Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	CORPORATE BONDS (18.2%)
		Airlines (0.4%)
	1,740,545	Air Canada Pass Through Trust Series 2015-1, Class B* 3.875%, 09/15/24	$	1,733,774
	226,166	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		220,473
	1,180,513	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		1,152,476
	702,262	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		716,321
	1,313,181	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		1,122,823
	897,360	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		885,838
	1,570,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		1,605,207
	528,523	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		474,798
				7,911,710
		Communication Services (1.9%)
	1,400,000	Altice France, SA* 5.500%, 10/15/29		1,107,582
	1,415,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,277,646
	1,795,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,805,249
	1,270,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		1,026,147
		Audacy Capital Corp.*
	1,479,000	6.750%, 03/31/29		265,791
	538,000	6.500%, 05/01/27		93,671
	884,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		578,136
	890,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		801,748
	300,000	CMG Media Corp.* 8.875%, 12/15/27		235,116
	1,815,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,483,762
		CSC Holdings, LLC*
	1,950,000	5.750%, 01/15/30		1,232,517
	1,940,000	5.500%, 04/15/27		1,710,207
	1,800,000	5.375%, 02/01/28		1,514,412
	1,800,000	4.625%, 12/01/30		1,066,536
	1,395,000	4.500%, 11/15/31		1,029,287
		Diamond Sports Group, LLC / Diamond Sports Finance Company*
	825,000	6.625%, 08/15/27		17,309
	656,000	5.375%, 08/15/26		48,485

PRINCIPAL    AMOUNT			VALUE
	1,633,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27	$	1,481,719
	810,000	Embarq Corp. 7.995%, 06/01/36		391,343
	1,210,000	Frontier California, Inc. 6.750%, 05/15/27		1,146,983
		Frontier Communications Holdings, LLC*
	749,000	5.000%, 05/01/28		680,347
	298,000	8.750%, 05/15/30		308,949
	1,333,000	Frontier Florida, LLC@ 6.860%, 02/01/28		1,240,023
	1,785,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,652,946
		Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	1,030,000	3.500%, 03/01/29		892,237
	301,000	5.250%, 12/01/27		291,886
	345,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		336,841
		Intelsat Jackson Holdings, SA*@&
	900,000	9.750%, 07/15/25		1
	585,000	5.500%, 08/01/23		1
	1,480,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,442,497
	812,658	Ligado Networks, LLC* 15.500%, 11/01/23		284,560
		Lumen Technologies, Inc.
	1,886,000	7.600%, 09/15/39		1,276,728
	596,000	4.500%, 01/15/29*		401,096
	596,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		478,886
		Netflix, Inc.
	910,000	4.875%, 06/15/30*		902,047
	610,000	4.875%, 04/15/28		610,152
	740,000	Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%		644,629
	235,000	Rogers Communications, Inc.*‡ 5.250%, 03/15/82 5 year CMT + 3.59%		213,154
		Scripps Escrow II, Inc.*
	591,000	3.875%, 01/15/29		496,700
	295,000	5.375%, 01/15/31		238,245
	985,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		880,462
		Sirius XM Radio, Inc.*
	1,500,000	5.500%, 07/01/29		1,409,310
	885,000	4.000%, 07/15/28		787,907
	585,000	3.125%, 09/01/26		528,039
	298,000	3.875%, 09/01/31		245,486
	585,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		345,881
	3,045,000	Sprint, LLC 7.125%, 06/15/24		3,115,157
	1,045,000	Stagwell Global, LLC* 5.625%, 08/15/29		917,029
	880,000	Telecom Italia Capital, SA 6.000%, 09/30/34		707,203
	1,196,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		550,435

See accompanying Notes to Schedule of Investments

1

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	480,000	Time Warner Cable, LLC 7.300%, 07/01/38	$	516,197
	1,955,000	United States Cellular Corp. 6.700%, 12/15/33		1,819,518
	125,000	Vodafone Group, PLC‡ 7.000%, 04/04/79 USD 5 year swap rate + 4.87%		129,049
				42,657,244
		Consumer Discretionary (3.2%)
	1,435,000	Abercrombie & Fitch Management Company*^ 8.750%, 07/15/25		1,451,158
	1,243,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		1,134,088
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	1,043,000	4.625%, 08/01/29		871,562
	856,000	6.625%, 01/15/28		783,582
	1,487,000	At Home Group, Inc.*^ 4.875%, 07/15/28		1,087,711
		Bath & Body Works, Inc.
	1,577,000	6.694%, 01/15/27		1,589,742
	1,475,000	6.875%, 11/01/35		1,361,322
		Caesars Entertainment, Inc.*
	728,000	4.625%, 10/15/29^		622,491
	605,000	8.125%, 07/01/27^		614,601
	605,000	6.250%, 07/01/25		603,137
		Carnival Corp.*
	582,000	10.500%, 02/01/26		609,401
	295,000	7.625%, 03/01/26^		268,769
	1,385,000	Carriage Services, Inc.* 4.250%, 05/15/29		1,140,825
	900,000	Carvana Company* 4.875%, 09/01/29		402,030
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	3,900,000	5.125%, 05/01/27		3,720,210
	1,370,000	6.375%, 09/01/29		1,323,242
	1,300,000	4.750%, 03/01/30		1,137,916
	1,198,000	4.250%, 02/01/31		998,844
	620,000	5.000%, 02/01/28		579,092
	600,000	4.500%, 08/15/30		513,378
	596,000	4.750%, 02/01/32		507,095
	596,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		565,568
	900,000	Cedar Fair, LP 5.250%, 07/15/29		829,737
		Dana, Inc.
	985,000	4.250%, 09/01/30		838,107
	596,000	4.500%, 02/15/32		502,952
		DISH DBS Corp.
	1,495,000	5.250%, 12/01/26*		1,289,198
	926,000	7.750%, 07/01/26		752,458
	739,000	7.375%, 07/01/28		532,176
	590,000	5.125%, 06/01/29		376,155
	1,200,000	DISH Network Corp.* 11.750%, 11/15/27		1,245,696
	1,675,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,374,287
	1,308,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,184,551
	1,240,000	Ford Motor Company 6.100%, 08/19/32		1,218,077

PRINCIPAL AMOUNT			VALUE
		Ford Motor Credit Company, LLC
	2,300,000	7.350%, 11/04/27	$	2,414,632
	1,885,000	4.000%, 11/13/30		1,647,716
	1,450,000	5.113%, 05/03/29		1,375,688
	1,400,000	4.134%, 08/04/25		1,338,988
	1,000,000	2.900%, 02/16/28		865,460
	525,000	7.350%, 03/06/30		551,812
	300,000	4.950%, 05/28/27 Gap, Inc.*		288,315
	447,000	3.875%, 10/01/31^		335,237
	60,000	3.625%, 10/01/29		46,172
		General Motors Financial Company, Inc.‡
	185,000	5.700%, 09/30/30^ 5 year CMT + 5.00%		172,339
	125,000	6.500%, 09/30/28 3 mo. LIBOR + 3.44%		118,106
		goeasy, Ltd.*
	2,050,000	5.375%, 12/01/24		1,967,200
	1,111,000	4.375%, 05/01/26		998,045
	1,496,000	Goodyear Tire & Rubber Company^ 5.000%, 07/15/29		1,320,504
	511,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		449,614
	1,780,000	Guitar Center, Inc.* 8.500%, 01/15/26		1,557,180
		International Game Technology, PLC*
	1,500,000	6.250%, 01/15/27		1,508,310
	400,000	4.125%, 04/15/26		381,072
	1,175,000	Liberty Interactive, LLC 8.250%, 02/01/30		554,917
		Life Time, Inc.*
	884,000	8.000%, 04/15/26^		859,805
	600,000	5.750%, 01/15/26		580,704
	767,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		752,113
	780,000	M/I Homes, Inc. 3.950%, 02/15/30		657,134
		Macy’s Retail Holdings, LLC
	1,248,000	6.700%, 07/15/34*		1,055,608
	744,000	5.875%, 03/15/30*		681,511
	600,000	4.300%, 02/15/43		372,618
	1,375,000	Mclaren Finance, PLC* 7.500%, 08/01/26		1,041,480
	1,518,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,344,113
	1,649,000	Mohegan Tribal Gaming Authority* 8.000%, 02/01/26		1,563,879
		Newell Brands, Inc.^
	300,000	6.375%, 09/15/27		301,986
	148,000	6.625%, 09/15/29		150,193
		Nordstrom, Inc.
	600,000	5.000%, 01/15/44		404,364
	551,000	4.250%, 08/01/31		414,914
	1,370,000	Penn Entertainment, Inc.* 4.125%, 07/01/29		1,136,840
	1,670,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		1,216,929
	2,933,000	Rite Aid Corp.* 8.000%, 11/15/26		1,638,872

See accompanying Notes to Schedule of Investments

2

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	1,670,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29	$	1,418,498
	1,348,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		1,122,075
	837,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		786,278
	2,430,000	Station Casinos, LLC* 4.500%, 02/15/28		2,189,722
	707,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		686,631
	290,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		307,786
	1,355,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		1,098,634
	298,000	Williams Scotsman International, Inc.* 4.625%, 08/15/28		276,380
				71,979,532
		Consumer Staples (0.7%)
	1,358,000	Central Garden & Pet Company* 4.125%, 04/30/31		1,140,924
	1,349,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,176,382
		Energizer Holdings, Inc.*
	1,641,000	4.375%, 03/31/29		1,424,798
	298,000	6.500%, 12/31/27		291,322
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	1,770,000	5.500%, 01/15/30		1,721,183
	1,340,000	5.125%, 02/01/28		1,314,486
	440,000	5.750%, 04/01/33		433,400
	125,000	Land O’ Lakes, Inc.* 7.000%, 09/18/28		110,729
	751,000	New Albertsons, LP 7.750%, 06/15/26		764,909
	1,192,000	Performance Food Group, Inc.* 4.250%, 08/01/29		1,065,112
	750,000	Petsmart, Inc. / PetSmart Finance Corp.* 7.750%, 02/15/29		740,805
	375,000	PetSmart, Inc. / PetSmart Finance Corp.* 4.750%, 02/15/28		348,491
		Pilgrim’s Pride Corp.*
	950,000	5.875%, 09/30/27		943,284
	900,000	4.250%, 04/15/31		781,272
	505,000	Post Holdings, Inc.* 5.750%, 03/01/27		498,369
	1,124,000	Prestige Brands, Inc.* 3.750%, 04/01/31		954,939
	1,300,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		1,256,541
	1,857,000	Vector Group, Ltd.* 5.750%, 02/01/29		1,622,535
				16,589,481
		Energy (2.1%)
	1,198,000	Antero Resources Corp.* 5.375%, 03/01/30		1,118,357

PRINCIPAL    AMOUNT			VALUE
	1,187,000	Apache Corp. 5.100%, 09/01/40	$	1,037,153
		Buckeye Partners, LP
	900,000	3.950%, 12/01/26^		826,812
	600,000	5.850%, 11/15/43		461,634
	1,670,000	Callon Petroleum Company* 7.500%, 06/15/30		1,617,662
	591,000	Cheniere Energy, Inc. 4.625%, 10/15/28		563,678
	892,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		880,966
		Continental Resources, Inc.*
	900,000	2.875%, 04/01/32		706,626
	610,000	5.750%, 01/15/31		599,526
	1,950,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. LIBOR + 3.85%		1,931,514
	11,988	Diamond Foreign Asset Company / Diamond Finance, LLC 9.000%, 04/22/27 13.000% PIK rate		11,605
	921,000	DT Midstream, Inc.* 4.125%, 06/15/29		813,381
	1,791,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		1,748,947
		Enbridge, Inc.‡
	901,000	7.375%, 01/15/83 5 year CMT + 3.71%		902,451
	200,000	5.750%, 07/15/80 5 year CMT + 5.31%		190,270
		Energy Transfer, LP‡
	1,735,000	7.831%, 11/01/66 3 mo. LIBOR + 3.02%		1,406,113
	1,015,000	6.500%, 11/15/26 5 year CMT + 5.69%		957,856
		EnLink Midstream Partners, LP
	1,775,000	8.879%, 03/03/23‡ 3 mo. LIBOR + 4.11%		1,494,248
	1,285,000	4.850%, 07/15/26		1,249,997
	595,000	Enlink Midstream, LLC* 6.500%, 09/01/30		607,239
	75,000	Enterprise Products Operating, LLC‡ 7.630%, 08/16/77 3 mo. LIBOR + 2.99%		71,304
	1,370,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		1,375,179
		Genesis Energy, LP / Genesis Energy Finance Corp.
	1,173,000	6.250%, 05/15/26		1,125,634
	300,000	8.875%, 04/15/30		305,082
		Gulfport Energy Corp.
	1,000,000	6.375%, 05/15/25@&		1
	885,000	8.000%, 05/17/26*		879,265
	305,622	8.000%, 05/17/26		303,642
	1,370,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,283,978
	894,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		872,812
	1,162,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		1,125,676

See accompanying Notes to Schedule of Investments

3

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
		Moss Creek Resources Holdings, Inc.*
	600,000	10.500%, 05/15/27	$	583,488
	540,000	7.500%, 01/15/26		499,354
	1,311,000	MPLX, LP‡^ 6.875%, 02/15/23 3 mo. LIBOR + 4.65%		1,311,839
	600,000	Nabors Industries, Inc.* 7.375%, 05/15/27		601,254
		New Fortress Energy, Inc.*
	1,191,000	6.750%, 09/15/25		1,144,039
	589,000	6.500%, 09/30/26		544,354
	1,082,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		1,069,049
	1,270,000	Parkland Corp.*~ 5.875%, 07/15/27		1,221,054
	1,196,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		1,117,375
	1,390,000	Plains All American Pipeline, LP‡ 8.716%, 03/03/23 3 mo. LIBOR + 4.11%		1,257,783
	1,070,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		1,020,170
		Southwestern Energy Company
	895,000	5.375%, 03/15/30		834,695
	600,000	5.375%, 02/01/29		564,426
	593,000	4.750%, 02/01/32		523,162
	298,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		265,986
	600,000	Transocean, Inc.* 8.750%, 02/15/30		619,998
		Venture Global Calcasieu Pass, LLC*
	300,000	4.125%, 08/15/31		266,643
	300,000	3.875%, 08/15/29		267,900
	75,000	6.250%, 01/15/30		76,493
		Vital Energy, Inc.
	1,285,000	10.125%, 01/15/28		1,281,620
	604,000	9.500%, 01/15/25		610,010
	1,200,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		1,058,004
	770,000	W&T Offshore, Inc.* 9.750%, 11/01/23		770,693
		Weatherford International, Ltd.*
	1,280,000	6.500%, 09/15/28		1,275,738
	900,000	8.625%, 04/30/30		908,289
				46,162,024
		Financials (4.0%)
		Acrisure, LLC / Acrisure Finance, Inc.*
	1,883,000	7.000%, 11/15/25		1,795,139
	1,783,000	6.000%, 08/01/29		1,473,257
	1,789,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		1,782,005
	1,892,000	AG Issuer, LLC* 6.250%, 03/01/28		1,790,400
		Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*
	2,500,000	6.750%, 10/15/27		2,342,975
	300,000	5.875%, 11/01/29		261,768
	300,000	4.250%, 10/15/27		275,496

PRINCIPAL    AMOUNT			VALUE
	140,000	Allstate Corp.‡ 5.750%, 08/15/53 3 mo. USD LIBOR + 2.94%	$	138,264
		Ally Financial, Inc.
	1,782,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		1,468,012
	964,000	8.000%, 11/01/31		1,059,369
	850,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		655,562
	163,000	American Express Company‡ 3.550%, 09/15/26 5 year CMT + 2.85%		144,519
	250,000	American International Group, Inc.‡ 5.750%, 04/01/48 3 mo. LIBOR + 2.87%		246,402
	2,365,000	AmWINS Group, Inc.* 4.875%, 06/30/29		2,087,018
	460,000	Ares Finance Company III, LLC*‡ 4.125%, 06/30/51 5 year CMT + 3.24%		360,171
	1,030,000	AssuredPartners, Inc.* 7.000%, 08/15/25		1,018,031
	1,307,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		1,174,222
		Avolon Holdings Funding, Ltd.*
	635,000	3.950%, 07/01/24		616,267
	490,000	5.500%, 01/15/26		480,313
	285,000	AXIS Specialty Finance, LLC‡ 4.900%, 01/15/40 5 year CMT + 3.19%		244,972
	304,000	Bank of America Corp.‡ 6.125%, 04/27/27 5 year CMT + 3.23%		303,343
	145,000	Bank of Montreal‡ 4.800%, 08/25/24 5 year CMT + 2.98%		137,464
	763,000	Bank of New York Mellon Corp.‡ 4.700%, 09/20/25 5 year CMT + 4.36%		747,908
		Bank of Nova Scotia‡
	240,000	3.625%, 10/27/81 5 year CMT + 2.613%		189,686
	220,000	4.900%, 06/04/25 5 year CMT + 4.55%		213,985
		Barclays, PLC‡
	275,000	8.000%, 03/15/29 5 year CMT + 5.43%		275,883
	220,000	4.375%, 03/15/28 5 year CMT + 3.41%		179,641
		BP Capital Markets, PLC‡
	280,000	4.875%, 03/22/30 5 year CMT + 4.40%		261,920
	145,000	4.375%, 06/22/25 5 year CMT + 4.04%		140,794
	2,379,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		2,103,012
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*
	2,380,000	4.500%, 04/01/27		2,101,707
	1,547,000	5.750%, 05/15/26		1,459,347
	1,200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		1,098,180

See accompanying Notes to Schedule of Investments

4

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	323,000	Capital One Financial Corp.‡^ 3.950%, 09/01/26 5 year CMT + 3.16%	$	281,475
	1,340,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27		1,227,467
		Charles Schwab Corp.‡
	325,000	4.000%, 06/01/26 5 year CMT + 3.17%		299,660
	147,000	4.000%, 12/01/30 10 year CMT + 3.08%		126,564
	135,000	5.375%, 06/01/25^ 5 year CMT + 4.97%		134,563
		Citigroup, Inc.‡
	546,000	4.150%, 11/15/26 5 year CMT + 3.00%		488,621
	509,000	3.875%, 02/18/26 5 year CMT + 3.42%		465,811
	150,000	4.000%, 12/10/25 5 year CMT + 3.60%		140,144
	450,000	Citizens Financial Group, Inc.‡ 4.000%, 10/06/26 5 year CMT + 3.22%		393,070
	70,000	Corebridge Financial, Inc.*‡ 6.875%, 12/15/52 5 year CMT + 3.85%		69,261
		Credit Acceptance Corp.
	1,500,000	6.625%, 03/15/26^		1,373,370
	1,092,000	5.125%, 12/31/24*		1,027,845
	200,000	Credit Suisse Group, AG*‡ 7.500%, 12/11/23 USD 5 year swap rate + 4.60%		189,584
		Discover Financial Services‡
	245,000	6.125%, 06/23/25 5 year CMT + 5.78%		244,339
	135,000	5.500%, 10/30/27 3 mo. LIBOR + 3.08%		119,039
	1,533,000	Enact Holdings, Inc.* 6.500%, 08/15/25		1,512,396
	75,000	Enstar Finance, LLC‡ 5.500%, 01/15/42 5 year CMT + 4.01%		62,186
	605,000	Fifth Third Bancorp‡^ 4.500%, 09/30/25 5 year CMT + 4.22%		586,499
	1,718,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,452,225
		Goldman Sachs Group, Inc.‡
	500,000	4.400%, 02/10/25 5 year CMT + 2.85%		454,525
	153,000	4.125%, 11/10/26 5 year CMT + 2.95%		136,621
	1,891,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		1,868,837
	200,000	HSBC Holdings, PLC‡ 6.375%, 03/30/25 U.S. 5 yr Swap + 4.37%		197,428
		HUB International, Ltd.*
	1,877,000	7.000%, 05/01/26		1,869,586
	1,785,000	5.625%, 12/01/29^		1,608,053
		Huntington Bancshares, Inc.‡^
	350,000	4.450%, 10/15/27
		7 year CMT + 4.05%		331,957

PRINCIPAL    AMOUNT			VALUE
	125,000	5.625%, 07/15/30 10 year CMT + 4.95%	$	123,345
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
	892,000	4.375%, 02/01/29		778,252
	888,000	5.250%, 05/15/27		832,074
	2,448,000	ILFC E-Capital Trust II*‡ 6.538%, 12/21/65 3 mo. LIBOR + 1.80%		1,652,914
		ING Groep, NV‡
	200,000	4.250%, 05/16/31 5 year CMT + 2.86%		151,510
	200,000	3.875%, 05/16/27 5 year CMT + 2.86%		162,838
	2,470,000	Iron Mountain, Inc.* 5.250%, 03/15/28		2,351,144
	3,000,000	Jefferies Finance, LLC / JFIN Co- Issuer Corp.* 5.000%, 08/15/28		2,567,070
	1,100,000	JPMorgan Chase & Company‡ 3.650%, 06/01/26 5 year CMT + 2.85%		993,080
		Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	2,306,000	5.250%, 10/01/25		2,221,854
	596,000	4.750%, 06/15/29		495,866
	1,680,000	LD Holdings Group, LLC* 6.125%, 04/01/28		1,097,242
		Level 3 Financing, Inc.*
	1,997,000	3.875%, 11/15/29		1,620,805
	1,250,000	4.250%, 07/01/28		991,675
	420,000	Liberty Mutual Group, Inc.*‡ 4.125%, 12/15/51 5 year CMT + 3.32%		359,764
	200,000	Lloyds Banking Group, PLC‡ 7.500%, 06/27/24 USD 5 year swap rate + 4.76%		198,676
	892,000	LPL Holdings, Inc.* 4.000%, 03/15/29		798,777
	280,000	Markel Corp.‡ 6.000%, 06/01/25 5 year CMT + 5.66%		278,841
		MetLife, Inc.
	2,990,000	6.400%, 12/15/66		3,065,408
	225,000	3.850%, 09/15/25‡ 5 year CMT + 3.58%		214,970
	200,000	Munich Re*‡ 5.875%, 05/23/42 5 year CMT + 3.98%		204,748
	1,615,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,412,737
	120,000	Nationwide Financial Services, Inc. 6.750%, 05/15/87		119,689
		Navient Corp.
	2,555,000	5.000%, 03/15/27		2,335,755
	1,355,000	4.875%, 03/15/28		1,200,462
	1,370,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		1,053,872
		Nordea Bank Abp*‡
	315,000	3.750%, 03/01/29 5 year CMT + 2.60%		250,589

See accompanying Notes to Schedule of Investments

5

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	200,000	6.625%, 03/26/26 5 year CMT + 4.11%	$	198,328
		OneMain Finance Corp.
	820,000	3.875%, 09/15/28		691,752
	614,000	7.125%, 03/15/26		611,225
	592,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		548,328
	442,000	PartnerRe Finance B, LLC‡^ 4.500%, 10/01/50 5 year CMT + 3.82%		397,097
	1,871,000	PHH Mortgage Corp.* 7.875%, 03/15/26		1,712,882
		PNC Financial Services Group, Inc.‡
	440,000	6.000%, 05/15/27 5 year CMT + 3.00%		437,149
	315,000	3.400%, 09/15/26 5 year CMT + 2.60%		268,692
	140,000	6.200%, 09/15/27 5 year CMT + 3.24%		140,372
	280,000	QBE Insurance Group, Ltd.*‡^ 5.875%, 05/12/25 5 year CMT + 5.51%		276,175
	1,355,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		1,212,739
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	560,000	3.875%, 03/01/31		457,100
	555,000	3.625%, 03/01/29		468,986
	275,000	2.875%, 10/15/26		245,575
	503,000	State Street Corp.‡^ 5.625%, 12/15/23 3 mo. LIBOR + 2.54%		486,874
	1,225,000	StoneX Group, Inc.* 8.625%, 06/15/25		1,242,370
		SVB Financial Group‡
	674,000	4.000%, 05/15/26 5 year CMT + 3.20%		542,152
	224,000	4.100%, 02/15/31 10 year CMT + 3.06%		167,382
	133,000	4.250%, 11/15/26 5 year CMT + 3.07%		106,504
	425,000	Toronto-Dominion Bank‡ 8.125%, 10/31/82 5 year CMT + 4.08%		451,261
		Truist Financial Corp.‡
	295,000	4.800%, 09/01/24 5 year CMT + 3.00%		284,501
	125,000	4.950%, 09/01/25 5 year CMT + 4.61%		123,928
		UBS Group, AG*‡
	200,000	7.000%, 01/31/24 USD 5 year swap rate + 4.34%		199,566
	200,000	4.875%, 02/12/27 5 year CMT + 3.40%		180,464
		United Wholesale Mortgage, LLC*
	1,383,000	5.500%, 04/15/29		1,191,261
	600,000	5.750%, 06/15/27		540,876
	600,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		415,494
	1,340,000	VZ Secured Financing, BV* 5.000%, 01/15/32		1,149,037

PRINCIPAL    AMOUNT			VALUE
	1,230,000	Wells Fargo & Company‡ 3.900%, 03/15/26 5 year CMT + 3.45%	$	1,134,367
	1,255,000	XHR, LP* 6.375%, 08/15/25		1,245,437
				89,949,989
		Health Care (1.2%)
		Bausch Health Companies, Inc.*
	2,370,000	11.000%, 09/30/28		1,861,967
	469,000	14.000%, 10/15/30		302,913
	447,000	6.125%, 02/01/27		305,337
		CHS/Community Health Systems, Inc.*
	2,392,000	6.125%, 04/01/30		1,453,331
	1,325,000	8.000%, 03/15/26		1,288,284
	663,000	6.875%, 04/15/29		419,944
	149,000	5.250%, 05/15/30		120,340
		DaVita, Inc.*
	2,381,000	4.625%, 06/01/30		2,007,469
	1,395,000	3.750%, 02/15/31		1,086,217
		Embecta Corp.*
	894,000	5.000%, 02/15/30		737,175
	298,000	6.750%, 02/15/30		268,811
		Encompass Health Corp.
	600,000	4.750%, 02/01/30		550,698
	600,000	4.500%, 02/01/28		560,724
	1,369,000	HCA, Inc. 7.500%, 11/06/33		1,518,823
	350,000	Jazz Securities DAC* 4.375%, 01/15/29		320,366
	488,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29		280,595
		Medline Borrower, LP*
	1,484,000	5.250%, 10/01/29^		1,247,287
	1,480,000	3.875%, 04/01/29		1,267,650
		Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	2,200,000	5.125%, 04/30/31		1,984,202
	500,000	4.125%, 04/30/28		454,440
	1,251,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		836,043
		Tenet Healthcare Corp.
	2,710,000	6.250%, 02/01/27		2,658,374
	1,575,000	6.875%, 11/15/31		1,459,946
		Teva Pharmaceutical Finance Netherlands III, BV
	2,380,000	6.000%, 04/15/24		2,376,620
	1,100,000	4.750%, 05/09/27		1,023,682
	550,000	7.125%, 01/31/25		558,052
	535,000	3.150%, 10/01/26		480,286
				27,429,576
		Industrials (2.7%)
	1,355,000	ACCO Brands Corp.* 4.250%, 03/15/29		1,173,213
	1,535,000	AerCap Holdings, NV‡ 5.875%, 10/10/79 5 year CMT + 4.54%		1,470,131
		Air Lease Corp.‡
	1,520,000	4.125%, 12/15/26 5 year CMT + 3.15%		1,182,180
	320,000	4.650%, 06/15/26 5 year CMT + 4.08%		284,467

See accompanying Notes to Schedule of Investments

6

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	1,925,000	4.625%, 01/15/27	$	1,831,714
	1,191,000	3.500%, 03/15/29		1,028,024
	900,000	5.875%, 02/15/28		880,767
	1,370,000	Allegiant Travel Company* 7.250%, 08/15/27		1,344,888
	295,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		276,046
	1,363,740	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		1,156,615
		American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
	884,000	5.500%, 04/20/26		867,646
	295,000	5.750%, 04/20/29		285,849
	670,000	Arcosa, Inc.* 4.375%, 04/15/29		599,074
	3,100,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		2,436,073
	465,000	Ball Corp. 6.875%, 03/15/28		480,373
	937,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		807,975
	1,191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		1,077,891
		Cascades, Inc. / Cascades USA, Inc.*
	600,000	5.375%, 01/15/28		560,220
	600,000	5.125%, 01/15/26		561,804
	297,000	Delta Air Lines, Inc.^ 7.375%, 01/15/26		311,036
	295,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		287,047
	1,565,000	Deluxe Corp.* 8.000%, 06/01/29		1,341,956
	596,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		532,305
	894,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		861,807
	1,472,000	Endurance International Group Holdings, Inc.* 6.000%, 02/15/29		1,069,084
	575,000	EnerSys* 4.375%, 12/15/27		531,749
	880,000	Fly Leasing, Ltd.* 7.000%, 10/15/24		767,422
	733,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		645,201
	600,000	Granite US Holdings Corp.* 11.000%, 10/01/27		633,252
		Graphic Packaging International, LLC*
	750,000	4.750%, 07/15/27		722,700
	551,000	3.500%, 03/01/29		485,767
	1,303,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		1,100,410
	2,775,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,450,602

PRINCIPAL    AMOUNT			VALUE
	1,792,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26	$	1,714,747
	1,500,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,439,010
	1,375,000	Howmet Aerospace, Inc. 5.125%, 10/01/24		1,373,322
	1,385,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,360,735
	1,450,000	JELD-WEN, Inc.* 4.625%, 12/15/25		1,284,975
	1,940,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,673,347
	598,000	MasTec, Inc.* 4.500%, 08/15/28		554,711
	722,000	Moog, Inc.* 4.250%, 12/15/27		670,261
	1,140,000	Novelis Corp.* 4.750%, 01/30/30		1,043,248
	450,000	OI European Group, BV* 4.750%, 02/15/30		404,951
	1,375,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		1,237,651
	1,783,000	Patrick Industries, Inc.* 4.750%, 05/01/29		1,525,749
		QVC, Inc.
	709,000	4.375%, 09/01/28		455,852
	600,000	5.450%, 08/15/34		354,810
		Sealed Air Corp.*
	933,000	6.125%, 02/01/28		942,050
	298,000	5.000%, 04/15/29		282,868
	650,000	Sensata Technologies, BV* 4.000%, 04/15/29		583,934
	593,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		507,614
		Sinclair Television Group, Inc.*
	891,000	4.125%, 12/01/30		709,361
	600,000	5.500%, 03/01/30^		479,208
	1,165,000	Standard Industries, Inc.* 5.000%, 02/15/27		1,110,781
	100,000	Stanley Black & Decker, Inc.‡ 4.000%, 03/15/60 5 year CMT + 2.66%		88,013
	957,000	Stericycle, Inc.* 3.875%, 01/15/29		851,730
	879,000	STL Holding Company, LLC* 7.500%, 02/15/26		776,561
	1,200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		1,190,628
		TransDigm, Inc.
	1,539,000	6.250%, 03/15/26*		1,540,000
	875,000	7.500%, 03/15/27		882,473
	890,000	Tronox, Inc.* 4.625%, 03/15/29		762,267
	1,191,000	Vertiv Group Corp.* 4.125%, 11/15/28		1,039,112
	1,251,000	Wabash National Corp.* 4.500%, 10/15/28		1,102,957
	1,050,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		977,687
		WESCO Distribution, Inc.*
	563,000	7.125%, 06/15/25		572,351
	283,000	7.250%, 06/15/28		291,278

See accompanying Notes to Schedule of Investments

7

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	1,256,000	Williams Scotsman International, Inc.* 6.125%, 06/15/25	$	1,262,242
				61,091,772
		Information Technology (0.8%)
	596,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		535,887
	692,000	Coherent Corp.* 5.000%, 12/15/29		633,796
	1,201,000	CommScope Technologies, LLC* 6.000%, 06/15/25		1,139,136
	1,100,000	CommScope, Inc.* 4.750%, 09/01/29		915,959
	1,405,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		1,445,773
	586,000	Fair Isaac Corp.* 4.000%, 06/15/28		544,845
	1,315,000	KBR, Inc.* 4.750%, 09/30/28		1,200,845
		MPH Acquisition Holdings, LLC*
	1,300,000	5.750%, 11/01/28^		946,153
	595,000	5.500%, 09/01/28		495,570
	589,000	NCR Corp.* 5.125%, 04/15/29		513,025
	886,000	ON Semiconductor Corp.* 3.875%, 09/01/28		809,131
		Open Text Corp.*
	855,000	3.875%, 02/15/28		744,012
	600,000	6.900%, 12/01/27		615,360
	447,000	3.875%, 12/01/29		372,601
	447,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		363,804
	590,000	Playtika Holding Corp.* 4.250%, 03/15/29		490,615
	784,000	PTC, Inc.* 4.000%, 02/15/28		731,104
	1,645,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,437,977
		Twilio, Inc.
	830,000	3.625%, 03/15/29		705,857
	298,000	3.875%, 03/15/31^		247,361
	1,475,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,287,527
	1,355,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,170,110
				17,346,448
		Materials (0.6%)
	623,000	ArcelorMittal, SA 7.000%, 10/15/39		674,672
	600,000	ATI, Inc. 5.875%, 12/01/27		582,978
	295,000	Carpenter Technology Corp. 7.625%, 03/15/30		303,127
	895,000	Chemours Company* 4.625%, 11/15/29		748,309
	1,880,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,682,675
		Commercial Metals Company
	596,000	4.125%, 01/15/30		535,268
	298,000	4.375%, 03/15/32		263,909
	1,375,000	Constellium, SE*^ 3.750%, 04/15/29		1,177,165

PRINCIPAL    AMOUNT			VALUE
	886,000	HB Fuller Company 4.250%, 10/15/28	$	785,607
	900,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		915,093
		Kaiser Aluminum Corp.*
	1,350,000	4.625%, 03/01/28		1,235,682
	149,000	4.500%, 06/01/31		126,252
	842,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		703,280
	1,257,000	Mercer International, Inc. 5.125%, 02/01/29		1,076,771
	1,787,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		1,759,373
	1,328,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,242,517
	589,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		426,118
	321,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		312,250
				14,551,046
		Other (0.1%)
	1,335,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		1,331,476
		Gen Digital, Inc.*
	625,000	7.125%, 09/30/30		635,056
	625,000	6.750%, 09/30/27		634,631
				2,601,163
		Real Estate (0.2%)
	953,000	EPR Properties 3.750%, 08/15/29		796,241
		Forestar Group, Inc.*
	862,000	5.000%, 03/01/28		758,120
	630,000	3.850%, 05/15/26		565,331
	1,341,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		1,117,361
		Service Properties Trust
	1,500,000	4.350%, 10/01/24		1,415,610
	550,000	5.250%, 02/15/26		477,098
				5,129,761
		Special Purpose Acquisition Companies (0.1%)
		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*
	1,195,000	6.750%, 01/15/30		993,427
	596,000	4.625%, 01/15/29		526,429
				1,519,856
		Utilities (0.2%)
	340,000	Algonquin Power & Utilities Corp.‡ 4.750%, 01/18/82 5 year CMT + 3.25%		286,783
	65,000	CenterPoint Energy, Inc.‡ 6.125%, 09/01/23 3 mo. LIBOR + 3.27%		63,960
	150,000	CMS Energy Corp.‡ 4.750%, 06/01/50 5 year CMT + 4.12%		136,593

See accompanying Notes to Schedule of Investments

8

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
		Dominion Energy, Inc.‡
	250,000	4.650%, 12/15/24 5 year CMT + 2.99%	$	234,450
	133,000	4.350%, 01/15/27 5 year CMT + 3.20%		118,540
		Duke Energy Corp.‡
	330,000	4.875%, 09/16/24 5 year CMT + 3.39%		320,189
	132,000	3.250%, 01/15/82 5 year CMT + 2.32%		107,691
	280,000	NextEra Energy Capital Holdings, Inc.‡ 3.800%, 03/15/82 5 year CMT + 2.55%		244,407
	516,000	PPL Capital Funding, Inc.‡ 7.395%, 03/30/67 3 mo. LIBOR + 2.67%		454,328
		Sempra Energy‡
	125,000	4.875%, 10/15/25 5 year CMT + 4.55%		120,186
	85,000	4.125%, 04/01/52 5 year CMT + 2.87%		73,948
		Southern Company‡
	247,000	4.000%, 01/15/51 5 year CMT + 3.73%		235,235
	95,000	3.750%, 09/15/51 5 year CMT + 2.92%		83,422
	1,500,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		1,411,395
		Vistra Corp.*‡
	695,000	8.000%, 10/15/26 5 year CMT + 6.93%		681,830
	625,000	7.000%, 12/15/26 5 year CMT + 5.74%		589,875
	80,000	WEC Energy Group, Inc.‡ 6.719%, 05/15/67 3 mo. LIBOR + 2.11%		68,503
				5,231,335
		TOTAL CORPORATE BONDS (Cost $457,460,762)		410,150,937
	CONVERTIBLE BONDS (18.5%)
		Communication Services (1.8%)
		Liberty Media Corp.*
	8,895,000	2.250%, 08/15/27		9,356,028
	2,680,000	0.500%, 12/01/50		2,813,035
		Live Nation Entertainment, Inc. 2.000%, 02/15/25		17,666,999
	2,500,000	Match Group Finance Co. 3, Inc.* 2.000%, 01/15/30		2,458,125
	3,000,000	Match Group Financeco 2, Inc.*~ 0.875%, 06/15/26		2,887,350
	5,495,000	Perficient, Inc. 0.125%, 11/15/26		4,433,915
				39,615,452
		Consumer Discretionary (3.8%)
	16,415,000	Airbnb, Inc. 0.000%, 03/15/26		14,122,481
		DISH Network Corp.
	13,435,000	3.375%, 08/15/26		8,782,056
	5,295,000	0.000%, 12/15/25		3,518,104
	2,379,000	2.375%, 03/15/24		2,217,252

PRINCIPAL    AMOUNT				VALUE
	29,915,000		Ford Motor Company 0.000%, 03/15/26	$	30,457,060
	3,140,000		Liberty Broadband Corp.* 2.750%, 09/30/50		3,077,891
	7,670,000		Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		8,288,662
	400,000		Tesla, Inc. 2.000%, 05/15/24		3,346,112
	9,760,000		Vail Resorts, Inc.^ 0.000%, 01/01/26		9,290,544
	18,000,000	HKD	Zhongsheng Group Holdings, Ltd. 0.000%, 05/21/25		2,728,482
					85,828,644
			Energy (0.5%)
	1,365,000		EQT Corp. 1.750%, 05/01/26		3,071,086
	6,615,000		Northern Oil And Gas, Inc.* 3.625%, 04/15/29		7,559,424
					10,630,510
			Financials (0.7%)
	3,000,000		Ares Capital Corp. 4.625%, 03/01/24		3,159,120
	11,275,000		Morgan Stanley Finance, LLC 1.000%, 11/23/27		11,909,219
					15,068,339
			Health Care (3.2%)
	8,820,000		Alnylam Pharmaceuticals, Inc.* 1.000%, 09/15/27		9,435,636
	4,640,000		CONMED Corp.* 2.250%, 06/15/27		4,412,454
	16,530,000		Dexcom, Inc. 0.250%, 11/15/25		17,426,752
	3,673,000		Envista Holdings Corp. 2.375%, 06/01/25		7,021,564
	3,960,000		Integra LifeSciences Holdings Corp. 0.500%, 08/15/25		3,870,742
	15,740,000		Jazz Investments I, Ltd. 2.000%, 06/15/26		18,564,543
	7,755,000		Pacira BioSciences, Inc. 0.750%, 08/01/25		7,130,723
	5,460,000		Tandem Diabetes Care, Inc.* 1.500%, 05/01/25		4,988,474
					72,850,888
			Industrials (2.4%)
	4,600,000		Air Transport Services Group, Inc. 1.125%, 10/15/24		4,879,220
	4,215,000		Axon Enterprise, Inc.* 0.500%, 12/15/27		4,550,219
	1,015,000		Chart Industries, Inc. 1.000%, 11/15/24		2,313,296
	13,520,000		John Bean Technologies Corp. 0.250%, 05/15/26		12,526,145
	11,905,000		Middleby Corp. 1.000%, 09/01/25		15,561,978
	14,800,000		Uber Technologies, Inc. 0.000%, 12/15/25		12,908,560
					52,739,418

See accompanying Notes to Schedule of Investments

9

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
		Information Technology (5.0%)
	4,230,000	Akamai Technologies, Inc. 0.375%, 09/01/27	$	4,210,161
		Bill.com Holdings, Inc.
	7,838,000	0.000%, 04/01/27		6,347,134
	3,535,000	0.000%, 12/01/25		3,712,881
	17,000,000	CyberArk Software, Ltd. 0.000%, 11/15/24		18,736,040
	2,015,000	Datadog, Inc. 0.125%, 06/15/25		2,210,737
		Enphase Energy, Inc.
	12,325,000	0.000%, 03/01/28		13,294,485
	7,055,000	0.000%, 03/01/26		7,443,942
	13,000,000	Microchip Technology, Inc. 0.125%, 11/15/24		14,438,840
	2,735,000	Nova, Ltd. 0.000%, 10/15/25		3,604,539
	11,555,000	ON Semiconductor Corp. 0.000%, 05/01/27		17,332,500
	3,520,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		5,780,967
	3,524,000	Silicon Laboratories, Inc. 0.625%, 06/15/25		4,849,658
	5,850,000	Tyler Technologies, Inc. 0.250%, 03/15/26		5,561,127
	5,670,000	Wolfspeed, Inc.* 1.875%, 12/01/29		5,507,214
				113,030,225
		Materials (0.4%)
	5,800,000	Glencore Funding, LLC 0.000%, 03/27/25		6,720,112
	3,060,000	MP Materials Corp.* 0.250%, 04/01/26		3,063,244
				9,783,356
		Other (0.0%)
	590,000	Multiplan Corp.* 6.000%, 10/15/27		386,067
		Real Estate (0.7%)
	2,100,000EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		2,898,220
	15,115,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		13,724,571
				16,622,791
		TOTAL CONVERTIBLE BONDS (Cost $429,003,386)		416,555,690
	BANK LOANS (2.3%) ¡
		Airlines (0.1%)
	1,098,000	Mileage Plus Holdings, LLC‡ 9.996%, 06/21/27 3 mo. LIBOR + 5.25%		1,146,658
	1,473,750	United Airlines, Inc.‡ 8.568%, 04/21/28 3 mo. LIBOR + 3.75%		1,476,498
				2,623,156

PRINCIPAL    AMOUNT			VALUE
		Communication Services (0.3%)
	1,519,875	Clear Channel Outdoor Holdings, Inc.‡ 8.325%, 08/21/26 3 mo. LIBOR + 3.50%	$	1,449,581
	3,938	Clear Channel Outdoor Holdings, Inc.‡ 8.070%, 08/21/26 1 mo. LIBOR + 3.50%		3,755
	598,473	CMG Media Corp.‡ 8.230%, 12/17/26 3 mo. LIBOR + 3.50%		569,238
	1,688,406	DIRECTV Financing, LLC‡ 9.570%, 08/02/27 1 mo. LIBOR + 5.00%		1,664,228
	1,755,000	Entercom Media Corp.‡ 7.047%, 11/18/24 3 mo. LIBOR + 2.50%		1,265,425
	330,644	Nexstar Broadcasting, Inc.‡ 7.070%, 09/18/26 1 mo. LIBOR + 2.50%		331,195
	601,975	Univision Communications, Inc.‡ 8.830%, 06/24/29 3 mo. SOFR + 4.25%		602,728
				5,886,150
		Consumer Discretionary (0.4%)
	600,000	Caesars Entertainment, Inc.! 0.000%, 01/20/30		600,216
	402,390	Life Time Fitness, Inc.‡ 9.485%, 12/16/24 3 mo. LIBOR + 4.75%		403,346
	608,940	Penn National Gaming, Inc.‡ 7.411%, 05/03/29 1 mo. SOFR + 2.75%		609,278
	2,063,250	Petco Health and Wellness Company, Inc.‡ 7.976%, 03/03/28 3 mo. SOFR + 3.25%		2,045,310
	2,971,318	PetSmart, Inc.‡ 8.411%, 02/11/28 1 mo. SOFR + 3.75%		2,955,228
	1,235,000	SkyMiles IP, Ltd.‡ 8.558%, 10/20/27 3 mo. LIBOR + 3.75%		1,279,312
	758,108	TKC Holdings, Inc.‡ 10.070%, 05/15/28 1 mo. LIBOR + 5.50%		636,493
	1,975,050	WW International, Inc.‡ 8.070%, 04/13/28 1 mo. LIBOR + 3.50%		1,186,669
				9,715,852
		Financials (0.3%)
	1,182,023	AssuredPartners, Inc.! 0.000%, 02/12/27		1,170,758
	1,225,000	Hub International, Ltd.‡ 8.220%, 11/10/29 3 mo. SOFR + 4.00%		1,225,955
	2,176,153	Jazz Financing Lux Sarl‡ 8.070%, 05/05/28 1 mo. LIBOR + 3.50%		2,176,491

See accompanying Notes to Schedule of Investments

10

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL       AMOUNT			VALUE
	1,633,500	VFH Parent, LLC‡ 7.612%, 01/13/29 3 mo. SOFR + 3.00%	$	1,628,395
				6,201,599
		Health Care (0.3%)
	1,060,117	Amneal Pharmaceuticals, LLC‡ 8.125%, 05/04/25 1 mo. LIBOR + 3.50%		1,002,033
	1,030,658	Amneal Pharmaceuticals, LLC‡ 8.250%, 05/04/25 3 mo. LIBOR + 3.50%		974,189
	292,500	Bausch Health Companies, Inc.‡ 9.828%, 02/01/27 1 mo. SOFR + 5.25%		226,373
	777,543	Icon Luxembourg Sarl‡ 7.000%, 07/03/28 3 mo. LIBOR + 2.25%		778,519
	1,132,409	Mallinckrodt International Finance, SA‡ 9.986%, 09/30/27 3 mo. LIBOR + 5.25%		872,017
	1,261,176	Padagis, LLC‡ 9.538%, 07/06/28 3 mo. LIBOR + 4.75%		1,177,100
	193,725	PRA Health Sciences, Inc.‡ 7.000%, 07/03/28 3 mo. LIBOR + 2.25%		193,968
	2,911,601	Team Health Holdings, Inc.‡ 9.811%, 03/02/27 1 mo. SOFR + 5.25%		2,427,547
				7,651,746
		Industrials (0.4%)
	444,000	ACProducts, Inc.‡ 8.980%, 05/17/28 6 mo. LIBOR + 4.25%		361,380
	147,000	ACProducts, Inc.‡ 8.980%, 05/17/28 3 mo. LIBOR + 4.25%		119,646
	741,275	Air Canada‡ 8.130%, 08/11/28 3 mo. LIBOR + 3.50%		743,258
	990,000	American Airlines, Inc.‡ 9.558%, 04/20/28 3 mo. LIBOR + 4.75%		1,018,151
	1,481,288	ChampionX Corp.‡ 7.747%, 06/07/29 1 mo. SOFR + 3.25%		1,483,835
	1,173,250	Dun & Bradstreet Corp.‡ 7.767%, 02/06/26 1 mo. LIBOR + 3.25%		1,172,728
	1,035,659	Granite Holdings US Acquisition Company‡ 8.750%, 09/30/26 3 mo. LIBOR + 4.00%		1,036,306
	1,393,000	Scientific Games International, Inc.‡ 7.578%, 04/14/29 1 mo. SOFR + 3.00%		1,393,495
	650,000	Summit Materials, LLC‡ 7.608%, 12/14/27 3 mo. SOFR + 3.00%		652,574
				7,981,373

PRINCIPAL       AMOUNT			VALUE
		Information Technology (0.2%)
	1,187,122	Banff Merger Sub, Inc.‡ 8.320%, 10/02/25 1 mo. LIBOR + 3.75%	$	1,168,057
	1,053,990	Camelot U.S. Acquisition, LLC‡ 7.517%, 10/30/26 1 mo. LIBOR + 3.00%		1,053,858
	416,679	Camelot U.S. Acquisition, LLC‡ 7.517%, 10/30/26 1 mo. LIBOR + 3.00%		416,875
	1,175,571	II-VI, Inc.‡ 7.320%, 07/02/29 1 mo. LIBOR + 2.75%		1,175,201
				3,813,991
		Information Technology (0.0%)
	300,000	CDK Global, Inc.‡ 9.080%, 07/06/29 3 mo. SOFR + 4.50%		299,766
		Materials (0.1%)
	800,000	American Axle and Manufacturing, Inc.‡ 8.033%, 12/13/29 1 mo. SOFR + 3.60%		801,332
	1,485,800	Innophos, Inc.‡ 7.820%, 02/05/27 1 mo. LIBOR + 3.25%		1,484,871
	610,000	LSF11 A5 HoldCo, LLC! 0.000%, 10/15/28		596,275
	595,500	LSF11 A5 HoldCo, LLC‡ 8.176%, 10/15/28 1 mo. SOFR + 3.50%		578,877
				3,461,355
		Special Purpose Acquisition Companies (0.2%)
	1,075,000	AP Core Holdings II, LLC‡ 10.070%, 09/01/27 1 mo. LIBOR + 5.50%		1,040,063
	592,025	Clydesdale Acquisition Holdings, Inc.‡ 8.836%, 04/13/29 1 mo. SOFR + 4.18%		582,576
	297,750	Fertitta Entertainment, LLC‡ 8.561%, 01/27/29 1 mo. SOFR + 4.00%		294,793
	1,271,813	Oscar AcquisitionCo, LLC‡ 9.180%, 04/29/29 3 mo. SOFR + 4.50%		1,235,070
	1,197,000	Patagonia Holdco, LLC‡ 9.960%, 08/01/29 3 mo. SOFR + 5.75%		1,011,465
				4,163,967
		TOTAL BANK LOANS
		(Cost $53,980,827)		51,798,955
	U.S. GOVERNMENT AND AGENCY SECURITIES (2.9%)
		Other (2.9%)
		United States Treasury Noteµ
	36,945,000	2.250%, 03/31/24		35,935,507
	30,400,000	2.500%, 05/31/24		29,577,656

See accompanying Notes to Schedule of Investments

11

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $67,259,904)		$65,513,163
NUMBER OF    SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (6.9%)
		Communication Services (1.7%)
	31,975	T-Mobile Exchangeable Trust* 5.250%, 06/01/23		38,542,025
	5,625	United States Cellular Corp. 5.500%, 06/01/70		105,244
				38,647,269
		Consumer Discretionary (0.7%)
	127,510	Aptiv, PLC 5.500%, 06/15/23		16,064,985
		Energy (0.0%)
	28	Gulfport Energy Corp. 10.000%, 03/03/23 15.000% PIK rate		163,800
		Financials (0.8%)
	80,250	AMG Capital Trust II 5.150%, 10/15/37		4,245,867
	1,450	Bank OZK 4.625%, 11/15/26		27,188
	5,542	KeyCorp‡ 6.200%, 12/15/27 5 year CMT + 3.13%		142,041
	191,800	KKR & Company, Inc. 6.000%, 09/15/23		12,958,008
	11,100	Reinsurance Group of America, Inc.‡ 7.125%, 10/15/52 5 year CMT + 3.46%		295,704
				17,668,808
		Health Care (0.4%)
	85,355	Boston Scientific Corp. 5.500%, 06/01/23		9,741,566
		Industrials (0.1%)
	46,187	Chart Industries, Inc. 6.750%, 12/15/25		2,627,578
		Utilities (3.2%)
	209,525	AES Corp.^ 6.875%, 02/15/24		20,918,976
	586,575	American Electric Power Company, Inc.^ 6.125%, 08/15/23		30,179,284
	84,885	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)§**** 3.369%, 09/15/29		3,559,228
		NextEra Energy, Inc.
	262,050	6.926%, 09/01/25		12,565,298
	94,060	6.219%, 09/01/23		4,504,533
				71,727,319
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $149,032,189)		156,641,325

NUMBER OF    SHARES			VALUE
	COMMON STOCKS (91.5%)
		Communication Services (7.0%)
	661,840	Alphabet, Inc. - Class A^#	$	65,416,266
	199,700	Alphabet, Inc. - Class C#		19,944,039
	25,095	Altice USA, Inc. - Class A#		122,966
	264,885	AT&T, Inc.		5,395,707
	411,425	Comcast Corp. - Class A		16,189,574
	8,434	Cumulus Media, Inc. - Class A#		56,508
	2	Frontier Communications Parent, Inc.#		59
	146,450	Meta Platforms, Inc. - Class A^~#		21,816,656
	32,360	Netflix, Inc.#		11,450,910
	205,085EUR	Orange, SA		2,170,363
	149,335	Walt Disney Company^#		16,201,354
				158,764,402
		Consumer Discretionary (10.1%)
	652,300	Amazon.com, Inc.^#		67,271,699
	4,520	Booking Holdings, Inc.#		11,002,132
	59,260	Carnival Corp.#		641,193
	243,463	General Motors Company		9,572,965
	52,240	Home Depot, Inc.		16,934,641
	294,980	Las Vegas Sands Corp.^µ#		17,403,820
	41,620	Lowe’s Companies, Inc.^		8,667,365
	62,500	McDonald’s Corp.^		16,712,500
	162,800	NIKE, Inc. - Class B		20,729,324
	107,325	Starbucks Corp.^		11,713,450
	156,295	Tesla, Inc.#		27,073,420
	71,950	TJX Companies, Inc.		5,889,827
	27,180	Ulta Beauty, Inc.#		13,969,433
				227,581,769
		Consumer Staples (8.0%)
	58,750	Altria Group, Inc.		2,646,100
	459,960	Coca-Cola Company^		28,204,747
	31,575	Costco Wholesale Corp.		16,139,246
	47,280	Estee Lauder Companies, Inc. - Class A		13,100,342
	250,885	Mondelez International, Inc. - Class A^		16,417,915
	74,555	Monster Beverage Corp.#		7,759,684
	112,795	PepsiCo, Inc.^		19,290,201
	179,035	Philip Morris International, Inc.^		18,662,609
	203,745	Procter & Gamble Company^~		29,009,213
	124,615	Sysco Corp.		9,652,678
	52,650	Walgreens Boots Alliance, Inc.		1,940,679
	130,790	Walmart, Inc.		18,816,757
				181,640,171
		Energy (6.2%)
	475,000	BP, PLC		17,209,250
	11,045	Chaparral Energy, Inc. - Class A&#		469,413
	3,550	Chesapeake Energy Corp.		307,856
	128,625	Chevron Corp.^		22,383,322
	86,435	ConocoPhillips		10,533,833
	82,935	Energy Transfer, LP		1,101,377
	49,155	Enterprise Products Partners, LP		1,258,368
	7,920	EP Energy Corp.&#		62,370
	355,670	Exxon Mobil Corp.^		41,261,277
	56,105	Hess Corp.		8,424,727
	15,860	Magellan Midstream Partners, LP		846,924
	100,220	Marathon Petroleum Corp.		12,880,274

See accompanying Notes to Schedule of Investments

12

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

NUMBER OF    SHARES			VALUE
	24,975	Pioneer Natural Resources Company	$	5,752,991
	219,710	Schlumberger, Ltd.		12,519,076
	33,540	Valero Energy Corp.		4,696,606
	10,000	Williams Companies, Inc.^		322,400
				140,030,064
		Financials (11.0%)
	35,430	Affiliated Managers Group, Inc.		6,120,178
	59,230	American Express Company^		10,361,104
	346,890	American International Group, Inc.^		21,930,386
	29,983	Assurant, Inc.		3,975,446
	663,370	Bank of America Corp.^~		23,536,368
	71,870	Bank of New York Mellon Corp.^		3,634,466
	10,715	BlackRock, Inc.^		8,134,935
	85,840	Charles Schwab Corp.^		6,645,733
	76,155	Chubb, Ltd.		17,324,501
	231,670	Citigroup, Inc.^		12,097,807
	100,000	Discover Financial Services^		11,673,000
	27,300	Goldman Sachs Group, Inc.^		9,986,613
	447,110	Huntington Bancshares, Inc.^		6,782,659
	212,020	JPMorgan Chase & Company^		29,674,319
	502,205	KeyCorp^		9,637,314
	85,415	Marsh & McLennan Companies, Inc.		14,939,938
	247,340	Morgan Stanley^		24,073,602
	43,760	Northern Trust Corp.^		4,243,407
	157,631	Starwood Property Trust, Inc.^		3,292,911
	411,130	Wells Fargo & Company^		19,269,663
				247,334,350
		Health Care (13.5%)
	220,665	Abbott Laboratories^~		24,394,516
	118,475	AbbVie, Inc.^		17,504,681
	124,060	Alcon, Inc.		9,330,553
	225,090	Bristol-Myers Squibb Company		16,352,788
	26,830	CVS Health Corp.		2,366,943
	73,270	Danaher Corp.^		19,371,123
	23,435	Elevance Health, Inc.		11,717,266
	105,650	Eli Lilly & Company^		36,359,447
	34,856	GE Healthcare, Inc.#		2,423,189
	150,220	Gilead Sciences, Inc.		12,609,467
	10,885	Humana, Inc.		5,569,854
	251,335	Johnson & Johnson^		41,073,166
	17,140	Mallinckrodt, PLC#		128,550
	122,460	Medtronic, PLC		10,248,677
	219,485	Merck & Company, Inc.		23,574,884
	314,685	Pfizer, Inc.		13,896,490
	21,460	Thermo Fisher Scientific, Inc.		12,239,282
	90,407	UnitedHealth Group, Inc.^~		45,130,270
				304,291,146
		Industrials (5.3%)
	777,890	CSX Corp.^		24,052,359
	104,568	General Electric Company		8,415,633
	104,790	Honeywell International, Inc.^		21,846,619
	79,505	JB Hunt Transport Services, Inc.		15,030,420
	28,435	Northrop Grumman Corp.		12,740,017
	272,540	Raytheon Technologies Corp.		27,213,119
	152,510	Southwest Airlines Company		5,455,283
	20,295	Stryker Corp.		5,151,074
				119,904,524

NUMBER OF    SHARES			VALUE
		Information Technology (24.7%)
	56,335	Accenture, PLC - Class A	$	15,720,282
	21,770	Adobe, Inc.^#		8,062,302
	44,250	Advanced Micro Devices, Inc.^#		3,325,388
	1,106,065	Apple, Inc.^~		159,594,119
	84,440	Applied Materials, Inc.		9,414,216
	54,444	Broadcom, Inc.		31,850,284
	247,515	Cisco Systems, Inc.^		12,046,555
	58,910	Fidelity National Information Services, Inc.^		4,420,606
	10,330	Intuit, Inc.		4,366,181
	16,960	Lam Research Corp.		8,481,696
	72,315	Mastercard, Inc. - Class A		26,799,939
	95,780	Micron Technology, Inc.		5,775,534
	574,150	Microsoft Corp.^~		142,280,111
	1,520,000	Nokia Oyj		7,235,200
	204,580	NVIDIA Corp.^		39,968,795
	81,370	Oracle Corp.		7,197,990
	115,050	PayPal Holdings, Inc.^#		9,375,425
	66,010	QUALCOMM, Inc.		8,793,192
	59,985	Salesforce, Inc.^#		10,075,680
	178,525	Visa, Inc. - Class A		41,098,240
				555,881,735
		Materials (3.5%)
	255,945	Freeport-McMoRan, Inc.		11,420,266
	102,435	Linde, PLC		33,899,839
	41,000	Nucor Corp.		6,929,820
	88,445	PPG Industries, Inc.		11,527,921
	21,845	ServiceNow, Inc.#		9,942,315
	23,420	Vulcan Materials Company		4,293,589
				78,013,750
		Real Estate (0.9%)
	70,930	American Tower Corp.		15,845,053
	119,195	Invitation Homes, Inc.		3,873,837
	1,951	Necessity Retail REIT, Inc. 03/26/24		46,434
				19,765,324
		Special Purpose Acquisition Company (0.0%)
	14,021	Intelsat Emergence, SA&#		325,988
		Utilities (1.3%)
	255,755	DTE Energy Company		29,762,151
		TOTAL COMMON STOCKS (Cost $1,517,004,927)		2,063,295,374
	WARRANTS (0.1%) #
		Energy (0.1%)
	57,470	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		6
	51,723	Mcdermott International, Ltd. 06/30/27, Strike $12.33		5
	47,885	Tidewater, Inc. 11/14/42, Strike $0.01		2,286,030
	16,676	Tidewater, Inc. 11/14/42, Strike $0.01		1
		TOTAL WARRANTS (Cost $3,820,994)		2,286,042

See accompanying Notes to Schedule of Investments

13

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

NUMBER OF    SHARES			VALUE
	EXCHANGE-TRADED FUNDS (1.8%)
		Other (1.8%)
	1,256,235	iShares China Large-Cap ETF	$	39,948,273
	5,525	iShares Preferred & Income Securities ETF		185,640
		TOTAL EXCHANGE-TRADED FUNDS (Cost $34,256,794)		40,133,913
	PREFERRED STOCKS (0.4%)
		Communication Services (0.0%)
	8,482	AT&T, Inc.^ 4.750%, 02/18/25		177,952
	3,485	AT&T, Inc. 5.350%, 11/01/66		83,675
	22,500	Qwest Corp. 6.500%, 09/01/56		463,500
				725,127
		Consumer Discretionary (0.1%)
	2,835	Ford Motor Company 6.200%, 06/01/59		70,535
	2,764	Ford Motor Company 6.500%, 08/15/62		67,359
	8,177	Guitar Center, Inc.&		1,018,036
	605	Qurate Retail, Inc. 8.000%, 03/15/31		28,496
				1,184,426
		Energy (0.2%)
	12,420	Energy Transfer, LP‡ 7.625%, 08/15/23 3 mo. LIBOR + 4.74%		300,440
	52,665	NuStar Energy, LP‡ 10.379%, 03/02/23 3 mo. LIBOR + 5.64%		1,223,934
	20,834	NuStar Energy, LP‡ 11.502%, 03/02/23 3 mo. LIBOR + 6.77%		521,267
	55,760	NuStar Logistics, LP‡ 11.526%, 01/15/43 3 mo. LIBOR + 6.73%		1,397,903
				3,443,544
		Financials (0.1%)
	3,400	Affiliated Managers Group, Inc. 4.750%, 09/30/60		68,000
	5,970	Annaly Capital Management, Inc.‡ 6.950%, 03/02/23 3 mo. LIBOR + 4.99%		148,355
	34,797	B Riley Financial, Inc. 5.250%, 08/31/28		739,088
	3,000	B Riley Financial, Inc. 6.000%, 01/31/28		66,420
	1,350	Capital One Financial Corp. 4.800%, 06/01/25		28,080
	10,725	CNO Financial Group, Inc. 5.125%, 11/25/60		194,981
	1,732	Cullen/Frost Bankers, Inc. 4.450%, 12/15/25		34,709

NUMBER OF    SHARES			VALUE
	3,477	Ellington Financial, Inc.‡ 6.250%, 01/30/27 5 year CMT + 4.99%	$	68,567
	1,201	First Citizens BancShares, Inc. 5.625%, 01/04/27		25,677
	2,668	First Republic Bank 4.000%, 08/30/26		48,771
	1,943	First Republic Bank 4.125%, 10/30/25		36,606
	4,400	Morgan Stanley 6.500%, 10/15/27		114,576
	2,195	Morgan Stanley^ 4.250%, 01/15/27		43,768
	6,915	Prospect Capital Corp. 5.350%, 07/01/26		118,385
	12,387	Selective Insurance Group, Inc. 4.600%, 12/15/25		230,770
	3,000	Spirit Realty Capital, Inc. 6.000%, 03/02/23		72,540
	7,398	Western Alliance Bancorp‡ 4.250%, 09/30/26 5 year CMT + 3.45%		158,835
				2,198,128
		Industrials (0.0%)
	2,555	WESCO International, Inc.‡ 10.625%, 06/22/25 5 year CMT + 10.33%		69,496
		Real Estate (0.0%)
	11,275	Brookfield Property Partners, LP 5.750%, 03/31/25		205,656
	5,000	Brookfield Property Partners, LP 6.375%, 09/30/24		99,350
	3,625	Global Net Lease, Inc. 6.875%, 11/26/24		85,441
				390,447
		Utilities (0.0%)
	6,000	Brookfield Renewable Partners, LP 5.250%, 03/31/25		125,940
	5,100	DTE Energy Company 5.250%, 12/01/77		126,480
				252,420
		TOTAL PREFERRED STOCKS (Cost $8,939,167)		8,263,588
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (0.1%) #
		Other (0.1%)
	6,900	iShares MSCI Emerging Markets
	28,538,400	Call, 06/16/23, Strike $42.00		1,359,300
	770	iShares Russell 2000 ETF
	14,743,960	Call, 03/17/23, Strike $195.00		338,415
	110	S&P 500 Index
	44,842,600	Put, 03/31/23, Strike $4,000.00		875,050

See accompanying Notes to Schedule of Investments

14

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

		VALUE
	TOTAL PURCHASED OPTIONS (Cost $2,737,835)	$	2,572,765
TOTAL INVESTMENTS (142.7%) (Cost $2,723,496,785)			3,217,211,752
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-14.4%)			(323,500,000)
LIABILITIES, LESS OTHER ASSETS (-28.3%)			(639,821,715)
NET ASSETS (100.0%)		$	2,253,890,037

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.

@ In default status and considered non-income producing.

& Illiquid security.

‡ Variable rate security. The rate shown is the rate in effect at January 31, 2023.

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

~ 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 $8,376,237.

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

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

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $44,810,781.

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

** Step coupon security. Coupon changes periodically based upon a predetermined schedule. The rate shown is the rate in effect at January 31, 2023.

# Non-income producing security.

FOREIGN CURRENCY ABBREVIATION

EUR European Monetary Unit

HKD Hong Kong Dollar

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

See accompanying Notes to Schedule of Investments

15

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Strategic Total Return Fund (the “Fund”) was organized as a Delaware statutory trust on December 31, 2003 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on March 26, 2004.

The Fund’s investment strategy is to provide total return through a combination of capital appreciation and current income. Under normal circumstances, the Fund will invest primarily in common and preferred stocks, convertible securities and income-producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund, under normal circumstances, will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities). The Fund may invest up to 35% of its managed assets in securities of foreign issuers, including debt and equity securities of corporate issuers and debt securities of government issuers in developed and emerging markets. The Fund may invest up to 15% of its managed assets in securities of foreign issuers in emerging markets. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

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 Fund 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 Fund:

Fund Valuation. The Trust’s Board of Trustees, including a majority of the Trustees who are not “interested persons” of the Trust, have designated Calamos Advisors LLC (“Calamos Advisors”) to perfom fair valuation determinations related to all Fund investments under the oversight of the Board. As “valuation designee” the Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which the Fund’s NAVs are dertermined. The valuation of the Fund’s investments is in accordance with these procedures.

Fund 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 each Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principal exchange in accordance with guidelines adopted by the board of trustees. 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 of trustees or based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

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 the 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 the Fund’s NAV is not calculated.

If the 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 Fund also may use fair value pricing, pursuant to guidelines 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 the 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 a Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset value (“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, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the 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 – Investments

The cost basis of investments for federal income tax purposes at January 31, 2023 was as follows*:

16

Cost basis of investments	$2,723,496,785
Gross unrealized appreciation	727,701,159
Gross unrealized depreciation	(233,986,192)
Net unrealized appreciation (depreciation)	$493,714,967

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

Note 3 – Mandatory Redeemable Preferred Shares

The Fund issued MRPS on March 8, 2022, August 24, 2021, and September 6, 2017. On March 8, 2022, 4,000,000 MRPS were issued with an aggregate liquidation preference of $100,000,000. On August 24, 2021, 2,480,000 MRPS were issued with an aggregate liquidation preference of $62.0 million. On September 6, 2017, 9,680,000 MRPS were issued with an aggregate liquidation preference of $242.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on MRPS over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into four series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at January 31, 2023.

Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series B	9/06/24	4.00%	3,220	$25	$80,500,000
Series C	9/06/27	4.24%	3,240	$25	$81,000,000
Series D	8/24/26	2.45%	2,480	$25	$62,000,000
Series F	5/24/27	3.66%	4,000	$25	$100,000,000
					$323,500,000

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

During the period ended January 31, 2023, all MRPS were rated `AA-’ by Kroll Bond Rating Agency LLC (“KBRA”). If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as described below.

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

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

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

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

With regard to Series D and F MRPS, for so long as any MRPS are Outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRPS as to dividends or upon liquidation (collectively “non-cash distributions”) with respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRPS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRPS as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the MRPS as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test, (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the Holders of MRPS, and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code (“Tax Required Payments”). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holders of MRPS.

17

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

18