# EDGAR Filing Document

**Accession Number:** 0001222719
**File Stem:** 0001410368-25-012708
**Filing Date:** 2025-9
**Character Count:** 877603
**Document Hash:** 437ef81b0300901315b02c9bbe5670bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-012708.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001410368-25-012708

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALAMOS CONVERTIBLE & HIGH INCOME FUND
- **CENTRAL INDEX KEY:** 0001222719

**ORGANIZATION NAME:**
- **EIN:** 020683363
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21319
- **FILM NUMBER:** 251352744

**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

## Nport-Ex

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| **Asset Backed Security (0.1%)** | **Asset Backed Security (0.1%)** |  |
|  | **Other (0.1)%** |  |
| 765000 | &nbsp;&nbsp;&nbsp;SVC ABS LLC Series 2023-1A, Class C\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 02/20/53 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $728,665) | $736199 |
| **Corporate Bonds (36.4%)** | **Corporate Bonds (36.4%)** |  |
|  | **Airlines (0.4)%** |  |
| 744341 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\*µ |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | 742725 |
| 182142 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 182381 |
| 843880 | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust Series 2021-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 01/11/32 | 797357 |
| 756155 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2021-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;3.900%, 03/15/33 | 720676 |
| 848231 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2020-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/15/30 | 852261 |
|  |  | 3295400 |
|  | **Communication Services (3.3%)** |  |
| 1160000 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/15/29 | 1123448 |
| 360000 | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% | 365861 |
| 856000 | &nbsp;&nbsp;&nbsp;Cincinnati Bell Telephone Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.300%, 12/01/28 | 839659 |
|  | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* |  |
| 522000 | &nbsp;&nbsp;&nbsp;7.500%, 03/15/33 | 520857 |
| 475000 | &nbsp;&nbsp;&nbsp;7.875%, 04/01/30 | 489264 |
| 425000 | &nbsp;&nbsp;&nbsp;9.000%, 09/15/28^ | 445443 |
| 1345000 | &nbsp;&nbsp;&nbsp;Consolidated Communications, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | 1367260 |
|  | &nbsp;&nbsp;&nbsp;CSC Holdings LLC\* |  |
| 1590000 | &nbsp;&nbsp;&nbsp;4.500%, 11/15/31 | 1061738 |
| 1550000 | &nbsp;&nbsp;&nbsp;4.625%, 12/01/30 | 726810 |
| 852000 | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 08/15/27 | 847587 |
| 1475000 | &nbsp;&nbsp;&nbsp;Frontier California, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 05/15/27 | 1503394 |
| 239000 | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/15/30 | 250737 |
| 1519000 | &nbsp;&nbsp;&nbsp;Frontier Florida LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.860%, 02/01/28 | 1585988 |
| 1445000 | &nbsp;&nbsp;&nbsp;Frontier North, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.730%, 02/15/28 | 1491197 |
| 835000 | &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 784700 |
|  | &nbsp;&nbsp;&nbsp;Gray Media, Inc.\* |  |
| 475000 | &nbsp;&nbsp;&nbsp;7.250%, 08/15/33 | 472787 |
| 475000 | &nbsp;&nbsp;&nbsp;5.375%, 11/15/31^ | 351229 |
| 955000 | &nbsp;&nbsp;&nbsp;Hughes Satellite Systems Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/01/26 | 884196 |
|  | &nbsp;&nbsp;&nbsp;iHeartCommunications, Inc.\* |  |
| 476000 | &nbsp;&nbsp;&nbsp;10.875%, 05/01/30 | 238562 |
| 315950 | &nbsp;&nbsp;&nbsp;7.750%, 08/15/30 | 247623 |
| 615000 | &nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/27 | 472517 |
|  | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. |  |
| 720000 | &nbsp;&nbsp;&nbsp;7.600%, 09/15/39^ | 616514 |
| 712875 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32\* | 725336 |
| 930000 | &nbsp;&nbsp;&nbsp;Paramount Global |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 08/15/44 | 733156 |
| 336000 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 09/15/25 | 336349 |
|  | &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.‡ |  |
| 830000 | &nbsp;&nbsp;&nbsp;7.125%, 04/15/55^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.62% | 847314 |
| 595000 | &nbsp;&nbsp;&nbsp;7.000%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 609441 |
|  | &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc.\* |  |
| 477000 | &nbsp;&nbsp;&nbsp;3.875%, 01/15/29^ | 424005 |
| 239000 | &nbsp;&nbsp;&nbsp;5.375%, 01/15/31 | 176480 |
| 330000 | &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 07/15/27 | 330000 |
| 480000 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 02/15/33 | 491117 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC\* |  |
| 1189000 | &nbsp;&nbsp;&nbsp;3.875%, 09/01/31^ | 1049578 |
| 770000 | &nbsp;&nbsp;&nbsp;5.500%, 07/01/29 | 761014 |
| 475000 | &nbsp;&nbsp;&nbsp;3.125%, 09/01/26 | 464778 |
| 473000 | &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/01/27 | 294589 |
| 485000 | &nbsp;&nbsp;&nbsp;TELUS Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 491470 |
|  | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |
| 715000 | &nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 736150 |
| 385000 | &nbsp;&nbsp;&nbsp;7.300%, 07/01/38 | 416019 |
| 378000 | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 399735 |
|  | &nbsp;&nbsp;&nbsp;Univision Communications, Inc.\* |  |
| 489000 | &nbsp;&nbsp;&nbsp;8.000%, 08/15/28 | 502760 |
| 480000 | &nbsp;&nbsp;&nbsp;8.500%, 07/31/31 | 488126 |
|  |  | 26964788 |
|  | **Consumer Discretionary (7.6%)** |  |
| 1430000 | &nbsp;&nbsp;&nbsp;Adams Homes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 10/15/28 | 1481580 |
|  | &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd.\* |  |
| 1255000 | &nbsp;&nbsp;&nbsp;8.250%, 04/15/31^ | 1312705 |
| 475000 | &nbsp;&nbsp;&nbsp;7.500%, 02/15/33 | 484757 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.\* |  |
| 422000 | &nbsp;&nbsp;&nbsp;7.000%, 08/01/30 | 424439 |
| 237000 | &nbsp;&nbsp;&nbsp;7.375%, 08/01/33 | 238244 |
| 1500000 | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.39% | 1512960 |
|  | &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co.\* |  |
| 837000 | &nbsp;&nbsp;&nbsp;4.625%, 08/01/29 | 796724 |
| 475000 | &nbsp;&nbsp;&nbsp;6.875%, 08/01/33 | 474820 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |
| 1264000 | &nbsp;&nbsp;&nbsp;6.694%, 01/15/27 | 1296788 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 720000 | &nbsp;&nbsp;&nbsp;6.875%, 11/01/35 | $742003 |
| 180000 | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30\* | 184495 |
| 600000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;10.000%, 07/15/33 | 626238 |
|  | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* |  |
| 817000 | &nbsp;&nbsp;&nbsp;6.000%, 10/15/32^ | 789385 |
| 604000 | &nbsp;&nbsp;&nbsp;4.625%, 10/15/29^ | 571438 |
| 180000 | &nbsp;&nbsp;&nbsp;7.000%, 02/15/30 | 185846 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp.\*µ |  |
| 481000 | &nbsp;&nbsp;&nbsp;4.000%, 08/01/28 | 467537 |
| 60000 | &nbsp;&nbsp;&nbsp;7.000%, 08/15/29 | 63113 |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp.\* |  |
| 2090000 | &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 | 1986315 |
| 1905000 | &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 | 1890484 |
| 1685000 | &nbsp;&nbsp;&nbsp;4.500%, 08/15/30 | 1578171 |
| 1100000 | &nbsp;&nbsp;&nbsp;6.375%, 09/01/29 | 1110681 |
| 951000 | &nbsp;&nbsp;&nbsp;4.250%, 02/01/31 | 868415 |
| 565000 | &nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 555028 |
| 478000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/32^ | 441801 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs, Inc.\* |  |
| 478000 | &nbsp;&nbsp;&nbsp;6.750%, 05/01/31 | 488760 |
| 478000 | &nbsp;&nbsp;&nbsp;5.750%, 04/01/30 | 477460 |
|  | &nbsp;&nbsp;&nbsp;Dana, Inc. |  |
| 960000 | &nbsp;&nbsp;&nbsp;4.500%, 02/15/32^ | 937296 |
| 790000 | &nbsp;&nbsp;&nbsp;4.250%, 09/01/30 | 777866 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |
| 470000 | &nbsp;&nbsp;&nbsp;5.125%, 06/01/29 | 344989 |
| 356000 | &nbsp;&nbsp;&nbsp;7.375%, 07/01/28 | 273728 |
| 946000 | &nbsp;&nbsp;&nbsp;DISH Network Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 986016 |
| 1365000 | &nbsp;&nbsp;&nbsp;Empire Resorts, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 11/01/26 | 1349084 |
| 400000 | &nbsp;&nbsp;&nbsp;Flutter Treasury DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 06/04/31 | 403232 |
| 1000000 | &nbsp;&nbsp;&nbsp;Ford Motor Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.100%, 08/19/32 | 1001510 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |
| 1525000 | &nbsp;&nbsp;&nbsp;4.000%, 11/13/30 | 1402131 |
| 1245000 | &nbsp;&nbsp;&nbsp;7.200%, 06/10/30 | 1309379 |
| 1150000 | &nbsp;&nbsp;&nbsp;5.113%, 05/03/29 | 1125033 |
| 490000 | &nbsp;&nbsp;&nbsp;General Motors Co. |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 04/01/45 | 426114 |
|  | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
| 1700000 | &nbsp;&nbsp;&nbsp;9.250%, 12/01/28 | 1800147 |
| 859000 | &nbsp;&nbsp;&nbsp;7.625%, 07/01/29 | 885388 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |
| 1435000 | &nbsp;&nbsp;&nbsp;5.625%, 04/30/33^ | 1348010 |
| 515000 | &nbsp;&nbsp;&nbsp;5.250%, 07/15/31 | 489817 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc.\* |  |
| 600000 | &nbsp;&nbsp;&nbsp;6.375%, 01/15/30 | 612990 |
| 407000 | &nbsp;&nbsp;&nbsp;4.000%, 08/15/28 | 392783 |
| 190656 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 05/15/29 | 191552 |
| 1322000 | &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 744537 |
| 965000 | &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/30 | 133402 |
| 950000 | &nbsp;&nbsp;&nbsp;Life Time, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 11/15/31 | 957951 |
| 480000 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 09/01/31 | 500688 |
| 360000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 05/15/28 | 375520 |
| 616000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/15/27 | 617984 |
| 635000 | &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | 592398 |
|  | &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |
| 1205000 | &nbsp;&nbsp;&nbsp;4.300%, 02/15/43 | 797710 |
| 765000 | &nbsp;&nbsp;&nbsp;6.700%, 07/15/34\* | 659774 |
| 1860000 | &nbsp;&nbsp;&nbsp;MGM Resorts International^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 1891322 |
| 1219000 | &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 05/01/29 | 1175494 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |
| 475000 | &nbsp;&nbsp;&nbsp;8.500%, 06/01/28\* | 498760 |
| 475000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/32^ | 454884 |
| 500000 | &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/15/44 | 339345 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.\* |  |
| 849000 | &nbsp;&nbsp;&nbsp;4.750%, 05/01/29 | 824107 |
| 475000 | &nbsp;&nbsp;&nbsp;6.375%, 11/01/32 | 475276 |
| 1105000 | &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 07/01/29 | 1024722 |
| 1340000 | &nbsp;&nbsp;&nbsp;Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 09/01/29 | 810298 |
| 470000 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 08/15/34 | 206631 |
| 480000 | &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.375%, 05/01/29 | 507398 |
|  | &nbsp;&nbsp;&nbsp;Rite Aid Corp. |  |
| 1591000 | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26\*@ | 2 |
| 311198 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@ | 1556 |
| 289250 | &nbsp;&nbsp;&nbsp;0.000%, 10/18/25\* |  |
| 226639 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@!! | 1133 |
| 104539 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/31\*@!! | 7840 |
| 98500 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/34 |  |
| 950000 | &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 02/01/33 | 960155 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* |  |
| 119000 | &nbsp;&nbsp;&nbsp;6.250%, 03/15/32 | 122134 |
| 119000 | &nbsp;&nbsp;&nbsp;5.625%, 09/30/31 | 119932 |
| 875000 | &nbsp;&nbsp;&nbsp;Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/01/29 | 828949 |
| 1445000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 05/15/31 | 1472990 |
| 750000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 07/15/29 | 729788 |
| 610000 | &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 587357 |
| 698000 | &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 11/01/27 | 691208 |
| 705000 | &nbsp;&nbsp;&nbsp;Staples, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.750%, 09/01/29 | 661184 |
| 1005000 | &nbsp;&nbsp;&nbsp;Station Casinos LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/15/28 | 982789 |
| 950000 | &nbsp;&nbsp;&nbsp;STL Holding Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 02/15/29 | 988969 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 475000 | &nbsp;&nbsp;&nbsp;Under Armour, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 07/15/30 | $486600 |
| 240000 | &nbsp;&nbsp;&nbsp;Viking Cruises Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 07/15/31 | 258331 |
| 475000 | &nbsp;&nbsp;&nbsp;Voyager Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 07/01/32 | 502954 |
| 950000 | &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/15/33 | 937213 |
| 950000 | &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 04/14/30 | 921415 |
|  |  | 61957952 |
|  | **Consumer Staples (2.0%)** |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC\* |  |
| 1600000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/27 | 1589376 |
| 720000 | &nbsp;&nbsp;&nbsp;5.875%, 02/15/28 | 720634 |
| 950000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 964734 |
| 475000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 490181 |
|  | &nbsp;&nbsp;&nbsp;Brink's Co.\* |  |
| 475000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/32 | 489744 |
| 470000 | &nbsp;&nbsp;&nbsp;6.500%, 06/15/29 | 481651 |
| 1099000 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/30/31 | 1019158 |
| 1092000 | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/01/29 | 1034288 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.\* |  |
| 1331000 | &nbsp;&nbsp;&nbsp;4.375%, 03/31/29 | 1263372 |
| 240000 | &nbsp;&nbsp;&nbsp;6.500%, 12/31/27^ | 243600 |
| 269000 | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 04/01/33 | 275938 |
|  | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC\* |  |
| 813834 | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 632406 |
| 395909 | &nbsp;&nbsp;&nbsp;5.750%, 12/31/30 | 326154 |
| 621000 | &nbsp;&nbsp;&nbsp;New Albertsons LP |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 06/15/26 | 633811 |
| 400000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/31/32 | 404928 |
|  | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |
| 957000 | &nbsp;&nbsp;&nbsp;4.250%, 08/01/29 | 921093 |
| 237000 | &nbsp;&nbsp;&nbsp;6.125%, 09/15/32 | 241093 |
| 700000 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/15/31 | 669347 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* |  |
| 950000 | &nbsp;&nbsp;&nbsp;6.250%, 02/15/32 | 968762 |
| 712000 | &nbsp;&nbsp;&nbsp;6.375%, 03/01/33 | 714001 |
| 909000 | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 04/01/31 | 832689 |
| 710000 | &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.500%, 08/01/29 | 726309 |
| 815000 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/28 | 812824 |
|  |  | 16456093 |
|  | **Energy (4.9%)** |  |
|  | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC/ARU Finance Corp.\* |  |
| 950000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/32 | 967024 |
| 238000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/33 | 241575 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |
| 710000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/30\* | 736320 |
| 500000 | &nbsp;&nbsp;&nbsp;5.850%, 11/15/43 | 445750 |
| 356000 | &nbsp;&nbsp;&nbsp;6.875%, 07/01/29\* | 366627 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.\* |  |
| 938000 | &nbsp;&nbsp;&nbsp;8.750%, 07/01/31^ | 950025 |
| 473000 | &nbsp;&nbsp;&nbsp;9.625%, 06/15/33 | 486651 |
| 720000 | &nbsp;&nbsp;&nbsp;Continental Resources, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 06/01/44 | 566057 |
| 742000 | &nbsp;&nbsp;&nbsp;DT Midstream, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/29 | 715325 |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc.‡ |  |
| 724000 | &nbsp;&nbsp;&nbsp;7.375%, 03/15/55^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.12% | 755465 |
| 485000 | &nbsp;&nbsp;&nbsp;7.200%, 06/27/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.97% | 501063 |
| 1190000 | &nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/01/31 | 1316366 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP‡ |  |
| 915000 | &nbsp;&nbsp;&nbsp;7.575%, 11/01/66^ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.28% | 913152 |
| 700000 | &nbsp;&nbsp;&nbsp;6.500%, 11/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.69% | 704067 |
| 475000 | &nbsp;&nbsp;&nbsp;7.125%, 10/01/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.83% | 487474 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 719000 | &nbsp;&nbsp;&nbsp;8.875%, 04/15/30 | 760990 |
| 475000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/33 | 492850 |
| 1325000 | &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/01/29 | 1348890 |
| 950000 | &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 07/15/32 | 983145 |
| 950000 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/01/32 | 960725 |
| 960000 | &nbsp;&nbsp;&nbsp;Matador Resources Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 963014 |
| 360000 | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/28 | 332683 |
| 1019000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 01/31/30 | 1010145 |
| 715000 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/30/26 | 250557 |
| 1006000 | &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 02/01/28 | 1013243 |
| 600000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/30 | 640596 |
| 1425000 | &nbsp;&nbsp;&nbsp;Parkland Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 | 1455694 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC\* |  |
| 903000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/32 | 933928 |
| 237000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/33 | 238448 |
| 960000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.698%, 08/30/25 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.37% | 963178 |
| 960000 | &nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 03/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.95% | 992314 |
| 1306000 | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 10/31/29 | 1330265 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 475000 | &nbsp;&nbsp;&nbsp;Sunoco LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/33 | $481451 |
| 1580000 | &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/29 | 1540832 |
|  | &nbsp;&nbsp;&nbsp;Transocean, Inc.\* |  |
| 1304800 | &nbsp;&nbsp;&nbsp;8.750%, 02/15/30 | 1353704 |
| 950000 | &nbsp;&nbsp;&nbsp;8.250%, 05/15/29 | 898339 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC\* |  |
| 240000 | &nbsp;&nbsp;&nbsp;4.125%, 08/15/31 | 221784 |
| 240000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/29 | 226678 |
|  | &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.\* |  |
| 2125000 | &nbsp;&nbsp;&nbsp;9.000%, 09/30/29‡ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.44% | 2126849 |
| 1195000 | &nbsp;&nbsp;&nbsp;8.375%, 06/01/31 | 1235905 |
| 715000 | &nbsp;&nbsp;&nbsp;8.125%, 06/01/28 | 740618 |
| 499000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/30^ | 506510 |
| 480000 | &nbsp;&nbsp;&nbsp;9.875%, 02/01/32 | 518261 |
| 480000 | &nbsp;&nbsp;&nbsp;9.500%, 02/01/29 | 523613 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC\* |  |
| 950000 | &nbsp;&nbsp;&nbsp;6.500%, 01/15/34 | 977540 |
| 119000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/36 | 122451 |
| 950000 | &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 10/15/30 | 893275 |
| 1000000 | &nbsp;&nbsp;&nbsp;VOC Escrow Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/28 | 991660 |
| 1002000 | &nbsp;&nbsp;&nbsp;Weatherford International Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 04/30/30 | 1030637 |
| 833000 | &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 10/15/29 | 830384 |
|  |  | 40044097 |
|  | **Financials (6.0%)** |  |
| 818000 | &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/29 | 846213 |
| 900000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust‡^ |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 03/10/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.72% | 940338 |
|  | &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer\* |  |
| 950000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/32^ | 977360 |
| 950000 | &nbsp;&nbsp;&nbsp;6.500%, 10/01/31 | 965324 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.‡ |  |
| 1327000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.87% | 1294794 |
| 445000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 3.48% | 406628 |
| 983000 | &nbsp;&nbsp;&nbsp;AmWINS Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/30/29 | 955486 |
| 475000 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 07/15/33 | 477209 |
| 980000 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 01/15/29 | 978491 |
| 950000 | &nbsp;&nbsp;&nbsp;Azorra Finance Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 01/15/31 | 970644 |
| 950000 | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 05/15/31 | 981303 |
| 950000 | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 12/01/29 | 1006420 |
| 1000000 | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/31 | 1057950 |
| 475000 | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 04/12/29 | 510782 |
| 713000 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/35 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.30% | 737563 |
| 1676000 | &nbsp;&nbsp;&nbsp;BroadStreet Partners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 04/15/29 | 1665944 |
| 742000 | &nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 04/01/27 | 721981 |
| 1000000 | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/15/30 | 998740 |
| 935000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 935215 |
|  | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\* |  |
| 635000 | &nbsp;&nbsp;&nbsp;9.250%, 12/15/28 | 672103 |
| 422000 | &nbsp;&nbsp;&nbsp;6.625%, 03/15/30 | 427499 |
| 960000 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 09/01/31 | 1030387 |
| 475000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\*‡^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 04/01/45 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% | 490632 |
|  | &nbsp;&nbsp;&nbsp;GGAM Finance Ltd.\* |  |
| 1075000 | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 1108045 |
| 475000 | &nbsp;&nbsp;&nbsp;5.875%, 03/15/30 | 477489 |
| 535000 | &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC\*µ |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/27 | 555089 |
|  | &nbsp;&nbsp;&nbsp;HUB International Ltd.\* |  |
| 1430000 | &nbsp;&nbsp;&nbsp;5.625%, 12/01/29 | 1421677 |
| 715000 | &nbsp;&nbsp;&nbsp;7.375%, 01/31/32 | 744994 |
| 1515000 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 03/15/28 | 1508273 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Finance LLC/JFIN Co-Issuer Corp.\* |  |
| 1185000 | &nbsp;&nbsp;&nbsp;5.000%, 08/15/28 | 1143999 |
| 945000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/31 | 941834 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.\* |  |
| 594000 | &nbsp;&nbsp;&nbsp;7.000%, 07/15/31 | 622405 |
| 591000 | &nbsp;&nbsp;&nbsp;4.750%, 06/15/29 | 574393 |
|  | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.\* |  |
| 736340 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32 | 742893 |
| 500000 | &nbsp;&nbsp;&nbsp;3.875%, 10/15/30 | 433665 |
| 955000 | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 03/30/29 | 997192 |
| 1405000 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.400%, 12/15/66 | 1464136 |
| 475000 | &nbsp;&nbsp;&nbsp;Newmark Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/12/29 | 504716 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |
| 660000 | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 | 629864 |
| 475000 | &nbsp;&nbsp;&nbsp;7.500%, 05/15/31^ | 495458 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 905000 | &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/30 | $927978 |
| 1190000 | &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 09/15/29 | 1247334 |
| 950000 | &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/01/32 | 971584 |
|  | &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.\* |  |
| 712000 | &nbsp;&nbsp;&nbsp;6.375%, 08/01/33 | 726788 |
| 475000 | &nbsp;&nbsp;&nbsp;6.125%, 08/01/30 | 482215 |
| 928000 | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 03/01/31 | 856516 |
| 705000 | &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;11.000%, 12/15/29 | 167000 |
| 725000 | &nbsp;&nbsp;&nbsp;Service Properties Trust |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/29 | 753601 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.\* |  |
| 950000 | &nbsp;&nbsp;&nbsp;6.000%, 04/15/30 | 960089 |
| 475000 | &nbsp;&nbsp;&nbsp;6.500%, 07/01/30 | 489022 |
| 236000 | &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 07/15/32 | 240536 |
| 1190000 | &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 03/01/31 | 1253403 |
| 950000 | &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 03/01/30 | 985255 |
|  | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC\* |  |
| 1123000 | &nbsp;&nbsp;&nbsp;5.500%, 04/15/29 | 1099473 |
| 480000 | &nbsp;&nbsp;&nbsp;5.750%, 06/15/27 | 480514 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC\* |  |
| 469000 | &nbsp;&nbsp;&nbsp;10.500%, 02/15/28 | 496043 |
| 465000 | &nbsp;&nbsp;&nbsp;6.500%, 02/15/29^ | 452771 |
| 475000 | &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 06/15/31 | 494627 |
| 950000 | &nbsp;&nbsp;&nbsp;XHR LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/30 | 966388 |
|  |  | 48466265 |
|  | **Health Care (2.4%)** |  |
| 475000 | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 03/15/33 | 489630 |
|  | &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.\* |  |
| 1917000 | &nbsp;&nbsp;&nbsp;6.125%, 04/01/30^ | 1359824 |
| 713000 | &nbsp;&nbsp;&nbsp;10.875%, 01/15/32 | 748351 |
| 538000 | &nbsp;&nbsp;&nbsp;6.875%, 04/15/29^ | 422357 |
| 120000 | &nbsp;&nbsp;&nbsp;5.250%, 05/15/30 | 105140 |
|  | &nbsp;&nbsp;&nbsp;DaVita, Inc.\* |  |
| 1139000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 1034007 |
| 1061000 | &nbsp;&nbsp;&nbsp;4.625%, 06/01/30 | 1013457 |
| 925000 | &nbsp;&nbsp;&nbsp;6.875%, 09/01/32 | 952130 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp.\* |  |
| 717000 | &nbsp;&nbsp;&nbsp;5.000%, 02/15/30^ | 650620 |
| 240000 | &nbsp;&nbsp;&nbsp;6.750%, 02/15/30 | 231286 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. |  |
| 470000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/30 | 459613 |
| 470000 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/28 | 463274 |
| 1010000 | &nbsp;&nbsp;&nbsp;HCA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 11/06/33 | 1145391 |
| 534000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 06/01/32 | 547991 |
| 300000 | &nbsp;&nbsp;&nbsp;Jazz Securities DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 01/15/29 | 290433 |
|  | &nbsp;&nbsp;&nbsp;Medline Borrower LP\* |  |
| 1215000 | &nbsp;&nbsp;&nbsp;3.875%, 04/01/29 | 1159207 |
| 1208000 | &nbsp;&nbsp;&nbsp;5.250%, 10/01/29 | 1185640 |
| 120000 | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 04/01/29 | 122658 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV\* |  |
| 1760000 | &nbsp;&nbsp;&nbsp;5.125%, 04/30/31^ | 1523421 |
| 450000 | &nbsp;&nbsp;&nbsp;4.125%, 04/30/28 | 426429 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |
| 2250000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/27 | 2253352 |
| 1315000 | &nbsp;&nbsp;&nbsp;6.875%, 11/15/31 | 1402092 |
| 1215000 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 05/09/29 | 1215680 |
|  |  | 19201983 |
|  | **Industrials (3.8%)** |  |
| 950000 | &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/15/29 | 975707 |
| 1100000 | &nbsp;&nbsp;&nbsp;ACCO Brands Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 975051 |
| 965000 | &nbsp;&nbsp;&nbsp;Air Lease Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.15% | 944619 |
|  | &nbsp;&nbsp;&nbsp;Arcosa, Inc.\* |  |
| 538000 | &nbsp;&nbsp;&nbsp;4.375%, 04/15/29 | 519202 |
| 475000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/32 | 491440 |
| 2630843 | &nbsp;&nbsp;&nbsp;ARD Finance SA\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/30/27 |  |
|  | &nbsp;&nbsp;&nbsp;7.250% PIK rate | 196498 |
|  | &nbsp;&nbsp;&nbsp;Bombardier, Inc.\* |  |
| 480000 | &nbsp;&nbsp;&nbsp;8.750%, 11/15/30 | 517349 |
| 355000 | &nbsp;&nbsp;&nbsp;7.000%, 06/01/32^ | 367926 |
| 300000 | &nbsp;&nbsp;&nbsp;7.250%, 07/01/31^ | 313398 |
| 237000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/33 | 244902 |
| 50000 | &nbsp;&nbsp;&nbsp;7.875%, 04/15/27 | 50210 |
| 956000 | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/29 | 918840 |
| 1485000 | &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/30 | 1483723 |
| 239000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/20/28 | 239337 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp.\* |  |
| 1265000 | &nbsp;&nbsp;&nbsp;8.000%, 06/01/29 | 1215513 |
| 235000 | &nbsp;&nbsp;&nbsp;8.125%, 09/15/29 | 241745 |
|  | &nbsp;&nbsp;&nbsp;EnerSys\* |  |
| 500000 | &nbsp;&nbsp;&nbsp;6.625%, 01/15/32 | 514180 |
| 475000 | &nbsp;&nbsp;&nbsp;4.375%, 12/15/27 | 466977 |
|  | &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc.\* |  |
| 359000 | &nbsp;&nbsp;&nbsp;8.000%, 03/15/33 | 375331 |
| 355000 | &nbsp;&nbsp;&nbsp;8.625%, 05/15/32 | 378110 |
| 955000 | &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 08/15/28 | 953510 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |
| 625000 | &nbsp;&nbsp;&nbsp;4.750%, 07/15/27 | 615987 |
| 446000 | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 419588 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 1054000 | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/01/29 | $1000204 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.\* |  |
| 1250000 | &nbsp;&nbsp;&nbsp;5.500%, 07/15/27 | 1246375 |
| 475000 | &nbsp;&nbsp;&nbsp;7.250%, 06/15/33 | 492451 |
| 475000 | &nbsp;&nbsp;&nbsp;7.000%, 06/15/30 | 490979 |
| 475000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29^ | 486666 |
|  | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.\* |  |
| 712000 | &nbsp;&nbsp;&nbsp;7.000%, 09/01/32 | 535595 |
| 260000 | &nbsp;&nbsp;&nbsp;4.875%, 12/15/27^ | 246787 |
| 1575000 | &nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/15/28 | 1534979 |
| 588000 | &nbsp;&nbsp;&nbsp;Moog, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/15/27 | 575346 |
| 940000 | &nbsp;&nbsp;&nbsp;Novelis Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/30/30 | 901545 |
| 950000 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/32 | 975441 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp.\* |  |
| 239000 | &nbsp;&nbsp;&nbsp;5.000%, 04/15/29 | 235699 |
| 235000 | &nbsp;&nbsp;&nbsp;6.500%, 07/15/32^ | 242414 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.\* |  |
| 743000 | &nbsp;&nbsp;&nbsp;6.125%, 02/01/28^ | 750631 |
| 240000 | &nbsp;&nbsp;&nbsp;7.250%, 02/15/31 | 249626 |
| 450000 | &nbsp;&nbsp;&nbsp;Sensata Technologies BV\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 04/15/29 | 428238 |
| 479000 | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 437016 |
|  | &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.\* |  |
| 475000 | &nbsp;&nbsp;&nbsp;6.250%, 08/01/33 | 479783 |
| 235000 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 240144 |
| 451000 | &nbsp;&nbsp;&nbsp;Standard Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/27 | 451171 |
|  | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |
| 1035000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/30 | 1073585 |
| 710000 | &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 | 724953 |
| 360000 | &nbsp;&nbsp;&nbsp;7.125%, 12/01/31 | 375206 |
| 235000 | &nbsp;&nbsp;&nbsp;6.625%, 03/01/32 | 241895 |
| 246441 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-2, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/29 | 239023 |
| 529000 | &nbsp;&nbsp;&nbsp;Wabash National Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/15/28 | 474286 |
| 952000 | &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/33 | 988871 |
|  | &nbsp;&nbsp;&nbsp;Williams Scotsman, Inc.\* |  |
| 565000 | &nbsp;&nbsp;&nbsp;4.625%, 08/15/28 | 556101 |
| 480000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/31 | 501394 |
| 355000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 364478 |
|  |  | 30960025 |
|  | **Information Technology (1.6%)** |  |
| 475000 | &nbsp;&nbsp;&nbsp;CACI International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 06/15/33 | 486794 |
| 557000 | &nbsp;&nbsp;&nbsp;Coherent Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 545498 |
| 430000 | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;6.020%, 06/15/26 | 433732 |
| 478000 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 489310 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* |  |
| 480000 | &nbsp;&nbsp;&nbsp;4.000%, 06/15/28 | 464122 |
| 356000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/33 | 358417 |
| 1050000 | &nbsp;&nbsp;&nbsp;KBR, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 09/30/28 | 1013754 |
|  | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd.\* |  |
| 477000 | &nbsp;&nbsp;&nbsp;8.125%, 01/15/29 | 501890 |
| 475000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/32 | 488215 |
| 723000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/01/28 | 698338 |
| 475000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 | 490632 |
| 359000 | &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/01/31 | 327211 |
| 840000 | &nbsp;&nbsp;&nbsp;Playtika Holding Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 770708 |
| 1350000 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 03/01/29 | 1286739 |
|  | &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |
| 680000 | &nbsp;&nbsp;&nbsp;3.625%, 03/15/29 | 644504 |
| 236000 | &nbsp;&nbsp;&nbsp;3.875%, 03/15/31 | 219494 |
| 356000 | &nbsp;&nbsp;&nbsp;UKG, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 02/01/31 | 366121 |
| 1435000 | &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 10/01/29 | 1331020 |
| 950000 | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/32 | 974292 |
| 1100000 | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC/ZoomInfo Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 02/01/29 | 1034781 |
|  |  | 12925572 |
|  | **Materials (1.9%)** |  |
| 950000 | &nbsp;&nbsp;&nbsp;Avient Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/01/31 | 954256 |
| 950000 | &nbsp;&nbsp;&nbsp;Capstone Copper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/33 | 968078 |
| 475000 | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.879%, 07/15/32 | 491991 |
| 950000 | &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 959975 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co.\* |  |
| 805000 | &nbsp;&nbsp;&nbsp;8.000%, 01/15/33 | 749519 |
| 717000 | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29^ | 608382 |
| 1765000 | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 08/15/28 | 1665754 |
| 710000 | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 03/15/32 | 693187 |
| 375000 | &nbsp;&nbsp;&nbsp;Constellium SE\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 08/15/32 | 380258 |
| 1460000 | &nbsp;&nbsp;&nbsp;FMC Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.450%, 11/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.37% | 1511173 |
| 950000 | &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.250%, 04/01/30 | 984779 |
| 955000 | &nbsp;&nbsp;&nbsp;Knife River Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/01/31 | 1003151 |
|  | &nbsp;&nbsp;&nbsp;Mercer International, Inc. |  |
| 1020000 | &nbsp;&nbsp;&nbsp;5.125%, 02/01/29 | 822620 |
| 483000 | &nbsp;&nbsp;&nbsp;12.875%, 10/01/28\* | 487550 |
| 935000 | &nbsp;&nbsp;&nbsp;OCI NV\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 03/16/33 | 1041440 |
| 1105000 | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 02/01/28 | 1073961 |
| 950000 | &nbsp;&nbsp;&nbsp;Terex Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 10/15/32 | 952128 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 406300 | &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 05/03/29 | $237133 |
|  |  | 15585335 |
|  | **Other (1.3%)** |  |
| 1305000 | &nbsp;&nbsp;&nbsp;1261229 BC Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.000%, 04/15/32 | 1329508 |
| 950000 | &nbsp;&nbsp;&nbsp;Alumina Pty. Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/32 | 964231 |
| 368715 | &nbsp;&nbsp;&nbsp;Claritev Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 269383 |
|  | &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |
| 1462615 | &nbsp;&nbsp;&nbsp;10.750%, 11/30/29 | 1543249 |
| 1012724 | &nbsp;&nbsp;&nbsp;6.750%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;6.75% Cash or PIK | 961075 |
| 500000 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/30/27 | 508990 |
| 475000 | &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 04/15/30 | 492475 |
| 950000 | &nbsp;&nbsp;&nbsp;New Gold, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/01/32 | 975888 |
| 510000 | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.050%, 09/15/28 | 525524 |
| 950000 | &nbsp;&nbsp;&nbsp;Olin Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 04/01/33 | 925633 |
| 475000 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% | 475622 |
| 950000 | &nbsp;&nbsp;&nbsp;Rfna LP\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 02/15/30 | 968810 |
| 950000 | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/15/32 | 998441 |
|  |  | 10938829 |
|  | **Real Estate (0.3%)** |  |
| 475000 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/15/33 | 477399 |
| 630000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/28 | 607660 |
| 1437000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 | 1373441 |
|  |  | 2458500 |
|  | **Special Purpose Acquisition Companies (0.2%)** |  |
| 237000 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 04/15/32 | 242783 |
|  | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.\* |  |
| 955000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/30^ | 899324 |
| 477000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 453703 |
|  |  | 1595810 |
|  | **Utilities (0.7%)** |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp.‡ |  |
| 361000 | &nbsp;&nbsp;&nbsp;6.950%, 07/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.89% | 348755 |
| 157000 | &nbsp;&nbsp;&nbsp;7.600%, 01/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% | 159196 |
| 475000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.21% | 487388 |
| 950000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp.‡^ |  |
|  | &nbsp;&nbsp;&nbsp;6.450%, 09/01/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.59% | 978291 |
| 750000 | &nbsp;&nbsp;&nbsp;Entergy Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 12/01/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.67% | 778380 |
| 710000 | &nbsp;&nbsp;&nbsp;Evergy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 06/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.56% | 717959 |
| 718000 | &nbsp;&nbsp;&nbsp;NiSource, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 11/30/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45% | 746935 |
| 350000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.222%, 03/30/67 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.93% | 348079 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp.\*‡ |  |
| 450000 | &nbsp;&nbsp;&nbsp;7.000%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.74% | 454797 |
| 250000 | &nbsp;&nbsp;&nbsp;8.000%, 10/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 6.93% | 255353 |
|  |  | 5275133 |
|  | **Total Corporate Bonds** |  |
|  | (Cost $301,802,539) | 296125782 |
| **Convertible Bonds (89.8%)** | **Convertible Bonds (89.8%)** |  |
|  | **Communication Services (13.4%)** |  |
| 4250000 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | 4479075 |
| 16000000 | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 17395840 |
| 9000000 | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 | 11729430 |
| 15500000 | &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 01/15/30 | 16692725 |
| 4250000 | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | 4381580 |
| 5250000 | &nbsp;&nbsp;&nbsp;Match Group Financeco 3, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 01/15/30 | 4747103 |
| 16250000 | &nbsp;&nbsp;&nbsp;Snap, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 05/01/30 | 14258887 |
|  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.µ |  |
| 14500000 | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 19817440 |
| 13750000 | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\* | 15402887 |
|  |  | 108904967 |
|  | **Consumer Discretionary (9.7%)** |  |
| 11000000 | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 14623730 |
| 4250000 | &nbsp;&nbsp;&nbsp;Carnival Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 12/01/27 | 9835052 |
| 11500000 | &nbsp;&nbsp;&nbsp;DraftKings Holdings, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/28 | 10480065 |
| 4250000 | &nbsp;&nbsp;&nbsp;Etsy, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 06/15/30 | 4287740 |
| 3500000 | &nbsp;&nbsp;&nbsp;Lucid Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 04/01/30 | 3531045 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 10250000 | &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 12/15/27 | $9752670 |
| 11500000 | &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/15/29 | 11351535 |
| 1000000 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 08/15/25 | 6411970 |
| 2875000 | &nbsp;&nbsp;&nbsp;Shake Shack, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/01/28 | 2903405 |
| 3500000 | &nbsp;&nbsp;&nbsp;Wayfair, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/15/28 | 5659990 |
|  |  | 78837202 |
|  | **Consumer Staples (1.1%)** |  |
| 4614000 | &nbsp;&nbsp;&nbsp;Enovis Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 10/15/28 | 4407754 |
| 4250000 | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4486045 |
|  |  | 8893799 |
|  | **Energy (1.3%)** |  |
| 4250000 | &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 03/15/30 | 3035945 |
| 4890000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/29 | 2947937 |
| 4250000 | &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 04/15/29 | 4434407 |
|  | &nbsp;&nbsp;&nbsp;SunEdison, Inc.@ |  |
| 9411000 | &nbsp;&nbsp;&nbsp;0.000%, 01/15/20\* | 32939 |
| 898000 | &nbsp;&nbsp;&nbsp;0.000%, 10/01/18 | 3143 |
|  |  | 10454371 |
|  | **Financials (2.2%)** |  |
| 4250000 | &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 12/15/29 | 4494078 |
| 6250000 | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 04/01/30 | 8567062 |
| 4250000 | &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 11/15/30 | 5085508 |
|  |  | 18146648 |
|  | **Health Care (8.4%)** |  |
| 4500000 | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 6624630 |
| 8250000 | &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 03/15/30 | 8153887 |
| 5750000 | &nbsp;&nbsp;&nbsp;Exact Sciences Corp.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 03/01/30 | 5543862 |
| 4250000 | &nbsp;&nbsp;&nbsp;Haemonetics Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 06/01/29 | 4246175 |
| 8000000 | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 03/01/27 | 8281360 |
| 4500000 | &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 03/15/30 | 4423275 |
| 4250000 | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/28 | 4654048 |
|  | &nbsp;&nbsp;&nbsp;Jazz Investments I Ltd.µ |  |
| 6200000 | &nbsp;&nbsp;&nbsp;2.000%, 06/15/26 | 6367214 |
| 3750000 | &nbsp;&nbsp;&nbsp;3.125%, 09/15/30\* | 4141838 |
| 2721000 | &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 12/15/27 | 3218154 |
| 3000000 | &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 02/01/29 | 3539490 |
| 10250000 | &nbsp;&nbsp;&nbsp;NeoGenomics, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 01/15/28 | 8655817 |
|  |  | 67849750 |
|  | **Industrials (3.6%)** |  |
| 7750000 | &nbsp;&nbsp;&nbsp;AeroVironment, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 8728980 |
| 1625000 | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/27 | 5362890 |
| 2750000 | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 | 5782755 |
| 3500000 | &nbsp;&nbsp;&nbsp;Fluor Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 4929925 |
| 4000000 | &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/28 | 4562280 |
|  |  | 29366830 |
|  | **Information Technology (40.0%)** |  |
| 4125000 | &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 09/15/28 | 5068305 |
| 4500000 | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.375%, 09/01/27 | 4326030 |
| 3500000 | &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 03/15/30 | 3576335 |
| 1375000 | &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 06/01/30 | 2155574 |
| 8500000 | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/01/30 | 7182500 |
| 10445000 | &nbsp;&nbsp;&nbsp;Cloudflare, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 11629776 |
|  | &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* |  |
| 8750000 | &nbsp;&nbsp;&nbsp;0.000%, 06/15/31µ | 8839425 |
| 2500000 | &nbsp;&nbsp;&nbsp;3.000%, 09/01/29 | 3651225 |
| 16500000 | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 16986915 |
| 17250000 | &nbsp;&nbsp;&nbsp;Datadog, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 16777867 |
| 8500000 | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 9762845 |
| 2850000 | &nbsp;&nbsp;&nbsp;IREN Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 12/15/29 | 4063986 |
| 3750000 | &nbsp;&nbsp;&nbsp;Itron, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;1.375%, 07/15/30 | 4310625 |
| 3986000 | &nbsp;&nbsp;&nbsp;Life360, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/01/30 | 4711970 |
| 7500000 | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 | 12893775 |
| 8000000 | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/29 | 8365920 |
|  | &nbsp;&nbsp;&nbsp;MicroStrategy, Inc.\* |  |
| 17500000 | &nbsp;&nbsp;&nbsp;0.000%, 03/01/30µ | 20536075 |
| 12500000 | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 12075625 |
| 7500000 | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 | 8875050 |
| 15750000 | &nbsp;&nbsp;&nbsp;MKS, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 06/01/30 | 15386962 |
| 11000000 | &nbsp;&nbsp;&nbsp;Nutanix, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 | 12431980 |
| 17250000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 03/01/29 | 16401300 |
|  | &nbsp;&nbsp;&nbsp;PAR Technology Corp. |  |
| 2500000 | &nbsp;&nbsp;&nbsp;1.500%, 10/15/27 | 2716625 |
| 2000000 | &nbsp;&nbsp;&nbsp;1.000%, 01/15/30\* | 1904180 |
| 4500000 | &nbsp;&nbsp;&nbsp;Parsons Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 | 4923135 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 3750000 | &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 06/01/26 | $4123013 |
| 7500000 | &nbsp;&nbsp;&nbsp;Rapid7, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 03/15/29 | 6663750 |
| 2500000 | &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 01/15/30 | 2899975 |
| 4299000 | &nbsp;&nbsp;&nbsp;Rubrik, Inc.\*µ^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4616868 |
| 6250000 | &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/28 | 12125250 |
| 14750000 | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 08/01/27 | 16082220 |
| 11250000 | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 17503987 |
| 6500000 | &nbsp;&nbsp;&nbsp;Spotify USA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 8245770 |
| 3500000 | &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4462815 |
| 4250000 | &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 03/15/26 | 5140035 |
| 4250000 | &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/29 | 4532413 |
| 5250000 | &nbsp;&nbsp;&nbsp;Western Digital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 11/15/28 | 11264295 |
|  | &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.@ |  |
| 8750000 | &nbsp;&nbsp;&nbsp;1.875%, 12/01/29 | 2696138 |
| 5338000 | &nbsp;&nbsp;&nbsp;0.250%, 02/15/28 | 1601667 |
| 3750000 | &nbsp;&nbsp;&nbsp;Workiva, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 08/15/28 | 3458963 |
|  |  | 324971164 |
|  | **Materials (1.2%)** |  |
| 298000 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 11/01/30 | 710772 |
| 3000000 | &nbsp;&nbsp;&nbsp;MP Materials Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/30 | 8792370 |
|  |  | 9503142 |
|  | **Real Estate (2.0%)** |  |
| 8250000 | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 11/15/29 | 8715218 |
| 4250000 | &nbsp;&nbsp;&nbsp;Welltower OP LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 05/15/28 | 7390920 |
|  |  | 16106138 |
|  | **Utilities (6.9%)** |  |
| 8750000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.375%, 05/01/28 | 9596037 |
| 7500000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 | 8037375 |
| 5250000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/27 | 5991143 |
| 15250000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 17033640 |
| 13750000 | &nbsp;&nbsp;&nbsp;Southern Co.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27 | 15398075 |
|  |  | 56056270 |
|  | **Total Convertible Bonds** |  |
|  | (Cost $701,744,440) | 729090281 |
| **U.S. Government and Agency Security (0.1%)** | **U.S. Government and Agency Security (0.1%)** |  |
| 580000 | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.01% | 589725 |
| **Bank Loans (7.6%) ¡** | **Bank Loans (7.6%) ¡** |  |
|  | **Airlines (0.2%)** |  |
| 636938 | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 637734 |
| 530372 | &nbsp;&nbsp;&nbsp;United Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.351%, 02/22/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 533090 |
|  |  | 1170824 |
|  | **Communication Services (0.6%)** |  |
| 395345 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.471%, 10/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.00% | 326654 |
| 44133 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;11.471%, 10/02/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 7.00% | 44022 |
| 480107 | &nbsp;&nbsp;&nbsp;Cincinnati Bell, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 11/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 481521 |
| 460998 | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.471%, 08/23/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.00% | 460957 |
| 846228 | &nbsp;&nbsp;&nbsp;CSC Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 04/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. U.S. (Fed) Prime Rate + 1.50% | 834770 |
| 365962 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.820%, 08/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.25% | 363621 |
| 218339 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.570%, 08/02/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.00% | 219240 |
| 19324 | &nbsp;&nbsp;&nbsp;Gray Television, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.579%, 06/04/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.25% | 19377 |
| 478800 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.870%, 12/31/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.30% | 447199 |
| 970000 | &nbsp;&nbsp;&nbsp;Telesat Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.344%, 12/07/26 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 619069 |
| 1181672 | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 07/08/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 1172809 |
|  |  | 4989239 |
|  | **Consumer Discretionary (1.4%)** |  |
| 513713 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.576%, 05/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 517886 |
| 605660 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% | 606042 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 338340 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% | $338553 |
| 320000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/25/32 | 322400 |
| 475000 | &nbsp;&nbsp;&nbsp;Boots Group Bidco Ltd.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 475299 |
| 562328 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/06/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 562738 |
| 616900 | &nbsp;&nbsp;&nbsp;Chinos Intermediate Holdings A, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.308%, 09/26/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.00% | 525136 |
| 1120000 | &nbsp;&nbsp;&nbsp;Clarios Global LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 1121630 |
| 485000 | &nbsp;&nbsp;&nbsp;Flutter Financing BV‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 06/04/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% | 485808 |
| 945250 | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.577%, 11/05/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 948421 |
| 1111692 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.593%, 04/14/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 1115583 |
| 425700 | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.833%, 05/30/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 433522 |
| 2053552 | &nbsp;&nbsp;&nbsp;PetSmart, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.206%, 02/11/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.75% | 2052269 |
| 938125 | &nbsp;&nbsp;&nbsp;Station Casinos LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 03/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 940240 |
| 959845 | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.103%, 08/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 961798 |
|  |  | 11407325 |
|  | **Consumer Staples (1.3%)** |  |
| 3157495 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.856%, 05/04/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.50% | 3220645 |
| 1041700 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/23/32 | 1044085 |
| 500000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 07/16/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 498360 |
| 704675 | &nbsp;&nbsp;&nbsp;B&G Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 10/10/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 653734 |
| 145000 | &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 01/15/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 145798 |
| 589000 | &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.606%, 10/08/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.25% | 578648 |
| 85769 | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.058%, 12/31/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 85555 |
| 950000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/28/32 | 955287 |
| 1156417 | &nbsp;&nbsp;&nbsp;Star Parent, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 09/27/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 1145096 |
| 950000 | &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/23/28 | 951187 |
| 491436 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.106%, 05/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 495999 |
| 947613 | &nbsp;&nbsp;&nbsp;Veritiv Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 952650 |
|  |  | 10727044 |
|  | **Energy (0.2%)** |  |
| 708474 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.808%, 10/30/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 332097 |
| 1425960 | &nbsp;&nbsp;&nbsp;Par Petroleum LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.029%, 02/28/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 1426702 |
|  |  | 1758799 |
|  | **Financials (1.4%)** |  |
| 720000 | &nbsp;&nbsp;&nbsp;Acrisure LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 06/21/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 722700 |
| 1420000 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 1422222 |
| 1274909 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 08/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 1277765 |
| 714184 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.082%, 12/29/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 715344 |
| 1214625 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.858%, 02/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 1218475 |
| 444386 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 06/13/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 445217 |
| 125000 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/13/31 | 125234 |
| 950000 | &nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.041%, 05/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 950599 |
| 1203950 | &nbsp;&nbsp;&nbsp;Dragon Buyer, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 09/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 1207279 |
| 802806 | &nbsp;&nbsp;&nbsp;HUB International Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.826%, 06/20/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 804705 |
| 709200 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 710235 |
| 671755 | &nbsp;&nbsp;&nbsp;Jazz Financing Lux SARL‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 05/05/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 675168 |
| 950000 | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 03/27/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 959871 |
|  |  | 11234814 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
|  | **Health Care (0.1%)** |  |
| 976846 | &nbsp;&nbsp;&nbsp;Padagis LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.290%, 07/06/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.75% | $893814 |
|  | **Industrials (1.0%)** |  |
| 942769 | &nbsp;&nbsp;&nbsp;ACProducts, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.807%, 05/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.25% | 715623 |
| 518700 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.576%, 04/20/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% | 517274 |
| 715000 | &nbsp;&nbsp;&nbsp;Chamberlain Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/22/32 | 715593 |
| 950000 | &nbsp;&nbsp;&nbsp;ECO Material Tech, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.467%, 02/12/32 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.25% | 954750 |
| 950000 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 08/04/31 | 951781 |
| 352338 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 08/04/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 352998 |
| 940500 | &nbsp;&nbsp;&nbsp;MI Windows & Doors LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 03/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 942969 |
| 947625 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/10/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 947980 |
| 183222 | &nbsp;&nbsp;&nbsp;Qxo, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 04/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 185018 |
| 1878587 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.796%, 02/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 1886261 |
|  |  | 8170247 |
|  | **Information Technology (0.8%)** |  |
| 1313786 | &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.333%, 07/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 1315323 |
| 968079 | &nbsp;&nbsp;&nbsp;Camelot U.S. Acquisition LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 968926 |
| 732071 | &nbsp;&nbsp;&nbsp;Coherent Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 07/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 734999 |
| 947655 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.603%, 01/18/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 948333 |
| 1430000 | &nbsp;&nbsp;&nbsp;Rocket Software, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 11/28/28 | 1435255 |
| 791665 | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 05/09/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 795255 |
| 495000 | &nbsp;&nbsp;&nbsp;UKG, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.810%, 02/10/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 495510 |
|  |  | 6693601 |
|  | **Materials (0.3%)** |  |
| 1506305 | &nbsp;&nbsp;&nbsp;Ineos U.S. Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 02/18/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 1403213 |
| 724253 | &nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.090%, 05/03/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 313544 |
| 966259 | &nbsp;&nbsp;&nbsp;W.R. Grace & Co.-Conn.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.546%, 09/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 968370 |
|  |  | 2685127 |
|  | **Other (0.1%)** |  |
| 475000 | &nbsp;&nbsp;&nbsp;Windstream Services LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.206%, 10/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 477969 |
|  | **Special Purpose Acquisition Companies (0.2%)** |  |
| 390400 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.531%, 04/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.18% | 390691 |
| 237038 | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.601%, 01/27/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 237505 |
| 972500 | &nbsp;&nbsp;&nbsp;Patagonia Holdco LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.048%, 08/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.75% | 812796 |
|  |  | 1440992 |
|  | **Total Bank Loans** |  |
|  | (Cost $62,723,687) | 61649795 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |<br>**VALUE** |
| **Convertible Preferred Stocks (12.9%)** | **Convertible Preferred Stocks (12.9%)** |  |
|  | **Financials (4.2%)** |  |
| 83465 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/31/26 | $6358363 |
| 165055 | &nbsp;&nbsp;&nbsp;ARES Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | 9342113 |
| 8100 | &nbsp;&nbsp;&nbsp;Bank of America Corp.^‡‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 12/31/49 | 9882000 |
| 156055 | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 8965360 |
|  |  | 34547836 |
|  | **Industrials (4.1%)** |  |
| 401365 | &nbsp;&nbsp;&nbsp;Boeing Co. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 28376505 |
| 82135 | &nbsp;&nbsp;&nbsp;QXO, Inc.# |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 05/15/28 | 4749046 |
|  |  | 33125551 |
|  | **Information Technology (2.6%)** |  |
| 149865 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 8991900 |
| 120040 | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | 7551717 |
| 38935 | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 05/01/28 | 4592383 |
|  |  | 21136000 |
|  | **Materials (0.6%)** |  |
| 132880 | &nbsp;&nbsp;&nbsp;Albemarle Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/01/27 | 4512605 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |<br>**VALUE** |
|  | **Utilities (1.4%)** |  |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. |  |
| 180300 | &nbsp;&nbsp;&nbsp;6.926%, 09/01/25^ | $7347225 |
| 85285 | &nbsp;&nbsp;&nbsp;7.299%, 06/01/27 | 4097091 |
|  |  | 11444316 |
|  | **Total Convertible Preferred Stocks** |  |
|  | (Cost $102,003,130) | 104766308 |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** |  |
|  | **Communication Services (0.0%)** |  |
| 2987 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
| 498 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
|  | **Energy (0.0%)** |  |
| 47739 | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $15.98 | 5 |
| 42965 | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $12.33 | 4 |
|  |  | 9 |
|  | **Total Warrants** |  |
|  | (Cost $18,376) | 9 |
| **Common Stocks (1.0%)** | **Common Stocks (1.0%)** |  |
|  | **Communication Services (0.5%)** |  |
| 20285 | &nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class A^# | 52741 |
| 75558 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.# | 4017419 |
| 17477 | &nbsp;&nbsp;&nbsp;Audacy, Inc.# | 244678 |
| 6819 | &nbsp;&nbsp;&nbsp;Cumulus Media, Inc. - Class A# | 941 |
|  |  | 4315779 |
|  | **Consumer Discretionary (0.0%)** |  |
| 1446 | &nbsp;&nbsp;&nbsp;Rite Aid Corp.# | 1446 |
|  | **Energy (0.5%)** |  |
| 9445 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class Aµ^# | 2034453 |
| 4000 | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 230680 |
| 56650 | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 1021966 |
| 26095 | &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 808684 |
| 6644 | &nbsp;&nbsp;&nbsp;EP Energy Corp.# | 9966 |
|  |  | 4105749 |
|  | **Total Common Stocks** |  |
|  | (Cost $8,545,572) | 8422974 |
| **Preferred Stocks (0.1%)** | **Preferred Stocks (0.1%)** |  |
|  | **Communication Services (0.1%)** |  |
| 25448 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/56 | 503870 |
| 7676 | &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 03/31/26 | 162731 |
|  | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
| 7935 | &nbsp;&nbsp;&nbsp;6.250%, 09/01/69 | 202739 |
| 6503 | &nbsp;&nbsp;&nbsp;5.500%, 03/01/70 | 144172 |
| 743 | &nbsp;&nbsp;&nbsp;5.500%, 06/01/70 | 16688 |
|  |  | 1030200 |
|  | **Consumer Discretionary (0.0%)** |  |
| 6122 | &nbsp;&nbsp;&nbsp;Guitar Center, Inc.# | 91830 |
|  | **Total Preferred Stocks** |  |
|  | (Cost $1,577,084) | 1122030 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Purchased Options (0.1%) #** | **Exchange-Traded Purchased Options (0.1%) #** |  |
|  | **Communication Services (0.0%)** |  |
| 420 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. |  |
| 2233140 | &nbsp;&nbsp;&nbsp;Put, 09/19/25, Strike $45.00 | $137550 |
|  | **Other (0.1%)** |  |
| 630 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 39821040 | &nbsp;&nbsp;&nbsp;Put, 11/28/25, Strike $550.00 | 331380 |
|  | **Total Exchange-Traded Purchased Options** |  |
|  | (Cost $1,114,403) | 468930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (148.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (148.1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,180,842,923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,180,842,923) | 1202972033 |
| MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.3%) | MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.3%) | (132750000) |
| LIABILITIES, LESS OTHER ASSETS (-31.8%) | LIABILITIES, LESS OTHER ASSETS (-31.8%) | (257957666) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $812264367 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **\*** | Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. |
| **µ** | Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $356,853,132. |
| **‡** | Variable rate security. The rate shown is the rate in effect at July 31, 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<br> Date** | **Acquisition<br> Cost** |
| Rite Aid Corp. | 12/01/2024 | $100383 |
| Rite Aid Corp. | 12/05/2024 | 91206 |
| **Total** |  | $**191589** |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible Opportunities and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **¡** | 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.* | *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 July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Security | $— | $736199 | $— | $736199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 296125782 |  | 296125782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds |  | 729090281 |  | 729090281 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Security |  | 589725 |  | 589725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 61649795 |  | 61649795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 104766308 |  |  | 104766308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 8422974 |  |  | 8422974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 1122030 |  |  | 1122030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 468930 |  |  | 468930 |
| **Total** | $114780251 | $1088191782 | $— | $1202972033 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Asset Backed Security (0.1%)** | **Asset Backed Security (0.1%)** |  |
|  | **Other (0.1%)** |  |
| 850000 | &nbsp;&nbsp;&nbsp;SVC ABS LLC Series 2023-1A, Class C\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 02/20/53 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $809,628) | $817999 |
| **Corporate Bonds (37.4%)** | **Corporate Bonds (37.4%)** |  |
|  | ***Airlines (0.4%)*** |  |
| 809066 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\*µ |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | 807310 |
| 194176 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 194431 |
| 908120 | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust Series 2021-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 01/11/32 | 858055 |
| 817742 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2021-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;3.900%, 03/15/33 | 779374 |
| 919846 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2020-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/15/30 | 924215 |
|  |  | 3563385 |
|  | **Communication Services (3.4%)** |  |
| 1255000 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/15/29 | 1215455 |
| 400000 | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% | 406512 |
| 952000 | &nbsp;&nbsp;&nbsp;Cincinnati Bell Telephone Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.300%, 12/01/28 | 933826 |
|  | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* |  |
| 574000 | &nbsp;&nbsp;&nbsp;7.500%, 03/15/33 | 572743 |
| 525000 | &nbsp;&nbsp;&nbsp;7.875%, 04/01/30 | 540766 |
| 475000 | &nbsp;&nbsp;&nbsp;9.000%, 09/15/28^ | 497848 |
| 1454000 | &nbsp;&nbsp;&nbsp;Consolidated Communications, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | 1478064 |
|  | &nbsp;&nbsp;&nbsp;CSC Holdings LLC\* |  |
| 1800000 | &nbsp;&nbsp;&nbsp;4.625%, 12/01/30 | 844038 |
| 1785000 | &nbsp;&nbsp;&nbsp;4.500%, 11/15/31 | 1191952 |
| 937000 | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 08/15/27 | 932146 |
| 1610000 | &nbsp;&nbsp;&nbsp;Frontier California, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 05/15/27 | 1640992 |
| 261000 | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/15/30 | 273818 |
| 1685000 | &nbsp;&nbsp;&nbsp;Frontier Florida LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.860%, 02/01/28 | 1759308 |
| 1555000 | &nbsp;&nbsp;&nbsp;Frontier North, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.730%, 02/15/28 | 1604713 |
| 905000 | &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 850483 |
|  | &nbsp;&nbsp;&nbsp;Gray Media, Inc.\* |  |
| 522000 | &nbsp;&nbsp;&nbsp;7.250%, 08/15/33 | 519567 |
| 515000 | &nbsp;&nbsp;&nbsp;5.375%, 11/15/31^ | 380806 |
| 1040000 | &nbsp;&nbsp;&nbsp;Hughes Satellite Systems Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/01/26 | 962894 |
|  | &nbsp;&nbsp;&nbsp;iHeartCommunications, Inc.\* |  |
| 524000 | &nbsp;&nbsp;&nbsp;10.875%, 05/01/30 | 262618 |
| 351550 | &nbsp;&nbsp;&nbsp;7.750%, 08/15/30 | 275524 |
| 470000 | &nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/27 | 361110 |
|  | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. |  |
| 785000 | &nbsp;&nbsp;&nbsp;7.600%, 09/15/39 | 672172 |
| 771875 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32\* | 785367 |
| 1005000 | &nbsp;&nbsp;&nbsp;Paramount Global |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 08/15/44 | 792282 |
| 367000 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 09/15/25 | 367382 |
|  | &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.‡ |  |
| 910000 | &nbsp;&nbsp;&nbsp;7.125%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.62% | 928983 |
| 650000 | &nbsp;&nbsp;&nbsp;7.000%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 665776 |
|  | &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc.\* |  |
| 514000 | &nbsp;&nbsp;&nbsp;3.875%, 01/15/29^ | 456895 |
| 257000 | &nbsp;&nbsp;&nbsp;5.375%, 01/15/31 | 189771 |
| 415000 | &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 07/15/27 | 415000 |
| 520000 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 02/15/33 | 532043 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC\* |  |
| 1311000 | &nbsp;&nbsp;&nbsp;3.875%, 09/01/31^ | 1157272 |
| 830000 | &nbsp;&nbsp;&nbsp;5.500%, 07/01/29 | 820314 |
| 515000 | &nbsp;&nbsp;&nbsp;3.125%, 09/01/26 | 503917 |
| 517000 | &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/01/27 | 321993 |
| 525000 | &nbsp;&nbsp;&nbsp;TELUS Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 532004 |
|  | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |
| 775000 | &nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 797924 |
| 420000 | &nbsp;&nbsp;&nbsp;7.300%, 07/01/38 | 453839 |
| 414000 | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 437805 |
|  | &nbsp;&nbsp;&nbsp;Univision Communications, Inc.\* |  |
| 526000 | &nbsp;&nbsp;&nbsp;8.000%, 08/15/28 | 540802 |
| 520000 | &nbsp;&nbsp;&nbsp;8.500%, 07/31/31 | 528804 |
|  |  | 29405528 |
|  | ***Consumer Discretionary (7.8%)*** |  |
| 1580000 | &nbsp;&nbsp;&nbsp;Adams Homes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 10/15/28 | 1636991 |
|  | &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd.\* |  |
| 1375000 | &nbsp;&nbsp;&nbsp;8.250%, 04/15/31^ | 1438223 |
| 523000 | &nbsp;&nbsp;&nbsp;7.500%, 02/15/33 | 533742 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.\* |  |
| 464000 | &nbsp;&nbsp;&nbsp;7.000%, 08/01/30 | 466682 |
| 261000 | &nbsp;&nbsp;&nbsp;7.375%, 08/01/33 | 262370 |
| 1660000 | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.39% | 1674342 |
|  | &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co.\* |  |
| 913000 | &nbsp;&nbsp;&nbsp;4.625%, 08/01/29 | 869066 |
| 522000 | &nbsp;&nbsp;&nbsp;6.875%, 08/01/33 | 521802 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |
| 1369000 | &nbsp;&nbsp;&nbsp;6.694%, 01/15/27 | 1404512 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 760000 | &nbsp;&nbsp;&nbsp;6.875%, 11/01/35 | $783226 |
| 200000 | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30\* | 204994 |
| 600000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;10.000%, 07/15/33 | 626238 |
|  | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* |  |
| 895000 | &nbsp;&nbsp;&nbsp;6.000%, 10/15/32^ | 864749 |
| 657000 | &nbsp;&nbsp;&nbsp;4.625%, 10/15/29^ | 621581 |
| 200000 | &nbsp;&nbsp;&nbsp;7.000%, 02/15/30 | 206496 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp.\*µ |  |
| 523000 | &nbsp;&nbsp;&nbsp;4.000%, 08/01/28 | 508361 |
| 65000 | &nbsp;&nbsp;&nbsp;7.000%, 08/15/29 | 68373 |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp.\* |  |
| 2275000 | &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 | 2162137 |
| 2080000 | &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 | 2064150 |
| 1825000 | &nbsp;&nbsp;&nbsp;4.500%, 08/15/30 | 1709295 |
| 1200000 | &nbsp;&nbsp;&nbsp;6.375%, 09/01/29 | 1211652 |
| 1035000 | &nbsp;&nbsp;&nbsp;4.250%, 02/01/31 | 945121 |
| 540000 | &nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 530469 |
| 522000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/32^ | 482469 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs, Inc.\* |  |
| 522000 | &nbsp;&nbsp;&nbsp;5.750%, 04/01/30 | 521410 |
| 520000 | &nbsp;&nbsp;&nbsp;6.750%, 05/01/31 | 531705 |
|  | &nbsp;&nbsp;&nbsp;Dana, Inc. |  |
| 1042000 | &nbsp;&nbsp;&nbsp;4.500%, 02/15/32^ | 1017357 |
| 855000 | &nbsp;&nbsp;&nbsp;4.250%, 09/01/30 | 841867 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |
| 544000 | &nbsp;&nbsp;&nbsp;5.125%, 06/01/29 | 399307 |
| 389000 | &nbsp;&nbsp;&nbsp;7.375%, 07/01/28 | 299102 |
| 1049000 | &nbsp;&nbsp;&nbsp;DISH Network Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 1093373 |
| 1510000 | &nbsp;&nbsp;&nbsp;Empire Resorts, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 11/01/26 | 1492393 |
| 600000 | &nbsp;&nbsp;&nbsp;Flutter Treasury DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 06/04/31 | 604848 |
| 1075000 | &nbsp;&nbsp;&nbsp;Ford Motor Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.100%, 08/19/32 | 1076623 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |
| 1650000 | &nbsp;&nbsp;&nbsp;4.000%, 11/13/30 | 1517059 |
| 1350000 | &nbsp;&nbsp;&nbsp;7.200%, 06/10/30 | 1419809 |
| 1280000 | &nbsp;&nbsp;&nbsp;5.113%, 05/03/29 | 1252211 |
| 510000 | &nbsp;&nbsp;&nbsp;General Motors Co. |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 04/01/45 | 443506 |
|  | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
| 1825000 | &nbsp;&nbsp;&nbsp;9.250%, 12/01/28 | 1932511 |
| 934000 | &nbsp;&nbsp;&nbsp;7.625%, 07/01/29 | 962692 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |
| 1575000 | &nbsp;&nbsp;&nbsp;5.625%, 04/30/33^ | 1479523 |
| 560000 | &nbsp;&nbsp;&nbsp;5.250%, 07/15/31 | 532616 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc.\* |  |
| 650000 | &nbsp;&nbsp;&nbsp;6.375%, 01/15/30 | 664073 |
| 445000 | &nbsp;&nbsp;&nbsp;4.000%, 08/15/28 | 429456 |
| 207505 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 05/15/29 | 208480 |
| 1443000 | &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 812683 |
| 1045000 | &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/30 | 144461 |
| 1045000 | &nbsp;&nbsp;&nbsp;Life Time, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 11/15/31 | 1053747 |
| 525000 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 09/01/31 | 547628 |
| 390000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 05/15/28 | 406813 |
| 672000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/15/27 | 674164 |
| 685000 | &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | 639043 |
|  | &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |
| 1285000 | &nbsp;&nbsp;&nbsp;4.300%, 02/15/43 | 850670 |
| 829000 | &nbsp;&nbsp;&nbsp;6.700%, 07/15/34\* | 714971 |
| 2025000 | &nbsp;&nbsp;&nbsp;MGM Resorts International^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 2059101 |
| 1329000 | &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 05/01/29 | 1281568 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |
| 522000 | &nbsp;&nbsp;&nbsp;8.500%, 06/01/28\* | 548110 |
| 522000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/32^ | 499893 |
| 500000 | &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/15/44 | 339345 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.\* |  |
| 923000 | &nbsp;&nbsp;&nbsp;4.750%, 05/01/29 | 895938 |
| 522000 | &nbsp;&nbsp;&nbsp;6.375%, 11/01/32 | 522303 |
| 1195000 | &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 07/01/29 | 1108183 |
| 1460000 | &nbsp;&nbsp;&nbsp;Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 09/01/29 | 882862 |
| 525000 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 08/15/34 | 230811 |
| 530000 | &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.375%, 05/01/29 | 560252 |
|  | &nbsp;&nbsp;&nbsp;Rite Aid Corp. |  |
| 1725000 | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26\*@ | 2 |
| 337517 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@ | 1688 |
| 313713 | &nbsp;&nbsp;&nbsp;0.000%, 10/18/25\* |  |
| 245727 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@!! | 1229 |
| 113382 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/31\*@!! | 8504 |
| 106832 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/34 |  |
| 1045000 | &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 02/01/33 | 1056171 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* |  |
| 131000 | &nbsp;&nbsp;&nbsp;6.250%, 03/15/32 | 134451 |
| 131000 | &nbsp;&nbsp;&nbsp;5.625%, 09/30/31 | 132026 |
| 955000 | &nbsp;&nbsp;&nbsp;Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/01/29 | 904738 |
| 1565000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 05/15/31 | 1595314 |
| 810000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 07/15/29 | 788171 |
| 648000 | &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 623946 |
| 753000 | &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 11/01/27 | 745673 |
| 780000 | &nbsp;&nbsp;&nbsp;Staples, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.750%, 09/01/29 | 731523 |
| 1125000 | &nbsp;&nbsp;&nbsp;Station Casinos LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/15/28 | 1100138 |
| 1050000 | &nbsp;&nbsp;&nbsp;STL Holding Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 02/15/29 | 1093071 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 522000 | &nbsp;&nbsp;&nbsp;Under Armour, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 07/15/30 | $534747 |
| 260000 | &nbsp;&nbsp;&nbsp;Viking Cruises Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 07/15/31 | 279859 |
| 522000 | &nbsp;&nbsp;&nbsp;Voyager Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 07/01/32 | 552720 |
| 1045000 | &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/15/33 | 1030934 |
| 1025000 | &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 04/14/30 | 994158 |
|  |  | 67598571 |
|  | ***Consumer Staples (2.1%)*** |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC\* |  |
| 1750000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/27 | 1738380 |
| 780000 | &nbsp;&nbsp;&nbsp;5.875%, 02/15/28 | 780686 |
| 1037000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 1053084 |
| 525000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 541779 |
|  | &nbsp;&nbsp;&nbsp;Brink's Co.\* |  |
| 525000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/32 | 541296 |
| 525000 | &nbsp;&nbsp;&nbsp;6.500%, 06/15/29 | 538015 |
| 1191000 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/30/31 | 1104474 |
| 1188000 | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/01/29 | 1125214 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.\* |  |
| 1445000 | &nbsp;&nbsp;&nbsp;4.375%, 03/31/29 | 1371580 |
| 260000 | &nbsp;&nbsp;&nbsp;6.500%, 12/31/27 | 263900 |
| 284000 | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 04/01/33 | 291324 |
|  | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC\* |  |
| 875841 | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 680590 |
| 429160 | &nbsp;&nbsp;&nbsp;5.750%, 12/31/30 | 353546 |
| 672000 | &nbsp;&nbsp;&nbsp;New Albertsons LP |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 06/15/26 | 685863 |
| 600000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/31/32 | 607392 |
|  | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |
| 1043000 | &nbsp;&nbsp;&nbsp;4.250%, 08/01/29 | 1003867 |
| 261000 | &nbsp;&nbsp;&nbsp;6.125%, 09/15/32 | 265507 |
| 775000 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/15/31 | 741063 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* |  |
| 1050000 | &nbsp;&nbsp;&nbsp;6.250%, 02/15/32 | 1070738 |
| 788000 | &nbsp;&nbsp;&nbsp;6.375%, 03/01/33 | 790214 |
| 986000 | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 04/01/31 | 903225 |
| 782000 | &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.500%, 08/01/29 | 799963 |
| 855000 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/28 | 852717 |
|  |  | 18104417 |
|  | ***Energy (5.1%)*** |  |
|  | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC/ARU Finance Corp.\* |  |
| 1045000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/32 | 1063726 |
| 261000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/33 | 264920 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |
| 787000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/30\* | 816174 |
| 545000 | &nbsp;&nbsp;&nbsp;5.850%, 11/15/43 | 485868 |
| 392000 | &nbsp;&nbsp;&nbsp;6.875%, 07/01/29\* | 403701 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.\* |  |
| 1023000 | &nbsp;&nbsp;&nbsp;8.750%, 07/01/31^ | 1036115 |
| 519000 | &nbsp;&nbsp;&nbsp;9.625%, 06/15/33 | 533978 |
| 785000 | &nbsp;&nbsp;&nbsp;Continental Resources, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 06/01/44 | 617159 |
| 808000 | &nbsp;&nbsp;&nbsp;DT Midstream, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/29 | 778952 |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc.‡ |  |
| 790000 | &nbsp;&nbsp;&nbsp;7.375%, 03/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.12% | 824333 |
| 530000 | &nbsp;&nbsp;&nbsp;7.200%, 06/27/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.97% | 547554 |
| 1310000 | &nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/01/31 | 1449109 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP‡ |  |
| 970000 | &nbsp;&nbsp;&nbsp;7.575%, 11/01/66^ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.28% | 968041 |
| 764000 | &nbsp;&nbsp;&nbsp;6.500%, 11/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.69% | 768439 |
| 520000 | &nbsp;&nbsp;&nbsp;7.125%, 10/01/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.83% | 533655 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 765000 | &nbsp;&nbsp;&nbsp;8.875%, 04/15/30^ | 809676 |
| 525000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/33 | 544730 |
| 1460000 | &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/01/29 | 1486324 |
| 1050000 | &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 07/15/32 | 1086635 |
| 1045000 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/01/32 | 1056798 |
| 1044000 | &nbsp;&nbsp;&nbsp;Matador Resources Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 1047278 |
| 390000 | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/28 | 360407 |
| 1105000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 01/31/30 | 1095398 |
| 780000 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/30/26 | 273335 |
| 1090000 | &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 02/01/28 | 1097848 |
| 650000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/30 | 693979 |
| 1565000 | &nbsp;&nbsp;&nbsp;Parkland Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 | 1598710 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC\* |  |
| 985000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/32 | 1018736 |
| 261000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/33 | 262595 |
| 1040000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP‡^ |  |
|  | &nbsp;&nbsp;&nbsp;8.698%, 08/30/25 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.37% | 1043442 |
| 1050000 | &nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 03/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.95% | 1085343 |
| 1440000 | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 10/31/29 | 1466755 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 522000 | &nbsp;&nbsp;&nbsp;Sunoco LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/33 | $529089 |
| 1720000 | &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/29 | 1677361 |
|  | &nbsp;&nbsp;&nbsp;Transocean, Inc.\* |  |
| 1427200 | &nbsp;&nbsp;&nbsp;8.750%, 02/15/30 | 1480691 |
| 1050000 | &nbsp;&nbsp;&nbsp;8.250%, 05/15/29 | 992901 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC\* |  |
| 260000 | &nbsp;&nbsp;&nbsp;4.125%, 08/15/31 | 240266 |
| 260000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/29 | 245567 |
|  | &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.\* |  |
| 2357000 | &nbsp;&nbsp;&nbsp;9.000%, 09/30/29‡ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.44% | 2359051 |
| 1300000 | &nbsp;&nbsp;&nbsp;8.375%, 06/01/31 | 1344499 |
| 780000 | &nbsp;&nbsp;&nbsp;8.125%, 06/01/28 | 807947 |
| 548000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/30^ | 556247 |
| 525000 | &nbsp;&nbsp;&nbsp;9.875%, 02/01/32 | 566848 |
| 525000 | &nbsp;&nbsp;&nbsp;9.500%, 02/01/29 | 572702 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC\* |  |
| 1045000 | &nbsp;&nbsp;&nbsp;6.500%, 01/15/34 | 1075295 |
| 131000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/36 | 134799 |
| 1045000 | &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 10/15/30 | 982603 |
| 1045000 | &nbsp;&nbsp;&nbsp;VOC Escrow Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/28 | 1036285 |
| 1098000 | &nbsp;&nbsp;&nbsp;Weatherford International Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 04/30/30 | 1129381 |
| 912000 | &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 10/15/29 | 909136 |
|  |  | 43760381 |
|  | ***Financials (6.2%)*** |  |
| 871000 | &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/29 | 901041 |
| 975000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust‡^ |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 03/10/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.72% | 1018699 |
|  | &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer\* |  |
| 1045000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/32^ | 1075096 |
| 1045000 | &nbsp;&nbsp;&nbsp;6.500%, 10/01/31 | 1061856 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.‡ |  |
| 1433000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.87% | 1398221 |
| 480000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 3.48% | 438610 |
| 1082000 | &nbsp;&nbsp;&nbsp;AmWINS Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/30/29 | 1051715 |
| 520000 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 07/15/33 | 522418 |
| 1075000 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 01/15/29 | 1073344 |
| 1045000 | &nbsp;&nbsp;&nbsp;Azorra Finance Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 01/15/31 | 1067708 |
| 1050000 | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 05/15/31 | 1084597 |
| 1045000 | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 12/01/29 | 1107063 |
| 1050000 | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/31 | 1110847 |
| 525000 | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 04/12/29 | 564548 |
| 784000 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/35 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.30% | 811009 |
| 1819000 | &nbsp;&nbsp;&nbsp;BroadStreet Partners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 04/15/29 | 1808086 |
| 807000 | &nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 04/01/27 | 785227 |
| 1000000 | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/15/30 | 998740 |
| 1020000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 1020235 |
|  | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\* |  |
| 690000 | &nbsp;&nbsp;&nbsp;9.250%, 12/15/28 | 730317 |
| 464000 | &nbsp;&nbsp;&nbsp;6.625%, 03/15/30 | 470046 |
| 1045000 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 09/01/31 | 1121619 |
| 520000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\*‡^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 04/01/45 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% | 537113 |
|  | &nbsp;&nbsp;&nbsp;GGAM Finance Ltd.\* |  |
| 1170000 | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 1205966 |
| 522000 | &nbsp;&nbsp;&nbsp;5.875%, 03/15/30 | 524735 |
| 650000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/28 | 626951 |
| 585000 | &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC\*µ |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/27 | 606967 |
|  | &nbsp;&nbsp;&nbsp;HUB International Ltd.\* |  |
| 1571000 | &nbsp;&nbsp;&nbsp;5.625%, 12/01/29 | 1561857 |
| 785000 | &nbsp;&nbsp;&nbsp;7.375%, 01/31/32 | 817931 |
| 1635000 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 03/15/28 | 1627741 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Finance LLC/JFIN Co-Issuer Corp.\* |  |
| 1340000 | &nbsp;&nbsp;&nbsp;5.000%, 08/15/28 | 1293636 |
| 1015000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/31 | 1011600 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.\* |  |
| 656000 | &nbsp;&nbsp;&nbsp;7.000%, 07/15/31 | 687370 |
| 645000 | &nbsp;&nbsp;&nbsp;4.750%, 06/15/29 | 626875 |
|  | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.\* |  |
| 805620 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32 | 812790 |
| 500000 | &nbsp;&nbsp;&nbsp;3.875%, 10/15/30 | 433665 |
| 1055000 | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 03/30/29 | 1101610 |
| 1523000 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.400%, 12/15/66 | 1587103 |
| 525000 | &nbsp;&nbsp;&nbsp;Newmark Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/12/29 | 557844 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |
| 715000 | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 | 682353 |
| 530000 | &nbsp;&nbsp;&nbsp;7.500%, 05/15/31 | 552827 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 985000 | &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/30 | $1010009 |
| 1305000 | &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 09/15/29 | 1367875 |
| 1050000 | &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/01/32 | 1073856 |
|  | &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.\* |  |
| 784000 | &nbsp;&nbsp;&nbsp;6.375%, 08/01/33 | 800284 |
| 523000 | &nbsp;&nbsp;&nbsp;6.125%, 08/01/30 | 530944 |
| 1005000 | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 03/01/31 | 927585 |
| 785000 | &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;11.000%, 12/15/29 | 185951 |
| 775000 | &nbsp;&nbsp;&nbsp;Service Properties Trust |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/29 | 805574 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.\* |  |
| 1045000 | &nbsp;&nbsp;&nbsp;6.000%, 04/15/30 | 1056098 |
| 522000 | &nbsp;&nbsp;&nbsp;6.500%, 07/01/30 | 537409 |
| 257000 | &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 07/15/32 | 261939 |
| 1310000 | &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 03/01/31 | 1379797 |
| 1045000 | &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 03/01/30 | 1083780 |
|  | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC\* |  |
| 1212000 | &nbsp;&nbsp;&nbsp;5.500%, 04/15/29 | 1186609 |
| 525000 | &nbsp;&nbsp;&nbsp;5.750%, 06/15/27 | 525562 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC\* |  |
| 525000 | &nbsp;&nbsp;&nbsp;6.500%, 02/15/29^ | 511192 |
| 510000 | &nbsp;&nbsp;&nbsp;10.500%, 02/15/28 | 539407 |
| 525000 | &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 06/15/31 | 546693 |
| 1045000 | &nbsp;&nbsp;&nbsp;XHR LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/30 | 1063026 |
|  |  | 53471566 |
|  | ***Health Care (2.4%)*** |  |
| 522000 | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 03/15/33 | 538078 |
|  | &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.\* |  |
| 2075000 | &nbsp;&nbsp;&nbsp;6.125%, 04/01/30^ | 1471901 |
| 785000 | &nbsp;&nbsp;&nbsp;10.875%, 01/15/32 | 823920 |
| 594000 | &nbsp;&nbsp;&nbsp;6.875%, 04/15/29^ | 466320 |
| 130000 | &nbsp;&nbsp;&nbsp;5.250%, 05/15/30 | 113902 |
|  | &nbsp;&nbsp;&nbsp;DaVita, Inc.\* |  |
| 1220000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 1107540 |
| 1154000 | &nbsp;&nbsp;&nbsp;4.625%, 06/01/30 | 1102289 |
| 1010000 | &nbsp;&nbsp;&nbsp;6.875%, 09/01/32^ | 1039623 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp.\* |  |
| 783000 | &nbsp;&nbsp;&nbsp;5.000%, 02/15/30^ | 710510 |
| 260000 | &nbsp;&nbsp;&nbsp;6.750%, 02/15/30 | 250559 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. |  |
| 525000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/30 | 513398 |
| 525000 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/28 | 517487 |
| 1123000 | &nbsp;&nbsp;&nbsp;HCA, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 11/06/33 | 1273538 |
| 588000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 06/01/32 | 603406 |
| 340000 | &nbsp;&nbsp;&nbsp;Jazz Securities DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 01/15/29 | 329157 |
|  | &nbsp;&nbsp;&nbsp;Medline Borrower LP\* |  |
| 1297000 | &nbsp;&nbsp;&nbsp;5.250%, 10/01/29 | 1272993 |
| 1295000 | &nbsp;&nbsp;&nbsp;3.875%, 04/01/29 | 1235534 |
| 129000 | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 04/01/29 | 131857 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV\* |  |
| 1900000 | &nbsp;&nbsp;&nbsp;5.125%, 04/30/31^ | 1644602 |
| 450000 | &nbsp;&nbsp;&nbsp;4.125%, 04/30/28 | 426429 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |
| 2465000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/27 | 2468673 |
| 1420000 | &nbsp;&nbsp;&nbsp;6.875%, 11/15/31 | 1514047 |
| 1320000 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 05/09/29 | 1320739 |
|  |  | 20876502 |
|  | ***Industrials (3.9%)*** |  |
| 1050000 | &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/15/29 | 1078413 |
| 1200000 | &nbsp;&nbsp;&nbsp;ACCO Brands Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 1063692 |
| 1055000 | &nbsp;&nbsp;&nbsp;Air Lease Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.15% | 1032718 |
|  | &nbsp;&nbsp;&nbsp;Arcosa, Inc.\* |  |
| 587000 | &nbsp;&nbsp;&nbsp;4.375%, 04/15/29 | 566490 |
| 522000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/32 | 540066 |
| 2845606 | &nbsp;&nbsp;&nbsp;ARD Finance SA\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/30/27 |  |
|  | &nbsp;&nbsp;&nbsp;7.250% PIK rate | 212538 |
|  | &nbsp;&nbsp;&nbsp;Bombardier, Inc.\* |  |
| 520000 | &nbsp;&nbsp;&nbsp;8.750%, 11/15/30 | 560461 |
| 395000 | &nbsp;&nbsp;&nbsp;7.000%, 06/01/32^ | 409382 |
| 325000 | &nbsp;&nbsp;&nbsp;7.250%, 07/01/31^ | 339515 |
| 263000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/33 | 271768 |
| 57000 | &nbsp;&nbsp;&nbsp;7.875%, 04/15/27 | 57239 |
| 1044000 | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/29 | 1003420 |
| 1630000 | &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/30 | 1628598 |
| 257000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/20/28 | 257362 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp.\* |  |
| 1360000 | &nbsp;&nbsp;&nbsp;8.000%, 06/01/29 | 1306797 |
| 260000 | &nbsp;&nbsp;&nbsp;8.125%, 09/15/29 | 267462 |
|  | &nbsp;&nbsp;&nbsp;EnerSys\* |  |
| 500000 | &nbsp;&nbsp;&nbsp;6.625%, 01/15/32 | 514180 |
| 500000 | &nbsp;&nbsp;&nbsp;4.375%, 12/15/27 | 491555 |
|  | &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc.\* |  |
| 395000 | &nbsp;&nbsp;&nbsp;8.625%, 05/15/32 | 420715 |
| 394000 | &nbsp;&nbsp;&nbsp;8.000%, 03/15/33 | 411923 |
| 1034000 | &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 08/15/28 | 1032387 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |
| 675000 | &nbsp;&nbsp;&nbsp;4.750%, 07/15/27 | 665267 |
| 484000 | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 455338 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 1141000 | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/01/29 | $1082763 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.\* |  |
| 1350000 | &nbsp;&nbsp;&nbsp;5.500%, 07/15/27 | 1346085 |
| 525000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29^ | 537894 |
| 522000 | &nbsp;&nbsp;&nbsp;7.250%, 06/15/33 | 541178 |
| 522000 | &nbsp;&nbsp;&nbsp;7.000%, 06/15/30 | 539560 |
|  | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.\* |  |
| 788000 | &nbsp;&nbsp;&nbsp;7.000%, 09/01/32 | 592765 |
| 280000 | &nbsp;&nbsp;&nbsp;4.875%, 12/15/27^ | 265770 |
| 1690000 | &nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/15/28 | 1647057 |
| 650000 | &nbsp;&nbsp;&nbsp;Moog, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/15/27 | 636012 |
| 1040000 | &nbsp;&nbsp;&nbsp;Novelis Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/30/30 | 997454 |
| 1045000 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/32 | 1072985 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp.\* |  |
| 265000 | &nbsp;&nbsp;&nbsp;6.500%, 07/15/32^ | 273361 |
| 261000 | &nbsp;&nbsp;&nbsp;5.000%, 04/15/29 | 257396 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.\* |  |
| 809000 | &nbsp;&nbsp;&nbsp;6.125%, 02/01/28^ | 817308 |
| 260000 | &nbsp;&nbsp;&nbsp;7.250%, 02/15/31 | 270429 |
| 400000 | &nbsp;&nbsp;&nbsp;Sensata Technologies BV\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 04/15/29 | 380656 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc.\* |  |
| 519000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 473510 |
| 200000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/32 | 205002 |
|  | &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.\* |  |
| 522000 | &nbsp;&nbsp;&nbsp;6.250%, 08/01/33 | 527257 |
| 265000 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 270801 |
| 486000 | &nbsp;&nbsp;&nbsp;Standard Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/27 | 486185 |
|  | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |
| 1125000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/30 | 1166940 |
| 790000 | &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 | 806637 |
| 390000 | &nbsp;&nbsp;&nbsp;7.125%, 12/01/31 | 406474 |
| 254000 | &nbsp;&nbsp;&nbsp;6.625%, 03/01/32 | 261452 |
| 266736 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-2, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/29 | 258707 |
| 575000 | &nbsp;&nbsp;&nbsp;Wabash National Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/15/28 | 515528 |
| 1040000 | &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/33 | 1080279 |
|  | &nbsp;&nbsp;&nbsp;Williams Scotsman, Inc.\* |  |
| 604000 | &nbsp;&nbsp;&nbsp;4.625%, 08/15/28 | 594487 |
| 530000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/31 | 553622 |
| 390000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 400413 |
|  |  | 33853253 |
|  | ***Information Technology (1.6%)*** |  |
| 522000 | &nbsp;&nbsp;&nbsp;CACI International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 06/15/33 | 534961 |
| 604000 | &nbsp;&nbsp;&nbsp;Coherent Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 591527 |
| 471000 | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;6.020%, 06/15/26 | 475088 |
| 522000 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 534351 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* |  |
| 520000 | &nbsp;&nbsp;&nbsp;4.000%, 06/15/28 | 502798 |
| 392000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/33 | 394662 |
| 1130000 | &nbsp;&nbsp;&nbsp;KBR, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 09/30/28 | 1090992 |
|  | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd.\* |  |
| 528000 | &nbsp;&nbsp;&nbsp;8.125%, 01/15/29 | 555551 |
| 522000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/32 | 536522 |
| 771000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/01/28 | 744701 |
| 525000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 | 542278 |
| 391000 | &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/01/31 | 356377 |
| 908000 | &nbsp;&nbsp;&nbsp;Playtika Holding Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 833099 |
| 1450000 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 03/01/29 | 1382053 |
|  | &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |
| 725000 | &nbsp;&nbsp;&nbsp;3.625%, 03/15/29 | 687155 |
| 259000 | &nbsp;&nbsp;&nbsp;3.875%, 03/15/31 | 240886 |
| 394000 | &nbsp;&nbsp;&nbsp;UKG, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 02/01/31 | 405201 |
| 1555000 | &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 10/01/29 | 1442325 |
| 1050000 | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/32 | 1076849 |
| 1200000 | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC/ZoomInfo Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 02/01/29 | 1128852 |
|  |  | 14056228 |
|  | ***Materials (2.0%)*** |  |
| 1045000 | &nbsp;&nbsp;&nbsp;Avient Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/01/31 | 1049682 |
| 1045000 | &nbsp;&nbsp;&nbsp;Capstone Copper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/33 | 1064886 |
| 520000 | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.879%, 07/15/32 | 538600 |
| 1050000 | &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 1061025 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co.\* |  |
| 888000 | &nbsp;&nbsp;&nbsp;8.000%, 01/15/33 | 826799 |
| 780000 | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 661838 |
| 1900000 | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 08/15/28 | 1793163 |
| 780000 | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 03/15/32 | 761530 |
| 425000 | &nbsp;&nbsp;&nbsp;Constellium SE\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 08/15/32 | 430958 |
| 1595000 | &nbsp;&nbsp;&nbsp;FMC Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.450%, 11/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.37% | 1650905 |
| 1045000 | &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.250%, 04/01/30 | 1083257 |
| 1040000 | &nbsp;&nbsp;&nbsp;Knife River Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/01/31 | 1092437 |
|  | &nbsp;&nbsp;&nbsp;Mercer International, Inc. |  |
| 1107000 | &nbsp;&nbsp;&nbsp;5.125%, 02/01/29 | 892784 |
| 520000 | &nbsp;&nbsp;&nbsp;12.875%, 10/01/28\* | 524898 |
| 1015000 | &nbsp;&nbsp;&nbsp;OCI NV\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 03/16/33 | 1130548 |
| 1194000 | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 02/01/28 | 1160461 |
| 1045000 | &nbsp;&nbsp;&nbsp;Terex Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 10/15/32 | 1047341 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 442850 | &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 05/03/29 | $258465 |
|  |  | 17029577 |
|  | ***Other (1.4%)*** |  |
| 1410000 | &nbsp;&nbsp;&nbsp;1261229 BC Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.000%, 04/15/32 | 1436480 |
| 1030000 | &nbsp;&nbsp;&nbsp;Alumina Pty. Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/32 | 1045429 |
| 407527 | &nbsp;&nbsp;&nbsp;Claritev Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 297739 |
|  | &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |
| 1593550 | &nbsp;&nbsp;&nbsp;10.750%, 11/30/29 | 1681402 |
| 1099886 | &nbsp;&nbsp;&nbsp;6.750%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;6.75% Cash or PIK | 1043792 |
| 475000 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/30/27 | 483540 |
| 525000 | &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 04/15/30 | 544315 |
| 1045000 | &nbsp;&nbsp;&nbsp;New Gold, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/01/32 | 1073476 |
| 470000 | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.050%, 09/15/28 | 484307 |
| 1045000 | &nbsp;&nbsp;&nbsp;Olin Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 04/01/33 | 1018196 |
| 520000 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% | 520681 |
| 1045000 | &nbsp;&nbsp;&nbsp;Rfna LP\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 02/15/30 | 1065691 |
| 1045000 | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/15/32 | 1098285 |
|  |  | 11793333 |
|  | ***Real Estate (0.2%)*** |  |
| 522000 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/15/33 | 524636 |
| 1567000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\*^ |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 | 1497692 |
|  |  | 2022328 |
|  | ***Special Purpose Acquisition Companies (0.2%)*** |  |
| 263000 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 04/15/32 | 269417 |
|  | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.\* |  |
| 1045000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/30 | 984077 |
| 524000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 498408 |
|  |  | 1751902 |
|  | ***Utilities (0.7%)*** |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp.‡ |  |
| 389000 | &nbsp;&nbsp;&nbsp;6.950%, 07/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.89% | 375805 |
| 170000 | &nbsp;&nbsp;&nbsp;7.600%, 01/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% | 172378 |
| 520000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.21% | 533562 |
| 1025000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.450%, 09/01/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.59% | 1055524 |
| 820000 | &nbsp;&nbsp;&nbsp;Entergy Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 12/01/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.67% | 851029 |
| 770000 | &nbsp;&nbsp;&nbsp;Evergy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 06/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.56% | 778632 |
| 780000 | &nbsp;&nbsp;&nbsp;NiSource, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 11/30/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45% | 811434 |
| 379000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.222%, 03/30/67 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.93% | 376919 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp.\*‡ |  |
| 525000 | &nbsp;&nbsp;&nbsp;7.000%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.74% | 530596 |
| 270000 | &nbsp;&nbsp;&nbsp;8.000%, 10/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 6.93% | 275781 |
|  |  | 5761660 |
|  | **Total Corporate Bonds**<br> (Cost $329,210,944) | 323048631 |
| **Convertible Bonds (90.4%)** | **Convertible Bonds (90.4%)** |  |
|  | ***Communication Services (13.4%)*** |  |
| 4500000 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | 4742550 |
| 17000000 | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 18483080 |
| 9750000 | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula Oneµ |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 | 12706883 |
| 16750000 | &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 01/15/30 | 18038912 |
| 4250000 | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | 4381580 |
| 5750000 | &nbsp;&nbsp;&nbsp;Match Group Financeco 3, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 01/15/30 | 5199208 |
| 17500000 | &nbsp;&nbsp;&nbsp;Snap, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 05/01/30 | 15355725 |
|  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.µ |  |
| 15500000 | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 21184160 |
| 14250000 | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\* | 15962992 |
|  |  | 116055090 |
|  | ***Consumer Discretionary (9.8%)*** |  |
| 12250000 | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 16285517 |
| 4500000 | &nbsp;&nbsp;&nbsp;Carnival Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 12/01/27 | 10413585 |
| 12500000 | &nbsp;&nbsp;&nbsp;DraftKings Holdings, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/28 | 11391375 |
| 4500000 | &nbsp;&nbsp;&nbsp;Etsy, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 06/15/30 | 4539960 |
| 3750000 | &nbsp;&nbsp;&nbsp;Lucid Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 04/01/30 | 3783263 |
| 11000000 | &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 12/15/27 | 10466280 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 12250000 | &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/15/29 | $12091853 |
| 1000000 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 08/15/25 | 6411970 |
| 3125000 | &nbsp;&nbsp;&nbsp;Shake Shack, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/01/28 | 3155875 |
| 3750000 | &nbsp;&nbsp;&nbsp;Wayfair, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/15/28 | 6064275 |
|  |  | 84603953 |
|  | ***Consumer Staples (1.1%)*** |  |
| 5183000 | &nbsp;&nbsp;&nbsp;Enovis Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 10/15/28 | 4951320 |
| 4250000 | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4486045 |
|  |  | 9437365 |
|  | ***Energy (1.3%)*** |  |
| 4500000 | &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 03/15/30 | 3214530 |
| 5265000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/29 | 3174005 |
| 4500000 | &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 04/15/29 | 4695255 |
|  | &nbsp;&nbsp;&nbsp;SunEdison, Inc.@ |  |
| 10545000 | &nbsp;&nbsp;&nbsp;0.000%, 01/15/20\* | 36907 |
| 1027000 | &nbsp;&nbsp;&nbsp;0.000%, 10/01/18 | 3595 |
|  |  | 11124292 |
|  | ***Financials (2.2%)*** |  |
| 4500000 | &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 12/15/29 | 4758435 |
| 6500000 | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 04/01/30 | 8909745 |
| 4500000 | &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 11/15/30 | 5384655 |
|  |  | 19052835 |
|  | ***Health Care (8.5%)*** |  |
| 5000000 | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 7360700 |
| 8750000 | &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 03/15/30 | 8648062 |
| 6250000 | &nbsp;&nbsp;&nbsp;Exact Sciences Corp.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 03/01/30 | 6025938 |
| 4500000 | &nbsp;&nbsp;&nbsp;Haemonetics Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 06/01/29 | 4495950 |
| 8500000 | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 03/01/27 | 8798945 |
| 4750000 | &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 03/15/30 | 4669013 |
| 4500000 | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/28 | 4927815 |
|  | &nbsp;&nbsp;&nbsp;Jazz Investments I Ltd.µ |  |
| 6655000 | &nbsp;&nbsp;&nbsp;2.000%, 06/15/26 | 6834485 |
| 4000000 | &nbsp;&nbsp;&nbsp;3.125%, 09/15/30\* | 4417960 |
| 3040000 | &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 12/15/27 | 3595438 |
| 3250000 | &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 02/01/29 | 3834448 |
| 11250000 | &nbsp;&nbsp;&nbsp;NeoGenomics, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 01/15/28 | 9500287 |
|  |  | 73109041 |
|  | ***Industrials (3.7%)*** |  |
| 8000000 | &nbsp;&nbsp;&nbsp;AeroVironment, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 9010560 |
| 2000000 | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/27 | 6600480 |
| 3000000 | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 | 6308460 |
| 3500000 | &nbsp;&nbsp;&nbsp;Fluor Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 4929925 |
| 4500000 | &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/28 | 5132565 |
|  |  | 31981990 |
|  | ***Information Technology (40.3%)*** |  |
| 4500000 | &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 09/15/28 | 5529060 |
| 4750000 | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.375%, 09/01/27 | 4566365 |
| 3750000 | &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 03/15/30 | 3831788 |
| 1375000 | &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 06/01/30 | 2155574 |
| 9250000 | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/01/30 | 7816250 |
| 11078000 | &nbsp;&nbsp;&nbsp;Cloudflare, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 12334578 |
|  | &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* |  |
| 9250000 | &nbsp;&nbsp;&nbsp;0.000%, 06/15/31µ | 9344535 |
| 2710000 | &nbsp;&nbsp;&nbsp;3.000%, 09/01/29 | 3957928 |
| 17500000 | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 18016425 |
| 18500000 | &nbsp;&nbsp;&nbsp;Datadog, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 17993655 |
| 9000000 | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 10337130 |
| 3100000 | &nbsp;&nbsp;&nbsp;IREN Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 12/15/29 | 4420476 |
| 4000000 | &nbsp;&nbsp;&nbsp;Itron, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;1.375%, 07/15/30 | 4598000 |
| 4236000 | &nbsp;&nbsp;&nbsp;Life360, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/01/30 | 5007503 |
| 8000000 | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 | 13753360 |
| 8500000 | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/29 | 8888790 |
|  | &nbsp;&nbsp;&nbsp;MicroStrategy, Inc.\* |  |
| 18750000 | &nbsp;&nbsp;&nbsp;0.000%, 03/01/30µ | 22002937 |
| 13500000 | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29^ | 13041675 |
| 8000000 | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 | 9466720 |
| 17250000 | &nbsp;&nbsp;&nbsp;MKS, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 06/01/30 | 16852387 |
| 11750000 | &nbsp;&nbsp;&nbsp;Nutanix, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 | 13279615 |
| 18500000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 03/01/29 | 17589800 |
|  | &nbsp;&nbsp;&nbsp;PAR Technology Corp. |  |
| 2500000 | &nbsp;&nbsp;&nbsp;1.500%, 10/15/27 | 2716625 |
| 2000000 | &nbsp;&nbsp;&nbsp;1.000%, 01/15/30\* | 1904180 |
| 4750000 | &nbsp;&nbsp;&nbsp;Parsons Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 | 5196642 |
| 4000000 | &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 06/01/26 | 4397880 |
| 8250000 | &nbsp;&nbsp;&nbsp;Rapid7, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 03/15/29 | 7330125 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 2750000 | &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 01/15/30 | $3189973 |
| 4559000 | &nbsp;&nbsp;&nbsp;Rubrik, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4896092 |
| 6750000 | &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/28 | 13095270 |
| 15750000 | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc.µ^ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 08/01/27 | 17172540 |
| 12000000 | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 18670920 |
| 7000000 | &nbsp;&nbsp;&nbsp;Spotify USA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 8880060 |
| 3750000 | &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 4781587 |
| 4500000 | &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 03/15/26 | 5442390 |
| 4500000 | &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/29 | 4799025 |
| 5750000 | &nbsp;&nbsp;&nbsp;Western Digital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 11/15/28 | 12337085 |
|  | &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.@ |  |
| 9500000 | &nbsp;&nbsp;&nbsp;1.875%, 12/01/29 | 2927235 |
| 5711000 | &nbsp;&nbsp;&nbsp;0.250%, 02/15/28 | 1713586 |
| 4250000 | &nbsp;&nbsp;&nbsp;Workiva, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 08/15/28 | 3920157 |
|  |  | 348155923 |
|  | ***Materials (1.2%)*** |  |
| 298000 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 11/01/30 | 710772 |
| 3250000 | &nbsp;&nbsp;&nbsp;MP Materials Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/30 | 9525067 |
|  |  | 10235839 |
|  | ***Real Estate (2.0%)*** |  |
| 9000000 | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 11/15/29 | 9507510 |
| 4750000 | &nbsp;&nbsp;&nbsp;Welltower OP LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 05/15/28 | 8260440 |
|  |  | 17767950 |
|  | ***Utilities (6.9%)*** |  |
| 9250000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;3.375%, 05/01/28 | 10144383 |
| 8000000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 | 8573200 |
| 5500000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/27 | 6276435 |
| 16500000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 18429840 |
| 14750000 | &nbsp;&nbsp;&nbsp;Southern Co.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27 | 16517935 |
|  |  | 59941793 |
|  | **Total Convertible Bonds**<br> (Cost $751,680,734) | 781466071 |
| **Bank Loans (7.8%) ¡** | **Bank Loans (7.8%) ¡** |  |
|  | ***Airlines (0.1%)*** |  |
| 691250 | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 692114 |
| 571807 | &nbsp;&nbsp;&nbsp;United Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.351%, 02/22/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 574738 |
|  |  | 1266852 |
|  | ***Communication Services (0.6%)*** |  |
| 401124 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.471%, 10/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.00% | 331429 |
| 44778 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;11.471%, 10/02/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 7.00% | 44666 |
| 494955 | &nbsp;&nbsp;&nbsp;Cincinnati Bell, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 11/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 496413 |
| 489198 | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.471%, 08/23/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.00% | 489154 |
| 939364 | &nbsp;&nbsp;&nbsp;CSC Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 04/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. U.S. (Fed) Prime Rate + 1.50% | 926645 |
| 399231 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.820%, 08/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.25% | 396678 |
| 248185 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.570%, 08/02/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.00% | 249209 |
| 20827 | &nbsp;&nbsp;&nbsp;Gray Television, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.579%, 06/04/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.25% | 20884 |
| 523688 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.870%, 12/31/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.30% | 489124 |
| 1050000 | &nbsp;&nbsp;&nbsp;Telesat Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.344%, 12/07/26 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 670126 |
| 1300822 | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 07/08/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 1291065 |
|  |  | 5405393 |
|  | ***Consumer Discretionary (1.5%)*** |  |
| 593513 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.575%, 05/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 598335 |
| 570570 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.576%, 04/20/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% | 569001 |
| 662762 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% | 663179 |
| 370238 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% | 370471 |
| 350000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/25/32 | 352625 |
| 550000 | &nbsp;&nbsp;&nbsp;Boots Group Bidco Ltd.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 550347 |
| 616591 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/06/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 617041 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 651725 | &nbsp;&nbsp;&nbsp;Chinos Intermediate Holdings A, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.308%, 09/26/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.00% | $554781 |
| 1225000 | &nbsp;&nbsp;&nbsp;Clarios Global LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 1226782 |
| 410000 | &nbsp;&nbsp;&nbsp;Flutter Financing BV‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 06/04/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% | 410683 |
| 1039775 | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.577%, 11/05/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 1043263 |
| 1170202 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.593%, 04/14/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 1174298 |
| 440550 | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.833%, 05/30/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 448645 |
| 2246125 | &nbsp;&nbsp;&nbsp;PetSmart, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.206%, 02/11/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.75% | 2244721 |
| 1036875 | &nbsp;&nbsp;&nbsp;Station Casinos LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 03/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 1039213 |
| 1033676 | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.103%, 08/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 1035780 |
|  |  | 12899165 |
|  | ***Consumer Staples (1.4%)*** |  |
| 3440022 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.856%, 05/04/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.50% | 3508823 |
| 1166700 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/23/32 | 1169372 |
| 540000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 07/16/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 538229 |
| 784075 | &nbsp;&nbsp;&nbsp;B&G Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 10/10/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 727394 |
| 150000 | &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 01/15/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 150825 |
| 650000 | &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.606%, 10/08/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.25% | 638576 |
| 92916 | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.058%, 12/31/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 92684 |
| 1050000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/28/32 | 1055843 |
| 1284991 | &nbsp;&nbsp;&nbsp;Star Parent, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 09/27/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 1272411 |
| 1045000 | &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/23/28 | 1046306 |
| 502865 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.106%, 05/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 507534 |
| 1057337 | &nbsp;&nbsp;&nbsp;Veritiv Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 1062957 |
|  |  | 11770954 |
|  | ***Energy (0.2%)*** |  |
| 782788 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.807%, 10/30/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 366932 |
| 1528426 | &nbsp;&nbsp;&nbsp;Par Petroleum LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.029%, 02/28/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 1529221 |
|  |  | 1896153 |
|  | ***Financials (1.4%)*** |  |
| 790000 | &nbsp;&nbsp;&nbsp;Acrisure LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 06/21/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 792962 |
| 1555000 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 1557434 |
| 1398439 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 08/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 1401571 |
| 768363 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.082%, 12/29/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 769612 |
| 1283750 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.858%, 02/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 1287819 |
| 543139 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 06/13/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 544154 |
| 125000 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/13/31 | 125234 |
| 1050000 | &nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.041%, 05/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 1050661 |
| 1308425 | &nbsp;&nbsp;&nbsp;Dragon Buyer, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 09/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 1312043 |
| 929565 | &nbsp;&nbsp;&nbsp;HUB International, Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.825%, 06/20/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 931764 |
| 773225 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 774354 |
| 733884 | &nbsp;&nbsp;&nbsp;Jazz Financing Lux SARL‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 05/05/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 737613 |
| 1050000 | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 03/27/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 1060909 |
|  |  | 12346130 |
|  | ***Health Care (0.1%)*** |  |
| 1139654 | &nbsp;&nbsp;&nbsp;Padagis LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.290%, 07/06/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.75% | 1042783 |
|  | ***Industrials (1.0%)*** |  |
| 1025378 | &nbsp;&nbsp;&nbsp;ACProducts, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.807%, 05/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.25% | 778329 |
| 770000 | &nbsp;&nbsp;&nbsp;Chamberlain Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/22/32 | 770639 |
| 1050000 | &nbsp;&nbsp;&nbsp;ECO Material Tech, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.467%, 02/12/32 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.25% | 1055250 |
| 1035000 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 08/04/31 | 1036940 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 387075 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 08/04/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | $387801 |
| 1039500 | &nbsp;&nbsp;&nbsp;MI Windows & Doors LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 03/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 1042229 |
| 1047375 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/10/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 1047768 |
| 2091214 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.796%, 02/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 2099757 |
|  |  | 8218713 |
|  | ***Information Technology (0.9%)*** |  |
| 1392892 | &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.333%, 07/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 1394521 |
| 1052258 | &nbsp;&nbsp;&nbsp;Camelot U.S. Acquisition LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 1053179 |
| 784630 | &nbsp;&nbsp;&nbsp;Coherent Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 07/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 787768 |
| 989259 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.603%, 01/18/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 989967 |
| 205889 | &nbsp;&nbsp;&nbsp;Qxo, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 04/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 207907 |
| 1575000 | &nbsp;&nbsp;&nbsp;Rocket Software, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 11/28/32 | 1580788 |
| 907116 | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 05/09/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 911229 |
| 504900 | &nbsp;&nbsp;&nbsp;UKG, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.810%, 02/10/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 505420 |
|  |  | 7430779 |
|  | ***Materials (0.3%)*** |  |
| 1629809 | &nbsp;&nbsp;&nbsp;Ineos U.S. Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 02/18/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 1518265 |
| 768397 | &nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.090%, 05/03/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 332655 |
| 1054035 | &nbsp;&nbsp;&nbsp;W.R. Grace & Co.-Conn.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.546%, 09/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 1056338 |
|  |  | 2907258 |
|  | ***Other (0.1%)*** |  |
| 530000 | &nbsp;&nbsp;&nbsp;Windstream Services LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.206%, 10/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 533312 |
|  | ***Special Purpose Acquisition Companies (0.2%)*** |  |
| 431067 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.531%, 04/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.18% | 431388 |
| 256388 | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.601%, 01/27/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 256894 |
| 1030850 | &nbsp;&nbsp;&nbsp;Patagonia Holdco LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.048%, 08/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.75% | 861563 |
|  |  | 1549845 |
|  | **Total Bank Loans**<br> (Cost $68,426,814) | 67267337 |
| **U.S. Government and Agency Security (0.1%)** | **U.S. Government and Agency Security (0.1%)** |  |
|  | ***Other (0.1%)*** |  |
| 650000 | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas‡^ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $655,634) | 660898 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| **Common Stocks (1.0%)** | **Common Stocks (1.0%)** |  |
|  | ***Communication Services (0.5%)*** |  |
| 21970 | &nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class A^# | $57122 |
| 79988 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.µ^# | 4252962 |
| 17927 | &nbsp;&nbsp;&nbsp;Audacy, Inc.# | 250978 |
| 7383 | &nbsp;&nbsp;&nbsp;Cumulus Media, Inc. - Class A# | 1019 |
|  |  | 4562081 |
|  | ***Consumer Discretionary (0.0%)*** |  |
| 1568 | &nbsp;&nbsp;&nbsp;Rite Aid Corp.# | 1568 |
|  | ***Energy (0.5%)*** |  |
| 9995 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class Aµ^# | 2152923 |
| 4350 | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 250864 |
| 61575 | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 1110813 |
| 28485 | &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 882750 |
| 7238 | &nbsp;&nbsp;&nbsp;EP Energy Corp.# | 10857 |
|  |  | 4408207 |
|  | **Total Common Stocks**<br> (Cost $9,098,639) | 8971856 |
| **Convertible Preferred Stocks (13.0%)** | **Convertible Preferred Stocks (13.0%)** |  |
|  | ***Financials (4.3%)*** |  |
| 89885 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/31/26 | 6847439 |
| 177785 | &nbsp;&nbsp;&nbsp;ARES Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | 10062631 |
| 8775 | &nbsp;&nbsp;&nbsp;Bank of America Corp.^‡‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 12/31/49 | 10705500 |
| 165210 | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 9491315 |
|  |  | 37106885 |
|  | ***Industrials (4.1%)*** |  |
| 433055 | &nbsp;&nbsp;&nbsp;Boeing Co. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 30616989 |
| 87620 | &nbsp;&nbsp;&nbsp;QXO, Inc.# |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 05/15/28 | 5066188 |
|  |  | 35683177 |
|  | ***Information Technology (2.6%)*** |  |
| 161410 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 9684600 |

---

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| 128395 | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | $8077330 |
| 41735 | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 05/01/28 | 4922643 |
|  |  | 22684573 |
|  | **Materials (0.6%)** |  |
| 143115 | &nbsp;&nbsp;&nbsp;Albemarle Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/01/27 | 4860185 |
|  | **Utilities (1.4%)** |  |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. |  |
| 194000 | &nbsp;&nbsp;&nbsp;6.926%, 09/01/25^ | 7905500 |
| 91805 | &nbsp;&nbsp;&nbsp;7.299%, 06/01/27 | 4410312 |
|  |  | 12315812 |
|  | **Total Convertible Preferred Stocks**<br> (Cost $108,990,292) | 112650632 |
| **Preferred Stocks (0.1%)** | **Preferred Stocks (0.1%)** |  |
|  | **Communication Services (0.1%)** |  |
| 27800 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/56 | 550440 |
| 8366 | &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 03/31/26 | 177359 |
|  | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
| 8665 | &nbsp;&nbsp;&nbsp;6.250%, 09/01/69 | 221391 |
| 7072 | &nbsp;&nbsp;&nbsp;5.500%, 03/01/70 | 156786 |
| 808 | &nbsp;&nbsp;&nbsp;5.500%, 06/01/70 | 18148 |
|  |  | 1124124 |
|  | **Consumer Discretionary (0.0%)** |  |
| 6662 | &nbsp;&nbsp;&nbsp;Guitar Center, Inc.# | 99930 |
|  | **Total Preferred Stocks**<br> (Cost $1,718,042) | 1224054 |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** |  |
|  | **Communication Services (0.0%)** |  |
| 3271 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
| 545 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
|  | **Energy (0.0%)** |  |
| 52447 | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $15.98 | 5 |
| 47202 | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $12.33 | 5 |
|  |  | 10 |
|  | **Total Warrants**<br> (Cost $20,125) | 10 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Purchased Options (0.1%) #** | **Exchange-Traded Purchased Options (0.1%) #** |  |
|  | **Other (0.1%)** |  |
| 670 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 42349360 | &nbsp;&nbsp;&nbsp;Put, 11/28/25, Strike $550.00 | $352420 |
|  | **Communication Services (0.0%)** |  |
| 525 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. |  |
| 2791425 | &nbsp;&nbsp;&nbsp;Put, 09/19/25, Strike $45.00 | 171938 |
|  | **Total Exchange-Traded Purchased Options**<br> (Cost $1,235,758) | 524358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (150.0%)**<br> (Cost $1,271,846,610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (150.0%)**<br> (Cost $1,271,846,610) | 1296631846 |
| MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.7%) | MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.7%) | (144500000) |
| LIABILITIES, LESS OTHER ASSETS (-33.3%) | LIABILITIES, LESS OTHER ASSETS (-33.3%) | (287883228) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $864248618 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **\*** | Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. |
| **µ** | Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $377,214,022. |
| **‡** | Variable rate security. The rate shown is the rate in effect at July 31, 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 <br> Date** | **Acquisition<br> Cost** |
| Rite Aid Corp. | 12/01/2024 | $108875 |
| Rite Aid Corp. | 12/05/2024 | 98888 |
| **Total** |  | $**207763** |

---

---

| | |
|:---|:---|
| **¡** | 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.* 

See accompanying Notes to Schedule of Investments

**Calamos Convertible and High Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Security | $— | $817999 | $— | $817999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 323048631 |  | 323048631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds |  | 781466071 |  | 781466071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 67267337 |  | 67267337 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Security |  | 660898 |  | 660898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 8971856 |  |  | 8971856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 112650632 |  |  | 112650632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 1224054 |  |  | 1224054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 10 |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 524358 |  |  | 524358 |
| **Total** | $123370910 | $1173260936 | $— | $1296631846 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| **Asset Backed Security (0.0%)** | **Asset Backed Security (0.0%)** | **Asset Backed Security (0.0%)** |
|  | **Other (0.0%)** | **Other (0.0%)** |
| 955000 | &nbsp;&nbsp;&nbsp;SVC ABS LLC Series 2023-1A, Class C\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 02/20/53 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $909,641) | $919046 |
| **Corporate Bonds (13.0%)** | **Corporate Bonds (13.0%)** | **Corporate Bonds (13.0%)** |
|  | **Airlines (0.1%)** | **Airlines (0.1%)** |
| 906154 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | 904188 |
| 225383 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 225678 |
| 1042440 | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust Series 2021-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 01/11/32 | 984970 |
| 937495 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2021-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;3.900%, 03/15/33 | 893508 |
| 238985 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 05/15/29 | 240108 |
| 1068379 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2020-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/15/30 | 1073454 |
| 306084 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-2, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/29 | 296871 |
|  |  | 4618777 |
|  | ***Communication Services (1.1%)*** |  |
| 1415000 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/15/29 | 1370413 |
| 615000 | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% | 625012 |
| 1070000 | &nbsp;&nbsp;&nbsp;Cincinnati Bell Telephone Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.300%, 12/01/28 | 1049574 |
|  | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* |  |
| 666000 | &nbsp;&nbsp;&nbsp;7.500%, 03/15/33 | 664541 |
| 600000 | &nbsp;&nbsp;&nbsp;7.875%, 04/01/30 | 618018 |
| 530000 | &nbsp;&nbsp;&nbsp;9.000%, 09/15/28 | 555493 |
| 1665000 | &nbsp;&nbsp;&nbsp;Consolidated Communications, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | 1692556 |
|  | &nbsp;&nbsp;&nbsp;CSC Holdings LLC\* |  |
| 2000000 | &nbsp;&nbsp;&nbsp;4.625%, 12/01/30 | 937820 |
| 1960000 | &nbsp;&nbsp;&nbsp;4.500%, 11/15/31 | 1308809 |
| 1046000 | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 08/15/27 | 1040582 |
| 1795000 | &nbsp;&nbsp;&nbsp;Frontier California, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 05/15/27 | 1829554 |
| 298000 | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/15/30 | 312635 |
| 1933000 | &nbsp;&nbsp;&nbsp;Frontier Florida LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.860%, 02/01/28 | 2018245 |
| 1785000 | &nbsp;&nbsp;&nbsp;Frontier North, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.730%, 02/15/28 | 1842066 |
| 1030000 | &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 967953 |
|  | &nbsp;&nbsp;&nbsp;Gray Media, Inc.\* |  |
| 605000 | &nbsp;&nbsp;&nbsp;7.250%, 08/15/33 | 602181 |
| 600000 | &nbsp;&nbsp;&nbsp;5.375%, 11/15/31^ | 443658 |
| 1210000 | &nbsp;&nbsp;&nbsp;Hughes Satellite Systems Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/01/26 | 1120291 |
|  | &nbsp;&nbsp;&nbsp;iHeartCommunications, Inc.\* |  |
| 600000 | &nbsp;&nbsp;&nbsp;10.875%, 05/01/30 | 300708 |
| 400500 | &nbsp;&nbsp;&nbsp;7.750%, 08/15/30 | 313888 |
| 515000 | &nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/27 | 395685 |
|  | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. |  |
| 900000 | &nbsp;&nbsp;&nbsp;7.600%, 09/15/39 | 770643 |
| 885000 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32\* | 900470 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global |  |
| 1160000 | &nbsp;&nbsp;&nbsp;4.900%, 08/15/44 | 914474 |
| 286000 | &nbsp;&nbsp;&nbsp;6.375%, 03/30/62‡ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.00% | 282236 |
| 419000 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 09/15/25 | 419436 |
|  | &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.‡ |  |
| 1215000 | &nbsp;&nbsp;&nbsp;7.125%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.62% | 1240345 |
| 840000 | &nbsp;&nbsp;&nbsp;7.000%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 860387 |
| 155000 | &nbsp;&nbsp;&nbsp;5.250%, 03/15/82\*^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.59% | 153396 |
|  | &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc.\* |  |
| 591000 | &nbsp;&nbsp;&nbsp;3.875%, 01/15/29^ | 525340 |
| 295000 | &nbsp;&nbsp;&nbsp;5.375%, 01/15/31 | 217831 |
| 385000 | &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 07/15/27 | 385000 |
| 605000 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 02/15/33 | 619012 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC\* |  |
| 1498000 | &nbsp;&nbsp;&nbsp;3.875%, 09/01/31^ | 1322344 |
| 895000 | &nbsp;&nbsp;&nbsp;5.500%, 07/01/29 | 884555 |
| 585000 | &nbsp;&nbsp;&nbsp;3.125%, 09/01/26 | 572411 |
| 591000 | &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/01/27 | 368081 |
|  | &nbsp;&nbsp;&nbsp;TELUS Corp.‡ |  |
| 680000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 689071 |
| 80000 | &nbsp;&nbsp;&nbsp;7.000%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.71% | 81235 |
|  | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |
| 900000 | &nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 926622 |
| 480000 | &nbsp;&nbsp;&nbsp;7.300%, 07/01/38 | 518674 |
| 466000 | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 492795 |
|  | &nbsp;&nbsp;&nbsp;Univision Communications, Inc.\* |  |
| 605000 | &nbsp;&nbsp;&nbsp;8.500%, 07/31/31 | 615243 |
| 601000 | &nbsp;&nbsp;&nbsp;8.000%, 08/15/28 | 617912 |
| 125000 | &nbsp;&nbsp;&nbsp;Vodafone Group PLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 04/04/79 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. USD Swap + 4.87% | 130982 |
|  |  | 34518177 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
|  | ***Consumer Discretionary (2.6%)*** |  |
| 1800000 | &nbsp;&nbsp;&nbsp;Adams Homes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 10/15/28 | $1864926 |
|  | &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd.\*^ |  |
| 1625000 | &nbsp;&nbsp;&nbsp;8.250%, 04/15/31 | 1699717 |
| 605000 | &nbsp;&nbsp;&nbsp;7.500%, 02/15/33 | 617427 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.\* |  |
| 538000 | &nbsp;&nbsp;&nbsp;7.000%, 08/01/30 | 541110 |
| 303000 | &nbsp;&nbsp;&nbsp;7.375%, 08/01/33 | 304591 |
| 2105000 | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.39% | 2123187 |
|  | &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co.\* |  |
| 1043000 | &nbsp;&nbsp;&nbsp;4.625%, 08/01/29 | 992811 |
| 605000 | &nbsp;&nbsp;&nbsp;6.875%, 08/01/33 | 604770 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |
| 1577000 | &nbsp;&nbsp;&nbsp;6.694%, 01/15/27 | 1617907 |
| 875000 | &nbsp;&nbsp;&nbsp;6.875%, 11/01/35 | 901740 |
| 460000 | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30\* | 471486 |
| 800000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;10.000%, 07/15/33 | 834984 |
|  | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* |  |
| 1040000 | &nbsp;&nbsp;&nbsp;6.000%, 10/15/32^ | 1004848 |
| 728000 | &nbsp;&nbsp;&nbsp;4.625%, 10/15/29^ | 688754 |
| 460000 | &nbsp;&nbsp;&nbsp;7.000%, 02/15/30 | 474941 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp.\* |  |
| 601000 | &nbsp;&nbsp;&nbsp;4.000%, 08/01/28 | 584178 |
| 75000 | &nbsp;&nbsp;&nbsp;7.000%, 08/15/29^ | 78892 |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp.\* |  |
| 2650000 | &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 | 2518533 |
| 2430000 | &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 | 2411483 |
| 2110000 | &nbsp;&nbsp;&nbsp;4.500%, 08/15/30 | 1976226 |
| 1370000 | &nbsp;&nbsp;&nbsp;6.375%, 09/01/29 | 1383303 |
| 1198000 | &nbsp;&nbsp;&nbsp;4.250%, 02/01/31 | 1093966 |
| 620000 | &nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 609057 |
| 596000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/32 | 550865 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs, Inc.\* |  |
| 600000 | &nbsp;&nbsp;&nbsp;6.750%, 05/01/31 | 613506 |
| 596000 | &nbsp;&nbsp;&nbsp;5.750%, 04/01/30 | 595327 |
|  | &nbsp;&nbsp;&nbsp;Dana, Inc. |  |
| 1201000 | &nbsp;&nbsp;&nbsp;4.500%, 02/15/32^ | 1172596 |
| 985000 | &nbsp;&nbsp;&nbsp;4.250%, 09/01/30 | 969870 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |
| 588000 | &nbsp;&nbsp;&nbsp;5.125%, 06/01/29 | 431604 |
| 443000 | &nbsp;&nbsp;&nbsp;7.375%, 07/01/28 | 340623 |
| 1200000 | &nbsp;&nbsp;&nbsp;DISH Network Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 1250760 |
| 1675000 | &nbsp;&nbsp;&nbsp;Empire Resorts, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 11/01/26 | 1655469 |
| 800000 | &nbsp;&nbsp;&nbsp;Flutter Treasury DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 06/04/31 | 806464 |
| 1240000 | &nbsp;&nbsp;&nbsp;Ford Motor Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.100%, 08/19/32 | 1241872 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |
| 1885000 | &nbsp;&nbsp;&nbsp;4.000%, 11/13/30 | 1733126 |
| 1555000 | &nbsp;&nbsp;&nbsp;7.200%, 06/10/30 | 1635409 |
| 1450000 | &nbsp;&nbsp;&nbsp;5.113%, 05/03/29 | 1418520 |
| 600000 | &nbsp;&nbsp;&nbsp;General Motors Co. |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 04/01/45 | 521772 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc.‡ |  |
| 310000 | &nbsp;&nbsp;&nbsp;5.700%, 09/30/30^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.00% | 303676 |
| 155000 | &nbsp;&nbsp;&nbsp;6.500%, 09/30/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.44% | 152410 |
|  | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
| 2100000 | &nbsp;&nbsp;&nbsp;9.250%, 12/01/28 | 2223711 |
| 1079000 | &nbsp;&nbsp;&nbsp;7.625%, 07/01/29 | 1112147 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |
| 1800000 | &nbsp;&nbsp;&nbsp;5.625%, 04/30/33^ | 1690884 |
| 635000 | &nbsp;&nbsp;&nbsp;5.250%, 07/15/31 | 603949 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc.\* |  |
| 775000 | &nbsp;&nbsp;&nbsp;6.375%, 01/15/30 | 791779 |
| 511000 | &nbsp;&nbsp;&nbsp;4.000%, 08/15/28 | 493151 |
| 1655000 | &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 932079 |
| 1175000 | &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/30 | 162432 |
| 1210000 | &nbsp;&nbsp;&nbsp;Life Time, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 11/15/31 | 1220128 |
| 600000 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 09/01/31 | 625860 |
| 450000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 05/15/28 | 469400 |
| 767000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/15/27 | 769470 |
| 780000 | &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | 727670 |
|  | &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |
| 1515000 | &nbsp;&nbsp;&nbsp;4.300%, 02/15/43 | 1002930 |
| 934000 | &nbsp;&nbsp;&nbsp;6.700%, 07/15/34\* | 805528 |
| 2350000 | &nbsp;&nbsp;&nbsp;MGM Resorts International^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 2389574 |
| 1518000 | &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 05/01/29 | 1463823 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |
| 605000 | &nbsp;&nbsp;&nbsp;8.500%, 06/01/28\* | 635262 |
| 605000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/32^ | 579378 |
| 600000 | &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/15/44 | 407214 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.\* |  |
| 1028000 | &nbsp;&nbsp;&nbsp;4.750%, 05/01/29 | 997859 |
| 605000 | &nbsp;&nbsp;&nbsp;6.375%, 11/01/32 | 605351 |
| 1370000 | &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 07/01/29 | 1270469 |
| 1670000 | &nbsp;&nbsp;&nbsp;Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 09/01/29 | 1009849 |
| 600000 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 08/15/34 | 263784 |
| 600000 | &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.375%, 05/01/29 | 634248 |
|  | &nbsp;&nbsp;&nbsp;Rite Aid Corp. |  |
| 1974000 | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26\*@ | 2 |
| 386183 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@ | 1931 |
| 358947 | &nbsp;&nbsp;&nbsp;0.000%, 10/18/25\* |  |
| 281198 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@!! | 1406 |
| 129731 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/31\*@!! | 9730 |
| 122236 | &nbsp;&nbsp;&nbsp;Rite Aid Note Holder Trust Bond |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 08/30/34 |  |
| 1210000 | &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 02/01/33 | 1222935 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* |  |
| 151000 | &nbsp;&nbsp;&nbsp;5.625%, 09/30/31 | 152182 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 150000 | &nbsp;&nbsp;&nbsp;6.250%, 03/15/32 | $153951 |
| 1065000 | &nbsp;&nbsp;&nbsp;Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/01/29 | 1008949 |
| 1800000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 05/15/31 | 1834866 |
| 900000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 07/15/29 | 875745 |
| 748000 | &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 720234 |
| 837000 | &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 11/01/27 | 828856 |
| 920000 | &nbsp;&nbsp;&nbsp;Staples, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.750%, 09/01/29 | 862822 |
| 1270000 | &nbsp;&nbsp;&nbsp;Station Casinos LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/15/28 | 1241933 |
| 1200000 | &nbsp;&nbsp;&nbsp;STL Holding Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 02/15/29 | 1249224 |
| 605000 | &nbsp;&nbsp;&nbsp;Under Armour, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 07/15/30 | 619774 |
| 300000 | &nbsp;&nbsp;&nbsp;Viking Cruises Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 07/15/31 | 322914 |
| 605000 | &nbsp;&nbsp;&nbsp;Voyager Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 07/01/32 | 640604 |
| 1210000 | &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/15/33 | 1193713 |
| 1200000 | &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 04/14/30 | 1163892 |
|  |  | 78786298 |
|  | ***Consumer Staples (0.7%)*** |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC\* |  |
| 1925000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/27 | 1912218 |
| 900000 | &nbsp;&nbsp;&nbsp;5.875%, 02/15/28 | 900792 |
| 1225000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 1244000 |
| 600000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 619176 |
|  | &nbsp;&nbsp;&nbsp;Brink's Co.\* |  |
| 600000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/32 | 618624 |
| 600000 | &nbsp;&nbsp;&nbsp;6.500%, 06/15/29 | 614874 |
| 1358000 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/30/31 | 1259341 |
| 1349000 | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/01/29 | 1277705 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.\* |  |
| 1641000 | &nbsp;&nbsp;&nbsp;4.375%, 03/31/29 | 1557621 |
| 298000 | &nbsp;&nbsp;&nbsp;6.500%, 12/31/27^ | 302470 |
| 320000 | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 04/01/33 | 328253 |
| 290000 | &nbsp;&nbsp;&nbsp;Land O' Lakes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/18/28 | 241448 |
|  | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC\* |  |
| 1007605 | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.750% PIK Rate | 782980 |
| 490730 | &nbsp;&nbsp;&nbsp;5.750%, 12/31/30 | 404268 |
| 751000 | &nbsp;&nbsp;&nbsp;New Albertsons LP |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 06/15/26 | 766493 |
| 800000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/31/32 | 809856 |
|  | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |
| 1192000 | &nbsp;&nbsp;&nbsp;4.250%, 08/01/29 | 1147276 |
| 303000 | &nbsp;&nbsp;&nbsp;6.125%, 09/15/32 | 308233 |
| 900000 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/15/31 | 860589 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* |  |
| 1200000 | &nbsp;&nbsp;&nbsp;6.250%, 02/15/32 | 1223700 |
| 900000 | &nbsp;&nbsp;&nbsp;6.375%, 03/01/33 | 902529 |
| 1124000 | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 04/01/31 | 1029640 |
| 910000 | &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.500%, 08/01/29 | 930903 |
| 1015000 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/28 | 1012290 |
|  |  | 21055279 |
|  | ***Energy (1.7%)*** |  |
|  | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC/ARU Finance Corp.\* |  |
| 1210000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/32 | 1231683 |
| 302000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/33 | 306536 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |
| 903000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/30\* | 936474 |
| 600000 | &nbsp;&nbsp;&nbsp;5.850%, 11/15/43 | 534900 |
| 452000 | &nbsp;&nbsp;&nbsp;6.875%, 07/01/29\* | 465492 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.\* |  |
| 1166000 | &nbsp;&nbsp;&nbsp;8.750%, 07/01/31 | 1180948 |
| 611000 | &nbsp;&nbsp;&nbsp;9.625%, 06/15/33 | 628633 |
| 900000 | &nbsp;&nbsp;&nbsp;Continental Resources, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 06/01/44 | 707571 |
| 921000 | &nbsp;&nbsp;&nbsp;DT Midstream, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/29 | 887890 |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc.‡ |  |
| 902000 | &nbsp;&nbsp;&nbsp;7.375%, 03/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.12% | 941201 |
| 760000 | &nbsp;&nbsp;&nbsp;7.200%, 06/27/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.97% | 785171 |
| 395000 | &nbsp;&nbsp;&nbsp;5.750%, 07/15/80 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.31% | 391785 |
| 350000 | &nbsp;&nbsp;&nbsp;7.375%, 01/15/83 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.71% | 361522 |
| 1502000 | &nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/01/31 | 1661497 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP‡ |  |
| 1110000 | &nbsp;&nbsp;&nbsp;7.575%, 11/01/66^ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.28% | 1107758 |
| 1015000 | &nbsp;&nbsp;&nbsp;6.500%, 11/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.69% | 1020897 |
| 765000 | &nbsp;&nbsp;&nbsp;7.125%, 10/01/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.83% | 785089 |
| 155000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.02% | 165314 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC‡ |  |
| 80000 | &nbsp;&nbsp;&nbsp;5.250%, 08/16/77 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.29% | 79298 |
| 75000 | &nbsp;&nbsp;&nbsp;7.573%, 08/16/77 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 75084 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 885000 | &nbsp;&nbsp;&nbsp;8.875%, 04/15/30 | 936684 |
| 605000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/33 | 627736 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 1700000 | &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/01/29 | $1730651 |
| 1200000 | &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 07/15/32 | 1241868 |
| 1210000 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/01/32 | 1223661 |
| 1207000 | &nbsp;&nbsp;&nbsp;Matador Resources Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 1210790 |
| 450000 | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/28 | 415854 |
| 1287000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 01/31/30 | 1275816 |
| 910000 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/30/26 | 318891 |
| 1255000 | &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 02/01/28 | 1264036 |
| 745000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/30 | 795407 |
| 1815000 | &nbsp;&nbsp;&nbsp;Parkland Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 | 1854095 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC\* |  |
| 1155000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/32 | 1194559 |
| 303000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/33 | 304851 |
| 1390000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.698%, 08/30/25 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.37% | 1394601 |
|  | &nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd.\*‡ |  |
| 1450000 | &nbsp;&nbsp;&nbsp;7.625%, 03/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.95% | 1498807 |
| 85000 | &nbsp;&nbsp;&nbsp;7.500%, 03/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.67% | 88351 |
| 1658000 | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 10/31/29 | 1688806 |
| 605000 | &nbsp;&nbsp;&nbsp;Sunoco LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/33 | 613216 |
| 1970000 | &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/29 | 1921164 |
|  | &nbsp;&nbsp;&nbsp;Transocean, Inc.\* |  |
| 1662400 | &nbsp;&nbsp;&nbsp;8.750%, 02/15/30 | 1724707 |
| 1215000 | &nbsp;&nbsp;&nbsp;8.250%, 05/15/29 | 1148928 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC\* |  |
| 300000 | &nbsp;&nbsp;&nbsp;4.125%, 08/15/31 | 277230 |
| 300000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/29 | 283347 |
|  | &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.\* |  |
| 3035000 | &nbsp;&nbsp;&nbsp;9.000%, 09/30/29‡ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.44% | 3037640 |
| 1505000 | &nbsp;&nbsp;&nbsp;8.375%, 06/01/31 | 1556516 |
| 900000 | &nbsp;&nbsp;&nbsp;8.125%, 06/01/28 | 932247 |
| 635000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/30^ | 644557 |
| 600000 | &nbsp;&nbsp;&nbsp;9.875%, 02/01/32 | 647826 |
| 600000 | &nbsp;&nbsp;&nbsp;9.500%, 02/01/29 | 654516 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC\* |  |
| 1210000 | &nbsp;&nbsp;&nbsp;6.500%, 01/15/34 | 1245078 |
| 151000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/36 | 155379 |
| 1210000 | &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 10/15/30 | 1137751 |
| 1200000 | &nbsp;&nbsp;&nbsp;VOC Escrow Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/28 | 1189992 |
| 1260000 | &nbsp;&nbsp;&nbsp;Weatherford International Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 04/30/30 | 1296011 |
| 1061000 | &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 10/15/29 | 1057668 |
|  |  | 52843980 |
|  | ***Financials (2.5%)*** |  |
| 1002000 | &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/29 | 1036559 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust‡^ |  |
| 1300000 | &nbsp;&nbsp;&nbsp;6.950%, 03/10/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.72% | 1358266 |
| 170000 | &nbsp;&nbsp;&nbsp;6.500%, 01/31/56 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.44% | 172644 |
| 255000 | &nbsp;&nbsp;&nbsp;Aircastle Ltd.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.41% | 253516 |
|  | &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer\* |  |
| 1210000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/32 | 1244848 |
| 1210000 | &nbsp;&nbsp;&nbsp;6.500%, 10/01/31 | 1229517 |
| 200000 | &nbsp;&nbsp;&nbsp;Allianz SE\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.600%, 09/03/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 200826 |
| 140000 | &nbsp;&nbsp;&nbsp;Allstate Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.526%, 08/15/53 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.20% | 140857 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.‡ |  |
| 2082000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.87% | 2031470 |
| 850000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 3.48% | 776704 |
| 1265000 | &nbsp;&nbsp;&nbsp;AmWINS Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/30/29 | 1229593 |
| 610000 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 07/15/33 | 612836 |
| 460000 | &nbsp;&nbsp;&nbsp;ARES Finance Co. III LLC\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/30/51 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.24% | 450119 |
| 1245000 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 01/15/29 | 1243083 |
| 350000 | &nbsp;&nbsp;&nbsp;AXIS Specialty Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 01/15/40 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% | 336770 |
| 1210000 | &nbsp;&nbsp;&nbsp;Azorra Finance Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 01/15/31 | 1236293 |
| 1200000 | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 05/15/31 | 1239540 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp.‡ |  |
| 325000 | &nbsp;&nbsp;&nbsp;6.625%, 05/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.68% | 333902 |
| 304000 | &nbsp;&nbsp;&nbsp;6.125%, 04/27/27^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.23% | 307511 |
| 428000 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.700%, 09/20/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.36% | 427568 |
| 100000 | &nbsp;&nbsp;&nbsp;Beacon Funding Trust\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.266%, 08/15/54 | 99007 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 1210000 | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 12/01/29 | $1281862 |
| 1250000 | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/31 | 1322437 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets PLC‡ |  |
| 285000 | &nbsp;&nbsp;&nbsp;4.375%, 09/22/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.04% | 284564 |
| 280000 | &nbsp;&nbsp;&nbsp;4.875%, 03/22/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.40% | 276500 |
| 600000 | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 04/12/29 | 645198 |
| 907000 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/35 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.30% | 938246 |
| 2079000 | &nbsp;&nbsp;&nbsp;BroadStreet Partners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 04/15/29 | 2066526 |
| 930000 | &nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 04/01/27 | 904909 |
| 1200000 | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/15/30 | 1198488 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp.‡ |  |
| 573000 | &nbsp;&nbsp;&nbsp;3.950%, 09/01/26^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.16% | 560308 |
| 275000 | &nbsp;&nbsp;&nbsp;5.500%, 10/30/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.34% | 272825 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp.‡ |  |
| 147000 | &nbsp;&nbsp;&nbsp;4.000%, 12/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;10 yr. CMT + 3.08% | 134479 |
| 135000 | &nbsp;&nbsp;&nbsp;4.000%, 06/01/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.17% | 133109 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc.‡ |  |
| 509000 | &nbsp;&nbsp;&nbsp;3.875%, 02/18/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.42% | 503314 |
| 170000 | &nbsp;&nbsp;&nbsp;6.950%, 02/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.73% | 172016 |
| 165000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/30 | 166805 |
| 155000 | &nbsp;&nbsp;&nbsp;7.200%, 05/15/29 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.91% | 159852 |
| 150000 | &nbsp;&nbsp;&nbsp;7.625%, 11/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.21% | 156773 |
| 150000 | &nbsp;&nbsp;&nbsp;4.000%, 12/10/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.60% | 149192 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc.‡ |  |
| 450000 | &nbsp;&nbsp;&nbsp;4.000%, 10/06/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.22% | 438471 |
| 155000 | &nbsp;&nbsp;&nbsp;5.650%, 10/06/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.31% | 155149 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc.‡ |  |
| 1340000 | &nbsp;&nbsp;&nbsp;6.375%, 09/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 1340308 |
| 145000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/52 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.85% | 149273 |
|  | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\* |  |
| 800000 | &nbsp;&nbsp;&nbsp;9.250%, 12/15/28 | 846744 |
| 538000 | &nbsp;&nbsp;&nbsp;6.625%, 03/15/30 | 545010 |
| 1205000 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 09/01/31 | 1293351 |
| 250000 | &nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;3.375%, 06/20/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.61% | 242470 |
| 335000 | &nbsp;&nbsp;&nbsp;Enstar Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 01/15/42 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.01% | 330236 |
| 690000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\*‡^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 04/01/45 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% | 712708 |
| 605000 | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.22% | 604256 |
| 70000 | &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.552%, 01/04/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.23% | 72451 |
|  | &nbsp;&nbsp;&nbsp;GGAM Finance Ltd.\* |  |
| 1350000 | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 1391499 |
| 605000 | &nbsp;&nbsp;&nbsp;5.875%, 03/15/30 | 608170 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.‡ |  |
| 310000 | &nbsp;&nbsp;&nbsp;7.186%, 02/10/26^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.85% | 311621 |
| 153000 | &nbsp;&nbsp;&nbsp;4.125%, 11/10/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.95% | 149995 |
| 149000 | &nbsp;&nbsp;&nbsp;7.500%, 02/10/29 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.16% | 157691 |
| 85000 | &nbsp;&nbsp;&nbsp;7.500%, 05/10/29 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.81% | 89062 |
| 655000 | &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/27 | 679595 |
|  | &nbsp;&nbsp;&nbsp;HUB International Ltd.\* |  |
| 1785000 | &nbsp;&nbsp;&nbsp;5.625%, 12/01/29 | 1774611 |
| 900000 | &nbsp;&nbsp;&nbsp;7.375%, 01/31/32 | 937755 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc.‡ |  |
| 350000 | &nbsp;&nbsp;&nbsp;4.450%, 10/15/27^ |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 4.05% | 344687 |
| 210000 | &nbsp;&nbsp;&nbsp;5.625%, 07/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;10 yr. CMT + 4.95% | 214622 |
| 1865000 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 03/15/28 | 1856719 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Finance LLC/JFIN Co-Issuer Corp.\* |  |
| 1525000 | &nbsp;&nbsp;&nbsp;5.000%, 08/15/28 | 1472235 |
| 1175000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/31 | 1171064 |
| 630000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.‡^ |  |
|  | &nbsp;&nbsp;&nbsp;3.650%, 06/01/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.85% | 620770 |
| 320000 | &nbsp;&nbsp;&nbsp;KeyCorp‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 09/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.87% | 316275 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.\* |  |
| 750000 | &nbsp;&nbsp;&nbsp;7.000%, 07/15/31 | 785865 |
| 741000 | &nbsp;&nbsp;&nbsp;4.750%, 06/15/29 | 720178 |
|  | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.\* |  |
| 920420 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32 | 928612 |
| 600000 | &nbsp;&nbsp;&nbsp;3.875%, 10/15/30 | 520398 |
| 620000 | &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/15/51 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.32% | 604314 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp.‡ |  |
| 85000 | &nbsp;&nbsp;&nbsp;5.125%, 11/01/26 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.78% | 84548 |
| 80000 | &nbsp;&nbsp;&nbsp;7.304%, 02/01/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.17% | 80806 |
| 1200000 | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 03/30/29 | 1253016 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 2001000 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.400%, 12/15/66 | $2085222 |
| 600000 | &nbsp;&nbsp;&nbsp;Newmark Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/12/29 | 637536 |
| 230000 | &nbsp;&nbsp;&nbsp;Northern Trust Corp.‡^ |  |
|  | &nbsp;&nbsp;&nbsp;4.600%, 10/01/26 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.46% | 228197 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |
| 820000 | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 | 782559 |
| 600000 | &nbsp;&nbsp;&nbsp;7.500%, 05/15/31 | 625842 |
| 1145000 | &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/30 | 1174072 |
| 442000 | &nbsp;&nbsp;&nbsp;PartnerRe Finance B LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/01/50 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.82% | 412536 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc.‡ |  |
| 315000 | &nbsp;&nbsp;&nbsp;3.400%, 09/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.60% | 304196 |
| 140000 | &nbsp;&nbsp;&nbsp;6.200%, 09/15/27^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.24% | 142006 |
| 140000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.00% | 140552 |
| 1512000 | &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 09/15/29 | 1584848 |
| 1200000 | &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/01/32 | 1227264 |
|  | &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.\* |  |
| 907000 | &nbsp;&nbsp;&nbsp;6.375%, 08/01/33 | 925838 |
| 605000 | &nbsp;&nbsp;&nbsp;6.125%, 08/01/30 | 614190 |
| 1094000 | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 03/01/31 | 1009729 |
| 915000 | &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;11.000%, 12/15/29 | 216745 |
| 900000 | &nbsp;&nbsp;&nbsp;Service Properties Trust |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/29 | 935505 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.\* |  |
| 1210000 | &nbsp;&nbsp;&nbsp;6.000%, 04/15/30 | 1222850 |
| 605000 | &nbsp;&nbsp;&nbsp;6.500%, 07/01/30 | 622860 |
| 160000 | &nbsp;&nbsp;&nbsp;State Street Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 09/15/29 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.63% | 166606 |
| 309000 | &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 07/15/32 | 314939 |
| 1500000 | &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 03/01/31 | 1579920 |
| 1210000 | &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 03/01/30 | 1254903 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp.‡ |  |
| 295000 | &nbsp;&nbsp;&nbsp;6.669%, 09/01/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.00% | 295510 |
| 285000 | &nbsp;&nbsp;&nbsp;4.950%, 09/01/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.61% | 284687 |
| 108000 | &nbsp;&nbsp;&nbsp;5.100%, 03/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;10 yr. CMT + 4.35% | 106577 |
|  | &nbsp;&nbsp;&nbsp;U.S. Bancorp‡^ |  |
| 320000 | &nbsp;&nbsp;&nbsp;5.300%, 04/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.18% | 319338 |
| 85000 | &nbsp;&nbsp;&nbsp;3.700%, 01/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.54% | 81984 |
|  | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC\* |  |
| 1383000 | &nbsp;&nbsp;&nbsp;5.500%, 04/15/29 | 1354026 |
| 600000 | &nbsp;&nbsp;&nbsp;5.750%, 06/15/27 | 600642 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC\* |  |
| 600000 | &nbsp;&nbsp;&nbsp;6.500%, 02/15/29^ | 584220 |
| 589000 | &nbsp;&nbsp;&nbsp;10.500%, 02/15/28 | 622962 |
| 600000 | &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 06/15/31 | 624792 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co.‡ |  |
| 620000 | &nbsp;&nbsp;&nbsp;3.900%, 03/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.45% | 614333 |
| 560000 | &nbsp;&nbsp;&nbsp;7.625%, 09/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.61% | 598903 |
| 1210000 | &nbsp;&nbsp;&nbsp;XHR LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/30 | 1230872 |
|  |  | 76621128 |
|  | ***Health Care (0.8%)*** |  |
| 605000 | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 03/15/33 | 623634 |
|  | &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.\* |  |
| 2392000 | &nbsp;&nbsp;&nbsp;6.125%, 04/01/30 | 1696765 |
| 900000 | &nbsp;&nbsp;&nbsp;10.875%, 01/15/32 | 944622 |
| 663000 | &nbsp;&nbsp;&nbsp;6.875%, 04/15/29^ | 520488 |
| 149000 | &nbsp;&nbsp;&nbsp;5.250%, 05/15/30 | 130549 |
|  | &nbsp;&nbsp;&nbsp;DaVita, Inc.\* |  |
| 1395000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 1266409 |
| 1326000 | &nbsp;&nbsp;&nbsp;4.625%, 06/01/30 | 1266582 |
| 1175000 | &nbsp;&nbsp;&nbsp;6.875%, 09/01/32 | 1209463 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp.\* |  |
| 894000 | &nbsp;&nbsp;&nbsp;5.000%, 02/15/30 | 811234 |
| 298000 | &nbsp;&nbsp;&nbsp;6.750%, 02/15/30 | 287180 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. |  |
| 600000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/30 | 586740 |
| 600000 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/28 | 591414 |
| 1246000 | &nbsp;&nbsp;&nbsp;HCA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 11/06/33 | 1413026 |
| 681000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 06/01/32 | 698842 |
| 350000 | &nbsp;&nbsp;&nbsp;Jazz Securities DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 01/15/29 | 338839 |
|  | &nbsp;&nbsp;&nbsp;Medline Borrower LP\* |  |
| 1484000 | &nbsp;&nbsp;&nbsp;5.250%, 10/01/29 | 1456531 |
| 1480000 | &nbsp;&nbsp;&nbsp;3.875%, 04/01/29 | 1412038 |
| 150000 | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 04/01/29 | 153323 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV\* |  |
| 2200000 | &nbsp;&nbsp;&nbsp;5.125%, 04/30/31^ | 1904276 |
| 500000 | &nbsp;&nbsp;&nbsp;4.125%, 04/30/28 | 473810 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |
| 2710000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/27 | 2714038 |
| 1575000 | &nbsp;&nbsp;&nbsp;6.875%, 11/15/31 | 1679312 |
| 1520000 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 05/09/29 | 1520851 |
|  |  | 23699966 |
|  | ***Industrials (1.3%)*** |  |
| 1200000 | &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/15/29 | 1232472 |
| 1355000 | &nbsp;&nbsp;&nbsp;ACCO Brands Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 1201085 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp.‡ |  |
| 1520000 | &nbsp;&nbsp;&nbsp;4.125%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.15% | $1487898 |
| 320000 | &nbsp;&nbsp;&nbsp;4.650%, 06/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.08% | 317536 |
|  | &nbsp;&nbsp;&nbsp;Arcosa, Inc.\* |  |
| 670000 | &nbsp;&nbsp;&nbsp;4.375%, 04/15/29 | 646590 |
| 605000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/32 | 625939 |
| 3328823 | &nbsp;&nbsp;&nbsp;ARD Finance SA\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/30/27 |  |
|  | &nbsp;&nbsp;&nbsp;7.250% PIK rate | 248630 |
|  | &nbsp;&nbsp;&nbsp;Bombardier, Inc.\* |  |
| 600000 | &nbsp;&nbsp;&nbsp;8.750%, 11/15/30 | 646686 |
| 450000 | &nbsp;&nbsp;&nbsp;7.000%, 06/01/32^ | 466384 |
| 376000 | &nbsp;&nbsp;&nbsp;7.250%, 07/01/31^ | 392792 |
| 300000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/33 | 310002 |
| 62000 | &nbsp;&nbsp;&nbsp;7.875%, 04/15/27 | 62260 |
| 1191000 | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/29 | 1144706 |
| 1900000 | &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/30 | 1898366 |
| 295000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/20/28 | 295416 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp.\* |  |
| 1565000 | &nbsp;&nbsp;&nbsp;8.000%, 06/01/29 | 1503777 |
| 305000 | &nbsp;&nbsp;&nbsp;8.125%, 09/15/29 | 313753 |
|  | &nbsp;&nbsp;&nbsp;EnerSys\* |  |
| 600000 | &nbsp;&nbsp;&nbsp;6.625%, 01/15/32 | 617016 |
| 575000 | &nbsp;&nbsp;&nbsp;4.375%, 12/15/27 | 565288 |
|  | &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc.\* |  |
| 450000 | &nbsp;&nbsp;&nbsp;8.625%, 05/15/32 | 479295 |
| 450000 | &nbsp;&nbsp;&nbsp;8.000%, 03/15/33 | 470470 |
| 1213000 | &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 08/15/28 | 1211108 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |
| 750000 | &nbsp;&nbsp;&nbsp;4.750%, 07/15/27 | 739185 |
| 551000 | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 518370 |
| 1303000 | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/01/29 | 1236495 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.\* |  |
| 1500000 | &nbsp;&nbsp;&nbsp;5.500%, 07/15/27 | 1495650 |
| 605000 | &nbsp;&nbsp;&nbsp;7.250%, 06/15/33 | 627228 |
| 605000 | &nbsp;&nbsp;&nbsp;7.000%, 06/15/30 | 625352 |
| 600000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 614736 |
|  | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.\* |  |
| 900000 | &nbsp;&nbsp;&nbsp;7.000%, 09/01/32 | 677016 |
| 320000 | &nbsp;&nbsp;&nbsp;4.875%, 12/15/27^ | 303738 |
| 1940000 | &nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/15/28 | 1890705 |
| 722000 | &nbsp;&nbsp;&nbsp;Moog, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/15/27 | 706462 |
| 1140000 | &nbsp;&nbsp;&nbsp;Novelis Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/30/30 | 1093363 |
| 1210000 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/32 | 1242404 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp.\* |  |
| 300000 | &nbsp;&nbsp;&nbsp;6.500%, 07/15/32^ | 309465 |
| 298000 | &nbsp;&nbsp;&nbsp;5.000%, 04/15/29 | 293885 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.\* |  |
| 933000 | &nbsp;&nbsp;&nbsp;6.125%, 02/01/28 | 942582 |
| 300000 | &nbsp;&nbsp;&nbsp;7.250%, 02/15/31 | 312033 |
| 650000 | &nbsp;&nbsp;&nbsp;Sensata Technologies BV\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 04/15/29 | 618566 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc.\* |  |
| 593000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 541023 |
| 300000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/32 | 307503 |
|  | &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.\* |  |
| 605000 | &nbsp;&nbsp;&nbsp;6.250%, 08/01/33 | 611092 |
| 305000 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 311676 |
| 549000 | &nbsp;&nbsp;&nbsp;Standard Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/27 | 549209 |
| 100000 | &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.707%, 03/15/60 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.66% | 97479 |
|  | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |
| 1295000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/30 | 1343278 |
| 900000 | &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 | 918954 |
| 450000 | &nbsp;&nbsp;&nbsp;7.125%, 12/01/31 | 469008 |
| 298000 | &nbsp;&nbsp;&nbsp;6.625%, 03/01/32 | 306743 |
| 641000 | &nbsp;&nbsp;&nbsp;Wabash National Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/15/28 | 574701 |
| 1212000 | &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/33 | 1258941 |
|  | &nbsp;&nbsp;&nbsp;Williams Scotsman, Inc.\* |  |
| 703000 | &nbsp;&nbsp;&nbsp;4.625%, 08/15/28 | 691928 |
| 600000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/31 | 626742 |
| 450000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 462015 |
|  |  | 39454996 |
|  | ***Information Technology (0.5%)*** |  |
| 605000 | &nbsp;&nbsp;&nbsp;CACI International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 06/15/33 | 620022 |
| 692000 | &nbsp;&nbsp;&nbsp;Coherent Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 677710 |
| 524000 | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.020%, 06/15/26 | 528548 |
| 596000 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 610101 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* |  |
| 586000 | &nbsp;&nbsp;&nbsp;4.000%, 06/15/28 | 566615 |
| 454000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/33 | 457083 |
| 1315000 | &nbsp;&nbsp;&nbsp;KBR, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 09/30/28 | 1269606 |
|  | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd.\* |  |
| 605000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/32 | 621831 |
| 600000 | &nbsp;&nbsp;&nbsp;8.125%, 01/15/29 | 631308 |
| 886000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/01/28 | 855779 |
| 600000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 | 619746 |
| 447000 | &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/01/31 | 407418 |
| 1035000 | &nbsp;&nbsp;&nbsp;Playtika Holding Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 949623 |
| 1645000 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 03/01/29 | 1567915 |
|  | &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |
| 830000 | &nbsp;&nbsp;&nbsp;3.625%, 03/15/29 | 786674 |
| 298000 | &nbsp;&nbsp;&nbsp;3.875%, 03/15/31 | 277158 |
| 450000 | &nbsp;&nbsp;&nbsp;UKG, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 02/01/31 | 462794 |
| 1780000 | &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 10/01/29 | 1651021 |
| 1200000 | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/32 | 1230684 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 1355000 | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC/ZoomInfo Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 02/01/29 | $1274662 |
|  |  | 16066298 |
|  | ***Materials (0.6%)*** |  |
| 1210000 | &nbsp;&nbsp;&nbsp;Avient Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/01/31 | 1215421 |
| 1310000 | &nbsp;&nbsp;&nbsp;Capstone Copper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/33 | 1334929 |
| 610000 | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.879%, 07/15/32 | 631820 |
| 1208000 | &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 1220684 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co.\* |  |
| 1030000 | &nbsp;&nbsp;&nbsp;8.000%, 01/15/33 | 959012 |
| 897000 | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 761114 |
| 2185000 | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 08/15/28 | 2062138 |
| 900000 | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 03/15/32 | 878688 |
| 450000 | &nbsp;&nbsp;&nbsp;Constellium SE\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 08/15/32 | 456309 |
| 2080000 | &nbsp;&nbsp;&nbsp;FMC Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.450%, 11/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.37% | 2152904 |
| 1210000 | &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.250%, 04/01/30 | 1254298 |
| 1200000 | &nbsp;&nbsp;&nbsp;Knife River Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/01/31 | 1260504 |
|  | &nbsp;&nbsp;&nbsp;Mercer International, Inc. |  |
| 1266000 | &nbsp;&nbsp;&nbsp;5.125%, 02/01/29 | 1021016 |
| 600000 | &nbsp;&nbsp;&nbsp;12.875%, 10/01/28\* | 605652 |
| 1375000 | &nbsp;&nbsp;&nbsp;OCI NV\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 03/16/33 | 1531530 |
| 1328000 | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 02/01/28 | 1290697 |
| 1210000 | &nbsp;&nbsp;&nbsp;Terex Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 10/15/32 | 1212710 |
| 500650 | &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 05/03/29 | 292199 |
|  |  | 20141625 |
|  | ***Other (0.5%)*** |  |
| 1680000 | &nbsp;&nbsp;&nbsp;1261229 BC Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.000%, 04/15/32 | 1711550 |
| 1200000 | &nbsp;&nbsp;&nbsp;Alumina Pty. Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/32 | 1217976 |
| 457984 | &nbsp;&nbsp;&nbsp;Claritev Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.750% PIK Rate | 334603 |
|  | &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |
| 1830045 | &nbsp;&nbsp;&nbsp;10.750%, 11/30/29 | 1930935 |
| 1268771 | &nbsp;&nbsp;&nbsp;6.750%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;6.750% Cash or PIK | 1204064 |
| 325000 | &nbsp;&nbsp;&nbsp;Everest Reinsurance Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.973%, 05/01/67 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.65% | 314373 |
| 625000 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/30/27 | 636238 |
| 600000 | &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 04/15/30 | 622074 |
| 1210000 | &nbsp;&nbsp;&nbsp;New Gold, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/01/32 | 1242972 |
| 575000 | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.050%, 09/15/28 | 592503 |
| 1210000 | &nbsp;&nbsp;&nbsp;Olin Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 04/01/33 | 1178964 |
| 775000 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% | 776015 |
| 1210000 | &nbsp;&nbsp;&nbsp;Rfna LP\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 02/15/30 | 1233958 |
| 1210000 | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/15/32 | 1271698 |
|  |  | 14267923 |
|  | ***Real Estate (0.1%)*** |  |
| 605000 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/15/33 | 608055 |
| 780000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/28 | 752341 |
| 1777000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 | 1698404 |
|  |  | 3058800 |
|  | ***Special Purpose Acquisition Companies (0.1%)*** |  |
| 300000 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 04/15/32 | 307320 |
|  | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.\* |  |
| 1195000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/30^ | 1125332 |
| 596000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 566891 |
|  |  | 1999543 |
|  | ***Utilities (0.4%)*** |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp.‡ |  |
| 455000 | &nbsp;&nbsp;&nbsp;6.950%, 07/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.89% | 439566 |
| 309000 | &nbsp;&nbsp;&nbsp;7.600%, 01/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% | 313323 |
| 245000 | &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/18/82 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.25% | 238463 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc.‡ |  |
| 85000 | &nbsp;&nbsp;&nbsp;3.875%, 02/15/62 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.68% | 82135 |
| 80000 | &nbsp;&nbsp;&nbsp;7.050%, 12/15/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.75% | 83730 |
| 80000 | &nbsp;&nbsp;&nbsp;6.950%, 12/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.68% | 84537 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc.‡ |  |
| 75000 | &nbsp;&nbsp;&nbsp;7.000%, 02/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.25% | 78395 |
| 75000 | &nbsp;&nbsp;&nbsp;6.850%, 02/15/55^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.95% | 78306 |
| 235000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 06/01/50 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.12% | 227738 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc.‡ |  |  |
| 760000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.21% | $| 779821 |
| 162000 | &nbsp;&nbsp;&nbsp;6.875%, 02/01/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% |  | 169593 |
| 133000 | &nbsp;&nbsp;&nbsp;4.350%, 01/15/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% |  | 130653 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp.‡ |  |  |
| 1525000 | &nbsp;&nbsp;&nbsp;6.450%, 09/01/54^ |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.59% |  | 1570414 |
| 132000 | &nbsp;&nbsp;&nbsp;3.250%, 01/15/82 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.32% |  | 126828 |
| 225000 | &nbsp;&nbsp;&nbsp;Emera, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 06/15/76 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 5.44% |  | 227007 |
| 1150000 | &nbsp;&nbsp;&nbsp;Entergy Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 12/01/54 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.67% |  | 1193516 |
| 1070000 | &nbsp;&nbsp;&nbsp;Evergy, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 06/01/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.56% |  | 1081995 |
|  | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp.‡ |  |  |
| 288000 | &nbsp;&nbsp;&nbsp;7.125%, 09/15/53 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.53% |  | 301951 |
| 150000 | &nbsp;&nbsp;&nbsp;5.250%, 04/20/46 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.63% |  | 149589 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.‡ |  |  |
| 160000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/54 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.46% |  | 167016 |
| 160000 | &nbsp;&nbsp;&nbsp;3.800%, 03/15/82 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.55% |  | 154098 |
| 155000 | &nbsp;&nbsp;&nbsp;6.700%, 09/01/54 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% |  | 160064 |
| 1064000 | &nbsp;&nbsp;&nbsp;NiSource, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 11/30/54 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45% |  | 1106879 |
| 591000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.222%, 03/30/67 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.93% |  | 587755 |
|  | &nbsp;&nbsp;&nbsp;Sempra‡ |  |  |
| 220000 | &nbsp;&nbsp;&nbsp;4.875%, 10/15/25 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.55% |  | 219327 |
| 80000 | &nbsp;&nbsp;&nbsp;6.400%, 10/01/54^ |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.63% |  | 77468 |
|  | &nbsp;&nbsp;&nbsp;Southern Co.‡ |  |  |
| 442000 | &nbsp;&nbsp;&nbsp;4.000%, 01/15/51 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.73% |  | 440135 |
| 95000 | &nbsp;&nbsp;&nbsp;3.750%, 09/15/51 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.92% |  | 93715 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp.\*‡ |  |  |
| 625000 | &nbsp;&nbsp;&nbsp;7.000%, 12/15/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.74% |  | 631662 |
| 340000 | &nbsp;&nbsp;&nbsp;8.000%, 10/15/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 6.93% |  | 347279 |
|  |  |  | 11342958 |
|  | **Total Corporate Bonds** |  |  |
|  | (Cost $404,836,926) |  | 398475748 |
| **Convertible Bonds (22.4%)** | **Convertible Bonds (22.4%)** | **Convertible Bonds (22.4%)** | **Convertible Bonds (22.4%)** |
|  | **Communication Services (4.2%)** | **Communication Services (4.2%)** | **Communication Services (4.2%)** |
| 9730000 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 |  | 10254447 |
| 36305000 | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 |  | 39472248 |
| 8895000 | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 |  | 11592587 |
| 17625000 | &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 01/15/30 |  | 18981244 |
|  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |  |
| 14800000 | &nbsp;&nbsp;&nbsp;0.000%, 12/15/25^ |  | 16843140 |
| 14540000 | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\*^ |  | 16287853 |
| 12000000 | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 |  | 16400640 |
|  |  |  | 129832159 |
|  | **Consumer Discretionary (1.8%)** | **Consumer Discretionary (1.8%)** | **Consumer Discretionary (1.8%)** |
| 8205000 | &nbsp;&nbsp;&nbsp;Airbnb, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 |  | 7950727 |
| 9230000 | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 |  | 12270639 |
| 11003000 | &nbsp;&nbsp;&nbsp;Etsy, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 06/15/30 |  | 11100707 |
| 3765000 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 08/15/25 |  | 24141067 |
|  |  |  | 55463140 |
|  | **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** |
| 14750000 | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 |  | 15569215 |
|  | **Financials (0.8%)** | **Financials (0.8%)** | **Financials (0.8%)** |
| 4115000 | &nbsp;&nbsp;&nbsp;Federal Realty OP LP\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 01/15/29 |  | 4058666 |
| 11275000 | &nbsp;&nbsp;&nbsp;Morgan Stanley Finance LLC |  |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 11/23/27 |  | 21549907 |
|  |  |  | 25608573 |
|  | **Industrials (2.0%)** | **Industrials (2.0%)** | **Industrials (2.0%)** |
| 17085000 | &nbsp;&nbsp;&nbsp;AeroVironment, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 |  | 19243177 |
| 3085000 | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/27 |  | 10181241 |
| 4660000 | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 |  | 9799141 |
| 9165000 | &nbsp;&nbsp;&nbsp;Fluor Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 |  | 12909361 |
| 7200000 | &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/28 |  | 8212104 |
|  |  |  | 60345024 |
|  | **Information Technology (8.9%)** | **Information Technology (8.9%)** | **Information Technology (8.9%)** |
| 5910000 | &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 09/15/28 |  | 7261499 |
| 18265000 | &nbsp;&nbsp;&nbsp;Cloudflare, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 |  | 20336799 |
| 27600000 | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 |  | 28414476 |
| 11255000 | &nbsp;&nbsp;&nbsp;Datadog, Inc.\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 |  | 10946951 |
| 10650000 | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 |  | 12232270 |
| 4543000 | &nbsp;&nbsp;&nbsp;Life360, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/01/30 |  | 5370417 |
| 14765000 | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 |  | 25383545 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
| 9075000 | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/29 | $| 9490091 |
| 9120000 | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 |  | 10792061 |
| 19935000 | &nbsp;&nbsp;&nbsp;MKS, Inc.^ |  |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 06/01/30 |  | 19475498 |
| 17730000 | &nbsp;&nbsp;&nbsp;Nutanix, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 |  | 20038091 |
| 4895000 | &nbsp;&nbsp;&nbsp;PAR Technology Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 10/15/27 |  | 5319152 |
| 9810000 | &nbsp;&nbsp;&nbsp;Parsons Corp.^ |  |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 |  | 10732434 |
| 5786000 | &nbsp;&nbsp;&nbsp;Rubrik, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 |  | 6213817 |
| 13100000 | &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/28 |  | 25414524 |
| 16155000 | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 |  | 25135726 |
| 11440000 | &nbsp;&nbsp;&nbsp;Spotify USA, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 |  | 14512555 |
| 6605000 | &nbsp;&nbsp;&nbsp;Western Digital Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 11/15/28 |  | 14171556 |
| 5670000 | &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.@ |  |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 12/01/29 |  | 1747097 |
|  |  |  | 272988559 |
|  | **Materials (0.1%)** | **Materials (0.1%)** | **Materials (0.1%)** |
| 638000 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 11/01/30 |  | 1521719 |
|  | **Real Estate (0.9%)** | **Real Estate (0.9%)** | **Real Estate (0.9%)** |
|  | &nbsp;&nbsp;&nbsp;Welltower OP LLC\* |  |  |
| 17410000 | &nbsp;&nbsp;&nbsp;3.125%, 07/15/29^ |  | 24122077 |
| 2155000 | &nbsp;&nbsp;&nbsp;2.750%, 05/15/28 |  | 3747631 |
|  |  |  | 27869708 |
|  | **Utilities (3.2%)** | **Utilities (3.2%)** | **Utilities (3.2%)** |
| 16655000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.375%, 05/01/28 |  | 18265372 |
| 22620000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 |  | 24240723 |
| 6195000 | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/27 |  | 7069548 |
| 20355000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 |  | 22735721 |
| 24400000 | &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27 |  | 27324584 |
|  |  |  | 99635948 |
|  | **Total Convertible Bonds** |  |  |
|  | (Cost $580,641,458) |  | 688834045 |
| **Bank Loans (4.5%) ¡** | **Bank Loans (4.5%) ¡** | **Bank Loans (4.5%) ¡** | **Bank Loans (4.5%) ¡** |
|  | **Airlines (0.1%)** | **Airlines (0.1%)** | **Airlines (0.1%)** |
| 2789688 | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 2793175 |
| 1690560 | &nbsp;&nbsp;&nbsp;United Airlines, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.351%, 02/22/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 1699224 |
|  |  |  | 4492399 |
|  | **Communication Services (0.4%)** | **Communication Services (0.4%)** | **Communication Services (0.4%)** |
| 1911402 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 01/03/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 1912071 |
| 461017 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;10.471%, 10/01/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.00% |  | 380915 |
| 51464 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;11.471%, 10/02/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 7.00% |  | 51335 |
| 3240857 | &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.541%, 12/15/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% |  | 3244503 |
| 613745 | &nbsp;&nbsp;&nbsp;Cincinnati Bell, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 11/22/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% |  | 615552 |
| 575870 | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.471%, 08/23/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.00% |  | 575818 |
| 1056317 | &nbsp;&nbsp;&nbsp;CSC Holdings LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 04/15/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. U.S. (Fed) Prime Rate + 1.50% |  | 1042015 |
| 461016 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.820%, 08/02/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.25% |  | 458068 |
| 305845 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.570%, 08/02/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.00% |  | 307106 |
| 1648378 | &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 11/09/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 1651403 |
| 24331 | &nbsp;&nbsp;&nbsp;Gray Television, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.579%, 06/04/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.25% |  | 24398 |
| 598500 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.870%, 12/31/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.30% |  | 558999 |
| 1200000 | &nbsp;&nbsp;&nbsp;Telesat Canada‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.344%, 12/07/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% |  | 765858 |
| 1494471 | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 07/08/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% |  | 1483263 |
|  |  |  | 13071304 |
|  | **Consumer Discretionary (1.1%)** | **Consumer Discretionary (1.1%)** | **Consumer Discretionary (1.1%)** |
| 1975000 | &nbsp;&nbsp;&nbsp;Adient U.S. LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 01/31/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 1984411 |
| 653363 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.576%, 05/28/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% |  | 658671 |
| 641891 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.576%, 04/20/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% |  | 640126 |
| 775040 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% |  | 775528 |
| 432960 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% |  | 433233 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
| 1895000 | &nbsp;&nbsp;&nbsp;Aramark Services, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 06/22/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | $| 1900249 |
| 400000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC! |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/25/32 |  | 403000 |
| 600000 | &nbsp;&nbsp;&nbsp;Boots Group Bidco Ltd.! |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 |  | 600378 |
| 718552 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/06/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 719077 |
| 736300 | &nbsp;&nbsp;&nbsp;Chinos Intermediate Holdings A, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;10.308%, 09/26/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.00% |  | 626775 |
| 1435000 | &nbsp;&nbsp;&nbsp;Clarios Global LP‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/28/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% |  | 1437088 |
| 1970000 | &nbsp;&nbsp;&nbsp;Flutter Financing BV‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.046%, 11/30/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.75% |  | 1966553 |
| 385000 | &nbsp;&nbsp;&nbsp;Flutter Financing BV‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 06/04/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% |  | 385641 |
| 1975000 | &nbsp;&nbsp;&nbsp;Installed Building Products, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 03/28/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 1986317 |
| 2154987 | &nbsp;&nbsp;&nbsp;KFC Holding Co.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.214%, 03/15/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 2167378 |
| 1203950 | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.577%, 11/05/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 1207989 |
| 3335273 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.593%, 04/14/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 3346947 |
| 2000000 | &nbsp;&nbsp;&nbsp;Murphy USA, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.079%, 04/07/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 2020000 |
| 544500 | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.833%, 05/30/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% |  | 554505 |
| 1959596 | &nbsp;&nbsp;&nbsp;PENN Entertainment, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 05/03/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% |  | 1967856 |
| 2592484 | &nbsp;&nbsp;&nbsp;PetSmart, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.206%, 02/11/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.75% |  | 2590863 |
| 1980000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 05/01/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 1981653 |
| 3160000 | &nbsp;&nbsp;&nbsp;Station Casinos LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 03/14/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 3167126 |
| 1181351 | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.103%, 08/01/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% |  | 1183755 |
|  |  |  | 34705119 |
|  | **Consumer Staples (0.6%)** | **Consumer Staples (0.6%)** | **Consumer Staples (0.6%)** |
| 3985623 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.856%, 05/04/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.50% |  | 4065336 |
| 1375000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC! |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/23/32 |  | 1378149 |
| 620000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 07/16/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% |  | 617966 |
| 893250 | &nbsp;&nbsp;&nbsp;B&G Foods, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 10/10/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% |  | 828677 |
| 190000 | &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 01/15/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% |  | 191045 |
| 785000 | &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;10.606%, 10/08/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.25% |  | 771204 |
| 106318 | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.058%, 12/31/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% |  | 106052 |
| 1250000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS! |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/28/32 |  | 1256956 |
| 1990323 | &nbsp;&nbsp;&nbsp;Organon & Co.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.599%, 05/19/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% |  | 1924811 |
| 1406482 | &nbsp;&nbsp;&nbsp;Perrigo Investments LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 04/20/29 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% |  | 1413810 |
| 1507426 | &nbsp;&nbsp;&nbsp;Star Parent, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 09/27/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% |  | 1492668 |
| 1210000 | &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.! |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/23/28 |  | 1211513 |
| 609534 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.106%, 05/01/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% |  | 615193 |
| 1246859 | &nbsp;&nbsp;&nbsp;Veritiv Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 11/30/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% |  | 1253486 |
|  |  |  | 17126866 |
|  | **Energy (0.1%)** | **Energy (0.1%)** | **Energy (0.1%)** |
| 872064 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;9.808%, 10/30/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% |  | 408780 |
| 1763967 | &nbsp;&nbsp;&nbsp;Par Petroleum LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.029%, 02/28/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% |  | 1764885 |
|  |  |  | 2173665 |
|  | **Financials (0.6%)** | **Financials (0.6%)** | **Financials (0.6%)** |
| 925000 | &nbsp;&nbsp;&nbsp;Acrisure LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 06/21/32 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% |  | 928469 |
| 1830000 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.! |  |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/32 |  | 1832864 |
| 1605984 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 08/17/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% |  | 1609581 |
| 901349 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.082%, 12/29/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% |  | 902814 |
| 1481250 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.858%, 02/14/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% |  | 1485945 |
| 2167151 | &nbsp;&nbsp;&nbsp;Avolon TLB Borrower 1 (U.S.) LLC‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.099%, 06/24/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% |  | 2170597 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 592515 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 06/13/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | $593623 |
| 125000 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/13/31 | 125234 |
| 1250000 | &nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.041%, 05/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 1250787 |
| 1507425 | &nbsp;&nbsp;&nbsp;Dragon Buyer, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 09/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 1511593 |
| 1014071 | &nbsp;&nbsp;&nbsp;HUB International Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.825%, 06/20/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 1016469 |
| 2886050 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 2890264 |
| 2265443 | &nbsp;&nbsp;&nbsp;Jazz Financing Lux SARL‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 05/05/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 2276952 |
| 1200000 | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 03/27/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 1212468 |
|  |  | 19807660 |
|  | ***Health Care (0.2%)*** |  |
| 152111 | &nbsp;&nbsp;&nbsp;Avantor Funding, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.456%, 11/08/27 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 153030 |
| 2166338 | &nbsp;&nbsp;&nbsp;DaVita, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 05/09/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% | 2171949 |
| 1185674 | &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.179%, 08/01/27 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% | 1185929 |
| 382137 | &nbsp;&nbsp;&nbsp;Icon Luxembourg SARL‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 07/03/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% | 384694 |
| 1970100 | &nbsp;&nbsp;&nbsp;IQVIA, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.046%, 01/02/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.75% | 1983034 |
| 1246641 | &nbsp;&nbsp;&nbsp;Padagis LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.290%, 07/06/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.75% | 1140677 |
| 95210 | &nbsp;&nbsp;&nbsp;PRA Health Sciences, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 07/03/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% | 95847 |
|  |  | 7115160 |
|  | ***Industrials (0.5%)*** |  |
| 1182228 | &nbsp;&nbsp;&nbsp;ACProducts, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.807%, 05/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.25% | 897388 |
| 915000 | &nbsp;&nbsp;&nbsp;Chamberlain Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/22/32 | 915759 |
| 1250000 | &nbsp;&nbsp;&nbsp;ECO Material Tech, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.467%, 02/12/32 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.25% | 1256250 |
| 1315624 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.833%, 05/31/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 1318157 |
| 1230000 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/08/31 | 1232306 |
| 451588 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 04/08/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 452434 |
| 1403363 | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.471%, 07/28/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 1332191 |
| 1197900 | &nbsp;&nbsp;&nbsp;MI Windows & Doors LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 03/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 1201045 |
| 1246875 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/10/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 1247343 |
| 2358180 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.796%, 02/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 2367813 |
| 1965100 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.046%, 08/24/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 1974503 |
|  |  | 14195189 |
|  | ***Information Technology (0.5%)*** |  |
| 1614516 | &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.333%, 07/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 1616405 |
| 1087365 | &nbsp;&nbsp;&nbsp;Camelot U.S. Acquisition LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 1088316 |
| 2539238 | &nbsp;&nbsp;&nbsp;Coherent Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 07/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 2549395 |
| 1146431 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.603%, 01/18/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 1147251 |
| 1225304 | &nbsp;&nbsp;&nbsp;Open Text Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 01/31/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% | 1227142 |
| 226667 | &nbsp;&nbsp;&nbsp;QXO, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 04/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 228888 |
| 1805000 | &nbsp;&nbsp;&nbsp;Rocket Software, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 11/28/28 | 1811633 |
| 2692484 | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 05/09/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 2704695 |
| 1259428 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.579%, 05/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 1264151 |
| 594000 | &nbsp;&nbsp;&nbsp;UKG, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.810%, 02/10/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 594612 |
|  |  | 14232488 |
|  | ***Materials (0.2%)*** |  |
| 1907781 | &nbsp;&nbsp;&nbsp;Axalta Coating Systems U.S. Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.046%, 12/20/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.75% | 1916223 |
| 1684987 | &nbsp;&nbsp;&nbsp;Chemours Co.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.356%, 08/18/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% | 1687094 |
| 1886743 | &nbsp;&nbsp;&nbsp;Ineos U.S. Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 02/18/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 1757614 |
| 663338 | &nbsp;&nbsp;&nbsp;Knife River HoldCo‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.310%, 03/08/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% | 666654 |
| 900531 | &nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.090%, 05/03/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 389858 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  |<br>**VALUE** |
| 1151757 |  | &nbsp;&nbsp;&nbsp;W.R. Grace & Co.-Conn.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.546%, 09/22/28 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | $1154273 |
|  |  |  | 7571716 |
|  |  | **Other (0.1%)** | **Other (0.1%)** |
| 1995000 |  | &nbsp;&nbsp;&nbsp;DK Crown Holdings, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.078%, 03/04/32 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% | 1995209 |
| 620000 |  | &nbsp;&nbsp;&nbsp;Windstream Services LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;9.206%, 10/01/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 623875 |
|  |  |  | 2619084 |
|  |  | **Special Purpose Acquisition Companies (0.1%)** | **Special Purpose Acquisition Companies (0.1%)** |
| 483933 |  | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.531%, 04/13/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.18% | 484294 |
| 290250 |  | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.601%, 01/27/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 290823 |
| 1167000 |  | &nbsp;&nbsp;&nbsp;Patagonia Holdco LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;10.048%, 08/01/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.75% | 975355 |
|  |  |  | 1750472 |
|  |  | **Total Bank Loans** |  |
|  |  | (Cost $140,124,152) | 138861122 |
| **U.S. Government and Agency Securities (0.1%)** | **U.S. Government and Agency Securities (0.1%)** | **U.S. Government and Agency Securities (0.1%)** | **U.S. Government and Agency Securities (0.1%)** |
|  |  | **Other (0.1%)** | **Other (0.1%)** |
| 325000 |  | &nbsp;&nbsp;&nbsp;CoBank ACB‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.250%, 07/01/29 | 335251 |
|  |  | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas‡ |  |
| 1020000 |  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/30 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.01% | 1037102 |
| 250000 |  | &nbsp;&nbsp;&nbsp;7.750%, 06/15/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.29% | 259740 |
|  |  | **TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES** |  |
|  |  | (Cost $1,606,685) | 1632093 |
| **NUMBER OF** |  |  |  |
| **SHARES** |  |  | **VALUE** |
| **Convertible Preferred Stocks (4.0%)** | **Convertible Preferred Stocks (4.0%)** | **Convertible Preferred Stocks (4.0%)** | **Convertible Preferred Stocks (4.0%)** |
|  |  | **Financials (1.2%)** | **Financials (1.2%)** |
| 80250 |  | &nbsp;&nbsp;&nbsp;AMG Capital Trust II |  |
|  |  | &nbsp;&nbsp;&nbsp;5.150%, 10/15/37 | $4503790 |
| 150205 |  | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.750%, 07/31/26 | 11442617 |
| 140040 |  | &nbsp;&nbsp;&nbsp;ARES Management Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | 7926264 |
| 208780 |  | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 11994411 |
|  |  |  | 35867082 |
|  |  | **Industrials (1.3%)** | **Industrials (1.3%)** |
| 386120 |  | &nbsp;&nbsp;&nbsp;Boeing Co. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 27298684 |
| 225300 |  | &nbsp;&nbsp;&nbsp;QXO, Inc.# |  |
|  |  | &nbsp;&nbsp;&nbsp;5.500%, 05/15/28 | 13026846 |
|  |  |  | 40325530 |
|  |  | **Information Technology (1.0%)** | **Information Technology (1.0%)** |
| 240695 |  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |
|  |  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 14441700 |
| 284035 |  | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc.^ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | 17868642 |
|  |  |  | 32310342 |
|  |  | **Utilities (0.5%)** | **Utilities (0.5%)** |
| 84885 |  | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. (Warner Media LLC, Charter Communications Time, Inc.)#§ |  |
|  |  | &nbsp;&nbsp;&nbsp;3.369%, 09/15/29 | 3365436 |
| 262050 |  | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.926%, 09/01/25 | 10678537 |
|  |  |  | 14043973 |
|  |  | **Total Convertible Preferred Stocks** |  |
|  |  | (Cost $108,096,904) | 122546927 |
| **Common Stocks (92.8%)** | **Common Stocks (92.8%)** | **Common Stocks (92.8%)** | **Common Stocks (92.8%)** |
|  |  | **Communication Services (10.3%)** | **Communication Services (10.3%)** |
| 594535 |  | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A^ | 114091266 |
| 25095 |  | &nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class A^# | 65247 |
| 264885 |  | &nbsp;&nbsp;&nbsp;AT&T, Inc.^ | 7260498 |
| 20533 |  | &nbsp;&nbsp;&nbsp;Audacy, Inc.# | 287462 |
| 8434 |  | &nbsp;&nbsp;&nbsp;Cumulus Media, Inc. - Class A# | 1164 |
| 142710 |  | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A^ | 110377622 |
| 32360 |  | &nbsp;&nbsp;&nbsp;Netflix, Inc.# | 37518184 |
| 205085 | EUR | &nbsp;&nbsp;&nbsp;Orange SA | 3119561 |
| 83385 |  | &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | 19879818 |
| 200915 |  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | 23930986 |
|  |  |  | 316531808 |
|  |  | **Consumer Discretionary (11.5%)** | **Consumer Discretionary (11.5%)** |
| 681270 |  | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.^#µ | 159492120 |
| 5135 |  | &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 28263348 |
| 59260 |  | &nbsp;&nbsp;&nbsp;Carnival Corp.# | 1764170 |
| 262250 |  | &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.# | 11245280 |
| 243463 |  | &nbsp;&nbsp;&nbsp;General Motors Co. | 12986316 |
| 52240 |  | &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 19198722 |
| 54670 |  | &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc.^ | 12222572 |
| 50170 |  | &nbsp;&nbsp;&nbsp;McDonald's Corp. | 15054512 |
| 126700 |  | &nbsp;&nbsp;&nbsp;NIKE, Inc. - Class B | 9463223 |
| 1794 |  | &nbsp;&nbsp;&nbsp;Rite Aid Corp.# | 1794 |
| 172710 |  | &nbsp;&nbsp;&nbsp;Starbucks Corp. | 15398824 |
| 182630 |  | &nbsp;&nbsp;&nbsp;Tesla, Inc.^# | 56299350 |
| 104675 |  | &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 13035178 |
|  |  |  | 354425409 |
|  |  | **Consumer Staples (5.6%)** | **Consumer Staples (5.6%)** |
| 58750 |  | &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 3638975 |
| 329140 |  | &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 22345314 |
| 145515 |  | &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 12201433 |
| 31575 |  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 29669133 |
| 130440 |  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | 13683156 |
| 47280 |  | &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 4413115 |
| 140020 |  | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc.^ | 22970281 |
| 136830 |  | &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 20588810 |
| 52650 |  | &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | 612846 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |  | <br>**VALUE** |
| 427615 |  | &nbsp;&nbsp;&nbsp;Walmart, Inc. | 41897718 |
|  |  |  | 172020781 |
|  |  | **Energy (4.6%)** | **Energy (4.6%)** |
| 475000 |  | &nbsp;&nbsp;&nbsp;BP PLC ADR | 15271250 |
| 21785 |  | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class A^# | 4692489 |
| 5050 |  | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 291234 |
| 57507 |  | &nbsp;&nbsp;&nbsp;Chevron Corp. | 8720361 |
| 70935 |  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 1279667 |
| 33155 |  | &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 1027473 |
| 7920 |  | &nbsp;&nbsp;&nbsp;EP Energy Corp.# | 11880 |
| 278820 |  | &nbsp;&nbsp;&nbsp;EQT Corp.^ | 14986575 |
| 429490 |  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp.^ | 47948264 |
| 169510 |  | &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 28848907 |
| 296990 |  | &nbsp;&nbsp;&nbsp;Williams Cos., Inc.^ | 17804551 |
|  |  |  | 140882651 |
|  |  | **Financials (12.5%)** | **Financials (12.5%)** |
| 35430 |  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc.^ | 7435694 |
| 59230 |  | &nbsp;&nbsp;&nbsp;American Express Co. | 17728131 |
| 29983 |  | &nbsp;&nbsp;&nbsp;Assurant, Inc.^ | 5615816 |
| 578890 |  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 27364130 |
| 10715 |  | &nbsp;&nbsp;&nbsp;Blackrock, Inc.^ | 11850897 |
| 58055 |  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 12481825 |
| 76155 |  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | 20260276 |
| 231670 |  | &nbsp;&nbsp;&nbsp;Citigroup, Inc.^ | 21707479 |
| 27300 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.^ | 19754007 |
| 190495 |  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.^ | 56432239 |
| 76915 |  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc.^ | 15321468 |
| 72315 |  | &nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 40964278 |
| 154465 |  | &nbsp;&nbsp;&nbsp;Morgan Stanley^ | 22005084 |
| 35515 |  | &nbsp;&nbsp;&nbsp;S&P Global, Inc.^ | 19572317 |
| 151925 |  | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class A^ | 52485530 |
| 411130 |  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co.^ | 33149412 |
|  |  |  | 384128583 |
|  |  | **Health Care (6.8%)** | **Health Care (6.8%)** |
| 238555 |  | &nbsp;&nbsp;&nbsp;Abbott Laboratories~ | 30103255 |
| 118475 |  | &nbsp;&nbsp;&nbsp;AbbVie, Inc.^ | 22394145 |
| 240498 |  | &nbsp;&nbsp;&nbsp;Boston Scientific Corp.^# | 25233050 |
| 48945 |  | &nbsp;&nbsp;&nbsp;Danaher Corp. | 9649996 |
| 59040 |  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 43693733 |
| 34856 |  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 2485930 |
| 152895 |  | &nbsp;&nbsp;&nbsp;Johnson & Johnson | 25187922 |
| 142050 |  | &nbsp;&nbsp;&nbsp;Medtronic PLC | 12818592 |
| 20295 |  | &nbsp;&nbsp;&nbsp;Stryker Corp. | 7970455 |
| 30260 |  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 14151997 |
| 55360 |  | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc.^ | 13815642 |
|  |  |  | 207504717 |
|  |  | **Industrials (6.3%)** | **Industrials (6.3%)** |
| 473080 |  | &nbsp;&nbsp;&nbsp;CSX Corp. | 16813263 |
| 344635 |  | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 18338028 |
| 84595 |  | &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 12309418 |
| 58710 |  | &nbsp;&nbsp;&nbsp;GE Vernova, Inc.^ | 38765626 |
| 85750 |  | &nbsp;&nbsp;&nbsp;General Electric Co. | 23245110 |
| 84150 |  | &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 23393700 |
| 38315 |  | &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp.~ | 28042749 |
| 26540 |  | &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 10778690 |
| 145750 |  | &nbsp;&nbsp;&nbsp;RTX Corp. | 22965828 |
|  |  |  | 194652412 |
|  |  | **Information Technology (31.3%)** | **Information Technology (31.3%)** |
| 860785 |  | &nbsp;&nbsp;&nbsp;Apple, Inc.^µ | 178673142 |
| 299730 |  | &nbsp;&nbsp;&nbsp;Broadcom, Inc.^ | 88030701 |
| 247515 |  | &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 16850821 |
| 31990 |  | &nbsp;&nbsp;&nbsp;Intuit, Inc. | 25116309 |
| 139650 |  | &nbsp;&nbsp;&nbsp;Lam Research Corp. | 13244406 |
| 86100 |  | &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 9396954 |
| 461145 |  | &nbsp;&nbsp;&nbsp;Microsoft Corp.^ | 246020858 |
| 1520000 |  | &nbsp;&nbsp;&nbsp;Nokia OYJ ADR | 6201600 |
| 1429015 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp.^µ | 254178898 |
| 23830 |  | &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 5094139 |
| 161745 |  | &nbsp;&nbsp;&nbsp;Oracle Corp.^ | 41046029 |
| 140175 |  | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A# | 22196711 |
| 56650 |  | &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.# | 9834440 |
| 48785 | EUR | &nbsp;&nbsp;&nbsp;SAP SE | 13950340 |
| 32625 |  | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.# | 30769290 |
|  |  |  | 960604638 |
|  |  | **Materials (2.6%)** | **Materials (2.6%)** |
| 326615 |  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 13142988 |
| 56835 |  | &nbsp;&nbsp;&nbsp;Linde PLC | 26158877 |
| 110367 |  | &nbsp;&nbsp;&nbsp;MP Materials Corp.# | 6787570 |
| 58650 |  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 19406112 |
| 50490 |  | &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 13868088 |
|  |  |  | 79363635 |
|  |  | **Real Estate (0.5%)** | **Real Estate (0.5%)** |
| 70930 |  | &nbsp;&nbsp;&nbsp;American Tower Corp. | 14781103 |
|  |  | **Utilities (0.8%)** | **Utilities (0.8%)** |
| 125845 |  | &nbsp;&nbsp;&nbsp;Vistra Corp. | 26243716 |
|  |  | **Total Common Stocks** |  |
|  |  | (Cost $1,518,892,926) | 2851139453 |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** | **Warrants (0.0%) #** | **Warrants (0.0%) #** |
|  |  | **Communication Services (0.0%)** | **Communication Services (0.0%)** |
| 3672 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
| 612 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
|  |  | **Energy (0.0%)** | **Energy (0.0%)** |
| 57470 |  | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $15.98 | 6 |
| 51723 |  | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $12.33 | 5 |
| 16676 |  | &nbsp;&nbsp;&nbsp;Tidewater, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;11/14/42, Strike $1.00 | 2 |
|  |  |  | 13 |
|  |  | **Total Warrants** |  |
|  |  | (Cost $369,524) | 13 |
| **Exchange-Traded Funds (3.3%)** | **Exchange-Traded Funds (3.3%)** | **Exchange-Traded Funds (3.3%)** | **Exchange-Traded Funds (3.3%)** |
|  |  | **Other (3.3%)** | **Other (3.3%)** |
| 1610745 |  | &nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF^ | 33712893 |
| 69850 |  | &nbsp;&nbsp;&nbsp;iShares Russell 2000 ETF^ | 15324392 |
| 113165 |  | &nbsp;&nbsp;&nbsp;iShares Russell 2000 Value ETF^ | 18150534 |
| 812805 |  | &nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF^ | 33853328 |
| 12665 |  | &nbsp;&nbsp;&nbsp;SPDR Bloomberg High Yield Bond ETF | 1227112 |

---

See accompanying Notes to Schedule of Investments

**Calamos Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $103,092,705) | $102268259 |
| **Preferred Stocks (0.2%)** | **Preferred Stocks (0.2%)** | **Preferred Stocks (0.2%)** |
|  | **Communication Services (0.1%)** | **Communication Services (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;AT&T, Inc.µ |  |
| 8482 | &nbsp;&nbsp;&nbsp;4.750%, 08/30/25 | 165399 |
| 3485 | &nbsp;&nbsp;&nbsp;5.350%, 11/01/66 | 80782 |
| 49077 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/56 | 971725 |
|  | &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. |  |
| 9708 | &nbsp;&nbsp;&nbsp;6.625%, 03/31/26 | 205810 |
| 8086 | &nbsp;&nbsp;&nbsp;6.000%, 09/30/26 | 149106 |
|  | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
| 13961 | &nbsp;&nbsp;&nbsp;5.500%, 03/01/70 | 309515 |
| 13385 | &nbsp;&nbsp;&nbsp;6.250%, 09/01/69 | 341987 |
| 1467 | &nbsp;&nbsp;&nbsp;5.500%, 06/01/70 | 32949 |
|  |  | 2257273 |
|  | **Consumer Discretionary (0.0%)** | **Consumer Discretionary (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co.µ |  |
| 2835 | &nbsp;&nbsp;&nbsp;6.200%, 06/01/59 | 63958 |
| 2764 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/62 | 65203 |
| 8177 | &nbsp;&nbsp;&nbsp;Guitar Center, Inc.# | 122655 |
| 2230 | &nbsp;&nbsp;&nbsp;QVC Group, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 03/15/31 | 12376 |
| 4100 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/26/68 | 36121 |
|  |  | 300313 |
|  | **Financials (0.1%)** | **Financials (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc.µ |  |
| 5813 | &nbsp;&nbsp;&nbsp;6.750%, 03/30/64 | 141256 |
| 1500 | &nbsp;&nbsp;&nbsp;5.875%, 03/30/59 | 31905 |
|  | &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. |  |
| 5970 | &nbsp;&nbsp;&nbsp;9.555%, 08/30/25‡µ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.25% | 154981 |
| 3250 | &nbsp;&nbsp;&nbsp;#8.875%, 09/30/30 | 81250 |
| 9294 | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.550%, 06/11/26 | 161716 |
| 2515 | &nbsp;&nbsp;&nbsp;Capital One Financial Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 09/01/25 | 47106 |
| 11953 | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 11/25/60 | 234996 |
| 3517 | &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.450%, 12/15/25 | 61125 |
| 3401 | &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 01/04/27 | 79243 |
| 1450 | &nbsp;&nbsp;&nbsp;KeyCorpµ |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 09/15/25 | 32074 |
| 765 | &nbsp;&nbsp;&nbsp;Northern Trust Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.700%, 10/01/25 | 15453 |
| 3650 | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd.µ |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 08/30/25 | 80482 |
| 8314 | &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc.^µ |  |
|  | &nbsp;&nbsp;&nbsp;4.600%, 12/15/25 | 144664 |
| 3000 | &nbsp;&nbsp;&nbsp;UMB Financial Corp.#µ |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 07/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.74% | 78600 |
| 3125 | &nbsp;&nbsp;&nbsp;W.R. Berkley Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;5.100%, 12/30/59 | 62219 |
| 6400 | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 07/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.88% | 167680 |
|  |  | 1574750 |
|  | **Real Estate (0.0%)** | **Real Estate (0.0%)** |
|  | &nbsp;&nbsp;&nbsp;Brookfield Property Partners LPµ |  |
| 8773 | &nbsp;&nbsp;&nbsp;5.750%, 08/30/25 | 113874 |
| 5000 | &nbsp;&nbsp;&nbsp;6.375%, 08/30/25 | 71150 |
| 1735 | &nbsp;&nbsp;&nbsp;EPR Propertiesµ |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 08/30/25 | 36279 |
|  | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. |  |
| 4851 | &nbsp;&nbsp;&nbsp;7.500%, 08/30/25 | 112058 |
| 2271 | &nbsp;&nbsp;&nbsp;^6.875%, 08/30/25 | 48463 |
| 2559 | &nbsp;&nbsp;&nbsp;Kimco Realty Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/30/25 | 53406 |
|  |  | 435230 |
|  | **Utilities (0.0%)** | **Utilities (0.0%)** |
| 6000 | &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners LP |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/25/25 | 111840 |
| 3175 | &nbsp;&nbsp;&nbsp;DTE Energy Co.µ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 12/01/77 | 71723 |
|  |  | 183563 |
|  | **Total Preferred Stocks** |  |
|  | (Cost $5,602,101) | 4751129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (140.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (140.3%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,864,173,022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,864,173,022) | 4309427835 |
| MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-10.5%) | MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-10.5%) | (323000000) |
| LIABILITIES, LESS OTHER ASSETS (-29.8%) | LIABILITIES, LESS OTHER ASSETS (-29.8%) | (915725808) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $3070702027 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **\*** | Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. |
| **‡** | Variable rate security. The rate shown is the rate in effect at July 31, 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 <br> Date** | **Acquisition<br> Cost** |
| Rite Aid Corp. | 12/01/2024 | $124574 |
| Rite Aid Corp. | 12/05/2024 | 113163 |
| **Total** |  | $**237737** |

---

---

| | |
|:---|:---|
| **¡** | 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 Strategic Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 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. |
| 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. |
| Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $368,239,806. |
| 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 $6,599,730. |

---

---

| | |
|:---|:---|
| **ABBREVIATION** | **ABBREVIATION** |
| **ADR** | American Depositary Receipt |
| **FOREIGN CURRENCY ABBREVIATION** | **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 following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Security | $— | $919046 | $— | $919046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 398475748 |  | 398475748 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds |  | 688834045 |  | 688834045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 138861122 |  | 138861122 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities |  | 1632093 |  | 1632093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 114677701 | 7869226 |  | 122546927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 2834069552 | 17069901 |  | 2851139453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 13 |  |  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 102268259 |  |  | 102268259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 4751129 |  |  | 4751129 |
| **Total** | $3055766654 | $1253661181 | $— | $4309427835 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
| **Asset Backed Security (0.0%)** | **Asset Backed Security (0.0%)** |  |
|  | ***Other (0.0%)*** |  |
| 215000 | &nbsp;&nbsp;&nbsp;SVC ABS LLC Series 2023-1A, Class C\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 02/20/53 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $204,788) | $206906 |
| **Corporate Bonds (15.0%)** | **Corporate Bonds (15.0%)** |  |
|  | ***Airlines (0.2%)*** |  |
| 200648 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\*µ |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | 200213 |
| 49360 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 49424 |
| 230680 | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust Series 2021-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 01/11/32 | 217963 |
| 208712 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2021-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;3.900%, 03/15/33 | 198920 |
| 230757 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2020-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/15/30 | 231853 |
|  |  | 898373 |
|  | ***Communication Services (1.4%)*** |  |
| 320000 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/15/29 | 309917 |
| 100000 | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% | 101628 |
| 242000 | &nbsp;&nbsp;&nbsp;Cincinnati Bell Telephone Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.300%, 12/01/28 | 237380 |
|  | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* |  |
| 143000 | &nbsp;&nbsp;&nbsp;7.500%, 03/15/33 | 142687 |
| 130000 | &nbsp;&nbsp;&nbsp;7.875%, 04/01/30 | 133904 |
| 80000 | &nbsp;&nbsp;&nbsp;9.000%, 09/15/28^ | 83848 |
| 371000 | &nbsp;&nbsp;&nbsp;Consolidated Communications, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | 377140 |
|  | &nbsp;&nbsp;&nbsp;CSC Holdings LLC\* |  |
| 535000 | &nbsp;&nbsp;&nbsp;4.500%, 11/15/31 | 357252 |
| 400000 | &nbsp;&nbsp;&nbsp;4.625%, 12/01/30 | 187564 |
| 246000 | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 08/15/27 | 244726 |
| 400000 | &nbsp;&nbsp;&nbsp;Frontier California, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 05/15/27 | 407700 |
| 65000 | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/15/30 | 68192 |
| 419000 | &nbsp;&nbsp;&nbsp;Frontier Florida LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.860%, 02/01/28 | 437478 |
| 400000 | &nbsp;&nbsp;&nbsp;Frontier North, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.730%, 02/15/28 | 412788 |
| 235000 | &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 220844 |
|  | &nbsp;&nbsp;&nbsp;Gray Media, Inc.\* |  |
| 135000 | &nbsp;&nbsp;&nbsp;5.375%, 11/15/31^ | 99823 |
| 130000 | &nbsp;&nbsp;&nbsp;7.250%, 08/15/33 | 129394 |
| 260000 | &nbsp;&nbsp;&nbsp;Hughes Satellite Systems Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/01/26 | 240724 |
|  | &nbsp;&nbsp;&nbsp;iHeartCommunications, Inc.\* |  |
| 132000 | &nbsp;&nbsp;&nbsp;10.875%, 05/01/30 | 66156 |
| 89000 | &nbsp;&nbsp;&nbsp;7.750%, 08/15/30 | 69753 |
|  | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;7.600%, 09/15/39 | 171254 |
| 196625 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32\* | 200062 |
| 260000 | &nbsp;&nbsp;&nbsp;Paramount Global |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 08/15/44 | 204968 |
| 94000 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 09/15/25 | 94098 |
|  | &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.‡ |  |
| 225000 | &nbsp;&nbsp;&nbsp;7.125%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.62% | 229693 |
| 160000 | &nbsp;&nbsp;&nbsp;7.000%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 163883 |
|  | &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc.\* |  |
| 136000 | &nbsp;&nbsp;&nbsp;3.875%, 01/15/29^ | 120890 |
| 68000 | &nbsp;&nbsp;&nbsp;5.375%, 01/15/31 | 50212 |
| 95000 | &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 07/15/27 | 95000 |
| 130000 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 02/15/33 | 133011 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC\* |  |
| 325000 | &nbsp;&nbsp;&nbsp;3.875%, 09/01/31^ | 286890 |
| 215000 | &nbsp;&nbsp;&nbsp;5.500%, 07/01/29 | 212491 |
| 130000 | &nbsp;&nbsp;&nbsp;3.125%, 09/01/26 | 127202 |
| 130000 | &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/01/27 | 80965 |
| 130000 | &nbsp;&nbsp;&nbsp;TELUS Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 131734 |
|  | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 205916 |
| 105000 | &nbsp;&nbsp;&nbsp;7.300%, 07/01/38 | 113460 |
| 103000 | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 108923 |
|  | &nbsp;&nbsp;&nbsp;Univision Communications, Inc.\* |  |
| 137000 | &nbsp;&nbsp;&nbsp;8.000%, 08/15/28 | 140855 |
| 130000 | &nbsp;&nbsp;&nbsp;8.500%, 07/31/31 | 132201 |
|  |  | 7332606 |
|  | ***Consumer Discretionary (3.0%)*** |  |
| 400000 | &nbsp;&nbsp;&nbsp;Adams Homes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 10/15/28 | 414428 |
|  | &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd.\* |  |
| 340000 | &nbsp;&nbsp;&nbsp;8.250%, 04/15/31^ | 355633 |
| 130000 | &nbsp;&nbsp;&nbsp;7.500%, 02/15/33 | 132670 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.\* |  |
| 116000 | &nbsp;&nbsp;&nbsp;7.000%, 08/01/30 | 116670 |
| 65000 | &nbsp;&nbsp;&nbsp;7.375%, 08/01/33 | 65341 |
| 320000 | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.39% | 322765 |
|  | &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co.\* |  |
| 228000 | &nbsp;&nbsp;&nbsp;4.625%, 08/01/29 | 217029 |
| 130000 | &nbsp;&nbsp;&nbsp;6.875%, 08/01/33 | 129951 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |
| 355000 | &nbsp;&nbsp;&nbsp;6.694%, 01/15/27 | 364209 |
| 195000 | &nbsp;&nbsp;&nbsp;6.875%, 11/01/35 | 200959 |
| 50000 | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30\* | 51249 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* |  |
| 225000 | &nbsp;&nbsp;&nbsp;6.000%, 10/15/32 | $217395 |
| 168000 | &nbsp;&nbsp;&nbsp;4.625%, 10/15/29^ | 158943 |
| 50000 | &nbsp;&nbsp;&nbsp;7.000%, 02/15/30 | 51624 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp.\*µ |  |
| 134000 | &nbsp;&nbsp;&nbsp;4.000%, 08/01/28 | 130249 |
| 16000 | &nbsp;&nbsp;&nbsp;7.000%, 08/15/29 | 16830 |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp.\* |  |
| 570000 | &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 | 541722 |
| 515000 | &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 | 511076 |
| 315000 | &nbsp;&nbsp;&nbsp;4.500%, 08/15/30 | 295029 |
| 300000 | &nbsp;&nbsp;&nbsp;6.375%, 09/01/29 | 302913 |
| 266000 | &nbsp;&nbsp;&nbsp;4.250%, 02/01/31 | 242901 |
| 130000 | &nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 127706 |
| 130000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/32^ | 120155 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs, Inc.\* |  |
| 132000 | &nbsp;&nbsp;&nbsp;6.750%, 05/01/31 | 134971 |
| 130000 | &nbsp;&nbsp;&nbsp;5.750%, 04/01/30^ | 129853 |
|  | &nbsp;&nbsp;&nbsp;Dana, Inc. |  |
| 260000 | &nbsp;&nbsp;&nbsp;4.500%, 02/15/32^ | 253851 |
| 220000 | &nbsp;&nbsp;&nbsp;4.250%, 09/01/30 | 216621 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |
| 140000 | &nbsp;&nbsp;&nbsp;5.125%, 06/01/29 | 102763 |
| 101000 | &nbsp;&nbsp;&nbsp;7.375%, 07/01/28 | 77659 |
| 265000 | &nbsp;&nbsp;&nbsp;DISH Network Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 276209 |
| 400000 | &nbsp;&nbsp;&nbsp;Empire Resorts, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 11/01/26 | 395336 |
| 275000 | &nbsp;&nbsp;&nbsp;Ford Motor Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.100%, 08/19/32 | 275415 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |
| 425000 | &nbsp;&nbsp;&nbsp;4.000%, 11/13/30 | 390758 |
| 350000 | &nbsp;&nbsp;&nbsp;5.113%, 05/03/29 | 342401 |
| 340000 | &nbsp;&nbsp;&nbsp;7.200%, 06/10/30 | 357581 |
| 135000 | &nbsp;&nbsp;&nbsp;General Motors Co. |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 04/01/45 | 117399 |
|  | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
| 455000 | &nbsp;&nbsp;&nbsp;9.250%, 12/01/28 | 481804 |
| 237000 | &nbsp;&nbsp;&nbsp;7.625%, 07/01/29 | 244281 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |
| 400000 | &nbsp;&nbsp;&nbsp;5.625%, 04/30/33^ | 375752 |
| 140000 | &nbsp;&nbsp;&nbsp;5.250%, 07/15/31 | 133154 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc.\* |  |
| 155000 | &nbsp;&nbsp;&nbsp;6.375%, 01/15/30 | 158356 |
| 114000 | &nbsp;&nbsp;&nbsp;4.000%, 08/15/28 | 110018 |
| 52320 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 05/15/29 | 52565 |
| 363000 | &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 204438 |
| 265000 | &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/30 | 36634 |
| 260000 | &nbsp;&nbsp;&nbsp;Life Time, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 11/15/31 | 262176 |
| 135000 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 09/01/31 | 140819 |
| 100000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 05/15/28 | 104311 |
| 168000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/15/27 | 168541 |
| 175000 | &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | 163259 |
|  | &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |
| 330000 | &nbsp;&nbsp;&nbsp;4.300%, 02/15/43 | 218460 |
| 208000 | &nbsp;&nbsp;&nbsp;6.700%, 07/15/34\* | 179390 |
| 510000 | &nbsp;&nbsp;&nbsp;MGM Resorts International^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 518588 |
| 332000 | &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 05/01/29 | 320151 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |
| 130000 | &nbsp;&nbsp;&nbsp;8.500%, 06/01/28\* | 136503 |
| 130000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/32^ | 124495 |
| 130000 | &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/15/44 | 88230 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.\* |  |
| 239000 | &nbsp;&nbsp;&nbsp;4.750%, 05/01/29 | 231993 |
| 130000 | &nbsp;&nbsp;&nbsp;6.375%, 11/01/32 | 130075 |
| 305000 | &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 07/01/29 | 282842 |
| 365000 | &nbsp;&nbsp;&nbsp;Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 09/01/29 | 220715 |
| 135000 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 08/15/34 | 59351 |
| 130000 | &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.375%, 05/01/29 | 137420 |
|  | &nbsp;&nbsp;&nbsp;Rite Aid Corp. |  |
| 448000 | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26\*@ |  |
| 87565 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@ | 438 |
| 81390 | &nbsp;&nbsp;&nbsp;0.000%, 10/18/25\* |  |
| 63817 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@!! | 319 |
| 29415 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/31\*@!! | 2206 |
| 27717 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/34 |  |
| 260000 | &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 02/01/33 | 262779 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* |  |
| 32000 | &nbsp;&nbsp;&nbsp;6.250%, 03/15/32 | 32843 |
| 32000 | &nbsp;&nbsp;&nbsp;5.625%, 09/30/31 | 32251 |
| 240000 | &nbsp;&nbsp;&nbsp;Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/01/29 | 227369 |
| 395000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 05/15/31 | 402651 |
| 207000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 07/15/29 | 201421 |
| 173000 | &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 166578 |
| 193000 | &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 11/01/27 | 191122 |
| 195000 | &nbsp;&nbsp;&nbsp;Staples, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.750%, 09/01/29 | 182881 |
| 275000 | &nbsp;&nbsp;&nbsp;Station Casinos LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/15/28 | 268922 |
| 260000 | &nbsp;&nbsp;&nbsp;STL Holding Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 02/15/29 | 270665 |
| 130000 | &nbsp;&nbsp;&nbsp;Under Armour, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 07/15/30 | 133175 |
| 65000 | &nbsp;&nbsp;&nbsp;Viking Cruises Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 07/15/31 | 69965 |
| 130000 | &nbsp;&nbsp;&nbsp;Voyager Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 07/01/32 | 137651 |
| 260000 | &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/15/33 | 256500 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 265000 | &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 04/14/30 | $257026 |
|  |  | 16539347 |
|  | ***Consumer Staples (0.9%)*** |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC\* |  |
| 440000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/27 | 437078 |
| 195000 | &nbsp;&nbsp;&nbsp;5.875%, 02/15/28 | 195172 |
| 255000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 258955 |
| 130000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 134155 |
|  | &nbsp;&nbsp;&nbsp;Brink's Co.\* |  |
| 130000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/32 | 134035 |
| 130000 | &nbsp;&nbsp;&nbsp;6.500%, 06/15/29 | 133223 |
| 305000 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/30/31 | 282842 |
| 304000 | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/01/29 | 287934 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.\* |  |
| 370000 | &nbsp;&nbsp;&nbsp;4.375%, 03/31/29 | 351200 |
| 66000 | &nbsp;&nbsp;&nbsp;6.500%, 12/31/27^ | 66990 |
| 73000 | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 04/01/33 | 74883 |
|  | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC\* |  |
| 232523 | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 180687 |
| 109200 | &nbsp;&nbsp;&nbsp;5.750%, 12/31/30 | 89960 |
| 177000 | &nbsp;&nbsp;&nbsp;New Albertsons LP |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 06/15/26 | 180651 |
| 200000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/31/32 | 202464 |
|  | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |
| 261000 | &nbsp;&nbsp;&nbsp;4.250%, 08/01/29 | 251207 |
| 65000 | &nbsp;&nbsp;&nbsp;6.125%, 09/15/32 | 66122 |
| 210000 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/15/31 | 200804 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* |  |
| 260000 | &nbsp;&nbsp;&nbsp;6.250%, 02/15/32 | 265135 |
| 195000 | &nbsp;&nbsp;&nbsp;6.375%, 03/01/33 | 195548 |
| 252000 | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 04/01/31 | 230845 |
| 195000 | &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.500%, 08/01/29 | 199479 |
| 240000 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/28 | 239359 |
|  |  | 4658728 |
|  | ***Energy (2.0%)*** |  |
|  | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC/ARU Finance Corp.\* |  |
| 260000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/32 | 264659 |
| 65000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/33 | 65976 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |
| 197000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/30\* | 204303 |
| 135000 | &nbsp;&nbsp;&nbsp;5.850%, 11/15/43 | 120353 |
| 98000 | &nbsp;&nbsp;&nbsp;6.875%, 07/01/29\* | 100925 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.\* |  |
| 261000 | &nbsp;&nbsp;&nbsp;8.750%, 07/01/31^ | 264346 |
| 130000 | &nbsp;&nbsp;&nbsp;9.625%, 06/15/33 | 133752 |
| 200000 | &nbsp;&nbsp;&nbsp;Continental Resources, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 06/01/44 | 157238 |
| 202000 | &nbsp;&nbsp;&nbsp;DT Midstream, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/29 | 194738 |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc.‡ |  |
| 195000 | &nbsp;&nbsp;&nbsp;7.375%, 03/15/55 | 203475 |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.12% |  |
| 130000 | &nbsp;&nbsp;&nbsp;7.200%, 06/27/54 | 134306 |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.97% |  |
| 325000 | &nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC\* | 359512 |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP‡ |  |
| 250000 | &nbsp;&nbsp;&nbsp;7.575%, 11/01/66 | 249495 |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.28% |  |
| 197000 | &nbsp;&nbsp;&nbsp;6.500%, 11/15/26 | 198145 |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.69% |  |
| 130000 | &nbsp;&nbsp;&nbsp;7.125%, 10/01/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.83% | 133414 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 196000 | &nbsp;&nbsp;&nbsp;8.875%, 04/15/30 | 207446 |
| 130000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/33 | 134885 |
| 365000 | &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/01/29 | 371581 |
| 260000 | &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 07/15/32 | 269071 |
| 260000 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/01/32 | 262935 |
| 263000 | &nbsp;&nbsp;&nbsp;Matador Resources Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 263826 |
| 100000 | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/28 | 92412 |
| 276000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 01/31/30 | 273602 |
| 195000 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/30/26 | 68334 |
| 275000 | &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 02/01/28 | 276980 |
| 168000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/30 | 179367 |
| 390000 | &nbsp;&nbsp;&nbsp;Parkland Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 | 398401 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC\* |  |
| 246000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/32 | 254425 |
| 65000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/33 | 65397 |
| 270000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.698%, 08/30/25 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.37% | 270894 |
| 260000 | &nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 03/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.95% | 268752 |
| 357000 | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 10/31/29 | 363633 |
| 130000 | &nbsp;&nbsp;&nbsp;Sunoco LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/33 | 131765 |
| 430000 | &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/29 | 419340 |
|  | &nbsp;&nbsp;&nbsp;Transocean, Inc.\* |  |
| 361600 | &nbsp;&nbsp;&nbsp;8.750%, 02/15/30 | 375153 |
| 260000 | &nbsp;&nbsp;&nbsp;8.250%, 05/15/29 | 245861 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC\* |  |
| 65000 | &nbsp;&nbsp;&nbsp;4.125%, 08/15/31 | $60067 |
| 65000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/29 | 61392 |
|  | &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.\* |  |
| 592000 | &nbsp;&nbsp;&nbsp;9.000%, 09/30/29‡ | 592515 |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.44% |  |
| 330000 | &nbsp;&nbsp;&nbsp;8.375%, 06/01/31 | 341296 |
| 200000 | &nbsp;&nbsp;&nbsp;8.125%, 06/01/28 | 207166 |
| 137000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/30^ | 139062 |
| 135000 | &nbsp;&nbsp;&nbsp;9.875%, 02/01/32 | 145761 |
| 135000 | &nbsp;&nbsp;&nbsp;9.500%, 02/01/29 | 147266 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC\* |  |
| 260000 | &nbsp;&nbsp;&nbsp;6.500%, 01/15/34 | 267537 |
| 32000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/36 | 32928 |
| 260000 | &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 10/15/30 | 244475 |
| 275000 | &nbsp;&nbsp;&nbsp;VOC Escrow Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/28 | 272706 |
| 272000 | &nbsp;&nbsp;&nbsp;Weatherford International Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 04/30/30 | 279774 |
| 227000 | &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 10/15/29 | 226287 |
|  |  | 10996929 |
|  | ***Financials (2.4%)*** |  |
| 222000 | &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/29 | 229657 |
| 250000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust‡^ |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 03/10/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.72% | 261205 |
|  | &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer\* |  |
| 260000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/32^ | 267488 |
| 260000 | &nbsp;&nbsp;&nbsp;6.500%, 10/01/31 | 264194 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.‡ |  |
| 367000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.87% | 358093 |
| 125000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 3.48% | 114221 |
| 268000 | &nbsp;&nbsp;&nbsp;AmWINS Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/30/29 | 260499 |
| 130000 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 07/15/33 | 130605 |
| 270000 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 01/15/29 | 269584 |
| 260000 | &nbsp;&nbsp;&nbsp;Azorra Finance Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 01/15/31 | 265650 |
| 260000 | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 05/15/31 | 268567 |
| 260000 | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 12/01/29 | 275441 |
| 275000 | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/31 | 290936 |
| 130000 | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 04/12/29 | 139793 |
| 195000 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/35 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.30% | 201718 |
| 463000 | &nbsp;&nbsp;&nbsp;BroadStreet Partners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 04/15/29 | 460222 |
| 205000 | &nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 04/01/27 | 199469 |
| 200000 | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/15/30 | 199748 |
| 255000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 255059 |
|  | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\* |  |
| 180000 | &nbsp;&nbsp;&nbsp;9.250%, 12/15/28 | 190517 |
| 116000 | &nbsp;&nbsp;&nbsp;6.625%, 03/15/30 | 117511 |
| 265000 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 09/01/31 | 284430 |
| 130000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 04/01/45 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% | 134278 |
|  | &nbsp;&nbsp;&nbsp;GGAM Finance Ltd.\* |  |
| 300000 | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 309222 |
| 130000 | &nbsp;&nbsp;&nbsp;5.875%, 03/15/30 | 130681 |
| 145000 | &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC\*µ |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/27 | 150445 |
|  | &nbsp;&nbsp;&nbsp;HUB International Ltd.\* |  |
| 398000 | &nbsp;&nbsp;&nbsp;5.625%, 12/01/29 | 395684 |
| 195000 | &nbsp;&nbsp;&nbsp;7.375%, 01/31/32 | 203180 |
| 420000 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 03/15/28 | 418135 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Finance LLC/JFIN Co-Issuer Corp.\* |  |
| 325000 | &nbsp;&nbsp;&nbsp;5.000%, 08/15/28 | 313755 |
| 255000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/31 | 254146 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.\* |  |
| 162000 | &nbsp;&nbsp;&nbsp;7.000%, 07/15/31 | 169747 |
| 160000 | &nbsp;&nbsp;&nbsp;4.750%, 06/15/29 | 155504 |
|  | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.\* |  |
| 205860 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32 | 207692 |
| 140000 | &nbsp;&nbsp;&nbsp;3.875%, 10/15/30 | 121426 |
| 265000 | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 03/30/29 | 276708 |
| 390000 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.400%, 12/15/66 | 406415 |
| 130000 | &nbsp;&nbsp;&nbsp;Newmark Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/12/29 | 138133 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |
| 180000 | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 | 171781 |
| 130000 | &nbsp;&nbsp;&nbsp;7.500%, 05/15/31 | 135599 |
| 255000 | &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/30 | 261474 |
| 325000 | &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 09/15/29 | 340658 |
| 265000 | &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/01/32 | 271021 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.\* |  |
| 195000 | &nbsp;&nbsp;&nbsp;6.375%, 08/01/33 | $199050 |
| 129000 | &nbsp;&nbsp;&nbsp;6.125%, 08/01/30 | 130960 |
| 251000 | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 03/01/31 | 231665 |
| 195000 | &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;11.000%, 12/15/29 | 46192 |
| 190000 | &nbsp;&nbsp;&nbsp;Service Properties Trust |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/29 | 197495 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.\* |  |
| 260000 | &nbsp;&nbsp;&nbsp;6.000%, 04/15/30 | 262761 |
| 130000 | &nbsp;&nbsp;&nbsp;6.500%, 07/01/30 | 133838 |
| 64000 | &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 07/15/32 | 65230 |
| 325000 | &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 03/01/31 | 342316 |
| 260000 | &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 03/01/30 | 269649 |
|  | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC\* |  |
| 310000 | &nbsp;&nbsp;&nbsp;5.500%, 04/15/29 | 303505 |
| 130000 | &nbsp;&nbsp;&nbsp;5.750%, 06/15/27 | 130139 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC\* |  |
| 135000 | &nbsp;&nbsp;&nbsp;6.500%, 02/15/29 | 131450 |
| 131000 | &nbsp;&nbsp;&nbsp;10.500%, 02/15/28 | 138553 |
| 130000 | &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 06/15/31 | 135372 |
| 260000 | &nbsp;&nbsp;&nbsp;XHR LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/30 | 264485 |
|  |  | 13252951 |
|  | ***Health Care (1.0%)*** |  |
| 130000 | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 03/15/33 | 134004 |
|  | &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.\* |  |
| 533000 | &nbsp;&nbsp;&nbsp;6.125%, 04/01/30^ | 378083 |
| 197000 | &nbsp;&nbsp;&nbsp;10.875%, 01/15/32 | 206767 |
| 146000 | &nbsp;&nbsp;&nbsp;6.875%, 04/15/29^ | 114617 |
| 33000 | &nbsp;&nbsp;&nbsp;5.250%, 05/15/30 | 28914 |
|  | &nbsp;&nbsp;&nbsp;DaVita, Inc.\* |  |
| 313000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 284148 |
| 291000 | &nbsp;&nbsp;&nbsp;4.625%, 06/01/30 | 277960 |
| 255000 | &nbsp;&nbsp;&nbsp;6.875%, 09/01/32 | 262479 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp.\* |  |
| 195000 | &nbsp;&nbsp;&nbsp;5.000%, 02/15/30^ | 176947 |
| 67000 | &nbsp;&nbsp;&nbsp;6.750%, 02/15/30 | 64567 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. |  |
| 130000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/30 | 127127 |
| 130000 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/28 | 128140 |
| 257000 | &nbsp;&nbsp;&nbsp;HCA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 11/06/33 | 291451 |
| 146000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 06/01/32 | 149825 |
| 200000 | &nbsp;&nbsp;&nbsp;Jazz Securities DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 01/15/29 | 193622 |
|  | &nbsp;&nbsp;&nbsp;Medline Borrower LP\* |  |
| 336000 | &nbsp;&nbsp;&nbsp;5.250%, 10/01/29 | 329781 |
| 335000 | &nbsp;&nbsp;&nbsp;3.875%, 04/01/29 | 319617 |
| 33000 | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 04/01/29 | 33731 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV\* |  |
| 490000 | &nbsp;&nbsp;&nbsp;5.125%, 04/30/31^ | 424134 |
| 200000 | &nbsp;&nbsp;&nbsp;4.125%, 04/30/28 | 189524 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |
| 625000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/27 | 625931 |
| 375000 | &nbsp;&nbsp;&nbsp;6.875%, 11/15/31 | 399836 |
| 335000 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 05/09/29 | 335188 |
|  |  | 5476393 |
|  | ***Industrials (1.6%)*** |  |
| 260000 | &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/15/29 | 267036 |
| 300000 | &nbsp;&nbsp;&nbsp;ACCO Brands Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 265923 |
| 265000 | &nbsp;&nbsp;&nbsp;Air Lease Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.15% | 259403 |
|  | &nbsp;&nbsp;&nbsp;Arcosa, Inc.\* |  |
| 146000 | &nbsp;&nbsp;&nbsp;4.375%, 04/15/29 | 140899 |
| 130000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/32 | 134499 |
| 751669 | &nbsp;&nbsp;&nbsp;ARD Finance SA\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/30/27 |  |
|  | &nbsp;&nbsp;&nbsp;7.250% PIK Rate | 56142 |
|  | &nbsp;&nbsp;&nbsp;Bombardier, Inc.\* |  |
| 130000 | &nbsp;&nbsp;&nbsp;8.750%, 11/15/30 | 140115 |
| 95000 | &nbsp;&nbsp;&nbsp;7.000%, 06/01/32 | 98459 |
| 81000 | &nbsp;&nbsp;&nbsp;7.250%, 07/01/31 | 84617 |
| 65000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/33 | 67167 |
| 14000 | &nbsp;&nbsp;&nbsp;7.875%, 04/15/27 | 14059 |
| 261000 | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/29 | 250855 |
| 405000 | &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/30 | 404652 |
| 68000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/20/28 | 68096 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp.\* |  |
| 350000 | &nbsp;&nbsp;&nbsp;8.000%, 06/01/29^ | 336308 |
| 65000 | &nbsp;&nbsp;&nbsp;8.125%, 09/15/29 | 66866 |
|  | &nbsp;&nbsp;&nbsp;EnerSys\* |  |
| 145000 | &nbsp;&nbsp;&nbsp;4.375%, 12/15/27 | 142551 |
| 135000 | &nbsp;&nbsp;&nbsp;6.625%, 01/15/32 | 138829 |
|  | &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc.\* |  |
| 97000 | &nbsp;&nbsp;&nbsp;8.000%, 03/15/33 | 101413 |
| 95000 | &nbsp;&nbsp;&nbsp;8.625%, 05/15/32 | 101185 |
| 261000 | &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 08/15/28 | 260593 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |
| 175000 | &nbsp;&nbsp;&nbsp;4.750%, 07/15/27 | 172476 |
| 125000 | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 117597 |
| 290000 | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/01/29 | 275198 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.\* |  |
| 350000 | &nbsp;&nbsp;&nbsp;5.500%, 07/15/27 | 348985 |
| 130000 | &nbsp;&nbsp;&nbsp;7.250%, 06/15/33 | 134776 |
| 130000 | &nbsp;&nbsp;&nbsp;7.000%, 06/15/30 | 134373 |
| 130000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29^ | 133193 |
|  | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.\* |  |
| 195000 | &nbsp;&nbsp;&nbsp;7.000%, 09/01/32 | 146687 |
| 70000 | &nbsp;&nbsp;&nbsp;4.875%, 12/15/27^ | 66443 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 445000 | &nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/15/28 | $433693 |
| 170000 | &nbsp;&nbsp;&nbsp;Moog, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/15/27 | 166342 |
| 272000 | &nbsp;&nbsp;&nbsp;Novelis Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/30/30 | 260872 |
| 260000 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/32 | 266963 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp.\* |  |
| 65000 | &nbsp;&nbsp;&nbsp;6.500%, 07/15/32^ | 67051 |
| 65000 | &nbsp;&nbsp;&nbsp;5.000%, 04/15/29 | 64102 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.\* |  |
| 206000 | &nbsp;&nbsp;&nbsp;6.125%, 02/01/28 | 208116 |
| 65000 | &nbsp;&nbsp;&nbsp;7.250%, 02/15/31 | 67607 |
| 247000 | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 225350 |
|  | &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.\* |  |
| 130000 | &nbsp;&nbsp;&nbsp;6.250%, 08/01/33 | 131309 |
| 60000 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 61313 |
| 127000 | &nbsp;&nbsp;&nbsp;Standard Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/27 | 127048 |
|  | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |
| 285000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/30 | 295625 |
| 200000 | &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 | 204212 |
| 100000 | &nbsp;&nbsp;&nbsp;7.125%, 12/01/31 | 104224 |
| 65000 | &nbsp;&nbsp;&nbsp;6.625%, 03/01/32 | 66907 |
| 69169 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-2, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/29 | 67087 |
| 144000 | &nbsp;&nbsp;&nbsp;Wabash National Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/15/28 | 129106 |
| 260000 | &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/33 | 270070 |
|  | &nbsp;&nbsp;&nbsp;Williams Scotsman, Inc.\* |  |
| 157000 | &nbsp;&nbsp;&nbsp;4.625%, 08/15/28 | 154527 |
| 130000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/31 | 135794 |
| 100000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 102670 |
|  |  | 8539383 |
|  | ***Information Technology (0.7%)*** |  |
| 130000 | &nbsp;&nbsp;&nbsp;CACI International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 06/15/33 | 133228 |
| 153000 | &nbsp;&nbsp;&nbsp;Coherent Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 149840 |
| 116000 | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;6.020%, 06/15/26 | 117007 |
| 130000 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 133076 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* |  |
| 138000 | &nbsp;&nbsp;&nbsp;4.000%, 06/15/28 | 133435 |
| 97000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/33 | 97659 |
| 300000 | &nbsp;&nbsp;&nbsp;KBR, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 09/30/28 | 289644 |
|  | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd.\* |  |
| 132000 | &nbsp;&nbsp;&nbsp;8.125%, 01/15/29 | 138888 |
| 130000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/32 | 133617 |
| 198000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/01/28 | 191246 |
| 135000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 | 139443 |
| 98000 | &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/01/31 | 89322 |
| 230000 | &nbsp;&nbsp;&nbsp;Playtika Holding Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 211027 |
| 370000 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 03/01/29 | 352662 |
|  | &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |
| 185000 | &nbsp;&nbsp;&nbsp;3.625%, 03/15/29 | 175343 |
| 66000 | &nbsp;&nbsp;&nbsp;3.875%, 03/15/31 | 61384 |
| 97000 | &nbsp;&nbsp;&nbsp;UKG, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 02/01/31 | 99758 |
| 390000 | &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 10/01/29 | 361740 |
| 260000 | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/32 | 266648 |
| 300000 | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC/ZoomInfo Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 02/01/29 | 282213 |
|  |  | 3557180 |
|  | ***Materials (0.8%)*** |  |
| 260000 | &nbsp;&nbsp;&nbsp;Avient Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/01/31 | 261165 |
| 260000 | &nbsp;&nbsp;&nbsp;Capstone Copper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/33 | 264948 |
| 130000 | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.879%, 07/15/32 | 134650 |
| 260000 | &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 262730 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co.\* |  |
| 220000 | &nbsp;&nbsp;&nbsp;8.000%, 01/15/33 | 204838 |
| 195000 | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29^ | 165459 |
| 485000 | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 08/15/28 | 457728 |
| 200000 | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 03/15/32 | 195264 |
| 250000 | &nbsp;&nbsp;&nbsp;Constellium SE\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 08/15/32 | 253505 |
| 395000 | &nbsp;&nbsp;&nbsp;FMC Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.450%, 11/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.37% | 408845 |
| 260000 | &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.250%, 04/01/30 | 269519 |
| 265000 | &nbsp;&nbsp;&nbsp;Knife River Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/01/31 | 278361 |
|  | &nbsp;&nbsp;&nbsp;Mercer International, Inc. |  |
| 279000 | &nbsp;&nbsp;&nbsp;5.125%, 02/01/29 | 225011 |
| 133000 | &nbsp;&nbsp;&nbsp;12.875%, 10/01/28\* | 134253 |
| 250000 | &nbsp;&nbsp;&nbsp;OCI NV\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 03/16/33 | 278460 |
| 305000 | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 02/01/28 | 296433 |
| 260000 | &nbsp;&nbsp;&nbsp;Terex Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 10/15/32 | 260582 |
| 111350 | &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 05/03/29 | 64988 |
|  |  | 4416739 |
|  | ***Other (0.5%)*** |  |
| 355000 | &nbsp;&nbsp;&nbsp;1261229 BC Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.000%, 04/15/32 | 361667 |
| 260000 | &nbsp;&nbsp;&nbsp;Alumina Pty. Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/32 | 263895 |
| 104792 | &nbsp;&nbsp;&nbsp;Claritev Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 76561 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** | |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |
| 406000 | &nbsp;&nbsp;&nbsp;10.750%, 11/30/29 | $428383 |
| 271019 | &nbsp;&nbsp;&nbsp;6.750%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;6.75% Cash or PIK | 257197 |
| 140000 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/30/27 | 142517 |
| 130000 | &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 04/15/30 | 134783 |
| 260000 | &nbsp;&nbsp;&nbsp;New Gold, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/01/32 | 267085 |
| 100000 | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.050%, 09/15/28 | 103044 |
| 260000 | &nbsp;&nbsp;&nbsp;Olin Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 04/01/33 | 253331 |
| 130000 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% | 130170 |
| 260000 | &nbsp;&nbsp;&nbsp;Rfna LP\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 02/15/30 | 265148 |
| 260000 | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/15/32 | 273257 |
|  |  | 2957038 |
|  | **Real Estate (0.1%)** |  |
| 130000 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/15/33 | 130657 |
| 170000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/28 | 163972 |
| 398000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 | 380396 |
|  |  | 675025 |
|  | **Special Purpose Acquisition Companies (0.1%)** |  |
| 65000 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 04/15/32 | 66586 |
|  | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.\* |  |
| 260000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/30^ | 244842 |
| 131000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 124602 |
|  |  | 436030 |
|  | **Utilities (0.3%)** |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp.‡ |  |
| 99000 | &nbsp;&nbsp;&nbsp;6.950%, 07/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.89% | 95642 |
| 42000 | &nbsp;&nbsp;&nbsp;7.600%, 01/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% | 42588 |
| 130000 | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.21% | 133390 |
| 265000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.450%, 09/01/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.59% | 272892 |
| 200000 | &nbsp;&nbsp;&nbsp;Entergy Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 12/01/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.67% | 207568 |
| 200000 | &nbsp;&nbsp;&nbsp;Evergy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 06/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.56% | 202242 |
| 191000 | &nbsp;&nbsp;&nbsp;NiSource, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 11/30/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45% | 198697 |
| 97000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.222%, 03/30/67 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.93% | 96467 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp.\*‡ |  |
| 125000 | &nbsp;&nbsp;&nbsp;7.000%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.74% | 126332 |
| 65000 | &nbsp;&nbsp;&nbsp;8.000%, 10/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 6.93% | 66392 |
|  |  | 1442210 |
|  | **Total Corporate Bonds** |  |
|  | (Cost $82,825,328) | 81178932 |
| **Convertible Bonds (113.4%)** | **Convertible Bonds (113.4%)** |  |
|  | **Communication Services (16.9%)** |  |
| 3500000 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | 3688650 |
| 13250000 | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 14405930 |
| 7750000 | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 | 10100343 |
| 13250000 | &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 01/15/30 | 14269587 |
| 3500000 | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | 3608360 |
| 4500000 | &nbsp;&nbsp;&nbsp;Match Group Financeco 3, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 01/15/30 | 4068945 |
| 14000000 | &nbsp;&nbsp;&nbsp;Snap, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 05/01/30 | 12284580 |
|  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.µ |  |
| 12000000 | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 16400640 |
| 11250000 | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\* | 12602362 |
|  |  | 91429397 |
|  | **Consumer Discretionary (12.6%)** |  |
| 10000000 | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 06/01/31 | 13294300 |
| 3750000 | &nbsp;&nbsp;&nbsp;Carnival Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 12/01/27 | 8677987 |
| 9750000 | &nbsp;&nbsp;&nbsp;DraftKings Holdings, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/28 | 8885272 |
| 3500000 | &nbsp;&nbsp;&nbsp;Etsy, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 06/15/30 | 3531080 |
| 3000000 | &nbsp;&nbsp;&nbsp;Lucid Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 04/01/30 | 3026610 |
| 9000000 | &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;3.250%, 12/15/27 | 8563320 |
| 10000000 | &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/15/29 | 9870900 |
| 750000 | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 08/15/25 | 4808978 |
| 2500000 | &nbsp;&nbsp;&nbsp;Shake Shack, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/01/28 | 2524700 |
| 3000000 | &nbsp;&nbsp;&nbsp;Wayfair, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/15/28 | 4851420 |
|  |  | 68034567 |
|  | **Consumer Staples (1.4%)** |  |
| 3975000 | &nbsp;&nbsp;&nbsp;Enovis Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 10/15/28 | 3797318 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 3500000 | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\*^ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | $3694390 |
|  |  | 7491708 |
|  | ***Energy (1.7%)*** |  |
| 3500000 | &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;3.125%, 03/15/30 | 2500190 |
| 4265000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/29 | 2571155 |
| 3750000 | &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.625%, 04/15/29 | 3912713 |
| 9600000 | &nbsp;&nbsp;&nbsp;SunEdison, Inc.\*@ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 01/15/20 | 33600 |
|  |  | 9017658 |
|  | ***Financials (2.9%)*** |  |
| 3750000 | &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 12/15/29 | 3965363 |
| 5375000 | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 04/01/30 | 7367674 |
| 3750000 | &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 11/15/30 | 4487212 |
|  |  | 15820249 |
|  | ***Health Care (10.7%)*** |  |
| 4000000 | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 5888560 |
| 7000000 | &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 03/15/30 | 6918450 |
| 5000000 | &nbsp;&nbsp;&nbsp;Exact Sciences Corp.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;2.000%, 03/01/30 | 4820750 |
| 3750000 | &nbsp;&nbsp;&nbsp;Haemonetics Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 06/01/29 | 3746625 |
| 6750000 | &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 03/01/27 | 6987397 |
| 3750000 | &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 03/15/30 | 3686063 |
| 3750000 | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.750%, 06/15/28 | 4106512 |
|  | &nbsp;&nbsp;&nbsp;Jazz Investments I Ltd.µ |  |
| 4750000 | &nbsp;&nbsp;&nbsp;2.000%, 06/15/26 | 4878107 |
| 3250000 | &nbsp;&nbsp;&nbsp;3.125%, 09/15/30\* | 3589593 |
| 2439000 | &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 12/15/27 | 2884630 |
| 2500000 | &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 02/01/29 | 2949575 |
| 9000000 | &nbsp;&nbsp;&nbsp;NeoGenomics, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 01/15/28 | 7600230 |
|  |  | 58056492 |
|  | ***Industrials (4.7%)*** |  |
| 6500000 | &nbsp;&nbsp;&nbsp;AeroVironment, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 7321080 |
| 1750000 | &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/27 | 5775420 |
| 2250000 | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 06/01/28 | 4731345 |
| 2750000 | &nbsp;&nbsp;&nbsp;Fluor Corp. |  |
|  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 3873513 |
| 3500000 | &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/28 | 3991995 |
|  |  | 25693353 |
|  | ***Information Technology (51.2%)*** |  |
| 3625000 | &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;2.500%, 09/15/28 | 4453965 |
| 3750000 | &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.375%, 09/01/27 | 3605025 |
| 2750000 | &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 03/15/30 | 2809978 |
| 1000000 | &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 06/01/30 | 1567690 |
| 7500000 | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/01/30 | 6337500 |
| 8704000 | &nbsp;&nbsp;&nbsp;Cloudflare, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 9691295 |
|  | &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* |  |
| 7500000 | &nbsp;&nbsp;&nbsp;0.000%, 06/15/31µ | 7576650 |
| 2125000 | &nbsp;&nbsp;&nbsp;3.000%, 09/01/29^ | 3103541 |
| 13500000 | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 13898385 |
| 15000000 | &nbsp;&nbsp;&nbsp;Datadog, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 14589450 |
| 7250000 | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 8327132 |
| 2425000 | &nbsp;&nbsp;&nbsp;IREN Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 12/15/29 | 3457953 |
| 3250000 | &nbsp;&nbsp;&nbsp;Itron, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.375%, 07/15/30 | 3735875 |
| 3364000 | &nbsp;&nbsp;&nbsp;Life360, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/01/30 | 3976685 |
| 6500000 | &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 | 11174605 |
| 7000000 | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/29 | 7320180 |
|  | &nbsp;&nbsp;&nbsp;MicroStrategy, Inc.\* |  |
| 14750000 | &nbsp;&nbsp;&nbsp;0.000%, 03/01/30µ^ | 17308977 |
| 10750000 | &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 10385037 |
| 6250000 | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 | 7395875 |
| 13750000 | &nbsp;&nbsp;&nbsp;MKS, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 06/01/30 | 13433062 |
| 9250000 | &nbsp;&nbsp;&nbsp;Nutanix, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 | 10454165 |
| 15000000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 03/01/29 | 14262000 |
|  | &nbsp;&nbsp;&nbsp;PAR Technology Corp. |  |
| 2250000 | &nbsp;&nbsp;&nbsp;1.500%, 10/15/27 | 2444963 |
| 1800000 | &nbsp;&nbsp;&nbsp;1.000%, 01/15/30\* | 1713762 |
| 3750000 | &nbsp;&nbsp;&nbsp;Parsons Corp.µ |  |
|  | &nbsp;&nbsp;&nbsp;2.625%, 03/01/29 | 4102612 |
| 3250000 | &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 06/01/26 | 3573278 |
| 6500000 | &nbsp;&nbsp;&nbsp;Rapid7, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 03/15/29 | 5775250 |
| 2125000 | &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.750%, 01/15/30 | 2464979 |
| 3516000 | &nbsp;&nbsp;&nbsp;Rubrik, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 3775973 |
| 5250000 | &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 06/01/28 | 10185210 |
| 12750000 | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;0.500%, 08/01/27 | 13901580 |
| 9500000 | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\*µ |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 14781145 |
| 5750000 | &nbsp;&nbsp;&nbsp;Spotify USA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 7294335 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** | |<br>**VALUE** |
| 3000000 | &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | $3825270 |
| 3500000 | &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;0.250%, 03/15/26 | 4232970 |
| 3750000 | &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/29 | 3999188 |
| 4500000 | &nbsp;&nbsp;&nbsp;Western Digital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 11/15/28 | 9655110 |
|  | &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.@ |  |
| 7750000 | &nbsp;&nbsp;&nbsp;1.875%, 12/01/29 | 2388008 |
| 4469000 | &nbsp;&nbsp;&nbsp;0.250%, 02/15/28 | 1340923 |
| 3250000 | &nbsp;&nbsp;&nbsp;Workiva, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;1.250%, 08/15/28 | 2997768 |
|  |  | 277317349 |
|  | **Materials (1.6%)** |  |
| 239000 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;2.250%, 11/01/30 | 570048 |
| 2750000 | &nbsp;&nbsp;&nbsp;MP Materials Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.000%, 03/01/30 | 8059673 |
|  |  | 8629721 |
|  | **Real Estate (2.6%)** |  |
| 7250000 | &nbsp;&nbsp;&nbsp;Digital Realty Trust LP\*^ |  |
|  | &nbsp;&nbsp;&nbsp;1.875%, 11/15/29 | 7658828 |
| 3750000 | &nbsp;&nbsp;&nbsp;Welltower OP LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;2.750%, 05/15/28 | 6521400 |
|  |  | 14180228 |
|  | **Utilities (7.1%)** |  |
| 3750000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;3.375%, 05/01/28 | 4112587 |
| 6500000 | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 | 6965725 |
| 13250000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.µ |  |
|  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 14799720 |
| 11500000 | &nbsp;&nbsp;&nbsp;Southern Co.µ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27 | 12878390 |
|  |  | 38756422 |
|  | **Total Convertible Bonds** |  |
|  | (Cost $591,033,995) | 614427144 |
| **Bank Loans (3.1%) ¡** | **Bank Loans (3.1%) ¡** |  |
|  | **Airlines (0.1%)** |  |
| 172813 | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 173028 |
| 149167 | &nbsp;&nbsp;&nbsp;United Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.351%, 02/22/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 149932 |
|  |  | 322960 |
|  | **Communication Services (0.3%)** |  |
| 110329 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.471%, 10/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.00% | 91159 |
| 12316 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;11.471%, 10/02/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 7.00% | 12285 |
| 128688 | &nbsp;&nbsp;&nbsp;Cincinnati Bell, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 11/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 129067 |
| 125611 | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.471%, 08/23/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.00% | 125600 |
| 234841 | &nbsp;&nbsp;&nbsp;CSC Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 04/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. U.S. (Fed) Prime Rate + 1.50% | 231661 |
| 99808 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.820%, 08/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.25% | 99170 |
| 64013 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.570%, 08/02/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.00% | 64277 |
| 5207 | &nbsp;&nbsp;&nbsp;Gray Television, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.579%, 06/04/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.25% | 5221 |
| 134663 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.870%, 12/31/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.30% | 125775 |
| 280000 | &nbsp;&nbsp;&nbsp;Telesat Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.344%, 12/07/26 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 178700 |
| 322724 | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 07/08/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 320304 |
|  |  | 1383219 |
|  | **Consumer Discretionary (0.6%)** |  |
| 145884 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.576%, 04/20/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% | 145483 |
| 139650 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.576%, 05/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 140785 |
| 164504 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% | 164607 |
| 91896 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% | 91954 |
| 90000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/25/32 | 90675 |
| 130000 | &nbsp;&nbsp;&nbsp;Boots Group Bidco Ltd.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 130082 |
| 155019 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/06/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 155133 |
| 169150 | &nbsp;&nbsp;&nbsp;Chinos Intermediate Holdings A, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.308%, 09/26/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.00% | 143989 |
| 305000 | &nbsp;&nbsp;&nbsp;Clarios Global LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 305444 |
| 255000 | &nbsp;&nbsp;&nbsp;Flutter Financing BV‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 06/04/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% | 255424 |
| 258700 | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.577%, 11/05/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 259568 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 253544 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.593%, 04/14/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | $254431 |
| 113850 | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.833%, 05/30/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 115942 |
| 543873 | &nbsp;&nbsp;&nbsp;PetSmart, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.206%, 02/11/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.75% | 543533 |
| 256750 | &nbsp;&nbsp;&nbsp;Station Casinos LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 03/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 257329 |
| 260885 | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.103%, 08/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 261416 |
|  |  | 3315795 |
|  | ***Consumer Staples (0.5%)*** |  |
| 862904 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.856%, 05/04/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.50% | 880162 |
| 277800 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/23/32 | 278436 |
| 130000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 07/16/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 129574 |
| 193538 | &nbsp;&nbsp;&nbsp;B&G Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 10/10/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 179547 |
| 40000 | &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 01/15/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 40220 |
| 160000 | &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.606%, 10/08/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.25% | 157188 |
| 23229 | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.058%, 12/31/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 23171 |
| 260000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/28/32 | 261447 |
| 331110 | &nbsp;&nbsp;&nbsp;Star Parent, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 09/27/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 327869 |
| 260000 | &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/23/28 | 260325 |
| 129526 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.106%, 05/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 130728 |
| 249372 | &nbsp;&nbsp;&nbsp;Veritiv Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 250697 |
|  |  | 2919364 |
|  | ***Energy (0.1%)*** |  |
| 188278 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.808%, 10/30/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 88255 |
| 382069 | &nbsp;&nbsp;&nbsp;Par Petroleum LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.029%, 02/28/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 382268 |
|  |  | 470523 |
|  | ***Financials (0.6%)*** |  |
| 197500 | &nbsp;&nbsp;&nbsp;Acrisure LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 06/21/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 198241 |
| 385000 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 385602 |
| 360726 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 08/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 361534 |
| 201942 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.082%, 12/29/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 202270 |
| 345625 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.858%, 02/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 346721 |
| 148129 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 06/13/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 148406 |
| 30000 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/13/31 | 30056 |
| 260000 | &nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.041%, 05/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 260164 |
| 323375 | &nbsp;&nbsp;&nbsp;Dragon Buyer, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 09/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 324269 |
| 219715 | &nbsp;&nbsp;&nbsp;HUB International Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.826%, 06/20/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 220235 |
| 192075 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 192355 |
| 181992 | &nbsp;&nbsp;&nbsp;Jazz Financing Lux SARL‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 05/05/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 182917 |
| 260000 | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 03/27/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 262701 |
|  |  | 3115471 |
|  | ***Health Care (0.0%)*** |  |
| 279099 | &nbsp;&nbsp;&nbsp;Padagis LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.290%, 07/06/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.75% | 255375 |
|  | ***Industrials (0.4%)*** |  |
| 260923 | &nbsp;&nbsp;&nbsp;ACProducts, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.807%, 05/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.25% | 198057 |
| 195000 | &nbsp;&nbsp;&nbsp;Chamberlain Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/22/32 | 195162 |
| 260000 | &nbsp;&nbsp;&nbsp;ECO Material Tech, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.467%, 02/12/32 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.25% | 261300 |
| 250000 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 08/04/31 | 250469 |
| 99250 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 08/04/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 99436 |
| 257400 | &nbsp;&nbsp;&nbsp;MI Windows & Doors LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 03/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 258076 |
| 259350 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/10/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 259447 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** | | <br>**VALUE** |
| 519082 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.796%, 02/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | $521202 |
|  |  | 2043149 |
|  | **Information Technology (0.3%)** |  |
| 366791 | &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.333%, 07/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 367221 |
| 265615 | &nbsp;&nbsp;&nbsp;Camelot U.S. Acquisition LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 265847 |
| 202727 | &nbsp;&nbsp;&nbsp;Coherent Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 07/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 203538 |
| 263494 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.603%, 01/18/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 263683 |
| 49111 | &nbsp;&nbsp;&nbsp;QXO, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 04/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 49592 |
| 390000 | &nbsp;&nbsp;&nbsp;Rocket Software, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 11/28/28 | 391433 |
| 222656 | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 05/09/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 223665 |
| 128700 | &nbsp;&nbsp;&nbsp;UKG, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.810%, 02/10/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 128833 |
|  |  | 1893812 |
|  | **Materials (0.1%)** |  |
| 409840 | &nbsp;&nbsp;&nbsp;Ineos U.S. Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 02/18/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 381791 |
| 190834 | &nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.090%, 05/03/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 82616 |
| 248894 | &nbsp;&nbsp;&nbsp;W.R. Grace & Co.-Conn.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.546%, 09/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 249438 |
|  |  | 713845 |
|  | **Other (0.0%)** |  |
| 130000 | &nbsp;&nbsp;&nbsp;Windstream Services LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.206%, 10/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 130813 |
|  | **Special Purpose Acquisition Companies (0.1%)** |  |
| 113867 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.531%, 04/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.18% | 113951 |
| 62888 | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.601%, 01/27/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 63012 |
| 252850 | &nbsp;&nbsp;&nbsp;Patagonia Holdco LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.048%, 08/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.75% | 211327 |
|  |  | 388290 |
|  | **Total Bank Loans** |  |
|  | (Cost $17,243,958) | 16952616 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** | | <br>**VALUE** |
| **Convertible Preferred Stocks (16.4%)** | **Convertible Preferred Stocks (16.4%)** |  |
|  | **Financials (5.5%)** |  |
| 72795 | &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/31/26 | $5545523 |
| 142880 | &nbsp;&nbsp;&nbsp;ARES Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/01/27 | 8087008 |
| 7055 | &nbsp;&nbsp;&nbsp;Bank of America Corp.‡ ‡‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 12/31/49 | 8607100 |
| 129410 | &nbsp;&nbsp;&nbsp;KKR & Co., Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 03/01/28 | 7434605 |
|  |  | 29674236 |
|  | **Industrials (5.1%)** |  |
| 329445 | &nbsp;&nbsp;&nbsp;Boeing Co. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 | 23291761 |
| 68335 | &nbsp;&nbsp;&nbsp;QXO, Inc.# |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 05/15/28 | 3951130 |
|  |  | 27242891 |
|  | **Information Technology (3.3%)** |  |
| 129690 | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 09/01/27 | 7781400 |
| 100120 | &nbsp;&nbsp;&nbsp;Microchip Technology, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 03/15/28 | 6298549 |
| 32630 | &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 05/01/28 | 3848709 |
|  |  | 17928658 |
|  | **Materials (0.7%)** |  |
| 114980 | &nbsp;&nbsp;&nbsp;Albemarle Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/01/27 | 3904721 |
|  | **Utilities (1.8%)** |  |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. |  |
| 156300 | &nbsp;&nbsp;&nbsp;6.926%, 09/01/25 | 6369225 |
| 73485 | &nbsp;&nbsp;&nbsp;7.299%, 06/01/27 | 3530219 |
|  |  | 9899444 |
|  | **Total Convertible Preferred Stocks** |  |
|  | (Cost $86,890,388) | 88649950 |
| **Common Stocks (1.0%)** | **Common Stocks (1.0%)** |  |
|  | **Communication Services (0.6%)** |  |
| 5620 | &nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class Aµ# | 14612 |
| 62692 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.µ# | 3333334 |
| 4890 | &nbsp;&nbsp;&nbsp;Audacy, Inc.# | 68460 |
| 1888 | &nbsp;&nbsp;&nbsp;Cumulus Media, Inc. - Class A# | 260 |
|  |  | 3416666 |
|  | **Consumer Discretionary (0.0%)** |  |
| 408 | &nbsp;&nbsp;&nbsp;Rite Aid Corp.# | 408 |
|  | **Energy (0.4%)** |  |
| 7825 | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class Aµ# | 1685505 |
| 1100 | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 63437 |
| 15585 | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 281153 |
| 7135 | &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 221114 |

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| 1881 | &nbsp;&nbsp;&nbsp;EP Energy Corp.# | $2822 |
|  |  | 2254031 |
|  | **Total Common Stocks** |  |
|  | (Cost $5,654,665) | 5671105 |
| **Preferred Stocks (0.1%)** | **Preferred Stocks (0.1%)** |  |
|  | **Communication Services (0.1%)** |  |
| 6920 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/56 | 137016 |
| 2091 | &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 03/31/26 | 44329 |
|  | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
| 2160 | &nbsp;&nbsp;&nbsp;6.250%, 09/01/69 | 55188 |
| 1789 | &nbsp;&nbsp;&nbsp;5.500%, 03/01/70 | 39662 |
| 204 | &nbsp;&nbsp;&nbsp;5.500%, 06/01/70 | 4582 |
|  |  | 280777 |
|  | **Consumer Discretionary (0.0%)** |  |
| 1722 | &nbsp;&nbsp;&nbsp;Guitar Center, Inc.# | 25830 |
|  | **Total Preferred Stocks** |  |
|  | (Cost $435,825) | 306607 |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** |  |
|  | **Communication Services (0.0%)** |  |
| 850 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
| 142 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
|  | **Energy (0.0%)** |  |
| 13522 | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $15.98 | 1 |
| 12170 | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $12.33 | 1 |
|  |  | 2 |
|  | **Total Warrants** |  |
|  | (Cost $5,195) | 2 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF <br> CONTRACTS/<br> NOTIONAL <br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (0.1%) #** | **Exchange-Traded Purchased Options (0.1%) #** |  |
|  | **Communication Services (0.0%)** |  |
| 500 | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. |  |
| 2658500 | &nbsp;&nbsp;&nbsp;Put, 09/19/25, Strike $45.00 | $163750 |
|  | **Other (0.1%)** |  |
| 525 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 33184200 | &nbsp;&nbsp;&nbsp;Put, 11/28/25, Strike $550.00 | 276150 |
|  | **Total Exchange-Traded Purchased Options** |  |
|  | (Cost $1,025,461) | 439900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(149.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(149.1%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $785,319,603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $785,319,603) | 807833162 |
| MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.9%) | MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.9%) | (91750000) |
| LIABILITIES, LESS OTHER ASSETS (-32.2%) | LIABILITIES, LESS OTHER ASSETS (-32.2%) | (174389489) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $541693673 |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **\*** | Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. |
| **µ** | Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $265,306,462. |
| **‡** | Variable rate security. The rate shown is the rate in effect at July 31, 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<br> Date**  | **Acquisition <br> Cost** |
| Rite Aid Corp. | 09/04/2024 | $28246 |
| Rite Aid Corp. | 09/04/2024 | 25682 |
| **Total** |  | $**53928** |

---

---

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

---

See accompanying Notes to Schedule of Investments

**Calamos Dynamic Convertible and Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Security | $— | $206906 | $— | $206906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds |  | 81178932 |  | 81178932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds |  | 614427144 |  | 614427144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 16952616 |  | 16952616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | 88649950 |  |  | 88649950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 5671105 |  |  | 5671105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 306607 |  |  | 306607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 2 |  |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 439900 |  |  | 439900 |
| **Total** | $95067564 | $712765598 | $— | $807833162 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| **Asset Backed Security (0.0%)** | **Asset Backed Security (0.0%)** |  |
|  | **Other (0.0%)** |  |
| 170000 | &nbsp;&nbsp;&nbsp;SVC ABS LLC Series 2023-1A, Class C\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 02/20/53 |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $161,926) | $163600 |
| **Corporate Bonds (12.8%)** | **Corporate Bonds (12.8%)** |  |
|  | **Airlines (0.2%)** |  |
| 168286 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | 167920 |
| 42425 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 42481 |
| 187610 | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust Series 2021-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 01/11/32 | 177267 |
| 171076 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2021-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;3.900%, 03/15/33 | 163049 |
| 188850 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2020-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/15/30 | 189747 |
|  |  | 740464 |
|  | **Communication Services (1.2%)** |  |
| 260000 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/15/29 | 251807 |
| 80000 | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% | 81302 |
| 195000 | &nbsp;&nbsp;&nbsp;Cincinnati Bell Telephone Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.300%, 12/01/28 | 191278 |
|  | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* |  |
| 115000 | &nbsp;&nbsp;&nbsp;7.500%, 03/15/33 | 114748 |
| 105000 | &nbsp;&nbsp;&nbsp;7.875%, 04/01/30 | 108153 |
| 95000 | &nbsp;&nbsp;&nbsp;9.000%, 09/15/28^ | 99570 |
| 304000 | &nbsp;&nbsp;&nbsp;Consolidated Communications, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | 309031 |
|  | &nbsp;&nbsp;&nbsp;CSC Holdings LLC\* |  |
| 400000 | &nbsp;&nbsp;&nbsp;4.625%, 12/01/30 | 187564 |
| 335000 | &nbsp;&nbsp;&nbsp;4.500%, 11/15/31 | 223700 |
| 202000 | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 08/15/27 | 200954 |
| 325000 | &nbsp;&nbsp;&nbsp;Frontier California, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 05/15/27 | 331256 |
| 54000 | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/15/30 | 56652 |
| 352000 | &nbsp;&nbsp;&nbsp;Frontier Florida LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.860%, 02/01/28 | 367523 |
| 330000 | &nbsp;&nbsp;&nbsp;Frontier North, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.730%, 02/15/28 | 340550 |
| 195000 | &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 183253 |
|  | &nbsp;&nbsp;&nbsp;Gray Media, Inc.\* |  |
| 110000 | &nbsp;&nbsp;&nbsp;5.375%, 11/15/31^ | 81337 |
| 105000 | &nbsp;&nbsp;&nbsp;7.250%, 08/15/33 | 104511 |
| 215000 | &nbsp;&nbsp;&nbsp;Hughes Satellite Systems Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/01/26 | 199060 |
|  | &nbsp;&nbsp;&nbsp;iHeartCommunications, Inc.\* |  |
| 108000 | &nbsp;&nbsp;&nbsp;10.875%, 05/01/30 | 54127 |
| 71200 | &nbsp;&nbsp;&nbsp;7.750%, 08/15/30 | 55802 |
| 200000 | &nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/27 | 153664 |
|  | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. |  |
| 160000 | &nbsp;&nbsp;&nbsp;7.600%, 09/15/39 | 137003 |
| 152500 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32\* | 155166 |
| 205000 | &nbsp;&nbsp;&nbsp;Paramount Global |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 08/15/44 | 161610 |
| 73000 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 09/15/25 | 73076 |
|  | &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.‡ |  |
| 190000 | &nbsp;&nbsp;&nbsp;7.125%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.62% | 193963 |
| 135000 | &nbsp;&nbsp;&nbsp;7.000%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 138276 |
|  | &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc.\* |  |
| 111000 | &nbsp;&nbsp;&nbsp;3.875%, 01/15/29^ | 98668 |
| 56000 | &nbsp;&nbsp;&nbsp;5.375%, 01/15/31 | 41351 |
| 95000 | &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 07/15/27 | 95000 |
| 105000 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 02/15/33 | 107432 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC\* |  |
| 264000 | &nbsp;&nbsp;&nbsp;3.875%, 09/01/31^ | 233043 |
| 120000 | &nbsp;&nbsp;&nbsp;5.500%, 07/01/29 | 118600 |
| 110000 | &nbsp;&nbsp;&nbsp;3.125%, 09/01/26 | 107633 |
| 114000 | &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/01/27 | 71000 |
| 110000 | &nbsp;&nbsp;&nbsp;TELUS Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 111467 |
|  | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |
| 160000 | &nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 164733 |
| 85000 | &nbsp;&nbsp;&nbsp;7.300%, 07/01/38 | 91848 |
| 75000 | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 79313 |
|  | &nbsp;&nbsp;&nbsp;Univision Communications, Inc.\* |  |
| 105000 | &nbsp;&nbsp;&nbsp;8.500%, 07/31/31 | 106778 |
| 105000 | &nbsp;&nbsp;&nbsp;8.000%, 08/15/28 | 107955 |
|  |  | 6089757 |
|  | **Consumer Discretionary (2.6%)** |  |
| 310000 | &nbsp;&nbsp;&nbsp;Adams Homes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 10/15/28 | 321182 |
|  | &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd.\* |  |
| 280000 | &nbsp;&nbsp;&nbsp;8.250%, 04/15/31^ | 292874 |
| 105000 | &nbsp;&nbsp;&nbsp;7.500%, 02/15/33 | 107157 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.\* |  |
| 93000 | &nbsp;&nbsp;&nbsp;7.000%, 08/01/30 | 93538 |
| 52000 | &nbsp;&nbsp;&nbsp;7.375%, 08/01/33 | 52273 |
| 275000 | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.39% | 277376 |
|  | &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co.\* |  |
| 190000 | &nbsp;&nbsp;&nbsp;4.625%, 08/01/29 | 180857 |
| 105000 | &nbsp;&nbsp;&nbsp;6.875%, 08/01/33 | 104960 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |
| 292000 | &nbsp;&nbsp;&nbsp;6.694%, 01/15/27 | 299574 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 165000 | &nbsp;&nbsp;&nbsp;6.875%, 11/01/35 | $170042 |
| 40000 | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30\* | 40999 |
|  | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* |  |
| 182000 | &nbsp;&nbsp;&nbsp;6.000%, 10/15/32 | 175848 |
| 136000 | &nbsp;&nbsp;&nbsp;4.625%, 10/15/29^ | 128668 |
| 40000 | &nbsp;&nbsp;&nbsp;7.000%, 02/15/30 | 41299 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp.\* |  |
| 105000 | &nbsp;&nbsp;&nbsp;4.000%, 08/01/28 | 102061 |
| 13000 | &nbsp;&nbsp;&nbsp;7.000%, 08/15/29^ | 13675 |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp.\* |  |
| 460000 | &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 | 437179 |
| 425000 | &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 | 421761 |
| 250000 | &nbsp;&nbsp;&nbsp;6.375%, 09/01/29 | 252428 |
| 215000 | &nbsp;&nbsp;&nbsp;4.250%, 02/01/31 | 196329 |
| 125000 | &nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 122794 |
| 125000 | &nbsp;&nbsp;&nbsp;4.500%, 08/15/30 | 117075 |
| 108000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/32^ | 99821 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs, Inc.\* |  |
| 108000 | &nbsp;&nbsp;&nbsp;5.750%, 04/01/30 | 107878 |
| 105000 | &nbsp;&nbsp;&nbsp;6.750%, 05/01/31 | 107364 |
|  | &nbsp;&nbsp;&nbsp;Dana, Inc. |  |
| 216000 | &nbsp;&nbsp;&nbsp;4.500%, 02/15/32^ | 210892 |
| 175000 | &nbsp;&nbsp;&nbsp;4.250%, 09/01/30 | 172312 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |
| 102000 | &nbsp;&nbsp;&nbsp;5.125%, 06/01/29 | 74870 |
| 80000 | &nbsp;&nbsp;&nbsp;7.375%, 07/01/28 | 61512 |
| 220000 | &nbsp;&nbsp;&nbsp;DISH Network Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 229306 |
| 200000 | &nbsp;&nbsp;&nbsp;Empire Resorts, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 11/01/26 | 197668 |
| 220000 | &nbsp;&nbsp;&nbsp;Ford Motor Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.100%, 08/19/32 | 220332 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |
| 350000 | &nbsp;&nbsp;&nbsp;4.000%, 11/13/30 | 321801 |
| 300000 | &nbsp;&nbsp;&nbsp;5.113%, 05/03/29 | 293487 |
| 275000 | &nbsp;&nbsp;&nbsp;7.200%, 06/10/30 | 289220 |
| 110000 | &nbsp;&nbsp;&nbsp;General Motors Co. |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 04/01/45 | 95658 |
|  | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
| 365000 | &nbsp;&nbsp;&nbsp;9.250%, 12/01/28 | 386502 |
| 188000 | &nbsp;&nbsp;&nbsp;7.625%, 07/01/29 | 193775 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |
| 315000 | &nbsp;&nbsp;&nbsp;5.625%, 04/30/33^ | 295905 |
| 110000 | &nbsp;&nbsp;&nbsp;5.250%, 07/15/31 | 104621 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc.\* |  |
| 125000 | &nbsp;&nbsp;&nbsp;6.375%, 01/15/30 | 127706 |
| 93000 | &nbsp;&nbsp;&nbsp;4.000%, 08/15/28 | 89752 |
| 42122 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 05/15/29 | 42320 |
| 290000 | &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 163325 |
| 220000 | &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/30 | 30413 |
| 210000 | &nbsp;&nbsp;&nbsp;Life Time, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 11/15/31 | 211758 |
| 105000 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 09/01/31 | 109526 |
| 80000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 05/15/28 | 83449 |
| 139000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/15/27 | 139448 |
| 140000 | &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | 130607 |
|  | &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |
| 265000 | &nbsp;&nbsp;&nbsp;4.300%, 02/15/43 | 175430 |
| 182000 | &nbsp;&nbsp;&nbsp;6.700%, 07/15/34\* | 156966 |
| 410000 | &nbsp;&nbsp;&nbsp;MGM Resorts International^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 416904 |
| 287000 | &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 05/01/29 | 276757 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |
| 105000 | &nbsp;&nbsp;&nbsp;8.500%, 06/01/28\* | 110252 |
| 105000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/32^ | 100553 |
| 110000 | &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/15/44 | 74656 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.\* |  |
| 192000 | &nbsp;&nbsp;&nbsp;4.750%, 05/01/29 | 186371 |
| 105000 | &nbsp;&nbsp;&nbsp;6.375%, 11/01/32 | 105061 |
| 250000 | &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 07/01/29 | 231838 |
| 305000 | &nbsp;&nbsp;&nbsp;Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 09/01/29 | 184434 |
| 110000 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 08/15/34 | 48360 |
| 105000 | &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.375%, 05/01/29 | 110993 |
|  | &nbsp;&nbsp;&nbsp;Rite Aid Corp. |  |
| 379000 | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26\*@ |  |
| 74156 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@ | 371 |
| 68927 | &nbsp;&nbsp;&nbsp;0.000%, 10/18/25\* |  |
| 53987 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@!! | 270 |
| 24910 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/31\*@!! | 1868 |
| 23472 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/34 |  |
| 210000 | &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 02/01/33 | 212245 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* |  |
| 26000 | &nbsp;&nbsp;&nbsp;6.250%, 03/15/32 | 26685 |
| 26000 | &nbsp;&nbsp;&nbsp;5.625%, 09/30/31 | 26204 |
| 210000 | &nbsp;&nbsp;&nbsp;Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/01/29 | 198948 |
| 320000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 05/15/31 | 326198 |
| 137000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 07/15/29 | 133308 |
| 136000 | &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 130952 |
| 131000 | &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 11/01/27 | 129725 |
| 155000 | &nbsp;&nbsp;&nbsp;Staples, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.750%, 09/01/29 | 145367 |
| 220000 | &nbsp;&nbsp;&nbsp;Station Casinos LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/15/28 | 215138 |
| 210000 | &nbsp;&nbsp;&nbsp;STL Holding Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 02/15/29 | 218614 |
| 105000 | &nbsp;&nbsp;&nbsp;Under Armour, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 07/15/30 | 107564 |
| 55000 | &nbsp;&nbsp;&nbsp;Viking Cruises Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 07/15/31 | 59201 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 105000 | &nbsp;&nbsp;&nbsp;Voyager Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 07/01/32 | $111179 |
| 210000 | &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/15/33 | 207173 |
| 210000 | &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 04/14/30 | 203681 |
|  |  | 13174443 |
|  | **Consumer Staples (0.7%)** |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC\* |  |
| 365000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/27 | 362576 |
| 155000 | &nbsp;&nbsp;&nbsp;5.875%, 02/15/28 | 155136 |
| 215000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 218335 |
| 105000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 108356 |
|  | &nbsp;&nbsp;&nbsp;Brink's Co.\* |  |
| 105000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/32 | 108259 |
| 100000 | &nbsp;&nbsp;&nbsp;6.500%, 06/15/29 | 102479 |
| 251000 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/30/31 | 232765 |
| 245000 | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/01/29 | 232052 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.\* |  |
| 307000 | &nbsp;&nbsp;&nbsp;4.375%, 03/31/29 | 291401 |
| 54000 | &nbsp;&nbsp;&nbsp;6.500%, 12/31/27^ | 54810 |
| 59000 | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 04/01/33 | 60522 |
|  | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC\* |  |
| 189894 | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 147561 |
| 91224 | &nbsp;&nbsp;&nbsp;5.750%, 12/31/30 | 75151 |
| 174000 | &nbsp;&nbsp;&nbsp;New Albertsons LP |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 06/15/26 | 177590 |
|  | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |
| 217000 | &nbsp;&nbsp;&nbsp;4.250%, 08/01/29 | 208858 |
| 52000 | &nbsp;&nbsp;&nbsp;6.125%, 09/15/32 | 52898 |
| 165000 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/15/31 | 157775 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* |  |
| 210000 | &nbsp;&nbsp;&nbsp;6.250%, 02/15/32 | 214148 |
| 157000 | &nbsp;&nbsp;&nbsp;6.375%, 03/01/33 | 157441 |
| 209000 | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 04/01/31 | 191454 |
| 160000 | &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.500%, 08/01/29 | 163675 |
| 195000 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/28 | 194479 |
|  |  | 3667721 |
|  | **Energy (1.7%)** |  |
|  | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC/ARU Finance Corp.\* |  |
| 210000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/32 | 213763 |
| 52000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/33 | 52781 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |
| 157000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/30\* | 162820 |
| 135000 | &nbsp;&nbsp;&nbsp;5.850%, 11/15/43 | 120352 |
| 79000 | &nbsp;&nbsp;&nbsp;6.875%, 07/01/29\* | 81358 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.\* |  |
| 205000 | &nbsp;&nbsp;&nbsp;8.750%, 07/01/31 | 207628 |
| 107000 | &nbsp;&nbsp;&nbsp;9.625%, 06/15/33 | 110088 |
| 160000 | &nbsp;&nbsp;&nbsp;Continental Resources, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 06/01/44 | 125790 |
| 169000 | &nbsp;&nbsp;&nbsp;DT Midstream, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/29 | 162924 |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc.‡ |  |
| 153000 | &nbsp;&nbsp;&nbsp;7.375%, 03/15/55^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.12% | 159649 |
| 100000 | &nbsp;&nbsp;&nbsp;7.200%, 06/27/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.97% | 103312 |
| 262000 | &nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/01/31 | 289822 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP‡ |  |
| 195000 | &nbsp;&nbsp;&nbsp;7.575%, 11/01/66^ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.28% | 194606 |
| 162000 | &nbsp;&nbsp;&nbsp;6.500%, 11/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.69% | 162941 |
| 105000 | &nbsp;&nbsp;&nbsp;7.125%, 10/01/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.83% | 107757 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 138000 | &nbsp;&nbsp;&nbsp;8.875%, 04/15/30 | 146059 |
| 105000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/33 | 108946 |
| 300000 | &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/01/29 | 305409 |
| 210000 | &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 07/15/32 | 217327 |
| 210000 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/01/32 | 212371 |
| 213000 | &nbsp;&nbsp;&nbsp;Matador Resources Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 213669 |
| 80000 | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/28 | 73930 |
| 225000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 01/31/30 | 223045 |
| 160000 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/30/26 | 56069 |
| 223000 | &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 02/01/28 | 224606 |
| 132000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/30 | 140931 |
| 315000 | &nbsp;&nbsp;&nbsp;Parkland Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 | 321785 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC\* |  |
| 202000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/32 | 208918 |
| 52000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/33 | 52318 |
| 270000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.698%, 08/30/25 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.37% | 270894 |
| 215000 | &nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 03/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.95% | 222237 |
| 289000 | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 10/31/29 | 294370 |
| 105000 | &nbsp;&nbsp;&nbsp;Sunoco LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/33 | 106426 |
| 360000 | &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/29 | 351076 |
|  | &nbsp;&nbsp;&nbsp;Transocean, Inc.\* |  |
| 289600 | &nbsp;&nbsp;&nbsp;8.750%, 02/15/30 | 300454 |
| 210000 | &nbsp;&nbsp;&nbsp;8.250%, 05/15/29 | 198580 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC\* |  |
| 55000 | &nbsp;&nbsp;&nbsp;4.125%, 08/15/31 | $50826 |
| 55000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/29 | 51947 |
|  | &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.\* |  |
| 487000 | &nbsp;&nbsp;&nbsp;9.000%, 09/30/29‡ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.44% | 487424 |
| 265000 | &nbsp;&nbsp;&nbsp;8.375%, 06/01/31 | 274071 |
| 155000 | &nbsp;&nbsp;&nbsp;8.125%, 06/01/28 | 160554 |
| 110000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/30^ | 111655 |
| 105000 | &nbsp;&nbsp;&nbsp;9.875%, 02/01/32 | 113370 |
| 105000 | &nbsp;&nbsp;&nbsp;9.500%, 02/01/29 | 114540 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC\* |  |
| 210000 | &nbsp;&nbsp;&nbsp;6.500%, 01/15/34 | 216088 |
| 26000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/36 | 26754 |
| 210000 | &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 10/15/30 | 197461 |
| 190000 | &nbsp;&nbsp;&nbsp;VOC Escrow Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/28 | 188415 |
| 214000 | &nbsp;&nbsp;&nbsp;Weatherford International Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 04/30/30 | 220116 |
| 185000 | &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 10/15/29 | 184419 |
|  |  | 8902651 |
|  | **Financials (2.1%)** |  |
| 179000 | &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/29 | 185174 |
| 200000 | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust‡^ |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 03/10/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.72% | 208964 |
|  | &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer\* |  |
| 210000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/32^ | 216048 |
| 210000 | &nbsp;&nbsp;&nbsp;6.500%, 10/01/31 | 213387 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.‡ |  |
| 300000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.87% | 292719 |
| 100000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 3.48% | 91377 |
| 219000 | &nbsp;&nbsp;&nbsp;AmWINS Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/30/29 | 212870 |
| 105000 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 07/15/33 | 105488 |
| 220000 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 01/15/29 | 219661 |
| 210000 | &nbsp;&nbsp;&nbsp;Azorra Finance Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 01/15/31 | 214563 |
| 210000 | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 05/15/31 | 216919 |
| 210000 | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 12/01/29 | 222472 |
| 225000 | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/31 | 238039 |
| 105000 | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 04/12/29 | 112910 |
| 158000 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/35 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.30% | 163443 |
| 384000 | &nbsp;&nbsp;&nbsp;BroadStreet Partners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 04/15/29 | 381696 |
| 166000 | &nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 04/01/27 | 161521 |
| 200000 | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/15/30 | 199748 |
| 210000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 210048 |
|  | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\* |  |
| 140000 | &nbsp;&nbsp;&nbsp;9.250%, 12/15/28 | 148180 |
| 93000 | &nbsp;&nbsp;&nbsp;6.625%, 03/15/30 | 94212 |
| 210000 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 09/01/31 | 225397 |
| 105000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\*‡^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 04/01/45 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% | 108456 |
|  | &nbsp;&nbsp;&nbsp;GGAM Finance Ltd.\* |  |
| 235000 | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 242224 |
| 105000 | &nbsp;&nbsp;&nbsp;5.875%, 03/15/30 | 105550 |
| 120000 | &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/27 | 124506 |
|  | &nbsp;&nbsp;&nbsp;HUB International Ltd.\* |  |
| 324000 | &nbsp;&nbsp;&nbsp;5.625%, 12/01/29 | 322114 |
| 160000 | &nbsp;&nbsp;&nbsp;7.375%, 01/31/32 | 166712 |
| 330000 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 03/15/28 | 328535 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Finance LLC/JFIN Co-Issuer Corp.\* |  |
| 265000 | &nbsp;&nbsp;&nbsp;5.000%, 08/15/28 | 255831 |
| 210000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/31 | 209297 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.\* |  |
| 131000 | &nbsp;&nbsp;&nbsp;7.000%, 07/15/31 | 137264 |
| 128000 | &nbsp;&nbsp;&nbsp;4.750%, 06/15/29 | 124403 |
|  | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.\* |  |
| 159340 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32 | 160758 |
| 100000 | &nbsp;&nbsp;&nbsp;3.875%, 10/15/30 | 86733 |
| 210000 | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 03/30/29 | 219278 |
| 321000 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.400%, 12/15/66 | 334511 |
| 105000 | &nbsp;&nbsp;&nbsp;Newmark Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/12/29 | 111569 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |
| 150000 | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 | 143151 |
| 100000 | &nbsp;&nbsp;&nbsp;7.500%, 05/15/31 | 104307 |
| 200000 | &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/30 | 205078 |
| 262000 | &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 09/15/29 | 274623 |
| 215000 | &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/01/32 | 219885 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
|  | &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.\* |  |
| 157000 | &nbsp;&nbsp;&nbsp;6.375%, 08/01/33 | $160261 |
| 104000 | &nbsp;&nbsp;&nbsp;6.125%, 08/01/30 | 105580 |
| 206000 | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 03/01/31 | 190132 |
| 160000 | &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;11.000%, 12/15/29 | 37901 |
| 160000 | &nbsp;&nbsp;&nbsp;Service Properties Trust |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/29 | 166312 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.\* |  |
| 210000 | &nbsp;&nbsp;&nbsp;6.000%, 04/15/30 | 212230 |
| 105000 | &nbsp;&nbsp;&nbsp;6.500%, 07/01/30 | 108100 |
| 55000 | &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 07/15/32 | 56057 |
| 265000 | &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 03/01/31 | 279119 |
| 210000 | &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 03/01/30 | 217793 |
|  | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC\* |  |
| 258000 | &nbsp;&nbsp;&nbsp;5.500%, 04/15/29 | 252595 |
| 105000 | &nbsp;&nbsp;&nbsp;5.750%, 06/15/27 | 105112 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC\* |  |
| 110000 | &nbsp;&nbsp;&nbsp;6.500%, 02/15/29 | 107107 |
| 102000 | &nbsp;&nbsp;&nbsp;10.500%, 02/15/28 | 107881 |
| 105000 | &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 06/15/31 | 109339 |
| 210000 | &nbsp;&nbsp;&nbsp;XHR LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/30 | 213623 |
|  |  | 10748763 |
|  | **Health Care (0.8%)** |  |
| 105000 | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 03/15/33 | 108234 |
|  | &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.\* |  |
| 435000 | &nbsp;&nbsp;&nbsp;6.125%, 04/01/30 | 308567 |
| 158000 | &nbsp;&nbsp;&nbsp;10.875%, 01/15/32 | 165834 |
| 127000 | &nbsp;&nbsp;&nbsp;6.875%, 04/15/29^ | 99701 |
| 27000 | &nbsp;&nbsp;&nbsp;5.250%, 05/15/30 | 23656 |
|  | &nbsp;&nbsp;&nbsp;DaVita, Inc.\* |  |
| 258000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 234217 |
| 233000 | &nbsp;&nbsp;&nbsp;4.625%, 06/01/30 | 222559 |
| 205000 | &nbsp;&nbsp;&nbsp;6.875%, 09/01/32 | 211013 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp.\* |  |
| 162000 | &nbsp;&nbsp;&nbsp;5.000%, 02/15/30^ | 147002 |
| 52000 | &nbsp;&nbsp;&nbsp;6.750%, 02/15/30 | 50112 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. |  |
| 110000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/30 | 107569 |
| 110000 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/28 | 108426 |
| 273000 | &nbsp;&nbsp;&nbsp;HCA, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 11/06/33 | 309596 |
| 118000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 06/01/32 | 121092 |
| 200000 | &nbsp;&nbsp;&nbsp;Jazz Securities DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 01/15/29 | 193622 |
|  | &nbsp;&nbsp;&nbsp;Medline Borrower LP\* |  |
| 270000 | &nbsp;&nbsp;&nbsp;3.875%, 04/01/29 | 257601 |
| 267000 | &nbsp;&nbsp;&nbsp;5.250%, 10/01/29 | 262058 |
| 26000 | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 04/01/29 | 26576 |
| 400000 | &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV\*^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 04/30/31 | 346232 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |
| 430000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/27 | 430641 |
| 295000 | &nbsp;&nbsp;&nbsp;6.875%, 11/15/31 | 314538 |
| 270000 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 05/09/29 | 270151 |
|  |  | 4318997 |
|  | **Industrials (1.4%)** |  |
| 210000 | &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/15/29 | 215683 |
| 260000 | &nbsp;&nbsp;&nbsp;ACCO Brands Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 230467 |
| 200000 | &nbsp;&nbsp;&nbsp;Air Lease Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.15% | 195776 |
|  | &nbsp;&nbsp;&nbsp;Arcosa, Inc.\* |  |
| 127000 | &nbsp;&nbsp;&nbsp;4.375%, 04/15/29 | 122563 |
| 105000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/32 | 108634 |
| 510060 | &nbsp;&nbsp;&nbsp;ARD Finance SA\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/30/27 |  |
|  | &nbsp;&nbsp;&nbsp;7.250% PIK rate | 38096 |
|  | &nbsp;&nbsp;&nbsp;Bombardier, Inc.\* |  |
| 105000 | &nbsp;&nbsp;&nbsp;8.750%, 11/15/30 | 113170 |
| 80000 | &nbsp;&nbsp;&nbsp;7.000%, 06/01/32 | 82913 |
| 68000 | &nbsp;&nbsp;&nbsp;7.250%, 07/01/31^ | 71037 |
| 53000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/33 | 54767 |
| 11000 | &nbsp;&nbsp;&nbsp;7.875%, 04/15/27 | 11046 |
| 226000 | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/29 | 217215 |
| 335000 | &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/30 | 334712 |
| 56000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/20/28 | 56079 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp.\* |  |
| 282000 | &nbsp;&nbsp;&nbsp;8.000%, 06/01/29 | 270968 |
| 50000 | &nbsp;&nbsp;&nbsp;8.125%, 09/15/29 | 51435 |
|  | &nbsp;&nbsp;&nbsp;EnerSys\* |  |
| 140000 | &nbsp;&nbsp;&nbsp;4.375%, 12/15/27 | 137635 |
| 110000 | &nbsp;&nbsp;&nbsp;6.625%, 01/15/32 | 113120 |
|  | &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc.\* |  |
| 80000 | &nbsp;&nbsp;&nbsp;8.625%, 05/15/32 | 85208 |
| 78000 | &nbsp;&nbsp;&nbsp;8.000%, 03/15/33 | 81548 |
| 210000 | &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 08/15/28 | 209672 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |
| 102000 | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 95960 |
| 85000 | &nbsp;&nbsp;&nbsp;4.750%, 07/15/27 | 83774 |
| 236000 | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/01/29 | 223955 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.\* |  |
| 270000 | &nbsp;&nbsp;&nbsp;5.500%, 07/15/27 | 269217 |
| 105000 | &nbsp;&nbsp;&nbsp;7.250%, 06/15/33 | 108858 |
| 105000 | &nbsp;&nbsp;&nbsp;7.000%, 06/15/30 | 108532 |
| 105000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29^ | 107579 |
|  | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.\* |  |
| 157000 | &nbsp;&nbsp;&nbsp;7.000%, 09/01/32 | 118102 |
| 55000 | &nbsp;&nbsp;&nbsp;4.875%, 12/15/27^ | 52205 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 360000 | &nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/15/28 | $350852 |
| 135000 | &nbsp;&nbsp;&nbsp;Moog, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/15/27 | 132095 |
| 232000 | &nbsp;&nbsp;&nbsp;Novelis Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/30/30 | 222509 |
| 210000 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/32 | 215624 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp.\* |  |
| 55000 | &nbsp;&nbsp;&nbsp;6.500%, 07/15/32^ | 56735 |
| 54000 | &nbsp;&nbsp;&nbsp;5.000%, 04/15/29 | 53254 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.\* |  |
| 163000 | &nbsp;&nbsp;&nbsp;6.125%, 02/01/28 | 164674 |
| 50000 | &nbsp;&nbsp;&nbsp;7.250%, 02/15/31 | 52006 |
| 210000 | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 191593 |
|  | &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.\* |  |
| 105000 | &nbsp;&nbsp;&nbsp;6.250%, 08/01/33 | 106057 |
| 50000 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 51095 |
| 106000 | &nbsp;&nbsp;&nbsp;Standard Industries, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/27 | 106040 |
|  | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |
| 225000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/30 | 233388 |
| 155000 | &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 | 158264 |
| 80000 | &nbsp;&nbsp;&nbsp;7.125%, 12/01/31 | 83379 |
| 52000 | &nbsp;&nbsp;&nbsp;6.625%, 03/01/32 | 53526 |
| 58400 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-2, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/29 | 56642 |
| 123000 | &nbsp;&nbsp;&nbsp;Wabash National Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/15/28 | 110278 |
| 212000 | &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/33 | 220211 |
|  | &nbsp;&nbsp;&nbsp;Williams Scotsman, Inc.\* |  |
| 128000 | &nbsp;&nbsp;&nbsp;4.625%, 08/15/28 | 125984 |
| 105000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/31 | 109680 |
| 80000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 82136 |
|  |  | 6905948 |
|  | **Information Technology (0.6%)** |  |
| 105000 | &nbsp;&nbsp;&nbsp;CACI International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 06/15/33 | 107607 |
| 126000 | &nbsp;&nbsp;&nbsp;Coherent Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 123398 |
| 79000 | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.020%, 06/15/26 | 79686 |
| 108000 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 110555 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* |  |
| 93000 | &nbsp;&nbsp;&nbsp;4.000%, 06/15/28 | 89924 |
| 79000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/33 | 79536 |
| 245000 | &nbsp;&nbsp;&nbsp;KBR, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 09/30/28 | 236543 |
|  | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd.\* |  |
| 105000 | &nbsp;&nbsp;&nbsp;8.125%, 01/15/29 | 110479 |
| 105000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/32 | 107921 |
| 167000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/01/28 | 161304 |
| 110000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 | 113620 |
| 81000 | &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/01/31 | 73828 |
| 193000 | &nbsp;&nbsp;&nbsp;Playtika Holding Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 177079 |
| 315000 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 03/01/29 | 300239 |
|  | &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;3.625%, 03/15/29 | 142170 |
| 57000 | &nbsp;&nbsp;&nbsp;3.875%, 03/15/31 | 53013 |
| 79000 | &nbsp;&nbsp;&nbsp;UKG, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 02/01/31 | 81246 |
| 295000 | &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 10/01/29 | 273624 |
| 210000 | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/32 | 215370 |
| 260000 | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC/ZoomInfo Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 02/01/29 | 244585 |
|  |  | 2881727 |
|  | **Materials (0.7%)** |  |
| 210000 | &nbsp;&nbsp;&nbsp;Avient Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/01/31 | 210941 |
| 210000 | &nbsp;&nbsp;&nbsp;Capstone Copper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/33 | 213996 |
| 105000 | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.879%, 07/15/32 | 108756 |
| 210000 | &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 212205 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co.\* |  |
| 180000 | &nbsp;&nbsp;&nbsp;8.000%, 01/15/33 | 167594 |
| 165000 | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 140004 |
| 410000 | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 08/15/28 | 386946 |
| 160000 | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 03/15/32 | 156211 |
| 250000 | &nbsp;&nbsp;&nbsp;Constellium SE\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 08/15/32 | 253505 |
| 330000 | &nbsp;&nbsp;&nbsp;FMC Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.450%, 11/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.37% | 341567 |
| 210000 | &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.250%, 04/01/30 | 217688 |
| 210000 | &nbsp;&nbsp;&nbsp;Knife River Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/01/31 | 220588 |
|  | &nbsp;&nbsp;&nbsp;Mercer International, Inc. |  |
| 229000 | &nbsp;&nbsp;&nbsp;5.125%, 02/01/29 | 184686 |
| 107000 | &nbsp;&nbsp;&nbsp;12.875%, 10/01/28\* | 108008 |
| 200000 | &nbsp;&nbsp;&nbsp;OCI NV\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 03/16/33 | 222768 |
| 200000 | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 02/01/28 | 194382 |
| 210000 | &nbsp;&nbsp;&nbsp;Terex Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 10/15/32 | 210470 |
| 96050 | &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 05/03/29 | 56059 |
|  |  | 3606374 |
|  | **Other (0.4%)** |  |
| 210000 | &nbsp;&nbsp;&nbsp;Alumina Pty. Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/32 | 213146 |
| 85386 | &nbsp;&nbsp;&nbsp;Claritev Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 62383 |
|  | &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |
| 320740 | &nbsp;&nbsp;&nbsp;10.750%, 11/30/29 | 338422 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| 218446 |  | &nbsp;&nbsp;&nbsp;6.750%, 11/30/30 |  |
|  |  | &nbsp;&nbsp;&nbsp;6.75% Cash or PIK | $207305 |
| 100000 |  | &nbsp;&nbsp;&nbsp;Gen Digital, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;6.750%, 09/30/27 | 101798 |
| 105000 |  | &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC\* |  |
|  |  | &nbsp;&nbsp;&nbsp;8.250%, 04/15/30 | 108863 |
| 210000 |  | &nbsp;&nbsp;&nbsp;New Gold, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;6.875%, 04/01/32 | 215722 |
| 45000 |  | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC\* |  |
|  |  | &nbsp;&nbsp;&nbsp;7.050%, 09/15/28 | 46370 |
| 210000 |  | &nbsp;&nbsp;&nbsp;Olin Corp.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;6.625%, 04/01/33 | 204614 |
| 105000 |  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.650%, 09/15/55 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% | 105138 |
| 210000 |  | &nbsp;&nbsp;&nbsp;Rfna LP\* |  |
|  |  | &nbsp;&nbsp;&nbsp;7.875%, 02/15/30 | 214158 |
| 210000 |  | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC\* |  |
|  |  | &nbsp;&nbsp;&nbsp;7.250%, 03/15/32 | 220708 |
|  |  |  | 2038627 |
|  |  | **Real Estate (0.1%)** |  |
| 105000 |  | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;6.500%, 03/15/33 | 105530 |
| 150000 |  | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/28 | 144681 |
| 323000 |  | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\* |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 | 308714 |
|  |  |  | 558925 |
|  |  | **Special Purpose Acquisition Companies (0.1%)** |  |
| 53000 |  | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;6.750%, 04/15/32 | 54293 |
|  |  | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.\* |  |
| 220000 |  | &nbsp;&nbsp;&nbsp;6.750%, 01/15/30^ | 207174 |
| 107000 |  | &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 101774 |
|  |  |  | 363241 |
|  |  | **Utilities (0.2%)** |  |
|  |  | &nbsp;&nbsp;&nbsp;AES Corp.‡ |  |
| 80000 |  | &nbsp;&nbsp;&nbsp;6.950%, 07/15/55 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.89% | 77286 |
| 35000 |  | &nbsp;&nbsp;&nbsp;7.600%, 01/15/55 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% | 35490 |
| 110000 |  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/55 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.21% | 112869 |
| 225000 |  | &nbsp;&nbsp;&nbsp;Duke Energy Corp.‡^ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.450%, 09/01/54 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.59% | 231700 |
| 165000 |  | &nbsp;&nbsp;&nbsp;Entergy Corp.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.125%, 12/01/54 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.67% | 171244 |
| 165000 |  | &nbsp;&nbsp;&nbsp;Evergy, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.650%, 06/01/55 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.56% | 166850 |
| 158000 |  | &nbsp;&nbsp;&nbsp;NiSource, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.950%, 11/30/54 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45% | 164367 |
| 79000 |  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.222%, 03/30/67 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.93% | 78566 |
|  |  | &nbsp;&nbsp;&nbsp;Vistra Corp.\*‡ |  |
| 105000 |  | &nbsp;&nbsp;&nbsp;7.000%, 12/15/26 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.74% | 106119 |
| 50000 |  | &nbsp;&nbsp;&nbsp;8.000%, 10/15/26 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 6.93% | 51071 |
|  |  |  | 1195562 |
|  |  | **Total Corporate Bonds** |  |
|  |  | (Cost $66,553,089) | 65193200 |
| **Convertible Bonds (27.4%)** | **Convertible Bonds (27.4%)** | **Convertible Bonds (27.4%)** |  |
|  |  | **Communication Services (5.4%)** |  |
| 3199000 |  | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | 3371426 |
| 4015000 |  | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 4365269 |
| 2185000 |  | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One |  |
|  |  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 | 2847645 |
| 5210000 |  | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | 5371301 |
|  |  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |
| 3527000 |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\*^ | 3950981 |
| 2805000 |  | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 3833650 |
| 2500000 |  | &nbsp;&nbsp;&nbsp;Xiaomi Best Time International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/17/27 | 3645600 |
|  |  |  | 27385872 |
|  |  | **Consumer Discretionary (1.4%)** |  |
| 3145800 | EUR | &nbsp;&nbsp;&nbsp;Accor SA |  |
|  |  | &nbsp;&nbsp;&nbsp;0.700%, 12/07/27 | 2016423 |
| 42000000 | HKD | &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.375%, 06/30/30 | 5394673 |
| 251000 |  | &nbsp;&nbsp;&nbsp;Farfetch Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 05/01/27 | 5251 |
|  |  |  | 7416347 |
|  |  | **Consumer Staples (2.4%)** |  |
| 512000 |  | &nbsp;&nbsp;&nbsp;Celcuity, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.750%, 08/01/31 | 566845 |
| 8909000 |  | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 9403806 |
| 3334000 | CAD | &nbsp;&nbsp;&nbsp;Premium Brands Holdings Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;4.200%, 09/30/27 | 2367679 |
|  |  |  | 12338330 |
|  |  | **Energy (0.4%)** |  |
| 1200000 | EUR | &nbsp;&nbsp;&nbsp;Saipem SpA^ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.875%, 09/11/29 | 1994766 |
| 2261000 |  | &nbsp;&nbsp;&nbsp;SunEdison, Inc.\*@ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 01/15/20 | 7913 |
| 275000 |  | &nbsp;&nbsp;&nbsp;Sunedison, Inc.@ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/18 | 963 |
|  |  |  | 2003642 |
|  |  | **Financials (1.0%)** |  |
| 1317000 |  | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 04/01/30 | 1805251 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| 2200000 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Finance Corp. International, Ltd. (Tencent Holdings, Ltd.)§ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/27 | $3309460 |
|  |  |  | 5114711 |
|  |  | **Health Care (0.9%)** |  |
| 1774000 |  | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 2611576 |
| 1943000 |  | &nbsp;&nbsp;&nbsp;Tempus AI, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.750%, 07/15/30 | 1946789 |
|  |  |  | 4558365 |
|  |  | **Industrials (2.3%)** |  |
| 6667000 |  | &nbsp;&nbsp;&nbsp;AeroVironment, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 7509176 |
| 1396000 |  | &nbsp;&nbsp;&nbsp;Fluor Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 1966336 |
| 1700000 | EUR | &nbsp;&nbsp;&nbsp;Vinci SA |  |
|  |  | &nbsp;&nbsp;&nbsp;0.700%, 02/18/30 | 2048293 |
|  |  |  | 11523805 |
|  |  | **Information Technology (9.1%)** |  |
|  |  | &nbsp;&nbsp;&nbsp;Cloudflare, Inc. |  |
| 2395000 |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30\* | 2666665 |
| 1650000 |  | &nbsp;&nbsp;&nbsp;0.000%, 08/15/26 | 2029384 |
| 3400000 |  | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 3500334 |
| 4436000 |  | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 5095057 |
| 3065000 |  | &nbsp;&nbsp;&nbsp;Itron, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.375%, 07/15/30 | 3523217 |
| 2545000 |  | &nbsp;&nbsp;&nbsp;Life360, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/01/30 | 3008521 |
| 175000 |  | &nbsp;&nbsp;&nbsp;LivePerson, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/15/26 | 68877 |
| 6985000 |  | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 | 8265630 |
| 1641000 |  | &nbsp;&nbsp;&nbsp;Nutanix, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 | 1854625 |
| 2523000 |  | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 3925561 |
| 4749000 |  | &nbsp;&nbsp;&nbsp;Spotify USA, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 6024486 |
| 2260000 |  | &nbsp;&nbsp;&nbsp;Xero Investments Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.625%, 06/12/31 | 2788433 |
| 3885000 |  | &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/28 | 3798326 |
|  |  |  | 46549116 |
|  |  | **Materials (0.8%)** |  |
| 214000 |  | &nbsp;&nbsp;&nbsp;Amyris, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26 | 1710 |
| 2454000 |  | &nbsp;&nbsp;&nbsp;Fortuna Mining Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 06/30/29 | 3157439 |
| 1000000 |  | &nbsp;&nbsp;&nbsp;KCC Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.750%, 07/10/30 | 1072010 |
|  |  |  | 4231159 |
|  |  | **Other (0.2%)** |  |
| 800000 |  | &nbsp;&nbsp;&nbsp;China Hongqiao Group Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 03/26/30 | 992696 |
|  |  | **Utilities (3.5%)** |  |
| 3396000 |  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 | 3639323 |
| 3400000 | EUR | &nbsp;&nbsp;&nbsp;Iberdrola Finanzas SA |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 03/27/30 | 4014523 |
| 4648000 |  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 5191630 |
|  |  | &nbsp;&nbsp;&nbsp;Southern Co. |  |
| 4254000 |  | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27 | 4763885 |
| 160000 |  | &nbsp;&nbsp;&nbsp;3.875%, 12/15/25 | 181635 |
|  |  |  | 17790996 |
|  |  | **Total Convertible Bonds** |  |
|  |  | (Cost $132,626,276) | 139905039 |
| **Bank Loans (2.7%) ¡** | **Bank Loans (2.7%) ¡** | **Bank Loans (2.7%) ¡** |  |
|  |  | **Airlines (0.1%)** |  |
| 143188 |  | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 143367 |
| 124306 |  | &nbsp;&nbsp;&nbsp;United Airlines, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.351%, 02/22/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 124943 |
|  |  |  | 268310 |
|  |  | **Communication Services (0.2%)** |  |
| 84060 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;10.471%, 10/01/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.00% | 69455 |
| 9384 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;11.471%, 10/02/28 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 7.00% | 9360 |
| 98991 |  | &nbsp;&nbsp;&nbsp;Cincinnati Bell, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.106%, 11/22/28 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 99283 |
| 108011 |  | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;8.471%, 08/23/28 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.00% | 108001 |
| 185883 |  | &nbsp;&nbsp;&nbsp;CSC Holdings LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;9.000%, 04/15/27 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. U.S. (Fed) Prime Rate + 1.50% | 183367 |
| 80797 |  | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;9.820%, 08/02/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.25% | 80280 |
| 50494 |  | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;9.570%, 08/02/27 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.00% | 50702 |
| 4206 |  | &nbsp;&nbsp;&nbsp;Gray Television, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;9.579%, 06/04/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.25% | 4217 |
| 109725 |  | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.870%, 12/31/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.30% | 102483 |
| 220000 |  | &nbsp;&nbsp;&nbsp;Telesat Canada‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.344%, 12/07/26 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 140407 |
| 263149 |  | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.106%, 07/08/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 261176 |
|  |  |  | 1108731 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
|  | **Consumer Discretionary (0.5%)** |  |
| 123191 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.576%, 04/20/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% | $122852 |
| 119700 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.576%, 05/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 120672 |
| 137044 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% | 137130 |
| 76556 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% | 76605 |
| 70000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/25/32 | 70525 |
| 110000 | &nbsp;&nbsp;&nbsp;Boots Group Bidco Ltd.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 110069 |
| 124200 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/06/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 124291 |
| 139300 | &nbsp;&nbsp;&nbsp;Chinos Intermediate Holdings A, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.308%, 09/26/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.00% | 118579 |
| 250000 | &nbsp;&nbsp;&nbsp;Clarios Global LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 250364 |
| 210000 | &nbsp;&nbsp;&nbsp;Flutter Financing BV‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 06/04/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% | 210350 |
| 208950 | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.577%, 11/05/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 209651 |
| 195034 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.593%, 04/14/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 195716 |
| 89100 | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.833%, 05/30/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 90737 |
| 375242 | &nbsp;&nbsp;&nbsp;PetSmart, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.206%, 02/11/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.75% | 375008 |
| 207375 | &nbsp;&nbsp;&nbsp;Station Casinos LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 03/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 207843 |
| 221506 | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.103%, 08/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 221957 |
|  |  | 2642349 |
|  | **Consumer Staples (0.5%)** |  |
| 699356 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.856%, 05/04/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.50% | 713343 |
| 233300 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/23/32 | 233834 |
| 110000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 07/16/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 109639 |
| 153838 | &nbsp;&nbsp;&nbsp;B&G Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 10/10/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 142717 |
| 30000 | &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 01/15/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 30165 |
| 430000 | &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.606%, 10/08/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.25% | 422443 |
| 19655 | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.058%, 12/31/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 19606 |
| 215000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/28/32 | 216196 |
| 264913 | &nbsp;&nbsp;&nbsp;Star Parent, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 09/27/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 262319 |
| 210000 | &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/23/28 | 210262 |
| 110478 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.106%, 05/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 111504 |
| 214460 | &nbsp;&nbsp;&nbsp;Veritiv Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 215600 |
|  |  | 2687628 |
|  | **Energy (0.1%)** |  |
| 153615 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.808%, 10/30/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 72007 |
| 303794 | &nbsp;&nbsp;&nbsp;Par Petroleum LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.029%, 02/28/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 303952 |
|  |  | 375959 |
|  | **Financials (0.5%)** |  |
| 162500 | &nbsp;&nbsp;&nbsp;Acrisure LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 06/21/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 163109 |
| 320000 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 320501 |
| 281673 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 08/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 282304 |
| 162538 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.082%, 12/29/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 162803 |
| 266625 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.858%, 02/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 267470 |
| 98752 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 06/13/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 98937 |
| 35000 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/13/31 | 35065 |
| 210000 | &nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.041%, 05/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 210132 |
| 273625 | &nbsp;&nbsp;&nbsp;Dragon Buyer, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 09/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 274382 |
| 177462 | &nbsp;&nbsp;&nbsp;HUB International Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.826%, 06/20/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 177882 |
| 157600 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 157831 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 150711 | &nbsp;&nbsp;&nbsp;Jazz Financing Lux SARL‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 05/05/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | $151476 |
| 210000 | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 03/27/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 212182 |
|  |  | 2514074 |
|  | **Health Care (0.0%)** |  |
| 232582 | &nbsp;&nbsp;&nbsp;Padagis LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.290%, 07/06/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.75% | 212813 |
|  | **Industrials (0.3%)** |  |
| 208492 | &nbsp;&nbsp;&nbsp;ACProducts, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.807%, 05/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.25% | 158259 |
| 160000 | &nbsp;&nbsp;&nbsp;Chamberlain Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/22/32 | 160133 |
| 215000 | &nbsp;&nbsp;&nbsp;ECO Material Tech, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.467%, 02/12/32 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.25% | 216075 |
| 215000 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 08/04/31 | 215403 |
| 79400 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 08/04/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 79549 |
| 207900 | &nbsp;&nbsp;&nbsp;MI Windows & Doors LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 03/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 208446 |
| 214463 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/10/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 214543 |
| 420230 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.796%, 02/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 421947 |
|  |  | 1674355 |
|  | **Information Technology (0.3%)** |  |
| 290116 | &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.333%, 07/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 290456 |
| 215543 | &nbsp;&nbsp;&nbsp;Camelot U.S. Acquisition LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 215731 |
| 161431 | &nbsp;&nbsp;&nbsp;Coherent Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 07/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 162077 |
| 199813 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.603%, 01/18/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 199956 |
| 39667 | &nbsp;&nbsp;&nbsp;Qxo, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 04/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 40055 |
| 320000 | &nbsp;&nbsp;&nbsp;Rocket Software, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 11/28/28 | 321176 |
| 177179 | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 05/09/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 177983 |
| 108900 | &nbsp;&nbsp;&nbsp;UKG, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.810%, 02/10/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 109012 |
|  |  | 1516446 |
|  | **Materials (0.1%)** |  |
| 330887 | &nbsp;&nbsp;&nbsp;Ineos U.S. Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 02/18/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 308241 |
| 156561 | &nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.090%, 05/03/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 67778 |
| 200082 | &nbsp;&nbsp;&nbsp;W.R. Grace & Co.-Conn.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.546%, 09/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 200520 |
|  |  | 576539 |
|  | **Other (0.0%)** |  |
| 105000 | &nbsp;&nbsp;&nbsp;Windstream Services LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.206%, 10/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 105656 |
|  | **Special Purpose Acquisition Companies (0.1%)** |  |
| 89467 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.531%, 04/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.18% | 89533 |
| 53213 | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.601%, 01/27/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 53318 |
| 194500 | &nbsp;&nbsp;&nbsp;Patagonia Holdco LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.048%, 08/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.75% | 162559 |
|  |  | 305410 |
|  | **Total Bank Loans** |  |
|  | (Cost $14,224,009) | 13988270 |

---

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |  | <br>**VALUE** |
| **Convertible Preferred Stock (3.2%)** | **Convertible Preferred Stock (3.2%)** | **Convertible Preferred Stock (3.2%)** | **Convertible Preferred Stock (3.2%)** |
|  |  | **Industrials (3.2%)** | **Industrials (3.2%)** |
| 234875 |  | &nbsp;&nbsp;&nbsp;Boeing Co. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $12,988,214) | $16605662 |
| **Common Stocks (88.6%)** | **Common Stocks (88.6%)** | **Common Stocks (88.6%)** |  |
|  |  | ***Communication Services (10.6%)*** |  |
| 37065 |  | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class Aµ | 7112773 |
| 4575 |  | &nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class A^# | 11895 |
| 307405 |  | &nbsp;&nbsp;&nbsp;AT&T, Inc.^µ | 8425971 |
| 3751 |  | &nbsp;&nbsp;&nbsp;Audacy, Inc.# | 52514 |
| 4050 |  | &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR^# | 355874 |
| 19600 | GBP | &nbsp;&nbsp;&nbsp;Baltic Classifieds Group PLC | 92667 |
| 131435 | INR | &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 2857789 |
| 1735 |  | &nbsp;&nbsp;&nbsp;Cumulus Media, Inc. - Class A# | 239 |
| 2980 | KRW | &nbsp;&nbsp;&nbsp;Dear U Co. Ltd. | 105288 |
| 98000 | HKD | &nbsp;&nbsp;&nbsp;Meitu, Inc.\* | 149866 |
| 8205 |  | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class Aµ | 6346075 |
| 40110 |  | &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | 1610417 |
| 118608 | ZAR | &nbsp;&nbsp;&nbsp;MTN Group Ltd. | 996903 |
| 2490 | KRW | &nbsp;&nbsp;&nbsp;NAVER Corp. | 419055 |
| 4800 |  | &nbsp;&nbsp;&nbsp;Netflix, Inc.µ# | 5565120 |
| 96000 | EUR | &nbsp;&nbsp;&nbsp;Orange SA | 1460262 |
| 2910 | EUR | &nbsp;&nbsp;&nbsp;Scout24 SE\* | 388897 |
| 22885 |  | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR# | 3584935 |
| 1700 |  | &nbsp;&nbsp;&nbsp;Spotify Technology SA^µ# | 1065118 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** | **VALUE** |
| 48800 | AUD | &nbsp;&nbsp;&nbsp;Superloop Ltd.# | $| 104565 |
| 23400 | HKD | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd.µ |  | 1638285 |
| 89070 |  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. ADR~ |  | 6241135 |
| 37350 |  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR^ |  | 783977 |
| 118600 | BRL | &nbsp;&nbsp;&nbsp;TIM SA |  | 438643 |
| 37655 | GBP | &nbsp;&nbsp;&nbsp;Trustpilot Group PLC\*# |  | 124182 |
| 1176545 | GBP | &nbsp;&nbsp;&nbsp;Vodafone Group PLC |  | 1275606 |
| 26395 |  | &nbsp;&nbsp;&nbsp;Walt Disney Co.µ |  | 3143908 |
|  |  |  |  | 54351959 |
|  |  | **Consumer Discretionary (8.6%)** | **Consumer Discretionary (8.6%)** | **Consumer Discretionary (8.6%)** |
| 98400 | HKD | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd.µ |  | 1479421 |
| 8175 |  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR |  | 986150 |
| 172470 | MXN | &nbsp;&nbsp;&nbsp;Alsea SAB de CV# |  | 517090 |
| 39690 |  | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.^µ# |  | 9291826 |
| 62640 | INR | &nbsp;&nbsp;&nbsp;Amber Enterprises India Ltd.# |  | 5652618 |
| 315000 | SAR | &nbsp;&nbsp;&nbsp;Americana Restaurants International PLC |  | 181888 |
| 51097 |  | &nbsp;&nbsp;&nbsp;Aptiv PLC# |  | 3507298 |
| 4260 | EUR | &nbsp;&nbsp;&nbsp;Auto1 Group SE\*# |  | 127706 |
| 835 |  | &nbsp;&nbsp;&nbsp;AutoZone, Inc.^# |  | 3146597 |
| 7740 | SEK | &nbsp;&nbsp;&nbsp;Betsson AB - Class B |  | 131057 |
| 20700 | CNY | &nbsp;&nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd. - Class A |  | 186563 |
| 7800 | HKD | &nbsp;&nbsp;&nbsp;DPC Dash Ltd.# |  | 84186 |
| 9725 | INR | &nbsp;&nbsp;&nbsp;Eicher Motors Ltd. |  | 604562 |
| 293440 | INR | &nbsp;&nbsp;&nbsp;Eternal Ltd.# |  | 1027632 |
| 2495 |  | &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC# |  | 754139 |
| 3900 | JPY | &nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. |  | 196429 |
| 295 | GBP | &nbsp;&nbsp;&nbsp;Games Workshop Group PLC |  | 63207 |
| 118650 | HKD | &nbsp;&nbsp;&nbsp;JD Health International, Inc.\*# |  | 758700 |
| 161219 | HKD | &nbsp;&nbsp;&nbsp;JD.com, Inc. - Class A |  | 2541123 |
| 173000 | HKD | &nbsp;&nbsp;&nbsp;Jiumaojiu International Holdings Ltd.\*^ |  | 62380 |
| 123000 | HKD | &nbsp;&nbsp;&nbsp;Li Ning Co. Ltd. |  | 260599 |
| 13230 | EUR | &nbsp;&nbsp;&nbsp;Lottomatica Group SpA |  | 356613 |
| 1020 | EUR | &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SEµ |  | 547548 |
| 2522 |  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.µ# |  | 5986951 |
| 44620 |  | &nbsp;&nbsp;&nbsp;NIO, Inc. ADR^# |  | 217299 |
| 20400 | HKD | &nbsp;&nbsp;&nbsp;Pop Mart International Group Ltd.\* |  | 636355 |
| 345 |  | &nbsp;&nbsp;&nbsp;Rite Aid Corp.# |  | 345 |
| 236800 | HKD | &nbsp;&nbsp;&nbsp;Sands China Ltd. |  | 573238 |
| 148600 | JPY | &nbsp;&nbsp;&nbsp;Toyota Motor Corp.µ |  | 2643238 |
| 516714 | INR | &nbsp;&nbsp;&nbsp;Vishal Mega Mart Ltd.# |  | 819776 |
| 10100 | HKD | &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. |  | 468943 |
|  |  |  |  | 43811477 |
|  |  | **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** | **Consumer Staples (4.1%)** |
| 5980 | KRW | &nbsp;&nbsp;&nbsp;APR Corp. |  | 785935 |
| 5600 |  | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A |  | 935424 |
| 4240 |  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp.µ |  | 3984074 |
| 487 | GBP | &nbsp;&nbsp;&nbsp;Cranswick PLC |  | 34106 |
| 51900 | PLN | &nbsp;&nbsp;&nbsp;Dino Polska SA\*# |  | 684465 |
| 2830 | EUR | &nbsp;&nbsp;&nbsp;Distribuidora Internacional de Alimentacion SA# |  | 92689 |
| 112208 | CNY | &nbsp;&nbsp;&nbsp;Eastroc Beverage Group Co. Ltd. - Class A |  | 4386002 |
| 57100 | CNY | &nbsp;&nbsp;&nbsp;Gambol Pet Group Co. Ltd. - Class A |  | 717211 |
| 2600 | CNY | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. - Class A |  | 512953 |
| 20500 | CHF | &nbsp;&nbsp;&nbsp;Nestle SAµ |  | 1791230 |
| 4035 |  | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - Class A# |  | 282732 |
| 23310 |  | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc.µ |  | 3824005 |
| 74568 | BRL | &nbsp;&nbsp;&nbsp;Raia Drogasil SA |  | 179377 |
| 2595 | KRW | &nbsp;&nbsp;&nbsp;Samyang Foods Co. Ltd. |  | 2681502 |
|  |  |  |  | 20891705 |
|  |  | **Energy (3.7%)** | **Energy (3.7%)** | **Energy (3.7%)** |
| 134875 | CAD | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. |  | 4269354 |
| 4770 |  | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class A^# |  | 1027458 |
| 885 |  | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP~ |  | 51038 |
| 17600 |  | &nbsp;&nbsp;&nbsp;Chevron Corp.µ |  | 2668864 |
| 12635 |  | &nbsp;&nbsp;&nbsp;Energy Transfer LP~ |  | 227935 |
| 5810 |  | &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP |  | 180052 |
| 1826 |  | &nbsp;&nbsp;&nbsp;EP Energy Corp.# |  | 2739 |
| 35980 |  | &nbsp;&nbsp;&nbsp;EQT Corp.^ |  | 1933925 |
| 42400 |  | &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc.^ |  | 687304 |
| 83700 | BRL | &nbsp;&nbsp;&nbsp;PRIO SA# |  | 630640 |
| 136900 | THB | &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL |  | 527028 |
| 26205 | INR | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. |  | 413783 |
| 34500 | EUR | &nbsp;&nbsp;&nbsp;Saipem SpA^ |  | 92220 |
| 98974 |  | &nbsp;&nbsp;&nbsp;Schlumberger NV~ |  | 3345321 |
| 82300 | GBP | &nbsp;&nbsp;&nbsp;Shell PLCµ |  | 2957294 |
|  |  |  |  | 19014955 |
|  |  | **Financials (14.9%)** | **Financials (14.9%)** | **Financials (14.9%)** |
| 373000 | HKD | &nbsp;&nbsp;&nbsp;AIA Group Ltd.µ |  | 3477914 |
| 276950 | EUR | &nbsp;&nbsp;&nbsp;Alpha Bank SA |  | 1036659 |
| 188400 | BRL | &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao |  | 423261 |
| 447510 | EUR | &nbsp;&nbsp;&nbsp;Banco Santander SA |  | 3844461 |
| 23240 | EUR | &nbsp;&nbsp;&nbsp;BAWAG Group AG\* |  | 2933061 |
| 3405 | CAD | &nbsp;&nbsp;&nbsp;Definity Financial Corp. |  | 183446 |
| 303220 | EUR | &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA |  | 1112927 |
| 1595 | CAD | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. |  | 2821133 |
| 111948 | AED | &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC |  | 547660 |
| 5765 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.^ |  | 4171496 |
| 122915 | MXN | &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - Class O |  | 1094670 |
| 9576 |  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR |  | 735149 |
| 49600 | HKD | &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. |  | 2684292 |
| 162000 |  | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. |  | 2661660 |
| 152426 |  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR^ |  | 5136756 |
| 119337 |  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR |  | 748243 |
| 25370 |  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.^ |  | 7515609 |
| 52400 | KRW | &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. |  | 4163083 |
| 19680 | INR | &nbsp;&nbsp;&nbsp;PB Fintech Ltd.# |  | 402940 |
| 260000 | HKD | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - Class Hµ |  | 1784994 |
| 79510 | BRL | &nbsp;&nbsp;&nbsp;Porto Seguro SA |  | 736805 |
| 10965 |  | &nbsp;&nbsp;&nbsp;Progressive Corp.^µ |  | 2653969 |
| 56300 | JPY | &nbsp;&nbsp;&nbsp;Rakuten Bank Ltd.^# |  | 2622553 |
| 4905 | KRW | &nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. |  | 442747 |
| 24653 | SAR | &nbsp;&nbsp;&nbsp;Saudi National Bank |  | 246015 |
| 13400 | KRW | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. |  | 652498 |
| 84200 | EUR | &nbsp;&nbsp;&nbsp;Societe Generale SA |  | 5374360 |
| 350 | CHF | &nbsp;&nbsp;&nbsp;Swissquote Group Holding SA^ |  | 232556 |
| 110960 | EUR | &nbsp;&nbsp;&nbsp;UniCredit SpAµ |  | 8163745 |
| 8825 |  | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class Aµ |  | 3048773 |
| 52375 |  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co.µ |  | 4222996 |
|  |  |  |  | 75876431 |
|  |  | **Health Care (3.9%)** | **Health Care (3.9%)** | **Health Care (3.9%)** |
| 16460 |  | &nbsp;&nbsp;&nbsp;AbbVie, Inc.^µ~ |  | 3111269 |
| 20490 | SEK | &nbsp;&nbsp;&nbsp;Ambea AB\* |  | 257775 |
| 20770 | GBP | &nbsp;&nbsp;&nbsp;AstraZeneca PLCµ |  | 3030169 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| 4738 | KRW | &nbsp;&nbsp;&nbsp;Dentium Co. Ltd. | $219208 |
| 4960 |  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co.µ | 3670747 |
| 16190 | EUR | &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | 772759 |
| 10104 |  | &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 720617 |
| 22400 | EUR | &nbsp;&nbsp;&nbsp;Gerresheimer AG | 1104409 |
| 4860 |  | &nbsp;&nbsp;&nbsp;Humana, Inc. | 1214368 |
| 8520 | BRL | &nbsp;&nbsp;&nbsp;Hypera SA | 39119 |
| 64000 | HKD | &nbsp;&nbsp;&nbsp;Innovent Biologics, Inc.\*# | 792199 |
| 31085 | INR | &nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | 442437 |
| 78573 |  | &nbsp;&nbsp;&nbsp;Novo Nordisk AS ADR | 3698431 |
| 3720 | AUD | &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 763919 |
| 4230 | SEK | &nbsp;&nbsp;&nbsp;Sectra AB - Class B | 156831 |
|  |  |  | 19994257 |
|  |  | **Industrials (14.0%)** |  |
| 37029 | EUR | &nbsp;&nbsp;&nbsp;Alstom SA# | 868564 |
| 64000 | JPY | &nbsp;&nbsp;&nbsp;BayCurrent, Inc. | 3674883 |
| 207 | CHF | &nbsp;&nbsp;&nbsp;Belimo Holding AG^ | 240892 |
| 12780 | CNY | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. - Class A | 467898 |
| 7610 |  | &nbsp;&nbsp;&nbsp;Deere & Co.µ | 3990456 |
| 695 | EUR | &nbsp;&nbsp;&nbsp;DO & Co. AG | 156792 |
| 745 | KRW | &nbsp;&nbsp;&nbsp;Doosan Co. Ltd. | 318344 |
| 25167 | KRW | &nbsp;&nbsp;&nbsp;Doosan Enerbility Co. Ltd.# | 1179039 |
| 5340 | EUR | &nbsp;&nbsp;&nbsp;Exosens SAS | 249451 |
| 8290 | EUR | &nbsp;&nbsp;&nbsp;Fincantieri SpA# | 160431 |
| 29770 |  | &nbsp;&nbsp;&nbsp;Flowserve Corp.^ | 1668311 |
| 13835 |  | &nbsp;&nbsp;&nbsp;GE Vernova, Inc.^µ | 9135112 |
| 6244 | KRW | &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | 4454795 |
| 4635 | KRW | &nbsp;&nbsp;&nbsp;Hanwha Corp. | 331036 |
| 2410 | KRW | &nbsp;&nbsp;&nbsp;HD Hyundai Heavy Industries Co. Ltd. | 845812 |
| 43203 | INR | &nbsp;&nbsp;&nbsp;Hindustan Aeronautics Ltd. | 2222899 |
| 221300 | JPY | &nbsp;&nbsp;&nbsp;Hitachi Ltd.µ | 6771922 |
| 1190 | KRW | &nbsp;&nbsp;&nbsp;Hyundai Rotem Co. Ltd. | 172024 |
| 1900 | JPY | &nbsp;&nbsp;&nbsp;IHI Corp. | 211578 |
| 8000 | JPY | &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. | 213564 |
| 3708000 | HKD | &nbsp;&nbsp;&nbsp;Lonking Holdings Ltd. | 1251449 |
| 3250 | CAD | &nbsp;&nbsp;&nbsp;MDA Space Ltd.^# | 91008 |
| 35300 | CNY | &nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables Co. Ltd. - Class A | 232210 |
| 5560 | EUR | &nbsp;&nbsp;&nbsp;Palfinger AG | 231244 |
| 10835 | CHF | &nbsp;&nbsp;&nbsp;R&S Group Holding AG | 494859 |
| 2290 | EUR | &nbsp;&nbsp;&nbsp;RENK Group AG | 177767 |
| 2705 | EUR | &nbsp;&nbsp;&nbsp;Rheinmetall AG | 5354537 |
| 542510 | GBP | &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLCµ | 7699829 |
| 20100 | KRW | &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | 2424961 |
| 54502 | CNY | &nbsp;&nbsp;&nbsp;Shanghai International Airport Co. Ltd. - Class A | 243485 |
| 19125 | EUR | &nbsp;&nbsp;&nbsp;Siemens AGµ | 4871197 |
| 28075 | EUR | &nbsp;&nbsp;&nbsp;Siemens Energy AG# | 3250486 |
| 4825 | KRW | &nbsp;&nbsp;&nbsp;SK Square Co. Ltd.# | 519702 |
| 33900 | EUR | &nbsp;&nbsp;&nbsp;SPIE SA | 1995061 |
| 1830 | EUR | &nbsp;&nbsp;&nbsp;Vossloh AG | 179482 |
| 5490 | EUR | &nbsp;&nbsp;&nbsp;Wacker Neuson SE | 143617 |
| 19610 |  | &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 4493828 |
| 231000 | HKD | &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. - Class H | 489689 |
|  |  |  | 71478214 |
|  |  | **Information Technology (23.7%)** |  |
| 41500 | TWD | &nbsp;&nbsp;&nbsp;Accton Technology Corp. | 1225669 |
| 11600 | JPY | &nbsp;&nbsp;&nbsp;Advantest Corp. | 771389 |
| 9270 | TWD | &nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | 1185049 |
| 6510 |  | &nbsp;&nbsp;&nbsp;ASML Holding NVµ | 4522562 |
| 5700 | TWD | &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 863212 |
| 13150 |  | &nbsp;&nbsp;&nbsp;Broadcom, Inc.µ | 3862155 |
| 203 | CAD | &nbsp;&nbsp;&nbsp;Constellation Software, Inc.^ | 700344 |
| 54510 | TWD | &nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 1998152 |
| 14500 | CNY | &nbsp;&nbsp;&nbsp;Iflytek Co. Ltd. - Class A | 98060 |
| 6150 | EUR | &nbsp;&nbsp;&nbsp;Indra Sistemas SA^ | 254758 |
| 4030 | EUR | &nbsp;&nbsp;&nbsp;IONOS Group SE# | 191129 |
| 14900 | JPY | &nbsp;&nbsp;&nbsp;Keyence Corp. | 5389796 |
| 1340 | CAD | &nbsp;&nbsp;&nbsp;Kinaxis, Inc.# | 198872 |
| 648000 | HKD | &nbsp;&nbsp;&nbsp;Kingdee International Software Group Co. Ltd.# | 1504015 |
| 7515 | AUD | &nbsp;&nbsp;&nbsp;Life360, Inc.\*# | 191334 |
| 16320 |  | &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 1311638 |
| 20740 |  | &nbsp;&nbsp;&nbsp;Microsoft Corp.^ | 11064790 |
| 4410 | ILS | &nbsp;&nbsp;&nbsp;Nayax Ltd.# | 194455 |
| 650 | EUR | &nbsp;&nbsp;&nbsp;Nemetschek SE | 96845 |
| 540000 | EUR | &nbsp;&nbsp;&nbsp;Nokia OYJ | 2200687 |
| 9410 | NOK | &nbsp;&nbsp;&nbsp;Norbit ASA | 186998 |
| 139080 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp.^µ | 24738160 |
| 22530 |  | &nbsp;&nbsp;&nbsp;Oracle Corp.µ | 5717438 |
| 23155 |  | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A^µ# | 3666594 |
| 735 | KRW | &nbsp;&nbsp;&nbsp;Park Systems Corp. | 145090 |
| 14500 | EUR | &nbsp;&nbsp;&nbsp;Profile Systems & Software SA | 126459 |
| 92325 | KRW | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 4705246 |
| 11565 | EUR | &nbsp;&nbsp;&nbsp;SAP SEµ | 3307076 |
| 4015 |  | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.^µ# | 3786627 |
| 22000 | JPY | &nbsp;&nbsp;&nbsp;SHIFT, Inc.# | 230878 |
| 21405 | KRW | &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 4148627 |
| 659000 | TWD | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 25371007 |
| 45160 | AUD | &nbsp;&nbsp;&nbsp;Technology One Ltd. | 1181319 |
| 117685 | BRL | &nbsp;&nbsp;&nbsp;TOTVS SA | 916546 |
| 7300 | JPY | &nbsp;&nbsp;&nbsp;Towa Corp. | 90654 |
| 93700 | CNY | &nbsp;&nbsp;&nbsp;Venustech Group, Inc. - Class A# | 207019 |
| 26010 | AUD | &nbsp;&nbsp;&nbsp;WiseTech Global Ltd.^ | 1970001 |
| 413400 | HKD | &nbsp;&nbsp;&nbsp;Xiaomi Corp. - Class B\*µ# | 2781335 |
|  |  |  | 121101985 |
|  |  | **Materials (4.1%)** |  |
| 207311 | CAD | &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A^ | 5037645 |
| 1125 | EUR | &nbsp;&nbsp;&nbsp;AlzChem Group AG | 190431 |
| 145715 |  | &nbsp;&nbsp;&nbsp;Cemex SAB de CV ADR^ | 1267721 |
| 19195 | EUR | &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | 4428181 |
| 9200 | CAD | &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc.^ | 85387 |
| 7650 |  | &nbsp;&nbsp;&nbsp;Linde PLCµ | 3520989 |
| 14700 | AUD | &nbsp;&nbsp;&nbsp;Lynas Rare Earths Ltd.^# | 98775 |
| 45140 |  | &nbsp;&nbsp;&nbsp;MP Materials Corp.# | 2776110 |
| 521200 | NOK | &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | 3089148 |
| 16900 | ZAR | &nbsp;&nbsp;&nbsp;Sasol Ltd.# | 86935 |
| 3389 | EUR | &nbsp;&nbsp;&nbsp;SOL SpA^ | 180832 |
| 4020 | CAD | &nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc.^# | 113237 |
| 21200 |  | &nbsp;&nbsp;&nbsp;Vale SA ADR | 202036 |
|  |  |  | 21077427 |
|  |  | **Real Estate (0.6%)** |  |
| 935500 | PHP | &nbsp;&nbsp;&nbsp;Ayala Land, Inc. | 399697 |
| 375600 | AED | &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 1555473 |
| 18000 | INR | &nbsp;&nbsp;&nbsp;Kolte-Patil Developers Ltd. | 84445 |
| 50545 | INR | &nbsp;&nbsp;&nbsp;Prestige Estates Projects Ltd. | 933008 |
|  |  |  | 2972623 |
|  |  | **Utilities (0.4%)** |  |
| 45801 | EUR | &nbsp;&nbsp;&nbsp;Engie SA# | 1025500 |
| 11827 | EUR | &nbsp;&nbsp;&nbsp;Italgas SpA | 98133 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |  | <br>**VALUE** |
| 25950 | EUR | &nbsp;&nbsp;&nbsp;RWE AG | $1064603 |
|  |  |  | 2188236 |
|  |  | **Total Common Stocks** |  |
|  |  | (Cost $487,425,417) | 452759269 |
| **Preferred Stocks (0.0%)** | **Preferred Stocks (0.0%)** | **Preferred Stocks (0.0%)** |  |
|  |  | **Communication Services (0.0%)** |  |
| 5640 |  | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/56 | 111672 |
| 1701 |  | &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.625%, 03/31/26 | 36061 |
|  |  | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
| 1770 |  | &nbsp;&nbsp;&nbsp;6.250%, 09/01/69 | 45223 |
| 1429 |  | &nbsp;&nbsp;&nbsp;5.500%, 03/01/70 | 31681 |
| 163 |  | &nbsp;&nbsp;&nbsp;5.500%, 06/01/70 | 3661 |
|  |  |  | 228298 |
|  |  | **Consumer Discretionary (0.0%)** |  |
| 1597 |  | &nbsp;&nbsp;&nbsp;Guitar Center, Inc.# | 23955 |
|  |  | **Total Preferred Stocks** |  |
|  |  | (Cost $377,256) | 252253 |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** | **Warrants (0.0%) #** |  |
|  |  | **Communication Services (0.0%)** |  |
| 679 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
| 113 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
|  |  | **Energy (0.0%)** |  |
| 13401 |  | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $15.98 | 2 |
| 12061 |  | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $12.33 | 1 |
|  |  |  | 3 |
|  |  | **Total Warrants** |  |
|  |  | (Cost $5,152) | 3 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Purchased Options (1.7%) #** | **Exchange-Traded Purchased Options (1.7%) #** |  |
|  | **Communication Services (0.1%)** |  |
| 954 | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group |  |
| 2002446 | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $17.00 | $419760 |
|  | **Consumer Discretionary (0.2%)** |  |
| 511 | &nbsp;&nbsp;&nbsp;Aptiv PLC |  |
| 3507504 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $47.50 | 33215 |
| 750 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 75000 | &nbsp;&nbsp;&nbsp;Put, 11/21/25, Strike $535.00 | 934500 |
| 148 | &nbsp;&nbsp;&nbsp;Toyota Motor Corp. |  |
| 2648756 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $160.00 | 4440 |
|  |  | 972155 |
|  | **Consumer Staples (0.0%)** |  |
| 85 | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. |  |
| 595595 | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $70.00 | 65025 |
|  | **Health Care (0.0%)** |  |
| 164 | &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |
| 3099928 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $165.00 | 6970 |
|  | **Information Technology (0.3%)** |  |
| 37 | &nbsp;&nbsp;&nbsp;Celestica, Inc. |  |
| 739482 | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $120.00 | 296925 |
| 300 | &nbsp;&nbsp;&nbsp;NVIDIA Corp. |  |
| 5336100 | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $150.00 | 924000 |
| 54 | &nbsp;&nbsp;&nbsp;Shopify, Inc. |  |
| 659934 | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $120.00 | 48600 |
| 83 | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. |  |
| 2005446 | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $220.00 | 253150 |
|  |  | 1522675 |
|  | **Materials (0.1%)** |  |
| 182 | &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. |  |
| 994448 | &nbsp;&nbsp;&nbsp;Call, 11/21/25, Strike $60.00 | 42315 |
| 8196 | &nbsp;&nbsp;&nbsp;Vale SA |  |
| 7810788 | &nbsp;&nbsp;&nbsp;Call, 12/19/25, Strike $11.00 | 176214 |
|  |  | 218529 |
|  | **Other (1.0%)** |  |
| 1011 | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1 |  |
| 101100 | &nbsp;&nbsp;&nbsp;Put, 11/21/25, Strike $525.00 | 1066099 |
| 2839 | &nbsp;&nbsp;&nbsp;iShares Biotechnology ETF |  |
| 37690564 | &nbsp;&nbsp;&nbsp;Call, 11/21/25, Strike $135.00 | 1675010 |
| 4112 | &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF |  |
| 411200 | &nbsp;&nbsp;&nbsp;Put, 12/19/25, Strike $84.00 | 1258272 |
| 480 | &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF |  |
| 48000 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $87.00 | 42720 |
| 2023 | &nbsp;&nbsp;&nbsp;iShares MSCI Emerging Markets ETF |  |
| 202300 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $48.50 | 110254 |
| 597 | &nbsp;&nbsp;&nbsp;iShares MSCI Japan ETF |  |
| 59700 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $71.00 | 14925 |
| 1653 | &nbsp;&nbsp;&nbsp;iShares MSCI South Korea ETF |  |
| 165300 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $72.00 | 194228 |
| 1430 | &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF |  |
| 5067920 | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $36.00 | 76505 |
| 139 | &nbsp;&nbsp;&nbsp;NetEase, Inc. |  |
| 1811170 | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $130.00 | 111200 |
| 1165 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 73637320 | &nbsp;&nbsp;&nbsp;Put, 12/19/25, Strike $510.00 | 446195 |
| 313 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 31300 | &nbsp;&nbsp;&nbsp;Put, 11/21/25, Strike $590.00 | 286864 |
| 312 | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 31200 | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $570.00 | 12324 |
|  |  | 5294596 |
|  | **Total Exchange-Traded Purchased Options** |  |
|  | (Cost $10,951,009) | 8499710 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  |<br><br>**VALUE** |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (136.4%)** | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS (136.4%)** |  |
| &nbsp;&nbsp;&nbsp;(Cost $725,312,348) | &nbsp;&nbsp;&nbsp;(Cost $725,312,348) | $697367006 |
| MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-9.5%) | MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-9.5%) | (48500000) |
| LIABILITIES, LESS OTHER ASSETS (-26.9%) | LIABILITIES, LESS OTHER ASSETS (-26.9%) | (137579409) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $511287597 |
| **Exchange-Traded Written Options (0.0%) #** | **Exchange-Traded Written Options (0.0%) #** |  |
|  | **Health Care (0.0%)** |  |
| (164) | &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |
| (3099928) | &nbsp;&nbsp;&nbsp;Call, 11/21/25, Strike $220.00 | $(26814) |
|  | **Industrials (0.0%)** |  |
| (297) | &nbsp;&nbsp;&nbsp;Flowserve Corp. |  |
| (1664388) | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $65.00 | (23018) |
|  | **Total Exchange-Traded Written Options** |  |
|  | (Premium $60,890) | (49832) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **\*** | Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. |
| **‡** | Variable rate security. The rate shown is the rate in effect at July 31, 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 <br> Date** | **Acquisition <br> Cost** |
| Rite Aid Corp. | 12/01/2024 | $23921 |
| Rite Aid Corp. | 12/05/2024 | 21725 |
| **Total** |  | $**45646** |

---

---

| |
|:---|
| Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical. |
| 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. |
| Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $147,769,483. |
| Non-income producing security. |
| Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $5,013,283. |

---

---

| | |
|:---|:---|
| **ABBREVIATION** | **ABBREVIATION** |
| **ADR** | American Depositary Receipt |
| **FOREIGN CURRENCY ABBREVIATIONS** | **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 anydate on or before the date shown.*

See accompanying Notes to Schedule of Investments

**Calamos Global Dynamic Income Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Security | $— | $163600 | $— | $163600 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 65193200 |  | 65193200 |
| &nbsp;&nbsp;&nbsp;Convertible Bonds |  | 139905039 |  | 139905039 |
| &nbsp;&nbsp;&nbsp;Bank Loans |  | 13988270 |  | 13988270 |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stock | 16605662 |  |  | 16605662 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 236063470 | 216695799 |  | 452759269 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 252253 |  |  | 252253 |
| &nbsp;&nbsp;&nbsp;Warrants | 3 |  |  | 3 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 8499710 |  |  | 8499710 |
| **Total** | $261421098 | $435945908 | $— | $697367006 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Options | $49832 | $— | $— | $49832 |
| **Total** | $49832 | $— | $— | $49832 |

---

**CURRENCY EXPOSURE JULY 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Value** | **% of Total<br> Investments** |
| US Dollar | $443097585 | 63.5% |
| European Monetary Unit | 68285584 | 9.8% |
| New Taiwan Dollar | 30643089 | 4.4% |
| Hong Kong Dollar | 28813656 | 4.1% |
| South Korean Won | 28713992 | 4.1% |
| Japanese Yen | 22816884 | 3.3% |
| Canadian Dollar | 15868105 | 2.3% |
| Indian Rupee | 15461889 | 2.2% |
| British Pound Sterling | 15277060 | 2.2% |
| Chinese Yuan Renminbi | 7051401 | 1.0% |
| Australian Dollar | 4309913 | 0.6% |
| Brazilian Real | 3364391 | 0.5% |
| Norwegian Krone | 3276146 | 0.5% |
| Swiss Franc | 2759537 | 0.4% |
| UAE Dirham | 2103133 | 0.3% |
| Mexican Peso | 1611760 | 0.2% |
| South African Rand | 1083838 | 0.1% |
| Polish Zloty | 684465 | 0.1% |
| Swedish Krona | 545663 | 0.1% |
| Thai Baht | 527028 | 0.1% |
| Saudi Riyal | 427903 | 0.1% |
| Philippine Peso | 399697 | 0.1% |
| Israeli Shekel | 194455 | —% |
| Total Investments | $697317174 | 100.0% |

---

*Currency exposure may vary over time.*

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| **Corporate Bonds (11.2%)** | **Corporate Bonds (11.2%)** | **Corporate Bonds (11.2%)** |
|  | **Airlines (0.1%)** | **Airlines (0.1%)** |
| 35599 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\* |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | $35522 |
| 9586 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 9599 |
| 40150 | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust Series 2021-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 01/11/32 | 37936 |
| 34215 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2021-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;3.900%, 03/15/33 | 32610 |
| 39786 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2020-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/15/30 | 39975 |
|  |  | 155642 |
|  | ***Communication Services (1.0%)*** |  |
| 55000 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/15/29 | 53267 |
| 15000 | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% | 15244 |
| 36000 | &nbsp;&nbsp;&nbsp;Cincinnati Bell Telephone Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.300%, 12/01/28 | 35313 |
|  | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* |  |
| 39000 | &nbsp;&nbsp;&nbsp;5.125%, 08/15/27 | 38981 |
| 25000 | &nbsp;&nbsp;&nbsp;7.875%, 04/01/30 | 25751 |
| 25000 | &nbsp;&nbsp;&nbsp;7.500%, 03/15/33 | 24945 |
| 20000 | &nbsp;&nbsp;&nbsp;9.000%, 09/15/28^ | 20962 |
| 65000 | &nbsp;&nbsp;&nbsp;Consolidated Communications, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | 66076 |
| 58000 | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 08/15/27 | 57700 |
| 70000 | &nbsp;&nbsp;&nbsp;Frontier California, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 05/15/27 | 71347 |
| 11000 | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/15/30 | 11540 |
| 85000 | &nbsp;&nbsp;&nbsp;Frontier Florida LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.860%, 02/01/28 | 88748 |
| 65000 | &nbsp;&nbsp;&nbsp;Frontier North, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.730%, 02/15/28 | 67078 |
| 40000 | &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 37590 |
|  | &nbsp;&nbsp;&nbsp;Gray Media, Inc.\* |  |
| 23000 | &nbsp;&nbsp;&nbsp;7.250%, 08/15/33 | 22893 |
| 20000 | &nbsp;&nbsp;&nbsp;5.375%, 11/15/31^ | 14789 |
| 40000 | &nbsp;&nbsp;&nbsp;Hughes Satellite Systems Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/01/26 | 37034 |
|  | &nbsp;&nbsp;&nbsp;iHeartCommunications, Inc.\* |  |
| 20000 | &nbsp;&nbsp;&nbsp;10.875%, 05/01/30 | 10024 |
| 13350 | &nbsp;&nbsp;&nbsp;7.750%, 08/15/30 | 10463 |
|  | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. |  |
| 35000 | &nbsp;&nbsp;&nbsp;7.600%, 09/15/39 | 29969 |
| 29500 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32\* | 30016 |
| 45000 | &nbsp;&nbsp;&nbsp;Paramount Global |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 08/15/44 | 35475 |
| 14000 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 09/15/25 | 14015 |
|  | &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.‡ |  |
| 35000 | &nbsp;&nbsp;&nbsp;7.125%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.62% | 35730 |
| 25000 | &nbsp;&nbsp;&nbsp;7.000%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 25607 |
|  | &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc.\* |  |
| 23000 | &nbsp;&nbsp;&nbsp;3.875%, 01/15/29^ | 20445 |
| 11000 | &nbsp;&nbsp;&nbsp;5.375%, 01/15/31 | 8122 |
| 20000 | &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 07/15/27 | 20000 |
| 20000 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 02/15/33 | 20463 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC\* |  |
| 56000 | &nbsp;&nbsp;&nbsp;3.875%, 09/01/31^ | 49433 |
| 45000 | &nbsp;&nbsp;&nbsp;5.500%, 07/01/29 | 44475 |
| 20000 | &nbsp;&nbsp;&nbsp;3.125%, 09/01/26 | 19570 |
| 22000 | &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/01/27 | 13702 |
| 20000 | &nbsp;&nbsp;&nbsp;TELUS Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 20267 |
|  | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |
| 35000 | &nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 36035 |
| 15000 | &nbsp;&nbsp;&nbsp;7.300%, 07/01/38 | 16209 |
| 21000 | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 22207 |
|  | &nbsp;&nbsp;&nbsp;Univision Communications, Inc.\* |  |
| 35000 | &nbsp;&nbsp;&nbsp;8.000%, 08/15/28 | 35985 |
| 20000 | &nbsp;&nbsp;&nbsp;8.500%, 07/31/31 | 20339 |
|  |  | 1227809 |
|  | **Consumer Discretionary (2.2%)** | **Consumer Discretionary (2.2%)** |
| 65000 | &nbsp;&nbsp;&nbsp;Adams Homes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 10/15/28 | 67345 |
|  | &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd.\* |  |
| 55000 | &nbsp;&nbsp;&nbsp;8.250%, 04/15/31^ | 57529 |
| 22000 | &nbsp;&nbsp;&nbsp;7.500%, 02/15/33 | 22452 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.\* |  |
| 20000 | &nbsp;&nbsp;&nbsp;7.000%, 08/01/30 | 20116 |
| 11000 | &nbsp;&nbsp;&nbsp;7.375%, 08/01/33 | 11058 |
|  | &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co.\* |  |
| 38000 | &nbsp;&nbsp;&nbsp;4.625%, 08/01/29 | 36171 |
| 22000 | &nbsp;&nbsp;&nbsp;6.875%, 08/01/33 | 21992 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |
| 57000 | &nbsp;&nbsp;&nbsp;6.694%, 01/15/27 | 58479 |
| 35000 | &nbsp;&nbsp;&nbsp;6.875%, 11/01/35 | 36070 |
| 10000 | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30\* | 10250 |
|  | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* |  |
| 40000 | &nbsp;&nbsp;&nbsp;6.500%, 02/15/32 | 40780 |
| 35000 | &nbsp;&nbsp;&nbsp;6.000%, 10/15/32^ | 33817 |
| 28000 | &nbsp;&nbsp;&nbsp;4.625%, 10/15/29^ | 26491 |
| 10000 | &nbsp;&nbsp;&nbsp;7.000%, 02/15/30 | 10325 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp.\* |  |
| 22000 | &nbsp;&nbsp;&nbsp;4.000%, 08/01/28 | 21384 |
| 3000 | &nbsp;&nbsp;&nbsp;7.000%, 08/15/29^ | 3156 |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp.\* |  |
| 90000 | &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 | 85535 |
| 90000 | &nbsp;&nbsp;&nbsp;4.500%, 08/15/30 | 84294 |
| 85000 | &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 | 84352 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| 50000 | &nbsp;&nbsp;&nbsp;6.375%, 09/01/29 | $50485 |
| 46000 | &nbsp;&nbsp;&nbsp;4.250%, 02/01/31 | 42005 |
| 22000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/32^ | 20334 |
| 20000 | &nbsp;&nbsp;&nbsp;5.000%, 02/01/28 | 19647 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs, Inc.\* |  |
| 23000 | &nbsp;&nbsp;&nbsp;6.750%, 05/01/31 | 23518 |
| 22000 | &nbsp;&nbsp;&nbsp;5.750%, 04/01/30 | 21975 |
|  | &nbsp;&nbsp;&nbsp;Dana, Inc. |  |
| 42000 | &nbsp;&nbsp;&nbsp;4.500%, 02/15/32^ | 41007 |
| 40000 | &nbsp;&nbsp;&nbsp;4.250%, 09/01/30 | 39386 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |
| 21000 | &nbsp;&nbsp;&nbsp;5.125%, 06/01/29 | 15414 |
| 18000 | &nbsp;&nbsp;&nbsp;7.375%, 07/01/28 | 13840 |
| 46000 | &nbsp;&nbsp;&nbsp;DISH Network Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 47946 |
| 175000 | &nbsp;&nbsp;&nbsp;Ford Motor Co.^ |  |
|  | &nbsp;&nbsp;&nbsp;6.100%, 08/19/32 | 175264 |
| 20000 | &nbsp;&nbsp;&nbsp;General Motors Co. |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 04/01/45 | 17392 |
|  | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
| 75000 | &nbsp;&nbsp;&nbsp;9.250%, 12/01/28 | 79418 |
| 41000 | &nbsp;&nbsp;&nbsp;7.625%, 07/01/29 | 42260 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |
| 63000 | &nbsp;&nbsp;&nbsp;5.625%, 04/30/33^ | 59181 |
| 20000 | &nbsp;&nbsp;&nbsp;5.250%, 07/15/31 | 19022 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc.\* |  |
| 25000 | &nbsp;&nbsp;&nbsp;6.375%, 01/15/30 | 25541 |
| 19000 | &nbsp;&nbsp;&nbsp;4.000%, 08/15/28 | 18336 |
| 8424 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 05/15/29 | 8464 |
| 55000 | &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 30975 |
| 45000 | &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/30 | 6221 |
| 45000 | &nbsp;&nbsp;&nbsp;Life Time, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 11/15/31 | 45377 |
| 20000 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 09/01/31 | 20862 |
| 15000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 05/15/28 | 15647 |
| 28000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/15/27 | 28090 |
| 30000 | &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | 27987 |
|  | &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |
| 55000 | &nbsp;&nbsp;&nbsp;4.300%, 02/15/43 | 36410 |
| 38000 | &nbsp;&nbsp;&nbsp;6.700%, 07/15/34\* | 32773 |
| 80000 | &nbsp;&nbsp;&nbsp;MGM Resorts International^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 81347 |
| 55000 | &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 05/01/29 | 53037 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |
| 22000 | &nbsp;&nbsp;&nbsp;8.500%, 06/01/28\* | 23100 |
| 22000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/32^ | 21068 |
| 20000 | &nbsp;&nbsp;&nbsp;Nordstrom, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/15/44 | 13574 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.\* |  |
| 37000 | &nbsp;&nbsp;&nbsp;4.750%, 05/01/29 | 35915 |
| 23000 | &nbsp;&nbsp;&nbsp;6.375%, 11/01/32 | 23013 |
| 50000 | &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 07/01/29 | 46367 |
| 60000 | &nbsp;&nbsp;&nbsp;Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 09/01/29 | 36282 |
| 20000 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 08/15/34 | 8793 |
| 20000 | &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.375%, 05/01/29 | 21142 |
|  | &nbsp;&nbsp;&nbsp;Rite Aid Corp. |  |
| 77000 | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26\*@ |  |
| 15061 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@ | 75 |
| 14000 | &nbsp;&nbsp;&nbsp;0.000%, 10/18/25\* |  |
| 10968 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@!! | 55 |
| 5058 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/31\*@!! | 379 |
| 4767 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/34 |  |
| 45000 | &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 02/01/33 | 45481 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* |  |
| 6000 | &nbsp;&nbsp;&nbsp;6.250%, 03/15/32 | 6158 |
| 6000 | &nbsp;&nbsp;&nbsp;5.625%, 09/30/31 | 6047 |
| 43000 | &nbsp;&nbsp;&nbsp;Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/01/29 | 40737 |
| 65000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 05/15/31 | 66259 |
| 39000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 07/15/29 | 37949 |
| 30000 | &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 28886 |
| 36000 | &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 11/01/27 | 35650 |
| 30000 | &nbsp;&nbsp;&nbsp;Staples, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.750%, 09/01/29 | 28135 |
| 40000 | &nbsp;&nbsp;&nbsp;Station Casinos LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/15/28 | 39116 |
| 45000 | &nbsp;&nbsp;&nbsp;STL Holding Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 02/15/29 | 46846 |
| 23000 | &nbsp;&nbsp;&nbsp;Under Armour, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 07/15/30 | 23562 |
| 10000 | &nbsp;&nbsp;&nbsp;Viking Cruises Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 07/15/31 | 10764 |
| 22000 | &nbsp;&nbsp;&nbsp;Voyager Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 07/01/32 | 23295 |
| 45000 | &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/15/33 | 44394 |
| 40000 | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.500%, 06/15/30 | 42498 |
|  |  | 2646297 |
|  | ***Consumer Staples (0.7%)*** |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC\* |  |
| 75000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/27 | 74502 |
| 30000 | &nbsp;&nbsp;&nbsp;5.875%, 02/15/28 | 30026 |
| 43000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 43667 |
| 23000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 23735 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Brink's Co.\* |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;6.500%, 06/15/29 | $| 25620 |
| 23000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/32 |  | 23714 |
| 51000 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/30/31 |  | 47295 |
| 53000 | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/01/29 |  | 50199 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.\* |  |  |
| 59000 | &nbsp;&nbsp;&nbsp;4.375%, 03/31/29 |  | 56002 |
| 10000 | &nbsp;&nbsp;&nbsp;6.500%, 12/31/27^ |  | 10150 |
| 40000 | &nbsp;&nbsp;&nbsp;Fiesta Purchaser, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 03/01/31 |  | 42288 |
| 11000 | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 04/01/33 |  | 11284 |
|  | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC\* |  |  |
| 38753 | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate |  | 30114 |
| 17076 | &nbsp;&nbsp;&nbsp;5.750%, 12/31/30 |  | 14067 |
| 33000 | &nbsp;&nbsp;&nbsp;New Albertsons LP |  |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 06/15/26 |  | 33681 |
|  | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |  |
| 43000 | &nbsp;&nbsp;&nbsp;4.250%, 08/01/29 |  | 41387 |
| 11000 | &nbsp;&nbsp;&nbsp;6.125%, 09/15/32 |  | 11190 |
| 35000 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/15/31 |  | 33467 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* |  |  |
| 43000 | &nbsp;&nbsp;&nbsp;6.250%, 02/15/32 |  | 43849 |
| 34000 | &nbsp;&nbsp;&nbsp;6.375%, 03/01/33 |  | 34095 |
| 42000 | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 04/01/31 |  | 38474 |
| 33000 | &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;9.500%, 08/01/29 |  | 33758 |
| 35000 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/28 |  | 34907 |
|  |  |  | 787471 |
|  | **Energy (1.5%)** | **Energy (1.5%)** | **Energy (1.5%)** |
|  | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC/ARU Finance Corp.\* |  |  |
| 45000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/32 |  | 45806 |
| 11000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/33 |  | 11165 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |  |
| 33000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/30\* |  | 34223 |
| 25000 | &nbsp;&nbsp;&nbsp;5.850%, 11/15/43 |  | 22288 |
| 16000 | &nbsp;&nbsp;&nbsp;6.875%, 07/01/29\* |  | 16478 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.\* |  |  |
| 41000 | &nbsp;&nbsp;&nbsp;8.750%, 07/01/31 |  | 41526 |
| 21000 | &nbsp;&nbsp;&nbsp;9.625%, 06/15/33 |  | 21606 |
| 30000 | &nbsp;&nbsp;&nbsp;Continental Resources, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 06/01/44 |  | 23586 |
| 32000 | &nbsp;&nbsp;&nbsp;DT Midstream, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/29 |  | 30850 |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc.‡ |  |  |
| 31000 | &nbsp;&nbsp;&nbsp;7.375%, 03/15/55^ |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.12% |  | 32347 |
| 20000 | &nbsp;&nbsp;&nbsp;7.200%, 06/27/54 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.97% |  | 20662 |
| 55000 | &nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/01/31 |  | 60840 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP‡ |  |  |
| 40000 | &nbsp;&nbsp;&nbsp;7.575%, 11/01/66 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.28% |  | 39919 |
| 32000 | &nbsp;&nbsp;&nbsp;6.500%, 11/15/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.69% |  | 32186 |
| 20000 | &nbsp;&nbsp;&nbsp;7.125%, 10/01/54^ |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.83% |  | 20525 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 31000 | &nbsp;&nbsp;&nbsp;8.875%, 04/15/30 |  | 32810 |
| 20000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/33 |  | 20752 |
| 60000 | &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/01/29 |  | 61082 |
| 45000 | &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 07/15/32 |  | 46570 |
| 45000 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/01/32 |  | 45508 |
| 41000 | &nbsp;&nbsp;&nbsp;Matador Resources Co.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 |  | 41129 |
| 17000 | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/28 |  | 15710 |
| 44000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 01/31/30 |  | 43618 |
| 30000 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/30/26 |  | 10513 |
| 45000 | &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 02/01/28 |  | 45324 |
| 31000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/30 |  | 33097 |
| 70000 | &nbsp;&nbsp;&nbsp;Parkland Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 |  | 71508 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC\* |  |  |
| 42000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/32 |  | 43438 |
| 11000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/33 |  | 11067 |
| 50000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.698%, 08/30/25 |  |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.37% |  | 50165 |
| 45000 | &nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd.\*‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 03/01/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.95% |  | 46515 |
| 60000 | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 10/31/29 |  | 61115 |
| 23000 | &nbsp;&nbsp;&nbsp;Sunoco LP\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/33 |  | 23312 |
| 70000 | &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/29 |  | 68265 |
|  | &nbsp;&nbsp;&nbsp;Transocean, Inc.\* |  |  |
| 58400 | &nbsp;&nbsp;&nbsp;8.750%, 02/15/30 |  | 60589 |
| 40000 | &nbsp;&nbsp;&nbsp;8.250%, 05/15/29 |  | 37825 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC\* |  |  |
| 10000 | &nbsp;&nbsp;&nbsp;4.125%, 08/15/31 |  | 9241 |
| 10000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/29 |  | 9445 |
|  | &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.\* |  |  |
| 98000 | &nbsp;&nbsp;&nbsp;9.000%, 09/30/29‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.44% |  | 98085 |
| 55000 | &nbsp;&nbsp;&nbsp;8.375%, 06/01/31 |  | 56883 |
| 35000 | &nbsp;&nbsp;&nbsp;8.125%, 06/01/28 |  | 36254 |
| 23000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/30^ |  | 23346 |
| 20000 | &nbsp;&nbsp;&nbsp;9.875%, 02/01/32 |  | 21594 |
| 20000 | &nbsp;&nbsp;&nbsp;9.500%, 02/01/29 |  | 21817 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC\* |  |  |
| 45000 | &nbsp;&nbsp;&nbsp;6.500%, 01/15/34 |  | 46305 |
| 6000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/36 |  | 6174 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
| 45000 | &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 10/15/30 | $| 42313 |
| 45000 | &nbsp;&nbsp;&nbsp;VOC Escrow Ltd.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/28 |  | 44625 |
| 40000 | &nbsp;&nbsp;&nbsp;Weatherford International Ltd.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 04/30/30 |  | 41143 |
| 39000 | &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 10/15/29 |  | 38878 |
|  |  |  | 1820022 |
|  | **Financials (1.7%)** | **Financials (1.7%)** | **Financials (1.7%)** |
| 34000 | &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/29 |  | 35173 |
|  | &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer\* |  |  |
| 45000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/32^ |  | 46296 |
| 45000 | &nbsp;&nbsp;&nbsp;6.500%, 10/01/31 |  | 45726 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.‡ |  |  |
| 59000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.87% |  | 57568 |
| 20000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/28 |  |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 3.48% |  | 18275 |
| 46000 | &nbsp;&nbsp;&nbsp;AmWINS Group, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/30/29 |  | 44712 |
| 20000 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 07/15/33 |  | 20093 |
| 45000 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 01/15/29 |  | 44931 |
| 45000 | &nbsp;&nbsp;&nbsp;Azorra Finance Ltd.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 01/15/31 |  | 45978 |
| 45000 | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 05/15/31 |  | 46483 |
| 45000 | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 12/01/29 |  | 47673 |
| 23000 | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 04/12/29 |  | 24733 |
| 34000 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc.\*‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/35 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.30% |  | 35171 |
| 78000 | &nbsp;&nbsp;&nbsp;BroadStreet Partners, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 04/15/29 |  | 77532 |
| 33000 | &nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 04/01/27 |  | 32110 |
| 40000 | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/54 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% |  | 40009 |
|  | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\* |  |  |
| 30000 | &nbsp;&nbsp;&nbsp;9.250%, 12/15/28 |  | 31753 |
| 20000 | &nbsp;&nbsp;&nbsp;6.625%, 03/15/30 |  | 20261 |
| 45000 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 09/01/31 |  | 48299 |
| 20000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\*‡^ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 04/01/45 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% |  | 20658 |
|  | &nbsp;&nbsp;&nbsp;GGAM Finance Ltd.\* |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 |  | 51537 |
| 23000 | &nbsp;&nbsp;&nbsp;5.875%, 03/15/30 |  | 23121 |
| 25000 | &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/27 |  | 25939 |
|  | &nbsp;&nbsp;&nbsp;HUB International Ltd.\* |  |  |
| 66000 | &nbsp;&nbsp;&nbsp;5.625%, 12/01/29 |  | 65616 |
| 40000 | &nbsp;&nbsp;&nbsp;7.250%, 06/15/30 |  | 41731 |
| 33000 | &nbsp;&nbsp;&nbsp;7.375%, 01/31/32 |  | 34384 |
| 65000 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 03/15/28 |  | 64711 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.\* |  |  |
| 28000 | &nbsp;&nbsp;&nbsp;7.000%, 07/15/31 |  | 29339 |
| 27000 | &nbsp;&nbsp;&nbsp;4.750%, 06/15/29 |  | 26241 |
|  | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.\* |  |  |
| 28700 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32 |  | 28955 |
| 20000 | &nbsp;&nbsp;&nbsp;3.875%, 10/15/30 |  | 17347 |
| 40000 | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 03/30/29 |  | 41767 |
| 65000 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;6.400%, 12/15/66 |  | 67736 |
| 20000 | &nbsp;&nbsp;&nbsp;Newmark Group, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/12/29 |  | 21251 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| 30000 | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28 |  | 28630 |
| 25000 | &nbsp;&nbsp;&nbsp;7.500%, 05/15/31 |  | 26077 |
| 40000 | &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/30 |  | 41016 |
| 55000 | &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 09/15/29 |  | 57650 |
| 40000 | &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/01/32 |  | 40909 |
|  | &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.\* |  |  |
| 34000 | &nbsp;&nbsp;&nbsp;6.375%, 08/01/33 |  | 34706 |
| 23000 | &nbsp;&nbsp;&nbsp;6.125%, 08/01/30 |  | 23349 |
| 42000 | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 03/01/31 |  | 38765 |
| 35000 | &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;11.000%, 12/15/29 |  | 8291 |
| 30000 | &nbsp;&nbsp;&nbsp;Service Properties Trust |  |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/29 |  | 31183 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.\* |  |  |
| 45000 | &nbsp;&nbsp;&nbsp;6.000%, 04/15/30 |  | 45478 |
| 23000 | &nbsp;&nbsp;&nbsp;6.500%, 07/01/30 |  | 23679 |
| 11000 | &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 07/15/32 |  | 11211 |
| 55000 | &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 03/01/31 |  | 57930 |
| 45000 | &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 03/01/30 |  | 46670 |
|  | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC\* |  |  |
| 52000 | &nbsp;&nbsp;&nbsp;5.500%, 04/15/29 |  | 50911 |
| 20000 | &nbsp;&nbsp;&nbsp;5.750%, 06/15/27 |  | 20021 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC\* |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;6.500%, 02/15/29^ |  | 24343 |
| 22000 | &nbsp;&nbsp;&nbsp;10.500%, 02/15/28 |  | 23269 |
| 23000 | &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co-Issuer, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 06/15/31 |  | 23950 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
| 45000 | &nbsp;&nbsp;&nbsp;XHR LP\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/30 | $| 45776 |
|  |  |  | 2026923 |
|  | **Health Care (0.9%)** | **Health Care (0.9%)** | **Health Care (0.9%)** |
| 22000 | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 03/15/33 |  | 22678 |
|  | &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.\* |  |  |
| 88000 | &nbsp;&nbsp;&nbsp;6.125%, 04/01/30 |  | 62423 |
| 37000 | &nbsp;&nbsp;&nbsp;10.875%, 01/15/32 |  | 38834 |
| 25000 | &nbsp;&nbsp;&nbsp;6.875%, 04/15/29^ |  | 19626 |
| 5000 | &nbsp;&nbsp;&nbsp;5.250%, 05/15/30 |  | 4381 |
|  | &nbsp;&nbsp;&nbsp;DaVita, Inc.\* |  |  |
| 52000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 |  | 47207 |
| 49000 | &nbsp;&nbsp;&nbsp;4.625%, 06/01/30 |  | 46804 |
| 43000 | &nbsp;&nbsp;&nbsp;6.875%, 09/01/32 |  | 44261 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp.\* |  |  |
| 33000 | &nbsp;&nbsp;&nbsp;5.000%, 02/15/30^ |  | 29945 |
| 11000 | &nbsp;&nbsp;&nbsp;6.750%, 02/15/30 |  | 10601 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. |  |  |
| 20000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/30 |  | 19558 |
| 20000 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/28 |  | 19714 |
| 47000 | &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 11/06/33 |  | 53300 |
| 25000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 06/01/32 |  | 25655 |
| 200000 | &nbsp;&nbsp;&nbsp;Jazz Securities DAC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 01/15/29 |  | 193622 |
|  | &nbsp;&nbsp;&nbsp;Medline Borrower LP\* |  |  |
| 55000 | &nbsp;&nbsp;&nbsp;3.875%, 04/01/29 |  | 52474 |
| 53000 | &nbsp;&nbsp;&nbsp;5.250%, 10/01/29 |  | 52019 |
| 6000 | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 04/01/29 |  | 6133 |
| 200000 | &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 04/30/31 |  | 173116 |
|  | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |  |
| 120000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/27 |  | 120179 |
| 70000 | &nbsp;&nbsp;&nbsp;6.875%, 11/15/31 |  | 74636 |
|  |  |  | 1117166 |
|  | **Industrials (1.2%)** | **Industrials (1.2%)** | **Industrials (1.2%)** |
| 45000 | &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/15/29 |  | 46218 |
| 50000 | &nbsp;&nbsp;&nbsp;ACCO Brands Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 |  | 44320 |
| 50000 | &nbsp;&nbsp;&nbsp;Air Lease Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/15/26 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.15% |  | 48944 |
|  | &nbsp;&nbsp;&nbsp;Arcosa, Inc.\* |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;4.375%, 04/15/29 |  | 24126 |
| 22000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/32 |  | 22761 |
| 214762 | &nbsp;&nbsp;&nbsp;ARD Finance SA\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/30/27 |  |  |
|  | &nbsp;&nbsp;&nbsp;7.250% PIK rate |  | 16041 |
|  | &nbsp;&nbsp;&nbsp;Bombardier, Inc.\* |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;8.750%, 11/15/30 |  | 26945 |
| 15000 | &nbsp;&nbsp;&nbsp;7.000%, 06/01/32^ |  | 15546 |
| 13000 | &nbsp;&nbsp;&nbsp;7.250%, 07/01/31^ |  | 13581 |
| 11000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/33 |  | 11367 |
| 2000 | &nbsp;&nbsp;&nbsp;7.875%, 04/15/27 |  | 2008 |
| 44000 | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/29 |  | 42290 |
| 65000 | &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/30 |  | 64944 |
| 11000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/20/28 |  | 11016 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp.\* |  |  |
| 58000 | &nbsp;&nbsp;&nbsp;8.000%, 06/01/29 |  | 55731 |
| 10000 | &nbsp;&nbsp;&nbsp;8.125%, 09/15/29 |  | 10287 |
|  | &nbsp;&nbsp;&nbsp;EnerSys\* |  |  |
| 25000 | &nbsp;&nbsp;&nbsp;4.375%, 12/15/27 |  | 24578 |
| 20000 | &nbsp;&nbsp;&nbsp;6.625%, 01/15/32 |  | 20567 |
|  | &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc.\* |  |  |
| 15000 | &nbsp;&nbsp;&nbsp;8.625%, 05/15/32 |  | 15976 |
| 15000 | &nbsp;&nbsp;&nbsp;8.000%, 03/15/33 |  | 15682 |
| 45000 | &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 08/15/28 |  | 44930 |
|  | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |  |
| 30000 | &nbsp;&nbsp;&nbsp;4.750%, 07/15/27 |  | 29567 |
| 20000 | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 |  | 18816 |
| 51000 | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/01/29 |  | 48397 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.\* |  |  |
| 65000 | &nbsp;&nbsp;&nbsp;5.500%, 07/15/27 |  | 64811 |
| 23000 | &nbsp;&nbsp;&nbsp;7.250%, 06/15/33 |  | 23845 |
| 23000 | &nbsp;&nbsp;&nbsp;7.000%, 06/15/30 |  | 23774 |
| 23000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29^ |  | 23565 |
|  | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.\* |  |  |
| 34000 | &nbsp;&nbsp;&nbsp;7.000%, 09/01/32 |  | 25576 |
| 15000 | &nbsp;&nbsp;&nbsp;4.875%, 12/15/27^ |  | 14238 |
| 70000 | &nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/15/28 |  | 68221 |
| 33000 | &nbsp;&nbsp;&nbsp;Moog, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/15/27 |  | 32290 |
| 52000 | &nbsp;&nbsp;&nbsp;Novelis Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/30/30 |  | 49873 |
| 45000 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/32 |  | 46205 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp.\* |  |  |
| 11000 | &nbsp;&nbsp;&nbsp;5.000%, 04/15/29 |  | 10848 |
| 10000 | &nbsp;&nbsp;&nbsp;6.500%, 07/15/32^ |  | 10316 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.\* |  |  |
| 35000 | &nbsp;&nbsp;&nbsp;6.125%, 02/01/28 |  | 35359 |
| 10000 | &nbsp;&nbsp;&nbsp;7.250%, 02/15/31 |  | 10401 |
| 40000 | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 |  | 36494 |
|  | &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.\* |  |  |
| 22000 | &nbsp;&nbsp;&nbsp;6.250%, 08/01/33 |  | 22222 |
| 10000 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/32 |  | 10219 |
| 24000 | &nbsp;&nbsp;&nbsp;Standard Industries, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/27 |  | 24009 |
|  | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |  |
| 45000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/30 |  | 46678 |
| 35000 | &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 |  | 35737 |
| 29000 | &nbsp;&nbsp;&nbsp;6.625%, 03/01/32 |  | 29851 |
| 15000 | &nbsp;&nbsp;&nbsp;7.125%, 12/01/31 |  | 15634 |
| 12011 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-2, Class B |  |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/29 |  | 11650 |
| 26000 | &nbsp;&nbsp;&nbsp;Wabash National Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/15/28 |  | 23311 |
| 44000 | &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/33 |  | 45704 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | **VALUE** | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;Williams Scotsman, Inc.\* |  |  |
| 27000 | &nbsp;&nbsp;&nbsp;4.625%, 08/15/28 | $| 26575 |
| 20000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/31 |  | 20891 |
| 15000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 |  | 15400 |
|  |  |  | 1478335 |
|  | **Information Technology (0.6%)** | **Information Technology (0.6%)** | **Information Technology (0.6%)** |
| 22000 | &nbsp;&nbsp;&nbsp;CACI International, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 06/15/33 |  | 22546 |
| 80000 | &nbsp;&nbsp;&nbsp;Clarivate Science Holdings Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 07/01/28 |  | 76658 |
| 23000 | &nbsp;&nbsp;&nbsp;Coherent Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 |  | 22525 |
| 21000 | &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
|  | &nbsp;&nbsp;&nbsp;6.020%, 06/15/26 |  | 21182 |
| 22000 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 |  | 22521 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* |  |  |
| 26000 | &nbsp;&nbsp;&nbsp;4.000%, 06/15/28 |  | 25140 |
| 17000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/33 |  | 17115 |
| 50000 | &nbsp;&nbsp;&nbsp;KBR, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 09/30/28 |  | 48274 |
|  | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd.\* |  |  |
| 22000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/32 |  | 22612 |
| 20000 | &nbsp;&nbsp;&nbsp;8.125%, 01/15/29 |  | 21044 |
| 34000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/01/28 |  | 32840 |
| 20000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 |  | 20658 |
| 16000 | &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/01/31 |  | 14583 |
| 37000 | &nbsp;&nbsp;&nbsp;Playtika Holding Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 |  | 33948 |
| 60000 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 03/01/29 |  | 57188 |
|  | &nbsp;&nbsp;&nbsp;Twilio, Inc. |  |  |
| 30000 | &nbsp;&nbsp;&nbsp;3.625%, 03/15/29 |  | 28434 |
| 11000 | &nbsp;&nbsp;&nbsp;3.875%, 03/15/31 |  | 10231 |
| 42000 | &nbsp;&nbsp;&nbsp;UKG, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 02/01/31 |  | 43194 |
| 65000 | &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 10/01/29 |  | 60290 |
| 45000 | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/32 |  | 46151 |
| 50000 | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC/ZoomInfo Finance Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 02/01/29 |  | 47036 |
|  |  |  | 694170 |
|  | **Materials (0.6%)** | **Materials (0.6%)** | **Materials (0.6%)** |
| 45000 | &nbsp;&nbsp;&nbsp;Avient Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/01/31 |  | 45202 |
| 45000 | &nbsp;&nbsp;&nbsp;Capstone Copper Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/33 |  | 45856 |
| 20000 | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC |  |  |
|  | &nbsp;&nbsp;&nbsp;6.879%, 07/15/32 |  | 20715 |
| 44000 | &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 |  | 44462 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co.\* |  |  |
| 37000 | &nbsp;&nbsp;&nbsp;8.000%, 01/15/33 |  | 34450 |
| 33000 | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 |  | 28001 |
| 75000 | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 08/15/28 |  | 70783 |
| 35000 | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 03/15/32 |  | 34171 |
| 65000 | &nbsp;&nbsp;&nbsp;FMC Corp.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;8.450%, 11/01/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.37% |  | 67278 |
| 45000 | &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;10.250%, 04/01/30 |  | 46647 |
| 45000 | &nbsp;&nbsp;&nbsp;Knife River Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/01/31 |  | 47269 |
|  | &nbsp;&nbsp;&nbsp;Mercer International, Inc. |  |  |
| 48000 | &nbsp;&nbsp;&nbsp;5.125%, 02/01/29 |  | 38712 |
| 20000 | &nbsp;&nbsp;&nbsp;12.875%, 10/01/28\* |  | 20188 |
| 56000 | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 02/01/28 |  | 54427 |
| 45000 | &nbsp;&nbsp;&nbsp;Terex Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 10/15/32 |  | 45101 |
| 17850 | &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 05/03/29 |  | 10418 |
| 50000 | &nbsp;&nbsp;&nbsp;WR Grace Holdings LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 03/01/31 |  | 51627 |
|  |  |  | 705307 |
|  | ***Other (0.3%)*** |  |  |
| 15523 | &nbsp;&nbsp;&nbsp;Claritev Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate |  | 11341 |
|  | &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |  |
| 63945 | &nbsp;&nbsp;&nbsp;10.750%, 11/30/29 |  | 67470 |
| 44123 | &nbsp;&nbsp;&nbsp;6.750%, 11/30/30 |  |  |
|  | &nbsp;&nbsp;&nbsp;6.75% Cash or PIK |  | 41873 |
| 25000 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/30/27 |  | 25449 |
| 23000 | &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 04/15/30 |  | 23846 |
| 45000 | &nbsp;&nbsp;&nbsp;New Gold, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/01/32 |  | 46226 |
| 40000 | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.050%, 09/15/28 |  | 41218 |
| 45000 | &nbsp;&nbsp;&nbsp;Olin Corp.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 04/01/33 |  | 43846 |
| 20000 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc.‡ |  |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 09/15/55 |  |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% |  | 20026 |
| 45000 | &nbsp;&nbsp;&nbsp;Rfna LP\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 02/15/30 |  | 45891 |
| 45000 | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC\* |  |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/15/32 |  | 47295 |
|  |  |  | 414481 |
|  | ***Real Estate (0.1%)*** |  |  |
| 22000 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* |  |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/15/33 |  | 22111 |
| 30000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc.\*^ |  |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/28 |  | 28936 |
| 61000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\* |  |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 |  | 58302 |
|  |  |  | 109349 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  |<br>**VALUE** |
|  |  | **Special Purpose Acquisition Companies (0.1%)** | **Special Purpose Acquisition Companies (0.1%)** |
| 11000 |  | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;6.750%, 04/15/32 | $11268 |
|  |  | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.\* |  |
| 45000 |  | &nbsp;&nbsp;&nbsp;6.750%, 01/15/30^ | 42376 |
| 23000 |  | &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 21877 |
|  |  |  | 75521 |
|  |  | **Utilities (0.2%)** | **Utilities (0.2%)** |
|  |  | &nbsp;&nbsp;&nbsp;AES Corp.‡ |  |
| 13000 |  | &nbsp;&nbsp;&nbsp;6.950%, 07/15/55 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.89% | 12559 |
| 7000 |  | &nbsp;&nbsp;&nbsp;7.600%, 01/15/55 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% | 7098 |
| 20000 |  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/55 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.21% | 20522 |
| 45000 |  | &nbsp;&nbsp;&nbsp;Duke Energy Corp.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.450%, 09/01/54 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.59% | 46340 |
| 35000 |  | &nbsp;&nbsp;&nbsp;Entergy Corp.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.125%, 12/01/54 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.67% | 36325 |
| 35000 |  | &nbsp;&nbsp;&nbsp;Evergy, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.650%, 06/01/55 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.56% | 35392 |
| 33000 |  | &nbsp;&nbsp;&nbsp;NiSource, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.950%, 11/30/54 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45% | 34330 |
| 16000 |  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.222%, 03/30/67 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.93% | 15912 |
|  |  | &nbsp;&nbsp;&nbsp;Vistra Corp.\*‡ |  |
| 20000 |  | &nbsp;&nbsp;&nbsp;7.000%, 12/15/26 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.74% | 20213 |
| 10000 |  | &nbsp;&nbsp;&nbsp;8.000%, 10/15/26 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 6.93% | 10214 |
|  |  |  | 238905 |
|  |  | **Total Corporate Bonds** |  |
|  |  | (Cost $13,822,043) | 13497398 |
| **Convertible Bonds (27.9%)** | **Convertible Bonds (27.9%)** | **Convertible Bonds (27.9%)** | **Convertible Bonds (27.9%)** |
|  |  | **Communication Services (5.6%)** | **Communication Services (5.6%)** |
| 755000 |  | &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;2.375%, 10/15/32 | 795694 |
| 948000 |  | &nbsp;&nbsp;&nbsp;DoorDash, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/30 | 1030704 |
| 580000 |  | &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One |  |
|  |  | &nbsp;&nbsp;&nbsp;2.250%, 08/15/27 | 755897 |
| 1339000 |  | &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/01/30 | 1380455 |
|  |  | &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |
| 881000 |  | &nbsp;&nbsp;&nbsp;0.000%, 05/15/28\*^ | 986905 |
| 721000 |  | &nbsp;&nbsp;&nbsp;0.875%, 12/01/28 | 985405 |
| 600000 |  | &nbsp;&nbsp;&nbsp;Xiaomi Best Time International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 12/17/27 | 874944 |
|  |  |  | 6810004 |
|  |  | **Consumer Discretionary (1.5%)** | **Consumer Discretionary (1.5%)** |
| 742500 | EUR | &nbsp;&nbsp;&nbsp;Accor SA |  |
|  |  | &nbsp;&nbsp;&nbsp;0.700%, 12/07/27 | 475934 |
| 10000000 | HKD | &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.375%, 06/30/30 | 1284446 |
|  |  |  | 1760380 |
|  |  | **Consumer Staples (2.3%)** | **Consumer Staples (2.3%)** |
| 121000 |  | &nbsp;&nbsp;&nbsp;Celcuity, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.750%, 08/01/31 | 133962 |
| 2045000 |  | &nbsp;&nbsp;&nbsp;Oddity Finance LLC\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 2158579 |
| 612000 | CAD | &nbsp;&nbsp;&nbsp;Premium Brands Holdings Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;4.200%, 09/30/27 | 434619 |
|  |  |  | 2727160 |
|  |  | **Energy (0.4%)** | **Energy (0.4%)** |
| 300000 | EUR | &nbsp;&nbsp;&nbsp;Saipem SpA |  |
|  |  | &nbsp;&nbsp;&nbsp;2.875%, 09/11/29 | 498691 |
|  |  | **Financials (1.0%)** | **Financials (1.0%)** |
| 311000 |  | &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 04/01/30 | 426297 |
| 500000 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Finance Corp. International, Ltd. (Tencent Holdings, Ltd.)§ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/27 | 752150 |
|  |  |  | 1178447 |
|  |  | **Health Care (0.9%)** | **Health Care (0.9%)** |
| 410000 |  | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.000%, 09/15/27 | 603577 |
| 485000 |  | &nbsp;&nbsp;&nbsp;Tempus AI, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.750%, 07/15/30 | 485946 |
|  |  |  | 1089523 |
|  |  | **Industrials (2.3%)** | **Industrials (2.3%)** |
| 1576000 |  | &nbsp;&nbsp;&nbsp;AeroVironment, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/30 | 1775080 |
| 349000 |  | &nbsp;&nbsp;&nbsp;Fluor Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.125%, 08/15/29 | 491584 |
| 400000 | EUR | &nbsp;&nbsp;&nbsp;Vinci SA |  |
|  |  | &nbsp;&nbsp;&nbsp;0.700%, 02/18/30 | 481952 |
|  |  |  | 2748616 |
|  |  | **Information Technology (9.2%)** | **Information Technology (9.2%)** |
|  |  | &nbsp;&nbsp;&nbsp;Cloudflare, Inc. |  |
| 598000 |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30\* | 665831 |
| 412000 |  | &nbsp;&nbsp;&nbsp;0.000%, 08/15/26 | 506731 |
| 800000 |  | &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 | 823608 |
| 1108000 |  | &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;1.250%, 11/01/29 | 1272616 |
| 724000 |  | &nbsp;&nbsp;&nbsp;Itron, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.375%, 07/15/30 | 832238 |
| 602000 |  | &nbsp;&nbsp;&nbsp;Life360, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/01/30 | 711642 |
| 1535000 |  | &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.250%, 06/01/30 | 1816427 |
| 401000 |  | &nbsp;&nbsp;&nbsp;Nutanix, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 | 453202 |
| 630000 |  | &nbsp;&nbsp;&nbsp;Snowflake, Inc.\*^ |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 10/01/29 | 980224 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  |<br>**VALUE** |
| 1121000 |  | &nbsp;&nbsp;&nbsp;Spotify USA, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 | 1422078 |
| 539000 |  | &nbsp;&nbsp;&nbsp;Xero Investments Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.625%, 06/12/31 | 665029 |
| 970000 |  | &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/15/28 | 948359 |
|  |  |  | 11097985 |
|  |  | **Materials (0.9%)** | **Materials (0.9%)** |
| 626000 |  | &nbsp;&nbsp;&nbsp;Fortuna Mining Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;3.750%, 06/30/29 | 805443 |
| 300000 |  | &nbsp;&nbsp;&nbsp;KCC Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.750%, 07/10/30 | 321603 |
|  |  |  | 1127046 |
|  |  | **Other (0.2%)** | **Other (0.2%)** |
| 200000 |  | &nbsp;&nbsp;&nbsp;China Hongqiao Group Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 03/26/30 | 248174 |
|  |  | **Utilities (3.6%)** | **Utilities (3.6%)** |
| 991000 |  | &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/26 | 1062005 |
| 700000 | EUR | &nbsp;&nbsp;&nbsp;Iberdrola Finanzas SA |  |
|  |  | &nbsp;&nbsp;&nbsp;1.500%, 03/27/30 | 826520 |
| 1097000 |  | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;2.875%, 03/15/28 | 1225305 |
| 1062000 |  | &nbsp;&nbsp;&nbsp;Southern Co. |  |
|  |  | &nbsp;&nbsp;&nbsp;4.500%, 06/15/27 | 1189291 |
|  |  |  | 4303121 |
|  |  | **Total Convertible Bonds** |  |
|  |  | (Cost $31,641,278) | 33589147 |
| **Bank Loans (1.2%) ¡** | **Bank Loans (1.2%) ¡** | **Bank Loans (1.2%) ¡** | **Bank Loans (1.2%) ¡** |
|  |  | **Airlines (0.1%)** | **Airlines (0.1%)** |
| 49375 |  | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 49437 |
| 37385 |  | &nbsp;&nbsp;&nbsp;United Airlines, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.351%, 02/22/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 37577 |
|  |  |  | 87014 |
|  |  | **Communication Services (0.1%)** | **Communication Services (0.1%)** |
| 11296 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;10.471%, 10/01/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.00% | 9333 |
| 1261 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;11.471%, 10/02/28 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 7.00% | 1258 |
| 24748 |  | &nbsp;&nbsp;&nbsp;Cincinnati Bell, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.106%, 11/22/28 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 24820 |
| 59061 |  | &nbsp;&nbsp;&nbsp;CSC Holdings LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;9.000%, 04/15/27 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. U.S. (Fed) Prime Rate + 1.50% | 58261 |
| 700 |  | &nbsp;&nbsp;&nbsp;Gray Television, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;9.579%, 06/04/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.25% | 702 |
| 54612 |  | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.106%, 07/08/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 54203 |
|  |  |  | 148577 |
|  |  | **Consumer Discretionary (0.1%)** | **Consumer Discretionary (0.1%)** |
| 28872 |  | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% | 28890 |
| 16128 |  | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% | 16139 |
| 10000 |  | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC! |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/25/32 | 10075 |
| 44775 |  | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.577%, 11/05/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 44925 |
| 24750 |  | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;9.833%, 05/30/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 25205 |
| 49375 |  | &nbsp;&nbsp;&nbsp;Station Casinos LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.356%, 03/14/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 49486 |
|  |  |  | 174720 |
|  |  | **Consumer Staples (0.3%)** | **Consumer Staples (0.3%)** |
| 140111 |  | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;9.856%, 05/04/28 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.50% | 142913 |
| 47200 |  | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC! |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 08/01/32 | 47308 |
| 34738 |  | &nbsp;&nbsp;&nbsp;B&G Foods, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.856%, 10/10/29 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 32226 |
| 86000 |  | &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;10.606%, 10/08/30 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.25% | 84489 |
| 3573 |  | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;8.058%, 12/31/30 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 3564 |
| 51608 |  | &nbsp;&nbsp;&nbsp;Star Parent, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;8.296%, 09/27/30 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 51103 |
| 45000 |  | &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.! |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/23/28 | 45056 |
|  |  |  | 406659 |
|  |  | **Energy (0.1%)** | **Energy (0.1%)** |
| 59243 |  | &nbsp;&nbsp;&nbsp;Par Petroleum LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;8.029%, 02/28/30 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 59274 |
|  |  | **Financials (0.2%)** | **Financials (0.2%)** |
| 65000 |  | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.! |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 65102 |
| 54364 |  | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.856%, 08/17/28 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 54486 |
| 30000 |  | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.! |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 06/13/31 | 30056 |
| 45000 |  | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;8.606%, 03/27/32 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 45468 |
|  |  |  | 195112 |
|  |  | **Industrials (0.2%)** | **Industrials (0.2%)** |
| 35000 |  | &nbsp;&nbsp;&nbsp;Chamberlain Group, Inc.! |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 09/08/32 | 35029 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| 45000 |  | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP! |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 08/04/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45084 |
| 14888 |  | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.856%, 08/04/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 14915 |
| 44550 |  | &nbsp;&nbsp;&nbsp;MI Windows & Doors LLC‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.106%, 03/28/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 44667 |
| 84150 |  | &nbsp;&nbsp;&nbsp;TransDigm, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.796%, 02/28/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 84494 |
|  |  |  | 224189 |
|  |  | ***Information Technology (0.1%)*** | ***Information Technology (0.1%)*** |
| 45501 |  | &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.333%, 07/30/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 45555 |
| 65000 |  | &nbsp;&nbsp;&nbsp;Rocket Software, Inc.! |  |
|  |  | &nbsp;&nbsp;&nbsp;0.000%, 11/28/28 | 65239 |
| 38308 |  | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc.‡ |  |
|  |  | &nbsp;&nbsp;&nbsp;6.356%, 05/09/31 |  |
|  |  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 38481 |
|  |  |  | 149275 |
|  |  | **Total Bank Loans** |  |
|  |  | (Cost $1,437,499) | 1444820 |
| **NUMBER OF** |  |  |  |
| **SHARES** |  |  | **VALUE** |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** | **Warrants (0.0%) #** | **Warrants (0.0%) #** |
|  |  | ***Communication Services (0.0%)*** | ***Communication Services (0.0%)*** |
| 153 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 | $— |
| 25 |  | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
|  |  | ***Energy (0.0%)*** | ***Energy (0.0%)*** |
| 2607 |  | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $15.98 | 1 |
| 2347 |  | &nbsp;&nbsp;&nbsp;Mcdermott International Ltd. |  |
|  |  | &nbsp;&nbsp;&nbsp;06/30/27, Strike $12.33 |  |
|  |  |  | 1 |
|  |  | **Total Warrants** |  |
|  |  | (Cost $1,002) | 1 |
| **Common Stocks (91.5%)** | **Common Stocks (91.5%)** | **Common Stocks (91.5%)** |  |
|  |  | ***Communication Services (10.7%)*** |  |
| 9086 |  | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class Aµ | 1743603 |
| 925 |  | &nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class A^# | 2405 |
| 72630 |  | &nbsp;&nbsp;&nbsp;AT&T, Inc.^ | 1990788 |
| 553 |  | &nbsp;&nbsp;&nbsp;Audacy, Inc.# | 7742 |
| 1050 |  | &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR^# | 92264 |
| 7060 | GBP | &nbsp;&nbsp;&nbsp;Baltic Classifieds Group PLC | 33379 |
| 36605 | INR | &nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 795902 |
| 310 |  | &nbsp;&nbsp;&nbsp;Cumulus Media, Inc. - Class A# | 43 |
| 1010 | KRW | &nbsp;&nbsp;&nbsp;Dear U Co. Ltd. | 35685 |
| 33500 | HKD | &nbsp;&nbsp;&nbsp;Meitu, Inc.\* | 51230 |
| 2050 |  | &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class Aµ | 1585552 |
| 11450 |  | &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | 459717 |
| 33007 | ZAR | &nbsp;&nbsp;&nbsp;MTN Group Ltd. | 277425 |
| 695 | KRW | &nbsp;&nbsp;&nbsp;NAVER Corp. | 116965 |
| 1110 |  | &nbsp;&nbsp;&nbsp;Netflix, Inc.µ# | 1286934 |
| 987 | EUR | &nbsp;&nbsp;&nbsp;Scout24 SE\* | 131904 |
| 6125 |  | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR# | 959481 |
| 405 |  | &nbsp;&nbsp;&nbsp;Spotify Technology SA# | 253749 |
| 16600 | AUD | &nbsp;&nbsp;&nbsp;Superloop Ltd.# | 35569 |
| 10700 | HKD | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd.µ | 749131 |
| 15060 |  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. ADR | 1055254 |
| 8850 |  | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR^ | 185761 |
| 33000 | BRL | &nbsp;&nbsp;&nbsp;TIM SA | 122051 |
| 12775 | GBP | &nbsp;&nbsp;&nbsp;Trustpilot Group PLC\*# | 42131 |
| 7610 |  | &nbsp;&nbsp;&nbsp;Walt Disney Co.^µ | 906427 |
|  |  |  | 12921092 |
|  |  | ***Consumer Discretionary (9.4%)*** |  |
| 28100 | HKD | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd.µ | 422477 |
| 1745 |  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 210499 |
| 47680 | MXN | &nbsp;&nbsp;&nbsp;Alsea SAB de CV# | 142952 |
| 9920 |  | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.µ# | 2322371 |
| 16685 | INR | &nbsp;&nbsp;&nbsp;Amber Enterprises India Ltd.# | 1505650 |
| 83000 | AED | &nbsp;&nbsp;&nbsp;Americana Restaurants International PLC | 48520 |
| 9604 |  | &nbsp;&nbsp;&nbsp;Aptiv PLC# | 659219 |
| 1440 | EUR | &nbsp;&nbsp;&nbsp;Auto1 Group SE\*# | 43168 |
| 215 |  | &nbsp;&nbsp;&nbsp;AutoZone, Inc.^# | 810202 |
| 2630 | SEK | &nbsp;&nbsp;&nbsp;Betsson AB - Class B | 44532 |
| 5700 | CNY | &nbsp;&nbsp;&nbsp;China Tourism Group Duty Free Corp. Ltd. - Class A | 51372 |
| 2600 | HKD | &nbsp;&nbsp;&nbsp;DPC Dash Ltd.# | 28062 |
| 2715 | INR | &nbsp;&nbsp;&nbsp;Eicher Motors Ltd. | 168780 |
| 81050 | INR | &nbsp;&nbsp;&nbsp;Eternal Ltd.# | 283839 |
| 595 |  | &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC# | 179845 |
| 1300 | JPY | &nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. | 65476 |
| 100 | GBP | &nbsp;&nbsp;&nbsp;Games Workshop Group PLC | 21426 |
| 32800 | HKD | &nbsp;&nbsp;&nbsp;JD Health International, Inc.\*# | 209738 |
| 45700 | HKD | &nbsp;&nbsp;&nbsp;JD.com, Inc. - Class A | 720320 |
| 48000 | HKD | &nbsp;&nbsp;&nbsp;Jiumaojiu International Holdings Ltd.\*^ | 17308 |
| 33500 | HKD | &nbsp;&nbsp;&nbsp;Li Ning Co. Ltd. | 70976 |
| 4500 | EUR | &nbsp;&nbsp;&nbsp;Lottomatica Group SpA | 121297 |
| 280 | EUR | &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SEµ | 150307 |
| 658 |  | &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.#~ | 1562020 |
| 11570 |  | &nbsp;&nbsp;&nbsp;NIO, Inc. ADR^# | 56346 |
| 5600 | HKD | &nbsp;&nbsp;&nbsp;Pop Mart International Group Ltd.\* | 174686 |
| 70 |  | &nbsp;&nbsp;&nbsp;Rite Aid Corp.# | 70 |
| 64000 | HKD | &nbsp;&nbsp;&nbsp;Sands China Ltd. | 154929 |
| 38700 | JPY | &nbsp;&nbsp;&nbsp;Toyota Motor Corp.µ | 688380 |
| 148448 | INR | &nbsp;&nbsp;&nbsp;Vishal Mega Mart Ltd.# | 235515 |
| 3250 | HKD | &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 150898 |
| 23000 | HKD | &nbsp;&nbsp;&nbsp;Zhongsheng Group Holdings Ltd. | 38689 |
|  |  |  | 11359869 |
|  |  | ***Consumer Staples (4.6%)*** |  |
| 1665 | KRW | &nbsp;&nbsp;&nbsp;APR Corp. | 218826 |
| 1500 |  | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 250560 |
| 1035 |  | &nbsp;&nbsp;&nbsp;Costco Wholesale Corp.µ | 972527 |
| 263 | GBP | &nbsp;&nbsp;&nbsp;Cranswick PLC | 18419 |
| 14450 | PLN | &nbsp;&nbsp;&nbsp;Dino Polska SA\*# | 190569 |
| 960 | EUR | &nbsp;&nbsp;&nbsp;Distribuidora Internacional de Alimentacion SA# | 31442 |
| 28730 | CNY | &nbsp;&nbsp;&nbsp;Eastroc Beverage Group Co. Ltd. - Class A | 1123002 |
| 15800 | CNY | &nbsp;&nbsp;&nbsp;Gambol Pet Group Co. Ltd. - Class A | 198457 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| 700 | CNY | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. - Class A | $138103 |
| 5900 | CHF | &nbsp;&nbsp;&nbsp;Nestle SAµ | 515525 |
| 1355 |  | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - Class A# | 94945 |
| 5715 |  | &nbsp;&nbsp;&nbsp;Philip Morris International, Inc.^ | 937546 |
| 20332 | BRL | &nbsp;&nbsp;&nbsp;Raia Drogasil SA | 48910 |
| 745 | KRW | &nbsp;&nbsp;&nbsp;Samyang Foods Co. Ltd. | 769834 |
|  |  |  | 5508665 |
|  |  | ***Energy (3.4%)*** |  |
| 11650 | GBP | &nbsp;&nbsp;&nbsp;BP PLC | 62447 |
| 33280 | CAD | &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd.^ | 1053450 |
| 1130 |  | &nbsp;&nbsp;&nbsp;Centrus Energy Corp. - Class A^# | 243402 |
| 180 |  | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 10381 |
| 8810 |  | &nbsp;&nbsp;&nbsp;Chevron Corp.µ | 1335948 |
| 2552 |  | &nbsp;&nbsp;&nbsp;Energy Transfer LP | 46038 |
| 1160 |  | &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 35948 |
| 341 |  | &nbsp;&nbsp;&nbsp;EP Energy Corp.# | 512 |
| 8880 |  | &nbsp;&nbsp;&nbsp;EQT Corp.^ | 477300 |
| 11400 |  | &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc.^ | 184794 |
| 23255 | BRL | &nbsp;&nbsp;&nbsp;PRIO SA# | 175216 |
| 46000 | THB | &nbsp;&nbsp;&nbsp;PTT Exploration & Production PCL | 177087 |
| 7295 | INR | &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 115190 |
| 11600 | EUR | &nbsp;&nbsp;&nbsp;Saipem SpA^ | 31007 |
| 3140 |  | &nbsp;&nbsp;&nbsp;TechnipFMC PLC | 114202 |
|  |  |  | 4062922 |
| **** |  | ***Financials (15.8%)*** |  |
| 116000 | HKD | &nbsp;&nbsp;&nbsp;AIA Group Ltd. | 1081603 |
| 81020 | EUR | &nbsp;&nbsp;&nbsp;Alpha Bank SA | 303268 |
| 49400 | BRL | &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 110982 |
| 101890 | EUR | &nbsp;&nbsp;&nbsp;Banco Santander SA | 875315 |
| 5925 | EUR | &nbsp;&nbsp;&nbsp;BAWAG Group AG\* | 747779 |
| 1140 | CAD | &nbsp;&nbsp;&nbsp;Definity Financial Corp. | 61418 |
| 85640 | EUR | &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services & Holdings SA | 314330 |
| 400 | CAD | &nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 707494 |
| 29304 | AED | &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 143358 |
| 1510 |  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.^ | 1092621 |
| 34235 | MXN | &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - Class O | 304894 |
| 2780 |  | &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 213421 |
| 13100 | HKD | &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 708956 |
| 40400 |  | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 663772 |
| 40925 |  | &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR^ | 1379172 |
| 33037 |  | &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA ADR | 207142 |
| 6465 |  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.^ | 1915192 |
| 13070 | KRW | &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | 1038387 |
| 5480 | INR | &nbsp;&nbsp;&nbsp;PB Fintech Ltd.# | 112201 |
| 48500 | HKD | &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - Class H | 332970 |
| 22000 | BRL | &nbsp;&nbsp;&nbsp;Porto Seguro SA | 203870 |
| 2795 |  | &nbsp;&nbsp;&nbsp;Progressive Corp.^ | 676502 |
| 14100 | JPY | &nbsp;&nbsp;&nbsp;Rakuten Bank Ltd.^# | 656803 |
| 1365 | KRW | &nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | 123211 |
| 3700 | KRW | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | 180167 |
| 19150 | EUR | &nbsp;&nbsp;&nbsp;Societe Generale SA | 1222316 |
| 120 | CHF | &nbsp;&nbsp;&nbsp;Swissquote Group Holding SA^ | 79733 |
| 25835 | EUR | &nbsp;&nbsp;&nbsp;UniCredit SpA^ | 1900778 |
| 2085 |  | &nbsp;&nbsp;&nbsp;Visa, Inc. - Class Aµ | 720305 |
| 12385 |  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co.µ | 998603 |
|  |  |  | 19076563 |
|  |  | ***Health Care (4.1%)*** |  |
| 4035 |  | &nbsp;&nbsp;&nbsp;AbbVie, Inc.^µ | 762696 |
| 6960 | SEK | &nbsp;&nbsp;&nbsp;Ambea AB\* | 87560 |
| 5325 | GBP | &nbsp;&nbsp;&nbsp;AstraZeneca PLCµ | 776873 |
| 1250 | KRW | &nbsp;&nbsp;&nbsp;Dentium Co. Ltd. | 57832 |
| 1240 |  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co.µ | 917687 |
| 3840 | EUR | &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | 183286 |
| 6000 | EUR | &nbsp;&nbsp;&nbsp;Gerresheimer AG | 295824 |
| 1310 |  | &nbsp;&nbsp;&nbsp;Humana, Inc. | 327330 |
| 4510 | BRL | &nbsp;&nbsp;&nbsp;Hypera SA | 20707 |
| 18000 | HKD | &nbsp;&nbsp;&nbsp;Innovent Biologics, Inc.\*# | 222806 |
| 8635 | INR | &nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | 122903 |
| 19829 |  | &nbsp;&nbsp;&nbsp;Novo Nordisk AS ADR | 933351 |
| 880 | AUD | &nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 180712 |
| 1440 | SEK | &nbsp;&nbsp;&nbsp;Sectra AB - Class B | 53389 |
|  |  |  | 4942956 |
|  |  | ***Industrials (14.7%)*** |  |
| 16400 | JPY | &nbsp;&nbsp;&nbsp;BayCurrent, Inc. | 941689 |
| 70 | CHF | &nbsp;&nbsp;&nbsp;Belimo Holding AG^ | 81461 |
| 2340 | CNY | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. - Class A | 85671 |
| 1860 |  | &nbsp;&nbsp;&nbsp;Deere & Co. | 975328 |
| 232 | EUR | &nbsp;&nbsp;&nbsp;DO & Co. AG | 52339 |
| 220 | KRW | &nbsp;&nbsp;&nbsp;Doosan Co. Ltd. | 94007 |
| 7007 | KRW | &nbsp;&nbsp;&nbsp;Doosan Enerbility Co. Ltd.# | 328268 |
| 1800 | EUR | &nbsp;&nbsp;&nbsp;Exosens SAS | 84085 |
| 2810 | EUR | &nbsp;&nbsp;&nbsp;Fincantieri SpA# | 54380 |
| 7345 |  | &nbsp;&nbsp;&nbsp;Flowserve Corp.^ | 411614 |
| 3305 |  | &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 2182258 |
| 1659 | KRW | &nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | 1183617 |
| 1375 | KRW | &nbsp;&nbsp;&nbsp;Hanwha Corp. | 98204 |
| 670 | KRW | &nbsp;&nbsp;&nbsp;HD Hyundai Heavy Industries Co. Ltd. | 235143 |
| 11457 | INR | &nbsp;&nbsp;&nbsp;Hindustan Aeronautics Ltd. | 589490 |
| 54700 | JPY | &nbsp;&nbsp;&nbsp;Hitachi Ltd. | 1673855 |
| 410 | KRW | &nbsp;&nbsp;&nbsp;Hyundai Rotem Co. Ltd. | 59269 |
| 700 | JPY | &nbsp;&nbsp;&nbsp;IHI Corp. | 77950 |
| 2700 | JPY | &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. | 72078 |
| 1084000 | HKD | &nbsp;&nbsp;&nbsp;Lonking Holdings Ltd. | 365850 |
| 1100 | CAD | &nbsp;&nbsp;&nbsp;MDA Space Ltd.^# | 30803 |
| 8700 | CNY | &nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables Co. Ltd. - Class A | 57230 |
| 1870 | EUR | &nbsp;&nbsp;&nbsp;Palfinger AG | 77775 |
| 3685 | CHF | &nbsp;&nbsp;&nbsp;R&S Group Holding AG | 168302 |
| 780 | EUR | &nbsp;&nbsp;&nbsp;RENK Group AG | 60549 |
| 667 | EUR | &nbsp;&nbsp;&nbsp;Rheinmetall AG | 1320324 |
| 131825 | GBP | &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 1870988 |
| 4880 | KRW | &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | 588747 |
| 14700 | CNY | &nbsp;&nbsp;&nbsp;Shanghai International Airport Co. Ltd. - Class A | 65672 |
| 4800 | EUR | &nbsp;&nbsp;&nbsp;Siemens AGµ | 1222575 |
| 6860 | EUR | &nbsp;&nbsp;&nbsp;Siemens Energy AG# | 794242 |
| 1340 | KRW | &nbsp;&nbsp;&nbsp;SK Square Co. Ltd.# | 144332 |
| 8500 | EUR | &nbsp;&nbsp;&nbsp;SPIE SA | 500237 |
| 620 | EUR | &nbsp;&nbsp;&nbsp;Vossloh AG | 60808 |
| 1870 | EUR | &nbsp;&nbsp;&nbsp;Wacker Neuson SE | 48919 |
| 4250 |  | &nbsp;&nbsp;&nbsp;Waste Management, Inc.^ | 973930 |
| 65000 | HKD | &nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. - Class H | 137791 |
|  |  |  | 17769780 |
|  |  | ***Information Technology (24.1%)*** |  |
| 11500 | TWD | &nbsp;&nbsp;&nbsp;Accton Technology Corp. | 339643 |
| 2700 | JPY | &nbsp;&nbsp;&nbsp;Advantest Corp. | 179548 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  |  | **VALUE** |
| 2660 | TWD | &nbsp;&nbsp;&nbsp;Alchip Technologies Ltd. | $340046 |
| 1540 |  | &nbsp;&nbsp;&nbsp;ASML Holding NVµ | 1069853 |
| 1600 | TWD | &nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 242305 |
| 3230 |  | &nbsp;&nbsp;&nbsp;Broadcom, Inc.^ | 948651 |
| 48 | CAD | &nbsp;&nbsp;&nbsp;Constellation Software, Inc.^ | 165599 |
| 15480 | TWD | &nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 567444 |
| 4100 | CNY | &nbsp;&nbsp;&nbsp;Iflytek Co. Ltd. - Class A | 27727 |
| 2085 | EUR | &nbsp;&nbsp;&nbsp;Indra Sistemas SA^ | 86369 |
| 1370 | EUR | &nbsp;&nbsp;&nbsp;IONOS Group SE# | 64974 |
| 2500 | JPY | &nbsp;&nbsp;&nbsp;Keyence Corp. | 904328 |
| 445 | CAD | &nbsp;&nbsp;&nbsp;Kinaxis, Inc.# | 66044 |
| 184000 | HKD | &nbsp;&nbsp;&nbsp;Kingdee International Software Group Co. Ltd.# | 427066 |
| 2545 | AUD | &nbsp;&nbsp;&nbsp;Life360, Inc.\*# | 64796 |
| 4010 |  | &nbsp;&nbsp;&nbsp;Marvell Technology, Inc.^ | 322284 |
| 5085 |  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2712848 |
| 1500 | ILS | &nbsp;&nbsp;&nbsp;Nayax Ltd.# | 66141 |
| 220 | EUR | &nbsp;&nbsp;&nbsp;Nemetschek SE | 32779 |
| 3200 | NOK | &nbsp;&nbsp;&nbsp;Norbit ASA | 63591 |
| 31980 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp.^µ | 5688283 |
| 5565 |  | &nbsp;&nbsp;&nbsp;Oracle Corp.µ | 1412230 |
| 5675 |  | &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class Aµ# | 898636 |
| 250 | KRW | &nbsp;&nbsp;&nbsp;Park Systems Corp. | 49351 |
| 4900 | EUR | &nbsp;&nbsp;&nbsp;Profile Systems & Software SA | 42734 |
| 23115 | KRW | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 1178032 |
| 2736 | EUR | &nbsp;&nbsp;&nbsp;SAP SEµ | 782374 |
| 985 |  | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.^# | 928973 |
| 7500 | JPY | &nbsp;&nbsp;&nbsp;SHIFT, Inc.# | 78708 |
| 5775 | KRW | &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 1119286 |
| 167240 | TWD | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 6438615 |
| 11970 | AUD | &nbsp;&nbsp;&nbsp;Technology One Ltd.^ | 313118 |
| 33595 | BRL | &nbsp;&nbsp;&nbsp;TOTVS SA | 261642 |
| 2500 | JPY | &nbsp;&nbsp;&nbsp;Towa Corp. | 31046 |
| 24000 | CNY | &nbsp;&nbsp;&nbsp;Venustech Group, Inc. - Class A# | 53025 |
| 5185 | AUD | &nbsp;&nbsp;&nbsp;WiseTech Global Ltd.^ | 392713 |
| 110200 | HKD | &nbsp;&nbsp;&nbsp;Xiaomi Corp. - Class B\*# | 741420 |
|  |  |  | 29102222 |
|  |  | ***Materials (3.8%)*** |  |
| 52472 | CAD | &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A^ | 1275067 |
| 380 | EUR | &nbsp;&nbsp;&nbsp;AlzChem Group AG | 64323 |
| 38990 |  | &nbsp;&nbsp;&nbsp;Cemex SAB de CV ADR | 339213 |
| 4665 | EUR | &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | 1076190 |
| 3080 | CAD | &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc.^ | 28586 |
| 1905 |  | &nbsp;&nbsp;&nbsp;Linde PLCµ | 876795 |
| 5000 | AUD | &nbsp;&nbsp;&nbsp;Lynas Rare Earths Ltd.^# | 33597 |
| 10670 |  | &nbsp;&nbsp;&nbsp;MP Materials Corp.# | 656205 |
| 5575 | ZAR | &nbsp;&nbsp;&nbsp;Sasol Ltd.# | 28678 |
| 1146 | EUR | &nbsp;&nbsp;&nbsp;SOL SpA^ | 61149 |
| 1370 | CAD | &nbsp;&nbsp;&nbsp;Torex Gold Resources, Inc.^# | 38591 |
| 5250 |  | &nbsp;&nbsp;&nbsp;Vale SA ADR | 50032 |
|  |  |  | 4528426 |
|  |  | ***Real Estate (0.7%)*** |  |
| 179500 | PHP | &nbsp;&nbsp;&nbsp;Ayala Land, Inc. | 76692 |
| 103740 | AED | &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 429619 |
| 6100 | INR | &nbsp;&nbsp;&nbsp;Kolte-Patil Developers Ltd. | 28617 |
| 13955 | INR | &nbsp;&nbsp;&nbsp;Prestige Estates Projects Ltd. | 257595 |
|  |  |  | 792523 |
|  |  | ***Utilities (0.2%)*** |  |
| 10650 | EUR | &nbsp;&nbsp;&nbsp;Iberdrola SA | 187188 |
| 4017 | EUR | &nbsp;&nbsp;&nbsp;Italgas SpA | 33330 |
|  |  |  | 220518 |
|  |  | **Total Common Stocks**<br> (Cost $107,002,725) | 110285536 |
| **Preferred Stocks (0.0%)** | **Preferred Stocks (0.0%)** | **Preferred Stocks (0.0%)** |  |
|  |  | ***Communication Services (0.0%)*** |  |
| 1122 |  | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/56 | 22216 |
| 340 |  | &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.625%, 03/31/26 | 7208 |
|  |  | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
| 355 |  | &nbsp;&nbsp;&nbsp;6.250%, 09/01/69 | 9070 |
| 289 |  | &nbsp;&nbsp;&nbsp;5.500%, 03/01/70 | 6407 |
| 33 |  | &nbsp;&nbsp;&nbsp;5.500%, 06/01/70 | 741 |
|  |  |  | 45642 |
|  |  | ***Consumer Discretionary (0.0%)*** |  |
| 305 |  | &nbsp;&nbsp;&nbsp;Guitar Center, Inc.# | 4575 |
|  |  | **Total Preferred Stocks**<br> (Cost $73,722) | 50217 |
| **Exchange-Traded Funds (1.0%)** | **Exchange-Traded Funds (1.0%)** | **Exchange-Traded Funds (1.0%)** |  |
|  |  | ***Other (1.0%)*** |  |
| 45865 |  | &nbsp;&nbsp;&nbsp;Invesco Senior Loan ETF^ | 959954 |
| 6150 |  | &nbsp;&nbsp;&nbsp;iShares MSCI Saudi Arabia ETF^ | 230994 |
|  |  | **Total Exchange-Traded Funds**<br> (Cost $1,280,484) | 1190948 |
| **Convertible Preferred Stock (3.2%)** | **Convertible Preferred Stock (3.2%)** | **Convertible Preferred Stock (3.2%)** |  |
|  |  | ***Industrials (3.2%)*** |  |
| 54190 |  | &nbsp;&nbsp;&nbsp;Boeing Co. |  |
|  |  | &nbsp;&nbsp;&nbsp;6.000%, 10/15/27 |  |
|  |  | &nbsp;&nbsp;&nbsp;(Cost $2,953,219) | 3831233 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  | **VALUE** |
| **Exchange-Traded Purchased Options (1.7%) #** | **Exchange-Traded Purchased Options (1.7%) #** | |
|  | ***Communication Services (0.1%)*** | |
| 266<br> 558334 | &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group<br> Call, 10/17/25, Strike $17.00 | $117040 |
|  | ***Consumer Discretionary (0.0%)*** |  |
| 96<br> 658944 | &nbsp;&nbsp;&nbsp;Aptiv PLC<br> Put, 08/15/25, Strike $47.50 | 6240 |
| 38<br> 680086 | &nbsp;&nbsp;&nbsp;Toyota Motor Corp.<br> Put, 08/15/25, Strike $160.00 | 1140 |
|  |  | 7380 |
|  | ***Consumer Staples (0.0%)*** |  |
| 20<br> 140140 | &nbsp;&nbsp;&nbsp;Oddity Tech Ltd.<br> Call, 10/17/25, Strike $70.00 | 15300 |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF<br> CONTRACTS/<br> NOTIONAL<br> AMOUNT** |  |  | **VALUE** |
|  |  | ***Health Care (0.0%)*** | |
| 40<br> 756080 |  | &nbsp;&nbsp;&nbsp;AbbVie, Inc.<br> Put, 08/15/25, Strike $165.00 | $1700 |
|  |  | ***Information Technology (0.3%)*** |  |
| 9<br> 179874 |  | &nbsp;&nbsp;&nbsp;Celestica, Inc.<br> Call, 08/15/25, Strike $120.00 | 72225 |
| 77<br> 1369599 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp.<br> Call, 09/19/25, Strike $150.00 | 237160 |
| 13<br> 158873 |  | &nbsp;&nbsp;&nbsp;Shopify, Inc.<br> Call, 08/15/25, Strike $120.00 | 11700 |
| 23<br> 555726 |  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd.<br> Call, 10/17/25, Strike $220.00 | 70150 |
|  |  |  | 391235 |
|  |  | ***Materials (0.1%)*** |  |
| 51<br> 278664 |  | &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc.<br> Call, 11/21/25, Strike $60.00 | 11858 |
| 2088<br> 1989864 |  | &nbsp;&nbsp;&nbsp;Vale SA<br> Call, 12/19/25, Strike $11.00 | 44892 |
|  |  |  | 56750 |
|  |  | ***Other (1.2%)*** |  |
| 242<br> 13673242 |  | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1<br> Put, 11/21/25, Strike $525.00 | 255189 |
| 177<br> 10000677 |  | &nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series 1<br> Put, 11/21/25, Strike $535.00 | 220542 |
| 671<br> 8908196 |  | &nbsp;&nbsp;&nbsp;iShares Biotechnology ETF<br> Call, 11/21/25, Strike $135.00 | 395890 |
| 965<br> 8445680 |  | &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF<br> Put, 12/19/25, Strike $84.00 | 295290 |
| 113<br> 988976 |  | &nbsp;&nbsp;&nbsp;iShares MSCI EAFE ETF<br> Put, 08/15/25, Strike $87.00 | 10057 |
| 558<br> 2709648 |  | &nbsp;&nbsp;&nbsp;iShares MSCI Emerging Markets ETF<br> Put, 08/15/25, Strike $48.50 | 30411 |
| 141<br> 1038042 |  | &nbsp;&nbsp;&nbsp;iShares MSCI Japan ETF<br> Put, 08/15/25, Strike $71.00 | 3525 |
| 445<br> 3240045 |  | &nbsp;&nbsp;&nbsp;iShares MSCI South Korea ETF<br> Put, 08/15/25, Strike $72.00 | 52287 |
| 395<br> 1399880 |  | &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF<br> Call, 08/15/25, Strike $36.00 | 21133 |
| 39<br> 508170 |  | &nbsp;&nbsp;&nbsp;NetEase, Inc.<br> Call, 09/19/25, Strike $130.00 | 31200 |
| 280<br> 17698240 |  | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Put, 12/19/25, Strike $510.00 | 107240 |
| 78<br> 4930224 |  | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Put, 08/15/25, Strike $570.00 | 3081 |
| 78<br> 4930224 |  | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust<br> Put, 11/21/25, Strike $590.00 | 71487 |
|  |  |  | 1497332 |
|  |  | **Total Exchange-Traded Purchased Options**<br> (Cost $2,669,107) | 2086737 |
| &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(137.7%)**<br> (Cost $160,881,079) | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(137.7%)**<br> (Cost $160,881,079) | &nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(137.7%)**<br> (Cost $160,881,079) | 165976037 |
| MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-10.8%) | MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-10.8%) | MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-10.8%) | (13000000) |
| LIABILITIES, LESS OTHER ASSETS (-26.9%) | LIABILITIES, LESS OTHER ASSETS (-26.9%) | LIABILITIES, LESS OTHER ASSETS (-26.9%) | (32470079) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $120505958 |
| **Exchange-Traded Written Options (0.0%) #** | **Exchange-Traded Written Options (0.0%) #** | **Exchange-Traded Written Options (0.0%) #** |  |
|  |  | ***Health Care (0.0%)*** |  |
| (40<br> (756080 |)) | &nbsp;&nbsp;&nbsp;AbbVie, Inc.<br> Call, 11/21/25, Strike $220.00 | $(6540) |
|  |  | ***Industrials (0.0%)*** |  |
| (73<br> (409092 |)) | &nbsp;&nbsp;&nbsp;Flowserve Corp.<br> Call, 10/17/25, Strike $65.00 | (5658) |
|  |  | **Total Exchange-Traded Written Options**<br> (Premium $14,860) | $(12198) |

---

**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 July 31, 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<br> Date** | **Acquisition<br> Cost** |
| Rite Aid Corp. | 09/04/2024 | $4857 |
| Rite Aid Corp. | 12/05/2024 | 4413 |
| **Total** |  | $**9270** |

---

---

| |
|:---|
| Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical. |
| 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. |
| Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $23,369,626. |
| Non-income producing security. |

---

See accompanying Notes to Schedule of Investments

**Calamos Global Total Return Fund**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **~** | 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 $237,389. |

---

---

| | |
|:---|:---|
| **FOREIGN CURRENCY ABBREVIATIONS** | **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** | **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.* 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $— | $13497398 | $— | $13497398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds |  | 33589147 |  | 33589147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Loans |  | 1444820 |  | 1444820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 57172419 | 53113117 |  | 110285536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 50217 |  |  | 50217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 1190948 |  |  | 1190948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Preferred Stock | 3831233 |  |  | 3831233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 2086737 |  |  | 2086737 |
| **Total** | $64331555 | $101644482 | $— | $165976037 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Written Options | $12198 | $— | $— | $12198 |
| **Total** | $12198 | $— | $— | $12198 |

---

**CURRENCY EXPOSURE JULY 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Value** | **% of Total<br> Investments** |
| US Dollar | $103965463 | 62.6% |
| European Monetary Unit | 15342761 | 9.3% |
| Hong Kong Dollar | 8091352 | 4.9% |
| New Taiwan Dollar | 7928053 | 4.8% |
| South Korean Won | 7619163 | 4.6% |
| Japanese Yen | 5369861 | 3.2% |
| Indian Rupee | 4215682 | 2.5% |
| Canadian Dollar | 3861671 | 2.3% |
| British Pound Sterling | 2825663 | 1.7% |
| Chinese Yuan Renminbi | 1800259 | 1.1% |
| Australian Dollar | 1020505 | 0.6% |
| Brazilian Real | 943378 | 0.6% |
| Swiss Franc | 845021 | 0.5% |
| UAE Dirham | 621497 | 0.4% |
| Mexican Peso | 447846 | 0.3% |
| South African Rand | 306103 | 0.2% |
| Polish Zloty | 190569 | 0.1% |
| Swedish Krona | 185481 | 0.1% |
| Thai Baht | 177087 | 0.1% |
| Philippine Peso | 76692 | 0.1% |
| Israeli Shekel | 66141 | —% |
| Norwegian Krone | 63591 | —% |
| Total Investments | $165963839 | 100.0% |
| Currency exposure may vary over time. |  |  |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Asset Backed Security (0.1%)** | **Asset Backed Security (0.1%)** |  |
|  | **Other (0.1%)** |  |
| 145000 | SVC ABS LLC Series 2023-1A, Class C\* |  |
|  | 6.700%, 02/20/53 |  |
|  | (Cost $138,113) | $139541 |
| **Corporate Bonds (32.0%)** | **Corporate Bonds (32.0%)** |  |
|  | **Airlines (0.2%)** |  |
| 145632 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class A\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.800%, 02/15/29 | 145316 |
| 35490 | &nbsp;&nbsp;&nbsp;Alaska Airlines Pass-Through Trust Series 2020-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 35536 |
| 163520 | &nbsp;&nbsp;&nbsp;American Airlines Pass-Through Trust Series 2021-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 01/11/32 | 154505 |
| 147125 | &nbsp;&nbsp;&nbsp;British Airways Pass-Through Trust Series 2021-1, Class B\* |  |
|  | &nbsp;&nbsp;&nbsp;3.900%, 03/15/33 | 140222 |
| 158612 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2020-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/15/30 | 159366 |
|  |  | 634945 |
|  | **Communication Services (2.2%)** |  |
| 225000 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/15/29 | 217910 |
| 380000 | &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% | 386186 |
| 162000 | &nbsp;&nbsp;&nbsp;Cincinnati Bell Telephone Co. LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.300%, 12/01/28 | 158907 |
|  | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* |  |
| 105000 | &nbsp;&nbsp;&nbsp;7.500%, 03/15/33 | 104770 |
| 90000 | &nbsp;&nbsp;&nbsp;7.875%, 04/01/30 | 92703 |
| 85000 | &nbsp;&nbsp;&nbsp;9.000%, 09/15/28^ | 89089 |
| 262000 | &nbsp;&nbsp;&nbsp;Consolidated Communications, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 10/01/28 | 266336 |
|  | &nbsp;&nbsp;&nbsp;CSC Holdings LLC\* |  |
| 400000 | &nbsp;&nbsp;&nbsp;4.625%, 12/01/30 | 187564 |
| 350000 | &nbsp;&nbsp;&nbsp;4.500%, 11/15/31 | 233716 |
| 174000 | &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co-Obligor, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 08/15/27 | 173099 |
| 290000 | &nbsp;&nbsp;&nbsp;Frontier California, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 05/15/27 | 295583 |
| 48000 | &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/15/30 | 50357 |
| 292000 | &nbsp;&nbsp;&nbsp;Frontier Florida LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.860%, 02/01/28 | 304877 |
| 280000 | &nbsp;&nbsp;&nbsp;Frontier North, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.730%, 02/15/28 | 288952 |
| 165000 | &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 155060 |
|  | &nbsp;&nbsp;&nbsp;Gray Media, Inc.\* |  |
| 100000 | &nbsp;&nbsp;&nbsp;5.375%, 11/15/31^ | 73943 |
| 95000 | &nbsp;&nbsp;&nbsp;7.250%, 08/15/33 | 94557 |
| 185000 | &nbsp;&nbsp;&nbsp;Hughes Satellite Systems Corp.^ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 08/01/26 | 171284 |
|  | &nbsp;&nbsp;&nbsp;iHeartCommunications, Inc.\* |  |
| 92000 | &nbsp;&nbsp;&nbsp;10.875%, 05/01/30 | 46109 |
| 62300 | &nbsp;&nbsp;&nbsp;7.750%, 08/15/30 | 48827 |
| 200000 | &nbsp;&nbsp;&nbsp;LCPR Senior Secured Financing DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/27 | 153664 |
|  | &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. |  |
| 135000 | &nbsp;&nbsp;&nbsp;7.600%, 09/15/39 | 115596 |
| 132750 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32\* | 135070 |
|  | &nbsp;&nbsp;&nbsp;Paramount Global~ |  |
| 571000 | &nbsp;&nbsp;&nbsp;6.375%, 03/30/62‡ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.00% | 563486 |
| 180000 | &nbsp;&nbsp;&nbsp;4.900%, 08/15/44 | 141901 |
| 63000 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 09/15/25 | 63066 |
|  | &nbsp;&nbsp;&nbsp;Rogers Communications, Inc.‡ |  |
| 470000 | &nbsp;&nbsp;&nbsp;7.125%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.62% | 479804 |
| 320000 | &nbsp;&nbsp;&nbsp;5.250%, 03/15/82\*~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.59% | 316688 |
| 285000 | &nbsp;&nbsp;&nbsp;7.000%, 04/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 291917 |
|  | &nbsp;&nbsp;&nbsp;Scripps Escrow II, Inc.\* |  |
| 95000 | &nbsp;&nbsp;&nbsp;3.875%, 01/15/29~^ | 84446 |
| 48000 | &nbsp;&nbsp;&nbsp;5.375%, 01/15/31 | 35444 |
| 100000 | &nbsp;&nbsp;&nbsp;Scripps Escrow, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 07/15/27 | 100000 |
| 95000 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 02/15/33 | 97200 |
|  | &nbsp;&nbsp;&nbsp;Sirius XM Radio LLC\* |  |
| 233000 | &nbsp;&nbsp;&nbsp;3.875%, 09/01/31~^ | 205678 |
| 100000 | &nbsp;&nbsp;&nbsp;5.500%, 07/01/29 | 98833 |
| 90000 | &nbsp;&nbsp;&nbsp;3.125%, 09/01/26~ | 88063 |
| 100000 | &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/01/27 | 62281 |
|  | &nbsp;&nbsp;&nbsp;TELUS Corp.‡ |  |
| 255000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 258402 |
| 170000 | &nbsp;&nbsp;&nbsp;7.000%, 10/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.71% | 172625 |
|  | &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |
| 145000 | &nbsp;&nbsp;&nbsp;6.550%, 05/01/37 | 149289 |
| 70000 | &nbsp;&nbsp;&nbsp;7.300%, 07/01/38~ | 75640 |
| 82000 | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 12/15/33 | 86715 |
|  | &nbsp;&nbsp;&nbsp;Univision Communications, Inc.\* |  |
| 95000 | &nbsp;&nbsp;&nbsp;8.500%, 07/31/31 | 96608 |
| 90000 | &nbsp;&nbsp;&nbsp;8.000%, 08/15/28 | 92533 |
| 265000 | &nbsp;&nbsp;&nbsp;Vodafone Group PLC~‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 04/04/79 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. USD Swap + 4.87% | 277683 |
|  |  | 7682461 |
|  | **Consumer Discretionary (3.9%)** |  |
| 280000 | &nbsp;&nbsp;&nbsp;Adams Homes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 10/15/28 | 290099 |
|  | &nbsp;&nbsp;&nbsp;Adient Global Holdings Ltd.\*^ |  |
| 250000 | &nbsp;&nbsp;&nbsp;8.250%, 04/15/31~ | 261495 |
| 95000 | &nbsp;&nbsp;&nbsp;7.500%, 02/15/33 | 96951 |
|  | &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc.\* |  |
| 85000 | &nbsp;&nbsp;&nbsp;7.000%, 08/01/30 | 85491 |
| 48000 | &nbsp;&nbsp;&nbsp;7.375%, 08/01/33 | 48252 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 740000 | &nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd.~‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.39% | $746393 |
|  | &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC/Ashton Woods Finance Co.\* |  |
| 167000 | &nbsp;&nbsp;&nbsp;4.625%, 08/01/29 | 158964 |
| 95000 | &nbsp;&nbsp;&nbsp;6.875%, 08/01/33 | 94964 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |
| 254000 | &nbsp;&nbsp;&nbsp;6.694%, 01/15/27 | 260589 |
| 145000 | &nbsp;&nbsp;&nbsp;6.875%, 11/01/35~ | 149431 |
| 35000 | &nbsp;&nbsp;&nbsp;6.625%, 10/01/30\* | 35874 |
|  | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* |  |
| 163000 | &nbsp;&nbsp;&nbsp;6.000%, 10/15/32 | 157491 |
| 118000 | &nbsp;&nbsp;&nbsp;4.625%, 10/15/29~ | 111639 |
| 35000 | &nbsp;&nbsp;&nbsp;7.000%, 02/15/30 | 36137 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp.\* |  |
| 89000 | &nbsp;&nbsp;&nbsp;4.000%, 08/01/28~ | 86509 |
| 12000 | &nbsp;&nbsp;&nbsp;7.000%, 08/15/29 | 12623 |
|  | &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp.\* |  |
| 750000 | &nbsp;&nbsp;&nbsp;4.750%, 03/01/30~ | 712792 |
| 250000 | &nbsp;&nbsp;&nbsp;4.500%, 08/15/30~ | 234150 |
| 220000 | &nbsp;&nbsp;&nbsp;6.375%, 09/01/29~ | 222136 |
| 186000 | &nbsp;&nbsp;&nbsp;4.250%, 02/01/31~ | 169848 |
| 185000 | &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 | 183590 |
| 96000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/32~ | 88730 |
|  | &nbsp;&nbsp;&nbsp;Churchill Downs, Inc.\* |  |
| 96000 | &nbsp;&nbsp;&nbsp;5.750%, 04/01/30~ | 95891 |
| 92000 | &nbsp;&nbsp;&nbsp;6.750%, 05/01/31 | 94071 |
|  | &nbsp;&nbsp;&nbsp;Dana, Inc. |  |
| 188000 | &nbsp;&nbsp;&nbsp;4.500%, 02/15/32^ | 183554 |
| 155000 | &nbsp;&nbsp;&nbsp;4.250%, 09/01/30 | 152619 |
|  | &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |
| 88000 | &nbsp;&nbsp;&nbsp;5.125%, 06/01/29 | 64594 |
| 72000 | &nbsp;&nbsp;&nbsp;7.375%, 07/01/28 | 55361 |
| 186000 | &nbsp;&nbsp;&nbsp;DISH Network Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;11.750%, 11/15/27 | 193868 |
| 200000 | &nbsp;&nbsp;&nbsp;Empire Resorts, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 11/01/26 | 197668 |
| 200000 | &nbsp;&nbsp;&nbsp;Flutter Treasury DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 06/04/31 | 201616 |
| 190000 | &nbsp;&nbsp;&nbsp;Ford Motor Co. |  |
|  | &nbsp;&nbsp;&nbsp;6.100%, 08/19/32 | 190287 |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC~ |  |
| 300000 | &nbsp;&nbsp;&nbsp;4.000%, 11/13/30 | 275829 |
| 270000 | &nbsp;&nbsp;&nbsp;5.113%, 05/03/29 | 264138 |
| 235000 | &nbsp;&nbsp;&nbsp;7.200%, 06/10/30 | 247152 |
| 90000 | &nbsp;&nbsp;&nbsp;General Motors Co.~ |  |
|  | &nbsp;&nbsp;&nbsp;5.200%, 04/01/45 | 78266 |
|  | &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc.‡ |  |
| 690000 | &nbsp;&nbsp;&nbsp;5.700%, 09/30/30~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.00% | 675924 |
| 293000 | &nbsp;&nbsp;&nbsp;6.500%, 09/30/28^ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.44% | 288104 |
|  | &nbsp;&nbsp;&nbsp;goeasy Ltd.\* |  |
| 315000 | &nbsp;&nbsp;&nbsp;9.250%, 12/01/28 | 333557 |
| 161000 | &nbsp;&nbsp;&nbsp;7.625%, 07/01/29 | 165946 |
|  | &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co. |  |
| 272000 | &nbsp;&nbsp;&nbsp;5.625%, 04/30/33^ | 255511 |
| 100000 | &nbsp;&nbsp;&nbsp;5.250%, 07/15/31 | 95110 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc.\* |  |
| 115000 | &nbsp;&nbsp;&nbsp;6.375%, 01/15/30 | 117490 |
| 79000 | &nbsp;&nbsp;&nbsp;4.000%, 08/15/28~ | 76240 |
| 35914 | &nbsp;&nbsp;&nbsp;JetBlue Pass-Through Trust Series 2019-1, Class B |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 05/15/29 | 36083 |
| 250000 | &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.550%, 07/17/45 | 140797 |
| 190000 | &nbsp;&nbsp;&nbsp;Liberty Interactive LLC |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/30 | 26266 |
| 190000 | &nbsp;&nbsp;&nbsp;Life Time, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 11/15/31 | 191590 |
| 90000 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 09/01/31 | 93879 |
| 70000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 05/15/28 | 73018 |
| 123000 | &nbsp;&nbsp;&nbsp;Lindblad Expeditions LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 02/15/27 | 123396 |
| 125000 | &nbsp;&nbsp;&nbsp;M/I Homes, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;3.950%, 02/15/30 | 116614 |
|  | &nbsp;&nbsp;&nbsp;Macy's Retail Holdings LLC |  |
| 230000 | &nbsp;&nbsp;&nbsp;4.300%, 02/15/43 | 152260 |
| 159000 | &nbsp;&nbsp;&nbsp;6.700%, 07/15/34\* | 137129 |
| 370000 | &nbsp;&nbsp;&nbsp;MGM Resorts International^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 376231 |
| 242000 | &nbsp;&nbsp;&nbsp;Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 05/01/29 | 233363 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |
| 95000 | &nbsp;&nbsp;&nbsp;8.500%, 06/01/28\* | 99752 |
| 95000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/32 | 90977 |
| 90000 | &nbsp;&nbsp;&nbsp;Nordstrom, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 01/15/44 | 61082 |
|  | &nbsp;&nbsp;&nbsp;Patrick Industries, Inc.\* |  |
| 170000 | &nbsp;&nbsp;&nbsp;4.750%, 05/01/29 | 165016 |
| 95000 | &nbsp;&nbsp;&nbsp;6.375%, 11/01/32 | 95055 |
| 215000 | &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 07/01/29 | 199380 |
| 265000 | &nbsp;&nbsp;&nbsp;Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 09/01/29 | 160245 |
| 95000 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;5.450%, 08/15/34 | 41766 |
| 90000 | &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC\*~ |  |
|  | &nbsp;&nbsp;&nbsp;9.375%, 05/01/29 | 95137 |
|  | &nbsp;&nbsp;&nbsp;Rite Aid Corp. |  |
| 324000 | &nbsp;&nbsp;&nbsp;0.000%, 11/15/26\*@ |  |
| 63397 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@ | 317 |
| 58927 | &nbsp;&nbsp;&nbsp;0.000%, 10/18/25\* |  |
| 46153 | &nbsp;&nbsp;&nbsp;15.000%, 08/30/31@!! | 231 |
| 21297 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/31\*@!! | 1597 |
| 20067 | &nbsp;&nbsp;&nbsp;0.000%, 08/30/34 |  |
| 190000 | &nbsp;&nbsp;&nbsp;Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 02/01/33 | 192031 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.\* |  |
| 24000 | &nbsp;&nbsp;&nbsp;5.625%, 09/30/31 | 24188 |
| 23000 | &nbsp;&nbsp;&nbsp;6.250%, 03/15/32 | 23606 |
| 175000 | &nbsp;&nbsp;&nbsp;Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed\* |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 03/01/29 | 165790 |
| 275000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\*~^ |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 05/15/31 | 280327 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 115000 | &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp. |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 07/15/29 | $111901 |
| 117000 | &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 112657 |
| 147000 | &nbsp;&nbsp;&nbsp;Speedway Motorsports LLC/Speedway Funding II, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 11/01/27 | 145570 |
| 140000 | &nbsp;&nbsp;&nbsp;Staples, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.750%, 09/01/29 | 131299 |
| 190000 | &nbsp;&nbsp;&nbsp;Station Casinos LLC\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 02/15/28 | 185801 |
| 185000 | &nbsp;&nbsp;&nbsp;STL Holding Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 02/15/29 | 192589 |
| 95000 | &nbsp;&nbsp;&nbsp;Under Armour, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 07/15/30 | 97320 |
| 45000 | &nbsp;&nbsp;&nbsp;Viking Cruises Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 07/15/31 | 48437 |
| 95000 | &nbsp;&nbsp;&nbsp;Voyager Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;9.250%, 07/01/32 | 100591 |
| 190000 | &nbsp;&nbsp;&nbsp;Whirlpool Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/15/33 | 187443 |
| 175000 | &nbsp;&nbsp;&nbsp;ZF North America Capital, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 04/14/30 | 169734 |
|  |  | 13427409 |
|  | **Consumer Staples (1.0%)** |  |
|  | &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC\* |  |
| 315000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/27 | 312909 |
| 145000 | &nbsp;&nbsp;&nbsp;5.875%, 02/15/28 | 145128 |
| 185000 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 187869 |
| 92000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/32 | 94940 |
|  | &nbsp;&nbsp;&nbsp;Brink's Co.\* |  |
| 100000 | &nbsp;&nbsp;&nbsp;6.500%, 06/15/29 | 102479 |
| 92000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/32 | 94856 |
| 218000 | &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/30/31 | 202162 |
| 213000 | &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/01/29 | 201743 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc.\* |  |
| 263000 | &nbsp;&nbsp;&nbsp;4.375%, 03/31/29~ | 249637 |
| 48000 | &nbsp;&nbsp;&nbsp;6.500%, 12/31/27^ | 48720 |
| 51000 | &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
|  | &nbsp;&nbsp;&nbsp;5.750%, 04/01/33 | 52315 |
| 655000 | &nbsp;&nbsp;&nbsp;Land O' Lakes, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 09/18/28 | 545340 |
|  | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC\* |  |
| 162766 | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 126481 |
| 78641 | &nbsp;&nbsp;&nbsp;5.750%, 12/31/30 | 64785 |
|  | &nbsp;&nbsp;&nbsp;Performance Food Group, Inc.\* |  |
| 191000 | &nbsp;&nbsp;&nbsp;4.250%, 08/01/29~ | 183834 |
| 48000 | &nbsp;&nbsp;&nbsp;6.125%, 09/15/32 | 48829 |
| 140000 | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 04/15/31 | 133869 |
|  | &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* |  |
| 187000 | &nbsp;&nbsp;&nbsp;6.250%, 02/15/32~ | 190693 |
| 139000 | &nbsp;&nbsp;&nbsp;6.375%, 03/01/33 | 139391 |
| 182000 | &nbsp;&nbsp;&nbsp;Prestige Brands, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 04/01/31 | 166721 |
| 140000 | &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.500%, 08/01/29 | 143216 |
| 155000 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 10/15/28 | 154586 |
|  |  | 3590503 |
|  | **Energy (3.7%)** |  |
|  | &nbsp;&nbsp;&nbsp;Ascent Resources Utica Holdings LLC/ARU Finance Corp.\* |  |
| 190000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/32 | 193405 |
| 48000 | &nbsp;&nbsp;&nbsp;6.625%, 07/15/33 | 48721 |
|  | &nbsp;&nbsp;&nbsp;Buckeye Partners LP |  |
| 140000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/30\* | 145190 |
| 135000 | &nbsp;&nbsp;&nbsp;5.850%, 11/15/43 | 120353 |
| 70000 | &nbsp;&nbsp;&nbsp;6.875%, 07/01/29\* | 72090 |
|  | &nbsp;&nbsp;&nbsp;Civitas Resources, Inc.\* |  |
| 178000 | &nbsp;&nbsp;&nbsp;8.750%, 07/01/31 | 180282 |
| 93000 | &nbsp;&nbsp;&nbsp;9.625%, 06/15/33 | 95684 |
| 135000 | &nbsp;&nbsp;&nbsp;Continental Resources, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 06/01/44 | 106136 |
| 150000 | &nbsp;&nbsp;&nbsp;DT Midstream, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/15/29 | 144607 |
|  | &nbsp;&nbsp;&nbsp;Enbridge, Inc.‡ |  |
| 820000 | &nbsp;&nbsp;&nbsp;5.750%, 07/15/80~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.31% | 813325 |
| 680000 | &nbsp;&nbsp;&nbsp;7.375%, 01/15/83~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.71% | 702386 |
| 430000 | &nbsp;&nbsp;&nbsp;7.200%, 06/27/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.97% | 444242 |
| 137000 | &nbsp;&nbsp;&nbsp;7.375%, 03/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.12% | 142954 |
| 233000 | &nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 05/01/31 | 257742 |
|  | &nbsp;&nbsp;&nbsp;Energy Transfer LP‡ |  |
| 435000 | &nbsp;&nbsp;&nbsp;6.500%, 11/15/26~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.69% | 437527 |
| 370000 | &nbsp;&nbsp;&nbsp;7.125%, 10/01/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.83% | 379716 |
| 345000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.02% | 367956 |
| 125000 | &nbsp;&nbsp;&nbsp;7.575%, 11/01/66~ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.28% | 124748 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC‡ |  |
| 185000 | &nbsp;&nbsp;&nbsp;7.573%, 08/16/77 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 185207 |
| 135000 | &nbsp;&nbsp;&nbsp;5.250%, 08/16/77~ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.29% | 133815 |
|  | &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 196000 | &nbsp;&nbsp;&nbsp;8.875%, 04/15/30~ | 207446 |
| 95000 | &nbsp;&nbsp;&nbsp;8.000%, 05/15/33 | 98570 |
| 265000 | &nbsp;&nbsp;&nbsp;Gulfport Energy Operating Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/01/29 | 269778 |
| 185000 | &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 07/15/32 | 191455 |
| 190000 | &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 12/01/32 | 192145 |
| 180000 | &nbsp;&nbsp;&nbsp;Matador Resources Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/15/32 | 180565 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 68000 | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/28 | $62840 |
| 198000 | &nbsp;&nbsp;&nbsp;Nabors Industries, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;9.125%, 01/31/30 | 196279 |
| 140000 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/30/26 | 49060 |
| 192000 | &nbsp;&nbsp;&nbsp;Oceaneering International, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.000%, 02/01/28 | 193382 |
| 113000 | &nbsp;&nbsp;&nbsp;ONEOK, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/30 | 120646 |
| 285000 | &nbsp;&nbsp;&nbsp;Parkland Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 | 291139 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Operating LLC\* |  |
| 181000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/32 | 187199 |
| 48000 | &nbsp;&nbsp;&nbsp;6.250%, 02/01/33 | 48293 |
| 750000 | &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.698%, 08/30/25 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.37% | 752482 |
|  | &nbsp;&nbsp;&nbsp;South Bow Canadian Infrastructure Holdings Ltd.\*‡ |  |
| 660000 | &nbsp;&nbsp;&nbsp;7.625%, 03/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.95% | 682216 |
| 190000 | &nbsp;&nbsp;&nbsp;7.500%, 03/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.67% | 197490 |
| 256000 | &nbsp;&nbsp;&nbsp;Summit Midstream Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 10/31/29 | 260756 |
| 95000 | &nbsp;&nbsp;&nbsp;Sunoco LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 07/01/33 | 96290 |
| 310000 | &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC\*~ |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 10/15/29 | 302315 |
|  | &nbsp;&nbsp;&nbsp;Transocean, Inc.\* |  |
| 253600 | &nbsp;&nbsp;&nbsp;8.750%, 02/15/30 | 263105 |
| 180000 | &nbsp;&nbsp;&nbsp;8.250%, 05/15/29 | 170212 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC\*~ |  |
| 45000 | &nbsp;&nbsp;&nbsp;4.125%, 08/15/31 | 41585 |
| 45000 | &nbsp;&nbsp;&nbsp;3.875%, 08/15/29 | 42502 |
|  | &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc.\* |  |
| 1093000 | &nbsp;&nbsp;&nbsp;9.000%, 09/30/29‡ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.44% | 1093951 |
| 230000 | &nbsp;&nbsp;&nbsp;8.375%, 06/01/31~ | 237873 |
| 140000 | &nbsp;&nbsp;&nbsp;8.125%, 06/01/28~ | 145016 |
| 100000 | &nbsp;&nbsp;&nbsp;7.000%, 01/15/30 | 101505 |
| 90000 | &nbsp;&nbsp;&nbsp;9.875%, 02/01/32~ | 97174 |
| 90000 | &nbsp;&nbsp;&nbsp;9.500%, 02/01/29~ | 98177 |
|  | &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC\* |  |
| 190000 | &nbsp;&nbsp;&nbsp;6.500%, 01/15/34 | 195508 |
| 24000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/36 | 24696 |
| 190000 | &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 10/15/30 | 178655 |
| 145000 | &nbsp;&nbsp;&nbsp;VOC Escrow Ltd.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 02/15/28 | 143791 |
| 203000 | &nbsp;&nbsp;&nbsp;Weatherford International Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;8.625%, 04/30/30 | 208802 |
| 164000 | &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 10/15/29 | 163485 |
|  |  | 12882469 |
|  | **Financials (12.0%)** |  |
| 150000 | &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 02/01/29 | 155174 |
|  | &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust‡ |  |
| 475000 | &nbsp;&nbsp;&nbsp;6.950%, 03/10/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.72% | 496290 |
| 330000 | &nbsp;&nbsp;&nbsp;6.500%, 01/31/56 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.44% | 335132 |
| 605000 | &nbsp;&nbsp;&nbsp;Aircastle Ltd.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.41% | 601479 |
|  | &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer\* |  |
| 190000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/32 | 195472 |
| 190000 | &nbsp;&nbsp;&nbsp;6.500%, 10/01/31 | 193065 |
| 400000 | &nbsp;&nbsp;&nbsp;Allianz SE\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.600%, 09/03/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.77% | 401652 |
| 360000 | &nbsp;&nbsp;&nbsp;Allstate Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.526%, 08/15/53 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.20% | 362203 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial, Inc.‡ |  |
| 1171000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.87% | 1142580 |
| 740000 | &nbsp;&nbsp;&nbsp;4.700%, 05/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 3.48% | 676190 |
| 199000 | &nbsp;&nbsp;&nbsp;AmWINS Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 06/30/29 | 193430 |
| 95000 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc. & Amynta Warranty Borrower, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 07/15/33 | 95442 |
| 1025000 | &nbsp;&nbsp;&nbsp;ARES Finance Co. III LLC\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 06/30/51 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.24% | 1002983 |
| 195000 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.625%, 01/15/29 | 194700 |
| 764000 | &nbsp;&nbsp;&nbsp;AXIS Specialty Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.900%, 01/15/40 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% | 735121 |
| 190000 | &nbsp;&nbsp;&nbsp;Azorra Finance Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 01/15/31 | 194129 |
| 185000 | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance\* |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 05/15/31 | 191096 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp.‡ |  |
| 675000 | &nbsp;&nbsp;&nbsp;6.625%, 05/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.68% | 693488 |
| 646000 | &nbsp;&nbsp;&nbsp;6.125%, 04/27/27~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.23% | 653461 |
| 895000 | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.700%, 09/20/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.36% | 894096 |
| 150000 | &nbsp;&nbsp;&nbsp;Beacon Funding Trust\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.266%, 08/15/54 | 148511 |
| 190000 | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 12/01/29 | 201284 |
| 200000 | &nbsp;&nbsp;&nbsp;Boost Newco Borrower LLC\*~ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/15/31 | 211590 |
|  | &nbsp;&nbsp;&nbsp;BP Capital Markets PLC‡ |  |
| 675000 | &nbsp;&nbsp;&nbsp;4.375%, 09/22/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.04% | 673967 |
| 480000 | &nbsp;&nbsp;&nbsp;4.875%, 03/22/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.40% | 474000 |
| 92000 | &nbsp;&nbsp;&nbsp;Brandywine Operating Partnership LP |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 04/12/29 | 98930 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 142000 | &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/35 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.30% | $146892 |
| 330000 | &nbsp;&nbsp;&nbsp;BroadStreet Partners, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;5.875%, 04/15/29 | 328020 |
| 140000 | &nbsp;&nbsp;&nbsp;Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 04/01/27 | 136223 |
| 200000 | &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/15/30 | 199748 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp.‡ |  |
| 1213000 | &nbsp;&nbsp;&nbsp;3.950%, 09/01/26~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.16% | 1186132 |
| 650000 | &nbsp;&nbsp;&nbsp;5.500%, 10/30/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.34% | 644858 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp.~‡ |  |
| 338000 | &nbsp;&nbsp;&nbsp;4.000%, 12/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;10 yr. CMT + 3.08% | 309209 |
| 170000 | &nbsp;&nbsp;&nbsp;4.000%, 06/01/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.17% | 167618 |
|  | &nbsp;&nbsp;&nbsp;Citigroup, Inc.‡ |  |
| 956000 | &nbsp;&nbsp;&nbsp;3.875%, 02/18/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.42% | 945321 |
| 350000 | &nbsp;&nbsp;&nbsp;7.625%, 11/15/28 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.21% | 365803 |
| 345000 | &nbsp;&nbsp;&nbsp;7.200%, 05/15/29 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.91% | 355799 |
| 335000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/30^ | 338665 |
| 330000 | &nbsp;&nbsp;&nbsp;6.950%, 02/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.73% | 333914 |
| 290000 | &nbsp;&nbsp;&nbsp;4.000%, 12/10/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.60% | 288437 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc.‡ |  |
| 830000 | &nbsp;&nbsp;&nbsp;4.000%, 10/06/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.22% | 808735 |
| 365000 | &nbsp;&nbsp;&nbsp;5.650%, 10/06/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.31% | 365350 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc.‡ |  |
| 510000 | &nbsp;&nbsp;&nbsp;6.375%, 09/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.65% | 510117 |
| 365000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/52 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.85% | 375757 |
|  | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.\* |  |
| 125000 | &nbsp;&nbsp;&nbsp;9.250%, 12/15/28~ | 132304 |
| 85000 | &nbsp;&nbsp;&nbsp;6.625%, 03/15/30 | 86108 |
| 180000 | &nbsp;&nbsp;&nbsp;Cushman & Wakefield U.S. Borrower LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.875%, 09/01/31 | 193198 |
| 500000 | &nbsp;&nbsp;&nbsp;Depository Trust & Clearing Corp.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;3.375%, 06/20/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.61% | 484940 |
| 765000 | &nbsp;&nbsp;&nbsp;Enstar Finance LLC~‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.500%, 01/15/42 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.01% | 754122 |
| 265000 | &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\*‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 04/01/45 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.19% | 273721 |
| 1295000 | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.22% | 1293407 |
| 160000 | &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.552%, 01/04/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.23% | 165603 |
|  | &nbsp;&nbsp;&nbsp;GGAM Finance Ltd.\* |  |
| 210000 | &nbsp;&nbsp;&nbsp;8.000%, 02/15/27 | 216455 |
| 95000 | &nbsp;&nbsp;&nbsp;5.875%, 03/15/30 | 95498 |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc.‡ |  |
| 715000 | &nbsp;&nbsp;&nbsp;7.186%, 02/10/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.85% | 718739 |
| 337000 | &nbsp;&nbsp;&nbsp;4.125%, 11/10/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.95% | 330381 |
| 180000 | &nbsp;&nbsp;&nbsp;7.500%, 05/10/29 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.81% | 188602 |
| 95000 | &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 06/15/27 | 98567 |
|  | &nbsp;&nbsp;&nbsp;HUB International Ltd.\*~ |  |
| 276000 | &nbsp;&nbsp;&nbsp;5.625%, 12/01/29 | 274394 |
| 137000 | &nbsp;&nbsp;&nbsp;7.375%, 01/31/32 | 142747 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc.‡ |  |
| 765000 | &nbsp;&nbsp;&nbsp;4.450%, 10/15/27~ |  |
|  | &nbsp;&nbsp;&nbsp;7 yr. CMT + 4.05% | 753387 |
| 395000 | &nbsp;&nbsp;&nbsp;5.625%, 07/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;10 yr. CMT + 4.95% | 403694 |
| 285000 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 03/15/28 | 283735 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Finance LLC/JFIN Co-Issuer Corp.\* |  |
| 235000 | &nbsp;&nbsp;&nbsp;5.000%, 08/15/28~ | 226869 |
| 200000 | &nbsp;&nbsp;&nbsp;6.625%, 10/15/31 | 199330 |
| 1300000 | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co.~‡ |  |
|  | &nbsp;&nbsp;&nbsp;3.650%, 06/01/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.85% | 1280955 |
| 680000 | &nbsp;&nbsp;&nbsp;KeyCorp~‡ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 09/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.87% | 672085 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.\* |  |
| 116000 | &nbsp;&nbsp;&nbsp;7.000%, 07/15/31 | 121547 |
| 112000 | &nbsp;&nbsp;&nbsp;4.750%, 06/15/29~ | 108853 |
|  | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.\* |  |
| 136580 | &nbsp;&nbsp;&nbsp;10.000%, 10/15/32 | 137796 |
| 90000 | &nbsp;&nbsp;&nbsp;3.875%, 10/15/30 | 78060 |
| 1284000 | &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc.\*~‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/15/51 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.32% | 1251515 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp.‡ |  |
| 200000 | &nbsp;&nbsp;&nbsp;7.304%, 02/01/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.17% | 202014 |
| 200000 | &nbsp;&nbsp;&nbsp;5.125%, 11/01/26~ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.78% | 198936 |
| 185000 | &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings Ltd.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;8.125%, 03/30/29 | 193173 |
| 538000 | &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.400%, 12/15/66 | 560644 |
| 95000 | &nbsp;&nbsp;&nbsp;Newmark Group, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 01/12/29 | 100943 |
| 250000 | &nbsp;&nbsp;&nbsp;Northern Trust Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.600%, 10/01/26 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.46% | 248040 |
|  | &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |
| 130000 | &nbsp;&nbsp;&nbsp;3.875%, 09/15/28~ | 124064 |
| 90000 | &nbsp;&nbsp;&nbsp;7.500%, 05/15/31 | 93876 |
| 180000 | &nbsp;&nbsp;&nbsp;Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/30 | 184570 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 938000 | &nbsp;&nbsp;&nbsp;PartnerRe Finance B LLC~‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/01/50 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.82% | $875473 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc.‡ |  |
| 735000 | &nbsp;&nbsp;&nbsp;3.400%, 09/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.60% | 709789 |
| 360000 | &nbsp;&nbsp;&nbsp;6.200%, 09/15/27^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.24% | 365159 |
| 165000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/27~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.00% | 165650 |
| 238000 | &nbsp;&nbsp;&nbsp;Provident Funding Associates LP/PFG Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;9.750%, 09/15/29 | 249467 |
| 185000 | &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 04/01/32 | 189203 |
|  | &nbsp;&nbsp;&nbsp;Rocket Cos., Inc.\* |  |
| 143000 | &nbsp;&nbsp;&nbsp;6.375%, 08/01/33 | 145970 |
| 96000 | &nbsp;&nbsp;&nbsp;6.125%, 08/01/30 | 97458 |
| 183000 | &nbsp;&nbsp;&nbsp;Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 03/01/31 | 168904 |
| 140000 | &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;11.000%, 12/15/29 | 33163 |
| 150000 | &nbsp;&nbsp;&nbsp;Service Properties Trust |  |
|  | &nbsp;&nbsp;&nbsp;8.375%, 06/15/29 | 155918 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc.\* |  |
| 190000 | &nbsp;&nbsp;&nbsp;6.000%, 04/15/30 | 192018 |
| 95000 | &nbsp;&nbsp;&nbsp;6.500%, 07/01/30 | 97804 |
| 340000 | &nbsp;&nbsp;&nbsp;State Street Corp.‡^ |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 09/15/29 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.63% | 354039 |
| 45000 | &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 07/15/32 | 45865 |
| 230000 | &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 03/01/31 | 242254 |
| 190000 | &nbsp;&nbsp;&nbsp;TrueNoord Capital DAC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.750%, 03/01/30 | 197051 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp.~‡ |  |
| 685000 | &nbsp;&nbsp;&nbsp;4.950%, 09/01/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.61% | 684246 |
| 530000 | &nbsp;&nbsp;&nbsp;6.669%, 09/01/25 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.00% | 530917 |
| 256000 | &nbsp;&nbsp;&nbsp;5.100%, 03/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;10 yr. CMT + 4.35% | 252626 |
|  | &nbsp;&nbsp;&nbsp;U.S. Bancorp‡ |  |
| 655000 | &nbsp;&nbsp;&nbsp;5.300%, 04/15/27~ |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.18% | 653644 |
| 175000 | &nbsp;&nbsp;&nbsp;3.700%, 01/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.54% | 168791 |
|  | &nbsp;&nbsp;&nbsp;United Wholesale Mortgage LLC\*~ |  |
| 221000 | &nbsp;&nbsp;&nbsp;5.500%, 04/15/29 | 216370 |
| 90000 | &nbsp;&nbsp;&nbsp;5.750%, 06/15/27 | 90096 |
|  | &nbsp;&nbsp;&nbsp;Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC\* |  |
| 93000 | &nbsp;&nbsp;&nbsp;10.500%, 02/15/28 | 98362 |
| 90000 | &nbsp;&nbsp;&nbsp;6.500%, 02/15/29~ | 87633 |
| 92000 | &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.500%, 06/15/31 | 95801 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co.‡ |  |
| 1215000 | &nbsp;&nbsp;&nbsp;7.625%, 09/15/28~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.61% | 1299406 |
| 1213000 | &nbsp;&nbsp;&nbsp;3.900%, 03/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.45% | 1201913 |
| 190000 | &nbsp;&nbsp;&nbsp;XHR LP\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 05/15/30 | 193278 |
|  |  | 41753203 |
|  | **Health Care (1.0%)** |  |
| 95000 | &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.375%, 03/15/33 | 97926 |
|  | &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc.\* |  |
| 377000 | &nbsp;&nbsp;&nbsp;6.125%, 04/01/30~ | 267425 |
| 137000 | &nbsp;&nbsp;&nbsp;10.875%, 01/15/32~ | 143793 |
| 108000 | &nbsp;&nbsp;&nbsp;6.875%, 04/15/29 | 84785 |
| 24000 | &nbsp;&nbsp;&nbsp;5.250%, 05/15/30 | 21028 |
|  | &nbsp;&nbsp;&nbsp;DaVita, Inc.\* |  |
| 222000 | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31~ | 201536 |
| 197000 | &nbsp;&nbsp;&nbsp;4.625%, 06/01/30~ | 188172 |
| 182000 | &nbsp;&nbsp;&nbsp;6.875%, 09/01/32 | 187338 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp.\* |  |
| 144000 | &nbsp;&nbsp;&nbsp;5.000%, 02/15/30~^ | 130669 |
| 48000 | &nbsp;&nbsp;&nbsp;6.750%, 02/15/30 | 46257 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp.~ |  |
| 100000 | &nbsp;&nbsp;&nbsp;4.750%, 02/01/30 | 97790 |
| 100000 | &nbsp;&nbsp;&nbsp;4.500%, 02/01/28 | 98569 |
| 107000 | &nbsp;&nbsp;&nbsp;IQVIA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 06/01/32 | 109803 |
| 200000 | &nbsp;&nbsp;&nbsp;Jazz Securities DAC\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.375%, 01/15/29 | 193622 |
|  | &nbsp;&nbsp;&nbsp;Medline Borrower LP\*~ |  |
| 233000 | &nbsp;&nbsp;&nbsp;5.250%, 10/01/29 | 228687 |
| 230000 | &nbsp;&nbsp;&nbsp;3.875%, 04/01/29 | 219438 |
| 24000 | &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co-Issuer, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 04/01/29 | 24532 |
| 350000 | &nbsp;&nbsp;&nbsp;Organon & Co./Organon Foreign Debt Co-Issuer BV\*^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 04/30/31 | 302953 |
| 470000 | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 11/15/31 | 501128 |
| 230000 | &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV^ |  |
|  | &nbsp;&nbsp;&nbsp;5.125%, 05/09/29 | 230129 |
|  |  | 3375580 |
|  | **Industrials (2.0%)** |  |
| 185000 | &nbsp;&nbsp;&nbsp;AAR Escrow Issuer LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/15/29 | 190006 |
| 220000 | &nbsp;&nbsp;&nbsp;ACCO Brands Corp.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 195010 |
|  | &nbsp;&nbsp;&nbsp;Air Lease Corp.‡ |  |
| 810000 | &nbsp;&nbsp;&nbsp;4.650%, 06/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.08% | 803763 |
| 485000 | &nbsp;&nbsp;&nbsp;4.125%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.15% | 474757 |
|  | &nbsp;&nbsp;&nbsp;Arcosa, Inc.\* |  |
| 108000 | &nbsp;&nbsp;&nbsp;4.375%, 04/15/29 | 104226 |
| 95000 | &nbsp;&nbsp;&nbsp;6.875%, 08/15/32 | 98288 |
| 794622 | &nbsp;&nbsp;&nbsp;ARD Finance SA\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/30/27 |  |
|  | &nbsp;&nbsp;&nbsp;7.250% PIK rate | 59350 |
|  | &nbsp;&nbsp;&nbsp;Bombardier, Inc.\* |  |
| 90000 | &nbsp;&nbsp;&nbsp;8.750%, 11/15/30~ | 97003 |
| 70000 | &nbsp;&nbsp;&nbsp;7.000%, 06/01/32 | 72549 |
| 56000 | &nbsp;&nbsp;&nbsp;7.250%, 07/01/31 | 58501 |
| 46000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/33 | 47534 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 9000 | &nbsp;&nbsp;&nbsp;7.875%, 04/15/27 | $9038 |
| 191000 | &nbsp;&nbsp;&nbsp;BWX Technologies, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 04/15/29 | 183576 |
| 290000 | &nbsp;&nbsp;&nbsp;Cascades, Inc./Cascades USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 07/15/30 | 289751 |
| 48000 | &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc./SkyMiles IP Ltd.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 10/20/28 | 48068 |
|  | &nbsp;&nbsp;&nbsp;Deluxe Corp.\* |  |
| 245000 | &nbsp;&nbsp;&nbsp;8.000%, 06/01/29 | 235416 |
| 50000 | &nbsp;&nbsp;&nbsp;8.125%, 09/15/29 | 51435 |
|  | &nbsp;&nbsp;&nbsp;EnerSys\* |  |
| 90000 | &nbsp;&nbsp;&nbsp;6.625%, 01/15/32 | 92552 |
| 85000 | &nbsp;&nbsp;&nbsp;4.375%, 12/15/27 | 83564 |
|  | &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc.\* |  |
| 72000 | &nbsp;&nbsp;&nbsp;8.000%, 03/15/33 | 75275 |
| 70000 | &nbsp;&nbsp;&nbsp;8.625%, 05/15/32 | 74557 |
| 183000 | &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 08/15/28 | 182715 |
| 88000 | &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 | 82789 |
| 203000 | &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.250%, 06/01/29 | 192639 |
|  | &nbsp;&nbsp;&nbsp;Herc Holdings, Inc.\* |  |
| 95000 | &nbsp;&nbsp;&nbsp;7.250%, 06/15/33 | 98490 |
| 95000 | &nbsp;&nbsp;&nbsp;7.000%, 06/15/30 | 98196 |
| 92000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 94260 |
|  | &nbsp;&nbsp;&nbsp;JELD-WEN, Inc.\* |  |
| 139000 | &nbsp;&nbsp;&nbsp;7.000%, 09/01/32 | 104561 |
| 50000 | &nbsp;&nbsp;&nbsp;4.875%, 12/15/27^ | 47459 |
| 305000 | &nbsp;&nbsp;&nbsp;Ken Garff Automotive LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;4.875%, 09/15/28 | 297250 |
| 107000 | &nbsp;&nbsp;&nbsp;Moog, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 12/15/27 | 104697 |
| 172000 | &nbsp;&nbsp;&nbsp;Novelis Corp.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/30/30 | 164963 |
| 190000 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 03/01/32 | 195088 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp.\* |  |
| 48000 | &nbsp;&nbsp;&nbsp;5.000%, 04/15/29 | 47337 |
| 45000 | &nbsp;&nbsp;&nbsp;6.500%, 07/15/32^ | 46420 |
|  | &nbsp;&nbsp;&nbsp;Sealed Air Corp./Sealed Air Corp. U.S.\* |  |
| 144000 | &nbsp;&nbsp;&nbsp;6.125%, 02/01/28~ | 145479 |
| 50000 | &nbsp;&nbsp;&nbsp;7.250%, 02/15/31 | 52005 |
| 98000 | &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 | 89410 |
|  | &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc.\* |  |
| 95000 | &nbsp;&nbsp;&nbsp;6.250%, 08/01/33 | 95957 |
| 50000 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/32 | 51095 |
| 195000 | &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.707%, 03/15/60 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.66% | 190084 |
|  | &nbsp;&nbsp;&nbsp;TransDigm, Inc.\* |  |
| 195000 | &nbsp;&nbsp;&nbsp;6.875%, 12/15/30~ | 202270 |
| 140000 | &nbsp;&nbsp;&nbsp;6.750%, 08/15/28~ | 142948 |
| 70000 | &nbsp;&nbsp;&nbsp;7.125%, 12/01/31~ | 72957 |
| 44000 | &nbsp;&nbsp;&nbsp;6.625%, 03/01/32 | 45291 |
| 49288 | &nbsp;&nbsp;&nbsp;United Airlines Pass-Through Trust Series 2019-2, Class B |  |
|  | &nbsp;&nbsp;&nbsp;3.500%, 11/01/29 | 47805 |
| 106000 | &nbsp;&nbsp;&nbsp;Wabash National Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 10/15/28 | 95036 |
| 188000 | &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 02/01/33 | 195281 |
|  | &nbsp;&nbsp;&nbsp;Williams Scotsman, Inc.\* |  |
| 107000 | &nbsp;&nbsp;&nbsp;4.625%, 08/15/28~ | 105315 |
| 90000 | &nbsp;&nbsp;&nbsp;7.375%, 10/01/31~ | 94011 |
| 75000 | &nbsp;&nbsp;&nbsp;6.625%, 06/15/29 | 77002 |
|  |  | 6803029 |
|  | **Information Technology (0.7%)** |  |
| 95000 | &nbsp;&nbsp;&nbsp;CACI International, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 06/15/33 | 97359 |
| 112000 | &nbsp;&nbsp;&nbsp;Coherent Corp.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 109687 |
| 96000 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;5.000%, 12/15/29 | 98271 |
|  | &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* |  |
| 71000 | &nbsp;&nbsp;&nbsp;6.000%, 05/15/33 | 71482 |
| 56000 | &nbsp;&nbsp;&nbsp;4.000%, 06/15/28~ | 54148 |
| 210000 | &nbsp;&nbsp;&nbsp;KBR, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 09/30/28 | 202751 |
|  | &nbsp;&nbsp;&nbsp;NCL Corp. Ltd.\* |  |
| 95000 | &nbsp;&nbsp;&nbsp;6.750%, 02/01/32 | 97643 |
| 93000 | &nbsp;&nbsp;&nbsp;8.125%, 01/15/29~ | 97853 |
| 143000 | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 09/01/28 | 138122 |
| 90000 | &nbsp;&nbsp;&nbsp;Open Text Corp.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;6.900%, 12/01/27 | 92962 |
| 72000 | &nbsp;&nbsp;&nbsp;Open Text Holdings, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 12/01/31 | 65624 |
| 161000 | &nbsp;&nbsp;&nbsp;Playtika Holding Corp.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.250%, 03/15/29 | 147719 |
| 265000 | &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.000%, 03/01/29 | 252582 |
|  | &nbsp;&nbsp;&nbsp;Twilio, Inc.~ |  |
| 130000 | &nbsp;&nbsp;&nbsp;3.625%, 03/15/29 | 123214 |
| 47000 | &nbsp;&nbsp;&nbsp;3.875%, 03/15/31 | 43713 |
| 69000 | &nbsp;&nbsp;&nbsp;UKG, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 02/01/31 | 70962 |
| 255000 | &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 10/01/29 | 236523 |
| 185000 | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 06/01/32 | 189730 |
| 220000 | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies LLC/ZoomInfo Finance Corp.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;3.875%, 02/01/29 | 206956 |
|  |  | 2397301 |
|  | **Materials (1.0%)** |  |
| 190000 | &nbsp;&nbsp;&nbsp;Avient Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/01/31 | 190851 |
| 190000 | &nbsp;&nbsp;&nbsp;Capstone Copper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/33 | 193616 |
| 95000 | &nbsp;&nbsp;&nbsp;Celanese U.S. Holdings LLC |  |
|  | &nbsp;&nbsp;&nbsp;6.879%, 07/15/32 | 98398 |
| 188000 | &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 08/01/32 | 189974 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co.\* |  |
| 160000 | &nbsp;&nbsp;&nbsp;8.000%, 01/15/33 | 148973 |
| 140000 | &nbsp;&nbsp;&nbsp;4.625%, 11/15/29 | 118791 |
| 345000 | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 08/15/28 | 325601 |
| 140000 | &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\*^ |  |
|  | &nbsp;&nbsp;&nbsp;7.000%, 03/15/32 | 136685 |
| 250000 | &nbsp;&nbsp;&nbsp;Constellium SE\*^ |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 08/15/32 | 253505 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 625000 | &nbsp;&nbsp;&nbsp;FMC Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.450%, 11/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.37% | $646906 |
| 190000 | &nbsp;&nbsp;&nbsp;JW Aluminum Continuous Cast Co.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.250%, 04/01/30 | 196956 |
| 185000 | &nbsp;&nbsp;&nbsp;Knife River Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;7.750%, 05/01/31 | 194328 |
|  | &nbsp;&nbsp;&nbsp;Mercer International, Inc. |  |
| 199000 | &nbsp;&nbsp;&nbsp;5.125%, 02/01/29~ | 160491 |
| 90000 | &nbsp;&nbsp;&nbsp;12.875%, 10/01/28\* | 90848 |
| 200000 | &nbsp;&nbsp;&nbsp;OCI NV\* |  |
|  | &nbsp;&nbsp;&nbsp;6.700%, 03/16/33 | 222768 |
| 80000 | &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc.~ |  |
|  | &nbsp;&nbsp;&nbsp;4.125%, 02/01/28 | 77753 |
| 190000 | &nbsp;&nbsp;&nbsp;Terex Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 10/15/32 | 190425 |
| 81600 | &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.625%, 05/03/29 | 47625 |
|  |  | 3484494 |
|  | **Other (0.9%)** |  |
| 250000 | &nbsp;&nbsp;&nbsp;1261229 BC Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;10.000%, 04/15/32 | 254695 |
| 200000 | &nbsp;&nbsp;&nbsp;Alumina Pty. Ltd.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.375%, 09/15/32 | 202996 |
| 73742 | &nbsp;&nbsp;&nbsp;Claritev Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 03/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;0.75% PIK Rate | 53876 |
|  | &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |
| 276080 | &nbsp;&nbsp;&nbsp;10.750%, 11/30/29 | 291300 |
| 189587 | &nbsp;&nbsp;&nbsp;6.750%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;6.75% Cash or PIK | 179918 |
| 675000 | &nbsp;&nbsp;&nbsp;Everest Reinsurance Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.973%, 05/01/67 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.65% | 652927 |
| 90000 | &nbsp;&nbsp;&nbsp;Gen Digital, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 09/30/27 | 91618 |
| 92000 | &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;8.250%, 04/15/30 | 95385 |
| 190000 | &nbsp;&nbsp;&nbsp;New Gold, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.875%, 04/01/32 | 195178 |
| 175000 | &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Co. LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.050%, 09/15/28 | 180327 |
| 190000 | &nbsp;&nbsp;&nbsp;Olin Corp.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.625%, 04/01/33 | 185127 |
| 430000 | &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 09/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% | 430563 |
| 190000 | &nbsp;&nbsp;&nbsp;Rfna LP\* |  |
|  | &nbsp;&nbsp;&nbsp;7.875%, 02/15/30 | 193762 |
| 190000 | &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC\* |  |
|  | &nbsp;&nbsp;&nbsp;7.250%, 03/15/32 | 199688 |
|  |  | 3207360 |
|  | **Real Estate (0.1%)** |  |
| 95000 | &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 03/15/33 | 95480 |
| 125000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc.\*~ |  |
|  | &nbsp;&nbsp;&nbsp;4.500%, 09/30/28 | 120567 |
| 283000 | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc./Global Net Lease Operating Partnership LP\* |  |
|  | &nbsp;&nbsp;&nbsp;3.750%, 12/15/27 | 270483 |
|  |  | 486530 |
|  | **Special Purpose Acquisition Companies (0.1%)** |  |
| 46000 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.\* |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 04/15/32 | 47122 |
|  | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.\*~ |  |
| 185000 | &nbsp;&nbsp;&nbsp;6.750%, 01/15/30 | 174215 |
| 96000 | &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 91311 |
|  |  | 312648 |
|  | **Utilities (3.2%)** |  |
|  | &nbsp;&nbsp;&nbsp;AES Corp.‡ |  |
| 264000 | &nbsp;&nbsp;&nbsp;7.600%, 01/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% | 267693 |
| 70000 | &nbsp;&nbsp;&nbsp;6.950%, 07/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.89% | 67626 |
| 520000 | &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 01/18/82 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.25% | 506126 |
|  | &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc.‡ |  |
| 200000 | &nbsp;&nbsp;&nbsp;3.875%, 02/15/62 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.68% | 193258 |
| 170000 | &nbsp;&nbsp;&nbsp;7.050%, 12/15/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.75% | 177927 |
| 170000 | &nbsp;&nbsp;&nbsp;6.950%, 12/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.68% | 179641 |
|  | &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc.‡ |  |
| 175000 | &nbsp;&nbsp;&nbsp;6.850%, 02/15/55^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.95% | 182714 |
| 120000 | &nbsp;&nbsp;&nbsp;7.000%, 02/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.25% | 125431 |
| 470000 | &nbsp;&nbsp;&nbsp;CMS Energy Corp.~‡ |  |
|  | &nbsp;&nbsp;&nbsp;4.750%, 06/01/50 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.12% | 455477 |
|  | &nbsp;&nbsp;&nbsp;Dominion Energy, Inc.‡ |  |
| 440000 | &nbsp;&nbsp;&nbsp;6.625%, 05/15/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.21% | 451475 |
| 338000 | &nbsp;&nbsp;&nbsp;6.875%, 02/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.39% | 353842 |
| 287000 | &nbsp;&nbsp;&nbsp;4.350%, 01/15/27~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.20% | 281934 |
|  | &nbsp;&nbsp;&nbsp;Duke Energy Corp.‡ |  |
| 865000 | &nbsp;&nbsp;&nbsp;6.450%, 09/01/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.59% | 890760 |
| 273000 | &nbsp;&nbsp;&nbsp;3.250%, 01/15/82~^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.32% | 262304 |
| 480000 | &nbsp;&nbsp;&nbsp;Emera, Inc.~‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.750%, 06/15/76 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 5.44% | 484282 |
| 585000 | &nbsp;&nbsp;&nbsp;Entergy Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.125%, 12/01/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.67% | 607136 |
| 480000 | &nbsp;&nbsp;&nbsp;Evergy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.650%, 06/01/55 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.56% | 485381 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL<br> AMOUNT** |  | **VALUE** |
|  | &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp.‡ |  |
| 567000 | &nbsp;&nbsp;&nbsp;7.125%, 09/15/53 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.53% | $594465 |
| 325000 | &nbsp;&nbsp;&nbsp;5.250%, 04/20/46 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD LIBOR + 3.63% | 324109 |
|  | &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc.‡ |  |
| 345000 | &nbsp;&nbsp;&nbsp;6.700%, 09/01/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.36% | 356271 |
| 344000 | &nbsp;&nbsp;&nbsp;3.800%, 03/15/82~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.55% | 331310 |
| 340000 | &nbsp;&nbsp;&nbsp;6.750%, 06/15/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.46% | 354909 |
| 484000 | &nbsp;&nbsp;&nbsp;NiSource, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.950%, 11/30/54 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.45% | 503505 |
| 314000 | &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.222%, 03/30/67 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.93% | 312276 |
|  | &nbsp;&nbsp;&nbsp;Sempra‡ |  |
| 490000 | &nbsp;&nbsp;&nbsp;4.875%, 10/15/25~ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 4.55% | 488501 |
| 170000 | &nbsp;&nbsp;&nbsp;6.400%, 10/01/54^ |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.63% | 164620 |
|  | &nbsp;&nbsp;&nbsp;Southern Co.~‡ |  |
| 928000 | &nbsp;&nbsp;&nbsp;4.000%, 01/15/51 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.73% | 924084 |
| 160000 | &nbsp;&nbsp;&nbsp;3.750%, 09/15/51 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.92% | 157835 |
|  | &nbsp;&nbsp;&nbsp;Vistra Corp.\*‡ |  |
| 225000 | &nbsp;&nbsp;&nbsp;7.000%, 12/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 5.74% | 227399 |
| 185000 | &nbsp;&nbsp;&nbsp;8.000%, 10/15/26 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 6.93% | 188961 |
|  |  | 10901252 |
|  | &nbsp;&nbsp;&nbsp;**Total Corporate Bonds** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $111,163,650) | 110939184 |
| **Bank Loans (3.9%) ¡** | **Bank Loans (3.9%) ¡** |  |
|  | ***Airlines (0.1%)*** |  |
| 123438 | &nbsp;&nbsp;&nbsp;Air Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.353%, 03/21/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 123592 |
| 111875 | &nbsp;&nbsp;&nbsp;United Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.351%, 02/22/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 112448 |
|  |  | 236040 |
|  | ***Communication Services (0.4%)*** |  |
| 286710 | &nbsp;&nbsp;&nbsp;APi Group DE, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 01/03/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% | 286811 |
| 74603 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.471%, 10/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.00% | 61641 |
| 8328 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;11.471%, 10/02/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 7.00% | 8307 |
| 89092 | &nbsp;&nbsp;&nbsp;Cincinnati Bell, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 11/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 89354 |
| 110330 | &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.471%, 08/23/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.00% | 110320 |
| 166300 | &nbsp;&nbsp;&nbsp;CSC Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.000%, 04/15/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. U.S. (Fed) Prime Rate + 1.50% | 164049 |
| 71291 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.820%, 08/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.25% | 70835 |
| 43402 | &nbsp;&nbsp;&nbsp;DirecTV Financing LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.570%, 08/02/27 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.00% | 43581 |
| 3605 | &nbsp;&nbsp;&nbsp;Gray Television, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.579%, 06/04/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.25% | 3614 |
| 99750 | &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.870%, 12/31/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.30% | 93167 |
| 180000 | &nbsp;&nbsp;&nbsp;Telesat Canada‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.344%, 12/07/26 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 114879 |
| 228387 | &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 07/08/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 226674 |
|  |  | 1273232 |
|  | ***Consumer Discretionary (0.6%)*** |  |
| 106982 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.576%, 04/20/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.25% | 106688 |
| 104738 | &nbsp;&nbsp;&nbsp;American Airlines, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.576%, 05/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 105588 |
| 118052 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.346%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.00% | 118127 |
| 65948 | &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.053%, 12/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.00% | 65989 |
| 60000 | &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/25/32 | 60450 |
| 90000 | &nbsp;&nbsp;&nbsp;Boots Group Bidco Ltd.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 90057 |
| 111296 | &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/06/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 111377 |
| 114425 | &nbsp;&nbsp;&nbsp;Chinos Intermediate Holdings A, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.308%, 09/26/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 6.00% | 97404 |
| 220000 | &nbsp;&nbsp;&nbsp;Clarios Global LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/28/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 220320 |
| 25000 | &nbsp;&nbsp;&nbsp;Flutter Financing BV‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.296%, 06/04/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.00% | 25042 |
| 189050 | &nbsp;&nbsp;&nbsp;Life Time Fitness, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.577%, 11/05/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 189684 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 195034 | &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.593%, 04/14/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | $195716 |
| 79200 | &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.833%, 05/30/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 80655 |
| 307843 | &nbsp;&nbsp;&nbsp;PetSmart, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.206%, 02/11/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.75% | 307651 |
| 177750 | &nbsp;&nbsp;&nbsp;Station Casinos LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 03/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 178151 |
| 182128 | &nbsp;&nbsp;&nbsp;Windsor Holdings III LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.103%, 08/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% |  |
|  |  | 182499 |
|  |  | 2135398 |
|  | ***Consumer Staples (0.7%)*** |  |
| 621398 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.856%, 05/04/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 5.50% | 633825 |
| 202800 | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals LLC! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/23/32 | 203264 |
| 100000 | &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 07/16/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 99672 |
| 138950 | &nbsp;&nbsp;&nbsp;B&G Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 10/10/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 128905 |
| 30000 | &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 01/15/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 30165 |
| 118000 | &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.606%, 10/08/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 6.25% | 115926 |
| 16974 | &nbsp;&nbsp;&nbsp;MPH Acquisition Holdings LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.058%, 12/31/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 16932 |
| 185000 | &nbsp;&nbsp;&nbsp;Opal Bidco SAS! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 04/28/32 | 186030 |
| 298548 | &nbsp;&nbsp;&nbsp;Organon & Co.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.599%, 05/19/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 288722 |
| 232311 | &nbsp;&nbsp;&nbsp;Star Parent, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 09/27/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 230036 |
| 190000 | &nbsp;&nbsp;&nbsp;Team Health Holdings, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/23/28 | 190238 |
| 87620 | &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.106%, 05/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 88434 |
| 184535 | &nbsp;&nbsp;&nbsp;Veritiv Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.296%, 11/30/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.00% | 185516 |
|  |  | 2397665 |
|  | ***Energy (0.1%)*** |  |
| 143640 | &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.808%, 10/30/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.50% | 67331 |
| 279258 | &nbsp;&nbsp;&nbsp;Par Petroleum LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.029%, 02/28/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 279403 |
|  |  | 346734 |
|  | ***Financials (0.6%)*** |  |
| 140000 | &nbsp;&nbsp;&nbsp;Acrisure LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 06/21/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 140525 |
| 275000 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/16/32 | 275430 |
| 242134 | &nbsp;&nbsp;&nbsp;Advisor Group, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.856%, 08/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 242676 |
| 132986 | &nbsp;&nbsp;&nbsp;Amynta Agency Borrower, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.082%, 12/29/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.75% | 133202 |
| 222188 | &nbsp;&nbsp;&nbsp;AssuredPartners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.858%, 02/14/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.50% | 222892 |
| 98752 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 06/13/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 98937 |
| 20000 | &nbsp;&nbsp;&nbsp;Broadstreet Partners, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 06/13/31 | 20038 |
| 180000 | &nbsp;&nbsp;&nbsp;CFC Bidco 2022 Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.041%, 05/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.75% | 180113 |
| 238800 | &nbsp;&nbsp;&nbsp;Dragon Buyer, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 09/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 239460 |
| 152111 | &nbsp;&nbsp;&nbsp;HUB International Ltd.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.826%, 06/20/30 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 152471 |
| 137900 | &nbsp;&nbsp;&nbsp;Iron Mountain, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 138101 |
| 139790 | &nbsp;&nbsp;&nbsp;Jazz Financing Lux SARL‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 05/05/28 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 140501 |
| 185000 | &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.606%, 03/27/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.25% | 186922 |
|  |  | 2171268 |
|  | ***Health Care (0.2%)*** |  |
| 297750 | &nbsp;&nbsp;&nbsp;DaVita, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.106%, 05/09/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% | 298521 |
| 204672 | &nbsp;&nbsp;&nbsp;Padagis LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.290%, 07/06/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.75% | 187276 |
|  |  | 485797 |
|  | ***Industrials (0.5%)*** |  |
| 179988 | &nbsp;&nbsp;&nbsp;ACProducts, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;8.807%, 05/17/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 4.25% | 136622 |
| 140000 | &nbsp;&nbsp;&nbsp;Chamberlain Group, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 07/22/32 | 140116 |
| 185000 | &nbsp;&nbsp;&nbsp;ECO Material Tech, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.467%, 02/12/32 |  |
|  | &nbsp;&nbsp;&nbsp;6 mo. USD Term SOFR + 3.25% | 185925 |
| 185000 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 08/04/31 | 185347 |
| 69475 | &nbsp;&nbsp;&nbsp;EMRLD Borrower LP‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.856%, 08/04/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.50% | 69605 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  | <br>**VALUE** |
| 183150 | &nbsp;&nbsp;&nbsp;MI Windows & Doors LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 03/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | $183631 |
| 184538 | &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.606%, 02/10/32 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 184607 |
| 34000 | &nbsp;&nbsp;&nbsp;Qxo, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.296%, 04/30/32 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 34333 |
| 375754 | &nbsp;&nbsp;&nbsp;TransDigm, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.796%, 02/28/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 377290 |
| 296261 | &nbsp;&nbsp;&nbsp;Vertiv Group Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.072%, 03/02/27 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 1.75% | 296408 |
|  |  | 1793884 |
|  | ***Information Technology (0.4%)*** |  |
| 239974 | &nbsp;&nbsp;&nbsp;Boxer Parent Co., Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.333%, 07/30/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.00% | 240255 |
| 222600 | &nbsp;&nbsp;&nbsp;Camelot U.S. Acquisition LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.106%, 01/31/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.75% | 222795 |
| 146414 | &nbsp;&nbsp;&nbsp;Coherent Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 07/02/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 147000 |
| 171116 | &nbsp;&nbsp;&nbsp;Dun & Bradstreet Corp.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.603%, 01/18/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.25% | 171239 |
| 280000 | &nbsp;&nbsp;&nbsp;Rocket Software, Inc.! |  |
|  | &nbsp;&nbsp;&nbsp;0.000%, 11/28/28 | 281029 |
| 160807 | &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.356%, 05/09/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 2.00% | 161536 |
| 99000 | &nbsp;&nbsp;&nbsp;UKG, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.810%, 02/10/31 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 99102 |
|  |  | 1322956 |
|  | ***Materials (0.2%)*** |  |
| 296986 | &nbsp;&nbsp;&nbsp;Axalta Coating Systems U.S. Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;6.046%, 12/20/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 1.75% | 298300 |
| 296373 | &nbsp;&nbsp;&nbsp;Ineos U.S. Finance LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.606%, 02/18/30 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 276089 |
| 132133 | &nbsp;&nbsp;&nbsp;Trinseo Materials Operating SCA‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.090%, 05/03/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 2.50% | 57203 |
| 185424 | &nbsp;&nbsp;&nbsp;W.R. Grace & Co.-Conn.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.546%, 09/22/28 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 3.25% | 185829 |
|  |  | 817421 |
|  | ***Other (0.0%)*** |  |
| 95000 | &nbsp;&nbsp;&nbsp;Windstream Services LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;9.206%, 10/01/31 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 4.75% | 95594 |
|  | ***Special Purpose Acquisition Companies (0.1%)*** |  |
| 81333 | &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc.‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.531%, 04/13/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.18% | 81394 |
| 43538 | &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;7.601%, 01/27/29 |  |
|  | &nbsp;&nbsp;&nbsp;1 mo. USD Term SOFR + 3.25% | 43624 |
| 175050 | &nbsp;&nbsp;&nbsp;Patagonia Holdco LLC‡ |  |
|  | &nbsp;&nbsp;&nbsp;10.048%, 08/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.75% | 146303 |
|  |  | 271321 |
|  | **Total Bank Loans** |  |
|  | (Cost $13,559,939) | 13347310 |
| **U.S. Government and Agency Securities (0.5%)** | **U.S. Government and Agency Securities (0.5%)** |  |
|  | ***Financials (0.2%)*** |  |
|  | &nbsp;&nbsp;&nbsp;CoBank ACB‡ |  |
| 500000 | &nbsp;&nbsp;&nbsp;7.250%, 07/01/29 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.88% | 515771 |
| 250000 | &nbsp;&nbsp;&nbsp;7.125%, 01/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 2.82% | 259804 |
|  |  | 775575 |
|  | ***Other (0.3%)*** |  |
|  | &nbsp;&nbsp;&nbsp;Farm Credit Bank of Texas‡ |  |
| 500000 | &nbsp;&nbsp;&nbsp;7.750%, 06/15/29 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.29% | 519480 |
| 500000 | &nbsp;&nbsp;&nbsp;7.000%, 09/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.01% | 508383 |
|  |  | 1027863 |
|  | **TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES**<br> (Cost $1,755,068) | 1803438 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| **Preferred Stocks (2.1%)** | **Preferred Stocks (2.1%)** |  |
|  | **Communication Services (0.6%)** |  |
|  | &nbsp;&nbsp;&nbsp;AT&T, Inc.µ |  |
| 18155 | &nbsp;&nbsp;&nbsp;4.750%, 08/30/25 | $354022 |
| 5425 | &nbsp;&nbsp;&nbsp;5.350%, 11/01/66 | 125751 |
| 41572 | &nbsp;&nbsp;&nbsp;Qwest Corp. |  |
|  | &nbsp;&nbsp;&nbsp;6.500%, 09/01/56 | 823126 |
|  | &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. |  |
| 16781 | &nbsp;&nbsp;&nbsp;6.000%, 09/30/26 | 309442 |
| 1523 | &nbsp;&nbsp;&nbsp;6.625%, 03/31/26 | 32288 |
|  | &nbsp;&nbsp;&nbsp;U.S. Cellular Corp. |  |
| 15378 | &nbsp;&nbsp;&nbsp;5.500%, 03/01/70 | 340930 |
| 8265 | &nbsp;&nbsp;&nbsp;6.250%, 09/01/69 | 211171 |
| 1418 | &nbsp;&nbsp;&nbsp;5.500%, 06/01/70 | 31848 |
|  |  | 2228578 |
|  | ***Consumer Discretionary (0.1%)*** |  |
|  | &nbsp;&nbsp;&nbsp;Ford Motor Co.µ |  |
| 5800 | &nbsp;&nbsp;&nbsp;6.200%, 06/01/59 | 130848 |
| 5136 | &nbsp;&nbsp;&nbsp;6.500%, 08/15/62 | 121158 |
| 3615 | &nbsp;&nbsp;&nbsp;Guitar Center, Inc.# | 54225 |
| 4620 | &nbsp;&nbsp;&nbsp;QVC Group, Inc.^ |  |
|  | &nbsp;&nbsp;&nbsp;8.000%, 03/15/31 | 25641 |
| 9600 | &nbsp;&nbsp;&nbsp;QVC, Inc. |  |
|  | &nbsp;&nbsp;&nbsp;6.250%, 11/26/68 | 84576 |
|  |  | 416448 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |  | <br>**VALUE** |
|  |  | ***Financials (1.0%)*** |  |
|  |  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc.µ |  |
| 12587 |  | &nbsp;&nbsp;&nbsp;6.750%, 03/30/64 | $305864 |
| 3100 |  | &nbsp;&nbsp;&nbsp;5.875%, 03/30/59 | 65937 |
|  |  | &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. |  |
| 15560 |  | &nbsp;&nbsp;&nbsp;~‡µ9.555%, 08/30/25 |  |
|  |  | &nbsp;&nbsp;&nbsp;3 mo. USD Term SOFR + 5.25% | 403938 |
| 6750 |  | &nbsp;&nbsp;&nbsp;#8.875%, 09/30/30 | 168750 |
| 19376 |  | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;4.550%, 06/11/26 | 337143 |
| 5295 |  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;4.800%, 09/01/25 | 99175 |
| 25150 |  | &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;5.125%, 11/25/60 | 494449 |
| 7393 |  | &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;4.450%, 12/15/25 | 128490 |
| 8134 |  | &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. |  |
|  |  | &nbsp;&nbsp;&nbsp;5.625%, 01/04/27 | 189522 |
| 3050 |  | &nbsp;&nbsp;&nbsp;KeyCorpµ |  |
|  |  | &nbsp;&nbsp;&nbsp;5.625%, 09/15/25 | 67466 |
| 1600 |  | &nbsp;&nbsp;&nbsp;Northern Trust Corp.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;4.700%, 10/01/25 | 32320 |
| 7550 |  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;5.750%, 08/30/25 | 166478 |
| 14526 |  | &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;4.600%, 12/15/25 | 252752 |
| 7000 |  | &nbsp;&nbsp;&nbsp;UMB Financial Corp.^µ# |  |
|  |  | &nbsp;&nbsp;&nbsp;7.750%, 07/15/30 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.74% | 183400 |
| 6480 |  | &nbsp;&nbsp;&nbsp;W.R. Berkley Corp.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;5.100%, 12/30/59 | 129017 |
| 13600 |  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;7.875%, 07/15/30 |  |
|  |  | &nbsp;&nbsp;&nbsp;5 yr. CMT + 3.88% | 356320 |
|  |  |  | 3381021 |
|  |  | ***Real Estate (0.3%)*** |  |
|  |  | &nbsp;&nbsp;&nbsp;Brookfield Property Partners LPµ |  |
| 20567 |  | &nbsp;&nbsp;&nbsp;5.750%, 08/30/25 | 266960 |
| 10775 |  | &nbsp;&nbsp;&nbsp;6.375%, 08/30/25 | 153328 |
| 3651 |  | &nbsp;&nbsp;&nbsp;EPR Propertiesµ |  |
|  |  | &nbsp;&nbsp;&nbsp;5.750%, 08/30/25 | 76342 |
|  |  | &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. |  |
| 10091 |  | &nbsp;&nbsp;&nbsp;7.500%, 08/30/25 | 233102 |
| 4771 |  | &nbsp;&nbsp;&nbsp;6.875%, 08/30/25 | 101813 |
| 4681 |  | &nbsp;&nbsp;&nbsp;Kimco Realty Corp.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;5.250%, 08/30/25 | 97693 |
|  |  |  | 929238 |
|  |  | ***Utilities (0.1%)*** |  |
| 14975 |  | &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners LP |  |
|  |  | &nbsp;&nbsp;&nbsp;5.250%, 08/25/25 | 279134 |
| 6700 |  | &nbsp;&nbsp;&nbsp;DTE Energy Co.µ |  |
|  |  | &nbsp;&nbsp;&nbsp;5.250%, 12/01/77 | 151353 |
|  |  |  | 430487 |
|  |  | **Total Preferred Stocks** |  |
|  |  | (Cost $8,310,144) | 7385772 |
| **Common Stocks (79.3%)** | **Common Stocks (79.3%)** | **Common Stocks (79.3%)** |  |
|  |  | ***Communication Services (6.0%)*** |  |
| 73000 |  | &nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class Aµ | 14008700 |
| 3935 |  | &nbsp;&nbsp;&nbsp;Altice USA, Inc. - Class A# | 10231 |
| 3316 |  | &nbsp;&nbsp;&nbsp;Audacy, Inc.# | 46424 |
| 1322 |  | &nbsp;&nbsp;&nbsp;Cumulus Media, Inc. - Class A# | 182 |
| 172500 |  | &nbsp;&nbsp;&nbsp;Pinterest, Inc. - Class Aµ# | 6658500 |
|  |  |  | 20724037 |
|  |  | ***Consumer Discretionary (6.4%)*** |  |
| 61400 |  | &nbsp;&nbsp;&nbsp;Amazon.com, Inc.µ# | 14374354 |
| 30000 |  | &nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class Aµ | 7914900 |
| 294 |  | &nbsp;&nbsp;&nbsp;Rite Aid Corp.# | 294 |
|  |  |  | 22289548 |
|  |  | ***Consumer Staples (1.6%)*** |  |
| 34000 |  | &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class Aµ | 5679360 |
|  |  | ***Energy (0.1%)*** |  |
| 800 |  | &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | 46136 |
| 11058 |  | &nbsp;&nbsp;&nbsp;Energy Transfer LP~ | 199487 |
| 3970 |  | &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP~ | 123030 |
|  |  |  | 368653 |
|  |  | ***Financials (7.0%)*** |  |
| 15500 |  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp.µ | 3332500 |
| 69000 |  | &nbsp;&nbsp;&nbsp;Morgan Stanleyµ | 9829740 |
| 137000 |  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co.µ | 11046310 |
|  |  |  | 24208550 |
|  |  | ***Health Care (8.1%)*** |  |
| 16500 |  | &nbsp;&nbsp;&nbsp;Danaher Corp.µ | 3253140 |
| 42000 |  | &nbsp;&nbsp;&nbsp;Johnson & Johnsonµ | 6919080 |
| 4000 |  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc.µ | 1870720 |
| 40500 |  | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc.µ | 10107180 |
| 63500 |  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc.~µ | 5819775 |
|  |  |  | 27969895 |
|  |  | ***Industrials (26.2%)*** |  |
| 77500 |  | &nbsp;&nbsp;&nbsp;3M Co.µ | 11564550 |
| 297000 | GBP | &nbsp;&nbsp;&nbsp;BAE Systems PLCµ | 7086603 |
| 57500 |  | &nbsp;&nbsp;&nbsp;Boeing Co.µ# | 12755800 |
| 80500 |  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp.µ | 8640065 |
| 17700 |  | &nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A# | 8152089 |
| 123500 |  | &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd.~ | 9083425 |
| 12000 |  | &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc.µ | 1702440 |
| 57000 |  | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc.µ | 15664740 |
| 15500 | EUR | &nbsp;&nbsp;&nbsp;Schneider Electric SE | 4011295 |
| 39800 |  | &nbsp;&nbsp;&nbsp;Union Pacific Corp.µ | 8834406 |
| 37000 |  | &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.µ# | 3267470 |
|  |  |  | 90762883 |
|  |  | ***Information Technology (20.9%)*** |  |
| 78000 |  | &nbsp;&nbsp;&nbsp;Coherent Corp.µ# | 8392800 |
| 21500 |  | &nbsp;&nbsp;&nbsp;Fabrinetµ# | 6960195 |
| 93500 |  | &nbsp;&nbsp;&nbsp;Flex Ltd.µ# | 4662845 |
| 36500 |  | &nbsp;&nbsp;&nbsp;Microsoft Corp.~^ | 19472750 |
| 95500 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp.µ | 16986585 |
| 45500 |  | &nbsp;&nbsp;&nbsp;Oracle Corp.µ | 11546535 |
| 4700 |  | &nbsp;&nbsp;&nbsp;ServiceNow, Inc.µ# | 4432664 |
|  |  |  | 72454374 |
|  |  | ***Materials (3.0%)*** |  |
| 7000 |  | &nbsp;&nbsp;&nbsp;Linde PLCµ | 3221820 |
| 5000 |  | &nbsp;&nbsp;&nbsp;Sherwin-Williams Co.µ | 1654400 |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF<br> SHARES** |  | **VALUE** |
| 175000 | &nbsp;&nbsp;&nbsp;Teck Resources Ltd. - Class B | $5680500 |
|  |  | 10556720 |
|  | **Total Common Stocks**<br> (Cost $264,467,967) | 275014020 |
| **Warrants (0.0%) #** | **Warrants (0.0%) #** |  |
|  | **Communication Services (0.0%)** |  |
| 586 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
| 97 | &nbsp;&nbsp;&nbsp;Audacy Capital Corp. |  |
|  | &nbsp;&nbsp;&nbsp;09/30/28, Strike $1.00 |  |
|  | **Total Warrants**<br> (Cost $—) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  |  | <br>**VALUE** |
| **Exchange-Traded Purchased Options (1.4%) #** | **Exchange-Traded Purchased Options (1.4%) #** | **Exchange-Traded Purchased Options (1.4%) #** |  |
|  |  | ***Communication Services (0.1%)*** |  |
| 370 |  | &nbsp;&nbsp;&nbsp;Reddit, Inc. |  |
| 5941830 |  | &nbsp;&nbsp;&nbsp;Call, 08/01/25, Strike $160.00 | $440300 |
|  |  | ***Consumer Discretionary (0.0%)*** |  |
| 307 |  | &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |
| 7187177 |  | &nbsp;&nbsp;&nbsp;Put, 08/01/25, Strike $212.50 | 17806 |
|  |  | ***Energy (0.0%)*** |  |
| 1200 |  | &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |
| 7194000 |  | &nbsp;&nbsp;&nbsp;Call, 08/08/25, Strike $60.00 | 156000 |
|  |  | ***Financials (0.0%)*** |  |
| 270 |  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |
| 5805000 |  | &nbsp;&nbsp;&nbsp;Call, 08/01/25, Strike $222.50 | 2025 |
|  |  | ***Health Care (0.3%)*** |  |
| 410 |  | &nbsp;&nbsp;&nbsp;Merck & Co., Inc. |  |
| 3202920 |  | &nbsp;&nbsp;&nbsp;Call, 08/01/25, Strike $85.00 | 1025 |
| 405 |  | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |
| 10107180 |  | &nbsp;&nbsp;&nbsp;Put, 08/01/25, Strike $275.00 | 1027687 |
|  |  |  | 1028712 |
|  |  | ***Industrials (0.6%)*** |  |
| 9250 | EUR | &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG |  |
| 6909750 |  | &nbsp;&nbsp;&nbsp;Call, 03/20/26, Strike 6.00 | 1905375 |
| 570 |  | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |
| 15664740 |  | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $260.00 | 29925 |
| 310 |  | &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |
| 7103960 |  | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $230.00 | 108500 |
|  |  |  | 2043800 |
|  |  | ***Information Technology (0.2%)*** |  |
| 185 |  | &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. |  |
| 3261735 |  | &nbsp;&nbsp;&nbsp;Call, 08/08/25, Strike $190.00 | 64288 |
| 290 |  | &nbsp;&nbsp;&nbsp;Apple, Inc. |  |
| 6019530 |  | &nbsp;&nbsp;&nbsp;Call, 08/01/25, Strike $210.00 | 100775 |
| 1740 |  | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc. |  |
| 7455900 |  | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $55.00 | 178350 |
| 245 |  | &nbsp;&nbsp;&nbsp;Datadog, Inc. |  |
| 3429510 |  | &nbsp;&nbsp;&nbsp;Put, 08/08/25, Strike $135.00 | 99838 |
| 245 |  | &nbsp;&nbsp;&nbsp;Datadog, Inc. |  |
| 3429510 |  | &nbsp;&nbsp;&nbsp;Call, 08/08/25, Strike $150.00 | 69825 |
| 630 |  | &nbsp;&nbsp;&nbsp;Flex Ltd. |  |
| 3141810 |  | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $55.00 | 7875 |
| 550 |  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. |  |
| 9782850 |  | &nbsp;&nbsp;&nbsp;Call, 08/01/25, Strike $182.50 | 14300 |
| 455 |  | &nbsp;&nbsp;&nbsp;Oracle Corp. |  |
| 11546535 |  | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $250.00 | 237737 |
|  |  |  | 772988 |
|  |  | ***Materials (0.0%)*** |  |
| 1760 |  | &nbsp;&nbsp;&nbsp;Teck Resources Ltd. |  |
| 5712960 |  | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $43.00 | 39600 |
|  |  | ***Other (0.1%)*** |  |
| 3980 |  | &nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF |  |
| 34594160 |  | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $84.00 | 73630 |
| 1600 |  | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 101132800 |  | &nbsp;&nbsp;&nbsp;Put, 08/01/25, Strike $625.00 | 106400 |
| 1040 |  | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| 65736320 |  | &nbsp;&nbsp;&nbsp;Call, 08/04/25, Strike $640.00 | 48880 |
| 2850 |  | &nbsp;&nbsp;&nbsp;STMicroelectronics NV |  |
| 7247550 |  | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $35.00 | 7125 |
|  |  |  | 236035 |
|  |  | ***Real Estate (0.1%)*** |  |
| 700 |  | &nbsp;&nbsp;&nbsp;GEO Group, Inc. |  |
| 1814400 |  | &nbsp;&nbsp;&nbsp;Call, 12/19/25, Strike $28.00 | 225750 |
|  |  | **Total Exchange-Traded Purchased Options** |  |
|  |  | (Cost $5,812,441) | 4963016 |

---

---

| | | |
|:---|:---|:---|
| **PRINCIPAL**<br>**AMOUNT** |  |<br>**VALUE** |
| **Common Stock (0.9%)** | **Common Stock (0.9%)** |  |
| 5200 | Spotify Technology SAµ# | $3258008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(120.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS** **(120.2%)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $408,551,107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $408,551,107) | 416850289 |
| LIABILITIES, LESS OTHER ASSETS (-20.2%) | LIABILITIES, LESS OTHER ASSETS (-20.2%) | (70128673) |
| **NET ASSETS (100.0%)** | **NET ASSETS (100.0%)** | $346721616 |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  | <br>**VALUE** |
| **Common Stocks Sold Short (-2.8%) #** | **Common Stocks Sold Short (-2.8%) #** |  |
|  | ***Industrials (-1.1%)*** |  |
| (23000) | &nbsp;&nbsp;&nbsp;RTX Corp. | $(3624110) |
|  | ***Information Technology (-1.7%)*** |  |
| (29000) | &nbsp;&nbsp;&nbsp;Apple, Inc. | (6019530) |
|  | **Total Common Stocks Sold Short** |  |
|  | (Proceeds $9,051,213) | (9643640) |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**SHARES** |  |<br>**VALUE** |
| **Exchange-Traded Funds Sold Short (-32.7%) #** | **Exchange-Traded Funds Sold Short (-32.7%) #** |  |
|  | **Other (-32.7%)** |  |
| (142000) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust | $(89755360) |
| (82000) | &nbsp;&nbsp;&nbsp;VanEck Semiconductor ETF | (23679960) |
|  |  | (113435320) |
|  | **Total Exchange-Traded Funds Sold Short** |  |
|  | (Proceeds $87,899,478) | (113435320) |
| &nbsp;&nbsp;&nbsp;**TOTAL SECURITIES SOLD SHORT** | &nbsp;&nbsp;&nbsp;**TOTAL SECURITIES SOLD SHORT** |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $96,950,691) | &nbsp;&nbsp;&nbsp;(Proceeds $96,950,691) | (123078960) |

---

---

| | | |
|:---|:---|:---|
| **NUMBER OF**<br>**CONTRACTS/**<br>**NOTIONAL**<br>**AMOUNT** |  | <br>**VALUE** |
| **Exchange-Traded Written Options (-2.5%) #** | **Exchange-Traded Written Options (-2.5%) #** |  |
|  | ***Communication Services (-0.1%)*** |  |
| (370) | &nbsp;&nbsp;&nbsp;Reddit, Inc. |  |
| (5941830) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $200.00 | $(266400) |
|  | ***Energy (0.0%)*** |  |
| (1200) | &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |
| (7194000) | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $55.00 | (33000) |
|  | ***Health Care (-0.1%)*** |  |
| (405) | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |
| (10107180) | &nbsp;&nbsp;&nbsp;Put, 10/17/25, Strike $220.00 | (291600) |
| (405) | &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |
| (10107180) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $450.00 | (7290) |
|  |  | (298890) |
|  | ***Industrials (0.0%)*** |  |
| (570) | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |
| (15664740) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $300.00 | (74100) |
| (570) | &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |
| (15664740) | &nbsp;&nbsp;&nbsp;Put, 09/19/25, Strike $240.00 | (32775) |
|  |  | (106875) |
|  | ***Information Technology (-0.8%)*** |  |
| (185) | &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. |  |
| (3261735) | &nbsp;&nbsp;&nbsp;Call, 08/01/25, Strike $180.00 | (13875) |
| (290) | &nbsp;&nbsp;&nbsp;Apple, Inc. |  |
| (6019530) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $240.00 | (27550) |
| (1740) | &nbsp;&nbsp;&nbsp;Bill Holdings, Inc. |  |
| (7455900) | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $42.50 | (221850) |
| (365) | &nbsp;&nbsp;&nbsp;Microsoft Corp. |  |
| (19472750) | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $490.00 | (1658013) |
| (955) | &nbsp;&nbsp;&nbsp;NVIDIA Corp. |  |
| (16986585) | &nbsp;&nbsp;&nbsp;Call, 10/17/25, Strike $195.00 | (627912) |
| (230) | &nbsp;&nbsp;&nbsp;Oracle Corp. |  |
| (5836710) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $290.00 | (127650) |
| (455) | &nbsp;&nbsp;&nbsp;Oracle Corp. |  |
| (11546535) | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $230.00 | (45955) |
| (185) | &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc. |  |
| (3211600) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $180.00 | (139675) |
| (47) | &nbsp;&nbsp;&nbsp;ServiceNow, Inc. |  |
| (4432664) | &nbsp;&nbsp;&nbsp;Put, 09/19/25, Strike $800.00 | (24910) |
|  |  | (2887390) |
|  | ***Other (-1.5%)*** |  |
| (700) | &nbsp;&nbsp;&nbsp;GEO Group, Inc. |  |
| (1814400) | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $24.00 | (59500) |
| (1990) | &nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF |  |
| (17297080) | &nbsp;&nbsp;&nbsp;Put, 08/15/25, Strike $81.00 | (8955) |
| (850) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (53726800) | &nbsp;&nbsp;&nbsp;Call, 08/15/25, Strike $600.00 | (2883200) |
| (1600) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (101132800) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $645.00 | (1132800) |
| (2400) | &nbsp;&nbsp;&nbsp;SPDR® S&P 500® ETF Trust |  |
| (151699200) | &nbsp;&nbsp;&nbsp;Put, 09/19/25, Strike $520.00 | (226800) |
| (2850) | &nbsp;&nbsp;&nbsp;STMicroelectronics NV |  |
| (7247550) | &nbsp;&nbsp;&nbsp;Call, 09/19/25, Strike $40.00 | (35625) |
| (2850) | &nbsp;&nbsp;&nbsp;STMicroelectronics NV |  |
| (7247550) | &nbsp;&nbsp;&nbsp;Put, 09/19/25, Strike $27.00 | (634125) |
|  |  | (4981005) |
|  | **Total Exchange-Traded Written Options** |  |
|  | (Premium $5,207,643) | (8573560) |

---

---

| | |
|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| **\*** | Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. |
| **~** | 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 $66,547,427. |
| **‡** | Variable rate security. The rate shown is the rate in effect at July 31, 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<br> Date** | **Acquisition<br> Cost** |
| Rite Aid Corp. | 09/04/2024 | $20451 |
| Rite Aid Corp. | 12/04/2024 | 18573 |
| **Total** |  | $39024 |

---

---

| |
|:---|
| 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. |
| Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $228,505,448. |
| Non-income producing security. |

---

See accompanying Notes to Schedule of Investments

**Calamos Long/Short Equity & Dynamic Income Trust**

**SCHEDULE OF INVESTMENTS JULY 31, 2025 (UNAUDITED)**

---

| | |
|:---|:---|
| **FOREIGN CURRENCY ABBREVIATION** | **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.

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of July 31, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset Backed Security | $— | $139541 | $— | $139541 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds |  | 110939184 |  | 110939184 |
| &nbsp;&nbsp;&nbsp;Bank Loans |  | 13347310 |  | 13347310 |
| &nbsp;&nbsp;&nbsp;U.S. Government and Agency Securities |  | 1803438 |  | 1803438 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 7385772 |  |  | 7385772 |
| &nbsp;&nbsp;&nbsp;Common Stocks | 267174130 | 11097898 |  | 278272028 |
| &nbsp;&nbsp;&nbsp;Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Purchased Options | 4963016 |  |  | 4963016 |
| **Total** | $279522918 | $137327371 | $— | $416850289 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks Sold Short | $9643640 | $— | $— | $9643640 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds Sold Short | 113435320 |  |  | 113435320 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Written Options | 8573560 |  |  | 8573560 |
| **Total** | $131652520 | $— | $— | $131652520 |

---

See accompanying Notes to Schedule of Investments

Notes to Schedule of Investments (Unaudited)

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

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

**Significant Accounting Policies.** The Schedule of Investments has been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) and the Funds is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Funds:

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

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

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

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

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

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

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

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

**Option Transactions.** For hedging and investment purposes, each Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that each Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

**Note 2 – Fair Value Measurements**

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** CALAMOS CONVERTIBLE & HIGH INCOME FUND

- **b. Investment Company Act file number:** 811-21319

- **c. CIK number of Registrant:** 0001222719

- **d. LEI of Registrant:** 549300S5PS2P178Z6N82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2020 CALAMOS COURT

  - **City:** NAPERVILLE

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60563

  - **Telephone number:** 630-245-7200

**Item A.2. Information about the Series.**

- **a. Name of Series:** CALAMOS CONVERTIBLE & HIGH INCOME FUND

- **c. LEI of Series:** 549300S5PS2P178Z6N82

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1419179592.92

**Total Liabilities:** $555055418.16

**Net Assets:** $864124174.76

**Delayed Delivery Securities:** $11653531.00

**Cash Not Reported:** $27285445.12

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -590.24000000 | **1-Year:** -18511.95000000 | **5-Year:** -25660.18000000 | **10-Year:** -6188.04000000 | **30-Year:** -1061.72000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -4347.95000000 | **1-Year:** -82884.37000000 | **5-Year:** -224699.21000000 | **10-Year:** -16347.49000000 | **30-Year:** -3030.10000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 3.47%                | 7.00%                | 0.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2463679.73              | $29256651.60                               |
| Month 2  | $13224764.95             | $36556680.24                               |
| Month 3  | $5959864.17              | $10389204.13                               |

### Schedule of Portfolio Investments

| Name                                 | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MATADOR RESOURCES CO                 | Matador Resources Co                                                             | CUSIP: 576485AG1<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |   1044000 | PA      | $1047278.16   | 0.12%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ALASKA AIR 2020-1 CL B               | Alaska Airlines 2020-1 Class B Pass Through Trust                                | CUSIP: 01166WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    194176 | PA      | $194430.49    | 0.02%             | 2025-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Liberty Interactive LLC              | Liberty Interactive LLC                                                          | CUSIP: 530715AJ0<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $144460.80    | 0.02%             | 2030-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AFFIRM HOLDINGS INC                  | Affirm Holdings Inc                                                              | CUSIP: 00827BAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4758435.00   | 0.55%             | 2029-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN             | Live Nation Entertainment Inc                                                    | CUSIP: 538034BB4<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |  16750000 | PA      | $18038912.50  | 2.09%             | 2030-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                | Time Warner Cable LLC                                                            | CUSIP: 88732JAJ7<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    775000 | PA      | $797924.50    | 0.09%             | 2037-05-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| AssuredPartners Inc                  | AssuredPartners Inc 2024 Incremental Term Loan B5                                | CUSIP: 04621HAW3<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | LON              | CORP              | US        |   1283750 | PA      | $1287819.49   | 0.15%             | 2031-02-14      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE             | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    913000 | PA      | $869066.44    | 0.10%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I             | Performance Food Group Inc                                                       | CUSIP: 71376LAF7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |    261000 | PA      | $265507.47    | 0.03%             | 2032-09-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                | American Airlines Inc 2025 Term Loan B                                           | CUSIP: 02376CBT1<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    593512 | PA      | $598334.79    | 0.07%             | 2032-05-28      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                    | Iron Mountain Inc 2023 Term Loan B                                               | CUSIP: 46284NAV1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | LON              |  | US        |    773225 | PA      | $774353.91    | 0.09%             | 2031-01-31      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                  | Station Casinos LLC                                                              | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1100137.50   | 0.13%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LANTHEUS HOLDINGS INC                | Lantheus Holdings Inc                                                            | CUSIP: 516544AB9<br>LEI: 5299005HUB5IOJGO7S39 | Long             | DBT              | CORP              | US        |   3040000 | PA      | $3595438.40   | 0.42%             | 2027-12-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC             | Broadstreet Partners Inc 2024 Term Loan B4                                       | CUSIP: 11132VAY5<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |    668139 | PA      | $669388.12    | 0.08%             | 2031-06-13      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| PROVIDENT FDG/PFG FIN                | Provident Funding Associates LP / PFG Finance Corp                               | CUSIP: 74387UAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1305000 | PA      | $1367874.90   | 0.16%             | 2029-09-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ALPHATEC HOLDINGS INC                | Alphatec Holdings Inc                                                            | CUSIP: 02081GAC6<br>LEI: 549300EZE8CQ8K65FS24 | Long             | DBT              | CORP              | US        |   8750000 | PA      | $8648062.50   | 1.00%             | 2030-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP                    | Clarios Global LP 2025 USD Term Loan B                                           | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |   1225000 | PA      | $1226782.38   | 0.14%             | 2032-01-28      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                   | Advance Auto Parts Inc                                                           | CUSIP: 00751YAK2<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    464000 | PA      | $466681.92    | 0.05%             | 2030-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc   | Clear Channel Outdoor Holdings Inc 2024 Term Loan                                | CUSIP: 18452RAF2<br>LEI: 254900XBEE6V1ENYS150 | Long             | LON              | CORP              | US        |    489198 | PA      | $489153.96    | 0.06%             | 2028-08-23      | Floating      | 8.47%                 | No            |                  2 | On Loan: No      |
| MOOG INC                             | Moog Inc                                                                         | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |    650000 | PA      | $636012.00    | 0.07%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AST SpaceMobile Inc                  | AST SpaceMobile Inc                                                              | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Long             | EC               | CORP              | US        |     79988 | NS      | $4252961.96   | 0.49%             |  |  |  | No            |                  1 | On Loan: —       |
| RFNA LP                              | Rfna LP                                                                          | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1065691.00   | 0.12%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Nordstrom Inc                        | Nordstrom Inc                                                                    | CUSIP: 655664AR1<br>LEI: 549300S3IZB5P35KNV16 | Long             | DBT              | CORP              | US        |    500000 | PA      | $339345.00    | 0.04%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                    | DISH Network Corp                                                                | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |   1049000 | PA      | $1093372.70   | 0.13%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS               | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAD7<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    523000 | PA      | $533742.42    | 0.06%             | 2033-02-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CENTURY ALUMINUM COMPANY             | Century Aluminum Co                                                              | CUSIP: 156431AS7<br>LEI: 549300U5ODNGEYWKSW73 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1061025.00   | 0.12%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                          | Deluxe Corp                                                                      | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    260000 | PA      | $267462.00    | 0.03%             | 2029-09-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| GUITAR CENTER INC                    | GUITAR CENTER INC                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      6662 | NS      | $99930.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SUPER MICRO COMPUTER INC             | Super Micro Computer Inc                                                         | CUSIP: 86800UAE4<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $4781587.50   | 0.55%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS             | Hughes Satellite Systems Corp                                                    | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $962894.40    | 0.11%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| EMBECTA CORP                         | Embecta Corp                                                                     | CUSIP: 29082KAB1<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |    260000 | PA      | $250559.40    | 0.03%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Camelot US Acquisition LLC           | Camelot US Acquisition LLC 2024 Term Loan B                                      | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |   1052258 | PA      | $1053178.77   | 0.12%             | 2031-01-31      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| RUBRIK INC                           | Rubrik Inc                                                                       | CUSIP: 781154AC3<br>LEI: 254900TRGK2WTBYMYU27 | Long             | DBT              | CORP              | US        |   4559000 | PA      | $4896092.46   | 0.57%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WILDFIRE INTERMEDIATE HO             | Wildfire Intermediate Holdings LLC                                               | CUSIP: 96812HAA6<br>LEI: 5493003RHEMQJZEXIR02 | Long             | DBT              | CORP              | US        |    912000 | PA      | $909136.32    | 0.11%             | 2029-10-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS INC                  | Viavi Solutions Inc                                                              | CUSIP: 925550AF2<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1442324.70   | 0.17%             | 2029-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PPL CAPITAL FUNDING INC              | PPL Capital Funding Inc                                                          | CUSIP: 69352PAS2<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |  16500000 | PA      | $18429840.00  | 2.13%             | 2028-03-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC               | Venture Global LNG Inc                                                           | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    525000 | PA      | $566847.75    | 0.07%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN             | Raising Cane's Restaurants LLC                                                   | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    530000 | PA      | $560252.40    | 0.06%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC              | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    829000 | PA      | $714971.05    | 0.08%             | 2034-07-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| US CELLULAR CORP                     | United States Cellular Corp                                                      | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |    414000 | PA      | $437805.00    | 0.05%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                    | Herc Holdings Inc                                                                | CUSIP: 42704LAE4<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    525000 | PA      | $537894.00    | 0.06%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| KOSMOS ENERGY LTD                    | Kosmos Energy Ltd                                                                | CUSIP: 500688AH9<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $3214530.00   | 0.37%             | 2030-03-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC               | Northern Oil & Gas Inc                                                           | CUSIP: 665531AJ8<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4695255.00   | 0.54%             | 2029-04-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MetLife Inc                          | MetLife Inc                                                                      | CUSIP: 59156RAP3<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1523000 | PA      | $1587103.07   | 0.18%             | 2036-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| MKS INC                              | MKS Inc                                                                          | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |  17250000 | PA      | $16852387.50  | 1.95%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL              | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |    525000 | PA      | $511192.50    | 0.06%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| QXO INC                              | QXO Inc                                                                          | CUSIP: 82846H504<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     87620 | NS      | $5066188.40   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING             | Summit Midstream Holdings LLC                                                    | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1440000 | PA      | $1466755.20   | 0.17%             | 2029-10-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Time Warner Cable LLC                | Time Warner Cable LLC                                                            | CUSIP: 88732JAN8<br>LEI: 549300U5NFR7S6E3GM41 | Long             | DBT              | CORP              | US        |    420000 | PA      | $453839.40    | 0.05%             | 2038-07-01      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY               | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $780686.40    | 0.09%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                     | Hewlett Packard Enterprise Co                                                    | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |    161410 | NS      | $9684600.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                          | Vistra Corp                                                                      | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    525000 | PA      | $530596.50    | 0.06%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP             | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AP1<br>LEI: N/A                  | Long             | DBT              |  | US        |    645000 | PA      | $626875.50    | 0.07%             | 2029-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR              | Alaska Airlines 2020-1 Class A Pass Through Trust                                | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    809066 | PA      | $807310.26    | 0.09%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                          | Deluxe Corp                                                                      | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   1360000 | PA      | $1306796.80   | 0.15%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                        | TransDigm Inc                                                                    | CUSIP: 893647BT3<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    390000 | PA      | $406473.60    | 0.05%             | 2031-12-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP               | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2080000 | PA      | $2064150.40   | 0.24%             | 2027-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                | Tenet Healthcare Corp                                                            | CUSIP: 88033GDS6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   2465000 | PA      | $2468672.85   | 0.29%             | 2027-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT LLC                   | Voyager Parent LLC                                                               | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |    522000 | PA      | $552719.70    | 0.06%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP              | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                  | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1128852.00   | 0.13%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AUDACY CAPITAL                       | AUDACY CAPITAL                                                                   | CUSIP: 000000000<br>LEI: 549300S5JUSXRHNCHD80 | N/A              | DE               |  | US        |      3271 | NS      | $0.33         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP               | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    540000 | PA      | $530469.00    | 0.06%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                    | Post Holdings Inc                                                                | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1070737.50   | 0.12%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                           | Twilio Inc                                                                       | CUSIP: 90138FAC6<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    725000 | PA      | $687155.00    | 0.08%             | 2029-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                  | Buckeye Partners LP                                                              | CUSIP: 118230AV3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    392000 | PA      | $403701.20    | 0.05%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC               | Venture Global LNG Inc                                                           | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    780000 | PA      | $807947.40    | 0.09%             | 2028-06-01      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| PRESTIGE BRANDS INC                  | Prestige Brands Inc                                                              | CUSIP: 74112BAM7<br>LEI: 549300JBVP4J6D42I235 | Long             | DBT              | CORP              | US        |    986000 | PA      | $903225.30    | 0.10%             | 2031-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US               | Cushman & Wakefield US Borrower LLC                                              | CUSIP: 23166MAC7<br>LEI: 549300870CMN3WI5IF97 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1121619.40   | 0.13%             | 2031-09-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                    | Newell Brands Inc                                                                | CUSIP: 651229BE5<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    522000 | PA      | $499893.30    | 0.06%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: —       |
| GUIDEWIRE SOFTWARE INC               | Guidewire Software Inc                                                           | CUSIP: 40171VAB6<br>LEI: 549300WXSG0J8IXZCK32 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $10337130.00  | 1.20%             | 2029-11-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: —       |
| Q2 HOLDINGS INC                      | Q2 Holdings Inc                                                                  | CUSIP: 74736LAD1<br>LEI: 549300M9RKR9DZXWS696 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4397880.00   | 0.51%             | 2026-06-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| CMS ENERGY CORP                      | CMS Energy Corp                                                                  | CUSIP: 125896BX7<br>LEI: 549300IA9XFBAGNIBW29 | Long             | DBT              | CORP              | US        |   9250000 | PA      | $10144382.50  | 1.17%             | 2028-05-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: —       |
| AUDACY INC                           | AUDACY INC                                                                       | CUSIP: 05070N301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17927 | NS      | $250978.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SCRIPPS ESCROW II INC                | Scripps Escrow II Inc                                                            | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    514000 | PA      | $456894.60    | 0.05%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| Qwest Corp                           | Qwest Corp                                                                       | CUSIP: 912920AK1<br>LEI: 549300R2L4N683OO1509 | Long             | DBT              | CORP              | US        |    367000 | PA      | $367381.68    | 0.04%             | 2025-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA INC                 | Cascades Inc/Cascades USA Inc                                                    | CUSIP: 14739LAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |   1630000 | PA      | $1628598.20   | 0.19%             | 2030-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY              | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1086634.50   | 0.13%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                     | MGM Resorts International                                                        | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   2025000 | PA      | $2059101.00   | 0.24%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| WELLTOWER OP LLC                     | Welltower OP LLC                                                                 | CUSIP: 95041AAB4<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              |  | US        |   4750000 | PA      | $8260440.00   | 0.96%             | 2028-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                       | Rocket Cos Inc                                                                   | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    523000 | PA      | $530944.37    | 0.06%             | 2030-08-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                       | ARD Finance SA                                                                   | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |   2845606 | PA      | $212538.31    | 0.02%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EP Energy Corp                       | EP Energy Corp                                                                   | CUSIP: 268785201<br>LEI: 549300Z6HPQS1H5IYQ07 | Long             | EC               | CORP              | US        |      7238 | NS      | $10857.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MOHEGAN TRIBAL / MS DIG              | Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC          | CUSIP: 60832QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $544314.75    | 0.06%             | 2030-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CFC BIDCO 2022 LTD                   | CFC BIDCO 2022 LTD TERM LOAN B                                                   | CUSIP: 12531JAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1050000 | PA      | $1050661.50   | 0.12%             | 2032-05-30      | Floating      | 8.04%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN             | Rogers Communications Inc                                                        | CUSIP: 775109DH1<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    910000 | PA      | $928982.60    | 0.11%             | 2055-04-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| UPSTART HOLDINGS INC                 | Upstart Holdings Inc                                                             | CUSIP: 91680MAE7<br>LEI: 549300WNB47JRNENIC75 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $5384655.00   | 0.62%             | 2030-11-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: —       |
| DAVITA INC                           | DaVita Inc                                                                       | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1010000 | PA      | $1039623.30   | 0.12%             | 2032-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| MERCER INTL INC                      | Mercer International Inc                                                         | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |   1107000 | PA      | $892784.43    | 0.10%             | 2029-02-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS             | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    594000 | PA      | $466319.70    | 0.05%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: —       |
| United Natural Foods Inc             | United Natural Foods Inc 2024 Term Loan                                          | CUSIP: 91116KAD7<br>LEI: 549300GKGW6WPZ282D40 | Long             | LON              | CORP              | US        |    502865 | PA      | $507534.35    | 0.06%             | 2031-05-01      | Floating      | 9.11%                 | No            |                  2 | On Loan: No      |
| VITAL ENERGY INC                     | Vital Energy Inc                                                                 | CUSIP: 516806AJ5<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $982603.05    | 0.11%             | 2030-10-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS               | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAC9<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |   1375000 | PA      | $1438222.50   | 0.17%             | 2031-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: —       |
| ENERSYS                              | EnerSys                                                                          | CUSIP: 29275YAF9<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    500000 | PA      | $514180.00    | 0.06%             | 2032-01-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                     | Credit Acceptance Corp                                                           | CUSIP: 225310AS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    464000 | PA      | $470045.92    | 0.05%             | 2030-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS LLC         | MPH Acquisition Holdings LLC 2025 Exchange 1st Out Term Loan                     | CUSIP: 55328HAP6<br>LEI: 5493002WXOPRPTXWTU06 | Long             | LON              | CORP              | US        |     92916 | PA      | $92683.84     | 0.01%             | 2030-12-31      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC             | United Natural Foods Inc                                                         | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |    855000 | PA      | $852717.15    | 0.10%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ADVANCE AUTO PARTS                   | Advance Auto Parts Inc                                                           | CUSIP: 00751YAL0<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | DBT              | CORP              | US        |    261000 | PA      | $262370.25    | 0.03%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| JAZZ INVESTMENTS I LTD               | Jazz Investments I Ltd                                                           | CUSIP: 472145AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   6655000 | PA      | $6834485.35   | 0.79%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JAZZ FINANCING LUX SARL              | Jazz Financing Lux Sarl 2024 1st Lien Term Loan B                                | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |    733884 | PA      | $737612.56    | 0.09%             | 2028-05-05      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                      | Fair Isaac Corp                                                                  | CUSIP: 303250AG9<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    392000 | PA      | $394661.68    | 0.05%             | 2033-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KKR & CO INC                         | KKR & Co Inc                                                                     | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |    165210 | NS      | $9491314.50   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VIKING CRUISES LTD                   | Viking Cruises Ltd                                                               | CUSIP: 92676XAG2<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |    260000 | PA      | $279858.80    | 0.03%             | 2031-07-15      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| BRITISH AIR 21-1 B PTT               | British Airways 2021-1 Class B Pass Through Trust                                | CUSIP: 11042CAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    817742 | PA      | $779373.62    | 0.09%             | 2031-09-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                | Quikrete Holdings Inc                                                            | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1072985.10   | 0.12%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WASTE PRO USA INC                    | Waste Pro USA Inc                                                                | CUSIP: 94107JAC7<br>LEI: 549300BY1QXU5BI3UF28 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1080279.20   | 0.13%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE/GLOBAL              | Global Net Lease Inc / Global Net Lease Operating Partnership LP                 | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |   1567000 | PA      | $1497691.59   | 0.17%             | 2027-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: —       |
| JAZZ SECURITIES DAC                  | Jazz Securities DAC                                                              | CUSIP: 47216FAA5<br>LEI: 6354009DV8VV7K6KOO02 | Long             | DBT              | CORP              | IE        |    340000 | PA      | $329157.40    | 0.04%             | 2029-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                        | M/I Homes Inc                                                                    | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |    685000 | PA      | $639043.35    | 0.07%             | 2030-02-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC             | Corebridge Financial Inc                                                         | CUSIP: 21871XAT6<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1020000 | PA      | $1020234.60   | 0.12%             | 2054-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                      | Sealed Air Corp                                                                  | CUSIP: 81211KBA7<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    261000 | PA      | $257395.59    | 0.03%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW INC                   | Scripps Escrow Inc                                                               | CUSIP: 81104PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    415000 | PA      | $415000.00    | 0.05%             | 2027-07-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                       | 1261229 BC Ltd                                                                   | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1410000 | PA      | $1436479.80   | 0.17%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                        | EchoStar Corp                                                                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1593550 | PA      | $1681402.41   | 0.19%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                  | Sirius XM Radio LLC                                                              | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |   1311000 | PA      | $1157272.14   | 0.13%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: —       |
| TELESAT CANADA/TELESAT L             | Telesat Canada / Telesat LLC                                                     | CUSIP: 87952VAP1<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    517000 | PA      | $321992.77    | 0.04%             | 2027-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| API GROUP DE INC                     | APi Group DE Inc                                                                 | CUSIP: 00185PAA9<br>LEI: 549300XP4G7B4QYA0G83 | Long             | DBT              | CORP              | US        |   1255000 | PA      | $1215454.95   | 0.14%             | 2029-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Telesat Canada                       | Telesat Canada Term Loan B5                                                      | CUSIP: 87951YAU5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1050000 | PA      | $670125.75    | 0.08%             | 2026-12-07      | Floating      | 7.34%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT               | HAT Holdings I LLC / HAT Holdings II LLC                                         | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    585000 | PA      | $606966.75    | 0.07%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CORE SCIENTIFIC INC                  | Core Scientific Inc                                                              | CUSIP: 21874AAC0<br>LEI: 5299003RGB2LAZ65RK73 | Long             | DBT              | CORP              | US        |   2710000 | PA      | $3957927.90   | 0.46%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                      | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    475000 | PA      | $483540.50    | 0.06%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PREMIER ENTERTAINMENT SU             | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp               | CUSIP: 74052HAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1460000 | PA      | $882862.00    | 0.10%             | 2029-09-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| Coherent Corp                        | Coherent Corp 2025 1st Lien Term Loan B2                                         | CUSIP: 45173JAS3<br>LEI: 549300O5C25A0MMHHU33 | Long             | LON              | CORP              | US        |    784630 | PA      | $787768.50    | 0.09%             | 2029-07-02      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| STONEX ESCROW ISSUER LLC             | Stonex Escrow Issuer LLC                                                         | CUSIP: 86189AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    257000 | PA      | $261939.54    | 0.03%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST             | Service Properties Trust                                                         | CUSIP: 81761LAD4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |    775000 | PA      | $805573.75    | 0.09%             | 2029-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                   | Kohl's Corp                                                                      | CUSIP: 500255AV6<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |   1443000 | PA      | $812683.17    | 0.09%             | 2045-07-17      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM INC                     | DT Midstream Inc                                                                 | CUSIP: 23345MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    808000 | PA      | $778952.40    | 0.09%             | 2029-06-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| RITE AID CORP                        | Rite Aid Corp                                                                    | CUSIP: 767754CR3<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    113382 | PA      | $8503.65      | 0.00%             | 2031-08-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COMPANIES INC          | Bausch Health Companies Inc 2025 Term Loan B                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |    650000 | PA      | $638576.25    | 0.07%             | 2030-10-08      | Floating      | 10.61%                | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                | Bath & Body Works Inc                                                            | CUSIP: 501797AQ7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   1369000 | PA      | $1404511.86   | 0.16%             | 2027-01-15      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC             | BroadStreet Partners Inc                                                         | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |   1819000 | PA      | $1808086.00   | 0.21%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Amneal Pharmaceuticals LLC           | Amneal Pharmaceuticals LLC 2023 Term Loan B                                      | CUSIP: 03167DAQ7<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |   3440022 | PA      | $3508822.91   | 0.41%             | 2028-05-04      | Floating      | 9.86%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC             | iHeartCommunications Inc                                                         | CUSIP: 45174HBL0<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    524000 | PA      | $262618.32    | 0.03%             | 2030-05-01      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| MACQUARIE AIRFINANCE HLD             | Macquarie Airfinance Holdings Ltd                                                | CUSIP: 55609NAB4<br>LEI: 549300MCGUSL5B852H65 | Long             | DBT              | CORP              | GB        |   1055000 | PA      | $1101609.90   | 0.13%             | 2029-03-30      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                    | Post Holdings Inc                                                                | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    788000 | PA      | $790214.28    | 0.09%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC               | Group 1 Automotive Inc                                                           | CUSIP: 398905AQ2<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    650000 | PA      | $664072.50    | 0.08%             | 2030-01-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| IHEARTCOMMUNICATIONS INC             | iHeartCommunications Inc                                                         | CUSIP: 45174HBM8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |    351550 | PA      | $275523.80    | 0.03%             | 2030-08-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ENOVIS CORP                          | Enovis Corp                                                                      | CUSIP: 194014AB2<br>LEI: 635400OP2DYYYMOIYL17 | Long             | DBT              | CORP              | US        |   5183000 | PA      | $4951319.90   | 0.57%             | 2028-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                  | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   1295000 | PA      | $1235533.60   | 0.14%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                 | Wabash National Corp                                                             | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    575000 | PA      | $515527.75    | 0.06%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2019-2 B PTT              | United Airlines 2019-2 Class B Pass Through Trust                                | CUSIP: 90932KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    266736 | PA      | $258707.21    | 0.03%             | 2028-05-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP FINANCECO 3              | Match Group Financeco 3 Inc                                                      | CUSIP: 44932KAA4<br>LEI: 5493003IEL8HSZKWUI17 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5199207.50   | 0.60%             | 2030-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                  | Churchill Downs Inc                                                              | CUSIP: 12511VAA6<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    522000 | PA      | $521410.14    | 0.06%             | 2030-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME                | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1565000 | PA      | $1595314.05   | 0.18%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| NABORS INDUSTRIES INC                | Nabors Industries Inc                                                            | CUSIP: 62957HAL9<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   5265000 | PA      | $3174005.25   | 0.37%             | 2029-06-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| JW ALUMINUM CONT CAST CO             | JW Aluminum Continuous Cast Co                                                   | CUSIP: 46648XAB4<br>LEI: 5493008HJ8BWQC8XAF08 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1083257.45   | 0.13%             | 2030-04-01      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| TYLER TECHNOLOGIES INC               | Tyler Technologies Inc                                                           | CUSIP: 902252AB1<br>LEI: 25490040SMU4Z8LBCW70 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $5442390.00   | 0.63%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Cumulus Media Inc                    | Cumulus Media Inc                                                                | CUSIP: 231082801<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7383 | NS      | $1018.85      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BEACH ACQUISITION BIDCO LLC          | BEACH ACQUISITION BIDCO LLC USD TERM LOAN B                                      | CUSIP: 000000000<br>LEI: 254900F2FNX3GBTB6202 | Long             | LON              | CORP              | US        |    350000 | PA      | $352625.00    | 0.04%             | 2032-06-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRINSEO LUX/TRINSEO NA               | Trinseo Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC                      | CUSIP: 89668JAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    442850 | PA      | $258464.97    | 0.03%             | 2029-05-03      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| DUN & BRADSTREET CORP                | Dun & Bradstreet Corp/The                                                        | CUSIP: 26483EAL4<br>LEI: RI37BMPWE56BCJ747E14 | Long             | DBT              | CORP              | US        |    522000 | PA      | $534350.52    | 0.06%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                      | Fair Isaac Corp                                                                  | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    520000 | PA      | $502798.40    | 0.06%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                | Caesars Entertainment Inc                                                        | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    657000 | PA      | $621581.13    | 0.07%             | 2029-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| DIGITAL REALTY TRUST LP              | Digital Realty Trust LP                                                          | CUSIP: 25389JAX4<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              |  | US        |   9000000 | PA      | $9507510.00   | 1.10%             | 2029-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: —       |
| CHEMOURS CO                          | Chemours Co/The                                                                  | CUSIP: 163851AJ7<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    888000 | PA      | $826799.04    | 0.10%             | 2033-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP                     | Knife River Corp                                                                 | CUSIP: 498894AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1092436.80   | 0.13%             | 2031-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                        | Carnival Corp                                                                    | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    523000 | PA      | $508361.23    | 0.06%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LIFE TIME FITNESS INC                | Life Time Fitness Inc 2024 Term Loan B                                           | CUSIP: 50218KAM0<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |   1039775 | PA      | $1043263.45   | 0.12%             | 2031-11-05      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                | Directv Financing LLC / Directv Financing Co-Obligor Inc                         | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    937000 | PA      | $932146.34    | 0.11%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                         | AES Corp/The                                                                     | CUSIP: 00130HCK9<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    170000 | PA      | $172378.30    | 0.02%             | 2055-01-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP                 | Capstone Copper Corp                                                             | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |   1045000 | PA      | $1064886.35   | 0.12%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                       | Transocean Inc                                                                   | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |   1050000 | PA      | $992901.00    | 0.11%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LIMITED            | HUB International Limited 2025 Term Loan B                                       | CUSIP: 44332EAZ9<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |    929565 | PA      | $931763.64    | 0.11%             | 2030-06-20      | Floating      | 6.83%                 | No            |                  2 | On Loan: No      |
| FERTITTA ENTERTAINMENT LLC           | Fertitta Entertainment LLC 2024 Term Loan B                                      | CUSIP: 000000000<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |    256388 | PA      | $256893.87    | 0.03%             | 2029-01-27      | Floating      | 7.60%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP                     | Duke Energy Corp                                                                 | CUSIP: 26441CCG8<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $1055524.50   | 0.12%             | 2054-09-01      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                           | DaVita Inc                                                                       | CUSIP: 23918KAT5<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1220000 | PA      | $1107540.40   | 0.13%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ITRON INC                            | Itron Inc                                                                        | CUSIP: 465741AQ9<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4598000.00   | 0.53%             | 2030-07-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: —       |
| TRANSDIGM INC                        | TransDigm Inc                                                                    | CUSIP: 893647BV8<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    254000 | PA      | $261452.36    | 0.03%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC                    | Newell Brands Inc                                                                | CUSIP: 651229BG0<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    522000 | PA      | $548110.44    | 0.06%             | 2028-06-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| 867ESCAC9 SUNEDISON INC              | 867ESCAC9 SUNEDISON INC                                                          | CUSIP: 867ESCAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1027000 | PA      | $3594.50      | 0.00%             | 2018-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONSTELLIUM SE                       | Constellium SE                                                                   | CUSIP: 21039CAD6<br>LEI: 724500KRJEMC79KAAU28 | Long             | DBT              | CORP              | FR        |    425000 | PA      | $430958.50    | 0.05%             | 2032-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: —       |
| VENTURE GLOBAL CALCASIEU             | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAA1<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    260000 | PA      | $245567.40    | 0.03%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN             | Graphic Packaging International LLC                                              | CUSIP: 38869AAC1<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    484000 | PA      | $455337.52    | 0.05%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ENSTAR GROUP LTD                     | Enstar Group Ltd                                                                 | CUSIP: 29359UAD1<br>LEI: 213800AMAL5QFXVUCN04 | Long             | DBT              | CORP              | BM        |    520000 | PA      | $537113.20    | 0.06%             | 2045-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| UNITED WHOLESALE MTGE LL             | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AA8<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   1212000 | PA      | $1186608.60   | 0.14%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DOORDASH INC                         | DoorDash Inc                                                                     | CUSIP: 25809KAA3<br>LEI: 549300NUQ43FGGSK5051 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $18483080.00  | 2.14%             | 2030-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC               | Energizer Holdings Inc                                                           | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    260000 | PA      | $263900.00    | 0.03%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP                 | Western Digital Corp                                                             | CUSIP: 958102AT2<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |   5750000 | PA      | $12337085.00  | 1.43%             | 2028-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SNOWFLAKE INC                        | Snowflake Inc                                                                    | CUSIP: 833445AC3<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $18670920.00  | 2.16%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chinos Intermediate Holdings A, Inc. | Chinos Intermediate Holdings A Inc 2024 Term Loan B                              | CUSIP: 000000000<br>LEI: 54930061EIIAONXJMZ79 | Long             | LON              | CORP              | US        |    651725 | PA      | $554780.91    | 0.06%             | 2031-09-26      | Floating      | 10.31%                | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGING INTERN             | Graphic Packaging International LLC                                              | CUSIP: 38869AAA5<br>LEI: SO75N4VY5NXGQSK8YQ65 | Long             | DBT              | CORP              | US        |    675000 | PA      | $665266.50    | 0.08%             | 2027-07-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL              | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              |  | US        |    510000 | PA      | $539406.60    | 0.06%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GROUP 1 AUTOMOTIVE INC               | Group 1 Automotive Inc                                                           | CUSIP: 398905AN9<br>LEI: 549300US8QAZJLWYAF63 | Long             | DBT              | CORP              | US        |    445000 | PA      | $429456.15    | 0.05%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                           | goeasy Ltd                                                                       | CUSIP: 380355AJ6<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    934000 | PA      | $962692.48    | 0.11%             | 2029-07-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| CB144A SUNEDISON INC                 | CB144A SUNEDISON INC                                                             | CUSIP: 867ESCAE5<br>LEI: 5493004W8FBXFVSWVZ87 | Long             | DBT              | CORP              | US        |  10545000 | PA      | $36907.50     | 0.00%             | 2020-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Veritiv Corporation                  | Veritiv Corporation Term Loan B                                                  | CUSIP: 92338TAB2<br>LEI: 5493004G8OK5L1UTIY12 | Long             | LON              | CORP              | US        |   1057337 | PA      | $1062956.42   | 0.12%             | 2030-11-30      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation            | Bausch & Lomb Corporation 2025 Term Loan B                                       | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |    150000 | PA      | $150825.00    | 0.02%             | 2031-01-15      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORP                 | Pilgrim's Pride Corp                                                             | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    775000 | PA      | $741062.75    | 0.09%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                            | IQVIA Inc                                                                        | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |    588000 | PA      | $603405.60    | 0.07%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                        | Coherent Corp                                                                    | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |    604000 | PA      | $591527.40    | 0.07%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocket Software Inc                  | Rocket Software Inc 2023 USD Term Loan B                                         | CUSIP: 77313DAW1<br>LEI: 549300PVG26ISP5X1556 | Long             | LON              | CORP              | US        |   1575000 | PA      | $1580788.13   | 0.18%             | 2028-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER             | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1075096.00   | 0.12%             | 2032-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| SCRIPPS ESCROW II INC                | Scripps Escrow II Inc                                                            | CUSIP: 81105DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    257000 | PA      | $189771.37    | 0.02%             | 2031-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM SERVICES LLC              | Windstream Services LLC 2024 Term Loan B                                         | CUSIP: 97381JAJ2<br>LEI: 549300KT9GVEBYCD2N29 | Long             | LON              | CORP              | US        |    530000 | PA      | $533312.50    | 0.06%             | 2031-10-01      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS              | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    261000 | PA      | $273817.71    | 0.03%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC             | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              |  | US        |    807000 | PA      | $785227.14    | 0.09%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                       | Albemarle Corp                                                                   | CUSIP: 012653200<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EP               | CORP              | US        |    143115 | NS      | $4860185.40   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GULFPORT ENERGY OP CORP              | Gulfport Energy Operating Corp                                                   | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |   1460000 | PA      | $1486323.80   | 0.17%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TWILIO INC                           | Twilio Inc                                                                       | CUSIP: 90138FAD4<br>LEI: 5493004W8TRGD63APX93 | Long             | DBT              | CORP              | US        |    259000 | PA      | $240885.54    | 0.03%             | 2031-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CLARITEV CORP                        | Claritev Corp                                                                    | CUSIP: 62548MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    406005 | PA      | $296627.25    | 0.03%             | 2031-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC               | Acrisure LLC / Acrisure Finance Inc                                              | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    871000 | PA      | $901040.79    | 0.10%             | 2029-02-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JETBLUE 2020-1 CLASS B               | JetBlue 2020-1 Class B Pass Through Trust                                        | CUSIP: 477164AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    919846 | PA      | $924214.99    | 0.11%             | 2028-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                       | Gray Media Inc                                                                   | CUSIP: 389375AP1<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    522000 | PA      | $519567.48    | 0.06%             | 2033-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP               | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2275000 | PA      | $2162137.25   | 0.25%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS LLC           | AMNEAL PHARMACEUTICALS LLC 2025 TERM LOAN B                                      | CUSIP: 03167DAR5<br>LEI: 54930037VIXE7LRZ1M66 | Long             | LON              | CORP              | US        |   1166700 | PA      | $1169371.74   | 0.14%             | 2032-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RAPID7 INC                           | Rapid7 Inc                                                                       | CUSIP: 753422AH7<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |   8250000 | PA      | $7330125.00   | 0.85%             | 2029-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| ALKAMI TECHNOLOGY INC                | Alkami Technology Inc                                                            | CUSIP: 01644JAA6<br>LEI: 254900FCNYU4HNEV9L47 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3831787.50   | 0.44%             | 2030-03-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AEROVIRONMENT INC                    | AeroVironment Inc                                                                | CUSIP: 008073AA6<br>LEI: 529900PGHVI29YLZ6221 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $9010560.00   | 1.04%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MARRIOTT VACATION WORLDW             | Marriott Vacations Worldwide Corp                                                | CUSIP: 57164YAF4<br>LEI: 549300WA6BT5H4F7IO94 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10466280.00  | 1.21%             | 2027-12-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| WR Grace & Co-Conn                   | WR Grace & Co-Conn 2021 Term Loan B                                              | CUSIP: 92943HAB5<br>LEI: 549300WNOVFRGYOAEB12 | Long             | LON              | CORP              | US        |   1054035 | PA      | $1056338.23   | 0.12%             | 2028-09-22      | Floating      | 7.55%                 | No            |                  2 | On Loan: No      |
| XHR LP                               | XHR LP                                                                           | CUSIP: 98372MAE5<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              |  | US        |   1045000 | PA      | $1063026.25   | 0.12%             | 2030-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                     | CSC Holdings LLC                                                                 | CUSIP: 126307BD8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $844038.00    | 0.10%             | 2030-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO             | Medline Borrower LP/Medline Co-Issuer Inc                                        | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    129000 | PA      | $131857.35    | 0.02%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC                         | Acrisure LLC 2025 Term Loan B                                                    | CUSIP: 00488PAX3<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |    790000 | PA      | $792962.50    | 0.09%             | 2032-06-21      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                | Bread Financial Holdings Inc                                                     | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    784000 | PA      | $811008.80    | 0.09%             | 2035-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                | Caesars Entertainment Inc                                                        | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206496.00    | 0.02%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR             | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1644602.00   | 0.19%             | 2031-04-30      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| General Motors Co                    | General Motors Co                                                                | CUSIP: 37045VAJ9<br>LEI: 54930070NSV60J38I987 | Long             | DBT              | CORP              | US        |    510000 | PA      | $443506.20    | 0.05%             | 2045-04-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| SVC ABS LLC                          | SVC ABS LLC                                                                      | CUSIP: 78487JAC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    850000 | PA      | $817999.46    | 0.09%             | 2053-02-20      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                        | Carnival Corp                                                                    | CUSIP: 143658BV3<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   4500000 | PA      | $10413585.00  | 1.21%             | 2027-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RITE AID CORP                        | Rite Aid Corp                                                                    | CUSIP: 767754CS1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    337517 | PA      | $1687.59      | 0.00%             | 2031-08-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| US CELLULAR CORP                     | United States Cellular Corp                                                      | CUSIP: 911684801<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |      7072 | NS      | $156786.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jeld-Wen Inc                         | JELD-WEN Inc                                                                     | CUSIP: 475795AD2<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    280000 | PA      | $265770.40    | 0.03%             | 2027-12-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: —       |
| ENERGY TRANSFER LP                   | Energy Transfer LP                                                               | CUSIP: 29273VBC3<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    520000 | PA      | $533655.20    | 0.06%             | 2054-10-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: —       |
| JAZZ INVESTMENTS I LTD               | Jazz Investments I Ltd                                                           | CUSIP: 472145AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   4000000 | PA      | $4417960.00   | 0.51%             | 2030-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| EMPIRE RESORTS INC                   | Empire Resorts Inc                                                               | CUSIP: 292052AF4<br>LEI: 549300WBFN23L9HI5N68 | Long             | DBT              | CORP              | US        |   1510000 | PA      | $1492393.40   | 0.17%             | 2026-11-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| AUDACY CAPITAL                       | AUDACY CAPITAL                                                                   | CUSIP: 000000000<br>LEI: 549300S5JUSXRHNCHD80 | N/A              | DE               |  | US        |       545 | NS      | $0.05         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMBERLAIN GROUP INC                | CHAMBERLAIN GROUP INC 2025 TERM LOAN B                                           | CUSIP: 15963CAE6<br>LEI: 25490092IFNOZBRVE539 | Long             | LON              | CORP              | US        |    770000 | PA      | $770639.10    | 0.09%             | 2032-09-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENERSYS                              | EnerSys                                                                          | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    500000 | PA      | $491555.00    | 0.06%             | 2027-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                   | Ally Financial Inc                                                               | CUSIP: 02005NBN9<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    480000 | PA      | $438609.60    | 0.05%             | 2028-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                        | Life Time Inc                                                                    | CUSIP: 53190FAE5<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1053746.65   | 0.12%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND CAP/GLOBA             | AerCap Ireland Capital DAC / AerCap Global Aviation Trust                        | CUSIP: 00774MBK0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    975000 | PA      | $1018699.50   | 0.12%             | 2055-03-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: —       |
| DISH DBS CORP                        | DISH DBS Corp                                                                    | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    544000 | PA      | $399306.88    | 0.05%             | 2029-06-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                   | Ally Financial Inc                                                               | CUSIP: 02005NBM1<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   1433000 | PA      | $1398221.09   | 0.16%             | 2026-05-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                | Williams Scotsman Inc                                                            | CUSIP: 96949VAM5<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    390000 | PA      | $400413.00    | 0.05%             | 2029-06-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES LTD                | Nabors Industries Ltd                                                            | CUSIP: 629571AB6<br>LEI: 5493008TXYN3II3PU369 | Long             | DBT              | CORP              | BM        |    390000 | PA      | $360406.80    | 0.04%             | 2028-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| JBS USA HOLD/FOOD/LUX CO             | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl                       | CUSIP: 46590XAY2<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |    284000 | PA      | $291324.36    | 0.03%             | 2033-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DANA INC                             | Dana Inc                                                                         | CUSIP: 235825AJ5<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |   1042000 | PA      | $1017356.70   | 0.12%             | 2032-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| BRINK'S CO/THE                       | Brink's Co/The                                                                   | CUSIP: 109696AD6<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    525000 | PA      | $541296.00    | 0.06%             | 2032-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MERIT MEDICAL SYSTEMS IN             | Merit Medical Systems Inc                                                        | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3834447.50   | 0.44%             | 2029-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE             | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AR6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    522000 | PA      | $521801.64    | 0.06%             | 2033-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEW GOLD INC                         | New Gold Inc                                                                     | CUSIP: 644535AJ5<br>LEI: 5493005G0GNCHP0H6L96 | Long             | DBT              | CORP              | CA        |   1045000 | PA      | $1073476.25   | 0.12%             | 2032-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DATADOG INC                          | Datadog Inc                                                                      | CUSIP: 23804LAC7<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |  18500000 | PA      | $17993655.00  | 2.08%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC             | Windsor Holdings III LLC 2025 USD Term Loan B                                    | CUSIP: 97360BAH8<br>LEI: 254900IXUJZ9H146T437 | Long             | LON              | CORP              | US        |   1033676 | PA      | $1035779.53   | 0.12%             | 2030-08-01      | Floating      | 7.10%                 | No            |                  2 | On Loan: No      |
| BURFORD CAPITAL GLBL FIN             | Burford Capital Global Finance LLC                                               | CUSIP: 12116LAC3<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $998740.00    | 0.12%             | 2030-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US             | Sealed Air Corp/Sealed Air Corp US                                               | CUSIP: 812127AA6<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    809000 | PA      | $817308.43    | 0.09%             | 2028-02-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| GOODYEAR TIRE & RUBBER               | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BK6<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1479523.50   | 0.17%             | 2033-04-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: —       |
| WOLFSPEED INC                        | Wolfspeed Inc                                                                    | CUSIP: 977852AD4<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |   9500000 | PA      | $2927235.00   | 0.34%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Qwest Corp                           | Qwest Corp                                                                       | CUSIP: 74913G881<br>LEI: 549300R2L4N683OO1509 | Long             | EP               | CORP              | US        |     27800 | NS      | $550440.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Patagonia Holdco LLC                 | Patagonia Holdco LLC Term Loan B1                                                | CUSIP: 70289FAD3<br>LEI: 254900OLXUIWWEAJZ984 | Long             | LON              | CORP              | US        |   1030850 | PA      | $861563.81    | 0.10%             | 2029-08-01      | Floating      | 10.05%                | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN             | RHP Hotel Properties LP / RHP Finance Corp                                       | CUSIP: 749571AK1<br>LEI: N/A                  | Long             | DBT              |  | US        |   1050000 | PA      | $1073856.00   | 0.12%             | 2032-04-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT INC                        | Open Text Holdings Inc                                                           | CUSIP: 683720AC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    391000 | PA      | $356376.95    | 0.04%             | 2031-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                     | CSC Holdings LLC                                                                 | CUSIP: 126307BH9<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   1785000 | PA      | $1191951.60   | 0.14%             | 2031-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL               | NextEra Energy Capital Holdings Inc                                              | CUSIP: 65339KCY4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $6276435.00   | 0.73%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                  | Shift4 Payments Inc                                                              | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15750000 | PA      | $17172540.00  | 1.99%             | 2027-08-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: —       |
| American Axle and Manufacturing Inc  | American Axle and Manufacturing Inc 2022 Term Loan B                             | CUSIP: 02406MAU1<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |   1033000 | PA      | $1033650.79   | 0.12%             | 2029-12-13      | Floating      | 7.35%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROUP INC        | Sinclair Television Group Inc 2025 Term Loan B6                                  | CUSIP: 829229AU7<br>LEI: 549300CQGEN0CH65UD62 | Long             | LON              | CORP              | US        |    523688 | PA      | $489124.13    | 0.06%             | 2029-12-31      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| AMYNTA AGENCY BORROWER INC           | AMYNTA AGENCY BORROWER INC 2025 TERM LOAN B                                      | CUSIP: 57810JAM0<br>LEI: 5493000GP6HBRVTWBO85 | Long             | LON              | CORP              | US        |    768363 | PA      | $769611.80    | 0.09%             | 2031-12-29      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC              | New Fortress Energy Inc 2025 Incremental Term Loan B                             | CUSIP: 64439HAC3<br>LEI: 254900EICTYTCHA5X705 | Long             | LON              | CORP              | US        |    782788 | PA      | $366931.93    | 0.04%             | 2028-10-30      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY INC                   | NextEra Energy Inc                                                               | CUSIP: 65339F713<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |    194000 | NS      | $7905500.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: —       |
| EQUIPMENTSHARE.COM INC               | EquipmentShare.com Inc                                                           | CUSIP: 29450YAC3<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    394000 | PA      | $411923.06    | 0.05%             | 2033-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                   | Energy Transfer LP                                                               | CUSIP: 29273VAN0<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    764000 | PA      | $768438.84    | 0.09%             | 2026-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Caesars Entertainment Inc            | Caesars Entertainment Inc Term Loan B                                            | CUSIP: 12768EAG1<br>LEI: 549300FA4CTCW903Y781 | Long             | LON              | CORP              | US        |    616591 | PA      | $617040.65    | 0.07%             | 2030-02-06      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $544729.50    | 0.06%             | 2033-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                | Encompass Health Corp                                                            | CUSIP: 29261AAA8<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    525000 | PA      | $517487.25    | 0.06%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Padagis LLC                          | Padagis LLC Term Loan B                                                          | CUSIP: 69526PAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1139654 | PA      | $1042782.98   | 0.12%             | 2028-07-06      | Floating      | 9.29%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AD8<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    131000 | PA      | $134799.00    | 0.02%             | 2036-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLOUDFLARE INC                       | Cloudflare Inc                                                                   | CUSIP: 18915MAE7<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |  11078000 | PA      | $12334577.54  | 1.43%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC                    | Newmark Group Inc                                                                | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $557844.00    | 0.06%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| IREN LTD                             | IREN Ltd                                                                         | CUSIP: 46270CAC3<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |   3100000 | PA      | $4420476.00   | 0.51%             | 2029-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CENTRAL GARDEN & PET CO              | Central Garden & Pet Co                                                          | CUSIP: 153527AP1<br>LEI: 5493004DVZLD37DJ0H83 | Long             | DBT              | CORP              | US        |   1191000 | PA      | $1104473.85   | 0.13%             | 2031-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC              | LCPR Senior Secured Financing DAC                                                | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    470000 | PA      | $361110.40    | 0.04%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                    | Iron Mountain Inc                                                                | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |   1635000 | PA      | $1627740.60   | 0.19%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SILGAN HOLDINGS INC                  | Silgan Holdings Inc                                                              | CUSIP: 827048AW9<br>LEI: KAF673KJXD92C8KSLU49 | Long             | DBT              | CORP              | US        |   1194000 | PA      | $1160460.54   | 0.13%             | 2028-02-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC             | Ford Motor Credit Co LLC                                                         | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1517059.50   | 0.18%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO             | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAE6<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    475000 | PA      | $497847.50    | 0.06%             | 2028-09-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: —       |
| ARES MANAGEMENT CORP                 | Ares Management Corp                                                             | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |    177785 | NS      | $10062631.00  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS             | Univision Communications Inc                                                     | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    526000 | PA      | $540801.64    | 0.06%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| New Albertsons LP                    | New Albertsons LP                                                                | CUSIP: 013104AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    672000 | PA      | $685863.36    | 0.08%             | 2026-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                | Civitas Resources Inc                                                            | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    519000 | PA      | $533978.34    | 0.06%             | 2033-06-15      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT             | Apollo Global Management Inc                                                     | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |     89885 | NS      | $6847439.30   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTIER CALIFORNIA INC              | Frontier California Inc                                                          | CUSIP: 362311AG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1610000 | PA      | $1640992.50   | 0.19%             | 2027-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BILL HOLDINGS INC                    | BILL Holdings Inc                                                                | CUSIP: 090043AE0<br>LEI: 549300IBF9VZZIGOZW63 | Long             | DBT              | CORP              | US        |   9250000 | PA      | $7816250.00   | 0.90%             | 2030-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc  | Clydesdale Acquisition Holdings Inc Term Loan B                                  | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |    431067 | PA      | $431387.81    | 0.05%             | 2029-04-13      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP                       | Air Lease Corp                                                                   | CUSIP: 00912XBK9<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |   1055000 | PA      | $1032718.40   | 0.12%             | 2026-12-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| ASSUREDPARTNERS INC                  | AssuredPartners Inc                                                              | CUSIP: 04624VAB5<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1073344.50   | 0.12%             | 2029-01-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                     | CSC Holdings LLC 2019 Term Loan B5                                               | CUSIP: 64072UAK8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |    939364 | PA      | $926645.04    | 0.11%             | 2027-04-15      | Floating      | 9.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER FLORIDA LLC                 | Frontier Florida LLC                                                             | CUSIP: 362333AH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1685000 | PA      | $1759308.50   | 0.20%             | 2028-02-01      | Fixed         | 6.86%                 | No            |                  2 | On Loan: No      |
| WHIRLPOOL CORP                       | Whirlpool Corp                                                                   | CUSIP: 963320BE5<br>LEI: WHENKOULSSK7WUM60H03 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1030934.30   | 0.12%             | 2033-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TELEPHONE & DATA SYS                 | Telephone and Data Systems Inc                                                   | CUSIP: 879433787<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8366 | NS      | $177359.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| ODDITY FINANCE LLC                   | Oddity Finance LLC                                                               | CUSIP: 67579RAA8<br>LEI: 254900FTSJH2TRDJ3905 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4486045.00   | 0.52%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| APPLIED DIGITAL CORP                 | Applied Digital Corp                                                             | CUSIP: 038169AA6<br>LEI: 2549004NE2B6RYXINZ02 | Long             | DBT              | CORP              | US        |   1375000 | PA      | $2155573.75   | 0.25%             | 2030-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                        | TransDigm Inc 2023 Term Loan J                                                   | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   2091214 | PA      | $2099756.74   | 0.24%             | 2031-02-28      | Floating      | 6.80%                 | No            |                  2 | On Loan: No      |
| PARK INTERMED HOLDINGS               | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer | CUSIP: 70052LAD5<br>LEI: N/A                  | Long             | DBT              |  | US        |    985000 | PA      | $1010009.15   | 0.12%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR               | Blackstone Mortgage Trust Inc                                                    | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              |  | US        |   1045000 | PA      | $1107062.55   | 0.13%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC               | Energizer Holdings Inc                                                           | CUSIP: 29272WAD1<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   1445000 | PA      | $1371579.55   | 0.16%             | 2029-03-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC                 | Cleveland-Cliffs Inc                                                             | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    780000 | PA      | $761529.60    | 0.09%             | 2032-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| BOEING CO/THE                        | Boeing Co/The                                                                    | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |    433055 | NS      | $30616988.50  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP              | Zebra Technologies Corp                                                          | CUSIP: 989207AD7<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1076848.50   | 0.12%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PAR TECHNOLOGY CORP                  | PAR Technology Corp                                                              | CUSIP: 698884AE3<br>LEI: 549300HYPTHBJQINVG57 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2716625.00   | 0.31%             | 2027-10-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                          | Southern Co/The                                                                  | CUSIP: 842587DZ7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  14750000 | PA      | $16517935.00  | 1.91%             | 2027-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                       | OPAL BIDCO                                                                       | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |    600000 | PA      | $607392.00    | 0.07%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRS LLC             | Saks Global Enterprises LLC                                                      | CUSIP: 79380MAA3<br>LEI: 5493007HQSJGRH78Q684 | Long             | DBT              | CORP              | US        |    785000 | PA      | $185950.80    | 0.02%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| DANA INC                             | Dana Inc                                                                         | CUSIP: 235825AH9<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |    855000 | PA      | $841867.20    | 0.10%             | 2030-09-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                | Level 3 Financing Inc                                                            | CUSIP: 527298CK7<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    805620 | PA      | $812790.02    | 0.09%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC             | Sensata Technologies Inc                                                         | CUSIP: 81728UAC8<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205002.00    | 0.02%             | 2032-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                | HUB International Ltd                                                            | CUSIP: 44332PAJ0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    785000 | PA      | $817930.75    | 0.09%             | 2032-01-31      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC                       | Gray Media Inc                                                                   | CUSIP: 389286AA3<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    515000 | PA      | $380806.45    | 0.04%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: —       |
| TRUENOORD CAPITAL DAC                | TrueNoord Capital DAC                                                            | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |   1045000 | PA      | $1083779.95   | 0.13%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                          | Vistra Corp                                                                      | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |    270000 | PA      | $275780.70    | 0.03%             | 2026-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RITE AID CORP                        | Rite Aid Corp                                                                    | CUSIP: 767754CT9<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    245727 | PA      | $1228.64      | 0.00%             | 2031-08-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AES CORP/THE                         | AES Corp/The                                                                     | CUSIP: 00130HCL7<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | DBT              | CORP              | US        |    389000 | PA      | $375805.12    | 0.04%             | 2055-07-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                           | goeasy Ltd                                                                       | CUSIP: 380355AH0<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |   1825000 | PA      | $1932510.75   | 0.22%             | 2028-12-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| EVERGY INC                           | Evergy Inc                                                                       | CUSIP: 30034WAE6<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |    770000 | PA      | $778631.70    | 0.09%             | 2055-06-01      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                | Venture Global Plaquemines LNG LLC                                               | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1075294.55   | 0.12%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC                       | Rocket Cos Inc                                                                   | CUSIP: 77311WAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    784000 | PA      | $800283.68    | 0.09%             | 2033-08-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REINSURANCE GRP OF AMER              | Reinsurance Group of America Inc                                                 | CUSIP: 759351AT6<br>LEI: LORM1GNEU1DKEW527V90 | Long             | DBT              | CORP              | US        |    520000 | PA      | $520681.20    | 0.06%             | 2055-09-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC              | New Fortress Energy Inc                                                          | CUSIP: 644393AB6<br>LEI: 254900EICTYTCHA5X705 | Long             | DBT              | CORP              | US        |    780000 | PA      | $273335.40    | 0.03%             | 2026-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| Cheniere Energy Partners LP          | Cheniere Energy Partners LP                                                      | CUSIP: 16411Q101<br>LEI: 5493005UEC8AZ34LDV29 | Long             | EC               | CORP              | US        |      4350 | NS      | $250864.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp                | Tenet Healthcare Corp                                                            | CUSIP: 88033GAV2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1420000 | PA      | $1514046.60   | 0.18%             | 2031-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UKG Inc                              | UKG Inc 2024 Term Loan B                                                         | CUSIP: 89841EAB1<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |    504900 | PA      | $505420.05    | 0.06%             | 2031-02-10      | Floating      | 6.81%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC               | Venture Global LNG Inc                                                           | CUSIP: 92332YAC5<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    525000 | PA      | $572701.50    | 0.07%             | 2029-02-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                | Level 3 Financing Inc 2025 Term Loan B                                           | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |   1050000 | PA      | $1060909.50   | 0.12%             | 2032-03-27      | Floating      | 8.61%                 | No            |                  2 | On Loan: No      |
| UKG INC                              | UKG Inc                                                                          | CUSIP: 90279XAA0<br>LEI: 529900FKHWSTQ1GXK240 | Long             | DBT              | CORP              | US        |    394000 | PA      | $405201.42    | 0.05%             | 2031-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC             | Acadia Healthcare Co Inc                                                         | CUSIP: 00404AAQ2<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    522000 | PA      | $538077.60    | 0.06%             | 2033-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: —       |
| ACProducts Inc                       | ACProducts Inc 2021 Term Loan B                                                  | CUSIP: 00488YAB2<br>LEI: 254900KTNXVUUHWHBF39 | Long             | LON              | CORP              | US        |   1025378 | PA      | $778328.89    | 0.09%             | 2028-05-17      | Floating      | 8.81%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC             | Lindblad Expeditions LLC                                                         | CUSIP: 53523LAA8<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |    672000 | PA      | $674163.84    | 0.08%             | 2027-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Audacy Capital Corp                  | Audacy Capital Corp 2024 Term Loan B                                             | CUSIP: 05070XAB7<br>LEI: 549300S5JUSXRHNCHD80 | Long             | LON              | CORP              | US        |    401124 | PA      | $331428.99    | 0.04%             | 2029-10-01      | Floating      | 10.47%                | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                    | Herc Holdings Inc                                                                | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1346085.00   | 0.16%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.               | AST SPACEMOBILE INC                                                              | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       525 | NC      | $171937.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RR DONNELLEY & SONS CO               | RR Donnelley & Sons Co                                                           | CUSIP: 257867BJ9<br>LEI: SU4X0P4WWRGOQDTSV032 | Long             | DBT              | CORP              | US        |    782000 | PA      | $799962.54    | 0.09%             | 2029-08-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                | Bath & Body Works Inc                                                            | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $204994.00    | 0.02%             | 2030-10-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                | DirecTV Financing LLC Term Loan                                                  | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    248185 | PA      | $249208.79    | 0.03%             | 2027-08-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| SONIC AUTOMOTIVE INC                 | Sonic Automotive Inc                                                             | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    648000 | PA      | $623946.24    | 0.07%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: —       |
| RITE AID NOTE HOLDER TRUST           | RITE AID NOTE HOLDER TRUST                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    106832 | PA      | $0.11         | 0.00%             | 2034-08-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROGERS COMMUNICATIONS IN             | Rogers Communications Inc                                                        | CUSIP: 775109DG3<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    650000 | PA      | $665775.50    | 0.08%             | 2055-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                 | BWX Technologies Inc                                                             | CUSIP: 05605HAC4<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   1044000 | PA      | $1003419.72   | 0.12%             | 2029-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS             | Univision Communications Inc                                                     | CUSIP: 914906AZ5<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    520000 | PA      | $528803.60    | 0.06%             | 2031-07-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                       | Open Text Corp                                                                   | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    525000 | PA      | $542277.75    | 0.06%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| ADVANCED ENERGY IND                  | Advanced Energy Industries Inc                                                   | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $5529060.00   | 0.64%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: —       |
| MICROSTRATEGY INC                    | MicroStrategy Inc                                                                | CUSIP: 594972AT8<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |  18750000 | PA      | $22002937.50  | 2.55%             | 2030-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTEGER HOLDINGS CORP                | Integer Holdings Corp                                                            | CUSIP: 45826HAC3<br>LEI: 549300SUD2ED5XG6X569 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $4669012.50   | 0.54%             | 2030-03-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| ADVISOR GROUP INC                    | ADVISOR GROUP INC 2025 TERM LOAN                                                 | CUSIP: 000000000<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |   1555000 | PA      | $1557433.58   | 0.18%             | 2032-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUISITION               | Clydesdale Acquisition Holdings Inc                                              | CUSIP: 18972EAD7<br>LEI: 254900QKSDYFR3K5YD98 | Long             | DBT              | CORP              | US        |    263000 | PA      | $269417.20    | 0.03%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU             | Venture Global Calcasieu Pass LLC                                                | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |    260000 | PA      | $240266.00    | 0.03%             | 2031-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC             | Permian Resources Operating LLC                                                  | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    985000 | PA      | $1018736.25   | 0.12%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                | Williams Scotsman Inc                                                            | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    530000 | PA      | $553622.10    | 0.06%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC               | Patrick Industries Inc                                                           | CUSIP: 703343AH6<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    522000 | PA      | $522302.76    | 0.06%             | 2032-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bank of America Corp                 | Bank of America Corp                                                             | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |      8775 | NS      | $10705500.00  | 1.24%             |  |  |  | No            |                  1 | On Loan: —       |
| PetSmart Inc                         | PetSmart Inc 2021 Term Loan B                                                    | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2246125 | PA      | $2244720.83   | 0.26%             | 2028-02-11      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON                 | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp   | CUSIP: 150190AE6<br>LEI: 549300TUVLNQQ6BVKH61 | Long             | DBT              | CORP              | US        |    810000 | PA      | $788170.50    | 0.09%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: —       |
| FORD MOTOR COMPANY                   | Ford Motor Co                                                                    | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1076623.25   | 0.12%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: —       |
| ALNYLAM PHARMACEUTICALS              | Alnylam Pharmaceuticals Inc                                                      | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $7360700.00   | 0.85%             | 2027-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                   | Energy Transfer LP                                                               | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     61575 | NS      | $1110813.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BRINK'S CO/THE                       | Brink's Co/The                                                                   | CUSIP: 109696AC8<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |    525000 | PA      | $538014.75    | 0.06%             | 2029-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                        | Carnival Corp                                                                    | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     65000 | PA      | $68372.85     | 0.01%             | 2029-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE                       | Azorra Finance Ltd                                                               | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |   1045000 | PA      | $1067707.85   | 0.12%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC             | Ford Motor Credit Co LLC                                                         | CUSIP: 345397ZR7<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1252211.20   | 0.14%             | 2029-05-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                | Bath & Body Works Inc                                                            | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    760000 | PA      | $783225.60    | 0.09%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC                | Lumentum Holdings Inc                                                            | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $13753360.00  | 1.59%             | 2029-12-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ALUMINA PTY LTD                      | Alumina Pty Ltd                                                                  | CUSIP: 02220AAB3<br>LEI: 2138002VD9MW2WT8HR38 | Long             | DBT              | CORP              | AU        |   1030000 | PA      | $1045429.40   | 0.12%             | 2032-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| EQUIPMENTSHARE.COM INC               | EquipmentShare.com Inc                                                           | CUSIP: 29450YAB5<br>LEI: 254900PWJK48CGPKPI80 | Long             | DBT              | CORP              | US        |    395000 | PA      | $420714.50    | 0.05%             | 2032-05-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY INC                   | NextEra Energy Inc                                                               | CUSIP: 65339F663<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |     91805 | NS      | $4410312.20   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP I             | Performance Food Group Inc                                                       | CUSIP: 71376LAE0<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1043000 | PA      | $1003866.64   | 0.12%             | 2029-08-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Par Petroleum LLC                    | Par Petroleum LLC 2024 Term Loan B                                               | CUSIP: 69889PAE5<br>LEI: 984500CCF05C2FB39F45 | Long             | LON              | CORP              | US        |   1528426 | PA      | $1529220.91   | 0.18%             | 2030-02-28      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| JELD-WEN INC                         | JELD-WEN Inc                                                                     | CUSIP: 47580PAA1<br>LEI: 549300XWE6NM0N1HFW16 | Long             | DBT              | CORP              | US        |    788000 | PA      | $592765.12    | 0.07%             | 2032-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO             | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAF3<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    525000 | PA      | $540765.75    | 0.06%             | 2030-04-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FARM CREDIT BK OF TEXAS              | Farm Credit Bank of Texas                                                        | CUSIP: 30767EAF6<br>LEI: V1EBJIOLRNYDHDF63Z33 | Long             | DBT              | USGA              | US        |    650000 | PA      | $660898.24    | 0.08%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| DOMINION ENERGY INC                  | Dominion Energy Inc                                                              | CUSIP: 25746UDV8<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | DBT              | CORP              | US        |    520000 | PA      | $533561.60    | 0.06%             | 2055-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                  | Sirius XM Radio LLC                                                              | CUSIP: 82967NBL1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    515000 | PA      | $503917.20    | 0.06%             | 2026-09-01      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC              | Akamai Technologies Inc                                                          | CUSIP: 00971TAL5<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $4566365.00   | 0.53%             | 2027-09-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING CORP                | Playtika Holding Corp                                                            | CUSIP: 72815LAA5<br>LEI: 254900E35Z4TKA4UFG64 | Long             | DBT              | CORP              | US        |    908000 | PA      | $833099.08    | 0.10%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TripAdvisor Inc                      | TripAdvisor Inc Term Loan                                                        | CUSIP: 89677NAE4<br>LEI: 549300XVG45PT5BART17 | Long             | LON              | CORP              | US        |   1300822 | PA      | $1291065.58   | 0.15%             | 2031-07-08      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Boxer Parent Company Inc             | Boxer Parent Company Inc 2025 USD Term Loan B                                    | CUSIP: 05988HAQ0<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |   1392892 | PA      | $1394521.32   | 0.16%             | 2031-07-30      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP                | ON Semiconductor Corp                                                            | CUSIP: 682189AU9<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |  18500000 | PA      | $17589800.00  | 2.04%             | 2029-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC               | Penn Entertainment Inc                                                           | CUSIP: 707569AV1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1195000 | PA      | $1108183.25   | 0.13%             | 2029-07-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: —       |
| ARCOSA INC                           | Arcosa Inc                                                                       | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    587000 | PA      | $566490.22    | 0.07%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Air Canada                           | Air Canada 2024 Term Loan B                                                      | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |    691250 | PA      | $692114.06    | 0.08%             | 2031-03-21      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN             | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp               | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1056798.05   | 0.12%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FMC CORP                             | FMC Corp                                                                         | CUSIP: 302491AZ8<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | DBT              | CORP              | US        |   1595000 | PA      | $1650904.75   | 0.19%             | 2055-11-01      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                         | Enbridge Inc                                                                     | CUSIP: 29250NCF0<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    530000 | PA      | $547553.60    | 0.06%             | 2054-06-27      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU             | Sinclair Television Group Inc                                                    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    520000 | PA      | $532043.20    | 0.06%             | 2033-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP               | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1709295.00   | 0.20%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CORE SCIENTIFIC INC                  | Core Scientific Inc                                                              | CUSIP: 21874AAE6<br>LEI: 5299003RGB2LAZ65RK73 | Long             | DBT              | CORP              | US        |   9250000 | PA      | $9344535.00   | 1.08%             | 2031-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP                | Clearwater Paper Corp                                                            | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |   1900000 | PA      | $1793163.00   | 0.21%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LUCID GROUP INC                      | Lucid Group Inc                                                                  | CUSIP: 549498AC7<br>LEI: 529900MRL9Z13ZCRVD74 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $3783262.50   | 0.44%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS             | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed   | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    955000 | PA      | $904738.35    | 0.10%             | 2029-03-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| KEN GARFF AUTOMOTIVE LLC             | Ken Garff Automotive LLC                                                         | CUSIP: 48850PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1690000 | PA      | $1647057.10   | 0.19%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING                | Alibaba Group Holding Ltd                                                        | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |  12250000 | PA      | $16285517.50  | 1.88%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                          | Chemours Co/The                                                                  | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    780000 | PA      | $661837.80    | 0.08%             | 2029-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES              | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    131000 | PA      | $132025.73    | 0.02%             | 2031-09-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| AMYNTA AGENCY/WARRANTY               | Amynta Agency Borrower Inc and Amynta Warranty Borrower Inc                      | CUSIP: 03238AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520000 | PA      | $522418.00    | 0.06%             | 2033-07-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AUDACY CAPITAL CORP                  | Audacy Capital Corp 2024 Term Loan A                                             | CUSIP: 05070XAC5<br>LEI: 549300S5JUSXRHNCHD80 | Long             | LON              | CORP              | US        |     44778 | PA      | $44665.93     | 0.01%             | 2028-10-02      | Floating      | 11.47%                | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                  | Churchill Downs Inc                                                              | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    520000 | PA      | $531705.20    | 0.06%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ECO Material Tech Inc                | ECO Material Tech Inc Term Loan                                                  | CUSIP: 27888XAB3<br>LEI: 2549001ARPX05UHXX452 | Long             | LON              | CORP              | US        |   1050000 | PA      | $1055250.00   | 0.12%             | 2032-02-12      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| AMER AIRLINE 21-1B PTT               | American Airlines 2021-1 Class B Pass Through Trust                              | CUSIP: 02376LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    908120 | PA      | $858055.34    | 0.10%             | 2030-07-11      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES              | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BU5<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    131000 | PA      | $134450.54    | 0.02%             | 2032-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BEACH ACQUISITION BIDCO              | Beach Acquisition Bidco LLC                                                      | CUSIP: 07337JAC1<br>LEI: 254900F2FNX3GBTB6202 | Long             | DBT              | CORP              | US        |    600000 | PA      | $626238.00    | 0.07%             | 2033-07-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| HCA Inc                              | HCA Inc                                                                          | CUSIP: 404119AJ8<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1123000 | PA      | $1273538.15   | 0.15%             | 2033-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: —       |
| MEDLINE BORROWER LP                  | Medline Borrower LP                                                              | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   1297000 | PA      | $1272992.53   | 0.15%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP                      | Sealed Air Corp                                                                  | CUSIP: 812127AC2<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | DBT              | CORP              | US        |    265000 | PA      | $273360.75    | 0.03%             | 2032-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: —       |
| WAYFAIR INC                          | Wayfair Inc                                                                      | CUSIP: 94419LAR2<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |   3750000 | PA      | $6064275.00   | 0.70%             | 2028-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK              | Great Lakes Dredge & Dock Corp                                                   | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |   1141000 | PA      | $1082763.36   | 0.13%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC             | Ford Motor Credit Co LLC                                                         | CUSIP: 345397D42<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1419808.50   | 0.16%             | 2030-06-10      | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI             | Standard Building Solutions Inc                                                  | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    265000 | PA      | $270800.85    | 0.03%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN             | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1063726.40   | 0.12%             | 2032-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC             | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 74841CAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1005000 | PA      | $927584.85    | 0.11%             | 2031-03-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FRONTIER NORTH INC                   | Frontier North Inc                                                               | CUSIP: 362337AK3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1555000 | PA      | $1604713.35   | 0.19%             | 2028-02-15      | Fixed         | 6.73%                 | No            |                  2 | On Loan: No      |
| Centrus Energy Corp                  | Centrus Energy Corp                                                              | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |      9995 | NS      | $2152923.00   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| KBR INC                              | KBR Inc                                                                          | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |   1130000 | PA      | $1090992.40   | 0.13%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                  | Coinbase Global Inc                                                              | CUSIP: 19260QAF4<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |   6500000 | PA      | $8909745.00   | 1.03%             | 2030-04-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: —       |
| ADAMS HOMES INC                      | Adams Homes Inc                                                                  | CUSIP: 00623PAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1580000 | PA      | $1636990.60   | 0.19%             | 2028-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                   | Energy Transfer LP                                                               | CUSIP: 29273RBA6<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    970000 | PA      | $968040.60    | 0.11%             | 2066-11-01      | Floating      | 7.56%                 | No            |                  2 | On Loan: —       |
| TGNR INTERMEDIATE HOLDIN             | TGNR Intermediate Holdings LLC                                                   | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |   1720000 | PA      | $1677361.20   | 0.19%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EDGEWELL PERSONAL CARE               | Edgewell Personal Care Co                                                        | CUSIP: 28035QAB8<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |   1188000 | PA      | $1125214.20   | 0.13%             | 2029-04-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| MI Windows and Doors LLC             | MI Windows and Doors LLC 2024 Term Loan B2                                       | CUSIP: 55336CAK8<br>LEI: 2549001JQBGDT0WEQ156 | Long             | LON              | CORP              | US        |   1039500 | PA      | $1042228.69   | 0.12%             | 2031-03-28      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Advisor Group Inc                    | Advisor Group Inc 2024 Term Loan B                                               | CUSIP: 00775KAK4<br>LEI: 549300XL60BDV6UW5C86 | Long             | LON              | CORP              | US        |   1398439 | PA      | $1401571.11   | 0.16%             | 2028-08-17      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| ENTERGY CORP                         | Entergy Corp                                                                     | CUSIP: 29364GAQ6<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | DBT              | CORP              | US        |    820000 | PA      | $851028.80    | 0.10%             | 2054-12-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| CACI INTERNATIONAL INC               | CACI International Inc                                                           | CUSIP: 127190AE6<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | DBT              | CORP              | US        |    522000 | PA      | $534961.26    | 0.06%             | 2033-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ESC CB144A RITE AID CO               | ESC CB144A RITE AID CO                                                           | CUSIP: 767ESCAC0<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |   1725000 | PA      | $1.73         | 0.00%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SPEEDWAY MOT/SPEEDWAY FD             | Speedway Motorsports LLC / Speedway Funding II Inc                               | CUSIP: 84779MAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    753000 | PA      | $745673.31    | 0.09%             | 2027-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| PARSONS CORP                         | Parsons Corp                                                                     | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   4750000 | PA      | $5196642.50   | 0.60%             | 2029-03-01      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| Trinseo Materials Operating SCA      | Trinseo Materials Operating SCA 2021 Term Loan B2                                | CUSIP: 000000000<br>LEI: 549300P1EBLVU1SH8Z09 | Long             | LON              | CORP              | LU        |    768397 | PA      | $332654.59    | 0.04%             | 2028-05-03      | Floating      | 7.09%                 | No            |                  2 | On Loan: No      |
| FLUOR CORP                           | Fluor Corp                                                                       | CUSIP: 343412AJ1<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $4929925.00   | 0.57%             | 2029-08-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI             | Standard Building Solutions Inc                                                  | CUSIP: 853191AC8<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    522000 | PA      | $527256.54    | 0.06%             | 2033-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRAHAM PACKAGING/GPC CAP             | Graham Packaging Co Inc                                                          | CUSIP: 384701AA6<br>LEI: 549300YS0ZFT826HIK72 | Long             | DBT              | CORP              | US        |   1034000 | PA      | $1032386.96   | 0.12%             | 2028-08-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| AVIS BUDGET CAR RENTAL LLC           | AVIS BUDGET CAR RENTAL LLC 2025 TERM LOAN B                                      | CUSIP: 05377JAU6<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | LON              | CORP              | US        |    540000 | PA      | $538228.80    | 0.06%             | 2032-07-16      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| MICROSTRATEGY INC                    | MicroStrategy Inc                                                                | CUSIP: 594972AR2<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $13041675.00  | 1.51%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: —       |
| ETSY INC                             | Etsy Inc                                                                         | CUSIP: 29786AAP1<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4539960.00   | 0.53%             | 2030-06-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS             | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBL3<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2075000 | PA      | $1471901.25   | 0.17%             | 2030-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: —       |
| ZF NA CAPITAL                        | ZF North America Capital Inc                                                     | CUSIP: 98877DAE5<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $994157.75    | 0.12%             | 2030-04-14      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| RITE AID EQUITY                      | RITE AID EQUITY                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1568 | NS      | $1568.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CINCINNATI BELL INC                  | Cincinnati Bell Inc 2024 Term Loan B2                                            | CUSIP: 17187MAT7<br>LEI: 549300JYVZOCUJOHL272 | Long             | LON              | CORP              | US        |    494955 | PA      | $496412.87    | 0.06%             | 2028-11-22      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| M/A-COM TECH SOLUTIONS               | MACOM Technology Solutions Holdings Inc                                          | CUSIP: 55405YAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8888790.00   | 1.03%             | 2029-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN             | Encino Acquisition Partners Holdings LLC                                         | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1449108.90   | 0.17%             | 2031-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| TETRA TECH INC                       | Tetra Tech Inc                                                                   | CUSIP: 88162GAB9<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $5132565.00   | 0.59%             | 2028-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                     | Under Armour Inc                                                                 | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    522000 | PA      | $534747.24    | 0.06%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| HAEMONETICS CORP                     | Haemonetics Corp                                                                 | CUSIP: 405024AD2<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4495950.00   | 0.52%             | 2029-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HALOZYME THERAPEUTICS IN             | Halozyme Therapeutics Inc                                                        | CUSIP: 40637HAD1<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8798945.00   | 1.02%             | 2027-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC                     | StoneX Group Inc                                                                 | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |   1310000 | PA      | $1379796.80   | 0.16%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| DirecTV Financing LLC                | DirecTV Financing LLC 2024 Term Loan                                             | CUSIP: 25460HAD4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    399231 | PA      | $396677.68    | 0.05%             | 2029-08-02      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| MIRION TECHNOLOGIES INC              | Mirion Technologies Inc                                                          | CUSIP: 60471AAA9<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $9466720.00   | 1.10%             | 2030-06-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)   | Dun & Bradstreet Corporation (The) 2024 Term Loan                                | CUSIP: 26483NAW0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |    989259 | PA      | $989966.62    | 0.11%             | 2029-01-18      | Floating      | 6.60%                 | No            |                  2 | On Loan: No      |
| TELUS CORP                           | TELUS Corp                                                                       | CUSIP: 87971MCL5<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | DBT              | CORP              | CA        |    525000 | PA      | $532003.50    | 0.06%             | 2055-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                           | DaVita Inc                                                                       | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |   1154000 | PA      | $1102289.26   | 0.13%             | 2030-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Options Clearing Corp.               | SPDR S+P 500 ETF TRUST                                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       670 | NC      | $352420.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BALDWIN INSUR GRP/FIN                | Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance  | CUSIP: 05825XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1084597.50   | 0.13%             | 2031-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                        | TransDigm Inc                                                                    | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    790000 | PA      | $806637.40    | 0.09%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST              | Starwood Property Trust Inc                                                      | CUSIP: 85571BBC8<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |   1045000 | PA      | $1056097.90   | 0.12%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                       | Transocean Inc                                                                   | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |   1427200 | PA      | $1480691.46   | 0.17%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| FLUTTER FINANCING BV                 | Flutter Financing BV 2025 Term Loan B                                            | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |    410000 | PA      | $410682.65    | 0.05%             | 2032-06-04      | Floating      | 6.30%                 | No            |                  2 | On Loan: No      |
| B&G Foods, Inc.                      | B&G Foods Inc 2024 Term Loan B                                                   | CUSIP: 05508TAV4<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | LON              | CORP              | US        |    784075 | PA      | $727394.22    | 0.08%             | 2029-10-10      | Floating      | 7.86%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER               | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    560000 | PA      | $532616.00    | 0.06%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ESC CB144A RITE AID CO               | ESC CB144A RITE AID CO                                                           | CUSIP: 767ESCAG1<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |    313713 | PA      | $0.31         | 0.00%             | 2025-10-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY               | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC            | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1738380.00   | 0.20%             | 2027-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP               | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1035000 | PA      | $945120.60    | 0.11%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES INC             | Sensata Technologies Inc                                                         | CUSIP: 81728UAB0<br>LEI: 5493002MMDDCUNV7NY90 | Long             | DBT              | CORP              | US        |    519000 | PA      | $473509.65    | 0.05%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC                     | AmWINS Group Inc                                                                 | CUSIP: 031921AB5<br>LEI: 549300SJE7MUB8NMRG61 | Long             | DBT              | CORP              | US        |   1082000 | PA      | $1051714.82   | 0.12%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                     | Credit Acceptance Corp                                                           | CUSIP: 225310AQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    690000 | PA      | $730316.70    | 0.08%             | 2028-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                    | Herc Holdings Inc                                                                | CUSIP: 42704LAG9<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    522000 | PA      | $541178.28    | 0.06%             | 2033-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC                 | Oceaneering International Inc                                                    | CUSIP: 675232AD4<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |   1090000 | PA      | $1097848.00   | 0.13%             | 2028-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                  | Gray Television Inc 2024 Term Loan B                                             | CUSIP: 389376BC7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |     20827 | PA      | $20883.90     | 0.00%             | 2029-06-04      | Floating      | 9.58%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO SAS                       | Opal Bidco SAS USD Term Loan B                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1050000 | PA      | $1055843.25   | 0.12%             | 2032-04-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC               | Venture Global LNG Inc                                                           | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2357000 | PA      | $2359050.59   | 0.27%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| STL HOLDING CO LLC                   | STL Holding Co LLC                                                               | CUSIP: 861036AB7<br>LEI: 984500BC2I63E7F48656 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1093071.00   | 0.13%             | 2029-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC               | Lumen Technologies Inc                                                           | CUSIP: 550241AK9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    771875 | PA      | $785367.38    | 0.09%             | 2032-10-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN             | Jefferies Finance LLC / JFIN Co-Issuer Corp                                      | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1293636.00   | 0.15%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRUS ENERGY CORP                  | Centrus Energy Corp                                                              | CUSIP: 15643UAD6<br>LEI: 549300G6VDK9G8276661 | Long             | DBT              | CORP              | US        |    298000 | PA      | $710771.72    | 0.08%             | 2030-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: —       |
| CHS/COMMUNITY HEALTH SYS             | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    785000 | PA      | $823920.30    | 0.10%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                  | Axon Enterprise Inc                                                              | CUSIP: 05464CAB7<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $6600480.00   | 0.76%             | 2027-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Partners LP                  | Buckeye Partners LP                                                              | CUSIP: 118230AM3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    545000 | PA      | $485867.50    | 0.06%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE              | Nissan Motor Acceptance Co LLC                                                   | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |    470000 | PA      | $484306.80    | 0.06%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR             | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450000 | PA      | $426429.00    | 0.05%             | 2028-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| JETBLUE 2019-1 CLASS B               | JetBlue 2019-1 Class B Pass Through Trust                                        | CUSIP: 477165AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    207505 | PA      | $208480.04    | 0.02%             | 2029-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                       | Bombardier Inc                                                                   | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    263000 | PA      | $271768.42    | 0.03%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                 | Flutter Treasury DAC                                                             | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    600000 | PA      | $604848.00    | 0.07%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SEALED AIR/SEALED AIR US             | Sealed Air Corp/Sealed Air Corp US                                               | CUSIP: 812127AB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260000 | PA      | $270428.60    | 0.03%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                         | Embecta Corp                                                                     | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |    783000 | PA      | $710509.86    | 0.08%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: —       |
| CCO HLDGS LLC/CAP CORP               | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1211652.00   | 0.14%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                  | Station Casinos LLC 2024 Term Loan B                                             | CUSIP: 85769EBB6<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |   1036875 | PA      | $1039213.15   | 0.12%             | 2031-03-14      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| QVC Inc                              | QVC Inc                                                                          | CUSIP: 747262AW3<br>LEI: 549300WBLU5NKPX5X472 | Long             | DBT              | CORP              | US        |    525000 | PA      | $230811.00    | 0.03%             | 2034-08-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BLOOM ENERGY CORP                    | Bloom Energy Corp                                                                | CUSIP: 093712AK3<br>LEI: 549300XB5J9BFW5JXV97 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $6308460.00   | 0.73%             | 2028-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC             | Celanese US Holdings LLC                                                         | CUSIP: 15089QAP9<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |    520000 | PA      | $538600.40    | 0.06%             | 2032-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC               | Venture Global LNG Inc                                                           | CUSIP: 92332YAE1<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    548000 | PA      | $556247.40    | 0.06%             | 2030-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| TEREX CORP                           | Terex Corp                                                                       | CUSIP: 880779BB8<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1047340.80   | 0.12%             | 2032-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NUTANIX INC                          | Nutanix Inc                                                                      | CUSIP: 67059NAJ7<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |  11750000 | PA      | $13279615.00  | 1.54%             | 2029-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: —       |
| FORESTAR GROUP INC                   | Forestar Group Inc                                                               | CUSIP: 346232AG6<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    522000 | PA      | $524636.10    | 0.06%             | 2033-03-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV              | Sensata Technologies BV                                                          | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $380656.00    | 0.04%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VARONIS SYSTEM INC                   | Varonis Systems Inc                                                              | CUSIP: 922280AC6<br>LEI: 549300SHIVNRRH7STS26 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4799025.00   | 0.56%             | 2029-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: —       |
| STANDARD INDUSTRI INC/NY             | Standard Industries Inc/NY                                                       | CUSIP: 853496AC1<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |    486000 | PA      | $486184.68    | 0.06%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHAKE SHACK INC                      | Shake Shack Inc                                                                  | CUSIP: 819047AB7<br>LEI: 529900J74GJAHYP80N79 | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6311750.00   | 0.73%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MPH ACQUISITION HOLDINGS             | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AE2<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    875841 | PA      | $680589.77    | 0.08%             | 2031-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                 | OneMain Finance Corp                                                             | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    715000 | PA      | $682353.10    | 0.08%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                | Quikrete Holdings Inc 2025 Term Loan B                                           | CUSIP: 74839XAL3<br>LEI: 5493007KIN86DIZWZT22 | Long             | LON              | CORP              | US        |   1047375 | PA      | $1047767.77   | 0.12%             | 2032-02-10      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| UNITED STATES CELLULAR C             | United States Cellular Corp                                                      | CUSIP: 911684702<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |      8665 | NS      | $221390.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FERTITTA ENTERTAINMENT               | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    524000 | PA      | $498407.84    | 0.06%             | 2029-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                | Nabors Industries Inc                                                            | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   1105000 | PA      | $1095397.55   | 0.13%             | 2030-01-31      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                        | DISH DBS Corp                                                                    | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    389000 | PA      | $299102.10    | 0.03%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ONEOK INC                            | ONEOK Inc                                                                        | CUSIP: 682680CR2<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    650000 | PA      | $693979.00    | 0.08%             | 2030-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| US CELLULAR CORP                     | United States Cellular Corp                                                      | CUSIP: 911684884<br>LEI: 549300B164AZXESI6E03 | Long             | EP               | CORP              | US        |       808 | NS      | $18147.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DELTA AIR LINES/SKYMILES             | Delta Air Lines Inc / SkyMiles IP Ltd                                            | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    257000 | PA      | $257362.37    | 0.03%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                | Uber Technologies Inc                                                            | CUSIP: 90353TAR1<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |  14250000 | PA      | $15962992.50  | 1.85%             | 2028-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMNEAL PHARMACEUTICALS L             | Amneal Pharmaceuticals LLC                                                       | CUSIP: 03168LAA3<br>LEI: 54930037VIXE7LRZ1M66 | Long             | DBT              | CORP              | US        |   1037000 | PA      | $1053083.87   | 0.12%             | 2032-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                  | NCL Corp Ltd                                                                     | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    528000 | PA      | $555551.04    | 0.06%             | 2029-01-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| RIOT PLATFORMS INC                   | Riot Platforms Inc                                                               | CUSIP: 767292AA3<br>LEI: 5299005LKZAJQDQZDF73 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $3189972.50   | 0.37%             | 2030-01-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: —       |
| UNITED AIRLINES INC                  | United Airlines Inc 2024 1st Lien Term Loan B                                    | CUSIP: 90932RAP9<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |    571807 | PA      | $574737.68    | 0.07%             | 2031-02-22      | Floating      | 6.35%                 | No            |                  2 | On Loan: No      |
| PARKLAND CORP                        | Parkland Corp                                                                    | CUSIP: 70137WAN8<br>LEI: 549300UY5C6HUV0XLS53 | Long             | DBT              | CORP              | CA        |   1565000 | PA      | $1598710.10   | 0.19%             | 2032-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP                | ON Semiconductor Corp                                                            | CUSIP: 682189AQ8<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |    771000 | PA      | $744701.19    | 0.09%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                 | OneMain Finance Corp                                                             | CUSIP: 682691AF7<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    530000 | PA      | $552827.10    | 0.06%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                     | GGAM Finance Ltd                                                                 | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |   1170000 | PA      | $1205965.80   | 0.14%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS             | Brandywine Operating Partnership LP                                              | CUSIP: 105340AS2<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |    525000 | PA      | $564548.25    | 0.07%             | 2029-04-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MIDWEST GMNG BOR/MWG FIN             | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp                        | CUSIP: 59833DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1329000 | PA      | $1281567.99   | 0.15%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SNAP INC                             | Snap Inc                                                                         | CUSIP: 83304AAK2<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |  17500000 | PA      | $15355725.00  | 1.78%             | 2030-05-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC                | American Airlines Inc 2025 Term Loan                                             | CUSIP: 02376CBS3<br>LEI: N/A                  | Long             | LON              | CORP              | KY        |    570570 | PA      | $569000.93    | 0.07%             | 2028-04-20      | Floating      | 6.58%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC             | Microchip Technology Inc                                                         | CUSIP: 595017302<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EP               | CORP              | US        |    128395 | NS      | $8077329.45   | 0.93%             |  |  |  | No            |                  1 | On Loan: —       |
| MPH ACQUISITION HOLDINGS             | MPH Acquisition Holdings LLC                                                     | CUSIP: 553283AG7<br>LEI: 5493002WXOPRPTXWTU06 | Long             | DBT              | CORP              | US        |    429160 | PA      | $353546.30    | 0.04%             | 2030-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER             | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1061855.85   | 0.12%             | 2031-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ACCO BRANDS CORP                     | ACCO Brands Corp                                                                 | CUSIP: 00081TAK4<br>LEI: JCT8P4Y190IH4I1NX328 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1063692.00   | 0.12%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                        | TransDigm Inc                                                                    | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1125000 | PA      | $1166940.00   | 0.14%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                | Genesis Energy LP / Genesis Energy Finance Corp                                  | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    765000 | PA      | $809676.00    | 0.09%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: —       |
| BELL CANADA                          | Bell Telephone Co of Canada or Bell Canada                                       | CUSIP: 0778FPAQ2<br>LEI: 5493000G3EFX9S7TDE29 | Long             | DBT              | CORP              | CA        |    400000 | PA      | $406512.00    | 0.05%             | 2055-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC              | Light & Wonder International Inc                                                 | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    525000 | PA      | $547627.50    | 0.06%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                       | Bombardier Inc                                                                   | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    325000 | PA      | $339514.50    | 0.04%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: —       |
| PAR TECHNOLOGY CORP                  | PAR Technology Corp                                                              | CUSIP: 698884AG8<br>LEI: 549300HYPTHBJQINVG57 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1904180.00   | 0.22%             | 2030-01-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                     | Paramount Global                                                                 | CUSIP: 124857AK9<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |   1005000 | PA      | $792281.70    | 0.09%             | 2044-08-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP             | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp               | CUSIP: 505742AR7<br>LEI: N/A                  | Long             | DBT              |  | US        |    656000 | PA      | $687369.92    | 0.08%             | 2031-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP              | Dell International LLC / EMC Corp                                                | CUSIP: 24703TAD8<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    471000 | PA      | $475088.28    | 0.05%             | 2026-06-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE INC                 | Global Net Lease Inc                                                             | CUSIP: 02608AAA7<br>LEI: 549300NUYANCT5SU8Z65 | Long             | DBT              |  | US        |    650000 | PA      | $626951.00    | 0.07%             | 2028-09-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: —       |
| WOLFSPEED INC                        | Wolfspeed Inc                                                                    | CUSIP: 977852AB8<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |   5711000 | PA      | $1713585.55   | 0.20%             | 2028-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                | HUB International Ltd                                                            | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   1571000 | PA      | $1561856.78   | 0.18%             | 2029-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN             | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VBA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    261000 | PA      | $264920.22    | 0.03%             | 2033-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CYBERARK SOFTWARE LTD                | CyberArk Software Ltd                                                            | CUSIP: 23248VAC9<br>LEI: 529900YEXNDM894PWS93 | Long             | DBT              | CORP              | IL        |  17500000 | PA      | $18016425.00  | 2.08%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                       | Bombardier Inc                                                                   | CUSIP: 097751CC3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    395000 | PA      | $409381.95    | 0.05%             | 2032-06-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: —       |
| AAR ESCROW ISSUER LLC                | AAR Escrow Issuer LLC                                                            | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1078413.00   | 0.12%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC               | Patrick Industries Inc                                                           | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    923000 | PA      | $895937.64    | 0.10%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                | SS&C Technologies Inc 2024 Term Loan B8                                          | CUSIP: 78466DBJ2<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |    928081 | PA      | $932290.15    | 0.11%             | 2031-05-09      | Floating      | 6.36%                 | No            |                  2 | On Loan: No      |
| OCI NV                               | OCI NV                                                                           | CUSIP: 67116NAA7<br>LEI: 549300NCMRGIBJYUOE57 | Long             | DBT              | CORP              | NL        |   1015000 | PA      | $1130547.60   | 0.13%             | 2033-03-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| VOC Escrow Ltd                       | VOC Escrow Ltd                                                                   | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |   1045000 | PA      | $1036284.70   | 0.12%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc                       | Bombardier Inc                                                                   | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     57000 | PA      | $57238.83     | 0.01%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| DRAGON BUYER INC                     | Dragon Buyer Inc Term Loan B                                                     | CUSIP: 26143FAB5<br>LEI: 2549006V6EIUFGF2Y127 | Long             | LON              | CORP              | US        |   1308425 | PA      | $1312042.80   | 0.15%             | 2031-09-30      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                   | Seagate HDD Cayman                                                               | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |   6750000 | PA      | $13095270.00  | 1.52%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC             | Permian Resources Operating LLC                                                  | CUSIP: 71424VAB6<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    261000 | PA      | $262594.71    | 0.03%             | 2033-02-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CONTINENTAL RESOURCES                | Continental Resources Inc/OK                                                     | CUSIP: 212015AQ4<br>LEI: XXRTID9RYWOZ0UPIVR53 | Long             | DBT              | CORP              | US        |    785000 | PA      | $617159.15    | 0.07%             | 2044-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Enterprise Products Partners LP      | Enterprise Products Partners LP                                                  | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |     28485 | NS      | $882750.15    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP                     | Duke Energy Corp                                                                 | CUSIP: 26441CBY0<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8573200.00   | 0.99%             | 2026-04-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| EXACT SCIENCES CORP                  | Exact Sciences Corp                                                              | CUSIP: 30063PAD7<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |   6250000 | PA      | $6025937.50   | 0.70%             | 2030-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                            | SUNOCO LP                                                                        | CUSIP: 86765KAD1<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    522000 | PA      | $529088.76    | 0.06%             | 2033-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| VFH PARENT / VALOR CO                | VFH Parent LLC / Valor Co-Issuer Inc                                             | CUSIP: 91824YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $546693.00    | 0.06%             | 2031-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS             | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    130000 | PA      | $113902.10    | 0.01%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                | Caesars Entertainment Inc                                                        | CUSIP: 12769GAD2<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |    895000 | PA      | $864749.00    | 0.10%             | 2032-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: —       |
| FERTITTA ENTERTAINMENT               | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co Inc               | CUSIP: 31556TAC3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1045000 | PA      | $984076.50    | 0.11%             | 2030-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD             | Aptiv Swiss Holdings Ltd                                                         | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   1660000 | PA      | $1674342.40   | 0.19%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Star Parent Inc                      | Star Parent Inc Term Loan B                                                      | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   1284991 | PA      | $1272410.52   | 0.15%             | 2030-09-27      | Floating      | 8.30%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL             | United Wholesale Mortgage LLC                                                    | CUSIP: 913229AC4<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |    525000 | PA      | $525561.75    | 0.06%             | 2027-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                      | Mercer International Inc                                                         | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    520000 | PA      | $524898.40    | 0.06%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS HO              | Lindblad Expeditions Holdings Inc                                                | CUSIP: 535219AA7<br>LEI: 549300GSPW24GZE6R597 | Long             | DBT              | CORP              | US        |    390000 | PA      | $406812.90    | 0.05%             | 2028-05-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| BOOTS GROUP BIDCO LTD                | BOOTS GROUP BIDCO LTD USD TERM LOAN                                              | CUSIP: 000000000<br>LEI: 254900YVLYOVF1PF1N93 | Long             | LON              | CORP              | US        |    550000 | PA      | $550346.50    | 0.06%             | 2032-07-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP               | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    522000 | PA      | $482468.94    | 0.06%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: —       |
| NCL CORPORATION LTD                  | NCL Corp Ltd                                                                     | CUSIP: 62886HBR1<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    522000 | PA      | $536522.04    | 0.06%             | 2032-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RIVIAN AUTO INC                      | Rivian Automotive Inc                                                            | CUSIP: 76954AAB9<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |  12250000 | PA      | $12091852.50  | 1.40%             | 2029-03-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                          | Avient Corp                                                                      | CUSIP: 05368VAB2<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1049681.60   | 0.12%             | 2031-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| QXO INC                              | QXO Inc Term Loan B                                                              | CUSIP: 07368RAJ0<br>LEI: 549300HDXQWWCBOYXP31 | Long             | LON              | CORP              | US        |    205889 | PA      | $207906.60    | 0.02%             | 2032-04-30      | Floating      | 7.30%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC             | Boost Newco Borrower LLC                                                         | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   1050000 | PA      | $1110847.50   | 0.13%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO LLC                  | Sirius XM Radio LLC                                                              | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    830000 | PA      | $820313.90    | 0.09%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                     | GGAM Finance Ltd                                                                 | CUSIP: 36170JAE6<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    522000 | PA      | $524735.28    | 0.06%             | 2030-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA             | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   1098000 | PA      | $1129380.84   | 0.13%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| NISOURCE INC                         | NiSource Inc                                                                     | CUSIP: 65473PAR6<br>LEI: 549300D8GOWWH0SJB189 | Long             | DBT              | CORP              | US        |    780000 | PA      | $811434.00    | 0.09%             | 2054-11-30      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                            | Olin Corp                                                                        | CUSIP: 680665AN6<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1018195.75   | 0.12%             | 2033-04-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Mcdermott International Ltd          | Mcdermott International Ltd                                                      | CUSIP: 000000000<br>LEI: 54930004RAXI4B3L4752 | N/A              | DE               |  | BM        |     52447 | NS      | $5.24         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STONEPEAK NILE PARENT                | Stonepeak Nile Parent LLC                                                        | CUSIP: 861932AA9<br>LEI: 254900TJV3VAFZD0GU41 | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1098284.55   | 0.13%             | 2032-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CINC BELL TEL                        | Cincinnati Bell Telephone Co LLC                                                 | CUSIP: 171875AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    952000 | PA      | $933826.32    | 0.11%             | 2028-12-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO             | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAH9<br>LEI: 254900XBEE6V1ENYS150 | Long             | DBT              | CORP              | US        |    574000 | PA      | $572742.94    | 0.07%             | 2033-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                           | Arcosa Inc                                                                       | CUSIP: 039653AC4<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    522000 | PA      | $540066.42    | 0.06%             | 2032-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WORKIVA INC                          | Workiva Inc                                                                      | CUSIP: 98139AAD7<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $3920157.50   | 0.45%             | 2028-08-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC               | Lumen Technologies Inc                                                           | CUSIP: 156700AM8<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |    785000 | PA      | $672171.95    | 0.08%             | 2039-09-15      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| MP MATERIALS CORP                    | MP Materials Corp                                                                | CUSIP: 553368AC5<br>LEI: 89450063PHPS61USMT84 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $9525067.50   | 1.10%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                         | Enbridge Inc                                                                     | CUSIP: 29250NCG8<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    790000 | PA      | $824333.40    | 0.10%             | 2055-03-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC               | Venture Global LNG Inc                                                           | CUSIP: 92332YAB7<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1344499.00   | 0.16%             | 2031-06-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| WILLIAMS SCOTSMAN INC                | Williams Scotsman Inc                                                            | CUSIP: 96950GAE2<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |    604000 | PA      | $594487.00    | 0.07%             | 2028-08-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                         | Novelis Corp                                                                     | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $997453.60    | 0.12%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SPOTIFY USA INC                      | Spotify USA Inc                                                                  | CUSIP: 84921RAB6<br>LEI: 2138008WM218QBKRII94 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $8880060.00   | 1.03%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PELOTON INTERACTIVE INC              | Peloton Interactive Inc 2024 Term Loan B                                         | CUSIP: 70614EAG5<br>LEI: 5493002YS021166W0339 | Long             | LON              | CORP              | US        |    440550 | PA      | $448645.11    | 0.05%             | 2029-05-30      | Floating      | 9.83%                 | No            |                  2 | On Loan: No      |
| LIBERTY MEDIA CORP                   | Liberty Media Corp-Liberty Formula One                                           | CUSIP: 531229AQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9750000 | PA      | $12706882.50  | 1.47%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE              | Teva Pharmaceutical Finance Netherlands III BV                                   | CUSIP: 88167AAQ4<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   1320000 | PA      | $1320739.20   | 0.15%             | 2029-05-09      | Fixed         | 5.13%                 | No            |                  2 | On Loan: —       |
| ROYAL CARIBBEAN CRUISES              | Royal Caribbean Cruises Ltd                                                      | CUSIP: 780153BQ4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1000000 | PA      | $6411970.00   | 0.74%             | 2025-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Altice USA Inc                       | Altice USA Inc                                                                   | CUSIP: 02156K103<br>LEI: 54930064K3612MGCER95 | Long             | EC               | CORP              | US        |     21970 | NS      | $57122.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| AVIS BUDGET CAR/FINANCE              | Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | CUSIP: 053773BK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $541779.00    | 0.06%             | 2032-06-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC              | Macy's Retail Holdings LLC                                                       | CUSIP: 55616XAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1285000 | PA      | $850670.00    | 0.10%             | 2043-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI             | Consolidated Communications Inc                                                  | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |   1454000 | PA      | $1478063.70   | 0.17%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                | Level 3 Financing Inc                                                            | CUSIP: 527298CF8<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    500000 | PA      | $433665.00    | 0.05%             | 2030-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN             | Jefferies Finance LLC / JFIN Co-Issuer Corp                                      | CUSIP: 47232MAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1015000 | PA      | $1011599.75   | 0.12%             | 2031-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| PLAINS ALL AMERICAN PIPE             | Plains All American Pipeline LP                                                  | CUSIP: 726503AE5<br>LEI: 5521FA2ITF25TVH63740 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $1043442.40   | 0.12%             | 2025-08-30      | Variable      | 8.70%                 | No            |                  2 | On Loan: —       |
| STARWOOD PROPERTY TRUST              | Starwood Property Trust Inc                                                      | CUSIP: 85571BBD6<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              |  | US        |    522000 | PA      | $537409.44    | 0.06%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Light and Wonder International, Inc. | Light and Wonder International Inc 2024 Term Loan B2                             | CUSIP: 80875AAW1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |   1170202 | PA      | $1174297.88   | 0.14%             | 2029-04-14      | Floating      | 6.59%                 | No            |                  2 | On Loan: No      |
| Mcdermott International Ltd          | Mcdermott International Ltd                                                      | CUSIP: 000000000<br>LEI: 54930004RAXI4B3L4752 | N/A              | DE               |  | BM        |     47202 | NS      | $4.72         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM TECHNOLOGIES INC                 | TTM Technologies Inc                                                             | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1382053.00   | 0.16%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                  | Shift4 Payments Inc                                                              | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     41735 | NS      | $4922643.25   | 0.57%             |  |  |  | No            |                  1 | On Loan: —       |
| HERC HOLDINGS INC                    | Herc Holdings Inc                                                                | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    522000 | PA      | $539560.08    | 0.06%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AST SPACEMOBILE INC                  | AST SpaceMobile Inc                                                              | CUSIP: 00217DAC4<br>LEI: 254900MBSC9P2UCI6623 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4742550.00   | 0.55%             | 2032-10-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| MAKEMYTRIP LIMITED                   | MakeMyTrip Ltd                                                                   | CUSIP: 56087FAC8<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | DBT              | CORP              | MU        |   4250000 | PA      | $4381580.00   | 0.51%             | 2030-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                  | Buckeye Partners LP                                                              | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    787000 | PA      | $816174.09    | 0.09%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS INC             | TEAM HEALTH HOLDINGS INC 2025 TERM LOAN B                                        | CUSIP: 87817JAH1<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | LON              | CORP              | US        |   1045000 | PA      | $1046306.25   | 0.12%             | 2028-06-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LIFE360 INC                          | Life360 Inc                                                                      | CUSIP: 532206AB5<br>LEI: 254900VO9VDOQBQAHF07 | Long             | DBT              | CORP              | US        |   4236000 | PA      | $5007502.68   | 0.58%             | 2030-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EMRLD BORROWER LP                    | EMRLD Borrower LP 2024 Term Loan B                                               | CUSIP: 26872NAD1<br>LEI: 5493000GJYE7GAQCUC61 | Long             | LON              | CORP              | US        |   1422075 | PA      | $1424741.39   | 0.16%             | 2031-08-04      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| IONIS PHARMACEUTICALS IN             | Ionis Pharmaceuticals Inc                                                        | CUSIP: 462222AF7<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4927815.00   | 0.57%             | 2028-06-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PPL Capital Funding Inc              | PPL Capital Funding Inc                                                          | CUSIP: 69352PAC7<br>LEI: 549300MROK5WY0D2NU17 | Long             | DBT              | CORP              | US        |    379000 | PA      | $376919.29    | 0.04%             | 2067-03-30      | Variable      | 7.22%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD             | South Bow Canadian Infrastructure Holdings Ltd                                   | CUSIP: 836720AF9<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |   1050000 | PA      | $1085343.00   | 0.13%             | 2055-03-01      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| DRAFTKINGS HOLDINGS INC              | DraftKings Holdings Inc                                                          | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |  12500000 | PA      | $11391375.00  | 1.32%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                | Uber Technologies Inc                                                            | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |  15500000 | PA      | $21184160.00  | 2.45%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                       | Bombardier Inc                                                                   | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    520000 | PA      | $560461.20    | 0.06%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HEALTH CORP                | Encompass Health Corp                                                            | CUSIP: 29261AAB6<br>LEI: 549300FVRPM9DRQZRG64 | Long             | DBT              | CORP              | US        |    525000 | PA      | $513397.50    | 0.06%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                    | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp                  | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1045000 | PA      | $1056171.05   | 0.12%             | 2033-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NEOGENOMICS INC                      | NeoGenomics Inc                                                                  | CUSIP: 64049MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11250000 | PA      | $9500287.50   | 1.10%             | 2028-01-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| INEOS US Finance LLC                 | Ineos US Finance LLC 2023 USD Term Loan B                                        | CUSIP: 000000000<br>LEI: 5493008MHJ4R367SNK31 | Long             | LON              | CORP              | US        |   1629809 | PA      | $1518264.94   | 0.18%             | 2030-02-18      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                  | Go Daddy Operating Co LLC / GD Finance Co Inc                                    | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    905000 | PA      | $850482.80    | 0.10%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC                | Civitas Resources Inc                                                            | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   1023000 | PA      | $1036114.86   | 0.12%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: —       |
| STAPLES INC                          | Staples Inc                                                                      | CUSIP: 855030AQ5<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    780000 | PA      | $731523.00    | 0.08%             | 2029-09-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| ECHOSTAR CORP                        | EchoStar Corp                                                                    | CUSIP: 278768AA4<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   1099886 | PA      | $1043791.81   | 0.12%             | 2030-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

**Name of Applicant:** CALAMOS CONVERTIBLE & HIGH INCOME FUND

**Signature:** Stephen Atkins

**Name of Signer:** Stephen Atkins

**Title:** Treasurer