CALAMOS GLOBAL TOTAL RETURN FUND - 1285650

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-21547

EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:	Calamos Global Total Return Fund

ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:	2020 Calamos Court Naperville, Illinois 60563-2787

NAME AND ADDRESS OF AGENT FOR SERVICE:	John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer Calamos Advisors LLC 2020 Calamos Court Naperville, Illinois 60563-2787

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

DATE OF FISCAL YEAR END: October 31, 2023

DATE OF REPORTING PERIOD: November 1, 2022 through October 31, 2023

ITEM 1(a). REPORT TO SHAREHOLDERS.

TIMELY INFORMATION INSIDE

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

Family of Closed-End Funds

ANNUAL REPORT OCTOBER 31, 2023

Domestic Funds

Calamos Convertible Opportunities and Income Fund (Ticker: CHI)

Calamos Convertible and High Income Fund (Ticker: CHY)

Calamos Strategic Total Return Fund (Ticker: CSQ)

Calamos Dynamic Convertible and Income Fund (Ticker: CCD)

Global Funds

Calamos Global Dynamic Income Fund (Ticker: CHW)

Calamos Global Total Return Fund (Ticker: CGO)

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

Experience and Foresight

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

Our Managed Distribution Policy

(for Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, and Calamos Long/Short Equity & Dynamic Income Fund)

Closed-end fund investors often seek a steady stream of income. Recognizing this important need, certain Calamos closed-end funds adhere to a managed distribution policy in which we aim to provide consistent monthly distributions through the disbursement of the following:

• Net investment income

• Net realized short-term capital gains

• Net realized long-term capital gains

• And, if necessary, return of capital

We set distributions at levels that we believe are sustainable for the long term. Each Fund's current monthly distribution per share as of October 31, 2023 is as follows:

• Calamos Convertible Opportunities and Income Fund: $0.0950

• Calamos Convertible and High Income Fund: $0.1000

• Calamos Strategic Total Return Fund: $0.1025

• Calamos Dynamic Convertible and Income Fund: $0.1950

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

Our team focuses on delivering an attractive monthly distribution, while maintaining a long-term emphasis on risk management. The level of a Fund's distribution can be greatly influenced by market conditions, including the interest rate environment, the individual performance of securities held by the funds, our view of retaining leverage, fund tax considerations, and regulatory requirements.

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

For more information about any of the Calamos closed-end funds, we encourage you to contact your financial advisor or Calamos Investments at 800.582.6959 (Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time). You can also visit us at www.calamos.com.

TABLE OF CONTENTS

Letter to Shareholders					1
The Calamos Closed-End Funds: An Overview					5
Additional Information About the Funds					7
Investment Team Discussion
Investment Objective, Principal Investment Strategies and Principal Risks
The Funds
Calamos Convertible Opportunities and Income Fund					41
Calamos Convertible and High Income Fund					48
Calamos Strategic Total Return Fund					57
Calamos Dynamic Convertible and Income Fund					63
Calamos Global Dynamic Income Fund					69
Calamos Global Total Return Fund					74
Calamos Long/Short Equity & Dynamic Income Trust					81
Principal Risks of the Funds					90
Schedules of Investments					110
Statements of Assets and Liabilities					225
Statements of Operations					227
Statements of Changes In Net Assets					229
Statements of Cash Flows					232
Notes to Financial Statements					239
Financial Highlights					254
Report of Independent Registered Public Accounting Firm					267
Trustee Approval of Management Agreements					268
Trustees and Officers					271
Results of 2023 Annual Meeting
Tax Information					277
About Closed-End Funds					278
Managed and Level Distribution Policies					279
Automatic Dividend Reinvestment Plan					280
Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions					281

Letter to Shareholders

JOHN P. CALAMOS, SR.

Founder, Chairman, and Global Chief Investment Officer

Dear Fellow Shareholder:

Welcome to your annual report for the 12 months ending October 31, 2023. In this report, you will find commentary from our portfolio management teams, a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of the Calamos Closed-End Funds.

A new report format developed to help you with your asset allocation decisions

Each Calamos Closed-End Fund is designed to serve income-oriented investors by providing steady, competitive distributions through a multi-asset, risk-managed, and flexible approach. Since we launched our first closed-end fund in 2002, we have selectively expanded our offerings to provide investors with access to the income and return opportunities of an evolving global economy.

Today, our closed-end suite includes seven offerings, including enhanced fixed income and total return funds, focused on either the US or global markets. (Please see page 5 for an overview of the funds.) Whereas we previously provided an individual report for each of our funds, this consolidated report now includes information about all of them. We hope you will welcome this format as an opportunity to learn more about the different ways we can help you pursue your income and total return goals.

Innovative multi-asset approaches designed to provide steady, attractive income

For investors seeking income, we understand the importance of providing a predictable amount of cash from month to month. Each of our closed-end funds is managed with the goal of providing steady (although not assured) monthly distributions through managed rate or level rate distribution policies. As the chart below shows, as of the end of the reporting period, the funds each offered attractive annualized distribution rates versus the yields of market benchmarks. We believe this speaks to the potential benefits of each fund's multi-asset class approach.

www.calamos.com
1

Letter to Shareholders

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. You can purchase or sell common shares daily. Like any other stock, the market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment.

Perspectives on premiums and discounts

I'm often asked about my thoughts on premiums and discounts—specifically, whether investors should be concerned if their fund is trading at a discount to net asset value. Over time, it's quite normal for a closed-end fund to trade at a discount. At Calamos, our teams have a saying, "the flipside of volatility is opportunity." In other words, we recognize that short-term selloffs provide excellent occasions to add favorite positions at a lower cost. Similarly, I believe that for long-term fund investors, when a Calamos closed-end fund trades at a discount, it could be an attractive buying opportunity.

Market review

The reporting period was remarkable for its many ups and downs. Market turmoil reflected uncertainty about interest rates and Federal Reserve policy, energy prices, and inflation. Investors also grappled with anxiety due to a variety of events, including the failures of Silicon Valley Bank and Signature Bank, an autoworkers strike, and contentious debt ceiling negotiations in a polarized US Congress. Emerging secular themes—most notably advances in artificial intelligence and weight loss drugs—disrupted the markets as investors considered which companies and industries were positioned to win or lose.

The final months of the reporting period proved particularly difficult as investors grappled with deepening concerns about the sustainability of corporate earnings, consumer health, and the trajectory of economic growth. Although the Federal Reserve paused its rate tightening in September, the central bank dashed hopes of imminent rate cuts by reinforcing prior guidance that rates would

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
2

Letter to Shareholders

be higher for longer. The yield of the US 10-Year Treasury Bond reached multi-decade highs, while the onset of the Israel-Hamas war intensified geopolitical uncertainty.

Outlook

We see many signs pointing to slower economic growth and increasing risks across sectors. Higher interest rates will take time to work through the economy, with far-reaching consequences for businesses and consumers. Global manufacturing data is trending down, and fuel prices are putting significant pressure on many companies and households. Meanwhile, retailers will likely struggle as consumer nest eggs amassed during the pandemic dwindle and student loan repayments resume. Fiscal policy uncertainty, already elevated, will intensify as the US presidential election approaches. We expect geopolitical crosscurrents will take a toll on individual markets, sectors and industries. Monetary policy will also remain a focal point for the markets as investors contemplate the Federal Reserve's next moves. Against this backdrop, we expect saw-toothed and volatile markets to continue.

Asset allocation considerations

When global financial markets are as turbulent as they have been over recent months, investors may be tempted to retreat to the sidelines or give into short-term thinking. Income-oriented investors have faced added uncertainties as rates have risen. However, as we've noted in the past, jumping in and out of the market is a dangerous strategy—investors tend to capture the downturns and miss the upturns. Instead, establishing an asset allocation that aligns with your needs and risk tolerance is a far better course. Our teams are unwavering in their commitment to you and remain dedicated to seeking competitive distributions while paying close attention to the market risks.

We believe our funds, which have multiple levers for pursuing income and total returns, will be better positioned than those with more limited tools at their disposal. For example, we have the flexibility to invest across fixed income markets. Our bond holdings, such as high yield bonds and convertible bonds, have typically been less susceptible to interest rate changes than longer-duration investment-grade corporate or municipal bonds. Additionally, we believe the funds' judicious use of leverage can continue to provide long-term benefits to shareholders, despite the more recent headwinds of higher interest rates.

In the commentaries that follow, you'll read about the many ways our teams are pursuing competitive distributions and returns while seeking to manage the risks in the current environment. In addition to learning more about your current funds, I invite you to learn more about our other offerings as well. As always, thank you for your continued trust. All of us at Calamos Investments are honored that you have chosen us to help you achieve your asset allocation goals.

Sincerely,

John P. Calamos, Sr.
Founder, Chairman and Global Chief Investment Officer

www.calamos.com
3

Letter to Shareholders

Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

Diversification and asset allocation do not guarantee a profit or protection against a loss. Investments in alternative strategies may not be suitable for all investors.

Source: Calamos Advisors LLC.

Investments in overseas markets pose special risks, including currency fluctuation and political risks. These risks are generally intensified for investments in emerging markets. Countries, regions, and sectors mentioned are presented to illustrate countries, regions, and sectors in which a fund may invest. There are certain risks involved with investing in convertible securities in addition to market risk, such as call risk, dividend risk, liquidity risk and default risk, which should be carefully considered prior to investing.

Shares of closed-end funds frequently trade at a discount which is a market price that is below their net asset value.

Current Annualized Distribution Rate is the Fund's most recent distribution, expressed as an annualized percentage of the Fund's current market price per share. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the level rate distribution policy of CGO and CHW and the managed rate distribution policy of CHI, CHY, CSQ, CCD, and CPZ the distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary. Dividend yield is shown for stocks, current yield is shown for convertibles, yield to worst for remaining indexes. There are material differences between the indexes and the Calamos closed-end funds. Indexes are unmanaged, do not include fees and expenses and are not available for direct investments. Stocks are represented by the S&P 500 Index; US investment grade bonds are represented by the Bloomberg US Aggregate Bond Index; global investment grade bonds are represented by the Bloomberg Global Aggregate Index; short term bonds are represented by Bloomberg US Govt/Credit 1-3 Year Index and high yield bonds are represented by the ICE BofA US High Yield Index.

Current annualized distribution rate is the Fund's most recent distribution, expressed as an annualized percentage of the Fund's current market price per share. The Distribution Details for the distribution paid on 10/19/23, nearest the end of the reporting period are as follows. CHI: The Fund's distribution was $0.0950 per share. Based on our current estimates, we anticipate that approximately $0.0000 is paid from ordinary income, approximately $0.0650 is paid from short-term capital gains, approximately $0.0300 is paid from long-term capital gains and that approximately $0.0000 represents a return of capital. CHY: The Fund's distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.0000 is paid from ordinary income, approximately $0.0617 is paid from short-term capital gains, approximately $0.0383 is paid from long-term capital gains and that approximately $0.0000 represents a return of capital. CHW: The Fund's distribution was $0.0500 per share. Based on our current estimates, we anticipate that approximately $0.0000 is paid from ordinary income, approximately $0.0500 is paid from short-term capital gains, approximately $0.0000 is paid from long-term capital gains and that approximately $0.0000 represents a return of capital. CSQ: The Fund's distribution was $0.1025 per share. Based on our current estimates, we anticipate that approximately $0.0000 is paid from ordinary income, approximately $0.0000 is paid from short-term capital gains, approximately $0.1025 is paid from long-term capital gains and that approximately $0.0000 represents a return of capital. CCD: The Fund's distribution was $0.1950 per share. Based on our current estimates, we anticipate that approximately $0.0000 is paid from ordinary income, approximately $0.1337 is paid from short-term capital gains, approximately $0.0613 is paid from long-term capital gains and that approximately $0.0000 represents a return of capital. CGO: The Fund's distribution was $0.0800 per share. Based on our current estimates, we anticipate that approximately $0.0000 is paid from ordinary income, approximately $0.0800 is paid from short-term capital gains, approximately $0.0000 is paid from long-term capital gains and that approximately $0.0000 represents a return of capital. cgo: The Fund's distribution was $0.1400 per share. Based on our current estimates, we anticipate that approximately $0.0000 is paid from ordinary income, approximately $0.1400 is paid from short-term capital gains, approximately $0.0000 is paid from long-term capital gains and that approximately $0.0000 represents a return of capital.

Fund holdings are subject to change daily. The Funds are actively managed. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable.

Opinions are as of the publication date, subject to change and may not come to pass.

This information is being provided for informational purposes only and should not be considered investment advice or an offer to buy or sell any security in the portfolio.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
4

The Calamos Closed-End Funds: An Overview

Offering Domestic and Global Strategies

Calamos closed-end funds draw upon decades of our pioneering experience, including a long history of opportunistically blending asset classes to capture upside potential while seeking to manage downside risk.

Closed-end funds issue a fixed number of shares through an initial public offering and trade on an exchange. They often employ leverage to pursue high current income or returns, but are primarily valued for their regular attractive distributions by investors seeking a steady income stream. Calamos closed-end funds adhere to distribution policies* that aim to provide consistent monthly distributions through the disbursement of the following:

• Net investment income

• Net realized short-term capital gains

• Net realized long-term capital gains

• And, if necessary, return of capital

We set distributions at levels that we believe are sustainable for the long term yet highly competitive versus other sources of yield. In addition, our team emphasizes ongoing risk management. The level of a fund's distribution can be influenced by market conditions, including the interest rate environment, the individual performance of securities, our view of retaining leverage, fund tax considerations, and regulatory requirements. It's important not to draw conclusions about your fund's investment performance from the amount of its distribution.

Although the funds share a focus on producing income, they can be broadly grouped into two categories: domestic and global.

DOMESTIC**				US ENHANCED FIXED INCOME Calamos Convertible Opportunities and Income Fund (Ticker: CHI) Invests in convertible securities and corporate high-yield bonds, primarily in US markets. Calamos Convertible and High Income Fund (Ticker: CHY) Invests in convertible securities and corporate high-yield bonds, primarily in US markets.
				US TOTAL RETURN Calamos Strategic Total Return Fund (Ticker: CSQ) Invests in equities, higher-yielding convertible securities, and corporate bonds, primarily in US markets. Calamos Dynamic Convertible and Income Fund (Ticker: CCD) Invests in convertibles and other fixed-income securities, primarily in US markets. To help generate income and achieve a favorable risk/reward profile, the investment team can also sell options.

www.calamos.com
5

The Calamos Closed-End Funds: An Overview

GLOBAL				GLOBAL ENHANCED FIXED INCOME Calamos Global Dynamic Income Fund (Ticker: CHW) Invests in equities, convertibles, and income-producing securities of various rated and unrated instruments in both US and non-US markets, and may use other income-producing strategies for hedging purposes. The Fund may invest between 40% to 100% of its managed assets in securities of foreign issuers.
				GLOBAL TOTAL RETURN Calamos Global Total Return Fund (Ticker: CGO) Invests in equities, convertibles and income-producing securities of various rated and unrated instruments in both US and non-US markets. Will invest at least 50% in equities and between 40% and 100% of its managed assets in securities of foreign issuers. Calamos Long/Short Equity & Dynamic Income Trust (Ticker: CPZ) Invests at least 50% of its managed assets in a risk-managed long/short global equity strategy, with the balance invested in a broad array of income-producing assets, including preferred stocks and high yield bonds. The Fund May invest up to 50% of its managed assets in securities of foreign issuers; will not invest more than 25% in a single country, and may invest up to 20% in emerging market countries.

* CHI, CHY, CSQ, CPZ, and CCD adhere to a managed distribution policy, and CHW and CGO adhere to a level distribution policy. Both distribution policies represent the investment company's commitment to providing common shareholders with a predictable but not assured level of cash flow. The funds' Board of Trustees may amend or terminate the managed or level distribution policies without prior notice to the funds' shareholders. However, at this time, there are no reasonably foreseeable circumstances that might cause the termination of the funds' distribution policies.

** Although these Funds primarily invest in the securities of US issuers, CHI and CHY may invest up to 25%, CSQ up to 35%, and CCD up to 50% of managed assets in securities of foreign issuers.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
6

Additional Information About the Funds (Unaudited)

Calamos Convertible Opportunities and Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/23

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS			SINCE INCEPTION
Calamos Convertible Opportunities and Income Fund
Market Value		3.37	%		9.94	%		7.19	%		8.72	%
NAV		-2.27			6.47			5.96			8.41
50%VXAO-50%BBGUSHY2%Cap Index		2.88			6.05			6.11			7.65
ICE BofA All US Convertible Index (VXA0)		-0.48			8.73			8.12			8.05
Bloomberg US HY 2% Issuer Cap Bond Index		6.23			3.04			3.86			6.97

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gain distributions. Source: State Street Corporation and Morningstar Direct.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions.

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends.

The 50%VXAO-50%BBGUSHY2%Cap Index is blended from 50% - ICE BofA Convertibles Index (VXA0) and 50% - Bloomberg US Corp HY 2% Issuer Cap Bond Index.

The ICE BofA All US Convertibles Index is comprised of approximately 700 issues of only convertible bonds and preferreds of all qualities.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
7

Additional Information About the Funds (Unaudited)

Calamos Convertible Opportunities and Income Fund

Senior Securities

The following table sets forth information regarding the Fund's outstanding bank loans, and mandatory redeemable preferred shares ("MRPS") as of the end of each of the Fund's last ten fiscal years, as applicable. The information in the table shown below comes from the Fund's financial statements for the fiscal year ended October 31, 2023, and each of the prior nine years then ended, all of which have been audited by Deloitte & Touche LLP, the Fund's independent registered public accounting firm.

FISCAL YEAR ENDED	TOTAL AMOUNT OUTSTANDING		ASSET COVERAGE			LIQUIDATING PREFERENCE PER PREFERRED SHARE^(c)		AVERAGE MARKET VALUE PER PREFERRED SHARE			TYPE OF SENIOR SECURITY
October 31, 2023	$	314,400,000	$	3,564	^(a)		—		—		Loan
October 31, 2023	$	133,000,000		211	^(b)		25		25	^(d)	MRPS
October 31, 2022	$	339,400,000		3,630	^(a)		—		—		Loan
October 31, 2022	$	133,000,000		232	^(b)		25		25	^(d)	MRPS
October 31, 2021	$	399,400,000		4,116	^(a)		—		—		Loan
October 31, 2021	$	133,000,000		309	^(b)		25		25	^(d)	MRPS
October 31, 2020	$	288,400,000		4,431	^(a)		—		—		Loan
October 31, 2020	$	100,000,000		319	^(b)		25		25	^(d)	MRPS
October 31, 2019	$	277,400,000		4,080	^(a)		—		—		Loan
October 31, 2019	$	100,000,000		283	^(b)		25		25	^(d)	MRPS
October 31, 2018	$	288,000,000		3,921	^(a)		—		—		Loan
October 31, 2018	$	100,000,000		282	^(b)		25		25	^(d)	MRPS
October 31, 2017	$	275,000,000		4,265	^(a)		—		—		Loan
October 31, 2017	$	100,000,000		293	^(b)		25		25	^(d)	MRPS
October 31, 2016	$	306,000,000		3,454	^(a)		—		—		Loan
October 31, 2015	$	353,000,000		3,316	^(a)		—		—		Loan
October 31, 2014	$	360,000,000		3,588	^(a)		—		—		Loan

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

^(b)Calculated by subtracting the Fund's total liabilities (not including MRPS) from the Fund's total assets and dividing this by the number of MRPS outstanding, and by multiplying the result by 25.

^(c) "Liquidating Preference per Preferred Share" means the amount to which a holder of preferred shares would be entitled upon the liquidation of the Fund in preference to common shareholders, expressed as a dollar amount per preferred share.

^(d) The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; and the liquidation preference approximates fair value.

Summary of Fund Expenses

The following table and example contain information about the costs and expenses that common shareholders will bear directly or indirectly. In accordance with Commission requirements, the table below shows our expenses, including interest payments on borrowed funds, and preferred stock dividend payments, as a percentage of our average net assets as of October 31, 2023, and not as a percentage of gross assets or managed assets.

By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of October 31, 2023. As of October 31, 2023, the Fund had utilized $314 million of the $430 million available under the SSB Agreement ($260 million in advances outstanding, and $54 million in structural leverage consisting of collateral received from counterparties via SSB in connection with securities on loan), representing 28.1% of the Fund's managed assets as of that date, and had $133 million in MRPS outstanding, representing 11.9% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRPS represented 39.9% of the Fund's managed assets.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
8

Additional Information About the Funds (Unaudited)

SHAREHOLDER TRANSACTION EXPENSES
Sales Load (as a percentage of offering price)		—	⁽¹⁾
Offering Expenses Borne by the Fund (as a percentage of offering price)		—	⁽¹⁾
Dividend Reinvestment Plan Fees (per sales transaction fee)⁽²⁾	$	15.00

ANNUAL EXPENSES	PERCENTAGE OF AVERAGE NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
Management Fee⁽³⁾		1.29	%
Interest Payments on Borrowed Funds⁽⁴⁾		2.39	%
Preferred Stock Dividend Payments⁽⁵⁾		0.62	%
Other Expenses⁽⁶⁾		0.10	%
Total Annual Expenses		4.40	%

The following example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (1) total annual expenses of 4.40% of net assets attributable to common shareholders; (2) a 5% annual return; and (3) all distributions are reinvested at net asset value:

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Total Expenses Paid by Common Shareholders⁽⁷⁾				$	44			$	133			$	223			$	453

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed. Moreover, our actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

⁽¹⁾If the securities to which this prospectus relates are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load and the estimated offering expenses borne by us.

⁽²⁾Shareholders will pay a $15.00 transaction fee plus a $0.02 per share brokerage charge if they direct the Plan Agent (as defined below) to sell common shares held in a Plan account. In addition, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold. See "Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan".

⁽³⁾The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal to 0.80% of the Fund's average weekly managed assets. In accordance with the requirements of the Commission, the table above shows the Fund's management fee as a percentage of average net assets attributable to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed as a percentage of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to 1.29% of the Fund's average weekly net assets as of October 31, 2023 by dividing the total dollar amount of the management fee by the Fund's average weekly net assets (managed assets less outstanding leverage).

⁽⁴⁾Reflects interest expense paid on $240 million in average borrowings under the SSB Agreement, plus $83 million in additional average structural leverage related to certain securities lending programs, as described under "Leverage".

⁽⁵⁾Reflects estimated dividend expense on $133 million aggregate liquidation preference of mandatory redeemable preferred shares outstanding. See "Leverage".

⁽⁶⁾"Other Expenses" are based on estimated amounts for the Fund's current fiscal year.

⁽⁷⁾ The example does not include sales load or estimated offering costs, which would cause the expenses shown in the example to increase. In connection with an offering of common shares, the applicable prospectus supplement will set forth an example including sales load and estimated offering costs.

Effects of Leverage

The SSB Agreement provides for credit availability for the Fund, such that it may borrow up to $430 million. As of October 31, 2023, the Fund had utilized $314 million of the $430 million available under the SSB Agreement ($260 million of advances outstanding, and $54 million in structural leverage consisting of collateral received from counterparties via State Street Bank and Trust Company in connection with securities on loan), representing 28.1% of the Fund's managed assets as of that date,

www.calamos.com
9

Additional Information About the Funds (Unaudited)

and had $133 million of MRP Shares outstanding, representing 11.9% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 39.9% of the Fund's managed assets. Interest on the SSB Agreement was charged on the drawn amount at the rate of the Overnight Bank Financing Rate ("OBFR") plus 0.80%, payable monthly in arrears, from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was OBFR plus 0.52%. Interest on overdue amounts or interest on the drawn amount paid during an event of default was charged OBFR plus 2.80% from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was charged at OBFR plus 2.52%. These rates represent floating rates of interest that may change over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount.

As of October 31, 2023, the interest rate charged under the SSB Agreement was 5.84%.

To cover the interest expense on the borrowings under the SSB Agreement (including "net income" payments made with respect to borrowings offset by collateral for securities on loan) and the dividend payments associated with the MRP Shares, based on rates in effect on October 31, 2023, the Fund's portfolio would need to experience an annual return of 2.06% (before giving effect to expenses associated with senior securities).

The following table illustrates the hypothetical effect on the return to a holder of the Fund's common shares of the leverage obtained by us (and utilized on October 31, 2023). The purpose of this table is to assist you in understanding the effects of leverage. As the table shows, leverage generally increases the return to common shareholders when portfolio return is positive and greater than the cost of leverage and decreases the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical and actual returns may be greater or less than those appearing in the table.

Assumed Portfolio Return (Net of Expenses)					(10.00	)%			(5.00	)%			0.00	%			5.00	%			10.00	%
Corresponding Common Share Return⁽¹⁾					(20.13	)%			(11.78	)%			(3.43	)%			4.92	%			13.27	%

⁽¹⁾ Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on October 31, 2023 of 5.84%, and dividend expense on the MRP Shares.

Market and Net Asset Value Information

Our common shares have traded both at a premium and a discount to NAV. We cannot predict whether our shares will trade in the future at a premium or discount to NAV. The provisions of the 1940 Act generally require that the public offering price of common shares (less any underwriting commissions and discounts) must equal or exceed the NAV per share of a company's common stock (calculated within 48 hours of pricing). Our issuance of common shares may have an adverse effect on prices in the secondary market for our common shares by increasing the number of common shares available, which may put downward pressure on the market price for our common shares. Shares of common stock of closed-end investment companies frequently trade at a discount from NAV.

The following table sets forth for each of the periods indicated the high and low closing market prices for our common shares on Nasdaq, the NAV per share and the premium or discount to NAV per share at which our common shares were trading. NAV is shown for the last business day of each quarter. See "Net Asset Value" for information as to the determination of our NAV.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
10

Additional Information About the Funds (Unaudited)

	MARKET PRICE⁽¹⁾				NET ASSET VALUE AT QUARTER		PREMIUM/ (DISCOUNT) TO NET ASSET VALUE⁽³⁾
QUARTER ENDED	HIGH		LOW		END⁽²⁾		HIGH			LOW
October 31, 2023	$	11.32	$	10.00	$	8.99		15.20	%		4.56	%
July 31, 2023	$	11.36	$	9.90	$	10.51		10.21	%		1.53	%
April 30, 2023	$	12.34	$	10.21	$	9.94		16.91	%		1.49	%
January 31, 2023	$	12.09	$	10.51	$	10.61		15.03	%		3.89	%
October 31, 2022	$	12.90	$	9.66	$	10.25		14.01	%		-3.36	%
July 31, 2022	$	13.00	$	10.17	$	11.18		16.28	%		-2.33	%
April 30, 2022	$	14.50	$	11.81	$	12.05		4.69	%		-4.58	%
January 31, 2022	$	16.34	$	12.96	$	13.62		4.21	%		-4.14	%
October 31, 2021	$	15.90	$	14.93	$	15.49		3.31	%		-0.20	%
July 31, 2021	$	15.45	$	14.01	$	15.05		1.25	%		-1.34	%
April 30, 2021	$	15.32	$	13.65	$	15.33		-1.54	%		-8.08	%
January 31, 2021	$	14.13	$	10.94	$	15.07		-9.19	%		-12.97	%

Source: Fund Accounting Records

⁽¹⁾ Based on high and low closing market price per share during the respective quarter and does not reflect commissions.

⁽²⁾ Based on the NAV calculated on the close of business on the last business day of each calendar quarter.

⁽³⁾ Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.

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11

Additional Information About the Funds (Unaudited)

Calamos Convertible and High Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/23

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS			SINCE INCEPTION
Calamos Convertible and High Income Fund
Market Value		10.32	%		9.81	%		8.24	%		8.19	%
NAV		-1.99			6.56			5.95			7.72
50%VXAO-50%BBGUSHY2%Cap Index		2.88			6.05			6.11			7.42
ICE BofA All US Convertible Index (VXA0)		-0.48			8.73			8.12			7.96
Bloomberg US HY 2% Issuer Cap Bond Index		6.23			3.04			3.86			6.61

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gain distributions. Source: State Street Corporation and Morningstar Direct.

NOTES:

The 50%VXAO-50%BBGUSHY2%Cap Index is blended from 50% - ICE BofA All US Convertibles Index (VXA0) and 50% - Bloomberg US HY 2% Issuer Capped Index.

The ICE BofA All US Convertibles Index is comprised of approximately 700 issues of only convertible bonds and preferreds of all qualities.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
12

Additional Information About the Funds (Unaudited)

Calamos Convertible and High Income Fund

Senior Securities

FISCAL YEAR ENDED	TOTAL AMOUNT OUTSTANDING		ASSET COVERAGE			LIQUIDATING PREFERENCE PER PREFERRED SHARE^(c)		AVERAGE MARKET VALUE PER PREFERRED SHARE			TYPE OF SENIOR SECURITY
October 31, 2023	$	340,400,000	$	3,556	^(a)		—		—		Loan
October 31, 2023	$	145,000,000		209	^(b)		25		25	^(d)	MRPS
October 31, 2022	$	365,400,000		3,635	^(a)		—		—		Loan
October 31, 2022	$	145,000,000		229	^(b)		25		25	^(d)	MRPS
October 31, 2021	$	435,400,000		4,106	^(a)		—		—		Loan
October 31, 2021	$	145,000,000		308	^(b)		25		25	^(d)	MRPS
October 31, 2020	$	318,400,000		4,386	^(a)		—		—		Loan
October 31, 2020	$	110,000,000		317	^(b)		25		25	^(d)	MRPS
October 31, 2019	$	303,900,000		4,055	^(a)		—		—		Loan
October 31, 2019	$	110,000,000		280	^(b)		25		25	^(d)	MRPS
October 31, 2018	$	315,500,000		3,904	^(a)		—		—		Loan
October 31, 2018	$	110,000,000		280	^(b)		25		25	^(d)	MRPS
October 31, 2017	$	302,500,000		4,236	^(a)		—		—		Loan
October 31, 2017	$	110,000,000		291	^(b)		25		25	^(d)	MRPS
October 31, 2016	$	337,000,000		3,440	^(a)		—		—		Loan
October 31, 2015	$	398,000,000		3,258	^(a)		—		—		Loan
October 31, 2014	$	400,000,000		3,575	^(a)		—		—		Loan

^(b) Calculated by subtracting the Fund's total liabilities (not including MRPS) from the Fund's total assets and dividing this by the number of MRPS outstanding, and by multiplying the result by 25.

^(d)The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; and the liquidation preference approximates fair value.

Summary of Fund Expenses

By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of October 31, 2023. As of October 31, 2023, the Fund had utilized $340 million of the $480 million available under the SSB Agreement ($291 million in advances outstanding, and $49 million in structural leverage consisting of collateral received from counterparties via SSB in connection with securities on loan), representing 28.1% of the Fund's managed assets as of that date, and had $145 million in MRPS outstanding, representing 12.0% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRPS represented 40.1% of the Fund's managed assets.

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13

Additional Information About the Funds (Unaudited)

SHAREHOLDER TRANSACTION EXPENSES
Sales Load (as a percentage of offering price)		—	⁽¹⁾
Offering Expenses Borne by the Fund (as a percentage of offering price)		—	⁽¹⁾
Dividend Reinvestment Plan Fees (per sales transaction fee)⁽²⁾	$	15.00

ANNUAL EXPENSES	PERCENTAGE OF AVERAGE NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
Management Fee⁽³⁾		1.29	%
Interest Payments on Borrowed Funds⁽⁴⁾		2.39	%
Preferred Stock Dividend Payments⁽⁵⁾		0.63	%
Other Expenses⁽⁶⁾		0.10	%
Total Annual Expenses		4.41	%

The following example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (1) total annual expenses of 4.41% of net assets attributable to common shareholders; (2) a 5% annual return; and (3) all distributions are reinvested at net asset value:

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Total Expenses Paid by Common Shareholders⁽⁷⁾				$	44			$	133			$	223			$	454

⁽¹⁾ If the securities to which this prospectus relates are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load and the estimated offering expenses borne by us.

⁽²⁾ Shareholders will pay a $15.00 transaction fee plus a $0.02 per share brokerage charge if they direct the Plan Agent (as defined below) to sell common shares held in a Plan account. In addition, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold. See "Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan".

⁽³⁾ The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal to 0.80% of the Fund's average weekly managed assets. In accordance with the requirements of the Commission, the table above shows the Fund's management fee as a percentage of average net assets attributable to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed as a percentage of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to 1.29% of the Fund's average weekly net assets as of October 31, 2023 by dividing the total dollar amount of the management fee by the Fund's average weekly net assets (managed assets less outstanding leverage).

⁽⁴⁾ Reflects interest expense paid on $254 million in average borrowings under the SSB Agreement, plus $96 million in additional average structural leverage related to certain securities lending programs, as described under "Leverage".

⁽⁵⁾ Reflects estimated dividend expense on $145 million aggregate liquidation preference of mandatory redeemable preferred shares outstanding. See "Leverage".

⁽⁶⁾ "Other Expenses" are based on estimated amounts for the Fund's current fiscal year.

Effects of Leverage

The SSB Agreement provides for credit availability for the Fund, such that it may borrow up to $480 million. As of October 31, 2023, the Fund had utilized $340 million of the $480 million available under the SSB Agreement ($291 million of advances outstanding, and $49 million in structural leverage consisting of collateral received from counterparties via State Street Bank and Trust Company in connection with securities on loan), representing 28.1% of the Fund's managed assets as of that date,

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
14

Additional Information About the Funds (Unaudited)

and had $145 million of MRP Shares outstanding, representing 12.0% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 40.1% of the Fund's managed assets. Interest on the SSB Agreement was charged on the drawn amount at the rate of the Overnight Bank Financing Rate ("OBFR") plus 0.80%, payable monthly in arrears, from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was OBFR plus 0.52%. Interest on overdue amounts or interest on the drawn amount paid during an event of default was charged OBFR plus 2.80% from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was charged at OBFR plus 2.52%. These rates represent floating rates of interest that may change over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount.

As of October 31, 2023, the interest rate charged under the SSB Agreement was 5.84%.

Assumed Portfolio Return (Net of Expenses)					(10.00	)%			(5.00	)%			0.00	%			5.00	%			10.00	%
Corresponding Common Share Return⁽¹⁾					(20.13	)%			(11.78	)%			(3.43	)%			4.92	%			13.27	%

⁽¹⁾ Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on October 31, 2023 of 5.84%, and dividend expense on the MRP Shares.

Market and Net Asset Value Information

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15

Additional Information About the Funds (Unaudited)

	MARKET PRICE⁽¹⁾				NET ASSET VALUE AT QUARTER		PREMIUM/ (DISCOUNT) TO NET ASSET VALUE⁽³⁾
QUARTER ENDED	HIGH		LOW		END⁽²⁾		HIGH			LOW
October 31, 2023	$	11.64	$	10.79	$	9.49		15.01	%		3.65	%
July 31, 2023	$	11.56	$	10.03	$	11.09		4.51	%		-3.00	%
April 30, 2023	$	12.77	$	10.58	$	10.50		14.88	%		-0.28	%
January 31, 2023	$	12.38	$	10.55	$	11.19		10.73	%		0.38	%
October 31, 2022	$	13.38	$	10.09	$	10.81		10.88	%		-3.54	%
July 31, 2022	$	13.26	$	10.69	$	11.77		12.66	%		-2.32	%
April 30, 2022	$	15.21	$	12.64	$	12.70		4.37	%		-3.38	%
January 31, 2022	$	17.08	$	13.68	$	14.37		4.05	%		-4.07	%
October 31, 2021	$	16.61	$	15.50	$	16.38		1.37	%		-1.90	%
July 31, 2021	$	16.45	$	14.91	$	15.89		2.17	%		-0.47	%
April 30, 2021	$	16.10	$	14.28	$	16.18		-1.95	%		-8.87	%
January 31, 2021	$	15.01	$	11.54	$	15.90		-8.75	%		-12.91	%

Source: Fund Accounting Records

⁽¹⁾ Based on high and low closing market price per share during the respective quarter and does not reflect commissions.

⁽²⁾Based on the NAV calculated on the close of business on the last business day of each calendar quarter.

⁽³⁾ Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
16

Additional Information About the Funds (Unaudited)

Calamos Strategic Total Return Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/23

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS			SINCE INCEPTION
Calamos Strategic Total Return Fund
Market Value		1.80	%		10.41	%		10.95	%		7.89	%
NAV		7.89			10.47			10.16			8.39
50%SPX-25%VXAO-25%BBGUSHY2%Cap Index		6.59			8.78			8.80			8.29
S&P 500 Index		10.14			11.01			11.18			9.16
ICE BofA All US Convertibles Index (VXA0)		-0.48			8.73			8.12			7.42
Bloomberg US HY 2% Issuer Cap Bond Index		6.23			3.04			3.86			6.17

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gain distributions. Source: State Street Corporation and Morningstar Direct.

NOTES:

The 50%SPX-25%VXA0-25%BBGUSHY2%Cap Index is blended from 50% - S&P 500 Index (SPX), 25% - ICE BofA All US Convertibles Index (VXA0) and 25% - Bloomberg US HY 2% Issuer Capped Index.

The S&P 500 Index is an unmanaged index generally considered representative of the US stock market.

The ICE BofA All US Convertibles Index is comprised of approximately 700 issues of only convertible bonds and preferreds of all qualities.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

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17

Additional Information About the Funds (Unaudited)

Calamos Strategic Total Return Fund

Senior Securities

FISCAL YEAR ENDED	TOTAL AMOUNT OUTSTANDING		ASSET COVERAGE			LIQUIDATING PREFERENCE PER PREFERRED SHARE^(c)		AVERAGE MARKET VALUE PER PREFERRED SHARE			TYPE OF SENIOR SECURITY
October 31, 2023	$	800,500,000	$	4,090	^(a)		—		—		Loan
October 31, 2023	$	323,500,000		253	^(b)		25		25	^(d)	MRPS
October 31, 2022	$	800,500,000		4,098	^(a)		—		—		Loan
October 31, 2022	$	323,500,000		254	^(b)		25		25	^(d)	MRPS
October 31, 2021	$	880,000,000		4,673	^(a)		—		—		Loan
October 31, 2021	$	304,000,000		338	^(b)		25		25	^(d)	MRPS
October 31, 2020	$	703,000,000		4,276	^(a)		—		—		Loan
October 31, 2020	$	242,000,000		311	^(b)		25		25	^(d)	MRPS
October 31, 2019	$	668,000,000		4,357	^(a)		—		—		Loan
October 31, 2019	$	242,000,000		301	^(b)		25		25	^(d)	MRPS
October 31, 2018	$	713,000,000		3,995	^(a)		—		—		Loan
October 31, 2018	$	242,000,000		294	^(b)		25		25	^(d)	MRPS
October 31, 2017	$	543,000,000		5,077	^(a)		—		—		Loan
October 31, 2017	$	242,000,000		285	^(b)		25		25	^(d)	MRPS
October 31, 2016	$	682,000,000		3,521	^(a)		—		—		Loan
October 31, 2015	$	716,000,000		3,518	^(a)		—		—		Loan
October 31, 2014	$	725,000,000		3,665	^(a)		—		—		Loan

^(b) Calculated by subtracting the Fund's total liabilities (not including MRPS) from the Fund's total assets and dividing this by the number of MRPS outstanding, and by multiplying the result by 25.

^(d) The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; and the liquidation preference approximates fair value.

Summary of Fund Expenses

By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of October 31, 2023. As of October 31, 2023, the Fund had utilized $801 million of the $1.13 billion available under the SSB Agreement ($735 million in advances outstanding and $66 million in structural leverage consisting of collateral received from counterparties via SSB in connection with securities on loan), representing 24.5% of the Fund's managed assets as of that date, and had $323.5 million in MRPS outstanding, representing 9.9% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRPS represented 34.3% of the Fund's managed assets.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
18

Additional Information About the Funds (Unaudited)

SHAREHOLDER TRANSACTION EXPENSES
Sales Load (as a percentage of offering price)		—	⁽¹⁾
Offering Expenses Borne by the Fund (as a percentage of offering price)		—	⁽¹⁾
Dividend Reinvestment Plan Fees (per sales transaction fee)⁽²⁾	$	15.00

ANNUAL EXPENSES	PERCENTAGE OF AVERAGE NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
Management Fee⁽³⁾		1.50	%
Interest Payments on Borrowed Funds⁽⁴⁾		1.97	%
Preferred Stock Dividend Payments⁽⁵⁾		0.55	%
Other Expenses⁽⁶⁾		0.07	%
Total Annual Expenses		4.09	%

The following example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (1) total annual expenses of 4.09% of net assets attributable to common shareholders; (2) a 5% annual return; and (3) all distributions are reinvested at net asset value:

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Total Expenses Paid by Common Shareholders⁽⁷⁾				$	41			$	124			$	209			$	428

⁽¹⁾ If the securities to which this prospectus relates are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load and the estimated offering expenses borne by us.

⁽²⁾ Shareholders will pay a $15.00 transaction fee plus a $0.02 per share brokerage charge if they direct the Plan Agent (as defined below) to sell common shares held in a Plan account. In addition, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold. See "Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan".

⁽³⁾ The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal to 1.00% of the Fund's average weekly managed assets. In accordance with the requirements of the Commission, the table above shows the Fund's management fee as a percentage of average net assets attributable to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed as a percentage of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to 1.50% of the Fund's average weekly net assets as of October 31, 2023 by dividing the total dollar amount of the management fee by the Fund's average weekly net assets (managed assets less outstanding leverage).

⁽⁴⁾ Reflects interest expense paid on $65 million in average borrowings under the SSB Agreement, plus $736 million in additional average structural leverage related to certain securities lending programs, as described under "Leverage".

⁽⁵⁾ Reflects estimated dividend expense on $323.5 million aggregate liquidation preference of mandatory redeemable preferred shares outstanding. See "Leverage".

⁽⁶⁾ "Other Expenses" are based on estimated amounts for the Fund's current fiscal year.

Effects of Leverage

The SSB Agreement provides for credit availability for the Fund, such that it may borrow up to $1.13 billion. As of October 31, 2023, the Fund had utilized $801 million of the $1.13 billion available under the SSB Agreement ($735 million of advances outstanding, and $66 million in structural leverage consisting of collateral received from counterparties via State Street Bank and Trust Company in

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19

Additional Information About the Funds (Unaudited)

connection with securities on loan), representing 24.5% of the Fund's managed assets as of that date, and had $323.5 million of MRP Shares outstanding, representing 24.5% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 34.3% of the Fund's managed assets. Interest on the SSB Agreement was charged on the drawn amount at the rate of the Overnight Bank Financing Rate ("OBFR") plus 0.80%, payable monthly in arrears, from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was OBFR plus 0.52%. Interest on overdue amounts or interest on the drawn amount paid during an event of default was charged OBFR plus 2.80% from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was charged at OBFR plus 2.52%. These rates represent floating rates of interest that may change over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount.

As of October 31, 2023, the interest rate charged under the SSB Agreement was 5.84%.

The Fund's MRP Shareholders are entitled to receive monthly cash dividends, at a currently effective dividend rate per annum for each series of MRP Shares as follows (subject to adjustment as described in the Fund's prospectus): 4.00% for Series B MRP Shares, 4.24% for Series C MRP Shares, 2.45% for Series D MRP Shares and 3.66% for Series F MRP Shares. To cover the interest expense on the borrowings under the SSB Agreement (including "net income" payments made with respect to borrowings offset by collateral for securities on loan) and the dividend payments associated with the MRP Shares, based on rates in effect on October 31, 2023, the Fund's portfolio would need to experience an annual return of 1.79% (before giving effect to expenses associated with senior securities).

Assumed Portfolio Return (Net of Expenses)					(10.00	)%			(5.00	)%			0.00	%			5.00	%			10.00	%
Corresponding Common Share Return⁽¹⁾					(17.93	)%			(10.33	)%			(2.73	)%			4.87	%			12.47	%

⁽¹⁾ Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on October 31, 2023 of 5.84%, and dividend expense on the MRP Shares.

Market and Net Asset Value Information

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
20

Additional Information About the Funds (Unaudited)

	MARKET PRICE⁽¹⁾				NET ASSET VALUE AT QUARTER		PREMIUM/ (DISCOUNT) TO NET ASSET VALUE⁽³⁾
QUARTER ENDED	HIGH		LOW		END⁽²⁾		HIGH			LOW
October 31, 2023	$	15.28	$	12.54	$	13.41		2.99	%		-4.80	%
July 31, 2023	$	15.28	$	13.29	$	15.23		0.86	%		-3.56	%
April 30, 2023	$	14.91	$	13.15	$	14.10		3.77	%		-2.41	%
January 31 ,2023	$	14.62	$	12.94	$	14.14		2.58	%		-1.14	%
October 31, 2022	$	15.94	$	12.20	$	13.57		3.86	%		-2.92	%
July 31, 2022	$	15.90	$	12.60	$	14.98		2.40	%		-5.75	%
April 30, 2022	$	18.33	$	15.33	$	15.54		1.38	%		-2.72	%
January 31, 2022	$	19.58	$	16.66	$	17.70		3.21	%		-2.96	%
October 31, 2021	$	18.98	$	17.51	$	18.62		1.93	%		0.52	%
July 31, 2021	$	18.41	$	16.55	$	17.99		1.77	%		-1.55	%
April 30, 2021	$	18.36	$	15.91	$	17.43		5.58	%		0.13	%
January 31, 2021	$	16.04	$	12.84	$	12.84		-1.72	%		4.46	%

Source: Fund Accounting Records

⁽¹⁾ Based on high and low closing market price per share during the respective quarter and does not reflect commissions.

⁽²⁾ Based on the NAV calculated on the close of business on the last business day of each calendar quarter.

⁽³⁾ Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.

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21

Additional Information About the Funds (Unaudited)

Calamos Dynamic Convertible and Income Fund

GROWTH OF $10,000: SINCE INCEPTION (03/31/15) THROUGH 10/31/23

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			SINCE INCEPTION
Calamos Dynamic Convertible and Income Fund
Market Value		-12.56	%		7.99	%		5.45	%
NAV		-4.26			7.52			6.14
80%VXAO-20%BBGUSHY2%Cap Index		0.87			7.70			6.93
ICE BofA All US Convertibles Index (VXA0)		-0.48			8.73			7.60
Bloomberg US HY 2% Issuer Cap Bond Index		6.23			3.04			3.81

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gain distributions. Source: State Street Corporation and Morningstar Direct.

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends.

The 80%VXAO-20%BBGUSHY2%Cap Index is blended from 80% - ICE BofA Convertibles Index (VXA0) and 20% - Bloomberg US HY 2% Issuer Capped Index.

The ICE BofA All US Convertibles Index is comprised of approximately 700 issues of only convertible bonds and preferreds of all qualities. Since inception data for the index is shown from 6/30/97, since data is only available for full monthly periods.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
22

Additional Information About the Funds (Unaudited)

Calamos Dynamic Convertible and Income Fund

Senior Securities

The following table sets forth information regarding the Fund's outstanding bank loans, and mandatory redeemable preferred shares ("MRPS") as of the end of each of the Fund's last ten fiscal years, as applicable. The information in the table shown below comes from the Fund's financial statements for the fiscal year ended October 31, 2023, and each of the prior eight years then ended, all of which have been audited by Deloitte & Touche LLP, the Fund's independent registered public accounting firm.

FISCAL YEAR ENDED	TOTAL AMOUNT OUTSTANDING		ASSET COVERAGE			LIQUIDATING PREFERENCE PER PREFERRED SHARE^(c)		AVERAGE MARKET VALUE PER PREFERRED SHARE			TYPE OF SENIOR SECURITY
October 31, 2023	$	210,000,000	$	3,626	^(a)		—		—		Loan
October 31, 2023	$	92,000,000		207	^(b)		25		25	^(d)	MRPS
October 31, 2022	$	230,000,000		3,690	^(a)		—		—		Loan
October 31, 2022	$	92,000,000		231	^(b)		25		25	^(d)	MRPS
October 31, 2021	$	270,000,000		4,261	^(a)		—		—		Loan
October 31, 2021	$	92,000,000		313	^(b)		25		25	^(d)	MRPS
October 31, 2020	$	204,600,000		4,304	^(a)		—		—		Loan
October 31, 2020	$	64,000,000		344	^(b)		25		25	^(d)	MRPS
October 31, 2019	$	180,600,000		4,055	^(a)		—		—		Loan
October 31, 2019	$	64,000,000		286	^(b)		25		25	^(d)	MRPS
October 31, 2018	$	187,500,000		3,887	^(a)		—		—		Loan
October 31, 2018	$	64,000,000		285	^(b)		25		25	^(d)	MRPS
October 31, 2017	$	169,000,000		4,413	^(a)		—		—		Loan
October 31, 2017	$	64,000,000		291	^(b)		25		25	^(d)	MRPS
October 31, 2016	$	195,000,000		3,447	^(a)		—		—		Loan
October 31, 2015	$	220,000,000		3,398	^(a)		—		—		Loan

^(b) Calculated by subtracting the Fund's total liabilities (not including MRPS) from the Fund's total assets and dividing this by the number of MRPS outstanding, and by multiplying the result by 25.

^(d) The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; and the liquidation preference approximates fair value.

Summary of Fund Expenses

By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of October 31, 2023. As of October 31, 2023, the Fund had utilized $210 million of the $370 million available under the SSB Agreement ($195 million in advances outstanding and $15 million in structural leverage consisting of collateral received from counterparties via SSB in connection with securities on loan), representing 27.6% of the Fund's managed assets as of that date, and had $92 million in MRPS outstanding, representing 12.1% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRPS represented 39.7% of the Fund's managed assets.

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23

Additional Information About the Funds (Unaudited)

SHAREHOLDER TRANSACTION EXPENSES
Sales Load (as a percentage of offering price)		—	⁽¹⁾
Offering Expenses Borne by the Fund (as a percentage of offering price)		—	⁽¹⁾
Dividend Reinvestment Plan Fees (per sales transaction fee)⁽²⁾	$	15.00

ANNUAL EXPENSES	PERCENTAGE OF AVERAGE NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
Management Fee⁽³⁾		1.59	%
Interest Payments on Borrowed Funds⁽⁴⁾		2.31	%
Preferred Stock Dividend Payments⁽⁵⁾		0.61	%
Other Expenses⁽⁶⁾		0.11	%
Total Annual Expenses		4.62	%

The following example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (1) total annual expenses of 4.62% of net assets attributable to common shareholders; (2) a 5% annual return; and (3) all distributions are reinvested at net asset value:

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Total Expenses Paid by Common Shareholders⁽⁷⁾				$	46			$	139			$	233			$	471

⁽¹⁾ If the securities to which this prospectus relates are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load and the estimated offering expenses borne by us.

⁽²⁾ Shareholders will pay a $15.00 transaction fee plus a $0.02 per share brokerage charge if they direct the Plan Agent (as defined below) to sell common shares held in a Plan account. In addition, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold. See "Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan".

⁽³⁾ The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal to 1.00% of the Fund's average weekly managed assets. In accordance with the requirements of the Commission, the table above shows the Fund's management fee as a percentage of average net assets attributable to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed as a percentage of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to 1.59% of the Fund's average weekly net assets as of October 31, 2023 by dividing the total dollar amount of the management fee by the Fund's average weekly net assets (managed assets less outstanding leverage).

⁽⁴⁾ Reflects interest expense paid on $166 million in average borrowings under the SSB Agreement, plus $52 million in additional average structural leverage related to certain securities lending programs, as described under "Leverage".

⁽⁵⁾ Reflects estimated dividend expense on $92 million aggregate liquidation preference of mandatory redeemable preferred shares outstanding. See "Leverage".

⁽⁶⁾ "Other Expenses" are based on estimated amounts for the Fund's current fiscal year.

Effects of Leverage

The SSB Agreement provides for credit availability for the Fund, such that it may borrow up to $370 million. As of October 31, 2023, the Fund had utilized $210 million of the $370 million available under the SSB Agreement ($195 million of advances outstanding, and $15 million in structural leverage consisting of collateral received from counterparties via State Street Bank and Trust Company in connection with securities on loan), representing 27.6% of the Fund's managed assets as of that date,

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
24

Additional Information About the Funds (Unaudited)

and had $92 million of MRP Shares outstanding, representing 12.1% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 39.7% of the Fund's managed assets. Interest on the SSB Agreement was charged on the drawn amount at the rate of the Overnight Bank Financing Rate ("OBFR") plus 0.80%, payable monthly in arrears, from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was OBFR plus 0.52%. Interest on overdue amounts or interest on the drawn amount paid during an event of default was charged OBFR plus 2.80% from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was charged at OBFR plus 2.52%. These rates represent floating rates of interest that may change over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount.

As of October 31, 2023, the interest rate charged under the SSB Agreement was 5.84%.

To cover the interest expense on the borrowings under the SSB Agreement (including "net income" payments made with respect to borrowings offset by collateral for securities on loan) and the dividend payments associated with the MRP Shares, based on rates in effect on October 31, 2023, the Fund's portfolio would need to experience an annual return of 2.03% (before giving effect to expenses associated with senior securities).

Assumed Portfolio Return (Net of Expenses)					(10.00	)%			(5.00	)%			0.00	%			5.00	%			10.00	%
Corresponding Common Share Return⁽¹⁾					(19.97	)%			(11.67	)%			(3.37	)%			4.93	%			13.23	%

⁽¹⁾ Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on October 31, 2023 of 5.84%, and dividend expense on the MRP Shares.

Market and Net Asset Value Information

www.calamos.com
25

Additional Information About the Funds (Unaudited)

	MARKET PRICE⁽¹⁾				NET ASSET VALUE AT QUARTER		PREMIUM/ (DISCOUNT) TO NET ASSET VALUE⁽³⁾
QUARTER ENDED	HIGH		LOW		END⁽²⁾		HIGH			LOW
October 31, 2023	$	21.20	$	17.06	$	17.24		5.20	%		-0.99	%
July 31, 2023	$	24.12	$	20.88	$	20.65		22.57	%		2.19	%
April 30, 2023	$	23.79	$	20.35	$	19.27		15.24	%		5.88	%
January 31, 2023	$	23.37	$	20.20	$	20.77		12.95	%		3.64	%
October 31, 2022	$	24.90	$	20.00	$	20.19		9.21	%		1.35	%
July 31, 2022	$	25.30	$	20.08	$	22.08		11.14	%		-1.03	%
April 30, 2022	$	28.18	$	23.32	$	23.97		4.51	%		-5.26	%
January 31, 2022	$	33.42	$	25.78	$	27.28		4.47	%		-4.34	%
October 31, 2021	$	32.62	$	29.97	$	31.73		2.80	%		0.94	%
July 31, 2021	$	33.05	$	29.03	$	30.52		9.15	%		-0.85	%
April 30, 2021	$	33.76	$	29.30	$	31.36		4.26	%		-6.45	%
January 31, 2021	$	29.98	$	22.39	$	30.79		-6.52	%		-10.62	%

Source: Fund Accounting Records

⁽¹⁾ Based on high and low closing market price per share during the respective quarter and does not reflect commissions.

⁽²⁾ Based on the NAV calculated on the close of business on the last business day of each calendar quarter.

⁽³⁾ Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
26

Additional Information About the Funds (Unaudited)

Calamos Global Dynamic Income Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/23

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS			SINCE INCEPTION
Calamos Global Dynamic Income Fund
Market Value		2.40	%		2.85	%		4.99	%		3.56	%
NAV		8.29			4.66			5.12			4.73
40%ACWI(NR)-30%RefinitivGlblCv-30%BBGUSHY2%Cap Index		7.43			5.63			5.27			5.31
MSCI ACWI Index (Net)		10.50			7.47			6.81			5.01
Refinitiv Global Convertible index		4.33			5.12			4.16			4.44
Bloomberg US HY 2% Issuer Cap Bond Index		6.23			3.04			3.86			5.84

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gain distributions. Source: State Street Corporation and Morningstar Direct.

NOTES:

The 40%ACWI(NR)-30%RefinitivGlblCv-30%BBGHY2%Cap Index is blended from 40% - MSCI ACWI Index (Net), 30% - Refinitiv Global Convertible Bond Index and 30% - Bloomberg US Corporate High Yield 2% Issuer Capped Index.

The MSCI ACWI Index (Net) is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets and emerging markets. The index is calculated in both US dollars and local currencies. Net return basis approximates the minimum possible reinvestment of regular cash distributions by deducting withholding tax based on the maximum rate of the company's country of incorporation applicable to institutional investors.

The Refinitiv Global Convertible Bond Index (USD) is designed to represent the global convertible market.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
27

Additional Information About the Funds (Unaudited)

Calamos Global Dynamic Income Fund

Senior Securities

FISCAL YEAR ENDED	TOTAL AMOUNT OUTSTANDING		ASSET COVERAGE			LIQUIDATING PREFERENCE PER PREFERRED SHARE^(c)		AVERAGE MARKET VALUE PER PREFERRED SHARE			TYPE OF SENIOR SECURITY
October 31, 2023	$	130,550,000	$	4,469	^(a)		—		—		Loan
October 31, 2023	$	70,000,000		208	^(b)		25		25	^(d)	MRPS
October 31, 2022	$	109,550,000		5,209	^(a)		—		—		Loan
October 31, 2022	$	70,000,000		204	^(b)		25		25	^(d)	MRPS
October 31, 2021	$	206,500,000		4,288	^(a)		—		—		Loan
October 31, 2021	$	70,000,000		316	^(b)		25		25	^(d)	MRPS
October 31, 2020	$	153,250,000		4,534	^(a)		—		—		Loan
October 31, 2020	$	65,000,000		267	^(b)		25		25	^(d)	MRPS
October 31, 2019	$	174,500,000		4,056	^(a)		—		—		Loan
October 31, 2019	$	65,000,000		272	^(b)		25		25	^(d)	MRPS
October 31, 2018	$	204,000,000		3,632	^(a)		—		—		Loan
October 31, 2018	$	65,000,000		285	^(b)		25		25	^(d)	MRPS
October 31, 2017	$	160,000,000		4,802	^(a)		—		—		Loan
October 31, 2017	$	65,000,000		295	^(b)		25		25	^(d)	MRPS
October 31, 2016	$	196,000,000		3,457	^(a)		—		—		Loan
October 31, 2015	$	230,000,000		3,346	^(a)		—		—		Loan
October 31, 2014	$	224,400,000		3,529	^(a)		—		—		Loan

^(b) Calculated by subtracting the Fund's total liabilities (not including MRPS) from the Fund's total assets and dividing this by the number of MRPS outstanding, and by multiplying the result by 25.

^(d) The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; and the liquidation preference approximates fair value.

Summary of Fund Expenses

By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of October 31, 2023. As of October 31, 2023, the Fund had utilized $131 million of the $265 million available under the SSB Agreement ($116 million in advances outstanding, and $15 million in structural leverage consisting of collateral received from counterparties via SSB in connection with securities on loan), representing 22.4% of the Fund's managed assets as of that date, and had $70 million in MRPS

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
28

Additional Information About the Funds (Unaudited)

outstanding, representing 12.0% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRPS represented 34.4% of the Fund's managed assets.

SHAREHOLDER TRANSACTION EXPENSES
Sales Load (as a percentage of offering price)		—	⁽¹⁾
Offering Expenses Borne by the Fund (as a percentage of offering price)		—	⁽¹⁾
Dividend Reinvestment Plan Fees (per sales transaction fee)⁽²⁾	$	15.00

ANNUAL EXPENSES	PERCENTAGE OF AVERAGE NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
Management Fee⁽³⁾		1.43	%
Interest Payments on Borrowed Funds⁽⁴⁾		1.46	%
Preferred Stock Dividend Payments⁽⁵⁾		0.63	%
Other Expense⁽⁶⁾		0.16	%
Total Annual Expenses		3.68	%

The following example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (1) total annual expenses of 3.68% of net assets attributable to common shareholders; (2) a 5% annual return; and (3) all distributions are reinvested at net asset value:

				1 YEAR				3 YEARS					5 YEARS					10 YEARS
Total Expenses Paid by Common Shareholders⁽⁷⁾				$	37				$	113				$	191				$	395

⁽¹⁾ If the securities to which this prospectus relates are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load and the estimated offering expenses borne by us.

⁽²⁾ Shareholders will pay a $15.00 transaction fee plus a $0.02 per share brokerage charge if they direct the Plan Agent (as defined below) to sell common shares held in a Plan account. In addition, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold. See "Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan".

⁽³⁾ The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal to 1.00% of the Fund's average weekly managed assets. In accordance with the requirements of the Commission, the table above shows the Fund's management fee as a percentage of average net assets attributable to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed as a percentage of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to 1.43% of the Fund's average weekly net assets as of October 31, 2023 by dividing the total dollar amount of the management fee by the Fund's average weekly net assets (managed assets less outstanding leverage).

⁽⁴⁾ Reflects interest expense paid on $50 million in average borrowings under the SSB Agreement, plus $59 million in additional average structural leverage related to certain securities lending programs, as described under "Leverage".

⁽⁵⁾ Reflects estimated dividend expense on $70 million aggregate liquidation preference of mandatory redeemable preferred shares outstanding. See "Leverage".

⁽⁶⁾ "Other Expenses" are based on estimated amounts for the Fund's current fiscal year.

Effects of Leverage

The SSB Agreement provides for credit availability for the Fund, such that it may borrow up to $265 million. As of October 31, 2023, the Fund had utilized $131 million of the $265 million available under the SSB Agreement ($116 million of advances outstanding, and $15 million in structural leverage consisting of collateral received from counterparties via State Street Bank and Trust Company in

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29

Additional Information About the Funds (Unaudited)

connection with securities on loan), representing 22.4% of the Fund's managed assets as of that date, and had $70 million of MRP Shares outstanding, representing 12.0% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 34.4% of the Fund's managed assets. Interest on the SSB Agreement was charged on the drawn amount at the rate of the Overnight Bank Financing Rate ("OBFR") plus 0.80%, payable monthly in arrears, from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was OBFR plus 0.52%. Interest on overdue amounts or interest on the drawn amount paid during an event of default was charged OBFR plus 2.80% from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was charged at OBFR plus 2.52%. These rates represent floating rates of interest that may change over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount.

As of October 31, 2023, the interest rate charged under the SSB Agreement was 5.84%.

To cover the interest expense on the borrowings under the SSB Agreement (including "net income" payments made with respect to borrowings offset by collateral for securities on loan) and the dividend payments associated with the MRP Shares, based on rates in effect on October 31, 2023, the Fund's portfolio would need to experience an annual return of 1.75% (before giving effect to expenses associated with senior securities).

Assumed Portfolio Return (Net of Expenses)					(10.00	)%			(5.00	)%			0.00	%			5.00	%			10.00	%
Corresponding Common Share Return⁽¹⁾					(17.86	)%			(10.26	)%			(2.66	)%			4.94	%			12.54	%

⁽¹⁾ Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on October 31, 2023 of 5.84%, and dividend expense on the MRP Shares.

Market and Net Asset Value Information

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
30

Additional Information About the Funds (Unaudited)

	MARKET PRICE⁽¹⁾				NET ASSET VALUE AT QUARTER		PREMIUM/ (DISCOUNT) TO NET ASSET VALUE⁽³⁾
QUARTER ENDED	HIGH		LOW		END⁽²⁾		HIGH			LOW
October 31, 2023	$	6.17	$	5.09	$	5.99		-9.02	%		-14.14	%
July 31, 2023	$	6.23	$	5.67	$	6.93		-8.93	%		-12.42	%
April 30, 2023	$	6.52	$	5.60	$	6.57		-4.64	%		-10.56	%
January 31, 2023	$	6.47	$	5.53	$	6.79		-2.81	%		-10.74	%
October 31, 2022	$	7.80	$	5.35	$	6.12		13.64	%		-9.33	%
July 31, 2022	$	8.08	$	6.51	$	6.94		6.92	%		-0.91	%
April 30, 2022	$	9.64	$	7.85	$	7.67		4.67	%		-1.72	%
January 31, 2022	$	10.70	$	9.02	$	9.06		4.71	%		-38.12	%
October 31, 2021	$	11.17	$	9.48	$	10.14		12.64	%		-1.90	%
July 31, 2021	$	11.23	$	10.12	$	9.85		12.75	%		3.48	%
April 30, 2021	$	10.90	$	9.69	$	10.02		9.00	%		-2.32	%
January 31, 2021	$	9.91	$	7.85	$	9.71		-2.46	%		-2.97	%

Source: Fund Accounting Records

⁽¹⁾ Based on high and low closing market price per share during the respective quarter and does not reflect commissions.

⁽²⁾ Based on the NAV calculated on the close of business on the last business day of each calendar quarter.

⁽³⁾ Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.

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31

Additional Information About the Funds (Unaudited)

Calamos Global Total Return Fund

GROWTH OF $10,000: FOR THE 10-YEAR PERIOD ENDED 10/31/23

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			5 YEARS			10 YEARS			SINCE INCEPTION
Calamos Global Total Return Fund
Market Value		-0.98	%		2.94	%		4.29	%		5.83	%
NAV		5.26			4.98			5.03			6.76
50%ACWI(NR)-25%RefinitivGlblCv-25%BBGUSHY2%Cap Index		7.96			5.97			5.55			6.43
MSCI ACWI Index (Net)		10.50			7.47			6.81			6.56
Refinitiv Global Convertible index		4.33			5.12			4.16			5.61
Bloomberg US HY 2% Issuer Cap Bond Index		6.23			3.04			3.86			6.16

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gain distributions. Source: State Street Corporation and Morningstar Direct.

NOTES:

The graphs do not reflect the income taxes that you would pay on fund distributions or the redemption of fund shares. Fund performance includes reinvestment of dividends.

The 50%ACWI(NR)-25%RefinitivGlblCv-25%BBGUSHY2%Cap Index is blended from 50% - MSCI ACWI Index (MXWD), 25% - Refinitiv Global Convertible Bond Index and 25% - Bloomberg US HY 2% Issuer Capped Index.

The Refinitiv Global Convertible Bond Index (USD) is designed to represent the global convertible market.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
32

Additional Information About the Funds (Unaudited)

Calamos Global Total Return Fund

Senior Securities

FISCAL YEAR ENDED	TOTAL AMOUNT OUTSTANDING		ASSET COVERAGE			LIQUIDATING PREFERENCE PER PREFERRED SHARE^(c)		AVERAGE MARKET VALUE PER PREFERRED SHARE			TYPE OF SENIOR SECURITY
October 31, 2023	$	30,100,000	$	4,541	^(a)		—		—		Loan
October 31, 2023	$	17,000,000		201	^(b)		25		25	^(d)	MRPS
October 31, 2022	$	26,000,000		5,276	^(a)		—		—		Loan
October 31, 2022	$	17,000,000		202	^(b)		25		25	^(d)	MRPS
October 31, 2021	$	50,500,000		4,281	^(a)		—		—		Loan
October 31, 2021	$	17,000,000		318	^(b)		25		25	^(d)	MRPS
October 31, 2020	$	37,000,000		4,213	^(a)		—		—		Loan
October 31, 2020	$	12,000,000		325	^(b)		25		25	^(d)	MRPS
October 31, 2019	$	38,300,000		3,938	^(a)		—		—		Loan
October 31, 2019	$	12,000,000		314	^(b)		25		25	^(d)	MRPS
October 31, 2018	$	43,000,000		3,621	^(a)		—		—		Loan
October 31, 2018	$	12,000,000		324	^(b)		25		25	^(d)	MRPS
October 31, 2017	$	36,000,000		4,490	^(a)		—		—		Loan
October 31, 2017	$	12,000,000		337	^(b)		25		25	^(d)	MRPS
October 31, 2016	$	42,000,000		3,456	^(a)		—		—		Loan
October 31, 2015	$	44,000,000		3,556	^(a)		—		—		Loan
October 31, 2014	$	49,000,000		3,455	^(a)		—		—		Loan

^(b) Calculated by subtracting the Fund's total liabilities (not including MRPS) from the Fund's total assets and dividing this by the number of MRPS outstanding, and by multiplying the result by 25.

^(d) The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; and the liquidation preference approximates fair value.

Summary of Fund Expenses

By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of October 31, 2023. As of October 31, 2023, the Fund had utilized $30 million of the $55 million available under the SSB Agreement ($24 million in advances outstanding, and $6 million in structural leverage consisting of collateral received from counterparties via SSB in connection with securities on loan), representing 22.0% of the Fund's managed assets as of that date, and had $17 million in MRPS outstanding, representing 12.4% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRPS represented 34.5% of the Fund's managed assets.

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33

Additional Information About the Funds (Unaudited)

SHAREHOLDER TRANSACTION EXPENSES
Sales Load (as a percentage of offering price)		—	⁽¹⁾
Offering Expenses Borne by the Fund (as a percentage of offering price)		—	⁽¹⁾
Dividend Reinvestment Plan Fees (per sales transaction fee)⁽²⁾	$	15.00

ANNUAL EXPENSES	PERCENTAGE OF AVERAGE NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
Management Fee⁽³⁾		1.43	%
Interest Payments on Borrowed Funds⁽⁴⁾		1.39	%
Preferred Stock Dividend Payments⁽⁵⁾		0.60	%
Other Expenses⁽⁶⁾		0.44	%
Total Annual Expenses		3.86	%

The following example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (1) total annual expenses of 3.86% of net assets attributable to common shareholders; (2) a 5% annual return; and (3) all distributions are reinvested at net asset value:

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Total Expenses Paid by Common Shareholders⁽⁷⁾				$	39			$	118			$	199			$	410

⁽¹⁾ If the securities to which this prospectus relates are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load and the estimated offering expenses borne by us.

⁽²⁾ Shareholders will pay a $15.00 transaction fee plus a $0.02 per share brokerage charge if they direct the Plan Agent (as defined below) to sell common shares held in a Plan account. In addition, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold. See "Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan".

⁽³⁾ The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal to 1.00% of the Fund's average weekly managed assets. In accordance with the requirements of the Commission, the table above shows the Fund's management fee as a percentage of average net assets attributable to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed as a percentage of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to 1.43% of the Fund's average weekly net assets as of October 31, 2023 by dividing the total dollar amount of the management fee by the Fund's average weekly net assets (managed assets less outstanding leverage).

⁽⁴⁾ Reflects interest expense paid on $10 million in average borrowings under the SSB Agreement, plus $15 million in additional average structural leverage related to certain securities lending programs, as described under "Leverage".

⁽⁵⁾ Reflects estimated dividend expense on $17 million aggregate liquidation preference of mandatory redeemable preferred shares outstanding. See "Leverage".

⁽⁶⁾ "Other Expenses" are based on estimated amounts for the Fund's current fiscal year.

Effects of Leverage

The SSB Agreement provides for credit availability for the Fund, such that it may borrow up to $55 million. As of October 31, 2023, the Fund had utilized $30 million of the $55 million available under the SSB Agreement ($24 million of advances outstanding, and $6 million in structural leverage consisting of collateral received from counterparties via State Street Bank and Trust Company in connection with securities on loan), representing 22.0% of the Fund's managed assets as of that date,

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
34

Additional Information About the Funds (Unaudited)

and had $17 million of MRP Shares outstanding, representing 12.4% of the Fund's managed assets. Combined, the borrowings under the SSB Agreement and the outstanding MRP Shares represented 34.5% of the Fund's managed assets. Interest on the SSB Agreement was charged on the drawn amount at the rate of the Overnight Bank Financing Rate ("OBFR") plus 0.80%, payable monthly in arrears, from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was OBFR plus 0.52%. Interest on overdue amounts or interest on the drawn amount paid during an event of default was charged OBFR plus 2.80% from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was charged at OBFR plus 2.52%. These rates represent floating rates of interest that may change over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount.

As of October 31, 2023, the interest rate charged under the SSB Agreement was 5.84%.

To cover the interest expense on the borrowings under the SSB Agreement (including "net income" payments made with respect to borrowings offset by collateral for securities on loan) and the dividend payments associated with the MRP Shares, based on rates in effect on October 31, 2023, the Fund's portfolio would need to experience an annual return of 1.72% (before giving effect to expenses associated with senior securities).

Assumed Portfolio Return (Net of Expenses)					(10.00	)%			(5.00	)%			0.00	%			5.00	%			10.00	%
Corresponding Common Share Return⁽¹⁾					(17.94	)%			(10.29	)%			(2.64	)%			5.01	%			12.66	%

⁽¹⁾ Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on October 31, 2023 of 5.84%, and dividend expense on the MRP Shares.

Market and Net Asset Value Information

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35

Additional Information About the Funds (Unaudited)

	MARKET PRICE⁽¹⁾				NET ASSET VALUE AT QUARTER		PREMIUM/ (DISCOUNT) TO NET ASSET VALUE⁽³⁾
QUARTER ENDED	HIGH		LOW		END⁽²⁾		HIGH			LOW
October 31, 2023	$	9.75	$	7.92	$	9.11		-5.12	%		-12.00	%
July 31, 2023	$	9.84	$	9.00	$	10.60		-5.34	%		-10.55	%
April 30, 2023	$	10.48	$	9.15	$	10.12		0.39	%		-8.88	%
January 31, 2023	$	10.12	$	8.82	$	10.49		-3.53	%		-9.38	%
October 31, 2022	$	12.51	$	8.80	$	9.59		23.81	%		-5.09	%
July 31, 2022	$	12.98	$	10.49	$	10.82		11.78	%		1.25	%
April 30, 2022	$	14.80	$	12.85	$	11.87		12.08	%		-1.89	%
January 31, 2022	$	16.25	$	13.50	$	14.07		3.32	%		-1.58	%
October 31, 2021	$	17.30	$	15.27	$	15.82		8.60	%		0.00	%
July 31, 2021	$	16.35	$	15.40	$	15.17		5.89	%		3.08	%
April 30, 2021	$	16.26	$	14.65	$	15.39		2.59	%		-0.68	%
January 31, 2021	$	15.84	$	11.72	$	14.77		2.13	%		-3.14	%

Source: Fund Accounting Records

⁽¹⁾ Based on high and low closing market price per share during the respective quarter and does not reflect commissions.

⁽²⁾ Based on the NAV calculated on the close of business on the last business day of each calendar quarter.

⁽³⁾ Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
36

Additional Information About the Funds (Unaudited)

Calamos Long/Short Equity & Dynamic Income Trust

GROWTH OF $10,000: SINCE INCEPTION (11/30/19) THROUGH 10/31/23

AVERAGE ANNUAL TOTAL RETURN^† AS OF 10/31/23

	1 YEAR			SINCE INCEPTION
Calamos Long/Short Equity & Dynamic Income Trust
Market Value		-2.85	%		-0.75	%
NAV		4.32			4.06
30%MSCIACWI(NR)-20%ICOS-50%BBGUSHY2%Cap Index		6.75			2.52
MSCI ACWI Index (Net)		10.50			5.58
ICE BofA US All Capital Securities Index		1.99			-1.18
Bloomberg US HY 2% Issuer Cap Bond Index		6.23			1.70

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gain distributions. Source: State Street Corporation and Morningstar Direct.

NOTES:

The 30%MSCIACWI(NR)-20%ICOS-50%BBGUSHY2%Cap Index is blended from 30% - MSCI ACWI Index (MXWD), 20% - ICE BofA US All Capital Securities Index and 50% - Bloomberg US HY 2% Issuer Capped Index.

The ICE BofA US All Capital Securities Index is a subset of the ICE BofA US Corporate and US High Yield Index including all fixed-to floating rate, perpetual callable and capital securities, and fixed-rate preferred securities.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

www.calamos.com
37

Additional Information About the Funds (Unaudited)

Calamos Long/Short Equity & Dynamic Income Trust

Senior Securities

The following table sets forth information regarding the Fund's outstanding bank loans, and mandatory redeemable preferred shares ("MRPS") as of the end of each of the Fund's last ten fiscal years, as applicable. The information in the table shown below comes from the Fund's financial statements for the fiscal year ended October 31, 2023, and each of the prior three years then ended, all of which have been audited by Deloitte & Touche LLP, the Fund's independent registered public accounting firm.

FISCAL YEAR ENDED	TOTAL AMOUNT OUTSTANDING		ASSET COVERAGE^(a)		LIQUIDATING PREFERENCE PER PREFERRED SHARE^(b)		AVERAGE MARKET VALUE PER PREFERRED SHARE		TYPE OF SENIOR SECURITY
October 31, 2023	$	120,000,000	$	3,706		—		—	Loan
October 31, 2022	$	120,000,000		3,890		—		—	Loan
October 31, 2021	$	120,000,000		4,521		—		—	Loan
October 31, 2020*	$	69,200,000		5,949		—		—	Loan

* Commencement of operations was November 29, 2019.

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

⁽²⁾ "Liquidating Preference per Preferred Share" means the amount to which a holder of preferred shares would be entitled upon the liquidation of the Fund in preference to common shareholders, expressed as a dollar amount per preferred share.

Summary of Fund Expenses

By showing expenses as a percentage of average net assets, expenses are not expressed as a percentage of all of the assets we invest. The table and example are based on our capital structure as of October 31, 2023. As of October 31, 2023, the Fund had utilized $120 million of the $150 million available under the SSB Agreement ($118 million in advances outstanding and $2 million in structural leverage consisting of collateral received from counterparties via SSB in connection with securities on loan), representing 27.0% of the Fund's managed assets.

SHAREHOLDER TRANSACTION EXPENSES
Sales Load (as a percentage of offering price)		—	⁽¹⁾
Offering Expenses Borne by the Fund (as a percentage of offering price)		—	⁽¹⁾⁽¹⁾
Dividend Reinvestment Plan Fees (per sales transaction fee)⁽²⁾	$	15.00

ANNUAL EXPENSES	PERCENTAGE OF AVERAGE NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS
Management Fee⁽³⁾		1.81	%
Interest Payments on Borrowed Funds⁽⁴⁾		1.89	%
Dividend Expense on Short Sales		0.65	%
Other Expenses⁽⁵⁾		0.16	%
Acquired Fund Fees and Expenses⁽⁶⁾		0.00	%
Total Annual Expenses		4.51	%

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
38

Additional Information About the Funds (Unaudited)

The following example illustrates the expenses that common shareholders would pay on a $1,000 investment in common shares, assuming (1) total annual expenses of 4.51% of net assets attributable to common shareholders; (2) a 5% annual return; and (3) all distributions are reinvested at net asset value:

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Total Expenses Paid by Common Shareholders⁽⁷⁾				$	45			$	136			$	228			$	462

⁽¹⁾ If the securities to which this prospectus relates are sold to or through underwriters, the prospectus supplement will set forth any applicable sales load and the estimated offering expenses borne by us.

⁽²⁾ Shareholders will pay a $15.00 transaction fee plus a $0.02 per share brokerage charge if they direct the Plan Agent (as defined below) to sell common shares held in a Plan account. In addition, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold. See "Dividends and Distributions on Common Shares; Automatic Dividend Reinvestment Plan".

⁽³⁾ The Fund pays Calamos an annual management fee, payable monthly in arrears, for its investment management services in an amount equal to 1.35% of the Fund's average weekly managed assets. In accordance with the requirements of the Commission, the table above shows the Fund's management fee as a percentage of average net assets attributable to common shareholders. By showing the management fee as a percentage of net assets, the management fee is not expressed as a percentage of all of the assets the Fund intends to invest. For purposes of the table, the management fee has been converted to 1.81% of the Fund's average weekly net assets as of October 31, 2023 by dividing the total dollar amount of the management fee by the Fund's average weekly net assets (managed assets less outstanding leverage).

⁽⁴⁾ Reflects interest expense paid on $61 million in average borrowings under the SSB Agreement, plus $59 million in additional average structural leverage related to certain securities lending programs, as described under "Leverage".

⁽⁵⁾ "Other Expenses" are based on estimated amounts for the Fund's current fiscal year.

⁽⁶⁾ "Acquired Fund Fees and Expenses" are the indirect costs of investing in other investment companies such as money market funds and ETFs.

Effects of Leverage

The SSB Agreement provides for credit availability for the Fund, such that it may borrow up to $150 million. As of October 31, 2023, the Fund had utilized $120 million of the $150 million available under the SSB Agreement ($118 million of advances outstanding, and $2 million in structural leverage consisting of collateral received from counterparties via State Street Bank and Trust Company in connection with securities on loan), representing 27.0% of the Fund's managed assets as of that date. Interest on the SSB Agreement was charged on the drawn amount at the rate of the Overnight Bank Financing Rate ("OBFR") plus 0.80%, payable monthly in arrears, from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was OBFR plus 0.52%. Interest on overdue amounts or interest on the drawn amount paid during an event of default was charged OBFR plus 2.80% from November 1, 2022, through June 30, 2023. The rate from July 1, 2023, through October 31, 2023, was charged at OBFR plus 2.52%. These rates represent floating rates of interest that may change over time. The SSB Agreement has a commitment fee of 0.10% of any undrawn amount.

As of October 31, 2023, the interest rate charged under the SSB Agreement was 5.84%.

To cover the interest expense on the borrowings under the SSB Agreement (including "net income" payments made with respect to borrowings offset by collateral for securities on loan) and the dividend payments associated with the MRP Shares, based on rates in effect on October 31, 2023, the Fund's portfolio would need to experience an annual return of 1.58% (before giving effect to expenses associated with senior securities).

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39

Additional Information About the Funds (Unaudited)

leverage and decreases the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the table are hypothetical and actual returns may be greater or less than those appearing in the table.

Assumed Portfolio Return (Net of Expenses)					(10.00	)%			(5.00	)%			0.00	%			5.00	%			10.00	%
Corresponding Common Share Return⁽¹⁾					(15.87	)%			(9.02	)%			(2.17	)%			4.68	%			11.53	%

⁽¹⁾ Includes interest expense on the borrowings under the SSB Agreement, accrued at interest rates in effect on October 31, 2023 of 5.84%, and dividend expense on the MRP Shares.

Market and Net Asset Value Information

	MARKET PRICE⁽¹⁾				NET ASSET VALUE AT QUARTER		PREMIUM/ (DISCOUNT) TO NET ASSET VALUE⁽³⁾
QUARTER ENDED	HIGH		LOW		END⁽²⁾		HIGH			LOW
October 31, 2023	$	15.60	$	13.44	$	16.53		-12.53	%		-17.90	%
July 31, 2023	$	15.89	$	14.69	$	18.21		-12.98	%		-16.33	%
April 30, 2023	$	17.12	$	14.78	$	17.77		-10.52	%		-14.31	%
January 31, 2023	$	16.86	$	15.13	$	19.04		-9.60	%		-14.80	%
October 31, 2022	$	18.68	$	14.72	$	17.66		-5.78	%		-13.34	%
July 31, 2022	$	18.75	$	15.99	$	19.11		-6.48	%		-14.75	%
April 30, 2022	$	20.95	$	18.53	$	20.14		0.00	%		-8.19	%
January 31, 2022	$	20.89	$	18.36	$	21.79		-3.12	%		-10.17	%
October 31, 2021	$	20.95	$	19.52	$	21.52		-6.01	%		-7.66	%
July 31, 2021	$	21.33	$	19.53	$	21.62		-7.38	%		-6.82	%
April 30, 2021	$	20.78	$	17.84	$	22.92		-10.04	%		-12.51	%
January 31, 2021	$	18.47	$	14.40	$	19.77		-9.42	%		-18.14	%

Source: Fund Accounting Records

⁽¹⁾ Based on high and low closing market price per share during the respective quarter and does not reflect commissions.

⁽²⁾ Based on the NAV calculated on the close of business on the last business day of each calendar quarter.

⁽³⁾ Premium and discount information is shown for the days when the Fund experienced its high and low closing market prices, respectively, per share during the respective quarter.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
40

Calamos Convertible Opportunities and Income Fund (Unaudited)

CALAMOS CONVERTIBLE OPPORTUNITIES AND INCOME FUND

INVESTMENT TEAM DISCUSSION

Please discuss the Fund's strategy and role within an asset allocation.

Calamos Convertible Opportunities and Income Fund (CHI) is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rate moves. Like all Calamos closed-end funds, the Fund invests in multiple asset classes and aims to provide a steady stream of distributions paid out monthly.

The Fund invests in a diversified portfolio of convertible securities and high-yield bonds. The allocation to each asset class is dynamic and reflects our view of the economic landscape and the potential of individual securities. By utilizing these asset classes in combination, we believe the Fund is well positioned to generate capital gains and income. The broader range of security types also provides increased opportunities to manage the portfolio's risk/reward characteristics over full market cycles.

We seek companies with respectable balance sheets, reliable debt servicing, and good prospects for sustainable growth. We are also investing in cyclical companies poised to perform well in a post-pandemic environment, with earnings expansion potential resulting from pent-up consumer demand. Although we invest primarily in securities of US issuers, we favor companies that actively participate in markets with geographically diversified revenue streams and global-scale business strategies.

Given the heightened market volatility, we prefer convertibles with balanced risk/reward attributes while maintaining an underweight to the most equity-sensitive convertibles, which can lack favorable downside risk mitigation.

How did the Fund perform over the annual period?

The Fund returned -2.27% on a net asset value (NAV) basis and 3.37% on a market price basis for the 12 months ended October 31, 2023 ("annual period"), versus 2.88% for the comparator index comprising 50% ICE BofA All US Convertibles Index and 50% Bloomberg US Corporate High Yield 2% Issuer Capped Index for the same period. At the end of the annual period, the Fund's shares traded at an 11.23% premium to the NAV.

How do NAV and market price returns differ?

Closed-end funds trade on exchanges, where factors other than the value of the underlying securities might drive the price of shares or market price. For example, general market sentiment or future expectations might influence the market price. A fund's NAV return measures the actual return of the individual securities in the portfolio, less fund expenses. It also measures how a manager was able to capitalize on market opportunities. Because we believe closed-end funds are best utilized long term within asset allocations, we deem that the NAV return is the better measure of a fund's performance. However, when managing our Fund, we strongly consider actions and policies to optimize its overall price performance and returns based on market value.

TOTAL RETURN*

Common Shares – Inception 6/26/02

	1 Year			Since Inception**
On Market Price		3.27	%		8.72	%
On NAV		-2.27	%		8.41	%

*Total return measures net investment income and net realized gain or loss from Fund investments, and change in net unrealized appreciation and depreciation, assuming reinvestment of income and net realized gains distributions.

**Annualized since inception.

SECTOR WEIGHTINGS

Information Technology	21.3	%
Consumer Discretionary	18.5
Health Care	15.7
Industrials	9.6
Communication Services	8.9
Financials	7.0
Energy	5.9
Utilities	3.4
Materials	3.1
Consumer Staples	1.9
Real Estate	0.7
Airlines	0.6
Special Purpose Acquisition Companies	0.4

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

www.calamos.com
41

Calamos Convertible Opportunities and Income Fund (Unaudited)

ASSET ALLOCATION AS OF 10/31/23

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

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/23

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Please discuss the Fund's distributions during the reporting period.

We employ a managed distribution policy within this Fund with the goal of providing shareholders a consistent distribution stream. At the end of the annual period, the Fund's monthly distribution rate was $0.0950 per share, and the annualized distribution rate on the Fund's market price was 11.40%.

We believe both the Fund's distribution rate and level remained attractive and competitive, given that yield opportunities are limited in much of the marketplace, despite recent Fed tightening. As of October 31, 2023, the dividend yield of S&P 500 Index stocks averaged 1.68%. Although higher than a year ago, yields within the US government bond market were relatively low, with the 10-year US Treasury yielding 4.88%.

What factors influenced performance over the annual period?

On an unleveraged basis, our convertible bond holdings performed in line with the ICE BofA All US Convertibles Index. Holdings in the information technology and industrials sectors were helpful to performance, whereas holdings in financials and energy were not.

During the annual period, investors focused on the Federal Reserve's response to persistent inflation and the potential for a recession. Geopolitical concerns, regional bank stress, rising fuel prices, and potential impacts of the United Auto Workers strike also made headlines and induced volatility. Despite these headwinds, the equity market began to recover from 2022's lows, and the S&P 500 Index returned 10.14% over the period. However, the higher-for-longer interest rate environment stoked volatility in the bond market, and the Bloomberg US Aggregate Bond Index rose just 0.36%.

The convertible market is well represented by small and mid-sized growth issuers, which lagged the broader equity market as evidenced by the Russell 2500 Growth Index's -4.80% return. More than half of the convertible market was priced below par on average during the reporting period, and convertibles (-0.48%) held up much better than their underlying stocks (-8.2%).

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
42

Calamos Convertible Opportunities and Income Fund (Unaudited)

Our high-yield bond holdings slightly underperformed relative to the Bloomberg US High Yield 2% Issuer Capped Index. Our selection in the energy and financials sectors contributed to results, while our selection in the communication services and consumer discretionary sectors trailed.

High yield spreads were modestly tighter, closing at 437 basis points on an option-adjusted basis, down from 464 in the prior year. Despite the perceived stability, the trading range for spreads during the period was 150 basis points wide, reflecting the volatility across markets. Lower quality outperformed as CCCs returned 7.4%, B-rated paper returned 6.8%, and more rate-sensitive BBs returned 5.3%. After increasing for most of the year, trailing 12-month defaults came in at 2.6% on a par-weighted basis. We expect this measure to climb and close the 2023 calendar year near the 3.0% average of the post-GFC era. The best performing sectors in the Bloomberg US High Yield 2% Issuer Capped Index were finance companies (+10.9%), consumer cyclicals (+10.2%), and brokers and asset managers (+3.5), whereas communications (+0.8%), electric utilities (+3.1%), and transportation (+3.3%) represented the laggards.

Other factors that contributed and detracted from Fund performance included the following:

^◼ On an unleveraged basis, the portfolio underperformed the comparator index. Our relative overweight in convertibles and underweight in corporate bonds relative to the index hindered performance.

^◼ Our use of put options was beneficial relative to the comparator index.

^◼ Our selection of corporate bonds was not helpful to returns.

^◼ The Fund benefitted from leading security selection and an average overweight stance in information technology, specifically in the data processing & outsourced services and the communications equipment industries.

^◼ Security selection and an average underweight stance in industrials contributed to performance, specifically in the electrical components & equipment and the industrial machinery & supplies & components industries.

^◼ Conversely, security selection and an average underweight stance in the consumer discretionary sector weakened return over the period. In particular, positions in the hotels, resorts & cruise lines and the automobile manufacturers industries lagged.

^◼ Security selection and an average underweight stance in energy lost ground on a relative basis, specifically in the oil & gas drilling and the oil & gas exploration & production industries.

How is the Fund positioned?

As of October 31, 2023, approximately 66% of our portfolio as a percent of net assets was invested in convertible securities. We believe this allocation will enable our shareholders to take advantage of selective opportunities in the general equity markets. In the long term, we believe patient investors will be rewarded through an allocation to convertibles and select high-yield bonds at current levels that may offer attractive valuations.

www.calamos.com
43

Calamos Convertible Opportunities and Income Fund (Unaudited)

of recent equity-valuation resets. Balanced convertibles provide a favorable asymmetric payoff profile by offering an attractive level of upside equity participation with less exposure to downside moves. We also see opportunities in the bond-like segment of the convertible market in issues that can benefit from spread compression while offering attractive yields and sound structural risk mitigation during equity market weakness. Within this segment of the convertible market, most issuers retain substantial cash balances along with minimal near-term refinancing risk. We are selective in the group's most distressed names.

The market's reaction to the November Fed meeting has driven Treasury yields further from the Fed's forward rate path expectations. However, Chair Powell noted multiple times that the dot plots released quarterly should only be viewed as snapshots in time that loses applicability with each incoming data point. Futures markets now indicate four rate cuts will occur in 2024, down from the five cuts the market had priced in at the midyear point. We have been gradually increasing portfolio durations in expectation of peak-Fed policy rates and a greater likelihood that the next rate move will be a cut. As of October 31, 2023, the average duration was 2.6 years.

From a sector standpoint, the portfolio's largest absolute weights are in information technology and consumer discretionary, while the smallest sector weights with holdings are in real estate and consumer staples. We maintain relative overweight positions in health care and information technology, with health care equipment (in health care) and semiconductors (in information technology) among the overweight industries. The largest industry underweight positions are asset management & custody banks (in financials) and communications equipment (in information technology).

Allocations to financials and consumer discretionary rose during the period, with increased weights in transaction & payment processing services and broadline retail. The information technology allocation decreased during the period with a reduction in semiconductors, while the weight to utilities also decreased modestly, with a paring back of independent power producers and energy traders.

We continue to hold our largest rated-bond allocations in the BB tier. We believe this exposure offers investors a better risk/reward dynamic while providing regular income. The average credit quality of the portfolio of rated bonds (BB) is higher than that of the ICE BofA All US Convertibles Index. This is typical for the Fund because our credit process tends to guide us away from the most speculative corporate securities. That said, we do selectively invest in lower-credit securities when we believe the risk/reward dynamics favor investors. We continue to find value in out-of-benchmark positions in leveraged loans and investment-grade credit.

Although the Fund tends to be US-centric because of the compelling risk/reward of investments, we are investing in global businesses that seek the best opportunities worldwide and diversify their revenue streams. Overall, we believe our companies are performing well fundamentally, earning attractive cash flow margins, improving their credit profiles, and utilizing reasonable debt levels to fund their operations.

What are your closing thoughts for Fund shareholders?

Volatility has historically created opportunity in the convertible asset class. Any stabilization of the macro backdrop could shift narrow, larger-cap-driven S&P 500 leadership into broader strength, which we believe would benefit convertibles since many issuers lean toward more mid-cap, growth-oriented companies. Should

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
44

Calamos Convertible Opportunities and Income Fund (Unaudited)

the market continue to prove challenging, convertibles are situated near their bond floor and would be expected to provide defensive attributes.

Convertible new issuance was subdued in 2022 but has improved in 2023 with higher coupons and lower conversion premiums that are more favorable to investors. So far in 2023, global convertible issuance totaled $65.1 billion, surpassing the $39.6 billion in 2022. We've also been encouraged to see more investment-grade companies issue convertibles. We remain optimistic about issuance prospects and believe the pace will continue to be strong as companies increasingly recognize the lower-borrowing-cost benefits of issuing convertibles in lieu of traditional bonds. The combination of a sizable amount of debt maturing in 2025 across bond markets and the Fed's higher-for-longer interest rate stance could accelerate near-term issuance. Increased issuance should broaden the convertible market landscape and the number of investable opportunities.

Although progress may have changed direction, aggregate leverage and interest coverage continue to look healthy from our perspective. We will monitor the situation closely to determine if a new trend toward weakness is emerging or if results are becoming more volatile as instability in input prices, labor costs, and consumer behavior impact outcomes. Credit spreads in both the investment-grade and high-yield markets have widened slightly as strong balance sheets and technicals have offset the growing suspicion that results in coming quarters will be weaker.

We agree that monetary policy is currently restrictive, as evidenced by trailing 12-month inflation (core PCE) below the fed funds effective rate and real yields on Treasury Inflation Protected Securities well above 2% across the maturity spectrum. We expect future months and quarters to show a drop in consumer and business investment as a reduction in disposable income through higher borrowing costs rolls into more areas of economic activity. We are squarely in the "impatiently waiting" phase, looking to ascertain how much economic momentum will be lost from past policy changes. There is still a high level of uncertainty concerning potential economic outcomes, and a recession cannot be dismissed.

A Note About Your Fund's Portfolio Management Team. Mr. Chuck Carmody, CFA, was named Co-Portfolio Manager of the Fund in December 2023. He joined Calamos in 2004. Since 2022, he has served as Senior Vice President, Co-Portfolio Manager of Calamos Advisors. Previously, in 2016, he was named Vice President, Co-Portfolio Manager, as well as Senior Trader, High Yield, Calamos Advisors. From 2010 to 2016, he held other senior fixed income trading roles at the firm. The Fund's Prospectus contains information relating to the other portfolio managers, as well as Calamos Advisors' "team of teams" approach to portfolio management. The Fund's Statement of Additional Information provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers' ownership of securities in the Fund.

www.calamos.com
45

Calamos Convertible Opportunities and Income Fund (CHI) (Unaudited)

INVESTMENT OBJECTIVE AND STRATEGIES

Investment Objective

The Fund's investment objective is to provide total return through a combination of capital appreciation and current income.

Principal Investment Strategies

Under normal circumstances, the Fund invests at least 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income securities.* The portion of the Fund's assets invested in convertible securities and non-convertible income securities will vary from time to time consistent with the Fund's investment objective, changes in equity prices and changes in interest rates and other economic and market factors, although, under normal circumstances, the Fund will invest at least 35% of its managed assets in convertible securities.

The Fund invests in securities with a broad range of maturities. The average term to maturity of the Fund's securities typically will range from two to ten years. "Managed assets" means the Fund's total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

The Fund is not limited in the percentage of its assets invested in convertible securities, and investment in convertible securities forms an important part of the Fund's principal investment strategies.

A convertible security is a debt security, debenture, note or preferred stock that is exchangeable for an equity security (typically common stock of the same issuer) at a predetermined price (the "conversion price"). Depending upon the relationship of the conversion price to the market value of the underlying security, a convertible security may trade more like an equity security than a debt instrument. The Fund may invest in convertible securities of any rating.

The Fund may invest in "synthetic" convertible instruments. A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of another instrument (i.e., a convertible security) through the combined economic features of a collection of other securities or assets. Calamos may create a synthetic convertible instrument by combining separate securities that possess the two principal characteristics of a true convertible security, i.e., a fixed-income security ("fixed-income component", which may be a convertible or non-convertible security) and the right to acquire an equity security ("convertible component"). The fixed-income component is achieved by investing in fixed-income securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. The fixed income and convertible components may have different issuers, and either component may change at any time.

The Fund may also invest in synthetic convertible instruments created by third parties, typically investment banks. Synthetic convertible instruments created by such parties may be designed to simulate the characteristics of traditional convertible securities or may be designed to alter or emphasize a particular feature. Synthetic convertible instruments may include structured notes, equity-linked notes, mandatory convertibles and combinations of securities and instruments, such as a debt instrument combined with a forward contract. The Fund's holdings of synthetic convertible instruments are considered convertible securities for purposes of the Fund's policy to invest at least 35% of its managed assets in convertible securities and 80% of its managed assets in a diversified portfolio of convertible securities and non-convertible income securities.

The Fund will also invest in non-convertible income securities. The Fund's investments in non-convertible income securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features.

A substantial portion of the Fund's assets may be invested in below investment grade (high yield, high risk) securities for either current income or capital appreciation or both. These securities are rated Ba or lower by Moody's Investors Service, Inc. or BB or lower by Standard & Poor's Financial Services, LLC, a subsidiary of The McGraw-Hill Companies, Inc. or are unrated securities of comparable quality as determined by Calamos, the Fund's investment adviser. The Fund may invest in high yield securities of any rating. The Fund may, but currently does not intend to, invest up to 5% of its managed assets in distressed securities that are in default or the issuers of which are in bankruptcy.

* This is a non-fundamental policy and may be changed by the Board of Trustees of the Fund provided that shareholders are provided with at least 60 days' prior written notice of any change as required by the rules under the 1940 Act.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
46

Calamos Convertible Opportunities and Income Fund (CHI) (Unaudited)

Although the Fund primarily invests in securities of US issuers, the Fund may invest up to 25% of its net assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers.

The Fund may seek to generate income from option premiums by writing (selling) options. The Fund may write (sell) call options (i) on a portion of the equity securities (including equity securities obtainable by the Fund through the exercise of its rights with respect to convertible securities it owns) in the Fund's portfolio and (ii) on broad-based securities indices (such as the Standard and Poor's 500^® Index ("S&P 500") or the MSCI EAFE^® Index ("MSCI EAFE"), which is an index of international equity stocks) or certain ETFs (exchange traded funds) that trade like common stocks but seek to replicate such market indices. In addition, to seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indices (such as the S&P 500 or the MSCI EAFE), or certain ETFs that trade like common stocks but seek to replicate such market indices.

The Fund may invest without limit in certain securities ("Rule 144A Securities"), such as convertible and debt securities, that are typically purchased in transactions exempt from the registration requirements of the 1933 Act pursuant to Rule 144A under that Act. Under the supervision and oversight of the Fund's Board of Trustees, Calamos will determine whether Rule 144A Securities are liquid. Typically, the Fund purchases Rule 144A Securities only if Calamos has determined them to be liquid.

The Fund may invest in loan participations and other direct claims against a borrower. The corporate loans in which the Fund may invest primarily consist of direct obligations of a borrower and may include debtor in possession financings pursuant to Chapter 11 of the US Bankruptcy Code, obligations of a borrower issued in connection with a restructuring pursuant to Chapter 11 of the US Bankruptcy Code, leveraged buy-out loans, leveraged recapitalization loans, receivables purchase facilities, and privately placed notes. The Fund may invest in a corporate loan at origination as a co-lender or by acquiring in the secondary market participations in, assignments of or novations of a corporate loan. Many such loans are secured, although some may be unsecured. Such loans may be in default at the time of purchase. In addition, loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The markets in such loans are not regulated by federal securities laws or the Commission.

The Fund may invest in other securities of various types to the extent consistent with its investment objective. Normally, the Fund invests substantially all of its assets to meet its investment objective. For temporary defensive purposes, the Fund may depart from its principal investment strategies and invest part or all of its assets in securities with remaining maturities of less than one year or cash equivalents; or it may hold cash. During such periods, the Fund may not be able to achieve its investment objective. There are no restrictions as to the ratings of debt securities acquired by the Fund or the portion of the Fund's assets that may be invested in debt securities in a particular ratings category.

The Fund currently uses, and may in the future use, financial leverage. The Fund has obtained financial leverage (i) under an Amended and Restated Liquidity Agreement with State Street Bank and Trust Company that allows the Fund to borrow up to $430 million and (ii) through the issuance of four series of Mandatory Redeemable Preferred Shares ("MRPS" or "MRP Shares") with an aggregate liquidation preference of $133.0 million.

www.calamos.com
47

Calamos Convertible and High Income Fund (Unaudited)

TOTAL RETURN*

Common Shares – Inception 5/28/03

	1 Year			Since Inception**
On Market Price		10.32	%		8.19	%
On NAV		-1.99	%		7.72	%

**Annualized since inception.

SECTOR WEIGHTINGS

Information Technology	21.6	%
Consumer Discretionary	18.6
Health Care	15.9
Industrials	9.7
Communication Services	9.0
Financials	7.0
Energy	5.9
Utilities	3.4
Materials	3.0
Consumer Staples	1.9
Real Estate	0.7
Airlines	0.6
Special Purpose Acquisition Companies	0.4

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

CALAMOS CONVERTIBLE AND HIGH INCOME FUND

INVESTMENT TEAM DISCUSSION

Please discuss the Fund's strategy and role within an asset allocation.

Calamos Convertible and High Income Fund (CHY) is an enhanced fixed-income offering that seeks total return through capital appreciation and current income. It provides an alternative to funds investing exclusively in investment-grade fixed-income instruments and seeks to be less sensitive to interest rates. Like all Calamos closed-end funds, the Fund seeks to provide a steady stream of distributions paid out monthly and invests in multiple asset classes that may be reweighted in an effort to optimize returns.

The Fund invests in a diversified portfolio of convertible and high-yield securities. The allocation to each asset class is dynamic and reflects our view of the economic landscape and the potential of individual securities. By utilizing these asset classes in combination, we believe the Fund is well positioned to generate capital gains and income. The broader range of security types also provides increased opportunities to manage the portfolio's risk/reward characteristics over full market cycles.

We seek companies with respectable balance sheets, reliable debt servicing, and good prospects for sustainable growth. Although we invest primarily in securities of US issuers, we favor companies that actively participate in globalization with geographically diversified revenue streams and global-scale business strategies.

How did the Fund perform over the annual period?

The Fund returned -1.99% on a net asset value (NAV) basis and 10.32% on a market price basis for the twelve months ended October 31, 2023 ("annual period"), versus 2.88% for the comparator Index comprising 50% ICE BofA All US Convertibles Index and 50% Bloomberg US Corporate High Yield 2% Issuer Capped Index for the same period. At the end of the reporting period, the Fund's shares traded at a 14.54% premium to NAV.

How do NAV and market price returns differ?

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
48

Calamos Convertible and High Income Fund (Unaudited)

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/23

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Please discuss the Fund's distributions during the annual period.

We employ a managed distribution policy within this Fund with the goal of providing shareholders with a consistent distribution stream. At the end of the period, the Fund's monthly distribution rate was $0.1000 per share, and the annualized distribution rate on the Fund's market price was 11.04%.

We believe the Fund's distribution rate and level remained attractive and competitive despite rising yields in financial assets. For example, as of October 31, 2023, the dividend yield of S&P 500 Index stocks averaged 1.68%. Yields were also relatively low within the US government bond market, with the 10-year US Treasury yielding 4.88%.

What factors influenced performance over the annual period?

ASSET ALLOCATION AS OF 10/31/23

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

www.calamos.com
49

Calamos Convertible and High Income Fund (Unaudited)

High-yield spreads were modestly tighter, closing at 437 basis points on an option-adjusted basis, down from 464 in the prior year. Despite the perceived stability, the trading range for spreads during the period was 150 basis points wide, reflecting the volatility across markets. Lower quality outperformed as CCCs returned 7.4%, B-rated paper returned 6.8%, and more rate-sensitive BBs returned 5.3%. After increasing for most of the year, trailing 12-month defaults came in at 2.6% on a par-weighted basis. We expect this measure to climb and close the 2023 calendar year near the 3.0% average of the post-GFC era. The best-performing sectors in the Bloomberg US High Yield 2% Issuer Capped Index were finance companies (+10.9%), consumer cyclicals (+10.2%), and brokers and asset managers (+3.5), whereas communications (+0.8%), electric utilities (+3.1%), and transportation (+3.3%) represented the laggards.

Other factors that contributed and detracted from Fund performance included the following:

^◼ On an unleveraged basis, the portfolio underperformed the comparator index. Our relative overweight in convertibles and underweight in corporate bonds relative to the index hindered performance.

^◼ Our use of put options was beneficial relative to the comparator index.

^◼ Our selection of corporate bonds was not helpful to returns.

^◼ The Fund benefited from leading security selection and an average overweight stance in information technology, specifically in the data processing & outsourced services and the communications equipment industries.

^◼ Conversely, security selection and an average underweight stance within the consumer discretionary sector weakened return over the period. In particular, positions in the hotels, resorts & cruise lines industry and automobile manufacturers lagged.

^◼ Security selection and an average underweight stance in energy lost ground on a relative basis, specifically in the oil & gas drilling and the oil & gas exploration & production industries.

How is the Fund positioned?

As of October 31, 2023, approximately 66% of our portfolio as a percent of net assets was invested in convertible securities. We believe this allocation will enable our shareholders to take advantage of selective opportunities in the general equity markets. In the long term, we think patient investors will be rewarded through an allocation to convertibles and select high-yield bonds at current levels that may offer attractive valuations.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
50

Calamos Convertible and High Income Fund (Unaudited)

preference for the balanced portion of the convertible market to take advantage of recent equity-valuation resets. Balanced convertibles provide a favorable asymmetric payoff profile by offering an attractive level of upside equity participation with less exposure to downside moves. We also see opportunities in the bond-like segment of the convertible market in issues that can benefit from spread compression while offering attractive yields and sound structural risk mitigation during equity market weakness. Within this segment of the convertible market, most issuers retain substantial cash balances along with minimal near-term refinancing risk. We are selective in the group's most distressed names.

The market's reaction to the November Fed meeting has driven Treasury yields further from the Fed's forward rate path expectations. However, Powell noted multiple times that the dot plots released quarterly should only be viewed as a snapshot in time that loses applicability with each incoming data point. Futures markets now indicate four rate cuts will occur in 2024, down from the five cuts the market had priced in at the midyear point. We have been gradually increasing portfolio durations in expectation of peak-Fed policy rates and a greater likelihood that the next rate move will be a cut. As of October 31, 2023, the average duration was 2.6 years.

From a sector standpoint, the portfolio's largest absolute weights are in information technology and health care, while the smallest sector weights with holdings are in real estate and consumer staples. We maintain relative overweight positions in health care and information technology, with health care equipment (in health care) and semiconductors (in information technology) among the overweight industries. The largest industry underweight positions are asset management & custody banks and communications equipment.

Allocations to financials and consumer discretionary rose during the period, with increased weights in transaction & payment processing services and broadline retail. The information technology allocation decreased during the period, with a reduction in semiconductors, while the weight to utilities also decreased modestly, with a paring back in independent power producers and energy traders.

We continue to hold our largest rated bond allocations in the BB tier. We believe this exposure offers investors a better risk/reward dynamic while providing regular income. The average (BB) credit quality of the portfolio's bonds is higher than that of the ICE BofA All US Convertibles Index. This higher relative credit is typical for the Fund because our process tends to guide us away from the most speculative corporate securities. That said, we selectively invest in lower-credit securities when we believe the risk/reward dynamics favor our investors. We continue to find value in out-of-benchmark positions in leveraged loans and investment-grade credit.

Although the Fund tends to be US-centric because of the compelling risk/reward of investments, we invest in global businesses that seek the best opportunities worldwide and diversify their revenue streams. Overall, we believe our companies are performing well fundamentally, earning attractive cash flow margins, improving their credit profiles, and utilizing reasonable debt levels to fund their operations.

From a credit-quality perspective, the Fund is positioned with a relative underweight in the BB category and a corresponding overweight in out-of-benchmark BBB-rated issuers. We continue to find value in out-of-benchmark positions in leveraged loans and investment-grade credit.

www.calamos.com
51

Calamos Convertible and High Income Fund (Unaudited)

What are your closing thoughts for Fund shareholders?

Should the market continue to prove challenging, convertibles are situated near their bond floor and would be expected to provide defensive attributes.

Although progress may have changed direction, aggregate leverage and interest coverage continue to look healthy from our perspective. We will monitor the situation closely to determine if a new trend toward weakness is emerging or if results are becoming more volatile as instability in input prices, labor costs, and consumer behavior impact outcomes. Credit spreads in investment-grade and high-yield markets have widened slightly as strong balance sheets and technicals have offset the growing suspicion that results in coming quarters will be weaker.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
52

Calamos Convertible and High Income Fund (CHY) (Unaudited)

INVESTMENT OBJECTIVE AND STRATEGY

Investment Objective

The Fund's investment objective is to provide total return through a combination of capital appreciation and current income.

Principal Investment Strategies

Under normal circumstances, the Fund invests at least 80% of its managed assets in a diversified portfolio of convertible securities and below investment grade (high yield/high risk) non-convertible debt securities.* The portion of the Fund's assets invested in convertible securities and below investment grade (high yield/high risk) non-convertible debt securities will vary from time to time consistent with the Fund's investment objective, changes in equity prices and changes in interest rates and other economic and market factors, although, under normal circumstances, the Fund will invest at least 20% of its managed assets in convertible securities and at least 20% of its managed assets in below investment grade (high yield/high risk) non-convertible debt securities (so long as, under normal circumstances, the combined total equals at least 80% of the Fund's managed assets).

The Fund's derivative activities are principally focused on the following derivatives: interest rate swaps, convertible securities, synthetic convertible instruments, options on individual securities, index options and forward currency exchange contracts. However, the Fund reserves the right to invest in other derivative instruments to the extent it is consistent with the Fund's investment objective and restrictions.

Investment in convertible securities forms an important part of the Fund's principal investment strategies. Under normal circumstances, the Fund will invest at least 20% of its managed assets in convertible securities. A convertible security is a debt security, debenture, note or preferred stock that is exchangeable for an equity security (typically common stock of the same issuer) at a predetermined price (the "conversion price"). Depending upon the relationship of the conversion price to the market value of the underlying security, a convertible security may trade more like an equity security than a debt instrument. The Fund may invest in convertible securities of any rating.

www.calamos.com
53

Calamos Convertible and High Income Fund (CHY) (Unaudited)

component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. The fixed income and convertible components may have different issuers, and either component may change at any time.

The Fund may also invest in synthetic convertible instruments created by third parties, typically investment banks. Synthetic convertible instruments created by such parties may be designed to simulate the characteristics of traditional convertible securities or may be designed to alter or emphasize a particular feature. Synthetic convertible instruments may include structured notes, equity-linked notes, mandatory convertibles and combinations of securities and instruments, such as a debt instrument combined with a forward contract. The Fund's holdings of synthetic convertible instruments are considered convertible securities for purposes of the Fund's policy to invest at least 20% of its managed assets in convertible securities and 80% of its managed assets in a diversified portfolio of convertible securities and below investment grade (high yield/high risk) non-convertible debt securities.

Investment in high yield securities forms an important part of the Fund's principal investment strategies. The Fund will invest in high yield securities for either current income or capital appreciation or both. Under normal circumstances, the Fund will invest at least 20% of its managed assets in high yield non-convertible debt securities. These securities are rated Ba or lower by Moody's Investors Service, Inc. ("Moody's") or BB or lower by Standard & Poor's Financial Services, LLC, a subsidiary of The McGraw-Hill Companies, Inc. ("Standard & Poor's") or are unrated securities of comparable quality as determined by Calamos, the Fund's investment adviser. The Fund may invest in high yield securities of any rating. The Fund may, but currently does not intend to, invest up to 5% of its managed assets in distressed securities that are in default or the issuers of which are in bankruptcy.

Although the Fund primarily invests in securities of US issuers, the Fund may invest up to 25% of its managed assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers. The Fund may invest up to 15% of its managed assets in securities of foreign issuers in emerging markets.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
54

Calamos Convertible and High Income Fund (CHY) (Unaudited)

insolvency of the lending bank or other financial intermediary. The markets in such loans are not regulated by federal securities laws or the Commission.

In addition, to seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indices (such as the S&P 500 or MSCI EAFE) or certain ETFs that trade like common stocks but seek to replicate market indices.

The Fund may invest up to 10% of its managed assets in the equity securities (including common units) of master limited partnerships ("MLPs"). Convertible securities are excluded from this limitation. MLPs are investment vehicles generally organized under state law as limited partnerships or limited liability companies. MLPs typically issue general partner and limited partner interests, or managing member and member interests, and MLP-issued securities are often listed and traded on a securities exchange. Such securities are structured by contract and may incorporate both equity-like and debt-like components. The general partner or manager of the MLP generally controls the operation and management of the MLP, and typically is eligible for certain incentive distributions under the terms of the MLP. The Fund will not typically invest in general partner or manager interests of MLPs. Limited partner or member interests in MLPs may have either preferred or subordinated rights to MLP assets and distributions.

The Fund may invest in securities of real estate investment trusts ("REITs"), including debt securities they may issue. REITs primarily invest in income-producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests in addition to the expenses paid by the Fund. Debt securities issued by REITs are, for the most part, general and unsecured obligations and are subject to risks associated with REITs.

www.calamos.com
55

Calamos Convertible and High Income Fund (CHY) (Unaudited)

debt securities acquired by the Fund or the portion of the Fund's assets that may be invested in debt securities in a particular ratings category.

The Fund currently uses, and may in the future use, financial leverage. The Fund has obtained financial leverage (i) under an Amended and Restated Liquidity Agreement with State Street Bank and Trust Company that allows the Fund to borrow up to $480 million and (ii) through the issuance of four series of Mandatory Redeemable Preferred Shares ("MRPS" or "MRP Shares") with an aggregate liquidation preference of $145 million.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
56

Calamos Strategic Total Return Fund (Unaudited)

CALAMOS STRATEGIC TOTAL RETURN FUND

INVESTMENT TEAM DISCUSSION

Please discuss the Fund's strategy and role within an asset allocation.

Calamos Strategic Total Return Fund (CSQ) is a total-return-oriented offering that seeks to provide a steady stream of income paid out monthly. We invest in a diversified portfolio of equities, convertible securities and high-yield bonds. The allocation to each asset class is dynamic and reflects our view of the economic landscape and the potential of individual securities to contribute to the portfolio. By using the asset classes in combination, we believe the Fund can be optimally positioned to generate capital gains and income over the long term. This broader range of security types also provides us with increased opportunities to manage the risk and reward characteristics of the portfolio over full market cycles. Through this approach, we seek to offer investors an attractive monthly distribution and equity participation.

While we are often more heavily weighted in the securities of US issuers, we favor companies actively participating in globalization with geographically diversified revenue streams and global business strategies. We emphasize companies we believe offer reliable debt servicing, respectable balance sheets, solid free cash flow, and good prospects for sustainable growth. Those profitable companies should be more resilient to inflationary pressures and rising interest rates.

How did the Fund perform over the annual period?

The Fund returned 7.94% on a net asset value (NAV) basis and 1.84% on a market price basis for the 12 months ended October 31, 2023 ("annual period") versus a return of 6.59% for a comparator index comprising 50% S&P 500 Index, 25% ICE BofA All US Convertibles Index and 25% Bloomberg US Corporate High Yield 2% Issuer Capped Index over the same period. At the end of the reporting period, the Fund's shares traded at a -4.33% discount to NAV.

How do NAV and market price returns differ?

Closed-end funds trade on exchanges, where factors other than the value of the underlying securities might drive the price of shares or market price. For example, the market price might be influenced by general market sentiment or future expectations. A fund's NAV return measures the actual return of the individual securities in the portfolio, less fund expenses. It also measures how a manager was able to capitalize on market opportunities. Because we believe closed-end funds are best utilized long term within asset allocations, we deem that the NAV return is the better measure of a fund's performance. However, when managing our Fund, we strongly consider actions and policies that will optimize its overall price performance and returns based on market value.

TOTAL RETURN*

Common Shares – Inception 3/26/04

	1 Year			Since Inception**
On Market Price		1.80	%		7.89	%
On NAV		7.89	%		8.39	%

*Total return measures net investment income and net realized gain or loss from Fund investments, and change in net unrealized appreciation or depreciation, assuming reinvestment of income and net realized gains distributions.

**Annualized since inception.

SECTOR WEIGHTINGS

Information Technology	22.5	%
Consumer Discretionary	13.0
Financials	12.0
Health Care	11.5
Communication Services	9.7
Industrials	8.6
Energy	5.8
Consumer Staples	5.0
Utilities	2.9
Materials	2.7
Real Estate	1.6
Airlines	0.3
Special Purpose Acquisition Companies	0.1
Other	0.1

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

www.calamos.com
57

Calamos Strategic Total Return Fund (Unaudited)

ASSET ALLOCATION AS OF 10/31/23

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

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/23

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Please discuss the Fund's distributions during the reporting period.

We employ a managed distribution policy within this Fund with the goal of providing shareholders with a consistent distribution stream. The Fund's monthly distribution rate on October 31, 2023, was $0.1025 per share, and its annualized distribution rate based on market price was 9.59%.

We believe the Fund's distribution rate and level remained attractive and competitive because yield opportunities are limited in much of the marketplace despite recent Fed tightening. For example, as of October 31, 2023, the dividend yield of S&P 500 Index stocks was 1.68%. Although higher than a year ago, yields within the US government bond market were relatively low, with the 10-year US Treasury yielding 4.88%.

What factors influenced performance over the annual period?

Equity markets rallied over the course of the period, lifting off lows from the market sell-off that began in late 2021 when the Fed and central bankers around the world began raising interest rates in an effort to tackle inflation. The Fed hiked the fed funds rate in historically short order (300 basis points in approximately six months), and the broad market, not surprisingly, did not react favorably, falling by -24% from late December 2021 through early October 2022. At the onset of this annual period, investors were pleased to see data suggesting that inflation had likely peaked, which many believed would allow the Fed to slow down its furious pace of interest rate hikes.

Cyclical stocks and beleaguered value stocks led the market in the initial months of the reporting period, but that leadership was short-lived as the Fed continued to promote a hawkish narrative. During these 12 months, the Fed would raise rates an additional 225 basis points. In March 2023, two of the largest bank failures in history, Silicon Valley Bank and Credit Suisse, sent investors flocking to the large-cap growth stocks of companies with significant balance sheets and ties to AI (artificial intelligence). Toward the end of the period, investors continued to grapple with questions of whether the Fed could induce a soft landing for the US economy while reining in inflation or whether a recession would result from the significant change in the cost of capital. Geopolitical risks increased with the onset of conflict between Hamas and Israel in October 2023. Those cumulative concerns weighed on the markets, with the S&P 500 Index, a measure of the US equity market, declining by -10% toward the end of the annual period.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
58

Calamos Strategic Total Return Fund (Unaudited)

For the annual period, the US equity market, as represented by the S&P 500 Index, gained 10.14%, although it should be noted that an equal-weighted S&P 500 Index went nowhere on the year, with a total return of -0.75%. Small-cap stocks, represented by the Russell 2000 Index, dropped -8.57% for the annual period, and mid-cap stocks, as measured by the Russell Midcap Index, also struggled with a -1.01% return. Mega-cap growth stocks performed best and carried the bulk of the overall S&P 500 Index's return, particularly those tied to AI with solid balance sheets (and perhaps less concerned about borrowing from banks or raising capital in a higher-interest-rate environment). The top eight names in the S&P 500 Index by market cap, representing approximately 26% of the index's market cap, are primarily tech-related, stronger-balance-sheet companies, accounting for 85% of the market's gain over the period.

Within the S&P 500 Index, communication services (+36%) and information technology (+31%) were significant outperformers led by mega-cap growth names and were the only two sectors to beat the overall market. Consumer discretionary (+8%), industrials (+6%), and materials (+5%) delivered positive returns, but all other sectors finished in negative territory for the reporting period. Energy (-2%), financials (-3%), consumer staples (-3%), health care (-5%), real estate (-7%), and utilities (-8%) rounded out performance by sector.

Other factors that contributed and detracted from Fund performance included the following:

^◼ On an unleveraged basis, the portfolio slightly outperformed the comparator index during the period.

^◼ Our overweight and selection in stocks relative to the comparator index were beneficial to returns, as was our selection in convertible preferred stocks,

^◼ Our selection in convertible bonds detracted from returns, as did our selection in corporate bonds.

The Fund's leading security selection in information technology positively contributed to relative performance. In particular, positions in the semiconductors and the systems software industries assisted relative performance. Leading security selection and an average underweight allocation in communication services, specifically in the interactive media & services and cable & satellite industries, contributed to performance.

Over the period, security selection and an average underweight stance within the consumer discretionary sector weakened return. Specifically, positions in automobile manufacturers and the hotels, resorts & cruise lines industry lagged. Security selection and an average overweight allocation in financials, specifically in diversified banks and multi-sector holdings, also lost ground on a relative basis.

www.calamos.com
59

Calamos Strategic Total Return Fund (Unaudited)

How is the Fund positioned?

At the beginning of 2023, we outlined the case for increasing the Fund's risk by focusing on selective areas of the economy that we believed should show improving economic growth in 2023 and 2024, in addition to companies that could improve returns on capital during that time. Our premise to selectively add risk was based on several factors, including our convictions about the long-term US economic growth trajectory, positive policy changes, and improvements in certain parts of the economy, despite opposing forces slowing growth down in other economic sectors. In aggregate, the events of the first three quarters of 2023 (the slowing of central bank rate increases, moderate slowing of inflation and economic growth, corporate cost-cutting measures, and accelerated spending in AI-related areas) have supported that risk profile. Risk-asset returns were positive during this time, although there was a significant dispersion of returns across sectors and industries.

We believe the best positioning for this environment is a more neutral or defensive risk posture, with risk in specific areas with real growth tailwinds, in companies with improving returns on capital in 2024, and in equities and fixed income with valuations at favorable expected risk-adjusted returns. We see compelling prospects for companies that have exposure to new products and geographic growth opportunities (in health care, electric vehicles, and AI-related infrastructure and software), specific infrastructure spending areas (in materials and industrials), and the normalization of supply chains and areas of the service economy. Regarding asset-class positioning, we maintain a relatively high allocation to common stocks and convertibles, whose combined exposure represents approximately 80% of the portfolio's assets as of October 31, 2023.

We focus on actively managing the risk/reward trade-offs within the portfolio. The characteristics of convertible securities vary: some are more bond-like, some are more equity-like, and others offer balance. We have maintained a preference for the balanced portion of the convertible market to take advantage of recent equity-valuation resets. Balanced convertibles provide a favorable asymmetric payoff profile by offering an attractive level of upside equity participation with less exposure to downside moves.

We are still favoring higher-credit-quality companies with improving free cash flow. We selectively use options and convertible bonds to gain exposure to higher-risk industries. From an asset-class perspective, cash and short-term Treasuries remain useful tools for lowering volatility in a multi-asset-class portfolio, given their yields. The portfolio's average credit quality is BB+. This is typical for the Fund because our credit process tends to guide us away from the most speculative corporate securities. However, we recognize that opportunities exist among lower-credit securities to enhance performance.

In terms of economic sectors, the largest absolute allocations reside in information technology and consumer discretionary, whereas the smallest sector weight allocations with holdings are found in real estate and materials. On a relative basis, systems software and technology hardware, storage & peripherals are among the overweight industries. Application software and biotechnology are among the underweight industries.

Allocations to information technology and communication services rose with increased weights in systems software and interactive media & services. The health care allocation decreased during the period, while the weight to consumer staples also decreased modestly with a paring back in pharmaceuticals and soft drinks & non-alcoholic beverages.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
60

Calamos Strategic Total Return Fund (Unaudited)

We are also aware of the fact that rising interest rates may have a detrimental effect on longer-term fixed-income securities. Consequently, managing the duration of the fixed-income assets of our portfolio is a priority in mitigating this potential impact. As of October 31, 2023, the weighted average duration of the bonds in the portfolio is 2.6 years, which is low compared to longer-duration fixed-income instruments.

We believe that over time the prudent use of leverage should enhance total return and support the Fund's distribution rate. As of October 31, 2023, the Fund's leverage was approximately 34%.

What are your closing thoughts for Fund shareholders?

As we look toward the end of 2023 and into 2024, the growth outlook appears more muted than at the beginning of 2023. Opposing economic forces have become more balanced as policy shifts (the elimination of some government policies and a cost-cutting agenda in the US Congress), offsetting positive end-demand trends at the consumer and corporate levels. We continue to see slowing but positive economic growth over the next year, but the timing for a reacceleration in growth is more difficult to predict. In addition to this more balanced growth view, the growth outlook for many parts of the US economy continues to shift. For example, energy prices rose in the final months of the period versus a decline in the first part of the year, and travel consumption has slowed from the fast pace over the summer. Therefore, we remain vigilant in identifying short-term cyclical investment themes. We continue to assess the investment opportunities within this environment, further focusing on real growth and return improvement areas. Finally, we continue to monitor security and asset-class valuations to target appropriate returns in this volatile environment.

Although progress may have changed direction, aggregate leverage and interest coverage remain healthy based on our evaluation. We will monitor the situation closely to determine if a new trend toward weakness is emerging or if results are becoming more volatile as instability in input prices, labor costs, and consumer behavior impact outcomes. Credit spreads in the investment-grade and high-yield markets have widened slightly as strong balance sheets and technicals have offset the growing suspicion that results in coming quarters will be weaker.

We remain confident that the positive long-term growth trajectory of the US economy and the cash-flow-generation capabilities of US companies are intact. The ability of management teams to identify emerging short and long-term trends and the adaptability of business models and cost structures are central to our long-term favorable view. We see attractive long-term upside in the US equity market from current market levels, which we believe are at fair value for a majority of US companies.

www.calamos.com
61

Calamos Strategic Total Return Fund (CSQ) (Unaudited)

INVESTMENT OBJECTIVE AND STRATEGIES

Investment Objective

The Fund's investment objective is to provide total return through a combination of capital appreciation and current income.

Principal Investment Strategies

Under normal circumstances, the Fund will invest primarily in a portfolio common and preferred stocks, convertible securities and income-producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund, under normal circumstances, will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities).

The Fund may invest up to 35% of its managed assets in securities of foreign issuers, including debt and equity securities of corporate issuers and debt securities of government issuers in developed and emerging markets.

The Fund may invest up to 15% of its managed assets in securities of foreign issuers in emerging markets. "Managed assets" means the Fund's total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

Calamos will dynamically allocate the Fund's investments among multiple asset classes (rather than maintaining a fixed or static allocation), seeking to obtain an appropriate balance of risk and reward on a long-term basis through all market cycles using multiple strategies and combining them to seek to achieve favorable risk adjusted returns.

Calamos analyzes securities for the Fund's portfolio using an approach that focuses on assessing a total enterprise value before assessing the value of the securities issued by a company. Calamos seeks to assess the value of an issuer's total enterprise by studying its financial statements, including its balance sheet. Once enterprise value is determined, Calamos seeks to assess the value of the issuer's different types of securities, taking into account the business risk of the issuer, its competitive position and the seniority of each type of security relative to the rest of the issuer's capital structure. This approach serves as the basis for the Calamos research team's design and use of proprietary models which, along with risk management and portfolio construction techniques, assist in determining whether a given security presents an investment opportunity for the Fund.

The Fund currently uses, and may in the future use, financial leverage. The Fund has obtained financial leverage (i) under an Amended and Restated Liquidity Agreement with State Street Bank and Trust Company ("SSB Agreement") that allows the Fund to borrow up to $1.13 billion and (ii) through the issuance of four series of Mandatory Redeemable Preferred Shares ("MRPS" or "MRP Shares") with an aggregate liquidation preference of $323.5 million.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
62

Calamos Dynamic Convertible and Income Fund (Unaudited)

CALAMOS DYNAMIC CONVERTIBLE AND INCOME FUND

INVESTMENT TEAM DISCUSSION

Please discuss the Fund's strategy and role within an asset allocation.

Calamos Dynamic Convertible and Income Fund (CCD) is a total-return-oriented fund that seeks to provide steady income paid out monthly. We invest in a diversified portfolio of convertible and high-yield securities. The allocation to each asset class is dynamic and reflects our view of the economic landscape as well as the potential of individual securities. By combining asset classes, we believe the Fund is well positioned to generate capital gains and income over the long term. The dynamic allocation of security types also provides us with opportunities to manage the risk/reward characteristics of the portfolio over full market cycles.

Through this approach, we seek to offer investors an attractive monthly distribution. The product provides an alternative to funds investing exclusively in investment-grade fixed-income instruments. It seeks to be less sensitive to interest rates while delivering equity exposure using convertibles. We seek companies with respectable balance sheets, reliable debt servicing, and good prospects for sustainable growth. Although we invest primarily in securities of US issuers, we favor companies actively participating in globalization with geographically diverse revenue streams and global-scale business strategies.

How did the Fund perform over the annual period?

The Fund returned -4.26% on a net asset value (NAV) basis and -12.56% on a market price basis for the 12 months ended October 31, 2023 ("annual period"), versus a return of 0.87% for a comparator index comprising 80% ICE BofA All US Convertibles Index and 20% Bloomberg US Corporate High Yield 2% Issuer Capped Index over the same period. At the end of the annual period, the Fund's shares traded at a -0.99% discount to NAV.

How do NAV and market price returns differ?

Closed-end funds trade on exchanges where factors other than the value of underlying securities may drive the price of shares. The price of a share in the market is called market value. Factors unrelated to the performance of a fund's holdings, such as general market sentiment or future expectations, may influence the market price. A fund's NAV return measures the actual return of the individual securities in the portfolio less fund expenses; it also measures how a manager capitalized on market opportunities. Because we believe closed-end funds are best used long term within asset allocations, we think the NAV return is the better measure of a fund's performance. However, when managing our Fund, we strongly consider actions and policies that we believe can potentially optimize overall price performance and market value.

TOTAL RETURN*

Common Shares – Inception 3/27/15

	1 Year			Since Inception**
On Market Price		-12.56	%		5.45	%
On NAV		-4.26	%		6.14	%

**Annualized since inception.

SECTOR WEIGHTINGS

Information Technology	26.3	%
Health Care	18.1
Consumer Discretionary	18.1
Industrials	8.6
Communication Services	7.4
Utilities	4.7
Financials	4.5
Energy	4.0
Materials	2.5
Consumer Staples	1.4
Real Estate	0.7
Airlines	0.2
Special Purpose Acquisition Companies	0.1

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

www.calamos.com
63

Calamos Dynamic Convertible and Income Fund (Unaudited)

ASSET ALLOCATION AS OF 10/31/23

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

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/23

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Please discuss the Fund's distributions during the reporting period.

We employ a managed distribution policy within this Fund with the goal of providing shareholders with a consistent distribution stream. At the end of the period, the Fund's monthly distribution rate was $0.1950 per share. On October 31, 2023, the annualized distribution rate on the Fund's market price was 13.71%.

We believe the Fund's distribution rate and level remained attractive and competitive, given that yield opportunities are limited in much of the marketplace despite recent Fed tightening. As of October 31, 2023, the dividend yield of S&P 500 Index stocks was 1.68%. Yields were also relatively low within the US government bond market, with the 10-year US Treasury yielding 4.88%.

What factors influenced performance over the annual period?

During the annual period, investors focused on the Federal Reserve's response to persistent inflation and the potential for a recession. Geopolitical concerns, regional bank stress, rising fuel prices, and potential impacts of the United Auto Workers strike also made headlines and induced volatility. Despite these headwinds, the equity market began to recover from 2022's lows, and the S&P 500 Index returned 10.14% over the period. The higher-for-longer interest rate environment continued to stoke volatility in the bond market, and the Bloomberg US Aggregate Bond Index rose just 0.36%.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
64

Calamos Dynamic Convertible and Income Fund (Unaudited)

came in at 2.6% on a par-weighted basis. We expect this measure to climb and close the 2023 calendar year near the 3.0% average of the post-GFC era. The best-performing sectors in the Bloomberg US High Yield 2% Issuer Capped Index were finance companies (+10.9%), consumer cyclicals (+10.2%), and brokers and asset managers (+3.5), whereas communications (+0.8%), electric utilities (+3.1%), and transportation (+3.3%) represented the laggards.

Other factors that contributed to and detracted from Fund performance included the following:

^◼ On an unleveraged basis, the Fund's convertible bond holdings performed in line with the ICE BofA All US Convertibles Index. Holdings in the information technology and industrials sectors were helpful to performance, whereas holdings in financials and energy were not.

^◼ On an unleveraged basis, the portfolio underperformed the comparator index. Our relative overweight and selection in convertibles and underweight and selection in corporate bonds proved detrimental to performance.

^◼ Our use of options and our exposure to Treasury bonds were both beneficial relative to the comparator index.

^◼ From a sector standpoint, the Fund benefited from favorable security selection and an average overweight stance in information technology, as holdings in semiconductors and communications equipment boosted relative returns.

^◼ Security selection and an average underweight allocation in industrials added to the Fund's performance. Within this sector, the main contributors were the electrical components & equipment and the industrial machinery & supplies & components industries.

^◼ Conversely, security selection and an average underweight position within the energy sector weakened return over the period, specifically holdings in the oil & gas drilling and the oil & gas exploration & production industries.

^◼ Security selection and an average underweight position within the transaction & payment processing services and mortgage REITs industries of the financials sector lagged.

How is the Fund positioned?

As of October 31, 2023, approximately 84% of our portfolio as a percent of net assets was invested in convertible securities. We believe this allocation will enable our shareholders to take advantage of selective opportunities in the general equity markets. In the long term, we think that patient investors will be rewarded through an allocation to convertibles and select high-yield bonds at current levels that may offer attractive valuations.

We focus on actively managing the risk/reward trade-offs within the portfolio. The characteristics of convertible securities vary: some convertibles are more bond-like, some are more equity-like, and others offer balance. We have maintained a preference for the balanced portion of the convertible market to take advantage of recent equity-valuation resets. Balanced convertibles provide a favorable asymmetric payoff profile by offering attractive levels of upside equity participation with less exposure to downside moves. We also see opportunities in the bond-like segment of the convertible market in issues that can benefit from spread compression while offering attractive yields and sound structural risk mitigation

www.calamos.com
65

Calamos Dynamic Convertible and Income Fund (Unaudited)

during equity market weakness. Within this segment of the convertible market, most issuers retain substantial cash balances along with minimal near-term refinancing risk. We are selective in the group's most distressed names.

Regarding economic sectors, the portfolio's largest absolute weights are in information technology and health care. Conversely, consumer staples and real estate represent the smallest absolute sector weights with holdings. On a relative basis, the largest industry overweight positions are in health care equipment and leisure facilities. Significant industry underweight positions are in communications equipment and biotechnology.

The financials allocation increased during the period, while the weight to consumer discretionary also rose modestly, with increased weights in transaction & payment processing services and home furnishing retail. The information technology allocation decreased during the period, with a reduction in semiconductors, while the weight to energy also declined modestly, with a paring back in oil & gas exploration & production.

The average (BB+) credit quality of the rated securities in the portfolio is higher than that of the ICE BofA All US Convertibles Index. This higher relative credit is typical for the Fund because our process tends to guide us away from the most speculative corporate securities while still providing regular income. That said, we selectively invest in lower-credit securities when we believe the risk/return dynamics favor our investors.

Although the Fund tends to be US-centric because of the compelling risk/reward of investments, we invest in global businesses that can seek the best opportunities worldwide and diversify their revenue streams. Overall, we hold that our portfolio companies are performing well fundamentally, earning attractive cash flow margins, improving their credit profiles, and utilizing reasonable debt levels to fund their operations.

Over the longer term, we believe in the prudent use of leverage as a means to enhance total return and support the Fund's distribution rate over time. As of October 31, 2023, our amount of leveraged assets was approximately 40%.

What are your closing thoughts for Fund shareholders?

Should the market continue to prove challenging, convertibles are situated near their bond floor and would be expected to provide defensive attributes.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
66

Calamos Dynamic Convertible and Income Fund (Unaudited)

Although progress may have changed direction, aggregate leverage, and interest coverage continue to look healthy based on our evaluation. We will monitor the situation closely to determine if a new trend toward weakness is emerging or if results are becoming more volatile as instability in input prices, labor costs, and consumer behavior impact outcomes. Credit spreads in the investment-grade and high-yield markets have widened slightly as strong balance sheets and technicals have offset the growing suspicion that results in coming quarters will be weaker.

www.calamos.com
67

Calamos Dynamic Convertible and Income Fund (CCD) (Unaudited)

INVESTMENT OBJECTIVE AND STRATEGIES

Investment Objective

The Fund's investment objective is to provide total return through a combination of capital appreciation and current income.

Principal Investment Strategies

Under normal circumstances, the Fund will invest primarily in a portfolio of convertible securities (including synthetic convertible instruments, which are single instruments, or multiple instruments held in concert, that are composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities) and debt and equity income-producing securities, as well as other investments that generate current income and dividends, including but not limited to common and preferred stocks, investment grade and below investment grade (high-yield or "junk") bonds, loans, equity-linked notes, and floating rate securities (referred to throughout as "income-producing securities"). With regard to the synthetic convertible instruments, the fixed income and convertible components may have different issuers, and either component may change at any time. Under normal circumstances, at least 80% of the Fund's managed assets will be invested in convertible securities and income-producing securities, with at least 50% of the Fund's managed assets invested in convertible securities (including synthetic convertibles).* The Fund may invest up to 50% of its managed assets in securities of foreign issuers, with up to 15% of its managed assets in securities issued by foreign issuers in emerging markets.

The Fund may invest up to 20% of its managed assets in high-yield non-convertible bonds (excluding such securities held to create synthetic convertible instruments). In addition, the Fund may invest all or substantially all of its managed assets in below investment grade convertible securities (including non-convertible securities held to create synthetic convertible instruments); provided that, the Fund may invest up to 15% of its managed assets in convertible and non-convertible securities rated below B3 by Moody's or below B- by Standard & Poor's. As such, the Fund's portfolio may at times consist entirely or primarily of below investment grade securities, including high-yield bonds. The Fund may invest up to 15% of its managed assets in illiquid securities. The Fund may invest up to 10% of its managed assets in the equity securities of REITs and up to 10% of its managed assets in the equity securities of MLPs; however, convertible securities are excluded from each of these limitations. The Fund may invest in securities with a broad range of maturities. "Managed assets" means the Fund's total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

The Fund may seek to generate income from option premiums by writing (selling) options. The Fund may write (sell) call options (i) on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund's portfolio, (ii) on a portion of a convertible security that it owns at the time it writes the call, and (iii) on broad-based securities indexes (such as the Standard and Poor's 500^® Index ("S&P 500") or the MSCI EAFE^® Index ("MSCI EAFE")) or certain ETFs (exchange traded funds) that trade like common stocks but seek to replicate such market indexes.

The Fund currently uses, and may in the future use, financial leverage. The Fund has obtained financial leverage (i) under an Amended and Restated Liquidity Agreement with State Street Bank and Trust Company ("SSB Agreement") that allows the Fund to borrow up to $370 million and (ii) through the issuance of four series of Mandatory Redeemable Preferred Shares ("MRPS" or "MRP Shares") with an aggregate liquidation preference of $92 million.

Term Structure

Absent shareholder approval to amend the limited term provision of the Fund's Agreement and Declaration of Trust, the Fund's Agreement and Declaration of Trust provides that it will cease to exist at the close of business on the fifteenth anniversary of the effective date of the Fund's registration statement, March 26, 2030, except for the purpose of satisfying any existing debts or obligations, collecting and distributing its assets and doing all other acts required to liquidate and wind up its business and affairs. If the Fund's Board of Trustees believes that under then current market conditions it is in the best interests of the Fund to do so, the Fund may extend the Termination Date for one year, to March 26, 2031, without a shareholder vote, upon the affirmative vote of three-quarters of the Trustees then in office. Upon termination, the Fund will distribute substantially all of its net assets to shareholders, after making appropriate provision for any liabilities of the Fund. The Fund's investment objective and policies are not designed to seek to return to investors that purchase common shares in this offering their initial investment of $25 per common share on the Termination Date, and such investors and investors that purchase common shares after the completion of this offering may receive more or less than their original investment upon termination.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
68

Calamos Global Dynamic Income Fund (Unaudited)

CALAMOS GLOBAL DYNAMIC INCOME FUND

INVESTMENT TEAM DISCUSSION

Please discuss the Fund's strategy and role within an asset allocation.

Calamos Global Dynamic Income Fund (CHW) is a global enhanced fixed-income offering that seeks to provide an attractive monthly distribution with a secondary objective of capital appreciation. We believe the Fund offers a diversified way to participate in the long-term potential of global markets.

In this portfolio, we draw upon our team's wide-ranging experience in an array of asset classes. We utilize a highly flexible approach, investing in equities, convertible securities, and high-yield securities. We also can employ alternative strategies such as covered call writing and convertible arbitrage. We seek to generate income through covered call writing by selling ("writing") options on market indexes. In the convertible arbitrage strategy, we invest in convertible securities and short sell the convertibles' underlying equities to generate income and hedge against risk.

We hold that this broad mandate enhances our ability to capitalize on market volatility, manage potential downside risks, and generate more income versus traditional fixed income funds. The allocation to each asset class and strategy is dynamic, reflecting our view of the economic landscape and the potential of individual securities. By combining asset classes and strategies, we believe the Fund is well positioned to generate income and capital gains. The broader range of security types also provides increased opportunities to manage the risk/reward characteristics of the portfolio over full market cycles.

We invest in both US and non-US companies, with at least 40% of assets invested in non-US companies. We emphasize companies with reliable debt servicing, respectable balance sheets, and sustainable growth prospects. Regardless of a company's country of domicile, we favor companies with geographically diversified revenue streams and global business strategies.

How did the Fund perform over the annual period?

The Fund returned 8.29% on a net asset value (NAV) basis and 2.40% on a market price basis for the 12 months ended October 31, 2023 ("annual period"), versus a return of 7.43% for a comparator index comprising 40% MSCI ACWI Index, 30% Refinitiv Global Convertible Bond Index, and 30% Bloomberg US High Yield 2% Issuer Capped Index. At the end of the reporting period, the Fund's shares traded at a -12.85% discount to NAV.

How do NAV and market price returns differ?

TOTAL RETURN*

Common Shares – Inception 6/27/07

	1 Year			Since Inception**
On Market Price		2.40	%		3.56	%
On NAV		8.29	%		4.73	%

**Annualized since inception.

SECTOR WEIGHTINGS

Information Technology	21.6	%
Consumer Discretionary	16.0
Industrials	13.0
Financials	12.1
Health Care	9.9
Communication Services	7.4
Energy	6.9
Consumer Staples	4.4
Materials	4.0
Utilities	1.3
Real Estate	1.2
Airlines	0.3
Other	0.2
Special Purpose Acquisition Companies	0.2

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

www.calamos.com
69

Calamos Global Dynamic Income Fund (Unaudited)

ASSET ALLOCATION AS OF 10/31/23

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/23

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Please discuss the Fund's distributions during the annual period.

We employ a level distribution policy within this Fund with the goal of providing shareholders with a consistent distribution stream. In each month of the period, the Fund distributed $0.0500 per share, resulting in an annualized distribution rate of 11.49% of market price as of October 31, 2023.

The Fund's distribution rate and level remained attractive and competitive despite rising interest rates and higher-yielding securities in much of the marketplace. For example, at period end, the dividend yield of S&P 500 Index stocks was 1.68%, and US government bond yields were elevated, with the 10-year US Treasury yielding 4.88%.

What factors influenced performance over the annual period?

Global stocks and bonds experienced periods of significant volatility and rotation but pushed higher and delivered positive returns over the period. Investors navigated an environment characterized by tighter monetary policy and higher interest rates but also moderating inflation and resilient corporate earnings.

The Federal Reserve increased rates six times over the period by an additional 225 basis points, bringing the target rate to 5.25% – 5.50%. Meanwhile, markets were beset by the anticipation of ongoing Fed reactions and ongoing intentions.

The Fund navigated volatile markets by employing its active blend of convertible securities, high-yield bonds, US equities, international equities, and convertible arbitrage.

Other factors that contributed to and detracted from Fund performance included the following:

^◼ On an unleveraged basis, the portfolio performed in line with the comparator index. Our overweight and selection in stocks and underweight and selection in convertible preferred stocks was beneficial to returns relative to the index, whereas our selection in convertible bonds and our overweight in put options were detrimental to returns.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
70

Calamos Global Dynamic Income Fund (Unaudited)

^◼ Selection in the health care sector, notably in the pharmaceuticals industry, contributed to returns relative to the comparator index. In addition, an overweight and selection in the information technology sector, primarily in the semiconductor industry, helped returns.

^◼ Conversely, selection in the financials sector, primarily in diversified banks, weighed on results relative to the comparator index, as did selection in the consumer discretionary sector, primarily in automobile manufacturers.

^◼ From a country perspective, our selection in the US proved beneficial to performance relative to the comparator index.

^◼ From a country perspective, our overweight and selection in China dragged on relative returns.

How is the Fund positioned?

The Fund's regional and country positioning reflects the combined inputs from our top-down global framework and our bottom-up security analysis. Our investment team evaluates macroeconomic factors and growth opportunities and actively integrates them into the investment decision-making process. To tap into selective growth potential in the global economy, we favor quality growth companies with quality balance sheets, strong brands, free cash flows, and experienced management—businesses poised to withstand market volatility.

The financials allocation increased during the period, and the weight to consumer discretionary also rose modestly, with increased weights in transaction & payment processing services and home furnishing retail. The allocations to information technology and energy decreased during the period, with reductions in the semiconductor and the oil & gas exploration & production industries.

In terms of economic sectors, the largest allocations reside in information technology and consumer discretionary on an absolute basis, whereas the smallest sector allocations with holdings are found within utilities and real estate. We maintain overweight allocations in the semiconductors and diversified banks industries. The largest industry underweight positions are in application software and biotechnology.

From a regional standpoint, the portfolio's largest weights are in the United States and Emerging Asia, while the smallest absolute weights are in EMEA and Emerging Latin America. We maintain relative overweight positions in Emerging Asia and Europe, while the portfolio is underweight in the United States and Japan compared to the index. Overall, we maintained relatively stable weights.

The portfolio's average credit quality is BB+. This is typical for the Fund because our credit process tends to guide us away from the most speculative corporate securities. That said, we recognize that opportunities exist for lower-credit securities to enhance performance.

We are cognizant of rising interest rates and inflation. Although the Fund invests primarily in equities, the weighted average duration of the bonds in our portfolio is only 2.4 years (as of October 31, 2023). This relatively low duration average is expected to mitigate the volatility that our fixed-income securities might incur in a rising-rate environment.

We believe that over time, the use of leverage may enhance total return and support the Fund's distribution rate. As of October 31, 2023, our amount of leveraged assets was approximately 34%.

www.calamos.com
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Calamos Global Dynamic Income Fund (Unaudited)

What are your closing thoughts for Fund shareholders?

Global markets continue to navigate complex conditions. We are analyzing many market drivers, including central bank policy, the inflationary backdrop, corporate earnings, and geopolitical tensions. Considering the global economy and evolving monetary policy, the financial markets remain uncertain, and we expect volatility to continue until these risks are resolved. Given this backdrop, we continue to identify ways to capitalize on volatility, including a range of opportunities at the thematic, regional, and market-cap levels.

Regarding Fund positioning, we emphasize companies with attractive earnings, pricing power, cash flow, and supportive valuations. From a sector perspective, we see opportunities in technology, industrials, health care, consumer, and energy with leading fundamentals. We believe our active, risk-managed investment approach and long-term perspective position us to take advantage of the volatility and opportunities in global markets.

We hold that fiscal and monetary policy, especially rate hikes, are likely to remain important factors affecting corporate debt refinancing. Geopolitical factors may also spur market volatility as we continue into next year. With increased volatility, active management is imperative to manage risk and optimize opportunities. Our exposure to convertible bonds, approximately 23% of net assets as of October 31, 2023, should allow us to participate in an upswing in equities in a risk-managed manner while not incurring the volatility of longer-duration bonds in a rising-rate environment.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
72

Calamos Global Dynamic Income Fund (CHW) (Unaudited)

INVESTMENT OBJECTIVES AND STRATEGIES

Investment Objective

The Fund's investment objective is to generate a high level of current income with a secondary objective of capital appreciation.

Principal Investment Strategies

Under normal circumstances, the Fund invests primarily in a globally diversified portfolio of convertible instruments, common and preferred stocks, and income-producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund may also use other income-producing strategies, including options, swaps and other derivative instruments, for both investment and hedging purposes. The Fund, under normal circumstances, invests at least 40% of its managed assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers. "Managed assets" means the Fund's total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

The Fund seeks to maintain a balanced approach to geographic portfolio diversification. The Fund may invest up to 100% of its managed assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers. The Fund uses a number of investment strategies to achieve its objectives and invests in a wide variety of financial instruments. These instruments include global convertible, exchangeable instruments, as well as "synthetic" convertible instruments. With regard to the synthetic convertible instruments, the fixed income and convertible components may have different issuers, and either component may change at any time. The Fund also invests in global equities or equity-linked securities with high income potential. From time to time, the Fund invests in Rule 144A securities, foreign exchange contracts or securities with imbedded foreign exchange hedges, and high yield bonds of companies rated BB or lower.

In general, the Fund seeks out companies with a long-term track record of high dividend payout consistent with dividend growth. In certain circumstances, the Fund may invest in underlying companies it believes have substantial prospects for price appreciation even if the there is little or no dividend growth potential. From time to time, the Fund may sell index options or single stock options (either listed or "over the counter") to enhance the overall yield of the Fund or, in the opinion of the Adviser, reduce portfolio volatility. The Fund may purchase options to hedge or engage in other hedging activities including the purchase or sale of futures, swaps or options on equities, indices, currencies, interest rates or credits.

The Fund does not seek to maintain any target allocation among asset classes and, at any time, its allocation among asset classes may vary significantly over time as the portfolio is actively managed.

The Fund currently uses, and may in the future use, financial leverage. The Fund has obtained financial leverage (i) under an Amended and Restated Liquidity Agreement with State Street Bank and Trust Company ("SSB Agreement") that allows the Fund to borrow up to $265 million and (ii) through the issuance of four series of Mandatory Redeemable Preferred Shares ("MRPS" or "MRP Shares") with an aggregate liquidation preference of $70 million.

www.calamos.com
73

Calamos Global Total Return Fund (Unaudited)

TOTAL RETURN*

Common Shares – Inception 10/27/05

	1 Year			Since Inception**
On Market Price		-0.98	%		5.83	%
On NAV		5.26	%		6.76	%

**Annualized since inception.

SECTOR WEIGHTINGS

Information Technology	21.1	%
Consumer Discretionary	16.2
Industrials	12.9
Financials	11.3
Health Care	9.7
Communication Services	7.3
Energy	6.8
Consumer Staples	4.6
Materials	3.2
Real Estate	1.3
Other	1.1
Utilities	0.9
Airlines	0.2
Special Purpose Acquisition Companies	0.1

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

CALAMOS GLOBAL TOTAL RETURN FUND

INVESTMENT TEAM DISCUSSION

Please discuss the Fund's strategy and role within an asset allocation.

Calamos Global Total Return Fund (CGO) is a total-return-oriented offering that seeks to provide an attractive monthly distribution. The Fund invests in a diversified portfolio of global equities, convertible securities and high yield bonds. The allocation to each asset class is dynamic and reflects our view of the economic landscape and the potential of individual securities. By combining these asset classes, we believe the Fund can be optimally positioned over the long term to generate capital gains and income. This broader range of security types also provides increased opportunities to manage the risk/reward characteristics of the portfolio over full market cycles. Through this approach, we seek to offer investors an attractive monthly distribution and equity participation.

We believe having a relatively high level of exposure to convertible and equity assets is advantageous for the portfolio, albeit on a selective and risk-managed basis, as we consider both geopolitical turmoil and the impact of rising interest rates.

We invest in both US and non-US companies, favoring companies with geographically diversified revenue streams and global business strategies. We emphasize companies that we believe offer reliable debt servicing, respectable balance sheets, and sustainable growth prospects.

How did the Fund perform over the annual period?

The Fund returned 5.26% on a net asset value (NAV) basis and -0.98% on a market price basis for the 12 months ended October 31, 2023 ("annual period"), versus a return of 7.96% for a comparator index comprising 50% MSCI ACWI Index (Net Returns), 25% Refinitiv Global Convertible Bond Index, and 25% Bloomberg US Corporate High Yield 2% Issuer Capped Index. At the end of the reporting period, the Fund's shares traded at a -10.54% discount to net asset value.

How do NAV and market price returns differ?

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
74

Calamos Global Total Return Fund (Unaudited)

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/23

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Please discuss the Fund's distributions during the annual period.

We employ a level rate distribution policy within this Fund with the goal of providing shareholders with a consistent distribution stream. Over the period, the Fund consistently distributed $0.0800 per share, resulting in a current annualized distribution rate of 11.78% of the market price as of October 31, 2023.

The Fund's distribution rate and level remained attractive and competitive relative to other investment alternatives. For example, as of October 31, 2023, the dividend yield of S&P 500 Index stocks averaged approximately 1.68%. Although higher than a year ago, yields within the US government bond market were relatively low, with the 10-year US Treasury yielding 4.88%.

What factors influenced performance over the annual period?

The Federal Reserve made six rate increases over the period (totaling an additional 225 basis points), bringing the target rate to 5.25% – 5.50%, a 22-year high. Meanwhile, markets were beset by the anticipation of ongoing Fed reactions and ongoing intentions.

The Fund navigated volatile markets while employing an active blend of common stocks, convertibles, high-yield bonds, and options. That said, improvements in the global equity markets contributed to the Fund's positive performance over the annual period. The Fund's NAV return trailed the comparator index over the period primarily because of lagging individual security selection and its selection of convertible bonds.

Other factors that contributed to and detracted from the Fund's performance included the following:

^◼ On an unleveraged basis, the portfolio underperformed the comparator index during the period. Our use of Treasury bonds and selection in convertible bonds

ASSET ALLOCATION AS OF 10/31/23

www.calamos.com
75

Calamos Global Total Return Fund (Unaudited)

was not beneficial to returns relative to the index, whereas our overweight and selection in equities supported returns.

^◼ The Fund benefitted from favorable security selection and an average underweight position in health care, as holdings in pharmaceuticals and biotechnology added to relative returns.

^◼ Security selection and an average overweight position in information technology, specifically in the semiconductors and communications equipment industries, contributed to performance.

^◼ Security selection and an average overweight position in Europe added value to portfolio performance, especially holdings in Denmark and Switzerland. Moreover, security selection in Canada propelled relative performance in this period.

^◼ Conversely, security selection within the consumer discretionary sector weakened return over the period. Automobile manufacturers lagged, as did hotels, resorts & cruise lines.

^◼ Security selection and an average overweight stance in financials, specifically in the diversified banks and investment banking & brokerage industries, lagged.

^◼ Security selection and an average overweight allocation in Emerging Asia detracted from the portfolio's performance. The portfolio's securities fell short of benchmark constituents, especially those in China and Singapore. Moreover, security selection in Japan dampened relative results.

How is the Fund positioned?

The Fund's regional and country positioning reflects the combined inputs from our top-down global framework and our bottom-up security analysis. Our investment team evaluates macroeconomic factors as well as growth opportunities and actively integrates these into the investment decision-making process. To tap into selective growth potential in the global economy, we favor growth companies with high-quality balance sheets, strong brands, free cash flows, and experienced management—businesses poised to withstand market volatility.

Regarding Fund positioning, we emphasize companies with favorable pricing power, strong earnings momentum, quality balance sheets, and attractive valuations. From a sector standpoint, the portfolio's largest absolute weights are in information technology and consumer discretionary on an absolute basis, while the smallest sector weights with holdings are in utilities and real estate. We maintain overweight allocations in information technology and consumer discretionary versus the index. Semiconductors (within information technology) and broadline retail (within consumer discretionary) constitute the most significant relative overweights. The largest industry underweight positions are application software (information technology) and biotechnology (health care).

Allocations to information technology and consumer discretionary rose during the period, with increased weights in semiconductors and broadline retail. By contrast, allocations to consumer staples and materials decreased, with reductions to packaged foods & meats and diversified metals & mining.

From a regional standpoint, the portfolio's largest weights are in the United States and Emerging Asia, while the smallest absolute weights reside in EMEA and Emerging Latin America. We maintain relative overweight positions in Emerging Asia and Europe, while the portfolio has underweights in the United States and

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
76

Calamos Global Total Return Fund (Unaudited)

Japan. Allocations to Emerging Asia increased during the period, with additions to China and India. By contrast, the allocation to the United States decreased over the period.

The portfolio's average credit quality is BB+. This is typical for the Fund because our credit process tends to guide us away from the most speculative corporate securities. That said, we recognize that opportunities to enhance performance exist among lower-credit securities.

We are aware of rising interest rates and inflation. Although the Fund invests primarily in equities, the weighted average duration of the bonds in the portfolio is only 2.3 years (as of October 31, 2023). This relatively low-duration average is expected to mitigate portfolio volatility in a rising-rate environment, relative to portfolios with higher-duration bond holdings.

We believe in the prudent use of leverage as a means of enhancing total return and supporting the Fund's distribution rate. As of October 31, 2023, our amount of leveraged assets was approximately 34%.

What are your closing thoughts for Fund shareholders?

Global markets continue to navigate a set of complex conditions. We are analyzing many market drivers, including central bank policy, the inflationary backdrop, corporate earnings, and geopolitical tensions. Considering the global economy and evolving monetary policy, the financial markets remain uncertain, and we expect volatility to continue until these risks are resolved. Given this backdrop, we continue to identify ways to capitalize on volatility, including a range of opportunities at the thematic, regional, and market-cap levels.

In terms of Fund positioning, we emphasize companies with attractive earnings, pricing power, cash flow, and supportive valuations. From a sector perspective, we see opportunities in technology, industrials, health care, consumer, and energy with leading fundamentals. We believe our active, risk-managed investment approach and long-term perspective position us to take advantage of the volatility and opportunities in global markets.

We believe that fiscal and monetary policy, especially rate hikes, are likely to remain important factors that affect the corporate refinancing of debt. Geopolitical factors may also spur market volatility as we continue into next year. With increased volatility, active management is imperative to both manage risk and optimize opportunities. Our exposure to convertible bonds, approximately 22% (percent of net assets) as of October 31, 2023, should allow us to participate in an upswing in equities in a risk-managed manner while not incurring the volatility of longer-duration bonds in a rising-rate environment.

www.calamos.com
77

Calamos Global Total Return Fund (CGO) (Unaudited)

INVESTMENT OBJECTIVE AND STRATEGIES

Investment Objective

The Fund's investment objective is to provide total return through a combination of capital appreciation and current income.

Principal Investment Strategies

Under normal circumstances, the Fund will invest primarily in a portfolio of common and preferred stocks, convertible securities and income producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund, under normal circumstances, will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities). The Fund may invest up to 100% of its managed assets in securities of foreign issuers, including debt and equity securities of corporate issuers and debt securities of government issuers, in developed and emerging markets. Under normal circumstances, the Fund will invest at least 40% of its managed assets in securities of foreign issuers. The Fund will invest in the securities of issuers of several different countries throughout the world, in addition to the United States. "Managed assets" means the total assets of the Fund (including any assets attributable to any leverage that may be outstanding) minus the sub of accrued liabilities (other than debt representing financial leverage). For this purpose, the liquidation preference on the preferred shares will not constitute a liability.

The Fund will attempt to keep a consistent balance between risk and reward over the course of different market cycles, through various combinations of stocks, bonds, and/or convertible securities, to achieve what Calamos believes to be an appropriate blend for the then current market. As the market environment changes, portfolio securities may change in an attempt to achieve a relatively consistent risk level over time. At some points in a market cycle, one type of security may make up a substantial portion of the Fund's portfolio, while at other times certain securities may have minimal or no representation, depending on market conditions.

The Fund may also seek to generate income from option premiums by writing (selling) options (with an aggregate notional value of up to 33% of the value of the Fund's managed assets). The Fund will opportunistically employ a strategy of writing options. The extent of option writing activity will depend upon market conditions and Calamos' ongoing assessment of the attractiveness of writing options on the Fund's equity holdings. The Fund's derivative activities are principally focused on the following derivatives: interest rate swaps, convertible securities, synthetic convertible instruments, options on individual securities, index options and forward currency exchange contracts ("forward contracts"). However, the Fund reserves the right to invest in other derivative instruments to the extent it is consistent with the Fund's investment objective and restrictions. The Fund may write (sell) call options (i) on a portion of the equity securities (including equity securities obtainable by the Fund through the exercise of its rights with respect to convertible securities it owns) in the Fund's portfolio and (ii) on broad-based securities indices (such as the Standard and Poor's 500^® Index ("S&P 500") or the MSCI EAFE^® Index ("MSCI EAFE"), which is an index of international equity stocks) or certain ETFs (exchange traded funds) that trade like common stocks but seek to replicate such market indices.

Under normal circumstances, the Fund will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities). The Fund may invest in preferred stocks and convertible securities of any rating, including below investment grade. Equity securities, such as common stock, generally represent an ownership interest in a company. Therefore, the Fund participates in the financial success or failure of any company in which it has an equity interest. The price of equity securities, particularly common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the price of equity securities held by the Fund.

The Fund may invest in debt securities, including debt securities of US and foreign corporate issuers (also known as corporate bonds). Holders of corporate bonds, as creditors, have a prior legal claim over common and preferred stockholders as to both income and assets of the issuer for the principal and interest due them and may have a prior claim over other creditors if liens or mortgages are involved. Interest on corporate bonds may be fixed or floating, or the securities may be zero coupon fixed income securities which pay no interest. Corporate bonds contain elements of both interest rate risk and credit risk. The market value of a corporate bond generally may be expected to rise and fall inversely with changes in interest rates and

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
78

Calamos Global Total Return Fund (CGO) (Unaudited)

may also be affected by the credit rating of the issuer, the issuer's performance and perceptions of the issuer in the marketplace.

The Fund may invest in high yield securities for either current income or capital appreciation or both. These securities are rated below investment grade—i.e., rated "Ba" or lower by Moody's Investors Service, Inc. ("Moody's") or "BB" or lower by Standard & Poor's Financial Services, LLC, a subsidiary of The McGraw-Hill Companies, Inc. ("Standard & Poor's"), or are unrated securities of comparable quality as determined by Calamos, the Fund's investment adviser. The Fund may invest in high yield securities of any rating. Nonconvertible debt securities rated below investment grade are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal.

The Fund may invest up to 100% of its managed assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers. A foreign issuer is a foreign government or a company organized under the laws of a foreign country.

The Fund may invest in convertible securities. A convertible security is a debt security, debenture, note or preferred stock that is exchangeable for an equity security (typically of the same issuer) at a predetermined price (the "conversion price"). Depending upon the relationship of the conversion price to the market value of the underlying security, a convertible security may trade more like an equity security than a debt instrument. The Fund may invest in convertible securities of any rating. Securities that are convertible into equity securities are considered equity securities for purposes of the Fund's policy to invest at least 50% of its managed assets in equity securities.

The Fund may also invest in synthetic convertible instruments created by third parties, typically investment banks. Synthetic convertible instruments created by such parties may be designed to simulate the characteristics of traditional convertible securities or may be designed to alter or emphasize a particular feature. Synthetic convertible instruments may include structured notes, equity-linked notes, mandatory convertibles and combinations of securities and instruments, such as a debt instrument combined with a forward contract. The Fund's holdings of synthetic convertible instruments are considered equity securities for purposes of the Fund's policy to invest at least 50% of its managed assets in equity securities. If the Fund purchases a synthetic convertible instrument, a component of which is an option, such option will not be considered an option for the purpose of the Fund's limitations on options described below.

The securities in which the Fund invests may include zero coupon securities, which are debt obligations that are issued or purchased at a significant discount from face value. The discount approximates the total amount of interest the security will accrue and compound over the period until maturity or the particular interest payment date at a rate of interest reflecting the market rate of the security at the time of issuance. Zero coupon securities do not require the periodic payment of interest. These investments benefit the issuer by mitigating its need for cash to meet debt service, but generally require a higher rate of return to attract investors who are willing to defer receipt of cash. These investments may experience greater volatility in market value than US government or other securities that make regular payments of interest. The Fund accrues income on these investments for tax and accounting purposes, which is distributable to shareholders and which, because no cash is received at the time of accrual, may require the liquidation of other portfolio securities to satisfy the Fund's distribution

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79

Calamos Global Total Return Fund (CGO) (Unaudited)

obligations, in which case the Fund will forego the opportunity to purchase additional income producing assets with the liquidation proceeds. Zero coupon US government securities include STRIPS and CUBES, which are issued by the US Treasury as component parts of US Treasury bonds and represent scheduled interest and principal payments on the bonds.

The Fund currently uses, and may in the future use, financial leverage. The Fund has obtained financial leverage (i) under an Amended and Restated Liquidity Agreement with State Street Bank and Trust Company that allows the Fund to borrow up to $55 million and (ii) through the issuance of four series of Mandatory Redeemable Preferred Shares ("MRPS" or "MRP Shares") with an aggregate liquidation preference of $17 million.

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80

Calamos Long/Short Equity & Dynamic Income Trust (Unaudited)

CALAMOS LONG/SHORT EQUITY & DYNAMIC INCOME TRUST

INVESTMENT TEAM DISCUSSION

Please discuss the Fund's strategy and role within an asset allocation.

Calamos Long/Short Equity & Dynamic Income Trust (CPZ) is a closed-end fund that seeks to provide current income and risk-managed capital appreciation. The Fund provides hedged market exposure through Calamos' time-tested global long/short equity strategy. In addition to seeking to provide an attractive monthly distribution, the Fund's multi-asset income strategy is structured to be potentially less vulnerable to volatile financial markets by actively managing risk with dynamic asset allocation.

The Fund will typically invest at least 80% of its managed assets in a globally diversified portfolio of equity securities, including common stocks, preferred stocks, convertible securities, and exchange traded funds. At least 50% of the portfolio' managed assets are invested in the long/short equity strategy. The Fund may invest up to 20% of its managed assets in global income-producing securities, including high-yield and investment-grade corporate debt.

How did the Fund perform over the annual period?

For the 12 months ended October 31, 2023 ("annual period"), the Fund returned 4.32% on a net asset value (NAV) basis and -2.85% on market price, versus a 6.75% return for the comparator index comprising 50% Bloomberg US Corporate High Yield 2% Issuer Capped Index, 30% MSCI ACWI Index and 20% ICE BofA US All Capital Securities Index.

The Fund's shares traded at a -16.94% discount to NAV on October 31, 2023, compared with a discount of -10.82% 12 months earlier. Portfolio returns coupled with our belief that the Fund was well positioned to generate income and deliver capital appreciation going forward served as an impetus to raise the Fund's distribution rate three times, representing a total $0.0300 per share increase since inception. The Fund's monthly distribution stands at $0.1400 per share as of October 31, 2023, which equates to an annualized distribution rate of 12.24%. Distribution increases are a way for shareholders to benefit directly from the portfolio's returns.

How do NAV and market price returns differ?

TOTAL RETURN*

Common Shares – Inception 11/29/19

	1 Year			Since Inception**
On Market Price		-2.85	%		-0.75	%
On NAV		4.32	%		4.06	%

**Annualized since inception.

SECTOR WEIGHTINGS

Industrials	22.6	%
Financials	18.6
Consumer Discretionary	12.3
Information Technology	11.6
Health Care	11.1
Communication Services	5.9
Other	3.5
Energy	3.0
Consumer Staples	2.5
Utilities	2.0
Materials	1.5
Real Estate	0.3
Airlines	0.3
Special Purpose Acquisition Companies	0.2

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

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81

Calamos Long/Short Equity & Dynamic Income Trust (Unaudited)

ASSET ALLOCATION AS OF 10/31/23

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

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/23

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund's management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

What factors influenced performance over the annual period?

The annual period was extraordinary by most standards, marked by both a European war and the more recent war in the Middle East. Despite calls for a recession, a healthy US job market, firm housing prices, and consumer spending all thwarted that expectation. The Federal Reserve made six rate increases over the period (totaling an additional 225 basis points), bringing the target rate to 5.25% – 5.50%, a 22-year high. While many expected interest rate cuts to be on the table in early 2024, that appears to be unlikely, even though inflationary pressures appear to be abating.

The boyant mood earlier in the year was fueled by the promise of AI, strong summer travel, and further disinflation—all amidst a resilient economy and healthy earnings releases. The consensus capitulated to this optimism, and we concluded that the controlling narrative of disinflation momentum had run its course and would give way to a more ambiguous outlook.

The key feature of the Q3 correction has been its controlled character, particularly in the context of the dramatic move higher in US interest rates. Our hesitation in turning outright bearish reflects the judgment that the US will remain in a disinflation rather than deflation setting through 2024. The impressive GDP releases for Q3 (+8.6% nominal) underline this momentum of US economic activity, which implies the challenge for equities is a question of "price" rather than fundamentals.

Positive real interest rates imply a new emphasis on the time value of money. In 2023, the market has rewarded high free cash flows that can compete with higher bond yields, high-quality balance sheets and secular thematic growth. Other pockets of sectors and styles have been punished depending upon their sensitivity to higher rates. In 2022, higher rates primarily impacted the fast-growing technology and concept names. In Q3, the less profitable and higher leveraged names were punished regardless of sector and style.

Finally, 2023 has highlighted how powerful secular themes can overcome traditional sector and style behavior. In a later-cycle environment where the rate of change for corporate fundamentals grinds to less exciting levels, investors can

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82

Calamos Long/Short Equity & Dynamic Income Trust (Unaudited)

overly discount the perceived winners and losers. This overshooting is likely true for AI and obesity (GLP-1) drugs. We anticipate much of this fever pitch to reverse in 2024.

High yield spreads were modestly tighter, closing at 437 basis points on an option-adjusted basis, down from 464 in the prior year. Despite the perceived stability, the trading range for spreads during the period was 150 basis points wide, reflecting the volatility across markets. Lower quality outperformed as CCCs returned 7.4%, B-rated paper returned 6.8%, and more rate-sensitive BBs returned 5.3%. After increasing for most of the year, trailing 12-month defaults came in at 2.6% on a par-weighted basis. We expect this measure to climb and close the 2023 calendar year near the 3.0% post-GFC average. The best-performing sectors in the Bloomberg US High Yield 2% Issuer Capped Index were finance companies (+10.9%), consumer cyclicals (+10.2%), and brokers and asset managers (+3.5), whereas communications (+0.8%), electric utilities (+3.1%), and transportation (+3.3%) represented the significant laggards.

Fund Performance Drivers

We have focused on cyclicals that we believed were still poised to outperform due to the realization of pent-up demand post-pandemic, such as airlines, hotels, gaming, transportation, and defensive stocks, offering compelling valuations. We remain underweight in the poorest quality compartment of long-duration technology and high-multiple consumer staples but have maintained or increased exposure to mega-cap growth (quality GARP). We focused primarily on US positions because we believed opportunities were far less favorable abroad.

Given the overall positive market returns for the period, our hedges on US equity markets have not been helpful over the period.

The Fund's long positions in communication services, consumer discretionary, and information technology as well as short positions on a market index later in the period were the largest contributors. Conversely, short positions in information technology, and long positions in industrials, financials, and health care companies, hindered performance. Both our long and short positions in the consumer staples sector hindered performance over the period.

Preferred Securities. On an unleveraged basis, the Fund's preferred securities performed in line with the ICE BofA United States All Capital Securities Index during the period. Security selection among financials, namely property and casualty insurance companies and energy companies focused on oil & gas storage and transportation, contributed positively to returns. Security selection in real estate, namely other specialized REITs, and the overweight and selection in communication services, specifically alternative carriers, weighed on performance.

High Yield. On an unleveraged basis, the Fund's high-yield securities slightly underperformed the Bloomberg US High Yield 2% Issuer Capped Index for the period. Here again, security selection within the energy services industry was helpful to returns. In addition, the Fund's security selection in health care, namely an overweight in facilities operators, aided returns. Conversely, the Fund's selection in the materials sector, namely container companies, did not support performance, nor did the selection in the consumer discretionary sector, specifically in casinos and gaming companies.

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83

Calamos Long/Short Equity & Dynamic Income Trust (Unaudited)

Please discuss how the Fund uses leverage.

Given the general financial market improvement that occurred during the annual period, our use of leverage was accretive to performance both on an absolute and relative basis. Increased income earned on bond and preferred investments and rebates earned on our long/short hedging offset higher leverage costs. However, leverage can offer positive reinvestment dynamics over time and has historically been beneficial to the returns of our closed-end funds. Our percentage of leverage was 27% as of October 31, 2023.

How is the Fund positioned?

Long/Short Equity Strategy

The Fund's Long/Short Sleeve underperformed relative to the MSCI ACWI ex USA Index over the period. Net equity exposure (delta-adjusted) concluded the annual period at approximately 14% versus approximately 52% at the end of October 2021. The Fund leaned modestly out of equity risk throughout the period as markets became unsettled by higher interest rates, persistent inflation, the interpretation of Fed policy, the continuing war in Ukraine, a new war in the Middle East, energy concerns in Europe, and increasing economic challenges for China.

The two major themes within technology have been slowing cloud services and further excitement around potential applications for artificial intelligence (AI) following the launch of ChatGPT. The major cloud providers dominate both themes, and we are positioned accordingly. Investors began 2023 concerned about slowing demand for such companies, yet attention quickly shifted to which ones stands to benefit most by incorporating AI into existing and new product offerings.

The Fund has avoided the high multiple, long-duration software names in the past year and this decision feels correct in a "higher for longer" rate setting. While the group's sensitivity to rates is diminishing, many names are merely controversial rather than crowded and profitability is scarce if one factors in stock compensation. It will take years before cash flows can credibly support current valuations. Today's "time value of money" implies investors will be slow to re-embrace "growth at any price."

Outside technology, the Fund favors names that will benefit from a sustained economic expansion into 2024. At the end of the period, our largest exposure was in industrials. The broadest exposures in the sector included diversified industrials and transports. These rallied impressively in H1 but retreated sharply in Q3 2023.

Exposure to selective airlines remains intact. The pricing outlook for airfares should stay constructive for longer than expected due to structural changes on the capacity front. Higher financing costs, pilot shortages, and equipment delays have made it difficult for the lowest-cost players to add capacity. Meanwhile, the recovery in corporate and international travel has gained steam. The post-pandemic inflation surge implies the existing fleets of the legacy carriers cannot be replaced anywhere near their embedded costs, with positive implications for future returns.

Regarding consumer discretionary, also a large Fund position, the portfolio remains biased away from goods in favor of services including core long positions in large hotel enterprises that benefit from corporate and international travel and

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84

Calamos Long/Short Equity & Dynamic Income Trust (Unaudited)

sustained revenue per available room (RevPAR) strength. We maintain select leisure-oriented names within the sector.

Health care is the one defensive sector where the Fund has been adding exposure. We like its diversified growth theme, given the cyclicality of other parts of the portfolio, and its credible valuation versus other defensives. It has underperformed in 2023 but is showing relative strength against broader defensives.

Energy remains problematic. The key swing factor will be China, the primary source of consumption growth in recent decades. The setup for higher crude prices was ideal in 2022, yet the inability of markets to benefit from the war-related shortage fears points to a new dynamic in global oil markets.

Financials have been controversial and banks have struggled to garner support in the wake of the March collapses. Higher rates, tepid loan demand, and reduced capital returns in the face of heightened regulatory requirements have all weighed on the industry. We reduced long exposures over the period.

Finally, global investors have discovered the Chinese economic recovery from a disastrous 2022 is underwhelming. There is hope for policy stimulus later in 2023, but this overlooks China's structural problems. China's troubles start with an abrupt downshift in economic potential due to its overcommitment to a centralized investment-led growth model, which can experience abrupt downturns in return on invested capital.

This Achilles heel points to the necessity for far-reaching structural reforms, but these are inherently political. The ability of the system to adapt is hindered by the reality that the entire system—interest rates, access to credit, tax policy, operating licenses, and so forth—is geared to this model. We await the response of the Chinese leadership in late autumn, whose success or failure to regenerate economic vibrancy holds implications for global interest rates in 2024. We have avoided China and had little exposure to other global markets throughout the period.

Dynamic Income Strategy

In preferreds, our largest allocation was in the financials sector, specifically banks. Banks are taking advantage of higher yields on securities and loans to generate higher levels of net interest income, especially those with a low-cost core-deposit funding model. This positive momentum has been offset partially by lower capital markets activity, including underwriting, advisory, and trading. Asset quality at banks and other finance companies remains strong, as should be expected given high employment rates. Energy, utilities and communication services were other sectors with large preferreds exposures.

Among bond holdings, the Fund is currently overweight retailers, pharmaceuticals, and airlines. Several of our retail positions are secured by real estate portfolios with conservative valuations. The Fund's airline positions are mostly secured by planes and loyalty programs. Consumer cyclical services, electric utilities, and technology industries comprise the Fund's largest underweights. The underweight in consumer cyclical services is largely the result of relative value decisions in favor of higher-income opportunities in other industries.

From a credit-quality perspective, the Fund is relatively underweight in below-investment-grade categories and has a corresponding out-of-benchmark allocation to BBB-rated debt.

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Calamos Long/Short Equity & Dynamic Income Trust (Unaudited)

Over the annual period, the team has added to positions in the energy sector, primarily through new positions in independent producers and midstream companies. New holdings in the leisure and automotive industries drove an increase in consumer cyclical exposure. Also, we reduced the portfolio exposure to the other financial sector primarily by eliminating a commercial property management company.

The market's reaction to the November Fed meeting has driven Treasury yields further from the Fed's expectations for its forward rate path. However, Powell noted multiple times that the dot plots released quarterly should only be viewed as a snapshot in time that loses applicability with each incoming data point. Futures markets now indicate four rate cuts will occur in 2024, down from the five cuts the market had priced in at the midyear point. Anticipating the Fed's next move has also led us to selectively reduce our leveraged loan positions, although we maintain a significant loan allocation across mandates based on relative value and seniority considerations.

In our estimation, credit spreads reflect an outlook that is too sanguine. We are beginning to see a deterioration in fundamentals within the leveraged finance space. Although it is too early to determine if this is a wobble or a new trend forming, we are actively reducing exposure to credits we evaluate to be more exposed to a downturn in cyclical activity, those with weak contingent liquidity, or exposure to a rapid deterioration of asset value. Based on our fundamentally driven investment philosophy, we believe there are select high-yield issuers who are compensating investors well for associated risks, and we are maintaining allocations in those areas.

Please discuss the Fund's distributions during the annual period.

Within this Fund, we employ a managed distribution policy with the goal of providing shareholders a consistent distribution stream. The monthly per share distribution rate at the end of the period was $0.1400, up from $0.1100 at inception in November 2019 and representing a 27% increase. Interest rates rose sharply during the annual period, and the yield on the 10-year US Treasury rose from 4.10% to 4.88% by period end, while S&P 500 stocks yielded 1.68% on average. Needless to say, the Fund's 12.24% annualized distribution rate compared favorably to both these fixed income and equity alternatives.

What are your closing thoughts for Fund shareholders?

The timing of the next recession is hard to predict because so much of today's landscape is "different this time." Higher lending rates and tighter bank standards have been blunted by healthy balance sheets and robust corporate earnings. Recession may come later than many expect as the drag of higher rates is offset by fading supply shocks, the legacy of pandemic savings, and pro-cyclical fiscal support.

If the adage that "Bond Markets Never Lie" is true, what are they telling us? Real interest rates have risen more than 100 basis points in 2023, with much of this move occurring since June. While equities have struggled in the past quarter, the pullback has been orderly and, for the major equity benchmarks, underwhelming given the sizable move in rates. Either investors do not believe this rate move will prove long-lasting, or markets are telling us there is a new resiliency to the economic outlook.

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86

Calamos Long/Short Equity & Dynamic Income Trust (Unaudited)

Bond markets rarely lie. The US 10-year yield has explained almost two-thirds of the cross-equity return distributions¹ in 2023—one of the highest readings in six decades.² This implies that rate pressures are becoming acute in parts of the economy regardless of its supportive features. These pressures need to culminate soon in a manner that moderates economic activity and eases financial conditions into 2024.

Progress on inflation and surprisingly resilient economic growth allowed the Federal Reserve to pause its rate-hiking campaign at its September and November meetings. The extended pause allows the committee to evaluate incoming data for another six weeks. It's clear the Fed is looking for continued improvement in PCE Core Services (ex-housing). However, the message between the September and November meetings changed. A recession is still not the base case for the Fed, as they aim for a soft landing. But apart from inflation, they have broadened the variables they are watching closely to determine whether an adequate level of restrictive policy has been met. Specifically, they are monitoring more balance in the labor market and a broader set of financial conditions driven by markets.

We expect future months and quarters to show a drop in consumer and business investment as a reduction in disposable income through higher borrowing costs rolls into more areas of economic activity. We are squarely in the "impatiently waiting" phase, looking to ascertain how much economic momentum will be lost from past policy changes. There is still a high level of uncertainty concerning potential economic outcomes, and a recession cannot be dismissed.

¹ The aggregate of individual stock deviations of performance versus the equity benchmark and the degree to which these deviations are correlated (or explained) by movements in the US 10-year yield.

² Today's result ranks in the top 15 readings of the past 70 years and more than 4X the average of that period.

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

INVESTMENT OBJECTIVE AND STRATEGIES

Investment Objective

The Fund's investment objective is to seek current income and risk-managed capital appreciation.

Principal Investment Strategies

The Fund will invest, under normal circumstances, at least 80% of its managed assets in a globally diversified portfolio comprised of equity securities which are defined to include common stock, preferred stock, convertible securities, and exchange-traded funds ("ETFs") (the "Equity Sleeve"),* as well as long and short equity positions managed pursuant to a long/short equity strategy (the "Long/Short Component"). The Long/Short Component will comprise at least 50% of the Fund's managed assets with a focus on absolute returns in a risk-managed format. The Fund may invest up to 20% of its managed assets opportunistically in globally diversified income-producing securities, including high-yield and investment grade corporate securities, leveraged loans, distressed debt securities, securitized products, US Treasuries and sovereign debt issued by foreign governments (the "Fixed Income Sleeve"). "Managed assets" means the Fund's total assets (including any assets attributable to any financial leverage that may be outstanding) minus the sum of liabilities (other than debt representing financial leverage).

The Fund will invest in common stock, preferred stock and convertible securities (including synthetic convertible instruments) issued by both US and foreign companies without regard to market capitalization. Convertible securities include, but are not limited to, any corporate debt security, debentures, notes or preferred stock that may be converted into equity securities of companies around the world, including in emerging markets. A synthetic convertible instrument is a financial instrument (or two or more securities held in tandem) that is designed to simulate the economic characteristics of a convertible security through the combined features of a debt instrument and a security providing an option on an equity security.

In the Long/Short Component, the Fund seeks to achieve its investment objective by taking long positions in companies that are expected to outperform the equity markets, while taking short positions in companies that are expected to underperform the equity markets and/or for hedging purposes. A long position arises where the Fund holds a security in its portfolio. The Fund will have a short position where it sells a security it does not own by delivery of a borrowed security. The Fund may maintain long and short positions through the use of derivative instruments, such as options, futures and forward contracts. The Fund's Long/Short Component utilizes a variety of methods to evaluate long and short equity investments of various market capitalizations to find securities that the Adviser believes offer the potential for capital gains, including common stock and American Depositary Receipts ("ADRs") of issuers of all market capitalizations, including other investment companies (including ETFs) that track or otherwise provide exposure to such sectors. As part of this strategy, the Adviser seeks to invest in industries, sectors and securities that it believes are more attractive on either a relative basis or on an absolute basis. In addition to purchasing, or taking "long" positions in equity securities, the Fund's investment strategy includes short selling, and may include investments in derivatives, ETFs, and/or fixed income securities.

In the Fixed Income Sleeve, the Fund will mainly invest in a globally-diversified portfolio of income producing securities including, highyield and investment grade corporate securities, leveraged loans, distressed debt securities, securitized products, US Treasuries and sovereign debt issued by foreign governments. Some of the loans in which the Fund may invest may be "covenant-lite" loans, which means the loans contain fewer or no maintenance covenants than other loans and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached.

The Fund may invest up to 50% of its managed assets in securities of foreign issuers; provided, however, the Fund will not invest more than 25% of its managed assets in securities of issuers located in a single country other than the US and 20% of its managed assets in securities of issuers located in emerging market countries. The Fund may invest up to 30% of its managed assets in securities of European domiciled issuers.

The Fund's derivative activities are principally focused on the following derivatives: interest rate swaps, convertible securities, synthetic convertible instruments, options on individual securities, index options, long calls, short calls, long puts, short puts and protective puts. The Fund may utilize derivatives for investment and hedging purposes. In addition, as a non-fundamental policy, the Fund may also invest up to 20% of its managed assets in derivatives for non-hedging purposes. The use of

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

derivatives for non-hedging purposes may be considered more speculative than other types of investments. However, the Fund reserves the right to invest in other derivative instruments to the extent consistent with the Fund's investment objective and restrictions.

The portions of the Fund's assets invested in the aforementioned sleeves and securities will vary from time to time consistent with the Fund's investment objective. In addition, the Adviser has appointed a committee consisting of senior management (the "CPZ Allocation Committee") to determine the percentage of the Fund's assets to be allocated to each such sleeve. The CPZ Allocation Committee meets quarterly, or more frequently if needed, to review and adjust the specific allocation ranges based upon its judgment of economic, market and regulatory conditions in a manner consistent with the Fund's investment objective. Actual allocations may vary at any time due to market movements, changes in equity prices, changes in interest rates and other economic factors.

The Fund currently uses, and may in the future use, financial leverage. The Fund has obtained financial leverage under an Amended and Restated Liquidity Agreement with State Street Bank and Trust Company ("SSB Agreement") that allows the Fund to borrow up to $150 million.

Term Structure

The Fund will dissolve on the twelfth anniversary of the effective date of the Fund's registration statement (the "Dissolution Date"); provided, that if the Board of Trustees (the "Board") believes that, under then-current market conditions, it is in the best interests of the Fund to do so, the Fund may extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six months, in each case upon the affirmative vote of a majority of the Board and without Shareholder (as defined below) approval. In addition, as of a date within twelve months preceding the Dissolution Date, the Board may cause the Fund to conduct a tender offer to all Shareholders to purchase Shares (as defined below) of the Fund at a price equal to the NAV per Share on the expiration date of the tender offer (the "Eligible Tender Offer"). The Board has established that, following the Eligible Tender Offer, the Fund must have at least $100 million of net assets to ensure the continued viability of the Fund (the "Dissolution Threshold"). In the Eligible Tender Offer, the Fund will offer to purchase all Shares tendered by each Shareholder; provided, that if the number of properly tendered Shares would result in the Fund's net assets totaling less than the Dissolution Threshold, the Eligible Tender Offer will be terminated and no Common Shares will be repurchased pursuant to the Eligible Tender Offer. Instead, the Fund will begin (or continue) liquidating or winding up its portfolio and proceed to dissolve on the Dissolution Date. The investment adviser to the Fund, Calamos, will pay all costs and expenses associated with the making of the Eligible Tender Offer, other than brokerage and related transaction costs associated with disposition of portfolio investments in connection with the Eligible Tender Offer, which will be borne by the Fund and its Shareholders. The Eligible Tender Offer, if pursued, will be made, and Shareholders will be notified thereof, in accordance with the requirements of the 1940 Act, the Securities Exchange Act of 1934 (the "Exchange Act") and the applicable tender offer rules thereunder (including Rule 13e-4 and Regulation 14E under the Exchange Act). If the number of properly tendered Shares would result in the Fund's net assets totaling greater than the Dissolution Threshold, all Shares properly tendered and not withdrawn will be purchased by the Fund pursuant to the terms of the Eligible Tender Offer. Following the completion of the Eligible Tender Offer, the Board may eliminate the Dissolution Date upon the affirmative vote of a majority of the Board and without Shareholder approval. In making a decision to eliminate the Dissolution Date to provide for the Fund's perpetual existence, the Board will take such actions with respect to the continued operations of the Fund as it deems to be in the best interests of the Fund, based on market conditions at such time, the extent of Shareholder participation in the Eligible Tender Offer and all other factors deemed relevant by the Board in consultation with the Adviser, taking into account that the Adviser may have a potential conflict of interest in seeking to convert to a perpetual trust. The Fund is not a so called "target date" or "life cycle" fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a "target term" fund whose investment objective is to return its original NAV on the Dissolution Date. The Fund's investment objective and policies are not designed to seek to return to investors that purchase Shares in this offering their initial investment of $20.00 per Share on the Dissolution Date or in the Eligible Tender Offer, and such investors and investors that purchase Shares after the completion of this offering may receive more or less than their original investment upon dissolution or in the Eligible Tender Offer.

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Principal Risks of the Funds

The factors that are most likely to have a material effect on a particular Fund's portfolio as a whole are called "principal risks." Each Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time.

Portfolio Level Risks

CPZ

CGO

CCD

CSQ

CHW

CHI

CHY

American Depositary Receipts Risk

Antitakeover Provisions

Cash Holdings Risk

Contingent Liabilities Risk

Convertible Hedging/Short Sales Risk

Convertible Securities Risk

Correlation Risk

Counterparty and Settlement Risk

Covenant-Lite Loans Risk

Credit Risk

Debt Securities Risk

Decline in Net Asset Value Risk

Default Risk

Derivatives Risk

Diminished Voting Power and Excess Cash Risk

Duration Mismatch Risk

Duration Risk

Early Redemption Risk

Emerging Markets Risk

Equity Securities Risk

Fixed Income Securities Risk

Foreign Securities Risk

Forward Currency Exchange Contract Risks

Futures and Forward Contracts Risk

General Derivative Risks

Geographic Concentration Risk

Geographic Focus Risk

High Yield Securities Risk

Interest Rate Risk

Interest Rate Transactions Risk

Leverage Risk

Liquidity Risk

Management Risk

Market Discount Risk

Master Limited Partnership Risk

Maturity Risk

Non-Convertible Income Securities Risk

Non-US Government Obligation Risk

Other Investment Companies (including ETFs) Risk

Portfolio Selection Risk

Portfolio Turnover Risk

Preferred Share Liquidation Preference Risk

Recent Market Events

REIT Risk

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Principal Risks of the Funds

Portfolio Level Risks

CPZ

CGO

CCD

CSQ

CHW

CHI

CHY

Risks Associated with Options

Rule 144A Securities Risk

Sector Risk

Short Selling Risk

Synthetic Convertible Instruments Risk

Tax Risk

US Government Security Risk

Volatility Risk

Fund Level and Other Risks

CPZ

CGO

CCD

CSQ

CHW

CHI

CHY

Currency Risk

Cybersecurity Risk

Inflation Risk

Leverage Risk

Limited Term Risk

Loan Risk

Market Discount Risk

Market Disruption Risk

Market Impact Risk

Ratings and Asset Coverage Risk

Reduction of Leverage Risk

Regulatory Risk

Secondary Market Risk

Senior Leverage Risk

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Principal Risks of the Funds

Portfolio Level Risks

American Depositary Receipts Risk. The stocks of most foreign companies that trade in the US markets are traded as ADRs. US depositary banks issue these stocks. Each ADR represents one or more shares of foreign stock or a fraction of a share. The price of an ADR corresponds to the price of the foreign stock in its home market, adjusted to the ratio of the ADRs to foreign company shares. Therefore, while purchasing a security on a US exchange, the risks inherently associated with foreign investing still apply to ADRs.

Antitakeover Provisions. The Fund's Agreement and Declaration of Trust and By-Laws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to change the composition of its Board of Trustees. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions include staggered terms of office for the Trustees, advance notice requirements for shareholder proposals, and super-majority voting requirements for certain transactions with affiliates, converting the Fund to an open-end investment company or a merger, asset sale or similar transaction. Holders of preferred shares have voting rights in addition to and separate from the voting rights of common shareholders with respect to certain of these matters. Holders of any preferred shares, voting separately as a single class, have the right to elect at least two Trustees at all times. The holders of preferred shares or debt, if any, on the one hand, and the holders of the common shares, on the other, may have interests that conflict with each other in certain situations, including conflicts that relate to the fees and expenses of the Fund.

Cash Holdings Risk. To the extent the Fund holds cash positions, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation which could negatively impact the Fund's performance and ability to achieve its investment objective.

Contingent Liabilities Risk. Entering into derivative contracts in order to pursue the Fund's various hedging strategies could require the Fund to fund cash payments in the future under certain circumstances, including an event of default or other early termination event, or the decision by a counterparty to request margin in the form of securities or other forms of collateral under the terms of the derivative contract or applicable laws. The amounts due with respect to a derivative contract would generally be equal to the unrealized loss of the open positions with the respective counterparty and could also include other fees and charges. These payments are contingent liabilities and therefore may not appear on the Fund's balance sheet. The Fund's ability to fund these contingent liabilities will depend on the liquidity of the Fund's assets and access to capital at the time, and the need to fund these contingent liabilities could adversely impact the Fund's financial condition.

Convertible Hedging/Short Sales Risk. The Fund may incur a loss (without limit) as a result of a short sale if the market value of the borrowed security increases between the date of the short sale and the date the Fund replaces the security. The Fund may be unable to repurchase the borrowed security at a particular time or at an acceptable price. If the market price of the common stock issuable upon exercise of a convertible security increases above the conversion price on the convertible security, the price of the convertible security will increase. The Fund's increased liability on the short position would, in whole or in part, reduce this gain. If the price of the common stock declines, any decline in the price of the convertible security would offset, in whole or in part, the Fund's gain on the short position. The use of short sales could increase the Fund's exposure to the market, magnify losses and increase the volatility of returns.

Convertible Securities Risk. The value of a convertible security is influenced by both the yield of non- convertible securities of comparable issuers and by the value of the underlying common stock. The value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is sometimes referred to as its "investment value." A convertible security's investment value tends to decline as prevailing interest rate levels increase. Conversely, a convertible security's investment value tends to increase as prevailing interest rate levels decline.

Correlation Risk. Imperfect correlation between the value of derivative instruments and the underlying assets of the Fund creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund's portfolio.

Counterparty and Settlement Risk (all Funds except CPZ). Trading options, futures contracts, swaps and other derivative financial instruments entails credit risk with respect to the counterparties with whom and through which the Fund trades. Such instruments when traded over the counter do not include the same protections as may apply to trading derivatives on organized Calamos—We note that CPZ includes a more robust version of this risk disclosure. We think it is appropriate to include this version as well. exchanges. Substantial losses may arise from the insolvency, bankruptcy or default of a counterparty and risk of settlement default of parties with whom the Fund trades securities. This risk may be heightened

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during volatile market conditions. Settlement mechanisms in emerging markets are generally less developed and reliable than those in more developed countries, thus increasing the risks. In the past, broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in bankruptcy of the institution. Although Calamos monitors the creditworthiness of the Fund's counterparties, there can be no assurance that the Fund's counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. If a counterparty becomes bankrupt, or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. Material exposure to a single or small group of counterparties increases the Fund's counterparty risk.

Counterparty and Settlement Risk (CPZ). Trading options, futures contracts, swaps and other derivative financial instruments entails credit risk with respect to the counterparties with whom and through which the Fund trades. Such instruments when traded over the counter do not include the same protections as may apply to trading derivatives on organized exchanges. Substantial losses may arise from the insolvency, bankruptcy or default of a counterparty and risk of settlement default of parties with whom the Fund trades securities. This risk may be heightened during volatile market conditions. Settlement mechanisms in emerging markets are generally less developed and reliable than those in more developed countries, thus increasing the risks. Counterparty risk is the risk that the other party in a derivative transaction will not fulfill its contractual obligation. Changes in the credit quality of the Fund's counterparties with respect to its derivative transactions may affect the value of those instruments. By entering into derivatives, the Fund assumes the risk that its counterparties could experience financial hardships that could call into question their continued ability to perform their obligations. As a result, concentrations of such derivatives in any one counterparty would subject the Fund to an additional degree of risk with respect to defaults by such counterparty.

"Covenant-Lite" Loans Risk. Some of the loans in which the Fund may invest may be "covenant-lite" loans, which means the loans contain fewer or no maintenance covenants than other loans and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. The Fund may experience delays in enforcing its rights on its holdings of covenant-lite loans.

However, a convertible security's market value tends to reflect the market price of the common stock of the issuing company when that stock price is greater than the convertible security's "conversion price." The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security and changes in interest rates. Thus, the convertible security may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would be paid before the company's common stockholders.

If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, such bankruptcy or failure to perform is likely to result in a default under such derivative contract, unless such default is cured. Default by a party with whom the Fund enters into a hedging transaction may result in the loss of unrealized profits, leaving the Fund with unsecured exposure and force the Fund to cover its resale commitments, if any, at the then current market price. It may not always be possible to dispose of or close out a hedging position without the consent of the hedging counterparty, and the Fund may not be able to enter into an offsetting contract in order to cover its risk. The Fund cannot assure its shareholders that a liquid secondary market will exist for hedging instruments purchased or sold, and the Fund may be required to maintain a position until exercise or expiration, which could result in losses.

Furthermore, upon the bankruptcy of a counterparty, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a dissolution, assignment for the benefit of creditors, liquidation, winding-up, bankruptcy, or other analogous proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative transaction would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative transaction and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying security. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances and the enforceability of agreements for hedging transactions may depend on compliance with applicable statutory and other regulatory requirements and, depending on the identity of the counterparty, applicable international requirements.

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Certain interest rate and credit default swaps are subject to mandatory clearing, in which case a central clearing counterparty stands between each buyer and seller and effectively guarantees performance of each derivative contract, to the extent of its available resources for such purpose. As a result, the counterparty risk is now shifted from bilateral risk between the parties to the individual credit risk of the central clearing counterparty and the futures commission merchant through which the Fund holds its cleared position. Even in such case, there can be no assurance that a clearing house, or its members, will satisfy the clearing house's obligations to the Fund. Uncleared derivatives have no such protection; each party bears the risk that its direct counterparty will default.

Credit Risk. An issuer of a fixed income security could be downgraded or default. If the Fund holds securities that have been downgraded, or that default on payment, the Fund's performance could be negatively affected.

Debt Securities Risk. The Fund may invest in debt securities, including corporate bonds and high yield securities. In addition to the risks described elsewhere in the Fund's prospectus (such as high yield securities risk and interest rate risk), debt securities are subject to certain additional risks, including issuer risk and reinvestment risk. Issuer risk is the risk that the value of debt securities may decline for a number of reasons which directly relate to the issuer, such as management performance, leverage and reduced demand for the issuer's goods and services. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio's current earnings rate. A decline in income could affect the market price of the Fund's common shares or the overall return of the Fund.

Decline in Net Asset Value Risk. A material decline in the Fund's NAV may impair the Fund's ability to maintain required levels of asset coverage for any outstanding borrowings or any debt securities or preferred shares.

Default Risk. Default risk refers to the risk that a company that issues a convertible or debt security will be unable to fulfill its obligations to repay principal and interest. The lower a debt security is rated, the greater its default risk. As a result, the Fund may incur cost and delays in enforcing its rights against the defaulting issuer.

Derivatives Risk. Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index, and may relate to individual debt or equity instruments, interest rates, currencies or currency exchange rates, commodities, related indexes and other assets. The Fund may utilize a variety of derivative instruments including, but not limited to, interest rate swaps, caps, and floors, convertible securities, synthetic convertible instruments, options on individual securities, index options, long calls, covered calls, long puts, cash-secured short puts and protective puts for hedging, risk management and investment purposes.

The Fund's use of derivative instruments involves investment risks and transaction costs to which the Fund would not be subject absent the use of these instruments and, accordingly, may result in losses greater than if they had not been used. The use of derivative instruments may have risks including, among others, leverage risk, duration mismatch risk, correlation risk, liquidity risk, interest rate risk, volatility risk, credit risk, management risk and counterparty risk. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. Suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.

Furthermore, the skills needed to employ derivatives strategies are different from those needed to select portfolio securities and, in connection with such strategies, the Fund makes predictions with respect to market conditions, liquidity, currency movements, market values, interest rates and other applicable factors, which may be inaccurate. Thus, the use of derivative instruments may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. Tax rules governing the Fund's transactions in derivative instruments may also affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders. In addition, there may be situations in which the Fund elects not to use derivative instruments that result in losses greater than if they had been used. Amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund's derivative instruments would not be available to the Fund for other investment purposes, which may result in lost

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opportunities for gain. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

Diminished Voting Power and Excess Cash Risk. The voting power of current shareholders will be diluted to the extent that such shareholders do not purchase shares in any future common share offerings or do not purchase sufficient shares to maintain their percentage interest. In addition, if the Fund is unable to invest the proceeds of such offering as intended, its per share distribution may decrease (or may consist of return of capital) and the Fund may not participate in market advances to the same extent as if such proceeds were fully invested as planned.

Duration Mismatch Risk. The duration of a derivative instrument may be significantly different than the duration of the related liability or asset.

Duration Risk. Duration measures the time-weighted expected cash flows of a fixed-income security, which can determine its sensitivity to changes in the general level of interest rates. The value of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. The longer the Fund's dollar-weighted average duration, the more its value can generally be expected to be sensitive to interest rate changes than a fund with a shorter dollar-weighted average duration. Duration differs from maturity in that it considers a security's coupon payments in addition to the amount of time until the security matures. Various techniques may be used to shorten or lengthen the Fund's duration. As the value of a security changes over time, so will its duration.

Early Redemption Risk. The Fund may voluntarily redeem preferred shares or may be forced to redeem preferred shares to meet regulatory requirements and the asset coverage requirements of the preferred shares. Such redemptions may be at a time that is unfavorable to holders of the preferred shares

Emerging Markets Risk. Emerging market countries may have relatively unstable governments and economies based on only a few industries, which may cause greater instability. The value of emerging market securities will likely be particularly sensitive to changes in the economies of such countries. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluations, which could adversely affect the value of the Fund's investments and hurt those countries' economies and securities markets. Securities issued in these countries may be more volatile and less liquid than securities issued in foreign countries with more developed economies or markets. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in share registration, settlement, custody, or other operational risks.

Equity Securities Risk. Equity investments are subject to greater fluctuations in market value than other asset classes as a result of such factors as the issuer's business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments. The Fund may invest in preferred stocks and convertible securities of any rating, including below investment grade.

Below investment grade securities or comparable unrated securities are considered predominantly speculative with respect to the issuer's ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for below investment grade securities tend to be very volatile, and these securities are generally less liquid than investment- grade debt securities. For these reasons, your investment in the Fund is subject to the following specific risks:

• increased price sensitivity to changing interest rates and to a deteriorating economic environment;

• greater risk of loss due to default or declining credit quality;

• adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and

• if a negative perception of the below investment grade market develops, the price and liquidity of below investment grade securities may be depressed. This negative perception could last for a significant period of time.

Fixed Income Securities Risk. The Fund may invest in fixed income securities, including corporate, municipal, and government bonds. Fixed income securities are subject to the risk of decreasing value in periods of increasing interest rates, as well as the risk that the issuer of such securities could be downgraded or default, causing the credit rating of the securities to drop and thus generally decreasing the value of such securities.

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Foreign Securities Risk. Investments in non-US issuers may involve unique risks compared to investing in securities of US issuers. These risks are more pronounced to the extent that the Fund invests a significant portion of its non-US investments in one region or in the securities of emerging market issuers. These risks may include:

• less information may be available about non-US issuers or markets due to less rigorous disclosure or accounting standards or regulatory practices in foreign jurisdictions;

• many non-US markets are smaller, less liquid and more volatile. In a changing market, Calamos may not be able to sell the Fund's portfolio securities at times, in amounts and at prices it considers reasonable;

• an adverse effect of currency exchange rate changes or controls on the value of the Fund's investments;

• the economies of non-US countries may grow at slower rates than expected or may experience a downturn or recession;

• economic, political and social developments may adversely affect the securities markets in foreign jurisdictions, including expropriation and nationalization;

• the difficulty in obtaining or enforcing a court judgment in non-US countries;

• restrictions on foreign investments in non-US jurisdictions;

• difficulties in effecting the repatriation of capital invested in non-US countries;

• withholding and other non-US taxes may decrease the Fund's return;

• the ability for the Public Company Accounting Oversight Board, which regulates auditors of US public companies, is unable to inspect audit work papers in certain foreign countries;

• often limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the Commission, the US Department of Justice and other authorities to bring and enforce actions against foreign issuers or foreign persons is limited; and

• dividend income the Fund receives from foreign securities may not be eligible for the special tax treatment applicable to qualified dividend income.

Based upon the Fund's test for determining whether an issuer is a "foreign issuer", it is possible that an issuer of securities in which the Fund invests could be organized under the laws of a foreign country, yet still conduct a substantial portion of its business in the US or have substantial assets in the US. In this case, such a "foreign issuer" may be subject to the market conditions in the US to a greater extent than it may be subject to the market conditions in the country of its organization.

There may be less publicly available information about non-US markets and issuers than is available with respect to US securities and issuers. Non-US companies generally are not subject to accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to US companies. The trading markets for most non-US securities are generally less liquid and subject to greater price volatility than the markets for comparable securities in the United States. The markets for securities in certain emerging markets are in the earliest stages of their development. Even the markets for relatively widely traded securities in certain non-US markets, including emerging market countries, may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the United States. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity.

Economies and social and political conditions in individual countries may differ unfavorably from those in the United States. Non-US economies may have less favorable rates of growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many countries have experienced substantial, and in some cases extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging countries. Unanticipated political or social developments may also affect the values of the Fund's investments and the availability to the Fund of additional investments in such countries.

Forward Currency Exchange Contracts Risk. Forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) at a price set at the time of the contract. The Fund may

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not fully benefit from, or may lose money on, forward currency exchange transactions if changes in currency exchange rates do not occur as anticipated or do not correspond accurately to changes in the value of the Fund's holdings.

Futures and Forward Contracts Risk. Futures contracts provide for the future sale by one party and purchase by another of a specific asset at a specific time and price (with or without delivery required). Futures contracts are standardized contracts traded on a recognized exchange. An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. Futures and forward contracts are subject to counterparty risk, meaning that the party who issues the derivatives (the clearinghouse or the broker holding the Fund's position for a futures contract or the counterparty for a forward contract) may experience a significant credit event and may be unwilling or unable to make timely settlement payments or otherwise honor its obligations.

General Derivative Risks. Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate perfectly with an underlying asset, interest rate or index. Suitable derivative transactions may not be available in all circumstances and there can be no assurance that the Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial. Furthermore, the skills needed to employ derivatives strategies are different from those needed to select portfolio securities and, in connection with such strategies, the Fund may make predictions with respect to market conditions, liquidity, currency movements, market values, interest rates and other applicable factors, which may be inaccurate. Thus, the use of derivative instruments may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. Tax rules governing the Fund's transactions in derivative instruments may also affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders. In addition, there may be situations in which the Fund elects not to use derivative instruments that result in losses greater than if they had been used. Amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund's derivative instruments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain. Derivative instruments can be illiquid, may disproportionately increase losses and may have a potentially large impact on Fund performance.

Geographic Concentration Risk. Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund concentrates its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

Geographic Focus Risk. Investments in a particular country or geographic region may be particularly susceptible to political, diplomatic or economic conditions and regulatory requirements. To the extent the Fund focuses its investments in a particular country, region or group of regions, the Fund may be more volatile than a more geographically diversified fund.

High Yield Securities Risk. The Fund may invest in high yield securities of any rating. Investment in high yield securities involves substantial risk of loss. Below investment grade non-convertible debt securities or comparable unrated securities are commonly referred to as "junk bonds" and are considered predominantly speculative with respect to the issuer's ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for high yield securities tend to be very volatile, and these securities are less liquid than investment grade debt securities. For these reasons, your investment in the Fund is subject to the following specific risks:

• increased price sensitivity to changing interest rates and to a deteriorating economic environment;

• greater risk of loss due to default or declining credit quality;

• adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and

• if a negative perception of the high yield market develops, the price and liquidity of high yield securities may be depressed. This negative perception could last for a significant period of time.

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Adverse changes in economic conditions are more likely to lead to a weakened capacity of a high yield issuer to make principal payments and interest payments than an investment grade issuer. The principal amount of high yield securities outstanding has proliferated in the past decade as an increasing number of issuers have used high yield securities for corporate financing. An economic downturn could severely affect the ability of highly leveraged issuers to service their debt obligations or to repay their obligations upon maturity. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings. In certain circumstances, the Fund may be required to foreclose on an issuer's assets and take possession of its property or operations. In such circumstances, the Fund would incur additional costs in disposing of such assets and potential liabilities from operating any business acquired.

The secondary market for high yield securities may not be as liquid as the secondary market for more highly rated securities, a factor which may have an adverse effect on the Fund's ability to dispose of a particular security. There are fewer dealers in the market for high yield securities than for investment grade obligations. The prices quoted by different dealers may vary significantly and the spread between the bid and asked price is generally much larger than for higher quality instruments. Under adverse market or economic conditions, the secondary market for high yield securities could contract further, independent of any specific adverse changes in the condition of a particular issuer, and these instruments may become illiquid. As a result, the Fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these circumstances, may be less than the prices used in calculating the Fund's NAV.

Interest Rate Risk. In addition to the risks described above, debt securities, including high yield securities, are subject to certain risks, including:

• if interest rates go up, the value of debt securities in the Fund's portfolio generally will decline;

• during periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. Debt securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity. An issuer may redeem an obligation if the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer;

• during periods of rising interest rates, the average life of certain types of securities may be extended because of slower than expected principal payments. This may lock in a below market interest rate, increase the estimated period until the security is paid in full and reduce the value of the security. This is known as extension risk;

• rising interest rates could result in an increase in the cost of the Fund's leverage and could adversely affect the ability of the Fund to meet asset coverage requirements with respect to leverage;

• variable rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. When the Fund holds variable rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the NAV of the Fund's shares; and

• to the extent the Federal Reserve Board continues to raise interest rates, there is a risk that interest rates across the financial system may also rise. Increases in volatility and interest rates in the fixed-income market may expose the Fund to heightened interest rate risk.

Interest Rate Transactions Risk. The Fund may enter into an interest rate swap, cap or floor transaction to attempt to protect itself from increasing dividend or interest expenses on its leverage resulting from increasing short-term interest rates and to hedge its portfolio securities. A decline in interest rates may result in a decline in the value of the swap or cap, which may result in a decline in the NAV of the Fund.

Depending on the state of interest rates in general, the Fund's use of interest rate swap or cap transactions could enhance or harm the overall performance of the common shares. To the extent there is a decline in interest rates, the value of the interest rate swap or cap could decline and could result in a decline in the NAV of the common shares. In addition, if the counterparty to an interest rate swap or cap defaults, the Fund would not be able to use the anticipated net receipts under the swap or cap to offset the dividend or interest payments on the Fund's leverage or offset certain losses in its portfolio. Depending on whether the Fund would be entitled to receive net payments from the counterparty on the swap or cap, which in turn would depend on the general state of short-term interest rates at that point in time, such a default could negatively impact the performance of the common shares. In addition, at the time an interest rate swap or cap transaction

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reaches its scheduled termination date, there is a risk that the Fund would not be able to obtain a replacement transaction or that the terms of the replacement would not be as favorable as on the expiring transaction. If either of these events occurs, it could have a negative impact on the performance of the common shares.

If the Fund fails to maintain a required 200% asset coverage of the liquidation value of any outstanding preferred shares or if the Fund loses its rating on its preferred shares or fails to maintain other covenants with respect to the preferred shares, the Fund may be required to redeem some or all of the preferred shares. Similarly, the Fund could be required to prepay the principal amount of any debt securities or other borrowings. Such redemption or prepayment would likely result in the Fund seeking to terminate early all or a portion of any swap or cap transaction. Early termination of a swap could result in a termination payment by or to the Fund. Early termination of a cap could result in a termination payment to the Fund. The Fund intends to segregate with its custodian cash or liquid securities having a value at least equal to the Fund's net payment obligations under any swap transaction, marked-to-market daily.

Currently, certain categories of interest rate swaps are subject to mandatory clearing, and more are expected to be cleared in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions because generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties' performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that a clearing house, or its members, will satisfy the clearing house's obligations to the Fund.

Leverage Risk. The derivative instruments in which the Fund may invest will give rise to forms of financial leverage, which may magnify the risk of owning such instruments. Derivatives generally involve leverage in the sense that the investment exposure created by the derivatives may be significantly greater than the Fund's initial investment in the derivative. Accordingly, if the Fund enters into a derivative transaction, it could lose substantially more than the principal amount invested.

Additionally, as a closed-end investment company registered with the SEC, the Fund is subject to the federal securities laws, including the 1940 Act, the rules thereunder, and various SEC and SEC staff interpretive positions. In accordance with these laws, rules and positions, the Fund may "set aside" liquid assets (often referred to as "asset segregation"), or engage in other SEC or staff-approved measures, to "cover" open positions with respect to certain portfolio management techniques, such as engaging in reverse repurchase agreements, dollar rolls, entering into credit default swaps or futures contracts, or purchasing securities on a when-issued or delayed delivery basis, that may be considered senior securities under the 1940 Act. The Fund intends to cover its derivative positions by maintaining an amount of cash or liquid securities in a segregated account equal to the face value of those positions and by offsetting derivative positions against one another or against other assets to manage the effective market exposure resulting from derivatives in its portfolio. To the extent that the Fund does not segregate liquid assets or otherwise cover its obligations under such transactions, such transactions will be treated as senior securities representing indebtedness for purposes of the requirement under the 1940 Act that the Fund may not enter into any such transactions if the Fund's borrowings would thereby exceed 33 1/3% of its managed assets, less all liabilities and indebtedness of the Fund not represented by senior securities. However, these transactions, even if covered, may represent a form of economic leverage and will create risks. In addition, these segregation and coverage requirements could result in the Fund maintaining securities positions that it would otherwise liquidate, segregating assets at a time when it might be disadvantageous to do so or otherwise restricting portfolio management. Such segregation and cover requirements will not limit or offset losses on related positions.

Liquidity Risk. The Fund may invest without limit in securities that, at the time of investment, are illiquid (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). The Fund may also invest without limit in Rule 144A Securities determined to be liquid. Calamos, under the supervision and oversight of the Board of Trustees, will determine whether Rule 144A Securities are illiquid (that is, not readily marketable). Illiquid securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. Investment of the Fund's assets in illiquid securities may restrict the Fund's ability to take advantage of market opportunities. The market price of illiquid securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of illiquid securities. Illiquid securities are also more difficult to value and may be fair valued in which case Calamos' judgment may play a greater role in the valuation process. The risks associated with illiquid securities may be particularly acute in situations in which the Fund's operations require cash and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid securities. The Fund may also invest without limitation in securities that have not been registered for public sale, but that are eligible for purchase and sale by certain qualified institutional buyers.

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Management Risk. Calamos' judgment about the attractiveness, relative value or potential appreciation of a particular sector, security or investment strategy may prove to be incorrect.

Market Discount Risk. The market price of exchanged-listed preferred shares that the Fund may issue may also be affected by such factors as the Fund's use of leverage, dividend stability, portfolio credit quality, liquidity, and the Fund's dividends paid (which are, in turn, affected by expenses), call protection for portfolio securities and interest rate movements.

Master Limited Partnerships Risk. Investments in MLPs involve risks that differ from investments in common stock. Holders of MLP common units are subject to certain risks inherent in the structure of MLPs, including (i) tax risks, (ii) risk related to limited control of management or the general partner or managing member, (iii) limited rights to vote on matters affecting the MLP, except with respect to extraordinary transactions, (iv) conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand, including those arising from incentive distribution payments or corporate opportunities, and (v) cash flow risks. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow). Prices of common units of individual MLPs and other equity securities also can be affected by fundamentals unique to the partnership or company, including cash flow growth, cash generating power and distribution coverage.

Although certain MLPs may trade on national securities exchanges, certain MLPs may trade less frequently than those of larger companies due to their market capitalizations. Due to limited trading volumes of certain MLPs, the prices of such MLPs may display abrupt or erratic movements at times. Additionally, it may be more difficult for the Fund to buy and sell significant amounts of such securities without an unfavorable impact on prevailing market prices. The Fund's investment in securities that are less actively traded or over time experience decreased trading volume may restrict its ability to dispose of the securities at a fair price. Such a situation may prevent the Fund from limiting losses or realizing gains. This also may adversely affect the Fund's ability to make dividend distributions to shareholders.

MLPs are generally treated as partnerships for US federal income tax purposes. Partnerships do not pay US federal income tax at the partnership level. Rather, each partner is allocated a share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation for US federal income tax purposes. As a result, the amount of cash available for distribution by the MLP would be reduced and the after-tax return to the Fund with respect to its investment in such MLPs would be materially reduced. Thus, if any of the MLPs owned by the Fund were treated as corporations for US federal income tax purposes, it could result in a reduction in the value of the Fund.

Maturity Risk. Interest rate risk will generally affect the price of a fixed income security more if the security has a longer maturity. Fixed income securities with longer maturities will therefore be more volatile than other fixed income securities with shorter maturities. Conversely, fixed income securities with shorter maturities will be less volatile but generally provide lower potential returns than fixed income securities with longer maturities. The average maturity of the Fund's investments may affect the volatility of the Fund's share price.

Non-Convertible Income Securities Risk. The Fund will also invest in non-convertible income securities. The Fund's investments in non-convertible income securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, zero coupon, contingent, deferred, payment in kind and auction rate features. Recent events in the fixed-income markets, including the potential impact of the Federal Reserve Board tapering its quantitative easing program, may expose the Fund to heightened interest rate risk and volatility as a result of a rise in interest rates. In addition, the Fund is subject to the risk that interest rates may exhibit increased volatility, which could cause the Fund's net asset value ("NAV") to fluctuate more. A decrease in fixed-income market maker capacity may act to decrease liquidity in the fixed-income markets and act to further increase volatility, affecting the Fund's return.

Non-US Government Obligation Risk. An investment in debt obligations of non-US governments and their political subdivisions involves special risks that are not present in corporate debt obligations. The non-US issuer of the sovereign debt or the non-US governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of debt obligations of US issuers.

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Other Investment Companies (including ETFs) Risk. Investments in the securities of other investment companies, including ETFs, may involve duplication of advisory fees and certain other expenses. By investing in another investment company or ETF, the Fund becomes a shareholder thereof. As a result, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses indirectly paid by shareholders of the other investment company or ETF, in addition to the fees and expenses Fund shareholders bear in connection with the Fund's own operations. If the investment company or ETF fails to achieve its investment objective, the value of the Fund's investment will decline, adversely affecting the Fund's performance. In addition, closed-end investment company and ETF shares potentially may trade at a discount or a premium and are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, the Fund may engage in short sales of the securities of other investment companies. When the Fund shorts securities of another investment company, it borrows shares of that investment company which it then sells. The Fund closes out a short sale by purchasing the security that it has sold short and returning that security to the entity that lent the security.

Portfolio Selection Risk. The value of your investment may decrease if the investment adviser's judgment about the attractiveness, value or market trends affecting a particular security, issuer, industry or sector or about market movements is incorrect.

Portfolio Turnover Risk. The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short term capital gains.

Preferred Share Liquidation Preference Risk. Preferred shares, if issued and outstanding, will be junior in liquidation and with respect to distribution rights to debt securities and any other borrowings. Senior securities representing indebtedness may constitute a substantial lien and burden on preferred shares by reason of their prior claim against our income and against our net assets in liquidation. The Fund may not be permitted to declare dividends or other distributions with respect to any series of preferred shares unless at such time the Fund meets applicable asset coverage requirements and the payment of principal or interest is not in default with respect to any borrowings.

Recent Market Events. Since the 2008 financial crisis, financial markets throughout the world have experienced increased periods of volatility, depressed valuations, decreased liquidity and heightened uncertainty and turmoil. This turmoil resulted in unusual and extreme volatility in the equity and debt markets, in the prices of individual securities and in the world economy. Events that have contributed to these market conditions include, but are not limited to, major cybersecurity events, geopolitical events (such as wars (including Russia's military invasion of the Ukraine), terror attacks, natural or environmental disasters, country instability, and public health emergencies), measures to address budget deficits, downgrading of sovereign debt, declines in oil and commodity prices, dramatic changes in currency exchange rates, and public sentiment. In addition, many governments and quasi-governmental entities throughout the world have responded to the turmoil with a variety of significant fiscal and monetary policy changes, including, but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates.

The full extent of the political, economic and legal consequences of Brexit are not yet fully known, and the long-term impact of Brexit on the UK, the EU and the broader global economy may be significant. As a result of the political divisions within the UK and between the UK and the EU that the referendum vote has highlighted and the uncertain consequences of Brexit, the UK and European economies and the broader global economy could be significantly impacted, potentially resulting in increased market volatility and illiquidity, political, economic, and legal uncertainty, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any further exits from the EU, or the possibility of such exits, or the abandonment of the Euro, may cause additional market disruption globally and introduce new legal and regulatory uncertainties.

In addition, policy and legislative changes in the United States and in other countries are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Widespread disease and virus epidemics and pandemics, such as the coronavirus outbreak, could likewise be highly disruptive, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments.

REIT Risk. Investing in real estate investment trusts ("REITs") involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. An equity REIT may be affected by changes in the value of the underlying properties owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability of the issuers of

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its portfolio mortgages to repay their obligations. REITs are dependent upon the skills of their managers and are not diversified. REITs are generally dependent upon maintaining cash flows to repay borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs whose underlying assets are concentrated in properties used by a particular industry, such as health care, are also subject to risks associated with such industry.

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans the interest rates on which are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations.

REITs may have limited financial resources, may utilize significant amounts of leverage, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, REITs have been more volatile in price than the larger capitalization stocks included in Standard & Poor's 500 Stock Index.

Risks Associated with Options (all Funds except CPZ). There are several risks associated with transactions in options. For example, there are significant differences between the securities markets and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well- conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. The Fund's ability to utilize options successfully will depend on Calamos' ability to predict pertinent market movements, which cannot be assured.

The Fund may sell options on individual securities and securities indices. All call options sold by the Fund must be "covered." Even though the Fund will receive the option premium to help protect it against loss, a call option sold by the Fund exposes the Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Fund to hold a security or instrument that it might otherwise have sold. In addition, a loss on a call option sold may be greater than the premium received. The Fund may purchase and sell put options on individual securities and securities indices. In selling put options, there is a risk that the Fund may be required to buy the underlying security at a disadvantageous price above the market price.

Risks Associated with Options (CPZ). The Fund may use options, including on the Fund's convertible securities or during the creation of synthetic convertible instruments. There are several risks associated with transactions in options. For example, there are significant differences between the securities markets and options markets that could result in an imperfect correlation among these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. The Fund's ability to utilize options successfully will depend on Calamos' ability to predict pertinent market movements, which cannot be assured.

The Fund intends to seek to generate income from option premiums by writing (selling) options. The Fund may write (sell) call options (i) on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund's portfolio, (ii) on a portion of the equity securities the Fund has a right to receive upon conversion of a convertible security that it owns at the time it writes the call, and (iii) on broad-based securities indexes (such as the S&P 500 or MSCI EAFE) or certain ETFs that trade like common stocks but seek to replicate such market indexes. All call options sold by the Fund must be "covered", other than those sold in the Long/Short Component. For example, a call option written by the Fund will require the Fund to hold the securities subject to the call (or securities convertible into the needed securities without additional consideration) or to segregate cash or liquid assets sufficient to purchase and deliver the securities if the call is exercised. Even though the Fund will receive the option premium to help protect it against loss, a call option sold by the Fund exposes the Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Fund to hold a security or instrument that it might otherwise have sold. The Fund may purchase and sell put options on individual securities and securities indices. In selling put options, there is a risk that the Fund may be required to buy the underlying security at a disadvantageous price above the market price. A put option written by the Fund requires the Fund to segregate cash or liquid assets equal to the exercise price minus any margin the Fund is required to post.

Rule 144A Securities Risk. The Fund may invest in securities that are issued and sold through transactions under Rule 144A of the Securities Act of 1933. Under the supervision and oversight of the Board of Trustees, Calamos will determine whether

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Rule 144A Securities are illiquid. If qualified institutional buyers are unwilling to purchase these Rule 144A Securities, the percentage of the Fund's assets invested in illiquid securities would increase. Typically, the Fund purchases Rule 144A Securities only if the Fund's adviser has determined them to be liquid. If any Rule 144A Security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

Sector Risk. To the extent the Fund invests a significant portion of its assets in a particular sector, a greater portion of the Fund's performance may be affected by the general business and economic conditions affecting that sector. Each sector may share economic risk with the broader market, however there may be economic risks specific to each sector. As a result, returns from those sectors may trail returns from the overall stock market and it is possible that the Fund may underperform the broader market, or experience greater volatility.

Short Selling Risk. The Fund will engage in short sales for investment and risk management purposes, including when the Adviser believes an investment will underperform due to a greater sensitivity to earnings growth of the issuer, default risk or interest rates. In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for extended periods of time.

Short sales are transactions in which the Fund sells a security or other instrument that it does not own but can borrow in the market. Short selling allows the Fund to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and to obtain a low cost means of financing long investments that the Adviser believes are attractive. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund will have substantial short positions and must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier than it had expected. Thus, the Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

Generally, the Fund will have to pay a fee or premium to borrow securities and will be obligated to repay the lender of the security any dividends or interest that accrues on the security during the term of the loan. The amount of any gain from a short sale will be decreased, and the amount of any loss increased, by the amount of such fee, premium, dividends, interest or expense the Fund pays in connection with the short sale.

Until the Fund replaces a borrowed security, it may be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund's ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt, insolvent or otherwise fails to comply with the terms of the contract. In such instances the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in these circumstances. Additionally, the Fund must maintain sufficient liquid assets (less any additional collateral pledged to the broker), marked-to-market daily, to cover the borrowed securities obligations. This may limit the Fund's investment flexibility, as well as its ability to meet other current obligations.

Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot decrease below zero. The Adviser's use of short sales in combination with long positions in the Fund's portfolio in an attempt to improve performance or reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. It is possible that the Fund's long securities positions will decline in value at the same time that the value of its short securities positions increase, thereby increasing potential losses to the Fund. In addition, the Fund's short selling strategies will limit its ability to fully benefit from increases in the fixed-income markets.

By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund's exposure to long securities positions and make any change in the Fund's NAV greater than it would be without the use of leverage. This could result in increased

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volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed.

Synthetic Convertible Instruments Risk. The value of a synthetic convertible instrument may respond differently to market fluctuations than a convertible instrument because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value. Synthetic convertible instruments created by other parties have the same attributes of a convertible security; however, the issuer of the synthetic convertible instrument assumes the credit risk associated with the investment, rather than the issuer of the underlying equity security into which the instrument is convertible. Investing in synthetic convertible instruments also involves the risk that the Fund does not achieve the investment exposure desired by Calamos. The Fund remains subject to the credit risk associated with the counterparty creating the synthetic convertible instrument.

Tax Risk. The Fund may invest in certain securities, such as certain convertible securities and high yield securities, for which the federal income tax treatment may not be clear or may be subject to re-characterization by the Internal Revenue Service ("IRS"). It could be more difficult for the Fund to comply with certain federal income tax requirements applicable to regulated investment companies if the tax characterization of the Fund's investments is not clear or if the tax treatment of the income from such investments was successfully challenged by the IRS. In addition, the tax treatment of the Fund may be affected by future interpretations of the Internal Revenue Code of 1986, as amended and changes in the tax laws and regulations, all of which may apply with retroactive effect.

US Government Security Risk. Some securities issued by US Government agencies or government sponsored enterprises are not backed by the full faith and credit of the US and may only be supported by the right of the agency or enterprise to borrow from the US Treasury. There can be no assurance that the US Government will always provide financial support to those agencies or enterprises.

Volatility Risk. Risk may arise in connection with the use of derivative instruments from volatility of interest rates and the prices of reference instruments.

Fund Level and Other Risks

Currency Risk. To the extent that the Fund invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates bring an added dimension of risk. Currency fluctuations could negatively impact investment gains or add to investment losses. Although the Fund may attempt to hedge against currency risk, the hedging instruments may not always perform as the Fund expects and could produce losses. Suitable hedging instruments may not be available for currencies of emerging market countries. The Fund's investment adviser may determine not to hedge currency risks, even if suitable instruments appear to be available.

Cybersecurity Risk. Investment companies, such as the Fund, and their service providers are exposed to operational and information security risks resulting from cyberattacks, which may result in financial losses to a fund and its shareholders. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, "ransomware" that renders systems inoperable until ransom is paid, the unauthorized release of confidential information, or various other forms of cybersecurity breaches. Cyber-attacks affecting the Fund or the Adviser, custodian, transfer agent, distributor, administrator, intermediaries, trading counterparties, and other third-party service providers may adversely impact the Fund or the companies in which the Fund invests, causing the Fund's investments to lose value or to prevent a shareholder redemption or purchase from clearing in a timely manner.

Inflation Risk. Inflation is the reduction in the purchasing power of money resulting from an increase in the price of goods and services. Inflation risk is the risk that the inflation adjusted or "real" value of an investment in preferred stock or debt securities or the income from that investment will be worth less in the future. As inflation occurs, the real value of the preferred stock or debt securities and the dividend payable to holders of preferred stock or interest payable to holders of debt securities declines.

Leverage Risk (for all Funds except CPZ). The Fund has issued indebtedness and preferred shares and may borrow money or issue debt securities as permitted by the 1940 Act. As of October 31, 2023, the Fund has leverage in the form of borrowings under the SSB Agreement and outstanding MRP Shares. Leverage is the potential for the Fund to participate in gains and losses on an amount that exceeds the Fund's investment. The borrowing of money or issuance of debt securities

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and preferred shares represents the leveraging of the Fund's common shares. As a non-fundamental policy, the Fund may not issue preferred shares or borrow money and/or issue debt securities with an aggregate liquidation preference and aggregate principal amount exceeding 38% of the Fund's managed assets as measured at the time of borrowing or issuance of the new securities. However, the Board of Trustees reserves the right to issue preferred shares or debt securities or borrow to the extent permitted by the 1940 Act and the Fund's policies.

Leverage creates risks which may adversely affect the return for the holders of common shares, including:

• the likelihood of greater volatility in the NAV and market price of the Fund's common shares;

• fluctuations in the dividend rates on any preferred shares borne by the Fund or in interest rates on borrowings and short-term debt;

• increased operating costs, which are effectively borne by common shareholders, may reduce the Fund's total return; and

• the potential for a decline in the value of an investment acquired with borrowed funds, while the Fund's obligations under such borrowing or preferred shares remain fixed.

In addition, the rights of lenders and the holders of preferred shares and debt securities issued by the Fund will be senior to the rights of the holders of common shares with respect to the payment of dividends or to the payment of assets upon liquidation. Holders of preferred shares have voting rights in addition to and separate from the voting rights of common shareholders. The holders of preferred shares or debt, if any, on the one hand, and the holders of the common shares, on the other, may have interests that conflict in certain situations.

Leverage is a speculative technique that could adversely affect the returns to common shareholders. Leverage can cause the Fund to lose money and can magnify the effect of any losses. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the return of the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other distributions will be reduced or potentially eliminated.

The Fund will pay, and common shareholders will effectively bear, any costs and expenses relating to any borrowings and to the issuance and ongoing maintenance of preferred shares or debt securities. Such costs and expenses include the higher management fee resulting from the use of any such leverage, offering and/or issuance costs, and interest and/or dividend expense and ongoing maintenance. These conditions may, directly or indirectly, result in higher leverage costs to common shareholders.

Certain types of borrowings may result in the Fund being subject to covenants in credit agreements, including those relating to asset coverage, borrowing base and portfolio composition requirements and additional covenants that may affect the Fund's ability to pay dividends and distributions on common shares in certain instances. The Fund may also be required to pledge its assets to the lenders in connection with certain types of borrowings. The Fund may be subject to certain restrictions on investments imposed by guidelines of and covenants with rating agencies which may issue ratings for the preferred shares or short-term debt instruments issued by the Fund. These guidelines and covenants may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Board of Trustees reserves the right to change the amount and type of leverage that the Fund uses, and reserves the right to implement changes to the Fund's borrowings that it believes are in the long-term interests of the Fund and its shareholders, even if such changes impose a higher interest rate or other costs or impacts over the intermediate, or short-term time period. There is no guarantee that the Fund will maintain leverage at the current rate, and the Board of Trustees reserves the right to raise, decrease, or eliminate the Fund's leverage exposure.

If the Fund's ability to make dividends and distributions on its common shares is limited, such limitation could, under certain circumstances, impair the ability of the Fund to maintain its qualification for taxation as a regulated investment company or to reduce or eliminate tax at the Fund level, which would have adverse tax consequences for common shareholders. To the extent that the Fund is required, in connection with maintaining 1940 Act asset coverage requirements or otherwise, or elects to redeem any preferred shares or debt securities or prepay any borrowings, the Fund may need to liquidate investments to fund such redemptions or prepayments. Liquidation at times of adverse economic conditions may result in capital loss and reduce returns to common shareholders.

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Because Calamos' investment management fee is a percentage of the Fund's managed assets, Calamos' fee will be higher if the Fund is leveraged and Calamos will have an incentive to be more aggressive and leverage the Fund. Consequently, the Fund and Calamos may have differing interests in determining whether to leverage the Fund's assets. Any additional use of leverage by the Fund effected through new, additional or increased credit facilities or the issuance of preferred shares would require approval by the Board. In considering whether to approve the use of additional leverage, the Board would be presented with all relevant information necessary to make a determination whether or not additional leverage through those means would be in the best interests of the Fund, including information regarding any potential conflicts of interest.

Leverage Risk (CPZ). The Fund anticipates that it will issue indebtedness and may issue preferred shares or borrow money or issue debt securities as permitted by the 1940 Act. As of October 31, 2023, the Fund has leverage in the form of borrowings under the SSB Agreement. Leverage is the potential for the Fund to participate in gains and losses on an amount that exceeds the Fund's investment. The borrowing of money or issuance of debt securities and preferred shares represents the leveraging of the Fund's common shares. As a non-fundamental policy, the Fund may not issue preferred shares or borrow money and issue debt securities with an aggregate liquidation preference and aggregate principal amount exceeding 38% of the Fund's total assets. However, the Board reserves the right to issue preferred shares or borrow to the extent permitted by the 1940 Act and the Fund's policies. Investments of short sale proceeds and economic leverage through derivatives are not counted as borrowings.

Leverage creates risks which may adversely affect the return for the holders of common shares, including:

• the likelihood of greater volatility in the NAV and market price of the Fund's common shares;

• fluctuations in the interest rates on borrowings and short-term debt;

• increased operating costs, which are effectively borne by common shareholders, may reduce the Fund's total return; and

• the potential for a decline in the value of an investment acquired with borrowed funds, while the Fund's obligations under such borrowing remain fixed.

The Fund's use of leverage is premised upon the expectation that the Fund's preferred share dividends or borrowing cost will be lower than the return the Fund achieves on its investments with the proceeds of the issuance of senior securities or borrowing. Such difference in return may result from the Fund's higher credit rating or the short-term nature of its borrowing compared to the lower credit quality, long-term nature of its investments. Because Calamos seeks to invest the Fund's managed assets (including the assets obtained from leverage) in a portfolio of potentially higher yielding investments or portfolio investments with the potential for capital appreciation, the holders of common shares will be the beneficiaries of the incremental return but will bear the risk of loss on investments made with the leverage proceeds. Should the differential between the Fund's return on investments made with the proceeds of leverage and the cost of the leverage narrow, the incremental return "pick up" will be reduced or the Fund may incur losses. Furthermore, if long-term interest rates rise without a corresponding increase in the yield on the Fund's portfolio investments or the Fund otherwise incurs losses on its investments, the Fund's NAV attributable to its common shares will reflect the decline in the value of portfolio holdings resulting therefrom.

Leverage is a speculative technique that could adversely affect the returns to holders of common shares. Leverage can cause the Fund to lose money and can magnify the effect of any losses. To the extent the income or capital appreciation derived from securities purchased with funds received from leverage exceeds the cost of leverage, the Fund's return will be greater than if leverage had not been used. Conversely, if the income or capital appreciation from the securities purchased with such funds is not sufficient to cover the cost of leverage or if the Fund incurs capital losses, the return of the Fund will be less than if leverage had not been used, and therefore the amount available for distribution to common shareholders as dividends and other distributions will be reduced or potentially eliminated.

The Fund will pay, and common shareholders will effectively bear, any costs and expenses relating to any borrowings and to the issuance and ongoing maintenance of debt. Such costs and expenses include the higher management fee resulting from the use of any such leverage, offering and/or issuance costs, and interest expense and ongoing maintenance. These conditions may, directly or indirectly, result in higher leverage costs to common shareholders.

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106

Principal Risks of the Funds

pledge its assets to the lenders in connection with certain types of borrowings. The Fund may be subject to certain restrictions on investments imposed by guidelines of rating agencies which may issue ratings for the short-term debt instruments issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act.

If the Fund's ability to make dividends and distributions on its common shares is limited, such limitation could, under certain circumstances, impair the ability of the Fund to maintain its qualification for taxation as a regulated investment company or to reduce or eliminate tax at the Fund level, which would have adverse tax consequences for common shareholders. To the extent that the Fund is required, in connection with maintaining 1940 Act asset coverage requirements or otherwise, or elects to redeem any senior securities or prepay any borrowings, the Fund may need to liquidate investments to fund such redemptions or prepayments. Liquidation at times of adverse economic conditions may result in capital loss and reduce returns to common shareholders.

Because Calamos' investment management fee is a percentage of the Fund's managed assets, Calamos' fee will be higher if the Fund is leveraged and Calamos will have an incentive to be more aggressive and leverage the Fund. Consequently, the Fund and Calamos may have differing interests in determining whether to leverage the Fund's assets. Any additional use of leverage by the Fund would require approval by the Board. In considering whether to approve the use of additional leverage, the Board would be presented with all relevant information necessary to make a determination whether or not additional leverage would be in the best interests of the Fund, including information regarding any potential conflicts of interest.

Limited Term Risk. Unless the limited term provision of the Fund's Declaration of Trust is amended by shareholders in accordance with the Declaration of Trust, or unless the Fund completes the Eligible Tender Offer and converts to perpetual existence, the Fund will dissolve on the Dissolution Date. The Fund is not a so called "target date" or "life cycle" fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a "target term" fund whose investment objective is to return its original NAV on the Dissolution Date. The Fund's investment objective and policies are not designed to seek to return to investors that purchase Shares in this offering their initial investment of $20.00 per Share on the Dissolution Date or in the Eligible Tender Offer, and such investors and investors that purchase Shares after the completion of this offering may receive more or less than their original investment upon dissolution or in the Eligible Tender Offer.

Because the assets of the Fund will be liquidated in connection with the dissolution, the Fund will incur transaction costs in connection with dispositions of portfolio securities. The Fund does not limit its investments to securities having a maturity date prior to the Dissolution Date and may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause the Fund to lose money. In particular, the Fund's portfolio may still have large exposures to illiquid securities as the Dissolution Date approaches, and losses due to portfolio liquidation may be significant. During the winddown period, beginning one year before the Dissolution Date, the Fund may begin liquidating all or a portion of the Fund's portfolio, and may deviate from its investment policies and may not achieve its investment objective. During the wind-down period, the Fund's portfolio composition may change as more of its portfolio holdings are called or sold and portfolio holdings are disposed of in anticipation of dissolution. The disposition of portfolio investments by the Fund could cause market prices of such instruments, and hence the NAV and market price of the Shares, to decline. In addition, disposition of portfolio investments will cause the Fund to incur increased brokerage and related transaction expenses. The Fund may receive proceeds from the disposition of portfolio investments that are less than the valuations of such investments by the Fund. Rather than reinvesting the proceeds of matured, called or sold securities, the Fund may invest such proceeds in short term or other lower yielding securities or hold the proceeds in cash, which may adversely affect its performance and the market price of the Shares. The Fund may distribute the proceeds in one or more liquidating distributions prior to the final liquidation, which may cause fixed expenses to increase when expressed as a percentage of assets under management. Upon dissolution, it is anticipated that the Fund will have distributed substantially all of its net assets to Shareholders, although securities for which no market exists or securities trading at depressed prices, if any, may be placed in a liquidating trust. Shareholders will bear the costs associated with establishing and maintaining a liquidating trust, if necessary. Securities placed in a liquidating trust may be held for an indefinite period of time until they can be sold or pay out all of their cash flows. The Fund cannot predict the amount, if any, of securities that will be required to be placed in a liquidating trust. If the Fund conducts the Eligible Tender Offer, the Fund anticipates that funds to pay the aggregate purchase price of Shares accepted for purchase pursuant to the tender offer will be first derived from any cash on hand and then from the proceeds from the sale of portfolio investments held by the Fund. In addition, the Fund may be required to dispose of portfolio investments in connection with any reduction in the Fund's outstanding leverage necessary in order to maintain the Fund's desired leverage ratios following a tender offer. The risks related to the disposition of securities

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107

Principal Risks of the Funds

in connection with the Fund's dissolution also would be present in connection with the disposition of securities in connection with the Eligible Tender Offer. It is likely that during the pendency of a tender offer, and possibly for a time thereafter, the Fund will hold a greater than normal percentage of its total assets in cash and cash equivalents, which may impede the Fund's ability to achieve its investment objective and decrease returns to Shareholders. If the Fund's tax basis for the investments sold is less than the sale proceeds, the Fund will recognize capital gains, which the Fund will generally distribute to Shareholders. In addition, the Fund's purchase of tendered Shares pursuant to a tender offer will have tax consequences for tendering Shareholders and may have tax consequences for non-tendering Shareholders. The purchase of Shares by the Fund pursuant to a tender offer will have the effect of increasing the proportionate interest in the Fund of non-tendering Shareholders. All Shareholders remaining after a tender offer will be subject to proportionately higher expenses due to the reduction in the Fund's total assets resulting from payment for the tendered Shares. Such reduction in the Fund's total assets may also result in less investment flexibility, reduced diversification and greater volatility for the Fund, and may have an adverse effect on the Fund's investment performance. The Fund is not required to conduct the Eligible Tender Offer. If the Fund conducts the Eligible Tender Offer, there can be no assurance that the number of tendered Shares would not result in the Fund's net assets totaling less than the Dissolution Threshold, in which case the Eligible Tender Offer will be terminated, no Shares will be repurchased pursuant to the Eligible Tender Offer and the Fund will dissolve on the Dissolution Date (subject to possible extensions). Following the completion of the Eligible Tender Offer in which the number of tendered Shares would result in the Fund's net assets totaling greater than the Dissolution Threshold, the Board may eliminate the Dissolution Date upon the affirmative vote of a majority of the Board and without a Shareholder vote. Thereafter, the Fund will have a perpetual existence. The Adviser may have a conflict of interest in recommending to the Board that the Dissolution Date be eliminated and the Fund have a perpetual existence. The Fund is not required to conduct additional tender offers following the Eligible Tender Offer and conversion to perpetual existence. Therefore, remaining Shareholders may not have another opportunity to participate in a tender offer. Shares of closed-end management investment companies frequently trade at a discount from their NAV, and as a result remaining Shareholders may only be able to sell their Shares at a discount to NAV.

Loan Risk. The Fund may invest in loans which may not be (i) rated at the time of investment, (ii) registered with the SEC or (iii) listed on a securities exchange. There may not be as much public information available regarding these loans as is available for other Fund investments, such as exchange-listed securities. As well, there may not be an active trading market for some loans, meaning they may be illiquid and more difficult to value than other more liquid securities. Settlement periods for loans are longer than for exchange traded securities, typically ranging between 1 and 3 weeks, and in some cases much longer. There is no central clearinghouse for loan trades, and the loan market has not established enforceable settlement standards or remedies for failure to settle. Because the interest rates of floating-rate loans in which the Fund may invest may reset frequently, if market interest rates fall, the loans' interest rates will be reset to lower levels, potentially reducing the Fund's income. Because the adviser may wish to invest in the publicly traded securities of an obligor, the Fund may not have access to material non-public information regarding the obligor to which other investors have access

Market Discount Risk. The Fund's common shares have traded both at a premium and at a discount relative to NAV. Common shares of closed-end investment companies frequently trade at a discount from NAV, but in some cases trade above NAV. The risk of the Fund's common shares trading at a discount is a risk separate from the risk of a decline in the Fund's NAV as a result of investment activities. The Fund's NAV may be reduced immediately following an offering by the offering costs for common shares or other securities, which will be borne entirely by all common shareholders. The Fund's common shares are designed primarily for long-term investors, and you should not purchase common shares if you intend to sell them shortly after purchase. Whether shareholders will realize a gain or loss upon the sale of the Fund's common shares depends upon whether the market value of the shares at the time of sale is above or below the price the shareholder paid, taking into account transaction costs for the shares, and is not directly dependent upon the Fund's NAV. Because the market value of the Fund's common shares will be determined by factors such as the relative demand for and supply of the shares in the market, general market conditions and other factors beyond the control of the Fund, the Fund cannot predict whether its common shares will trade at, below or above the Fund's NAV, or below or above the public offering price for the common shares.

Market Disruption Risk. Certain events have a disruptive effect on the securities markets, such as terrorist attacks, war and other geopolitical events, earthquakes, storms and other disasters. The Fund cannot predict the effects of similar events in the future on the US economy or any foreign economy.

Market Impact Risk. The sale of the Fund's common shares (or the perception that such sales may occur) may have an adverse effect on prices in the secondary market for the Fund's common shares. An increase in the number of common shares available may put downward pressure on the market price for the Fund's common shares. These sales also might

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
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Principal Risks of the Funds

make it more difficult for the Fund to sell additional equity securities in the future at a time and price the Fund deems appropriate.

Ratings and Asset Coverage Risk. To the extent that senior securities are rated, a rating does not eliminate or necessarily mitigate the risks of investing in the Fund's senior securities, and a rating may not fully or accurately reflect all of the credit and market risks associated with that senior security. A rating agency could downgrade the rating of the Fund's shares of preferred stock or debt securities, which may make such securities less liquid in the secondary market, though potentially with higher resulting interest rates. If a rating agency downgrades the rating assigned to a senior security, the Fund may alter its portfolio or redeem the senior security. The Fund may voluntarily redeem senior securities under certain circumstances

Reduction of Leverage Risk. A Fund may take action to reduce the amount of leverage it employs. Reduction of the leverage employed by the Fund, including by redemption of preferred shares (if applicable), will in turn reduce the amount of assets available for investment in portfolio securities. This reduction in leverage may negatively impact the Fund's financial performance, including the Fund's ability to sustain current levels of distributions on common shares.

The Board reserves the right to change the amount and type of leverage that the Fund uses, and reserves the right to implement changes to the Fund's borrowings that it believes are in the best long-term interests of the Fund and its shareholders, even if such changes impose a higher interest rate or other costs or impacts over the intermediate, or short-term time period. There is no guarantee that the Fund will maintain leverage at the current rate, and the Board reserves the right to raise, decrease, or eliminate the Fund's leverage exposure.

Regulatory Risk. The enforceability of agreements underlying hedging transactions may depend on compliance with applicable statutory and other regulatory requirements and, depending on the identity of the counterparty, applicable international requirements. New or amended regulations may be imposed by the CFTC, the SEC, the Federal Reserve or other financial regulators, other governmental regulatory authorities or self-regulatory organizations that supervise the financial markets that could adversely affect the Fund. In particular, these agencies are empowered to promulgate a variety of new rules pursuant to recently enacted financial reform legislation in the United States. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statues and rules by these governmental regulatory authorities or self-regulatory organizations. In addition, the securities and futures markets are subject to comprehensive statutes, regulations and margin requirements. For instance, the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") could have an adverse effect on the Fund's ability to use derivative instruments. The Dodd-Frank Act is designed to impose stringent regulation on the over-the-counter derivatives market in an attempt to increase transparency and accountability and provides for, among other things, new clearing, execution, margin, reporting, recordkeeping, business conduct, disclosure, position limit, minimum net capital and registration requirements. Although the CFTC has released final rules relating to clearing, execution, reporting, risk management, compliance, position limit, anti-fraud, consumer protection, portfolio reconciliation, documentation, recordkeeping, business conduct, margin requirements and registration requirements under the Dodd-Frank Act, many of the provisions are subject to further final rulemaking, and thus the Dodd-Frank Act's ultimate impact remains unclear. New regulations could, among other things, restrict the Fund's ability to engage in derivatives transactions (for example, by making certain types of derivatives transactions no longer available to our funds), increase the costs of using these instruments (for example, by increasing margin, capital or reporting requirements) and/or make them less effective and, as a result, the Fund may be unable to execute its investment strategy. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions could also prevent the Fund from using these instruments, affect the pricing or other factors relating to these instruments or may change availability of certain investments. It is unclear how the regulatory changes will affect counterparty risk.

Secondary Market Risk. The market value of exchange-listed preferred shares that the Fund may issue will be determined by factors such as the relative demand for and supply of the preferred shares in the market, general market conditions and other factors beyond the control of the Fund. It may be difficult to predict the trading patterns of preferred shares, including the effective costs of trading. There is a risk that the market for preferred shares may be thinly traded and relatively illiquid compared to the market for other types of securities.

Senior Leverage Risk. Preferred shares will be junior in liquidation and with respect to distribution rights to debt securities and any other borrowings. Senior securities representing indebtedness may constitute a substantial lien and burden on preferred shares by reason of their prior claim against the Fund's income and against the Fund's net assets in liquidation. The Fund may not be permitted to declare dividends or other distributions with respect to any series of preferred shares unless at such time the Fund meets applicable asset coverage requirements and the payment of principal or interest is not in default with respect to any borrowings.

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Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

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 $703,821)	$	677,715
CORPORATE BONDS (44.0%)
		Airlines (0.8%)
	166,400	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		165,576
	879,561	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		824,430
	413,374	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		412,610
	1,051,960	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		897,206
	597,500	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		581,248
	239,000	5.750%, 04/20/29		215,719
	968,267	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		841,327
	997,118	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		991,404
	670,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		497,535
				5,427,055
		Communication Services (5.1%)
	500,000	Altice France Holding, SA* 10.500%, 05/15/27		275,660
	1,100,000	Altice France, SA* 5.500%, 10/15/29		761,783
	1,160,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,000,291
	1,413,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,431,906
	1,025,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		756,122
	1,193,000	Audacy Capital Corp.* 6.750%, 03/31/29		19,386
	448,000	6.500%, 05/01/27		6,720
	856,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		692,701
	940,000	Clear Channel Outdoor Holdings, Inc.* 9.000%, 09/15/28		916,641

PRINCIPAL AMOUNT			VALUE
	1,465,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28	$	1,162,727
	1,550,000	CSC Holdings, LLC* 5.500%, 04/15/27		1,295,676
	1,450,000	5.375%, 02/01/28		1,156,201
	1,350,000	4.625%, 12/01/30		685,732
	1,125,000	4.500%, 11/15/31		744,232
	1,100,000	5.750%, 01/15/30		579,865
	750,000	Diamond Sports Group, LLC / Diamond Sports Finance Company*@ 6.625%, 08/15/27		9,510
	540,000	5.375%, 08/15/26		6,620
	2,420,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		2,120,888
	1,000,000	Frontier California, Inc. 6.750%, 05/15/27		923,320
	605,000	Frontier Communications Holdings, LLC* 5.000%, 05/01/28		525,073
	239,000	8.750%, 05/15/30		227,989
	1,039,000	Frontier Florida, LLC@ 6.860%, 02/01/28		956,462
	1,445,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,340,483
	835,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		705,734
	250,000	5.250%, 12/01/27		236,393
	355,000	iHeartCommunications, Inc.^ 8.375%, 05/01/27		217,885
	355,000	5.250%, 08/15/27*		260,577
	731,000	Intelsat Jackson Holdings, SA@& 9.750%, 07/15/25*		1
	475,000	5.500%, 08/01/23		—
	1,215,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,100,936
	722,947	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		182,226
	720,000	Lumen Technologies, Inc. 7.600%, 09/15/39		195,941
	485,000	4.000%, 02/15/27*^		331,609
	240,000	7.650%, 03/15/42		64,642
	478,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		370,096
	810,000	Nexstar Media, Inc.* 5.625%, 07/15/27		729,389
	1,410,000	Paramount Global 4.900%, 08/15/44		888,215
	336,000	Qwest Corp. 7.250%, 09/15/25		322,661
	477,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		362,320
	239,000	5.375%, 01/15/31		148,512

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
110

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	810,000	Scripps Escrow, Inc.* 5.875%, 07/15/27	$	606,334
	1,250,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		1,108,675
	963,000	4.000%, 07/15/28		819,340
	475,000	3.125%, 09/01/26		426,783
	239,000	3.875%, 09/01/31^		180,022
	874,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		544,668
	2,430,000	Sprint, LLCµ 7.125%, 06/15/24		2,443,827
	1,080,000	Stagwell Global, LLC* 5.625%, 08/15/29		893,549
	755,000	Telecom Italia Capital, SA 6.000%, 09/30/34		621,878
	953,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		570,618
	385,000	Time Warner Cable, LLC 7.300%, 07/01/38		360,614
	1,100,000	United States Cellular Corp.^ 6.700%, 12/15/33		1,047,585
	360,000	Univision Communications, Inc.* 8.000%, 08/15/28		341,179
	480,000	Viasat, Inc.* 5.625%, 04/15/27		419,971
				34,098,168
		Consumer Discretionary (9.4%)
	1,162,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,181,382
	955,000	Adams Homes, Inc.* 9.250%, 10/15/28		937,428
	1,195,000	Adient Global Holdings Company* 8.250%, 04/15/31		1,169,379
	764,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		680,923
	837,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		680,272
	705,000	6.625%, 01/15/28		647,042
	1,208,000	At Home Group, Inc.* 4.875%, 07/15/28		419,780
	1,264,000	Bath & Body Works, Inc. 6.694%, 01/15/27		1,224,980
	1,200,000	6.875%, 11/01/35		1,060,668
	400,000	Benteler International AG*^ 10.500%, 05/15/28		404,452
	604,000	Caesars Entertainment, Inc.*^ 4.625%, 10/15/29		497,267
	472,000	8.125%, 07/01/27		467,912
	1,020,000	Carnival Corp.* 6.000%, 05/01/29		862,675
	481,000	7.625%, 03/01/26^		467,970
	481,000	4.000%, 08/01/28		419,062
	60,000	7.000%, 08/15/29		58,945

PRINCIPAL AMOUNT			VALUE
	1,130,000	Carriage Services, Inc.*^ 4.250%, 05/15/29	$	925,391
	195,000	Carvana Company* 14.000%, 06/01/31		146,757
	165,000	13.000%, 06/01/30		123,826
	110,000	12.000%, 12/01/28		82,382
	2,130,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		1,962,582
	1,685,000	4.500%, 08/15/30		1,354,268
	1,100,000	6.375%, 09/01/29		1,011,340
	1,055,000	4.750%, 03/01/30		871,514
	951,000	4.250%, 02/01/31		740,962
	565,000	5.000%, 02/01/28		506,184
	478,000	4.750%, 02/01/32		373,648
	478,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		428,355
	750,000	Cedar Fair, LP^ 5.250%, 07/15/29		648,668
	478,000	Churchill Downs, Inc.* 6.750%, 05/01/31		446,906
	790,000	Dana, Inc. 4.250%, 09/01/30		628,611
	723,000	4.500%, 02/15/32		566,673
	1,200,000	DISH DBS Corp. 5.250%, 12/01/26*		970,764
	763,000	7.750%, 07/01/26		511,996
	595,000	7.375%, 07/01/28		335,461
	480,000	5.125%, 06/01/29		247,709
	946,000	DISH Network Corp.* 11.750%, 11/15/27		937,817
	1,365,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,117,839
	1,058,000	Everi Holdings, Inc.* 5.000%, 07/15/29		889,947
	1,000,000	Ford Motor Company^ 6.100%, 08/19/32		925,800
	1,525,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		1,257,484
	1,245,000	7.200%, 06/10/30		1,243,593
	1,150,000	5.113%, 05/03/29		1,044,453
	865,000	7.350%, 11/04/27		876,280
	800,000	2.900%, 02/16/28		681,256
	425,000	7.350%, 03/06/30		427,610
	359,000	Gap, Inc.* 3.875%, 10/01/31		258,993
	490,000	General Motors Company 5.200%, 04/01/45		363,213
	1,660,000	goeasy, Ltd.* 5.375%, 12/01/24^		1,631,564
	881,000	4.375%, 05/01/26		798,582
	515,000	Goodyear Tire & Rubber Company^ 5.250%, 07/15/31		420,044
	407,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		351,778

See accompanying Notes to Schedule of Investments

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111

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	1,026,000	Guitar Center, Inc.*^& 8.500%, 01/15/26	$	867,144
	770,000	International Game Technology, PLC* 6.250%, 01/15/27		751,312
	286,394	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		288,312
	842,000	Kohl's Corp. 5.550%, 07/17/45		486,811
	955,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		915,301
	965,000	Liberty Interactive, LLC 8.250%, 02/01/30		254,229
	937,000	Life Time, Inc.* 8.000%, 04/15/26^		915,739
	480,000	5.750%, 01/15/26		465,533
	480,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		469,488
	360,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		352,908
	616,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		560,116
	635,000	M/I Homes, Inc. 3.950%, 02/15/30		508,121
	1,601,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		1,234,483
	490,000	4.300%, 02/15/43		268,883
	1,130,000	Mclaren Finance, PLC* 7.500%, 08/01/26		975,586
	1,219,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,017,585
	575,000	Newell Brands, Inc. 5.200%, 04/01/26		543,128
	500,000	Nordstrom, Inc. 5.000%, 01/15/44		301,095
	465,000	4.250%, 08/01/31^		340,901
	1,105,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		859,314
	600,000	PetSmart, Inc. / PetSmart Finance Corp.* 7.750%, 02/15/29		553,356
	300,000	4.750%, 02/15/28		265,689
	1,340,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		943,079
	2,360,000	Rite Aid Corp.*@ 8.000%, 11/15/26		1,641,120
	478,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		472,876
	1,350,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		1,097,793

PRINCIPAL AMOUNT			VALUE
	1,925,000	Six Flags Entertainment Corp.*^ 7.250%, 05/15/31	$	1,773,329
	1,090,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		908,973
	698,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		625,080
	1,965,000	Station Casinos, LLC* 4.500%, 02/15/28		1,698,959
	589,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		536,526
	240,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		236,112
	1,100,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		1,024,760
	480,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		471,216
	950,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		924,635
	300,000	6.875%, 04/14/28		291,645
				63,131,524
		Consumer Staples (1.9%)
	1,090,000	1375209 B.C., Ltd.*^ 9.000%, 01/30/28		1,059,720
	970,000	B&G Foods, Inc.* 8.000%, 09/15/28		946,953
	1,099,000	Central Garden & Pet Company* 4.125%, 04/30/31		878,376
	1,092,000	Edgewell Personal Care Company* 4.125%, 04/01/29		918,296
	1,331,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		1,095,865
	240,000	6.500%, 12/31/27		225,485
	1,415,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc. 5.500%, 01/15/30^		1,294,626
	595,000	5.125%, 02/01/28µ		558,818
	370,000	5.750%, 04/01/33		325,774
	621,000	New Albertsons, LP 7.750%, 06/15/26		627,912
	957,000	Performance Food Group, Inc.* 4.250%, 08/01/29		812,062
	700,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		578,361
	442,000	Post Holdings, Inc.* 5.750%, 03/01/27		422,017
	909,000	Prestige Brands, Inc.* 3.750%, 04/01/31		724,637
	815,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		637,794
	1,500,000	Vector Group, Ltd.* 5.750%, 02/01/29		1,273,695

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
112

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	480,000	Williams Scotsman, Inc.* 7.375%, 10/01/31	$	473,966
				12,854,357
		Energy (5.7%)
	959,000	Antero Resources Corp.* 5.375%, 03/01/30		876,564
	958,000	Apache Corp. 5.100%, 09/01/40		745,880
	750,000	Buckeye Partners, LP 3.950%, 12/01/26		684,518
	500,000	5.850%, 11/15/43		354,130
	1,335,000	Callon Petroleum Company*^ 7.500%, 06/15/30		1,294,122
	477,000	Cheniere Energy, Inc.µ 4.625%, 10/15/28		436,073
	720,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		706,486
	1,341,000	Civitas Resources, Inc.* 8.750%, 07/01/31		1,355,094
	715,000	Continental Resources, Inc.* 2.875%, 04/01/32		529,665
	475,000	5.750%, 01/15/31		440,943
	742,000	DT Midstream, Inc.* 4.125%, 06/15/29		638,981
	941,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		955,275
	360,000	9.875%, 07/15/31		388,480
	555,000	Enbridge, Inc.^‡ 7.375%, 01/15/83 5 year CMT + 3.71%		516,466
	1,400,000	Energy Transfer, LP‡ 8.656%, 11/01/66 3 mo. USD SOFR + 3.28%		1,144,640
	700,000	6.500%, 11/01/35 5 year CMT + 5.69%		636,125
	1,235,000	EnLink Midstream Partners, LP 9.780%, 11/01/35‡ 3 mo. USD LIBOR + 4.11%		1,102,867
	1,015,000	4.850%, 07/15/26		959,713
	600,000	Enlink Midstream, LLC* 6.500%, 09/01/30		576,864
	1,580,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		1,570,773
	719,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		699,105
	478,000	6.250%, 05/15/26		456,328
	955,000	Gulfport Energy Corp. 8.000%, 05/17/26*		955,401
	940,000	6.375%, 05/15/25@&		1
	287,284	8.000%, 05/17/26		287,405
	1,340,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,191,488

PRINCIPAL AMOUNT			VALUE
	717,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27	$	681,881
	940,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		899,373
	500,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		494,870
	455,000	7.500%, 01/15/26		435,553
	720,000	Nabors Industries, Inc.* 7.375%, 05/15/27		674,237
	720,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		636,221
	952,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		885,969
	478,000	6.500%, 09/30/26		428,522
	479,000	Oceaneering International, Inc.* 6.000%, 02/01/28		439,257
	1,025,000	Parkland Corp.* 5.875%, 07/15/27		985,691
	506,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		452,040
	238,000	Permian Resources Operating LLC* 7.000%, 01/15/32		232,883
	960,000	Plains All American Pipeline, LP‡ 9.736%, 11/01/35 3 mo. USD LIBOR + 4.11%		906,182
	1,340,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		1,216,264
	480,000	Southwestern Energy Company 5.375%, 02/01/29		444,686
	479,000	4.750%, 02/01/32		412,400
	239,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		205,638
	1,363,250	Transocean, Inc.* 8.750%, 02/15/30		1,362,146
	600,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		566,412
	240,000	4.125%, 08/15/31		194,014
	240,000	3.875%, 08/15/29		201,036
	1,195,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		1,141,225
	715,000	8.125%, 06/01/28		694,708
	480,000	9.875%, 02/01/32		487,138
	240,000	9.500%, 02/01/29		243,607
	899,000	Vital Energy, Inc. 9.500%, 01/15/25		903,873
	570,000	7.750%, 07/31/29*		515,166
	120,000	9.750%, 10/15/30		117,690
	1,000,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		902,070
	1,195,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,209,364
				38,473,503

See accompanying Notes to Schedule of Investments

www.calamos.com
113

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Financials (7.2%)
	1,280,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25	$	1,243,546
	1,440,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		1,431,950
	1,363,000	AG Issuer, LLC* 6.250%, 03/01/28		1,263,065
	1,675,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		1,530,079
	1,087,000	Ally Financial, In c. 4.700%, 11/01/35‡ 5 year CMT + 3.87%		710,278
	445,000	Ally Financial, Inc. 4.700%, 11/01/35‡ 7 year CMT + 3.48%		260,374
	402,000	8.000%, 11/01/31		393,104
	1,923,000	AmWINS Group, Inc.* 4.875%, 06/30/29		1,650,780
	1,069,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		939,587
	400,000	Avolon Holdings Funding, Ltd.*µ 5.500%, 01/15/26		385,544
	1,916,000	BroadStreet Partners, Inc.*^ 5.875%, 04/15/29		1,671,863
	905,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		755,241
	605,000	5.750%, 05/15/26		554,876
	1,000,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		905,340
	1,250,000	Credit Acceptance Corp. 6.625%, 03/15/26^		1,191,450
	869,000	5.125%, 12/31/24*		841,374
	960,000	Cushman & Wakefield U.S. Borrower LLC*^ 8.875%, 09/01/31		912,096
	1,247,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		1,228,183
	1,398,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,061,809
	1,000,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		987,190
	1,430,000	HUB International, Ltd.* 5.625%, 12/01/29^		1,234,476
	735,000	7.000%, 05/01/26		716,875
	718,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		557,125
	1,300,000	ILFC E-Capital Trust II*‡ 7.459%, 12/21/65 3 mo. USD LIBOR + 1.80%		977,821

PRINCIPAL AMOUNT			VALUE
	1,990,000	Iron Mountain, Inc.* 5.250%, 03/15/28	$	1,823,278
	240,000	7.000%, 02/15/29		233,100
	2,435,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		1,953,235
	1,874,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		1,786,672
	478,000	4.750%, 06/15/29		385,832
	875,000	LD Holdings Group, LLC* 6.125%, 04/01/28		490,306
	985,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		557,796
	804,000	3.400%, 03/01/27^		748,122
	480,000	4.625%, 09/15/27		323,957
	720,000	LPL Holdings, Inc.* 4.000%, 03/15/29		619,466
	955,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		941,926
	1,498,000	MetLife, Inc. 6.400%, 12/15/66		1,407,356
	1,300,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,151,982
	1,038,000	Navient Corp. 5.000%, 03/15/27		915,495
	525,000	4.875%, 03/15/28		435,577
	1,100,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		824,615
	670,000	OneMain Finance Corp. 9.000%, 01/15/29^		655,106
	660,000	3.875%, 09/15/28		525,631
	479,000	7.125%, 03/15/26^		466,201
	476,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*^ 5.875%, 10/01/28		429,852
	1,493,000	PHH Mortgage Corp.* 7.875%, 03/15/26		1,294,744
	1,100,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		937,695
	450,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		348,300
	445,000	3.625%, 03/01/29		362,230
	220,000	2.875%, 10/15/26		192,139
	943,000	StoneX Group, Inc.* 8.625%, 06/15/25		948,649
	1,123,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		940,782
	480,000	5.750%, 06/15/27		438,014

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
114

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	478,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 10.500%, 02/15/28	$	460,902
	465,000	6.500%, 02/15/29		302,380
	1,100,000	VZ Secured Financing, BV* 5.000%, 01/15/32		838,277
	1,017,000	XHR, LP* 6.375%, 08/15/25		992,541
				48,136,184
		Health Care (2.9%)
	1,934,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28^		1,183,918
	382,000	14.000%, 10/15/30		210,440
	359,000	6.125%, 02/01/27^		200,573
	1,917,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		745,176
	1,100,000	8.000%, 03/15/26		1,007,160
	538,000	6.875%, 04/15/29		222,092
	120,000	5.250%, 05/15/30		85,315
	1,926,000	DaVita, Inc.* 4.625%, 06/01/30		1,511,159
	1,139,000	3.750%, 02/15/31		820,012
	717,000	Embecta Corp.* 5.000%, 02/15/30		569,929
	240,000	6.750%, 02/15/30		199,075
	470,000	Encompass Health Corp. 4.750%, 02/01/30		407,998
	470,000	4.500%, 02/01/28		424,137
	1,109,000	HCA, Inc.^ 7.500%, 11/06/33		1,138,433
	300,000	Jazz Securities DAC* 4.375%, 01/15/29		260,949
	411,879	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 10.000%, 06/15/29		29,276
	1,215,000	Medline Borrower, LP* 3.875%, 04/01/29		1,026,371
	1,208,000	5.250%, 10/01/29^		1,029,530
	1,760,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		1,378,573
	450,000	4.125%, 04/30/28		389,444
	1,025,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		823,034
	2,250,000	Tenet Healthcare Corp. 6.250%, 02/01/27		2,164,770
	1,315,000	6.875%, 11/15/31		1,214,810
	1,215,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29^		1,060,622
	800,000	4.750%, 05/09/27		726,264
	440,000	3.150%, 10/01/26		387,323
				19,216,383

PRINCIPAL AMOUNT			VALUE
		Industrials (6.3%)
	1,100,000	ACCO Brands Corp.*^ 4.250%, 03/15/29	$	913,627
	740,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		696,059
	965,000	Air Lease Corp.‡ 4.125%, 11/01/35 5 year CMT + 3.15%		694,250
	1,600,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		1,505,968
	720,000	5.875%, 02/15/28		690,761
	713,000	3.500%, 03/15/29		608,467
	1,100,000	Allegiant Travel Company* 7.250%, 08/15/27		1,001,858
	240,000	American Airlines Group, Inc.* 3.750%, 03/01/25		224,722
	538,000	Arcosa, Inc.* 4.375%, 04/15/29		471,078
	2,450,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		1,430,604
	753,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		632,919
	477,000	Bombardier, Inc.* 7.875%, 04/15/27		459,590
	956,000	BWX Technologies, Inc.* 4.125%, 04/15/29		827,045
	1,000,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		908,780
	239,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		224,643
	1,265,000	Deluxe Corp.* 8.000%, 06/01/29		1,002,601
	717,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		682,225
	478,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		455,371
	475,000	EnerSys* 4.375%, 12/15/27		426,669
	580,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		450,933
	625,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		584,056
	446,000	3.500%, 03/01/29		374,627
	1,054,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		863,511
	2,244,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		1,905,605

See accompanying Notes to Schedule of Investments

www.calamos.com
115

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	1,438,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26	$	1,063,832
	1,250,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,177,512
	1,120,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,069,936
	564,000	JELD-WEN, Inc.* 4.625%, 12/15/25		535,772
	500,000	4.875%, 12/15/27		426,940
	1,575,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,342,136
	955,000	Knife River Holding Company* 7.750%, 05/01/31		952,928
	474,000	MasTec, Inc.*µ 4.500%, 08/15/28		416,783
	588,000	Moog, Inc.* 4.250%, 12/15/27		533,928
	1,198,000	Newfold Digital Holdings Group, Inc.*^ 6.000%, 02/15/29		792,034
	940,000	Novelis Corp.* 4.750%, 01/30/30		801,397
	360,000	OI European Group, BV* 4.750%, 02/15/30		306,533
	1,100,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^ 4.000%, 10/15/27		968,462
	1,449,000	Patrick Industries, Inc.*^ 4.750%, 05/01/29		1,191,237
	470,000	QVC, Inc. 5.450%, 08/15/34		200,182
	743,000	Sealed Air Corp.* 6.125%, 02/01/28		707,574
	239,000	5.000%, 04/15/29^		213,291
	450,000	Sensata Technologies, BV* 4.000%, 04/15/29		383,121
	479,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		384,091
	717,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		451,294
	475,000	5.500%, 03/01/30		258,357
	955,000	Standard Industries, Inc.* 5.000%, 02/15/27		884,588
	773,000	Stericycle, Inc.*^ 3.875%, 01/15/29		660,498
	717,000	STL Holding Company, LLC* 7.500%, 02/15/26		673,399
	1,299,000	TransDigm, Inc. 6.250%, 03/15/26*		1,271,227
	1,035,000	6.875%, 12/15/30*		1,001,663
	710,000	6.750%, 08/15/28*		691,000
	700,000	7.500%, 03/15/27		700,098

PRINCIPAL AMOUNT			VALUE
	960,000	Tronox, Inc.* 4.625%, 03/15/29	$	754,656
	389,717	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		345,398
	961,000	Vertiv Group Corp.* 4.125%, 11/15/28		841,019
	1,004,000	Wabash National Corp.* 4.500%, 10/15/28		832,547
	855,000	Waste Pro USA, Inc.*^ 5.500%, 02/15/26		788,780
	565,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		502,681
				42,160,863
		Information Technology (2.0%)
	478,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		422,194
	557,000	Coherent Corp.*^ 5.000%, 12/15/29		473,584
	1,114,000	CommScope Technologies, LLC* 6.000%, 06/15/25		672,923
	895,000	CommScope, Inc.* 4.750%, 09/01/29		611,401
	602,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		602,680
	478,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		411,864
	480,000	Fair Isaac Corp.* 4.000%, 06/15/28		428,232
	1,050,000	KBR, Inc.* 4.750%, 09/30/28		925,943
	1,050,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		784,088
	480,000	5.500%, 09/01/28		401,462
	477,000	NCL Corp., Ltd.* 8.125%, 01/15/29		466,668
	478,000	NCR Voyix Corp.* 5.125%, 04/15/29		411,591
	723,000	ON Semiconductor Corp.* 3.875%, 09/01/28		621,404
	705,000	Open Text Corp.* 3.875%, 02/15/28		614,104
	475,000	6.900%, 12/01/27		474,088
	359,000	3.875%, 12/01/29		294,728
	359,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		283,028
	1,080,000	Playtika Holding Corp.* 4.250%, 03/15/29		871,927
	1,350,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,110,672
	680,000	Twilio, Inc. 3.625%, 03/15/29		567,508
	236,000	3.875%, 03/15/31^		188,902

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
116

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	1,200,000	Viavi Solutions, Inc.* 3.750%, 10/01/29	$	955,380
	1,100,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*^ 3.875%, 02/01/29		909,513
				13,503,884
		Materials (1.9%)
	500,000	ArcelorMittal, SA^ 7.000%, 10/15/39		475,560
	534,000	ATI, Inc.^ 5.875%, 12/01/27		497,362
	242,000	Carpenter Technology Corp. 7.625%, 03/15/30		240,425
	715,000	Chemours Company* 4.625%, 11/15/29		553,324
	1,530,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,352,076
	716,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		665,236
	478,000	Commercial Metals Company 4.125%, 01/15/30		404,560
	239,000	4.375%, 03/15/32		193,143
	1,115,000	Constellium, SE*^ 3.750%, 04/15/29		918,236
	477,000	HB Fuller Company 4.250%, 10/15/28		414,007
	475,000	INEOS Finance, PLC*^ 6.750%, 05/15/28		444,172
	725,000	JW Aluminum Continuous Cast Company*^ 10.250%, 06/01/26		723,209
	1,090,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		911,098
	120,000	4.500%, 06/01/31		88,763
	235,000	LSF11 A5 HoldCo, LLC*^ 6.625%, 10/15/29		192,820
	1,260,000	Mercer International, Inc. 5.125%, 02/01/29		989,642
	483,000	12.875%, 10/01/28*		488,439
	935,000	OCI, NV* 6.700%, 03/16/33		865,352
	720,000	Owens-Brockway Glass Container, Inc.*^ 7.250%, 05/15/31		659,794
	472,000	6.625%, 05/13/27		449,750
	1,105,000	Silgan Holdings, Inc. 4.125%, 02/01/28		985,605
	478,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		204,799
				12,717,372

PRINCIPAL AMOUNT			VALUE
		Other (0.1%)
	500,000	Gen Digital, Inc.* 7.125%, 09/30/30^	$	487,405
	500,000	6.750%, 09/30/27		487,560
				974,965
		Real Estate (0.4%)
	764,000	EPR Properties 3.750%, 08/15/29		603,789
	750,000	Forestar Group, Inc.* 5.000%, 03/01/28		661,545
	502,000	3.850%, 05/15/26		450,515
	1,073,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		852,359
	465,000	Service Properties Trust 5.250%, 02/15/26		417,426
				2,985,634
		Special Purpose Acquisition Companies (0.2%)
	955,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30^		759,894
	477,000	4.625%, 01/15/29		402,726
				1,162,620
		Utilities (0.1%)
	350,000	PPL Capital Funding, Inc.‡ 8.317%, 03/30/67 3 mo. USD LIBOR + 2.67%		317,117
	450,000	Vistra Corp.*‡ 7.000%, 11/01/67 5 year CMT + 5.74%		411,660
	250,000	8.000%, 11/01/67 5 year CMT + 6.93%		237,845
				966,622
		TOTAL CORPORATE BONDS(Cost $326,717,137)		295,809,134
CONVERTIBLE BONDS (105.0%)
		Communication Services (9.5%)
	720,000	Cable One, Inc.µ 0.000%, 03/15/26		589,457
	8,500,000	Liberty Media Corp.* 3.750%, 03/15/28		9,367,255
	8,250,000	2.375%, 09/30/53µ		7,999,612
	9,000,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		8,970,570
	5,250,000	Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		4,266,518
	6,000,000	Perficient, Inc.µ 0.125%, 11/15/26		4,802,940
	14,500,000	Sea, Ltd. 0.250%, 09/15/26		11,530,110

See accompanying Notes to Schedule of Investments

www.calamos.com
117

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	Snap, Inc.µ 10,500,000	0.000%, 05/01/27	$	7,820,925
	5,750,000	0.750%, 08/01/26		5,076,215
	3,500,000	Zillow Group, Inc.µ 1.375%, 09/01/26		3,676,470
				64,100,072
		Consumer Discretionary (20.0%)
	11,500,000	Airbnb, Inc.µ 0.000%, 03/15/26		9,963,600
	4,500,000	Booking Holdings, Inc.µ 0.750%, 05/01/25		6,862,095
	4,250,000	Carnival Corp.*µ 5.750%, 12/01/27		5,035,485
	6,750,000	Chegg, Inc.µ 0.000%, 09/01/26		5,243,535
	14,191,000	DISH Network Corp. 0.000%, 12/15/25		8,706,746
	1,195,000	2.375%, 03/15/24µ		1,145,061
	11,500,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28		8,535,875
	12,750,000	Etsy, Inc.µ 0.125%, 09/01/27		10,075,560
	16,750,000	Ford Motor Companyµ 0.000%, 03/15/26		15,289,567
	8,750,000	Liberty Broadband Corp.*µ 3.125%, 03/31/53		8,680,438
	2,435,000	Lucid Group, Inc.* 1.250%, 12/15/26		1,342,075
	10,250,000	Marriott Vacations Worldwide Corp.*µ 3.250%, 12/15/27		8,690,667
	9,750,000	Rivian Automotive, Inc.* 4.625%, 03/15/29		10,278,255
	5,750,000	Shake Shack, Inc.µ 0.000%, 03/01/28		4,252,240
	15,000,000	Vail Resorts, Inc.µ^ 0.000%, 01/01/26		13,133,100
	13,500,000	Wayfair, Inc.µ 3.250%, 09/15/27		13,009,140
	4,250,000	Wynn Macau, Ltd.* 4.500%, 03/07/29		4,335,510
				134,578,949
		Consumer Staples (1.1%)
	2,886,000	Enovis Corp.* 3.875%, 10/15/28		3,015,148
	4,500,000	Post Holdings, Inc. 2.500%, 08/15/27		4,295,565
				7,310,713
		Energy (3.0%)
	1,500,000	EQT Corp.µ 1.750%, 05/01/26		4,361,100
	4,890,000	Nabors Industries, Inc.*µ 1.750%, 06/15/29		3,664,175

PRINCIPAL AMOUNT			VALUE
	4,250,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29	$	5,019,548
	2,750,000	Pioneer Natural Resources Company 0.250%, 05/15/25		7,017,917
	9,411,000	SunEdison, Inc.@ 0.250%, 01/15/49*		94,110
	898,000	0.000%, 10/01/49		8,980
				20,165,830
		Financials (1.3%)
	8,750,000	Morgan Stanley Finance, LLC 1.000%, 11/23/27		8,870,750
		Health Care (22.5%)
	4,500,000	Alnylam Pharmaceuticals, Inc.µ 1.000%, 09/15/27		3,905,370
	5,500,000	Alphatec Holdings, Inc.µ 0.750%, 08/01/26		4,698,705
	5,702,000	BioMarin Pharmaceutical, Inc.µ 0.599%, 08/01/24		5,498,496
	9,500,000	CONMED Corp.µ 2.250%, 06/15/27		8,893,425
	12,250,000	CryoPort, Inc.*µ 0.750%, 12/01/26		9,694,037
	15,831,000	Dexcom, Inc.µ 0.250%, 11/15/25		15,027,893
	8,000,000	0.375%, 05/15/28*		7,056,480
	4,250,000	Envista Holdings Corp.*µ 1.750%, 08/15/28		3,677,270
	6,750,000	Exact Sciences Corp.µ 0.375%, 03/15/27		5,880,600
	7,250,000	Halozyme Therapeutics, Inc.µ 1.000%, 08/15/28		6,378,768
	4,250,000	Insmed, Inc. 0.750%, 06/01/28		4,130,915
	4,500,000	Insulet Corp.µ 0.375%, 09/01/26		4,168,575
	9,125,000	Integer Holdings Corp.* 2.125%, 02/15/28		10,044,617
	4,500,000	Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		4,059,495
	4,500,000	Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		4,358,025
	9,950,000	Jazz Investments I, Ltd. 2.000%, 06/15/26		10,101,538
	3,721,000	Lantheus Holdings, Inc.*µ 2.625%, 12/15/27		4,128,524
	10,250,000	NeoGenomics, Inc.µ 0.250%, 01/15/28		7,407,368
	8,500,000	Omnicell, Inc.µ 0.250%, 09/15/25		7,556,245
	8,000,000	Pacira BioSciences, Inc.µ 0.750%, 08/01/25		7,196,800

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
118

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	3,750,000	Sarepta Therapeutics, Inc.µ 1.250%, 09/15/27	$	3,193,313
	8,250,000	Shockwave Medical, Inc.*µ 1.000%, 08/15/28		7,999,282
	6,750,000	Tandem Diabetes Care, Inc.*µ 1.500%, 05/01/25		6,372,878
				151,428,619
		Industrials (8.3%)
	4,125,000	Advanced Energy Industries, Inc.*µ 2.500%, 09/15/28		3,812,738
	4,250,000	Axon Enterprise, Inc.*^ 0.500%, 12/15/27		4,584,942
	4,125,000	Fluor Corp.* 1.125%, 08/15/29		3,982,234
	7,250,000	John Bean Technologies Corp.µ 0.250%, 05/15/26		6,524,347
	4,250,000	Middleby Corp. 1.000%, 09/01/25		4,414,518
	3,000,000	Parsons Corp. 0.250%, 08/15/25		3,935,520
	7,000,000	Southwest Airlines Companyµ^ 1.250%, 05/01/25		6,671,000
	4,000,000	Tetra Tech, Inc.*µ 2.250%, 08/15/28		3,874,760
	20,000,000	Uber Technologies, Inc.µ 0.000%, 12/15/25		18,284,000
				56,084,059
		Information Technology (32.8%)
	8,250,000	Akamai Technologies, Inc.µ 1.125%, 02/15/29*		8,122,208
	4,500,000	0.375%, 09/01/27		4,584,015
	9,250,000	Bentley Systems, Inc. 0.125%, 01/15/26		8,829,032
	7,500,000	BILL Holdings, Inc.µ 0.000%, 12/01/25		7,128,450
	3,250,000	Camtek, Ltd.* 0.000%, 12/01/26		3,507,465
	5,750,000	Confluent, Inc.µ 0.000%, 01/15/27		4,640,940
	7,500,000	CyberArk Software, Ltd.µ 0.000%, 11/15/24		8,586,000
	6,250,000	Datadog, Inc. 0.125%, 06/15/25		6,882,750
	6,000,000	DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		4,514,760
	9,066,000	Enphase Energy, Inc.µ 0.000%, 03/01/26		7,731,757
	5,750,000	Five9, Inc.µ 0.500%, 06/01/25		5,261,883
	2,000,000	MongoDB, Inc.~ 0.250%, 01/15/26		3,412,600

PRINCIPAL AMOUNT			VALUE
	6,000,000	NCL Corp., Ltd.µ 1.125%, 02/15/27	$	4,653,240
	4,500,000	2.500%, 02/15/27		3,610,440
	3,000,000	5.375%, 08/01/25		3,184,440
	7,500,000	Okta, Inc.µ 0.125%, 09/01/25		6,714,900
	4,000,000	0.375%, 06/15/26		3,430,520
	17,250,000	ON Semiconductor Corp.*µ 0.500%, 03/01/29		15,165,165
	5,500,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		13,431,110
	2,000,000	Q2 Holdings, Inc.µ 0.750%, 06/01/26		1,737,940
	4,125,000	Rapid7, Inc.*µ 1.250%, 03/15/29		3,990,608
	11,250,000	Repay Holdings Corp.*µ 0.000%, 02/01/26		9,003,937
	4,000,000	Seagate HDD Cayman* 3.500%, 06/01/28		4,149,360
	13,750,000	Shift4 Payments, Inc.µ 0.000%, 12/15/25		12,522,125
	6,600,000	SK Hynix, Inc. 1.750%, 04/11/30		7,985,736
	11,500,000	Splunk, Inc.µ 1.125%, 06/15/27		10,870,835
	10,000,000	Tyler Technologies, Inc.^ 0.250%, 03/15/26		9,509,000
	12,250,000	Unity Software, Inc.µ 0.000%, 11/15/26		9,600,080
	6,250,000	Wix.com, Ltd. 0.000%, 08/15/25		5,542,250
	8,750,000	Wolfspeed, Inc. 1.875%, 12/01/29*		5,226,550
	5,338,000	0.250%, 02/15/28		3,291,624
	4,250,000	Workiva, Inc.*µ 1.250%, 08/15/28		3,860,360
	8,000,000	Zscaler, Inc. 0.125%, 07/01/25		9,767,520
				220,449,600
		Materials (2.4%)
	1,500,000	ATI, Inc. 3.500%, 06/15/25		3,711,240
	3,500,000	Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		4,024,685
	4,991,000	Lithium Americas Corp. 1.750%, 01/15/27		3,369,424
	6,306,000	MP Materials Corp.*µ 0.250%, 04/01/26		5,195,892
				16,301,241
		Other (0.1%)
	475,000	Multiplan Corp.* 6.000%, 10/15/27 7.000% PIK rate		315,884

See accompanying Notes to Schedule of Investments

www.calamos.com
119

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Real Estate (0.7%)
	6,000,000	Pebblebrook Hotel Trustµ 1.750%, 12/15/26	$	4,771,380
		Utilities (3.3%)
	4,250,000	CMS Energy Corp.* 3.375%, 05/01/28		4,024,070
	15,250,000	PPL Capital Funding, Inc.* 2.875%, 03/15/28		13,985,470
	4,250,000	Southern Company*µ 3.875%, 12/15/25		4,175,540
				22,185,080
		TOTAL CONVERTIBLE BONDS(Cost $809,229,108)		706,562,177
BANK LOANS (7.0%)¡
		Airlines (0.2%)
	720,000	American Airlines, Inc.‡ 10.427%, 04/20/28 3 mo. SOFR + 4.75%		731,250
	738,750	Mileage Plus Holdings, LLC‡ 10.798%, 06/21/27 3 mo. SOFR + 5.25%		762,545
				1,493,795
		Communication Services (0.2%)
	126,698	Clear Channel Outdoor Holdings, Inc.‡ 9.145%, 08/21/26 1 mo. SOFR + 3.50%		121,999
	317,944	DIRECTV Financing, LLC‡ 10.325%, 08/02/27 1 mo. SOFR + 5.00%		309,940
	1,505,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 2.50%		661,967
	485,000	Telesat Canada‡ 8.434%, 12/07/26 3 mo. SOFR + 2.75%		334,286
				1,428,192
		Consumer Discretionary (1.3%)
	458,111	American Axle and Manufacturing, Inc.‡ 9.007%, 12/13/29 3 mo. SOFR + 3.50%		457,158
	305,264	American Axle and Manufacturing, Inc.‡ 8.941%, 12/13/29 1 mo. SOFR + 3.50%		304,629
	965,150	Caesars Entertainment Corp.‡ 8.674%, 02/06/30 1 mo. SOFR + 3.25%		962,872
	972,563	Carnival Corp.‡ 8.336%, 08/08/27 1 mo. SOFR + 3.00%		956,758

PRINCIPAL AMOUNT			VALUE
	980,075	Hanesbrands, Inc.‡ 9.074%, 03/08/30 1 mo. SOFR + 3.75%	$	969,049
	530,816	Life Time Fitness, Inc.‡ 10.130%, 01/15/26 3 mo. SOFR + 4.75%		531,944
	1,105,558	Petco Health and Wellness Company, Inc.‡ 8.902%, 03/03/28 3 mo. SOFR + 3.25%		1,082,833
	2,386,325	PetSmart, Inc.‡ 9.174%, 02/11/28 1 mo. SOFR + 3.75%		2,361,221
	599,326	TKC Holdings, Inc.‡ 10.939%, 05/15/28 1 mo. LIBOR + 5.50%		575,353
	245,000	Windsor Holdings III, LLC‡ 9.815%, 08/01/30 1 mo. SOFR + 4.50%		244,585
				8,446,402
		Consumer Staples (0.2%)
	960,000	Star Parent, Inc.‡ 9.386%, 09/27/30 3 mo. LIBOR + 4.00%		917,765
	500,000	United Natural Foods, Inc.‡ 8.689%, 10/22/25 1 mo. SOFR + 3.25%		499,305
				1,417,070
		Energy (0.3%)
	475,000	New Fortress Energy, Inc.‡ 0.000%, 10/23/30		439,375
	1,200,200	Par Petroleum, LLC‡ 9.773%, 02/28/30 3 mo. SOFR + 4.25%		1,198,700
				1,638,075
		Financials (1.3%)
	240,000	Advisor Group, Inc.‡ 9.824%, 08/17/28 1 mo. SOFR + 4.50%		239,205
	950,213	Alliant Holdings Intermediate, LLC‡ 8.835%, 11/05/27 1 mo. SOFR + 3.50%		948,089
	526,001	Amynta Agency Borrower, Inc.‡ 10.325%, 02/28/28 1 mo. SOFR + 5.00%		526,369
	192,271	Amynta Agency Borrower, Inc.‡ 10.424%, 02/28/28 1 mo. SOFR + 5.00%		192,405
	989,950	AssuredPartners, Inc.‡ 8.824%, 02/12/27 1 mo. SOFR + 3.50%		982,525

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
120

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	738,150	Avolon TLB Borrower 1 LLC‡ 7.839%, 06/22/28 1 mo. SOFR + 2.50%	$	739,180
	873,728	Castlelake Aviation, Ltd.! 0.000%, 10/22/26		873,182
	471,438	Castlelake Aviation, Ltd.‡ 8.421%, 10/22/27 3 mo. SOFR + 2.75%		470,891
	952,800	Hub International, Ltd.‡ 9.365%, 11/10/29 3 mo. SOFR + 4.00%		952,662
	1,761,452	Jazz Financing Lux Sarl‡ 8.939%, 05/05/28 1 mo. SOFR + 3.50%		1,762,914
	1,331,550	VFH Parent, LLC‡ 8.427%, 01/13/29 1 mo. SOFR + 3.00%		1,325,032
				9,012,454
		Health Care (0.8%)
	1,677,793	Amneal Pharmaceuticals, LLC‡ 8.939%, 05/04/25 1 mo. SOFR + 3.50%		1,647,525
	526,015	Icon Luxembourg Sarl‡ 7.902%, 07/03/28 3 mo. SOFR + 2.25%		526,928
	1,001,248	Mallinckrodt International Finance, SA‡ 12.703%, 09/30/27 1 mo. SOFR + 7.25%		762,896
	988,235	Padagis, LLC‡ 10.434%, 07/06/28 3 mo. SOFR + 4.75%		880,355
	131,057	PRA Health Sciences, Inc. 7.902%, 07/03/28 3 mo. SOFR + 2.25%		131,285
	2,374,245	Team Health Holdings, Inc.‡ 10.633%, 03/02/27 3 mo. SOFR + 5.25%		1,716,045
	6,770	Team Health Holdings, Inc.‡ 10.577%, 03/02/27 1 mo. SOFR + 5.25%		4,893
				5,669,927
		Industrials (0.8%)
	469,200	ACProducts, Inc.‡ 9.902%, 05/17/28 3 mo. SOFR + 4.25%		374,447
	607,313	Air Canada‡ 9.128%, 08/11/28 3 mo. SOFR + 3.50%		607,464
	1,225,738	ChampionX Corp.‡ 8.177%, 06/07/29 1 mo. SOFR + 2.75%		1,231,290
	607,538	Emrld Borrower, LP‡ 8.380%, 05/31/30 3 mo. SOFR + 3.00%		606,967

PRINCIPAL AMOUNT			VALUE
	1,125,750	Scientific Games International, Inc.‡ 8.435%, 04/14/29 1 mo. SOFR + 3.00%	$	1,126,105
	521,063	Summit Materials, LLC‡ 8.571%, 12/14/27 3 mo. SOFR + 3.00%		523,913
	931,224	United Airlines, Inc.‡ 9.189%, 04/21/28 1 mo. SOFR + 3.75%		930,642
				5,400,828
		Information Technology (0.7%)
	948,697	Banff Merger Sub, Inc.‡ 9.189%, 10/02/25 1 mo. SOFR + 3.75%		948,896
	807,701	Camelot Finance SA‡ 8.439%, 10/30/26 1 mo. SOFR + 3.00%		807,621
	670,000	Central Parent, Inc.! 0.000%, 07/06/29		667,069
	243,163	Central Parent, Inc.‡ 9.406%, 07/06/29 3 mo. SOFR + 4.00%		242,099
	962,194	Dun & Bradstreet Corp.‡ 8.176%, 02/06/26 1 mo. SOFR + 2.75%		962,194
	891,298	II-VI, Inc.‡ 8.189%, 07/02/29 1 mo. SOFR + 2.75%		890,879
				4,518,758
		Materials (0.8%)
	720,000	Chemours Company‡ 8.824%, 08/18/28 1 mo. SOFR + 2.50%		702,000
	972,563	Ineos US Finance, LLC‡ 8.825%, 02/18/30 1 mo. SOFR + 3.50%		953,568
	1,185,710	Innophos, Inc.‡ 8.689%, 02/05/27 1 mo. SOFR + 3.25%		1,175,335
	1,206,975	LSF11 A5 Holdco, LLC‡ 9.674%, 10/15/28 1 mo. SOFR + 4.25%		1,186,233
	497,455	Trinseo Materials Operating SCA‡ 7.939%, 05/03/28 1 mo. SOFR + 2.50%		397,313
	983,781	WR Grace & Company‡ 9.402%, 09/22/28 3 mo. SOFR + 3.75%		967,795
				5,382,244
		Special Purpose Acquisition Companies (0.4%)
	474,000	Clydesdale Acquisition Holdings, Inc.‡ 9.599%, 04/13/29 1 mo. SOFR + 4.18%		459,683

See accompanying Notes to Schedule of Investments

www.calamos.com
121

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	241,325	Fertitta Entertainment, LLC‡ 9.324%, 01/27/29 1 mo. SOFR + 4.00%	$	236,370
	1,019,700	Oscar AcquisitionCo, LLC‡ 9.990%, 04/29/29 3 mo. SOFR + 4.50%		994,952
	990,000	Patagonia Holdco, LLC‡ 11.117%, 08/01/29 3 mo. SOFR + 5.75%		858,825
				2,549,830
		TOTAL BANK LOANS(Cost $48,802,327)		46,957,575
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (4.7%)
		Energy (0.0%)
	26	Gulfport Energy Corp.# 10.000%, 15.000% PIK rate		230,750
		Financials (1.9%)
	83,465	Apollo Global Management, Inc. 6.750%, 07/31/26		4,015,501
	8,100	Bank of America Corp.‡ ‡‡ 7.250%		8,530,920
				12,546,421
		Industrials (0.5%)
	75,625	Chart Industries, Inc. 6.750%, 12/15/25		3,717,725
		Utilities (2.3%)
	141,020	AES Corp.^ 6.875%, 02/15/24		8,500,686
	180,300	NextEra Energy, Inc.^ 6.926%, 09/01/25		6,768,462
				15,269,148
		TOTAL CONVERTIBLE PREFERRED STOCKS(Cost $42,772,967)		31,764,044
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

NUMBER OF SHARES			VALUE
COMMON STOCKS (0.5%)
		Communication Services (0.0%)
	20,285	Altice USA, Inc. - Class A#	$	58,624
	6,819	Cumulus Media, Inc. - Class Aµ		30,754
	1	Frontier Communications Parent, Inc.µ#		18
				89,396
		Energy (0.5%)
	8,836	Chaparral Energy, Inc. - Class A&#		393,202
	2,869	Chesapeake Energy Corp.µ^		246,964
	67,000	Energy Transfer, LP		881,050
	39,795	Enterprise Products Partners, LP		1,036,262
	6,644	EP Energy Corp.&#		17,440
	8,557	ONEOK, Inc.^		557,916
				3,132,834
		Special Purpose Acquisition Company (0.0%)
	11,411	Intelsat Emergence, SA&#		271,011
		TOTAL COMMON STOCKS(Cost $5,363,925)		3,493,241
PREFERRED STOCKS (0.4%)
		Communication Services (0.1%)
	11,875	United States Cellular Corp.µ 5.500%, 06/01/70		173,612
	11,375	5.500%, 03/01/70		169,033
				342,645
		Consumer Discretionary (0.1%)
	6,122	Guitar Center, Inc.&#		645,871
		Energy (0.2%)
	29,680	NuStar Energy, LP‡ 11.315% 3 mo. USD LIBOR + 5.64%		744,968
	7,294	12.438 3 mo. USD LIBOR + 6.77%%		185,778
	43,000	NuStar Logistics, LP‡ 12.390%, 01/15/43 3 mo. USD SOFR + 7.00%		1,117,140
				2,047,886
		TOTAL PREFERRED STOCKS(Cost $3,137,405)		3,036,402
RIGHTS (0.0%)#
		Communication Services (0.0%)
	2	Intelsat Jackson Holdings, SA, (Expires 12/15/25)		—
	2	Intelsat Jackson Holdings, SA, (Expires 12/15/25)		—
		TOTAL RIGHTS(Cost $—)		—

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
122

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.2%)#
		Consumer Discretionary (0.1%)
	580	Amazon.com, Inc.
	7,719,220	Call, 01/19/24, Strike $127.50	$	704,700
		Information Technology (0.1%)
	300	Palo Alto Networks, Inc.
	7,290,600	Call, 01/19/24, Strike $250.00		471,000
		TOTAL PURCHASED OPTIONS(Cost $1,579,635)		1,175,700
		TOTAL INVESTMENTS (161.9%)(Cost $1,238,324,701)		1,089,475,997
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-19.8%)				(133,000,000	)
LIABILITIES, LESS OTHER ASSETS (-42.1%)				(283,694,268	)
NET ASSETS (100.0%)			$	672,781,729

NOTES TO SCHEDULE OF INVESTMENTS

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

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $465,410,737.

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

@ In default status and considered non-income producing.

& Illiquid security.

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

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $2,132,875.

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

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

# Non-income producing security.

‡‡ Perpetual maturity.

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

See accompanying Notes to Schedule of Investments

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123

Convertible Opportunities and Income Fund Schedule of Investments October 31, 2023

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of October 31, 2023 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	295,809,134	$	—	$	295,809,134
Convertible Bonds		—		706,562,177		—		706,562,177
Bank Loans		—		46,957,575		—		46,957,575
Convertible Preferred Stocks		31,533,294		230,750		—		31,764,044
Warrants		—		9		—		9
Common Stocks		2,811,588		681,653		—		3,493,241
Preferred Stocks		2,216,919		819,483		—		3,036,402
Asset Backed Securities		—		677,715		—		677,715
Purchased Options		1,175,700		—		—		1,175,700
Total	$	37,737,501	$	1,051,738,496	$	—	$	1,089,475,997

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
124

Convertible and High Income Fund Schedule of Investments October 31, 2023

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 $782,023)	$	753,016
CORPORATE BONDS (44.2%)
		Airlines (0.8%)
	173,333	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		172,475
	956,044	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		896,119
	440,686	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		439,870
	1,132,040	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		965,506
	652,500	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		634,752
	261,000	5.750%, 04/20/29		235,576
	1,047,130	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		909,851
	1,082,121	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		1,075,920
	725,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		538,378
				5,868,447
		Communication Services (5.0%)
	600,000	Altice France Holding, SA* 10.500%, 05/15/27		330,792
	1,200,000	Altice France, SA* 5.500%, 10/15/29		831,036
	1,255,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,082,212
	1,543,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,563,645
	1,100,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		811,448
	1,307,000	Audacy Capital Corp.* 6.750%, 03/31/29		21,239
	490,000	6.500%, 05/01/27		7,350
	952,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		770,387
	1,025,000	Clear Channel Outdoor Holdings, Inc.* 9.000%, 09/15/28		999,529
	1,585,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		1,257,967

PRINCIPAL AMOUNT			VALUE
	1,685,000	CSC Holdings, LLC* 5.500%, 04/15/27	$	1,408,525
	1,630,000	5.375%, 02/01/28		1,299,729
	1,600,000	4.625%, 12/01/30		812,720
	1,220,000	4.500%, 11/15/31		807,079
	1,150,000	5.750%, 01/15/30		606,223
	750,000	Diamond Sports Group, LLC / Diamond Sports Finance Company*@ 6.625%, 08/15/27		9,510
	585,000	5.375%, 08/15/26		7,172
	2,605,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		2,283,022
	1,060,000	Frontier California, Inc. 6.750%, 05/15/27		978,719
	658,000	Frontier Communications Holdings, LLC* 5.000%, 05/01/28		571,072
	261,000	8.750%, 05/15/30		248,976
	1,165,000	Frontier Florida, LLC@ 6.860%, 02/01/28		1,072,452
	1,555,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,442,527
	905,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		764,897
	270,000	5.250%, 12/01/27		255,304
	395,000	iHeartCommunications, Inc. 8.375%, 05/01/27^		242,435
	395,000	5.250%, 08/15/27*		289,938
	790,000	Intelsat Jackson Holdings, SA& 9.750%, 07/15/25*		1
	510,000	5.500%, 08/01/23		1
	1,295,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,173,425
	791,137	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		199,414
	785,000	Lumen Technologies, Inc. 7.600%, 09/15/39		213,630
	525,000	4.000%, 02/15/27*^		358,958
	263,000	7.650%, 03/15/42		70,836
	522,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		404,164
	875,000	Nexstar Media, Inc.* 5.625%, 07/15/27		787,920
	1,530,000	Paramount Global 4.900%, 08/15/44		963,808
	367,000	Qwest Corp. 7.250%, 09/15/25		352,430
	514,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		390,424
	257,000	5.375%, 01/15/31		159,697
	930,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		696,161

See accompanying Notes to Schedule of Investments

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Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	1,350,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29	$	1,197,369
	1,044,000	4.000%, 07/15/28		888,256
	515,000	3.125%, 09/01/26		462,722
	261,000	3.875%, 09/01/31		196,593
	957,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		596,393
	1,915,000	Sprint, LLCµ 7.125%, 06/15/24		1,925,896
	1,170,000	Stagwell Global, LLC* 5.625%, 08/15/29		968,011
	805,000	Telecom Italia Capital, SA 6.000%, 09/30/34		663,062
	1,042,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		623,908
	420,000	Time Warner Cable, LLC 7.300%, 07/01/38		393,397
	1,186,000	United States Cellular Corp.^ 6.700%, 12/15/33		1,129,487
	390,000	Univision Communications, Inc.* 8.000%, 08/15/28		369,611
	525,000	Viasat, Inc.* 5.625%, 04/15/27		459,344
				36,420,823
		Consumer Discretionary (9.5%)
	1,257,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,277,967
	1,055,000	Adams Homes, Inc.* 9.250%, 10/15/28		1,035,588
	1,305,000	Adient Global Holdings Company*^ 8.250%, 04/15/31		1,277,021
	830,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		739,746
	913,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		742,041
	780,000	6.625%, 01/15/28		715,876
	1,325,000	At Home Group, Inc.* 4.875%, 07/15/28		460,438
	1,369,000	Bath & Body Works, Inc. 6.694%, 01/15/27		1,326,739
	1,285,000	6.875%, 11/01/35		1,135,799
	600,000	Benteler International AG*^ 10.500%, 05/15/28		606,678
	657,000	Caesars Entertainment, Inc.*^ 4.625%, 10/15/29		540,902
	512,000	8.125%, 07/01/27		507,566
	1,100,000	Carnival Corp.* 6.000%, 05/01/29		930,336
	523,000	4.000%, 08/01/28		455,653
	520,000	7.625%, 03/01/26^		505,913
	65,000	7.000%, 08/15/29		63,857

PRINCIPAL AMOUNT			VALUE
	1,219,000	Carriage Services, Inc.*^ 4.250%, 05/15/29	$	998,276
	209,000	Carvana Company* 14.000%, 06/01/31		157,293
	176,000	13.000%, 06/01/30		132,081
	117,000	12.000%, 12/01/28		87,625
	2,250,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		2,073,150
	1,825,000	4.500%, 08/15/30		1,466,789
	1,200,000	6.375%, 09/01/29		1,103,280
	1,150,000	4.750%, 03/01/30		949,992
	1,035,000	4.250%, 02/01/31		806,410
	540,000	5.000%, 02/01/28		483,786
	522,000	4.750%, 02/01/32		408,042
	522,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		467,785
	810,000	Cedar Fair, LP^ 5.250%, 07/15/29		700,561
	520,000	Churchill Downs, Inc.* 6.750%, 05/01/31		486,174
	855,000	Dana, Inc. 4.250%, 09/01/30		680,332
	782,000	4.500%, 02/15/32		612,916
	1,300,000	DISH DBS Corp. 5.250%, 12/01/26*		1,051,661
	828,000	7.750%, 07/01/26		555,613
	650,000	7.375%, 07/01/28		366,470
	530,000	5.125%, 06/01/29		273,512
	1,049,000	DISH Network Corp.* 11.750%, 11/15/27		1,039,926
	1,510,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,236,584
	1,142,000	Everi Holdings, Inc.* 5.000%, 07/15/29		960,605
	1,075,000	Ford Motor Company^ 6.100%, 08/19/32		995,235
	1,650,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		1,360,557
	1,350,000	7.200%, 06/10/30		1,348,474
	1,280,000	5.113%, 05/03/29		1,162,522
	945,000	7.350%, 11/04/27		957,323
	800,000	2.900%, 02/16/28		681,256
	450,000	7.350%, 03/06/30		452,763
	200,000	4.950%, 05/28/27		187,702
	391,000	Gap, Inc.* 3.875%, 10/01/31		282,079
	510,000	General Motors Company 5.200%, 04/01/45		378,038
	1,795,000	goeasy, Ltd.* 5.375%, 12/01/24		1,764,252
	962,000	4.375%, 05/01/26^		872,005
	560,000	Goodyear Tire & Rubber Company^ 5.250%, 07/15/31		456,747
	445,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		384,622

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
126

Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	1,116,000	Guitar Center, Inc.*^& 8.500%, 01/15/26	$	943,210
	825,000	International Game Technology, PLC* 6.250%, 01/15/27		804,977
	311,703	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		313,791
	928,000	Kohl's Corp. 5.550%, 07/17/45		536,532
	1,040,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		996,767
	1,045,000	Liberty Interactive, LLC 8.250%, 02/01/30		275,305
	1,008,000	Life Time, Inc.* 8.000%, 04/15/26		985,128
	525,000	5.750%, 01/15/26		509,177
	525,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		513,503
	390,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		382,317
	672,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		611,036
	685,000	M/I Homes, Inc. 3.950%, 02/15/30		548,130
	1,744,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		1,344,746
	500,000	4.300%, 02/15/43		274,370
	1,200,000	Mclaren Finance, PLC* 7.500%, 08/01/26		1,036,020
	1,329,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,109,409
	625,000	Newell Brands, Inc. 5.200%, 04/01/26		590,356
	500,000	Nordstrom, Inc. 5.000%, 01/15/44		301,095
	499,000	4.250%, 08/01/31		365,827
	1,195,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		929,304
	650,000	PetSmart, Inc. / PetSmart Finance Corp.* 7.750%, 02/15/29		599,469
	325,000	4.750%, 02/15/28		287,830
	1,460,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		1,027,533
	2,564,000	Rite Aid Corp.*@ 8.000%, 11/15/26		1,782,980
	520,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		514,426
	1,475,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		1,199,440

PRINCIPAL AMOUNT			VALUE
	2,090,000	Six Flags Entertainment Corp.*^ 7.250%, 05/15/31	$	1,925,329
	1,173,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		978,188
	753,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		674,334
	2,125,000	Station Casinos, LLC* 4.500%, 02/15/28		1,837,296
	636,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		579,339
	260,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		255,788
	1,215,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		1,131,894
	525,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		515,392
	1,025,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		997,632
	300,000	6.875%, 04/14/28		291,645
				68,674,073
		Consumer Staples (1.9%)
	1,178,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		1,145,275
	1,050,000	B&G Foods, Inc.* 8.000%, 09/15/28		1,025,052
	1,191,000	Central Garden & Pet Company* 4.125%, 04/30/31		951,907
	1,188,000	Edgewell Personal Care Company* 4.125%, 04/01/29		999,025
	1,445,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		1,189,726
	260,000	6.500%, 12/31/27^		244,275
	1,575,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc. 5.500%, 01/15/30^		1,441,015
	650,000	5.125%, 02/01/28µ		610,474
	390,000	5.750%, 04/01/33		343,383
	672,000	New Albertsons, LP 7.750%, 06/15/26		679,479
	1,043,000	Performance Food Group, Inc.* 4.250%, 08/01/29		885,038
	775,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		640,328
	477,000	Post Holdings, Inc.* 5.750%, 03/01/27		455,435
	986,000	Prestige Brands, Inc.* 3.750%, 04/01/31		786,019
	855,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		669,097
	1,628,000	Vector Group, Ltd.* 5.750%, 02/01/29		1,382,384

See accompanying Notes to Schedule of Investments

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127

Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	530,000	Williams Scotsman, Inc.* 7.375%, 10/01/31	$	523,338
				13,971,250
		Energy (5.8%)
	1,041,000	Antero Resources Corp.* 5.375%, 03/01/30		951,516
	1,037,000	Apache Corp. 5.100%, 09/01/40		807,387
	810,000	Buckeye Partners, LP 3.950%, 12/01/26		739,279
	545,000	5.850%, 11/15/43		386,002
	1,460,000	Callon Petroleum Company*^ 7.500%, 06/15/30		1,415,295
	520,000	Cheniere Energy, Inc.µ 4.625%, 10/15/28		475,384
	780,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		765,359
	1,465,000	Civitas Resources, Inc.* 8.750%, 07/01/31		1,480,397
	775,000	Continental Resources, Inc.* 2.875%, 04/01/32		574,112
	515,000	5.750%, 01/15/31		478,075
	808,000	DT Midstream, Inc.* 4.125%, 06/15/29		695,817
	1,024,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		1,039,534
	390,000	9.875%, 07/15/31		420,853
	600,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		558,342
	1,520,000	Energy Transfer, LP‡ 8.656%, 11/01/66 3 mo. SOFR + 3.28%		1,242,752
	764,000	6.500%, 11/01/35 5 year CMT + 5.69%		694,285
	1,300,000	EnLink Midstream Partners, LP 9.780%, 11/01/35‡ 3 mo. LIBOR + 4.11%		1,160,913
	1,125,000	4.850%, 07/15/26		1,063,721
	650,000	Enlink Midstream, LLC* 6.500%, 09/01/30		624,936
	1,730,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		1,719,897
	765,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		743,832
	467,000	6.250%, 05/15/26		445,826
	1,105,000	Gulfport Energy Corp. 8.000%, 05/17/26*		1,105,464
	1,015,000	6.375%, 05/15/25&		1
	310,206	8.000%, 05/17/26		310,336
	1,460,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,298,188

PRINCIPAL AMOUNT			VALUE
	782,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27	$	743,698
	1,015,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		971,132
	540,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		534,460
	495,000	7.500%, 01/15/26		473,844
	780,000	Nabors Industries, Inc.* 7.375%, 05/15/27		730,423
	780,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		689,239
	1,041,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		968,796
	522,000	6.500%, 09/30/26		467,968
	529,000	Oceaneering International, Inc.* 6.000%, 02/01/28		485,109
	1,110,000	Parkland Corp.* 5.875%, 07/15/27		1,067,432
	551,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		492,241
	260,000	Permian Resources Operating LLC* 7.000%, 01/15/32		254,410
	1,040,000	Plains All American Pipeline, LP‡ 9.736%, 11/01/35 3 mo. LIBOR + 4.11%		981,698
	1,460,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		1,325,184
	525,000	Southwestern Energy Company 5.375%, 02/01/29		486,376
	521,000	4.750%, 02/01/32		448,560
	261,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		224,567
	1,480,100	Transocean, Inc.* 8.750%, 02/15/30		1,478,901
	650,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		613,613
	260,000	4.125%, 08/15/31		210,181
	260,000	3.875%, 08/15/29		217,789
	1,300,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		1,241,500
	780,000	8.125%, 06/01/28		757,864
	525,000	9.875%, 02/01/32		532,807
	265,000	9.500%, 02/01/29		268,983
	979,000	Vital Energy, Inc. 9.500%, 01/15/25		984,306
	605,000	7.750%, 07/31/29*		546,799
	132,000	9.750%, 10/15/30		129,459
	1,045,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		942,663
	1,308,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,323,722
				41,791,227

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
128

Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Financials (7.2%)
	1,387,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25	$	1,347,498
	1,562,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		1,553,268
	1,496,000	AG Issuer, LLC* 6.250%, 03/01/28		1,386,313
	1,830,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		1,671,668
	1,653,000	Ally Financial, Inc. 4.700%, 11/01/35 7 year CMT + 3.48%‡		1,047,326
	434,000	8.000%, 11/01/31		424,396
	2,082,000	AmWINS Group, Inc.* 4.875%, 06/30/29		1,787,272
	1,146,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		1,007,265
	425,000	Avolon Holdings Funding, Ltd.*µ 5.500%, 01/15/26		409,641
	2,084,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		1,818,457
	985,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		822,002
	657,000	5.750%, 05/15/26		602,568
	1,000,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		905,340
	1,335,000	Credit Acceptance Corp. 6.625%, 03/15/26^		1,272,469
	1,045,000	5.125%, 12/31/24*		1,011,779
	1,045,000	Cushman & Wakefield U.S. Borrower LLC*^ 8.875%, 09/01/31		992,855
	1,346,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		1,325,689
	1,503,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,141,559
	1,050,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		1,036,549
	1,571,000	HUB International, Ltd.* 5.625%, 12/01/29		1,356,197
	817,000	7.000%, 05/01/26		796,853
	781,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		606,009
	1,420,000	ILFC E-Capital Trust II*‡ 7.459%, 12/21/65 3 mo. LIBOR + 1.80%		1,068,081
	2,155,000	Iron Mountain, Inc.* 5.250%, 03/15/28		1,974,454
	262,000	7.000%, 02/15/29		254,468

PRINCIPAL AMOUNT			VALUE
	2,640,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28	$	2,117,676
	2,029,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		1,934,449
	522,000	4.750%, 06/15/29		421,348
	960,000	LD Holdings Group, LLC* 6.125%, 04/01/28		537,936
	1,080,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		611,593
	869,000	3.400%, 03/01/27^		808,605
	525,000	4.625%, 09/15/27		354,328
	774,000	LPL Holdings, Inc.* 4.000%, 03/15/29		665,926
	1,055,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		1,040,557
	1,623,000	MetLife, Inc. 6.400%, 12/15/66		1,524,792
	1,415,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,253,888
	1,133,000	Navient Corp. 5.000%, 03/15/27		999,283
	565,000	4.875%, 03/15/28		468,764
	1,200,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		899,580
	730,000	OneMain Finance Corp. 9.000%, 01/15/29^		713,772
	715,000	3.875%, 09/15/28		569,433
	518,000	7.125%, 03/15/26^		504,159
	517,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		466,877
	1,602,000	PHH Mortgage Corp.* 7.875%, 03/15/26		1,389,270
	1,200,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		1,022,940
	475,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.625%, 03/01/29		386,650
	470,000	3.875%, 03/01/31		363,780
	240,000	2.875%, 10/15/26		209,606
	1,047,000	StoneX Group, Inc.* 8.625%, 06/15/25		1,053,272
	1,212,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		1,015,341
	525,000	5.750%, 06/15/27		479,078
	525,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		341,397
	520,000	10.500%, 02/15/28		501,400

See accompanying Notes to Schedule of Investments

www.calamos.com
129

Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	1,200,000	VZ Secured Financing, BV* 5.000%, 01/15/32	$	914,484
	1,091,000	XHR, LP* 6.375%, 08/15/25		1,064,761
				52,254,921
		Health Care (2.9%)
	2,092,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28		1,280,639
	413,000	14.000%, 10/15/30		227,518
	391,000	6.125%, 02/01/27		218,452
	2,075,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		806,594
	1,180,000	8.000%, 03/15/26		1,080,408
	594,000	6.875%, 04/15/29		245,209
	130,000	5.250%, 05/15/30		92,425
	2,079,000	DaVita, Inc.* 4.625%, 06/01/30		1,631,204
	1,220,000	3.750%, 02/15/31		878,327
	783,000	Embecta Corp.* 5.000%, 02/15/30		622,391
	260,000	6.750%, 02/15/30		215,665
	525,000	Encompass Health Corp. 4.750%, 02/01/30		455,742
	525,000	4.500%, 02/01/28		473,770
	1,234,000	HCA, Inc.^ 7.500%, 11/06/33		1,266,750
	340,000	Jazz Securities DAC* 4.375%, 01/15/29		295,742
	445,578	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 10.000%, 06/15/29		31,672
	1,297,000	Medline Borrower, LP* 5.250%, 10/01/29^		1,105,381
	1,295,000	3.875%, 04/01/29		1,093,951
	1,900,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		1,488,232
	450,000	4.125%, 04/30/28		389,443
	1,103,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		885,665
	2,465,000	Tenet Healthcare Corp. 6.250%, 02/01/27		2,371,626
	1,420,000	6.875%, 11/15/31		1,311,810
	1,320,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29^		1,152,281
	1,000,000	4.750%, 05/09/27^		907,830
	500,000	3.150%, 10/01/26		440,140
				20,968,867
		Industrials (6.3%)
	1,200,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		996,684
	825,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		776,012

PRINCIPAL AMOUNT			VALUE
	1,055,000	Air Lease Corp.‡ 4.125%, 11/01/35 5 year CMT + 3.15%	$	758,999
	1,750,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		1,647,152
	780,000	5.875%, 02/15/28		748,324
	779,000	3.500%, 03/15/29		664,791
	1,200,000	Allegiant Travel Company* 7.250%, 08/15/27		1,092,936
	260,000	American Airlines Group, Inc.* 3.750%, 03/01/25		243,448
	587,000	Arcosa, Inc.* 4.375%, 04/15/29		513,983
	2,650,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		1,547,388
	821,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		690,075
	533,000	Bombardier, Inc.* 7.875%, 04/15/27		513,546
	1,044,000	BWX Technologies, Inc.* 4.125%, 04/15/29		903,175
	1,078,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		979,665
	257,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		241,562
	1,360,000	Deluxe Corp.* 8.000%, 06/01/29		1,077,895
	783,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		745,025
	520,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		495,383
	500,000	EnerSys* 4.375%, 12/15/27		449,125
	634,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		492,916
	675,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		630,781
	484,000	3.500%, 03/01/29		406,545
	1,141,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		934,787
	2,438,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,070,350
	1,549,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		1,145,950
	1,350,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,271,714
	1,210,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,155,913

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
130

Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	727,000	JELD-WEN, Inc.* 4.625%, 12/15/25	$	690,614
	540,000	4.875%, 12/15/27		461,095
	1,690,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,440,133
	1,040,000	Knife River Holding Company* 7.750%, 05/01/31		1,037,743
	515,000	MasTec, Inc.*µ 4.500%, 08/15/28		452,834
	650,000	Moog, Inc.* 4.250%, 12/15/27		590,226
	1,302,000	Newfold Digital Holdings Group, Inc.*^ 6.000%, 02/15/29		860,791
	1,040,000	Novelis Corp.* 4.750%, 01/30/30		886,652
	390,000	OI European Group, BV* 4.750%, 02/15/30		332,077
	1,200,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^ 4.000%, 10/15/27		1,056,504
	1,573,000	Patrick Industries, Inc.*^ 4.750%, 05/01/29		1,293,179
	525,000	QVC, Inc. 5.450%, 08/15/34		223,608
	809,000	Sealed Air Corp.* 6.125%, 02/01/28		770,427
	261,000	5.000%, 04/15/29^		232,924
	400,000	Sensata Technologies, BV* 4.000%, 04/15/29		340,552
	519,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		416,165
	774,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		487,171
	515,000	5.500%, 03/01/30^		280,114
	1,030,000	Standard Industries, Inc.* 5.000%, 02/15/27		954,058
	835,000	Stericycle, Inc.* 3.875%, 01/15/29		713,474
	779,000	STL Holding Company, LLC* 7.500%, 02/15/26		731,629
	1,404,000	TransDigm, Inc. 6.250%, 03/15/26*		1,373,982
	1,125,000	6.875%, 12/15/30*		1,088,764
	815,000	7.500%, 03/15/27		815,114
	790,000	6.750%, 08/15/28*		768,860
	1,039,000	Tronox, Inc.* 4.625%, 03/15/29		816,758
	421,811	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		373,843
	1,039,000	Vertiv Group Corp.* 4.125%, 11/15/28		909,281
	1,095,000	Wabash National Corp.* 4.500%, 10/15/28		908,007

PRINCIPAL AMOUNT			VALUE
	915,000	Waste Pro USA, Inc.* 5.500%, 02/15/26	$	844,133
	604,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		537,379
				45,882,215
		Information Technology (2.0%)
	521,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		460,173
	604,000	Coherent Corp.*^ 5.000%, 12/15/29		513,545
	1,136,000	CommScope Technologies, LLC*^ 6.000%, 06/15/25		686,212
	955,000	CommScope, Inc.*^ 4.750%, 09/01/29		652,389
	660,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		660,746
	522,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		449,776
	520,000	Fair Isaac Corp.* 4.000%, 06/15/28		463,918
	1,130,000	KBR, Inc.* 4.750%, 09/30/28		996,490
	1,130,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		843,827
	520,000	5.500%, 09/01/28		434,918
	528,000	NCL Corp., Ltd.* 8.125%, 01/15/29		516,564
	522,000	NCR Voyix Corp.* 5.125%, 04/15/29		449,479
	771,000	ON Semiconductor Corp.* 3.875%, 09/01/28		662,659
	780,000	Open Text Corp.* 3.875%, 02/15/28		679,435
	525,000	6.900%, 12/01/27		523,992
	391,000	3.875%, 12/01/29		320,999
	391,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		308,257
	1,168,000	Playtika Holding Corp.* 4.250%, 03/15/29		942,973
	1,450,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,192,944
	725,000	Twilio, Inc. 3.625%, 03/15/29		605,063
	259,000	3.875%, 03/15/31^		207,311
	1,300,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,034,995
	1,200,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		992,196
				14,598,861
		Materials (1.9%)
	555,000	ArcelorMittal, SA^ 7.000%, 10/15/39		527,872

See accompanying Notes to Schedule of Investments

www.calamos.com
131

Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	500,000	ATI, Inc. 5.875%, 12/01/27	$	465,695
	258,000	Carpenter Technology Corp. 7.625%, 03/15/30		256,320
	780,000	Chemours Company*^ 4.625%, 11/15/29		603,626
	1,640,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,449,284
	780,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		724,698
	522,000	Commercial Metals Company 4.125%, 01/15/30		441,800
	261,000	4.375%, 03/15/32		210,922
	1,210,000	Constellium, SE*^ 3.750%, 04/15/29		996,471
	512,000	HB Fuller Company 4.250%, 10/15/28		444,385
	525,000	INEOS Finance, PLC*^ 6.750%, 05/15/28		490,928
	800,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		798,024
	1,180,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		986,327
	130,000	4.500%, 06/01/31		96,160
	260,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		213,333
	1,367,000	Mercer International, Inc. 5.125%, 02/01/29		1,073,683
	520,000	12.875%, 10/01/28*		525,855
	1,015,000	OCI, NV* 6.700%, 03/16/33		939,393
	785,000	Owens-Brockway Glass Container, Inc.*^ 7.250%, 05/15/31		719,358
	505,000	6.625%, 05/13/27		481,194
	1,194,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,064,988
	521,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		223,223
				13,733,539
		Other (0.1%)
	475,000	Gen Digital, Inc.* 7.125%, 09/30/30^		463,035
	475,000	6.750%, 09/30/27		463,182
				926,217
		Real Estate (0.4%)
	834,000	EPR Properties 3.750%, 08/15/29		659,110
	750,000	Forestar Group, Inc.* 5.000%, 03/01/28		661,545
	551,000	3.850%, 05/15/26		494,490

PRINCIPAL AMOUNT			VALUE
	1,168,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30	$	927,824
	485,000	Service Properties Trust 5.250%, 02/15/26		435,380
				3,178,349
		Special Purpose Acquisition Companies (0.2%)
	1,045,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		831,507
	524,000	4.625%, 01/15/29		442,408
				1,273,915
		Utilities (0.2%)
	379,000	PPL Capital Funding, Inc.‡ 8.317%, 03/30/67 3 mo. LIBOR + 2.67%		343,393
	525,000	Vistra Corp.*‡ 7.000%, 11/01/67 5 year CMT + 5.74%		480,270
	270,000	8.000%, 11/01/67 5 year CMT + 6.93%		256,873
				1,080,536
		TOTAL CORPORATE BONDS(Cost $353,954,379)		320,623,240
CONVERTIBLE BONDS (106.1%)
		Communication Services (9.7%)
	780,000	Cable One, Inc.µ 0.000%, 03/15/26		638,578
	9,250,000	Liberty Media Corp.* 3.750%, 03/15/28		10,193,777
	8,750,000	2.375%, 09/30/53		8,484,438
	9,750,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		9,718,117
	5,750,000	Match Group Financeco 3, Inc.*µ~ 2.000%, 01/15/30		4,672,853
	6,750,000	Perficient, Inc.µ 0.125%, 11/15/26		5,403,308
	16,500,000	Sea, Ltd. 0.250%, 09/15/26		13,120,470
	11,500,000	Snap, Inc.µ 0.000%, 05/01/27		8,565,775
	6,000,000	0.750%, 08/01/26		5,296,920
	3,750,000	Zillow Group, Inc.µ 1.375%, 09/01/26		3,939,075
				70,033,311
		Consumer Discretionary (20.1%)
	12,250,000	Airbnb, Inc.µ 0.000%, 03/15/26		10,613,400
	5,000,000	Booking Holdings, Inc.µ 0.750%, 05/01/25		7,624,550

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
132

Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	4,500,000	Carnival Corp.*µ 5.750%, 12/01/27	$	5,331,690
	7,500,000	Chegg, Inc.µ 0.000%, 09/01/26		5,826,150
	15,570,000	DISH Network Corp. 0.000%, 12/15/25		9,552,818
	1,286,000	2.375%, 03/15/24µ		1,232,258
	12,500,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28		9,278,125
	14,000,000	Etsy, Inc.µ 0.125%, 09/01/27		11,063,360
	18,500,000	Ford Motor Companyµ 0.000%, 03/15/26		16,886,985
	9,250,000	Liberty Broadband Corp.* 3.125%, 03/31/53		9,176,463
	2,620,000	Lucid Group, Inc.* 1.250%, 12/15/26		1,444,039
	11,000,000	Marriott Vacations Worldwide Corp.*µ 3.250%, 12/15/27		9,326,570
	10,250,000	Rivian Automotive, Inc.* 4.625%, 03/15/29		10,805,345
	6,250,000	Shake Shack, Inc.µ 0.000%, 03/01/28		4,622,000
	16,250,000	Vail Resorts, Inc.µ^ 0.000%, 01/01/26		14,227,525
	14,500,000	Wayfair, Inc.µ 3.250%, 09/15/27		13,972,780
	4,500,000	Wynn Macau, Ltd.* 4.500%, 03/07/29		4,590,540
				145,574,598
		Consumer Staples (1.1%)
	3,067,000	Enovis Corp.* 3.875%, 10/15/28		3,204,248
	5,000,000	Post Holdings, Inc. 2.500%, 08/15/27		4,772,850
				7,977,098
		Energy (3.0%)
	1,675,000	EQT Corp.µ 1.750%, 05/01/26		4,869,895
	5,265,000	Nabors Industries, Inc.*µ 1.750%, 06/15/29		3,945,170
	4,500,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		5,314,815
	3,000,000	Pioneer Natural Resources Companyµ 0.250%, 05/15/25		7,655,910
	10,545,000	SunEdison, Inc.@ 0.250%, 01/15/49*		105,450
	1,027,000	2.000%, 10/01/49		10,270
				21,901,510
		Financials (1.3%)
	9,250,000	Morgan Stanley Finance, LLC 1.000%, 11/23/27		9,377,650

PRINCIPAL AMOUNT			VALUE
		Health Care (22.7%)
	5,000,000	Alnylam Pharmaceuticals, Inc.µ 1.000%, 09/15/27	$	4,339,300
	6,000,000	Alphatec Holdings, Inc.µ 0.750%, 08/01/26		5,125,860
	6,019,000	BioMarin Pharmaceutical, Inc.µ 0.599%, 08/01/24		5,804,182
	10,250,000	CONMED Corp.µ 2.250%, 06/15/27		9,595,537
	13,500,000	CryoPort, Inc.*µ 0.750%, 12/01/26		10,683,225
	17,458,000	Dexcom, Inc.µ 0.250%, 11/15/25		16,572,356
	8,750,000	0.375%, 05/15/28*		7,718,025
	4,500,000	Envista Holdings Corp.*µ 1.750%, 08/15/28		3,893,580
	7,500,000	Exact Sciences Corp.µ 0.375%, 03/15/27		6,534,000
	7,750,000	Halozyme Therapeutics, Inc.µ 1.000%, 08/15/28		6,818,682
	4,750,000	Insmed, Inc.µ 0.750%, 06/01/28		4,616,905
	5,000,000	Insulet Corp.µ 0.375%, 09/01/26		4,631,750
	9,750,000	Integer Holdings Corp.*µ 2.125%, 02/15/28		10,732,605
	4,750,000	Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		4,285,023
	4,750,000	Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		4,600,138
	10,905,000	Jazz Investments I, Ltd. 2.000%, 06/15/26		11,071,083
	4,040,000	Lantheus Holdings, Inc.*µ 2.625%, 12/15/27		4,482,461
	11,250,000	NeoGenomics, Inc.µ 0.250%, 01/15/28		8,130,037
	9,500,000	Omnicell, Inc.µ 0.250%, 09/15/25		8,445,215
	8,750,000	Pacira BioSciences, Inc.µ 0.750%, 08/01/25		7,871,500
	4,000,000	Sarepta Therapeutics, Inc.µ 1.250%, 09/15/27		3,406,200
	9,000,000	Shockwave Medical, Inc.*µ 1.000%, 08/15/28		8,726,490
	7,250,000	Tandem Diabetes Care, Inc.*µ 1.500%, 05/01/25		6,844,942
				164,929,096
		Industrials (8.5%)
	4,500,000	Advanced Energy Industries, Inc.*µ 2.500%, 09/15/28		4,159,350
	4,750,000	Axon Enterprise, Inc.*µ 0.500%, 12/15/27		5,124,347

See accompanying Notes to Schedule of Investments

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PRINCIPAL AMOUNT			VALUE
	4,500,000	Fluor Corp.*^ 1.125%, 08/15/29	$	4,344,255
	7,750,000	John Bean Technologies Corp.µ 0.250%, 05/15/26		6,974,302
	4,750,000	Middleby Corp. 1.000%, 09/01/25		4,933,873
	3,250,000	Parsons Corp. 0.250%, 08/15/25		4,263,480
	7,750,000	Southwest Airlines Companyµ^~ 1.250%, 05/01/25		7,385,750
	4,500,000	Tetra Tech, Inc.* 2.250%, 08/15/28		4,359,105
	21,750,000	Uber Technologies, Inc.µ 0.000%, 12/15/25		19,883,850
				61,428,312
		Information Technology (33.3%)
	9,000,000	Akamai Technologies, Inc. 1.125%, 02/15/29*		8,860,590
	4,750,000	0.375%, 09/01/27µ		4,838,683
	10,000,000	Bentley Systems, Inc. 0.125%, 01/15/26		9,544,900
	11,750,000	BILL Holdings, Inc.µ 0.000%, 04/01/27		9,325,152
	3,500,000	Camtek, Ltd.* 0.000%, 12/01/26		3,777,270
	6,250,000	Confluent, Inc.µ 0.000%, 01/15/27		5,044,500
	8,250,000	CyberArk Software, Ltd.µ 0.000%, 11/15/24		9,444,600
	6,875,000	Datadog, Inc.µ 0.125%, 06/15/25		7,571,025
	6,750,000	DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		5,079,105
	10,012,000	Enphase Energy, Inc.µ 0.000%, 03/01/26		8,538,534
	6,250,000	Five9, Inc.µ 0.500%, 06/01/25		5,719,437
	2,250,000	MongoDB, Inc.µ 0.250%, 01/15/26		3,839,175
	6,500,000	NCL Corp., Ltd.µ 1.125%, 02/15/27		5,041,010
	5,000,000	2.500%, 02/15/27		4,011,600
	3,250,000	5.375%, 08/01/25		3,449,810
	8,000,000	Okta, Inc.µ 0.125%, 09/01/25		7,162,560
	4,250,000	0.375%, 06/15/26		3,644,928
	18,500,000	ON Semiconductor Corp.*µ 0.500%, 03/01/29		16,264,090
	6,000,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		14,652,120
	2,250,000	Q2 Holdings, Inc.µ 0.750%, 06/01/26		1,955,183
	4,500,000	Rapid7, Inc.*µ 1.250%, 03/15/29		4,353,390

PRINCIPAL AMOUNT			VALUE
	12,250,000	Repay Holdings Corp.*µ 0.000%, 02/01/26	$	9,804,287
	4,500,000	Seagate HDD Cayman* 3.500%, 06/01/28		4,668,030
	15,000,000	Shift4 Payments, Inc.µ 0.000%, 12/15/25		13,660,500
	7,000,000	SK Hynix, Inc. 1.750%, 04/11/30		8,469,720
	12,750,000	Splunk, Inc.µ 1.125%, 06/15/27		12,052,447
	10,750,000	Tyler Technologies, Inc.^ 0.250%, 03/15/26		10,222,175
	13,250,000	Unity Software, Inc.µ 0.000%, 11/15/26		10,383,760
	7,000,000	Wix.com, Ltd. 0.000%, 08/15/25		6,207,320
	9,500,000	Wolfspeed, Inc. 1.875%, 12/01/29*		5,674,540
	5,711,000	0.250%, 02/15/28		3,521,631
	4,500,000	Workiva, Inc.*µ 1.250%, 08/15/28		4,087,440
	8,500,000	Zscaler, Inc. 0.125%, 07/01/25		10,377,990
				241,247,502
		Materials (2.4%)
	1,500,000	ATI, Inc. 3.500%, 06/15/25		3,711,240
	3,750,000	Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		4,312,162
	5,407,000	Lithium Americas Corp. 1.750%, 01/15/27		3,650,266
	6,858,000	MP Materials Corp.*µ 0.250%, 04/01/26		5,650,718
				17,324,386
		Other (0.0%)
	525,000	Multiplan Corp.* 6.000%, 10/15/27 7.000% PIK rate		349,136
		Real Estate (0.7%)
	6,500,000	Pebblebrook Hotel Trustµ 1.750%, 12/15/26		5,168,995
		Utilities (3.3%)
	4,500,000	CMS Energy Corp.* 3.375%, 05/01/28		4,260,780
	16,500,000	PPL Capital Funding, Inc.* 2.875%, 03/15/28		15,131,820
	4,750,000	Southern Company* 3.875%, 12/15/25		4,666,780
				24,059,380
		TOTAL CONVERTIBLE BONDS(Cost $883,668,612)		769,370,974

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
134

Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
BANK LOANS (7.0%)¡
		Airlines (0.2%)
	792,000	American Airlines, Inc.‡ 10.427%, 04/20/28 3 mo. SOFR + 4.75%	$	804,375
	806,250	Mileage Plus Holdings, LLC‡ 10.798%, 06/21/27 3 mo. SOFR + 5.25%		832,219
				1,636,594
		Communication Services (0.2%)
	126,698	Clear Channel Outdoor Holdings, Inc.‡ 8.922%, 08/21/26 3 mo. SOFR + 3.50%		122,000
	365,603	DIRECTV Financing, LLC‡ 10.325%, 08/02/27 1 mo. SOFR + 5.00%		356,399
	1,527,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 2.50%		671,643
	525,000	Telesat Canada‡ 8.434%, 12/07/26 3 mo. SOFR + 2.75%		361,856
				1,511,898
		Consumer Discretionary (1.3%)
	472,889	American Axle and Manufacturing, Inc.‡ 9.007%, 12/31/29 3 mo. SOFR + 3.50%		471,905
	315,111	American Axle and Manufacturing, Inc.‡ 8.941%, 12/13/29 1 mo. SOFR + 3.50%		314,456
	1,069,625	Caesars Entertainment, Inc.‡ 8.674%, 02/06/30 1 mo. SOFR + 3.25%		1,067,101
	1,047,375	Carnival Corp.‡ 8.336%, 08/08/27 1 mo. SOFR + 3.00%		1,030,355
	1,044,750	Hanesbrands, Inc.‡ 9.074%, 03/08/30 1 mo. SOFR + 3.75%		1,032,996
	596,912	Life Time Fitness, Inc.‡ 10.130%, 01/15/26 3 mo. SOFR + 4.75%		598,180
	1,196,932	Petco Health and Wellness Company, Inc.‡ 8.902%, 03/03/28 3 mo. SOFR + 3.25%		1,172,329
	2,581,898	PetSmart, Inc.‡ 9.174%, 02/11/28 1 mo. SOFR + 3.75%		2,554,737
	650,704	TKC Holdings, Inc.‡ 10.939%, 05/15/28 1 mo. SOFR + 5.50%		624,676

PRINCIPAL AMOUNT			VALUE
	265,000	Windsor Holdings III, LLC‡ 9.815%, 08/01/30 1 mo. SOFR + 4.50%	$	264,551
				9,131,286
		Consumer Staples (0.2%)
	1,050,000	Star Parent, Inc.‡ 9.386%, 09/27/30 3 mo. LIBOR + 4.00%		1,003,805
	550,000	United Natural Foods, Inc.‡ 8.689%, 10/22/25 1 mo. SOFR + 3.25%		549,236
				1,553,041
		Energy (0.2%)
	525,000	New Fortress Energy, Inc.‡ 10.390%, 10/27/28 3 mo. SOFR + 5.00%		485,625
	1,329,625	Par Petroleum, LLC‡ 9.772%, 02/28/30 3 mo. SOFR + 4.25%		1,327,963
				1,813,588
		Financials (1.3%)
	265,000	Advisor Group, Inc.‡ 9.824%, 08/17/28 1 mo. SOFR + 4.50%		264,123
	1,054,687	Alliant Holdings Intermediate, LLC‡ 8.835%, 11/05/27 1 mo. SOFR + 3.50%		1,052,330
	565,905	Amynta Agency Borrower, Inc.‡ 10.325%, 02/28/28 1 mo. SOFR + 5.00%		566,301
	206,857	Amynta Agency Borrower, Inc.‡ 10.424%, 02/28/28 1 mo. SOFR + 5.00%		207,001
	1,039,447	AssuredPartners, Inc.‡ 8.824%, 02/12/27 1 mo. SOFR + 3.50%		1,031,652
	788,025	Avolon TLB Borrower 1 LLC‡ 7.839%, 06/22/28 1 mo. SOFR + 2.50%		789,124
	918,664	Castlelake Aviation, Ltd.! 0.000%, 10/22/26		918,090
	521,063	Castlelake Aviation, Ltd.‡ 8.421%, 10/22/27 3 mo. SOFR + 2.75%		520,458
	1,042,125	Hub International, Ltd.‡ 9.365%, 11/10/29 3 mo. SOFR + 4.00%		1,041,974
	1,849,524	Jazz Financing Lux Sarl‡ 8.939%, 05/05/28 1 mo. SOFR + 3.50%		1,851,059
	1,440,450	VFH Parent, LLC‡ 8.427%, 01/13/29 1 mo. SOFR + 3.00%		1,433,399
				9,675,511

See accompanying Notes to Schedule of Investments

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Convertible and High Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Health Care (0.9%)
	1,815,189	Amneal Pharmaceuticals, LLC‡ 8.939%, 05/04/25 1 mo. SOFR + 3.50%	$	1,782,443
	569,215	ICON Luxembourg Sarl‡ 7.902%, 07/03/28 3 mo. SOFR + 2.25%		570,202
	1,009,592	Mallinckrodt International Finance, SA‡ 12.703%, 09/30/27 1 mo. SOFR + 7.25%		769,254
	1,152,941	Padagis, LLC‡ 10.434%, 07/06/28 3 mo. SOFR + 4.75%		1,027,080
	141,820	PRA Health Sciences, Inc.‡ 7.902%, 07/03/28 3 mo. SOFR + 2.25%		142,066
	2,585,863	Team Health Holdings, Inc.‡ 10.633%, 03/02/27 3 mo. SOFR + 5.25%		1,868,998
	7,373	Team Health Holdings, Inc.‡ 10.574%, 03/02/27 1 mo. SOFR + 5.25%		5,329
				6,165,372
		Industrials (0.8%)
	508,300	ACProducts, Inc.‡ 9.902%, 05/17/28 3 mo. SOFR + 4.25%		405,651
	641,875	Air Canada‡ 9.128%, 08/11/28 3 mo. SOFR + 3.50%		642,036
	1,315,063	ChampionX Corp.‡ 8.177%, 06/07/29 1 mo. SOFR + 2.75%		1,321,020
	647,136	Emrld Borrower, LP‡ 8.380%, 05/31/30 3 mo. SOFR + 3.00%		646,528
	1,185,000	Scientific Games International, Inc.‡ 8.435%, 04/14/29 1 mo. SOFR + 3.00%		1,185,373
	545,875	Summit Materials, LLC‡ 8.571%, 12/14/27 3 mo. SOFR + 3.00%		548,861
	1,008,827	United Airlines, Inc.‡ 9.189%, 04/21/28 1 mo. SOFR + 3.75%		1,008,196
				5,757,665
		Information Technology (0.7%)
	1,028,400	Banff Merger Sub, Inc.‡ 9.189%, 10/02/25 1 mo. SOFR + 3.75%		1,028,615
	864,199	Camelot Finance SA‡ 8.439%, 10/30/26 1 mo. SOFR + 3.00%		864,112

PRINCIPAL AMOUNT			VALUE
	715,000	Central Parent Inc.! 0.000%, 07/06/29	$	711,872
	267,975	Central Parent, Inc.‡ 9.406%, 07/06/29 3 mo. SOFR + 4.00%		266,803
	1,004,436	Dun & Bradstreet Corp.‡ 8.176%, 02/06/26 1 mo. SOFR + 2.75%		1,004,436
	955,289	II-VI, Inc.‡ 8.189%, 07/02/29 1 mo. SOFR + 2.75%		954,840
				4,830,678
		Materials (0.8%)
	785,000	Chemours Company‡ 8.824%, 08/18/28 1 mo. SOFR + 2.50%		765,375
	1,047,375	Ineos US Finance, LLC‡ 8.924%, 02/18/30 1 mo. SOFR + 3.50%		1,026,920
	1,288,672	Innophos, Inc.‡ 8.689%, 02/05/27 1 mo. SOFR + 3.25%		1,277,396
	1,311,713	LSF11 A5 Holdco, LLC‡ 9.674%, 10/15/28 1 mo. SOFR + 4.25%		1,289,171
	507,405	Trinseo Materials Operating SCA‡ 7.939%, 05/03/28 1 mo. SOFR + 2.50%		405,259
	1,073,150	W.R. Grace & Co.-Conn.‡ 9.402%, 09/22/28 3 mo. SOFR + 3.75%		1,055,711
				5,819,832
		Special Purpose Acquisition Companies (0.4%)
	523,375	Clydesdale Acquisition Holdings, Inc.‡ 9.599%, 04/13/29 1 mo. SOFR + 4.18%		507,566
	261,025	Fertitta Entertainment, LLC‡ 9.324%, 01/27/29 1 mo. SOFR + 4.00%		255,666
	1,118,700	Oscar AcquisitionCo, LLC‡ 9.990%, 04/29/29 3 mo. SOFR + 4.50%		1,091,549
	1,049,400	Patagonia Holdco, LLC‡ 11.117%, 08/01/29 3 mo. SOFR + 5.75%		910,355
				2,765,136
		TOTAL BANK LOANS(Cost $52,602,913)		50,660,601

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
136

Convertible and High Income Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES			VALUE
COMMON STOCKS (0.5%)
		Communication Services (0.0%)
	21,970	Altice USA, Inc. - Class A	$	63,493
	7,383	Cumulus Media, Inc. - Class A		33,297
				96,790
		Energy (0.5%)
	10,051	Chaparral Energy, Inc. - Class A		447,270
	3,106	Chesapeake Energy Corp.		267,365
	72,575	Energy Transfer, LP		954,361
	43,085	Enterprise Products Partners, LP		1,121,933
	7,238	Ep Energy Corp.		19,000
	9,267	ONEOK, Inc.		604,208
				3,414,137
		Special Purpose Acquisition Company (0.0%)
	12,300	Intelsat Emergence, SA		292,125
		TOTAL COMMON STOCKS(Cost $5,871,167)		3,803,052
CONVERTIBLE PREFERRED STOCKS (4.8%)
		Energy (0.0%)
	29	Gulfport Energy Corp. 10.000%, 12/01/23 15.000% PIK rate		257,375
		Financials (1.9%)
	89,885	Apollo Global Management, Inc. 6.750%, 07/31/26		4,324,367
	8,775	Bank of America Corp.‡‡ 7.250%		9,241,830
				13,566,197
		Industrials (0.6%)
	81,495	Chart Industries, Inc. 6.750%, 12/15/25		4,006,294
		Utilities (2.3%)
	154,145	AES Corp. 6.875%, 02/15/24		9,291,861
	194,000	NextEra Energy, Inc.^ 6.926%, 09/01/25		7,282,760
				16,574,621
		TOTAL CONVERTIBLE PREFERRED STOCKS(Cost $46,338,803)		34,404,487
PREFERRED STOCKS (0.5%)
		Communication Services (0.1%)
	12,900	United States Cellular Corp.µ 5.500%, 06/01/70		188,598
	12,370	5.500%, 03/01/70		183,818
				372,416
		Consumer Discretionary (0.1%)
	6,662	Guitar Center, Inc.&		702,841

NUMBER OF SHARES			VALUE
		Energy (0.3%)
	32,380	NuStar Energy, LP‡ 11.315%, 11/30/23 3 mo. LIBOR + 5.64%	$	812,738
	7,920	NuStar Energy, LP‡ 12.438%, 11/30/23 3 mo. LIBOR + 6.77%		201,723
	47,000	NuStar Logistics, LP‡ 12.390%, 01/15/43 3 mo. LIBOR + 6.73%		1,221,060
				2,235,521
		TOTAL PREFERRED STOCKS(Cost $3,419,819)		3,310,778
RIGHTS (0.0%) #
		Communication Services (0.0%)
	2	Intelsat Jackson Holdings, SA, (Expires 12/5/25)		—
	2	Intelsat Jackson Holdings, SA, (Expires 12/5/25)		—
		TOTAL RIGHTS(Cost $—)		—
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 $20,125)		10
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.2%)#
		Information Technology (0.1%)
	320	Palo Alto Networks, Inc.
	7,776,640	Call, 01/19/24, Strike $250.00		502,400
		Consumer Discretionary (0.1%)
	625	Amazon.com, Inc.
	8,318,125	Call, 01/19/24, Strike $127.50		759,375
		TOTAL PURCHASED OPTIONS(Cost $1,693,766)		1,261,775
		TOTAL INVESTMENTS (163.4%)(Cost $1,348,351,607)		1,184,187,933
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-20.0%)				(145,000,000	)
LIABILITIES, LESS OTHER ASSETS (-43.4%)				(314,367,165	)
NET ASSETS (100.0%)			$	724,820,768

See accompanying Notes to Schedule of Investments

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137

Convertible and High Income Fund Schedule of Investments October 31, 2023

NOTES TO SCHEDULE OF INVESTMENTS

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $514,095,046.

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

@ In default status and considered non-income producing.

& Illiquid security.

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

~ 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 $1,976,587.

¡ 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.

‡‡ 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 October 31, 2023 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	320,623,240	$	—	$	320,623,240
Convertible Bonds		—		769,370,974		—		769,370,974
Bank Loans		—		50,660,601		—		50,660,601
Asset Backed Securities		—		753,016		—		753,016
Convertible Preferred Stocks		34,147,112		257,375		—		34,404,487
Common Stocks		3,044,657		758,395		—		3,803,052
Warrants		—		10		—		10
Preferred Stocks		2,419,339		891,439		—		3,310,778
Purchased Options		1,261,775		—		—		1,261,775
Total	$	40,872,883	$	1,143,315,050	$	—	$	1,184,187,933

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
138

Strategic Total Return Fund Schedule of Investments October 31, 2023

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 $878,626)	$	846,036
CORPORATE BONDS (18.1%)
		Airlines (0.3%)
	199,333	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		198,346
	1,070,769	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		1,003,653
	511,510	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		510,564
	1,299,480	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		1,108,314
	736,667	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		716,629
	295,000	5.750%, 04/20/29		266,264
	1,200,476	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		1,043,093
	1,281,692	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		1,274,348
	835,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		620,063
				6,741,274
		Communication Services (2.0%)
	700,000	Altice France Holding, SA* 10.500%, 05/15/27		385,924
	1,400,000	Altice France, SA* 5.500%, 10/15/29		969,542
	1,415,000	APi Group DE, Inc.* 4.750%, 10/15/29		1,220,183
	1,739,000	Arrow Bidco, LLC* 9.500%, 03/15/24		1,762,268
	1,270,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		936,854
	1,479,000	Audacy Capital Corp.* 6.750%, 03/31/29		24,034
	538,000	6.500%, 05/01/27		8,070
	1,070,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		865,876
	1,190,000	Clear Channel Outdoor Holdings, Inc.* 9.000%, 09/15/28		1,160,428

PRINCIPAL AMOUNT			VALUE
	1,815,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28	$	1,440,511
	1,940,000	CSC Holdings, LLC* 5.500%, 04/15/27		1,621,685
	1,800,000	5.375%, 02/01/28		1,435,284
	1,800,000	4.625%, 12/01/30		914,310
	1,395,000	4.500%, 11/15/31		922,848
	1,250,000	5.750%, 01/15/30		658,937
	825,000	Diamond Sports Group, LLC / Diamond Sports Finance Company*@ 6.625%, 08/15/27		10,461
	656,000	5.375%, 08/15/26		8,042
	2,933,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		2,570,481
	1,210,000	Frontier California, Inc. 6.750%, 05/15/27		1,117,217
	749,000	Frontier Communications Holdings, LLC* 5.000%, 05/01/28		650,050
	298,000	8.750%, 05/15/30		284,271
	1,333,000	Frontier Florida, LLC@ 6.860%, 02/01/28		1,227,106
	1,785,000	Frontier North, Inc.@ 6.730%, 02/15/28		1,655,891
	1,030,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		870,546
	301,000	5.250%, 12/01/27		284,617
	450,000	iHeartCommunications, Inc. 8.375%, 05/01/27^		276,192
	450,000	5.250%, 08/15/27*		330,309
	900,000	Intelsat Jackson Holdings, SA@& 9.750%, 07/15/25*		1
	585,000	5.500%, 08/01/23		1
	1,480,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		1,341,058
	875,638	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		220,713
	900,000	Lumen Technologies, Inc. 7.600%, 09/15/39		244,926
	600,000	4.000%, 02/15/27*^		410,238
	300,000	7.650%, 03/15/42		80,802
	596,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		461,459
	1,000,000	Nexstar Media, Inc.* 5.625%, 07/15/27		900,480
	1,765,000	Paramount Global 4.900%, 08/15/44		1,111,844
	286,000	6.375%, 03/30/62‡ 5 year CMT + 4.00%		209,769
	419,000	Qwest Corp. 7.250%, 09/15/25		402,366

See accompanying Notes to Schedule of Investments

www.calamos.com
139

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PRINCIPAL AMOUNT			VALUE
	235,000	Rogers Communications, Inc.*‡ 5.250%, 03/15/82 5 year CMT + 3.59%	$	207,176
	591,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		448,912
	295,000	5.375%, 01/15/31		183,310
	985,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		737,332
	1,500,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		1,330,410
	1,185,000	4.000%, 07/15/28		1,008,222
	585,000	3.125%, 09/01/26		525,617
	298,000	3.875%, 09/01/31		224,462
	1,084,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		675,538
	3,045,000	Sprint, LLC 7.125%, 06/15/24		3,062,326
	1,350,000	Stagwell Global, LLC* 5.625%, 08/15/29		1,116,936
	880,000	Telecom Italia Capital, SA 6.000%, 09/30/34		724,838
	1,196,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		716,117
	480,000	Time Warner Cable, LLC 7.300%, 07/01/38		449,597
	1,356,000	United States Cellular Corp.^ 6.700%, 12/15/33		1,291,387
	450,000	Univision Communications, Inc.* 8.000%, 08/15/28		426,474
	600,000	Viasat, Inc.* 5.625%, 04/15/27		524,964
	125,000	Vodafone Group, PLC‡ 7.000%, 04/04/79 U.S. 5 yr Swap + 4.87%		121,101
				42,770,313
		Consumer Discretionary (3.7%)
	1,435,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		1,458,936
	1,200,000	Adams Homes, Inc.* 9.250%, 10/15/28		1,177,920
	1,505,000	Adient Global Holdings Company* 8.250%, 04/15/31		1,472,733
	943,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		840,458
	1,043,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		847,698
	856,000	6.625%, 01/15/28		785,628
	1,487,000	At Home Group, Inc.* 4.875%, 07/15/28		516,733
	1,577,000	Bath & Body Works, Inc. 6.694%, 01/15/27		1,528,318
	1,475,000	6.875%, 11/01/35		1,303,738

PRINCIPAL AMOUNT			VALUE
	800,000	Benteler International AG*^ 10.500%, 05/15/28	$	808,904
	728,000	Caesars Entertainment, Inc.*^ 4.625%, 10/15/29		599,355
	605,000	8.125%, 07/01/27		599,761
	1,275,000	Carnival Corp.* 6.000%, 05/01/29		1,078,344
	601,000	4.000%, 08/01/28		523,609
	596,000	7.625%, 03/01/26^		579,854
	75,000	7.000%, 08/15/29		73,681
	1,385,000	Carriage Services, Inc.* 4.250%, 05/15/29		1,134,218
	242,000	Carvana Company* 14.000%, 06/01/31		182,129
	205,000	13.000%, 06/01/30		153,844
	136,000	12.000%, 12/01/28		101,855
	2,610,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		2,404,854
	2,110,000	4.500%, 08/15/30		1,695,849
	1,370,000	6.375%, 09/01/29		1,259,578
	1,300,000	4.750%, 03/01/30		1,073,904
	1,198,000	4.250%, 02/01/31		933,410
	620,000	5.000%, 02/01/28		555,458
	596,000	4.750%, 02/01/32		465,887
	596,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		534,099
	900,000	Cedar Fair, LP 5.250%, 07/15/29		778,401
	600,000	Churchill Downs, Inc.* 6.750%, 05/01/31		560,970
	985,000	Dana, Inc. 4.250%, 09/01/30		783,774
	896,000	4.500%, 02/15/32		702,267
	1,495,000	DISH DBS Corp. 5.250%, 12/01/26*		1,209,410
	926,000	7.750%, 07/01/26		621,374
	739,000	7.375%, 07/01/28		416,648
	590,000	5.125%, 06/01/29		304,475
	1,200,000	DISH Network Corp.* 11.750%, 11/15/27		1,189,620
	1,675,000	Empire Resorts, Inc.* 7.750%, 11/01/26		1,371,708
	1,308,000	Everi Holdings, Inc.* 5.000%, 07/15/29		1,100,237
	1,240,000	Ford Motor Company^ 6.100%, 08/19/32		1,147,992
	1,885,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		1,554,333
	1,555,000	7.200%, 06/10/30		1,553,243
	1,450,000	5.113%, 05/03/29		1,316,919
	1,100,000	7.350%, 11/04/27		1,114,344
	1,000,000	2.900%, 02/16/28		851,570
	525,000	7.350%, 03/06/30		528,224
	300,000	4.950%, 05/28/27		281,553

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
140

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PRINCIPAL AMOUNT			VALUE
	447,000	Gap, Inc.* 3.875%, 10/01/31	$	322,479
	600,000	General Motors Company 5.200%, 04/01/45		444,750
	310,000	General Motors Financial Company, Inc.‡ 5.700%, 11/01/35^ 5 year CMT + 5.00%		262,294
	155,000	6.500%, 11/01/35 3 mo. LIBOR + 3.44%		127,457
	2,050,000	goeasy, Ltd.* 5.375%, 12/01/24		2,014,884
	1,111,000	4.375%, 05/01/26		1,007,066
	635,000	Goodyear Tire & Rubber Company^ 5.250%, 07/15/31		517,919
	511,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		441,668
	1,280,000	Guitar Center, Inc.*^ 8.500%, 01/15/26		1,081,818
	915,000	International Game Technology, PLC* 6.250%, 01/15/27		892,793
	358,991	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		361,396
	1,045,000	Kohl's Corp. 5.550%, 07/17/45		604,177
	1,200,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		1,150,116
	1,175,000	Liberty Interactive, LLC 8.250%, 02/01/30		309,554
	1,159,000	Life Time, Inc.* 8.000%, 04/15/26		1,132,702
	600,000	5.750%, 01/15/26		581,916
	600,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		586,860
	450,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		441,135
	767,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		697,418
	780,000	M/I Homes, Inc. 3.950%, 02/15/30		624,148
	1,992,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		1,535,972
	600,000	4.300%, 02/15/43		329,244
	1,375,000	Mclaren Finance, PLC* 7.500%, 08/01/26		1,187,106
	1,518,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		1,267,181
	725,000	Newell Brands, Inc. 5.200%, 04/01/26		684,813
	600,000	Nordstrom, Inc. 5.000%, 01/15/44		361,314
	551,000	4.250%, 08/01/31		403,949

PRINCIPAL AMOUNT			VALUE
	1,370,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29	$	1,065,394
	750,000	PetSmart, Inc. / PetSmart Finance Corp.* 7.750%, 02/15/29		691,695
	375,000	4.750%, 02/15/28		332,111
	1,670,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		1,175,329
	2,933,000	Rite Aid Corp.*@ 8.000%, 11/15/26		2,039,579
	600,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		593,568
	1,670,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		1,358,011
	2,400,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		2,210,904
	1,348,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		1,124,124
	837,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		749,559
	2,430,000	Station Casinos, LLC* 4.500%, 02/15/28		2,101,002
	707,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		644,013
	300,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		295,140
	1,355,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		1,262,318
	600,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		589,020
	1,200,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		1,167,960
	400,000	6.875%, 04/14/28		388,860
				79,238,533
		Consumer Staples (0.7%)
	1,335,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		1,297,914
	1,210,000	B&G Foods, Inc.* 8.000%, 09/15/28		1,181,250
	1,358,000	Central Garden & Pet Company* 4.125%, 04/30/31		1,085,381
	1,349,000	Edgewell Personal Care Company* 4.125%, 04/01/29		1,134,415
	1,641,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		1,351,101
	298,000	6.500%, 12/31/27		279,977
	1,770,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc. 5.500%, 01/15/30		1,619,426
	740,000	5.125%, 02/01/28		695,001
	440,000	5.750%, 04/01/33		387,407

See accompanying Notes to Schedule of Investments

www.calamos.com
141

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	125,000	Land O' Lakes, Inc.* 7.000%, 11/01/67	$	94,125
	751,000	New Albertsons, LP 7.750%, 06/15/26		759,359
	1,192,000	Performance Food Group, Inc.* 4.250%, 08/01/29		1,011,472
	900,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		743,607
	505,000	Post Holdings, Inc.* 5.750%, 03/01/27		482,169
	1,124,000	Prestige Brands, Inc.* 3.750%, 04/01/31		896,030
	1,015,000	United Natural Foods, Inc.* 6.750%, 10/15/28		794,308
	1,857,000	Vector Group, Ltd.* 5.750%, 02/01/29		1,576,834
	600,000	Williams Scotsman, Inc.* 7.375%, 10/01/31		592,458
				15,982,234
		Energy (2.3%)
	1,198,000	Antero Resources Corp.* 5.375%, 03/01/30		1,095,020
	1,187,000	Apache Corp. 5.100%, 09/01/40		924,174
	900,000	Buckeye Partners, LP 3.950%, 12/01/26		821,421
	600,000	5.850%, 11/15/43		424,956
	1,670,000	Callon Petroleum Company*^ 7.500%, 06/15/30		1,618,865
	591,000	Cheniere Energy, Inc. 4.625%, 10/15/28		540,292
	892,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		875,257
	1,688,000	Civitas Resources, Inc.* 8.750%, 07/01/31		1,705,741
	900,000	Continental Resources, Inc.* 2.875%, 04/01/32		666,711
	610,000	5.750%, 01/15/31		566,263
	921,000	DT Midstream, Inc.* 4.125%, 06/15/29		793,128
	1,176,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		1,193,840
	450,000	9.875%, 07/15/31		485,600
	1,036,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		964,071
	395,000	5.750%, 07/15/80 5 year CMT + 5.31%		329,438
	1,735,000	Energy Transfer, LP‡ 8.656%, 11/01/66 3 mo. SOFR + 3.28%		1,418,536
	1,015,000	6.500%, 11/01/35 5 year CMT + 5.69%		922,381

PRINCIPAL AMOUNT			VALUE
	1,775,000	EnLink Midstream Partners, LP 9.780%, 11/01/35‡ 3 mo. LIBOR + 4.11%	$	1,585,093
	1,285,000	4.850%, 07/15/26		1,215,006
	745,000	Enlink Midstream, LLC* 6.500%, 09/01/30		716,273
	80,000	Enterprise Products Operating, LLC‡ 5.250%, 08/16/77 3 mo. SOFR + 3.29%		68,894
	75,000	8.619%, 08/16/77 3 mo. LIBOR + 2.99%		73,505
	1,970,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		1,958,495
	885,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		860,512
	543,000	6.250%, 05/15/26		518,380
	1,190,000	Gulfport Energy Corp. 8.000%, 05/17/26*		1,190,500
	1,000,000	6.375%, 05/15/25@&		1
	305,622	8.000%, 05/17/26		305,750
	1,670,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		1,484,914
	894,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		850,212
	1,162,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		1,111,778
	600,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		593,844
	540,000	7.500%, 01/15/26		516,920
	900,000	Nabors Industries, Inc.* 7.375%, 05/15/27		842,796
	900,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		795,276
	1,191,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		1,108,392
	589,000	6.500%, 09/30/26		528,033
	600,000	Oceaneering International, Inc.* 6.000%, 02/01/28		550,218
	1,270,000	Parkland Corp.*~ 5.875%, 07/15/27		1,221,296
	633,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		565,497
	300,000	Permian Resources Operating LLC* 7.000%, 01/15/32		293,550
	1,390,000	Plains All American Pipeline, LP‡ 9.736%, 11/01/35 3 mo. LIBOR + 4.11%		1,312,077
	1,670,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		1,515,792
	600,000	Southwestern Energy Company 5.375%, 02/01/29		555,858
	593,000	4.750%, 02/01/32		510,549

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
142

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	298,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30	$	256,402
	1,716,650	Transocean, Inc.* 8.750%, 02/15/30		1,715,260
	750,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		708,015
	300,000	4.125%, 08/15/31		242,517
	300,000	3.875%, 08/15/29		251,295
	1,505,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		1,437,275
	900,000	8.125%, 06/01/28		874,458
	600,000	9.875%, 02/01/32		608,922
	300,000	9.500%, 02/01/29		304,509
	1,134,000	Vital Energy, Inc. 9.500%, 01/15/25		1,140,146
	685,000	7.750%, 07/31/29*		619,103
	150,000	9.750%, 10/15/30		147,113
	1,200,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		1,082,484
	1,505,000	Weatherford International, Ltd.* 8.625%, 04/30/30		1,523,090
				49,105,694
		Financials (3.5%)
	1,883,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		1,829,372
	1,789,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		1,778,999
	1,771,000	AG Issuer, LLC* 6.250%, 03/01/28		1,641,150
	255,000	Aircastle, Ltd.*‡ 5.250%, 11/01/67 5 year CMT + 4.41%		202,225
	2,100,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		1,918,308
	140,000	Allstate Corp.‡ 8.564%, 08/15/53 3 mo. LIBOR + 2.94%		138,229
	2,632,000	Ally Financial, Inc. 4.700%, 11/01/35 7 year CMT + 3.48%‡		1,661,756
	489,000	8.000%, 11/01/31		478,178
	250,000	American International Group, Inc.‡ 5.750%, 04/01/48 3 mo. LIBOR + 2.87%		227,983
	2,365,000	AmWINS Group, Inc.* 4.875%, 06/30/29		2,030,211
	460,000	Ares Finance Company III, LLC*‡ 4.125%, 06/30/51 5 year CMT + 3.24%		346,509
	1,307,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		1,148,775

PRINCIPAL AMOUNT			VALUE
	490,000	Avolon Holdings Funding, Ltd.* 5.500%, 01/15/26	$	472,291
	350,000	AXIS Specialty Finance, LLC‡ 4.900%, 01/15/40 5 year CMT + 3.19%		281,134
	439,000	Bank of America Corp.‡ 6.125%, 11/01/35^ 5 year CMT + 3.23%		414,644
	145,000	5.125%, 11/01/35 3 mo. SOFR + 3.55% 3 mo. LIBOR + 3.03% 3 mo. LIBOR + 3.03%		141,619
	135,000	6.250%, 09/29/49 3 mo. SOFR + 3.97%		133,060
	135,000	6.100%, 12/29/49 3 mo. SOFR + 4.16%		130,426
	145,000	Bank of Montreal‡ 4.800%, 11/01/35 5 year CMT + 2.98%		129,749
	763,000	Bank of New York Mellon Corp.^‡ 4.700%, 11/01/35 5 year CMT + 4.36%		722,668
	240,000	Bank of Nova Scotia‡ 3.625%, 10/27/81 5 year CMT + 2.61%		169,109
	285,000	BP Capital Markets, PLC‡ 4.375%, 11/01/35 5 year CMT + 4.04%		271,434
	280,000	4.875%, 11/01/35 5 year CMT + 4.40%		243,816
	2,379,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		2,075,868
	1,135,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		947,180
	747,000	5.750%, 05/15/26		685,111
	1,200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		1,086,408
	458,000	Capital One Financial Corp.^‡ 3.950%, 11/01/35 5 year CMT + 3.16%		320,660
	285,000	Charles Schwab Corp.‡ 5.375%, 11/01/35^ 5 year CMT + 4.97%		272,212
	282,000	4.000%, 11/01/35 5 year CMT + 3.17%		207,934
	509,000	Citigroup, Inc.‡ 3.875%, 11/01/35 5 year CMT + 3.42%		427,356
	166,000	4.150%, 11/01/35 5 year CMT + 3.00%		129,505
	150,000	7.625%, 11/01/35 5 year CMT + 3.21		144,753
	150,000	4.000%, 11/01/35 5 year CMT + 3.60%		129,062

See accompanying Notes to Schedule of Investments

www.calamos.com
143

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	140,000	5.950%, 12/29/49 3 mo. USD LIBOR + 3.91%	$	132,601
	450,000	Citizens Financial Group, Inc.‡ 4.000%, 11/01/35 5 year CMT + 3.22%		305,816
	155,000	5.650%, 11/01/35 5 year CMT + 5.31%		134,450
	145,000	Corebridge Financial, Inc.‡ 6.875%, 12/15/52		134,546
	1,500,000	Credit Acceptance Corp. 6.625%, 03/15/26^		1,429,740
	1,092,000	5.125%, 12/31/24*		1,057,285
	1,205,000	Cushman & Wakefield U.S. Borrower LLC* 8.875%, 09/01/31		1,144,870
	250,000	Depository Trust & Clearing Corp.*‡ 3.375%, 11/01/67 5 year CMT + 2.61		186,558
	275,000	Discover Financial Services‡ 5.500%, 11/01/35 3 mo. SOFR + 3.34%		185,163
	245,000	6.125%, 11/01/35 5 year CMT + 5.78%		226,721
	1,533,000	Enact Holdings, Inc.* 6.500%, 08/15/25		1,509,867
	265,000	Enstar Finance, LLC‡ 5.500%, 01/15/42 5 year CMT + 4.01%		212,024
	605,000	Fifth Third Bancorp‡ 4.500%, 11/01/35 5 year CMT + 4.22%		515,030
	70,000	First Citizens BancShares, Inc.‡ 9.643%, 11/01/23 3 mo. SOFR + 4.23%		71,438
	1,718,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		1,304,855
	500,000	Goldman Sachs Group, Inc.‡ 4.400%, 11/01/35 5 year CMT + 2.85%		418,100
	153,000	4.125%, 11/01/35 5 year CMT + 2.95%		121,644
	149,000	7.500%, 11/01/35 5 year CMT + 3.16%		146,008
	1,250,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		1,233,987
	1,785,000	HUB International, Ltd.* 5.625%, 12/01/29		1,540,937
	912,000	7.000%, 05/01/26		889,510
	350,000	Huntington Bancshares, Inc.‡ 4.450%, 11/01/35 7 year CMT + 4.05%		262,059
	210,000	5.625%, 11/01/35 10 year CMT + 4.95%		163,962
	892,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		692,138

PRINCIPAL AMOUNT			VALUE
	1,913,000	ILFC E-Capital Trust II*‡ 7.459%, 12/21/65 3 mo. LIBOR + 1.80%	$	1,438,901
	2,470,000	Iron Mountain, Inc.* 5.250%, 03/15/28		2,263,063
	300,000	7.000%, 02/15/29		291,375
	3,000,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		2,406,450
	1,100,000	JPMorgan Chase & Company‡ 3.650%, 11/01/35^ 5 year CMT + 2.85%		955,746
	135,000	6.125%, 12/31/49 3 mo. SOFR + 3.59%		134,244
	180,000	KeyCorp‡ 5.000%, 12/29/49 3 mo. SOFR + 3.87%		120,715
	2,306,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		2,198,540
	596,000	4.750%, 06/15/29		481,079
	1,080,000	LD Holdings Group, LLC* 6.125%, 04/01/28		605,178
	1,250,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		707,863
	1,007,000	3.400%, 03/01/27^		937,013
	600,000	4.625%, 09/15/27		404,946
	420,000	Liberty Mutual Group, Inc.*‡ 4.125%, 12/15/51 5 year CMT + 3.32%		334,706
	892,000	LPL Holdings, Inc.* 4.000%, 03/15/29		767,450
	145,000	M&T Bank Corp.‡ 6.450%, 12/29/49 3 mo. LIBOR + 3.61		136,420
	85,000	5.125%, 12/29/49 3 mo. LIBOR + 3.52		64,501
	80,000	5.000%, 11/01/35 5 year CMT + 3.17		63,975
	1,200,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		1,183,572
	280,000	Markel Corp.‡ 6.000%, 11/01/35 5 year CMT + 5.66%		269,864
	2,137,000	MetLife, Inc. 6.400%, 12/15/66		2,007,690
	225,000	3.850%, 11/01/35‡ 5 year CMT + 3.58%		204,642
	1,615,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		1,431,116
	1,305,000	Navient Corp. 5.000%, 03/15/27		1,150,984
	655,000	4.875%, 03/15/28		543,434
	1,370,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		1,027,020

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
144

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PRINCIPAL AMOUNT			VALUE
	230,000	Northern Trust Corp.‡ 4.600%, 11/01/23 3 mo. LIBOR + 3.20	$	202,163
	900,000	OneMain Finance Corp. 9.000%, 01/15/29		879,993
	820,000	3.875%, 09/15/28		653,056
	599,000	7.125%, 03/15/26		582,995
	592,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		534,606
	442,000	PartnerRe Finance B, LLC‡ 4.500%, 10/01/50 5 year CMT + 3.82%		364,022
	1,871,000	PHH Mortgage Corp.* 7.875%, 03/15/26		1,622,550
	315,000	PNC Financial Services Group, Inc.‡ 3.400%, 11/01/35 5 year CMT + 2.60%		227,175
	140,000	6.200%, 11/01/35 5 year CMT + 3.24%		125,105
	140,000	6.000%, 11/01/35 5 year CMT + 3.00%		117,901
	275,000	Progressive Corp.‡ 8.210%, 11/01/35 3 mo. USD LIBOR + 2.54%		271,095
	280,000	QBE Insurance Group, Ltd.*^‡ 5.875%, 11/01/67 5 year CMT + 5.51%		267,910
	1,355,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		1,155,070
	560,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		433,440
	555,000	3.625%, 03/01/29		451,770
	275,000	2.875%, 10/15/26		240,174
	1,225,000	StoneX Group, Inc.* 8.625%, 06/15/25		1,232,338
	295,000	Truist Financial Corp.‡ 4.800%, 11/01/35 5 year CMT + 3.00%		242,697
	285,000	4.950%, 11/01/35^ 5 year CMT + 4.61%		258,900
	108,000	5.100%, 11/01/35 10 year CMT + 4.35		86,574
	320,000	U.S. Bancorp‡ 5.300%, 11/01/35 3 mo. SOFR + 3.18%		252,138
	1,383,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		1,158,594
	600,000	5.750%, 06/15/27		547,518
	600,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 10.500%, 02/15/28		578,538
	600,000	6.500%, 02/15/29		390,168

PRINCIPAL AMOUNT			VALUE
	1,340,000	VZ Secured Financing, BV* 5.000%, 01/15/32	$	1,021,174
	620,000	Wells Fargo & Company‡ 3.900%, 11/01/35 5 year CMT + 3.45%		538,985
	560,000	7.625%, 11/01/35 5 year CMT + 3.61		562,761
	1,255,000	XHR, LP* 6.375%, 08/15/25		1,224,817
				75,311,717
		Health Care (1.1%)
	2,370,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28		1,450,819
	469,000	14.000%, 10/15/30		258,367
	447,000	6.125%, 02/01/27		249,739
	2,392,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		929,818
	1,325,000	8.000%, 03/15/26		1,213,170
	663,000	6.875%, 04/15/29		273,693
	149,000	5.250%, 05/15/30		105,933
	2,381,000	DaVita, Inc.* 4.625%, 06/01/30		1,868,156
	1,395,000	3.750%, 02/15/31		1,004,316
	894,000	Embecta Corp.* 5.000%, 02/15/30		710,623
	298,000	6.750%, 02/15/30		247,185
	600,000	Encompass Health Corp. 4.750%, 02/01/30		520,848
	600,000	4.500%, 02/01/28		541,452
	1,369,000	HCA, Inc. 7.500%, 11/06/33		1,405,333
	350,000	Jazz Securities DAC* 4.375%, 01/15/29		304,441
	488,014	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 10.000%, 06/15/29		34,688
	1,484,000	Medline Borrower, LP* 5.250%, 10/01/29^		1,264,754
	1,480,000	3.875%, 04/01/29		1,250,230
	2,200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		1,723,216
	500,000	4.125%, 04/30/28		432,715
	1,251,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		1,004,503
	2,710,000	Tenet Healthcare Corp. 6.250%, 02/01/27		2,607,345
	1,575,000	6.875%, 11/15/31		1,455,001
	1,520,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29^		1,326,869
	1,100,000	4.750%, 05/09/27		998,613
	535,000	3.150%, 10/01/26		470,950
				23,652,777

See accompanying Notes to Schedule of Investments

www.calamos.com
145

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Industrials (2.4%)
	1,355,000	ACCO Brands Corp.*^ 4.250%, 03/15/29	$	1,125,422
	1,170,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		1,100,525
	1,520,000	Air Lease Corp.‡ 4.125%, 11/01/35 5 year CMT + 3.15%		1,093,534
	320,000	4.650%, 11/01/35 5 year CMT + 4.08%		273,328
	1,925,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		1,811,868
	900,000	5.875%, 02/15/28		863,451
	893,000	3.500%, 03/15/29		762,077
	1,370,000	Allegiant Travel Company* 7.250%, 08/15/27		1,247,769
	295,000	American Airlines Group, Inc.* 3.750%, 03/01/25		276,220
	670,000	Arcosa, Inc.* 4.375%, 04/15/29		586,659
	3,100,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		1,810,152
	937,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		787,577
	592,000	Bombardier, Inc.* 7.875%, 04/15/27		570,392
	1,191,000	BWX Technologies, Inc.* 4.125%, 04/15/29		1,030,346
	1,220,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		1,108,712
	295,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		277,279
	1,565,000	Deluxe Corp.* 8.000%, 06/01/29		1,240,372
	894,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		850,641
	600,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		571,596
	575,000	EnerSys* 4.375%, 12/15/27		516,494
	733,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		569,886
	750,000	Graphic Packaging International, LLC* 4.750%, 07/15/27		700,868
	551,000	3.500%, 03/01/29		462,823
	1,303,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		1,067,509
	2,775,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		2,356,530

PRINCIPAL AMOUNT			VALUE
	1,792,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26	$	1,325,722
	1,500,000	Herc Holdings, Inc.* 5.500%, 07/15/27		1,413,015
	1,385,000	IEA Energy Services, LLC* 6.625%, 08/15/29		1,323,090
	721,000	JELD-WEN, Inc.* 4.625%, 12/15/25		684,914
	625,000	4.875%, 12/15/27		533,675
	1,940,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		1,653,171
	1,200,000	Knife River Holding Company* 7.750%, 05/01/31		1,197,396
	598,000	MasTec, Inc.* 4.500%, 08/15/28		525,815
	722,000	Moog, Inc.* 4.250%, 12/15/27		655,605
	1,472,000	Newfold Digital Holdings Group, Inc.*^ 6.000%, 02/15/29		973,183
	1,140,000	Novelis Corp.* 4.750%, 01/30/30		971,907
	450,000	OI European Group, BV* 4.750%, 02/15/30		383,166
	1,375,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		1,210,577
	1,783,000	Patrick Industries, Inc.* 4.750%, 05/01/29		1,465,822
	600,000	QVC, Inc. 5.450%, 08/15/34		255,552
	933,000	Sealed Air Corp.* 6.125%, 02/01/28		888,515
	298,000	5.000%, 04/15/29		265,944
	650,000	Sensata Technologies, BV* 4.000%, 04/15/29		553,397
	593,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		475,503
	891,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		560,813
	600,000	5.500%, 03/01/30		326,346
	1,165,000	Standard Industries, Inc.* 5.000%, 02/15/27		1,079,105
	100,000	Stanley Black & Decker, Inc.‡ 4.000%, 03/15/60 5 year CMT + 2.66%		82,005
	957,000	Stericycle, Inc.* 3.875%, 01/15/29		817,718
	879,000	STL Holding Company, LLC* 7.500%, 02/15/26		825,548
	1,539,000	TransDigm, Inc. 6.250%, 03/15/26*		1,506,096
	1,295,000	6.875%, 12/15/30*		1,253,288
	900,000	6.750%, 08/15/28*		875,916

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
146

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	875,000	7.500%, 03/15/27	$	875,123
	1,188,000	Tronox, Inc.* 4.625%, 03/15/29		933,887
	484,035	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		428,990
	1,191,000	Vertiv Group Corp.* 4.125%, 11/15/28		1,042,304
	1,251,000	Wabash National Corp.* 4.500%, 10/15/28		1,037,367
	1,050,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		968,677
	703,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		625,459
				53,056,641
		Information Technology (0.8%)
	596,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		526,417
	692,000	Coherent Corp.*^ 5.000%, 12/15/29		588,366
	1,201,000	CommScope Technologies, LLC* 6.000%, 06/15/25		725,476
	1,100,000	CommScope, Inc.* 4.750%, 09/01/29		751,443
	733,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		733,828
	596,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		513,538
	586,000	Fair Isaac Corp.* 4.000%, 06/15/28		522,800
	1,315,000	KBR, Inc.* 4.750%, 09/30/28		1,159,633
	1,300,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		970,775
	595,000	5.500%, 09/01/28		497,646
	600,000	NCL Corp., Ltd.* 8.125%, 01/15/29		587,004
	589,000	NCR Voyix Corp.* 5.125%, 04/15/29		507,170
	886,000	ON Semiconductor Corp.* 3.875%, 09/01/28		761,499
	855,000	Open Text Corp.* 3.875%, 02/15/28		744,765
	600,000	6.900%, 12/01/27		598,848
	447,000	3.875%, 12/01/29		366,974
	447,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		352,406
	1,335,000	Playtika Holding Corp.* 4.250%, 03/15/29		1,077,799
	1,645,000	TTM Technologies, Inc.* 4.000%, 03/01/29		1,353,374

PRINCIPAL AMOUNT			VALUE
		Twilio, Inc.
	830,000	3.625%, 03/15/29	$	692,693
	298,000	3.875%, 03/15/31		238,528
	1,475,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		1,174,321
	1,355,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		1,120,355
				16,565,658
		Materials (0.7%)
	623,000	ArcelorMittal, SA^ 7.000%, 10/15/39		592,548
	600,000	ATI, Inc. 5.875%, 12/01/27		558,834
	295,000	Carpenter Technology Corp. 7.625%, 03/15/30		293,079
	895,000	Chemours Company* 4.625%, 11/15/29		692,623
	1,880,000	Clearwater Paper Corp.* 4.750%, 08/15/28		1,661,375
	900,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		836,190
	596,000	Commercial Metals Company 4.125%, 01/15/30		504,431
	298,000	4.375%, 03/15/32		240,823
	1,375,000	Constellium, SE*^ 3.750%, 04/15/29		1,132,354
	590,000	HB Fuller Company 4.250%, 10/15/28		512,085
	600,000	INEOS Finance, PLC* 6.750%, 05/15/28		561,060
	900,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		897,777
	1,350,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		1,128,424
	149,000	4.500%, 06/01/31		110,214
	297,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		243,691
	1,566,000	Mercer International, Inc. 5.125%, 02/01/29		1,229,983
	600,000	12.875%, 10/01/28*		606,756
	1,175,000	OCI, NV* 6.700%, 03/16/33		1,087,474
	900,000	Owens-Brockway Glass Container, Inc.* 7.250%, 05/15/31		824,742
	590,000	6.625%, 05/13/27		562,187
	1,328,000	Silgan Holdings, Inc. 4.125%, 02/01/28		1,184,510
	589,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		252,357
				15,713,517

See accompanying Notes to Schedule of Investments

www.calamos.com
147

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Other (0.1%)
	625,000	Gen Digital, Inc.* 7.125%, 09/30/30^	$	609,256
	625,000	6.750%, 09/30/27		609,450
				1,218,706
		Real Estate (0.2%)
	953,000	EPR Properties 3.750%, 08/15/29		753,156
	862,000	Forestar Group, Inc.* 5.000%, 03/01/28		760,336
	630,000	3.850%, 05/15/26		565,387
	1,341,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		1,065,250
	550,000	Service Properties Trust 5.250%, 02/15/26		493,730
				3,637,859
		Special Purpose Acquisition Companies (0.1%)
	1,195,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		950,861
	596,000	4.625%, 01/15/29		503,197
				1,454,058
		Utilities (0.2%)
	340,000	Algonquin Power & Utilities Corp.‡ 4.750%, 01/18/82 5 year CMT + 3.25%		268,539
	85,000	American Electric Power Company, Inc.‡ 3.875%, 02/15/62 5 year CMT + 2.68		67,232
	235,000	CMS Energy Corp.‡ 4.750%, 06/01/50 5 year CMT + 4.12%		196,281
	250,000	Dominion Energy, Inc.‡ 4.650%, 11/01/35 5 year CMT + 2.99%		227,520
	133,000	4.350%, 11/01/35 5 year CMT + 3.20%		107,432
	330,000	Duke Energy Corp.‡ 4.875%, 11/01/35 5 year CMT + 3.39%		319,513
	132,000	3.250%, 01/15/82 5 year CMT + 2.32%		95,412
	220,000	Emera, Inc.‡ 6.750%, 06/15/76 3 mo. LIBOR + 5.44		206,978
	288,000	National Rural Utilities Cooperative Finance Corp.‡ 7.125%, 09/15/53^		286,042
	150,000	5.250%, 04/20/46 3 mo. LIBOR + 3.63%		141,438
	320,000	NextEra Energy Capital Holdings, Inc.‡ 3.800%, 03/15/82 5 year CMT + 2.55%		256,454

PRINCIPAL AMOUNT			VALUE
	591,000	PPL Capital Funding, Inc.‡ 8.317%, 03/30/67 3 mo. LIBOR + 2.67%	$	535,475
	220,000	Sempra‡ 4.875%, 11/01/35 5 year CMT + 4.55%		205,878
	85,000	4.125%, 04/01/52 5 year CMT + 2.87%		66,470
	362,000	Southern Company‡ 4.000%, 01/15/51 5 year CMT + 3.73%		330,814
	95,000	3.750%, 09/15/51 5 year CMT + 2.92%		80,885
	625,000	Vistra Corp.*‡ 7.000%, 11/01/67 5 year CMT + 5.74%		571,750
	340,000	8.000%, 11/01/67 5 year CMT + 6.93%		323,469
	80,000	WEC Energy Group, Inc.‡ 7.739%, 05/15/67 3 mo. LIBOR + 2.11%		69,493
				4,357,075
		TOTAL CORPORATE BONDS(Cost $435,991,147)		388,806,056
CONVERTIBLE BONDS (23.0%)
		Communication Services (1.9%)
	903,000	Cable One, Inc. 0.000%, 03/15/26		739,277
	7,025,000	Liberty Media Corp.* 3.750%, 03/15/28		7,741,761
	5,970,000	2.375%, 09/30/53		5,788,810
	8,895,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		8,865,913
	17,095,000	Live Nation Entertainment, Inc. 2.000%, 02/15/25		17,204,750
				40,340,511
		Consumer Discretionary (4.1%)
	16,415,000	Airbnb, Inc. 0.000%, 03/15/26		14,221,956
	9,550,000	Booking Holdings, Inc. 0.750%, 05/01/25		14,562,890
	13,435,000	DISH Network Corp. 3.375%, 08/15/26		6,875,899
	7,098,000	0.000%, 12/15/25		4,354,907
	1,483,000	2.375%, 03/15/24		1,421,025
	14,650,000	Ford Motor Company 0.000%, 03/15/26		13,372,667
	7,670,000	Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		6,611,770
	5,415,000	Rivian Automotive, Inc.* 4.625%, 03/15/29		5,708,385
	1,400,000	Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		2,560,068

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
148

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT				VALUE
	400,000		Tesla, Inc. 2.000%, 05/15/24	$	3,896,100
	4,880,000		Vail Resorts, Inc. 0.000%, 01/01/26		4,272,635
	11,140,000		Wynn Macau, Ltd.* 4.500%, 03/07/29		11,364,137
					89,222,439
			Energy (0.8%)
	1,365,000		EQT Corp. 1.750%, 05/01/26		3,968,601
	7,245,000		Nabors Industries, Inc.* 1.750%, 06/15/29		5,428,823
	6,615,000		Northern Oil & Gas, Inc. 3.625%, 04/15/29		7,812,778
					17,210,202
			Financials (0.9%)
	3,000,000		Ares Capital Corp. 4.625%, 03/01/24		3,026,340
	4,500,000	EUR	JPMorgan Chase Bank NA 0.000%, 06/10/24		4,792,401
	11,275,000		Morgan Stanley Finance, LLC 1.000%, 11/23/27		11,430,595
					19,249,336
			Health Care (2.3%)
	8,820,000		Alnylam Pharmaceuticals, Inc. 1.000%, 09/15/27		7,654,525
	13,555,000		Dexcom, Inc. 0.250%, 11/15/25		12,867,355
	2,718,000		Envista Holdings Corp.* 1.750%, 08/15/28		2,351,722
	7,895,000		Integer Holdings Corp.* 2.125%, 02/15/28		8,690,658
	7,755,000		Jazz Investments I, Ltd. 2.000%, 06/15/26		7,873,109
	7,755,000		Pacira BioSciences, Inc. 0.750%, 08/01/25		6,976,398
	2,863,000		Shockwave Medical, Inc.* 1.000%, 08/15/28		2,775,993
					49,189,760
			Industrials (3.6%)
	5,910,000		Advanced Energy Industries, Inc.* 2.500%, 09/15/28		5,462,613
	4,215,000		Axon Enterprise, Inc.* 0.500%, 12/15/27		4,547,184
	7,500,000		Fluor Corp.* 1.125%, 08/15/29		7,240,425
	5,315,000		Granite Construction, Inc.* 3.750%, 05/15/28		5,730,580
	13,520,000		John Bean Technologies Corp. 0.250%, 05/15/26		12,166,783

PRINCIPAL AMOUNT				VALUE
	13,805,000		Middleby Corp. 1.000%, 09/01/25	$	14,339,392
	5,470,000		Southwest Airlines Company^ 1.250%, 05/01/25		5,212,910
	8,835,000		Tetra Tech, Inc.* 2.250%, 08/15/28		8,558,376
	14,800,000		Uber Technologies, Inc. 0.000%, 12/15/25		13,530,160
					76,788,423
			Information Technology (5.8%)
	10,410,000		Akamai Technologies, Inc. 1.125%, 02/15/29*		10,248,749
	4,230,000		0.375%, 09/01/27		4,308,974
	7,838,000		BILL Holdings, Inc. 0.000%, 04/01/27		6,220,472
	3,535,000		0.000%, 12/01/25		3,359,876
	17,000,000		CyberArk Software, Ltd. 0.000%, 11/15/24		19,461,600
	12,325,000		Enphase Energy, Inc. 0.000%, 03/01/28^		9,144,287
	3,525,000		0.000%, 03/01/26		3,006,226
	6,905,000		Microchip Technology, Inc.^ 0.125%, 11/15/24		6,953,404
	17,315,000		ON Semiconductor Corp.* 0.500%, 03/01/29		15,222,309
	2,520,000		Palo Alto Networks, Inc. 0.375%, 06/01/25		6,153,891
	5,970,000		Rapid7, Inc.* 1.250%, 03/15/29		5,775,498
	9,420,000		Seagate HDD Cayman* 3.500%, 06/01/28		9,771,743
	8,400,000		SK Hynix, Inc. 1.750%, 04/11/30		10,163,664
	5,850,000		Tyler Technologies, Inc. 0.250%, 03/15/26		5,562,765
	5,670,000		Wolfspeed, Inc.* 1.875%, 12/01/29		3,386,804
	5,970,000		Workiva, Inc.* 1.250%, 08/15/28		5,422,670
					124,162,932
			Materials (0.3%)
	5,800,000		Glencore Funding, LLC 0.000%, 03/27/25		6,083,678
			Other (0.0%)
	590,000		Multiplan Corp.* 6.000%, 10/15/27		392,362
			Real Estate (1.4%)
	5,400,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		6,122,731
	15,115,000		Pebblebrook Hotel Trust 1.750%, 12/15/26		12,019,902

See accompanying Notes to Schedule of Investments

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149

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	12,285,000	Welltower OP, LLC* 2.750%, 05/15/28	$	12,620,749
				30,763,382
		Utilities (1.9%)
	5,800,000	Alliant Energy Corp.* 3.875%, 03/15/26		5,669,094
	16,655,000	CMS Energy Corp.* 3.375%, 05/01/28		15,769,620
	20,355,000	PPL Capital Funding, Inc.* 2.875%, 03/15/28		18,667,164
				40,105,878
		TOTAL CONVERTIBLE BONDS (Cost $546,875,795)		493,508,903
BANK LOANS (6.2%)¡
		Airlines (0.1%)
	891,000	American Airlines, Inc.‡ 10.427%, 04/20/28 3 mo. SOFR + 4.75%		904,922
	915,000	Mileage Plus Holdings, LLC‡ 10.798%, 06/21/27 3 mo. SOFR + 5.25%		944,472
				1,849,394
		Communication Services (0.7%)
	2,000,000	APi Group DE, Inc.! 0.000%, 01/03/29		2,005,500
	3,282,857	Charter Communications Operating LLC‡ 7.133%, 02/01/27 3 mo. SOFR + 1.75%		3,278,556
	8,571	Charter Communications Operating, LLC‡ 02/01/27 1 mo. SOFR + 1.75%		8,560
	153,499	Clear Channel Outdoor Holdings, Inc.‡ 9.145%, 08/21/26 1 mo. SOFR + 3.50%		147,807
	421,239	DIRECTV Financing, LLC‡ 10.325%, 08/02/27 1 mo. SOFR + 5.00%		410,634
	1,755,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 2.50%		771,928
	1,995,000	Go Daddy Operating Company, LLC‡ 7.824%, 11/09/29 1 mo. SOFR + 2.50%		1,999,080
	2,000,000	Match Group, Inc.‡ 7.298%, 02/13/27 3 mo. SOFR + 1.75%		1,994,160
	2,000,000	Nexstar Broadcasting, Inc.‡ 7.939%, 09/18/26 1 mo. SOFR + 2.50%		2,001,800
	600,000	Telesat Canada‡ 8.434%, 12/07/26 3 mo. SOFR + 2.75%		413,550

PRINCIPAL AMOUNT			VALUE
	2,000,000	Virgin Media Bristol, LLC‡ 7.949%, 01/31/28 1 mo. SOFR + 2.50%	$	1,946,260
				14,977,835
		Consumer Discretionary (1.1%)
	2,000,000	Adient US LLC‡ 8.689%, 04/10/28 1 mo. SOFR + 3.25%		2,001,870
	472,889	American Axle and Manufacturing, Inc.‡ 9.007%, 12/13/29 3 mo. SOFR + 3.50%		471,905
	315,111	American Axle and Manufacturing, Inc.‡ 8.941%, 12/13/29 1 mo. SOFR + 3.50%		314,456
	1,995,000	Aramark Services, Inc.‡ 7.939%, 06/22/30 1 mo. SOFR + 2.50%		1,995,000
	1,194,000	Caesars Entertainment Corp.‡ 8.674%, 02/06/30 1 mo. SOFR + 3.25%		1,191,182
	3,201,975	Carnival Corp.‡ 8.336%, 08/08/27 1 mo. SOFR + 3.00%		3,149,943
	1,194,000	Hanesbrands, Inc.‡ 9.074%, 03/08/30 1 mo. SOFR + 3.75%		1,180,568
	2,194,373	KFC Holding Co.‡ 7.199%, 03/15/28 1 mo. SOFR + 1.75%		2,195,514
	722,390	Life Time Fitness, Inc.‡ 10.130%, 01/15/26 3 mo. SOFR + 4.75%		723,925
	1,994,885	Murphy USA, Inc.‡ 7.179%, 01/31/28 1 mo. SOFR + 1.75%		2,002,994
	1,994,949	PENN Entertainment, Inc.‡ 8.174%, 05/03/29 1 mo. SOFR + 2.75%		1,994,680
	1,360,603	Petco Health and Wellness Company, Inc.‡ 8.902%, 03/03/28 3 mo. SOFR + 3.25%		1,332,636
	2,948,694	PetSmart, Inc.‡ 9.174%, 02/11/28 1 mo. SOFR + 3.75%		2,917,673
	1,994,770	Station Casinos, LLC‡! 0.000%, 02/08/27		1,984,347
	747,819	TKC Holdings, Inc.‡ 10.939%, 05/15/28 1 mo. SOFR + 5.50%		717,906
	300,000	Windsor Holdings III, LLC‡ 9.815%, 08/01/30 1 mo. SOFR + 4.50%		299,492
				24,474,091

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
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Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Consumer Staples (0.1%)
	1,225,000	Star Parent, Inc.‡ 9.386%, 09/27/30 3 mo. LIBOR + 4.00%	$	1,171,106
	565,000	United Natural Foods, Inc.‡ 8.689%, 10/22/25 1 mo. SOFR + 3.25%		564,215
				1,735,321
		Energy (0.1%)
	575,000	New Fortress Energy, Inc.‡ 0.000%, 10/23/30		531,875
	1,494,000	Par Petroleum, LLC‡ 9.773%, 02/28/30 3 mo. SOFR + 4.25%		1,492,132
				2,024,007
		Financials (0.8%)
	300,000	Advisor Group, Inc.‡ 9.824%, 08/17/28 1 mo. SOFR + 4.50%		299,007
	1,218,860	Alliant Holdings Intermediate, LLC‡ 8.835%, 11/05/27 1 mo. SOFR + 3.50%		1,216,136
	663,850	Amynta Agency Borrower, Inc.‡ 10.325%, 02/28/28 1 mo. SOFR + 5.00%		664,315
	242,659	Amynta Agency Borrower, Inc.‡ 10.424%, 02/28/28 1 mo. SOFR + 5.00%		242,829
	1,173,090	AssuredPartners, Inc.‡ 8.824%, 02/12/27 1 mo. SOFR + 3.50%		1,164,292
	3,092,250	Avolon TLB Borrower 1 LLC‡ 7.839%, 06/22/28 1 mo. SOFR + 2.50%		3,096,564
	1,994,911	Castlelake Aviation, Ltd. 8.421%, 10/22/26 3 mo. SOFR + 2.75%		1,993,664
	1,048,473	Castlelake Aviation, Ltd.! 8.421%, 10/22/26 3 mo. SOFR + 2.75%		1,047,818
	595,500	Castlelake Aviation, Ltd.‡ 8.421%, 10/22/27 3 mo. SOFR + 2.75%		594,809
	335,000	Delos Aircraft Leasing DAC‡ 7.402%, 10/31/27 3 mo. SOFR + 2.00%		335,367
	281,410	Delos Aircraft Leasing DAC! 7.402%, 10/31/27 3 mo. SOFR + 2.00%		281,718
	1,215,813	Hub International, Ltd.‡ 9.365%, 11/10/29 3 mo. SOFR + 4.00%		1,215,636

PRINCIPAL AMOUNT			VALUE
	4,152,117	Jazz Financing Lux Sarl‡ 8.939%, 05/05/28 1 mo. SOFR + 3.50%	$	4,155,563
	1,633,500	VFH Parent, LLC‡ 8.427%, 01/13/29 1 mo. SOFR + 3.00%		1,625,504
				17,933,222
		Health Care (1.0%)
	2,074,262	Amneal Pharmaceuticals, LLC‡ 8.939%, 05/04/25 1 mo. SOFR + 3.50%		2,036,842
	1,457,361	Avantor Funding, Inc.‡ 7.674%, 11/08/27 1 mo. SOFR + 2.25%		1,458,578
	—	Bausch Health Companies, Inc.‡ 10.689%, 02/01/27 1 mo. SOFR + 5.25%		—
	2,194,236	DaVita, Inc.‡ 7.189%, 08/12/26 1 mo. SOFR + 1.75%		2,171,756
	1,994,462	Elanco Animal Health, Inc.‡ 7.165%, 08/01/27 1 mo. SOFR + 1.75%		1,951,461
	1,601,168	ICON Luxembourg Sarl! 7.902%, 07/03/28 3 mo. SOFR + 2.25%		1,603,946
	647,990	Icon Luxembourg Sarl‡ 7.902%, 07/03/28 3 mo. SOFR + 2.25%		649,114
	2,000,000	IQVIA, Inc.‡ 7.402%, 06/11/25 3 mo. SOFR + 1.75%		2,006,880
	1,118,060	Mallinckrodt International Finance, SA‡ 12.703%, 09/30/27 1 mo. SOFR + 7.25%		851,901
	2,000,000	Organon & Company‡ 8.451%, 06/02/28 1 mo. SOFR + 3.00%		1,998,500
	1,261,176	Padagis, LLC‡ 10.434%, 07/06/28 3 mo. SOFR + 4.75%		1,123,500
	1,994,950	Perrigo Investments, LLC‡ 7.674%, 04/20/29 1 mo. SOFR + 2.25%		1,988,965
	398,932	PRA Health Sciences, Inc.! 7.902%, 07/03/28 3 mo. SOFR + 2.25%		399,624
	161,447	PRA Health Sciences, Inc. 7.902%, 07/03/28 3 mo. SOFR + 2.25%		161,727
	2,878,766	Team Health Holdings, Inc.‡ 10.633%, 03/02/27 3 mo. SOFR + 5.25%		2,080,700

See accompanying Notes to Schedule of Investments

www.calamos.com
151

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	8,209	Team Health Holdings, Inc.‡ 10.574%, 03/02/27 1 mo. SOFR + 5.25%	$	5,933
				20,489,427
		Industrials (1.1%)
	586,500	ACProducts, Inc.‡ 9.902%, 05/17/28 3 mo. LIBOR + 4.25%		468,059
	735,688	Air Canada‡ 9.128%, 08/11/28 3 mo. SOFR + 3.50%		735,872
	1,994,898	Beacon Roofing Supply, Inc.‡ 7.689%, 05/19/28 1 mo. SOFR + 2.25%		1,994,798
	2,131,043	Berry Global, Inc.‡ 7.201%, 07/01/29 1 mo. SOFR + 1.75%		2,115,337
	3,473,863	ChampionX Corp.‡ 8.177%, 06/07/29 1 mo. SOFR + 2.75%		3,489,599
	2,758,248	Emrld Borrower, LP‡ 8.380%, 05/31/30 3 mo. SOFR + 3.00%		2,755,655
	1,994,987	H.B. Fuller Company‡ 7.574%, 02/15/30 1 mo. SOFR + 2.25%		2,002,678
	1,994,898	Jeld-Wen, Inc.‡ 7.689%, 07/28/28 1 mo. SOFR + 2.25%		1,996,145
	3,377,449	Scientific Games International, Inc.‡ 8.435%, 04/14/29 1 mo. SOFR + 3.00%		3,378,513
	645,125	Summit Materials, LLC‡ 8.571%, 12/14/27 3 mo. SOFR + 3.00%		648,654
	1,994,988	TransDigm, Inc.‡ 8.640%, 08/24/28 3 mo. SOFR + 3.25%		1,994,988
	2,959,427	United Airlines, Inc.‡ 9.189%, 04/21/28 1 mo. SOFR + 3.75%		2,957,577
				24,537,875
		Information Technology (0.6%)
	1,176,696	Banff Merger Sub, Inc.‡ 9.189%, 10/02/25 1 mo. SOFR + 3.75%		1,176,943
	835,000	Central Parent, Inc.! 9.406%, 07/06/29 3 mo. SOFR + 4.00%		831,347
	297,750	Central Parent, Inc.‡ 9.406%, 07/06/29 3 mo. SOFR + 4.00%		296,447

PRINCIPAL AMOUNT			VALUE
	1,164,020	Dun & Bradstreet Corp.‡ 8.176%, 02/06/26 1 mo. SOFR + 2.75%	$	1,164,020
	3,091,528	II-VI, Inc.‡ 8.189%, 07/02/29 1 mo. SOFR + 2.75%		3,090,074
	1,952,924	Open Text Corp.‡ 8.174%, 01/31/30 1 mo. SOFR + 2.75%		1,953,607
	1,199,236	SS&C Technologies, Inc.‡ 7.674%, 03/22/29 1 mo. SOFR + 2.25%		1,199,236
	757,112	SS&C Technologies, Inc.‡ 7.674%, 03/22/29 1 mo. SOFR + 2.25%		757,112
	1,281,788	TTM Technologies, Inc.‡ 8.065%, 05/30/30 1 mo. SOFR + 2.75%		1,282,589
				11,751,375
		Information Technology (0.0%)
	990,690	Camelot U.S. Acquisition LLC‡ 8.439%, 10/30/26 1 mo. SOFR + 3.00%		990,591
		Materials (0.5%)
	2,073,150	Axalta Coating Systems U.S. Holdings, Inc.‡ 7.890%, 12/20/29 3 mo. SOFR + 2.50%		2,078,467
	2,620,000	Chemours Company‡ 8.824%, 08/18/28 1 mo. SOFR + 2.50%		2,554,500
	1,197,000	Ineos US Finance, LLC‡ 8.825%, 02/18/30 1 mo. SOFR + 3.50%		1,173,623
	1,474,341	Innophos, Inc.‡ 8.689%, 02/05/27 1 mo. SOFR + 3.25%		1,461,441
	1,511,213	LSF11 A5 Holdco, LLC‡ 9.674%, 10/15/28 1 mo. SOFR + 4.25%		1,485,242
	596,947	Trinseo Materials Operating SCA‡ 7.939%, 05/03/28 1 mo. SOFR + 2.50%		476,775
	1,172,643	W.R. Grace & Co.-Conn.‡ 9.402%, 09/22/28 3 mo. SOFR + 3.75%		1,153,588
				10,383,636
		Special Purpose Acquisition Companies (0.1%)
	587,563	Clydesdale Acquisition Holdings, Inc.‡ 9.599%, 04/13/29 1 mo. SOFR + 4.18%		569,815
	295,500	Fertitta Entertainment, LLC‡ 9.324%, 01/27/29 1 mo. SOFR + 4.00%		289,434

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
152

Strategic Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	1,262,250	Oscar AcquisitionCo, LLC‡ 9.990%, 04/29/29 3 mo. SOFR + 4.50%	$	1,231,615
	1,188,000	Patagonia Holdco, LLC‡ 11.117%, 08/01/29 3 mo. SOFR + 5.75%		1,030,590
				3,121,454
		TOTAL BANK LOANS (Cost $136,777,345)		134,268,228
U.S. GOVERNMENT AND AGENCY SECURITIES (3.1%)
		Other (3.1%)
	36,945,000	United States Treasury Note^ 2.250%, 03/31/24		36,464,427
	30,400,000	2.500%, 05/31/24		29,886,406
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $67,314,841)		66,350,833
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (2.3%)
		Energy (0.0%)
	28	Gulfport Energy Corp.# 10.000%, 12/01/23 15.000% PIK rate		248,500
		Financials (0.9%)
	80,250	AMG Capital Trust II 5.150%, 10/15/37		3,823,190
	300,410	Apollo Global Management, Inc. 6.750%, 07/31/26		14,452,725
				18,275,915
		Industrials (0.1%)
	46,187	Chart Industries, Inc. 6.750%, 12/15/25		2,270,553
		Utilities (1.3%)
	246,010	AES Corp. 6.875%, 02/15/24		14,829,483
	84,885	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)#§** 3.369%, 09/15/29		3,248,888
	262,050	NextEra Energy, Inc.^ 6.926%, 09/01/25		9,837,357
				27,915,728
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $63,477,722)		48,710,696

NUMBER OF SHARES				VALUE
COMMON STOCKS (96.0%)
			Communication Services (10.2%)
	661,840		Alphabet, Inc. - Class A#µ	$	82,121,107
	199,700		Alphabet, Inc. - Class C^#µ		25,022,410
	25,095		Altice USA, Inc. - Class A#		72,525
	264,885		AT&T, Inc.^		4,079,229
	411,425		Comcast Corp. - Class A		16,987,738
	8,434		Cumulus Media, Inc. - Class A		38,037
	2		Frontier Communications Parent, Inc.^#		36
	146,450		Meta Platforms, Inc. - Class A#		44,120,992
	32,360		Netflix, Inc.#µ		13,322,288
	205,085	EUR	Orange, SA		2,412,218
	135,860		T-Mobile U.S., Inc.#		19,544,820
	149,335		Walt Disney Company#		12,184,243
					219,905,643
			Consumer Discretionary (10.8%)
	688,315		Amazon.com, Inc.^#		91,607,843
	137,124		Aptiv, PLC#		11,957,213
	59,260		Carnival Corp.#		679,120
	243,463		General Motors Company		6,865,657
	52,240		Home Depot, Inc.		14,872,205
	294,980		Las Vegas Sands Corp.		13,999,751
	54,670		Lowe's Companies, Inc.		10,418,462
	62,500		McDonald's Corp.		16,385,625
	162,800		NIKE, Inc. - Class B		16,730,956
	107,325		Starbucks Corp.		9,899,658
	144,100		Tesla, Inc.#		28,941,044
	104,675		TJX Cos., Inc.		9,218,727
					231,576,261
			Consumer Staples (6.8%)
	58,750		Altria Group, Inc.		2,359,987
	329,140		Coca-Cola Company^		18,593,118
	31,575		Costco Wholesale Corp.		17,443,293
	47,280		Estee Lauder Companies, Inc. - Class A		6,092,974
	154,119		Kenvue, Inc.		2,866,613
	113,665		Mondelez International, Inc. - Class A^		7,525,760
	149,110		Monster Beverage Corp.#µ		7,619,521
	90,260		PepsiCo, Inc.^		14,737,653
	179,035		Philip Morris International, Inc.^		15,962,761
	203,745		Procter & Gamble Company		30,567,862
	52,650		Walgreens Boots Alliance, Inc.^		1,109,862
	130,790		Walmart, Inc.		21,372,394
					146,251,798
			Energy (5.6%)
	475,000		BP, PLC (ADR)		17,375,500
	11,045		Chaparral Energy, Inc. - Class A&#		491,503

See accompanying Notes to Schedule of Investments

www.calamos.com
153

Strategic Total Return Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES			VALUE
	3,550	Chesapeake Energy Corp.^	$	305,584
	128,625	Chevron Corp.^		18,744,521
	64,470	ConocoPhillips^		7,659,036
	82,935	Energy Transfer, LP		1,090,595
	49,155	Enterprise Products Partners, LP		1,279,996
	7,920	EP Energy Corp.&#		20,790
	317,920	Exxon Mobil Corp.		33,651,832
	56,105	Hess Corp.		8,101,562
	80,370	Marathon Petroleum Corp.µ		12,155,962
	10,578	ONEOK, Inc.^		689,686
	24,975	Pioneer Natural Resources Company		5,969,025
	219,710	Schlumberger, NV		12,229,059
				119,764,651
		Financials (12.1%)
	35,430	Affiliated Managers Group, Inc.		4,349,387
	59,230	American Express Company^		8,649,357
	346,890	American International Group, Inc.^		21,267,826
	29,983	Assurant, Inc.		4,464,469
	663,370	Bank of America Corp.^~		17,473,166
	71,870	Bank of New York Mellon Corp.^		3,054,475
	10,715	BlackRock, Inc.		6,560,580
	76,155	Chubb, Ltd.µ		16,344,386
	231,670	Citigroup, Inc.		9,148,648
	27,300	Goldman Sachs Group, Inc.^		8,288,553
	212,020	JPMorgan Chase & Company^		29,483,501
	120,287	KKR & Company, Inc.		6,663,900
	76,915	Marsh & McLennan Cos., Inc.		14,586,930
	72,315	Mastercard, Inc. - Class A^		27,215,750
	221,340	Morgan Stanley^		15,675,299
	15,345	S&P Global, Inc.		5,360,162
	157,631	Starwood Property Trust, Inc.^		2,797,950
	178,525	Visa, Inc. - Class A^		41,971,227
	411,130	Wells Fargo & Company^		16,350,640
				259,706,206
		Health Care (13.2%)
	82,820	Abbott Laboratories~		7,830,631
	118,475	AbbVie, Inc.		16,726,300
	124,060	Alcon, Inc.		8,847,959
	267,298	Boston Scientific Corp.^#		13,682,985
	107,005	Bristol-Myers Squibb Company^		5,513,968
	26,965	Danaher Corp.		5,177,819
	35,495	Dexcom, Inc.#		3,153,021
	23,435	Elevance Health, Inc.		10,547,859
	74,890	Eli Lilly & Company^		41,483,818
	34,856	GE Healthcare, Inc.		2,320,364
	10,885	Humana, Inc.		5,700,366

NUMBER OF SHARES			VALUE
	200,940	Johnson & Johnson	$	29,807,440
	35,440	McKesson Corp.		16,137,958
	204,155	Medtronic, PLC		14,405,177
	219,485	Merck & Company, Inc.		22,541,109
	314,685	Pfizer, Inc.		9,616,774
	20,295	Stryker Corp.		5,484,115
	30,260	Thermo Fisher Scientific, Inc.~		13,458,740
	72,460	UnitedHealth Group, Inc.^		38,806,677
	112,720	Zimmer Biomet Holdings, Inc.^		11,769,095
				283,012,175
		Industrials (5.8%)
	777,890	CSX Corp.		23,220,017
	104,568	General Electric Company^		11,359,222
	104,790	Honeywell International, Inc.		19,203,815
	79,505	JB Hunt Transport Services, Inc.		13,664,524
	28,435	Northrop Grumman Corp.		13,405,112
	59,495	Parker-Hannifin Corp.		21,948,301
	230,220	RTX Corp.		18,737,606
	152,510	Southwest Airlines Company		3,390,297
				124,928,894
		Information Technology (27.1%)
	56,335	Accenture, PLC - Class A		16,736,565
	21,770	Adobe, Inc.^#		11,582,946
	69,245	Advanced Micro Devices, Inc.^#		6,820,633
	1,026,970	Apple, Inc.^~		175,375,667
	59,580	Applied Materials, Inc.		7,885,413
	35,949	Broadcom, Inc.		30,246,410
	247,515	Cisco Systems, Inc.^		12,902,957
	58,910	Fidelity National Information Services, Inc.^		2,893,070
	10,330	Intuit, Inc.		5,112,834
	16,960	Lam Research Corp.		9,976,211
	95,780	Micron Technology, Inc.^		6,404,809
	574,150	Microsoft Corp.^		194,125,856
	1,520,000	Nokia Oyj (ADR)^		5,031,200
	161,290	NVIDIA Corp.^††		65,774,062
	81,370	Oracle Corp.		8,413,658
	59,985	Salesforce, Inc.#		12,046,788
	21,845	ServiceNow, Inc.#		12,710,513
				584,039,592
		Materials (2.6%)
	255,945	Freeport-McMoRan, Inc.		8,645,822
	63,970	Linde, PLC		24,446,775
	126,910	PPG Industries, Inc.		15,580,741
	36,605	Vulcan Materials Company		7,192,516
				55,865,854

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
154

Strategic Total Return Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES			VALUE
		Real Estate (0.7%)
	70,930	American Tower Corp.	$	12,639,017
	119,195	Invitation Homes, Inc.		3,538,899
				16,177,916
		Special Purpose Acquisition Company (0.0%)
	14,052	Intelsat Emergence, SA&#		333,735
		Utilities (1.1%)
	77,480	CMS Energy Corp.		4,210,263
	176,574	DTE Energy Company		17,018,202
	32,149	NextEra Energy, Inc.		1,874,287
	8,988	Veralto Corp.#		620,172
				23,722,924
		TOTAL COMMON STOCKS (Cost $1,573,428,813)		2,065,285,649
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 FUND (0.0%)
		Other (0.0%)
	11,975	iShares Preferred & Income Securities ETF^ (Cost $395,301)		342,245
PREFERRED STOCKS (0.3%)
		Communication Services (0.1%)
	8,482	AT&T, Inc.^ 4.750%, 02/18/25		146,739
	3,485	AT&T, Inc. 5.350%, 11/01/66		73,011
	14,625	Qwest Corp. 6.500%, 09/01/56		176,816
	9,521	Telephone and Data Systems, Inc. 6.000%, 09/30/26		122,345
	24,420	United States Cellular Corp. 5.500%, 03/01/70		362,881
	23,445	United States Cellular Corp. 5.500%, 06/01/70		342,766
				1,224,558

NUMBER OF SHARES			VALUE
		Consumer Discretionary (0.0%)
	2,835	Ford Motor Company 6.200%, 06/01/59	$	60,839
	2,764	Ford Motor Company 6.500%, 08/15/62		57,823
	8,177	Guitar Center, Inc.&#		862,673
	605	Qurate Retail, Inc.^ 8.000%, 03/15/31		14,399
				995,734
		Energy (0.1%)
	12,420	Energy Transfer, LP‡ 10.364%, 11/30/23 3 mo. LIBOR + 4.74%		311,245
	43,730	NuStar Energy, LP‡ 11.315%, 11/30/23 3 mo. LIBOR + 5.64%		1,097,623
	9,119	NuStar Energy, LP‡ 12.438%, 11/30/23 3 mo. LIBOR + 6.77%		232,261
	55,760	NuStar Logistics, LP‡ 12.390%, 01/15/43 3 mo. LIBOR + 6.73%		1,448,645
				3,089,774
		Financials (0.1%)
	3,400	Affiliated Managers Group, Inc. 4.750%, 09/30/60		55,522
	6,000	Allstate Corp. 7.375%, 07/15/28		154,620
	5,970	Annaly Capital Management, Inc.‡ 10.637%, 3 mo. LIBOR + 4.99%		144,713
	1,450	Bank OZK 4.625%, 11/15/26		21,605
	1,350	Capital One Financial Corp. 4.800%, 06/01/25		21,236
	10,725	CNO Financial Group, Inc. 5.125%, 11/25/60		164,092
	1,732	Cullen/Frost Bankers, Inc. 4.450%, 12/15/25		27,799
	3,401	First Citizens BancShares, Inc. 5.625%, 01/04/27		65,503
	1,374	Goldman Sachs Group, Inc.‡ 6.375%, 05/10/24 3 mo. SOFR + 3.81%		34,570
	4,592	KeyCorp‡ 6.200%, 12/15/27 5 year CMT + 3.13%		76,732
	2,125	Morgan Stanley^ 6.500%, 10/15/27		52,403
	7,932	Prospect Capital Corp. 5.350%, 07/01/26		125,484
	11,100	Reinsurance Group of America, Inc.‡ 7.125%, 10/15/52 5 year CMT + 3.46%		283,050

See accompanying Notes to Schedule of Investments

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155

Strategic Total Return Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES			VALUE
	6,214	Selective Insurance Group, Inc. 4.600%, 12/15/25	$	98,181
				1,325,510
		Industrials (0.0%)
	5,043	WESCO International, Inc.‡ 10.625%, 06/22/25 5 year CMT + 10.33%		134,446
		Real Estate (0.0%)
	8,773	Brookfield Property Partners, LP 5.750%, 03/31/25		85,976
	5,000	Brookfield Property Partners, LP 6.375%, 09/30/24		54,850
	3,625	Global Net Lease, Inc. 6.875%, 11/26/24		57,166
	1,951	Global Net Lease, Inc.‡‡ 7.500%		33,167
	3,000	Spirit Realty Capital, Inc. 6.000%, 11/30/23		66,570
				297,729
		Utilities (0.0%)
	6,000	Brookfield Renewable Partners, LP 5.250%, 03/31/25		96,540
	5,100	DTE Energy Company 5.250%, 12/01/77		109,548
				206,088
		TOTAL PREFERRED STOCKS (Cost $8,147,207)		7,273,839
PRINCIPAL AMOUNT			VALUE
RIGHTS (0.0%)#
		Communication Services (0.0%)
	3	Intelsat Jackson Holdings, SA, (Expires 12/5/25)		—
	3	Intelsat Jackson Holdings, SA, (Expires 12/5/25)		—
		TOTAL RIGHTS (Cost $—)		—
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.1%)#
		Other (0.1%)
	5,800	iShares MSCI Emerging Markets ETF
	21,286,000	Call, 12/15/23, Strike $41.00		20,300

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	1,500	SPDR S&P 500 ETF Trust
	62,730,000	Put, 12/15/23, Strike $420.00	$	1,506,000
		TOTAL PURCHASED OPTIONS(Cost $2,801,686)		1,526,300
		TOTAL INVESTMENTS (149.1%)(Cost $2,836,458,007)		3,206,918,798
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-15.0%)				(323,500,000	)
LIABILITIES, LESS OTHER ASSETS (-34.1%)				(733,416,123	)
NET ASSETS (100.0%)			$	2,150,002,675

NOTES TO SCHEDULE OF INVESTMENTS

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

@ In default status and considered non-income producing.

& Illiquid security.

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

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $3,850,922.

¡ 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.

# 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 October 31, 2023.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $131,937,238.

† Security or a portion of the security purchased on a delayed delivery or when-issued basis.

FOREIGN CURRENCY ABBREVIATION

EUR European Monetary Unit

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

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
156

Strategic Total Return Fund Schedule of Investments October 31, 2023

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of October 31, 2023 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	388,806,056	$	—	$	388,806,056
Convertible Bonds		—		493,508,903		—		493,508,903
Bank Loans		—		134,268,228		—		133,268,228
U.S. Government and Agency Securities		—		66,350,833		—		66,350,833
Convertible Preferred Stocks		41,390,118		7,320,578		—		48,710,696
Common Stocks		2,062,027,403		3,258,246		—		2,065,285,649
Warrants		—		13		—		13
Exchange-Traded Funds		342,245		—		—		342,245
Preferred Stocks		6,068,400		1,205,439		—		7,273,839
Asset Backed Securities		—		846,036		—		846,036
Purchased Options		1,526,300		—		—		1,526,300
Total	$	2,111,354,466	$	1,095,564,332	$	—	$	3,206,918,798

See accompanying Notes to Schedule of Investments

www.calamos.com
157

Dynamic Convertible and Income Fund Schedule of Investments October 31, 2023

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 $197,806)	$	190,469
CORPORATE BONDS (17.7%)
		Airlines (0.3%)
	46,800	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		46,568
	237,099	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		222,238
	112,023	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		111,816
	287,560	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		245,257
	163,333	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		158,891
	65,000	5.750%, 04/20/29		58,668
	267,259	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		232,221
	273,487	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		271,920
	185,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		137,379
				1,484,958
		Communication Services (2.0%)
	200,000	Altice France Holding, SA* 10.500%, 05/15/27		110,264
	300,000	Altice France, SA* 5.500%, 10/15/29		207,759
	320,000	APi Group DE, Inc.* 4.750%, 10/15/29		275,942
	395,000	Arrow Bidco, LLC* 9.500%, 03/15/24		400,285
	280,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		206,550
	336,000	Audacy Capital Corp.* 6.750%, 03/31/29		5,460
	131,000	6.500%, 05/01/27		1,965
	242,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		195,834
	80,000	Clear Channel Outdoor Holdings, Inc.* 9.000%, 09/15/28		78,012

PRINCIPAL AMOUNT			VALUE
	405,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28	$	321,436
	400,000	CSC Holdings, LLC* 5.375%, 02/01/28		318,952
	400,000	4.625%, 12/01/30		203,180
	400,000	4.500%, 11/15/31		264,616
	370,000	5.500%, 04/15/27		309,290
	200,000	5.750%, 01/15/30		105,430
	210,000	Diamond Sports Group, LLC / Diamond Sports Finance Company*@ 6.625%, 08/15/27		2,663
	146,000	5.375%, 08/15/26		1,790
	678,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		594,199
	275,000	Frontier California, Inc. 6.750%, 05/15/27		253,913
	169,000	Frontier Communications Holdings, LLC* 5.000%, 05/01/28		146,673
	65,000	8.750%, 05/15/30		62,005
	289,000	Frontier Florida, LLC@ 6.860%, 02/01/28		266,042
	400,000	Frontier North, Inc.@ 6.730%, 02/15/28		371,068
	235,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		198,620
	69,000	5.250%, 12/01/27		65,244
	100,000	iHeartCommunications, Inc. 8.375%, 05/01/27^		61,376
	100,000	5.250%, 08/15/27*		73,402
	200,000	Intelsat Jackson Holdings, SA@& 9.750%, 07/15/25*		—
	135,000	0.000%, 08/01/23		—
	330,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		299,020
	198,330	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		49,991
	200,000	Lumen Technologies, Inc. 7.600%, 09/15/39		54,428
	135,000	4.000%, 02/15/27*^		92,304
	67,000	7.650%, 03/15/42		18,046
	130,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		100,654
	220,000	Nexstar Media, Inc.* 5.625%, 07/15/27		198,106
	390,000	Paramount Global 4.900%, 08/15/44		245,677
	94,000	Qwest Corp. 7.250%, 09/15/25		90,268
	136,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		103,303
	68,000	5.375%, 01/15/31		42,254

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
158

Dynamic Convertible and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	225,000	Scripps Escrow, Inc.* 5.875%, 07/15/27	$	168,426
	345,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		305,994
	268,000	4.000%, 07/15/28		228,020
	130,000	3.125%, 09/01/26		116,804
	65,000	3.875%, 09/01/31		48,960
	242,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		150,812
	680,000	Sprint, LLCµ 7.125%, 06/15/24		683,869
	300,000	Stagwell Global, LLC* 5.625%, 08/15/29		248,208
	210,000	Telecom Italia Capital, SA 6.000%, 09/30/34		172,973
	260,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		155,678
	105,000	Time Warner Cable, LLC 7.300%, 07/01/38		98,349
	300,000	United States Cellular Corp. 6.700%, 12/15/33		285,705
	100,000	Univision Communications, Inc.* 8.000%, 08/15/28		94,772
	135,000	Viasat, Inc.* 5.625%, 04/15/27		118,117
				9,272,708
		Consumer Discretionary (3.7%)
	320,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		325,338
	265,000	Adams Homes, Inc.* 9.250%, 10/15/28		260,124
	330,000	Adient Global Holdings Company* 8.250%, 04/15/31		322,925
	213,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		189,838
	228,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		185,307
	204,000	6.625%, 01/15/28		187,229
	325,000	At Home Group, Inc.* 4.875%, 07/15/28		112,938
	355,000	Bath & Body Works, Inc. 6.694%, 01/15/27		344,041
	330,000	6.875%, 11/01/35^		291,684
	168,000	Caesars Entertainment, Inc.*^ 4.625%, 10/15/29		138,313
	132,000	8.125%, 07/01/27		130,857
	280,000	Carnival Corp.* 6.000%, 05/01/29		236,813
	134,000	4.000%, 08/01/28		116,745
	133,000	7.625%, 03/01/26		129,397
	16,000	7.000%, 08/15/29		15,719

PRINCIPAL AMOUNT			VALUE
	315,000	Carriage Services, Inc.* 4.250%, 05/15/29	$	257,963
	52,000	Carvana Company* 14.000%, 06/01/31		39,135
	44,000	13.000%, 06/01/30		33,020
	29,000	12.000%, 12/01/28		21,719
	575,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		529,805
	315,000	4.500%, 08/15/30		253,172
	300,000	6.375%, 09/01/29		275,820
	300,000	4.750%, 03/01/30		247,824
	266,000	4.250%, 02/01/31		207,251
	130,000	5.000%, 02/01/28		116,467
	130,000	4.750%, 02/01/32		101,620
	130,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		116,498
	207,000	Cedar Fair, LP^ 5.250%, 07/15/29		179,032
	132,000	Churchill Downs, Inc.* 6.750%, 05/01/31		123,413
	220,000	Dana, Inc. 4.250%, 09/01/30		175,056
	195,000	4.500%, 02/15/32		152,837
	325,000	DISH DBS Corp. 5.250%, 12/01/26*		262,915
	215,000	7.750%, 07/01/26		144,271
	168,000	7.375%, 07/01/28		94,718
	130,000	5.125%, 06/01/29		67,088
	265,000	DISH Network Corp.* 11.750%, 11/15/27		262,708
	400,000	Empire Resorts, Inc.* 7.750%, 11/01/26		327,572
	296,000	Everi Holdings, Inc.* 5.000%, 07/15/29		248,983
	275,000	Ford Motor Company^ 6.100%, 08/19/32		254,595
	425,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		350,446
	350,000	5.113%, 05/03/29		317,877
	340,000	7.200%, 06/10/30		339,616
	240,000	7.350%, 11/04/27		243,130
	200,000	7.350%, 03/06/30		201,228
	98,000	Gap, Inc.* 3.875%, 10/01/31		70,700
	135,000	General Motors Company 5.200%, 04/01/45		100,069
	460,000	goeasy, Ltd.* 5.375%, 12/01/24^		452,120
	241,000	4.375%, 05/01/26		218,454
	140,000	Goodyear Tire & Rubber Company^ 5.250%, 07/15/31		114,187
	114,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		98,532

See accompanying Notes to Schedule of Investments

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Dynamic Convertible and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	283,000	Guitar Center, Inc.*^ 8.500%, 01/15/26	$	239,183
	145,000	International Game Technology, PLC* 6.250%, 01/15/27		141,481
	78,592	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		79,118
	233,000	Kohl's Corp. 5.550%, 07/17/45		134,711
	265,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		253,984
	265,000	Liberty Interactive, LLC 8.250%, 02/01/30		69,814
	256,000	Life Time, Inc.* 8.000%, 04/15/26		250,191
	135,000	5.750%, 01/15/26		130,931
	135,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		132,044
	100,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		98,030
	168,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		152,759
	175,000	M/I Homes, Inc. 3.950%, 02/15/30		140,033
	440,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		339,271
	135,000	4.300%, 02/15/43		74,080
	310,000	Mclaren Finance, PLC* 7.500%, 08/01/26		267,639
	332,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		277,144
	160,000	Newell Brands, Inc. 5.200%, 04/01/26		151,131
	130,000	Nordstrom, Inc. 5.000%, 01/15/44		78,285
	123,000	4.250%, 08/01/31		90,174
	305,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		237,186
	250,000	PetSmart, Inc. / PetSmart Finance Corp.* 4.750%, 02/15/28		221,408
	365,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		256,883
	659,000	Rite Aid Corp.*@ 8.000%, 11/15/26		458,262
	132,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		130,585
	370,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		300,877
	530,000	Six Flags Entertainment Corp.*^ 7.250%, 05/15/31		488,241

PRINCIPAL AMOUNT			VALUE
	303,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29	$	252,678
	193,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		172,837
	545,000	Station Casinos, LLC* 4.500%, 02/15/28		471,212
	162,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		147,567
	65,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		63,947
	300,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		279,480
	135,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		132,530
	265,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		257,925
				16,958,730
		Consumer Staples (0.8%)
	303,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		294,583
	255,000	B&G Foods, Inc.* 8.000%, 09/15/28		248,941
	305,000	Central Garden & Pet Company* 4.125%, 04/30/31		243,771
	304,000	Edgewell Personal Care Company* 4.125%, 04/01/29		255,643
	370,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		304,636
	66,000	6.500%, 12/31/27		62,008
	390,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc. 5.500%, 01/15/30^		356,823
	175,000	5.125%, 02/01/28µ		164,358
	100,000	5.750%, 04/01/33		88,047
	177,000	New Albertsons, LP 7.750%, 06/15/26		178,970
	261,000	Performance Food Group, Inc.* 4.250%, 08/01/29		221,471
	210,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		173,508
	115,000	Post Holdings, Inc.* 5.750%, 03/01/27		109,801
	252,000	Prestige Brands, Inc.* 3.750%, 04/01/31		200,889
	240,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		187,817
	413,000	Vector Group, Ltd.* 5.750%, 02/01/29		350,691
	130,000	Williams Scotsman, Inc.* 7.375%, 10/01/31		128,366
				3,570,323

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
160

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PRINCIPAL AMOUNT			VALUE
		Energy (2.3%)
	267,000	Antero Resources Corp.* 5.375%, 03/01/30	$	244,049
	268,000	Apache Corp. 5.100%, 09/01/40		208,659
	210,000	Buckeye Partners, LP 3.950%, 12/01/26		191,665
	135,000	5.850%, 11/15/43		95,615
	365,000	Callon Petroleum Company*^ 7.500%, 06/15/30		353,824
	129,000	Cheniere Energy, Inc.µ 4.625%, 10/15/28		117,932
	198,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		194,284
	371,000	Civitas Resources, Inc.* 8.750%, 07/01/31		374,899
	200,000	Continental Resources, Inc.* 2.875%, 04/01/32		148,158
	135,000	5.750%, 01/15/31		125,320
	202,000	DT Midstream, Inc.* 4.125%, 06/15/29		173,954
	256,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		259,884
	100,000	9.875%, 07/15/31		107,911
	150,000	Enbridge, Inc.^‡ 7.375%, 01/15/83 5 year CMT + 3.71%		139,585
	390,000	Energy Transfer, LP‡ 8.656%, 11/01/66^ 3 mo. SOFR + 3.28%		318,864
	197,000	6.500%, 11/01/35 5 year CMT + 5.69%		179,024
	340,000	EnLink Midstream Partners, LP 9.780%, 11/01/35‡ 3 mo. USD LIBOR + 4.11%		303,623
	285,000	4.850%, 07/15/26		269,476
	168,000	Enlink Midstream, LLC* 6.500%, 09/01/30		161,522
	430,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		427,489
	196,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		190,577
	109,000	6.250%, 05/15/26		104,058
	260,000	Gulfport Energy Corp. 0.000%, 05/15/25@&		—
	255,000	8.000%, 05/17/26*		255,107
	79,461	8.000%, 05/17/26		79,494
	365,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		324,547
	196,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		186,400

PRINCIPAL AMOUNT			VALUE
	262,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26	$	250,676
	145,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		143,512
	130,000	7.500%, 01/15/26		124,444
	200,000	Nabors Industries, Inc.* 7.375%, 05/15/27		187,288
	200,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		176,728
	272,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		253,134
	135,000	6.500%, 09/30/26		121,026
	131,000	Oceaneering International, Inc.* 6.000%, 02/01/28		120,131
	280,000	Parkland Corp.* 5.875%, 07/15/27		269,262
	138,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		123,284
	66,000	Permian Resources Operating LLC* 7.000%, 01/15/32		64,581
	270,000	Plains All American Pipeline, LP‡ 9.736%, 11/01/35 3 mo. USD LIBOR + 4.11%		254,864
	365,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		331,296
	135,000	Southwestern Energy Company 5.375%, 02/01/29		125,068
	130,000	4.750%, 02/01/32		111,925
	65,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		55,927
	375,250	Transocean, Inc.* 8.750%, 02/15/30		374,946
	165,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		155,763
	65,000	4.125%, 08/15/31		52,545
	65,000	3.875%, 08/15/29		54,447
	330,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		315,150
	200,000	8.125%, 06/01/28		194,324
	135,000	9.875%, 02/01/32		137,007
	65,000	9.500%, 02/01/29		65,977
	249,000	Vital Energy, Inc. 9.500%, 01/15/25		250,350
	165,000	7.750%, 07/31/29*^		149,127
	33,000	9.750%, 10/15/30		32,365
	275,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		248,069
	327,000	Weatherford International, Ltd.* 8.625%, 04/30/30		330,931
				10,610,067

See accompanying Notes to Schedule of Investments

www.calamos.com
161

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PRINCIPAL AMOUNT			VALUE
		Financials (2.8%)
	356,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25	$	345,861
	400,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		397,764
	390,000	AG Issuer, LLC* 6.250%, 03/01/28		361,405
	460,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		420,201
	427,000	Ally Financial, Inc. 4.700%, 11/01/35 7 year CMT + 3.48%‡		270,475
	110,000	8.000%, 11/01/31		107,566
	533,000	AmWINS Group, Inc.* 4.875%, 06/30/29		457,549
	292,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		256,651
	110,000	Avolon Holdings Funding, Ltd.*µ 5.500%, 01/15/26		106,025
	533,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		465,085
	250,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		208,630
	169,000	5.750%, 05/15/26		154,998
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		181,068
	350,000	Credit Acceptance Corp. 6.625%, 03/15/26^		333,606
	238,000	5.125%, 12/31/24*		230,434
	265,000	Cushman & Wakefield U.S. Borrower LLC*^ 8.875%, 09/01/31		251,777
	344,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		338,809
	389,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		295,453
	275,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		271,477
	398,000	HUB International, Ltd.* 5.625%, 12/01/29^		343,581
	202,000	7.000%, 05/01/26		197,019
	202,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		156,740
	360,000	ILFC E-Capital Trust II*‡ 7.459%, 12/21/65 3 mo. USD LIBOR + 1.80%		270,781

PRINCIPAL AMOUNT			VALUE
	550,000	Iron Mountain, Inc.* 5.250%, 03/15/28	$	503,921
	66,000	7.000%, 02/15/29		64,103
	540,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		433,161
	522,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		497,675
	130,000	4.750%, 06/15/29		104,933
	245,000	LD Holdings Group, LLC* 6.125%, 04/01/28		137,286
	280,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		158,561
	218,000	3.400%, 03/01/27^		202,849
	135,000	4.625%, 09/15/27		91,113
	200,000	LPL Holdings, Inc.* 4.000%, 03/15/29		172,074
	265,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		261,372
	417,000	MetLife, Inc. 6.400%, 12/15/66		391,767
	365,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		323,441
	288,000	Navient Corp. 5.000%, 03/15/27		254,010
	145,000	4.875%, 03/15/28		120,302
	300,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		224,895
	185,000	OneMain Finance Corp. 9.000%, 01/15/29		180,887
	180,000	3.875%, 09/15/28		143,354
	127,000	7.125%, 03/15/26^		123,607
	132,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*^ 5.875%, 10/01/28		119,203
	416,000	PHH Mortgage Corp.* 7.875%, 03/15/26		360,759
	300,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		255,735
	125,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.625%, 03/01/29^		101,750
	120,000	3.875%, 03/01/31		92,880
	65,000	2.875%, 10/15/26		56,768
	269,000	StoneX Group, Inc.* 8.625%, 06/15/25		270,611
	310,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		259,699
	130,000	5.750%, 06/15/27		118,629

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
162

Dynamic Convertible and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	135,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29^	$	87,788
	132,000	10.500%, 02/15/28		127,278
	300,000	VZ Secured Financing, BV* 5.000%, 01/15/32		228,621
	280,000	XHR, LP*^ 6.375%, 08/15/25		273,266
				13,165,253
		Health Care (1.2%)
	539,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28		329,954
	105,000	14.000%, 10/15/30		57,844
	98,000	6.125%, 02/01/27		54,753
	533,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		207,188
	305,000	8.000%, 03/15/26		279,258
	146,000	6.875%, 04/15/29		60,270
	33,000	5.250%, 05/15/30		23,462
	531,000	DaVita, Inc.* 4.625%, 06/01/30		416,628
	313,000	3.750%, 02/15/31		225,341
	195,000	Embecta Corp.* 5.000%, 02/15/30		155,002
	67,000	6.750%, 02/15/30		55,575
	130,000	Encompass Health Corp. 4.750%, 02/01/30		112,850
	130,000	4.500%, 02/01/28		117,315
	282,000	HCA, Inc. 7.500%, 11/06/33		289,484
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		173,966
	116,075	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 10.000%, 06/15/29		8,251
	336,000	Medline Borrower, LP* 5.250%, 10/01/29^		286,359
	335,000	3.875%, 04/01/29		282,991
	490,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		383,807
	200,000	4.125%, 04/30/28		173,086
	302,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		242,494
	625,000	Tenet Healthcare Corp. 6.250%, 02/01/27		601,325
	375,000	6.875%, 11/15/31		346,429
	335,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29^		292,435
	200,000	4.750%, 05/09/27		181,566
	130,000	3.150%, 10/01/26		114,436
				5,472,069

PRINCIPAL AMOUNT			VALUE
		Industrials (2.6%)
	300,000	ACCO Brands Corp.*^ 4.250%, 03/15/29	$	249,171
	300,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		282,186
	265,000	Air Lease Corp.‡ 4.125%, 11/01/35 5 year CMT + 3.15%		190,649
	440,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		414,141
	203,000	3.500%, 03/15/29		173,238
	195,000	5.875%, 02/15/28		187,081
	300,000	Allegiant Travel Company* 7.250%, 08/15/27		273,234
	65,000	American Airlines Group, Inc.* 3.750%, 03/01/25		60,862
	146,000	Arcosa, Inc.* 4.375%, 04/15/29		127,839
	700,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK Rate		408,744
	206,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		173,149
	135,000	Bombardier, Inc.* 7.875%, 04/15/27		130,073
	261,000	BWX Technologies, Inc.* 4.125%, 04/15/29		225,794
	273,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		248,097
	68,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		63,915
	350,000	Deluxe Corp.* 8.000%, 06/01/29		277,399
	195,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		185,542
	132,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		125,751
	145,000	EnerSys* 4.375%, 12/15/27		130,246
	161,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		125,173
	175,000	Graphic Packaging International, LLC* 4.750%, 07/15/27^		163,536
	125,000	3.500%, 03/01/29		104,996
	290,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		237,588
	623,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		529,052
	402,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		297,400

See accompanying Notes to Schedule of Investments

www.calamos.com
163

Dynamic Convertible and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	350,000	Herc Holdings, Inc.* 5.500%, 07/15/27	$	329,703
	310,000	IEA Energy Services, LLC* 6.625%, 08/15/29		296,143
	160,000	JELD-WEN, Inc.* 4.625%, 12/15/25		151,992
	135,000	4.875%, 12/15/27^		115,274
	445,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		379,207
	265,000	Knife River Holding Company* 7.750%, 05/01/31		264,425
	134,000	MasTec, Inc.*µ 4.500%, 08/15/28		117,825
	170,000	Moog, Inc.* 4.250%, 12/15/27		154,367
	323,000	Newfold Digital Holdings Group, Inc.*^ 6.000%, 02/15/29		213,545
	272,000	Novelis Corp.* 4.750%, 01/30/30		231,894
	100,000	OI European Group, BV* 4.750%, 02/15/30		85,148
	310,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		272,930
	399,000	Patrick Industries, Inc.* 4.750%, 05/01/29		328,022
	135,000	QVC, Inc. 5.450%, 08/15/34		57,499
	206,000	Sealed Air Corp.* 6.125%, 02/01/28		196,178
	65,000	5.000%, 04/15/29^		58,008
	247,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		198,059
	201,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		126,513
	135,000	5.500%, 03/01/30		73,428
	270,000	Standard Industries, Inc.* 5.000%, 02/15/27		250,093
	216,000	Stericycle, Inc.* 3.875%, 01/15/29		184,563
	200,000	STL Holding Company, LLC* 7.500%, 02/15/26		187,838
	366,000	TransDigm, Inc. 6.250%, 03/15/26*		358,175
	285,000	6.875%, 12/15/30*		275,820
	205,000	7.500%, 03/15/27		205,029
	200,000	6.750%, 08/15/28*		194,648
	266,000	Tronox, Inc.*^ 4.625%, 03/15/29		209,103
	109,383	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		96,944
	265,000	Vertiv Group Corp.* 4.125%, 11/15/28		231,915

PRINCIPAL AMOUNT			VALUE
	274,000	Wabash National Corp.* 4.500%, 10/15/28	$	227,209
	240,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		221,412
	157,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		139,683
				11,817,448
		Information Technology (0.8%)
	131,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		115,706
	153,000	Coherent Corp.*^ 5.000%, 12/15/29		130,087
	315,000	CommScope Technologies, LLC*^ 6.000%, 06/15/25		190,279
	245,000	CommScope, Inc.* 4.750%, 09/01/29		167,367
	162,000	Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		162,183
	130,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		112,013
	138,000	Fair Isaac Corp.* 4.000%, 06/15/28		123,117
	300,000	KBR, Inc.* 4.750%, 09/30/28		264,555
	300,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		224,025
	130,000	5.500%, 09/01/28		108,729
	132,000	NCL Corp., Ltd.* 8.125%, 01/15/29		129,141
	130,000	NCR Voyix Corp.* 5.125%, 04/15/29		111,939
	198,000	ON Semiconductor Corp.* 3.875%, 09/01/28		170,177
	204,000	Open Text Corp.* 3.875%, 02/15/28		177,698
	135,000	6.900%, 12/01/27		134,741
	98,000	3.875%, 12/01/29		80,455
	98,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		77,261
	295,000	Playtika Holding Corp.* 4.250%, 03/15/29		238,165
	370,000	TTM Technologies, Inc.* 4.000%, 03/01/29		304,406
	185,000	Twilio, Inc. 3.625%, 03/15/29		154,396
	66,000	3.875%, 03/15/31^		52,828
	325,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		258,749
	300,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*^ 3.875%, 02/01/29		248,049
				3,736,066

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
164

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PRINCIPAL AMOUNT			VALUE
		Materials (0.7%)
	140,000	ArcelorMittal, SA^ 7.000%, 10/15/39	$	133,157
	147,000	ATI, Inc.^ 5.875%, 12/01/27		136,914
	67,000	Carpenter Technology Corp. 7.625%, 03/15/30		66,564
	195,000	Chemours Company* 4.625%, 11/15/29		150,907
	420,000	Clearwater Paper Corp.* 4.750%, 08/15/28		371,158
	199,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		184,891
	130,000	Commercial Metals Company 4.125%, 01/15/30		110,027
	65,000	4.375%, 03/15/32		52,528
	250,000	Constellium, SE* 3.750%, 04/15/29		205,882
	136,000	HB Fuller Company 4.250%, 10/15/28		118,040
	200,000	INEOS Finance, PLC*^ 6.750%, 05/15/28		187,020
	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		214,469
	300,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		250,761
	33,000	4.500%, 06/01/31^		24,410
	63,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		51,692
	344,000	Mercer International, Inc. 5.125%, 02/01/29		270,188
	133,000	12.875%, 10/01/28*		134,498
	250,000	OCI, NV* 6.700%, 03/16/33		231,377
	200,000	Owens-Brockway Glass Container, Inc.* 7.250%, 05/15/31		183,276
	130,000	6.625%, 05/13/27^		123,872
	305,000	Silgan Holdings, Inc. 4.125%, 02/01/28		272,045
	131,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		56,127
				3,529,803
		Other (0.1%)
	140,000	Gen Digital, Inc.* 7.125%, 09/30/30^		136,473
	140,000	6.750%, 09/30/27		136,517
				272,990
		Real Estate (0.2%)
	210,000	EPR Properties 3.750%, 08/15/29		165,963

PRINCIPAL AMOUNT			VALUE
	195,000	Forestar Group, Inc.* 5.000%, 03/01/28	$	172,002
	137,000	3.850%, 05/15/26		122,949
	301,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		239,106
	125,000	Service Properties Trust 5.250%, 02/15/26		112,211
				812,231
		Special Purpose Acquisition Companies (0.1%)
	260,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		206,882
	131,000	4.625%, 01/15/29		110,602
				317,484
		Utilities (0.1%)
	97,000	PPL Capital Funding, Inc.‡ 8.317%, 03/30/67 3 mo. USD LIBOR + 2.67%		87,887
	125,000	Vistra Corp.*‡ 7.000%, 11/01/67 5 year CMT + 5.74%		114,350
	65,000	8.000%, 11/01/67 5 year CMT + 6.93%		61,840
				264,077
		TOTAL CORPORATE BONDS(Cost $81,177,150)		81,284,207
CONVERTIBLE BONDS (133.0%)
		Communication Services (10.2%)
	199,000	Cable One, Inc.µ 0.000%, 03/15/26		162,919
	7,500,000	Liberty Media Corp.* 3.750%, 03/15/28		8,265,225
	7,250,000	2.375%, 09/30/53		7,029,963
	7,750,000	Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		7,724,657
	4,500,000	Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		3,657,015
	5,250,000	Perficient, Inc.µ 0.125%, 11/15/26		4,202,573
	11,000,000	Snap, Inc.µ 0.000%, 05/01/27		8,193,350
	5,000,000	0.750%, 08/01/26		4,414,100
	3,000,000	Zillow Group, Inc. 1.375%, 09/01/26		3,151,260
				46,801,062
		Consumer Discretionary (25.6%)
	9,750,000	Airbnb, Inc.µ 0.000%, 03/15/26		8,447,400
	4,000,000	Booking Holdings, Inc. 0.750%, 05/01/25		6,099,640

See accompanying Notes to Schedule of Investments

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PRINCIPAL AMOUNT			VALUE
	3,750,000	Carnival Corp.*µ 5.750%, 12/01/27	$	4,443,075
	6,000,000	Chegg, Inc.µ 0.000%, 09/01/26		4,660,920
	11,400,000	DISH Network Corp. 0.000%, 12/15/25		6,994,356
	343,000	2.375%, 03/15/24µ		328,666
	11,750,000	DraftKings Holdings, Inc.µ 0.000%, 03/15/28		8,721,437
	11,250,000	Etsy, Inc.µ 0.125%, 09/01/27		8,890,200
	14,500,000	Ford Motor Companyµ 0.000%, 03/15/26		13,235,745
	7,500,000	Liberty Broadband Corp.* 3.125%, 03/31/53		7,440,375
	2,125,000	Lucid Group, Inc.* 1.250%, 12/15/26		1,171,215
	9,000,000	Marriott Vacations Worldwide Corp.*µ 3.250%, 12/15/27		7,630,830
	8,500,000	Rivian Automotive, Inc.* 4.625%, 03/15/29		8,960,530
	5,000,000	Shake Shack, Inc.µ 0.000%, 03/01/28		3,697,600
	13,250,000	Vail Resorts, Inc.µ 0.000%, 01/01/26		11,600,905
	11,750,000	Wayfair, Inc.µ 3.250%, 09/15/27		11,322,770
	3,750,000	Wynn Macau, Ltd.* 4.500%, 03/07/29		3,825,450
				117,471,114
		Consumer Staples (1.4%)
	2,525,000	Enovis Corp.* 3.875%, 10/15/28		2,637,994
	4,000,000	Post Holdings, Inc. 2.500%, 08/15/27		3,818,280
				6,456,274
		Energy (3.9%)
	1,325,000	EQT Corp. 1.750%, 05/01/26		3,852,305
	4,265,000	Nabors Industries, Inc.*µ 1.750%, 06/15/29		3,195,850
	3,750,000	Northern Oil & Gas, Inc. 3.625%, 04/15/29		4,429,012
	2,500,000	Pioneer Natural Resources Company 0.250%, 05/15/25		6,379,925
	9,600,000	SunEdison, Inc.*@ 0.000%, 01/15/49		96,000
				17,953,092
		Financials (1.7%)
	7,500,000	Morgan Stanley Finance, LLC 1.000%, 11/23/27		7,603,500

PRINCIPAL AMOUNT			VALUE
		Health Care (28.4%)
	4,000,000	Alnylam Pharmaceuticals, Inc.µ 1.000%, 09/15/27	$	3,471,440
	4,750,000	Alphatec Holdings, Inc.µ 0.750%, 08/01/26		4,057,972
	4,752,000	BioMarin Pharmaceutical, Inc.µ 0.599%, 08/01/24		4,582,401
	8,250,000	CONMED Corp.µ 2.250%, 06/15/27		7,723,237
	10,500,000	CryoPort, Inc.*µ 0.750%, 12/01/26		8,309,175
	13,817,000	Dexcom, Inc.µ 0.250%, 11/15/25		13,116,064
	7,000,000	0.375%, 05/15/28*		6,174,420
	3,750,000	Envista Holdings Corp.*µ 1.750%, 08/15/28		3,244,650
	6,000,000	Exact Sciences Corp.µ 0.375%, 03/15/27		5,227,200
	6,250,000	Halozyme Therapeutics, Inc.µ 1.000%, 08/15/28		5,498,937
	3,750,000	Insmed, Inc. 0.750%, 06/01/28		3,644,925
	3,750,000	Insulet Corp.µ 0.375%, 09/01/26		3,473,813
	7,750,000	Integer Holdings Corp.* 2.125%, 02/15/28		8,531,045
	3,750,000	Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		3,382,913
	3,750,000	Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		3,631,688
	8,000,000	Jazz Investments I, Ltd.µ^ 2.000%, 06/15/26		8,121,840
	3,189,000	Lantheus Holdings, Inc.*µ 2.625%, 12/15/27		3,538,259
	9,000,000	NeoGenomics, Inc.µ 0.250%, 01/15/28		6,504,030
	7,500,000	Omnicell, Inc.µ 0.250%, 09/15/25		6,667,275
	7,000,000	Pacira BioSciences, Inc.µ 0.750%, 08/01/25		6,297,200
	3,250,000	Sarepta Therapeutics, Inc.µ 1.250%, 09/15/27		2,767,538
	7,250,000	Shockwave Medical, Inc.*µ 1.000%, 08/15/28		7,029,672
	5,750,000	Tandem Diabetes Care, Inc.*µ 1.500%, 05/01/25		5,428,747
				130,424,441
		Industrials (10.6%)
	3,625,000	Advanced Energy Industries, Inc.*µ 2.500%, 09/15/28		3,350,588
	3,750,000	Axon Enterprise, Inc.* 0.500%, 12/15/27		4,045,537

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
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Dynamic Convertible and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	3,625,000	Fluor Corp.* 1.125%, 08/15/29	$	3,499,539
	6,250,000	John Bean Technologies Corp.µ 0.250%, 05/15/26		5,624,437
	3,750,000	Middleby Corp. 1.000%, 09/01/25		3,895,163
	2,750,000	Parsons Corp. 0.250%, 08/15/25		3,607,560
	6,250,000	Southwest Airlines Companyµ 1.250%, 05/01/25		5,956,250
	3,500,000	Tetra Tech, Inc.* 2.250%, 08/15/28		3,390,415
	17,000,000	Uber Technologies, Inc.µ 0.000%, 12/15/25		15,541,400
				48,910,889
		Information Technology (42.4%)
	7,250,000	Akamai Technologies, Inc. 1.125%, 02/15/29*		7,137,698
	3,750,000	0.375%, 09/01/27		3,820,013
	7,750,000	Bentley Systems, Inc. 0.125%, 01/15/26		7,397,298
	6,500,000	BILL Holdings, Inc.µ 0.000%, 12/01/25		6,177,990
	3,000,000	Camtek, Ltd.* 0.000%, 12/01/26		3,237,660
	7,000,000	Confluent, Inc.µ 0.000%, 01/15/27		5,649,840
	8,250,000	CyberArk Software, Ltd. 0.000%, 11/15/24		9,444,600
	5,500,000	Datadog, Inc. 0.125%, 06/15/25		6,056,820
	5,250,000	DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		3,950,415
	7,927,000	Enphase Energy, Inc.µ 0.000%, 03/01/26		6,760,383
	5,000,000	Five9, Inc.µ 0.500%, 06/01/25		4,575,550
	1,750,000	MongoDB, Inc. 0.250%, 01/15/26		2,986,025
	5,250,000	NCL Corp., Ltd.µ 1.125%, 02/15/27		4,071,585
	4,000,000	2.500%, 02/15/27		3,209,280
	2,750,000	5.375%, 08/01/25		2,919,070
	6,500,000	Okta, Inc.µ 0.125%, 09/01/25		5,819,580
	3,500,000	0.375%, 06/15/26		3,001,705
	15,000,000	ON Semiconductor Corp.*µ 0.500%, 03/01/29		13,187,100
	4,750,000	Palo Alto Networks, Inc. 0.375%, 06/01/25		11,599,595
	3,625,000	Rapid7, Inc.*µ 1.250%, 03/15/29		3,506,898

PRINCIPAL AMOUNT			VALUE
	9,750,000	Repay Holdings Corp.*µ 0.000%, 02/01/26	$	7,803,412
	3,500,000	Seagate HDD Cayman* 3.500%, 06/01/28		3,630,690
	12,000,000	Shift4 Payments, Inc.µ 0.000%, 12/15/25		10,928,400
	5,800,000	SK Hynix, Inc. 1.750%, 04/11/30		7,017,768
	9,750,000	Splunk, Inc.µ 1.125%, 06/15/27		9,216,577
	8,500,000	Tyler Technologies, Inc. 0.250%, 03/15/26		8,082,650
	12,500,000	Unity Software, Inc.µ 0.000%, 11/15/26		9,796,000
	5,500,000	Wix.com, Ltd. 0.000%, 08/15/25		4,877,180
	7,750,000	Wolfspeed, Inc. 1.875%, 12/01/29*		4,629,230
	4,469,000	0.250%, 02/15/28		2,755,764
	3,500,000	Workiva, Inc.*µ 1.250%, 08/15/28		3,179,120
	7,000,000	Zscaler, Inc. 0.125%, 07/01/25		8,546,580
				194,972,476
		Materials (3.0%)
	1,250,000	ATI, Inc. 3.500%, 06/15/25		3,092,700
	3,000,000	Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		3,449,730
	4,159,000	Lithium Americas Corp. 1.750%, 01/15/27		2,807,741
	5,225,000	MP Materials Corp.*µ 0.250%, 04/01/26		4,305,191
				13,655,362
		Other (0.0%)
	135,000	Multiplan Corp.* 6.000%, 10/15/27		89,778
		Real Estate (0.9%)
	5,250,000	Pebblebrook Hotel Trustµ 1.750%, 12/15/26		4,174,957
		Utilities (4.9%)
	3,750,000	CMS Energy Corp.* 3.375%, 05/01/28		3,550,650
	13,250,000	PPL Capital Funding, Inc.* 2.875%, 03/15/28		12,151,310
	7,000,000	Southern Company* 3.875%, 12/15/25		6,877,360
				22,579,320
		TOTAL CONVERTIBLE BONDS(Cost $695,212,591)		611,092,265

See accompanying Notes to Schedule of Investments

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PRINCIPAL AMOUNT			VALUE
BANK LOANS (2.8%)¡
		Airlines (0.1%)
	202,500	American Airlines, Inc.‡ 10.427%, 04/20/28 3 mo. SOFR + 4.75%	$	205,664
	202,500	Mileage Plus Holdings, LLC‡ 10.798%, 06/21/27 3 mo. SOFR + 5.25%		209,023
				414,687
		Communication Services (0.1%)
	34,111	Clear Channel Outdoor Holdings, Inc.‡ 5.388%, 08/21/26 3 mo. SOFR + 3.50%		32,846
	87,293	DIRECTV Financing, LLC‡ 10.325%, 08/02/27 1 mo. SOFR + 5.00%		85,095
	420,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 2.50%		184,735
	140,000	Telesat Canada‡ 8.434%, 12/07/26 3 mo. SOFR + 2.75%		96,495
				399,171
		Consumer Discretionary (0.5%)
	127,089	American Axle and Manufacturing, Inc.‡ 9.007%, 12/13/29 3 mo. SOFR + 3.50%		126,825
	84,686	American Axle and Manufacturing, Inc.‡ 8.941%, 12/13/29 1 mo. SOFR + 3.50%		84,510
	263,675	Caesars Entertainment, Inc.‡ 8.674%, 02/06/30 1 mo. SOFR + 3.25%		263,053
	264,338	Carnival Corp.‡ 8.336%, 08/08/27 1 mo. SOFR + 3.00%		260,042
	263,675	Hanesbrands, Inc.‡ 9.074%, 03/08/30 1 mo. SOFR + 3.75%		260,709
	153,526	Life Time Fitness, Inc.‡ 10.130%, 01/15/26 3 mo. SOFR + 4.75%		153,852
	310,732	Petco Health and Wellness Company, Inc.‡ 8.902%, 03/03/28 3 mo. SOFR + 3.25%		304,344
	552,349	PetSmart, Inc.‡ 9.174%, 02/11/28 1 mo. SOFR + 3.75%		546,538
	172,934	TKC Holdings, Inc.‡ 10.939%, 05/15/28 1 mo. SOFR + 5.50%		166,016

PRINCIPAL AMOUNT			VALUE
	65,000	Windsor Holdings III, LLC‡ 9.815%, 08/01/30 1 mo. SOFR + 4.50%	$	64,890
				2,230,779
		Consumer Staples (0.1%)
	275,000	Star Parent, Inc.‡ 9.386%, 09/27/30 3 mo. LIBOR + 4.00%		262,902
	125,000	United Natural Foods, Inc.‡ 8.689%, 10/22/25 1 mo. SOFR + 3.25%		124,826
				387,728
		Energy (0.1%)
	125,000	New Fortress Energy, Inc.‡ 0.000%, 10/23/30		115,625
	338,650	Par Petroleum, LLC‡ 9.773%, 02/28/30 3 mo. SOFR + 4.25%		338,227
				453,852
		Financials (0.5%)
	65,000	Advisor Group, Inc.‡ 9.824%, 08/17/28 1 mo. SOFR + 4.50%		64,785
	263,672	Alliant Holdings Intermediate, LLC‡ 8.835%, 11/05/27 1 mo. SOFR + 3.50%		263,082
	148,731	Amynta Agency Borrower, Inc.‡ 10.325%, 02/28/28 1 mo. SOFR + 5.00%		148,836
	54,366	Amynta Agency Borrower, Inc.‡ 10.424%, 02/28/28 1 mo. SOFR + 5.00%		54,404
	272,236	AssuredPartners, Inc.‡ 8.824%, 02/12/27 1 mo. SOFR + 3.50%		270,194
	204,488	Avolon TLB Borrower 1 LLC‡ 7.839%, 06/22/28 1 mo. SOFR + 2.50%		204,773
	229,669	Castlelake Aviation, Ltd.! 0.000%, 10/22/26		229,526
	133,988	Castlelake Aviation, Ltd.‡ 8.421%, 10/22/27 3 mo. SOFR + 2.75%		133,832
	267,975	Hub International, Ltd.‡ 9.365%, 11/10/29 3 mo. SOFR + 4.00%		267,936
	374,308	Jazz Financing Lux Sarl‡ 8.939%, 05/05/28 1 mo. SOFR + 3.50%		374,619
	361,350	VFH Parent, LLC‡ 8.427%, 01/13/29 1 mo. SOFR + 3.00%		359,581
				2,371,568

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
168

Dynamic Convertible and Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Health Care (0.3%)
	463,106	Amneal Pharmaceuticals, LLC‡ 8.939%, 05/04/25 1 mo. SOFR + 3.50%	$	454,751
	142,304	Icon Luxembourg Sarl‡ 7.902%, 07/03/28 3 mo. SOFR + 2.25%		142,551
	271,171	Mallinckrodt International Finance, SA‡ 12.703%, 09/30/27 1 mo. SOFR + 7.25%		206,618
	282,353	Padagis, LLC‡ 10.434%, 07/06/28 3 mo. SOFR + 4.75%		251,530
	35,455	PRA Health Sciences, Inc.‡ 7.902%, 07/03/28 3 mo. SOFR + 2.25%		35,516
	678,661	Team Health Holdings, Inc.‡ 10.574%, 03/02/27 1 mo. SOFR + 5.25%		490,519
	1,935	Team Health Holdings, Inc.‡ 10.574%, 03/02/27 1 mo. SOFR + 5.25%		1,399
				1,582,884
		Industrials (0.3%)
	136,850	ACProducts, Inc.‡ 9.902%, 05/17/28 3 mo. SOFR + 4.25%		109,214
	167,875	Air Canada‡ 9.128%, 08/11/28 3 mo. SOFR + 3.50%		167,917
	342,413	ChampionX Corp.‡ 8.177%, 06/07/29 1 mo. SOFR + 2.75%		343,964
	177,780	Emrld Borrower, LP‡ 8.380%, 05/31/30 3 mo. SOFR + 3.00%		177,613
	256,750	Scientific Games International, Inc.‡ 8.435%, 04/14/29 1 mo. SOFR + 3.00%		256,831
	148,875	Summit Materials, LLC‡ 8.571%, 12/14/27 3 mo. SOFR + 3.00%		149,689
	263,847	United Airlines, Inc.‡ 9.189%, 04/21/28 1 mo. SOFR + 3.75%		263,682
				1,468,910
		Information Technology (0.2%)
	259,559	Banff Merger Sub, Inc.‡ 9.189%, 10/02/25 1 mo. SOFR + 3.75%		259,613
	185,000	Central Parent, Inc.! 0.000%, 07/06/29		184,191

PRINCIPAL AMOUNT			VALUE
	64,513	Central Parent, Inc.‡ 9.406%, 07/06/29 3 mo. SOFR + 4.00%	$	64,230
	267,537	Dun & Bradstreet Corp.‡ 8.176%, 02/06/26 1 mo. SOFR + 2.75%		267,537
	246,821	II-VI, Inc.‡ 8.189%, 07/02/29 1 mo. SOFR + 2.75%		246,705
				1,022,276
		Information Technology (0.1%)
	218,979	Camelot U.S. Acquisition LLC‡ 8.439%, 10/30/26 1 mo. SOFR + 3.00%		218,957
		Materials (0.3%)
	200,000	Chemours Company‡ 8.824%, 08/18/28 1 mo. SOFR + 2.50%		195,000
	274,313	Ineos US Finance, LLC‡ 8.825%, 02/18/30 1 mo. SOFR + 3.50%		268,955
	326,959	Innophos, Inc.‡ 8.689%, 02/05/27 1 mo. SOFR + 3.25%		324,098
	334,163	LSF11 A5 Holdco, LLC‡ 9.674%, 10/15/28 1 mo. SOFR + 4.25%		328,420
	134,313	Trinseo Materials Operating SCA‡ 7.939%, 05/03/28 1 mo. SOFR + 2.50%		107,274
	253,407	W.R. Grace & Co.-Conn.‡ 9.402%, 09/22/28 3 mo. SOFR + 3.75%		249,290
				1,473,037
		Special Purpose Acquisition Companies (0.2%)
	138,250	Clydesdale Acquisition Holdings, Inc.‡ 9.599%, 04/13/29 1 mo. SOFR + 4.18%		134,074
	64,025	Fertitta Entertainment, LLC‡ 9.324%, 01/27/29 1 mo. SOFR + 4.00%		62,711
	282,150	Oscar AcquisitionCo, LLC‡ 9.990%, 04/29/29 3 mo. SOFR + 4.50%		275,302
	257,400	Patagonia Holdco, LLC‡ 11.117%, 08/01/29 3 mo. SOFR + 5.75%		223,294
				695,381
		TOTAL BANK LOANS (Cost $13,239,136)		12,719,230

See accompanying Notes to Schedule of Investments

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169

Dynamic Convertible and Income Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (6.0%)
		Energy (0.0%)
	7	Gulfport Energy Corp.# 10.000%, 12/01/23 15.000% PIK rate	$	62,125
		Financials (2.4%)
	72,795	Apollo Global Management, Inc. 6.750%, 07/31/26		3,502,167
	7,055	Bank of America Corp.‡‡~ 7.250%		7,430,326
				10,932,493
		Industrials (0.7%)
	65,985	Chart Industries, Inc.~ 6.750%, 12/15/25		3,243,823
		Utilities (2.9%)
	123,415	AES Corp.^~ 6.875%, 02/15/24		7,439,456
	156,300	NextEra Energy, Inc.^~ 6.926%, 09/01/25		5,867,502
				13,306,958
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $37,272,756)		27,545,399
COMMON STOCKS (0.2%)
		Communication Services (0.0%)
	5,620	Altice USA, Inc. - Class A#		16,242
	1,888	Cumulus Media, Inc. - Class Aµ		8,515
				24,757
		Energy (0.2%)
	2,577	Chaparral Energy, Inc. - Class A&#		114,676
	795	Chesapeake Energy Corp.µ^		68,434
	18,535	Energy Transfer, LP		243,735
	11,035	Enterprise Products Partners, LP		287,351
	1,881	EP Energy Corp.&#		4,938
	2,374	ONEOK, Inc.^		154,785
				873,919
		Special Purpose Acquisition Company (0.0%)
	3,168	Intelsat Emergence, SA&#		75,240
		TOTAL COMMON STOCKS (Cost $1,504,090)		973,916
PREFERRED STOCKS (0.2%)
		Communication Services (0.0%)
	3,265	United States Cellular Corp.µ 5.500%, 06/01/70		47,734
	3,130	5.500%, 03/01/70		46,512
				94,246

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (0.1%)
	1,722	Guitar Center, Inc.&#	$	181,671
		Energy (0.1%)
	8,160	NuStar Energy, LP‡ 11.315%, 11/30/23 3 mo. USD LIBOR + 5.64%		204,816
	2,000	12.438%, 11/30/23 3 mo. SOFR + 7.03%		50,940
	12,000	NuStar Logistics, LP‡~ 12.390%, 01/15/43 3 mo. SOFR + 6.98%		311,760
				567,516
		TOTAL PREFERRED STOCKS (Cost $840,192)		843,433
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
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.2%)#
		Consumer Discretionary (0.1%)
	505	Amazon.com, Inc.
	6,721,045	Call, 01/19/24, Strike $127.50		613,575
		Information Technology (0.1%)
	270	Palo Alto Networks, Inc.
	6,561,540	Call, 01/19/24, Strike $250.00		423,900
		TOTAL PURCHASED OPTIONS (Cost $1,397,940)		1,037,475
		TOTAL INVESTMENTS (160.1%) (Cost $830,846,856)		735,686,397
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-20.0%)				(92,000,000	)
LIABILITIES, LESS OTHER ASSETS (-40.1%)				(184,321,371	)
NET ASSETS (100.0%)			$	459,365,026

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
170

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NOTES TO SCHEDULE OF INVESTMENTS

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $360,445,926.

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

@ In default status and considered non-income producing.

& Illiquid security.

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

¡ 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.

# Non-income producing security.

‡‡ Perpetual maturity.

~ 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 $5,338,906.

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 October 31, 2023 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	190,469	$	—	$	190,469
Corporate Bonds		—		81,284,207		—		81,284,207
Convertible Bonds		—		611,092,265		—		611,092,265
Bank Loans		—		12,719,230		—		12,719,230
Convertible Preferred Stocks		27,483,274		62,125		—		27,545,399
Common Stocks		779,062		194,854		—		973,916
Preferred Stocks		614,028		229,405		—		843,433
Warrants		—		3		—		3
Purchased Options		1,037,475		—		—		1,037,475
Total	$	29,913,839	$	705,772,558	$	—	$	735,686,397

See accompanying Notes to Schedule of Investments

www.calamos.com
171

Global Dynamic Income Fund Schedule of Investments October 31, 2023

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 $156,404)	$	150,603
CORPORATE BONDS (17.0%)
		Airlines (0.3%)
	43,333	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		43,119
	198,857	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		186,393
	96,284	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		96,106
	233,870	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		199,465
	140,833	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		137,003
	219,065	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		190,345
	218,789	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		217,536
	145,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		107,675
				1,177,642
		Communication Services (1.8%)
	250,000	Altice France, SA* 5.500%, 10/15/29		173,133
	260,000	APi Group DE, Inc.* 4.750%, 10/15/29		224,203
	310,000	Arrow Bidco, LLC* 9.500%, 03/15/24		314,148
	225,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		165,978
	273,000	Audacy Capital Corp.* 6.750%, 03/31/29		4,436
	100,000	6.500%, 05/01/27		1,500
	195,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		157,800
	205,000	Clear Channel Outdoor Holdings, Inc.* 9.000%, 09/15/28		199,906
	330,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		261,911

PRINCIPAL AMOUNT			VALUE
	400,000	CSC Holdings, LLC* 4.625%, 12/01/30	$	203,180
	335,000	5.375%, 02/01/28		267,122
	300,000	5.750%, 01/15/30		158,145
	200,000	5.500%, 04/15/27		167,184
	200,000	4.500%, 11/15/31		132,308
	180,000	Diamond Sports Group, LLC / Diamond Sports Finance Company*@ 6.625%, 08/15/27		2,282
	151,000	5.375%, 08/15/26		1,851
	557,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		488,155
	225,000	Frontier California, Inc. 6.750%, 05/15/27		207,747
	140,000	Frontier Communications Holdings, LLC* 5.000%, 05/01/28		121,505
	54,000	8.750%, 05/15/30		51,512
	242,000	Frontier Florida, LLC@ 6.860%, 02/01/28		222,776
	330,000	Frontier North, Inc.@ 6.730%, 02/15/28		306,131
	195,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		164,812
	69,000	5.250%, 12/01/27		65,244
	80,000	iHeartCommunications, Inc. 8.375%, 05/01/27^		49,101
	80,000	5.250%, 08/15/27*		58,722
	170,000	Intelsat Jackson Holdings, SA@& 9.750%, 07/15/25*		—
	130,000	5.500%, 08/01/23		—
	265,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		240,122
	167,354	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		42,183
	160,000	Lumen Technologies, Inc. 7.600%, 09/15/39		43,542
	100,000	4.000%, 02/15/27*^		68,373
	52,000	7.650%, 03/15/42		14,006
	109,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		84,394
	175,000	Nexstar Media, Inc.* 5.625%, 07/15/27		157,584
	310,000	Paramount Global 4.900%, 08/15/44		195,281
	73,000	Qwest Corp. 7.250%, 09/15/25		70,102
	111,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		84,313
	56,000	5.375%, 01/15/31		34,798
	210,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		157,198

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
172

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	225,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29	$	199,562
	217,000	4.000%, 07/15/28		184,628
	110,000	3.125%, 09/01/26		98,834
	54,000	3.875%, 09/01/31		40,674
	202,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		125,884
	245,000	Stagwell Global, LLC* 5.625%, 08/15/29		202,703
	215,000	Telecom Italia Capital, SA 6.000%, 09/30/34		177,091
	219,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		131,128
	85,000	Time Warner Cable, LLC 7.300%, 07/01/38		79,616
	245,000	United States Cellular Corp.^ 6.700%, 12/15/33		233,326
	80,000	Univision Communications, Inc.* 8.000%, 08/15/28		75,818
	105,000	Viasat, Inc.* 5.625%, 04/15/27		91,869
				7,003,821
		Consumer Discretionary (3.6%)
	265,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		269,420
	210,000	Adams Homes, Inc.* 9.250%, 10/15/28		206,136
	260,000	Adient Global Holdings Company* 8.250%, 04/15/31		254,426
	175,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		155,970
	190,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 4.625%, 08/01/29		154,422
	139,000	6.625%, 01/15/28		127,573
	267,000	At Home Group, Inc.* 4.875%, 07/15/28		92,783
	292,000	Bath & Body Works, Inc. 6.694%, 01/15/27		282,986
	270,000	6.875%, 11/01/35		238,650
	136,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29^		111,967
	112,000	8.125%, 07/01/27		111,030
	225,000	Carnival Corp.* 6.000%, 05/01/29		190,296
	108,000	7.625%, 03/01/26		105,074
	105,000	4.000%, 08/01/28		91,479
	13,000	7.000%, 08/15/29		12,771
	260,000	Carriage Services, Inc.* 4.250%, 05/15/29		212,922
	44,000	Carvana Company* 14.000%, 06/01/31		33,114
	37,000	13.000%, 06/01/30		27,767
	25,000	12.000%, 12/01/28		18,723

PRINCIPAL AMOUNT			VALUE
	470,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27	$	433,058
	250,000	6.375%, 09/01/29		229,850
	245,000	4.750%, 03/01/30		202,390
	215,000	4.250%, 02/01/31		167,515
	125,000	5.000%, 02/01/28		111,988
	125,000	4.500%, 08/15/30		100,465
	108,000	4.750%, 02/01/32		84,423
	108,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		96,783
	137,000	Cedar Fair, LP^ 5.250%, 07/15/29		118,490
	105,000	Churchill Downs, Inc.* 6.750%, 05/01/31		98,170
	175,000	Dana, Inc. 4.250%, 09/01/30		139,249
	164,000	4.500%, 02/15/32		128,540
	275,000	DISH DBS Corp. 5.250%, 12/01/26*		222,467
	209,000	7.750%, 07/01/26		140,245
	133,000	7.375%, 07/01/28		74,985
	110,000	5.125%, 06/01/29		56,767
	220,000	DISH Network Corp.* 11.750%, 11/15/27		218,097
	200,000	Empire Resorts, Inc.* 7.750%, 11/01/26		163,786
	238,000	Everi Holdings, Inc.* 5.000%, 07/15/29		200,196
	220,000	Ford Motor Company^ 6.100%, 08/19/32		203,676
	350,000	Ford Motor Credit Company, LLC 4.000%, 11/13/30		288,603
	300,000	5.113%, 05/03/29		272,466
	275,000	7.200%, 06/10/30		274,689
	200,000	7.350%, 11/04/27		202,608
	200,000	7.350%, 03/06/30		201,228
	82,000	Gap, Inc.* 3.875%, 10/01/31		59,157
	110,000	General Motors Company 5.200%, 04/01/45		81,538
	350,000	goeasy, Ltd.* 5.375%, 12/01/24		344,004
	208,000	4.375%, 05/01/26		188,542
	110,000	Goodyear Tire & Rubber Company^ 5.250%, 07/15/31		89,718
	93,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		80,382
	226,000	Guitar Center, Inc.*^& 8.500%, 01/15/26		191,008
	145,000	International Game Technology, PLC* 6.250%, 01/15/27		141,481
	63,273	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		63,697

See accompanying Notes to Schedule of Investments

www.calamos.com
173

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	180,000	Kohl's Corp. 5.550%, 07/17/45	$	104,069
	210,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		201,270
	220,000	Liberty Interactive, LLC 8.250%, 02/01/30		57,959
	204,000	Life Time, Inc.* 8.000%, 04/15/26		199,371
	110,000	5.750%, 01/15/26		106,685
	105,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		102,701
	80,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		78,424
	139,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		126,390
	140,000	M/I Homes, Inc. 3.950%, 02/15/30		112,027
	366,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		282,212
	110,000	4.300%, 02/15/43		60,361
	260,000	Mclaren Finance, PLC* 7.500%, 08/01/26		224,471
	287,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		239,579
	125,000	Newell Brands, Inc. 5.200%, 04/01/26		118,071
	110,000	Nordstrom, Inc. 5.000%, 01/15/44		66,241
	105,000	4.250%, 08/01/31		76,978
	250,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		194,415
	250,000	PetSmart, Inc. / PetSmart Finance Corp.* 4.750%, 02/15/28		221,407
	305,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		214,656
	553,000	Rite Aid Corp.*@ 8.000%, 11/15/26		384,551
	105,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		103,874
	320,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		260,218
	425,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		391,514
	241,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		200,975
	131,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		117,314
	455,000	Station Casinos, LLC* 4.500%, 02/15/28		393,398

PRINCIPAL AMOUNT			VALUE
	128,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28	$	116,596
	55,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		54,109
	260,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		242,216
	105,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		103,079
	210,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		204,393
				13,727,294
		Consumer Staples (0.7%)
	224,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		217,777
	205,000	B&G Foods, Inc.* 8.000%, 09/15/28		200,129
	251,000	Central Garden & Pet Company* 4.125%, 04/30/31		200,612
	245,000	Edgewell Personal Care Company* 4.125%, 04/01/29		206,028
	307,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		252,765
	54,000	6.500%, 12/31/27		50,734
	320,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc. 5.500%, 01/15/30		292,778
	135,000	5.125%, 02/01/28µ		126,791
	80,000	5.750%, 04/01/33		70,438
	174,000	New Albertsons, LP 7.750%, 06/15/26		175,937
	217,000	Performance Food Group, Inc.* 4.250%, 08/01/29		184,135
	165,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		136,328
	110,000	Post Holdings, Inc.* 5.750%, 03/01/27		105,027
	209,000	Prestige Brands, Inc.* 3.750%, 04/01/31		166,611
	195,000	United Natural Foods, Inc.* 6.750%, 10/15/28		152,601
	342,000	Vector Group, Ltd.* 5.750%, 02/01/29		290,402
	105,000	Williams Scotsman, Inc.* 7.375%, 10/01/31		103,680
				2,932,773
		Energy (2.2%)
	211,000	Antero Resources Corp.* 5.375%, 03/01/30		192,863
	223,000	Apache Corp. 5.100%, 09/01/40		173,623
	140,000	Buckeye Partners, LP 3.950%, 12/01/26		127,777
	135,000	5.850%, 11/15/43		95,615

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
174

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	305,000	Callon Petroleum Company*^ 7.500%, 06/15/30	$	295,661
	112,000	Cheniere Energy, Inc. 4.625%, 10/15/28		102,390
	167,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		163,865
	297,000	Civitas Resources, Inc.* 8.750%, 07/01/31		300,122
	165,000	Continental Resources, Inc.* 2.875%, 04/01/32		122,230
	100,000	5.750%, 01/15/31		92,830
	169,000	DT Midstream, Inc.* 4.125%, 06/15/29		145,536
	207,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		210,140
	80,000	9.875%, 07/15/31		86,329
	120,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		111,668
	320,000	Energy Transfer, LP‡ 8.656%, 11/15/26 3 mo. USD SOFR + 3.28%		261,632
	162,000	6.500%, 11/01/35 5 year CMT + 5.69%		147,218
	240,000	EnLink Midstream Partners, LP 9.780%, 12/01/23‡ 3 mo. LIBOR + 4.11%		214,322
	224,000	4.850%, 07/15/26		211,799
	132,000	Enlink Midstream, LLC* 6.500%, 09/01/30		126,910
	355,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		352,927
	138,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		134,182
	88,000	6.250%, 05/15/26		84,010
	215,000	Gulfport Energy Corp. 6.375%, 05/15/25@&		—
	205,000	8.000%, 05/17/26*		205,086
	65,708	8.000%, 05/17/26		65,736
	305,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		271,197
	163,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		155,016
	217,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		207,621
	135,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		133,615
	90,000	7.500%, 01/15/26		86,153
	160,000	Nabors Industries, Inc.* 7.375%, 05/15/27		149,830
	160,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		141,382

PRINCIPAL AMOUNT			VALUE
	221,000	New Fortress Energy, Inc.* 6.750%, 09/15/25	$	205,672
	113,000	6.500%, 09/30/26		101,303
	107,000	Oceaneering International, Inc.* 6.000%, 02/01/28		98,122
	230,000	Parkland Corp.* 5.875%, 07/15/27		221,180
	112,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		100,056
	52,000	Permian Resources Operating LLC* 7.000%, 01/15/32		50,882
	270,000	Plains All American Pipeline, LP‡ 9.736%, 12/01/23 3 mo. LIBOR + 4.11%		254,864
	305,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		276,836
	109,000	Southwestern Energy Company 4.750%, 02/01/32		93,845
	105,000	5.375%, 02/01/29		97,275
	54,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		46,462
	301,150	Transocean, Inc.* 8.750%, 02/15/30		300,906
	130,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30		122,723
	55,000	4.125%, 08/15/31		44,462
	55,000	3.875%, 08/15/29		46,071
	265,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		253,075
	155,000	8.125%, 06/01/28		150,601
	105,000	9.875%, 02/01/32		106,561
	50,000	9.500%, 02/01/29		50,752
	203,000	Vital Energy, Inc. 9.500%, 01/15/25		204,100
	100,000	7.750%, 07/31/29*		90,380
	26,000	9.750%, 10/15/30		25,500
	190,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		171,393
	262,000	Weatherford International, Ltd.* 8.625%, 04/30/30		265,149
				8,547,455
		Financials (2.8%)
	292,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		283,684
	323,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		321,194
	342,000	AG Issuer, LLC* 6.250%, 03/01/28		316,925
	370,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		337,988

See accompanying Notes to Schedule of Investments

www.calamos.com
175

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	245,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%	$	160,090
	100,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		58,511
	90,000	8.000%, 11/01/31		88,008
	439,000	AmWINS Group, Inc.* 4.875%, 06/30/29		376,855
	248,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		217,977
	90,000	Avolon Holdings Funding, Ltd.*µ 5.500%, 01/15/26		86,747
	434,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		378,700
	200,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		166,904
	134,000	5.750%, 05/15/26		122,898
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		181,068
	237,000	Credit Acceptance Corp. 5.125%, 12/31/24*		229,466
	230,000	6.625%, 03/15/26^		219,227
	210,000	Cushman & Wakefield U.S. Borrower LLC* 8.875%, 09/01/31		199,521
	283,000	Enact Holdings, Inc.* 6.500%, 08/15/25		278,730
	321,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		243,806
	225,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		222,118
	324,000	HUB International, Ltd.* 5.625%, 12/01/29		279,699
	161,000	7.000%, 05/01/26		157,030
	164,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		127,254
	275,000	ILFC E-Capital Trust II*‡ 7.459%, 12/21/65 3 mo. LIBOR + 1.80%		206,847
	435,000	Iron Mountain, Inc.* 5.250%, 03/15/28		398,556
	53,000	7.000%, 02/15/29		51,476
	600,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		481,290
	387,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		368,966
	109,000	4.750%, 06/15/29		87,983
	205,000	LD Holdings Group, LLC* 6.125%, 04/01/28		114,872

PRINCIPAL AMOUNT			VALUE
	235,000	Level 3 Financing, Inc.* 4.250%, 07/01/28	$	133,078
	173,000	3.400%, 03/01/27^		160,976
	105,000	4.625%, 09/15/27		70,866
	162,000	LPL Holdings, Inc.* 4.000%, 03/15/29		139,380
	210,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		207,125
	344,000	MetLife, Inc. 6.400%, 12/15/66		323,185
	300,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		265,842
	228,000	Navient Corp. 5.000%, 03/15/27		201,091
	115,000	4.875%, 03/15/28		95,412
	250,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		187,412
	150,000	OneMain Finance Corp. 3.875%, 09/15/28		119,461
	145,000	9.000%, 01/15/29		141,777
	108,000	7.125%, 03/15/26		105,114
	110,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		99,335
	341,000	PHH Mortgage Corp.* 7.875%, 03/15/26		295,719
	260,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		221,637
	100,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31		77,400
	100,000	3.625%, 03/01/29		81,400
	50,000	2.875%, 10/15/26		43,668
	227,000	StoneX Group, Inc.* 8.625%, 06/15/25		228,360
	258,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		216,137
	105,000	5.750%, 06/15/27		95,816
	110,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		71,531
	105,000	10.500%, 02/15/28		101,244
	250,000	VZ Secured Financing, BV* 5.000%, 01/15/32		190,517
	237,000	XHR, LP* 6.375%, 08/15/25		231,300
				10,869,173
		Health Care (1.1%)
	398,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28		243,640
	81,000	6.125%, 02/01/27		45,255
	78,000	14.000%, 10/15/30		42,969

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
176

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	435,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30	$	169,093
	230,000	8.000%, 03/15/26		210,588
	127,000	6.875%, 04/15/29		52,427
	27,000	5.250%, 05/15/30		19,196
	433,000	DaVita, Inc.* 4.625%, 06/01/30		339,736
	258,000	3.750%, 02/15/31		185,744
	162,000	Embecta Corp.* 5.000%, 02/15/30		128,771
	52,000	6.750%, 02/15/30		43,133
	110,000	Encompass Health Corp. 4.750%, 02/01/30		95,489
	110,000	4.500%, 02/01/28		99,266
	300,000	HCA, Inc. 7.500%, 11/06/33		307,962
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		173,966
	119,819	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 10.000%, 06/15/29		8,517
	270,000	Medline Borrower, LP* 3.875%, 04/01/29		228,082
	267,000	5.250%, 10/01/29		227,553
	400,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		313,312
	305,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		244,903
	430,000	Tenet Healthcare Corp. 6.250%, 02/01/27		413,712
	295,000	6.875%, 11/15/31		272,524
	270,000	Teva Pharmaceutical Finance Netherlands III, BV 5.125%, 05/09/29		235,694
	200,000	4.750%, 05/09/27		181,566
	100,000	3.150%, 10/01/26		88,028
				4,371,126
		Industrials (2.5%)
	260,000	ACCO Brands Corp.* 4.250%, 03/15/29		215,948
	235,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		221,046
	200,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		143,886
	365,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		343,549
	162,000	3.500%, 03/15/29		138,249
	155,000	5.875%, 02/15/28		148,705
	250,000	Allegiant Travel Company* 7.250%, 08/15/27		227,695

PRINCIPAL AMOUNT			VALUE
	55,000	American Airlines Group, Inc.* 3.750%, 03/01/25	$	51,499
	127,000	Arcosa, Inc.* 4.375%, 04/15/29		111,202
	475,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		277,362
	178,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		149,614
	105,000	Bombardier, Inc.* 7.875%, 04/15/27		101,168
	226,000	BWX Technologies, Inc.* 4.125%, 04/15/29		195,515
	215,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		195,388
	56,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		52,636
	282,000	Deluxe Corp.* 8.000%, 06/01/29		223,505
	163,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		155,095
	105,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		100,029
	140,000	EnerSys* 4.375%, 12/15/27		125,755
	135,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		104,958
	102,000	Graphic Packaging International, LLC* 3.500%, 03/01/29		85,677
	85,000	4.750%, 07/15/27		79,432
	236,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		193,348
	516,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		438,187
	324,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		239,695
	270,000	Herc Holdings, Inc.* 5.500%, 07/15/27		254,343
	255,000	IEA Energy Services, LLC* 6.625%, 08/15/29		243,601
	154,000	JELD-WEN, Inc.* 4.625%, 12/15/25		146,292
	110,000	4.875%, 12/15/27		93,927
	360,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		306,774
	210,000	Knife River Holding Company* 7.750%, 05/01/31		209,544
	110,000	MasTec, Inc.* 4.500%, 08/15/28		96,722
	135,000	Moog, Inc.* 4.250%, 12/15/27		122,585
	275,000	Newfold Digital Holdings Group, Inc.*^ 6.000%, 02/15/29		181,811

See accompanying Notes to Schedule of Investments

www.calamos.com
177

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	232,000	Novelis Corp.* 4.750%, 01/30/30	$	197,792
	80,000	OI European Group, BV* 4.750%, 02/15/30		68,118
	255,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		224,507
	327,000	Patrick Industries, Inc.* 4.750%, 05/01/29		268,830
	110,000	QVC, Inc. 5.450%, 08/15/34		46,851
	163,000	Sealed Air Corp.* 6.125%, 02/01/28		155,228
	54,000	5.000%, 04/15/29		48,191
	210,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		168,391
	167,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		105,113
	100,000	5.500%, 03/01/30		54,391
	225,000	Standard Industries, Inc.* 5.000%, 02/15/27		208,411
	176,000	Stericycle, Inc.* 3.875%, 01/15/29		150,385
	166,000	STL Holding Company, LLC* 7.500%, 02/15/26		155,906
	225,000	TransDigm, Inc. 6.875%, 12/15/30*		217,753
	209,000	6.250%, 03/15/26*		204,532
	205,000	7.500%, 03/15/27		205,029
	155,000	6.750%, 08/15/28*		150,852
	215,000	Tronox, Inc.* 4.625%, 03/15/29		169,011
	92,353	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		81,851
	217,000	Vertiv Group Corp.* 4.125%, 11/15/28		189,908
	228,000	Wabash National Corp.* 4.500%, 10/15/28		189,064
	170,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		156,833
	128,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		113,882
				9,505,571
		Information Technology (0.8%)
	109,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		96,274
	126,000	Coherent Corp.*^ 5.000%, 12/15/29		107,130
	200,000	CommScope Technologies, LLC* 6.000%, 06/15/25		120,812
	200,000	CommScope, Inc.* 4.750%, 09/01/29		136,626

PRINCIPAL AMOUNT			VALUE
	110,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26	$	110,124
	108,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		93,057
	93,000	Fair Isaac Corp.* 4.000%, 06/15/28		82,970
	245,000	KBR, Inc.* 4.750%, 09/30/28		216,053
	245,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		182,954
	110,000	5.500%, 09/01/28		92,002
	105,000	NCL Corp., Ltd.* 8.125%, 01/15/29		102,726
	113,000	NCR Voyix Corp.* 5.125%, 04/15/29		97,301
	167,000	ON Semiconductor Corp.* 3.875%, 09/01/28		143,533
	139,000	Open Text Corp.* 3.875%, 02/15/28		121,079
	110,000	6.900%, 12/01/27		109,789
	81,000	3.875%, 12/01/29		66,499
	81,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		63,859
	248,000	Playtika Holding Corp.* 4.250%, 03/15/29		200,220
	315,000	TTM Technologies, Inc.* 4.000%, 03/01/29		259,157
	150,000	Twilio, Inc. 3.625%, 03/15/29		125,185
	57,000	3.875%, 03/15/31		45,624
	240,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		191,076
	260,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		214,976
				2,979,026
		Materials (0.7%)
	130,000	ArcelorMittal, SA^ 7.000%, 10/15/39		123,646
	85,000	ATI, Inc. 5.875%, 12/01/27		79,168
	55,000	Carpenter Technology Corp. 7.625%, 03/15/30		54,642
	165,000	Chemours Company* 4.625%, 11/15/29		127,690
	355,000	Clearwater Paper Corp.* 4.750%, 08/15/28		313,717
	157,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		145,869
	108,000	Commercial Metals Company 4.125%, 01/15/30		91,407
	54,000	4.375%, 03/15/32		43,639
	250,000	Constellium, SE* 3.750%, 04/15/29		205,882

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
178

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	111,000	HB Fuller Company 4.250%, 10/15/28	$	96,341
	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		214,469
	245,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		204,788
	28,000	4.500%, 06/01/31		20,711
	58,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		47,590
	284,000	Mercer International, Inc. 5.125%, 02/01/29		223,062
	107,000	12.875%, 10/01/28*		108,205
	200,000	OCI, NV* 6.700%, 03/16/33		185,102
	160,000	Owens-Brockway Glass Container, Inc.* 7.250%, 05/15/31		146,621
	115,000	6.625%, 05/13/27		109,579
	200,000	Silgan Holdings, Inc. 4.125%, 02/01/28		178,390
	113,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		48,415
				2,768,933
		Other (0.1%)
	100,000	Gen Digital, Inc.* 7.125%, 09/30/30^		97,481
	100,000	6.750%, 09/30/27		97,512
				194,993
		Real Estate (0.2%)
	174,000	EPR Properties 3.750%, 08/15/29		137,512
	187,000	Forestar Group, Inc.* 5.000%, 03/01/28		164,945
	110,000	3.850%, 05/15/26		98,718
	248,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		197,004
	105,000	Service Properties Trust 5.250%, 02/15/26		94,258
				692,437
		Special Purpose Acquisition Companies (0.1%)
	220,000	Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		175,054
	107,000	4.625%, 01/15/29		90,339
				265,393
		Utilities (0.1%)
	79,000	PPL Capital Funding, Inc.‡ 8.317%, 03/30/67 3 mo. LIBOR + 2.67%		71,578

PRINCIPAL AMOUNT				VALUE
	105,000		Vistra Corp.*‡ 7.000%, 12/15/26 5 year CMT + 5.74%	$	96,054
	50,000		8.000%, 10/15/26 5 year CMT + 6.93%		47,569
					215,201
			TOTAL CORPORATE BONDS (Cost $69,961,170)		65,250,838
CONVERTIBLE BONDS (34.0%)
			Communication Services (2.4%)
	200,000	EUR	America Movil, BV 0.000%, 03/02/24		219,067
	325,000		Bharti Airtel, Ltd.* 1.500%, 02/17/25		487,406
	159,000		Cable One, Inc.µ 0.000%, 03/15/26		130,172
	20,000,000	JPY	CyberAgent, Inc.µ 0.000%, 02/19/25		130,591
	2,185,000		Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		2,177,855
	5,311,000		Sea, Ltd. 2.375%, 12/01/25		5,030,048
	604,000		0.250%, 09/15/26		480,289
	538,000		Snap, Inc. 0.125%, 03/01/28		369,170
	200,000		Xiaomi Best Time International, Ltd. 0.000%, 12/17/27		173,216
	157,000		Zillow Group, Inc. 1.375%, 09/01/26		164,916
					9,362,730
			Consumer Discretionary (8.4%)
	203,000		Airbnb, Inc.µ 0.000%, 03/15/26		175,879
	145,000		Booking Holdings, Inc. 0.750%, 05/01/25		221,112
	353,000		Burlington Stores, Inc.µ 2.250%, 04/15/25		341,252
	608,000		DISH Network Corp. 0.000%, 12/15/25		373,032
	268,000		2.375%, 03/15/24µ		256,800
	410,000		DraftKings Holdings, Inc.µ 0.000%, 03/15/28		304,323
	229,000		Etsy, Inc.µ 0.125%, 10/01/26		228,031
	161,000		0.125%, 09/01/27		127,229
	251,000		Farfetch, Ltd. 3.750%, 05/01/27		122,599
	2,600,000	AUD	Flight Centre Travel Group, Ltd. 2.500%, 11/17/27		1,808,006
	200,000	AUD	1.625%, 11/01/28		115,669
	11,210,000		Ford Motor Company~µ 0.000%, 03/15/26		10,232,600

See accompanying Notes to Schedule of Investments

www.calamos.com
179

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT				VALUE
	2,740,000		IMAX Corp.µ 0.500%, 04/01/26	$	2,490,934
	161,000		Liberty Broadband Corp.* 3.125%, 03/31/53		159,720
	214,000		Lucid Group, Inc.* 1.250%, 12/15/26		117,948
	3,706,000		MakeMyTrip, Ltd. 0.000%, 02/15/28		4,221,060
	725,000		Marriott Vacations Worldwide Corp.µ 0.000%, 01/15/26		624,972
	400,000		Meituan 0.000%, 04/27/28		333,968
	40,000,000	JPY	Mercari, Inc. 0.000%, 07/14/28		202,289
	160,000		NIO, Inc.* 4.625%, 10/15/30		143,128
	100,000	GBP	Ocado Group, PLCµ 0.875%, 12/09/25		102,043
	100,000	GBP	0.750%, 01/18/27		86,090
	339,000		PDD Holdings, Inc. 0.000%, 12/01/25		336,397
	158,000		Rivian Automotive, Inc.* 4.625%, 03/15/29		166,561
	194,000		Royal Caribbean Cruises, Ltd. 6.000%, 08/15/25		354,752
	100,000	EUR	Shop Apotheke Europe, NVµ 0.000%, 01/21/28		92,499
	162,000		Stride, Inc. 1.125%, 09/01/27		192,109
	17,000		Tesla, Inc. 2.000%, 05/15/24		165,584
	318,000		Wayfair, Inc. 0.625%, 10/01/25µ		270,494
	302,000		3.500%, 11/15/28*		350,891
	168,000		1.000%, 08/15/26µ		126,838
	1,900,000	GBP	WH Smith, PLCµ 1.625%, 05/07/26		2,001,055
	4,373,000		Wynn Macau, Ltd.* 4.500%, 03/07/29		4,460,985
	5,000,000	HKD	Zhongsheng Group Holdings, Ltd. 0.000%, 05/21/25		665,135
					31,971,984
			Consumer Staples (1.6%)
	111,000		Enovis Corp.* 3.875%, 10/15/28		115,967
	2,500,000	EUR	Fomento Economico Mexicano SAB de CV 2.625%, 02/24/26		2,590,573
	20,000,000	JPY	Nippn Corp. 0.000%, 06/20/25		145,010
	4,975,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		3,166,636
					6,018,186

PRINCIPAL AMOUNT				VALUE
			Energy (2.1%)
	2,400,000	EUR	Eni S.p.A 2.950%, 09/14/30	$	2,596,019
	1,650,000		Nabors Industries, Inc.*µ 1.750%, 06/15/29		1,236,378
	306,000		Northern Oil & Gas, Inc. 3.625%, 04/15/29		361,407
	100,000		Pioneer Natural Resources Company 0.250%, 05/15/25		255,197
	3,200,000	EUR	Saipem S.p.A 2.875%, 09/11/29		3,469,960
	2,261,000		SunEdison, Inc.@ 0.250%, 01/15/49*		22,610
	275,000		2.000%, 10/01/49		2,750
					7,944,321
			Financials (1.6%)
	41,000,000	HKD	Citigroup Global Markets Funding Luxembourg SCAµ 0.000%, 07/25/24		5,008,023
	192,000		Coinbase Global, Inc.µ 0.500%, 06/01/26		145,703
	64,817	EUR	Corestate Capital Holding, SA 8.000%, 12/31/26		34,714
	100,000	GBP	Cornwall Jersey, Ltd. 0.750%, 04/16/26		77,213
	100,000	EUR	JPMorgan Chase Bank NA 0.000%, 02/18/24		104,594
	200,000	EUR	JPMorgan Chase Financial Company, LLC (Voya Financial, Inc.)§ 0.000%, 01/14/25		211,563
	200,000	EUR	LEG Immobilien, SEµ 0.875%, 09/01/25		195,048
	314,000		Morgan Stanley Finance, LLC 1.000%, 11/23/27		318,333
	200,000	EUR	Oliver Capital Sarl 0.000%, 12/29/23		209,997
					6,305,188
			Health Care (2.1%)
	164,000		Alnylam Pharmaceuticals, Inc.µ 1.000%, 09/15/27		142,329
	1,768,000		BioMarin Pharmaceutical, Inc.µ 0.599%, 08/01/24		1,704,900
	135,000		Coherus Biosciences, Inc. 1.500%, 04/15/26		75,406
	172,000		CONMED Corp.µ 2.250%, 06/15/27		161,018
	2,220,000		Dexcom, Inc.µ 0.250%, 11/15/25		2,107,380
	156,000		0.375%, 05/15/28*		137,601
	161,000		Envista Holdings Corp.*µ 1.750%, 08/15/28		139,304
	100,000	EUR	GN Store Nord ASµ 0.000%, 05/21/24		102,443

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
180

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT				VALUE
	205,000		Haemonetics Corp.µ 0.000%, 03/01/26	$	176,027
	206,000		Halozyme Therapeutics, Inc.µ 0.250%, 03/01/27		168,504
	170,000		1.000%, 08/15/28		149,571
	73,000		Innoviva, Inc.µ 2.500%, 08/15/25		71,382
	158,000		Insmed, Inc. 0.750%, 06/01/28		153,573
	162,000		Integer Holdings Corp.* 2.125%, 02/15/28		178,326
	167,000		Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		150,652
	163,000		Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		157,857
	156,000		Jazz Investments I, Ltd. 2.000%, 06/15/26		158,376
	101,000		Lantheus Holdings, Inc.*µ 2.625%, 12/15/27		112,062
	30,000,000	JPY	Menicon Company, Ltd.µ 0.000%, 01/29/25		197,061
	181,000		NeoGenomics, Inc.µ 0.250%, 01/15/28		130,803
	165,000		NuVasive, Inc.µ 0.375%, 03/15/25		151,747
	145,000		Omnicell, Inc.µ 0.250%, 09/15/25		128,901
	135,000		Pacira BioSciences, Inc.µ 0.750%, 08/01/25		121,446
	163,000		Sarepta Therapeutics, Inc.µ 1.250%, 09/15/27		138,803
	1,010,000		Shockwave Medical, Inc.*µ 1.000%, 08/15/28		979,306
	155,000		Tandem Diabetes Care, Inc.*µ 1.500%, 05/01/25		146,340
	156,000		TransMedics Group, Inc.*^ 1.500%, 06/01/28		120,744
					8,161,862
			Industrials (3.0%)
	1,744,000		Axon Enterprise, Inc.* 0.500%, 12/15/27		1,881,445
	40,000,000	JPY	Daifuku Co., Ltd. 0.000%, 09/13/30		273,779
	100,000	EUR	Duerr, AG 0.750%, 01/15/26		93,976
	196,000		John Bean Technologies Corp.µ 0.250%, 05/15/26		176,382
	200,000		L&F Company Ltd. 2.500%, 04/26/30		132,898
	161,000		Middleby Corp. 1.000%, 09/01/25		167,232
	2,700,000	EUR	Prysmian S.p.A 0.000%, 02/02/26		2,935,721

PRINCIPAL AMOUNT				VALUE
	2,200,000	EUR	Rheinmetall AG 1.875%, 02/07/28	$	2,479,897
	100,000	EUR	Rheinmetall, AG 2.250%, 02/07/30		114,030
	159,600	EUR	Schneider Electric, SE 0.000%, 06/15/26		302,176
	176,000		Southwest Airlines Company~ 1.250%, 05/01/25		167,728
	1,400,000	EUR	SPIE, SA 2.000%, 01/17/28		1,431,982
	393,000		Sunrun, Inc. 0.000%, 02/01/26		270,192
	1,232,000		Tetra Tech, Inc.* 2.250%, 08/15/28		1,193,426
					11,620,864
			Information Technology (8.4%)
	223,000		Affirm Holdings, Inc.µ 0.000%, 11/15/26		160,734
	2,990,000		Akamai Technologies, Inc. 1.125%, 02/15/29*		2,943,685
	190,000		0.125%, 05/01/25		219,929
	1,100,000	EUR	Amadeus IT Group, SA 1.500%, 04/09/25		1,282,443
	208,000		BILL Holdings, Inc.µ 0.000%, 04/01/27		165,075
	94,000		0.000%, 12/01/25		89,343
	3,175,000		Block, Inc.µ 0.125%, 03/01/25		2,930,334
	210,000		Cloudflare, Inc.µ 0.000%, 08/15/26		176,488
	213,000		Confluent, Inc.µ 0.000%, 01/15/27		171,917
	2,251,000		CyberArk Software, Ltd. 0.000%, 11/15/24		2,576,945
	3,467,000		Datadog, Inc. 0.125%, 06/15/25		3,817,999
	447,000		DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		336,350
	207,000		Dropbox, Inc. 0.000%, 03/01/28		192,017
	381,000	CAD	Dye & Durham, Ltd.*µ 3.750%, 03/01/26		204,684
	411,000		Fastly, Inc.µ 0.000%, 03/15/26		345,873
	357,000		Five9, Inc.µ 0.500%, 06/01/25		326,694
	17,000,000	HKD	Kingsoft Corp, Ltd. 0.625%, 04/29/25		2,248,469
	175,000		LivePerson, Inc. 0.000%, 12/15/26		114,095
	451,000		Microchip Technology, Inc. 0.125%, 11/15/24		454,162

See accompanying Notes to Schedule of Investments

www.calamos.com
181

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT				VALUE
	418,000		MicroStrategy, Inc.µ 0.000%, 02/15/27	$	303,129
	447,000		NCL Corp., Ltd.µ 1.125%, 02/15/27		346,666
	200,000	EUR	Nexi S.p.Aµ 1.750%, 04/24/27		187,423
	162,000		Nice, Ltd. 0.000%, 09/15/25		144,483
	413,000		Okta, Inc.µ 0.125%, 09/01/25		369,767
	319,000		ON Semiconductor Corp. 0.500%, 03/01/29*µ		280,446
	202,000		0.000%, 05/01/27		264,452
	148,000		Palo Alto Networks, Inc. 0.375%, 06/01/25		361,419
	173,000		Pegasystems, Inc.µ 0.750%, 03/01/25		159,094
	446,000		Rapid7, Inc.*µ 1.250%, 03/15/29		431,469
	296,000		Repay Holdings Corp.*µ 0.000%, 02/01/26		236,904
	320,000		RingCentral, Inc.µ 0.000%, 03/15/26		266,598
	360,000,000	JPY	Rohm Company, Ltd. 0.000%, 12/05/24		2,394,181
	40,000,000	JPY	SCREEN Holdings Company, Ltd. 0.000%, 06/11/25		321,417
	320,000		Seagate HDD Cayman* 3.500%, 06/01/28		331,949
	139,000		Shift4 Payments, Inc.µ 0.000%, 12/15/25		126,587
	3,200,000		SK Hynix, Inc. 1.750%, 04/11/30		3,871,872
	148,300	EUR	SOITEC 0.000%, 10/01/25		278,095
	200,000		Tyler Technologies, Inc. 0.250%, 03/15/26		190,180
	223,000		Unity Software, Inc.µ 0.000%, 11/15/26		174,761
	200,000		Win Semiconductors Corp. 0.000%, 01/14/26		166,256
	318,000		Wix.com, Ltd. 0.000%, 08/15/25		281,990
	1,490,000		Workiva, Inc. 1.250%, 08/15/28*µ		1,353,397
	34,000		1.125%, 08/15/26		42,008
	265,000		Xero Investments, Ltd. 0.000%, 12/02/25		231,231
	145,000		Zscaler, Inc. 0.125%, 07/01/25		177,036
					32,050,046

PRINCIPAL AMOUNT				VALUE
			Materials (2.2%)
	214,000		Amyris, Inc.@ 1.500%, 11/15/26	$	22,904
	3,600,000		Glencore Funding, LLC 0.000%, 03/27/25		3,776,076
	2,700,000		LG Chem, Ltd. 1.250%, 07/18/28		2,537,757
	2,154,000		Lithium Americas Corp. 1.750%, 01/15/27		1,454,165
	20,000,000	JPY	Nippon Steel Corp. 0.000%, 10/05/26		176,172
	400,000	EUR	POSCO Holdings, Inc. 0.000%, 09/01/26		457,959
					8,425,033
			Other (0.6%)
	3,440,000	EUR	Edenred 0.000%, 09/06/24		2,186,576
	110,000		Multiplan Corp.* 6.000%, 10/15/27		73,152
					2,259,728
			Real Estate (1.0%)
	2,900,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		3,288,133
	330,000		Redfin Corp.µ 0.000%, 10/15/25		266,779
	200,000		Vingroup, JSC 3.000%, 04/20/26		185,186
					3,740,098
			Utilities (0.6%)
	318,000		American Water Capital Corp.*µ 3.625%, 06/15/26		306,161
	1,466,000		CMS Energy Corp.* 3.375%, 05/01/28		1,388,067
	320,000		PPL Capital Funding, Inc.* 2.875%, 03/15/28		293,466
	160,000		Southern Company* 3.875%, 12/15/25		157,197
					2,144,891
			TOTAL CONVERTIBLE BONDS (Cost $151,497,120)		130,004,931
BANK LOANS (15.1%)¡
			Airlines (0.1%)
	171,000		American Airlines, Inc.‡ 10.427%, 04/20/28 3 mo. SOFR + 4.75%		173,672
	165,000		Mileage Plus Holdings, LLC‡ 10.798%, 06/21/27 3 mo. SOFR + 5.25%		170,315
					343,987

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
182

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Communication Services (2.2%)
	1,250,000	APi Group DE, Inc.! 0.000%, 01/03/29	$	1,253,437
	1,830,442	Charter Communications Operating, LLC‡ 7.133%, 02/01/27 3 mo. SOFR + 1.75%		1,828,044
	4,779	Charter Communications Operating, LLC‡ 7.074%, 02/01/27 1 mo. SOFR + 1.75%		4,773
	34,111	Clear Channel Outdoor Holdings, Inc.‡ 9.145%, 08/21/26 3 mo. SOFR + 3.50%		32,846
	67,107	DIRECTV Financing, LLC‡ 10.325%, 08/02/27 1 mo. SOFR + 5.00%		65,418
	320,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo SOFR + 2.50%		140,750
	1,246,875	Go Daddy Operating Company, LLC‡ 7.824%, 11/09/29 1 mo. SOFR + 2.50%		1,249,425
	1,250,000	Match Group, Inc.‡ 7.298%, 02/13/27 3 mo. SOFR + 1.75%		1,246,350
	1,250,000	Nexstar Broadcasting, Inc.‡ 7.939%, 09/18/26 1 mo. SOFR + 2.50%		1,251,125
	110,000	Telesat Canada‡ 8.434%, 12/07/26 3 mo. SOFR + 2.75%		75,818
	1,250,000	Virgin Media Bristol, LLC‡ 7.949%, 01/31/28 1 mo. SOFR + 2.50%		1,216,412
				8,364,398
		Consumer Discretionary (2.8%)
	1,250,000	Adient US LLC‡ 8.689%, 04/10/28 1 mo. SOFR + 3.25%		1,251,169
	94,578	American Axle and Manufacturing, Inc.‡ 9.007%, 12/13/29 3 mo. SOFR + 3.50%		94,381
	63,022	American Axle and Manufacturing, Inc.‡ 8.941%, 12/13/29 1 mo. SOFR + 3.50%		62,891
	1,246,875	Aramark Services, Inc.‡ 7.939%, 06/22/30 1 mo. SOFR + 2.50%		1,246,875
	208,950	Caesars Entertainment, Inc.‡ 8.674%, 02/06/30 1 mo. SOFR + 3.25%		208,457
	1,461,338	Carnival Corp.‡ 8.336%, 08/08/27 1 mo. SOFR + 3.00%		1,437,591

PRINCIPAL AMOUNT			VALUE
	208,950	Hanesbrands, Inc.‡ 9.074%, 03/08/30 1 mo. SOFR + 3.75%	$	206,599
	1,496,164	KFC Holding Company‡ 7.199%, 03/15/28 1 mo. SOFR + 1.75%		1,496,942
	122,430	Life Time Fitness, Inc.‡ 10.130%, 01/15/26 3 mo. SOFR + 4.75%		122,690
	1,246,803	Murphy USA, Inc.‡ 7.179%, 01/31/28 1 mo. SOFR + 1.75%		1,251,871
	1,246,843	PENN Entertainment, Inc.‡ 8.174%, 05/03/29 1 mo. SOFR + 2.75%		1,246,675
	265,661	Petco Health and Wellness Company, Inc.‡ 8.902%, 03/03/28 3 mo. SOFR + 3.25%		260,200
	381,090	PetSmart, Inc.‡ 9.174%, 02/11/28 1 mo. SOFR + 3.75%		377,081
	1,246,731	Station Casinos, LLC‡! 0.000%, 02/08/27		1,240,217
	139,274	TKC Holdings, Inc.‡ 10.939%, 05/15/28 1 mo. LIBOR + 5.50%		133,703
	55,000	Windsor Holdings III, LLC‡ 9.815%, 08/01/30 1 mo. SOFR + 4.50%		54,907
				10,692,249
		Consumer Staples (0.1%)
	215,000	Star Parent, Inc.‡ 9.386%, 09/27/30 3 mo. LIBOR + 4.00%		205,541
	110,000	United Natural Foods, Inc.‡ 8.689%, 10/22/25 1 mo. SOFR + 3.25%		109,847
				315,388
		Energy (0.1%)
	100,000	New Fortress Energy, Inc.‡ 0.000%, 10/23/30		92,500
	258,975	Par Petroleum, LLC‡ 9.773%, 02/28/30 3 mo. SOFR + 4.25%		258,651
				351,151
		Financials (1.5%)
	208,947	Alliant Holdings Intermediate, LLC‡ 8.835%, 11/05/27 1 mo. SOFR + 3.50%		208,480
	119,711	Amynta Agency Borrower, Inc.‡ 10.325%, 02/28/28 1 mo. SOFR + 5.00%		119,795

See accompanying Notes to Schedule of Investments

www.calamos.com
183

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	43,758	Amynta Agency Borrower, Inc.‡ 10.424%, 02/28/28 1 mo. SOFR + 5.00%	$	43,789
	212,839	AssuredPartners, Inc.‡ 8.824%, 02/12/27 1 mo. SOFR + 3.50%		211,243
	1,660,838	Avolon TLB Borrower 1 LLC‡ 7.839%, 06/22/28 1 mo. SOFR + 2.50%		1,663,154
	1,246,819	Castlelake Aviation, Ltd. 8.421%, 10/22/26 3 mo. SOFR + 2.75%		1,246,040
	189,720	Castlelake Aviation, Ltd.! 0.000%, 10/22/26		189,602
	109,175	Castlelake Aviation, Ltd.‡ 8.421%, 10/22/27 3 mo. SOFR + 2.75%		109,048
	208,425	Hub International, Ltd.‡ 9.365%, 11/10/29 3 mo. SOFR + 4.00%		208,395
	1,510,680	Jazz Financing Lux Sarl‡ 8.939%, 05/05/28 1 mo. SOFR + 3.50%		1,511,933
	55,000	Osaic Holdings, Inc.‡ 9.824%, 08/17/28 1 mo. SOFR + 4.50%		54,818
	292,050	VFH Parent, LLC‡ 8.427%, 01/13/29 1 mo. SOFR + 3.00%		290,620
				5,856,917
		Health Care (2.6%)
	373,755	Amneal Pharmaceuticals, LLC‡ 8.939%, 05/04/25 1 mo. SOFR + 3.50%		367,013
	910,850	Avantor Funding, Inc.‡ 7.674%, 11/08/27 1 mo. SOFR + 2.25%		911,611
	1,496,070	DaVita, Inc.‡ 7.189%, 08/12/26 1 mo. SOFR + 1.75%		1,480,743
	1,246,538	Elanco Animal Health, Inc.‡ 7.165%, 08/01/27 1 mo. SOFR + 1.75%		1,219,663
	116,892	Icon Luxembourg Sarl‡ 7.902%, 07/03/28 3 mo. SOFR + 2.25%		117,095
	1,000,680	Icon Luxembourg Sarl! 0.000%, 07/03/28		1,002,416
	1,250,000	IQVIA, Inc.‡ 7.402%, 06/11/25 3 mo. SOFR + 1.75%		1,254,300
	292,031	Mallinckrodt International Finance, SA‡ 12.703%, 09/30/27 1 mo. SOFR + 7.25%		222,511

PRINCIPAL AMOUNT			VALUE
	1,250,000	Organon & Company‡ 8.451%, 06/02/28 1 mo. SOFR + 3.00%	$	1,249,063
	235,294	Padagis, LLC‡ 10.434%, 07/06/28 3 mo. SOFR + 4.75%		209,608
	1,246,843	Perrigo Investments, LLC‡ 7.674%, 04/20/29 1 mo. SOFR + 2.25%		1,243,103
	249,320	PRA Health Sciences, Inc.! 0.000%, 07/03/28		249,753
	29,124	PRA Health Sciences, Inc. 7.902%, 07/03/28 3 mo. SOFR + 2.25%		29,174
	632,408	Team Health Holdings, Inc.‡ 10.633%, 03/02/27 3 mo. SOFR + 5.25%		457,089
	1,803	Team Health Holdings, Inc.‡ 10.574%, 03/02/27 1 mo. SOFR + 5.25%		1,303
				10,014,445
		Industrials (3.2%)
	107,525	ACProducts, Inc.‡ 9.902%, 05/17/28 3 mo. SOFR + 4.25%		85,811
	138,250	Air Canada‡ 9.128%, 08/11/28 3 mo. SOFR + 3.50%		138,285
	1,246,811	Beacon Roofing Supply, Inc.‡ 7.689%, 05/19/28 1 mo. SOFR + 2.25%		1,246,749
	1,452,984	Berry Global, Inc.‡ 7.201%, 07/01/29 1 mo. SOFR + 1.75%		1,442,275
	1,522,938	ChampionX Corp.‡ 8.177%, 06/07/29 1 mo. SOFR + 2.75%		1,529,836
	1,384,297	Emrld Borrower, LP‡ 8.380%, 05/31/30 3 mo. SOFR + 3.00%		1,382,996
	1,246,867	H.B. Fuller Company‡ 7.574%, 02/15/30 1 mo. SOFR + 2.25%		1,251,674
	1,246,811	Jeld-Wen, Inc.‡ 7.689%, 07/28/28 1 mo. SOFR + 2.25%		1,247,590
	1,444,343	Scientific Games International, Inc.‡ 8.435%, 04/14/29 1 mo. SOFR + 3.00%		1,444,798
	124,063	Summit Materials, LLC‡ 8.571%, 12/14/27 3 mo. SOFR + 3.00%		124,741
	1,246,867	TransDigm, Inc.‡ 8.640%, 08/24/28 3 mo. SOFR + 3.25%		1,246,867

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
184

Global Dynamic Income Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	1,218,608	United Airlines, Inc.‡ 9.189%, 04/21/28 1 mo. SOFR + 3.75%	$	1,217,847
				12,359,469
		Information Technology (1.0%)
	207,305	Banff Merger Sub, Inc.‡ 9.189%, 10/02/25 1 mo. SOFR + 3.75%		207,348
	155,000	Central Parent, Inc.! 0.000%, 07/06/29		154,322
	49,625	Central Parent, Inc.‡ 9.406%, 07/06/29 3 mo. SOFR + 4.00%		49,408
	202,879	Dun & Bradstreet Corp.‡ 8.176%, 02/06/26 1 mo. SOFR + 2.75%		202,879
	1,220,577	Open Text Corp.‡ 8.174%, 01/31/30 1 mo. SOFR + 2.75%		1,221,004
	749,475	SS&C Technologies, Inc.‡ 7.674%, 03/22/29 1 mo. SOFR + 2.25%		749,475
	473,181	SS&C Technologies, Inc.‡ 7.674%, 03/22/29 1 mo. SOFR + 2.25%		473,181
	798,000	TTM Technologies, Inc.‡ 8.065%, 05/30/30 1 mo. SOFR + 2.75%		798,499
				3,856,116
		Information Technology (0.4%)
	172,944	Camelot Finance SA‡ 8.439%, 10/30/26 1 mo. SOFR + 3.00%		172,927
	1,443,133	II-VI, Inc.‡ 8.189%, 07/02/29 1 mo. SOFR + 2.75%		1,442,455
				1,615,382
		Materials (1.0%)
	1,413,510	Axalta Coating Systems U.S. Holdings, Inc.‡ 7.890%, 12/20/29 3 mo SOFR + 2.50%		1,417,136
	1,230,000	Chemours Company‡ 8.824%, 08/18/28 1 mo. SOFR + 2.50%		1,199,250
	214,463	Ineos US Finance, LLC‡ 8.825%, 02/18/30 1 mo. SOFR + 3.50%		210,274
	262,460	Innophos, Inc.‡ 8.689%, 02/05/27 1 mo. SOFR + 3.25%		260,164
	264,338	LSF11 A5 Holdco, LLC‡ 9.674%, 10/15/28 1 mo. SOFR + 4.25%		259,795

PRINCIPAL AMOUNT			VALUE
	114,415	Trinseo Materials Operating SCA‡ 7.939%, 05/03/28 1 mo. SOFR + 2.50%	$	91,382
	203,711	W.R. Grace & Co.-Conn.‡ 9.402%, 09/22/28 3 mo. SOFR + 3.75%		200,400
				3,638,401
		Special Purpose Acquisition Companies (0.1%)
	108,625	Clydesdale Acquisition Holdings, Inc.‡ 9.599%, 04/13/29 1 mo. SOFR + 4.18%		105,344
	54,175	Fertitta Entertainment, LLC‡ 9.324%, 01/27/29 1 mo. SOFR + 4.00%		53,063
	227,700	Oscar AcquisitionCo, LLC‡ 9.990%, 04/29/29 3 mo. SOFR + 4.50%		222,174
	198,000	Patagonia Holdco, LLC‡ 11.117%, 08/01/29 3 mo. SOFR + 5.75%		171,765
				552,346
		TOTAL BANK LOANS (Cost $58,611,399)		57,960,249
U.S. GOVERNMENT AND AGENCY SECURITY (0.1%)
		Other (0.1%)
	310,000	United States Treasury Note^ 2.250%, 03/31/24 (Cost $309,682)		305,968
NUMBER OF SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS (1.7%)
		Energy (0.0%)
	5	Gulfport Energy Corp.# 10.000%, 12/01/23 15.000% PIK rate		44,375
		Financials (1.3%)
	88,340	Apollo Global Management, Inc. 6.750%, 07/31/26		4,250,038
	417	Bank of America Corp.~‡‡ 7.250%		439,184
	413	Wells Fargo & Company - Class A~‡‡ 7.500%		436,252
				5,125,474
		Utilities (0.4%)
	35,211	NextEra Energy, Inc.~ 6.926%, 09/01/25		1,321,821
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $7,738,450)		6,491,670

See accompanying Notes to Schedule of Investments

www.calamos.com
185

Global Dynamic Income Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES				VALUE
COMMON STOCKS (82.2%)
			Communication Services (4.9%)
	50,500		Alphabet, Inc. - Class A~µ#	$	6,266,040
	4,575		Altice USA, Inc. - Class A#		13,222
	4,050		Baidu, Inc. (ADR)µ#		425,250
	1,735		Cumulus Media, Inc. - Class Aµ		7,825
	1		Frontier Communications Parent, Inc.^#		18
	4,600		Meta Platforms, Inc. - Class Aµ#		1,385,842
	19,000	HKD	NetEase, Inc.µ		406,629
	96,000	EUR	Orange, SAµ		1,129,156
	305	EUR	Scout24, SE*µ		18,763
	66,700	HKD	Tencent Holdings, Ltd.µ		2,468,482
	89,070		Tencent Holdings, Ltd. (ADR)~^		3,296,481
	1,176,545	GBP	Vodafone Group, PLCµ		1,083,054
	26,395		Walt Disney Company~#		2,153,568
					18,654,330
			Consumer Discretionary (9.6%)
	124,700	HKD	Alibaba Group Holding, Ltd.µ#		1,283,796
	8,175		Alibaba Group Holding, Ltd. (ADR)~#		674,765
	20,840	PLN	Allegro.eu, SA*#		149,491
	165,500	MXN	Alsea, SAB de CV#		549,311
	89,300		Amazon.com, Inc.µ^#		11,884,937
	980	INR	Amber Enterprises India, Ltd.#		34,479
	315,000	SAR	Americana Restaurants International, PLC		318,259
	51,097		Aptiv, PLCµ#		4,455,658
	3,900	BRL	Arezzo Industria e Comercio, SA		45,167
	252,400	PHP	Bloomberry Resorts Corp.#		40,525
	12,500	CNY	BYD Company, Ltd. - Class A		407,868
	20,700	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		267,727
	650		Chipotle Mexican Grill, Inc.µ#		1,262,430
	104,928	BRL	Cyrela Brazil Realty, SA Empreendimentos e Participacoes		374,405
	13,055	INR	Dixon Technologies India, Ltd.		801,286
	3,050	KRW	Hotel Shilla Company, Ltd.		141,126
	99,332	INR	Indian Hotels Company, Ltd.		458,096
	161,219	HKD	JD.com, Inc. - Class Aµ		2,049,603
	173,000	HKD	Jiumaojiu International Holdings, Ltd.*µ		188,244
	258,900	INR	Kalyan Jewellers India, Ltd.		899,649
	8,700	KRW	Kia Corp.		497,043
	123,000	HKD	Li Ning Company, Ltd.~		376,922
	4,145	EUR	LVMH Moet Hennessy Louis Vuitton, SEµ		2,967,531
	32,200	INR	Mahindra & Mahindra, Ltd.		566,403
	1,385		MakeMyTrip, Ltd.µ#		53,641
	4,315,300	IDR	Map Aktif Adiperkasa PT		202,386
	11,470	HKD	Meituan - Class B*µ#		162,587
	1,295		MercadoLibre, Inc.µ#		1,606,758

NUMBER OF SHARES				VALUE
	2,733,200	IDR	Mitra Adiperkasa Tbk PT	$	298,615
	44,620		NIO, Inc. (ADR)#		325,726
	43,600	HKD	Prada S.p.A.~		262,649
	17,872	EUR	Prosus, NV~#		499,801
	12,900	HKD	Samsonite International, SA*~#		39,953
	236,800	HKD	Sands China, Ltd.~#		637,477
	90,650	INR	Tata Motors, Ltd.		685,606
	2,100		Tesla, Inc.µ#		421,764
	1,600	JPY	Toyota Boshoku Corp.~		27,825
	2,580	INR	TVS Motor Company, Ltd.		49,339
	25,200	HKD	Wynn Macau, Ltd.~#		22,317
	10,100	HKD	Yum China Holdings, Inc.~		529,261
	284,600	INR	Zomato, Ltd.#		358,770
					36,879,196
			Consumer Staples (4.2%)
	18,800	CHF	Aryzta, AG#		34,457
	77,500	GBP	British American Tobacco, PLCµ		2,315,111
	35,550		Coca-Cola Companyµ^		2,008,219
	5,600		Constellation Brands, Inc. - Class Aµ		1,311,240
	5,100		Costco Wholesale Corp.µ		2,817,444
	4,480	PLN	Dino Polska, SA*#		424,504
	63,550	MXN	Fomento Economico Mexicano, SAB de CV		718,511
	110,000	INR	ITC, Ltd.		566,296
	1,500	JPY	Kobe Bussan Company, Ltd.^		37,122
	2,600	CNY	Kweichow Moutai Company, Ltd. - Class A		598,789
	20,500	CHF	Nestle, SAµ		2,210,694
	95,528	BRL	Raia Drogasil, SA		488,843
	1,700	JPY	Rohto Pharmaceutical Company, Ltd.~		39,663
	67,100	JPY	Seven & i Holdings Company, Ltd.~		2,458,457
	106,000	HKD	Smoore International Holdings, Ltd.*		81,690
	1,300	JPY	Yamazaki Baking Company, Ltd.		27,488
					16,138,528
			Energy (6.0%)
	4,835	CAD	ARC Resources, Ltd.µ		77,785
	100,600	CAD	Canadian Natural Resources, Ltd.µ		6,388,200
	2,577		Chaparral Energy, Inc. - Class A&#		114,676
	650		Chesapeake Energy Corp.µ		55,952
	17,600		Chevron Corp.~µ		2,564,848
	14,985		Energy Transfer, LP		197,053
	9,035		Enterprise Products Partners, LP		235,271
	1,826		EP Energy Corp.&#		4,793
	42,400		Helmerich & Payne, Inc.~µ		1,677,768
	1,954		ONEOK, Inc.µ		127,401
	136,900	THB	PTT Exploration & Production, PCL		625,242
	36,300	INR	Reliance Industries, Ltd.		998,649
	28,320	EUR	Saipem S.p.A#		43,155

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
186

Global Dynamic Income Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES				VALUE
	98,974		Schlumberger, NVµ	$	5,508,893
	82,300	GBP	Shell, PLC		2,652,268
	36,000	EUR	Shell, PLC		1,176,035
	21,730		TechnipFMC, PLCµ		467,630
					22,915,619
			Financials (11.1%)
	373,000	HKD	AIA Group, Ltd.~		3,239,058
	10,000		Aon, PLC - Class Aµ		3,094,000
	188,400	BRL	B3, SA - Brasil Bolsa Balcao		414,785
	73,150	BRL	Banco BTG Pactual, SA		429,462
	1,593,079	IDR	Bank Central Asia, Tbk PT		877,660
	7,703,700	IDR	Bank Mandiri Persero, Tbk PT		2,752,163
	189,000		Bank of America Corp.~µ		4,978,260
	3,924	EUR	Bank of Ireland Group, PLCµ		35,166
	11,400	JPY	Concordia Financial Group, Ltd.~		52,969
	111,948	AED	First Abu Dhabi Bank, PJSC		386,517
	19,025	KRW	Hana Financial Group, Inc.		553,185
	316,556	INR	HDFC Bank, Ltd.		5,611,431
	51,300		ICICI Bank, Ltd. (ADR)~		1,138,347
	133,716		Itau Unibanco Holding, SA (ADR)^		710,032
	2,100	JPY	Japan Exchange Group, Inc.~		41,527
	12,575		JPMorgan Chase & Company~µ		1,748,679
	156,300	THB	Kasikornbank PCL		571,788
	4,120,000	GBP	Lloyds Banking Group, PLCµ		2,005,199
	44,285		Morgan Stanleyµ		3,136,264
	77,000	EUR	National Bank of Greece, SA#		441,006
	260,000	HKD	Ping An Insurance Group Company of China, Ltd. - Class H~		1,318,843
	24,653	SAR	Saudi National Bank		220,599
	9,445	AUD	Steadfast Group, Ltd.µ		32,479
	52,200		UBS Group, AGµ#		1,224,612
	13,100		Visa, Inc. - Class Aµ		3,079,810
	111,125		Wells Fargo & Company~µ		4,419,441
					42,513,282
			Health Care (9.2%)
	8,400	INR	Apollo Hospitals Enterprise, Ltd.		488,616
	23,100	GBP	AstraZeneca, PLCµ		2,892,203
	14,977		Danaher Corp.µ		2,875,884
	4,738	KRW	Dentium Company, Ltd.		384,617
	15,250		Eli Lilly & Companyµ		8,447,433
	1,840	GBP	Ergomed, PLC#		29,972
	10,104		GE Healthcare, Inc.~µ		672,623
	23,815	EUR	Gerresheimer, AGµ		2,221,301
	4,860		Humana, Inc.µ		2,545,133
	8,520	BRL	Hypera, SA		51,187
	42,940	KRW	Jeisys Medical, Inc.		335,208
	105,800		Novo Nordisk, A/S (ADR)~		10,217,106

NUMBER OF SHARES				VALUE
	5,900		UnitedHealth Group, Inc.µ	$	3,159,804
	113,500	HKD	Wuxi Biologics Cayman, Inc.*~#		705,713
	137	CHF	Ypsomed Holding, AG		37,757
					35,064,557
			Industrials (10.9%)
	21,800	EUR	Airbus, SEµ		2,922,860
	37,029	EUR	Alstom, SA		501,464
	8,420	GBP	Ashtead Technology Holdings, PLC^		49,217
	1,900	JPY	BayCurrent Consulting, Inc.~		47,703
	28,000	CAD	Canadian Pacific Kansas City, Ltd.		1,988,015
	12,780	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		324,507
	1,115	EUR	DO & CO, AGµ		130,248
	850	JPY	Ebara Corp.~		37,641
	30,312		General Electric Company		3,292,793
	45,110	INR	Hindustan Aeronautics, Ltd.		988,277
	32,400	JPY	Hitachi, Ltd.~		2,053,725
	7,600	JPY	INFRONEER Holdings, Inc.		80,171
	64,000	PHP	International Container Terminal Services, Inc.		226,754
	900	JPY	Japan Airport Terminal Company, Ltd.~		39,581
	2,400	JPY	Japan Elevator Service Holdings Company, Ltd.~		31,805
	1,400	JPY	Keisei Electric Railway Company, Ltd.~		52,737
	51,500	JPY	Komatsu, Ltd.~		1,183,284
	900	JPY	Kyudenko Corp.~		26,884
	26,412	INR	Larsen & Toubro, Ltd.		927,542
	2,900	EUR	Leonardo S.p.A~		43,826
	342,715	GBP	Melrose Industries, PLC		1,951,341
	9,140	SEK	Munters Group, AB*		111,588
	35,300	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		203,239
	35,000		Quanta Services, Inc.µ		5,849,200
	1,618,000	GBP	Rolls-Royce Holdings, PLCµ#		4,258,937
	173,360	BRL	Rumo, SA		767,127
	167,200	CNY	Sany Heavy Industry Company, Ltd. - Class A		330,593
	25,600	EUR	Schneider Electric, SEµ		3,938,747
	54,502	CNY	Shanghai International Airport Company, Ltd. - Class A#		277,258
	17,550	INR	Siemens, Ltd.		704,298
	2,885	JPY	Sojitz Corp.~		59,908
	1,464	CAD	Stantec, Inc.µ		89,577
	57,980	INR	Titagarh Rail System, Ltd.		530,361
	62,000		Vertiv Holdings Companyµ		2,434,740
	20,400	EUR	Vinci, SAµ		2,255,718
	18,250		Waste Management, Inc.~µ		2,999,023
					41,710,689

See accompanying Notes to Schedule of Investments

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NUMBER OF SHARES				VALUE
			Information Technology (22.3%)
	18,300		Accenture, PLC - Class Aµ	$	5,436,747
	45,140	TWD	Accton Technology Corp.		699,411
	13,410	TWD	Alchip Technologies, Ltd.		1,099,840
	42,900		Apple, Inc.~µ		7,326,033
	13,720		ASML Holding, NV (ADR)µ		8,215,673
	589	EUR	BE Semiconductor Industries, NV		60,843
	41,000	TWD	E Ink Holdings, Inc.		213,328
	197		Fabrinetµ#		30,535
	47,200	CNY	Foxconn Industrial Internet Company, Ltd. - Class A		95,100
	1,170	KRW	HPSP Company, Ltd.		27,140
	735	JPY	Ibiden Company, Ltd.~		31,338
	14,500	CNY	Iflytek Company, Ltd. - Class A		90,445
	28,901		Infosys, Ltd. (ADR)		474,554
	14,900	JPY	Keyence Corp.~		5,768,065
	270,000	HKD	Kingdee International Software Group Company, Ltd.~#		358,254
	33,400	KRW	Koh Young Technology, Inc.		273,710
	80,795	INR	KPIT Technologies, Ltd.		1,189,223
	25,000	TWD	MediaTek, Inc.		652,484
	33,400		Microsoft Corp.~µ^		11,292,874
	540,000	EUR	Nokia Oyj		1,798,568
	29,000		NVIDIA Corp.µ^		11,826,200
	50,900		Oracle Corp.µ		5,263,060
	4,050	GBP	Sage Group, PLCµ		47,846
	29,340	KRW	Samsung Electronics Company, Ltd.		1,460,395
	800	JPY	SCREEN Holdings Company, Ltd.~		37,194
	7,400	JPY	SHIFT, Inc.^#		1,342,653
	16,600	KRW	SK Hynix, Inc.		1,441,579
	880,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		14,372,605
	22,825		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)~		1,970,026
	66,300	BRL	TOTVS, SA		332,831
	60,065		Unity Software, Inc.µ#		1,523,849
	93,700	CNY	Venustech Group, Inc. - Class A		334,886
	7,700	CNY	Zhongji Innolight Company, Ltd. - Class A		92,760
					85,180,049
			Materials (2.2%)
	1,180	CAD	ERO Copper Corp.µ#		16,014
	219,750	AED	Fertiglobe, PLC		192,157
	75,095		Freeport-McMoRan, Inc.µ^		2,536,709
	3,550		Linde, PLCµ		1,356,668
	521,200	NOK	Norsk Hydro, ASA~		2,972,250
	16,900	ZAR	Sasol, Ltd.		213,611
	1,745	EUR	SOL S.p.A^		50,218
	21,200		Vale, SA (ADR)		290,652

NUMBER OF SHARES				VALUE
	486,000	HKD	Zijin Mining Group Company, Ltd. - Class H~	$	751,799
					8,380,078
			Real Estate (0.7%)
	935,500	PHP	Ayala Land, Inc.		460,314
	492,515	MXN	Corp. Inmobiliaria Vesta SAB de CV		1,544,556
	88,900	INR	DLF, Ltd.		601,175
	3,710	INR	Macrotech Developers, Ltd.*		35,057
	8,900	JPY	Mirarth Holdings, Inc.~		25,943
	245	EUR	VGP, NV		19,945
					2,686,990
			Special Purpose Acquisition Company (0.0%)#
	2,835		Intelsat Emergence, SA&#		67,331
			Utilities (1.0%)
	45,801	EUR	Engie,SA#		726,931
	28,462		NextEra Energy, Inc.µ		1,659,334
	29,000	EUR	RWE, AGµ		1,109,697
	4,992		Veralto Corp.µ#		344,448
					3,840,410
			TOTAL COMMON STOCKS (Cost $433,443,681)		314,031,059
PREFERRED STOCKS (0.3%)
			Communication Services (0.0%)
	2,600		United States Cellular Corp.µ 5.500%, 06/01/70		38,012
	2,500		5.500%, 03/01/70		37,150
					75,162
			Consumer Discretionary (0.1%)
	1,597		Guitar Center, Inc.&#		168,484
			Energy (0.1%)
	6,520		NuStar Energy, LP‡ 11.315%, 11/30/23 3 mo. LIBOR + 5.64%		163,652
	1,600		NuStar Energy, LP‡ 12.438%, 11/30/23 3 mo. LIBOR + 6.77%		40,752
	8,335		NuStar Logistics, LP‡ 12.390%, 01/15/43 3 mo. LIBOR + 6.73%		216,543
					420,947
			Industrials (0.2%)
	260,080	BRL	Randon, SA Implementos e Participacoes		562,795
			TOTAL PREFERRED STOCKS (Cost $1,351,193)		1,227,388
WARRANTS (0.0%)#
			Energy (0.0%)
	13,401		Mcdermott International, Ltd.& 06/30/27, Strike $15.98		1

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
188

Global Dynamic Income Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES			VALUE
	12,061	Mcdermott International, Ltd. 06/30/27, Strike $12.33	$	1
		TOTAL WARRANTS (Cost $5,152)		2
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.4%)#
		Communication Services (0.0%)
	105	Baidu, Inc.
	1,102,500	Call, 12/15/23, Strike $160.00		1,260
		Consumer Discretionary (0.0%)
	480	Alibaba Group Holding, Ltd.
	3,961,920	Call, 11/17/23, Strike $100.00		5,040
	2,250	Arcos Dorados Holdings, Inc.
	2,029,500	Call, 11/17/23, Strike $12.50		5,625
	580	Li Auto, Inc.
	1,960,980	Call, 12/15/23, Strike $45.00		15,950
				26,615
		Health Care (0.0%)
	520	Inmode, Ltd.
	993,200	Call, 01/19/24, Strike $47.50		3,900
		Industrials (0.1%)
	870	Parsons Corp.
	4,919,850	Call, 01/19/24, Strike $60.00		145,725
		Information Technology (0.0%)
	33	NVIDIA Corp.
	1,345,740	Call, 01/19/24, Strike $425.00		103,950
		Materials (0.0%)
	1,675	Cemex, Sab De CV
	999,975	Call, 01/19/24, Strike $8.00		8,375
		Other (0.3%)
	1,320	ICICI Bank, Ltd.
	2,929,080	Call, 01/19/24, Strike $24.00		36,300
	2,460	Invesco QQQ Trust Series 1
	86,326,320	Put, 11/17/23, Strike $330.00		350,550
	4,000	iShares MSCI EAFE ETF
	26,764,000	Put, 12/15/23, Strike $60.00		74,000
	1,950	iShares MSCI Emerging Markets
	7,156,500	Put, 11/17/23, Strike $37.00		136,500
	1,675	iShares MSCI India ETF
	7,242,700	Put, 12/15/23, Strike $44.00		184,250
	40	iShares MSCI India Small-Cap ETF
	247,680	Put, 02/16/24, Strike $62.00		9,000
	1,100	iShares MSCI South Korea ETF
	6,043,400	Call, 01/19/24, Strike $71.00		13,750
	390	KE Holdings, Inc.
	573,690	Call, 01/19/24, Strike $19.85		9,945

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	2,540		KraneShares CSI China Internet ETF
	6,616,700		Call, 11/17/23, Strike $30.00	$	16,510
	764		Petroleo Brasileiro, SA
	1,146,000		Call, 01/19/24, Strike $14.00		100,084
	20		S&P 500 Index
	8,387,600		Put, 12/29/23, Strike $4,200.00		204,700
	700		SPDR S&P 500 ETF Trust
	29,274,000		Put, 12/15/23, Strike $360.00		49,350
	96	EUR	TotalEnergies, SE
	652,147		Call, 12/15/23, Strike 55.05		89,622
	370		Trip.com Group, Ltd.
	1,258,000		Call, 01/19/24, Strike $44.00		9,250
					1,283,811
			TOTAL PURCHASED OPTIONS (Cost $9,379,309)		1,573,636
			TOTAL INVESTMENTS (150.7%) (Cost $732,453,560)		576,996,344
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-18.3%)					(70,000,000	)
LIABILITIES, LESS OTHER ASSETS (-32.4%)					(124,131,011	)
NET ASSETS (100.0%)				$	382,865,333
WRITTEN OPTIONS (0.0%)#
			Consumer Discretionary (0.0%)
	6		Chipotle Mexican Grill, Inc.
	1,165,320		Call, 01/19/24, Strike $2,040.00 (Premium $22,420)	$	(32,160	)
			Health Care (0.0%)
	48		Humana, Inc.
	2,513,712		Call, 01/19/24, Strike $530.00 (Premium $57,071)		(114,480	)
			Other (0.0%)
	20		S&P 500 Index
	8,387,600		Put, 12/29/23, Strike $3,500.00 (Premium $34,139)		(14,200	)
			TOTAL WRITTEN OPTIONS (Premium $113,630)	$	(160,840	)

NOTES TO SCHEDULE OF INVESTMENTS

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $35,825,862.

See accompanying Notes to Schedule of Investments

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189

Global Dynamic Income Fund Schedule of Investments October 31, 2023

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $229,836,641.

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

@ In default status and considered non-income producing.

& Illiquid security.

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

§ 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.

# Non-income producing security.

‡‡ Perpetual maturity.

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

CURRENCY EXPOSURE
OCTOBER 31, 2023

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	394,926,607		68.5	%
European Monetary Unit		47,045,489		8.2	%
Hong Kong Dollar		22,804,904		3.9	%
British Pound Sterling		19,551,549		3.4	%
Japanese Yen		17,344,183		3.0	%
New Taiwan Dollar		17,037,668		3.0	%
Indian Rupee		16,494,553		2.9	%
Canadian Dollar		11,930,911		2.1	%
South Korean Won		5,114,003		0.9	%
Indonesian Rupiah		4,130,824		0.7	%
Brazilian Real		3,466,602		0.6	%
Chinese Yuan Renminbi		3,023,172		0.5	%
Norwegian Krone		2,972,250		0.5	%
Mexican Peso		2,812,378		0.5	%
Swiss Franc		2,282,908		0.4	%
Australian Dollar		1,956,154		0.3	%
Thai Baht		1,197,030		0.2	%
Philippine Peso		727,593		0.1	%
UAE Dirham		578,674		0.1	%
Polish Zloty		573,995		0.1	%
Saudi Riyal		538,858		0.1	%
South African Rand		213,611		—	%
Swedish Krona		111,588		—	%
Total Investments Net of Written Options	$	576,835,504		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
190

Global Dynamic Income Fund Schedule of Investments October 31, 2023

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of October 31, 2023 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Securities	$	—	$	150,603	$	—	$	150,603
Corporate Bonds		—		65,250,838		—		65,250,838
Convertible Bonds		—		130,004,931		—		130,004,931
Bank Loans		—		57,960,249		—		57,960,249
Convertible Preferred Stocks		6,447,295		44,375		—		6,491,670
Common Stocks		191,952,411		122,078,648		—		314,031,059
Preferred Stocks		1,020,892		206,496		—		1,227,388
Warrants		—		2		—		2
U.S. Government and Agency Securities		—		305,968		—		305,968
Purchased Options		1,573,636		—		—		1,573,636
Total	$	200,994,234	$	376,002,110	$	—	$	576,996,344
Liabilities:
Written Options	$	160,840	$	—	$	—	$	160,840
Total	$	160,840	$	—	$	—	$	160,840

See accompanying Notes to Schedule of Investments

www.calamos.com
191

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
CORPORATE BONDS (15.3%)
		Airlines (0.3%)
	8,667	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25	$	8,624
	42,066	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		39,429
	21,757	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		21,716
	50,050	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		42,687
	27,500	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		26,752
	11,000	5.750%, 04/20/29		9,928
	43,813	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		38,069
	48,045	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		47,770
	63,800	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		47,246
				282,221
		Communication Services (1.6%)
	55,000	APi Group DE, Inc.* 4.750%, 10/15/29		47,428
	67,000	Arrow Bidco, LLC* 9.500%, 03/15/24		67,897
	57,000	Audacy Capital Corp.* 6.750%, 03/31/29		926
	27,000	6.500%, 05/01/27		405
	36,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		29,132
	40,000	Clear Channel Outdoor Holdings, Inc.* 9.000%, 09/15/28		39,006
	70,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		55,557
	200,000	CSC Holdings, LLC* 5.500%, 04/15/27		167,184
	45,000	Diamond Sports Group, LLC / Diamond Sports Finance Company*@ 6.625%, 08/15/27&		571
	27,000	5.375%, 08/15/26		331
	131,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		114,808
	45,000	Frontier California, Inc. 6.750%, 05/15/27		41,549

PRINCIPAL AMOUNT			VALUE
	28,000	Frontier Communications Holdings, LLC* 5.000%, 05/01/28	$	24,301
	11,000	8.750%, 05/15/30		10,493
	65,000	Frontier Florida, LLC@ 6.860%, 02/01/28		59,836
	65,000	Frontier North, Inc.@ 6.730%, 02/15/28		60,299
	40,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 3.500%, 03/01/29		33,808
	13,000	5.250%, 12/01/27		12,292
	15,000	iHeartCommunications, Inc. 8.375%, 05/01/27^		9,206
	15,000	5.250%, 08/15/27*		11,010
	30,000	Intelsat Jackson Holdings, SA& 9.750%, 07/15/25*		—
	25,000	5.500%, 08/01/23		—
	37,759	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		9,518
	35,000	Lumen Technologies, Inc. 7.600%, 09/15/39		9,525
	20,000	4.000%, 02/15/27*^		13,675
	10,000	7.650%, 03/15/42		2,693
	22,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		17,034
	35,000	Nexstar Media, Inc.* 5.625%, 07/15/27		31,517
	65,000	Paramount Global 4.900%, 08/15/44		40,946
	14,000	Qwest Corp. 7.250%, 09/15/25		13,444
	23,000	Scripps Escrow II, Inc.* 3.875%, 01/15/29		17,470
	11,000	5.375%, 01/15/31		6,835
	40,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		29,942
	65,000	Sirius XM Radio, Inc.* 5.500%, 07/01/29		57,651
	43,000	4.000%, 07/15/28		36,585
	20,000	3.125%, 09/01/26		17,970
	11,000	3.875%, 09/01/31		8,286
	41,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		25,551
	110,000	Sprint, LLC 7.125%, 06/15/24		110,626
	45,000	Stagwell Global, LLC* 5.625%, 08/15/29		37,231
	35,000	Telecom Italia Capital, SA 6.000%, 09/30/34		28,829
	42,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		25,148
	15,000	Time Warner Cable, LLC 7.300%, 07/01/38		14,050

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
192

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	54,000	United States Cellular Corp. 6.700%, 12/15/33	$	51,427
	45,000	Univision Communications, Inc.* 8.000%, 08/15/28		42,647
	20,000	Viasat, Inc.* 5.625%, 04/15/27		17,499
				1,452,138
		Consumer Discretionary (3.0%)
	53,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		53,884
	40,000	Adams Homes, Inc.* 9.250%, 10/15/28		39,264
	55,000	Adient Global Holdings Company* 8.250%, 04/15/31		53,821
	36,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		32,085
	39,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 6.625%, 01/15/28		35,794
	38,000	4.625%, 08/01/29		30,885
	53,000	At Home Group, Inc.* 4.875%, 07/15/28		18,418
	57,000	Bath & Body Works, Inc. 6.694%, 01/15/27		55,240
	55,000	6.875%, 11/01/35		48,614
	28,000	Caesars Entertainment, Inc.* 4.625%, 10/15/29		23,052
	21,000	8.125%, 07/01/27		20,818
	45,000	Carnival Corp.* 6.000%, 05/01/29		38,059
	22,000	4.000%, 08/01/28		19,167
	21,000	7.625%, 03/01/26^		20,431
	3,000	7.000%, 08/15/29		2,947
	50,000	Carriage Services, Inc.*^ 4.250%, 05/15/29		40,947
	8,000	Carvana Company* 14.000%, 06/01/31		6,021
	6,000	13.000%, 06/01/30		4,503
	4,000	12.000%, 12/01/28		2,996
	95,000	CCO Holdings, LLC / CCO Holdings Capital Corp.* 5.125%, 05/01/27		87,533
	90,000	4.500%, 08/15/30		72,335
	50,000	6.375%, 09/01/29		45,970
	50,000	4.750%, 03/01/30		41,304
	46,000	4.250%, 02/01/31		35,841
	22,000	4.750%, 02/01/32		17,197
	20,000	5.000%, 02/01/28		17,918
	22,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		19,715
	39,000	Cedar Fair, LP^ 5.250%, 07/15/29		33,731
	23,000	Churchill Downs, Inc.* 6.750%, 05/01/31		21,504

PRINCIPAL AMOUNT			VALUE
	40,000	Dana, Inc. 4.250%, 09/01/30	$	31,828
	32,000	4.500%, 02/15/32		25,081
	50,000	DISH DBS Corp. 5.250%, 12/01/26*		40,449
	41,000	7.750%, 07/01/26		27,512
	30,000	7.375%, 07/01/28		16,914
	20,000	5.125%, 06/01/29		10,321
	46,000	DISH Network Corp.* 11.750%, 11/15/27		45,602
	47,000	Everi Holdings, Inc.* 5.000%, 07/15/29		39,535
	175,000	Ford Motor Company^ 6.100%, 08/19/32		162,015
	200,000	Ford Motor Credit Company, LLC 2.900%, 02/16/28		170,314
	16,000	Gap, Inc.* 3.875%, 10/01/31		11,543
	20,000	General Motors Company 5.200%, 04/01/45		14,825
	75,000	goeasy, Ltd.* 5.375%, 12/01/24^		73,715
	40,000	4.375%, 05/01/26		36,258
	20,000	Goodyear Tire & Rubber Company^ 5.250%, 07/15/31		16,312
	19,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		16,422
	45,000	Guitar Center, Inc.*&^ 8.500%, 01/15/26		38,033
	12,655	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		12,739
	35,000	Kohl's Corp. 5.550%, 07/17/45		20,236
	45,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		43,129
	45,000	Liberty Interactive, LLC 8.250%, 02/01/30		11,855
	50,000	Life Time, Inc.* 5.750%, 01/15/26		48,493
	43,000	8.000%, 04/15/26		42,024
	20,000	Light & Wonder International, Inc.* 7.500%, 09/01/31		19,562
	15,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		14,705
	28,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		25,460
	30,000	M/I Homes, Inc. 3.950%, 02/15/30		24,006
	73,000	Macy's Retail Holdings, LLC 6.700%, 07/15/34*		56,288
	25,000	4.300%, 02/15/43		13,719

See accompanying Notes to Schedule of Investments

www.calamos.com
193

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	55,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29	$	45,912
	25,000	Newell Brands, Inc. 5.200%, 04/01/26		23,614
	23,000	Nordstrom, Inc. 4.250%, 08/01/31		16,862
	20,000	5.000%, 01/15/44		12,044
	50,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		38,883
	60,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		42,227
	111,000	Rite Aid Corp.*@ 8.000%, 11/15/26		77,188
	23,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		22,753
	63,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		51,230
	85,000	Six Flags Entertainment Corp.*^ 7.250%, 05/15/31		78,303
	50,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		41,696
	36,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		32,239
	90,000	Station Casinos, LLC* 4.500%, 02/15/28		77,815
	31,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		28,238
	10,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		9,838
	50,000	Vista Outdoor, Inc.*^ 4.500%, 03/15/29		46,580
	20,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		19,634
				2,713,945
		Consumer Staples (0.7%)
	52,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		50,555
	40,000	B&G Foods, Inc.* 8.000%, 09/15/28		39,050
	51,000	Central Garden & Pet Company* 4.125%, 04/30/31		40,762
	53,000	Edgewell Personal Care Company* 4.125%, 04/01/29		44,569
	59,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		48,577
	10,000	6.500%, 12/31/27^		9,395
	65,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc. 5.500%, 01/15/30		59,470

PRINCIPAL AMOUNT			VALUE
	25,000	5.125%, 02/01/28	$	23,480
	15,000	5.750%, 04/01/33		13,207
	33,000	New Albertsons, LP 7.750%, 06/15/26		33,367
	43,000	Performance Food Group, Inc.* 4.250%, 08/01/29		36,488
	35,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		28,918
	21,000	Post Holdings, Inc.* 5.750%, 03/01/27		20,051
	42,000	Prestige Brands, Inc.* 3.750%, 04/01/31		33,481
	35,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		27,390
	70,000	Vector Group, Ltd.* 5.750%, 02/01/29		59,439
	20,000	Williams Scotsman, Inc.* 7.375%, 10/01/31		19,749
				587,948
		Energy (2.0%)
	44,000	Antero Resources Corp.* 5.375%, 03/01/30		40,218
	45,000	Apache Corp. 5.100%, 09/01/40		35,036
	40,000	Buckeye Partners, LP 3.950%, 12/01/26		36,508
	25,000	5.850%, 11/15/43		17,706
	60,000	Callon Petroleum Company* 7.500%, 06/15/30		58,163
	23,000	Cheniere Energy, Inc. 4.625%, 10/15/28		21,027
	32,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		31,399
	58,000	Civitas Resources, Inc.* 8.750%, 07/01/31		58,610
	35,000	Continental Resources, Inc.* 2.875%, 04/01/32		25,928
	25,000	5.750%, 01/15/31		23,207
	32,000	DT Midstream, Inc.* 4.125%, 06/15/29		27,557
	39,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		39,592
	15,000	9.875%, 07/15/31		16,187
	25,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		23,264
	65,000	Energy Transfer, LP‡ 8.656%, 11/01/66 3 mo. USD Term SOFR + 3.28%		53,144
	32,000	6.500%, 11/01/35 5 year CMT + 5.69%		29,080

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
194

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	60,000	EnLink Midstream Partners, LP 9.780%, 11/01/35‡ 3 mo. USD LIBOR + 4.11%	$	53,581
	50,000	4.850%, 07/15/26		47,276
	31,000	Enlink Midstream, LLC* 6.500%, 09/01/30		29,805
	70,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		69,591
	31,000	Genesis Energy, LP / Genesis Energy Finance Corp. 8.875%, 04/15/30		30,142
	18,000	6.250%, 05/15/26		17,184
	45,000	Gulfport Energy Corp. 6.375%, 05/15/25&		—
	40,000	8.000%, 05/17/26*		40,017
	13,752	8.000%, 05/17/26		13,758
	60,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		53,350
	32,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		30,433
	44,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		42,098
	25,000	Moss Creek Resources Holdings, Inc.* 10.500%, 05/15/27		24,743
	25,000	7.500%, 01/15/26		23,931
	35,000	Nabors Industries, Inc.* 7.375%, 05/15/27		32,775
	35,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		30,927
	40,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		37,226
	22,000	6.500%, 09/30/26		19,723
	20,000	Oceaneering International, Inc.* 6.000%, 02/01/28		18,341
	45,000	Parkland Corp.* 5.875%, 07/15/27		43,274
	23,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		20,547
	12,000	Permian Resources Operating LLC* 7.000%, 01/15/32		11,742
	50,000	Plains All American Pipeline, LP‡ 9.736%, 11/01/35 3 mo. USD LIBOR + 4.11%		47,197
	60,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		54,460
	21,000	Southwestern Energy Company 4.750%, 02/01/32		18,080
	20,000	5.375%, 02/01/29		18,529
	11,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		9,464
	61,750	Transocean, Inc.* 8.750%, 02/15/30		61,700

PRINCIPAL AMOUNT			VALUE
	30,000	Venture Global Calcasieu Pass, LLC* 6.250%, 01/15/30	$	28,321
	10,000	4.125%, 08/15/31		8,084
	10,000	3.875%, 08/15/29		8,376
	55,000	Venture Global LNG, Inc.* 8.375%, 06/01/31		52,525
	35,000	8.125%, 06/01/28		34,007
	20,000	9.875%, 02/01/32		20,297
	10,000	9.500%, 02/01/29		10,150
	42,000	Vital Energy, Inc. 9.500%, 01/15/25		42,228
	25,000	7.750%, 07/31/29*^		22,595
	5,000	9.750%, 10/15/30		4,904
	45,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		40,593
	50,000	Weatherford International, Ltd.* 8.625%, 04/30/30		50,601
				1,759,201
		Financials (2.3%)
	56,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		54,405
	67,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		66,625
	69,000	AG Issuer, LLC* 6.250%, 03/01/28		63,941
	75,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		68,511
	49,000	Ally Financial, Inc. 4.700%, 11/01/35‡‡‡ 5 year CMT + 3.87%		32,018
	20,000	8.000%, 11/01/31		19,557
	20,000	4.700%, 11/01/35‡ 7 year CMT + 3.48%		11,702
	86,000	AmWINS Group, Inc.* 4.875%, 06/30/29		73,826
	48,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		42,189
	20,000	Avolon Holdings Funding, Ltd.* 5.500%, 01/15/26		19,277
	88,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		76,787
	40,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 4.500%, 04/01/27		33,381
	26,000	5.750%, 05/15/26		23,846
	65,000	Credit Acceptance Corp. 6.625%, 03/15/26		61,955
	52,000	5.125%, 12/31/24*		50,347
	45,000	Cushman & Wakefield U.S. Borrower LLC*^ 8.875%, 09/01/31		42,755

See accompanying Notes to Schedule of Investments

www.calamos.com
195

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	58,000	Enact Holdings, Inc.* 6.500%, 08/15/25	$	57,125
	64,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		48,609
	66,000	HUB International, Ltd.* 5.625%, 12/01/29		56,976
	34,000	7.000%, 05/01/26		33,162
	31,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		24,054
	100,000	ILFC E-Capital Trust II*‡ 7.459%, 12/21/65 3 mo. USD LIBOR + 1.80%		75,217
	90,000	Iron Mountain, Inc.* 5.250%, 03/15/28		82,460
	12,000	7.000%, 02/15/29		11,655
	88,000	Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* 5.250%, 10/01/25		83,899
	22,000	4.750%, 06/15/29		17,758
	40,000	LD Holdings Group, LLC* 6.125%, 04/01/28		22,414
	45,000	Level 3 Financing, Inc.* 4.250%, 07/01/28		25,483
	37,000	3.400%, 03/01/27^		34,429
	20,000	4.625%, 09/15/27		13,498
	30,000	LPL Holdings, Inc.* 4.000%, 03/15/29		25,811
	40,000	Macquarie Airfinance Holdings, Ltd.* 8.125%, 03/30/29		39,452
	70,000	MetLife, Inc. 6.400%, 12/15/66		65,764
	60,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		53,168
	50,000	Navient Corp. 5.000%, 03/15/27		44,099
	20,000	4.875%, 03/15/28		16,593
	50,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		37,483
	30,000	OneMain Finance Corp. 9.000%, 01/15/29^		29,333
	30,000	3.875%, 09/15/28		23,892
	22,000	7.125%, 03/15/26^		21,412
	23,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		20,770
	73,000	PHH Mortgage Corp.* 7.875%, 03/15/26		63,306
	50,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		42,623

PRINCIPAL AMOUNT			VALUE
	20,000	Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* 3.875%, 03/01/31	$	15,480
	20,000	3.625%, 03/01/29		16,280
	10,000	2.875%, 10/15/26		8,734
	43,000	StoneX Group, Inc.* 8.625%, 06/15/25		43,258
	52,000	United Wholesale Mortgage, LLC* 5.500%, 04/15/29		43,563
	20,000	5.750%, 06/15/27		18,251
	25,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		16,257
	22,000	10.500%, 02/15/28		21,213
	47,000	XHR, LP* 6.375%, 08/15/25		45,870
				2,040,473
		Health Care (1.4%)
	95,000	Bausch Health Companies, Inc.* 11.000%, 09/30/28		58,155
	16,000	14.000%, 10/15/30		8,814
	16,000	6.125%, 02/01/27		8,939
	88,000	CHS/Community Health Systems, Inc.* 6.125%, 04/01/30		34,207
	60,000	8.000%, 03/15/26		54,936
	25,000	6.875%, 04/15/29		10,320
	5,000	5.250%, 05/15/30		3,555
	89,000	DaVita, Inc.* 4.625%, 06/01/30		69,830
	52,000	3.750%, 02/15/31		37,437
	33,000	Embecta Corp.* 5.000%, 02/15/30		26,231
	11,000	6.750%, 02/15/30		9,124
	20,000	Encompass Health Corp. 4.750%, 02/01/30		17,362
	20,000	4.500%, 02/01/28		18,048
	52,000	HCA, Inc. 7.500%, 11/06/33		53,380
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		173,966
	18,722	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 10.000%, 06/15/29		1,331
	55,000	Medline Borrower, LP* 3.875%, 04/01/29		46,461
	53,000	5.250%, 10/01/29^		45,170
	200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		156,656
	62,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		49,784
	120,000	Tenet Healthcare Corp. 6.250%, 02/01/27		115,455
	70,000	6.875%, 11/15/31		64,667

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
196

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	190,000	Teva Pharmaceutical Finance Netherlands III, BV 3.150%, 10/01/26	$	167,253
				1,231,081
		Industrials (2.3%)
	50,000	ACCO Brands Corp.* 4.250%, 03/15/29		41,529
	50,000	Air Lease Corp.‡ 4.125%, 11/01/35 5 year CMT + 3.15%		35,972
	75,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		70,592
	36,000	3.500%, 03/15/29		30,722
	30,000	5.875%, 02/15/28		28,782
	50,000	Allegiant Travel Company* 7.250%, 08/15/27		45,539
	10,000	American Airlines Group, Inc.* 3.750%, 03/01/25		9,363
	25,000	Arcosa, Inc.* 4.375%, 04/15/29		21,890
	200,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		116,784
	34,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		28,578
	23,000	Bombardier, Inc.* 7.875%, 04/15/27		22,161
	44,000	BWX Technologies, Inc.* 4.125%, 04/15/29		38,065
	48,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		43,621
	11,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		10,339
	58,000	Deluxe Corp.* 8.000%, 06/01/29		45,969
	33,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		31,400
	68,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		64,781
	25,000	EnerSys* 4.375%, 12/15/27		22,456
	25,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		19,437
	30,000	Graphic Packaging International, LLC* 4.750%, 07/15/27^		28,035
	20,000	3.500%, 03/01/29		16,799
	51,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		41,783
	101,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		85,769

PRINCIPAL AMOUNT			VALUE
	69,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26	$	51,046
	65,000	Herc Holdings, Inc.* 5.500%, 07/15/27		61,231
	50,000	IEA Energy Services, LLC* 6.625%, 08/15/29		47,765
	34,000	JELD-WEN, Inc.* 4.625%, 12/15/25		32,298
	25,000	4.875%, 12/15/27		21,347
	70,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		59,650
	45,000	Knife River Holding Company* 7.750%, 05/01/31		44,902
	21,000	MasTec, Inc.* 4.500%, 08/15/28		18,465
	33,000	Moog, Inc.* 4.250%, 12/15/27		29,965
	55,000	Newfold Digital Holdings Group, Inc.*^ 6.000%, 02/15/29		36,362
	52,000	Novelis Corp.* 4.750%, 01/30/30		44,333
	15,000	OI European Group, BV* 4.750%, 02/15/30		12,772
	50,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*^ 4.000%, 10/15/27		44,021
	67,000	Patrick Industries, Inc.* 4.750%, 05/01/29		55,081
	20,000	QVC, Inc. 5.450%, 08/15/34		8,518
	35,000	Sealed Air Corp.* 6.125%, 02/01/28		33,331
	11,000	5.000%, 04/15/29^		9,817
	40,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		32,074
	33,000	Sinclair Television Group, Inc.* 4.125%, 12/01/30		20,771
	20,000	5.500%, 03/01/30		10,878
	50,000	Standard Industries, Inc.* 5.000%, 02/15/27		46,314
	35,000	Stericycle, Inc.* 3.875%, 01/15/29		29,906
	35,000	STL Holding Company, LLC* 7.500%, 02/15/26		32,872
	97,000	TransDigm, Inc. 6.250%, 03/15/26*		94,926
	45,000	6.875%, 12/15/30*		43,551
	35,000	6.750%, 08/15/28*		34,063
	32,000	7.500%, 03/15/27		32,004
	45,000	Tronox, Inc.* 4.625%, 03/15/29		35,375

See accompanying Notes to Schedule of Investments

www.calamos.com
197

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	18,995	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29	$	16,835
	44,000	Vertiv Group Corp.* 4.125%, 11/15/28		38,507
	46,000	Wabash National Corp.* 4.500%, 10/15/28		38,145
	35,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		32,289
	27,000	Williams Scotsman, Inc.* 4.625%, 08/15/28		24,022
				2,073,802
		Information Technology (0.8%)
	21,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		18,548
	80,000	Clarivate Science Holdings Corp.* 3.875%, 07/01/28		69,002
	39,000	Clear Channel Worldwide Holdings, Inc.*^ 5.125%, 08/15/27		34,680
	23,000	Coherent Corp.*^ 5.000%, 12/15/29		19,555
	60,000	CommScope Technologies, LLC* 6.000%, 06/15/25		36,244
	40,000	CommScope, Inc.* 4.750%, 09/01/29		27,325
	29,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		29,033
	22,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		18,956
	26,000	Fair Isaac Corp.* 4.000%, 06/15/28		23,196
	50,000	KBR, Inc.* 4.750%, 09/30/28		44,092
	50,000	MPH Acquisition Holdings, LLC* 5.750%, 11/01/28^		37,337
	20,000	5.500%, 09/01/28		16,728
	20,000	NCL Corp., Ltd.* 8.125%, 01/15/29		19,567
	22,000	NCR Voyix Corp.* 5.125%, 04/15/29		18,944
	34,000	ON Semiconductor Corp.* 3.875%, 09/01/28		29,222
	39,000	Open Text Corp.* 3.875%, 02/15/28		33,972
	20,000	6.900%, 12/01/27		19,962
	16,000	3.875%, 12/01/29		13,136
	16,000	Open Text Holdings, Inc.*^ 4.125%, 12/01/31		12,614
	47,000	Playtika Holding Corp.* 4.250%, 03/15/29		37,945
	60,000	TTM Technologies, Inc.* 4.000%, 03/01/29		49,363

PRINCIPAL AMOUNT			VALUE
	30,000	Twilio, Inc. 3.625%, 03/15/29	$	25,037
	11,000	3.875%, 03/15/31^		8,805
	55,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		43,788
	50,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		41,341
				728,392
		Materials (0.6%)
	25,000	ArcelorMittal, SA^ 7.000%, 10/15/39		23,778
	27,000	ATI, Inc. 5.875%, 12/01/27		25,148
	12,000	Carpenter Technology Corp. 7.625%, 03/15/30		11,922
	35,000	Chemours Company* 4.625%, 11/15/29		27,086
	65,000	Clearwater Paper Corp.* 4.750%, 08/15/28		57,441
	34,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		31,589
	22,000	Commercial Metals Company 4.125%, 01/15/30		18,620
	11,000	4.375%, 03/15/32		8,889
	23,000	HB Fuller Company 4.250%, 10/15/28		19,963
	40,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		39,901
	50,000	Kaiser Aluminum Corp.* 4.625%, 03/01/28		41,794
	5,000	4.500%, 06/01/31		3,698
	10,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		8,205
	58,000	Mercer International, Inc. 5.125%, 02/01/29		45,555
	20,000	12.875%, 10/01/28*		20,225
	35,000	Owens-Brockway Glass Container, Inc.* 7.250%, 05/15/31		32,073
	25,000	6.625%, 05/13/27^		23,822
	56,000	Silgan Holdings, Inc. 4.125%, 02/01/28		49,949
	21,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		8,998
				498,656
		Other (0.1%)
	25,000	Gen Digital, Inc.* 7.125%, 09/30/30^		24,370
	25,000	6.750%, 09/30/27		24,378
				48,748

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
198

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT				VALUE
			Real Estate (0.1%)
	34,000		EPR Properties 3.750%, 08/15/29	$	26,870
	38,000		Forestar Group, Inc.* 5.000%, 03/01/28		33,518
	21,000		3.850%, 05/15/26		18,846
	50,000		MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		39,719
	20,000		Service Properties Trust 5.250%, 02/15/26		17,954
					136,907
			Special Purpose Acquisition Companies (0.1%)
	45,000		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* 6.750%, 01/15/30		35,806
	23,000		4.625%, 01/15/29		19,419
	50,000		W.R. Grace Holding, LLC* 7.375%, 03/01/31		46,428
					101,653
			Utilities (0.0%)
	16,000		PPL Capital Funding, Inc.‡ 8.317%, 03/30/67 3 mo. USD LIBOR + 2.67%		14,497
	20,000		Vistra Corp.*‡ 7.000%, 11/01/67 5 year CMT + 5.74%		18,296
	10,000		8.000%, 11/01/67 5 year CMT + 6.93%		9,514
					42,307
			TOTAL CORPORATE BONDS (Cost $14,388,895)		13,697,472
CONVERTIBLE BONDS (32.2%)
			Communication Services (2.2%)
	34,000		Cable One, Inc.µ 0.000%, 03/15/26		27,836
	580,000		Liberty Media Corp.-Liberty Formula One 2.250%, 08/15/27		578,103
	1,484,000		Sea, Ltd. 2.375%, 12/01/25		1,405,496
					2,011,435
			Consumer Discretionary (8.5%)
	145,000		Burlington Stores, Inc.µ 2.250%, 04/15/25		140,174
	63,000		DISH Network Corp. 2.375%, 03/15/24µ		60,367
	63,000		0.000%, 12/15/25		38,653
	800,000	AUD	Flight Centre Travel Group, Ltd. 2.500%, 11/17/27		556,310

PRINCIPAL AMOUNT				VALUE
	3,160,000		Ford Motor Company 0.000%, 03/15/26	$	2,884,480
	730,000		IMAX Corp. 0.500%, 04/01/26		663,643
	901,000		MakeMyTrip, Ltd. 0.000%, 02/15/28		1,026,221
	685,000		Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		590,491
	500,000	GBP	WH Smith, PLCµ 1.625%, 05/07/26		526,593
	1,134,000		Wynn Macau, Ltd.* 4.500%, 03/07/29		1,156,816
					7,643,748
			Consumer Staples (1.5%)
	700,000	EUR	Fomento Economico Mexicano SAB de CV 2.625%, 02/24/26		725,361
	915,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		582,406
					1,307,767
			Energy (2.3%)
	700,000	EUR	Eni S.p.A 2.950%, 09/14/30		757,172
	400,000		Nabors Industries, Inc.* 1.750%, 06/15/29		299,728
	900,000	EUR	Saipem S.p.A 2.875%, 09/11/29		975,926
					2,032,826
			Financials (1.6%)
	12,000,000	HKD	Citigroup Global Markets Funding Luxembourg SCAµ 0.000%, 07/25/24		1,465,763
			Health Care (1.3%)
	437,000		BioMarin Pharmaceutical, Inc. 0.599%, 08/01/24		421,404
	562,000		Dexcom, Inc.µ 0.250%, 11/15/25		533,490
	204,000		Shockwave Medical, Inc.* 1.000%, 08/15/28		197,800
					1,152,694
			Industrials (3.1%)
	465,000		Axon Enterprise, Inc.* 0.500%, 12/15/27		501,647
	700,000	EUR	Prysmian S.p.A 0.000%, 02/02/26		761,113
	600,000	EUR	Rheinmetall AG 1.875%, 02/07/28		676,335
	500,000	EUR	SPIE, SA 2.000%, 01/17/28		511,422
	329,000		Tetra Tech, Inc.* 2.250%, 08/15/28		318,699
					2,769,216

See accompanying Notes to Schedule of Investments

www.calamos.com
199

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT				VALUE
			Information Technology (7.5%)
	730,000		Akamai Technologies, Inc.* 1.125%, 02/15/29	$	718,692
	300,000	EUR	Amadeus IT Group, SA 1.500%, 04/09/25		349,757
	835,000		Block, Inc.µ 0.125%, 03/01/25		770,655
	580,000		CyberArk Software, Ltd. 0.000%, 11/15/24		663,984
	881,000		Datadog, Inc. 0.125%, 06/15/25		970,193
	7,000,000	HKD	Kingsoft Corp, Ltd. 0.625%, 04/29/25		925,840
	120,000		Rapid7, Inc.* 1.250%, 03/15/29		116,090
	100,000,000	JPY	Rohm Company, Ltd. 0.000%, 12/05/24		665,050
	1,000,000		SK Hynix, Inc. 1.750%, 04/11/30		1,209,960
	334,000		Workiva, Inc.* 1.250%, 08/15/28		303,379
					6,693,600
			Materials (2.1%)
	1,000,000		Glencore Funding, LLC 0.000%, 03/27/25		1,048,910
	600,000		LG Chem, Ltd. 1.250%, 07/18/28		563,946
	476,000		Lithium Americas Corp. 1.750%, 01/15/27		321,348
					1,934,204
			Other (0.7%)
	930,000	EUR	Edenred 0.000%, 09/06/24		591,138
	20,000		Multiplan Corp.* 6.000%, 10/15/27		13,301
					604,439
			Real Estate (1.0%)
	800,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		907,071
			Utilities (0.4%)
	350,000		CMS Energy Corp.* 3.375%, 05/01/28		331,394
			TOTAL CONVERTIBLE BONDS (Cost $33,755,880)		28,854,157
BANK LOANS (10.8%)¡
			Airlines (0.0%)
	33,750		Mileage Plus Holdings, LLC‡ 10.798%, 06/21/27 3 mo. SOFR + 5.25%		34,837

PRINCIPAL AMOUNT			VALUE
		Communication Services (1.8%)
	250,000	APi Group DE, Inc.! 0.000%, 01/03/29	$	250,687
	358,130	Charter Communications Operating LLC‡ 7.133%, 02/01/27 3 mo. SOFR + 1.75%		357,661
	935	Charter Communications Operating, LLC‡ 7.074%, 02/01/27 1 mo. SOFR + 1.75%		934
	43,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 2.50%		18,913
	249,375	Go Daddy Operating Company, LLC‡ 7.824%, 11/09/29 1 mo. SOFR + 2.50%		249,885
	250,000	Match Group, Inc.‡ 7.298%, 02/13/27 3 mo. SOFR + 1.75%		249,270
	250,000	Nexstar Broadcasting, Inc.‡ 7.939%, 09/18/26 1 mo. SOFR + 2.50%		250,225
	250,000	Virgin Media Bristol, LLC‡ 7.949%, 01/31/28 1 mo. SOFR + 2.50%		243,283
				1,620,858
		Consumer Discretionary (2.0%)
	250,000	Adient US LLC‡ 8.689%, 04/10/28 1 mo. SOFR + 3.25%		250,234
	249,375	Aramark Services, Inc.‡ 7.939%, 06/22/30 1 mo. SOFR + 2.50%		249,375
	249,375	Carnival Corp.‡ 8.336%, 08/08/27 1 mo. SOFR + 3.00%		245,323
	299,233	KFC Holding Co.‡ 7.199%, 03/15/28 1 mo. SOFR + 1.75%		299,388
	249,361	Murphy USA, Inc.‡ 7.179%, 01/31/28 1 mo. SOFR + 1.75%		250,374
	249,369	PENN Entertainment, Inc.‡ 8.170%, 05/03/29 1 mo. SOFR + 2.75%		249,335
	249,346	Station Casinos, LLC! 0.000%, 02/08/27		248,043
				1,792,072
		Financials (0.9%)
	10,000	Advisor Group, Inc.‡ 9.824%, 08/17/28 1 mo. SOFR + 4.50%		9,967
	299,250	Avolon TLB Borrower 1 LLC‡ 7.839%, 06/22/28 1 mo. SOFR + 2.50%		299,668

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
200

Global Total Return Fund Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	249,364	Castlelake Aviation, Ltd.‡ 8.421%, 10/22/26 3 mo. SOFR + 2.75%	$	249,208
	249,292	Jazz Financing Lux Sarl‡ 8.939%, 05/05/28 1 mo. SOFR + 3.50%		249,499
				808,342
		Health Care (1.9%)
	182,170	Avantor Funding, Inc.‡ 7.674%, 11/08/27 1 mo. SOFR + 2.25%		182,322
	299,214	DaVita, Inc.‡ 7.189%, 08/12/26 1 mo. SOFR + 1.75%		296,149
	249,308	Elanco Animal Health, Inc.‡ 7.165%, 08/01/27 1 mo. SOFR + 1.75%		243,933
	200,056	ICON Luxembourg Sarl! 0.000%, 07/03/28		200,403
	250,000	IQVIA, Inc.‡ 7.402%, 06/11/25 3 mo. SOFR + 1.75%		250,860
	250,000	Organon & Company‡ 8.451%, 06/02/28 1 mo. SOFR + 3.00%		249,812
	249,369	Perrigo Investments, LLC‡ 7.674%, 04/20/29 1 mo. SOFR + 2.25%		248,621
	49,844	PRA Health Sciences, Inc.! 0.000%, 07/03/28		49,930
				1,722,030
		Industrials (2.5%)
	249,362	Beacon Roofing Supply, Inc.‡ 7.689%, 05/19/28 1 mo. SOFR + 2.25%		249,350
	290,597	Berry Global, Inc.‡ 7.201%, 07/01/29 1 mo. SOFR + 1.75%		288,455
	250,000	ChampionX Corp.‡ 8.177%, 06/07/29 1 mo. SOFR + 2.75%		251,133
	250,000	Emrld Borrower, LP‡ 8.380%, 05/31/30 3 mo. SOFR + 3.00%		249,765
	249,373	H.B. Fuller Company‡ 7.574%, 02/15/30 1 mo. SOFR + 2.25%		250,335
	249,362	Jeld-Wen, Inc.‡ 7.689%, 07/28/28 1 mo. SOFR + 2.25%		249,518
	249,369	Scientific Games International, Inc.‡ 8.435%, 04/14/29 1 mo. SOFR + 3.00%		249,447

PRINCIPAL AMOUNT			VALUE
	249,373	TransDigm, Inc.‡ 8.640%, 08/24/28 3 mo. SOFR + 3.25%	$	249,373
	199,488	United Airlines, Inc.‡ 9.189%, 04/21/28 1 mo. SOFR + 3.75%		199,364
				2,236,740
		Information Technology (1.1%)
	45,845	Banff Merger Sub, Inc.‡ 9.189%, 10/02/25 1 mo. SOFR + 3.75%		45,854
	249,318	II-VI, Inc.‡ 8.189%, 07/02/29 1 mo. SOFR + 2.75%		249,201
	244,115	Open Text Corp.‡ 8.174%, 01/31/30 1 mo. SOFR + 2.75%		244,201
	149,915	SS&C Technologies, Inc.‡ 7.674%, 03/22/29 1 mo. SOFR + 2.25%		149,915
	94,522	SS&C Technologies, Inc.‡ 7.674%, 03/22/29 1 mo. SOFR + 2.25%		94,522
	159,600	TTM Technologies, Inc.‡ 8.065%, 05/30/30 1 mo. SOFR + 2.75%		159,700
				943,393
		Materials (0.6%)
	282,702	Axalta Coating Systems U.S. Holdings, Inc.‡ 7.890%, 12/20/29 3 mo. SOFR + 2.50%		283,427
	245,000	Chemours Company‡ 8.824%, 08/18/28 1 mo. SOFR + 2.50%		238,875
				522,302
		TOTAL BANK LOANS (Cost $9,741,273)		9,680,574
NUMBER OF SHARES			VALUE
WARRANTS (0.0%)#
		Energy (0.0%)
	2,607	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		1
	2,347	Mcdermott International, Ltd. 06/30/27, Strike $12.33		—
		TOTAL WARRANTS (Cost $1,002)		1

See accompanying Notes to Schedule of Investments

www.calamos.com
201

Global Total Return Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES				VALUE
COMMON STOCKS (86.3%)
			Communication Services (5.4%)
	13,500		Alphabet, Inc. - Class Aµ#	$	1,675,080
	925		Altice USA, Inc. - Class A#		2,673
	1,050		Baidu, Inc. (ADR)µ#		110,250
	310		Cumulus Media, Inc. - Class Aµ		1,398
	16,800	EUR	Deutsche Telekom, AG		364,622
	1,250		Meta Platforms, Inc. - Class Aµ#		376,587
	4,900	HKD	NetEase, Inc.		104,868
	168	EUR	Scout24, SE*µ		10,335
	27,000	HKD	Tencent Holdings, Ltd.		999,236
	15,060		Tencent Holdings, Ltd. (ADR)^		557,371
	7,610		Walt Disney Companyµ#~		620,900
					4,823,320
			Consumer Discretionary (11.1%)
	37,500	HKD	Alibaba Group Holding, Ltd.#		386,065
	1,745		Alibaba Group Holding, Ltd. (ADR)^#		144,032
	5,360	PLN	Allegro.eu, SA*#		38,449
	45,850	MXN	Alsea, SAB de CV#		152,181
	25,200		Amazon.com, Inc.^µ#~		3,353,868
	1,605	INR	Amber Enterprises India, Ltd.#		56,468
	83,000	AED	Americana Restaurants International, PLC		83,610
	9,604		Aptiv, PLCµ#		837,469
	975	BRL	Arezzo Industria e Comercio, SA		11,292
	138,100	PHP	Bloomberry Resorts Corp.#		22,173
	3,400	CNY	BYD Company, Ltd. - Class A		110,940
	5,700	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		73,722
	175		Chipotle Mexican Grill, Inc.µ#		339,885
	27,165	BRL	Cyrela Brazil Realty, SA Empreendimentos e Participacoes		96,930
	3,640	INR	Dixon Technologies India, Ltd.		223,415
	790	KRW	Hotel Shilla Company, Ltd.		36,554
	25,621	INR	Indian Hotels Company, Ltd.		118,158
	45,700	HKD	JD.com, Inc. - Class A		580,991
	48,000	HKD	Jiumaojiu International Holdings, Ltd.*		52,230
	73,300	INR	Kalyan Jewellers India, Ltd.		254,709
	3,025	KRW	Kia Corp.		172,823
	33,500	HKD	Li Ning Company, Ltd.µ		102,657
	1,110	EUR	LVMH Moet Hennessy Louis Vuitton, SEµ		794,683
	10,350	INR	Mahindra & Mahindra, Ltd.		182,058
	760		MakeMyTrip, Ltd.µ#		29,435
	1,355,400	IDR	Map Aktif Adiperkasa PT		63,568
	4,780	HKD	Meituan - Class B*#		67,757
	340		MercadoLibre, Inc.µ#		421,852
	70,800	IDR	Mitra Adiperkasa Tbk PT		7,735
	11,570		NIO, Inc. (ADR)#		84,461

NUMBER OF SHARES				VALUE
	11,200	HKD	Prada S.p.A.µ	$	67,469
	4,871	EUR	Prosus, NVµ#		136,220
	6,900	HKD	Samsonite International, SA*µ#		21,370
	64,000	HKD	Sands China, Ltd.µ#		172,291
	23,500	INR	Tata Motors, Ltd.		177,736
	900	JPY	Toyota Boshoku Corp.		15,652
	1,405	INR	TVS Motor Company, Ltd.		26,869
	14,000	HKD	Wynn Macau, Ltd.µ#		12,398
	3,250	HKD	Yum China Holdings, Inc.µ		170,307
	23,000	HKD	Zhongsheng Group Holdings, Ltd.µ		53,114
	126,020	INR	Zomato, Ltd.#		158,862
					9,912,458
			Consumer Staples (4.9%)
	10,300	CHF	Aryzta, AG#		18,878
	20,850	GBP	British American Tobacco, PLC		622,840
	9,400		Coca-Cola Company		531,006
	1,500		Constellation Brands, Inc. - Class Aµ		351,225
	1,360		Costco Wholesale Corp.µ		751,318
	1,155	PLN	Dino Polska, SA*#		109,442
	17,130	MXN	Fomento Economico Mexicano, SAB de CV		193,676
	36,700	INR	ITC, Ltd.		188,937
	700	JPY	Kobe Bussan Company, Ltd.^		17,324
	700	CNY	Kweichow Moutai Company, Ltd. - Class A		161,213
	5,900	CHF	Nestle, SAµ		636,248
	24,592	BRL	Raia Drogasil, SA		125,844
	1,000	JPY	Rohto Pharmaceutical Company, Ltd.		23,331
	18,000	JPY	Seven & i Holdings Company, Ltd.		659,497
	26,000	HKD	Smoore International Holdings, Ltd.*		20,037
	700	JPY	Yamazaki Baking Company, Ltd.		14,801
					4,425,617
			Energy (6.1%)
	2,650	CAD	ARC Resources, Ltd.^µ		42,633
	73,850	GBP	BP, PLC		450,929
	21,400	CAD	Canadian Natural Resources, Ltd.µ		1,358,921
	479		Chaparral Energy, Inc. - Class A&#		21,316
	131		Chesapeake Energy Corp.^		11,276
	8,810		Chevron Corp.µ		1,283,881
	3,045		Energy Transfer, LP		40,042
	1,815		Enterprise Products Partners, LP		47,263
	341		EP Energy Corp.&#		895
	11,400		Helmerich & Payne, Inc.^µ		451,098
	390		ONEOK, Inc.µ		25,428
	46,000	THB	PTT Exploration & Production, PCL		210,089
	8,910	INR	Reliance Industries, Ltd.		245,123
	15,560	EUR	Saipem S.p.A#		23,711

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
202

Global Total Return Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES				VALUE
	31,700	EUR	Shell, PLC	$	1,035,564
	8,960		TechnipFMC, PLCµ#		192,819
					5,440,988
			Financials (11.3%)
	116,000	HKD	AIA Group, Ltd.µ		1,007,321
	3,000		Aon, PLC - Class Aµ		928,200
	49,400	BRL	B3, SA - Brasil Bolsa Balcao		108,760
	19,180	BRL	Banco BTG Pactual, SA		112,605
	413,550	IDR	Bank Central Asia, Tbk PT		227,833
	2,048,740	IDR	Bank Mandiri Persero, Tbk PT		731,917
	53,325		Bank of America Corp.µ~		1,404,580
	2,153	EUR	Bank of Ireland Group, PLCµ		19,295
	6,300	JPY	Concordia Financial Group, Ltd.		29,272
	29,304	AED	First Abu Dhabi Bank, PJSC		101,176
	5,095	KRW	Hana Financial Group, Inc.		148,146
	61,838	INR	HDFC Bank, Ltd.		1,096,171
	13,320		ICICI Bank, Ltd. (ADR)		295,571
	35,025		Itau Unibanco Holding, SA (ADR)^		185,983
	1,200	JPY	Japan Exchange Group, Inc.		23,730
	3,425		JPMorgan Chase & Company		476,281
	42,800	THB	Kasikornbank PCL		156,574
	1,170,000	GBP	Lloyds Banking Group, PLCµ		569,438
	11,725		Morgan Stanleyµ		830,364
	19,100	EUR	National Bank of Greece, SA#		109,392
	48,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class Hµ		246,015
	5,180	AUD	Steadfast Group, Ltd.µ		17,813
	13,950		UBS Group, AG^#		327,267
	2,406		Visa, Inc. - Class Aµ		565,651
	10,945		Wells Fargo & Companyµ		435,283
					10,154,638
			Health Care (10.2%)
	2,100	INR	Apollo Hospitals Enterprise, Ltd.		122,154
	6,125	GBP	AstraZeneca, PLCµ		766,872
	3,900		Danaher Corp.µ		748,878
	1,250	KRW	Dentium Company, Ltd.		101,472
	3,900		Eli Lilly & Companyµ		2,160,327
	1,005	GBP	Ergomed, PLC#		16,370
	6,774	EUR	Gerresheimer, AGµ		631,833
	1,310		Humana, Inc.µ		686,034
	4,510	BRL	Hypera, SA		27,095
	11,130	KRW	Jeisys Medical, Inc.		86,885
	28,100		Novo Nordisk, A/S (ADR)		2,713,617
	1,605		UnitedHealth Group, Inc.µ		859,574
	29,000	HKD	Wuxi Biologics Cayman, Inc.*#		180,314
	75	CHF	Ypsomed Holding, AG		20,670
					9,122,095

NUMBER OF SHARES				VALUE
			Industrials (11.6%)
	5,700	EUR	Airbus, SEµ	$	764,234
	4,620	GBP	Ashtead Technology Holdings, PLC^		27,005
	1,000	JPY	BayCurrent Consulting, Inc.		25,107
	7,450	CAD	Canadian Pacific Kansas City, Ltd.		528,954
	2,340	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		59,417
	615	EUR	DO & CO, AGµ		71,841
	450	JPY	Ebara Corp.µ		19,928
	12,120	INR	Hindustan Aeronautics, Ltd.		265,527
	8,600	JPY	Hitachi, Ltd.µ		545,125
	4,200	JPY	INFRONEER Holdings, Inc.		44,305
	18,000	PHP	International Container Terminal Services, Inc.		63,774
	500	JPY	Japan Airport Terminal Company, Ltd.µ		21,989
	1,300	JPY	Japan Elevator Service Holdings Company, Ltd.		17,228
	800	JPY	Keisei Electric Railway Company, Ltd.µ		30,136
	20,400	JPY	Komatsu, Ltd.		468,718
	500	JPY	Kyudenko Corp.		14,935
	6,854	INR	Larsen & Toubro, Ltd.		240,700
	1,590	EUR	Leonardo S.p.Aµ		24,029
	92,520	GBP	Melrose Industries, PLC		526,788
	5,020	SEK	Munters Group, AB*		61,288
	8,700	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		50,090
	9,050		Quanta Services, Inc.µ		1,512,436
	430,000	GBP	Rolls-Royce Holdings, PLCµ#		1,131,856
	45,010	BRL	Rumo, SA		199,171
	44,100	CNY	Sany Heavy Industry Company, Ltd. - Class A		87,196
	6,850	EUR	Schneider Electric, SEµ		1,053,922
	14,700	CNY	Shanghai International Airport Company, Ltd. - Class A#		74,781
	4,555	INR	Siemens, Ltd.		182,797
	1,590	JPY	Sojitz Corp.µ		33,017
	803	CAD	Stantec, Inc.µ		49,132
	16,450	INR	Titagarh Rail System, Ltd.		150,473
	16,500		Vertiv Holdings Companyµ		647,955
	5,400	EUR	Vinci, SAµ		597,102
	4,950		Waste Management, Inc.µ		813,433
					10,404,389
			Information Technology (22.8%)
	2,000		Accenture, PLC - Class Aµ		594,180
	13,270	TWD	Accton Technology Corp.		205,609
	5,200	JPY	Advantest Corp.		133,945
	3,755	TWD	Alchip Technologies, Ltd.		307,971
	11,495		Apple, Inc.µ		1,963,001

See accompanying Notes to Schedule of Investments

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203

Global Total Return Fund Schedule of Investments October 31, 2023

NUMBER OF SHARES				VALUE
	3,710		ASML Holding, NV (ADR)µ	$	2,221,585
	322	EUR	BE Semiconductor Industries, NV		33,262
	10,000	TWD	E Ink Holdings, Inc.		52,031
	108		Fabrinetµ#		16,740
	12,700	CNY	Foxconn Industrial Internet Company, Ltd. - Class A		25,588
	640	KRW	HPSP Company, Ltd.		14,846
	395	JPY	Ibiden Company, Ltd.µ		16,841
	4,100	CNY	Iflytek Company, Ltd. - Class A		25,574
	3,000	JPY	Keyence Corp.µ		1,161,355
	73,000	HKD	Kingdee International Software Group Company, Ltd.µ#		96,861
	8,900	KRW	Koh Young Technology, Inc.		72,935
	24,220	INR	KPIT Technologies, Ltd.		356,495
	5,000	TWD	MediaTek, Inc.		130,497
	8,780		Microsoft Corp.^µ		2,968,606
	7,500		NVIDIA Corp.µ††		3,058,500
	13,200		Oracle Corp.µ		1,364,880
	2,000	GBP	Sage Group, PLCµ		23,628
	5,480	KRW	Samsung Electronics Company, Ltd.		272,766
	400	JPY	SCREEN Holdings Company, Ltd.µ		18,597
	2,700	JPY	SHIFT, Inc.^#		489,887
	3,010	KRW	SK Hynix, Inc.		261,395
	203,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		3,315,499
	6,890		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		594,676
	16,300	BRL	TOTVS, SA		81,827
	16,000	TWD	Unimicron Technology Corp.		71,359
	15,520		Unity Software, Inc.µ#		393,742
	24,000	CNY	Venustech Group, Inc. - Class A		85,777
	1,900	CNY	Zhongji Innolight Company, Ltd. - Class A		22,889
					20,453,344
			Materials (1.5%)
	640	CAD	ERO Copper Corp.µ#		8,686
	55,150	AED	Fertiglobe, PLC		48,225
	15,350		Freeport-McMoRan, Inc.		518,523
	950		Linde, PLC		363,052
	5,575	ZAR	Sasol, Ltd.		70,466
	955	EUR	SOL S.p.A^		27,483
	5,250		Vale, SA (ADR)		71,977
	158,000	HKD	Zijin Mining Group Company, Ltd. - Class Hµ		244,412
					1,352,824
			Real Estate (0.8%)
	179,500	PHP	Ayala Land, Inc.		88,323
	135,770	MXN	Corp. Inmobiliaria Vesta SAB de CV		425,783

NUMBER OF SHARES				VALUE
	22,080	INR	DLF, Ltd.	$	149,313
	6,070	INR	Macrotech Developers, Ltd.*		57,358
	4,900	JPY	Mirarth Holdings, Inc.		14,284
	135	EUR	VGP, NV		10,990
					746,051
			Special Purpose Acquisition Company (0.0%)
	518		Intelsat Emergence, SA&#		12,302
			Utilities (0.6%)
	6,836		NextEra Energy, Inc.µ		398,539
	1,300		Veralto Corp.#		89,700
					488,239
			TOTAL COMMON STOCKS (Cost $92,865,808)		77,336,265
PREFERRED STOCKS (0.4%)
			Communication Services (0.0%)
	530		United States Cellular Corp.µ 5.500%, 06/01/70		7,749
	505		5.500%, 03/01/70		7,504
					15,253
			Consumer Discretionary (0.1%)
	305		Guitar Center, Inc.&#		32,177
			Energy (0.1%)
	1,325		NuStar Energy, LP‡ 11.315% 3 mo. USD LIBOR + 5.64%		33,257
	325		NuStar Energy, LP‡ 12.438% 3 mo. USD LIBOR + 6.77%		8,278
	2,270		NuStar Logistics, LP‡ 12.390%, 01/15/43 3 mo. USD Term SOFR + 7.00%		58,975
					100,510
			Industrials (0.2%)
	72,370	BRL	Randon, SA Implementos e Participacoes‡		156,604
			TOTAL PREFERRED STOCKS (Cost $332,524)		304,544
EXCHANGE-TRADED FUNDS (1.3%)
			Other (1.3%)
	45,865		Invesco Senior Loan ETF^		953,992
	6,150		iShares MSCI Saudi Arabia ETF^		233,024
			TOTAL EXCHANGE-TRADED FUNDS (Cost $1,322,412)		1,187,016
CONVERTIBLE PREFERRED STOCKS (1.5%)
			Energy (0.0%)
	1		Gulfport Energy Corp.&# 10.000%,15.000% PIK rate		8,875

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
204

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NUMBER OF SHARES			VALUE
		Financials (1.1%)
	21,400	Apollo Global Management, Inc. 6.750%, 07/31/26	$	1,029,554
		Utilities (0.4%)
	8,700	NextEra Energy, Inc.^ 6.926%, 09/01/25		326,598
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,532,459)		1,365,027
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (0.4%)#
		Communication Services (0.0%)
	28	Baidu, Inc.
	294,000	Call, 12/15/23, Strike $160.00		336
		Consumer Discretionary (0.0%)
	120	Alibaba Group Holding, Ltd.
	990,480	Call, 11/17/23, Strike $100.00		1,260
	585	Arcos Dorados Holdings, Inc.
	527,670	Call, 11/17/23, Strike $12.50		1,463
	150	Li Auto, Inc.
	507,150	Call, 12/15/23, Strike $45.00		4,125
				6,848
		Health Care (0.0%)
	135	Inmode, Ltd.
	257,850	Call, 01/19/24, Strike $47.50		1,013
		Industrials (0.1%)
	230	Parsons Corp.
	1,300,650	Call, 01/19/24, Strike $60.00		38,525
		Information Technology (0.0%)
	8	NVIDIA Corp.
	326,240	Call, 01/19/24, Strike $425.00		25,200
		Materials (0.0%)
	435	Cemex, Sab De CV
	259,695	Call, 01/19/24, Strike $8.00		2,175
		Other (0.3%)
	345	ICICI Bank, Ltd.
	765,555	Call, 01/19/24, Strike $24.00		9,487
	595	Invesco QQQ Trust Series 1
	20,879,740	Put, 11/17/23, Strike $330.00		84,787
	700	iShares MSCI EAFE ETF
	4,683,700	Put, 12/15/23, Strike $60.00		12,950
	500	iShares MSCI Emerging Markets
	1,835,000	Put, 11/17/23, Strike $37.00		35,000
	432	iShares MSCI India ETF
	1,867,968	Put, 12/15/23, Strike $44.00		47,520

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	23	iShares MSCI India Small-Cap ETF
	142,416	Put, 02/16/24, Strike $62.00	$	5,175
	285	iShares MSCI South Korea ETF
	1,565,790	Call, 01/19/24, Strike $71.00		3,563
	100	KE Holdings, Inc.
	147,100	Call, 01/19/24, Strike $19.85		2,550
	660	KraneShares CSI China Internet ETF
	1,719,300	Call, 11/17/23, Strike $30.00		4,290
	198	Petroleo Brasileiro, SA
	297,000	Call, 01/19/24, Strike $14.00		25,938
	220	SPDR S&P 500 ETF Trust
	9,200,400	Put, 12/15/23, Strike $360.00		15,510
	144	Trip.com Group, Ltd.
	489,600	Call, 01/19/24, Strike $44.00		3,600
				250,370
		TOTAL PURCHASED OPTIONS (Cost $2,312,140)		324,467
		TOTAL INVESTMENTS (148.2%) (Cost $156,252,393)		132,749,523
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-19.0%)				(17,000,000	)
LIABILITIES, LESS OTHER ASSETS (-29.2%)				(26,170,328	)
NET ASSETS (100.0%)			$	89,579,195
WRITTEN OPTIONS (0.0%)#
		Consumer Discretionary (0.0%)
	1	Chipotle Mexican Grill, Inc.
	194,220	Call, 01/19/24, Strike $2,040.00	$	(5,360	)
		Health Care (0.0%)
	13	Humana, Inc.
	680,797	Call, 01/19/24, Strike $530.00		(31,005	)
		TOTAL WRITTEN OPTIONS (Premium $19,191)	$	(36,365	)

See accompanying Notes to Schedule of Investments

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205

Global Total Return Fund Schedule of Investments October 31, 2023

NOTES TO SCHEDULE OF INVESTMENTS

@ In default status and considered non-income producing.

& Illiquid security.

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

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

‡‡ Perpetual maturity.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $48,340,630.

¡ 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.

# 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 $1,023,063.

†† Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

CURRENCY EXPOSURE
OCTOBER 31, 2023

	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	86,727,297		65.3	%
European Monetary Unit		11,963,813		9.0	%
Hong Kong Dollar		6,977,316		5.3	%
British Pound Sterling		4,662,319		3.5	%
Japanese Yen		4,504,054		3.4	%
Indian Rupee		4,253,323		3.2	%
New Taiwan Dollar		4,082,966		3.1	%
Canadian Dollar		2,570,732		1.9	%
South Korean Won		1,167,822		0.9	%
Indonesian Rupiah		1,031,053		0.8	%
Brazilian Real		920,128		0.7	%
Chinese Yuan Renminbi		777,187		0.6	%
Mexican Peso		771,640		0.6	%
Swiss Franc		675,796		0.5	%
Australian Dollar		574,123		0.4	%
Thai Baht		366,663		0.3	%
UAE Dirham		233,011		0.2	%
Philippine Peso		174,270		0.1	%
Polish Zloty		147,891		0.1	%
South African Rand		70,466		0.1	%
Swedish Krona		61,288		—	%
Total Investments Net of Written Options	$	132,713,158		100.0	%

Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
206

Global Total Return Fund Schedule of Investments October 31, 2023

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of October 31, 2023 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	13,697,472	$	—	$	13,697,472
Convertible Bonds		—		28,854,157		—		28,854,157
Bank Loans		—		9,680,574		—		9,680,574
Warrants		—		1		—		1
Common Stocks		46,365,455		30,970,810		—		77,336,265
Preferred Stocks		264,618		39,926		—		304,544
Exchange-Traded Funds		1,187,016		—		—		1,187,016
Convertible Preferred Stocks		1,356,152		8,875		—		1,365,027
Purchased Options		324,467		—		—		324,467
Total	$	49,497,708	$	83,251,815	$	—	$	132,749,523
Liabilities:
Written Options	$	36,365	$	—	$	—	$	36,365
Total	$	36,365	$	—	$	—	$	36,365

See accompanying Notes to Schedule of Investments

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207

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

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 $133,404)	$	128,456
CORPORATE BONDS (33.6%)
		Airlines (0.3%)
	34,668	Air Canada Pass Through Trust Series 2015-2, Class B*~ 5.000%, 06/15/25		34,496
	172,088	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		161,301
	80,546	Alaska Airlines Pass Through Trust Series 2020-1, Class B*~ 8.000%, 02/15/27		80,397
	203,840	American Airlines Pass Through Trust Series 2021-1, Class Bµ 3.950%, 01/11/32		173,853
	120,000	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*~ 5.500%, 04/20/26		116,736
	188,396	British Airways Pass Through Trust Series 2021-1, Class B*~ 3.900%, 03/15/33		163,697
	187,745	JetBlue Pass Through Trust Series 2020-1, Class B~ 7.750%, 05/15/30		186,669
	130,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.*~ 8.000%, 09/20/25		96,537
				1,013,686
		Communication Services (2.3%)
	200,000	Altice France Holding, SA* 10.500%, 05/15/27		110,264
	225,000	Altice France, SA*~ 5.500%, 10/15/29		155,819
	225,000	APi Group DE, Inc.*µ 4.750%, 10/15/29		194,022
	290,000	Arrow Bidco, LLC* 9.500%, 03/15/24		293,880
	200,000	Ashtead Capital, Inc.*µ 2.450%, 08/12/31		147,536
		Audacy Capital Corp.*
	231,000	6.750%, 03/31/29		3,754
	91,000	6.500%, 05/01/27		1,365
	162,000	Cincinnati Bell Telephone Company, LLC~ 6.300%, 12/01/28		131,095
	180,000	Clear Channel Outdoor Holdings, Inc.*µ 9.000%, 09/15/28		175,527
	285,000	Consolidated Communications, Inc.*µ^ 6.500%, 10/01/28		226,196

PRINCIPAL AMOUNT			VALUE
		CSC Holdings, LLC*
	285,000	5.375%, 02/01/28µ	$	227,253
	240,000	5.500%, 04/15/27µ		200,621
	215,000	4.500%, 11/15/31~		142,231
	200,000	5.750%, 01/15/30~		105,430
	200,000	4.625%, 12/01/30~		101,590
		Diamond Sports Group, LLC / Diamond Sports Finance Company*@
	150,000	6.625%, 08/15/27		1,902
	115,000	5.375%, 08/15/26		1,410
	474,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*~ 5.875%, 08/15/27		415,414
	195,000	Frontier California, Inc.µ 6.750%, 05/15/27		180,047
		Frontier Communications Holdings, LLC*µ
	123,000	5.000%, 05/01/28		106,750
	48,000	8.750%, 05/15/30		45,789
	202,000	Frontier Florida, LLCµ@ 6.860%, 02/01/28		185,953
	280,000	Frontier North, Inc.µ@ 6.730%, 02/15/28		259,748
	165,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.*~ 3.500%, 03/01/29		139,456
		iHeartCommunications, Inc.
	70,000	8.375%, 05/01/27^		42,963
	70,000	5.250%, 08/15/27*		51,381
	145,000	Intelsat Jackson Holdings, SA*@ 0.000%, 07/15/25		—
	230,000	LCPR Senior Secured Financing DAC*µ 6.750%, 10/15/27		208,408
	151,589	Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		38,210
		Lumen Technologies, Inc.
	135,000	7.600%, 09/15/39		36,739
	90,000	4.000%, 02/15/27*		61,536
	45,000	7.650%, 03/15/42		12,120
	95,000	Match Group Holdings II, LLC*~ 3.625%, 10/01/31		73,555
	160,000	Nexstar Media, Inc.*µ 5.625%, 07/15/27		144,077
		Paramount Global
	711,000	6.375%, 03/30/62~‡ 5 year CMT + 4.00%		521,490
	270,000	4.900%, 08/15/44		170,084
	63,000	Qwest Corp.µ 7.250%, 09/15/25		60,499
	595,000	Rogers Communications, Inc.*~‡ 5.250%, 03/15/82 5 year CMT + 3.59%		524,552
		Scripps Escrow II, Inc.*
	95,000	3.875%, 01/15/29~		72,160
	48,000	5.375%, 01/15/31		29,827

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
208

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PRINCIPAL AMOUNT			VALUE
	195,000	Scripps Escrow, Inc.*µ 5.875%, 07/15/27	$	145,969
		Sirius XM Radio, Inc.*
	195,000	5.500%, 07/01/29µ		172,953
	185,000	4.000%, 07/15/28~		157,402
	90,000	3.125%, 09/01/26~		80,864
	48,000	3.875%, 09/01/31~		36,155
	175,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		109,058
	165,000	Sprint, LLCµ 7.125%, 06/15/24		165,939
	210,000	Stagwell Global, LLC*µ 5.625%, 08/15/29		173,746
	190,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		113,764
	70,000	Time Warner Cable, LLC 7.300%, 07/01/38		65,566
	230,000	United States Cellular Corp.~ 6.700%, 12/15/33		219,041
	70,000	Univision Communications, Inc.*µ 8.000%, 08/15/28		66,340
	90,000	Viasat, Inc.*µ 5.625%, 04/15/27		78,745
	395,000	Vodafone Group, PLC~‡ 7.000%, 04/04/79 U.S. 5 yr Swap + 4.87%		382,680
				7,568,875
		Consumer Discretionary (4.1%)
	228,000	Abercrombie & Fitch Management Company*~ 8.750%, 07/15/25		231,803
	185,000	Adams Homes, Inc.*µ 9.250%, 10/15/28		181,596
	230,000	Adient Global Holdings Company*µ 8.250%, 04/15/31		225,069
	156,000	American Axle & Manufacturing, Inc.µ 6.875%, 07/01/28		139,037
		Ashton Woods USA, LLC / Ashton Woods Finance Company*µ
	167,000	4.625%, 08/01/29		135,729
	149,000	6.625%, 01/15/28		136,751
	217,000	At Home Group, Inc.* 4.875%, 07/15/28		75,408
		Bath & Body Works, Inc.µ
	254,000	6.694%, 01/15/27		246,159
	235,000	6.875%, 11/01/35		207,714
	200,000	Benteler International AG*~ 10.500%, 05/15/28		202,226
		Caesars Entertainment, Inc.*
	118,000	4.625%, 10/15/29µ		97,148
	93,000	8.125%, 07/01/27~		92,195

PRINCIPAL AMOUNT			VALUE
		Carnival Corp.*
	185,000	6.000%, 05/01/29µ	$	156,466
	92,000	7.625%, 03/01/26		89,508
	89,000	4.000%, 08/01/28		77,539
	12,000	7.000%, 08/15/29~		11,789
	230,000	Carriage Services, Inc.*µ 4.250%, 05/15/29		188,354
		Carvana Company*
	39,000	14.000%, 06/01/31		29,351
	33,000	13.000%, 06/01/30		24,765
	22,000	12.000%, 12/01/28		16,476
		CCO Holdings, LLC / CCO Holdings Capital Corp.*µ
	750,000	4.750%, 03/01/30		619,560
	250,000	4.500%, 08/15/30		200,930
	220,000	6.375%, 09/01/29		202,268
	186,000	4.250%, 02/01/31		144,920
	96,000	4.750%, 02/01/32		75,042
	96,000	CDI Escrow Issuer, Inc.*µ 5.750%, 04/01/30		86,029
	115,000	Cedar Fair, LP^ 5.250%, 07/15/29		99,462
	92,000	Churchill Downs, Inc.*µ 6.750%, 05/01/31		86,015
		Dana, Inc.µ
	155,000	4.250%, 09/01/30		123,335
	140,000	4.500%, 02/15/32		109,729
		DISH DBS Corp.
	230,000	5.250%, 12/01/26*µ		186,063
	180,000	7.750%, 07/01/26		120,785
	120,000	7.375%, 07/01/28~		67,656
	95,000	5.125%, 06/01/29		49,026
	186,000	DISH Network Corp.*µ 11.750%, 11/15/27		184,391
	200,000	Empire Resorts, Inc.*µ 7.750%, 11/01/26		163,786
	204,000	Everi Holdings, Inc.*µ 5.000%, 07/15/29		171,597
	190,000	Ford Motor Company~^ 6.100%, 08/19/32		175,902
		Ford Motor Credit Company, LLC
	300,000	4.000%, 11/13/30~		247,374
	270,000	5.113%, 05/03/29µ		245,219
	235,000	7.200%, 06/10/30~		234,734
	200,000	7.350%, 03/06/30~		201,228
	200,000	7.350%, 11/04/27		202,608
	71,000	Gap, Inc.*µ 3.875%, 10/01/31		51,222
	90,000	General Motors Companyµ 5.200%, 04/01/45		66,713
		General Motors Financial Company, Inc.‡
	765,000	5.700%, 09/30/30~^ 5 year CMT + 5.00%		647,274
	395,000	6.500%, 09/30/28µ 3 mo. USD LIBOR + 3.44%		324,808

See accompanying Notes to Schedule of Investments

www.calamos.com
209

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		goeasy, Ltd.*
	325,000	5.375%, 12/01/24~	$	319,433
	177,000	4.375%, 05/01/26		160,442
	100,000	Goodyear Tire & Rubber Company^ 5.250%, 07/15/31		81,562
	79,000	Group 1 Automotive, Inc.*~ 4.000%, 08/15/28		68,281
	193,000	Guitar Center, Inc.*^ 8.500%, 01/15/26		163,118
	53,949	JetBlue Pass Through Trust Series 2019-2, Class B 8.000%, 11/15/27		54,310
	160,000	Kohl's Corp. 5.550%, 07/17/45		92,506
	185,000	LCM Investments Holdings II, LLC*µ 8.250%, 08/01/31		177,310
	190,000	Liberty Interactive, LLC~ 8.250%, 02/01/30		50,056
		Life Time, Inc.*
	179,000	8.000%, 04/15/26~		174,938
	100,000	5.750%, 01/15/26µ		96,986
	90,000	Light & Wonder International, Inc.*µ 7.500%, 09/01/31		88,029
	70,000	Lindblad Expeditions Holdings, Inc.*µ 9.000%, 05/15/28		68,621
	123,000	Lindblad Expeditions, LLC*µ 6.750%, 02/15/27		111,841
	125,000	M/I Homes, Inc. 3.950%, 02/15/30		100,024
		Macy's Retail Holdings, LLC
	320,000	6.700%, 07/15/34*~		246,742
	90,000	4.300%, 02/15/43		49,387
	225,000	Mclaren Finance, PLC*µ 7.500%, 08/01/26		194,254
	242,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*µ 4.875%, 05/01/29		202,014
	110,000	Newell Brands, Inc.µ 5.200%, 04/01/26		103,903
		Nordstrom, Inc.
	90,000	5.000%, 01/15/44~		54,197
	86,000	4.250%, 08/01/31		63,048
	215,000	PENN Entertainment, Inc.*^ 4.125%, 07/01/29		167,197
	250,000	PetSmart, Inc. / PetSmart Finance Corp.*µ 4.750%, 02/15/28		221,408
	265,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*~ 5.625%, 09/01/29		186,504
	473,000	Rite Aid Corp.*~@ 8.000%, 11/15/26		328,919
	92,000	Royal Caribbean Cruises, Ltd.*µ 7.250%, 01/15/30		91,014

PRINCIPAL AMOUNT			VALUE
	270,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*µ 4.625%, 03/01/29	$	219,559
	365,000	Six Flags Entertainment Corp.*~ 7.250%, 05/15/31		336,242
	212,000	Sonic Automotive, Inc.*~^ 4.625%, 11/15/29		176,791
	147,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.*µ 4.875%, 11/01/27		131,643
	450,000	Station Casinos, LLC*µ 4.500%, 02/15/28		389,074
	212,000	Taylor Morrison Communities, Inc.*µ 5.750%, 01/15/28		193,113
	45,000	Viking Cruises, Ltd.*µ 9.125%, 07/15/31		44,271
	220,000	Vista Outdoor, Inc.*µ 4.500%, 03/15/29		204,952
	90,000	Windsor Holdings III, LLC*µ 8.500%, 06/15/30		88,353
	175,000	ZF North America Capital, Inc.*~ 7.125%, 04/14/30		170,328
				13,323,129
		Consumer Staples (0.8%)
	179,000	1375209 B.C., Ltd.*~ 9.000%, 01/30/28		174,027
	180,000	B&G Foods, Inc.*µ 8.000%, 09/15/28		175,723
	218,000	Central Garden & Pet Company*µ 4.125%, 04/30/31		174,237
	213,000	Edgewell Personal Care Company* 4.125%, 04/01/29		179,118
		Energizer Holdings, Inc.*µ
	263,000	4.375%, 03/31/29		216,539
	48,000	6.500%, 12/31/27		45,097
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.µ
	280,000	5.500%, 01/15/30		256,180
	120,000	5.125%, 02/01/28		112,703
	70,000	5.750%, 04/01/33		61,633
	395,000	Land O' Lakes, Inc.*µ 7.000%, 09/18/28		297,435
	191,000	Performance Food Group, Inc.*µ 4.250%, 08/01/29		162,073
	140,000	Pilgrim's Pride Corp. 4.250%, 04/15/31		115,672
	182,000	Prestige Brands, Inc.*µ 3.750%, 04/01/31		145,087
	155,000	United Natural Foods, Inc.* 6.750%, 10/15/28		121,298

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
210

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PRINCIPAL AMOUNT			VALUE
	293,000	Vector Group, Ltd.*~ 5.750%, 02/01/29	$	248,795
	90,000	Williams Scotsman, Inc.*µ 7.375%, 10/01/31		88,869
				2,574,486
		Energy (3.3%)
	190,000	Antero Resources Corp.*~ 5.375%, 03/01/30		173,668
	192,000	Apache Corp.~ 5.100%, 09/01/40		149,487
		Buckeye Partners, LPµ
	205,000	3.950%, 12/01/26		187,101
	135,000	5.850%, 11/15/43		95,615
	270,000	Callon Petroleum Company*~ 7.500%, 06/15/30		261,733
	96,000	Cheniere Energy, Inc.µ 4.625%, 10/15/28		87,763
	139,000	Chesapeake Energy Corp.*~ 6.750%, 04/15/29		136,391
	256,000	Civitas Resources, Inc.*µ 8.750%, 07/01/31		258,691
		Continental Resources, Inc.*µ
	135,000	2.875%, 04/01/32		100,007
	95,000	5.750%, 01/15/31		88,188
	150,000	DT Midstream, Inc.*~ 4.125%, 06/15/29		129,174
		Earthstone Energy Holdings, LLC*µ
	181,000	8.000%, 04/15/27		183,746
	70,000	9.875%, 07/15/31		75,538
		Enbridge, Inc.µ
	945,000	7.375%, 01/15/83 5 year CMT + 3.71%		879,389
	920,000	5.750%, 07/15/80‡ 5 year CMT + 5.31%		767,298
		Energy Transfer, LP‡
	560,000	6.500%, 11/15/26~ 5 year CMT + 5.69%		508,900
	125,000	8.656%, 11/01/66µ 3 mo. SOFR + 3.28%		102,200
		EnLink Midstream Partners, LPµ
	835,000	9.780%, 12/01/23‡ 3 mo. SOFR + 4.37%		745,663
	205,000	4.850%, 07/15/26		193,834
	113,000	Enlink Midstream, LLC* 6.500%, 09/01/30		108,643
		Enterprise Products Operating, LLCµ‡
	205,000	5.250%, 08/16/77 3 mo. SOFR + 3.29%		176,542
	185,000	8.619%, 08/16/77 3 mo. SOFR + 3.25%		181,313
	310,000	EQM Midstream Partners, LP*~ 7.500%, 06/01/27		308,190

PRINCIPAL AMOUNT			VALUE
	196,000	Genesis Energy, LP / Genesis Energy Finance Corp.µ 8.875%, 04/15/30	$	190,577
	255,000	Gulfport Energy Corp.*µ 8.000%, 05/17/26		255,107
	265,000	Hilcorp Energy I, LP / Hilcorp Finance Company*µ 6.000%, 04/15/30		235,630
	144,000	Howard Midstream Energy Partners, LLC*µ 6.750%, 01/15/27		136,947
	186,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*µ 6.000%, 08/01/26		177,961
		Moss Creek Resources Holdings, Inc.*µ
	75,000	7.500%, 01/15/26		71,794
	70,000	10.500%, 05/15/27		69,282
	135,000	Nabors Industries, Inc.*µ 7.375%, 05/15/27		126,419
	135,000	Nabors Industries, Ltd.*µ 7.500%, 01/15/28		119,291
		New Fortress Energy, Inc.*µ
	180,000	6.750%, 09/15/25		167,515
	96,000	6.500%, 09/30/26		86,063
	91,000	Oceaneering International, Inc.* 6.000%, 02/01/28		83,450
	200,000	Parkland Corp.*~ 5.875%, 07/15/27		192,330
	99,000	Patterson-UTI Energy, Inc.µ 5.150%, 11/15/29		88,443
	46,000	Permian Resources Operating LLC*µ 7.000%, 01/15/32		45,011
	750,000	Plains All American Pipeline, LPµ‡ 9.736%, 12/01/23 3 mo. SOFR + 4.37%		707,955
	265,000	Rockcliff Energy II, LLC*µ 5.500%, 10/15/29		240,530
		Southwestern Energy Company~
	98,000	4.750%, 02/01/32		84,374
	90,000	5.375%, 02/01/29		83,379
	48,000	Sunoco, LP / Sunoco Finance Corp.~ 4.500%, 04/30/30		41,300
	261,250	Transocean, Inc.*µ 8.750%, 02/15/30		261,038
		Venture Global Calcasieu Pass, LLC*
	115,000	6.250%, 01/15/30		108,562
	45,000	4.125%, 08/15/31~		36,377
	45,000	3.875%, 08/15/29~		37,694
		Venture Global LNG, Inc.*µ
	230,000	8.375%, 06/01/31		219,650
	140,000	8.125%, 06/01/28		136,027
	90,000	9.875%, 02/01/32		91,338
	45,000	9.500%, 02/01/29		45,676

See accompanying Notes to Schedule of Investments

www.calamos.com
211

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Vital Energy, Inc.µ
	174,000	9.500%, 01/15/25	$	174,943
	115,000	7.750%, 07/31/29*		103,937
	23,000	9.750%, 10/15/30		22,557
	280,000	VOC Escrow, Ltd.*µ 5.000%, 02/15/28		252,580
	235,000	Weatherford International, Ltd.*µ 8.625%, 04/30/30		237,825
				10,830,636
		Financials (14.2%)
	251,000	Acrisure, LLC / Acrisure Finance, Inc.*µ 7.000%, 11/15/25		243,852
	286,000	Aethon United BR, LP / Aethon United Finance Corp.*µ 8.250%, 02/15/26		284,401
	293,000	AG Issuer, LLC*µ 6.250%, 03/01/28		271,517
	605,000	Aircastle, Ltd.*~‡ 5.250%, 06/15/26 5 year CMT + 4.41%		479,789
	315,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*µ 6.750%, 10/15/27		287,746
	360,000	Allstate Corp.µ‡ 8.564%, 08/15/53 3 mo. SOFR + 3.20%		355,446
		Ally Financial, Inc.~
	1,236,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		807,639
	935,000	4.700%, 05/15/28 7 year CMT + 3.48%		547,078
	685,000	American International Group, Inc.µ‡ 5.750%, 04/01/48 3 mo. USD LIBOR + 2.87%		624,672
	379,000	AmWINS Group, Inc.*µ 4.875%, 06/30/29		325,349
	1,160,000	Ares Finance Company III, LLC*µ‡ 4.125%, 06/30/51 5 year CMT + 3.24%		873,805
	208,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		182,820
	75,000	Avolon Holdings Funding, Ltd.*µ 5.500%, 01/15/26		72,290
	835,000	AXIS Specialty Finance, LLCµ‡ 4.900%, 01/15/40 5 year CMT + 3.19%		670,705
		Bank of America Corp.µ‡
	1,091,000	6.125%, 04/27/27 5 year CMT + 3.23%		1,030,471
	340,000	5.125%, 06/20/24 3 mo. SOFR + 3.55%		332,071
	330,000	6.250%, 09/05/24 3 mo. SOFR + 3.97%		325,258
	330,000	6.100%, 03/17/25 3 mo. SOFR + 4.16%		318,820

PRINCIPAL AMOUNT			VALUE
	405,000	Bank of Montrealµ‡ 4.800%, 08/25/24 5 year CMT + 2.98%	$	362,402
	1,560,000	Bank of New York Mellon Corp.µ‡ 4.700%, 09/20/25 5 year CMT + 4.36%		1,477,538
	670,000	Bank of Nova Scotiaµ‡ 3.625%, 10/27/81 5 year CMT + 2.61%		472,095
		BP Capital Markets, PLCµ‡
	680,000	4.875%, 03/22/30 5 year CMT + 4.40%		592,124
	675,000	4.375%, 06/22/25 5 year CMT + 4.04%		642,870
	375,000	BroadStreet Partners, Inc.*µ 5.875%, 04/15/29		327,217
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*µ
	170,000	4.500%, 04/01/27		141,868
	116,000	5.750%, 05/15/26		106,389
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		181,068
	1,098,000	Capital One Financial Corp.~^‡ 3.950%, 09/01/26 5 year CMT + 3.16%		768,743
		Charles Schwab Corp.‡
	675,000	5.375%, 06/01/25µ 5 year CMT + 4.97%		644,713
	433,000	4.000%, 12/01/30~ 10 year CMT + 3.08%		296,181
	320,000	4.000%, 06/01/26µ 5 year CMT + 3.17%		254,538
		Citigroup, Inc.‡
	1,141,000	3.875%, 02/18/26~ 5 year CMT + 3.42%		957,984
	445,000	4.000%, 12/10/25~ 5 year CMT + 3.60%		382,882
	395,000	4.150%, 11/15/26~ 5 year CMT + 3.00%		308,159
	350,000	7.625%, 11/15/28~ 5 year CMT + 3.21%		337,757
	335,000	5.950%, 05/15/25µ 3 mo. SOFR + 4.17%		317,295
		Citizens Financial Group, Inc.‡
	1,115,000	4.000%, 10/06/26~ 5 year CMT + 3.22%		757,743
	365,000	5.650%, 10/06/25µ 5 year CMT + 5.31%		316,608
	365,000	Corebridge Financial, Inc.µ‡ 6.875%, 12/15/52 5 year CMT + 3.85%		338,683
		Credit Acceptance Corp.
	285,000	6.625%, 03/15/26~		271,651
	161,000	5.125%, 12/31/24*µ		155,882

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
212

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	180,000	Cushman & Wakefield U.S. Borrower LLC* 8.875%, 09/01/31	$	171,018
	500,000	Depository Trust & Clearing Corp.*µ‡ 3.375%, 06/20/26 5 year CMT + 2.61%		373,115
		Discover Financial Services~‡
	660,000	6.125%, 06/23/25 5 year CMT + 5.78%		610,757
	650,000	5.500%, 10/30/27 3 mo. SOFR + 3.34%		437,658
	241,000	Enact Holdings, Inc.*µ 6.500%, 08/15/25		237,363
	635,000	Enstar Finance, LLCµ‡ 5.500%, 01/15/42 5 year CMT + 4.01%		508,057
	1,500,000	Fifth Third Bancorp~‡ 4.500%, 09/30/25 5 year CMT + 4.22%		1,276,935
	160,000	First Citizens BancShares, Inc.‡ 9.643%, 01/04/27 3 mo. SOFR + 4.23%		163,286
	275,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*~ 3.750%, 12/15/27		208,868
		Goldman Sachs Group, Inc.‡
	1,180,000	4.400%, 02/10/25µ 5 year CMT + 2.85%		986,716
	442,000	4.125%, 11/10/26~ 5 year CMT + 2.95%		351,417
	351,000	7.500%, 02/10/29~ 5 year CMT + 3.16%		343,952
	200,000	GTCR W-2 Merger Sub, LLC* 7.500%, 01/15/31		197,438
		HUB International, Ltd.*µ
	276,000	5.625%, 12/01/29		238,263
	139,000	7.000%, 05/01/26		135,572
		Huntington Bancshares, Inc.‡
	940,000	4.450%, 10/15/27~ 7 year CMT + 4.05%		703,816
	505,000	5.625%, 07/15/30µ 10 year CMT + 4.95%		394,289
	144,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp.~ 4.375%, 02/01/29		111,735
	510,000	ILFC E-Capital Trust II*~‡ 7.459%, 12/21/65 3 mo. SOFR + 2.06%		383,607
		Iron Mountain, Inc.*
	380,000	5.250%, 03/15/28µ		348,164
	45,000	7.000%, 02/15/29		43,706
	525,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.*µ 5.000%, 08/15/28		421,129

PRINCIPAL AMOUNT			VALUE
		JPMorgan Chase & Companyµ‡
	2,840,000	3.650%, 06/01/26 5 year CMT + 2.85%	$	2,467,562
	330,000	6.125%, 04/30/24 3 mo. SOFR + 3.59%		328,152
	430,000	KeyCorp~‡ 5.000%, 09/15/26 3 mo. SOFR + 3.87%		288,375
		Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	379,000	5.250%, 10/01/25µ		361,339
	95,000	4.750%, 06/15/29~		76,682
	175,000	LD Holdings Group, LLC* 6.125%, 04/01/28		98,061
		Level 3 Financing, Inc.*
	200,000	4.250%, 07/01/28~		113,258
	153,000	3.400%, 03/01/27^		142,366
	90,000	4.625%, 09/15/27		60,742
	1,085,000	Liberty Mutual Group, Inc.*µ‡ 4.125%, 12/15/51 5 year CMT + 3.32%		864,658
	139,000	LPL Holdings, Inc.*µ 4.000%, 03/15/29		119,591
		M&T Bank Corp.µ‡
	355,000	6.450%, 02/15/24 3 mo. SOFR + 3.87%		333,995
	200,000	5.125%, 11/01/26 3 mo. USD LIBOR + 3.52%		151,766
	200,000	5.000%, 08/01/24 5 year CMT + 3.17%		159,938
	185,000	Macquarie Airfinance Holdings, Ltd.*µ 8.125%, 03/30/29		182,467
	670,000	Markel Corp.µ‡ 6.000%, 06/01/25 5 year CMT + 5.66%		645,746
		MetLife, Inc.µ
	792,000	6.400%, 12/15/66		744,076
	605,000	3.850%, 09/15/25‡ 5 year CMT + 3.58%		550,260
	255,000	Nationstar Mortgage Holdings, Inc.*µ 5.500%, 08/15/28		225,966
		Navient Corp.µ
	197,000	5.000%, 03/15/27		173,750
	100,000	4.875%, 03/15/28		82,967
	220,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP*~ 4.500%, 09/30/28		164,923
	545,000	Northern Trust Corp.µ‡ 4.600%, 10/01/26 3 mo. SOFR + 3.46%		479,039
		OneMain Finance Corp.
	130,000	9.000%, 01/15/29~		127,110
	130,000	3.875%, 09/15/28~		103,533
	95,000	7.125%, 03/15/26µ		92,462

See accompanying Notes to Schedule of Investments

www.calamos.com
213

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
	98,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*µ 5.875%, 10/01/28	$	88,499
	1,148,000	PartnerRe Finance B, LLCµ‡ 4.500%, 10/01/50 5 year CMT + 3.82%		945,470
	295,000	PHH Mortgage Corp.*µ 7.875%, 03/15/26		255,827
		PNC Financial Services Group, Inc.µ‡
	735,000	3.400%, 09/15/26 5 year CMT + 2.60%		530,075
	375,000	6.000%, 05/15/27 5 year CMT + 3.00%		315,806
	360,000	6.200%, 09/15/27 5 year CMT + 3.24%		321,700
	650,000	Progressive Corp.µ‡ 8.210%, 12/01/23 3 mo. USD LIBOR + 2.54%		640,770
	785,000	QBE Insurance Group, Ltd.*µ‡ 5.875%, 05/12/25 5 year CMT + 5.51%		751,104
	220,000	RHP Hotel Properties, LP / RHP Finance Corp.*µ 4.500%, 02/15/29		187,539
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*~
	85,000	3.875%, 03/01/31		65,790
	85,000	3.625%, 03/01/29		69,190
	45,000	2.875%, 10/15/26		39,301
	199,000	StoneX Group, Inc.*µ 8.625%, 06/15/25		200,192
		Truist Financial Corp.µ‡
	700,000	4.800%, 09/01/24 5 year CMT + 3.00%		575,890
	685,000	4.950%, 09/01/25 5 year CMT + 4.61%		622,268
	256,000	5.100%, 03/01/30 10 year CMT + 4.35%		205,212
	765,000	U.S. Bancorpµ‡ 5.300%, 04/15/27 3 mo. SOFR + 3.18%		602,766
		United Wholesale Mortgage, LLC*~
	221,000	5.500%, 04/15/29		185,141
	90,000	5.750%, 06/15/27		82,128
		Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*
	93,000	10.500%, 02/15/28µ		89,673
	90,000	6.500%, 02/15/29~		58,525
	210,000	VZ Secured Financing, BV*µ 5.000%, 01/15/32		160,035
		Wells Fargo & Company~‡
	1,480,000	3.900%, 03/15/26 5 year CMT + 3.45%		1,286,608

PRINCIPAL AMOUNT			VALUE
	1,340,000	7.625%, 09/15/28 5 year CMT + 3.61%	$	1,346,606
	208,000	XHR, LP*µ 6.375%, 08/15/25		202,998
				46,060,877
		Health Care (1.0%)
		Bausch Health Companies, Inc.*
	318,000	11.000%, 09/30/28		194,667
	72,000	6.125%, 02/01/27		40,226
	62,000	14.000%, 10/15/30		34,155
		CHS/Community Health Systems, Inc.*
	377,000	6.125%, 04/01/30~		146,547
	210,000	8.000%, 03/15/26µ		192,276
	108,000	6.875%, 04/15/29~		44,583
	24,000	5.250%, 05/15/30µ		17,063
		DaVita, Inc.*µ
	372,000	4.625%, 06/01/30		291,875
	222,000	3.750%, 02/15/31		159,827
		Embecta Corp.*µ
	144,000	5.000%, 02/15/30		114,463
	48,000	6.750%, 02/15/30		39,815
		Encompass Health Corp.µ
	100,000	4.750%, 02/01/30		86,808
	100,000	4.500%, 02/01/28		90,242
	200,000	Jazz Securities DAC*~ 4.375%, 01/15/29		173,966
		Medline Borrower, LP*µ
	233,000	5.250%, 10/01/29		198,577
	230,000	3.875%, 04/01/29		194,293
		Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	350,000	5.125%, 04/30/31µ		274,148
	200,000	4.125%, 04/30/28~		173,086
	470,000	Tenet Healthcare Corp.µ 6.875%, 11/15/31		434,191
		Teva Pharmaceutical Finance Netherlands III, BV
	230,000	5.125%, 05/09/29^		200,776
	200,000	4.750%, 05/09/27~		181,566
	115,000	3.150%, 10/01/26		101,232
				3,384,382
		Industrials (3.2%)
	220,000	ACCO Brands Corp.*µ 4.250%, 03/15/29		182,725
	800,000	AerCap Holdings, NV~‡ 5.875%, 10/10/79 5 year CMT + 4.54%		752,496
		Air Lease Corp.~
	885,000	4.125%, 12/15/26 5 year CMT + 3.15%		636,695
	810,000	4.650%, 06/15/26‡ 5 year CMT + 4.08%		691,861

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
214

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	315,000	4.625%, 01/15/27µ	$	296,487
	145,000	5.875%, 02/15/28		139,112
	139,000	3.500%, 03/15/29~		118,621
	220,000	Allegiant Travel Company*~ 7.250%, 08/15/27		200,372
	50,000	American Airlines Group, Inc.*µ 3.750%, 03/01/25		46,817
	108,000	Arcosa, Inc.* 4.375%, 04/15/29		94,566
	740,000	ARD Finance, SA*~ 6.500%, 06/30/27 7.250% PIK rate		432,101
	151,000	Beacon Roofing Supply, Inc.*µ 4.125%, 05/15/29		126,920
	90,000	Bombardier, Inc.*µ 7.875%, 04/15/27		86,715
	191,000	BWX Technologies, Inc.*~ 4.125%, 04/15/29		165,236
	185,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		168,124
	48,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ 4.750%, 10/20/28		45,117
	245,000	Deluxe Corp.*µ 8.000%, 06/01/29		194,180
	143,000	Eco Material Technologies, Inc.*µ 7.875%, 01/31/27		136,064
	92,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		87,645
	85,000	EnerSys*µ 4.375%, 12/15/27		76,351
	118,000	Graham Packaging Company, Inc.*µ 7.125%, 08/15/28		91,741
	88,000	Graphic Packaging International, LLC* 3.500%, 03/01/29		73,917
	203,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		166,312
	443,000	H&E Equipment Services, Inc.*µ 3.875%, 12/15/28		376,196
	281,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.*µ 5.750%, 01/20/26		207,884
	290,000	Herc Holdings, Inc.*µ 5.500%, 07/15/27		273,183
	220,000	IEA Energy Services, LLC*µ 6.625%, 08/15/29		210,166
		JELD-WEN, Inc.*
	110,000	4.625%, 12/15/25µ		104,494
	95,000	4.875%, 12/15/27		81,119
	305,000	Ken Garff Automotive, LLC*µ 4.875%, 09/15/28		259,906

PRINCIPAL AMOUNT			VALUE
	185,000	Knife River Holding Company*~ 7.750%, 05/01/31	$	184,598
	96,000	MasTec, Inc.*µ 4.500%, 08/15/28		84,412
	107,000	Moog, Inc.*µ 4.250%, 12/15/27		97,160
	230,000	Newfold Digital Holdings Group, Inc.*~ 6.000%, 02/15/29		152,060
	172,000	Novelis Corp.*µ 4.750%, 01/30/30		146,639
	70,000	OI European Group, BV* 4.750%, 02/15/30		59,604
	225,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC*µ 4.000%, 10/15/27		198,094
	285,000	Patrick Industries, Inc.*µ 4.750%, 05/01/29		234,301
	95,000	QVC, Inc. 5.450%, 08/15/34		40,462
		Sealed Air Corp.*
	144,000	6.125%, 02/01/28		137,134
	48,000	5.000%, 04/15/29		42,837
	98,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		78,582
		Sinclair Television Group, Inc.*
	141,000	4.125%, 12/01/30~		88,748
	100,000	5.500%, 03/01/30		54,391
	195,000	Standard Industries, Inc.*µ 5.000%, 02/15/27		180,623
	315,000	Stanley Black & Decker, Inc.µ‡ 4.000%, 03/15/60 5 year CMT + 2.66%		258,316
	150,000	Stericycle, Inc.*~ 3.875%, 01/15/29		128,169
	145,000	STL Holding Company, LLC*µ 7.500%, 02/15/26		136,183
		TransDigm, Inc.µ
	243,000	6.250%, 03/15/26*		237,805
	195,000	6.875%, 12/15/30*		188,719
	140,000	6.750%, 08/15/28*		136,254
	135,000	7.500%, 03/15/27		135,019
	186,000	Tronox, Inc.*µ 4.625%, 03/15/29		146,215
	77,943	United Airlines Pass Through Trust Series 2019-2, Class Bµ 3.500%, 11/01/29		69,080
	187,000	Vertiv Group Corp.*µ 4.125%, 11/15/28		163,653
	201,000	Wabash National Corp.*µ 4.500%, 10/15/28		166,675
	150,000	Waste Pro USA, Inc.*µ 5.500%, 02/15/26		138,382
	107,000	Williams Scotsman, Inc.*µ 4.625%, 08/15/28		95,198
				10,302,436

See accompanying Notes to Schedule of Investments

www.calamos.com
215

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Information Technology (0.8%)
	96,000	Booz Allen Hamilton, Inc.*µ 4.000%, 07/01/29	$	84,792
	112,000	Coherent Corp.*~^ 5.000%, 12/15/29		95,227
	299,000	CommScope Technologies, LLC*~ 6.000%, 06/15/25		180,614
	175,000	CommScope, Inc.*~ 4.750%, 09/01/29		119,548
	96,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		82,717
	56,000	Fair Isaac Corp.*µ 4.000%, 06/15/28		49,960
	210,000	KBR, Inc.*~ 4.750%, 09/30/28		185,188
		MPH Acquisition Holdings, LLC*
	210,000	5.750%, 11/01/28~		156,817
	95,000	5.500%, 09/01/28µ		79,456
	93,000	NCL Corp., Ltd.*µ 8.125%, 01/15/29		90,986
	96,000	NCR Voyix Corp.*µ 5.125%, 04/15/29		82,663
	143,000	ON Semiconductor Corp.*~ 3.875%, 09/01/28		122,906
		Open Text Corp.*~
	129,000	3.875%, 02/15/28		112,368
	90,000	6.900%, 12/01/27		89,827
	72,000	3.875%, 12/01/29		59,110
	72,000	Open Text Holdings, Inc.*~ 4.125%, 12/01/31		56,763
	206,000	Playtika Holding Corp.*µ 4.250%, 03/15/29		166,312
	265,000	TTM Technologies, Inc.*~ 4.000%, 03/01/29		218,021
		Twilio, Inc.~
	130,000	3.625%, 03/15/29		108,494
	47,000	3.875%, 03/15/31		37,620
	205,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		163,211
	220,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*~ 3.875%, 02/01/29		181,903
				2,524,503
		Materials (0.7%)
	150,000	ArcelorMittal, SAµ 7.000%, 10/15/39		142,668
	90,000	ATI, Inc.µ 5.875%, 12/01/27		83,825
	46,000	Carpenter Technology Corp.µ 7.625%, 03/15/30		45,701
	145,000	Chemours Company*µ 4.625%, 11/15/29		112,213

PRINCIPAL AMOUNT			VALUE
	300,000	Clearwater Paper Corp.*~ 4.750%, 08/15/28	$	265,113
	139,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		129,145
		Commercial Metals Company~
	96,000	4.125%, 01/15/30		81,251
	48,000	4.375%, 03/15/32		38,790
	250,000	Constellium, SE*µ^ 3.750%, 04/15/29		205,882
	96,000	HB Fuller Company 4.250%, 10/15/28		83,322
	200,000	INEOS Finance, PLC* 6.750%, 05/15/28		187,020
		Kaiser Aluminum Corp.*µ
	210,000	4.625%, 03/01/28		175,533
	24,000	4.500%, 06/01/31		17,753
	53,000	LSF11 A5 HoldCo, LLC*µ 6.625%, 10/15/29		43,487
		Mercer International, Inc.µ
	244,000	5.125%, 02/01/29		191,645
	90,000	12.875%, 10/01/28*		91,013
	200,000	OCI, NV*µ 6.700%, 03/16/33		185,102
		Owens-Brockway Glass Container, Inc.*
	135,000	7.250%, 05/15/31~		123,711
	100,000	6.625%, 05/13/27µ		95,286
	80,000	Silgan Holdings, Inc.~ 4.125%, 02/01/28		71,356
	96,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		41,131
				2,410,947
		Other (0.1%)
		Gen Digital, Inc.*
	90,000	7.125%, 09/30/30^		87,733
	90,000	6.750%, 09/30/27µ		87,761
				175,494
		Real Estate (0.2%)
	152,000	EPR Propertiesµ 3.750%, 08/15/29		120,126
		Forestar Group, Inc.*
	139,000	5.000%, 03/01/28µ		122,606
	97,000	3.850%, 05/15/26		87,052
	211,000	MIWD Holdco II, LLC / MIWD Finance Corp.*µ 5.500%, 02/01/30		167,612
	95,000	Service Properties Trustµ 5.250%, 02/15/26		85,280
				582,676

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
216

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Special Purpose Acquisition Companies (0.1%)
		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*µ
	185,000	6.750%, 01/15/30	$	147,204
	96,000	4.625%, 01/15/29		81,052
				228,256
		Utilities (2.5%)
	910,000	Algonquin Power & Utilities Corp.~‡ 4.750%, 01/18/82 5 year CMT + 3.25%		718,736
	200,000	American Electric Power Company, Inc.‡ 3.875%, 02/15/62 5 year CMT + 2.68%		158,192
	590,000	CMS Energy Corp.µ‡ 4.750%, 06/01/50 5 year CMT + 4.12%		492,792
		Dominion Energy, Inc.‡
	580,000	4.650%, 12/15/24µ 5 year CMT + 2.99%		527,846
	367,000	4.350%, 01/15/27~ 5 year CMT + 3.20%		296,448
		Duke Energy Corp.µ‡
	800,000	4.875%, 09/16/24 5 year CMT + 3.39%		774,576
	368,000	3.250%, 01/15/82 5 year CMT + 2.32%		265,998
	510,000	Emera, Inc.~‡ 6.750%, 06/15/76 3 mo. USD LIBOR + 5.44%		479,813
		National Rural Utilities Cooperative Finance Corp.µ‡
	712,000	7.125%, 09/15/53 5 year CMT + 3.53%		707,159
	385,000	5.250%, 04/20/46 3 mo. USD LIBOR + 3.63%		363,024
	770,000	NextEra Energy Capital Holdings, Inc.µ‡ 3.800%, 03/15/82 5 year CMT + 2.55%		617,093
	434,000	PPL Capital Funding, Inc.µ‡ 8.317%, 03/30/67 3 mo. SOFR + 2.93%		393,226
		Sempra‡
	560,000	4.875%, 10/15/25~ 5 year CMT + 4.55%		524,054
	240,000	4.125%, 04/01/52µ 5 year CMT + 2.87%		187,680
		Southern Companyµ‡
	873,000	4.000%, 01/15/51 5 year CMT + 3.73%		797,791
	280,000	3.750%, 09/15/51 5 year CMT + 2.92%		238,398

PRINCIPAL AMOUNT			VALUE
		Vistra Corp.*µ‡
	305,000	7.000%, 12/15/26 5 year CMT + 5.74%	$	279,014
	185,000	8.000%, 10/15/26 5 year CMT + 6.93%		176,005
	205,000	WEC Energy Group, Inc.µ‡ 7.739%, 05/15/67 3 mo. SOFR + 2.37%		178,075
				8,175,920
		TOTAL CORPORATE BONDS (Cost $126,123,832)		109,156,303
CONVERTIBLE BONDS (0.2%)
		Communication Services (0.1%)
	138,000	Cable One, Inc.µ 0.000%, 03/15/26		112,979
		Consumer Discretionary (0.1%)
		DISH Network Corp.
	211,000	2.375%, 03/15/24µ		202,182
	272,000	0.000%, 12/15/25		166,883
				369,065
		Other (0.0%)
	95,000	Multiplan Corp.* 6.000%, 10/15/27		63,177
		TOTAL CONVERTIBLE BONDS (Cost $586,810)		545,221
BANK LOANS (2.8%)¡
		Airlines (0.1%)
	148,500	American Airlines, Inc.‡ 10.427%, 04/20/28 3 mo. SOFR + 4.75%		150,821
	138,750	Mileage Plus Holdings, LLC‡ 10.798%, 06/21/27 3 mo. SOFR + 5.25%		143,219
				294,040
		Communication Services (0.1%)
	48,730	Clear Channel Outdoor Holdings, Inc.‡! 0.000%, 08/21/26		46,923
	56,733	DIRECTV Financing, LLC‡ 10.325%, 08/02/27 1 mo. SOFR + 5.00%		55,305
	284,000	Entercom Media Corp.‡ 8.145%, 11/18/24 3 mo. SOFR + 2.50%		124,916
	90,000	Telesat Canada‡ 8.434%, 12/07/26 3 mo. SOFR + 2.75%		62,032
				289,176

See accompanying Notes to Schedule of Investments

www.calamos.com
217

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Consumer Discretionary (0.5%)
	88,667	American Axle and Manufacturing, Inc.‡ 9.006%, 12/13/29 3 mo. SOFR + 3.50%	$	88,482
	59,083	American Axle and Manufacturing, Inc.‡ 8.941%, 12/13/29 1 mo. SOFR + 3.50%		58,960
	179,100	Caesars Entertainment Corp.‡ 8.674%, 02/06/30 1 mo. SOFR + 3.25%		178,677
	184,538	Carnival Corp.‡ 8.336%, 08/08/27 1 mo. SOFR + 3.00%		181,539
	189,050	Hanesbrands, Inc.‡ 9.074%, 03/08/30 1 mo. SOFR + 3.75%		186,923
	109,382	Life Time Fitness, Inc.‡ 10.130%, 01/15/26 3 mo. SOFR + 4.75%		109,615
	224,050	Petco Health and Wellness Company, Inc.‡ 8.902%, 03/03/28 3 mo. SOFR + 3.25%		219,445
	312,641	PetSmart, Inc.‡ 9.174%, 02/11/28 1 mo. SOFR + 3.75%		309,352
	124,629	TKC Holdings, Inc.‡ 10.939%, 05/15/28 1 mo. SOFR + 5.50%		119,643
	45,000	Windsor Holdings III, LLC‡ 9.815%, 08/01/30 1 mo. SOFR + 4.50%		44,924
				1,497,560
		Consumer Staples (0.1%)
	185,000	Star Parent, Inc.‡ 9.386%, 09/27/30 3 mo. LIBOR + 4.00%		176,861
	100,000	United Natural Foods, Inc.‡! 8.689%, 10/22/25 1 mo. SOFR + 3.25%		99,861
				276,722
		Energy (0.1%)
	100,000	New Fortress Energy, Inc.! 0.000%, 10/23/30		92,500
	239,025	Par Petroleum, LLC‡ 9.773%, 02/28/30 3 mo. SOFR + 4.25%		238,726
				331,226
		Financials (0.5%)
	45,000	Advisor Group, Inc.‡ 9.824%, 08/17/28 1 mo. SOFR + 4.50%		44,851

PRINCIPAL AMOUNT			VALUE
	184,073	Alliant Holdings Intermediate, LLC‡ 8.835%, 11/05/27 1 mo. SOFR + 3.50%	$	183,661
	97,945	Amynta Agency Borrower, Inc.‡ 10.325%, 02/28/28 1 mo. SOFR + 5.00%		98,014
	35,802	Amynta Agency Borrower, Inc.‡ 10.424%, 02/28/28 1 mo. SOFR + 5.00%		35,827
	173,241	AssuredPartners, Inc.‡ 8.824%, 02/12/27 1 mo. SOFR + 3.50%		171,942
	139,650	Avolon TLB Borrower 1 LLC‡ 7.839%, 06/22/28 1 mo. SOFR + 2.50%		139,845
	154,771	Castlelake Aviation, Ltd.! 0.000%, 10/22/26		154,674
	99,250	Castlelake Aviation, Ltd.‡ 8.421%, 10/22/27 3 mo. SOFR + 2.75%		99,135
	183,613	Hub International, Ltd.‡ 9.365%, 11/10/29 3 mo. SOFR + 4.00%		183,586
	198,163	Jazz Financing Lux Sarl‡ 8.939%, 05/05/28 1 mo. SOFR + 3.50%		198,328
	257,400	VFH Parent, LLC‡ 8.427%, 01/13/29 1 mo. SOFR + 3.00%		256,140
				1,566,003
		Health Care (0.4%)
	322,823	Amneal Pharmaceuticals, LLC‡ 8.939%, 05/04/25 1 mo. SOFR + 3.50%		316,999
	104,187	Icon Luxembourg Sarl‡ 7.902%, 07/03/28 3 mo. SOFR + 2.25%		104,368
	249,936	Mallinckrodt International Finance, SA‡ 12.703%, 09/30/27 1 mo. SOFR + 7.25%		190,438
	207,059	Padagis, LLC‡ 10.434%, 07/06/28 3 mo. SOFR + 4.75%		184,455
	25,958	PRA Health Sciences, Inc.‡ 7.902%, 07/03/28 3 mo. SOFR + 2.25%		26,003
	811,319	Team Health Holdings, Inc.‡ 10.633%, 03/02/27 3 mo. SOFR + 5.25%		586,401
	2,313	Team Health Holdings, Inc.‡ 10.574%, 03/02/27 1 mo. SOFR + 5.25%		1,672
				1,410,336

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
218

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

PRINCIPAL AMOUNT			VALUE
		Industrials (0.3%)
	97,750	ACProducts, Inc.‡ 9.902%, 05/17/28 3 mo. SOFR + 4.25%	$	78,010
	118,500	Air Canada‡ 9.128%, 08/11/28 3 mo. SOFR + 3.50%		118,530
	233,238	ChampionX Corp.‡ 8.177%, 06/07/29 1 mo. SOFR + 2.75%		234,294
	121,864	Emrld Borrower, LP‡ 8.380%, 05/31/30 3 mo. SOFR + 3.00%		121,750
	197,500	Scientific Games International, Inc.‡ 8.435%, 04/14/29 1 mo. SOFR + 3.00%		197,562
	194,005	United Airlines, Inc.‡ 9.189%, 04/21/28 1 mo. SOFR + 3.75%		193,884
				944,030
		Information Technology (0.2%)
	176,785	Banff Merger Sub, Inc.‡ 9.189%, 10/02/25 1 mo. SOFR + 3.75%		176,822
	125,000	Central Parent, Inc.! 0.000%, 07/06/29		124,453
	44,663	Central Parent, Inc.‡ 9.406%, 07/06/29 3 mo. SOFR + 4.00%		44,467
	173,741	Dun & Bradstreet Corp.‡ 8.176%, 02/06/26 1 mo. SOFR + 2.75%		173,741
	178,260	II-VI, Inc.‡ 8.189%, 07/02/29 1 mo. SOFR + 2.75%		178,176
				697,659
		Information Technology (0.1%)
	209,772	Camelot Finance SA‡ 8.439%, 10/30/26 1 mo. SOFR + 3.00%		209,751
		Materials (0.3%)
	135,000	Chemours Company‡ 8.824%, 08/18/28 1 mo. SOFR + 2.50%		131,625
	184,538	Ineos US Finance, LLC‡ 8.825%, 02/18/30 1 mo. SOFR + 3.50%		180,933
	224,542	Innophos, Inc.‡ 8.689%, 02/05/27 1 mo. SOFR + 3.25%		222,578
	234,413	LSF11 A5 Holdco, LLC‡ 9.674%, 10/15/28 1 mo. SOFR + 4.25%		230,384

PRINCIPAL AMOUNT			VALUE
	89,542	Trinseo Materials Operating SCA‡ 7.939%, 05/03/28 1 mo. SOFR + 2.50%	$	71,516
	188,787	W.R. Grace & Co.-Conn.‡ 9.402%, 09/22/28 3 mo. LIBOR + 3.75%		185,719
				1,022,755
		Special Purpose Acquisition Companies (0.1%)
	98,750	Clydesdale Acquisition Holdings, Inc.‡ 9.599%, 04/13/29 1 mo. SOFR + 4.18%		95,767
	44,325	Fertitta Entertainment, LLC‡ 9.324%, 01/27/29 1 mo. SOFR + 4.00%		43,415
	198,000	Oscar AcquisitionCo, LLC‡ 9.990%, 04/29/29 3 mo. SOFR + 4.50%		193,195
	178,200	Patagonia Holdco, LLC‡ 11.117%, 08/01/29 3 mo. SOFR + 5.75%		154,588
				486,965
		TOTAL BANK LOANS (Cost $9,488,009)		9,026,223
NUMBER OF SHARES			VALUE
PREFERRED STOCKS (2.9%)
		Communication Services (0.6%)
	21,155	AT&T, Inc.µ 4.750%, 02/18/25		365,981
	9,450	AT&T, Inc.µ 5.350%, 11/01/66		197,978
	36,510	Qwest Corp.µ 6.500%, 09/01/56		441,406
	22,306	Telephone and Data Systems, Inc.µ 6.000%, 09/30/26		286,632
	26,898	United States Cellular Corp.µ 5.500%, 03/01/70		399,704
	22,660	United States Cellular Corp.µ 5.500%, 06/01/70		331,289
				2,022,990
		Consumer Discretionary (0.2%)
	7,685	Ford Motor Companyµ 6.200%, 06/01/59		164,920
	7,236	Ford Motor Companyµ 6.500%, 08/15/62		151,377
	3,615	Guitar Center, Inc.&#		381,383
	1,670	Qurate Retail, Inc.µ 8.000%, 03/15/31		39,746
				737,426

See accompanying Notes to Schedule of Investments

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Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

NUMBER OF SHARES			VALUE
		Energy (0.6%)
	31,635	Energy Transfer, LP~‡ 10.364%, 11/30/23 3 mo. USD LIBOR + 4.74%	$	792,773
	22,515	NuStar Energy, LP~‡ 11.315%, 11/30/23 3 mo. SOFR + 5.90%		565,126
	17,500	NuStar Logistics, LP~‡ 12.390%, 01/15/43 3 mo. SOFR + 7.00%		454,650
				1,812,549
		Financials (1.0%)
	8,975	Affiliated Managers Group, Inc.µ 4.750%, 09/30/60		146,562
	14,000	Allstate Corp.µ 7.375%, 07/15/28		360,780
	15,560	Annaly Capital Management, Inc.µ‡ 10.637%, 11/30/23 3 mo. USD LIBOR + 4.99%		377,174
	3,850	Bank OZKµ 4.625%, 11/15/26		57,365
	3,675	Capital One Financial Corp.µ 4.800%, 06/01/25		57,808
	27,375	CNO Financial Group, Inc.µ 5.125%, 11/25/60		418,838
	4,608	Cullen/Frost Bankers, Inc.µ 4.450%, 12/15/25		73,958
	8,134	First Citizens BancShares, Inc.µ^ 5.625%, 01/04/27		156,661
	3,288	Goldman Sachs Group, Inc.µ‡ 6.375%, 05/10/24 3 mo. SOFR + 3.81%		82,726
	8,383	KeyCorpµ‡ 6.200%, 12/15/27 5 year CMT + 3.13%		140,080
	5,400	Morgan Stanleyµ 6.500%, 10/15/27		133,164
	20,881	Prospect Capital Corp.~^ 5.350%, 07/01/26		330,337
	28,900	Reinsurance Group of America, Inc.µ‡ 7.125%, 10/15/52 5 year CMT + 3.46%		736,950
	16,896	Selective Insurance Group, Inc.µ 4.600%, 12/15/25		266,957
				3,339,360
		Industrials (0.1%)
	12,312	WESCO International, Inc.µ‡ 10.625%, 06/22/25 5 year CMT + 10.33%		328,238
		Real Estate (0.2%)
	23,352	Brookfield Property Partners, LPµ 5.750%, 03/31/25		228,849

NUMBER OF SHARES			VALUE
	12,800	Brookfield Property Partners, LPµ 6.375%, 09/30/24	$	140,416
	6,245	Global Net Lease, Inc.µ 6.875%, 11/26/24		98,484
	5,466	Global Net Lease, Inc.µ‡‡ 7.500%		92,922
	8,025	Spirit Realty Capital, Inc.µ 6.000%, 11/30/23		178,075
				738,746
		Utilities (0.2%)
	14,975	Brookfield Renewable Partners, LP~ 5.250%, 03/31/25		240,948
	13,450	DTE Energy Companyµ 5.250%, 12/01/77		288,906
				529,854
		TOTAL PREFERRED STOCKS (Cost $11,606,386)		9,509,163
COMMON STOCKS (86.1%)
		Communication Services (4.7%)
	122,500	Alphabet, Inc. - Class Aµ#		15,199,800
	3,935	Altice USA, Inc. - Class A#		11,372
	1,322	Cumulus Media, Inc. - Class Aµ#		5,963
				15,217,135
		Consumer Discretionary (11.9%)
	134,000	Amazon.com, Inc.µ#		17,834,060
	131,500	Caesars Entertainment, Inc.µ#		5,245,535
	77,500	Hyatt Hotels Corp. - Class Aµ		7,939,100
	40,500	Marriott International, Inc. - Class Aµ		7,636,680
				38,655,375
		Consumer Staples (2.5%)
	122,500	Sysco Corp.µ		8,145,025
		Energy (0.1%)
	560	Chesapeake Energy Corp.µ^		48,205
	12,950	Energy Transfer, LP~		170,292
	3,970	Enterprise Products Partners, LP		103,379
				321,876
		Financials (9.8%)
	483,500	Huntington Bancshares, Inc.µ		4,665,775
	127,000	Morgan Stanleyµ		8,994,140
	51,000	Visa, Inc. - Class Aµ		11,990,100
	153,500	Wells Fargo & Companyµ		6,104,695
				31,754,710
		Health Care (13.7%)
	68,000	Danaher Corp.µ		13,057,360
	132,000	Medtronic, PLCµ		9,313,920
	109,000	Merck & Company, Inc.µ		11,194,300
	104,500	Zimmer Biomet Holdings, Inc.µ		10,910,845
				44,476,425

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
220

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

NUMBER OF SHARES			VALUE
		Industrials (27.4%)
	228,500	Air Lease Corp.µ	$	7,912,955
	559,000	American Airlines Group, Inc.µ^#		6,232,850
	375,000	CSX Corp.µ		11,193,750
	50,000	Honeywell International, Inc.µ		9,163,000
	89,500	L3Harris Technologies, Inc.µ		16,057,195
	46,500	Paycom Software, Inc.µ		11,391,105
	62,500	RTX Corp.µ		5,086,875
	30,500	Union Pacific Corp.µ		6,332,105
	449,000	United Airlines Holdings, Inc.µ#		15,719,490
				89,089,325
		Information Technology (14.7%)
	75,500	Advanced Micro Devices, Inc.µ#		7,436,750
	17,800	Analog Devices, Inc.µ		2,800,474
	132,000	Intel Corp.µ		4,818,000
	45,300	Microsoft Corp.µ		15,316,383
	89,500	Oracle Corp.µ		9,254,300
	94,500	Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)~		8,156,295
				47,782,202
		Materials (1.1%)
	8,900	Linde, PLCµ		3,401,224
		Special Purpose Acquisition Company (0.0%)
	1,380	Intelsat Emergence, SA~&#		32,775
		Utilities (0.3%)
	9,999	Veralto Corp.		689,931
		TOTAL COMMON STOCKS (Cost $315,189,109)		279,566,003
EXCHANGE-TRADED FUND (4.4%)
		Other (4.4%)
	172,000	iShares 20+ Year Treasury Bond ETF (Cost $15,395,455)		14,375,760
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS (1.0%)#
		Communication Services (0.4%)
	810	Alphabet, Inc.
	10,050,480	Put, 11/03/23, Strike $138.00		1,138,050
		Consumer Discretionary (0.0%)
	790	Amazon.com, Inc.
	10,514,110	Put, 11/03/23, Strike $118.00		1,975
		Financials (0.1%)
	1,800	PayPal Holdings, Inc.
	9,324,000	Call, 11/03/23, Strike $55.00		199,800

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
		Health Care (0.0%)
	1,090	Merck & Company, Inc.
	11,194,300	Put, 11/03/23, Strike $103.00	$	107,365
		Industrials (0.0%)
	5,840	Delta Air Lines, Inc.
	18,250,000	Call, 11/17/23, Strike $37.00		14,600
	625	RTX Corp.
	5,086,875	Put, 11/17/23, Strike $75.00		10,313
				24,913
		Information Technology (0.1%)
		Advanced Micro Devices, Inc.
	755
	7,436,750	Put, 11/10/23, Strike $95.00		214,797
	305
	3,004,250	Call, 11/17/23, Strike $115.00		18,910
	220	Apple, Inc.
	3,756,940	Call, 11/17/23, Strike $170.00		116,600
	285	Microsoft Corp.
	9,636,135	Put, 11/03/23, Strike $327.50		18,810
	60	ServiceNow, Inc.
	3,491,100	Put, 11/10/23, Strike $510.00		2,250
	510	Visa, Inc.
	11,990,100	Put, 11/03/23, Strike $235.00		86,700
				458,067
		Other (0.4%)
	5,160	iShares 20+ Year Treasury Bond
	43,127,280	ETF
		Call, 11/03/23, Strike $85.00		144,480
	1,500	SPDR S&P 500 ETF Trust
	62,730,000	Put, 11/01/23, Strike $416.00		177,000
	3,120	SPDR S&P Regional Banking
	12,377,040	ETF
		Put, 11/17/23, Strike $41.00		583,440
	5,150	U.S. Global Jets ETF
	7,683,800	Call, 12/01/23, Strike $15.00		270,375
				1,175,295
		TOTAL PURCHASED OPTIONS (Cost $4,058,192)		3,105,465
		TOTAL INVESTMENTS (131.0%) (Cost $482,581,197)		425,412,594
LIABILITIES, LESS OTHER ASSETS (-31.0%)				(100,635,526	)
NET ASSETS (100.0%)			$	324,777,068

See accompanying Notes to Schedule of Investments

www.calamos.com
221

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

NUMBER OF SHARES				VALUE
COMMON STOCKS SOLD SHORT (-12.8%)#
			Consumer Discretionary (-1.5%)
	(24,000	)	Tesla, Inc.	$	(4,820,160	)
			Consumer Staples (-2.7%)
	(54,000	)	Walmart, Inc.		(8,824,140	)
			Financials (-1.5%)
	(182,000	)	Bank of America Corp.		(4,793,880	)
			Information Technology (-6.3%)
	(44,000	)	Apple, Inc.		(7,513,880	)
	(14,300	)	Lam Research Corp.		(8,411,546	)
	(23,000	)	Salesforce, Inc.		(4,619,090	)
					(20,544,516	)
			Real Estate (-0.5%)
	(13,000	)	Digital Realty Trust, Inc.		(1,616,680	)
			Utilities (-0.3%)
	(9,999	)	Veralto Corp.		(689,931	)
			TOTAL COMMON STOCKS SOLD SHORT(Proceeds $39,558,658)		(41,289,307	)
EXCHANGE-TRADED FUNDS SOLD SHORT (-63.8%)#
			Other (-63.8%)
	(127,500	)	Industrial Select Sector SPDR Fund		(12,540,900	)
	(438,200	)	SPDR S&P 500 ETF Trust		(183,255,240	)
	(82,000	)	VanEck Semiconductor ETF		(11,393,900	)
			TOTAL EXCHANGE-TRADED FUNDS SOLD SHORT(Proceeds $211,326,463)		(207,190,040	)
			TOTAL SECURITIES SOLD SHORT(Proceeds $250,885,121)		(248,479,347	)
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
WRITTEN OPTIONS (-1.2%)#
			Communication Services (-0.2%)
			Alphabet, Inc.
	1,215
	15,075,720		Put, 12/15/23, Strike $110.00		(101,453	)
	810
	10,050,480		Put, 11/17/23, Strike $130.00		(524,475	)
					(625,928	)
			Consumer Discretionary (-0.1%)
			Amazon.com, Inc.
	1,580
	21,028,220		Put, 12/15/23, Strike $105.00		(58,460	)
	395
	5,257,055		Call, 12/15/23, Strike $135.00		(213,300	)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	240	Tesla, Inc.
	4,820,160	Put, 12/15/23, Strike $190.00	$	(218,400	)
				(490,160	)
		Financials (-0.1%)
	1,820	Bank of America Corp.
	4,793,880	Put, 12/15/23, Strike $24.00		(66,430	)
	600	PayPal Holdings, Inc.
	3,108,000	Put, 11/17/23, Strike $52.00		(171,000	)
				(237,430	)
		Health Care (0.0%)
	1,090	Merck & Company, Inc.
	11,194,300	Put, 12/15/23, Strike $95.00		(82,840	)
		Industrials (-0.2%)
	2,920	Delta Air Lines, Inc.
	9,125,000	Call, 11/17/23, Strike $35.00		(21,900	)
	625	RTX Corp.
	5,086,875	Call, 11/17/23, Strike $80.00		(145,937	)
	2,540	United Airlines Holdings, Inc.
	8,892,540	Put, 11/17/23, Strike $36.00		(424,180	)
				(592,017	)
		Information Technology (-0.2%)
		Advanced Micro Devices, Inc.
	755
	7,436,750	Put, 11/10/23, Strike $85.00		(44,167	)
	755
	7,436,750	Put, 12/15/23, Strike $85.00		(151,755	)
	445	Analog Devices, Inc.
	7,001,185	Put, 12/15/23, Strike $140.00		(74,538	)
	440	Apple, Inc.
	7,513,880	Put, 12/15/23, Strike $150.00		(47,960	)
	143	Lam Research Corp.
	8,411,546	Put, 12/15/23, Strike $520.00		(114,400	)
		Microsoft Corp.
	285
	9,636,135	Put, 11/03/23, Strike $317.50		(4,417	)
	215
	7,269,365	Put, 12/15/23, Strike $300.00		(44,398	)
	120	ServiceNow, Inc.
	6,982,200	Put, 12/15/23, Strike $440.00		(20,100	)
		Visa, Inc.
	510
	11,990,100	Call, 12/15/23, Strike $250.00		(63,750	)
	510
	11,990,100	Put, 12/15/23, Strike $205.00		(37,230	)
				(602,715	)
		Other (-0.4%)
	1,590	Industrial Select Sector SPDR
	15,639,240	Put, 11/17/23, Strike $96.00		(118,455	)
	1,720	iShares 20+ Year Treasury Bond
	14,375,760	ETF
		Call, 11/03/23, Strike $83.00		(183,180	)

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
222

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	1,090	SPDR S&P 500 ETF Trust
	45,583,800	Put, 01/19/24, Strike $360.00	$	(185,300	)
	3,250
	135,915,000	Put, 12/15/23, Strike $370.00		(339,625	)
	1,085
	45,374,700	Put, 12/15/23, Strike $380.00		(176,313	)
	3,120	SPDR S&P Regional Banking
	12,377,040	ETF
		Put, 12/15/23, Strike $35.00		(166,920	)
	5,150	U.S. Global Jets ETF
	7,683,800	Put, 12/01/23, Strike $14.50		(164,800	)
				(1,334,593	)
		TOTAL WRITTEN OPTIONS(Premium $4,521,827)	$	(3,965,683	)

NOTES TO SCHEDULE OF INVESTMENTS

~ 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 $142,118,090.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $223,090,846.

^ 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 October 31, 2023.

¡ 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.

& Illiquid security.

# Non-income producing security.

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

See accompanying Notes to Schedule of Investments

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223

Long/Short Equity & Dynamic Income Trust Schedule of Investments October 31, 2023

The following table summarizes the Fund's investments and derivative financial instruments categorized in the fair value hierarchy as of October 31, 2023 (see Note 1):

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Asset Backed Security	$	—	$	128,456	$	—	$	128,456
Corporate Bonds		—		109,156,303		—		109,156,303
Convertible Bonds		—		545,221		—		545,221
Bank Loans		—		9,026,223		—		9,026,223
Preferred Stocks		8,796,491		712,672		—		9,509,163
Common Stocks		279,533,228		32,775		—		279,566,003
Exchange-traded Fund		14,375,760		—		—		14,375,760
Purchased Options		3,105,465		—		—		3,105,465
Total	$	305,810,944	$	119,601,650	$	—	$	425,412,594
Liabilities:
Common Stocks Sold Short	$	41,289,307	$	—	$	—	$	41,289,307
Exchange-traded Funds Sold Short		207,190,040		—		—		207,190,040
Written Options		3,965,683		—		—		3,965,683
Total	$	252,445,030	$	—	$	—	$	252,445,030

See accompanying Notes to Schedule of Investments

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
224

Statements of Assets and Liabilities October 31, 2023

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND			CONVERTIBLE AND HIGH INCOME FUND			STRATEGIC TOTAL RETURN FUND		DYNAMIC CONVERTIBLE AND INCOME FUND
ASSETS
Investments in securities, at cost	$	1,238,324,701		$	1,348,351,607		$	2,836,458,007	$	830,846,856
Investment in securities, at value*	$	1,089,475,997		$	1,184,187,933		$	3,206,918,798	$	735,686,397
Cash with custodian		22,328,440			16,876,329			74,721,221		20,400,682
Restricted cash for short positions		—			—			—		604
Receivables:
Accrued interest and dividends		7,481,303			8,101,669			10,915,526		3,250,729
Investments sold		4,717,442			5,106,857			236,126		3,986,257
Fund shares sold		—			—			2,059		—
Prepaid expenses		393,676			429,542			1,034,029		268,970
Other assets		165,660			142,968			202,387		—
Total assets		1,124,562,518			1,214,845,298			3,294,030,146		763,593,639
LIABILITIES
Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued, and outstanding, in 000's) (Note 8)
Series B (1,330, 1,460, 3,220, and 850 shares, respectively)⁽¹⁾		33,205,511			36,451,062			80,392,339		21,221,528
Series C (1,340, 1,480, 3,240, and 860 shares, respectively)⁽²⁾		33,357,390			36,843,129			80,654,883		21,408,729
Series D (1,320, 1,400, 2,480, and 1,120 shares, respectively)⁽³⁾		32,827,710			34,818,380			61,674,468		27,849,643
Series E (1,330, 1,460, and 850 shares, respectively)⁽⁴⁾		33,013,463			36,241,944			—		21,094,365
Series F (4,000 shares)⁽⁵⁾		—			—			99,445,648		—
Payables:
Notes payable (Note 7)		314,400,000			340,400,000			800,500,000		210,000,000
Distributions payable to Mandatory Redeemable Preferred Shareholders		389,026			425,551			1,033,662		263,048
Investments purchased		1,982,912			2,118,961			12,915,058		530,243
Affiliates:
Investment advisory fees		779,971			842,543			2,833,464		665,373
Deferred compensation to trustees		165,660			142,968			202,387		—
Trustees' fees and officer compensation		13,450			14,300			29,759		10,298
Other accounts payable and accrued liabilities		1,645,696			1,725,692			4,345,803		1,185,386
Total liabilities		451,780,789			490,024,530			1,144,027,471		304,228,613
NET ASSETS	$	672,781,729		$	724,820,768		$	2,150,002,675	$	459,365,026
COMPOSITION OF NET ASSETS
Common stock, no par value, unlimited shares authorized	$	836,528,404		$	907,116,571		$	1,889,816,626	$	563,099,438
Accumulated distributable earnings (loss)		(163,746,675	)		(182,295,803	)		260,186,049		(103,734,412	)
NET ASSETS	$	672,781,729		$	724,820,768		$	2,150,002,675	$	459,365,026
Net asset value per common shares	$	8.99		$	9.49		$	13.41	$	17.24
Shares Outstanding		74,818,167			76,379,270			160,335,126		26,644,318
* Includes securities on loan	$	52,896,802		$	48,054,136		$	721,069,295	$	14,996,944
(1) Net of deferred offering costs (Series B)	$	44,489		$	48,938		$	107,661	$	28,472
(2) Net of deferred offering costs (Series C)	$	142,610		$	156,871		$	345,117	$	91,271
(3) Net of deferred offering costs (Series D)	$	172,290		$	181,620		$	325,532	$	150,357
(4) Net of deferred offering costs (Series E)	$	236,537		$	258,056		$	—	$	155,635
(5) Net of deferred offering costs (Series F)	$	—		$	—		$	554,352	$	—

See accompanying Notes to Financial Statements

www.calamos.com
225

Statements of Assets and Liabilities October 31, 2023

	GLOBAL DYNAMIC INCOME FUND			GLOBAL TOTAL RETURN FUND			LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
ASSETS
Investments in securities, at cost	$	732,453,560		$	156,252,393		$	482,581,197
Investment in securities, at value*	$	576,996,344		$	132,749,523		$	425,412,594
Cash with custodian		9,081,592			4,431,591			4,585,708
Restricted cash for short positions		—			45			262,618,136
Restricted foreign currency for short positions (cost $703,788)		—			—			703,788
Foreign currency (cost $195 and $120, respectively)		195			120			—
Receivables:
Accrued interest and dividends		2,369,408			503,365			2,040,698
Investments sold		557,775			146,805			21,554,047
Fund shares sold		—			—			—
Prepaid expenses		223,037			57,680			4,970
Other assets		76,901			48,868			638,923
Total assets		589,305,252			137,937,997			717,558,864
LIABILITIES
Due to custodian bank - Foreign currency (cost $44,754)		—			—			41,267
Securities sold short, at value (proceeds $250,885,121)		—			—			248,479,347
Options written, at value (premium $113,630, $19,191 and $4,521,827)		160,840			36,365			3,965,683
Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to shares authorized, issued, and outstanding, in 000's) (Note 8)
Series B (860 and 160 shares, respectively)⁽¹⁾		21,471,082			3,994,661			—
Series C (880 and 160 shares, respectively)⁽²⁾		21,907,305			3,982,887			—
Series D (200 and 200 shares, respectively)⁽³⁾		4,970,656			4,960,160			—
Series E (860 and 160 shares, respectively)⁽⁴⁾		21,329,538			3,956,887			—
Payables:
Notes payable (Note 7)		130,550,000			30,100,000			120,000,000
Distributions payable to Mandatory Redeemable Preferred Shareholders		219,648			48,991			—
Investments purchased		4,230,343			771,814			19,072,275
Affiliates:
Investment advisory fees		505,875			118,594			515,974
Deferred compensation to trustees		76,901			48,868			—
Trustees' fees and officer compensation		8,533			4,526			3,931
Other accounts payable and accrued liabilities		1,009,198			335,049			703,319
Total liabilities		206,439,919			48,358,802			392,781,796
NET ASSETS	$	382,865,333		$	89,579,195		$	324,777,068
COMPOSITION OF NET ASSETS
Common stock, no par value, unlimited shares authorized	$	546,739,904		$	114,926,525		$	392,628,225
Accumulated distributable earnings (loss)		(163,874,571	)^(a)		(25,347,330	)^(a)		(67,851,157	)
NET ASSETS	$	382,865,333		$	89,579,195		$	324,777,068
Net asset value per common shares	$	5.99		$	9.12		$	16.54
Shares Outstanding		63,864,387			9,825,838			19,632,194
* Includes securities on loan	$	14,010,203		$	5,677,422		$	2,056,746
(1) Net of deferred offering costs (Series B)	$	28,918		$	5,339		$	—
(2) Net of deferred offering costs (Series C)	$	92,695		$	17,113		$	—
(3) Net of deferred offering costs (Series D)	$	29,344		$	39,840		$	—
(4) Net of deferred offering costs (Series E)	$	170,462		$	43,113		$	—

(a) Net of deferred foreign capital gains tax of $(179,504) and $(57,806), respectively.

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
226

Statement of Operations Year Ended October 31, 2023

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND			CONVERTIBLE AND HIGH INCOME FUND			STRATEGIC TOTAL RETURN FUND			DYNAMIC CONVERTIBLE AND INCOME FUND
INVESTMENT INCOME
Interest	$	32,571,025		$	34,841,660		$	46,478,954		$	13,900,424
(Amortization)/accretion of investment securities		(12,272,837	)		(13,595,273	)		(10,175,008	)		(10,398,714	)
Net interest		20,298,188			21,246,387			36,303,946			3,501,710
Dividends		4,984,357			5,439,560			41,706,635			4,006,587
Dividend taxes withheld		—			—			(44,224	)		—
Other income		—			—			—			599
Total investment income		25,282,545			26,685,947			77,966,357			7,508,896
EXPENSES
Investment advisory fees		9,659,681			10,430,568			33,713,037			8,297,349
Interest expense on Notes Payable (Note 7)		17,913,239			19,311,374			44,286,581			12,014,572
Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8)		4,712,359			5,145,591			12,370,581			3,215,743
Legal fees		98,550			104,678			229,641			74,993
Accounting fees		82,304			86,449			183,587			67,871
Printing and mailing fees		76,784			82,407			123,212			64,773
Fund administration fees		76,676			82,810			213,313			52,777
Trustees' fees and officer compensation		71,744			76,143			168,420			54,553
Audit fees		68,562			72,379			158,003			53,731
Transfer agent fees		45,630			38,776			37,316			37,845
Registration fees		19,384			19,797			41,572			6,827
Custodian fees		11,121			11,808			33,568			8,737
Other		154,200			159,214			357,561			116,928
Total expenses		32,990,234			35,621,994			91,916,392			24,066,699
NET INVESTMENT INCOME (LOSS)		(7,707,689	)		(8,936,047	)		(13,950,035	)		(16,557,803	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		81,636,385			89,802,082			206,126,813			76,249,673
Purchased options		4,530,051			5,083,823			(8,915,236	)		4,233,343
Foreign currency transactions		—			—			23,501			—
Written options		783,713			888,208			(837,898	)		731,578
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		(86,774,549	)		(93,870,650	)		(16,444,435	)		(79,581,357	)
Purchased options		(1,517,263	)		(1,693,762	)		3,624,293			(1,418,183	)
Foreign currency translations		—			—			12,801			—
Written options		(780,886	)		(885,005	)		—			(728,855	)
NET GAIN (LOSS)		(2,122,549	)		(675,304	)		183,589,839			(513,801	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(9,830,238	)	$	(9,611,351	)	$	169,639,804		$	(17,071,604	)

See accompanying Notes to Financial Statements

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227

Statement of Operations Year Ended October 31, 2023

	GLOBAL DYNAMIC INCOME FUND			GLOBAL TOTAL RETURN FUND			LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
INVESTMENT INCOME
Interest	$	8,476,941		$	1,726,703		$	8,655,125
(Amortization)/accretion of investment securities		(4,422,034	)		(1,123,438	)		(131,739	)
Net interest		4,054,907			603,265			8,523,386
Dividends		6,737,275			1,588,018			5,522,378
Foreign taxes withheld		(435,364	)		(91,032	)		(17,515	)
Other income		—			—			6,494,633
Total investment income		10,356,818			2,100,251			20,522,882
EXPENSES
Investment advisory fees		5,954,647			1,406,678			6,357,265
Interest expense on Notes Payable (Note 7)		6,079,066			1,370,703			6,617,687
Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8)		2,652,451			640,688			—
Legal fees		59,800			31,747			66,601
Accounting fees		66,882			32,898			52,856
Printing and mailing fees		62,727			48,912			45,934
Fund administration fees		37,636			9,390			30,347
Trustees' fees and officer compensation		43,511			22,987			35,213
Audit fees		47,348			29,092			33,386
Transfer agent fees		39,338			40,664			20,392
Registration fees		16,708			2,570			5,134
Custodian fees		105,925			57,124			58,161
Dividend or interest expense on short positions		—			—			2,288,755
Other		159,579			114,498			218,574
Total expenses		15,325,618			3,807,951			15,830,305
NET INVESTMENT INCOME (LOSS)		(4,968,800	)		(1,707,700	)		4,692,577
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		28,418,162	^(a)		8,961,734	^(a)		27,166,540
Purchased options		(7,052,032	)		(1,579,943	)		(28,874,230	)
Foreign currency transactions		(47,686	)		(23,166	)		(19,627	)
Written options		314,714			65,552			30,981,651
Short positions		—			—			(7,976,140	)
Payments by affiliates		—			—			1,223,984
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		15,126,965	^(b)		(245,241	)^(b)		(19,360,709	)
Purchased options		(1,686,301	)		(659,208	)		(298,348	)
Foreign currency translations		24,854			7,668			5,651
Written options		(47,210	)		(17,174	)		(1,920,104	)
Short positions		—			—			5,390,485
NET GAIN (LOSS)		35,051,466			6,510,222			6,319,153
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	30,082,666		$	4,802,522		$	11,011,730

(a) Net of foreign capital gains tax of $107,512 and $59,698, respectively.

(b) Net of change of $23,089 and $7,740, respectively in deferred capital gains tax.

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
228

Statements of Changes in Net Assets

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND						CONVERTIBLE AND HIGH INCOME FUND						STRATEGIC TOTAL RETURN FUND
	YEAR ENDED OCTOBER 31, 2023			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2023			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2023			YEAR ENDED OCTOBER 31, 2022
OPERATIONS
Net investment income (loss)	$	(7,707,689	)	$	714,868		$	(8,936,047	)	$	(152,563	)	$	(13,950,035	)	$	7,926,485
Net realized gain (loss)		86,950,149			66,657,732			95,774,113			77,337,509			196,397,180			159,464,046
Change in unrealized appreciation/(depreciation)		(89,072,698	)		(365,468,554	)		(96,449,417	)		(402,754,316	)		(12,807,341	)		(770,361,601	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		(9,830,238	)		(298,095,954	)		(9,611,351	)		(325,569,370	)		169,639,804			(602,971,070	)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Distributions		(84,820,549	)		(82,919,043	)		(91,178,228	)		(89,290,028	)		(196,582,807	)		(194,318,141	)
Return of capital		—			—			—			—			—			—
Net decrease in net assets from distributions to common shareholders		(84,820,549	)		(82,919,043	)		(91,178,228	)		(89,290,028	)		(196,582,807	)		(194,318,141	)
CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold		—			23,834,861			—			20,078,685			9,878,699			18,449,081
Reinvestment of distributions resulting in the issuance of stock		7,716,841			5,369,761			7,782,199			5,450,490			10,409,380			7,034,486
Net increase (decrease) in net assets from capital stock transactions		7,716,841			29,204,622			7,782,199			25,529,175			20,288,079			25,483,567
TOTAL INCREASE (DECREASE) IN NET ASSETS		(86,933,946	)		(351,810,375	)		(93,007,380	)		(389,330,223	)		(6,654,924	)		(771,805,644	)
NET ASSETS
Beginning of year	$	759,715,675		$	1,111,526,050		$	817,828,148		$	1,207,158,371		$	2,156,657,599		$	2,928,463,243
End of year	$	672,781,729		$	759,715,675		$	724,820,768		$	817,828,148		$	2,150,002,675		$	2,156,657,599

See accompanying Notes to Financial Statements

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229

Statements of Changes in Net Assets

	DYNAMIC CONVERTIBLE AND INCOME FUND						GLOBAL DYNAMIC INCOME FUND						GLOBAL TOTAL RETURN FUND
	YEAR ENDED OCTOBER 31, 2023			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2023			YEAR ENDED OCTOBER 31, 2022			YEAR ENDED OCTOBER 31, 2023			YEAR ENDED OCTOBER 31, 2022
OPERATIONS
Net investment income (loss)	$	(16,557,803	)	$	(10,855,830	)	$	(4,968,800	)	$	(4,164,070	)	$	(1,707,700	)	$	(1,108,124	)
Net realized gain (loss)		81,214,594			54,790,568			21,633,158			6,978,765			7,424,177			2,755,305
Change in unrealized appreciation/(depreciation)		(81,728,395	)		(276,717,230	)		13,418,308			(200,302,549	)		(913,955	)		(50,104,310	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		(17,071,604	)		(232,782,492	)		30,082,666			(197,487,854	)		4,802,522			(48,457,129	)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Distributions		(61,802,066	)		(59,155,624	)		(19,096,474	)		(5,811,293	)		(6,618,494	)		(3,224,478	)
Return of capital		—			—			(19,222,158	)		(44,585,621	)		(2,813,588	)		(8,056,439	)
Net decrease in net assets from distributions to common shareholders		(61,802,066	)		(59,155,624	)		(38,318,632	)		(50,396,914	)		(9,432,082	)		(11,280,917	)
CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold		4,371,538			26,554,130			—			27,890,538			—			4,935,247
Reinvestment of distributions resulting in the issuance of stock		7,254,396			3,442,578			—			2,057,634			23,134			291,634
Net increase (decrease) in net assets from capital stock transactions		11,625,934			29,996,708			—			29,948,172			23,134			5,226,881
TOTAL INCREASE (DECREASE) IN NET ASSETS		(67,247,736	)		(261,941,408	)		(8,235,966	)		(217,936,596	)		(4,606,426	)		(54,511,165	)
NET ASSETS
Beginning of year	$	526,612,762		$	788,554,170		$	391,101,299		$	609,037,895		$	94,185,621		$	148,696,786
End of year	$	459,365,026		$	526,612,762		$	382,865,333		$	391,101,299		$	89,579,195		$	94,185,621

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
230

Statements of Changes in Net Assets

	LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
	YEAR ENDED OCTOBER 31, 2023			YEAR ENDED OCTOBER 31, 2022
OPERATIONS
Net investment income (loss)	$	4,692,577		$	3,480,515
Net realized gain (loss)		22,502,178			22,185,941
Change in unrealized appreciation/(depreciation)		(16,183,025	)		(68,419,673	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		11,011,730			(42,753,217	)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Distributions		(32,982,086	)		(32,982,086	)
Return of capital		—			—
Net decrease in net assets from distributions to common shareholders		(32,982,086	)		(32,982,086	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(21,970,356	)		(75,735,303	)
NET ASSETS
Beginning of year	$	346,747,424		$	422,482,727
End of year	$	324,777,068		$	346,747,424

See accompanying Notes to Financial Statements

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231

Statement of Cash Flows

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND
	YEAR ENDED OCTOBER 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(9,830,238	)
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(557,191,398	)
Proceeds paid on closing written options		(1,673	)
Proceeds from disposition of investment securities, including purchased options		641,936,019
Amortization and accretion of fixed-income securities		12,272,837
Amortization of offering costs on Mandatory Redeemable Preferred Shares		262,490
Net realized gains/losses from investments, excluding purchased options		(81,636,385	)
Net realized gains/losses from purchased options		(4,530,051	)
Net realized gains/losses from written options		(783,713	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		86,774,549
Change in unrealized appreciation or depreciation on purchased options		1,517,263
Change in unrealized appreciation or depreciation on written options		780,886
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(810,215	)
Prepaid expenses		1,630
Other assets		(2,782	)
Increase/(decrease) in liabilities:
Payables to affiliates		(31,817	)
Other accounts payable and accrued liabilities		954,004
Net cash provided by/(used in) operating activities	$	89,681,406
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(77,103,708	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(132	)
Offering costs on Mandatory Redeemable Preferred Shares		(45,421	)
Repayment of Note payable		(25,000,000	)
Net cash provided by/(used in) financing activities	$	(102,149,261	)
Net increase/(decrease) in cash	$	(12,467,855	)
Cash and restricted cash at beginning of year	$	34,796,295
Cash at end of year	$	22,328,440
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	16,870,798
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	4,712,491
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	7,716,841
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		22,328,440
Total cash and restricted cash at period end	$	22,328,440

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
232

Statement of Cash Flows

	CONVERTIBLE AND HIGH INCOME FUND
	YEAR ENDED OCTOBER 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(9,611,351	)
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(611,396,938	)
Proceeds paid on closing written options		(1,896	)
Proceeds from disposition of investment securities, including purchased options		714,361,944
Amortization and accretion of fixed-income securities		13,595,273
Amortization of offering costs on Mandatory Redeemable Preferred Shares		281,090
Net realized gains/losses from investments, excluding purchased options		(89,802,082	)
Net realized gains/losses from purchased options		(5,083,823	)
Net realized gains/losses from written options		(888,208	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		93,870,650
Change in unrealized appreciation or depreciation on purchased options		1,693,762
Change in unrealized appreciation or depreciation on written options		885,005
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(834,053	)
Prepaid expenses		1,873
Other assets		(2,401	)
Increase/(decrease) in liabilities:
Payables to affiliates		(32,626	)
Other accounts payable and accrued liabilities		1,007,405
Net cash provided by/(used in) operating activities	$	108,043,624
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(83,396,029	)
Increase in Distributions to Mandatory Redeemable Preferred Shareholders		2
Offering costs on Mandatory Redeemable Preferred Shares		(45,711	)
Repayment of Note payable		(25,000,000	)
Net cash provided by/(used in) financing activities	$	(108,441,738	)
Net increase/(decrease) in cash	$	(398,114	)
Cash and restricted cash at beginning of year	$	17,274,443
Cash at end of year	$	16,876,329
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	18,192,848
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	5,145,589
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	7,782,199
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		16,876,329
Total cash and restricted cash at period end	$	16,876,329

See accompanying Notes to Financial Statements

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233

Statement of Cash Flows

	STRATEGIC TOTAL RETURN FUND
	YEAR ENDED OCTOBER 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	169,639,804
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(975,863,025	)
Proceeds paid on closing written options		(1,830,536	)
Proceeds from disposition of investment securities, including purchased options		1,076,397,187
Premiums received from written options		992,638
Amortization and accretion of fixed-income securities		10,175,008
Amortization of offering costs on Mandatory Redeemable Preferred Shares		537,324
Net realized gains/losses from investments, excluding purchased options		(206,126,813	)
Net realized gains/losses from purchased options		8,915,236
Net realized gains/losses from written options		837,898
Change in unrealized appreciation or depreciation on investments, excluding purchased options		16,444,435
Change in unrealized appreciation or depreciation on purchased options		(3,624,293	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(746,679	)
Prepaid expenses		3,302
Other assets		(3,398	)
Increase/(decrease) in liabilities:
Payables to affiliates		185,151
Other accounts payable and accrued liabilities		2,428,671
Net cash provided by/(used in) operating activities	$	98,361,910
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		9,878,699
Distributions to shareholders		(186,173,427	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(143	)
Offering costs on Mandatory Redeemable Preferred Shares		(49,567	)
Net cash provided by/(used in) financing activities	$	(176,344,438	)
Net increase/(decrease) in cash	$	(77,982,528	)
Cash and restricted cash at beginning of year	$	152,703,749
Cash at end of year	$	74,721,221
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	41,664,081
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	12,370,724
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	10,409,380
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		74,721,221
Total cash and restricted cash at period end	$	74,721,221

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
234

Statement of Cash Flows

	DYNAMIC CONVERTIBLE AND INCOME FUND
	YEAR ENDED OCTOBER 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	(17,071,604	)
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(476,683,374	)
Proceeds paid on closing written options		(1,478	)
Proceeds from disposition of investment securities, including purchased options		537,286,549
Amortization and accretion of fixed-income securities		10,398,714
Amortization of offering costs on Mandatory Redeemable Preferred Shares		198,745
Net realized gains/losses from investments, excluding purchased options		(76,249,673	)
Net realized gains/losses from purchased options		(4,233,343	)
Net realized gains/losses from written options		(731,578	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		79,581,357
Change in unrealized appreciation or depreciation on purchased options		1,418,183
Change in unrealized appreciation or depreciation on written options		728,855
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(688,212	)
Prepaid expenses		956
Increase/(decrease) in liabilities:
Payables to affiliates		(36,130	)
Other accounts payable and accrued liabilities		599,144
Net cash provided by/(used in) operating activities	$	54,517,111
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares sold		4,371,538
Distributions to shareholders		(54,547,670	)
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders		(102	)
Offering costs on Mandatory Redeemable Preferred Shares		(44,369	)
Repayment of Note payable		(20,000,000	)
Net cash provided by/(used in) financing activities	$	(70,220,603	)
Net increase/(decrease) in cash	$	(15,703,492	)
Cash and restricted cash at beginning of year	$	36,104,778
Cash at end of year	$	20,401,286
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	11,357,892
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	3,215,845
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	7,254,396
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		20,400,682
Restricted cash for short positions		604
Total cash and restricted cash at period end	$	20,401,286

See accompanying Notes to Financial Statements

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235

Statement of Cash Flows

	GLOBAL DYNAMIC INCOME FUND
	YEAR ENDED OCTOBER 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	30,082,666
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(683,211,905	)
Purchases of securities to cover securities sold short		(130,881	)
Proceeds paid on closing written options		(284,042	)
Proceeds from disposition of investment securities, including purchased options		701,051,168
Proceeds from securities sold short		130,723
Premiums received from written options		712,386
Amortization and accretion of fixed-income securities		4,422,034
Amortization of offering costs on Mandatory Redeemable Preferred Shares		160,816
Net realized gains/losses from investments, excluding purchased options		(28,525,674	)
Net realized gains/losses from capital gains tax		107,512
Net realized gains/losses from purchased options		7,052,032
Net realized gains/losses from written options		(314,714	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(15,126,965	)
Change in unrealized appreciation or depreciation on capital gains tax		23,089
Change in unrealized appreciation or depreciation on purchased options		1,686,301
Change in unrealized appreciation or depreciation on written options		47,210
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		25,215
Prepaid expenses		1,695
Other assets		(1,291	)
Increase/(decrease) in liabilities:
Payables to affiliates		37,968
Other accounts payable and accrued liabilities		289,468
Net cash provided by/(used in) operating activities	$	18,234,811
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(38,318,632	)
Increase in Distributions to Mandatory Redeemable Preferred Shareholders		137
Offering costs on Mandatory Redeemable Preferred Shares		(44,399	)
Net increase/(decrease) in due to custodian bank		(13	)
Repayment of Note Payable		(30,000,000	)
Proceeds from Note payable		51,000,000
Net cash provided by/(used in) financing activities	$	(17,362,907	)
Net increase/(decrease) in cash and foreign currency	$	871,904
Cash and foreign currency and restricted cash at beginning of year	$	8,209,883
Cash and foreign currency at end of year	$	9,081,787
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	5,682,989
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	2,652,314
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		9,081,592
Foreign currency		195
Total cash and restricted cash at period end	$	9,081,787

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
236

Statement of Cash Flows

	GLOBAL TOTAL RETURN FUND
	YEAR ENDED OCTOBER 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	4,802,522
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(167,191,933	)
Proceeds paid on closing written options		(58,654	)
Proceeds from disposition of investment securities, including purchased options		172,265,032
Premiums received from written options		143,397
Amortization and accretion of fixed-income securities		1,123,438
Amortization of offering costs on Mandatory Redeemable Preferred Shares		81,275
Net realized gains/losses from investments, excluding purchased options		(9,021,432	)
Net realized gains/losses from capital gains tax		59,698
Net realized gains/losses from purchased options		1,579,943
Net realized gains/losses from written options		(65,552	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		245,241
Change in unrealized appreciation or depreciation on capital gains tax		7,740
Change in unrealized appreciation or depreciation on purchased options		659,208
Change in unrealized appreciation or depreciation on written options		17,174
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(1,889	)
Prepaid expenses		1,724
Other assets		(820	)
Increase/(decrease) in liabilities:
Payables to affiliates		8,400
Other accounts payable and accrued liabilities		73,211
Net cash provided by/(used in) operating activities	$	4,727,723
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(9,408,948	)
Increase in Distributions to Mandatory Redeemable Preferred Shareholders		114
Offering costs on Mandatory Redeemable Preferred Shares		(44,279	)
Repayment of Note Payable		(9,500,000	)
Proceeds from Note payable		13,600,000
Net cash provided by/(used in) financing activities	$	(5,353,113	)
Net increase/(decrease) in cash and foreign currency	$	(625,390	)
Cash and foreign currency and restricted cash at beginning of year	$	5,057,146
Cash, foreign currency and restricted cash at end of year	$	4,431,756
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	1,284,562
Cash paid for interest expense on Mandatory Redeemable Preferred Shares	$	640,574
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions	$	23,134
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		4,431,591
Foreign currency		120
Restricted cash for short positions		45
Total cash and restricted cash at period end	$	4,431,756

See accompanying Notes to Financial Statements

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237

Statement of Cash Flows

	LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
	YEAR ENDED OCTOBER 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	11,011,730
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities:
Purchase of investment securities, including purchased options		(1,121,004,667	)
Purchases of securities to cover securities sold short		(654,948,353	)
Proceeds paid on closing written options		(26,278,114	)
Proceeds from disposition of investment securities, including purchased options		1,100,548,328
Proceeds from securities sold short		754,167,490
Premiums received from written options		62,421,798
Amortization and accretion of fixed-income securities		131,739
Net realized gains/losses from investments, excluding purchased options		(27,166,540	)
Net realized gains/losses from purchased options		28,874,230
Net realized gain/losses from short positions		7,976,140
Net realized gains/losses from written options		(30,981,651	)
Increase from payment by affiliates		(1,223,984	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		19,360,709
Change in unrealized appreciation or depreciation on purchased options		298,348
Change in unrealized appreciation or depreciation on short positions		(5,390,485	)
Change in unrealized appreciation or depreciation on written options		1,920,104
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(31,435	)
Prepaid expenses		(751	)
Other assets		(396,731	)
Increase/(decrease) in liabilities:
Payables to affiliates		(4,098	)
Other accounts payable and accrued liabilities		265,611
Net cash provided by/(used in) operating activities	$	119,549,418
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(32,982,086	)
Net increase/(decrease) in due to custodian bank		(1,722,387	)
Net cash provided by/(used in) financing activities	$	(34,704,473	)
Net increase/(decrease) in cash	$	84,844,945
Cash and restricted cash at beginning of year	$	183,062,687
Cash at end of year	$	267,907,632
Supplemental disclosure
Cash paid for interest expense on Notes Payable	$	6,293,310
The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.
Cash with custodian		4,585,708
Restricted cash for short positions		262,618,136
Restricted foreign cash for short positions		703,788
Total cash and restricted cash at period end	$	267,907,632

See accompanying Notes to Financial Statements

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
238

Notes to Financial Statements

Note 1 – Organization and Significant Accounting Policies

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

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

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.

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239

Notes to Financial Statements

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

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

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

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

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

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

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

Investment Transactions. Investment transactions are recorded on a trade date basis as of October 31, 2023. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

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

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

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
240

Notes to Financial Statements

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

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

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

The Funds recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2020 – 2022 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

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

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

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

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

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

The Funds have adopted a deferred compensation plan (the "Plan"). Under the Plan, a trustee who is not an "interested person" (as defined in the 1940 Act) and has elected to participate in the Plan (a "participating trustee") may defer receipt of all or a portion of his compensation from the Trust. The deferred compensation payable to the participating trustee is credited to the trustee's deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of the Calamos Investment Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares.

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241

Notes to Financial Statements

At October 31, 2023, the Funds had deferred compensation balances, which are included in "Other assets" on the Statements of Assets and Liabilities, as follows:

FUND	AMOUNT
Convertible Opportunities and Income Fund	$	165,660
Convertible and High Income Fund		142,968
Strategic Total Return Fund		202,387
Dynamic Convertible and Income Fund		0
Global Dynamic Income Fund		76,901
Global Total Return Fund		48,868
Long/Short Equity & Dynamic Income Trust		0

Each Fund's obligation to make payments under the Plan is a general obligation of the Fund and is included in "Payable for deferred compensation to trustees" on the Statements of Assets and Liabilities at October 31, 2023.

Calamos Long/Short Equity & Dynamic Income Trust recorded payment by affiliates in the amount of $1,223,984 for losses incurred on the disposal of investments that resulted due to the identification of an error during the year ended October 31, 2023. This amount is reported on the Fund's Statements of Operations and Financial Highlights under "Payments by affiliates" and " Net increase from payment by affiliates," respectively.

Note 3 – Investments

The cost of purchases and proceeds from sales of long-term investments, excluding investments sold short, for the year ended October 31, 2023 are shown in the table below. Furthermore, the cost of purchases to cover short sales and the proceeds of short sales were $654,892,857 and $754,111,384 for Long/Short Equity & Dynamic Income Fund, respectively.

	COST OF PURCHASES				PROCEEDS FROM SALES
FUND	U.S. GOV'T SECURITIES		OTHER		U.S. GOV'T SECURITIES		OTHER
Convertible Opportunities and Income Fund	$	—	$	452,391,704	$	33,104,297	$	494,221,432
Convertible and High Income Fund		—		498,717,850		23,541,074		554,842,979
Strategic Total Return Fund		—		929,503,053		—		1,019,380,866
Dynamic Convertible and Income Fund		—		347,176,957		29,915,723		370,184,066
Global Dynamic Income Fund		—		660,744,824		15,772,099		661,581,692
Global Total Return Fund		—		160,752,534		2,750,623		163,225,971
Long/Short Equity & Dynamic Income Trust		—		944,956,681		—		986,888,558

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

FUND	COST BASIS OF INVESTMENTS		GROSS UNREALIZED APPRECIATION		GROSS UNREALIZED DEPRECIATION			NET UNREALIZED APPRECIATION (DEPRECIATION)
Convertible Opportunities and Income Fund	$	1,255,349,334	$	23,571,961	$	(189,445,298	)	$	(165,873,337	)
Convertible and High Income Fund		1,366,790,450		24,744,423		(207,346,940	)		(182,602,517	)
Strategic Total Return Fund		2,942,500,470		578,112,011		(313,693,683	)		264,418,328
Dynamic Convertible and Income Fund		844,408,560		18,897,966		(127,620,129	)		(108,722,163	)
Global Dynamic Income Fund		740,299,828		9,762,185		(173,226,509	)		(163,464,324	)
Global Total Return Fund		157,905,304		3,609,165		(28,801,311	)		(25,192,146	)
Long/Short Equity & Dynamic Income Trust		241,462,274		10,585,950		(79,080,660	)		(68,494,710	)

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
242

Notes to Financial Statements

Note 4 – Income Taxes

For the fiscal year ended October 31, 2023, the Funds recorded the following permanent reclassifications to reflect tax character. The results of operations and net assets were not affected by these reclassifications.

FUND	PAID-IN CAPITAL			UNDISTRIBUTED/ (OVERDISTRIBUTED) NET INVESTMENT INCOME/(LOSS)			ACCUMULATED NET REALIZED GAIN/(LOSS) ON INVESTMENTS
Convertible Opportunities and Income Fund	$	(535,414	)	$	18,534,527		$	(17,999,113	)
Convertible and High Income Fund		(510	)		20,022,699			(20,022,189	)
Strategic Total Return Fund		(649,022	)		110,657,898			(110,008,876	)
Dynamic Convertible and Income Fund		(470,337	)		17,164,912			(16,694,575	)
Global Dynamic Income Fund		(19,614,481	)		30,458,638			(10,844,157	)
Global Total Return Fund		(2,907,532	)		6,254,259			(3,346,727	)
Long/Short Equity & Dynamic Income Trust		(32	)		(119,743	)		119,775

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

Distributions were characterized for federal income tax purposes as follows:

	YEAR OR PERIOD ENDED OCTOBER 31, 2023						YEAR ENDED OCTOBER 31, 2022
FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL		ORDINARY INCOME		LONG-TERM CAPITAL GAIN		RETURN OF CAPITAL
Convertible Opportunities and Income Fund	$	30,821,886	$	58,448,531		—	$	24,489,812	$	63,422,635		—
Convertible and High Income Fund		32,248,272		63,794,457		—		22,215,664		72,535,445		—
Strategic Total Return Fund		17,803,791		190,612,272		—		35,001,817		171,625,596		—
Dynamic Convertible and Income Fund		16,264,044		48,555,021		—		5,018,611		57,501,392		—
Global Dynamic Income Fund		21,588,110		—		19,222,158		69,596,978		28,228,527		44,585,621
Global Total Return Fund		5,888,148		1,289,760		2,813,588		15,027,531		4,934,556		8,056,439
Long/Short Equity & Dynamic Income Trust		32,183,213		798,873		—		21,219,129		11,762,957		—

As of October 31, 2023, the components of accumulated earnings/(loss) on a tax basis were as follows:

	CONVERTIBLE OPPORTUNITIES AND INCOME FUND			CONVERTIBLE AND HIGH INCOME FUND			STRATEGIC TOTAL RETURN FUND			DYNAMIC CONVERTIBLE AND INCOME FUND
Undistributed ordinary income	$	—		$	—		$	—		$	—
Undistributed capital gains		2,231,502			442,758			4,141,607			4,987,751
Total undistributed earnings		2,231,502			442,758			4,141,607			4,987,751
Accumulated capital and other losses		—			—			(8,231,699	)		—
Net unrealized gains/(losses)		(165,873,337	)		(182,602,517	)		264,399,772			(108,722,163	)
Total accumulated earnings/(losses)		(163,641,835	)		(182,159,759	)		260,309,680			(103,734,412	)
Other		(104,840	)		(136,044	)		(123,631	)		—
Paid-in-capital		836,528,404			907,116,571			1,889,816,626			563,099,438
Net assets applicable to common shareholders	$	672,781,729		$	724,820,768		$	2,150,002,675		$	459,365,026

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Notes to Financial Statements

	GLOBAL DYNAMIC INCOME FUND			GLOBAL TOTAL RETURN FUND			LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
Undistributed ordinary income	$	—		$	—		$	4,767,671
Undistributed capital gains		—			—			—
Total undistributed earnings		—			—			4,767,671
Accumulated capital and other losses		—			—			—
Net unrealized gains/(losses)		(163,667,896	)		(25,255,338	)		(68,500,156	)
Total accumulated earnings/(losses)		(163,667,896	)		(25,255,338	)		(63,732,485	)
Other		(206,675	)		(91,992	)		(4,118,672	)
Paid-in-capital		546,739,904			114,926,525			392,628,225
Net assets applicable to common shareholders	$	382,865,333		$	89,579,195		$	324,777,068

Note 5 – Short Sales

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

To secure its obligation to deliver to the broker-dealer the securities sold short, a Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, a Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short. Other Income on the Statement of Operations consists of income from interest on short sales of $6,494,633 during the year ended October 31, 2023.

Note 6 – Derivative Instruments

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

To mitigate the counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between a Fund and the counterparty and the amount of collateral due from a Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, a Fund's custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among a Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that a Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to a Fund's custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the

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Notes to Financial Statements

derivative instrument that is subject to the collateral requirement. Generally before a default, neither a Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Each Fund's net counterparty exposure, if any, is reflected in the Schedules of Investments. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward foreign currency contracts for any of the Funds at October 31, 2023.

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

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

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

Options written by each Fund do not typically give rise to counterparty credit risk since options written obligate each Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to each Fund since the exchange's clearinghouse, as counterparty to such instruments, guarantees against a possible default. As of October 31, 2023, the Funds had outstanding purchased options and/or written options as listed on the Schedules of Investments.

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

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

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Notes to Financial Statements

As of October 31, 2023, the Funds had no outstanding interest rate swap agreements.

As of October 31, 2023, the Funds had outstanding derivative contracts which are reflected on the Statement of Assets and Liabilities as follows:

	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	CONVERTIBLE OPPORTUNITIES AND INCOME FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	1,175,700	$	—
	$	1,175,700	$	—
	CONVERTIBLE AND HIGH INCOME FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	1,261,775	$	—
	$	1,261,775	$	—
	ASSET DERIVATIVES		LIABILITY DERIVATIVES
	STRATEGIC TOTAL RETURN FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	1,526,300	$	—
	$	1,526,300	$	—
	DYNAMIC CONVERTIBLE AND INCOME FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	1,037,475	$	—
	$	1,037,475	$	—
	GLOBAL DYNAMIC INCOME FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	1,573,636	$	—
Written Options⁽²⁾		—		160,840
	$	1,573,636	$	160,840
	GLOBAL TOTAL RETURN FUND
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	324,467	$	—
Written Options⁽²⁾		—		35,365
	$	324,467	$	35,365
	LONG/SHORT EQUITY & DYNAMIC INCOME TRUST
Gross amounts at fair value:
Purchased Options⁽¹⁾	$	3,105,465	$	—
Written Options⁽²⁾		—		3,965,683
	$	3,105,465	$	3,965,683

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Notes to Financial Statements

For the year ended October 31, 2023, the volume of derivative activity for the Funds are reflected below:*

FUND	PURCHASED OPTIONS⁽¹⁾		WRITTEN OPTIONS⁽²⁾
Convertible Opportunities and Income Fund		1,753		—
Convertible and High Income Fund		1,881		—
Strategic Total Return Fund		67,203		11,360
Dynamic Convertible and Income Fund		1,534		—
Global Dynamic Income Fund		38,769		5,648
Global Total Return Fund		9,801		1,244
Long/Short Equity & Dynamic Income Trust		394,136		413,960

* Activity during the period is measured by opened number of contracts for options purchased or written.

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

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

Note 7 – Notes Payable

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

FUND	BORROWING LIMIT (IN MILLIONS)
Convertible Opportunities and Income Fund	$	430.0
Convertible and High Income Fund		480.0
Strategic Total Return Fund		1,130.0
Dynamic Convertible and Income Fund		370.0
Global Dynamic Income Fund		265.0
Global Total Return Fund		55.0
Long/Short Equity & Dynamic Income Trust		150.0

Advances under the SSB Agreement are secured by assets of the Funds that are held with the Funds' custodian in a separate account (the "pledged collateral"). Interest on the SSB Agreement was charged on the drawn amount at the rate of OBFR plus 0.80% from November 1, 2022 through June 30, 2023. The rate from July 1, 2023 through October 31, 2023 was OBFR plus 0.52%. A commitment fee of 0.10% is payable on any undrawn balance. For the year ended October 31, 2023, the Funds borrowed according to the table below:

FUND	AVERAGE BORROWINGS (IN MILLIONS)		AVERAGE INTEREST RATE			TOTAL OUTSTANDING BORROWINGS (IN MILLIONS)		INTEREST RATE APPLICABLE TO BORROWINGS
Convertible Opportunities and Income Fund	$	323.6		5.35	%	$	314.4		5.65	%
Convertible and High Income Fund		349.6		5.34	%		340.4		5.64	%
Strategic Total Return Fund		800.5		5.36	%		800.5		5.64	%
Dynamic Convertible and Income Fund		217.4		5.32	%		210.0		5.62	%
Global Dynamic Income Fund		109.0		5.36	%		130.6		5.64	%
Global Total Return Fund		25.0		5.31	%		30.1		5.60	%
Long/Short Equity & Dynamic Income Trust		120.0		5.41	%		120.0		5.69	%

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Notes to Financial Statements

Under the terms of the SSB Agreement, all securities lent through SSB must be secured continuously by collateral received in cash. Cash collateral received by SSB on behalf of the Fund is deposited by SSB in a custodial account of the Fund and then applied to repay borrowings under the SSB, such that the cash advanced to the Fund remains unchanged. Upon termination of a securities loan, SSB will advance to the Fund the cash collateral required to be returned by the Fund, or secure the appropriate amount through one or more securities lending transactions as the Fund's agent, and deposit the amount to a custodial account of the Fund and then subsequently return such amount to the securities borrower against return of the securities on loan. Again, the net cash to the Fund is unaltered. Only the composition of the advance is changed, and regardless of the composition of advances as between cash collateral for securities lending transactions or borrowings from SSB, they are not reflected separately in the Statement of Assets and Liabilities but as a component of the Notes Payable. The Fund has the right to recall securities which have been lent at any time. The securities lending arrangement with SSB involves characteristics common in arm's length relationships in which one party may benefit at the expense of the other party. As of October 31, 2023, the Funds had securities on loan under the SSB Agreement which are reflected in the Investment in securities, at value on the Statement of Assets and Liabilities and are shown in the table below. The borrowings are categorized as Level 2 within the fair value hierarchy.

The composition of the securities on loan was as follows:

FUND	SECURITIES ON LOAN (IN MIILIONS)		FIXED INCOME SECURITIES (IN MILLIONS)		EQUITY SECURITIES (IN MILLIONS)
Convertible Opportunities and Income Fund	$	52.9	$	40.8	$	12.1
Convertible and High Income Fund		48.1		40.1		8.0
Strategic Total Return Fund		721.1		80.8		640.3
Dynamic Convertible and Income Fund		15.0		9.2		5.8
Global Dynamic Income Fund		14.0		3.4		10.6
Global Total Return Fund		5.7		1.2		4.5
Long/Short Equity & Dynamic Income Trust		2.1		1.4		0.7

Note 8 – Mandatory Redeemable Preferred Shares

All Funds except Long/Short Equity & Dynamic Income Trust have MRPS issued and outstanding, each divided into four series with different mandatory redemption dates and dividend rates. On September 6, 2022 CHI had $33,250,000, CHY had $36,500,000, CSQ had $80,500,000, CCD had $21,250,000, CGO had $4,000,000, and CHW had $21,500,000 of Series A MRPS redeemed at $25.01 per share, respectively. The tables below summarizes the key terms of each series of the MRPS at October 31, 2023.

The MRPS are divided into four series with different mandatory redemption dates and dividend rates. The tables below summarizes the key terms of each Fund's series of the MRPS at October 31, 2023.

CONVERTIBLE OPPORTUNITIES AND INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		1,330	$	25	$	33,250,000
Series C	9/6/17	9/6/27		4.24	%		1,340	$	25	$	33,500,000
Series D	8/24/21	8/24/26		2.45	%		1,320	$	25	$	33,000,000
Series E	3/8/22	5/24/27		2.68	%		1,330	$	25	$	33,250,000
Total										$	133,000,000

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Notes to Financial Statements

CONVERTIBLE AND HIGH INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		1,460	$	25	$	36,500,000
Series C	9/6/17	9/6/27		4.24	%		1,480	$	25	$	37,000,000
Series D	8/24/21	8/24/26		2.45	%		1,400	$	25	$	35,000,000
Series E	3/8/22	5/24/27		2.68	%		1,460	$	25	$	36,500,000
Total										$	145,000,000

STRATEGIC TOTAL RETURN FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		3,220	$	25	$	80,500,000
Series C	9/6/17	9/6/27		4.24	%		3,240	$	25	$	81,000,000
Series D	8/24/21	8/24/26		2.45	%		2,480	$	25	$	62,000,000
Series F	5/24/22	5/24/27		3.66	%		4,000	$	25	$	100,000,000
Total										$	323,500,000

DYNAMIC CONVERTIBLE AND INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		850	$	25	$	21,250,000
Series C	9/6/17	9/6/27		4.24	%		860	$	25	$	21,500,000
Series D	8/24/21	8/24/26		2.45	%		1,120	$	25	$	28,000,000
Series E	3/8/22	5/24/27		2.68	%		850	$	25	$	21,250,000
Total										$	92,000,000

GLOBAL DYNAMIC INCOME FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		860	$	25	$	21,500,000
Series C	9/6/17	9/6/27		4.24	%		880	$	25	$	22,000,000
Series D	8/24/21	8/24/26		2.45	%		200	$	25	$	5,000,000
Series E	3/8/22	5/24/27		2.68	%		860	$	25	$	21,500,000
Total										$	70,000,000

GLOBAL TOTAL RETURN FUND

SERIES	ISSUE DATE	TERM REDEMPTION DATE	DIVIDEND RATE			SHARES (000'S)		LIQUIDATION PREFERENCE PER SHARE		AGGREGATE LIQUIDATION PREFERENCE
Series B	9/6/17	9/6/24		4.00	%		160	$	25	$	4,000,000
Series C	9/6/17	9/6/27		4.24	%		160	$	25	$	4,000,000
Series D	8/24/21	8/24/26		2.45	%		200	$	25	$	5,000,000
Series E	3/8/22	5/24/27		2.68	%		160	$	25	$	4,000,000
Total										$	17,000,000

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249

Notes to Financial Statements

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

During the year ended October 31, 2023, all MRPS were rated `AA-' by Kroll Bond Rating Agency LLC ("KBRA"). If the ratings of the MRPS are downgraded, each Fund's dividend expense may increase, as described below.

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

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

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

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
250

Notes to Financial Statements

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

Note 9 – Common Shares

Each Fund has unlimited common shares of beneficial interest authorized at October 31, 2023. Transactions in common shares for each fund at October 31, 2023 were as follows:

CONVERTIBLE OPPORTUNITIES AND INCOME FUND	YEAR ENDED OCTOBER 31, 2023		YEAR ENDED OCTOBER 31, 2022
Beginning shares		74,081,296		71,749,316
Shares sold		—		1,870,556
Shares issued through reinvestment of distributions		736,871		461,424
Ending shares		74,818,167		74,081,296
CONVERTIBLE AND HIGH INCOME FUND	YEAR ENDED OCTOBER 31, 2023		YEAR ENDED OCTOBER 31, 2022
Beginning shares		75,661,499		73,692,072
Shares sold		—		1,531,959
Shares issued through reinvestment of distributions		717,771		437,468
Ending shares		76,379,270		75,661,499
STRATEGIC TOTAL RETURN FUND	YEAR ENDED OCTOBER 31, 2023		YEAR ENDED OCTOBER 31, 2022
Beginning shares		158,887,622		157,310,716
Shares sold		702,814		1,115,111
Shares issued through reinvestment of distributions		744,690		461,795
Ending shares		160,335,126		158,887,622
DYNAMIC CONVERTIBLE AND INCOME FUND	YEAR ENDED OCTOBER 31, 2023		YEAR ENDED OCTOBER 31, 2022
Beginning shares		26,080,838		24,848,140
Shares sold		206,742		1,077,219
Shares issued through reinvestment of distributions		356,738		155,479
Ending shares		26,644,318		26,080,838
GLOBAL DYNAMIC INCOME FUND	YEAR ENDED OCTOBER 31, 2023		YEAR ENDED OCTOBER 31, 2022
Beginning shares		63,864,387		60,033,831
Shares sold		—		3,564,049
Shares issued through reinvestment of distributions		—		266,507
Ending shares		63,864,387		63,864,387
GLOBAL TOTAL RETURN FUND	YEAR ENDED OCTOBER 31, 2023		YEAR ENDED OCTOBER 31, 2022
Beginning shares		9,823,566		9,396,571
Shares sold		—		403,010
Shares issued through reinvestment of distributions		2,272		23,985
Ending shares		9,825,838		9,823,566

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251

Notes to Financial Statements

LONG/SHORT EQUITY & DYNAMIC INCOME TRUST	YEAR ENDED OCTOBER 31, 2023		YEAR ENDED OCTOBER 31, 2022
Beginning shares		19,632,194		19,632,194
Shares sold		—		—
Shares issued through reinvestment of distributions		—		—
Ending shares		19,632,194		19,632,194

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

The Funds also may offer and sell common shares from time to time at an offering price equal to or in excess of the net asset value per share of each Fund's common shares at the time such common shares are initially sold. For the year ended October 31, 2023, the Funds sold shares according to the table below:

FUND	AMOUNT IN EXCESS OF NET ASSET VALUE		AVERAGE SALES PRICE
Convertible Opportunities and Income Fund	$	—	$	—
Convertible and High Income Fund		—		—
Strategic Total Return Fund		0.0007		14.1107
Dynamic Convertible and Income Fund		0.0078		21.4314
Global Dynamic Income Fund		—		—
Global Total Return Fund		—		—
Long/Short Equity & Dynamic Income Trust		—		—

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
252

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Calamos Convertible Opportunities and Income Fund Financial Highlights

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

	YEAR ENDED OCTOBER 31,
	2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	10.26		$	15.49
Income from investment operations:
Net investment income (loss)*		(0.10	)		0.01
Net realized and unrealized gain (loss)		(0.03	)		(4.11	)
Total from investment operations		(0.13	)		(4.10	)
Less distributions to common shareholders from:
Net investment income		(0.15	)		(0.27	)
Net realized gains		(0.99	)		(0.87	)
Return of capital		—			—
Total distributions		(1.14	)		(1.14	)
Premiums from shares sold in at the market offerings		—			0.01
Net asset value, end of year	$	8.99		$	10.26
Market value, end of year	$	9.99		$	10.78
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(b)
Net asset value		(2.27	%)		(27.32	%)
Market value		3.27	%		(25.10	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(c)		4.40	%		2.44	%
Net investment income (loss)		(1.03	%)		0.08	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	672,782		$	759,716
Portfolio turnover rate		39	%		39	%
Average commission rate paid	$	0.0188		$	0.0215
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	133,000		$	133,000
Notes Payable (000's omitted)	$	314,400		$	339,400
Asset coverage per $1,000 of loan outstanding^(d)	$	3,563		$	3,630
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(e)	$	211		$	232

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

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

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

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.38%, 1.34%, 1.23%, 1.26%, 1.29%, 1.28%, 1.24%, 1.24%, 1.50%, and 1.18%, respectively.

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
254

Calamos Convertible Opportunities and Income Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	12.54		$	10.64		$	10.46		$	11.35		$	10.73		$	11.68		$	13.45		$	13.20
Income from investment operations:
Net investment income (loss)*		(0.26	)		0.49			0.50			0.57			0.57			0.60			0.62			0.72
Net realized and unrealized gain (loss)		4.31			2.37			0.64			(0.33	)		1.19			(0.41	)		(1.25	)		0.67
Total from investment operations		4.05			2.86			1.14			0.24			1.76			0.19			(0.63	)		1.39
Less distributions to common shareholders from:
Net investment income		(0.31	)		(0.44	)		(0.48	)		(1.13	)		(0.67	)		(0.59	)		(0.81	)		(0.95	)
Net realized gains		(0.79	)		(0.52	)		(0.31	)		—			(0.08	)		—			(0.02	)		(0.19	)
Return of capital		—			—			(0.17	)		—			(0.39	)		(0.55	)		(0.31	)		—
Total distributions		(1.10	)		(0.96	)		(0.96	)		(1.13	)		(1.14	)		(1.14	)		(1.14	)		(1.14	)
Premiums from shares sold in at the market offerings		—	^(a)		—			—			0.00	^(a)		0.00	^(a)		—			0.00	^(a)		0.00	^(a)
Net asset value, end of year	$	15.49		$	12.54		$	10.64		$	10.46		$	11.35		$	10.73		$	11.68		$	13.45
Market value, end of year	$	15.81		$	10.89		$	10.67		$	9.91		$	11.59		$	9.89		$	10.41		$	13.69
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(b)
Net asset value		33.21	%		29.38	%		11.75	%		1.81	%		17.48	%		3.19	%		(4.69	%)		10.90	%
Market value		56.56	%		12.04	%		18.29	%		(5.54	%)		30.15	%		6.72	%		(16.54	%)		13.83	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(c)		1.83	%		2.20	%		2.88	%		2.52	%		1.88	%		1.74	%		1.84	%		1.47	%
Net investment income (loss)		(1.76	%)		4.36	%		4.77	%		5.11	%		5.17	%		5.61	%		4.90	%		5.38	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	1,111,526		$	889,577		$	754,310		$	741,306		$	797,968		$	750,773		$	817,491		$	931,703
Portfolio turnover rate		46	%		76	%		51	%		58	%		90	%		34	%		36	%		40	%
Average commission rate paid	$	0.0215		$	0.0213		$	0.0188		$	0.0270		$	0.0282		$	0.0220		$	0.0303		$	0.0294
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	133,000		$	100,000		$	100,000		$	100,000		$	100,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	399,400		$	288,400		$	277,400		$	288,000		$	275,000		$	306,000		$	353,000		$	360,000
Asset coverage per $1,000 of loan outstanding^(d)	$	4,116		$	4,431		$	4,080		$	3,921		$	4,265		$	3,454		$	3,316		$	3,588
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(e)	$	309		$	319		$	283		$	282		$	293		$	—		$	—		$	—

www.calamos.com
255

Calamos Convertible and High Income Fund Financial Highlights

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

	YEAR ENDED OCTOBER 31,
	2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	10.81		$	16.38
Income from investment operations:
Net investment income (loss)*		(0.12	)		0.00
Net realized and unrealized gain (loss)		0.00			(4.38	)
Total from investment operations		(0.12	)		(4.38	)
Less distributions to common shareholders from:
Net investment income		(0.15	)		(0.27	)
Net realized gains		(1.05	)		(0.93	)
Return of capital		—			—
Total distributions		(1.20	)		(1.20	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—
Premiums from shares sold in at the market offerings		—			0.01
Net asset value, end of year	$	9.49		$	10.81
Market value, end of year	$	10.87		$	11.00
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(b)
Net asset value		(1.99	%)		(27.50	%)
Market value		10.32	%		(27.25	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(c)		4.41	%		2.45	%
Net investment income (loss)		(1.11	%)		(0.02	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	724,821		$	817,828
Portfolio turnover rate		40	%		36	%
Average commission rate paid	$	0.0188		$	0.0205
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	145,000		$	145,000
Notes Payable (000's omitted)	$	340,400		$	365,400
Asset coverage per $1,000 of loan outstanding^(d)	$	3,556		$	3,635
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(e)	$	209		$	229

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

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

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.38%, 1.34%, 1.23%, 1.27%, 1.30%, 1.28%, 1.24%, 1.25%, 1.21%, and 1.18%, respectively.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
256

Calamos Convertible and High Income Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	13.22		$	11.18		$	11.02		$	11.96		$	11.33		$	12.39		$	14.24		$	13.89
Income from investment operations:
Net investment income (loss)*		(0.30	)		0.53			0.54			0.60			0.61			0.65			0.73			0.79
Net realized and unrealized gain (loss)		4.61			2.53			0.64			(0.35	)		1.22			(0.51	)		(1.38	)		0.69
Total from investment operations		4.31			3.06			1.18			0.25			1.83			0.14			(0.65	)		1.48
Less distributions to common shareholders from:
Net investment income		(0.29	)		(0.46	)		(0.51	)		(1.19	)		(0.70	)		(0.69	)		(0.98	)		(1.13	)
Net realized gains		(0.86	)		(0.56	)		(0.34	)		—			—			—			—			—
Return of capital		—			—			(0.17	)		—			(0.50	)		(0.51	)		(0.22	)		—
Total distributions		(1.15	)		(1.02	)		(1.02	)		(1.19	)		(1.20	)		(1.20	)		(1.20	)		(1.13	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—			—			0.00	^(a)		—			0.00	^(a)		—			—
Premiums from shares sold in at the market offerings		0.00	^(a)		—			—			0.00	^(a)		—			—			—			—
Net asset value, end of year	$	16.38		$	13.22		$	11.18		$	11.02		$	11.96		$	11.33		$	12.39		$	14.24
Market value, end of year	$	16.61		$	11.50		$	11.10		$	10.86		$	11.96		$	10.47		$	11.61		$	14.47
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(b)
Net asset value		33.56	%		29.87	%		11.46	%		1.75	%		17.28	%		2.55	%		(4.65	%)		11.22	%
Market value		55.69	%		13.79	%		12.29	%		0.28	%		26.91	%		1.13	%		(12.08	%)		22.16	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(c)		1.84	%		2.22	%		2.91	%		2.54	%		1.89	%		1.78	%		1.57	%		1.47	%
Net investment income (loss)		(1.88	%)		4.45	%		4.85	%		5.13	%		5.25	%		5.73	%		5.38	%		5.57	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	1,207,158		$	968,077		$	818,412		$	806,342		$	868,817		$	822,183		$	898,695		$	1,029,902
Portfolio turnover rate		44	%		76	%		47	%		58	%		89	%		34	%		37	%		35	%
Average commission rate paid	$	0.0216		$	0.0225		$	0.0187		$	0.0260		$	0.0282		$	0.0221		$	0.0286		$	0.0292
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	145,000		$	110,000		$	110,000		$	110,000		$	110,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	435,400		$	318,400		$	303,900		$	315,500		$	302,500		$	337,000		$	398,000		$	400,000
Asset coverage per $1,000 of loan outstanding^(d)	$	4,106		$	4,386		$	4,055		$	3,904		$	4,236		$	3,440		$	3,258		$	3,575
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(e)	$	308		$	317		$	280		$	280		$	291		$	—		$	—		$	—

www.calamos.com
257

Calamos Strategic Total Return Fund Financial Highlights

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

	YEAR ENDED OCTOBER 31,
	2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	13.57		$	18.62
Income from investment operations:
Net investment income (loss)*		(0.09	)		0.05
Net realized and unrealized gain (loss)		1.16			(3.87	)
Total from investment operations		1.07			(3.82	)
Less distributions to common shareholders from:
Net investment income		(0.63	)		(0.26	)
Net realized gains		(0.60	)		(0.97	)
Return of capital		—			—
Total distributions		(1.23	)		(1.23	)
Premiums from shares sold in at the market offerings^(a)		0.0007			0.0010
Net asset value, end of year	$	13.41		$	13.57
Market value, end of year	$	12.83		$	13.76
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(b)
Net asset value		7.89	%		(21.11	%)
Market value		1.80	%		(21.52	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(c)		4.09	%		2.50	%
Net investment income (loss)		(0.62	%)		0.31	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	2,150,003		$	2,156,658
Portfolio turnover rate		29	%		24	%
Average commission rate paid	$	0.0194		$	0.0189
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	323,500		$	323,500
Notes Payable (000's omitted)	$	800,500		$	800,500
Asset coverage per $1,000 of loan outstanding^(d)	$	4,090		$	4,098
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(e)	$	253		$	254

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

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

(c) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.57%, 1.53%, 1.44%, 1.54%, 1.55%, 1.53%, 1.47%, 1.49%, 1.47% and 1.44%, respectively.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
258

Calamos Strategic Total Return Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	13.30		$	12.93		$	12.25		$	12.76		$	11.13		$	11.67		$	12.51		$	11.86
Income from investment operations:
Net investment income (loss)*		0.10			0.21			0.18			0.16			0.26			0.30			0.38			0.42
Net realized and unrealized gain (loss)		6.42			1.24			1.49			0.32			2.36			0.15			(0.23	)		1.16
Total from investment operations		6.52			1.45			1.67			0.48			2.62			0.45			0.15			1.58
Less distributions to common shareholders from:
Net investment income		(0.29	)		(0.54	)		(0.16	)		(0.48	)		(0.85	)		(0.46	)		(0.66	)		(0.55	)
Net realized gains		(0.91	)		(0.54	)		(0.83	)		(0.51	)		(0.14	)		(0.16	)		—			(0.16	)
Return of capital		—			—			—			—			—			(0.37	)		(0.33	)		(0.22	)
Total distributions		(1.20	)		(1.08	)		(0.99	)		(0.99	)		(0.99	)		(0.99	)		(0.99	)		(0.93	)
Premiums from shares sold in at the market offerings^(a)		0.0026			—			—			—			—			—			—			—
Net asset value, end of year	$	18.62		$	13.30		$	12.93		$	12.25		$	12.76		$	11.13		$	11.67		$	12.51
Market value, end of year	$	18.98		$	12.80		$	13.02		$	11.75		$	12.33		$	9.95		$	10.20		$	11.82
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(b)
Net asset value		50.32	%		12.33	%		14.46	%		3.81	%		25.11	%		5.48	%		1.98	%		14.46	%
Market value		59.21	%		7.36	%		20.16	%		3.05	%		35.23	%		7.89	%		(5.66	%)		21.46	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(c)		2.03	%		2.45	%		3.05	%		2.74	%		2.09	%		1.97	%		1.81	%		1.72	%
Net investment income (loss)		0.60	%		1.64	%		1.42	%		1.25	%		2.17	%		2.73	%		3.11	%		3.39	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	2,928,463		$	2,061,019		$	2,000,709		$	1,893,000		$	1,971,910		$	1,719,456		$	1,803,026		$	1,932,218
Portfolio turnover rate		27	%		36	%		26	%		27	%		65	%		31	%		23	%		20	%
Average commission rate paid	$	0.0206		$	0.0212		$	0.0270		$	0.0217		$	0.0240		$	0.0307		$	0.0336		$	0.0210
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	304,000		$	242,000		$	242,000		$	242,000		$	242,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	880,000		$	703,000		$	668,000		$	713,000		$	543,000		$	682,000		$	716,000		$	725,000
Asset coverage per $1,000 of loan outstanding^(d)	$	4,673		$	4,276		$	4,357		$	3,995		$	5,077		$	3,521		$	3,518		$	3,665
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(e)	$	338		$	311		$	301		$	294		$	285		$	—		$	—		$	—

www.calamos.com
259

Calamos Dynamic Convertible and Income Fund Financial Highlights

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

	YEAR ENDED OCTOBER 31,
	2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	20.19		$	31.73
Income from investment operations:
Net investment income (loss)*		(0.63	)		(0.43	)
Net realized and unrealized gain (loss)		0.01			(8.81	)
Total from investment operations		(0.62	)		(9.24	)
Less distributions to common shareholders from:
Net investment income		(0.03	)		(0.24	)
Net realized gains		(2.31	)		(2.10	)
Return of capital		—			—
Total distributions		(2.34	)		(2.34	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—
Premiums from shares sold in at the market offerings		0.0078	^(b)		0.0384
Net asset value, end of year	$	17.24		$	20.19
Market value, end of year	$	17.07		$	21.89
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(c)(d)
Net asset value		(4.26	%)		(29.91	%)
Market value		(12.56	%)		(26.08	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(d)		4.63	%		2.75	%
Net investment income (loss)		(3.19	%)		(1.73	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	459,365		$	526,613
Portfolio turnover rate		44	%		42	%
Average commission rate paid	$	0.0185		$	0.0563
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	92,000		$	92,000
Notes Payable (000's omitted)	$	210,000		$	230,000
Asset coverage per $1,000 of loan outstanding^(f)	$	3,626		$	3,690
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(g)	$	207		$	231

• Commencement of operations.

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

(a) Net of sales load of $1.125 on initial shares issued and beginning net asset value of $23.875.

(b) Amount is less than $0.01

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

(d) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.70%, 1.65%, 1.51%, 1.56%, 1.61%, 1.57%, 1.51%, 1.52% and 1.56%, respectively.

(e) Annualized.

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
260

Calamos Dynamic Convertible and Income Fund Financial Highlights

	YEAR ENDED OCTOBER 31,																		MARCH 27, 2015• THROUGH OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	25.00		$	19.93		$	19.55		$	21.03		$	19.56		$	21.63		$	23.88	^(a)
Income from investment operations:
Net investment income (loss)*		(1.21	)		0.70			0.73			0.85			0.86			0.89			0.48
Net realized and unrealized gain (loss)		10.20			6.37			1.65			(0.33	)		2.61			(0.96	)		(1.84	)
Total from investment operations		8.99			7.07			2.38			0.52			3.47			(0.07	)		(1.36	)
Less distributions to common shareholders from:
Net investment income		(0.25	)		(0.70	)		(0.50	)		(2.00	)		(0.91	)		(0.99	)		(0.84	)
Net realized gains		(2.01	)		(1.30	)		(0.80	)		—			—			(0.00	)^(b)		—
Return of capital		—			—			(0.70	)		—			(1.09	)		(1.01	)		—
Total distributions		(2.26	)		(2.00	)		(2.00	)		(2.00	)		(2.00	)		(2.00	)		(0.84	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—			—			—			—			—			(0.05	)
Premiums from shares sold in at the market offerings		0.0078			—			—			—			—			—			—
Net asset value, end of year	$	31.73		$	25.00		$	19.93		$	19.55		$	21.03		$	19.56		$	21.63
Market value, end of year	$	32.62		$	22.35		$	20.65		$	18.94		$	20.49		$	17.83		$	19.28
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(c)(d)
Net asset value		36.76	%		38.59	%		13.05	%		2.40	%		19.19	%		1.03	%		(5.78	%)
Market value		57.27	%		19.58	%		20.85	%		1.82	%		27.40	%		3.32	%		(19.79	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(d)		2.10	%		2.50	%		3.22	%		2.82	%		2.17	%		2.02	%		1.91	%^(e)
Net investment income (loss)		(3.97	%)		3.22	%		3.70	%		4.06	%		4.26	%		4.48	%		3.65	%^(e)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	788,554		$	612,024		$	487,709		$	477,256		$	512,737		$	477,070		$	527,472
Portfolio turnover rate		48	%		85	%		50	%		67	%		78	%		40	%		23	%
Average commission rate paid	$	0.0217		$	0.0243		$	0.0182		$	0.0249		$	0.0212		$	0.0233		$	0.0198
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	92,000		$	64,000		$	64,000		$	64,000		$	64,000		$	—		$	—
Notes Payable (000's omitted)	$	270,000		$	204,600		$	180,600		$	187,500		$	169,000		$	195,000		$	220,000
Asset coverage per $1,000 of loan outstanding^(f)	$	4,261		$	4,304		$	4,055		$	3,887		$	4,413		$	3,447		$	3,398
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(g)	$	313		$	344		$	286		$	285		$	291		$	—		$	—

www.calamos.com
261

Calamos Global Dynamic Income Fund Financial Highlights

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

	YEAR ENDED OCTOBER 31,
	2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	6.12		$	10.14
Income from investment operations:
Net investment income (loss)*		(0.08	)		(0.07	)
Net realized and unrealized gain (loss)		0.55			(3.15	)
Total from investment operations		0.47			(3.22	)
Less distributions to common shareholders from:
Net investment income		(0.10	)		(0.01	)
Net realized gains		(0.20	)		(0.09	)
Return of capital		(0.30	)		(0.72	)
Total distributions		(0.60	)		(0.82	)
Premiums from shares sold in at the market offerings		—			0.0191
Net asset value, end of year	$	5.99		$	6.12
Market value, end of year	$	5.22		$	5.64
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(a)
Net asset value		8.29	%		(32.89	%)
Market value		2.40	%		(39.64	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(b)		3.68	%		2.73	%
Net investment income (loss)		(1.19	%)		(0.85	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	382,865		$	391,101
Portfolio turnover rate		114	%		134	%
Average commission rate paid	$	0.0036		$	0.0117
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	70,000		$	70,000
Notes Payable (000's omitted)	$	130,550		$	109,550
Asset coverage per $1,000 of loan outstanding^(c)	$	4,469		$	5,209
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(d)	$	208		$	204

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

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

(b) Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.58%, 1.66%, 1.55%, 1.61%, 1.65%, 1.60%, 1.53%, 1.54%, 1.53% and 1.48%, respectively.

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
262

Calamos Global Dynamic Income Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	8.03		$	7.90		$	7.98		$	9.21		$	8.16		$	8.92		$	9.86		$	10.05
Income from investment operations:
Net investment income (loss)*		0.03			0.15			0.17			0.18			0.22			0.28			0.28			0.40
Net realized and unrealized gain (loss)		2.92			0.82			0.59			(0.57	)		1.67			(0.20	)		(0.38	)		0.21
Total from investment operations		2.95			0.97			0.76			(0.39	)		1.89			0.08			(0.10	)		0.61
Less distributions to common shareholders from:
Net investment income		(0.15	)		(0.32	)		(0.28	)		(0.84	)		(0.76	)		(0.46	)		(0.72	)		(0.70	)
Net realized gains		(0.69	)		(0.52	)		(0.14	)		—			(0.08	)		—			—			—
Return of capital		—			—			(0.42	)		—			—			(0.38	)		(0.12	)		(0.10	)
Total distributions		(0.84	)		(0.84	)		(0.84	)		(0.84	)		(0.84	)		(0.84	)		(0.84	)		(0.80	)
Premiums from shares sold in at the market offerings		0.0026			—			—			—			—			—			—			—
Net asset value, end of year	$	10.14		$	8.03		$	7.90		$	7.98		$	9.21		$	8.16		$	8.92		$	9.86
Market value, end of year	$	10.39		$	7.80		$	8.13		$	7.59		$	9.13		$	7.16		$	7.68		$	9.01
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(a)
Net asset value		37.46	%		14.00	%		10.29	%		(4.85	%)		25.23	%		2.98	%		(0.15	%)		7.02	%
Market value		45.01	%		7.60	%		19.34	%		(8.71	%)		41.48	%		4.95	%		(5.92	%)		10.93	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(b)		2.27	%		2.70	%		3.41	%		2.97	%		2.23	%		2.06	%		1.89	%		1.79	%
Net investment income (loss)		0.26	%		1.91	%		2.12	%		1.95	%		2.58	%		3.42	%		2.97	%		3.92	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	609,038		$	476,533		$	468,186		$	471,953		$	543,275		$	481,513		$	526,508		$	581,624
Portfolio turnover rate		117	%		128	%		78	%		93	%		99	%		29	%		45	%		32	%
Average commission rate paid	$	0.0173		$	0.0210		$	0.0279		$	0.0199		$	0.0295		$	0.0289		$	0.0244		$	0.0269
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	70,000		$	65,000		$	65,000		$	65,000		$	65,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	206,500		$	153,250		$	174,500		$	204,000		$	160,000		$	196,000		$	224,400		$	230,000
Asset coverage per $1,000 of loan outstanding^(c)	$	4,288		$	4,534		$	4,056		$	3,632		$	4,802		$	3,457		$	3,346		$	3,529
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(d)	$	316		$	267		$	272		$	285		$	295		$	—		$	—		$	—

www.calamos.com
263

Calamos Global Total Return Fund Financial Highlights

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

	YEAR ENDED OCTOBER 31,
	2023			2022
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	9.59		$	15.82
Income from investment operations:
Net investment income (loss)*		(0.17	)		(0.12	)
Net realized and unrealized gain (loss)		0.66			(4.96	)
Total from investment operations		0.49			(5.08	)
Less distributions to common shareholders from:
Net investment income		(0.17	)		(0.08	)
Net realized gains		(0.50	)		(0.26	)
Return of capital		(0.29	)		(0.84	)
Total distributions		(0.96	)		(1.18	)
Premiums from shares sold in at the market offerings		—			0.0279
Net asset value, end of year	$	9.12		$	9.59
Market value, end of year	$	8.15		$	9.12
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(a)
Net asset value		5.26	%		(33.22	%)
Market value		(0.98	%)		(36.65	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(b)		3.86	%		2.86	%
Net investment income (loss)		(1.73	%)		(0.93	%)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	89,579		$	94,186
Portfolio turnover rate		120	%		118	%
Average commission rate paid	$	0.0038		$	0.0123
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	17,000		$	17,000
Notes Payable (000's omitted)	$	30,100		$	26,000
Asset coverage per $1,000 of loan outstanding^(c)	$	4,541		$	5,276
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(d)	$	201		$	202

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

(b) Ratio of net expenses, excluding interest expense on Notes payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.82%, 1.83%, 1.69%, 1.75%, 1.75% , 1.69%,1.62%, 1.62%, 1.63%, and 1.59%, respectively.

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
264

Calamos Global Total Return Fund Financial Highlights

	YEAR ENDED OCTOBER 31,
	2021			2020			2019			2018			2017			2016			2015			2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year	$	11.99		$	11.60		$	11.65		$	13.40		$	12.19		$	13.29		$	14.21		$	14.56
Income from investment operations:
Net investment income (loss)*		(0.06	)		0.17			0.17			0.18			0.23			0.21			0.22			0.26
Net realized and unrealized gain (loss)		5.05			1.40			0.98			(0.73	)		2.18			(0.11	)		0.06			0.59
Total from investment operations		4.99			1.57			1.15			(0.55	)		2.41			0.10			0.28			0.85
Less distributions to common shareholders from:
Net investment income		(0.24	)		(0.31	)		(0.41	)		(0.97	)		(1.09	)		(0.99	)		(0.85	)		(0.85	)
Net realized gains		(0.96	)		(0.89	)		(0.24	)		(0.23	)		(0.11	)		(0.20	)		—			(0.19	)
Return of capital		—			—			(0.55	)		—			—			(0.01	)		(0.35	)		(0.16	)
Total distributions		(1.20	)		(1.20	)		(1.20	)		(1.20	)		(1.20	)		(1.20	)		(1.20	)		(1.20	)
Premiums from shares sold in at the market offerings		0.0362			0.0176			—			0.0236			—			—			—			—
Net asset value, end of year	$	15.82		$	11.99		$	11.60		$	11.65		$	13.40		$	12.19		$	13.29		$	14.21
Market value, end of year	$	15.86		$	11.63		$	12.12		$	11.50		$	13.98		$	10.96		$	11.96		$	13.57
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(a)
Net asset value		42.86	%		15.08	%		10.35	%		(5.06	%)		21.44	%		2.22	%		2.39	%		6.19	%
Market value		47.65	%		6.83	%		16.80	%		(10.17	%)		40.91	%		2.13	%		(3.51	%)		5.54	%
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(b)		2.30	%		2.75	%		3.42	%		2.98	%		2.34	%		2.11	%		2.00	%		1.92	%
Net investment income (loss)		(0.37	%)		1.50	%		1.48	%		1.39	%		1.87	%		1.73	%		1.56	%		1.78	%
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	148,697		$	106,882		$	100,526		$	100,722		$	113,638		$	103,158		$	112,474		$	120,277
Portfolio turnover rate		120	%		153	%		81	%		119	%		134	%		114	%		76	%		95	%
Average commission rate paid	$	0.0179		$	0.0214		$	0.0317		$	0.0203		$	0.0272		$	0.0279		$	0.0279		$	0.0253
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000's omitted)	$	17,000		$	12,000		$	12,000		$	12,000		$	12,000		$	—		$	—		$	—
Notes Payable (000's omitted)	$	50,500		$	37,000		$	38,300		$	43,000		$	36,000		$	42,000		$	44,000		$	49,000
Asset coverage per $1,000 of loan outstanding^(c)	$	4,281		$	4,213		$	3,938		$	3,621		$	4,490		$	3,456		$	3,556		$	3,455
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares^(d)	$	318		$	325		$	314		$	324		$	337		$	—		$	—		$	—

www.calamos.com
265

Calamos Long/Short Equity and Dynamic Income Trust Financial Highlights

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

	YEAR ENDED OCTOBER 31,									NOVEMBER 29, 2019• THROUGH OCTOBER 31,
	2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	17.66		$	21.52		$	17.44		$	20.00
Income from investment operations:
Net investment income (loss)*		0.24			0.18			0.22			0.31
Net realized and unrealized gain (loss)		0.32			(2.36	)		5.42			(1.84	)
Total from investment operations		0.56			(2.18	)		5.64			(1.53	)
Less distributions to common shareholders from:
Net investment income		(0.34	)		(0.40	)		(0.55	)		(0.40	)
Net realized gains		(1.34	)		(1.28	)		(1.01	)		(0.63	)
Total distributions		(1.68	)		(1.68	)		(1.56	)		(1.03	)
Premiums from shares sold in at the market offerings		—			—			—			—
Net asset value, end of period	$	16.54		$	17.66		$	21.52		$	17.44
Market value, end of period	$	13.73		$	15.75		$	20.68		$	14.13
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:^(a)
Net asset value^(b)		4.32	%		(10.05	%)		33.57	%		(6.72	%)
Market value		(2.85	%)		(16.56	%)		58.49	%		(24.42	%)
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses^(c)		4.52	%		3.21	%		2.45	%		2.12	%^(d)
Net investment income (loss)		1.34	%		0.89	%		1.03	%		1.82	%^(d)
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of year (000)	$	324,777		$	346,747		$	422,483		$	342,473
Portfolio turnover rate		210	%		222	%		213	%		155	%
Average commission rate paid	$	0.0136		$	0.0126		$	0.0109		$	0.0113
Notes Payable (000's omitted)	$	120,000		$	120,000		$	120,000		$	69,200
Asset coverage per $1,000 of loan outstanding^(e)	$	3,706		$	3,890		$	4,521		$	5,949

• Commencement of operations.

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

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

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

(d) Annualized.

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
266

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Dynamic Convertible and Income Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund, and Calamos Long/Short Equity & Dynamic Income Trust (the "Funds"), including the schedules of investments, as of October 31, 2023, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2023, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Fund				Financial Highlights
Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Global Total Return Fund				For each of the ten years in the year then ended
Calamos Dynamic Convertible and Income Fund				For each of the eight years in the year then ended and for the period March 27, 2015 (commencement of operations) through October 31, 2015
Calamos Long/Short Equity & Dynamic Income Trust				For each of the three years in the year then ended and for the period from November 29, 2019 (commencement of operations) through October 31, 2020

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Chicago, Illinois

December 20, 2023

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

www.calamos.com
267

Trustee Approval of Management Agreement (Unaudited)

The Boards of Trustees ("Board" or the "Trustees") of 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 together, the "Funds") oversees the management of the Funds and, as required by law, determines annually whether to continue each Fund's management agreement with Calamos Advisors LLC ("Adviser") pursuant to which the Adviser serves as the investment manager and administrator for each Fund. The "Independent Trustees," who comprise more than 80% of the Board, have never been affiliated with the Adviser.

In connection with their most recent consideration regarding the continuation of the management agreements, the Trustees received and reviewed a substantial amount of information provided by the Adviser in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of each agreement, the Independent Trustees were advised by their counsel, and in addition to meeting with management of the Adviser, they met separately in executive session with their counsel.

At a meeting held on June 21, 2023, based on their evaluation of the information referred to above and other information provided in this and previous meetings, the Trustees determined that the overall arrangements between each Fund and the Adviser were fair in light of the nature, quality and extent of the services provided by the Adviser and its affiliates, the fees charged for those services and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the continuation of the management agreement with respect to each Fund except Calamos Dynamic Convertible and Income Fund through July 31, 2024 and through September 30, 2024 with respect to Calamos Dynamic Convertible and Income Fund subject to possible earlier termination as provided in the agreement.

In connection with its consideration of the management agreements, the Board considered, among other things: (i) the nature, quality and extent of the Adviser's services, (ii) the investment performance of each Fund as well as performance information for comparable funds and other, comparable clients of the Adviser, (iii) the fees and other expenses paid by each Fund as well as expense information for comparable funds and for other, comparable clients of the Adviser, (iv) the profitability of the Adviser and its affiliates from their relationship with each Fund, (v) whether economies of scale may be realized as each Fund grows and whether potential economies may be shared, in some measure, with Fund investors and (vi) other benefits to the Adviser from its relationship with each Fund. In the Board's deliberations, no single factor was responsible for the Board's decision to approve continuation of the management agreements, and each Trustee may have afforded different weight to the various factors.

Nature, Quality and Extent of Services. The Board's consideration of the nature, quality and extent of the Adviser's services to the Funds took into account the knowledge gained from the Board's meetings with the Adviser throughout the years. In addition, the Board considered: the Adviser's long-term history of managing each Fund; the consistency of investment approach; the background and experience of the Adviser's investment personnel responsible for managing each Fund; and the Adviser's performance as administrator of the Funds, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications. The Board also reviewed the Adviser's resources and key personnel involved in providing investment management services to the Funds. The Board noted the personal investments that the Adviser's key investment personnel have made in each Fund, which further aligns the interests of the Adviser and its personnel with those of each Fund's shareholders. In addition, the Board considered compliance reports about the Adviser from the Funds' Chief Compliance Officer.

The Board also considered the information provided by the Adviser regarding each Fund's performance and the steps the Adviser is taking to improve performance. In particular, the Board noted the additional personnel added to the Adviser's investment team, which includes portfolio managers, research analysts, research associates and risk management personnel. The Board also noted the Adviser's significant investment into its infrastructure and investment processes.

Investment Performance of the Funds. The Board considered each Fund's investment performance over various time periods, including how the Fund performed compared to the average performance of a group of comparable funds (the Fund's "Category") selected by an independent third-party service provider. The performance periods considered by the Board ended on March 31, 2023. Where available, the Board considered one-, three-, five- and ten-year performance. Further detail considered by the Board regarding the investment performance of each Fund is set forth below.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
268

Trustee Approval of Management Agreement (Unaudited)

For Calamos Convertible Opportunities and Income Fund ("CHI"), the Board considered that CHI outperformed its Category average for the three-, five- and ten-year periods and underperformed for the year-to-date and one-year period.

For Calamos Convertible and High Income Fund ("CHY"), the Board considered that CHY outperformed its Category average for the three-, five- and ten-year periods and underperformed for the remaining periods.

For Calamos Strategic Total Return Fund ("CSQ"), the Board considered that CSQ outperformed its Category average for the year-to-date and three-, five- and ten-year periods and underperformed for the one-year period.

For Calamos Dynamic Convertible and Income Fund ("CCD"), the Board considered that CCD outperformed its Category average for the three- and five—year periods and underperformed for the remaining periods.

For Calamos Global Dynamic Income Fund ("CHW"), the Board considered that, while CHW underperformed its Category average for all periods, it ranked in the 1^st quartile when compared to its Category for the year-to-date period and outperformed its benchmark for the year-to-date and three-year periods.

For Calamos Global Total Return Fund ("CGO"), the Board considered that CGO outperformed its Category average for the year-to-date and five-year periods and underperformed for the remaining periods. The Board also considered that CGO ranked in the 38^th percentile of its Category for the three-year period and in the 33^rd percentile of its Category for the ten-year period.

For Calamos Long/Short Equity & Dynamic Income Trust ("CPZ"), the Board considered that CPZ outperformed its Category average for the one-year period and underperformed its Category average for the year-to-date and three-year periods.

Costs of Services Provided and Profits Realized by the Adviser. Using information provided by an independent third-party service provider, the Board evaluated each Fund's actual management fee rate compared to the median management fee rate for other closed-end funds similar in size, character and investment strategy (the Fund's "Expense Group"), and the Fund's total expense ratio compared to the median total expense ratio of the Fund's Expense Group.

The Board also reviewed the Adviser's management fee rates for its institutional separate accounts, other advisory accounts and sub-advisory accounts with comparable investment strategies. The Board took into account that although, generally, the rates of fees paid by institutional clients or for sub-advisory services were lower than the rates of fees paid by each Fund, the differences reflected the Adviser's greater level of responsibilities and significantly broader scope of services regarding each Fund, the more extensive regulatory obligations and risks associated with managing each Fund, and other financial considerations with respect to creation and sponsorship of each Fund. The Board considered factors that led to more expenses for registered funds including but not limited to: (i) capital expenditures to establish a fund, (ii) length of time to reach critical mass, and the related expenses, (iii) higher servicing costs of intermediaries and shareholders, (iv) higher redemption rates of assets under management, (v) entrepreneurial risk assumed by the Adviser and (vi) greater exposure to "make whole" errors.

The Board also considered the Adviser's costs in serving as each Fund's investment adviser and manager, including but not limited to costs associated with technology, infrastructure and compliance necessary to manage each Fund. The Board reviewed the Adviser's methodology for allocating costs among the Adviser's lines of business. The Board also considered information regarding the structure of the Adviser's compensation program for portfolio managers, analysts and certain other employees, and the relationship of such compensation to the attraction and retention of quality personnel. Finally, the Board reviewed information on the profitability of the Adviser in serving as the Funds' investment manager and of the Adviser and its affiliates in all of their relationships with the Funds, as well as an explanation of the methodology utilized in allocating various expenses among the Funds and the Adviser's other business units. Data was provided to the Board with respect to profitability, both on a pre- and post-marketing cost basis. The Board reviewed the financial statements of the Adviser's parent company and discussed its corporate structure. Further detail considered by the Board regarding the management fee rate and total expense ratio of each Fund is set forth below.

For CHI, the Board considered that although CHI's management fee rate is higher than the median of the its Expense Group, its total expense ratio is equal to the median of its Expense Group. The Board reviewed CHI's expenses in light of its performance record.

For CHY, the Board considered that although CHY's management fee rate is higher than the median of its Expense Group, its total expense ratio is lower than the median of its Expense Group. The Board reviewed CHY's expenses in light of its performance record.

www.calamos.com
269

Trustee Approval of Management Agreement (Unaudited)

For CSQ, the Board considered that the CSQ's total expense ratio and management fee rate are higher than the respective Expense Group medians. The Board reviewed CSQ's expenses in light of its performance record.

For CCD, the Board considered that the CCD's total expense ratio and management fee rate are higher than the respective Expense Group medians. The Board reviewed CCD's expenses in light of its performance record.

For CHW, the Board considered that the CHW's total expense ratio and management fee rate are higher than the respective Expense Group medians. The Board noted that CHW's management fee rate was within one basis point of the Expense Group median. The Board also noted the small number of peer funds in its Category and the exclusion of funds that, like the CHW, use leverage.

For CGO, the Board considered that CGO's total expense ratio and management fee rate are higher than the respective Expense Group medians. The Board also noted the small number of peer funds in its Category and the exclusion of funds that, like CGO, use leverage.

For CPZ, the Board considered that CPZ's total expense ratio and management fee rate are higher than the respective Expense Group medians. The Board reviewed CPZ's expenses in light of its performance record.

Economies of Scale. The Board considered whether each Fund's management fee shares with shareholders potential economies of scale that may be achieved by the Adviser. The Board also considered the benefits accruing to shareholders from the Adviser's investments into its infrastructure and investment processes.

Other Benefits Derived from the Relationship with the Funds. The Board also considered other benefits that accrue to the Adviser and its affiliates from their relationship with the Funds. The Board concluded that while the Adviser may potentially benefit from its relationship with the Funds in ways other than the fees payable by the Funds, the Funds also may benefit from their relationship with the Adviser in ways other than the services to be provided by the Adviser and its affiliates pursuant to their agreement with the Funds and the fees payable by each Fund.

The Board also considered the Adviser's use of a portion of the commissions paid by the Funds on their portfolio brokerage transactions to obtain research products and services benefiting the Funds and/or other clients of the Adviser and concluded, based on reports from the Funds' Chief Compliance Officer, that the Adviser's use of "soft" commission dollars to obtain research products and services was consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the continuation of the management agreement for each Fund with the Adviser was in the best interest of each Fund and each Fund's shareholders.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
270

Trustees and Officers (Unaudited)

The management of each Fund, including general supervision of the duties performed for the Fund under the investment management agreement between the Fund and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee's earlier resignation, death or removal; however, each trustee who is not an interested person of the Funds shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 75 years. Each Fund's Statement of Additional Information contains additional information about the Trustees and Officers and is available without charge, upon request, at www.calamos.com or by calling 800.582.6959.

The following table sets forth each trustee's name, year of birth, position(s) with the Funds, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed. Each Trustee oversees each Fund.

NAME AND
YEAR OF BIRTH

POSITION(S) AND
LENGTH OF TIME
WITH THE FUNDS^

PORTFOLIOS IN
FUND COMPLEX^^
OVERSEEN

PRINCIPAL OCCUPATION(S)
DURING THE PAST 5 YEARS
AND OTHER DIRECTORSHIPS

EXPERIENCE, QUALIFICATIONS,
ATTRIBUTES, SKILLS FOR
BOARD MEMBERSHIP

Trustees who are interested persons of the Funds:

John P. Calamos, Sr. (1940)*

Chairman, Trustee and President (since 2002)

Founder, Chairman and Global Chief Investment Officer, Calamos Asset Management, Inc. ("CAM"), Calamos Investments LLC ("CILLC"), Calamos Advisors LLC and its predecessor ("Calamos Advisors") and Calamos Wealth Management LLC ("CWM"); Director, CAM; Global Chief Investment Officer, Calamos Antetokounmpo Asset Management LLC ("CGAM"); and previously Chief Executive Officer, Calamos Financial Services LLC and its predecessor ("CFS"), CAM, CILLC, Calamos Advisors, and CWM

Served for multiple years as a trustee of the Funds; more than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies; and earned a Masters of Business Administration degree

Trustees who are not interested persons of the Funds:

John E. Neal (1950)

Trustee (since 2002); Lead Independent Trustee (since 2019)

^^^

Retired; private investor; Director, Equity Residential Trust (publicly-owned REIT); Director, Creation Investments (private international microfinance company); Director, Centrust Bank (Northbrook, Illinois community bank); formerly, Director, Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021); formerly, Partner, Linden LLC (health care private equity) (until 2018)

William R. Rybak (1951)

Trustee (since 2002)

Private investor; Chairman (since 2016) and Director (since 2010), Christian Brothers Investment Services Inc.; Trustee, JNL Series Trust and JNL Investors Series Trust (since 2007), JNL Variable Fund LLC (2007-2020), Jackson Variable Series Trust (2018-2020) and JNL Strategic Income Fund LLC (2007-2018), (open-end mutual funds)**; Trustee, Lewis University (since 2012); formerly Director, Private Bancorp (2003-2017); Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager) (until 2000)

www.calamos.com
271

Trustees and Officers (Unaudited)

NAME AND
YEAR OF BIRTH

POSITION(S) AND
LENGTH OF TIME
WITH THE FUNDS^

PORTFOLIOS IN
FUND COMPLEX^^
OVERSEEN

PRINCIPAL OCCUPATION(S)
DURING THE PAST 5 YEARS
AND OTHER DIRECTORSHIPS

EXPERIENCE, QUALIFICATIONS,
ATTRIBUTES, SKILLS FOR
BOARD MEMBERSHIP

Virginia G. Breen (1964)

Trustee (since 2015)

Private Investor; Trustee, UBS NY Fund Cluster (open-end funds) (since 2023)***; Director, Paylocity Holding Corporation (since 2018); Trustee, Neuberger Berman Private Equity Registered Funds (registered private equity funds) (since 2015)****; Director, UBS A&Q Fund Complex (closed-end funds) (since 2008)*****; Trustee, Jones Lang LaSalle Income Property Trust, Inc. (REIT) (2004-2023); Director, Tech and Energy Transition Corporation (blank check company) (2021-2023)

Lloyd A. Wennlund (1957)

Trustee (since 2018)

Trustee and Chairman, Datum One Series Trust (since 2020); Expert Affiliate, Bates Group, LLC (financial services consulting and expert testimony firm) (since 2018); Executive Vice President, The Northern Trust Company (1989-2017); President and Business Unit Head of Northern Funds and Northern Institutional Funds (1994-2017); Director, Northern Trust Investments (1998-2017); Governor (2004-2017) and Executive Committee member (2011-2017), Investment Company Institute Board of Governors; Member, Securities Industry Financial Markets Association (SIFMA) Advisory Council, Private Client Services Committee and Private Client Steering Group (2006-2017); Board Member, Chicago Advisory Board of the Salvation Army (2011-2019)

More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies

Karen L. Stuckey (1953)

Trustee (since 2019)

Member of Desert Mountain Community Foundation Advisory Board (non-profit organization) (2015-2021); Partner (1990-2012) of PricewaterhouseCoopers LLP (professional services firm) (held various positions from 1975-1990); Member of Executive, Nominating, and Audit Committees and Chair of Finance Committee (1992-2006); Emeritus Trustee (since 2007) of Lehigh University; member, Women's Investment Management Forum (professional organization) (since inception); formerly, Trustee, Denver Board of OppenheimerFunds (open-end mutual funds) (2012-2019)

More than 25 years of experience in the financial services industry; experience serving on boards of other entities, including other investment companies

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
272

Trustees and Officers (Unaudited)

NAME AND
YEAR OF BIRTH

POSITION(S) AND
LENGTH OF TIME
WITH THE FUNDS^

PORTFOLIOS IN
FUND COMPLEX^^
OVERSEEN

PRINCIPAL OCCUPATION(S)
DURING THE PAST 5 YEARS
AND OTHER DIRECTORSHIPS

EXPERIENCE, QUALIFICATIONS,
ATTRIBUTES, SKILLS FOR
BOARD MEMBERSHIP

Christopher M. Toub (1959)

Trustee (since 2019)

Private investor; formerly Director of Equities, AllianceBernstein LP (until 2012)

More than 25 years of experience in the financial services industry; and earned a Masters of Business Administration degree

^ The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to such election or thereafter in each case when their respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to such election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to one of the Calamos Closed-End Funds.

^^ The Fund Complex consists of Calamos Investment Trust, Calamos Advisors Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund, Calamos Global Dynamic Income Fund, Calamos Dynamic Convertible and Income Fund, Calamos Long/Short Equity & Dynamic Income Trust, Calamos ETF Trust, Calamos Antetokounmpo Sustainable Equities Trust, and Calamos Aksia Alternative Credit and Income Fund.

^^^ Mr. Neal is the only Trustee of the Trust who oversees Calamos Aksia Alternative Credit and Income Fund.

* Mr. Calamos, Sr. is an "interested person" of the Trust as defined in the 1940 Act because he is an officer of the Trust and an affiliate of Calamos Advisors and CFS.

** Overseeing 131 portfolios in fund complex.

*** Overseeing thirty-eight portfolios in fund complex.

**** Overseeing twenty-one portfolios in fund complex.

***** Overseeing three portfolios in fund complex.

The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563.

www.calamos.com
273

Trustees and Officers (Unaudited)

Officers. The preceding table gives information about John P. Calamos, Sr., who is Chairman, Trustee and President of the Trust. The following table sets forth each other officer's name, year of birth, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the board of trustees.

NAME AND YEAR OF BIRTH	POSITION(S) WITH FUNDS^	PRINCIPAL OCCUPATION(S)
Robert Behan (1964)	Vice President (since 2013)	Executive Vice President, Chief Distribution Officer (since 2021), CAM, CILLC, Calamos Advisors, and CFS; Vice President (since 2022), CGAM; prior thereto President, CAM, CILLC, Calamos Advisors, and CFS (2015-2021), Head of Global Distribution (2013-February 2021); Executive Vice President (2013-2015); Senior Vice President (2009-2013), Head of US Intermediary Distribution (2010-2013)
Thomas E. Herman (1961)	Vice President (since 2016) and Chief Financial Officer (2016-2017 and since 2019)	Executive Vice President (since 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016); Chief Financial Officer (since 2022), CGAM; prior thereto, Chief Financial Officer and Treasurer, Harris Associates (2010-2016)
Erik D. Ojala (1975)	Vice President and Secretary (since 2023)	Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM (since 2023); Chief Legal Officer, CGAM (since 2023); General Counsel and Secretary, CFS (since 2023); prior thereto, Executive Vice President and General Counsel (2017-2023), Secretary (2010-2023) and Chief Compliance Officer (2022-2023), Harbor Capital Advisors, Inc.; Director and Secretary (2019-2023) and Chief Compliance Officer (2022-2023), Harbor Trust Company, Inc.; Director, Executive Vice President (2017-2023) and Chief Compliance Officer (2017-2021, 2022-2023), Harbor Funds Distributors, Inc.; Director (2017-2023), Assistant Secretary (2014-2023) and Chief Compliance Officer (2022-2023), Harbor Services Group, Inc.; and Chief Compliance Officer, Harbor ETF Trust (2021-2023); Chief Compliance Officer of Harbor Funds (2017-2023)
John S. Koudounis (1966)	Vice President (since 2016)	President (since February 2021) and Chief Executive Officer, CAM, CILLC, Calamos Advisors, CWM, and CFS (since 2016); Director, CAM (since 2016); Chairman and Chief Executive Officer (since 2022), CGAM; prior thereto President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc.
Mark J. Mickey (1951)	Chief Compliance Officer (since 2005)	Chief Compliance Officer, Calamos Funds (since 2005)
Stephen Atkins (1965)	Treasurer (since 2020)	Senior Vice President, Head of Fund Administration (since 2020), Calamos Advisors; prior thereto Consultant, Fund Accounting and Administration, Vx Capital Partners (2019-2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018)
Daniel Dufresne (1974)	Vice President (since 2021)	Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2021); President (since 2022), CGAM; prior thereto Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020)

^ Officers serve indefinite terms until their successor has been duly elected and qualified, their death or resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to one of the Calamos Closed-End Funds.

The address of each officer is 2020 Calamos Court, Naperville, Illinois 60563.

Results of 2023 Annual Meeting

The Funds held their joint annual meeting of shareholders on June 20, 2023. The purposes of the annual meeting were (i) for each Fund other than Calamos Long/Short Equity & Dynamic Income Trust ("CPZ"), to elect two trustees, to be elected by the holders of common shares and the holders of preferred shares, voting together as a single class, each such trustee to serve until the annual meeting of shareholders in 2026, or until his successor is elected and qualified; (ii) for each Fund other than CPZ, to elect one trustee, to be elected by the holders of preferred shares, voting as a single class, such trustee to serve until the annual meeting of shareholders in 2026, or until his successor is elected and qualified; (iii) to elect three trustees of CPZ, to be elected by the holders of common shares, voting as a single class, each such trustee to serve until the annual meeting of shareholders in 2026, or until his successor is elected and qualified; and (iv) to conduct any other lawful business of the Fund.

For each Fund other than CPZ, Messrs. John P. Calamos, Sr. and Christopher M. Toub were nominated for reelection as trustees by the holders of the common shares and preferred shares, voting as a single class, for a three-year term until the 2026 annual

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
274

Trustees and Officers (Unaudited)

meeting or until his successor is duly elected and qualified. For each Fund other than CPZ, Mr. William R. Rybak was nominated for reelection as trustee by the holders of the preferred shares, voting as a single class, for a three-year term until the 2026 annual meeting or until his or her successor is duly elected and qualified. For CPZ, Messrs. John P. Calamos, Sr., Christopher M. Toub, and William R. Rybak were nominated for reelection as trustees by the holders of the common shares, voting together as a single class, for a three-year term until the 2026 annual meeting or until his successor is duly elected and qualified. Each nominee was elected as trustee by a majority of the outstanding shares entitled to vote as follows:

Calamos Convertible Opportunities and Income Fund (CHI)

TRUSTEE	NUMBER OF SHARES FOR		NUMBER OF SHARES WITHHELD		BROKER NON-VOTES AND ABSTENTIONS
John P. Calamos		58,098,580		775,470		—
William R. Rybak		5,320,000		—		—
Christopher M. Toub		58,081,366		792,684		—

Calamos Convertible and High Income Fund (CHY)

TRUSTEE	NUMBER OF SHARES FOR		NUMBER OF SHARES WITHHELD		BROKER NON-VOTES AND ABSTENTIONS
John P. Calamos		59,817,557.547		1,543,338		—
William R. Rybak		5,800,000		—		—
Christopher M. Toub		59,774,184		1,586,712		—

Calamos Strategic Total Return Fund (CSQ)

TRUSTEE	NUMBER OF SHARES FOR		NUMBER OF SHARES WITHHELD		BROKER NON-VOTES AND ABSTENTIONS
John P. Calamos		141,562,472		2,210,958		—
William R. Rybak		10,496,000		—		—
Christopher M. Toub		141,679,437		2,093,993		—

Calamos Global Total Return Fund (CGO)

TRUSTEE	NUMBER OF SHARES FOR		NUMBER OF SHARES WITHHELD		BROKER NON-VOTES AND ABSTENTIONS
John P. Calamos		7,463,401		170,273		—
William R. Rybak		680,000		—		—
Christopher M. Toub		7,458,02		175,647		—

Calamos Global Dynamic Income Fund (CHW)

TRUSTEE	NUMBER OF SHARES FOR		NUMBER OF SHARES WITHHELD		BROKER NON-VOTES AND ABSTENTIONS
John P. Calamos		52,712,214		1,213,326		—
William R. Rybak		2,800,000		—		—
Christopher M. Toub		52,799,333		1,126,207		—

Calamos Dynamic Convertible and Income Fund (CCD)

TRUSTEE	NUMBER OF SHARES FOR		NUMBER OF SHARES AGAINST/WITHHELD		BROKER NON-VOTES AND ABSTENTIONS
John P. Calamos		23,426,065		478,290		—
William R. Rybak		3,680,000		—		—
Christopher M. Toub		23,443,249		461,106		—

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Trustees and Officers (Unaudited)

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

TRUSTEE	NUMBER OF SHARES FOR		NUMBER OF SHARES WITHHELD		BROKER NON-VOTES AND ABSTENTIONS
John P. Calamos		15,440,284		397,950		—
William R. Rybak		15,369,893		468,341		—
Christopher M. Toub		15,411,077		427,157		—

Mr. Wennlund and Mses. Stuckey and Breen's terms of office as trustees continued after the meeting.

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
276

Tax Information (Unaudited)

We are providing this information as required by the Internal Revenue Code (Code). The amounts shown may differ from those elsewhere in this report due to differences between tax and financial reporting requirements. In February 2024, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2023. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

Under Section 852(b)(3)(C) of the Code, the Funds hereby designate the following amounts as capital gain dividends for the fiscal period ended October 31, 2023:

FUND	CAPITAL GAINS DIVIDENDS
Convertible Opportunities and Income Fund	$	58,448,531
Convertible and High Income Fund		63,794,457
Strategic Total Return Fund		190,612,272
Dynamic Convertible and Income Fund		48,555,021
Global Dynamic Income Fund		—
Global Total Return Fund		1,289,760
Long/Short Equity & Dynamic Income Trust		798,873

Under Section 854(b)(2) of the Code, the Funds hereby designate the following amounts, or the maximum amount allowable under the Code, as qualified dividends for the fiscal period ended October 31, 2023:

FUND	QUALIFIED DIVIDENDS
Convertible Opportunities and Income Fund	$	4,422,235
Convertible and High Income Fund		4,824,963
Strategic Total Return Fund		17,803,791
Dynamic Convertible and Income Fund		3,662,627
Global Dynamic Income Fund		5,365,043
Global Total Return Fund		1,259,698
Long/Short Equity & Dynamic Income Trust		4,986,186

Under Section 854(b)(2) of the Code, the Funds hereby designate the following percentage amounts of the ordinary income dividends as income qualifying for the dividends received deduction for the period ended October 31, 2023:

FUND	DIVIDENDS RECEIVED DEDUCTION
Convertible Opportunities and Income Fund		14.32	%
Convertible and High Income Fund		14.93
Strategic Total Return Fund		100.00
Dynamic Convertible and Income Fund		22.51
Global Dynamic Income Fund		9.36
Global Total Return Fund		9.99
Long/Short Equity & Dynamic Income Trust		11.64

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About Closed-End Funds

What is a Closed-End Fund?

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

Potential Advantages of Closed-End Fund Investing

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

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

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

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

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

• No Minimum Investment Requirements

OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS

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

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

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
278

Level Rate Distribution Policy

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

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

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

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

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

Managed Distribution Policy

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

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

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

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

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

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

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279

Automatic Dividend Reinvestment Plan

Maximizing Investment with an Automatic Dividend Reinvestment Plan

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

Potential Benefits

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

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

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

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

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

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
280

Automatic Dividend Reinvestment Plan

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

A participant may request the sale of all of the common shares held by the Plan Agent in his or her Plan account in order to terminate participation in the Plan. If such participant elects in advance of such termination to have the Plan Agent sell part or all of his shares, the Plan Agent is authorized to deduct from the proceeds a $15.00 fee plus the brokerage commissions incurred for the transaction. A participant may re-enroll in the Plan in limited circumstances.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• a majority or more of all voting power.

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

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

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

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

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

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

CALAMOS CLOSED-END FAMILY OF FUNDS ANNUAL REPORT
282

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

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

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

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MANAGING YOUR CALAMOS FUNDS INVESTMENTS

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

PERSONAL ASSISTANCE: 800.582.6959

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

ONLINE ACCOUNT MANAGEMENT:
www.calamos.com

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

YOUR FINANCIAL ADVISOR

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

A description of the Calamos Proxy Voting Policies and Procedures and the Funds' proxy voting record for the 12-month period ended June 30 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, or by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Funds' proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

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

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

FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 866.226.8016

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEB SITE: www.calamos.com

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

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

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

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

LEGAL COUNSEL:
Ropes & Gray LLP
Chicago, IL

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

2020 Calamos Court
Naperville, IL 60563-2787
800.582.6959
www.calamos.com

CEFANR 822293 2023

Fiscal Years Ended	10/31/2022		10/31/2023
Audit Fees (a)	$	18,156	$	18,513
Audit-Related Fees(b)	$	5,023	$	4,911
Tax Fees(c)	$	27,608	$	39,543
All Other Fees(d)	$	—	$	—
Total	$	50,787	$	62,967

	Registered Investment Companies			Other Pooled Investment Vehicles			Other Accounts
	Accounts	Assets		Accounts	Assets		Accounts		Assets
John P. Calamos Sr.	24		27,467,286,397	5		670,551,689		5,152		4,002,702,692
R. Matthew Freund	17		12,642,576,300	3		573,409,680		4,882		3,993,046,568
John Hillenbrand	18		11,257,325,155	5		670,551,689		4,030		3,235,215,539
Nick Niziolek	11		7,282,646,281	3		151,590,745		3,430		2,008,583,817
Eli Pars	19		25,734,589,127	6		725,000,426		3,978		3,148,682,295
Jon Vacko	19		11,702,105,827	5		670,551,689		3,995		3,182,801,619
Dennis Cogan	11		7,282,646,281	3		151,590,745		3,430		2,008,583,817
Joe Wysocki	13		10,983,742,536	4		667,807,809		3,253		2,181,760,815
Chuck Carmody	10		7,953,907,274	0		—		451		1,007,769,299

	Registered Investment Companies			Other Pooled Investment Vehicles			Other Accounts
	Accounts	Assets		Accounts	Assets		Accounts		Assets
John P. Calamos Sr.	2		276,927,945	0		—		0		—
R. Matthew Freund	0		—	0		—		0		—
John Hillenbrand	2		276,927,945	0		—		0		—
Nick Niziolek	2		276,927,945	0		—		0		—
Eli Pars	2		276,927,945	0		—		0		—
Jon Vacko	2		276,927,945	0		—		0		—
Dennis Cogan	2		276,927,945	0		—		0		—
Joe Wysocki	0		—	0		—		0		—
Chuck Carmody	0		—	0		—		0		—

Portfolio Manager		Registrant
John P. Calamos Sr.		Over $1,000,000
R. Matthew Freund		None
John Hillenbrand		None
Nick Niziolek		None
Eli Pars		None
Jon Vacko		None
Dennis Cogan		None
Joe Wysocki		None
Chuck Carmody		None

Calamos Global Total Return Fund

By:	/s/ John P. Calamos, Sr.
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	December 28, 2023

By:	/s/ Thomas E. Herman
Name:	Thomas E. Herman
Title:	Principal Financial Officer
Date:	December 28, 2023

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

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

Company name	Description
Calamos Advisors LLC	U.S. Investment Adviser
Calamos Wealth Management LLC	U.S. Investment Adviser