01/28*
96,553
140,000
0.000%,
06/01/29
126,959
260,000
Dorman
Products,
Inc.*
6.250%,
06/15/34
261,342
240,000
Flutter
Treasury
DAC*^
5.875%,
06/04/31
237,578
275,000
Ford
Motor
Co.^
6.100%,
08/19/32
278,300
Ford
Motor
Credit
Co.
LLC
340,000
7.200%,
06/10/30
355,980
425,000
4.000%,
11/13/30
396,976
135,000
General
Motors
Co.^
5.200%,
04/01/45
115,394
goeasy
Ltd.*^
172,000
7.625%,
07/01/29
163,851
260,000
6.875%,
02/15/31
232,396
PRINCIPAL
AMOUNT
a
a
VALUE
a
Goodyear
Tire
&
Rubber
Co.
400,000
5.625%,
04/30/33
$
349,208
140,000
5.250%,
07/15/31^
124,523
Group
1
Automotive,
Inc.*^
155,000
6.375%,
01/15/30
156,032
114,000
4.000%,
08/15/28
110,094
170,870
Guitar
Center,
Inc.‡
12.000%,
08/19/32
51,261
133,000
Kohl's
Corp.
5.550%,
07/17/45
91,673
265,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
16,441
260,000
Life
Time,
Inc.*^
6.000%,
11/15/31
262,491
240,000
Light
&
Wonder
International,
Inc.*^
6.250%,
10/01/33
236,045
260,000
Lindblad
Expeditions
LLC*^
7.000%,
09/15/30
267,652
130,000
Lithia
Motors,
Inc.*^
5.500%,
10/01/30
128,586
175,000
M/I
Homes,
Inc.
3.950%,
02/15/30
165,036
Macy's
Retail
Holdings
LLC
175,000
6.700%,
07/15/34*
169,855
330,000
4.300%,
02/15/43
235,967
240,000
MGM
Resorts
International^
6.500%,
04/15/32
238,649
332,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
322,654
195,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
202,936
NCL
Corp.
Ltd.*^
130,000
6.750%,
02/01/32
127,559
146,000
6.250%,
09/15/33
138,915
130,000
5.875%,
01/15/31
124,510
Newell
Brands,
Inc.^
130,000
8.500%,
06/01/28*
135,824
130,000
6.625%,
05/15/32
131,535
130,000
6.375%,
05/15/30
131,414
260,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
254,004
Patrick
Industries,
Inc.*
130,000
6.375%,
11/01/32
128,462
239,000
4.750%,
05/01/29^
233,981
Penn
Entertainment,
Inc.*
260,000
6.750%,
04/01/31^
260,970
155,000
4.125%,
07/01/29
147,859
160,000
Pioneer
Opco
LLC*
7.000%,
05/15/33
161,982
135,000
QVC,
Inc.@
0.000%,
08/15/34
67,715
27,717
Rite
Aid
Corp.
0.000%,
08/30/34
—
260,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
261,420
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
260,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*^
6.625%,
02/01/33
$
261,752
146,250
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
341
265,000
Six
Flags
Entertainment
Corp.*^
7.250%,
05/15/31
260,013
207,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.^
5.250%,
07/15/29
199,113
260,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*^
8.625%,
01/15/32
263,104
185,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*^
4.875%,
11/01/27
184,131
195,000
Staples,
Inc.*
10.750%,
09/01/29
186,814
420,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
405,943
260,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
269,594
162,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
166,032
65,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
68,127
123,000
Voyager
Parent
LLC*
9.250%,
07/01/32
130,799
Whirlpool
Corp.
80,000
7.875%,
07/01/34*
75,922
80,000
7.500%,
07/01/31*
79,563
260,000
6.500%,
06/15/33^
220,425
130,000
William
Carter
Co.*^
7.375%,
02/15/31
133,550
250,000
ZF
North
America
Capital,
Inc.*^
7.500%,
03/24/31
251,630
17,042,344
Consumer
Staples
(0.8%)
247,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*^
5.750%,
03/31/34
229,880
125,000
Amneal
Pharmaceuticals
LLC*^
6.875%,
08/01/32
128,831
320,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
312,918
240,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
239,407
250,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
244,055
130,000
Brink's
Co.*^
6.750%,
06/15/32
132,551
305,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
284,901
PRINCIPAL
AMOUNT
a
a
VALUE
a
100,000
Charlotte
Buyer,
Inc.*
8.000%,
06/30/31
$
101,165
330,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
329,066
304,000
Edgewell
Personal
Care
Co.*^
4.125%,
04/01/29
292,904
Energizer
Holdings,
Inc.*
130,000
6.000%,
09/15/33
123,611
305,000
4.375%,
03/31/29^
294,169
260,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*^
7.125%,
04/30/33
264,514
MPH
Acquisition
Holdings
LLC*
234,269
6.750%,
03/31/31
141,194
109,200
5.750%,
12/31/30
84,178
260,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
252,379
Post
Holdings,
Inc.*^
227,000
6.375%,
03/01/33
223,786
260,000
6.250%,
02/15/32
261,742
Prestige
Brands,
Inc.*
65,000
6.250%,
07/15/34
65,217
252,000
3.750%,
04/01/31^
231,374
RR
Donnelley
&
Sons
Co.*
95,000
10.875%,
08/01/29
96,963
365,000
9.500%,
08/01/29
378,775
Synergy
Infrastructure
Holdings
LLC*
130,000
7.875%,
12/01/30
136,059
65,000
7.000%,
07/15/34
65,612
168,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
168,255
195,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
189,987
5,273,493
Energy
(1.7%)
245,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
240,031
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
260,000
6.625%,
10/15/32
261,888
200,000
6.625%,
07/15/33^
200,952
Buckeye
Partners
LP
98,000
6.875%,
07/01/29*
100,328
197,000
6.750%,
02/01/30*
202,262
135,000
5.850%,
11/15/43
120,807
260,000
CNX
Resources
Corp.*^
5.875%,
03/01/34
252,314
300,000
Continental
Resources,
Inc.^
4.900%,
06/01/44
238,986
195,000
Crescent
Energy
Finance
LLC*^
7.375%,
01/15/33
196,016
Enbridge,
Inc.‡
195,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
203,438
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
130,000
7.200%,
06/27/54^
,
5
yr.
CMT
+
2.970%
$
136,893
Energy
Transfer
LP‡
130,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
132,768
250,000
7.090%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
248,785
65,000
6.700%,
01/15/57
,
5
yr.
CMT
+
2.219%
64,102
65,000
6.550%,
01/15/57
,
5
yr.
CMT
+
2.336%
64,185
197,000
Series
H,
6.500%,
08/17/26
,
5
yr.
CMT
+
5.694%
197,197
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
196,000
8.875%,
04/15/30
204,740
130,000
8.000%,
05/15/33^
135,322
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
195,000
6.875%,
05/15/34
191,024
195,000
6.250%,
04/15/32
189,788
260,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
269,220
390,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
390,409
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
260,000
6.875%,
12/01/32
264,969
130,000
6.625%,
08/15/34††
130,120
263,000
Matador
Resources
Co.*
6.500%,
04/15/32
263,079
345,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
352,121
260,000
Oceaneering
International,
Inc.*^
6.875%,
07/15/34
266,154
260,000
Par
Petroleum
LLC*^
7.375%,
06/01/34
269,318
200,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
197,572
270,000
Plains
All
American
Pipeline
LP
Series
B‡
8.023%,
08/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
270,254
260,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
270,421
357,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
370,709
Sunoco
LP*
195,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
200,308
390,000
6.625%,
08/15/32
394,321
260,000
6.250%,
07/01/33^
260,884
260,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*^
6.750%,
03/15/34
261,809
PRINCIPAL
AMOUNT
a
a
VALUE
a
255,000
TGNR
Intermediate
Holdings
LLC*^
5.500%,
10/15/29
$
250,081
TransCanada
PipeLines
Ltd.‡
65,000
6.375%,
10/17/56^
,
5
yr.
CMT
+
2.117%
65,057
130,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
129,986
365,000
Transocean
International
Ltd.*^
7.875%,
10/15/32
380,458
Venture
Global
LNG,
Inc.*
135,000
9.875%,
02/01/32
143,790
135,000
9.500%,
02/01/29
144,767
467,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
464,417
330,000
8.375%,
06/01/31^
341,306
137,000
7.000%,
01/15/30
139,281
65,000
6.625%,
06/15/36
63,775
130,000
6.375%,
12/15/34
126,721
Venture
Global
Plaquemines
LNG
LLC*
260,000
6.500%,
01/15/34^
268,557
190,000
6.500%,
06/15/34
196,205
65,000
6.125%,
12/15/30
66,057
275,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
274,293
385,000
WBI
Operating
LLC*^
6.500%,
10/15/33
384,376
260,000
Weatherford
International
Ltd.*^
6.750%,
10/15/33
263,362
11,715,983
Financials
(1.8%)
Acrisure
LLC/Acrisure
Finance,
Inc.*^
222,000
8.250%,
02/01/29
212,998
200,000
6.750%,
07/01/32
184,194
150,000
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trust‡
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
150,795
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*^
395,000
7.375%,
10/01/32
398,144
260,000
6.500%,
10/01/31
260,216
Ally
Financial,
Inc.^‡
260,000
Series
D,
7.100%,
08/15/31
,
5
yr.
CMT
+
3.148%
261,300
125,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
120,774
130,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
127,162
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
245,000
8.375%,
02/01/34^
223,565
207,000
8.000%,
12/31/32
209,612
260,000
Azorra
Finance
Ltd.*^
7.250%,
01/15/31
268,011
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
380,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*^
7.125%,
05/15/31
$
383,846
260,000
Blackstone
Mortgage
Trust,
Inc.*
6.250%,
06/01/31
249,278
Brandywine
Operating
Partnership
LP^
130,000
8.875%,
04/12/29
136,692
257,000
6.125%,
01/15/31
246,938
320,000
Bread
Financial
Holdings,
Inc.*‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
331,200
463,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
454,296
205,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*^
4.500%,
04/01/27
202,440
275,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
232,177
240,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
242,496
255,000
Corebridge
Financial,
Inc.‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
250,402
Credit
Acceptance
Corp.*
180,000
9.250%,
12/15/28
186,698
246,000
6.625%,
03/15/30
246,199
260,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
251,623
130,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*^
8.875%,
09/01/31
136,210
Enstar
Group
Ltd.*‡
142,000
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
147,694
95,000
6.693%,
07/15/37
,
1
day
USD
SOFR
+
2.540%
92,936
First
Citizens
BancShares,
Inc.‡
65,000
Series
B,
7.898%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
65,431
190,000
Series
D,
7.000%,
12/15/30^
,
5
yr.
CMT
+
3.301%
190,940
130,000
GGAM
Finance
Ltd.*^
5.875%,
03/15/30
129,947
130,000
Goldman
Sachs
Group,
Inc.
Series
AA‡
6.500%,
08/10/31
,
5
yr.
CMT
+
2.175%
129,113
HUB
International
Ltd.*^
195,000
7.375%,
01/31/32
199,555
198,000
5.625%,
12/01/29
198,036
PRINCIPAL
AMOUNT
a
a
VALUE
a
130,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
$
129,645
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*^
260,000
6.625%,
10/15/31
255,541
260,000
5.000%,
08/15/28
251,794
292,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
302,179
130,000
Newmark
Group,
Inc.
7.500%,
01/12/29
135,573
OneMain
Finance
Corp.
130,000
6.750%,
03/15/32
129,713
260,000
6.750%,
09/15/33^
256,235
260,000
6.500%,
03/15/33^
254,072
128,000
Osaic
Holdings,
Inc.*^
8.000%,
08/01/33
129,842
255,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*^
7.000%,
02/01/30
259,368
325,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
335,319
Reinsurance
Group
of
America,
Inc.‡
130,000
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
129,939
130,000
6.375%,
09/15/56^
,
5
yr.
CMT
+
2.344%
126,952
Rocket
Cos.,
Inc.*
195,000
6.375%,
08/01/33
196,416
129,000
6.125%,
08/01/30^
130,122
260,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
260,684
260,000
Stonebriar
ABF
Issuer
LLC*
7.000%,
08/15/31
260,265
64,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
65,015
325,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
338,851
460,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
477,618
310,000
United
Wholesale
Mortgage
LLC*^
5.500%,
04/15/29
290,005
130,000
UWM
Holdings
LLC*^
6.250%,
03/15/31
116,150
130,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
134,963
175,000
Wells
Fargo
&
Co.
Series
GG,
Class
A^‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
174,820
260,000
XHR
LP*^
6.625%,
05/15/30
265,447
12,527,446
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Health
Care
(0.6%)
387,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
$
400,077
CHS/Community
Health
Systems,
Inc.*
157,000
10.875%,
01/15/32
165,779
146,000
6.875%,
04/15/29^
140,894
533,000
6.125%,
04/01/30^
449,415
33,000
5.250%,
05/15/30
30,559
DaVita,
Inc.*
255,000
6.875%,
09/01/32^
262,211
291,000
4.625%,
06/01/30
280,620
313,000
3.750%,
02/15/31
289,206
Embecta
Corp.*
67,000
6.750%,
02/15/30
51,535
195,000
5.000%,
02/15/30^
150,903
Encompass
Health
Corp.
130,000
4.750%,
02/01/30^
127,288
65,000
4.500%,
02/01/28
64,360
146,000
IQVIA,
Inc.*
6.250%,
06/01/32
148,113
401,000
Medline
Borrower
LP*^
5.250%,
10/01/29
397,612
490,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*^
5.125%,
04/30/31
485,614
Tenet
Healthcare
Corp.
270,000
6.875%,
11/15/31^
286,740
195,000
5.500%,
11/15/32*
192,190
3,923,116
Industrials
(0.9%)
293,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
299,877
300,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
282,771
Arcosa,
Inc.*
130,000
6.875%,
08/15/32^
134,324
146,000
4.375%,
04/15/29
142,944
Bombardier,
Inc.*
130,000
8.750%,
11/15/30
137,214
81,000
7.250%,
07/01/31
84,557
95,000
7.000%,
06/01/32^
98,198
65,000
6.750%,
06/15/33
66,991
405,000
Cascades,
Inc./Cascades
USA,
Inc.*^
6.750%,
07/15/30
412,124
65,000
Columbus
McKinnon
Corp.*^
7.125%,
02/01/33
65,606
51,000
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
50,920
Deluxe
Corp.*
130,000
8.125%,
09/15/29
134,723
350,000
8.000%,
06/01/29
353,185
135,000
EnerSys*
6.625%,
01/15/32
136,812
EquipmentShare.com,
Inc.*
160,000
8.625%,
05/15/32
163,941
PRINCIPAL
AMOUNT
a
a
VALUE
a
195,000
7.125%,
07/01/34
$
186,545
165,000
Granite
Construction,
Inc.*
6.375%,
06/15/34
165,228
Graphic
Packaging
International
LLC*
175,000
4.750%,
07/15/27
174,053
125,000
3.500%,
03/01/29
118,715
Herc
Holdings,
Inc.*
130,000
7.250%,
06/15/33
134,239
130,000
7.000%,
06/15/30^
134,127
130,000
6.625%,
06/15/29^
132,453
195,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
119,205
445,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
441,071
272,000
Novelis
Corp.*
4.750%,
01/30/30
261,471
260,000
Quikrete
Holdings,
Inc.*^
6.375%,
03/01/32
263,305
Standard
Building
Solutions,
Inc.*
60,000
6.500%,
08/15/32
60,245
195,000
6.250%,
08/01/33^
192,980
260,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
268,244
TransDigm,
Inc.*
100,000
7.125%,
12/01/31
103,206
285,000
6.875%,
12/15/30
292,228
200,000
6.750%,
08/15/28
201,656
65,000
6.625%,
03/01/32
66,167
49,062
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
47,801
195,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
198,586
Williams
Scotsman,
Inc.*
100,000
6.625%,
06/15/29
101,857
157,000
4.625%,
08/15/28
155,416
6,382,985
Information
Technology
(0.7%)
Block,
Inc.*
65,000
6.000%,
08/15/33
64,569
130,000
5.625%,
08/15/30
129,459
195,000
CACI
International,
Inc.*^
6.375%,
06/15/33
196,550
Cloud
Software
Group
LLC*
130,000
8.250%,
06/30/32
123,182
195,000
6.625%,
08/15/33^
170,479
153,000
Coherent
Corp.*^
5.000%,
12/15/29
149,750
Fair
Isaac
Corp.*
97,000
6.000%,
05/15/33
93,978
138,000
4.000%,
06/15/28
133,968
300,000
KBR,
Inc.*
4.750%,
09/30/28
295,674
65,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
68,459
198,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
191,135
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
135,000
Open
Text
Corp.*
6.900%,
12/01/27
$
137,765
Open
Text
Holdings,
Inc.*
65,000
4.125%,
02/15/30
60,055
163,000
4.125%,
12/01/31
143,929
125,000
Qnity
Electronics,
Inc.*^
6.250%,
08/15/33
125,700
370,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
355,400
Twilio,
Inc.
66,000
3.875%,
03/15/31
61,708
185,000
3.625%,
03/15/29
177,763
307,000
UKG,
Inc.*^
6.875%,
02/01/31
301,007
390,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
368,995
1,178,123
Wolfspeed,
Inc.
7.000%,
06/15/31
1,010,983
260,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
263,159
133,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*^
3.875%,
02/01/29
110,915
4,734,582
Materials
(0.7%)
260,000
Avient
Corp.*^
6.250%,
11/01/31
262,272
260,000
Bond
U.S.
Bidco
1,
Inc./Bidco
2/
Bidco
3/German
Bidco
1
GmbH/
German
Bidco
2*
7.125%,
06/15/33
261,843
325,000
Capstone
Copper
Corp.*^
6.750%,
03/31/33
326,885
230,000
Celanese
U.S.
Holdings
LLC^
7.379%,
07/15/32
240,711
260,000
Century
Aluminum
Co.*
6.875%,
08/01/32
264,935
Chemours
Co.*
220,000
8.000%,
01/15/33
216,993
129,000
7.875%,
03/15/34^
125,629
355,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
316,241
260,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
266,360
426,000
FMC
Corp.^‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
320,373
260,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
271,827
325,000
Kaiser
Aluminum
Corp.*^
5.875%,
03/01/34
318,211
265,000
Knife
River
Corp.*
7.750%,
05/01/31
273,697
117,000
Mercer
International,
Inc.*
12.875%,
10/01/28
52,274
325,000
Olin
Corp.*^
6.625%,
04/01/33
318,354
PRINCIPAL
AMOUNT
a
a
VALUE
a
305,000
Silgan
Holdings,
Inc.^
4.125%,
02/01/28
$
300,934
260,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
254,670
260,000
Terex
Corp.*^
6.250%,
10/15/32
261,342
114,369
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
1,358
WR
Grace
Holdings
LLC*
65,000
7.000%,
08/01/33
62,403
125,000
6.625%,
08/15/32
119,073
4,836,385
Other
(0.4%)
355,000
1261229
BC
Ltd.*^
10.000%,
04/15/32
363,062
105,578
Claritev
Corp.
Series
B*
6.750%,
03/31/31
63,180
EchoStar
Corp.
647,000
10.750%,
11/30/29
700,209
271,019
6.750%,
11/30/30
275,062
140,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
140,300
130,000
Graham
Holdings
Co.*
5.625%,
12/01/33
127,338
240,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
251,621
335,000
Rfna
LP*
7.875%,
02/15/30
335,496
260,000
SM
Energy
Co.*^
7.000%,
08/01/32
264,407
2,520,675
Real
Estate
(0.1%)
130,000
Forestar
Group,
Inc.*^
6.500%,
03/15/33
130,556
170,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
166,022
188,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
183,992
480,570
Special
Purpose
Acquisition
Companies
(0.1%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
210,000
6.750%,
01/15/30^
206,369
131,000
4.625%,
01/15/29
127,390
333,759
Utilities
(0.2%)
135,000
CenterPoint
Energy,
Inc.^‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
137,372
65,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
65,585
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
190,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
$
194,706
130,000
Emera
U.S.
Finance
LLC
Series
A^‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
130,872
200,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
205,204
200,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
203,100
130,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
129,181
191,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
196,497
97,000
PPL
Capital
Funding,
Inc.
Series
A^‡
6.659%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
95,861
Vistra
Corp.*‡
65,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
65,336
125,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
125,748
1,549,462
TOTAL
CORPORATE
BONDS
(Cost
$97,266,009)
91,878,136
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(0.1%)
Communication
Services
(0.0%)
4,890
Audacy,
Inc.#
14,670
1,888
Cumulus
Media,
Inc.
-
Class
A#
14
2,887
Optimum
Communications,
Inc.
-
Class
A#
2,200
16,884
Consumer
Discretionary
(0.0%)
408
Rite
Aid
Corp.#
408
Energy
(0.1%)
1,100
Cheniere
Energy
Partners
LP
72,490
15,585
Energy
Transfer
LP
317,310
7,135
Enterprise
Products
Partners
LP
271,486
1,881
EP
Energy
Corp.#
1,881
663,167
Materials
(0.0%)
3,114
Ardagh
Holdings
SA#
19,750
TOTAL
COMMON
STOCKS
(Cost
$686,974)
700,209
NUMBER
OF
SHARES
b
b
VALUE
b
CONVERTIBLE
PREFERRED
STOCKS
(25.3%)
Communication
Services
(6.1%)
834,459
Alphabet,
Inc.
6.250%,
05/15/29#
$
41,871,364
Financials
(3.9%)
103,670
ARES
Management
Corp.
6.750%,
10/01/27
4,262,910
14,045
Bank
of
America
Corp.#‡‡
7.250%
18,116,646
98,005
KKR
&
Co.,
Inc.^
6.250%,
03/01/28
4,252,437
26,631,993
Health
Care
(0.4%)
5,650
Bruker
Corp.
6.375%,
09/01/28#
2,637,985
Industrials
(3.8%)
280,670
Boeing
Co.#
6.000%,
10/15/27
18,751,563
68,335
QXO,
Inc.
5.500%,
05/15/28
2,767,567
80,000
VSE
Corp.#^
5.750%,
02/01/29
4,062,400
25,581,530
Information
Technology
(4.1%)
95,075
Hewlett
Packard
Enterprise
Co.
7.625%,
09/01/27
11,839,690
225,715
Oracle
Corp.#^
6.500%,
01/15/29
9,452,944
126,535
Super
Micro
Computer,
Inc.#
7.000%,
06/01/29
6,373,568
27,666,202
Materials
(0.8%)
114,980
Albemarle
Corp.^
7.250%,
03/01/27
5,723,704
Utilities
(6.2%)
NextEra
Energy,
Inc.
155,130
7.234%,
11/01/27#
7,590,511
73,485
7.299%,
06/01/27
3,909,402
80,000
7.375%,
02/15/29#
3,816,000
324,045
PPL
Corp.#
7.000%,
02/15/29
15,223,634
240,000
Southern
Co.#^
7.125%,
12/15/28
11,916,000
42,455,547
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$178,006,417)
172,568,325
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
SHARES
b
b
VALUE
b
PREFERRED
STOCKS
(0.0%)
Communication
Services
(0.0%)
Telephone
&
Data
Systems,
Inc.
2,396
6.000%,
09/30/26
$
45,764
2,091
6.625%,
08/31/26
42,886
T-Mobile
USA,
Inc.µ
1,789
5.500%,
03/01/70
36,531
204
5.500%,
06/01/70
4,233
2,160
6.250%,
09/01/69
49,810
179,224
TOTAL
PREFERRED
STOCKS
(Cost
$180,571)
179,224
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
TOTAL
INVESTMENTS
(138.7%)
(Cost
$877,085,240)
944,580,933
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-13.5%)
(
91,750,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-25.2%)
(
171,967,243
)
NET
ASSETS
(100.0%)
$
680,863,690
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
¡¡
As
of
July
31,
2026,
the
value
of
unfunded
loan
commitments
was
$73,685
for
the
Calamos
Dynamic
Convertible
and
Income
Fund.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$220,814,350.
^
Security,
or
portion
of
security,
is
on
loan.
~
Security,
or
portion
of
security,
is
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options,
swaps,
or
securities
sold
short.
The
aggregate
value
of
such
securities
is
$752,760.
††
When-issued
security.
@
In
default
status
and
considered
non-income
producing.
#
Non-income
producing
security.
‡‡
Perpetual
maturity.
FOREIGN
CURRENCY
ABBREVIATION
JPY
Japanese
Yen
ABBREVIATION
SOFR
Secured
Overnight
Financing
Rate
CMT
Constant
Maturity
Treasury
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Dynamic
Convertible
and
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
212,754
$
—
$
212,754
Bank
Loans
89
—
16,785,756
—
16,785,756
Convertible
Bonds
79
—
662,256,526
—
662,256,526
Corporate
Bonds
401
—
91,878,136
—
91,878,136
Common
Stocks
9
663,500
36,709
—
700,209
Convertible
Preferred
Stocks
20
172,568,325
—
—
172,568,325
Preferred
Stocks
5
179,224
—
—
179,224
Warrants
4
—
3
—
3
Total
$
173,411,049
$
771,169,884
$
—
$
944,580,933
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
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
$165,499)
$
168,224
BANK
LOANS
(2.4%)i
Communication
Services
(0.5%)
445,727
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.628%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
454,227
83,215
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.845%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
71,669
7,304
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.845%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
7,304
210,000
Cengage
Learning,
Inc.!
2026
Term
Loan
B,
0.000%,
03/24/31
208,738
98,249
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.981%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
98,303
108,011
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.845%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
108,445
140,000
DirecTV
Financing
LLC!
2025
Term
Loan
B,
0.000%,
02/17/31
140,907
72,390
DirecTV
Financing
LLC‡
2026
Term
Loan
B,
8.323%,
08/02/29
3
mo.
USD
Term
SOFR
+
4.500%
72,923
106,118
DirecTV
Financing
LLC‡
2025
Term
Loan
B,
9.323%,
02/17/31
3
mo.
USD
Term
SOFR
+
5.500%
106,805
207,500
Discovery
Global
Holdings,
Inc.‡
2026
USD
Term
Loan
B,
6.231%,
06/03/33
1
mo.
USD
Term
SOFR
+
2.500%
207,911
207,000
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
208,514
238,324
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.620%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
221,566
210,000
Level
3
Financing,
Inc.‡
2026
Term
Loan
B,
6.481%,
03/29/32
1
mo.
USD
Term
SOFR
+
2.750%
211,006
PRINCIPAL
AMOUNT
a
a
VALUE
a
110,000
QTS
Thunder
Managing
Issuer
LLC‡
Term
Loan
B,
6.025%,
07/22/33
3
mo.
USD
Term
SOFR
+
2.250%
$
108,625
126,182
TripAdvisor,
Inc.‡
Term
Loan,
6.481%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
122,160
290,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.232%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
292,276
124,361
ViaSat,
Inc.‡
2023
Term
Loan,
8.290%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
125,379
210,000
Virgin
Media
Bristol
LLC‡
2020
USD
Term
Loan
Q,
7.041%,
01/31/29
1
mo.
USD
Term
SOFR
+
3.250%
190,500
2,957,258
Consumer
Discretionary
(0.4%)
117,962
American
Axle
&
Manufacturing,
Inc.‡
CME
Term
SOFR,
6.910%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
118,405
89,413
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
89,748
213,926
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.481%,
09/12/32
1
mo.
USD
Term
SOFR
+
2.750%
215,190
109,450
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.920%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
109,974
122,681
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.981%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
118,740
137,900
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.823%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
114,605
164,175
Clarios
Global
LP‡
2026
USD
Term
Loan
B,
6.231%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.500%
164,740
206,860
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.667%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
207,533
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
147,895
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.231%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
$
148,635
209,475
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.724%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
210,234
20,000
Pioneer
Opco
LLC‡
Term
Loan
B,
6.999%,
05/16/33
1
mo.
USD
Term
SOFR
+
3.250%
20,141
205,275
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.731%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
205,751
20,000
Stonepeak
Motion
Finco
LLC
USD
Term
Loan
B,
0.000%,
06/24/33
20,036
123,047
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.481%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
122,955
208,950
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.982%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
209,510
209,475
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.475%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
208,133
219,280
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.481%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
220,020
2,504,350
Consumer
Staples
(0.5%)
390,751
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.731%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
392,521
108,900
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.231%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
108,083
238,390
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.481%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
239,462
639,072
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.981%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
621,642
55,000
Charlotte
Buyer,
Inc.!
2026
Term
Loan
B,
0.000%,
06/30/31
55,136
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
McKesson
Medical-Surgical
Top
Holdings,
Inc.‡
Term
Loan
B,
5.982%,
06/09/32
3
mo.
USD
Term
SOFR
+
2.250%
$
210,460
19,458
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.573%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
19,511
213,390
Opal
Bidco
SAS‡
2026
USD
Term
Loan
B,
6.232%,
04/28/32
3
mo.
USD
Term
SOFR
+
2.500%
214,019
15,000
Prestige
Brands,
Inc.‡
2026
Term
Loan
B,
5.731%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.000%
15,061
297,883
Star
Parent,
Inc.‡
Term
Loan
B,
7.232%,
09/27/30
3
mo.
USD
Term
SOFR
+
3.500%
299,331
207,905
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.823%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
208,530
100,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.981%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
100,449
106,709
United
Natural
Foods,
Inc.‡
2026
Term
Loan
B,
7.731%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.000%
107,876
2,592,081
Financials
(0.2%)
161,727
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.231%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
161,040
132,469
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.231%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
130,471
120,000
Cushman
&
Wakefield
U.S.
Borrower
LLC‡
2026
Term
Loan
B,
5.981%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.250%
120,200
270,875
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.482%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
216,926
156,000
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
155,923
148,285
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.981%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
148,855
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Jupiter
Borrower,
Inc.‡
Term
Loan
B,
6.504%,
06/30/33
3
mo.
USD
Term
SOFR
+
2.750%
$
211,531
40,000
Lockton,
Inc.‡
Term
Loan
B,
5.823%,
05/09/33
3
mo.
USD
Term
SOFR
+
2.000%
40,050
209,475
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.232%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
208,455
1,393,451
Health
Care
(0.0%)
230,171
Padagis
LLC‡
Term
Loan
B,
8.742%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
221,539
Industrials
(0.4%)
195,204
ACProducts,
Inc.‡
2026
First
Lien
Second
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
167,387
13,962
ACProducts,
Inc.‡
2026
First
Lien
First
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
14,332
208,425
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.750%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
209,034
213,124
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.731%,
09/08/32
1
mo.
USD
Term
SOFR
+
3.000%
213,656
140,884
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.232%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
141,383
290,921
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.073%,
08/04/31
1
mo.
USD
Term
SOFR
+
2.250%
291,256
203,846
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.481%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
201,425
212,313
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.981%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
212,711
415,985
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.231%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
416,998
PRINCIPAL
AMOUNT
a
a
VALUE
a
104,738
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.231%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
$
104,965
220,000
Worthington
Steel,
Inc.‡
Term
Loan
B,
7.731%,
06/01/33
1
mo.
USD
Term
SOFR
+
4.000%
221,127
2,194,274
Information
Technology
(0.2%)
287,208
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.416%,
07/30/31
3
mo.
USD
Term
SOFR
+
2.750%
262,317
175,543
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.481%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
164,215
110,000
Cloud
Software
Group,
Inc.!
2025
Term
Loan
B
(2032),
0.000%,
08/13/32
98,832
30,000
CoreWeave
Financing
DDTL
V
LLC
1st
Lien
Delayed
Draw
Term
Loan,
0.000%,
09/30/31
30,113
135,000
CoreWeave
Financing
DDTL
V
LLC!
Delayed
Draw
Term
Loan,
0.000%,
11/17/31
135,084
59,477
CoreWeave
Financing
DDTL
V
LLC¡¡‡
UNFND,
0.500%,
11/17/31
1
mo.
USD
Term
SOFR
+
0.500%
59,515
8,231
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.120%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
8,236
37,292
CoreWeave
Financing
DDTL
V
LLC
Delayed
Draw
Term
Loan,
8.140%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
37,315
206,419
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.481%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
199,259
151,859
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.731%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
151,878
1,146,764
Materials
(0.1%)
60,000
BASF
Coatings‡
USD
Term
Loan
B,
7.244%,
06/29/33
3
mo.
USD
Term
SOFR
+
3.500%
60,338
104,475
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.231%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
104,377
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
110,000
Ineos
Finance
PLC‡
2026
USD
Term
Loan,
8.731%,
06/25/32
1
mo.
USD
Term
SOFR
+
5.000%
$
102,300
118,339
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.981%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
112,459
155,745
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.258%,
05/03/28
1
mo.
USD
Term
SOFR
+
2.500%
10,123
389,597
Other
(0.1%)
332,891
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.231%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
334,910
Special
Purpose
Acquisition
Companies
(0.0%)
155,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.731%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
149,714
TOTAL
BANK
LOANS
(Cost
$14,191,430)
13,883,938
CONVERTIBLE
BONDS
(20.9%)
Communication
Services
(0.4%)
532,000
JD.com,
Inc.
0.250%,
06/01/29
555,541
1,700,000
Xiaomi
Best
Time
International
Ltd.*
0.000%,
12/17/27
1,775,888
2,331,429
Consumer
Discretionary
(3.5%)
Alibaba
Group
Holding
Ltd.
2,100,000
0.500%,
06/01/31
2,899,512
6,310,000
0.000%,
09/15/32*
6,093,882
3,500,000
EUR
Deutsche
Lufthansa
AG*
0.000%,
09/10/32
4,478,736
2,200,000
DoorDash,
Inc.µ
0.000%,
05/15/30
2,218,458
251,000
Farfetch
Ltd.@
0.000%,
05/01/27
2,189
34,000,000
HKD
Midea
Investment
Development
Co.
Ltd.
Series
2*
0.000%,
05/13/33
4,729,366
20,422,143
Consumer
Staples
(0.4%)
1,969,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
2,379,812
PRINCIPAL
AMOUNT
a
a
VALUE
a
Financials
(4.4%)
2,900,000
EUR
Cara
Obligations
SAS*
1.500%,
12/01/30
$
4,171,406
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)*§
3,000,000
0.000%,
01/29/29
4,872,060
200,000
Series
700H,
0.000%,
03/07/30~
200,822
3,200,000
EUR
JPMorgan
Chase
Financial
Co.
LLC*
0.500%,
03/27/30
4,593,522
10,040,000
Robinhood
Markets,
Inc.*µ
0.000%,
10/01/29
9,634,585
2,125,000
WisdomTree,
Inc.*
4.500%,
10/01/31
2,584,255
26,056,650
Health
Care
(3.6%)
824,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
1,019,272
1,630,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
2,507,983
7,069,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
7,545,592
1,240,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
1,263,808
2,000,000
Revolution
Medicines,
Inc.^
0.500%,
05/01/33
2,480,380
5,305,000
Travere
Therapeutics,
Inc.^
0.500%,
05/15/32
6,197,831
21,014,866
Industrials
(1.5%)
580,000,000
JPY
ANA
Holdings,
Inc.*
0.000%,
12/10/31
4,293,833
3,920,000
Knight-Swift
Transportation
Holdings,
Inc.*
1.000%,
11/15/31
4,283,149
8,576,982
Information
Technology
(2.4%)
700,000,000
JPY
Advantest
Corp.*~
0.000%,
03/28/31
5,683,328
6,272,000
Lenovo
Group
Ltd.*
0.000%,
06/25/33
6,199,245
601,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
2,343,786
14,226,359
Materials
(0.0%)
214,000
Amyris,
Inc.@
0.000%,
11/15/26
916
Real
Estate
(0.8%)
4,241,000
Realty
Income
Corp.*
3.500%,
01/15/29
4,405,127
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Utilities
(3.9%)
5,548,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
$
5,780,184
4,400,000
Duke
Energy
Corp.*
3.000%,
03/15/29
4,346,584
1,850,000
Exelon
Corp.*
3.250%,
03/15/29
1,863,413
7,700,000
EUR
Iberdrola
Finanzas
SA
Series
IBE*
1.500%,
03/27/30
10,757,482
22,747,663
TOTAL
CONVERTIBLE
BONDS
(Cost
$115,109,045)
122,161,947
CORPORATE
BONDS
(10.8%)
Airlines
(0.1%)
147,905
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
147,881
American
Airlines
Pass-Through
Trust
130,000
Series
B,
Class
B,
5.750%,
11/10/36
127,768
164,480
Series
B,
Class
B,
3.950%,
01/11/32
155,544
143,653
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
137,792
JetBlue
Pass-Through
Trust
31,546
Series
2019,
Class
B,
8.000%,
05/15/29
30,825
151,705
Series
1B,
Class
B,
7.750%,
05/15/30
152,391
752,201
Communication
Services
(0.9%)
160,000
AMC
Global
Media,
Inc.
4.250%,
02/15/29
141,334
165,000
APLD
ComputeCo
3
LLC*
7.000%,
06/15/31
161,208
105,000
Arches
Buyer,
Inc.*††
9.000%,
08/15/31
105,580
80,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
80,666
Clear
Channel
Outdoor
Holdings,
Inc.*
105,000
7.875%,
04/01/30
109,147
115,000
7.500%,
03/15/33
120,814
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
42,918
335,000
4.500%,
11/15/31
190,374
79,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
80,592
75,000
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
10.000%,
02/15/31
78,444
Discovery
Global
Holdings,
Inc.
110,000
5.050%,
03/15/42
76,947
PRINCIPAL
AMOUNT
a
a
VALUE
a
55,000
4.279%,
03/15/32
$
48,889
105,000
EW
Scripps
Co.*
9.875%,
08/15/30
91,851
195,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
183,275
Gray
Media,
Inc.*
105,000
7.250%,
08/15/33
103,882
110,000
5.375%,
11/15/31
81,469
215,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
157,550
55,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
48,281
52,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
52,961
135,000
Lumen
Technologies,
Inc.
Series
P^
7.600%,
09/15/39
125,243
280,000
McGraw-Hill
Education,
Inc.*^
8.000%,
08/01/29
278,130
105,000
Neptune
Bidco
U.S.,
Inc.*^
9.290%,
04/15/29
107,059
205,000
Paramount
Global
4.900%,
08/15/44
127,875
160,000
PR
RNO
Property
Owner
1
LLC*
6.500%,
05/01/31
150,616
236,000
Qwest
Corp.
6.500%,
09/01/51
177,477
Rogers
Communications,
Inc.‡
77,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
77,400
135,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
135,838
Scripps
Escrow
II,
Inc.*
56,000
5.375%,
01/15/31
32,883
111,000
3.875%,
01/15/29
101,503
200,000
Sinclair
Television
Group,
Inc.*^
8.125%,
02/15/33
206,270
Sirius
XM
Radio
LLC*^
110,000
5.875%,
04/15/32
108,063
264,000
3.875%,
09/01/31
238,458
165,000
Stingray
Compute
LLC*
6.000%,
06/15/31
161,365
110,000
SV
RNO
Property
Owner
1
LLC*
5.875%,
03/01/31
102,345
165,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
164,665
Time
Warner
Cable
LLC
85,000
7.300%,
07/01/38
84,155
105,000
6.550%,
05/01/37
99,829
215,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*^
6.500%,
02/15/29
212,269
105,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
104,912
Verizon
Communications,
Inc.‡
125,000
6.200%,
05/14/56
,
5
yr.
CMT
+
2.042%
122,321
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
85,000
6.050%,
05/14/58
,
5
yr.
CMT
+
1.813%
$
83,669
110,000
Viasat,
Inc.*
7.500%,
05/30/31
110,142
5,068,669
Consumer
Discretionary
(2.4%)
110,000
Academy
Ltd.*^
5.875%,
05/15/31
108,980
310,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
319,505
Adient
Global
Holdings
Ltd.*^
175,000
8.250%,
04/15/31
182,227
105,000
7.500%,
02/15/33
108,508
Advance
Auto
Parts,
Inc.*
52,000
7.375%,
08/01/33
53,707
93,000
7.000%,
08/01/30
95,372
210,000
Allegiant
Travel
Co.*
7.125%,
07/01/31
213,127
160,000
American
Axle
&
Manufacturing,
Inc.*^
7.750%,
10/15/33
157,581
200,000
Aptiv
Swiss
Holdings
Ltd.^‡
6.875%,
12/15/54
,
5
yr.
CMT
+
3.385%
203,092
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
105,000
6.875%,
08/01/33
104,918
190,000
4.625%,
08/01/29
182,771
Bath
&
Body
Works,
Inc.
27,000
7.500%,
06/15/29
27,378
110,000
6.875%,
11/01/35^
111,283
145,000
6.625%,
10/01/30*^
147,487
115,000
Beach
Acquisition
Bidco
LLC*
10.000%,
07/15/33
123,554
250,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
241,253
136,000
Caesars
Entertainment,
Inc.*
4.625%,
10/15/29
129,564
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
210,000
7.000%,
02/01/33^
201,344
131,000
5.125%,
05/01/27
130,805
215,000
4.750%,
03/01/30
201,059
108,000
4.750%,
02/01/32^
94,465
125,000
4.500%,
08/15/30^
114,190
215,000
4.250%,
02/01/31^
190,473
250,000
4.250%,
01/15/34^
204,675
210,000
Century
Communities,
Inc.*^
6.625%,
09/15/33
210,958
Churchill
Downs,
Inc.*^
105,000
6.750%,
05/01/31
106,594
108,000
5.750%,
04/01/30
107,847
107,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
108,486
340,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*^
6.375%,
04/15/34
335,951
PRINCIPAL
AMOUNT
a
a
VALUE
a
117,000
Dana,
Inc.
4.500%,
02/15/32
$
116,808
DISH
DBS
Corp.@
370,000
0.000%,
07/01/28
355,226
85,000
0.000%,
12/01/28*
82,070
102,000
0.000%,
06/01/29
92,499
210,000
Dorman
Products,
Inc.*
6.250%,
06/15/34
211,084
200,000
Flutter
Treasury
DAC*^
5.875%,
06/04/31
197,982
220,000
Ford
Motor
Co.^
6.100%,
08/19/32
222,640
Ford
Motor
Credit
Co.
LLC
275,000
7.200%,
06/10/30
287,925
350,000
4.000%,
11/13/30
326,921
110,000
General
Motors
Co.^
5.200%,
04/01/45
94,025
goeasy
Ltd.*^
133,000
7.625%,
07/01/29
126,698
210,000
6.875%,
02/15/31
187,704
Goodyear
Tire
&
Rubber
Co.^
315,000
5.625%,
04/30/33
275,001
110,000
5.250%,
07/15/31
97,839
Group
1
Automotive,
Inc.*
125,000
6.375%,
01/15/30^
125,832
93,000
4.000%,
08/15/28
89,814
158,467
Guitar
Center,
Inc.‡
12.000%,
08/19/32
47,540
103,000
Kohl's
Corp.
5.550%,
07/17/45
70,995
220,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
13,649
210,000
Life
Time,
Inc.*^
6.000%,
11/15/31
212,012
202,000
Light
&
Wonder
International,
Inc.*^
6.250%,
10/01/33
198,671
210,000
Lindblad
Expeditions
LLC*^
7.000%,
09/15/30
216,180
110,000
Lithia
Motors,
Inc.*^
5.500%,
10/01/30
108,803
140,000
M/I
Homes,
Inc.
3.950%,
02/15/30
132,028
Macy's
Retail
Holdings
LLC
156,000
6.700%,
07/15/34*
151,414
265,000
4.300%,
02/15/43
189,488
200,000
MGM
Resorts
International^
6.500%,
04/15/32
198,874
287,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
278,921
157,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
163,390
NCL
Corp.
Ltd.*^
105,000
6.750%,
02/01/32
103,028
118,000
6.250%,
09/15/33
112,273
110,000
5.875%,
01/15/31
105,355
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Newell
Brands,
Inc.^
105,000
8.500%,
06/01/28*
$
109,704
105,000
6.625%,
05/15/32
106,240
105,000
6.375%,
05/15/30
106,142
210,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
205,157
Patrick
Industries,
Inc.*
105,000
6.375%,
11/01/32
103,758
192,000
4.750%,
05/01/29
187,968
Penn
Entertainment,
Inc.*
210,000
6.750%,
04/01/31
210,783
130,000
4.125%,
07/01/29^
124,011
130,000
Pioneer
Opco
LLC*
7.000%,
05/15/33
131,611
110,000
QVC,
Inc.@
0.000%,
08/15/34
55,175
23,472
Rite
Aid
Corp.
0.000%,
08/30/34
—
210,000
Rivers
Enterprise
Borrower
LLC*^
6.250%,
10/15/30
211,147
210,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*^
6.625%,
02/01/33
211,415
120,000
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
279
215,000
Six
Flags
Entertainment
Corp.*
7.250%,
05/15/31
210,954
137,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.^
5.250%,
07/15/29
131,780
210,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*^
8.625%,
01/15/32
212,507
125,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*^
4.875%,
11/01/27
124,412
155,000
Staples,
Inc.*
10.750%,
09/01/29
148,493
350,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
338,286
210,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
217,749
131,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
134,261
55,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
57,646
99,000
Voyager
Parent
LLC*
9.250%,
07/01/32
105,278
Whirlpool
Corp.
65,000
7.875%,
07/01/34*
61,687
65,000
7.500%,
07/01/31*
64,645
210,000
6.500%,
06/15/33^
178,036
110,000
William
Carter
Co.*^
7.375%,
02/15/31
113,004
PRINCIPAL
AMOUNT
a
a
VALUE
a
220,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
$
221,434
13,793,405
Consumer
Staples
(0.7%)
206,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*^
5.750%,
03/31/34
191,722
110,000
Amneal
Pharmaceuticals
LLC*^
6.875%,
08/01/32
113,371
260,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
254,246
200,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*^
8.375%,
06/15/32
199,506
210,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
205,006
105,000
Brink's
Co.*^
6.750%,
06/15/32
107,060
251,000
Central
Garden
&
Pet
Co.*^
4.125%,
04/30/31
234,459
80,000
Charlotte
Buyer,
Inc.*
8.000%,
06/30/31
80,932
290,000
Dentsply
Sirona,
Inc.^‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
289,179
245,000
Edgewell
Personal
Care
Co.*^
4.125%,
04/01/29
236,057
Energizer
Holdings,
Inc.*
105,000
6.000%,
09/15/33^
99,839
252,000
4.375%,
03/31/29
243,051
210,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*^
7.125%,
04/30/33
213,646
MPH
Acquisition
Holdings
LLC*
191,320
6.750%,
03/31/31
115,309
91,224
5.750%,
12/31/30
70,321
210,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
203,845
Post
Holdings,
Inc.*
184,000
6.375%,
03/01/33^
181,395
210,000
6.250%,
02/15/32
211,407
Prestige
Brands,
Inc.*
55,000
6.250%,
07/15/34
55,184
209,000
3.750%,
04/01/31^
191,893
RR
Donnelley
&
Sons
Co.*
80,000
10.875%,
08/01/29
81,653
305,000
9.500%,
08/01/29
316,511
Synergy
Infrastructure
Holdings
LLC*
105,000
7.875%,
12/01/30^
109,894
55,000
7.000%,
07/15/34
55,518
136,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
136,207
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
157,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
$
152,964
4,350,175
Energy
(1.6%)
203,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
198,883
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
210,000
6.625%,
10/15/32
211,525
169,000
6.625%,
07/15/33^
169,804
Buckeye
Partners
LP
79,000
6.875%,
07/01/29*
80,877
157,000
6.750%,
02/01/30*
161,193
135,000
5.850%,
11/15/43^
120,807
210,000
CNX
Resources
Corp.*
5.875%,
03/01/34
203,792
250,000
Continental
Resources,
Inc.^
4.900%,
06/01/44
199,155
160,000
Crescent
Energy
Finance
LLC*^
7.375%,
01/15/33
160,834
Enbridge,
Inc.^‡
153,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
159,620
100,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
105,302
Energy
Transfer
LP‡
105,000
7.125%,
10/01/54^
,
5
yr.
CMT
+
2.829%
107,235
195,000
7.090%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
194,052
55,000
6.700%,
01/15/57
,
5
yr.
CMT
+
2.219%
54,240
55,000
6.550%,
01/15/57
,
5
yr.
CMT
+
2.336%
54,310
162,000
Series
H,
6.500%,
08/17/26
,
5
yr.
CMT
+
5.694%
162,162
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
138,000
8.875%,
04/15/30
144,153
105,000
8.000%,
05/15/33^
109,299
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
165,000
6.875%,
05/15/34
161,636
165,000
6.250%,
04/15/32
160,590
210,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
217,447
320,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
320,336
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
210,000
6.875%,
12/01/32
214,013
110,000
6.625%,
08/15/34††
110,101
213,000
Matador
Resources
Co.*^
6.500%,
04/15/32
213,064
290,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
295,986
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Oceaneering
International,
Inc.*
6.875%,
07/15/34
$
214,971
210,000
Par
Petroleum
LLC*
7.375%,
06/01/34
217,526
165,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
162,997
270,000
Plains
All
American
Pipeline
LP
Series
B^‡
8.023%,
08/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
270,254
215,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
223,617
289,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
300,098
Sunoco
LP*
160,000
7.875%,
09/18/30^‡
,
5
yr.
CMT
+
4.230%
164,355
315,000
6.625%,
08/15/32
318,490
210,000
6.250%,
07/01/33^
210,714
210,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*^
6.750%,
03/15/34
211,462
210,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
205,949
TransCanada
PipeLines
Ltd.^‡
55,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
55,048
110,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
109,988
307,000
Transocean
International
Ltd.*^
7.875%,
10/15/32
320,001
Venture
Global
LNG,
Inc.*
105,000
9.875%,
02/01/32^
111,837
105,000
9.500%,
02/01/29
112,597
392,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
389,832
265,000
8.375%,
06/01/31^
274,079
110,000
7.000%,
01/15/30^
111,832
55,000
6.625%,
06/15/36
53,963
105,000
6.375%,
12/15/34
102,352
Venture
Global
Plaquemines
LNG
LLC*
210,000
6.500%,
01/15/34^
216,911
160,000
6.500%,
06/15/34
165,226
52,000
6.125%,
12/15/30
52,846
190,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
189,512
320,000
WBI
Operating
LLC*^
6.500%,
10/15/33
319,482
210,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
212,715
9,589,070
Financials
(1.8%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
179,000
8.250%,
02/01/29
171,742
170,000
6.750%,
07/01/32^
156,565
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
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%
$
204,944
150,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
150,795
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*^
335,000
7.375%,
10/01/32
337,667
210,000
6.500%,
10/01/31
210,174
Ally
Financial,
Inc.^‡
210,000
Series
D,
7.100%,
08/15/31
,
5
yr.
CMT
+
3.148%
211,050
100,000
Series
C,
4.700%,
05/15/28
,
7
yr.
CMT
+
3.481%
96,619
105,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
102,708
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
205,000
8.375%,
02/01/34^
187,065
170,000
8.000%,
12/31/32
172,145
210,000
Azorra
Finance
Ltd.*^
7.250%,
01/15/31
216,470
320,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
323,238
210,000
Blackstone
Mortgage
Trust,
Inc.*
6.250%,
06/01/31
201,340
Brandywine
Operating
Partnership
LP^
105,000
8.875%,
04/12/29
110,405
214,000
6.125%,
01/15/31
205,622
263,000
Bread
Financial
Holdings,
Inc.*‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
272,205
419,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
411,123
166,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*^
4.500%,
04/01/27
163,927
225,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
189,963
200,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
202,080
210,000
Corebridge
Financial,
Inc.‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
206,214
Credit
Acceptance
Corp.*^
140,000
9.250%,
12/15/28
145,209
208,000
6.625%,
03/15/30
208,168
210,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
203,234
PRINCIPAL
AMOUNT
a
a
VALUE
a
105,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*^
8.875%,
09/01/31
$
110,016
Enstar
Group
Ltd.*‡
116,000
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
120,652
80,000
6.693%,
07/15/37
,
1
day
USD
SOFR
+
2.540%
78,262
First
Citizens
BancShares,
Inc.‡
55,000
Series
B,
7.898%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
55,365
160,000
Series
D,
7.000%,
12/15/30^
,
5
yr.
CMT
+
3.301%
160,792
105,000
GGAM
Finance
Ltd.*^
5.875%,
03/15/30
104,957
105,000
Goldman
Sachs
Group,
Inc.
Series
AA‡
6.500%,
08/10/31
,
5
yr.
CMT
+
2.175%
104,284
HUB
International
Ltd.*^
160,000
7.375%,
01/31/32
163,738
169,000
5.625%,
12/01/29
169,030
105,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
104,713
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*^
210,000
6.625%,
10/15/31
206,398
200,000
5.000%,
08/15/28
193,688
236,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
244,227
105,000
Newmark
Group,
Inc.
7.500%,
01/12/29
109,501
OneMain
Finance
Corp.
105,000
6.750%,
03/15/32
104,768
210,000
6.750%,
09/15/33^
206,959
220,000
6.500%,
03/15/33
214,984
103,000
Osaic
Holdings,
Inc.*^
8.000%,
08/01/33
104,482
200,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*^
7.000%,
02/01/30
203,426
262,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
270,319
Reinsurance
Group
of
America,
Inc.‡
105,000
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
104,951
110,000
6.375%,
09/15/56^
,
5
yr.
CMT
+
2.344%
107,420
Rocket
Cos.,
Inc.*^
157,000
6.375%,
08/01/33
158,140
104,000
6.125%,
08/01/30
104,905
210,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
210,552
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Stonebriar
ABF
Issuer
LLC*
7.000%,
08/15/31
$
210,214
55,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
55,872
265,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
276,294
385,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
399,746
258,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
241,359
105,000
UWM
Holdings
LLC*^
6.250%,
03/15/31
93,813
105,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
109,009
145,000
Wells
Fargo
&
Co.
Series
GG,
Class
A^‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
144,851
210,000
XHR
LP*^
6.625%,
05/15/30
214,399
10,522,758
Health
Care
(0.6%)
320,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
330,813
CHS/Community
Health
Systems,
Inc.*
126,000
10.875%,
01/15/32
133,046
127,000
6.875%,
04/15/29
122,559
435,000
6.125%,
04/01/30^
366,783
27,000
5.250%,
05/15/30
25,003
DaVita,
Inc.*
240,000
6.875%,
09/01/32
246,787
233,000
4.625%,
06/01/30
224,689
258,000
3.750%,
02/15/31
238,387
Embecta
Corp.*
52,000
6.750%,
02/15/30
39,997
162,000
5.000%,
02/15/30^
125,365
Encompass
Health
Corp.
110,000
4.750%,
02/01/30^
107,706
55,000
4.500%,
02/01/28
54,458
118,000
IQVIA,
Inc.*^
6.250%,
06/01/32
119,708
322,000
Medline
Borrower
LP*^
5.250%,
10/01/29
319,279
400,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*^
5.125%,
04/30/31
396,420
Tenet
Healthcare
Corp.
225,000
6.875%,
11/15/31^
238,950
157,000
5.500%,
11/15/32*
154,738
3,244,688
Industrials
(0.9%)
237,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
242,562
260,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
245,068
PRINCIPAL
AMOUNT
a
a
VALUE
a
Arcosa,
Inc.*
105,000
6.875%,
08/15/32^
$
108,492
127,000
4.375%,
04/15/29
124,342
Bombardier,
Inc.*
105,000
8.750%,
11/15/30
110,827
68,000
7.250%,
07/01/31
70,987
80,000
7.000%,
06/01/32^
82,693
53,000
6.750%,
06/15/33
54,623
335,000
Cascades,
Inc./Cascades
USA,
Inc.*^
6.750%,
07/15/30
340,893
55,000
Columbus
McKinnon
Corp.*^
7.125%,
02/01/33
55,513
42,000
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
41,935
Deluxe
Corp.*
105,000
8.125%,
09/15/29
108,815
282,000
8.000%,
06/01/29
284,566
110,000
EnerSys*
6.625%,
01/15/32
111,476
EquipmentShare.com,
Inc.*
135,000
8.625%,
05/15/32
138,325
155,000
7.125%,
07/01/34
148,279
130,000
Granite
Construction,
Inc.*
6.375%,
06/15/34
130,179
Graphic
Packaging
International
LLC*
85,000
4.750%,
07/15/27
84,540
102,000
3.500%,
03/01/29
96,871
Herc
Holdings,
Inc.*
105,000
7.250%,
06/15/33
108,424
105,000
7.000%,
06/15/30^
108,334
105,000
6.625%,
06/15/29^
106,981
157,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
95,976
360,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
356,821
232,000
Novelis
Corp.*
4.750%,
01/30/30
223,019
210,000
Quikrete
Holdings,
Inc.*^
6.375%,
03/01/32
212,669
Standard
Building
Solutions,
Inc.*
50,000
6.500%,
08/15/32
50,205
157,000
6.250%,
08/01/33^
155,374
210,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
216,659
TransDigm,
Inc.*
80,000
7.125%,
12/01/31
82,565
225,000
6.875%,
12/15/30
230,706
155,000
6.750%,
08/15/28
156,283
52,000
6.625%,
03/01/32
52,933
41,424
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
40,359
160,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
162,942
Williams
Scotsman,
Inc.*
80,000
6.625%,
06/15/29
81,486
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
128,000
4.625%,
08/15/28
$
126,709
5,149,431
Information
Technology
(0.5%)
Block,
Inc.*
53,000
6.000%,
08/15/33
52,649
105,000
5.625%,
08/15/30
104,563
160,000
CACI
International,
Inc.*^
6.375%,
06/15/33
161,272
Cloud
Software
Group
LLC*
110,000
8.250%,
06/30/32
104,231
157,000
6.625%,
08/15/33^
137,257
126,000
Coherent
Corp.*^
5.000%,
12/15/29
123,324
Fair
Isaac
Corp.*
79,000
6.000%,
05/15/33
76,539
93,000
4.000%,
06/15/28
90,283
245,000
KBR,
Inc.*
4.750%,
09/30/28
241,467
62,003
LivePerson,
Inc.*
10.000%,
12/15/29
43,402
55,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
57,927
167,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
161,210
110,000
Open
Text
Corp.*
6.900%,
12/01/27
112,253
Open
Text
Holdings,
Inc.*
55,000
4.125%,
02/15/30
50,816
136,000
4.125%,
12/01/31
120,088
105,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
105,588
315,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
302,570
Twilio,
Inc.
57,000
3.875%,
03/15/31
53,293
150,000
3.625%,
03/15/29
144,132
254,000
UKG,
Inc.*
6.875%,
02/01/31
249,042
295,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
279,111
210,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
212,551
113,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*^
3.875%,
02/01/29
94,236
3,077,804
Materials
(0.7%)
210,000
Avient
Corp.*^
6.250%,
11/01/31
211,835
225,000
Bond
U.S.
Bidco
1,
Inc./Bidco
2/
Bidco
3/German
Bidco
1
GmbH/
German
Bidco
2*
7.125%,
06/15/33
226,595
265,000
Capstone
Copper
Corp.*^
6.750%,
03/31/33
266,537
190,000
Celanese
U.S.
Holdings
LLC^
7.379%,
07/15/32
198,848
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
Century
Aluminum
Co.*
6.875%,
08/01/32
$
213,986
Chemours
Co.*
180,000
8.000%,
01/15/33
177,539
105,000
7.875%,
03/15/34^
102,256
300,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
267,246
210,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
215,137
356,000
FMC
Corp.^‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
267,730
210,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
219,553
265,000
Kaiser
Aluminum
Corp.*^
5.875%,
03/01/34
259,464
210,000
Knife
River
Corp.*
7.750%,
05/01/31
216,892
95,000
Mercer
International,
Inc.*
12.875%,
10/01/28
42,445
265,000
Olin
Corp.*^
6.625%,
04/01/33
259,581
200,000
Silgan
Holdings,
Inc.^
4.125%,
02/01/28
197,334
210,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
205,695
290,000
Stonepeak
Motion
Holdco
Ltd./
Stonepeak
Motion
Finco
LLC*
6.125%,
07/15/33
288,440
210,000
Terex
Corp.*^
6.250%,
10/15/32
211,084
98,654
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
1,171
WR
Grace
Holdings
LLC*
55,000
7.000%,
08/01/33
52,803
105,000
6.625%,
08/15/32
100,021
4,202,192
Other
(0.3%)
86,027
Claritev
Corp.
Series
B*
6.750%,
03/31/31
51,480
EchoStar
Corp.
542,740
10.750%,
11/30/29
587,375
218,446
6.750%,
11/30/30
221,705
100,000
Gen
Digital,
Inc.*^
6.750%,
09/30/27
100,214
105,000
Graham
Holdings
Co.*
5.625%,
12/01/33
102,850
200,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
209,684
285,000
Rfna
LP*
7.875%,
02/15/30
285,422
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
210,000
SM
Energy
Co.*^
7.000%,
08/01/32
$
213,559
1,772,289
Real
Estate
(0.1%)
105,000
Forestar
Group,
Inc.*^
6.500%,
03/15/33
105,449
150,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
146,490
148,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
144,845
396,784
Special
Purpose
Acquisition
Companies
(0.0%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
175,000
6.750%,
01/15/30^
171,974
107,000
4.625%,
01/15/29
104,051
276,025
Utilities
(0.2%)
110,000
CenterPoint
Energy,
Inc.^‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
111,933
55,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
55,494
158,000
Duke
Energy
Corp.^‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
161,914
105,000
Emera
U.S.
Finance
LLC
Series
A^‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
105,705
165,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
169,293
165,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
167,557
110,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
109,307
158,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
162,547
79,000
PPL
Capital
Funding,
Inc.
Series
A^‡
6.659%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
78,073
Vistra
Corp.*‡
50,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
50,258
105,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
105,628
1,277,709
TOTAL
CORPORATE
BONDS
(Cost
$64,774,137)
63,473,200
PRINCIPAL
AMOUNT
a
a
VALUE
a
SOVEREIGN
BONDS
(7.6%)
Other
(7.6%)
2,600,000
Brazil
Government
International
Bonds
3.750%,
09/12/31
$
2,390,368
2,300,000
Brazil
Government
International
Bonds
6.125%,
01/22/32
2,331,157
2,200,000
Colombia
Government
International
Bonds
5.375%,
01/21/29
2,197,720
2,100,000
Colombia
Government
International
Bonds
7.375%,
04/25/30
2,204,233
730,000,000
JPY
Japan
Government
Ten
Year
Bonds
2.400%,
03/20/36
4,455,224
720,000,000
JPY
Japan
Government
Ten
Year
Bonds
2.700%,
06/20/36
4,493,728
77,600,000
MXN
Mexico
Bonos
7.750%,
05/29/31
4,347,990
74,775,000
MXN
Mexico
Bonos
8.500%,
03/02/28
4,394,072
75,800,000
MXN
Mexico
Bonos
8.500%,
02/28/30
4,403,656
76,300,000
ZAR
Republic
of
South
Africa
Government
Bonds
7.000%,
02/28/31
4,428,679
72,300,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.000%,
01/31/30
4,388,084
73,500,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.250%,
03/31/32
4,447,053
TOTAL
SOVEREIGN
BONDS
(Cost
$44,184,423)
44,481,964
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(1.5%)
Other
(1.5%)
U.S.
Treasury
Notes^
4,500,000
4.250%,
06/30/33
4,418,262
4,500,000
4.125%,
06/30/31
4,441,465
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$8,924,739)
8,859,727
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(85.2%)
Communication
Services
(2.1%)
3,751
Audacy,
Inc.#
11,253
1,735
Cumulus
Media,
Inc.
-
Class
A#
13
9,155
Meta
Platforms,
Inc.
-
Class
Aµ
5,096,680
21,620
Millicom
International
Cellular
SAµ
2,064,278
122,416
ZAR
MTN
Group
Ltd.
1,517,599
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
2,350
Optimum
Communications,
Inc.
-
Class
A#
$
1,791
31,750
EUR
Orange
SA~
606,669
21,300
HKD
Tencent
Holdings
Ltd.~
1,301,494
1,176,545
GBP
Vodafone
Group
PLC~
1,867,165
12,466,942
Consumer
Discretionary
(5.7%)
13,310
Alibaba
Group
Holding
Ltd.
(
ADR
)^
1,627,148
183,200
PLN
Allegro.eu
SA#*
2,206,857
40,710
Amazon.com,
Inc.#µ
11,056,022
4,500
EUR
Auto1
Group
SE#
118,174
32,000
INR
Bharat
Forge
Ltd.
738,913
9,500
JPY
BuySell
Technologies
Co.
Ltd.
175,476
17,170
KRW
Hyundai
Motor
Co.
4,549,310
41,800
INR
Kalyan
Jewellers
India
Ltd.
268,508
7,600
KRW
LG
Electronics,
Inc.
842,397
1,020
EUR
LVMH
Moet
Hennessy
Louis
Vuitton
SE~
560,118
46,700
HKD
Meituan
-
Class
B#*
551,362
3,140
SEK
MIPS
AB*
138,829
12,100
JPY
Nextage
Co.
Ltd.~
252,140
345
Rite
Aid
Corp.#
345
12,400
EUR
Schaeffler
AG
102,209
8,460
Sea
Ltd.
(
ADR
)#
903,020
5,400
INR
Titan
Co.
Ltd.
276,252
14,600
TJX
Cos.,
Inc.µ
2,297,164
14,700
EUR
Tonies
SE
-
Class
A#
209,228
60,210
Viking
Holdings
Ltd.#µ
6,282,914
14,930
EUR
Westwing
Group
SE#
230,114
33,386,500
Consumer
Staples
(4.1%)
14,200
BBB
Foods,
Inc.
-
Class
A#
586,886
60,200
Coca-Cola
Co.µ
5,272,918
4,300
Fomento
Economico
Mexicano
SAB
de
CV
(
ADR
)
550,357
5,600
EUR
Kri-Kri
Milk
Industry
SA
181,783
41,855
Philip
Morris
International,
Inc.µ
7,986,771
48,050
PriceSmart,
Inc.µ
9,317,375
23,896,090
Energy
(2.6%)
23,100
CAD
CES
Energy
Solutions
Corp.~
269,254
885
Cheniere
Energy
Partners
LP
58,321
12,635
Energy
Transfer
LP
257,249
5,810
Enterprise
Products
Partners
LP
221,070
1,826
EP
Energy
Corp.#
1,826
36,600
ExxonMobil
Holdings
Corp.µ
5,689,104
83,900
Halliburton
Co.µ
2,705,775
81,860
TechnipFMC
PLCµ
5,866,088
15,068,687
NUMBER
OF
SHARES
b
b
VALUE
b
Financials
(17.7%)
359,520
EUR
Alpha
Bank
SA
$
1,782,763
9,140
SEK
Avarda
Bank
AB*
180,735
447,010
EUR
Banco
Santander
SA~
6,357,496
11,180
EUR
Bank
of
Cyprus
Holdings
PLC
132,643
29,100
EUR
BAWAG
Group
AG*~
5,901,350
6,820
ZAR
Capitec
Bank
Holdings
Ltd.^
1,947,349
701,000
HKD
China
Construction
Bank
Corp.
-
Class
H
822,572
13,090
Chubb
Ltd.µ
4,590,401
33,400
Citigroup,
Inc.µ
4,423,830
66,500
Citizens
Financial
Group,
Inc.µ
4,764,725
1,480
Credicorp
Ltd.^
592,858
3,400
EUR
Edenred
SE
111,944
186,130
AED
Emirates
NBD
Bank
PJSC
1,528,723
66,765
EUR
Erste
Group
Bank
AG~
8,727,726
233,400
EUR
Eurobank
SA
1,206,105
486,500
INR
Federal
Bank
Ltd.
1,827,975
6,140
Goldman
Sachs
Group,
Inc.µ
6,252,853
12,900
Grupo
Cibest
SA
(
ADR
)
1,193,508
143,000
EUR
ING
Groep
NV~
5,025,241
14,575
JPMorgan
Chase
&
Co.^
5,127,339
48,530
KRW
KB
Financial
Group,
Inc.
5,679,794
29,400
JPY
Mizuho
Financial
Group,
Inc.~
1,524,219
5,500
INR
Multi
Commodity
Exchange
of
India
Ltd.
155,216
53,500
JPY
Nishi-Nippon
Financial
Holdings,
Inc.~
1,413,889
142,500
JPY
ORIX
Corp.~
5,751,205
10,350
HUF
OTP
Bank
Nyrt
1,533,268
264
GBP
Plus500
Ltd.~
13,912
6,000
EUR
Revo
Insurance
SpA^
178,185
398,870
MYR
RHB
Bank
Bhd.
834,266
22,500
GBP
Saga
PLC#~
204,312
24,653
SAR
Saudi
National
Bank
257,979
104,100
JPY
Shiga
Bank
Ltd.~
1,546,788
18,700
State
Street
Corp.^
3,443,792
268,000
Sumitomo
Mitsui
Financial
Group,
Inc.
(
ADR
)^
6,935,840
4,670
ILS
Tel
Aviv
Stock
Exchange
Ltd.
179,874
26,140
CHF
UBS
Group
AG~
1,381,699
109,990
EUR
UniCredit
SpA~
10,373,358
103,905,732
Health
Care
(8.4%)
7,530
JPY
Asahi
Intecc
Co.
Ltd.~
169,885
23,600
GBP
AstraZeneca
PLC~
4,014,603
32,500
BrightSpring
Health
Services,
Inc.#µ
1,940,575
152,800
Butterfly
Network,
Inc.#µ
1,086,408
18,400
Cardinal
Health,
Inc.µ
4,232,552
11,100
Eli
Lilly
&
Co.µ
12,752,124
9,430
CAD
Extendicare,
Inc.~
238,668
6,040
CHF
Galderma
Group
AG
1,314,372
10,104
GE
HealthCare
Technologies,
Inc.µ
687,274
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
10,500
Illumina,
Inc.#
$
2,153,550
20,945
Johnson
&
Johnsonµ
5,369,251
78,573
Novo
Nordisk
AS
(
ADR
)
3,699,217
131,680
Royalty
Pharma
PLC
-
Class
Aµ
7,694,063
9,800
UnitedHealth
Group,
Inc.µ
4,061,120
49,413,662
Industrials
(11.2%)
2,380
TWD
Acter
Group
Corp.
Ltd.
66,968
37,029
EUR
Alstom
SA#~
685,996
2,700
JPY
BayCurrent,
Inc.~
121,781
620
PLN
Benefit
Systems
SA#
898,605
3,080
CAD
Bird
Construction,
Inc.~
146,920
13,160
CAD
Canadian
Pacific
Kansas
City
Ltd.~
1,168,943
1,400
Comfort
Systems
USA,
Inc.µ
2,421,566
26,500
CNY
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
1,553,555
45,400
CSX
Corp.µ
2,288,160
6,100
INR
Cummins
India
Ltd.
352,317
32,100
JPY
Daifuku
Co.
Ltd.~
1,182,442
22,650
EUR
Deutsche
Post
AG~
1,513,060
2,275
EUR
Exosens
SAS~
150,937
49,000
JPY
FANUC
Corp.~
1,974,478
4,470
GE
Vernova,
Inc.µ
4,426,596
4,400
JPY
Harmonic
Drive
Systems,
Inc.~
165,219
248,300
GBP
Hays
PLC~
188,741
2,730
INR
Hitachi
Energy
India
Ltd.
918,085
2,930
EUR
HOCHTIEF
AG~
1,501,696
2,060
KRW
Hyosung
Heavy
Industries
Corp.
3,347,957
2,180
CHF
Implenia
AG
172,971
74,900
PHP
International
Container
Terminal
Services,
Inc.
1,176,195
3,270
DKK
ISS
AS~
144,931
3,600
JPY
Kandenko
Co.
Ltd.~
119,743
2,240
GBP
Keller
Group
PLC~
91,553
6,100
TWD
Kinik
Co.
118,675
4,000
INR
Kirloskar
Oil
Engines
Ltd.
91,237
60,800
INR
KRN
Heat
Exchanger
&
Refrigeration
Ltd.#
748,263
18,900
SEK
Loomis
AB
1,042,987
44,089
ManpowerGroup,
Inc.µ
2,311,145
1,550
CAD
MDA
Space
Ltd.#~
46,925
44,000
JPY
Mitsubishi
Electric
Corp.~
1,585,016
3,200
EUR
Porr
AG~
138,978
34,880
EUR
Randstad
NV~
1,474,583
48,800
JPY
Recruit
Holdings
Co.
Ltd.~
3,859,144
476,630
GBP
Rolls-Royce
Holdings
PLC~
9,508,607
533,060
INR
Shadowfax
Technologies
Ltd.#*
1,357,149
14,375
EUR
Siemens
Energy
AG~
2,455,868
8,685
KRW
SK
Square
Co.
Ltd.
5,971,918
12,500
JPY
SMS
Co.
Ltd.~
173,556
21,350
TWD
Syntec
Technology
Co.
Ltd.
1,317,739
2,900
JPY
THK
Co.
Ltd.~
119,333
15,000
GBP
Volex
PLC
103,370
NUMBER
OF
SHARES
b
b
VALUE
b
20,385
Waste
Management,
Inc.µ
$
4,618,222
408,800
CNY
Weichai
Power
Co.
Ltd.
-
Class
A
1,693,163
65,515,293
Information
Technology
(30.1%)
14,465
Advanced
Micro
Devices,
Inc.#µ
6,887,510
13,270
CNY
Advanced
Micro-Fabrication
Equipment,
Inc.
China
-
Class
A
675,172
10,200
JPY
Advantest
Corp.~
2,015,336
37,600
SGD
AEM
Holdings
Ltd.
241,879
4,100
Applied
Materials,
Inc.µ
2,081,447
15,400
TWD
Asia
Vital
Components
Co.
Ltd.
1,083,048
5,770
ASML
Holding
NVµ
9,399,330
3,278
TWD
ASPEED
Technology,
Inc.
1,431,652
3,258
CNY
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.
-
Class
A
172,010
17,259
Broadcom,
Inc.^~
6,718,584
54,900
TWD
Delta
Electronics,
Inc.
2,700,949
10,380
TWD
Elite
Material
Co.
Ltd.
1,490,076
55,100
HKD
Hua
Hong
Grace
Semiconductor
Ltd.#*~
897,968
14,500
CNY
Hygon
Information
Technology
Co.
Ltd.
-
Class
A
594,958
1,500
JPY
Ibiden
Co.
Ltd.~
150,064
4,180
EUR
Indra
Sistemas
SA~
274,821
52,940
Intel
Corp.#
4,775,188
7,100
EUR
Jenoptik
AG~
307,615
5,000
JPY
Keyence
Corp.~
2,507,933
7,500
Marvell
Technology,
Inc.µ
1,406,700
21,100
TWD
MediaTek,
Inc.
2,247,734
1,500
JPY
Micronics
Japan
Co.
Ltd.~
122,314
17,220
Microsoft
Corp.µ
8,002,478
32,850
CNY
Montage
Technology
Co.
Ltd.
-
Class
A
995,728
19,800
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
2,011,541
1,270
EUR
Nemetschek
SE~
85,604
391,690
EUR
Nokia
OYJ
3,620,363
133,810
NVIDIA
Corp.^
26,862,357
9,700
JPY
Optex
Group
Co.
Ltd.~
207,524
10,100
Palo
Alto
Networks,
Inc.#µ
3,351,483
19,600
EUR
Profile
Systems
&
Software
SA
203,519
4,920
KRW
Samsung
Electro-Mechanics
Co.
Ltd.
3,759,602
133,495
KRW
Samsung
Electronics
Co.
Ltd.
23,235,444
6,670
EUR
SAP
SE~
1,222,578
19,300
JPY
SHIFT,
Inc.#~
108,446
1,165
KRW
SK
Hynix,
Inc.
1,323,038
714,400
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
52,840,767
2,500
CNY
Zhongji
Innolight
Co.
Ltd.
-
Class
A
332,913
176,345,673
Materials
(2.5%)
173,581
CAD
Alamos
Gold,
Inc.
-
Class
A~
4,824,137
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
8,000
ZAR
Anglogold
Ashanti
PLC
$
604,983
2,113
Ardagh
Holdings
SA#
13,401
69,515
Cemex
SAB
de
CV
(
ADR
)
821,667
64,950
CAD
Hudbay
Minerals,
Inc.~
1,473,809
4,300
Linde
PLCµ
2,057,034
1,500
JPY
PILLAR
Corp.~
86,702
24,360
Southern
Copper
Corp.µ
4,450,816
2,950
CAD
Torex
Gold
Resources,
Inc.~
113,530
14,446,079
Real
Estate
(0.1%)
745,000
MYR
IOI
Properties
Group
Bhd.
690,830
Utilities
(0.7%)
319,000
INR
Adani
Power
Ltd.#
703,944
45,801
EUR
Engie
SA#
1,431,826
12,700
EUR
Italgas
SpA~
131,014
25,950
EUR
RWE
AG~
1,707,067
3,973,851
TOTAL
COMMON
STOCKS
(Cost
$470,736,804)
499,109,339
CONVERTIBLE
PREFERRED
STOCKS
(9.9%)
Communication
Services
(4.9%)
570,400
Alphabet,
Inc.µ
6.250%,
05/15/29#
28,623,504
Industrials
(1.7%)
145,665
Boeing
Co.
6.000%,
10/15/27#
9,731,879
Information
Technology
(0.4%)
33,100
Microchip
Technology,
Inc.
7.500%,
03/15/28
2,127,668
Utilities
(2.9%)#
117,900
NextEra
Energy,
Inc.
7.375%,
02/15/29
5,623,830
115,000
PPL
Corp.
7.000%,
02/15/29
5,402,700
126,900
Southern
Co.
7.125%,
12/15/28
6,300,585
17,327,115
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$60,071,758)
57,810,166
EXCHANGE-TRADED
FUNDS
(2.9%)
Other
(2.9%)
200,760
iShares®
J.P.
Morgan
EM
Local
Currency
Bond
ETF
8,548,361
NUMBER
OF
SHARES
b
b
VALUE
b
337,000
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF^
$
8,583,390
17,131,751
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$16,897,153)
17,131,751
PREFERRED
STOCKS
(0.0%)
Communication
Services
(0.0%)
Telephone
&
Data
Systems,
Inc.^
2,012
6.000%,
09/30/26
38,429
1,701
6.625%,
08/31/26
34,888
T-Mobile
USA,
Inc.µ
1,429
5.500%,
03/01/70
29,180
163
5.500%,
06/01/70
3,382
1,770
6.250%,
09/01/69
40,816
146,695
TOTAL
PREFERRED
STOCKS
(Cost
$147,769)
146,695
WARRANTS
(0.0%)#
Communication
Services
(0.0%)
679
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
113
Audacy
Capital
Corp.
09/30/28,
Strike
$1.00
—
—
Energy
(0.0%)
12,061
McDermott
International
Ltd.
06/30/27,
Strike
$12.33
1
13,401
McDermott
International
Ltd.
06/30/27,
Strike
$15.98
2
3
TOTAL
WARRANTS
(Cost
$5,152)
3
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
PURCHASED
OPTIONS
(2.2%)#
Communication
Services
(0.1%)
264
2,817,936
Sea
Ltd.
Call,
09/18/26,
Strike
$100.00
350,460
27
1,349,838
Spotify
Technology
SA
Call,
08/21/26,
Strike
$500.00
75,803
28
1,399,832
Spotify
Technology
SA
Call,
08/21/26,
Strike
$550.00
29,260
455,523
Consumer
Discretionary
(0.0%)
20
3,755,900
MercadoLibre,
Inc.
Call,
08/21/26,
Strike
$1,850.00
219,800
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Financials
(0.0%)
1,074
2,570,082
HDFC
Bank
Ltd.
Call,
10/16/26,
Strike
$27.50
$
34,905
Information
Technology
(0.4%)
547
16,897,377
Apple,
Inc.
Call,
11/20/26,
Strike
$275.00
2,383,552
108
1,265,220
Shopify,
Inc.
Call,
08/21/26,
Strike
$125.00
65,340
2,448,892
Materials
(0.0%)
193
3,526,303
Southern
Copper
Corp.
Call,
09/18/26,
Strike
$200.00
129,310
Other
(1.7%)
630
43,343,370
Invesco
QQQ
Trust
Series
1
Put,
12/31/26,
Strike
$650.00
1,605,240
687
47,264,913
Invesco
QQQ
Trust
Series
1
Put,
09/30/26,
Strike
$680.00
1,461,936
6,000
63,348,000
iShares
MSCI
EAFE
ETF
Put,
12/18/26,
Strike
$99.00
1,290,000
6,580
42,171,220
iShares
MSCI
Emerging
Markets
ETF
Put,
11/20/26,
Strike
$60.00
1,697,640
3,300
21,149,700
iShares
MSCI
Emerging
Markets
ETF
Put,
11/20/26,
Strike
$65.00
1,567,500
4,469
22,255,620
iShares
MSCI
India
ETF
Call,
09/18/26,
Strike
$52.00
145,244
4,030
11,481,470
KraneShares
CSI
China
Internet
ETF
Call,
09/18/26,
Strike
$27.00
876,525
2,055
3,986,700
Petroleo
Brasileiro
SA
-
Petrobras
Call,
09/18/26,
Strike
$17.00
519,915
646
48,258,138
SPDR®
S&P
500®
ETF
Trust
Put,
09/30/26,
Strike
$725.00
614,992
9,778,992
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$13,602,424)
13,067,422
TOTAL
INVESTMENTS
(143.4%)
(Cost
$808,810,333)
840,294,376
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-8.3%)
(48,500,000)
LIABILITIES,
LESS
OTHER
ASSETS
(-35.1%)
(205,973,946)
NET
ASSETS
(100.0%)
$
585,820,430
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
¡¡
As
of
July
31,
2026,
the
value
of
unfunded
loan
commitments
was
$59,515
for
the
Calamos
Global
Dynamic
Income
Fund.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$314,485,569.
@
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
segregated
as
collateral
(or
collateral
for
potential
future
transactions)
for
written
options.
The
aggregate
value
of
such
securities
is
$3,154,590.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
#
Non-income
producing
security.
FOREIGN
CURRENCY
ABBREVIATIONS
AED
UAE
Dirham
CAD
Canadian
Dollar
CHF
Swiss
Franc
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
PLN
Polish
Zloty
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
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
CMT
Constant
Maturity
Treasury
Note:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
COUNTRY
EXPOSURE
July
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
441,271,942
52.0%
Taiwan
63,297,607
7.5%
Japan
51,194,589
6.1%
South
Korea
48,709,461
5.8%
All
other
countries
less
than
5%
$
235,820,777
28.6%
Total
Investments
$840,294,376
100.0%
Country
exposure
may
vary
over
time.
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Dynamic
Income
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
168,224
$
—
$
168,224
Bank
Loans
88
—
13,883,938
—
13,883,938
Convertible
Bonds
32
—
122,161,947
—
122,161,947
Corporate
Bonds
402
—
63,473,200
—
63,473,200
Sovereign
Bonds
12
—
44,481,964
—
44,481,964
U.S.
Government
and
Agency
Securities
2
—
8,859,727
—
8,859,727
Common
Stocks
192
251,126,812
247,982,527
—
499,109,339
Convertible
Preferred
Stocks
9
57,810,166
—
—
57,810,166
Exchange-Traded
Funds
2
17,131,751
—
—
17,131,751
Preferred
Stocks
5
146,695
—
—
146,695
Warrants
4
—
3
—
3
Exchange-Traded
Purchased
Options
17
13,067,422
—
—
13,067,422
Total
$
339,282,846
$
501,011,530
$
—
$
840,294,376
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
PRINCIPAL
AMOUNT
a
a
VALUE
a
BANK
LOANS
(1.7%)i
Communication
Services
(0.4%)
89,112
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.628%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
$
90,811
11,182
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.845%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
9,631
981
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.845%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
981
45,000
Cengage
Learning,
Inc.!
2026
Term
Loan
B,
0.000%,
03/24/31
44,729
24,562
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.981%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
24,576
25,000
DirecTV
Financing
LLC!
2025
Term
Loan
B,
0.000%,
02/17/31
25,162
24,118
DirecTV
Financing
LLC‡
2025
Term
Loan
B,
9.323%,
02/17/31
3
mo.
USD
Term
SOFR
+
5.500%
24,274
44,423
Discovery
Global
Holdings,
Inc.‡
2026
USD
Term
Loan
B,
6.231%,
06/03/33
1
mo.
USD
Term
SOFR
+
2.500%
44,511
40,700
Electronic
Arts,
Inc.!
USD
Term
Loan
B,
0.000%,
03/24/33
40,998
49,647
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.620%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
46,156
45,000
Level
3
Financing,
Inc.‡
2026
Term
Loan
B,
6.481%,
03/29/32
1
mo.
USD
Term
SOFR
+
2.750%
45,216
5,000
QTS
Thunder
Managing
Issuer
LLC!
Term
Loan
B,
0.000%,
07/22/33
4,937
15,000
QTS
Thunder
Managing
Issuer
LLC‡
Term
Loan
B,
6.025%,
07/22/33
3
mo.
USD
Term
SOFR
+
2.250%
14,813
24,214
TripAdvisor,
Inc.‡
Term
Loan,
6.481%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
23,442
60,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.232%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
60,471
PRINCIPAL
AMOUNT
a
a
VALUE
a
24,872
ViaSat,
Inc.‡
2023
Term
Loan,
8.290%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
$
25,076
45,000
Virgin
Media
Bristol
LLC‡
2020
USD
Term
Loan
Q,
7.041%,
01/31/29
1
mo.
USD
Term
SOFR
+
3.250%
40,821
566,605
Consumer
Discretionary
(0.3%)
17,492
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
1
mo.
USD
Term
SOFR
+
3.250%
17,557
26,946
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.925%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
27,047
44,775
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.481%,
09/12/32
1
mo.
USD
Term
SOFR
+
2.750%
45,040
44,327
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.667%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
44,471
34,449
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.231%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
34,622
42,394
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.724%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
42,548
5,000
Pioneer
Opco
LLC‡
Term
Loan
B,
6.999%,
05/16/33
1
mo.
USD
Term
SOFR
+
3.250%
5,035
48,875
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.731%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
48,988
40,000
Stonepeak
Motion
Finco
LLC!
USD
Term
Loan
B,
0.000%,
06/24/33
40,073
37,007
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.481%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
36,979
44,775
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.982%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
44,895
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
44,888
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.475%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
$
44,600
431,855
Consumer
Staples
(0.3%)
81,671
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.731%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
82,041
49,750
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.481%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
49,974
129,790
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.981%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
126,249
10,000
Charlotte
Buyer,
Inc.!
2026
Term
Loan
B,
0.000%,
06/30/31
10,025
45,000
McKesson
Medical-Surgical
Top
Holdings,
Inc.‡
Term
Loan
B,
5.982%,
06/09/32
3
mo.
USD
Term
SOFR
+
2.250%
45,099
3,537
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.573%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
3,547
5,000
Prestige
Brands,
Inc.‡
2026
Term
Loan
B,
5.731%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.000%
5,020
58,373
Star
Parent,
Inc.‡
Term
Loan
B,
7.232%,
09/27/30
3
mo.
USD
Term
SOFR
+
3.500%
58,657
44,551
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.823%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
44,685
20,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.981%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
20,090
445,387
Financials
(0.1%)
29,657
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.231%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
29,209
25,000
Cushman
&
Wakefield
U.S.
Borrower
LLC‡
2026
Term
Loan
B,
5.981%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.250%
25,042
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
Jupiter
Borrower,
Inc.‡
Term
Loan
B,
6.504%,
06/30/33
3
mo.
USD
Term
SOFR
+
2.750%
$
45,328
10,000
Lockton,
Inc.‡
Term
Loan
B,
5.823%,
05/09/33
3
mo.
USD
Term
SOFR
+
2.000%
10,012
39,900
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.232%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
39,706
149,297
Industrials
(0.3%)
44,663
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.750%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
44,793
44,600
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.731%,
09/08/32
1
mo.
USD
Term
SOFR
+
3.000%
44,711
26,416
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.232%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
26,509
59,177
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.073%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
59,245
43,681
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.481%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
43,163
83,300
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.231%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
83,503
19,950
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.231%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
19,993
42,500
Worthington
Steel,
Inc.‡
Term
Loan
B,
7.731%,
06/01/33
1
mo.
USD
Term
SOFR
+
4.000%
42,718
364,635
Information
Technology
(0.1%)
45,045
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.416%,
07/30/31
3
mo.
USD
Term
SOFR
+
2.750%
41,142
20,000
Cloud
Software
Group,
Inc.!
2025
Term
Loan
B
(2032),
0.000%,
08/13/32
17,969
10,000
CoreWeave
Financing
DDTL
V
LLC‡
1st
Lien
Delayed
Draw
Term
Loan,
0.000%,
09/30/31
10,038
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
30,000
CoreWeave
Financing
DDTL
V
LLC!
Delayed
Draw
Term
Loan,
0.000%,
11/17/31
$
30,018
14,161
CoreWeave
Financing
DDTL
V
LLC¡¡
Delayed
Draw
Term
Loan,
0.500%,
11/17/31
14,170
1,960
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.120%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
1,961
8,879
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.140%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
8,885
39,289
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.481%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
37,926
32,833
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.731%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
32,837
194,946
Materials
(0.1%)
55,000
BASF
Coatings‡
USD
Term
Loan
B,
7.244%,
06/29/33
3
mo.
USD
Term
SOFR
+
3.500%
55,309
19,900
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.231%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
19,882
20,000
Ineos
Finance
PLC!
2026
USD
Term
Loan,
0.000%,
06/25/32
18,600
93,791
Other
(0.1%)
64,581
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.231%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
64,972
Special
Purpose
Acquisition
Companies
(0.0%)
30,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.731%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
28,977
TOTAL
BANK
LOANS
(Cost
$2,347,209)
2,340,465
CONVERTIBLE
BONDS
(21.4%)
Communication
Services
(0.5%)
147,000
JD.com,
Inc.
0.250%,
06/01/29
153,505
PRINCIPAL
AMOUNT
a
a
VALUE
a
500,000
Xiaomi
Best
Time
International
Ltd.*
0.000%,
12/17/27
$
522,320
675,825
Consumer
Discretionary
(3.7%)
Alibaba
Group
Holding
Ltd.
580,000
0.500%,
06/01/31
800,818
1,530,000
0.000%,
09/15/32*
1,477,597
800,000
EUR
Deutsche
Lufthansa
AG*
0.000%,
09/10/32
1,023,711
525,000
DoorDash,
Inc.µ
0.000%,
05/15/30
529,405
9,000,000
HKD
Midea
Investment
Development
Co.
Ltd.
Series
2*
0.000%,
05/13/33
1,251,891
5,083,422
Consumer
Staples
(0.4%)
463,000
Adaptive
Biotechnologies
Corp.*
0.000%,
07/01/31
559,600
Financials
(4.6%)
700,000
EUR
Cara
Obligations
SAS*
1.500%,
12/01/30
1,006,891
Goldman
Sachs
Finance
Corp.
International
Ltd.
(Tencent
Holdings
Ltd.)*§µ
800,000
0.000%,
01/29/29
1,299,216
100,000
Series
700H,
0.000%,
03/07/30
100,411
800,000
EUR
JPMorgan
Chase
Financial
Co.
LLC*
0.500%,
03/27/30
1,148,381
2,360,000
Robinhood
Markets,
Inc.*µ
0.000%,
10/01/29
2,264,703
500,000
WisdomTree,
Inc.*^
4.500%,
10/01/31
608,060
6,427,662
Health
Care
(3.6%)
193,000
Cogent
Biosciences,
Inc.
1.625%,
11/15/31
238,737
383,000
Guardant
Health,
Inc.*^
0.000%,
05/15/33
589,299
1,660,000
Ligand
Pharmaceuticals,
Inc.*
0.000%,
09/15/31
1,771,917
289,000
Mirum
Pharmaceuticals,
Inc.*
0.000%,
06/01/32
294,549
467,000
Revolution
Medicines,
Inc.
0.500%,
05/01/33
579,169
1,245,000
Travere
Therapeutics,
Inc.
0.500%,
05/15/32
1,454,533
4,928,204
Industrials
(1.5%)
140,000,000
JPY
ANA
Holdings,
Inc.*
0.000%,
12/10/31
1,036,442
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
920,000
Knight-Swift
Transportation
Holdings,
Inc.*
1.000%,
11/15/31
$
1,005,229
2,041,671
Information
Technology
(2.5%)
160,000,000
JPY
Advantest
Corp.*µ
0.000%,
03/28/31
1,299,046
1,564,000
Lenovo
Group
Ltd.*
0.000%,
06/25/33
1,545,858
141,000
Lumentum
Holdings,
Inc.*
0.375%,
03/15/32
549,873
3,394,777
Real
Estate
(0.7%)
995,000
Realty
Income
Corp.*
3.500%,
01/15/29
1,033,507
Utilities
(3.9%)
1,310,000
CenterPoint
Energy,
Inc.*
3.000%,
08/01/28
1,364,823
1,032,000
Duke
Energy
Corp.*
3.000%,
03/15/29
1,019,472
430,000
Exelon
Corp.*
3.250%,
03/15/29
433,118
1,800,000
EUR
Iberdrola
Finanzas
SA
Series
IBE*
1.500%,
03/27/30
2,514,736
5,332,149
TOTAL
CONVERTIBLE
BONDS
(Cost
$27,677,029)
29,476,817
CORPORATE
BONDS
(9.2%)
Airlines
(0.1%)
31,288
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
31,282
American
Airlines
Pass-Through
Trust
30,000
Series
B,
Class
B,
5.750%,
11/10/36
29,485
35,200
Series
B,
Class
B,
3.950%,
01/11/32
33,288
28,731
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
27,558
JetBlue
Pass-Through
Trust
6,309
Series
2019,
Class
B,
8.000%,
05/15/29
6,165
31,960
Series
1B,
Class
B,
7.750%,
05/15/30
32,105
159,883
Communication
Services
(0.7%)
35,000
AMC
Global
Media,
Inc.
4.250%,
02/15/29
30,917
30,000
APLD
ComputeCo
3
LLC*
7.000%,
06/15/31
29,311
PRINCIPAL
AMOUNT
a
a
VALUE
a
25,000
Arches
Buyer,
Inc.*††
9.000%,
08/15/31
$
25,138
15,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
15,125
Clear
Channel
Outdoor
Holdings,
Inc.*
25,000
7.875%,
04/01/30
25,987
25,000
7.500%,
03/15/33
26,264
17,000
DirecTV
Financing
LLC*
8.875%,
02/01/30
17,343
15,000
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*
10.000%,
02/15/31
15,689
Discovery
Global
Holdings,
Inc.
20,000
5.050%,
03/15/42
13,990
10,000
4.279%,
03/15/32
8,889
23,000
EW
Scripps
Co.*
9.875%,
08/15/30
20,120
40,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*
3.500%,
03/01/29
37,595
Gray
Media,
Inc.*
23,000
7.250%,
08/15/33
22,755
20,000
5.375%,
11/15/31
14,813
40,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
29,312
10,000
iHeartCommunications,
Inc.*
7.750%,
08/15/30
8,778
11,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
11,203
29,000
Lumen
Technologies,
Inc.
Series
P
7.600%,
09/15/39
26,904
55,000
McGraw-Hill
Education,
Inc.*
8.000%,
08/01/29
54,633
20,000
Neptune
Bidco
U.S.,
Inc.*
9.290%,
04/15/29
20,392
45,000
Paramount
Global
4.900%,
08/15/44
28,070
33,000
PR
RNO
Property
Owner
1
LLC*
6.500%,
05/01/31
31,065
47,050
Qwest
Corp.
6.500%,
09/01/51
35,382
Rogers
Communications,
Inc.‡
15,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
15,078
25,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
25,155
Scripps
Escrow
II,
Inc.*
11,000
5.375%,
01/15/31
6,459
23,000
3.875%,
01/15/29
21,032
40,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
41,254
Sirius
XM
Radio
LLC*
20,000
5.875%,
04/15/32
19,648
56,000
3.875%,
09/01/31
50,582
30,000
Stingray
Compute
LLC*
6.000%,
06/15/31
29,339
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
22,000
SV
RNO
Property
Owner
1
LLC*
5.875%,
03/01/31
$
20,469
30,000
TELUS
Corp.‡
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
29,939
Time
Warner
Cable
LLC
15,000
7.300%,
07/01/38
14,851
25,000
6.550%,
05/01/37
23,769
45,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*
6.500%,
02/15/29
44,428
20,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
19,983
Verizon
Communications,
Inc.‡
25,000
6.200%,
05/14/56
,
5
yr.
CMT
+
2.042%
24,464
15,000
6.050%,
05/14/58
,
5
yr.
CMT
+
1.813%
14,765
20,000
Viasat,
Inc.*
7.500%,
05/30/31
20,026
970,916
Consumer
Discretionary
(2.0%)
20,000
Academy
Ltd.*
5.875%,
05/15/31
19,815
65,000
Adams
Homes,
Inc.*
9.250%,
10/15/28
66,993
Adient
Global
Holdings
Ltd.*
35,000
8.250%,
04/15/31
36,446
22,000
7.500%,
02/15/33^
22,735
Advance
Auto
Parts,
Inc.*
11,000
7.375%,
08/01/33
11,361
20,000
7.000%,
08/01/30
20,510
45,000
Allegiant
Travel
Co.*
7.125%,
07/01/31
45,670
32,000
American
Axle
&
Manufacturing,
Inc.*^
7.750%,
10/15/33
31,516
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
22,000
6.875%,
08/01/33
21,983
38,000
4.625%,
08/01/29
36,554
Bath
&
Body
Works,
Inc.
5,000
7.500%,
06/15/29
5,070
25,000
6.875%,
11/01/35^
25,292
30,000
6.625%,
10/01/30*
30,515
25,000
Beach
Acquisition
Bidco
LLC*
10.000%,
07/15/33
26,860
Caesars
Entertainment,
Inc.*
40,000
6.500%,
02/15/32
38,313
28,000
4.625%,
10/15/29
26,675
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
45,000
7.000%,
02/01/33^
43,145
26,000
5.125%,
05/01/27
25,961
45,000
4.750%,
03/01/30
42,082
22,000
4.750%,
02/01/32
19,243
45,000
4.500%,
08/15/30
41,108
46,000
4.250%,
02/01/31
40,752
45,000
4.250%,
01/15/34^
36,842
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
Century
Communities,
Inc.*
6.625%,
09/15/33
$
45,205
Churchill
Downs,
Inc.*
23,000
6.750%,
05/01/31
23,349
22,000
5.750%,
04/01/30
21,969
24,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*
6.750%,
09/15/32
24,333
70,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*
6.375%,
04/15/34
69,166
23,000
Dana,
Inc.
4.500%,
02/15/32
22,962
DISH
DBS
Corp.@
73,000
0.000%,
07/01/28
70,085
20,000
0.000%,
12/01/28*
19,311
21,000
0.000%,
06/01/29
19,044
45,000
Dorman
Products,
Inc.*
6.250%,
06/15/34
45,232
175,000
Ford
Motor
Co.
6.100%,
08/19/32
177,100
20,000
General
Motors
Co.
5.200%,
04/01/45
17,095
goeasy
Ltd.*
31,000
7.625%,
07/01/29
29,531
45,000
6.875%,
02/15/31^
40,222
Goodyear
Tire
&
Rubber
Co.
63,000
5.625%,
04/30/33^
55,000
20,000
5.250%,
07/15/31
17,789
Group
1
Automotive,
Inc.*
25,000
6.375%,
01/15/30
25,167
19,000
4.000%,
08/15/28
18,349
30,264
Guitar
Center,
Inc.‡
12.000%,
08/19/32
9,079
20,000
Kohl's
Corp.
5.550%,
07/17/45
13,785
45,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
2,792
45,000
Life
Time,
Inc.*
6.000%,
11/15/31
45,431
39,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
38,357
45,000
Lindblad
Expeditions
LLC*
7.000%,
09/15/30
46,324
25,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
24,728
30,000
M/I
Homes,
Inc.
3.950%,
02/15/30
28,292
Macy's
Retail
Holdings
LLC
33,000
6.700%,
07/15/34*
32,030
55,000
4.300%,
02/15/43
39,328
40,000
MGM
Resorts
International^
6.500%,
04/15/32
39,775
55,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*
4.875%,
05/01/29
53,452
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
34,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*
8.250%,
04/15/30
$
35,384
NCL
Corp.
Ltd.*
22,000
6.750%,
02/01/32
21,587
25,000
6.250%,
09/15/33
23,787
20,000
5.875%,
01/15/31
19,155
Newell
Brands,
Inc.
22,000
8.500%,
06/01/28*
22,986
22,000
6.625%,
05/15/32^
22,260
20,000
6.375%,
05/15/30^
20,218
45,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
43,962
Patrick
Industries,
Inc.*
23,000
6.375%,
11/01/32
22,728
37,000
4.750%,
05/01/29
36,223
Penn
Entertainment,
Inc.*
45,000
6.750%,
04/01/31
45,168
25,000
4.125%,
07/01/29^
23,848
30,000
Pioneer
Opco
LLC*
7.000%,
05/15/33
30,372
20,000
QVC,
Inc.@
0.000%,
08/15/34
10,032
4,767
Rite
Aid
Corp.
0.000%,
08/30/34
—
45,000
Rivers
Enterprise
Borrower
LLC*
6.250%,
10/15/30
45,246
45,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
45,303
26,250
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
61
45,000
Six
Flags
Entertainment
Corp.*
7.250%,
05/15/31
44,153
39,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.
5.250%,
07/15/29
37,514
43,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*
8.625%,
01/15/32
43,513
34,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*
4.875%,
11/01/27
33,840
30,000
Staples,
Inc.*
10.750%,
09/01/29
28,741
70,000
Starz
Capital
Holdings
1,
Inc.*
6.000%,
04/15/30
67,657
45,000
STL
Holding
Co.
LLC*
8.750%,
02/15/29
46,660
28,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
28,697
10,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
10,481
21,000
Voyager
Parent
LLC*
9.250%,
07/01/32
22,332
PRINCIPAL
AMOUNT
a
a
VALUE
a
Whirlpool
Corp.
15,000
7.875%,
07/01/34*
$
14,235
15,000
7.500%,
07/01/31*
14,918
45,000
6.500%,
06/15/33^
38,151
20,000
William
Carter
Co.*^
7.375%,
02/15/31
20,546
40,000
Windsor
Holdings
III
LLC*
8.500%,
06/15/30
41,709
2,791,190
Consumer
Staples
(0.6%)
41,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
38,158
18,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
18,552
55,000
APi
Group
DE,
Inc.*
4.750%,
10/15/29
53,783
43,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*^
8.375%,
06/15/32
42,894
23,000
Brink's
Co.*
6.750%,
06/15/32
23,451
51,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
47,639
20,000
Charlotte
Buyer,
Inc.*
8.000%,
06/30/31
20,233
55,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
54,844
53,000
Edgewell
Personal
Care
Co.*
4.125%,
04/01/29
51,066
Energizer
Holdings,
Inc.*
23,000
6.000%,
09/15/33^
21,870
49,000
4.375%,
03/31/29
47,260
45,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*
7.125%,
04/30/33
45,781
MPH
Acquisition
Holdings
LLC*
39,043
6.750%,
03/31/31
23,531
17,076
5.750%,
12/31/30
13,163
45,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
43,681
Post
Holdings,
Inc.*
39,000
6.375%,
03/01/33
38,448
43,000
6.250%,
02/15/32
43,288
Prestige
Brands,
Inc.*
10,000
6.250%,
07/15/34
10,033
42,000
3.750%,
04/01/31
38,562
RR
Donnelley
&
Sons
Co.*
15,000
10.875%,
08/01/29
15,310
58,000
9.500%,
08/01/29
60,189
Synergy
Infrastructure
Holdings
LLC*
22,000
7.875%,
12/01/30
23,025
10,000
7.000%,
07/15/34
10,094
24,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
24,037
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
34,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
$
33,126
842,018
Energy
(1.4%)
44,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
43,108
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
45,000
6.625%,
10/15/32
45,327
35,000
6.625%,
07/15/33
35,167
Buckeye
Partners
LP
16,000
6.875%,
07/01/29*
16,380
33,000
6.750%,
02/01/30*
33,881
25,000
5.850%,
11/15/43
22,372
45,000
CNX
Resources
Corp.*
5.875%,
03/01/34
43,670
50,000
Continental
Resources,
Inc.
4.900%,
06/01/44
39,831
35,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
35,182
Enbridge,
Inc.‡
31,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
32,341
20,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
21,060
Energy
Transfer
LP‡
20,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
20,426
40,000
7.090%,
11/01/66
,
3
mo.
USD
Term
SOFR
+
3.279%
39,806
10,000
6.700%,
01/15/57
,
5
yr.
CMT
+
2.219%
9,862
10,000
6.550%,
01/15/57
,
5
yr.
CMT
+
2.336%
9,875
32,000
Series
H,
6.500%,
08/17/26
,
5
yr.
CMT
+
5.694%
32,032
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.
31,000
8.875%,
04/15/30
32,382
20,000
8.000%,
05/15/33
20,819
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
30,000
6.875%,
05/15/34
29,388
30,000
6.250%,
04/15/32
29,198
45,000
Howard
Midstream
Energy
Partners
LLC*
7.375%,
07/15/32
46,596
65,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
65,068
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
45,000
6.875%,
12/01/32
45,860
22,000
6.625%,
08/15/34††
22,020
41,000
Matador
Resources
Co.*
6.500%,
04/15/32
41,012
60,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
61,238
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
Oceaneering
International,
Inc.*
6.875%,
07/15/34
$
46,065
45,000
Par
Petroleum
LLC*
7.375%,
06/01/34
46,613
30,000
Phillips
66
Co.
Series
A‡
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
29,636
50,000
Plains
All
American
Pipeline
LP
Series
B‡
8.023%,
08/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
50,047
45,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
46,804
60,000
Summit
Midstream
Holdings
LLC*
8.625%,
10/31/29
62,304
Sunoco
LP*
35,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
35,953
70,000
6.625%,
08/15/32
70,776
45,000
6.250%,
07/01/33
45,153
45,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
45,313
40,000
TGNR
Intermediate
Holdings
LLC*
5.500%,
10/15/29
39,228
TransCanada
PipeLines
Ltd.^‡
10,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
10,009
20,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
19,998
64,000
Transocean
International
Ltd.*
7.875%,
10/15/32
66,710
Venture
Global
LNG,
Inc.*
20,000
9.875%,
02/01/32
21,302
20,000
9.500%,
02/01/29
21,447
78,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
77,569
55,000
8.375%,
06/01/31
56,884
23,000
7.000%,
01/15/30
23,383
10,000
6.625%,
06/15/36
9,811
25,000
6.375%,
12/15/34
24,370
Venture
Global
Plaquemines
LNG
LLC*
45,000
6.500%,
01/15/34
46,481
35,000
6.500%,
06/15/34
36,143
11,000
6.125%,
12/15/30
11,179
45,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
44,884
67,000
WBI
Operating
LLC*
6.500%,
10/15/33
66,891
45,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
45,582
1,974,436
Financials
(1.4%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
34,000
8.250%,
02/01/29
32,621
35,000
6.750%,
07/01/32
32,234
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*
65,000
7.375%,
10/01/32
$
65,517
45,000
6.500%,
10/01/31
45,037
Ally
Financial,
Inc.‡
45,000
Series
D,
7.100%,
08/15/31
,
5
yr.
CMT
+
3.148%
45,225
20,000
Series
C,
4.700%,
05/15/28^
,
7
yr.
CMT
+
3.481%
19,324
20,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*
7.500%,
07/15/33
19,563
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
40,000
8.375%,
02/01/34
36,500
33,000
8.000%,
12/31/32
33,417
45,000
Azorra
Finance
Ltd.*
7.250%,
01/15/31
46,387
65,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*
7.125%,
05/15/31
65,658
45,000
Blackstone
Mortgage
Trust,
Inc.*
6.250%,
06/01/31
43,144
Brandywine
Operating
Partnership
LP
23,000
8.875%,
04/12/29
24,184
42,000
6.125%,
01/15/31^
40,356
59,000
Bread
Financial
Holdings,
Inc.*‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
61,065
78,000
Broadstreet
Partners
Group
LLC*
5.875%,
04/15/29
76,534
33,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*
4.500%,
04/01/27
32,588
40,000
Citigroup,
Inc.
Series
GG‡
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
40,416
40,000
Corebridge
Financial,
Inc.‡
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
39,279
Credit
Acceptance
Corp.*
30,000
9.250%,
12/15/28
31,116
40,000
6.625%,
03/15/30
40,032
45,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
43,550
25,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
26,194
Enstar
Group
Ltd.*‡
22,000
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
22,882
15,000
6.693%,
07/15/37
,
1
day
USD
SOFR
+
2.540%
14,674
PRINCIPAL
AMOUNT
a
a
VALUE
a
First
Citizens
BancShares,
Inc.‡
10,000
Series
B,
7.898%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
$
10,066
30,000
Series
D,
7.000%,
12/15/30^
,
5
yr.
CMT
+
3.301%
30,149
23,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
22,991
25,000
Goldman
Sachs
Group,
Inc.
Series
AA‡
6.500%,
08/10/31
,
5
yr.
CMT
+
2.175%
24,830
HUB
International
Ltd.*
33,000
7.375%,
01/31/32
33,771
40,000
7.250%,
06/15/30
41,248
31,000
5.625%,
12/01/29
31,006
20,000
Huntington
Bancshares,
Inc.
Series
K^‡
6.250%,
10/15/30
,
5
yr.
CMT
+
2.653%
19,945
48,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
49,673
20,000
Newmark
Group,
Inc.
7.500%,
01/12/29
20,857
OneMain
Finance
Corp.
23,000
6.750%,
03/15/32
22,949
45,000
6.750%,
09/15/33
44,348
43,000
6.500%,
03/15/33
42,020
20,000
Osaic
Holdings,
Inc.*
8.000%,
08/01/33
20,288
40,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*
7.000%,
02/01/30
40,685
55,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*
9.750%,
09/15/29
56,746
Reinsurance
Group
of
America,
Inc.‡
20,000
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
19,991
20,000
6.375%,
09/15/56^
,
5
yr.
CMT
+
2.344%
19,531
Rocket
Cos.,
Inc.*
34,000
6.375%,
08/01/33
34,247
23,000
6.125%,
08/01/30
23,200
45,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
45,118
45,000
Stonebriar
ABF
Issuer
LLC*
7.000%,
08/15/31
45,046
11,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
11,175
55,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
57,344
75,000
TrueNoord
Capital
DAC*
8.750%,
03/01/30
77,873
52,000
United
Wholesale
Mortgage
LLC*
5.500%,
04/15/29
48,646
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
23,000
UWM
Holdings
LLC*
6.250%,
03/15/31
$
20,550
23,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*
7.500%,
06/15/31
23,878
30,000
Wells
Fargo
&
Co.
Series
GG,
Class
A‡
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
29,969
45,000
XHR
LP*
6.625%,
05/15/30
45,943
1,991,580
Health
Care
(0.6%)
64,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
66,162
CHS/Community
Health
Systems,
Inc.*
29,000
10.875%,
01/15/32
30,622
25,000
6.875%,
04/15/29
24,126
88,000
6.125%,
04/01/30^
74,200
5,000
5.250%,
05/15/30
4,630
DaVita,
Inc.*
43,000
6.875%,
09/01/32
44,216
49,000
4.625%,
06/01/30
47,252
52,000
3.750%,
02/15/31
48,047
Embecta
Corp.*
11,000
6.750%,
02/15/30
8,461
33,000
5.000%,
02/15/30^
25,537
Encompass
Health
Corp.
20,000
4.750%,
02/01/30
19,583
10,000
4.500%,
02/01/28
9,901
25,000
IQVIA,
Inc.*
6.250%,
06/01/32
25,362
63,000
Medline
Borrower
LP*
5.250%,
10/01/29
62,468
200,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*
5.125%,
04/30/31
198,210
Tenet
Healthcare
Corp.
45,000
6.875%,
11/15/31
47,790
34,000
5.500%,
11/15/32*
33,510
770,077
Industrials
(0.8%)
50,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
51,173
50,000
ACCO
Brands
Corp.*^
4.250%,
03/15/29
47,128
Arcosa,
Inc.*
22,000
6.875%,
08/15/32
22,732
25,000
4.375%,
04/15/29
24,477
Bombardier,
Inc.*
25,000
8.750%,
11/15/30
26,387
13,000
7.250%,
07/01/31
13,571
15,000
7.000%,
06/01/32
15,505
11,000
6.750%,
06/15/33
11,337
65,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
66,143
PRINCIPAL
AMOUNT
a
a
VALUE
a
10,000
Columbus
McKinnon
Corp.*^
7.125%,
02/01/33
$
10,093
8,250
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
8,237
Deluxe
Corp.*
20,000
8.125%,
09/15/29
20,727
58,000
8.000%,
06/01/29
58,528
20,000
EnerSys*
6.625%,
01/15/32
20,268
EquipmentShare.com,
Inc.*
25,000
8.625%,
05/15/32
25,616
35,000
7.125%,
07/01/34
33,482
30,000
Granite
Construction,
Inc.*
6.375%,
06/15/34
30,041
Graphic
Packaging
International
LLC*
30,000
4.750%,
07/15/27
29,838
20,000
3.500%,
03/01/29
18,994
Herc
Holdings,
Inc.*
23,000
7.250%,
06/15/33
23,750
23,000
7.000%,
06/15/30
23,730
23,000
6.625%,
06/15/29
23,434
34,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
20,785
70,000
Ken
Garff
Automotive
LLC*
4.875%,
09/15/28
69,382
52,000
Novelis
Corp.*
4.750%,
01/30/30
49,987
45,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
45,572
Standard
Building
Solutions,
Inc.*
10,000
6.500%,
08/15/32
10,041
34,000
6.250%,
08/01/33
33,648
45,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
46,427
TransDigm,
Inc.*
15,000
7.125%,
12/01/31
15,481
45,000
6.875%,
12/15/30
46,141
35,000
6.750%,
08/15/28
35,290
29,000
6.625%,
03/01/32
29,521
8,520
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
8,301
34,000
Waste
Pro
USA,
Inc.*
7.000%,
02/01/33
34,625
Williams
Scotsman,
Inc.*
15,000
6.625%,
06/15/29
15,279
27,000
4.625%,
08/15/28
26,728
1,092,399
Information
Technology
(0.4%)
Block,
Inc.*
11,000
6.000%,
08/15/33
10,927
20,000
5.625%,
08/15/30
19,917
32,000
CACI
International,
Inc.*
6.375%,
06/15/33
32,254
Cloud
Software
Group
LLC*
20,000
8.250%,
06/30/32
18,951
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
30,000
6.625%,
08/15/33
$
26,228
23,000
Coherent
Corp.*
5.000%,
12/15/29
22,512
Fair
Isaac
Corp.*
17,000
6.000%,
05/15/33
16,470
26,000
4.000%,
06/15/28
25,240
50,000
KBR,
Inc.*
4.750%,
09/30/28
49,279
10,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
10,532
34,000
ON
Semiconductor
Corp.*
3.875%,
09/01/28
32,821
20,000
Open
Text
Corp.*
6.900%,
12/01/27
20,410
Open
Text
Holdings,
Inc.*
10,000
4.125%,
02/15/30
9,239
26,000
4.125%,
12/01/31^
22,958
25,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
25,140
60,000
TTM
Technologies,
Inc.*
4.000%,
03/01/29
57,632
Twilio,
Inc.
11,000
3.875%,
03/15/31
10,285
30,000
3.625%,
03/15/29
28,826
52,000
UKG,
Inc.*
6.875%,
02/01/31
50,985
65,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
61,499
45,000
Zebra
Technologies
Corp.*
6.500%,
06/01/32
45,547
22,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*^
3.875%,
02/01/29
18,347
615,999
Materials
(0.6%)
45,000
Avient
Corp.*
6.250%,
11/01/31
45,393
55,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
55,319
35,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
36,630
44,000
Century
Aluminum
Co.*
6.875%,
08/01/32
44,835
Chemours
Co.*
37,000
8.000%,
01/15/33
36,494
23,000
7.875%,
03/15/34
22,399
50,000
Clearwater
Paper
Corp.*
4.750%,
08/15/28
44,541
45,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
46,101
70,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
52,643
45,000
JW
Aluminum
Continuous
Cast
Co.*
10.250%,
04/01/30
47,047
55,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
53,851
PRINCIPAL
AMOUNT
a
a
VALUE
a
45,000
Knife
River
Corp.*
7.750%,
05/01/31
$
46,477
18,000
Mercer
International,
Inc.*
12.875%,
10/01/28
8,042
55,000
Olin
Corp.*
6.625%,
04/01/33
53,875
56,000
Silgan
Holdings,
Inc.
4.125%,
02/01/28
55,254
45,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
44,078
45,000
Terex
Corp.*
6.250%,
10/15/32
45,232
18,333
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
218
WR
Grace
Holdings
LLC*
10,000
7.000%,
08/01/33
9,601
23,000
6.625%,
08/15/32
21,909
769,939
Other
(0.3%)
15,639
Claritev
Corp.
Series
B*
6.750%,
03/31/31
9,359
EchoStar
Corp.
105,945
10.750%,
11/30/29
114,658
44,123
6.750%,
11/30/30
44,781
25,000
Gen
Digital,
Inc.*
6.750%,
09/30/27
25,053
22,000
Graham
Holdings
Co.*
5.625%,
12/01/33
21,549
40,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
41,937
45,000
Rfna
LP*
7.875%,
02/15/30
45,067
45,000
SM
Energy
Co.*
7.000%,
08/01/32
45,763
348,167
Real
Estate
(0.1%)
22,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
22,094
30,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
29,298
26,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
25,446
76,838
Special
Purpose
Acquisition
Companies
(0.0%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*
35,000
6.750%,
01/15/30^
34,395
23,000
4.625%,
01/15/29
22,366
56,761
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Utilities
(0.2%)
25,000
CenterPoint
Energy,
Inc.‡
6.700%,
05/15/55
,
5
yr.
CMT
+
2.586%
$
25,439
10,000
Dominion
Energy,
Inc.‡
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
10,090
31,000
Duke
Energy
Corp.‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
31,768
20,000
Emera
U.S.
Finance
LLC
Series
A^‡
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
20,134
35,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
35,911
35,000
Evergy,
Inc.‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
35,542
20,000
Eversource
Energy
Series
A‡
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
19,874
33,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
33,950
16,000
PPL
Capital
Funding,
Inc.
Series
A‡
6.659%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
15,812
Vistra
Corp.*‡
10,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
10,052
20,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
20,120
258,692
TOTAL
CORPORATE
BONDS
(Cost
$12,912,201)
12,718,895
SOVEREIGN
BONDS
(7.6%)
Other
(7.6%)
580,000
Brazil
Government
International
Bonds
3.750%,
09/12/31
533,236
520,000
Brazil
Government
International
Bonds
6.125%,
01/22/32
527,044
525,000
Colombia
Government
International
Bonds
5.375%,
01/21/29
524,456
500,000
Colombia
Government
International
Bonds
7.375%,
04/25/30
524,817
170,000,000
JPY
Japan
Government
Ten
Year
Bondsµ
2.400%,
03/20/36
1,037,518
170,000,000
JPY
Japan
Government
Ten
Year
Bonds
2.700%,
06/20/36
1,061,019
18,250,000
MXN
Mexico
Bonos
7.750%,
05/29/31
1,022,562
17,600,000
MXN
Mexico
Bonos
8.500%,
03/02/28
1,034,245
PRINCIPAL
AMOUNT
a
a
VALUE
a
17,690,000
MXN
Mexico
Bonos
8.500%,
02/28/30
$
1,027,714
17,900,000
ZAR
Republic
of
South
Africa
Government
Bonds
7.000%,
02/28/31
1,038,969
16,900,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.000%,
01/31/30
1,025,707
17,250,000
ZAR
Republic
of
South
Africa
Government
Bonds
8.250%,
03/31/32
1,043,696
TOTAL
SOVEREIGN
BONDS
(Cost
$10,360,013)
10,400,983
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(1.5%)
Other
(1.5%)
U.S.
Treasury
Notes^
1,065,000
4.250%,
06/30/33
1,045,655
1,065,000
4.125%,
06/30/31
1,051,147
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$2,112,188)
2,096,802
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(86.7%)
Communication
Services
(1.9%)
553
Audacy,
Inc.#
1,659
310
Cumulus
Media,
Inc.
-
Class
A#
2
2,150
Meta
Platforms,
Inc.
-
Class
Aµ
1,196,927
6,250
Millicom
International
Cellular
SAµ
596,750
33,894
ZAR
MTN
Group
Ltd.
420,186
475
Optimum
Communications,
Inc.
-
Class
A#
362
5,900
HKD
Tencent
Holdings
Ltd.µ
360,508
2,576,394
Consumer
Discretionary
(6.0%)
3,320
Alibaba
Group
Holding
Ltd.
(ADR)^
405,870
52,200
PLN
Allegro.eu
SA#*
628,810
9,425
Amazon.com,
Inc.#µ
2,559,641
1,530
EUR
Auto1
Group
SE#
40,179
8,850
INR
Bharat
Forge
Ltd.
204,356
3,200
JPY
BuySell
Technologies
Co.
Ltd.
59,108
4,220
KRW
Hyundai
Motor
Co.
1,118,118
11,600
INR
Kalyan
Jewellers
India
Ltd.
74,514
2,050
KRW
LG
Electronics,
Inc.
227,226
280
EUR
LVMH
Moet
Hennessy
Louis
Vuitton
SEµ
153,758
12,900
HKD
Meituan
-
Class
B#*
152,303
1,060
SEK
MIPS
AB*
46,866
4,100
JPY
Nextage
Co.
Ltd.µ
85,436
70
Rite
Aid
Corp.#
70
4,200
EUR
Schaeffler
AG
34,619
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
1,940
Sea
Ltd.
(ADR)#
$
207,076
1,500
INR
Titan
Co.
Ltd.
76,737
3,400
TJX
Cos.,
Inc.µ
534,956
4,950
EUR
Tonies
SE
-
Class
A#
70,454
14,130
Viking
Holdings
Ltd.#µ
1,474,465
5,060
EUR
Westwing
Group
SE#
77,989
8,232,551
Consumer
Staples
(4.3%)
4,000
BBB
Foods,
Inc.
-
Class
A#
165,320
14,700
Coca-Cola
Co.µ
1,287,573
1,200
Fomento
Economico
Mexicano
SAB
de
CV
(ADR)
153,588
1,880
EUR
Kri-Kri
Milk
Industry
SA
61,027
9,795
Philip
Morris
International,
Inc.µ
1,869,082
12,015
PriceSmart,
Inc.µ
2,329,828
5,866,418
Energy
(2.5%)
7,830
CAD
CES
Energy
Solutions
Corp.µ
91,267
180
Cheniere
Energy
Partners
LP
11,862
2,552
Energy
Transfer
LP
51,959
1,160
Enterprise
Products
Partners
LP
44,138
341
EP
Energy
Corp.#
341
7,800
ExxonMobil
Holdings
Corp.µ
1,212,432
18,200
Halliburton
Co.µ
586,950
19,320
TechnipFMC
PLCµ
1,384,471
3,383,420
Financials
(18.3%)
102,280
EUR
Alpha
Bank
SA
507,179
3,100
SEK
Avarda
Bank
AB*
61,299
104,130
EUR
Banco
Santander
SAµ
1,480,965
3,790
EUR
Bank
of
Cyprus
Holdings
PLC
44,966
6,910
EUR
BAWAG
Group
AG*µ
1,401,317
1,890
ZAR
Capitec
Bank
Holdings
Ltd.^
539,661
194,000
HKD
China
Construction
Bank
Corp.
-
Class
H
227,645
3,040
Chubb
Ltd.µ
1,066,067
8,000
Citigroup,
Inc.µ
1,059,600
15,600
Citizens
Financial
Group,
Inc.µ
1,117,740
410
Credicorp
Ltd.
164,238
1,150
EUR
Edenred
SE
37,863
51,480
AED
Emirates
NBD
Bank
PJSC
422,816
16,660
EUR
Erste
Group
Bank
AGµ
2,177,846
64,300
EUR
Eurobank
SA
332,273
136,400
INR
Federal
Bank
Ltd.
512,509
1,440
Goldman
Sachs
Group,
Inc.^µ
1,466,467
3,560
Grupo
Cibest
SA
(ADR)
329,371
33,500
EUR
ING
Groep
NV
1,177,242
3,425
JPMorgan
Chase
&
Co.µ
1,204,881
11,885
KRW
KB
Financial
Group,
Inc.
1,390,982
7,000
JPY
Mizuho
Financial
Group,
Inc.
362,909
1,850
INR
Multi
Commodity
Exchange
of
India
Ltd.
52,209
NUMBER
OF
SHARES
b
b
VALUE
b
13,200
JPY
Nishi-Nippon
Financial
Holdings,
Inc.µ
$
348,847
33,500
JPY
ORIX
Corp.
1,352,038
2,865
HUF
OTP
Bank
Nyrt
424,426
90
GBP
Plus500
Ltd.µ
4,743
2,050
EUR
Revo
Insurance
SpA^
60,880
110,620
MYR
RHB
Bank
Bhd.
231,370
7,600
GBP
Saga
PLC#µ
69,012
25,700
JPY
Shiga
Bank
Ltd.
381,868
4,400
State
Street
Corp.
810,304
63,000
Sumitomo
Mitsui
Financial
Group,
Inc.
(ADR)^
1,630,440
1,580
ILS
Tel
Aviv
Stock
Exchange
Ltd.
60,857
5,950
CHF
UBS
Group
AGµ
314,503
25,575
EUR
UniCredit
SpAµ
2,412,025
25,239,358
Health
Care
(8.3%)
2,550
JPY
Asahi
Intecc
Co.
Ltd.µ
57,531
5,550
GBP
AstraZeneca
PLCµ
944,112
7,600
BrightSpring
Health
Services,
Inc.#µ
453,796
35,900
Butterfly
Network,
Inc.#µ
255,249
4,300
Cardinal
Health,
Inc.µ
989,129
2,605
Eli
Lilly
&
Co.µ
2,992,728
3,190
CAD
Extendicare,
Inc.µ
80,737
1,370
CHF
Galderma
Group
AG
298,128
2,500
Illumina,
Inc.#
512,750
4,905
Johnson
&
Johnsonµ
1,257,397
19,829
Novo
Nordisk
AS
(ADR)
933,549
30,530
Royalty
Pharma
PLC
-
Class
Aµ
1,783,868
2,310
UnitedHealth
Group,
Inc.µ
957,264
11,516,238
Industrials
(11.7%)
810
TWD
Acter
Group
Corp.
Ltd.
22,792
900
JPY
BayCurrent,
Inc.µ
40,594
175
PLN
Benefit
Systems
SA#
253,639
1,040
CAD
Bird
Construction,
Inc.µ
49,609
3,010
CAD
Canadian
Pacific
Kansas
City
Ltd.µ
267,365
330
Comfort
Systems
USA,
Inc.µ
570,798
7,340
CNY
Contemporary
Amperex
Technology
Co.
Ltd.
-
Class
A
430,305
10,600
CSX
Corp.µ
534,240
1,700
INR
Cummins
India
Ltd.
98,187
6,600
JPY
Daifuku
Co.
Ltd.µ
243,119
5,150
EUR
Deutsche
Post
AGµ
344,029
780
EUR
Exosens
SASµ
51,750
11,500
JPY
FANUC
Corp.µ
463,398
1,050
GE
Vernova,
Inc.µ
1,039,804
1,500
JPY
Harmonic
Drive
Systems,
Inc.µ
56,325
84,000
GBP
Hays
PLCµ
63,851
760
INR
Hitachi
Energy
India
Ltd.
255,584
670
EUR
HOCHTIEF
AGµ
343,391
544
KRW
Hyosung
Heavy
Industries
Corp.
884,121
740
CHF
Implenia
AG
58,715
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
20,650
PHP
International
Container
Terminal
Services,
Inc.
$
324,278
1,110
DKK
ISS
ASµ
49,197
1,200
JPY
Kandenko
Co.
Ltd.
39,914
750
GBP
Keller
Group
PLCµ
30,654
2,100
TWD
Kinik
Co.
40,855
1,350
INR
Kirloskar
Oil
Engines
Ltd.
30,792
17,600
INR
KRN
Heat
Exchanger
&
Refrigeration
Ltd.#
216,602
4,650
SEK
Loomis
AB
256,608
10,352
ManpowerGroup,
Inc.µ
542,652
530
CAD
MDA
Space
Ltd.#µ
16,045
9,300
JPY
Mitsubishi
Electric
Corp.
335,015
1,080
EUR
Porr
AGµ
46,905
8,480
EUR
Randstad
NV
358,499
11,300
JPY
Recruit
Holdings
Co.
Ltd.µ
893,613
112,405
GBP
Rolls-Royce
Holdings
PLCµ
2,242,442
150,980
INR
Shadowfax
Technologies
Ltd.#*
384,389
3,410
EUR
Siemens
Energy
AGµ
582,574
2,405
KRW
SK
Square
Co.
Ltd.
1,653,709
4,200
JPY
SMS
Co.
Ltd.µ
58,315
6,050
TWD
Syntec
Technology
Co.
Ltd.
373,411
1,000
JPY
THK
Co.
Ltd.
41,149
5,100
GBP
Volex
PLC
35,146
4,740
Waste
Management,
Inc.µ
1,073,847
112,700
CNY
Weichai
Power
Co.
Ltd.
-
Class
A
466,780
16,165,007
Information
Technology
(30.8%)
3,375
Advanced
Micro
Devices,
Inc.#µ
1,607,006
3,670
CNY
Advanced
Micro-Fabrication
Equipment,
Inc.
China
-
Class
A
186,728
2,300
JPY
Advantest
Corp.
454,438
12,800
SGD
AEM
Holdings
Ltd.
82,342
960
Applied
Materials,
Inc.µ
487,363
4,300
TWD
Asia
Vital
Components
Co.
Ltd.
302,410
1,330
ASML
Holding
NVµ
2,166,570
925
TWD
ASPEED
Technology,
Inc.
403,990
1,099
CNY
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.
-
Class
A
58,023
4,048
Broadcom,
Inc.^
1,575,805
14,300
TWD
Delta
Electronics,
Inc.
703,526
2,960
TWD
Elite
Material
Co.
Ltd.
424,916
15,230
HKD
Hua
Hong
Grace
Semiconductor
Ltd.#*µ
248,204
4,000
CNY
Hygon
Information
Technology
Co.
Ltd.
-
Class
A
164,127
500
JPY
Ibiden
Co.
Ltd.
50,021
1,415
EUR
Indra
Sistemas
SAµ
93,031
12,435
Intel
Corp.#µ
1,121,637
2,410
EUR
Jenoptik
AGµ
104,416
700
JPY
Keyence
Corp.
351,111
1,800
Marvell
Technology,
Inc.µ
337,608
5,850
TWD
MediaTek,
Inc.
623,187
500
JPY
Micronics
Japan
Co.
Ltd.
40,771
NUMBER
OF
SHARES
b
b
VALUE
b
4,025
Microsoft
Corp.µ
$
1,870,498
9,050
CNY
Montage
Technology
Co.
Ltd.
-
Class
A
274,318
5,500
CNY
NAURA
Technology
Group
Co.
Ltd.
-
Class
A
558,761
430
EUR
Nemetschek
SEµ
28,984
31,380
NVIDIA
Corp.^
6,299,535
3,300
JPY
Optex
Group
Co.
Ltd.
70,601
2,380
Palo
Alto
Networks,
Inc.#µ
789,755
6,600
EUR
Profile
Systems
&
Software
SA
68,532
1,270
KRW
Samsung
Electro-Mechanics
Co.
Ltd.
970,466
33,275
KRW
Samsung
Electronics
Co.
Ltd.
5,791,673
1,530
EUR
SAP
SEµ
280,442
6,500
JPY
SHIFT,
Inc.#µ
36,523
270
KRW
SK
Hynix,
Inc.
306,627
182,240
TWD
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
13,479,425
700
CNY
Zhongji
Innolight
Co.
Ltd.
-
Class
A
93,216
42,506,586
Materials
(2.6%)
41,627
CAD
Alamos
Gold,
Inc.
-
Class
Aµ
1,156,891
2,250
ZAR
Anglogold
Ashanti
PLC
170,152
889
Ardagh
Holdings
SA#
5,638
19,190
Cemex
SAB
de
CV
(ADR)
226,826
18,570
CAD
Hudbay
Minerals,
Inc.µ
421,380
1,000
Linde
PLCµ
478,380
500
JPY
PILLAR
Corp.
28,901
5,782
Southern
Copper
Corp.µ
1,056,429
1,000
CAD
Torex
Gold
Resources,
Inc.µ
38,485
3,583,082
Real
Estate
(0.1%)
206,000
MYR
IOI
Properties
Group
Bhd.
191,022
Utilities
(0.2%)
88,000
INR
Adani
Power
Ltd.#
194,191
4,300
EUR
Italgas
SpAµ
44,359
238,550
TOTAL
COMMON
STOCKS
(Cost
$101,495,930)
119,498,626
CONVERTIBLE
PREFERRED
STOCKS
(9.8%)
Communication
Services
(4.9%)
133,200
Alphabet,
Inc.µ
6.250%,
05/15/29#
6,684,156
Industrials
(1.6%)
34,005
Boeing
Co.^
6.000%,
10/15/27#
2,271,874
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
Information
Technology
(0.4%)
7,700
Microchip
Technology,
Inc.^
7.500%,
03/15/28
$
494,956
Utilities
(2.9%)#
27,400
NextEra
Energy,
Inc.
7.375%,
02/15/29
1,306,980
26,700
PPL
Corp.^
7.000%,
02/15/29
1,254,366
29,840
Southern
Co.^
7.125%,
12/15/28
1,481,556
4,042,902
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$14,221,984)
13,493,888
EXCHANGE-TRADED
FUNDS
(3.4%)
Other
(3.4%)
28,015
Invesco
Senior
Loan
ETF
571,226
47,630
iShares
®
J.P.
Morgan
EM
Local
Currency
Bond
ETF
2,028,085
79,500
VanEck
J.
P.
Morgan
EM
Local
Currency
Bond
ETF^
2,024,865
4,624,176
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$4,608,793)
4,624,176
PREFERRED
STOCKS
(0.0%)
Communication
Services
(0.0%)
Telephone
&
Data
Systems,
Inc.
407
6.000%,
09/30/26
7,774
340
6.625%,
08/31/26
6,973
T-Mobile
USA,
Inc.µ
289
5.500%,
03/01/70
5,902
33
5.500%,
06/01/70
685
355
6.250%,
09/01/69
8,186
29,520
TOTAL
PREFERRED
STOCKS
(Cost
$29,737)
29,520
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
—
NUMBER
OF
SHARES
b
b
VALUE
b
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
(2.2%)#
Communication
Services
(0.1%)
74
789,876
Sea
Ltd.
Call,
09/18/26,
Strike
$100.00
98,235
6
299,964
Spotify
Technology
SA
Call,
08/21/26,
Strike
$500.00
16,845
6
299,964
Spotify
Technology
SA
Call,
08/21/26,
Strike
$550.00
6,270
121,350
Consumer
Discretionary
(0.0%)
6
1,126,770
MercadoLibre,
Inc.
Call,
08/21/26,
Strike
$1,850.00
65,940
Financials
(0.0%)
298
713,114
HDFC
Bank
Ltd.
Call,
10/16/26,
Strike
$27.50
9,685
Information
Technology
(0.4%)
127
3,923,157
Apple,
Inc.
Call,
11/20/26,
Strike
$275.00
553,402
25
292,875
Shopify,
Inc.
Call,
08/21/26,
Strike
$125.00
15,125
568,527
Materials
(0.0%)
44
803,924
Southern
Copper
Corp.
Call,
09/18/26,
Strike
$200.00
29,480
Other
(1.7%)
150
10,319,850
Invesco
QQQ
Trust
Series
1
Put,
12/31/26,
Strike
$650.00
382,200
161
11,076,639
Invesco
QQQ
Trust
Series
1
Put,
09/30/26,
Strike
$680.00
342,608
1,272
13,429,776
iShares
MSCI
EAFE
ETF
Put,
12/18/26,
Strike
$99.00
273,480
1,369
8,773,921
iShares
MSCI
Emerging
Markets
ETF
Put,
11/20/26,
Strike
$60.00
353,202
780
4,999,020
iShares
MSCI
Emerging
Markets
ETF
Put,
11/20/26,
Strike
$65.00
370,500
1,236
6,155,280
iShares
MSCI
India
ETF
Call,
09/18/26,
Strike
$52.00
40,170
1,119
3,188,031
KraneShares
CSI
China
Internet
ETF
Call,
09/18/26,
Strike
$27.00
243,383
569
1,103,860
Petroleo
Brasileiro
SA
-
Petrobras
Call,
09/18/26,
Strike
$17.00
143,957
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
152
11,354,856
SPDR
®
S&P
500
®
ETF
Trust
Put,
09/30/26,
Strike
$725.00
$
144,704
2,294,204
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$3,167,642)
3,089,186
TOTAL
INVESTMENTS
(143.5%)
(Cost
$178,933,728)
197,769,359
MANDATORY
REDEEMABLE
PREFERRED
SHARES,
AT
LIQUIDATION
VALUE
(-9.4%)
(
13,000,000
)
LIABILITIES,
LESS
OTHER
ASSETS
(-34.1%)
(
46,909,715
)
NET
ASSETS
(100.0%)
$
137,859,644
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
¡¡
As
of
July
31,
2026,
the
value
of
unfunded
loan
commitments
was
$14,170
for
the
Calamos
Global
Total
Return
Fund.
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$78,203,289.
§
Securities
exchangeable
or
convertible
into
securities
of
one
or
more
entities
that
are
different
than
the
issuer.
Each
entity
is
identified
in
the
parenthetical.
^
Security,
or
portion
of
security,
is
on
loan.
††
When-issued
security.
@
In
default
status
and
considered
non-income
producing.
#
Non-income
producing
security.
FOREIGN
CURRENCY
ABBREVIATIONS
AED
UAE
Dirham
CAD
Canadian
Dollar
CHF
Swiss
Franc
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
PLN
Polish
Zloty
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:
Value
for
securities
denominated
in
foreign
currencies
is
shown
in
U.S.
dollars.
The
principal
amount
for
such
securities
is
shown
in
the
respective
foreign
currency.
The
date
on
options
represents
the
expiration
date
of
the
option
contract.
The
option
contract
may
be
exercised
at
any
date
on
or
before
the
date
shown.
COUNTRY
EXPOSURE
July
31,
2026
VALUE
%
OF
TOTAL
INVESTMENTS
United
States
$
101,488,182
50
.8
%
Taiwan
16,374,510
8
.3
%
South
Korea
12,342,922
6
.2
%
Japan
11,916,012
6
.0
%
All
other
countries
less
than
5%
$
55,647,733
28
.7
%
Total
Investments
$197,769,359
100
.0
%
Country
exposure
may
vary
over
time.
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Global
Total
Return
Fund
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Bank
Loans
66
$
—
$
2,340,465
$
—
$
2,340,465
Convertible
Bonds
30
—
29,476,817
—
29,476,817
Corporate
Bonds
388
—
12,718,895
—
12,718,895
Sovereign
Bonds
12
—
10,400,983
—
10,400,983
U.S.
Government
and
Agency
Securities
2
—
2,096,802
—
2,096,802
Common
Stocks
184
59,132,602
60,366,024
—
119,498,626
Convertible
Preferred
Stocks
9
13,493,888
—
—
13,493,888
Exchange-Traded
Funds
3
4,624,176
—
—
4,624,176
Preferred
Stocks
5
29,520
—
—
29,520
Warrants
4
—
1
—
1
Exchange-Traded
Purchased
Options
17
3,089,186
—
—
3,089,186
Total
$
80,369,372
$
117,399,987
$
—
$
197,769,359
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
PRINCIPAL
AMOUNT
a
a
VALUE
a
ASSET
BACKED
SECURITY
(0.0%)
Other
(0.0%)
145,000
SVC
ABS
LLC
Series
2023-1A,
Class
C*
6.700%,
02/20/53
(Cost
$141,161)
$
143,485
BANK
LOANS
(4.0%)i
Communication
Services
(0.9%)
381,280
Altice
France
SA‡
2025
USD
Term
Loan
B14,
10.628%,
05/31/31
3
mo.
USD
Term
SOFR
+
6.875%
388,551
73,854
Audacy
Capital
Corp.‡
2024
Term
Loan
B,
9.845%,
10/01/29
1
mo.
USD
Term
SOFR
+
6.000%
63,606
6,482
Audacy
Capital
Corp.‡
2024
Term
Loan
A,
10.845%,
10/02/28
1
mo.
USD
Term
SOFR
+
7.000%
6,482
190,000
Cengage
Learning,
Inc.!
2026
Term
Loan
B,
0.000%,
03/24/31
188,858
88,424
Cincinnati
Bell,
Inc.‡
2025
Term
Loan
B4,
5.981%,
11/22/28
1
mo.
USD
Term
SOFR
+
2.250%
88,472
110,330
Clear
Channel
Outdoor
Holdings,
Inc.‡
2024
Term
Loan,
7.845%,
08/23/28
1
mo.
USD
Term
SOFR
+
4.000%
110,773
120,000
DirecTV
Financing
LLC!
2025
Term
Loan
B,
0.000%,
02/17/31
120,778
63,874
DirecTV
Financing
LLC‡
2026
Term
Loan
B,
8.323%,
08/02/29
3
mo.
USD
Term
SOFR
+
4.500%
64,344
86,824
DirecTV
Financing
LLC‡
2025
Term
Loan
B,
9.323%,
02/17/31
3
mo.
USD
Term
SOFR
+
5.500%
87,386
187,692
Discovery
Global
Holdings,
Inc.‡
2026
USD
Term
Loan
B,
6.231%,
06/03/33
1
mo.
USD
Term
SOFR
+
2.500%
188,064
178,000
Electronic
Arts,
Inc.!
Term
Loan
B,
0.000%,
03/24/33
179,302
203,564
iHeartCommunications,
Inc.‡
2024
Term
Loan,
9.620%,
05/01/29
1
mo.
USD
Term
SOFR
+
5.775%
189,250
185,000
Level
3
Financing,
Inc.‡
2026
Term
Loan
B,
6.481%,
03/29/32
1
mo.
USD
Term
SOFR
+
2.750%
185,886
PRINCIPAL
AMOUNT
a
a
VALUE
a
61,364
QTS
Thunder
Managing
Issuer
LLC!
Term
Loan
B,
0.000%,
07/22/33
$
60,597
28,636
QTS
Thunder
Managing
Issuer
LLC‡
Term
Loan
B,
6.025%,
07/22/33
3
mo.
USD
Term
SOFR
+
2.250%
28,278
111,668
TripAdvisor,
Inc.‡
Term
Loan,
6.481%,
07/08/31
1
mo.
USD
Term
SOFR
+
2.750%
108,109
250,000
Versant
Media
Group,
Inc.‡
Term
Loan
B,
7.232%,
01/30/31
3
mo.
USD
Term
SOFR
+
3.500%
251,962
109,437
ViaSat,
Inc.‡
2023
Term
Loan,
8.290%,
05/30/30
1
mo.
USD
Term
SOFR
+
4.500%
110,334
185,000
Virgin
Media
Bristol
LLC‡
2020
USD
Term
Loan
Q,
7.041%,
01/31/29
1
mo.
USD
Term
SOFR
+
3.250%
167,822
2,588,854
Consumer
Discretionary
(0.8%)
73,853
American
Axle
&
Manufacturing,
Inc.!
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
74,130
113,772
American
Axle
&
Manufacturing,
Inc.‡
2025
Incremental
Term
Loan
C,
6.915%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.250%
114,199
189,051
Beach
Acquisition
Bidco
LLC‡
USD
Term
Loan
B,
6.481%,
09/12/32
1
mo.
USD
Term
SOFR
+
2.750%
190,168
89,550
Boots
Group
Bidco
Ltd.‡
USD
Term
Loan,
6.920%,
08/30/32
3
mo.
USD
Term
SOFR
+
3.250%
89,979
109,935
Caesars
Entertainment,
Inc.‡
Term
Loan
B,
5.981%,
02/06/30
1
mo.
USD
Term
SOFR
+
2.250%
106,403
113,275
Chinos
Intermediate
Holdings
A,
Inc.‡
2024
Term
Loan
B,
9.823%,
09/26/31
3
mo.
USD
Term
SOFR
+
6.000%
94,139
149,250
Clarios
Global
LP‡
2026
USD
Term
Loan
B,
6.231%,
01/28/32
1
mo.
USD
Term
SOFR
+
2.500%
149,763
187,159
Life
Time
Fitness,
Inc.‡
2025
Term
Loan,
5.667%,
11/05/31
1
mo.
USD
Term
SOFR
+
2.000%
187,768
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
128,146
Peloton
Interactive,
Inc.‡
2024
Term
Loan
B,
9.231%,
05/30/29
1
mo.
USD
Term
SOFR
+
5.500%
$
128,787
182,044
PetSmart,
Inc.‡
2025
USD
Term
Loan
B,
7.724%,
08/18/32
1
mo.
USD
Term
SOFR
+
4.000%
182,704
15,000
Pioneer
Opco
LLC‡
Term
Loan
B,
6.999%,
05/16/33
1
mo.
USD
Term
SOFR
+
3.250%
15,106
175,950
Station
Casinos
LLC‡
2024
Term
Loan
B,
5.731%,
03/14/31
1
mo.
USD
Term
SOFR
+
2.000%
176,358
175,000
Stonepeak
Motion
Finco
LLC!
Term
Loan
B,
0.000%,
06/24/33
175,319
110,742
United
Airlines,
Inc.‡
2026
Term
Loan
B,
5.481%,
02/22/31
1
mo.
USD
Term
SOFR
+
1.750%
110,659
189,050
Voyager
Parent
LLC‡
Repriced
Term
Loan
B,
7.982%,
07/01/32
3
mo.
USD
Term
SOFR
+
4.250%
189,557
189,525
Weber-Stephen
Products
LLC‡
2025
Term
Loan
B,
7.475%,
10/01/32
3
mo.
USD
Term
SOFR
+
3.750%
188,311
180,298
Windsor
Holdings
III
LLC‡
2025
USD
Term
Loan
B,
6.481%,
08/01/30
1
mo.
USD
Term
SOFR
+
2.750%
180,906
2,354,256
Consumer
Staples
(0.7%)
340,579
Amneal
Pharmaceuticals
LLC‡
2026
Term
Loan,
6.731%,
08/01/32
1
mo.
USD
Term
SOFR
+
3.000%
342,122
99,000
Avis
Budget
Car
Rental
LLC‡
2025
Term
Loan
B,
6.231%,
07/16/32
1
mo.
USD
Term
SOFR
+
2.500%
98,257
208,602
Bausch
&
Lomb
Corp.‡
2025
Repriced
Term
Loan,
7.481%,
01/15/31
1
mo.
USD
Term
SOFR
+
3.750%
209,540
270,618
Bausch
Health
Cos.,
Inc.‡
2025
Term
Loan
B,
9.981%,
10/08/30
1
mo.
USD
Term
SOFR
+
6.250%
263,237
45,000
Charlotte
Buyer,
Inc.!
2026
Term
Loan
B,
0.000%,
06/30/31
45,111
PRINCIPAL
AMOUNT
a
a
VALUE
a
190,000
McKesson
Medical-Surgical
Top
Holdings,
Inc.‡
Term
Loan
B,
5.982%,
06/09/32
3
mo.
USD
Term
SOFR
+
2.250%
$
190,416
16,804
MPH
Acquisition
Holdings
LLC‡
2025
Exchange
1st
Out
Term
Loan,
7.573%,
12/31/30
3
mo.
USD
Term
SOFR
+
3.750%
16,851
183,615
Opal
Bidco
SAS‡
2026
USD
Term
Loan
B,
6.232%,
04/28/32
3
mo.
USD
Term
SOFR
+
2.500%
184,156
15,000
Prestige
Brands,
Inc.‡
2026
Term
Loan
B,
5.731%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.000%
15,061
256,147
Star
Parent,
Inc.‡
Term
Loan
B,
7.232%,
09/27/30
3
mo.
USD
Term
SOFR
+
3.500%
257,392
188,105
Team
Health
Holdings,
Inc.‡
2026
Repriced
Term
Loan
B,
7.823%,
06/30/28
3
mo.
USD
Term
SOFR
+
4.000%
188,670
90,000
TreeHouse
Foods,
Inc.‡
2026
Term
Loan
B,
7.981%,
02/11/33
1
mo.
USD
Term
SOFR
+
4.250%
90,404
84,631
United
Natural
Foods,
Inc.‡
2026
Term
Loan
B,
7.731%,
05/01/31
1
mo.
USD
Term
SOFR
+
4.000%
85,557
1,986,774
Financials
(0.4%)
132,322
Amynta
Agency
Borrower,
Inc.‡
2026
Repriced
Term
Loan
B,
6.231%,
12/29/31
1
mo.
USD
Term
SOFR
+
2.500%
131,760
117,641
Broadstreet
Partners,
Inc.‡
2024
Term
Loan
B4,
6.231%,
06/13/31
1
mo.
USD
Term
SOFR
+
2.500%
115,866
105,000
Cushman
&
Wakefield
U.S.
Borrower
LLC‡
2026
Term
Loan
B,
5.981%,
06/13/33
1
mo.
USD
Term
SOFR
+
2.250%
105,175
236,400
Dragon
Buyer,
Inc.‡
Term
Loan
B,
6.482%,
09/30/31
3
mo.
USD
Term
SOFR
+
2.750%
189,317
136,500
Iron
Mountain,
Inc.‡
2023
Term
Loan
B,
5.731%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.000%
136,432
137,540
Jazz
Financing
Lux
SARL‡
2024
1st
Lien
Term
Loan
B2,
5.981%,
05/05/28
1
mo.
USD
Term
SOFR
+
2.250%
138,069
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
190,000
Jupiter
Borrower,
Inc.‡
Term
Loan
B,
6.504%,
06/30/33
3
mo.
USD
Term
SOFR
+
2.750%
$
191,385
40,000
Lockton,
Inc.‡
Term
Loan
B,
5.823%,
05/09/33
3
mo.
USD
Term
SOFR
+
2.000%
40,050
179,550
Osaic
Holdings,
Inc.‡
2026
Term
Loan
B,
6.232%,
07/30/32
3
mo.
USD
Term
SOFR
+
2.500%
178,676
1,226,730
Health
Care
(0.1%)
202,550
Padagis
LLC‡
Term
Loan
B,
8.742%,
07/06/28
3
mo.
USD
Term
SOFR
+
4.750%
194,954
Industrials
(0.6%)
12,053
ACProducts,
Inc.‡
2026
First
Lien
First
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
12,372
168,516
ACProducts,
Inc.‡
2026
First
Lien
Second
Out
Term
Loan,
9.232%,
11/14/31
3
mo.
USD
Term
SOFR
+
5.500%
144,503
188,575
Blackfin
Pipeline
LLC‡
Term
Loan
B,
6.750%,
09/29/32
1
mo.
USD
Term
SOFR
+
3.000%
189,126
183,374
Chamberlain
Group,
Inc.‡
2025
Term
Loan
B,
6.731%,
09/08/32
1
mo.
USD
Term
SOFR
+
3.000%
183,832
118,871
Columbus
McKinnon
Corp.‡
2026
Term
Loan
B,
7.232%,
02/03/33
3
mo.
USD
Term
SOFR
+
3.500%
119,292
251,470
EMRLD
Borrower
LP‡
2024
Term
Loan
B,
6.073%,
08/04/31
3
mo.
USD
Term
SOFR
+
2.250%
251,759
179,579
MI
Windows
&
Doors
LLC‡
2024
Term
Loan
B2,
6.481%,
03/28/31
1
mo.
USD
Term
SOFR
+
2.750%
177,446
182,688
Quikrete
Holdings,
Inc.‡
2025
Term
Loan
B,
5.981%,
02/10/32
1
mo.
USD
Term
SOFR
+
2.250%
183,030
371,959
TransDigm,
Inc.‡
2023
Term
Loan
J,
6.231%,
02/28/31
1
mo.
USD
Term
SOFR
+
2.500%
372,865
PRINCIPAL
AMOUNT
a
a
VALUE
a
94,763
TransDigm,
Inc.‡
2026
Term
Loan
N,
6.231%,
02/13/33
1
mo.
USD
Term
SOFR
+
2.500%
$
94,968
175,000
Worthington
Steel,
Inc.‡
Term
Loan
B,
7.731%,
06/01/33
1
mo.
USD
Term
SOFR
+
4.000%
175,897
1,905,090
Information
Technology
(0.3%)
237,569
Boxer
Parent
Co.,
Inc.‡
2025
USD
Term
Loan
B,
6.416%,
07/30/31
3
mo.
USD
Term
SOFR
+
2.750%
216,980
147,600
Camelot
U.S.
Acquisition
LLC‡
2024
Term
Loan
B,
6.481%,
01/31/31
1
mo.
USD
Term
SOFR
+
2.750%
138,076
90,000
Cloud
Software
Group,
Inc.!
2025
Term
Loan
B
(2032),
0.000%,
08/13/32
80,862
30,000
CoreWeave
Financing
DDTL
V
LLC
1st
Lien
Delayed
Draw
Term
Loan,
0.000%,
09/30/31
30,112
125,000
CoreWeave
Financing
DDTL
V
LLC!
Delayed
Draw
Term
Loan,
0.000%,
11/17/31
125,079
53,813
CoreWeave
Financing
DDTL
V
LLC¡¡‡
Delayed
Draw
Term
Loan,
0.500%,
11/17/31
53,846
7,447
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.120%,
11/17/31
1
mo.
USD
Term
SOFR
+
4.500%
7,451
33,740
CoreWeave
Financing
DDTL
V
LLC‡
Delayed
Draw
Term
Loan,
8.140%,
11/17/31
33,762
176,893
Rocket
Software,
Inc.‡
2023
USD
Term
Loan
B,
7.481%,
11/28/28
1
mo.
USD
Term
SOFR
+
3.750%
170,758
141,012
SS&C
Technologies,
Inc.‡
2024
Term
Loan
B8,
5.731%,
05/09/31
1
mo.
USD
Term
SOFR
+
2.000%
141,030
997,956
Materials
(0.1%)
45,000
BASF
Coatings‡
USD
Term
Loan
B,
7.244%,
06/29/33
3
mo.
USD
Term
SOFR
+
3.500%
45,253
89,550
Chemours
Co.‡
2025
USD
Term
Loan
B,
7.231%,
10/15/32
1
mo.
USD
Term
SOFR
+
3.500%
89,466
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
90,000
Ineos
Finance
PLC‡
2026
USD
Term
Loan,
8.731%,
06/25/32
1
mo.
USD
Term
SOFR
+
5.000%
$
83,700
104,109
Ineos
U.S.
Finance
LLC‡
2023
USD
Term
Loan
B,
6.981%,
02/18/30
1
mo.
USD
Term
SOFR
+
3.250%
98,937
131,445
Trinseo
Materials
Operating
SCA‡
2021
Term
Loan
B2,
6.258%,
05/03/28
1
mo.
USD
Term
SOFR
+
2.500%
8,544
325,900
Other
(0.1%)
283,196
Connect
Finco
SARL‡
2024
Extended
Term
Loan
B,
8.231%,
09/27/29
1
mo.
USD
Term
SOFR
+
4.500%
284,914
Special
Purpose
Acquisition
Companies
(0.0%)
135,000
Sword
Purchaser
LLC‡
USD
Term
Loan
B,
7.731%,
04/11/33
1
mo.
USD
Term
SOFR
+
4.000%
130,396
TOTAL
BANK
LOANS
(Cost
$12,253,591)
11,995,824
CORPORATE
BONDS
(34.7%)
Airlines
(0.2%)
127,995
Alaska
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A*µ
4.800%,
02/15/29
127,974
American
Airlines
Pass-Through
Trust
120,000
Series
B,
Class
B,
5.750%,
11/10/36
117,940
143,360
Series
B,
Class
B,
3.950%,
01/11/32
135,571
123,542
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B*
3.900%,
03/15/33
118,501
JetBlue
Pass-Through
Trust
26,897
Series
2019,
Class
B,
8.000%,
05/15/29
26,283
127,415
Series
1B,
Class
B,
7.750%,
05/15/30
127,991
654,260
Communication
Services
(2.4%)
135,000
AMC
Global
Media,
Inc.µ
4.250%,
02/15/29
119,251
135,000
APLD
ComputeCo
3
LLC*
7.000%,
06/15/31
131,898
95,000
Arches
Buyer,
Inc.*††
9.000%,
08/15/31
95,524
PRINCIPAL
AMOUNT
a
a
VALUE
a
380,000
Bell
Telephone
Co.
of
Canada
or
Bell
Canada‡
7.000%,
09/15/55
,
5
yr.
CMT
+
2.363%
$
383,162
Clear
Channel
Outdoor
Holdings,
Inc.*
90,000
7.875%,
04/01/30
93,555
105,000
7.500%,
03/15/33
110,309
CSC
Holdings
LLC*
200,000
4.625%,
12/01/30
42,918
350,000
4.500%,
11/15/31
198,898
71,000
DirecTV
Financing
LLC*µ
8.875%,
02/01/30
72,431
65,000
DirecTV
Financing
LLC/DirecTV
Financing
Co-Obligor,
Inc.*µ
10.000%,
02/15/31
67,985
Discovery
Global
Holdings,
Inc.
90,000
5.050%,
03/15/42
62,957
45,000
4.279%,
03/15/32
40,000
95,000
EW
Scripps
Co.*µ
9.875%,
08/15/30
83,103
165,000
Go
Daddy
Operating
Co.
LLC/GD
Finance
Co.,
Inc.*~
3.500%,
03/01/29
155,079
Gray
Media,
Inc.*µ
95,000
7.250%,
08/15/33
93,988
100,000
5.375%,
11/15/31
74,063
185,000
Hughes
Satellite
Systems
Corp.^
5.250%,
08/01/26
135,566
45,000
iHeartCommunications,
Inc.*µ
7.750%,
08/15/30
39,503
48,000
Level
3
Financing,
Inc.*
7.000%,
03/31/34
48,887
113,000
Lumen
Technologies,
Inc.
Series
Pµ
7.600%,
09/15/39
104,833
235,000
McGraw-Hill
Education,
Inc.*µ
8.000%,
08/01/29
233,430
95,000
Neptune
Bidco
U.S.,
Inc.*µ
9.290%,
04/15/29
96,863
Paramount
Global~
291,000
6.375%,
03/30/62‡
,
5
yr.
CMT
+
3.999%
240,995
180,000
4.900%,
08/15/44
112,280
140,000
PR
RNO
Property
Owner
1
LLC*
6.500%,
05/01/31
131,789
584,300
Qwest
Corp.µ
6.500%,
09/01/51
439,405
Rogers
Communications,
Inc.‡
300,000
7.125%,
04/15/55
,
5
yr.
CMT
+
2.620%
301,557
285,000
7.000%,
04/15/55
,
5
yr.
CMT
+
2.653%
286,770
320,000
5.250%,
03/15/82*~
,
5
yr.
CMT
+
3.590%
318,710
Scripps
Escrow
II,
Inc.*
48,000
5.375%,
01/15/31
28,186
95,000
3.875%,
01/15/29
86,872
170,000
Sinclair
Television
Group,
Inc.*
8.125%,
02/15/33
175,330
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
Sirius
XM
Radio
LLC*
90,000
5.875%,
04/15/32
$
88,415
233,000
3.875%,
09/01/31^~
210,457
135,000
Stingray
Compute
LLC*
6.000%,
06/15/31
132,026
93,000
SV
RNO
Property
Owner
1
LLC*
5.875%,
03/01/31
86,528
TELUS
Corp.‡
170,000
7.000%,
10/15/55
,
5
yr.
CMT
+
2.709%
171,486
430,000
6.625%,
10/15/55
,
5
yr.
CMT
+
2.769%
429,127
Time
Warner
Cable
LLC
70,000
7.300%,
07/01/38~
69,304
100,000
6.550%,
05/01/37
95,075
185,000
Uniti
Group
LP/Uniti
Group
Finance
2019,
Inc./CSL
Capital
LLC*µ
6.500%,
02/15/29
182,650
95,000
Univision
Communications,
Inc.*
8.500%,
07/31/31
94,920
Verizon
Communications,
Inc.µ‡
410,000
6.200%,
05/14/56
,
5
yr.
CMT
+
2.042%
401,214
275,000
6.050%,
05/14/58
,
5
yr.
CMT
+
1.813%
270,693
90,000
Viasat,
Inc.*µ
7.500%,
05/30/31
90,116
265,000
Vodafone
Group
PLC~‡
7.000%,
04/04/79
,
5
yr.
USD
Swap
+
4.873%
272,134
7,200,242
Consumer
Discretionary
(4.5%)
90,000
Academy
Ltd.*
5.875%,
05/15/31
89,166
280,000
Adams
Homes,
Inc.*µ
9.250%,
10/15/28
288,585
Adient
Global
Holdings
Ltd.*µ
155,000
8.250%,
04/15/31
161,401
95,000
7.500%,
02/15/33
98,174
Advance
Auto
Parts,
Inc.*
48,000
7.375%,
08/01/33
49,575
85,000
7.000%,
08/01/30
87,167
190,000
Allegiant
Travel
Co.*
7.125%,
07/01/31
192,829
140,000
American
Axle
&
Manufacturing,
Inc.*
7.750%,
10/15/33
137,883
500,000
Aptiv
Swiss
Holdings
Ltd.‡
6.875%,
12/15/54
,
5
yr.
CMT
+
3.385%
507,730
Ashton
Woods
USA
LLC/Ashton
Woods
Finance
Co.*
95,000
6.875%,
08/01/33
94,926
167,000
4.625%,
08/01/29
160,646
Bath
&
Body
Works,
Inc.
25,000
7.500%,
06/15/29
25,350
100,000
6.875%,
11/01/35^
101,166
125,000
6.625%,
10/01/30*
127,144
PRINCIPAL
AMOUNT
a
a
VALUE
a
100,000
Beach
Acquisition
Bidco
LLC*µ
10.000%,
07/15/33
$
107,438
200,000
Brightstar
Lottery
PLC/Brightstar
Global
Solutions
Corp.*
5.750%,
01/15/33
193,002
118,000
Caesars
Entertainment,
Inc.*~
4.625%,
10/15/29
112,416
CCO
Holdings
LLC/CCO
Holdings
Capital
Corp.*
190,000
7.000%,
02/01/33
182,168
57,000
5.125%,
05/01/27
56,915
185,000
4.750%,
03/01/30
173,005
96,000
4.750%,
02/01/32~
83,969
190,000
4.500%,
08/15/30
173,569
186,000
4.250%,
02/01/31~
164,781
240,000
4.250%,
01/15/34^
196,488
190,000
Century
Communities,
Inc.*
6.625%,
09/15/33
190,866
Churchill
Downs,
Inc.*
92,000
6.750%,
05/01/31
93,397
96,000
5.750%,
04/01/30~
95,864
98,000
Clarios
Global
LP/Clarios
U.S.
Finance
Co.*µ
6.750%,
09/15/32
99,361
290,000
Cyprium
Corp./Cyprium
Holdings
Luxembourg
SARL*^
6.375%,
04/15/34
286,546
102,000
Dana,
Inc.
4.500%,
02/15/32
101,833
DISH
DBS
Corp.@
307,000
0.000%,
07/01/28
294,741
75,000
0.000%,
12/01/28*
72,415
88,000
0.000%,
06/01/29
79,803
190,000
Dorman
Products,
Inc.*
6.250%,
06/15/34
190,980
200,000
Flutter
Treasury
DAC*
5.875%,
06/04/31
197,982
190,000
Ford
Motor
Co.
6.100%,
08/19/32
192,280
Ford
Motor
Credit
Co.
LLC~
235,000
7.200%,
06/10/30
246,045
300,000
4.000%,
11/13/30
280,218
90,000
General
Motors
Co.~
5.200%,
04/01/45
76,929
General
Motors
Financial
Co.,
Inc.‡
293,000
Series
B,
6.500%,
09/30/28
,
3
mo.
USD
LIBOR
+
3.436%
292,780
615,000
Series
C,
5.700%,
09/30/30~
,
5
yr.
CMT
+
4.997%
605,523
goeasy
Ltd.*
116,000
7.625%,
07/01/29
110,504
190,000
6.875%,
02/15/31
169,828
Goodyear
Tire
&
Rubber
Co.
272,000
5.625%,
04/30/33
237,461
100,000
5.250%,
07/15/31^
88,945
Group
1
Automotive,
Inc.*
115,000
6.375%,
01/15/30
115,766
79,000
4.000%,
08/15/28~
76,293
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
358,709
Guitar
Center,
Inc.‡
12.000%,
08/19/32
$
107,613
91,000
Kohl's
Corp.
5.550%,
07/17/45
62,724
190,000
Liberty
Interactive
LLC@
0.000%,
02/01/30
11,788
190,000
Life
Time,
Inc.*
6.000%,
11/15/31
191,820
173,000
Light
&
Wonder
International,
Inc.*
6.250%,
10/01/33
170,149
185,000
Lindblad
Expeditions
LLC*µ
7.000%,
09/15/30
190,445
90,000
Lithia
Motors,
Inc.*
5.500%,
10/01/30
89,021
125,000
M/I
Homes,
Inc.
3.950%,
02/15/30
117,883
Macy's
Retail
Holdings
LLC
135,000
6.700%,
07/15/34*
131,031
230,000
4.300%,
02/15/43
164,461
170,000
MGM
Resorts
International^
6.500%,
04/15/32
169,043
242,000
Midwest
Gaming
Borrower
LLC/
Midwest
Gaming
Finance
Corp.*~
4.875%,
05/01/29
235,188
139,000
Mohegan
Tribal
Gaming
Authority/
MS
Digital
Entertainment
Holdings
LLC*µ
8.250%,
04/15/30
144,657
NCL
Corp.
Ltd.*
95,000
6.750%,
02/01/32
93,216
107,000
6.250%,
09/15/33
101,807
90,000
5.875%,
01/15/31
86,199
Newell
Brands,
Inc.µ
95,000
8.500%,
06/01/28*
99,256
95,000
6.625%,
05/15/32^
96,122
90,000
6.375%,
05/15/30
90,979
190,000
Nissan
Motor
Acceptance
Co.
LLC*
6.125%,
09/30/30
185,619
Patrick
Industries,
Inc.*
95,000
6.375%,
11/01/32
93,876
170,000
4.750%,
05/01/29
166,430
Penn
Entertainment,
Inc.*
190,000
6.750%,
04/01/31
190,709
110,000
4.125%,
07/01/29
104,932
120,000
Pioneer
Opco
LLC*
7.000%,
05/15/33
121,487
95,000
QVC,
Inc.@
0.000%,
08/15/34
47,651
20,067
Rite
Aid
Corp.
0.000%,
08/30/34
—
190,000
Rivers
Enterprise
Borrower
LLC*µ
6.250%,
10/15/30
191,037
190,000
Rivers
Enterprise
Borrower
LLC/
Rivers
Enterprise
Finance
Corp.*
6.625%,
02/01/33
191,281
105,000
Saks
Global
Enterprises
LLC*@
0.000%,
12/15/29
245
180,000
Six
Flags
Entertainment
Corp.*µ
7.250%,
05/15/31
176,612
PRINCIPAL
AMOUNT
a
a
VALUE
a
115,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./Magnum
Management
Corp.µ
5.250%,
07/15/29
$
110,618
190,000
Six
Flags
Entertainment
Corp./
Canada's
Wonderland
Co./
Millennium
Operations
LLC*µ
8.625%,
01/15/32
192,269
141,000
Speedway
Motorsports
LLC/
Speedway
Funding
II,
Inc.*µ
4.875%,
11/01/27
140,337
140,000
Staples,
Inc.*µ
10.750%,
09/01/29
134,123
300,000
Starz
Capital
Holdings
1,
Inc.*µ
6.000%,
04/15/30
289,959
185,000
STL
Holding
Co.
LLC*µ
8.750%,
02/15/29
191,826
119,000
Taylor
Morrison
Communities,
Inc.*
5.750%,
11/15/32
121,962
45,000
Viking
Cruises
Ltd.*
9.125%,
07/15/31
47,165
90,000
Voyager
Parent
LLC*µ
9.250%,
07/01/32
95,707
Whirlpool
Corp.
60,000
7.875%,
07/01/34*
56,942
60,000
7.500%,
07/01/31*
59,672
190,000
6.500%,
06/15/33^
161,080
90,000
William
Carter
Co.*
7.375%,
02/15/31
92,458
180,000
ZF
North
America
Capital,
Inc.*
7.500%,
03/24/31
181,174
13,460,426
Consumer
Staples
(1.6%)
179,000
Albertsons
Cos.,
Inc./Safeway,
Inc./
New
Albertsons
LP/Albertsons
LLC*
5.750%,
03/31/34
166,594
90,000
Amneal
Pharmaceuticals
LLC*
6.875%,
08/01/32
92,758
225,000
APi
Group
DE,
Inc.*µ
4.750%,
10/15/29
220,021
172,000
Avis
Budget
Car
Rental
LLC/Avis
Budget
Finance,
Inc.*
8.375%,
06/15/32
171,575
200,000
BioMarin
Pharmaceutical,
Inc.*
5.500%,
02/15/34
195,244
92,000
Brink's
Co.*
6.750%,
06/15/32
93,805
218,000
Central
Garden
&
Pet
Co.*
4.125%,
04/30/31
203,634
70,000
Charlotte
Buyer,
Inc.*µ
8.000%,
06/30/31
70,815
740,000
Dentsply
Sirona,
Inc.‡
8.375%,
09/12/55
,
5
yr.
CMT
+
4.379%
737,906
213,000
Edgewell
Personal
Care
Co.*~
4.125%,
04/01/29
205,226
Energizer
Holdings,
Inc.*
95,000
6.000%,
09/15/33
90,331
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
218,000
4.375%,
03/31/29
$
210,259
190,000
KeHE
Distributors
LLC/KeHE
Finance
Corp./NextWave
Distribution,
Inc.*
7.125%,
04/30/33
193,298
655,000
Land
O'
Lakes,
Inc.*
7.000%,
09/18/28
567,512
MPH
Acquisition
Holdings
LLC*
163,988
6.750%,
03/31/31
98,836
78,641
5.750%,
12/31/30
60,621
190,000
Performance
Food
Group,
Inc.*
5.625%,
03/01/34
184,431
Post
Holdings,
Inc.*
162,000
6.375%,
03/01/33
159,706
187,000
6.250%,
02/15/32~
188,253
Prestige
Brands,
Inc.*
50,000
6.250%,
07/15/34
50,167
182,000
3.750%,
04/01/31~
167,103
RR
Donnelley
&
Sons
Co.*µ
65,000
10.875%,
08/01/29
66,343
260,000
9.500%,
08/01/29
269,812
Synergy
Infrastructure
Holdings
LLC*µ
95,000
7.875%,
12/01/30
99,428
50,000
7.000%,
07/15/34
50,470
109,000
United
Natural
Foods,
Inc.*
6.750%,
10/15/28
109,166
143,000
United
Rentals
North
America,
Inc.*
5.375%,
11/15/33
139,323
4,862,637
Energy
(4.9%)
178,000
Archrock
Services
LP/Archrock
Partners
Finance
Corp.*
6.000%,
02/01/34
174,390
Ascent
Resources
Utica
Holdings
LLC/ARU
Finance
Corp.*
190,000
6.625%,
10/15/32
191,379
145,000
6.625%,
07/15/33
145,690
Buckeye
Partners
LP
70,000
6.875%,
07/01/29*
71,663
140,000
6.750%,
02/01/30*
143,739
75,000
5.850%,
11/15/43
67,115
190,000
CNX
Resources
Corp.*
5.875%,
03/01/34
184,384
215,000
Continental
Resources,
Inc.µ
4.900%,
06/01/44
171,273
140,000
Crescent
Energy
Finance
LLC*
7.375%,
01/15/33
140,729
Enbridge,
Inc.‡
137,000
7.375%,
03/15/55
,
5
yr.
CMT
+
3.122%
142,928
599,000
7.375%,
01/15/83~
,
5
yr.
CMT
+
3.708%
611,399
347,000
7.200%,
06/27/54
,
5
yr.
CMT
+
2.970%
365,398
820,000
Series
20-A,
5.750%,
07/15/80~
,
5
yr.
CMT
+
5.314%
819,000
Energy
Transfer
LP‡
345,000
8.000%,
05/15/54
,
5
yr.
CMT
+
4.020%
362,164
PRINCIPAL
AMOUNT
a
a
VALUE
a
370,000
7.125%,
10/01/54
,
5
yr.
CMT
+
2.829%
$
377,877
125,000
7.090%,
11/01/66~
,
3
mo.
USD
Term
SOFR
+
3.279%
124,393
195,000
6.700%,
01/15/57
,
5
yr.
CMT
+
2.219%
192,307
195,000
6.550%,
01/15/57
,
5
yr.
CMT
+
2.336%
192,555
137,000
Series
H,
6.500%,
08/17/26~
,
5
yr.
CMT
+
5.694%
137,137
Enterprise
Products
Operating
LLCµ‡
185,000
Series
D,
6.897%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.248%
185,128
135,000
Series
E,
5.250%,
08/16/77
,
3
mo.
USD
Term
SOFR
+
3.295%
134,610
Genesis
Energy
LP/Genesis
Energy
Finance
Corp.µ
131,000
8.875%,
04/15/30
136,841
95,000
8.000%,
05/15/33
98,889
Hilcorp
Energy
I
LP/Hilcorp
Finance
Co.*
135,000
6.875%,
05/15/34
132,247
135,000
6.250%,
04/15/32
131,391
185,000
Howard
Midstream
Energy
Partners
LLC*µ
7.375%,
07/15/32
191,560
280,000
Infinity
Natural
Resources
LLC*
7.625%,
04/01/31
280,294
Magnolia
Oil
&
Gas
Operating
LLC/
Magnolia
Oil
&
Gas
Finance
Corp.*
190,000
6.875%,
12/01/32
193,631
90,000
6.625%,
08/15/34††
90,083
180,000
Matador
Resources
Co.*
6.500%,
04/15/32
180,054
250,000
Nabors
Industries,
Inc.*
7.625%,
11/15/32
255,160
190,000
Oceaneering
International,
Inc.*
6.875%,
07/15/34
194,497
190,000
Par
Petroleum
LLC*
7.375%,
06/01/34
196,810
Phillips
66
Co.µ‡
325,000
Series
B,
6.200%,
03/15/56
,
5
yr.
CMT
+
2.166%
323,700
475,000
Series
A,
5.875%,
03/15/56
,
5
yr.
CMT
+
2.283%
469,234
750,000
Plains
All
American
Pipeline
LP
Series
B‡
8.023%,
08/30/26
,
3
mo.
USD
Term
SOFR
+
4.372%
750,705
200,000
Seadrill
Finance
Ltd.*
6.750%,
07/15/34
192,858
South
Bow
Canadian
Infrastructure
Holdings
Ltd.‡
486,000
7.625%,
03/01/55
,
5
yr.
CMT
+
3.949%
505,479
190,000
7.500%,
03/01/55
,
5
yr.
CMT
+
3.667%
200,560
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
256,000
Summit
Midstream
Holdings
LLC*µ
8.625%,
10/31/29
$
265,830
Sunoco
LP*
610,000
7.875%,
09/18/30‡
,
5
yr.
CMT
+
4.230%
626,604
285,000
6.625%,
08/15/32
288,158
190,000
6.250%,
07/01/33
190,646
190,000
Tallgrass
Energy
Partners
LP/
Tallgrass
Energy
Finance
Corp.*
6.750%,
03/15/34
191,322
180,000
TGNR
Intermediate
Holdings
LLC*µ
5.500%,
10/15/29
176,528
TransCanada
PipeLines
Ltd.µ‡
380,000
6.375%,
10/17/56
,
5
yr.
CMT
+
2.117%
380,334
277,000
6.125%,
10/17/56
,
5
yr.
CMT
+
2.250%
276,970
263,000
Transocean
International
Ltd.*
7.875%,
10/15/32
274,138
Venture
Global
LNG,
Inc.*
90,000
9.875%,
02/01/32~
95,860
90,000
9.500%,
02/01/29~
96,512
923,000
9.000%,
09/30/29‡
,
5
yr.
CMT
+
5.440%
917,896
230,000
8.375%,
06/01/31~
237,880
100,000
7.000%,
01/15/30
101,665
50,000
6.625%,
06/15/36
49,058
95,000
6.375%,
12/15/34
92,604
Venture
Global
Plaquemines
LNG
LLC*
190,000
6.500%,
01/15/34
196,253
135,000
6.500%,
06/15/34
139,409
48,000
6.125%,
12/15/30
48,780
145,000
VOC
Escrow
Ltd.*µ
5.000%,
02/15/28
144,627
275,000
WBI
Operating
LLC*
6.500%,
10/15/33
274,555
190,000
Weatherford
International
Ltd.*
6.750%,
10/15/33
192,457
14,717,337
Financials
(12.0%)
Acrisure
LLC/Acrisure
Finance,
Inc.*
150,000
8.250%,
02/01/29~
143,918
145,000
6.750%,
07/01/32
133,541
AerCap
Ireland
Capital
DAC/
AerCap
Global
Aviation
Trustµ‡
300,000
6.950%,
03/10/55
,
5
yr.
CMT
+
2.720%
307,416
480,000
6.500%,
01/31/56
,
5
yr.
CMT
+
2.441%
482,544
Alliant
Holdings
Intermediate
LLC/
Alliant
Holdings
Co-Issuer*µ
285,000
7.375%,
10/01/32
287,269
190,000
6.500%,
10/01/31
190,158
400,000
Allianz
SE*µ‡
5.600%,
09/03/54
,
5
yr.
CMT
+
2.771%
395,804
PRINCIPAL
AMOUNT
a
a
VALUE
a
242,000
Allstate
Corp.
Series
B‡
6.851%,
08/15/53
,
3
mo.
USD
Term
SOFR
+
3.200%
$
242,448
Ally
Financial,
Inc.‡
1,130,000
Series
D,
7.100%,
08/15/31
,
5
yr.
CMT
+
3.148%
1,135,650
680,000
Series
C,
4.700%,
05/15/28^
,
7
yr.
CMT
+
3.481%
657,009
335,000
American
Express
Co.
Series
Dµ‡
3.550%,
09/15/26
,
5
yr.
CMT
+
2.854%
334,049
95,000
Amynta
Agency
Borrower,
Inc.
&
Amynta
Warranty
Borrower,
Inc.*µ
7.500%,
07/15/33
92,926
1,263,000
ARES
Finance
Co.
III
LLC*µ‡
7.357%,
06/30/51
,
5
yr.
CMT
+
3.237%
1,264,958
Asurion
LLC/Asurion
Co-Issuer,
Inc.*
175,000
8.375%,
02/01/34
159,689
150,000
8.000%,
12/31/32
151,893
694,000
AXIS
Specialty
Finance
LLCµ‡
4.900%,
01/15/40
,
5
yr.
CMT
+
3.186%
679,593
190,000
Azorra
Finance
Ltd.*µ
7.250%,
01/15/31
195,854
270,000
Baldwin
Insurance
Group
Holdings
LLC/Baldwin
Insurance
Group
Holdings
Finance*µ
7.125%,
05/15/31
272,732
Bank
of
America
Corp.µ‡
675,000
Series
OO,
6.625%,
05/01/30
,
5
yr.
CMT
+
2.684%
689,452
542,000
Series
TT,
6.125%,
04/27/27
,
5
yr.
CMT
+
3.231%
545,312
335,000
Bank
of
New
York
Mellon
Corp.
Series
Nµ‡
6.150%,
09/20/31
,
5
yr.
CMT
+
1.868%
332,290
150,000
Beacon
Funding
Trust*
6.266%,
08/15/54
146,115
190,000
Blackstone
Mortgage
Trust,
Inc.*
6.250%,
06/01/31
182,164
480,000
BP
Capital
Markets
PLCµ‡
4.875%,
03/22/30
,
5
yr.
CMT
+
4.398%
469,310
Brandywine
Operating
Partnership
LP
92,000
8.875%,
04/12/29
96,736
186,000
6.125%,
01/15/31
178,718
237,000
Bread
Financial
Holdings,
Inc.*‡
8.375%,
06/15/35
,
5
yr.
CMT
+
4.300%
245,295
330,000
Broadstreet
Partners
Group
LLC*µ
5.875%,
04/15/29
323,796
140,000
Brookfield
Property
REIT,
Inc./BPR
Cumulus
LLC/BPR
Nimbus
LLC/
GGSI
Sellco
LLC*µ
4.500%,
04/01/27
138,251
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
200,000
Burford
Capital
Global
Finance
LLC*^
7.500%,
07/15/33
$
168,856
Capital
One
Financial
Corp.‡
505,000
Series
O,
5.500%,
10/30/27
,
3
mo.
USD
Term
SOFR
+
3.338%
503,076
1,213,000
Series
M,
3.950%,
09/01/26^~
,
5
yr.
CMT
+
3.157%
1,210,598
Charles
Schwab
Corp.‡
153,000
Series
L,
6.100%,
06/01/31
,
5
yr.
CMT
+
2.250%
151,121
338,000
Series
H,
4.000%,
12/01/30~
,
10
yr.
CMT
+
3.079%
312,572
Citigroup,
Inc.‡
270,000
Series
AA,
7.625%,
11/15/28
,
5
yr.
CMT
+
3.211%
279,474
345,000
Series
BB,
7.200%,
05/15/29
,
5
yr.
CMT
+
2.905%
352,121
330,000
Series
FF,
6.950%,
02/15/30
,
5
yr.
CMT
+
2.726%
333,425
505,000
Series
GG,
6.875%,
08/15/30
,
5
yr.
CMT
+
2.890%
510,252
336,000
Series
HH,
6.625%,
02/15/31
,
5
yr.
CMT
+
3.001%
337,075
675,000
Series
JJ,
6.500%,
05/15/31
,
5
yr.
CMT
+
2.745%
673,238
Citizens
Financial
Group,
Inc.‡
675,000
Series
J,
6.750%,
10/06/31^
,
5
yr.
CMT
+
2.379%
668,817
830,000
Series
G,
4.000%,
10/06/26
,
5
yr.
CMT
+
3.215%
827,933
Corebridge
Financial,
Inc.µ‡
270,000
6.875%,
12/15/52
,
5
yr.
CMT
+
3.846%
273,362
510,000
6.375%,
09/15/54
,
5
yr.
CMT
+
2.646%
500,805
Credit
Acceptance
Corp.*
125,000
9.250%,
12/15/28~
129,651
180,000
6.625%,
03/15/30
180,146
190,000
CrossCountry
Intermediate
HoldCo
LLC*
6.500%,
10/01/30
183,878
90,000
Cushman
&
Wakefield
U.S.
Borrower
LLC*
8.875%,
09/01/31
94,299
Enstar
Group
Ltd.*µ‡
273,000
7.500%,
04/01/45
,
5
yr.
CMT
+
3.186%
283,947
745,000
6.693%,
07/15/37
,
1
day
USD
SOFR
+
2.540%
728,811
First
Citizens
BancShares,
Inc.‡
370,000
Series
B,
7.898%,
01/04/27
,
3
mo.
USD
Term
SOFR
+
4.234%
372,453
775,000
Series
D,
7.000%,
12/15/30
,
5
yr.
CMT
+
3.301%
778,836
95,000
GGAM
Finance
Ltd.*
5.875%,
03/15/30
94,961
PRINCIPAL
AMOUNT
a
a
VALUE
a
Goldman
Sachs
Group,
Inc.‡
180,000
Series
X,
7.500%,
05/10/29
,
5
yr.
CMT
+
2.809%
$
186,172
300,000
Series
Z,
6.850%,
02/10/30
,
5
yr.
CMT
+
2.461%
303,798
425,000
Series
AA,
6.500%,
08/10/31
,
5
yr.
CMT
+
2.175%
422,102
HUB
International
Ltd.*µ
137,000
7.375%,
01/31/32
140,200
141,000
5.625%,
12/01/29
141,025
Huntington
Bancshares,
Inc.‡
254,000
Series
K,
6.250%,
10/15/30^
,
5
yr.
CMT
+
2.653%
253,307
395,000
Series
F,
5.625%,
07/15/30
,
10
yr.
CMT
+
4.945%
393,776
765,000
Series
G,
4.450%,
10/15/27
,
7
yr.
CMT
+
4.045%
753,640
Jefferies
Finance
LLC/JFIN
Co-Issuer
Corp.*µ
200,000
6.625%,
10/15/31
196,570
200,000
5.000%,
08/15/28
193,688
665,000
JPMorgan
Chase
&
Co.
Series
PPµ‡
6.100%,
07/01/31
,
5
yr.
CMT
+
2.080%
662,699
680,000
KeyCorp
Series
D~‡
5.000%,
09/15/26
,
3
mo.
USD
Term
SOFR
+
3.868%
678,456
211,000
Ladder
Capital
Finance
Holdings
LLLP/Ladder
Capital
Finance
Corp.*
7.000%,
07/15/31
218,355
1,168,000
Liberty
Mutual
Group,
Inc.*µ‡
4.125%,
12/15/51
,
5
yr.
CMT
+
3.315%
1,162,160
M&T
Bank
Corp.‡
200,000
Series
F,
5.125%,
11/01/26~
,
3
mo.
USD
Term
SOFR
+
3.782%
199,510
160,000
Series
I,
3.500%,
09/01/26
,
5
yr.
CMT
+
2.679%
159,474
150,000
MetLife,
Inc.µ
6.400%,
12/15/66
151,478
95,000
Newmark
Group,
Inc.
7.500%,
01/12/29
99,073
250,000
Northern
Trust
Corp.
Series
Dµ‡
4.600%,
10/01/26
,
3
mo.
USD
Term
SOFR
+
3.464%
249,770
OneMain
Finance
Corp.
95,000
6.750%,
03/15/32
94,790
190,000
6.750%,
09/15/33^
187,249
185,000
6.500%,
03/15/33^
180,782
93,000
Osaic
Holdings,
Inc.*µ
8.000%,
08/01/33
94,338
180,000
Park
Intermediate
Holdings
LLC/PK
Domestic
Property
LLC/PK
Finance
Co-Issuer*µ
7.000%,
02/01/30
183,083
473,000
PartnerRe
Finance
B
LLCµ‡
4.500%,
10/01/50
,
5
yr.
CMT
+
3.815%
451,625
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
PNC
Financial
Services
Group,
Inc.‡
360,000
Series
V,
6.200%,
09/15/27
,
5
yr.
CMT
+
3.238%
$
362,948
165,000
Series
U,
6.000%,
05/15/27~
,
5
yr.
CMT
+
3.000%
165,054
238,000
Provident
Funding
Associates
LP/
PFG
Finance
Corp.*µ
9.750%,
09/15/29
245,557
Reinsurance
Group
of
America,
Inc.µ‡
430,000
6.650%,
09/15/55
,
5
yr.
CMT
+
2.392%
429,798
255,000
6.375%,
09/15/56
,
5
yr.
CMT
+
2.344%
249,020
Rocket
Cos.,
Inc.*
143,000
6.375%,
08/01/33
144,038
96,000
6.125%,
08/01/30
96,835
190,000
Starwood
Property
Trust,
Inc.*
6.000%,
04/15/30
190,500
340,000
State
Street
Corp.
Series
J^‡
6.700%,
09/15/29
,
5
yr.
CMT
+
2.628%
349,605
190,000
Stonebriar
ABF
Issuer
LLC*
7.000%,
08/15/31
190,194
45,000
Stonex
Escrow
Issuer
LLC*
6.875%,
07/15/32
45,714
230,000
StoneX
Group,
Inc.*
7.875%,
03/01/31
239,803
330,000
TrueNoord
Capital
DAC*µ
8.750%,
03/01/30
342,639
Truist
Financial
Corp.‡
530,000
Series
N,
6.669%,
09/01/26~
,
5
yr.
CMT
+
3.003%
530,731
335,000
Series
S,
6.250%,
06/15/31
,
5
yr.
CMT
+
2.129%
331,519
256,000
Series
Q,
5.100%,
03/01/30~
,
10
yr.
CMT
+
4.349%
253,980
U.S.
Bancorp‡
655,000
Series
J,
5.300%,
04/15/27~
,
3
mo.
USD
Term
SOFR
+
3.176%
653,932
175,000
Series
N,
3.700%,
01/15/27
,
5
yr.
CMT
+
2.541%
173,569
221,000
United
Wholesale
Mortgage
LLC*~
5.500%,
04/15/29
206,745
95,000
UWM
Holdings
LLC*
6.250%,
03/15/31
84,879
92,000
VFH
Parent
LLC/Valor
Co-Issuer,
Inc.*µ
7.500%,
06/15/31
95,513
Wells
Fargo
&
Co.‡
1,160,000
7.625%,
09/15/28~
,
5
yr.
CMT
+
3.606%
1,212,455
945,000
Series
GG,
Class
A,
6.125%,
06/15/31
,
5
yr.
CMT
+
2.340%
944,027
190,000
XHR
LP*µ
6.625%,
05/15/30
193,981
35,914,753
PRINCIPAL
AMOUNT
a
a
VALUE
a
Health
Care
(0.9%)
278,000
Acadia
Healthcare
Co.,
Inc.*^
7.375%,
03/15/33
$
287,394
CHS/Community
Health
Systems,
Inc.*µ
109,000
10.875%,
01/15/32
115,095
108,000
6.875%,
04/15/29
104,223
377,000
6.125%,
04/01/30
317,879
24,000
5.250%,
05/15/30
22,225
DaVita,
Inc.*
182,000
6.875%,
09/01/32
187,147
197,000
4.625%,
06/01/30~
189,973
222,000
3.750%,
02/15/31~
205,124
Embecta
Corp.*µ
48,000
6.750%,
02/15/30
36,921
144,000
5.000%,
02/15/30
111,436
Encompass
Health
Corp.
100,000
4.750%,
02/01/30~
97,914
50,000
4.500%,
02/01/28
49,508
107,000
IQVIA,
Inc.*
6.250%,
06/01/32
108,548
278,000
Medline
Borrower
LP*~
5.250%,
10/01/29
275,651
350,000
Organon
&
Co./Organon
Foreign
Debt
Co-Issuer
BV*µ
5.125%,
04/30/31
346,867
Tenet
Healthcare
Corp.
190,000
6.875%,
11/15/31
201,780
143,000
5.500%,
11/15/32*
140,939
2,798,624
Industrials
(1.6%)
208,000
AAR
Escrow
Issuer
LLC*
6.750%,
03/15/29
212,882
220,000
ACCO
Brands
Corp.*~
4.250%,
03/15/29
207,365
Arcosa,
Inc.*µ
95,000
6.875%,
08/15/32
98,160
108,000
4.375%,
04/15/29
105,740
Bombardier,
Inc.*
90,000
8.750%,
11/15/30~
94,994
56,000
7.250%,
07/01/31
58,460
70,000
7.000%,
06/01/32
72,356
46,000
6.750%,
06/15/33
47,409
290,000
Cascades,
Inc./Cascades
USA,
Inc.*
6.750%,
07/15/30
295,101
50,000
Columbus
McKinnon
Corp.*
7.125%,
02/01/33
50,466
36,000
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.*µ
4.750%,
10/20/28
35,944
Deluxe
Corp.*µ
95,000
8.125%,
09/15/29
98,451
245,000
8.000%,
06/01/29
247,229
90,000
EnerSys*
6.625%,
01/15/32
91,208
EquipmentShare.com,
Inc.*
115,000
8.625%,
05/15/32
117,832
145,000
7.125%,
07/01/34
138,713
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
120,000
Granite
Construction,
Inc.*
6.375%,
06/15/34
$
120,166
88,000
Graphic
Packaging
International
LLC*
3.500%,
03/01/29
83,575
Herc
Holdings,
Inc.*
95,000
7.250%,
06/15/33
98,098
95,000
7.000%,
06/15/30
98,016
92,000
6.625%,
06/15/29
93,736
139,000
JELD-WEN
Holding,
Inc.*^
7.000%,
09/01/32
84,972
305,000
Ken
Garff
Automotive
LLC*µ
4.875%,
09/15/28
302,307
172,000
Novelis
Corp.*~
4.750%,
01/30/30
165,342
190,000
Quikrete
Holdings,
Inc.*
6.375%,
03/01/32
192,415
Standard
Building
Solutions,
Inc.*
50,000
6.500%,
08/15/32
50,204
143,000
6.250%,
08/01/33
141,519
195,000
Stanley
Black
&
Decker,
Inc.‡
6.707%,
03/15/60
,
5
yr.
CMT
+
2.657%
193,360
190,000
Stonepeak
Nile
Parent
LLC*
7.250%,
03/15/32
196,025
TransDigm,
Inc.*
70,000
7.125%,
12/01/31~
72,244
195,000
6.875%,
12/15/30~
199,945
140,000
6.750%,
08/15/28~
141,159
44,000
6.625%,
03/01/32
44,790
34,961
United
Airlines
Pass-Through
Trust
Series
B,
Class
B
3.500%,
11/01/29
34,062
140,000
Waste
Pro
USA,
Inc.*µ
7.000%,
02/01/33
142,575
Williams
Scotsman,
Inc.*µ
75,000
6.625%,
06/15/29
76,393
107,000
4.625%,
08/15/28
105,920
4,609,133
Information
Technology
(0.9%)
Block,
Inc.*
47,000
6.000%,
08/15/33
46,688
95,000
5.625%,
08/15/30
94,605
145,000
CACI
International,
Inc.*
6.375%,
06/15/33
146,153
Cloud
Software
Group
LLC*
90,000
8.250%,
06/30/32
85,280
143,000
6.625%,
08/15/33
125,018
112,000
Coherent
Corp.*~
5.000%,
12/15/29
109,621
Fair
Isaac
Corp.*
71,000
6.000%,
05/15/33
68,788
56,000
4.000%,
06/15/28~
54,364
210,000
KBR,
Inc.*µ
4.750%,
09/30/28
206,972
50,000
OAK-Eagle
Acquireco,
Inc.*
8.750%,
07/01/34
52,660
PRINCIPAL
AMOUNT
a
a
VALUE
a
143,000
ON
Semiconductor
Corp.*~
3.875%,
09/01/28
$
138,042
90,000
Open
Text
Corp.*~
6.900%,
12/01/27
91,843
Open
Text
Holdings,
Inc.*
45,000
4.125%,
02/15/30
41,577
117,000
4.125%,
12/01/31~
103,311
95,000
Qnity
Electronics,
Inc.*
6.250%,
08/15/33
95,532
265,000
TTM
Technologies,
Inc.*µ
4.000%,
03/01/29
254,543
Twilio,
Inc.~
47,000
3.875%,
03/15/31
43,944
130,000
3.625%,
03/15/29
124,914
219,000
UKG,
Inc.*µ
6.875%,
02/01/31
214,725
255,000
Viavi
Solutions,
Inc.*
3.750%,
10/01/29
241,266
185,000
Zebra
Technologies
Corp.*^
6.500%,
06/01/32
187,248
99,000
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.*µ
3.875%,
02/01/29
82,561
2,609,655
Materials
(1.2%)
190,000
Avient
Corp.*
6.250%,
11/01/31
191,661
200,000
Bond
U.S.
Bidco
1,
Inc./Bidco
2/
Bidco
3/German
Bidco
1
GmbH/
German
Bidco
2*
7.125%,
06/15/33
201,418
235,000
Capstone
Copper
Corp.*
6.750%,
03/31/33
236,363
165,000
Celanese
U.S.
Holdings
LLC
7.379%,
07/15/32
172,684
188,000
Century
Aluminum
Co.*
6.875%,
08/01/32
191,568
Chemours
Co.*
160,000
8.000%,
01/15/33
157,813
96,000
7.875%,
03/15/34
93,492
255,000
Clearwater
Paper
Corp.*µ
4.750%,
08/15/28
227,159
190,000
Coeur
Mining,
Inc.*
6.875%,
04/01/32
194,647
689,000
FMC
Corp.‡
8.450%,
11/01/55
,
5
yr.
CMT
+
4.366%
518,162
190,000
JW
Aluminum
Continuous
Cast
Co.*µ
10.250%,
04/01/30
198,643
235,000
Kaiser
Aluminum
Corp.*
5.875%,
03/01/34
230,091
185,000
Knife
River
Corp.*µ
7.750%,
05/01/31
191,072
79,000
Mercer
International,
Inc.*
12.875%,
10/01/28
35,296
235,000
Olin
Corp.*
6.625%,
04/01/33
230,194
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
80,000
Silgan
Holdings,
Inc.~
4.125%,
02/01/28
$
78,934
190,000
Solstice
Advanced
Materials,
Inc.*
5.625%,
09/30/33
186,105
190,000
Terex
Corp.*^
6.250%,
10/15/32
190,980
83,812
Trinseo
Luxco
Finance
SPV
SARL/
Trinseo
NA
Finance
SPV
LLC*@
0.000%,
05/03/29
995
WR
Grace
Holdings
LLC*
50,000
7.000%,
08/01/33
48,003
92,000
6.625%,
08/15/32
87,637
3,662,917
Other
(1.4%)
250,000
1261229
BC
Ltd.*µ
10.000%,
04/15/32
255,677
74,295
Claritev
Corp.
Series
B*
6.750%,
03/31/31
44,460
500,000
Compeer
Financial
ACA
Series
QIB*‡
7.875%,
02/15/31
,
5
yr.
CMT
+
4.155%
512,070
EchoStar
Corp.µ
460,080
10.750%,
11/30/29
497,917
189,587
6.750%,
11/30/30
192,416
845,000
Everest
Reinsurance
Holdings,
Inc.µ‡
6.298%,
05/01/67
,
3
mo.
USD
Term
SOFR
+
2.647%
798,170
90,000
Gen
Digital,
Inc.*µ
6.750%,
09/30/27
90,193
95,000
Graham
Holdings
Co.*
5.625%,
12/01/33
93,054
1,080,000
HA
Sustainable
Infrastructure
Capital,
Inc.‡
8.000%,
06/01/56
,
5
yr.
CMT
+
4.301%
1,132,294
215,000
Rfna
LP*µ
7.875%,
02/15/30
215,318
190,000
SM
Energy
Co.*
7.000%,
08/01/32
193,220
4,024,789
Real
Estate
(0.1%)
95,000
Forestar
Group,
Inc.*
6.500%,
03/15/33
95,407
125,000
Global
Net
Lease,
Inc.*µ
4.500%,
09/30/28
122,075
133,000
Global
Net
Lease,
Inc./Global
Net
Lease
Operating
Partnership
LP*µ
3.750%,
12/15/27
130,164
347,646
Special
Purpose
Acquisition
Companies
(0.1%)
Fertitta
Entertainment
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.*µ
150,000
6.750%,
01/15/30
147,407
PRINCIPAL
AMOUNT
a
a
VALUE
a
96,000
4.625%,
01/15/29~
$
93,354
240,761
Utilities
(2.9%)
520,000
Algonquin
Power
&
Utilities
Corp.‡
4.750%,
01/18/82
,
5
yr.
CMT
+
3.249%
515,330
American
Electric
Power
Co.,
Inc.‡
170,000
7.050%,
12/15/54
,
5
yr.
CMT
+
2.750%
175,695
170,000
6.950%,
12/15/54
,
5
yr.
CMT
+
2.675%
179,073
125,000
3.875%,
02/15/62
,
5
yr.
CMT
+
2.675%
123,899
CenterPoint
Energy,
Inc.‡
120,000
Series
A,
7.000%,
02/15/55
,
5
yr.
CMT
+
3.254%
123,864
175,000
Series
B,
6.850%,
02/15/55^
,
5
yr.
CMT
+
2.946%
181,652
390,000
6.700%,
05/15/55^
,
5
yr.
CMT
+
2.586%
396,852
470,000
CMS
Energy
Corp.~‡
4.750%,
06/01/50
,
5
yr.
CMT
+
4.116%
457,451
Dominion
Energy,
Inc.‡
338,000
Series
A,
6.875%,
02/01/55
,
5
yr.
CMT
+
2.386%
345,527
395,000
6.625%,
05/15/55
,
5
yr.
CMT
+
2.207%
398,551
187,000
Series
C,
4.350%,
01/15/27~
,
5
yr.
CMT
+
3.195%
186,205
485,000
Duke
Energy
Corp.µ‡
6.450%,
09/01/54
,
5
yr.
CMT
+
2.588%
497,013
Emera
U.S.
Finance
LLC‡
170,000
Series
B,
6.850%,
10/01/56
,
5
yr.
CMT
+
2.648%
171,433
275,000
Series
A,
6.650%,
10/01/56
,
5
yr.
CMT
+
2.866%
276,845
585,000
Entergy
Corp.‡
7.125%,
12/01/54
,
5
yr.
CMT
+
2.670%
600,222
385,000
Evergy,
Inc.µ‡
6.650%,
06/01/55
,
5
yr.
CMT
+
2.558%
390,968
Eversource
Energy‡
168,000
Series
B,
6.350%,
08/15/56
,
5
yr.
CMT
+
2.325%
167,162
335,000
Series
A,
6.100%,
08/15/56
,
5
yr.
CMT
+
2.521%
332,889
437,000
National
Rural
Utilities
Cooperative
Finance
Corp.µ‡
7.125%,
09/15/53
,
5
yr.
CMT
+
3.533%
451,522
NextEra
Energy
Capital
Holdings,
Inc.µ‡
340,000
6.750%,
06/15/54
,
5
yr.
CMT
+
2.457%
349,160
235,000
6.700%,
09/01/54
,
5
yr.
CMT
+
2.364%
238,504
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
PRINCIPAL
AMOUNT
a
a
VALUE
a
170,000
Series
CC,
6.625%,
10/01/66
,
5
yr.
CMT
+
1.685%
$
165,645
170,000
Series
BB,
6.200%,
10/01/56
,
5
yr.
CMT
+
1.765%
166,350
279,000
3.800%,
03/15/82
,
5
yr.
CMT
+
2.547%
275,114
414,000
NiSource,
Inc.‡
6.950%,
11/30/54
,
5
yr.
CMT
+
2.451%
425,915
314,000
PPL
Capital
Funding,
Inc.
Series
Aµ‡
6.659%,
03/30/67
,
3
mo.
USD
Term
SOFR
+
2.927%
310,314
Sempraµ‡
150,000
6.875%,
10/01/54
,
5
yr.
CMT
+
2.789%
152,334
170,000
6.400%,
10/01/54
,
5
yr.
CMT
+
2.632%
168,946
Vistra
Corp.*‡
185,000
8.000%,
10/15/26
,
5
yr.
CMT
+
6.930%
185,956
225,000
7.000%,
12/15/26
,
5
yr.
CMT
+
5.740%
226,345
155,000
Xcel
Energy,
Inc.µ‡
5.750%,
12/03/56
,
5
yr.
CMT
+
2.168%
152,002
8,788,738
TOTAL
CORPORATE
BONDS
(Cost
$104,187,260)
103,891,918
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(20.4%)
Financials
(0.1%)
250,000
CoBank
ACBµ‡
7.125%,
01/01/30,
5
yr.
CMT
+
2.818%
253,946
Other
(20.3%)
Farm
Credit
Bank
of
Texasµ‡
500,000
7.750%,
06/15/29
,
5
yr.
CMT
+
3.291%
520,227
500,000
7.000%,
09/15/30
,
5
yr.
CMT
+
3.010%
510,032
59,700,000
U.S.
Treasury
Notes~
4.625%,
06/15/27
59,953,025
60,983,284
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$61,224,745)
61,237,230
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
(73.1%)
Communication
Services
(5.0%)
3,316
Audacy,
Inc.#
9,948
1,322
Cumulus
Media,
Inc.
-
Class
A#
10
17,100
Meta
Platforms,
Inc.
-
Class
Aµ
9,519,741
2,021
Optimum
Communications,
Inc.
-
Class
A#
1,540
NUMBER
OF
SHARES
b
b
VALUE
b
10,900
Spotify
Technology
SA#µ
$
5,449,346
14,980,585
Consumer
Discretionary
(10.2%)
31,500
Amazon.com,
Inc.#µ
8,554,770
48,500
DoorDash,
Inc.
-
Class
A#µ
9,513,760
49,000
Dr.
Horton,
Inc.µ
7,009,940
16,400
Home
Depot,
Inc.µ
5,444,144
294
Rite
Aid
Corp.#
294
30,522,908
Energy
(0.2%)
800
Cheniere
Energy
Partners
LP
52,720
11,058
Energy
Transfer
LP~
225,141
3,970
Enterprise
Products
Partners
LP~
151,058
428,919
Financials
(4.0%)
39,500
Citigroup,
Inc.µ
5,231,775
78,500
Wells
Fargo
&
Co.µ
6,786,325
12,018,100
Health
Care
(1.2%)
43,000
Halozyme
Therapeutics,
Inc.#µ
3,549,220
Industrials
(25.1%)
45,500
Boeing
Co.#µ
9,834,370
75,000
Canadian
Pacific
Kansas
City
Ltd.~
6,666,750
40,000
Emerson
Electric
Co.µ
5,992,800
56,700
Jacobs
Solutions,
Inc.µ
7,650,531
47,500
Johnson
Controls
International
PLCµ
6,966,350
36,000
L3Harris
Technologies,
Inc.µ
9,974,160
31,000
Regal
Rexnord
Corp.µ
6,362,130
104,500
Southwest
Airlines
Co.µ
4,699,365
19,800
Union
Pacific
Corp.µ
5,784,174
92,500
United
Airlines
Holdings,
Inc.#µ
11,223,025
75,153,655
Information
Technology
(23.7%)
27,000
Broadcom,
Inc.^~
10,510,560
16,700
CACI
International,
Inc.
-
Class
A#µ
8,312,425
17,500
Celestica,
Inc.#
5,800,200
21,000
Datadog,
Inc.
-
Class
A#µ
5,627,370
34,300
Intuit,
Inc.µ
10,841,201
6,000
Lumentum
Holdings,
Inc.#µ
4,283,640
9,000
MongoDB,
Inc.#µ
3,037,320
68,500
NVIDIA
Corp.~
13,751,375
30,500
Oracle
Corp.µ
3,961,035
12,300
Synopsys,
Inc.#µ
4,781,748
70,906,874
Materials
(3.7%)
3,292
Ardagh
Holdings
SA#
20,879
42,500
Freeport-McMoRan,
Inc.µ
2,661,775
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
25,000
Sherwin-Williams
Co.µ
$
8,521,250
11,203,904
TOTAL
COMMON
STOCKS
(Cost
$234,560,050)
218,764,165
CONVERTIBLE
PREFERRED
STOCKS
(0.1%)
Communication
Services
(0.1%)
2,700
Alphabet,
Inc.µ
6.250%,
05/15/29#
135,486
Utilities
(0.0%)
1,275
NextEra
Energy,
Inc.
7.375%,
02/15/29#
60,818
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
(Cost
$199,733)
196,304
PREFERRED
STOCKS
(3.4%)
Communication
Services
(0.7%)
10,760
Array
Digital
Infrastructure,
Inc.µ
6.250%,
09/01/69
205,946
AT&T,
Inc.µ
18,155
4.750%,
08/30/26
311,358
9,875
5.350%,
11/01/66
196,513
25,250
Qwest
Corp.#µ
6.500%,
09/01/51
414,858
Telephone
&
Data
Systems,
Inc.µ
20,985
6.000%,
09/30/26
400,813
6,423
6.625%,
08/31/26
131,736
T-Mobile
USA,
Inc.µ
12,303
5.500%,
03/01/70
251,227
140
5.500%,
06/01/70
2,905
12,975
6.250%,
09/01/69
299,204
2,214,560
Consumer
Discretionary
(0.2%)
Ford
Motor
Co.µ
16,125
6.200%,
06/01/59
328,789
7,386
6.500%,
08/15/62
154,663
4,620
QVC
Group,
Inc.#
8.000%,
03/15/31
1,314
9,600
QVC,
Inc.
6.250%,
11/26/68
120,000
604,766
Financials
(1.9%)
Affiliated
Managers
Group,
Inc.µ
18,700
5.875%,
03/30/59
377,179
12,587
6.750%,
03/30/64
288,872
3,625
Allstate
Corp.µ
7.178%,
01/15/53
92,619
Annaly
Capital
Management,
Inc.µ
6,750
8.875%,
09/30/30
176,040
12,425
9.006%,
08/31/26
320,938
NUMBER
OF
SHARES
b
b
VALUE
b
19,376
Arch
Capital
Group
Ltd.µ
4.550%,
08/31/26
$
318,735
Bread
Financial
Holdings,
Inc.#µ
3,700
8.625%,
12/15/30
93,388
5,000
8.875%,
12/15/31
125,300
5,295
Capital
One
Financial
Corp.µ
4.800%,
09/01/26
91,815
6,300
Citigroup,
Inc.#µ
6.250%,
02/15/31
154,791
25,150
CNO
Financial
Group,
Inc.µ
5.125%,
11/25/60
414,723
14,918
Cullen/Frost
Bankers,
Inc.µ
4.450%,
09/15/26
246,744
Fifth
Third
Bancorpµ
8,100
4.950%,
09/30/26
145,881
11,075
6.875%,
10/01/30
287,507
6,700
First
Citizens
BancShares,
Inc.#
6.625%,
03/15/31
166,294
8,850
First
Horizon
Corp.#µ
6.750%,
04/10/31
218,152
7,225
KeyCorpµ
5.625%,
09/15/26
155,988
6,700
M&T
Bank
Corp.#µ
6.350%,
12/15/30
160,063
2,725
MetLife,
Inc.µ
5.625%,
08/30/26
59,950
1,600
Northern
Trust
Corp.µ
4.700%,
10/01/26
29,632
11,930
RenaissanceRe
Holdings
Ltd.µ
5.750%,
08/30/26
247,428
14,526
Selective
Insurance
Group,
Inc.µ
4.600%,
08/31/26
230,818
12,200
UMB
Financial
Corp.µ
7.750%,
07/15/30
322,080
14,770
W.R.
Berkley
Corp.µ
5.100%,
12/30/59
273,393
8,755
WesBanco,
Inc.µ
7.375%,
10/01/30
223,340
13,600
Wintrust
Financial
Corp.µ
7.875%,
07/15/30
356,320
5,577,990
Real
Estate
(0.4%)
Brookfield
Property
Partners
LPµ
20,567
5.750%,
08/30/26
286,704
10,775
6.375%,
08/30/26
163,241
3,651
EPR
Propertiesµ
5.750%,
08/30/26
76,635
6,320
Federal
Realty
Investment
Trust
5.000%,
08/30/26
121,344
Global
Net
Lease,
Inc.µ
4,771
6.875%,
08/30/26
103,054
11,066
7.500%,
08/30/26
262,928
7,856
Kimco
Realty
Corp.µ
5.250%,
08/30/26
153,820
1,167,726
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
Utilities
(0.2%)
14,975
Brookfield
Renewable
Partners
LP
5.250%,
08/25/26
$
255,024
6,700
DTE
Energy
Co.µ
5.250%,
12/01/77
135,407
6,650
NextEra
Energy
Capital
Holdings,
Inc.µ
6.500%,
04/15/86
159,268
549,699
TOTAL
PREFERRED
STOCKS
(Cost
$11,468,018)
10,114,741
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
(2.6%)#
Consumer
Discretionary
(0.3%)
315
8,554,770
Amazon.com,
Inc.
Call,
08/21/26,
Strike
$260.00
493,763
485
9,513,760
DoorDash,
Inc.
Put,
08/07/26,
Strike
$190.00
357,687
851,450
Domestic
Commodity
(0.1%)
1,200
15,500,400
U.S.
Oil
Fund
LP
Call,
08/05/26,
Strike
$136.00
178,200
Information
Technology
(1.2%)
450
20,912,400
Microsoft
Corp.
Call,
08/21/26,
Strike
$400.00
2,999,250
1,540
30,915,500
NVIDIA
Corp.
Put,
08/21/26,
Strike
$190.00
488,950
500
5,561,500
ServiceNow,
Inc.
Call,
08/21/26,
Strike
$115.00
242,500
3,730,700
Other
(1.0%)
550
37,839,450
Invesco
QQQ
Trust
Series
1
Put,
08/21/26,
Strike
$720.00
1,870,000
935
69,847,305
SPDR
®
S&P
500
®
ETF
Trust
Put,
08/14/26,
Strike
$740.00
406,258
935
69,847,305
SPDR
®
S&P
500
®
ETF
Trust
Call,
08/07/26,
Strike
$745.00
582,972
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
329
17,783,437
VanEck
Semiconductor
ETF
Call,
08/21/26,
Strike
$620.00
$
145,583
3,004,813
TOTAL
EXCHANGE-TRADED
PURCHASED
OPTIONS
(Cost
$6,282,382)
7,765,163
TOTAL
INVESTMENTS
(138.3%)
(Cost
$430,316,940)
414,108,830
LIABILITIES,
LESS
OTHER
ASSETS
(-38.3%)
(114,664,938)
NET
ASSETS
(100.0%)
$
299,443,892
NUMBER
OF
SHARES
b
b
VALUE
b
COMMON
STOCKS
SOLD
SHORT (-9.6%)#
Communication
Services
(-0.2%)
(9,890)
Liberty
Broadband
Corp.Class
C,
(336,656)
(35,291)
Paramount
Skydance
Corp.Class
B,
(280,916)
(617,572)
Consumer
Discretionary
(-1.7%)
(4,954)
Carvana
Co.
(308,931)
(5,404)
Cava
Group,
Inc.
(352,503)
(18,560)
Chewy,
Inc.Class
A,
(419,456)
(19,426)
Coupang,
Inc.
(317,615)
(1,513)
Dick's
Sporting
Goods,
Inc.
(296,412)
(12,845)
DraftKings,
Inc.Class
A,
(301,601)
(6,467)
Gildan
Activewear,
Inc.
(358,143)
(7,431)
NIKE,
Inc.Class
B,
(309,947)
(4,795)
Ollie's
Bargain
Outlet
Holdings,
Inc.
(352,289)
(1,618)
Pool
Corp.
(300,479)
(21,956)
Rivian
Automotive,
Inc.Class
A,
(334,170)
(1,117)
Royal
Caribbean
Cruises
Ltd.
(355,541)
(4,780)
Somnigroup
International,
Inc.
(312,277)
(60,137)
Stellantis
NV
(346,389)
(10,829)
Tractor
Supply
Co.
(333,208)
(4,998,961)
Consumer
Staples
(-0.2%)
(12,573)
Celsius
Holdings,
Inc.
(367,258)
(4,163)
Sprouts
Farmers
Market,
Inc.
(362,847)
(730,105)
Financials
(-2.1%)
(3,079)
ARES
Management
Corp.Class
A,
(394,389)
(5,743)
Brown
&
Brown,
Inc.
(404,307)
(7,305)
Carlyle
Group,
Inc.
(336,176)
(2,299)
Coinbase
Global,
Inc.Class
A,
(336,252)
(1,550)
Erie
Indemnity
Co.Class
A,
(375,162)
(1,359)
FactSet
Research
Systems,
Inc.
(357,689)
(12,717)
Figure
Technology
Solutions,
Inc.
Class
A,
(316,781)
(13,706)
Galaxy
Digital,
Inc.Class
A,
(287,963)
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
NUMBER
OF
SHARES
b
b
VALUE
b
(3,829)
Hamilton
Lane,
Inc.Class
A,
$
(340,436)
(2,435)
Houlihan
Lokey,
Inc.
(305,568)
(1,100)
Kinsale
Capital
Group,
Inc.
(392,062)
(24,789)
NU
Holdings
Ltd.Class
A,
(355,226)
(3,586)
Robinhood
Markets,
Inc.Class
A,
(310,404)
(23,164)
Rocket
Cos.,
Inc.Class
A,
(298,816)
(9,063)
Ryan
Specialty
Holdings,
Inc.
(400,222)
(18,320)
SoFi
Technologies,
Inc.
(298,799)
(7,666)
TPG,
Inc.
(334,698)
(21,188)
XP,
Inc.Class
A,
(361,467)
(6,206,417)
Health
Care
(-1.4%)
(1,077)
Bio-Rad
Laboratories,
Inc.Class
A,
(350,542)
(7,722)
Boston
Scientific
Corp.
(360,849)
(5,087)
Bridgebio
Pharma,
Inc.
(407,418)
(4,037)
Cytokinetics,
Inc.
(311,374)
(4,981)
GE
HealthCare
Technologies,
Inc.
(338,808)
(3,188)
Insmed,
Inc.
(314,337)
(2,120)
Insulet
Corp.
(350,542)
(5,942)
Ionis
Pharmaceuticals,
Inc.
(307,617)
(622)
Madrigal
Pharmaceuticals,
Inc.
(290,673)
(1,290)
Natera,
Inc.
(345,410)
(2,366)
Repligen
Corp.
(333,630)
(918)
Waters
Corp.
(346,370)
(4,057,570)
Industrials
(-0.9%)
(2,409)
AeroVironment,
Inc.
(359,832)
(1,336)
FTAI
Aviation
Ltd.
(275,216)
(9,058)
GFL
Environmental,
Inc.
(374,277)
(47,756)
Joby
Aviation,
Inc.
(341,455)
(7,371)
Karman
Holdings,
Inc.
(354,914)
(6,998)
Kratos
Defense
&
Security
Solutions,
Inc.
(326,107)
(24,637)
QXO,
Inc.
(327,672)
(5,253)
Rocket
Lab
Corp.
(341,182)
(2,700,655)
Information
Technology
(-2.0%)
(5,000)
Advanced
Micro
Devices,
Inc.
(2,380,750)
(25,117)
BitMine
Immersion
Technologies,
Inc.
(434,022)
(5,438)
Circle
Internet
Group,
Inc.
(340,473)
(20,669)
D-Wave
Quantum,
Inc.
(373,695)
(2,840)
Guidewire
Software,
Inc.
(431,510)
(10,226)
IonQ,
Inc.
(372,635)
(23,442)
Rigetti
Computing,
Inc.
(350,458)
(4,853)
ServiceTitan,
Inc.Class
A,
(403,090)
(2,777)
Shopify,
Inc.Class
A,
(325,326)
(4,027)
Strategy,
Inc.
(375,639)
(11,151)
Super
Micro
Computer,
Inc.
(316,688)
(6,104,286)
Materials
(-0.6%)
(8,461)
Amcor
PLC
(379,730)
NUMBER
OF
SHARES
b
b
VALUE
b
(13,012)
James
Hardie
Industries
PLC
$
(342,086)
(560)
Martin
Marietta
Materials,
Inc.
(294,078)
(14,227)
Mosaic
Co.
(314,701)
(8,131)
MP
Materials
Corp.
(336,379)
(1,666,974)
Real
Estate
(-0.1%)
(6,708)
Alexandria
Real
Estate
Equities,
Inc.
(345,127)
Utilities
(-0.4%)
(1,192)
Constellation
Energy
Corp.
(313,198)
(2,580)
NRG
Energy,
Inc.
(346,468)
(8,306)
Oklo,
Inc.
(322,522)
(4,151)
Xcel
Energy,
Inc.
(324,608)
(1,306,796)
TOTAL
COMMON
STOCKS
SOLD
SHORT
(Proceeds
$29,115,770)
(28,734,463)
EXCHANGE-TRADED
FUNDS
SOLD
SHORT (-51.8%)
Other
(-51.8%)
(81,500)
Invesco
QQQ
Trust
Series
1
(56,071,185)
(79,000)
SPDR
®
S&P
500
®
ETF
Trust
(59,015,370)
(120,000)
U.S.
Oil
Fund
LP
(15,500,400)
(45,500)
VanEck
Semiconductor
ETF
(24,594,115)
TOTAL
EXCHANGE-TRADED
FUNDS
SOLD
SHORT
(Proceeds
$128,323,351)
(155,181,070)
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
$157,439,121)
(183,915,533)
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
EXCHANGE-TRADED
WRITTEN
OPTIONS (-1.7%)#
Communication
Services
(0.0%)
(157)
(8,740,347)
Meta
Platforms,
Inc.
Call,
09/18/26,
Strike
$700.00
(43,175)
Consumer
Discretionary
(-0.1%)
(485)
(9,513,760)
DoorDash,
Inc.
Put,
09/18/26,
Strike
$165.00
(223,100)
Domestic
Commodity
(-0.1%)
(1,200)
(15,500,400)
U.S.
Oil
Fund
LP
Put,
08/05/26,
Strike
$125.00
$
(213,600)
(1,200)
(15,500,400)
U.S.
Oil
Fund
LP
Call,
08/05/26,
Strike
$150.00
(21,000)
(1,200)
(15,500,400)
U.S.
Oil
Fund
LP
Call,
08/07/26,
Strike
$150.00
(58,800)
(293,400)
See
accompanying
Notes
to
Schedule
of
Investments
CALAMOS
CLOSED-END
FAMILY
OF
FUNDS
QUARTERLY
REPORT
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
NOTES
TO
SCHEDULE
OF
INVESTMENTS
NUMBER
OF
CONTRACTS/
NOTIONAL
AMOUNT
c
c
VALUE
c
Industrials
(0.0%)
(860)
(10,434,380)
United
Airlines
Holdings,
Inc.
Call,
08/14/26,
Strike
$150.00
$
(34,400)
Information
Technology
(-0.8%)
(175)
(5,800,200)
Celestica,
Inc.
Call,
08/21/26,
Strike
$400.00
(102,375)
(60)
(4,283,640)
Lumentum
Holdings,
Inc.
Put,
08/07/26,
Strike
$630.00
(69,900)
(120)
(2,250,720)
Marvell
Technology,
Inc.
Call,
08/21/26,
Strike
$240.00
(37,440)
(120)
(9,876,360)
Micron
Technology,
Inc.
Put,
08/21/26,
Strike
$750.00
(481,500)
(150)
(6,970,800)
Microsoft
Corp.
Call,
08/21/26,
Strike
$450.00
(341,625)
(300)
(13,941,600)
Microsoft
Corp.
Call,
09/18/26,
Strike
$470.00
(559,500)
(1,150)
(23,086,250)
NVIDIA
Corp.
Put,
08/21/26,
Strike
$185.00
(238,625)
(135)
(2,710,125)
NVIDIA
Corp.
Call,
08/21/26,
Strike
$210.00
(50,288)
(340)
(6,825,500)
NVIDIA
Corp.
Call,
08/21/26,
Strike
$240.00
(9,350)
(62)
(5,308,006)
Seagate
Technology
Holdings
PLC
Put,
08/21/26,
Strike
$600.00
(39,370)
(640)
(7,118,720)
ServiceNow,
Inc.
Call,
08/21/26,
Strike
$150.00
(17,600)
(500)
(5,561,500)
ServiceNow,
Inc.
Call,
09/18/26,
Strike
$140.00
(108,750)
(95)
(2,619,530)
Texas
Instruments,
Inc.
Put,
08/21/26,
Strike
$290.00
(204,012)
(2,260,335)
Materials
(0.0%)
(1,740)
(10,897,620)
Freeport-McMoRan,
Inc.
Put,
08/21/26,
Strike
$55.00
(111,360)
Other
(-0.7%)
(550)
(37,839,450)
Invesco
QQQ
Trust
Series
1
Put,
08/21/26,
Strike
$640.00
(177,650)
(1,100)
(75,678,900)
Invesco
QQQ
Trust
Series
1
Put,
09/18/26,
Strike
$600.00
(431,750)
(935)
(69,847,305)
SPDR
®
S&P
500
®
ETF
Trust
Put,
08/31/26,
Strike
$690.00
(152,873)
(455)
(24,594,115)
VanEck
Semiconductor
ETF
Put,
09/18/26,
Strike
$450.00
(464,100)
(329)
(17,783,437)
VanEck
Semiconductor
ETF
Call,
11/20/26,
Strike
$620.00
(1,029,770)
(2,256,143)
TOTAL
EXCHANGE-TRADED
WRITTEN
OPTIONS
(Premium
$6,655,261)
$
(5,221,913)
*
Securities
issued
and
sold
pursuant
to
a
Rule
144A
transaction
are
exempted
from
the
registration
requirement
of
the
Securities
Act
of
1933,
as
amended.
These
securities
may
only
be
sold
to
qualified
institutional
buyers
(“QIBs”),
such
as
the
Fund.
Any
resale
of
these
securities
must
generally
be
effected
through
a
sale
that
is
registered
under
the
Act
or
otherwise
exempted
from
such
registration
requirements.
i
Bank
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
As
a
result,
the
actual
remaining
maturity
of
bank
loans
may
be
substantially
less
than
the
stated
maturities
shown.
‡
Variable
rate
security.
The
rate
shown
is
the
rate
in
effect
at
July
31,
2026.
!
This
position
represents
an
unsettled
loan
commitment
at
period
end.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date,
including
coupon
rate,
which
will
be
adjusted
on
settlement
date.
¡¡
As
of
July
31,
2026,
the
value
of
unfunded
loan
commitments
was
$53,846
for
the
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust.
µ
Security,
or
portion
of
security,
is
held
in
a
segregated
account
as
collateral
for
note
payable
aggregating
a
total
value
of
$218,980,673.
††
When-issued
security.
~
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
$112,120,184.
^
Security,
or
portion
of
security,
is
on
loan.
@
In
default
status
and
considered
non-income
producing.
#
Non-income
producing
security.
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.
See
accompanying
Notes
to
Schedule
of
Investments
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
Schedule
of
Investments
July
31,
2026
(Unaudited)
The
following
table
summarizes
the
Fund’s investments
and
derivative
financial
instruments
categorized
in
the
fair
value
hierarchy
as
of
July
31,
2026
(see
Note
3):
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Assets:
—
—
—
—
Asset
Backed
Security
1
$
—
$
143,485
$
—
$
143,485
Bank
Loans
89
—
11,995,824
—
11,995,824
Corporate
Bonds
481
—
103,891,918
—
103,891,918
U.S.
Government
and
Agency
Securities
4
—
61,237,230
—
61,237,230
Common
Stocks
39
218,733,044
31,121
—
218,764,165
Convertible
Preferred
Stocks
5
196,304
—
—
196,304
Preferred
Stocks
49
10,114,741
—
—
10,114,741
Warrants
2
—
—
*
—
—
*
Exchange-Traded
Purchased
Options
10
7,765,163
—
—
7,765,163
Total
$
236,809,252
$
177,299,578
$
—
$
414,108,830
Liabilities:
—
—
—
—
Common
Stocks
Sold
Short
78
$
28,734,463
$
—
$
—
$
28,734,463
Exchange-Traded
Funds
Sold
Short
4
155,181,070
—
—
155,181,070
Exchange-Traded
Written
Options
29
5,221,913
—
—
5,221,913
Total
$
189,137,446
$
—
$
—
$
189,137,446
*
Amount
rounds
to
less
than
$1
Notes
to
Schedule
of
Investments
(Unaudited)
Note
1
–
Organization
and
Significant
Accounting
Policies
Organization.
Calamos
Convertible
Opportunities
and
Income
Fund
(“CHI”),
Calamos
Convertible
and
High
Income
Fund
(“CHY”),
Calamos
Strategic
Total
Return
Fund
(“CSQ”),
Calamos
Dynamic
Convertible
and
Income
Fund
(“CCD”),
Calamos
Global
Dynamic
Income
Fund
(“CHW”),
Calamos
Global
Total
Return
Fund
(“CGO”),
and
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
(“CPZ”)
(each
a
“Fund”,
and
collectively,
the
“Funds”)
were
each
organized
as
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
Schedule
of
Investments
has
been
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(U.S.
GAAP)
and
the
Funds are considered
an
investment
company
under
U.S.
GAAP
and
follow
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
The
following
summarizes
the
significant
accounting
policies
of
the
Funds:
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
but
after
the
close
of
the
primary
market
or
exchange
on
which
the
security
is
listed.
Those
procedures
may
utilize
valuations
furnished
by
pricing
services
approved
by
Calamos
Advisors,
which
may
be
based
on
market
transactions
for
comparable
securities
and
various
relationships
between
securities
that
are
generally
recognized
by
institutional
traders,
a
computerized
matrix
system,
or
appraisals
derived
from
information
concerning
the
securities
or
similar
securities
received
from
recognized
dealers
in
those
securities.
When
fair
value
pricing
of
securities
is
employed,
the
prices
of
securities
used
by
each
Fund
to
calculate
its
NAV
may
differ
from
market
quotations
or
official
closing
prices.
There
can
be
no
assurance
that
each
Fund
could
purchase
or
sell
a
portfolio
security
at
the
price
used
to
calculate
each
Fund’s
NAV.
Foreign
Currency
Translation.
Values
of
investments
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
a
rate
quoted
by
a
major
bank
or
dealer
in
the
particular
currency
market,
as
reported
by
a
recognized
quotation
dissemination
service.
Option
Transactions.
For
hedging
and
investment
purposes,
each
Fund
may
purchase
or
write
(sell)
put
and
call
options.
One
of
the
risks
associated
with
purchasing
an
option
is
that
each
Fund
pays
a
premium
whether
or
not
the
option
is
exercised.
Additionally,
each
Fund
bears
the
risk
of
loss
of
premium
and
change
in
value
should
the
counterparty
not
perform
under
the
contract.
Each
Fund
as
writer
of
an
option
bears
the
market
risk
of
an
unfavorable
change
in
the
price
of
the
security
underlying
the
written
option.
Note
2
–
Short
Sales
Calamos
Global
Dynamic
Income
Fund
and
Calamos
Long/Short
Equity
&
Dynamic
Income
Trust
may
sell
securities
short.
Securities
sold
short
represent
obligations
to
deliver
the
securities
at
a
future
date.
Each
Fund
may
sell
a
security
it
does
not
own
in
anticipation
of
a
decline
in
the
value
of
that
security
before
the
delivery
date.
When
a
Fund
sells
a
security
short,
it
must
borrow
the
security
sold
short
and
deliver
it
to
the
broker-dealer
through
which
it
made
the
short
sale.
To
secure
its
obligation
to
deliver
to
the
broker-dealer
the
securities
sold
short,
a
Fund
must
segregate
an
amount
of
cash
or
liquid
securities
with
its
custodian
equal
to
any
excess
of
the
current
market
value
of
the
securities
sold
short
over
any
cash
or
liquid
securities
deposited
as
collateral
with
the
broker
in
connection
with
the
short
sale
(not
including
the
proceeds
of
the
short
sale).
As
a
result
of
that
requirement,
a
Fund
will
not
gain
any
leverage
merely
by
selling
short,
except
to
the
extent
that
it
earns
interest
or
other
income
or
gains
on
the
segregated
cash
or
liquid
securities
while
also
being
subject
to
the
possibility
of
gain
or
loss
from
the
securities
sold
short.
Note
3
–
Fair
Value
Measurements
Various
inputs
are
used
to
determine
the
value
of
each
Fund’s
investments.
These
inputs
are
categorized
into
three
broad
levels
as
follows:
Level
1
–
Prices
are
determined
using
inputs
from
unadjusted
quoted
prices
from
active
markets
(including
securities
actively
traded
on
a
securities
exchange)
for
identical
assets.
Level
2
–
Prices
are
determined
using
significant
observable
market
inputs
other
than
unadjusted
quoted
prices,
including
quoted
prices
of
similar
securities,
fair
value
adjustments
to
quoted
foreign
securities,
interest
rates,
credit
risk,
prepayment
speeds,
and
other
relevant
data.
Level
3
–
Prices
reflect
unobservable
market
inputs
(including
each
Fund’s
own
judgments
about
assumptions
market
participants
would
use
in
determining
fair
value)
when
observable
inputs
are
unavailable.
Debt
securities
are
valued
based
upon
evaluated
prices
received
from
an
independent
pricing
service
or
from
a
dealer
or
broker
who
makes
markets
in
such
securities.
Pricing
services
utilize
various
observable
market
data
and
as
such,
debt
securities
are
generally
categorized
as
Level
2.
The
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
of
each
Fund’s
investments.
The
summary
of
the
inputs
used
in
valuing
each
Fund's
holdings
are
available
after each
Fund's
Portfolio.