Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	CORPORATE BONDS (16.3%)
		Airlines (0.3%)
	199,333	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25	$	197,864
	1,125,641	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		1,089,958
	606,886	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		612,421
	1,299,480	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		1,146,622
		American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
	810,333	5.500%, 04/20/26		799,062
	295,000	5.750%, 04/20/29		286,182
	1,238,044	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		1,111,132
	1,281,692	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		1,292,202
	1,570,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		1,589,010
				8,124,453
		Communication Services (1.7%)
	700,000	Altice France Holding, SA* 10.500%, 05/15/27		297,311
	1,400,000	Altice France, SA* 5.500%, 10/15/29		995,568
	1,415,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,261,076
	1,124,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,127,069
	1,270,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		1,006,297
		Audacy Capital Corp.*
	1,479,000	6.750%, 03/31/29		32,316
	538,000	6.500%, 05/01/27		12,939
	890,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		731,162
	1,815,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		1,418,731
		CSC Holdings, LLC*
	1,940,000	5.500%, 04/15/27		1,665,956
	1,800,000	5.375%, 02/01/28		1,504,566
	1,800,000	4.625%, 12/01/30		909,936
	1,395,000	4.500%, 11/15/31		1,002,252
	1,250,000	5.750%, 01/15/30		648,887
		Diamond Sports Group, LLC / Diamond Sports Finance Company*@
	825,000	6.625%, 08/15/27		24,379
	656,000	5.375%, 08/15/26		20,913
	1,633,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		1,475,562

PRINCIPAL   AMOUNT			VALUE
	810,000	Embarq Corp. 7.995%, 06/01/36	$	460,493
	1,210,000	Frontier California, Inc. 6.750%, 05/15/27		1,117,992
		Frontier Communications Holdings, LLC*
	749,000	5.000%, 05/01/28		635,429
	298,000	8.750%, 05/15/30		287,475
	1,333,000	Frontier Florida, LLC@ 6.860%, 02/01/28		1,251,047
	1,785,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,613,729
		Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	1,030,000	3.500%, 03/01/29		887,788
	301,000	5.250%, 12/01/27		289,571
		iHeartCommunications, Inc.
	450,000	8.375%, 05/01/27		308,250
	450,000	5.250%, 08/15/27*		355,063
		Intelsat Jackson Holdings, SA@&
	900,000	0.000%, 07/15/25*		1
	585,000	0.000%, 08/01/23		1
	1,480,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,390,593
	875,638	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		304,258
		Lumen Technologies, Inc.
	900,000	7.600%, 09/15/39		330,831
	600,000	4.000%, 02/15/27*		394,800
	596,000	Match Group Holdings II, LLC*^ 3.625%, 10/01/31		491,801
	1,102,000	Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%		910,362
	419,000	Qwest Corp. 7.250%, 09/15/25		409,221
	235,000	Rogers Communications, Inc.*‡ 5.250%, 03/15/82 5 year CMT + 3.59%		217,041
		Scripps Escrow II, Inc.*
	591,000	3.875%, 01/15/29		491,747
	295,000	5.375%, 01/15/31		224,808
	985,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		824,258
		Sirius XM Radio, Inc.*
	1,500,000	5.500%, 07/01/29		1,372,500
	1,185,000	4.000%, 07/15/28		1,032,325
	585,000	3.125%, 09/01/26		527,711
	298,000	3.875%, 09/01/31		233,608
	1,084,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		751,678
	3,045,000	Sprint, LLC 7.125%, 06/15/24		3,074,323
	1,045,000	Stagwell Global, LLC* 5.625%, 08/15/29		890,476
	1,350,000	TEGNA, Inc. 4.625%, 03/15/28		1,217,106
	880,000	Telecom Italia Capital, SA 6.000%, 09/30/34		712,545
	1,196,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		718,270

See accompanying Notes to Schedule of Investments

1

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	480,000	Time Warner Cable, LLC 7.300%, 07/01/38	$	489,994
	1,955,000	United States Cellular Corp.^ 6.700%, 12/15/33		1,692,287
	450,000	Univision Communications, Inc.* 8.000%, 08/15/28		453,834
	125,000	Vodafone Group, PLC‡ 7.000%, 04/04/79 U.S. 5 yr Swap + 4.87%		128,180
				40,626,316
		Consumer Discretionary (3.3%)
	1,435,000	Abercrombie & Fitch Management Company*^ 8.750%, 07/15/25		1,458,161
	1,505,000	Adient Global Holdings Company* 8.250%, 04/15/31		1,547,637
	943,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		898,358
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	1,043,000	4.625%, 08/01/29		904,302
	856,000	6.625%, 01/15/28		825,946
	1,487,000	At Home Group, Inc.* 4.875%, 07/15/28		864,750
		Bath & Body Works, Inc.
	1,577,000	6.694%, 01/15/27		1,584,648
	1,475,000	6.875%, 11/01/35		1,369,877
	800,000	Benteler International AG* 10.500%, 05/15/28		818,408
		Caesars Entertainment Corp.*^
	728,000	4.625%, 10/15/29		641,514
	605,000	8.125%, 07/01/27		621,837
		Carnival Corp.*
	601,000	4.000%, 08/01/28		534,914
	596,000	7.625%, 03/01/26		588,753
	582,000	10.500%, 02/01/26		613,678
	1,385,000	Carriage Services, Inc.* 4.250%, 05/15/29		1,202,097
	900,000	Carvana Company* 4.875%, 09/01/29		559,013
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	3,900,000	5.125%, 05/01/27		3,662,607
	1,370,000	6.375%, 09/01/29		1,310,967
	1,300,000	4.750%, 03/01/30		1,127,191
	1,198,000	4.250%, 02/01/31		984,924
	620,000	5.000%, 02/01/28		573,847
	600,000	4.500%, 08/15/30		508,152
	596,000	4.750%, 02/01/32		494,179
	596,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		554,316
	900,000	Cedar Fair, LP^ 5.250%, 07/15/29		809,019
	600,000	Churchill Downs, Inc.* 6.750%, 05/01/31		587,214
		Dana, Inc.
	985,000	4.250%, 09/01/30		846,135
	896,000	4.500%, 02/15/32^		752,756
		DISH DBS Corp.
	1,495,000	5.250%, 12/01/26*		1,227,649
	926,000	7.750%, 07/01/26		600,381
	739,000	7.375%, 07/01/28		416,729
	590,000	5.125%, 06/01/29		298,605

PRINCIPAL   AMOUNT			VALUE
	1,200,000	DISH Network Corp.* 11.750%, 11/15/27	$	1,208,544
	1,675,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,359,949
	1,308,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,161,269
	1,240,000	Ford Motor Company^ 6.100%, 08/19/32		1,200,655
	2,300,000	Ford Motor Credit Company, LLC 7.350%, 11/04/27		2,366,194
	1,885,000	4.000%, 11/13/30		1,626,661
	1,555,000	7.200%, 06/10/30		1,599,535
	1,450,000	5.113%, 05/03/29		1,354,358
	1,000,000	2.900%, 02/16/28		862,000
	525,000	7.350%, 03/06/30		544,063
	300,000	4.950%, 05/28/27		285,486
	447,000	Gap, Inc.* 3.875%, 10/01/31		320,043
	60,000	3.625%, 10/01/29		44,758
	185,000	General Motors Financial Company, Inc.‡ 5.700%, 09/30/30^ 5 year CMT + 5.00%		166,794
	155,000	6.500%, 09/30/28 3 mo. LIBOR + 3.44%		139,207
		goeasy, Ltd.*
	2,050,000	5.375%, 12/01/24		2,001,025
	1,111,000	4.375%, 05/01/26		1,018,365
	511,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		452,312
	1,280,000	Guitar Center, Inc.* 8.500%, 01/15/26		1,179,187
		International Game Technology, PLC*
	1,500,000	6.250%, 01/15/27		1,502,580
	400,000	4.125%, 04/15/26		381,092
	745,000	Kohl’s Corp. 5.550%, 07/17/45		485,554
	1,200,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		1,219,956
	1,175,000	Liberty Interactive, LLC 8.250%, 02/01/30		440,625
		Life Time, Inc.*
	1,159,000	8.000%, 04/15/26		1,161,121
	600,000	5.750%, 01/15/26		589,092
	450,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		465,017
	767,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		743,484
	780,000	M/I Homes, Inc. 3.950%, 02/15/30		681,603
		Macy’s Retail Holdings, LLC
	1,992,000	6.700%, 07/15/34*		1,658,938
	600,000	4.300%, 02/15/43		377,664
	1,375,000	Mclaren Finance, PLC* 7.500%, 08/01/26		1,228,356
	1,518,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,351,642
	869,000	Mohegan Tribal Gaming Authority* 8.000%, 02/01/26		796,856
		Newell Brands, Inc.^
	300,000	6.375%, 09/15/27		295,146
	148,000	6.625%, 09/15/29		148,352

See accompanying Notes to Schedule of Investments

2

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
		Nordstrom, Inc.
	600,000	5.000%, 01/15/44	$	409,458
	551,000	4.250%, 08/01/31		435,351
	1,370,000	Penn Entertainment, Inc.*^ 4.125%, 07/01/29		1,133,250
		PetSmart, Inc. / PetSmart Finance Corp.*
	750,000	7.750%, 02/15/29		732,907
	375,000	4.750%, 02/15/28		344,550
	1,670,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		1,278,151
	3,380,000	Rite Aid Corp.* 8.000%, 11/15/26		1,693,617
	600,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		608,784
	1,670,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		1,393,264
	2,400,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		2,298,504
	1,348,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		1,156,395
	837,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		784,143
	2,430,000	Station Casinos, LLC* 4.500%, 02/15/28		2,207,169
	707,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		690,675
	300,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		308,442
	1,355,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		1,153,742
	600,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		603,816
	1,200,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		1,235,904
	400,000	6.875%, 04/14/28		406,624
				81,080,793
		Consumer Staples (0.6%)
	1,335,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		1,340,434
	1,358,000	Central Garden & Pet Company* 4.125%, 04/30/31		1,138,411
	1,349,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,181,292
		Energizer Holdings, Inc.*
	1,641,000	4.375%, 03/31/29^		1,428,113
	298,000	6.500%, 12/31/27		291,280
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	1,770,000	5.500%, 01/15/30		1,713,555
	740,000	5.125%, 02/01/28		719,872
	440,000	5.750%, 04/01/33		422,668
	125,000	Land O’ Lakes, Inc.* 7.000%, 09/18/28		103,444
	751,000	New Albertsons, LP 7.750%, 06/15/26		778,111

PRINCIPAL   AMOUNT			VALUE
	1,192,000	Performance Food Group, Inc.* 4.250%, 08/01/29	$	1,058,925
		Pilgrim’s Pride Corp.
	950,000	5.875%, 09/30/27*		939,142
	900,000	4.250%, 04/15/31		777,852
	505,000	Post Holdings, Inc.* 5.750%, 03/01/27		495,400
	1,124,000	Prestige Brands, Inc.* 3.750%, 04/01/31		947,633
	715,000	United Natural Foods, Inc.* 6.750%, 10/15/28		596,746
	1,857,000	Vector Group, Ltd.* 5.750%, 02/01/29		1,619,843
				15,552,721
		Energy (1.8%)
	1,198,000	Antero Resources Corp.* 5.375%, 03/01/30		1,117,638
	1,187,000	Apache Corp. 5.100%, 09/01/40		1,009,247
		Buckeye Partners, LP
	900,000	3.950%, 12/01/26		829,845
	600,000	5.850%, 11/15/43		464,634
	1,670,000	Callon Petroleum Company*^ 7.500%, 06/15/30		1,623,758
	591,000	Cheniere Energy, Inc. 4.625%, 10/15/28		556,840
	892,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		888,833
	330,000	Civitas Resources, Inc.* 8.750%, 07/01/31		341,738
		Continental Resources, Inc.*
	900,000	2.875%, 04/01/32		700,443
	610,000	5.750%, 01/15/31		591,151
	921,000	DT Midstream, Inc.* 4.125%, 06/15/29		817,655
		Earthstone Energy Holdings, LLC*
	1,176,000	8.000%, 04/15/27		1,171,155
	450,000	9.875%, 07/15/31		465,597
		Enbridge, Inc.‡
	901,000	7.375%, 01/15/83 5 year CMT + 3.71%		893,738
	310,000	5.750%, 07/15/80 5 year CMT + 5.31%		284,028
		Energy Transfer, LP‡
	1,735,000	8.651%, 11/01/66 3 mo. SOFR + 3.28%		1,392,025
	1,015,000	6.500%, 11/15/26 5 year CMT + 5.69%		926,431
		EnLink Midstream Partners, LP
	1,775,000	9.618%, 08/31/23‡ 3 mo. LIBOR + 4.11%		1,536,049
	1,285,000	4.850%, 07/15/26		1,249,881
	745,000	Enlink Midstream, LLC* 6.500%, 09/01/30		751,489
		Enterprise Products Operating, LLC‡
	80,000	5.250%, 08/16/77 3 mo. SOFR + 3.29%		71,145
	75,000	8.304%, 08/16/77 3 mo. LIBOR + 2.99%		74,961
	1,370,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		1,393,934
		Genesis Energy, LP / Genesis Energy Finance Corp.
	1,173,000	6.250%, 05/15/26^		1,126,467

See accompanying Notes to Schedule of Investments

3

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	300,000	8.875%, 04/15/30	$	299,643
		Gulfport Energy Corp.
	1,190,000	8.000%, 05/17/26*		1,206,220
	1,000,000	6.375%, 05/15/25&		1
	305,622	8.000%, 05/17/26		309,788
	1,670,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,544,650
	894,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		867,207
	1,162,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		1,139,550
		Moss Creek Resources Holdings, Inc.*
	600,000	10.500%, 05/15/27		586,650
	540,000	7.500%, 01/15/26		506,050
	900,000	Nabors Industries, Inc.* 7.375%, 05/15/27		881,298
	900,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		829,512
		New Fortress Energy, Inc.*
	1,191,000	6.750%, 09/15/25		1,134,928
	589,000	6.500%, 09/30/26		541,073
	1,270,000	Parkland Corp.*~ 5.875%, 07/15/27		1,236,091
	1,196,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		1,109,792
	1,390,000	Plains All American Pipeline, LP‡ 9.431%, 08/31/23 3 mo. LIBOR + 4.11%		1,262,829
	1,070,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		984,282
		Southwestern Energy Company
	600,000	5.375%, 02/01/29		567,594
	593,000	4.750%, 02/01/32		528,820
	298,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		265,324
	1,502,000	Transocean, Inc.* 8.750%, 02/15/30		1,559,827
		Venture Global Calcasieu Pass, LLC*
	750,000	6.250%, 01/15/30		734,078
	300,000	4.125%, 08/15/31		254,901
	300,000	3.875%, 08/15/29		260,352
		Venture Global LNG, Inc.*
	1,505,000	8.375%, 06/01/31		1,528,508
	900,000	8.125%, 06/01/28		915,219
		Vital Energy, Inc.
	685,000	7.750%, 07/31/29*		588,456
	604,000	9.500%, 01/15/25^		603,565
	1,200,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		1,116,384
	1,205,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,235,908
				44,877,182
		Financials (3.2%)
	1,883,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		1,823,441

PRINCIPAL   AMOUNT			VALUE
	1,789,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26	$	1,785,601
	1,892,000	AG Issuer, LLC* 6.250%, 03/01/28		1,830,510
	195,000	Aircastle, Ltd.*‡ 5.250%, 06/15/26 5 year CMT + 4.41%		149,196
	2,100,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		2,000,061
	140,000	Allstate Corp.‡ 5.750%, 08/15/53 3 mo. LIBOR + 2.94%		139,045
		Ally Financial, Inc.
	1,782,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		1,359,648
	850,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		600,057
	489,000	8.000%, 11/01/31		519,347
	250,000	American International Group, Inc.‡ 5.750%, 04/01/48 3 mo. LIBOR + 2.87%		242,220
	2,365,000	AmWINS Group, Inc.* 4.875%, 06/30/29		2,170,313
	460,000	Ares Finance Company III, LLC*‡ 4.125%, 06/30/51 5 year CMT + 3.24%		346,477
	1,307,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		1,178,901
	490,000	Avolon Holdings Funding, Ltd.* 5.500%, 01/15/26		476,393
	350,000	AXIS Specialty Finance, LLC‡ 4.900%, 01/15/40 5 year CMT + 3.19%		281,796
		Bank of America Corp.‡
	439,000	6.125%, 04/27/27^ 5 year CMT + 3.23%		431,906
	145,000	5.125%, 06/20/24 3 mo. SOFR + 3.55%3 mo. LIBOR + 3.03%3 mo. LIBOR + 3.03%		142,828
	135,000	6.250%, 09/05/24 3 mo. SOFR + 3.97%		134,075
	135,000	6.100%, 03/17/25 3 mo. SOFR + 4.16%		134,522
	145,000	Bank of Montreal‡ 4.800%, 08/25/24 5 year CMT + 2.98%		129,782
	763,000	Bank of New York Mellon Corp.‡ 4.700%, 09/20/25 5 year CMT + 4.36%		748,228
	240,000	Bank of Nova Scotia‡ 3.625%, 10/27/81 5 year CMT + 2.61%		173,974
		BP Capital Markets, PLC‡
	280,000	4.875%, 03/22/30 5 year CMT + 4.40%		260,728
	145,000	4.375%, 06/22/25 5 year CMT + 4.04%		139,797
	2,379,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		2,126,279
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*
	1,135,000	4.500%, 04/01/27		982,717

See accompanying Notes to Schedule of Investments

4

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	747,000	5.750%, 05/15/26	$	701,567
	1,200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		1,098,648
	458,000	Capital One Financial Corp.^‡ 3.950%, 09/01/26 5 year CMT + 3.16%		363,876
	1,040,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27		960,679
		Charles Schwab Corp.‡
	325,000	4.000%, 06/01/26 5 year CMT + 3.17%		291,385
	285,000	5.375%, 06/01/25 5 year CMT + 4.97%		279,482
	147,000	4.000%, 12/01/30 10 year CMT + 3.08%		116,827
		Citigroup, Inc.‡
	546,000	4.150%, 11/15/26 5 year CMT + 3.00%		459,683
	509,000	3.875%, 02/18/26 5 year CMT + 3.42%		443,380
	150,000	4.000%, 12/10/25 5 year CMT + 3.60%		134,760
	450,000	Citizens Financial Group, Inc.‡ 4.000%, 10/06/26 5 year CMT + 3.22%		348,309
	145,000	Corebridge Financial, Inc. 6.875%, 12/15/52		141,252
		Credit Acceptance Corp.
	1,500,000	6.625%, 03/15/26^		1,471,875
	1,092,000	5.125%, 12/31/24*		1,070,924
		Discover Financial Services‡
	245,000	6.125%, 06/23/25 5 year CMT + 5.78%		236,486
	210,000	5.500%, 10/30/27 3 mo. SOFR + 3.34%		163,254
	1,533,000	Enact Holdings, Inc.* 6.500%, 08/15/25		1,518,375
	265,000	Enstar Finance, LLC‡ 5.500%, 01/15/42 5 year CMT + 4.01%		205,924
	605,000	Fifth Third Bancorp‡ 4.500%, 09/30/25 5 year CMT + 4.22%		554,398
	1,718,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,373,060
		Goldman Sachs Group, Inc.‡
	500,000	4.400%, 02/10/25 5 year CMT + 2.85%		434,410
	153,000	4.125%, 11/10/26 5 year CMT + 2.95%		131,170
	1,891,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		1,866,663
		HUB International, Ltd.*
	1,785,000	5.625%, 12/01/29		1,597,861
	1,277,000	7.000%, 05/01/26		1,275,710
		Huntington Bancshares, Inc.‡
	350,000	4.450%, 10/15/27 7 year CMT + 4.05%		300,097
	210,000	5.625%, 07/15/30^ 10 year CMT + 4.95%		193,299

PRINCIPAL   AMOUNT			VALUE
	892,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29	$	724,349
	1,913,000	ILFC E-Capital Trust II*‡ 7.314%, 12/21/65 3 mo. LIBOR + 1.80%		1,386,925
		Iron Mountain, Inc.*
	2,470,000	5.250%, 03/15/28		2,324,468
	300,000	7.000%, 02/15/29		301,419
	3,000,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		2,564,310
		JPMorgan Chase & Company‡
	1,100,000	3.650%, 06/01/26^ 5 year CMT + 2.85%		985,072
	135,000	6.125%, 04/30/24 3 mo. SOFR + 3.59%		134,474
	180,000	KeyCorp‡ 5.000%, 09/15/26 3 mo. SOFR + 3.87%		145,681
		Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	2,306,000	5.250%, 10/01/25		2,211,223
	596,000	4.750%, 06/15/29		502,803
	1,680,000	LD Holdings Group, LLC* 6.125%, 04/01/28		1,104,634
		Level 3 Financing, Inc.*
	1,607,000	3.400%, 03/01/27		1,419,945
	1,250,000	4.250%, 07/01/28		886,650
	600,000	4.625%, 09/15/27		456,828
	420,000	Liberty Mutual Group, Inc.*‡ 4.125%, 12/15/51 5 year CMT + 3.32%		337,386
	892,000	LPL Holdings, Inc.* 4.000%, 03/15/29		800,347
		M&T Bank Corp.‡
	145,000	6.450%, 02/15/24 3 mo. LIBOR + 3.61		140,409
	85,000	5.125%, 11/01/26 3 mo. LIBOR + 3.52		71,981
	80,000	5.000%, 08/01/24 5 year CMT + 3.17		70,647
	280,000	Markel Corp.‡ 6.000%, 06/01/25 5 year CMT + 5.66%		273,283
		MetLife, Inc.
	2,990,000	6.400%, 12/15/66		3,011,079
	225,000	3.850%, 09/15/25‡ 5 year CMT + 3.58%		211,516
	1,615,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,466,000
	120,000	Nationwide Financial Services, Inc. 6.750%, 05/15/87		115,618
		Navient Corp.
	1,305,000	5.000%, 03/15/27		1,182,630
	655,000	4.875%, 03/15/28		572,929
	1,370,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		1,075,354
	155,000	Northern Trust Corp.‡ 4.600%, 10/01/26 3 mo. LIBOR + 3.20		138,835

See accompanying Notes to Schedule of Investments

5

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
		OneMain Finance Corp.
	820,000	3.875%, 09/15/28	$	676,311
	599,000	7.125%, 03/15/26^		593,729
	592,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		549,110
	442,000	PartnerRe Finance B, LLC‡ 4.500%, 10/01/50 5 year CMT + 3.82%		373,897
	1,871,000	PHH Mortgage Corp.* 7.875%, 03/15/26		1,696,417
		PNC Financial Services Group, Inc.‡
	440,000	6.000%, 05/15/27 5 year CMT + 3.00%		408,311
	315,000	3.400%, 09/15/26 5 year CMT + 2.60%		242,040
	140,000	6.200%, 09/15/27 5 year CMT + 3.24%		134,723
	280,000	QBE Insurance Group, Ltd.*‡ 5.875%, 05/12/25 5 year CMT + 5.51%		269,998
	1,355,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		1,208,687
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	560,000	3.875%, 03/01/31		461,950
	555,000	3.625%, 03/01/29		473,171
	275,000	2.875%, 10/15/26		245,537
	503,000	State Street Corp.^‡ 5.625%, 12/15/23 3 mo. SOFR + 2.80%		489,872
	1,225,000	StoneX Group, Inc.* 8.625%, 06/15/25		1,242,003
		Truist Financial Corp.‡
	295,000	4.800%, 09/01/24 5 year CMT + 3.00%		263,706
	285,000	4.950%, 09/01/25^ 5 year CMT + 4.61%		269,684
	108,000	5.100%, 03/01/30 10 year CMT + 4.35		96,604
	250,000	U.S. Bancorp^‡ 5.300%, 04/15/27 3 mo. SOFR + 3.18%		219,638
		United Wholesale Mortgage, LLC*
	1,383,000	5.500%, 04/15/29		1,217,330
	600,000	5.750%, 06/15/27		561,846
		Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*
	600,000	10.500%, 02/15/28		596,850
	600,000	6.500%, 02/15/29		418,368
	1,340,000	VZ Secured Financing, BV* 5.000%, 01/15/32		1,090,572
		Wells Fargo & Company‡
	620,000	3.900%, 03/15/26 5 year CMT + 3.45%		556,940
	147,000	7.625%, 09/15/28 5 year CMT + 3.61		151,254
	1,255,000	XHR, LP* 6.375%, 08/15/25		1,238,698
				78,405,237

PRINCIPAL   AMOUNT			VALUE
		Health Care (1.1%)
		Bausch Health Companies, Inc.*
	2,370,000	11.000%, 09/30/28	$	1,757,829
	469,000	14.000%, 10/15/30		299,367
	447,000	6.125%, 02/01/27		295,244
		CHS/Community Health Systems, Inc.*
	2,392,000	6.125%, 04/01/30		1,511,696
	1,325,000	8.000%, 03/15/26		1,303,164
	663,000	6.875%, 04/15/29		441,717
	149,000	5.250%, 05/15/30		119,312
		DaVita, Inc.*
	2,381,000	4.625%, 06/01/30		2,034,898
	1,395,000	3.750%, 02/15/31		1,116,418
		Embecta Corp.*
	894,000	5.000%, 02/15/30		738,453
	298,000	6.750%, 02/15/30		263,101
		Encompass Health Corp.
	600,000	4.750%, 02/01/30		546,882
	600,000	4.500%, 02/01/28		558,186
	1,369,000	HCA, Inc. 7.500%, 11/06/33		1,511,677
	350,000	Jazz Securities DAC* 4.375%, 01/15/29		311,780
	488,014	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29		81,147
		Medline Borrower, LP*
	1,484,000	5.250%, 10/01/29^		1,318,920
	1,480,000	3.875%, 04/01/29		1,298,034
		Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	2,200,000	5.125%, 04/30/31		1,867,338
	500,000	4.125%, 04/30/28		448,475
	1,251,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		648,556
		Tenet Healthcare Corp.
	2,710,000	6.250%, 02/01/27		2,661,735
	1,575,000	6.875%, 11/15/31		1,578,748
		Teva Pharmaceutical Finance Netherlands III, BV
	1,520,000	5.125%, 05/09/29^		1,397,807
	1,100,000	4.750%, 05/09/27		1,025,277
	535,000	3.150%, 10/01/26		484,384
	250,000	7.875%, 09/15/29		260,685
	200,000	8.125%, 09/15/31		212,074
				26,092,904
		Industrials (2.3%)
	1,355,000	ACCO Brands Corp.* 4.250%, 03/15/29		1,164,893
	1,170,000	AerCap Holdings, NV‡ 5.875%, 10/10/79 5 year CMT + 4.54%		1,134,315
		Air Lease Corp.‡
	1,520,000	4.125%, 12/15/26 5 year CMT + 3.15%		1,104,067
	320,000	4.650%, 06/15/26 5 year CMT + 4.08%		285,760
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	1,925,000	4.625%, 01/15/27		1,827,595
	1,191,000	3.500%, 03/15/29		1,037,301
	900,000	5.875%, 02/15/28		881,172

See accompanying Notes to Schedule of Investments

6

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	1,370,000	Allegiant Travel Company* 7.250%, 08/15/27	$	1,356,642
	295,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		281,834
	670,000	Arcosa, Inc.* 4.375%, 04/15/29		607,429
	3,100,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		2,524,888
	937,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		829,161
	1,191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		1,081,785
		Cascades, Inc. / Cascades USA, Inc.*
	600,000	5.375%, 01/15/28		567,546
	600,000	5.125%, 01/15/26		578,874
	297,000	Delta Air Lines, Inc. 7.375%, 01/15/26		308,607
	295,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		285,855
	1,565,000	Deluxe Corp.* 8.000%, 06/01/29		1,315,289
	894,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		863,372
	300,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		298,713
	575,000	EnerSys* 4.375%, 12/15/27		534,267
	733,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		645,399
		Graphic Packaging International, LLC*
	750,000	4.750%, 07/15/27		723,240
	551,000	3.500%, 03/01/29		482,296
	1,303,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		1,109,752
	2,775,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,439,142
	1,792,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		1,693,548
	1,500,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,442,550
	1,385,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,355,583
	1,309,000	JELD-WEN, Inc.*^ 4.625%, 12/15/25		1,288,972
	1,940,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,710,323
	1,200,000	Knife River Holding Company* 7.750%, 05/01/31		1,229,112
	598,000	MasTec, Inc.* 4.500%, 08/15/28		556,367
	722,000	Moog, Inc.* 4.250%, 12/15/27		669,763
	1,472,000	Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		1,087,572
	1,140,000	Novelis Corp.* 4.750%, 01/30/30		1,026,034
	450,000	OI European Group, BV* 4.750%, 02/15/30		408,411

PRINCIPAL   AMOUNT			VALUE
	1,375,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27	$	1,240,085
	1,783,000	Patrick Industries, Inc.* 4.750%, 05/01/29		1,551,745
	600,000	QVC, Inc. 5.450%, 08/15/34		304,146
		Sealed Air Corp.*
	933,000	6.125%, 02/01/28		932,104
	298,000	5.000%, 04/15/29		278,547
	650,000	Sensata Technologies, BV* 4.000%, 04/15/29		576,173
	593,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		501,797
		Sinclair Television Group, Inc.*
	891,000	4.125%, 12/01/30		581,075
	600,000	5.500%, 03/01/30		316,578
	1,165,000	Standard Industries, Inc.* 5.000%, 02/15/27		1,117,305
	100,000	Stanley Black & Decker, Inc.‡ 4.000%, 03/15/60 5 year CMT + 2.66%		76,539
	957,000	Stericycle, Inc.* 3.875%, 01/15/29		846,438
	879,000	STL Holding Company, LLC* 7.500%, 02/15/26		819,307
	1,200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		1,195,584
		TransDigm, Inc.
	1,539,000	6.250%, 03/15/26*		1,533,537
	900,000	6.750%, 08/15/28*		905,553
	875,000	7.500%, 03/15/27		874,851
	890,000	Tronox, Inc.* 4.625%, 03/15/29		738,567
	484,035	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		436,285
	1,191,000	Vertiv Group Corp.* 4.125%, 11/15/28		1,070,423
	1,251,000	Wabash National Corp.* 4.500%, 10/15/28		1,056,057
	1,050,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		994,917
	283,000	WESCO Distribution, Inc.* 7.250%, 06/15/28		289,288
		Williams Scotsman International, Inc.*
	1,256,000	6.125%, 06/15/25		1,252,194
	298,000	4.625%, 08/15/28		275,331
				56,501,855
		Information Technology (0.7%)
	596,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		539,303
	692,000	Coherent Corp.*^ 5.000%, 12/15/29		623,706
	1,201,000	CommScope Technologies, LLC*^ 6.000%, 06/15/25		1,091,193
	1,100,000	CommScope, Inc.* 4.750%, 09/01/29		847,682
	733,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		743,350
	596,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		528,724

See accompanying Notes to Schedule of Investments

7

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	586,000	Fair Isaac Corp.* 4.000%, 06/15/28	$	538,622
	1,315,000	KBR, Inc.* 4.750%, 09/30/28		1,205,000
		MPH Acquisition Holdings, LLC*
	1,300,000	5.750%, 11/01/28^		996,671
	595,000	5.500%, 09/01/28		519,399
	589,000	NCR Corp.* 5.125%, 04/15/29		527,715
	886,000	ON Semiconductor Corp.* 3.875%, 09/01/28		803,540
		Open Text Corp.*
	855,000	3.875%, 02/15/28		762,403
	600,000	6.900%, 12/01/27		613,944
	447,000	3.875%, 12/01/29		378,430
	447,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		371,564
	590,000	Playtika Holding Corp.* 4.250%, 03/15/29		521,265
	1,645,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,403,728
		Twilio, Inc.
	830,000	3.625%, 03/15/29		714,215
	298,000	3.875%, 03/15/31^		252,504
	1,475,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,271,937
	1,355,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,166,628
				16,421,523
		Materials (0.7%)
	623,000	ArcelorMittal, SA^ 7.000%, 10/15/39		646,381
	600,000	ATI, Inc. 5.875%, 12/01/27		586,242
	295,000	Carpenter Technology Corp. 7.625%, 03/15/30		301,463
	895,000	Chemours Company* 4.625%, 11/15/29		758,566
	1,880,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,666,601
	900,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		877,797
		Commercial Metals Company
	596,000	4.125%, 01/15/30		536,459
	298,000	4.375%, 03/15/32		260,479
	1,375,000	Constellium, SE*^ 3.750%, 04/15/29		1,197,199
	886,000	HB Fuller Company 4.250%, 10/15/28		795,832
	600,000	INEOS Finance, PLC* 6.750%, 05/15/28		572,610
	900,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		892,098
		Kaiser Aluminum Corp.*
	1,350,000	4.625%, 03/01/28		1,214,001
	149,000	4.500%, 06/01/31		122,283
	297,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		249,697
	1,566,000	Mercer International, Inc. 5.125%, 02/01/29		1,285,608
	1,175,000	OCI, NV* 6.700%, 03/16/33		1,163,602

PRINCIPAL   AMOUNT			VALUE
		Owens-Brockway Glass Container, Inc.*
	900,000	7.250%, 05/15/31	$	915,867
	887,000	6.625%, 05/13/27		884,774
	1,328,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,217,165
	589,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		346,709
				16,491,433
		Other (0.1%)
		Gen Digital, Inc.*
	625,000	7.125%, 09/30/30^		630,475
	625,000	6.750%, 09/30/27		627,756
				1,258,231
		Real Estate (0.2%)
	953,000	EPR Properties 3.750%, 08/15/29		784,719
		Forestar Group, Inc.*
	862,000	5.000%, 03/01/28		803,031
	630,000	3.850%, 05/15/26		587,128
	1,341,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		1,141,339
	550,000	Service Properties Trust 5.250%, 02/15/26		502,661
				3,818,878
		Special Purpose Acquisition Companies (0.1%)
		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*
	1,195,000	6.750%, 01/15/30		1,027,844
	596,000	4.625%, 01/15/29		522,942
				1,550,786
		Utilities (0.2%)
	340,000	Algonquin Power & Utilities Corp.‡ 4.750%, 01/18/82 5 year CMT + 3.25%		274,713
	85,000	American Electric Power Company, Inc.‡ 3.875%, 02/15/62 5 year CMT + 2.68		69,117
	140,000	CenterPoint Energy, Inc.‡ 6.125%, 09/01/23 3 mo. LIBOR + 3.27%		137,606
	235,000	CMS Energy Corp.‡ 4.750%, 06/01/50 5 year CMT + 4.12%		207,284
		Dominion Energy, Inc.‡
	250,000	4.650%, 12/15/24 5 year CMT + 2.99%		229,208
	133,000	4.350%, 01/15/27 5 year CMT + 3.20%		114,376
		Duke Energy Corp.‡
	330,000	4.875%, 09/16/24 5 year CMT + 3.39%		321,090
	132,000	3.250%, 01/15/82 5 year CMT + 2.32%		98,479
	220,000	Emera, Inc.‡ 6.750%, 06/15/76 3 mo. LIBOR + 5.44		214,548

See accompanying Notes to Schedule of Investments

8

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	288,000	National Rural Utilities Cooperative Finance Corp. 7.125%, 09/15/53	$	290,013
	150,000	5.250%, 04/20/46‡ 3 mo. LIBOR + 3.63%		141,236
	320,000	NextEra Energy Capital Holdings, Inc.‡ 3.800%, 03/15/82 5 year CMT + 2.55%		272,352
	591,000	PPL Capital Funding, Inc.‡ 8.203%, 03/30/67 3 mo. LIBOR + 2.67% Sempra‡		535,671
	220,000	4.875%, 10/15/25 5 year CMT + 4.55%		208,850
	85,000	4.125%, 04/01/52 5 year CMT + 2.87%		69,798
	362,000	Southern Company‡ 4.000%, 01/15/51 5 year CMT + 3.73%		339,299
	95,000	3.750%, 09/15/51 5 year CMT + 2.92%		82,434
	1,500,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		1,396,140
	625,000	Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%		563,487
	340,000	8.000%, 10/15/26 5 year CMT + 6.93%		324,112
	80,000	WEC Energy Group, Inc.‡ 7.433%, 05/15/67 3 mo. LIBOR + 2.11%		68,547
				5,958,360
		TOTAL CORPORATE BONDS (Cost $430,647,212)		396,760,672
	CONVERTIBLE BONDS (19.7%)
		Communication Services (1.6%)
	903,000	Cable One, Inc. 03/15/26		743,585
	8,895,000	Liberty Media Corp.* 2.250%, 08/15/27		9,391,341
	7,025,000	3.750%, 03/15/28		7,654,791
	2,680,000	0.500%, 12/01/50		2,926,962
	17,095,000	Live Nation Entertainment, Inc. 2.000%, 02/15/25		17,841,368
				38,558,047
		Consumer Discretionary (4.1%)
	16,415,000	Airbnb, Inc. 03/15/26		14,773,664
	9,550,000	Booking Holdings, Inc. 0.750%, 05/01/25		15,435,187
	13,435,000	DISH Network Corp. 3.375%, 08/15/26		7,565,383
	5,895,000	0.000%, 12/15/25		3,600,077
	2,379,000	2.375%, 03/15/24		2,193,224
	14,650,000	Ford Motor Company 0.000%, 03/15/26		14,998,523
	7,670,000	Marriott Vacations Worldwide Corp. 01/15/26		7,269,243
	2,705,000	Rivian Automotive, Inc.* 4.625%, 03/15/29		4,355,077
	1,400,000	Royal Caribbean Cruises, Ltd.* 6.000%, 08/15/25		3,216,122

PRINCIPAL   AMOUNT				VALUE
	400,000		Tesla, Inc. 2.000%, 05/15/24	$	5,186,064
	9,760,000		Vail Resorts, Inc. 01/01/26		8,659,072
	11,140,000		Wynn Macau, Ltd.* 4.500%, 03/07/29		12,339,221
					99,590,857
			Energy (0.7%)
	1,365,000		EQT Corp. 1.750%, 05/01/26		3,940,154
	7,245,000		Nabors Industries, Inc.* 1.750%, 06/15/29		6,326,914
	6,615,000		Northern Oil And Gas, Inc.* 3.625%, 04/15/29		8,079,892
					18,346,960
			Financials (0.9%)
	3,000,000		Ares Capital Corp. 4.625%, 03/01/24		3,063,930
	4,500,000	EUR	JPMorgan Chase Bank NA 06/10/24		5,544,945
	11,275,000		Morgan Stanley Finance, LLC 1.000%, 11/23/27		12,642,658
					21,251,533
			Health Care (2.0%)
	8,820,000		Alnylam Pharmaceuticals, Inc.* 1.000%, 09/15/27		8,612,201
	13,555,000		Dexcom, Inc. 0.250%, 11/15/25		14,272,466
	3,673,000		Envista Holdings Corp. 2.375%, 06/01/25		6,239,288
	3,975,000		Integer Holdings Corp.* 2.125%, 02/15/28		4,869,812
	7,755,000		Jazz Investments I, Ltd. 2.000%, 06/15/26		8,059,539
	7,755,000		Pacira BioSciences, Inc. 0.750%, 08/01/25		7,162,363
					49,215,669
			Industrials (2.5%)
	4,215,000		Axon Enterprise, Inc.* 0.500%, 12/15/27		4,354,769
	5,315,000		Granite Construction, Inc.* 3.750%, 05/15/28		5,843,098
	13,520,000		John Bean Technologies Corp. 0.250%, 05/15/26		12,963,922
	13,805,000		Middleby Corp. 1.000%, 09/01/25		17,409,210
	5,470,000		Southwest Airlines Company^ 1.250%, 05/01/25		6,037,130
	14,800,000		Uber Technologies, Inc. 12/15/25		14,176,476
					60,784,605
			Information Technology (4.8%)
	4,230,000		Akamai Technologies, Inc. 0.375%, 09/01/27		4,169,553
	7,838,000		BILL Holdings, Inc. 0.001%, 04/01/27		6,471,837
	3,535,000		0.000%, 12/01/25		3,802,317
	17,000,000		CyberArk Software, Ltd. 0.000%, 11/15/24		19,972,110
			Enphase Energy, Inc.
	12,325,000		0.000%, 03/01/28		11,186,293
	7,055,000		0.000%, 03/01/26		6,499,137

See accompanying Notes to Schedule of Investments

9

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	13,000,000	Microchip Technology, Inc. 0.125%, 11/15/24	$	15,050,620
	17,315,000	ON Semiconductor Corp.* 0.500%, 03/01/29		21,213,818
	7,255,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		18,296,820
	5,850,000	Tyler Technologies, Inc. 0.250%, 03/15/26		5,880,186
	5,670,000	Wolfspeed, Inc.* 1.875%, 12/01/29		4,916,627
				117,459,318
		Materials (0.3%)
	5,800,000	Glencore Funding, LLC 0.000%, 03/27/25		6,236,566
		Other (0.0%)
	590,000	Multiplan Corp.* 6.000%, 10/15/27		402,539
		Real Estate (1.3%)
	5,400,000EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		6,383,846
	15,115,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		13,200,534
	12,285,000	Welltower OP, LLC* 2.750%, 05/15/28		12,552,322
				32,136,702
		Utilities (1.5%)
	16,655,000	CMS Energy Corp.* 3.375%, 05/01/28		16,607,866
	20,355,000	PPL Capital Funding, Inc.* 2.875%, 03/15/28		19,663,948
				36,271,814
		TOTAL CONVERTIBLE BONDS (Cost $486,369,900)		480,254,610
	BANK LOANS (5.6%) ¡
		Airlines (0.1%)
	940,500	American Airlines, Inc.‡ 10.338%, 04/20/28 3 mo. SOFR + 4.75%		975,374
	976,000	Mileage Plus Holdings, LLC‡ 10.764%, 06/21/27 3 mo. LIBOR + 5.25%		1,019,310
				1,994,684
		Communication Services (0.8%)
	2,000,000	APi Group DE, Inc.! 0.000%, 01/03/29		2,006,790
	3,300,000	Charter Communications Operating LLC! 0.000%, 02/01/27		3,281,042
	1,512,000	Clear Channel Outdoor Holdings, Inc.‡ 9.131%, 08/21/26 3 mo. SOFR + 3.50%		1,468,530
	3,938	Clear Channel Outdoor Holdings, Inc.‡ 8.933%, 08/21/26 1 mo. SOFR + 3.50%		3,824

PRINCIPAL   AMOUNT			VALUE
	869,717	CMG Media Corp.‡ 8.842%, 12/17/26 3 mo. SOFR + 3.50%	$	792,064
	1,602,797	DIRECTV Financing, LLC‡ 10.433%, 08/02/27 1 mo. SOFR + 5.00%		1,595,288
	1,755,000	Entercom Media Corp.‡ 8.131%, 11/18/24 3 mo. SOFR + 2.50%		966,505
	2,000,000	Go Daddy Operating Company, LLC! 0.000%, 11/09/29		2,005,290
	2,000,000	Match Group, Inc.! 0.000%, 02/13/27		1,995,000
	2,000,000	Nexstar Broadcasting, Inc.! 0.000%, 09/18/26		2,002,340
	330,644	Nexstar Broadcasting, Inc.‡ 7.933%, 09/18/26 1 mo. SOFR + 2.50%		331,031
	600,000	Telesat Canada‡ 8.183%, 12/07/26 1 mo. SOFR + 2.75%		369,054
	598,950	Univision Communications, Inc.‡ 9.492%, 06/24/29 3 mo. SOFR + 4.25%		599,513
	2,000,000	Virgin Media Bristol, LLC! 0.000%, 01/31/28		1,950,880
				19,367,151
		Consumer Discretionary (1.0%)
	2,000,000	Adient US LLC! 0.000%, 04/10/28		2,005,210
	2,000,000	Aramark Services, Inc.! 0.000%, 06/22/30		2,000,000
	1,197,000	Caesars Entertainment, Inc.‡ 8.555%, 02/06/30 1 mo. SOFR + 3.25%		1,199,244
	1,197,000	Hanesbrands, Inc.‡ 9.055%, 03/08/30 1 mo. SOFR + 3.75%		1,198,125
	2,200,000	KFC Holding Company‡ 7.094%, 03/15/28 1 mo. SOFR + 1.75%		2,197,250
	722,390	Life Time Fitness, Inc.‡ 10.050%, 01/15/26 3 mo. SOFR + 4.75%		726,305
	2,000,000	Murphy USA, Inc.! 0.000%, 01/31/28		2,010,000
	605,880	PENN Entertainment, Inc. 8.169%, 05/03/29 1 mo. SOFR + 2.75%		605,880
	2,000,000	Penn National Gaming, Inc! 0.000%, 05/03/29		2,000,000
	1,989,132	Petco Health and Wellness Company, Inc.‡ 8.754%, 03/03/28 3 mo. SOFR + 3.25%		1,985,214
	2,956,235	PetSmart, Inc.‡ 9.169%, 02/11/28 1 mo. SOFR + 3.75%		2,958,866
	1,105,000	SkyMiles IP, Ltd.‡ 9.076%, 10/20/27 3 mo. SOFR + 3.75%		1,150,393
	2,000,000	Station Casinos, LLC! 0.000%, 02/08/27		1,995,770

See accompanying Notes to Schedule of Investments

10

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	751,249	TKC Holdings, Inc.‡ 10.933%, 05/15/28 1 mo. LIBOR + 5.50%	$	707,973
	300,000	Windsor Holdings III, LLC! 0.000%, 06/21/30		299,501
	1,975,050	WW International, Inc.‡ 8.933%, 04/13/28 1 mo. SOFR + 3.50%		1,491,983
				24,531,714
		Consumer Staples (0.0%)
	565,000	United Natural Foods, Inc.! 0.000%, 10/22/25		566,565
		Energy (0.1%)
	1,197,000	Par Petroleum, LLC‡ 9.614%, 02/28/30 3 mo. SOFR + 4.25%		1,192,014
		Financials (0.7%)
	1,221,930	Alliant Holdings Intermediate, LLC‡ 8.722%, 11/05/27 1 mo. SOFR + 3.50%		1,221,038
	915,000	Amynta Agency Borrower, Inc.‡ 10.419%, 02/28/28 1 mo. SOFR + 5.00%		903,640
	1,176,068	AssuredPartners, Inc.‡ 8.819%, 02/12/27 1 mo. SOFR + 3.50%		1,171,658
	2,200,000	Avolon TLB Borrower 1 (US), LLC! 0.000%, 06/22/28		2,203,201
	900,000	Avolon TLB Borrower 1 (US), LLC‡ 7.755%, 06/22/28 1 mo. SOFR + 2.50%		901,309
	2,000,000	Castlelake Aviation Ltd.! 0.000%, 10/22/26		2,002,000
	597,000	Castlelake Aviation, Ltd.‡ 8.004%, 10/22/27 3 mo. SOFR + 2.75%		597,427
	1,218,875	Hub International, Ltd.‡ 9.073%, 11/10/29 3 mo. SOFR + 4.00%		1,222,806
	2,163,903	Jazz Financing Lux Sarl‡ 8.933%, 05/05/28 1 mo. LIBOR + 3.50%		2,164,055
	2,000,000	Jazz Financing Lux Sarl! 0.000%, 05/05/28		2,000,140
	1,633,500	VFH Parent, LLC‡ 8.405%, 01/13/29 1 mo. SOFR + 3.00%		1,628,191
				16,015,465
		Health Care (0.9%)
	2,079,766	Amneal Pharmaceuticals, LLC‡ 8.933%, 05/04/25 1 mo. SOFR + 3.50%		1,983,577
	1,724,243	Avantor Funding, Inc.‡ 7.669%, 11/08/27 1 mo. SOFR + 2.25%		1,726,838
	285,000	Bausch Health Companies, Inc.‡ 10.605%, 02/01/27 1 mo. SOFR + 5.25%		233,441

PRINCIPAL   AMOUNT			VALUE
	2,200,000	DaVita, Inc.! 0.000%, 08/12/26	$	2,177,824
	2,000,000	Elanco Animal Health, Inc.! 0.000%, 08/01/27		1,972,980
	2,000,000	Horizon Therapeutics USA, Inc.! 0.000%, 03/15/28		1,999,580
	703,513	ICON Luxembourg S.A.R.L.‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%		704,990
	1,601,104	ICON Luxembourg Sarl! 0.000%, 07/03/28		1,604,466
	2,000,000	IQVIA, Inc.! 0.000%, 06/11/25		2,003,300
	1,118,060	Mallinckrodt International Finance, SA‡ 10.619%, 09/30/27 1 mo. SOFR + 5.25%		849,553
	2,000,000	Organon & Company‡ 8.257%, 06/02/28 1 mo. SOFR + 3.00%		1,997,130
	1,261,176	Padagis, LLC‡ 10.280%, 07/06/28 3 mo. SOFR + 4.75%		1,221,241
	2,000,000	Perrigo Investments, LLC! 0.000%, 04/20/29		1,992,500
	398,996	PRA Health Sciences, Inc.! 0.000%, 07/03/28		399,834
	175,281	PRA Health Sciences, Inc. 7.754%, 07/03/28 3 mo. SOFR + 2.25%		175,649
	2,895,183	Team Health Holdings, Inc.‡ 10.569%, 03/02/27 1 mo. SOFR + 5.25%		2,001,802
				23,044,705
		Industrials (1.0%)
	588,000	ACProducts, Inc.‡ 9.754%, 05/17/28 3 mo. LIBOR + 4.25%		507,591
	737,550	Air Canada‡ 8.839%, 08/11/28 3 mo. LIBOR + 3.50%		738,866
	2,000,000	Beacon Roofing Supply, Inc.! 0.000%, 05/19/28		2,002,190
	2,200,000	Berry Global, Inc.! 0.000%, 07/01/26		2,200,946
	2,618,863	ChampionX Corp.‡ 8.495%, 06/07/29 1 mo. SOFR + 3.25%		2,630,320
	855,000	ChampionX Corp.! 0.000%, 06/07/29		858,741
	2,000,000	Emrld Borrower, LP! 0.000%, 05/31/30		2,003,760
	758,248	Emrld Borrower, LP‡ 8.264%, 05/31/30 3 mo. SOFR + 3.00%		759,674
	2,000,000	H.B. Fuller Company! 0.000%, 02/15/30		2,008,550
	2,000,000	Jeld-Wen, Inc.! 0.000%, 07/28/28		1,994,850
	2,000,000	Scientific Games International, Inc.! 0.000%, 04/14/29		1,999,840

See accompanying Notes to Schedule of Investments

11

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	1,386,000	Scientific Games International, Inc.‡ 8.302%, 04/14/29 1 mo. SOFR + 3.00%	$	1,385,889
	646,750	Summit Materials, LLC‡ 8.492%, 12/14/27 6 mo. SOFR + 3.00%		651,196
	2,000,000	TransDigm, Inc.! 0.000%, 08/24/28		2,004,220
	1,800,000	United Airlines, Inc.! 0.000%, 04/21/28		1,805,625
	1,167,015	United Airlines, Inc.‡ 9.292%, 04/21/28 3 mo. LIBOR + 3.75%		1,170,662
				24,722,920
		Information Technology (0.2%)
	1,180,171	Banff Merger Sub, Inc.‡ 9.183%, 10/02/25 1 mo. SOFR + 3.75%		1,178,702
	990,690	Camelot U.S. Acquisition LLC‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%		991,002
	391,650	Camelot U.S. Acquisition LLC‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%		391,834
	3,099,982	II-VI, Inc.‡ 8.183%, 07/02/29 1 mo. SOFR + 2.75%		3,103,082
				5,664,620
		Information Technology (0.2%)
	298,500	CDK Global, Inc.‡ 9.492%, 07/06/29 3 mo. SOFR + 4.25%		298,981
	1,167,097	Dun & Bradstreet Corp.‡ 8.291%, 02/06/26 1 mo. SOFR + 3.00%		1,167,277
	2,000,000	Open Text Corp.! 0.000%, 01/31/30		2,005,630
	1,202,317	SS&C Technologies, Inc.! 0.000%, 03/22/29		1,202,870
	797,783	SS&C Technologies, Inc.! 0.000%, 03/22/29		798,150
				5,472,908
		Materials (0.4%)
	550,963	American Axle and Manufacturing, Inc.‡ 8.777%, 12/13/29 1 mo. SOFR + 3.50%		551,195
	237,037	American Axle and Manufacturing, Inc.‡ 8.436%, 12/13/29 6 mo. SOFR + 3.50%		237,137
	2,200,000	Axalta Coating Systems U.S. Holdings, Inc.! 0.000%, 12/20/29		2,208,591
	1,715,000	Chemours Company! 0.000%, 04/03/25		1,714,288
	1,200,000	Ineos US Finance, LLC‡ 8.805%, 02/18/30 1 mo. SOFR + 3.50%		1,189,128
	1,478,161	Innophos, Inc.‡ 8.683%, 02/05/27 1 mo. SOFR + 3.25%		1,480,474

PRINCIPAL   AMOUNT			VALUE
	610,000	LSF11 A5 Holdco, LLC‡ 9.669%, 10/15/28 1 mo. SOFR + 4.25%	$	608,856
	592,500	LSF11 A5 HoldCo, LLC‡ 8.933%, 10/15/28 1 mo. SOFR + 3.50%		587,810
	598,473	Trinseo Materials Operating SCA! 0.000%, 05/03/28		477,241
	1,175,627	WR Grace & Company‡ 9.313%, 09/22/28 3 mo. LIBOR + 3.75%		1,175,480
				10,230,200
		Special Purpose Acquisition Companies (0.2%)
	1,075,000	AP Core Holdings II, LLC‡ 10.933%, 09/01/27 1 mo. SOFR + 5.50%		1,042,530
	589,050	Clydesdale Acquisition Holdings, Inc.‡ 9.594%, 04/13/29 1 mo. SOFR + 4.18%		584,476
	296,250	Fertitta Entertainment, LLC‡ 9.319%, 01/27/29 1 mo. SOFR + 4.00%		293,573
	1,265,438	Oscar AcquisitionCo, LLC‡ 9.842%, 04/29/29 3 mo. SOFR + 4.50%		1,250,948
	1,191,000	Patagonia Holdco, LLC‡ 10.789%, 08/01/29 3 mo. SOFR + 5.75%		1,029,227
				4,200,754
		TOTAL BANK LOANS (Cost $139,469,595)		137,003,700
	U.S. GOVERNMENT AND AGENCY SECURITIES (2.7%)
		Other (2.7%)
		United States Treasury Note ^
	30,400,000	2.500%, 05/31/24		29,685,719
	36,945,000	2.250%, 03/31/24		36,199,606
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $67,296,246)		65,885,325
NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (2.5%)
		Energy (0.0%)
	28	Gulfport Energy Corp. 10.000%, 08/31/23 15.000% PIK rate		206,500
		Financials (0.7%)
	80,250	AMG Capital Trust II 5.150%, 10/15/37		3,992,919
	1,450	Bank OZK 4.625%, 11/15/26		23,011
	191,800	KKR & Company, Inc. 6.000%, 09/15/23		13,399,148
				17,415,078

See accompanying Notes to Schedule of Investments

12

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

NUMBER OF SHARES				VALUE
			Industrials (0.1%)
	46,187		Chart Industries, Inc. 6.750%, 12/15/25	$	3,334,240
			Utilities (1.7%)
	246,010		AES Corp. 6.875%, 02/15/24		21,055,996
	84,885		CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)#§** 3.369%, 09/15/29		3,296,764
			NextEra Energy, Inc.
	262,050		6.926%, 09/01/25		11,983,546
	94,060		6.219%, 09/01/23		4,655,970
					40,992,276
			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $63,040,361)		61,948,094
	COMMON STOCKS (93.3%)
			Communication Services (9.5%)
	661,840		Alphabet, Inc. - Class A^#		87,839,405
	199,700		Alphabet, Inc. - Class C^#		26,582,067
	25,095		Altice USA, Inc. - Class A#		85,072
	264,885		AT&T, Inc.		3,846,130
	411,425		Comcast Corp. - Class A		18,621,096
	8,434		Cumulus Media, Inc. - Class A#		53,472
	2		Frontier Communications Parent, Inc.^#		36
	146,450		Meta Platforms, Inc. - Class A~#		46,658,970
	32,360		Netflix, Inc.#		14,205,069
	205,085	EUR	Orange, SA		2,318,247
	135,860		T-Mobile U.S., Inc.#		18,717,432
	149,335		Walt Disney Company#		13,274,388
					232,201,384
			Consumer Discretionary (10.5%)
	688,315		Amazon.com, Inc.^#		92,013,949
	137,124		Aptiv, PLC#		15,013,707
	59,260		Carnival Corp.#		1,116,458
	243,463		General Motors Company		9,341,675
	52,240		Home Depot, Inc.		17,439,802
	294,980		Las Vegas Sands Corp.#		17,642,754
	41,620		Lowe’s Companies, Inc.		9,750,317
	4,380	EUR	LVMH Moet Hennessy Louis Vuitton, SE		4,068,002
	62,500		McDonald’s Corp.		18,325,000
	162,800		NIKE, Inc. - Class B		17,971,492
	107,325		Starbucks Corp.µ		10,901,000
	132,450		Tesla, Inc.#		35,421,103
	71,950		TJX Companies, Inc.µ		6,225,834
					255,231,093
			Consumer Staples (6.8%)
	58,750		Altria Group, Inc.		2,668,425
	459,960		Coca-Cola Company^		28,485,323
	31,575		Costco Wholesale Corp.µ		17,703,155
	47,280		Estee Lauder Companies, Inc. - Class A		8,510,400
	113,665		Mondelez International, Inc. - Class A		8,425,986
	149,110		Monster Beverage Corp.#		8,572,334
	102,796		PepsiCo, Inc.^		19,270,138

NUMBER OF SHARES			VALUE
	179,035	Philip Morris International, Inc.^	$	17,853,370
	203,745	Procter & Gamble Company~		31,845,344
	52,650	Walgreens Boots Alliance, Inc.^µ		1,577,921
	130,790	Walmart, Inc.µ		20,908,089
				165,820,485
		Energy (5.0%)
	475,000	BP, PLC (ADR)		17,717,500
	11,045	Chaparral Energy, Inc. - Class A&#		469,413
	3,550	Chesapeake Energy Corp.		299,407
	128,625	Chevron Corp.^µ		21,050,768
	64,470	ConocoPhillips^		7,589,408
	82,935	Energy Transfer, LP		1,102,206
	49,155	Enterprise Products Partners, LP		1,303,099
	7,920	EP Energy Corp.&#		55,440
	317,920	Exxon Mobil Corp.		34,093,741
	56,105	Hess Corp.		8,512,812
	15,860	Magellan Midstream Partners, LP		1,051,042
	80,370	Marathon Petroleum Corp.		10,690,817
	24,975	Pioneer Natural Resources Company		5,636,108
	219,710	Schlumberger, NV		12,817,881
				122,389,642
		Financials (11.5%)
	35,430	Affiliated Managers Group, Inc.		4,912,015
	59,230	American Express Company^		10,002,763
	346,890	American International Group, Inc.^		20,910,529
	29,983	Assurant, Inc.		4,033,013
	663,370	Bank of America Corp.^~		21,227,840
	71,870	Bank of New York Mellon Corp.^		3,260,023
	10,715	BlackRock, Inc.µ		7,916,778
	76,155	Chubb, Ltd.		15,566,844
	231,670	Citigroup, Inc.		11,041,392
	55,815	Discover Financial Services		5,891,273
	27,300	Goldman Sachs Group, Inc.^		9,715,251
	212,020	JPMorgan Chase & Company^		33,490,679
	85,415	Marsh & McLennan Companies, Inc.		16,093,894
	72,315	Mastercard, Inc. - Class A^		28,512,358
	247,340	Morgan Stanley^		22,646,451
	157,631	Starwood Property Trust, Inc.^		3,269,267
	178,525	Visa, Inc. - Class A^		42,440,748
	411,130	Wells Fargo & Company^µ		18,977,761
				279,908,879
		Health Care (12.8%)
	82,820	Abbott Laboratories~		9,220,351
	118,475	AbbVie, Inc.		17,721,490
	124,060	Alcon, Inc.		10,535,175
	267,298	Boston Scientific Corp.^#µ		13,859,401
	107,005	Bristol-Myers Squibb Companyµ		6,654,641
	26,965	Danaher Corp.		6,877,693
	35,495	Dexcom, Inc.#		4,421,257
	23,435	Elevance Health, Inc.µ		11,052,649
	74,890	Eli Lilly & Company^		34,041,249
	34,856	GE Healthcare, Inc.		2,718,768
	150,220	Gilead Sciences, Inc.^		11,437,751
	10,885	Humana, Inc.		4,972,595
	251,335	Johnson & Johnson		42,106,153
	17,140	Mallinckrodt, PLC^#		27,767
	22,490	McKesson Corp.		9,049,976
	204,155	Medtronic, PLC		17,916,643
	219,485	Merck & Company, Inc.		23,408,075

See accompanying Notes to Schedule of Investments

13

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

NUMBER OF SHARES			VALUE
	314,685	Pfizer, Inc.	$	11,347,541
	20,295	Stryker Corp.µ		5,751,806
	30,260	Thermo Fisher Scientific, Inc.~µ		16,602,452
	72,460	UnitedHealth Group, Inc.^~µ		36,691,570
	112,720	Zimmer Biomet Holdings, Inc.^µ		15,572,268
				311,987,271
		Industrials (5.8%)
	777,890	CSX Corp.µ		25,919,295
	104,568	General Electric Company^		11,945,848
	104,790	Honeywell International, Inc.		20,342,883
	79,505	JB Hunt Transport Services, Inc.		16,214,250
	28,435	Northrop Grumman Corp.		12,653,575
	59,495	Parker-Hannifin Corp.		24,393,545
	272,540	RTX Corp.µ		23,964,442
	152,510	Southwest Airlines Companyµ		5,209,741
				140,643,579
		Information Technology (27.3%)
	56,335	Accenture, PLC - Class A		17,821,577
	21,770	Adobe, Inc.^#		11,890,121
	69,245	Advanced Micro Devices, Inc.^#		7,921,628
	1,106,065	Apple, Inc.^~		217,286,469
	79,440	Applied Materials, Inc.		12,042,310
	54,444	Broadcom, Inc.		48,926,101
	247,515	Cisco Systems, Inc.^µ		12,880,681
	58,910	Fidelity National Information Services, Inc.^		3,556,986
	10,330	Intuit, Inc.		5,285,861
	16,960	Lam Research Corp.		12,185,590
	95,780	Micron Technology, Inc.^		6,837,734
	574,150	Microsoft Corp.^~		192,868,468
	1,520,000	Nokia Oyj (ADR)^		5,988,800
	161,290	NVIDIA Corp.		75,369,204
	81,370	Oracle Corp.		9,539,005
	59,985	Salesforce, Inc.#		13,497,225
	21,845	ServiceNow, Inc.#		12,735,635
				666,633,395
		Materials (2.6%)
	255,945	Freeport-McMoRan, Inc.		11,427,944
	63,970	Linde, PLC		24,991,160
	126,910	PPG Industries, Inc.		18,262,349
	36,605	Vulcan Materials Companyµ		8,071,403
				62,752,856
		Real Estate (0.7%)
	70,930	American Tower Corp.		13,498,688
	119,195	Invitation Homes, Inc.		4,231,423
	1,951	Necessity Retail REIT, Inc. 7.500%, 03/26/24		40,210
				17,770,321
		Special Purpose Acquisition Company (0.0%)
	14,052	Intelsat Emergence, SA&#		323,196
		Utilities (0.8%)
	176,574	DTE Energy Companyµ		20,182,408
		TOTAL COMMON STOCKS (Cost $1,490,839,339)		2,275,844,509

NUMBER OF SHARES			VALUE
	WARRANTS (0.0%) #
		Energy (0.0%)
	57,470	Mcdermott International, Ltd.& 06/30/27, Strike $15.98	$	6
	51,723	Mcdermott International, Ltd. 06/30/27, Strike $12.33		5
	16,676	Tidewater, Inc. 11/14/42, Strike $0.01		1
		TOTAL WARRANTS (Cost $369,524)		12
	EXCHANGE-TRADED FUND (0.0%)
		Other (0.0%)
	5,525	iShares Preferred & Income Securities ETF^ (Cost $209,453)		172,490
	PREFERRED STOCKS (0.3%)
		Communication Services (0.0%)
	8,482	AT&T, Inc. 4.750%, 02/18/25		156,748
	3,485	AT&T, Inc. 5.350%, 11/01/66		77,332
	14,625	Qwest Corp. 6.500%, 09/01/56		211,770
	5,000	Telephone and Data Systems, Inc. 6.000%, 09/30/26		69,600
	8,175	United States Cellular Corp. 5.500%, 03/01/70		117,965
	5,625	United States Cellular Corp. 5.500%, 06/01/70		81,000
				714,415
		Consumer Discretionary (0.1%)
	2,835	Ford Motor Company 6.200%, 06/01/59		70,847
	2,764	Ford Motor Company 6.500%, 08/15/62		66,585
	8,177	Guitar Center, Inc.&		1,042,567
	605	Qurate Retail, Inc.^ 8.000%, 03/15/31		21,659
				1,201,658
		Energy (0.1%)
	12,420	Energy Transfer, LP‡ 7.625%, 08/30/23 3 mo. LIBOR + 4.74%		311,991
	52,665	NuStar Energy, LP‡ 11.151%, 08/30/23 3 mo. LIBOR + 5.64%		1,278,706
	20,834	NuStar Energy, LP‡ 12.274%, 08/30/23 3 mo. LIBOR + 6.77%		532,517
	55,760	NuStar Logistics, LP‡ 12.304%, 01/15/43 3 mo. LIBOR + 6.73%		1,464,815
				3,588,029

See accompanying Notes to Schedule of Investments

14

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

NUMBER OF SHARES			VALUE
		Financials (0.1%)
	3,400	Affiliated Managers Group, Inc. 4.750%, 09/30/60	$	62,900
	6,000	Allstate Corp. 7.375%, 07/15/28		161,040
	5,970	Annaly Capital Management, Inc.‡ 6.950%, 08/30/23 3 mo. LIBOR + 4.99%		151,877
	1,350	Capital One Financial Corp. 4.800%, 06/01/25		25,204
	10,725	CNO Financial Group, Inc. 5.125%, 11/25/60		174,281
	1,732	Cullen/Frost Bankers, Inc. 4.450%, 12/15/25		32,492
	1,201	First Citizens BancShares, Inc. 5.625%, 01/04/27		24,885
	4,592	KeyCorp‡ 6.200%, 12/15/27 5 year CMT + 3.13%		98,682
	2,125	Morgan Stanley 6.500%, 10/15/27		55,356
	7,932	Prospect Capital Corp. 5.350%, 07/01/26		131,275
	11,100	Reinsurance Group of America, Inc.‡ 7.125%, 10/15/52 5 year CMT + 3.46%		285,714
	6,214	Selective Insurance Group, Inc. 4.600%, 12/15/25		108,621
				1,312,327
		Industrials (0.0%)
	4,980	WESCO International, Inc.‡ 10.625%, 06/22/25 5 year CMT + 10.33%		135,058
		Real Estate (0.0%)
	8,773	Brookfield Property Partners, LP 5.750%, 03/31/25		118,655
	5,000	Brookfield Property Partners, LP 6.375%, 09/30/24		73,100
	3,625	Global Net Lease, Inc. 6.875%, 11/26/24		74,167
	3,000	Spirit Realty Capital, Inc.µ 6.000%, 08/30/23		68,400
				334,322
		Utilities (0.0%)
	6,000	Brookfield Renewable Partners, LP 5.250%, 03/31/25		123,960
	5,100	DTE Energy Company 5.250%, 12/01/77		122,094
				246,054
		TOTAL PREFERRED STOCKS (Cost $7,960,264)		7,531,863

PRINCIPAL   AMOUNT			VALUE
	ASSET BACKED SECURITY (0.0%)
		Other (0.0%)
	955,000	SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $874,585)	$	860,286
	RIGHTS (0.0%) #
		Communication Services (0.0%)
	3	Intelsat Jackson Holdings, SA 12/05/25		—
	3	Intelsat Jackson Holdings, SA 12/05/25		—
		TOTAL RIGHTS (Cost $—)		—
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (0.1%) #
		Financials (0.0%)
	920 6,975,440	PayPal Holdings, Inc. Call, 09/15/23, Strike $75.00		476,100
		Other (0.1%)
	5,800 24,331,000	iShares MSCI EAFE ETF Call, 12/15/23, Strike $41.00		1,664,600
	325 149,141,200	S&P 500 Index Put, 09/15/23, Strike $4,400.00		747,500
				2,412,100
		TOTAL PURCHASED OPTIONS (Cost $2,830,633)		2,888,200
	TOTAL INVESTMENTS (140.5%) (Cost $2,689,907,112)			3,429,149,761
	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-13.3%)			(323,500,000	)
	LIABILITIES, LESS OTHER ASSETS (-27.2%)			(664,836,991	)
	NET ASSETS (100.0%)		$	2,440,812,770

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.

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

See accompanying Notes to Schedule of Investments

15

 Calamos Strategic Total Return Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

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

~ 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 $13,209,007.

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

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

# Non-income producing security.

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

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

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $250,214,629.

FOREIGN CURRENCY ABBREVIATION

EUR    European Monetary Unit

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

See accompanying Notes to Schedule of Investments

16

Notes to Schedule of Investments (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Strategic Total Return Fund (the “Fund”, or “Trust”) 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”, or the “Advisor”) to perform 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 determined. 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 the 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 the 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 July 31, 2023 was as follows*:

Cost basis of investments	$	2,689,907,112
Gross unrealized appreciation		957,612,981
Gross unrealized depreciation		(218,370,332)
Net unrealized appreciation (depreciation)	$	739,242,649

* 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 has MRPS issued with an aggregate liquidation preference of $323,500,000, 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 July 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

On September 6, 2022, $80,500,000 of Series A MRPS were redeemed at $25.01 per share.

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 July 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 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.

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.