Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (12.6%)
		Airlines (0.3%)
	76,620	Air Canada Pass Through Trust Series 2015-1, Class B*µ 3.875%, 09/15/24	$	77,060
	12,167	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		12,378
	50,689	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		55,281
	37,983	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		42,259
	20,000	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		19,554
		American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
	33,000	5.500%, 04/20/26		33,804
	11,000	5.750%, 04/20/29		11,280
	50,000	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		49,647
	35,826	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		41,402
	23,800	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		25,815
	15,433	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		15,690
	35,574	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		35,890
	24,232	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		23,531
				443,591
		Communication Services (1.3%)
	20,000	APi Escrow Corp.* 4.750%, 10/15/29		19,615
	75,000	Arrow Bidco, LLC* 9.500%, 03/15/24		76,213
	33,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		32,787
	15,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		15,476
	70,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		72,299
	200,000	CSC Holdings, LLC* 5.500%, 04/15/27		204,648
	46,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		47,447

PRINCIPAL AMOUNT			VALUE
		Diamond Sports Group, LLC / Diamond Sports Finance Company*
	45,000	6.625%, 08/15/27	$	11,897
	27,000	5.375%, 08/15/26		12,535
	46,000	DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.* 5.875%, 08/15/27		46,191
	85,000	Embarq Corp. 7.995%, 06/01/36		87,615
		Entercom Media Corp.*^
	42,000	6.500%, 05/01/27		39,951
	22,000	6.750%, 03/31/29		20,703
	18,000	Frontier California, Inc. 6.750%, 05/15/27		18,680
	65,000	Frontier Florida, LLC 6.860%, 02/01/28		67,681
	65,000	Frontier North, Inc. 6.730%, 02/15/28		67,377
	44,000	Gannett Holdings, LLC* 6.000%, 11/01/26		44,872
		Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	40,000	3.500%, 03/01/29		37,342
	13,000	5.250%, 12/01/27		13,384
	15,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		15,985
	60,000	iHeartCommunications, Inc.* 5.250%, 08/15/27		61,151
		Intelsat Jackson Holdings, SA@
	30,000	9.750%, 07/15/25*		13,322
	25,000	5.500%, 08/01/23		11,020
	29,990	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		22,415
		Lumen Technologies, Inc.
	60,000	4.000%, 02/15/27*		57,778
	2,000	7.600%, 09/15/39		2,007
	22,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		20,199
	35,000	Midas OpCo Holdings, LLC* 5.625%, 08/15/29		34,475
		Netflix, Inc.
	40,000	4.875%, 06/15/30*		44,787
	25,000	4.875%, 04/15/28		27,523
		Scripps Escrow II, Inc.*
	23,000	3.875%, 01/15/29		21,977
	11,000	5.375%, 01/15/31		10,893
	85,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		87,267
		Sirius XM Radio, Inc.*
	65,000	5.500%, 07/01/29^		67,544
	33,000	4.000%, 07/15/28		31,945
	20,000	3.125%, 09/01/26		19,254
	11,000	3.875%, 09/01/31		10,184
	30,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		31,046
	110,000	Sprint Corp. 7.125%, 06/15/24		119,991
	35,000	Telecom Italia Capital, SA 6.000%, 09/30/34		34,467

See accompanying Notes to Schedule of Investments

1

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	60,000	United States Cellular Corp. 6.700%, 12/15/33	$	66,812
				1,748,755
		Consumer Discretionary (2.0%)
	46,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		48,397
	20,000	Asbury Automotive Group, Inc.* 4.625%, 11/15/29		19,737
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	39,000	6.625%, 01/15/28		41,060
	27,000	4.625%, 08/01/29		26,695
	11,000	4.625%, 04/01/30		10,866
	10,000	At Home Group, Inc.* 4.875%, 07/15/28		9,588
	13,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		13,055
		Bath & Body Works, Inc.
	57,000	6.694%, 01/15/27		64,284
	34,000	6.875%, 11/01/35		39,140
		Caesars Entertainment, Inc.*
	28,000	4.625%, 10/15/29		26,862
	21,000	8.125%, 07/01/27		22,616
	21,000	6.250%, 07/01/25		21,782
		Carnival Corp.*
	21,000	10.500%, 02/01/26		23,625
	11,000	7.625%, 03/01/26		11,237
	50,000	Carriage Services, Inc.* 4.250%, 05/15/29		48,810
	30,000	Carvana Company* 5.625%, 10/01/25		28,618
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	155,000	5.125%, 05/01/27		158,940
	50,000	4.750%, 03/01/30		49,709
	25,000	4.500%, 08/15/30		24,403
	22,000	4.750%, 02/01/32		21,656
	21,000	4.250%, 02/01/31		20,074
	20,000	5.000%, 02/01/28^		20,264
	15,000	4.250%, 01/15/34		13,921
	39,000	Cedar Fair, LP^ 5.250%, 07/15/29		39,134
		Century Communities, Inc.
	65,000	6.750%, 06/01/27		67,798
	10,000	3.875%, 08/15/29*		9,580
		Dana, Inc.
	22,000	4.500%, 02/15/32		21,036
	12,000	4.250%, 09/01/30		11,685
		DISH DBS Corp.
	41,000	7.750%, 07/01/26		42,289
	30,000	7.375%, 07/01/28^		29,071
	30,000	5.250%, 12/01/26*		29,132
	47,000	Everi Holdings, Inc.* 5.000%, 07/15/29		46,820
	200,000	Ford Motor Credit Company, LLC 2.900%, 02/16/28		191,294
		Gap, Inc.*
	16,000	3.875%, 10/01/31^		14,878
	2,000	3.625%, 10/01/29		1,862
		goeasy, Ltd.*
	75,000	5.375%, 12/01/24		76,803
	40,000	4.375%, 05/01/26^		39,877

PRINCIPAL AMOUNT			VALUE
	22,000	Goodyear Tire & Rubber Company* 5.000%, 07/15/29	$	22,033
	22,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		21,098
	53,000	Guitar Center, Inc.*& 8.500%, 01/15/26		56,453
		Liberty Interactive, LLC
	45,000	8.250%, 02/01/30		46,814
	25,000	8.500%, 07/15/29		26,008
		Life Time, Inc.*
	50,000	5.750%, 01/15/26		50,297
	33,000	8.000%, 04/15/26		33,761
	28,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		28,348
		M/I Homes, Inc.
	40,000	4.950%, 02/01/28		40,557
	30,000	3.950%, 02/15/30		29,256
	46,000	Macy’s Retail Holdings, LLC* 6.700%, 07/15/34		51,924
		Mattel, Inc.*
	65,000	5.875%, 12/15/27		69,124
	6,000	3.750%, 04/01/29		6,005
	55,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		53,781
	48,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		48,871
	49,000	Newell Brands, Inc. 4.700%, 04/01/26		51,411
	20,000	Nordstrom, Inc.^ 5.000%, 01/15/44		17,850
	22,000	Papa John’s International, Inc.*^ 3.875%, 09/15/29		20,947
	50,000	Penn National Gaming, Inc.*^ 4.125%, 07/01/29		47,038
	60,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		56,440
	111,000	Rite Aid Corp.* 8.000%, 11/15/26		109,091
	63,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		60,714
	27,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		26,377
	65,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		65,724
	39,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		41,758
	11,000	Thor Industries, Inc.* 4.000%, 10/15/29		10,529
	13,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		14,569
	50,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		48,536
	45,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		43,567

See accompanying Notes to Schedule of Investments

2

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	11,000	Williams Scotsman International, Inc.* 4.625%, 08/15/28	$	11,132
				2,596,611
		Consumer Staples (0.6%)
	51,000	Central Garden & Pet Company* 4.125%, 04/30/31		48,819
	63,000	Edgewell Personal Care Company* 4.125%, 04/01/29		61,890
	59,000	Energizer Holdings, Inc.* 4.375%, 03/31/29		55,863
	25,000	Fresh Market, Inc.* 9.750%, 05/01/23		25,618
	50,000	JBS USA LUX, SA / JBS USA Finance, Inc.* 6.750%, 02/15/28		53,618
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	65,000	5.500%, 01/15/30		69,220
	19,000	6.500%, 04/15/29^		20,682
		Kraft Heinz Foods Company
	65,000	4.375%, 06/01/46		68,243
	12,000	3.875%, 05/15/27		12,474
	33,000	New Albertsons, LP 7.750%, 06/15/26		37,317
	43,000	Performance Food Group, Inc.* 4.250%, 08/01/29		40,453
	75,000	Pilgrim’s Pride Corp.* 5.875%, 09/30/27		78,374
		Post Holdings, Inc.*
	60,000	5.750%, 03/01/27		61,679
	32,000	4.625%, 04/15/30^		30,866
	11,000	5.500%, 12/15/29		11,320
	42,000	Prestige Brands, Inc.* 3.750%, 04/01/31		38,231
	50,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		53,096
	50,000	Vector Group, Ltd.* 5.750%, 02/01/29		46,359
				814,122
		Energy (1.1%)
		Antero Resources Corp.*
	13,000	7.625%, 02/01/29		14,174
	11,000	5.375%, 03/01/30		11,371
		Apache Corp.
	45,000	5.100%, 09/01/40		47,219
	23,000	4.625%, 11/15/25		24,053
		Buckeye Partners, LP
	40,000	3.950%, 12/01/26		39,990
	25,000	5.850%, 11/15/43		23,157
	13,000	ChampionX Corp. 6.375%, 05/01/26		13,493
		Cheniere Energy Partners, LP
	21,000	3.250%, 01/31/32*		19,771
	10,000	4.000%, 03/01/31		10,000
	23,000	Cheniere Energy, Inc. 4.625%, 10/15/28		23,367
	22,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		23,542
	80,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		76,536

PRINCIPAL AMOUNT			VALUE
	349	Diamond Foreign Asset Company / Diamond Finance, LLC 9.000%, 04/22/27 13.000% PIK rate	$	351
	22,000	DT Midstream, Inc.* 4.125%, 06/15/29		21,762
		Energy Transfer, LP‡
	65,000	3.334%, 11/01/66 3 mo. USD LIBOR + 3.02%		52,335
	32,000	6.500%, 11/15/26^ 5 year CMT + 5.69%		32,745
		EnLink Midstream Partners, LP
	60,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		45,545
	50,000	4.850%, 07/15/26		51,424
		EQT Corp.
	28,000	7.500%, 02/01/30		33,356
	20,000	6.625%, 02/01/25		21,580
	12,000	5.000%, 01/15/29		12,730
	43,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		41,532
	10,000	Gulfport Energy Operating Corp.* 8.000%, 05/17/26		10,759
		Gulfport Energy Operating Corp.
	45,000	6.375%, 05/15/25&		—
	13,753	8.000%, 05/17/26		14,796
	21,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		21,587
		Laredo Petroleum, Inc.^
	42,000	10.125%, 01/15/28		44,436
	10,000	7.750%, 07/31/29*		9,671
	50,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26		51,222
		Moss Creek Resources Holdings, Inc.*
	25,000	10.500%, 05/15/27		24,524
	25,000	7.500%, 01/15/26		22,904
	22,000	Murphy Oil Corp.^ 6.375%, 07/15/28		22,788
		New Fortress Energy, Inc.*
	40,000	6.750%, 09/15/25		37,920
	22,000	6.500%, 09/30/26		20,649
	10,000	Oasis Midstream Partners, LP / OMP Finance Corp.* 8.000%, 04/01/29		10,691
		Occidental Petroleum Corp.
	158,000	4.300%, 08/15/39		149,771
	22,000	5.875%, 09/01/25^		23,533
	69,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		70,134
	40,000	Parkland Corp.* 5.875%, 07/15/27		41,258
	50,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		42,314
	50,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		50,422
	11,000	Southwestern Energy Company 4.750%, 02/01/32		11,002
	11,000	Sunoco, LP / Sunoco Finance Corp.* 4.500%, 04/30/30		10,873

See accompanying Notes to Schedule of Investments

3

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Venture Global Calcasieu Pass, LLC*
	10,000	4.125%, 08/15/31	$	10,086
	10,000	3.875%, 08/15/29		10,004
	25,000	Viper Energy Partners, LP* 5.375%, 11/01/27		25,800
	40,000	W&T Offshore, Inc.* 9.750%, 11/01/23		39,053
	39,000	Weatherford International, Ltd.* 6.500%, 09/15/28		40,445
				1,456,675
		Financials (2.2%)
		Acrisure, LLC / Acrisure Finance, Inc.*
	64,000	6.000%, 08/01/29		60,829
	56,000	7.000%, 11/15/25^		55,927
	42,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		44,358
	73,000	AG Issuer, LLC* 6.250%, 03/01/28		75,605
		Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*
	110,000	6.750%, 10/15/27		108,971
	10,000	5.875%, 11/01/29		9,877
	10,000	4.250%, 10/15/27		9,766
		Ally Financial, Inc.
	39,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		39,081
	35,000	8.000%, 11/01/31		47,472
	20,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		19,843
	50,000	American Finance Trust, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		48,546
	86,000	AmWINS Group, Inc.* 4.875%, 06/30/29		84,466
	120,000	AssuredPartners, Inc.* 7.000%, 08/15/25		119,934
	48,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		48,151
	88,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		83,986
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco LLC*
	85,000	4.500%, 04/01/27		80,549
	56,000	5.750%, 05/15/26		56,171
		Credit Acceptance Corp.^
	65,000	6.625%, 03/15/26		67,081
	52,000	5.125%, 12/31/24*		52,661
	15,000	Cushman & Wakefield US Borrower, LLC* 6.750%, 05/15/28		15,854
	48,000	Enact Holdings, Inc.* 6.500%, 08/15/25		50,940
	64,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		61,645
	84,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		85,491

PRINCIPAL AMOUNT			VALUE
		HUB International, Ltd.*
	225,000	7.000%, 05/01/26	$	230,537
	21,000	5.625%, 12/01/29		20,833
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
	65,000	5.250%, 05/15/27		65,559
	31,000	4.375%, 02/01/29		29,511
	100,000	ILFC E-Capital Trust II*‡ 3.620%, 12/21/65 3 mo. USD LIBOR + 1.80%		86,703
	120,000	Iron Mountain, Inc.* 5.250%, 03/15/28		121,955
		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*
	88,000	5.250%, 10/01/25		88,538
	22,000	4.750%, 06/15/29		21,558
	63,000	LD Holdings Group, LLC* 6.125%, 04/01/28		56,207
		Level 3 Financing, Inc.
	45,000	4.250%, 07/01/28*		43,011
	35,000	5.375%, 05/01/25		35,556
	22,000	3.875%, 11/15/29*		21,667
	30,000	LPL Holdings, Inc.* 4.000%, 03/15/29		29,247
	100,000	MetLife, Inc.^ 6.400%, 12/15/66		119,216
		Navient Corp.
	95,000	5.000%, 03/15/27		92,348
	50,000	4.875%, 03/15/28		47,890
		OneMain Finance Corp.
	30,000	3.875%, 09/15/28		28,042
	27,000	7.125%, 03/15/26		29,731
	23,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		23,537
	51,000	PHH Mortgage Corp.* 7.875%, 03/15/26		52,472
	50,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		48,435
		RLJ Lodging Trust, LP*
	33,000	3.750%, 07/01/26		32,124
	22,000	4.000%, 09/15/29		20,750
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	20,000	3.875%, 03/01/31		18,783
	20,000	3.625%, 03/01/29		18,751
	10,000	2.875%, 10/15/26		9,537
	43,000	StoneX Group, Inc.* 8.625%, 06/15/25		45,658
		United Wholesale Mortgage, LLC*
	52,000	5.500%, 04/15/29		47,651
	20,000	5.750%, 06/15/27		18,955
	25,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		23,680
		XHR, LP*
	47,000	6.375%, 08/15/25		48,627
	22,000	4.875%, 06/01/29		21,612
				2,925,885
		Health Care (1.3%)
	22,000	Acadia Healthcare Company, Inc.* 5.000%, 04/15/29		21,785

See accompanying Notes to Schedule of Investments

4

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Bausch Health Americas, Inc.*
	145,000	8.500%, 01/31/27	$	146,741
	25,000	9.250%, 04/01/26		25,829
		Bausch Health Companies, Inc.*
	60,000	5.250%, 02/15/31^		47,931
	50,000	5.000%, 01/30/28		42,216
	20,000	5.000%, 02/15/29		16,118
	16,000	6.125%, 02/01/27		16,065
	13,000	7.250%, 05/30/29		11,679
	23,000	Centene Corp. 3.000%, 10/15/30		22,339
	22,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		21,246
	5,000	CHS/Community Health Systems, Inc.* 5.250%, 05/15/30		4,981
		CHS/Community Health Systems, Inc.*
	88,000	6.125%, 04/01/30^		84,076
	60,000	8.000%, 03/15/26		62,631
	25,000	6.875%, 04/15/29		24,820
		DaVita, Inc.*
	68,000	4.625%, 06/01/30		66,271
	52,000	3.750%, 02/15/31		47,822
	33,000	Embecta Corp.* 5.000%, 02/15/30		33,065
		Encompass Health Corp.
	20,000	4.750%, 02/01/30		19,901
	20,000	4.500%, 02/01/28		19,921
	52,000	HCA, Inc. 7.500%, 11/06/33		71,839
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		198,112
	75,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 5.625%, 10/15/23		40,144
		Mozart Debt Merger Sub, Inc.*
	55,000	3.875%, 04/01/29		53,046
	53,000	5.250%, 10/01/29		51,578
	200,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		200,056
	62,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		55,901
		Tenet Healthcare Corp.
	120,000	6.250%, 02/01/27*		123,084
	70,000	6.875%, 11/15/31		76,303
	65,000	4.875%, 01/01/26*		65,348
	31,000	4.625%, 07/15/24		31,140
	16,000	4.375%, 01/15/30*		15,451
	55,000	Teva Pharmaceutical Finance Netherlands III, BV 3.150%, 10/01/26		50,587
				1,768,026
		Industrials (2.2%)
	45,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		47,926
	50,000	ACCO Brands Corp.*^ 4.250%, 03/15/29		47,828
	65,000	Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* 4.625%, 01/15/27		66,585

PRINCIPAL AMOUNT			VALUE
	59,000	4.875%, 02/15/30	$	60,173
	23,000	3.500%, 03/15/29^		21,775
		Allison Transmission, Inc.*
	40,000	4.750%, 10/01/27		40,612
	10,000	3.750%, 01/30/31		9,312
	10,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		9,290
	25,000	Arcosa, Inc.* 4.375%, 04/15/29		24,500
	200,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		202,878
	21,000	At Home Group, Inc.* 7.125%, 07/15/29		19,703
	28,000	Avolon Holdings Funding, Ltd.*µ 5.250%, 05/15/24		29,701
	45,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		43,031
	65,000	Berry Global, Inc.* 4.875%, 07/15/26		66,759
	44,000	BWX Technologies, Inc.* 4.125%, 04/15/29		43,617
	26,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		26,556
	11,000	Catalent Pharma Solutions, Inc.*^ 3.500%, 04/01/30		10,319
		Delta Air Lines, Inc.
	12,000	7.375%, 01/15/26		13,673
	11,000	3.800%, 04/19/23		11,135
		Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
	11,000	4.750%, 10/20/28		11,756
	6,000	4.500%, 10/20/25µ		6,226
	22,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29		21,961
	33,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		33,519
	42,000	Endure Digital, Inc.*^ 6.000%, 02/15/29		37,429
	25,000	EnerSys* 4.375%, 12/15/27		25,445
	50,000	Fly Leasing, Ltd.* 7.000%, 10/15/24		48,208
	23,000	GFL Environmental, Inc.* 3.750%, 08/01/25		23,023
		Golden Nugget, Inc.*
	35,000	6.750%, 10/15/24		35,015
	25,000	8.750%, 10/01/25		25,567
	23,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		23,403
	25,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		27,060
		Graphic Packaging International, LLC*
	30,000	4.750%, 07/15/27		31,616
	20,000	3.500%, 03/01/29		19,147
	51,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		52,160
	101,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		95,507
	59,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		60,366

See accompanying Notes to Schedule of Investments

5

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	65,000	Herc Holdings, Inc.* 5.500%, 07/15/27	$	66,907
	61,000	Howmet Aerospace, Inc. 5.125%, 10/01/24		63,855
	50,000	IEA Energy Services, LLC* 6.625%, 08/15/29		48,919
	62,000	JELD-WEN, Inc.* 4.625%, 12/15/25		61,792
	18,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		19,186
	49,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		47,488
	21,000	MasTec, Inc.* 4.500%, 08/15/28		21,370
	47,000	Meritor, Inc.* 4.500%, 12/15/28		45,836
	33,000	Moog, Inc.* 4.250%, 12/15/27		33,142
	60,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		58,847
	52,000	Novelis Corp.* 4.750%, 01/30/30		52,060
	15,000	OI European Group, BV* 4.750%, 02/15/30		14,696
	50,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC / Reynolds Gro* 4.000%, 10/15/27		47,417
	50,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		45,295
	52,000	Patrick Industries, Inc.* 4.750%, 05/01/29		49,808
	55,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		59,037
	22,000	PGT Innovations, Inc.* 4.375%, 10/01/29		21,231
	10,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		10,381
	39,000	QVC, Inc. 4.375%, 09/01/28		35,972
	125,000	Scientific Games International, Inc.* 5.000%, 10/15/25		127,900
	40,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		37,652
		Sinclair Television Group, Inc.*
	33,000	4.125%, 12/01/30		30,424
	20,000	5.500%, 03/01/30		18,582
		Standard Industries, Inc.*
	50,000	5.000%, 02/15/27		50,369
	11,000	4.375%, 07/15/30^		10,538
	90,000	Station Casinos, LLC* 4.500%, 02/15/28		87,673
	35,000	Stericycle, Inc.* 3.875%, 01/15/29		33,447
	35,000	STL Holding Company, LLC* 7.500%, 02/15/26		36,887
		TransDigm, Inc.
	95,000	6.250%, 03/15/26*		98,278
	60,000	7.500%, 03/15/27		62,317
	22,000	Tronox, Inc.* 4.625%, 03/15/29		21,295

PRINCIPAL AMOUNT			VALUE
		United Rentals North America, Inc.
	20,000	3.750%, 01/15/32	$	19,331
	11,000	3.875%, 02/15/31		10,724
	44,000	Vertiv Group Corp.* 4.125%, 11/15/28		42,981
	46,000	Wabash National Corp.* 4.500%, 10/15/28		44,646
	25,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		24,340
		WESCO Distribution, Inc.*
	27,000	7.125%, 06/15/25^		28,288
	13,000	7.250%, 06/15/28		13,954
				2,975,646
		Information Technology (0.7%)
	21,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		20,775
	25,000	CDK Global, Inc.* 5.250%, 05/15/29		26,021
	39,000	Clear Channel Worldwide Holdings, Inc.* 5.125%, 08/15/27		39,293
	60,000	CommScope Technologies, LLC* 6.000%, 06/15/25		58,500
	40,000	CommScope, Inc.* 4.750%, 09/01/29		38,350
		Dell International, LLC / EMC Corp.
	55,000	6.020%, 06/15/26µ		62,433
	32,000	6.100%, 07/15/27		37,533
	26,000	Fair Isaac Corp.* 4.000%, 06/15/28		25,948
	22,000	II-VI, Inc.* 5.000%, 12/15/29		21,976
	50,000	KBR, Inc.* 4.750%, 09/30/28		49,985
		MPH Acquisition Holdings, LLC*
	50,000	5.750%, 11/01/28^		45,063
	20,000	5.500%, 09/01/28		19,232
	22,000	NCR Corp.* 5.125%, 04/15/29		21,977
	73,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		68,146
	34,000	ON Semiconductor Corp.* 3.875%, 09/01/28		33,787
		Open Text Corp.*
	39,000	3.875%, 02/15/28		38,367
	16,000	3.875%, 12/01/29		15,373
	16,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		15,488
	22,000	Playtika Holding Corp.* 4.250%, 03/15/29		21,045
	36,000	PTC, Inc.* 4.000%, 02/15/28		35,841
	50,000	TTM Technologies, Inc.* 4.000%, 03/01/29		47,760
		Twilio, Inc.
	30,000	3.625%, 03/15/29		28,852
	11,000	3.875%, 03/15/31^		10,536
	55,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		52,930

See accompanying Notes to Schedule of Investments

6

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	50,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29	$	47,101
				882,312
		Materials (0.5%)
	27,000	Allegheny Technologies, Inc. 5.875%, 12/01/27		27,558
	25,000	ArcelorMittal, SA 7.000%, 10/15/39		32,555
	35,000	Chemours Company* 4.625%, 11/15/29		33,394
	65,000	Clearwater Paper Corp.*^ 4.750%, 08/15/28		65,364
		Commercial Metals Company
	22,000	4.125%, 01/15/30		21,840
	11,000	4.375%, 03/15/32		10,955
	25,000	Freeport-McMoRan, Inc. 5.450%, 03/15/43		29,434
	34,000	HB Fuller Company 4.250%, 10/15/28		33,836
	43,000	Intertape Polymer Group, Inc.* 4.375%, 06/15/29		42,781
	40,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		42,097
		Kaiser Aluminum Corp.*^
	25,000	4.625%, 03/01/28		24,161
	5,000	4.500%, 06/01/31		4,720
	22,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		21,607
	46,000	Mercer International, Inc. 5.125%, 02/01/29		45,608
	23,000	Owens-Brockway Glass Container, Inc.* 6.625%, 05/13/27		24,154
	56,000	Silgan Holdings, Inc. 4.125%, 02/01/28		56,283
	21,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		21,231
	39,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		39,824
	23,000	Valvoline, Inc.* 3.625%, 06/15/31		21,128
				598,530
		Real Estate (0.2%)
	34,000	EPR Properties 3.750%, 08/15/29		33,296
		Forestar Group, Inc.*
	38,000	5.000%, 03/01/28		38,588
	21,000	3.850%, 05/15/26		20,735
	34,000	iStar, Inc. 5.500%, 02/15/26		34,686
	39,000	MIWD Holdco II LLC* 5.500%, 02/01/30		38,683
		Service Properties Trust
	65,000	4.350%, 10/01/24		62,181
	20,000	5.250%, 02/15/26		19,219
				247,388
		Special Purpose Acquisition Companies (0.1%)
		Fertitta Entertainment Company*
	45,000	6.750%, 01/15/30		43,734

PRINCIPAL AMOUNT				VALUE
	23,000		4.625%, 01/15/29	$	22,421
					66,155
			Utilities (0.1%)
	6,000		NRG Energy, Inc. 6.625%, 01/15/27		6,204
	16,000		PPL Capital Funding, Inc.^‡ 2.885%, 03/30/67 3 mo. USD LIBOR + 2.67%		14,846
	10,000		Talen Energy Supply, LLC* 7.250%, 05/15/27		8,986
	65,000		TerraForm Power Operating, LLC* 5.000%, 01/31/28		66,076
			Vistra Corp.*‡
	25,000		8.000%, 10/15/26 5 year CMT + 6.93%		25,998
	20,000		7.000%, 12/15/26 5 year CMT + 5.74%		19,972
					142,082
			TOTAL CORPORATE BONDS (Cost $16,709,760)		16,665,778
	CONVERTIBLE BONDS (30.4%)
			Communication Services (4.4%)
	1,190,000		Liberty Media Corp.* 0.500%, 12/01/50		1,600,633
			Live Nation Entertainment, Inc.
	1,030,000		2.500%, 03/15/23		1,722,500
	650,000		2.000%, 02/15/25		817,226
			Sea, Ltd.
	821,000		0.250%, 09/15/26		692,103
	552,000		2.375%, 12/01/25		1,018,434
					5,850,896
			Consumer Discretionary (13.6%)
	790,000		Airbnb, Inc.*µ 0.000%, 03/15/26		751,061
	781,000		Booking Holdings, Inc.^ 0.750%, 05/01/25		1,166,135
	126,000		DISH Network Corp. 2.375%, 03/15/24		121,027
	5,260,000		Ford Motor Company* 0.000%, 03/15/26		7,140,082
	170,000		Liberty Broadband Corp.* 2.750%, 09/30/50		171,590
	1,735,000		Marriott Vacations Worldwide Corp.* 0.000%, 01/15/26		1,934,247
	800,000		Meituan 0.000%, 04/27/28		739,608
	1,548,000		Trip.com Group, Ltd. 1.500%, 07/01/27		1,828,157
	3,475,000		Vail Resorts, Inc.^ 0.000%, 01/01/26		3,483,861
	500,000	GBP	WH Smith, PLC 1.625%, 05/07/26		665,382
					18,001,150
			Consumer Staples (0.9%)
	1,415,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		1,180,122

See accompanying Notes to Schedule of Investments

7

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT				VALUE
			Energy (1.3%)
	1,600,000		TotalEnergies, SE 0.500%, 12/02/22	$	1,700,576
			Financials (4.1%)
			Citigroup Global Markets Funding Luxembourg SCA
	17,000,000	HKD	0.000%, 05/28/24		2,248,970
	9,000,000	HKD	0.000%, 07/25/24		1,340,584
			JPMorgan Chase Bank NA
	600,000		0.000%, 08/07/22		688,230
	165,000		0.125%, 01/01/23*		164,203
	1,090,000		Realogy Group, LLC / Realogy Co-Issuer Corp.* 0.250%, 06/15/26		1,050,008
					5,491,995
			Industrials (2.1%)
	140,000,000	JPY	DMG Mori Company, Ltd. 0.000%, 07/16/24		1,258,175
	700,000	EUR	Duerr, AG 0.750%, 01/15/26		1,037,982
	195,000		JetBlue Airways Corp.* 0.500%, 04/01/26		185,548
	340,000		John Bean Technologies Corp.* 0.250%, 05/15/26		348,922
					2,830,627
			Information Technology (1.6%)
	400,000		Globalwafers Company, Ltd. 0.000%, 06/01/26		418,652
	730,000		ON Semiconductor Corp.* 0.000%, 05/01/27		971,849
	30,000		Shift4 Payments, Inc.*^ 0.500%, 08/01/27		25,459
	630,000		Shopify, Inc.^ 0.125%, 11/01/25		674,257
					2,090,217
			Materials (2.2%)
	725,000		Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		989,596
	1,024,000		Lithium Americas Corp.* 1.750%, 01/15/27		907,510
	920,000		MP Materials Corp.* 0.250%, 04/01/26		1,077,117
					2,974,223
			Real Estate (0.2%)
	200,000		Vingroup, JSC 3.000%, 04/20/26		199,930
			TOTAL CONVERTIBLE BONDS (Cost $38,940,885)		40,319,736
	BANK LOANS (0.1%) ¡
			Communication Services (0.1%)
	157,119		Intelsat Jackson Holdings, SA 8.625%, 01/02/24		157,169

PRINCIPAL AMOUNT				VALUE
			Information Technology (0.0%)
	51,836		Banff Merger Sub, Inc.‡ 3.974%, 10/02/25 3 mo. LIBOR + 3.75%	$	51,724
			TOTAL BANK LOANS (Cost $209,889)		208,893
NUMBER OF SHARES				VALUE
	WARRANTS (0.0%) #
			Energy (0.0%)
	164		Chesapeake Energy Corp. 02/09/26, Strike $35.46		6,445
	147		Chesapeake Energy Corp. 02/09/26, Strike $27.08		6,234
	91		Chesapeake Energy Corp. 02/09/26, Strike $35.71		3,206
	256		Denbury, Inc. 09/18/25, Strike $32.59		11,013
	95		Denbury, Inc. 09/18/23, Strike $35.41		3,895
	2,607		Mcdermott International, Ltd.& 06/30/27, Strike $15.98		0
	2,347		Mcdermott International, Ltd.& 06/30/27, Strike $12.33		0
			TOTAL WARRANTS (Cost $54,580)		30,793
	COMMON STOCKS (93.0%)
			Communication Services (8.5%)
	1,600		Alphabet, Inc. - Class A#		4,329,712
	925		Altice USA, Inc. - Class A#		13,339
	965	EUR	CTS Eventim, AG & Company KGaA#		68,599
	371		Cumulus Media, Inc. - Class Aµ#		3,803
	2,330	PHP	Globe Telecom, Inc.		142,121
	7,500		Meta Platforms, Inc. - Class Aµ#		2,349,450
	22,000	ZAR	MTN Group, Ltd.#		276,670
	535	KRW	NAVER Corp.		141,315
	5,385	GBP	Rightmove, PLC		47,461
	38,460		Tencent Holdings, Ltd.^		2,405,288
	6,300	HKD	Tencent Holdings, Ltd.		394,772
	7,610		Walt Disney Company#~		1,088,002
	4,275	GBP	YouGov, PLC		66,694
					11,327,226
			Consumer Discretionary (8.7%)
	19,300	HKD	Alibaba Group Holding, Ltd.#		302,500
	1,745		Alibaba Group Holding, Ltd.#		219,504
	115,520	MXN	Alsea, SAB de CV#		237,111
	1,260		Amazon.com, Inc.^#		3,769,252
	12,800		Arcos Dorados Holdings, Inc. - Class A#		82,688
	1,065	CAD	Aritzia, Inc.#		49,406
	2,770	EUR	Brembo S.p.A^		36,827
	3,900	CNY	BYD Company, Ltd. - Class A		145,565
	940	EUR	CIE Automotive, SA^		27,304
	10,075	CHF	Cie Financiere Richemont, SA		1,464,238
	49,700	GBP	Compass Group, PLC		1,129,563
	2,190	INR	Dixon Technologies India, Ltd.		130,672
	2,840	AUD	IDP Education, Ltd.^		59,363

See accompanying Notes to Schedule of Investments

8

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

NUMBER OF SHARES				VALUE
	64,800	INR	Indian Hotels Company, Ltd.	$	189,251
	8,150	HKD	JD.com, Inc. - Class A#		308,896
	26,000	HKD	Li Ning Company, Ltd.		253,708
	10,000	BRL	Lojas Renner, SA		52,956
	3,300		Lululemon Athletica, Inc.#		1,101,408
	144		MercadoLibre, Inc.µ#		163,017
	565	SEK	MIPS, AB		56,174
	1,800	JPY	Nextage Company, Ltd.		45,202
	89,400	HKD	Samsonite International, SA*#		186,849
	1,245		Tesla, Inc.µ#		1,166,216
	1,110	SEK	Thule Group, AB*		53,576
	5,000	INR	Titan Company, Ltd.		159,079
	1,880	JPY	Toyota Boshoku Corp.		33,324
	4,090	GBP	Watches of Switzerland Group, PLC*#		71,254
					11,494,903
			Consumer Staples (5.6%)
	33,699		Coca-Cola Company^~		2,055,976
	3,670		Costco Wholesale Corp.µ		1,853,827
	815	EUR	Interparfums, SA		61,926
	34,150	BRL	JBS, SA		225,669
	1,400	JPY	Kobe Bussan Company, Ltd.		43,581
	300	CNY	Kweichow Moutai Company, Ltd. - Class A		89,686
	15,750	HKD	L’Occitane International, SA		62,113
	23,200		Mondelez International, Inc. - Class A		1,555,096
	5,900	CHF	Nestle, SA		761,916
	680	DKK	Royal Unibrew, A/S		78,176
	21,150	INR	Varun Beverages, Ltd.		257,740
	112,900	MXN	Wal-Mart de Mexico, SAB de CV		382,956
					7,428,662
			Energy (5.1%)
	6,900	CAD	ARC Resources, Ltd.^		80,825
	2,110		Calfrac Well Services, Ltd.#		9,041
	32,100	CAD	Canadian Natural Resources, Ltd.^		1,632,841
	30,270	CAD	CES Energy Solutions Corp.		58,104
	479		Chaparral Energy, Inc. - Class A&#		22,513
	131		Chesapeake Energy Corp.^		8,930
	7,890		Chevron Corp.µ		1,036,194
	90		Denbury, Inc.#		6,763
	654		Diamond Offshore Drilling, Inc.&#		3,630
	3,045		Energy Transfer, LP		29,141
	1,815		Enterprise Products Partners, LP		42,907
	341		EP Energy Corp.&#		30,477
	16,215		Exxon Mobil Corp.µ		1,231,691
	22		Gulfport Energy Corp.#		1,457
	585		Magellan Midstream Partners, LP		28,589
	4,474		Occidental Petroleum Corp.µ		168,536
	80,400	INR	Oil & Natural Gas Corp, Ltd.		187,890
	458		Ranger Oil Corp. - Class A^#		14,203
	10,700	INR	Reliance Industries, Ltd.		344,462
	6,800	ZAR	Sasol, Ltd.#		153,084
	36,460		Schlumberger, NVµ		1,424,492
	776		Superior Energy Services, Inc.*&#		33,756
	89,100	IDR	United Tractors, Tbk PT		144,060
	627		Weatherford International, PLC#		18,810
	7,250	CAD	Whitecap Resources, Inc.^		51,160
	450		Williams Companies, Inc.^		13,473
					6,777,029

NUMBER OF SHARES				VALUE
			Financials (18.0%)
	101,400	HKD	AIA Group, Ltd.	$	1,058,597
	36,300		Banco Bradesco, SA		155,727
	531,500	IDR	Bank Central Asia, Tbk PT		282,703
	71,825		Bank of America Corp.^~		3,314,005
	10,000	EUR	Bank of Ireland Group, PLC#		67,399
	2,080	CAD	Canadian Western Bank^		63,211
	113,000	TWD	Cathay Financial Holding Company, Ltd.		262,109
	19,965	TWD	Chailease Holding Company, Ltd.		183,126
	36,400	HKD	China International Capital Corp., Ltd. - Class H*		99,154
	26,000	HKD	China Merchants Bank Company, Ltd. - Class H		217,311
	4,780	EUR	Coface, SA#		63,239
	6,000	SGD	DBS Group Holdings, Ltd.		157,601
	3,000	EUR	FinecoBank Banca Fineco S.p.A		50,437
	28,400	AED	First Abu Dhabi Bank, PJSC		154,640
	47,900	ZAR	FirstRand, Ltd.		193,090
	24,350	MXN	Grupo Financiero Banorte, SAB de CV - Class O		154,023
	7,680	KRW	Hana Financial Group, Inc.		289,370
	139,000	INR	HDFC Bank, Ltd.		2,793,278
	1,700	HKD	Hong Kong Exchanges & Clearing, Ltd.		97,029
	5,985	INR	Housing Development Finance Corp., Ltd.		203,970
	44,900		Huntington Bancshares, Inc.^		676,194
	21,710		ICICI Bank, Ltd.^		471,758
	161,800	EUR	ING Groep, NV		2,392,877
	76,525		Itau Unibanco Holding, SA		361,198
	18,800		JPMorgan Chase & Company^~		2,793,680
	56,400	THB	Kasikornbank PCL		257,559
	20,700		Morgan Stanley		2,122,578
	1,070	EUR	NN Group, NV		59,879
	10,235	GBP	Paragon Banking Group, PLC		78,833
	25,500	HKD	Ping An Insurance Group Company of China, Ltd. - Class H		202,363
	97,950		UBS Group, AG^#		1,828,726
	51,525		Wells Fargo & Companyµ		2,772,045
					23,877,709
			Health Care (8.0%)
	2,020	GBP	Abcam, PLC#		36,385
	57,098		Alcon, Inc.^		4,383,984
	690	GBP	Dechra Pharmaceuticals, PLC		38,757
	6,710		Eli Lilly & Companyµ		1,646,567
	3,550	GBP	Ergomed, PLC#		54,246
	1,310	EUR	Evotec, SE#		53,009
	410		Galapagos, NV#		27,675
	1,150	CHF	Lonza Group, AG#		792,858
	3,900	BRL	Notre Dame Intermedica Participacoes, SA		52,293
	23,200		Novo Nordisk, A/S		2,316,984
	2,150		UnitedHealth Group, Inc.^		1,016,025
	14,000	HKD	Wuxi Biologics Cayman, Inc.*#		140,319
					10,559,102
			Industrials (8.0%)
	1,220	EUR	Aalberts, NV		74,579
	14,700	EUR	Airbus, SE#		1,877,090
	100	JPY	BayCurrent Consulting, Inc.		37,952
	475		Boeing Company#		95,114

See accompanying Notes to Schedule of Investments

9

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

NUMBER OF SHARES				VALUE
	3,400	CNY	Contemporary Amperex Technology Company, Ltd. - Class A	$	328,396
	480	EUR	DO & CO, AG#		49,478
	1,580	EUR	Duerr, AG		69,923
	750	JPY	Ebara Corp.		36,759
	2,500	GBP	Electrocomponents, PLC		37,852
	7,400	NZD	Freightways, Ltd.		58,925
	280	EUR	IMCD, NV		48,166
	52,300	PHP	International Container Terminal Services, Inc.		205,732
	1,005	EUR	Interpump Group S.p.A		62,062
	14	CHF	Interroll Holding, AG		59,257
	5,900	INR	Larsen & Toubro, Ltd.		152,271
	4,700	BRL	Localiza Rent a Car, SA		51,867
	38,800	CNY	NARI Technology Company, Ltd. - Class A		217,063
	15,400		Quanta Services, Inc.µ		1,581,888
	1,240	EUR	Rexel, SA#		27,639
	42,300	SEK	Sandvik, AB		1,113,950
	13,600	EUR	Schneider Electric, SE		2,303,776
	1,600	JPY	SMS Company, Ltd.		43,988
	1,345	CAD	Stantec, Inc.		71,347
	2,200	JPY	THK Company, Ltd.		54,971
	16,125	INR	Voltas, Ltd.		256,587
	9,300	GBP	Volution Group, PLC		63,014
	10,400		Waste Management, Inc.µ		1,564,576
					10,544,222
			Information Technology (24.1%)
	5,015		Accenture, PLC - Class A		1,773,204
	380	EUR	Adyen, NV*#		773,261
	230	EUR	Alten, SA		37,514
	24,145		Apple, Inc.^		4,220,063
	6,785		ASML Holding, NV		4,594,802
	715	EUR	BE Semiconductor Industries, NV		59,952
	390		Endava, PLC^#		47,432
	11,600	CNY	GoerTek, Inc. - Class A		87,482
	16,725		Infosys, Ltd.		394,208
	750	EUR	Jenoptik, AG		27,449
	4,300	JPY	Keyence Corp.		2,205,566
	1,360	GBP	Keywords Studios, PLC		46,092
	1,125	EUR	Lectra		48,300
	27,000	TWD	Marketech International Corp.		162,600
	8,000	TWD	MediaTek, Inc.		317,754
	17,255		Microsoft Corp.µ		5,365,960
	10,100		NVIDIA Corp.		2,473,086
	3,750	GBP	Sage Group, PLC		36,645
	3,120	KRW	Samsung Electronics Company, Ltd.		194,061
	700	JPY	SCREEN Holdings Company, Ltd.		70,249
	1,000	TWD	Silergy Corp.		135,164
	2,430	KRW	SK Hynix, Inc.		251,524
	326,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		7,537,768
	6,890		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		844,921
	1,700	JPY	TIS, Inc.		44,711
	18,700	BRL	TOTVS, SA		102,373
	1,050	AUD	WiseTech Global, Ltd.		34,198
	445		WNS Holdings, Ltd.#		37,451
					31,923,790
			Materials (5.7%)
	2,060	EUR	Acerinox, SA		26,251

NUMBER OF SHARES				VALUE
	19,000	HKD	Anhui Conch Cement Company, Ltd. - Class H	$	100,501
	4,350	INR	Asian Paints, Ltd.		184,789
	27,900		Cemex, SAB de CV#		170,748
	31,875	EUR	CRH, PLC		1,599,819
	16,790	CAD	First Quantum Minerals, Ltd.		413,559
	62,100		Freeport-McMoRan, Inc. - Class H~		2,311,362
	7,350	AUD	IGO, Ltd.		62,188
	1,075	AUD	James Hardie Industries, PLC		36,179
	590	JPY	Kureha Corp.		44,047
	171,200	NOK	Norsk Hydro, ASA		1,315,725
	4,010	AUD	OZ Minerals, Ltd.		69,562
	2,010	AUD	Rio Tinto, Ltd.		159,806
	15,200	GBP	Rio Tinto, PLC		1,071,377
					7,565,913
			Real Estate (0.4%)
	230,400	PHP	Ayala Land, Inc.		162,685
	22,500	INR	DLF, Ltd.		119,456
	4,600	INR	Godrej Properties, Ltd.#		106,528
	2,200	JPY	Katitas Company, Ltd.		67,102
	220	EUR	VGP, NV		62,340
					518,111
			Special Purpose Acquisition Company (0.9%)
	47,265	EUR	Shell, PLC		1,206,128
			TOTAL COMMON STOCKS (Cost $115,847,041)		123,222,795
	PREFERRED STOCKS (0.1%)
			Consumer Discretionary (0.0%)
	305		Guitar Center, Inc.		37,972
			Energy (0.1%)
	2,260		NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		49,675
	1,210		NuStar Energy, LP‡ 6.969%, 03/02/22 3 mo. USD LIBOR + 6.77%		29,778
	2,270		NuStar Logistics, LP‡ 6.975%, 01/15/43 3 mo. USD LIBOR + 6.73%		57,227
					136,680
			Financials (0.0%)
	876		B Riley Financial, Inc. 5.250%, 08/31/28		21,707
			TOTAL PREFERRED STOCKS (Cost $196,092)		196,359
	CONVERTIBLE PREFERRED STOCKS (5.7%)
			Consumer Discretionary (1.6%)
	13,575		Aptiv, PLCµ 5.500%, 06/15/23		2,114,713
			Energy (0.0%)
	1		Gulfport Energy Operating Corp. 10.000%, 03/03/22 15.000% PIK rate		4,550

See accompanying Notes to Schedule of Investments

10

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

NUMBER OF SHARES			VALUE
		Financials (0.8%)
	12,077	KKR & Company, Inc.^ 6.000%, 09/15/23	$	1,071,955
		Health Care (0.8%)
	595	Danaher Corp. 4.750%, 04/15/22		1,134,219
		Information Technology (1.1%)
	765	Broadcom, Inc. 8.000%, 09/30/22		1,401,189
		Utilities (1.4%)
	7,200	AES Corp.µ^ 6.875%, 02/15/24		655,560
	19,761	NextEra Energy, Inc. 4.872%, 09/01/22		1,149,300
				1,804,860
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $6,533,193)		7,531,486
	EXCHANGE-TRADED FUND (0.8%)
		Other (0.8%)
	45,865	Invesco Senior Loan ETF^ (Cost $1,013,622)		1,008,113
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (2.9%) #
		Communication Services (0.0%)
	22	Netflix, Inc.
	939,708	Call, 03/18/22, Strike $640.00		693
		Consumer Discretionary (0.1%)
	70	Lowe’s Companies, Inc.
	1,661,450	Call, 03/18/22, Strike $230.00		109,025
	224	Melco Resorts & Entertainment,
	236,544	Ltd. Call, 01/20/23, Strike $13.00		38,080
	87	Trip.com Group, Ltd.
	231,507	Call, 01/20/23, Strike $30.00		33,930
				181,035
		Energy (0.4%)
	160	Pioneer Natural Resources
	3,502,240	Company Call, 01/20/23, Strike $200.00		574,400
		Information Technology (0.1%)
	118	Micron Technology, Inc.
	970,786	Call, 07/15/22, Strike $90.00		74,635
		Materials (0.0%)
	130	Vale, SA
	197,340	Call, 03/18/22, Strike $16.00		6,630
		Other (2.3%)
		Invesco QQQ Trust Series

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	328
	11,908,040	Put, 12/16/22, Strike $340.00	$	842,140
	310
	11,254,550	Put, 02/18/22, Strike $385.00		736,405
	193
	7,006,865	Call, 12/16/22, Strike $450.00		91,096
		iShares MSCI Emerging Markets
	2,225
	10,866,900	Put, 11/18/22, Strike $47.00		806,562
	430
	2,100,120	Put, 03/18/22, Strike $48.00		57,620
	226	iShares MSCI India ETF
	1,036,662	Put, 03/18/22, Strike $45.00		25,425
		SPDR S&P 500 ETF Trust
	163
	7,333,533	Put, 12/16/22, Strike $400.00		342,870
	163
	7,333,533	Call, 12/16/22, Strike $535.00		54,198
	646	VanEck Russia ETF
	1,548,462	Call, 04/14/22, Strike $26.00		87,210
				3,043,526
		TOTAL PURCHASED OPTIONS (Cost $3,792,642)		3,880,919
	TOTAL INVESTMENTS (145.6%) (Cost $183,297,704)			193,064,872
	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-12.8%)			(17,000,000	)
	LIABILITIES, LESS OTHER ASSETS (-32.8%)			(43,517,508	)
	NET ASSETS (100.0%)		$	132,547,364

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 $25,675,795.

^ 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 January 31, 2022.

¡ 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 $3,165,766.

See accompanying Notes to Schedule of Investments

11

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2022 (UNAUDITED)

FOREIGN CURRENCY ABBREVIATIONS

AED UAE Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

DKK Danish Krone

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

NZD New Zealand Dollar

PHP Philippine Peso

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TWD New Taiwan Dollar

ZAR South African Rand

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

CURRENCY EXPOSURE JANUARY 31, 2022

	Value			% of Total             Investments
US Dollar		$	137,754,004	71.3%
European Monetary Unit			12,273,205	6.4%
New Taiwan Dollar			8,598,521	4.5%
Hong Kong Dollar			7,013,666	3.6%
Indian Rupee			5,085,973	2.6%
Japanese Yen			3,985,627	2.1%
Canadian Dollar			3,600,575	1.9%
British Pound Sterling			3,443,555	1.8%
Swiss Franc			3,078,269	1.6%
Norwegian Krone			1,315,725	0.7%
Swedish Krona			1,223,700	0.6%
South Korean Won			876,270	0.5%
Chinese Yuan Renminbi			868,192	0.4%
Mexican Peso			774,090	0.4%
South African Rand			622,844	0.3%
Philippine Peso			510,538	0.3%
Brazilian Real			485,158	0.3%
Indonesian Rupiah			426,763	0.2%
Australian Dollar			421,296	0.2%
Thai Baht			257,559	0.1%
Singapore Dollar			157,601	0.1%
UAE Dirham			154,640	0.1%
Danish Krone			78,176	0.0%
New Zealand Dollar			58,925	0.0%
Total Investments		$	193,064,872	100.0%
Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

12

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Global Total Return (the “Fund”) was organized as a Delaware statutory trust on March 30, 2004 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on October 27, 2005.

The Fund’s investment strategy is to provide total return through a combination of capital appreciation and current income. Under normal circumstances, the Fund will invest primarily in 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. 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 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. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

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

Fund Valuation. The valuation of the Fund’s investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

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

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

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

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

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

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

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

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

Note 2 – Investments

The cost basis of investments for federal income tax purposes at January 31, 2022 was as follows*:

Cost basis of investments	$183,297,704
Gross unrealized appreciation	17,399,705
Gross unrealized depreciation	(7,632,537)
Net unrealized appreciation (depreciation)	$9,767,168

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

Note 3 – Mandatory Redeemable Preferred Shares

The Fund issued MRPS on August 24, 2021 and September 6, 2017. On August 24, 2021, 360,000 MRPS were issued with an aggregate liquidation preference of $9.0 million. Of the 360,000 MRPS that were issued, 160,000 MRPS with an aggregate liquidation preference of $4.0 million have a delayed funding date of May 4, 2022. On September 6, 2017, 480,000 were issued mandatory redeemable preferred shares (“MRPS”) with an aggregate liquidation preference of $12.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on MRPS over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into five series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at January 31, 2022.

Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series A	9/06/22	3.70%	160	$25	$4,000,000
Series B	9/06/24	4.00%	160	$25	$4,000,000
Series C	9/06/27	4.24%	160	$25	$4,000,000
Series D	8/24/26	2.45%	200	$25	$5,000,000
Series E*	5/24/27	2.68%	160	$25	$4,000,000
				Total	$21,000,000

*Series E MRPS were issued on August 24, 2021, with a delayed funding date of May 24, 2022. Series E MRPS are not included on the Statement of Assets and Liabilities.

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

Previously, Series A, B, and C of the MRPS had been assigned a rating of “AA” by Fitch Ratings, Inc. (“Fitch”). As of December 17, 2020, Kroll Bond Rating Agency LLC (“Kroll”) replaced Fitch as the rating agency for the MRPS. Series A, B, and C of the MRPS have been assigned a rating of `AA-’ by Kroll. As of August 24, 2021, Series D and E of the MRPS have been assigned a rating of `AA-’ by Kroll. If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as described below.

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

The MRPS rank junior to the Fund’s borrowings under the SSB Agreement and senior to the Fund’s outstanding common stock. The Fund may, at its option, subject to various terms and conditions, redeem the MRPS, in whole or in part, at the liquidation preference amount plus all accumulated but unpaid dividends, plus a make whole premium equal to the discounted value of the remaining scheduled payments. Each class of MRPS is subject to mandatory redemption on the term redemption date specified in the table above. Periodically, the Fund is subject to an overcollateralization test based on applicable rating agency criteria (the “OC Test”) and an asset coverage test with respect to its outstanding senior securities (the “AC Test”). The Fund may be required to redeem MRPS before their term redemption date if it does not comply with one or both tests. So long as any MRPS are outstanding, the Fund may not declare, pay or set aside for payment cash dividends or other distributions on shares of its common stock unless (1) the Fund has satisfied the OC Test on at least one testing date in the preceding 65 days, (2) immediately after such transaction, the Fund would comply with the AC Test, (3) full cumulative dividends on the MRPS due on or prior to the date of such transaction have been declared and paid and (4) the Fund has redeemed all MRPS required to have been redeemed on such date or has deposited funds sufficient for such redemption, subject to certain grace periods and exceptions.

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