NPORT-EX 2 calamoscef_13124.htm PART F

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
         
Asset Backed Security (0.1%)     
     Other (0.1%)     
 765,000   SVC ABS, LLC Series 2023-1A, Class C*     
     6.700%, 02/20/53     
     (Cost $707,132)  $703,925 
           
Corporate Bonds (40.6%)     
     Airlines (0.6%)     
 879,561   Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ     
     4.800%, 02/15/29   853,807 
 413,374   Alaska Airlines Pass Through Trust Series 2020-1, Class B*     
     8.000%, 02/15/27   417,640 
 999,940   American Airlines Pass Through Trust Series 2021-1, Class B     
     3.950%, 01/11/32   892,117 
 537,750   American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*     
     5.500%, 04/20/26   532,873 
 937,965   British Airways Pass Through Trust Series 2021-1, Class B*     
     3.900%, 03/15/33   851,025 
 765,300   JetBlue Pass Through Trust Series 2020-1, Class B     
     7.750%, 05/15/30   771,897 
         4,319,359 
     Communication Services (4.3%)     
 500,000   Altice France Holding, SA*     
     10.500%, 05/15/27   288,925 
 1,100,000   Altice France, SA*     
     5.500%, 10/15/29   812,471 
 1,160,000   APi Group DE, Inc.*     
     4.750%, 10/15/29   1,086,247 
 1,025,000   Ashtead Capital, Inc.*     
     2.450%, 08/12/31   835,283 
     Audacy Capital Corp.* @     
 1,193,000   6.750%, 03/31/29   48,161 
 448,000   6.500%, 05/01/27   19,116 
 856,000   Cincinnati Bell Telephone Company, LLC     
     6.300%, 12/01/28   759,229 
 940,000   Clear Channel Outdoor Holdings, Inc.*     
     9.000%, 09/15/28   982,291 
 1,345,000   Consolidated Communications, Inc.*     
     6.500%, 10/01/28   1,171,912 
     CSC Holdings, LLC*     
 1,450,000   5.375%, 02/01/28   1,248,029 
 1,350,000   4.625%, 12/01/30   698,625 
 1,125,000   4.500%, 11/15/31   808,504 
 1,100,000   5.750%, 01/15/30   584,133 
 950,000   5.500%, 04/15/27   854,155 
     Diamond Sports Group, LLC / Diamond Sports Finance Company*@     
 750,000   6.625%, 08/15/27   51,323 
 540,000   5.375%, 08/15/26   38,113 
 1,207,000   Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*     
     5.875%, 08/15/27   1,147,700 
 1,000,000   Frontier California, Inc.     
     6.750%, 05/15/27   967,170 
     Frontier Communications Holdings, LLC*     
 605,000   5.000%, 05/01/28   559,008 
 239,000   8.750%, 05/15/30   244,906 
 1,039,000   Frontier Florida, LLC@     
     6.860%, 02/01/28   1,001,191 
 1,445,000   Frontier North, Inc.@     
     6.730%, 02/15/28   1,386,188 
     Go Daddy Operating Company, LLC / GD Finance Company, Inc.*     
 835,000   3.500%, 03/01/29   756,276 
 250,000   5.250%, 12/01/27   245,620 
     iHeartCommunications, Inc.     
 595,000   8.375%, 05/01/27   372,226 
 355,000   5.250%, 08/15/27*   276,023 
 1,215,000   LCPR Senior Secured Financing DAC*     
     6.750%, 10/15/27   1,178,185 
 722,947   Ligado Networks, LLC*     
     15.500%, 11/01/23     
     15.500% PIK rate   124,491 
     Lumen Technologies, Inc.     
 720,000   7.600%, 09/15/39   191,614 
 485,000   4.000%, 02/15/27*^   256,769 
 240,000   7.650%, 03/15/42   66,173 
 478,000   Match Group Holdings II, LLC*^     
     3.625%, 10/01/31   409,440 
 810,000   Nexstar Media, Inc.*     
     5.625%, 07/15/27   788,567 
 930,000   Paramount Global     
     4.900%, 08/15/44   735,723 
 336,000   Qwest Corp.     
     7.250%, 09/15/25   329,364 
     Scripps Escrow II, Inc.*     
 477,000   3.875%, 01/15/29   414,928 
 239,000   5.375%, 01/15/31   183,753 
 810,000   Scripps Escrow, Inc.*     
     5.875%, 07/15/27   731,025 
     Sirius XM Radio, Inc.*     
 1,250,000   5.500%, 07/01/29   1,189,750 
 963,000   4.000%, 07/15/28   874,963 
 475,000   3.125%, 09/01/26   444,239 
 239,000   3.875%, 09/01/31   199,575 
 874,000   Spanish Broadcasting System, Inc.*     
     9.750%, 03/01/26   464,784 
 2,430,000   Sprint, LLCµ     
     7.125%, 06/15/24   2,441,956 
 1,080,000   Stagwell Global, LLC*     
     5.625%, 08/15/29   991,472 
 953,000   Telesat Canada / Telesat, LLC*     
     4.875%, 06/01/27   565,100 
 385,000   Time Warner Cable, LLC     
     7.300%, 07/01/38   404,077 
 1,100,000   United States Cellular Corp.     
     6.700%, 12/15/33   1,134,177 
 724,000   Univision Communications, Inc.*     
     8.000%, 08/15/28   736,851 

 

See accompanying Notes to Schedule of Investments

 

1 

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 480,000   Viasat, Inc.*^     
     5.625%, 04/15/27  $450,629 
         32,550,430 
     Consumer Discretionary (8.7%)     
 1,162,000   Abercrombie & Fitch Management Company*     
     8.750%, 07/15/25   1,183,253 
 955,000   Adams Homes, Inc.*     
     9.250%, 10/15/28   978,799 
 1,195,000   Adient Global Holdings Company*^     
     8.250%, 04/15/31   1,263,258 
 764,000   American Axle & Manufacturing, Inc.     
     6.875%, 07/01/28   747,521 
     Ashton Woods USA, LLC / Ashton Woods Finance Company*     
 837,000   4.625%, 08/01/29   762,674 
 705,000   6.625%, 01/15/28   699,402 
 1,208,000   At Home Group, Inc.*     
     4.875%, 07/15/28   534,117 
     Bath & Body Works, Inc.     
 1,264,000   6.694%, 01/15/27   1,285,071 
 720,000   6.875%, 11/01/35   720,410 
 400,000   Benteler International AG*^     
     10.500%, 05/15/28   428,928 
     Caesars Entertainment, Inc.*     
 604,000   4.625%, 10/15/29   552,086 
 472,000   8.125%, 07/01/27   484,796 
     Carnival Corp.*     
 481,000   7.625%, 03/01/26   488,802 
 481,000   4.000%, 08/01/28   446,147 
 60,000   7.000%, 08/15/29^   62,480 
     Carvana Company*     
 195,000   14.000%, 06/01/31   174,075 
 165,000   13.000%, 06/01/30   147,122 
 110,000   12.000%, 12/01/28   97,689 
     CCO Holdings, LLC / CCO Holdings Capital Corp.*     
 2,130,000   5.125%, 05/01/27   2,055,897 
 1,685,000   4.500%, 08/15/30   1,464,602 
 1,100,000   6.375%, 09/01/29^   1,071,543 
 1,055,000   4.750%, 03/01/30   938,043 
 951,000   4.250%, 02/01/31   802,749 
 565,000   5.000%, 02/01/28   533,756 
 478,000   4.750%, 02/01/32   410,463 
 478,000   CDI Escrow Issuer, Inc.*     
     5.750%, 04/01/30   463,005 
 750,000   Cedar Fair, LP     
     5.250%, 07/15/29   717,877 
 478,000   Churchill Downs, Inc.*     
     6.750%, 05/01/31   484,859 
     Dana, Inc.     
 790,000   4.250%, 09/01/30   691,527 
 723,000   4.500%, 02/15/32   622,648 
     DISH DBS Corp.     
 1,010,000   5.125%, 06/01/29   376,649 
 720,000   5.250%, 12/01/26*   568,577 
 595,000   7.375%, 07/01/28   263,335 
 480,000   5.750%, 12/01/28*   323,794 
 408,000   7.750%, 07/01/26   241,438 
 946,000   DISH Network Corp.*     
     11.750%, 11/15/27   988,031 
 1,365,000   Empire Resorts, Inc.*     
     7.750%, 11/01/26   1,265,887 
 1,058,000   Everi Holdings, Inc.*     
     5.000%, 07/15/29   973,519 
 1,000,000   Ford Motor Company^     
     6.100%, 08/19/32   1,000,650 
     Ford Motor Credit Company, LLC     
 1,525,000   4.000%, 11/13/30   1,360,986 
 1,245,000   7.200%, 06/10/30^   1,324,095 
 1,150,000   5.113%, 05/03/29   1,117,765 
 865,000   7.350%, 11/04/27   909,937 
 800,000   2.900%, 02/16/28   720,368 
 359,000   Gap, Inc.*     
     3.875%, 10/01/31   296,681 
 490,000   General Motors Company     
     5.200%, 04/01/45   444,621 
     goeasy, Ltd.*     
 1,700,000   9.250%, 12/01/28   1,811,843 
 881,000   4.375%, 05/01/26   843,029 
 515,000   Goodyear Tire & Rubber Company^     
     5.250%, 07/15/31   469,217 
 407,000   Group 1 Automotive, Inc.*     
     4.000%, 08/15/28   375,844 
 1,026,000   Guitar Center, Inc.*^&     
     8.500%, 01/15/26   911,642 
 770,000   International Game Technology, PLC*     
     6.250%, 01/15/27   775,113 
 262,459   JetBlue Pass Through Trust Series 2019-2, Class B     
     8.000%, 11/15/27   264,611 
 842,000   Kohl's Corp.     
     5.550%, 07/17/45   574,598 
 955,000   LCM Investments Holdings II, LLC*     
     8.250%, 08/01/31   980,632 
 965,000   Liberty Interactive, LLC     
     8.250%, 02/01/30   515,561 
 937,000   Life Time, Inc.*^     
     8.000%, 04/15/26   947,850 
 480,000   Light & Wonder International, Inc.*     
     7.500%, 09/01/31   500,203 
 360,000   Lindblad Expeditions Holdings, Inc.*     
     9.000%, 05/15/28   374,436 
 616,000   Lindblad Expeditions, LLC*     
     6.750%, 02/15/27   616,468 
 635,000   M/I Homes, Inc.     
     3.950%, 02/15/30   569,506 
     Macy's Retail Holdings, LLC     
 1,121,000   6.700%, 07/15/34*   943,378 
 970,000   4.300%, 02/15/43^   736,511 
 805,000   Mclaren Finance, PLC*     
     7.500%, 08/01/26   713,866 
 1,219,000   Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*     
     4.875%, 05/01/29   1,131,744 
 575,000   Newell Brands, Inc.     
     5.200%, 04/01/26   559,958 
     Nordstrom, Inc.     
 500,000   5.000%, 01/15/44   361,295 
 465,000   4.250%, 08/01/31   388,247 
 1,449,000   Patrick Industries, Inc.*     
     4.750%, 05/01/29   1,336,427 
 1,105,000   PENN Entertainment, Inc.*^     
     4.125%, 07/01/29   950,488 

 

See accompanying Notes to Schedule of Investments

 

 2

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
     PetSmart, Inc. / PetSmart Finance Corp.*     
 300,000   7.750%, 02/15/29  $291,576 
 300,000   4.750%, 02/15/28   280,428 
 1,340,000   Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^     
     5.625%, 09/01/29   1,010,038 
 470,000   QVC, Inc.     
     5.450%, 08/15/34   312,339 
 480,000   Raising Cane's Restaurants, LLC*     
     9.375%, 05/01/29   514,781 
 1,880,000   Rite Aid Corp.*@     
     8.000%, 11/15/26   1,428,217 
 478,000   Royal Caribbean Cruises, Ltd.*     
     7.250%, 01/15/30   498,449 
 1,350,000   Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*     
     4.625%, 03/01/29   1,163,889 
 1,445,000   Six Flags Entertainment Corp.*     
     7.250%, 05/15/31   1,475,605 
 1,090,000   Sonic Automotive, Inc.*^     
     4.625%, 11/15/29   987,333 
 698,000   Speedway Motorsports, LLC / Speedway Funding II, Inc.*     
     4.875%, 11/01/27   662,625 
 1,965,000   Station Casinos, LLC*     
     4.500%, 02/15/28   1,854,233 
 237,000   Stl Holding Company, LLC*     
     8.750%, 02/15/29   241,344 
 589,000   Taylor Morrison Communities, Inc.*     
     5.750%, 01/15/28   587,039 
 240,000   Viking Cruises, Ltd.*     
     9.125%, 07/15/31   257,167 
 1,100,000   Vista Outdoor, Inc.*^     
     4.500%, 03/15/29   1,081,663 
     ZF North America Capital, Inc.*     
 950,000   7.125%, 04/14/30   1,002,687 
 300,000   6.875%, 04/14/28   309,222 
         65,101,034 
     Consumer Staples (2.0%)     
 1,090,000   1375209 B.C., Ltd.*^     
     9.000%, 01/30/28   1,058,815 
 1,413,000   Arrow Bidco, LLC*     
     10.750%, 06/15/25   1,463,882 
 970,000   B&G Foods, Inc.*     
     8.000%, 09/15/28   1,012,787 
 1,099,000   Central Garden & Pet Company*     
     4.125%, 04/30/31   973,263 
 1,092,000   Edgewell Personal Care Company*     
     4.125%, 04/01/29   999,726 
     Energizer Holdings, Inc.*     
 1,331,000   4.375%, 03/31/29   1,205,274 
 240,000   6.500%, 12/31/27   239,232 
     JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.     
 1,415,000   5.500%, 01/15/30^   1,385,257 
 595,000   5.125%, 02/01/28µ   590,377 
 370,000   5.750%, 04/01/33   366,892 
 476,407   Mallinckrodt International Finance SA / Mallinckrodt CB, LLC*     
     14.750%, 11/14/28   519,507 
 621,000   New Albertsons, LP     
     7.750%, 06/15/26   637,400 
 957,000   Performance Food Group, Inc.*     
     4.250%, 08/01/29   877,665 
 700,000   Pilgrim's Pride Corp.     
     4.250%, 04/15/31   631,547 
 442,000   Post Holdings, Inc.*     
     5.750%, 03/01/27   440,661 
 909,000   Prestige Brands, Inc.*     
     3.750%, 04/01/31   792,439 
 815,000   United Natural Foods, Inc.*^     
     6.750%, 10/15/28   685,822 
 1,500,000   Vector Group, Ltd.*     
     5.750%, 02/01/29   1,385,385 
         15,265,931 
     Energy (5.2%)     
 479,000   Antero Resources Corp.*     
     5.375%, 03/01/30   457,498 
 958,000   Apache Corp.     
     5.100%, 09/01/40   823,880 
 500,000   Buckeye Partners, LP     
     5.850%, 11/15/43   413,000 
 1,335,000   Callon Petroleum Company*     
     7.500%, 06/15/30   1,407,303 
 477,000   Cheniere Energy, Inc.µ     
     4.625%, 10/15/28   462,222 
 720,000   Chesapeake Energy Corp.*     
     6.750%, 04/15/29   728,798 
 1,341,000   Civitas Resources, Inc.*     
     8.750%, 07/01/31   1,431,236 
     Continental Resources, Inc.*     
 715,000   2.875%, 04/01/32   584,041 
 475,000   5.750%, 01/15/31   472,938 
 742,000   DT Midstream, Inc.*     
     4.125%, 06/15/29   682,336 
     Earthstone Energy Holdings, LLC*     
 941,000   8.000%, 04/15/27   975,215 
 360,000   9.875%, 07/15/31   400,050 
 555,000   Enbridge, Inc.^‡     
     7.375%, 01/15/83     
     5 year CMT + 3.71%   555,977 
     Energy Transfer, LP‡     
 1,400,000   8.586%, 11/01/66     
     3 mo. USD SOFR + 3.28%   1,250,634 
 700,000   6.500%, 02/01/36     
     5 year CMT + 5.69%   677,026 
     EnLink Midstream Partners, LP     
 1,235,000   9.756%, 02/01/36‡     
     3 mo. USD LIBOR + 4.11%   1,167,421 
 1,015,000   4.850%, 07/15/26   997,390 
 600,000   Enlink Midstream, LLC*     
     6.500%, 09/01/30   614,790 
 1,580,000   EQM Midstream Partners, LP*     
     7.500%, 06/01/27   1,626,041 
     Genesis Energy, LP / Genesis Energy Finance Corp.     
 719,000   8.875%, 04/15/30   752,714 
 478,000   6.250%, 05/15/26   476,140 
     Gulfport Energy Corp.     
 955,000   8.000%, 05/17/26*   964,359 
 288,135   8.000%, 05/17/26   290,959 

 

See accompanying Notes to Schedule of Investments

 

3 

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 1,340,000   Hilcorp Energy I, LP / Hilcorp Finance Company*     
     6.000%, 04/15/30  $1,302,038 
 717,000   Howard Midstream Energy Partners, LLC*     
     6.750%, 01/15/27   719,208 
 416,000   Kodiak Gas Services, LLC*     
     7.250%, 02/15/29   420,900 
 940,000   Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*     
     6.000%, 08/01/26   929,688 
     Moss Creek Resources Holdings, Inc.*     
 500,000   10.500%, 05/15/27   514,975 
 455,000   7.500%, 01/15/26   453,558 
     Nabors Industries, Inc.*     
 720,000   7.375%, 05/15/27^   712,361 
 360,000   9.125%, 01/31/30   367,340 
 720,000   Nabors Industries, Ltd.*     
     7.500%, 01/15/28   659,693 
 952,000   New Fortress Energy, Inc.*     
     6.750%, 09/15/25   940,890 
 717,000   Oceaneering International, Inc.     
     6.000%, 02/01/28   702,940 
 1,025,000   Parkland Corp.*     
     5.875%, 07/15/27   1,017,558 
 506,000   Patterson-UTI Energy, Inc.     
     5.150%, 11/15/29   488,938 
 238,000   Permian Resources Operating LLC*     
     7.000%, 01/15/32   245,921 
 960,000   Plains All American Pipeline, LP‡     
     9.751%, 02/01/36     
     3 mo. USD LIBOR + 4.11%   951,178 
 1,340,000   Rockcliff Energy II, LLC*     
     5.500%, 10/15/29   1,248,639 
 479,000   Southwestern Energy Company     
     4.750%, 02/01/32   444,019 
 1,363,250   Transocean, Inc.*     
     8.750%, 02/15/30   1,426,382 
     Venture Global Calcasieu Pass, LLC*     
 600,000   6.250%, 01/15/30   601,662 
 240,000   4.125%, 08/15/31   212,609 
 240,000   3.875%, 08/15/29   214,531 
     Venture Global LNG, Inc.*     
 1,195,000   8.375%, 06/01/31   1,210,810 
 715,000   8.125%, 06/01/28   724,109 
 480,000   9.875%, 02/01/32   504,946 
 480,000   9.500%, 02/01/29   510,341 
     Vital Energy, Inc.     
 608,000   9.750%, 10/15/30   646,474 
 570,000   7.750%, 07/31/29*   563,120 
 1,000,000   VOC Escrow, Ltd.*     
     5.000%, 02/15/28   957,870 
 1,195,000   Weatherford International, Ltd.*     
     8.625%, 04/30/30   1,223,859 
         39,128,525 
     Financials (6.7%)     
 1,550,000   Acrisure, LLC / Acrisure Finance, Inc.*     
     8.250%, 02/01/29   1,555,642 
 1,440,000   Aethon United BR, LP / Aethon United Finance Corp.*     
     8.250%, 02/15/26   1,436,472 
 681,000   AG Issuer, LLC*     
     6.250%, 03/01/28   673,216 
     Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*     
 1,675,000   6.750%, 10/15/27   1,640,813 
 120,000   7.000%, 01/15/31   121,513 
     Ally Financial, Inc.     
 1,532,000   4.700%, 02/01/36     
     7 year CMT + 3.48%‡   1,223,522 
 402,000   8.000%, 11/01/31   445,203 
 1,923,000   AmWINS Group, Inc.*     
     4.875%, 06/30/29   1,797,409 
 726,000   Aviation Capital Group, LLC*µ     
     3.500%, 11/01/27   676,879 
 1,436,000   BroadStreet Partners, Inc.*     
     5.875%, 04/15/29   1,363,396 
 1,145,000   Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*     
     4.500%, 04/01/27   1,015,432 
 1,000,000   Burford Capital Global Financial, LLC*     
     6.875%, 04/15/30   975,480 
     Credit Acceptance Corp.     
 925,000   6.625%, 03/15/26^   926,221 
 635,000   9.250%, 12/15/28*   669,125 
 960,000   Cushman & Wakefield U.S. Borrower LLC*^     
     8.875%, 09/01/31   1,008,307 
 1,247,000   Enact Holdings, Inc.*µ     
     6.500%, 08/15/25   1,244,955 
 1,075,000   GGAM Finance, Ltd.*     
     8.000%, 02/15/27   1,109,432 
 1,197,000   Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*     
     3.750%, 12/15/27   1,023,638 
 1,000,000   GTCR W-2 Merger Sub, LLC*     
     7.500%, 01/15/31   1,042,730 
 535,000   HAT Holdings I LLC / HAT Holdings II LLC*     
     8.000%, 06/15/27   554,929 
     HUB International, Ltd.*     
 1,430,000   5.625%, 12/01/29   1,350,177 
 475,000   7.375%, 01/31/32   486,182 
 718,000   Icahn Enterprises, LP / Icahn Enterprises Finance Corp.     
     4.375%, 02/01/29   600,772 
 1,300,000   ILFC E-Capital Trust II*‡     
     7.436%, 12/21/65     
     3 mo. USD LIBOR + 1.80%   1,030,406 
 1,990,000   Iron Mountain, Inc.*     
     5.250%, 03/15/28   1,931,335 
 2,435,000   Jefferies Finance, LLC / JFIN Co-Issuer Corp.*     
     5.000%, 08/15/28   2,198,561 
     Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*     
 1,874,000   5.250%, 10/01/25   1,844,110 
 1,033,000   4.750%, 06/15/29   925,217 
 875,000   LD Holdings Group, LLC*     
     6.125%, 04/01/28   713,983 

 

See accompanying Notes to Schedule of Investments

 

 4

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
     Level 3 Financing, Inc.*     
 985,000   4.250%, 07/01/28  $331,206 
 480,000   4.625%, 09/15/27   253,411 
 720,000   LPL Holdings, Inc.*     
     4.000%, 03/15/29   664,006 
 955,000   Macquarie Airfinance Holdings, Ltd.*     
     8.125%, 03/30/29   991,729 
 1,498,000   MetLife, Inc.     
     6.400%, 12/15/66   1,530,477 
 1,300,000   Nationstar Mortgage Holdings, Inc.*     
     5.500%, 08/15/28   1,238,497 
     Navient Corp.     
 1,038,000   5.000%, 03/15/27   990,678 
 525,000   4.875%, 03/15/28^   477,519 
 630,000   Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*     
     4.500%, 09/30/28   536,117 
 475,000   Newmark Group, Inc.*     
     7.500%, 01/12/29   485,469 
     OneMain Finance Corp.     
 670,000   9.000%, 01/15/29   706,287 
 660,000   3.875%, 09/15/28   580,021 
 479,000   7.125%, 03/15/26^   485,802 
 476,000   Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*^     
     5.875%, 10/01/28   466,042 
 1,493,000   PHH Mortgage Corp.*     
     7.875%, 03/15/26   1,379,308 
 1,100,000   RHP Hotel Properties, LP / RHP Finance Corp.*     
     4.500%, 02/15/29   1,023,363 
     Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*     
 450,000   3.875%, 03/01/31   395,474 
 445,000   3.625%, 03/01/29   397,176 
 220,000   2.875%, 10/15/26   204,175 
 943,000   StoneX Group, Inc.*     
     8.625%, 06/15/25   953,778 
     United Wholesale Mortgage, LLC*     
 1,123,000   5.500%, 04/15/29   1,061,999 
 480,000   5.750%, 06/15/27   471,787 
     Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*     
 478,000   10.500%, 02/15/28   486,437 
 465,000   6.500%, 02/15/29   328,151 
 1,100,000   VZ Secured Financing, BV*     
     5.000%, 01/15/32   961,906 
 1,017,000   XHR, LP*     
     6.375%, 08/15/25   1,018,678 
         50,004,550 
     Health Care (2.8%)     
     Bausch Health Companies, Inc.*     
 1,934,000   11.000%, 09/30/28   1,329,296 
 382,000   14.000%, 10/15/30   216,174 
 359,000   6.125%, 02/01/27   227,854 
     CHS/Community Health Systems, Inc.*     
 1,917,000   6.125%, 04/01/30   1,269,897 
 544,000   8.000%, 03/15/26   536,014 
 538,000   6.875%, 04/15/29   371,360 
 475,000   10.875%, 01/15/32   499,049 
 120,000   5.250%, 05/15/30   99,749 
     DaVita, Inc.*     
 1,139,000   3.750%, 02/15/31   939,584 
 1,061,000   4.625%, 06/01/30   939,547 
     Embecta Corp.*     
 717,000   5.000%, 02/15/30   587,467 
 240,000   6.750%, 02/15/30   211,766 
     Encompass Health Corp.     
 470,000   4.750%, 02/01/30   441,805 
 470,000   4.500%, 02/01/28   449,626 
 1,109,000   HCA, Inc.^     
     7.500%, 11/06/33   1,252,161 
 300,000   Jazz Securities DAC*     
     4.375%, 01/15/29   277,548 
     Medline Borrower, LP*     
 1,215,000   3.875%, 04/01/29   1,101,446 
 1,208,000   5.250%, 10/01/29   1,127,306 
     Organon & Company / Organon Foreign Debt Co-Issuer, BV*     
 1,760,000   5.125%, 04/30/31   1,516,046 
 450,000   4.125%, 04/30/28   411,728 
 1,025,000   Team Health Holdings, Inc.*     
     6.375%, 02/01/25   866,535 
     Tenet Healthcare Corp.     
 2,250,000   6.250%, 02/01/27   2,245,613 
 1,315,000   6.875%, 11/15/31   1,355,528 
     Teva Pharmaceutical Finance Netherlands III, BV     
 1,215,000   5.125%, 05/09/29^   1,172,754 
 800,000   4.750%, 05/09/27   774,000 
 440,000   3.150%, 10/01/26   410,775 
         20,630,628 
     Industrials (5.8%)     
 1,100,000   ACCO Brands Corp.*^     
     4.250%, 03/15/29   998,327 
 740,000   AerCap Holdings, NV^‡     
     5.875%, 10/10/79     
     5 year CMT + 4.54%   735,153 
 965,000   Air Lease Corp.‡     
     4.125%, 02/01/36     
     5 year CMT + 3.15%   817,895 
     Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*     
 1,600,000   4.625%, 01/15/27   1,553,328 
 720,000   5.875%, 02/15/28   719,633 
 860,000   Allegiant Travel Company*     
     7.250%, 08/15/27   841,510 
 538,000   Arcosa, Inc.*     
     4.375%, 04/15/29   504,913 
 2,450,000   ARD Finance, SA*     
     6.500%, 06/30/27     
     7.250% PIK rate   1,188,936 
 753,000   Beacon Roofing Supply, Inc.*     
     4.125%, 05/15/29   682,775 
     Bombardier, Inc.*     
 480,000   8.750%, 11/15/30   505,094 
 477,000   7.875%, 04/15/27   477,658 
 956,000   BWX Technologies, Inc.*     
     4.125%, 04/15/29   887,264 
 1,000,000   Cascades, Inc. / Cascades USA, Inc.*     
     5.375%, 01/15/28   981,380 

 

See accompanying Notes to Schedule of Investments

 

5 

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 239,000   Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ     
     4.750%, 10/20/28  $235,250 
 1,265,000   Deluxe Corp.*     
     8.000%, 06/01/29   1,139,613 
 957,000   Eco Material Technologies, Inc.*     
     7.875%, 01/31/27   958,302 
 478,000   Emerald Debt Merger Sub, LLC*     
     6.625%, 12/15/30   483,210 
     EnerSys*     
 500,000   6.625%, 01/15/32   507,220 
 475,000   4.375%, 12/15/27   450,081 
 580,000   Graham Packaging Company, Inc.*     
     7.125%, 08/15/28   521,142 
     Graphic Packaging International, LLC*     
 625,000   4.750%, 07/15/27   608,912 
 446,000   3.500%, 03/01/29   403,385 
 1,054,000   Great Lakes Dredge & Dock Corp.*^     
     5.250%, 06/01/29   915,410 
 2,244,000   H&E Equipment Services, Inc.*     
     3.875%, 12/15/28   2,039,347 
 1,198,000   Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*     
     5.750%, 01/20/26   1,126,719 
 1,250,000   Herc Holdings, Inc.*     
     5.500%, 07/15/27   1,228,637 
 1,120,000   IEA Energy Services, LLC*     
     6.625%, 08/15/29   1,054,122 
     JELD-WEN, Inc.*     
 564,000   4.625%, 12/15/25   551,603 
 500,000   4.875%, 12/15/27^   477,530 
 1,575,000   Ken Garff Automotive, LLC*     
     4.875%, 09/15/28   1,471,822 
 955,000   Knife River Holding Company*     
     7.750%, 05/01/31   1,004,717 
 234,000   MasTec, Inc.*µ^     
     4.500%, 08/15/28   219,869 
 588,000   Moog, Inc.*     
     4.250%, 12/15/27   551,332 
 1,198,000   Newfold Digital Holdings Group, Inc.*     
     6.000%, 02/15/29   907,437 
 940,000   Novelis Corp.*     
     4.750%, 01/30/30   873,006 
 360,000   OI European Group, BV*     
     4.750%, 02/15/30   333,547 
 1,100,000   Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^     
     4.000%, 10/15/27   1,027,015 
     Sealed Air Corp.*     
 743,000   6.125%, 02/01/28   747,057 
 239,000   5.000%, 04/15/29^   230,537 
 240,000   Sealed Air Corp./Sealed Air Corp. U.S.*     
     7.250%, 02/15/31   251,779 
 450,000   Sensata Technologies, BV*     
     4.000%, 04/15/29   412,200 
 479,000   Sensata Technologies, Inc.*     
     3.750%, 02/15/31   417,266 
     Sinclair Television Group, Inc.*     
 717,000   4.125%, 12/01/30   554,700 
 475,000   5.500%, 03/01/30   366,320 
 955,000   Standard Industries, Inc.*     
     5.000%, 02/15/27   928,957 
 773,000   Stericycle, Inc.*^     
     3.875%, 01/15/29   703,755 
 717,000   STL Holding Company, LLC*     
     7.500%, 02/15/26   730,315 
 240,000   Summit Materials LLC / Summit Materials Finance Corp.*     
     7.250%, 01/15/31   249,624 
     TransDigm, Inc.     
 1,035,000   6.875%, 12/15/30*   1,064,446 
 710,000   6.750%, 08/15/28*   722,546 
 700,000   7.500%, 03/15/27   702,303 
 544,000   6.250%, 03/15/26*   541,427 
 360,000   7.125%, 12/01/31*   375,570 
 960,000   Tronox, Inc.*     
     4.625%, 03/15/29   848,717 
 353,898   United Airlines Pass Through Trust Series 2019-2, Class B     
     3.500%, 11/01/29   323,650 
 961,000   Vertiv Group Corp.*     
     4.125%, 11/15/28   895,047 
 1,004,000   Wabash National Corp.*     
     4.500%, 10/15/28   915,598 
 855,000   Waste Pro USA, Inc.*     
     5.500%, 02/15/26   830,812 
     Williams Scotsman, Inc.*     
 565,000   4.625%, 08/15/28   533,479 
 480,000   7.375%, 10/01/31   503,294 
         43,832,493 
     Information Technology (1.9%)     
 238,000   Booz Allen Hamilton, Inc.*     
     4.000%, 07/01/29   223,558 
 557,000   Coherent Corp.*     
     5.000%, 12/15/29   521,703 
 634,000   CommScope Technologies, LLC*^     
     6.000%, 06/15/25   504,601 
 895,000   CommScope, Inc.*     
     4.750%, 09/01/29   592,660 
 602,000   Dell International, LLC / EMC Corp.µ     
     6.020%, 06/15/26   615,280 
 478,000   Dun & Bradstreet Corp.*^     
     5.000%, 12/15/29   444,875 
 480,000   Fair Isaac Corp.*     
     4.000%, 06/15/28   447,451 
 1,050,000   KBR, Inc.*     
     4.750%, 09/30/28   968,751 
     MPH Acquisition Holdings, LLC*     
 1,050,000   5.750%, 11/01/28   836,042 
 480,000   5.500%, 09/01/28   426,835 
 477,000   NCL Corp., Ltd.*     
     8.125%, 01/15/29   500,755 
 478,000   NCR Voyix Corp.*     
     5.125%, 04/15/29   450,118 
 723,000   ON Semiconductor Corp.*     
     3.875%, 09/01/28   663,786 
     Open Text Corp.*     
 705,000   3.875%, 02/15/28   655,389 
 475,000   6.900%, 12/01/27   493,767 
 359,000   3.875%, 12/01/29   324,209 
 359,000   Open Text Holdings, Inc.*^     
     4.125%, 12/01/31   317,866 
 896,000   Playtika Holding Corp.*     
     4.250%, 03/15/29   777,450 

 

See accompanying Notes to Schedule of Investments

 

 6

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 1,350,000   TTM Technologies, Inc.*     
     4.000%, 03/01/29  $1,221,710 
     Twilio, Inc.     
 680,000   3.625%, 03/15/29   614,849 
 236,000   3.875%, 03/15/31   208,128 
 356,000   UKG, Inc.*     
     6.875%, 02/01/31   360,393 
 1,200,000   Viavi Solutions, Inc.*     
     3.750%, 10/01/29   1,045,992 
 1,100,000   ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*     
     3.875%, 02/01/29   980,100 
         14,196,268 
     Materials (1.8%)     
 500,000   ArcelorMittal, SA     
     7.000%, 10/15/39   545,885 
 534,000   ATI, Inc.     
     5.875%, 12/01/27   525,814 
 242,000   Carpenter Technology Corp.     
     7.625%, 03/15/30   250,436 
 715,000   Chemours Company*     
     4.625%, 11/15/29   625,932 
 1,530,000   Clearwater Paper Corp.*     
     4.750%, 08/15/28   1,436,655 
 716,000   Cleveland-Cliffs, Inc.*     
     6.750%, 04/15/30   722,602 
     Commercial Metals Company     
 478,000   4.125%, 01/15/30   437,475 
 239,000   4.375%, 03/15/32   213,950 
 1,115,000   Constellium, SE*^     
     3.750%, 04/15/29   1,005,262 
 477,000   HB Fuller Company     
     4.250%, 10/15/28   444,974 
 475,000   INEOS Finance, PLC*^     
     6.750%, 05/15/28   464,897 
 725,000   JW Aluminum Continuous Cast Company*     
     10.250%, 06/01/26   733,106 
 850,000   Kaiser Aluminum Corp.*     
     4.625%, 03/01/28   783,828 
 235,000   LSF11 A5 HoldCo, LLC*     
     6.625%, 10/15/29   200,356 
     Mercer International, Inc.     
 1,260,000   5.125%, 02/01/29   1,081,798 
 483,000   12.875%, 10/01/28*   519,404 
 935,000   OCI, NV*     
     6.700%, 03/16/33   934,850 
     Owens-Brockway Glass Container, Inc.*^     
 720,000   7.250%, 05/15/31   726,840 
 472,000   6.625%, 05/13/27   472,585 
 1,105,000   Silgan Holdings, Inc.     
     4.125%, 02/01/28   1,041,043 
 478,000   Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.*     
     5.125%, 04/01/29   187,844 
         13,355,536 
     Other (0.1%)     
     Gen Digital, Inc.*     
 500,000   7.125%, 09/30/30^   518,865 
 500,000   6.750%, 09/30/27   508,370 
         1,027,235 
     Real Estate (0.4%)     
 764,000   EPR Properties     
     3.750%, 08/15/29   681,274 
     Forestar Group, Inc.*     
 750,000   5.000%, 03/01/28   713,385 
 502,000   3.850%, 05/15/26   477,437 
 1,073,000   MIWD Holdco II, LLC / MIWD Finance Corp.*     
     5.500%, 02/01/30   977,825 
 465,000   Service Properties Trust^     
     5.250%, 02/15/26   450,613 
         3,300,534 
     Special Purpose Acquisition Companies (0.2%)     
     Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*     
 955,000   6.750%, 01/15/30^   859,682 
 477,000   4.625%, 01/15/29   439,665 
         1,299,347 
     Utilities (0.1%)     
 350,000   PPL Capital Funding, Inc.‡     
     8.275%, 03/30/67     
     3 mo. USD LIBOR + 2.67%   335,863 
     Vistra Corp.*‡     
 450,000   7.000%, 02/01/68     
     5 year CMT + 5.74%   439,290 
 250,000   8.000%, 02/01/68     
     5 year CMT + 6.93%   251,158 
         1,026,311 
     Total Corporate Bonds     
     (Cost $309,905,188)   305,038,181 
           
Convertible Bonds (103.3%)     
     Communication Services (9.4%)     
 960,000   Cable One, Inc.µ     
     0.000%, 03/15/26   824,746 
     Liberty Media Corp.*     
 8,500,000   3.750%, 03/15/28   10,545,610 
 8,250,000   2.375%, 09/30/53   8,660,437 
 9,000,000   Liberty Media Corp.-Liberty Formula One     
     2.250%, 08/15/27   9,379,980 
 5,250,000   Match Group Financeco 3, Inc.*µ     
     2.000%, 01/15/30   4,674,600 
 6,000,000   Perficient, Inc.µ     
     0.125%, 11/15/26   5,109,000 
 14,500,000   Sea, Ltd.     
     0.250%, 09/15/26   12,227,560 
     Snap, Inc.µ     
 10,500,000   0.000%, 05/01/27   8,458,065 
 5,750,000   0.750%, 08/01/26   6,036,638 
 3,500,000   Zillow Group, Inc.µ     
     1.375%, 09/01/26   4,781,455 
         70,698,091 
     Consumer Discretionary (20.8%)     
 11,500,000   Airbnb, Inc.µ     
     0.000%, 03/15/26   10,454,650 
 4,500,000   Booking Holdings, Inc.     
     0.750%, 05/01/25   8,401,815 

 

See accompanying Notes to Schedule of Investments

 

7 

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 4,250,000   Carnival Corp.     
     5.750%, 12/01/27  $6,470,923 
 6,750,000   Chegg, Inc.µ     
     0.000%, 09/01/26   5,609,385 
     DISH Network Corp.µ     
 14,191,000   0.000%, 12/15/25   10,157,208 
 955,000   2.375%, 03/15/24   936,330 
 11,500,000   DraftKings Holdings, Inc.µ     
     0.000%, 03/15/28   9,595,255 
 12,750,000   Etsy, Inc.µ     
     0.125%, 09/01/27   10,574,595 
 16,750,000   Ford Motor Company     
     0.000%, 03/15/26   16,326,727 
 8,750,000   Liberty Broadband Corp.*µ     
     3.125%, 03/31/53   8,591,537 
 2,435,000   Lucid Group, Inc.*     
     1.250%, 12/15/26   968,180 
 10,250,000   Marriott Vacations Worldwide Corp.µ     
     3.250%, 12/15/27   9,064,690 
 11,500,000   Rivian Automotive, Inc.*µ     
     4.625%, 03/15/29   12,249,570 
 2,000,000   Royal Caribbean Cruises, Ltd.     
     6.000%, 08/15/25   5,238,120 
 5,750,000   Shake Shack, Inc.µ     
     0.000%, 03/01/28   4,712,413 
 3,250,000   Stride, Inc.     
     1.125%, 09/01/27   4,167,183 
 15,000,000   Vail Resorts, Inc.µ     
     0.000%, 01/01/26   13,546,800 
 13,500,000   Wayfair, Inc.µ     
     3.250%, 09/15/27   14,906,835 
 3,756,000   Winnebago Industries, Inc.*µ     
     3.250%, 01/15/30   3,864,999 
         155,837,215 
     Consumer Staples (0.6%)     
 4,500,000   Post Holdings, Inc.     
     2.500%, 08/15/27   4,684,905 
           
     Energy (2.0%)     
 4,890,000   Nabors Industries, Inc.*µ     
     1.750%, 06/15/29   3,619,236 
 4,250,000   Northern Oil & Gas, Inc.     
     3.625%, 04/15/29   4,734,967 
 2,750,000   Pioneer Natural Resources Companyµ     
     0.250%, 05/15/25   6,837,435 
     SunEdison, Inc.@     
 9,411,000   0.250%, 01/15/49   94,110 
 898,000   0.000%, 10/01/49   8,980 
         15,294,728 
     Financials (1.4%)     
 8,750,000   Morgan Stanley Finance, LLC     
     1.000%, 11/23/27   10,183,250 
           
     Health Care (21.6%)     
 4,500,000   Alnylam Pharmaceuticals, Inc.µ     
     1.000%, 09/15/27   4,342,185 
 5,500,000   Alphatec Holdings, Inc.     
     0.750%, 08/01/26   6,036,855 
 5,702,000   BioMarin Pharmaceutical, Inc.µ     
     0.599%, 08/01/24   5,617,667 
 9,500,000   CONMED Corp.µ     
     2.250%, 06/15/27   9,038,490 
 12,250,000   CryoPort, Inc.*µ     
     0.750%, 12/01/26   10,035,322 
     Dexcom, Inc.µ     
 15,831,000   0.250%, 11/15/25   16,390,309 
 8,000,000   0.375%, 05/15/28*   8,063,040 
 2,886,000   Enovis Corp.*     
     3.875%, 10/15/28   3,567,991 
 4,250,000   Envista Holdings Corp.*µ     
     1.750%, 08/15/28   3,881,568 
     Exact Sciences Corp.µ     
 6,750,000   0.375%, 03/15/27   6,273,720 
 3,750,000   2.000%, 03/01/30*   4,165,238 
 7,250,000   Halozyme Therapeutics, Inc.µ     
     1.000%, 08/15/28   6,578,433 
 2,088,000   Immunocore Holdings, PLC*     
     2.500%, 02/01/30   2,251,908 
 4,250,000   Insmed, Inc.µ     
     0.750%, 06/01/28   4,632,160 
 4,500,000   Insulet Corp.µ     
     0.375%, 09/01/26   4,820,310 
 9,125,000   Integer Holdings Corp.*     
     2.125%, 02/15/28   11,889,236 
 4,500,000   Ionis Pharmaceuticals, Inc.     
     0.000%, 04/01/26   4,785,975 
 9,950,000   Jazz Investments I, Ltd.µ     
     2.000%, 06/15/26   10,033,779 
 3,721,000   Lantheus Holdings, Inc.µ     
     2.625%, 12/15/27   3,857,523 
 10,250,000   NeoGenomics, Inc.µ     
     0.250%, 01/15/28   7,832,948 
 8,500,000   Omnicell, Inc.µ     
     0.250%, 09/15/25   7,814,050 
 8,000,000   Pacira BioSciences, Inc.µ     
     0.750%, 08/01/25   7,434,400 
 3,750,000   Sarepta Therapeutics, Inc.     
     1.250%, 09/15/27   4,233,000 
 8,250,000   Shockwave Medical, Inc.*     
     1.000%, 08/15/28   8,725,860 
         162,301,967 
     Industrials (7.9%)     
 4,250,000   Axon Enterprise, Inc.     
     0.500%, 12/15/27   5,224,483 
 4,125,000   Fluor Corp.*     
     1.125%, 08/15/29   4,370,561 
 7,250,000   John Bean Technologies Corp.µ     
     0.250%, 05/15/26   6,566,615 
 4,250,000   Middleby Corp.µ     
     1.000%, 09/01/25   5,021,928 
 3,000,000   Parsons Corp.     
     0.250%, 08/15/25   4,458,180 
 4,000,000   Tetra Tech, Inc.*     
     2.250%, 08/15/28   4,067,840 
     Uber Technologies, Inc.     
 20,000,000   0.000%, 12/15/25   20,674,000 
 7,804,000   0.875%, 12/01/28*   8,717,770 
         59,101,377 
     Information Technology (33.0%)     
 4,125,000   Advanced Energy Industries, Inc.*     
     2.500%, 09/15/28   4,275,315 
     Akamai Technologies, Inc.     
 8,250,000   1.125%, 02/15/29*   9,171,195 
 4,500,000   0.375%, 09/01/27µ   5,155,695 
 9,250,000   Bentley Systems, Inc.µ     
     0.125%, 01/15/26   9,071,845 

 

See accompanying Notes to Schedule of Investments

 

 8

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 7,500,000   BILL Holdings, Inc.µ     
     0.000%, 12/01/25  $7,031,325 
 3,250,000   Camtek, Ltd.*     
     0.000%, 12/01/26   4,642,593 
 5,750,000   Confluent, Inc.µ     
     0.000%, 01/15/27   4,815,223 
 7,500,000   CyberArk Software, Ltd.µ     
     0.000%, 11/15/24   11,285,700 
 4,730,000   Datadog, Inc.µ     
     0.125%, 06/15/25   6,694,180 
 6,000,000   DigitalOcean Holdings, Inc.µ     
     0.000%, 12/01/26   4,947,660 
 9,066,000   Enphase Energy, Inc.µ     
     0.000%, 03/01/26   8,143,444 
 2,250,000   Five9, Inc.µ     
     0.500%, 06/01/25   2,163,105 
 2,000,000   MongoDB, Inc.µ~     
     0.250%, 01/15/26   3,884,860 
     NCL Corp., Ltd.µ     
 6,000,000   1.125%, 02/15/27   5,340,780 
 4,500,000   2.500%, 02/15/27   4,121,640 
 3,000,000   5.375%, 08/01/25   3,617,460 
 6,250,000   Nutanix, Inc.     
     0.250%, 10/01/27   7,175,812 
     Okta, Inc.µ     
 7,500,000   0.125%, 09/01/25   6,930,000 
 4,000,000   0.375%, 06/15/26   3,557,000 
 17,250,000   ON Semiconductor Corp.*µ     
     0.500%, 03/01/29   16,754,925 
 5,500,000   Palo Alto Networks, Inc.µ     
     0.375%, 06/01/25   18,710,890 
 2,000,000   Q2 Holdings, Inc.µ     
     0.750%, 06/01/26   1,826,420 
 7,500,000   Rapid7, Inc.     
     1.250%, 03/15/29   8,211,675 
 11,250,000   Repay Holdings Corp.*µ     
     0.000%, 02/01/26   9,564,300 
 4,000,000   Seagate HDD Cayman*     
     3.500%, 06/01/28   4,817,080 
 13,750,000   Shift4 Payments, Inc.     
     0.000%, 12/15/25   15,170,787 
 6,600,000   SK Hynix, Inc.     
     1.750%, 04/11/30   8,702,298 
 10,000,000   Tyler Technologies, Inc.     
     0.250%, 03/15/26   10,149,500 
 12,250,000   Unity Software, Inc.µ     
     0.000%, 11/15/26   10,190,407 
 5,000,000   Western Digital Corp.*     
     3.000%, 11/15/28   6,494,700 
 6,250,000   Wix.com, Ltd.     
     0.000%, 08/15/25   5,718,250 
     Wolfspeed, Inc.     
 8,750,000   1.875%, 12/01/29   5,046,212 
 5,338,000   0.250%, 02/15/28   3,161,911 
 4,250,000   Workiva, Inc.*µ     
     1.250%, 08/15/28   4,094,578 
 4,250,000   Zscaler, Inc.µ     
     0.125%, 07/01/25   6,764,895 
         247,403,660 
     Materials (2.0%)     
 1,500,000   ATI, Inc.µ     
     3.500%, 06/15/25   4,000,275 
 3,500,000   Ivanhoe Mines, Ltd.*     
     2.500%, 04/15/26   5,224,100 
 6,306,000   MP Materials Corp.*µ     
     0.250%, 04/01/26   5,416,665 
         14,641,040 
     Other (0.0%)     
 475,000   Multiplan Corp.*µ     
     6.000%, 10/15/27     
     7.000% PIK rate7.000% PIK rate   332,699 
           
     Real Estate (0.7%)     
 6,000,000   Pebblebrook Hotel Trustµ     
     1.750%, 12/15/26   5,382,840 
           
     Utilities (3.9%)     
 4,250,000   CMS Energy Corp.*     
     3.375%, 05/01/28   4,169,463 
 6,500,000   PG&E Corp.*µ     
     4.250%, 12/01/27   6,626,035 
 15,250,000   PPL Capital Funding, Inc.*^     
     2.875%, 03/15/28   14,550,177 
 4,250,000   Southern Company*     
     3.875%, 12/15/25   4,234,062 
         29,579,737 
     Total Convertible Bonds     
     (Cost $808,571,928)   775,441,509 
           
Bank Loans (6.4%) ¡    
     Airlines (0.2%)     
 680,000   American Airlines, Inc.‡     
     10.329%, 04/20/28     
     3 mo. SOFR + 4.75%   697,803 
 689,500   Mileage Plus Holdings, LLC‡     
     10.770%, 06/21/27     
     3 mo. SOFR + 5.25%   711,550 
         1,409,353 
     Communication Services (0.3%)     
 126,698   Clear Channel Outdoor Holdings, Inc.‡     
     9.074%, 08/21/26     
     3 mo. SOFR + 3.50%   125,442 
 755,000   DirecTV Financing, LLC!     
     0.000%, 08/02/29   755,631 
 1,505,000   Entercom Media Corp.‡&     
     8.145%, 11/18/24     
     3 mo. SOFR + 2.50%   845,035 
 485,000   Telesat Canada‡     
     8.400%, 12/07/26     
     3 mo. SOFR + 2.75%   297,729 
         2,023,837 
     Consumer Discretionary (1.3%)     
 744,000   American Axle & Manufacturing, Inc.‡     
     8.936%, 12/13/29     
     1 mo. SOFR + 3.50%   745,399 
 962,725   Caesars Entertainment, Inc.‡     
     8.663%, 02/06/30     
     3 mo. SOFR + 3.25%   963,495 
 1,147,074   Carnival Corp.‡     
     8.697%, 10/18/28     
     1 mo. SOFR + 3.25%   1,148,685 

 

See accompanying Notes to Schedule of Investments

 

9 

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 970,125   Carnival Corp.‡     
     8.336%, 08/08/27     
     1 mo. SOFR + 3.00%  $971,823 
 977,613   Hanesbrands, Inc.‡     
     9.083%, 03/08/30     
     1 mo. SOFR + 3.75%   973,946 
 530,816   Life Time Fitness, Inc.‡     
     9.824%, 01/15/26     
     3 mo. SOFR + 4.25%   534,532 
 580,558   Petco Health & Wellness Company, Inc.‡     
     8.860%, 03/03/28     
     3 mo. SOFR + 3.25%   546,517 
 2,380,222   PetSmart, Inc.‡     
     9.183%, 02/11/28     
     1 mo. SOFR + 3.75%   2,372,546 
 596,577   TKC Holdings, Inc.‡     
     10.947%, 05/15/28     
     1 mo. SOFR + 5.50%   578,530 
 974,388   Windsor Holdings III, LLC‡     
     9.848%, 08/01/30     
     1 mo. SOFR + 4.50%   976,960 
         9,812,433 
     Consumer Staples (0.7%)     
 2,037,793   Amneal Pharmaceuticals, LLC‡     
     10.833%, 05/04/28     
     1 mo. SOFR + 5.50%   2,027,604 
 1,756,452   Jazz Financing Lux Sarl‡     
     8.447%, 05/05/28     
     1 mo. SOFR + 3.00%   1,757,550 
 960,000   Star Parent, Inc.‡     
     9.348%, 09/27/30     
     3 mo. SOFR + 4.00%   939,000 
 481,343   United Natural Foods, Inc.‡     
     8.697%, 10/22/25     
     1 mo. SOFR + 3.25%   481,018 
         5,205,172 
     Energy (0.3%)     
 750,000   Buckeye Partners, LP‡     
     7.833%, 11/22/30   750,626 
 475,000   New Fortress Energy, Inc.‡     
     10.317%, 10/27/28     
     3 mo. SOFR + 5.00%   475,950 
 1,197,184   Par Petroleum, LLC‡     
     9.738%, 02/28/30     
     3 mo. SOFR + 4.25%   1,198,232 
         2,424,808 
     Financials (0.9%)     
 240,000   Advisor Group, Inc.‡     
     9.833%, 08/17/28     
     1 mo. SOFR + 4.50%   240,076 
 778,636   Alliant Holdings Intermediate LLC‡     
     8.833%, 11/06/30     
     1 mo. SOFR + 3.50%   781,143 
 721,380   Amynta Agency Borrower, Inc.‡     
     9.583%, 02/28/28     
     1 mo. SOFR + 4.25%   722,537 
 987,437   AssuredPartners, Inc.‡     
     8.833%, 02/12/27     
     1 mo. SOFR + 3.50%   985,378 
 738,150   Avolon TLB Borrower 1, LLC‡     
     7.337%, 06/22/28     
     1 mo. SOFR + 2.00%   738,825 
 450,000   Broadstreet Partners, Inc.‡     
     9.083%, 01/27/29     
     1 mo. SOFR + 3.75%   450,281 
 950,000   HUB International, Ltd.!     
     0.000%, 06/20/30   951,634 
 720,000   Iron Mountain, Inc.‡     
     7.569%, 01/31/31     
     3 mo. SOFR + 2.25%   717,077 
 1,290,453   VFH Parent, LLC‡     
     8.433%, 01/13/29     
     1 mo. SOFR + 3.00%   1,289,808 
         6,876,759 
     Health Care (0.5%)     
 488,456   Icon Luxembourg Sarl‡     
     7.860%, 07/03/28     
     3 mo. SOFR + 2.25%   489,523 
 988,235   Padagis, LLC‡     
     10.341%, 07/06/28     
     3 mo. SOFR + 4.75%   958,593 
 121,699   PRA Health Sciences, Inc.‡     
     7.860%, 07/03/28     
     3 mo. SOFR + 2.25%   121,965 
 2,367,475   Team Health Holdings, Inc.‡     
     10.563%, 03/02/27     
     3 mo. SOFR + 5.25%   1,979,801 
 6,770   Team Health Holdings, Inc.‡     
     10.583%, 03/02/27     
     1 mo. SOFR + 5.25%   5,662 
         3,555,544 
     Industrials (0.8%)     
 489,500   ACProducts, Inc.!     
     0.000%, 05/17/28   424,697 
 468,000   ACProducts, Inc.‡     
     9.860%, 05/17/28     
     3 mo. SOFR + 4.25%   406,044 
 605,775   Air Canada‡     
     9.139%, 08/11/28     
     3 mo. SOFR + 3.50%   607,147 
 903,473   ChampionX Corp.‡     
     8.187%, 06/07/29     
     1 mo. SOFR + 2.75%   907,426 
 606,019   Emrld Borrower, LP‡     
     8.313%, 05/31/30     
     1 mo. SOFR + 3.00%   606,891 
 1,122,900   Light and Wonder International, Inc.‡     
     8.083%, 04/14/29     
     1 mo. SOFR + 3.00%   1,122,900 
 975,000   TransDigm, Inc.‡     
     8.598%, 02/14/31     
     3 mo. SOFR + 3.25%   977,345 
 928,837   United Airlines, Inc.‡     
     9.201%, 04/21/28     
     1 mo. SOFR + 3.75%   931,814 
         5,984,264 
     Information Technology (0.5%)     
 1,323,697   Banff Merger Sub, Inc.‡     
     9.583%, 12/29/28     
     1 mo. SOFR + 4.25%   1,327,007 

 

See accompanying Notes to Schedule of Investments

 

 10

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 756,093   Camelot US Acquisition, LLC‡     
     8.337%, 10/30/26     
     1 mo. SOFR + 3.00%  $756,471 
 913,163   Central Parent, Inc.‡     
     9.348%, 07/06/29     
     3 mo. SOFR + 4.00%   916,016 
 857,521   II-VI, Inc.‡     
     8.087%, 07/02/29     
     1 mo. SOFR + 2.75%   855,163 
         3,854,657 
     Materials (0.7%)     
 718,200   Chemours Company‡     
     8.833%, 08/18/28     
     1 mo. SOFR + 3.50%   717,482 
 970,125   Ineos US Finance, LLC‡     
     8.837%, 02/18/30     
     1 mo. SOFR + 3.50%   960,724 
 757,638   Innophos, Inc.‡     
     8.697%, 02/05/27     
     1 mo. SOFR + 3.25%   748,959 
 1,203,950   LSF11 A5 Holdco, LLC‡     
     9.683%, 10/15/28     
     1 mo. SOFR + 4.25%   1,205,461 
 735,569   Trinseo Materials Operating SCA‡     
     8.150%, 05/03/28     
     3 mo. SOFR + 2.50%   564,796 
 981,278   WR Grace Holdings, LLC‡     
     9.360%, 09/22/28     
     3 mo. SOFR + 3.75%   983,648 
         5,181,070 
     Special Purpose Acquisition Companies (0.2%)     
 472,800   Clydesdale Acquisition Holdings, Inc.‡     
     9.108%, 04/13/29     
     1 mo. SOFR + 3.67%   470,361 
 240,713   Fertitta Entertainment, LLC‡     
     9.333%, 01/27/29     
     1 mo. SOFR + 4.00%   240,342 
 987,500   Patagonia Holdco, LLC‡     
     11.116%, 08/01/29     
     3 mo. SOFR + 5.75%   908,006 
         1,618,709 
     Total Bank Loans     
     (Cost $48,813,168)   47,946,606 

 

NUMBER OF        
SHARES      VALUE 
         
Convertible Preferred Stocks (3.4%)    
     Energy (0.0%)     
 26   Gulfport Energy Corp.#     
     10.000%, 03/04/24     
     15.000% PIK rate   240,500 
           
     Financials (2.0%)     
 83,465   Apollo Global Management, Inc.     
     0.000%, 07/31/26   4,876,025 
 8,100   Bank of America Corp.‡‡     
     7.250%   9,864,585 
         14,740,610 
     Industrials (0.5%)     
 75,625   Chart Industries, Inc.     
     6.750%, 12/15/25   3,767,638 
           
     Utilities (0.9%)     
 180,300   NextEra Energy, Inc.^     
     6.926%, 09/01/25   6,708,963 
     Total Convertible Preferred Stocks     
     (Cost $28,652,875)   25,457,711 
           
Warrants (0.0%) #     
     Energy (0.0%)     
 47,739   Mcdermott International, Ltd.&     
     06/30/27, Strike $15.98   5 
 42,965   Mcdermott International, Ltd.&     
     06/30/27, Strike $12.33   4 
     Total Warrants     
     (Cost $18,376)   9 
           
Common Stocks (0.5%)     
     Communication Services (0.0%)     
 20,285   Altice USA, Inc. - Class A^#   49,495 
 6,819   Cumulus Media, Inc. - Class Aµ#   31,367 
 1   Frontier Communications Parent, Inc.µ#   25 
         80,887 
     Consumer Staples (0.0%)     
 7,073   Mallinckrodt, PLC#   270,542 
           
     Energy (0.4%)     
 1,384   Chesapeake Energy Corp.µ   106,720 
 67,000   Energy Transfer, LP   958,100 
 39,795   Enterprise Products Partners, LP   1,064,914 
 6,644   EP Energy Corp.&#   19,932 
 32   Gulfport Energy Corp.&#   4,061 
 8,557   ONEOK, Inc.^   584,016 
         2,737,743 
     Special Purpose Acquisition Company (0.1%)     
 11,411   Intelsat Emergence, SA&#   310,950 
     Total Common Stocks     
     (Cost $4,420,995)   3,400,122 
           
Preferred Stocks (0.4%)     
     Communication Services (0.1%)     
     United States Cellular Corp.µ     
 11,875   5.500%, 06/01/70   217,907 
 11,375   5.500%, 03/01/70   210,551 
         428,458 
     Consumer Discretionary (0.1%)     
 6,122   Guitar Center, Inc.&#   502,004 

 

See accompanying Notes to Schedule of Investments

 

11 

 

 

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF        
SHARES      VALUE 
     Energy (0.2%)     
 29,680   NuStar Energy, LP‡     
     11.282%, 03/01/24     
     3 mo. USD LIBOR + 5.64%  $762,776 
 7,294   NuStar Energy, LP‡     
     12.405%, 03/01/24     
     3 mo. USD LIBOR + 6.77%   188,331 
 43,000   NuStar Logistics, LP‡     
     12.310%, 01/15/43     
     3 mo. USD SOFR + 7.00%   1,111,980 
         2,063,087 
     Total Preferred Stocks     
     (Cost $3,137,405)   2,993,549 

 

NUMBER OF        
CONTRACTS/        
NOTIONAL        
AMOUNT        
         
Purchased Option (0.0%) #        
     Information Technology (0.0%)     
 375   Zscaler, Inc.     
 8,837,625   Put, 06/21/24, Strike $200.00     
     (Cost $511,283)   386,250 
TOTAL INVESTMENTS (154.7%)     
(Cost $1,204,738,350)   1,161,367,862 
      
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-17.7%)   (133,000,000)
      
LIABILITIES, LESS OTHER ASSETS (-37.0%)   (277,890,120)
      
NET ASSETS (100.0%)  $750,477,742 

 

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 Funds. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $463,154,007.
@ In default status and considered non-income producing.
^ Security, or portion of security, is on loan.
& Illiquid security.
‡ Variable rate security. The rate shown is the rate in effect at January 31, 2024.
~ 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 $2,428,038.
¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.
! This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
# Non-income producing security.
‡‡ Perpetual maturity.
 
Note:  The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of January 31, 2024 (see Note 2):

 

   LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
Assets:                    
Asset Backed Securities  $—   $703,925   $—   $703,925 
Corporate Bonds   —    305,038,181    —    305,038,181 
Convertible Bonds   —    775,441,509    —    775,441,509 
Bank Loans   —    47,946,606    —    47,946,606 
Convertible Preferred Stocks   25,217,211    240,500    —    25,457,711 
Warrants   —    9    —    9 
Common Stocks   2,794,637    605,485    —    3,400,122 
Preferred Stocks   2,491,545    502,004    —    2,993,549 
Purchased Options   386,250    —    —    386,250 
Total  $30,889,643   $1,130,478,219   $—   $1,161,367,862 

 

See accompanying Notes to Schedule of Investments

 

 12

 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL          
AMOUNT       VALUE  
Asset Backed Security (0.1%)          
    Other (0.1%)        
850,000   SVC ABS, LLC Series 2023-1A, Class C*    
    6.700%, 02/20/53        
    (Cost $785,702)   $  782,140   
             
Corporate Bonds (40.8%)          
    Airlines (0.6%)        
956,044   Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ        
    4.800%, 02/15/29     928,051  
440,686   Alaska Airlines Pass Through Trust Series 2020-1, Class B*        
    8.000%, 02/15/27     445,234  
1,076,060   American Airlines Pass Through Trust Series 2021-1, Class B        
    3.950%, 01/11/32     960,028  
587,250   American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*        
    5.500%, 04/20/26     581,924  
1,014,360   British Airways Pass Through Trust Series 2021-1, Class B*        
    3.900%, 03/15/33     920,339  
833,999   JetBlue Pass Through Trust Series 2020-1, Class B        
    7.750%, 05/15/30     841,188  
          4,676,764  
    Communication Services (4.3%)        
600,000   Altice France Holding, SA*        
    10.500%, 05/15/27     346,710  
1,200,000   Altice France, SA*        
    5.500%, 10/15/29     886,332  
1,255,000   APi Group DE, Inc.*        
    4.750%, 10/15/29     1,175,207  
1,100,000   Ashtead Capital, Inc.*        
    2.450%, 08/12/31     896,401  
    Audacy Capital Corp.*@        
1,307,000   6.750%, 03/31/29     52,764  
490,000   6.500%, 05/01/27     20,908  
952,000   Cincinnati Bell Telephone Company, LLC        
    6.300%, 12/01/28     844,376  
1,025,000   Clear Channel Outdoor Holdings, Inc.*        
    9.000%, 09/15/28     1,071,115  
1,454,000   Consolidated Communications, Inc.*        
    6.500%, 10/01/28     1,266,885  
    CSC Holdings, LLC*        
1,630,000   5.375%, 02/01/28     1,402,957  
1,600,000   4.625%, 12/01/30     828,000  
1,220,000   4.500%, 11/15/31     876,777  
1,150,000   5.750%, 01/15/30     610,685  
1,035,000   5.500%, 04/15/27     930,579  
    Diamond Sports Group, LLC / Diamond Sports Finance Company*@        
750,000   6.625%, 08/15/27     51,323  
585,000   5.375%, 08/15/26     41,289  
1,297,000   Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*        
    5.875%, 08/15/27     1,233,278  
1,060,000   Frontier California, Inc.        
    6.750%, 05/15/27     1,025,200  
    Frontier Communications Holdings, LLC*        
658,000   5.000%, 05/01/28     607,979  
261,000   8.750%, 05/15/30     267,449  
1,165,000   Frontier Florida, LLC@        
    6.860%, 02/01/28     1,122,606  
1,555,000   Frontier North, Inc.@        
    6.730%, 02/15/28     1,491,711  
    Go Daddy Operating Company, LLC / GD Finance Company, Inc.*        
905,000   3.500%, 03/01/29     819,677  
270,000   5.250%, 12/01/27     265,270  
    iHeartCommunications, Inc.        
655,000   8.375%, 05/01/27     409,761  
395,000   5.250%, 08/15/27*     307,124  
1,295,000   LCPR Senior Secured Financing DAC*        
    6.750%, 10/15/27     1,255,761  
791,137   Ligado Networks, LLC*      
    15.500%, 11/01/23        
    15.500% PIK rate      136,234  
    Lumen Technologies, Inc.        
785,000   7.600%, 09/15/39     208,912  
525,000   4.000%, 02/15/27*     277,946  
263,000   7.650%, 03/15/42     72,514  
522,000   Match Group Holdings II, LLC*^        
    3.625%, 10/01/31     447,130   
875,000   Nexstar Media, Inc.*        
    5.625%, 07/15/27     851,847   
1,005,000   Paramount Global        
    4.900%, 08/15/44     795,056   
367,000   Qwest Corp.        
    7.250%, 09/15/25     359,752  
    Scripps Escrow II, Inc.*        
514,000   3.875%, 01/15/29     447,113  
257,000   5.375%, 01/15/31     197,592  
930,000   Scripps Escrow, Inc.*^        
    5.875%, 07/15/27     839,325  
    Sirius XM Radio, Inc.*        
1,350,000   5.500%, 07/01/29^     1,284,930  
1,044,000   4.000%, 07/15/28     948,558  
515,000   3.125%, 09/01/26     481,649  
261,000   3.875%, 09/01/31     217,945  
957,000   Spanish Broadcasting System, Inc.*        
    9.750%, 03/01/26     508,923  
1,915,000   Sprint, LLCµ        
    7.125%, 06/15/24     1,924,422  
1,170,000   Stagwell Global, LLC*        
    5.625%, 08/15/29     1,074,095  
1,042,000   Telesat Canada / Telesat, LLC*        
    4.875%, 06/01/27     617,875  
420,000   Time Warner Cable, LLC        
    7.300%, 07/01/38     440,811  
1,186,000   United States Cellular Corp.        
    6.700%, 12/15/33     1,222,849  
786,000   Univision Communications, Inc.*        
    8.000%, 08/15/28     799,951  

 

See accompanying Notes to Schedule of Investments

 

13 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL          
AMOUNT       VALUE  
525,000   Viasat, Inc.*^        
    5.625%, 04/15/27   $ 492,875  
          34,756,428  
    Consumer Discretionary (8.7%)        
1,257,000   Abercrombie & Fitch Management Company*        
    8.750%, 07/15/25     1,279,991  
1,055,000   Adams Homes, Inc.*        
    9.250%, 10/15/28     1,081,291  
1,305,000   Adient Global Holdings Company*^        
    8.250%, 04/15/31     1,379,542  
830,000   American Axle & Manufacturing, Inc.        
    6.875%, 07/01/28     812,097  
    Ashton Woods USA, LLC / Ashton Woods Finance Company*        
913,000   4.625%, 08/01/29     831,926  
780,000   6.625%, 01/15/28     773,807  
1,325,000   At Home Group, Inc.*        
    4.875%, 07/15/28     585,849  
    Bath & Body Works, Inc.        
1,369,000   6.694%, 01/15/27     1,391,821  
760,000   6.875%, 11/01/35     760,433  
600,000   Benteler International AG*^      
    10.500%, 05/15/28      643,392  
    Caesars Entertainment, Inc.*        
657,000   4.625%, 10/15/29     600,531  
512,000   8.125%, 07/01/27^     525,880  
    Carnival Corp.*        
523,000   4.000%, 08/01/28     485,103  
520,000   7.625%, 03/01/26     528,434  
65,000   7.000%, 08/15/29^     67,686  
    Carvana Company*        
209,000   14.000%, 06/01/31     186,572  
176,000   13.000%, 06/01/30     156,930  
117,000   12.000%, 12/01/28     103,905  
    CCO Holdings, LLC / CCO Holdings Capital Corp.*        
2,250,000   5.125%, 05/01/27     2,171,722  
1,825,000   4.500%, 08/15/30     1,586,290  
1,200,000   6.375%, 09/01/29     1,168,956  
1,150,000   4.750%, 03/01/30     1,022,511  
1,035,000   4.250%, 02/01/31     873,654  
540,000   5.000%, 02/01/28     510,138  
522,000   4.750%, 02/01/32     448,247  
522,000   CDI Escrow Issuer, Inc.*        
    5.750%, 04/01/30     505,625  
810,000   Cedar Fair, LP^        
    5.250%, 07/15/29     775,308  
520,000   Churchill Downs, Inc.*        
    6.750%, 05/01/31     527,462  
    Dana, Inc.        
855,000   4.250%, 09/01/30     748,424  
782,000   4.500%, 02/15/32     673,458  
    DISH DBS Corp.        
1,170,000   5.125%, 06/01/29     436,316  
775,000   5.250%, 12/01/26*     612,010  
650,000   7.375%, 07/01/28     287,677  
525,000   5.750%, 12/01/28*     354,149  
428,000   7.750%, 07/01/26     253,273  
1,049,000   DISH Network Corp.*        
    11.750%, 11/15/27     1,095,607  
1,510,000   Empire Resorts, Inc.*        
    7.750%, 11/01/26     1,400,359   
1,142,000   Everi Holdings, Inc.*        
    5.000%, 07/15/29     1,050,811  
1,075,000   Ford Motor Company^        
    6.100%, 08/19/32     1,075,699  
    Ford Motor Credit Company, LLC        
1,650,000   4.000%, 11/13/30     1,472,542  
1,350,000   7.200%, 06/10/30^     1,435,765  
1,280,000   5.113%, 05/03/29     1,244,122  
945,000   7.350%, 11/04/27     994,093  
800,000   2.900%, 02/16/28     720,368  
391,000   Gap, Inc.*        
    3.875%, 10/01/31     323,126  
510,000   General Motors Company        
    5.200%, 04/01/45     462,769  
    goeasy, Ltd.*        
1,825,000   9.250%, 12/01/28     1,945,067  
962,000   4.375%, 05/01/26     920,538  
560,000   Goodyear Tire & Rubber Company^        
    5.250%, 07/15/31     510,216  
445,000   Group 1 Automotive, Inc.*        
    4.000%, 08/15/28     410,935  
1,116,000   Guitar Center, Inc.*^&        
    8.500%, 01/15/26     991,611  
825,000   International Game Technology, PLC*        
    6.250%, 01/15/27     830,478  
285,653   JetBlue Pass Through Trust Series 2019-2, Class B        
    8.000%, 11/15/27     287,996  
928,000   Kohl's Corp.        
    5.550%, 07/17/45     633,286  
1,040,000   LCM Investments Holdings II, LLC*        
    8.250%, 08/01/31     1,067,914  
1,045,000   Liberty Interactive, LLC        
    8.250%, 02/01/30     558,302  
1,008,000   Life Time, Inc.*^        
    8.000%, 04/15/26     1,019,673  
525,000   Light & Wonder International, Inc.*        
    7.500%, 09/01/31     547,097  
390,000   Lindblad Expeditions Holdings, Inc.*        
    9.000%, 05/15/28     405,639  
672,000   Lindblad Expeditions, LLC*        
    6.750%, 02/15/27     672,511  
685,000   M/I Homes, Inc.        
    3.950%, 02/15/30     614,349  
    Macy's Retail Holdings, LLC        
1,219,000   6.700%, 07/15/34*     1,025,849  
1,025,000   4.300%, 02/15/43     778,272  
870,000   Mclaren Finance, PLC*        
    7.500%, 08/01/26     771,507  
1,329,000   Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*        
    4.875%, 05/01/29     1,233,870  
625,000   Newell Brands, Inc.        
    5.200%, 04/01/26     608,650  
    Nordstrom, Inc.        
500,000   5.000%, 01/15/44     361,295  
499,000   4.250%, 08/01/31     416,635  
1,573,000   Patrick Industries, Inc.*^        
    4.750%, 05/01/29     1,450,794  
1,195,000   PENN Entertainment, Inc.*^        
    4.125%, 07/01/29     1,027,903  

 

See accompanying Notes to Schedule of Investments

 

2 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT       VALUE  
    PetSmart, Inc. / PetSmart Finance Corp.*        
325,000   7.750%, 02/15/29   $ 315,874  
325,000   4.750%, 02/15/28     303,797  
1,460,000   Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^        
    5.625%, 09/01/29     1,100,490  
525,000   QVC, Inc.      
    5.450%, 08/15/34      348,889  
530,000   Raising Cane's Restaurants, LLC*        
    9.375%, 05/01/29     568,404   
2,039,000   Rite Aid Corp.*@        
    8.000%, 11/15/26     1,549,008  
520,000   Royal Caribbean Cruises, Ltd.*        
    7.250%, 01/15/30     542,246  
1,475,000   Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*        
    4.625%, 03/01/29     1,271,656  
1,565,000   Six Flags Entertainment Corp.*        
    7.250%, 05/15/31     1,598,147  
1,173,000   Sonic Automotive, Inc.*^        
    4.625%, 11/15/29     1,062,515  
753,000   Speedway Motorsports, LLC / Speedway Funding II, Inc.*        
    4.875%, 11/01/27     714,838  
2,125,000   Station Casinos, LLC*        
    4.500%, 02/15/28     2,005,214  
263,000   Stl Holding Company, LLC*        
    8.750%, 02/15/29     263,000  
636,000   Taylor Morrison Communities, Inc.*        
    5.750%, 01/15/28     633,882  
260,000   Viking Cruises, Ltd.*        
    9.125%, 07/15/31     278,598  
1,215,000   Vista Outdoor, Inc.*^        
    4.500%, 03/15/29     1,194,746  
    ZF North America Capital, Inc.*        
1,025,000   7.125%, 04/14/30     1,081,846  
300,000   6.875%, 04/14/28     309,222  
          70,658,430  
    Consumer Staples (2.0%)        
1,178,000   1375209 B.C., Ltd.*^        
    9.000%, 01/30/28     1,144,297  
1,543,000   Arrow Bidco, LLC*        
    10.750%, 06/15/25     1,598,563  
1,050,000   B&G Foods, Inc.*        
    8.000%, 09/15/28     1,096,315  
1,191,000   Central Garden & Pet Company*        
    4.125%, 04/30/31     1,054,738  
1,188,000   Edgewell Personal Care Company*        
    4.125%, 04/01/29     1,087,614  
    Energizer Holdings, Inc.*        
1,445,000   4.375%, 03/31/29     1,308,505  
260,000   6.500%, 12/31/27^     259,168  
    JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.        
1,575,000   5.500%, 01/15/30^     1,541,893  
650,000   5.125%, 02/01/28µ     644,950  
390,000   5.750%, 04/01/33     386,724  
480,377   Mallinckrodt International Finance SA / Mallinckrodt CB, LLC*        
    14.750%, 11/14/28   523,837  
672,000   New Albertsons, LP        
    7.750%, 06/15/26     689,748  
1,043,000   Performance Food Group, Inc.*        
    4.250%, 08/01/29     956,535  
775,000   Pilgrim's Pride Corp.        
    4.250%, 04/15/31     699,213  
477,000   Post Holdings, Inc.*        
    5.750%, 03/01/27     475,555  
986,000   Prestige Brands, Inc.*        
    3.750%, 04/01/31     859,565  
855,000   United Natural Foods, Inc.*^        
    6.750%, 10/15/28     719,483  
1,628,000   Vector Group, Ltd.*        
    5.750%, 02/01/29     1,503,605  
          16,550,308  
    Energy (5.3%)        
516,000   Antero Resources Corp.*        
    5.375%, 03/01/30     492,837  
1,037,000   Apache Corp.        
    5.100%, 09/01/40     891,820  
545,000   Buckeye Partners, LP        
    5.850%, 11/15/43     450,170  
1,460,000   Callon Petroleum Company*        
    7.500%, 06/15/30     1,539,074  
520,000   Cheniere Energy, Inc.µ        
    4.625%, 10/15/28     503,890  
780,000   Chesapeake Energy Corp.*        
    6.750%, 04/15/29     789,532  
1,465,000   Civitas Resources, Inc.*        
    8.750%, 07/01/31     1,563,580  
    Continental Resources, Inc.*        
775,000   2.875%, 04/01/32     633,051  
515,000   5.750%, 01/15/31     512,765  
808,000   DT Midstream, Inc.*        
    4.125%, 06/15/29     743,029  
    Earthstone Energy Holdings, LLC*        
1,024,000   8.000%, 04/15/27     1,061,233  
390,000   9.875%, 07/15/31     433,388  
600,000   Enbridge, Inc.‡        
    7.375%, 01/15/83      
    5 year CMT + 3.71%      601,056  
    Energy Transfer, LP‡        
1,520,000   8.586%, 11/01/66        
    3 mo. SOFR + 3.28%     1,357,831  
764,000   6.500%, 02/01/36        
    5 year CMT + 5.69%     738,926  
    EnLink Midstream Partners, LP        
1,300,000   9.756%, 02/01/36‡        
    3 mo. LIBOR + 4.11%     1,228,864  
1,125,000   4.850%, 07/15/26     1,105,481  
650,000   Enlink Midstream, LLC*        
    6.500%, 09/01/30     666,023  
1,730,000   EQM Midstream Partners, LP*        
    7.500%, 06/01/27     1,780,412  
    Genesis Energy, LP / Genesis Energy Finance Corp.        
765,000   8.875%, 04/15/30     800,871  
467,000   6.250%, 05/15/26     465,183  
    Gulfport Energy Corp.        
1,105,000   8.000%, 05/17/26*     1,115,829  
311,124   8.000%, 05/17/26     314,173  

 

See accompanying Notes to Schedule of Investments

 

3 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT       VALUE  
1,460,000   Hilcorp Energy I, LP / Hilcorp Finance Company*        
    6.000%, 04/15/30   $ 1,418,638  
782,000   Howard Midstream Energy Partners, LLC*        
    6.750%, 01/15/27     784,409  
459,000   Kodiak Gas Services, LLC*        
    7.250%, 02/15/29     464,407  
1,015,000   Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*        
    6.000%, 08/01/26     1,003,865  
    Moss Creek Resources Holdings, Inc.*        
540,000   10.500%, 05/15/27     556,173  
495,000   7.500%, 01/15/26     493,431  
    Nabors Industries, Inc.*        
780,000   7.375%, 05/15/27     771,724  
390,000   9.125%, 01/31/30     397,952  
780,000   Nabors Industries, Ltd.*        
    7.500%, 01/15/28     714,667  
1,041,000   New Fortress Energy, Inc.*        
    6.750%, 09/15/25     1,028,852  
792,000   Oceaneering International, Inc.        
    6.000%, 02/01/28     776,469  
1,110,000   Parkland Corp.*        
    5.875%, 07/15/27     1,101,941  
551,000   Patterson-UTI Energy, Inc.^        
    5.150%, 11/15/29     532,420  
260,000   Permian Resources Operating LLC*        
    7.000%, 01/15/32     268,653  
1,040,000   Plains All American Pipeline, LP‡        
    9.751%, 02/01/36        
    3 mo. LIBOR + 4.11%     1,030,442  
1,460,000   Rockcliff Energy II, LLC*        
    5.500%, 10/15/29     1,360,457  
521,000   Southwestern Energy Company        
    4.750%, 02/01/32     482,951  
1,480,100   Transocean, Inc.*        
    8.750%, 02/15/30     1,548,643  
    Venture Global Calcasieu Pass, LLC*        
650,000   6.250%, 01/15/30     651,801  
260,000   4.125%, 08/15/31     230,326  
260,000   3.875%, 08/15/29     232,409  
    Venture Global LNG, Inc.*        
1,300,000   8.375%, 06/01/31     1,317,199  
780,000   8.125%, 06/01/28     789,937  
525,000   9.875%, 02/01/32     552,284  
525,000   9.500%, 02/01/29     558,185  
    Vital Energy, Inc.        
672,000   9.750%, 10/15/30     714,524  
605,000   7.750%, 07/31/29*     597,698  
1,045,000   VOC Escrow, Ltd.*        
    5.000%, 02/15/28     1,000,974  
1,308,000   Weatherford International, Ltd.*        
    8.625%, 04/30/30     1,339,588  
          42,510,037  
    Financials (6.7%)        
1,650,000   Acrisure, LLC / Acrisure Finance, Inc.*        
    8.250%, 02/01/29     1,656,006  
1,562,000   Aethon United BR, LP / Aethon United Finance Corp.*        
    8.250%, 02/15/26   1,558,173  
746,000   AG Issuer, LLC*        
    6.250%, 03/01/28     737,473  
    Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*        
1,830,000   6.750%, 10/15/27     1,792,650  
135,000   7.000%, 01/15/31     136,702  
    Ally Financial, Inc.        
1,173,000   4.700%, 02/01/36‡        
    5 year CMT + 3.87%     953,004  
480,000   4.700%, 02/01/36‡        
    7 year CMT + 3.48%     367,162  
434,000   8.000%, 11/01/31     480,642  
2,082,000   AmWINS Group, Inc.*        
    4.875%, 06/30/29     1,946,025  
779,000   Aviation Capital Group, LLC*µ        
    3.500%, 11/01/27     726,293  
1,559,000   BroadStreet Partners, Inc.*        
    5.875%, 04/15/29     1,480,177  
1,245,000   Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*        
    4.500%, 04/01/27     1,104,116  
1,000,000   Burford Capital Global Financial, LLC*        
    6.875%, 04/15/30     975,480  
    Credit Acceptance Corp.        
1,010,000   6.625%, 03/15/26^     1,011,333  
690,000   9.250%, 12/15/28*     727,081  
1,045,000   Cushman & Wakefield U.S. Borrower LLC*^        
    8.875%, 09/01/31     1,097,584  
1,346,000   Enact Holdings, Inc.*µ        
    6.500%, 08/15/25     1,343,793  
1,170,000   GGAM Finance, Ltd.*      
    8.000%, 02/15/27      1,207,475  
1,292,000   Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*        
    3.750%, 12/15/27     1,104,880  
1,050,000   GTCR W-2 Merger Sub, LLC*        
    7.500%, 01/15/31     1,094,866  
585,000   HAT Holdings I LLC / HAT Holdings II LLC*        
    8.000%, 06/15/27     606,791  
    HUB International, Ltd.*        
1,571,000   5.625%, 12/01/29     1,483,307  
525,000   7.375%, 01/31/32     537,358  
781,000   Icahn Enterprises, LP / Icahn Enterprises Finance Corp.        
    4.375%, 02/01/29     653,486  
1,420,000   ILFC E-Capital Trust II*‡        
    7.436%, 12/21/65      
    3 mo. LIBOR + 1.80%      1,125,520  
2,155,000   Iron Mountain, Inc.*        
    5.250%, 03/15/28     2,091,471  
2,640,000   Jefferies Finance, LLC / JFIN Co-Issuer Corp.*        
    5.000%, 08/15/28     2,383,656  
    Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*        
2,029,000   5.250%, 10/01/25     1,996,637  
1,127,000   4.750%, 06/15/29     1,009,409  

  

See accompanying Notes to Schedule of Investments

 

4

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT       VALUE  
960,000   LD Holdings Group, LLC*        
    6.125%, 04/01/28   $ 783,341  
    Level 3 Financing, Inc.*        
1,080,000   4.250%, 07/01/28     363,150  
525,000   4.625%, 09/15/27     277,169  
774,000   LPL Holdings, Inc.*        
    4.000%, 03/15/29     713,806  
1,055,000   Macquarie Airfinance Holdings, Ltd.*        
    8.125%, 03/30/29     1,095,575  
1,623,000   MetLife, Inc.^        
    6.400%, 12/15/66     1,658,187  
1,415,000   Nationstar Mortgage Holdings, Inc.*        
    5.500%, 08/15/28     1,348,056  
    Navient Corp.        
1,133,000   5.000%, 03/15/27     1,081,347  
565,000   4.875%, 03/15/28^     513,901  
650,000   Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*        
    4.500%, 09/30/28     553,137  
525,000   Newmark Group, Inc.*        
    7.500%, 01/12/29     536,571  
    OneMain Finance Corp.        
730,000   9.000%, 01/15/29     769,537  
715,000   3.875%, 09/15/28     628,356  
518,000   7.125%, 03/15/26^     525,356  
517,000   Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*        
    5.875%, 10/01/28     506,184  
1,602,000   PHH Mortgage Corp.*        
    7.875%, 03/15/26     1,480,008  
1,200,000   RHP Hotel Properties, LP / RHP Finance Corp.*        
    4.500%, 02/15/29     1,116,396  
    Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*        
475,000   3.625%, 03/01/29     423,952  
470,000   3.875%, 03/01/31     413,050  
240,000   2.875%, 10/15/26     222,737  
1,047,000   StoneX Group, Inc.*        
    8.625%, 06/15/25     1,058,967  
    United Wholesale Mortgage, LLC*        
1,212,000   5.500%, 04/15/29     1,146,164  
525,000   5.750%, 06/15/27     516,017  
    Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*        
525,000   6.500%, 02/15/29     370,492  
520,000   10.500%, 02/15/28     529,178  
1,200,000   VZ Secured Financing, BV*        
    5.000%, 01/15/32     1,049,352  
1,091,000   XHR, LP*        
    6.375%, 08/15/25     1,092,800  
          54,161,336  
    Health Care (2.8%)        
    Bausch Health Companies, Inc.*        
2,092,000   11.000%, 09/30/28     1,437,894  
413,000   14.000%, 10/15/30     233,717  
391,000   6.125%, 02/01/27     248,164  
    CHS/Community Health Systems, Inc.*        
2,075,000   6.125%, 04/01/30     1,374,563  
594,000   6.875%, 04/15/29     410,015  
583,000   8.000%, 03/15/26   574,442  
525,000   10.875%, 01/15/32     551,581  
130,000   5.250%, 05/15/30     108,061  
    DaVita, Inc.*        
1,220,000   3.750%, 02/15/31     1,006,402  
1,154,000   4.625%, 06/01/30     1,021,902  
    Embecta Corp.*        
783,000   5.000%, 02/15/30     641,543  
260,000   6.750%, 02/15/30     229,414  
    Encompass Health Corp.        
525,000   4.750%, 02/01/30     493,505  
525,000   4.500%, 02/01/28     502,241  
1,234,000   HCA, Inc.^        
    7.500%, 11/06/33     1,393,297  
340,000   Jazz Securities DAC*        
    4.375%, 01/15/29     314,554  
    Medline Borrower, LP*        
1,297,000   5.250%, 10/01/29^     1,210,360  
1,295,000   3.875%, 04/01/29     1,173,969  
    Organon & Company / Organon Foreign Debt Co-Issuer, BV*        
1,900,000   5.125%, 04/30/31     1,636,641  
450,000   4.125%, 04/30/28     411,728  
1,103,000   Team Health Holdings, Inc.*        
    6.375%, 02/01/25     932,476  
    Tenet Healthcare Corp.        
2,465,000   6.250%, 02/01/27     2,460,193  
1,420,000   6.875%, 11/15/31     1,463,764  
    Teva Pharmaceutical Finance Netherlands III, BV        
1,320,000   5.125%, 05/09/29^     1,274,104  
1,000,000   4.750%, 05/09/27     967,500  
500,000   3.150%, 10/01/26     466,790  
          22,538,820  
    Industrials (5.9%)        
1,200,000   ACCO Brands Corp.*^        
    4.250%, 03/15/29     1,089,084  
825,000   AerCap Holdings, NV^‡        
    5.875%, 10/10/79        
    5 year CMT + 4.54%     819,596  
1,055,000   Air Lease Corp.‡        
    4.125%, 02/01/36      
    5 year CMT + 3.15%      894,176  
    Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*        
1,750,000   4.625%, 01/15/27     1,698,952  
780,000   5.875%, 02/15/28     779,602  
937,000   Allegiant Travel Company*        
    7.250%, 08/15/27     916,854  
587,000   Arcosa, Inc.*        
    4.375%, 04/15/29     550,900  
2,650,000   ARD Finance, SA*        
    6.500%, 06/30/27        
    7.250% PIK rate     1,285,992  
821,000   Beacon Roofing Supply, Inc.*        
    4.125%, 05/15/29     744,434  
    Bombardier, Inc.*        
533,000   7.875%, 04/15/27     533,736  
520,000   8.750%, 11/15/30     547,186  
1,044,000   BWX Technologies, Inc.*        
    4.125%, 04/15/29     968,936  
1,078,000   Cascades, Inc. / Cascades USA, Inc.*        
    5.375%, 01/15/28     1,057,928  

  

See accompanying Notes to Schedule of Investments

 

5 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT       VALUE  
257,000   Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ        
    4.750%, 10/20/28   $ 252,968  
1,360,000   Deluxe Corp.*        
    8.000%, 06/01/29     1,225,197  
1,048,000   Eco Material Technologies, Inc.*        
    7.875%, 01/31/27     1,049,425  
520,000   Emerald Debt Merger Sub, LLC*        
    6.625%, 12/15/30     525,668  
    EnerSys*        
500,000   6.625%, 01/15/32     507,220  
500,000   4.375%, 12/15/27     473,770  
634,000   Graham Packaging Company, Inc.*        
    7.125%, 08/15/28     569,662  
    Graphic Packaging International, LLC*        
675,000   4.750%, 07/15/27     657,626  
484,000   3.500%, 03/01/29     437,754  
1,141,000   Great Lakes Dredge & Dock Corp.*^        
    5.250%, 06/01/29     990,970  
2,438,000   H&E Equipment Services, Inc.*        
    3.875%, 12/15/28     2,215,654  
1,289,000   Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*        
    5.750%, 01/20/26     1,212,304  
1,350,000   Herc Holdings, Inc.*        
    5.500%, 07/15/27     1,326,928  
1,210,000   IEA Energy Services, LLC*        
    6.625%, 08/15/29     1,138,828  
    JELD-WEN, Inc.*        
727,000   4.625%, 12/15/25     711,021  
540,000   4.875%, 12/15/27^     515,732  
1,690,000   Ken Garff Automotive, LLC*        
    4.875%, 09/15/28     1,579,288  
1,040,000   Knife River Holding Company*        
    7.750%, 05/01/31     1,094,142  
255,000   MasTec, Inc.*µ^        
    4.500%, 08/15/28     239,601  
650,000   Moog, Inc.*        
    4.250%, 12/15/27     609,466  
1,302,000   Newfold Digital Holdings Group, Inc.*        
    6.000%, 02/15/29     986,213  
1,040,000   Novelis Corp.*        
    4.750%, 01/30/30     965,879  
390,000   OI European Group, BV*        
    4.750%, 02/15/30     361,343  
1,200,000   Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^        
    4.000%, 10/15/27     1,120,380  
    Sealed Air Corp.*        
809,000   6.125%, 02/01/28     813,417  
261,000   5.000%, 04/15/29^     251,758  
260,000   Sealed Air Corp./Sealed Air Corp. U.S.*        
    7.250%, 02/15/31     272,761  
400,000   Sensata Technologies, BV*        
    4.000%, 04/15/29     366,400  
519,000   Sensata Technologies, Inc.*        
    3.750%, 02/15/31     452,111  
    Sinclair Television Group, Inc.*        
774,000   4.125%, 12/01/30     598,797  
515,000   5.500%, 03/01/30     397,168  
1,030,000   Standard Industries, Inc.*        
    5.000%, 02/15/27   1,001,912  
835,000   Stericycle, Inc.*        
    3.875%, 01/15/29     760,201  
779,000   STL Holding Company, LLC*        
    7.500%, 02/15/26     793,466  
260,000   Summit Materials LLC / Summit Materials Finance Corp.*        
    7.250%, 01/15/31     270,426  
    TransDigm, Inc.        
1,125,000   6.875%, 12/15/30*     1,157,006  
815,000   7.500%, 03/15/27     817,681  
790,000   6.750%, 08/15/28*     803,959  
589,000   6.250%, 03/15/26*     586,214  
390,000   7.125%, 12/01/31*     406,868  
1,039,000   Tronox, Inc.*        
    4.625%, 03/15/29     918,559  
383,042   United Airlines Pass Through Trust Series 2019-2, Class B        
    3.500%, 11/01/29     350,304  
1,039,000   Vertiv Group Corp.*        
    4.125%, 11/15/28     967,693  
1,095,000   Wabash National Corp.*        
    4.500%, 10/15/28     998,585  
915,000   Waste Pro USA, Inc.*        
    5.500%, 02/15/26     889,115  
    Williams Scotsman, Inc.*        
604,000   4.625%, 08/15/28     570,303  
530,000   7.375%, 10/01/31     555,721  
          47,654,840  
    Information Technology (1.9%)        
266,000   Booz Allen Hamilton, Inc.*        
    4.000%, 07/01/29     249,859  
604,000   Coherent Corp.*        
    5.000%, 12/15/29     565,725  
606,000   CommScope Technologies, LLC*^        
    6.000%, 06/15/25     482,315  
955,000   CommScope, Inc.*        
    4.750%, 09/01/29     632,391  
660,000   Dell International, LLC / EMC Corp.µ        
    6.020%, 06/15/26     674,560  
522,000   Dun & Bradstreet Corp.*^        
    5.000%, 12/15/29     485,825  
520,000   Fair Isaac Corp.*        
    4.000%, 06/15/28     484,739  
1,130,000   KBR, Inc.*        
    4.750%, 09/30/28     1,042,561  
    MPH Acquisition Holdings, LLC*        
1,130,000   5.750%, 11/01/28     899,740  
520,000   5.500%, 09/01/28     462,405  
528,000   NCL Corp., Ltd.*        
    8.125%, 01/15/29     554,294  
522,000   NCR Voyix Corp.*        
    5.125%, 04/15/29     491,552  
771,000   ON Semiconductor Corp.*        
    3.875%, 09/01/28     707,855  
    Open Text Corp.*        
780,000   3.875%, 02/15/28     725,111  
525,000   6.900%, 12/01/27     545,743  
391,000   3.875%, 12/01/29     353,108  
391,000   Open Text Holdings, Inc.*^        
    4.125%, 12/01/31     346,199  
969,000   Playtika Holding Corp.*        
    4.250%, 03/15/29     840,792  

  

See accompanying Notes to Schedule of Investments

 

6

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT       VALUE  
1,450,000   TTM Technologies, Inc.*        
    4.000%, 03/01/29   $ 1,312,207  
    Twilio, Inc.        
725,000   3.625%, 03/15/29     655,538  
259,000   3.875%, 03/15/31     228,412  
394,000   UKG, Inc.*        
    6.875%, 02/01/31     398,862  
1,300,000   Viavi Solutions, Inc.*        
    3.750%, 10/01/29     1,133,158  
1,200,000   ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*        
    3.875%, 02/01/29     1,069,200  
          15,342,151  
    Materials (1.8%)        
555,000   ArcelorMittal, SA        
    7.000%, 10/15/39     605,932  
500,000   ATI, Inc.        
    5.875%, 12/01/27     492,335  
258,000   Carpenter Technology Corp.        
    7.625%, 03/15/30     266,994  
780,000   Chemours Company*        
    4.625%, 11/15/29     682,835  
1,640,000   Clearwater Paper Corp.*        
    4.750%, 08/15/28     1,539,944  
780,000   Cleveland-Cliffs, Inc.*        
    6.750%, 04/15/30     787,192  
    Commercial Metals Company        
522,000   4.125%, 01/15/30     477,745  
261,000   4.375%, 03/15/32     233,645  
1,210,000   Constellium, SE*^        
    3.750%, 04/15/29     1,090,912  
512,000   HB Fuller Company        
    4.250%, 10/15/28     477,624  
525,000   INEOS Finance, PLC*^        
    6.750%, 05/15/28     513,833  
800,000   JW Aluminum Continuous Cast Company*        
    10.250%, 06/01/26     808,944  
920,000   Kaiser Aluminum Corp.*        
    4.625%, 03/01/28     848,378  
260,000   LSF11 A5 HoldCo, LLC*        
    6.625%, 10/15/29     221,671  
    Mercer International, Inc.        
1,367,000   5.125%, 02/01/29     1,173,665  
520,000   12.875%, 10/01/28*     559,192  
1,015,000   OCI, NV*        
    6.700%, 03/16/33     1,014,838  
    Owens-Brockway Glass Container, Inc.*^        
785,000   7.250%, 05/15/31     792,457  
505,000   6.625%, 05/13/27     505,626  
1,194,000   Silgan Holdings, Inc.        
    4.125%, 02/01/28     1,124,891  
521,000   Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.*        
    5.125%, 04/01/29     204,743  
          14,423,396  
    Other (0.1%)        
    Gen Digital, Inc.*        
475,000   7.125%, 09/30/30^     492,922  
475,000   6.750%, 09/30/27     482,951  
          975,873  
    Real Estate (0.4%)        
834,000   EPR Properties        
    3.750%, 08/15/29   743,695  
    Forestar Group, Inc.*        
750,000   5.000%, 03/01/28     713,385  
551,000   3.850%, 05/15/26     524,040  
1,168,000   MIWD Holdco II, LLC / MIWD Finance Corp.*        
    5.500%, 02/01/30     1,064,398  
485,000   Service Properties Trust^        
    5.250%, 02/15/26     469,994  
          3,515,512  
    Special Purpose Acquisition Companies (0.2%)        
    Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*        
1,045,000   6.750%, 01/15/30     940,699  
524,000   4.625%, 01/15/29     482,986  
          1,423,685  
    Utilities (0.1%)        
379,000   PPL Capital Funding, Inc.‡        
    8.275%, 03/30/67        
    3 mo. LIBOR + 2.67%     363,692  
    Vistra Corp.*‡        
525,000   7.000%, 02/01/68        
    5 year CMT + 5.74%     512,505  
270,000   8.000%, 02/01/68        
    5 year CMT + 6.93%     271,250  
          1,147,447  
    Total Corporate Bonds      
    (Cost $335,305,404)     330,335,027  
         
Convertible Bonds (104.3%)          
    Communication Services (9.5%)        
1,040,000   Cable One, Inc.µ        
    0.000%, 03/15/26     893,474  
    Liberty Media Corp.*        
9,250,000   3.750%, 03/15/28     11,476,105  
8,750,000   2.375%, 09/30/53     9,185,312  
9,750,000   Liberty Media Corp.-Liberty Formula One        
    2.250%, 08/15/27     10,161,645  
5,750,000   Match Group Financeco 3, Inc.*µ~        
    2.000%, 01/15/30     5,119,800  
6,750,000   Perficient, Inc.µ        
    0.125%, 11/15/26     5,747,625  
16,500,000   Sea, Ltd.        
    0.250%, 09/15/26     13,914,120  
    Snap, Inc.µ        
11,500,000   0.000%, 05/01/27     9,263,595  
6,000,000   0.750%, 08/01/26     6,299,100  
3,750,000   Zillow Group, Inc.µ        
    1.375%, 09/01/26     5,122,988  
          77,183,764  
    Consumer Discretionary (20.9%)        
12,250,000   Airbnb, Inc.µ        
    0.000%, 03/15/26     11,136,475  
5,000,000   Booking Holdings, Inc.µ        
    0.750%, 05/01/25     9,335,350  

  

See accompanying Notes to Schedule of Investments

 

7 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT       VALUE  
4,500,000   Carnival Corp.        
    5.750%, 12/01/27   $ 6,851,565  
7,500,000   Chegg, Inc.µ        
    0.000%, 09/01/26     6,232,650  
    DISH Network Corp.µ        
15,570,000   0.000%, 12/15/25     11,144,227  
1,026,000   2.375%, 03/15/24     1,005,942  
12,500,000   DraftKings Holdings, Inc.µ        
    0.000%, 03/15/28     10,429,625  
14,000,000   Etsy, Inc.µ        
    0.125%, 09/01/27     11,611,320  
18,500,000   Ford Motor Company        
    0.000%, 03/15/26     18,032,505  
9,250,000   Liberty Broadband Corp.*µ        
    3.125%, 03/31/53     9,082,482  
2,620,000   Lucid Group, Inc.*        
    1.250%, 12/15/26     1,041,738  
11,000,000   Marriott Vacations Worldwide Corp.µ        
    3.250%, 12/15/27     9,727,960  
12,250,000   Rivian Automotive, Inc.*µ        
    4.625%, 03/15/29     13,048,455  
2,250,000   Royal Caribbean Cruises, Ltd.        
    6.000%, 08/15/25     5,892,885  
6,250,000   Shake Shack, Inc.µ        
    0.000%, 03/01/28     5,122,188  
3,500,000   Stride, Inc.        
    1.125%, 09/01/27     4,487,735  
16,250,000   Vail Resorts, Inc.µ        
    0.000%, 01/01/26     14,675,700  
14,500,000   Wayfair, Inc.µ        
    3.250%, 09/15/27     16,011,045  
3,991,000   Winnebago Industries, Inc.*µ        
    3.250%, 01/15/30     4,106,819  
          168,976,666  
    Consumer Staples (0.6%)        
5,000,000   Post Holdings, Inc.        
    2.500%, 08/15/27     5,205,450  
             
    Energy (2.0%)        
5,265,000   Nabors Industries, Inc.*µ        
    1.750%, 06/15/29     3,896,784  
4,500,000   Northern Oil & Gas, Inc.        
    3.625%, 04/15/29     5,013,495  
3,000,000   Pioneer Natural Resources Companyµ        
    0.250%, 05/15/25     7,459,020  
    SunEdison, Inc.@&        
10,545,000   0.250%, 01/15/49     105,450  
1,027,000   2.000%, 10/01/49     10,270  
          16,485,019  
    Financials (1.3%)        
9,250,000   Morgan Stanley Finance, LLC        
    1.000%, 11/23/27     10,765,150  
             
    Health Care (21.8%)        
5,000,000   Alnylam Pharmaceuticals, Inc.µ        
    1.000%, 09/15/27     4,824,650  
6,000,000   Alphatec Holdings, Inc.µ        
    0.750%, 08/01/26     6,585,660  
6,019,000   BioMarin Pharmaceutical, Inc.µ        
    0.599%, 08/01/24     5,929,979  
10,250,000   CONMED Corp.µ        
    2.250%, 06/15/27     9,752,055  
13,500,000   CryoPort, Inc.*µ        
    0.750%, 12/01/26   11,059,335  
    Dexcom, Inc.µ        
17,458,000   0.250%, 11/15/25     18,074,791  
8,750,000   0.375%, 05/15/28*     8,818,950  
3,067,000   Enovis Corp.*        
    3.875%, 10/15/28     3,791,763  
4,500,000   Envista Holdings Corp.*µ        
    1.750%, 08/15/28     4,109,895  
    Exact Sciences Corp.µ        
7,500,000   0.375%, 03/15/27     6,970,800  
4,000,000   2.000%, 03/01/30*     4,442,920  
7,750,000   Halozyme Therapeutics, Inc.µ        
    1.000%, 08/15/28     7,032,117  
2,278,000   Immunocore Holdings, PLC*        
    2.500%, 02/01/30     2,313,594  
4,750,000   Insmed, Inc.µ        
    0.750%, 06/01/28     5,177,120  
5,000,000   Insulet Corp.µ        
    0.375%, 09/01/26     5,355,900  
9,750,000   Integer Holdings Corp.*        
    2.125%, 02/15/28     12,703,567  
4,750,000   Ionis Pharmaceuticals, Inc.        
    0.000%, 04/01/26     5,051,863  
10,905,000   Jazz Investments I, Ltd.µ        
    2.000%, 06/15/26     10,996,820  
4,040,000   Lantheus Holdings, Inc.µ        
    2.625%, 12/15/27     4,188,228  
11,250,000   NeoGenomics, Inc.µ        
    0.250%, 01/15/28     8,597,137  
9,500,000   Omnicell, Inc.µ        
    0.250%, 09/15/25     8,733,350  
8,750,000   Pacira BioSciences, Inc.µ        
    0.750%, 08/01/25     8,131,375  
4,000,000   Sarepta Therapeutics, Inc.        
    1.250%, 09/15/27     4,515,200  
9,000,000   Shockwave Medical, Inc.*        
    1.000%, 08/15/28     9,519,120  
          176,676,189  
    Industrials (8.0%)        
4,750,000   Axon Enterprise, Inc.        
    0.500%, 12/15/27     5,839,127  
4,500,000   Fluor Corp.*^        
    1.125%, 08/15/29     4,767,885  
7,750,000   John Bean Technologies Corp.µ        
    0.250%, 05/15/26     7,019,485  
4,750,000   Middleby Corp.        
    1.000%, 09/01/25     5,612,743  
3,250,000   Parsons Corp.        
    0.250%, 08/15/25     4,829,695  
4,500,000   Tetra Tech, Inc.*        
    2.250%, 08/15/28     4,576,320  
    Uber Technologies, Inc.        
21,750,000   0.000%, 12/15/25µ     22,482,975  
8,646,000   0.875%, 12/01/28*     9,658,360  
          64,786,590  
    Information Technology (33.5%)        
4,500,000   Advanced Energy Industries, Inc.*        
    2.500%, 09/15/28     4,663,980  
    Akamai Technologies, Inc.        
9,000,000   1.125%, 02/15/29*     10,004,940  
4,750,000   0.375%, 09/01/27µ     5,442,123  
10,000,000   Bentley Systems, Inc.        
    0.125%, 01/15/26     9,807,400  

 

See accompanying Notes to Schedule of Investments

 

8 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT       VALUE  
11,750,000   BILL Holdings, Inc.µ        
    0.000%, 04/01/27   $ 9,872,467  
3,500,000   Camtek, Ltd.*        
    0.000%, 12/01/26     4,999,715  
6,250,000   Confluent, Inc.µ        
    0.000%, 01/15/27     5,233,938  
8,250,000   CyberArk Software, Ltd.        
    0.000%, 11/15/24     12,414,270  
5,171,000   Datadog, Inc.µ        
    0.125%, 06/15/25     7,318,309  
6,750,000   DigitalOcean Holdings, Inc.µ        
    0.000%, 12/01/26     5,566,118  
10,012,000   Enphase Energy, Inc.µ        
    0.000%, 03/01/26     8,993,179  
2,250,000   Five9, Inc.µ        
    0.500%, 06/01/25     2,163,105  
2,250,000   MongoDB, Inc.µ        
    0.250%, 01/15/26     4,370,468  
    NCL Corp., Ltd.        
6,500,000   1.125%, 02/15/27µ     5,785,845  
5,000,000   2.500%, 02/15/27µ     4,579,600  
3,250,000   5.375%, 08/01/25     3,918,915  
6,750,000   Nutanix, Inc.µ        
    0.250%, 10/01/27     7,749,877  
    Okta, Inc.µ        
8,000,000   0.125%, 09/01/25     7,392,000  
4,250,000   0.375%, 06/15/26     3,779,313  
18,500,000   ON Semiconductor Corp.*µ        
    0.500%, 03/01/29     17,969,050  
6,000,000   Palo Alto Networks, Inc.µ        
    0.375%, 06/01/25     20,411,880  
2,250,000   Q2 Holdings, Inc.µ        
    0.750%, 06/01/26     2,054,723  
8,250,000   Rapid7, Inc.        
    1.250%, 03/15/29     9,032,842  
12,250,000   Repay Holdings Corp.*µ        
    0.000%, 02/01/26     10,414,460  
4,500,000   Seagate HDD Cayman*        
    3.500%, 06/01/28     5,419,215  
15,000,000   Shift4 Payments, Inc.        
    0.000%, 12/15/25     16,549,950  
7,000,000   SK Hynix, Inc.        
    1.750%, 04/11/30     9,229,710  
10,750,000   Tyler Technologies, Inc.^        
    0.250%, 03/15/26     10,910,712  
13,250,000   Unity Software, Inc.µ        
    0.000%, 11/15/26     11,022,277  
5,500,000   Western Digital Corp.*        
    3.000%, 11/15/28     7,144,170  
7,000,000   Wix.com, Ltd.        
    0.000%, 08/15/25     6,404,440  
    Wolfspeed, Inc.        
9,500,000   1.875%, 12/01/29     5,478,745  
5,711,000   0.250%, 02/15/28     3,382,854  
4,500,000   Workiva, Inc.*µ        
    1.250%, 08/15/28     4,335,435  
4,500,000   Zscaler, Inc.        
    0.125%, 07/01/25     7,162,830  
          270,978,855  
    Materials (1.9%)        
1,500,000   ATI, Inc.        
    3.500%, 06/15/25     4,000,275  
3,750,000   Ivanhoe Mines, Ltd.*      
    2.500%, 04/15/26      5,597,250  
6,858,000   MP Materials Corp.*µ        
    0.250%, 04/01/26   5,890,816  
          15,488,341  
    Other (0.1%)        
525,000   Multiplan Corp.*µ        
    6.000%, 10/15/27        
    7.000% PIK rate     367,721  
             
    Real Estate (0.7%)        
6,500,000   Pebblebrook Hotel Trustµ        
    1.750%, 12/15/26     5,831,410  
             
    Utilities (4.0%)        
4,500,000   CMS Energy Corp.*        
    3.375%, 05/01/28     4,414,725  
7,000,000   PG&E Corp.*µ        
    4.250%, 12/01/27     7,135,730  
16,500,000   PPL Capital Funding, Inc.*        
    2.875%, 03/15/28     15,742,815  
4,750,000   Southern Company*        
    3.875%, 12/15/25     4,732,188  
          32,025,458  
    Total Convertible Bonds        
    (Cost $882,749,281)     844,770,613  
         
Bank Loans (6.4%) ¡        
    Airlines (0.2%)        
748,000   American Airlines, Inc.‡        
    10.329%, 04/20/28        
    3 mo. SOFR + 4.75%     767,583  
752,500   Mileage Plus Holdings, LLC‡        
    10.770%, 06/21/27        
    3 mo. SOFR + 5.25%     776,565  
          1,544,148  
    Communication Services (0.3%)        
126,698   Clear Channel Outdoor Holdings, Inc.‡        
    9.074%, 08/21/26        
    3 mo. SOFR + 3.50%     125,443  
865,000   DirecTV Financing, LLC!        
    0.000%, 08/02/29     865,722  
1,527,000   Entercom Media Corp.‡&        
    8.145%, 11/18/24        
    3 mo. SOFR + 2.50%     857,388  
525,000   Telesat Canada‡        
    8.400%, 12/07/26        
    3 mo. SOFR + 2.75%     322,284  
          2,170,837  
    Consumer Discretionary (1.3%)        
768,000   American Axle & Manufacturing, Inc.‡        
    8.936%, 12/13/29        
    1 mo. SOFR + 3.50%     769,444  
1,066,938   Caesars Entertainment, Inc.‡        
    8.663%, 02/06/30        
    3 mo. SOFR + 3.25%     1,067,791  
1,196,947   Carnival Corp.‡        
    8.697%, 10/18/28        
    1 mo. SOFR + 3.25%     1,198,628  

  

See accompanying Notes to Schedule of Investments

 

9 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT       VALUE  
1,044,750   Carnival Corp.‡        
    8.336%, 08/08/27        
    1 mo. SOFR + 3.00%   $ 1,046,578  
1,042,125   Hanesbrands, Inc.‡        
    9.083%, 03/08/30        
    1 mo. SOFR + 3.75%     1,038,217  
596,912   Life Time Fitness, Inc.‡        
    9.824%, 01/15/26        
    3 mo. SOFR + 4.25%     601,090  
631,932   Petco Health & Wellness Company, Inc.‡        
    8.860%, 03/03/28        
    3 mo. SOFR + 3.25%     594,878  
2,575,295   PetSmart, Inc.‡        
    9.183%, 02/11/28        
    1 mo. SOFR + 3.75%     2,566,990  
647,719   TKC Holdings, Inc.‡        
    10.947%, 05/15/28        
    1 mo. SOFR + 5.50%     628,126  
1,049,338   Windsor Holdings III, LLC‡        
    9.848%, 08/01/30        
    1 mo. SOFR + 4.50%     1,052,108  
          10,563,850  
    Consumer Staples (0.7%)        
2,215,189   Amneal Pharmaceuticals, LLC‡        
    10.833%, 05/04/28        
    1 mo. SOFR + 5.50%     2,204,113  
1,844,274   Jazz Financing Lux Sarl‡        
    8.447%, 05/05/28        
    1 mo. SOFR + 3.00%     1,845,427  
1,050,000   Star Parent, Inc.‡        
    9.348%, 09/27/30        
    3 mo. SOFR + 4.00%     1,027,031  
529,478   United Natural Foods, Inc.‡        
    8.697%, 10/22/25        
    1 mo. SOFR + 3.25%     529,120  
          5,605,691  
    Energy (0.3%)        
815,000   Buckeye Partners, LP‡        
    7.833%, 11/22/30        
    1 mo. SOFR + 2.50%     815,680  
525,000   New Fortress Energy, Inc.‡        
    10.317%, 10/27/28        
    3 mo. SOFR + 5.00%     526,050  
1,326,284   Par Petroleum, LLC‡        
    9.738%, 02/28/30        
    3 mo. SOFR + 4.25%     1,327,445  
          2,669,175  
    Financials (0.9%)        
265,000   Advisor Group, Inc.‡        
    9.833%, 08/17/28        
    1 mo. SOFR + 4.50%     265,083  
864,245   Alliant Holdings Intermediate LLC‡        
    8.833%, 11/06/30        
    1 mo. SOFR + 3.50%     867,028  
776,105   Amynta Agency Borrower, Inc.‡        
    9.583%, 02/28/28        
    1 mo. SOFR + 4.25%     777,351  
1,036,809   AssuredPartners, Inc.‡        
    8.833%, 02/12/27        
    1 mo. SOFR + 3.50%     1,034,647  
788,025   Avolon TLB Borrower 1, LLC‡        
    7.337%, 06/22/28    
    1 mo. SOFR + 2.00%      788,746  
550,000   Broadstreet Partners, Inc.‡        
    9.083%, 01/27/29        
    1 mo. SOFR + 3.75%     550,344  
1,336   Castlelake Aviation, Ltd.‡        
    8.116%, 10/22/26        
    3 mo. SOFR + 2.75%     1,336  
1,100,000   HUB International, Ltd.!        
    0.000%, 06/20/30     1,101,892  
785,000   Iron Mountain, Inc.‡        
    7.569%, 01/31/31        
    3 mo. SOFR + 2.25%     781,813  
1,395,992   VFH Parent, LLC‡        
    8.433%, 01/13/29        
    1 mo. SOFR + 3.00%     1,395,294  
          7,563,534  
    Health Care (0.5%)        
528,571   Icon Luxembourg Sarl‡        
    7.860%, 07/03/28        
    3 mo. SOFR + 2.25%     529,726  
1,152,941   Padagis, LLC‡        
    10.341%, 07/06/28        
    3 mo. SOFR + 4.75%     1,118,359  
131,694   PRA Health Sciences, Inc.‡        
    7.860%, 07/03/28        
    3 mo. SOFR + 2.25%     131,981  
2,585,863   Team Health Holdings, Inc.‡        
    10.563%, 03/02/27        
    3 mo. SOFR + 5.25%     2,156,262  
7,373   Team Health Holdings, Inc.‡        
    10.583%, 03/02/27        
    1 mo. SOFR + 5.25%     6,166  
          3,942,494  
    Industrials (0.8%)        
534,400   ACProducts, Inc.!        
    0.000%, 05/17/28     463,654  
507,000   ACProducts, Inc.‡        
    9.860%, 05/17/28        
    3 mo. SOFR + 4.25%     439,881  
640,250   Air Canada‡        
    9.139%, 08/11/28        
    3 mo. SOFR + 3.50%     641,700  
987,587   ChampionX Corp.‡        
    8.187%, 06/07/29        
    1 mo. SOFR + 2.75%     991,908  
645,519   Emrld Borrower, LP‡        
    8.313%, 05/31/30        
    1 mo. SOFR + 3.00%     646,448  
1,182,000   Light and Wonder International, Inc.‡        
    8.083%, 04/14/29        
    1 mo. SOFR + 3.00%     1,182,000  
1,065,000   TransDigm, Inc.‡        
    8.598%, 02/14/31        
    3 mo. SOFR + 3.25%     1,067,561  
1,006,240   United Airlines, Inc.‡        
    9.201%, 04/21/28        
    1 mo. SOFR + 3.75%     1,009,465  
          6,442,617  

 

See accompanying Notes to Schedule of Investments

 

10 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

  

PRINCIPAL        
AMOUNT       VALUE  
    Information Technology (0.5%)        
1,403,400   Banff Merger Sub, Inc.‡        
    9.583%, 12/29/28    
    1 mo. SOFR + 4.25%   $   1,406,908  
808,981   Camelot US Acquisition, LLC‡        
    8.337%, 10/30/26        
    1 mo. SOFR + 3.00%     809,385  
982,975   Central Parent, Inc.‡        
    9.348%, 07/06/29        
    3 mo. SOFR + 4.00%     986,047  
919,087   II-VI, Inc.‡        
    8.087%, 07/02/29        
    1 mo. SOFR + 2.75%     916,559  
          4,118,899  
    Materials (0.7%)        
783,038   Chemours Company‡        
    8.833%, 08/18/28        
    1 mo. SOFR + 3.50%     782,255  
1,044,750   Ineos US Finance, LLC‡        
    8.837%, 02/18/30        
    1 mo. SOFR + 3.50%     1,034,626  
800,333   Innophos, Inc.‡        
    8.697%, 02/05/27        
    1 mo. SOFR + 3.25%     791,166  
1,308,425   LSF11 A5 Holdco, LLC‡        
    9.683%, 10/15/28        
    1 mo. SOFR + 4.25%     1,310,067  
780,404   Trinseo Materials Operating SCA‡        
    8.150%, 05/03/28        
    3 mo. SOFR + 2.50%     599,221  
1,070,419   W.R. Grace & Co.-Conn.‡        
    9.360%, 09/22/28        
    3 mo. SOFR + 3.75%     1,073,004  
          5,590,339  
    Special Purpose Acquisition Companies (0.2%)        
522,050   Clydesdale Acquisition Holdings, Inc.‡        
    9.108%, 04/13/29        
    1 mo. SOFR + 3.68%     519,356  
260,363   Fertitta Entertainment, LLC‡        
    9.333%, 01/27/29        
    1 mo. SOFR + 4.00%     259,961  
1,046,750   Patagonia Holdco, LLC‡        
    11.116%, 08/01/29        
    3 mo. SOFR + 5.75%     962,487  
          1,741,804  
    Total Bank Loans      
    (Cost $52,855,171)      51,953,388  
             
NUMBER OF        
SHARES       VALUE  
           
Common Stocks (0.4%)        
    Communication Services (0.0%)        
21,970   Altice USA, Inc. - Class A^#     53,607  
7,383   Cumulus Media, Inc. - Class Aµ#     33,962  
          87,569  
    Consumer Staples (0.0%)        
7,203   Mallinckrodt, PLC#     275,515  
    Energy (0.4%)        
1,506   Chesapeake Energy Corp.µ   116,128  
72,575   Energy Transfer, LP     1,037,822  
43,085   Enterprise Products Partners, LP     1,152,954  
7,238   Ep Energy Corp.#     21,714  
9,267   ONEOK, Inc.^     632,473  
          2,961,091  
    Special Purpose Acquisition Company (0.0%)        
12,300   Intelsat Emergence, SA&#     335,175  
    Total Common Stocks      
    (Cost $4,766,897)     3,659,350  
         
Convertible Preferred Stocks (3.4%)          
  Energy (0.0%)        
29   Gulfport Energy Corp.        
    10.000%, 03/04/24        
    15.000% PIK rate     268,250   
             
    Financials (2.0%)        
89,885   Apollo Global Management, Inc.        
    6.750%, 07/31/26     5,251,081  
8,775   Bank of America Corp. ‡‡      
    7.250%     10,686,634  
          15,937,715  
    Industrials (0.5%)        
81,495   Chart Industries, Inc.        
    6.750%, 12/15/25     4,060,081  
             
    Utilities (0.9%)        
194,000   NextEra Energy, Inc.^        
    6.926%, 09/01/25     7,218,740  
    Total Convertible Preferred Stocks      
    (Cost $30,905,605)     27,484,786  
             
Preferred Stocks (0.4%)          
    Communication Services (0.1%)        
    United States Cellular Corp.µ        
12,900   5.500%, 06/01/70     236,715  
12,370   5.500%, 03/01/70     228,969  
          465,684  
    Consumer Discretionary (0.1%)        
6,662   Guitar Center, Inc.&     546,284  
             
    Energy (0.2%)      
32,380   NuStar Energy, LP‡        
    11.282%,        
    3 mo. LIBOR + 5.64%     832,166  
7,920   NuStar Energy, LP‡        
    12.405%,        
    3 mo. LIBOR + 6.77%     204,494  

 

See accompanying Notes to Schedule of Investments

 

11 

 

 

Calamos Convertible and High Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

  

NUMBER OF        
SHARES       VALUE  
47,000   NuStar Logistics, LP‡        
    12.310%, 01/15/43        
    3 mo. LIBOR + 6.73%   $ 1,215,420  
          2,252,080  
    Total Preferred Stocks      
    (Cost $3,419,819)     3,264,048  
             
Warrants (0.0%) #        
    Energy (0.0%)        
52,447   Mcdermott International, Ltd.&        
    06/30/27, Strike $15.98     5  
47,202   Mcdermott International, Ltd.&        
    06/30/27, Strike $12.33     5  
    Total Warrants        
    (Cost $20,126)     10  
             
NUMBER OF        
CONTRACTS/          
NOTIONAL          
AMOUNT       VALUE  
           
Purchased Option (0.1%) #      
    Information Technology (0.1%)        
400   Zscaler, Inc.        
9,426,800   Put, 06/21/24, Strike $200.00        
    (Cost $545,368)     412,000  
    TOTAL INVESTMENTS (155.9%)        
    (Cost $1,311,353,373)     1,262,661,362  
         
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-17.9%)     (145,000,000 )
         
LIABILITIES, LESS OTHER ASSETS (-38.0%)     (307,976,995 )
         
NET ASSETS (100.0%)   $ 809,684,367  

  

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 Funds. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $507,225,661.
@ In default status and considered non-income producing.
^ Security, or portion of security, is on loan.
& Illiquid security.
‡ Variable rate security. The rate shown is the rate in effect at January 31, 2024.
~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $912,660.
¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.
! This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
# Non-income producing security.
‡‡ Perpetual maturity.
 
Note:  The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of January 31, 2024 (see Note 2):

 

   LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
Assets:
Asset Backed Securities  $—   $782,140   $—   $782,140 
Corporate Bonds   —    330,335,027    —    330,335,027 
Convertible Bonds   —    844,770,613    —    844,770,613 
Bank Loans   —    51,953,388    —    51,953,388 
Common Stocks   3,026,946    632,404    —    3,659,350 
Convertible Preferred Stocks   27,216,536    268,250    —    27,484,786 
Preferred Stocks   2,717,764    546,284    —    3,264,048 
Warrants   —    10    —    10 
Purchased Options   412,000    —    —    412,000 
Total  $33,373,246   $1,229,288,116   $—   $1,262,661,362 

 

See accompanying Notes to Schedule of Investments

 

12

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

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 $882,759)  $878,757 
           
Corporate Bonds (16.2%)      
     Airlines (0.2%)     
 1,070,769   Alaska Airlines Pass Through Trust Series 2020-1, Class A*     
     4.800%, 02/15/29   1,039,417 
 511,510   Alaska Airlines Pass Through Trust Series 2020-1, Class B*     
     8.000%, 02/15/27   516,789 
 1,235,220   American Airlines Pass Through Trust Series 2021-1, Class B     
     3.950%, 01/11/32   1,102,026 
 663,000   American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*     
     5.500%, 04/20/26   656,987 
 1,162,907   British Airways Pass Through Trust Series 2021-1, Class B*     
     3.900%, 03/15/33   1,055,117 
 971,396   JetBlue Pass Through Trust Series 2020-1, Class B     
     7.750%, 05/15/30   979,769 
         5,350,105 
     Communication Services (1.6%)     
 700,000   Altice France Holding, SA*     
     10.500%, 05/15/27   404,495 
 1,400,000   Altice France, SA*     
     5.500%, 10/15/29   1,034,054 
 1,415,000   APi Group DE, Inc.*     
     4.750%, 10/15/29   1,325,034 
 1,270,000   Ashtead Capital, Inc.*     
     2.450%, 08/12/31   1,034,936 
     Audacy Capital Corp.*@     
 1,479,000   6.750%, 03/31/29   59,707 
 538,000   6.500%, 05/01/27   22,956 
 1,070,000   Cincinnati Bell Telephone Company, LLC     
     6.300%, 12/01/28   949,036 
 1,190,000   Clear Channel Outdoor Holdings, Inc.*     
     9.000%, 09/15/28   1,243,538 
 1,665,000   Consolidated Communications, Inc.*     
     6.500%, 10/01/28   1,450,731 
     CSC Holdings, LLC*     
 1,800,000   5.375%, 02/01/28   1,549,278 
 1,800,000   4.625%, 12/01/30   931,500 
 1,395,000   4.500%, 11/15/31   1,002,545 
 1,250,000   5.750%, 01/15/30   663,788 
 1,190,000   5.500%, 04/15/27   1,069,941 
     Diamond Sports Group, LLC / Diamond Sports Finance Company*@     
 825,000   6.625%, 08/15/27   56,455 
 656,000   5.375%, 08/15/26   46,300 
 1,466,000   Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*     
     5.875%, 08/15/27   1,393,975 
 1,210,000   Frontier California, Inc.     
     6.750%, 05/15/27   1,170,276 
     Frontier Communications Holdings, LLC*     
 749,000   5.000%, 05/01/28   692,061 
 298,000   8.750%, 05/15/30   305,364 
 1,333,000   Frontier Florida, LLC@     
     6.860%, 02/01/28   1,284,492 
 1,785,000   Frontier North, Inc.@     
     6.730%, 02/15/28   1,712,350 
     Go Daddy Operating Company, LLC / GD Finance Company, Inc.*     
 1,030,000   3.500%, 03/01/29   932,892 
 301,000   5.250%, 12/01/27   295,726 
     iHeartCommunications, Inc.     
 750,000   8.375%, 05/01/27   469,193 
 450,000   5.250%, 08/15/27*   349,889 
 1,480,000   LCPR Senior Secured Financing DAC*     
     6.750%, 10/15/27   1,435,156 
 875,638   Ligado Networks, LLC*     
     15.500%, 11/01/23     
     PIK rate   150,785 
     Lumen Technologies, Inc.     
 900,000   7.600%, 09/15/39   239,517 
 600,000   4.000%, 02/15/27*   317,652 
 300,000   7.650%, 03/15/42   82,716 
 596,000   Match Group Holdings II, LLC*     
     3.625%, 10/01/31   510,516 
 1,000,000   Nexstar Media, Inc.*     
     5.625%, 07/15/27   973,540 
     Paramount Global     
 1,160,000   4.900%, 08/15/44   917,676 
 286,000   6.375%, 03/30/62‡     
     5 year CMT + 4.00%   255,578 
 419,000   Qwest Corp.     
     7.250%, 09/15/25   410,725 
 235,000   Rogers Communications, Inc.*‡     
     5.250%, 03/15/82     
     5 year CMT + 3.59%   224,136 
     Scripps Escrow II, Inc.*     
 591,000   3.875%, 01/15/29   514,093 
 295,000   5.375%, 01/15/31   226,808 
 985,000   Scripps Escrow, Inc.*     
     5.875%, 07/15/27   888,963 
     Sirius XM Radio, Inc.*     
 1,500,000   5.500%, 07/01/29   1,427,700 
 1,185,000   4.000%, 07/15/28   1,076,667 
 585,000   3.125%, 09/01/26   547,115 
 298,000   3.875%, 09/01/31   248,842 
 1,084,000   Spanish Broadcasting System, Inc.*     
     9.750%, 03/01/26   576,460 
 3,045,000   Sprint, LLC     
     7.125%, 06/15/24   3,059,981 
 1,350,000   Stagwell Global, LLC*     
     5.625%, 08/15/29   1,239,340 
 1,196,000   Telesat Canada / Telesat, LLC*     
     4.875%, 06/01/27   709,192 
 480,000   Time Warner Cable, LLC     
     7.300%, 07/01/38   503,784 

 

See accompanying Notes to Schedule of Investments

 

1 

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 1,356,000   United States Cellular Corp.     
     6.700%, 12/15/33  $1,398,131 
 906,000   Univision Communications, Inc.*     
     8.000%, 08/15/28   922,082 
 600,000   Viasat, Inc.*     
     5.625%, 04/15/27   563,286 
 125,000   Vodafone Group, PLC‡     
     7.000%, 04/04/79     
     U.S. 5 yr Swap + 4.87%   129,273 
         41,000,226 
     Consumer Discretionary (3.3%)     
 1,435,000   Abercrombie & Fitch Management Company*     
     8.750%, 07/15/25   1,461,246 
 1,200,000   Adams Homes, Inc.*     
     9.250%, 10/15/28   1,229,904 
 1,505,000   Adient Global Holdings Company*^     
     8.250%, 04/15/31   1,590,966 
 943,000   American Axle & Manufacturing, Inc.     
     6.875%, 07/01/28   922,659 
     Ashton Woods USA, LLC / Ashton Woods Finance Company*     
 1,043,000   4.625%, 08/01/29   950,382 
 856,000   6.625%, 01/15/28   849,203 
 1,487,000   At Home Group, Inc.*     
     4.875%, 07/15/28   657,477 
     Bath & Body Works, Inc.     
 1,577,000   6.694%, 01/15/27   1,603,289 
 875,000   6.875%, 11/01/35   875,499 
 800,000   Benteler International AG*     
     10.500%, 05/15/28   857,856 
     Caesars Entertainment, Inc.*     
 728,000   4.625%, 10/15/29   665,428 
 605,000   8.125%, 07/01/27   621,402 
     Carnival Corp.*     
 601,000   4.000%, 08/01/28   557,451 
 596,000   7.625%, 03/01/26   605,667 
 75,000   7.000%, 08/15/29   78,100 
     Carvana Company*     
 242,000   14.000%, 06/01/31   216,031 
 205,000   13.000%, 06/01/30   182,788 
 136,000   12.000%, 12/01/28   120,779 
     CCO Holdings, LLC / CCO Holdings Capital Corp.*     
 2,610,000   5.125%, 05/01/27   2,519,198 
 2,110,000   4.500%, 08/15/30   1,834,012 
 1,370,000   6.375%, 09/01/29   1,334,558 
 1,300,000   4.750%, 03/01/30   1,155,882 
 1,198,000   4.250%, 02/01/31   1,011,244 
 620,000   5.000%, 02/01/28   585,714 
 596,000   4.750%, 02/01/32   511,791 
 596,000   CDI Escrow Issuer, Inc.*     
     5.750%, 04/01/30   577,303 
 900,000   Cedar Fair, LP^     
     5.250%, 07/15/29   861,453 
 600,000   Churchill Downs, Inc.*     
     6.750%, 05/01/31   608,610 
     Dana, Inc.     
 985,000   4.250%, 09/01/30   862,220 
 896,000   4.500%, 02/15/32   771,635 
     DISH DBS Corp.     
 1,265,000   5.125%, 06/01/29   471,744 
 895,000   5.250%, 12/01/26*   706,773 
 739,000   7.375%, 07/01/28   327,067 
 600,000   5.750%, 12/01/28*   404,742 
 476,000   7.750%, 07/01/26   281,678 
 1,200,000   DISH Network Corp.*     
     11.750%, 11/15/27   1,253,316 
 1,675,000   Empire Resorts, Inc.*     
     7.750%, 11/01/26   1,553,378 
 1,308,000   Everi Holdings, Inc.*     
     5.000%, 07/15/29   1,203,556 
 1,240,000   Ford Motor Company^     
     6.100%, 08/19/32   1,240,806 
     Ford Motor Credit Company, LLC     
 1,885,000   4.000%, 11/13/30   1,682,268 
 1,555,000   7.200%, 06/10/30   1,653,789 
 1,450,000   5.113%, 05/03/29   1,409,356 
 1,100,000   7.350%, 11/04/27   1,157,145 
 1,000,000   2.900%, 02/16/28   900,460 
 447,000   Gap, Inc.*     
     3.875%, 10/01/31   369,405 
 600,000   General Motors Company     
     5.200%, 04/01/45   544,434 
     General Motors Financial Company, Inc.‡     
 310,000   5.700%, 02/01/36^     
     5 year CMT + 5.00%   285,665 
 155,000   6.500%, 02/01/36     
     3 mo. LIBOR + 3.44%   145,162 
     goeasy, Ltd.*     
 2,100,000   9.250%, 12/01/28   2,238,159 
 1,111,000   4.375%, 05/01/26   1,063,116 
 635,000   Goodyear Tire & Rubber Company^     
     5.250%, 07/15/31   578,548 
 511,000   Group 1 Automotive, Inc.*     
     4.000%, 08/15/28   471,883 
 1,280,000   Guitar Center, Inc.*     
     8.500%, 01/15/26   1,137,331 
 915,000   International Game Technology, PLC*     
     6.250%, 01/15/27   921,076 
 328,990   JetBlue Pass Through Trust Series 2019-2, Class B     
     8.000%, 11/15/27   331,687 
 1,045,000   Kohl's Corp.     
     5.550%, 07/17/45   713,129 
 1,200,000   LCM Investments Holdings II, LLC*     
     8.250%, 08/01/31   1,232,208 
 1,175,000   Liberty Interactive, LLC     
     8.250%, 02/01/30   627,755 
 1,159,000   Life Time, Inc.*     
     8.000%, 04/15/26   1,172,421 
 600,000   Light & Wonder International, Inc.*     
     7.500%, 09/01/31   625,254 
 450,000   Lindblad Expeditions Holdings, Inc.*     
     9.000%, 05/15/28   468,045 
 767,000   Lindblad Expeditions, LLC*     
     6.750%, 02/15/27   767,583 
 780,000   M/I Homes, Inc.     
     3.950%, 02/15/30   699,551 
     Macy's Retail Holdings, LLC     
 1,392,000   6.700%, 07/15/34*   1,171,438 
 1,205,000   4.300%, 02/15/43   914,944 
 1,025,000   Mclaren Finance, PLC*     
     7.500%, 08/01/26   908,960 

 

See accompanying Notes to Schedule of Investments

 

 2

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 1,518,000   Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*     
     4.875%, 05/01/29  $1,409,342 
 725,000   Newell Brands, Inc.     
     5.200%, 04/01/26   706,034 
     Nordstrom, Inc.     
 600,000   5.000%, 01/15/44   433,554 
 551,000   4.250%, 08/01/31   460,052 
 1,783,000   Patrick Industries, Inc.*     
     4.750%, 05/01/29   1,644,479 
 1,370,000   PENN Entertainment, Inc.*^     
     4.125%, 07/01/29   1,178,433 
     PetSmart, Inc. / PetSmart Finance Corp.*     
 375,000   7.750%, 02/15/29   364,470 
 375,000   4.750%, 02/15/28   350,535 
 1,670,000   Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*     
     5.625%, 09/01/29   1,258,779 
 600,000   QVC, Inc.     
     5.450%, 08/15/34   398,730 
 600,000   Raising Cane's Restaurants, LLC*     
     9.375%, 05/01/29   643,476 
 2,333,000   Rite Aid Corp.*@     
     8.000%, 11/15/26   1,772,357 
 600,000   Royal Caribbean Cruises, Ltd.*     
     7.250%, 01/15/30   625,668 
 1,670,000   Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*     
     4.625%, 03/01/29   1,439,774 
 1,800,000   Six Flags Entertainment Corp.*     
     7.250%, 05/15/31   1,838,124 
 1,348,000   Sonic Automotive, Inc.*^     
     4.625%, 11/15/29   1,221,032 
 837,000   Speedway Motorsports, LLC / Speedway Funding II, Inc.*     
     4.875%, 11/01/27   794,581 
 2,430,000   Station Casinos, LLC*     
     4.500%, 02/15/28   2,293,021 
 300,000   Stl Holding Company, LLC*     
     8.750%, 02/15/29   300,000 
 707,000   Taylor Morrison Communities, Inc.*     
     5.750%, 01/15/28   704,646 
 300,000   Viking Cruises, Ltd.*     
     9.125%, 07/15/31   321,459 
 1,355,000   Vista Outdoor, Inc.*     
     4.500%, 03/15/29   1,332,412 
     ZF North America Capital, Inc.*     
 1,200,000   7.125%, 04/14/30   1,266,552 
 400,000   6.875%, 04/14/28   412,296 
         81,483,385 
     Consumer Staples (0.7%)     
 1,335,000   1375209 B.C., Ltd.*^     
     9.000%, 01/30/28   1,296,806 
 1,739,000   Arrow Bidco, LLC*     
     10.750%, 06/15/25   1,801,621 
 1,210,000   B&G Foods, Inc.*     
     8.000%, 09/15/28   1,263,373 
 1,358,000   Central Garden & Pet Company*     
     4.125%, 04/30/31   1,202,631 
 1,349,000   Edgewell Personal Care Company*     
     4.125%, 04/01/29   1,235,010 
     Energizer Holdings, Inc.*     
 1,641,000   4.375%, 03/31/29   1,485,991 
 298,000   6.500%, 12/31/27   297,046 
     JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.     
 1,770,000   5.500%, 01/15/30   1,732,795 
 740,000   5.125%, 02/01/28   734,250 
 440,000   5.750%, 04/01/33   436,304 
 125,000   Land O' Lakes, Inc.*     
     7.000%, 02/01/68   95,046 
 531,987   Mallinckrodt International Finance SA / Mallinckrodt CB, LLC*     
     14.750%, 11/14/28   580,116 
 751,000   New Albertsons, LP     
     7.750%, 06/15/26   770,834 
 1,192,000   Performance Food Group, Inc.*     
     4.250%, 08/01/29   1,093,183 
 900,000   Pilgrim's Pride Corp.     
     4.250%, 04/15/31   811,989 
 505,000   Post Holdings, Inc.*     
     5.750%, 03/01/27   503,470 
 1,124,000   Prestige Brands, Inc.*     
     3.750%, 04/01/31   979,869 
 1,015,000   United Natural Foods, Inc.*     
     6.750%, 10/15/28   854,123 
 1,857,000   Vector Group, Ltd.*     
     5.750%, 02/01/29   1,715,107 
         18,889,564 
     Energy (2.0%)     
 598,000   Antero Resources Corp.*     
     5.375%, 03/01/30   571,156 
 1,187,000   Apache Corp.     
     5.100%, 09/01/40   1,020,820 
 600,000   Buckeye Partners, LP     
     5.850%, 11/15/43   495,600 
 1,670,000   Callon Petroleum Company*     
     7.500%, 06/15/30   1,760,447 
 591,000   Cheniere Energy, Inc.     
     4.625%, 10/15/28   572,691 
 892,000   Chesapeake Energy Corp.*     
     6.750%, 04/15/29   902,900 
 1,688,000   Civitas Resources, Inc.*     
     8.750%, 07/01/31   1,801,586 
     Continental Resources, Inc.*     
 900,000   2.875%, 04/01/32   735,156 
 610,000   5.750%, 01/15/31   607,353 
 921,000   DT Midstream, Inc.*     
     4.125%, 06/15/29   846,942 
     Earthstone Energy Holdings, LLC*     
 1,176,000   8.000%, 04/15/27   1,218,759 
 450,000   9.875%, 07/15/31   500,063 
     Enbridge, Inc.‡     
 1,036,000   7.375%, 01/15/83     
     5 year CMT + 3.71%   1,037,823 
 395,000   5.750%, 07/15/80     
     5 year CMT + 5.31%   370,253 
     Energy Transfer, LP     
 1,735,000   8.586%, 11/01/66‡     
     3 mo. SOFR + 3.28%   1,549,893 
 1,015,000   6.500%, 02/01/36‡     
     5 year CMT + 5.69%   981,688 

 

See accompanying Notes to Schedule of Investments

 

3 

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 155,000   8.000%, 05/15/54  $160,499 
 75,000   9.669%, 02/01/24     
     3 mo. USD LIBOR + 4.03   73,722 
     EnLink Midstream Partners, LP     
 1,775,000   9.756%, 02/01/36‡     
     3 mo. LIBOR + 4.11%   1,677,872 
 1,285,000   4.850%, 07/15/26   1,262,705 
 745,000   Enlink Midstream, LLC*     
     6.500%, 09/01/30   763,364 
     Enterprise Products Operating, LLC‡     
 80,000   5.250%, 08/16/77     
     3 mo. SOFR + 3.29%   77,340 
 75,000   8.638%, 08/16/77     
     3 mo. LIBOR + 2.99%   74,750 
 1,970,000   EQM Midstream Partners, LP*     
     7.500%, 06/01/27   2,027,406 
     Genesis Energy, LP / Genesis Energy Finance Corp.     
 885,000   8.875%, 04/15/30   926,498 
 543,000   6.250%, 05/15/26   540,888 
     Gulfport Energy Corp.     
 1,190,000   8.000%, 05/17/26*   1,201,662 
 306,527   8.000%, 05/17/26   309,531 
 1,670,000   Hilcorp Energy I, LP / Hilcorp Finance Company*     
     6.000%, 04/15/30   1,622,689 
 894,000   Howard Midstream Energy Partners, LLC*     
     6.750%, 01/15/27   896,754 
 525,000   Kodiak Gas Services, LLC*     
     7.250%, 02/15/29   531,184 
 1,162,000   Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*     
     6.000%, 08/01/26   1,149,253 
     Moss Creek Resources Holdings, Inc.*     
 600,000   10.500%, 05/15/27   617,970 
 540,000   7.500%, 01/15/26   538,288 
     Nabors Industries, Inc.*     
 900,000   7.375%, 05/15/27   890,451 
 450,000   9.125%, 01/31/30   459,176 
 900,000   Nabors Industries, Ltd.*     
     7.500%, 01/15/28   824,616 
 1,191,000   New Fortress Energy, Inc.*     
     6.750%, 09/15/25   1,177,101 
 900,000   Oceaneering International, Inc.     
     6.000%, 02/01/28   882,351 
 1,270,000   Parkland Corp.*~µ     
     5.875%, 07/15/27   1,260,780 
 633,000   Patterson-UTI Energy, Inc.     
     5.150%, 11/15/29   611,655 
 300,000   Permian Resources Operating LLC*     
     7.000%, 01/15/32   309,984 
 1,390,000   Plains All American Pipeline, LP‡     
     9.751%, 02/01/36     
     3 mo. LIBOR + 4.11%   1,377,226 
 1,670,000   Rockcliff Energy II, LLC*     
     5.500%, 10/15/29   1,556,139 
 593,000   Southwestern Energy Company     
     4.750%, 02/01/32   549,693 
 1,716,650   Transocean, Inc.*     
     8.750%, 02/15/30   1,796,148 
     Venture Global Calcasieu Pass, LLC*     
 750,000   6.250%, 01/15/30   752,077 
 300,000   4.125%, 08/15/31   265,761 
 300,000   3.875%, 08/15/29   268,164 
     Venture Global LNG, Inc.*     
 1,505,000   8.375%, 06/01/31   1,524,911 
 900,000   8.125%, 06/01/28   911,466 
 600,000   9.875%, 02/01/32   631,182 
 600,000   9.500%, 02/01/29   637,926 
     Vital Energy, Inc.     
 764,000   9.750%, 10/15/30   812,346 
 685,000   7.750%, 07/31/29*   676,732 
 1,200,000   VOC Escrow, Ltd.*     
     5.000%, 02/15/28   1,149,444 
 1,505,000   Weatherford International, Ltd.*     
     8.625%, 04/30/30   1,541,346 
         50,292,180 
        Financials (3.2%)
 1,900,000   Acrisure, LLC / Acrisure Finance, Inc.*     
     8.250%, 02/01/29   1,906,916 
 1,789,000   Aethon United BR, LP / Aethon United Finance Corp.*     
     8.250%, 02/15/26   1,784,617 
 858,000   AG Issuer, LLC*     
     6.250%, 03/01/28   848,193 
 255,000   Aircastle, Ltd.*‡     
     5.250%, 02/01/68     
     5 year CMT + 4.41%   224,441 
     Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*     
 2,100,000   6.750%, 10/15/27   2,057,139 
 140,000   7.000%, 01/15/31   141,765 
 140,000   Allstate Corp.‡     
     8.579%, 08/15/53     
     3 mo. LIBOR + 2.94%   140,293 
     Ally Financial, Inc.     
 2,632,000   4.700%, 02/01/36     
     7 year CMT + 3.48%‡   2,097,968 
 489,000   8.000%, 11/01/31   541,553 
 250,000   American International Group, Inc.‡     
     5.750%, 04/01/48     
     3 mo. LIBOR + 2.87%   248,610 
 2,365,000   AmWINS Group, Inc.*     
     4.875%, 06/30/29   2,210,542 
 460,000   Ares Finance Company III, LLC*‡     
     4.125%, 06/30/51     
     5 year CMT + 3.24%   416,268 
 888,000   Aviation Capital Group, LLC*     
     3.500%, 11/01/27   827,918 
 350,000   AXIS Specialty Finance, LLC‡     
     4.900%, 01/15/40     
     5 year CMT + 3.19%   302,722 
     Bank of America Corp.‡     
 439,000   6.125%, 02/01/36     
     5 year CMT + 3.23%   439,057 
 145,000   5.125%, 02/01/36     
     3 mo. SOFR + 3.55%3 mo. LIBOR + 3.03%3 mo. LIBOR + 3.03%   144,401 
 135,000   6.250%, 09/29/49     
     3 mo. SOFR + 3.97%   134,931 

 

See accompanying Notes to Schedule of Investments

 

 4

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 135,000   6.100%, 12/29/49     
     3 mo. SOFR + 4.16%  $135,305 
 763,000   Bank of New York Mellon Corp.‡     
     4.700%, 02/01/36     
     5 year CMT + 4.36%   753,310 
     BP Capital Markets, PLC‡     
 285,000   4.375%, 02/01/36     
     5 year CMT + 4.04%   279,266 
 280,000   4.875%, 02/01/36     
     5 year CMT + 4.40%   265,642 
 1,779,000   BroadStreet Partners, Inc.*     
     5.875%, 04/15/29   1,689,054 
 1,435,000   Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*     
     4.500%, 04/01/27   1,272,615 
 1,200,000   Burford Capital Global Financial, LLC*     
     6.875%, 04/15/30   1,170,576 
 458,000   Capital One Financial Corp.‡^     
     3.950%, 02/01/36     
     5 year CMT + 3.16%   397,430 
     Charles Schwab Corp.‡     
 285,000   5.375%, 02/01/36^     
     5 year CMT + 4.97%   281,620 
 282,000   4.000%, 02/01/36     
     5 year CMT + 3.17%   245,236 
     Citigroup, Inc.‡     
 509,000   3.875%, 02/01/36     
     5 year CMT + 3.42%   470,698 
 166,000   4.150%, 02/01/36     
     5 year CMT + 3.00%   147,652 
 150,000   7.625%, 02/01/36     
     5 year CMT + 3.21%   153,710 
 150,000   4.000%, 02/01/36     
     5 year CMT + 3.60%   140,741 
 140,000   5.950%, 12/29/49     
     3 mo. USD LIBOR + 3.91%   138,135 
     Citizens Financial Group, Inc.‡     
 450,000   4.000%, 02/01/36     
     5 year CMT + 3.22%   395,285 
 155,000   5.650%, 02/01/36     
     5 year CMT + 5.31%   151,666 
 315,000   Comerica, Inc.     
     5.625%, 02/01/36     
     5 year CMT + 5.29%   305,821 
 145,000   Corebridge Financial, Inc.‡     
     6.875%, 12/15/52   145,574 
     Credit Acceptance Corp.     
 1,165,000   6.625%, 03/15/26^   1,166,538 
 800,000   9.250%, 12/15/28*   842,992 
 1,205,000   Cushman & Wakefield U.S. Borrower LLC*^     
     8.875%, 09/01/31   1,265,636 
 250,000   Depository Trust & Clearing Corp.*‡     
     3.375%, 02/01/68     
     5 year CMT + 2.61   212,443 
     Discover Financial Services‡     
 275,000   5.500%, 02/01/36     
     3 mo. SOFR + 3.34%   227,662 
 245,000   6.125%, 02/01/36     
     5 year CMT + 5.78%   240,460 
 1,533,000   Enact Holdings, Inc.*     
     6.500%, 08/15/25   1,530,486 
 265,000   Enstar Finance, LLC‡     
     5.500%, 01/15/42     
     5 year CMT + 4.01%   233,529 
 605,000   Fifth Third Bancorp‡     
     4.500%, 02/01/36     
     5 year CMT + 4.22%   572,741 
 70,000   First Citizens BancShares, Inc.‡     
     9.618%, 02/01/24     
     3 mo. SOFR + 4.23%   71,651 
 1,350,000   GGAM Finance, Ltd.*     
     8.000%, 02/15/27   1,393,240 
 1,472,000   Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*     
     3.750%, 12/15/27   1,258,810 
     Goldman Sachs Group, Inc.‡     
 310,000   4.400%, 02/01/36     
     5 year CMT + 2.85%   295,542 
 153,000   4.125%, 02/01/36     
     5 year CMT + 2.95%   139,377 
 149,000   7.500%, 02/01/36     
     5 year CMT + 3.16%   156,568 
 1,250,000   GTCR W-2 Merger Sub, LLC*     
     7.500%, 01/15/31   1,303,412 
 655,000   HAT Holdings I LLC / HAT Holdings II LLC*     
     8.000%, 06/15/27   679,399 
     HUB International, Ltd.*     
 1,785,000   5.625%, 12/01/29   1,685,361 
 600,000   7.375%, 01/31/32   614,124 
     Huntington Bancshares, Inc.‡     
 350,000   4.450%, 02/01/36     
     7 year CMT + 4.05%   316,215 
 210,000   5.625%, 02/01/36     
     10 year CMT + 4.95%   194,874 
 892,000   Icahn Enterprises, LP / Icahn Enterprises Finance Corp.     
     4.375%, 02/01/29   746,363 
 1,913,000   ILFC E-Capital Trust II*‡     
     7.436%, 12/21/65     
     3 mo. LIBOR + 1.80%   1,516,282 
 2,470,000   Iron Mountain, Inc.*     
     5.250%, 03/15/28   2,397,184 
 3,000,000   Jefferies Finance, LLC / JFIN Co-Issuer Corp.*     
     5.000%, 08/15/28   2,708,700 
     JPMorgan Chase & Company‡     
 1,100,000   3.650%, 02/01/36     
     5 year CMT + 2.85%   1,016,136 
 135,000   6.125%, 12/31/49     
     3 mo. SOFR + 3.59%   135,293 
 180,000   KeyCorp‡     
     5.000%, 12/29/49     
     3 mo. SOFR + 3.87%   160,652 
     Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*     
 2,306,000   5.250%, 10/01/25   2,269,219 
 1,296,000   4.750%, 06/15/29   1,160,775 
 1,080,000   LD Holdings Group, LLC*     
     6.125%, 04/01/28   881,258 
     Level 3 Financing, Inc.*     
 1,250,000   4.250%, 07/01/28   420,313 
 600,000   4.625%, 09/15/27   316,764 
 420,000   Liberty Mutual Group, Inc.*‡     
     4.125%, 12/15/51     
     5 year CMT + 3.32%   367,937 

 

See accompanying Notes to Schedule of Investments

 

5 

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 892,000   LPL Holdings, Inc.*     
     4.000%, 03/15/29  $822,629 
     M&T Bank Corp.‡     
 145,000   6.450%, 12/29/49     
     3 mo. LIBOR + 3.61%   144,543 
 85,000   5.125%, 12/29/49     
     3 mo. LIBOR + 3.52%   77,621 
 80,000   5.000%, 02/01/36     
     5 year CMT + 3.17%   76,378 
 1,200,000   Macquarie Airfinance Holdings, Ltd.*     
     8.125%, 03/30/29   1,246,152 
 280,000   Markel Corp.‡     
     6.000%, 02/01/36     
     5 year CMT + 5.66%   277,754 
     MetLife, Inc.     
 2,137,000   6.400%, 12/15/66   2,183,330 
 225,000   3.850%, 02/01/36‡     
     5 year CMT + 3.58%   215,881 
 1,615,000   Nationstar Mortgage Holdings, Inc.*     
     5.500%, 08/15/28   1,538,594 
     Navient Corp.     
 1,305,000   5.000%, 03/15/27   1,245,505 
 655,000   4.875%, 03/15/28   595,762 
 780,000   Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*     
     4.500%, 09/30/28   663,764 
 600,000   Newmark Group, Inc.*     
     7.500%, 01/12/29   613,224 
 230,000   Northern Trust Corp.‡     
     4.600%, 02/01/24     
     3 mo. LIBOR + 3.20%   220,662 
     OneMain Finance Corp.     
 900,000   9.000%, 01/15/29   948,744 
 820,000   3.875%, 09/15/28   720,632 
 599,000   7.125%, 03/15/26   607,506 
 592,000   Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*     
     5.875%, 10/01/28   579,615 
 442,000   PartnerRe Finance B, LLC‡     
     4.500%, 10/01/50     
     5 year CMT + 3.82%   395,908 
 1,871,000   PHH Mortgage Corp.*     
     7.875%, 03/15/26   1,728,523 
     PNC Financial Services Group, Inc.‡     
 315,000   3.400%, 02/01/36     
     5 year CMT + 2.60%   272,100 
 140,000   6.200%, 02/01/36     
     5 year CMT + 3.24%   137,445 
 140,000   6.000%, 02/01/36     
     5 year CMT + 3.00%   134,183 
 275,000   Progressive Corp.‡     
     8.185%, 02/01/36     
     3 mo. USD LIBOR + 2.54%   275,121 
 280,000   QBE Insurance Group, Ltd.*‡     
     5.875%, 02/01/68     
     5 year CMT + 5.51%   275,934 
 1,355,000   RHP Hotel Properties, LP / RHP Finance Corp.*     
     4.500%, 02/15/29   1,260,597 
     Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*     
 560,000   3.875%, 03/01/31   492,145 
 555,000   3.625%, 03/01/29   495,354 
 275,000   2.875%, 10/15/26   255,219 
 1,225,000   StoneX Group, Inc.*     
     8.625%, 06/15/25   1,239,002 
     Truist Financial Corp.‡     
 295,000   4.800%, 02/01/36     
     5 year CMT + 3.00%   282,182 
 285,000   4.950%, 02/01/36     
     5 year CMT + 4.61%   277,747 
 108,000   5.100%, 02/01/36     
     10 year CMT + 4.35%   100,106 
 320,000   U.S. Bancorp‡     
     5.300%, 02/01/36     
     3 mo. SOFR + 3.18%   301,229 
     United Wholesale Mortgage, LLC*     
 1,383,000   5.500%, 04/15/29   1,307,875 
 600,000   5.750%, 06/15/27   589,734 
     Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*     
 600,000   10.500%, 02/15/28   610,590 
 600,000   6.500%, 02/15/29   423,420 
 1,340,000   VZ Secured Financing, BV*     
     5.000%, 01/15/32   1,171,776 
     Wells Fargo & Company‡     
 620,000   3.900%, 02/01/36     
     5 year CMT + 3.45%   581,541 
 560,000   7.625%, 02/01/36     
     5 year CMT + 3.61   589,445 
 1,255,000   XHR, LP*     
     6.375%, 08/15/25   1,257,071 
         78,737,149 
     Health Care (1.0%)     
     Bausch Health Companies, Inc.*     
 2,370,000   11.000%, 09/30/28   1,628,972 
 469,000   14.000%, 10/15/30   265,407 
 447,000   6.125%, 02/01/27   283,706 
     CHS/Community Health Systems, Inc.*     
 2,392,000   6.125%, 04/01/30   1,584,557 
 663,000   6.875%, 04/15/29   457,642 
 655,000   8.000%, 03/15/26   645,385 
 600,000   10.875%, 01/15/32   630,378 
 149,000   5.250%, 05/15/30   123,855 
     DaVita, Inc.*     
 1,395,000   3.750%, 02/15/31   1,150,763 
 1,326,000   4.625%, 06/01/30   1,174,213 
     Embecta Corp.*     
 894,000   5.000%, 02/15/30   732,490 
 298,000   6.750%, 02/15/30   262,943 
     Encompass Health Corp.     
 600,000   4.750%, 02/01/30   564,006 
 600,000   4.500%, 02/01/28   573,990 
 1,369,000   HCA, Inc.     
     7.500%, 11/06/33   1,545,724 
 350,000   Jazz Securities DAC*     
     4.375%, 01/15/29   323,806 
     Medline Borrower, LP*     
 1,484,000   5.250%, 10/01/29   1,384,869 
 1,480,000   3.875%, 04/01/29   1,341,679 
     Organon & Company / Organon Foreign Debt Co-Issuer, BV*     
 2,200,000   5.125%, 04/30/31   1,895,058 
 500,000   4.125%, 04/30/28   457,475 
 1,251,000   Team Health Holdings, Inc.*     
     6.375%, 02/01/25   1,057,595 

 

See accompanying Notes to Schedule of Investments

 

 6

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
     Tenet Healthcare Corp.     
 2,710,000   6.250%, 02/01/27  $2,704,716 
 1,575,000   6.875%, 11/15/31   1,623,542 
     Teva Pharmaceutical Finance Netherlands III, BV     
 1,520,000   5.125%, 05/09/29^   1,467,150 
 1,100,000   4.750%, 05/09/27   1,064,250 
 535,000   3.150%, 10/01/26   499,465 
         25,443,636 
     Industrials (2.2%)     
 1,355,000   ACCO Brands Corp.*     
     4.250%, 03/15/29   1,229,757 
 1,170,000   AerCap Holdings, NV‡^     
     5.875%, 10/10/79     
     5 year CMT + 4.54%   1,162,336 
     Air Lease Corp.‡     
 1,520,000   4.125%, 02/01/36     
     5 year CMT + 3.15%   1,288,291 
 320,000   4.650%, 02/01/36     
     5 year CMT + 4.08%   295,965 
     Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*     
 1,925,000   4.625%, 01/15/27   1,868,848 
 900,000   5.875%, 02/15/28   899,541 
 1,070,000   Allegiant Travel Company*     
     7.250%, 08/15/27   1,046,995 
 670,000   Arcosa, Inc.*     
     4.375%, 04/15/29   628,795 
 3,100,000   ARD Finance, SA*     
     6.500%, 06/30/27     
     7.250% PIK rate   1,504,368 
 937,000   Beacon Roofing Supply, Inc.*     
     4.125%, 05/15/29   849,615 
     Bombardier, Inc.*     
 600,000   8.750%, 11/15/30   631,368 
 592,000   7.875%, 04/15/27   592,817 
 1,191,000   BWX Technologies, Inc.*     
     4.125%, 04/15/29   1,105,367 
 1,220,000   Cascades, Inc. / Cascades USA, Inc.*     
     5.375%, 01/15/28   1,197,284 
 295,000   Delta Air Lines, Inc. / SkyMiles IP, Ltd.*     
     4.750%, 10/20/28   290,371 
 1,565,000   Deluxe Corp.*     
     8.000%, 06/01/29   1,409,877 
 1,194,000   Eco Material Technologies, Inc.*     
     7.875%, 01/31/27   1,195,624 
 600,000   Emerald Debt Merger Sub, LLC*     
     6.625%, 12/15/30   606,540 
     EnerSys*     
 600,000   6.625%, 01/15/32   608,664 
 575,000   4.375%, 12/15/27   544,836 
 733,000   Graham Packaging Company, Inc.*     
     7.125%, 08/15/28   658,615 
     Graphic Packaging International, LLC*     
 750,000   4.750%, 07/15/27   730,695 
 551,000   3.500%, 03/01/29   498,352 
 1,303,000   Great Lakes Dredge & Dock Corp.*^     
     5.250%, 06/01/29   1,131,669 
 2,775,000   H&E Equipment Services, Inc.*     
     3.875%, 12/15/28   2,521,920 
 1,492,000   Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*     
     5.750%, 01/20/26   1,403,226 
 1,500,000   Herc Holdings, Inc.*     
     5.500%, 07/15/27   1,474,365 
 1,385,000   IEA Energy Services, LLC*     
     6.625%, 08/15/29   1,303,534 
     JELD-WEN, Inc.*     
 721,000   4.625%, 12/15/25   705,152 
 625,000   4.875%, 12/15/27^   596,913 
 1,940,000   Ken Garff Automotive, LLC*     
     4.875%, 09/15/28   1,812,911 
 1,200,000   Knife River Holding Company*     
     7.750%, 05/01/31   1,262,472 
 298,000   MasTec, Inc.*^     
     4.500%, 08/15/28   280,004 
 722,000   Moog, Inc.*     
     4.250%, 12/15/27   676,976 
 1,472,000   Newfold Digital Holdings Group, Inc.*     
     6.000%, 02/15/29   1,114,981 
 1,140,000   Novelis Corp.*     
     4.750%, 01/30/30   1,058,752 
 450,000   OI European Group, BV*     
     4.750%, 02/15/30   416,934 
 1,375,000   Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*     
     4.000%, 10/15/27   1,283,769 
     Sealed Air Corp.*     
 933,000   6.125%, 02/01/28   938,094 
 298,000   5.000%, 04/15/29   287,448 
 300,000   Sealed Air Corp./Sealed Air Corp. U.S.*     
     7.250%, 02/15/31   314,724 
 650,000   Sensata Technologies, BV*     
     4.000%, 04/15/29   595,400 
 593,000   Sensata Technologies, Inc.*     
     3.750%, 02/15/31   516,574 
     Sinclair Television Group, Inc.*     
 891,000   4.125%, 12/01/30   689,313 
 600,000   5.500%, 03/01/30   462,720 
 1,165,000   Standard Industries, Inc.*     
     5.000%, 02/15/27   1,133,230 
 100,000   Stanley Black & Decker, Inc.‡     
     4.000%, 03/15/60     
     5 year CMT + 2.66%   87,403 
 957,000   Stericycle, Inc.*     
     3.875%, 01/15/29   871,272 
 879,000   STL Holding Company, LLC*     
     7.500%, 02/15/26   895,323 
 300,000   Summit Materials LLC / Summit Materials Finance Corp.*     
     7.250%, 01/15/31   312,030 
     TransDigm, Inc.     
 1,295,000   6.875%, 12/15/30*   1,331,843 
 900,000   6.750%, 08/15/28*   915,903 
 875,000   7.500%, 03/15/27   877,879 
 649,000   6.250%, 03/15/26*   645,930 
 450,000   7.125%, 12/01/31*   469,463 
 1,188,000   Tronox, Inc.*     
     4.625%, 03/15/29   1,050,287 

 

See accompanying Notes to Schedule of Investments

 

7 

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 439,547   United Airlines Pass Through Trust Series 2019-2, Class B     
     3.500%, 11/01/29  $401,979 
 1,191,000   Vertiv Group Corp.*     
     4.125%, 11/15/28   1,109,262 
 1,251,000   Wabash National Corp.*     
     4.500%, 10/15/28   1,140,849 
 1,050,000   Waste Pro USA, Inc.*     
     5.500%, 02/15/26   1,020,295 
     Williams Scotsman, Inc.*     
 703,000   4.625%, 08/15/28   663,780 
 600,000   7.375%, 10/01/31   629,118 
         55,248,618 
     Information Technology (0.7%)     
 296,000   Booz Allen Hamilton, Inc.*     
     4.000%, 07/01/29   278,039 
 692,000   Coherent Corp.*     
     5.000%, 12/15/29   648,148 
 601,000   CommScope Technologies, LLC*     
     6.000%, 06/15/25   478,336 
 1,100,000   CommScope, Inc.*     
     4.750%, 09/01/29   728,409 
 733,000   Dell International, LLC / EMC Corp.     
     6.020%, 06/15/26   749,170 
 596,000   Dun & Bradstreet Corp.*^     
     5.000%, 12/15/29   554,697 
 586,000   Fair Isaac Corp.*     
     4.000%, 06/15/28   546,263 
 1,315,000   KBR, Inc.*     
     4.750%, 09/30/28   1,213,245 
     MPH Acquisition Holdings, LLC*     
 1,300,000   5.750%, 11/01/28   1,035,099 
 595,000   5.500%, 09/01/28   529,098 
 600,000   NCL Corp., Ltd.*     
     8.125%, 01/15/29   629,880 
 589,000   NCR Voyix Corp.*     
     5.125%, 04/15/29   554,644 
 886,000   ON Semiconductor Corp.*     
     3.875%, 09/01/28   813,436 
     Open Text Corp.*     
 855,000   3.875%, 02/15/28   794,834 
 600,000   6.900%, 12/01/27   623,706 
 447,000   3.875%, 12/01/29   403,681 
 447,000   Open Text Holdings, Inc.*     
     4.125%, 12/01/31   395,783 
 1,105,000   Playtika Holding Corp.*     
     4.250%, 03/15/29   958,797 
 1,645,000   TTM Technologies, Inc.*     
     4.000%, 03/01/29   1,488,676 
     Twilio, Inc.     
 830,000   3.625%, 03/15/29   750,478 
 298,000   3.875%, 03/15/31   262,806 
 450,000   UKG, Inc.*     
     6.875%, 02/01/31   455,553 
 1,475,000   Viavi Solutions, Inc.*     
     3.750%, 10/01/29   1,285,698 
 1,355,000   ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*     
     3.875%, 02/01/29   1,207,305 
         17,385,781 
     Materials (0.7%)     
 623,000   ArcelorMittal, SA     
     7.000%, 10/15/39   680,173 
 600,000   ATI, Inc.     
     5.875%, 12/01/27   590,802 
 295,000   Carpenter Technology Corp.     
     7.625%, 03/15/30   305,284 
 895,000   Chemours Company*     
     4.625%, 11/15/29   783,510 
 1,880,000   Clearwater Paper Corp.*     
     4.750%, 08/15/28   1,765,301 
 900,000   Cleveland-Cliffs, Inc.*     
     6.750%, 04/15/30   908,298 
     Commercial Metals Company     
 596,000   4.125%, 01/15/30   545,471 
 298,000   4.375%, 03/15/32   266,767 
 1,375,000   Constellium, SE*^     
     3.750%, 04/15/29   1,239,672 
 590,000   HB Fuller Company     
     4.250%, 10/15/28   550,387 
 600,000   INEOS Finance, PLC*     
     6.750%, 05/15/28   587,238 
 900,000   JW Aluminum Continuous Cast Company*     
     10.250%, 06/01/26   910,062 
 1,050,000   Kaiser Aluminum Corp.*     
     4.625%, 03/01/28   968,258 
 297,000   LSF11 A5 HoldCo, LLC*     
     6.625%, 10/15/29   253,216 
     Mercer International, Inc.     
 1,566,000   5.125%, 02/01/29   1,344,521 
 600,000   12.875%, 10/01/28*   645,222 
 1,175,000   OCI, NV*     
     6.700%, 03/16/33   1,174,812 
     Owens-Brockway Glass Container, Inc.*     
 900,000   7.250%, 05/15/31   908,550 
 590,000   6.625%, 05/13/27   590,732 
 1,328,000   Silgan Holdings, Inc.     
     4.125%, 02/01/28   1,251,135 
 589,000   Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.*     
     5.125%, 04/01/29   231,465 
         16,500,876 
     Other (0.1%)     
     Gen Digital, Inc.*     
 625,000   7.125%, 09/30/30^   648,581 
 625,000   6.750%, 09/30/27   635,463 
         1,284,044 
     Real Estate (0.2%)     
 953,000   EPR Properties     
     3.750%, 08/15/29   849,809 
     Forestar Group, Inc.*     
 862,000   5.000%, 03/01/28   819,917 
 630,000   3.850%, 05/15/26   599,174 
 1,341,000   MIWD Holdco II, LLC / MIWD Finance Corp.*     
     5.500%, 02/01/30   1,222,054 
 550,000   Service Properties Trust     
     5.250%, 02/15/26   532,983 
         4,023,937 
     Special Purpose Acquisition Companies (0.1%)     
     Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*     
 1,195,000   6.750%, 01/15/30   1,075,727 

 

See accompanying Notes to Schedule of Investments

 

 8

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 596,000   4.625%, 01/15/29  $549,351 
         1,625,078 
     Utilities (0.2%)     
 340,000   Algonquin Power & Utilities Corp.‡     
     4.750%, 01/18/82     
     5 year CMT + 3.25%   295,640 
 85,000   American Electric Power Company, Inc.‡     
     3.875%, 02/15/62     
     5 year CMT + 2.68   74,608 
 235,000   CMS Energy Corp.‡     
     4.750%, 06/01/50     
     5 year CMT + 4.12%   212,313 
     Dominion Energy, Inc.‡     
 250,000   4.650%, 02/01/36     
     5 year CMT + 2.99%   241,915 
 133,000   4.350%, 02/01/36     
     5 year CMT + 3.20%   121,078 
     Duke Energy Corp.‡     
 330,000   4.875%, 02/01/36     
     5 year CMT + 3.39%   327,525 
 132,000   3.250%, 01/15/82     
     5 year CMT + 2.32%   108,021 
 285,000   Emera, Inc.‡     
     6.750%, 06/15/76     
     3 mo. LIBOR + 5.44   281,207 
     National Rural Utilities Cooperative Finance Corp.‡     
 288,000   7.125%, 09/15/53   298,532 
 150,000   5.250%, 04/20/46     
     3 mo. LIBOR + 3.63%   145,203 
 320,000   NextEra Energy Capital Holdings, Inc.‡     
     3.800%, 03/15/82     
     5 year CMT + 2.55%   281,296 
 591,000   PPL Capital Funding, Inc.‡     
     8.275%, 03/30/67     
     3 mo. LIBOR + 2.67%   567,130 
     Sempra‡     
 220,000   4.875%, 02/01/36     
     5 year CMT + 4.55%   216,011 
 85,000   4.125%, 04/01/52     
     5 year CMT + 2.87%   75,419 
     Southern Company‡     
 442,000   4.000%, 01/15/51     
     5 year CMT + 3.73%   425,394 
 95,000   3.750%, 09/15/51     
     5 year CMT + 2.92%   88,839 
     Vistra Corp.*‡     
 625,000   7.000%, 02/01/68     
     5 year CMT + 5.74%   610,125 
 340,000   8.000%, 02/01/68     
     5 year CMT + 6.93%   341,574 
 80,000   WEC Energy Group, Inc.‡     
     7.754%, 05/15/67     
     3 mo. LIBOR + 2.11%   75,805 
         4,787,635 
     Total Corporate Bonds     
     (Cost $416,348,507)   402,052,214 
           
Convertible Bonds (21.0%)
     Communication Services (1.7%)     
 1,203,000   Cable One, Inc.     
     0.000%, 03/15/26   1,033,509 
     Liberty Media Corp.*     
 7,025,000   3.750%, 03/15/28   8,715,636 
 5,970,000   2.375%, 09/30/53   6,267,008 
 8,895,000   Liberty Media Corp.-Liberty Formula One     
     2.250%, 08/15/27   9,270,547 
 17,095,000   Live Nation Entertainment, Inc.     
     2.000%, 02/15/25   17,954,537 
         43,241,237 
     Consumer Discretionary (2.7%)     
 8,205,000   Airbnb, Inc.     
     0.000%, 03/15/26   7,459,166 
 9,550,000   Booking Holdings, Inc.     
     0.750%, 05/01/25   17,830,518 
     DISH Network Corp.     
 1,803,000   0.000%, 12/15/25   1,290,497 
 1,183,000   2.375%, 03/15/24   1,159,872 
 14,650,000   Ford Motor Company     
     0.000%, 03/15/26   14,279,794 
 5,415,000   Rivian Automotive, Inc.*     
     4.625%, 03/15/29   5,767,950 
 3,765,000   Royal Caribbean Cruises, Ltd.     
     6.000%, 08/15/25   9,860,761 
 400,000   Tesla, Inc.     
     2.000%, 05/15/24   3,631,100 
 2,370,000   Wayfair, Inc.     
     3.250%, 09/15/27   2,616,978 
 3,850,000   Winnebago Industries, Inc.*     
     3.250%, 01/15/30   3,961,727 
         67,858,363 
     Energy (0.3%)     
 6,615,000   Northern Oil & Gas, Inc.     
     3.625%, 04/15/29   7,369,838 
           
     Financials (0.8%)     
 3,000,000   Ares Capital Corp.     
     4.625%, 03/01/24   3,140,730 
 4,115,000   Federal Realty OP, LP*     
     3.250%, 01/15/29   4,064,797 
 11,275,000   Morgan Stanley Finance, LLC     
     1.000%, 11/23/27   13,121,845 
         20,327,372 
     Health Care (1.6%)     
 13,555,000   Dexcom, Inc.     
     0.250%, 11/15/25   14,033,898 
 2,718,000   Envista Holdings Corp.*     
     1.750%, 08/15/28   2,482,377 
 4,085,000   Exact Sciences Corp.*     
     2.000%, 03/01/30   4,537,332 
 7,895,000   Integer Holdings Corp.*     
     2.125%, 02/15/28   10,286,632 
 7,755,000   Jazz Investments I, Ltd.     
     2.000%, 06/15/26   7,820,297 
         39,160,536 

 

See accompanying Notes to Schedule of Investments

 

9 

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
     Industrials (3.2%)     
 4,215,000   Axon Enterprise, Inc.     
     0.500%, 12/15/27  $5,181,457 
 7,500,000   Fluor Corp.*^     
     1.125%, 08/15/29   7,946,475 
 13,520,000   John Bean Technologies Corp.     
     0.250%, 05/15/26   12,245,605 
 13,805,000   Middleby Corp.     
     1.000%, 09/01/25   16,312,402 
 8,835,000   Tetra Tech, Inc.*     
     2.250%, 08/15/28   8,984,842 
     Uber Technologies, Inc.     
 14,800,000   0.000%, 12/15/25   15,298,760 
 12,000,000   0.875%, 12/01/28*   13,405,080 
         79,374,621 
     Information Technology (6.7%)     
 5,910,000   Advanced Energy Industries, Inc.*     
     2.500%, 09/15/28   6,125,360 
     Akamai Technologies, Inc.     
 14,080,000   1.125%, 02/15/29*   15,652,173 
 4,230,000   0.375%, 09/01/27   4,846,353 
     BILL Holdings, Inc.     
 7,838,000   0.000%, 04/01/27   6,585,566 
 3,535,000   0.000%, 12/01/25   3,314,098 
 17,000,000   CyberArk Software, Ltd.     
     0.000%, 11/15/24   25,580,920 
     Enphase Energy, Inc.     
 12,325,000   0.000%, 03/01/28   10,461,583 
 3,525,000   0.000%, 03/01/26   3,166,296 
 7,605,000   Nutanix, Inc.     
     0.250%, 10/01/27   8,731,529 
 17,315,000   ON Semiconductor Corp.*     
     0.500%, 03/01/29   16,818,059 
 2,520,000   Palo Alto Networks, Inc.     
     0.375%, 06/01/25   8,572,990 
 5,970,000   Rapid7, Inc.     
     1.250%, 03/15/29   6,536,493 
 13,100,000   Seagate HDD Cayman*     
     3.500%, 06/01/28   15,775,937 
 8,400,000   SK Hynix, Inc.     
     1.750%, 04/11/30   11,075,652 
 5,850,000   Tyler Technologies, Inc.     
     0.250%, 03/15/26   5,937,458 
 7,415,000   Western Digital Corp.*     
     3.000%, 11/15/28   9,631,640 
 5,670,000   Wolfspeed, Inc.     
     1.875%, 12/01/29   3,269,946 
 5,970,000   Workiva, Inc.*     
     1.250%, 08/15/28   5,751,677 
         167,833,730 
     Materials (0.3%)     
 5,800,000   Glencore Funding, LLC     
     0.000%, 03/27/25   5,985,716 
           
     Other (0.0%)     
 590,000   Multiplan Corp.*     
     6.000%, 10/15/27   413,248 
           
     Real Estate (1.1%)     
 15,115,000   Pebblebrook Hotel Trust     
     1.750%, 12/15/26   13,560,271 
 12,285,000   Welltower OP, LLC*     
     2.750%, 05/15/28   13,338,807 
         26,899,078 
     Utilities (2.6%)     
 11,920,000   Alliant Energy Corp.*     
     3.875%, 03/15/26   11,735,955 
 16,655,000   CMS Energy Corp.*     
     3.375%, 05/01/28   16,339,388 
 7,245,000   PG&E Corp.*     
     4.250%, 12/01/27   7,385,481 
 20,355,000   PPL Capital Funding, Inc.*     
     2.875%, 03/15/28   19,420,909 
 10,540,000   Southern Company*     
     3.875%, 12/15/25   10,500,475 
         65,382,208 
     Total Convertible Bonds     
     (Cost $516,699,204)   523,845,947 
           
Bank Loans (5.4%) ¡
     Airlines (0.1%)     
 841,500   American Airlines, Inc.‡     
     10.329%, 04/20/28     
     3 mo. SOFR + 4.75%   863,530 
 854,000   Mileage Plus Holdings, LLC‡     
     10.770%, 06/21/27     
     3 mo. SOFR + 5.25%   881,311 
         1,744,841 
     Communication Services (0.6%)     
 2,000,000   APi Group DE, Inc.‡     
     7.951%, 01/03/29     
     1 mo. SOFR + 2.25%   2,002,810 
 3,282,857   Charter Communications Operating LLC‡     
     7.083%, 02/01/27     
     1 mo. SOFR + 1.75%   3,276,292 
 153,499   Clear Channel Outdoor Holdings, Inc.‡     
     9.074%, 08/21/26     
     3 mo. SOFR + 3.50%   151,978 
 1,050,000   DirecTV Financing, LLC!     
     0.000%, 08/02/29   1,050,877 
 1,755,000   Entercom Media Corp.‡&     
     8.145%, 11/18/24     
     3 mo. SOFR + 2.50%   985,406 
 1,990,000   Go Daddy Operating Company, LLC‡     
     7.333%, 11/09/29     
     1 mo. SOFR + 2.00%   1,992,388 
 2,000,000   Match Group, Inc.‡     
     7.270%, 02/13/27     
     3 mo. SOFR + 1.75%   1,996,260 
 2,000,000   Nexstar Broadcasting, Inc.‡     
     7.951%, 09/18/26     
     1 mo. SOFR + 2.50%   2,000,490 
 600,000   Telesat Canada‡     
     8.400%, 12/07/26     
     3 mo. SOFR + 2.75%   368,325 
 2,000,000   Virgin Media Bristol, LLC‡     
     7.948%, 01/31/28     
     1 mo. SOFR + 2.50%   1,967,350 
         15,792,176 

 

See accompanying Notes to Schedule of Investments

 

 10

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
     Consumer Discretionary (1.1%)     
 768,000   American Axle & Manufacturing, Inc.‡     
     8.936%, 12/13/29     
     1 mo. SOFR + 3.50%  $769,444 
 1,990,000   Aramark Services, Inc.‡     
     7.947%, 06/22/30     
     1 mo. SOFR + 2.50%   1,988,766 
 1,191,000   Caesars Entertainment, Inc.‡     
     8.663%, 02/06/30     
     3 mo. SOFR + 3.25%   1,191,953 
 3,193,950   Carnival Corp.‡     
     8.336%, 08/08/27     
     1 mo. SOFR + 3.00%   3,199,539 
 1,396,438   Carnival Corp.‡     
     8.697%, 10/18/28     
     1 mo. SOFR + 3.25%   1,398,400 
 1,191,000   Hanesbrands, Inc.‡     
     9.083%, 03/08/30     
     1 mo. SOFR + 3.75%   1,186,534 
 2,000,000   Hilton Domestic Operating Company, Inc.‡     
     7.436%, 11/08/30     
     1 mo. SOFR + 2.00%   2,002,630 
 2,188,747   KFC Holding Company‡     
     7.196%, 03/15/28     
     1 mo. SOFR + 1.75%   2,190,717 
 722,390   Life Time Fitness, Inc.‡     
     9.824%, 01/15/26     
     3 mo. SOFR + 4.25%   727,446 
 1,989,770   Murphy USA, Inc.‡     
     7.217%, 01/31/28     
     1 mo. SOFR + 1.75%   1,995,988 
 1,989,899   PENN Entertainment, Inc.‡     
     8.183%, 05/03/29     
     1 mo. SOFR + 2.75%   1,987,750 
 730,603   Petco Health & Wellness Company, Inc.‡     
     8.860%, 03/03/28     
     3 mo. SOFR + 3.25%   687,764 
 2,941,152   PetSmart, Inc.‡     
     9.183%, 02/11/28     
     1 mo. SOFR + 3.75%   2,931,667 
 1,989,539   Station Casinos, LLC‡     
     7.683%, 02/08/27     
     1 mo. SOFR + 2.25%   1,987,440 
 744,389   TKC Holdings, Inc.‡     
     10.947%, 05/15/28     
     1 mo. SOFR + 5.50%   721,871 
 1,199,250   Windsor Holdings III, LLC‡     
     9.848%, 08/01/30     
     1 mo. SOFR + 4.50%   1,202,416 
         26,170,325 
     Consumer Staples (0.3%)     
 2,559,262   Amneal Pharmaceuticals, LLC‡     
     10.833%, 05/04/28     
     1 mo. SOFR + 5.50%   2,546,465 
 4,140,331   Jazz Financing Lux Sarl‡     
     8.447%, 05/05/28     
     1 mo. SOFR + 3.00%   4,142,919 
 1,225,000   Star Parent, Inc.‡     
     9.348%, 09/27/30     
     3 mo. SOFR + 4.00%   1,198,203 
 543,918   United Natural Foods, Inc.‡     
     8.697%, 10/22/25     
     1 mo. SOFR + 3.25%   543,551 
         8,431,138 
     Energy (0.1%)     
 955,000   Buckeye Partners, LP‡     
     7.833%, 11/22/30     
     1 mo. SOFR + 2.25%   955,798 
 575,000   New Fortress Energy, Inc.‡     
     10.317%, 10/27/28     
     3 mo. SOFR + 5.00%   576,150 
 1,490,246   Par Petroleum, LLC‡     
     9.738%, 02/28/30     
     3 mo. SOFR + 4.25%   1,491,550 
         3,023,498 
     Financials (0.5%)     
 300,000   Advisor Group, Inc.‡     
     9.833%, 08/17/28     
     1 mo. SOFR + 4.50%   300,095 
 998,774   Alliant Holdings Intermediate LLC‡     
     8.833%, 11/06/30     
     1 mo. SOFR + 3.50%   1,001,990 
 910,431   Amynta Agency Borrower, Inc.‡     
     9.583%, 02/28/28     
     1 mo. SOFR + 4.25%   911,892 
 1,170,113   AssuredPartners, Inc.‡     
     8.833%, 02/12/27     
     1 mo. SOFR + 3.50%   1,167,673 
 3,092,250   Avolon TLB Borrower 1, LLC‡     
     7.337%, 06/22/28     
     1 mo. SOFR + 2.00%   3,095,079 
 600,000   Broadstreet Partners, Inc.‡     
     9.083%, 01/27/29     
     1 mo. SOFR + 3.75%   600,375 
 1,527   Castlelake Aviation, Ltd.‡     
     8.146%, 10/22/26     
     3 mo. SOFR + 2.50%   1,527 
 616,410   Delos Aircraft Designated Activity Co.‡     
     7.348%, 10/31/27     
     3 mo. SOFR + 2.00%   618,722 
 1,200,000   HUB International, Ltd.!     
     0.000%, 06/20/30   1,202,064 
 2,930,000   Iron Mountain, Inc.‡     
     7.569%, 01/31/31     
     3 mo. SOFR + 2.25%   2,918,104 
 1,583,083   VFH Parent, LLC‡     
     8.433%, 01/13/29     
     1 mo. SOFR + 3.00%   1,582,292 
         13,399,813 
     Health Care (0.7%)     
 1,447,851   Avantor Funding, Inc.‡     
     7.683%, 11/08/27     
     1 mo. SOFR + 2.25%   1,448,575 
 2,188,472   DaVita, Inc.‡     
     7.197%, 08/12/26     
     1 mo. SOFR + 1.75%   2,186,108 
 1,988,923   Elanco Animal Health, Inc.‡     
     7.203%, 08/01/27     
     1 mo. SOFR + 1.75%   1,953,152 

 

See accompanying Notes to Schedule of Investments

 

11 

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 1,971,215   Icon Luxembourg Sarl‡     
     7.860%, 07/03/28     
     3 mo. SOFR + 2.25%  $1,975,522 
 2,000,000   IQVIA, Inc.‡     
     7.348%, 01/02/31     
     3 mo. SOFR + 2.00%   2,006,380 
 2,000,000   Organon & Company‡     
     8.450%, 06/02/28     
     1 mo. SOFR + 3.00%   2,000,320 
 1,261,176   Padagis, LLC‡     
     10.341%, 07/06/28     
     3 mo. SOFR + 4.75%   1,223,347 
 1,994,950   Perrigo Investments, LLC‡     
     7.683%, 04/20/29     
     1 mo. SOFR + 2.25%   1,994,122 
 491,129   PRA Health Sciences, Inc.‡     
     7.860%, 07/03/28     
     3 mo. SOFR + 2.25%   492,203 
 2,870,557   Team Health Holdings, Inc.‡     
     10.563%, 03/02/27     
     3 mo. SOFR + 5.25%   2,400,504 
 8,209   Team Health Holdings, Inc.‡     
     10.583%, 03/02/27     
     1 mo. SOFR + 5.25%   6,864 
         17,687,097 
     Industrials (1.0%)     
 615,700   ACProducts, Inc.!     
     0.000%, 05/17/28   534,191 
 585,000   ACProducts, Inc.‡     
     9.860%, 05/17/28     
     3 mo. SOFR + 4.25%   507,555 
 733,825   Air Canada‡     
     9.139%, 08/11/28     
     3 mo. SOFR + 3.50%   735,487 
 1,989,796   Beacon Roofing Supply, Inc.‡     
     7.947%, 05/19/28     
     1 mo. SOFR + 2.25%   1,995,437 
 2,125,715   Berry Global, Inc.‡     
     7.202%, 07/01/29     
     1 mo. SOFR + 1.75%   2,123,302 
 3,131,015   ChampionX Corp.‡     
     8.187%, 06/07/29     
     1 mo. SOFR + 2.75%   3,144,713 
 2,751,353   Emrld Borrower, LP‡     
     8.313%, 05/31/30     
     1 mo. SOFR + 3.00%   2,755,314 
 1,989,975   H.B. Fuller Company‡     
     7.857%, 02/15/30     
     1 mo. SOFR + 2.25%   1,993,079 
 1,989,796   Jeld-Wen, Inc.‡     
     7.447%, 07/28/28     
     1 mo. SOFR + 2.00%   1,989,547 
 3,368,899   Light and Wonder International, Inc.‡     
     8.083%, 04/14/29     
     1 mo. SOFR + 3.00%   3,368,899 
 1,989,975   TransDigm, Inc.‡     
     8.598%, 08/24/28     
     3 mo. SOFR + 3.25%   1,994,214 
 1,200,000   TransDigm, Inc.‡     
     8.598%, 02/14/31     
     3 mo. SOFR + 3.25%   1,202,886 
 2,951,839   United Airlines, Inc.‡     
     9.201%, 04/21/28     
     1 mo. SOFR + 3.75%   2,961,300 
         25,305,924 
     Information Technology (0.5%)     
 1,626,696   Banff Merger Sub, Inc.‡     
     9.583%, 12/29/28     
     1 mo. SOFR + 4.25%   1,630,763 
 927,390   Camelot Finance SA‡     
     8.337%, 10/30/26     
     1 mo. SOFR + 3.00%   927,853 
 1,132,750   Central Parent, Inc.‡     
     9.348%, 07/06/29     
     3 mo. SOFR + 4.00%   1,136,290 
 2,974,370   II-VI, Inc.‡     
     8.087%, 07/02/29     
     1 mo. SOFR + 2.75%   2,966,191 
 1,849,779   Open Text Corp.‡     
     8.183%, 01/31/30     
     1 mo. SOFR + 2.75%   1,852,563 
 1,179,826   SS&C Technologies, Inc.‡     
     7.683%, 03/22/29     
     1 mo. SOFR + 2.25%   1,181,195 
 607,061   SS&C Technologies, Inc.‡     
     7.683%, 03/22/29     
     1 mo. SOFR + 2.25%   607,765 
 1,278,575   TTM Technologies, Inc.‡     
     8.103%, 05/30/30     
     1 mo. SOFR + 2.75%   1,280,173 
         11,582,793 
     Materials (0.4%)     
 2,011,630   Axalta Coating Systems U.S. Holdings, Inc.‡     
     7.848%, 12/20/29     
     3 mo. SOFR + 2.50%   2,015,402 
 2,613,450   Chemours Company‡     
     8.833%, 08/18/28     
     1 mo. SOFR + 3.50%   2,610,837 
 1,194,000   Ineos US Finance, LLC‡     
     8.837%, 02/18/30     
     1 mo. SOFR + 3.50%   1,182,430 
 940,522   Innophos, Inc.‡     
     8.697%, 02/05/27     
     1 mo. SOFR + 3.25%   929,748 
 1,507,425   LSF11 A5 Holdco, LLC‡     
     9.683%, 10/15/28     
     1 mo. SOFR + 4.25%   1,509,317 
 914,601   Trinseo Materials Operating SCA‡     
     8.150%, 05/03/28     
     3 mo. SOFR + 2.50%   702,263 
 1,169,660   W.R. Grace & Co.-Conn.‡     
     9.360%, 09/22/28     
     3 mo. SOFR + 3.75%   1,172,484 
         10,122,481 
     Special Purpose Acquisition Companies (0.1%)     
 586,075   Clydesdale Acquisition Holdings, Inc.‡     
     9.108%, 04/13/29     
     1 mo. SOFR + 3.67%   583,051 
 294,750   Fertitta Entertainment, LLC‡     
     9.333%, 01/27/29     
     1 mo. SOFR + 4.00%   294,296 

 

See accompanying Notes to Schedule of Investments

 

 12

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
 1,185,000   Patagonia Holdco, LLC‡     
     11.116%, 08/01/29     
     3 mo. SOFR + 5.75%  $1,089,607 
         1,966,954 
     Total Bank Loans     
     (Cost $136,390,736)   135,227,040 
           
U.S. Government and Agency Security (1.5%)
     Other (1.5%)     
 36,945,000   U.S. Treasury Note^     
     2.250%, 03/31/24     
     (Cost $36,932,396)   36,761,718 

 

NUMBER OF        
SHARES      VALUE 
         
Convertible Preferred Stocks (1.5%)
     Energy (0.0%)     
 6,300   Equitrans Midstream Corp.     
     9.750%, 02/15/24   138,600 
 28   Gulfport Energy Corp.#     
     10.000%, 03/04/24     
     15.000% PIK rate   259,000 
         397,600 
     Financials (0.9%)     
 80,250   AMG Capital Trust II     
     5.150%, 10/15/37   3,899,669 
 300,410   Apollo Global Management, Inc.     
     6.750%, 07/31/26   17,549,952 
         21,449,621 
     Industrials (0.1%)     
 46,187   Chart Industries, Inc.     
     6.750%, 12/15/25   2,301,036 
           
     Real Estate (0.0%)     
 3,000   Realty Income Corp.     
     6.000%, 03/01/24   74,700 
           
     Utilities (0.5%)     
 84,885   CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)#§**     
     3.369%, 09/15/29   3,218,585 
 262,050   NextEra Energy, Inc.^     
     6.926%, 09/01/25   9,750,880 
         12,969,465 
     Total Convertible Preferred Stocks     
     (Cost $40,137,889)   37,192,422 
           
Common Stocks (96.2%)
     Communication Services (10.4%)     
 661,840   Alphabet, Inc. - Class A#   92,723,784 
 199,700   Alphabet, Inc. - Class C^#   28,317,460 
 25,095   Altice USA, Inc. - Class A#   61,232 
 264,885   AT&T, Inc.   4,685,816 
 411,425   Comcast Corp. - Class Aµ   19,147,719 
 8,434   Cumulus Media, Inc. - Class Aµ#   38,796 
 2   Frontier Communications Parent, Inc.^#   49 
 146,450   Meta Platforms, Inc. - Class A^#   57,136,003 
 32,360   Netflix, Inc.#   18,254,600 
 205,085EUR  Orange, SA   2,438,855 
 135,860   T-Mobile U.S., Inc.   21,904,708 
 149,335   Walt Disney Company^   14,343,627 
         259,052,649 
     Consumer Discretionary (10.2%)     
 688,315   Amazon.com, Inc.^#   106,826,488 
 137,124   Aptiv, PLC#   11,152,295 
 59,260   Carnival Corp.µ#   982,531 
 243,463   General Motors Company   9,446,364 
 52,240   Home Depot, Inc.   18,438,630 
 294,980   Las Vegas Sands Corp.   14,430,422 
 54,670   Lowe's Companies, Inc.   11,635,963 
 62,500   McDonald's Corp.   18,295,000 
 162,800   NIKE, Inc. - Class B   16,529,084 
 107,325   Starbucks Corp.   9,984,445 
 144,100   Tesla, Inc.#   26,988,489 
 104,675   TJX Cos., Inc.   9,934,704 
         254,644,415 
     Consumer Staples (6.2%)     
 58,750   Altria Group, Inc.µ   2,357,050 
 329,140   Coca-Cola Company^   19,580,539 
 31,575   Costco Wholesale Corp.   21,940,836 
 47,280   Estee Lauder Companies, Inc. - Class A   6,240,487 
 7,965   Mallinckrodt, PLC#   304,661 
 113,665   Mondelez International, Inc. - Class A^   8,555,565 
 149,110   Monster Beverage Corp.#   8,204,032 
 90,260   PepsiCo, Inc.   15,211,518 
 179,035   Philip Morris International, Inc.^   16,265,330 
 203,745   Procter & Gamble Company^   32,016,489 
 52,650   Walgreens Boots Alliance, Inc.   1,188,310 
 130,790   Walmart, Inc.   21,613,047 
         153,477,864 
     Energy (4.5%)     
 475,000   BP, PLC (ADR)   16,672,500 
 1,730   Chesapeake Energy Corp.   133,400 
 77,130   Chevron Corp.   11,371,276 
 64,470   ConocoPhillips^   7,212,259 
 82,935   Energy Transfer, LP   1,185,970 
 49,155   Enterprise Products Partners, LP   1,315,388 
 7,920   EP Energy Corp.#&   23,760 
 94,234   EQT Corp.   3,335,884 
 317,920   Exxon Mobil Corp.   32,685,355 
 34   Gulfport Energy Corp.#   — 
 56,105   Hess Corp.   7,884,436 
 80,370   Marathon Petroleum Corp.   13,309,272 
 10,578   ONEOK, Inc.^   721,948 
 24,975   Pioneer Natural Resources Company   5,740,004 
 219,710   Schlumberger, NV   10,699,877 
         112,291,329 
     Financials (13.2%)     
 35,430   Affiliated Managers Group, Inc.   5,273,401 
 59,230   American Express Company^   11,889,830 
 346,890   American International Group, Inc.   24,112,324 
 29,983   Assurant, Inc.^   5,035,645 

 

See accompanying Notes to Schedule of Investments

 

13 

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF        
SHARES      VALUE 
 663,370   Bank of America Corp.^~µ  $22,561,214 
 71,870   Bank of New York Mellon Corp.   3,985,910 
 10,715   BlackRock, Inc.   8,296,732 
 76,155   Chubb, Ltd.   18,657,975 
 231,670   Citigroup, Inc.   13,012,904 
 27,300   Goldman Sachs Group, Inc.^   10,483,473 
 212,020   JPMorgan Chase & Company^   36,967,807 
 120,287   KKR & Company, Inc.µ   10,414,448 
 76,915   Marsh & McLennan Cos., Inc.   14,909,204 
 72,315   Mastercard, Inc. - Class A^   32,486,067 
 221,340   Morgan Stanley^   19,309,702 
 97,225   PayPal Holdings, Inc.#   5,964,754 
 26,315   S&P Global, Inc.   11,798,330 
 157,631   Starwood Property Trust, Inc.^   3,204,638 
 178,525   Visa, Inc. - Class A^   48,783,742 
 411,130   Wells Fargo & Company^   20,630,503 
         327,778,603 
     Health Care (12.7%)     
 82,820   Abbott Laboratories~µ   9,371,083 
 118,475   AbbVie, Inc.   19,477,290 
 124,060   Alcon, Inc.^   9,318,147 
 267,298   Boston Scientific Corp.^#   16,909,272 
 107,005   Bristol-Myers Squibb Company^   5,229,334 
 85,885   Danaher Corp.   20,604,670 
 71,605   Dexcom, Inc.#   8,689,267 
 23,435   Elevance Health, Inc.   11,563,766 
 74,890   Eli Lilly & Company^   48,349,733 
 34,856   GE Healthcare, Inc.   2,557,036 
 200,940   Johnson & Johnson   31,929,366 
 20,020   McKesson Corp.   10,007,798 
 142,050   Medtronic, PLC   12,435,057 
 219,485   Merck & Company, Inc.   26,509,398 
 314,685   Pfizer, Inc.   8,521,670 
 20,295   Stryker Corp.   6,808,567 
 30,260   Thermo Fisher Scientific, Inc.~µ   16,309,535 
 72,460   UnitedHealth Group, Inc.^   37,080,680 
 112,720   Zimmer Biomet Holdings, Inc.^   14,157,632 
         315,829,301 
     Industrials (5.9%)     
 47,290   Boeing Company#   9,980,082 
 777,890   CSX Corp.   27,770,673 
 230,090   Delta Air Lines, Inc.   9,005,723 
 104,568   General Electric Company^   13,846,894 
 104,790   Honeywell International, Inc.   21,194,825 
 79,505   JB Hunt Transport Services, Inc.   15,978,915 
 28,435   Northrop Grumman Corp.   12,703,621 
 50,835   Parker-Hannifin Corp.   23,612,857 
 145,750   RTX Corp.   13,280,740 
 8,988   Veralto Corp.   689,290 
         148,063,620 
     Information Technology (28.6%)     
 56,335   Accenture, PLC - Class A   20,499,180 
 21,770   Adobe, Inc.^#   13,449,070 
 92,130   Advanced Micro Devices, Inc.^#   15,449,280 
 1,010,925   Apple, Inc.^~µ   186,414,570 
 59,580   Applied Materials, Inc.   9,788,994 
 35,949   Broadcom, Inc.µ   42,419,820 
 247,515   Cisco Systems, Inc.^   12,420,303 
 58,910   Fidelity National Information Services, Inc.^   3,667,737 
 10,330   Intuit, Inc.   6,521,639 
 16,960   Lam Research Corp.   13,994,883 
 143,195   Micron Technology, Inc.^   12,278,971 
 574,150   Microsoft Corp.^   228,270,557 
 1,520,000   Nokia Oyj (ADR)^   5,472,000 
 161,290   NVIDIA Corp.^   99,236,898 
 81,370   Oracle Corp.   9,089,029 
 59,985   Salesforce, Inc.#   16,861,184 
 21,845   ServiceNow, Inc.#   16,720,163 
         712,554,278 
     Materials (2.8%)     
 255,945   Freeport-McMoRan, Inc.   10,158,457 
 56,835   Linde, PLC   23,008,513 
 126,910   PPG Industries, Inc.   17,899,386 
 19,725   Sherwin-Williams Companyµ   6,003,896 
 50,490   Vulcan Materials Company   11,411,245 
         68,481,497 
     Real Estate (0.7%)     
 70,930   American Tower Corp.   13,877,455 
 119,195   Invitation Homes, Inc.   3,925,091 
         17,802,546 
     Special Purpose Acquisition Company (0.0%)     
 14,052   Intelsat Emergence, SA#&   382,917 
           
     Utilities (1.0%)     
 77,480   CMS Energy Corp.   4,428,757 
 176,574   DTE Energy Company   18,614,431 
 32,149   NextEra Energy, Inc.   1,884,896 
         24,928,084 
     Total Common Stocks     
     (Cost $1,591,485,925)   2,395,287,103 
           
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   2 
     Total Warrants     
     (Cost $369,524)   13 
           
Exchange-Traded Funds (0.3%)      
     Other (0.3%)     
 56,295   iShares Biotechnology ETF^   7,564,922 
 11,975   iShares Preferred & Income Securities ETF   383,919 
     Total Exchange-Traded Funds     
     (Cost $8,140,902)   7,948,841 
           
Preferred Stocks (0.3%)      
     Communication Services (0.1%)     
 8,482   AT&T, Inc.     
     4.750%, 02/18/25   178,801 
 3,485   AT&T, Inc.     
     5.350%, 11/01/66   83,640 

 

See accompanying Notes to Schedule of Investments

 

 14

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF        
SHARES      VALUE 
 14,625   Qwest Corp.     
     6.500%, 09/01/56  $136,012 
 9,521   Telephone & Data Systems, Inc.     
     6.000%, 09/30/26   157,001 
 24,420   United States Cellular Corp.     
     5.500%, 03/01/70   452,014 
 23,445   United States Cellular Corp.     
     5.500%, 06/01/70   430,216 
         1,437,684 
     Consumer Discretionary (0.1%)     
 2,835   Ford Motor Company     
     6.200%, 06/01/59   71,867 
 2,764   Ford Motor Company     
     6.500%, 08/15/62   68,685 
 8,177   Guitar Center, Inc.#&   670,514 
 1,355   Qurate Retail, Inc.^     
     8.000%, 03/15/31   53,604 
 4,100   QVC, Inc.     
     6.250%, 11/26/68   49,323 
         913,993 
     Energy (0.1%)     
 12,420   Energy Transfer, LP‡     
     10.364%, 02/09/24     
     3 mo. LIBOR + 4.74%   317,828 
 43,730   NuStar Energy, LP‡     
     11.282%, 03/01/24     
     3 mo. LIBOR + 5.64%   1,123,861 
 9,119   NuStar Energy, LP‡     
     12.405%, 03/01/24     
     3 mo. LIBOR + 6.77%   235,452 
 55,760   NuStar Logistics, LP‡     
     12.310%, 01/15/43     
     3 mo. LIBOR + 6.73%   1,441,954 
         3,119,095 
     Financials (0.0%)     
 5,970   Annaly Capital Management, Inc.‡     
     10.585%, 06/01/25     
     3 mo. LIBOR + 4.99%   152,354 
 1,350   Capital One Financial Corp.     
     4.800%, 06/01/25   26,177 
 10,725   CNO Financial Group, Inc.     
     5.125%, 11/25/60   185,006 
 1,732   Cullen/Frost Bankers, Inc.     
     4.450%, 12/15/25   32,042 
 3,401   First Citizens BancShares, Inc.^     
     5.625%, 01/04/27   77,883 
 1,374   Goldman Sachs Group, Inc.‡     
     6.375%, 05/10/24     
     3 mo. SOFR + 3.81%   35,326 
 11,100   Reinsurance Group of America, Inc.‡     
     7.125%, 10/15/52     
     5 year CMT + 3.46%   291,486 
 6,214   Selective Insurance Group, Inc.     
     4.600%, 12/15/25   112,411 
         912,685 
     Industrials (0.0%)     
 5,043   WESCO International, Inc.‡     
     10.625%, 06/22/25     
     5 year CMT + 10.33%   135,203 
           
     Real Estate (0.0%)     
 8,773   Brookfield Property Partners, LP     
     5.750%, 03/31/25   101,679 
 5,000   Brookfield Property Partners, LP     
     6.375%, 09/30/24   63,500 
 3,625   Global Net Lease, Inc.     
     6.875%, 11/26/24   75,074 
 1,951   Global Net Lease, Inc.     
     0.000%, 03/26/24   42,278 
         282,531 
     Utilities (0.0%)     
 6,000   Brookfield Renewable Partners, LP     
     5.250%, 03/31/25   105,000 
 5,100   DTE Energy Company^     
     5.250%, 12/01/77   120,666 
         225,666 
     Total Preferred Stocks     
     (Cost $7,581,933)   7,026,857 

 

NUMBER OF        
CONTRACTS/        
NOTIONAL        
AMOUNT      VALUE 
         
Purchased Options (0.0%) #
     Other (0.0%)     
     Invesco QQQ Trust Series 1     
 1,550         
 64,630,350   Put, 02/16/24, Strike $385.78   72,075 
 375         
 15,636,375   Put, 02/16/24, Strike $399.78   46,687 
 2,700   iShares Russell 2000 ETF     
 52,077,600   Call, 03/15/24, Strike $200.00   853,200 
     Total Purchased Options     
     (Cost $3,185,691)   971,962 
TOTAL INVESTMENTS (142.4%)    
(Cost $2,758,155,466)  3,547,192,874 
     
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-13.0%)  (323,500,000)
     
LIABILITIES, LESS OTHER ASSETS (-29.4%)  (733,043,613)
     
NET ASSETS (100.0%) $2,490,649,261 

 

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 Funds. 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.
‡ Variable rate security. The rate shown is the rate in effect at January 31, 2024.

 

See accompanying Notes to Schedule of Investments

 

15 

 

 

Calamos Strategic Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

^ 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 $4,505,709.
µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $80,022,648.
¡ 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 January 31, 2024.
& Illiquid security.

 

ABBREVIATION
ADR American Depositary Receipt.
 
FOREIGN CURRENCY ABBREVIATION
EUR European Monetary Unit

 

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

 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of January 31, 2024 (see Note 2):

 

   LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
Assets:                    
Asset Backed Securities  $—   $878,757   $—   $878,757 
Corporate Bonds   —    402,052,214    —    402,052,214 
Convertible Bonds   —    523,845,947    —    523,845,947 
Bank Loans   —    135,227,040    —    135,227,040 
U.S. Government and Agency Security   —    36,761,718    —    36,761,718 
Convertible Preferred Stocks   29,676,568    7,515,854    —    37,192,422 
Common Stocks   2,392,136,910    3,150,193    —    2,395,287,103 
Warrants   —    13    —    13 
Exchange-Traded Funds   7,948,841    —    —    7,948,841 
Preferred Stocks   6,356,343    670,514    —    7,026,857 
Purchased Options   971,962    —    —    971,962 
Total  $2,437,090,624   $1,110,102,250   $—   $3,547,192,874 

 

See accompanying Notes to Schedule of Investments

 

 16

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL
AMOUNT		     VALUE 
        
Asset Backed Security (0.0%)
Other (0.0%)
215,000  SVC ABS, LLC Series 2023-1A, Class C*      
   6.700%, 02/20/53      
  (Cost $198,736)  $197,835 
         
Corporate Bonds (16.3%)
Airlines (0.2%)
237,099  Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ     
   4.800%, 02/15/29   230,157 
112,023  Alaska Airlines Pass Through Trust Series 2020-1, Class B*     
   8.000%, 02/15/27   113,179 
273,340  American Airlines Pass Through Trust Series 2021-1, Class B     
   3.950%, 01/11/32   243,866 
147,000  American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*     
   5.500%, 04/20/26   145,667 
258,895  British Airways Pass Through Trust Series 2021-1, Class B*     
   3.900%, 03/15/33   234,898 
209,530  JetBlue Pass Through Trust Series 2020-1, Class B     
   7.750%, 05/15/30   211,336 
       1,179,103 
Communication Services (1.7%)
200,000  Altice France Holding, SA*     
   10.500%, 05/15/27   115,570 
300,000  Altice France, SA*     
   5.500%, 10/15/29   221,583 
320,000  APi Group DE, Inc.*^     
   4.750%, 10/15/29   299,654 
280,000  Ashtead Capital, Inc.*     
   2.450%, 08/12/31   228,175 
   Audacy Capital Corp.*@     
336,000  6.750%, 03/31/29   13,564 
131,000  6.500%, 05/01/27   5,590 
242,000  Cincinnati Bell Telephone Company, LLC     
   6.300%, 12/01/28   214,642 
80,000  Clear Channel Outdoor Holdings, Inc.*     
   9.000%, 09/15/28   83,599 
371,000  Consolidated Communications, Inc.*^     
   6.500%, 10/01/28   323,256 
   CSC Holdings, LLC*     
400,000  5.375%, 02/01/28   344,284 
400,000  4.625%, 12/01/30   207,000 
400,000  4.500%, 11/15/31   287,468 
370,000  5.500%, 04/15/27   332,671 
200,000  5.750%, 01/15/30   106,206 
   Diamond Sports Group, LLC / Diamond Sports Finance Company*@     
210,000  6.625%, 08/15/27   14,370 
146,000  5.375%, 08/15/26   10,305 
341,000  Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*     
   5.875%, 08/15/27   324,247 
275,000  Frontier California, Inc.     
   6.750%, 05/15/27   265,972 
   Frontier Communications Holdings, LLC*     
169,000  5.000%, 05/01/28   156,153 
65,000  8.750%, 05/15/30   66,606 
289,000  Frontier Florida, LLC@     
   6.860%, 02/01/28   278,483 
400,000  Frontier North, Inc.@     
   6.730%, 02/15/28   383,720 
   Go Daddy Operating Company, LLC / GD Finance Company, Inc.*     
235,000  3.500%, 03/01/29   212,844 
69,000  5.250%, 12/01/27   67,791 
   iHeartCommunications, Inc.     
165,000  8.375%, 05/01/27   103,222 
100,000  5.250%, 08/15/27*   77,753 
330,000  LCPR Senior Secured Financing DAC*     
   6.750%, 10/15/27   320,001 
198,330  Ligado Networks, LLC*     
   15.500%, 11/01/23     
   PIK rate   34,152 
   Lumen Technologies, Inc.     
200,000  7.600%, 09/15/39   53,226 
135,000  4.000%, 02/15/27*^   71,472 
67,000  7.650%, 03/15/42   18,473 
130,000  Match Group Holdings II, LLC*^     
   3.625%, 10/01/31   111,354 
220,000  Nexstar Media, Inc.*     
   5.625%, 07/15/27   214,179 
260,000  Paramount Global     
   4.900%, 08/15/44   205,686 
94,000  Qwest Corp.     
   7.250%, 09/15/25   92,144 
   Scripps Escrow II, Inc.*     
136,000  3.875%, 01/15/29   118,302 
68,000  5.375%, 01/15/31   52,281 
225,000  Scripps Escrow, Inc.*     
   5.875%, 07/15/27   203,063 
   Sirius XM Radio, Inc.*     
345,000  5.500%, 07/01/29   328,371 
268,000  4.000%, 07/15/28   243,499 
130,000  3.125%, 09/01/26   121,581 
65,000  3.875%, 09/01/31   54,278 
242,000  Spanish Broadcasting System, Inc.*     
   9.750%, 03/01/26   128,693 
680,000  Sprint, LLCµ     
   7.125%, 06/15/24   683,346 
300,000  Stagwell Global, LLC*     
   5.625%, 08/15/29   275,409 
260,000  Telesat Canada / Telesat, LLC*     
   4.875%, 06/01/27   154,172 
105,000  Time Warner Cable, LLC     
   7.300%, 07/01/38   110,203 
300,000  United States Cellular Corp.     
   6.700%, 12/15/33   309,321 
202,000  Univision Communications, Inc.*     
   8.000%, 08/15/28   205,586 

 

See accompanying Notes to Schedule of Investments

 

1 

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
135,000  Viasat, Inc.*^     
   5.625%, 04/15/27  $126,739 
       8,980,259 
  Consumer Discretionary (3.4%)     
320,000  Abercrombie & Fitch Management Company*     
   8.750%, 07/15/25   325,853 
265,000  Adams Homes, Inc.*     
   9.250%, 10/15/28   271,604 
330,000  Adient Global Holdings Company*^     
   8.250%, 04/15/31   348,850 
213,000  American Axle & Manufacturing, Inc.     
   6.875%, 07/01/28   208,406 
   Ashton Woods USA, LLC / Ashton Woods Finance Company*     
228,000  4.625%, 08/01/29   207,754 
204,000  6.625%, 01/15/28   202,380 
325,000  At Home Group, Inc.*     
   4.875%, 07/15/28   143,699 
   Bath & Body Works, Inc.     
355,000  6.694%, 01/15/27   360,918 
195,000  6.875%, 11/01/35   195,111 
   Caesars Entertainment, Inc.*     
168,000  4.625%, 10/15/29^   153,560 
132,000  8.125%, 07/01/27   135,579 
   Carnival Corp.*     
134,000  4.000%, 08/01/28   124,290 
133,000  7.625%, 03/01/26^   135,157 
16,000  7.000%, 08/15/29^   16,661 
   Carvana Company*     
52,000  14.000%, 06/01/31   46,420 
44,000  13.000%, 06/01/30   39,233 
29,000  12.000%, 12/01/28   25,754 
   CCO Holdings, LLC / CCO Holdings Capital Corp.*     
575,000  5.125%, 05/01/27   554,996 
315,000  4.500%, 08/15/30   273,798 
300,000  6.375%, 09/01/29   292,239 
300,000  4.750%, 03/01/30   266,742 
266,000  4.250%, 02/01/31   224,533 
130,000  5.000%, 02/01/28   122,811 
130,000  4.750%, 02/01/32   111,632 
130,000  CDI Escrow Issuer, Inc.*     
   5.750%, 04/01/30   125,922 
207,000  Cedar Fair, LP     
   5.250%, 07/15/29   198,134 
132,000  Churchill Downs, Inc.*     
   6.750%, 05/01/31   133,894 
   Dana, Inc.     
220,000  4.250%, 09/01/30^   192,577 
195,000  4.500%, 02/15/32   167,934 
   DISH DBS Corp.     
300,000  5.125%, 06/01/29   111,876 
190,000  5.250%, 12/01/26*   150,041 
168,000  7.375%, 07/01/28   74,353 
135,000  5.750%, 12/01/28*   91,067 
115,000  7.750%, 07/01/26   68,052 
265,000  DISH Network Corp.*     
   11.750%, 11/15/27   276,774 
400,000  Empire Resorts, Inc.*     
   7.750%, 11/01/26   370,956 
296,000  Everi Holdings, Inc.*     
   5.000%, 07/15/29   272,364 
275,000  Ford Motor Company     
   6.100%, 08/19/32   275,179 
   Ford Motor Credit Company, LLC     
425,000  4.000%, 11/13/30   379,291 
350,000  5.113%, 05/03/29   340,190 
340,000  7.200%, 06/10/30   361,600 
240,000  7.350%, 11/04/27   252,468 
98,000  Gap, Inc.*     
   3.875%, 10/01/31   80,988 
135,000  General Motors Company     
   5.200%, 04/01/45   122,498 
   goeasy, Ltd.*     
455,000  9.250%, 12/01/28   484,934 
241,000  4.375%, 05/01/26   230,613 
140,000  Goodyear Tire & Rubber Company^     
   5.250%, 07/15/31   127,554 
114,000  Group 1 Automotive, Inc.*     
   4.000%, 08/15/28   105,273 
283,000  Guitar Center, Inc.*^     
   8.500%, 01/15/26   251,457 
145,000  International Game Technology, PLC*     
   6.250%, 01/15/27   145,963 
72,024  JetBlue Pass Through Trust Series 2019-2, Class B     
   8.000%, 11/15/27   72,614 
233,000  Kohl's Corp.     
   5.550%, 07/17/45   159,004 
265,000  LCM Investments Holdings II, LLC*     
   8.250%, 08/01/31   272,113 
265,000  Liberty Interactive, LLC     
   8.250%, 02/01/30   141,579 
256,000  Life Time, Inc.*^     
   8.000%, 04/15/26   258,965 
135,000  Light & Wonder International, Inc.*     
   7.500%, 09/01/31   140,682 
100,000  Lindblad Expeditions Holdings, Inc.*     
   9.000%, 05/15/28   104,010 
168,000  Lindblad Expeditions, LLC*     
   6.750%, 02/15/27   168,128 
175,000  M/I Homes, Inc.     
   3.950%, 02/15/30   156,951 
   Macy's Retail Holdings, LLC     
305,000  6.700%, 07/15/34*   256,673 
265,000  4.300%, 02/15/43   201,212 
332,000  Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*     
   4.875%, 05/01/29   308,235 
160,000  Newell Brands, Inc.     
   5.200%, 04/01/26   155,814 
   Nordstrom, Inc.     
130,000  5.000%, 01/15/44   93,937 
123,000  4.250%, 08/01/31   102,698 
399,000  Patrick Industries, Inc.*^     
   4.750%, 05/01/29   368,002 
305,000  PENN Entertainment, Inc.*^     
   4.125%, 07/01/29   262,352 
250,000  PetSmart, Inc. / PetSmart Finance Corp.*     
   4.750%, 02/15/28   233,690 
365,000  Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^     
   5.625%, 09/01/29   275,122 

 

See accompanying Notes to Schedule of Investments

 

 2

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED) 

 

PRINCIPAL      
AMOUNT     VALUE 
135,000  QVC, Inc.     
   5.450%, 08/15/34  $89,714 
130,000  Raising Cane's Restaurants, LLC*     
   9.375%, 05/01/29   139,420 
529,000  Rite Aid Corp.*@     
   8.000%, 11/15/26   401,876 
132,000  Royal Caribbean Cruises, Ltd.*     
   7.250%, 01/15/30   137,647 
370,000  Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*     
   4.625%, 03/01/29   318,992 
395,000  Six Flags Entertainment Corp.*^     
   7.250%, 05/15/31   403,366 
303,000  Sonic Automotive, Inc.*^     
   4.625%, 11/15/29   274,460 
193,000  Speedway Motorsports, LLC / Speedway Funding II, Inc.*     
   4.875%, 11/01/27   183,219 
545,000  Station Casinos, LLC*     
   4.500%, 02/15/28   514,278 
   STL Holding Company, LLC*     
200,000  7.500%, 02/15/26   203,714 
65,000  8.750%, 02/15/29   66,191 
162,000  Taylor Morrison Communities, Inc.*     
   5.750%, 01/15/28   161,461 
65,000  Viking Cruises, Ltd.*     
   9.125%, 07/15/31   69,649 
300,000  Vista Outdoor, Inc.*^     
   4.500%, 03/15/29   294,999 
265,000  ZF North America Capital, Inc.*     
   7.125%, 04/14/30   279,697 
       17,450,396 
Consumer Staples (0.8%)
303,000  1375209 B.C., Ltd.*^     
   9.000%, 01/30/28   294,331 
395,000  Arrow Bidco, LLC*     
   10.750%, 06/15/25   409,224 
255,000  B&G Foods, Inc.*     
   8.000%, 09/15/28   266,248 
305,000  Central Garden & Pet Company*     
   4.125%, 04/30/31   270,105 
304,000  Edgewell Personal Care Company*     
   4.125%, 04/01/29   278,312 
   Energizer Holdings, Inc.*     
370,000  4.375%, 03/31/29   335,050 
66,000  6.500%, 12/31/27   65,789 
   JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.     
390,000  5.500%, 01/15/30   381,802 
175,000  5.125%, 02/01/28µ   173,640 
100,000  5.750%, 04/01/33   99,160 
177,000  New Albertsons, LP     
   7.750%, 06/15/26   181,675 
261,000  Performance Food Group, Inc.*     
   4.250%, 08/01/29   239,363 
210,000  Pilgrim's Pride Corp.     
   4.250%, 04/15/31   189,464 
115,000  Post Holdings, Inc.*     
   5.750%, 03/01/27   114,651 
252,000  Prestige Brands, Inc.*     
   3.750%, 04/01/31   219,686 
240,000  United Natural Foods, Inc.*^     
   6.750%, 10/15/28   201,960 
413,000  Vector Group, Ltd.*     
   5.750%, 02/01/29   381,443 
       4,101,903 
Energy (2.1%)
132,000  Antero Resources Corp.*     
   5.375%, 03/01/30   126,075 
268,000  Apache Corp.     
   5.100%, 09/01/40   230,480 
135,000  Buckeye Partners, LP     
   5.850%, 11/15/43   111,510 
365,000  Callon Petroleum Company*^     
   7.500%, 06/15/30   384,768 
129,000  Cheniere Energy, Inc.µ     
   4.625%, 10/15/28   125,004 
198,000  Chesapeake Energy Corp.*     
   6.750%, 04/15/29   200,420 
371,000  Civitas Resources, Inc.*     
   8.750%, 07/01/31   395,965 
   Continental Resources, Inc.*     
200,000  2.875%, 04/01/32   163,368 
135,000  5.750%, 01/15/31   134,414 
202,000  DT Midstream, Inc.*     
   4.125%, 06/15/29   185,757 
   Earthstone Energy Holdings, LLC*     
256,000  8.000%, 04/15/27   265,308 
100,000  9.875%, 07/15/31   111,125 
150,000  Enbridge, Inc.‡     
   7.375%, 01/15/83     
   5 year CMT + 3.71%   150,264 
   Energy Transfer, LP‡     
390,000  8.586%, 11/01/66     
   3 mo. SOFR + 3.28%   348,391 
197,000  6.500%, 02/01/36     
   5 year CMT + 5.69%   190,534 
   EnLink Midstream Partners, LP     
340,000  9.756%, 02/01/36‡     
   3 mo. USD LIBOR + 4.11%   321,395 
285,000  4.850%, 07/15/26   280,055 
168,000  Enlink Midstream, LLC*     
   6.500%, 09/01/30   172,141 
430,000  EQM Midstream Partners, LP*     
   7.500%, 06/01/27   442,530 
   Genesis Energy, LP / Genesis Energy Finance Corp.     
196,000  8.875%, 04/15/30   205,190 
109,000  6.250%, 05/15/26   108,576 
   Gulfport Energy Corp.     
255,000  8.000%, 05/17/26*   257,499 
79,696  8.000%, 05/17/26   80,477 
365,000  Hilcorp Energy I, LP / Hilcorp Finance Company*     
   6.000%, 04/15/30   354,660 
196,000  Howard Midstream Energy Partners, LLC*     
   6.750%, 01/15/27   196,604 
114,000  Kodiak Gas Services, LLC*     
   7.250%, 02/15/29   115,343 
262,000  Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*     
   6.000%, 08/01/26   259,126 

 

See accompanying Notes to Schedule of Investments

 

3 

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED) 

 

PRINCIPAL      
AMOUNT     VALUE 
   Moss Creek Resources Holdings, Inc.*     
145,000  10.500%, 05/15/27  $149,343 
130,000  7.500%, 01/15/26^   129,588 
   Nabors Industries, Inc.*     
200,000  7.375%, 05/15/27   197,878 
100,000  9.125%, 01/31/30   102,039 
200,000  Nabors Industries, Ltd.*^     
   7.500%, 01/15/28   183,248 
272,000  New Fortress Energy, Inc.*     
   6.750%, 09/15/25   268,826 
198,000  Oceaneering International, Inc.     
   6.000%, 02/01/28   194,117 
280,000  Parkland Corp.*     
   5.875%, 07/15/27   277,967 
138,000  Patterson-UTI Energy, Inc.^     
   5.150%, 11/15/29   133,347 
66,000  Permian Resources Operating LLC*     
   7.000%, 01/15/32   68,196 
270,000  Plains All American Pipeline, LP‡     
   9.751%, 02/01/36     
   3 mo. USD LIBOR + 4.11%   267,519 
365,000  Rockcliff Energy II, LLC*     
   5.500%, 10/15/29   340,114 
130,000  Southwestern Energy Company     
   4.750%, 02/01/32   120,506 
375,250  Transocean, Inc.*     
   8.750%, 02/15/30   392,628 
   Venture Global Calcasieu Pass, LLC*     
165,000  6.250%, 01/15/30   165,457 
65,000  4.125%, 08/15/31   57,582 
65,000  3.875%, 08/15/29   58,102 
   Venture Global LNG, Inc.*     
330,000  8.375%, 06/01/31   334,366 
200,000  8.125%, 06/01/28   202,548 
135,000  9.875%, 02/01/32   142,016 
135,000  9.500%, 02/01/29   143,533 
   Vital Energy, Inc.     
168,000  9.750%, 10/15/30   178,631 
165,000  7.750%, 07/31/29*^   163,008 
275,000  VOC Escrow, Ltd.*     
   5.000%, 02/15/28   263,414 
327,000  Weatherford International, Ltd.*     
   8.625%, 04/30/30   334,897 
       10,785,849 
Financials (2.7%)
420,000  Acrisure, LLC / Acrisure Finance, Inc.*     
   8.250%, 02/01/29   421,529 
400,000  Aethon United BR, LP / Aethon United Finance Corp.*     
   8.250%, 02/15/26   399,020 
187,000  AG Issuer, LLC*     
   6.250%, 03/01/28   184,862 
   Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*     
460,000  6.750%, 10/15/27   450,611 
35,000  7.000%, 01/15/31   35,441 
   Ally Financial, Inc.     
427,000  4.700%, 02/01/36    
   7 year CMT + 3.48%‡   340,975 
110,000  8.000%, 11/01/31   121,822 
533,000  AmWINS Group, Inc.*     
   4.875%, 06/30/29   498,190 
198,000  Aviation Capital Group, LLC*µ     
   3.500%, 11/01/27   184,603 
398,000  BroadStreet Partners, Inc.*     
   5.875%, 04/15/29   377,877 
315,000  Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*     
   4.500%, 04/01/27   279,355 
200,000  Burford Capital Global Financial, LLC*     
   6.875%, 04/15/30   195,096 
   Credit Acceptance Corp.     
255,000  6.625%, 03/15/26^   255,337 
180,000  9.250%, 12/15/28*   189,673 
265,000  Cushman & Wakefield U.S. Borrower LLC*^     
   8.875%, 09/01/31   278,335 
344,000  Enact Holdings, Inc.*µ     
   6.500%, 08/15/25   343,436 
300,000  GGAM Finance, Ltd.*     
   8.000%, 02/15/27   309,609 
333,000  Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*     
   3.750%, 12/15/27   284,772 
275,000  GTCR W-2 Merger Sub, LLC*     
   7.500%, 01/15/31   286,751 
145,000  HAT Holdings I LLC / HAT Holdings II LLC*     
   8.000%, 06/15/27   150,401 
   HUB International, Ltd.*     
398,000  5.625%, 12/01/29   375,784 
130,000  7.375%, 01/31/32   133,060 
202,000  Icahn Enterprises, LP / Icahn Enterprises Finance Corp.     
   4.375%, 02/01/29   169,019 
360,000  ILFC E-Capital Trust II*‡     
   7.436%, 12/21/65     
   3 mo. USD LIBOR + 1.80%   285,343 
550,000  Iron Mountain, Inc.*     
   5.250%, 03/15/28   533,786 
540,000  Jefferies Finance, LLC / JFIN Co-Issuer Corp.*     
   5.000%, 08/15/28   487,566 
   Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*     
522,000  5.250%, 10/01/25   513,674 
280,000  4.750%, 06/15/29   250,785 
245,000  LD Holdings Group, LLC*^     
   6.125%, 04/01/28   199,915 
   Level 3 Financing, Inc.*     
280,000  4.250%, 07/01/28   94,150 
135,000  4.625%, 09/15/27   71,272 
200,000  LPL Holdings, Inc.*     
   4.000%, 03/15/29   184,446 
265,000  Macquarie Airfinance Holdings, Ltd.*     
   8.125%, 03/30/29   275,192 
129,027  Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*^     
   14.750%, 11/14/28   140,700 
417,000  MetLife, Inc.     
   6.400%, 12/15/66   426,040 

 

See accompanying Notes to Schedule of Investments

 

 4

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
365,000  Nationstar Mortgage Holdings, Inc.*     
   5.500%, 08/15/28  $347,732 
   Navient Corp.     
288,000  5.000%, 03/15/27   274,870 
145,000  4.875%, 03/15/28   131,886 
170,000  Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*     
   4.500%, 09/30/28   144,667 
130,000  Newmark Group, Inc.*     
   7.500%, 01/12/29   132,865 
   OneMain Finance Corp.     
185,000  9.000%, 01/15/29   195,020 
180,000  3.875%, 09/15/28   158,188 
127,000  7.125%, 03/15/26^   128,803 
132,000  Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*     
   5.875%, 10/01/28   129,238 
416,000  PHH Mortgage Corp.*     
   7.875%, 03/15/26   384,322 
300,000  RHP Hotel Properties, LP / RHP Finance Corp.*     
   4.500%, 02/15/29   279,099 
   Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*     
125,000  3.625%, 03/01/29   111,566 
120,000  3.875%, 03/01/31   105,460 
65,000  2.875%, 10/15/26   60,324 
269,000  StoneX Group, Inc.*     
   8.625%, 06/15/25   272,075 
   United Wholesale Mortgage, LLC*     
310,000  5.500%, 04/15/29^   293,161 
130,000  5.750%, 06/15/27   127,776 
   Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*     
135,000  6.500%, 02/15/29^   95,269 
132,000  10.500%, 02/15/28   134,330 
300,000  VZ Secured Financing, BV*     
   5.000%, 01/15/32   262,338 
280,000  XHR, LP*^     
   6.375%, 08/15/25   280,462 
       13,777,878 
Health Care (1.1%)
   Bausch Health Companies, Inc.*     
539,000  11.000%, 09/30/28   370,471 
105,000  14.000%, 10/15/30   59,420 
98,000  6.125%, 02/01/27   62,200 
   CHS/Community Health Systems, Inc.*     
533,000  6.125%, 04/01/30   353,081 
151,000  8.000%, 03/15/26   148,783 
146,000  6.875%, 04/15/29   100,778 
130,000  10.875%, 01/15/32   136,582 
33,000  5.250%, 05/15/30   27,431 
   DaVita, Inc.*     
313,000  3.750%, 02/15/31   258,200 
291,000  4.625%, 06/01/30   257,689 
   Embecta Corp.*     
195,000  5.000%, 02/15/30   159,771 
67,000  6.750%, 02/15/30   59,118 
   Encompass Health Corp.     
130,000  4.750%, 02/01/30   122,201 
130,000  4.500%, 02/01/28   124,365 
282,000  HCA, Inc.     
   7.500%, 11/06/33   318,403 
200,000  Jazz Securities DAC*     
   4.375%, 01/15/29   185,032 
   Medline Borrower, LP*     
336,000  5.250%, 10/01/29   313,555 
335,000  3.875%, 04/01/29   303,691 
   Organon & Company / Organon Foreign Debt Co-Issuer, BV*     
490,000  5.125%, 04/30/31   422,081 
200,000  4.125%, 04/30/28   182,990 
302,000  Team Health Holdings, Inc.*     
   6.375%, 02/01/25   255,311 
   Tenet Healthcare Corp.     
625,000  6.250%, 02/01/27   623,781 
375,000  6.875%, 11/15/31   386,558 
   Teva Pharmaceutical Finance Netherlands III, BV     
335,000  5.125%, 05/09/29   323,352 
200,000  4.750%, 05/09/27   193,500 
130,000  3.150%, 10/01/26   121,365 
       5,869,709 
Industrials (2.3%)
300,000  ACCO Brands Corp.*^     
   4.250%, 03/15/29   272,271 
300,000  AerCap Holdings, NV^‡     
   5.875%, 10/10/79     
   5 year CMT + 4.54%   298,035 
265,000  Air Lease Corp.‡     
   4.125%, 02/01/36     
   5 year CMT + 3.15%   224,603 
   Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*     
440,000  4.625%, 01/15/27   427,165 
195,000  5.875%, 02/15/28   194,901 
233,000  Allegiant Travel Company*     
   7.250%, 08/15/27   227,991 
146,000  Arcosa, Inc.*     
   4.375%, 04/15/29   137,021 
700,000  ARD Finance, SA*     
   6.500%, 06/30/27     
   7.250% PIK Rate   339,696 
206,000  Beacon Roofing Supply, Inc.*     
   4.125%, 05/15/29   186,788 
   Bombardier, Inc.*     
135,000  7.875%, 04/15/27   135,186 
130,000  8.750%, 11/15/30   136,796 
261,000  BWX Technologies, Inc.*     
   4.125%, 04/15/29   242,234 
273,000  Cascades, Inc. / Cascades USA, Inc.*     
   5.375%, 01/15/28   267,917 
68,000  Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ     
   4.750%, 10/20/28   66,933 
350,000  Deluxe Corp.*     
   8.000%, 06/01/29   315,308 
260,000  Eco Material Technologies, Inc.*     
   7.875%, 01/31/27   260,354 
132,000  Emerald Debt Merger Sub, LLC*     
   6.625%, 12/15/30   133,439 
   EnerSys*     
145,000  4.375%, 12/15/27   137,393 
135,000  6.625%, 01/15/32   136,949 

 

See accompanying Notes to Schedule of Investments

 

5 

 

 

Calamos Dynamic Convertible and Income Fund

 

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
161,000  Graham Packaging Company, Inc.*     
   7.125%, 08/15/28  $144,662 
   Graphic Packaging International, LLC*     
175,000  4.750%, 07/15/27^   170,496 
125,000  3.500%, 03/01/29   113,056 
290,000  Great Lakes Dredge & Dock Corp.*^     
   5.250%, 06/01/29   251,868 
623,000  H&E Equipment Services, Inc.*     
   3.875%, 12/15/28   566,182 
337,000  Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*     
   5.750%, 01/20/26   316,948 
350,000  Herc Holdings, Inc.*     
   5.500%, 07/15/27   344,018 
310,000  IEA Energy Services, LLC*     
   6.625%, 08/15/29   291,766 
   JELD-WEN, Inc.*     
160,000  4.625%, 12/15/25   156,483 
135,000  4.875%, 12/15/27^   128,933 
445,000  Ken Garff Automotive, LLC*     
   4.875%, 09/15/28   415,848 
265,000  Knife River Holding Company*     
   7.750%, 05/01/31   278,796 
69,000  MasTec, Inc.*µ     
   4.500%, 08/15/28   64,833 
170,000  Moog, Inc.*     
   4.250%, 12/15/27   159,399 
323,000  Newfold Digital Holdings Group, Inc.*     
   6.000%, 02/15/29   244,660 
272,000  Novelis Corp.*     
   4.750%, 01/30/30   252,615 
100,000  OI European Group, BV*^     
   4.750%, 02/15/30   92,652 
310,000  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^     
   4.000%, 10/15/27   289,432 
   Sealed Air Corp.*     
206,000  6.125%, 02/01/28   207,125 
65,000  5.000%, 04/15/29^   62,698 
65,000  Sealed Air Corp./Sealed Air Corp. U.S.*     
   7.250%, 02/15/31   68,190 
247,000  Sensata Technologies, Inc.*     
   3.750%, 02/15/31   215,167 
   Sinclair Television Group, Inc.*     
201,000  4.125%, 12/01/30   155,502 
135,000  5.500%, 03/01/30   104,112 
270,000  Standard Industries, Inc.*     
   5.000%, 02/15/27   262,637 
216,000  Stericycle, Inc.*     
   3.875%, 01/15/29   196,651 
65,000  Summit Materials LLC / Summit Materials Finance Corp.*     
   7.250%, 01/15/31   67,607 
   TransDigm, Inc.     
285,000  6.875%, 12/15/30*   293,108 
205,000  7.500%, 03/15/27   205,674 
200,000  6.750%, 08/15/28*   203,534 
151,000  6.250%, 03/15/26*   150,286 
100,000  7.125%, 12/01/31*   104,325 
266,000  Tronox, Inc.*     
   4.625%, 03/15/29   235,165 
99,329  United Airlines Pass Through Trust Series 2019-2, Class B     
   3.500%, 11/01/29   90,840 
265,000  Vertiv Group Corp.*     
   4.125%, 11/15/28   246,813 
274,000  Wabash National Corp.*     
   4.500%, 10/15/28   249,874 
240,000  Waste Pro USA, Inc.*     
   5.500%, 02/15/26   233,210 
   Williams Scotsman, Inc.*     
157,000  4.625%, 08/15/28   148,241 
130,000  7.375%, 10/01/31   136,309 
       12,060,695 
Information Technology (0.8%)
66,000  Booz Allen Hamilton, Inc.*     
   4.000%, 07/01/29   61,995 
153,000  Coherent Corp.*     
   5.000%, 12/15/29   143,304 
185,000  CommScope Technologies, LLC*^     
   6.000%, 06/15/25   147,241 
245,000  CommScope, Inc.*     
   4.750%, 09/01/29   162,237 
162,000  Dell International, LLC / EMC Corp.µ     
   6.020%, 06/15/26   165,574 
130,000  Dun & Bradstreet Corp.*^     
   5.000%, 12/15/29   120,991 
138,000  Fair Isaac Corp.*     
   4.000%, 06/15/28   128,642 
300,000  KBR, Inc.*     
   4.750%, 09/30/28   276,786 
   MPH Acquisition Holdings, LLC*     
300,000  5.750%, 11/01/28^   238,869 
130,000  5.500%, 09/01/28   115,601 
132,000  NCL Corp., Ltd.*     
   8.125%, 01/15/29   138,574 
130,000  NCR Voyix Corp.*     
   5.125%, 04/15/29   122,417 
198,000  ON Semiconductor Corp.*     
   3.875%, 09/01/28   181,784 
   Open Text Corp.*     
204,000  3.875%, 02/15/28   189,645 
135,000  6.900%, 12/01/27   140,334 
98,000  3.875%, 12/01/29   88,503 
98,000  Open Text Holdings, Inc.*^     
   4.125%, 12/01/31   86,771 
245,000  Playtika Holding Corp.*     
   4.250%, 03/15/29   212,584 
370,000  TTM Technologies, Inc.*     
   4.000%, 03/01/29   334,839 
   Twilio, Inc.     
185,000  3.625%, 03/15/29   167,275 
66,000  3.875%, 03/15/31   58,205 
97,000  UKG, Inc.*     
   6.875%, 02/01/31   98,197 
325,000  Viavi Solutions, Inc.*     
   3.750%, 10/01/29   283,289 
300,000  ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*     
   3.875%, 02/01/29   267,300 
       3,930,957 

 

See accompanying Notes to Schedule of Investments

 

 6

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED) 

 

PRINCIPAL      
AMOUNT     VALUE 
  Materials (0.7%)     
140,000  ArcelorMittal, SA     
   7.000%, 10/15/39  $152,848 
147,000  ATI, Inc.     
   5.875%, 12/01/27   144,746 
67,000  Carpenter Technology Corp.     
   7.625%, 03/15/30   69,336 
195,000  Chemours Company*     
   4.625%, 11/15/29   170,709 
420,000  Clearwater Paper Corp.*^     
   4.750%, 08/15/28   394,376 
199,000  Cleveland-Cliffs, Inc.*     
   6.750%, 04/15/30   200,835 
   Commercial Metals Company     
130,000  4.125%, 01/15/30   118,979 
65,000  4.375%, 03/15/32   58,187 
250,000  Constellium, SE*^     
   3.750%, 04/15/29   225,395 
136,000  HB Fuller Company     
   4.250%, 10/15/28   126,869 
200,000  INEOS Finance, PLC*^     
   6.750%, 05/15/28   195,746 
215,000  JW Aluminum Continuous Cast Company*     
   10.250%, 06/01/26   217,404 
235,000  Kaiser Aluminum Corp.*     
   4.625%, 03/01/28   216,705 
63,000  LSF11 A5 HoldCo, LLC*     
   6.625%, 10/15/29   53,712 
   Mercer International, Inc.     
344,000  5.125%, 02/01/29   295,348 
133,000  12.875%, 10/01/28*   143,024 
250,000  OCI, NV*     
   6.700%, 03/16/33   249,960 
   Owens-Brockway Glass Container, Inc.*     
200,000  7.250%, 05/15/31   201,900 
130,000  6.625%, 05/13/27^   130,161 
305,000  Silgan Holdings, Inc.     
   4.125%, 02/01/28   287,347 
131,000  Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.*     
   5.125%, 04/01/29   51,480 
       3,705,067 
  Other (0.1%)     
   Gen Digital, Inc.*     
140,000  7.125%, 09/30/30^   145,282 
140,000  6.750%, 09/30/27   142,344 
       287,626 
  Real Estate (0.2%)     
210,000  EPR Properties     
   3.750%, 08/15/29   187,261 
   Forestar Group, Inc.*     
195,000  5.000%, 03/01/28   185,480 
137,000  3.850%, 05/15/26   130,297 
301,000  MIWD Holdco II, LLC / MIWD Finance Corp.*     
   5.500%, 02/01/30   274,301 
125,000  Service Properties Trust^     
   5.250%, 02/15/26   121,133 
       898,472 
  Special Purpose Acquisition Companies (0.1%)     
   Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*     
260,000  6.750%, 01/15/30^   234,049 
131,000  4.625%, 01/15/29   120,747 
       354,796 
  Utilities (0.1%)     
97,000  PPL Capital Funding, Inc.‡     
   8.275%, 03/30/67     
   3 mo. USD LIBOR + 2.67%   93,082 
   Vistra Corp.*‡     
125,000  7.000%, 02/01/68     
   5 year CMT + 5.74%   122,025 
65,000  8.000%, 02/01/68     
   5 year CMT + 6.93%   65,301 
       280,408 
  

Total Corporate Bonds
(Cost $74,838,650)

   83,663,118 
         
Convertible Bonds (130.7%)     
  Communication Services (10.1%)     
264,000  Cable One, Inc.µ     
   0.000%, 03/15/26   226,805 
   Liberty Media Corp.*     
7,500,000  3.750%, 03/15/28   9,304,950 
7,250,000  2.375%, 09/30/53   7,610,687 
7,750,000  Liberty Media Corp.-Liberty Formula One     
   2.250%, 08/15/27   8,077,205 
4,500,000  Match Group Financeco 3, Inc.*µ     
   2.000%, 01/15/30   4,006,800 
5,250,000  Perficient, Inc.µ     
   0.125%, 11/15/26   4,470,375 
   Snap, Inc.µ     
11,000,000  0.000%, 05/01/27   8,860,830 
5,000,000  0.750%, 08/01/26   5,249,250 
3,000,000  Zillow Group, Inc.     
   1.375%, 09/01/26   4,098,390 
       51,905,292 
  Consumer Discretionary (26.5%)     
9,750,000  Airbnb, Inc.µ     
   0.000%, 03/15/26   8,863,725 
4,000,000  Booking Holdings, Inc.     
   0.750%, 05/01/25   7,468,280 
3,750,000  Carnival Corp.     
   5.750%, 12/01/27   5,709,638 
6,000,000  Chegg, Inc.µ     
   0.000%, 09/01/26   4,986,120 
   DISH Network Corp.µ     
11,400,000  0.000%, 12/15/25   8,159,550 
278,000  2.375%, 03/15/24   272,565 
11,750,000  DraftKings Holdings, Inc.µ     
   0.000%, 03/15/28   9,803,847 
11,250,000  Etsy, Inc.µ     
   0.125%, 09/01/27   9,330,525 
14,500,000  Ford Motor Company     
   0.000%, 03/15/26   14,133,585 
7,500,000  Liberty Broadband Corp.*µ     
   3.125%, 03/31/53   7,364,175 

 

See accompanying Notes to Schedule of Investments

 

7 

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
2,125,000  Lucid Group, Inc.*     
   1.250%, 12/15/26  $844,921 
9,000,000  Marriott Vacations Worldwide Corp.µ     
   3.250%, 12/15/27   7,959,240 
10,000,000  Rivian Automotive, Inc.*µ     
   4.625%, 03/15/29   10,651,800 
1,750,000  Royal Caribbean Cruises, Ltd.µ     
   6.000%, 08/15/25   4,583,355 
5,000,000  Shake Shack, Inc.µ     
   0.000%, 03/01/28   4,097,750 
2,750,000  Stride, Inc.     
   1.125%, 09/01/27   3,526,078 
13,250,000  Vail Resorts, Inc.µ     
   0.000%, 01/01/26   11,966,340 
11,750,000  Wayfair, Inc.µ     
   3.250%, 09/15/27   12,974,467 
3,286,000  Winnebago Industries, Inc.*µ     
   3.250%, 01/15/30   3,381,360 
       136,077,321 
  Consumer Staples (0.8%)     
4,000,000  Post Holdings, Inc.     
   2.500%, 08/15/27   4,164,360 
         
  Energy (2.6%)     
4,265,000  Nabors Industries, Inc.*µ     
   1.750%, 06/15/29   3,156,654 
3,750,000  Northern Oil & Gas, Inc.     
   3.625%, 04/15/29   4,177,913 
2,500,000  Pioneer Natural Resources Company     
   0.250%, 05/15/25   6,215,850 
9,600,000  SunEdison, Inc.*@&     
   0.250%, 01/15/49   96,000 
       13,646,417 
  Financials (1.7%)     
7,500,000  Morgan Stanley Finance, LLC     
   1.000%, 11/23/27   8,728,500 
         
  Health Care (27.3%)     
4,000,000  Alnylam Pharmaceuticals, Inc.µ     
   1.000%, 09/15/27   3,859,720 
4,750,000  Alphatec Holdings, Inc.     
   0.750%, 08/01/26   5,213,647 
4,752,000  BioMarin Pharmaceutical, Inc.µ     
   0.599%, 08/01/24   4,681,718 
8,250,000  CONMED Corp.µ     
   2.250%, 06/15/27   7,849,215 
10,500,000  CryoPort, Inc.*µ     
   0.750%, 12/01/26   8,601,705 
   Dexcom, Inc.     
13,817,000  0.250%, 11/15/25   14,305,155 
7,000,000  0.375%, 05/15/28*µ   7,055,160 
2,525,000  Enovis Corp.*^     
   3.875%, 10/15/28   3,121,683 
3,750,000  Envista Holdings Corp.*µ     
   1.750%, 08/15/28   3,424,913 
   Exact Sciences Corp.µ     
6,000,000  0.375%, 03/15/27   5,576,640 
3,250,000  2.000%, 03/01/30*   3,609,873 
6,250,000  Halozyme Therapeutics, Inc.µ     
   1.000%, 08/15/28   5,671,062 
1,772,000  Immunocore Holdings, PLC*     
   2.500%, 02/01/30   1,911,102 
3,750,000  Insmed, Inc.     
   0.750%, 06/01/28   4,087,200 
3,750,000  Insulet Corp.     
   0.375%, 09/01/26   4,016,925 
7,750,000  Integer Holdings Corp.*     
   2.125%, 02/15/28   10,097,707 
3,750,000  Ionis Pharmaceuticals, Inc.^     
   0.000%, 04/01/26   3,988,313 
8,000,000  Jazz Investments I, Ltd.     
   2.000%, 06/15/26   8,067,360 
3,189,000  Lantheus Holdings, Inc.µ     
   2.625%, 12/15/27   3,306,004 
9,000,000  NeoGenomics, Inc.µ     
   0.250%, 01/15/28   6,877,710 
7,500,000  Omnicell, Inc.µ     
   0.250%, 09/15/25   6,894,750 
7,000,000  Pacira BioSciences, Inc.µ     
   0.750%, 08/01/25   6,505,100 
3,250,000  Sarepta Therapeutics, Inc.µ     
   1.250%, 09/15/27   3,668,600 
7,250,000  Shockwave Medical, Inc.*     
   1.000%, 08/15/28   7,668,180 
       140,059,442 
  Industrials (10.0%)     
3,750,000  Axon Enterprise, Inc.     
   0.500%, 12/15/27   4,609,837 
3,625,000  Fluor Corp.*^     
   1.125%, 08/15/29   3,840,796 
6,250,000  John Bean Technologies Corp.µ     
   0.250%, 05/15/26   5,660,875 
3,750,000  Middleby Corp.     
   1.000%, 09/01/25   4,431,113 
2,750,000  Parsons Corp.     
   0.250%, 08/15/25   4,086,665 
3,500,000  Tetra Tech, Inc.*µ     
   2.250%, 08/15/28   3,559,360 
   Uber Technologies, Inc.     
17,000,000  0.000%, 12/15/25^   17,572,900 
6,758,000  0.875%, 12/01/28*µ   7,549,294 
       51,310,840 
  Information Technology (42.7%)     
3,625,000  Advanced Energy Industries, Inc.*     
   2.500%, 09/15/28   3,757,095 
   Akamai Technologies, Inc.     
7,250,000  1.125%, 02/15/29*µ   8,059,535 
3,750,000  0.375%, 09/01/27   4,296,413 
7,750,000  Bentley Systems, Inc.µ     
   0.125%, 01/15/26   7,600,735 
6,500,000  BILL Holdings, Inc.µ     
   0.000%, 12/01/25   6,093,815 
3,000,000  Camtek, Ltd.*     
   0.000%, 12/01/26   4,285,470 
7,000,000  Confluent, Inc.µ     
   0.000%, 01/15/27   5,862,010 
8,250,000  CyberArk Software, Ltd.     
   0.000%, 11/15/24   12,414,270 
4,224,000  Datadog, Inc.     
   0.125%, 06/15/25   5,978,058 
5,250,000  DigitalOcean Holdings, Inc.µ     
   0.000%, 12/01/26   4,329,203 
7,927,000  Enphase Energy, Inc.µ     
   0.000%, 03/01/26   7,120,348 
1,750,000  Five9, Inc.µ     
   0.500%, 06/01/25   1,682,415 

 

See accompanying Notes to Schedule of Investments

 

 8

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
1,750,000  MongoDB, Inc.     
   0.250%, 01/15/26  $3,399,253 
   NCL Corp., Ltd.     
5,250,000  1.125%, 02/15/27µ   4,673,182 
4,000,000  2.500%, 02/15/27µ   3,663,680 
2,750,000  5.375%, 08/01/25   3,316,005 
5,500,000  Nutanix, Inc.     
   0.250%, 10/01/27   6,314,715 
   Okta, Inc.µ     
6,500,000  0.125%, 09/01/25   6,006,000 
3,500,000  0.375%, 06/15/26   3,112,375 
15,000,000  ON Semiconductor Corp.*µ     
   0.500%, 03/01/29   14,569,500 
4,750,000  Palo Alto Networks, Inc.     
   0.375%, 06/01/25   16,159,405 
6,500,000  Rapid7, Inc.     
   1.250%, 03/15/29   7,116,785 
9,750,000  Repay Holdings Corp.*µ     
   0.000%, 02/01/26   8,289,060 
3,500,000  Seagate HDD Cayman*^     
   3.500%, 06/01/28   4,214,945 
12,000,000  Shift4 Payments, Inc.     
   0.000%, 12/15/25   13,239,960 
5,800,000  SK Hynix, Inc.     
   1.750%, 04/11/30   7,647,474 
8,500,000  Tyler Technologies, Inc.     
   0.250%, 03/15/26   8,627,075 
12,500,000  Unity Software, Inc.µ     
   0.000%, 11/15/26   10,398,375 
4,500,000  Western Digital Corp.*µ     
   3.000%, 11/15/28   5,845,230 
5,500,000  Wix.com, Ltd.     
   0.000%, 08/15/25   5,032,060 
   Wolfspeed, Inc.     
7,750,000  1.875%, 12/01/29   4,469,503 
4,469,000  0.250%, 02/15/28   2,647,167 
3,500,000  Workiva, Inc.*µ     
   1.250%, 08/15/28   3,372,005 
3,750,000  Zscaler, Inc.     
   0.125%, 07/01/25   5,969,025 
       219,562,146 
  Materials (2.4%)     
1,250,000  ATI, Inc.     
   3.500%, 06/15/25   3,333,563 
3,000,000  Ivanhoe Mines, Ltd.*     
   2.500%, 04/15/26   4,477,800 
5,225,000  MP Materials Corp.*µ     
   0.250%, 04/01/26   4,488,118 
       12,299,481 
  Other (0.0%)     
135,000  Multiplan Corp.*µ     
   6.000%, 10/15/27   94,557 
         
  Real Estate (0.9%)     
5,250,000  Pebblebrook Hotel Trustµ     
   1.750%, 12/15/26   4,709,985 
         
  Utilities (5.7%)     
3,750,000  CMS Energy Corp.*     
   3.375%, 05/01/28   3,678,938 
5,750,000  PG&E Corp.*µ     
   4.250%, 12/01/27   5,861,492 
13,250,000  PPL Capital Funding, Inc.*^     
   2.875%, 03/15/28   12,641,957 
7,000,000  Southern Company*     
   3.875%, 12/15/25   6,973,750 
       29,156,137 
   Total Convertible Bonds
(Cost $695,181,112)		   671,714,478 
         
Bank Loans (2.5%) ¡     
  Airlines (0.1%)     
191,250  American Airlines, Inc.‡     
   10.329%, 04/20/28     
   3 mo. SOFR + 4.75%   196,257 
189,000  Mileage Plus Holdings, LLC‡     
   10.770%, 06/21/27     
   3 mo. SOFR + 5.25%   195,044 
       391,301 
  Communication Services (0.1%)     
34,111  Clear Channel Outdoor Holdings, Inc.‡     
   9.074%, 08/21/26     
   3 mo. SOFR + 3.50%   33,773 
220,000  DirecTV Financing, LLC!     
   0.000%, 08/02/29   220,184 
420,000  Entercom Media Corp.‡     
   8.145%, 11/18/24     
   3 mo. SOFR + 2.50%   235,824 
140,000  Telesat Canada‡     
   8.400%, 12/07/26     
   3 mo. SOFR + 2.75%   85,942 
       575,723 
  Consumer Discretionary (0.5%)     
206,400  American Axle & Manufacturing, Inc.‡     
   8.936%, 12/13/29     
   1 mo. SOFR + 3.50%   206,788 
263,013  Caesars Entertainment, Inc.‡     
   8.663%, 02/06/30     
   3 mo. SOFR + 3.25%   263,223 
304,224  Carnival Corp.‡     
   8.697%, 10/18/28     
   1 mo. SOFR + 3.25%   304,651 
263,675  Carnival Corp.‡     
   8.336%, 08/08/27     
   1 mo. SOFR + 3.00%   264,137 
263,013  Hanesbrands, Inc.‡     
   9.083%, 03/08/30     
   1 mo. SOFR + 3.75%   262,026 
153,526  Life Time Fitness, Inc.‡     
   9.824%, 01/15/26     
   3 mo. SOFR + 4.25%   154,601 
160,732  Petco Health & Wellness Company, Inc.‡     
   8.860%, 03/03/28     
   3 mo. SOFR + 3.25%   151,307 
550,936  PetSmart, Inc.‡     
   9.183%, 02/11/28     
   1 mo. SOFR + 3.75%   549,159 
172,141  TKC Holdings, Inc.‡     
   10.947%, 05/15/28     
   1 mo. SOFR + 5.50%   166,933 

 

See accompanying Notes to Schedule of Investments

 

9 

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
264,838  Windsor Holdings III, LLC‡    
   9.848%, 08/01/30     
   1 mo. SOFR + 4.50%  $265,537 
       2,588,362 
  Consumer Staples (0.2%)     
558,106  Amneal Pharmaceuticals, LLC‡     
   10.833%, 05/04/28     
   1 mo. SOFR + 5.50%   555,316 
373,246  Jazz Financing Lux Sarl‡     
   8.447%, 05/05/28     
   1 mo. SOFR + 3.00%   373,479 
275,000  Star Parent, Inc.‡     
   9.348%, 09/27/30     
   3 mo. SOFR + 4.00%   268,984 
120,336  United Natural Foods, Inc.‡     
   8.697%, 10/22/25     
   1 mo. SOFR + 3.25%   120,255 
       1,318,034 
  Energy (0.1%)     
210,000  Buckeye Partners, LP‡     
   7.833%, 11/22/30     
   1 mo. SOFR + 2.50%   210,175 
125,000  New Fortress Energy, Inc.‡     
   10.317%, 10/27/28     
   3 mo. SOFR + 5.00%   125,250 
337,799  Par Petroleum, LLC‡     
   9.738%, 02/28/30     
   3 mo. SOFR + 4.25%   338,095 
       673,520 
  Financials (0.4%)     
65,000  Advisor Group, Inc.‡     
   9.833%, 08/17/28     
   1 mo. SOFR + 4.50%   65,020 
216,061  Alliant Holdings Intermediate LLC‡     
   8.833%, 11/06/30     
   1 mo. SOFR + 3.50%   216,757 
203,976  Amynta Agency Borrower, Inc.‡     
   9.583%, 02/28/28     
   1 mo. SOFR + 4.25%   204,304 
271,545  AssuredPartners, Inc.‡     
   8.833%, 02/12/27     
   1 mo. SOFR + 3.50%   270,979 
204,488  Avolon TLB Borrower 1, LLC‡     
   7.337%, 06/22/28     
   1 mo. SOFR + 2.00%   204,675 
150,000  Broadstreet Partners, Inc.‡     
   9.083%, 01/27/29     
   1 mo. SOFR + 3.75%   150,094 
260,000  HUB International, Ltd.!     
   0.000%, 06/20/30   260,447 
195,000  Iron Mountain, Inc.‡     
   7.569%, 01/31/31     
   3 mo. SOFR + 2.25%   194,208 
350,197  VFH Parent, LLC‡     
   8.433%, 01/13/29     
   1 mo. SOFR + 3.00%   350,022 
       1,916,506 
  Health Care (0.2%)     
132,143  Icon Luxembourg Sarl‡     
   7.860%, 07/03/28     
   3 mo. SOFR + 2.25%   132,431 
282,353  Padagis, LLC‡     
   10.341%, 07/06/28     
   3 mo. SOFR + 4.75%   273,884 
32,923  PRA Health Sciences, Inc.‡     
   7.860%, 07/03/28     
   3 mo. SOFR + 2.25%   32,995 
676,725  Team Health Holdings, Inc.‡     
   10.563%,     
   3 mo. SOFR + 5.25%   565,912 
1,935  Team Health Holdings, Inc.‡     
   10.583%, 03/02/27     
   1 mo. SOFR + 5.25%   1,618 
       1,006,840 
  Industrials (0.3%)     
136,500  ACProducts, Inc.‡     
   9.860%, 05/17/28     
   3 mo. SOFR + 4.25%   118,430 
128,500  ACProducts, Inc.!     
   0.000%, 05/17/28   111,489 
167,450  Air Canada‡     
   9.139%, 08/11/28     
   3 mo. SOFR + 3.50%   167,829 
251,781  ChampionX Corp.‡     
   8.187%, 06/07/29     
   1 mo. SOFR + 2.75%   252,883 
177,336  Emrld Borrower, LP‡     
   8.313%, 05/31/30     
   1 mo. SOFR + 3.00%   177,591 
256,100  Light and Wonder International, Inc.‡     
   8.083%, 04/14/29     
   1 mo. SOFR + 3.00%   256,100 
270,000  TransDigm, Inc.‡     
   8.598%, 02/14/31     
   3 mo. SOFR + 3.25%   270,649 
263,170  United Airlines, Inc.‡     
   9.201%, 04/21/28     
   1 mo. SOFR + 3.75%   264,014 
       1,618,985 
  Information Technology (0.2%)     
369,559  Banff Merger Sub, Inc.‡     
   9.583%, 12/29/28     
   1 mo. SOFR + 4.25%   370,483 
204,988  Camelot US Acquisition, LLC‡     
   8.337%, 10/30/26     
   1 mo. SOFR + 3.00%   205,090 
249,513  Central Parent, Inc.‡     
   9.348%, 07/06/29     
   3 mo. SOFR + 4.00%   250,292 
237,467  II-VI, Inc.‡     
   8.087%, 07/02/29     
   1 mo. SOFR + 2.75%   236,814 
       1,062,679 
  Materials (0.3%)     
199,500  Chemours Company‡     
   8.833%, 08/18/28     
   1 mo. SOFR + 3.50%   199,301 

 

See accompanying Notes to Schedule of Investments

 

 10

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
273,625  Ineos US Finance, LLC‡    
   8.837%, 02/18/30     
   1 mo. SOFR + 3.50%  $270,974 
196,112  Innophos, Inc.‡     
   8.697%, 02/05/27     
   1 mo. SOFR + 3.25%   193,865 
333,325  LSF11 A5 Holdco, LLC‡     
   9.683%, 10/15/28     
   1 mo. SOFR + 4.25%   333,743 
193,816  Trinseo Materials Operating SCA‡     
   8.150%, 05/03/28     
   3 mo. SOFR + 2.50%   148,819 
252,763  W.R. Grace & Co.-Conn.‡     
   9.360%, 09/22/28     
   3 mo. SOFR + 3.75%   253,373 
       1,400,075 
  Special Purpose Acquisition Companies (0.1%)     
137,900  Clydesdale Acquisition Holdings, Inc.‡     
   9.108%, 04/13/29     
   1 mo. SOFR + 3.67%   137,188 
63,863  Fertitta Entertainment, LLC‡     
   9.333%, 01/27/29     
   1 mo. SOFR + 4.00%   63,764 
256,750  Patagonia Holdco, LLC‡     
   11.116%, 08/01/29     
   3 mo. SOFR + 5.75%   236,082 
       437,034 
  

Total Bank Loans
(Cost $13,238,072)

   12,989,059 

 

NUMBER OF      
SHARES     VALUE 
        
Convertible Preferred Stocks (4.3%)
  Energy (0.0%)
7  Gulfport Energy Corp.#     
   10.000%, 03/04/24     
   15.000% PIK rate   64,750 
         
  Financials (2.5%)     
72,795  Apollo Global Management, Inc.~     
   6.750%, 07/31/26   4,252,684 
7,055  Bank of America Corp.~‡‡     
   7.250%   8,591,931 
       12,844,615 
  Industrials (0.7%)     
65,985  Chart Industries, Inc.~     
   6.750%, 12/15/25   3,287,373 
         
  Utilities (1.1%)     
156,300  NextEra Energy, Inc.^~     
   6.926%, 09/01/25   5,815,923 
  

Total Convertible Preferred Stocks

(Cost $24,915,213)

   22,012,661 
         
Common Stocks (0.2%)     
  Communication Services (0.0%)     
5,620  Altice USA, Inc. - Class A#   13,713 
1,888  Cumulus Media, Inc. - Class Aµ#   8,685 
       22,398 
  Consumer Staples (0.0%)     
1,926  Mallinckrodt, PLC#   73,669 
         
  Energy (0.2%)     
380  Chesapeake Energy Corp.µ   29,302 
18,535  Energy Transfer, LP   265,050 
11,035  Enterprise Products Partners, LP   295,297 
1,881  EP Energy Corp.#&   5,643 
8  Gulfport Energy Corp.#   1,015 
2,374  ONEOK, Inc.^   162,026 
       758,333 
  Special Purpose Acquisition Company (0.0%)     
3,168  Intelsat Emergence, SA#&   86,328 
  

Total Common Stocks

(Cost $1,223,701)

   940,728 
         
Preferred Stocks (0.2%)     
  Communication Services (0.0%)     
   United States Cellular Corp.µ     
3,265  5.500%, 06/01/70   59,913 
3,130  5.500%, 03/01/70   57,936 
       117,849 
  Consumer Discretionary (0.1%)     
1,722  Guitar Center, Inc.#&   141,204 
         
  Energy (0.1%)     
8,160  NuStar Energy, LP‡     
   11.282%,     
   3 mo. USD LIBOR + 5.64%   209,712 
2,000  NuStar Energy, LP‡     
   12.405%, 03/01/24     
   3 mo. SOFR + 7.03%   51,640 
12,000  NuStar Logistics, LP‡~     
   12.310%, 01/15/43     
   3 mo. SOFR + 6.98%   310,320 
       571,672 
   Total Preferred Stocks
(Cost $840,192)		   830,725 
         
Warrants (0.0%) #     
  Energy (0.0%)     
13,522  Mcdermott International, Ltd.&     
   06/30/27, Strike $15.98   2 
12,170  Mcdermott International, Ltd.&     
   06/30/27, Strike $12.33   1 
   TOTAL WARRANTS
 (Cost $5,195)		   3 

 

See accompanying Notes to Schedule of Investments

 

11 

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF      
CONTRACTS/       
NOTIONAL       
AMOUNT     VALUE 
        
Purchased Option (0.1%) #
    Information Technology (0.1%)
325  Zscaler, Inc.     
7,659,275  Put, 06/21/24, Strike $200.00      
  (Cost $443,046)  $334,750 
TOTAL INVESTMENTS (154.3%)
(Cost $810,883,917)		   792,683,357 
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-17.9%)   (92,000,000)
      
LIABILITIES, LESS OTHER ASSETS (-36.4%)   (186,980,920)
      
NET ASSETS (100.0%)  $513,702,437 

 

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 Funds. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $339,836,299.
^ Security, or portion of security, is on loan.
@ In default status and considered non-income producing.
‡ Variable rate security. The rate shown is the rate in effect at January 31, 2024.
¡ 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.
~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $4,100,438.
‡‡ Perpetual maturity.
& Illiquid security.

 

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

 

See accompanying Notes to Schedule of Investments

 

 12

 

 

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of January 31, 2024 (see Note 2):

 

   LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
Assets:                    
Asset Backed Securities  $—   $197,835   $—   $197,835 
Corporate Bonds   —    83,663,118    —    83,663,118 
Convertible Bonds   —    671,714,478    —    671,714,478 
Bank Loans   —    12,989,059    —    12,989,059 
Convertible Preferred Stocks   21,947,911    64,750    —    22,012,661 
Common Stocks   774,073    166,655    —    940,728 
Preferred Stocks   689,521    141,204    —    830,725 
Warrants   —    3    —    3 
Purchased Options   334,750    —    —    334,750 
Total  $23,746,255   $768,937,102   $—   $792,683,357 

 

See accompanying Notes to Schedule of Investments

 

13 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
        
Asset Backed Security (0.0%)     
  Other (0.0%)     
170,000  SVC ABS, LLC Series 2023-1A, Class C*~     
   6.700%, 02/20/53     
   (Cost $157,140)  $156,428 
         
Corporate Bonds (16.3%)     
   Airlines (0.2%)     
198,857  Alaska Airlines Pass Through Trust Series 2020-1, Class A*     
   4.800%, 02/15/29   193,035 
96,284  Alaska Airlines Pass Through Trust Series 2020-1, Class B*     
   8.000%, 02/15/27   97,278 
222,305  American Airlines Pass Through Trust Series 2021-1, Class B     
   3.950%, 01/11/32   198,334 
126,750  American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*     
   5.500%, 04/20/26   125,600 
212,209  British Airways Pass Through Trust Series 2021-1, Class B*     
   3.900%, 03/15/33   192,539 
168,998  JetBlue Pass Through Trust Series 2020-1, Class B     
   7.750%, 05/15/30   170,455 
       977,241 
   Communication Services (1.6%)     
250,000  Altice France, SA*     
   5.500%, 10/15/29   184,653 
260,000  APi Group DE, Inc.*     
   4.750%, 10/15/29   243,469 
225,000  Ashtead Capital, Inc.*     
   2.450%, 08/12/31   183,355 
   Audacy Capital Corp.*@     
273,000  6.750%, 03/31/29   11,021 
100,000  6.500%, 05/01/27   4,267 
195,000  Cincinnati Bell Telephone Company, LLC     
   6.300%, 12/01/28   172,955 
205,000  Clear Channel Outdoor Holdings, Inc.*     
   9.000%, 09/15/28   214,223 
304,000  Consolidated Communications, Inc.*     
   6.500%, 10/01/28   264,878 
   CSC Holdings, LLC*     
400,000  4.625%, 12/01/30   207,000 
335,000  5.375%, 02/01/28   288,338 
300,000  5.750%, 01/15/30   159,309 
200,000  5.500%, 04/15/27   179,822 
200,000  4.500%, 11/15/31   143,734 
   Diamond Sports Group, LLC / Diamond Sports Finance Company*@     
180,000  6.625%, 08/15/27   12,317 
151,000  5.375%, 08/15/26   10,658 
277,000  Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*     
   5.875%, 08/15/27   263,391 
225,000  Frontier California, Inc.     
   6.750%, 05/15/27   217,613 
   Frontier Communications Holdings, LLC*     
140,000  5.000%, 05/01/28   129,357 
54,000  8.750%, 05/15/30   55,334 
242,000  Frontier Florida, LLC@     
   6.860%, 02/01/28   233,194 
330,000  Frontier North, Inc.@     
   6.730%, 02/15/28   316,569 
   Go Daddy Operating Company, LLC / GD Finance Company, Inc.*     
195,000  3.500%, 03/01/29   176,615 
69,000  5.250%, 12/01/27   67,791 
   iHeartCommunications, Inc.     
135,000  8.375%, 05/01/27   84,455 
80,000  5.250%, 08/15/27*   62,202 
265,000  LCPR Senior Secured Financing DAC*     
   6.750%, 10/15/27   256,971 
167,354  Ligado Networks, LLC*     
   15.500%, 11/01/23     
   15.500% PIK rate   28,818 
   Lumen Technologies, Inc.     
160,000  7.600%, 09/15/39   42,581 
100,000  4.000%, 02/15/27*   52,942 
52,000  7.650%, 03/15/42   14,338 
109,000  Match Group Holdings II, LLC*     
   3.625%, 10/01/31   93,366 
175,000  Nexstar Media, Inc.*     
   5.625%, 07/15/27   170,370 
205,000  Paramount Global     
   4.900%, 08/15/44   162,176 
73,000  Qwest Corp.     
   7.250%, 09/15/25   71,558 
   Scripps Escrow II, Inc.*     
111,000  3.875%, 01/15/29   96,556 
56,000  5.375%, 01/15/31   43,055 
210,000  Scripps Escrow, Inc.*     
   5.875%, 07/15/27   189,525 
   Sirius XM Radio, Inc.*     
225,000  5.500%, 07/01/29   214,155 
217,000  4.000%, 07/15/28   197,162 
110,000  3.125%, 09/01/26   102,876 
54,000  3.875%, 09/01/31   45,092 
202,000  Spanish Broadcasting System, Inc.*     
   9.750%, 03/01/26   107,422 
245,000  Stagwell Global, LLC*     
   5.625%, 08/15/29   224,917 
219,000  Telesat Canada / Telesat, LLC*     
   4.875%, 06/01/27   129,860 
85,000  Time Warner Cable, LLC     
   7.300%, 07/01/38   89,212 
245,000  United States Cellular Corp.     
   6.700%, 12/15/33   252,612 
160,000  Univision Communications, Inc.*     
   8.000%, 08/15/28   162,840 
105,000  Viasat, Inc.*     
   5.625%, 04/15/27   98,575 
       6,733,499 

 

See accompanying Notes to Schedule of Investments

 

1 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
   Consumer Discretionary (3.2%)     
265,000  Abercrombie & Fitch Management Company*     
   8.750%, 07/15/25  $269,847 
210,000  Adams Homes, Inc.*     
   9.250%, 10/15/28   215,233 
260,000  Adient Global Holdings Company*^     
   8.250%, 04/15/31   274,851 
175,000  American Axle & Manufacturing, Inc.     
   6.875%, 07/01/28   171,225 
   Ashton Woods USA, LLC / Ashton Woods Finance Company*     
190,000  4.625%, 08/01/29   173,128 
139,000  6.625%, 01/15/28   137,896 
267,000  At Home Group, Inc.*     
   4.875%, 07/15/28   118,054 
   Bath & Body Works, Inc.     
292,000  6.694%, 01/15/27   296,868 
165,000  6.875%, 11/01/35   165,094 
   Caesars Entertainment, Inc.*     
136,000  4.625%, 10/15/29   124,311 
112,000  8.125%, 07/01/27   115,036 
   Carnival Corp.*     
108,000  7.625%, 03/01/26   109,752 
105,000  4.000%, 08/01/28   97,392 
13,000  7.000%, 08/15/29   13,537 
   Carvana Company*     
44,000  14.000%, 06/01/31   39,278 
37,000  13.000%, 06/01/30   32,991 
25,000  12.000%, 12/01/28   22,202 
   CCO Holdings, LLC / CCO Holdings Capital Corp.*     
470,000  5.125%, 05/01/27   453,649 
250,000  6.375%, 09/01/29   243,532 
245,000  4.750%, 03/01/30   217,839 
215,000  4.250%, 02/01/31   181,484 
125,000  5.000%, 02/01/28   118,087 
125,000  4.500%, 08/15/30   108,650 
108,000  4.750%, 02/01/32   92,741 
108,000  CDI Escrow Issuer, Inc.*     
   5.750%, 04/01/30   104,612 
137,000  Cedar Fair, LP     
   5.250%, 07/15/29   131,132 
105,000  Churchill Downs, Inc.*     
   6.750%, 05/01/31   106,507 
   Dana, Inc.     
175,000  4.250%, 09/01/30   153,186 
164,000  4.500%, 02/15/32   141,237 
   DISH DBS Corp.     
220,000  5.125%, 06/01/29   82,042 
170,000  5.250%, 12/01/26*   134,247 
133,000  7.375%, 07/01/28   58,863 
129,000  7.750%, 07/01/26   76,337 
100,000  5.750%, 12/01/28*   67,457 
220,000  DISH Network Corp.*     
   11.750%, 11/15/27   229,775 
200,000  Empire Resorts, Inc.*     
   7.750%, 11/01/26   185,478 
238,000  Everi Holdings, Inc.*     
   5.000%, 07/15/29   218,996 
220,000  Ford Motor Company^     
   6.100%, 08/19/32   220,143 
   Ford Motor Credit Company, LLC     
350,000  4.000%, 11/13/30   312,357 
300,000  5.113%, 05/03/29   291,591 
275,000  7.200%, 06/10/30   292,471 
200,000  7.350%, 11/04/27   210,390 
82,000  Gap, Inc.*     
   3.875%, 10/01/31   67,766 
110,000  General Motors Company     
   5.200%, 04/01/45   99,813 
   goeasy, Ltd.*     
365,000  9.250%, 12/01/28   389,013 
208,000  4.375%, 05/01/26   199,035 
110,000  Goodyear Tire & Rubber Company^     
   5.250%, 07/15/31   100,221 
93,000  Group 1 Automotive, Inc.*     
   4.000%, 08/15/28   85,881 
226,000  Guitar Center, Inc.*&     
   8.500%, 01/15/26   200,810 
145,000  International Game Technology, PLC*     
   6.250%, 01/15/27   145,963 
57,985  JetBlue Pass Through Trust Series 2019-2, Class B     
   8.000%, 11/15/27   58,461 
180,000  Kohl's Corp.     
   5.550%, 07/17/45   122,836 
210,000  LCM Investments Holdings II, LLC*     
   8.250%, 08/01/31   215,636 
220,000  Liberty Interactive, LLC     
   8.250%, 02/01/30   117,537 
204,000  Life Time, Inc.*     
   8.000%, 04/15/26   206,362 
105,000  Light & Wonder International, Inc.*     
   7.500%, 09/01/31   109,419 
80,000  Lindblad Expeditions Holdings, Inc.*     
   9.000%, 05/15/28   83,208 
139,000  Lindblad Expeditions, LLC*     
   6.750%, 02/15/27   139,106 
140,000  M/I Homes, Inc.     
   3.950%, 02/15/30   125,560 
   Macy's Retail Holdings, LLC     
261,000  6.700%, 07/15/34*   219,645 
215,000  4.300%, 02/15/43   163,247 
287,000  Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*     
   4.875%, 05/01/29   266,457 
125,000  Newell Brands, Inc.     
   5.200%, 04/01/26   121,730 
   Nordstrom, Inc.     
110,000  5.000%, 01/15/44   79,485 
105,000  4.250%, 08/01/31   87,669 
327,000  Patrick Industries, Inc.*     
   4.750%, 05/01/29   301,595 
250,000  PENN Entertainment, Inc.*^     
   4.125%, 07/01/29   215,042 
250,000  PetSmart, Inc. / PetSmart Finance Corp.*     
   4.750%, 02/15/28   233,690 
305,000  Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*     
   5.625%, 09/01/29   229,897 
110,000  QVC, Inc.     
   5.450%, 08/15/34   73,101 
105,000  Raising Cane's Restaurants, LLC*     
   9.375%, 05/01/29   112,608 

 

See accompanying Notes to Schedule of Investments

 

2 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
448,000  Rite Aid Corp.*@     
   8.000%, 11/15/26  $340,341 
105,000  Royal Caribbean Cruises, Ltd.*     
   7.250%, 01/15/30   109,492 
320,000  Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*     
   4.625%, 03/01/29   275,885 
320,000  Six Flags Entertainment Corp.*     
   7.250%, 05/15/31   326,778 
241,000  Sonic Automotive, Inc.*^     
   4.625%, 11/15/29   218,300 
131,000  Speedway Motorsports, LLC / Speedway Funding II, Inc.*     
   4.875%, 11/01/27   124,361 
455,000  Station Casinos, LLC*     
   4.500%, 02/15/28   429,352 
53,000  Stl Holding Company, LLC*     
   8.750%, 02/15/29   53,000 
128,000  Taylor Morrison Communities, Inc.*     
   5.750%, 01/15/28   127,574 
55,000  Viking Cruises, Ltd.*     
   9.125%, 07/15/31   58,934 
260,000  Vista Outdoor, Inc.*     
   4.500%, 03/15/29   255,666 
210,000  ZF North America Capital, Inc.*     
   7.125%, 04/14/30   221,647 
       13,921,621 
    Consumer Staples (0.8%)     
224,000  1375209 B.C., Ltd.*^     
   9.000%, 01/30/28   217,591 
310,000  Arrow Bidco, LLC*     
   10.750%, 06/15/25   321,163 
205,000  B&G Foods, Inc.*     
   8.000%, 09/15/28   214,043 
251,000  Central Garden & Pet Company*     
   4.125%, 04/30/31   222,283 
245,000  Edgewell Personal Care Company*     
   4.125%, 04/01/29   224,297 
   Energizer Holdings, Inc.*     
307,000  4.375%, 03/31/29   278,001 
54,000  6.500%, 12/31/27   53,827 
   JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.     
320,000  5.500%, 01/15/30   313,274 
135,000  5.125%, 02/01/28   133,951 
80,000  5.750%, 04/01/33   79,328 
138,952  Mallinckrodt International Finance SA / Mallinckrodt CB, LLC*     
   14.750%, 11/14/28   151,523 
174,000  New Albertsons, LP     
   7.750%, 06/15/26   178,595 
217,000  Performance Food Group, Inc.*     
   4.250%, 08/01/29   199,011 
165,000  Pilgrim's Pride Corp.     
   4.250%, 04/15/31   148,865 
110,000  Post Holdings, Inc.*     
   5.750%, 03/01/27   109,667 
209,000  Prestige Brands, Inc.*     
   3.750%, 04/01/31   182,200 
195,000  United Natural Foods, Inc.*^     
   6.750%, 10/15/28   164,092 
342,000  Vector Group, Ltd.*     
   5.750%, 02/01/29   315,868 
       3,507,579 
    Energy (2.0%)     
106,000  Antero Resources Corp.*     
   5.375%, 03/01/30   101,242 
223,000  Apache Corp.     
   5.100%, 09/01/40   191,780 
135,000  Buckeye Partners, LP     
   5.850%, 11/15/43   111,510 
305,000  Callon Petroleum Company*     
   7.500%, 06/15/30   321,519 
112,000  Cheniere Energy, Inc.     
   4.625%, 10/15/28   108,530 
167,000  Chesapeake Energy Corp.*     
   6.750%, 04/15/29   169,041 
297,000  Civitas Resources, Inc.*     
   8.750%, 07/01/31   316,985 
   Continental Resources, Inc.*     
165,000  2.875%, 04/01/32   134,779 
100,000  5.750%, 01/15/31   99,566 
169,000  DT Midstream, Inc.*     
   4.125%, 06/15/29   155,411 
   Earthstone Energy Holdings, LLC*     
207,000  8.000%, 04/15/27   214,526 
80,000  9.875%, 07/15/31   88,900 
120,000  Enbridge, Inc.‡     
   7.375%, 01/15/83     
   5 year CMT + 3.71%   120,211 
   Energy Transfer, LP‡     
320,000  8.586%, 11/01/66     
   3 mo. SOFR + 3.28%   285,859 
162,000  6.500%, 11/15/26     
   5 year CMT + 5.69%   156,683 
   EnLink Midstream Partners, LP     
240,000  9.756%, 03/04/24‡     
   3 mo. SOFR + 4.37%   226,867 
224,000  4.850%, 07/15/26   220,114 
132,000  Enlink Midstream, LLC*     
   6.500%, 09/01/30   135,254 
355,000  EQM Midstream Partners, LP*     
   7.500%, 06/01/27   365,345 
   Genesis Energy, LP / Genesis Energy Finance Corp.     
138,000  8.875%, 04/15/30   144,471 
88,000  6.250%, 05/15/26   87,658 
   Gulfport Energy Corp.     
205,000  8.000%, 05/17/26*   207,009 
65,902  8.000%, 05/17/26   66,548 
305,000  Hilcorp Energy I, LP / Hilcorp Finance Company*     
   6.000%, 04/15/30   296,359 
163,000  Howard Midstream Energy Partners, LLC*     
   6.750%, 01/15/27   163,502 
92,000  Kodiak Gas Services, LLC*     
   7.250%, 02/15/29   93,084 
217,000  Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*     
   6.000%, 08/01/26   214,619 
   Moss Creek Resources Holdings, Inc.*     
135,000  10.500%, 05/15/27   139,043 
90,000  7.500%, 01/15/26   

89,715 

 

 

See accompanying Notes to Schedule of Investments

 

3 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
   Nabors Industries, Inc.*     
160,000  7.375%, 05/15/27  $158,302 
80,000  9.125%, 01/31/30   81,631 
160,000  Nabors Industries, Ltd.*     
   7.500%, 01/15/28   146,598 
221,000  New Fortress Energy, Inc.*     
   6.750%, 09/15/25   218,421 
158,000  Oceaneering International, Inc.     
   6.000%, 02/01/28   154,902 
230,000  Parkland Corp.*     
   5.875%, 07/15/27   228,330 
112,000  Patterson-UTI Energy, Inc.     
   5.150%, 11/15/29   108,223 
52,000  Permian Resources Operating LLC*     
   7.000%, 01/15/32   53,731 
270,000  Plains All American Pipeline, LP‡     
   9.751%, 03/04/24     
   3 mo. SOFR + 4.37%   267,519 
305,000  Rockcliff Energy II, LLC*     
   5.500%, 10/15/29   284,205 
109,000  Southwestern Energy Company     
   4.750%, 02/01/32   101,040 
301,150  Transocean, Inc.*     
   8.750%, 02/15/30   315,096 
   Venture Global Calcasieu Pass, LLC*     
130,000  6.250%, 01/15/30   130,360 
55,000  4.125%, 08/15/31   48,723 
55,000  3.875%, 08/15/29   49,163 
   Venture Global LNG, Inc.*     
265,000  8.375%, 06/01/31   268,506 
155,000  8.125%, 06/01/28   156,975 
105,000  9.875%, 02/01/32   110,457 
105,000  9.500%, 02/01/29   111,637 
   Vital Energy, Inc.     
134,000  9.750%, 10/15/30   142,480 
100,000  7.750%, 07/31/29*   98,793 
190,000  VOC Escrow, Ltd.*     
   5.000%, 02/15/28   181,995 
262,000  Weatherford International, Ltd.*     
   8.625%, 04/30/30   268,327 
       8,711,544 
    Financials (2.6%)     
340,000  Acrisure, LLC / Acrisure Finance, Inc.*     
   8.250%, 02/01/29   341,238 
323,000  Aethon United BR, LP / Aethon United Finance Corp.*     
   8.250%, 02/15/26   322,209 
153,000  AG Issuer, LLC*     
   6.250%, 03/01/28   151,251 
   Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*     
370,000  6.750%, 10/15/27   362,448 
30,000  7.000%, 01/15/31   30,378 
   Ally Financial, Inc.     
245,000  4.700%, 05/15/26‡     
   5 year CMT + 3.87%   199,050 
100,000  4.700%, 05/15/28‡     
   7 year CMT + 3.48%   76,492 
90,000  8.000%, 11/01/31   99,672 
439,000  AmWINS Group, Inc.*     
   4.875%, 06/30/29   410,329 
168,000  Aviation Capital Group, LLC*     
   3.500%, 11/01/27   156,633 
329,000  BroadStreet Partners, Inc.*     
   5.875%, 04/15/29   312,366 
255,000  Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*     
   4.500%, 04/01/27   226,144 
200,000  Burford Capital Global Financial, LLC*     
   6.875%, 04/15/30   195,096 
   Credit Acceptance Corp.     
205,000  6.625%, 03/15/26^   205,271 
140,000  9.250%, 12/15/28*   147,524 
210,000  Cushman & Wakefield U.S. Borrower LLC*^     
   8.875%, 09/01/31   220,567 
283,000  Enact Holdings, Inc.*     
   6.500%, 08/15/25   282,536 
235,000  GGAM Finance, Ltd.*     
   8.000%, 02/15/27   242,527 
278,000  Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*     
   3.750%, 12/15/27   237,737 
225,000  GTCR W-2 Merger Sub, LLC*     
   7.500%, 01/15/31   234,614 
120,000  HAT Holdings I LLC / HAT Holdings II LLC*     
   8.000%, 06/15/27   124,470 
   HUB International, Ltd.*     
324,000  5.625%, 12/01/29   305,914 
105,000  7.375%, 01/31/32   107,472 
164,000  Icahn Enterprises, LP / Icahn Enterprises Finance Corp.     
   4.375%, 02/01/29   137,224 
275,000  ILFC E-Capital Trust II*‡     
   7.436%, 12/21/65     
   3 mo. SOFR + 2.06%   217,971 
435,000  Iron Mountain, Inc.*     
   5.250%, 03/15/28   422,176 
600,000  Jefferies Finance, LLC / JFIN Co-Issuer Corp.*     
   5.000%, 08/15/28   541,740 
   Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*     
387,000  5.250%, 10/01/25   380,827 
224,000  4.750%, 06/15/29   200,628 
205,000  LD Holdings Group, LLC*     
   6.125%, 04/01/28   167,276 
   Level 3 Financing, Inc.*     
235,000  4.250%, 07/01/28   79,019 
105,000  4.625%, 09/15/27   55,434 
162,000  LPL Holdings, Inc.*     
   4.000%, 03/15/29   149,401 
210,000  Macquarie Airfinance Holdings, Ltd.*     
   8.125%, 03/30/29   218,077 
344,000  MetLife, Inc.     
   6.400%, 12/15/66   351,458 
300,000  Nationstar Mortgage Holdings, Inc.*     
   5.500%, 08/15/28   285,807 
   Navient Corp.     
228,000  5.000%, 03/15/27   217,605 
115,000  4.875%, 03/15/28   104,599 

 

See accompanying Notes to Schedule of Investments

 

4 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
150,000  Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*     
   4.500%, 09/30/28  $127,647 
105,000  Newmark Group, Inc.*     
   7.500%, 01/12/29   107,314 
   OneMain Finance Corp.     
150,000  3.875%, 09/15/28   131,823 
145,000  9.000%, 01/15/29   152,853 
108,000  7.125%, 03/15/26   109,534 
110,000  Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*     
   5.875%, 10/01/28   107,699 
341,000  PHH Mortgage Corp.*     
   7.875%, 03/15/26   315,033 
260,000  RHP Hotel Properties, LP / RHP Finance Corp.*     
   4.500%, 02/15/29   241,886 
   Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*     
100,000  3.875%, 03/01/31   87,883 
100,000  3.625%, 03/01/29   89,253 
50,000  2.875%, 10/15/26   46,404 
227,000  StoneX Group, Inc.*     
   8.625%, 06/15/25   229,595 
   United Wholesale Mortgage, LLC*     
258,000  5.500%, 04/15/29   243,985 
105,000  5.750%, 06/15/27   103,203 
   Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*     
110,000  6.500%, 02/15/29   77,627 
105,000  10.500%, 02/15/28   106,853 
250,000  VZ Secured Financing, BV*     
   5.000%, 01/15/32   218,615 
237,000  XHR, LP*     
  6.375%, 08/15/25   237,391 
       11,255,778 
    Health Care (1.1%)     
   Bausch Health Companies, Inc.*     
398,000  11.000%, 09/30/28   273,557 
81,000  6.125%, 02/01/27   51,410 
78,000  14.000%, 10/15/30   44,140 
   CHS/Community Health Systems, Inc.*     
435,000  6.125%, 04/01/30   288,161 
127,000  6.875%, 04/15/29   87,663 
114,000  8.000%, 03/15/26   112,327 
105,000  10.875%, 01/15/32   110,316 
27,000  5.250%, 05/15/30   22,443 
   DaVita, Inc.*     
258,000  3.750%, 02/15/31   212,829 
233,000  4.625%, 06/01/30   206,329 
   Embecta Corp.*     
162,000  5.000%, 02/15/30   132,733 
52,000  6.750%, 02/15/30   45,883 
   Encompass Health Corp.     
110,000  4.750%, 02/01/30   103,401 
110,000  4.500%, 02/01/28   105,232 
300,000  HCA, Inc.     
   7.500%, 11/06/33   338,727 
200,000  Jazz Securities DAC*     
   4.375%, 01/15/29   185,032 
   Medline Borrower, LP*     
270,000  3.875%, 04/01/29   244,766 
267,000  5.250%, 10/01/29   249,164 
400,000  Organon & Company / Organon Foreign Debt Co-Issuer, BV*     
   5.125%, 04/30/31   344,556 
305,000  Team Health Holdings, Inc.*     
   6.375%, 02/01/25   257,847 
   Tenet Healthcare Corp.     
430,000  6.250%, 02/01/27   429,162 
295,000  6.875%, 11/15/31   304,092 
   Teva Pharmaceutical Finance Netherlands III, BV     
270,000  5.125%, 05/09/29^   260,612 
200,000  4.750%, 05/09/27   193,500 
100,000  3.150%, 10/01/26   93,358 
       4,697,240 
    Industrials (3.0%)     
260,000  ACCO Brands Corp.*     
   4.250%, 03/15/29   235,968 
235,000  AerCap Holdings, NV^‡     
   5.875%, 10/10/79     
   5 year CMT + 4.54%   233,461 
200,000  Air Lease Corp.‡     
   4.125%, 12/15/26     
   5 year CMT + 3.15%   169,512 
   Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*     
365,000  4.625%, 01/15/27   354,353 
155,000  5.875%, 02/15/28   154,921 
195,000  Allegiant Travel Company*     
   7.250%, 08/15/27   190,807 
127,000  Arcosa, Inc.*     
   4.375%, 04/15/29   119,189 
475,000  ARD Finance, SA*     
   6.500%, 06/30/27     
   7.250% PIK rate   230,508 
178,000  Beacon Roofing Supply, Inc.*     
   4.125%, 05/15/29   161,400 
   Bombardier, Inc.*     
105,000  8.750%, 11/15/30   110,489 
105,000  7.875%, 04/15/27   105,145 
226,000  BWX Technologies, Inc.*     
   4.125%, 04/15/29   209,751 
215,000  Cascades, Inc. / Cascades USA, Inc.*     
   5.375%, 01/15/28   210,997 
56,000  Delta Air Lines, Inc. / SkyMiles IP, Ltd.*     
   4.750%, 10/20/28   55,121 
282,000  Deluxe Corp.*     
   8.000%, 06/01/29   254,048 
213,000  Eco Material Technologies, Inc.*     
   7.875%, 01/31/27   213,290 
105,000  Emerald Debt Merger Sub, LLC*     
   6.625%, 12/15/30   106,144 
   EnerSys*     
140,000  4.375%, 12/15/27   132,656 
110,000  6.625%, 01/15/32   111,588 
135,000  Graham Packaging Company, Inc.*     
   7.125%, 08/15/28   121,300 
   Graphic Packaging International, LLC*     
102,000  3.500%, 03/01/29   92,254 
85,000  4.750%, 07/15/27   82,812 

 

See accompanying Notes to Schedule of Investments

 

5 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL
AMOUNT		      VALUE 
 236,000   Great Lakes Dredge & Dock Corp.*     
     5.250%, 06/01/29  $204,968 
 516,000   H&E Equipment Services, Inc.*     
     3.875%, 12/15/28   468,941 
 269,000   Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*     
     5.750%, 01/20/26   252,994 
 270,000   Herc Holdings, Inc.*     
     5.500%, 07/15/27   265,386 
 255,000   IEA Energy Services, LLC*     
     6.625%, 08/15/29   240,001 
     JELD-WEN, Inc.*     
 154,000   4.625%, 12/15/25   150,615 
 110,000   4.875%, 12/15/27^   105,057 
 360,000   Ken Garff Automotive, LLC*     
     4.875%, 09/15/28   336,416 
 210,000   Knife River Holding Company*     
     7.750%, 05/01/31   220,933 
 55,000   MasTec, Inc.*     
     4.500%, 08/15/28   51,679 
 135,000   Moog, Inc.*     
     4.250%, 12/15/27   126,581 
 275,000   Newfold Digital Holdings Group, Inc.*     
     6.000%, 02/15/29   208,301 
 232,000   Novelis Corp.*     
     4.750%, 01/30/30   215,465 
 80,000   OI European Group, BV*     
     4.750%, 02/15/30   74,122 
 255,000   Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*     
     4.000%, 10/15/27   238,081 
     Sealed Air Corp.*     
 163,000   6.125%, 02/01/28   163,890 
 54,000   5.000%, 04/15/29   52,088 
 50,000   Sealed Air Corp./Sealed Air Corp. U.S.*     
     7.250%, 02/15/31   52,454 
 210,000   Sensata Technologies, Inc.*     
     3.750%, 02/15/31   182,935 
     Sinclair Television Group, Inc.*     
 167,000   4.125%, 12/01/30   129,198 
 100,000   5.500%, 03/01/30   77,120 
 225,000   Standard Industries, Inc.*     
     5.000%, 02/15/27   218,864 
 176,000   Stericycle, Inc.*     
     3.875%, 01/15/29   160,234 
 166,000   STL Holding Company, LLC*     
     7.500%, 02/15/26   169,083 
 55,000   Summit Materials LLC / Summit Materials Finance Corp.*     
     7.250%, 01/15/31   57,206 
     TransDigm, Inc.     
 225,000   6.875%, 12/15/30*   231,401 
 205,000   7.500%, 03/15/27   205,674 
 155,000   6.750%, 08/15/28*   157,739 
 89,000   6.250%, 03/15/26*   88,579 
 80,000   7.125%, 12/01/31*   83,460 
 215,000   Tronox, Inc.*     
     4.625%, 03/15/29   190,077 
 2,800,000   Uber Technologies, Inc.*     
     8.000%, 11/01/26   2,852,220 
 83,865   United Airlines Pass Through Trust Series 2019-2, Class B     
     3.500%, 11/01/29   76,697 
 217,000   Vertiv Group Corp.*     
     4.125%, 11/15/28   202,107 
 228,000   Wabash National Corp.*     
     4.500%, 10/15/28   207,925 
 170,000   Waste Pro USA, Inc.*     
     5.500%, 02/15/26   165,191 
     Williams Scotsman, Inc.*     
 128,000   4.625%, 08/15/28   120,859 
 105,000   7.375%, 10/01/31   110,096 
         12,770,351 
       Information Technology (0.7%)   
 54,000   Booz Allen Hamilton, Inc.*     
     4.000%, 07/01/29   50,723 
 126,000   Coherent Corp.*     
     5.000%, 12/15/29   118,015 
 115,000   CommScope Technologies, LLC*     
     6.000%, 06/15/25   91,529 
 200,000   CommScope, Inc.*     
     4.750%, 09/01/29   132,438 
 110,000   Dell International, LLC / EMC Corp.     
     6.020%, 06/15/26   112,427 
 108,000   Dun & Bradstreet Corp.*^     
     5.000%, 12/15/29   100,516 
 93,000   Fair Isaac Corp.*     
     4.000%, 06/15/28   86,694 
 245,000   KBR, Inc.*     
     4.750%, 09/30/28   226,042 
     MPH Acquisition Holdings, LLC*     
 245,000   5.750%, 11/01/28   195,076 
 110,000   5.500%, 09/01/28   97,816 
 105,000   NCL Corp., Ltd.*     
     8.125%, 01/15/29   110,229 
 113,000   NCR Voyix Corp.*     
     5.125%, 04/15/29   106,409 
 167,000   ON Semiconductor Corp.*     
     3.875%, 09/01/28   153,323 
     Open Text Corp.*     
 139,000   3.875%, 02/15/28   129,219 
 110,000   6.900%, 12/01/27   114,346 
 81,000   3.875%, 12/01/29   73,150 
 81,000   Open Text Holdings, Inc.*     
     4.125%, 12/01/31   71,719 
 206,000   Playtika Holding Corp.*     
     4.250%, 03/15/29   178,744 
 315,000   TTM Technologies, Inc.*     
     4.000%, 03/01/29   285,066 
     Twilio, Inc.     
 150,000   3.625%, 03/15/29   135,628 
 57,000   3.875%, 03/15/31   50,268 
 79,000   UKG, Inc.*     
     6.875%, 02/01/31   79,975 
 240,000   Viavi Solutions, Inc.*     
     3.750%, 10/01/29   209,198 
 260,000   ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*     
     3.875%, 02/01/29   231,660 
         3,140,210 
       Materials (0.7%)    
 130,000   ArcelorMittal, SA     
     7.000%, 10/15/39   141,930 

 

See accompanying Notes to Schedule of Investments

 

6 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL
AMOUNT		      VALUE 
 85,000   ATI, Inc.     
     5.875%, 12/01/27  $83,697 
 55,000   Carpenter Technology Corp.     
     7.625%, 03/15/30   56,917 
 165,000   Chemours Company*     
     4.625%, 11/15/29   144,446 
 355,000   Clearwater Paper Corp.*     
     4.750%, 08/15/28   333,341 
 157,000   Cleveland-Cliffs, Inc.*     
     6.750%, 04/15/30   158,447 
     Commercial Metals Company     
 108,000   4.125%, 01/15/30   98,844 
 54,000   4.375%, 03/15/32   48,340 
 250,000   Constellium, SE*     
     3.750%, 04/15/29   225,395 
 111,000   HB Fuller Company     
     4.250%, 10/15/28   103,547 
 215,000   JW Aluminum Continuous Cast Company*     
     10.250%, 06/01/26   217,404 
 190,000   Kaiser Aluminum Corp.*     
     4.625%, 03/01/28   175,208 
 58,000   LSF11 A5 HoldCo, LLC*     
     6.625%, 10/15/29   49,450 
     Mercer International, Inc.     
 284,000   5.125%, 02/01/29   243,834 
 107,000   12.875%, 10/01/28*   115,065 
 200,000   OCI, NV*     
     6.700%, 03/16/33   199,968 
     Owens-Brockway Glass Container, Inc.*     
 160,000   7.250%, 05/15/31   161,520 
 115,000   6.625%, 05/13/27   115,143 
 200,000   Silgan Holdings, Inc.     
     4.125%, 02/01/28   188,424 
 113,000   Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.*     
     5.125%, 04/01/29   44,407 
         2,905,327 
        Other (0.0%)
     Gen Digital, Inc.*     
 100,000   7.125%, 09/30/30^   103,773 
 100,000   6.750%, 09/30/27   101,674 
         205,447 
        Real Estate (0.2%)
 174,000   EPR Properties     
     3.750%, 08/15/29   155,159 
     Forestar Group, Inc.*     
 187,000   5.000%, 03/01/28   177,871 
 110,000   3.850%, 05/15/26   104,618 
 248,000   MIWD Holdco II, LLC / MIWD Finance Corp.*     
     5.500%, 02/01/30   226,002 
 105,000   Service Properties Trust     
     5.250%, 02/15/26   101,751 
         765,401 
        Special Purpose Acquisition Companies (0.1%)
     Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*     
 220,000   6.750%, 01/15/30   198,042 
 107,000   4.625%, 01/15/29   98,625 
         296,667 
        Utilities (0.1%)
 79,000   PPL Capital Funding, Inc.‡     
     8.275%, 03/30/67     
     3 mo. SOFR + 2.93%   75,809 
     Vistra Corp.*‡     
 105,000   7.000%, 12/15/26     
     5 year CMT + 5.74%   102,501 
 50,000   8.000%, 10/15/26     
     5 year CMT + 6.93%   50,232 
         228,542 
     Total Corporate Bonds
(Cost $68,938,450)		   70,116,447 
           
Convertible Bonds (33.0%)
        Communication Services (2.2%)
 325,000   Bharti Airtel, Ltd.*     
     1.500%, 02/17/25   626,522 
 209,000   Cable One, Inc.µ     
     0.000%, 03/15/26   179,554 
 20,000,000JPY  CyberAgent, Inc.     
     0.000%, 02/19/25   134,264 
 2,185,000   Liberty Media Corp.-Liberty Formula One     
     2.250%, 08/15/27   2,277,251 
     Sea, Ltd.     
 5,311,000   2.375%, 12/01/25   5,069,190 
 604,000   0.250%, 09/15/26   509,341 
 538,000   Snap, Inc.µ     
     0.125%, 03/01/28   426,134 
 157,000   Zillow Group, Inc.     
     1.375%, 09/01/26   214,482 
         9,436,738 
        Consumer Discretionary (7.2%)
 203,000   Airbnb, Inc.µ     
     0.000%, 03/15/26   184,547 
 145,000   Booking Holdings, Inc.     
     0.750%, 05/01/25   270,725 
 353,000   Burlington Stores, Inc.     
     2.250%, 04/15/25   380,096 
 200,000,000JPY  Daiwa House Ind Company, Ltd. 03/30/29   1,388,314 
     DISH Network Corp.µ     
 608,000   0.000%, 12/15/25   435,176 
 213,000   2.375%, 03/15/24   208,836 
 410,000   DraftKings Holdings, Inc.µ     
     0.000%, 03/15/28   342,092 
     Etsy, Inc.     
 229,000   0.125%, 10/01/26   239,630 
 161,000   0.125%, 09/01/27   133,530 
 251,000   Farfetch, Ltd.     
     3.750%, 05/01/27   5,540 
     Flight Centre Travel Group, Ltd.     
 2,600,000AUD  2.500%, 11/17/27   2,025,026 
 200,000AUD  1.625%, 11/01/28   127,536 
 11,210,000   Ford Motor Company~     
     0.000%, 03/15/26   10,926,723 
 2,740,000   IMAX Corp.µ     
     0.500%, 04/01/26   2,439,778 
 161,000   Liberty Broadband Corp.*     
     3.125%, 03/31/53   158,084 

 

See accompanying Notes to Schedule of Investments

 

7 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL
AMOUNT		      VALUE 
 214,000   Lucid Group, Inc.*     
     1.250%, 12/15/26  $85,089 
 296,000   MakeMyTrip, Ltd.     
     0.000%, 02/15/28   444,838 
 725,000   Marriott Vacations Worldwide Corp.µ     
     0.000%, 01/15/26   643,133 
 400,000   Meituan     
     0.000%, 04/27/28   347,288 
 40,000,000JPY  Mercari, Inc.     
     0.000%, 07/14/28   210,471 
 160,000   NIO, Inc.*     
     4.625%, 10/15/30   124,200 
     Ocado Group, PLCµ     
 100,000GBP  0.875%, 12/09/25   111,307 
 100,000GBP  0.750%, 01/18/27   98,156 
     Rivian Automotive, Inc.*     
 230,000   4.625%, 03/15/29   244,991 
 145,000   3.625%, 10/15/30   132,832 
 194,000   Royal Caribbean Cruises, Ltd.     
     6.000%, 08/15/25   508,098 
 40,000,000JPY  Sanrio Company, Ltd.     
     0.000%, 12/14/28   303,397 
 100,000EUR  Shop Apotheke Europe, NVµ     
     0.000%, 01/21/28   101,628 
 162,000   Stride, Inc.     
     1.125%, 09/01/27   207,718 
 17,000   Tesla, Inc.     
     2.000%, 05/15/24   154,322 
     Wayfair, Inc.     
 318,000   0.625%, 10/01/25µ   290,986 
 302,000   3.500%, 11/15/28*   407,159 
 168,000   1.000%, 08/15/26µ   145,216 
 1,900,000GBP  WH Smith, PLCµ     
     1.625%, 05/07/26   2,174,307 
 1,272,000   Winnebago Industries, Inc.*     
     3.250%, 01/15/30   1,308,913 
 3,011,000   Wynn Macau, Ltd.*     
     4.500%, 03/07/29   3,005,580 
 5,000,000HKD  Zhongsheng Group Holdings, Ltd.     
     0.000%, 05/21/25   685,212 
         31,000,474 
       Consumer Staples (1.5%)      
 2,500,000EUR  Fomento Economico Mexicano SAB de CV     
     2.625%, 02/24/26   2,707,452 
 20,000,000JPY  Nippn Corp.     
     0.000%, 06/20/25   148,781 
 4,975,000CAD  Premium Brands Holdings Corp.     
     4.200%, 09/30/27   3,432,970 
         6,289,203 
       Energy (1.6%)    
 4,400,000EUR  Eni S.p.A     
     2.950%, 09/14/30   4,954,319 
 1,650,000   Nabors Industries, Inc.*µ     
     1.750%, 06/15/29   1,221,214 
 306,000   Northern Oil & Gas, Inc.     
     3.625%, 04/15/29   340,918 
 100,000   Pioneer Natural Resources Company     
     0.250%, 05/15/25   248,634 
     SunEdison, Inc.@     
 2,261,000   0.250%, 01/15/49   22,610 
 275,000   0.000%, 10/01/49   2,750 
         6,790,445 
       Financials (2.0%)    
 223,000   Affirm Holdings, Inc.µ     
     0.000%, 11/15/26   178,124 
 41,000,000HKD  Citigroup Global Markets Funding Luxembourg SCAµ     
     0.000%, 07/25/24   5,106,415 
 192,000   Coinbase Global, Inc.µ     
     0.500%, 06/01/26   168,689 
 64,817EUR  Corestate Capital Holding, SA     
     8.000%, 12/31/26     
     9.000% PIK rate   35,459 
 100,000GBP  Cornwall Jersey, Ltd.     
     0.750%, 04/16/26   76,804 
 3,440,000EUR  Edenred     
     0.000%, 09/06/24   2,288,895 
 200,000EUR  JPMorgan Chase Financial Company, LLC (Voya Financial, Inc.)§     
     0.000%, 01/14/25   221,567 
 200,000EUR  LEG Immobilien, SE     
     0.875%, 09/01/25   210,464 
 314,000   Morgan Stanley Finance, LLC     
     1.000%, 11/23/27   365,433 
         8,651,850 
       Health Care (1.4%)    
 164,000   Alnylam Pharmaceuticals, Inc.     
     1.000%, 09/15/27   158,249 
 1,768,000   BioMarin Pharmaceutical, Inc.µ     
     0.599%, 08/01/24   1,741,851 
 135,000   Coherus Biosciences, Inc.     
     1.500%, 04/15/26   85,838 
 172,000   CONMED Corp.     
     2.250%, 06/15/27   163,644 
     Dexcom, Inc.     
 156,000   0.375%, 05/15/28*   157,229 
 142,000   0.250%, 11/15/25   147,017 
 154,000   Enovis Corp.*     
     3.875%, 10/15/28   190,392 
 161,000   Envista Holdings Corp.*µ     
     1.750%, 08/15/28   147,043 
 100,000EUR  GN Store Nord ASµ     
     0.000%, 05/21/24   106,314 
 205,000   Haemonetics Corp.µ     
     0.000%, 03/01/26   181,985 
     Halozyme Therapeutics, Inc.     
 206,000   0.250%, 03/01/27µ   176,913 
 170,000   1.000%, 08/15/28   154,253 
 81,000   Immunocore Holdings, PLC*     
     2.500%, 02/01/30   82,260 
 73,000   Innoviva, Inc.     
     2.500%, 08/15/25   79,478 
 158,000   Insmed, Inc.     
     0.750%, 06/01/28   172,207 
 162,000   Integer Holdings Corp.*     
     2.125%, 02/15/28   211,075 
 167,000   Integra LifeSciences Holdings Corp.µ     
     0.500%, 08/15/25   157,461 
 163,000   Ionis Pharmaceuticals, Inc.     
     0.000%, 04/01/26   173,359 
 156,000   Jazz Investments I, Ltd.     
     2.000%, 06/15/26   157,314 

 

See accompanying Notes to Schedule of Investments

 

8 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL
AMOUNT		      VALUE 
 101,000   Lantheus Holdings, Inc.     
     2.625%, 12/15/27  $104,706 
 30,000,000JPY  Menicon Company, Ltd.µ     
     0.000%, 01/29/25   203,306 
 181,000   NeoGenomics, Inc.µ     
     0.250%, 01/15/28   138,318 
 165,000   NuVasive, Inc.µ     
     0.375%, 03/15/25   154,598 
 145,000   Omnicell, Inc.µ     
     0.250%, 09/15/25   133,298 
 135,000   Pacira BioSciences, Inc.µ     
     0.750%, 08/01/25   125,455 
 163,000   Sarepta Therapeutics, Inc.     
     1.250%, 09/15/27   183,994 
 242,000   Shockwave Medical, Inc.*     
     1.000%, 08/15/28   255,959 
 156,000   TransMedics Group, Inc.*^     
     1.500%, 06/01/28   186,983 
         5,930,499 
       Industrials (6.2%)    
 40,000,000JPY  Daifuku Co., Ltd.     
     0.000%, 09/13/30   298,163 
 100,000EUR  Duerr, AG     
     0.750%, 01/15/26   100,854 
 196,000   John Bean Technologies Corp.µ     
     0.250%, 05/15/26   177,525 
 200,000   L&F Company Ltd.     
     2.500%, 04/26/30   126,624 
 161,000   Middleby Corp.     
     1.000%, 09/01/25   190,242 
 2,700,000EUR  Prysmian S.p.A     
     0.000%, 02/02/26   3,230,776 
     Rheinmetall, AG     
 6,100,000EUR  1.875%, 02/07/28   7,820,543 
 100,000EUR  2.250%, 02/07/30   131,347 
 2,319,600EUR  Schneider Electric, SE     
     0.000%, 06/15/26   4,959,112 
 1,400,000EUR  SPIE, SA     
     2.000%, 01/17/28   1,643,127 
 1,232,000   Tetra Tech, Inc.*     
     2.250%, 08/15/28   1,252,895 
 6,230,000   Uber Technologies, Inc.*~     
     0.875%, 12/01/28   6,959,471 
         26,890,679 
       Information Technology (7.7%)    
     Akamai Technologies, Inc.     
 2,990,000   1.125%, 02/15/29*~   3,323,863 
 190,000   0.125%, 05/01/25   250,515 
     BILL Holdings, Inc.µ     
 208,000   0.000%, 04/01/27   174,764 
 94,000   0.000%, 12/01/25   88,126 
 3,175,000   Block, Inc.µ     
     0.125%, 03/01/25   3,063,049 
 210,000   Cloudflare, Inc.µ     
     0.000%, 08/15/26   188,206 
 213,000   Confluent, Inc.µ     
     0.000%, 01/15/27   178,373 
 162,000   CyberArk Software, Ltd.     
     0.000%, 11/15/24   243,771 
 3,306,000   Datadog, Inc.     
     0.125%, 06/15/25   4,678,850 
 447,000   DigitalOcean Holdings, Inc.µ     
     0.000%, 12/01/26   368,601 
 207,000   Dropbox, Inc.     
     0.000%, 03/01/28   216,611 
 381,000CAD  Dye & Durham, Ltd.*µ     
     3.750%, 03/01/26   249,939 
 411,000   Fastly, Inc.µ     
     0.000%, 03/15/26   366,912 
 357,000   Five9, Inc.µ     
     0.500%, 06/01/25   343,213 
 2,300,000EUR  GlobalWafers GmbH     
     1.500%, 01/23/29   2,531,321 
 17,000,000HKD  Kingsoft Corp, Ltd.     
     0.625%, 04/29/25   2,165,698 
 175,000   LivePerson, Inc.     
     0.000%, 12/15/26   116,949 
 451,000   Microchip Technology, Inc.     
     0.125%, 11/15/24   472,612 
 418,000   MicroStrategy, Inc.µ     
     0.000%, 02/15/27   337,999 
 447,000   NCL Corp., Ltd.µ     
     1.125%, 02/15/27   397,888 
 200,000EUR  Nexi S.p.Aµ     
     1.750%, 04/24/27   202,409 
 162,000   Nice, Ltd.     
     0.000%, 09/15/25   155,821 
 413,000   Okta, Inc.µ     
     0.125%, 09/01/25   381,612 
     ON Semiconductor Corp.     
 319,000   0.500%, 03/01/29*   309,845 
 202,000   0.000%, 05/01/27   291,896 
 148,000   Palo Alto Networks, Inc.     
     0.375%, 06/01/25   503,493 
 173,000   Pegasystems, Inc.µ     
     0.750%, 03/01/25   163,803 
 1,381,000   Rapid7, Inc.     
     1.250%, 03/15/29   1,512,043 
 296,000   Repay Holdings Corp.*µ     
     0.000%, 02/01/26   251,647 
 320,000   RingCentral, Inc.µ     
     0.000%, 03/15/26   280,384 
 360,000,000JPY  Rohm Company, Ltd.     
     0.000%, 12/05/24   2,492,825 
 40,000,000JPY  SCREEN Holdings Company, Ltd.     
     0.000%, 06/11/25   669,004 
 320,000   Seagate HDD Cayman*     
     3.500%, 06/01/28   385,366 
 139,000   Shift4 Payments, Inc.     
     0.000%, 12/15/25   153,363 
 3,200,000   SK Hynix, Inc.     
     1.750%, 04/11/30   4,219,296 
 148,300EUR  SOITEC     
     0.000%, 10/01/25   283,160 
 200,000   Tyler Technologies, Inc.     
     0.250%, 03/15/26   202,990 
 223,000   Unity Software, Inc.µ     
     0.000%, 11/15/26   185,507 
 318,000   Wix.com, Ltd.     
     0.000%, 08/15/25   290,945 
     Workiva, Inc.     
 240,000   1.250%, 08/15/28*   231,223 
 34,000   1.125%, 08/15/26   43,846 
 265,000   Xero Investments, Ltd.     
     0.000%, 12/02/25   240,837 
 145,000   Zscaler, Inc.     
     0.125%, 07/01/25   230,802 
         33,439,377 

 

See accompanying Notes to Schedule of Investments

 

9 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL
AMOUNT		      VALUE 
       Materials (1.9%)  
 214,000   Amyris, Inc.@     
     1.500%, 11/15/26  $7,588 
 3,600,000   Glencore Funding, LLC     
     0.000%, 03/27/25   3,715,272 
 2,700,000   LG Chem, Ltd.     
     1.250%, 07/18/28   2,563,974 
 1,976,000   Lithium Americas Corp.     
     1.750%, 01/15/27   1,371,087 
 20,000,000JPY  Nippon Steel Corp.     
     0.000%, 10/05/26   196,614 
 400,000EUR  POSCO Holdings, Inc.     
     0.000%, 09/01/26   462,397 
         8,316,932 
        Other (0.0%)
 110,000   Multiplan Corp.*µ     
     6.000%, 10/15/27     
     7.000% PIK rate   77,046 
         
        Real Estate (0.8%)
 2,900,000EUR  ANLLIAN Capital, Ltd.     
     0.000%, 02/05/25   3,050,007 
 330,000   Redfin Corp.µ     
     0.000%, 10/15/25   281,791 
 200,000   Vingroup, JSC     
     3.000%, 04/20/26   196,074 
         3,527,872 
        Utilities (0.5%)
 318,000   American Water Capital Corp.*     
     3.625%, 06/15/26   313,097 
 1,466,000   CMS Energy Corp.*     
     3.375%, 05/01/28   1,438,219 
 320,000   PPL Capital Funding, Inc.*     
     2.875%, 03/15/28   305,315 
 160,000   Southern Company*     
     3.875%, 12/15/25   159,400 
         2,216,031 
     Total Convertible Bonds
(Cost $154,912,167)		   142,567,146 
 
Bank Loans (13.0%) ¡
        Airlines (0.1%)
 161,500   American Airlines, Inc.‡     
     10.329%, 04/20/28     
     3 mo. SOFR + 4.75%   165,728 
 154,000   Mileage Plus Holdings, LLC‡     
     10.770%, 06/21/27     
     3 mo. SOFR + 5.25%   158,925 
         324,653 
        Communication Services (2.0%)
 1,250,000   APi Group DE, Inc.‡     
     7.951%, 01/03/29     
     1 mo. SOFR + 2.50%   1,251,756 
 1,830,442   Charter Communications Operating, LLC‡     
     7.083%, 02/01/27     
     1 mo. SOFR + 1.75%   1,826,781 
 34,111   Clear Channel Outdoor Holdings, Inc.‡     
     9.074%, 08/21/26     
     3 mo. SOFR + 3.50%   33,773 
 347,247   DirecTV Financing, LLC!     
     0.000%, 08/02/29   347,537 
 320,000   Entercom Media Corp.‡&     
     8.145%, 11/18/24     
     3 mo. SOFR + 2.50%   179,675 
 1,243,750   Go Daddy Operating Company, LLC‡     
     7.333%, 11/09/29     
     1 mo. SOFR + 2.00%   1,245,243 
 1,250,000   Match Group, Inc.‡     
     7.270%, 02/13/27     
     3 mo. SOFR + 1.75%   1,247,663 
 1,250,000   Nexstar Broadcasting, Inc.‡     
     7.951%, 09/18/26     
     1 mo. SOFR + 2.50%   1,250,306 
 110,000   Telesat Canada‡     
     8.400%, 12/07/26     
     3 mo. SOFR + 2.75%   67,526 
 1,250,000   Virgin Media Bristol, LLC‡     
     7.948%, 01/31/28     
     1 mo. SOFR + 2.50%   1,229,594 
         8,679,854 
        Consumer Discretionary (2.3%)
 153,600   American Axle & Manufacturing, Inc.‡     
     8.936%, 12/13/29     
     1 mo. SOFR + 3.50%   153,889 
 1,243,750   Aramark Services, Inc.‡     
     7.947%, 06/22/30     
     1 mo. SOFR + 2.50%   1,242,979 
 208,425   Caesars Entertainment, Inc.‡     
     8.663%, 02/06/30     
     3 mo. SOFR + 3.25%   208,592 
 1,457,675   Carnival Corp.‡     
     8.336%, 08/08/27     
     1 mo. SOFR + 3.00%   1,460,226 
 234,402   Carnival Corp.‡     
     8.697%, 10/18/28     
     1 mo. SOFR + 3.25%   234,731 
 208,425   Hanesbrands, Inc.‡     
     9.083%, 03/08/30     
     1 mo. SOFR + 3.75%   207,643 
 1,492,327   KFC Holding Company‡     
     7.196%, 03/15/28     
     1 mo. SOFR + 1.75%   1,493,671 
 122,430   Life Time Fitness, Inc.‡     
     9.824%, 01/15/26     
     3 mo. SOFR + 4.25%   123,287 
 1,243,606   Murphy USA, Inc.‡     
     7.217%, 01/31/28     
     1 mo. SOFR + 1.75%   1,247,492 
 1,243,687   PENN Entertainment, Inc.‡     
     8.183%, 05/03/29     
     1 mo. SOFR + 2.75%   1,242,344 
 125,661   Petco Health & Wellness Company, Inc.‡     
     8.860%, 03/03/28     
     3 mo. SOFR + 3.25%   118,293 
 380,116   PetSmart, Inc.‡     
     9.183%, 02/11/28     
     1 mo. SOFR + 3.75%   378,890 

 

See accompanying Notes to Schedule of Investments

 

10 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL
AMOUNT		      VALUE 
 1,243,462   Station Casinos, LLC‡   
     7.683%, 02/08/27     
     1 mo. SOFR + 2.25%  $1,242,150 
 138,635   TKC Holdings, Inc.‡     
     10.947%, 05/15/28     
     1 mo. SOFR + 5.50%   134,441 
 224,863   Windsor Holdings III, LLC‡     
     9.848%, 08/01/30     
     1 mo. SOFR + 4.50%   225,456 
         9,714,084 
       Consumer Staples (0.5%)    
 448,755   Amneal Pharmaceuticals, LLC‡     
     10.833%, 05/04/28     
     1 mo. SOFR + 5.50%   446,511 
 1,506,391   Jazz Financing Lux Sarl‡     
     8.447%, 05/05/28     
     1 mo. SOFR + 3.00%   1,507,333 
 215,000   Star Parent, Inc.‡     
     9.348%, 09/27/30     
     3 mo. SOFR + 4.00%   210,297 
 105,896   United Natural Foods, Inc.‡     
     8.697%, 10/22/25     
     1 mo. SOFR + 3.25%   105,824 
         2,269,965 
     Energy (0.1%)    
 160,000   Buckeye Partners, LP‡     
     7.833%, 11/22/30     
     1 mo. SOFR + 2.50%   160,134 
 100,000   New Fortress Energy, Inc.‡     
     10.317%, 10/27/28     
     3 mo. SOFR + 5.00%   100,200 
 258,324   Par Petroleum, LLC‡     
     9.738%, 02/28/30     
     3 mo. SOFR + 4.25%   258,550 
         518,884 
       Financials (0.7%)    
 171,218   Alliant Holdings Intermediate LLC‡     
     8.833%, 11/06/30     
     1 mo. SOFR + 3.50%   171,770 
 164,176   Amynta Agency Borrower, Inc.‡     
     9.583%, 02/28/28     
     1 mo. SOFR + 4.25%   164,440 
 212,299   AssuredPartners, Inc.‡     
     8.833%, 02/12/27     
     1 mo. SOFR + 3.50%   211,856 
 1,660,838   Avolon TLB Borrower 1, LLC‡     
     7.337%, 06/22/28     
     1 mo. SOFR + 2.00%   1,662,357 
 100,000   Broadstreet Partners, Inc.‡     
     9.083%, 01/27/29     
     1 mo. SOFR + 3.75%   100,063 
 280   Castlelake Aviation, Ltd.‡     
     8.146%, 10/22/26     
     3 mo. SOFR + 2.50%   280 
 210,000   Hub International, Ltd.!     
     0.000%, 06/20/30   210,361 
 160,000   Iron Mountain, Inc.‡     
     7.569%, 01/31/31     
     3 mo. SOFR + 2.25%   159,350 
 55,000   Osaic Holdings, Inc.‡     
     9.833%, 08/17/28     
     1 mo. SOFR + 4.50%   55,017 
 283,036   VFH Parent, LLC‡     
     8.433%, 01/13/29     
     1 mo. SOFR + 3.00%   282,895 
         3,018,389 
       Health Care (2.3%)    
 904,907   Avantor Funding, Inc.‡     
     7.683%, 11/08/27     
     1 mo. SOFR + 2.25%   905,359 
 1,492,140   DaVita, Inc.‡     
     7.197%, 08/12/26     
     1 mo. SOFR + 1.75%   1,490,529 
 1,243,077   Elanco Animal Health, Inc.‡     
     7.203%, 08/01/27     
     1 mo. SOFR + 1.75%   1,220,720 
 2,404,442   Icon Luxembourg Sarl‡     
     7.860%, 07/03/28     
     3 mo. SOFR + 2.25%   2,409,696 
 1,250,000   Organon & Company‡     
     8.450%, 06/02/28     
     1 mo. SOFR + 3.00%   1,250,200 
 235,294   Padagis, LLC‡     
     10.341%, 07/06/28     
     3 mo. SOFR + 4.75%   228,237 
 1,246,843   Perrigo Investments, LLC‡     
     7.683%, 04/20/29     
     1 mo. SOFR + 2.25%   1,246,326 
 599,068   PRA Health Sciences, Inc.‡     
     7.860%, 07/03/28     
     3 mo. SOFR + 2.25%   600,377 
 630,605   Team Health Holdings, Inc.‡     
     10.563%, 03/02/27     
     3 mo. SOFR + 5.25%   527,343 
 1,803   Team Health Holdings, Inc.‡     
     10.583%, 03/02/27     
     1 mo. SOFR + 5.25%   1,508 
         9,880,295 
       Industrials (2.9%)    
 107,250   ACProducts, Inc.‡     
     9.860%, 05/17/28     
     3 mo. SOFR + 4.25%   93,052 
 104,500   ACProducts, Inc.!     
     0.000%, 05/17/28   90,666 
 137,900   Air Canada‡     
     9.139%, 08/11/28     
     3 mo. SOFR + 3.50%   138,212 
 1,243,622   Beacon Roofing Supply, Inc.‡     
     7.947%, 05/19/28     
     1 mo. SOFR + 2.50%   1,247,148 
 1,449,351   Berry Global, Inc.‡     
     7.202%, 07/01/29     
     1 mo. SOFR + 1.75%   1,447,706 
 1,449,305   ChampionX Corp.‡     
     8.187%, 06/07/29     
     1 mo. SOFR + 2.75%   1,455,646 
 1,380,836   Emrld Borrower, LP‡     
     8.313%, 05/31/30     
     1 mo. SOFR + 3.00%   1,382,824 
 1,243,734   H.B. Fuller Company‡     
     7.587%, 02/15/30     
     1 mo. SOFR + 2.25%   1,245,675 
 1,243,622   JELD-WEN, Inc.‡     
     7.447%, 07/28/28     
     1 mo. SOFR + 2.00%   1,243,467 

 

See accompanying Notes to Schedule of Investments

 

11 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL
AMOUNT		      VALUE  
 1,440,687   Light and Wonder International, Inc.‡   
     8.083%, 04/14/29     
     1 mo. SOFR + 3.00%  $1,440,687 
 1,243,734   TransDigm, Inc.‡     
     8.598%, 08/24/28     
     3 mo. SOFR + 3.25%   1,246,384 
 210,000   TransDigm, Inc.‡     
     8.598%, 02/14/31     
     3 mo. SOFR + 3.25%   210,505 
 1,215,484   United Airlines, Inc.‡     
     9.201%, 04/21/28     
     1 mo. SOFR + 3.75%   1,219,379 
         12,461,351 
       Information Technology (1.2%)    
 292,305   Banff Merger Sub, Inc.‡     
     9.583%, 12/29/28     
     1 mo. SOFR + 4.25%   293,035 
 161,894   Camelot Finance SA‡     
     8.337%, 10/30/26     
     1 mo. SOFR + 3.00%   161,975 
 204,625   Central Parent, Inc.‡     
     9.348%, 07/06/29     
     3 mo. SOFR + 4.00%   205,264 
 1,388,444   II-VI, Inc.‡     
     8.087%, 07/02/29     
     1 mo. SOFR + 2.75%   1,384,626 
 1,156,112   Open Text Corp.‡     
     8.183%, 01/31/30     
     1 mo. SOFR + 2.75%   1,157,852 
 737,344   SS&C Technologies, Inc.‡     
     7.683%, 03/22/29     
     1 mo. SOFR + 2.25%   738,200 
 379,402   SS&C Technologies, Inc.‡     
     7.683%, 03/22/29     
     1 mo. SOFR + 2.25%   379,842 
 796,000   TTM Technologies, Inc.‡     
     8.103%, 05/30/30     
     1 mo. SOFR + 2.75%   796,995 
         5,117,789 
       Materials (0.8%)    
 1,371,565   Axalta Coating Systems U.S. Holdings, Inc.‡     
     7.848%, 12/20/29     
     3 mo. SOFR + 2.50%   1,374,137 
 1,226,925   Chemours Company‡     
     8.833%, 08/18/28     
     1 mo. SOFR + 3.50%   1,225,698 
 213,925   Ineos US Finance, LLC‡     
     8.837%, 02/18/30     
     1 mo. SOFR + 3.50%   211,852 
 161,780   Innophos, Inc.‡     
     8.697%, 02/05/27     
     1 mo. SOFR + 3.25%   159,927 
 263,675   LSF11 A5 Holdco, LLC‡     
     9.683%, 10/15/28     
     1 mo. SOFR + 4.25%   264,006 
 159,007   Trinseo Materials Operating SCA‡     
     8.150%, 05/03/28     
     3 mo. SOFR + 2.50%   122,091 
           
 203,192   W.R. Grace & Co.-Conn.‡     
     9.360%, 09/22/28     
     3 mo. SOFR + 3.75%   203,683 
         3,561,394 
       Special Purpose Acquisition Companies (0.1%)    
 108,350   Clydesdale Acquisition Holdings, Inc.‡     
     9.108%, 04/13/29     
     1 mo. SOFR + 3.68%   107,791 
 54,038   Fertitta Entertainment, LLC‡     
     9.333%, 01/27/29     
     1 mo. SOFR + 4.00%   53,954 
 197,500   Patagonia Holdco, LLC‡     
     11.116%, 08/01/29     
     3 mo. SOFR + 5.75%   181,601 
         343,346 
     Total Bank Loans
(Cost $56,194,390)		   55,890,004 
           
NUMBER OF SHARES      VALUE 
         
Convertible Preferred Stocks (1.5%)  
       Energy (0.0%)    
 5   Gulfport Energy Corp.#     
     10.000%, 03/04/24     
     15.000% PIK rate   46,250 
           
       Financials (1.2%)    
 88,340   Apollo Global Management, Inc.~     
     6.750%, 07/31/26   5,160,823 
           
       Utilities (0.3%)    
 35,211   NextEra Energy, Inc.~     
     6.926%, 09/01/25   1,310,201 
     Total Convertible Preferred Stocks
(Cost $6,628,267)		   6,517,274 
           
Common Stocks (77.0%)      
       Communication Services (5.0%)    
 45,750   Alphabet, Inc. - Class Aµ#   6,409,575 
 4,575   Altice USA, Inc. - Class A^#   11,163 
 4,050   Baidu, Inc. (ADR)µ#   426,505 
 1,735   Cumulus Media, Inc. - Class Aµ#   7,981 
 1   Frontier Communications Parent, Inc.^#   25 
 1,770SEK  Hemnet Group, AB   47,786 
 4,600   Meta Platforms, Inc. - Class Aµ#   1,794,644 
 19,000HKD  NetEase, Inc.µ   369,324 
 8,780   NetEase, Inc. (ADR)µ   857,279 
 2,750   Netflix, Inc.µ#   1,551,302 
 96,000EUR  Orange, SAµ   1,141,625 
 525EUR  Scout24, SE*µ   38,656 
 66,700HKD  Tencent Holdings, Ltd.µ   2,315,244 
 89,070   Tencent Holdings, Ltd. (ADR)~^   3,103,199 
 22,080GBP  Trustpilot Group, PLC*#   50,284 
 1,176,545GBP  Vodafone Group, PLCµ   1,000,228 
 26,395   Walt Disney Company~   2,535,240 
 1,960GBP  YouGov, PLC   28,938 
         21,688,998 

 

See accompanying Notes to Schedule of Investments

 

12 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF
SHARES		      VALUE 
       Consumer Discretionary (11.4%)    
 124,700HKD  Alibaba Group Holding, Ltd.µ  $1,118,431 
 8,175   Alibaba Group Holding, Ltd. (ADR)~   589,990 
 20,840PLN  Allegro.eu, SA*#   157,323 
 165,500MXN  Alsea, SAB de CV#   649,346 
 89,300   Amazon.com, Inc.^µ#   13,859,360 
 26,630INR  Amber Enterprises India, Ltd.#   1,391,947 
 315,000SAR  Americana Restaurants International, PLC   267,953 
 51,097   Aptiv, PLCµ#   4,155,719 
 3,900BRL  Arezzo Industria e Comercio, SA   49,270 
 12,500CNY  BYD Company, Ltd. - Class A   298,077 
 20,700CNY  China Tourism Group Duty Free Corp., Ltd. - Class A   230,466 
 870   Chipotle Mexican Grill, Inc.µ#   2,095,630 
 65,380BRL  Cyrela Brazil Realty, SA Empreendimentos e Participacoes   295,070 
 15,655INR  Dixon Technologies India, Ltd.   1,127,940 
 3,050KRW  Hotel Shilla Company, Ltd.   132,852 
 112,532INR  Indian Hotels Company, Ltd.   666,075 
 161,219HKD  JD.com, Inc. - Class Aµ   1,817,927 
 173,000HKD  Jiumaojiu International Holdings, Ltd.*µ   101,899 
 334,330INR  Kalyan Jewellers India, Ltd.   1,418,991 
 123,000HKD  Li Ning Company, Ltd.µ   262,768 
 4,145EUR  LVMH Moet Hennessy Louis Vuitton, SEµ   3,448,883 
 32,200INR  Mahindra & Mahindra, Ltd.   642,334 
 82,410   MakeMyTrip, Ltd.µ#   4,564,690 
 3,987,300IDR  Map Aktif Adiperkasa PT   245,100 
 11,470HKD  Meituan - Class B*µ#   92,256 
 2,855   MercadoLibre, Inc.µ#   4,887,218 
 2,733,200IDR  Mitra Adiperkasa Tbk PT   338,530 
 44,620   NIO, Inc. (ADR)#   250,764 
 43,600HKD  Prada S.p.A.µ   270,376 
 17,872EUR  Prosus, NV~   528,599 
 236,800HKD  Sands China, Ltd.µ#   621,545 
 90,650INR  Tata Motors, Ltd.   965,428 
 2,100   Tesla, Inc.µ#   393,309 
 1,130INR  TVS Motor Company, Ltd.   27,161 
 10,100HKD  Yum China Holdings, Inc.µ   347,500 
 593,500INR  Zomato, Ltd.#   994,660 
         49,305,387 
       Consumer Staples (4.2%)    
 14,725CHF  Aryzta, AG#   26,430 
 77,500GBP  British American Tobacco, PLCµ   2,284,979 
 35,550   Coca-Cola Company^µ   2,114,869 
 12,300   Constellation Brands, Inc. - Class Aµ   3,014,484 
 5,100   Costco Wholesale Corp.µ   3,543,888 
 82,800MXN  Fomento Economico Mexicano, SAB de CV   1,121,238 
 2,600CNY  Kweichow Moutai Company, Ltd. - Class A   581,954 
 2,062   Mallinckrodt, PLC#   78,871 
 20,500CHF  Nestle, SAµ   2,335,986 
 95,528BRL  Raia Drogasil, SA   487,821 
 67,100JPY  Seven & i Holdings Company, Ltd.µ   2,650,102 
 106,000HKD  Smoore International Holdings, Ltd.*   64,099 
 600JPY  Toyo Suisan Kaisha, Ltd.~   31,243 
 1,800JPY  Yamazaki Baking Company, Ltd.~  42,682 
         18,378,646 
       Energy (4.5%)    
 74,600CAD  Canadian Natural Resources, Ltd.µ   4,774,134 
 305   Chesapeake Energy Corp.µ   23,519 
 17,600   Chevron Corp.~µ   2,594,768 
 14,985   Energy Transfer, LP   214,285 
 9,035   Enterprise Products Partners, LP   241,777 
 1,826   EP Energy Corp.&#   5,478 
 7   Gulfport Energy Corp.#   — 
 42,400   Helmerich & Payne, Inc.~µ   1,707,024 
 1,954   ONEOK, Inc.µ   133,360 
 136,900THB  PTT Exploration & Production, PCL   576,774 
 38,530INR  Reliance Industries, Ltd.   1,322,248 
 98,974   Schlumberger, NVµ   4,820,034 
 82,300GBP  Shell, PLC   2,551,490 
 20,860   TechnipFMC, PLCµ   403,432 
         19,368,323 
       Financials (9.2%)    
 373,000HKD  AIA Group, Ltd.µ   2,925,221 
 10,000   Aon, PLC - Class Aµ   2,984,300 
 188,400BRL  B3, SA - Brasil Bolsa Balcao   497,771 
 73,150BRL  Banco BTG Pactual, SA   531,823 
 8,288,700IDR  Bank Mandiri Persero, Tbk PT   3,489,670 
 189,000   Bank of America Corp.~µ   6,427,890 
 16,200JPY  Concordia Financial Group, Ltd.µ   77,200 
 111,948AED  First Abu Dhabi Bank, PJSC   446,302 
 1,400   First Citizens BancShares Inc/NC- Class Aµ   2,114,000 
 19,025KRW  Hana Financial Group, Inc.   680,285 
 224,876INR  HDFC Bank, Ltd.   3,954,908 
 1,600AUD  HUB24, Ltd.µ   38,666 
 12,575   JPMorgan Chase & Companyµ   2,192,577 
 156,300THB  Kasikornbank PCL   524,267 
 4,120,000GBP  Lloyds Banking Group, PLCµ   2,208,548 
 15,200KRW  Meritz Financial Group, Inc.#   766,254 
 44,285   Morgan Stanleyµ   3,863,423 
 260,000HKD  Ping An Insurance Group Company of China, Ltd. - Class Hµ   1,092,921 
 24,653SAR  Saudi National Bank   266,241 
 9,445AUD  Steadfast Group, Ltd.µ   36,546 
 8,600   Visa, Inc. - Class Aµ   2,350,036 
 41,825   Wells Fargo & Companyµ   2,098,779 
         39,567,628 
       Health Care (8.3%)    
 3,280INR  Alkem Laboratories, Ltd.   197,320 
 8,400INR  Apollo Hospitals Enterprise, Ltd.   639,199 
 23,100GBP  AstraZeneca, PLCµ   3,062,525 
 14,977   Danaher Corp.µ   3,593,132 
 4,738KRW  Dentium Company, Ltd.#   400,762 
 15,250   Eli Lilly & Companyµ   9,845,552 
 22,600CNY  Gan & Lee Pharmaceuticals Company, Ltd. - Class A#   115,307 
 10,104   GE Healthcare, Inc.~µ   741,229 
 23,865EUR  Gerresheimer, AGµ   2,433,012 
 4,860   Humana, Inc.µ   1,837,372 
 8,520BRL  Hypera, SA   54,566 
 1,300JPY  Jeol, Ltd.~   59,428 
 105,800   Novo Nordisk, A/S (ADR)   12,139,492 
 184,000HKD  Wuxi Biologics Cayman, Inc.*µ#   484,202 

 

See accompanying Notes to Schedule of Investments

 

13 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF
SHARES		      VALUE 
 140CHF  Ypsomed Holding, AG  $49,418 
         35,652,516 
       Industrials (7.6%)    
 37,029EUR  Alstom, SA   466,951 
 10,340GBP  Ashtead Technology Holdings, PLC   86,101 
 28,000CAD  Canadian Pacific Kansas City, Ltd.   2,253,204 
 12,780CNY  Contemporary Amperex Technology Company, Ltd. - Class A   270,083 
 1,115EUR  DO & CO, AGµ   155,443 
 850JPY  Ebara Corp.~   53,233 
 30,312   General Electric Companyµ   4,013,915 
 310KRW  HD Hyundai Electric Company, Ltd.   23,741 
 45,110INR  Hindustan Aeronautics, Ltd.   1,637,635 
 41,500JPY  Hitachi, Ltd.~   3,259,839 
 185,600JPY  INFRONEER Holdings, Inc.   1,940,164 
 2,400JPY  Japan Elevator Service Holdings Company, Ltd.µ   36,268 
 12,490INR  KEI Industries, Ltd.   479,321 
 1,400JPY  Keisei Electric Railway Company, Ltd.~   63,350 
 51,500JPY  Komatsu, Ltd.~   1,465,172 
 1,800JPY  Kyudenko Corp.~   68,468 
 12,750INR  Larsen & Toubro, Ltd.   533,820 
 3,980EUR  Leonardo S.p.Aµ   69,467 
 347,065GBP  Melrose Industries, PLC   2,586,844 
 10,080SEK  Munters Group, AB*   160,889 
 35,300CNY  Ningbo Orient Wires & Cables Company, Ltd. - Class A   173,743 
 1,137,000GBP  Rolls-Royce Holdings, PLCµ#   4,316,564 
 167,200CNY  Sany Heavy Industry Company, Ltd. - Class A   304,966 
 54,502CNY  Shanghai International Airport Company, Ltd. - Class A#   251,635 
 1,200JPY  Sojitz Corp.~   28,322 
 1,359CAD  Stantec, Inc.µ   109,199 
 56,626INR  Titagarh Rail System, Ltd.   749,937 
 4,992   Veralto Corp.µ   382,837 
 62,000   Vertiv Holdings Company - Class Aµ   3,492,460 
 16,500   Waste Management, Inc.µ   3,062,895 
 134,400CNY  Weichai Power Company, Ltd. - Class A   276,196 
         32,772,662 
       Information Technology (22.5%)    
 13,000TWD  Alchip Technologies, Ltd.   1,612,519 
 42,900   Apple, Inc.~µ   7,910,760 
 13,720   ASML Holding, NV (ADR)µ   11,933,930 
 589EUR  BE Semiconductor Industries, NV~   88,514 
 41,000TWD  E Ink Holdings, Inc.   271,900 
 372   Fabrinetµ#   79,426 
 47,200CNY  Foxconn Industrial Internet Company, Ltd. - Class A   87,359 
 1,370KRW  HPSP Company, Ltd.   45,922 
 14,500CNY  Iflytek Company, Ltd. - Class A   77,148 
 28,901   Infosys, Ltd. (ADR)   573,974 
 14,900JPY  Keyence Corp.~   6,666,228 
 270,000HKD  Kingdee International Software Group Company, Ltd.µ#   260,999 
 80,495INR  KPIT Technologies, Ltd.   1,501,606 
 25,000TWD  MediaTek, Inc.   771,440 
 33,400   Microsoft Corp.µ   13,279,172 
 675EUR  Nemetschek, SEµ   62,285 
 540,000EUR  Nokia Oyj   1,952,220 
 26,800   NVIDIA Corp.µ   16,489,236 
 35,500   Oracle Corp.µ   3,965,350 
 4,050GBP  Sage Group, PLCµ   60,296 
 29,340KRW  Samsung Electronics Company, Ltd.   1,594,243 
 800JPY  SCREEN Holdings Company, Ltd.µ   78,447 
 1,790   ServiceNow, Inc.µ#   1,370,066 
 100JPY  SHIFT, Inc.µ#   18,027 
 19,050CAD  Shopify, Inc. - Class Aµ#   1,525,049 
 13,000TWD  Silergy Corp.   159,988 
 16,600KRW  SK Hynix, Inc.   1,662,335 
 40,500HKD  Sunny Optical Technology Group Company, Ltd.µ   248,929 
 853,000TWD  Taiwan Semiconductor Manufacturing Company, Ltd.   17,075,774 
 22,825   Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)~   2,578,312 
 48,250BRL  TOTVS, SA   306,968 
 900JPY  Towa Corp.~   46,431 
 60,065   Unity Software, Inc.^µ#   1,946,106 
 93,700CNY  Venustech Group, Inc. - Class A   241,474 
 303,800HKD  Xiaomi Corp. - Class B*µ#   478,645 
 7,700CNY  Zhongji Innolight Company, Ltd. - Class A   109,819 
         97,130,897 
       Materials (2.1%)    
 219,750AED  Fertiglobe, PLC   166,924 
 75,095   Freeport-McMoRan, Inc.^µ   2,980,521 
 3,550   Linde, PLCµ   1,437,146 
 521,200NOK  Norsk Hydro, ASA~   3,054,494 
 16,900ZAR  Sasol, Ltd.   146,788 
 1,945EUR  SOL S.p.A^   55,978 
 1,200JPY  Sumitomo Bakelite Company, Ltd.~   59,637 
 21,200   Vale, SA (ADR)   290,228 
 486,000HKD  Zijin Mining Group Company, Ltd.- Class Hµ   721,158 
         8,912,874 
       Real Estate (1.4%)    
 935,500PHP  Ayala Land, Inc.   565,328 
 492,165MXN  Corp. Inmobiliaria Vesta SAB de CV   1,870,121 
 104,680INR  DLF, Ltd.   1,003,474 
 181,970INR  Macrotech Developers, Ltd.   2,354,654 
 8,900JPY  Mirarth Holdings, Inc.~   29,823 
 14,680INR  Prestige Estates Projects, Ltd.   222,280 
 410EUR  VGP, NV   48,089 
         6,093,769 
       Special Purpose Acquisition Company (0.0%)#    
 2,835   Intelsat Emergence, SA&#   77,254 
            
       Utilities (0.8%)    
 45,801EUR  Engie,SA#   733,053 
 28,462   NextEra Energy, Inc.µ   1,668,727 

 

See accompanying Notes to Schedule of Investments

 

14 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF SHARES      VALUE 
 29,000EUR  RWE, AGµ  $1,070,843 
         3,472,623 
     TOTAL COMMON STOCKS
(Cost $421,883,622)		   332,421,577 
           
Preferred Stocks (0.5%)       
       Communication Services (0.0%)    
     United States Cellular Corp.µ     
 2,600   5.500%, 06/01/70   47,710 
 2,500   5.500%, 03/01/70   46,275 
         93,985 
       Consumer Discretionary (0.0%)    
 1,597   Guitar Center, Inc.&#   130,954 
           
       Energy (0.1%)    
 6,520   NuStar Energy, LP‡    
     11.282%, 03/01/24     
     3 mo. SOFR + 5.91%   167,564 
 1,600   NuStar Energy, LP‡     
     12.405%, 03/01/24     
     3 mo. SOFR + 7.03%   41,312 
 8,335   NuStar Logistics, LP‡     
     12.310%, 01/15/43     
     3 mo. SOFR + 7.00%   215,543 
          424,419 
       Financials (0.2%)    
 133,716   Itau Unibanco Holding, SA (ADR)   882,525 
            
       Industrials (0.2%)    
 304,200BRL  Randon, SA Implementos e Participacoes   718,380 
     Total Preferred Stocks
(Cost $2,234,992)		   2,250,263 
           
Warrants (0.0%) #      
       Energy (0.0%)    
 13,401   Mcdermott International, Ltd.&    
     06/30/27, Strike $15.98   1 
 12,061   Mcdermott International, Ltd.&    
     06/30/27, Strike $12.33   1 
     TOTAL WARRANTS
(Cost $5,152)		   2 
           
PRINCIPAL
AMOUNT		      VALUE 
         
U.S. Government and Agency Securities (0.1%)       
       Other (0.1%)    
     U.S. Treasury Note     
 310,000   2.250%, 03/31/24^   308,462 
 265,000   4.375%, 10/31/24   263,960 
     TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
(Cost $573,096)		   572,422 
          
NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		      VALUE 
         
Purchased Options (0.9%) #    
       Consumer Discretionary (0.2%)    
 67   Alibaba Group Holding, Ltd.     
 483,539   Call, 06/21/24, Strike $85.00   21,105 
 1,600   Makemytrip, Ltd.     
 8,862,400   Call, 08/16/24, Strike $60.00   875,243 
         896,348 
       Health Care (0.1%)    
 450   Boston Scientific Corp.     
 2,846,700   Call, 06/21/24, Strike $62.50   191,250 
            
       Industrials (0.2%)    
 520   Uber Technologies, Inc.     
 3,394,040   Call, 01/17/25, Strike $57.50   820,300 
           
       Materials (0.0%)    
 2,050   Cemex Sab De CV     
 1,697,400   Call, 07/19/24, Strike $8.00   143,500 
           
       Other (0.4%)    
 557   Global X MSCI Argentina ETF     
 2,918,123   Call, 07/19/24, Strike $54.00   175,455 
     Invesco QQQ Trust Series 1     
 2,016        
 84,061,152   Put, 02/16/24, Strike $399.78   250,992 
 815        
 33,983,055   Put, 12/20/24, Strike $344.78   655,260 
 3,427   iShares MSCI India ETF     
 17,097,303   Put, 02/16/24, Strike $47.00   17,135 
     iShares MSCI India Small-Cap ETF     
 50        
 367,100   Put, 02/16/24, Strike $61.76   3,125 
 39        
 286,338   Put, 02/16/24, Strike $65.76   1,658 
 1,500   Petroleo Brasileiro, SA     
 2,560,500   Call, 04/19/24, Strike $17.00   171,750 
 690   SPDR S&P 500 ETF Trust     
 33,318,720   Put, 12/20/24, Strike $410.00   514,740 
 140EUR  Totalenergies, SE     
 930,770   Call, 06/21/24, Strike 60.00   50,541 
         1,840,656 
     Total Purchased Options
(Cost $6,086,391)		   3,892,054 
           
TOTAL INVESTMENTS (142.3%)
 (Cost $717,613,667)		   $614,383,617 
      
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.2%)   (70,000,000)
      
LIABILITIES, LESS OTHER ASSETS (-26.1%)   (112,662,526)
      
NET ASSETS (100.0%)  $431,721,091 

 

See accompanying Notes to Schedule of Investments

 

15 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF        
CONTRACTS/        
NOTIONAL        
AMOUNT      VALUE 
         
Written Options (-0.1%) #      
       Consumer Discretionary (-0.1%)    
 (509)  Amazon.com, Inc.     
 (7,899,680)  Call, 04/19/24, Strike $170.00  $(206,145)
            
       Financials (0.0%)    
 (100)  Aon, PLC     
 (2,984,300)  Call, 04/19/24, Strike $340.00   (14,500)
            
       Information Technology (0.0%)    
 (355)  Oracle Corp.     
 (3,965,350)  Call, 04/19/24, Strike $120.00   (93,898)
 (600)  Unity Software, Inc.     
 (1,944,000)  Call, 05/17/24, Strike $42.00   (108,300)
         (202,198)
       Other (0.0%)    
 (557)  Global X MSCI Argentina ETF     
 (2,918,123)  Call, 07/19/24, Strike $60.00   (82,157)
     Total Written Options
(Premium $459,893)		  $(505,000)

 

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 Funds. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
~   Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $23,749,293.
@   In default status and considered non-income producing.
^   Security, or portion of security, is on loan.
&   Illiquid security.
‡   Variable rate security. The rate shown is the rate in effect at January 31, 2024.
µ   Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $245,757,280.
§   Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
¡   Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.
!   This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
#   Non-income producing security.
 
ABBREVIATION
ADR   American Depositary Receipt.
 
FOREIGN CURRENCY ABBREVIATIONS
AED   UAE Dirham
AUD   Australian Dollar
BRL   Brazilian Real
CAD   Canadian Dollar
CHF   Swiss Franc
CNY   Chinese Yuan Renminbi
EUR   European Monetary Unit
GBP   British Pound Sterling
HKD   Hong Kong Dollar
IDR   Indonesian Rupiah
INR   Indian Rupee
JPY   Japanese Yen
KRW   South Korean Won
MXN   Mexican Peso
NOK   Norwegian Krone
PHP   Philippine Peso
PLN   Polish Zloty
SAR   Saudi Riyal
SEK   Swedish Krona
THB   Thai Baht
TWD   New Taiwan Dollar
ZAR   South African Rand
 
Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency.  The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.
                     

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of January 31, 2024 (see Note 2):

 

   LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
Assets:
Asset Backed Securities  $—   $156,428   $—   $156,428 
Corporate Bonds   —    70,116,447    —    70,116,447 
Convertible Bonds   —    142,567,146    —    142,567,146 
Bank Loans   —    55,890,004    —    55,890,004 
Convertible Preferred Stocks   6,471,024    46,250    —    6,517,274 
Common Stocks   210,154,352    122,267,225    —    332,421,577 
Preferred Stocks   2,119,309    130,954    —    2,250,263 
Warrants   —    2    —    2 
U.S. Government and Agency Securities   —    572,422    —    572,422 
Purchased Options   3,892,054    —    —    3,892,054 
Total  $222,636,739   $391,746,878   $—   $614,383,617 
Liabilities:                    
Written Options  $505,000   $—   $—   $505,000 
Total  $505,000   $—   $—   $505,000 

 

See accompanying Notes to Schedule of Investments

 

16 

 

 

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

CURRENCY EXPOSURE JANUARY 31, 2024
 
   Value   % of Total
Investments		 
US Dollar  $417,457,938    68.0%
European Monetary Unit   47,385,310    7.7%
Japanese Yen   22,719,203    3.7%
Indian Rupee   21,830,938    3.5%
Hong Kong Dollar   21,550,769    3.5%
British Pound Sterling   20,697,371    3.4%
New Taiwan Dollar   19,891,621    3.2%
Canadian Dollar   12,344,495    2.0%
South Korean Won   5,306,394    0.9%
Indonesian Rupiah   4,073,300    0.7%
Mexican Peso   3,640,705    0.6%
Norwegian Krone   3,054,494    0.5%
Chinese Yuan Renminbi   3,018,227    0.5%
Brazilian Real   2,941,669    0.5%
Swiss Franc   2,411,834    0.4%
Australian Dollar   2,227,774    0.4%
Thai Baht   1,101,041    0.2%
UAE Dirham   613,226    0.1%
Philippine Peso   565,328    0.1%
Saudi Riyal   534,194    0.1%
Swedish Krona   208,675    —%
Polish Zloty   157,323    —%
South African Rand   146,788    —%
Total Investments Net of Written Options  $613,878,617    100.0%

 

Currency exposure may vary over time.                

 

See accompanying Notes to Schedule of Investments

 

17 

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
        
Corporate Bonds (14.7%)      
    Airlines (0.2%)
42,066  Alaska Airlines Pass Through Trust Series 2020-1, Class A*     
   4.800%, 02/15/29  $40,834 
21,757  Alaska Airlines Pass Through Trust Series 2020-1, Class B*     
   8.000%, 02/15/27   21,981 
47,575  American Airlines Pass Through Trust Series 2021-1, Class B     
   3.950%, 01/11/32   42,445 
24,750  American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*     
   5.500%, 04/20/26   24,526 
42,442  British Airways Pass Through Trust Series 2021-1, Class B*     
   3.900%, 03/15/33   38,508 
37,784  JetBlue Pass Through Trust Series 2020-1, Class B     
   7.750%, 05/15/30   38,110 
       206,404 
    Communication Services (1.4%)     
55,000  APi Group DE, Inc.*     
   4.750%, 10/15/29   51,503 
   Audacy Capital Corp.*@     
57,000  6.750%, 03/31/29   2,301 
27,000  6.500%, 05/01/27   1,152 
36,000  Cincinnati Bell Telephone Company, LLC     
   6.300%, 12/01/28   31,930 
40,000  Clear Channel Outdoor Holdings, Inc.*     
   9.000%, 09/15/28   41,800 
65,000  Consolidated Communications, Inc.*^     
   6.500%, 10/01/28   56,635 
200,000  CSC Holdings, LLC*     
   5.500%, 04/15/27   179,822 
   Diamond Sports Group, LLC / Diamond Sports Finance Company*@     
45,000  6.625%, 08/15/27&   3,079 
27,000  5.375%, 08/15/26   1,906 
78,000  Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*     
   5.875%, 08/15/27   74,168 
45,000  Frontier California, Inc.     
   6.750%, 05/15/27   43,523 
   Frontier Communications Holdings, LLC*     
28,000  5.000%, 05/01/28   25,871 
11,000  8.750%, 05/15/30   11,272 
65,000  Frontier Florida, LLC@     
   6.860%, 02/01/28   62,635 
65,000  Frontier North, Inc.@     
   6.730%, 02/15/28   62,354 
   Go Daddy Operating Company, LLC / GD Finance Company, Inc.*     
40,000  3.500%, 03/01/29   36,229 
13,000  5.250%, 12/01/27   12,772 
   iHeartCommunications, Inc.     
25,000  8.375%, 05/01/27   15,640 
15,000  5.250%, 08/15/27*   11,663 
37,759  Ligado Networks, LLC*     
   15.500%, 11/01/23     
   PIK rate   6,502 
   Lumen Technologies, Inc.     
35,000  7.600%, 09/15/39   9,315 
20,000  4.000%, 02/15/27*   10,588 
10,000  7.650%, 03/15/42   2,757 
22,000  Match Group Holdings II, LLC*     
   3.625%, 10/01/31   18,845 
35,000  Nexstar Media, Inc.*     
   5.625%, 07/15/27   34,074 
45,000  Paramount Global     
   4.900%, 08/15/44   35,600 
14,000  Qwest Corp.     
   7.250%, 09/15/25   13,724 
   Scripps Escrow II, Inc.*     
23,000  3.875%, 01/15/29   20,007 
11,000  5.375%, 01/15/31   8,457 
40,000  Scripps Escrow, Inc.*^     
   5.875%, 07/15/27   36,100 
   Sirius XM Radio, Inc.*     
65,000  5.500%, 07/01/29   61,867 
43,000  4.000%, 07/15/28   39,069 
20,000  3.125%, 09/01/26   18,705 
11,000  3.875%, 09/01/31   9,185 
41,000  Spanish Broadcasting System, Inc.*     
   9.750%, 03/01/26   21,803 
110,000  Sprint, LLC     
   7.125%, 06/15/24   110,541 
45,000  Stagwell Global, LLC*     
   5.625%, 08/15/29   41,311 
42,000  Telesat Canada / Telesat, LLC*     
   4.875%, 06/01/27   24,905 
15,000  Time Warner Cable, LLC     
   7.300%, 07/01/38   15,743 
54,000  United States Cellular Corp.     
   6.700%, 12/15/33   55,678 
45,000  Univision Communications, Inc.*     
   8.000%, 08/15/28   45,799 
20,000  Viasat, Inc.*^     
   5.625%, 04/15/27   18,776 
       1,385,606 
   Consumer Discretionary (2.8%)     
53,000  Abercrombie & Fitch Management Company*     
   8.750%, 07/15/25   53,969 
40,000  Adams Homes, Inc.*     
   9.250%, 10/15/28   40,997 
55,000  Adient Global Holdings Company*^     
   8.250%, 04/15/31   58,142 
36,000  American Axle & Manufacturing, Inc.     
   6.875%, 07/01/28   35,223 
   Ashton Woods USA, LLC / Ashton Woods Finance Company*     
39,000  6.625%, 01/15/28   38,690 
38,000  4.625%, 08/01/29   34,626 
53,000  At Home Group, Inc.*     
   4.875%, 07/15/28   23,434 
   Bath & Body Works, Inc.     
57,000  6.694%, 01/15/27   57,950 

 

See accompanying Notes to Schedule of Investments

 

1

 

  

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
35,000  6.875%, 11/01/35  $35,020 
   Caesars Entertainment, Inc.*     
28,000  4.625%, 10/15/29   25,593 
21,000  8.125%, 07/01/27   21,569 
   Carnival Corp.*     
22,000  4.000%, 08/01/28   20,406 
21,000  7.625%, 03/01/26   21,341 
3,000  7.000%, 08/15/29^   3,124 
   Carvana Company*     
8,000  14.000%, 06/01/31   7,141 
6,000  13.000%, 06/01/30   5,350 
4,000  12.000%, 12/01/28   3,552 
   CCO Holdings, LLC / CCO Holdings Capital Corp.*     
95,000  5.125%, 05/01/27   91,695 
90,000  4.500%, 08/15/30   78,228 
50,000  6.375%, 09/01/29   48,706 
50,000  4.750%, 03/01/30   44,457 
46,000  4.250%, 02/01/31   38,829 
22,000  4.750%, 02/01/32   18,892 
20,000  5.000%, 02/01/28   18,894 
22,000  CDI Escrow Issuer, Inc.*     
   5.750%, 04/01/30   21,310 
39,000  Cedar Fair, LP^     
   5.250%, 07/15/29   37,330 
23,000  Churchill Downs, Inc.*     
   6.750%, 05/01/31   23,330 
   Dana, Inc.     
40,000  4.250%, 09/01/30   35,014 
32,000  4.500%, 02/15/32   27,558 
   DISH DBS Corp.     
45,000  5.125%, 06/01/29   16,781 
30,000  7.375%, 07/01/28   13,277 
30,000  5.250%, 12/01/26*   23,691 
26,000  7.750%, 07/01/26   15,386 
25,000  5.750%, 12/01/28*   16,864 
46,000  DISH Network Corp.*     
   11.750%, 11/15/27   48,044 
47,000  Everi Holdings, Inc.*     
   5.000%, 07/15/29   43,247 
175,000  Ford Motor Company^     
   6.100%, 08/19/32   175,114 
200,000  Ford Motor Credit Company, LLC     
   2.900%, 02/16/28   180,092 
16,000  Gap, Inc.*     
   3.875%, 10/01/31   13,223 
20,000  General Motors Company     
   5.200%, 04/01/45   18,148 
   goeasy, Ltd.*     
75,000  9.250%, 12/01/28   79,934 
40,000  4.375%, 05/01/26   38,276 
20,000  Goodyear Tire & Rubber Company     
   5.250%, 07/15/31   18,222 
19,000  Group 1 Automotive, Inc.*     
   4.000%, 08/15/28   17,546 
45,000  Guitar Center, Inc.*^&     
   8.500%, 01/15/26   39,984 
11,597  JetBlue Pass Through Trust Series 2019-2, Class B     
   8.000%, 11/15/27   11,692 
35,000  Kohl's Corp.     
   5.550%, 07/17/45   23,885 
45,000  LCM Investments Holdings II, LLC*     
   8.250%, 08/01/31   46,208 
45,000  Liberty Interactive, LLC     
   8.250%, 02/01/30   24,042 
43,000  Life Time, Inc.*^     
   8.000%, 04/15/26   43,498 
20,000  Light & Wonder International, Inc.*     
   7.500%, 09/01/31   20,842 
15,000  Lindblad Expeditions Holdings, Inc.*     
   9.000%, 05/15/28   15,601 
28,000  Lindblad Expeditions, LLC*     
   6.750%, 02/15/27   28,021 
30,000  M/I Homes, Inc.     
   3.950%, 02/15/30   26,906 
   Macy's Retail Holdings, LLC     
53,000  6.700%, 07/15/34*   44,602 
45,000  4.300%, 02/15/43   34,168 
55,000  Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*     
   4.875%, 05/01/29   51,063 
25,000  Newell Brands, Inc.     
   5.200%, 04/01/26   24,346 
   Nordstrom, Inc.     
23,000  4.250%, 08/01/31   19,204 
20,000  5.000%, 01/15/44   14,452 
67,000  Patrick Industries, Inc.*     
   4.750%, 05/01/29   61,795 
50,000  PENN Entertainment, Inc.*^     
   4.125%, 07/01/29   43,008 
60,000  Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^     
   5.625%, 09/01/29   45,226 
20,000  QVC, Inc.     
   5.450%, 08/15/34   13,291 
20,000  Raising Cane's Restaurants, LLC*     
   9.375%, 05/01/29   21,449 
91,000  Rite Aid Corp.*@     
   8.000%, 11/15/26   69,132 
23,000  Royal Caribbean Cruises, Ltd.*     
   7.250%, 01/15/30   23,984 
63,000  Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*     
   4.625%, 03/01/29   54,315 
65,000  Six Flags Entertainment Corp.*     
   7.250%, 05/15/31   66,377 
50,000  Sonic Automotive, Inc.*     
   4.625%, 11/15/29   45,290 
36,000  Speedway Motorsports, LLC / Speedway Funding II, Inc.*     
   4.875%, 11/01/27   34,175 
90,000  Station Casinos, LLC*     
   4.500%, 02/15/28   84,927 
   STL Holding Company, LLC*     
35,000  7.500%, 02/15/26   35,650 
11,000  8.750%, 02/15/29   11,202 
31,000  Taylor Morrison Communities, Inc.*     
   5.750%, 01/15/28   30,897 
10,000  Viking Cruises, Ltd.*     
   9.125%, 07/15/31   10,715 
50,000  Vista Outdoor, Inc.*     
   4.500%, 03/15/29   49,166 
       2,857,328 

 

See accompanying Notes to Schedule of Investments

 

2

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
   Consumer Staples (0.7%)     
52,000  1375209 B.C., Ltd.*^     
   9.000%, 01/30/28  $50,512 
67,000  Arrow Bidco, LLC*     
   10.750%, 06/15/25   69,413 
40,000  B&G Foods, Inc.*     
   8.000%, 09/15/28   41,764 
51,000  Central Garden & Pet Company*     
   4.125%, 04/30/31   45,165 
53,000  Edgewell Personal Care Company*     
   4.125%, 04/01/29   48,522 
   Energizer Holdings, Inc.*     
59,000  4.375%, 03/31/29   53,427 
10,000  6.500%, 12/31/27   9,968 
   JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.     
65,000  5.500%, 01/15/30   63,634 
25,000  5.125%, 02/01/28   24,806 
15,000  5.750%, 04/01/33   14,874 
33,000  New Albertsons, LP     
   7.750%, 06/15/26   33,872 
43,000  Performance Food Group, Inc.*     
   4.250%, 08/01/29   39,435 
35,000  Pilgrim's Pride Corp.     
   4.250%, 04/15/31   31,577 
21,000  Post Holdings, Inc.*     
   5.750%, 03/01/27   20,936 
42,000  Prestige Brands, Inc.*     
   3.750%, 04/01/31   36,614 
35,000  United Natural Foods, Inc.*     
   6.750%, 10/15/28   29,453 
70,000  Vector Group, Ltd.*     
   5.750%, 02/01/29   64,651 
       678,623 
   Energy (1.8%)      
24,000  Antero Resources Corp.*     
   5.375%, 03/01/30   22,923 
45,000  Apache Corp.     
   5.100%, 09/01/40   38,700 
25,000  Buckeye Partners, LP     
   5.850%, 11/15/43   20,650 
60,000  Callon Petroleum Company*     
   7.500%, 06/15/30   63,250 
23,000  Cheniere Energy, Inc.^     
   4.625%, 10/15/28   22,287 
32,000  Chesapeake Energy Corp.*     
   6.750%, 04/15/29   32,391 
58,000  Civitas Resources, Inc.*     
   8.750%, 07/01/31   61,903 
   Continental Resources, Inc.*     
35,000  2.875%, 04/01/32   28,589 
25,000  5.750%, 01/15/31   24,892 
32,000  DT Midstream, Inc.*     
   4.125%, 06/15/29   29,427 
   Earthstone Energy Holdings, LLC*     
39,000  8.000%, 04/15/27   40,418 
15,000  9.875%, 07/15/31   16,669 
25,000  Enbridge, Inc.‡     
   7.375%, 01/15/83    
   5 year CMT + 3.71%   25,044 
   Energy Transfer, LP‡     
65,000  8.586%, 11/01/66    
   3 mo. USD Term SOFR + 3.28%   58,065 
32,000  6.500%, 02/01/36     
   5 year CMT + 5.69%   30,950 
   EnLink Midstream Partners, LP     
60,000  9.756%, 02/01/36‡     
   3 mo. USD LIBOR + 4.11%   56,717 
50,000  4.850%, 07/15/26   49,133 
31,000  Enlink Midstream, LLC*     
   6.500%, 09/01/30   31,764 
70,000  EQM Midstream Partners, LP*     
   7.500%, 06/01/27   72,040 
   Genesis Energy, LP / Genesis Energy Finance Corp.     
31,000  8.875%, 04/15/30   32,454 
18,000  6.250%, 05/15/26   17,930 
   Gulfport Energy Corp.     
40,000  8.000%, 05/17/26*   40,392 
13,792  8.000%, 05/17/26   13,927 
60,000  Hilcorp Energy I, LP / Hilcorp Finance Company*     
   6.000%, 04/15/30   58,300 
32,000  Howard Midstream Energy Partners, LLC*     
   6.750%, 01/15/27   32,099 
19,000  Kodiak Gas Services, LLC*     
   7.250%, 02/15/29   19,224 
44,000  Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*     
   6.000%, 08/01/26   43,517 
   Moss Creek Resources Holdings, Inc.*     
25,000  10.500%, 05/15/27   25,749 
25,000  7.500%, 01/15/26   24,921 
   Nabors Industries, Inc.*     
35,000  7.375%, 05/15/27   34,629 
15,000  9.125%, 01/31/30   15,306 
35,000  Nabors Industries, Ltd.*     
   7.500%, 01/15/28   32,068 
40,000  New Fortress Energy, Inc.*     
   6.750%, 09/15/25   39,533 
30,000  Oceaneering International, Inc.     
   6.000%, 02/01/28   29,412 
45,000  Parkland Corp.*     
   5.875%, 07/15/27   44,673 
23,000  Patterson-UTI Energy, Inc.^     
   5.150%, 11/15/29   22,224 
12,000  Permian Resources Operating LLC*     
   7.000%, 01/15/32   12,399 
50,000  Plains All American Pipeline, LP‡     
   9.751%, 02/01/36     
   3 mo. USD LIBOR + 4.11%   49,540 
60,000  Rockcliff Energy II, LLC*     
   5.500%, 10/15/29   55,909 
21,000  Southwestern Energy Company     
   4.750%, 02/01/32   19,466 
61,750  Transocean, Inc.*     
   8.750%, 02/15/30   64,610 
   Venture Global Calcasieu Pass, LLC*     
30,000  6.250%, 01/15/30   30,083 
10,000  4.125%, 08/15/31   8,859 
10,000  3.875%, 08/15/29   8,939 
   Venture Global LNG, Inc.*     
55,000  8.375%, 06/01/31   55,728 
35,000  8.125%, 06/01/28   35,446 
20,000  9.875%, 02/01/32   21,039 

 

See accompanying Notes to Schedule of Investments

 

3

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
20,000  9.500%, 02/01/29  $21,264 
   Vital Energy, Inc.     
25,000  9.750%, 10/15/30   26,582 
25,000  7.750%, 07/31/29*^   24,698 
45,000  VOC Escrow, Ltd.*     
   5.000%, 02/15/28   43,104 
50,000  Weatherford International, Ltd.*     
   8.625%, 04/30/30   51,207 
       1,781,043 
   Financials (2.1%)     
65,000  Acrisure, LLC / Acrisure Finance, Inc.*     
   8.250%, 02/01/29   65,237 
67,000  Aethon United BR, LP / Aethon United Finance Corp.*     
   8.250%, 02/15/26   66,836 
30,000  AG Issuer, LLC*     
   6.250%, 03/01/28   29,657 
   Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*     
75,000  6.750%, 10/15/27   73,469 
50,000  7.000%, 01/15/31   50,631 
   Ally Financial, Inc.     
49,000  4.700%, 02/01/36‡ ‡‡     
   5 year CMT + 3.87%   39,810 
20,000  8.000%, 11/01/31   22,149 
20,000  4.700%, 02/01/36‡     
   7 year CMT + 3.48%   15,298 
86,000  AmWINS Group, Inc.*     
   4.875%, 06/30/29   80,383 
33,000  Aviation Capital Group, LLC*     
   3.500%, 11/01/27   30,767 
68,000  BroadStreet Partners, Inc.*     
   5.875%, 04/15/29   64,562 
50,000  Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*     
   4.500%, 04/01/27   44,342 
   Credit Acceptance Corp.     
40,000  6.625%, 03/15/26^   40,053 
30,000  9.250%, 12/15/28*   31,612 
45,000  Cushman & Wakefield U.S. Borrower LLC*     
   8.875%, 09/01/31   47,264 
58,000  Enact Holdings, Inc.*     
   6.500%, 08/15/25   57,905 
50,000  GGAM Finance, Ltd.*     
   8.000%, 02/15/27   51,601 
56,000  Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*     
   3.750%, 12/15/27   47,890 
25,000  HAT Holdings I LLC / HAT Holdings II LLC*     
   8.000%, 06/15/27   25,931 
   HUB International, Ltd.*     
66,000  5.625%, 12/01/29   62,316 
23,000  7.375%, 01/31/32   23,541 
31,000  Icahn Enterprises, LP / Icahn Enterprises Finance Corp.     
   4.375%, 02/01/29   25,939 
100,000  ILFC E-Capital Trust II*‡     
   7.436%, 12/21/65     
   3 mo. USD LIBOR + 1.80%   79,262 
90,000  Iron Mountain, Inc.*     
   5.250%, 03/15/28   87,347 
   Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*     
88,000  5.250%, 10/01/25   86,596 
47,000  4.750%, 06/15/29   42,096 
40,000  LD Holdings Group, LLC*     
   6.125%, 04/01/28   32,639 
   Level 3 Financing, Inc.*     
45,000  4.250%, 07/01/28   15,131 
20,000  4.625%, 09/15/27   10,559 
30,000  LPL Holdings, Inc.*     
   4.000%, 03/15/29   27,667 
40,000  Macquarie Airfinance Holdings, Ltd.*     
   8.125%, 03/30/29   41,538 
70,000  MetLife, Inc.     
   6.400%, 12/15/66   71,518 
60,000  Nationstar Mortgage Holdings, Inc.*     
   5.500%, 08/15/28   57,161 
   Navient Corp.     
50,000  5.000%, 03/15/27   47,721 
20,000  4.875%, 03/15/28^   18,191 
30,000  Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*     
   4.500%, 09/30/28   25,529 
20,000  Newmark Group, Inc.*     
   7.500%, 01/12/29   20,441 
   OneMain Finance Corp.     
30,000  9.000%, 01/15/29   31,625 
30,000  3.875%, 09/15/28   26,365 
22,000  7.125%, 03/15/26   22,312 
23,000  Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*     
   5.875%, 10/01/28   22,519 
73,000  PHH Mortgage Corp.*     
   7.875%, 03/15/26   67,441 
50,000  RHP Hotel Properties, LP / RHP Finance Corp.*     
   4.500%, 02/15/29   46,517 
   Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*     
20,000  3.875%, 03/01/31   17,577 
20,000  3.625%, 03/01/29   17,851 
10,000  2.875%, 10/15/26   9,281 
43,000  StoneX Group, Inc.*     
   8.625%, 06/15/25   43,491 
   United Wholesale Mortgage, LLC*     
52,000  5.500%, 04/15/29   49,175 
20,000  5.750%, 06/15/27   19,658 
   Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*     
25,000  6.500%, 02/15/29   17,643 
22,000  10.500%, 02/15/28   22,388 
47,000  XHR, LP*     
   6.375%, 08/15/25   47,078 
       2,121,510 
   Health Care (1.3%)     
   Bausch Health Companies, Inc.*     
95,000  11.000%, 09/30/28   65,296 
16,000  14.000%, 10/15/30   9,054 

 

See accompanying Notes to Schedule of Investments

 

4

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
16,000  6.125%, 02/01/27  $10,155 
   CHS/Community Health Systems, Inc.*     
88,000  6.125%, 04/01/30   58,295 
30,000  8.000%, 03/15/26   29,560 
25,000  10.875%, 01/15/32   26,266 
25,000  6.875%, 04/15/29   17,256 
5,000  5.250%, 05/15/30   4,156 
   DaVita, Inc.*     
52,000  3.750%, 02/15/31   42,896 
49,000  4.625%, 06/01/30   43,391 
   Embecta Corp.*     
33,000  5.000%, 02/15/30   27,038 
11,000  6.750%, 02/15/30   9,706 
   Encompass Health Corp.     
20,000  4.750%, 02/01/30   18,800 
20,000  4.500%, 02/01/28   19,133 
52,000  HCA, Inc.     
   7.500%, 11/06/33   58,713 
200,000  Jazz Securities DAC*     
   4.375%, 01/15/29   185,032 
   Medline Borrower, LP*     
55,000  3.875%, 04/01/29   49,860 
53,000  5.250%, 10/01/29   49,460 
200,000  Organon & Company / Organon Foreign Debt Co-Issuer, BV*     
   5.125%, 04/30/31   172,278 
62,000  Team Health Holdings, Inc.*     
   6.375%, 02/01/25   52,415 
   Tenet Healthcare Corp.     
120,000  6.250%, 02/01/27   119,766 
70,000  6.875%, 11/15/31   72,157 
190,000  Teva Pharmaceutical Finance Netherlands III, BV     
   3.150%, 10/01/26   177,380 
       1,318,063 
   Industrials (2.8%)     
50,000  ACCO Brands Corp.*     
   4.250%, 03/15/29   45,379 
50,000  Air Lease Corp.‡     
   4.125%, 02/01/36    
   5 year CMT + 3.15%   42,378 
   Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*     
75,000  4.625%, 01/15/27   72,812 
30,000  5.875%, 02/15/28   29,985 
40,000  Allegiant Travel Company*     
   7.250%, 08/15/27   39,140 
25,000  Arcosa, Inc.*     
   4.375%, 04/15/29   23,463 
200,000  ARD Finance, SA*     
   6.500%, 06/30/27    
   7.250% PIK rate   97,056 
34,000  Beacon Roofing Supply, Inc.*     
   4.125%, 05/15/29   30,829 
   Bombardier, Inc.*     
25,000  8.750%, 11/15/30   26,307 
23,000  7.875%, 04/15/27   23,032 
44,000  BWX Technologies, Inc.*     
   4.125%, 04/15/29   40,836 
48,000  Cascades, Inc. / Cascades USA, Inc.*     
   5.375%, 01/15/28   47,106 
11,000  Delta Air Lines, Inc. / SkyMiles IP, Ltd.*     
   4.750%, 10/20/28   10,827 
58,000  Deluxe Corp.*     
   8.000%, 06/01/29   52,251 
43,000  Eco Material Technologies, Inc.*     
   7.875%, 01/31/27   43,058 
68,000  Emerald Debt Merger Sub, LLC*     
   6.625%, 12/15/30   68,741 
   EnerSys*     
25,000  4.375%, 12/15/27   23,689 
20,000  6.625%, 01/15/32   20,289 
25,000  Graham Packaging Company, Inc.*     
   7.125%, 08/15/28   22,463 
   Graphic Packaging International, LLC*     
30,000  4.750%, 07/15/27   29,228 
20,000  3.500%, 03/01/29   18,089 
51,000  Great Lakes Dredge & Dock Corp.*     
   5.250%, 06/01/29   44,294 
101,000  H&E Equipment Services, Inc.*     
   3.875%, 12/15/28   91,789 
59,000  Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*     
   5.750%, 01/20/26   55,489 
65,000  Herc Holdings, Inc.*     
   5.500%, 07/15/27   63,889 
50,000  IEA Energy Services, LLC*     
   6.625%, 08/15/29   47,059 
   JELD-WEN, Inc.*     
34,000  4.625%, 12/15/25   33,253 
25,000  4.875%, 12/15/27^   23,877 
70,000  Ken Garff Automotive, LLC*     
   4.875%, 09/15/28   65,414 
45,000  Knife River Holding Company*     
   7.750%, 05/01/31   47,343 
11,000  MasTec, Inc.*^     
   4.500%, 08/15/28   10,336 
33,000  Moog, Inc.*     
   4.250%, 12/15/27   30,942 
55,000  Newfold Digital Holdings Group, Inc.*     
   6.000%, 02/15/29   41,660 
52,000  Novelis Corp.*     
   4.750%, 01/30/30   48,294 
15,000  OI European Group, BV*     
   4.750%, 02/15/30   13,898 
50,000  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^     
   4.000%, 10/15/27   46,682 
   Sealed Air Corp.*     
35,000  6.125%, 02/01/28   35,191 
11,000  5.000%, 04/15/29^   10,610 
10,000  Sealed Air Corp./Sealed Air Corp. U.S.*^     
   7.250%, 02/15/31   10,491 
40,000  Sensata Technologies, Inc.*     
   3.750%, 02/15/31   34,845 
   Sinclair Television Group, Inc.*     
33,000  4.125%, 12/01/30   25,530 
20,000  5.500%, 03/01/30   15,424 
50,000  Standard Industries, Inc.*     
   5.000%, 02/15/27   48,636 

 

See accompanying Notes to Schedule of Investments

 

5

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
35,000  Stericycle, Inc.*     
   3.875%, 01/15/29  $31,865 
10,000  Summit Materials LLC / Summit Materials Finance Corp.*     
   7.250%, 01/15/31   10,401 
   TransDigm, Inc.     
97,000  6.250%, 03/15/26*   96,541 
45,000  6.875%, 12/15/30*   46,280 
35,000  6.750%, 08/15/28*   35,618 
32,000  7.500%, 03/15/27   32,105 
15,000  7.125%, 12/01/31*   15,649 
45,000  Tronox, Inc.*     
   4.625%, 03/15/29   39,784 
725,000  Uber Technologies, Inc.*     
   8.000%, 11/01/26   738,521 
17,249  United Airlines Pass Through Trust Series 2019-2, Class B     
   3.500%, 11/01/29   15,775 
44,000  Vertiv Group Corp.*     
   4.125%, 11/15/28   40,980 
46,000  Wabash National Corp.*     
   4.500%, 10/15/28   41,950 
35,000  Waste Pro USA, Inc.*     
   5.500%, 02/15/26   34,010 
   Williams Scotsman, Inc.*     
27,000  4.625%, 08/15/28   25,494 
20,000  7.375%, 10/01/31   20,971 
       2,877,848 
   Information Technology (0.8%)     
11,000  Booz Allen Hamilton, Inc.*     
   4.000%, 07/01/29   10,332 
80,000  Clarivate Science Holdings Corp.*     
   3.875%, 07/01/28   73,810 
39,000  Clear Channel Worldwide Holdings, Inc.*^     
   5.125%, 08/15/27   36,814 
23,000  Coherent Corp.*     
   5.000%, 12/15/29   21,542 
40,000  CommScope Technologies, LLC*     
   6.000%, 06/15/25   31,836 
40,000  CommScope, Inc.*     
   4.750%, 09/01/29   26,488 
29,000  Dell International, LLC / EMC Corp.     
   6.020%, 06/15/26   29,640 
22,000  Dun & Bradstreet Corp.*^     
   5.000%, 12/15/29   20,475 
26,000  Fair Isaac Corp.*     
   4.000%, 06/15/28   24,237 
50,000  KBR, Inc.*     
   4.750%, 09/30/28   46,131 
   MPH Acquisition Holdings, LLC*     
50,000  5.750%, 11/01/28   39,811 
20,000  5.500%, 09/01/28   17,785 
20,000  NCL Corp., Ltd.*     
   8.125%, 01/15/29   20,996 
22,000  NCR Voyix Corp.*     
   5.125%, 04/15/29   20,717 
34,000  ON Semiconductor Corp.*     
   3.875%, 09/01/28   31,215 
   Open Text Corp.*     
39,000  3.875%, 02/15/28   36,256 
20,000  6.900%, 12/01/27   20,790 
16,000  3.875%, 12/01/29   14,449 
16,000  Open Text Holdings, Inc.*^     
   4.125%, 12/01/31   14,167 
40,000  Playtika Holding Corp.*     
   4.250%, 03/15/29   34,708 
60,000  TTM Technologies, Inc.*     
   4.000%, 03/01/29   54,298 
   Twilio, Inc.     
30,000  3.625%, 03/15/29   27,126 
11,000  3.875%, 03/15/31   9,701 
17,000  UKG, Inc.*     
   6.875%, 02/01/31   17,210 
55,000  Viavi Solutions, Inc.*     
   3.750%, 10/01/29   47,941 
50,000  ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*     
   3.875%, 02/01/29   44,550 
       773,025 
   Materials (0.5%)     
25,000  ArcelorMittal, SA     
   7.000%, 10/15/39   27,294 
27,000  ATI, Inc.     
   5.875%, 12/01/27   26,586 
12,000  Carpenter Technology Corp.     
   7.625%, 03/15/30   12,418 
35,000  Chemours Company*     
   4.625%, 11/15/29   30,640 
65,000  Clearwater Paper Corp.*     
   4.750%, 08/15/28   61,034 
34,000  Cleveland-Cliffs, Inc.*     
   6.750%, 04/15/30   34,313 
   Commercial Metals Company     
22,000  4.125%, 01/15/30   20,135 
11,000  4.375%, 03/15/32   9,847 
23,000  HB Fuller Company     
   4.250%, 10/15/28   21,456 
40,000  JW Aluminum Continuous Cast Company*     
   10.250%, 06/01/26   40,447 
40,000  Kaiser Aluminum Corp.*     
   4.625%, 03/01/28   36,886 
10,000  LSF11 A5 HoldCo, LLC*     
   6.625%, 10/15/29   8,526 
   Mercer International, Inc.     
58,000  5.125%, 02/01/29   49,797 
20,000  12.875%, 10/01/28*   21,507 
   Owens-Brockway Glass Container, Inc.*     
35,000  7.250%, 05/15/31   35,333 
25,000  6.625%, 05/13/27^   25,031 
56,000  Silgan Holdings, Inc.     
   4.125%, 02/01/28   52,759 
21,000  Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.*     
   5.125%, 04/01/29   8,253 
       522,262 
   Other (0.1%)     
   Gen Digital, Inc.*     
25,000  7.125%, 09/30/30^   25,943 
25,000  6.750%, 09/30/27   25,419 
       51,362 
   Real Estate (0.1%)     
34,000  EPR Properties     
   3.750%, 08/15/29   30,319 

 

See accompanying Notes to Schedule of Investments

 

6

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL        
AMOUNT      VALUE 
    Forestar Group, Inc.*     
38,000   5.000%, 03/01/28  $36,145 
21,000   3.850%, 05/15/26   19,972 
50,000   MIWD Holdco II, LLC / MIWD Finance Corp.*     
    5.500%, 02/01/30   45,565 
20,000   Service Properties Trust^     
    5.250%, 02/15/26   19,381 
        151,382 
    Special Purpose Acquisition Companies (0.1%)     
    Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*     
45,000   6.750%, 01/15/30   40,508 
23,000   4.625%, 01/15/29   21,200 
50,000   W.R. Grace Holding, LLC*^     
    7.375%, 03/01/31   50,946 
        112,654 
    Utilities (0.0%)     
16,000   PPL Capital Funding, Inc.‡     
    8.275%, 03/30/67    
    3 mo. USD LIBOR + 2.67%   15,354 
    Vistra Corp.*‡     
20,000   7.000%, 02/01/68     
    5 year CMT + 5.74%   19,524 
10,000   8.000%, 02/01/68     
    5 year CMT + 6.93%   10,046 
        44,924 
    Total Corporate Bonds     
    (Cost $15,976,226)   14,882,034 
          
Convertible Bonds (31.4%)     
    Communication Services (2.0%)     
44,000   Cable One, Inc.µ 03/15/26   37,801 
580,000   Liberty Media Corp.-Liberty Formula One     
    2.250%, 08/15/27   604,488 
1,484,000   Sea, Ltd.     
    2.375%, 12/01/25   1,416,433 
        2,058,722 
    Consumer Discretionary (7.1%)     
145,000   Burlington Stores, Inc.     
    2.250%, 04/15/25   156,130 
50,000,000 JPY Daiwa House Ind Company, Ltd.     
    0.000%, 03/30/29   347,078 
    DISH Network Corp.µ     
63,000   0.000%, 12/15/25   45,092 
53,000   2.375%, 03/15/24   51,964 
800,000 AUD Flight Centre Travel Group, Ltd.     
    2.500%, 11/17/27   623,085 
3,160,000   Ford Motor Company 03/15/26   3,080,147 
730,000   IMAX Corp.µ     
    0.500%, 04/01/26   650,014 
685,000   Marriott Vacations Worldwide Corp.µ 01/15/26   607,650 
500,000 GBP WH Smith, PLCµ     
    1.625%, 05/07/26   572,186 
328,000   Winnebago Industries, Inc.*     
    3.250%, 01/15/30   337,518 
734,000   Wynn Macau, Ltd.*     
    4.500%, 03/07/29   732,679 
        7,203,543 
    Consumer Staples (1.4%)     
700,000 EUR Fomento Economico Mexicano SAB de CV     
    2.625%, 02/24/26   758,086 
915,000 CAD Premium Brands Holdings Corp.     
    4.200%, 09/30/27   631,391 
        1,389,477 
    Energy (2.1%)     
1,600,000 EUR Eni S.p.A     
    2.950%, 09/14/30   1,801,570 
400,000   Nabors Industries, Inc.*µ     
    1.750%, 06/15/29   296,052 
        2,097,622 
    Financials (2.1%)     
12,000,000 HKD Citigroup Global Markets Funding Luxembourg SCAµ     
    0.000%, 07/25/24   1,494,561 
930,000 EUR Edenred     
    0.000%, 09/06/24   618,800 
        2,113,361 
    Health Care (0.4%)     
437,000   BioMarin Pharmaceutical, Inc.     
    0.599%, 08/01/24   430,537 
          
    Industrials (6.6%)     
700,000 EUR Prysmian S.p.A 02/02/26   837,609 
1,600,000 EUR Rheinmetall, AG     
    1.875%, 02/07/28   2,051,290 
560,000 EUR Schneider Electric, SE 06/15/26   1,197,233 
500,000 EUR SPIE, SA     
    2.000%, 01/17/28   586,831 
329,000   Tetra Tech, Inc.*     
    2.250%, 08/15/28   334,580 
1,545,000   Uber Technologies, Inc.*~     
    0.875%, 12/01/28   1,725,904 
        6,733,447 
    Information Technology (6.6%)     
730,000   Akamai Technologies, Inc.*     
    1.125%, 02/15/29   811,512 
835,000   Block, Inc.µ     
    0.125%, 03/01/25   805,558 
817,000   Datadog, Inc.     
    0.125%, 06/15/25   1,156,268 
600,000 EUR GlobalWafers GmbH     
    1.500%, 01/23/29   660,345 
7,000,000 HKD Kingsoft Corp, Ltd.     
    0.625%, 04/29/25   891,758 
360,000   Rapid7, Inc.     
    1.250%, 03/15/29   394,160 
100,000,000 JPY Rohm Company, Ltd.     
    0.000%, 12/05/24   692,451 
1,000,000   SK Hynix, Inc.     
    1.750%, 04/11/30   1,318,530 
        6,730,582 
    Materials (1.9%)     
1,000,000   Glencore Funding, LLC 03/27/25   1,032,020 

  

See accompanying Notes to Schedule of Investments

 

7

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL          
AMOUNT       VALUE  
600,000   LG Chem, Ltd.        
    1.250%, 07/18/28   $ 569,772  
476,000   Lithium Americas Corp.^        
    1.750%, 01/15/27     330,282  
          1,932,074  
    Other (0.0%)        
20,000   Multiplan Corp.*µ        
    6.000%, 10/15/27     14,008  
             
    Real Estate (0.8%)        
800,000 EUR ANLLIAN Capital, Ltd. 02/05/25     841,381  
             
    Utilities (0.4%)        
350,000   CMS Energy Corp.*        
    3.375%, 05/01/28     343,368  
    Total Convertible Bonds        
    (Cost $33,465,299)     31,888,122  
             
Bank Loans (9.3%) ¡      
    Airlines (0.0%)        
31,500   Mileage Plus Holdings, LLC‡        
    10.770%, 06/21/27        
    3 mo. SOFR + 5.25%     32,507  
             
    Communication Services (1.6%)        
250,000   APi Group DE, Inc.‡        
    7.951%, 01/03/29        
    1 mo. SOFR + 2.50%     250,351  
358,130   Charter Communications Operating LLC‡        
    7.083%, 02/01/27        
    1 mo. SOFR + 1.75%     357,414  
43,000   Entercom Media Corp.‡        
    8.149%, 11/18/24        
    3 mo. SOFR + 2.50%     24,144  
248,750   Go Daddy Operating Company, LLC‡        
    7.333%, 11/09/29        
    1 mo. SOFR + 2.00%     249,049  
250,000   Match Group, Inc.‡        
    7.270%, 02/13/27        
    3 mo. SOFR + 1.75%     249,532  
250,000   Nexstar Broadcasting, Inc.‡        
    7.951%, 09/18/26        
    1 mo. SOFR + 2.50%     250,061  
250,000   Virgin Media Bristol, LLC‡        
    7.948%, 01/31/28        
    1 mo. SOFR + 2.50%     245,919  
          1,626,470  
    Consumer Discretionary (1.5%)        
248,750   Aramark Services, Inc.‡        
    7.947%, 06/22/30        
    1 mo. SOFR + 2.50%     248,596  
248,750   Carnival Corp.‡        
    8.336%, 08/08/27        
    1 mo. SOFR + 3.00%     249,185  
298,465   KFC Holding Company‡        
    7.196%, 03/15/28        
    1 mo. SOFR + 1.75%     298,734  
248,721   Murphy USA, Inc.‡        
    7.217%, 01/31/28        
    1 mo. SOFR + 1.75%     249,498  
248,737   PENN Entertainment, Inc.‡        
    8.183%, 05/03/29        
    1 mo. SOFR + 2.75%     248,469  
248,692   Station Casinos, LLC!        
    7.683%, 02/08/27        
    1 mo. SOFR + 2.25%     248,430  
          1,542,912  
    Consumer Staples (0.3%)        
248,585   Jazz Financing Lux Sarl‡        
    8.447%, 05/05/28        
    1 mo. SOFR + 3.00%     248,740   
             
    Financials (0.3%)        
10,000   Advisor Group, Inc.‡        
    9.833%, 08/17/28        
    1 mo. SOFR + 4.50%     10,003  
299,250   Avolon TLB Borrower 1 LLC‡        
    7.337%, 06/22/28        
    1 mo. SOFR + 2.00%     299,524  
          309,527  
    Health Care (2.0%)        
180,981   Avantor Funding, Inc.‡        
    7.683%, 11/08/27        
    1 mo. SOFR + 2.25%     181,072  
298,428   DaVita, Inc.‡        
    7.197%, 08/12/26        
    1 mo. SOFR + 1.75%     298,106  
248,615   Elanco Animal Health, Inc.‡        
    7.203%, 08/01/27        
    1 mo. SOFR + 1.75%     244,144  
597,885   ICON Luxembourg Sarl!        
    7.860%, 07/03/28        
    3 mo. SOFR + 2.25%     599,192  
250,000   Organon & Company‡        
    8.450%, 06/02/28        
    1 mo. SOFR + 3.00%     250,040  
249,369   Perrigo Investments, LLC‡        
    7.683%, 04/20/29        
    1 mo. SOFR + 2.25%     249,265  
148,964   PRA Health Sciences, Inc.‡        
    7.860%, 07/03/28        
    3 mo. SOFR + 2.25%     149,289  
          1,971,108  
    Industrials (2.2%)        
248,724   Beacon Roofing Supply, Inc.‡        
    7.947%, 05/19/28        
    1 mo. SOFR + 2.25%     249,430  
289,870   Berry Global, Inc.‡        
    7.202%, 07/01/29        
    1 mo. SOFR + 1.75%     289,541  
249,375   ChampionX Corp.‡        
    8.187%, 06/07/29        
    1 mo. SOFR + 2.75%     250,466  
249,375   Emrld Borrower, LP‡        
    8.313%, 05/31/30        
    1 mo. SOFR + 3.00%     249,734  
248,747   H.B. Fuller Company‡        
    7.587%, 02/15/30        
    1 mo. SOFR + 2.25%     249,135  
248,724   Jeld-Wen, Inc.‡        
    7.447%, 07/28/28        
    1 mo. SOFR + 2.00%     248,693  

 

See accompanying Notes to Schedule of Investments

 

8

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL          
AMOUNT       VALUE  
248,737   Light and Wonder International, Inc.‡        
    8.083%, 04/14/29        
    1 mo. SOFR + 3.00%   $ 248,737  
248,747   TransDigm, Inc.‡        
    8.598%, 08/24/28        
    3 mo. SOFR + 3.25%     249,277  
198,977   United Airlines, Inc.‡        
    9.201%, 04/21/28        
    1 mo. SOFR + 3.75%     199,615  
          2,234,628  
    Information Technology (0.9%)        
45,845   Banff Merger Sub, Inc.‡        
    9.583%, 12/29/28        
    1 mo. SOFR + 4.25%     45,959  
241,818   II-VI, Inc.‡        
    8.087%, 07/02/29        
    1 mo. SOFR + 2.75%     241,153  
231,222   Open Text Corp.‡        
    8.183%, 01/31/30        
    1 mo. SOFR + 2.75%     231,570  
147,488   SS&C Technologies, Inc.‡        
    7.683%, 03/22/29        
    1 mo. SOFR + 2.25%     147,660  
75,789   SS&C Technologies, Inc.‡        
    7.683%, 03/22/29        
    1 mo. SOFR + 2.25%     75,877  
159,200   TTM Technologies, Inc.‡        
    8.103%, 05/30/30        
    1 mo. SOFR + 2.75%     159,399  
          901,618  
    Materials (0.5%)        
274,313   Axalta Coating Systems U.S. Holdings, Inc.‡        
    7.848%, 12/20/29        
    3 mo. SOFR + 2.50%     274,828  
244,388   Chemours Company‡        
    8.833%, 08/18/28        
    1 mo. SOFR + 3.50%     244,143  
          518,971  
    Total Bank Loans        
    (Cost $9,421,899)     9,386,481  
             
NUMBER OF            
SHARES         VALUE  
             
Warrants (0.0%) #        
    Energy (0.0%)        
2,607   Mcdermott International, Ltd.&        
    06/30/27, Strike $15.98     —  
2,347   Mcdermott International, Ltd.&        
    06/30/27, Strike $12.33     —  
    Total Warrants        
    (Cost $1,002)     —  
             
Common Stocks (81.7%)          
    Communication Services (5.2%)        
11,800   Alphabet, Inc. - Class Aµ#     1,653,180  
925   Altice USA, Inc. - Class A^#     2,257  
1,050   Baidu, Inc. (ADR)µ#     110,575  
310   Cumulus Media, Inc. - Class Aµ#     1,426  
970 SEK Hemnet Group, AB     26,188  
1,250   Meta Platforms, Inc. - Class Aµ#     487,675  
4,900 HKD NetEase, Inc.µ     95,247  
2,270   NetEase, Inc. (ADR)µ     221,643  
715   Netflix, Inc.µ#     403,339  
288 EUR Scout24, SE*     21,206  
27,000 HKD Tencent Holdings, Ltd.µ     937,205  
15,060   Tencent Holdings, Ltd. (ADR)^     524,690  
12,080 GBP Trustpilot Group, PLC*#     27,510  
7,610   Walt Disney Companyµ~     730,940  
1,120 GBP YouGov, PLC     16,536  
          5,259,617  
    Consumer Discretionary (12.7%)        
37,500 HKD Alibaba Group Holding, Ltd.µ     336,337  
1,745   Alibaba Group Holding, Ltd. (ADR)     125,937  
5,360 PLN Allegro.eu, SA*#     40,463  
45,850 MXN Alsea, SAB de CV#     179,894  
25,200   Amazon.com, Inc.^µ~#     3,911,040  
7,290 INR Amber Enterprises India, Ltd.#     381,048  
83,000 AED Americana Restaurants International, PLC     70,279  
9,604   Aptiv, PLCµ#     781,093  
975 BRL Arezzo Industria e Comercio, SA     12,317  
3,400 CNY BYD Company, Ltd. - Class A     81,077  
5,700 CNY China Tourism Group Duty Free Corp., Ltd. - Class A     63,462  
225   Chipotle Mexican Grill, Inc.µ#     541,973  
16,920 BRL Cyrela Brazil Realty, SA Empreendimentos e Participacoes     76,363  
4,300 INR Dixon Technologies India, Ltd.     309,814  
790 KRW Hotel Shilla Company, Ltd.     34,411  
28,821 INR Indian Hotels Company, Ltd.     170,591  
45,700 HKD JD.com, Inc. - Class Aµ     515,319  
48,000 HKD Jiumaojiu International Holdings, Ltd.*µ     28,273  
90,020 INR Kalyan Jewellers India, Ltd.     382,070  
33,500 HKD Li Ning Company, Ltd.     71,567  
1,110 EUR LVMH Moet Hennessy Louis Vuitton, SEµ     923,585  
8,310 INR Mahindra & Mahindra, Ltd.     165,770  
21,655   MakeMyTrip, Ltd.^µ#     1,199,470  
1,175,400 IDR Map Aktif Adiperkasa PT     72,252  
4,780 HKD Meituan - Class B*µ#     38,447  
745   MercadoLibre, Inc.µ#     1,275,298  
70,800 IDR Mitra Adiperkasa Tbk PT     8,769  
11,570   NIO, Inc. (ADR)#     65,023  
11,200 HKD Prada S.p.A.µ     69,454  
4,871 EUR Prosus, NV     144,069  
64,000 HKD Sands China, Ltd.#     167,985  
23,500 INR Tata Motors, Ltd.     250,277  
625 INR TVS Motor Company, Ltd.     15,023  
3,250 HKD Yum China Holdings, Inc.µ     111,819  
23,000 HKD Zhongsheng Group Holdings, Ltd.     38,825  
154,520 INR Zomato, Ltd.#     258,964  
          12,918,358  
    Consumer Staples (4.9%)        
8,035 CHF Aryzta, AG#     14,422  
20,850 GBP British American Tobacco, PLC     614,733  
9,400   Coca-Cola Companyµ~     559,206  
3,200   Constellation Brands, Inc. - Class Aµ     784,256  
1,360   Costco Wholesale Corp.µ     945,037  

 

See accompanying Notes to Schedule of Investments

 

9

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF        
SHARES      VALUE 
21,400 MXN Fomento Economico Mexicano, SAB de CV  $289,789 
700 CNY Kweichow Moutai Company, Ltd. - Class A   156,680 
44   Mallinckrodt, PLC#   1,683 
5,900 CHF Nestle, SAµ   672,308 
24,592 BRL Raia Drogasil, SA   125,581 
18,000 JPY Seven & i Holdings Company, Ltd.   710,907 
26,000 HKD Smoore International Holdings, Ltd.*   15,722 
300 JPY Toyo Suisan Kaisha, Ltd.   15,621 
1,000 JPY Yamazaki Baking Company, Ltd.   23,712 
        4,929,657 
    Energy (4.1%)     
11,650 GBP BP, PLC   68,041 
24,200 CAD Canadian Natural Resources, Ltd.µ   1,548,714 
61   Chesapeake Energy Corp.µ   4,704 
8,810   Chevron Corp.µ   1,298,858 
3,045   Energy Transfer, LP   43,543 
1,815   Enterprise Products Partners, LP   48,569 
341   EP Energy Corp.&#   1,023 
1   Gulfport Energy Corp.#   127 
11,400   Helmerich & Payne, Inc.^µ   458,964 
390   ONEOK, Inc.µ   26,618 
46,000 THB PTT Exploration & Production, PCL   193,803 
9,900 INR Reliance Industries, Ltd.   339,742 
8,495   TechnipFMC, PLCµ   164,293 
        4,196,999 
    Financials (10.5%)     
116,000 HKD AIA Group, Ltd.   909,720 
3,000   Aon, PLC - Class Aµ   895,290 
49,400 BRL B3, SA - Brasil Bolsa Balcao   130,520 
19,180 BRL Banco BTG Pactual, SA   139,445 
2,194,740 IDR Bank Mandiri Persero, Tbk PT   924,019 
53,325   Bank of America Corp.µ~   1,813,583 
8,800 JPY Concordia Financial Group, Ltd.   41,936 
29,304 AED First Abu Dhabi Bank, PJSC   116,826 
360   First Citizens BancShares Inc/NC- Class Aµ   543,600 
5,095 KRW Hana Financial Group, Inc.   182,184 
39,340 INR HDFC Bank, Ltd.   691,875 
875 AUD HUB24, Ltd.   21,145 
35,025   Itau Unibanco Holding, SA (ADR)   231,165 
3,425   JPMorgan Chase & Companyµ   597,183 
42,800 THB Kasikornbank PCL   143,561 
1,170,000 GBP Lloyds Banking Group, PLC   627,185 
3,900 KRW Meritz Financial Group, Inc.#   200,165 
11,725   Morgan Stanleyµ   1,022,889 
48,500 HKD Ping An Insurance Group Company of China, Ltd. - Class H   203,872 
5,180 AUD Steadfast Group, Ltd.   20,043 
2,206   Visa, Inc. - Class Aµ   602,812 
10,945   Wells Fargo & Companyµ   549,220 
        10,608,238 
    Health Care (9.1%)     
850 INR Alkem Laboratories, Ltd.   51,135 
2,100 INR Apollo Hospitals Enterprise, Ltd.   159,800 
6,125 GBP AstraZeneca, PLC   812,033 
3,900   Danaher Corp.µ   935,649 
1,250 KRW Dentium Company, Ltd.#   105,731 
3,900   Eli Lilly & Companyµ   2,517,879 
7,400 CNY Gan & Lee Pharmaceuticals Company, Ltd. - Class A#   37,755 
6,800 EUR Gerresheimer, AG   693,253 
1,310   Humana, Inc.µ   495,258 
4,510 BRL Hypera, SA   28,884 
700 JPY Jeol, Ltd.µ   32,000 
28,100   Novo Nordisk, A/S (ADR)   3,224,194 
48,000 HKD Wuxi Biologics Cayman, Inc.*µ#   126,313 
77 CHF Ypsomed Holding, AG   27,180 
        9,247,064 
    Industrials (7.8%)     
5,660 GBP Ashtead Technology Holdings, PLC   47,131 
7,450 CAD Canadian Pacific Kansas City, Ltd.   599,513 
2,340 CNY Contemporary Amperex Technology Company, Ltd. - Class A   49,452 
615 EUR DO & CO, AGµ   85,737 
450 JPY Ebara Corp.µ   28,182 
170 KRW HD Hyundai Electric Company, Ltd.   13,019 
12,120 INR Hindustan Aeronautics, Ltd.   439,994 
10,800 JPY Hitachi, Ltd.µ   848,344 
50,700 JPY INFRONEER Holdings, Inc.   529,991 
1,300 JPY Japan Elevator Service Holdings Company, Ltd.   19,645 
3,600 INR KEI Industries, Ltd.   138,155 
800 JPY Keisei Electric Railway Company, Ltd.µ   36,200 
20,400 JPY Komatsu, Ltd.µ   580,379 
1,000 JPY Kyudenko Corp.µ   38,038 
3,240 INR Larsen & Toubro, Ltd.   135,653 
2,180 EUR Leonardo S.p.Aµ   38,050 
94,900 GBP Melrose Industries, PLC   707,336 
5,510 SEK Munters Group, AB*   87,946 
8,700 CNY Ningbo Orient Wires & Cables Company, Ltd. - Class A   42,821 
293,500 GBP Rolls-Royce Holdings, PLCµ#   1,114,258 
44,100 CNY Sany Heavy Industry Company, Ltd. - Class A   80,437 
14,700 CNY Shanghai International Airport Company, Ltd. - Class A#   67,870 
700 JPY Sojitz Corp.   16,521 
743 CAD Stantec, Inc.µ   59,702 
15,710 INR Titagarh Rail System, Ltd.   208,058 
1,300   Veralto Corp.   99,697 
16,500   Vertiv Holdings Companyµ   929,445 
4,250   Waste Management, Inc.µ   788,927 
49,700 CNY Weichai Power Company, Ltd. - Class A   102,135 
        7,932,636 
    Information Technology (23.7%)     
5,200 JPY Advantest Corp.   206,949 
3,545 TWD Alchip Technologies, Ltd.   439,722 
11,495   Apple, Inc.µ   2,119,678 
3,710   ASML Holding, NV (ADR)µ   3,227,032 
322 EUR BE Semiconductor Industries, NV   48,390 
10,000 TWD E Ink Holdings, Inc.   66,317 
203   Fabrinetµ#   43,343 
12,700 CNY Foxconn Industrial Internet Company, Ltd. - Class A   23,505 
750 KRW HPSP Company, Ltd.   25,140 
4,100 CNY Iflytek Company, Ltd. - Class A   21,814 

 

See accompanying Notes to Schedule of Investments

 

10

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF        
SHARES      VALUE 
3,000 JPY Keyence Corp.µ  $1,342,194 
73,000 HKD Kingdee International Software Group Company, Ltd.µ#   70,566 
23,115 INR KPIT Technologies, Ltd.   431,202 
5,000 TWD MediaTek, Inc.   154,288 
8,780   Microsoft Corp.µ   3,490,752 
370 EUR Nemetschek, SE   34,141 
6,920   NVIDIA Corp.µ   4,257,668 
9,200   Oracle Corp.µ   1,027,640 
2,000 GBP Sage Group, PLC   29,776 
5,480 KRW Samsung Electronics Company, Ltd.   297,766 
400 JPY SCREEN Holdings Company, Ltd.µ   39,224 
460   ServiceNow, Inc.µ#   352,084 
100 JPY SHIFT, Inc.#   18,027 
4,950 CAD Shopify, Inc. - Class Aµ#   396,273 
4,000 TWD Silergy Corp.   49,227 
3,010 KRW SK Hynix, Inc.   301,423 
10,600 HKD Sunny Optical Technology Group Company, Ltd.   65,152 
188,000 TWD Taiwan Semiconductor Manufacturing Company, Ltd.   3,763,477 
6,890   Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)   778,294 
10,080 BRL TOTVS, SA   64,129 
500 JPY Towa Corp.   25,795 
16,000 TWD Unimicron Technology Corp.   89,764 
15,520   Unity Software, Inc.µ#   502,848 
24,000 CNY Venustech Group, Inc. - Class A   61,850 
78,600 HKD Xiaomi Corp. - Class B*µ#   123,837 
1,900 CNY Zhongji Innolight Company, Ltd. - Class A   27,098 
        24,016,385 
    Materials (1.4%)     
55,150 AED Fertiglobe, PLC   41,892 
15,350   Freeport-McMoRan, Inc.µ   609,241 
950   Linde, PLC   384,589 
5,575 ZAR Sasol, Ltd.   48,423 
1,065 EUR SOL S.p.A^   30,651 
700 JPY Sumitomo Bakelite Company, Ltd.   34,788 
5,250   Vale, SA (ADR)   71,873 
158,000 HKD Zijin Mining Group Company, Ltd.- Class H   234,451 
        1,455,908 
    Real Estate (1.9%)     
179,500 PHP Ayala Land, Inc.   108,473 
135,535 MXN Corp. Inmobiliaria Vesta SAB de CV   515,004 
27,090 INR DLF, Ltd.   259,688 
68,470 INR Macrotech Developers, Ltd.*   885,988 
4,900 JPY Mirarth Holdings, Inc.   16,419 
4,465 INR Prestige Estates Projects, Ltd.   67,607 
225 EUR VGP, NV   26,390 
        1,879,569 
    Special Purpose Acquisition Company (0.0%)     
518   Intelsat Emergence, SA&#   14,115 
          
  Utilities (0.4%)     
6,836   NextEra Energy, Inc.µ   400,795 
    Total Common Stocks     
    (Cost $92,923,707)   82,859,341 
          
Preferred Stocks (0.3%)  
  Communication Services (0.0%)     
    United States Cellular Corp.µ     
530   5.500%, 06/01/70   9,725 
505   5.500%, 03/01/70   9,348 
        19,073 
  Consumer Discretionary (0.0%)     
305   Guitar Center, Inc.&#   25,010 
          
    Energy (0.1%)     
1,325   NuStar Energy, LP‡     
    11.282%, 03/01/24     
    3 mo. USD LIBOR + 5.64%   34,052 
325   NuStar Energy, LP‡     
    12.405%, 03/01/24     
    3 mo. USD LIBOR + 6.77%   8,392 
2,270   NuStar Logistics, LP‡     
    12.310%, 01/15/43     
    3 mo. USD Term SOFR + 7.00%   58,702 
        101,146 
    Industrials (0.2%)     
83,730 BRL Randon, SA Implementos e Participacoes‡     
    4.972%   197,732 
    Total Preferred Stocks     
    (Cost $365,579)   342,961 
          
Exchange-Traded Funds (1.2%)     
    Other (1.2%)     
45,865   Invesco Senior Loan ETF   963,624 
6,150   iShares MSCI Saudi Arabia ETF^   256,147 
    Total Exchange-Traded Funds     
    (Cost $1,322,412)   1,219,771 
          
Convertible Preferred Stocks (1.6%)    
    Energy (0.0%)     
1   Gulfport Energy Corp.&#     
    10.000%,     
    15.000% PIK rate   9,250 
          
    Financials (1.3%)     
21,400   Apollo Global Management, Inc.~     
    6.750%, 07/31/26   1,250,188 
          
    Utilities (0.3%)     
8,700   NextEra Energy, Inc.     
    6.926%, 09/01/25   323,727 
    Total Convertible Preferred Stocks     
    (Cost $1,532,459)   1,583,165 

  

See accompanying Notes to Schedule of Investments

 

11

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF       
CONTRACTS/       
NOTIONAL       
AMOUNT     VALUE 
Purchased Options (0.9%) #     
   Consumer Discretionary (0.2%)     
410  MakeMyTrip, Ltd.     
2,270,990  Call, 08/16/24, Strike $60.00  $211,150 
         
   Energy (0.0%)     
390  Petroleo Brasileiro, SA     
665,730  Call, 04/19/24, Strike $17.00   44,655 
         
   Health Care (0.1%)     
115  Boston Scientific Corp.     
727,490  Call, 06/21/24, Strike $62.50   48,875 
         
   Industrials (0.2%)     
135  Uber Technologies, Inc.     
881,145  Call, 01/17/25, Strike $57.50   212,963 
         
   Materials (0.0%)     
525  Cemex Sab De CV     
434,700  Call, 07/19/24, Strike $8.00   36,750 
         
   Other (0.4%)     
144  Global X MSCI Argentina ETF     
754,416  Call, 07/19/24, Strike $54.00   45,360 
   Invesco QQQ Trust Series 1     
522      
21,765,834  Put, 02/16/24, Strike $399.78   64,989 
190      
7,922,430  Put, 12/20/24, Strike $344.78   152,760 
835  iShares MSCI India ETF    
4,165,815  Put, 02/16/24, Strike $47.00   4,175 
   iShares MSCI India Small-Cap ETF     
27      
198,234  Put, 02/16/24, Strike $61.76   1,687 
21      
154,182  Put, 02/16/24, Strike $65.76   893 
160  SPDR S&P 500 ETF Trust    
7,726,080  Put, 12/20/24, Strike $410.00   119,360 
       389,224 
   Total Purchased Options     
   (Cost $1,473,382)   943,617 
TOTAL INVESTMENTS (141.1%)     
(Cost $156,481,965)   143,105,492 
       
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.8%)   (17,000,000)
      
LIABILITIES, LESS OTHER ASSETS (-24.3%)   (24,666,637)
      
NET ASSETS (100.0%)  $101,438,855 
      
Written Options (-0.1%) #
    Consumer Discretionary (-0.1%)
(148)  Amazon.com, Inc.     
(2,296,960)  Call, 04/19/24, Strike $170.00   (59,940)
         
    Financials (0.0%)
(30)  Aon, PLC     
(895,290)  Call, 04/19/24, Strike $340.00   (4,350)
         
    Information Technology (0.0%)
(92)  Oracle Corp.     
(1,027,640)  Call, 04/19/24, Strike $120.00   (24,334)
(155)  Unity Software, Inc.     
(502,200)  Call, 05/17/24, Strike $42.00   (27,978)
       (52,312)
    Other (0.0%)
(144)  Global X MSCI Argentina ETF     
(754,416)  Call, 07/19/24, Strike $60.00   (21,240)
   Total Written Options     
   (Premium $125,075)   (137,842)

 

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 Funds. 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.
^ Security, or portion of security, is on loan.
& Illiquid security.
‡ Variable rate security. The rate shown is the rate in effect at January 31, 2024.
‡‡ Perpetual maturity.
µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $53,902,752.
~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $2,553,721.
¡ Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.
! This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
# Non-income producing security.
 
ABBREVIATION
ADR American Depositary Receipt

 

See accompanying Notes to Schedule of Investments

 

12

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

FOREIGN CURRENCY ABBREVIATIONS
AED UAE Dirham
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CHF Swiss Franc
CNY Chinese Yuan Renminbi
EUR European Monetary Unit
GBP British Pound Sterling
HKD Hong Kong Dollar
IDR Indonesian Rupiah
INR Indian Rupee
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
PHP Philippine Peso
PLN Polish Zloty
SEK Swedish Krona
THB Thai Baht
TWD New Taiwan Dollar
ZAR South African Rand
 
Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of January 31, 2024 (see Note 2):

 

   LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
Assets:                                
Corporate Bonds  $—   $14,882,034   $—   $14,882,034 
Convertible Bonds   —    31,888,122    —    31,888,122 
Bank Loans   —    9,386,481    —    9,386,481 
Common Stocks   53,562,734    29,296,607    —    82,859,341 
Preferred Stocks   317,951    25,010    —    342,961 
Exchange-Traded Funds   1,219,771    —    —    1,219,771 
Convertible Preferred Stocks   1,573,915    9,250    —    1,583,165 
Purchased Options   943,617    —    —    943,617 
Total  $57,617,988   $85,487,504   $—   $143,105,492 
Liabilities:                    
Written Options  $137,842   $—   $—   $137,842 
Total  $137,842   $—   $—   $137,842 

 

See accompanying Notes to Schedule of Investments

 

13

 

 

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

CURRENCY EXPOSURE JANUARY 31, 2024
   Value   % of Total
Investments		 
US Dollar  $94,204,105    65.9%
European Monetary Unit   11,398,617    8.0%
Hong Kong Dollar   6,546,430    4.6%
Indian Rupee   5,742,454    4.0%
Japanese Yen   5,644,401    3.9%
British Pound Sterling   4,636,725    3.2%
New Taiwan Dollar   4,562,795    3.2%
Canadian Dollar   3,235,593    2.3%
South Korean Won   1,159,839    0.8%
Indonesian Rupiah   1,005,040    0.7%
Mexican Peso   984,687    0.7%
Chinese Yuan Renminbi   815,956    0.6%
Brazilian Real   774,971    0.5%
Swiss Franc   713,910    0.5%
Australian Dollar   664,273    0.5%
Thai Baht   337,364    0.2%
UAE Dirham   228,997    0.2%
Swedish Krona   114,134    0.1%
Philippine Peso   108,473    0.1%
South African Rand   48,423    —%
Polish Zloty   40,463    —%
Total Investments Net of Written Options  $142,967,650    100.0%
           
Currency exposure may vary over time.          

 

See accompanying Notes to Schedule of Investments

 

14

 

 

 

Calamos Long/Short Equity & Dynamic Income Trust 

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
Asset Backed Security (0.0%)
   Other (0.0%)     
145,000  SVC ABS, LLC Series 2023-1A, Class C*~     
   6.700%, 02/20/53     
   (Cost $134,032)  $133,424 
Corporate Bonds (33.2%)
    Airlines (0.2%)
172,088  Alaska Airlines Pass Through Trust Series 2020-1, Class A*     
   4.800%, 02/15/29   167,049 
80,546  Alaska Airlines Pass Through Trust Series 2020-1, Class B*~     
   8.000%, 02/15/27   81,377 
193,760  American Airlines Pass Through Trust Series 2021-1, Class B     
   3.950%, 01/11/32   172,867 
108,000  American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*~     
   5.500%, 04/20/26   107,021 
182,500  British Airways Pass Through Trust Series 2021-1, Class B*~     
   3.900%, 03/15/33   165,584 
143,580  JetBlue Pass Through Trust Series 2020-1, Class B~     
   7.750%, 05/15/30   144,817 
       838,715 
    Communication Services (2.2%)
200,000  Altice France Holding, SA*     
   10.500%, 05/15/27   115,570 
225,000  Altice France, SA*~     
   5.500%, 10/15/29   166,187 
225,000  APi Group DE, Inc.*~     
   4.750%, 10/15/29   210,695 
200,000  Ashtead Capital, Inc.*     
   2.450%, 08/12/31   162,982 
   Audacy Capital Corp.*@     
231,000  6.750%, 03/31/29   9,325 
91,000  6.500%, 05/01/27   3,883 
162,000  Cincinnati Bell Telephone Company, LLC~     
   6.300%, 12/01/28   143,686 
180,000  Clear Channel Outdoor Holdings, Inc.*     
   9.000%, 09/15/28   188,098 
262,000  Consolidated Communications, Inc.*~     
   6.500%, 10/01/28   228,283 
   CSC Holdings, LLC*~     
285,000  5.375%, 02/01/28   245,302 
240,000  5.500%, 04/15/27   215,786 
215,000  4.500%, 11/15/31   154,514 
200,000  5.750%, 01/15/30   106,206 
200,000  4.625%, 12/01/30   103,500 
   Diamond Sports Group, LLC / Diamond Sports Finance Company*@     
150,000  6.625%, 08/15/27   10,265 
115,000  5.375%, 08/15/26   8,117 
244,000  Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*~     
   5.875%, 08/15/27  232,012 
195,000  Frontier California, Inc.     
   6.750%, 05/15/27   188,598 
   Frontier Communications Holdings, LLC*     
123,000  5.000%, 05/01/28   113,650 
48,000  8.750%, 05/15/30   49,186 
202,000  Frontier Florida, LLC~@     
   6.860%, 02/01/28   194,649 
280,000  Frontier North, Inc.~@     
   6.730%, 02/15/28   268,604 
165,000  Go Daddy Operating Company, LLC / GD Finance Company, Inc.*~     
   3.500%, 03/01/29   149,444 
   iHeartCommunications, Inc.     
115,000  8.375%, 05/01/27   71,943 
70,000  5.250%, 08/15/27*   54,427 
230,000  LCPR Senior Secured Financing DAC*~     
   6.750%, 10/15/27   223,031 
151,589  Ligado Networks, LLC*     
   15.500%, 11/01/23     
   PIK rate   26,104  
   Lumen Technologies, Inc.     
135,000  7.600%, 09/15/39   35,928 
90,000  4.000%, 02/15/27*   47,648 
45,000  7.650%, 03/15/42   12,407 
95,000  Match Group Holdings II, LLC*~     
   3.625%, 10/01/31   81,374 
160,000  Nexstar Media, Inc.*     
   5.625%, 07/15/27   155,766 
   Paramount Global     
711,000  6.375%, 03/30/62~‡     
   5 year CMT + 4.00%   635,371 
180,000  4.900%, 08/15/44   142,398 
63,000  Qwest Corp.     
   7.250%, 09/15/25   61,756 
595,000  Rogers Communications, Inc.*~‡     
   5.250%, 03/15/82     
   5 year CMT + 3.59%   567,493 
   Scripps Escrow II, Inc.*     
95,000  3.875%, 01/15/29~   82,638 
48,000  5.375%, 01/15/31   36,904 
195,000  Scripps Escrow, Inc.*     
   5.875%, 07/15/27   175,988 
   Sirius XM Radio, Inc.*     
195,000  5.500%, 07/01/29   185,601 
185,000  4.000%, 07/15/28~   168,087 
90,000  3.125%, 09/01/26~   84,172 
48,000  3.875%, 09/01/31~   40,082 
175,000  Spanish Broadcasting System, Inc.*     
   9.750%, 03/01/26   93,063 
165,000  Sprint, LLC     
   7.125%, 06/15/24   165,812 
210,000  Stagwell Global, LLC*~     
   5.625%, 08/15/29   192,786 
190,000  Telesat Canada / Telesat, LLC*     
   4.875%, 06/01/27   112,664 
70,000  Time Warner Cable, LLC     
   7.300%, 07/01/38   73,469 

 

See accompanying Notes to Schedule of Investments

 

1

 

 

Calamos Long/Short Equity & Dynamic Income Trust 

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL      
AMOUNT     VALUE 
230,000  United States Cellular Corp.~     
   6.700%, 12/15/33  $237,146 
135,000  Univision Communications, Inc.*~     
   8.000%, 08/15/28   137,396 
90,000  Viasat, Inc.*     
   5.625%, 04/15/27   84,493 
395,000  Vodafone Group, PLC~‡     
   7.000%, 04/04/79     
   U.S. 5 yr Swap + 4.87%   408,501 
       7,662,990 
    Consumer Discretionary (3.9%)     
228,000  Abercrombie & Fitch Management Company*~     
   8.750%, 07/15/25   232,170 
185,000  Adams Homes, Inc.*     
   9.250%, 10/15/28   189,610 
230,000  Adient Global Holdings Company*~     
   8.250%, 04/15/31   243,138 
156,000  American Axle & Manufacturing, Inc.     
   6.875%, 07/01/28   152,635 
   Ashton Woods USA, LLC / Ashton Woods Finance Company*     
167,000  4.625%, 08/01/29   152,170 
149,000  6.625%, 01/15/28   147,817 
217,000  At Home Group, Inc.*     
   4.875%, 07/15/28   95,947 
   Bath & Body Works, Inc.~     
254,000  6.694%, 01/15/27   258,234 
145,000  6.875%, 11/01/35   145,083 
200,000  Benteler International AG*~     
   10.500%, 05/15/28   214,464 
   Caesars Entertainment, Inc.*     
118,000  4.625%, 10/15/29   107,858 
93,000  8.125%, 07/01/27~   95,521 
   Carnival Corp.*     
92,000  7.625%, 03/01/26   93,492 
89,000  4.000%, 08/01/28   82,551 
12,000  7.000%, 08/15/29~   12,496 
   Carvana Company*     
39,000  14.000%, 06/01/31   34,815 
33,000  13.000%, 06/01/30   29,424 
22,000  12.000%, 12/01/28   19,538 
   CCO Holdings, LLC / CCO Holdings Capital Corp.*     
750,000  4.750%, 03/01/30~   666,855 
250,000  4.500%, 08/15/30~   217,300 
220,000  6.375%, 09/01/29~   214,309 
186,000  4.250%, 02/01/31~   157,004 
96,000  4.750%, 02/01/32   82,436 
96,000  CDI Escrow Issuer, Inc.*     
   5.750%, 04/01/30   92,988 
115,000  Cedar Fair, LP     
   5.250%, 07/15/29   110,075 
92,000  Churchill Downs, Inc.*     
   6.750%, 05/01/31   93,320 
   Dana, Inc.     
155,000  4.250%, 09/01/30   135,679 
140,000  4.500%, 02/15/32   120,568 
   DISH DBS Corp.     
190,000  5.125%, 06/01/29   70,855 
140,000  5.250%, 12/01/26*   110,557 
120,000  7.375%, 07/01/28   53,110 
115,000  7.750%, 07/01/26   68,052 
90,000  5.750%, 12/01/28*   60,711 
186,000  DISH Network Corp.*     
   11.750%, 11/15/27   194,264 
200,000  Empire Resorts, Inc.*     
   7.750%, 11/01/26   185,478 
204,000  Everi Holdings, Inc.*     
   5.000%, 07/15/29   187,711 
190,000  Ford Motor Company~     
   6.100%, 08/19/32   190,124 
   Ford Motor Credit Company, LLC~     
300,000  4.000%, 11/13/30   267,735 
270,000  5.113%, 05/03/29   262,432 
235,000  7.200%, 06/10/30   249,930 
200,000  7.350%, 11/04/27   210,390 
71,000  Gap, Inc.*     
   3.875%, 10/01/31   58,675 
90,000  General Motors Company     
   5.200%, 04/01/45   81,665 
   General Motors Financial Company, Inc.~‡     
765,000  5.700%, 09/30/30^     
   5 year CMT + 5.00%   704,947 
395,000  6.500%, 09/30/28     
   3 mo. USD LIBOR + 3.44%    369,929 
   goeasy, Ltd.*    
315,000  9.250%, 12/01/28~   335,724 
177,000  4.375%, 05/01/26   169,371 
100,000  Goodyear Tire & Rubber Company     
   5.250%, 07/15/31   91,110 
79,000  Group 1 Automotive, Inc.*~     
   4.000%, 08/15/28   72,953 
193,000  Guitar Center, Inc.*     
   8.500%, 01/15/26   171,488 
49,440  JetBlue Pass Through Trust Series 2019-2, Class B     
   8.000%, 11/15/27   49,845 
160,000  Kohl's Corp.     
   5.550%, 07/17/45   109,187 
185,000  LCM Investments Holdings II, LLC*~     
   8.250%, 08/01/31   189,965 
190,000  Liberty Interactive, LLC~     
   8.250%, 02/01/30   101,509 
179,000  Life Time, Inc.*     
   8.000%, 04/15/26   181,073 
90,000  Light & Wonder International, Inc.*~     
   7.500%, 09/01/31   93,788 
70,000  Lindblad Expeditions Holdings, Inc.*~     
   9.000%, 05/15/28   72,807 
123,000  Lindblad Expeditions, LLC*     
   6.750%, 02/15/27   123,093 
125,000  M/I Homes, Inc.     
   3.950%, 02/15/30   112,108 
   Macy's Retail Holdings, LLC     
230,000  6.700%, 07/15/34*~   193,557 
180,000  4.300%, 02/15/43   136,672 
242,000  Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*~     
   4.875%, 05/01/29   224,678 
110,000  Newell Brands, Inc.     
   5.200%, 04/01/26   107,122 
   Nordstrom, Inc.     
90,000  5.000%, 01/15/44~   65,033 

 

See accompanying Notes to Schedule of Investments

 

2

 

 

Calamos Long/Short Equity & Dynamic Income Trust 

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED) 

 

PRINCIPAL      
AMOUNT     VALUE 
86,000  4.250%, 08/01/31  $71,805 
285,000  Patrick Industries, Inc.*     
   4.750%, 05/01/29   262,858 
215,000  PENN Entertainment, Inc.*     
   4.125%, 07/01/29   184,937 
250,000  PetSmart, Inc. / PetSmart Finance Corp.*~     
   4.750%, 02/15/28   233,690 
265,000  Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*~     
   5.625%, 09/01/29   199,746 
95,000  QVC, Inc.     
   5.450%, 08/15/34   63,132 
90,000  Raising Cane's Restaurants, LLC*     
   9.375%, 05/01/29   96,521 
383,000  Rite Aid Corp.*~@     
   8.000%, 11/15/26   290,961 
92,000  Royal Caribbean Cruises, Ltd.*~     
   7.250%, 01/15/30   95,936 
270,000  Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*~     
   4.625%, 03/01/29   232,778 
275,000  Six Flags Entertainment Corp.*~     
   7.250%, 05/15/31   280,825 
212,000  Sonic Automotive, Inc.*~     
   4.625%, 11/15/29   192,032 
147,000  Speedway Motorsports, LLC / Speedway Funding II, Inc.*     
   4.875%, 11/01/27   139,550 
450,000  Station Casinos, LLC*~     
   4.500%, 02/15/28   424,633 
   STL Holding Company, LLC*     
145,000  7.500%, 02/15/26   147,693 
46,000  8.750%, 02/15/29   46,843 
107,000  Taylor Morrison Communities, Inc.*     
   5.750%, 01/15/28   106,644 
45,000  Viking Cruises, Ltd.*     
   9.125%, 07/15/31   48,219 
220,000  Vista Outdoor, Inc.*~     
   4.500%, 03/15/29   216,333 
175,000  ZF North America Capital, Inc.*~     
   7.125%, 04/14/30   184,706 
       13,644,987 
    Consumer Staples (0.8%)     
179,000  1375209 B.C., Ltd.*~     
   9.000%, 01/30/28   173,879 
290,000  Arrow Bidco, LLC*~     
   10.750%, 06/15/25   300,443 
180,000  B&G Foods, Inc.*     
   8.000%, 09/15/28   187,940 
218,000  Central Garden & Pet Company*     
   4.125%, 04/30/31   193,059 
213,000  Edgewell Personal Care Company*     
   4.125%, 04/01/29   195,001 
   Energizer Holdings, Inc.*     
263,000  4.375%, 03/31/29~   238,157 
48,000  6.500%, 12/31/27   47,846 
   JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.     
280,000  5.500%, 01/15/30~   274,114 
120,000  5.125%, 02/01/28   119,068 
70,000  5.750%, 04/01/33   69,412 
395,000  Land O' Lakes, Inc.*~     
   7.000%, 09/18/28   300,346 
191,000  Performance Food Group, Inc.*~     
   4.250%, 08/01/29   175,166 
140,000  Pilgrim's Pride Corp.     
   4.250%, 04/15/31   126,309 
182,000  Prestige Brands, Inc.*~     
   3.750%, 04/01/31   158,662 
155,000  United Natural Foods, Inc.*     
   6.750%, 10/15/28   130,433 
293,000  Vector Group, Ltd.*~     
   5.750%, 02/01/29   270,612 
       2,960,447 
    Energy (3.4%)     
100,000  Antero Resources Corp.*     
   5.375%, 03/01/30   95,511 
192,000  Apache Corp.     
   5.100%, 09/01/40   165,120 
135,000  Buckeye Partners, LP     
   5.850%, 11/15/43   111,510 
270,000  Callon Petroleum Company*~     
   7.500%, 06/15/30   284,623 
96,000  Cheniere Energy, Inc.     
   4.625%, 10/15/28   93,026 
139,000  Chesapeake Energy Corp.*~     
   6.750%, 04/15/29   140,699 
256,000  Civitas Resources, Inc.*~     
   8.750%, 07/01/31   273,226 
   Continental Resources, Inc.*     
135,000  2.875%, 04/01/32   110,273 
95,000  5.750%, 01/15/31   94,588 
150,000  DT Midstream, Inc.*~     
   4.125%, 06/15/29   137,938 
   Earthstone Energy Holdings, LLC*~     
181,000  8.000%, 04/15/27   187,581 
70,000  9.875%, 07/15/31   77,788 
   Enbridge, Inc.~‡     
945,000  7.375%, 01/15/83     
   5 year CMT + 3.71%   946,663 
920,000  5.750%, 07/15/80     
   5 year CMT + 5.31%   862,362 
   Energy Transfer, LP     
560,000  6.500%, 11/15/26~‡     
   5 year CMT + 5.69%   541,621 
345,000  8.000%, 05/15/54~   357,241 
170,000  9.669%, 02/16/24     
   3 mo. USD LIBOR + 4.03%   167,103 
125,000  8.586%, 11/01/66‡     
   3 mo. SOFR + 3.28%   111,664 
   EnLink Midstream Partners, LP~     
835,000  9.756%, 03/04/24‡     
   3 mo. SOFR + 4.37%   789,309 
205,000  4.850%, 07/15/26   201,443 
113,000  Enlink Midstream, LLC*     
   6.500%, 09/01/30   115,785 
   Enterprise Products Operating, LLC‡     
205,000  5.250%, 08/16/77~     
   3 mo. SOFR + 3.29%   198,184 
185,000  8.638%, 08/16/77     
   3 mo. SOFR + 3.25%   184,382 

 

See accompanying Notes to Schedule of Investments

 

3

 

 

Calamos Long/Short Equity & Dynamic Income Trust 

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
310,000  EQM Midstream Partners, LP*~     
   7.500%, 06/01/27  $319,033 
196,000  Genesis Energy, LP / Genesis Energy Finance Corp.~     
   8.875%, 04/15/30   205,190 
255,000  Gulfport Energy Corp.*~     
   8.000%, 05/17/26   257,499 
265,000  Hilcorp Energy I, LP / Hilcorp Finance Company*~     
   6.000%, 04/15/30   257,493 
144,000  Howard Midstream Energy Partners, LLC*     
   6.750%, 01/15/27   144,444 
81,000  Kodiak Gas Services, LLC*     
   7.250%, 02/15/29   81,954 
186,000  Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*     
   6.000%, 08/01/26   183,960 
   Moss Creek Resources Holdings, Inc.*     
75,000  7.500%, 01/15/26   74,762 
70,000  10.500%, 05/15/27   72,097 
   Nabors Industries, Inc.*     
135,000  7.375%, 05/15/27   133,568 
70,000  9.125%, 01/31/30   71,427 
135,000  Nabors Industries, Ltd.*     
   7.500%, 01/15/28   123,692 
180,000  New Fortress Energy, Inc.*~     
   6.750%, 09/15/25   177,899 
138,000  Oceaneering International, Inc.     
   6.000%, 02/01/28   135,294 
200,000  Parkland Corp.*~     
   5.875%, 07/15/27   198,548 
99,000  Patterson-UTI Energy, Inc.     
   5.150%, 11/15/29   95,662 
46,000  Permian Resources Operating LLC*     
   7.000%, 01/15/32   47,531 
750,000  Plains All American Pipeline, LP~‡     
   9.751%, 03/04/24     
   3 mo. SOFR + 4.37%   743,107 
265,000  Rockcliff Energy II, LLC*~     
   5.500%, 10/15/29   246,932 
98,000  Southwestern Energy Company~     
   4.750%, 02/01/32   90,843 
261,250  Transocean, Inc.*~     
   8.750%, 02/15/30   273,348 
   Venture Global Calcasieu Pass, LLC*     
115,000  6.250%, 01/15/30   115,319 
45,000  4.125%, 08/15/31~   39,864 
45,000  3.875%, 08/15/29~   40,225 
   Venture Global LNG, Inc.*     
230,000  8.375%, 06/01/31   233,043 
140,000  8.125%, 06/01/28   141,784 
90,000  9.875%, 02/01/32   94,677 
90,000  9.500%, 02/01/29   95,689 
   Vital Energy, Inc.     
117,000  9.750%, 10/15/30   124,404 
115,000  7.750%, 07/31/29*   113,612 
280,000  VOC Escrow, Ltd.*~     
   5.000%, 02/15/28   268,204 
235,000  Weatherford International, Ltd.*~     
   8.625%, 04/30/30   240,675 
       11,689,419 
    Financials (14.2%)     
285,000  Acrisure, LLC / Acrisure Finance, Inc.*     
   8.250%, 02/01/29   286,037 
286,000  Aethon United BR, LP / Aethon United Finance Corp.*~     
   8.250%, 02/15/26   285,299 
128,000  AG Issuer, LLC*     
   6.250%, 03/01/28   126,537 
605,000  Aircastle, Ltd.*~‡     
   5.250%, 06/15/26     
   5 year CMT + 4.41%   532,497 
   Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*     
315,000  6.750%, 10/15/27~   308,571 
25,000  7.000%, 01/15/31   25,315 
360,000  Allstate Corp.~‡     
   8.579%, 08/15/53     
   3 mo. SOFR + 3.20%   360,752 
   Ally Financial, Inc.~‡     
1,236,000  4.700%, 05/15/26     
   5 year CMT + 3.87%   1,004,188 
935,000  4.700%, 05/15/28     
   7 year CMT + 3.48%   715,200 
685,000  American International Group, Inc.~‡     
   5.750%, 04/01/48     
   3 mo. USD LIBOR + 2.87%   681,191 
379,000  AmWINS Group, Inc.*~     
   4.875%, 06/30/29   354,248 
1,160,000  Ares Finance Company III, LLC*~‡     
   4.125%, 06/30/51     
   5 year CMT + 3.24%   1,049,719 
141,000  Aviation Capital Group, LLC*~     
   3.500%, 11/01/27   131,460 
835,000  AXIS Specialty Finance, LLC~‡     
   4.900%, 01/15/40     
   5 year CMT + 3.19%   722,208 
   Bank of America Corp.~‡     
1,091,000  6.125%, 04/27/27^     
   5 year CMT + 3.23%   1,091,142 
340,000  5.125%, 06/20/24     
   3 mo. SOFR + 3.55%   338,596 
330,000  6.250%, 09/05/24     
   3 mo. SOFR + 3.97%   329,832 
330,000  6.100%, 03/17/25     
   3 mo. SOFR + 4.16%   330,746 
1,560,000  Bank of New York Mellon Corp.~‡     
   4.700%, 09/20/25     
   5 year CMT + 4.36%   1,540,188 
   BP Capital Markets, PLC~‡     
680,000  4.875%, 03/22/30     
   5 year CMT + 4.40%   645,130 
675,000  4.375%, 06/22/25     
   5 year CMT + 4.04%   661,419 
285,000  BroadStreet Partners, Inc.*~     
   5.875%, 04/15/29   270,590 
215,000  Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*     
   4.500%, 04/01/27   190,671 

 

See accompanying Notes to Schedule of Investments

 

4

 

 

Calamos Long/Short Equity & Dynamic Income Trust 

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED) 

 

PRINCIPAL       
AMOUNT     VALUE 
200,000  Burford Capital Global Financial, LLC*     
   6.875%, 04/15/30  $ 195,096 
1,098,000  Capital One Financial Corp.~‡     
   3.950%, 09/01/26     
   5 year CMT + 3.16%   952,789 
   Charles Schwab Corp.‡     
675,000  5.375%, 06/01/25~^     
   5 year CMT + 4.97%   666,994 
433,000  4.000%, 12/01/30~     
   10 year CMT + 3.08%   360,139 
320,000  4.000%, 06/01/26     
   5 year CMT + 3.17%   291,488 
   Citigroup, Inc.~‡     
1,141,000  3.875%, 02/18/26     
   5 year CMT + 3.42%   1,055,140 
445,000  4.000%, 12/10/25     
   5 year CMT + 3.60%   417,530 
395,000  4.150%, 11/15/26     
   5 year CMT + 3.00%   351,341 
350,000  7.625%, 11/15/28     
   5 year CMT + 3.21%   358,655 
335,000  5.950%, 05/15/25     
   3 mo. SOFR + 4.17%   330,538 
   Citizens Financial Group, Inc.~‡     
1,115,000  4.000%, 10/06/26     
   5 year CMT + 3.22%   979,427 
365,000  5.650%, 10/06/25     
   5 year CMT + 5.31%   357,149 
710,000  Comerica, Inc.     
   5.625%, 07/01/25     
   5 year CMT + 5.29%   689,311 
365,000  Corebridge Financial, Inc.~‡     
   6.875%, 12/15/52     
   5 year CMT + 3.85%   366,445 
   Credit Acceptance Corp.     
175,000  6.625%, 03/15/26   175,231 
125,000  9.250%, 12/15/28*   131,717 
180,000  Cushman & Wakefield U.S. Borrower LLC*     
   8.875%, 09/01/31   189,058 
500,000  Depository Trust & Clearing Corp.*~‡     
   3.375%, 06/20/26     
   5 year CMT + 2.61%   424,885 
   Discover Financial Services~‡     
660,000  6.125%, 06/23/25     
   5 year CMT + 5.78%   647,770 
650,000  5.500%, 10/30/27     
   3 mo. SOFR + 3.34%   538,109 
241,000  Enact Holdings, Inc.*~     
   6.500%, 08/15/25   240,605 
635,000  Enstar Finance, LLC~‡     
   5.500%, 01/15/42     
   5 year CMT + 4.01%   559,587 
1,500,000  Fifth Third Bancorp~‡     
   4.500%, 09/30/25     
   5 year CMT + 4.22%   1,420,020 
160,000  First Citizens BancShares, Inc.‡     
   9.618%, 01/04/27     
   3 mo. SOFR + 4.23%   163,774 
210,000  GGAM Finance, Ltd.*~     
   8.000%, 02/15/27   216,726 
238,000  Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*~     
   3.750%, 12/15/27   203,530 
   Goldman Sachs Group, Inc.~‡     
715,000  4.400%, 02/10/25     
   5 year CMT + 2.85%   681,652 
442,000  4.125%, 11/10/26     
   5 year CMT + 2.95%   402,644 
351,000  7.500%, 02/10/29     
   5 year CMT + 3.16%   368,827 
200,000  GTCR W-2 Merger Sub, LLC*~     
   7.500%, 01/15/31   208,546 
95,000  HAT Holdings I LLC / HAT Holdings II LLC*     
   8.000%, 06/15/27   98,539 
   HUB International, Ltd.*     
276,000  5.625%, 12/01/29~   260,594 
92,000  7.375%, 01/31/32   94,166 
   Huntington Bancshares, Inc.~‡     
940,000  4.450%, 10/15/27     
   7 year CMT + 4.05%   849,262 
505,000  5.625%, 07/15/30     
   10 year CMT + 4.95%   468,625 
144,000  Icahn Enterprises, LP / Icahn Enterprises Finance Corp.~     
   4.375%, 02/01/29   120,489 
510,000  ILFC E-Capital Trust II*~‡     
   7.436%, 12/21/65     
   3 mo. SOFR + 2.06%   404,236 
380,000  Iron Mountain, Inc.*~     
   5.250%, 03/15/28   368,798 
525,000  Jefferies Finance, LLC / JFIN Co-Issuer Corp.*~     
   5.000%, 08/15/28   474,022 
   JPMorgan Chase & Company‡     
2,585,000  3.650%, 06/01/26^     
   5 year CMT + 2.85%   2,387,920 
330,000  6.125%, 04/30/24     
   3 mo. SOFR + 3.59%   330,716 
430,000  KeyCorp~‡     
   5.000%, 09/15/26     
   3 mo. SOFR + 3.87%   383,779 
   Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*~     
379,000  5.250%, 10/01/25   372,955 
195,000  4.750%, 06/15/29   174,654 
175,000  LD Holdings Group, LLC*     
   6.125%, 04/01/28   142,796 
   Level 3 Financing, Inc.*     
200,000  4.250%, 07/01/28~   67,250 
90,000  4.625%, 09/15/27   47,515 
1,085,000  Liberty Mutual Group, Inc.*~‡     
   4.125%, 12/15/51     
   5 year CMT + 3.32%   950,503 
139,000  LPL Holdings, Inc.*~     
   4.000%, 03/15/29   128,190 
   M&T Bank Corp.‡     
355,000  6.450%, 05/15/24~     
   3 mo. SOFR + 3.87%   353,882 
200,000  5.125%, 11/01/26     
   3 mo. USD LIBOR + 3.52%   182,638 
200,000  5.000%, 08/01/24     
   5 year CMT + 3.17%   190,946 
185,000  Macquarie Airfinance Holdings, Ltd.*     
   8.125%, 03/30/29   192,115 
118,923  Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*     
   14.750%, 11/14/28   129,682 

 

See accompanying Notes to Schedule of Investments

 

5

 

 

Calamos Long/Short Equity & Dynamic Income Trust 

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
670,000  Markel Corp.~‡     
   6.000%, 06/01/25     
   5 year CMT + 5.66%  $664,627 
   MetLife, Inc.~     
792,000  6.400%, 12/15/66   809,171 
605,000  3.850%, 09/15/25‡     
   5 year CMT + 3.58%   580,479 
255,000  Nationstar Mortgage Holdings, Inc.*~     
   5.500%, 08/15/28   242,936 
   Navient Corp.     
197,000  5.000%, 03/15/27   188,019 
100,000  4.875%, 03/15/28   90,956 
125,000  Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*~     
   4.500%, 09/30/28   106,372 
95,000  Newmark Group, Inc.*     
   7.500%, 01/12/29   97,094 
545,000  Northern Trust Corp.~‡     
   4.600%, 10/01/26     
   3 mo. SOFR + 3.46%   522,873 
   OneMain Finance Corp.     
130,000  9.000%, 01/15/29~   137,041 
130,000  3.875%, 09/15/28~   114,247 
95,000  7.125%, 03/15/26   96,349 
98,000  Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*     
   5.875%, 10/01/28   95,950 
1,148,000  PartnerRe Finance B, LLC~‡     
   4.500%, 10/01/50     
   5 year CMT + 3.82%   1,028,287 
295,000  PHH Mortgage Corp.*~     
   7.875%, 03/15/26   272,536 
   PNC Financial Services Group, Inc.~‡     
735,000  3.400%, 09/15/26     
   5 year CMT + 2.60%   634,900 
375,000  6.000%, 05/15/27     
   5 year CMT + 3.00%   359,419 
360,000  6.200%, 09/15/27     
   5 year CMT + 3.24%   353,430 
650,000  Progressive Corp.‡     
   8.185%, 02/22/24     
   3 mo. SOFR + 2.80%   650,286 
785,000  QBE Insurance Group, Ltd.*~‡     
   5.875%, 05/12/25     
   5 year CMT + 5.51%   773,602 
220,000  RHP Hotel Properties, LP / RHP Finance Corp.*~     
   4.500%, 02/15/29   204,673 
   Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*~     
85,000  3.875%, 03/01/31   74,701 
85,000  3.625%, 03/01/29   75,865 
45,000  2.875%, 10/15/26   41,763 
199,000  StoneX Group, Inc.*~     
   8.625%, 06/15/25   201,275 
   Truist Financial Corp.~‡     
700,000  4.800%, 09/01/24     
   5 year CMT + 3.00%   669,585 
685,000  4.950%, 09/01/25     
   5 year CMT + 4.61%   667,567 
256,000  5.100%, 03/01/30     
   10 year CMT + 4.35%   237,289 
765,000  U.S. Bancorp~‡     
   5.300%, 04/15/27     
   3 mo. SOFR + 3.18%   720,125 
   United Wholesale Mortgage, LLC*~     
221,000  5.500%, 04/15/29   208,995 
90,000  5.750%, 06/15/27   88,460 
   Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*     
93,000  10.500%, 02/15/28   94,641 
90,000  6.500%, 02/15/29~   63,513 
210,000  VZ Secured Financing, BV*~     
   5.000%, 01/15/32   183,637 
   Wells Fargo & Company~‡     
1,480,000  3.900%, 03/15/26     
   5 year CMT + 3.45%   1,388,196 
1,340,000  7.625%, 09/15/28     
   5 year CMT + 3.61%   1,410,457 
208,000  XHR, LP*~     
   6.375%, 08/15/25   208,343 
       49,458,190 
    Health Care (1.0%)     
   Bausch Health Companies, Inc.*     
318,000  11.000%, 09/30/28~   218,571 
72,000  6.125%, 02/01/27   45,698 
62,000  14.000%, 10/15/30   35,086 
   CHS/Community Health Systems, Inc.*     
377,000  6.125%, 04/01/30~   249,740 
108,000  6.875%, 04/15/29~   74,548 
104,000  8.000%, 03/15/26   102,473 
90,000  10.875%, 01/15/32   94,557 
24,000  5.250%, 05/15/30   19,950 
   DaVita, Inc.*     
222,000  3.750%, 02/15/31~   183,132 
197,000  4.625%, 06/01/30   174,449 
   Embecta Corp.*     
144,000  5.000%, 02/15/30~   117,985 
48,000  6.750%, 02/15/30   42,353 
   Encompass Health Corp.~     
100,000  4.750%, 02/01/30   94,001 
100,000  4.500%, 02/01/28   95,665 
200,000  Jazz Securities DAC*~     
   4.375%, 01/15/29   185,032 
   Medline Borrower, LP*~     
233,000  5.250%, 10/01/29   217,436 
230,000  3.875%, 04/01/29   208,504 
350,000  Organon & Company / Organon Foreign Debt Co-Issuer, BV*~     
   5.125%, 04/30/31   301,487 
470,000  Tenet Healthcare Corp.~     
   6.875%, 11/15/31   484,485 
   Teva Pharmaceutical Finance Netherlands III, BV     
230,000  5.125%, 05/09/29~   222,003 
200,000  4.750%, 05/09/27~   193,500 
115,000  3.150%, 10/01/26   107,362 
       3,468,017 
    Industrials (3.0%)     
220,000  ACCO Brands Corp.*~     
   4.250%, 03/15/29   199,665 
800,000  AerCap Holdings, NV~‡     
   5.875%, 10/10/79     
   5 year CMT + 4.54%   794,760 

 

See accompanying Notes to Schedule of Investments

 

6

 

 

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
   Air Lease Corp.~‡     
885,000  4.125%, 12/15/26     
   5 year CMT + 3.15%  $750,091 
810,000  4.650%, 06/15/26     
   5 year CMT + 4.08%   749,161 
   Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*     
315,000  4.625%, 01/15/27~   305,811 
145,000  5.875%, 02/15/28   144,926 
175,000  Allegiant Travel Company*~     
   7.250%, 08/15/27   171,237 
108,000  Arcosa, Inc.*     
   4.375%, 04/15/29   101,358 
740,000  ARD Finance, SA*~     
   6.500%, 06/30/27     
   7.250% PIK rate   359,107 
151,000  Beacon Roofing Supply, Inc.*     
   4.125%, 05/15/29   136,918 
   Bombardier, Inc.*     
90,000  8.750%, 11/15/30   94,705 
90,000  7.875%, 04/15/27   90,124 
191,000  BWX Technologies, Inc.*     
   4.125%, 04/15/29   177,267 
185,000  Cascades, Inc. / Cascades USA, Inc.*     
   5.375%, 01/15/28   181,555 
48,000  Delta Air Lines, Inc. / SkyMiles IP, Ltd.*~     
   4.750%, 10/20/28   47,247 
245,000  Deluxe Corp.*~     
   8.000%, 06/01/29   220,716 
188,000  Eco Material Technologies, Inc.*~     
   7.875%, 01/31/27   188,256 
92,000  Emerald Debt Merger Sub, LLC*     
   6.625%, 12/15/30   93,003 
   EnerSys*     
90,000  6.625%, 01/15/32   91,300 
85,000  4.375%, 12/15/27   80,541 
118,000  Graham Packaging Company, Inc.*     
   7.125%, 08/15/28   106,025 
88,000  Graphic Packaging International, LLC*     
   3.500%, 03/01/29   79,592 
203,000  Great Lakes Dredge & Dock Corp.*     
   5.250%, 06/01/29   176,308 
443,000  H&E Equipment Services, Inc.*~     
   3.875%, 12/15/28   402,598 
236,000  Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*~     
   5.750%, 01/20/26   221,958 
290,000  Herc Holdings, Inc.*~     
   5.500%, 07/15/27   285,044 
220,000  IEA Energy Services, LLC*~     
   6.625%, 08/15/29   207,060 
   JELD-WEN, Inc.*     
110,000  4.625%, 12/15/25   107,582 
95,000  4.875%, 12/15/27   90,731 
305,000  Ken Garff Automotive, LLC*~     
   4.875%, 09/15/28   285,019 
185,000  Knife River Holding Company*~     
   7.750%, 05/01/31   194,631 
51,000  MasTec, Inc.*     
   4.500%, 08/15/28   47,920 
107,000  Moog, Inc.*~     
   4.250%, 12/15/27   100,327 
230,000  Newfold Digital Holdings Group, Inc.*~     
   6.000%, 02/15/29   174,216 
172,000  Novelis Corp.*~     
   4.750%, 01/30/30   159,742 
70,000  OI European Group, BV*     
   4.750%, 02/15/30   64,856 
225,000  Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*~     
   4.000%, 10/15/27   210,071 
   Sealed Air Corp.*     
144,000  6.125%, 02/01/28   144,786 
48,000  5.000%, 04/15/29   46,300 
50,000  Sealed Air Corp./Sealed Air Corp. U.S.*     
   7.250%, 02/15/31   52,454 
98,000  Sensata Technologies, Inc.*     
   3.750%, 02/15/31   85,370 
   Sinclair Television Group, Inc.*     
141,000  4.125%, 12/01/30~   109,083 
100,000  5.500%, 03/01/30   77,120 
195,000  Standard Industries, Inc.*     
   5.000%, 02/15/27   189,682 
315,000  Stanley Black & Decker, Inc.~‡     
   4.000%, 03/15/60     
   5 year CMT + 2.66%   275,319 
150,000  Stericycle, Inc.*~     
   3.875%, 01/15/29   136,563 
45,000  Summit Materials LLC / Summit Materials Finance Corp.*     
   7.250%, 01/15/31   46,805 
   TransDigm, Inc.     
195,000  6.875%, 12/15/30*~   200,548 
140,000  6.750%, 08/15/28*   142,474 
135,000  7.500%, 03/15/27~   135,444 
103,000  6.250%, 03/15/26*   102,513 
70,000  7.125%, 12/01/31*   73,028 
186,000  Tronox, Inc.*~     
   4.625%, 03/15/29   164,439 
70,780  United Airlines Pass Through Trust Series 2019-2, Class B     
   3.500%, 11/01/29   64,730 
187,000  Vertiv Group Corp.*~     
   4.125%, 11/15/28   174,166 
201,000  Wabash National Corp.*     
   4.500%, 10/15/28   183,302 
150,000  Waste Pro USA, Inc.*     
   5.500%, 02/15/26   145,757 
   Williams Scotsman, Inc.*     
107,000  4.625%, 08/15/28~   101,030 
90,000  7.375%, 10/01/31   94,368 
       10,636,709 
Information Technology (0.8%)
46,000  Booz Allen Hamilton, Inc.*     
   4.000%, 07/01/29   43,209 
112,000  Coherent Corp.*~     
   5.000%, 12/15/29   104,903 
194,000  CommScope Technologies, LLC*     
   6.000%, 06/15/25   154,405 
175,000  CommScope, Inc.*~     
   4.750%, 09/01/29   115,883 

 

See accompanying Notes to Schedule of Investments

 

7

 

 

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
96,000  Dun & Bradstreet Corp.*     
   5.000%, 12/15/29  $89,347 
56,000  Fair Isaac Corp.*     
   4.000%, 06/15/28   52,203 
210,000  KBR, Inc.*     
   4.750%, 09/30/28   193,750 
   MPH Acquisition Holdings, LLC*~     
210,000  5.750%, 11/01/28   167,208 
95,000  5.500%, 09/01/28   84,478 
93,000  NCL Corp., Ltd.*     
   8.125%, 01/15/29   97,631 
96,000  NCR Voyix Corp.*     
   5.125%, 04/15/29   90,400 
143,000  ON Semiconductor Corp.*~     
   3.875%, 09/01/28   131,288 
   Open Text Corp.*~     
129,000  3.875%, 02/15/28   119,922 
90,000  6.900%, 12/01/27   93,556 
72,000  3.875%, 12/01/29   65,023 
72,000  Open Text Holdings, Inc.*~     
   4.125%, 12/01/31   63,750 
172,000  Playtika Holding Corp.*~     
   4.250%, 03/15/29   149,243 
265,000  TTM Technologies, Inc.*~     
   4.000%, 03/01/29   239,817 
   Twilio, Inc.~     
130,000  3.625%, 03/15/29   117,545 
47,000  3.875%, 03/15/31   41,449 
69,000  UKG, Inc.*     
   6.875%, 02/01/31   69,852 
205,000  Viavi Solutions, Inc.*     
   3.750%, 10/01/29   178,690 
220,000  ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*~     
   3.875%, 02/01/29   196,020 
       2,659,572 
Materials (0.7%)
150,000  ArcelorMittal, SA~     
   7.000%, 10/15/39   163,765 
90,000  ATI, Inc.     
   5.875%, 12/01/27   88,620 
46,000  Carpenter Technology Corp.~     
   7.625%, 03/15/30   47,604 
145,000  Chemours Company*~     
   4.625%, 11/15/29   126,937 
300,000  Clearwater Paper Corp.*~     
   4.750%, 08/15/28   281,697 
139,000  Cleveland-Cliffs, Inc.*     
   6.750%, 04/15/30   140,282 
   Commercial Metals Company     
96,000  4.125%, 01/15/30   87,861 
48,000  4.375%, 03/15/32   42,969 
250,000  Constellium, SE*~     
   3.750%, 04/15/29   225,395 
96,000  HB Fuller Company     
   4.250%, 10/15/28   89,555 
165,000  Kaiser Aluminum Corp.*     
   4.625%, 03/01/28   152,155 
53,000  LSF11 A5 HoldCo, LLC*     
   6.625%, 10/15/29   45,187 
   Mercer International, Inc.     
244,000  5.125%, 02/01/29~   209,491 
90,000  12.875%, 10/01/28*   96,783 
200,000  OCI, NV*~     
   6.700%, 03/16/33   199,968 
   Owens-Brockway Glass Container, Inc.*     
135,000  7.250%, 05/15/31   136,282 
100,000  6.625%, 05/13/27   100,124 
80,000  Silgan Holdings, Inc.~     
   4.125%, 02/01/28   75,370 
96,000  Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.*     
   5.125%, 04/01/29   37,726 
       2,347,771 
Other (0.1%)
   Gen Digital, Inc.*     
90,000  7.125%, 09/30/30   93,396 
90,000  6.750%, 09/30/27   91,506 
       184,902 
Real Estate (0.2%)
152,000  EPR Properties     
   3.750%, 08/15/29   135,541 
   Forestar Group, Inc.*     
139,000  5.000%, 03/01/28   132,214 
97,000  3.850%, 05/15/26   92,254 
211,000  MIWD Holdco II, LLC / MIWD Finance Corp.*~     
   5.500%, 02/01/30   192,284 
95,000  Service Properties Trust     
   5.250%, 02/15/26   92,061 
       644,354 
Special Purpose Acquisition Companies (0.1%)
   Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*     
185,000  6.750%, 01/15/30~   166,535 
96,000  4.625%, 01/15/29   88,486 
       255,021 
Utilities (2.6%)
910,000  Algonquin Power & Utilities Corp.~‡     
   4.750%, 01/18/82     
   5 year CMT + 3.25%   791,272 
200,000  American Electric Power Company, Inc.‡     
   3.875%, 02/15/62     
   5 year CMT + 2.68%   175,548 
590,000  CMS Energy Corp.~‡     
   4.750%, 06/01/50     
   5 year CMT + 4.12%   533,041 
   Dominion Energy, Inc.~‡     
580,000  4.650%, 12/15/24     
   5 year CMT + 2.99%   561,243 
367,000  4.350%, 01/15/27     
   5 year CMT + 3.20%   334,102 
   Duke Energy Corp.~‡     
800,000  4.875%, 09/16/24     
   5 year CMT + 3.39%   794,000 
368,000  3.250%, 01/15/82     
   5 year CMT + 2.32%   301,149 
655,000  Emera, Inc.~‡     
   6.750%, 06/15/76     
   3 mo. USD LIBOR + 5.44%   646,282 

 

See accompanying Notes to Schedule of Investments

 

8

 

 

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
   National Rural Utilities Cooperative Finance Corp.~‡     
712,000  7.125%, 09/15/53     
   5 year CMT + 3.53%  $738,038 
385,000  5.250%, 04/20/46     
   3 mo. USD LIBOR + 3.63%   372,688 
770,000  NextEra Energy Capital Holdings, Inc.~‡     
   3.800%, 03/15/82     
   5 year CMT + 2.55%   676,868 
434,000  PPL Capital Funding, Inc.~‡     
   8.275%, 03/30/67     
   3 mo. SOFR + 2.93%   416,471 
   Sempra~‡     
560,000  4.875%, 10/15/25     
   5 year CMT + 4.55%   549,847 
240,000  4.125%, 04/01/52     
   5 year CMT + 2.87%   212,947 
   Southern Company~‡     
1,028,000  4.000%, 01/15/51     
   5 year CMT + 3.73%   989,378 
280,000  3.750%, 09/15/51     
   5 year CMT + 2.92%   261,842 
   Vistra Corp.*‡     
305,000  7.000%, 12/15/26~     
   5 year CMT + 5.74%   297,741 
185,000  8.000%, 10/15/26     
   5 year CMT + 6.93%   185,857 
205,000  WEC Energy Group, Inc.‡     
   7.754%, 05/15/67     
   3 mo. SOFR + 2.37%   194,250 
       9,032,564 
   Total Corporate Bonds     
   (Cost $122,567,583)   115,483,658 
         
Convertible Bonds (0.2%)
Communication Services (0.1%)
183,000  Cable One, Inc.µ     
   0.000%, 03/15/26   157,217 
         
Consumer Discretionary (0.1%)
   DISH Network Corp.µ     
166,000  2.375%, 03/15/24   162,755 
272,000  0.000%, 12/15/25   194,684 
       357,439 
Other (0.0%)
95,000  Multiplan Corp.*µ     
   6.000%, 10/15/27   66,540 
   Total Convertible Bonds     
   (Cost $596,513)   581,196 
         
Bank Loans (2.7%) ¡
Airlines (0.1%)
140,250  American Airlines, Inc.‡     
   10.329%, 04/20/28     
   3 mo. SOFR + 4.75%   143,922 
129,500  Mileage Plus Holdings, LLC‡     
   10.770%, 06/21/27     
   3 mo. SOFR + 5.25%   133,641 
       277,563 
Communication Services (0.2%)
48,730  Clear Channel Outdoor Holdings, Inc.‡     
   9.074%, 08/21/26     
   3 mo. SOFR + 3.50%  48,247 
297,432  DirecTV Financing, LLC!     
   0.000%, 08/02/29   297,681 
284,000  Entercom Media Corp.‡&     
   8.149%, 11/18/24     
   3 mo. SOFR + 2.50%   159,461 
90,000  Telesat Canada‡     
   8.400%, 12/07/26     
   3 mo. SOFR + 2.75%   55,249 
       560,638 
Consumer Discretionary (0.5%)
144,000  American Axle & Manufacturing, Inc.‡     
   8.936%, 12/13/29     
   1 mo. SOFR + 3.50%   144,271 
178,650  Caesars Entertainment, Inc.‡     
   8.663%, 02/06/30     
   3 mo. SOFR + 3.25%   178,793 
209,466  Carnival Corp.‡     
   8.697%, 10/18/28     
   1 mo. SOFR + 3.25%   209,760 
184,075  Carnival Corp.‡     
   8.336%, 08/08/27     
   1 mo. SOFR + 3.00%   184,397 
188,575  Hanesbrands, Inc.‡     
   9.083%, 03/08/30     
   1 mo. SOFR + 3.75%   187,868 
109,382  Life Time Fitness, Inc.‡     
   9.824%, 01/15/26     
   3 mo. SOFR + 4.25%   110,148 
109,050  Petco Health & Wellness Company, Inc.‡     
   8.860%, 03/03/28     
   3 mo. SOFR + 3.25%   102,656 
311,841  PetSmart, Inc.‡     
   9.183%, 02/11/28     
   1 mo. SOFR + 3.75%   310,835 
124,057  TKC Holdings, Inc.‡     
   10.947%, 05/15/28     
   1 mo. SOFR + 5.50%   120,304 
184,888  Windsor Holdings III, LLC‡     
   9.848%, 08/01/30     
   1 mo. SOFR + 4.50%   185,376 
       1,734,408 
Consumer Staples (0.2%)
382,823  Amneal Pharmaceuticals, LLC‡     
   10.833%, 05/04/28     
   1 mo. SOFR + 5.50%   380,909 
197,601  Jazz Financing Lux Sarl‡     
   8.447%, 05/05/28     
   1 mo. SOFR + 3.00%   197,724 
20,000  Shearer's Foods, Inc.‡     
   1.000%, 01/31/31   19,963 
185,000  Star Parent, Inc.‡     
   9.348%, 09/27/30     
   3 mo. SOFR + 4.00%   180,953 

 

See accompanying Notes to Schedule of Investments

 

9

 

 

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
96,269  United Natural Foods, Inc.‡!     
   8.697%, 10/22/25     
   1 mo. SOFR + 3.25%  $96,204 
       875,753 
Energy (0.1%)
140,000  Buckeye Partners, LP‡     
   7.833%, 11/22/30     
   1 mo. SOFR + 2.50%   140,117 
100,000  New Fortress Energy, Inc.‡     
   10.317%, 10/27/28     
   3 mo. SOFR + 5.00%   100,200 
238,424  Par Petroleum, LLC‡     
   9.738%, 02/28/30     
   3 mo. SOFR + 4.25%   238,633 
       478,950 
Financials (0.4%)
45,000  Advisor Group, Inc.‡     
   9.833%, 08/17/28     
   1 mo. SOFR + 4.50%   45,014 
150,835  Alliant Holdings Intermediate LLC‡     
   8.833%, 11/06/30     
   1 mo. SOFR + 3.50%   151,321 
134,326  Amynta Agency Borrower, Inc.‡     
   9.583%, 02/28/28     
   1 mo. SOFR + 4.25%   134,541 
172,802  AssuredPartners, Inc.‡     
   8.833%, 02/12/27     
   1 mo. SOFR + 3.50%   172,441 
139,650  Avolon TLB Borrower 1, LLC‡     
   7.337%, 06/22/28     
   1 mo. SOFR + 2.00%   139,778 
100,000  Broadstreet Partners, Inc.‡     
   9.083%, 01/27/29     
   1 mo. SOFR + 3.75%   100,062 
180,000  HUB International, Ltd.!     
   0.000%, 06/20/30   180,310 
140,000  Iron Mountain, Inc.‡     
   7.569%, 01/31/31     
   3 mo. SOFR + 2.25%   139,432 
249,456  VFH Parent, LLC‡     
   8.433%, 01/13/29     
   1 mo. SOFR + 3.00%   249,331 
       1,312,230 
Health Care (0.3%)
96,747  Icon Luxembourg Sarl‡     
   7.860%, 07/03/28     
   3 mo. SOFR + 2.25%   96,959 
207,059  Padagis, LLC‡     
   10.341%, 07/06/28     
   3 mo. SOFR + 4.75%   200,848 
24,105  PRA Health Sciences, Inc.‡     
   7.860%, 07/03/28     
   3 mo. SOFR + 2.25%   24,157 
809,005  Team Health Holdings, Inc.‡     
   10.563%, 03/02/27     
   3 mo. SOFR + 5.25%   676,531 
2,313  Team Health Holdings, Inc.‡     
   10.583%, 03/02/27     
   1 mo. SOFR + 5.25%   1,934 
       1,000,429 
Industrials (0.3%)
97,500  ACProducts, Inc.‡     
   9.860%, 05/17/28     
   3 mo. SOFR + 4.25%   84,592 
85,300  ACProducts, Inc.!     
   0.000%, 05/17/28   74,008 
118,200  Air Canada‡     
   9.139%, 08/11/28     
   3 mo. SOFR + 3.50%   118,468 
172,804  ChampionX Corp.‡     
   8.187%, 06/07/29     
   1 mo. SOFR + 2.75%   173,560 
121,560  Emrld Borrower, LP‡     
   8.313%, 05/31/30     
   1 mo. SOFR + 3.00%   121,735 
197,000  Light and Wonder International, Inc.‡     
   8.083%, 04/14/29     
   1 mo. SOFR + 3.00%   197,000 
180,000  TransDigm, Inc.‡     
   8.598%, 02/14/31     
   3 mo. SOFR + 3.25%   180,433 
193,508  United Airlines, Inc.‡     
   9.201%, 04/21/28     
   1 mo. SOFR + 3.75%   194,128 
       1,143,924 
Information Technology (0.2%)
241,785  Banff Merger Sub, Inc.‡     
   9.583%, 12/29/28     
   1 mo. SOFR + 4.25%   242,389 
196,369  Camelot Finance SA‡     
   8.337%, 10/30/26     
   1 mo. SOFR + 3.00%   196,467 
169,663  Central Parent, Inc.‡     
   9.348%, 07/06/29     
   3 mo. SOFR + 4.00%   170,193 
171,504  II-VI, Inc.‡     
   8.087%, 07/02/29     
   1 mo. SOFR + 2.75%   171,033 
       780,082 
Materials (0.3%)
134,663  Chemours Company‡     
   8.833%, 08/18/28     
   1 mo. SOFR + 3.50%   134,528 
184,075  Ineos US Finance, LLC‡     
   8.837%, 02/18/30     
   1 mo. SOFR + 3.50%   182,291 
138,961  Innophos, Inc.‡     
   8.697%, 02/05/27     
   1 mo. SOFR + 3.25%   137,369 
233,825  LSF11 A5 Holdco, LLC‡     
   9.683%, 10/15/28     
   1 mo. SOFR + 4.25%   234,118 
134,198  Trinseo Materials Operating SCA‡     
   8.150%, 05/03/28     
   3 mo. SOFR + 2.50%   103,042 
188,306  W.R. Grace & Co.-Conn.‡     
   9.360%, 09/22/28     
   3 mo. SOFR + 3.75%   188,761 
       980,109 

 

See accompanying Notes to Schedule of Investments

 

10

 

 

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

PRINCIPAL       
AMOUNT     VALUE 
        
    Special Purpose Acquisition Companies (0.1%)
98,500  Clydesdale Acquisition Holdings, Inc.‡     
   9.108%, 04/13/29     
   1 mo. SOFR + 3.67%  $97,992 
44,213  Fertitta Entertainment, LLC‡     
   9.333%, 01/27/29     
   1 mo. SOFR + 4.00%   44,144 
177,750  Patagonia Holdco, LLC‡     
   11.116%, 08/01/29     
   3 mo. SOFR + 5.75%   163,441 
       305,577 
   Total Bank Loans     
   (Cost $9,672,716)   9,449,663 
         
Convertible Preferred Stocks (0.2%)
Energy (0.1%)
14,700  Equitrans Midstream Corp.~‡‡     
   9.750%   323,400 
         
Real Estate (0.1%)
8,025  Realty Income Corp.µ‡‡     
   6.000%   199,822 
   Total Convertible Preferred Stocks     
   (Cost $534,117)   523,222 
         
Preferred Stocks (2.6%)
Communication Services (0.6%)
21,155  AT&T, Inc.µ     
   4.750%, 02/18/25   445,947 
9,450  AT&T, Inc.µ     
   5.350%, 11/01/66   226,800 
36,510  Qwest Corp.µ     
   6.500%, 09/01/56   339,543 
22,306  Telephone & Data Systems, Inc.µ     
   6.000%, 09/30/26   367,826 
26,898  United States Cellular Corp.µ     
   5.500%, 03/01/70   497,882 
22,660  United States Cellular Corp.µ     
   5.500%, 06/01/70   415,811 
       2,293,809 
Consumer Discretionary (0.3%)
7,685  Ford Motor Company~µ     
   6.200%, 06/01/59   194,815 
7,236  Ford Motor Companyµ     
   6.500%, 08/15/62   179,815 
3,615  Guitar Center, Inc.&#     
       296,430 
3,120  Qurate Retail, Inc.µ     
   8.000%, 03/15/31   123,427 
9,600  QVC, Inc.µ     
   6.250%, 11/26/68   115,488 
       909,975 
Energy (0.5%)
31,635  Energy Transfer, LP‡     
   10.364%, 02/09/24     
   3 mo. USD LIBOR + 4.74%   809,540 
22,515  NuStar Energy, LP~‡     
   11.282%, 03/01/24     
   3 mo. SOFR + 5.90%   578,635 
17,500  NuStar Logistics, LP~‡     
   12.310%, 01/15/43     
   3 mo. SOFR + 7.00%   452,550 
       1,840,725 
Financials (0.7%)
15,560  Annaly Capital Management, Inc.‡     
   10.585%, 03/01/24     
   3 mo. USD LIBOR + 4.99%   397,091 
3,675  Capital One Financial Corp.µ     
   4.800%, 06/01/25   71,258 
27,375  CNO Financial Group, Inc.µ     
   5.125%, 11/25/60   472,219 
4,608  Cullen/Frost Bankers, Inc.µ     
   4.450%, 12/15/25   85,248 
8,134  First Citizens BancShares, Inc.µ     
   5.625%, 01/04/27   186,269 
3,288  Goldman Sachs Group, Inc.‡µ     
   6.375%, 05/10/24     
   3 mo. SOFR + 3.81%   84,534 
28,900  Reinsurance Group of America, Inc.‡µ     
   7.125%, 10/15/52     
   5 year CMT + 3.46%   758,914 
16,896  Selective Insurance Group, Inc.µ     
   4.600%, 12/15/25   305,649 
       2,361,182 
Industrials (0.1%)
12,312  WESCO International, Inc.‡µ     
   10.625%, 06/22/25     
   5 year CMT + 10.33%   330,085 
         
Real Estate (0.2%)
23,352  Brookfield Property Partners, LP~     
   5.750%, 03/31/25   270,650 
12,800  Brookfield Property Partners, LP~     
   6.375%, 09/30/24   162,560 
6,245  Global Net Lease, Inc.µ     
   6.875%, 11/26/24   129,334 
5,466  Global Net Lease, Inc.µ‡‡     
       118,448 
       680,992 
Utilities (0.2%)
14,975  Brookfield Renewable Partners, LP~     
   5.250%, 03/31/25   262,062 
13,450  DTE Energy Company~µ     
   5.250%, 12/01/77   318,227 
       580,289 
   Total Preferred Stocks     
   (Cost $10,066,112)   8,997,057 

 

See accompanying Notes to Schedule of Investments

 

11

 

 

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

Number of       
SHARES     VALUE 
        
Common Stocks (83.6%)
    Communication Services (4.5%)
111,000  Alphabet, Inc. - Class Aµ#  $15,551,100 
3,935  Altice USA, Inc. - Class A#   9,602 
1,322  Cumulus Media, Inc. - Class Aµ#   6,081 
       15,566,783 
    Consumer Discretionary (10.5%)
94,500  Amazon.com, Inc.µ#   14,666,400 
93,000  Hyatt Hotels Corp. - Class A~µ   11,938,410 
40,500  Marriott International, Inc. - Class A~   9,709,065 
       36,313,875 
    Consumer Staples (2.9%)
1,522  Mallinckrodt, PLC#   58,216 
122,500  Sysco Corp.µ   9,913,925 
       9,972,141 
    Energy (2.8%)
266,000  BP, PLC (ADR)~   9,336,600 
260  Chesapeake Energy Corp.µ   20,049 
12,950  Energy Transfer, LP~   185,185 
3,970  Enterprise Products Partners, LP   106,237 
       9,648,071 
    Financials (5.4%)
127,000  Morgan Stanley~µ   11,079,480 
153,500  Wells Fargo & Companyµ   7,702,630 
       18,782,110 
    Health Care (14.2%)
48,500  Danaher Corp.µ   11,635,635 
132,000  Medtronic, PLCµ   11,555,280 
109,000  Merck & Company, Inc.µ   13,165,020 
104,500  Zimmer Biomet Holdings, Inc.~µ   13,125,200 
       49,481,135 
    Industrials (22.1%)
34,000  3M Companyµ   3,207,900 
153,000  Air Lease Corp.µ   6,396,930 
20,000EUR  Airbus, SE   3,185,717 
559,000  American Airlines Group, Inc.~µ#   7,954,570 
375,000  CSX Corp.~µ   13,387,500 
50,000  Honeywell International, Inc.µ   10,113,000 
62,900  L3Harris Technologies, Inc.µ   13,109,618 
3,500  Lockheed Martin Corp.~   1,502,935 
30,500  Union Pacific Corp.µ   7,439,865 
254,000  United Airlines Holdings, Inc.µ#   10,510,520 
       76,808,555 
    Information Technology (21.2%)
41,800  Microsoft Corp.µ   16,618,844 
42,700  NVIDIA Corp.µ   26,272,029 
130,000  Oracle Corp.µ   14,521,000 
143,500  Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)~   16,209,760 
       73,621,633 
    Special Purpose Acquisition Company (0.0%)
1,380  Intelsat Emergence, SA~&#   37,605 
   Total Common Stocks     
   (Cost $289,021,100)   290,231,908 

 

NUMBER OF            
CONTRACTS/            
NOTIONAL            
AMOUNT       VALUE  
           
Purchased Options (1.0%) #
Communication Services (0.1%)
    Alphabet, Inc.        
1,110            
11,235,420   Call, 02/09/24, Strike $143.00   $  147,630   
555            
5,617,710   Put, 02/02/24, Strike $143.00     188,700  
100   Meta Platforms, Inc.        
3,901,400   Put, 02/02/24, Strike $370.00     50,750   
          387,080  
Consumer Discretionary (0.1%)
940   Amazon.com, Inc.        
14,588,800   Call, 02/02/24, Strike $160.00     305,500  
Consumer Staples (0.0%)
1,225   Sysco Corp.        
9,913,925   Put, 02/16/24, Strike $75.00     6,125  
Financials (0.1%)
3,070   Wells Fargo & Company        
15,405,260   Call, 02/16/24, Strike $51.00     164,245  
Industrials (0.0%)
135   Eaton Corp., PLC        
3,322,080   Put, 02/16/24, Strike $240.00     56,025  
2,550   United Airlines Holdings, Inc.        
10,551,900   Call, 02/02/24, Strike $42.00     68,850  
          124,875  
Information Technology (0.4%)
378   Microsoft Corp.        
10,290,294   Call, 02/02/24, Strike $380.00     674,730  
785   Taiwan Semiconductor Manufacture        
7,068,140   Call, 02/16/24, Strike $105.00     677,062  
          1,351,792  
Other (0.3%)
    SPDR S&P 500 ETF Trust        
1,740            
84,021,120   Put, 03/15/24, Strike $465.00     489,810  
1,675            
80,882,400   Call, 02/02/24, Strike $491.00     46,063   
1,350            
65,188,800   Put, 02/02/24, Strike $487.00     607,500   
          1,143,373  
    Total Purchased Options        
    (Cost $4,182,196)     3,482,990  
    TOTAL INVESTMENTS (123.5%)        
    (Cost $436,774,369)     428,883,118  
             
LIABILITIES, LESS OTHER ASSETS (-23.5%)     (81,484,207 )
         
NET ASSETS (100.0%)   $ 347,398,911  

 

See accompanying Notes to Schedule of Investments

 

12

 

 

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF       
SHARES     VALUE 
        
Common Stocks Sold Short (-12.9%) #
Consumer Discretionary (-1.3%)
(24,000)  Tesla, Inc.  $(4,494,960)
         
Financials (-2.3%)
(234,000)  Bank of America Corp.   (7,958,340)
         
Health Care (-0.9%)
(1,300)  Mettler-Toledo International, Inc.   (1,556,347)
(9,300)  ResMed, Inc.   (1,768,860)
       (3,325,207)
Industrials (-1.5%)
(80,000)  Uber Technologies, Inc.   (5,221,600)
         
Information Technology (-6.9%)
(2,900)  KLA Corp.   (1,722,716)
(12,000)  Lam Research Corp.   (9,902,040)
(29,800)  Microchip Technology, Inc.   (2,538,364)
(34,500)  Salesforce, Inc.   (9,697,605)
       (23,860,725)
   Total Common Stocks Sold Short     
   (Proceeds $38,027,709)   (44,860,832)
         
Exchange-Traded Funds Sold Short (-58.0%) #
Other (-58.0%)
(385,900) SPDR S&P 500 ETF Trust   (186,343,392)
(82,000)  VanEck Semiconductor ETF   (15,241,340)
         
   Total Exchange-Traded Funds Sold Short     
   (Proceeds $185,028,369)   (201,584,732)
         
TOTAL SECURITIES SOLD SHORT     
(Proceeds $223,056,078)   (246,445,564)

 
NUMBER OF            
CONTRACTS/            
NOTIONAL            
AMOUNT       VALUE  
           
Written Options (-1.5%) #
Communication Services (0.0%)
(100 )  Meta Platforms, Inc.        
(3,901,400 )  Put, 02/02/24, Strike $350.00     (14,150 )
             
Consumer Discretionary (-0.1%)
(475 )  Amazon.com, Inc.        
(7,372,000 )  Call, 03/15/24, Strike $180.00     (52,963 )
(465 )          
(7,216,800 )  Call, 02/16/24, Strike $175.00     (39,757 )
(240 )  Tesla, Inc.        
(4,494,960 )  Put, 02/09/24, Strike $190.00     (154,200 )
          (246,920 )
Consumer Staples (-0.1%)
(1,225 )  Sysco Corp.        
(9,913,925 )  Call, 03/15/24, Strike $80.00     (327,688 )
             
Energy (0.0%)
(12,700 )GBP  Lloyds Banking Group, PLC        
(5,371,973 )  Put, 02/16/24, Strike 0.40     (72,426 )
             
Financials (-0.1%)
(2,340 )  Bank Of America Corp.        
(7,958,340 ) Put, 02/16/24, Strike $32.00     (23,400 )
(1,535 )  Wells Fargo & Company        
(7,702,630 )  Call, 02/16/24, Strike $50.00     (144,290 )
          (167,690 )
Health Care (0.0%)
(265 )  Zimmer Biomet Holdings, Inc.        
(3,328,400 )  Call, 02/16/24, Strike $130.00     (64,925 )
             
Industrials (-0.1%)
(700 )  3M Company        
(6,604,500 )  Put, 02/16/24, Strike $92.00     (76,300 )
    Airbus, SE        
(205 )           
(3,021,522 )EUR  Put, 02/16/24, Strike 145.00     (51,841 )
(205 )           
(3,021,522 )EUR  Put, 02/16/24, Strike 142.00     (31,016 )
    Eaton Corp., PLC        
(135 )           
(3,322,080 ) Put, 02/16/24, Strike $230.00     (21,600 )
(135 )           
(3,322,080 )  Call, 03/15/24, Strike $270.00     (24,975 )
(3,400 ) United Airlines Holdings, Inc.        
(14,069,200 )  Call, 03/15/24, Strike $49.00     (81,600 )
          (287,332 )
Information Technology (-0.9%)
(497 )  Apple, Inc.        
(7,822,780 )  Call, 02/16/24, Strike $200.00     (24,104 )
(716 )  Microsoft Corp.        
(19,491,668 )  Call, 03/15/24, Strike $415.00     (386,640 )
(427 )  Nvidia Corp.        
(11,059,300 )  Call, 03/15/24, Strike $620.00     (1,568,158 )
(54 )  NVIDIA Corp.        
(1,398,600 )  Call, 04/19/24, Strike $700.00     (110,160 )
(785 )  Taiwan Semiconductor Manufacturing Company, Ltd.        
(7,068,140 )  Call, 02/16/24, Strike $100.00     (1,047,975 )
          (3,137,037 )
Other (-0.2%)
    SPDR S&P 500 ETF Trust        
(2,610 )           
(126,031,680 )  Put, 04/19/24, Strike $420.00     (358,875 )
(1,350 )           
(65,188,800 )  Put, 02/16/24, Strike $475.00     (265,950 )
          (624,825 )

 

See accompanying Notes to Schedule of Investments

 

13

 

 

Calamos Long/Short Equity & Dynamic Income Trust

SCHEDULE OF INVESTMENTS JANUARY 31, 2024 (UNAUDITED)

 

NUMBER OF            
CONTRACTS/            
NOTIONAL            
AMOUNT       VALUE  
    Real Estate (0.0%)
         
(130) Digital Realty Trust, Inc.     
(1,825,980) Call, 02/16/24, Strike $135.00  $(104,000)
   Total Written Options     
   (Premium $2,950,647)   (5,046,993)

 

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 Funds. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $125,181,604.
@ In default status and considered non-income producing.
‡ Variable rate security. The rate shown is the rate in effect at January 31, 2024.
^ Security, or portion of security, is on loan.
µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $214,034,455.
¡ 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.
& Illiquid security.
‡‡ Perpetual maturity.
# Non-income producing security.

 

ABBREVIATION

ADR American Depositary Receipt.

 

FOREIGN CURRENCY ABBREVIATIONS

EUR European Monetary Unit
GBP British Pound Sterling

 

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

 

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of January 31, 2024 (see Note 2):

 

   LEVEL 1   LEVEL 2   LEVEL 3   TOTAL 
Assets:                    
Asset Backed Security  $—   $133,424   $—   $133,424 
Corporate Bonds   —    115,483,658    —    115,483,658 
Convertible Bonds   —    581,196    —    581,196 
Bank Loans   —    9,449,663    —    9,449,663 
Convertible Preferred Stocks   199,822    323,400    —    523,222 
Preferred Stocks   8,700,627    296,430    —    8,997,057 
Common Stocks   286,950,370    3,281,538    —    290,231,908 
Purchased Options   3,482,990    —    —    3,482,990 
Total  $299,333,809   $129,549,309   $—   $428,883,118 
                     
Liabilities:                    
Common Stocks Sold Short  $44,860,832   $—   $—   $44,860,832 
Exchange-traded Funds Sold Short   201,584,732    —    —    201,584,732 
Written Options   5,046,993    —    —    5,046,993 
Total  $251,535,161   $—   $—   $251,535,161 

 

See accompanying Notes to Schedule of Investments

 

14

 

 

Notes to Schedule of Investments (Unaudited)

 

Note 1 – Organization and Significant Accounting Policies

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Note 2 – Fair Value Measurements

 

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

 

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

 

 

 

 

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

 

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

 

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