# EDGAR Filing Document

**Accession Number:** 0001275214
**File Stem:** 0001104659-25-063508
**Filing Date:** 2025-6
**Character Count:** 642809
**Document Hash:** edb73bbbe3dc0244fd133985b1ca7bf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-063508.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001104659-25-063508

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALAMOS STRATEGIC TOTAL RETURN FUND
- **CENTRAL INDEX KEY:** 0001275214

**ORGANIZATION NAME:**
- **EIN:** 043785941
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21484
- **FILM NUMBER:** 251084169

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 6302451046

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **STREET 2:** C/O CALAMOS ADVISORS LLC
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

?xml version='1.0' encoding='ASCII'? CALAMOS STRATEGIC TOTAL RETURN FUND - 1275214 - 2025

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

---

| | |
|:---|:---|
| INVESTMENT COMPANY ACT FILE NUMBER: | 811-21484 |
| EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: | Calamos Strategic Total Return Fund |
| ADDRESS OF PRINCIPAL EXECUTIVE OFFICES: | 2020 Calamos Court<br> Naperville, Illinois 60563-2787 |
| NAME AND ADDRESS OF AGENT FOR SERVICE: | John P. Calamos, Sr., Founder, Chairman and<br>Global Chief Investment Officer<br> Calamos Advisors LLC<br> 2020 Calamos Court<br> Naperville, Illinois 60563-2787 |

---

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

DATE OF FISCAL YEAR END: October 31, 2025

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

**Item 1. Reports to Stockholders.**

1(a) Reports to Stockholders

![j25160456_aa001.jpg](j25160456_aa001.jpg)

**TIMELY INFORMATION INSIDE**

![j25160456_aa002.jpg](j25160456_aa002.jpg)

![j25160456_aa003.jpg](j25160456_aa003.jpg)

Family of Closed-End Funds

**SEMIANNUAL REPORT APRIL 30, 2025**

**Domestic Funds**

Calamos Convertible Opportunities and Income Fund (Ticker: CHI)

Calamos Convertible and High Income Fund (Ticker: CHY)

Calamos Strategic Total Return Fund (Ticker: CSQ)

Calamos Dynamic Convertible and Income Fund (Ticker: CCD)

**Global Funds**

Calamos Global Dynamic Income Fund (Ticker: CHW)

Calamos Global Total Return Fund (Ticker: CGO)

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

![j25160456_aa004.jpg](j25160456_aa004.jpg)

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

------

![j25160456_aa005.jpg](j25160456_aa005.jpg)

Experience and Foresight

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

Our Distribution Policies\*

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

• Net investment income

• Net realized short-term capital gains

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

• And, if necessary, return of capital

We set distributions at levels that we believe are sustainable for the long term. Each Fund's current monthly distribution per share as of April 30, 2025, is as follows:

• Calamos Global Dynamic Income Fund: $0.0500

• Calamos Global Total Return Fund: $0.0800

• Calamos Convertible Opportunities and Income Fund: $0.0950

• Calamos Convertible and High Income Fund: $0.1000

• Calamos Strategic Total Return Fund: $0.1025

• Calamos Dynamic Convertible and Income Fund: $0.1950

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

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

For more information about any Calamos closed-end funds, we encourage you to contact your financial advisor or Calamos Investments at 866.363.9219 (Monday through Friday from 8:30 a.m. to 5:00 p.m., Central Time). You can also visit us at www.calamos.com.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Statements of Assets and Liabilities  | 1 |
| Statements of Operations  | 3 |
| Statements of Changes In Net Assets  | 5 |
| Statements of Cash Flows | 8 |
| Financial Highlights  | 16 |
| Schedules of Investments  | 25 |
| Notes to Financial Statements  | 137 |
| Report of Independent Registered<br>Public Accounting Firm | 151 |
| About Closed-End Funds | 152 |
| Managed and Level Distribution Policies | 153 |
| Automatic Dividend Reinvestment Plan | 154 |
| Additional Fund Information: Delaware<br>Statutory Trust Act – Control Share<br>Acquisitions | 155 |

---

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | CONVERTIBLE<br>OPPORTUNITIES<br>AND INCOME<br>FUND | CONVERTIBLE<br>AND HIGH<br>INCOME FUND | STRATEGIC TOTAL<br>RETURN FUND | DYNAMIC<br>CONVERTIBLE<br>AND INCOME<br>FUND |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $1131276497 | $1225027957 | $2870203324 | $752126808 |
| Investment in securities, at value\* | $1085137901 | $1174313230 | $3813766023 | $722956369 |
| Cash with custodian | 72474047 | 74071637 | 136056354 | 30607100 |
| Cash held at broker |  |  |  | 577 |
| Restricted cash for short positions |  |  | 13670 |  |
| Receivables: | Receivables: | Receivables: | Receivables: | Receivables: |
| Accrued interest and dividends | 7736701 | 8403868 | 10725508 | 3554202 |
| Investments sold | 1470394 | 1574800 | 3784350 | 397700 |
| Prepaid expenses | 482169 | 522623 | 1206687 | 328658 |
| Other assets | 220217 | 190052 | 269040 |  |
| Total assets | 1167521429 | 1259076210 | 3965821632 | 757844606 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Options written, at value (premium $246,990) |  |  | 37993 |  |
| Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares<br>authorized, issued, and outstanding, in 000's) (Note 8) | Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares<br>authorized, issued, and outstanding, in 000's) (Note 8) | Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares<br>authorized, issued, and outstanding, in 000's) (Note 8) | Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares<br>authorized, issued, and outstanding, in 000's) (Note 8) | Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares<br>authorized, issued, and outstanding, in 000's) (Note 8) |
| Series C (1,340, 1,480, 3,240, and 860 shares, respectively)<sup>(1)</sup> | 33412911 | 36904203 | 80789246 | 21444263 |
| Series D (1,320, 1,400, 2,480 and 1,120 shares, respectively)<sup>(2)</sup> | 32919475 | 34915114 | 61847853 | 27929726 |
| Series E (1,330, 1,460, and 850 shares, respectively)<sup>(3)</sup> | 33112991 | 36350526 |  | 21159851 |
| Series F (4,000 shares)<sup>(4)</sup> |  |  | 99678902 |  |
| Series G (1,320, 1,440, 3,200 and 840 shares, respectively)<sup>(5)</sup> | 32727376 | 35702592 | 79339094 | 20809597 |
| Unrealized depreciation on forward foreign currency contracts |  |  |  |  |
| Payables: | Payables: | Payables: | Payables: | Payables: |
| Notes payable (Note 7) | 291650000 | 313900000 | 1000000000 | 185250000 |
| Distributions payable to Mandatory Redeemable Preferred Shareholders | 412964 | 450796 | 1087791 | 277191 |
| Investments purchased | 17695031 | 18777735 | 2950269 | 4345997 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 744853 | 804436 | 3139255 | 613104 |
| Deferred compensation to trustees | 220217 | 190052 | 269040 |  |
| Trustees' fees and officer compensation | 5845 | 6182 | 13824 | 4505 |
| Other accounts payable and accrued liabilities | 1549538 | 1672781 | 4514131 | 1034887 |
| Total liabilities | 444451201 | 479674417 | 1333667398 | 282869121 |
| NET ASSETS | $723070228 | $779401793 | $2632154234 | $474975485 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Common stock, no par value, unlimited shares authorized | $827156245 | $893294262 | $1889490143 | $550275271 |
| Accumulated distributable earnings (loss) | (104086017) | (113892469) | 742664091 | (75299786) |
| NET ASSETS | $723070228 | $779401793 | $2632154234 | $474975485 |
| Net asset value per common shares | $9.32 | $9.85 | $16.41 | $17.56 |
| Shares Outstanding | 77613710 | 79140284 | 160369635 | 27054934 |
| \* Includes securities on loan | $40035222 | $52661889 | $531651495 | $11451031 |
| (1) Net of deferred offering costs (Series C) | $87089 | $95797 | $210754 | $55737 |
| (2) Net of deferred offering costs (Series D) | $80525 | $84886 | $152147 | $70274 |
| (3) Net of deferred offering costs (Series E) | $137009 | $149474 | $— | $90149 |
| (4) Net of deferred offering costs (Series F) | $— | $— | $321098 | $— |
| (5) Net of deferred offering costs (Series G) | $272624 | $297408 | $660906 | $190403 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| | GLOBAL<br>DYNAMIC<br>INCOME FUND | GLOBAL TOTAL<br>RETURN FUND | LONG/SHORT<br>EQUITY &<br>DYNAMIC<br>INCOME TRUST |
| **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** |
| Investments in securities, at cost | $678623885 | $153528510 | $415230757 |
| Investment in securities, at value\* | $586837245 | $142617683 | $399652471 |
| Cash with custodian | 54285559 | 12089050 | 4954576 |
| Cash held at broker |  | 6 | 101957 |
| Collateral for short positions domestic |  |  | 56000000 |
| Restricted cash for short positions |  |  | 112325741 |
| Foreign currencies held at broker (cost $6 and $85) | 6 |  | 88 |
| Receivables: | Receivables: | Receivables: | Receivables: |
| Accrued interest and dividends | 2633429 | 599360 | 1956802 |
| Investments sold | 12767302 | 2869386 | 1027402 |
| Prepaid expenses | 169659 | 61045 | 2923 |
| Other assets | 102221 | 64962 | 496982 |
| Total assets | 656795421 | 158301492 | 576518942 |
| **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
| Restricted foreign currency for short positions (cost $915,126) |  |  | 914917 |
| Foreign currency due to broker (cost $420 and $172) | 429 |  | 166 |
| Foreign currency overdraft (cost $800,003 and $191,046) | 800003 | 191046 |  |
| Securities sold short, at value (proceeds $102,841,374) |  |  | 117789220 |
| Options written, at value (premium $54,901, $13,428 and $5,661,884) | 85635 | 20955 | 5237123 |
| Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued,<br>and outstanding, in 000's) (Note 8) | Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued,<br>and outstanding, in 000's) (Note 8) | Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued,<br>and outstanding, in 000's) (Note 8) | Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued,<br>and outstanding, in 000's) (Note 8) |
| Series C (880 and 160 shares, respectively)<sup>(1)</sup> | 21943393 | 3989549 |  |
| Series D (200 and 200 shares, respectively)<sup>(2)</sup> | 4986285 | 4981380 |  |
| Series E (860 and 160 shares, respectively)<sup>(3)</sup> | 21401263 | 3975027 |  |
| Unrealized depreciation on forward foreign currency contracts | 264 | 63 |  |
| Payables: | Payables: | Payables: | Payables: |
| Notes payable (Note 7) | 136050000 | 34600000 | 120000000 |
| Distributions payable to Mandatory Redeemable Preferred Shareholders | 130744 | 32057 |  |
| Investments purchased | 11528241 | 2957547 | 683457 |
| Affiliates: | Affiliates: | Affiliates: | Affiliates: |
| Investment advisory fees | 548026 | 129537 | 494182 |
| Deferred compensation to trustees | 102227 | 64962 |  |
| Trustees' fees and officer compensation | 4068 | 2177 | 3278 |
| Other accounts payable and accrued liabilities | 1066814 | 312477 | 643336 |
| Total liabilities | 198647392 | 51256777 | 245765679 |
| NET ASSETS | $458148029 | $107044715 | $330753263 |
| **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| Common stock, no par value, unlimited shares authorized | $546071159 | $114769615 | $392628183 |
| Accumulated distributable earnings (loss) | (87923130)<sup>(a)</sup> | (7724900)<sup>(a)</sup> | (61874920) |
| NET ASSETS | $458148029 | $107044715 | $330753263 |
| Net asset value per common shares | $7.17 | $10.89 | $16.85 |
| Shares Outstanding | 63864387 | 9827294 | 19632194 |
| \* Includes securities on loan | $62149910 | $18105860 | $3887655 |
| (1) Net of deferred offering costs (Series C) | $56607 | $10451 | $— |
| (2) Net of deferred offering costs (Series D) | $13715 | $18620 | $— |
| (3) Net of deferred offering costs (Series E) | $98737 | $24973 | $— |

---

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

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | CONVERTIBLE<br>OPPORTUNITIES<br>AND INCOME<br>FUND | CONVERTIBLE<br>AND HIGH<br>INCOME FUND | STRATEGIC TOTAL<br>RETURN FUND | DYNAMIC<br>CONVERTIBLE<br>AND INCOME<br>FUND |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $17925027 | $19419653 | $26186201 | $7959780 |
| Interest on short sales |  |  |  | 15 |
| (Amortization)/accretion of investment securities | (8516882) | (9509594) | (6621404) | (7708450) |
| Net interest | 9408145 | 9910059 | 19564797 | 251345 |
| Dividends | 2483789 | 2677868 | 20963938 | 2090250 |
| Dividend taxes withheld |  |  | (32128) |  |
| Total investment income | 11891934 | 12587927 | 40496607 | 2341595 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 4766405 | 5155365 | 20565401 | 4014662 |
| Interest expense on Notes Payable (Note 7) | 7950070 | 8616571 | 24524950 | 5336033 |
| Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares<br>(Notes 1 and 8) | 2704310 | 2947731 | 7027503 | 1828542 |
| Printing and mailing fees | 53819 | 59474 | 112779 | 36480 |
| Legal fees | 41308 | 44085 | 130668 | 30160 |
| Accounting fees | 41212 | 43416 | 110716 | 33357 |
| Tax fees | 33387 | 36117 | 112504 | 22689 |
| Audit fees | 32198 | 34117 | 88844 | 24696 |
| Trustees' fees and officer compensation | 29778 | 31792 | 89448 | 21883 |
| Fund administration fees | 27074 | 29271 | 101313 | 18266 |
| Transfer agent fees | 23174 | 20151 | 20620 | 19468 |
| Registration fees | 9939 | 10039 | 21189 | 3537 |
| Custodian fees | 9225 | 9706 | 26269 | 7438 |
| Other | 30843 | 30708 | 77724 | 23094 |
| Total expenses | 15752742 | 17068543 | 53009928 | 11420305 |
| NET INVESTMENT INCOME (LOSS) | (3860808) | (4480616) | (12513321) | (9078710) |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 6967217 | 6137175 | 34247986 | 8902898 |
| Purchased options | (235207) | (300378) | (922633) | (242572) |
| Foreign currency transactions |  |  | 208 |  |
| Written options | 862472 | 967015 | (995928) | 784126 |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | (17983190) | (17952801) | (107301880) | (14807349) |
| Purchased options | 35509 | 45135 | 2899101 | 41475 |
| Foreign currency translations |  |  | 7896 |  |
| Written options |  |  | 74743 |  |
| NET GAIN (LOSS) | (10353199) | (11103854) | (71990507) | (5321422) |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(14214007) | $(15584470) | $(84503828) | $(14400132) |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| | GLOBAL<br>DYNAMIC<br>INCOME FUND | GLOBAL TOTAL<br>RETURN FUND | LONG/SHORT<br>EQUITY &<br>DYNAMIC<br>INCOME TRUST |
| **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** | **INVESTMENT INCOME** |
| Interest | $5869122 | $1295240 | $4308929 |
| Interest on short sales | 1238 |  | 4925137 |
| (Amortization)/accretion of investment securities | (1450297) | (266170) | 70825 |
| Net interest | 4420063 | 1029070 | 9304891 |
| Dividends | 4992931 | 1140853 | 1867811 |
| Dividend taxes withheld | (208807) | (49835) | (23129) |
| Total investment income | 9204187 | 2120088 | 11149573 |
| **EXPENSES** | **EXPENSES** | **EXPENSES** | **EXPENSES** |
| Investment advisory fees | 3660990 | 863245 | 3050866 |
| Interest expense on Notes Payable (Note 7) | 5210102 | 1204111 | 3037313 |
| Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8) | 871341 | 234665 |  |
| Printing and mailing fees | 36460 | 15250 | 22349 |
| Legal fees | 32717 | 11607 | 32582 |
| Accounting fees | 36373 | 18742 | 25955 |
| Tax fees | 40309 | 25282 | 13112 |
| Audit fees | 23384 | 12161 | 17021 |
| Trustees' fees and officer compensation | 20612 | 8835 | 14488 |
| Fund administration fees | 18771 | 4468 | 11653 |
| Transfer agent fees | 19424 | 21525 | 10634 |
| Registration fees | 8438 | 1299 | 2594 |
| Custodian fees | 80347 | 33575 | 37742 |
| Dividend or interest expense on short positions |  |  | 1377340 |
| Other | 94780 | 17530 | 122563 |
| Total expenses | 10154048 | 2472295 | 7776212 |
| NET INVESTMENT INCOME (LOSS) | (949861) | (352207) | 3373361 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** | **Net realized gain (loss) from:** |
| Investments, excluding purchased options | 19154246<br> <sup>(a)</sup> | 5913598<br> <sup>(a)</sup> | 28446991 |
| Purchased options | 5303893 | 1637219 | (18935915) |
| Foreign currency transactions | (136619) | (38216) | (67939) |
| Forward foreign currency contracts | 1364 | 470 |  |
| Written options | 92322 | 63633 | 6325152 |
| Short positions | (289) |  | 2393825 |
| **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** | **Change in net unrealized appreciation/(depreciation) on:** |
| Investments, excluding purchased options | (34161512)<sup>(b)</sup> | (9813470)<sup>(b)</sup> | (28112990) |
| Purchased options | (5340294) | (1568992) | 1942669 |
| Foreign currency translations | 10069 | 1443 | 3421 |
| Forward foreign currency contracts | (264) | (63) |  |
| Written options | 1224 | 1246 | 2872574 |
| Short positions |  |  | 8639183 |
| NET GAIN (LOSS) | (15075860) | (3803132) | 3506971 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(16025721) | $(4155339) | $6880332 |

---

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

(b) Net of change of $959,592 and $281,155, respectively in deferred capital gains tax.

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **CONVERTIBLE OPPORTUNITIES<br>AND INCOME FUND** | **CONVERTIBLE OPPORTUNITIES<br>AND INCOME FUND** | **CONVERTIBLE AND<br>HIGH INCOME FUND** | **CONVERTIBLE AND<br>HIGH INCOME FUND** | **STRATEGIC TOTAL<br>RETURN FUND** | **STRATEGIC TOTAL<br>RETURN FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(3860808) | $(14912812) | $(4480616) | $(16507139) | $(12513321) | $(23412384) |
| Net realized gain (loss) | 7594482 | 58286271 | 6803812 | 63881724 | 32329633 | 207696494 |
| Change in unrealized appreciation/(depreciation) | (17947681) | 120657789 | (17907666) | 131356613 | (104320140) | 677644227 |
| Net increase (decrease) in net assets applicable to<br>common shareholders resulting from operations | (14214007) | 164031248 | (15584470) | 178731198 | (84503828) | 861928337 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |
| Distributions | (43477291) | (47584933) | (46720684) | (48023120) | (98627325) | (197233426) |
| Return of capital |  | (38135660) |  | (44052948) |  |  |
| Net decrease in net assets from distributions to<br>common shareholders | (43477291) | (85720593) | (46720684) | (92076068) | (98627325) | (197233426) |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold | 17678983 |  | 18165522 | 17883 |  | 37382 |
| Reinvestment of distributions resulting in the issuance of stock | 3876105 | 8114054 | 3959217 | 8088427 |  | 550419 |
| Net increase (decrease) in net assets from capital<br>stock transactions | 21555088 | 8114054 | 22124739 | 8106310 |  | 587801 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | (36136210) | 86424709 | (40180415) | 94761440 | (183131153) | 665282712 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $759206438 | $672781729 | $819582208 | $724820768 | $2815285387 | $2150002675 |
| End of period | $723070228 | $759206438 | $779401793 | $819582208 | $2632154234 | $2815285387 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **DYNAMIC CONVERTIBLE<br>AND INCOME FUND** | **DYNAMIC CONVERTIBLE<br>AND INCOME FUND** | **GLOBAL DYNAMIC<br>INCOME FUND** | **GLOBAL DYNAMIC<br>INCOME FUND** | **GLOBAL TOTAL RETURN FUND** | **GLOBAL TOTAL RETURN FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $(9078710) | $(23788786) | $(949861) | $(3779968) | $(352207) | $(1354621) |
| Net realized gain (loss) | 9444452 | 58411657 | 24414917 | 49277335 | 7576704 | 13104228 |
| Change in unrealized appreciation/(depreciation) | (14765874) | 80755894 | (39490777) | 103278463 | (11379836) | 24001478 |
| Net increase (decrease) in net assets applicable to<br>common shareholders resulting from operations | (14400132) | 115378765 | (16025721) | 148775830 | (4155339) | 35751085 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |
| Distributions | (31535256) | (41801785) | (19159316) | (38318632) | (4717101) | (9432805) |
| Return of capital |  | (20818282) |  |  |  |  |
| Net decrease in net assets from distributions to<br>common shareholders | (31535256) | (62620067) | (19159316) | (38318632) | (4717101) | (9432805) |
| **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| Proceeds from shares sold |  |  |  | 10535 |  | 1960 |
| Reinvestment of distributions resulting in the issuance of stock | 3913390 | 4873759 |  |  |  | 17720 |
| Net increase (decrease) in net assets from capital<br>stock transactions | 3913390 | 4873759 |  | 10535 |  | 19680 |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | (42021998) | 57632457 | (35185037) | 110467733 | (8872440) | 26337960 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $516997483 | $459365026 | $493333066 | $382865333 | $115917155 | $89579195 |
| End of period | $474975485 | $516997483 | $458148029 | $493333066 | $107044715 | $115917155 |

---

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **LONG/SHORT EQUITY &<br>DYNAMIC INCOME TRUST** | **LONG/SHORT EQUITY &<br>DYNAMIC INCOME TRUST** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | YEAR ENDED<br>OCTOBER 31,<br>2024 |
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
| Net investment income (loss) | $3373361 | $9196057 |
| Net realized gain (loss) | 18162114 | 4453043 |
| Change in unrealized appreciation/(depreciation) | (14655143) | 38765839 |
| Net increase (decrease) in net assets applicable to common shareholders resulting from operations | 6880332 | 52414939 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** | **DISTRIBUTIONS TO COMMON SHAREHOLDERS** |
| Distributions | (20336990) | (32982086) |
| Return of capital |  |  |
| Net decrease in net assets from distributions to common shareholders | (20336990) | (32982086) |
| TOTAL INCREASE (DECREASE) IN NET ASSETS | (13456658) | 19432853 |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period | $344209921 | $324777068 |
| End of period | $330753263 | $344209921 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statement of Cash Flows

---

| | |
|:---|:---|
| | **CALAMOS<br>CONVERTIBLE<br>OPPORTUNITIES<br>AND INCOME FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **CASH FLOWS FROM OPERATING ACTIVITIES:** |
| Net increase/(decrease) in net assets from operations | $(14214007) |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: |  |
| Purchase of investment securities, including purchased options | (448106188) |
| Proceeds paid on closing written options | (225166) |
| Proceeds from disposition of investment securities, including purchased options | 533029316 |
| Premiums received from written options | 1087639 |
| Amortization and accretion of fixed-income securities | 8516882 |
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 135994 |
| Net payment-in-kind interest income | (347076) |
| Net realized gains/losses from investments, excluding purchased options | (6967217) |
| Net realized gains/losses from purchased options | 235207 |
| Net realized gains/losses from written options | (862472) |
| Change in unrealized appreciation or depreciation on investments, excluding purchased options | 17983190 |
| Change in unrealized appreciation or depreciation on purchased options | (35509) |
| Net change in assets and liabilities: |  |
| (Increase)/decrease in assets: |  |
| Accrued interest and dividends receivable | (178181) |
| Prepaid expenses | (19327) |
| Other assets | 5216 |
| Increase/(decrease) in liabilities: |  |
| Payables to affiliates | (83168) |
| Other accounts payable and accrued liabilities | (117470) |
| Net cash provided by/(used in) operating activities | $89837663 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** | **CASH FLOWS FROM FINANCING ACTIVITIES:** |
| Proceeds from shares sold | 17678983 |
| Distributions to shareholders | (39601186) |
| Redemption of Distributions to Mandatory Redeemable Preferred Shareholders | (21284) |
| Offering costs on Mandatory Redeemable Preferred Shares | (35557) |
| Repayment of Note payable | (23000000) |
| Net cash provided by/(used in) financing activities | $(44979044) |
| Net increase/(decrease) in cash | $44858619 |
| Cash and restricted cash at beginning of period | $27615428 |
| Cash and restricted cash at end of period | $72474047 |
| Supplemental disclosure |  |
| Cash paid for interest expense on Notes Payable | $8029013 |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $2725594 |
| Non-cash financing activities not included herein consists of reinvestment of dividends and distributions | $3876105 |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows. |  |
| Cash with custodian | 72474047 |
| Cash held at broker |  |
| Total cash and restricted cash at period end | $72474047 |

---

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Statement of Cash Flows

---

| | |
|:---|:---|
| | **CALAMOS<br>CONVERTIBLE AND<br>HIGH INCOME FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **CASH FLOWS FROM OPERATING ACTIVITIES:** |
| Net increase/(decrease) in net assets from operations | $(15584470) |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: |  |
| Purchase of investment securities, including purchased options | (484032919) |
| Proceeds paid on closing written options | (252459) |
| Proceeds from disposition of investment securities, including purchased options | 576657987 |
| Premiums received from written options | 1219474 |
| Amortization and accretion of fixed-income securities | 9509594 |
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 145506 |
| Net payment-in-kind interest income | (377898) |
| Net realized gains/losses from investments, excluding purchased options | (6137175) |
| Net realized gains/losses from purchased options | 300378 |
| Net realized gains/losses from written options | (967015) |
| Change in unrealized appreciation or depreciation on investments, excluding purchased options | 17952801 |
| Change in unrealized appreciation or depreciation on purchased options | (45135) |
| Net change in assets and liabilities: |  |
| (Increase)/decrease in assets: |  |
| Accrued interest and dividends receivable | (180669) |
| Prepaid expenses | (18351) |
| Other assets | 4501 |
| Increase/(decrease) in liabilities: |  |
| Payables to affiliates | (90080) |
| Other accounts payable and accrued liabilities | (129983) |
| Net cash provided by/(used in) operating activities | $97974087 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** | **CASH FLOWS FROM FINANCING ACTIVITIES:** |
| Proceeds from shares sold | 18165522 |
| Distributions to shareholders | (42761467) |
| Redemption of Distributions to Mandatory Redeemable Preferred Shareholders | (23225) |
| Offering costs on Mandatory Redeemable Preferred Shares | (36879) |
| Repayment of Note payable | (27000000) |
| Net cash provided by/(used in) financing activities | $(51656049) |
| Net increase/(decrease) in cash | $46318038 |
| Cash and restricted cash at beginning of period | $27753599 |
| Cash and restricted cash at end of period | $74071637 |
| Supplemental disclosure |  |
| Cash paid for interest expense on Notes Payable | $8705984 |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $2970956 |
| Non-cash financing activities not included herein consists of reinvestment of dividends and distributions | $3959217 |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows. |  |
| Cash with custodian | 74071637 |
| Cash held at broker |  |
| Total cash and restricted cash at period end | $74071637 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statement of Cash Flows

---

| | |
|:---|:---|
| | **CALAMOS<br>STRATEGIC TOTAL<br>RETURN FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **CASH FLOWS FROM OPERATING ACTIVITIES:** |
| Net increase/(decrease) in net assets from operations | $(84503828) |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: |  |
| Purchase of investment securities, including purchased options | (792006294) |
| Proceeds paid on closing written options | (1290044) |
| Proceeds from disposition of investment securities, including purchased options | 819875264 |
| Premiums received from written options | 246990 |
| Amortization and accretion of fixed-income securities | 6621404 |
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 280717 |
| Net payment-in-kind interest income | (426967) |
| Net realized gains/losses from investments, excluding purchased options | (34247986) |
| Net realized gains/losses from purchased options | 922633 |
| Net realized gains/losses from written options | 995928 |
| Change in unrealized appreciation or depreciation on investments, excluding purchased options | 107301880 |
| Change in unrealized appreciation or depreciation on purchased options | (2899101) |
| Change in unrealized appreciation or depreciation on written options | (74743) |
| Net change in assets and liabilities: |  |
| (Increase)/decrease in assets: |  |
| Accrued interest and dividends receivable | 558938 |
| Prepaid expenses | (1480) |
| Other assets | 6372 |
| Increase/(decrease) in liabilities: |  |
| Payables to affiliates | (301490) |
| Other accounts payable and accrued liabilities | 51728 |
| Net cash provided by/(used in) operating activities | $21109921 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** | **CASH FLOWS FROM FINANCING ACTIVITIES:** |
| Distributions to shareholders | (98627325) |
| Redemption of Distributions to Mandatory Redeemable Preferred Shareholders | (55914) |
| Offering costs on Mandatory Redeemable Preferred Shares | (56198) |
| Proceeds from Note payable | 59000000 |
| Net cash provided by/(used in) financing activities | $(39739437) |
| Net increase/(decrease) in cash | $(18629516) |
| Cash and restricted cash at beginning of period | $154699540 |
| Cash and restricted cash at end of period | $136070024 |
| Supplemental disclosure |  |
| Cash paid for interest expense on Notes Payable | $24345791 |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $7083417 |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows. |  |
| Cash with custodian | 136056354 |
| Cash held at broker |  |
| Restricted cash for short positions | 13670 |
| Total cash and restricted cash at period end | $136070024 |

---

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Statement of Cash Flows

---

| | |
|:---|:---|
| | **CALAMOS<br>DYNAMIC CONVERTIBLE<br>AND INCOME FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **CASH FLOWS FROM OPERATING ACTIVITIES:** |
| Net increase/(decrease) in net assets from operations | $(14400132) |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: |  |
| Purchase of investment securities, including purchased options | (349274469) |
| Proceeds paid on closing written options | (204667) |
| Proceeds from disposition of investment securities, including purchased options | 414768909 |
| Premiums received from written options | 988792 |
| Amortization and accretion of fixed-income securities | 7708450 |
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 104085 |
| Net payment-in-kind interest income | (96420) |
| Net realized gains/losses from investments, excluding purchased options | (8902898) |
| Net realized gains/losses from purchased options | 242572 |
| Net realized gains/losses from written options | (784126) |
| Change in unrealized appreciation or depreciation on investments, excluding purchased options | 14807349 |
| Change in unrealized appreciation or depreciation on purchased options | (41475) |
| Net change in assets and liabilities: |  |
| (Increase)/decrease in assets: |  |
| Accrued interest and dividends receivable | (110859) |
| Prepaid expenses | (16178) |
| Increase/(decrease) in liabilities: |  |
| Payables to affiliates | (85182) |
| Other accounts payable and accrued liabilities | (104470) |
| Net cash provided by/(used in) operating activities | $64599281 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** | **CASH FLOWS FROM FINANCING ACTIVITIES:** |
| Distributions to shareholders | (27621866) |
| Redemption of Distributions to Mandatory Redeemable Preferred Shareholders | (14292) |
| Offering costs on Mandatory Redeemable Preferred Shares | (30289) |
| Repayment of Note payable | (25000000) |
| Net cash provided by/(used in) financing activities | $(52666447) |
| Net increase/(decrease) in cash | $11932834 |
| Cash and restricted cash at beginning of period | $18674843 |
| Cash at end of period | $30607677 |
| Supplemental disclosure |  |
| Cash paid for interest expense on Notes Payable | $5406804 |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $1842834 |
| Non-cash financing activities not included herein consists of reinvestment of dividends and distributions | $3913390 |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows. |  |
| Cash with custodian | 30607100 |
| Cash held at broker | 577 |
| Total cash and restricted cash at period end | $30607677 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statement of Cash Flows

---

| | |
|:---|:---|
| | **CALAMOS<br>GLOBAL DYNAMIC<br>INCOME FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **CASH FLOWS FROM OPERATING ACTIVITIES:** |
| Net increase/(decrease) in net assets from operations | $(16025721) |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: |  |
| Purchase of investment securities, including purchased options | (459305208) |
| Purchases of securities to cover securities sold short | (704418) |
| Proceeds paid on closing written options | (868705) |
| Proceeds from disposition of investment securities, including purchased options | 585266403 |
| Proceeds from securities sold short | 704239 |
| Premiums received from written options | 948745 |
| Amortization and accretion of fixed-income securities | 1450297 |
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 62295 |
| Net payment-in-kind interest income | (77210) |
| Net realized gains/losses from investments, excluding purchased options | (19415551) |
| Net realized gains/losses from capital gains tax | 261305 |
| Net realized gains/losses from purchased options | (5303893) |
| Net realized gains/losses from short positions | 289 |
| Net realized gains/losses from written options | (92322) |
| Change in unrealized appreciation or depreciation on investments, excluding purchased options | 33201920 |
| Change in unrealized appreciation or depreciation on capital gains tax | 959592 |
| Change in unrealized appreciation or depreciation on purchased options | 5340294 |
| Change in unrealized appreciation or depreciation on written options | (1224) |
| Net change in assets and liabilities: |  |
| (Increase)/decrease in assets: |  |
| Accrued interest and dividends receivable | 73101 |
| Prepaid expenses | (20457) |
| Other assets | 2428 |
| Increase/(decrease) in liabilities: |  |
| Payables to affiliates | (105964) |
| Other accounts payable and accrued liabilities | (204125) |
| Net cash provided by/(used in) operating activities | $126146110 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** | **CASH FLOWS FROM FINANCING ACTIVITIES:** |
| Distributions to shareholders | (19159316) |
| Redemption of Distributions to Mandatory Redeemable Preferred Shareholders | (6703) |
| Offering costs on Mandatory Redeemable Preferred Shares | (21449) |
| Net increase/(decrease) in due to custodian bank | 795587 |
| Repayment of Note payable | (75500000) |
| Net cash provided by/(used in) financing activities | $(93891881) |
| Net increase/(decrease) in cash and foreign currency | $32254229 |
| Cash and foreign currency and restricted cash at beginning of period | $22031336 |
| Cash and foreign currency at end of period | $54285565 |
| Supplemental disclosure |  |
| Cash paid for interest expense on Notes Payable | $5385995 |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $878044 |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows. |  |
| Cash with custodian | 54285559 |
| Cash held at broker |  |
| Foreign currency | 6 |
| Total cash and restricted cash at period end | $54285565 |

---

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Statement of Cash Flows

---

| | |
|:---|:---|
| | **CALAMOS<br>GLOBAL TOTAL<br>RETURN FUND** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **CASH FLOWS FROM OPERATING ACTIVITIES:** |
| Net increase/(decrease) in net assets from operations | $(4155339) |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: |  |
| Purchase of investment securities, including purchased options | (118030288) |
| Proceeds paid on closing written options | (162449) |
| Proceeds from disposition of investment securities, including purchased options | 142161005 |
| Premiums received from written options | 229198 |
| Amortization and accretion of fixed-income securities | 266170 |
| Amortization of offering costs on Mandatory Redeemable Preferred Shares | 36655 |
| Net payment-in-kind interest income | (20391) |
| Net realized gains/losses from investments, excluding purchased options | (6005912) |
| Net realized gains/losses from capital gains tax | 92314 |
| Net realized gains/losses from purchased options | (1637219) |
| Net realized gains/losses from written options | (63633) |
| Change in unrealized appreciation or depreciation on investments, excluding purchased options | 9532315 |
| Change in unrealized appreciation or depreciation on capital gains tax | 281155 |
| Change in unrealized appreciation or depreciation on purchased options | 1568992 |
| Change in unrealized appreciation or depreciation on written options | (1246) |
| Net change in assets and liabilities: |  |
| (Increase)/decrease in assets: |  |
| Accrued interest and dividends receivable | (12686) |
| Prepaid expenses | (18282) |
| Other assets | 1539 |
| Increase/(decrease) in liabilities: |  |
| Payables to affiliates | (25595) |
| Other accounts payable and accrued liabilities | (52527) |
| Net cash provided by/(used in) operating activities | $23983776 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** | **CASH FLOWS FROM FINANCING ACTIVITIES:** |
| Distributions to shareholders | (4717101) |
| Redemption of Distributions to Mandatory Redeemable Preferred Shareholders | (1640) |
| Offering costs on Mandatory Redeemable Preferred Shares | (21427) |
| Net increase/(decrease) in due to custodian bank | 191046 |
| Repayment of Note payable | (14200000) |
| Net cash provided by/(used in) financing activities | $(18749122) |
| Net increase/(decrease) in cash and foreign currency | $5234654 |
| Cash and foreign currency and restricted cash at beginning of period | $6854402 |
| Cash and restricted cash at end of period | $12089056 |
| Supplemental disclosure |  |
| Cash paid for interest expense on Notes Payable | $1239333 |
| Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $236305 |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows. |  |
| Cash with custodian | 12089050 |
| Cash held at broker | 6 |
| Total cash and restricted cash at period end | $12089056 |

---

See accompanying Notes to Financial Statements

www.calamos.com

------

Statement of Cash Flows

---

| | |
|:---|:---|
| | **CALAMOS<br>LONG/SHORT EQUITY AND<br>DYNAMIC INCOME TRUST** |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **CASH FLOWS FROM OPERATING ACTIVITIES:** |
| Net increase/(decrease) in net assets from operations | $6880332 |
| Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: |  |
| Purchase of investment securities, including purchased options | (503997616) |
| Purchases of securities to cover securities sold short | (738279646) |
| Proceeds paid on closing written options | (29610077) |
| Proceeds from disposition of investment securities, including purchased options | 507440675 |
| Proceeds from securities sold short | 618919060 |
| Premiums received from written options | 40482076 |
| Amortization and accretion of fixed-income securities | (70825) |
| Net payment-in-kind interest income | (80560) |
| Net realized gains/losses from investments, excluding purchased options | (28446991) |
| Net realized gains/losses from purchased options | 18935915 |
| Net realized gains/losses from short positions | (2393825) |
| Net realized gains/losses from written options | (6325152) |
| Change in unrealized appreciation or depreciation on investments, excluding purchased options | 28112990 |
| Change in unrealized appreciation or depreciation on purchased options | (1942669) |
| Change in unrealized appreciation or depreciation on short positions | (8639183) |
| Change in unrealized appreciation or depreciation on written options | (2872574) |
| Net change in assets and liabilities: |  |
| (Increase)/decrease in assets: |  |
| Accrued interest and dividends receivable | (95547) |
| Prepaid expenses | 1312 |
| Other assets | 461496 |
| Increase/(decrease) in liabilities: |  |
| Payables to affiliates | (36410) |
| Other accounts payable and accrued liabilities | (28076) |
| Net cash provided by/(used in) operating activities | $(101585295) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** | **CASH FLOWS FROM FINANCING ACTIVITIES:** |
| Distributions to shareholders | (20336990) |
| Net increase/(decrease) in due to custodian bank | 4 |
| Net cash provided by/(used in) financing activities | $(20336986) |
| Net increase/(decrease) in cash | $(121922281) |
| Cash and restricted cash at beginning of period | $295310818 |
| Cash and restricted cash at end of period | $173388537 |
| Supplemental disclosure |  |
| Cash paid for interest expense on Notes Payable | $3055000 |
| The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows. |  |
| Cash with custodian | 4954576 |
| Cash held at broker | 101957 |
| Restricted cash for short positions | 112325741 |
| Restricted foreign cash for short positions | 6263 |
| Total cash and restricted cash at period end | $117388537 |

---

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

This page intentionally left blank.

------

Calamos Convertible Opportunities and Income Fund Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | 2024 | 2023 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $10.04 | $8.99 | $10.26 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)\* | (0.05) | (0.20) | (0.10) |
| Net realized and unrealized gain (loss) | (0.11) | 2.39 | (0.03) |
| Total from investment operations | (0.16) | 2.19 | (0.13) |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (0.48) | (0.42) | (0.15) |
| Net realized gains | (0.10) | (0.21) | (0.99) |
| Return of capital |  | (0.51) |  |
| Total distributions | (0.58) | (1.14) | (1.14) |
| Premiums from shares sold in at the market offerings | 0.02 |  |  |
| Net asset value, end of period | $9.32 | $10.04 | $8.99 |
| Market value, end of period | $10.05 | $11.43 | $9.99 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) |
| Net asset value | (2.04<br> %) | 24.26% | (2.27%) |
| Market value | (7.12<br> %) | 27.31% | 3.27% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses(c) | 4.20<br> %(d) | 4.52% | 4.40% |
| Net investment income (loss) | (1.03<br> %)(d) | (2.00%) | (1.03%) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of period (000) | $723070 | $759206 | $672782 |
| Portfolio turnover rate | 33% | 50% | 39% |
| Average commission rate paid | $0.0173 | $0.0186 | $0.0188 |
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference)<br>(000's omitted) | $132750 | $132750 | $133000 |
| Notes Payable (000's omitted) | $291650 | $314650 | $314400 |
| Asset coverage per $1,000 of loan outstanding(e) | $3934 | $3835 | $3563 |
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f) | $216 | $227 | $211 |

---

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

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

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

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.36%, 1.37%, 1.38%, 1.34%, 1.23%, 1.26%, 1.29%, 1.28%, 1.24%, 1.24%, and 1.50%, respectively.

(d) Annualized.

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Convertible Opportunities and Income Fund Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  |
| | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $15.49 | $12.54 | $10.64 | $10.46 | $11.35 | $10.73 | $11.68 | $13.45 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)\* | 0.01 | (0.26) | 0.49 | 0.50 | 0.57 | 0.57 | 0.60 | 0.62 |
| Net realized and unrealized gain (loss) | (4.11) | 4.31 | 2.37 | 0.64 | (0.33) | 1.19 | (0.41) | (1.25) |
| Total from investment operations | (4.10) | 4.05 | 2.86 | 1.14 | 0.24 | 1.76 | 0.19 | (0.63) |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (0.27) | (0.31) | (0.44) | (0.48) | (1.13) | (0.67) | (0.59) | (0.81) |
| Net realized gains | (0.87) | (0.79) | (0.52) | (0.31) |  | (0.08) |  | (0.02) |
| Return of capital |  |  |  | (0.17) |  | (0.39) | (0.55) | (0.31) |
| Total distributions | (1.14) | (1.10) | (0.96) | (0.96) | (1.13) | (1.14) | (1.14) | (1.14) |
| Premiums from shares sold in at the market offerings | 0.01 | —<br> (a) |  |  | 0.00<br> (a) | 0.00<br> (a) |  | 0.00<br> (a) |
| Net asset value, end of period | $10.26 | $15.49 | $12.54 | $10.64 | $10.46 | $11.35 | $10.73 | $11.68 |
| Market value, end of period | $10.78 | $15.81 | $10.89 | $10.67 | $9.91 | $11.59 | $9.89 | $10.41 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) |
| Net asset value | (27.32%) | 33.21% | 29.38% | 11.75% | 1.81% | 17.48% | 3.19% | (4.69<br> %) |
| Market value | (25.10%) | 56.56% | 12.04% | 18.29% | (5.54<br> %) | 30.15% | 6.72% | (16.54<br> %) |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses(c) | 2.44% | 1.83% | 2.20% | 2.88% | 2.52% | 1.88% | 1.74% | 1.84% |
| Net investment income (loss) | 0.08% | (1.76<br> %) | 4.36% | 4.77% | 5.11% | 5.17% | 5.61% | 4.90% |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of period (000) | $759716 | $1111526 | $889577 | $754310 | $741306 | $797968 | $750773 | $817491 |
| Portfolio turnover rate | 39% | 46% | 76% | 51% | 58% | 90% | 34% | 36% |
| Average commission rate paid | $0.0215 | $0.0215 | $0.0213 | $0.0188 | $0.0270 | $0.0282 | $0.0220 | $0.0303 |
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference)<br>(000's omitted) | $133000 | $133000 | $100000 | $100000 | $100000 | $100000 | $— | $— |
| Notes Payable (000's omitted) | $339400 | $399400 | $288400 | $277400 | $288000 | $275000 | $306000 | $353000 |
| Asset coverage per $1,000 of loan outstanding(e) | $3630 | $4116 | $4431 | $4080 | $3921 | $4265 | $3454 | $3316 |
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f) | $232 | $309 | $319 | $283 | $282 | $293 | $— | $— |

---

www.calamos.com

------

Calamos Convertible and High Income Fund Financial Highlights

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

---

| | | | |
|:---|:---|:---|:---|
| | | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | 2024 | 2023 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $10.63 | $9.49 | $10.81 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)\* | (0.06) | (0.22) | (0.12) |
| Net realized and unrealized gain (loss) | (0.13) | 2.56 | 0.00 |
| Total from investment operations | (0.19) | 2.34 | (0.12) |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (0.50) | (0.44) | (0.15) |
| Net realized gains | (0.10) | (0.19) | (1.05) |
| Return of capital |  | (0.57) |  |
| Total distributions | (0.60) | (1.20) | (1.20) |
| Capital charge resulting from issuance of common and preferred shares and related offering costs |  |  |  |
| Premiums from shares sold in at the market offerings | 0.01 |  |  |
| Net asset value, end of period | $9.85 | $10.63 | $9.49 |
| Market value, end of period | $10.12 | $11.79 | $10.87 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) |
| Net asset value | (2.07<br> %) | 24.82% | (1.99%) |
| Market value | (9.19<br> %) | 20.87% | 10.32% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses(c) | 4.22<br> %(d) | 4.54% | 4.41% |
| Net investment income (loss) | (1.11<br> %)(d) | (2.05%) | (1.11%) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of period (000) | $779402 | $819582 | $724821 |
| Portfolio turnover rate | 33% | 50% | 40% |
| Average commission rate paid | $0.0173 | $0.0186 | $0.0188 |
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference)<br>(000's omitted) | $144500 | $144500 | $145000 |
| Notes Payable (000's omitted) | $313900 | $340900 | $340400 |
| Asset coverage per $1,000 of loan outstanding(e) | $3943 | $3828 | $3556 |
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f) | $214 | $226 | $209 |

---

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

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

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

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.36%, 1.37%, 1.38%, 1.34%, 1.23%, 1.27%, 1.30%, 1.28%, 1.24%, 1.25%, and 1.21%, respectively.

(d) Annualized.

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Convertible and High Income Fund Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  |
| | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $16.38 | $13.22 | $11.18 | $11.02 | $11.96 | $11.33 | $12.39 | $14.24 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)\* | 0.00 | (0.30) | 0.53 | 0.54 | 0.60 | 0.61 | 0.65 | 0.73 |
| Net realized and unrealized gain (loss) | (4.38) | 4.61 | 2.53 | 0.64 | (0.35) | 1.22 | (0.51) | (1.38) |
| Total from investment operations | (4.38) | 4.31 | 3.06 | 1.18 | 0.25 | 1.83 | 0.14 | (0.65) |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (0.27) | (0.29) | (0.46) | (0.51) | (1.19) | (0.70) | (0.69) | (0.98) |
| Net realized gains | (0.93) | (0.86) | (0.56) | (0.34) |  |  |  |  |
| Return of capital |  |  |  | (0.17) |  | (0.50) | (0.51) | (0.22) |
| Total distributions | (1.20) | (1.15) | (1.02) | (1.02) | (1.19) | (1.20) | (1.20) | (1.20) |
| Capital charge resulting from issuance of common and preferred shares and related offering costs |  |  |  |  | 0.00<br> (a) |  | 0.00<br> (a) |  |
| Premiums from shares sold in at the market offerings | 0.01 | 0.00<br> (a) |  |  | 0.00<br> (a) |  |  |  |
| Net asset value, end of period | $10.81 | $16.38 | $13.22 | $11.18 | $11.02 | $11.96 | $11.33 | $12.39 |
| Market value, end of period | $11.00 | $16.61 | $11.50 | $11.10 | $10.86 | $11.96 | $10.47 | $11.61 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) |
| Net asset value | (27.50%) | 33.56% | 29.87% | 11.46% | 1.75% | 17.28% | 2.55% | (4.65%) |
| Market value | (27.25%) | 55.69% | 13.79% | 12.29% | 0.28% | 26.91% | 1.13% | (12.08%) |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses(c) | 2.45% | 1.84% | 2.22% | 2.91% | 2.54% | 1.89% | 1.78% | 1.57% |
| Net investment income (loss) | (0.02%) | (1.88<br> %) | 4.45% | 4.85% | 5.13% | 5.25% | 5.73% | 5.38% |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders, end of period (000) | $817828 | $1207158 | $968077 | $818412 | $806342 | $868817 | $822183 | $898695 |
| Portfolio turnover rate | 36% | 44% | 76% | 47% | 58% | 89% | 34% | 37% |
| Average commission rate paid | $0.0205 | $0.0216 | $0.0225 | $0.0187 | $0.0260 | $0.0282 | $0.0221 | $0.0286 |
| Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference)<br>(000's omitted) | $145000 | $145000 | $110000 | $110000 | $110000 | $110000 | $— | $— |
| Notes Payable (000's omitted) | $365400 | $435400 | $318400 | $303900 | $315500 | $302500 | $337000 | $398000 |
| Asset coverage per $1,000 of loan outstanding(e) | $3635 | $4106 | $4386 | $4055 | $3904 | $4236 | $3440 | $3258 |
| Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(f) | $229 | $308 | $317 | $280 | $280 | $291 | $— | $— |

---

www.calamos.com

------

Calamos Strategic Total Return Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $17.55 | $13.41 | $13.57 | $18.62 | $13.30 | $12.93 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)\* | (0.08) | (0.15) | (0.09) | 0.05 | 0.10 | 0.21 |
| Net realized and unrealized gain (loss) | (0.44) | 5.52 | 1.16 | (3.87) | 6.42 | 1.24 |
| Total from investment operations | (0.52) | 5.37 | 1.07 | (3.82) | 6.52 | 1.45 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (0.42) | (1.05) | (0.63) | (0.26) | (0.29) | (0.54) |
| Net realized gains | (0.20) | (0.18) | (0.60) | (0.97) | (0.91) | (0.54) |
| Total distributions | (0.62) | (1.23) | (1.23) | (1.23) | (1.20) | (1.08) |
| Premiums from shares sold in at the market offerings |  |  | 0.0007<br> (a) | 0.0010<br> (a) | 0.0026<br> (a) |  |
| Net asset value, end of period | $16.41 | $17.55 | $13.41 | $13.57 | $18.62 | $13.30 |
| Market value, end of period | $16.05 | $17.32 | $12.83 | $13.76 | $18.98 | $12.80 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) |
| Net asset value | (3.13<br> %) | 41.22% | 7.89% | (21.11<br> %) | 50.32% | 12.33% |
| Market value | (3.99<br> %) | 45.67% | 1.80% | (21.52<br> %) | 59.21% | 7.36% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses(c) | 3.76<br> %(d) | 3.90% | 4.09% | 2.50% | 2.03% | 2.45% |
| Net investment income (loss) | (0.89<br> %)(d) | (0.90%) | (0.62<br> %) | 0.31% | 0.60% | 1.64% |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders,<br>end of period (000) | $2632154 | $2815285 | $2150003 | $2156658 | $2928463 | $2061019 |
| Portfolio turnover rate | 15% | 37% | 29% | 24% | 27% | 36% |
| Average commission rate paid | $0.0242 | $0.0221 | $0.0194 | $0.0189 | $0.0206 | $0.0212 |
| Mandatory Redeemable Preferred Shares, at redemption<br>value ($25 per share liquidation preference)<br>(000's omitted) | $323000 | $323000 | $323500 | $323500 | $304000 | $242000 |
| Notes Payable (000's omitted) | $1000000 | $941000 | $800500 | $800500 | $880000 | $703000 |
| Asset coverage per $1,000 of loan outstanding(e) | $3955 | $4335 | $4090 | $4098 | $4673 | $4276 |
| Asset coverage per $25 liquidation value per share of<br>Mandatory Redeemable Preferred Shares(f) | $306 | $316 | $253 | $254 | $338 | $311 |

---

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

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

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

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.52%, 1.51%, 1.57%, 1.53%, 1.44% and 1.54%, respectively.

(d) Annualized.

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Dynamic Convertible and Income Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $19.24 | $17.24 | $20.19 | $31.73 | $25.00 | $19.93 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)\* | (0.34) | (0.89) | (0.63) | (0.43) | (1.21) | 0.70 |
| Net realized and unrealized gain (loss) | (0.16) | 5.23 | 0.01 | (8.81) | 10.20 | 6.37 |
| Total from investment operations | (0.50) | 4.34 | (0.62) | (9.24) | 8.99 | 7.07 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (0.98) | (0.67) | (0.03) | (0.24) | (0.25) | (0.70) |
| Net realized gains | (0.20) | (0.89) | (2.31) | (2.10) | (2.01) | (1.30) |
| Return of capital |  | (0.78) |  |  |  |  |
| Total distributions | (1.18) | (2.34) | (2.34) | (2.34) | (2.26) | (2.00) |
| Premiums from shares sold in at the market offerings |  |  | 0.0078<br> (a) | 0.0384 | 0.0078 |  |
| Net asset value, end of period | $17.56 | $19.24 | $17.24 | $20.19 | $31.73 | $25.00 |
| Market value, end of period | $21.50 | $24.01 | $17.07 | $21.89 | $32.62 | $22.35 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) | Total investment return based on:(b) |
| Net asset value | (3.74<br> %) | 24.63% | (4.26<br> %) | (29.91%) | 36.76% | 38.59% |
| Market value | (5.55<br> %) | 57.16% | (12.56<br> %) | (26.08%) | 57.27% | 19.58% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses(c) | 4.52<br> %(d) | 4.80% | 4.63% | 2.75% | 2.10% | 2.50% |
| Net investment income (loss) | (3.59<br> %)(d) | (4.68%) | (3.19<br> %) | (1.73%) | (3.97%) | 3.22% |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders,<br>end of period (000) | $474975 | $516997 | $459365 | $526613 | $788554 | $612024 |
| Portfolio turnover rate | 37% | 53% | 44% | 42% | 48% | 85% |
| Average commission rate paid | $0.0182 | $0.0184 | $0.0185 | $0.0563 | $0.0217 | $0.0243 |
| Mandatory Redeemable Preferred Shares, at redemption<br>value ($25 per share liquidation preference)<br>(000's omitted) | $91750 | $91750 | $92000 | $92000 | $92000 | $64000 |
| Notes Payable (000's omitted) | $185250 | $210250 | $210000 | $230000 | $270000 | $204600 |
| Asset coverage per $1,000 of loan outstanding(e) | $4059 | $3895 | $3626 | $3690 | $4261 | $4304 |
| Asset coverage per $25 liquidation value per share of<br>Mandatory Redeemable Preferred Shares(f) | $205 | $223 | $207 | $231 | $313 | $344 |

---

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

(a) Amount is less than $0.01.

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

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.68%, 1.69%, 1.70%, 1.65%, 1.51%, and 1.56%, respectively.

(d) Annualized.

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

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

www.calamos.com

------

Calamos Global Dynamic Income Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $7.72 | $5.99 | $6.12 | $10.14 | $8.03 | $7.90 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)\* | (0.01) | (0.06) | (0.08) | (0.07) | 0.03 | 0.15 |
| Net realized and unrealized gain (loss) | (0.24) | 2.39 | 0.55 | (3.15) | 2.92 | 0.82 |
| Total from investment operations | (0.25) | 2.33 | 0.47 | (3.22) | 2.95 | 0.97 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  | (0.15) | (0.10) | (0.01) | (0.15) | (0.32) |
| Net realized gains | (0.30) | (0.45) | (0.20) | (0.09) | (0.69) | (0.52) |
| Return of capital |  |  | (0.30) | (0.72) |  |  |
| Total distributions | (0.30) | (0.60) | (0.60) | (0.82) | (0.84) | (0.84) |
| Premiums from shares sold in at the market offerings |  |  |  | 0.0191 | 0.0026 |  |
| Net asset value, end of period | $7.17 | $7.72 | $5.99 | $6.12 | $10.14 | $8.03 |
| Market value, end of period | $6.44 | $6.90 | $5.22 | $5.64 | $10.39 | $7.80 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) |
| Net asset value | (2.75<br> %) | 41.34% | 8.29% | (32.89%) | 37.46% | 14.00% |
| Market value | (2.40<br> %) | 44.97% | 2.40% | (39.64%) | 45.01% | 7.60% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses(b) | 4.22<br> %(c) | 4.21% | 3.68% | 2.73% | 2.27% | 2.70% |
| Net investment income (loss) | (0.40<br> %)(c) | (0.82%) | (1.19%) | (0.85%) | 0.26% | 1.91% |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders,<br>end of period (000) | $458148 | $493333 | $382865 | $391101 | $609038 | $476533 |
| Portfolio turnover rate | 62% | 149% | 114% | 134% | 117% | 128% |
| Average commission rate paid | $0.0117 | $0.0065 | $0.0036 | $0.0117 | $0.0173 | $0.0210 |
| Mandatory Redeemable Preferred Shares, at redemption<br>value ($25 per share liquidation preference)<br>(000's omitted) | $48500 | $48500 | $70000 | $70000 | $70000 | $65000 |
| Notes Payable (000's omitted) | $136050 | $211550 | $130550 | $109550 | $206500 | $153250 |
| Asset coverage per $1,000 of loan outstanding(d) | $4724 | $3561 | $4469 | $5209 | $4288 | $4534 |
| Asset coverage per $25 liquidation value per share of<br>Mandatory Redeemable Preferred Shares(e) | $331 | $388 | $208 | $204 | $316 | $267 |

---

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

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

(b) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.69%, 1.63%, 1.58%, 1.66%, 1.55% and 1.61%, respectively.

(c) Annualized.

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Calamos Global Total Return Fund Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, | YEAR ENDED OCTOBER 31, |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $11.80 | $9.12 | $9.59 | $15.82 | $11.99 | $11.60 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)\* | (0.04) | (0.14) | (0.17) | (0.12) | (0.06) | 0.17 |
| Net realized and unrealized gain (loss) | (0.39) | 3.78 | 0.66 | (4.96) | 5.05 | 1.40 |
| Total from investment operations | (0.43) | 3.64 | 0.49 | (5.08) | 4.99 | 1.57 |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income |  | (0.24) | (0.17) | (0.08) | (0.24) | (0.31) |
| Net realized gains | (0.48) | (0.72) | (0.50) | (0.26) | (0.96) | (0.89) |
| Return of capital |  |  | (0.29) | (0.84) |  |  |
| Total distributions | (0.48) | (0.96) | (0.96) | (1.18) | (1.20) | (1.20) |
| Premiums from shares sold in at the market offerings |  |  |  | 0.0279 | 0.0362 | 0.0176 |
| Net asset value, end of period | $10.89 | $11.80 | $9.12 | $9.59 | $15.82 | $11.99 |
| Market value, end of period | $10.44 | $11.66 | $8.15 | $9.12 | $15.86 | $11.63 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) |
| Net asset value | (3.47<br> %) | 41.86% | 5.26% | (33.22%) | 42.86% | 15.08% |
| Market value | (6.52<br> %) | 56.82% | (0.98%) | (36.65%) | 47.65% | 6.83% |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses(b) | 4.39<br> %(c) | 4.33% | 3.86% | 2.86% | 2.30% | 2.75% |
| Net investment income (loss) | (0.63<br> %)(c) | (1.24%) | (1.73%) | (0.93%) | (0.37%) | 1.50% |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders,<br>end of period (000) | $107045 | $115917 | $89579 | $94186 | $148697 | $106882 |
| Portfolio turnover rate | 65% | 143% | 120% | 118% | 120% | 153% |
| Average commission rate paid | $0.0112 | $0.0065 | $0.0038 | $0.0123 | $0.0179 | $0.0214 |
| Mandatory Redeemable Preferred Shares, at redemption<br>value ($25 per share liquidation preference)<br>(000's omitted) | $13000 | $13000 | $17000 | $17000 | $17000 | $12000 |
| Notes Payable (000's omitted) | $34600 | $48800 | $30100 | $26000 | $50500 | $37000 |
| Asset coverage per $1,000 of loan outstanding(d) | $4470 | $3642 | $4541 | $5276 | $4281 | $4213 |
| Asset coverage per $25 liquidation value per share of<br>Mandatory Redeemable Preferred Shares(e) | $297 | $342 | $201 | $202 | $318 | $325 |

---

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

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

(b) Ratio of net expenses, excluding interest expense on Notes payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.83%, 1.76%, 1.82%,1.83%, 1.69%, and 1.75%, respectively.

(c) Annualized.

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

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

www.calamos.com

------

Calamos Long/Short Equity and Dynamic Income Trust Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | YEAR ENDED OCTOBER 31,  | |
| | (UNAUDITED)<br>SIX MONTHS<br>ENDED<br>APRIL 30,<br>2025 | 2024 | 2023 | 2022 | 2021 | NOVEMBER 29, 2019• THROUGH<br>OCTOBER 31,<br>2020 |
| **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $17.53 | $16.54 | $17.66 | $21.52 | $17.44 | $20.00 |
| Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: | Income from investment operations: |
| Net investment income (loss)\* | 0.17 | 0.47 | 0.24 | 0.18 | 0.22 | 0.31 |
| Net realized and unrealized gain (loss) | 0.18 | 2.20 | 0.32 | (2.36) | 5.42 | (1.84) |
| Total from investment operations | 0.35 | 2.67 | 0.56 | (2.18) | 5.64 | (1.53) |
| Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: | Less distributions to common shareholders from: |
| Net investment income | (0.18) | (0.47) | (0.34) | (0.40) | (0.55) | (0.40) |
| Net realized gains | (0.85) | (1.21) | (1.34) | (1.28) | (1.01) | (0.63) |
| Total distributions | (1.03) | (1.68) | (1.68) | (1.68) | (1.56) | (1.03) |
| Premiums from shares sold in at the market offerings |  |  |  |  |  |  |
| Net asset value, end of period | $16.85 | $17.53 | $16.54 | $17.66 | $21.52 | $17.44 |
| Market value, end of period | $15.24 | $15.50 | $13.73 | $15.75 | $20.68 | $14.13 |
| **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** | **TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS** |
| Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) | Total investment return based on:(a) |
| Net asset value | 2.76% | 18.31% | 4.32<br> %(b) | (10.05%) | 33.57% | (6.72<br> %) |
| Market value | 5.11% | 25.94% | (2.85<br> %) | (16.56%) | 58.49% | (24.42<br> %) |
| **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** | **RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS** |
| Net expenses(c) | 4.67<br> %(d) | 4.87% | 4.52% | 3.21% | 2.45% | 2.12<br> %(d) |
| Net investment income (loss) | 2.03<br> %(d) | 2.68% | 1.34% | 0.89% | 1.03% | 1.82<br> %(d) |
| **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** | **SUPPLEMENTAL DATA** |
| Net assets applicable to common shareholders,<br>end of period (000) | $330753 | $344210 | $324777 | $346747 | $422483 | $342473 |
| Portfolio turnover rate | 177% | 249% | 210% | 222% | 213% | 155% |
| Average commission rate paid | $0.0148 | $0.0144 | $0.0136 | $0.0126 | $0.0109 | $0.0113 |
| Notes Payable (000's omitted) | $120000 | $120000 | $120000 | $120000 | $120000 | $69200 |
| Asset coverage per $1,000 of loan outstanding(e) | $3756 | $3868 | $3706 | $3890 | $4521 | $5949 |

---

• Commencement of operations.

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

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

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

(c) Ratio of net expenses, excluding interest expense on Notes Payable and dividend expense on short positions, to average net assets was 2.02%, 1.99%, 1.98%, 1.92%, 1.75% and 1.62%, respectively.

(d) Annualized.

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **ASSET BACKED SECURITY (0.1%)** |  |  |
|  | Other (0.1%) | Other (0.1%) |
| 765000 | SVC ABS, LLC Series 2023-1A, Class C\*<br>6.700%, 02/20/53<br>(Cost $724,857) | $738844 |
| **CORPORATE BONDS (40.0%)** |  |  |
|  | Airlines (0.5%) | Airlines (0.5%) |
| 744341 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class A\*µ<br>4.800%, 02/15/29 | 738833 |
| 182142 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class B\*<br>8.000%, 02/15/27 | 183470 |
| 895900 | American Airlines Pass Through Trust<br>Series 2021-1, Class B<br>3.950%, 01/11/32 | 838419 |
| 786457 | British Airways Pass Through Trust<br>Series 2021-1, Class B\*<br>3.900%, 03/15/33 | 740189 |
| 931650 | JetBlue Pass Through Trust<br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 944591 |
|  |  | 3445502 |
|  | Communication Services (3.7%) | Communication Services (3.7%) |
| 570000 | Altice Financing, SA\*<br>5.750%, 08/15/29 | 419708 |
| 1160000 | APi Group DE, Inc.\*<br>4.750%, 10/15/29 | 1094646 |
| 856000 | Cincinnati Bell Telephone Company, LLC<br>6.300%, 12/01/28 | 806489 |
| 475000 | Clear Channel Outdoor Holdings, Inc.\*<br>7.875%, 04/01/30 | 475912 |
| 425000 | 9.000%, 09/15/28 | 440827 |
| 400000 | Connect Finco SARL / Connect<br>US Finco, LLC\*<br>9.000%, 09/15/29 | 374328 |
| 1345000 | Consolidated Communications, Inc.\*<br>6.500%, 10/01/28 | 1325376 |
| 1590000 | CSC Holdings, LLC\*<br>4.500%, 11/15/31 | 1083442 |
| 1550000 | 4.625%, 12/01/30 | 718782 |
| 852000 | Directv Financing, LLC / Directv<br>Financing Co-Obligor, Inc.\*<br>5.875%, 08/15/27 | 824242 |
| 1475000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 1465029 |
| 239000 | Frontier Communications<br>Holdings, LLC\*<br>8.750%, 05/15/30 | 250317 |
| 1519000 | Frontier Florida, LLC<br>6.860%, 02/01/28 | 1556808 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 1445000 | Frontier North, Inc.<br>6.730%, 02/15/28 | $1471313 |
| 835000 | Go Daddy Operating Company, LLC /<br>GD Finance Company, Inc.\*<br>3.500%, 03/01/29 | 780065 |
| 475000 | Gray Media, Inc.\*<br>5.375%, 11/15/31 | 284041 |
| 955000 | Hughes Satellite Systems Corp.^<br>5.250%, 08/01/26 | 890719 |
| 476000 | iHeartCommunications, Inc.\*<br>10.875%, 05/01/30 | 200701 |
| 315950 | 7.750%, 08/15/30 | 228457 |
| 615000 | LCPR Senior Secured Financing DAC\*<br>6.750%, 10/15/27 | 506336 |
| 720000 | Lumen Technologies, Inc.<br>7.600%, 09/15/39 | 529358 |
| 712875 | 10.000%, 10/15/32\* | 712155 |
| 478000 | Match Group Holdings II, LLC\*<br>3.625%, 10/01/31 | 410353 |
| 930000 | Paramount Global<br>4.900%, 08/15/44 | 700030 |
| 336000 | Qwest Corp.<br>7.250%, 09/15/25 | 335173 |
| 595000 | Rogers Communications, Inc.‡<br>7.125%, 04/15/55<br>5 year CMT + 2.62 | 592656 |
| 595000 | 7.000%, 04/15/55<br>5 year CMT + 2.65 | 597856 |
| 477000 | Scripps Escrow II, Inc.\*<br>3.875%, 01/15/29^ | 367438 |
| 239000 | 5.375%, 01/15/31 | 136306 |
| 330000 | Scripps Escrow, Inc.\*^<br>5.875%, 07/15/27 | 261472 |
| 480000 | Sinclair Television Group, Inc.\*<br>8.125%, 02/15/33 | 475973 |
| 1189000 | Sirius XM Radio, LLC\*<br>3.875%, 09/01/31^ | 1020638 |
| 770000 | 5.500%, 07/01/29 | 750973 |
| 475000 | 3.125%, 09/01/26 | 462759 |
| 874000 | Spanish Broadcasting System, Inc.\*<br>9.750%, 03/01/26 | 559535 |
| 605000 | Stagwell Global, LLC\*<br>5.625%, 08/15/29 | 571804 |
| 473000 | Telesat Canada / Telesat, LLC\*<br>4.875%, 06/01/27 | 259374 |
| 715000 | Time Warner Cable, LLC<br>6.550%, 05/01/37 | 706041 |
| 385000 | 7.300%, 07/01/38 | 401162 |
| 378000 | United States Cellular Corp.<br>6.700%, 12/15/33 | 409480 |
| 724000 | Univision Communications, Inc.\*<br>8.000%, 08/15/28 | 704857 |
| 480000 | 8.500%, 07/31/31 | 454205 |
|  |  | 26617136 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Discretionary (8.5%) | Consumer Discretionary (8.5%) |
| 1430000 | Adams Homes, Inc.\*<br>9.250%, 10/15/28 | $1437293 |
| 1255000 | Adient Global Holdings, Ltd.\*^<br>8.250%, 04/15/31 | 1244069 |
| 475000 | 7.500%, 02/15/33 | 450528 |
| 1500000 | Aptiv Swiss Holdings, Ltd.‡<br>6.875%, 12/15/54<br>5 year CMT + 3.39% | 1404495 |
| 837000 | Ashton Woods USA, LLC / Ashton<br>Woods Finance Company\*<br>4.625%, 08/01/29 | 777473 |
| 1208000 | At Home Group, Inc.\*<br>4.875%, 07/15/28 | 325761 |
| 1264000 | Bath & Body Works, Inc.<br>6.694%, 01/15/27^ | 1289027 |
| 720000 | 6.875%, 11/01/35 | 724738 |
| 180000 | 6.625%, 10/01/30\* | 183535 |
| 400000 | Benteler International AG\*<br>10.500%, 05/15/28 | 408600 |
| 604000 | Caesars Entertainment, Inc.\*<br>4.625%, 10/15/29^ | 559576 |
| 580000 | 6.000%, 10/15/32^ | 547207 |
| 180000 | 7.000%, 02/15/30 | 184529 |
| 481000 | Carnival Corp.\*<br>4.000%, 08/01/28µ | 459610 |
| 356000 | 7.625%, 03/01/26 | 356502 |
| 60000 | 7.000%, 08/15/29µ | 62661 |
| 237492 | Carvana Company\*<br>9.000%, 06/01/31 | 267981 |
| 186131 | 9.000%, 06/01/30 | 197411 |
| 105685 | 9.000%, 12/01/28 | 108693 |
| 2090000 | CCO Holdings, LLC / CCO Holdings<br>Capital Corp.\*<br>4.750%, 03/01/30 | 1976764 |
| 1905000 | 5.125%, 05/01/27 | 1879606 |
| 1685000 | 4.500%, 08/15/30 | 1566949 |
| 1100000 | 6.375%, 09/01/29^ | 1111198 |
| 951000 | 4.250%, 02/01/31 | 860560 |
| 565000 | 5.000%, 02/01/28 | 551751 |
| 478000 | 4.750%, 02/01/32 | 433752 |
| 478000 | Churchill Downs, Inc.\*<br>6.750%, 05/01/31^ | 483473 |
| 478000 | 5.750%, 04/01/30 | 468005 |
| 790000 | Dana, Inc.^<br>4.250%, 09/01/30 | 728672 |
| 723000 | 4.500%, 02/15/32 | 650266 |
| 470000 | DISH DBS Corp.<br>5.125%, 06/01/29 | 294385 |
| 356000 | 7.375%, 07/01/28 | 241055 |
| 946000 | DISH Network Corp.\*<br>11.750%, 11/15/27 | 994681 |
| 1365000 | Empire Resorts, Inc.\*<br>7.750%, 11/01/26 | 1301760 |
| 1058000 | Everi Holdings, Inc.\*<br>5.000%, 07/15/29 | 1063480 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 1000000 | Ford Motor Company^<br>6.100%, 08/19/32 | $959800 |
| 1525000 | Ford Motor Credit Company, LLC<br>4.000%, 11/13/30 | 1358150 |
| 1245000 | 7.200%, 06/10/30 | 1283769 |
| 1150000 | 5.113%, 05/03/29 | 1102976 |
| 800000 | 2.900%, 02/16/28 | 733048 |
| 359000 | Gap, Inc.\*^<br>3.875%, 10/01/31 | 311113 |
| 490000 | General Motors Company<br>5.200%, 04/01/45 | 403211 |
| 1700000 | goeasy, Ltd.\*<br>9.250%, 12/01/28 | 1781736 |
| 859000 | 7.625%, 07/01/29 | 866697 |
| 1435000 | Goodyear Tire & Rubber Company^<br>5.625%, 04/30/33 | 1327562 |
| 515000 | 5.250%, 07/15/31 | 481587 |
| 600000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 | 607968 |
| 407000 | 4.000%, 08/15/28 | 387187 |
| 214590 | JetBlue Pass Through Trust<br>Series 2019-2, Class B<br>8.000%, 11/15/27 | 214601 |
| 1322000 | Kohl's Corp.<br>5.550%, 07/17/45 | 629576 |
| 955000 | LCM Investments Holdings II, LLC\*<br>8.250%, 08/01/31 | 1000811 |
| 965000 | Liberty Interactive, LLC<br>8.250%, 02/01/30 | 361325 |
| 950000 | Life Time, Inc.\*<br>6.000%, 11/15/31 | 948869 |
| 480000 | Light & Wonder International, Inc.\*<br>7.500%, 09/01/31 | 493550 |
| 360000 | Lindblad Expeditions Holdings, Inc.\*<br>9.000%, 05/15/28 | 370501 |
| 616000 | Lindblad Expeditions, LLC\*<br>6.750%, 02/15/27 | 614614 |
| 635000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 577037 |
| 1121000 | Macy's Retail Holdings, LLC<br>6.700%, 07/15/34\* | 941281 |
| 730000 | 4.300%, 02/15/43 | 438496 |
| 1860000 | MGM Resorts International^<br>6.500%, 04/15/32 | 1835057 |
| 1219000 | Midwest Gaming Borrower, LLC /<br>Midwest Gaming Finance Corp.\*<br>4.875%, 05/01/29 | 1155015 |
| 945000 | Newell Brands, Inc.<br>6.875%, 04/01/36^ | 823757 |
| 475000 | 6.625%, 05/15/32^ | 426588 |
| 360000 | 5.700%, 04/01/26 | 355734 |
| 500000 | Nordstrom, Inc.<br>5.000%, 01/15/44 | 351000 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 849000 | Patrick Industries, Inc.\*<br>4.750%, 05/01/29 | $809343 |
| 475000 | 6.375%, 11/01/32 | 462223 |
| 1105000 | PENN Entertainment, Inc.\*^<br>4.125%, 07/01/29 | 970952 |
| 1340000 | Premier Entertainment Sub, LLC /<br>Premier Entertainment Finance Corp.\*<br>5.625%, 09/01/29 | 786232 |
| 470000 | QVC, Inc.<br>5.450%, 08/15/34 | 231127 |
| 480000 | Raising Cane's Restaurants, LLC\*<br>9.375%, 05/01/29 | 510077 |
| 73276 | Rite Aid Cmsr Note<br>12.000%, 12/31/25 | 84267 |
| 1591000 | Rite Aid Corp.<br>0.000%, 11/15/26\*@!! | 2 |
| 311198 | 15.000%, 08/30/31 | 77800 |
| 289250 | 0.000%, 10/18/25\*@ |  |
| 226639 | 15.000%, 08/30/31& | 16998 |
| 104539 | 11.317%, 08/30/31\*<br>3 mo. SOFR + 7.00% | 73177 |
| 98500 | Rite Aid Note Holder Trust Bond<br>0.000%, 08/30/34 |  |
| 950000 | Rivers Enterprise Borrower, LLC /<br>Rivers Enterprise Finance Corp.\*<br>6.625%, 02/01/33 | 939636 |
| 119000 | Royal Caribbean Cruises, Ltd.\*<br>6.250%, 03/15/32 | 120898 |
| 119000 | 5.625%, 09/30/31 | 118229 |
| 875000 | Simmons Foods, Inc. / Simmons<br>Prepared Foods, Inc. / Simmons<br>Pet Food, Inc. / Simmons Feed\*<br>4.625%, 03/01/29 | 814214 |
| 1445000 | Six Flags Entertainment Corp.\*<br>7.250%, 05/15/31 | 1466646 |
| 750000 | Six Flags Entertainment Corp. /<br>Canada's Wonderland Company /<br>Magnum Management Corp.<br>5.250%, 07/15/29 | 716123 |
| 610000 | Sonic Automotive, Inc.\*<br>4.625%, 11/15/29 | 572619 |
| 698000 | Speedway Motorsports, LLC /<br>Speedway Funding II, Inc.\*<br>4.875%, 11/01/27 | 671651 |
| 1005000 | Station Casinos, LLC\*<br>4.500%, 02/15/28 | 971332 |
| 950000 | STL Holding Company, LLC\*<br>8.750%, 02/15/29 | 968857 |
| 240000 | Viking Cruises, Ltd.\*<br>9.125%, 07/15/31 | 256874 |
| 950000 | ZF North America Capital, Inc.\*<br>7.125%, 04/14/30 | 877610 |
|  |  | 61255549 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Staples (1.8%) | Consumer Staples (1.8%) |
| 475000 | Brink's Company\*<br>6.750%, 06/15/32 | $486889 |
| 470000 | 6.500%, 06/15/29 | 479795 |
| 1099000 | Central Garden & Pet Company\*<br>4.125%, 04/30/31 | 990617 |
| 1092000 | Edgewell Personal Care Company\*<br>4.125%, 04/01/29 | 1022964 |
| 1331000 | Energizer Holdings, Inc.\*<br>4.375%, 03/31/29 | 1243633 |
| 240000 | 6.500%, 12/31/27 | 241459 |
| 269000 | JBS USA Holding Lux Sarl/ JBS USA<br>Food Company/ JBS Lux Company Sarl<br>5.750%, 04/01/33 | 274636 |
| 154000 | 5.500%, 01/15/30µ | 156586 |
| 810794 | MPH Acquisition Holdings, LLC\*<br>6.750%, 03/31/31<br>0.75% PIK rate | 544732 |
| 395909 | 5.750%, 12/31/30 | 308571 |
| 344971 | 11.500%, 12/31/30<br>6.50% Cash & 5.00% PIK Rate | 322651 |
| 621000 | New Albertsons, LP<br>7.750%, 06/15/26 | 637109 |
| 400000 | Opal Bidco, SAS\*<br>6.500%, 03/31/32 | 400704 |
| 957000 | Performance Food Group, Inc.\*<br>4.250%, 08/01/29 | 906509 |
| 237000 | 6.125%, 09/15/32 | 238093 |
| 700000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 | 663572 |
| 950000 | Post Holdings, Inc.\*<br>6.250%, 02/15/32 | 959186 |
| 712000 | 6.375%, 03/01/33 | 706240 |
| 909000 | Prestige Brands, Inc.\*<br>3.750%, 04/01/31 | 821990 |
| 710000 | RR Donnelley & Sons Company\*<br>9.500%, 08/01/29 | 678348 |
| 815000 | United Natural Foods, Inc.\*<br>6.750%, 10/15/28 | 800974 |
| 473000 | Walgreens Boots Alliance, Inc.<br>4.650%, 06/01/46 | 429555 |
|  |  | 13314813 |
|  | Energy (5.3%) | Energy (5.3%) |
| 950000 | Ascent Resources Utica Holdings,<br>LLC / ARU Finance Corp.\*<br>6.625%, 10/15/32 | 940775 |
| 710000 | Buckeye Partners, LP<br>6.750%, 02/01/30\* | 722752 |
| 500000 | 5.850%, 11/15/43 | 420375 |
| 356000 | 6.875%, 07/01/29\* | 362988 |
| 1178000 | Civitas Resources, Inc.\*<br>8.750%, 07/01/31 | 1119948 |
| 720000 | Continental Resources, Inc.<br>4.900%, 06/01/44 | 556121 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 742000 | DT Midstream, Inc.\*<br>4.125%, 06/15/29 | $696953 |
| 724000 | Enbridge, Inc.‡<br>7.375%, 03/15/55<br>5 year CMT + 3.12% | 731638 |
| 485000 | 7.200%, 06/27/54<br>5 year CMT + 2.97% | 484374 |
| 1190000 | Encino Acquisition Partners<br>Holdings, LLC\*<br>8.750%, 05/01/31 | 1214883 |
| 915000 | Energy Transfer, LP‡<br>7.555%, 11/01/66^<br>3 mo. SOFR + 3.28% | 887458 |
| 700000 | 6.500%, 11/15/26<br>5 year CMT + 5.69% | 697081 |
| 475000 | 7.125%, 10/01/54^<br>5 year CMT + 2.83% | 470236 |
| 1580000 | EQT Corp.\*µ<br>7.500%, 06/01/27 | 1606576 |
| 719000 | Genesis Energy, LP / Genesis Energy<br>Finance Corp.<br>8.875%, 04/15/30 | 734840 |
| 475000 | 8.000%, 05/15/33 | 462389 |
| 1325000 | Gulfport Energy Operating Corp.\*<br>6.750%, 09/01/29 | 1309338 |
| 950000 | Howard Midstream Energy Partners, LLC\*<br>7.375%, 07/15/32 | 973189 |
| 950000 | Magnolia Oil & Gas Operating, LLC /<br>Magnolia Oil & Gas Finance Corp.\*<br>6.875%, 12/01/32 | 922146 |
| 960000 | Matador Resources Company\*<br>6.500%, 04/15/32 | 925594 |
| 1019000 | Nabors Industries, Inc.\*<br>9.125%, 01/31/30 | 925293 |
| 360000 | Nabors Industries, Ltd.\*^<br>7.500%, 01/15/28 | 286654 |
| 715000 | New Fortress Energy, Inc.\*^<br>6.500%, 09/30/26 | 587516 |
| 1006000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 | 959704 |
| 600000 | ONEOK, Inc.\*<br>6.500%, 09/01/30 | 635940 |
| 1425000 | Parkland Corp.\*<br>6.625%, 08/15/32 | 1418730 |
| 903000 | Permian Resources Operating, LLC\*<br>7.000%, 01/15/32 | 910468 |
| 237000 | 6.250%, 02/01/33 | 232085 |
| 960000 | Plains All American Pipeline, LP‡<br>8.695%, 05/31/25<br>3 mo. SOFR + 4.37% | 949094 |
| 960000 | South Bow Canadian Infrastructure<br>Holdings, Ltd.\*‡<br>7.625%, 03/01/55<br>5 year CMT + 3.95% | 959347 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 1306000 | Summit Midstream Holdings, LLC\*<br>8.625%, 10/31/29 | $| 1287233 |
| 475000 | Sunoco, LP\*<br>6.250%, 07/01/33 |  | 474796 |
| 1340000 | TGNR Intermediate Holdings, LLC\*<br>5.500%, 10/15/29 |  | 1230897 |
| 1304800 | Transocean, Inc.\*<br>8.750%, 02/15/30 |  | 1276081 |
| 950000 | 8.250%, 05/15/29 |  | 768540 |
| 240000 | Venture Global Calcasieu Pass, LLC\*<br>4.125%, 08/15/31 |  | 216029 |
| 240000 | 3.875%, 08/15/29 |  | 220315 |
| 2125000 | Venture Global LNG, Inc.\*<br>9.000%, 09/30/29‡<br>5 year CMT + 5.44% |  | 1826246 |
| 1195000 | 8.375%, 06/01/31 |  | 1152793 |
| 715000 | 8.125%, 06/01/28 |  | 711068 |
| 499000 | 7.000%, 01/15/30 |  | 470622 |
| 480000 | 9.875%, 02/01/32 |  | 488683 |
| 480000 | 9.500%, 02/01/29 |  | 497760 |
| 914000 | Vital Energy, Inc.\*^<br>7.875%, 04/15/32 |  | 707573 |
| 1000000 | VOC Escrow, Ltd.\*<br>5.000%, 02/15/28 |  | 981010 |
| 1432000 | Weatherford International, Ltd.\*<br>8.625%, 04/30/30 |  | 1420902 |
| 833000 | Wildfire Intermediate Holdings, LLC\*<br>7.500%, 10/15/29 |  | 762736 |
|  |  |  | 38597769 |
|  | Financials (7.2%) | Financials (7.2%) | Financials (7.2%) |
| 1550000 | Acrisure, LLC / Acrisure Finance, Inc.\*<br>8.250%, 02/01/29 |  | 1588176 |
| 900000 | AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust^‡<br>6.950%, 03/10/55<br>5 year CMT + 2.72% |  | 904824 |
| 950000 | Alliant Holdings Intermediate, LLC /<br>Alliant Holdings Co-Issuer\*<br>7.375%, 10/01/32 |  | 960887 |
| 950000 | 6.500%, 10/01/31 |  | 949762 |
| 1327000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26<br>5 year CMT + 3.87% |  | 1222751 |
| 445000 | 4.700%, 05/15/28<br>7 year CMT + 3.48% |  | 380657 |
| 983000 | AmWINS Group, Inc.\*<br>4.875%, 06/30/29 |  | 937517 |
| 980000 | AssuredPartners, Inc.\*<br>5.625%, 01/15/29 |  | 979216 |
| 950000 | Baldwin Insurance Group<br>Holdings, LLC /<br>Baldwin Insurance Group<br>Holdings Finance\*<br>7.125%, 05/15/31 |  | 969465 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 950000 | Blackstone Mortgage Trust, Inc.\*<br>7.750%, 12/01/29 | $989121 |
| 1000000 | Boost Newco Borrower LLC\*<br>7.500%, 01/15/31 | 1056120 |
| 475000 | Brandywine Operating Partnership, LP<br>8.875%, 04/12/29 | 499510 |
| 713000 | Bread Financial Holdings, Inc.\*‡<br>8.375%, 06/15/35<br>5 year CMT + 4.30 | 668858 |
| 1676000 | BroadStreet Partners, Inc.\*<br>5.875%, 04/15/29 | 1620558 |
| 998000 | Brookfield Property REIT, Inc. /<br>BPR Cumulus, LLC / BPR Nimbus, LLC /<br>GGSI Sellco, LLC\*<br>4.500%, 04/01/27 | 968799 |
| 1000000 | Burford Capital Global Financial, LLC\*<br>6.875%, 04/15/30 | 999470 |
| 935000 | Corebridge Financial, Inc.‡<br>6.375%, 09/15/54<br>5 year CMT + 2.65% | 901228 |
| 635000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 672675 |
| 422000 | 6.625%, 03/15/30 | 415835 |
| 960000 | Cushman & Wakefield<br>U.S. Borrower, LLC\*^<br>8.875%, 09/01/31 | 1027814 |
| 475000 | Enstar Group, Ltd.\*‡<br>7.500%, 04/01/45<br>5 year CMT + 3.19 | 477351 |
| 1075000 | GGAM Finance, Ltd.\*<br>8.000%, 02/15/27 | 1103380 |
| 475000 | 5.875%, 03/15/30 | 473114 |
| 1437000 | Global Net Lease, Inc. /<br>Global Net Lease Operating<br>Partnership, LP\*<br>3.750%, 12/15/27 | 1355105 |
| 535000 | HAT Holdings I, LLC /<br>HAT Holdings II, LLC\*<br>8.000%, 06/15/27 | 550718 |
| 1430000 | HUB International, Ltd.\*<br>5.625%, 12/01/29 | 1402358 |
| 715000 | 7.375%, 01/31/32 | 737036 |
| 718000 | Icahn Enterprises, LP / Icahn Enterprises<br>Finance Corp.<br>4.375%, 02/01/29 | 598898 |
| 1515000 | Iron Mountain, Inc.\*<br>5.250%, 03/15/28 | 1492275 |
| 1185000 | Jefferies Finance, LLC /<br>JFIN Co-Issuer Corp.\*<br>5.000%, 08/15/28 | 1103342 |
| 945000 | 6.625%, 10/15/31 | 927565 |
| 1033000 | Ladder Capital Finance Holdings, LLLP /<br>Ladder Capital Finance Corp.\*<br>4.750%, 06/15/29 | 990947 |
| 965000 | 5.250%, 10/01/25 | 961854 |
| 594000 | 7.000%, 07/15/31 | 614148 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 820000 | LD Holdings Group, LLC\*<br>8.750%, 11/01/27 | $749160 |
| 736340 | Level 3 Financing, Inc.\*<br>10.000%, 10/15/32 | 737172 |
| 500000 | 3.875%, 10/15/30 | 395595 |
| 955000 | Macquarie Airfinance Holdings, Ltd.\*<br>8.125%, 03/30/29 | 1000353 |
| 1405000 | MetLife, Inc.<br>6.400%, 12/15/66 | 1391554 |
| 630000 | Necessity Retail REIT, Inc. /<br>American Finance Operating<br>Partner, LP\*<br>4.500%, 09/30/28 | 594374 |
| 475000 | Newmark Group, Inc.<br>7.500%, 01/12/29 | 497287 |
| 660000 | OneMain Finance Corp.<br>3.875%, 09/15/28 | 611325 |
| 475000 | 7.500%, 05/15/31^ | 482557 |
| 905000 | Park Intermediate Holdings, LLC /<br>PK Domestic Property, LLC /<br>PK Finance Co-Issuer\*<br>7.000%, 02/01/30 | 905471 |
| 1190000 | Provident Funding Associates, LP /<br>PFG Finance Corp.\*<br>9.750%, 09/15/29 | 1224153 |
| 950000 | RHP Hotel Properties, LP /<br>RHP Finance Corp.\*<br>6.500%, 04/01/32 | 948632 |
| 928000 | Rocket Mortgage, LLC /<br>Rocket Mortgage Co-Issuer, Inc.\*<br>3.875%, 03/01/31 | 840555 |
| 445000 | 3.625%, 03/01/29 | 415096 |
| 705000 | Saks Global Enterprises, LLC\*<br>11.000%, 12/15/29 | 427984 |
| 725000 | Service Properties Trust<br>8.375%, 06/15/29 | 707477 |
| 950000 | Starwood Property Trust, Inc.\*<br>6.000%, 04/15/30 | 942324 |
| 475000 | 6.500%, 07/01/30 | 479232 |
| 1190000 | StoneX Group, Inc.\*<br>7.875%, 03/01/31 | 1241075 |
| 950000 | TrueNoord Capital DAC\*<br>8.750%, 03/01/30 | 971508 |
| 1123000 | United Wholesale Mortgage, LLC\*<br>5.500%, 04/15/29 | 1090051 |
| 480000 | 5.750%, 06/15/27 | 474240 |
| 572000 | Uniti Group, LP / Uniti Group<br>Finance 2019, Inc. / CSL Capital, LLC\*<br>10.500%, 02/15/28 | 607801 |
| 465000 | 6.500%, 02/15/29 | 425652 |
| 475000 | VFH Parent, LLC / Valor Co-Issuer, Inc.\*<br>7.500%, 06/15/31 | 488443 |
| 1100000 | VZ Secured Financing, BV\*<br>5.000%, 01/15/32 | 960443 |
| 950000 | XHR, LP\*<br>6.625%, 05/15/30 | 937736 |
|  |  | 52048584 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Health Care (2.5%) | Health Care (2.5%) |
| 475000 | Acadia Healthcare Company, Inc.\*<br>7.375%, 03/15/33 | $476378 |
| 1917000 | CHS/Community Health Systems, Inc.\*<br>6.125%, 04/01/30 | 1305055 |
| 713000 | 10.875%, 01/15/32 | 736992 |
| 538000 | 6.875%, 04/15/29^ | 394564 |
| 120000 | 5.250%, 05/15/30 | 102547 |
| 1139000 | DaVita, Inc.\*<br>3.750%, 02/15/31 | 1001899 |
| 1061000 | 4.625%, 06/01/30 | 987505 |
| 925000 | 6.875%, 09/01/32^ | 935212 |
| 717000 | Embecta Corp.\*<br>5.000%, 02/15/30 | 645967 |
| 240000 | 6.750%, 02/15/30 | 232980 |
| 470000 | Encompass Health Corp.<br>4.750%, 02/01/30 | 457982 |
| 470000 | 4.500%, 02/01/28^ | 463382 |
| 1010000 | HCA, Inc.^<br>7.500%, 11/06/33 | 1140219 |
| 300000 | Jazz Securities DAC\*<br>4.375%, 01/15/29 | 285105 |
| 1215000 | Medline Borrower, LP\*<br>3.875%, 04/01/29 | 1134421 |
| 1208000 | 5.250%, 10/01/29 | 1148772 |
| 120000 | Medline Borrower, LP /<br>Medline Co-Issuer, Inc.\*<br>6.250%, 04/01/29 | 121118 |
| 1760000 | Organon & Company / Organon<br>Foreign Debt Co-Issuer, BV\*<br>5.125%, 04/30/31^ | 1478030 |
| 450000 | 4.125%, 04/30/28 | 424890 |
| 2250000 | Tenet Healthcare Corp.<br>6.250%, 02/01/27 | 2250653 |
| 1315000 | 6.875%, 11/15/31 | 1351386 |
| 1215000 | Teva Pharmaceutical Finance<br>Netherlands III, BV^<br>5.125%, 05/09/29 | 1182572 |
|  |  | 18257629 |
|  | Industrials (4.6%) | Industrials (4.6%) |
| 950000 | Aar Escrow Issuer, LLC\*<br>6.750%, 03/15/29 | 973237 |
| 1100000 | ACCO Brands Corp.\*<br>4.250%, 03/15/29 | 956659 |
| 965000 | Air Lease Corp.‡<br>4.125%, 12/15/26<br>5 year CMT + 3.15% | 888321 |
| 1600000 | Albertsons Companies, Inc. /<br>Safeway, Inc. / New Albertsons, LP /<br>Albertsons, LLC\*<br>4.625%, 01/15/27 | 1584480 |
| 720000 | 5.875%, 02/15/28 | 721346 |
| 538000 | Arcosa, Inc.\*<br>4.375%, 04/15/29 | 505316 |
| 475000 | 6.875%, 08/15/32 | 484248 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 2538812 | ARD Finance, SA\*<br>6.500%, 06/30/27<br>7.250% PIK rate | $66745 |
| 480000 | Bombardier, Inc.\*<br>8.750%, 11/15/30 | 515314 |
| 355000 | 7.000%, 06/01/32^ | 359427 |
| 300000 | 7.250%, 07/01/31^ | 307902 |
| 188000 | 7.875%, 04/15/27 | 188530 |
| 956000 | BWX Technologies, Inc.\*<br>4.125%, 04/15/29 | 908879 |
| 1000000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.375%, 01/15/28 | 976010 |
| 239000 | Delta Air Lines, Inc. / SkyMiles IP, Ltd.\*µ<br>4.750%, 10/20/28 | 237181 |
| 1265000 | Deluxe Corp.\*<br>8.000%, 06/01/29 | 1166482 |
| 235000 | 8.125%, 09/15/29 | 235416 |
| 908000 | EMRLD Borrower, LP /<br>Emerald Co-Issuer, Inc.\*<br>6.625%, 12/15/30 | 922610 |
| 500000 | EnerSys\*<br>6.625%, 01/15/32 | 511085 |
| 475000 | 4.375%, 12/15/27 | 460950 |
| 359000 | EquipmentShare.com, Inc.\*<br>8.000%, 03/15/33^ | 354710 |
| 355000 | 8.625%, 05/15/32 | 361976 |
| 580000 | Graham Packaging Company, Inc.\*<br>7.125%, 08/15/28 | 567350 |
| 625000 | Graphic Packaging International, LLC\*<br>4.750%, 07/15/27 | 614056 |
| 446000 | 3.500%, 03/01/29 | 415222 |
| 1054000 | Great Lakes Dredge & Dock Corp.\*<br>5.250%, 06/01/29 | 962618 |
| 2244000 | H&E Equipment Services, Inc.\*<br>3.875%, 12/15/28 | 2238166 |
| 1250000 | Herc Holdings, Inc.\*<br>5.500%, 07/15/27 | 1237950 |
| 475000 | 6.625%, 06/15/29 | 469590 |
| 712000 | JELD-WEN, Inc.\*^<br>7.000%, 09/01/32 | 626638 |
| 260000 | 4.875%, 12/15/27 | 240204 |
| 1575000 | Ken Garff Automotive, LLC\*<br>4.875%, 09/15/28 | 1521103 |
| 588000 | Moog, Inc.\*<br>4.250%, 12/15/27 | 568314 |
| 940000 | Novelis Corp.\*<br>4.750%, 01/30/30 | 874839 |
| 950000 | Quikrete Holdings, Inc.\*<br>6.375%, 03/01/32 | 957144 |
| 239000 | Sealed Air Corp.\*<br>5.000%, 04/15/29 | 233147 |
| 235000 | 6.500%, 07/15/32^ | 239406 |
| 743000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 | 749182 |
| 240000 | 7.250%, 02/15/31 | 249991 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 450000 | Sensata Technologies, BV\*<br>4.000%, 04/15/29 | $| 414459 |
| 479000 | Sensata Technologies, Inc.\*<br>3.750%, 02/15/31 |  | 418996 |
| 235000 | Standard Building Solutions, Inc.\*<br>6.500%, 08/15/32 |  | 238248 |
| 451000 | Standard Industries, Inc.\*<br>5.000%, 02/15/27 |  | 448150 |
| 1035000 | TransDigm, Inc.\*<br>6.875%, 12/15/30^ |  | 1067778 |
| 710000 | 6.750%, 08/15/28 |  | 724803 |
| 360000 | 7.125%, 12/01/31 |  | 374688 |
| 235000 | 6.625%, 03/01/32 |  | 241112 |
| 282260 | United Airlines Pass Through Trust<br>Series 2019-2, Class B<br>3.500%, 11/01/29 |  | 269705 |
| 529000 | Wabash National Corp.\*^<br>4.500%, 10/15/28 |  | 445418 |
| 952000 | Waste Pro USA, Inc.\*<br>7.000%, 02/01/33 |  | 974858 |
| 565000 | Williams Scotsman, Inc.\*<br>4.625%, 08/15/28 |  | 544259 |
| 480000 | 7.375%, 10/01/31 |  | 497918 |
| 355000 | 6.625%, 06/15/29 |  | 360534 |
|  |  |  | 33472670 |
|  | Information Technology (1.7%) | Information Technology (1.7%) | Information Technology (1.7%) |
| 557000 | Coherent Corp.\*<br>5.000%, 12/15/29 |  | 534575 |
| 430000 | Dell International, LLC / EMC Corp.µ<br>6.020%, 06/15/26 |  | 435083 |
| 478000 | Dun & Bradstreet Corp.\*^<br>5.000%, 12/15/29 |  | 477556 |
| 480000 | Fair Isaac Corp.\*<br>4.000%, 06/15/28 |  | 461616 |
| 1050000 | KBR, Inc.\*<br>4.750%, 09/30/28 |  | 996902 |
| 477000 | NCL Corp., Ltd.\*<br>8.125%, 01/15/29 |  | 499352 |
| 475000 | 6.750%, 02/01/32 |  | 464137 |
| 723000 | ON Semiconductor Corp.\*<br>3.875%, 09/01/28 |  | 684753 |
| 475000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 488595 |
| 359000 | Open Text Holdings, Inc.\*<br>4.125%, 12/01/31 |  | 321118 |
| 840000 | Playtika Holding Corp.\*<br>4.250%, 03/15/29 |  | 743190 |
| 1350000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 |  | 1258416 |
| 680000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 638302 |
| 236000 | 3.875%, 03/15/31 |  | 214755 |
| 356000 | UKG, Inc.\*<br>6.875%, 02/01/31 |  | 366936 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 1435000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 | $| 1316067 |
| 950000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 955596 |
| 1100000 | ZoomInfo Technologies, LLC / ZoomInfo<br>Finance Corp.\*<br>3.875%, 02/01/29 |  | 1012198 |
|  |  |  | 11869147 |
|  | Materials (1.7%) | Materials (1.7%) | Materials (1.7%) |
| 534000 | ATI, Inc.<br>5.875%, 12/01/27 |  | 533781 |
| 950000 | Avient Corp.\*<br>6.250%, 11/01/31 |  | 940253 |
| 475000 | Celanese US Holdings, LLC<br>6.629%, 07/15/32 |  | 467585 |
| 805000 | Chemours Company\*<br>8.000%, 01/15/33 |  | 725901 |
| 717000 | 4.625%, 11/15/29 |  | 600660 |
| 1530000 | Clearwater Paper Corp.\*<br>4.750%, 08/15/28 |  | 1427291 |
| 710000 | Cleveland-Cliffs, Inc.\*^<br>7.000%, 03/15/32 |  | 669345 |
| 375000 | Constellium, SE\*^<br>6.375%, 08/15/32 |  | 369446 |
| 712000 | JW Aluminum Continuous Cast<br>Company\*<br>10.250%, 04/01/30 |  | 700167 |
| 955000 | Knife River Corp.\*<br>7.750%, 05/01/31 |  | 1000420 |
| 1020000 | Mercer International, Inc.<br>5.125%, 02/01/29 |  | 838797 |
| 483000 | 12.875%, 10/01/28\* |  | 494259 |
| 935000 | OCI, NV\*<br>6.700%, 03/16/33 |  | 1021375 |
| 1105000 | Silgan Holdings, Inc.<br>4.125%, 02/01/28 |  | 1062170 |
| 950000 | Terex Corp.\*<br>6.250%, 10/15/32 |  | 910128 |
| 406300 | Trinseo Luxco Finance SPV Sarl /<br>Trinseo NA Finance SPV, LLC\*<br>7.625%, 05/03/29 |  | 249627 |
|  |  |  | 12011205 |
|  | Other (1.5%) | Other (1.5%) | Other (1.5%) |
| 1305000 | 1261229 BC, Ltd.\*<br>10.000%, 04/15/32 |  | 1280466 |
| 950000 | Alumina Pty, Ltd.\*<br>6.375%, 09/15/32 |  | 927931 |
| 367338 | Claritev Corp.\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 233289 |
| 1462615 | EchoStar Corp.<br>10.750%, 11/30/29 |  | 1547432 |
| 976473 | 6.750%, 11/30/30<br>6.75% PIK Rate |  | 909643 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 500000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 | $| 508795 |
| 475000 | Mohegan Tribal Gaming<br>Authority / MS Digital<br>Entertainment Holdings, LLC\*<br>8.250%, 04/15/30 |  | 475736 |
| 950000 | New Gold, Inc.\*<br>6.875%, 04/01/32 |  | 971793 |
| 510000 | Nissan Motor Acceptance<br>Company, LLC\*<br>7.050%, 09/15/28 |  | 521761 |
| 950000 | Olin Corp.\*<br>6.625%, 04/01/33 |  | 902453 |
| 475000 | Reinsurance Group of America, Inc.‡<br>6.650%, 09/15/55<br>5 year CMT + 2.39 |  | 462142 |
| 950000 | Rfna, LP\*<br>7.875%, 02/15/30 |  | 934211 |
| 950000 | Stonepeak Nile Parent, LLC\*<br>7.250%, 03/15/32 |  | 965219 |
|  |  |  | 10640871 |
|  | Real Estate (0.1%) | Real Estate (0.1%) | Real Estate (0.1%) |
| 475000 | Forestar Group, Inc.\*<br>6.500%, 03/15/33 |  | 462374 |
|  | Special Purpose Acquisition Companies (0.2%) | Special Purpose Acquisition Companies (0.2%) | Special Purpose Acquisition Companies (0.2%) |
| 237000 | Clydesdale Acquisition Holdings, Inc.\*<br>6.750%, 04/15/32 |  | 242683 |
| 955000 | Fertitta Entertainment, LLC / Fertitta<br>Entertainment Finance Company, Inc.\*<br>6.750%, 01/15/30^ |  | 835510 |
| 477000 | 4.625%, 01/15/29 |  | 443062 |
|  |  |  | 1521255 |
|  | Utilities (0.7%) | Utilities (0.7%) | Utilities (0.7%) |
| 361000 | AES Corp.‡<br>6.950%, 07/15/55<br>5 year CMT + 2.89 |  | 337831 |
| 359000 | 7.600%, 01/15/55<br>5 year CMT + 3.20% |  | 355887 |
| 475000 | Dominion Energy, Inc.^‡<br>6.625%, 05/15/55<br>5 year CMT + 2.21% |  | 469248 |
| 950000 | Duke Energy Corp.^‡<br>6.450%, 09/01/54<br>5 year CMT + 2.59% |  | 953876 |
| 750000 | Entergy Corp.^‡<br>7.125%, 12/01/54<br>5 year CMT + 2.67% |  | 756067 |
| 710000 | Evergy, Inc.^‡<br>6.650%, 06/01/55<br>5 year CMT + 2.56% |  | 691299 |
| 718000 | NiSource, Inc.^‡<br>6.950%, 11/30/54<br>5 year CMT + 2.45% |  | 730773 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 350000 | PPL Capital Funding, Inc.‡<br>7.226%, 03/30/67<br>3 mo. SOFR + 2.93% | $| 342433 |
| 450000 | Vistra Corp.\*‡<br>7.000%, 12/15/26<br>5 year CMT + 5.74% |  | 455049 |
| 250000 | 8.000%, 10/15/26<br>5 year CMT + 6.93% |  | 255603 |
|  |  |  | 5348066 |
|  | **TOTAL CORPORATE BONDS**<br>(Cost $302,652,887) |  | 288862570 |
| **CONVERTIBLE BONDS (90.2%)** |  |  |  |
|  | Communication Services (9.7%) | Communication Services (9.7%) | Communication Services (9.7%) |
| 2875000 | AST SpaceMobile, Inc.\*<br>4.250%, 03/01/32 |  | 3399946 |
| 9000000 | Liberty Media Corp.-Liberty Formula One<br>2.250%, 08/15/27 |  | 10977210 |
| 15500000 | Live Nation Entertainment, Inc.\*µ<br>2.875%, 01/15/30 |  | 16018010 |
| 5250000 | Match Group Financeco 3, Inc.\*µ<br>2.000%, 01/15/30 |  | 4599735 |
| 16250000 | Snap, Inc.\*µ<br>0.500%, 05/01/30 |  | 13301437 |
| 16804000 | Uber Technologies, Inc.µ<br>0.875%, 12/01/28 |  | 22057771 |
|  |  |  | 70354109 |
|  | Consumer Discretionary (12.2%) | Consumer Discretionary (12.2%) | Consumer Discretionary (12.2%) |
| 11000000 | Alibaba Group Holding, Ltd.\*<br>0.500%, 06/01/31 |  | 14470610 |
| 4500000 | Booking Holdings, Inc.<br>0.750%, 05/01/25 |  | 11029500 |
| 4250000 | Carnival Corp.<br>5.750%, 12/01/27 |  | 6784828 |
| 11500000 | DraftKings Holdings, Inc.µ<br>0.000%, 03/15/28 |  | 10112410 |
| 10250000 | Marriott Vacations Worldwide Corp.µ<br>3.250%, 12/15/27 |  | 9367167 |
| 4875000 | Meritage Homes Corp.\*µ<br>1.750%, 05/15/28 |  | 4759999 |
| 11500000 | Rivian Automotive, Inc.µ<br>4.625%, 03/15/29 |  | 11712980 |
| 1000000 | Royal Caribbean Cruises, Ltd.<br>6.000%, 08/15/25 |  | 4318250 |
| 5750000 | Shake Shack, Inc.<br>0.000%, 03/01/28 |  | 5326570 |
| 6250000 | Trip.com Group, Ltd.\*^<br>0.750%, 06/15/29 |  | 7070375 |
| 3500000 | Wayfair, Inc.µ<br>3.500%, 11/15/28 |  | 3485580 |
|  |  |  | 88438269 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Staples (1.0%) | Consumer Staples (1.0%) |
| 7500000 | Enovis Corp.µ<br>3.875%, 10/15/28 | $7501275 |
|  | Energy (1.4%) | Energy (1.4%) |
| 4250000 | Kosmos Energy, Ltd.<br>3.125%, 03/15/30 | 2927060 |
| 4890000 | Nabors Industries, Inc.<br>1.750%, 06/15/29 | 2779525 |
| 4250000 | Northern Oil & Gas, Inc.<br>3.625%, 04/15/29 | 4081360 |
| 9411000 | SunEdison, Inc.@<br>0.000%, 01/15/49\*!! | 32938 |
| 898000 | 0.000%, 10/01/49 | 3143 |
|  |  | 9824026 |
|  | Financials (1.9%) | Financials (1.9%) |
| 4250000 | Affirm Holdings, Inc.\*µ<br>0.750%, 12/15/29 | 3857173 |
| 6250000 | Coinbase Global, Inc.µ<br>0.250%, 04/01/30 | 6223625 |
| 4250000 | Upstart Holdings, Inc.\*<br>1.000%, 11/15/30 | 3571445 |
|  |  | 13652243 |
|  | Health Care (11.8%) | Health Care (11.8%) |
| 4500000 | Alnylam Pharmaceuticals, Inc.<br>1.000%, 09/15/27 | 5159160 |
| 8250000 | Alphatec Holdings, Inc.\*<br>0.750%, 03/15/30 | 8198025 |
| 8000000 | Dexcom, Inc.µ<br>0.375%, 05/15/28 | 7246960 |
| 5750000 | Exact Sciences Corp.\*µ<br>2.000%, 03/01/30 | 5467215 |
| 4250000 | Haemonetics Corp.\*µ<br>2.500%, 06/01/29 | 4073753 |
| 8000000 | Halozyme Therapeutics, Inc.µ<br>0.250%, 03/01/27 | 8389200 |
| 1625000 | Insmed, Inc.<br>0.750%, 06/01/28 | 3659809 |
| 8000000 | Integer Holdings Corp.\*<br>1.875%, 03/15/30 | 8471920 |
| 4250000 | Ionis Pharmaceuticals, Inc.µ<br>1.750%, 06/15/28 | 4149572 |
| 6200000 | Jazz Investments I, Ltd.µ<br>2.000%, 06/15/26 | 6396168 |
| 3750000 | 3.125%, 09/15/30\* | 4076512 |
| 2721000 | Lantheus Holdings, Inc.<br>2.625%, 12/15/27 | 4045447 |
| 3000000 | Merit Medical Systems, Inc.\*<br>3.000%, 02/01/29 | 3826350 |
| 10250000 | NeoGenomics, Inc.<br>0.250%, 01/15/28 | 8659302 |
| 3750000 | Sarepta Therapeutics, Inc.µ<br>1.250%, 09/15/27 | 3561488 |
|  |  | 85380881 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Industrials (2.4%) | Industrials (2.4%) |
| 3500000 | Axon Enterprise, Inc.µ<br>0.500%, 12/15/27 | $9503340 |
| 2750000 | Bloom Energy Corp.<br>3.000%, 06/01/28 | 3482325 |
| 4000000 | Tetra Tech, Inc.<br>2.250%, 08/15/28 | 4256720 |
|  |  | 17242385 |
|  | Information Technology (39.2%) | Information Technology (39.2%) |
| 4125000 | Advanced Energy Industries, Inc.<br>2.500%, 09/15/28 | 4327042 |
| 8250000 | Akamai Technologies, Inc.µ<br>1.125%, 02/15/29 | 7992435 |
| 4500000 | 0.375%, 09/01/27 | 4453830 |
| 2000000 | Applied Digital Corp.\*<br>2.750%, 06/01/30 | 1366140 |
| 8500000 | BILL Holdings, Inc.\*µ<br>0.000%, 04/01/30 | 7201115 |
| 8750000 | Core Scientific, Inc.\*<br>0.000%, 06/15/31µ | 7456137 |
| 2500000 | 3.000%, 09/01/29 | 2724075 |
| 17250000 | Datadog, Inc.\*µ<br>0.000%, 12/01/29 | 15550875 |
| 8500000 | Guidewire Software, Inc.\*µ<br>1.250%, 11/01/29 | 9401340 |
| 3750000 | Itron, Inc.\*<br>1.375%, 07/15/30 | 4095563 |
| 7500000 | Lumentum Holdings, Inc.µ<br>1.500%, 12/15/29 | 8571900 |
| 8000000 | MACOM Technology Solutions<br>Holdings, Inc.\*µ<br>0.000%, 12/15/29 | 7486880 |
| 17500000 | MicroStrategy, Inc.\*<br>0.000%, 03/01/30µ | 19615750 |
| 12500000 | 0.000%, 12/01/29 | 11421750 |
| 15750000 | MKS Instruments, Inc.\*µ<br>1.250%, 06/01/30 | 13587367 |
| 6000000 | NCL Corp., Ltd.<br>1.125%, 02/15/27µ^ | 5665140 |
| 3000000 | 5.375%, 08/01/25 | 3143550 |
| 11000000 | Nutanix, Inc.\*µ<br>0.500%, 12/15/29 | 11874280 |
| 17250000 | ON Semiconductor Corp.µ<br>0.500%, 03/01/29 | 14933842 |
| 3000000 | Palo Alto Networks, Inc.µ<br>0.375%, 06/01/25 | 11211000 |
| 2500000 | PAR Technology Corp.<br>1.500%, 10/15/27 | 2633325 |
| 2000000 | 1.000%, 01/15/30\* | 1849120 |
| 4500000 | Parsons Corp.µ<br>2.625%, 03/01/29 | 4771125 |
| 3750000 | Q2 Holdings, Inc.<br>0.750%, 06/01/26 | 4156088 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 7500000 | Rapid7, Inc.<br>1.250%, 03/15/29 | $| 6414750 |
| 2500000 | Riot Platforms, Inc.\*<br>0.750%, 01/15/30 |  | 1914075 |
| 9500000 | Seagate HDD Cayman<br>3.500%, 06/01/28 |  | 12026050 |
| 14750000 | Shift4 Payments, Inc.µ<br>0.500%, 08/01/27 |  | 15078777 |
| 13750000 | Snowflake, Inc.\*µ<br>0.000%, 10/01/29 |  | 17091250 |
| 6500000 | Spotify USA, Inc.<br>0.000%, 03/15/26 |  | 8364265 |
| 6750000 | Tyler Technologies, Inc.<br>0.250%, 03/15/26 |  | 7963852 |
| 4250000 | Unity Software, Inc.\*µ<br>0.000%, 03/15/30 |  | 4012213 |
| 4250000 | Varonis Systems, Inc.\*<br>1.000%, 09/15/29 |  | 4010683 |
| 6500000 | Western Digital Corp.µ<br>3.000%, 11/15/28 |  | 8829080 |
| 8750000 | Wolfspeed, Inc.<br>1.875%, 12/01/29 |  | 2542313 |
| 5338000 | 0.250%, 02/15/28 |  | 1593607 |
| 3750000 | Workiva, Inc.µ<br>1.250%, 08/15/28 |  | 3545850 |
| 3000000 | Zscaler, Inc.<br>0.125%, 07/01/25 |  | 4504080 |
|  |  |  | 283380514 |
|  | Materials (0.6%) | Materials (0.6%) | Materials (0.6%) |
| 3000000 | MP Materials Corp.\*<br>3.000%, 03/01/30 |  | 4191420 |
|  | Real Estate (2.2%) | Real Estate (2.2%) | Real Estate (2.2%) |
| 8250000 | Digital Realty Trust, LP\*µ<br>1.875%, 11/15/29 |  | 8590642 |
| 4250000 | Welltower OP, LLC\*<br>2.750%, 05/15/28 |  | 6935788 |
|  |  |  | 15526430 |
|  | Utilities (7.8%) | Utilities (7.8%) | Utilities (7.8%) |
| 8750000 | CMS Energy Corp.<br>3.375%, 05/01/28 |  | 9694650 |
| 7500000 | Duke Energy Corp.µ<br>4.125%, 04/15/26 |  | 8186550 |
| 5250000 | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 |  | 5881890 |
| 15250000 | PPL Capital Funding, Inc.µ<br>2.875%, 03/15/28 |  | 17407418 |
| 13500000 | Southern Companyµ<br>3.875%, 12/15/25 |  | 15169680 |
|  |  |  | 56340188 |
|  | **TOTAL CONVERTIBLE BONDS**<br>(Cost $676,726,029) |  | 651831740 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **BANK LOANS (8.0%)¡** |  |  |
|  | Airlines (0.2%) | Airlines (0.2%) |
| 638550 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% | $632232 |
| 531715 | United Airlines, Inc.‡<br>6.275%, 02/22/31<br>3 mo. SOFR + 2.00% | 531135 |
|  |  | 1163367 |
|  | Communication Services (0.9%) | Communication Services (0.9%) |
| 396339 | Audacy Capital Corp.‡<br>10.436%, 10/01/29<br>1 mo. SOFR + 6.00% | 334906 |
| 44133 | Audacy Capital Corp.‡<br>11.436%, 10/02/28<br>1 mo. SOFR + 7.00% | 44243 |
| 481313 | Cincinnati Bell, Inc.‡<br>7.072%, 11/22/28<br>1 mo. SOFR + 2.75% | 479147 |
| 460998 | Clear Channel Outdoor Holdings, Inc.‡<br>8.436%, 08/23/28<br>1 mo. SOFR + 4.00% | 448436 |
| 848466 | CSC Holdings, LLC‡<br>9.000%, 04/15/27<br>3 mo. Prime + 1.50% | 818715 |
| 385000 | Directv Financing, LLC!<br>0.000%, 08/02/29 | 373596 |
| 218339 | Directv Financing, LLC‡<br>9.541%, 08/02/27<br>3 mo. SOFR + 5.00% | 218622 |
| 719563 | Gray Television, Inc.‡<br>9.574%, 06/04/29<br>1 mo. SOFR + 5.25% | 697170 |
| 240000 | Gray Television, Inc.!<br>0.000%, 06/04/29 | 232531 |
| 480000 | Sinclair Television Group, Inc.‡<br>7.736%, 12/31/29<br>1 mo. SOFR + 3.30% | 379351 |
| 970000 | Telesat Canada‡<br>7.325%, 12/07/26<br>3 mo. SOFR + 2.75% | 538049 |
| 1184649 | TripAdvisor, Inc.‡<br>7.049%, 07/08/31<br>3 mo. SOFR + 2.75% | 1157994 |
| 980000 | Virgin Media Bristol, LLC‡<br>6.936%, 01/31/28<br>1 mo. SOFR + 2.50% | 968108 |
|  |  | 6690868 |
|  | Consumer Discretionary (1.6%) | Consumer Discretionary (1.6%) |
| 338340 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% | 331997 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 314302 | American Axle & Manufacturing, Inc.‡<br>7.320%, 12/13/29<br>1 mo. SOFR + 3.00% | $| 308411 |
| 291358 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>3 mo. SOFR + 3.00% |  | 285897 |
| 564047 | Caesars Entertainment, Inc.‡<br>6.563%, 02/06/30<br>3 mo. SOFR + 2.25% |  | 557561 |
| 889695 | Carnival Corp.‡<br>6.329%, 10/18/28<br>1 mo. SOFR + 2.00% |  | 888863 |
| 520982 | Carnival Corp.‡<br>6.329%, 08/08/27<br>1 mo. SOFR + 2.00% |  | 522287 |
| 618450 | Chinos Intermediate Holdings A, Inc.‡<br>10.280%, 09/26/31<br>3 mo. SOFR + 6.00% |  | 588817 |
| 720000 | Clarios Global, LP‡<br>7.072%, 01/28/32<br>1 mo. SOFR + 2.75% |  | 707101 |
| 947625 | Life Time Fitness, Inc.‡<br>6.785%, 11/05/31<br>3 mo. SOFR + 2.50% |  | 943242 |
| 1114492 | Light & Wonder International, Inc.‡<br>6.570%, 04/14/29<br>1 mo. SOFR + 2.25% |  | 1114960 |
| 426775 | Peloton Interactive, Inc.‡<br>9.813%, 05/23/29<br>3 mo. SOFR + 5.50% |  | 427575 |
| 2058886 | PetSmart, Inc.‡<br>8.172%, 02/11/28<br>1 mo. SOFR + 3.75% |  | 2035291 |
| 708938 | Staples, Inc.‡<br>10.041%, 09/04/29<br>3 mo. SOFR + 5.75% |  | 613819 |
| 940500 | Station Casinos, LLC‡<br>6.322%, 03/14/31<br>1 mo. SOFR + 2.00% |  | 935050 |
| 582832 | TKC Holdings, Inc.‡<br>9.323%, 05/15/28<br>1 mo. SOFR + 5.00% |  | 577004 |
| 962256 | Windsor Holdings III, LLC‡<br>7.073%, 08/01/30<br>1 mo. SOFR + 2.75% |  | 952634 |
|  |  |  | 11790509 |
|  | Consumer Staples (1.3%) | Consumer Staples (1.3%) | Consumer Staples (1.3%) |
| 3177998 | Amneal Pharmaceuticals, LLC‡<br>9.822%, 05/04/28<br>1 mo. SOFR + 5.50% |  | 3190122 |
| 706450 | B&G Foods, Inc.‡<br>7.822%, 10/10/29<br>1 mo. SOFR + 3.50% |  | 677309 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 589000 | Bausch Health Companies, Inc.‡<br>10.542%, 09/25/30<br>1 mo. SOFR + 6.25% | $| 557097 |
| 977625 | Fiesta Purchaser, Inc.‡<br>7.572%, 02/12/31<br>1 mo. SOFR + 3.25% |  | 970801 |
| 85984 | MPH Acquisition Holdings, LLC‡<br>8.030%, 12/31/30<br>3 mo. SOFR + 3.75% |  | 85081 |
| 950000 | Opal Bidco SAS!<br>0.000%, 03/31/32 |  | 943473 |
| 1159345 | Star Parent, Inc.‡<br>8.299%, 09/27/30<br>3 mo. SOFR + 4.00% |  | 1123846 |
| 638550 | United Natural Foods, Inc.‡<br>9.072%, 05/01/31<br>1 mo. SOFR + 4.75% |  | 641743 |
| 950000 | Veritiv Corp.‡<br>8.299%, 11/30/30<br>3 mo. SOFR + 4.00% |  | 943844 |
|  |  |  | 9133316 |
|  | Energy (0.4%) | Energy (0.4%) | Energy (0.4%) |
| 892151 | ChampionX Corp.‡<br>7.172%, 06/07/29<br>1 mo. SOFR + 2.75% |  | 894047 |
| 710250 | New Fortress Energy, Inc.‡<br>9.795%, 10/30/28<br>3 mo. SOFR + 5.50% |  | 516263 |
| 1429598 | Par Petroleum, LLC‡<br>8.009%, 02/28/30<br>3 mo. SOFR + 3.75% |  | 1384473 |
|  |  |  | 2794783 |
|  | Financials (1.2%) | Financials (1.2%) | Financials (1.2%) |
| 1278120 | Advisor Group, Inc.‡<br>7.822%, 08/17/28<br>1 mo. SOFR + 3.50% |  | 1274861 |
| 715978 | Amynta Agency Borrower, Inc.‡<br>7.322%, 12/29/31<br>1 mo. SOFR + 3.00% |  | 710533 |
| 1217700 | AssuredPartners, Inc.‡<br>7.822%, 02/14/31<br>1 mo. SOFR + 3.50% |  | 1219161 |
| 445508 | Broadstreet Partners, Inc.‡<br>7.322%, 06/13/31<br>1 mo. SOFR + 3.00% |  | 443969 |
| 1206975 | Dragon Buyer, Inc.‡<br>7.299%, 09/30/31<br>3 mo. SOFR + 3.00% |  | 1201544 |
| 940530 | HUB International Ltd.‡<br>6.770%, 06/20/30<br>3 mo. SOFR + 2.50% |  | 935583 |
| 711000 | Iron Mountain, Inc.‡<br>6.322%, 01/31/31<br>1 mo. SOFR + 2.00% |  | 708867 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 674458 | Jazz Financing Lux Sarl‡<br>6.572%, 05/05/28<br>1 mo. SOFR + 2.25% | $| 673012 |
| 950000 | Level 3 Financing, Inc.‡<br>8.572%, 03/27/32<br>1 mo. SOFR + 4.25% |  | 949406 |
| 950000 | VFH Parent, LLC‡<br>6.822%, 06/21/31<br>1 mo. SOFR + 2.50% |  | 947625 |
|  |  |  | 9064561 |
|  | Health Care (0.1%) | Health Care (0.1%) | Health Care (0.1%) |
| 988235 | Padagis, LLC‡<br>9.271%, 07/06/28<br>3 mo. SOFR + 4.75% |  | 925853 |
|  | Industrials (0.8%) | Industrials (0.8%) | Industrials (0.8%) |
| 945224 | ACProducts, Inc.‡<br>8.811%, 05/17/28<br>3 mo. SOFR + 4.25% |  | 643017 |
| 520000 | American Airlines, Inc.‡<br>6.520%, 04/20/28<br>3 mo. SOFR + 2.25% |  | 510133 |
| 950000 | ECO Material Tech, Inc.‡<br>7.467%, 02/12/32<br>3 mo. SOFR + 3.25% |  | 942875 |
| 353225 | EMRLD Borrower, LP‡<br>6.799%, 08/04/31<br>3 mo. SOFR + 2.50% |  | 349620 |
| 942875 | MI Windows & Doors, LLC‡<br>7.322%, 03/28/31<br>1 mo. SOFR + 3.00% |  | 930071 |
| 950000 | Quikrete Holdings, Inc.‡<br>6.572%, 02/10/32<br>1 mo. SOFR + 2.25% |  | 932563 |
| 1883331 | TransDigm, Inc.‡<br>6.799%, 02/28/31<br>3 mo. SOFR + 2.50% |  | 1866936 |
|  |  |  | 6175215 |
|  | Information Technology (0.8%) | Information Technology (0.8%) | Information Technology (0.8%) |
| 1317079 | Boxer Parent Company, Inc.‡<br>7.322%, 07/30/31<br>1 mo. SOFR + 3.00% |  | 1293055 |
| 968079 | Camelot U.S. Acquisition, LLC‡<br>7.072%, 01/31/31<br>1 mo. SOFR + 2.75% |  | 957188 |
| 950054 | Dun & Bradstreet Corp.‡<br>6.570%, 01/18/29<br>1 mo. SOFR + 2.25% |  | 948273 |
| 749482 | II-VI, Inc.‡<br>6.322%, 07/02/29<br>1 mo. SOFR + 2.00% |  | 742613 |
| 95000 | Qxo, Inc.!<br>0.000%, 04/23/32 |  | 95017 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 485000 | Rocket Software, Inc.!<br>0.000%, 11/28/28 | $| 482371 |
| 809962 | SS&C Technologies, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% |  | 809982 |
| 496250 | UKG, Inc.‡<br>7.320%, 02/10/31<br>1 mo. SOFR + 3.00% |  | 495124 |
|  |  |  | 5823623 |
|  | Materials (0.4%) | Materials (0.4%) | Materials (0.4%) |
| 1510099 | Ineos U.S. Finance, LLC‡<br>7.572%, 02/18/30<br>1 mo. SOFR + 3.25% |  | 1417228 |
| 726139 | Trinseo Materials Operating SCA‡<br>7.075%, 05/03/28<br>3 mo. SOFR + 2.50% |  | 311220 |
| 968762 | W.R. Grace & Company-Conn.‡<br>7.549%, 09/22/28<br>3 mo. SOFR + 3.25% |  | 953426 |
|  |  |  | 2681874 |
|  | Other (0.1%) | Other (0.1%) | Other (0.1%) |
| 475000 | Windstream Services, LLC‡<br>9.172%, 10/01/31<br>1 mo. SOFR + 4.75% |  | 473219 |
|  | Special Purpose Acquisition Companies (0.2%) | Special Purpose Acquisition Companies (0.2%) | Special Purpose Acquisition Companies (0.2%) |
| 390400 | Clydesdale Acquisition Holdings, Inc.‡<br>7.497%, 04/13/29<br>1 mo. SOFR + 3.18% |  | 388180 |
| 237650 | Fertitta Entertainment, LLC‡<br>7.822%, 01/27/29<br>1 mo. SOFR + 3.50% |  | 232081 |
| 975000 | Patagonia Holdco, LLC‡<br>10.052%, 08/01/29<br>3 mo. SOFR + 5.75% |  | 833118 |
|  |  |  | 1453379 |
|  | **TOTAL BANK LOANS**<br>(Cost $59,706,977) |  | 58170567 |
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (11.4%)** |  |  |  |
|  | Financials (3.8%) | Financials (3.8%) | Financials (3.8%) |
| 83465 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 |  | 6019496 |
| 165055 | Ares Management Corp.<br>6.750%, 10/01/27 |  | 8148765 |
| 8100 | Bank of America Corp.‡‡<br>7.250%, |  | 9477648 |
| 81445 | KKR & Company, Inc.#<br>6.250%, 03/01/28 |  | 3903659 |
|  |  |  | 27549568 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Industrials (3.9%) | Industrials (3.9%) |
| 460625 | Boeing Company<br>6.000%, 10/15/27 | $28273163 |
|  | Information Technology (1.6%) | Information Technology (1.6%) |
| 149865 | Hewlett Packard Enterprise Company<br>7.625%, 09/01/27 | 7523223 |
| 80725 | Microchip Technology, Inc.#<br>7.500%, 03/15/28 | 3831209 |
|  |  | 11354432 |
|  | Materials (0.6%) | Materials (0.6%) |
| 132880 | Albemarle Corp.<br>7.250%, 03/01/27 | 4070114 |
|  | Utilities (1.5%) | Utilities (1.5%) |
| 180300 | NextEra Energy, Inc.<br>6.926%, 09/01/25^ | 6941550 |
| 85285 | 7.299%, 06/01/27 | 3956371 |
|  |  | 10897921 |
|  | **TOTAL CONVERTIBLE<br>PREFERRED STOCKS**<br>(Cost $86,485,234) | 82145198 |
| **WARRANTS (0.0%)#** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 2987 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |
| 498 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |
|  | Energy (0.0%) | Energy (0.0%) |
| 47739 | Mcdermott International, Ltd.<br>06/30/27, Strike $15.98 | 5 |
| 42965 | Mcdermott International, Ltd.<br>06/30/27, Strike $12.33 | 4 |
|  |  | 9 |
|  | **TOTAL WARRANTS**<br>(Cost $18,376) | 9 |
| **COMMON STOCKS (0.3%)** |  |  |
|  | Communication Services (0.1%) | Communication Services (0.1%) |
| 20285 | Altice USA, Inc. - Class A^# | 50307 |
| 17477 | Audacy, Inc.# | 323325 |
| 6819 | Cumulus Media, Inc. - Class A# | 1590 |
|  |  | 375222 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 1446 | Rite Aid Corp.# | 1446 |
|  | Energy (0.2%) | Energy (0.2%) |
| 4000 | Cheniere Energy Partners, LP | 235120 |
| 56650 | Energy Transfer, LP | 936991 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 26095 | Enterprise Products Partners, LP | $780240 |
| 6644 | EP Energy Corp.# | 9136 |
|  |  | 1961487 |
|  | **TOTAL COMMON STOCKS**<br>(Cost $2,589,382) | 2338155 |
| **PREFERRED STOCKS (0.1%)** |  |  |
|  | Communication Services (0.1%) | Communication Services (0.1%) |
| 25448 | Qwest Corp.<br>6.500%, 09/01/56 | 442795 |
| 7676 | Telephone and Data Systems, Inc.<br>6.625%, 03/31/26 | 159891 |
| 7935 | United States Cellular Corp.<br>6.250%, 09/01/69 | 187266 |
| 6503 | 5.500%, 03/01/70 | 142806 |
| 743 | 5.500%, 06/01/70 | 16480 |
|  |  | 949238 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 6122 | Guitar Center, Inc.# | 91830 |
|  | **TOTAL PREFERRED STOCKS**<br>(Cost $1,577,084) | 1041068 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (0.0%)#** |  |  |
|  | Industrials (0.0%) | Industrials (0.0%) |
| 3250 | American Airlines Group, Inc. |  |
| 3233750 | Call, 06/20/25, Strike $17.00<br>(Cost $795,671) | 9750 |
|  | **TOTAL INVESTMENTS (150.1%)**<br>(Cost $1,131,276,497) | 1085137901 |
| MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-18.4%) | MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-18.4%) | (132750000) |
| LIABILITIES, LESS OTHER ASSETS (-31.7%) | LIABILITIES, LESS OTHER ASSETS (-31.7%) | (229317673) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $723070228 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $412,737,762.

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

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

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

@ In default status and considered non-income producing.

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

---

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

---

& Illiquid security.

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

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

‡‡ Perpetual maturity.

# Non-income producing security.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Asset Backed Securities | $— | $738844 | $— | $738844 |
| Corporate Bonds |  | 288862570 |  | 288862570 |
| Convertible Bonds |  | 651831740 |  | 651831740 |
| Bank Loans |  | 58170567 |  | 58170567 |
| Convertible Preferred Stocks | 82145198 |  |  | 82145198 |
| Warrants | 9 |  |  | 9 |
| Common Stocks | 2338155 |  |  | 2338155 |
| Preferred Stocks | 1041068 |  |  | 1041068 |
| Exchange-Traded Purchased Option | 9750 |  |  | 9750 |
| Total | $85534180 | $999603721 | $— | $1085137901 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

**SECTOR WEIGHTINGS**

---

| | |
|:---|:---|
| Information Technology | 27.2 |
| Consumer Discretionary | 14.1 |
| Communication Services | 9.1 |
| Health Care | 9.1 |
| Financials | 8.9 |
| Industrials | 7.4 |
| Utilities | 6.3 |
| Energy | 4.6 |
| Consumer Staples | 2.6 |
| Materials | 2.0 |
| Real Estate | 1.4 |
| Airlines | 0.4 |
| Special Purpose Acquisition<br>Companies | 0.3 |

---

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

**ASSET ALLOCATION**

![j25160456_ga006.jpg](j25160456_ga006.jpg)

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

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **ASSET BACKED SECURITY (0.1%)** |  |  |
|  | Other (0.1%) | Other (0.1%) |
| 850000 | SVC ABS, LLC Series 2023-1A, Class C\*<br>6.700%, 02/20/53<br>(Cost $805,397) | $820938 |
| **CORPORATE BONDS (40.4%)** |  |  |
|  | Airlines (0.5%) | Airlines (0.5%) |
| 809066 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class A\*µ<br>4.800%, 02/15/29 | 803079 |
| 194176 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class B\*<br>8.000%, 02/15/27 | 195592 |
| 964100 | American Airlines Pass Through Trust<br>Series 2021-1, Class B<br>3.950%, 01/11/32 | 902243 |
| 850512 | British Airways Pass Through Trust<br>Series 2021-1, Class B\*<br>3.900%, 03/15/33 | 800476 |
| 1010307 | JetBlue Pass Through Trust<br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 1024340 |
|  |  | 3725730 |
|  | Communication Services (3.7%) | Communication Services (3.7%) |
| 610000 | Altice Financing, SA\*<br>5.750%, 08/15/29 | 449161 |
| 1255000 | APi Group DE, Inc.\*<br>4.750%, 10/15/29 | 1184293 |
| 952000 | Cincinnati Bell Telephone Company, LLC<br>6.300%, 12/01/28 | 896936 |
| 525000 | Clear Channel Outdoor Holdings, Inc.\*^<br>7.875%, 04/01/30 | 526008 |
| 475000 | 9.000%, 09/15/28 | 492689 |
| 450000 | Connect Finco SARL / Connect US<br>Finco, LLC\*<br>9.000%, 09/15/29 | 421119 |
| 1454000 | Consolidated Communications, Inc.\*<br>6.500%, 10/01/28 | 1432786 |
| 1800000 | CSC Holdings, LLC\*<br>4.625%, 12/01/30 | 834714 |
| 1785000 | 4.500%, 11/15/31 | 1216317 |
| 937000 | Directv Financing, LLC / Directv<br>Financing Co-Obligor, Inc.\*<br>5.875%, 08/15/27 | 906473 |
| 1610000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 1599116 |
| 261000 | Frontier Communications Holdings, LLC\*<br>8.750%, 05/15/30 | 273358 |
| 1685000 | Frontier Florida, LLC<br>6.860%, 02/01/28 | 1726940 |
| 1555000 | Frontier North, Inc.<br>6.730%, 02/15/28 | 1583317 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 905000 | Go Daddy Operating Company, LLC /<br>GD Finance Company, Inc.\*^<br>3.500%, 03/01/29 | $845460 |
| 515000 | Gray Media, Inc.\*<br>5.375%, 11/15/31 | 307960 |
| 1040000 | Hughes Satellite Systems Corp.^<br>5.250%, 08/01/26 | 969998 |
| 524000 | iHeartCommunications, Inc.\*<br>10.875%, 05/01/30 | 220939 |
| 351550 | 7.750%, 08/15/30 | 254199 |
| 470000 | LCPR Senior Secured Financing DAC\*<br>6.750%, 10/15/27 | 386956 |
| 785000 | Lumen Technologies, Inc.<br>7.600%, 09/15/39 | 577148 |
| 771875 | 10.000%, 10/15/32\* | 771095 |
| 522000 | Match Group Holdings II, LLC\*<br>3.625%, 10/01/31 | 448127 |
| 1005000 | Paramount Global<br>4.900%, 08/15/44 | 756484 |
| 367000 | Qwest Corp.<br>7.250%, 09/15/25 | 366097 |
| 650000 | Rogers Communications, Inc.‡<br>7.125%, 04/15/55<br>5 year CMT + 2.62 | 647439 |
| 650000 | 7.000%, 04/15/55^<br>5 year CMT + 2.65 | 653120 |
| 514000 | Scripps Escrow II, Inc.\*<br>3.875%, 01/15/29^ | 395939 |
| 257000 | 5.375%, 01/15/31 | 146572 |
| 415000 | Scripps Escrow, Inc.\*^<br>5.875%, 07/15/27 | 328821 |
| 520000 | Sinclair Television Group, Inc.\*<br>8.125%, 02/15/33 | 515637 |
| 1311000 | Sirius XM Radio, LLC\*<br>3.875%, 09/01/31^ | 1125362 |
| 830000 | 5.500%, 07/01/29 | 809491 |
| 515000 | 3.125%, 09/01/26 | 501729 |
| 957000 | Spanish Broadcasting System, Inc.\*<br>9.750%, 03/01/26 | 612671 |
| 650000 | Stagwell Global, LLC\*<br>5.625%, 08/15/29 | 614335 |
| 517000 | Telesat Canada / Telesat, LLC\*<br>4.875%, 06/01/27 | 283502 |
| 775000 | Time Warner Cable, LLC<br>6.550%, 05/01/37 | 765289 |
| 420000 | 7.300%, 07/01/38 | 437632 |
| 414000 | United States Cellular Corp.<br>6.700%, 12/15/33 | 448478 |
| 786000 | Univision Communications, Inc.\*<br>8.000%, 08/15/28 | 765218 |
| 520000 | 8.500%, 07/31/31 | 492055 |
|  |  | 28990980 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Discretionary (8.6%) | Consumer Discretionary (8.6%) |
| 1580000 | Adams Homes, Inc.\*<br>9.250%, 10/15/28 | $1588058 |
| 1375000 | Adient Global Holdings, Ltd.\*^<br>8.250%, 04/15/31 | 1363024 |
| 523000 | 7.500%, 02/15/33 | 496055 |
| 1660000 | Aptiv Swiss Holdings, Ltd.‡<br>6.875%, 12/15/54<br>5 year CMT + 3.39% | 1554308 |
| 913000 | Ashton Woods USA, LLC / Ashton<br>Woods Finance Company\*<br>4.625%, 08/01/29 | 848067 |
| 1325000 | At Home Group, Inc.\*<br>4.875%, 07/15/28 | 357313 |
| 1369000 | Bath & Body Works, Inc.<br>6.694%, 01/15/27^ | 1396106 |
| 760000 | 6.875%, 11/01/35 | 765001 |
| 200000 | 6.625%, 10/01/30\* | 203928 |
| 600000 | Benteler International AG\*<br>10.500%, 05/15/28 | 612900 |
| 657000 | Caesars Entertainment, Inc.\*<br>4.625%, 10/15/29^ | 608678 |
| 635000 | 6.000%, 10/15/32^ | 599097 |
| 200000 | 7.000%, 02/15/30 | 205032 |
| 523000 | Carnival Corp.\*<br>4.000%, 08/01/28µ | 499742 |
| 384000 | 7.625%, 03/01/26 | 384541 |
| 65000 | 7.000%, 08/15/29µ | 67883 |
| 254544 | Carvana Company\*<br>9.000%, 06/01/31 | 287222 |
| 198540 | 9.000%, 06/01/30 | 210572 |
| 112410 | 9.000%, 12/01/28 | 115609 |
| 2275000 | CCO Holdings, LLC / CCO Holdings<br>Capital Corp.\*<br>4.750%, 03/01/30 | 2151740 |
| 2080000 | 5.125%, 05/01/27 | 2052274 |
| 1825000 | 4.500%, 08/15/30 | 1697140 |
| 1200000 | 6.375%, 09/01/29^ | 1212216 |
| 1035000 | 4.250%, 02/01/31 | 936572 |
| 540000 | 5.000%, 02/01/28 | 527337 |
| 522000 | 4.750%, 02/01/32 | 473678 |
| 522000 | Churchill Downs, Inc.\*<br>5.750%, 04/01/30 | 511085 |
| 520000 | 6.750%, 05/01/31^ | 525954 |
| 855000 | Dana, Inc.<br>4.250%, 09/01/30 | 788626 |
| 782000 | 4.500%, 02/15/32^ | 703331 |
| 544000 | DISH DBS Corp.<br>5.125%, 06/01/29 | 340734 |
| 389000 | 7.375%, 07/01/28 | 263400 |
| 1049000 | DISH Network Corp.\*<br>11.750%, 11/15/27 | 1102982 |
| 1510000 | Empire Resorts, Inc.\*<br>7.750%, 11/01/26 | 1440042 |
| 1142000 | Everi Holdings, Inc.\*<br>5.000%, 07/15/29 | 1147916 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 1075000 | Ford Motor Company^<br>6.100%, 08/19/32 | $1031785 |
| 1650000 | Ford Motor Credit Company, LLC<br>4.000%, 11/13/30 | 1469473 |
| 1350000 | 7.200%, 06/10/30 | 1392039 |
| 1280000 | 5.113%, 05/03/29 | 1227661 |
| 800000 | 2.900%, 02/16/28 | 733048 |
| 391000 | Gap, Inc.\*^<br>3.875%, 10/01/31 | 338845 |
| 510000 | General Motors Company<br>5.200%, 04/01/45 | 419669 |
| 1825000 | goeasy, Ltd.\*<br>9.250%, 12/01/28 | 1912746 |
| 934000 | 7.625%, 07/01/29 | 942369 |
| 1575000 | Goodyear Tire & Rubber Company^<br>5.625%, 04/30/33 | 1457080 |
| 560000 | 5.250%, 07/15/31 | 523667 |
| 650000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 | 658632 |
| 445000 | 4.000%, 08/15/28 | 423337 |
| 233554 | JetBlue Pass Through Trust<br>Series 2019-2, Class B<br>8.000%, 11/15/27 | 233566 |
| 1443000 | Kohl's Corp.<br>5.550%, 07/17/45 | 687200 |
| 1040000 | LCM Investments Holdings II, LLC\*<br>8.250%, 08/01/31 | 1089889 |
| 1045000 | Liberty Interactive, LLC<br>8.250%, 02/01/30 | 391279 |
| 1045000 | Life Time, Inc.\*<br>6.000%, 11/15/31 | 1043756 |
| 525000 | Light & Wonder International, Inc.\*<br>7.500%, 09/01/31 | 539821 |
| 390000 | Lindblad Expeditions Holdings, Inc.\*<br>9.000%, 05/15/28 | 401376 |
| 672000 | Lindblad Expeditions, LLC\*<br>6.750%, 02/15/27 | 670488 |
| 685000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 622473 |
| 1219000 | Macy's Retail Holdings, LLC<br>6.700%, 07/15/34\* | 1023570 |
| 765000 | 4.300%, 02/15/43 | 459520 |
| 2025000 | MGM Resorts International^<br>6.500%, 04/15/32 | 1997845 |
| 1329000 | Midwest Gaming Borrower, LLC /<br>Midwest Gaming Finance Corp.\*<br>4.875%, 05/01/29 | 1259241 |
| 1040000 | Newell Brands, Inc.<br>6.875%, 04/01/36^ | 906568 |
| 522000 | 6.625%, 05/15/32^ | 468798 |
| 391000 | 5.700%, 04/01/26 | 386367 |
| 500000 | Nordstrom, Inc.<br>5.000%, 01/15/44 | 351000 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 923000 | Patrick Industries, Inc.\*<br>4.750%, 05/01/29 | $879887 |
| 522000 | 6.375%, 11/01/32 | 507958 |
| 1195000 | PENN Entertainment, Inc.\*^<br>4.125%, 07/01/29 | 1050035 |
| 1460000 | Premier Entertainment Sub, LLC /<br>Premier Entertainment Finance Corp.\*<br>5.625%, 09/01/29 | 856640 |
| 525000 | QVC, Inc.<br>5.450%, 08/15/34 | 258174 |
| 530000 | Raising Cane's Restaurants, LLC\*<br>9.375%, 05/01/29 | 563210 |
| 79474 | Rite Aid Cmsr Note<br>12.000%, 12/31/25 | 91395 |
| 1725000 | Rite Aid Corp.<br>0.000%, 11/15/26\*@!! | 2 |
| 583244 | 15.000%, 08/30/31 | 102809 |
| 313713 | 0.000%, 10/18/25\* |  |
| 113382 | 11.317%, 08/30/31\*<br>3 mo. SOFR + 7.00% | 79367 |
| 106832 | Rite Aid Note Holder Trust Bond<br>0.000%, 08/30/34 |  |
| 1045000 | Rivers Enterprise Borrower, LLC /<br>Rivers Enterprise Finance Corp.\*<br>6.625%, 02/01/33 | 1033599 |
| 131000 | Royal Caribbean Cruises, Ltd.\*<br>6.250%, 03/15/32 | 133089 |
| 131000 | 5.625%, 09/30/31 | 130151 |
| 955000 | Simmons Foods, Inc. / Simmons<br>Prepared Foods, Inc. / Simmons Pet<br>Food, Inc. / Simmons Feed\*<br>4.625%, 03/01/29 | 888656 |
| 1565000 | Six Flags Entertainment Corp.\*<br>7.250%, 05/15/31 | 1588444 |
| 810000 | Six Flags Entertainment Corp. /<br>Canada's Wonderland Company /<br>Magnum Management Corp.<br>5.250%, 07/15/29 | 773412 |
| 648000 | Sonic Automotive, Inc.\*<br>4.625%, 11/15/29 | 608291 |
| 753000 | Speedway Motorsports, LLC /<br>Speedway Funding II, Inc.\*<br>4.875%, 11/01/27 | 724574 |
| 1125000 | Station Casinos, LLC\*<br>4.500%, 02/15/28 | 1087312 |
| 1050000 | STL Holding Company, LLC\*<br>8.750%, 02/15/29 | 1070842 |
| 260000 | Viking Cruises, Ltd.\*<br>9.125%, 07/15/31 | 278281 |
| 1025000 | ZF North America Capital, Inc.\*<br>7.125%, 04/14/30 | 946895 |
|  |  | 66754294 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Staples (1.9%) | Consumer Staples (1.9%) |
| 525000 | Brink's Company\*<br>6.750%, 06/15/32 | $538141 |
| 525000 | 6.500%, 06/15/29 | 535941 |
| 1191000 | Central Garden & Pet Company\*<br>4.125%, 04/30/31 | 1073544 |
| 1188000 | Edgewell Personal Care Company\*<br>4.125%, 04/01/29 | 1112895 |
| 1445000 | Energizer Holdings, Inc.\*<br>4.375%, 03/31/29 | 1350150 |
| 260000 | 6.500%, 12/31/27 | 261581 |
| 284000 | JBS USA Holding Lux Sarl/ JBS USA<br>Food Company/ JBS Lux Company Sarl<br>5.750%, 04/01/33 | 289950 |
| 167000 | 5.500%, 01/15/30µ | 169804 |
| 872569 | MPH Acquisition Holdings, LLC\*<br>6.750%, 03/31/31<br>0.75% PIK rate | 586235 |
| 429160 | 5.750%, 12/31/30 | 334487 |
| 374113 | 11.500%, 12/31/30<br>6.50% Cash & 5.00% PIK Rate | 349908 |
| 672000 | New Albertsons, LP<br>7.750%, 06/15/26 | 689432 |
| 600000 | Opal Bidco, SAS\*<br>6.500%, 03/31/32 | 601056 |
| 1043000 | Performance Food Group, Inc.\*<br>4.250%, 08/01/29 | 987971 |
| 261000 | 6.125%, 09/15/32 | 262203 |
| 775000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 | 734669 |
| 1050000 | Post Holdings, Inc.\*<br>6.250%, 02/15/32 | 1060154 |
| 788000 | 6.375%, 03/01/33^ | 781625 |
| 986000 | Prestige Brands, Inc.\*<br>3.750%, 04/01/31 | 891620 |
| 782000 | RR Donnelley & Sons Company\*<br>9.500%, 08/01/29 | 747138 |
| 855000 | United Natural Foods, Inc.\*<br>6.750%, 10/15/28 | 840285 |
| 520000 | Walgreens Boots Alliance, Inc.<br>4.650%, 06/01/46 | 472238 |
|  |  | 14671027 |
|  | Energy (5.4%) | Energy (5.4%) |
| 1045000 | Ascent Resources Utica Holdings, LLC /<br>ARU Finance Corp.\*<br>6.625%, 10/15/32 | 1034853 |
| 787000 | Buckeye Partners, LP<br>6.750%, 02/01/30\* | 801135 |
| 545000 | 5.850%, 11/15/43 | 458209 |
| 392000 | 6.875%, 07/01/29\* | 399695 |
| 1283000 | Civitas Resources, Inc.\*<br>8.750%, 07/01/31 | 1219774 |
| 785000 | Continental Resources, Inc.<br>4.900%, 06/01/44 | 606326 |
| 808000 | DT Midstream, Inc.\*<br>4.125%, 06/15/29 | 758946 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 790000 | Enbridge, Inc.‡<br>7.375%, 03/15/55<br>5 year CMT + 3.12% | $798335 |
| 530000 | 7.200%, 06/27/54<br>5 year CMT + 2.97% | 529316 |
| 1310000 | Encino Acquisition Partners<br>Holdings, LLC\*<br>8.750%, 05/01/31 | 1337392 |
| 970000 | Energy Transfer, LP‡<br>7.555%, 11/01/66^<br>3 mo. SOFR + 3.28% | 940803 |
| 764000 | 6.500%, 11/15/26<br>5 year CMT + 5.69% | 760814 |
| 520000 | 7.125%, 10/01/54^<br>5 year CMT + 2.83% | 514784 |
| 1730000 | EQT Corp.\*µ<br>7.500%, 06/01/27 | 1759099 |
| 765000 | Genesis Energy, LP / Genesis Energy<br>Finance Corp.<br>8.875%, 04/15/30 | 781853 |
| 525000 | 8.000%, 05/15/33 | 511061 |
| 1460000 | Gulfport Energy Operating Corp.\*<br>6.750%, 09/01/29 | 1442743 |
| 1050000 | Howard Midstream Energy<br>Partners, LLC\*<br>7.375%, 07/15/32 | 1075631 |
| 1045000 | Magnolia Oil & Gas Operating, LLC /<br>Magnolia Oil & Gas Finance Corp.\*<br>6.875%, 12/01/32 | 1014361 |
| 1044000 | Matador Resources Company\*<br>6.500%, 04/15/32 | 1006583 |
| 1105000 | Nabors Industries, Inc.\*<br>9.125%, 01/31/30 | 1003384 |
| 390000 | Nabors Industries, Ltd.\*^<br>7.500%, 01/15/28 | 310541 |
| 780000 | New Fortress Energy, Inc.\*^<br>6.500%, 09/30/26 | 640926 |
| 1090000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 | 1039838 |
| 650000 | ONEOK, Inc.\*<br>6.500%, 09/01/30 | 688935 |
| 1565000 | Parkland Corp.\*<br>6.625%, 08/15/32 | 1558114 |
| 985000 | Permian Resources Operating, LLC\*<br>7.000%, 01/15/32 | 993146 |
| 261000 | 6.250%, 02/01/33 | 255587 |
| 1040000 | Plains All American Pipeline, LP‡<br>8.695%, 05/31/25<br>3 mo. SOFR + 4.37% | 1028186 |
| 1050000 | South Bow Canadian Infrastructure<br>Holdings, Ltd.\*‡<br>7.625%, 03/01/55<br>5 year CMT + 3.95% | 1049286 |
| 1440000 | Summit Midstream Holdings, LLC\*<br>8.625%, 10/31/29 | 1419307 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 522000 | Sunoco, LP\*<br>6.250%, 07/01/33 | $| 521776 |
| 1460000 | TGNR Intermediate Holdings, LLC\*<br>5.500%, 10/15/29 |  | 1341127 |
| 1427200 | Transocean, Inc.\*<br>8.750%, 02/15/30 |  | 1395787 |
| 1050000 | 8.250%, 05/15/29 |  | 849440 |
| 260000 | Venture Global Calcasieu Pass, LLC\*<br>4.125%, 08/15/31 |  | 234031 |
| 260000 | 3.875%, 08/15/29 |  | 238675 |
| 2357000 | Venture Global LNG, Inc.\*<br>9.000%, 09/30/29‡<br>5 year CMT + 5.44% |  | 2025629 |
| 1300000 | 8.375%, 06/01/31 |  | 1254084 |
| 780000 | 8.125%, 06/01/28 |  | 775710 |
| 548000 | 7.000%, 01/15/30 |  | 516835 |
| 525000 | 9.875%, 02/01/32 |  | 534497 |
| 525000 | 9.500%, 02/01/29 |  | 544425 |
| 996000 | Vital Energy, Inc.\*^<br>7.875%, 04/15/32 |  | 771053 |
| 1045000 | VOC Escrow, Ltd.\*<br>5.000%, 02/15/28 |  | 1025155 |
| 1568000 | Weatherford International, Ltd.\*<br>8.625%, 04/30/30 |  | 1555848 |
| 912000 | Wildfire Intermediate Holdings, LLC\*<br>7.500%, 10/15/29 |  | 835073 |
|  |  |  | 42158108 |
|  | Financials (7.3%) | Financials (7.3%) | Financials (7.3%) |
| 1650000 | Acrisure, LLC / Acrisure Finance, Inc.\*<br>8.250%, 02/01/29 |  | 1690639 |
| 975000 | AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust^‡<br>6.950%, 03/10/55<br>5 year CMT + 2.72% |  | 980226 |
| 1045000 | Alliant Holdings Intermediate, LLC /<br>Alliant Holdings Co-Issuer\*<br>7.375%, 10/01/32 |  | 1056976 |
| 1045000 | 6.500%, 10/01/31 |  | 1044739 |
| 1433000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26<br>5 year CMT + 3.87% |  | 1320424 |
| 480000 | 4.700%, 05/15/28<br>7 year CMT + 3.48% |  | 410597 |
| 1082000 | AmWINS Group, Inc.\*<br>4.875%, 06/30/29 |  | 1031936 |
| 1075000 | AssuredPartners, Inc.\*<br>5.625%, 01/15/29 |  | 1074140 |
| 1050000 | Baldwin Insurance Group Holdings,<br>LLC / Baldwin Insurance Group<br>Holdings Finance\*<br>7.125%, 05/15/31 |  | 1071514 |
| 1045000 | Blackstone Mortgage Trust, Inc.\*<br>7.750%, 12/01/29 |  | 1088033 |
| 1050000 | Boost Newco Borrower LLC\*<br>7.500%, 01/15/31 |  | 1108926 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 525000 | Brandywine Operating Partnership, LP<br>8.875%, 04/12/29 | $552090 |
| 784000 | Bread Financial Holdings, Inc.\*‡<br>8.375%, 06/15/35<br>5 year CMT + 4.30 | 735463 |
| 1819000 | BroadStreet Partners, Inc.\*<br>5.875%, 04/15/29 | 1758827 |
| 1085000 | Brookfield Property REIT, Inc. /<br>BPR Cumulus, LLC / BPR Nimbus, LLC /<br>GGSI Sellco, LLC\*<br>4.500%, 04/01/27 | 1053253 |
| 1000000 | Burford Capital Global Financial, LLC\*<br>6.875%, 04/15/30 | 999470 |
| 1020000 | Corebridge Financial, Inc.^‡<br>6.375%, 09/15/54<br>5 year CMT + 2.65% | 983158 |
| 690000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 730938 |
| 464000 | 6.625%, 03/15/30 | 457221 |
| 1045000 | Cushman & Wakefield<br>U.S. Borrower, LLC\*^<br>8.875%, 09/01/31 | 1118819 |
| 520000 | Enstar Group, Ltd.\*‡<br>7.500%, 04/01/45<br>5 year CMT + 3.19 | 522574 |
| 1170000 | GGAM Finance, Ltd.\*<br>8.000%, 02/15/27 | 1200888 |
| 522000 | 5.875%, 03/15/30 | 519928 |
| 1567000 | Global Net Lease, Inc. / Global Net<br>Lease Operating Partnership, LP\*<br>3.750%, 12/15/27 | 1477697 |
| 585000 | HAT Holdings I, LLC / HAT<br>Holdings II, LLC\*<br>8.000%, 06/15/27 | 602187 |
| 1571000 | HUB International, Ltd.\*<br>5.625%, 12/01/29 | 1540633 |
| 785000 | 7.375%, 01/31/32 | 809194 |
| 781000 | Icahn Enterprises, LP / Icahn<br>Enterprises Finance Corp.<br>4.375%, 02/01/29 | 651448 |
| 1635000 | Iron Mountain, Inc.\*<br>5.250%, 03/15/28 | 1610475 |
| 1340000 | Jefferies Finance, LLC / JFIN<br>Co-Issuer Corp.\*<br>5.000%, 08/15/28 | 1247661 |
| 1015000 | 6.625%, 10/15/31 | 996273 |
| 1127000 | Ladder Capital Finance Holdings, LLLP /<br>Ladder Capital Finance Corp.\*<br>4.750%, 06/15/29 | 1081120 |
| 1045000 | 5.250%, 10/01/25 | 1041593 |
| 656000 | 7.000%, 07/15/31 | 678252 |
| 900000 | LD Holdings Group, LLC\*<br>8.750%, 11/01/27 | 822249 |
| 805620 | Level 3 Financing, Inc.\*<br>10.000%, 10/15/32 | 806530 |
| 500000 | 3.875%, 10/15/30 | 395595 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 1055000 | Macquarie Airfinance Holdings, Ltd.\*<br>8.125%, 03/30/29 | $| 1105102 |
| 1523000 | MetLife, Inc.<br>6.400%, 12/15/66 |  | 1508425 |
| 650000 | Necessity Retail REIT, Inc. /<br>American Finance Operating Partner, LP\*<br>4.500%, 09/30/28 |  | 613242 |
| 525000 | Newmark Group, Inc.<br>7.500%, 01/12/29 |  | 549633 |
| 715000 | OneMain Finance Corp.<br>3.875%, 09/15/28 |  | 662269 |
| 530000 | 7.500%, 05/15/31 |  | 538432 |
| 985000 | Park Intermediate Holdings, LLC /<br>PK Domestic Property, LLC /<br>PK Finance Co-Issuer\*<br>7.000%, 02/01/30 |  | 985512 |
| 1305000 | Provident Funding Associates, LP /<br>PFG Finance Corp.\*<br>9.750%, 09/15/29 |  | 1342453 |
| 1050000 | RHP Hotel Properties, LP / RHP<br>Finance Corp.\*<br>6.500%, 04/01/32 |  | 1048488 |
| 1005000 | Rocket Mortgage, LLC / Rocket<br>Mortgage Co-Issuer, Inc.\*<br>3.875%, 03/01/31 |  | 910299 |
| 475000 | 3.625%, 03/01/29 |  | 443080 |
| 785000 | Saks Global Enterprises, LLC\*<br>11.000%, 12/15/29 |  | 476550 |
| 775000 | Service Properties Trust<br>8.375%, 06/15/29 |  | 756268 |
| 1045000 | Starwood Property Trust, Inc.\*<br>6.000%, 04/15/30 |  | 1036556 |
| 522000 | 6.500%, 07/01/30 |  | 526651 |
| 1310000 | StoneX Group, Inc.\*<br>7.875%, 03/01/31 |  | 1366225 |
| 1045000 | TrueNoord Capital DAC\*<br>8.750%, 03/01/30 |  | 1068659 |
| 1212000 | United Wholesale Mortgage, LLC\*<br>5.500%, 04/15/29 |  | 1176440 |
| 525000 | 5.750%, 06/15/27 |  | 518700 |
| 622000 | Uniti Group, LP / Uniti Group<br>Finance 2019, Inc. / CSL Capital, LLC\*<br>10.500%, 02/15/28 |  | 660931 |
| 525000 | 6.500%, 02/15/29 |  | 480574 |
| 525000 | VFH Parent, LLC / Valor Co-Issuer, Inc.\*<br>7.500%, 06/15/31 |  | 539857 |
| 1200000 | VZ Secured Financing, BV\*<br>5.000%, 01/15/32 |  | 1047756 |
| 1045000 | XHR, LP\*<br>6.625%, 05/15/30 |  | 1031509 |
|  |  |  | 56665297 |
|  | Health Care (2.5%) | Health Care (2.5%) | Health Care (2.5%) |
| 522000 | Acadia Healthcare Company, Inc.\*<br>7.375%, 03/15/33 |  | 523514 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 2075000 | CHS/Community Health Systems, Inc.\*<br>6.125%, 04/01/30 | $| 1412619 |
| 785000 | 10.875%, 01/15/32 |  | 811415 |
| 594000 | 6.875%, 04/15/29 |  | 435634 |
| 130000 | 5.250%, 05/15/30 |  | 111093 |
| 1220000 | DaVita, Inc.\*<br>3.750%, 02/15/31 |  | 1073149 |
| 1154000 | 4.625%, 06/01/30 |  | 1074062 |
| 1010000 | 6.875%, 09/01/32^ |  | 1021150 |
| 783000 | Embecta Corp.\*<br>5.000%, 02/15/30 |  | 705428 |
| 260000 | 6.750%, 02/15/30 |  | 252395 |
| 525000 | Encompass Health Corp.<br>4.750%, 02/01/30 |  | 511576 |
| 525000 | 4.500%, 02/01/28^ |  | 517608 |
| 1123000 | HCA, Inc.^<br>7.500%, 11/06/33 |  | 1267788 |
| 340000 | Jazz Securities DAC\*<br>4.375%, 01/15/29 |  | 323119 |
| 1297000 | Medline Borrower, LP\*<br>5.250%, 10/01/29 |  | 1233408 |
| 1295000 | 3.875%, 04/01/29 |  | 1209116 |
| 129000 | Medline Borrower, LP / Medline<br>Co-Issuer, Inc.\*<br>6.250%, 04/01/29 |  | 130202 |
| 1900000 | Organon & Company / Organon<br>Foreign Debt Co-Issuer, BV\*<br>5.125%, 04/30/31^ |  | 1595601 |
| 450000 | 4.125%, 04/30/28 |  | 424890 |
| 2465000 | Tenet Healthcare Corp.<br>6.250%, 02/01/27 |  | 2465715 |
| 1420000 | 6.875%, 11/15/31 |  | 1459291 |
| 1320000 | Teva Pharmaceutical Finance<br>Netherlands III, BV<br>5.125%, 05/09/29 |  | 1284769 |
|  |  |  | 19843542 |
|  | Industrials (4.7%) | Industrials (4.7%) | Industrials (4.7%) |
| 1050000 | Aar Escrow Issuer, LLC\*<br>6.750%, 03/15/29 |  | 1075683 |
| 1200000 | ACCO Brands Corp.\*^<br>4.250%, 03/15/29 |  | 1043628 |
| 1055000 | Air Lease Corp.‡<br>4.125%, 12/15/26<br>5 year CMT + 3.15% |  | 971170 |
| 1750000 | Albertsons Companies, Inc. / Safeway,<br>Inc. / New Albertsons, LP /<br>Albertsons, LLC\*<br>4.625%, 01/15/27 |  | 1733025 |
| 780000 | 5.875%, 02/15/28 |  | 781459 |
| 587000 | Arcosa, Inc.\*<br>4.375%, 04/15/29 |  | 551340 |
| 522000 | 6.875%, 08/15/32 |  | 532163 |
| 2746062 | ARD Finance, SA\*<br>6.500%, 06/30/27<br>7.250% PIK rate |  | 72194 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 520000 | Bombardier, Inc.\*<br>8.750%, 11/15/30 | $558256 |
| 395000 | 7.000%, 06/01/32^ | 399926 |
| 325000 | 7.250%, 07/01/31^ | 333561 |
| 211000 | 7.875%, 04/15/27 | 211595 |
| 1044000 | BWX Technologies, Inc.\*<br>4.125%, 04/15/29 | 992541 |
| 1078000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.375%, 01/15/28 | 1052139 |
| 257000 | Delta Air Lines, Inc. / SkyMiles IP, Ltd.\*µ<br>4.750%, 10/20/28 | 255044 |
| 1360000 | Deluxe Corp.\*<br>8.000%, 06/01/29 | 1254083 |
| 260000 | 8.125%, 09/15/29 | 260460 |
| 995000 | EMRLD Borrower, LP / Emerald<br>Co-Issuer, Inc.\*<br>6.625%, 12/15/30 | 1011010 |
| 500000 | EnerSys\*<br>6.625%, 01/15/32 | 511085 |
| 500000 | 4.375%, 12/15/27 | 485210 |
| 395000 | EquipmentShare.com, Inc.\*<br>8.625%, 05/15/32 | 402762 |
| 394000 | 8.000%, 03/15/33^ | 389292 |
| 634000 | Graham Packaging Company, Inc.\*<br>7.125%, 08/15/28 | 620172 |
| 675000 | Graphic Packaging International, LLC\*<br>4.750%, 07/15/27 | 663181 |
| 484000 | 3.500%, 03/01/29 | 450599 |
| 1141000 | Great Lakes Dredge & Dock Corp.\*<br>5.250%, 06/01/29 | 1042075 |
| 2438000 | H&E Equipment Services, Inc.\*<br>3.875%, 12/15/28 | 2431661 |
| 1350000 | Herc Holdings, Inc.\*<br>5.500%, 07/15/27 | 1336986 |
| 525000 | 6.625%, 06/15/29 | 519020 |
| 788000 | JELD-WEN, Inc.\*^<br>7.000%, 09/01/32 | 693527 |
| 280000 | 4.875%, 12/15/27 | 258681 |
| 1690000 | Ken Garff Automotive, LLC\*<br>4.875%, 09/15/28 | 1632168 |
| 650000 | Moog, Inc.\*<br>4.250%, 12/15/27 | 628238 |
| 1040000 | Novelis Corp.\*<br>4.750%, 01/30/30 | 967907 |
| 1045000 | Quikrete Holdings, Inc.\*<br>6.375%, 03/01/32 | 1052858 |
| 265000 | Sealed Air Corp.\*<br>6.500%, 07/15/32^ | 269969 |
| 261000 | 5.000%, 04/15/29 | 254608 |
| 809000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 | 815731 |
| 260000 | 7.250%, 02/15/31 | 270824 |
| 400000 | Sensata Technologies, BV\*^<br>4.000%, 04/15/29 | 368408 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 519000 | Sensata Technologies, Inc.\*<br>3.750%, 02/15/31 | $| 453985 |
| 200000 | 6.625%, 07/15/32 |  | 198416 |
| 265000 | Standard Building Solutions, Inc.\*<br>6.500%, 08/15/32 |  | 268662 |
| 486000 | Standard Industries, Inc.\*<br>5.000%, 02/15/27 |  | 482928 |
| 1125000 | TransDigm, Inc.\*<br>6.875%, 12/15/30 |  | 1160629 |
| 790000 | 6.750%, 08/15/28 |  | 806472 |
| 390000 | 7.125%, 12/01/31 |  | 405912 |
| 254000 | 6.625%, 03/01/32 |  | 260607 |
| 305505 | United Airlines Pass Through Trust<br>Series 2019-2, Class B<br>3.500%, 11/01/29 |  | 291916 |
| 575000 | Wabash National Corp.\*^<br>4.500%, 10/15/28 |  | 484150 |
| 1040000 | Waste Pro USA, Inc.\*<br>7.000%, 02/01/33 |  | 1064970 |
| 604000 | Williams Scotsman, Inc.\*<br>4.625%, 08/15/28 |  | 581827 |
| 530000 | 7.375%, 10/01/31 |  | 549785 |
| 390000 | 6.625%, 06/15/29 |  | 396080 |
|  |  |  | 36560578 |
|  | Information Technology (1.6%) | Information Technology (1.6%) | Information Technology (1.6%) |
| 604000 | Coherent Corp.\*<br>5.000%, 12/15/29 |  | 579683 |
| 471000 | Dell International, LLC / EMC Corp.µ<br>6.020%, 06/15/26 |  | 476567 |
| 522000 | Dun & Bradstreet Corp.\*^<br>5.000%, 12/15/29 |  | 521514 |
| 520000 | Fair Isaac Corp.\*<br>4.000%, 06/15/28 |  | 500084 |
| 1130000 | KBR, Inc.\*^<br>4.750%, 09/30/28 |  | 1072856 |
| 528000 | NCL Corp., Ltd.\*<br>8.125%, 01/15/29 |  | 552742 |
| 522000 | 6.750%, 02/01/32 |  | 510062 |
| 771000 | ON Semiconductor Corp.\*<br>3.875%, 09/01/28 |  | 730214 |
| 525000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 540025 |
| 391000 | Open Text Holdings, Inc.\*<br>4.125%, 12/01/31 |  | 349742 |
| 908000 | Playtika Holding Corp.\*<br>4.250%, 03/15/29 |  | 803353 |
| 1450000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 |  | 1351632 |
| 725000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 680543 |
| 259000 | 3.875%, 03/15/31 |  | 235685 |
| 394000 | UKG, Inc.\*<br>6.875%, 02/01/31 |  | 406104 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 1555000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 | $| 1426122 |
| 1050000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 1056184 |
| 1200000 | ZoomInfo Technologies, LLC /<br>ZoomInfo Finance Corp.\*<br>3.875%, 02/01/29 |  | 1104216 |
|  |  |  | 12897328 |
|  | Materials (1.7%) | Materials (1.7%) | Materials (1.7%) |
| 500000 | ATI, Inc.<br>5.875%, 12/01/27 |  | 499795 |
| 1045000 | Avient Corp.\*<br>6.250%, 11/01/31 |  | 1034278 |
| 520000 | Celanese US Holdings, LLC^<br>6.629%, 07/15/32 |  | 511883 |
| 888000 | Chemours Company\*<br>8.000%, 01/15/33 |  | 800745 |
| 780000 | 4.625%, 11/15/29 |  | 653437 |
| 1640000 | Clearwater Paper Corp.\*<br>4.750%, 08/15/28 |  | 1529907 |
| 780000 | Cleveland-Cliffs, Inc.\*^<br>7.000%, 03/15/32 |  | 735337 |
| 425000 | Constellium, SE\*^<br>6.375%, 08/15/32 |  | 418706 |
| 784000 | JW Aluminum Continuous Cast<br>Company\*<br>10.250%, 04/01/30 |  | 770970 |
| 1040000 | Knife River Corp.\*<br>7.750%, 05/01/31 |  | 1089462 |
| 1107000 | Mercer International, Inc.<br>5.125%, 02/01/29 |  | 910341 |
| 520000 | 12.875%, 10/01/28\* |  | 532121 |
| 1015000 | OCI, NV\*<br>6.700%, 03/16/33 |  | 1108766 |
| 1194000 | Silgan Holdings, Inc.<br>4.125%, 02/01/28 |  | 1147721 |
| 1045000 | Terex Corp\*<br>6.250%, 10/15/32 |  | 1001141 |
| 442850 | Trinseo Luxco Finance SPV Sarl /<br>Trinseo NA Finance SPV, LLC\*<br>7.625%, 05/03/29 |  | 272083 |
|  |  |  | 13016693 |
|  | Other (1.5%) | Other (1.5%) | Other (1.5%) |
| 1410000 | 1261229 BC, Ltd.\*<br>10.000%, 04/15/32 |  | 1383492 |
| 1030000 | Alumina Pty, Ltd.\*<br>6.375%, 09/15/32 |  | 1006073 |
| 406005 | Claritev Corp.\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 257846 |
| 1593550 | EchoStar Corp.<br>10.750%, 11/30/29 |  | 1685960 |
| 1060515 | 6.750%, 11/30/30<br>6.75% PIK Rate |  | 987933 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 475000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 | $| 483355 |
| 525000 | Mohegan Tribal Gaming Authority /<br>MS Digital Entertainment Holdings, LLC\*<br>8.250%, 04/15/30 |  | 525814 |
| 1045000 | New Gold, Inc.\*<br>6.875%, 04/01/32 |  | 1068972 |
| 470000 | Nissan Motor Acceptance<br>Company, LLC\*<br>7.050%, 09/15/28 |  | 480838 |
| 1045000 | Olin Corp.\*<br>6.625%, 04/01/33 |  | 992698 |
| 520000 | Reinsurance Group of America, Inc.‡<br>6.650%, 09/15/55<br>5 year CMT + 2.39 |  | 505924 |
| 1045000 | Rfna, LP\*<br>7.875%, 02/15/30 |  | 1027632 |
| 1045000 | Stonepeak Nile Parent, LLC\*<br>7.250%, 03/15/32 |  | 1061741 |
|  |  |  | 11468278 |
|  | Real Estate (0.1%) | Real Estate (0.1%) | Real Estate (0.1%) |
| 522000 | Forestar Group, Inc.\*<br>6.500%, 03/15/33 |  | 508125 |
|  | Special Purpose Acquisition Companies (0.2%) | Special Purpose Acquisition Companies (0.2%) | Special Purpose Acquisition Companies (0.2%) |
| 263000 | Clydesdale Acquisition Holdings, Inc.\*<br>6.750%, 04/15/32 |  | 269307 |
| 1045000 | Fertitta Entertainment, LLC / Fertitta<br>Entertainment Finance Company, Inc.\*<br>6.750%, 01/15/30^ |  | 914250 |
| 524000 | 4.625%, 01/15/29 |  | 486717 |
|  |  |  | 1670274 |
|  | Utilities (0.7%) | Utilities (0.7%) | Utilities (0.7%) |
| 390000 | AES Corp.‡<br>7.600%, 01/15/55<br>5 year CMT + 3.20% |  | 386619 |
| 389000 | 6.950%, 07/15/55<br>5 year CMT + 2.89 |  | 364034 |
| 520000 | Dominion Energy, Inc.^‡<br>6.625%, 05/15/55<br>5 year CMT + 2.21% |  | 513703 |
| 1025000 | Duke Energy Corp.^‡<br>6.450%, 09/01/54<br>5 year CMT + 2.59% |  | 1029182 |
| 820000 | Entergy Corp.^‡<br>7.125%, 12/01/54<br>5 year CMT + 2.67% |  | 826634 |
| 770000 | Evergy, Inc.^‡<br>6.650%, 06/01/55<br>5 year CMT + 2.56% |  | 749718 |
| 780000 | NiSource, Inc.^‡<br>6.950%, 11/30/54<br>5 year CMT + 2.45% |  | 793876 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 379000 | PPL Capital Funding, Inc.‡<br>7.226%, 03/30/67<br>3 mo. SOFR + 2.93% | $| 370806 |
| 525000 | Vistra Corp.\*‡<br>7.000%, 12/15/26<br>5 year CMT + 5.74% |  | 530890 |
| 270000 | 8.000%, 10/15/26<br>5 year CMT + 6.93% |  | 276051 |
|  |  |  | 5841513 |
|  | **TOTAL CORPORATE BONDS**<br>(Cost $329,812,547) |  | 314771767 |
| **CONVERTIBLE BONDS (90.2%)** |  |  |  |
|  | Communication Services (9.8%) | Communication Services (9.8%) | Communication Services (9.8%) |
| 3125000 | AST SpaceMobile, Inc.\*<br>4.250%, 03/01/32 |  | 3695594 |
| 9750000 | Liberty Media Corp.-Liberty<br>Formula One^<br>2.250%, 08/15/27 |  | 11891977 |
| 16750000 | Live Nation Entertainment, Inc.\*µ<br>2.875%, 01/15/30 |  | 17309785 |
| 5750000 | Match Group Financeco 3, Inc.\*µ<br>2.000%, 01/15/30 |  | 5037805 |
| 17500000 | Snap, Inc.\*µ<br>0.500%, 05/01/30 |  | 14324625 |
| 18146000 | Uber Technologies, Inc.µ<br>0.875%, 12/01/28 |  | 23819347 |
|  |  |  | 76079133 |
|  | Consumer Discretionary (12.3%) | Consumer Discretionary (12.3%) | Consumer Discretionary (12.3%) |
| 12250000 | Alibaba Group Holding, Ltd.\*<br>0.500%, 06/01/31 |  | 16114997 |
| 5000000 | Booking Holdings, Inc.<br>0.750%, 05/01/25 |  | 12255000 |
| 4500000 | Carnival Corp.<br>5.750%, 12/01/27 |  | 7183935 |
| 12500000 | DraftKings Holdings, Inc.µ<br>0.000%, 03/15/28 |  | 10991750 |
| 11000000 | Marriott Vacations Worldwide Corp.µ<br>3.250%, 12/15/27 |  | 10052570 |
| 5375000 | Meritage Homes Corp.\*µ^<br>1.750%, 05/15/28 |  | 5248204 |
| 12250000 | Rivian Automotive, Inc.µ<br>4.625%, 03/15/29 |  | 12476870 |
| 1000000 | Royal Caribbean Cruises, Ltd.<br>6.000%, 08/15/25 |  | 4318250 |
| 6250000 | Shake Shack, Inc.<br>0.000%, 03/01/28 |  | 5789750 |
| 6750000 | Trip.com Group, Ltd.\*<br>0.750%, 06/15/29 |  | 7636005 |
| 3750000 | Wayfair, Inc.µ<br>3.500%, 11/15/28 |  | 3734550 |
|  |  |  | 95801881 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Staples (1.1%) | Consumer Staples (1.1%) |
| 8250000 | Enovis Corp.µ<br>3.875%, 10/15/28 | $8251403 |
|  | Energy (1.3%) | Energy (1.3%) |
| 4500000 | Kosmos Energy, Ltd.<br>3.125%, 03/15/30 | 3099240 |
| 5265000 | Nabors Industries, Inc.<br>1.750%, 06/15/29 | 2992679 |
| 4500000 | Northern Oil & Gas, Inc.<br>3.625%, 04/15/29 | 4321440 |
| 10545000 | SunEdison, Inc.@<br>0.000%, 01/15/49\*!! | 36907 |
| 1027000 | 0.000%, 10/01/49 | 3595 |
|  |  | 10453861 |
|  | Financials (1.8%) | Financials (1.8%) |
| 4500000 | Affirm Holdings, Inc.\*µ<br>0.750%, 12/15/29 | 4084065 |
| 6500000 | Coinbase Global, Inc.µ<br>0.250%, 04/01/30 | 6472570 |
| 4500000 | Upstart Holdings, Inc.\*<br>1.000%, 11/15/30 | 3781530 |
|  |  | 14338165 |
|  | Health Care (11.8%) | Health Care (11.8%) |
| 5000000 | Alnylam Pharmaceuticals, Inc.<br>1.000%, 09/15/27 | 5732400 |
| 8750000 | Alphatec Holdings, Inc.\*<br>0.750%, 03/15/30 | 8694875 |
| 8750000 | Dexcom, Inc.µ<br>0.375%, 05/15/28 | 7926363 |
| 6250000 | Exact Sciences Corp.\*µ<br>2.000%, 03/01/30 | 5942625 |
| 4500000 | Haemonetics Corp.\*µ<br>2.500%, 06/01/29 | 4313385 |
| 8500000 | Halozyme Therapeutics, Inc.µ<br>0.250%, 03/01/27 | 8913525 |
| 1750000 | Insmed, Inc.<br>0.750%, 06/01/28 | 3941333 |
| 8750000 | Integer Holdings Corp.\*<br>1.875%, 03/15/30 | 9266162 |
| 4500000 | Ionis Pharmaceuticals, Inc.µ<br>1.750%, 06/15/28 | 4393665 |
| 6655000 | Jazz Investments I, Ltd.µ<br>2.000%, 06/15/26^ | 6865564 |
| 4000000 | 3.125%, 09/15/30\* | 4348280 |
| 3040000 | Lantheus Holdings, Inc.<br>2.625%, 12/15/27 | 4519720 |
| 3250000 | Merit Medical Systems, Inc.\*<br>3.000%, 02/01/29 | 4145213 |
| 11250000 | NeoGenomics, Inc.<br>0.250%, 01/15/28 | 9504112 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 4000000 | Sarepta Therapeutics, Inc.µ<br>1.250%, 09/15/27 | $ | 3798920 |
|  |  |  | 92306142 |
|  | Industrials (2.5%) | Industrials (2.5%) | Industrials (2.5%) |
| 4000000 | Axon Enterprise, Inc.µ<br>0.500%, 12/15/27 |  | 10860960 |
| 3000000 | Bloom Energy Corp.<br>3.000%, 06/01/28 |  | 3798900 |
| 4500000 | Tetra Tech, Inc.<br>2.250%, 08/15/28 |  | 4788810 |
|  |  |  | 19448670 |
|  | Information Technology (39.1%) | Information Technology (39.1%) | Information Technology (39.1%) |
| 4500000 | Advanced Energy Industries, Inc.^<br>2.500%, 09/15/28 |  | 4720410 |
| 9000000 | Akamai Technologies, Inc.µ<br>1.125%, 02/15/29 |  | 8719020 |
| 4750000 | 0.375%, 09/01/27 |  | 4701265 |
| 2250000 | Applied Digital Corp.\*<br>2.750%, 06/01/30 |  | 1536908 |
| 9250000 | BILL Holdings, Inc.\*µ<br>0.000%, 04/01/30 |  | 7836508 |
| 9250000 | Core Scientific, Inc.\*<br>0.000%, 06/15/31µ |  | 7882202 |
| 2710000 | 3.000%, 09/01/29 |  | 2952897 |
| 18500000 | Datadog, Inc.\*µ<br>0.000%, 12/01/29 |  | 16677750 |
| 9000000 | Guidewire Software, Inc.\*µ<br>1.250%, 11/01/29 |  | 9954360 |
| 4000000 | Itron, Inc.\*^<br>1.375%, 07/15/30 |  | 4368600 |
| 8000000 | Lumentum Holdings, Inc.µ<br>1.500%, 12/15/29 |  | 9143360 |
| 8500000 | MACOM Technology Solutions<br>Holdings, Inc.\*µ<br>0.000%, 12/15/29 |  | 7954810 |
| 18750000 | MicroStrategy, Inc.\*<br>0.000%, 03/01/30µ^ |  | 21016875 |
| 13500000 | 0.000%, 12/01/29 |  | 12335490 |
| 17250000 | MKS Instruments, Inc.\*µ<br>1.250%, 06/01/30 |  | 14881402 |
| 6500000 | NCL Corp., Ltd.<br>1.125%, 02/15/27µ |  | 6137235 |
| 3250000 | 5.375%, 08/01/25 |  | 3405513 |
| 11750000 | Nutanix, Inc.\*µ<br>0.500%, 12/15/29 |  | 12683890 |
| 18500000 | ON Semiconductor Corp.µ<br>0.500%, 03/01/29 |  | 16016005 |
| 3250000 | Palo Alto Networks, Inc.µ<br>0.375%, 06/01/25 |  | 12145250 |
| 2500000 | PAR Technology Corp.<br>1.500%, 10/15/27 |  | 2633325 |
| 2000000 | 1.000%, 01/15/30\* |  | 1849120 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 4750000 | Parsons Corp.µ<br>2.625%, 03/01/29 | $| 5036188 |
| 4000000 | Q2 Holdings, Inc.<br>0.750%, 06/01/26 |  | 4433160 |
| 8250000 | Rapid7, Inc.<br>1.250%, 03/15/29 |  | 7056225 |
| 2750000 | Riot Platforms, Inc.\*<br>0.750%, 01/15/30 |  | 2105483 |
| 10250000 | Seagate HDD Cayman<br>3.500%, 06/01/28 |  | 12975475 |
| 15750000 | Shift4 Payments, Inc.µ<br>0.500%, 08/01/27 |  | 16101067 |
| 14750000 | Snowflake, Inc.\*µ<br>0.000%, 10/01/29 |  | 18334250 |
| 7000000 | Spotify USA, Inc.<br>0.000%, 03/15/26 |  | 9007670 |
| 7250000 | Tyler Technologies, Inc.<br>0.250%, 03/15/26 |  | 8553767 |
| 4500000 | Unity Software, Inc.\*µ<br>0.000%, 03/15/30 |  | 4248225 |
| 4500000 | Varonis Systems, Inc.\*^<br>1.000%, 09/15/29 |  | 4246605 |
| 7000000 | Western Digital Corp.µ<br>3.000%, 11/15/28 |  | 9508240 |
| 9500000 | Wolfspeed, Inc.<br>1.875%, 12/01/29 |  | 2760225 |
| 5711000 | 0.250%, 02/15/28 |  | 1704962 |
| 4250000 | Workiva, Inc.µ<br>1.250%, 08/15/28 |  | 4018630 |
| 3250000 | Zscaler, Inc.<br>0.125%, 07/01/25 |  | 4879420 |
|  |  |  | 304521787 |
|  | Materials (0.6%) | Materials (0.6%) | Materials (0.6%) |
| 3250000 | MP Materials Corp.\*<br>3.000%, 03/01/30 |  | 4540705 |
|  | Real Estate (2.2%) | Real Estate (2.2%) | Real Estate (2.2%) |
| 9000000 | Digital Realty Trust, LP\*µ<br>1.875%, 11/15/29 |  | 9371610 |
| 4750000 | Welltower OP, LLC\*<br>2.750%, 05/15/28 |  | 7751762 |
|  |  |  | 17123372 |
|  | Utilities (7.7%) | Utilities (7.7%) | Utilities (7.7%) |
| 9250000 | CMS Energy Corp.<br>3.375%, 05/01/28 |  | 10248630 |
| 8000000 | Duke Energy Corp.<br>4.125%, 04/15/26 |  | 8732320 |
| 5500000 | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 |  | 6161980 |
| 16500000 | PPL Capital Funding, Inc.µ<br>2.875%, 03/15/28 |  | 18834255 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 14500000 | Southern Companyµ<br>3.875%, 12/15/25 | $ | 16293360 |
|  |  |  | 60270545 |
|  | **TOTAL CONVERTIBLE BONDS**<br>(Cost $730,924,919) |  | 703135664 |
| **BANK LOANS (8.1%)¡** |  |  |  |
|  | Airlines (0.1%) | Airlines (0.1%) | Airlines (0.1%) |
| 693000 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% |  | 686143 |
| 573255 | United Airlines, Inc.‡<br>6.275%, 02/22/31<br>3 mo. SOFR + 2.00% |  | 572630 |
|  |  |  | 1258773 |
|  | Communication Services (0.9%) | Communication Services (0.9%) | Communication Services (0.9%) |
| 402132 | Audacy Capital Corp.‡<br>10.436%, 10/01/29<br>1 mo. SOFR + 6.00% |  | 339802 |
| 44778 | Audacy Capital Corp.‡<br>11.436%, 10/02/28<br>1 mo. SOFR + 7.00% |  | 44890 |
| 496199 | Cincinnati Bell, Inc.‡<br>7.072%, 11/22/28<br>1 mo. SOFR + 2.75% |  | 493966 |
| 489198 | Clear Channel Outdoor Holdings, Inc.‡<br>8.436%, 08/23/28<br>1 mo. SOFR + 4.00% |  | 475867 |
| 941849 | CSC Holdings, LLC‡<br>9.000%, 04/15/27<br>3 mo. Prime + 1.50% |  | 908823 |
| 420000 | Directv Financing, LLC!<br>0.000%, 08/02/29 |  | 407560 |
| 248185 | Directv Financing, LLC‡<br>9.541%, 08/02/27<br>3 mo. SOFR + 5.00% |  | 248506 |
| 769188 | Gray Television, Inc.‡<br>9.574%, 06/04/29<br>1 mo. SOFR + 5.25% |  | 745250 |
| 265000 | Gray Television, Inc.!<br>0.000%, 06/04/29 |  | 256753 |
| 525000 | Sinclair Television Group, Inc.‡<br>7.736%, 12/31/29<br>1 mo. SOFR + 3.30% |  | 414915 |
| 1050000 | Telesat Canada‡<br>7.325%, 12/07/26<br>3 mo. SOFR + 2.75% |  | 582425 |
| 1304098 | TripAdvisor, Inc.‡<br>7.049%, 07/08/31<br>3 mo. SOFR + 2.75% |  | 1274756 |
| 1075000 | Virgin Media Bristol, LLC‡<br>6.936%, 01/31/28<br>1 mo. SOFR + 2.50% |  | 1061955 |
|  |  |  | 7255468 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Discretionary (1.6%) | Consumer Discretionary (1.6%) |
| 318827 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>3 mo. SOFR + 3.00% | $312851 |
| 370637 | American Axle and Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% | 363689 |
| 343536 | American Axle and Manufacturing, Inc.‡<br>7.321%, 12/13/29<br>1 mo. SOFR + 3.00% | 337097 |
| 618476 | Caesars Entertainment, Inc.‡<br>6.563%, 02/06/30<br>3 mo. SOFR + 2.25% | 611364 |
| 928377 | Carnival Corp.‡<br>6.329%, 10/18/28<br>1 mo. SOFR + 2.00% | 927509 |
| 561057 | Carnival Corp.‡<br>6.270%, 08/08/27<br>3 mo. SOFR + 2.00% | 562463 |
| 653363 | Chinos Intermediate Holdings A, Inc.‡<br>10.280%, 09/26/31<br>3 mo. SOFR + 6.00% | 622057 |
| 785000 | Clarios Global, LP‡<br>7.072%, 01/28/32<br>1 mo. SOFR + 2.75% | 770937 |
| 1042388 | Life Time Fitness, Inc.‡<br>6.785%, 11/05/31<br>3 mo. SOFR + 2.50% | 1037566 |
| 1173150 | Light & Wonder International, Inc.‡<br>6.570%, 04/14/29<br>1 mo. SOFR + 2.25% | 1173642 |
| 441663 | Peloton Interactive, Inc.‡<br>9.813%, 05/23/29<br>3 mo. SOFR + 5.50% | 442491 |
| 2251959 | PetSmart, Inc.‡<br>8.172%, 02/11/28<br>1 mo. SOFR + 3.75% | 2226151 |
| 783563 | Staples, Inc.‡<br>10.041%, 09/04/29<br>3 mo. SOFR + 5.75% | 678432 |
| 1039500 | Station Casinos, LLC‡<br>6.322%, 03/14/31<br>1 mo. SOFR + 2.00% | 1033476 |
| 632797 | TKC Holdings, Inc.‡<br>9.323%, 05/15/28<br>1 mo. SOFR + 5.00% | 626469 |
| 1036273 | Windsor Holdings III, LLC‡<br>7.073%, 08/01/30<br>1 mo. SOFR + 2.75% | 1025910 |
|  |  | 12752104 |
|  | Consumer Staples (1.3%) | Consumer Staples (1.3%) |
| 3462360 | Amneal Pharmaceuticals, LLC‡<br>9.822%, 05/04/28<br>1 mo. SOFR + 5.50% | 3475569 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 786050 | B&G Foods, Inc.‡<br>7.822%, 10/10/29<br>1 mo. SOFR + 3.50% | $| 753625 |
| 650000 | Bausch Health Companies, Inc.‡<br>10.542%, 09/25/30<br>1 mo. SOFR + 6.25% |  | 614793 |
| 1042138 | Fiesta Purchaser, Inc.‡<br>7.572%, 02/12/31<br>1 mo. SOFR + 3.25% |  | 1034864 |
| 93149 | MPH Acquisition Holdings, LLC‡<br>8.030%, 12/31/30<br>3 mo. SOFR + 3.75% |  | 92171 |
| 1050000 | Opal Bidco SAS!<br>0.000%, 03/31/32 |  | 1042787 |
| 1288244 | Star Parent, Inc.‡<br>8.299%, 09/27/30<br>3 mo. SOFR + 4.00% |  | 1248798 |
| 653400 | United Natural Foods, Inc.‡<br>9.072%, 05/01/31<br>1 mo. SOFR + 4.75% |  | 656667 |
| 1060000 | Veritiv Corp.‡<br>8.299%, 11/30/30<br>3 mo. SOFR + 4.00% |  | 1053131 |
|  |  |  | 9972405 |
|  | Energy (0.4%) | Energy (0.4%) | Energy (0.4%) |
| 975212 | ChampionX Corp.‡<br>7.172%, 06/07/29<br>1 mo. SOFR + 2.75% |  | 977284 |
| 784750 | New Fortress Energy, Inc.‡<br>9.795%, 10/30/28<br>3 mo. SOFR + 5.50% |  | 570415 |
| 1532326 | Par Petroleum, LLC‡<br>8.009%, 02/28/30<br>3 mo. SOFR + 3.75% |  | 1483958 |
|  |  |  | 3031657 |
|  | Financials (1.3%) | Financials (1.3%) | Financials (1.3%) |
| 1401961 | Advisor Group, Inc.‡<br>7.822%, 08/17/28<br>1 mo. SOFR + 3.50% |  | 1398386 |
| 770294 | Amynta Agency Borrower, Inc.‡<br>7.322%, 12/29/31<br>3 mo. SOFR + 3.00% |  | 764436 |
| 1287000 | AssuredPartners, Inc.‡<br>7.822%, 02/14/31<br>1 mo. SOFR + 3.50% |  | 1288544 |
| 544510 | Broadstreet Partners, Inc.‡<br>7.322%, 06/13/31<br>1 mo. SOFR + 3.00% |  | 542629 |
| 1311713 | Dragon Buyer, Inc‡<br>7.299%, 09/30/31<br>3 mo. SOFR + 3.00% |  | 1305810 |
| 1089034 | HUB International, Ltd.‡<br>6.769%, 06/20/30<br>3 mo. SOFR + 2.50% |  | 1083306 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 775188 | Iron Mountain, Inc.‡<br>6.322%, 01/31/31<br>1 mo. SOFR + 2.00% | $| 772862 |
| 736838 | Jazz Financing Lux Sarl‡<br>6.572%, 05/05/28<br>1 mo. SOFR + 2.25% |  | 735257 |
| 1050000 | Level 3 Financing, Inc.‡<br>8.572%, 03/27/32<br>1 mo. SOFR + 4.25% |  | 1049344 |
| 1050000 | VFH Parent, LLC‡<br>6.822%, 06/21/31<br>1 mo. SOFR + 2.50% |  | 1047375 |
|  |  |  | 9987949 |
|  | Health Care (0.1%) | Health Care (0.1%) | Health Care (0.1%) |
| 1152941 | Padagis, LLC‡<br>9.271%, 07/06/28<br>3 mo. SOFR + 4.75% |  | 1080162 |
|  | Industrials (0.9%) | Industrials (0.9%) | Industrials (0.9%) |
| 1028049 | ACProducts, Inc.‡<br>8.811%, 05/17/28<br>3 mo. SOFR + 4.25% |  | 699361 |
| 572000 | American Airlines, Inc.‡<br>6.519%, 04/20/28<br>3 mo. SOFR + 2.25% |  | 561146 |
| 1050000 | ECO Material Tech, Inc.‡<br>7.467%, 02/12/32<br>6 mo. SOFR + 3.25% |  | 1042125 |
| 388050 | EMRLD Borrower, LP‡<br>6.799%, 08/04/31<br>3 mo. SOFR + 2.50% |  | 384090 |
| 1042125 | MI Windows & Doors, LLC‡<br>7.322%, 03/28/31<br>1 mo. SOFR + 3.00% |  | 1027973 |
| 1050000 | Quikrete Holdings, Inc.‡<br>6.572%, 02/10/32<br>1 mo. SOFR + 2.25% |  | 1030727 |
| 2096495 | TransDigm, Inc.‡<br>6.799%, 02/28/31<br>3 mo. SOFR + 2.50% |  | 2078245 |
|  |  |  | 6823667 |
|  | Information Technology (0.8%) | Information Technology (0.8%) | Information Technology (0.8%) |
| 1396383 | Boxer Parent Company, Inc.‡<br>7.322%, 07/30/31<br>1 mo. SOFR + 3.00% |  | 1370913 |
| 1052258 | Camelot U.S. Acquisition, LLC‡<br>7.072%, 01/31/31<br>1 mo. SOFR + 2.75% |  | 1040420 |
| 991764 | Dun & Bradstreet Corp.‡<br>6.570%, 01/18/29<br>1 mo. SOFR + 2.25% |  | 989904 |
| 803291 | II-VI, Inc.‡<br>6.322%, 07/02/29<br>1 mo. SOFR + 2.00% |  | 795929 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 110000 | Qxo, Inc.!<br>0.000%, 04/23/32 | $| 110020 |
| 525000 | Rocket Software, Inc.!<br>0.000%, 11/28/28 |  | 522154 |
| 928081 | SS&C Technologies, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% |  | 928104 |
| 506175 | UKG, Inc.‡<br>7.320%, 02/10/31<br>1 mo. SOFR + 3.00% |  | 505026 |
|  |  |  | 6262470 |
|  | Materials (0.4%) | Materials (0.4%) | Materials (0.4%) |
| 1633914 | Ineos U.S. Finance, LLC‡<br>7.572%, 02/18/30<br>1 mo. SOFR + 3.25% |  | 1533429 |
| 770398 | Trinseo Materials Operating SCA‡<br>7.075%, 05/03/28<br>3 mo. SOFR + 2.50% |  | 330189 |
| 1056766 | W.R. Grace & Company-Conn.‡<br>7.549%, 09/22/28<br>3 mo. SOFR + 3.25% |  | 1040037 |
|  |  |  | 2903655 |
|  | Other (0.1%) | Other (0.1%) | Other (0.1%) |
| 530000 | Windstream Services, LLC‡<br>9.172%, 10/01/31<br>1 mo. SOFR + 4.75% |  | 528012 |
|  | Special Purpose Acquisition Companies (0.2%) | Special Purpose Acquisition Companies (0.2%) | Special Purpose Acquisition Companies (0.2%) |
| 431067 | Clydesdale Acquisition Holdings, Inc.‡<br>7.497%, 04/13/29<br>1 mo. SOFR + 3.18% |  | 428616 |
| 257050 | Fertitta Entertainment, LLC‡<br>7.822%, 01/27/29<br>1 mo. SOFR + 3.50% |  | 251026 |
| 1033500 | Patagonia Holdco, LLC‡<br>10.052%, 08/01/29<br>3 mo. SOFR + 5.75% |  | 883105 |
|  |  |  | 1562747 |
|  | **TOTAL BANK LOANS**<br>(Cost $65,083,505) |  | 63419069 |
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| **COMMON STOCKS (0.3%)** |  |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) | Communication Services (0.0%) |
| 21970 | Altice USA, Inc. - Class A^# |  | 54486 |
| 17927 | Audacy, Inc.# |  | 331649 |
| 7383 | Cumulus Media, Inc. - Class A# |  | 1722 |
|  |  |  | 387857 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 1568 | Rite Aid Corp.# |  | 1568 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Energy (0.3%) | Energy (0.3%) |
| 4350 | Cheniere Energy Partners, LP | $255693 |
| 61575 | Energy Transfer, LP | 1018450 |
| 28485 | Enterprise Products Partners, LP | 851702 |
| 7238 | EP Energy Corp.# | 9952 |
|  |  | 2135797 |
|  | **TOTAL COMMON STOCKS**<br>(Cost $2,794,006) | 2525222 |
| **CONVERTIBLE PREFERRED STOCKS (11.4%)** |  |  |
|  | Financials (3.8%) | Financials (3.8%) |
| 89885 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 | 6482506 |
| 177785 | Ares Management Corp.<br>6.750%, 10/01/27 | 8777245 |
| 8775 | Bank of America Corp.^‡‡<br>7.250% | 10267452 |
| 87735 | KKR & Company, Inc.#<br>6.250%, 03/01/28 | 4205139 |
|  |  | 29732342 |
|  | Industrials (3.9%) | Industrials (3.9%) |
| 495965 | Boeing Company<br>6.000%, 10/15/27 | 30442332 |
|  | Information Technology (1.6%) | Information Technology (1.6%) |
| 161410 | Hewlett Packard Enterprise Company<br>7.625%, 09/01/27 | 8102782 |
| 86505 | Microchip Technology, Inc.#<br>7.500%, 03/15/28 | 4105527 |
|  |  | 12208309 |
|  | Materials (0.6%) | Materials (0.6%) |
| 143115 | Albemarle Corp.<br>7.250%, 03/01/27 | 4383613 |
|  | Utilities (1.5%) | Utilities (1.5%) |
| 194000 | NextEra Energy, Inc.<br>6.926%, 09/01/25^ | 7469000 |
| 91805 | 7.299%, 06/01/27 | 4258834 |
|  |  | 11727834 |
|  | **TOTAL CONVERTIBLE<br>PREFERRED STOCKS**<br>(Cost $93,012,539) | 88494430 |
| **PREFERRED STOCKS (0.1%)** |  |  |
|  | Communication Services (0.1%) | Communication Services (0.1%) |
| 27800 | Qwest Corp.<br>6.500%, 09/01/56 | 483720 |
| 8366 | Telephone and Data Systems, Inc.<br>6.625%, 03/31/26 | 174264 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 8665 | United States Cellular Corp.<br>6.250%, 09/01/69 | $204494 |
| 7072 | 5.500%, 03/01/70 | 155301 |
| 808 | 5.500%, 06/01/70 | 17921 |
|  |  | 1035700 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 6662 | Guitar Center, Inc.# | 99930 |
|  | **TOTAL PREFERRED STOCKS**<br>(Cost $1,718,042) | 1135630 |
| **WARRANTS (0.0%)#** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 3271 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |
| 545 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |
|  | Energy (0.0%) | Energy (0.0%) |
| 52447 | Mcdermott International, Ltd.<br>06/30/27, Strike $15.98 | 5 |
| 47202 | Mcdermott International, Ltd.<br>06/30/27, Strike $12.33 | 5 |
|  |  | 10 |
|  | **TOTAL WARRANTS**<br>(Cost $20,126) | 10 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (0.0%)#** |  |  |
|  | Industrials (0.0%) | Industrials (0.0%) |
| 3500 | American Airlines Group, Inc. |  |
| 3482500 | Call, 06/20/25, Strike $17.00<br>(Cost $856,876) | 10500 |
|  | **TOTAL INVESTMENTS (150.6%)**<br>(Cost $1,225,027,957) | 1174313230 |
| MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-18.5%) | MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-18.5%) | (144500000) |
| LIABILITIES, LESS OTHER ASSETS (-32.1%) | LIABILITIES, LESS OTHER ASSETS (-32.1%) | (250411437) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $779401793 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

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

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

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

@ In default status and considered non-income producing.

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

---

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

---

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

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

# Non-income producing security.

‡‡ Perpetual maturity.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Asset Backed Securities | $— | $820938 | $— | $820938 |
| Corporate Bonds |  | 314771767 |  | 314771767 |
| Convertible Bonds |  | 703135664 |  | 703135664 |
| Bank Loans |  | 63419069 |  | 63419069 |
| Common Stocks | 2525222 |  |  | 2525222 |
| Convertible Preferred Stocks | 88494430 |  |  | 88494430 |
| Preferred Stocks | 1135630 |  |  | 1135630 |
| Warrants | 10 |  |  | 10 |
| Exchange-Traded Purchased Option | 10500 |  |  | 10500 |
| Total | $92165792 | $1082147438 | $— | $1174313230 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

**SECTOR WEIGHTINGS**

---

| | |
|:---|:---|
| Information Technology | 27.1 |
| Consumer Discretionary | 14.2 |
| Communication Services | 9.2 |
| Health Care | 9.1 |
| Financials | 8.9 |
| Industrials | 7.5 |
| Utilities | 6.3 |
| Energy | 4.7 |
| Consumer Staples | 2.7 |
| Materials | 2.0 |
| Real Estate | 1.4 |
| Airlines | 0.4 |
| Special Purpose Acquisition Companies | 0.3 |

---

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

**ASSET ALLOCATION**

![j25160456_gc007.jpg](j25160456_gc007.jpg)

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **ASSET BACKED SECURITY (0.0%)** |  |  |
|  | Other (0.0%) | Other (0.0%) |
| 955000 | SVC ABS, LLC Series 2023-1A, Class C\*<br>6.700%, 02/20/53<br>(Cost $904,887) | $922348 |
| **CORPORATE BONDS (14.8%)** |  |  |
|  | Airlines (0.2%) | Airlines (0.2%) |
| 906154 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class A\*<br>4.800%, 02/15/29 | 899448 |
| 225383 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class B\*<br>8.000%, 02/15/27 | 227026 |
| 1106700 | American Airlines Pass Through Trust<br>Series 2021-1, Class B<br>3.950%, 01/11/32 | 1035694 |
| 975064 | British Airways Pass Through Trust<br>Series 2021-1, Class B\*<br>3.900%, 03/15/33 | 917701 |
| 1173448 | JetBlue Pass Through Trust<br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 1189747 |
|  |  | 4269616 |
|  | Communication Services (1.3%) | Communication Services (1.3%) |
| 720000 | Altice Financing, SA\*<br>5.750%, 08/15/29 | 530158 |
| 1415000 | APi Group DE, Inc.\*<br>4.750%, 10/15/29 | 1335279 |
| 80000 | Bell Telephone Company of Canada<br>or Bell Canada‡<br>7.000%, 09/15/55<br>5 year CMT + 2.36 | 79742 |
| 1070000 | Cincinnati Bell Telephone Company, LLC<br>6.300%, 12/01/28 | 1008111 |
| 600000 | Clear Channel Outdoor Holdings, Inc.\*<br>7.875%, 04/01/30 | 601152 |
| 530000 | 9.000%, 09/15/28 | 549737 |
| 550000 | Connect Finco SARL / Connect US<br>Finco, LLC\*<br>9.000%, 09/15/29 | 514701 |
| 1665000 | Consolidated Communications, Inc.\*<br>6.500%, 10/01/28 | 1640708 |
| 2000000 | CSC Holdings, LLC\*<br>4.625%, 12/01/30 | 927460 |
| 1960000 | 4.500%, 11/15/31 | 1335564 |
| 1046000 | Directv Financing, LLC / Directv<br>Financing Co-Obligor, Inc.\*<br>5.875%, 08/15/27 | 1011921 |
| 1795000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 1782866 |
| 298000 | Frontier Communications Holdings, LLC\*<br>8.750%, 05/15/30 | 312110 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 1933000 | Frontier Florida, LLC<br>6.860%, 02/01/28 | $1981112 |
| 1785000 | Frontier North, Inc.<br>6.730%, 02/15/28 | 1817505 |
| 1030000 | Go Daddy Operating Company, LLC /<br>GD Finance Company, Inc.\*<br>3.500%, 03/01/29 | 962236 |
| 600000 | Gray Media, Inc.\*<br>5.375%, 11/15/31 | 358788 |
| 1210000 | Hughes Satellite Systems Corp.^<br>5.250%, 08/01/26 | 1128555 |
| 600000 | iHeartCommunications, Inc.\*<br>10.875%, 05/01/30 | 252984 |
| 400500 | 7.750%, 08/15/30 | 289594 |
| 515000 | LCPR Senior Secured Financing DAC\*<br>6.750%, 10/15/27 | 424005 |
| 900000 | Lumen Technologies, Inc.<br>7.600%, 09/15/39 | 661698 |
| 885000 | 10.000%, 10/15/32\* | 884106 |
| 596000 | Match Group Holdings II, LLC\*<br>3.625%, 10/01/31 | 511654 |
| 1160000 | Paramount Global<br>4.900%, 08/15/44 | 873155 |
| 286000 | 6.375%, 03/30/62‡<br>5 year CMT + 4.00% | 275249 |
| 419000 | Qwest Corp.<br>7.250%, 09/15/25 | 417969 |
| 840000 | Rogers Communications, Inc.‡<br>7.125%, 04/15/55<br>5 year CMT + 2.62 | 836691 |
| 840000 | 7.000%, 04/15/55<br>5 year CMT + 2.65 | 844032 |
| 155000 | 5.250%, 03/15/82\*<br>5 year CMT + 3.59% | 151291 |
| 591000 | Scripps Escrow II, Inc.\*<br>3.875%, 01/15/29^ | 455253 |
| 295000 | 5.375%, 01/15/31 | 168244 |
| 385000 | Scripps Escrow, Inc.\*^<br>5.875%, 07/15/27 | 305051 |
| 605000 | Sinclair Television Group, Inc.\*<br>8.125%, 02/15/33 | 599924 |
| 1498000 | Sirius XM Radio, LLC\*<br>3.875%, 09/01/31^ | 1285883 |
| 895000 | 5.500%, 07/01/29 | 872885 |
| 585000 | 3.125%, 09/01/26 | 569925 |
| 1084000 | Spanish Broadcasting System, Inc.\*<br>9.750%, 03/01/26 | 693977 |
| 740000 | Stagwell Global, LLC\*<br>5.625%, 08/15/29 | 699396 |
| 591000 | Telesat Canada / Telesat, LLC\*<br>4.875%, 06/01/27 | 324081 |
| 900000 | Time Warner Cable, LLC<br>6.550%, 05/01/37 | 888723 |
| 480000 | 7.300%, 07/01/38 | 500150 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 466000 | United States Cellular Corp.<br>6.700%, 12/15/33 | $| 504809 |
| 906000 | Univision Communications, Inc.\*<br>8.000%, 08/15/28 |  | 882045 |
| 605000 | 8.500%, 07/31/31 |  | 572487 |
| 125000 | Vodafone Group, PLC‡<br>7.000%, 04/04/79<br>U.S. 5yr Swap + 4.87% |  | 128635 |
|  |  |  | 33751601 |
|  | Consumer Discretionary (3.0%) | Consumer Discretionary (3.0%) | Consumer Discretionary (3.0%) |
| 1800000 | Adams Homes, Inc.\*<br>9.250%, 10/15/28 |  | 1809180 |
| 1625000 | Adient Global Holdings, Ltd.\*^<br>8.250%, 04/15/31 |  | 1610846 |
| 605000 | 7.500%, 02/15/33 |  | 573830 |
| 2105000 | Aptiv Swiss Holdings, Ltd.‡<br>6.875%, 12/15/54<br>5 year CMT + 3.39% |  | 1970975 |
| 1043000 | Ashton Woods USA, LLC / Ashton<br>Woods Finance Company\*<br>4.625%, 08/01/29 |  | 968822 |
| 1487000 | At Home Group, Inc.\*<br>4.875%, 07/15/28 |  | 400999 |
| 1577000 | Bath & Body Works, Inc.<br>6.694%, 01/15/27^ |  | 1608225 |
| 875000 | 6.875%, 11/01/35 |  | 880757 |
| 460000 | 6.625%, 10/01/30\* |  | 469034 |
| 800000 | Benteler International AG\*<br>10.500%, 05/15/28 |  | 817200 |
| 735000 | Caesars Entertainment, Inc.\*<br>6.000%, 10/15/32^ |  | 693443 |
| 728000 | 4.625%, 10/15/29^ |  | 674456 |
| 460000 | 7.000%, 02/15/30 |  | 471574 |
| 601000 | Carnival Corp.\*<br>4.000%, 08/01/28 |  | 574274 |
| 441000 | 7.625%, 03/01/26 |  | 441622 |
| 75000 | 7.000%, 08/15/29 |  | 78326 |
| 294735 | Carvana Company\*<br>9.000%, 06/01/31 |  | 332573 |
| 231254 | 9.000%, 06/01/30 |  | 245268 |
| 130666 | 9.000%, 12/01/28 |  | 134385 |
| 2650000 | CCO Holdings, LLC / CCO Holdings<br>Capital Corp.\*<br>4.750%, 03/01/30 |  | 2506423 |
| 2430000 | 5.125%, 05/01/27 |  | 2397608 |
| 2110000 | 4.500%, 08/15/30 |  | 1962173 |
| 1370000 | 6.375%, 09/01/29 |  | 1383947 |
| 1198000 | 4.250%, 02/01/31 |  | 1084070 |
| 620000 | 5.000%, 02/01/28 |  | 605461 |
| 596000 | 4.750%, 02/01/32 |  | 540828 |
| 600000 | Churchill Downs, Inc.\*<br>6.750%, 05/01/31 |  | 606870 |
| 596000 | 5.750%, 04/01/30 |  | 583538 |
| 985000 | Dana, Inc.^<br>4.250%, 09/01/30 |  | 908534 |
| 896000 | 4.500%, 02/15/32 |  | 805862 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 588000 | DISH DBS Corp.<br>5.125%, 06/01/29 | $368294 |
| 443000 | 7.375%, 07/01/28 | 299964 |
| 1200000 | DISH Network Corp.\*<br>11.750%, 11/15/27 | 1261752 |
| 1675000 | Empire Resorts, Inc.\*<br>7.750%, 11/01/26 | 1597397 |
| 1308000 | Everi Holdings, Inc.\*<br>5.000%, 07/15/29 | 1314775 |
| 1240000 | Ford Motor Company^<br>6.100%, 08/19/32 | 1190152 |
| 1885000 | Ford Motor Credit Company, LLC<br>4.000%, 11/13/30 | 1678762 |
| 1555000 | 7.200%, 06/10/30 | 1603423 |
| 1450000 | 5.113%, 05/03/29 | 1390709 |
| 1000000 | 2.900%, 02/16/28 | 916310 |
| 447000 | Gap, Inc.\*<br>3.875%, 10/01/31 | 387375 |
| 600000 | General Motors Company<br>5.200%, 04/01/45 | 493728 |
| 310000 | General Motors Financial<br>Company, Inc.‡<br>5.700%, 09/30/30^<br>5 year CMT + 5.00% | 292944 |
| 155000 | 6.500%, 09/30/28<br>3 mo. USD LIBOR + 3.44% | 146165 |
| 2100000 | goeasy, Ltd.\*<br>9.250%, 12/01/28 | 2200968 |
| 1079000 | 7.625%, 07/01/29 | 1088668 |
| 1800000 | Goodyear Tire & Rubber Company^<br>5.625%, 04/30/33 | 1665234 |
| 635000 | 5.250%, 07/15/31 | 593801 |
| 775000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 | 785292 |
| 511000 | 4.000%, 08/15/28 | 486125 |
| 268987 | JetBlue Pass Through Trust<br>Series 2019-2, Class B<br>8.000%, 11/15/27 | 269000 |
| 1655000 | Kohl's Corp.<br>5.550%, 07/17/45 | 788161 |
| 1200000 | LCM Investments Holdings II, LLC\*<br>8.250%, 08/01/31 | 1257564 |
| 1175000 | Liberty Interactive, LLC<br>8.250%, 02/01/30 | 439955 |
| 1210000 | Life Time, Inc.\*<br>6.000%, 11/15/31 | 1208560 |
| 600000 | Light & Wonder International, Inc.\*<br>7.500%, 09/01/31 | 616938 |
| 450000 | Lindblad Expeditions Holdings, Inc.\*<br>9.000%, 05/15/28 | 463127 |
| 767000 | Lindblad Expeditions, LLC\*<br>6.750%, 02/15/27 | 765274 |
| 780000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 708802 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 1392000 | Macy's Retail Holdings, LLC<br>6.700%, 07/15/34\* | $1168835 |
| 905000 | 4.300%, 02/15/43 | 543615 |
| 2350000 | MGM Resorts International^<br>6.500%, 04/15/32 | 2318486 |
| 1518000 | Midwest Gaming Borrower, LLC /<br>Midwest Gaming Finance Corp.\*<br>4.875%, 05/01/29 | 1438320 |
| 1205000 | Newell Brands, Inc.<br>6.875%, 04/01/36^ | 1050398 |
| 605000 | 6.625%, 05/15/32^ | 543338 |
| 453000 | 5.700%, 04/01/26 | 447632 |
| 600000 | Nordstrom, Inc.<br>5.000%, 01/15/44 | 421200 |
| 1028000 | Patrick Industries, Inc.\*<br>4.750%, 05/01/29 | 979982 |
| 605000 | 6.375%, 11/01/32 | 588726 |
| 1370000 | PENN Entertainment, Inc.\*^<br>4.125%, 07/01/29 | 1203805 |
| 1670000 | Premier Entertainment Sub, LLC /<br>Premier Entertainment Finance Corp.\*<br>5.625%, 09/01/29 | 979856 |
| 600000 | QVC, Inc.<br>5.450%, 08/15/34 | 295056 |
| 600000 | Raising Cane's Restaurants, LLC\*<br>9.375%, 05/01/29 | 637596 |
| 90933 | Rite Aid Cmsr Note<br>12.000%, 12/31/25 | 104573 |
| 1974000 | Rite Aid Corp.<br>0.000%, 11/15/26\*@!! | 2 |
| 667381 | 15.000%, 08/30/31 | 117636 |
| 358947 | 0.000%, 10/18/25\* |  |
| 129731 | 11.317%, 08/30/31\*<br>3 mo. SOFR + 7.00% | 90812 |
| 122236 | Rite Aid Note Holder Trust Bond<br>0.000%, 08/30/34 |  |
| 1210000 | Rivers Enterprise Borrower, LLC /<br>Rivers Enterprise Finance Corp.\*<br>6.625%, 02/01/33 | 1196799 |
| 151000 | Royal Caribbean Cruises, Ltd.\*<br>5.625%, 09/30/31 | 150022 |
| 150000 | 6.250%, 03/15/32 | 152393 |
| 1065000 | Simmons Foods, Inc. / Simmons<br>Prepared Foods, Inc. / Simmons Pet<br>Food, Inc. / Simmons Feed\*<br>4.625%, 03/01/29 | 991014 |
| 1800000 | Six Flags Entertainment Corp.\*<br>7.250%, 05/15/31 | 1826964 |
| 900000 | Six Flags Entertainment Corp. /<br>Canada's Wonderland Company /<br>Magnum Management Corp.<br>5.250%, 07/15/29 | 859347 |
| 748000 | Sonic Automotive, Inc.\*<br>4.625%, 11/15/29 | 702163 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 837000 | Speedway Motorsports, LLC /<br>Speedway Funding II, Inc.\*<br>4.875%, 11/01/27 | $| 805403 |
| 1270000 | Station Casinos, LLC\*<br>4.500%, 02/15/28 |  | 1227455 |
| 1200000 | STL Holding Company, LLC\*<br>8.750%, 02/15/29 |  | 1223820 |
| 300000 | Viking Cruises, Ltd.\*<br>9.125%, 07/15/31 |  | 321093 |
| 1200000 | ZF North America Capital, Inc.\*<br>7.125%, 04/14/30 |  | 1108560 |
|  |  |  | 77915223 |
|  | Consumer Staples (0.6%) | Consumer Staples (0.6%) | Consumer Staples (0.6%) |
| 600000 | Brink's Company\*<br>6.750%, 06/15/32 |  | 615018 |
| 600000 | 6.500%, 06/15/29 |  | 612504 |
| 1358000 | Central Garden & Pet Company\*<br>4.125%, 04/30/31 |  | 1224074 |
| 1349000 | Edgewell Personal Care Company\*<br>4.125%, 04/01/29 |  | 1263716 |
| 1641000 | Energizer Holdings, Inc.\*<br>4.375%, 03/31/29 |  | 1533285 |
| 298000 | 6.500%, 12/31/27 |  | 299812 |
| 320000 | JBS USA Holding Lux Sarl/ JBS USA<br>Food Company/ JBS Lux Company Sarl<br>5.750%, 04/01/33 |  | 326704 |
| 189000 | 5.500%, 01/15/30 |  | 192173 |
| 290000 | Land O' Lakes, Inc.\*<br>7.000%, 09/18/28 |  | 235755 |
| 1003841 | MPH Acquisition Holdings, LLC\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 674431 |
| 490730 | 5.750%, 12/31/30 |  | 382475 |
| 427568 | 11.500%, 12/31/30<br>6.50% Cash & 5.00% PIK Rate |  | 399904 |
| 751000 | New Albertsons, LP<br>7.750%, 06/15/26 |  | 770481 |
| 800000 | Opal Bidco, SAS\*<br>6.500%, 03/31/32 |  | 801408 |
| 1192000 | Performance Food Group, Inc.\*<br>4.250%, 08/01/29 |  | 1129110 |
| 303000 | 6.125%, 09/15/32 |  | 304397 |
| 900000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 |  | 853164 |
| 1200000 | Post Holdings, Inc.\*<br>6.250%, 02/15/32 |  | 1211604 |
| 900000 | 6.375%, 03/01/33 |  | 892719 |
| 1124000 | Prestige Brands, Inc.\*<br>3.750%, 04/01/31 |  | 1016411 |
| 910000 | RR Donnelley & Sons Company\*<br>9.500%, 08/01/29 |  | 869432 |
| 1015000 | United Natural Foods, Inc.\*^<br>6.750%, 10/15/28 |  | 997532 |
| 607000 | Walgreens Boots Alliance, Inc.<br>4.650%, 06/01/46 |  | 551247 |
|  |  |  | 17157356 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Energy (1.9%) | Energy (1.9%) |
| 1210000 | Ascent Resources Utica Holdings, LLC /<br>ARU Finance Corp.\*<br>6.625%, 10/15/32 | $1198251 |
| 903000 | Buckeye Partners, LP<br>6.750%, 02/01/30\* | 919218 |
| 600000 | 5.850%, 11/15/43 | 504450 |
| 452000 | 6.875%, 07/01/29\* | 460873 |
| 1471000 | Civitas Resources, Inc.\*<br>8.750%, 07/01/31 | 1398509 |
| 900000 | Continental Resources, Inc.<br>4.900%, 06/01/44 | 695151 |
| 921000 | DT Midstream, Inc.\*<br>4.125%, 06/15/29 | 865086 |
| 902000 | Enbridge, Inc.‡<br>7.375%, 03/15/55<br>5 year CMT + 3.12% | 911516 |
| 760000 | 7.200%, 06/27/54<br>5 year CMT + 2.97% | 759020 |
| 395000 | 5.750%, 07/15/80<br>5 year CMT + 5.31% | 380725 |
| 350000 | 7.375%, 01/15/83^<br>5 year CMT + 3.71% | 352254 |
| 1502000 | Encino Acquisition Partners<br>Holdings, LLC\*<br>8.750%, 05/01/31 | 1533407 |
| 1110000 | Energy Transfer, LP‡<br>7.555%, 11/01/66^<br>3 mo. SOFR + 3.28% | 1076589 |
| 1015000 | 6.500%, 11/15/26<br>5 year CMT + 5.69% | 1010767 |
| 765000 | 7.125%, 10/01/54^<br>5 year CMT + 2.83% | 757327 |
| 155000 | 8.000%, 05/15/54<br>5 year CMT + 4.02% | 161012 |
| 80000 | Enterprise Products Operating, LLC‡<br>5.250%, 08/16/77^<br>3 mo. SOFR + 3.29% | 77652 |
| 75000 | 7.571%, 08/16/77<br>3 mo. SOFR + 3.25% | 73722 |
| 1970000 | EQT Corp.\*<br>7.500%, 06/01/27 | 2003135 |
| 885000 | Genesis Energy, LP / Genesis Energy<br>Finance Corp.<br>8.875%, 04/15/30 | 904497 |
| 605000 | 8.000%, 05/15/33 | 588937 |
| 1700000 | Gulfport Energy Operating Corp.\*<br>6.750%, 09/01/29 | 1679906 |
| 1200000 | Howard Midstream Energy<br>Partners, LLC\*<br>7.375%, 07/15/32 | 1229292 |
| 1210000 | Magnolia Oil & Gas Operating, LLC /<br>Magnolia Oil & Gas Finance Corp.\*<br>6.875%, 12/01/32 | 1174523 |
| 1207000 | Matador Resources Company\*<br>6.500%, 04/15/32 | 1163741 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 1287000 | Nabors Industries, Inc.\*<br>9.125%, 01/31/30 | $1168647 |
| 450000 | Nabors Industries, Ltd.\*^<br>7.500%, 01/15/28 | 358317 |
| 910000 | New Fortress Energy, Inc.\*^<br>6.500%, 09/30/26 | 747747 |
| 1255000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 | 1197245 |
| 745000 | ONEOK, Inc.\*<br>6.500%, 09/01/30 | 789625 |
| 1815000 | Parkland Corp.\*<br>6.625%, 08/15/32 | 1807014 |
| 1155000 | Permian Resources Operating, LLC\*<br>7.000%, 01/15/32 | 1164552 |
| 303000 | 6.250%, 02/01/33 | 296716 |
| 1390000 | Plains All American Pipeline, LP‡<br>8.695%, 05/31/25<br>3 mo. SOFR + 4.37% | 1374210 |
| 1450000 | South Bow Canadian Infrastructure<br>Holdings, Ltd.\*‡<br>7.625%, 03/01/55<br>5 year CMT + 3.95% | 1449014 |
| 85000 | 7.500%, 03/01/55<br>5 year CMT + 3.67% | 83678 |
| 1658000 | Summit Midstream Holdings, LLC\*<br>8.625%, 10/31/29 | 1634175 |
| 605000 | Sunoco, LP\*<br>6.250%, 07/01/33 | 604740 |
| 1670000 | TGNR Intermediate Holdings, LLC\*<br>5.500%, 10/15/29 | 1534029 |
| 1662400 | Transocean, Inc.\*<br>8.750%, 02/15/30 | 1625811 |
| 1215000 | 8.250%, 05/15/29 | 982923 |
| 300000 | Venture Global Calcasieu Pass, LLC\*<br>4.125%, 08/15/31 | 270036 |
| 300000 | 3.875%, 08/15/29 | 275394 |
| 3035000 | Venture Global LNG, Inc.\*<br>9.000%, 09/30/29‡<br>5 year CMT + 5.44% | 2608309 |
| 1505000 | 8.375%, 06/01/31 | 1451843 |
| 900000 | 8.125%, 06/01/28 | 895050 |
| 635000 | 7.000%, 01/15/30 | 598888 |
| 600000 | 9.875%, 02/01/32 | 610854 |
| 600000 | 9.500%, 02/01/29 | 622200 |
| 1155000 | Vital Energy, Inc.\*^<br>7.875%, 04/15/32 | 894143 |
| 1200000 | VOC Escrow, Ltd.\*<br>5.000%, 02/15/28 | 1177212 |
| 1810000 | Weatherford International, Ltd.\*<br>8.625%, 04/30/30 | 1795972 |
| 1061000 | Wildfire Intermediate Holdings, LLC\*<br>7.500%, 10/15/29 | 971505 |
|  |  | 50869409 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Financials (3.1%) | Financials (3.1%) |
| 1900000 | Acrisure, LLC / Acrisure Finance, Inc.\*<br>8.250%, 02/01/29 | $1946797 |
| 1300000 | AerCap Ireland Capital DAC / AerCap<br>Global Aviation Trust‡<br>6.950%, 03/10/55^<br>5 year CMT + 2.72% | 1306968 |
| 170000 | 6.500%, 01/31/56<br>5 year CMT + 2.44 | 165121 |
| 255000 | Aircastle, Ltd.\*‡<br>5.250%, 06/15/26<br>5 year CMT + 4.41% | 248018 |
| 1210000 | Alliant Holdings Intermediate, LLC /<br>Alliant Holdings Co-Issuer\*<br>7.375%, 10/01/32 | 1223867 |
| 1210000 | 6.500%, 10/01/31 | 1209697 |
| 200000 | Allianz, SE\*‡<br>5.600%, 09/03/54<br>5 year CMT + 2.77% | 194584 |
| 140000 | Allstate Corp.‡<br>7.523%, 08/15/53<br>3 mo. SOFR + 3.20% | 138918 |
| 2082000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26<br>5 year CMT + 3.87% | 1918438 |
| 850000 | 4.700%, 05/15/28<br>7 year CMT + 3.48% | 727098 |
| 1265000 | AmWINS Group, Inc.\*<br>4.875%, 06/30/29 | 1206468 |
| 460000 | Ares Finance Company III, LLC\*‡^<br>4.125%, 06/30/51<br>5 year CMT + 3.24% | 443058 |
| 1245000 | AssuredPartners, Inc.\*<br>5.625%, 01/15/29 | 1244004 |
| 350000 | AXIS Specialty Finance, LLC‡<br>4.900%, 01/15/40<br>5 year CMT + 3.19% | 331748 |
| 1200000 | Baldwin Insurance Group Holdings,<br>LLC / Baldwin Insurance Group<br>Holdings Finance\*<br>7.125%, 05/15/31 | 1224588 |
| 325000 | Bank of America Corp.‡<br>6.625%, 05/01/30 | 325900 |
| 304000 | 6.125%, 04/27/27^<br>5 year CMT + 3.23% | 303851 |
| 428000 | Bank of New York Mellon Corp.‡^<br>4.700%, 09/20/25<br>5 year CMT + 4.36% | 426014 |
| 100000 | Beacon Funding Trust\*^<br>6.266%, 08/15/54 | 97427 |
| 1210000 | Blackstone Mortgage Trust, Inc.\*<br>7.750%, 12/01/29 | 1259828 |
| 1250000 | Boost Newco Borrower LLC\*<br>7.500%, 01/15/31 | 1320150 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 285000 | BP Capital Markets, PLC‡<br>4.375%, 06/22/25<br>5 year CMT + 4.04% | $283849 |
| 280000 | 4.875%, 03/22/30^<br>5 year CMT + 4.40% | 266568 |
| 600000 | Brandywine Operating Partnership, LP<br>8.875%, 04/12/29 | 630960 |
| 907000 | Bread Financial Holdings, Inc.\*‡<br>8.375%, 06/15/35<br>5 year CMT + 4.30 | 850848 |
| 2079000 | BroadStreet Partners, Inc.\*<br>5.875%, 04/15/29 | 2010227 |
| 1250000 | Brookfield Property REIT, Inc. /<br>BPR Cumulus, LLC / BPR Nimbus, LLC /<br>GGSI Sellco, LLC\*<br>4.500%, 04/01/27 | 1213425 |
| 1200000 | Burford Capital Global Financial, LLC\*<br>6.875%, 04/15/30 | 1199364 |
| 573000 | Capital One Financial Corp.‡<br>3.950%, 09/01/26<br>5 year CMT + 3.16% | 547129 |
| 285000 | Charles Schwab Corp.‡<br>5.375%, 06/01/25<br>5 year CMT + 4.97% | 284661 |
| 147000 | 4.000%, 12/01/30<br>10 year CMT + 3.08% | 128422 |
| 135000 | 4.000%, 06/01/26<br>5 year CMT + 3.17% | 130773 |
| 509000 | Citigroup, Inc.‡<br>3.875%, 02/18/26<br>5 year CMT + 3.42% | 495603 |
| 170000 | 6.950%, 02/15/30<br>5 year CMT + 2.73 | 167367 |
| 155000 | 7.200%, 05/15/29<br>5 year CMT + 2.91% | 154485 |
| 150000 | 7.625%, 11/15/28<br>5 year CMT + 3.21% | 154247 |
| 150000 | 4.000%, 12/10/25<br>5 year CMT + 3.60% | 146966 |
| 450000 | Citizens Financial Group, Inc.‡<br>4.000%, 10/06/26<br>5 year CMT + 3.22% | 423220 |
| 155000 | 5.650%, 10/06/25<br>5 year CMT + 5.31% | 153861 |
| 395000 | Comerica, Inc.‡<br>5.625%, 07/01/25<br>5 year CMT + 5.29% | 393045 |
| 1340000 | Corebridge Financial, Inc.‡<br>6.375%, 09/15/54<br>5 year CMT + 2.65% | 1291599 |
| 145000 | 6.875%, 12/15/52<br>5 year CMT + 3.85% | 146813 |
| 800000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 847464 |
| 538000 | 6.625%, 03/15/30 | 530140 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 1205000 | Cushman & Wakefield U.S.<br>Borrower, LLC\*^<br>8.875%, 09/01/31 | $1290121 |
| 250000 | Depository Trust & Clearing Corp.\*‡<br>3.375%, 06/20/26<br>5 year CMT + 2.61% | 240880 |
| 275000 | Discover Financial Services‡<br>5.500%, 10/30/27<br>3 mo. SOFR + 3.34% | 263060 |
| 245000 | 6.125%, 06/23/25<br>5 year CMT + 5.78% | 245044 |
| 335000 | Enstar Finance, LLC‡<br>5.500%, 01/15/42<br>5 year CMT + 4.01% | 321741 |
| 690000 | Enstar Group, Ltd.\*‡<br>7.500%, 04/01/45<br>5 year CMT + 3.19 | 693415 |
| 605000 | Fifth Third Bancorp‡<br>4.500%, 09/30/25<br>5 year CMT + 4.22% | 599749 |
| 70000 | First Citizens BancShares, Inc.‡<br>8.533%, 01/04/27<br>3 mo. SOFR + 4.23% | 71300 |
| 1350000 | GGAM Finance, Ltd.\*<br>8.000%, 02/15/27 | 1385640 |
| 605000 | 5.875%, 03/15/30 | 602598 |
| 1777000 | Global Net Lease, Inc. / Global Net<br>Lease Operating Partnership, LP\*<br>3.750%, 12/15/27 | 1675729 |
| 310000 | Goldman Sachs Group, Inc.‡<br>7.186%, 08/10/25<br>5 year CMT + 2.85% | 308927 |
| 153000 | 4.125%, 11/10/26<br>5 year CMT + 2.95% | 146571 |
| 149000 | 7.500%, 02/10/29<br>5 year CMT + 3.16% | 154260 |
| 85000 | 7.500%, 05/10/29<br>5 year CMT + 2.81% | 87024 |
| 655000 | HAT Holdings I, LLC / HAT<br>Holdings II, LLC\*<br>8.000%, 06/15/27 | 674244 |
| 1785000 | HUB International, Ltd.\*<br>5.625%, 12/01/29 | 1750496 |
| 900000 | 7.375%, 01/31/32 | 927738 |
| 350000 | Huntington Bancshares, Inc.‡<br>4.450%, 10/15/27<br>7 year CMT + 4.05% | 334201 |
| 210000 | 5.625%, 07/15/30<br>10 year CMT + 4.95% | 207184 |
| 892000 | Icahn Enterprises, LP / Icahn<br>Enterprises Finance Corp.<br>4.375%, 02/01/29 | 744035 |
| 1865000 | Iron Mountain, Inc.\*<br>5.250%, 03/15/28 | 1837025 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 1525000 | Jefferies Finance, LLC / JFIN<br>Co-Issuer Corp.\*<br>5.000%, 08/15/28 | $1419912 |
| 1175000 | 6.625%, 10/15/31 | 1153321 |
| 630000 | JPMorgan Chase & Company‡^<br>3.650%, 06/01/26<br>5 year CMT + 2.85% | 612883 |
| 320000 | KeyCorp‡<br>5.000%, 09/15/26<br>3 mo. SOFR + 3.87% | 310576 |
| 1296000 | Ladder Capital Finance Holdings, LLLP /<br>Ladder Capital Finance Corp.\*<br>4.750%, 06/15/29 | 1243240 |
| 1188000 | 5.250%, 10/01/25 | 1184127 |
| 750000 | 7.000%, 07/15/31 | 775440 |
| 1050000 | LD Holdings Group, LLC\*<br>8.750%, 11/01/27 | 959290 |
| 920420 | Level 3 Financing, Inc.\*<br>10.000%, 10/15/32 | 921460 |
| 600000 | 3.875%, 10/15/30 | 474714 |
| 525000 | Liberty Mutual Group, Inc.\*‡<br>4.125%, 12/15/51<br>5 year CMT + 3.32% | 496093 |
| 85000 | M&T Bank Corp.‡<br>5.125%, 11/01/26<br>3 mo. SOFR + 3.78% | 82516 |
| 80000 | 7.304%, 08/01/25<br>5 year CMT + 3.17% | 79380 |
| 1200000 | Macquarie Airfinance Holdings, Ltd.\*<br>8.125%, 03/30/29 | 1256988 |
| 280000 | Markel Group, Inc.‡<br>6.000%, 06/01/25<br>5 year CMT + 5.66% | 279331 |
| 2001000 | MetLife, Inc.<br>6.400%, 12/15/66 | 1981850 |
| 780000 | Necessity Retail REIT, Inc. / American<br>Finance Operating Partner, LP\*<br>4.500%, 09/30/28 | 735891 |
| 600000 | Newmark Group, Inc.<br>7.500%, 01/12/29 | 628152 |
| 230000 | Northern Trust Corp.‡<br>4.600%, 10/01/26<br>3 mo. SOFR + 3.46% | 225763 |
| 820000 | OneMain Finance Corp.<br>3.875%, 09/15/28 | 759525 |
| 600000 | 7.500%, 05/15/31 | 609546 |
| 1145000 | Park Intermediate Holdings, LLC /<br>PK Domestic Property, LLC / PK<br>Finance Co-Issuer\*<br>7.000%, 02/01/30 | 1145595 |
| 442000 | PartnerRe Finance B, LLC‡<br>4.500%, 10/01/50<br>5 year CMT + 3.82% | 404770 |
| 315000 | PNC Financial Services Group, Inc.‡<br>3.400%, 09/15/26^<br>5 year CMT + 2.60% | 295697 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 140000 | 6.200%, 09/15/27^<br>5 year CMT + 3.24% | $140300 |
| 140000 | 6.000%, 05/15/27<br>5 year CMT + 3.00% | 139192 |
| 1512000 | Provident Funding Associates, LP /<br>PFG Finance Corp.\*<br>9.750%, 09/15/29 | 1555394 |
| 480000 | QBE Insurance Group, Ltd.\*‡<br>5.875%, 05/12/25<br>5 year CMT + 5.51% | 479890 |
| 1200000 | RHP Hotel Properties, LP / RHP<br>Finance Corp.\*<br>6.500%, 04/01/32 | 1198272 |
| 1094000 | Rocket Mortgage, LLC / Rocket<br>Mortgage Co-Issuer, Inc.\*<br>3.875%, 03/01/31 | 990912 |
| 555000 | 3.625%, 03/01/29 | 517704 |
| 915000 | Saks Global Enterprises, LLC\*<br>11.000%, 12/15/29 | 555469 |
| 900000 | Service Properties Trust<br>8.375%, 06/15/29 | 878247 |
| 1210000 | Starwood Property Trust, Inc.\*<br>6.000%, 04/15/30 | 1200223 |
| 605000 | 6.500%, 07/01/30 | 610391 |
| 160000 | State Street Corp.‡<br>6.700%, 09/15/29<br>5 year CMT + 2.63% | 160976 |
| 1500000 | StoneX Group, Inc.\*<br>7.875%, 03/01/31 | 1564380 |
| 1210000 | TrueNoord Capital DAC\*<br>8.750%, 03/01/30 | 1237394 |
| 295000 | Truist Financial Corp.‡<br>6.669%, 09/01/25^<br>5 year CMT + 3.00% | 290513 |
| 285000 | 4.950%, 09/01/25<br>5 year CMT + 4.61% | 283678 |
| 108000 | 5.100%, 03/01/30<br>10 year CMT + 4.35% | 103823 |
| 320000 | U.S. Bancorp‡<br>5.300%, 04/15/27<br>3 mo. SOFR + 3.18% | 312048 |
| 1383000 | United Wholesale Mortgage, LLC\*<br>5.500%, 04/15/29 | 1342423 |
| 600000 | 5.750%, 06/15/27 | 592800 |
| 718000 | Uniti Group, LP / Uniti Group<br>Finance 2019, Inc. / CSL Capital, LLC\*<br>10.500%, 02/15/28 | 762940 |
| 600000 | 6.500%, 02/15/29 | 549228 |
| 85000 | US Bancorp‡<br>3.700%, 01/15/27<br>5 year CMT + 2.54% | 79716 |
| 600000 | VFH Parent, LLC / Valor Co-Issuer, Inc.\*<br>7.500%, 06/15/31 | 616980 |
| 1340000 | VZ Secured Financing, BV\*<br>5.000%, 01/15/32 | 1169994 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 620000 | Wells Fargo & Company‡<br>3.900%, 03/15/26<br>5 year CMT + 3.45% | $| 608933 |
| 560000 | 7.625%, 09/15/28<br>5 year CMT + 3.61% |  | 592194 |
| 1210000 | XHR, LP\*<br>6.625%, 05/15/30 |  | 1194379 |
|  |  |  | 82039013 |
|  | Health Care (0.9%) | Health Care (0.9%) | Health Care (0.9%) |
| 605000 | Acadia Healthcare Company, Inc.\*<br>7.375%, 03/15/33 |  | 606755 |
| 2392000 | CHS/Community Health Systems, Inc.\*<br>6.125%, 04/01/30 |  | 1628426 |
| 900000 | 10.875%, 01/15/32 |  | 930285 |
| 663000 | 6.875%, 04/15/29 |  | 486238 |
| 149000 | 5.250%, 05/15/30 |  | 127329 |
| 1395000 | DaVita, Inc.\*<br>3.750%, 02/15/31 |  | 1227084 |
| 1326000 | 4.625%, 06/01/30 |  | 1234148 |
| 1175000 | 6.875%, 09/01/32^ |  | 1187972 |
| 894000 | Embecta Corp.\*<br>5.000%, 02/15/30 |  | 805431 |
| 298000 | 6.750%, 02/15/30 |  | 289284 |
| 600000 | Encompass Health Corp.<br>4.750%, 02/01/30 |  | 584658 |
| 600000 | 4.500%, 02/01/28 |  | 591552 |
| 1246000 | HCA, Inc.<br>7.500%, 11/06/33 |  | 1406647 |
| 350000 | Jazz Securities DAC\*<br>4.375%, 01/15/29 |  | 332623 |
| 1484000 | Medline Borrower, LP\*<br>5.250%, 10/01/29 |  | 1411239 |
| 1480000 | 3.875%, 04/01/29 |  | 1381846 |
| 150000 | Medline Borrower, LP / Medline<br>Co-Issuer, Inc.\*<br>6.250%, 04/01/29 |  | 151398 |
| 2200000 | Organon & Company / Organon<br>Foreign Debt Co-Issuer, BV\*<br>5.125%, 04/30/31^ |  | 1847538 |
| 500000 | 4.125%, 04/30/28 |  | 472100 |
| 2710000 | Tenet Healthcare Corp.<br>6.250%, 02/01/27 |  | 2710786 |
| 1575000 | 6.875%, 11/15/31 |  | 1618580 |
| 1520000 | Teva Pharmaceutical Finance<br>Netherlands III, BV^<br>5.125%, 05/09/29 |  | 1479431 |
|  |  |  | 22511350 |
|  | Industrials (1.6%) | Industrials (1.6%) | Industrials (1.6%) |
| 1200000 | Aar Escrow Issuer, LLC\*<br>6.750%, 03/15/29 |  | 1229352 |
| 1355000 | ACCO Brands Corp.\*<br>4.250%, 03/15/29 |  | 1178430 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 1520000 | Air Lease Corp.‡<br>4.125%, 12/15/26<br>5 year CMT + 3.15% | $1399221 |
| 320000 | 4.650%, 06/15/26<br>5 year CMT + 4.08% | 310362 |
| 1925000 | Albertsons Companies, Inc. /<br>Safeway, Inc. / New Albertsons, LP /<br>Albertsons, LLC\*<br>4.625%, 01/15/27 | 1906327 |
| 900000 | 5.875%, 02/15/28 | 901683 |
| 670000 | Arcosa, Inc.\*<br>4.375%, 04/15/29 | 629298 |
| 605000 | 6.875%, 08/15/32 | 616779 |
| 3212375 | ARD Finance, SA\*<br>6.500%, 06/30/27<br>7.250% PIK rate | 84453 |
| 600000 | Bombardier, Inc.\*<br>8.750%, 11/15/30 | 644142 |
| 450000 | 7.000%, 06/01/32^ | 455612 |
| 376000 | 7.250%, 07/01/31 | 385904 |
| 233000 | 7.875%, 04/15/27 | 233657 |
| 1191000 | BWX Technologies, Inc.\*<br>4.125%, 04/15/29 | 1132296 |
| 1220000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.375%, 01/15/28 | 1190732 |
| 295000 | Delta Air Lines, Inc. / SkyMiles IP, Ltd.\*<br>4.750%, 10/20/28 | 292755 |
| 1565000 | Deluxe Corp.\*<br>8.000%, 06/01/29 | 1443118 |
| 305000 | 8.125%, 09/15/29 | 305540 |
| 1150000 | EMRLD Borrower, LP / Emerald<br>Co-Issuer, Inc.\*<br>6.625%, 12/15/30 | 1168503 |
| 600000 | EnerSys\*<br>6.625%, 01/15/32 | 613302 |
| 575000 | 4.375%, 12/15/27 | 557992 |
| 450000 | EquipmentShare.com, Inc.\*<br>8.625%, 05/15/32 | 458843 |
| 450000 | 8.000%, 03/15/33^ | 444623 |
| 733000 | Graham Packaging Company, Inc.\*<br>7.125%, 08/15/28 | 717013 |
| 750000 | Graphic Packaging International, LLC\*<br>4.750%, 07/15/27 | 736867 |
| 551000 | 3.500%, 03/01/29 | 512975 |
| 1303000 | Great Lakes Dredge & Dock Corp.\*<br>5.250%, 06/01/29 | 1190030 |
| 2775000 | H&E Equipment Services, Inc.\*<br>3.875%, 12/15/28 | 2767785 |
| 1500000 | Herc Holdings, Inc.\*<br>5.500%, 07/15/27 | 1485540 |
| 600000 | 6.625%, 06/15/29 | 593166 |
| 900000 | JELD-WEN, Inc.\*^<br>7.000%, 09/01/32 | 792099 |
| 320000 | 4.875%, 12/15/27 | 295635 |
| 1940000 | Ken Garff Automotive, LLC\*<br>4.875%, 09/15/28 | 1873613 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 722000 | Moog, Inc.\*<br>4.250%, 12/15/27 | $| 697827 |
| 1140000 | Novelis Corp.\*<br>4.750%, 01/30/30 |  | 1060975 |
| 1210000 | Quikrete Holdings, Inc.\*<br>6.375%, 03/01/32 |  | 1219099 |
| 300000 | Sealed Air Corp.\*<br>6.500%, 07/15/32^ |  | 305625 |
| 298000 | 5.000%, 04/15/29 |  | 290702 |
| 933000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 |  | 940763 |
| 300000 | 7.250%, 02/15/31 |  | 312489 |
| 650000 | Sensata Technologies, BV\*<br>4.000%, 04/15/29 |  | 598663 |
| 593000 | Sensata Technologies, Inc.\*<br>3.750%, 02/15/31 |  | 518715 |
| 300000 | 6.625%, 07/15/32 |  | 297624 |
| 305000 | Standard Building Solutions, Inc.\*<br>6.500%, 08/15/32 |  | 309215 |
| 549000 | Standard Industries, Inc.\*<br>5.000%, 02/15/27 |  | 545530 |
| 100000 | Stanley Black & Decker, Inc.‡<br>6.707%, 03/15/60<br>5 year CMT + 2.66% |  | 96219 |
| 1295000 | TransDigm, Inc.\*<br>6.875%, 12/15/30 |  | 1336013 |
| 900000 | 6.750%, 08/15/28 |  | 918765 |
| 450000 | 7.125%, 12/01/31 |  | 468360 |
| 298000 | 6.625%, 03/01/32 |  | 305751 |
| 350572 | United Airlines Pass Through Trust<br>Series 2019-2, Class B<br>3.500%, 11/01/29 |  | 334978 |
| 641000 | Wabash National Corp.\*^<br>4.500%, 10/15/28 |  | 539722 |
| 1212000 | Waste Pro USA, Inc.\*<br>7.000%, 02/01/33 |  | 1241100 |
| 703000 | Williams Scotsman, Inc.\*<br>4.625%, 08/15/28 |  | 677193 |
| 600000 | 7.375%, 10/01/31 |  | 622398 |
| 450000 | 6.625%, 06/15/29 |  | 457016 |
|  |  |  | 42642389 |
|  | Information Technology (0.6%) | Information Technology (0.6%) | Information Technology (0.6%) |
| 692000 | Coherent Corp.\*<br>5.000%, 12/15/29 |  | 664140 |
| 524000 | Dell International, LLC / EMC Corp.<br>6.020%, 06/15/26 |  | 530194 |
| 596000 | Dun & Bradstreet Corp.\*<br>5.000%, 12/15/29 |  | 595446 |
| 586000 | Fair Isaac Corp.\*<br>4.000%, 06/15/28 |  | 563556 |
| 1315000 | KBR, Inc.\*<br>4.750%, 09/30/28 |  | 1248500 |
| 605000 | NCL Corp., Ltd.\*<br>6.750%, 02/01/32 |  | 591164 |
| 600000 | 8.125%, 01/15/29 |  | 628116 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 886000 | ON Semiconductor Corp.\*<br>3.875%, 09/01/28 | $| 839131 |
| 600000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 617172 |
| 447000 | Open Text Holdings, Inc.\*<br>4.125%, 12/01/31 |  | 399832 |
| 1035000 | Playtika Holding Corp.\*<br>4.250%, 03/15/29 |  | 915716 |
| 1645000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 |  | 1533403 |
| 830000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 779104 |
| 298000 | 3.875%, 03/15/31 |  | 271174 |
| 450000 | UKG, Inc.\*<br>6.875%, 02/01/31 |  | 463824 |
| 1780000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 |  | 1632474 |
| 1200000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 1207068 |
| 1355000 | ZoomInfo Technologies, LLC /<br>ZoomInfo Finance Corp.\*<br>3.875%, 02/01/29 |  | 1246844 |
|  |  |  | 14726858 |
|  | Materials (0.6%) | Materials (0.6%) | Materials (0.6%) |
| 600000 | ATI, Inc.<br>5.875%, 12/01/27 |  | 599754 |
| 1210000 | Avient Corp.\*<br>6.250%, 11/01/31 |  | 1197585 |
| 610000 | Celanese US Holdings, LLC^<br>6.629%, 07/15/32 |  | 600478 |
| 1030000 | Chemours Company\*<br>8.000%, 01/15/33 |  | 928792 |
| 897000 | 4.625%, 11/15/29 |  | 751453 |
| 1880000 | Clearwater Paper Corp.\*<br>4.750%, 08/15/28 |  | 1753796 |
| 900000 | Cleveland-Cliffs, Inc.\*^<br>7.000%, 03/15/32 |  | 848466 |
| 450000 | Constellium, SE\*^<br>6.375%, 08/15/32 |  | 443336 |
| 907000 | JW Aluminum Continuous<br>Cast Company\*<br>10.250%, 04/01/30 |  | 891926 |
| 1200000 | Knife River Corp.\*<br>7.750%, 05/01/31 |  | 1257072 |
| 1266000 | Mercer International, Inc.<br>5.125%, 02/01/29 |  | 1041095 |
| 600000 | 12.875%, 10/01/28\* |  | 613986 |
| 1375000 | OCI, NV\*<br>6.700%, 03/16/33 |  | 1502022 |
| 1328000 | Silgan Holdings, Inc.<br>4.125%, 02/01/28 |  | 1276527 |
| 1210000 | Terex Corp.\*<br>6.250%, 10/15/32 |  | 1159216 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 500650 | Trinseo Luxco Finance SPV Sarl /<br>Trinseo NA Finance SPV, LLC\*<br>7.625%, 05/03/29 | $ | 307594 |
|  |  |  | 15173098 |
|  | Other (0.5%) | Other (0.5%) | Other (0.5%) |
| 1680000 | 1261229 BC, Ltd.\*<br>10.000%, 04/15/32 |  | 1648416 |
| 1200000 | Alumina Pty, Ltd.\*<br>6.375%, 09/15/32 |  | 1172124 |
| 456273 | Claritev Corp.\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 289770 |
| 1830045 | EchoStar Corp.<br>10.750%, 11/30/29 |  | 1936169 |
| 1223354 | 6.750%, 11/30/30<br>6.75% PIK Rate |  | 1139628 |
| 160000 | Everest Reinsurance Holdings, Inc.‡<br>6.970%, 05/01/67<br>3 mo. SOFR + 2.65% |  | 152259 |
| 625000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 |  | 635994 |
| 600000 | Mohegan Tribal Gaming Authority /<br>MS Digital Entertainment Holdings, LLC\*<br>8.250%, 04/15/30 |  | 600930 |
| 1210000 | New Gold, Inc.\*<br>6.875%, 04/01/32 |  | 1237757 |
| 575000 | Nissan Motor Acceptance Company, LLC\*<br>7.050%, 09/15/28 |  | 588260 |
| 1210000 | Olin Corp.\*<br>6.625%, 04/01/33 |  | 1149439 |
| 775000 | Reinsurance Group of America, Inc.‡<br>6.650%, 09/15/55<br>5 year CMT + 2.39 |  | 754021 |
| 1210000 | Rfna, LP\*<br>7.875%, 02/15/30 |  | 1189890 |
| 1210000 | Stonepeak Nile Parent, LLC\*<br>7.250%, 03/15/32 |  | 1229384 |
|  |  |  | 13724041 |
|  | Real Estate (0.0%) | Real Estate (0.0%) | Real Estate (0.0%) |
| 605000 | Forestar Group, Inc.\*<br>6.500%, 03/15/33 |  | 588919 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 300000 | Clydesdale Acquisition Holdings, Inc.\*<br>6.750%, 04/15/32 |  | 307194 |
| 1195000 | Fertitta Entertainment, LLC /<br>Fertitta Entertainment Finance<br>Company, Inc.\*<br>6.750%, 01/15/30^ |  | 1045481 |
| 596000 | 4.625%, 01/15/29 |  | 553595 |
|  |  |  | 1906270 |
|  | Utilities (0.4%) | Utilities (0.4%) | Utilities (0.4%) |
| 612000 | AES Corp.‡<br>7.600%, 01/15/55<br>5 year CMT + 3.20% |  | 606694 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 455000 | 6.950%, 07/15/55<br>5 year CMT + 2.89 | $425798 |
| 245000 | Algonquin Power & Utilities Corp.‡<br>4.750%, 01/18/82<br>5 year CMT + 3.25% | 230342 |
| 85000 | American Electric Power Company, Inc.‡<br>3.875%, 02/15/62<br>5 year CMT + 2.68% | 80216 |
| 80000 | 7.050%, 12/15/54^<br>5 year CMT + 2.75% | 81150 |
| 80000 | 6.950%, 12/15/54^<br>5 year CMT + 2.68% | 80918 |
| 75000 | CenterPoint Energy, Inc. (Warner<br>Media, LLC, Charter Communications<br>Time, Inc.)‡^<br>7.000%, 02/15/55<br>5 year CMT + 3.25% | 76728 |
| 75000 | 6.850%, 02/15/55<br>5 year CMT + 2.95% | 75066 |
| 235000 | CMS Energy Corp.‡<br>4.750%, 06/01/50<br>5 year CMT + 4.12% | 220858 |
| 760000 | Dominion Energy, Inc.‡<br>6.625%, 05/15/55^<br>5 year CMT + 2.21% | 750796 |
| 162000 | 6.875%, 02/01/55^<br>5 year CMT + 2.39% | 166983 |
| 133000 | 4.350%, 01/15/27<br>5 year CMT + 3.20% | 129437 |
| 1525000 | Duke Energy Corp.‡<br>6.450%, 09/01/54^<br>5 year CMT + 2.59% | 1531222 |
| 132000 | 3.250%, 01/15/82<br>5 year CMT + 2.32% | 124291 |
| 225000 | Emera, Inc.‡<br>6.750%, 06/15/76<br>3 mo. USD LIBOR + 5.44% | 225877 |
| 1150000 | Entergy Corp.‡<br>7.125%, 12/01/54<br>5 year CMT + 2.67% | 1159303 |
| 1070000 | Evergy, Inc.‡^<br>6.650%, 06/01/55<br>5 year CMT + 2.56% | 1041816 |
| 288000 | National Rural Utilities Cooperative<br>Finance Corp.‡<br>7.125%, 09/15/53<br>5 year CMT + 3.53% | 296882 |
| 150000 | 5.250%, 04/20/46<br>3 mo. USD LIBOR + 3.63% | 147781 |
| 160000 | NextEra Energy Capital Holdings, Inc.‡<br>6.750%, 06/15/54<br>5 year CMT + 2.46% | 162253 |
| 160000 | 3.800%, 03/15/82<br>5 year CMT + 2.55% | 150475 |
| 155000 | 6.700%, 09/01/54<br>5 year CMT + 2.36% | 157133 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 1064000 | NiSource, Inc.‡^<br>6.950%, 11/30/54<br>5 year CMT + 2.45% | $| 1082929 |
| 591000 | PPL Capital Funding, Inc.‡<br>7.226%, 03/30/67<br>3 mo. SOFR + 2.93% |  | 578223 |
| 220000 | Sempra‡<br>4.875%, 10/15/25<br>5 year CMT + 4.55% |  | 217840 |
| 80000 | 6.400%, 10/01/54<br>5 year CMT + 2.63% |  | 73548 |
| 442000 | Southern Company‡<br>4.000%, 01/15/51<br>5 year CMT + 3.73% |  | 436683 |
| 95000 | 3.750%, 09/15/51<br>5 year CMT + 2.92% |  | 92054 |
| 625000 | Vistra Corp.\*‡<br>7.000%, 12/15/26<br>5 year CMT + 5.74% |  | 632012 |
| 340000 | 8.000%, 10/15/26<br>5 year CMT + 6.93% |  | 347619 |
|  |  |  | 11382927 |
|  | **TOTAL CORPORATE BONDS**<br>(Cost $405,827,796) |  | 388658070 |
| **CONVERTIBLE BONDS (19.3%)** |  |  |  |
|  | Communication Services (2.6%) | Communication Services (2.6%) | Communication Services (2.6%) |
| 8895000 | Liberty Media Corp.-Liberty<br>Formula One<br>2.250%, 08/15/27 |  | 10849143 |
| 17625000 | Live Nation Entertainment, Inc.\*^<br>2.875%, 01/15/30 |  | 18214027 |
| 8260000 | Snap, Inc.\*^<br>0.500%, 05/01/30 |  | 6761223 |
| 14800000 | Uber Technologies, Inc.^<br>0.000%, 12/15/25 |  | 16578664 |
| 12000000 | 0.875%, 12/01/28 |  | 15751800 |
|  |  |  | 68154857 |
|  | Consumer Discretionary (2.6%) | Consumer Discretionary (2.6%) | Consumer Discretionary (2.6%) |
| 8205000 | Airbnb, Inc.<br>0.000%, 03/15/26 |  | 7863590 |
| 12725000 | Alibaba Group Holding, Ltd.\*<br>0.500%, 06/01/31 |  | 16739865 |
| 3765000 | Royal Caribbean Cruises, Ltd.<br>6.000%, 08/15/25 |  | 16258211 |
| 23245000 | Trip.com Group, Ltd.\*<br>0.750%, 06/15/29 |  | 26296139 |
|  |  |  | 67157805 |
|  | Consumer Staples (0.3%) | Consumer Staples (0.3%) | Consumer Staples (0.3%) |
| 5735000 | Post Holdings, Inc.<br>2.500%, 08/15/27 |  | 6749407 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Financials (0.8%) | Financials (0.8%) |
| 4115000 | Federal Realty OP, LP\*<br>3.250%, 01/15/29 | $4114506 |
| 11275000 | Morgan Stanley Finance, LLC, Series B<br>1.000%, 11/23/27 | 17955438 |
|  |  | 22069944 |
|  | Health Care (0.4%) | Health Care (0.4%) |
| 9169000 | Integer Holdings Corp.\*<br>1.875%, 03/15/30 | 9709879 |
|  | Industrials (0.8%) | Industrials (0.8%) |
| 3085000 | Axon Enterprise, Inc.<br>0.500%, 12/15/27 | 8376515 |
| 4660000 | Bloom Energy Corp.<br>3.000%, 06/01/28 | 5900958 |
| 7200000 | Tetra Tech, Inc.<br>2.250%, 08/15/28 | 7662096 |
|  |  | 21939569 |
|  | Information Technology (6.8%) | Information Technology (6.8%) |
| 5910000 | Advanced Energy Industries, Inc.<br>2.500%, 09/15/28 | 6199472 |
| 11255000 | Datadog, Inc.\*^<br>0.000%, 12/01/29 | 10146382 |
| 10650000 | Guidewire Software, Inc.\*<br>1.250%, 11/01/29 | 11779326 |
| 6715000 | Lumentum Holdings, Inc.<br>1.500%, 12/15/29 | 7674708 |
| 9075000 | MACOM Technology Solutions<br>Holdings, Inc.\*<br>0.000%, 12/15/29 | 8492930 |
| 19935000 | MKS Instruments, Inc.\*<br>1.250%, 06/01/30 | 17197725 |
| 17730000 | Nutanix, Inc.\*^<br>0.500%, 12/15/29 | 19139180 |
| 17315000 | ON Semiconductor Corp.<br>0.500%, 03/01/29 | 14990115 |
| 4895000 | PAR Technology Corp.<br>1.500%, 10/15/27 | 5156050 |
| 9810000 | Parsons Corp.^<br>2.625%, 03/01/29 | 10401052 |
| 13100000 | Seagate HDD Cayman<br>3.500%, 06/01/28 | 16583290 |
| 16155000 | Snowflake, Inc.\*<br>0.000%, 10/01/29 | 20080665 |
| 11440000 | Spotify USA, Inc.<br>0.000%, 03/15/26 | 14721106 |
| 7510000 | Unity Software, Inc.\*<br>0.000%, 03/15/30 | 7089816 |
| 6605000 | Western Digital Corp.<br>3.000%, 11/15/28 | 8971704 |
| 5670000 | Wolfspeed, Inc.<br>1.875%, 12/01/29 | 1647419 |
|  |  | 180270940 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Real Estate (1.4%) | Real Estate (1.4%) |
| 17410000 | Welltower OP, LLC\*<br>3.125%, 07/15/29^ | $23289183 |
| 7770000 | 2.750%, 05/15/28 | 12680251 |
|  |  | 35969434 |
|  | Utilities (3.6%) | Utilities (3.6%) |
| 16655000 | CMS Energy Corp.<br>3.375%, 05/01/28 | 18453074 |
| 22620000 | Duke Energy Corp.<br>4.125%, 04/15/26 | 24690635 |
| 6195000 | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 | 6940630 |
| 20355000 | PPL Capital Funding, Inc.<br>2.875%, 03/15/28 | 23234622 |
| 19260000 | Southern Company<br>3.875%, 12/15/25 | 21642077 |
|  |  | 94961038 |
|  | **TOTAL CONVERTIBLE BONDS**<br>(Cost $462,487,675) | 506982873 |
| **BANK LOANS (5.4%)¡** |  |  |
|  | Airlines (0.2%) | Airlines (0.2%) |
| 2796750 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% | 2769076 |
| 1694840 | United Airlines, Inc.‡<br>6.275%, 02/22/31<br>3 mo. SOFR + 2.00% | 1692993 |
|  |  | 4462069 |
|  | Communication Services (0.7%) | Communication Services (0.7%) |
| 1911402 | APi Group DE, Inc.‡<br>6.072%, 01/03/29<br>1 mo. SOFR + 1.75% | 1910943 |
| 462176 | Audacy Capital Corp.‡<br>10.436%, 10/01/29<br>1 mo. SOFR + 6.00% | 390538 |
| 51464 | Audacy Capital Corp.‡<br>11.436%, 10/02/28<br>1 mo. SOFR + 7.00% | 51593 |
| 3249000 | Charter Communications<br>Operating, LLC‡<br>6.548%, 12/15/31<br>3 mo. SOFR + 2.25% | 3241495 |
| 615287 | Cincinnati Bell, Inc.‡<br>7.072%, 11/22/28<br>1 mo. SOFR + 2.75% | 612518 |
| 575870 | Clear Channel Outdoor Holdings, Inc.‡<br>8.436%, 08/23/28<br>1 mo. SOFR + 4.00% | 560177 |
| 1059112 | CSC Holdings, LLC‡<br>9.000%, 04/15/27<br>3 mo. Prime + 1.50% | 1021974 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 485000 | Directv Financing, LLC!<br>0.000%, 08/02/29 | $| 470634 |
| 305845 | Directv Financing, LLC‡<br>9.541%, 08/02/27<br>3 mo. SOFR + 5.00% |  | 306241 |
| 1652530 | Go Daddy Operating Company, LLC‡<br>6.072%, 11/09/29<br>1 mo. SOFR + 1.75% |  | 1649035 |
| 903175 | Gray Television, Inc.‡<br>9.574%, 06/04/29<br>1 mo. SOFR + 5.25% |  | 875068 |
| 305000 | Gray Television, Inc.!<br>0.000%, 06/04/29 |  | 295508 |
| 1739320 | Nexstar Broadcasting, Inc.‡<br>6.936%, 09/18/26<br>1 mo. SOFR + 2.50% |  | 1741764 |
| 600000 | Sinclair Television Group, Inc.‡<br>7.736%, 12/31/29<br>1 mo. SOFR + 3.30% |  | 474189 |
| 1200000 | Telesat Canada‡<br>7.325%, 12/07/26<br>3 mo. SOFR + 2.75% |  | 665628 |
| 1498236 | TripAdvisor, Inc.‡<br>7.049%, 07/08/31<br>3 mo. SOFR + 2.75% |  | 1464525 |
| 3240000 | Virgin Media Bristol, LLC‡<br>6.936%, 01/31/28<br>1 mo. SOFR + 2.50% |  | 3200683 |
|  |  |  | 18932513 |
|  | Consumer Discretionary (1.3%) | Consumer Discretionary (1.3%) | Consumer Discretionary (1.3%) |
| 1980000 | Adient U.S., LLC‡<br>6.572%, 01/31/31<br>1 mo. SOFR + 2.25% |  | 1940816 |
| 432960 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% |  | 424844 |
| 402201 | American Axle & Manufacturing, Inc.‡<br>7.320%, 12/13/29<br>1 mo. SOFR + 3.00% |  | 394661 |
| 372840 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>3 mo. SOFR + 3.00% |  | 365851 |
| 1945375 | Aramark Services, Inc.‡<br>6.322%, 06/22/30<br>1 mo. SOFR + 2.00% |  | 1948410 |
| 720750 | Caesars Entertainment, Inc.‡<br>6.563%, 02/06/30<br>3 mo. SOFR + 2.25% |  | 712461 |
| 1715233 | Carnival Corp.‡<br>6.329%, 08/08/27<br>1 mo. SOFR + 2.00% |  | 1719529 |
| 1083107 | Carnival Corp.‡<br>6.329%, 10/18/28<br>1 mo. SOFR + 2.00% |  | 1082094 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 738150 | Chinos Intermediate Holdings A, Inc.‡<br>10.280%, 09/26/31<br>3 mo. SOFR + 6.00% | $| 702782 |
| 920000 | Clarios Global, LP‡<br>7.072%, 01/28/32<br>1 mo. SOFR + 2.75% |  | 903518 |
| 1975000 | Flutter Financing, BV‡<br>6.049%, 11/30/30<br>3 mo. SOFR + 1.75% |  | 1949700 |
| 1980000 | Installed Building Products, Inc.‡<br>6.072%, 03/28/31<br>1 mo. SOFR + 1.75% |  | 1986603 |
| 2160614 | KFC Holding Company‡<br>6.184%, 03/15/28<br>1 mo. SOFR + 1.75% |  | 2166685 |
| 1206975 | Life Time Fitness, Inc.‡<br>6.785%, 11/05/31<br>3 mo. SOFR + 2.50% |  | 1201393 |
| 3343674 | Light & Wonder International, Inc.‡<br>6.570%, 04/14/29<br>1 mo. SOFR + 2.25% |  | 3345079 |
| 2000000 | Murphy USA, Inc.‡<br>6.071%, 01/31/28<br>1 mo. SOFR + 1.75% |  | 2011250 |
| 545875 | Peloton Interactive, Inc.‡<br>9.813%, 05/23/29<br>3 mo. SOFR + 5.50% |  | 546899 |
| 1964646 | PENN Entertainment, Inc.‡<br>6.822%, 05/03/29<br>1 mo. SOFR + 2.50% |  | 1961090 |
| 2599217 | PetSmart, Inc.‡<br>8.172%, 02/11/28<br>1 mo. SOFR + 3.75% |  | 2569430 |
| 1985000 | Six Flags Entertainment Corp.‡<br>6.322%, 05/01/31<br>1 mo. SOFR + 2.00% |  | 1972594 |
| 925350 | Staples, Inc.‡<br>10.041%, 09/04/29<br>3 mo. SOFR + 5.75% |  | 801196 |
| 3168000 | Station Casinos, LLC‡<br>6.322%, 03/14/31<br>1 mo. SOFR + 2.00% |  | 3149641 |
| 727239 | TKC Holdings, Inc.‡<br>9.323%, 05/15/28<br>1 mo. SOFR + 5.00% |  | 719967 |
| 1184319 | Windsor Holdings III, LLC‡<br>7.073%, 08/01/30<br>1 mo. SOFR + 2.75% |  | 1172476 |
|  |  |  | 35748969 |
|  | Consumer Staples (0.6%) | Consumer Staples (0.6%) | Consumer Staples (0.6%) |
| 4011504 | Amneal Pharmaceuticals, LLC‡<br>9.822%, 05/04/28<br>1 mo. SOFR + 5.50% |  | 4026808 |
| 895500 | B&G Foods, Inc.‡<br>7.822%, 10/10/29<br>1 mo. SOFR + 3.50% |  | 858561 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 785000 | Bausch Health Companies, Inc.‡<br>10.542%, 09/25/30<br>1 mo. SOFR + 6.25% | $| 742480 |
| 1191015 | Fiesta Purchaser, Inc.‡<br>7.572%, 02/12/31<br>1 mo. SOFR + 3.25% |  | 1182702 |
| 106584 | MPH Acquisition Holdings, LLC‡<br>8.030%, 12/31/30<br>3 mo. SOFR + 3.75% |  | 105465 |
| 1250000 | Opal Bidco SAS!<br>0.000%, 03/31/32 |  | 1241412 |
| 1990323 | Organon & Company‡<br>6.570%, 05/19/31<br>1 mo. SOFR + 2.25% |  | 1910710 |
| 1410025 | Perrigo Investments, LLC‡<br>6.322%, 04/20/29<br>1 mo. SOFR + 2.00% |  | 1409440 |
| 1511242 | Star Parent, Inc.‡<br>8.299%, 09/27/30<br>3 mo. SOFR + 4.00% |  | 1464968 |
| 792000 | United Natural Foods, Inc.‡<br>9.072%, 05/01/31<br>1 mo. SOFR + 4.75% |  | 795960 |
| 1250000 | Veritiv Corp.‡<br>8.299%, 11/30/30<br>3 mo. SOFR + 4.00% |  | 1241900 |
|  |  |  | 14980406 |
|  | Energy (0.2%) | Energy (0.2%) | Energy (0.2%) |
| 3091780 | ChampionX Corp.‡<br>7.172%, 06/07/29<br>1 mo. SOFR + 2.75% |  | 3098350 |
| 874250 | New Fortress Energy, Inc.‡<br>9.795%, 10/30/28<br>3 mo. SOFR + 5.50% |  | 635470 |
| 1768468 | Par Petroleum, LLC‡<br>8.009%, 02/28/30<br>3 mo. SOFR + 3.75% |  | 1712646 |
|  |  |  | 5446466 |
|  | Financials (0.6%) | Financials (0.6%) | Financials (0.6%) |
| 1610029 | Advisor Group, Inc.‡<br>7.822%, 08/17/28<br>1 mo. SOFR + 3.50% |  | 1605924 |
| 903614 | Amynta Agency Borrower, Inc.‡<br>7.322%, 12/29/31<br>1 mo. SOFR + 3.00% |  | 896742 |
| 1485000 | AssuredPartners, Inc.‡<br>7.822%, 02/14/31<br>1 mo. SOFR + 3.50% |  | 1486782 |
| 2172596 | Avolon TLB Borrower 1 (U.S.), LLC‡<br>6.070%, 06/24/30<br>1 mo. SOFR + 1.75% |  | 2166719 |
| 594011 | Broadstreet Partners, Inc.‡<br>7.322%, 06/13/31<br>1 mo. SOFR + 3.00% |  | 591959 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 1511213 | Dragon Buyer, Inc.‡<br>7.299%, 09/30/31<br>3 mo. SOFR + 3.00% | $| 1504412 |
| 1188037 | HUB International, Ltd.‡<br>6.770%, 06/20/30<br>3 mo. SOFR + 2.50% |  | 1181788 |
| 2893375 | Iron Mountain, Inc.‡<br>6.322%, 01/31/31<br>1 mo. SOFR + 2.00% |  | 2884695 |
| 2274559 | Jazz Financing Lux Sarl‡<br>6.572%, 05/05/28<br>1 mo. SOFR + 2.25% |  | 2269680 |
| 1200000 | Level 3 Financing, Inc.‡<br>8.572%, 03/27/32<br>1 mo. SOFR + 4.25% |  | 1199250 |
| 1200000 | VFH Parent, LLC‡<br>6.822%, 06/21/31<br>1 mo. SOFR + 2.50% |  | 1197000 |
|  |  |  | 16984951 |
|  | Health Care (0.3%) | Health Care (0.3%) | Health Care (0.3%) |
| 155661 | Avantor Funding, Inc.‡<br>6.422%, 11/08/27<br>1 mo. SOFR + 2.00% |  | 156062 |
| 2171795 | DaVita, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% |  | 2162847 |
| 1337947 | Elanco Animal Health, Inc.‡<br>6.174%, 08/01/27<br>1 mo. SOFR + 1.75% |  | 1332094 |
| 385190 | Icon Luxembourg Sarl‡<br>6.299%, 07/03/28<br>3 mo. SOFR + 2.00% |  | 386333 |
| 1975050 | IQVIA, Inc.‡<br>6.049%, 01/02/31<br>3 mo. SOFR + 1.75% |  | 1976531 |
| 1261176 | Padagis, LLC‡<br>9.271%, 07/06/28<br>3 mo. SOFR + 4.75% |  | 1181565 |
| 95970 | PRA Health Sciences, Inc.‡<br>6.299%, 07/03/28<br>3 mo. SOFR + 2.00% |  | 96255 |
|  |  |  | 7291687 |
|  | Industrials (0.5%) | Industrials (0.5%) | Industrials (0.5%) |
| 1185306 | ACProducts, Inc.‡<br>8.811%, 05/17/28<br>3 mo. SOFR + 4.25% |  | 806340 |
| 643500 | American Airlines, Inc.‡<br>6.520%, 04/20/28<br>3 mo. SOFR + 2.25% |  | 631290 |
| 1250000 | ECO Material Tech, Inc.‡<br>7.467%, 02/12/32<br>6 mo. SOFR + 3.25% |  | 1240625 |
| 1318964 | EMRLD Borrower, LP‡<br>6.933%, 05/31/30<br>6 mo. SOFR + 2.50% |  | 1305860 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 452725 | EMRLD Borrower, LP‡<br>6.799%, 08/04/31<br>3 mo. SOFR + 2.50% | $| 448105 |
| 1408337 | JELD-WEN, Inc.‡<br>6.436%, 07/28/28<br>1 mo. SOFR + 2.00% |  | 1375643 |
| 1200925 | MI Windows & Doors, LLC‡<br>7.322%, 03/28/31<br>1 mo. SOFR + 3.00% |  | 1184616 |
| 1250000 | Quikrete Holdings, Inc.‡<br>6.572%, 02/10/32<br>1 mo. SOFR + 2.25% |  | 1227056 |
| 2364135 | TransDigm, Inc.‡<br>6.799%, 02/28/31<br>3 mo. SOFR + 2.50% |  | 2343555 |
| 1970075 | TransDigm, Inc.‡<br>7.049%, 08/24/28<br>3 mo. SOFR + 2.75% |  | 1969829 |
|  |  |  | 12532919 |
|  | Information Technology (0.5%) | Information Technology (0.5%) | Information Technology (0.5%) |
| 1618562 | Boxer Parent Company, Inc.‡<br>7.322%, 07/30/31<br>1 mo. SOFR + 3.00% |  | 1589040 |
| 1087365 | Camelot U.S. Acquisition, LLC‡<br>7.072%, 01/31/31<br>1 mo. SOFR + 2.75% |  | 1075132 |
| 1149334 | Dun & Bradstreet Corp.‡<br>6.570%, 01/18/29<br>1 mo. SOFR + 2.25% |  | 1147179 |
| 2599628 | II-VI, Inc.‡<br>6.322%, 07/02/29<br>1 mo. SOFR + 2.00% |  | 2575803 |
| 1230329 | Open Text Corp.‡<br>6.072%, 01/31/30<br>1 mo. SOFR + 1.75% |  | 1228176 |
| 120000 | Qxo, Inc.!<br>0.000%, 04/23/32 |  | 120021 |
| 605000 | Rocket Software, Inc.!<br>0.000%, 11/28/28 |  | 601721 |
| 2754714 | SS&C Technologies, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% |  | 2754783 |
| 1262609 | TTM Technologies, Inc.‡<br>6.574%, 05/30/30<br>1 mo. SOFR + 2.25% |  | 1261030 |
| 595500 | UKG, Inc.‡<br>7.320%, 02/10/31<br>1 mo. SOFR + 3.00% |  | 594148 |
|  |  |  | 12947033 |
|  | Materials (0.3%) | Materials (0.3%) | Materials (0.3%) |
| 1912574 | Axalta Coating Systems U.S.<br>Holdings, Inc.‡<br>6.049%, 12/20/29<br>3 mo. SOFR + 1.75% |  | 1914765 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 1689275 | Chemours Company‡<br>7.322%, 08/18/28<br>1 mo. SOFR + 3.00% | $| 1651967 |
| 1891495 | Ineos U.S. Finance, LLC‡<br>7.572%, 02/18/30<br>1 mo. SOFR + 3.25% |  | 1775168 |
| 665000 | Knife River HoldCo‡<br>6.292%, 03/08/32<br>3 mo. SOFR + 2.00% |  | 665831 |
| 902876 | Trinseo Materials Operating SCA‡<br>7.075%, 05/03/28<br>3 mo. SOFR + 2.50% |  | 386968 |
| 1154741 | W.R. Grace & Company-Conn.‡<br>7.549%, 09/22/28<br>3 mo. SOFR + 3.25% |  | 1136461 |
|  |  |  | 7531160 |
|  | Other (0.1%) | Other (0.1%) | Other (0.1%) |
| 2000000 | DK Crown Holdings, Inc.‡<br>6.069%, 03/04/32<br>1 mo. SOFR + 1.75% |  | 1985420 |
| 620000 | Windstream Services, LLC‡<br>9.172%, 10/01/31<br>1 mo. SOFR + 4.75% |  | 617675 |
|  |  |  | 2603095 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 483933 | Clydesdale Acquisition Holdings, Inc.‡<br>7.497%, 04/13/29<br>1 mo. SOFR + 3.18% |  | 481182 |
| 291000 | Fertitta Entertainment, LLC‡<br>7.822%, 01/27/29<br>1 mo. SOFR + 3.50% |  | 284180 |
| 1170000 | Patagonia Holdco, LLC‡<br>10.052%, 08/01/29<br>3 mo. SOFR + 5.75% |  | 999742 |
|  |  |  | 1765104 |
|  | **TOTAL BANK LOANS**<br>(Cost $143,470,279) |  | 141226372 |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (0.0%)** |  |  |  |
|  | Other (0.0%) | Other (0.0%) | Other (0.0%) |
| 325000 | CoBank ACB‡<br>7.250%, 07/01/29 |  | 328334 |
| 250000 | Farm Credit Bank of Texas‡<br>7.750%, 06/15/29 |  | 258961 |
|  | **TOTAL U.S. GOVERNMENT AND<br>AGENCY SECURITIES**<br>(Cost $578,003) |  | 587295 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (4.0%)** | **CONVERTIBLE PREFERRED STOCKS (4.0%)** |  |  |
|  |  | Financials (1.0%) | Financials (1.0%) |
| 80250 |  | AMG Capital Trust II<br>5.150%, 10/15/37 | $4077101 |
| 150205 |  | Apollo Global Management, Inc.<br>6.750%, 07/31/26 | 10832785 |
| 140040 |  | Ares Management Corp.<br>6.750%, 10/01/27 | 6913775 |
| 104173 |  | KKR & Company, Inc.#<br>6.250%, 03/01/28 | 4993012 |
|  |  |  | 26816673 |
|  |  | Industrials (1.5%) | Industrials (1.5%) |
| 650880 |  | Boeing Company<br>6.000%, 10/15/27 | 39951014 |
|  |  | Information Technology (0.7%) | Information Technology (0.7%) |
| 240695 |  | Hewlett Packard Enterprise Company<br>7.625%, 09/01/27 | 12082889 |
| 141480 |  | Microchip Technology, Inc.#<br>7.500%, 03/15/28 | 6714641 |
|  |  |  | 18797530 |
|  |  | Utilities (0.8%) | Utilities (0.8%) |
| 84885 |  | CenterPoint Energy, Inc. (Warner<br>Media, LLC, Charter Communications<br>Time, Inc.)#§\*\*<br>3.369%, 09/15/29 | 3933910 |
| 262050 |  | NextEra Energy, Inc.^<br>6.926%, 09/01/25 | 10088925 |
| 149750 |  | PG&E Corp.<br>6.000%, 12/01/27 | 6512628 |
|  |  |  | 20535463 |
|  |  | **TOTAL CONVERTIBLE<br>PREFERRED STOCKS**<br>(Cost $104,604,650) | 106100680 |
| **COMMON STOCKS (96.1%)** | **COMMON STOCKS (96.1%)** |  |  |
|  |  | Communication Services (10.7%) | Communication Services (10.7%) |
| 661840 |  | Alphabet, Inc. - Class Aµ | 105100192 |
| 25095 |  | Altice USA, Inc. - Class A^# | 62236 |
| 264885 |  | AT&T, Inc.^ | 7337314 |
| 20533 |  | Audacy, Inc.# | 379861 |
| 8434 |  | Cumulus Media, Inc. - Class A# | 1967 |
| 142710 |  | Meta Platforms, Inc. - Class Aµ | 78347790 |
| 32360 |  | Netflix, Inc.#µ | 36622459 |
| 205085  | EUR | Orange, SA | 2975382 |
| 135860 |  | T-Mobile U.S., Inc.^ | 33550627 |
| 200915 |  | Walt Disney Company | 18273219 |
|  |  |  | 282651047 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Consumer Discretionary (11.7%) | Consumer Discretionary (11.7%) |
| 688315 | Amazon.com, Inc.^#µ | $126939052 |
| 5135 | Booking Holdings, Inc. | 26184803 |
| 59260 | Carnival Corp.# | 1086828 |
| 262250 | Chipotle Mexican Grill, Inc.# | 13248870 |
| 243463 | General Motors Company | 11014266 |
| 52240 | Home Depot, Inc. | 18831998 |
| 54670 | Lowe's Companies, Inc. | 12222025 |
| 62500 | McDonald's Corp. | 19978125 |
| 1794 | Rite Aid Corp.# | 1794 |
| 172710 | Starbucks Corp. | 13825436 |
| 182630 | Tesla, Inc.#µ | 51530881 |
| 104675 | TJX Companies, Inc.^ | 13469579 |
|  |  | 308333657 |
|  | Consumer Staples (6.6%) | Consumer Staples (6.6%) |
| 58750 | Altria Group, Inc. | 3475062 |
| 329140 | Coca-Cola Company | 23879107 |
| 145515 | Colgate-Palmolive Company | 13415028 |
| 31575 | Costco Wholesale Corp.µ | 31401337 |
| 47280 | Estee Lauder Companies, Inc. - Class A | 2834909 |
| 149925 | Philip Morris International, Inc. | 25691148 |
| 183745 | Procter & Gamble Companyµ | 29871425 |
| 52650 | Walgreens Boots Alliance, Inc. | 577571 |
| 427615 | Walmart, Inc.µ | 41585559 |
|  |  | 172731146 |
|  | Energy (4.4%) | Energy (4.4%) |
| 475000 | BP, PLC (ADR)^ | 13043500 |
| 5050 | Cheniere Energy Partners, LP | 296839 |
| 70935 | Energy Transfer, LP | 1173265 |
| 33155 | Enterprise Products Partners, LP | 991334 |
| 7920 | EP Energy Corp.# | 10890 |
| 278820 | EQT Corp.^ | 13784861 |
| 429490 | Exxon Mobil Corp.^µ | 45367029 |
| 56105 | Hess Corp. | 7240350 |
| 113995 | Marathon Petroleum Corp. | 15664053 |
| 296990 | Williams Companies, Inc. | 17394704 |
|  |  | 114966825 |
|  | Financials (14.6%) | Financials (14.6%) |
| 35430 | Affiliated Managers Group, Inc.^ | 5868271 |
| 59230 | American Express Company | 15779464 |
| 29983 | Assurant, Inc.^ | 5778923 |
| 578890 | Bank of America Corp. | 23086133 |
| 45075 | Berkshire Hathaway, Inc. - Class B#µ | 24036244 |
| 10715 | Blackrock, Inc.^ | 9796296 |
| 58055 | Capital One Financial Corp. | 10464994 |
| 76155 | Chubb, Ltd. | 21786422 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 231670 | Citigroup, Inc.^ | $| 15841595 |
| 88650 | Fiserv, Inc.^# |  | 16362131 |
| 27300 | Goldman Sachs Group, Inc.^ |  | 14948115 |
| 190495 | JPMorgan Chase & Company^ |  | 46598887 |
| 76915 | Marsh & McLennan Companies, Inc.^ |  | 17342025 |
| 72315 | Mastercard, Inc. - Class Aµ |  | 39632959 |
| 154465 | Morgan Stanley |  | 17828350 |
| 35515 | S&P Global, Inc.^ |  | 17759276 |
| 151925 | Visa, Inc. - Class Aµ |  | 52490088 |
| 411130 | Wells Fargo & Company^ |  | 29194341 |
|  |  |  | 384594514 |
|  | Health Care (9.7%) | Health Care (9.7%) | Health Care (9.7%) |
| 238555 | Abbott Laboratories~ |  | 31191066 |
| 118475 | AbbVie, Inc. |  | 23114473 |
| 240498 | Boston Scientific Corp.# |  | 24740029 |
| 48945 | Danaher Corp. |  | 9756207 |
| 59040 | Eli Lilly & Companyµ |  | 53074008 |
| 34856 | GE HealthCare Technologies, Inc. |  | 2451423 |
| 40780 | ICON, PLC# |  | 6175723 |
| 152895 | Johnson & Johnson |  | 23899018 |
| 142050 | Medtronic, PLC |  | 12040158 |
| 148485 | Merck & Company, Inc. |  | 12650922 |
| 20295 | Stryker Corp. |  | 7588706 |
| 30260 | Thermo Fisher Scientific, Inc.^ |  | 12981540 |
| 86030 | UnitedHealth Group, Inc. |  | 35396183 |
|  |  |  | 255059456 |
|  | Industrials (5.7%) | Industrials (5.7%) | Industrials (5.7%) |
| 473080 | CSX Corp. |  | 13279356 |
| 194170 | Delta Air Lines, Inc. |  | 8083297 |
| 165475 | Emerson Electric Company |  | 17393077 |
| 58710 | GE Vernova, Inc. |  | 21770842 |
| 104568 | General Electric Company |  | 21074635 |
| 114705 | Norfolk Southern Corp. |  | 25699655 |
| 38315 | Parker-Hannifin Corp.^ |  | 23182874 |
| 145750 | RTX Corp. |  | 18383448 |
|  |  |  | 148867184 |
|  | Information Technology (29.0%) | Information Technology (29.0%) | Information Technology (29.0%) |
| 46065 | Advanced Micro Devices, Inc.#~ |  | 4484428 |
| 888175 | Apple, Inc.^ |  | 188737187 |
| 30765 | Atlassian Corp. - Class A# |  | 7023957 |
| 299730 | Broadcom, Inc.µ |  | 57689033 |
| 247515 | Cisco Systems, Inc. |  | 14289041 |
| 17475 | Intuit, Inc. |  | 10965038 |
| 139650 | Lam Research Corp. |  | 10008716 |
| 86100 | Micron Technology, Inc. |  | 6625395 |
| 461145 | Microsoft Corp.^ |  | 182272173 |
| 1520000 | Nokia Oyj (ADR) |  | 7584800 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 1406505 |  | NVIDIA Corp.^µ | $| 153196525 |
| 23830 |  | NXP Semiconductors, NV |  | 4392107 |
| 161745 |  | Oracle Corp.µ |  | 22760756 |
| 140175 |  | Palantir Technologies, Inc. - Class A# |  | 16602327 |
| 56650 |  | Palo Alto Networks, Inc.# |  | 10589585 |
| 76090 |  | Salesforce, Inc. |  | 20446144 |
| 48785  | EUR | SAP, SE |  | 14273940 |
| 32625 |  | ServiceNow, Inc.# |  | 31157201 |
|  |  |  |  | 763098353 |
|  |  | Materials (2.5%) | Materials (2.5%) | Materials (2.5%) |
| 196120 |  | Freeport-McMoRan, Inc. |  | 7066203 |
| 56835 |  | Linde, PLC |  | 25759327 |
| 58650 |  | Sherwin-Williams Company |  | 20698758 |
| 50490 |  | Vulcan Materials Company |  | 13245042 |
|  |  |  |  | 66769330 |
|  |  | Real Estate (0.6%) | Real Estate (0.6%) | Real Estate (0.6%) |
| 70930 |  | American Tower Corp. |  | 15988331 |
|  |  | Utilities (0.6%) | Utilities (0.6%) | Utilities (0.6%) |
| 125845 |  | Vistra Corp. |  | 16313287 |
|  |  | **TOTAL COMMON STOCKS**<br>(Cost $1,603,799,648) |  | 2529373130 |
| **WARRANTS (0.0%)#** | **WARRANTS (0.0%)#** |  |  |  |
|  |  | Communication Services (0.0%) | Communication Services (0.0%) | Communication Services (0.0%) |
| 3672 |  | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |  |
| 612 |  | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |  |
|  |  | Energy (0.0%) | Energy (0.0%) | Energy (0.0%) |
| 57470 |  | Mcdermott International, Ltd.<br>06/30/27, Strike $15.98 |  | 6 |
| 51723 |  | Mcdermott International, Ltd.<br>06/30/27, Strike $12.33 |  | 5 |
| 16676 |  | Tidewater, Inc.<br>11/14/42, Strike $1.00 |  | 2 |
|  |  |  |  | 13 |
|  |  | **TOTAL WARRANTS**<br>(Cost $369,524) |  | 13 |
| **EXCHANGE-TRADED FUNDS (5.0%)** | **EXCHANGE-TRADED FUNDS (5.0%)** |  |  |  |
|  |  | Other (5.0%) | Other (5.0%) | Other (5.0%) |
| 1610745 |  | Invesco Senior Loan ETF^ |  | 33374636 |
| 330035 |  | iShares China Large-Cap ETF^ |  | 11174985 |
| 225135 |  | iShares MSCI Emerging Markets ETF |  | 9851908 |
| 4928 |  | iShares Preferred & Income<br>Securities ETF^ |  | 148727 |
| 139315 |  | iShares Russell 2000 ETF^ |  | 27146921 |
| 113165 |  | iShares Russell 2000 Value ETF |  | 16386292 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 812805 | SPDR Blackstone Senior Loan ETF | $| 33146188 |
| 12665 | SPDR Bloomberg High Yield Bond ETF^ |  | 1199502 |
|  | **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $139,597,418) |  | 132429159 |
| **PREFERRED STOCKS (0.2%)** |  |  |  |
|  | Communication Services (0.1%) | Communication Services (0.1%) | Communication Services (0.1%) |
| 8482 | AT&T, Inc.µ<br>4.750%, 05/30/25 |  | 161667 |
| 3485 | 5.350%, 11/01/66 |  | 79075 |
| 49077 | Qwest Corp.<br>6.500%, 09/01/56 |  | 853940 |
| 8086 | Telephone & Data Systems, Inc.<br>6.000%, 09/30/26 |  | 150157 |
| 9708 | Telephone and Data Systems, Inc.<br>6.625%, 03/31/26 |  | 202218 |
| 13961 | United States Cellular Corp.<br>5.500%, 03/01/70 |  | 306583 |
| 13385 | 6.250%, 09/01/69 |  | 315886 |
| 1467 | 5.500%, 06/01/70 |  | 32538 |
|  |  |  | 2102064 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 2835 | Ford Motor Companyµ<br>6.200%, 06/01/59 |  | 59506 |
| 2764 | 6.500%, 08/15/62 |  | 60449 |
| 8177 | Guitar Center, Inc.# |  | 122655 |
| 1355 | QVC Group, Inc.^<br>8.000%, 03/15/31 |  | 36937 |
| 4100 | QVC, Inc.<br>6.250%, 11/26/68 |  | 36490 |
|  |  |  | 316037 |
|  | Financials (0.1%) | Financials (0.1%) | Financials (0.1%) |
| 5813 | Affiliated Managers Group, Inc.µ<br>6.750%, 03/30/64 |  | 137710 |
| 1500 | Affiliated Managers Group, Inc.µ<br>5.875%, 03/30/59 |  | 31185 |
| 5970 | Annaly Capital Management, Inc.‡µ<br>9.521%, 05/30/25<br>3 mo. SOFR + 5.25% |  | 150444 |
| 5094 | Arch Capital Group, Ltd. Series Gµ<br>4.550%, 06/11/26 |  | 86547 |
| 2515 | Capital One Financial Corp.µ<br>4.800%, 06/01/25 |  | 45672 |
| 11953 | CNO Financial Group, Inc.µ<br>5.125%, 11/25/60 |  | 206548 |
| 3517 | Cullen/Frost Bankers, Inc.µ<br>4.450%, 12/15/25 |  | 59051 |
| 3401 | First Citizens BancShares, Inc.^<br>5.625%, 01/04/27 |  | 75808 |
| 1450 | KeyCorpµ<br>5.625%, 06/15/25 |  | 30885 |
| 765 | Northern Trust Corp.µ<br>4.700%, 07/01/25 |  | 15086 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| 8314 | Selective Insurance Group, Inc.^µ<br>4.600%, 12/15/25 | $142502 |
| 3125 | W R Berkley Corp.µ<br>5.100%, 12/30/59 | 60625 |
|  |  | 1042063 |
|  | Industrials (0.0%) | Industrials (0.0%) |
| 5043 | WESCO International, Inc.‡µ<br>10.625%, 06/22/25<br>5 year CMT + 10.33% | 128243 |
|  | Real Estate (0.0%) | Real Estate (0.0%) |
| 8773 | Brookfield Property Partners, LPµ<br>5.750%, 05/30/25 | 111066 |
| 5000 | 6.375%, 05/30/25 | 72050 |
| 1735 | EPR Propertiesµ<br>5.750%, 05/30/25 | 34839 |
| 4851 | Global Net Lease, Inc.^<br>7.500%, 05/30/25 | 111621 |
| 2271 | 6.875%, 05/30/25 | 48895 |
| 2559 | Kimco Realty Corp. Series M, Class Aµ<br>5.250%, 05/30/25 | 52920 |
|  |  | 431391 |
|  | Utilities (0.0%) | Utilities (0.0%) |
| 6000 | Brookfield Renewable Partners, LP<br>5.250%, 05/25/25 | 101820 |
| 3175 | DTE Energy Companyµ<br>5.250%, 12/01/77 | 67215 |
|  |  | 169035 |
|  | **TOTAL PREFERRED STOCKS**<br>(Cost $5,276,414) | 4188833 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (0.1%)#** |  |  |
|  | Financials (0.1%) | Financials (0.1%) |
| 495 | Berkshire Hathaway, Inc. |  |
| 26395875 | Call, 06/20/25, Strike $510.00 | 1757250 |
|  | Other (0.0%) | Other (0.0%) |
| 8000 | iShares MSCI EAFE ETF |  |
| 67800000 | Call, 06/20/25, Strike $85.00 | 1540000 |
|  | **TOTAL EXCHANGE-TRADED<br>PURCHASED OPTIONS**<br>(Cost $3,287,030) | 3297250 |
|  | **TOTAL INVESTMENTS (144.9%)**<br>(Cost $2,870,203,324) | 3813766023 |
| MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-12.3%) | MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-12.3%) | (323000000) |
| LIABILITIES, LESS OTHER ASSETS (-32.6%) | LIABILITIES, LESS OTHER ASSETS (-32.6%) | (858611789) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $2632154234 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (0.0%)#** |  |  |
|  | Industrials (0.0%) | Industrials (0.0%) |
| (260) | Quanta Services, Inc. |  |
| (7609940) | Put, 05/16/25, Strike $230.00 | $(24050) |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| (715) | Palantir Technologies, Inc. |  |
| (8468460) | Put, 05/16/25, Strike $60.00 | (13943) |
|  | **TOTAL EXCHANGE-TRADED<br>WRITTEN OPTIONS**<br>(Premium $246,990) | $(37993) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

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

@ In default status and considered non-income producing.

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

---

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

---

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

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

# Non-income producing security.

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

\*\* Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at April 30, 2025.

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

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

**ABBREVIATION**

ADR American Depositary Receipt

**FOREIGN CURRENCY ABBREVIATION**

EUR European Monetary Unit

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Asset Backed Securities | $— | $922348 | $— | $922348 |
| Corporate Bonds |  | 388658070 |  | 388658070 |
| Convertible Bonds |  | 506982873 |  | 506982873 |
| Bank Loans |  | 141226372 |  | 141226372 |
| U.S. Government and Agency Securities |  | 587295 |  | 587295 |
| Convertible Preferred Stocks | 98089669 | 8011011 |  | 106100680 |
| Common Stocks | 2512123808 | 17249322 |  | 2529373130 |
| Warrants | 13 |  |  | 13 |
| Exchange-Traded Funds | 132429159 |  |  | 132429159 |
| Preferred Stocks | 4188833 |  |  | 4188833 |
| Exchange-Traded Purchased Options | 3297250 |  |  | 3297250 |
| Total | $2750128732 | $1063637291 | $— | $3813766023 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Exchange-Traded Written Options | $37993 | $— | $— | $37993 |
| Total | $37993 | $— | $— | $37993 |

---

**SECTOR WEIGHTINGS**

---

| | |
|:---|:---|
| Information Technology | 25.0 |
| Financials | 13.5 |
| Consumer Discretionary | 12.4 |
| Communication Services | 10.3 |
| Health Care | 7.4 |
| Industrials | 6.7 |
| Consumer Staples | 5.4 |
| Energy | 4.3 |
| Utilities | 3.6 |
| Other | 3.3 |
| Materials | 2.3 |
| Real Estate | 1.3 |
| Airlines | 0.2 |
| Special Purpose Acquisition Companies | 0.1 |

---

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

**ASSET ALLOCATION**

![j25160456_ge008.jpg](j25160456_ge008.jpg)

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

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **ASSET BACKED SECURITY (0.0%)** |  |  |
|  | Other (0.0%) | Other (0.0%) |
| 215000 | SVC ABS, LLC Series 2023-1A, Class C\*<br>6.700%, 02/20/53<br>(Cost $203,718) | $207649 |
| **CORPORATE BONDS (16.7%)** |  |  |
|  | Airlines (0.2%) | Airlines (0.2%) |
| 200648 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class A\*µ<br>4.800%, 02/15/29 | 199163 |
| 49360 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class B\*<br>8.000%, 02/15/27 | 49720 |
| 244900 | American Airlines Pass Through Trust<br>Series 2021-1, Class B<br>3.950%, 01/11/32 | 229187 |
| 217076 | British Airways Pass Through Trust<br>Series 2021-1, Class B\*<br>3.900%, 03/15/33 | 204306 |
| 253451 | JetBlue Pass Through Trust<br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 256971 |
|  |  | 939347 |
|  | Communication Services (1.6%) | Communication Services (1.6%) |
| 200000 | Altice Financing, SA\*<br>5.750%, 08/15/29 | 147266 |
| 320000 | APi Group DE, Inc.\*<br>4.750%, 10/15/29 | 301971 |
| 242000 | Cincinnati Bell Telephone Company, LLC<br>6.300%, 12/01/28 | 228003 |
| 130000 | Clear Channel Outdoor Holdings, Inc.\*<br>7.875%, 04/01/30 | 130250 |
| 80000 | 9.000%, 09/15/28 | 82979 |
| 200000 | Connect Finco SARL /<br>Connect US Finco, LLC\*<br>9.000%, 09/15/29 | 187164 |
| 371000 | Consolidated Communications, Inc.\*<br>6.500%, 10/01/28 | 365587 |
| 535000 | CSC Holdings, LLC\*<br>4.500%, 11/15/31 | 364554 |
| 400000 | 4.625%, 12/01/30 | 185492 |
| 246000 | Directv Financing, LLC / Directv<br>Financing Co-Obligor, Inc.\*<br>5.875%, 08/15/27 | 237985 |
| 400000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 397296 |
| 65000 | Frontier Communications Holdings, LLC\*<br>8.750%, 05/15/30 | 68078 |
| 419000 | Frontier Florida, LLC<br>6.860%, 02/01/28 | 429429 |
| 400000 | Frontier North, Inc.<br>6.730%, 02/15/28 | 407284 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 235000 | Go Daddy Operating Company, LLC /<br>GD Finance Company, Inc.\*<br>3.500%, 03/01/29 | $| 219539 |
| 135000 | Gray Media, Inc.\*<br>5.375%, 11/15/31 |  | 80727 |
| 260000 | Hughes Satellite Systems Corp.^<br>5.250%, 08/01/26 |  | 242500 |
| 132000 | iHeartCommunications, Inc.\*<br>10.875%, 05/01/30 |  | 55657 |
| 89000 | 7.750%, 08/15/30 |  | 64354 |
| 200000 | Lumen Technologies, Inc.<br>7.600%, 09/15/39 |  | 147044 |
| 196625 | 10.000%, 10/15/32\* |  | 196427 |
| 130000 | Match Group Holdings II, LLC\*<br>3.625%, 10/01/31 |  | 111602 |
| 260000 | Paramount Global<br>4.900%, 08/15/44 |  | 195707 |
| 94000 | Qwest Corp.<br>7.250%, 09/15/25 |  | 93769 |
| 160000 | Rogers Communications, Inc.‡<br>7.125%, 04/15/55<br>5 year CMT + 2.62 |  | 159370 |
| 160000 | 7.000%, 04/15/55<br>5 year CMT + 2.65 |  | 160768 |
| 136000 | Scripps Escrow II, Inc.\*<br>3.875%, 01/15/29^ |  | 104762 |
| 68000 | 5.375%, 01/15/31 |  | 38782 |
| 95000 | Scripps Escrow, Inc.\*^<br>5.875%, 07/15/27 |  | 75272 |
| 130000 | Sinclair Television Group, Inc.\*<br>8.125%, 02/15/33 |  | 128909 |
| 325000 | Sirius XM Radio, LLC\*<br>3.875%, 09/01/31^ |  | 278980 |
| 215000 | 5.500%, 07/01/29 |  | 209687 |
| 130000 | 3.125%, 09/01/26 |  | 126650 |
| 242000 | Spanish Broadcasting System, Inc.\*<br>9.750%, 03/01/26 |  | 154928 |
| 170000 | Stagwell Global, LLC\*<br>5.625%, 08/15/29 |  | 160672 |
| 130000 | Telesat Canada / Telesat, LLC\*<br>4.875%, 06/01/27 |  | 71287 |
| 200000 | Time Warner Cable, LLC<br>6.550%, 05/01/37 |  | 197494 |
| 105000 | 7.300%, 07/01/38 |  | 109408 |
| 103000 | United States Cellular Corp.<br>6.700%, 12/15/33 |  | 111578 |
| 202000 | Univision Communications, Inc.\*<br>8.000%, 08/15/28 |  | 196659 |
| 130000 | 8.500%, 07/31/31 |  | 123014 |
|  |  |  | 7348884 |
|  | Consumer Discretionary (3.4%) | Consumer Discretionary (3.4%) | Consumer Discretionary (3.4%) |
| 400000 | Adams Homes, Inc.\*<br>9.250%, 10/15/28 |  | 402040 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 340000 | Adient Global Holdings, Ltd.\*^<br>8.250%, 04/15/31 | $337039 |
| 130000 | 7.500%, 02/15/33 | 123302 |
| 320000 | Aptiv Swiss Holdings, Ltd.‡<br>6.875%, 12/15/54<br>5 year CMT + 3.39% | 299626 |
| 228000 | Ashton Woods USA, LLC /<br>Ashton Woods Finance Company\*<br>4.625%, 08/01/29 | 211785 |
| 325000 | At Home Group, Inc.\*<br>4.875%, 07/15/28 | 87643 |
| 355000 | Bath & Body Works, Inc.<br>6.694%, 01/15/27^ | 362029 |
| 195000 | 6.875%, 11/01/35 | 196283 |
| 50000 | 6.625%, 10/01/30\* | 50982 |
| 168000 | Caesars Entertainment, Inc.\*<br>4.625%, 10/15/29^ | 155644 |
| 160000 | 6.000%, 10/15/32^ | 150954 |
| 50000 | 7.000%, 02/15/30 | 51258 |
| 134000 | Carnival Corp.\*<br>4.000%, 08/01/28µ | 128041 |
| 98000 | 7.625%, 03/01/26 | 98138 |
| 16000 | 7.000%, 08/15/29µ | 16710 |
| 63331 | Carvana Company\*<br>9.000%, 06/01/31 | 71461 |
| 49634 | 9.000%, 06/01/30 | 52642 |
| 27862 | 9.000%, 12/01/28 | 28655 |
| 570000 | CCO Holdings, LLC /<br>CCO Holdings Capital Corp.\*<br>4.750%, 03/01/30 | 539117 |
| 515000 | 5.125%, 05/01/27 | 508135 |
| 315000 | 4.500%, 08/15/30 | 292931 |
| 300000 | 6.375%, 09/01/29^ | 303054 |
| 266000 | 4.250%, 02/01/31 | 240703 |
| 130000 | 5.000%, 02/01/28 | 126952 |
| 130000 | 4.750%, 02/01/32 | 117966 |
| 132000 | Churchill Downs, Inc.\*<br>6.750%, 05/01/31 | 133511 |
| 130000 | 5.750%, 04/01/30 | 127282 |
| 220000 | Dana, Inc.<br>4.250%, 09/01/30 | 202921 |
| 195000 | 4.500%, 02/15/32^ | 175383 |
| 140000 | DISH DBS Corp.<br>5.125%, 06/01/29 | 87689 |
| 101000 | 7.375%, 07/01/28 | 68389 |
| 265000 | DISH Network Corp.\*<br>11.750%, 11/15/27 | 278637 |
| 400000 | Empire Resorts, Inc.\*<br>7.750%, 11/01/26 | 381468 |
| 296000 | Everi Holdings, Inc.\*<br>5.000%, 07/15/29 | 297533 |
| 275000 | Ford Motor Company^<br>6.100%, 08/19/32 | 263945 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 425000 | Ford Motor Credit Company, LLC<br>4.000%, 11/13/30 | $378501 |
| 350000 | 5.113%, 05/03/29 | 335688 |
| 340000 | 7.200%, 06/10/30 | 350588 |
| 98000 | Gap, Inc.\*<br>3.875%, 10/01/31 | 84928 |
| 135000 | General Motors Company<br>5.200%, 04/01/45 | 111089 |
| 455000 | goeasy, Ltd.\*<br>9.250%, 12/01/28 | 476876 |
| 237000 | 7.625%, 07/01/29 | 239124 |
| 400000 | Goodyear Tire & Rubber Company^<br>5.625%, 04/30/33 | 370052 |
| 140000 | 5.250%, 07/15/31 | 130917 |
| 155000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 | 157058 |
| 114000 | 4.000%, 08/15/28 | 108450 |
| 58888 | JetBlue Pass Through Trust<br>Series 2019-2, Class B<br>8.000%, 11/15/27 | 58891 |
| 363000 | Kohl's Corp.<br>5.550%, 07/17/45 | 172871 |
| 265000 | LCM Investments Holdings II, LLC\*<br>8.250%, 08/01/31 | 277712 |
| 265000 | Liberty Interactive, LLC<br>8.250%, 02/01/30 | 99224 |
| 260000 | Life Time, Inc.\*<br>6.000%, 11/15/31 | 259691 |
| 135000 | Light & Wonder International, Inc.\*<br>7.500%, 09/01/31 | 138811 |
| 100000 | Lindblad Expeditions Holdings, Inc.\*<br>9.000%, 05/15/28 | 102917 |
| 168000 | Lindblad Expeditions, LLC\*<br>6.750%, 02/15/27 | 167622 |
| 175000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 159026 |
| 305000 | Macy's Retail Holdings, LLC<br>6.700%, 07/15/34\* | 256102 |
| 200000 | 4.300%, 02/15/43 | 120136 |
| 510000 | MGM Resorts International<br>6.500%, 04/15/32 | 503161 |
| 332000 | Midwest Gaming Borrower, LLC /<br>Midwest Gaming Finance Corp.\*<br>4.875%, 05/01/29 | 314573 |
| 265000 | Newell Brands, Inc.<br>6.875%, 04/01/36^ | 231001 |
| 130000 | 6.625%, 05/15/32^ | 116750 |
| 100000 | 5.700%, 04/01/26 | 98815 |
| 130000 | Nordstrom, Inc.<br>5.000%, 01/15/44 | 91260 |
| 239000 | Patrick Industries, Inc.\*<br>4.750%, 05/01/29 | 227836 |
| 130000 | 6.375%, 11/01/32 | 126503 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 305000 | PENN Entertainment, Inc.\*^<br>4.125%, 07/01/29 | $| 268000 |
| 365000 | Premier Entertainment Sub, LLC /<br>Premier Entertainment Finance Corp.\*<br>5.625%, 09/01/29 |  | 214160 |
| 135000 | QVC, Inc.<br>5.450%, 08/15/34 |  | 66388 |
| 130000 | Raising Cane's Restaurants, LLC\*<br>9.375%, 05/01/29 |  | 138146 |
| 20618 | Rite Aid Cmsr Note<br>12.000%, 12/31/25 |  | 23711 |
| 448000 | Rite Aid Corp.<br>0.000%, 11/15/26\*@ |  |  |
| 151382 | 15.000%, 08/30/31 |  | 26677 |
| 81390 | 0.000%, 10/18/25\* |  |  |
| 29415 | 11.317%, 08/30/31\*<br>3 mo. SOFR + 7.00% |  | 20591 |
| 27717 | Rite Aid Note Holder Trust Bond<br>0.000%, 08/30/34 |  |  |
| 260000 | Rivers Enterprise Borrower, LLC /<br>Rivers Enterprise Finance Corp.\*<br>6.625%, 02/01/33 |  | 257163 |
| 32000 | Royal Caribbean Cruises, Ltd.\*<br>6.250%, 03/15/32 |  | 32510 |
| 32000 | 5.625%, 09/30/31 |  | 31793 |
| 240000 | Simmons Foods, Inc. / Simmons<br>Prepared Foods, Inc. / Simmons<br>Pet Food, Inc. / Simmons Feed\*<br>4.625%, 03/01/29 |  | 223327 |
| 395000 | Six Flags Entertainment Corp.\*<br>7.250%, 05/15/31 |  | 400917 |
| 207000 | Six Flags Entertainment Corp. /<br>Canada's Wonderland Company /<br>Magnum Management Corp.<br>5.250%, 07/15/29 |  | 197650 |
| 173000 | Sonic Automotive, Inc.\*<br>4.625%, 11/15/29 |  | 162399 |
| 193000 | Speedway Motorsports, LLC /<br>Speedway Funding II, Inc.\*<br>4.875%, 11/01/27 |  | 185714 |
| 275000 | Station Casinos, LLC\*<br>4.500%, 02/15/28 |  | 265788 |
| 260000 | STL Holding Company, LLC\*<br>8.750%, 02/15/29 |  | 265161 |
| 65000 | Viking Cruises, Ltd.\*<br>9.125%, 07/15/31 |  | 69570 |
| 265000 | ZF North America Capital, Inc.\*<br>7.125%, 04/14/30 |  | 244807 |
|  |  |  | 16330493 |
|  | Consumer Staples (0.8%) | Consumer Staples (0.8%) | Consumer Staples (0.8%) |
| 130000 | Brink's Company\*<br>6.750%, 06/15/32 |  | 133254 |
| 130000 | 6.500%, 06/15/29 |  | 132709 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 305000 | Central Garden & Pet Company\*<br>4.125%, 04/30/31 | $| 274921 |
| 304000 | Edgewell Personal Care Company\*<br>4.125%, 04/01/29 |  | 284781 |
| 370000 | Energizer Holdings, Inc.\*<br>4.375%, 03/31/29 |  | 345713 |
| 66000 | 6.500%, 12/31/27 |  | 66401 |
| 73000 | JBS USA Holding Lux Sarl/<br>JBS USA Food Company/<br>JBS Lux Company Sarl<br>5.750%, 04/01/33 |  | 74529 |
| 40000 | 5.500%, 01/15/30µ |  | 40672 |
| 231655 | MPH Acquisition Holdings, LLC\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 155637 |
| 109200 | 5.750%, 12/31/30 |  | 85110 |
| 96452 | 11.500%, 12/31/30<br>6.50% Cash & 5.00% PIK Rate |  | 90212 |
| 177000 | New Albertsons, LP<br>7.750%, 06/15/26 |  | 181591 |
| 200000 | Opal Bidco, SAS\*<br>6.500%, 03/31/32 |  | 200352 |
| 261000 | Performance Food Group, Inc.\*<br>4.250%, 08/01/29 |  | 247230 |
| 65000 | 6.125%, 09/15/32 |  | 65300 |
| 210000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 |  | 199072 |
| 260000 | Post Holdings, Inc.\*<br>6.250%, 02/15/32 |  | 262514 |
| 195000 | 6.375%, 03/01/33 |  | 193422 |
| 252000 | Prestige Brands, Inc.\*<br>3.750%, 04/01/31 |  | 227879 |
| 195000 | RR Donnelley & Sons Company\*<br>9.500%, 08/01/29 |  | 186307 |
| 240000 | United Natural Foods, Inc.\*<br>6.750%, 10/15/28 |  | 235870 |
| 130000 | Walgreens Boots Alliance, Inc.<br>4.650%, 06/01/46 |  | 118060 |
|  |  |  | 3801536 |
|  | Energy (2.2%) | Energy (2.2%) | Energy (2.2%) |
| 260000 | Ascent Resources Utica Holdings, LLC /<br>ARU Finance Corp.\*<br>6.625%, 10/15/32 |  | 257475 |
| 197000 | Buckeye Partners, LP<br>6.750%, 02/01/30\* |  | 200538 |
| 135000 | 5.850%, 11/15/43 |  | 113501 |
| 98000 | 6.875%, 07/01/29\* |  | 99924 |
| 326000 | Civitas Resources, Inc.\*<br>8.750%, 07/01/31 |  | 309935 |
| 200000 | Continental Resources, Inc.<br>4.900%, 06/01/44 |  | 154478 |
| 202000 | DT Midstream, Inc.\*<br>4.125%, 06/15/29 |  | 189737 |
| 195000 | Enbridge, Inc.‡<br>7.375%, 03/15/55<br>5 year CMT + 3.12% |  | 197057 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 130000 | 7.200%, 06/27/54<br>5 year CMT + 2.97% | $129832 |
| 325000 | Encino Acquisition Partners<br>Holdings, LLC\*<br>8.750%, 05/01/31 | 331796 |
| 250000 | Energy Transfer, LP‡<br>7.555%, 11/01/66^<br>3 mo. SOFR + 3.28% | 242475 |
| 197000 | 6.500%, 11/15/26<br>5 year CMT + 5.69% | 196178 |
| 130000 | 7.125%, 10/01/54^<br>5 year CMT + 2.83% | 128696 |
| 430000 | EQT Corp.\*µ<br>7.500%, 06/01/27 | 437233 |
| 196000 | Genesis Energy, LP / Genesis Energy<br>Finance Corp.<br>8.875%, 04/15/30 | 200318 |
| 130000 | 8.000%, 05/15/33 | 126548 |
| 365000 | Gulfport Energy Operating Corp.\*<br>6.750%, 09/01/29 | 360686 |
| 260000 | Howard Midstream Energy Partners, LLC\*<br>7.375%, 07/15/32 | 266347 |
| 260000 | Magnolia Oil & Gas Operating, LLC /<br>Magnolia Oil & Gas Finance Corp.\*<br>6.875%, 12/01/32 | 252377 |
| 263000 | Matador Resources Company\*<br>6.500%, 04/15/32 | 253574 |
| 276000 | Nabors Industries, Inc.\*<br>9.125%, 01/31/30 | 250619 |
| 100000 | Nabors Industries, Ltd.\*^<br>7.500%, 01/15/28 | 79626 |
| 195000 | New Fortress Energy, Inc.\*^<br>6.500%, 09/30/26 | 160231 |
| 275000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 | 262344 |
| 168000 | ONEOK, Inc.\*<br>6.500%, 09/01/30 | 178063 |
| 390000 | Parkland Corp.\*<br>6.625%, 08/15/32 | 388284 |
| 246000 | Permian Resources Operating, LLC\*<br>7.000%, 01/15/32 | 248034 |
| 65000 | 6.250%, 02/01/33 | 63652 |
| 270000 | Plains All American Pipeline, LP‡<br>8.695%, 05/31/25<br>3 mo. SOFR + 4.37% | 266933 |
| 260000 | South Bow Canadian Infrastructure<br>Holdings, Ltd.\*‡<br>7.625%, 03/01/55<br>5 year CMT + 3.95% | 259823 |
| 357000 | Summit Midstream Holdings, LLC\*<br>8.625%, 10/31/29 | 351870 |
| 130000 | Sunoco, LP\*<br>6.250%, 07/01/33 | 129944 |
| 365000 | TGNR Intermediate Holdings, LLC\*<br>5.500%, 10/15/29 | 335282 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 361600 | Transocean, Inc.\*<br>8.750%, 02/15/30 | $| 353641 |
| 260000 | 8.250%, 05/15/29 |  | 210337 |
| 65000 | Venture Global Calcasieu Pass, LLC\*<br>4.125%, 08/15/31 |  | 58508 |
| 65000 | 3.875%, 08/15/29 |  | 59669 |
| 592000 | Venture Global LNG, Inc.\*<br>9.000%, 09/30/29‡<br>5 year CMT + 5.44% |  | 508771 |
| 330000 | 8.375%, 06/01/31 |  | 318344 |
| 200000 | 8.125%, 06/01/28 |  | 198900 |
| 137000 | 7.000%, 01/15/30 |  | 129209 |
| 135000 | 9.875%, 02/01/32 |  | 137442 |
| 135000 | 9.500%, 02/01/29 |  | 139995 |
| 252000 | Vital Energy, Inc.\*^<br>7.875%, 04/15/32 |  | 195086 |
| 275000 | VOC Escrow, Ltd.\*<br>5.000%, 02/15/28 |  | 269778 |
| 392000 | Weatherford International, Ltd.\*<br>8.625%, 04/30/30 |  | 388962 |
| 227000 | Wildfire Intermediate Holdings, LLC\*<br>7.500%, 10/15/29 |  | 207853 |
|  |  |  | 10599905 |
|  | Financials (3.0%) | Financials (3.0%) | Financials (3.0%) |
| 420000 | Acrisure, LLC / Acrisure Finance, Inc.\*<br>8.250%, 02/01/29 |  | 430345 |
| 250000 | AerCap Ireland Capital DAC /<br>AerCap Global Aviation Trust^‡<br>6.950%, 03/10/55<br>5 year CMT + 2.72% |  | 251340 |
| 260000 | Alliant Holdings Intermediate, LLC /<br>Alliant Holdings Co-Issuer\*<br>7.375%, 10/01/32 |  | 262980 |
| 260000 | 6.500%, 10/01/31 |  | 259935 |
| 367000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26<br>5 year CMT + 3.87% |  | 338168 |
| 125000 | 4.700%, 05/15/28<br>7 year CMT + 3.48% |  | 106926 |
| 268000 | AmWINS Group, Inc.\*<br>4.875%, 06/30/29 |  | 255600 |
| 270000 | AssuredPartners, Inc.\*<br>5.625%, 01/15/29 |  | 269784 |
| 260000 | Baldwin Insurance Group<br>Holdings, LLC / Baldwin Insurance<br>Group Holdings Finance\*<br>7.125%, 05/15/31 |  | 265327 |
| 260000 | Blackstone Mortgage Trust, Inc.\*<br>7.750%, 12/01/29 |  | 270707 |
| 275000 | Boost Newco Borrower LLC\*<br>7.500%, 01/15/31 |  | 290433 |
| 130000 | Brandywine Operating Partnership, LP<br>8.875%, 04/12/29 |  | 136708 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 195000 | Bread Financial Holdings, Inc.\*‡<br>8.375%, 06/15/35<br>5 year CMT + 4.30 | $182928 |
| 463000 | BroadStreet Partners, Inc.\*<br>5.875%, 04/15/29 | 447684 |
| 275000 | Brookfield Property REIT, Inc. /<br>BPR Cumulus, LLC / BPR Nimbus, LLC /<br>GGSI Sellco, LLC\*<br>4.500%, 04/01/27 | 266954 |
| 200000 | Burford Capital Global Financial, LLC\*<br>6.875%, 04/15/30 | 199894 |
| 255000 | Corebridge Financial, Inc.‡<br>6.375%, 09/15/54<br>5 year CMT + 2.65% | 245789 |
| 180000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 190679 |
| 116000 | 6.625%, 03/15/30 | 114305 |
| 265000 | Cushman & Wakefield U.S.<br>Borrower, LLC\*^<br>8.875%, 09/01/31 | 283720 |
| 130000 | Enstar Group, Ltd.\*‡<br>7.500%, 04/01/45<br>5 year CMT + 3.19 | 130644 |
| 300000 | GGAM Finance, Ltd.\*<br>8.000%, 02/15/27 | 307920 |
| 130000 | 5.875%, 03/15/30 | 129484 |
| 398000 | Global Net Lease, Inc. / Global<br>Net Lease Operating Partnership, LP\*<br>3.750%, 12/15/27 | 375318 |
| 145000 | HAT Holdings I, LLC /<br>HAT Holdings II, LLC\*<br>8.000%, 06/15/27 | 149260 |
| 398000 | HUB International, Ltd.\*<br>5.625%, 12/01/29 | 390307 |
| 195000 | 7.375%, 01/31/32 | 201010 |
| 202000 | Icahn Enterprises, LP / Icahn<br>Enterprises Finance Corp.<br>4.375%, 02/01/29 | 168492 |
| 420000 | Iron Mountain, Inc.\*<br>5.250%, 03/15/28 | 413700 |
| 325000 | Jefferies Finance, LLC /<br>JFIN Co-Issuer Corp.\*<br>5.000%, 08/15/28 | 302604 |
| 255000 | 6.625%, 10/15/31 | 250295 |
| 280000 | Ladder Capital Finance Holdings, LLLP /<br>Ladder Capital Finance Corp.\*<br>4.750%, 06/15/29 | 268601 |
| 269000 | 5.250%, 10/01/25 | 268123 |
| 162000 | 7.000%, 07/15/31 | 167495 |
| 220000 | LD Holdings Group, LLC\*<br>8.750%, 11/01/27 | 200994 |
| 205860 | Level 3 Financing, Inc.\*<br>10.000%, 10/15/32 | 206093 |
| 140000 | 3.875%, 10/15/30 | 110767 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 265000 | Macquarie Airfinance Holdings, Ltd.\*<br>8.125%, 03/30/29 | $| 277585 |
| 390000 | MetLife, Inc.<br>6.400%, 12/15/66 |  | 386268 |
| 170000 | Necessity Retail REIT, Inc. /<br>American Finance Operating Partner, LP\*<br>4.500%, 09/30/28 |  | 160387 |
| 130000 | Newmark Group, Inc.<br>7.500%, 01/12/29 |  | 136100 |
| 180000 | OneMain Finance Corp.<br>3.875%, 09/15/28 |  | 166725 |
| 130000 | 7.500%, 05/15/31^ |  | 132068 |
| 255000 | Park Intermediate Holdings, LLC /<br>PK Domestic Property, LLC /<br>PK Finance Co-Issuer\*<br>7.000%, 02/01/30 |  | 255133 |
| 325000 | Provident Funding Associates, LP /<br>PFG Finance Corp.\*<br>9.750%, 09/15/29 |  | 334327 |
| 265000 | RHP Hotel Properties, LP /<br>RHP Finance Corp.\*<br>6.500%, 04/01/32 |  | 264618 |
| 251000 | Rocket Mortgage, LLC /<br>Rocket Mortgage Co-Issuer, Inc.\*<br>3.875%, 03/01/31 |  | 227348 |
| 125000 | 3.625%, 03/01/29 |  | 116600 |
| 195000 | Saks Global Enterprises, LLC\*<br>11.000%, 12/15/29 |  | 118379 |
| 190000 | Service Properties Trust<br>8.375%, 06/15/29 |  | 185408 |
| 260000 | Starwood Property Trust, Inc.\*<br>6.000%, 04/15/30 |  | 257899 |
| 130000 | 6.500%, 07/01/30 |  | 131158 |
| 325000 | StoneX Group, Inc.\*<br>7.875%, 03/01/31 |  | 338949 |
| 260000 | TrueNoord Capital DAC\*<br>8.750%, 03/01/30 |  | 265886 |
| 310000 | United Wholesale Mortgage, LLC\*<br>5.500%, 04/15/29 |  | 300905 |
| 130000 | 5.750%, 06/15/27 |  | 128440 |
| 160000 | Uniti Group, LP / Uniti Group<br>Finance 2019, Inc. / CSL Capital, LLC\*<br>10.500%, 02/15/28 |  | 170014 |
| 135000 | 6.500%, 02/15/29 |  | 123576 |
| 130000 | VFH Parent, LLC / Valor Co-Issuer, Inc.\*<br>7.500%, 06/15/31 |  | 133679 |
| 300000 | VZ Secured Financing, BV\*<br>5.000%, 01/15/32 |  | 261939 |
| 260000 | XHR, LP\*<br>6.625%, 05/15/30 |  | 256643 |
|  |  |  | 14241347 |
|  | Health Care (1.1%) | Health Care (1.1%) | Health Care (1.1%) |
| 130000 | Acadia Healthcare Company, Inc.\*<br>7.375%, 03/15/33 |  | 130377 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 533000 | CHS/Community Health Systems, Inc.\*<br>6.125%, 04/01/30 | $| 362856 |
| 197000 | 10.875%, 01/15/32 |  | 203629 |
| 146000 | 6.875%, 04/15/29 |  | 107075 |
| 33000 | 5.250%, 05/15/30 |  | 28201 |
| 313000 | DaVita, Inc.\*<br>3.750%, 02/15/31 |  | 275324 |
| 291000 | 4.625%, 06/01/30 |  | 270842 |
| 255000 | 6.875%, 09/01/32^ |  | 257815 |
| 195000 | Embecta Corp.\*<br>5.000%, 02/15/30 |  | 175681 |
| 67000 | 6.750%, 02/15/30 |  | 65040 |
| 130000 | Encompass Health Corp.<br>4.750%, 02/01/30 |  | 126676 |
| 130000 | 4.500%, 02/01/28 |  | 128170 |
| 257000 | HCA, Inc.<br>7.500%, 11/06/33 |  | 290135 |
| 200000 | Jazz Securities DAC\*<br>4.375%, 01/15/29 |  | 190070 |
| 336000 | Medline Borrower, LP\*<br>5.250%, 10/01/29 |  | 319526 |
| 335000 | 3.875%, 04/01/29 |  | 312783 |
| 33000 | Medline Borrower, LP /<br>Medline Co-Issuer, Inc.\*<br>6.250%, 04/01/29 |  | 33308 |
| 490000 | Organon & Company / Organon<br>Foreign Debt Co-Issuer, BV\*<br>5.125%, 04/30/31^ |  | 411497 |
| 200000 | 4.125%, 04/30/28 |  | 188840 |
| 625000 | Tenet Healthcare Corp.<br>6.250%, 02/01/27 |  | 625181 |
| 375000 | 6.875%, 11/15/31 |  | 385376 |
| 335000 | Teva Pharmaceutical Finance<br>Netherlands III, BV^<br>5.125%, 05/09/29 |  | 326059 |
|  |  |  | 5214461 |
|  | Industrials (2.0%) | Industrials (2.0%) | Industrials (2.0%) |
| 260000 | Aar Escrow Issuer, LLC\*<br>6.750%, 03/15/29 |  | 266360 |
| 300000 | ACCO Brands Corp.\*<br>4.250%, 03/15/29 |  | 260907 |
| 265000 | Air Lease Corp.‡<br>4.125%, 12/15/26<br>5 year CMT + 3.15% |  | 243943 |
| 440000 | Albertsons Companies, Inc. /<br>Safeway, Inc. / New Albertsons, LP /<br>Albertsons, LLC\*<br>4.625%, 01/15/27 |  | 435732 |
| 195000 | 5.875%, 02/15/28 |  | 195365 |
| 146000 | Arcosa, Inc.\*<br>4.375%, 04/15/29 |  | 137130 |
| 130000 | 6.875%, 08/15/32 |  | 132531 |
| 725375 | ARD Finance, SA\*<br>6.500%, 06/30/27<br>7.250% PIK Rate |  | 19070 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 130000 | Bombardier, Inc.\*<br>8.750%, 11/15/30 | $139564 |
| 95000 | 7.000%, 06/01/32^ | 96185 |
| 81000 | 7.250%, 07/01/31^ | 83134 |
| 54000 | 7.875%, 04/15/27 | 54152 |
| 261000 | BWX Technologies, Inc.\*<br>4.125%, 04/15/29 | 248135 |
| 273000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.375%, 01/15/28 | 266451 |
| 68000 | Delta Air Lines, Inc. / SkyMiles IP, Ltd.\*µ<br>4.750%, 10/20/28 | 67482 |
| 350000 | Deluxe Corp.\*<br>8.000%, 06/01/29 | 322742 |
| 65000 | 8.125%, 09/15/29 | 65115 |
| 252000 | EMRLD Borrower, LP /<br>Emerald Co-Issuer, Inc.\*<br>6.625%, 12/15/30 | 256055 |
| 145000 | EnerSys\*<br>4.375%, 12/15/27 | 140711 |
| 135000 | 6.625%, 01/15/32 | 137993 |
| 97000 | EquipmentShare.com, Inc.\*<br>8.000%, 03/15/33^ | 95841 |
| 95000 | 8.625%, 05/15/32 | 96867 |
| 161000 | Graham Packaging Company, Inc.\*<br>7.125%, 08/15/28 | 157489 |
| 175000 | Graphic Packaging International, LLC\*<br>4.750%, 07/15/27 | 171936 |
| 125000 | 3.500%, 03/01/29 | 116374 |
| 290000 | Great Lakes Dredge & Dock Corp.\*<br>5.250%, 06/01/29 | 264857 |
| 623000 | H&E Equipment Services, Inc.\*<br>3.875%, 12/15/28 | 621380 |
| 350000 | Herc Holdings, Inc.\*<br>5.500%, 07/15/27 | 346626 |
| 130000 | 6.625%, 06/15/29 | 128519 |
| 195000 | JELD-WEN, Inc.\*^<br>7.000%, 09/01/32 | 171621 |
| 70000 | 4.875%, 12/15/27 | 64670 |
| 445000 | Ken Garff Automotive, LLC\*<br>4.875%, 09/15/28 | 429772 |
| 170000 | Moog, Inc.\*<br>4.250%, 12/15/27 | 164308 |
| 272000 | Novelis Corp.\*<br>4.750%, 01/30/30 | 253145 |
| 260000 | Quikrete Holdings, Inc.\*<br>6.375%, 03/01/32 | 261955 |
| 65000 | Sealed Air Corp.\*<br>6.500%, 07/15/32^ | 66219 |
| 65000 | 5.000%, 04/15/29 | 63408 |
| 206000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 | 207714 |
| 65000 | 7.250%, 02/15/31 | 67706 |
| 247000 | Sensata Technologies, Inc.\*<br>3.750%, 02/15/31 | 216058 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 60000 | Standard Building Solutions, Inc.\*<br>6.500%, 08/15/32 | $| 60829 |
| 127000 | Standard Industries, Inc.\*<br>5.000%, 02/15/27 |  | 126197 |
| 285000 | TransDigm, Inc.\*<br>6.875%, 12/15/30 |  | 294026 |
| 200000 | 6.750%, 08/15/28 |  | 204170 |
| 100000 | 7.125%, 12/01/31 |  | 104080 |
| 65000 | 6.625%, 03/01/32 |  | 66691 |
| 79223 | United Airlines Pass Through Trust<br>Series 2019-2, Class B<br>3.500%, 11/01/29 |  | 75699 |
| 144000 | Wabash National Corp.\*<br>4.500%, 10/15/28 |  | 121248 |
| 260000 | Waste Pro USA, Inc.\*<br>7.000%, 02/01/33 |  | 266243 |
| 157000 | Williams Scotsman, Inc.\*<br>4.625%, 08/15/28 |  | 151236 |
| 130000 | 7.375%, 10/01/31 |  | 134853 |
| 100000 | 6.625%, 06/15/29 |  | 101559 |
|  |  |  | 9242053 |
|  | Information Technology (0.7%) | Information Technology (0.7%) | Information Technology (0.7%) |
| 153000 | Coherent Corp.\*<br>5.000%, 12/15/29 |  | 146840 |
| 116000 | Dell International, LLC / EMC Corp.µ<br>6.020%, 06/15/26 |  | 117371 |
| 130000 | Dun & Bradstreet Corp.\*^<br>5.000%, 12/15/29 |  | 129879 |
| 138000 | Fair Isaac Corp.\*<br>4.000%, 06/15/28 |  | 132715 |
| 300000 | KBR, Inc.\*<br>4.750%, 09/30/28 |  | 284829 |
| 132000 | NCL Corp., Ltd.\*<br>8.125%, 01/15/29 |  | 138185 |
| 130000 | 6.750%, 02/01/32 |  | 127027 |
| 198000 | ON Semiconductor Corp.\*<br>3.875%, 09/01/28 |  | 187526 |
| 135000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 138864 |
| 98000 | Open Text Holdings, Inc.\*<br>4.125%, 12/01/31 |  | 87659 |
| 230000 | Playtika Holding Corp.\*<br>4.250%, 03/15/29 |  | 203492 |
| 370000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 |  | 344899 |
| 185000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 173656 |
| 66000 | 3.875%, 03/15/31 |  | 60059 |
| 97000 | UKG, Inc.\*<br>6.875%, 02/01/31 |  | 99980 |
| 390000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 |  | 357677 |
| 260000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 261531 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 300000 | ZoomInfo Technologies, LLC /<br>ZoomInfo Finance Corp.\*<br>3.875%, 02/01/29 | $ | 276054 |
|  |  |  | 3268243 |
|  | Materials (0.7%) | Materials (0.7%) | Materials (0.7%) |
| 147000 | ATI, Inc.<br>5.875%, 12/01/27 |  | 146940 |
| 260000 | Avient Corp.\*<br>6.250%, 11/01/31 |  | 257332 |
| 130000 | Celanese US Holdings, LLC^<br>6.629%, 07/15/32 |  | 127971 |
| 220000 | Chemours Company\*<br>8.000%, 01/15/33 |  | 198383 |
| 195000 | 4.625%, 11/15/29 |  | 163359 |
| 420000 | Clearwater Paper Corp.\*<br>4.750%, 08/15/28 |  | 391806 |
| 200000 | Cleveland-Cliffs, Inc.\*^<br>7.000%, 03/15/32 |  | 188548 |
| 250000 | Constellium, SE\*^<br>6.375%, 08/15/32 |  | 246298 |
| 195000 | JW Aluminum Continuous<br>Cast Company\*<br>10.250%, 04/01/30 |  | 191759 |
| 265000 | Knife River Corp.\*<br>7.750%, 05/01/31 |  | 277603 |
| 279000 | Mercer International, Inc.<br>5.125%, 02/01/29 |  | 229436 |
| 133000 | 12.875%, 10/01/28\* |  | 136100 |
| 250000 | OCI, NV\*<br>6.700%, 03/16/33 |  | 273095 |
| 305000 | Silgan Holdings, Inc.<br>4.125%, 02/01/28 |  | 293178 |
| 260000 | Terex Corp.\*<br>6.250%, 10/15/32 |  | 249088 |
| 111350 | Trinseo Luxco Finance SPV Sarl /<br>Trinseo NA Finance SPV, LLC\*<br>7.625%, 05/03/29 |  | 68412 |
|  |  |  | 3439308 |
|  | Other (0.6%) | Other (0.6%) | Other (0.6%) |
| 355000 | 1261229 BC, Ltd.\*<br>10.000%, 04/15/32 |  | 348326 |
| 260000 | Alumina Pty, Ltd.\*<br>6.375%, 09/15/32 |  | 253960 |
| 104401 | Claritev Corp.\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 66303 |
| 406000 | EchoStar Corp.<br>10.750%, 11/30/29 |  | 429544 |
| 261318 | 6.750%, 11/30/30<br>6.75% PIK Rate |  | 243433 |
| 140000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 |  | 142463 |
| 130000 | Mohegan Tribal Gaming Authority /<br>MS Digital Entertainment Holdings, LLC\*<br>8.250%, 04/15/30 |  | 130202 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 260000 | New Gold, Inc.\*<br>6.875%, 04/01/32 | $| 265964 |
| 100000 | Nissan Motor Acceptance Company, LLC\*<br>7.050%, 09/15/28 |  | 102306 |
| 260000 | Olin Corp.\*<br>6.625%, 04/01/33 |  | 246987 |
| 130000 | Reinsurance Group of America, Inc.‡<br>6.650%, 09/15/55<br>5 year CMT + 2.39 |  | 126481 |
| 260000 | Rfna, LP\*<br>7.875%, 02/15/30 |  | 255679 |
| 260000 | Stonepeak Nile Parent, LLC\*<br>7.250%, 03/15/32 |  | 264165 |
|  |  |  | 2875813 |
|  | Real Estate (0.0%) | Real Estate (0.0%) | Real Estate (0.0%) |
| 130000 | Forestar Group, Inc.\*<br>6.500%, 03/15/33 |  | 126545 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 65000 | Clydesdale Acquisition Holdings, Inc.\*<br>6.750%, 04/15/32 |  | 66559 |
| 260000 | Fertitta Entertainment, LLC /<br>Fertitta Entertainment Finance<br>Company, Inc.\*<br>6.750%, 01/15/30^ |  | 227469 |
| 131000 | 4.625%, 01/15/29 |  | 121679 |
|  |  |  | 415707 |
|  | Utilities (0.3%) | Utilities (0.3%) | Utilities (0.3%) |
| 99000 | AES Corp.‡<br>6.950%, 07/15/55<br>5 year CMT + 2.89 |  | 92646 |
| 95000 | 7.600%, 01/15/55<br>5 year CMT + 3.20% |  | 94176 |
| 130000 | Dominion Energy, Inc.^‡<br>6.625%, 05/15/55<br>5 year CMT + 2.21% |  | 128426 |
| 265000 | Duke Energy Corp.^‡<br>6.450%, 09/01/54<br>5 year CMT + 2.59% |  | 266081 |
| 200000 | Entergy Corp.‡<br>7.125%, 12/01/54<br>5 year CMT + 2.67% |  | 201618 |
| 200000 | Evergy, Inc.^‡<br>6.650%, 06/01/55<br>5 year CMT + 2.56% |  | 194732 |
| 191000 | NiSource, Inc.^‡<br>6.950%, 11/30/54<br>5 year CMT + 2.45% |  | 194398 |
| 97000 | PPL Capital Funding, Inc.‡<br>7.226%, 03/30/67<br>3 mo. SOFR + 2.93% |  | 94903 |
| 125000 | Vistra Corp.\*‡<br>7.000%, 12/15/26<br>5 year CMT + 5.74% |  | 126402 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 65000 | 8.000%, 10/15/26<br>5 year CMT + 6.93% | $ | 66457 |
|  |  |  | 1459839 |
|  | **TOTAL CORPORATE BONDS**<br>(Cost $83,196,734) |  | 79303481 |
| **CONVERTIBLE BONDS (117.0%)** |  |  |  |
|  | Communication Services (12.8%) | Communication Services (12.8%) | Communication Services (12.8%) |
| 2500000 | AST SpaceMobile, Inc.\*<br>4.250%, 03/01/32 |  | 2956475 |
| 7750000 | Liberty Media Corp.-Liberty Formula One<br>2.250%, 08/15/27 |  | 9452598 |
| 13250000 | Live Nation Entertainment, Inc.\*µ<br>2.875%, 01/15/30 |  | 13692815 |
| 4500000 | Match Group Financeco 3, Inc.\*µ<br>2.000%, 01/15/30 |  | 3942630 |
| 14000000 | Snap, Inc.\*µ<br>0.500%, 05/01/30 |  | 11459700 |
| 14508000 | Uber Technologies, Inc.µ<br>0.875%, 12/01/28 |  | 19043926 |
|  |  |  | 60548144 |
|  | Consumer Discretionary (16.2%) | Consumer Discretionary (16.2%) | Consumer Discretionary (16.2%) |
| 10000000 | Alibaba Group Holding, Ltd.\*<br>0.500%, 06/01/31 |  | 13155100 |
| 4000000 | Booking Holdings, Inc.<br>0.750%, 05/01/25 |  | 9804000 |
| 3750000 | Carnival Corp.<br>5.750%, 12/01/27 |  | 5986612 |
| 9750000 | DraftKings Holdings, Inc.µ<br>0.000%, 03/15/28 |  | 8573565 |
| 9000000 | Marriott Vacations Worldwide Corp.µ<br>3.250%, 12/15/27 |  | 8224830 |
| 4250000 | Meritage Homes Corp.\*µ<br>1.750%, 05/15/28 |  | 4149742 |
| 10000000 | Rivian Automotive, Inc.µ<br>4.625%, 03/15/29 |  | 10185200 |
| 750000 | Royal Caribbean Cruises, Ltd.<br>6.000%, 08/15/25 |  | 3238688 |
| 5000000 | Shake Shack, Inc.<br>0.000%, 03/01/28 |  | 4631800 |
| 5500000 | Trip.com Group, Ltd.\*<br>0.750%, 06/15/29 |  | 6221930 |
| 3000000 | Wayfair, Inc.µ<br>3.500%, 11/15/28 |  | 2987640 |
|  |  |  | 77159107 |
|  | Consumer Staples (1.4%) | Consumer Staples (1.4%) | Consumer Staples (1.4%) |
| 6500000 | Enovis Corp.µ<br>3.875%, 10/15/28 |  | 6501105 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Energy (1.8%) | Energy (1.8%) |
| 3500000 | Kosmos Energy, Ltd.<br>3.125%, 03/15/30 | $2410520 |
| 4265000 | Nabors Industries, Inc.<br>1.750%, 06/15/29 | 2424269 |
| 3750000 | Northern Oil & Gas, Inc.<br>3.625%, 04/15/29 | 3601200 |
| 9600000 | SunEdison, Inc.\*@<br>0.000%, 01/15/49 | 33600 |
|  |  | 8469589 |
|  | Financials (2.5%) | Financials (2.5%) |
| 3750000 | Affirm Holdings, Inc.\*µ<br>0.750%, 12/15/29 | 3403388 |
| 5375000 | Coinbase Global, Inc.µ<br>0.250%, 04/01/30 | 5352317 |
| 3750000 | Upstart Holdings, Inc.\*<br>1.000%, 11/15/30 | 3151275 |
|  |  | 11906980 |
|  | Health Care (15.4%) | Health Care (15.4%) |
| 4000000 | Alnylam Pharmaceuticals, Inc.<br>1.000%, 09/15/27 | 4585920 |
| 7000000 | Alphatec Holdings, Inc.\*<br>0.750%, 03/15/30 | 6955900 |
| 7000000 | Dexcom, Inc.µ<br>0.375%, 05/15/28 | 6341090 |
| 5000000 | Exact Sciences Corp.\*µ<br>2.000%, 03/01/30 | 4754100 |
| 3750000 | Haemonetics Corp.\*µ<br>2.500%, 06/01/29 | 3594487 |
| 6750000 | Halozyme Therapeutics, Inc.<br>0.250%, 03/01/27 | 7078387 |
| 1250000 | Insmed, Inc.<br>0.750%, 06/01/28 | 2815238 |
| 7000000 | Integer Holdings Corp.\*<br>1.875%, 03/15/30 | 7412930 |
| 3750000 | Ionis Pharmaceuticals, Inc.µ<br>1.750%, 06/15/28 | 3661387 |
| 4750000 | Jazz Investments I, Ltd.µ<br>2.000%, 06/15/26 | 4900290 |
| 3250000 | 3.125%, 09/15/30\* | 3532978 |
| 2439000 | Lantheus Holdings, Inc.<br>2.625%, 12/15/27 | 3626183 |
| 2500000 | Merit Medical Systems, Inc.\*<br>3.000%, 02/01/29 | 3188625 |
| 9000000 | NeoGenomics, Inc.<br>0.250%, 01/15/28 | 7603290 |
| 3250000 | Sarepta Therapeutics, Inc.µ<br>1.250%, 09/15/27 | 3086623 |
|  |  | 73137428 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Industrials (3.2%) | Industrials (3.2%) |
| 3250000 | Axon Enterprise, Inc.<br>0.500%, 12/15/27 | $8824530 |
| 2250000 | Bloom Energy Corp.<br>3.000%, 06/01/28 | 2849175 |
| 3500000 | Tetra Tech, Inc.<br>2.250%, 08/15/28 | 3724630 |
|  |  | 15398335 |
|  | Information Technology (51.7%) | Information Technology (51.7%) |
| 3625000 | Advanced Energy Industries, Inc.<br>2.500%, 09/15/28 | 3802552 |
| 7250000 | Akamai Technologies, Inc.µ<br>1.125%, 02/15/29 | 7023655 |
| 3750000 | 0.375%, 09/01/27 | 3711525 |
| 1750000 | Applied Digital Corp.\*<br>2.750%, 06/01/30 | 1195373 |
| 7500000 | BILL Holdings, Inc.\*µ<br>0.000%, 04/01/30 | 6353925 |
| 7500000 | Core Scientific, Inc.\*<br>0.000%, 06/15/31µ | 6390975 |
| 2125000 | 3.000%, 09/01/29 | 2315464 |
| 15000000 | Datadog, Inc.\*µ<br>0.000%, 12/01/29 | 13522500 |
| 7250000 | Guidewire Software, Inc.\*<br>1.250%, 11/01/29 | 8018790 |
| 3250000 | Itron, Inc.\*^<br>1.375%, 07/15/30 | 3549488 |
| 6500000 | Lumentum Holdings, Inc.<br>1.500%, 12/15/29 | 7428980 |
| 7000000 | MACOM Technology Solutions<br>Holdings, Inc.\*µ<br>0.000%, 12/15/29 | 6551020 |
| 14750000 | MicroStrategy, Inc.\*<br>0.000%, 03/01/30µ | 16533275 |
| 10750000 | 0.000%, 12/01/29 | 9822705 |
| 13750000 | MKS Instruments, Inc.\*µ<br>1.250%, 06/01/30 | 11861987 |
| 5250000 | NCL Corp., Ltd.<br>1.125%, 02/15/27µ | 4956997 |
| 2750000 | 5.375%, 08/01/25 | 2881588 |
| 9250000 | Nutanix, Inc.\*µ^<br>0.500%, 12/15/29 | 9985190 |
| 15000000 | ON Semiconductor Corp.µ<br>0.500%, 03/01/29 | 12985950 |
| 2750000 | Palo Alto Networks, Inc.<br>0.375%, 06/01/25 | 10276750 |
| 2250000 | PAR Technology Corp.<br>1.500%, 10/15/27 | 2369993 |
| 1800000 | 1.000%, 01/15/30\* | 1664208 |
| 3750000 | Parsons Corp.µ<br>2.625%, 03/01/29 | 3975937 |
| 3250000 | Q2 Holdings, Inc.<br>0.750%, 06/01/26 | 3601943 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 6500000 | Rapid7, Inc.<br>1.250%, 03/15/29 | $| 5559450 |
| 2125000 | Riot Platforms, Inc.\*<br>0.750%, 01/15/30 |  | 1626964 |
| 8000000 | Seagate HDD Cayman<br>3.500%, 06/01/28 |  | 10127200 |
| 12750000 | Shift4 Payments, Inc.µ<br>0.500%, 08/01/27 |  | 13034197 |
| 12000000 | Snowflake, Inc.\*µ<br>0.000%, 10/01/29 |  | 14916000 |
| 5750000 | Spotify USA, Inc.<br>0.000%, 03/15/26 |  | 7399157 |
| 5750000 | Tyler Technologies, Inc.<br>0.250%, 03/15/26 |  | 6784022 |
| 3500000 | Unity Software, Inc.\*µ<br>0.000%, 03/15/30 |  | 3304175 |
| 3750000 | Varonis Systems, Inc.\*<br>1.000%, 09/15/29 |  | 3538838 |
| 5500000 | Western Digital Corp.<br>3.000%, 11/15/28 |  | 7470760 |
| 7750000 | Wolfspeed, Inc.<br>1.875%, 12/01/29 |  | 2251763 |
| 4469000 | 0.250%, 02/15/28 |  | 1334175 |
| 3250000 | Workiva, Inc.µ<br>1.250%, 08/15/28 |  | 3073070 |
| 2750000 | Zscaler, Inc.<br>0.125%, 07/01/25 |  | 4128740 |
|  |  |  | 245329281 |
|  | Materials (0.8%) | Materials (0.8%) | Materials (0.8%) |
| 2750000 | MP Materials Corp.\*<br>3.000%, 03/01/30 |  | 3842135 |
|  | Real Estate (2.9%) | Real Estate (2.9%) | Real Estate (2.9%) |
| 7250000 | Digital Realty Trust, LP\*µ<br>1.875%, 11/15/29 |  | 7549352 |
| 3750000 | Welltower OP, LLC\*<br>2.750%, 05/15/28 |  | 6119813 |
|  |  |  | 13669165 |
|  | Utilities (8.3%) | Utilities (8.3%) | Utilities (8.3%) |
| 3750000 | CMS Energy Corp.<br>3.375%, 05/01/28 |  | 4154850 |
| 6500000 | Duke Energy Corp.<br>4.125%, 04/15/26 |  | 7095010 |
| 13250000 | PPL Capital Funding, Inc.µ<br>2.875%, 03/15/28 |  | 15124477 |
| 11750000 | Southern Companyµ<br>3.875%, 12/15/25 |  | 13203240 |
|  |  |  | 39577577 |
|  | **TOTAL CONVERTIBLE BONDS**<br>(Cost $575,748,584) |  | 555538846 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **BANK LOANS (3.3%)¡** |  |  |
|  | Airlines (0.1%) | Airlines (0.1%) |
| 173250 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% | $171535 |
| 149545 | United Airlines, Inc.‡<br>6.275%, 02/22/31<br>3 mo. SOFR + 2.00% | 149382 |
|  |  | 320917 |
|  | Communication Services (0.4%) | Communication Services (0.4%) |
| 110606 | Audacy Capital Corp.‡<br>10.436%, 10/01/29<br>1 mo. SOFR + 6.00% | 93462 |
| 12316 | Audacy Capital Corp.‡<br>11.436%, 10/02/28<br>1 mo. SOFR + 7.00% | 12347 |
| 129012 | Cincinnati Bell, Inc.‡<br>7.072%, 11/22/28<br>1 mo. SOFR + 2.75% | 128431 |
| 125611 | Clear Channel Outdoor Holdings, Inc.‡<br>8.436%, 08/23/28<br>1 mo. SOFR + 4.00% | 122188 |
| 235462 | CSC Holdings, LLC‡<br>9.000%, 04/15/27<br>3 mo. Prime + 1.50% | 227206 |
| 105000 | Directv Financing, LLC!<br>0.000%, 08/02/29 | 101890 |
| 64013 | Directv Financing, LLC‡<br>9.541%, 08/02/27<br>3 mo. SOFR + 5.00% | 64096 |
| 193538 | Gray Television, Inc.‡<br>9.574%, 06/04/29<br>1 mo. SOFR + 5.25% | 187515 |
| 65000 | Gray Television, Inc.!<br>0.000%, 06/04/29 | 62977 |
| 135000 | Sinclair Television Group, Inc.‡<br>7.736%, 12/31/29<br>1 mo. SOFR + 3.30% | 106693 |
| 280000 | Telesat Canada‡<br>7.325%, 12/07/26<br>3 mo. SOFR + 2.75% | 155313 |
| 323537 | TripAdvisor, Inc.‡<br>7.049%, 07/08/31<br>3 mo. SOFR + 2.75% | 316257 |
| 265000 | Virgin Media Bristol, LLC‡<br>6.936%, 01/31/28<br>1 mo. SOFR + 2.50% | 261784 |
|  |  | 1840159 |
|  | Consumer Discretionary (0.7%) | Consumer Discretionary (0.7%) |
| 91896 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% | 90174 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 85368 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% | $| 83768 |
| 79136 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>3 mo. SOFR + 3.00% |  | 77652 |
| 155493 | Caesars Entertainment, Inc.‡<br>6.563%, 02/06/30<br>3 mo. SOFR + 2.25% |  | 153705 |
| 235963 | Carnival Corp.‡<br>6.329%, 10/18/28<br>1 mo. SOFR + 2.00% |  | 235742 |
| 141600 | Carnival Corp.‡<br>6.329%, 08/08/27<br>1 mo. SOFR + 2.00% |  | 141955 |
| 169575 | Chinos Intermediate Holdings A, Inc.‡<br>10.280%, 09/26/31<br>3 mo. SOFR + 6.00% |  | 161450 |
| 200000 | Clarios Global, LP‡<br>7.072%, 01/28/32<br>1 mo. SOFR + 2.75% |  | 196417 |
| 259350 | Life Time Fitness, Inc.‡<br>6.785%, 11/05/31<br>3 mo. SOFR + 2.50% |  | 258150 |
| 254182 | Light & Wonder International, Inc.‡<br>6.570%, 04/14/29<br>1 mo. SOFR + 2.25% |  | 254289 |
| 114138 | Peloton Interactive, Inc.‡<br>9.813%, 05/23/29<br>3 mo. SOFR + 5.50% |  | 114352 |
| 545285 | PetSmart, Inc.‡<br>8.172%, 02/11/28<br>1 mo. SOFR + 3.75% |  | 539036 |
| 194025 | Staples, Inc.‡<br>10.041%, 09/04/29<br>3 mo. SOFR + 5.75% |  | 167993 |
| 257400 | Station Casinos, LLC‡<br>6.322%, 03/14/31<br>1 mo. SOFR + 2.00% |  | 255908 |
| 168175 | TKC Holdings, Inc.‡<br>9.323%, 05/15/28<br>1 mo. SOFR + 5.00% |  | 166493 |
| 261540 | Windsor Holdings III, LLC‡<br>7.073%, 08/01/30<br>1 mo. SOFR + 2.75% |  | 258925 |
|  |  |  | 3156009 |
|  | Consumer Staples (0.5%) | Consumer Staples (0.5%) | Consumer Staples (0.5%) |
| 868507 | Amneal Pharmaceuticals, LLC‡<br>9.822%, 05/04/28<br>1 mo. SOFR + 5.50% |  | 871821 |
| 194025 | B&G Foods, Inc.‡<br>7.822%, 10/10/29<br>1 mo. SOFR + 3.50% |  | 186021 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 160000 | Bausch Health Companies, Inc.‡<br>10.542%, 09/25/30<br>1 mo. SOFR + 6.25% | $| 151334 |
| 267978 | Fiesta Purchaser, Inc.‡<br>7.572%, 02/12/31<br>1 mo. SOFR + 3.25% |  | 266108 |
| 23287 | MPH Acquisition Holdings, LLC‡<br>8.030%, 12/31/30<br>3 mo. SOFR + 3.75% |  | 23042 |
| 260000 | Opal Bidco SAS!<br>0.000%, 03/31/32 |  | 258214 |
| 331948 | Star Parent, Inc.‡<br>8.299%, 09/27/30<br>3 mo. SOFR + 4.00% |  | 321784 |
| 168300 | United Natural Foods, Inc.‡<br>9.072%, 05/01/31<br>1 mo. SOFR + 4.75% |  | 169142 |
| 250000 | Veritiv Corp.‡<br>8.299%, 11/30/30<br>3 mo. SOFR + 4.00% |  | 248380 |
|  |  |  | 2495846 |
|  | Energy (0.2%) | Energy (0.2%) | Energy (0.2%) |
| 248626 | ChampionX Corp.‡<br>7.172%, 06/07/29<br>1 mo. SOFR + 2.75% |  | 249155 |
| 188750 | New Fortress Energy, Inc.‡<br>9.795%, 10/30/28<br>3 mo. SOFR + 5.50% |  | 137198 |
| 383044 | Par Petroleum, LLC‡<br>8.009%, 02/28/30<br>3 mo. SOFR + 3.75% |  | 370953 |
|  |  |  | 757306 |
|  | Financials (0.5%) | Financials (0.5%) | Financials (0.5%) |
| 361634 | Advisor Group, Inc.‡<br>7.822%, 08/17/28<br>1 mo. SOFR + 3.50% |  | 360712 |
| 202449 | Amynta Agency Borrower, Inc.‡<br>7.322%, 12/29/31<br>1 mo. SOFR + 3.00% |  | 200909 |
| 346500 | AssuredPartners, Inc.‡<br>7.822%, 02/14/31<br>1 mo. SOFR + 3.50% |  | 346916 |
| 148503 | Broadstreet Partners, Inc.‡<br>7.322%, 06/13/31<br>1 mo. SOFR + 3.00% |  | 147990 |
| 324188 | Dragon Buyer, Inc.‡<br>7.299%, 09/30/31<br>3 mo. SOFR + 3.00% |  | 322729 |
| 257408 | HUB International, Ltd.‡<br>6.770%, 06/20/30<br>3 mo. SOFR + 2.50% |  | 256054 |
| 192563 | Iron Mountain, Inc.‡<br>6.322%, 01/31/31<br>1 mo. SOFR + 2.00% |  | 191985 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 182725 | Jazz Financing Lux Sarl‡<br>6.572%, 05/05/28<br>1 mo. SOFR + 2.25% | $| 182333 |
| 260000 | Level 3 Financing, Inc.‡<br>8.572%, 03/27/32<br>1 mo. SOFR + 4.25% |  | 259837 |
| 260000 | VFH Parent, LLC‡<br>6.822%, 06/21/31<br>1 mo. SOFR + 2.50% |  | 259350 |
|  |  |  | 2528815 |
|  | Health Care (0.1%) | Health Care (0.1%) | Health Care (0.1%) |
| 282353 | Padagis, LLC‡<br>9.271%, 07/06/28<br>3 mo. SOFR + 4.75% |  | 264529 |
|  | Industrials (0.3%) | Industrials (0.3%) | Industrials (0.3%) |
| 261603 | ACProducts, Inc.‡<br>8.811%, 05/17/28<br>3 mo. SOFR + 4.25% |  | 177963 |
| 146250 | American Airlines, Inc.‡<br>6.520%, 04/20/28<br>3 mo. SOFR + 2.25% |  | 143475 |
| 260000 | ECO Material Tech, Inc.‡<br>7.467%, 02/12/32<br>6 mo. SOFR + 3.25% |  | 258050 |
| 99500 | EMRLD Borrower, LP‡<br>6.799%, 08/04/31<br>3 mo. SOFR + 2.50% |  | 98484 |
| 258050 | MI Windows & Doors, LLC‡<br>7.322%, 03/28/31<br>1 mo. SOFR + 3.00% |  | 254546 |
| 260000 | Quikrete Holdings, Inc.‡<br>6.572%, 02/10/32<br>1 mo. SOFR + 2.25% |  | 255228 |
| 520393 | TransDigm, Inc.‡<br>6.799%, 02/28/31<br>3 mo. SOFR + 2.50% |  | 515862 |
|  |  |  | 1703608 |
|  | Information Technology (0.3%) | Information Technology (0.3%) | Information Technology (0.3%) |
| 367711 | Boxer Parent Company, Inc.‡<br>7.322%, 07/30/31<br>1 mo. SOFR + 3.00% |  | 361004 |
| 265615 | Camelot U.S. Acquisition, LLC‡<br>7.072%, 01/31/31<br>1 mo. SOFR + 2.75% |  | 262626 |
| 264161 | Dun & Bradstreet Corp.‡<br>6.570%, 01/18/29<br>1 mo. SOFR + 2.25% |  | 263666 |
| 207549 | II-VI, Inc.‡<br>6.322%, 07/02/29<br>1 mo. SOFR + 2.00% |  | 205647 |
| 25000 | Qxo, Inc.!<br>0.000%, 04/23/32 |  | 25005 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 135000 | Rocket Software, Inc.!<br>0.000%, 11/28/28 | $| 134268 |
| 227802 | SS&C Technologies, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% |  | 227807 |
| 129025 | UKG, Inc.‡<br>7.320%, 02/10/31<br>1 mo. SOFR + 3.00% |  | 128732 |
|  |  |  | 1608755 |
|  | Materials (0.1%) | Materials (0.1%) | Materials (0.1%) |
| 410873 | Ineos U.S. Finance, LLC‡<br>7.572%, 02/18/30<br>1 mo. SOFR + 3.25% |  | 385604 |
| 191331 | Trinseo Materials Operating SCA‡<br>7.075%, 05/03/28<br>3 mo. SOFR + 2.50% |  | 82004 |
| 249539 | W.R. Grace & Company-Conn.‡<br>7.549%, 09/22/28<br>3 mo. SOFR + 3.25% |  | 245588 |
|  |  |  | 713196 |
|  | Other (0.0%) | Other (0.0%) | Other (0.0%) |
| 130000 | Windstream Services, LLC‡<br>9.172%, 10/01/31<br>1 mo. SOFR + 4.75% |  | 129513 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 113867 | Clydesdale Acquisition Holdings, Inc.‡<br>7.497%, 04/13/29<br>1 mo. SOFR + 3.18% |  | 113219 |
| 63050 | Fertitta Entertainment, LLC‡<br>7.822%, 01/27/29<br>1 mo. SOFR + 3.50% |  | 61573 |
| 253500 | Patagonia Holdco, LLC‡<br>10.052%, 08/01/29<br>3 mo. SOFR + 5.75% |  | 216611 |
|  |  |  | 391403 |
|  | **TOTAL BANK LOANS**<br>(Cost $16,330,905) |  | 15910056 |
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (15.0%)** |  |  |  |
|  | Financials (5.0%) | Financials (5.0%) | Financials (5.0%) |
| 72795 | Apollo Global Management, Inc.<br>6.750%, 07/31/26 |  | 5249975 |
| 142880 | Ares Management Corp.<br>6.750%, 10/01/27 |  | 7053986 |
| 7055 | Bank of America Corp.‡‡‡<br>7.250% |  | 8254914 |
| 69345 | KKR & Company, Inc.#<br>6.250%, 03/01/28 |  | 3323706 |
|  |  |  | 23882581 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Industrials (5.2%) | Industrials (5.2%) |
| 399215 | Boeing Company<br>6.000%, 10/15/27 | $24503817 |
|  | Information Technology (2.1%) | Information Technology (2.1%) |
| 129690 | Hewlett Packard Enterprise Company<br>7.625%, 09/01/27 | 6510438 |
| 67735 | Microchip Technology, Inc.#<br>7.500%, 03/15/28 | 3214703 |
|  |  | 9725141 |
|  | Materials (0.7%) | Materials (0.7%) |
| 114980 | Albemarle Corp.<br>7.250%, 03/01/27 | 3521837 |
|  | Utilities (2.0%) | Utilities (2.0%) |
| 156300 | NextEra Energy, Inc.<br>6.926%, 09/01/25^ | 6017550 |
| 73485 | 7.299%, 06/01/27 | 3408969 |
|  |  | 9426519 |
|  | **TOTAL CONVERTIBLE<br>PREFERRED STOCKS**<br>(Cost $74,818,046) | 71059895 |
| **COMMON STOCKS (0.1%)** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 5620 | Altice USA, Inc. - Class A^# | 13938 |
| 4890 | Audacy, Inc.# | 90465 |
| 1888 | Cumulus Media, Inc. - Class A# | 440 |
|  |  | 104843 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 408 | Rite Aid Corp.# | 408 |
|  | Energy (0.1%) | Energy (0.1%) |
| 1100 | Cheniere Energy Partners, LP | 64658 |
| 15585 | Energy Transfer, LP | 257776 |
| 7135 | Enterprise Products Partners, LP | 213337 |
| 1881 | EP Energy Corp.# | 2586 |
|  |  | 538357 |
|  | **TOTAL COMMON STOCKS**<br>(Cost $715,092) | 643608 |
| **PREFERRED STOCKS (0.1%)** |  |  |
|  | Communication Services (0.1%) | Communication Services (0.1%) |
| 6920 | Qwest Corp.<br>6.500%, 09/01/56 | 120408 |
| 2091 | Telephone and Data Systems, Inc.<br>6.625%, 03/31/26 | 43556 |
| 2160 | United States Cellular Corp.<br>6.250%, 09/01/69 | 50976 |
| 1789 | 5.500%, 03/01/70 | 39286 |
| 204 | 5.500%, 06/01/70 | 4525 |
|  |  | 258751 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 1722 | Guitar Center, Inc.# | $25830 |
|  | **TOTAL PREFERRED STOCKS**<br>(Cost $435,825) | 284581 |
| **WARRANTS (0.0%)#** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 992 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |
|  | Energy (0.0%) | Energy (0.0%) |
| 13522 | Mcdermott International, Ltd.<br>06/30/27, Strike $15.98 | 2 |
| 12170 | Mcdermott International, Ltd.<br>06/30/27, Strike $12.33 | 1 |
|  |  | 3 |
|  | **TOTAL WARRANTS**<br>(Cost $5,194) | 3 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTION (0.0%)#** |  |  |
|  | Industrials (0.0%) | Industrials (0.0%) |
| 2750 | American Airlines Group, Inc. |  |
| 2736250 | Call, 06/20/25, Strike $17.00<br>(Cost $672,710) | 8250 |
|  | **TOTAL INVESTMENTS (152.2%)**<br>(Cost $752,126,808) | 722956369 |
| MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-19.3%) | MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-19.3%) | (91750000) |
| LIABILITIES, LESS OTHER ASSETS (-32.9%) | LIABILITIES, LESS OTHER ASSETS (-32.9%) | (156230884) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $474975485 |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $296,011,124.

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

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

@ In default status and considered non-income producing.

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

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

‡‡ Perpetual maturity.

# Non-income producing security.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Asset Backed Securities | $— | $207649 | $— | $207649 |
| Corporate Bonds |  | 79303481 |  | 79303481 |
| Convertible Bonds |  | 555538846 |  | 555538846 |
| Bank Loans |  | 15910056 |  | 15910056 |
| Convertible Preferred Stocks | 71059895 |  |  | 71059895 |
| Common Stocks | 643608 |  |  | 643608 |
| Preferred Stocks | 284581 |  |  | 284581 |
| Warrants | 3 |  |  | 3 |
| Exchange-Traded Purchased Option | 8250 |  |  | 8250 |
| Total | $71996337 | $650960032 | $— | $722956369 |

---

**SECTOR WEIGHTINGS**

---

| | |
|:---|:---|
| Information Technology | 34.6 |
| Consumer Discretionary | 12.9 |
| Health Care | 10.5 |
| Communication Services | 9.3 |
| Financials | 7.0 |
| Industrials | 6.8 |
| Utilities | 6.7 |
| Energy | 2.7 |
| Real Estate | 1.8 |
| Consumer Staples | 1.7 |
| Materials | 1.5 |
| Airlines | 0.2 |
| Special Purpose Acquisition Companies | 0.1 |

---

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

**ASSET ALLOCATION**

![j25160456_gg009.jpg](j25160456_gg009.jpg)

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

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **ASSET BACKED SECURITY (0.0%)** |  |  |
|  | Other (0.0%) | Other (0.0%) |
| 170000 | SVC ABS, LLC Series 2023-1A, Class C\*<br>6.700%, 02/20/53<br>(Cost $161,079) | $164188 |
| **CORPORATE BONDS (13.9%)** |  |  |
|  | Airlines (0.2%) | Airlines (0.2%) |
| 168286 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class A\*<br>4.800%, 02/15/29 | 167040 |
| 42425 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class B\*<br>8.000%, 02/15/27 | 42734 |
| 199175 | American Airlines Pass Through Trust<br>Series 2021-1, Class B<br>3.950%, 01/11/32 | 186396 |
| 177931 | British Airways Pass Through Trust<br>Series 2021-1, Class B\*<br>3.900%, 03/15/33 | 167464 |
| 207422 | JetBlue Pass Through Trust<br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 210303 |
|  |  | 773937 |
|  | Communication Services (1.4%) | Communication Services (1.4%) |
| 200000 | Altice Financing, SA\*<br>5.750%, 08/15/29 | 147266 |
| 260000 | APi Group DE, Inc.\*<br>4.750%, 10/15/29 | 245352 |
| 195000 | Cincinnati Bell Telephone Company, LLC<br>6.300%, 12/01/28 | 183721 |
| 105000 | Clear Channel Outdoor Holdings, Inc.\*<br>7.875%, 04/01/30 | 105202 |
| 95000 | 9.000%, 09/15/28 | 98538 |
| 200000 | Connect Finco SARL /<br>Connect US Finco, LLC\*<br>9.000%, 09/15/29 | 187164 |
| 304000 | Consolidated Communications, Inc.\*<br>6.500%, 10/01/28 | 299565 |
| 400000 | CSC Holdings, LLC\*<br>4.625%, 12/01/30 | 185492 |
| 335000 | 4.500%, 11/15/31 | 228272 |
| 202000 | Directv Financing, LLC /<br>Directv Financing Co-Obligor, Inc.\*<br>5.875%, 08/15/27 | 195419 |
| 325000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 322803 |
| 54000 | Frontier Communications Holdings, LLC\*<br>8.750%, 05/15/30 | 56557 |
| 352000 | Frontier Florida, LLC<br>6.860%, 02/01/28 | 360761 |
| 330000 | Frontier North, Inc.<br>6.730%, 02/15/28 | 336009 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 195000 | Go Daddy Operating Company, LLC /<br>GD Finance Company, Inc.\*<br>3.500%, 03/01/29 | $182171 |
| 110000 | Gray Media, Inc.\*<br>5.375%, 11/15/31 | 65778 |
| 215000 | Hughes Satellite Systems Corp.<br>5.250%, 08/01/26 | 200528 |
| 108000 | iHeartCommunications, Inc.\*<br>10.875%, 05/01/30 | 45537 |
| 71200 | 7.750%, 08/15/30 | 51483 |
| 200000 | LCPR Senior Secured Financing DAC\*<br>6.750%, 10/15/27 | 164662 |
| 160000 | Lumen Technologies, Inc.<br>7.600%, 09/15/39 | 117635 |
| 152500 | 10.000%, 10/15/32\* | 152346 |
| 109000 | Match Group Holdings II, LLC\*<br>3.625%, 10/01/31 | 93574 |
| 205000 | Paramount Global<br>4.900%, 08/15/44 | 154308 |
| 73000 | Qwest Corp.<br>7.250%, 09/15/25 | 72821 |
| 135000 | Rogers Communications, Inc.‡<br>7.125%, 04/15/55<br>5 year CMT + 2.62 | 134468 |
| 135000 | 7.000%, 04/15/55<br>5 year CMT + 2.65 | 135648 |
| 111000 | Scripps Escrow II, Inc.\*<br>3.875%, 01/15/29^ | 85505 |
| 56000 | 5.375%, 01/15/31 | 31938 |
| 95000 | Scripps Escrow, Inc.\*^<br>5.875%, 07/15/27 | 75272 |
| 105000 | Sinclair Television Group, Inc.\*<br>8.125%, 02/15/33 | 104119 |
| 264000 | Sirius XM Radio, LLC\*<br>3.875%, 09/01/31^ | 226618 |
| 120000 | 5.500%, 07/01/29 | 117035 |
| 110000 | 3.125%, 09/01/26 | 107165 |
| 202000 | Spanish Broadcasting System, Inc.\*<br>9.750%, 03/01/26 | 129320 |
| 140000 | Stagwell Global, LLC\*<br>5.625%, 08/15/29 | 132318 |
| 114000 | Telesat Canada / Telesat, LLC\*<br>4.875%, 06/01/27 | 62513 |
| 160000 | Time Warner Cable, LLC<br>6.550%, 05/01/37 | 157995 |
| 85000 | 7.300%, 07/01/38 | 88568 |
| 75000 | United States Cellular Corp.<br>6.700%, 12/15/33 | 81246 |
| 160000 | Univision Communications, Inc.\*<br>8.000%, 08/15/28 | 155770 |
| 105000 | 8.500%, 07/31/31 | 99357 |
|  |  | 6177819 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Discretionary (2.8%) | Consumer Discretionary (2.8%) |
| 310000 | Adams Homes, Inc.\*<br>9.250%, 10/15/28 | $311581 |
| 280000 | Adient Global Holdings, Ltd.\*^<br>8.250%, 04/15/31 | 277561 |
| 105000 | 7.500%, 02/15/33 | 99590 |
| 275000 | Aptiv Swiss Holdings, Ltd.‡<br>6.875%, 12/15/54<br>5 year CMT + 3.39% | 257491 |
| 190000 | Ashton Woods USA, LLC /<br>Ashton Woods Finance Company\*<br>4.625%, 08/01/29 | 176487 |
| 267000 | At Home Group, Inc.\*<br>4.875%, 07/15/28 | 72002 |
| 292000 | Bath & Body Works, Inc.<br>6.694%, 01/15/27 | 297782 |
| 165000 | 6.875%, 11/01/35 | 166086 |
| 40000 | 6.625%, 10/01/30\* | 40786 |
| 136000 | Caesars Entertainment, Inc.\*<br>4.625%, 10/15/29^ | 125997 |
| 130000 | 6.000%, 10/15/32^ | 122650 |
| 40000 | 7.000%, 02/15/30 | 41006 |
| 105000 | Carnival Corp.\*<br>4.000%, 08/01/28 | 100331 |
| 80000 | 7.625%, 03/01/26 | 80113 |
| 13000 | 7.000%, 08/15/29 | 13577 |
| 53587 | Carvana Company\*<br>9.000%, 06/01/31 | 60466 |
| 41738 | 9.000%, 06/01/30 | 44267 |
| 24018 | 9.000%, 12/01/28 | 24702 |
| 460000 | CCO Holdings, LLC / CCO Holdings<br>Capital Corp.\*<br>4.750%, 03/01/30 | 435077 |
| 425000 | 5.125%, 05/01/27 | 419335 |
| 250000 | 6.375%, 09/01/29^ | 252545 |
| 215000 | 4.250%, 02/01/31 | 194553 |
| 125000 | 5.000%, 02/01/28 | 122069 |
| 125000 | 4.500%, 08/15/30 | 116242 |
| 108000 | 4.750%, 02/01/32 | 98002 |
| 108000 | Churchill Downs, Inc.\*<br>5.750%, 04/01/30 | 105742 |
| 105000 | 6.750%, 05/01/31 | 106202 |
| 175000 | Dana, Inc.^<br>4.250%, 09/01/30 | 161415 |
| 164000 | 4.500%, 02/15/32 | 147502 |
| 102000 | DISH DBS Corp.<br>5.125%, 06/01/29 | 63888 |
| 80000 | 7.375%, 07/01/28 | 54170 |
| 220000 | DISH Network Corp.\*<br>11.750%, 11/15/27 | 231321 |
| 200000 | Empire Resorts, Inc.\*<br>7.750%, 11/01/26 | 190734 |
| 238000 | Everi Holdings, Inc.\*<br>5.000%, 07/15/29 | 239233 |
| 220000 | Ford Motor Company^<br>6.100%, 08/19/32 | 211156 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 350000 | Ford Motor Credit Company, LLC<br>4.000%, 11/13/30 | $311706 |
| 300000 | 5.113%, 05/03/29 | 287733 |
| 275000 | 7.200%, 06/10/30 | 283563 |
| 82000 | Gap, Inc.\*<br>3.875%, 10/01/31 | 71062 |
| 110000 | General Motors Company<br>5.200%, 04/01/45 | 90517 |
| 365000 | goeasy, Ltd.\*<br>9.250%, 12/01/28 | 382549 |
| 188000 | 7.625%, 07/01/29 | 189684 |
| 315000 | Goodyear Tire & Rubber Company^<br>5.625%, 04/30/33 | 291416 |
| 110000 | 5.250%, 07/15/31 | 102863 |
| 125000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 | 126660 |
| 93000 | 4.000%, 08/15/28 | 88473 |
| 47410 | JetBlue Pass Through Trust<br>Series 2019-2, Class B<br>8.000%, 11/15/27 | 47412 |
| 290000 | Kohl's Corp.<br>5.550%, 07/17/45 | 138107 |
| 210000 | LCM Investments Holdings II, LLC\*<br>8.250%, 08/01/31 | 220074 |
| 220000 | Liberty Interactive, LLC<br>8.250%, 02/01/30 | 82375 |
| 210000 | Life Time, Inc.\*<br>6.000%, 11/15/31 | 209750 |
| 105000 | Light & Wonder International, Inc.\*<br>7.500%, 09/01/31 | 107964 |
| 80000 | Lindblad Expeditions Holdings, Inc.\*<br>9.000%, 05/15/28 | 82334 |
| 139000 | Lindblad Expeditions, LLC\*<br>6.750%, 02/15/27 | 138687 |
| 140000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 127221 |
| 261000 | Macy's Retail Holdings, LLC<br>6.700%, 07/15/34\* | 219156 |
| 160000 | 4.300%, 02/15/43 | 96109 |
| 410000 | MGM Resorts International^<br>6.500%, 04/15/32 | 404502 |
| 287000 | Midwest Gaming Borrower, LLC /<br>Midwest Gaming Finance Corp.\*<br>4.875%, 05/01/29 | 271935 |
| 215000 | Newell Brands, Inc.<br>6.875%, 04/01/36^ | 187415 |
| 105000 | 6.625%, 05/15/32^ | 94298 |
| 79000 | 5.700%, 04/01/26 | 78064 |
| 110000 | Nordstrom, Inc.<br>5.000%, 01/15/44 | 77220 |
| 192000 | Patrick Industries, Inc.\*<br>4.750%, 05/01/29 | 183032 |
| 105000 | 6.375%, 11/01/32 | 102175 |
| 250000 | PENN Entertainment, Inc.\*^<br>4.125%, 07/01/29 | 219672 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 305000 | Premier Entertainment Sub, LLC /<br>Premier Entertainment Finance Corp.\*<br>5.625%, 09/01/29 | $| 178956 |
| 110000 | QVC, Inc.<br>5.450%, 08/15/34 |  | 54094 |
| 105000 | Raising Cane's Restaurants, LLC\*<br>9.375%, 05/01/29 |  | 111579 |
| 17461 | Rite Aid Cmsr Note<br>12.000%, 12/31/25 |  | 20080 |
| 379000 | Rite Aid Corp.<br>0.000%, 11/15/26\*@!! |  |  |
| 128143 | 15.000%, 08/30/31 |  | 22588 |
| 68927 | 0.000%, 10/18/25\* |  |  |
| 24910 | 11.317%, 08/30/31\*‡<br>3 mo. SOFR + 7.00% |  | 17437 |
| 23472 | Rite Aid Note Holder Trust Bond<br>0.000%, 08/30/34 |  |  |
| 210000 | Rivers Enterprise Borrower, LLC /<br>Rivers Enterprise Finance Corp.\*<br>6.625%, 02/01/33 |  | 207709 |
| 26000 | Royal Caribbean Cruises, Ltd.\*<br>6.250%, 03/15/32 |  | 26415 |
| 26000 | 5.625%, 09/30/31 |  | 25832 |
| 210000 | Simmons Foods, Inc. /<br>Simmons Prepared Foods, Inc. /<br>Simmons Pet Food, Inc. / Simmons Feed\*<br>4.625%, 03/01/29 |  | 195411 |
| 320000 | Six Flags Entertainment Corp.\*<br>7.250%, 05/15/31 |  | 324794 |
| 137000 | Six Flags Entertainment Corp. /<br>Canada's Wonderland Company /<br>Magnum Management Corp.<br>5.250%, 07/15/29 |  | 130812 |
| 136000 | Sonic Automotive, Inc.\*<br>4.625%, 11/15/29 |  | 127666 |
| 131000 | Speedway Motorsports, LLC /<br>Speedway Funding II, Inc.\*<br>4.875%, 11/01/27 |  | 126055 |
| 220000 | Station Casinos, LLC\*<br>4.500%, 02/15/28 |  | 212630 |
| 210000 | STL Holding Company, LLC\*<br>8.750%, 02/15/29 |  | 214168 |
| 55000 | Viking Cruises, Ltd.\*<br>9.125%, 07/15/31 |  | 58867 |
| 210000 | ZF North America Capital, Inc.\*<br>7.125%, 04/14/30 |  | 193998 |
|  |  |  | 13024480 |
|  | Consumer Staples (0.6%) | Consumer Staples (0.6%) | Consumer Staples (0.6%) |
| 105000 | Brink's Company\*<br>6.750%, 06/15/32 |  | 107628 |
| 100000 | 6.500%, 06/15/29 |  | 102084 |
| 251000 | Central Garden & Pet Company\*<br>4.125%, 04/30/31 |  | 226246 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 245000 | Edgewell Personal Care Company\*<br>4.125%, 04/01/29 | $| 229511 |
| 307000 | Energizer Holdings, Inc.\*<br>4.375%, 03/31/29 |  | 286849 |
| 54000 | 6.500%, 12/31/27 |  | 54328 |
| 59000 | JBS USA Holding Lux Sarl/<br>JBS USA Food Company/<br>JBS Lux Company Sarl<br>5.750%, 04/01/33 |  | 60236 |
| 32000 | 5.500%, 01/15/30 |  | 32537 |
| 189185 | MPH Acquisition Holdings, LLC\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 127104 |
| 91224 | 5.750%, 12/31/30 |  | 71100 |
| 79814 | 11.500%, 12/31/30<br>6.50% Cash & 5.00% PIK Rate |  | 74650 |
| 174000 | New Albertsons, LP<br>7.750%, 06/15/26 |  | 178514 |
| 217000 | Performance Food Group, Inc.\*<br>4.250%, 08/01/29 |  | 205551 |
| 52000 | 6.125%, 09/15/32 |  | 52240 |
| 165000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 |  | 156413 |
| 210000 | Post Holdings, Inc.\*<br>6.250%, 02/15/32 |  | 212031 |
| 157000 | 6.375%, 03/01/33 |  | 155730 |
| 209000 | Prestige Brands, Inc.\*<br>3.750%, 04/01/31 |  | 188995 |
| 160000 | RR Donnelley & Sons Company\*<br>9.500%, 08/01/29 |  | 152867 |
| 195000 | United Natural Foods, Inc.\*<br>6.750%, 10/15/28 |  | 191644 |
| 107000 | Walgreens Boots Alliance, Inc.<br>4.650%, 06/01/46 |  | 97172 |
|  |  |  | 2963430 |
|  | Energy (1.9%) | Energy (1.9%) | Energy (1.9%) |
| 210000 | Ascent Resources Utica Holdings, LLC /<br>ARU Finance Corp.\*<br>6.625%, 10/15/32 |  | 207961 |
| 157000 | Buckeye Partners, LP<br>6.750%, 02/01/30\* |  | 159820 |
| 135000 | 5.850%, 11/15/43 |  | 113501 |
| 79000 | 6.875%, 07/01/29\* |  | 80551 |
| 260000 | Civitas Resources, Inc.\*<br>8.750%, 07/01/31 |  | 247187 |
| 160000 | Continental Resources, Inc.<br>4.900%, 06/01/44 |  | 123582 |
| 169000 | DT Midstream, Inc.\*<br>4.125%, 06/15/29 |  | 158740 |
| 153000 | Enbridge, Inc.‡<br>7.375%, 03/15/55<br>5 year CMT + 3.12% |  | 154614 |
| 100000 | 7.200%, 06/27/54<br>5 year CMT + 2.97% |  | 99871 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 262000 | Encino Acquisition Partners<br>Holdings, LLC\*<br>8.750%, 05/01/31 | $267478 |
| 195000 | Energy Transfer, LP‡<br>7.555%, 11/01/66^<br>3 mo. SOFR + 3.28% | 189130 |
| 162000 | 6.500%, 11/15/26<br>5 year CMT + 5.69% | 161324 |
| 105000 | 7.125%, 10/01/54^<br>5 year CMT + 2.83% | 103947 |
| 355000 | EQT Corp.\*<br>7.500%, 06/01/27 | 360971 |
| 138000 | Genesis Energy, LP / Genesis Energy<br>Finance Corp.<br>8.875%, 04/15/30 | 141040 |
| 105000 | 8.000%, 05/15/33 | 102212 |
| 300000 | Gulfport Energy Operating Corp.\*<br>6.750%, 09/01/29 | 296454 |
| 210000 | Howard Midstream Energy Partners, LLC\*<br>7.375%, 07/15/32 | 215126 |
| 210000 | Magnolia Oil & Gas Operating, LLC /<br>Magnolia Oil & Gas Finance Corp.\*<br>6.875%, 12/01/32 | 203843 |
| 213000 | Matador Resources Company\*<br>6.500%, 04/15/32 | 205366 |
| 225000 | Nabors Industries, Inc.\*<br>9.125%, 01/31/30 | 204309 |
| 80000 | Nabors Industries, Ltd.\*^<br>7.500%, 01/15/28 | 63701 |
| 160000 | New Fortress Energy, Inc.\*^<br>6.500%, 09/30/26 | 131472 |
| 223000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 | 212738 |
| 132000 | ONEOK, Inc.\*<br>6.500%, 09/01/30 | 139907 |
| 315000 | Parkland Corp.\*<br>6.625%, 08/15/32 | 313614 |
| 202000 | Permian Resources Operating, LLC\*<br>7.000%, 01/15/32 | 203671 |
| 52000 | 6.250%, 02/01/33 | 50922 |
| 270000 | Plains All American Pipeline, LP‡<br>8.695%, 05/31/25<br>3 mo. SOFR + 4.37% | 266933 |
| 215000 | South Bow Canadian Infrastructure<br>Holdings, Ltd.\*‡<br>7.625%, 03/01/55<br>5 year CMT + 3.95% | 214854 |
| 289000 | Summit Midstream Holdings, LLC\*<br>8.625%, 10/31/29 | 284847 |
| 105000 | Sunoco, LP\*<br>6.250%, 07/01/33 | 104955 |
| 305000 | TGNR Intermediate Holdings, LLC\*<br>5.500%, 10/15/29 | 280167 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 289600 | Transocean, Inc.\*<br>8.750%, 02/15/30 | $| 283226 |
| 210000 | 8.250%, 05/15/29 |  | 169888 |
| 55000 | Venture Global Calcasieu Pass, LLC\*<br>4.125%, 08/15/31 |  | 49507 |
| 55000 | 3.875%, 08/15/29 |  | 50489 |
| 487000 | Venture Global LNG, Inc.\*<br>9.000%, 09/30/29‡<br>5 year CMT + 5.44% |  | 418533 |
| 265000 | 8.375%, 06/01/31 |  | 255640 |
| 155000 | 8.125%, 06/01/28 |  | 154148 |
| 110000 | 7.000%, 01/15/30 |  | 103744 |
| 105000 | 9.875%, 02/01/32 |  | 106899 |
| 105000 | 9.500%, 02/01/29 |  | 108885 |
| 205000 | Vital Energy, Inc.\*^<br>7.875%, 04/15/32 |  | 158701 |
| 190000 | VOC Escrow, Ltd.\*<br>5.000%, 02/15/28 |  | 186392 |
| 314000 | Weatherford International, Ltd.\*<br>8.625%, 04/30/30 |  | 311566 |
| 185000 | Wildfire Intermediate Holdings, LLC\*<br>7.500%, 10/15/29 |  | 169395 |
|  |  |  | 8591821 |
|  | Financials (2.5%) | Financials (2.5%) | Financials (2.5%) |
| 340000 | Acrisure, LLC / Acrisure Finance, Inc.\*<br>8.250%, 02/01/29 |  | 348374 |
| 200000 | AerCap Ireland Capital DAC /<br>AerCap Global Aviation Trust‡^<br>6.950%, 03/10/55<br>5 year CMT + 2.72% |  | 201072 |
| 210000 | Alliant Holdings Intermediate, LLC /<br>Alliant Holdings Co-Issuer\*<br>7.375%, 10/01/32 |  | 212407 |
| 210000 | 6.500%, 10/01/31 |  | 209947 |
| 300000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26<br>5 year CMT + 3.87% |  | 276432 |
| 100000 | 4.700%, 05/15/28<br>7 year CMT + 3.48% |  | 85541 |
| 219000 | AmWINS Group, Inc.\*<br>4.875%, 06/30/29 |  | 208867 |
| 220000 | AssuredPartners, Inc.\*<br>5.625%, 01/15/29 |  | 219824 |
| 210000 | Baldwin Insurance Group<br>Holdings, LLC / Baldwin Insurance<br>Group Holdings Finance\*<br>7.125%, 05/15/31 |  | 214303 |
| 210000 | Blackstone Mortgage Trust, Inc.\*<br>7.750%, 12/01/29 |  | 218648 |
| 225000 | Boost Newco Borrower LLC\*<br>7.500%, 01/15/31 |  | 237627 |
| 105000 | Brandywine Operating Partnership, LP<br>8.875%, 04/12/29 |  | 110418 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 158000 | Bread Financial Holdings, Inc.\*‡<br>8.375%, 06/15/35<br>5 year CMT + 4.30 | $148218 |
| 384000 | BroadStreet Partners, Inc.\*<br>5.875%, 04/15/29 | 371297 |
| 223000 | Brookfield Property REIT, Inc. /<br>BPR Cumulus, LLC / BPR Nimbus, LLC /<br>GGSI Sellco, LLC\*<br>4.500%, 04/01/27 | 216475 |
| 200000 | Burford Capital Global Financial, LLC\*<br>6.875%, 04/15/30 | 199894 |
| 210000 | Corebridge Financial, Inc.‡<br>6.375%, 09/15/54<br>5 year CMT + 2.65% | 202415 |
| 140000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 148306 |
| 93000 | 6.625%, 03/15/30 | 91641 |
| 210000 | Cushman & Wakefield U.S.<br>Borrower, LLC\*^<br>8.875%, 09/01/31 | 224834 |
| 105000 | Enstar Group, Ltd.\*‡<br>7.500%, 04/01/45<br>5 year CMT + 3.19 | 105520 |
| 235000 | GGAM Finance, Ltd.\*<br>8.000%, 02/15/27 | 241204 |
| 105000 | 5.875%, 03/15/30 | 104583 |
| 323000 | Global Net Lease, Inc. / Global<br>Net Lease Operating Partnership, LP\*<br>3.750%, 12/15/27 | 304592 |
| 120000 | HAT Holdings I, LLC /<br>HAT Holdings II, LLC\*<br>8.000%, 06/15/27 | 123526 |
| 324000 | HUB International, Ltd.\*<br>5.625%, 12/01/29 | 317737 |
| 160000 | 7.375%, 01/31/32 | 164931 |
| 164000 | Icahn Enterprises, LP /<br>Icahn Enterprises Finance Corp.<br>4.375%, 02/01/29 | 136796 |
| 330000 | Iron Mountain, Inc.\*<br>5.250%, 03/15/28 | 325050 |
| 265000 | Jefferies Finance, LLC /<br>JFIN Co-Issuer Corp.\*<br>5.000%, 08/15/28 | 246739 |
| 210000 | 6.625%, 10/15/31 | 206125 |
| 224000 | Ladder Capital Finance Holdings, LLLP /<br>Ladder Capital Finance Corp.\*<br>4.750%, 06/15/29 | 214881 |
| 199000 | 5.250%, 10/01/25 | 198351 |
| 131000 | 7.000%, 07/15/31 | 135444 |
| 180000 | LD Holdings Group, LLC\*<br>8.750%, 11/01/27 | 164450 |
| 159340 | Level 3 Financing, Inc.\*<br>10.000%, 10/15/32 | 159520 |
| 100000 | 3.875%, 10/15/30 | 79119 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 210000 | Macquarie Airfinance Holdings, Ltd.\*<br>8.125%, 03/30/29 | $| 219973 |
| 321000 | MetLife, Inc.<br>6.400%, 12/15/66 |  | 317928 |
| 150000 | Necessity Retail REIT, Inc. /<br>American Finance Operating Partner, LP\*<br>4.500%, 09/30/28 |  | 141518 |
| 105000 | Newmark Group, Inc.<br>7.500%, 01/12/29 |  | 109927 |
| 150000 | OneMain Finance Corp.<br>3.875%, 09/15/28 |  | 138938 |
| 100000 | 7.500%, 05/15/31^ |  | 101591 |
| 200000 | Park Intermediate Holdings, LLC /<br>PK Domestic Property, LLC /<br>PK Finance Co-Issuer\*<br>7.000%, 02/01/30 |  | 200104 |
| 262000 | Provident Funding Associates, LP /<br>PFG Finance Corp.\*<br>9.750%, 09/15/29 |  | 269519 |
| 215000 | RHP Hotel Properties, LP /<br>RHP Finance Corp.\*<br>6.500%, 04/01/32 |  | 214690 |
| 206000 | Rocket Mortgage, LLC /<br>Rocket Mortgage Co-Issuer, Inc.\*<br>3.875%, 03/01/31 |  | 186589 |
| 100000 | 3.625%, 03/01/29 |  | 93280 |
| 160000 | Saks Global Enterprises, LLC\*<br>11.000%, 12/15/29 |  | 97131 |
| 160000 | Service Properties Trust<br>8.375%, 06/15/29 |  | 156133 |
| 210000 | Starwood Property Trust, Inc.\*<br>6.000%, 04/15/30 |  | 208303 |
| 105000 | 6.500%, 07/01/30 |  | 105936 |
| 265000 | StoneX Group, Inc.\*<br>7.875%, 03/01/31 |  | 276374 |
| 210000 | TrueNoord Capital DAC\*<br>8.750%, 03/01/30 |  | 214754 |
| 258000 | United Wholesale Mortgage, LLC\*<br>5.500%, 04/15/29 |  | 250430 |
| 105000 | 5.750%, 06/15/27 |  | 103740 |
| 124000 | Uniti Group, LP / Uniti Group<br>Finance 2019, Inc. / CSL Capital, LLC\*<br>10.500%, 02/15/28 |  | 131761 |
| 110000 | 6.500%, 02/15/29 |  | 100692 |
| 105000 | VFH Parent, LLC / Valor Co-Issuer, Inc.\*<br>7.500%, 06/15/31 |  | 107972 |
| 250000 | VZ Secured Financing, BV\*<br>5.000%, 01/15/32 |  | 218282 |
| 210000 | XHR, LP\*<br>6.625%, 05/15/30 |  | 207289 |
|  |  |  | 11547962 |
|  | Health Care (0.9%) | Health Care (0.9%) | Health Care (0.9%) |
| 105000 | Acadia Healthcare Company, Inc.\*<br>7.375%, 03/15/33 |  | 105304 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 435000 | CHS/Community Health Systems, Inc.\*<br>6.125%, 04/01/30 | $| 296139 |
| 158000 | 10.875%, 01/15/32 |  | 163317 |
| 127000 | 6.875%, 04/15/29 |  | 93140 |
| 27000 | 5.250%, 05/15/30 |  | 23073 |
| 258000 | DaVita, Inc.\*<br>3.750%, 02/15/31 |  | 226945 |
| 233000 | 4.625%, 06/01/30 |  | 216860 |
| 205000 | 6.875%, 09/01/32^ |  | 207263 |
| 162000 | Embecta Corp.\*<br>5.000%, 02/15/30 |  | 145951 |
| 52000 | 6.750%, 02/15/30 |  | 50479 |
| 110000 | Encompass Health Corp.<br>4.750%, 02/01/30 |  | 107187 |
| 110000 | 4.500%, 02/01/28 |  | 108451 |
| 273000 | HCA, Inc.<br>7.500%, 11/06/33 |  | 308198 |
| 200000 | Jazz Securities DAC\*<br>4.375%, 01/15/29 |  | 190070 |
| 270000 | Medline Borrower, LP\*<br>3.875%, 04/01/29 |  | 252094 |
| 267000 | 5.250%, 10/01/29 |  | 253909 |
| 26000 | Medline Borrower, LP /<br>Medline Co-Issuer, Inc.\*<br>6.250%, 04/01/29 |  | 26242 |
| 400000 | Organon & Company /<br>Organon Foreign Debt Co-Issuer, BV\*^<br>5.125%, 04/30/31 |  | 335916 |
| 430000 | Tenet Healthcare Corp.<br>6.250%, 02/01/27 |  | 430125 |
| 295000 | 6.875%, 11/15/31 |  | 303163 |
| 270000 | Teva Pharmaceutical Finance<br>Netherlands III, BV^<br>5.125%, 05/09/29 |  | 262794 |
|  |  |  | 4106620 |
|  | Industrials (1.6%) | Industrials (1.6%) | Industrials (1.6%) |
| 210000 | Aar Escrow Issuer, LLC\*<br>6.750%, 03/15/29 |  | 215137 |
| 260000 | ACCO Brands Corp.\*<br>4.250%, 03/15/29 |  | 226119 |
| 200000 | Air Lease Corp.‡<br>4.125%, 12/15/26<br>5 year CMT + 3.15% |  | 184108 |
| 365000 | Albertsons Companies, Inc. /<br>Safeway, Inc. / New Albertsons, LP /<br>Albertsons, LLC\*<br>4.625%, 01/15/27 |  | 361459 |
| 155000 | 5.875%, 02/15/28 |  | 155290 |
| 127000 | Arcosa, Inc.\*<br>4.375%, 04/15/29 |  | 119285 |
| 105000 | 6.875%, 08/15/32 |  | 107044 |
| 492218 | ARD Finance, SA\*<br>6.500%, 06/30/27<br>7.250% PIK rate |  | 12940 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 105000 | Bombardier, Inc.\*<br>8.750%, 11/15/30 | $112725 |
| 80000 | 7.000%, 06/01/32^ | 80998 |
| 68000 | 7.250%, 07/01/31^ | 69791 |
| 42000 | 7.875%, 04/15/27 | 42118 |
| 226000 | BWX Technologies, Inc.\*<br>4.125%, 04/15/29 | 214860 |
| 215000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.375%, 01/15/28 | 209842 |
| 56000 | Delta Air Lines, Inc. / SkyMiles IP, Ltd.\*<br>4.750%, 10/20/28 | 55574 |
| 282000 | Deluxe Corp.\*<br>8.000%, 06/01/29 | 260038 |
| 50000 | 8.125%, 09/15/29 | 50089 |
| 205000 | EMRLD Borrower, LP /<br>Emerald Co-Issuer, Inc.\*<br>6.625%, 12/15/30 | 208298 |
| 140000 | EnerSys\*<br>4.375%, 12/15/27 | 135859 |
| 110000 | 6.625%, 01/15/32 | 112439 |
| 80000 | EquipmentShare.com, Inc.\*<br>8.625%, 05/15/32 | 81572 |
| 78000 | 8.000%, 03/15/33^ | 77068 |
| 135000 | Graham Packaging Company, Inc.\*<br>7.125%, 08/15/28 | 132056 |
| 102000 | Graphic Packaging International, LLC\*<br>3.500%, 03/01/29 | 94961 |
| 85000 | 4.750%, 07/15/27 | 83512 |
| 236000 | Great Lakes Dredge & Dock Corp.\*<br>5.250%, 06/01/29 | 215539 |
| 516000 | H&E Equipment Services, Inc.\*<br>3.875%, 12/15/28 | 514658 |
| 270000 | Herc Holdings, Inc.\*<br>5.500%, 07/15/27 | 267397 |
| 105000 | 6.625%, 06/15/29 | 103804 |
| 157000 | JELD-WEN, Inc.\*^<br>7.000%, 09/01/32 | 138177 |
| 55000 | 4.875%, 12/15/27 | 50812 |
| 360000 | Ken Garff Automotive, LLC\*<br>4.875%, 09/15/28 | 347681 |
| 135000 | Moog, Inc.\*<br>4.250%, 12/15/27 | 130480 |
| 232000 | Novelis Corp.\*<br>4.750%, 01/30/30 | 215918 |
| 210000 | Quikrete Holdings, Inc.\*<br>6.375%, 03/01/32 | 211579 |
| 55000 | Sealed Air Corp.\*<br>6.500%, 07/15/32^ | 56031 |
| 54000 | 5.000%, 04/15/29 | 52678 |
| 163000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 | 164356 |
| 50000 | 7.250%, 02/15/31 | 52082 |
| 210000 | Sensata Technologies, Inc.\*<br>3.750%, 02/15/31 | 183693 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 50000 | Standard Building Solutions, Inc.\*<br>6.500%, 08/15/32 | $| 50691 |
| 106000 | Standard Industries, Inc.\*<br>5.000%, 02/15/27 |  | 105330 |
| 225000 | TransDigm, Inc.\*<br>6.875%, 12/15/30 |  | 232126 |
| 155000 | 6.750%, 08/15/28 |  | 158232 |
| 80000 | 7.125%, 12/01/31 |  | 83264 |
| 52000 | 6.625%, 03/01/32 |  | 53353 |
| 66888 | United Airlines Pass Through Trust<br>Series 2019-2, Class B<br>3.500%, 11/01/29 |  | 63913 |
| 123000 | Wabash National Corp.\*^<br>4.500%, 10/15/28 |  | 103566 |
| 212000 | Waste Pro USA, Inc.\*<br>7.000%, 02/01/33 |  | 217090 |
| 128000 | Williams Scotsman, Inc.\*<br>4.625%, 08/15/28 |  | 123301 |
| 105000 | 7.375%, 10/01/31 |  | 108920 |
| 80000 | 6.625%, 06/15/29 |  | 81247 |
|  |  |  | 7489100 |
|  | Information Technology (0.6%) | Information Technology (0.6%) | Information Technology (0.6%) |
| 126000 | Coherent Corp.\*<br>5.000%, 12/15/29 |  | 120927 |
| 79000 | Dell International, LLC / EMC Corp.<br>6.020%, 06/15/26 |  | 79934 |
| 108000 | Dun & Bradstreet Corp.\*<br>5.000%, 12/15/29 |  | 107900 |
| 93000 | Fair Isaac Corp.\*<br>4.000%, 06/15/28 |  | 89438 |
| 245000 | KBR, Inc.\*<br>4.750%, 09/30/28 |  | 232610 |
| 105000 | NCL Corp., Ltd.\*<br>8.125%, 01/15/29 |  | 109920 |
| 105000 | 6.750%, 02/01/32 |  | 102599 |
| 167000 | ON Semiconductor Corp.\*<br>3.875%, 09/01/28 |  | 158166 |
| 110000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 113148 |
| 81000 | Open Text Holdings, Inc.\*<br>4.125%, 12/01/31 |  | 72453 |
| 193000 | Playtika Holding Corp.\*<br>4.250%, 03/15/29 |  | 170757 |
| 315000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 |  | 293630 |
| 150000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 140802 |
| 57000 | 3.875%, 03/15/31 |  | 51869 |
| 79000 | UKG, Inc.\*<br>6.875%, 02/01/31 |  | 81427 |
| 295000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 |  | 270550 |
| 210000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 211237 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 260000 | ZoomInfo Technologies, LLC /<br>ZoomInfo Finance Corp.\*<br>3.875%, 02/01/29 | $ | 239247 |
|  |  |  | 2646614 |
|  | Materials (0.6%) | Materials (0.6%) | Materials (0.6%) |
| 85000 | ATI, Inc.<br>5.875%, 12/01/27 |  | 84965 |
| 210000 | Avient Corp.\*<br>6.250%, 11/01/31 |  | 207846 |
| 105000 | Celanese US Holdings, LLC^<br>6.629%, 07/15/32 |  | 103361 |
| 180000 | Chemours Company\*<br>8.000%, 01/15/33 |  | 162313 |
| 165000 | 4.625%, 11/15/29 |  | 138227 |
| 355000 | Clearwater Paper Corp.\*<br>4.750%, 08/15/28 |  | 331169 |
| 160000 | Cleveland-Cliffs, Inc.\*^<br>7.000%, 03/15/32 |  | 150838 |
| 250000 | Constellium, SE\*^<br>6.375%, 08/15/32 |  | 246298 |
| 157000 | JW Aluminum Continuous<br>Cast Company\*<br>10.250%, 04/01/30 |  | 154391 |
| 210000 | Knife River Corp.\*<br>7.750%, 05/01/31 |  | 219988 |
| 229000 | Mercer International, Inc.<br>5.125%, 02/01/29 |  | 188318 |
| 107000 | 12.875%, 10/01/28\* |  | 109494 |
| 200000 | OCI, NV\*<br>6.700%, 03/16/33 |  | 218476 |
| 200000 | Silgan Holdings, Inc.<br>4.125%, 02/01/28 |  | 192248 |
| 210000 | Terex Corp.\*<br>6.250%, 10/15/32 |  | 201186 |
| 96050 | Trinseo Luxco Finance SPV Sarl /<br>Trinseo NA Finance SPV, LLC\*<br>7.625%, 05/03/29 |  | 59012 |
|  |  |  | 2768130 |
|  | Other (0.4%) | Other (0.4%) | Other (0.4%) |
| 210000 | Alumina Pty, Ltd.\*<br>6.375%, 09/15/32 |  | 205122 |
| 85067 | Claritev Corp.\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 54024 |
| 320740 | EchoStar Corp.<br>10.750%, 11/30/29 |  | 339340 |
| 210627 | 6.750%, 11/30/30<br>6.75% PIK Rate |  | 196212 |
| 100000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 |  | 101759 |
| 105000 | Mohegan Tribal Gaming Authority /<br>MS Digital Entertainment Holdings, LLC\*<br>8.250%, 04/15/30 |  | 105163 |
| 210000 | New Gold, Inc.\*<br>6.875%, 04/01/32 |  | 214817 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 45000 | Nissan Motor Acceptance Company, LLC\*<br>7.050%, 09/15/28 | $| 46038 |
| 210000 | Olin Corp.\*<br>6.625%, 04/01/33 |  | 199489 |
| 105000 | Reinsurance Group of America, Inc.‡<br>6.650%, 09/15/55<br>5 year CMT + 2.39 |  | 102157 |
| 210000 | Rfna, LP\*<br>7.875%, 02/15/30 |  | 206510 |
| 210000 | Stonepeak Nile Parent, LLC\*<br>7.250%, 03/15/32 |  | 213364 |
|  |  |  | 1983995 |
|  | Real Estate (0.0%) | Real Estate (0.0%) | Real Estate (0.0%) |
| 105000 | Forestar Group, Inc.\*<br>6.500%, 03/15/33 |  | 102209 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 53000 | Clydesdale Acquisition Holdings, Inc.\*<br>6.750%, 04/15/32 |  | 54271 |
| 220000 | Fertitta Entertainment, LLC /<br>Fertitta Entertainment Finance<br>Company, Inc.\*<br>6.750%, 01/15/30^ |  | 192473 |
| 107000 | 4.625%, 01/15/29 |  | 99387 |
|  |  |  | 346131 |
|  | Utilities (0.3%) | Utilities (0.3%) | Utilities (0.3%) |
| 80000 | AES Corp.‡<br>6.950%, 07/15/55<br>5 year CMT + 2.89 |  | 74866 |
| 79000 | 7.600%, 01/15/55<br>5 year CMT + 3.20% |  | 78315 |
| 110000 | Dominion Energy, Inc.‡^<br>6.625%, 05/15/55<br>5 year CMT + 2.21% |  | 108668 |
| 225000 | Duke Energy Corp.‡^<br>6.450%, 09/01/54<br>5 year CMT + 2.59% |  | 225918 |
| 165000 | Entergy Corp.‡<br>7.125%, 12/01/54<br>5 year CMT + 2.67% |  | 166335 |
| 165000 | Evergy, Inc.‡<br>6.650%, 06/01/55<br>5 year CMT + 2.56% |  | 160654 |
| 158000 | NiSource, Inc.‡^<br>6.950%, 11/30/54<br>5 year CMT + 2.45% |  | 160811 |
| 79000 | PPL Capital Funding, Inc.‡<br>7.226%, 03/30/67<br>3 mo. SOFR + 2.93% |  | 77292 |
| 105000 | Vistra Corp.\*‡<br>7.000%, 12/15/26<br>5 year CMT + 5.74% |  | 106178 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 50000 |  | 8.000%, 10/15/26<br>5 year CMT + 6.93% | $ | 51120 |
|  |  |  |  | 1210157 |
|  |  | **TOTAL CORPORATE BONDS**<br>(Cost $66,896,020) |  | 63732405 |
| **CONVERTIBLE BONDS (20.8%)** | **CONVERTIBLE BONDS (20.8%)** |  |  |  |
|  |  | Communication Services (2.6%) | Communication Services (2.6%) | Communication Services (2.6%) |
| 2185000 |  | Liberty Media Corp.-Liberty Formula One<br>2.250%, 08/15/27 |  | 2665023 |
| 2805000 |  | Uber Technologies, Inc.^<br>0.875%, 12/01/28 |  | 3681983 |
| 4000000 |  | Xiaomi Best Time International, Ltd.<br>0.000%, 12/17/27 |  | 5707520 |
|  |  |  |  | 12054526 |
|  |  | Consumer Discretionary (1.4%) | Consumer Discretionary (1.4%) | Consumer Discretionary (1.4%) |
| 9435800  | EUR | Accor, SA<br>0.700%, 12/07/27 |  | 5828262 |
| 251000 |  | Farfetch, Ltd.<br>3.750%, 05/01/27 |  | 5251 |
| 583000 |  | Trip.com Group, Ltd.\*~<br>0.750%, 06/15/29 |  | 659524 |
|  |  |  |  | 6493037 |
|  |  | Consumer Staples (1.7%) | Consumer Staples (1.7%) | Consumer Staples (1.7%) |
| 3715000 |  | Post Holdings, Inc.<br>2.500%, 08/15/27 |  | 4372109 |
| 4900000  | CAD | Premium Brands Holdings Corp.<br>4.200%, 09/30/27 |  | 3430569 |
|  |  |  |  | 7802678 |
|  |  | Energy (1.0%) | Energy (1.0%) | Energy (1.0%) |
| 2200000  | EUR | Eni S.p.A<br>2.950%, 09/14/30 |  | 2545855 |
| 1200000  | EUR | Saipem S.p.A^<br>2.875%, 09/11/29 |  | 1723310 |
| 2261000 |  | SunEdison, Inc.@<br>0.000%, 01/15/49\*!! |  | 7913 |
| 275000 |  | 0.000%, 10/01/49 |  | 963 |
|  |  |  |  | 4278041 |
|  |  | Financials (0.9%) | Financials (0.9%) | Financials (0.9%) |
| 2800000 |  | Goldman Sachs Finance Corp.<br>International, Ltd.<br>(Tencent Holdings, Ltd.)§<br>0.000%, 03/15/27 |  | 3816512 |
|  |  | Health Care (0.8%) | Health Care (0.8%) | Health Care (0.8%) |
| 1774000 |  | Alnylam Pharmaceuticals, Inc.<br>1.000%, 09/15/27 |  | 2033855 |
| 1683000 |  | Halozyme Therapeutics, Inc.<br>0.250%, 03/01/27 |  | 1764878 |
|  |  |  |  | 3798733 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Information Technology (6.9%) | Information Technology (6.9%) |
| 1597000 | Cloudflare, Inc.<br>0.000%, 08/15/26 | $1628381 |
| 3297000 | Guidewire Software, Inc.\*^<br>1.250%, 11/01/29 | 3646614 |
| 175000 | LivePerson, Inc.<br>0.000%, 12/15/26 | 69319 |
| 1641000 | Nutanix, Inc.\*^<br>0.500%, 12/15/29 | 1771427 |
| 6226000 | Snowflake, Inc.\*^<br>0.000%, 10/01/29 | 7738918 |
| 8312000 | Spotify USA, Inc.<br>0.000%, 03/15/26 | 10695965 |
| 5206000 | Xero Investments, Ltd.<br>1.625%, 06/12/31 | 6107471 |
|  |  | 31658095 |
|  | Materials (1.0%) | Materials (1.0%) |
| 214000 | Amyris, Inc.<br>0.000%, 11/15/26 | 1136 |
| 2454000 | Fortuna Mining Corp.\*<br>3.750%, 06/30/29 | 3021267 |
| 1795000 | Lithium Argentina AG<br>1.750%, 01/15/27 | 1464828 |
|  |  | 4487231 |
|  | Other (0.2%) | Other (0.2%) |
| 1000000 | China Hongqiao Group, Ltd.<br>1.500%, 03/26/30 | 994330 |
|  | Utilities (4.3%) | Utilities (4.3%) |
| 3396000 | Duke Energy Corp.<br>4.125%, 04/15/26 | 3706870 |
| 2735000 | NextEra Energy Capital Holdings, Inc.<br>3.000%, 03/01/27 | 3064184 |
| 2950000 | PPL Capital Funding, Inc.<br>2.875%, 03/15/28 | 3367336 |
| 8493000 | Southern Company<br>4.500%, 06/15/27\* | 9442178 |
| 160000 | 3.875%, 12/15/25 | 179789 |
|  |  | 19760357 |
|  | **TOTAL CONVERTIBLE BONDS**<br>(Cost $91,465,295) | 95143540 |
| **BANK LOANS (2.8%)¡** |  |  |
|  | Airlines (0.1%) | Airlines (0.1%) |
| 143550 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% | 142129 |
| 124621 | United Airlines, Inc.‡<br>6.275%, 02/22/31<br>3 mo. SOFR + 2.00% | 124485 |
|  |  | 266614 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Communication Services (0.3%) | Communication Services (0.3%) |
| 84271 | Audacy Capital Corp.‡<br>10.436%, 10/01/29<br>1 mo. SOFR + 6.00% | $71209 |
| 9384 | Audacy Capital Corp.‡<br>11.436%, 10/02/28<br>1 mo. SOFR + 7.00% | 9407 |
| 99240 | Cincinnati Bell, Inc.‡<br>7.072%, 11/22/28<br>1 mo. SOFR + 2.75% | 98793 |
| 108011 | Clear Channel Outdoor Holdings, Inc.‡<br>8.436%, 08/23/28<br>1 mo. SOFR + 4.00% | 105068 |
| 186375 | CSC Holdings, LLC‡<br>9.000%, 04/15/27<br>3 mo. Prime + 1.50% | 179840 |
| 85000 | DirecTV Financing, LLC!<br>0.000%, 08/02/29 | 82482 |
| 50494 | Directv Financing, LLC‡<br>9.541%, 08/02/27<br>3 mo. SOFR + 5.00% | 50559 |
| 153838 | Gray Television, Inc.‡<br>9.574%, 06/04/29<br>1 mo. SOFR + 5.25% | 149050 |
| 55000 | Gray Television, Inc.!<br>0.000%, 06/04/29 | 53289 |
| 110000 | Sinclair Television Group, Inc.‡<br>7.736%, 12/31/29<br>1 mo. SOFR + 3.30% | 86935 |
| 220000 | Telesat Canada‡<br>7.325%, 12/07/26<br>3 mo. SOFR + 2.75% | 122032 |
| 263812 | TripAdvisor, Inc.‡<br>7.049%, 07/08/31<br>3 mo. SOFR + 2.75% | 257876 |
| 215000 | Virgin Media Bristol, LLC‡<br>6.936%, 01/31/28<br>1 mo. SOFR + 2.50% | 212391 |
|  |  | 1478931 |
|  | Consumer Discretionary (0.5%) | Consumer Discretionary (0.5%) |
| 76556 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% | 75121 |
| 71118 | American Axle & Manufacturing, Inc.‡<br>7.321%, 12/13/29<br>1 mo. SOFR + 3.00% | 69785 |
| 65926 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>3 mo. SOFR + 3.00% | 64690 |
| 124580 | Caesars Entertainment, Inc.‡<br>6.563%, 02/06/30<br>3 mo. SOFR + 2.25% | 123147 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 181807 | Carnival Corp.‡<br>6.329%, 10/18/28<br>1 mo. SOFR + 2.00% | $| 181637 |
| 114883 | Carnival Corp.‡<br>6.329%, 08/08/27<br>1 mo. SOFR + 2.00% |  | 115171 |
| 139650 | Chinos Intermediate Holdings A, Inc.‡<br>10.280%, 09/26/31<br>3 mo. SOFR + 6.00% |  | 132959 |
| 160000 | Clarios Global, LP‡<br>7.072%, 01/28/32<br>1 mo. SOFR + 2.75% |  | 157134 |
| 209475 | Life Time Fitness, Inc.‡<br>6.785%, 11/05/31<br>3 mo. SOFR + 2.50% |  | 208506 |
| 195525 | Light & Wonder International, Inc.‡<br>6.570%, 04/14/29<br>1 mo. SOFR + 2.25% |  | 195607 |
| 89325 | Peloton Interactive, Inc.‡<br>9.813%, 05/23/29<br>3 mo. SOFR + 5.50% |  | 89493 |
| 376217 | PetSmart, Inc.‡<br>8.172%, 02/11/28<br>1 mo. SOFR + 3.75% |  | 371906 |
| 156713 | Staples, Inc.‡<br>10.041%, 09/04/29<br>3 mo. SOFR + 5.75% |  | 135686 |
| 207900 | Station Casinos, LLC‡<br>6.322%, 03/14/31<br>1 mo. SOFR + 2.00% |  | 206695 |
| 135441 | TKC Holdings, Inc.‡<br>9.323%, 05/15/28<br>1 mo. SOFR + 5.00% |  | 134087 |
| 222063 | Windsor Holdings III, LLC‡<br>7.073%, 08/01/30<br>1 mo. SOFR + 2.75% |  | 219842 |
|  |  |  | 2481466 |
|  | Consumer Staples (0.5%) | Consumer Staples (0.5%) | Consumer Staples (0.5%) |
| 703897 | Amneal Pharmaceuticals, LLC‡<br>9.822%, 05/04/28<br>1 mo. SOFR + 5.50% |  | 706582 |
| 154225 | B&G Foods, Inc.‡<br>7.822%, 10/10/29<br>1 mo. SOFR + 3.50% |  | 147863 |
| 430000 | Bausch Health Companies, Inc.‡<br>10.542%, 09/25/30<br>1 mo. SOFR + 6.25% |  | 406709 |
| 213390 | Fiesta Purchaser, Inc.‡<br>7.572%, 02/12/31<br>1 mo. SOFR + 3.25% |  | 211901 |
| 19704 | MPH Acquisition Holdings, LLC‡<br>8.030%, 12/31/30<br>3 mo. SOFR + 3.75% |  | 19497 |
| 215000 | Opal Bidco SAS!<br>0.000%, 03/31/32 |  | 213523 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 265584 | Star Parent, Inc.‡<br>8.299%, 09/27/30<br>3 mo. SOFR + 4.00% | $| 257452 |
| 143550 | United Natural Foods, Inc.‡<br>9.072%, 05/01/31<br>1 mo. SOFR + 4.75% |  | 144268 |
| 215000 | Veritiv Corp.‡<br>8.299%, 11/30/30<br>3 mo. SOFR + 4.00% |  | 213607 |
|  |  |  | 2321402 |
|  | Energy (0.1%) | Energy (0.1%) | Energy (0.1%) |
| 199893 | ChampionX Corp.‡<br>7.172%, 06/07/29<br>1 mo. SOFR + 2.75% |  | 200318 |
| 154000 | New Fortress Energy, Inc.‡<br>9.795%, 10/30/28<br>3 mo. SOFR + 5.50% |  | 111939 |
| 304569 | Par Petroleum, LLC‡<br>8.009%, 02/28/30<br>3 mo. SOFR + 3.75% |  | 294956 |
|  |  |  | 607213 |
|  | Financials (0.4%) | Financials (0.4%) | Financials (0.4%) |
| 282382 | Advisor Group, Inc.‡<br>7.822%, 08/17/28<br>1 mo. SOFR + 3.50% |  | 281662 |
| 162947 | Amynta Agency Borrower, Inc.‡<br>7.322%, 12/29/31<br>3 mo. SOFR + 3.00% |  | 161708 |
| 267300 | AssuredPartners, Inc.‡<br>7.822%, 02/14/31<br>1 mo. SOFR + 3.50% |  | 267621 |
| 99002 | Broadstreet Partners, Inc.‡<br>7.322%, 06/13/31<br>1 mo. SOFR + 3.00% |  | 98660 |
| 274313 | Dragon Buyer, Inc‡<br>7.299%, 09/30/31<br>3 mo. SOFR + 3.00% |  | 273078 |
| 207907 | HUB International, Ltd.‡<br>6.769%, 06/20/30<br>3 mo. SOFR + 2.50% |  | 206813 |
| 158000 | Iron Mountain, Inc.‡<br>6.322%, 01/31/31<br>1 mo. SOFR + 2.00% |  | 157526 |
| 151317 | Jazz Financing Lux Sarl‡<br>6.572%, 05/05/28<br>1 mo. SOFR + 2.25% |  | 150992 |
| 210000 | Level 3 Financing, Inc.‡<br>8.572%, 03/27/32<br>1 mo. SOFR + 4.25% |  | 209869 |
| 210000 | VFH Parent, LLC‡<br>6.822%, 06/21/31 |  | 209475 |
|  |  |  | 2017404 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Health Care (0.1%) | Health Care (0.1%) |
| 235294 | Padagis, LLC‡<br>9.271%, 07/06/28<br>3 mo. SOFR + 4.75% | $220441 |
|  | Industrials (0.3%) | Industrials (0.3%) |
| 209035 | ACProducts, Inc.‡<br>8.811%, 05/17/28<br>3 mo. SOFR + 4.25% | 142202 |
| 123500 | American Airlines, Inc.‡<br>6.520%, 04/20/28<br>3 mo. SOFR + 2.25% | 121157 |
| 215000 | ECO Material Tech, Inc.‡<br>7.467%, 02/12/32<br>6 mo. SOFR + 3.25% | 213387 |
| 79600 | EMRLD Borrower, LP‡<br>6.799%, 08/04/31<br>3 mo. SOFR + 2.50% | 78788 |
| 208425 | MI Windows & Doors, LLC‡<br>7.322%, 03/28/31<br>1 mo. SOFR + 3.00% | 205595 |
| 215000 | Quikrete Holdings, Inc.‡<br>6.572%, 02/10/32<br>1 mo. SOFR + 2.25% | 211054 |
| 421291 | TransDigm, Inc.‡<br>6.799%, 02/28/31<br>3 mo. SOFR + 2.50% | 417624 |
|  |  | 1389807 |
|  | Information Technology (0.3%) | Information Technology (0.3%) |
| 290843 | Boxer Parent Company, Inc.‡<br>7.322%, 07/30/31<br>1 mo. SOFR + 3.00% | 285538 |
| 215543 | Camelot U.S. Acquisition, LLC‡<br>7.072%, 01/31/31<br>1 mo. SOFR + 2.75% | 213118 |
| 200319 | Dun & Bradstreet Corp.‡<br>6.570%, 01/18/29<br>1 mo. SOFR + 2.25% | 199943 |
| 165271 | II-VI, Inc.‡<br>6.322%, 07/02/29<br>1 mo. SOFR + 2.00% | 163756 |
| 20000 | Qxo, Inc.!<br>0.000%, 04/23/32 | 20003 |
| 110000 | Rocket Software, Inc.!<br>0.000%, 11/28/28 | 109404 |
| 178780 | SS&C Technologies, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% | 178785 |
| 109175 | UKG, Inc.‡<br>7.320%, 02/10/31<br>1 mo. SOFR + 3.00% | 108927 |
|  |  | 1279474 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Materials (0.1%) | Materials (0.1%) |
| 331721 | Ineos U.S. Finance, LLC‡<br>7.572%, 02/18/30<br>1 mo. SOFR + 3.25% | $311320 |
| 156969 | Trinseo Materials Operating SCA‡<br>7.075%, 05/03/28<br>3 mo. SOFR + 2.50% | 67276 |
| 200601 | W.R. Grace & Company-Conn.‡<br>7.549%, 09/22/28<br>3 mo. SOFR + 3.25% | 197425 |
|  |  | 576021 |
|  | Other (0.0%) | Other (0.0%) |
| 105000 | Windstream Services, LLC‡<br>9.172%, 10/01/31<br>1 mo. SOFR + 4.75% | 104606 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 89467 | Clydesdale Acquisition Holdings, Inc.‡<br>7.497%, 04/13/29<br>1 mo. SOFR + 3.18% | 88958 |
| 53350 | Fertitta Entertainment, LLC‡<br>7.822%, 01/27/29<br>1 mo. SOFR + 3.50% | 52100 |
| 195000 | Patagonia Holdco, LLC‡<br>10.052%, 08/01/29<br>3 mo. SOFR + 5.75% | 166623 |
|  |  | 307681 |
|  | **TOTAL BANK LOANS**<br>(Cost $13,408,846) | 13051060 |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (2.2%)** |  |  |
|  | Other (2.2%) | Other (2.2%) |
| 6650000 | U.S. Treasury Note<br>4.500%, 07/15/26 | 6704031 |
| 3350000 | 4.000%, 06/30/28 | 3391875 |
|  | **TOTAL U.S. GOVERNMENT<br>AND AGENCY SECURITIES**<br>(Cost $10,051,362) | 10095906 |
| NUMBER OF<br>SHARES |  | VALUE |
| **CONVERTIBLE PREFERRED STOCKS (3.0%)** |  |  |
|  | Industrials (3.0%) | Industrials (3.0%) |
| 220635 | Boeing Company<br>6.000%, 10/15/27<br>(Cost $11,955,589) | 13542576 |
| **COMMON STOCKS (83.9%)** |  |  |
|  | Communication Services (10.6%) | Communication Services (10.6%) |
| 37065 | Alphabet, Inc. - Class Aµ | 5885922 |
| 4575 | Altice USA, Inc. - Class A^# | 11346 |
| 341925 | AT&T, Inc.µ | 9471322 |
| 3751 | Audacy, Inc.# | 69393 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 4050 |  | Baidu, Inc. (ADR)^# | $| 355671 |
| 9550  | GBP | Baltic Classifieds Group, PLC |  | 43316 |
| 131435  | INR | Bharti Airtel, Ltd. |  | 2884141 |
| 1735 |  | Cumulus Media, Inc. - Class A# |  | 405 |
| 73875  | EUR | Deutsche Telekom, AGµ |  | 2653408 |
| 11250 |  | Meta Platforms, Inc. - Class Aµ |  | 6176250 |
| 26530 |  | Millicom International Cellular, SA |  | 916346 |
| 84298  | ZAR | MTN Group, Ltd.^ |  | 557911 |
| 3435  | KRW | NAVER Corp. |  | 483324 |
| 4250 |  | Netflix, Inc.µ# |  | 4809810 |
| 96000  | EUR | Orange, SA |  | 1392772 |
| 1140  | EUR | Scout24, SE\* |  | 135861 |
| 15795 |  | Sea, Ltd. (ADR)# |  | 2117320 |
| 1600 |  | Spotify Technology, SA# |  | 982368 |
| 11300  | HKD | Tencent Holdings, Ltd.µ |  | 692136 |
| 89070 |  | Tencent Holdings, Ltd. (ADR)~ |  | 5438614 |
| 24105  | GBP | Trustpilot Group, PLC\*# |  | 72283 |
| 1176545  | GBP | Vodafone Group, PLC |  | 1156191 |
| 26395 |  | Walt Disney Companyµ |  | 2400625 |
|  |  |  |  | 48706735 |
|  |  | Consumer Discretionary (10.7%) | Consumer Discretionary (10.7%) | Consumer Discretionary (10.7%) |
| 179100  | HKD | Alibaba Group Holding, Ltd.µ |  | 2673968 |
| 8175 |  | Alibaba Group Holding, Ltd. (ADR) |  | 976340 |
| 47955 |  | Amazon.com, Inc.µ# |  | 8843861 |
| 56410  | INR | Amber Enterprises India, Ltd.# |  | 4060192 |
| 315000  | SAR | Americana Restaurants International, PLC |  | 187780 |
| 51097 |  | Aptiv, PLC# |  | 2915595 |
| 835 |  | AutoZone, Inc.# |  | 3141771 |
| 4760  | SEK | Betsson, AB - Class B |  | 83248 |
| 357  | EUR | Brunello Cucinelli S.p.A^ |  | 40305 |
| 31800  | CNY | BYD Company, Ltd. - Class A |  | 1547660 |
| 20700  | CNY | China Tourism Group Duty Free<br>Corp., Ltd. - Class A |  | 180689 |
| 95610  | GBP | Compass Group, PLC |  | 3223474 |
| 270300  | PHP | DigiPlus Interactive Corp. |  | 192887 |
| 2250  | INR | Dixon Technologies India, Ltd. |  | 437240 |
| 4200  | HKD | DPC Dash, Ltd.# |  | 53501 |
| 9725  | INR | Eicher Motors, Ltd. |  | 641153 |
| 800  | JPY | Food & Life Companies, Ltd. |  | 29604 |
| 88300  | CNY | Fuyao Glass Industry Group<br>Company, Ltd. - Class A |  | 706454 |
| 303000  | HKD | Geely Automobile Holdings, Ltd. |  | 636088 |
| 107720  | INR | Indian Hotels Company, Ltd. |  | 1001397 |
| 161219  | HKD | JD.com, Inc. - Class A |  | 2624875 |
| 173000  | HKD | Jiumaojiu International Holdings, Ltd.\*^ |  | 56119 |
| 123000  | HKD | Li Ning Company, Ltd. |  | 231897 |
| 4880  | EUR | Lottomatica Group S.p.A |  | 111234 |
| 1020  | EUR | LVMH Moet Hennessy Louis Vuitton, SEµ |  | 565008 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 8450 |  | MakeMyTrip, Ltd.^# | $| 885729 |
| 2062 |  | MercadoLibre, Inc.# |  | 4806213 |
| 370400  | HKD | MGM China Holdings, Ltd. |  | 480008 |
| 44620 |  | NIO, Inc. (ADR)^# |  | 180711 |
| 345 |  | Rite Aid Corp.# |  | 345 |
| 236800  | HKD | Sands China, Ltd.# |  | 424097 |
| 13100 |  | Tesla, Inc.µ# |  | 3696296 |
| 148600  | JPY | Toyota Motor Corp.µ |  | 2838173 |
| 10100  | HKD | Yum China Holdings, Inc. |  | 471846 |
| 1180  | EUR | Zalando, SE\*# |  | 43089 |
|  |  |  |  | 48988847 |
|  |  | Consumer Staples (5.3%) | Consumer Staples (5.3%) | Consumer Staples (5.3%) |
| 5600 |  | Constellation Brands, Inc. - Class A^ |  | 1050224 |
| 4240 |  | Costco Wholesale Corp.µ |  | 4216680 |
| 1007  | GBP | Cranswick, PLC |  | 69695 |
| 5390  | PLN | Dino Polska, SA\*# |  | 755610 |
| 106908  | CNY | Eastroc Beverage Group<br>Company, Ltd. - Class A |  | 4209310 |
| 84800  | HKD | Giant Biogene Holding Company, Ltd.\* |  | 876137 |
| 2600  | CNY | Kweichow Moutai Company, Ltd. - Class A |  | 553931 |
| 20500  | CHF | Nestle, SAµ |  | 2181966 |
| 23310 |  | Philip Morris International, Inc.µ |  | 3994402 |
| 74568  | BRL | Raia Drogasil, SA |  | 260685 |
| 2405  | KRW | Samyang Foods Company, Ltd. |  | 1641509 |
| 106000  | HKD | Smoore International Holdings, Ltd.\*^ |  | 183467 |
| 43715 |  | Walmart, Inc.µ |  | 4251284 |
|  |  |  |  | 24244900 |
|  |  | Energy (3.6%) | Energy (3.6%) | Energy (3.6%) |
| 134875  | CAD | Canadian Natural Resources, Ltd. |  | 3870343 |
| 11385  | CAD | CES Energy Solutions Corp.^ |  | 50211 |
| 885 |  | Cheniere Energy Partners, LP~ |  | 52020 |
| 17600 |  | Chevron Corp.µ |  | 2394656 |
| 12635 |  | Energy Transfer, LP~ |  | 208983 |
| 5810 |  | Enterprise Products Partners, LP |  | 173719 |
| 1826 |  | EP Energy Corp.# |  | 2511 |
| 35980 |  | EQT Corp.^ |  | 1778851 |
| 42400 |  | Helmerich & Payne, Inc.^ |  | 800936 |
| 136900  | THB | PTT Exploration & Production, PCL |  | 405496 |
| 14500  | EUR | Saipem S.p.A^# |  | 33495 |
| 98974 |  | Schlumberger, NV^~ |  | 3290885 |
| 82300  | GBP | Shell, PLCµ |  | 2655965 |
| 36983 |  | TechnipFMC, PLC |  | 1041811 |
|  |  |  |  | 16759882 |
|  |  | Financials (12.6%) | Financials (12.6%) | Financials (12.6%) |
| 373000  | HKD | AIA Group, Ltd. |  | 2794856 |
| 18350  | EUR | Alpha Services and Holdings, SA |  | 44742 |
| 188400  | BRL | B3, SA - Brasil Bolsa Balcao |  | 447832 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 6095  | INR | Bajaj Finance, Ltd. | $| 620400 |
| 87000  | EUR | Banco Santander, SA |  | 612555 |
| 4640  | EUR | Bank of Ireland Group, PLC |  | 54480 |
| 33705 |  | Bank of New York Mellon Corp. |  | 2710219 |
| 361530  | PHP | Bank of the Philippine Islands |  | 906473 |
| 15010  | EUR | BAWAG Group, AG\* |  | 1645216 |
| 9900  | JPY | Concordia Financial Group, Ltd. |  | 64033 |
| 1955  | CAD | Definity Financial Corp.^ |  | 97580 |
| 2510  | EUR | Deutsche Böerse, AG |  | 808456 |
| 303220  | EUR | Eurobank Ergasias Services and<br>Holdings, SA |  | 860546 |
| 111948  | AED | First Abu Dhabi Bank, PJSC |  | 458047 |
| 5765 |  | Goldman Sachs Group, Inc.^ |  | 3156626 |
| 12395 |  | HDFC Bank, Ltd. (ADR) |  | 900993 |
| 25700  | HKD | Hong Kong Exchanges & Clearing, Ltd. |  | 1122825 |
| 156760 |  | ICICI Bank, Ltd. (ADR)^ |  | 5260866 |
| 147087 |  | Itau Unibanco Holding, SA (ADR) |  | 928119 |
| 25370 |  | JPMorgan Chase & Company^ |  | 6206009 |
| 1094590  | THB | Krung Thai Bank PCL |  | 714282 |
| 890 |  | Marex Group, PLC |  | 39472 |
| 21200  | KRW | Meritz Financial Group, Inc. |  | 1852046 |
| 260000  | HKD | Ping An Insurance Group Company of<br>China, Ltd. - Class H |  | 1556108 |
| 62000  | BRL | Porto Seguro, SA |  | 480583 |
| 33595  | PLN | Powszechna Kasa Oszczednosci<br>Bank Polski, SA |  | 645895 |
| 10965 |  | Progressive Corp.µ |  | 3089279 |
| 1100  | JPY | Rakuten Bank, Ltd.^# |  | 46263 |
| 24653  | SAR | Saudi National Bank |  | 234894 |
| 59020  | EUR | Societe Generale, SA |  | 3048854 |
| 165300  | JPY | Sumitomo Mitsui Financial Group, Inc. |  | 3943597 |
| 215  | CHF | Swissquote Group Holding, SA^ |  | 110982 |
| 81080  | EUR | UniCredit, S.p.A.^ |  | 4717304 |
| 8825 |  | Visa, Inc. - Class Aµ |  | 3049038 |
| 61275 |  | Wells Fargo & Company^µ |  | 4351138 |
|  |  |  |  | 57580608 |
|  |  | Health Care (4.9%) | Health Care (4.9%) | Health Care (4.9%) |
| 16460 |  | AbbVie, Inc.^µ |  | 3211346 |
| 8260  | SEK | Ambea, AB\* |  | 99785 |
| 20770  | GBP | AstraZeneca, PLCµ |  | 2975652 |
| 1225  | SEK | BoneSupport Holding, AB\*# |  | 40075 |
| 4738  | KRW | Dentium Company, Ltd. |  | 243191 |
| 6945 |  | Eli Lilly & Companyµ |  | 6243208 |
| 10104 |  | GE HealthCare Technologies, Inc. |  | 710614 |
| 568825  | MXN | Genomma Lab Internacional,<br>SAB de CV - Class B |  | 664821 |
| 22400  | EUR | Gerresheimer, AG |  | 1519788 |
| 4860 |  | Humana, Inc. |  | 1274486 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 8520  | BRL | Hypera, SA | $| 36211 |
| 78573 |  | Novo Nordisk, A/S (ADR) |  | 5221176 |
| 565  | KRW | Samsung Biologics Company, Ltd.\*# |  | 418139 |
|  |  |  |  | 22658492 |
|  |  | Industrials (10.6%) | Industrials (10.6%) | Industrials (10.6%) |
| 37029  | EUR | Alstom, SA# |  | 894219 |
| 1900  | JPY | BayCurrent, Inc. |  | 102379 |
| 59  | CHF | Belimo Holding, AG |  | 50130 |
| 28780  | CNY | Contemporary Amperex Technology<br>Company, Ltd. - Class A |  | 920200 |
| 7610 |  | Deere & Company^µ |  | 3527692 |
| 215  | EUR | DO & CO, AG# |  | 34344 |
| 49365 |  | Embraer, SA (ADR)^# |  | 2267828 |
| 1990  | EUR | Exosens SAS# |  | 77450 |
| 29770 |  | Flowserve Corp. |  | 1346497 |
| 13835 |  | GE Vernova, Inc. |  | 5130295 |
| 4714  | KRW | Hanwha Aerospace Company, Ltd. |  | 2649285 |
| 2410  | KRW | HD Hyundai Heavy Industries<br>Company, Ltd. |  | 681619 |
| 21868  | INR | Hindustan Aeronautics, Ltd. |  | 1157586 |
| 264300  | JPY | Hitachi, Ltd.µ |  | 6532310 |
| 570  | KRW | Hyundai Rotem Company, Ltd. |  | 44927 |
| 1400  | JPY | IHI Corp.^ |  | 109665 |
| 1840  | SEK | INVISIO, AB |  | 73951 |
| 2140  | EUR | Iveco Group, NV^ |  | 34189 |
| 2900  | JPY | Japan Elevator Service Holdings<br>Company, Ltd. |  | 62696 |
| 3311000  | HKD | Lonking Holdings, Ltd. |  | 833717 |
| 35300  | CNY | Ningbo Orient Wires & Cables<br>Company, Ltd. - Class A |  | 245707 |
| 1470  | EUR | Palfinger, AG |  | 47912 |
| 3835  | CHF | R&S Group Holding, AG^ |  | 92211 |
| 1705  | EUR | Rheinmetall, AG |  | 2903704 |
| 391680  | GBP | Rolls-Royce Holdings, PLC |  | 3964769 |
| 13015  | EUR | Schneider Electric, SEµ |  | 3040899 |
| 54502  | CNY | Shanghai International Airport<br>Company, Ltd. - Class A |  | 240678 |
| 15025  | EUR | Siemens, AGµ |  | 3459678 |
| 33900  | EUR | SPIE, SA |  | 1661525 |
| 5360  | INR | Transformers & Rectifiers India, Ltd. |  | 31284 |
| 570  | EUR | Vossloh, AG |  | 45032 |
| 1290  | EUR | Wacker Neuson, SE |  | 34689 |
| 19610 |  | Waste Management, Inc. |  | 4576190 |
| 83000  | BRL | WEG, SA |  | 652867 |
| 231000  | HKD | Weichai Power Company, Ltd. - Class H |  | 450658 |
| 152100  | CNY | Yutong Bus Company, Ltd. - Class A |  | 562081 |
|  |  |  |  | 48540863 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Information Technology (21.7%) | Information Technology (21.7%) |
| 570  | TWD | Alchip Technologies, Ltd. | $38091 |
| 25270 |  | Apple, Inc.^ | 5369875 |
| 9305 |  | ASML Holding, NVµ | 6216484 |
| 13150 |  | Broadcom, Inc.µ | 2530981 |
| 1300 |  | Cellebrite DI, Ltd.# | 25727 |
| 14500  | CNY | Iflytek Company, Ltd. - Class A | 94098 |
| 16485 |  | International Business Machines Corp.µ | 3986403 |
| 12975  | INR | Kaynes Technology India, Ltd.# | 881337 |
| 14900  | JPY | Keyence Corp. | 6229564 |
| 855000  | HKD | Kingdee International Software Group<br>Company, Ltd.# | 1454170 |
| 3215  | AUD | Life360, Inc.\*# | 45246 |
| 16320 |  | Marvell Technology, Inc. | 952598 |
| 22530  | TWD | MediaTek, Inc. | 957369 |
| 20740 |  | Microsoft Corp.^ | 8197692 |
| 1140  | ILS | Nayax, Ltd.# | 47862 |
| 580  | EUR | Nemetschek, SE | 77073 |
| 540000  | EUR | Nokia Oyj | 2699553 |
| 2550  | NOK | NORBIT, ASA | 35021 |
| 127970 |  | NVIDIA Corp.^µ | 13938492 |
| 22530 |  | Oracle Corp.^ | 3170422 |
| 23155 |  | Palantir Technologies, Inc. - Class Aµ# | 2742478 |
| 52000  | HKD | Q Technology Group Company, Ltd.# | 43615 |
| 240  | EUR | Reply S.p.A^ | 42847 |
| 40920  | KRW | Samsung Electronics Company, Ltd. | 1596598 |
| 20025  | EUR | SAP, SEµ | 5859089 |
| 4015 |  | ServiceNow, Inc.µ# | 3834365 |
| 7200  | JPY | SHIFT, Inc.# | 65881 |
| 18040 |  | Shopify, Inc. - Class Aµ# | 1713800 |
| 12425  | KRW | SK Hynix, Inc. | 1550305 |
| 643900  | TWD | Taiwan Semiconductor Manufacturing<br>Company, Ltd. | 18244618 |
| 4780  | AUD | Technology One, Ltd. | 92264 |
| 108250  | BRL | TOTVS, SA | 717578 |
| 60065 |  | Unity Software, Inc.^# | 1265570 |
| 93700  | CNY | Venustech Group, Inc. - Class A | 199869 |
| 33500  | CNY | Will Semiconductor Company, Ltd.<br>Shanghai - Class A | 608496 |
| 27510  | AUD | WiseTech Global, Ltd. | 1564299 |
| 370600  | HKD | Xiaomi Corp. - Class B\*µ# | 2372655 |
|  |  |  | 99462385 |
|  |  | Materials (3.0%) | Materials (3.0%) |
| 144420  | CAD | Alamos Gold, Inc. - Class A | 4128531 |
| 300  | EUR | AlzChem Group, AG | 38715 |
| 145715 |  | Cemex, SAB de CV (ADR) | 899062 |
| 14050  | EUR | Heidelberg Materials, AG | 2808784 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 5950 |  | Linde, PLCµ | $| 2696718 |
| 521200  | NOK | Norsk Hydro, ASA |  | 2764661 |
| 16900  | ZAR | Sasol, Ltd.# |  | 58374 |
| 1629  | EUR | SOL S.p.A |  | 74375 |
| 1320  | EUR | Titan Cement International, SA |  | 61278 |
| 1120  | CAD | Torex Gold Resources, Inc.# |  | 36274 |
| 21200 |  | Vale, SA (ADR)^ |  | 197372 |
| 1010  | EUR | Wienerberger, AG |  | 35463 |
|  |  |  |  | 13799607 |
|  |  | Real Estate (0.4%) | Real Estate (0.4%) | Real Estate (0.4%) |
| 935500  | PHP | Ayala Land, Inc. |  | 419665 |
| 204750  | AED | Emaar Properties, PJSC |  | 731623 |
| 146850  | HKD | Greentown China Holdings, Ltd. |  | 187393 |
| 14230  | INR | Macrotech Developers, Ltd.\* |  | 223120 |
| 14330  | INR | Prestige Estates Projects, Ltd. |  | 231644 |
|  |  |  |  | 1793445 |
|  |  | Utilities (0.5%) | Utilities (0.5%) | Utilities (0.5%) |
| 45801  | EUR | Engie,SA# |  | 943282 |
| 4420  | EUR | Italgas S.p.A |  | 36315 |
| 29000  | EUR | RWE, AG |  | 1126190 |
|  |  |  |  | 2105787 |
|  |  | **TOTAL COMMON STOCKS**<br>(Cost $472,150,589) |  | 384641551 |
| **PREFERRED STOCKS (0.1%)** | **PREFERRED STOCKS (0.1%)** |  |  |  |
|  |  | Communication Services (0.1%) | Communication Services (0.1%) | Communication Services (0.1%) |
| 5640 |  | Qwest Corp.<br>6.500%, 09/01/56 |  | 98136 |
| 1701 |  | Telephone and Data Systems, Inc.<br>6.625%, 03/31/26 |  | 35432 |
| 1770 |  | United States Cellular Corp.<br>6.250%, 09/01/69 |  | 41772 |
| 1429 |  | 5.500%, 03/01/70 |  | 31381 |
| 163 |  | 5.500%, 06/01/70 |  | 3615 |
|  |  |  |  | 210336 |
|  |  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 1597 |  | Guitar Center, Inc.# |  | 23955 |
|  |  | **TOTAL PREFERRED STOCKS**<br>(Cost $377,256) |  | 234291 |
| **WARRANTS (0.0%)#** | **WARRANTS (0.0%)#** |  |  |  |
|  |  | Communication Services (0.0%) | Communication Services (0.0%) | Communication Services (0.0%) |
| 679 |  | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |  |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 113 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 | $ |  |
|  | Energy (0.0%) | Energy (0.0%) | Energy (0.0%) |
| 13401 | Mcdermott International, Ltd.<br>06/30/27, Strike $15.98 |  | 2 |
| 12061 | Mcdermott International, Ltd.<br>06/30/27, Strike $12.33 |  | 1 |
|  |  |  | 3 |
|  | **TOTAL WARRANTS**<br>(Cost $5,152) |  | 3 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (1.4%) #** |  |  |  |
|  | Communication Services (0.1%) | Communication Services (0.1%) | Communication Services (0.1%) |
| 193 | Sea, Ltd. |  |  |
| 2587165 | Call, 06/20/25, Strike $130.00 |  | 261515 |
|  | Consumer Discretionary (0.3%) | Consumer Discretionary (0.3%) | Consumer Discretionary (0.3%) |
| 511 | Aptiv, PLC |  |  |
| 2915766 | Put, 08/15/25, Strike $47.50 |  | 109865 |
| 407 | Flutter Entertainment, PLC |  |  |
| 9808293 | Call, 01/16/26, Strike $290.00 |  | 584045 |
| 11 | MercadoLibre, Inc. |  |  |
| 2563935 | Call, 06/20/25, Strike $2,200.00 |  | 258335 |
| 224 | Royal Caribbean Cruises, Ltd. |  |  |
| 4813984 | Call, 01/16/26, Strike $260.00 |  | 325920 |
| 148 | Toyota Motor Corp. |  |  |
| 2830056 | Put, 08/15/25, Strike $160.00 |  | 44030 |
|  |  |  | 1322195 |
|  | Health Care (0.1%) | Health Care (0.1%) | Health Care (0.1%) |
| 164 | AbbVie, Inc. |  |  |
| 3199640 | Put, 08/15/25, Strike $165.00 |  | 45510 |
| 536 | Boston Scientific Corp. |  |  |
| 5513832 | Call, 01/16/26, Strike $110.00 |  | 393960 |
|  |  |  | 439470 |
|  | Industrials (0.0%) | Industrials (0.0%) | Industrials (0.0%) |
| 821 | Full Truck Alliance Company, Ltd. |  |  |
| 932656 | Call, 06/20/25, Strike $10.00 |  | 141623 |
|  | Information Technology (0.1%) | Information Technology (0.1%) | Information Technology (0.1%) |
| 180 | Shopify, Inc. |  |  |
| 1710000 | Put, 09/19/25, Strike $75.00 |  | 96750 |
| 315 | Taiwan Semiconductor Manufacturing<br>Company, Ltd. |  |  |
| 5250735 | Call, 06/20/25, Strike $160.00 |  | 429187 |
|  |  |  | 525937 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
|  | Other (0.8%) | Other (0.8%) |
| 355 | Anglogold Ashanti, PLC |  |
| 1496680 | Call, 07/18/25, Strike $45.00 | $75438 |
| 151  | EURO STOXX Banks Index |  |
| 1395542 | Call, 09/19/25, Strike 195.00 | 56022 |
| 4065 | iShares China Large-Cap ETF |  |
| 13764090 | Put, 05/16/25, Strike $30.00 | 24390 |
| 3597 | iShares MSCI Emerging Markets ETF |  |
| 15740472 | Put, 06/20/25, Strike $39.00 | 68343 |
| 39 | iShares MSCI Eurozone ETF |  |
| 217308 | Put, 05/16/25, Strike $48.00 | 195 |
| 1165 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 64603910 | Put, 12/19/25, Strike $510.00 | 2221072 |
| 635 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 35213290 | Put, 07/18/25, Strike $540.00 | 977265 |
| 1095 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 60722130 | Put, 05/16/25, Strike $500.00 | 118260 |
|  |  | 3540985 |
|  | **TOTAL EXCHANGE-TRADED<br>PURCHASED OPTIONS**<br>(Cost $12,152,697) | 6231725 |
|  | **TOTAL INVESTMENTS (128.1%)**<br>(Cost $678,623,885) | 586837245 |
| MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-10.6%) | MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-10.6%) | (48500000) |
| LIABILITIES, LESS OTHER ASSETS (-17.5%) | LIABILITIES, LESS OTHER ASSETS (-17.5%) | (80189216) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $458148029 |
| **EXCHANGE-TRADED WRITTEN OPTIONS (0.0%)#** |  |  |
|  | Industrials (0.0%) | Industrials (0.0%) |
| (297 | Flowserve Corp. |  |
| (1343331 | Call, 10/17/25, Strike $65.00 | (16335) |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| (180 | Shopify, Inc. |  |
| (1710000 | Call, 07/18/25, Strike $115.00 | (69300) |
|  | **TOTAL EXCHANGE-TRADED<br>WRITTEN OPTIONS**<br>(Premium $54,901) | $(85635) |

---

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank and<br>Trust | Yuan Renminbi | 05/06/25 | 5810263 | $800003 | $(264) |
|  |  |  |  |  | $(264) |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

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

@ In default status and considered non-income producing.

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

---

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

---

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

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

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

! 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.

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

# Non-income producing security.

**ABBREVIATION**

ADR American Depositary Receipt

**FOREIGN CURRENCY ABBREVIATIONS**

AED UAE Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

PHP Philippine Peso

PLN Polish Zloty

SAR Saudi Riyal

SEK Swedish Krona

THB Thai Baht

TWD New Taiwan Dollar

ZAR South African Rand

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.

**CURRENCY EXPOSURE APRIL 30, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL<br>INVESTMENTS |
| US Dollar | $396804386 | 67.6% |
| European Monetary Unit | 54477167 | 9.3% |
| Hong Kong Dollar | 20220136 | 3.4% |
| Japanese Yen | 20024165 | 3.4% |
| New Taiwan Dollar | 19240078 | 3.3% |
| British Pound Sterling | 14161345 | 2.4% |
| Indian Rupee | 12169494 | 2.1% |
| Canadian Dollar | 11613508 | 2.0% |
| South Korean Won | 11160943 | 1.9% |
| Chinese Yuan Renminbi | 10069173 | 1.7% |
| Norwegian Krone | 2799682 | 0.5% |
| Brazilian Real | 2595756 | 0.4% |
| Swiss Franc | 2435289 | 0.4% |
| Australian Dollar | 1701809 | 0.3% |
| Philippine Peso | 1519025 | 0.3% |
| Polish Zloty | 1401505 | 0.2% |
| UAE Dirham | 1189670 | 0.2% |
| Thai Baht | 1119778 | 0.2% |
| Mexican Peso | 664821 | 0.1% |
| South African Rand | 616285 | 0.1% |
| Saudi Riyal | 422674 | 0.1% |
| Swedish Krona | 297059 | 0.1% |
| Israeli Shekel | 47862 | —% |
| Total Investments | $586751610 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Asset Backed Securities | $— | $164188 | $— | $164188 |
| Corporate Bonds |  | 63732405 |  | 63732405 |
| Convertible Bonds |  | 95143540 |  | 95143540 |
| Bank Loans |  | 13051060 |  | 13051060 |
| U.S. Government and Agency Securities |  | 10095906 |  | 10095906 |
| Convertible Preferred Stocks | 13542576 |  |  | 13542576 |
| Common Stocks | 220665143 | 163976408 |  | 384641551 |
| Preferred Stocks | 234291 |  |  | 234291 |
| Warrants | 3 |  |  | 3 |
| Exchange-Traded Purchased Options | 6231725 |  |  | 6231725 |
| Total | $240673738 | $346163507 | $— | $586837245 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $264 | $— | $264 |
| Exchange-Traded Written Options | 85635 |  |  | 85635 |
| Total | $85635 | $264 | $— | $85899 |

---

**SECTOR WEIGHTINGS**

---

| | |
|:---|:---|
| Information Technology | 21.1 |
| Financials | 11.7 |
| Consumer Discretionary | 11.3 |
| Industrials | 11.1 |
| Communication Services | 10.7 |
| Consumer Staples | 5.8 |
| Health Care | 4.9 |
| Energy | 4.7 |
| Utilities | 3.6 |
| Materials | 3.4 |
| Real Estate | 0.3 |
| Airlines | 0.2 |
| Special Purpose Acquisition Companies | 0.1 |

---

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

**ASSET ALLOCATION**

![j25160456_gi010.jpg](j25160456_gi010.jpg)

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **CORPORATE BONDS (12.4%)** |  |  |
|  | Airlines (0.2%) | Airlines (0.2%) |
| 35599 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class A\*<br>4.800%, 02/15/29 | $35336 |
| 9586 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class B\*<br>8.000%, 02/15/27 | 9656 |
| 42625 | American Airlines Pass Through Trust<br>Series 2021-1, Class B<br>3.950%, 01/11/32 | 39890 |
| 35586 | British Airways Pass Through Trust<br>Series 2021-1, Class B\*<br>3.900%, 03/15/33 | 33493 |
| 43698 | JetBlue Pass Through Trust<br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 44305 |
|  |  | 162680 |
|  | Communication Services (1.1%) | Communication Services (1.1%) |
| 55000 | APi Group DE, Inc.\*<br>4.750%, 10/15/29 | 51901 |
| 36000 | Cincinnati Bell Telephone Company, LLC<br>6.300%, 12/01/28 | 33918 |
| 39000 | Clear Channel Outdoor Holdings, Inc.\*<br>5.125%, 08/15/27 | 37971 |
| 25000 | 7.875%, 04/01/30 | 25048 |
| 20000 | 9.000%, 09/15/28 | 20745 |
| 65000 | Consolidated Communications, Inc.\*<br>6.500%, 10/01/28 | 64052 |
| 58000 | Directv Financing, LLC / Directv<br>Financing Co-Obligor, Inc.\*<br>5.875%, 08/15/27 | 56110 |
| 70000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 69527 |
| 11000 | Frontier Communications Holdings, LLC\*<br>8.750%, 05/15/30 | 11521 |
| 85000 | Frontier Florida, LLC<br>6.860%, 02/01/28 | 87116 |
| 65000 | Frontier North, Inc.<br>6.730%, 02/15/28 | 66184 |
| 40000 | Go Daddy Operating Company, LLC / GD<br>Finance Company, Inc.\*<br>3.500%, 03/01/29 | 37368 |
| 20000 | Gray Media, Inc.\*<br>5.375%, 11/15/31 | 11960 |
| 40000 | Hughes Satellite Systems Corp.^<br>5.250%, 08/01/26 | 37308 |
| 20000 | iHeartCommunications, Inc.\*<br>10.875%, 05/01/30 | 8433 |
| 13350 | 7.750%, 08/15/30 | 9653 |
| 35000 | Lumen Technologies, Inc.<br>7.600%, 09/15/39 | 25733 |
| 29500 | 10.000%, 10/15/32\* | 29470 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 22000 | Match Group Holdings II, LLC\*<br>3.625%, 10/01/31 | $| 18887 |
| 45000 | Paramount Global<br>4.900%, 08/15/44 |  | 33872 |
| 14000 | Qwest Corp.<br>7.250%, 09/15/25 |  | 13966 |
| 25000 | Rogers Communications, Inc.‡<br>7.125%, 04/15/55<br>5 year CMT + 2.62 |  | 24901 |
| 25000 | 7.000%, 04/15/55<br>5 year CMT + 2.65 |  | 25120 |
| 23000 | Scripps Escrow II, Inc.\*<br>3.875%, 01/15/29^ |  | 17717 |
| 11000 | 5.375%, 01/15/31 |  | 6273 |
| 20000 | Scripps Escrow, Inc.\*^<br>5.875%, 07/15/27 |  | 15847 |
| 20000 | Sinclair Television Group, Inc.\*<br>8.125%, 02/15/33 |  | 19832 |
| 56000 | Sirius XM Radio, LLC\*<br>3.875%, 09/01/31^ |  | 48070 |
| 45000 | 5.500%, 07/01/29 |  | 43888 |
| 20000 | 3.125%, 09/01/26 |  | 19485 |
| 41000 | Spanish Broadcasting System, Inc.\*<br>9.750%, 03/01/26 |  | 26248 |
| 25000 | Stagwell Global, LLC\*<br>5.625%, 08/15/29 |  | 23628 |
| 22000 | Telesat Canada / Telesat, LLC\*<br>4.875%, 06/01/27 |  | 12064 |
| 35000 | Time Warner Cable, LLC<br>6.550%, 05/01/37 |  | 34561 |
| 15000 | 7.300%, 07/01/38 |  | 15630 |
| 21000 | United States Cellular Corp.<br>6.700%, 12/15/33 |  | 22749 |
| 45000 | Univision Communications, Inc.\*<br>8.000%, 08/15/28 |  | 43810 |
| 20000 | 8.500%, 07/31/31 |  | 18925 |
|  |  |  | 1169491 |
|  | Consumer Discretionary (2.6%) | Consumer Discretionary (2.6%) | Consumer Discretionary (2.6%) |
| 65000 | Adams Homes, Inc.\*<br>9.250%, 10/15/28 |  | 65331 |
| 55000 | Adient Global Holdings, Ltd.\*^<br>8.250%, 04/15/31 |  | 54521 |
| 22000 | 7.500%, 02/15/33 |  | 20867 |
| 38000 | Ashton Woods USA, LLC / Ashton<br>Woods Finance Company\*<br>4.625%, 08/01/29 |  | 35297 |
| 53000 | At Home Group, Inc.\*<br>4.875%, 07/15/28 |  | 14293 |
| 57000 | Bath & Body Works, Inc.<br>6.694%, 01/15/27 |  | 58129 |
| 35000 | 6.875%, 11/01/35 |  | 35230 |
| 10000 | 6.625%, 10/01/30\* |  | 10196 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 40000 | Caesars Entertainment, Inc.\*<br>6.500%, 02/15/32 | $40260 |
| 28000 | 4.625%, 10/15/29^ | 25941 |
| 25000 | 6.000%, 10/15/32^ | 23587 |
| 10000 | 7.000%, 02/15/30 | 10252 |
| 22000 | Carnival Corp.\*<br>4.000%, 08/01/28 | 21022 |
| 16000 | 7.625%, 03/01/26 | 16023 |
| 3000 | 7.000%, 08/15/29 | 3133 |
| 9742 | Carvana Company\*<br>9.000%, 06/01/31 | 10993 |
| 6768 | 9.000%, 06/01/30 | 7178 |
| 3842 | 9.000%, 12/01/28 | 3951 |
| 90000 | CCO Holdings, LLC / CCO Holdings<br>Capital Corp.\*<br>4.750%, 03/01/30 | 85124 |
| 90000 | 4.500%, 08/15/30 | 83695 |
| 85000 | 5.125%, 05/01/27 | 83867 |
| 50000 | 6.375%, 09/01/29 | 50509 |
| 46000 | 4.250%, 02/01/31 | 41625 |
| 22000 | 4.750%, 02/01/32 | 19963 |
| 20000 | 5.000%, 02/01/28 | 19531 |
| 23000 | Churchill Downs, Inc.\*<br>6.750%, 05/01/31 | 23263 |
| 22000 | 5.750%, 04/01/30 | 21540 |
| 40000 | Dana, Inc.^<br>4.250%, 09/01/30 | 36895 |
| 32000 | 4.500%, 02/15/32 | 28781 |
| 21000 | DISH DBS Corp.<br>5.125%, 06/01/29 | 13153 |
| 18000 | 7.375%, 07/01/28 | 12188 |
| 46000 | DISH Network Corp.\*<br>11.750%, 11/15/27 | 48367 |
| 47000 | Everi Holdings, Inc.\*<br>5.000%, 07/15/29 | 47243 |
| 175000 | Ford Motor Company^<br>6.100%, 08/19/32 | 167965 |
| 200000 | Ford Motor Credit Company, LLC<br>2.900%, 02/16/28 | 183262 |
| 16000 | Gap, Inc.\*<br>3.875%, 10/01/31 | 13866 |
| 20000 | General Motors Company<br>5.200%, 04/01/45 | 16458 |
| 75000 | goeasy, Ltd.\*<br>9.250%, 12/01/28 | 78606 |
| 41000 | 7.625%, 07/01/29 | 41367 |
| 63000 | Goodyear Tire & Rubber Company^<br>5.625%, 04/30/33 | 58283 |
| 20000 | 5.250%, 07/15/31 | 18702 |
| 25000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 | 25332 |
| 19000 | 4.000%, 08/15/28 | 18075 |
| 9482 | JetBlue Pass Through Trust<br>Series 2019-2, Class B<br>8.000%, 11/15/27 | 9482 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 55000 | Kohl's Corp.<br>5.550%, 07/17/45 | $26193 |
| 45000 | LCM Investments Holdings II, LLC\*<br>8.250%, 08/01/31 | 47159 |
| 45000 | Liberty Interactive, LLC<br>8.250%, 02/01/30 | 16849 |
| 45000 | Life Time, Inc.\*<br>6.000%, 11/15/31 | 44946 |
| 20000 | Light & Wonder International, Inc.\*<br>7.500%, 09/01/31 | 20565 |
| 15000 | Lindblad Expeditions Holdings, Inc.\*<br>9.000%, 05/15/28 | 15438 |
| 28000 | Lindblad Expeditions, LLC\*<br>6.750%, 02/15/27 | 27937 |
| 30000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 27262 |
| 53000 | Macy's Retail Holdings, LLC<br>6.700%, 07/15/34\* | 44503 |
| 35000 | 4.300%, 02/15/43 | 21024 |
| 80000 | MGM Resorts International^<br>6.500%, 04/15/32 | 78927 |
| 55000 | Midwest Gaming Borrower, LLC /<br>Midwest Gaming Finance Corp.\*<br>4.875%, 05/01/29 | 52113 |
| 45000 | Newell Brands, Inc.<br>6.875%, 04/01/36^ | 39227 |
| 22000 | 6.625%, 05/15/32^ | 19758 |
| 16000 | 5.700%, 04/01/26 | 15810 |
| 20000 | Nordstrom, Inc.<br>5.000%, 01/15/44 | 14040 |
| 37000 | Patrick Industries, Inc.\*<br>4.750%, 05/01/29 | 35272 |
| 23000 | 6.375%, 11/01/32 | 22381 |
| 50000 | PENN Entertainment, Inc.\*^<br>4.125%, 07/01/29 | 43934 |
| 60000 | Premier Entertainment Sub, LLC /<br>Premier Entertainment Finance Corp.\*<br>5.625%, 09/01/29 | 35204 |
| 20000 | QVC, Inc.<br>5.450%, 08/15/34 | 9835 |
| 20000 | Raising Cane's Restaurants, LLC\*<br>9.375%, 05/01/29 | 21253 |
| 3546 | Rite Aid Cmsr Note<br>12.000%, 12/31/25 | 4078 |
| 77000 | Rite Aid Corp.<br>0.000%, 11/15/26\*@!! |  |
| 26029 | 15.000%, 08/30/31 | 4588 |
| 14000 | 0.000%, 10/18/25\* |  |
| 5058 | 11.317%, 08/30/31\*<br>3 mo. SOFR + 7.00% | 3541 |
| 4767 | Rite Aid Note Holder Trust Bond<br>0.000%, 08/30/34 |  |
| 45000 | Rivers Enterprise Borrower, LLC /<br>Rivers Enterprise Finance Corp.\*<br>6.625%, 02/01/33 | 44509 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 6000 | Royal Caribbean Cruises, Ltd.\*<br>6.250%, 03/15/32 | $| 6096 |
| 6000 | 5.625%, 09/30/31 |  | 5961 |
| 43000 | Simmons Foods, Inc. / Simmons Prepared<br>Foods, Inc. / Simmons Pet Food, Inc. /<br>Simmons Feed\*<br>4.625%, 03/01/29 |  | 40013 |
| 65000 | Six Flags Entertainment Corp.\*<br>7.250%, 05/15/31 |  | 65974 |
| 39000 | Six Flags Entertainment Corp. /<br>Canada's Wonderland Company /<br>Magnum Management Corp.<br>5.250%, 07/15/29 |  | 37238 |
| 30000 | Sonic Automotive, Inc.\*<br>4.625%, 11/15/29 |  | 28162 |
| 36000 | Speedway Motorsports, LLC / Speedway<br>Funding II, Inc.\*<br>4.875%, 11/01/27 |  | 34641 |
| 40000 | Station Casinos, LLC\*<br>4.500%, 02/15/28 |  | 38660 |
| 45000 | STL Holding Company, LLC\*<br>8.750%, 02/15/29 |  | 45893 |
| 10000 | Viking Cruises, Ltd.\*<br>9.125%, 07/15/31 |  | 10703 |
| 40000 | Windsor Holdings III, LLC\*<br>8.500%, 06/15/30 |  | 42132 |
|  |  |  | 2795165 |
|  | Consumer Staples (0.6%) | Consumer Staples (0.6%) | Consumer Staples (0.6%) |
| 25000 | Brink's Company\*<br>6.500%, 06/15/29 |  | 25521 |
| 23000 | 6.750%, 06/15/32 |  | 23576 |
| 51000 | Central Garden & Pet Company\*<br>4.125%, 04/30/31 |  | 45970 |
| 53000 | Edgewell Personal Care Company\*<br>4.125%, 04/01/29 |  | 49649 |
| 59000 | Energizer Holdings, Inc.\*<br>4.375%, 03/31/29 |  | 55127 |
| 10000 | 6.500%, 12/31/27 |  | 10061 |
| 40000 | Fiesta Purchaser, Inc.\*<br>7.875%, 03/01/31 |  | 41926 |
| 11000 | JBS USA Holding Lux Sarl/ JBS USA<br>Food Company/ JBS Lux Company Sarl<br>5.750%, 04/01/33 |  | 11230 |
| 6000 | 5.500%, 01/15/30 |  | 6101 |
| 38609 | MPH Acquisition Holdings, LLC\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 25939 |
| 17076 | 5.750%, 12/31/30 |  | 13309 |
| 15262 | 11.500%, 12/31/30<br>6.50% Cash & 5.00% PIK Rate |  | 14274 |
| 33000 | New Albertsons, LP<br>7.750%, 06/15/26 |  | 33856 |
| 43000 | Performance Food Group, Inc.\*<br>4.250%, 08/01/29 |  | 40731 |
| 11000 | 6.125%, 09/15/32 |  | 11051 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 35000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 | $| 33179 |
| 43000 | Post Holdings, Inc.\*<br>6.250%, 02/15/32 |  | 43416 |
| 34000 | 6.375%, 03/01/33 |  | 33725 |
| 42000 | Prestige Brands, Inc.\*<br>3.750%, 04/01/31 |  | 37980 |
| 33000 | RR Donnelley & Sons Company\*<br>9.500%, 08/01/29 |  | 31529 |
| 35000 | United Natural Foods, Inc.\*<br>6.750%, 10/15/28 |  | 34398 |
| 23000 | Walgreens Boots Alliance, Inc.<br>4.650%, 06/01/46 |  | 20887 |
|  |  |  | 643435 |
|  | Energy (1.6%) | Energy (1.6%) | Energy (1.6%) |
| 45000 | Ascent Resources Utica Holdings, LLC /<br>ARU Finance Corp.\*<br>6.625%, 10/15/32 |  | 44563 |
| 33000 | Buckeye Partners, LP<br>6.750%, 02/01/30\* |  | 33593 |
| 25000 | 5.850%, 11/15/43 |  | 21019 |
| 16000 | 6.875%, 07/01/29\* |  | 16314 |
| 51000 | Civitas Resources, Inc.\*<br>8.750%, 07/01/31 |  | 48487 |
| 30000 | Continental Resources, Inc.<br>4.900%, 06/01/44 |  | 23172 |
| 32000 | DT Midstream, Inc.\*<br>4.125%, 06/15/29 |  | 30057 |
| 31000 | Enbridge, Inc.‡<br>7.375%, 03/15/55<br>5 year CMT + 3.12% |  | 31327 |
| 20000 | 7.200%, 06/27/54<br>5 year CMT + 2.97% |  | 19974 |
| 55000 | Encino Acquisition Partners<br>Holdings, LLC\*<br>8.750%, 05/01/31 |  | 56150 |
| 40000 | Energy Transfer, LP‡<br>7.555%, 11/01/66^<br>3 mo. SOFR + 3.28% |  | 38796 |
| 32000 | 6.500%, 11/15/26<br>5 year CMT + 5.69% |  | 31867 |
| 20000 | 7.125%, 10/01/54^<br>5 year CMT + 2.83% |  | 19799 |
| 70000 | EQT Corp.\*<br>7.500%, 06/01/27 |  | 71177 |
| 31000 | Genesis Energy, LP / Genesis Energy<br>Finance Corp.<br>8.875%, 04/15/30 |  | 31683 |
| 20000 | 8.000%, 05/15/33 |  | 19469 |
| 60000 | Gulfport Energy Operating Corp.\*<br>6.750%, 09/01/29 |  | 59291 |
| 45000 | Howard Midstream Energy Partners, LLC\*<br>7.375%, 07/15/32 |  | 46098 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 45000 | Magnolia Oil & Gas Operating, LLC /<br>Magnolia Oil & Gas Finance Corp.\*<br>6.875%, 12/01/32 | $43681 |
| 41000 | Matador Resources Company\*<br>6.500%, 04/15/32 | 39531 |
| 44000 | Nabors Industries, Inc.\*<br>9.125%, 01/31/30 | 39954 |
| 17000 | Nabors Industries, Ltd.\*^<br>7.500%, 01/15/28 | 13536 |
| 30000 | New Fortress Energy, Inc.\*^<br>6.500%, 09/30/26 | 24651 |
| 45000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 | 42929 |
| 31000 | ONEOK, Inc.\*<br>6.500%, 09/01/30 | 32857 |
| 70000 | Parkland Corp.\*<br>6.625%, 08/15/32 | 69692 |
| 42000 | Permian Resources Operating, LLC\*<br>7.000%, 01/15/32 | 42347 |
| 11000 | 6.250%, 02/01/33 | 10772 |
| 50000 | Plains All American Pipeline, LP‡<br>8.695%, 05/31/25<br>3 mo. SOFR + 4.37% | 49432 |
| 45000 | South Bow Canadian Infrastructure<br>Holdings, Ltd.\*‡<br>7.625%, 03/01/55<br>5 year CMT + 3.95% | 44969 |
| 60000 | Summit Midstream Holdings, LLC\*<br>8.625%, 10/31/29 | 59138 |
| 23000 | Sunoco, LP\*<br>6.250%, 07/01/33 | 22990 |
| 60000 | TGNR Intermediate Holdings, LLC\*<br>5.500%, 10/15/29 | 55115 |
| 58400 | Transocean, Inc.\*<br>8.750%, 02/15/30 | 57115 |
| 40000 | 8.250%, 05/15/29 | 32360 |
| 10000 | Venture Global Calcasieu Pass, LLC\*<br>4.125%, 08/15/31 | 9001 |
| 10000 | 3.875%, 08/15/29 | 9180 |
| 98000 | Venture Global LNG, Inc.\*<br>9.000%, 09/30/29‡<br>5 year CMT + 5.44% | 84222 |
| 55000 | 8.375%, 06/01/31 | 53057 |
| 35000 | 8.125%, 06/01/28 | 34808 |
| 23000 | 7.000%, 01/15/30 | 21692 |
| 20000 | 9.875%, 02/01/32 | 20362 |
| 20000 | 9.500%, 02/01/29 | 20740 |
| 43000 | Vital Energy, Inc.\*^<br>7.875%, 04/15/32 | 33288 |
| 45000 | VOC Escrow, Ltd.\*<br>5.000%, 02/15/28 | 44145 |
| 60000 | Weatherford International, Ltd.\*<br>8.625%, 04/30/30 | 59535 |
| 39000 | Wildfire Intermediate Holdings, LLC\*<br>7.500%, 10/15/29 | 35710 |
|  |  | 1749645 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Financials (2.0%) | Financials (2.0%) |
| 65000 | Acrisure, LLC / Acrisure Finance, Inc.\*<br>8.250%, 02/01/29 | $66601 |
| 45000 | Alliant Holdings Intermediate, LLC /<br>Alliant Holdings Co-Issuer\*<br>7.375%, 10/01/32 | 45516 |
| 45000 | 6.500%, 10/01/31 | 44989 |
| 59000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26<br>5 year CMT + 3.87% | 54365 |
| 20000 | 4.700%, 05/15/28<br>7 year CMT + 3.48% | 17108 |
| 46000 | AmWINS Group, Inc.\*<br>4.875%, 06/30/29 | 43872 |
| 45000 | AssuredPartners, Inc.\*<br>5.625%, 01/15/29 | 44964 |
| 45000 | Baldwin Insurance Group Holdings,<br>LLC / Baldwin Insurance Group<br>Holdings Finance\*<br>7.125%, 05/15/31 | 45922 |
| 45000 | Blackstone Mortgage Trust, Inc.\*<br>7.750%, 12/01/29 | 46853 |
| 23000 | Brandywine Operating Partnership, LP<br>8.875%, 04/12/29 | 24187 |
| 34000 | Bread Financial Holdings, Inc.\*‡<br>8.375%, 06/15/35<br>5 year CMT + 4.30 | 31895 |
| 78000 | BroadStreet Partners, Inc.\*<br>5.875%, 04/15/29 | 75420 |
| 44000 | Brookfield Property REIT, Inc. / BPR<br>Cumulus, LLC / BPR Nimbus, LLC /<br>GGSI Sellco, LLC\*<br>4.500%, 04/01/27 | 42713 |
| 40000 | Corebridge Financial, Inc.^‡<br>6.375%, 09/15/54<br>5 year CMT + 2.65% | 38555 |
| 30000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28 | 31780 |
| 20000 | 6.625%, 03/15/30 | 19708 |
| 45000 | Cushman & Wakefield U.S. Borrower,<br>LLC\*^<br>8.875%, 09/01/31 | 48179 |
| 20000 | Enstar Group, Ltd.\*‡<br>7.500%, 04/01/45<br>5 year CMT + 3.19 | 20099 |
| 50000 | GGAM Finance, Ltd.\*<br>8.000%, 02/15/27 | 51320 |
| 23000 | 5.875%, 03/15/30 | 22909 |
| 61000 | Global Net Lease, Inc. / Global Net Lease<br>Operating Partnership, LP\*<br>3.750%, 12/15/27 | 57524 |
| 25000 | HAT Holdings I, LLC / HAT Holdings II, LLC\*<br>8.000%, 06/15/27 | 25734 |
| 66000 | HUB International, Ltd.\*<br>5.625%, 12/01/29 | 64724 |
| 40000 | 7.250%, 06/15/30 | 41514 |
| 33000 | 7.375%, 01/31/32 | 34017 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 31000 | Icahn Enterprises, LP / Icahn Enterprises<br>Finance Corp.<br>4.375%, 02/01/29 | $25858 |
| 65000 | Iron Mountain, Inc.\*<br>5.250%, 03/15/28 | 64025 |
| 47000 | Ladder Capital Finance Holdings, LLLP /<br>Ladder Capital Finance Corp.\*<br>4.750%, 06/15/29 | 45087 |
| 45000 | 5.250%, 10/01/25 | 44853 |
| 28000 | 7.000%, 07/15/31 | 28950 |
| 35000 | LD Holdings Group, LLC\*<br>8.750%, 11/01/27 | 31976 |
| 28700 | Level 3 Financing, Inc.\*<br>10.000%, 10/15/32 | 28732 |
| 20000 | 3.875%, 10/15/30 | 15824 |
| 40000 | Macquarie Airfinance Holdings, Ltd.\*<br>8.125%, 03/30/29 | 41900 |
| 65000 | MetLife, Inc.<br>6.400%, 12/15/66 | 64378 |
| 30000 | Necessity Retail REIT, Inc. / American<br>Finance Operating Partner, LP\*<br>4.500%, 09/30/28 | 28303 |
| 20000 | Newmark Group, Inc.<br>7.500%, 01/12/29 | 20938 |
| 30000 | OneMain Finance Corp.<br>3.875%, 09/15/28 | 27787 |
| 25000 | 7.500%, 05/15/31^ | 25398 |
| 40000 | Park Intermediate Holdings, LLC /<br>PK Domestic Property, LLC / PK Finance<br>Co-Issuer\*<br>7.000%, 02/01/30 | 40021 |
| 55000 | Provident Funding Associates, LP /<br>PFG Finance Corp.\*<br>9.750%, 09/15/29 | 56578 |
| 40000 | RHP Hotel Properties, LP / RHP<br>Finance Corp.\*<br>6.500%, 04/01/32 | 39942 |
| 42000 | Rocket Mortgage, LLC / Rocket<br>Mortgage Co-Issuer, Inc.\*<br>3.875%, 03/01/31 | 38042 |
| 20000 | 3.625%, 03/01/29 | 18656 |
| 35000 | Saks Global Enterprises, LLC\*<br>11.000%, 12/15/29 | 21247 |
| 30000 | Service Properties Trust<br>8.375%, 06/15/29 | 29275 |
| 45000 | Starwood Property Trust, Inc.\*<br>6.000%, 04/15/30 | 44636 |
| 23000 | 6.500%, 07/01/30 | 23205 |
| 55000 | StoneX Group, Inc.\*<br>7.875%, 03/01/31 | 57361 |
| 45000 | TrueNoord Capital DAC\*<br>8.750%, 03/01/30 | 46019 |
| 52000 | United Wholesale Mortgage, LLC\*<br>5.500%, 04/15/29 | 50474 |
| 20000 | 5.750%, 06/15/27 | 19760 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 27000 | Uniti Group, LP / Uniti Group Finance<br>2019, Inc. / CSL Capital, LLC\*<br>10.500%, 02/15/28 | $| 28690 |
| 25000 | 6.500%, 02/15/29 |  | 22884 |
| 23000 | VFH Parent, LLC / Valor Co-Issuer, Inc.\*<br>7.500%, 06/15/31 |  | 23651 |
| 45000 | XHR, LP\*<br>6.625%, 05/15/30 |  | 44419 |
|  |  |  | 2139337 |
|  | Health Care (1.0%) | Health Care (1.0%) | Health Care (1.0%) |
| 22000 | Acadia Healthcare Company, Inc.\*<br>7.375%, 03/15/33 |  | 22064 |
| 88000 | CHS/Community Health Systems, Inc.\*<br>6.125%, 04/01/30 |  | 59908 |
| 37000 | 10.875%, 01/15/32 |  | 38245 |
| 25000 | 6.875%, 04/15/29^ |  | 18335 |
| 5000 | 5.250%, 05/15/30 |  | 4273 |
| 52000 | DaVita, Inc.\*<br>3.750%, 02/15/31 |  | 45741 |
| 49000 | 4.625%, 06/01/30 |  | 45606 |
| 43000 | 6.875%, 09/01/32^ |  | 43475 |
| 33000 | Embecta Corp.\*<br>5.000%, 02/15/30 |  | 29731 |
| 11000 | 6.750%, 02/15/30 |  | 10678 |
| 20000 | Encompass Health Corp.<br>4.750%, 02/01/30 |  | 19488 |
| 20000 | 4.500%, 02/01/28 |  | 19718 |
| 47000 | HCA, Inc.<br>7.500%, 11/06/33 |  | 53060 |
| 200000 | Jazz Securities DAC\*<br>4.375%, 01/15/29 |  | 190070 |
| 55000 | Medline Borrower, LP\*<br>3.875%, 04/01/29 |  | 51352 |
| 53000 | 5.250%, 10/01/29 |  | 50401 |
| 6000 | Medline Borrower, LP / Medline<br>Co-Issuer, Inc.\*<br>6.250%, 04/01/29 |  | 6056 |
| 200000 | Organon & Company / Organon<br>Foreign Debt Co-Issuer, BV\*^<br>5.125%, 04/30/31 |  | 167958 |
| 120000 | Tenet Healthcare Corp.<br>6.250%, 02/01/27 |  | 120035 |
| 70000 | 6.875%, 11/15/31 |  | 71937 |
|  |  |  | 1068131 |
|  | Industrials (1.5%) | Industrials (1.5%) | Industrials (1.5%) |
| 45000 | Aar Escrow Issuer, LLC\*<br>6.750%, 03/15/29 |  | 46101 |
| 50000 | ACCO Brands Corp.\*<br>4.250%, 03/15/29 |  | 43485 |
| 50000 | Air Lease Corp.‡<br>4.125%, 12/15/26<br>5 year CMT + 3.15% |  | 46027 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 75000 | Albertsons Companies, Inc. / Safeway, Inc. /<br>New Albertsons, LP / Albertsons, LLC\*<br>4.625%, 01/15/27 | $74273 |
| 30000 | 5.875%, 02/15/28 | 30056 |
| 25000 | Arcosa, Inc.\*<br>4.375%, 04/15/29 | 23481 |
| 22000 | 6.875%, 08/15/32 | 22428 |
| 207250 | ARD Finance, SA\*<br>6.500%, 06/30/27<br>7.250% PIK rate | 5449 |
| 25000 | Bombardier, Inc.\*<br>8.750%, 11/15/30 | 26839 |
| 15000 | 7.000%, 06/01/32^ | 15187 |
| 13000 | 7.250%, 07/01/31^ | 13342 |
| 9000 | 7.875%, 04/15/27 | 9025 |
| 44000 | BWX Technologies, Inc.\*<br>4.125%, 04/15/29 | 41831 |
| 48000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.375%, 01/15/28 | 46849 |
| 11000 | Delta Air Lines, Inc. / SkyMiles IP, Ltd.\*<br>4.750%, 10/20/28 | 10916 |
| 58000 | Deluxe Corp.\*<br>8.000%, 06/01/29 | 53483 |
| 10000 | 8.125%, 09/15/29 | 10018 |
| 68000 | EMRLD Borrower, LP / Emerald<br>Co-Issuer, Inc.\*<br>6.625%, 12/15/30 | 69094 |
| 25000 | EnerSys\*<br>4.375%, 12/15/27 | 24261 |
| 20000 | 6.625%, 01/15/32 | 20443 |
| 15000 | EquipmentShare.com, Inc.\*<br>8.625%, 05/15/32 | 15295 |
| 15000 | 8.000%, 03/15/33^ | 14821 |
| 25000 | Graham Packaging Company, Inc.\*<br>7.125%, 08/15/28 | 24455 |
| 30000 | Graphic Packaging International, LLC\*<br>4.750%, 07/15/27 | 29475 |
| 20000 | 3.500%, 03/01/29 | 18620 |
| 51000 | Great Lakes Dredge & Dock Corp.\*<br>5.250%, 06/01/29 | 46578 |
| 101000 | H&E Equipment Services, Inc.\*<br>3.875%, 12/15/28 | 100737 |
| 65000 | Herc Holdings, Inc.\*<br>5.500%, 07/15/27 | 64373 |
| 23000 | 6.625%, 06/15/29 | 22738 |
| 34000 | JELD-WEN, Inc.\*^<br>7.000%, 09/01/32 | 29924 |
| 15000 | 4.875%, 12/15/27 | 13858 |
| 70000 | Ken Garff Automotive, LLC\*<br>4.875%, 09/15/28 | 67605 |
| 33000 | Moog, Inc.\*<br>4.250%, 12/15/27 | 31895 |
| 52000 | Novelis Corp.\*<br>4.750%, 01/30/30 | 48395 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 45000 | Quikrete Holdings, Inc.\*<br>6.375%, 03/01/32 | $| 45338 |
| 11000 | Sealed Air Corp.\*<br>5.000%, 04/15/29 |  | 10731 |
| 10000 | 6.500%, 07/15/32^ |  | 10188 |
| 35000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28 |  | 35291 |
| 10000 | 7.250%, 02/15/31 |  | 10416 |
| 40000 | Sensata Technologies, Inc.\*<br>3.750%, 02/15/31 |  | 34989 |
| 10000 | Standard Building Solutions, Inc.\*<br>6.500%, 08/15/32 |  | 10138 |
| 24000 | Standard Industries, Inc.\*<br>5.000%, 02/15/27 |  | 23848 |
| 45000 | TransDigm, Inc.\*<br>6.875%, 12/15/30 |  | 46425 |
| 35000 | 6.750%, 08/15/28 |  | 35730 |
| 29000 | 6.625%, 03/01/32 |  | 29754 |
| 15000 | 7.125%, 12/01/31 |  | 15612 |
| 13757 | United Airlines Pass Through Trust<br>Series 2019-2, Class B<br>3.500%, 11/01/29 |  | 13145 |
| 26000 | Wabash National Corp.\*^<br>4.500%, 10/15/28 |  | 21892 |
| 44000 | Waste Pro USA, Inc.\*<br>7.000%, 02/01/33 |  | 45056 |
| 27000 | Williams Scotsman, Inc.\*<br>4.625%, 08/15/28 |  | 26009 |
| 20000 | 7.375%, 10/01/31 |  | 20747 |
| 15000 | 6.625%, 06/15/29 |  | 15234 |
|  |  |  | 1611900 |
|  | Information Technology (0.6%) | Information Technology (0.6%) | Information Technology (0.6%) |
| 80000 | Clarivate Science Holdings Corp.\*<br>3.875%, 07/01/28 |  | 75603 |
| 23000 | Coherent Corp.\*<br>5.000%, 12/15/29 |  | 22074 |
| 21000 | Dell International, LLC / EMC Corp.<br>6.020%, 06/15/26 |  | 21248 |
| 22000 | Dun & Bradstreet Corp.\*<br>5.000%, 12/15/29 |  | 21980 |
| 26000 | Fair Isaac Corp.\*<br>4.000%, 06/15/28 |  | 25004 |
| 50000 | KBR, Inc.\*<br>4.750%, 09/30/28 |  | 47472 |
| 22000 | NCL Corp., Ltd.\*<br>6.750%, 02/01/32 |  | 21497 |
| 20000 | 8.125%, 01/15/29 |  | 20937 |
| 34000 | ON Semiconductor Corp.\*<br>3.875%, 09/01/28 |  | 32201 |
| 20000 | Open Text Corp.\*<br>6.900%, 12/01/27 |  | 20572 |
| 16000 | Open Text Holdings, Inc.\*<br>4.125%, 12/01/31 |  | 14312 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 37000 | Playtika Holding Corp.\*<br>4.250%, 03/15/29 | $| 32736 |
| 60000 | TTM Technologies, Inc.\*<br>4.000%, 03/01/29 |  | 55930 |
| 30000 | Twilio, Inc.<br>3.625%, 03/15/29 |  | 28160 |
| 11000 | 3.875%, 03/15/31 |  | 10010 |
| 42000 | UKG, Inc.\*<br>6.875%, 02/01/31 |  | 43290 |
| 65000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 |  | 59613 |
| 45000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 45265 |
| 50000 | ZoomInfo Technologies, LLC /<br>ZoomInfo Finance Corp.\*<br>3.875%, 02/01/29 |  | 46009 |
|  |  |  | 643913 |
|  | Materials (0.5%) | Materials (0.5%) | Materials (0.5%) |
| 27000 | ATI, Inc.<br>5.875%, 12/01/27 |  | 26989 |
| 45000 | Avient Corp.\*<br>6.250%, 11/01/31 |  | 44538 |
| 20000 | Celanese US Holdings, LLC^<br>6.629%, 07/15/32 |  | 19688 |
| 37000 | Chemours Company\*<br>8.000%, 01/15/33 |  | 33364 |
| 33000 | 4.625%, 11/15/29 |  | 27645 |
| 65000 | Clearwater Paper Corp.\*<br>4.750%, 08/15/28 |  | 60637 |
| 35000 | Cleveland-Cliffs, Inc.\*^<br>7.000%, 03/15/32 |  | 32996 |
| 34000 | JW Aluminum Continuous Cast Company\*<br>10.250%, 04/01/30 |  | 33435 |
| 45000 | Knife River Corp.\*<br>7.750%, 05/01/31 |  | 47140 |
| 48000 | Mercer International, Inc.<br>5.125%, 02/01/29 |  | 39473 |
| 20000 | 12.875%, 10/01/28\* |  | 20466 |
| 56000 | Silgan Holdings, Inc.<br>4.125%, 02/01/28 |  | 53830 |
| 45000 | Terex Corp.\*<br>6.250%, 10/15/32 |  | 43111 |
| 17850 | Trinseo Luxco Finance SPV Sarl /<br>Trinseo NA Finance SPV, LLC\*<br>7.625%, 05/03/29 |  | 10967 |
|  |  |  | 494279 |
|  | Other (0.4%) | Other (0.4%) | Other (0.4%) |
| 15466 | Claritev Corp.\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 9822 |
| 63945 | EchoStar Corp.<br>10.750%, 11/30/29 |  | 67653 |
| 42544 | 6.750%, 11/30/30<br>6.75% PIK Rate |  | 39632 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 25000 | Gen Digital, Inc.\*<br>6.750%, 09/30/27 | $| 25440 |
| 23000 | Mohegan Tribal Gaming Authority /<br>MS Digital Entertainment Holdings, LLC\*<br>8.250%, 04/15/30 |  | 23036 |
| 45000 | New Gold, Inc.\*<br>6.875%, 04/01/32 |  | 46032 |
| 40000 | Nissan Motor Acceptance Company, LLC\*<br>7.050%, 09/15/28 |  | 40922 |
| 45000 | Olin Corp.\*<br>6.625%, 04/01/33 |  | 42748 |
| 20000 | Reinsurance Group of America, Inc.‡<br>6.650%, 09/15/55<br>5 year CMT + 2.39 |  | 19459 |
| 45000 | Rfna, LP\*<br>7.875%, 02/15/30 |  | 44252 |
| 45000 | Stonepeak Nile Parent, LLC\*<br>7.250%, 03/15/32 |  | 45721 |
|  |  |  | 404717 |
|  | Real Estate (0.0%) | Real Estate (0.0%) | Real Estate (0.0%) |
| 22000 | Forestar Group, Inc.\*<br>6.500%, 03/15/33 |  | 21415 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 11000 | Clydesdale Acquisition Holdings, Inc.\*<br>6.750%, 04/15/32 |  | 11264 |
| 45000 | Fertitta Entertainment, LLC / Fertitta<br>Entertainment Finance Company, Inc.\*<br>6.750%, 01/15/30^ |  | 39370 |
| 23000 | 4.625%, 01/15/29 |  | 21364 |
| 50000 | W.R. Grace Holding, LLC\*<br>7.375%, 03/01/31 |  | 50297 |
|  |  |  | 122295 |
|  | Utilities (0.2%) | Utilities (0.2%) | Utilities (0.2%) |
| 17000 | AES Corp.‡<br>7.600%, 01/15/55<br>5 year CMT + 3.20% |  | 16853 |
| 13000 | 6.950%, 07/15/55<br>5 year CMT + 2.89 |  | 12166 |
| 20000 | Dominion Energy, Inc.^‡<br>6.625%, 05/15/55<br>5 year CMT + 2.21% |  | 19758 |
| 45000 | Duke Energy Corp.^‡<br>6.450%, 09/01/54<br>5 year CMT + 2.59% |  | 45184 |
| 35000 | Entergy Corp.‡<br>7.125%, 12/01/54<br>5 year CMT + 2.67% |  | 35283 |
| 35000 | Evergy, Inc.‡<br>6.650%, 06/01/55<br>5 year CMT + 2.56% |  | 34078 |
| 33000 | NiSource, Inc.^‡<br>6.950%, 11/30/54<br>5 year CMT + 2.45% |  | 33587 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT | PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 16000 |  | PPL Capital Funding, Inc.‡<br>7.226%, 03/30/67<br>3 mo. SOFR + 2.93% | $| 15654 |
| 20000 |  | Vistra Corp.\*‡<br>7.000%, 12/15/26<br>5 year CMT + 5.74% |  | 20224 |
| 10000 |  | 8.000%, 10/15/26<br>5 year CMT + 6.93% |  | 10224 |
|  |  |  |  | 243011 |
|  |  | **TOTAL CORPORATE BONDS**<br>(Cost $13,963,184) |  | 13269414 |
| **CONVERTIBLE BONDS (22.2%)** | **CONVERTIBLE BONDS (22.2%)** |  |  |  |
|  |  | Communication Services (2.9%) | Communication Services (2.9%) | Communication Services (2.9%) |
| 580000 |  | Liberty Media Corp.-Liberty Formula One<br>2.250%, 08/15/27 |  | 707420 |
| 721000 |  | Uber Technologies, Inc.^<br>0.875%, 12/01/28 |  | 946421 |
| 1000000 |  | Xiaomi Best Time International, Ltd.<br>0.000%, 12/17/27 |  | 1426880 |
|  |  |  |  | 3080721 |
|  |  | Consumer Discretionary (1.5%) | Consumer Discretionary (1.5%) | Consumer Discretionary (1.5%) |
| 2224500  | EUR | Accor, SA<br>0.700%, 12/07/27 |  | 1374019 |
| 165000 |  | Trip.com Group, Ltd.\*<br>0.750%, 06/15/29 |  | 186658 |
|  |  |  |  | 1560677 |
|  |  | Consumer Staples (1.6%) | Consumer Staples (1.6%) | Consumer Staples (1.6%) |
| 925000 |  | Post Holdings, Inc.<br>2.500%, 08/15/27 |  | 1088614 |
| 901000  | CAD | Premium Brands Holdings Corp.<br>4.200%, 09/30/27 |  | 630804 |
|  |  |  |  | 1719418 |
|  |  | Energy (1.0%) | Energy (1.0%) | Energy (1.0%) |
| 500000  | EUR | Eni S.p.A<br>2.950%, 09/14/30 |  | 578603 |
| 300000  | EUR | Saipem S.p.A<br>2.875%, 09/11/29 |  | 430828 |
|  |  |  |  | 1009431 |
|  |  | Financials (0.9%) | Financials (0.9%) | Financials (0.9%) |
| 700000 |  | Goldman Sachs Finance Corp.<br>International, Ltd.<br>(Tencent Holdings, Ltd.)§<br>0.000%, 03/15/27 |  | 954128 |
|  |  | Health Care (0.8%) | Health Care (0.8%) | Health Care (0.8%) |
| 410000 |  | Alnylam Pharmaceuticals, Inc.<br>1.000%, 09/15/27 |  | 470057 |
| 412000 |  | Halozyme Therapeutics, Inc.<br>0.250%, 03/01/27 |  | 432044 |
|  |  |  |  | 902101 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Information Technology (7.4%) | Information Technology (7.4%) |
| 411000 | Cloudflare, Inc.<br>0.000%, 08/15/26 | $419076 |
| 815000 | Guidewire Software, Inc.\*^<br>1.250%, 11/01/29 | 901423 |
| 401000 | Nutanix, Inc.\*^<br>0.500%, 12/15/29 | 432872 |
| 1526000 | Snowflake, Inc.\*<br>0.000%, 10/01/29 | 1896818 |
| 2037000 | Spotify USA, Inc.<br>0.000%, 03/15/26 | 2621232 |
| 1440000 | Xero Investments, Ltd.<br>1.625%, 06/12/31 | 1689350 |
|  |  | 7960771 |
|  | Materials (0.7%) | Materials (0.7%) |
| 626000 | Fortuna Mining Corp.\*<br>3.750%, 06/30/29 | 770706 |
|  | Other (0.2%) | Other (0.2%) |
| 200000 | China Hongqiao Group, Ltd.<br>1.500%, 03/26/30 | 198866 |
|  | Utilities (5.2%) | Utilities (5.2%) |
| 991000 | Duke Energy Corp.<br>4.125%, 04/15/26 | 1081716 |
| 688000 | NextEra Energy Capital Holdings, Inc.^<br>3.000%, 03/01/27 | 770808 |
| 750000 | PPL Capital Funding, Inc.<br>2.875%, 03/15/28 | 856102 |
| 2601000 | Southern Company\*~<br>4.500%, 06/15/27 | 2891688 |
|  |  | 5600314 |
|  | **TOTAL CONVERTIBLE BONDS**<br>(Cost $22,514,962) | 23757133 |
| **BANK LOANS (1.2%)¡** |  |  |
|  | Airlines (0.1%) | Airlines (0.1%) |
| 49500 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% | 49010 |
| 37480 | United Airlines, Inc.‡<br>6.275%, 02/22/31<br>3 mo. SOFR + 2.00% | 37439 |
|  |  | 86449 |
|  | Communication Services (0.2%) | Communication Services (0.2%) |
| 11324 | Audacy Capital Corp.‡<br>10.436%, 10/01/29<br>1 mo. SOFR + 6.00% | 9569 |
| 1261 | Audacy Capital Corp.‡<br>11.436%, 10/02/28<br>1 mo. SOFR + 7.00% | 1264 |
| 24810 | Cincinnati Bell, Inc.‡<br>7.072%, 11/22/28<br>1 mo. SOFR + 2.75% | 24698 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 59217 | CSC Holdings, LLC‡<br>9.000%, 04/15/27<br>3 mo. Prime + 1.50% | $| 57141 |
| 34738 | Gray Television, Inc.‡<br>9.574%, 06/04/29<br>1 mo. SOFR + 5.25% |  | 33656 |
| 54750 | TripAdvisor, Inc.‡<br>7.049%, 07/08/31<br>3 mo. SOFR + 2.75% |  | 53518 |
| 45000 | Virgin Media Bristol, LLC‡<br>6.936%, 01/31/28<br>1 mo. SOFR + 2.50% |  | 44454 |
|  |  |  | 224300 |
|  | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) | Consumer Discretionary (0.2%) |
| 16128 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% |  | 15826 |
| 14983 | American Axle & Manufacturing, Inc.‡<br>7.321%, 12/13/29<br>1 mo. SOFR + 3.00% |  | 14702 |
| 13889 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>3 mo. SOFR + 3.00% |  | 13628 |
| 53703 | Carnival Corp.‡<br>6.329%, 08/08/27<br>1 mo. SOFR + 2.00% |  | 53837 |
| 44888 | Life Time Fitness, Inc.‡<br>6.785%, 11/05/31<br>3 mo. SOFR + 2.50% |  | 44680 |
| 24813 | Peloton Interactive, Inc.‡<br>9.813%, 05/23/29<br>3 mo. SOFR + 5.50% |  | 24859 |
| 49500 | Station Casinos, LLC‡<br>6.322%, 03/14/31<br>1 mo. SOFR + 2.00% |  | 49213 |
|  |  |  | 216745 |
|  | Consumer Staples (0.3%) | Consumer Staples (0.3%) | Consumer Staples (0.3%) |
| 141021 | Amneal Pharmaceuticals, LLC‡<br>9.822%, 05/04/28<br>1 mo. SOFR + 5.50% |  | 141559 |
| 34825 | B&G Foods, Inc.‡<br>7.822%, 10/10/29<br>1 mo. SOFR + 3.50% |  | 33389 |
| 86000 | Bausch Health Companies, Inc.‡<br>10.542%, 09/25/30<br>1 mo. SOFR + 6.25% |  | 81342 |
| 3582 | MPH Acquisition Holdings, LLC‡<br>8.030%, 12/31/30<br>3 mo. SOFR + 3.75% |  | 3544 |
| 51739 | Star Parent, Inc.‡<br>8.299%, 09/27/30<br>3 mo. SOFR + 4.00% |  | 50154 |
|  |  |  | 309988 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Energy (0.1%) | Energy (0.1%) |
| 59395 | Par Petroleum, LLC‡<br>8.009%, 02/28/30<br>3 mo. SOFR + 3.75% | $57520 |
|  | Financials (0.1%) | Financials (0.1%) |
| 54501 | Advisor Group, Inc.‡<br>7.822%, 08/17/28<br>1 mo. SOFR + 3.50% | 54362 |
| 45000 | Level 3 Financing, Inc.‡<br>8.572%, 03/27/32<br>1 mo. SOFR + 4.25% | 44972 |
| 45000 | VFH Parent, LLC‡<br>6.822%, 06/21/31<br>1 mo. SOFR + 2.50% | 44888 |
|  |  | 144222 |
|  | Industrials (0.1%) | Industrials (0.1%) |
| 14925 | EMRLD Borrower, LP‡<br>6.799%, 08/04/31<br>3 mo. SOFR + 2.50% | 14773 |
| 44663 | MI Windows & Doors, LLC‡<br>7.322%, 03/28/31<br>1 mo. SOFR + 3.00% | 44056 |
| 84363 | TransDigm, Inc.‡<br>6.799%, 02/28/31<br>3 mo. SOFR + 2.50% | 83628 |
|  |  | 142457 |
|  | Information Technology (0.1%) | Information Technology (0.1%) |
| 45616 | Boxer Parent Company, Inc.‡<br>7.322%, 07/30/31<br>1 mo. SOFR + 3.00% | 44783 |
| 38654 | SS&C Technologies, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% | 38655 |
|  |  | 83438 |
|  | **TOTAL BANK LOANS**<br>(Cost $1,273,628) | 1265119 |
| NUMBER OF<br>SHARES |  | VALUE |
| **WARRANTS (0.0%)#** |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) |
| 153 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |
| 25 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |
|  | Energy (0.0%) | Energy (0.0%) |
| 2607 | Mcdermott International, Ltd.<br>06/30/27, Strike $15.98 | 1 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 2347 |  | Mcdermott International, Ltd.<br>06/30/27, Strike $12.33 | $ |  |
|  |  |  |  | 1 |
|  |  | **TOTAL WARRANTS**<br>(Cost $1,002) |  | 1 |
| **COMMON STOCKS (89.3%)** | **COMMON STOCKS (89.3%)** |  |  |  |
|  |  | Communication Services (11.1%) | Communication Services (11.1%) | Communication Services (11.1%) |
| 9086 |  | Alphabet, Inc. - Class Aµ |  | 1442857 |
| 925 |  | Altice USA, Inc. - Class A^# |  | 2294 |
| 87930 |  | AT&T, Inc.µ |  | 2435661 |
| 553 |  | Audacy, Inc.# |  | 10231 |
| 1050 |  | Baidu, Inc. (ADR)^# |  | 92211 |
| 5200  | GBP | Baltic Classifieds Group, PLC |  | 23586 |
| 36605  | INR | Bharti Airtel, Ltd. |  | 803241 |
| 310 |  | Cumulus Media, Inc. - Class A# |  | 72 |
| 18465  | EUR | Deutsche Telekom, AGµ |  | 663217 |
| 2755 |  | Meta Platforms, Inc. - Class Aµ |  | 1512495 |
| 7850 |  | Millicom International Cellular, SA |  | 271139 |
| 23737  | ZAR | MTN Group, Ltd.^ |  | 157099 |
| 960  | KRW | NAVER Corp. |  | 135077 |
| 1110 |  | Netflix, Inc.µ# |  | 1256209 |
| 617  | EUR | Scout24, SE\* |  | 73532 |
| 4445 |  | Sea, Ltd. (ADR)# |  | 595852 |
| 380 |  | Spotify Technology, SA# |  | 233312 |
| 7800  | HKD | Tencent Holdings, Ltd.µ |  | 477757 |
| 15060 |  | Tencent Holdings, Ltd. (ADR) |  | 919564 |
| 13075  | GBP | Trustpilot Group, PLC\*# |  | 39208 |
| 7610 |  | Walt Disney Companyµ |  | 692130 |
|  |  |  |  | 11836744 |
|  |  | Consumer Discretionary (12.0%) | Consumer Discretionary (12.0%) | Consumer Discretionary (12.0%) |
| 50300  | HKD | Alibaba Group Holding, Ltd.µ |  | 750980 |
| 1745 |  | Alibaba Group Holding, Ltd. (ADR) |  | 208405 |
| 11730 |  | Amazon.com, Inc.µ# |  | 2163247 |
| 16210  | INR | Amber Enterprises India, Ltd.# |  | 1166738 |
| 83000  | AED | Americana Restaurants International, PLC |  | 51053 |
| 9604 |  | Aptiv, PLC# |  | 548004 |
| 215 |  | AutoZone, Inc.# |  | 808959 |
| 2590  | SEK | Betsson, AB - Class B |  | 45297 |
| 196  | EUR | Brunello Cucinelli S.p.A^ |  | 22128 |
| 9000  | CNY | BYD Company, Ltd. - Class A |  | 438017 |
| 5700  | CNY | China Tourism Group Duty Free<br>Corp., Ltd. - Class A |  | 49755 |
| 24400  | GBP | Compass Group, PLC |  | 822642 |
| 146900  | PHP | DigiPlus Interactive Corp. |  | 104828 |
| 630  | INR | Dixon Technologies India, Ltd. |  | 122427 |
| 2300  | HKD | DPC Dash, Ltd.# |  | 29298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 2715  | INR | Eicher Motors, Ltd. | $| 178995 |
| 400  | JPY | Food & Life Companies, Ltd. |  | 14802 |
| 24700  | CNY | Fuyao Glass Industry Group Company,<br>Ltd. - Class A |  | 197615 |
| 85000  | HKD | Geely Automobile Holdings, Ltd. |  | 178441 |
| 30340  | INR | Indian Hotels Company, Ltd. |  | 282050 |
| 45700  | HKD | JD.com, Inc. - Class A |  | 744061 |
| 48000  | HKD | Jiumaojiu International Holdings, Ltd.\*^ |  | 15571 |
| 33500  | HKD | Li Ning Company, Ltd. |  | 63159 |
| 2650  | EUR | Lottomatica Group S.p.A |  | 60404 |
| 280  | EUR | LVMH Moet Hennessy Louis Vuitton, SEµ |  | 155100 |
| 2375 |  | MakeMyTrip, Ltd.^# |  | 248947 |
| 548 |  | MercadoLibre, Inc.# |  | 1277306 |
| 98400  | HKD | MGM China Holdings, Ltd. |  | 127518 |
| 11570 |  | NIO, Inc. (ADR)^# |  | 46859 |
| 70 |  | Rite Aid Corp.# |  | 70 |
| 64000  | HKD | Sands China, Ltd.# |  | 114621 |
| 3205 |  | Tesla, Inc.µ# |  | 904323 |
| 38700  | JPY | Toyota Motor Corp.µ |  | 739147 |
| 3250  | HKD | Yum China Holdings, Inc. |  | 151832 |
| 640  | EUR | Zalando, SE\*# |  | 23370 |
| 23000  | HKD | Zhongsheng Group Holdings, Ltd. |  | 34608 |
|  |  |  |  | 12890577 |
|  |  | Consumer Staples (5.9%) | Consumer Staples (5.9%) | Consumer Staples (5.9%) |
| 1500 |  | Constellation Brands, Inc. - Class A^ |  | 281310 |
| 1035 |  | Costco Wholesale Corp.µ |  | 1029307 |
| 548  | GBP | Cranswick, PLC |  | 37928 |
| 1515  | PLN | Dino Polska, SA\*# |  | 212384 |
| 27530  | CNY | Eastroc Beverage Group Company,<br>Ltd. - Class A |  | 1083944 |
| 23600  | HKD | Giant Biogene Holding Company, Ltd.\* |  | 243831 |
| 700  | CNY | Kweichow Moutai Company,<br>Ltd. - Class A |  | 149135 |
| 5900  | CHF | Nestle, SAµ |  | 627981 |
| 5715 |  | Philip Morris International, Inc.µ |  | 979322 |
| 20332  | BRL | Raia Drogasil, SA |  | 71080 |
| 705  | KRW | Samyang Foods Company, Ltd. |  | 481191 |
| 26000  | HKD | Smoore International Holdings, Ltd.\*^ |  | 45001 |
| 11000 |  | Walmart, Inc.µ |  | 1069750 |
|  |  |  |  | 6312164 |
|  |  | Energy (3.4%) | Energy (3.4%) | Energy (3.4%) |
| 11650  | GBP | BP, PLC |  | 53793 |
| 33280  | CAD | Canadian Natural Resources, Ltd.^ |  | 954995 |
| 6185  | CAD | CES Energy Solutions Corp.^ |  | 27278 |
| 180 |  | Cheniere Energy Partners, LP |  | 10580 |
| 8810 |  | Chevron Corp.µ |  | 1198689 |
| 2552 |  | Energy Transfer, LP |  | 42210 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 1160 |  | Enterprise Products Partners, LP | $| 34684 |
| 341 |  | EP Energy Corp.# |  | 469 |
| 8880 |  | EQT Corp.^ |  | 439027 |
| 11400 |  | Helmerich & Payne, Inc.^ |  | 215346 |
| 46000  | THB | PTT Exploration & Production, PCL |  | 136251 |
| 7800  | EUR | Saipem S.p.A^# |  | 18018 |
| 16055 |  | TechnipFMC, PLC |  | 452269 |
|  |  |  |  | 3583609 |
|  |  | Financials (14.1%) | Financials (14.1%) | Financials (14.1%) |
| 116000  | HKD | AIA Group, Ltd. |  | 869178 |
| 9970  | EUR | Alpha Services and Holdings, SA |  | 24309 |
| 49400  | BRL | B3, SA - Brasil Bolsa Balcao |  | 117425 |
| 1700  | INR | Bajaj Finance, Ltd. |  | 173040 |
| 21000  | EUR | Banco Santander, SA^ |  | 147858 |
| 2520  | EUR | Bank of Ireland Group, PLC |  | 29588 |
| 8315 |  | Bank of New York Mellon Corp. |  | 668609 |
| 101830  | PHP | Bank of the Philippine Islands |  | 255321 |
| 3995  | EUR | BAWAG Group, AG\* |  | 437884 |
| 5400  | JPY | Concordia Financial Group, Ltd. |  | 34927 |
| 1060  | CAD | Definity Financial Corp.^ |  | 52908 |
| 600  | EUR | Deutsche Böerse, AG |  | 193256 |
| 85640  | EUR | Eurobank Ergasias Services and<br>Holdings, SA |  | 243048 |
| 29304  | AED | First Abu Dhabi Bank, PJSC |  | 119900 |
| 1510 |  | Goldman Sachs Group, Inc.^ |  | 826801 |
| 3485 |  | HDFC Bank, Ltd. (ADR) |  | 253325 |
| 7300  | HKD | Hong Kong Exchanges & Clearing, Ltd. |  | 318935 |
| 42000 |  | ICICI Bank, Ltd. (ADR)^ |  | 1409520 |
| 38527 |  | Itau Unibanco Holding, SA (ADR) |  | 243105 |
| 6465 |  | JPMorgan Chase & Company^ |  | 1581468 |
| 305570  | THB | Krung Thai Bank PCL |  | 199402 |
| 480 |  | Marex Group, PLC |  | 21288 |
| 8190  | KRW | Meritz Financial Group, Inc. |  | 715484 |
| 48500  | HKD | Ping An Insurance Group Company of<br>China, Ltd. - Class H^ |  | 290274 |
| 17300  | BRL | Porto Seguro, SA |  | 134098 |
| 9345  | PLN | Powszechna Kasa Oszczednosci Bank<br>Polski, SA |  | 179666 |
| 2795 |  | Progressive Corp. |  | 787463 |
| 600  | JPY | Rakuten Bank, Ltd.^# |  | 25235 |
| 14600  | EUR | Societe Generale, SA |  | 754207 |
| 42200  | JPY | Sumitomo Mitsui Financial Group, Inc. |  | 1006774 |
| 115  | CHF | Swissquote Group Holding, SA^ |  | 59363 |
| 19875  | EUR | UniCredit, S.p.A.^ |  | 1156345 |
| 2165 |  | Visa, Inc. - Class Aµ |  | 748008 |
| 15015 |  | Wells Fargo & Company^ |  | 1066215 |
|  |  |  |  | 15144227 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE |
|  |  | Health Care (5.3%) | Health Care (5.3%) |
| 4035 |  | AbbVie, Inc.^µ | $787228 |
| 4490  | SEK | Ambea, AB\* | 54242 |
| 5325  | GBP | AstraZeneca, PLCµ | 762896 |
| 665  | SEK | BoneSupport Holding, AB\*# | 21755 |
| 1250  | KRW | Dentium Company, Ltd. | 64160 |
| 1715 |  | Eli Lilly & Companyµ | 1541699 |
| 159496  | MXN | Genomma Lab Internacional,<br>SAB de CV - Class B | 186413 |
| 6000  | EUR | Gerresheimer, AG | 407086 |
| 1310 |  | Humana, Inc. | 343534 |
| 4510  | BRL | Hypera, SA | 19168 |
| 19829 |  | Novo Nordisk, A/S (ADR) | 1317637 |
| 160  | KRW | Samsung Biologics Company, Ltd.\*# | 118411 |
|  |  |  | 5624229 |
|  |  | Industrials (11.6%) | Industrials (11.6%) |
| 1000  | JPY | BayCurrent, Inc. | 53884 |
| 31  | CHF | Belimo Holding, AG | 26339 |
| 8140  | CNY | Contemporary Amperex Technology<br>Company, Ltd. - Class A | 260265 |
| 1860 |  | Deere & Company | 862222 |
| 117  | EUR | DO & CO, AG# | 18689 |
| 14400 |  | Embraer, SA (ADR)^# | 661536 |
| 1080  | EUR | Exosens SAS# | 42033 |
| 7345 |  | Flowserve Corp. | 332214 |
| 3305 |  | GE Vernova, Inc. | 1225560 |
| 1308  | KRW | Hanwha Aerospace Company, Ltd. | 735101 |
| 670  | KRW | HD Hyundai Heavy Industries<br>Company, Ltd. | 189496 |
| 6107  | INR | Hindustan Aeronautics, Ltd. | 323275 |
| 66600  | JPY | Hitachi, Ltd. | 1646053 |
| 310  | KRW | Hyundai Rotem Company, Ltd. | 24434 |
| 800  | JPY | IHI Corp.^ | 62666 |
| 1005  | SEK | INVISIO, AB | 40391 |
| 1160  | EUR | Iveco Group, NV^ | 18532 |
| 1600  | JPY | Japan Elevator Service Holdings<br>Company, Ltd. | 34591 |
| 998000  | HKD | Lonking Holdings, Ltd. | 251299 |
| 8700  | CNY | Ningbo Orient Wires & Cables<br>Company, Ltd. - Class A | 60557 |
| 800  | EUR | Palfinger, AG | 26075 |
| 2085  | CHF | R&S Group Holding, AG^ | 50133 |
| 417  | EUR | Rheinmetall, AG | 710173 |
| 96055  | GBP | Rolls-Royce Holdings, PLC | 972314 |
| 3320  | EUR | Schneider Electric, SE | 775704 |
| 14700  | CNY | Shanghai International Airport<br>Company, Ltd. - Class A | 64914 |
| 4235  | EUR | Siemens, AGµ | 975157 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 8500  | EUR | SPIE, SA | $| 416607 |
| 2910  | INR | Transformers & Rectifiers India, Ltd. |  | 16984 |
| 310  | EUR | Vossloh, AG |  | 24491 |
| 700  | EUR | Wacker Neuson, SE |  | 18824 |
| 4250 |  | Waste Management, Inc. |  | 991780 |
| 23200  | BRL | WEG, SA |  | 182488 |
| 65000  | HKD | Weichai Power Company, Ltd. - Class H |  | 126808 |
| 42900  | CNY | Yutong Bus Company, Ltd. - Class A |  | 158536 |
|  |  |  |  | 12380125 |
|  |  | Information Technology (22.8%) | Information Technology (22.8%) | Information Technology (22.8%) |
| 310  | TWD | Alchip Technologies, Ltd. |  | 20716 |
| 6185 |  | Apple, Inc.^ |  | 1314312 |
| 2370 |  | ASML Holding, NVµ |  | 1583350 |
| 3230 |  | Broadcom, Inc.^µ |  | 621678 |
| 700 |  | Cellebrite DI, Ltd.# |  | 13853 |
| 4100  | CNY | Iflytek Company, Ltd. - Class A |  | 26607 |
| 4030 |  | International Business Machines Corp.µ |  | 974535 |
| 3770  | INR | Kaynes Technology India, Ltd.# |  | 256080 |
| 2500  | JPY | Keyence Corp. |  | 1045229 |
| 254000  | HKD | Kingdee International Software Group<br>Company, Ltd.# |  | 431999 |
| 1745  | AUD | Life360, Inc.\*# |  | 24558 |
| 4010 |  | Marvell Technology, Inc. |  | 234064 |
| 6170  | TWD | MediaTek, Inc. |  | 262182 |
| 5085 |  | Microsoft Corp.^ |  | 2009897 |
| 620  | ILS | Nayax, Ltd.# |  | 26030 |
| 315  | EUR | Nemetschek, SE |  | 41859 |
| 1400  | NOK | NORBIT, ASA |  | 19227 |
| 31980 |  | NVIDIA Corp.^µ |  | 3483261 |
| 5565 |  | Oracle Corp.^ |  | 783107 |
| 5675 |  | Palantir Technologies, Inc. - Class Aµ# |  | 672147 |
| 28000  | HKD | Q Technology Group Company, Ltd.# |  | 23485 |
| 130  | EUR | Reply S.p.A^ |  | 23209 |
| 10915  | KRW | Samsung Electronics Company, Ltd. |  | 425876 |
| 5506  | EUR | SAP, SEµ |  | 1610993 |
| 985 |  | ServiceNow, Inc.µ# |  | 940685 |
| 3900  | JPY | SHIFT, Inc.# |  | 35686 |
| 4450 |  | Shopify, Inc. - Class A# |  | 422750 |
| 3540  | KRW | SK Hynix, Inc. |  | 441697 |
| 170320  | TWD | Taiwan Semiconductor Manufacturing<br>Company, Ltd. |  | 4825941 |
| 2590  | AUD | Technology One, Ltd.^ |  | 49993 |
| 31300  | BRL | TOTVS, SA |  | 207484 |
| 15520 |  | Unity Software, Inc.^# |  | 327006 |
| 24000  | CNY | Venustech Group, Inc. - Class A |  | 51194 |
| 9400  | CNY | Will Semiconductor Company, Ltd.<br>Shanghai - Class A |  | 170742 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 6735  | AUD | WiseTech Global, Ltd. | $| 382972 |
| 103600  | HKD | Xiaomi Corp. - Class B\*# |  | 663268 |
|  |  |  |  | 24447672 |
|  |  | Materials (2.7%) | Materials (2.7%) | Materials (2.7%) |
| 38655  | CAD | Alamos Gold, Inc. - Class A |  | 1105029 |
| 160  | EUR | AlzChem Group, AG |  | 20648 |
| 38990 |  | Cemex, SAB de CV (ADR) |  | 240568 |
| 3445  | EUR | Heidelberg Materials, AG |  | 688702 |
| 1505 |  | Linde, PLCµ |  | 682111 |
| 5575  | ZAR | Sasol, Ltd.# |  | 19256 |
| 886  | EUR | SOL S.p.A |  | 40452 |
| 720  | EUR | Titan Cement International, SA |  | 33424 |
| 610  | CAD | Torex Gold Resources, Inc.# |  | 19757 |
| 5250 |  | Vale, SA (ADR)^ |  | 48878 |
| 550  | EUR | Wienerberger, AG |  | 19312 |
|  |  |  |  | 2918137 |
|  |  | Real Estate (0.4%) | Real Estate (0.4%) | Real Estate (0.4%) |
| 179500  | PHP | Ayala Land, Inc. |  | 80524 |
| 57530  | AED | Emaar Properties, PJSC |  | 205569 |
| 41220  | HKD | Greentown China Holdings, Ltd. |  | 52600 |
| 3970  | INR | Macrotech Developers, Ltd.\* |  | 62248 |
| 4000  | INR | Prestige Estates Projects, Ltd. |  | 64660 |
|  |  |  |  | 465601 |
|  |  | Utilities (0.0%) | Utilities (0.0%) | Utilities (0.0%) |
| 2400  | EUR | Italgas S.p.A |  | 19718 |
|  |  | **TOTAL COMMON STOCKS**<br>(Cost $105,850,543) |  | 95622803 |
| **PREFERRED STOCKS (0.0%)** | **PREFERRED STOCKS (0.0%)** |  |  |  |
|  |  | Communication Services (0.0%) | Communication Services (0.0%) | Communication Services (0.0%) |
| 1122 |  | Qwest Corp.<br>6.500%, 09/01/56 |  | 19523 |
| 340 |  | Telephone and Data Systems, Inc.<br>6.625%, 03/31/26 |  | 7082 |
| 355 |  | United States Cellular Corp.<br>6.250%, 09/01/69 |  | 8378 |
| 289 |  | 5.500%, 03/01/70 |  | 6346 |
| 33 |  | 5.500%, 06/01/70 |  | 732 |
|  |  |  |  | 42061 |
|  |  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 305 |  | Guitar Center, Inc.# |  | 4575 |
|  |  | **TOTAL PREFERRED STOCKS**<br>(Cost $73,722) |  | 46636 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **EXCHANGE-TRADED FUNDS (1.1%)** |  |  |
|  | Other (1.1%) | Other (1.1%) |
| 45865 | Invesco Senior Loan ETF^ | $950323 |
| 6150 | iShares MSCI Saudi Arabia ETF^ | 248644 |
|  | **TOTAL EXCHANGE-TRADED FUNDS**<br>(Cost $1,280,484) | 1198967 |
| **CONVERTIBLE PREFERRED STOCKS (3.1%)** |  |  |
|  | Industrials (3.1%) | Industrials (3.1%) |
| 54190 | Boeing Company<br>6.000%, 10/15/27 | 3326182 |
|  | **TOTAL CONVERTIBLE<br>PREFERRED STOCKS**<br>(Cost $2,953,219) | 3326182 |
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (2.4%)** |  |  |
|  | Other (2.4%) | Other (2.4%) |
| 1700000 | U.S. Treasury Note<br>4.500%, 07/15/26 | 1713813 |
| 850000 | 4.000%, 06/30/28 | 860625 |
|  | **TOTAL U.S. GOVERNMENT AND<br>AGENCY SECURITIES**<br>(Cost $2,563,106) | 2574438 |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (1.5%)#** |  |  |
|  | Communication Services (0.1%) | Communication Services (0.1%) |
| 52 | Sea, Ltd. |  |
| 697060 | Call, 06/20/25, Strike $130.00 | 70460 |
|  | Consumer Discretionary (0.3%) | Consumer Discretionary (0.3%) |
| 96 | Aptiv, PLC |  |
| 547776 | Put, 08/15/25, Strike $47.50 | 20640 |
| 99 | Flutter Entertainment, PLC |  |
| 2385801 | Call, 01/16/26, Strike $290.00 | 142065 |
| 3 | MercadoLibre, Inc. |  |
| 699255 | Call, 06/20/25, Strike $2,200.00 | 70455 |
| 56 | Royal Caribbean Cruises, Ltd. |  |
| 1203496 | Call, 01/16/26, Strike $260.00 | 81480 |
| 38 | Toyota Motor Corp. |  |
| 726636 | Put, 08/15/25, Strike $160.00 | 11305 |
|  |  | 325945 |
|  | Health Care (0.1%) | Health Care (0.1%) |
| 40 | AbbVie, Inc. |  |
| 780400 | Put, 08/15/25, Strike $165.00 | 11100 |
| 131 | Boston Scientific Corp. |  |
| 1347597 | Call, 01/16/26, Strike $110.00 | 96285 |
|  |  | 107385 |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
|  | Industrials (0.1%) | Industrials (0.1%) |
| 230<br>261280 | Full Truck Alliance Company, Ltd.<br>Call, 06/20/25, Strike $10.00 | $39675 |
|  | Information Technology (0.1%) | Information Technology (0.1%) |
| 44 | Shopify, Inc. |  |
| 418000 | Put, 09/19/25, Strike $75.00 | 23650 |
| 88 | Taiwan Semiconductor<br>Manufacturing Company, Ltd. |  |
| 1466872 | Call, 06/20/25, Strike $160.00 | 119900 |
|  |  | 143550 |
|  | Other (0.8%) | Other (0.8%) |
| 99 | Anglogold Ashanti, PLC |  |
| 417384 | Call, 07/18/25, Strike $45.00 | 21038 |
| 36 | EURO STOXX Banks Index |  |
| 332712  | Call, 09/19/25, Strike 195.00 | 13356 |
| 1144 | iShares China Large-Cap ETF |  |
| 3873584 | Put, 05/16/25, Strike $30.00 | 6864 |
| 1032 | iShares MSCI Emerging Markets ETF |  |
| 4516032 | Put, 06/20/25, Strike $39.00 | 19608 |
| 21 | iShares MSCI Eurozone ETF |  |
| 117012 | Put, 05/16/25, Strike $48.00 | 105 |
| 280 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 15527120 | Put, 12/19/25, Strike $510.00 | 533820 |
| 160 |  |  |
| 8872640 | Put, 07/18/25, Strike $540.00 | 246240 |
| 268 |  |  |
| 14861672 | Put, 05/16/25, Strike $500.00 | 28944 |
|  |  | 869975 |
|  | **TOTAL EXCHANGE-TRADED<br>PURCHASED OPTIONS**<br>(Cost $3,054,660) | 1556990 |
|  | **TOTAL INVESTMENTS (133.2%)**<br>(Cost $153,528,510) | 142617683 |
| MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-12.1%) | MANDATORY REDEEMABLE PREFERRED SHARES,<br>AT LIQUIDATION VALUE (-12.1%) | (13000000) |
| LIABILITIES, LESS OTHER ASSETS (-21.1%) | LIABILITIES, LESS OTHER ASSETS (-21.1%) | (22572968) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $107044715 |
| **EXCHANGE-TRADED WRITTEN OPTIONS (0.0%)#** |  |  |
|  | Industrials (0.0%) | Industrials (0.0%) |
| (73 | Flowserve Corp. |  |
| (330179 | Call, 10/17/25, Strike $65.00 | $(4015) |
|  | Information Technology (0.0%) | Information Technology (0.0%) |
| (44 | Shopify, Inc. |  |
| (418000 | Call, 07/18/25, Strike $115.00 | (16940) |
|  | **TOTAL EXCHANGE-TRADED<br>WRITTEN OPTIONS**<br>(Premium $13,428) | $(20955) |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

**FORWARD FOREIGN CURRENCY CONTRACTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| COUNTERPARTY | LONG<br>CONTRACTS | SETTLEMENT<br>DATE | LOCAL<br>CURRENCY | CURRENT<br>VALUE | UNREALIZED<br>GAIN/LOSS |
| State Street Bank and<br>Trust | Yuan Renminbi | 05/06/25 | 1387526 | $191046 | $(63) |
|  |  |  |  |  | $(63) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

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

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

@ In default status and considered non-income producing.

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

---

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

---

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

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

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

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

# Non-income producing security.

**FOREIGN CURRENCY ABBREVIATIONS**

AED UAE Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

ILS Israeli Shekel

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

PHP Philippine Peso

PLN Polish Zloty

SEK Swedish Krona

THB Thai Baht

TWD New Taiwan Dollar

ZAR South African Rand

**ABBREVIATION**

ADR American Depositary Receipt

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.

**CURRENCY EXPOSURE APRIL 30, 2025**

---

| | | |
|:---|:---|:---|
| | VALUE | % OF TOTAL<br>INVESTMENTS |
| US Dollar | $95390839 | 66.9% |
| European Monetary Unit | 12330758 | 8.7% |
| Hong Kong Dollar | 6004524 | 4.2% |
| New Taiwan Dollar | 5108839 | 3.6% |
| Japanese Yen | 4698994 | 3.3% |
| Indian Rupee | 3449738 | 2.4% |
| South Korean Won | 3330927 | 2.4% |
| Canadian Dollar | 2790771 | 2.0% |
| British Pound Sterling | 2712367 | 1.9% |
| Chinese Yuan Renminbi | 2711281 | 1.9% |
| Swiss Franc | 763816 | 0.5% |
| Brazilian Real | 731743 | 0.5% |
| Australian Dollar | 457523 | 0.3% |
| Philippine Peso | 440673 | 0.3% |
| Polish Zloty | 392050 | 0.3% |
| UAE Dirham | 376522 | 0.3% |
| Thai Baht | 335653 | 0.2% |
| Mexican Peso | 186413 | 0.1% |
| South African Rand | 176355 | 0.1% |
| Swedish Krona | 161685 | 0.1% |
| Israeli Shekel | 26030 | —% |
| Norwegian Krone | 19227 | —% |
| Total Investments | $142596728 | 100.0% |

---

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Corporate Bonds | $— | $13269414 | $— | $13269414 |
| Convertible Bonds |  | 23757133 |  | 23757133 |
| Bank Loans |  | 1265119 |  | 1265119 |
| Warrants | 1 |  |  | 1 |
| Common Stocks | 54522647 | 41100156 |  | 95622803 |
| Preferred Stocks | 46636 |  |  | 46636 |
| Exchange-Traded Funds | 1198967 |  |  | 1198967 |
| Convertible Preferred Stocks | 3326182 |  |  | 3326182 |
| U.S. Government and Agency Securities |  | 2574438 |  | 2574438 |
| Exchange-Traded Purchased Options | 1556990 |  |  | 1556990 |
| Total | $60651423 | $81966260 | $— | $142617683 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Forward Foreign Currency Contracts | $— | $63 | $— | $63 |
| Exchange-Traded Written Options | 20955 |  |  | 20955 |
| Total | $20955 | $63 | $— | $21018 |

---

**SECTOR WEIGHTINGS**

---

| | |
|:---|:---|
| Information Technology | 21.5 |
| Financials | 11.9 |
| Consumer Discretionary | 11.5 |
| Industrials | 11.3 |
| Communication Services | 10.6 |
| Consumer Staples | 5.8 |
| Health Care | 5.0 |
| Energy | 4.1 |
| Utilities | 3.8 |
| Materials | 2.7 |
| Other | 0.8 |
| Real Estate | 0.3 |
| Airlines | 0.2 |
| Special Purpose Acquisition Companies | 0.1 |

---

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

**ASSET ALLOCATION**

![j25160456_gk011.jpg](j25160456_gk011.jpg)

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **ASSET BACKED SECURITY (0.0%)** |  |  |
|  | Other (0.0%) | Other (0.0%) |
| 145000 | SVC ABS, LLC Series 2023-1A, Class C\*<br>6.700%, 02/20/53<br>(Cost $137,391) | $140042 |
| **CORPORATE BONDS (33.2%)** |  |  |
|  | Airlines (0.2%) | Airlines (0.2%) |
| 145632 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class A\*~µ<br>4.800%, 02/15/29 | 144554 |
| 35490 | Alaska Airlines Pass Through Trust<br>Series 2020-1, Class B\*<br>8.000%, 02/15/27 | 35749 |
| 173600 | American Airlines Pass Through Trust<br>Series 2021-1, Class Bµ<br>3.950%, 01/11/32 | 162462 |
| 153021 | British Airways Pass Through Trust<br>Series 2021-1, Class B\*<br>3.900%, 03/15/33 | 144018 |
| 174211 | JetBlue Pass Through Trust<br>Series 2020-1, Class B<br>7.750%, 05/15/30 | 176631 |
|  |  | 663414 |
|  | Communication Services (2.2%) | Communication Services (2.2%) |
| 200000 | Altice Financing, SA\*µ<br>5.750%, 08/15/29 | 147266 |
| 225000 | APi Group DE, Inc.\*µ<br>4.750%, 10/15/29 | 212323 |
| 170000 | Bell Telephone Company of Canada or<br>Bell Canada‡<br>7.000%, 09/15/55<br>5 year CMT + 2.36 | 169453 |
| 162000 | Cincinnati Bell Telephone Company, LLC<br>6.300%, 12/01/28 | 152630 |
| 90000 | Clear Channel Outdoor Holdings, Inc.\*µ<br>7.875%, 04/01/30 | 90173 |
| 85000 | 9.000%, 09/15/28 | 88165 |
| 200000 | Connect Finco SARL / Connect US Finco,<br>LLC\*µ<br>9.000%, 09/15/29 | 187164 |
| 262000 | Consolidated Communications, Inc.\*~<br>6.500%, 10/01/28 | 258177 |
| 400000 | CSC Holdings, LLC\*<br>4.625%, 12/01/30 | 185492 |
| 350000 | 4.500%, 11/15/31 | 238493 |
| 174000 | Directv Financing, LLC / Directv Financing<br>Co-Obligor, Inc.\*~µ<br>5.875%, 08/15/27 | 168331 |
| 290000 | Frontier California, Inc.<br>6.750%, 05/15/27 | 288039 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 48000 | Frontier Communications Holdings,<br>LLC\*µ<br>8.750%, 05/15/30 | $50273 |
| 292000 | Frontier Florida, LLC<br>6.860%, 02/01/28 | 299268 |
| 280000 | Frontier North, Inc.<br>6.730%, 02/15/28 | 285099 |
| 165000 | Go Daddy Operating Company, LLC / GD<br>Finance Company, Inc.\*~<br>3.500%, 03/01/29 | 154145 |
| 100000 | Gray Media, Inc.\*<br>5.375%, 11/15/31 | 59798 |
| 185000 | Hughes Satellite Systems Corp.µ^<br>5.250%, 08/01/26 | 172548 |
| 92000 | iHeartCommunications, Inc.\*<br>10.875%, 05/01/30 | 38791 |
| 62300 | 7.750%, 08/15/30µ | 45048 |
| 200000 | LCPR Senior Secured Financing DAC\*<br>6.750%, 10/15/27 | 164662 |
| 135000 | Lumen Technologies, Inc.µ<br>7.600%, 09/15/39 | 99255 |
| 132750 | 10.000%, 10/15/32\* | 132616 |
| 95000 | Match Group Holdings II, LLC\*~<br>3.625%, 10/01/31 | 81556 |
| 571000 | Paramount Global~<br>6.375%, 03/30/62‡<br>5 year CMT + 4.00% | 549536 |
| 180000 | 4.900%, 08/15/44 | 135490 |
| 63000 | Qwest Corp.µ<br>7.250%, 09/15/25 | 62845 |
| 320000 | Rogers Communications, Inc.‡<br>5.250%, 03/15/82\*~<br>5 year CMT + 3.59% | 312342 |
| 285000 | 7.125%, 04/15/55<br>5 year CMT + 2.62 | 283877 |
| 285000 | 7.000%, 04/15/55<br>5 year CMT + 2.65 | 286368 |
| 95000 | Scripps Escrow II, Inc.\*<br>3.875%, 01/15/29~µ | 73179 |
| 48000 | 5.375%, 01/15/31 | 27375 |
| 100000 | Scripps Escrow, Inc.\*^<br>5.875%, 07/15/27 | 79234 |
| 95000 | Sinclair Television Group, Inc.\*<br>8.125%, 02/15/33 | 94203 |
| 233000 | Sirius XM Radio, LLC\*<br>3.875%, 09/01/31~^ | 200007 |
| 100000 | 5.500%, 07/01/29 | 97529 |
| 90000 | 3.125%, 09/01/26~ | 87681 |
| 175000 | Spanish Broadcasting System, Inc.\*<br>9.750%, 03/01/26 | 112035 |
| 115000 | Stagwell Global, LLC\*µ<br>5.625%, 08/15/29 | 108690 |
| 100000 | Telesat Canada / Telesat, LLC\*<br>4.875%, 06/01/27 | 54836 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 145000 | Time Warner Cable, LLC<br>6.550%, 05/01/37 | $| 143183 |
| 70000 | 7.300%, 07/01/38~ |  | 72939 |
| 82000 | United States Cellular Corp.<br>6.700%, 12/15/33 |  | 88829 |
| 135000 | Univision Communications, Inc.\*<br>8.000%, 08/15/28~µ |  | 131431 |
| 95000 | 8.500%, 07/31/31 |  | 89895 |
| 265000 | Vodafone Group, PLC~‡<br>7.000%, 04/04/79<br>U.S. 5yr Swap + 4.87% |  | 272706 |
|  |  |  | 7132975 |
|  | Consumer Discretionary (4.0%) | Consumer Discretionary (4.0%) | Consumer Discretionary (4.0%) |
| 280000 | Adams Homes, Inc.\*µ<br>9.250%, 10/15/28 |  | 281428 |
| 250000 | Adient Global Holdings, Ltd.\*^<br>8.250%, 04/15/31~ |  | 247823 |
| 95000 | 7.500%, 02/15/33 |  | 90106 |
| 740000 | Aptiv Swiss Holdings, Ltd.~‡<br>6.875%, 12/15/54<br>5 year CMT + 3.39% |  | 692884 |
| 167000 | Ashton Woods USA, LLC / Ashton Woods<br>Finance Company\*<br>4.625%, 08/01/29 |  | 155123 |
| 217000 | At Home Group, Inc.\*<br>4.875%, 07/15/28 |  | 58518 |
| 254000 | Bath & Body Works, Inc.<br>6.694%, 01/15/27 |  | 259029 |
| 145000 | 6.875%, 11/01/35~ |  | 145954 |
| 35000 | 6.625%, 10/01/30\* |  | 35687 |
| 200000 | Benteler International AG\*~<br>10.500%, 05/15/28 |  | 204300 |
| 118000 | Caesars Entertainment, Inc.\*<br>4.625%, 10/15/29~ |  | 109321 |
| 115000 | 6.000%, 10/15/32^ |  | 108498 |
| 35000 | 7.000%, 02/15/30 |  | 35881 |
| 92000 | Carnival Corp.\*<br>7.625%, 03/01/26~ |  | 92130 |
| 89000 | 4.000%, 08/01/28~µ |  | 85042 |
| 12000 | 7.000%, 08/15/29µ |  | 12532 |
| 47498 | Carvana Company\*µ<br>9.000%, 06/01/31 |  | 53596 |
| 37226 | 9.000%, 06/01/30 |  | 39482 |
| 21136 | 9.000%, 12/01/28 |  | 21738 |
| 750000 | CCO Holdings, LLC / CCO Holdings<br>Capital Corp.\*<br>4.750%, 03/01/30~ |  | 709365 |
| 250000 | 4.500%, 08/15/30~ |  | 232485 |
| 220000 | 6.375%, 09/01/29~ |  | 222240 |
| 186000 | 4.250%, 02/01/31~ |  | 168311 |
| 185000 | 5.125%, 05/01/27µ |  | 182534 |
| 96000 | 4.750%, 02/01/32~ |  | 87113 |
| 96000 | Churchill Downs, Inc.\*<br>5.750%, 04/01/30~ |  | 93993 |
| 92000 | 6.750%, 05/01/31µ |  | 93053 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 155000 | Dana, Inc.<br>4.250%, 09/01/30 | $142967 |
| 140000 | 4.500%, 02/15/32 | 125916 |
| 88000 | DISH DBS Corp.<br>5.125%, 06/01/29 | 55119 |
| 72000 | 7.375%, 07/01/28 | 48753 |
| 186000 | DISH Network Corp.\*<br>11.750%, 11/15/27 | 195572 |
| 200000 | Empire Resorts, Inc.\*µ<br>7.750%, 11/01/26 | 190734 |
| 204000 | Everi Holdings, Inc.\*µ<br>5.000%, 07/15/29 | 205057 |
| 190000 | Ford Motor Company^<br>6.100%, 08/19/32 | 182362 |
| 300000 | Ford Motor Credit Company, LLC~<br>4.000%, 11/13/30 | 267177 |
| 270000 | 5.113%, 05/03/29 | 258960 |
| 235000 | 7.200%, 06/10/30 | 242318 |
| 71000 | Gap, Inc.\*~<br>3.875%, 10/01/31 | 61529 |
| 90000 | General Motors Company~<br>5.200%, 04/01/45 | 74059 |
| 690000 | General Motors Financial Company, Inc.‡<br>5.700%, 09/30/30~<br>5 year CMT + 5.00% | 652036 |
| 293000 | 6.500%, 09/30/28<br>3 mo. USD LIBOR + 3.44% | 276299 |
| 315000 | goeasy, Ltd.\*<br>9.250%, 12/01/28 | 330145 |
| 161000 | 7.625%, 07/01/29 | 162443 |
| 272000 | Goodyear Tire & Rubber Company^<br>5.625%, 04/30/33 | 251635 |
| 100000 | 5.250%, 07/15/31 | 93512 |
| 115000 | Group 1 Automotive, Inc.\*<br>6.375%, 01/15/30 | 116527 |
| 79000 | 4.000%, 08/15/28~ | 75154 |
| 40423 | JetBlue Pass Through Trust<br>Series 2019-2, Class B<br>8.000%, 11/15/27 | 40425 |
| 250000 | Kohl's Corp.<br>5.550%, 07/17/45 | 119058 |
| 185000 | LCM Investments Holdings II, LLC\*~µ<br>8.250%, 08/01/31 | 193874 |
| 190000 | Liberty Interactive, LLC<br>8.250%, 02/01/30 | 71142 |
| 190000 | Life Time, Inc.\*<br>6.000%, 11/15/31 | 189774 |
| 90000 | Light & Wonder International, Inc.\*~µ<br>7.500%, 09/01/31 | 92541 |
| 70000 | Lindblad Expeditions Holdings, Inc.\*µ<br>9.000%, 05/15/28 | 72042 |
| 123000 | Lindblad Expeditions, LLC\*µ<br>6.750%, 02/15/27 | 122723 |
| 125000 | M/I Homes, Inc.<br>3.950%, 02/15/30 | 113590 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 230000 | Macy's Retail Holdings, LLC<br>6.700%, 07/15/34\* | $193126 |
| 135000 | 4.300%, 02/15/43 | 81092 |
| 370000 | MGM Resorts International^<br>6.500%, 04/15/32 | 365038 |
| 242000 | Midwest Gaming Borrower, LLC /<br>Midwest Gaming Finance Corp.\*~<br>4.875%, 05/01/29 | 229297 |
| 190000 | Newell Brands, Inc.<br>6.875%, 04/01/36^ | 165623 |
| 95000 | 6.625%, 05/15/32 | 85318 |
| 64000 | 5.700%, 04/01/26~ | 63242 |
| 90000 | Nordstrom, Inc.~<br>5.000%, 01/15/44 | 63180 |
| 170000 | Patrick Industries, Inc.\*<br>4.750%, 05/01/29µ | 162059 |
| 95000 | 6.375%, 11/01/32 | 92445 |
| 215000 | PENN Entertainment, Inc.\*^<br>4.125%, 07/01/29 | 188918 |
| 265000 | Premier Entertainment Sub, LLC /<br>Premier Entertainment Finance Corp.\*<br>5.625%, 09/01/29 | 155486 |
| 95000 | QVC, Inc.<br>5.450%, 08/15/34 | 46717 |
| 90000 | Raising Cane's Restaurants, LLC\*~<br>9.375%, 05/01/29 | 95639 |
| 14928 | Rite Aid Cmsr Note<br>12.000%, 12/31/25 | 17167 |
| 324000 | Rite Aid Corp.<br>0.000%, 11/15/26\*@!! |  |
| 109550 | 15.000%, 08/30/31 | 19310 |
| 58927 | 0.000%, 10/18/25\* |  |
| 21297 | 11.317%, 08/30/31\*<br>3 mo. SOFR + 7.00% | 14908 |
| 20067 | Rite Aid Note Holder Trust Bond<br>0.000%, 08/30/34 |  |
| 190000 | Rivers Enterprise Borrower, LLC /<br>Rivers Enterprise Finance Corp.\*<br>6.625%, 02/01/33 | 187927 |
| 24000 | Royal Caribbean Cruises, Ltd.\*<br>5.625%, 09/30/31 | 23845 |
| 23000 | 6.250%, 03/15/32 | 23367 |
| 175000 | Simmons Foods, Inc. / Simmons Prepared<br>Foods, Inc. / Simmons Pet Food, Inc. /<br>Simmons Feed\*µ<br>4.625%, 03/01/29 | 162843 |
| 275000 | Six Flags Entertainment Corp.\*~µ<br>7.250%, 05/15/31 | 279120 |
| 115000 | Six Flags Entertainment Corp. /<br>Canada's Wonderland Company /<br>Magnum Management Corp.µ<br>5.250%, 07/15/29 | 109805 |
| 117000 | Sonic Automotive, Inc.\*µ<br>4.625%, 11/15/29 | 109830 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 147000 | Speedway Motorsports, LLC /<br>Speedway Funding II, Inc.\*µ<br>4.875%, 11/01/27 | $| 141451 |
| 190000 | Station Casinos, LLC\*~<br>4.500%, 02/15/28 |  | 183635 |
| 185000 | STL Holding Company, LLC\*µ<br>8.750%, 02/15/29 |  | 188672 |
| 45000 | Viking Cruises, Ltd.\*µ<br>9.125%, 07/15/31 |  | 48164 |
| 175000 | ZF North America Capital, Inc.\*~<br>7.125%, 04/14/30 |  | 161665 |
|  |  |  | 13200498 |
|  | Consumer Staples (0.9%) | Consumer Staples (0.9%) | Consumer Staples (0.9%) |
| 100000 | Brink's Company\*<br>6.500%, 06/15/29 |  | 102084 |
| 92000 | 6.750%, 06/15/32 |  | 94303 |
| 218000 | Central Garden & Pet Company\*<br>4.125%, 04/30/31 |  | 196501 |
| 213000 | Edgewell Personal Care Company\*~<br>4.125%, 04/01/29 |  | 199534 |
| 263000 | Energizer Holdings, Inc.\*µ<br>4.375%, 03/31/29~ |  | 245737 |
| 48000 | 6.500%, 12/31/27 |  | 48292 |
| 51000 | JBS USA Holding Lux Sarl/<br>JBS USA Food Company/<br>JBS Lux Company Sarlµ<br>5.750%, 04/01/33 |  | 52068 |
| 27000 | 5.500%, 01/15/30 |  | 27453 |
| 655000 | Land O' Lakes, Inc.\*<br>7.000%, 09/18/28 |  | 532482 |
| 162158 | MPH Acquisition Holdings, LLC\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 108946 |
| 78641 | 5.750%, 12/31/30µ |  | 61293 |
| 68712 | 11.500%, 12/31/30µ<br>6.50% Cash & 5.00% PIK Rate |  | 64266 |
| 191000 | Performance Food Group, Inc.\*<br>4.250%, 08/01/29~µ |  | 180923 |
| 48000 | 6.125%, 09/15/32 |  | 48221 |
| 140000 | Pilgrim's Pride Corp.<br>4.250%, 04/15/31 |  | 132714 |
| 187000 | Post Holdings, Inc.\*<br>6.250%, 02/15/32~ |  | 188808 |
| 139000 | 6.375%, 03/01/33 |  | 137876 |
| 182000 | Prestige Brands, Inc.\*~<br>3.750%, 04/01/31 |  | 164579 |
| 140000 | RR Donnelley & Sons Company\*µ<br>9.500%, 08/01/29 |  | 133759 |
| 155000 | United Natural Foods, Inc.\*~µ<br>6.750%, 10/15/28 |  | 152333 |
| 93000 | Walgreens Boots Alliance, Inc.<br>4.650%, 06/01/46 |  | 84458 |
|  |  |  | 2956630 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Energy (3.7%) | Energy (3.7%) |
| 190000 | Ascent Resources Utica Holdings, LLC /<br>ARU Finance Corp.\*<br>6.625%, 10/15/32 | $188155 |
| 140000 | Buckeye Partners, LP<br>6.750%, 02/01/30\* | 142514 |
| 135000 | 5.850%, 11/15/43 | 113501 |
| 70000 | 6.875%, 07/01/29\* | 71374 |
| 223000 | Civitas Resources, Inc.\*<br>8.750%, 07/01/31 | 212011 |
| 135000 | Continental Resources, Inc.µ<br>4.900%, 06/01/44 | 104273 |
| 150000 | DT Midstream, Inc.\*~<br>4.125%, 06/15/29 | 140894 |
| 820000 | Enbridge, Inc.‡<br>5.750%, 07/15/80~<br>5 year CMT + 5.31% | 790365 |
| 680000 | 7.375%, 01/15/83~<br>5 year CMT + 3.71% | 684379 |
| 430000 | 7.200%, 06/27/54µ<br>5 year CMT + 2.97% | 429445 |
| 137000 | 7.375%, 03/15/55µ<br>5 year CMT + 3.12% | 138445 |
| 233000 | Encino Acquisition Partners<br>Holdings, LLC\*<br>8.750%, 05/01/31 | 237872 |
| 435000 | Energy Transfer, LP‡<br>6.500%, 11/15/26~<br>5 year CMT + 5.69% | 433186 |
| 370000 | 7.125%, 10/01/54^<br>5 year CMT + 2.83% | 366289 |
| 345000 | 8.000%, 05/15/54<br>5 year CMT + 4.02% | 358383 |
| 125000 | 7.555%, 11/01/66~<br>3 mo. SOFR + 3.28% | 121238 |
| 185000 | Enterprise Products Operating, LLCµ‡<br>7.571%, 08/16/77<br>3 mo. SOFR + 3.25% | 181848 |
| 135000 | 5.250%, 08/16/77~<br>3 mo. SOFR + 3.29% | 131038 |
| 310000 | EQT Corp.\*µ<br>7.500%, 06/01/27 | 315214 |
| 196000 | Genesis Energy, LP / Genesis Energy<br>Finance Corp.<br>8.875%, 04/15/30~µ | 200318 |
| 95000 | 8.000%, 05/15/33 | 92478 |
| 265000 | Gulfport Energy Operating Corp.\*µ<br>6.750%, 09/01/29 | 261868 |
| 185000 | Howard Midstream Energy Partners, LLC\*<br>7.375%, 07/15/32 | 189516 |
| 190000 | Magnolia Oil & Gas Operating, LLC /<br>Magnolia Oil & Gas Finance Corp.\*<br>6.875%, 12/01/32 | 184429 |
| 180000 | Matador Resources Company\*<br>6.500%, 04/15/32 | 173549 |
| 198000 | Nabors Industries, Inc.\*~µ<br>9.125%, 01/31/30 | 179792 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 68000 | Nabors Industries, Ltd.\*^<br>7.500%, 01/15/28 | $| 54146 |
| 140000 | New Fortress Energy, Inc.\*µ<br>6.500%, 09/30/26 |  | 115038 |
| 192000 | Oceaneering International, Inc.<br>6.000%, 02/01/28 |  | 183164 |
| 113000 | ONEOK, Inc.\*~µ<br>6.500%, 09/01/30 |  | 119769 |
| 285000 | Parkland Corp.\*<br>6.625%, 08/15/32 |  | 283746 |
| 181000 | Permian Resources Operating, LLC\*<br>7.000%, 01/15/32 |  | 182497 |
| 48000 | 6.250%, 02/01/33 |  | 47004 |
| 750000 | Plains All American Pipeline, LP‡<br>8.695%, 05/31/25<br>3 mo. SOFR + 4.37% |  | 741480 |
| 660000 | South Bow Canadian Infrastructure<br>Holdings, Ltd.\*‡<br>7.625%, 03/01/55<br>5 year CMT + 3.95% |  | 659551 |
| 190000 | 7.500%, 03/01/55<br>5 year CMT + 3.67% |  | 187046 |
| 256000 | Summit Midstream Holdings, LLC\*µ<br>8.625%, 10/31/29 |  | 252321 |
| 95000 | Sunoco, LP\*<br>6.250%, 07/01/33 |  | 94959 |
| 265000 | TGNR Intermediate Holdings, LLC\*~<br>5.500%, 10/15/29 |  | 243424 |
| 253600 | Transocean, Inc.\*µ<br>8.750%, 02/15/30 |  | 248018 |
| 180000 | 8.250%, 05/15/29 |  | 145618 |
| 45000 | Venture Global Calcasieu Pass, LLC\*~<br>4.125%, 08/15/31 |  | 40505 |
| 45000 | 3.875%, 08/15/29 |  | 41309 |
| 1093000 | Venture Global LNG, Inc.\*<br>9.000%, 09/30/29‡<br>5 year CMT + 5.44% |  | 939335 |
| 230000 | 8.375%, 06/01/31~ |  | 221876 |
| 140000 | 8.125%, 06/01/28~ |  | 139230 |
| 100000 | 7.000%, 01/15/30 |  | 94313 |
| 90000 | 9.875%, 02/01/32~ |  | 91628 |
| 90000 | 9.500%, 02/01/29~ |  | 93330 |
| 182000 | Vital Energy, Inc.\*^<br>7.875%, 04/15/32 |  | 140895 |
| 145000 | VOC Escrow, Ltd.\*~<br>5.000%, 02/15/28 |  | 142246 |
| 283000 | Weatherford International, Ltd.\*~µ<br>8.625%, 04/30/30 |  | 280807 |
| 164000 | Wildfire Intermediate Holdings, LLC\*µ<br>7.500%, 10/15/29 |  | 150167 |
|  |  |  | 12375796 |
|  | Financials (13.4%) | Financials (13.4%) | Financials (13.4%) |
| 285000 | Acrisure, LLC / Acrisure Finance, Inc.\*~µ<br>8.250%, 02/01/29 |  | 292020 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 475000 | AerCap Ireland Capital DAC /<br>AerCap Global Aviation Trustµ‡<br>6.950%, 03/10/55<br>5 year CMT + 2.72% | $477546 |
| 330000 | 6.500%, 01/31/56<br>5 year CMT + 2.44 | 320529 |
| 605000 | Aircastle, Ltd.\*‡<br>5.250%, 06/15/26<br>5 year CMT + 4.41% | 588435 |
| 190000 | Alliant Holdings Intermediate, LLC /<br>Alliant Holdings Co-Issuer\*<br>7.375%, 10/01/32µ | 192177 |
| 190000 | 6.500%, 10/01/31 | 189953 |
| 400000 | Allianz, SE\*µ‡<br>5.600%, 09/03/54<br>5 year CMT + 2.77% | 389168 |
| 360000 | Allstate Corp.‡<br>7.523%, 08/15/53<br>3 mo. SOFR + 3.20% | 357217 |
| 1171000 | Ally Financial, Inc.‡<br>4.700%, 05/15/26<br>5 year CMT + 3.87% | 1079006 |
| 740000 | 4.700%, 05/15/28<br>7 year CMT + 3.48% | 633003 |
| 199000 | AmWINS Group, Inc.\*µ<br>4.875%, 06/30/29 | 189792 |
| 1025000 | Ares Finance Company III, LLC\*µ‡<br>4.125%, 06/30/51<br>5 year CMT + 3.24% | 987249 |
| 195000 | AssuredPartners, Inc.\*µ<br>5.625%, 01/15/29 | 194844 |
| 764000 | AXIS Specialty Finance, LLCµ‡<br>4.900%, 01/15/40<br>5 year CMT + 3.19% | 724157 |
| 185000 | Baldwin Insurance Group Holdings, LLC /<br>Baldwin Insurance Group Holdings<br>Finance\*<br>7.125%, 05/15/31 | 188791 |
| 675000 | Bank of America Corp.‡<br>6.625%, 05/01/30 | 676870 |
| 646000 | 6.125%, 04/27/27~<br>5 year CMT + 3.23% | 645683 |
| 895000 | Bank of New York Mellon Corp.µ‡<br>4.700%, 09/20/25<br>5 year CMT + 4.36% | 890847 |
| 150000 | Beacon Funding Trust\*µ<br>6.266%, 08/15/54 | 146141 |
| 190000 | Blackstone Mortgage Trust, Inc.\*µ<br>7.750%, 12/01/29 | 197824 |
| 200000 | Boost Newco Borrower LLC\*~<br>7.500%, 01/15/31 | 211224 |
| 675000 | BP Capital Markets, PLCµ‡<br>4.375%, 06/22/25<br>5 year CMT + 4.04% | 672273 |
| 480000 | 4.875%, 03/22/30<br>5 year CMT + 4.40% | 456974 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 92000 | Brandywine Operating Partnership, LP<br>8.875%, 04/12/29 | $96747 |
| 142000 | Bread Financial Holdings, Inc.\*‡<br>8.375%, 06/15/35<br>5 year CMT + 4.30 | 133209 |
| 330000 | BroadStreet Partners, Inc.\*~µ<br>5.875%, 04/15/29 | 319084 |
| 188000 | Brookfield Property REIT, Inc. /<br>BPR Cumulus, LLC / BPR Nimbus, LLC /<br>GGSI Sellco, LLC\*<br>4.500%, 04/01/27 | 182499 |
| 200000 | Burford Capital Global Financial, LLC\*<br>6.875%, 04/15/30 | 199894 |
| 1213000 | Capital One Financial Corp.~‡<br>3.950%, 09/01/26<br>5 year CMT + 3.16% | 1158233 |
| 675000 | Charles Schwab Corp.~‡<br>5.375%, 06/01/25<br>5 year CMT + 4.97% | 674197 |
| 338000 | 4.000%, 12/01/30<br>10 year CMT + 3.08% | 295284 |
| 170000 | 4.000%, 06/01/26<br>5 year CMT + 3.17% | 164677 |
| 956000 | Citigroup, Inc.‡<br>3.875%, 02/18/26<br>5 year CMT + 3.42% | 930838 |
| 350000 | 7.625%, 11/15/28<br>5 year CMT + 3.21% | 359909 |
| 345000 | 7.200%, 05/15/29<br>5 year CMT + 2.91% | 343855 |
| 330000 | 6.950%, 02/15/30<br>5 year CMT + 2.73 | 324888 |
| 290000 | 4.000%, 12/10/25<br>5 year CMT + 3.60% | 284133 |
| 830000 | Citizens Financial Group, Inc.‡<br>4.000%, 10/06/26<br>5 year CMT + 3.22% | 780607 |
| 365000 | 5.650%, 10/06/25<br>5 year CMT + 5.31% | 362317 |
| 830000 | Comerica, Inc.‡<br>5.625%, 07/01/25<br>5 year CMT + 5.29% | 825892 |
| 510000 | Corebridge Financial, Inc.µ‡<br>6.375%, 09/15/54<br>5 year CMT + 2.65% | 491579 |
| 365000 | 6.875%, 12/15/52<br>5 year CMT + 3.85% | 369563 |
| 125000 | Credit Acceptance Corp.\*<br>9.250%, 12/15/28~ | 132416 |
| 85000 | 6.625%, 03/15/30 | 83758 |
| 180000 | Cushman & Wakefield U.S.<br>Borrower, LLC\*^<br>8.875%, 09/01/31 | 192715 |
| 500000 | Depository Trust & Clearing Corp.\*µ‡<br>3.375%, 06/20/26<br>5 year CMT + 2.61% | 481760 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 650000 | Discover Financial Services‡<br>5.500%, 10/30/27<br>3 mo. SOFR + 3.34% | $621777 |
| 480000 | 6.125%, 06/23/25<br>5 year CMT + 5.78% | 480086 |
| 765000 | Enstar Finance, LLC~µ‡<br>5.500%, 01/15/42<br>5 year CMT + 4.01% | 734721 |
| 265000 | Enstar Group, Ltd.\*µ‡<br>7.500%, 04/01/45<br>5 year CMT + 3.19 | 266312 |
| 1295000 | Fifth Third Bancorp‡<br>4.500%, 09/30/25<br>5 year CMT + 4.22% | 1283759 |
| 160000 | First Citizens BancShares, Inc.‡<br>8.533%, 01/04/27<br>3 mo. SOFR + 4.23% | 162971 |
| 210000 | GGAM Finance, Ltd.\*<br>8.000%, 02/15/27 | 215544 |
| 95000 | 5.875%, 03/15/30 | 94623 |
| 283000 | Global Net Lease, Inc. /<br>Global Net Lease Operating<br>Partnership, LP\*<br>3.750%, 12/15/27 | 266872 |
| 715000 | Goldman Sachs Group, Inc.‡<br>7.186%, 08/10/25<br>5 year CMT + 2.85% | 712526 |
| 337000 | 4.125%, 11/10/26<br>5 year CMT + 2.95% | 322839 |
| 180000 | 7.500%, 05/10/29<br>5 year CMT + 2.81% | 184286 |
| 95000 | HAT Holdings I, LLC / HAT<br>Holdings II, LLC\*~<br>8.000%, 06/15/27 | 97791 |
| 276000 | HUB International, Ltd.\*~<br>5.625%, 12/01/29 | 270665 |
| 137000 | 7.375%, 01/31/32µ | 141222 |
| 765000 | Huntington Bancshares, Inc.‡<br>4.450%, 10/15/27~<br>7 year CMT + 4.05% | 730468 |
| 395000 | 5.625%, 07/15/30<br>10 year CMT + 4.95% | 389703 |
| 144000 | Icahn Enterprises, LP / Icahn<br>Enterprises Finance Corp.~<br>4.375%, 02/01/29 | 120113 |
| 285000 | Iron Mountain, Inc.\*<br>5.250%, 03/15/28 | 280725 |
| 235000 | Jefferies Finance, LLC /<br>JFIN Co-Issuer Corp.\*<br>5.000%, 08/15/28~µ | 218806 |
| 200000 | 6.625%, 10/15/31 | 196310 |
| 1300000 | JPMorgan Chase & Company~‡<br>3.650%, 06/01/26<br>5 year CMT + 2.85% | 1264679 |
| 680000 | KeyCorp~‡<br>5.000%, 09/15/26<br>3 mo. SOFR + 3.87% | 659974 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 195000 | Ladder Capital Finance Holdings, LLLP /<br>Ladder Capital Finance Corp.\*<br>4.750%, 06/15/29~ | $187062 |
| 116000 | 7.000%, 07/15/31 | 119935 |
| 165000 | LD Holdings Group, LLC\*µ<br>8.750%, 11/01/27 | 150746 |
| 136580 | Level 3 Financing, Inc.\*µ<br>10.000%, 10/15/32 | 136734 |
| 90000 | 3.875%, 10/15/30 | 71207 |
| 1099000 | Liberty Mutual Group, Inc.\*~‡<br>4.125%, 12/15/51<br>5 year CMT + 3.32% | 1038489 |
| 200000 | M&T Bank Corp.‡<br>7.304%, 08/01/25<br>5 year CMT + 3.17% | 198450 |
| 200000 | 5.125%, 11/01/26~<br>3 mo. SOFR + 3.78% | 194156 |
| 185000 | Macquarie Airfinance Holdings, Ltd.\*~<br>8.125%, 03/30/29 | 193786 |
| 577000 | Markel Group, Inc.~‡<br>6.000%, 06/01/25<br>5 year CMT + 5.66% | 575621 |
| 538000 | MetLife, Inc.µ<br>6.400%, 12/15/66 | 532851 |
| 125000 | Necessity Retail REIT, Inc. / American<br>Finance Operating Partner, LP\*~<br>4.500%, 09/30/28 | 117931 |
| 95000 | Newmark Group, Inc.<br>7.500%, 01/12/29 | 99457 |
| 250000 | Northern Trust Corp.µ‡<br>4.600%, 10/01/26<br>3 mo. SOFR + 3.46% | 245395 |
| 130000 | OneMain Finance Corp.<br>3.875%, 09/15/28~ | 120413 |
| 90000 | 7.500%, 05/15/31 | 91432 |
| 180000 | Park Intermediate Holdings, LLC /<br>PK Domestic Property, LLC /<br>PK Finance Co-Issuer\*µ<br>7.000%, 02/01/30 | 180094 |
| 938000 | PartnerRe Finance B, LLC~‡<br>4.500%, 10/01/50<br>5 year CMT + 3.82% | 858992 |
| 735000 | PNC Financial Services Group, Inc.‡<br>3.400%, 09/15/26µ<br>5 year CMT + 2.60% | 689959 |
| 360000 | 6.200%, 09/15/27µ<br>5 year CMT + 3.24% | 360770 |
| 165000 | 6.000%, 05/15/27~<br>5 year CMT + 3.00% | 164048 |
| 238000 | Provident Funding Associates, LP /<br>PFG Finance Corp.\*µ<br>9.750%, 09/15/29 | 244831 |
| 785000 | QBE Insurance Group, Ltd.\*µ‡<br>5.875%, 05/12/25<br>5 year CMT + 5.51% | 784819 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 185000 | RHP Hotel Properties, LP /<br>RHP Finance Corp.\*<br>6.500%, 04/01/32 | $184734 |
| 183000 | Rocket Mortgage, LLC /<br>Rocket Mortgage Co-Issuer, Inc.\*~<br>3.875%, 03/01/31 | 165756 |
| 85000 | 3.625%, 03/01/29 | 79288 |
| 140000 | Saks Global Enterprises, LLC\*<br>11.000%, 12/15/29 | 84990 |
| 150000 | Service Properties Trustµ<br>8.375%, 06/15/29 | 146375 |
| 190000 | Starwood Property Trust, Inc.\*<br>6.000%, 04/15/30 | 188465 |
| 95000 | 6.500%, 07/01/30 | 95846 |
| 340000 | State Street Corp.‡<br>6.700%, 09/15/29<br>5 year CMT + 2.63% | 342074 |
| 230000 | StoneX Group, Inc.\*<br>7.875%, 03/01/31 | 239872 |
| 190000 | TrueNoord Capital DAC\*µ<br>8.750%, 03/01/30 | 194302 |
| 685000 | Truist Financial Corp.~‡<br>4.950%, 09/01/25<br>5 year CMT + 4.61% | 681822 |
| 530000 | 6.669%, 09/01/25<br>5 year CMT + 3.00% | 521939 |
| 256000 | 5.100%, 03/01/30<br>10 year CMT + 4.35% | 246098 |
| 655000 | U.S. Bancorp~‡<br>5.300%, 04/15/27<br>3 mo. SOFR + 3.18% | 638723 |
| 221000 | United Wholesale Mortgage, LLC\*~<br>5.500%, 04/15/29 | 214516 |
| 90000 | 5.750%, 06/15/27 | 88920 |
| 113000 | Uniti Group, LP / Uniti Group<br>Finance 2019, Inc. / CSL Capital, LLC\*<br>10.500%, 02/15/28µ | 120073 |
| 90000 | 6.500%, 02/15/29~ | 82384 |
| 175000 | US Bancorpµ‡<br>3.700%, 01/15/27<br>5 year CMT + 2.54% | 164120 |
| 92000 | VFH Parent, LLC / Valor Co-Issuer, Inc.\*<br>7.500%, 06/15/31 | 94604 |
| 210000 | VZ Secured Financing, BV\*~<br>5.000%, 01/15/32 | 183357 |
| 1215000 | Wells Fargo & Company‡<br>7.625%, 09/15/28~<br>5 year CMT + 3.61% | 1284850 |
| 1213000 | 3.900%, 03/15/26<br>5 year CMT + 3.45% | 1191348 |
| 190000 | XHR, LP\*<br>6.625%, 05/15/30 | 187547 |
|  |  | 44385730 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Health Care (1.0%) | Health Care (1.0%) |
| 95000 | Acadia Healthcare Company, Inc.\*<br>7.375%, 03/15/33 | $95276 |
| 377000 | CHS/Community Health Systems, Inc.\*<br>6.125%, 04/01/30~ | 256654 |
| 137000 | 10.875%, 01/15/32~µ | 141610 |
| 108000 | 6.875%, 04/15/29µ | 79206 |
| 24000 | 5.250%, 05/15/30µ | 20509 |
| 222000 | DaVita, Inc.\*<br>3.750%, 02/15/31~ | 195278 |
| 197000 | 4.625%, 06/01/30~ | 183354 |
| 182000 | 6.875%, 09/01/32 | 184009 |
| 144000 | Embecta Corp.\*<br>5.000%, 02/15/30~ | 129734 |
| 48000 | 6.750%, 02/15/30µ | 46596 |
| 100000 | Encompass Health Corp.~<br>4.750%, 02/01/30 | 97443 |
| 100000 | 4.500%, 02/01/28 | 98592 |
| 200000 | Jazz Securities DAC\*~<br>4.375%, 01/15/29 | 190070 |
| 233000 | Medline Borrower, LP\*~<br>5.250%, 10/01/29µ | 221576 |
| 230000 | 3.875%, 04/01/29 | 214746 |
| 24000 | Medline Borrower, LP /<br>Medline Co-Issuer, Inc.\*<br>6.250%, 04/01/29 | 24224 |
| 350000 | Organon & Company /<br>Organon Foreign Debt Co-Issuer, BV\*^<br>5.125%, 04/30/31 | 293927 |
| 470000 | Tenet Healthcare Corp.<br>6.875%, 11/15/31 | 483005 |
| 230000 | Teva Pharmaceutical Finance<br>Netherlands III, BV^<br>5.125%, 05/09/29 | 223861 |
|  |  | 3179670 |
|  | Industrials (2.2%) | Industrials (2.2%) |
| 185000 | Aar Escrow Issuer, LLC\*<br>6.750%, 03/15/29 | 189525 |
| 220000 | ACCO Brands Corp.\*~<br>4.250%, 03/15/29 | 191332 |
| 810000 | Air Lease Corp.‡<br>4.650%, 06/15/26<br>5 year CMT + 4.08% | 785603 |
| 485000 | 4.125%, 12/15/26<br>5 year CMT + 3.15% | 446462 |
| 315000 | Albertsons Companies, Inc. /<br>Safeway, Inc. / New Albertsons, LP /<br>Albertsons, LLC\*<br>4.625%, 01/15/27 | 311944 |
| 145000 | 5.875%, 02/15/28 | 145271 |
| 108000 | Arcosa, Inc.\*<br>4.375%, 04/15/29µ | 101439 |
| 95000 | 6.875%, 08/15/32 | 96850 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 766825 | ARD Finance, SA\*<br>6.500%, 06/30/27<br>7.250% PIK rate | $20160 |
| 90000 | Bombardier, Inc.\*<br>8.750%, 11/15/30~ | 96621 |
| 70000 | 7.000%, 06/01/32^ | 70873 |
| 56000 | 7.250%, 07/01/31 | 57475 |
| 35000 | 7.875%, 04/15/27µ | 35099 |
| 191000 | BWX Technologies, Inc.\*<br>4.125%, 04/15/29 | 181586 |
| 185000 | Cascades, Inc. / Cascades USA, Inc.\*<br>5.375%, 01/15/28 | 180562 |
| 48000 | Delta Air Lines, Inc. / SkyMiles IP, Ltd.\*~µ<br>4.750%, 10/20/28 | 47635 |
| 245000 | Deluxe Corp.\*µ<br>8.000%, 06/01/29 | 225919 |
| 50000 | 8.125%, 09/15/29 | 50089 |
| 182000 | EMRLD Borrower, LP /<br>Emerald Co-Issuer, Inc.\*~µ<br>6.625%, 12/15/30 | 184928 |
| 90000 | EnerSys\*<br>6.625%, 01/15/32 | 91995 |
| 85000 | 4.375%, 12/15/27 | 82486 |
| 72000 | EquipmentShare.com, Inc.\*<br>8.000%, 03/15/33^ | 71140 |
| 70000 | 8.625%, 05/15/32 | 71375 |
| 118000 | Graham Packaging Company, Inc.\*~<br>7.125%, 08/15/28 | 115426 |
| 88000 | Graphic Packaging International, LLC\*<br>3.500%, 03/01/29 | 81927 |
| 203000 | Great Lakes Dredge & Dock Corp.\*µ<br>5.250%, 06/01/29 | 185400 |
| 443000 | H&E Equipment Services, Inc.\*~µ<br>3.875%, 12/15/28 | 441848 |
| 92000 | Herc Holdings, Inc.\*<br>6.625%, 06/15/29 | 90952 |
| 139000 | JELD-WEN, Inc.\*<br>7.000%, 09/01/32^ | 122335 |
| 50000 | 4.875%, 12/15/27µ | 46193 |
| 305000 | Ken Garff Automotive, LLC\*µ<br>4.875%, 09/15/28 | 294563 |
| 107000 | Moog, Inc.\*~<br>4.250%, 12/15/27 | 103418 |
| 172000 | Novelis Corp.\*~<br>4.750%, 01/30/30 | 160077 |
| 190000 | Quikrete Holdings, Inc.\*<br>6.375%, 03/01/32 | 191429 |
| 48000 | Sealed Air Corp.\*<br>5.000%, 04/15/29 | 46824 |
| 45000 | 6.500%, 07/15/32^ | 45844 |
| 144000 | Sealed Air Corp./Sealed Air Corp. U.S.\*<br>6.125%, 02/01/28~ | 145198 |
| 50000 | 7.250%, 02/15/31 | 52081 |
| 98000 | Sensata Technologies, Inc.\*~<br>3.750%, 02/15/31 | 85724 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 50000 | Standard Building Solutions, Inc.\*<br>6.500%, 08/15/32 | $| 50691 |
| 195000 | Stanley Black & Decker, Inc.‡<br>6.707%, 03/15/60<br>5 year CMT + 2.66% |  | 187627 |
| 195000 | TransDigm, Inc.\*<br>6.875%, 12/15/30~ |  | 201176 |
| 140000 | 6.750%, 08/15/28~ |  | 142919 |
| 70000 | 7.125%, 12/01/31~ |  | 72856 |
| 44000 | 6.625%, 03/01/32 |  | 45144 |
| 56452 | United Airlines Pass Through Trust<br>Series 2019-2, Class B<br>3.500%, 11/01/29 |  | 53941 |
| 106000 | Wabash National Corp.\*µ<br>4.500%, 10/15/28 |  | 89252 |
| 188000 | Waste Pro USA, Inc.\*<br>7.000%, 02/01/33 |  | 192514 |
| 107000 | Williams Scotsman, Inc.\*<br>4.625%, 08/15/28~µ |  | 103072 |
| 90000 | 7.375%, 10/01/31~ |  | 93360 |
| 75000 | 6.625%, 06/15/29µ |  | 76169 |
|  |  |  | 7254329 |
|  | Information Technology (0.7%) | Information Technology (0.7%) | Information Technology (0.7%) |
| 112000 | Coherent Corp.\*~<br>5.000%, 12/15/29 |  | 107491 |
| 96000 | Dun & Bradstreet Corp.\*µ<br>5.000%, 12/15/29 |  | 95911 |
| 56000 | Fair Isaac Corp.\*~<br>4.000%, 06/15/28 |  | 53855 |
| 210000 | KBR, Inc.\*µ<br>4.750%, 09/30/28 |  | 199380 |
| 95000 | NCL Corp., Ltd.\*<br>6.750%, 02/01/32 |  | 92827 |
| 93000 | 8.125%, 01/15/29~ |  | 97358 |
| 143000 | ON Semiconductor Corp.\*~<br>3.875%, 09/01/28 |  | 135435 |
| 90000 | Open Text Corp.\*~<br>6.900%, 12/01/27 |  | 92576 |
| 72000 | Open Text Holdings, Inc.\*~<br>4.125%, 12/01/31 |  | 64402 |
| 161000 | Playtika Holding Corp.\*~µ<br>4.250%, 03/15/29 |  | 142445 |
| 265000 | TTM Technologies, Inc.\*~<br>4.000%, 03/01/29 |  | 247022 |
| 130000 | Twilio, Inc.~<br>3.625%, 03/15/29 |  | 122028 |
| 47000 | 3.875%, 03/15/31 |  | 42769 |
| 69000 | UKG, Inc.\*~µ<br>6.875%, 02/01/31 |  | 71120 |
| 255000 | Viavi Solutions, Inc.\*<br>3.750%, 10/01/29 |  | 233866 |
| 185000 | Zebra Technologies Corp.\*<br>6.500%, 06/01/32 |  | 186090 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 220000 | ZoomInfo Technologies, LLC /<br>ZoomInfo Finance Corp.\*~<br>3.875%, 02/01/29 | $ | 202440 |
|  |  |  | 2187015 |
|  | Materials (0.7%) | Materials (0.7%) | Materials (0.7%) |
| 90000 | ATI, Inc.µ<br>5.875%, 12/01/27 |  | 89963 |
| 190000 | Avient Corp.\*<br>6.250%, 11/01/31 |  | 188051 |
| 95000 | Celanese US Holdings, LLC^<br>6.629%, 07/15/32 |  | 93517 |
| 160000 | Chemours Company\*<br>8.000%, 01/15/33 |  | 144278 |
| 140000 | 4.625%, 11/15/29 |  | 117284 |
| 300000 | Clearwater Paper Corp.\*µ<br>4.750%, 08/15/28 |  | 279861 |
| 140000 | Cleveland-Cliffs, Inc.\*^<br>7.000%, 03/15/32 |  | 131984 |
| 250000 | Constellium, SE\*<br>6.375%, 08/15/32 |  | 246297 |
| 143000 | JW Aluminum Continuous Cast<br>Company\*µ<br>10.250%, 04/01/30 |  | 140623 |
| 185000 | Knife River Corp.\*<br>7.750%, 05/01/31 |  | 193798 |
| 199000 | Mercer International, Inc.µ<br>5.125%, 02/01/29~ |  | 163648 |
| 90000 | 12.875%, 10/01/28\* |  | 92098 |
| 200000 | OCI, NV\*<br>6.700%, 03/16/33 |  | 218476 |
| 80000 | Silgan Holdings, Inc.~<br>4.125%, 02/01/28 |  | 76899 |
| 190000 | Terex Corp.\*<br>6.250%, 10/15/32 |  | 182026 |
| 81600 | Trinseo Luxco Finance SPV Sarl /<br>Trinseo NA Finance SPV, LLC\*<br>7.625%, 05/03/29 |  | 50134 |
|  |  |  | 2408937 |
|  | Other (0.8%) | Other (0.8%) | Other (0.8%) |
| 250000 | 1261229 BC, Ltd.\*µ<br>10.000%, 04/15/32 |  | 245300 |
| 200000 | Alumina Pty, Ltd.\*<br>6.375%, 09/15/32 |  | 195354 |
| 73467 | Claritev Corp.\*<br>6.750%, 03/31/31<br>0.75% PIK rate |  | 46657 |
| 276080 | EchoStar Corp.µ<br>10.750%, 11/30/29 |  | 292090 |
| 182801 | 6.750%, 11/30/30<br>6.75% PIK Rate |  | 170290 |
| 340000 | Everest Reinsurance Holdings, Inc.µ‡<br>6.970%, 05/01/67<br>3 mo. SOFR + 2.65% |  | 323551 |
| 90000 | Gen Digital, Inc.\*µ<br>6.750%, 09/30/27 |  | 91583 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 92000 | Mohegan Tribal Gaming Authority /<br>MS Digital Entertainment Holdings, LLC\*<br>8.250%, 04/15/30 | $| 92143 |
| 190000 | New Gold, Inc.\*<br>6.875%, 04/01/32 |  | 194359 |
| 175000 | Nissan Motor Acceptance Company, LLC\*<br>7.050%, 09/15/28 |  | 179035 |
| 190000 | Olin Corp.\*<br>6.625%, 04/01/33 |  | 180490 |
| 430000 | Reinsurance Group of America, Inc.µ‡<br>6.650%, 09/15/55<br>5 year CMT + 2.39 |  | 418360 |
| 190000 | Rfna, LP\*µ<br>7.875%, 02/15/30 |  | 186842 |
| 190000 | Stonepeak Nile Parent, LLC\*<br>7.250%, 03/15/32 |  | 193044 |
|  |  |  | 2809098 |
|  | Real Estate (0.0%) | Real Estate (0.0%) | Real Estate (0.0%) |
| 95000 | Forestar Group, Inc.\*<br>6.500%, 03/15/33 |  | 92475 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 46000 | Clydesdale Acquisition Holdings, Inc.\*<br>6.750%, 04/15/32 |  | 47103 |
| 185000 | Fertitta Entertainment, LLC /<br>Fertitta Entertainment Finance<br>Company, Inc.\*~<br>6.750%, 01/15/30µ |  | 161853 |
| 96000 | 4.625%, 01/15/29 |  | 89169 |
|  |  |  | 298125 |
|  | Utilities (3.3%) | Utilities (3.3%) | Utilities (3.3%) |
| 412000 | AES Corp.‡<br>7.600%, 01/15/55<br>5 year CMT + 3.20% |  | 408428 |
| 70000 | 6.950%, 07/15/55<br>5 year CMT + 2.89 |  | 65507 |
| 520000 | Algonquin Power & Utilities Corp.‡<br>4.750%, 01/18/82<br>5 year CMT + 3.25% |  | 488889 |
| 200000 | American Electric Power Company, Inc.‡<br>3.875%, 02/15/62<br>5 year CMT + 2.68% |  | 188744 |
| 170000 | 7.050%, 12/15/54^<br>5 year CMT + 2.75% |  | 172443 |
| 170000 | 6.950%, 12/15/54<br>5 year CMT + 2.68% |  | 171950 |
| 175000 | CenterPoint Energy, Inc.<br>(Warner Media, LLC, Charter<br>Communications Time, Inc.)‡<br>6.850%, 02/15/55<br>5 year CMT + 2.95% |  | 175154 |
| 120000 | 7.000%, 02/15/55<br>5 year CMT + 3.25% |  | 122765 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| 470000 | CMS Energy Corp.~‡<br>4.750%, 06/01/50<br>5 year CMT + 4.12% | $441715 |
| 440000 | Dominion Energy, Inc.‡<br>6.625%, 05/15/55µ<br>5 year CMT + 2.21% | 434672 |
| 338000 | 6.875%, 02/01/55µ^<br>5 year CMT + 2.39% | 348397 |
| 287000 | 4.350%, 01/15/27~<br>5 year CMT + 3.20% | 279311 |
| 865000 | Duke Energy Corp.µ‡<br>6.450%, 09/01/54<br>5 year CMT + 2.59% | 868529 |
| 273000 | 3.250%, 01/15/82~<br>5 year CMT + 2.32% | 257057 |
| 480000 | Emera, Inc.~‡<br>6.750%, 06/15/76<br>3 mo. USD LIBOR + 5.44% | 481872 |
| 585000 | Entergy Corp.µ‡<br>7.125%, 12/01/54<br>5 year CMT + 2.67% | 589733 |
| 480000 | Evergy, Inc.µ‡<br>6.650%, 06/01/55<br>5 year CMT + 2.56% | 467357 |
| 567000 | National Rural Utilities Cooperative<br>Finance Corp.µ‡<br>7.125%, 09/15/53<br>5 year CMT + 3.53% | 584486 |
| 325000 | 5.250%, 04/20/46^<br>3 mo. USD LIBOR + 3.63% | 320193 |
| 345000 | NextEra Energy Capital Holdings, Inc.µ‡<br>6.700%, 09/01/54<br>5 year CMT + 2.36% | 349747 |
| 344000 | 3.800%, 03/15/82~<br>5 year CMT + 2.55% | 323522 |
| 340000 | 6.750%, 06/15/54<br>5 year CMT + 2.46% | 344787 |
| 484000 | NiSource, Inc.‡<br>6.950%, 11/30/54<br>5 year CMT + 2.45% | 492610 |
| 314000 | PPL Capital Funding, Inc.µ‡<br>7.226%, 03/30/67<br>3 mo. SOFR + 2.93% | 307211 |
| 490000 | Sempra‡<br>4.875%, 10/15/25~<br>5 year CMT + 4.55% | 485188 |
| 170000 | 6.400%, 10/01/54µ<br>5 year CMT + 2.63% | 156290 |
| 928000 | Southern Company~‡<br>4.000%, 01/15/51<br>5 year CMT + 3.73% | 916836 |
| 160000 | 3.750%, 09/15/51<br>5 year CMT + 2.92% | 155038 |
| 225000 | Vistra Corp.\*‡<br>7.000%, 12/15/26<br>5 year CMT + 5.74% | 227525 |

---

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 185000 | 8.000%, 10/15/26<br>5 year CMT + 6.93% | $ | 189146 |
|  |  |  | 10815102 |
|  | **TOTAL CORPORATE BONDS**<br>(Cost $112,845,648) |  | 109759794 |
| **BANK LOANS (3.9%)¡** |  |  |  |
|  | Airlines (0.1%) | Airlines (0.1%) | Airlines (0.1%) |
| 123750 | Air Canada‡<br>6.323%, 03/21/31<br>1 mo. SOFR + 2.00% |  | 122526 |
| 112159 | United Airlines, Inc.‡<br>6.275%, 02/22/31<br>3 mo. SOFR + 2.00% |  | 112036 |
|  |  |  | 234562 |
|  | Communication Services (0.5%) | Communication Services (0.5%) | Communication Services (0.5%) |
| 286710 | APi Group DE, Inc.‡<br>6.072%, 01/03/29<br>1 mo. SOFR + 1.75% |  | 286642 |
| 74791 | Audacy Capital Corp.‡<br>10.436%, 10/01/29<br>1 mo. SOFR + 6.00% |  | 63198 |
| 8328 | Audacy Capital Corp.‡<br>11.436%, 10/02/28<br>1 mo. SOFR + 7.00% |  | 8349 |
| 89316 | Cincinnati Bell, Inc.‡<br>7.072%, 11/22/28<br>1 mo. SOFR + 2.75% |  | 88914 |
| 110330 | Clear Channel Outdoor Holdings, Inc.‡<br>8.436%, 08/23/28<br>1 mo. SOFR + 4.00% |  | 107324 |
| 166740 | CSC Holdings, LLC‡<br>9.000%, 04/15/27<br>3 mo. Prime + 1.50% |  | 160893 |
| 75000 | Directv Financing, LLC!<br>0.000%, 08/02/29 |  | 72778 |
| 43402 | Directv Financing, LLC‡<br>9.541%, 08/02/27<br>3 mo. SOFR + 5.00% |  | 43458 |
| 133988 | Gray Television, Inc.‡<br>9.574%, 06/04/29<br>1 mo. SOFR + 5.25% |  | 129818 |
| 45000 | Gray Television, Inc.!<br>0.000%, 06/04/29 |  | 43600 |
| 100000 | Sinclair Television Group, Inc.‡<br>7.736%, 12/31/29<br>1 mo. SOFR + 3.30% |  | 79031 |
| 180000 | Telesat Canada‡<br>7.325%, 12/07/26<br>3 mo. SOFR + 2.75% |  | 99844 |
| 228962 | TripAdvisor, Inc.‡<br>7.049%, 07/08/31<br>3 mo. SOFR + 2.75% |  | 223811 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 200000 | Virgin Media Bristol, LLC‡<br>6.936%, 01/31/28<br>1 mo. SOFR + 2.50% | $ | 197573 |
|  |  |  | 1605233 |
|  | Consumer Discretionary (0.7%) | Consumer Discretionary (0.7%) | Consumer Discretionary (0.7%) |
| 65948 | American Axle & Manufacturing, Inc.‡<br>7.053%, 12/13/29<br>6 mo. SOFR + 3.00% |  | 64711 |
| 61262 | American Axle & Manufacturing, Inc.‡<br>7.321%, 12/13/29<br>1 mo. SOFR + 3.00% |  | 60114 |
| 56790 | American Axle & Manufacturing, Inc.‡<br>7.230%, 12/13/29<br>3 mo. SOFR + 3.00% |  | 55726 |
| 111636 | Caesars Entertainment, Inc.‡<br>6.563%, 02/06/30<br>3 mo. SOFR + 2.25% |  | 110353 |
| 162466 | Carnival Corp.‡<br>6.329%, 10/18/28<br>1 mo. SOFR + 2.00% |  | 162314 |
| 98853 | Carnival Corp.‡<br>6.329%, 08/08/27<br>1 mo. SOFR + 2.00% |  | 99101 |
| 114713 | Chinos Intermediate Holdings A, Inc.‡<br>10.280%, 09/26/31<br>3 mo. SOFR + 6.00% |  | 109216 |
| 145000 | Clarios Global, LP‡<br>7.072%, 01/28/32<br>1 mo. SOFR + 2.75% |  | 142402 |
| 189525 | Life Time Fitness, Inc.‡<br>6.785%, 11/05/31<br>3 mo. SOFR + 2.50% |  | 188648 |
| 195525 | Light & Wonder International, Inc.‡<br>6.570%, 04/14/29<br>1 mo. SOFR + 2.25% |  | 195607 |
| 79400 | Peloton Interactive, Inc.‡<br>9.813%, 05/23/29<br>3 mo. SOFR + 5.50% |  | 79549 |
| 308643 | PetSmart, Inc.‡<br>8.172%, 02/11/28<br>1 mo. SOFR + 3.75% |  | 305106 |
| 141788 | Staples, Inc.‡<br>10.041%, 09/04/29<br>3 mo. SOFR + 5.75% |  | 122764 |
| 178200 | Station Casinos, LLC‡<br>6.322%, 03/14/31<br>1 mo. SOFR + 2.00% |  | 177167 |
| 121199 | TKC Holdings, Inc.‡<br>9.323%, 05/15/28<br>1 mo. SOFR + 5.00% |  | 119987 |
| 182586 | Windsor Holdings III, LLC‡<br>7.073%, 08/01/30<br>1 mo. SOFR + 2.75% |  | 180760 |
|  |  |  | 2173525 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Consumer Staples (0.6%) | Consumer Staples (0.6%) |
| 625433 | Amneal Pharmaceuticals, LLC‡<br>9.822%, 05/04/28<br>1 mo. SOFR + 5.50% | $627819 |
| 139300 | B&G Foods, Inc.‡<br>7.822%, 10/10/29<br>1 mo. SOFR + 3.50% | 133554 |
| 118000 | Bausch Health Companies, Inc.‡<br>10.542%, 10/08/30<br>1 mo. SOFR + 6.25% | 111609 |
| 178652 | Fiesta Purchaser, Inc.‡<br>7.572%, 02/12/31<br>1 mo. SOFR + 3.25% | 177405 |
| 17017 | MPH Acquisition Holdings, LLC‡<br>8.030%, 12/31/30<br>3 mo. SOFR + 3.75% | 16838 |
| 185000 | Opal Bidco SAS!<br>0.000%, 03/31/32 | 183729 |
| 298548 | Organon & Company‡<br>6.570%, 05/19/31<br>1 mo. SOFR + 2.25% | 286607 |
| 232899 | Star Parent, Inc.‡<br>8.299%, 09/27/30<br>3 mo. SOFR + 4.00% | 225767 |
| 113850 | United Natural Foods, Inc.‡<br>9.072%, 05/01/31<br>1 mo. SOFR + 4.75% | 114419 |
| 185000 | Veritiv Corp.‡<br>8.299%, 11/30/30<br>3 mo. SOFR + 4.00% | 183801 |
|  |  | 2061548 |
|  | Energy (0.2%) | Energy (0.2%) |
| 170639 | ChampionX Corp.‡<br>7.172%, 06/07/29<br>1 mo. SOFR + 2.75% | 171002 |
| 144000 | New Fortress Energy, Inc.‡<br>9.795%, 10/30/28<br>3 mo. SOFR + 5.50% | 104670 |
| 279970 | Par Petroleum, LLC‡<br>8.009%, 02/28/30<br>3 mo. SOFR + 3.75% | 271133 |
|  |  | 546805 |
|  | Financials (0.5%) | Financials (0.5%) |
| 242744 | Advisor Group, Inc.‡<br>7.822%, 08/17/28<br>1 mo. SOFR + 3.50% | 242125 |
| 133320 | Amynta Agency Borrower, Inc.‡<br>7.322%, 12/29/31<br>1 mo. SOFR + 3.00% | 132306 |
| 222750 | AssuredPartners, Inc.‡<br>7.822%, 02/14/31<br>1 mo. SOFR + 3.50% | 223017 |
| 99002 | Broadstreet Partners, Inc.‡<br>7.322%, 06/13/31<br>1 mo. SOFR + 3.00% | 98660 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | |
|:---|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE | VALUE |
| 239400 | Dragon Buyer, Inc.‡<br>7.299%, 09/30/31<br>3 mo. SOFR + 3.00% | $| 238323 |
| 178206 | HUB International, Ltd.‡<br>6.770%, 06/20/30<br>3 mo. SOFR + 2.50% |  | 177268 |
| 138250 | Iron Mountain, Inc.‡<br>6.322%, 01/31/31<br>1 mo. SOFR + 2.00% |  | 137835 |
| 140353 | Jazz Financing Lux Sarl‡<br>6.572%, 05/05/28<br>1 mo. SOFR + 2.25% |  | 140052 |
| 185000 | Level 3 Financing, Inc.‡<br>8.572%, 03/27/32<br>1 mo. SOFR + 4.25% |  | 184884 |
| 185000 | VFH Parent, LLC‡<br>6.822%, 06/21/31<br>1 mo. SOFR + 2.50% |  | 184538 |
|  |  |  | 1759008 |
|  | Health Care (0.1%) | Health Care (0.1%) | Health Care (0.1%) |
| 298500 | DaVita, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% |  | 297270 |
| 207059 | Padagis, LLC‡<br>9.271%, 07/06/28<br>3 mo. SOFR + 4.75% |  | 193988 |
|  |  |  | 491258 |
|  | Industrials (0.5%) | Industrials (0.5%) | Industrials (0.5%) |
| 180456 | ACProducts, Inc.‡<br>8.811%, 05/17/28<br>3 mo. SOFR + 4.25% |  | 122761 |
| 107250 | American Airlines, Inc.‡<br>6.520%, 04/20/28<br>3 mo. SOFR + 2.25% |  | 105215 |
| 185000 | ECO Material Tech, Inc.‡<br>7.467%, 02/12/32<br>6 mo. SOFR + 3.25% |  | 183613 |
| 69650 | EMRLD Borrower, LP‡<br>6.799%, 08/04/31<br>3 mo. SOFR + 2.50% |  | 68939 |
| 183613 | MI Windows & Doors, LLC‡<br>7.322%, 03/28/31<br>1 mo. SOFR + 3.00% |  | 181119 |
| 185000 | Quikrete Holdings, Inc.‡<br>6.572%, 02/10/32<br>1 mo. SOFR + 2.25% |  | 181604 |
| 376703 | TransDigm, Inc.‡<br>6.799%, 02/28/31<br>3 mo. SOFR + 2.50% |  | 373424 |
| 297008 | Vertiv Group Corp.‡<br>6.069%, 03/02/27<br>1 mo. SOFR + 1.75% |  | 296327 |
|  |  |  | 1513002 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
|  | Information Technology (0.4%) | Information Technology (0.4%) |
| 240576 | Boxer Parent Company, Inc.‡<br>7.322%, 07/30/31<br>1 mo. SOFR + 3.00% | $236188 |
| 222600 | Camelot U.S. Acquisition, LLC‡<br>7.072%, 01/31/31<br>1 mo. SOFR + 2.75% | 220096 |
| 171549 | Dun & Bradstreet Corp.‡<br>6.570%, 01/18/29<br>1 mo. SOFR + 2.25% | 171227 |
| 149896 | II-VI, Inc.‡<br>6.322%, 07/02/29<br>1 mo. SOFR + 2.00% | 148522 |
| 20000 | Qxo, Inc.!<br>0.000%, 04/23/32 | 20004 |
| 95000 | Rocket Software, Inc.!<br>0.000%, 11/28/28 | 94485 |
| 164524 | SS&C Technologies, Inc.‡<br>6.322%, 05/09/31<br>1 mo. SOFR + 2.00% | 164528 |
| 99250 | UKG, Inc.‡<br>7.320%, 02/10/31<br>1 mo. SOFR + 3.00% | 99025 |
|  |  | 1154075 |
|  | Materials (0.2%) | Materials (0.2%) |
| 297732 | Axalta Coating Systems U.S. Holdings, Inc.‡<br>6.049%, 12/20/29<br>3 mo. SOFR + 1.75% | 298073 |
| 297119 | Ineos U.S. Finance, LLC‡<br>7.572%, 02/18/30<br>1 mo. SOFR + 3.25% | 278846 |
| 132477 | Trinseo Materials Operating SCA‡<br>7.075%, 05/03/28<br>3 mo. SOFR + 2.50% | 56779 |
| 185905 | W.R. Grace & Company-Conn.‡<br>7.549%, 09/22/28<br>3 mo. SOFR + 3.25% | 182962 |
|  |  | 816660 |
|  | Other (0.0%) | Other (0.0%) |
| 95000 | Windstream Services, LLC‡<br>9.172%, 10/01/31<br>1 mo. SOFR + 4.75% | 94644 |
|  | Special Purpose Acquisition Companies (0.1%) | Special Purpose Acquisition Companies (0.1%) |
| 81333 | Clydesdale Acquisition Holdings, Inc.‡<br>7.497%, 04/13/29<br>1 mo. SOFR + 3.18% | 80871 |
| 43650 | Fertitta Entertainment, LLC‡<br>7.822%, 01/27/29<br>1 mo. SOFR + 3.50% | 42627 |
| 175500 | Patagonia Holdco, LLC‡<br>10.052%, 08/01/29<br>3 mo. SOFR + 5.75% | 149961 |
|  |  | 273459 |
|  | **TOTAL BANK LOANS**<br>(Cost $13,031,698) | 12723779 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT |  | VALUE |
| **U.S. GOVERNMENT AND AGENCY SECURITIES (0.4%)** |  |  |
|  | Other (0.4%) | Other (0.4%) |
| 500000 | CoBank ACBµ‡<br>7.250%, 07/01/29<br>5 year CMT + 2.88% | $505129 |
| 250000 | 7.125%, 01/01/30<br>5 year CMT + 2.82% | 254136 |
| 500000 | Farm Credit Bank of Texasµ‡<br>7.750%, 06/15/29<br>5 year CMT + 3.29% | 517922 |
|  | **TOTAL U.S. GOVERNMENT AND<br>AGENCY SECURITIES**<br>(Cost $1,250,775) | 1277187 |
| NUMBER OF<br>SHARES |  | VALUE |
| **PREFERRED STOCKS (1.9%)** |  |  |
|  | Communication Services (0.6%) | Communication Services (0.6%) |
| 18155 | AT&T, Inc.µ<br>4.750%, 05/30/25 | 346035 |
| 5425 | 5.350%, 11/01/66 | 123093 |
| 41572 | Qwest Corp.µ<br>6.500%, 09/01/56 | 723353 |
| 16781 | Telephone & Data Systems, Inc.µ<br>6.000%, 09/30/26 | 311623 |
| 1523 | Telephone and Data Systems, Inc.µ<br>6.625%, 03/31/26 | 31724 |
| 15378 | United States Cellular Corp.µ<br>5.500%, 03/01/70 | 337701 |
| 8265 | 6.250%, 09/01/69 | 195054 |
| 1418 | 5.500%, 06/01/70 | 31451 |
|  |  | 2100034 |
|  | Consumer Discretionary (0.1%) | Consumer Discretionary (0.1%) |
| 5800 | Ford Motor Companyµ<br>6.200%, 06/01/59 | 121742 |
| 5136 | 6.500%, 08/15/62 | 112324 |
| 3615 | Guitar Center, Inc.# | 54225 |
| 3120 | QVC Group, Inc.µ^<br>8.000%, 03/15/31 | 85051 |
| 9600 | QVC, Inc.µ<br>6.250%, 11/26/68 | 85440 |
|  |  | 458782 |
|  | Financials (0.7%) | Financials (0.7%) |
| 12587 | Affiliated Managers Group, Inc.µ<br>6.750%, 03/30/64 | 298186 |
| 3100 | Affiliated Managers Group, Inc.µ<br>5.875%, 03/30/59 | 64449 |
| 15560 | Annaly Capital Management, Inc.~µ‡<br>9.521%, 05/30/25<br>3 mo. SOFR + 5.25% | 392112 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 10576 | Arch Capital Group, Ltd. Series Gµ<br>4.550%, 06/11/26 | $| 179686 |
| 5295 | Capital One Financial Corp.µ<br>4.800%, 06/01/25 |  | 96157 |
| 25150 | CNO Financial Group, Inc.µ<br>5.125%, 11/25/60 |  | 434592 |
| 7393 | Cullen/Frost Bankers, Inc.µ<br>4.450%, 12/15/25 |  | 124128 |
| 8134 | First Citizens BancShares, Inc.<br>5.625%, 01/04/27 |  | 181307 |
| 3050 | KeyCorpµ<br>5.625%, 06/15/25 |  | 64965 |
| 1600 | Northern Trust Corp.µ<br>4.700%, 07/01/25 |  | 31552 |
| 14526 | Selective Insurance Group, Inc.µ<br>4.600%, 12/15/25 |  | 248976 |
| 6480 | W R Berkley Corp.µ<br>5.100%, 12/30/59 |  | 125712 |
|  |  |  | 2241822 |
|  | Industrials (0.1%) | Industrials (0.1%) | Industrials (0.1%) |
| 12312 | WESCO International, Inc.µ‡<br>10.625%, 06/22/25<br>5 year CMT + 10.33% |  | 313094 |
|  | Real Estate (0.3%) | Real Estate (0.3%) | Real Estate (0.3%) |
| 20567 | Brookfield Property Partners, LPµ<br>5.750%, 05/30/25 |  | 260378 |
| 10775 | 6.375%, 05/30/25 |  | 155268 |
| 3651 | EPR Propertiesµ<br>5.750%, 05/30/25 |  | 73312 |
| 10091 | Global Net Lease, Inc.µ<br>7.500%, 05/30/25 |  | 232194 |
| 4771 | 6.875%, 05/30/25 |  | 102720 |
| 4681 | Kimco Realty Corp. Series M, Class Aµ<br>5.250%, 05/30/25 |  | 96803 |
|  |  |  | 920675 |
|  | Utilities (0.1%) | Utilities (0.1%) | Utilities (0.1%) |
| 14975 | Brookfield Renewable Partners, LP^<br>5.250%, 05/25/25 |  | 254126 |
| 6700 | DTE Energy Companyµ<br>5.250%, 12/01/77 |  | 141839 |
|  |  |  | 395965 |
|  | **TOTAL PREFERRED STOCKS**<br>(Cost $7,665,714) |  | 6430372 |
| **COMMON STOCKS (73.9%)** |  |  |  |
|  | Communication Services (7.8%) | Communication Services (7.8%) | Communication Services (7.8%) |
| 83500 | Alphabet, Inc. - Class Aµ |  | 13259800 |
| 3935 | Altice USA, Inc. - Class A# |  | 9759 |
| 3316 | Audacy, Inc.# |  | 61346 |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUMBER OF<br>SHARES | NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 1322 |  | Cumulus Media, Inc. - Class Aµ# | $| 308 |
| 239500 |  | Pinterest, Inc. - Class Aµ# |  | 6064140 |
| 55000 |  | Reddit, Inc.- Class A# |  | 6411350 |
|  |  |  |  | 25806703 |
|  |  | Consumer Discretionary (4.3%) | Consumer Discretionary (4.3%) | Consumer Discretionary (4.3%) |
| 47500 |  | Amazon.com, Inc.µ# |  | 8759950 |
| 22500 |  | Marriott International, Inc. - Class Aµ |  | 5368050 |
| 294 |  | Rite Aid Corp.# |  | 294 |
|  |  |  |  | 14128294 |
|  |  | Consumer Staples (1.9%) | Consumer Staples (1.9%) | Consumer Staples (1.9%) |
| 34000 |  | Constellation Brands, Inc. - Class Aµ |  | 6376360 |
|  |  | Energy (0.1%) | Energy (0.1%) | Energy (0.1%) |
| 800 |  | Cheniere Energy Partners, LP |  | 47024 |
| 11058 |  | Energy Transfer, LP~ |  | 182899 |
| 3970 |  | Enterprise Products Partners, LP~ |  | 118703 |
|  |  |  |  | 348626 |
|  |  | Financials (4.3%) | Financials (4.3%) | Financials (4.3%) |
| 69000 |  | Morgan Stanleyµ |  | 7963980 |
| 90500 |  | Wells Fargo & Companyµ |  | 6426405 |
|  |  |  |  | 14390385 |
|  |  | Health Care (7.4%) | Health Care (7.4%) | Health Care (7.4%) |
| 28000 |  | IQVIA Holdings, Inc.µ# |  | 4341960 |
| 20500 |  | UnitedHealth Group, Inc.µ |  | 8434520 |
| 113000 |  | Zimmer Biomet Holdings, Inc.~ |  | 11644650 |
|  |  |  |  | 24421130 |
|  |  | Industrials (25.5%) | Industrials (25.5%) | Industrials (25.5%) |
| 73500 |  | 3M Companyµ |  | 10209885 |
| 314000  | GBP | BAE Systems, PLCµ |  | 7279348 |
| 99500 |  | Boeing Companyµ# |  | 18232380 |
| 66500 |  | Booz Allen Hamilton Holding Corp.µ |  | 7981330 |
| 17200 |  | CACI International, Inc. - Class Aµ# |  | 7875364 |
| 123500 |  | Canadian Pacific Kansas City, Ltd.~ |  | 8950045 |
| 214000  | EUR | Deutsche Lufthansa, AGµ |  | 1537728 |
| 57000 |  | L3Harris Technologies, Inc.µ |  | 12541140 |
| 32000 |  | Union Pacific Corp.µ |  | 6901120 |
| 39000 |  | United Airlines Holdings, Inc.µ# |  | 2683980 |
|  |  |  |  | 84192320 |
|  |  | Information Technology (22.6%) | Information Technology (22.6%) | Information Technology (22.6%) |
| 104000 |  | BILL Holdings, Inc.µ# |  | 4739280 |
| 36000 |  | Celestica, Inc.# |  | 3072600 |
| 27500 |  | Datadog, Inc. - Class Aµ# |  | 2809400 |
| 39000 |  | Fabrinetµ# |  | 7997340 |
| 187000 |  | Flex, Ltd.µ# |  | 6421580 |
| 36500 |  | Microsoft Corp.~^ |  | 14426990 |
| 30500 |  | MKS Instruments, Inc.µ |  | 2139270 |

---

---

| | | | |
|:---|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE | VALUE |
| 95500 | NVIDIA Corp.µ | $| 10401860 |
| 61500 | Oracle Corp.µ |  | 8654280 |
| 3900 | ServiceNow, Inc.µ# |  | 3724539 |
| 62000 | Taiwan Semiconductor Manufacturing<br>Company, Ltd. (ADR)~ |  | 10334780 |
|  |  |  | 74721919 |
|  | **TOTAL COMMON STOCKS**<br>(Cost $256,360,378) |  | 244385737 |
| **EXCHANGE-TRADED FUND (4.9%)** |  |  |  |
|  | Other (4.9%) | Other (4.9%) | Other (4.9%) |
| 300000 | SPDR S&P Regional Banking ETF^<br>(Cost $15,858,091) |  | 16239000 |
| **WARRANTS (0.0%)#** |  |  |  |
|  | Communication Services (0.0%) | Communication Services (0.0%) | Communication Services (0.0%) |
| 586 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |  |
| 97 | Audacy Capital, LLC<br>09/30/28, Strike $1.00 |  |  |
|  | **TOTAL WARRANTS**<br>(Cost $—) |  |  |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE | VALUE |
| **EXCHANGE-TRADED PURCHASED OPTIONS (2.6%)#** |  |  |  |
|  | Communication Services (0.1%) | Communication Services (0.1%) | Communication Services (0.1%) |
| 835 | Alphabet, Inc. |  |  |
| 13259800 | Put, 05/02/25, Strike $150.00 |  | 17117 |
| 2395 | Pinterest, Inc. |  |  |
| 6064140 | Put, 05/16/25, Strike $24.00 |  | 349670 |
| 550 | Reddit, Inc. |  |  |
| 6411350 | Put, 05/02/25, Strike $100.00 |  | 103125 |
|  |  |  | 469912 |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| 320 | Amazon.com, Inc. |  |  |
| 5901440 | Call, 05/02/25, Strike $195.00 |  | 62880 |
|  | Consumer Staples (0.0%) | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| 820 | Sysco Corp. |  |  |
| 5854800 | Call, 05/16/25, Strike $75.00 |  | 22550 |
|  | Financials (0.1%) | Financials (0.1%) | Financials (0.1%) |
| 465 | Wells Fargo & Company |  |  |
| 3301965 | Call, 05/02/25, Strike $66.00 |  | 231338 |
|  | Industrials (0.3%) | Industrials (0.3%) | Industrials (0.3%) |
| 735 | 3M Company |  |  |
| 10209885 | Put, 05/16/25, Strike $130.00 |  | 63578 |
| 375 | Boeing Company |  |  |
| 6871500 | Put, 05/02/25, Strike $170.00 |  | 4125 |
| 1235 | Canadian Pacific Kansas City, Ltd. |  |  |
| 8950045 | Put, 05/16/25, Strike $70.00 |  | 132762 |

---

See accompanying Notes to Schedule of Investments

www.calamos.com

------

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

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| 9250<br>5867252 | Deutsche Lufthansa, AG<br>Call, 03/20/26, Strike 6.00 | $833070 |
| 3700  |  |  |
| 2346901 | Call, 06/20/25, Strike 7.00 | 20958 |
| 570 | L3Harris Technologies, Inc. |  |
| 12541140 | Put, 05/16/25, Strike $210.00 | 84075 |
|  |  | 1138568 |
|  | Information Technology (0.3%) |  |
| 520 | Bill Holdings, Inc. |  |
| 2369640 | Put, 05/09/25, Strike $43.00 | 146900 |
| 775 | Celestica, Inc. |  |
| 6614625 | Call, 05/16/25, Strike $100.00 | 63937 |
| 245 | Microsoft Corp. |  |
| 9683870 | Put, 05/09/25, Strike $372.50 | 88812 |
| 125 | SAP, SE |  |
| 3652375 | Put, 05/16/25, Strike $250.00 | 4063 |
| 620 | Taiwan Semiconductor  |  |
| 10334780 | Manufacturing Company, Ltd.<br>Call, 05/16/25, Strike $160.00 | 606050 |
|  |  | 909762 |
|  | Other (1.8%) |  |
| 1530 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| 84844620 | Call, 05/16/25, Strike $540.00 | 3408075 |
| 875 |  |  |
| 48522250 | Put, 05/02/25, Strike $540.00 | 62125 |
| 1700 |  |  |
| 94271800 | Put, 05/02/25, Strike $560.00 | 1110100 |
| 820 | VanEck Semiconductor ETF |  |
| 17324960 | Call, 05/23/25, Strike $200.00 | 1281250 |
|  |  | 5861550 |
|  | **TOTAL EXCHANGE-TRADED<br>PURCHASED OPTIONS**<br>(Cost $8,081,062) | 8696560 |
|  | **TOTAL INVESTMENTS (120.8%)**<br>(Cost $415,230,757) | 399652471 |
| LIABILITIES, LESS OTHER ASSETS (-20.8%) | LIABILITIES, LESS OTHER ASSETS (-20.8%) | (68899208) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $330753263 |
| NUMBER OF<br>SHARES |  | <br>VALUE |
| **COMMON STOCKS SOLD SHORT (-4.0%)#** |  |  |
|  | Industrials (-1.2%) |  |
| (30000 | RTX Corp. | (3783900) |
|  | Information Technology (-2.8%) |  |
| (29000 | Apple, Inc. | (6162500) |
| (17000 | Palo Alto Networks, Inc. | (3177810) |
|  |  | (9340310) |
|  | **TOTAL COMMON STOCKS<br>SOLD SHORT**<br>(Proceeds $12,478,581) | (13124210) |

---

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>SHARES |  | VALUE |
| **EXCHANGE-TRADED FUNDS SOLD SHORT (-31.6%) #** |  |  |
|  | Other (-31.6%) | Other (-31.6%) |
| (157500 | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | $(87340050) |
| (82000 | VanEck Semiconductor ETF | (17324960) |
|  |  | (104665010) |
|  | **TOTAL EXCHANGE-TRADED<br>FUNDS SOLD SHORT**<br>(Proceeds $90,362,793) | (104665010) |
|  | **TOTAL SECURITIES SOLD SHORT**<br>(Proceeds $102,841,374) | (117789220) |
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
| **EXCHANGE-TRADED WRITTEN OPTIONS (-1.6%)#** |  |  |
|  | Communication Services (-0.1%) | Communication Services (-0.1%) |
| (835 | Alphabet, Inc. |  |
| (13259800 | Call, 06/20/25, Strike $180.00 | (91432) |
| (1100 | Reddit, Inc. |  |
| (12822700 | Put, 07/18/25, Strike $60.00 | (108900) |
|  |  | (200332) |
|  | Consumer Discretionary (0.0%) | Consumer Discretionary (0.0%) |
| (320 | Amazon.com, Inc. |  |
| (5901440 | Put, 06/20/25, Strike $160.00 | (95200) |
|  | Consumer Staples (0.0%) | Consumer Staples (0.0%) |
| (315 | Walmart, Inc. |  |
| (3063375 | Call, 05/09/25, Strike $99.00 | (24885) |
|  | Financials (-0.1%) | Financials (-0.1%) |
| (905 | Wells Fargo & Company |  |
| (6426405 | Call, 06/20/25, Strike $75.00 | (143443) |
| (1207 |  |  |
| (8570907 | Put, 06/20/25, Strike $62.50 | (111647) |
|  |  | (255090) |
|  | Health Care (0.0%) | Health Care (0.0%) |
| (160 | UnitedHealth Group, Inc. |  |
| (6583040 | Put, 05/16/25, Strike $390.00 | (67600) |
|  | Industrials (-0.3%) | Industrials (-0.3%) |
| (735 | 3M Company |  |
| (10209885 | Call, 06/20/25, Strike $155.00 | (66885) |
| (735 |  |  |
| (10209885 | Put, 06/20/25, Strike $115.00 | (47408) |
| (375 | Boeing Company |  |
| (6871500 | Call, 05/02/25, Strike $170.00 | (500625) |
| (1235 | Canadian Pacific Kansas City, Ltd. |  |
| (8950045 | Put, 06/20/25, Strike $62.50 | (61750) |
| (3700 | Deutsche Lufthansa, AG |  |
| (2346901 | Put, 06/20/25, Strike 6.20 | (157183) |
| (570 | L3Harris Technologies, Inc. |  |
| (12541140 | Put, 06/20/25, Strike $190.00 | (65550) |
|  |  | (899401) |

---

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

---

| | | |
|:---|:---|:---|
| NUMBER OF<br>CONTRACTS/<br>NOTIONAL<br>AMOUNT |  | VALUE |
|  | Information Technology (-0.3%) |  |
| (350) | Bill Holdings, Inc. |  |
| (1594950) | Call, 05/02/25, Strike $46.50 | $(37625) |
| (390) | Celestica, Inc. |  |
| (3328650) | Call, 06/20/25, Strike $120.00 | (27300) |
| (365) | Microsoft Corp. |  |
| (14426990) | Call, 07/18/25, Strike $430.00 | (242725) |
| (188) | SAP, SE |  |
| (5493172) | Call, 06/20/25, Strike $290.00 | (230300) |
| (1035) | Taiwan Semiconductor Manufacturing<br>Company, Ltd. |  |
| (17252415) | Call, 06/20/25, Strike $180.00 | (442462) |
|  |  | (980412) |
|  | Other (-0.8%) |  |
| (3000) | SPDR S&P Regional Banking ETF |  |
| (16239000) | Call, 05/02/25, Strike $54.50 | (259500) |
| (875) | SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust |  |
| (48522250) | Call, 05/02/25, Strike $565.00 | (123813) |
| (875) |  |  |
| (48522250) | Put, 05/02/25, Strike $520.00 | (5250) |
| (1700) |  |  |
| (94271800) | Call, 07/18/25, Strike $590.00 | (1205300) |
| (2015) |  |  |
| (111739810) | Put, 08/15/25, Strike $470.00 | (1120340) |
|  |  | (2714203) |
|  | **TOTAL EXCHANGE-TRADED<br>WRITTEN OPTIONS**<br>(Premium $5,661,884) | $(5237123) |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

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

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $220,301,222.

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

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

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

@ In default status and considered non-income producing.

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

---

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

---

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

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

# Non-income producing security.

**ABBREVIATION**

ADR American Depositary Receipt

**FOREIGN CURRENCY ABBREVIATION**

EUR European Monetary Unit

GBP British Pound Sterling

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

www.calamos.com

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | LEVEL 1 | LEVEL 2 | LEVEL 3 | TOTAL |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Asset Backed Security | $— | $140042 | $— | $140042 |
| Corporate Bonds |  | 109759794 |  | 109759794 |
| Bank Loans |  | 12723779 |  | 12723779 |
| U.S. Government and Agency Securities |  | 1277187 |  | 1277187 |
| Preferred Stocks | 6430372 |  |  | 6430372 |
| Common Stocks | 235568661 | 8817076 |  | 244385737 |
| Exchange-Traded Fund | 16239000 |  |  | 16239000 |
| Warrants |  |  |  |  |
| Exchange-Traded Purchased Options | 8696560 |  |  | 8696560 |
| Total | $266934593 | $132717878 | $— | $399652471 |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Common Stocks Sold Short | $13124210 | $— | $— | $13124210 |
| Exchange-Traded Funds Sold Short | 104665010 |  |  | 104665010 |
| Exchange-Traded Written Options | 5237123 |  |  | 5237123 |
| Total | $123026343 | $— | $— | $123026343 |

---

**SECTOR WEIGHTINGS**

---

| | |
|:---|:---|
| Industrials | 20.9 |
| Information Technology | 17.5 |
| Financials | 14.0 |
| Communication Services | 8.2 |
| Consumer Discretionary | 6.7 |
| Health Care | 6.2 |
| Energy | 2.9 |
| Consumer Staples | 2.5 |
| Utilities | 2.5 |
| Materials | 0.7 |
| Real Estate | 0.2 |
| Airlines | 0.2 |
| Special Purpose Acquisition<br>Companies | 0.1 |

---

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

**ASSET ALLOCATION**

![j25160456_gm001.jpg](j25160456_gm001.jpg)

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

**Note 1 – Organization and Significant Accounting Policies**

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

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

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

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

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

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

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange ("NYSE") is open. Each security trading on these

www.calamos.com

------

Notes to Financial Statements (Unaudited)

exchanges or in over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the Board of Trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time each Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which each Fund's NAV is not calculated.

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

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

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

Various inputs are used to determine the value of each Fund's investments. These inputs are categorized into three broad levels as follows:

• Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

• Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

• Level 3 – Prices reflect unobservable market inputs (including each Fund's own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of each Fund's investments. The summary of the inputs used in valuing each Fund's holdings are available after each Fund's Schedule of Investments.

**Investment Transactions.** Investment transactions are recorded on a trade date basis as of April 30, 2025. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

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

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

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

**Income Taxes.** No provision has been made for U.S. income taxes because each Funds' policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of the respective Funds' taxable income and net realized gains.

Dividends and distributions paid to common shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these "book and tax" differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting for fixed income securities. The financial statements are not adjusted for temporary differences.

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

The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2022 – 2024 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

**Indemnifications.** Under the Funds' organizational documents, each Fund is obligated to indemnify its officers and trustees against certain liabilities incurred by them by reason of having been an officer or trustee of the Fund. In addition, in the normal course of business, a Fund may enter into contracts that provide general indemnifications to other parties. A Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a Fund that have not yet occurred. Currently, the Funds' management expects the risk of material loss in connection to a potential claim to be remote.

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

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

---

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

---

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

The Funds have adopted a deferred compensation plan (the "Plan"). Under the Plan, a trustee who is not an "interested person" (as defined in the 1940 Act) and has elected to participate in the Plan (a "participating trustee") may defer receipt

www.calamos.com

------

Notes to Financial Statements (Unaudited)

of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee's deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Calamos Investment Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.

At April 30, 2025, the Funds had deferred compensation balances, which are included in "Other assets" on the Statements of Assets and Liabilities, as follows:

---

| | |
|:---|:---|
| FUND | AMOUNT |
| Convertible Opportunities and Income Fund | $220217 |
| Convertible and High Income Fund | 190052 |
| Strategic Total Return Fund | 269040 |
| Dynamic Convertible and Income Fund | 0 |
| Global Dynamic Income Fund | 102227 |
| Global Total Return Fund | 64962 |
| Long/Short Equity & Dynamic Income Trust | 0 |

---

Each Fund's obligation to make payments under the Plan is a general obligation of the Fund and is included in "Payable for deferred compensation to trustees" on the Statements of Assets and Liabilities at April 30, 2025.

**Note 3 – Investments**

The cost of purchases and proceeds from sales of long-term investments, excluding investments sold short, for the period ended April 30, 2025 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $735,047,253 and $615,686,664 for Long/Short Equity & Dynamic Income Fund, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **COST OF PURCHASES** | **COST OF PURCHASES** | **PROCEEDS FROM SALES** | **PROCEEDS FROM SALES** |
| FUND | U.S. GOV'T<br>SECURITIES | OTHER | U.S. GOV'T<br>SECURITIES | OTHER |
| Convertible Opportunities and Income Fund | $— | $379897018 | $— | $440464209 |
| Convertible and High Income Fund |  | 410112736 |  | 476354806 |
| Strategic Total Return Fund | 77416 | 606538511 |  | 703989505 |
| Dynamic Convertible and Income Fund |  | 281216622 |  | 335160868 |
| Global Dynamic Income Fund | 10052047 | 423933440 |  | 557356662 |
| Global Total Return Fund | 2563281 | 105191481 |  | 129698593 |
| Long/Short Equity & Dynamic Income Trust | 250000 | 459100330 |  | 486578032 |

---

**Note 4 – Income Taxes**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUND | COST BASIS OF<br>INVESTMENTS | GROSS UNREALIZED<br>APPRECIATION | GROSS UNREALIZED<br>DEPRECIATION | NET UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) |
| Convertible Opportunities and Income Fund | $1131276497 | $37318104 | $(83456700) | $(46138596) |
| Convertible and High Income Fund | 1225027957 | 39954325 | (90669052) | (50714727) |
| Strategic Total Return Fund | 2869956334 | 1128357187 | (184585491) | 943771696 |
| Dynamic Convertible and Income Fund | 752126808 | 31057510 | (60227949) | (29170439) |
| Global Dynamic Income Fund | 678568984 | 23939659 | (115757033) | (91817374) |
| Global Total Return Fund | 153515082 | 6758839 | (17677193) | (10918354) |
| Long/Short Equity & Dynamic Income Trust | 306727499 | 16015049 | (46116420) | (30101371) |

---

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

Each Fund intends to make monthly distributions from its income available for distribution, which consists of each Fund's dividends and interest income after payment of Fund expenses, and net realized gains on investments. At least annually, each Fund intends to distribute all or substantially all of its net realized capital gains, if any. Distributions are recorded on the ex-dividend date. Each Fund distinguishes between distributions on a tax basis and a financial reporting basis. U.S. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in-capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.

The tax character of distributions for the period ended April 30, 2025 will be determined at the end of each Fund's current fiscal year. Distributions during the fiscal period ended October 31, 2024 were characterized for federal income tax purposes as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **YEAR ENDED<br>OCTOBER 31, 2024** | **YEAR ENDED<br>OCTOBER 31, 2024** | **YEAR ENDED<br>OCTOBER 31, 2024** |
| FUND | ORDINARY<br>INCOME | LONG-TERM<br>CAPITAL GAIN | RETURN OF<br>CAPITAL |
| Convertible Opportunities and Income Fund | $31007658 | $21122266 | $38135660 |
| Convertible and High Income Fund | 33292859 | 19697006 | 44052948 |
| Strategic Total Return Fund | 55262635 | 154035131 |  |
| Dynamic Convertible and Income Fund | 15354273 | 29524508 | 20818282 |
| Global Dynamic Income Fund | 40678745 |  |  |
| Global Total Return Fund | 9967658 |  |  |
| Long/Short Equity & Dynamic Income Trust | 32982086 |  |  |

---

As of October 31, 2024, the components of accumulated earnings/(loss) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | CONVERTIBLE<br>OPPORTUNITIES<br>AND INCOME FUND | CONVERTIBLE AND<br>HIGH INCOME<br>FUND | STRATEGIC<br>TOTAL<br>RETURN FUND | DYNAMIC<br>CONVERTIBLE AND<br>INCOME FUND |
| Undistributed ordinary income | $— | $— | $— | $— |
| Undistributed capital gains |  |  | 4715889 |  |
| Total undistributed earnings |  |  | 4715889 |  |
| Accumulated capital and other losses |  |  |  | (1165794) |
| Net unrealized gains/(losses) | (46262108) | (51447600) | 935850921 | (28198604) |
| Total accumulated earnings/(losses) | (46262108) | (51447600) | 940566810 | (29364398) |
| Other | (132611) | (139715) | (14771566) |  |
| Paid-in-capital | 805601157 | 871169523 | 1889490143 | 546361881 |
| Net assets applicable to common shareholders | $759206438 | $819582208 | $2815285387 | $516997483 |

---

---

| | | | |
|:---|:---|:---|:---|
| | GLOBAL DYNAMIC<br>INCOME FUND | GLOBAL TOTAL<br>RETURN FUND | LONG/SHORT<br>EQUITY & DYNAMIC<br>INCOME TRUST |
| Undistributed ordinary income | $8036083 | $1740368 | $10478611 |
| Undistributed capital gains |  |  |  |
| Total undistributed earnings | 8036083 | 1740368 | 10478611 |
| Accumulated capital and other losses |  |  |  |
| Net unrealized gains/(losses) | (60372145) | (310779) | (50638911) |
| Total accumulated earnings/(losses) | (52336062) | 1429589 | (40160300) |
| Other | (402031) | (282049) | (8257962) |
| Paid-in-capital | 546071159 | 114769615 | 392628183 |
| Net assets applicable to common shareholders | $493333066 | $115917155 | $344209921 |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

**Note 5 – Short Sales**

Calamos Global Dynamic Income Fund and Calamos Long/Short Equity & Dynamic Income Trust may sell securities short. Securities sold short represent obligations to deliver the securities at a future date. Each Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statements of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

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

**Note 6 – Derivative Instruments**

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

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

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Each Fund's net counterparty exposure, if any, is reflected in the Schedules of Investments. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts.

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

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

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

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. As of April 30, 2025, the Funds had outstanding purchased options and/or written options as listed on the Schedules of Investments.

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

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

As of April 30, 2025, the Funds had no outstanding interest rate swap agreements.

As of April 30, 2025, the Funds had outstanding derivative contracts which are reflected on the Statements of Assets and Liabilities as follows:

---

| | | |
|:---|:---|:---|
| | ASSET<br>DERIVATIVES | LIABILITY<br>DERIVATIVES |
| | **CONVERTIBLE OPPORTUNITIES AND<br>INCOME FUND** | **CONVERTIBLE OPPORTUNITIES AND<br>INCOME FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(1)</sup> | $9750 | $— |
|  | $9750 | $— |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

---

| | | |
|:---|:---|:---|
| | **CONVERTIBLE AND<br>HIGH INCOME FUND** | **CONVERTIBLE AND<br>HIGH INCOME FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(1)</sup> | $10500 | $— |
|  | $10500 | $— |
|  | ASSET<br>DERIVATIVES | LIABILITY<br>DERIVATIVES |
|  | **STRATEGIC TOTAL RETURN FUND** | **STRATEGIC TOTAL RETURN FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(1)</sup> | $3297250 | $— |
| Exchange-Traded Written Options <sup>(2)</sup> |  | 37993 |
|  | $3297250 | $37993 |
|  | **DYNAMIC CONVERTIBLE AND<br>INCOME FUND** | **DYNAMIC CONVERTIBLE AND<br>INCOME FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(1)</sup> | $8250 | $— |
|  | $8250 | $— |
|  | **GLOBAL DYNAMIC INCOME FUND** | **GLOBAL DYNAMIC INCOME FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(1)</sup> | $6231725 | $— |
| Exchange-Traded Written Options<sup>(2)</sup> |  | 85635 |
| Forward foreign currency contracts<sup>(3)</sup> |  | 264 |
|  | $6231725 | $85899 |
|  | **GLOBAL TOTAL RETURN FUND** | **GLOBAL TOTAL RETURN FUND** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(1)</sup> | $1556990 | $— |
| Exchange-Traded Written Options<sup>(2)</sup> |  | 20955 |
| Forward foreign currency contracts<sup>(3)</sup> |  | 63 |
|  | $1556990 | $21018 |
|  | **LONG/SHORT EQUITY & DYNAMIC<br>INCOME TRUST** | **LONG/SHORT EQUITY & DYNAMIC<br>INCOME TRUST** |
| **Gross amounts at fair value:** | **Gross amounts at fair value:** | **Gross amounts at fair value:** |
| Exchange-Traded Purchased Options<sup>(1)</sup> | $8696560 | $— |
| Exchange-Traded Written Options<sup>(2)</sup> |  | 5237123 |
|  | $8696560 | $5237123 |

---

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
| FUND | FORWARD<br>FOREIGN<br>CURRENCY<br>CONTRACTS<sup>(3)</sup> | PURCHASED<br>OPTIONS<sup>(1)</sup> | WRITTEN<br>OPTIONS<sup>(2)</sup> |
| Convertible Opportunities and Income Fund |  | 430 | 166 |
| Convertible and High Income Fund |  | 470 | 185 |
| Strategic Total Return Fund |  | 20825 | 975 |
| Dynamic Convertible and Income Fund |  | 380 | 150 |
| Global Dynamic Income Fund | 883035 | 58646 | 1025 |
| Global Total Return Fund | 217407 | 15679 | 209 |
| Long/Short Equity & Dynamic Income Trust |  | 155634 | 180907 |

---

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

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

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

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

**Note 7 – Notes Payable**

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

---

| | |
|:---|:---|
| FUND | BORROWING<br>LIMIT<br>(IN MILLIONS) |
| Convertible Opportunities and Income Fund | $430.0 |
| Convertible and High Income Fund | 480.0 |
| Strategic Total Return Fund | 1130.0 |
| Dynamic Convertible and Income Fund | 370.0 |
| Global Dynamic Income Fund | 265.0 |
| Global Total Return Fund | 55.0 |
| Long/Short Equity & Dynamic Income Trust | 150.0 |

---

Advances under the SSB Agreement are secured by assets of the Funds that are held with the Funds' custodian in a separate account (the "pledged collateral"). Interest on the SSB Agreement was charged on the drawn amount at the rate of OBFR

www.calamos.com

------

Notes to Financial Statements (Unaudited)

plus 0.52% during the period ended April 30, 2025. A commitment fee of 0.10% is payable on any undrawn balance. For the period ended April 30, 2025, the Funds borrowed according to the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| FUND | AVERAGE<br>BORROWINGS<br>(IN MILLIONS) | AVERAGE<br>INTEREST RATE | TOTAL OUTSTANDING<br>BORROWINGS<br>(IN MILLIONS) | INTEREST RATE<br>APPLICABLE<br>TO BORROWINGS |
| Convertible Opportunities and Income Fund | $312.9 | 4.99% | $291.7 | 4.85% |
| Convertible and High Income Fund | 338.8 | 4.99% | 313.9 | 4.85% |
| Strategic Total Return Fund | 981.7 | 4.99% | 1000.0 | 4.85% |
| Dynamic Convertible and Income Fund | 208.3 | 5.00% | 185.3 | 4.85% |
| Global Dynamic Income Fund | 204.9 | 5.00% | 136.1 | 4.85% |
| Global Total Return Fund | 47.5 | 5.00% | 34.6 | 4.85% |
| Long/Short Equity & Dynamic Income Trust | 120.0 | 4.99% | 120.0 | 4.85% |

---

Under the terms of the SSB Agreement, all securities lent through SSB must be secured continuously by collateral received in cash. Cash collateral received by SSB on behalf of the Fund is deposited by SSB in a custodial account of the Fund and then applied to repay borrowings under the SSB Agreement, such that the cash advanced to the Fund remains unchanged. The securities on loan are collateralized by cash collateral received and not securities as disclosed in the Statement of Assets and Liabilities and the Schedule of Investments. The contractual maturity of the collateral received under the securities lending agreement is classified as overnight and continuous. Upon termination of a securities loan, SSB will advance to the Fund the cash collateral required to be returned by the Fund, or secure the appropriate amount through one or more securities lending transactions as the Fund's agent, and deposit the amount to a custodial account of the Fund and then subsequently return such amount to the securities borrower against return of the securities on loan. Again, the net cash to the Fund is unaltered. Only the composition of the advance is changed, and regardless of the composition of advances as between cash collateral for securities lending transactions or borrowings from SSB, they are not reflected separately in the Statements of Assets and Liabilities but as a component of the Notes Payable. The Fund has the right to recall securities which have been lent at any time. The securities lending arrangement with SSB involves characteristics common in arm's length relationships in which one party may benefit at the expense of the other party. As of April 30, 2025, the Funds had securities on loan under the SSB Agreement which are reflected in the Investment in securities, at value on the Statement of Assets and Liabilities and are shown in the table below. The borrowings are categorized as Level 2 within the fair value hierarchy.

The composition of the securities on loan was as follows:

---

| | | | |
|:---|:---|:---|:---|
| FUND | SECURITIES<br>ON LOAN<br>(IN MIILIONS) | FIXED INCOME<br>SECURITIES<br>(IN MILLIONS) | EQUITY<br>SECURITIES<br>(IN MILLIONS) |
| Convertible Opportunities and Income Fund | $40.1 | $35.7 | $4.4 |
| Convertible and High Income Fund | 52.7 | 42.7 | 10.0 |
| Strategic Total Return Fund | 531.6 | 104.1 | 427.5 |
| Dynamic Convertible and Income Fund | 11.4 | 11.3 | 0.1 |
| Global Dynamic Income Fund | 62.1 | 18.3 | 43.8 |
| Global Total Return Fund | 18.1 | 4.4 | 13.7 |
| Long/Short Equity & Dynamic Income Trust | 3.8 | 3.3 | 0.5 |

---

**Note 8 – Mandatory Redeemable Preferred Shares**

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

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

**CONVERTIBLE OPPORTUNITIES AND INCOME FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SERIES | ISSUE<br>DATE | TERM<br>REDEMPTION<br>DATE | DIVIDEND<br>RATE | SHARES<br>(000'S) | LIQUIDATION<br>PREFERENCE<br>PER SHARE | AGGREGATE<br>LIQUIDATION<br>PREFERENCE |
| Series C | 9/6/17 | 9/6/27 | 4.24% | 1340 | $25 | $33500000 |
| Series D | 8/24/21 | 8/24/26 | 2.45% | 1320 | $25 | $33000000 |
| Series E | 3/8/22 | 5/24/27 | 2.68% | 1330 | $25 | $33250000 |
| Series G | 9/9/24 | 9/9/29 | 6.24% | 1320 | $25 | $33000000 |
| *Total* | *Total* | *Total* | *Total* | *Total* | *Total* | $132750000 |

---

**CONVERTIBLE AND HIGH INCOME FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SERIES | ISSUE<br>DATE | TERM<br>REDEMPTION<br>DATE | DIVIDEND<br>RATE | SHARES<br>(000'S) | LIQUIDATION<br>PREFERENCE<br>PER SHARE | AGGREGATE<br>LIQUIDATION<br>PREFERENCE |
| Series C | 9/6/17 | 9/6/27 | 4.24% | 1480 | $25 | $37000000 |
| Series D | 8/24/21 | 8/24/26 | 2.45% | 1400 | $25 | $35000000 |
| Series E | 3/8/22 | 5/24/27 | 2.68% | 1460 | $25 | $36500000 |
| Series G | 9/9/24 | 9/9/29 | 6.24% | 1440 | $25 | $36000000 |
| *Total* | *Total* | *Total* | *Total* | *Total* | *Total* | $144500000 |

---

**STRATEGIC TOTAL RETURN FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SERIES | ISSUE<br>DATE | TERM<br>REDEMPTION<br>DATE | DIVIDEND<br>RATE | SHARES<br>(000'S) | LIQUIDATION<br>PREFERENCE<br>PER SHARE | AGGREGATE<br>LIQUIDATION<br>PREFERENCE |
| Series C | 9/6/17 | 9/6/27 | 4.24% | 3240 | $25 | $81000000 |
| Series D | 8/24/21 | 8/24/26 | 2.45% | 2480 | $25 | $62000000 |
| Series F | 5/24/22 | 5/24/27 | 3.66% | 4000 | $25 | $100000000 |
| Series G | 9/9/24 | 9/9/29 | 6.24% | 3200 | $25 | $80000000 |
| *Total* | *Total* | *Total* | *Total* | *Total* | *Total* | $323000000 |

---

**DYNAMIC CONVERTIBLE AND INCOME FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SERIES | ISSUE<br>DATE | TERM<br>REDEMPTION<br>DATE | DIVIDEND<br>RATE | SHARES<br>(000'S) | LIQUIDATION<br>PREFERENCE<br>PER SHARE | AGGREGATE<br>LIQUIDATION<br>PREFERENCE |
| Series C | 9/6/17 | 9/6/27 | 4.24% | 860 | $25 | $21500000 |
| Series D | 8/24/21 | 8/24/26 | 2.45% | 1120 | $25 | $28000000 |
| Series E | 3/8/22 | 5/24/27 | 2.68% | 850 | $25 | $21250000 |
| Series G | 9/9/24 | 9/9/29 | 6.24% | 840 | $25 | $21000000 |
| *Total* | *Total* | *Total* | *Total* | *Total* | *Total* | $91750000 |

---

**GLOBAL DYNAMIC INCOME FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SERIES | ISSUE<br>DATE | TERM<br>REDEMPTION<br>DATE | DIVIDEND<br>RATE | SHARES<br>(000'S) | LIQUIDATION<br>PREFERENCE<br>PER SHARE | AGGREGATE<br>LIQUIDATION<br>PREFERENCE |
| Series C | 9/6/17 | 9/6/27 | 4.24% | 880 | $25 | $22000000 |
| Series D | 8/24/21 | 8/24/26 | 2.45% | 200 | $25 | $5000000 |
| Series E | 3/8/22 | 5/24/27 | 2.68% | 860 | $25 | $21500000 |
| *Total* | *Total* | *Total* | *Total* | *Total* | *Total* | $48500000 |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

**GLOBAL TOTAL RETURN FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SERIES | ISSUE<br>DATE | TERM<br>REDEMPTION<br>DATE | DIVIDEND<br>RATE | SHARES<br>(000'S) | LIQUIDATION<br>PREFERENCE<br>PER SHARE | AGGREGATE<br>LIQUIDATION<br>PREFERENCE |
| Series C | 9/6/17 | 9/6/27 | 4.24% | 160 | $25 | $4000000 |
| Series D | 8/24/21 | 8/24/26 | 2.45% | 200 | $25 | $5000000 |
| Series E | 3/8/22 | 5/24/27 | 2.68% | 160 | $25 | $4000000 |
| *Total* | *Total* | *Total* | *Total* | *Total* | *Total* | $13000000 |

---

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

During the period ended April 30, 2025, all MRPS were rated `AA-' by Kroll Bond Rating Agency LLC ("KBRA"). If the ratings of the MRPS are downgraded, each Fund's dividend expense may increase, as described below.

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

With regard to the Series C MRPS, so long as any MRPS are outstanding, a Fund will not declare, pay or set apart for payment any dividend or other distribution (other than non-cash distributions) with respect to Fund shares ranking junior to or on parity with the MRPS, unless (1) the Fund has satisfied the MRPS Overcollateralization Test (as defined below) on at least one "valuation date" in the preceding 65 calendar days, (2) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test (as defined below), (3) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the holders of MRPS and (4) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption or deposited sufficient monies with the Fund's paying agent for that purpose, subject to certain grace periods and exceptions.

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

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

In accordance with that certain Statement of Preferences governing the Series D, E, F and G MRPS, for so long as any MRPS are outstanding, a Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRPS as to dividends or upon liquidation (collectively "non-cash distributions") with respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRPS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRPS as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the MRPS as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test, (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the Holders of MRPS, and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Notes to Financial Statements (Unaudited)

provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code ("Tax Required Payments"). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of MRPS.

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

**Note 9 – Common Shares**

Each Fund has unlimited common shares of beneficial interest authorized at April 30, 2025. Transactions in common shares for each fund at April 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE OPPORTUNITIES AND INCOME FUND** | SIX MONTHS ENDED<br>APRIL 30, 2025 | YEAR ENDED<br>OCTOBER 31, 2024 |
| Beginning shares | 75582242 | 74818167 |
| Shares sold | 1656285 |  |
| Shares issued through reinvestment of distributions | 375183 | 764075 |
| Ending shares | 77613710 | 75582242 |

---

---

| | | |
|:---|:---|:---|
| **CONVERTIBLE AND HIGH INCOME FUND** | SIX MONTHS ENDED<br>APRIL 30, 2025 | YEAR ENDED<br>OCTOBER 31, 2024 |
| Beginning shares | 77113129 | 76379270 |
| Shares sold | 1653833 |  |
| Shares issued through reinvestment of distributions | 373322 | 733859 |
| Ending shares | 79140284 | 77113129 |

---

---

| | | |
|:---|:---|:---|
| **STRATEGIC TOTAL RETURN FUND** | SIX MONTHS ENDED<br>APRIL 30, 2025 | YEAR ENDED<br>OCTOBER 31, 2024 |
| Beginning shares | 160369635 | 160335126 |
| Shares sold |  |  |
| Shares issued through reinvestment of distributions |  | 34509 |
| Ending shares | 160369635 | 160369635 |

---

---

| | | |
|:---|:---|:---|
| **DYNAMIC CONVERTIBLE AND INCOME FUND** | SIX MONTHS ENDED<br>APRIL 30, 2025 | YEAR ENDED<br>OCTOBER 31, 2024 |
| Beginning shares | 26877415 | 26644318 |
| Shares sold |  |  |
| Shares issued through reinvestment of distributions | 177519 | 233097 |
| Ending shares | 27054934 | 26877415 |

---

---

| | | |
|:---|:---|:---|
| **GLOBAL DYNAMIC INCOME FUND** | SIX MONTHS ENDED<br>APRIL 30, 2025 | YEAR ENDED<br>OCTOBER 31, 2024 |
| Beginning shares | 63864387 | 63864387 |
| Shares sold |  |  |
| Shares issued through reinvestment of distributions |  |  |
| Ending shares | 63864387 | 63864387 |

---

www.calamos.com

------

Notes to Financial Statements (Unaudited)

---

| | | |
|:---|:---|:---|
| **GLOBAL TOTAL RETURN FUND** | SIX MONTHS ENDED<br>APRIL 30, 2025 | YEAR ENDED<br>OCTOBER 31, 2024 |
| Beginning shares | 9827294 | 9825838 |
| Shares sold |  |  |
| Shares issued through reinvestment of distributions |  | 1456 |
| Ending shares | 9827294 | 9827294 |

---

---

| | | |
|:---|:---|:---|
| **LONG/SHORT EQUITY & DYNAMIC INCOME TRUST** | SIX MONTHS ENDED<br>APRIL 30, 2025 | YEAR ENDED<br>OCTOBER 31, 2024 |
| Beginning shares | 19632194 | 19632194 |
| Shares sold |  |  |
| Shares issued through reinvestment of distributions |  |  |
| Ending shares | 19632194 | 19632194 |

---

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

The Funds also may offer and sell common shares from time to time at an offering price equal to or in excess of the net asset value per share of each Fund's common shares at the time such common shares are initially sold. For the period ended April 30, 2025, the Funds sold shares according to the table below:

---

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

---

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Report of Independent Registered Public Accounting Firm

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

**Results of Review of Interim Financial Information**

We have reviewed the accompanying statements of assets and liabilities of Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust (the "Funds"), including the schedules of investments, as of April 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for the six month period then ended, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statements of changes in net assets of the Funds and the financial highlights for each of the periods listed in the table below; and in our report dated December 18, 2024, we expressed an unqualified opinion on such statements of changes in net assets and financial highlights.

---

| | | |
|:---|:---|:---|
| **Individual Fund Comprising the<br>Calamos Investment Trust** | **Statement of Changes in Net Assets** | **Financial Highlights** |
| Calamos Convertible Opportunities and Income Fund, and Calamos Convertible and High Income Fund | For the years ended October 31, 2024 and 2023 | For the years ended October 31, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, and 2015 |
| Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, and Calamos Global Total Return Fund | For the years ended October 31, 2024 and 2023 | For the years ended October 31, 2024, 2023, 2022, 2021, and 2020 |
| Calamos Long/Short Equity & Dynamic Income Trust | For the years ended October 31, 2024 and 2023 | For the years ended October 31, 2024, 2023, 2022, 2021, and the period from November 29, 2019 (commencement of operations) through October 31, 2020 |

---

**Basis for Review Results**

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

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.

![j25160456_ia013.jpg](j25160456_ia013.jpg)

June 23, 2025

Chicago, Illinois

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

www.calamos.com

------

About Closed-End Funds

What is a Closed-End Fund?

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

Potential Advantages of Closed-End Fund Investing

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

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

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

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

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

• No Minimum Investment Requirements

OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS

---

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

---

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

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Level Rate Distribution Policy

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

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

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

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

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

Managed Distribution Policy

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

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

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

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

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

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

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

www.calamos.com

------

Automatic Dividend Reinvestment Plan

Maximizing Investment with an Automatic Dividend Reinvestment Plan

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

Potential Benefits

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

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

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

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

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

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

Automatic Dividend Reinvestment Plan

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

A participant may request the sale of all of the common shares held by the Plan Agent in his or her Plan account in order to terminate participation in the Plan. If such participant elects in advance of such termination to have the Plan Agent sell part or all of his shares, the Plan Agent is authorized to deduct from the proceeds a $15 fee plus the brokerage commissions incurred for the transaction. A participant may re-enroll in the Plan in limited circumstances.

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

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

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

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

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

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

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

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

www.calamos.com

------

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

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

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

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

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

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

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

• a majority or more of all voting power.

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

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

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

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

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS SEMIANNUAL REPORT

------

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

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

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

www.calamos.com

------

This page intentionally left blank.

------

**MANAGING YOUR CALAMOS FUNDS INVESTMENTS**

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

**PERSONAL ASSISTANCE: 866.363.9219**

Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund.

**ONLINE ACCOUNT MANAGEMENT: www.calamos.com**

Manage your personal account of Calamos Funds online at www.calamos.com. On your account access page, you can view account history and download data.

**YOUR FINANCIAL ADVISOR**

We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

------

A description of the Calamos Proxy Voting Policies and Procedures and the Funds' proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 866.363.9219, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds' proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

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

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

**FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 866.226.8016**

**TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 866.363.9219**

**VISIT OUR WEB SITE: www.calamos.com**

**INVESTMENT ADVISER: Calamos Advisors LLC 2020 Calamos Court Naperville, IL 60563-2787**

**CUSTODIAN AND FUND ACCOUNTING AGENT: State Street Bank and Trust Company Boston, MA**

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

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

**LEGAL COUNSEL: Ropes & Gray LLP Chicago, IL**

![j25160456_za014.jpg](j25160456_za014.jpg)

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

![j25160456_za015.jpg](j25160456_za015.jpg)

2020 Calamos Court

Naperville, IL 60563-2787

866.363.9219 www.calamos.com© 2025 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.

CEFSAR 822293 043025

------

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

**Item 2. Code of Ethics**

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

**Item 3. Audit Committee Financial Expert**

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

**Item 4. Principal Accountant Fees and Services**

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

**Item 5. Audit Committee of Listed Registrants**

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

**Item 6. Investments**

(a) Not applicable. The complete schedule of investments is included in the financial statements filed under Item 1 of the N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) Not applicable.

(b) Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

The information required by this Item 12 is only required in an annual report on this Form N-CSR.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

(a)(1) The information required by this Item 13 is only required in an annual report on this Form N-CSR.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 16. Controls and Procedure**

a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure
controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures
were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded,
processed, summarized, and timely reported.

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

---

| | |
|:---|:---|
| (a)(1) | Gross income from securities lending activities: $0 |
| (a)(2) | Fees and/or compensation for: |
|  | Any share of revenue generated by the securities lending program paid to the securities lending agent: $0 |
|  | Rebates paid to borrower: $0 |
| (a)(3) | Aggregate fees and/or compensation $0 |
| (a)(4) | Net income from securities lending activities: $0 |

---

(b) Under the terms of an Amended and Restated Liquidity Agreement (the "Agreement") with State Street Bank and Trust Company ("SSB"), all securities lent through SSB must be secured continuously by collateral received in cash. Cash collateral held by SSB on behalf of the Fund may be credited against the amounts borrowed under the Agreement. Any amounts credited against borrowings under the Agreement would count against the Fund's leverage limitations under the 1940 Act, unless otherwise covered in accordance with SEC Release IC-10666. Under the terms of the Agreement, SSB will return the value of the collateral to the borrower at the termination of the selected securities loan(s), which will eliminate the credit against the borrowings under the Agreement and will cause the amount drawn under the Agreement to increase in an amount equal to the returned collateral. The Fund is obligated to make payment to the entity in the event SSB is unable to return the value of the collateral. The Fund would continue to be entitled to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned. The Fund may pay reasonable fees to persons unaffiliated with the Fund for services in arranging these loans. The Fund has the right to call a loan and obtain the securities loaned at any time.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

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

(a)(2) Not applicable

[(a)(3)(i) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2516045d4_ex99-cert.htm)

[(a)(3)(ii) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2516045d4_ex99-906cert.htm)

(a)(3)(iii) Not applicable

(a)(4) Not applicable

(a)(5) Not applicable

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Calamos Strategic Total Return Fund

---

| | |
|:---|:---|
| By: | /s/ John P. Calamos, Sr. |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | June 27, 2025 |
| By: | /s/ Thomas E. Herman |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | June 27, 2025 |

---

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

---

| | |
|:---|:---|
| By: | /s/ John P. Calamos, Sr. |
| Name: | John P. Calamos, Sr. |
| Title: | Principal Executive Officer |
| Date: | June 27, 2025 |
| By: | /s/ Thomas E. Herman |
| Name: | Thomas E. Herman |
| Title: | Principal Financial Officer |
| Date: | June 27, 2025 |

---

## Ex-99.Cert

**EX-99.CERT**

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, John P. Calamos, Sr., certify that:

1. I have reviewed this report on Form N-CSR of Calamos Strategic Total Return Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 27, 2025

---

| |
|:---|
| /s/ John P. Calamos, Sr. |
| Principal Executive Officer |

---

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Thomas E. Herman, certify that:

1. I have reviewed this report on Form N-CSR of Calamos Strategic Total Return Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 27, 2025

---

| |
|:---|
| /s/ Thomas E. Herman |
| Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

SECTION 906 CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, each of the undersigned officers of Calamos Strategic Total Return Fund (the "Company"), hereby certifies, to his knowledge, that the Company's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 27, 2025

---

| |
|:---|
| /s/ John P. Calamos, Sr. |
| Name: John P. Calamos, Sr. |
| Title: Principal Executive Officer |

---

---

| |
|:---|
| /s/ Thomas E. Herman |
| Name: Thomas E. Herman |
| Title: Principal Financial Officer |

---

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act of 1934.

A signed original of this certificate required by Section 906 has been provided to Calamos Strategic Total Return Fund and will be retained by Calamos Strategic Total Return Fund and furnished to the Securities and Exchange Commission or staff upon request.