Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (15.0%)

		*Airlines (0.3%)*
	43,333	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25	$	43,014
	209,048	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		202,421
	114,237	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		115,279
	233,870	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		206,360
	154,917	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		152,762
	225,920	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		202,761
	218,789	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		220,583
	276,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		279,338

				1,422,518


		*Communication Services (1.4%)*
	250,000	Altice France, SA* 5.500%, 10/15/29		177,780
	260,000	APi Group DE, Inc.* 4.750%, 10/15/29		231,717
	210,000	Arrow Bidco, LLC* 9.500%, 03/15/24		210,573
	225,000	Ashtead Capital, Inc.* 2.450%, 08/12/31		178,281
		Audacy Capital Corp.*
	273,000	6.750%, 03/31/29		5,965
	100,000	6.500%, 05/01/27		2,405
	166,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		136,374
	330,000	Consolidated Communications, Inc.* 6.500%, 10/01/28		257,951
		CSC Holdings, LLC*
	400,000	4.625%, 12/01/30		202,208
	335,000	5.375%, 02/01/28		280,016
	300,000	5.750%, 01/15/30		155,733
	200,000	5.500%, 04/15/27		171,748
	200,000	4.500%, 11/15/31		143,692
		Diamond Sports Group, LLC / Diamond Sports Finance Company*@
	180,000	6.625%, 08/15/27		5,319
	151,000	5.375%, 08/15/26		4,814
	302,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		272,884
	153,000	Embarq Corp. 7.995%, 06/01/36		86,982


PRINCIPAL AMOUNT			VALUE
	225,000	Frontier California, Inc. 6.750%, 05/15/27	$	207,891
		Frontier Communications Holdings, LLC*
	140,000	5.000%, 05/01/28		118,772
	54,000	8.750%, 05/15/30		52,093
	242,000	Frontier Florida, LLC@ 6.860%, 02/01/28		227,122
	330,000	Frontier North, Inc.@ 6.730%, 02/15/28		298,336
		Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	195,000	3.500%, 03/01/29		168,076
	69,000	5.250%, 12/01/27		66,380
		iHeartCommunications, Inc.
	80,000	8.375%, 05/01/27		54,800
	80,000	5.250%, 08/15/27*		63,122
		Intelsat Jackson Holdings, SA@&
	170,000	9.750%, 07/15/25*		—
	130,000	5.500%, 08/01/23		—
	265,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		248,991
	167,354	Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate		58,150
		Lumen Technologies, Inc.
	160,000	7.600%, 09/15/39		58,814
	100,000	4.000%, 02/15/27*		65,800
	109,000	Match Group Holdings II, LLC* 3.625%, 10/01/31		89,944
	147,000	Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%		121,437
	73,000	Qwest Corp. 7.250%, 09/15/25		71,296
		Scripps Escrow II, Inc.*
	111,000	3.875%, 01/15/29		92,359
	56,000	5.375%, 01/15/31		42,675
	210,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		175,730
		Sirius XM Radio, Inc.*
	217,000	4.000%, 07/15/28		189,042
	110,000	3.125%, 09/01/26		99,228
	54,000	3.875%, 09/01/31		42,332
	202,000	Spanish Broadcasting System, Inc.* 9.750%, 03/01/26		140,073
	190,000	Stagwell Global, LLC* 5.625%, 08/15/29		161,905
	243,000	TEGNA, Inc. 4.625%, 03/15/28		219,079
	215,000	Telecom Italia Capital, SA 6.000%, 09/30/34		174,088
	219,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		131,523
	85,000	Time Warner Cable, LLC 7.300%, 07/01/38		86,770
	355,000	United States Cellular Corp.^ 6.700%, 12/15/33		307,295
	80,000	Univision Communications, Inc.* 8.000%, 08/15/28		80,682

				6,438,247


See accompanying Notes to Schedule of Investments

1


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

		*Consumer Discretionary (3.2%)*
	265,000	Abercrombie & Fitch Management Company*^ 8.750%, 07/15/25	$	269,277
	260,000	Adient Global Holdings Company* 8.250%, 04/15/31		267,366
	175,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		166,716
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	190,000	4.625%, 08/01/29		164,734
	139,000	6.625%, 01/15/28		134,120
	267,000	At Home Group, Inc.* 4.875%, 07/15/28		155,271
		Bath & Body Works, Inc.
	292,000	6.694%, 01/15/27		293,416
	270,000	6.875%, 11/01/35		250,757
	136,000	Caesars Entertainment, Inc.*^ 4.625%, 10/15/29		119,843
	112,000	Caesars Entertainment, Inc.*^ 8.125%, 07/01/27		115,117
		Carnival Corp.*
	112,000	10.500%, 02/01/26		118,096
	108,000	7.625%, 03/01/26		106,687
	105,000	4.000%, 08/01/28		93,454
	260,000	Carriage Services, Inc.* 4.250%, 05/15/29		225,664
	165,000	Carvana Company* 4.875%, 09/01/29		102,486
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	470,000	5.125%, 05/01/27		441,391
	250,000	6.375%, 09/01/29		239,228
	245,000	4.750%, 03/01/30		212,432
	215,000	4.250%, 02/01/31		176,760
	125,000	5.000%, 02/01/28		115,695
	125,000	4.500%, 08/15/30		105,865
	108,000	4.750%, 02/01/32		89,549
	108,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		100,446
	207,000	Cedar Fair, LP^ 5.250%, 07/15/29		186,074
	105,000	Churchill Downs, Inc.* 6.750%, 05/01/31		102,762
		Dana, Inc.
	175,000	4.250%, 09/01/30		150,329
	164,000	4.500%, 02/15/32^		137,781
		DISH DBS Corp.
	275,000	5.250%, 12/01/26*		225,822
	209,000	7.750%, 07/01/26		135,507
	133,000	7.375%, 07/01/28		75,000
	110,000	5.125%, 06/01/29		55,672
	220,000	DISH Network Corp.* 11.750%, 11/15/27		221,566
	200,000	Empire Resorts, Inc.* 7.750%, 11/01/26		162,382
	238,000	Everi Holdings, Inc.* 5.000%, 07/15/29		211,301
	220,000	Ford Motor Company^ 6.100%, 08/19/32		213,019
		Ford Motor Credit Company, LLC
	410,000	7.350%, 11/04/27		421,800
	350,000	4.000%, 11/13/30		302,033
	300,000	5.113%, 05/03/29		280,212
	275,000	7.200%, 06/10/30		282,876


PRINCIPAL AMOUNT			VALUE
	200,000	7.350%, 03/06/30	$	207,262
		Gap, Inc.*
	82,000	3.875%, 10/01/31		58,710
	11,000	3.625%, 10/01/29		8,206
		goeasy, Ltd.*
	350,000	5.375%, 12/01/24		341,639
	208,000	4.375%, 05/01/26		190,657
	93,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		82,319
	226,000	Guitar Center, Inc.*&^ 8.500%, 01/15/26		208,200
	345,000	International Game Technology, PLC* 6.250%, 01/15/27		345,593
	130,000	Kohl’s Corp. 5.550%, 07/17/45		84,728
	210,000	LCM Investments Holdings II, LLC* 8.250%, 08/01/31		213,492
	220,000	Liberty Interactive, LLC 8.250%, 02/01/30		82,500
		Life Time, Inc.*
	204,000	8.000%, 04/15/26		204,373
	110,000	5.750%, 01/15/26		108,000
	80,000	Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		82,670
	139,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		134,738
	140,000	M/I Homes, Inc. 3.950%, 02/15/30		122,339
		Macy’s Retail Holdings, LLC
	366,000	6.700%, 07/15/34*		304,805
	110,000	4.300%, 02/15/43		69,238
	260,000	Mclaren Finance, PLC* 7.500%, 08/01/26		232,271
	287,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		255,548
	153,000	Mohegan Tribal Gaming Authority* 8.000%, 02/01/26		140,298
		Newell Brands, Inc.^
	55,000	6.375%, 09/15/27		54,110
	27,000	6.625%, 09/15/29		27,064
		Nordstrom, Inc.
	110,000	5.000%, 01/15/44		75,067
	105,000	4.250%, 08/01/31		82,962
	250,000	Penn Entertainment, Inc.*^ 4.125%, 07/01/29		206,798
	250,000	PetSmart, Inc. / PetSmart Finance Corp.* 4.750%, 02/15/28		229,700
	305,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		233,435
	633,000	Rite Aid Corp.* 8.000%, 11/15/26		317,177
	105,000	Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		106,537
	320,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		266,973
	425,000	Six Flags Entertainment Corp.* 7.250%, 05/15/31		407,027


See accompanying Notes to Schedule of Investments

2


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	241,000	Sonic Automotive, Inc.* 4.625%, 11/15/29	$	206,744
	131,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		122,727
	455,000	Station Casinos, LLC* 4.500%, 02/15/28		413,277
	128,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		125,045
	55,000	Viking Cruises, Ltd.* 9.125%, 07/15/31		56,548
	260,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		221,382
	105,000	Windsor Holdings III, LLC* 8.500%, 06/15/30		105,668
	210,000	ZF North America Capital, Inc.* 7.125%, 04/14/30		216,283

				14,180,616


		*Consumer Staples (0.6%)*
	224,000	1375209 B.C., Ltd.* 9.000%, 01/30/28		224,912
	251,000	Central Garden & Pet Company* 4.125%, 04/30/31		210,413
	245,000	Edgewell Personal Care Company* 4.125%, 04/01/29		214,542
		Energizer Holdings, Inc.*
	307,000	4.375%, 03/31/29		267,173
	54,000	6.500%, 12/31/27		52,782
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	320,000	5.500%, 01/15/30		309,795
	135,000	5.125%, 02/01/28		131,328
	80,000	5.750%, 04/01/33		76,849
	174,000	New Albertsons, LP 7.750%, 06/15/26		180,282
	217,000	Performance Food Group, Inc.* 4.250%, 08/01/29		192,774
		Pilgrim’s Pride Corp.
	165,000	4.250%, 04/15/31		142,606
	140,000	5.875%, 09/30/27*		138,400
	110,000	Post Holdings, Inc.* 5.750%, 03/01/27		107,909
	209,000	Prestige Brands, Inc.* 3.750%, 04/01/31		176,206
	140,000	United Natural Foods, Inc.* 6.750%, 10/15/28		116,845
	342,000	Vector Group, Ltd.* 5.750%, 02/01/29		298,323

				2,841,139


		*Energy (1.8%)*
	211,000	Antero Resources Corp.* 5.375%, 03/01/30		196,846
	223,000	Apache Corp. 5.100%, 09/01/40		189,606
		Buckeye Partners, LP
	140,000	3.950%, 12/01/26		129,087
	135,000	5.850%, 11/15/43		104,543
	305,000	Callon Petroleum Company*^ 7.500%, 06/15/30		296,555
	112,000	Cheniere Energy, Inc. 4.625%, 10/15/28		105,526


PRINCIPAL AMOUNT			VALUE
	167,000	Chesapeake Energy Corp.* 6.750%, 04/15/29	$	166,407
	60,000	Civitas Resources, Inc.* 8.750%, 07/01/31		62,134
		Continental Resources, Inc.*
	165,000	2.875%, 04/01/32		128,415
	100,000	5.750%, 01/15/31		96,910
	169,000	DT Midstream, Inc.* 4.125%, 06/15/29		150,037
		Earthstone Energy Holdings, LLC*
	207,000	8.000%, 04/15/27		206,147
	80,000	9.875%, 07/15/31		82,773
	120,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		119,033
		Energy Transfer, LP‡
	320,000	8.651%, 11/01/66 3 mo. USD SOFR + 3.28%		256,742
	162,000	6.500%, 11/15/26 5 year CMT + 5.69%		147,864
		EnLink Midstream Partners, LP
	240,000	9.618%, 08/31/23‡ 3 mo. LIBOR + 4.11%		207,691
	224,000	4.850%, 07/15/26		217,878
	132,000	Enlink Midstream, LLC* 6.500%, 09/01/30		133,150
	250,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		254,367
		Genesis Energy, LP / Genesis Energy Finance Corp.
	173,000	6.250%, 05/15/26^		166,137
	53,000	8.875%, 04/15/30		52,937
		Gulfport Energy Corp.
	215,000	6.375%, 05/15/25@&		—
	205,000	8.000%, 05/17/26*		207,794
	65,708	8.000%, 05/17/26		66,604
	305,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		282,107
	163,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		158,115
	217,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		212,808
		Moss Creek Resources Holdings, Inc.*
	135,000	10.500%, 05/15/27		131,996
	90,000	7.500%, 01/15/26		84,342
	160,000	Nabors Industries, Inc.* 7.375%, 05/15/27		156,675
	160,000	Nabors Industries, Ltd.* 7.500%, 01/15/28		147,469
		New Fortress Energy, Inc.*
	221,000	6.750%, 09/15/25		210,595
	113,000	6.500%, 09/30/26		103,805
	230,000	Parkland Corp.* 5.875%, 07/15/27		223,859
	213,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		197,647
	270,000	Plains All American Pipeline, LP‡ 9.431%, 08/31/23 3 mo. LIBOR + 4.11%		245,298
	200,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		183,978


See accompanying Notes to Schedule of Investments

3


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
		Southwestern Energy Company
	109,000	4.750%, 02/01/32	$	97,203
	105,000	5.375%, 02/01/29		99,329
	54,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		48,079
	262,000	Transocean, Inc.* 8.750%, 02/15/30		272,087
		Venture Global Calcasieu Pass, LLC*
	130,000	6.250%, 01/15/30		127,240
	55,000	4.125%, 08/15/31		46,732
	55,000	3.875%, 08/15/29		47,731
		Venture Global LNG, Inc.*
	265,000	8.375%, 06/01/31		269,139
	155,000	8.125%, 06/01/28		157,621
		Vital Energy, Inc.
	108,000	9.500%, 01/15/25^		107,922
	100,000	7.750%, 07/31/29*		85,906
	190,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		176,761
	210,000	Weatherford International, Ltd.* 8.625%, 04/30/30		215,386

				7,835,013


		*Financials (2.6%)*
	292,000	Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		282,764
	323,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		322,386
	363,000	AG Issuer, LLC* 6.250%, 03/01/28		351,202
	370,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		352,392
		Ally Financial, Inc.
	245,000	4.700%, 05/15/26‡ 5 year CMT + 3.87%		186,933
	100,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		70,595
	90,000	8.000%, 11/01/31		95,585
	439,000	AmWINS Group, Inc.* 4.875%, 06/30/29		402,862
	248,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		223,694
	90,000	Avolon Holdings Funding, Ltd.* 5.500%, 01/15/26		87,501
	434,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		387,896
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*
	200,000	4.500%, 04/01/27		173,166
	134,000	5.750%, 05/15/26		125,850
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		183,108
	184,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27		169,966
		Credit Acceptance Corp.
	237,000	5.125%, 12/31/24*		232,426
	230,000	6.625%, 03/15/26^		225,687


PRINCIPAL AMOUNT			VALUE
	283,000	Enact Holdings, Inc.* 6.500%, 08/15/25	$	280,300
	321,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		256,550
	317,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		312,920
		HUB International, Ltd.*
	324,000	5.625%, 12/01/29		290,032
	225,000	7.000%, 05/01/26		224,773
	164,000	Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		133,176
	275,000	ILFC E-Capital Trust II*‡ 7.314%, 12/21/65 3 mo. LIBOR + 1.80%		199,375
		Iron Mountain, Inc.*
	435,000	5.250%, 03/15/28		409,370
	53,000	7.000%, 02/15/29		53,251
	600,000	Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		512,862
		Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	387,000	5.250%, 10/01/25		371,094
	109,000	4.750%, 06/15/29		91,956
	311,000	LD Holdings Group, LLC* 6.125%, 04/01/28		204,489
		Level 3 Financing, Inc.*
	283,000	3.400%, 03/01/27		250,059
	235,000	4.250%, 07/01/28		166,690
	105,000	4.625%, 09/15/27		79,945
	162,000	LPL Holdings, Inc.* 4.000%, 03/15/29		145,354
	487,000	MetLife, Inc. 6.400%, 12/15/66		490,433
	300,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		272,322
		Navient Corp.
	228,000	5.000%, 03/15/27		206,620
	115,000	4.875%, 03/15/28		100,591
	250,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		196,232
		OneMain Finance Corp.
	150,000	3.875%, 09/15/28		123,716
	145,000	9.000%, 01/15/29		147,466
	108,000	7.125%, 03/15/26^		107,050
	110,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		102,031
	341,000	PHH Mortgage Corp.* 7.875%, 03/15/26		309,181
	55,000	PNC Financial Services Group, Inc.‡ 6.000%, 05/15/27 5 year CMT + 3.00%		51,039
	260,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		231,925


See accompanying Notes to Schedule of Investments

4


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	100,000	3.875%, 03/01/31	$	82,491
	100,000	3.625%, 03/01/29		85,256
	50,000	2.875%, 10/15/26		44,643
	227,000	StoneX Group, Inc.* 8.625%, 06/15/25		230,151
		United Wholesale Mortgage, LLC*
	258,000	5.500%, 04/15/29		227,094
	105,000	5.750%, 06/15/27		98,323
		Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*
	110,000	6.500%, 02/15/29		76,701
	105,000	10.500%, 02/15/28		104,449
	250,000	VZ Secured Financing, BV* 5.000%, 01/15/32		203,465
	237,000	XHR, LP* 6.375%, 08/15/25		233,921

				11,581,309


		*Health Care (1.1%)*
		Bausch Health Companies, Inc.*
	398,000	11.000%, 09/30/28		295,197
	81,000	6.125%, 02/01/27		53,501
	78,000	14.000%, 10/15/30		49,788
		CHS/Community Health Systems, Inc.*
	435,000	6.125%, 04/01/30		274,911
	230,000	8.000%, 03/15/26		226,210
	127,000	6.875%, 04/15/29		84,612
	27,000	5.250%, 05/15/30		21,620
		DaVita, Inc.*
	433,000	4.625%, 06/01/30		370,059
	258,000	3.750%, 02/15/31		206,477
		Embecta Corp.*
	162,000	5.000%, 02/15/30		133,814
	52,000	6.750%, 02/15/30		45,910
		Encompass Health Corp.
	110,000	4.750%, 02/01/30		100,262
	110,000	4.500%, 02/01/28		102,334
	300,000	HCA, Inc. 7.500%, 11/06/33		331,266
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		178,160
	119,819	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29		19,924
		Medline Borrower, LP*
	270,000	3.875%, 04/01/29		236,803
	267,000	5.250%, 10/01/29		237,299
	400,000	Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31		339,516
	305,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		158,121
		Tenet Healthcare Corp.
	430,000	6.250%, 02/01/27		422,342
	295,000	6.875%, 11/15/31		295,702
		Teva Pharmaceutical Finance Netherlands III, BV
	270,000	5.125%, 05/09/29^		248,295
	200,000	4.750%, 05/09/27		186,414
	100,000	3.150%, 10/01/26		90,539

				4,709,076


PRINCIPAL AMOUNT			VALUE

		*Industrials (2.3%)*
	260,000	ACCO Brands Corp.*^ 4.250%, 03/15/29	$	223,522
	235,000	AerCap Holdings, NV‡ 5.875%, 10/10/79 5 year CMT + 4.54%		227,832
	200,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		145,272
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	365,000	4.625%, 01/15/27		346,531
	216,000	3.500%, 03/15/29		188,125
	155,000	5.875%, 02/15/28		151,757
	250,000	Allegiant Travel Company* 7.250%, 08/15/27		247,562
	55,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		52,545
	127,000	Arcosa, Inc.* 4.375%, 04/15/29		115,139
	475,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		386,878
	178,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		157,514
	226,000	BWX Technologies, Inc.* 4.125%, 04/15/29		205,276
	105,000	Cascades, Inc. / Cascades USA, Inc.* 5.125%, 01/15/26		101,303
	57,000	Delta Air Lines, Inc. 7.375%, 01/15/26		59,228
	56,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		54,264
	282,000	Deluxe Corp.* 8.000%, 06/01/29		237,004
	163,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		157,416
	53,000	Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		52,773
	140,000	EnerSys* 4.375%, 12/15/27		130,082
	135,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		118,866
		Graphic Packaging International, LLC*
	102,000	3.500%, 03/01/29		89,282
	85,000	4.750%, 07/15/27		81,967
	236,000	Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		200,999
	516,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		453,549
	324,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		306,199
	270,000	Herc Holdings, Inc.* 5.500%, 07/15/27		259,659
	255,000	IEA Energy Services, LLC* 6.625%, 08/15/29		249,584
	280,000	JELD-WEN, Inc.*^ 4.625%, 12/15/25		275,716


See accompanying Notes to Schedule of Investments

5


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	360,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28	$	317,380
	210,000	Knife River Holding Company* 7.750%, 05/01/31		215,095
	110,000	MasTec, Inc.* 4.500%, 08/15/28		102,342
	170,000	Moog, Inc.* 4.250%, 12/15/27		157,701
	275,000	Newfold Digital Holdings Group, Inc* 6.000%, 02/15/29		203,181
	232,000	Novelis Corp.* 4.750%, 01/30/30		208,807
	80,000	OI European Group, BV* 4.750%, 02/15/30		72,606
	255,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		229,979
	327,000	Patrick Industries, Inc.* 4.750%, 05/01/29		284,588
	110,000	QVC, Inc. 5.450%, 08/15/34		55,760
		Sealed Air Corp.*
	163,000	6.125%, 02/01/28		162,844
	54,000	5.000%, 04/15/29		50,475
	210,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		177,702
		Sinclair Television Group, Inc.*
	167,000	4.125%, 12/01/30		108,911
	100,000	5.500%, 03/01/30		52,763
	225,000	Standard Industries, Inc.* 5.000%, 02/15/27		215,788
	176,000	Stericycle, Inc.* 3.875%, 01/15/29		155,667
	166,000	STL Holding Company, LLC* 7.500%, 02/15/26		154,727
	200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		199,264
		TransDigm, Inc.
	209,000	6.250%, 03/15/26*		208,258
	205,000	7.500%, 03/15/27		204,965
	155,000	6.750%, 08/15/28*		155,956
	162,000	Tronox, Inc.* 4.625%, 03/15/29		134,436
	92,353	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		83,242
	217,000	Vertiv Group Corp.* 4.125%, 11/15/28		195,031
	228,000	Wabash National Corp.* 4.500%, 10/15/28		192,471
	170,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		161,082
	67,000	WESCO Distribution, Inc.* 7.250%, 06/15/28		68,489
		Williams Scotsman International, Inc.*
	235,000	6.125%, 06/15/25		234,288
	55,000	4.625%, 08/15/28		50,816

				10,090,458


		*Information Technology (0.7%)*
	109,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		98,631


PRINCIPAL AMOUNT			VALUE
	126,000	Coherent Corp.*^ 5.000%, 12/15/29	$	113,565
	200,000	CommScope Technologies, LLC*^ 6.000%, 06/15/25		181,714
	200,000	CommScope, Inc.* 4.750%, 09/01/29		154,124
	110,000	Dell International, LLC / EMC Corp. 6.020%, 06/15/26		111,553
	108,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		95,809
	138,000	Fair Isaac Corp.* 4.000%, 06/15/28		126,843
	245,000	KBR, Inc.* 4.750%, 09/30/28		224,506
		MPH Acquisition Holdings, LLC*
	245,000	5.750%, 11/01/28^		187,834
	110,000	5.500%, 09/01/28		96,023
	113,000	NCR Corp.* 5.125%, 04/15/29		101,242
	167,000	ON Semiconductor Corp.* 3.875%, 09/01/28		151,457
		Open Text Corp.*
	204,000	3.875%, 02/15/28		181,907
	110,000	6.900%, 12/01/27		112,556
	81,000	3.875%, 12/01/29		68,575
	81,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		67,330
	113,000	Playtika Holding Corp.* 4.250%, 03/15/29		99,836
	315,000	TTM Technologies, Inc.* 4.000%, 03/01/29		268,799
		Twilio, Inc.
	150,000	3.625%, 03/15/29		129,075
	57,000	3.875%, 03/15/31^		48,298
	240,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		206,959
	260,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*^ 3.875%, 02/01/29		223,855

				3,050,491


		*Materials (0.6%)*
	130,000	ArcelorMittal, SA^ 7.000%, 10/15/39		134,879
	85,000	ATI, Inc. 5.875%, 12/01/27		83,051
	55,000	Carpenter Technology Corp. 7.625%, 03/15/30		56,205
	165,000	Chemours Company* 4.625%, 11/15/29		139,847
	355,000	Clearwater Paper Corp.* 4.750%, 08/15/28		314,704
	157,000	Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		153,127
		Commercial Metals Company
	108,000	4.125%, 01/15/30		97,211
	54,000	4.375%, 03/15/32		47,201
	250,000	Constellium, SE* 3.750%, 04/15/29		217,673
	167,000	HB Fuller Company 4.250%, 10/15/28		150,004
	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		213,112


See accompanying Notes to Schedule of Investments

6


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
		Kaiser Aluminum Corp.*
	245,000	4.625%, 03/01/28	$	220,319
	28,000	4.500%, 06/01/31		22,979
	58,000	LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		48,762
	284,000	Mercer International, Inc. 5.125%, 02/01/29		233,150
	200,000	OCI, NV* 6.700%, 03/16/33		198,060
		Owens-Brockway Glass Container, Inc.*
	175,000	6.625%, 05/13/27		174,561
	160,000	7.250%, 05/15/31		162,821
	200,000	Silgan Holdings, Inc. 4.125%, 02/01/28		183,308
	113,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		66,516

				2,917,490


		*Other (0.0%)*
		Gen Digital, Inc.*
	100,000	7.125%, 09/30/30^		100,876
	100,000	6.750%, 09/30/27		100,441

				201,317


		*Real Estate (0.2%)*
	174,000	EPR Properties 3.750%, 08/15/29		143,275
		Forestar Group, Inc.*
	187,000	5.000%, 03/01/28		174,207
	110,000	3.850%, 05/15/26		102,515
	248,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		211,075
	105,000	Service Properties Trust 5.250%, 02/15/26		95,963

				727,035


		*Special Purpose Acquisition Companies (0.1%)*
		Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*
	220,000	6.750%, 01/15/30		189,226
	107,000	4.625%, 01/15/29		93,884

				283,110


		*Utilities (0.1%)*
	79,000	PPL Capital Funding, Inc.‡ 8.203%, 03/30/67 3 mo. LIBOR + 2.67%		71,604
	260,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		241,998
		Vistra Corp.*‡
	105,000	7.000%, 12/15/26 5 year CMT + 5.74%		94,666
	50,000	8.000%, 10/15/26 5 year CMT + 6.93%		47,663

				455,931


		TOTAL CORPORATE BONDS (Cost $69,608,485)		66,733,750


PRINCIPAL AMOUNT				VALUE

	CONVERTIBLE BONDS (32.5%)

			*Communication Services (2.6%)*
	200,000	EUR	America Movil, BV 0.000%, 03/02/24	$	235,144
	325,000		Bharti Airtel, Ltd.* 1.500%, 02/17/25		476,820
	159,000		Cable One, Inc.µ 0.000%, 03/15/26		130,930
	20,000,000	JPY	CyberAgent, Inc.µ 0.000%, 02/19/25		140,324
	3,576,000		Liberty Media Corp.* 2.250%, 08/15/27		3,775,541
			Sea, Ltd.
	5,311,000		2.375%, 12/01/25		5,703,855
	604,000		0.250%, 09/15/26		486,727
	538,000		Snap, Inc.µ 0.125%, 03/01/28		388,974
	200,000		Xiaomi Best Time International, Ltd. 0.000%, 12/17/27		169,962
	157,000		Zillow Group, Inc. 1.375%, 09/01/26		207,717

					11,715,994


			*Consumer Discretionary (7.5%)*
	203,000		Airbnb, Inc.µ 0.000%, 03/15/26		182,702
	145,000		Booking Holdings, Inc. 0.750%, 05/01/25		234,356
	353,000		Burlington Stores, Inc. 2.250%, 04/15/25		382,532
			DISH Network Corp.
	430,000		2.375%, 03/15/24µ		396,421
	397,000		0.000%, 12/15/25		242,448
	2,335,000		DraftKings Holdings, Inc.µ 0.000%, 03/15/28		1,804,278
			Etsy, Inc.
	229,000		0.125%, 10/01/26		303,153
	161,000		0.125%, 09/01/27µ		141,781
	251,000		Farfetch, Ltd.µ 3.750%, 05/01/27		203,185
			Flight Centre Travel Group, Ltd.
	2,600,000	AUD	2.500%, 11/17/27		2,205,327
	200,000	AUD	1.625%, 11/01/28		135,240
	11,210,000		Ford Motor Company~ 0.000%, 03/15/26		11,476,686
	100,000	EUR	HelloFresh, SEµ 0.750%, 05/13/25		101,842
	2,740,000		IMAX Corp.µ 0.500%, 04/01/26		2,572,339
	161,000		Liberty Broadband Corp.*µ 3.125%, 03/31/53		164,542
	214,000		Lucid Group, Inc.* 1.250%, 12/15/26		143,511
	296,000		MakeMyTrip, Ltd. 0.000%, 02/15/28		291,326
	920,000		Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		871,930
	400,000		Meituan0. 000%, 04/27/28		333,032
	40,000,00	0JPY	Mercari, Inc. 0.000%, 07/14/28		209,378
			Ocado Group, PLC
	100,000	GBP	0.875%, 12/09/25		113,661


See accompanying Notes to Schedule of Investments

7


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT				VALUE
	100,000	GBP	0.750%, 01/18/27µ	$	98,134
	339,000		PDD Holdings, Inc. 0.000%, 12/01/25		331,579
	158,000		Rivian Automotive, Inc.* 4.625%, 03/15/29		254,382
	194,000		Royal Caribbean Cruises, Ltd.* 6.000%, 08/15/25		445,663
	100,000	EUR	Shop Apotheke Europe, NVµ 0.000%, 01/21/28		94,867
	162,000		Stride, Inc. 1.125%, 09/01/27		158,084
	17,000		Tesla, Inc. 2.000%, 05/15/24		220,408
	314,000		Vroom, Inc. 0.750%, 07/01/26		162,508
			Wayfair, Inc.
	318,000		0.625%, 10/01/25µ		273,270
	302,000		3.500%, 11/15/28*		563,505
	168,000		1.000%, 08/15/26µ		146,074
	1,900,000	GBP	WH Smith, PLC 1.625%, 05/07/26		2,145,638
	4,573,000		Wynn Macau, Ltd.* 4.500%, 03/07/29		5,065,283
	5,000,000	HKD	Zhongsheng Group Holdings, Ltd. 0.000%, 05/21/25		676,519

					33,145,584


			*Consumer Staples (1.5%)*
	2,500,000	EUR	Fomento Economico Mexicano SAB de CV 2.625%, 02/24/26		2,747,762
	20,000,000	JPY	Nippn Corp. 0.000%, 06/20/25		144,478
	4,975,000	CAD	Premium Brands Holdings Corp. 4.200%, 09/30/27		3,562,917

					6,455,157


			*Energy (0.5%)*
	1,650,000		Nabors Industries, Inc.*µ 1.750%, 06/15/29		1,440,912
	306,000		Northern Oil And Gas, Inc.* 3.625%, 04/15/29		373,764
	170,000		Pioneer Natural Resources Company 0.250%, 05/15/25		407,641
			SunEdison, Inc.@
	2,261,000		0.250%, 01/15/49*		22,610
	275,000		2.000%, 10/01/49		2,750

					2,247,677


			*Financials (2.4%)*
	41,000,000	HKD	Citigroup Global Markets Funding Luxembourg SCAµ 0.000%, 07/25/24		4,961,700
	192,000		Coinbase Global, Inc.µ 0.500%, 06/01/26		146,826
	300,000	EUR	Corestate Capital Holding, SA 1.375%, 07/31/23		50,550
	100,000	GBP	Cornwall Jersey, Ltd. 0.750%, 04/16/26		85,821
	100,000	EUR	JPMorgan Chase Bank NA 0.000%, 02/18/24		116,952
	200,000	EUR	JPMorgan Chase Financial Company, LLC (Voya Financial, Inc.)§ 0.000%, 01/14/25		228,601


PRINCIPAL AMOUNT				VALUE
	200,000	EUR	LEG Immobilien, SE 0.875%, 09/01/25	$	201,288
	314,000		Morgan Stanley Finance, LLC 1.000%, 11/23/27		352,088
	200,000	EUR	Oliver Capital Sarl 0.000%, 12/29/23		223,350
	610,000,000	JPY	SBI Holdings, Inc. 0.000%, 09/13/23		4,295,534

					10,662,710


			*Health Care (2.1%)*
	164,000		Alnylam Pharmaceuticals, Inc.*µ 1.000%, 09/15/27		160,136
	1,768,000		BioMarin Pharmaceutical, Inc.µ 0.599%, 08/01/24		1,728,185
	135,000		Coherus Biosciences, Inc. 1.500%, 04/15/26		85,501
	172,000		CONMED Corp. 2.250%, 06/15/27		180,736
			Dexcom, Inc.
	2,220,000		0.250%, 11/15/25		2,337,505
	156,000		0.375%, 05/15/28*		157,799
	100,000	EUR	GN Store Nord ASµ 0.000%, 05/21/24		105,152
	205,000		Haemonetics Corp.µ 0.000%, 03/01/26		177,532
			Halozyme Therapeutics, Inc.
	206,000		0.250%, 03/01/27µ		180,357
	170,000		1.000%, 08/15/28*		170,445
	73,000		Innoviva, Inc. 2.500%, 08/15/25		73,746
	158,000		Insmed, Inc. 0.750%, 06/01/28		136,935
	162,000		Integer Holdings Corp.* 2.125%, 02/15/28		198,468
	167,000		Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		156,439
	163,000		Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26		153,923
	156,000		Jazz Investments I, Ltd. 2.000%, 06/15/26		162,126
	101,000		Lantheus Holdings, Inc.* 2.625%, 12/15/27		134,160
	30,000,000	JPY	Menicon Company, Ltd. 0.000%, 01/29/25		212,489
	181,000		NeoGenomics, Inc.µ 0.250%, 01/15/28		134,139
	165,000		NuVasive, Inc.µ 0.375%, 03/15/25		150,678
	145,000		Omnicell, Inc.µ 0.250%, 09/15/25		139,328
	135,000		Pacira BioSciences, Inc.µ 0.750%, 08/01/25		124,683
	163,000		Sarepta Therapeutics, Inc.*µ 1.250%, 09/15/27		173,664
	155,000		Tandem Diabetes Care, Inc.*µ 1.500%, 05/01/25		144,576
	1,491,000		TransMedics Group, Inc.* 1.500%, 06/01/28		1,818,677

					9,197,379


			*Industrials (2.9%)*
	1,744,000		Axon Enterprise, Inc.* 0.500%, 12/15/27		1,801,831


See accompanying Notes to Schedule of Investments

8


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT				VALUE
	100,000	EUR	Duerr, AG 0.750%, 01/15/26	$	113,363
	196,000		John Bean Technologies Corp. 0.250%, 05/15/26		187,938
	200,000		L&F Company Ltd. 2.500%, 04/26/30		178,770
	161,000		Middleby Corp. 1.000%, 09/01/25		203,034
	1,999,000		Parsons Corp. 0.250%, 08/15/25		2,340,729
	2,700,000	EUR	Prysmian S.p.A 0.000%, 02/02/26		3,081,341
	2,200,000	EUR	Rheinmetall AG 1.875%, 02/07/28		2,555,061
	159,600	EUR	Schneider Electric, SE 0.000%, 06/15/26		322,340
	176,000		Southwest Airlines Company~ 1.250%, 05/01/25		194,248
	1,400,000	EUR	SPIE, SA 2.000%, 01/17/28		1,579,014
	393,000		Sunrun, Inc.µ 0.000%, 02/01/26		293,013

					12,850,682


			*Information Technology (7.9%)*
	223,000		Affirm Holdings, Inc.µ 0.000%, 11/15/26		165,508
	190,000		Akamai Technologies, Inc. 0.125%, 05/01/25		207,776
	1,500,000	EUR	Amadeus IT Group, SA 1.500%, 04/09/25		2,060,128
			BILL Holdings, Inc.µ
	208,000		0.000%, 04/01/27		171,746
	94,000		0.000%, 12/01/25		101,108
	3,175,000		Block, Inc.µ 0.125%, 03/01/25		3,150,044
	210,000		Cloudflare, Inc.µ 0.000%, 08/15/26		180,619
	213,000		Confluent, Inc.µ 0.000%, 01/15/27		177,966
	2,251,000		CyberArk Software, Ltd. 0.000%, 11/15/24		2,644,542
	2,677,000		Datadog, Inc. 0.125%, 06/15/25		3,687,969
	447,000		DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		356,746
	207,000		Dropbox, Inc. 0.000%, 03/01/28		199,718
	381,000	CAD	Dye & Durham, Ltd.*µ 3.750%, 03/01/26		226,811
	411,000		Fastly, Inc.µ 0.000%, 03/15/26		344,418
	357,000		Five9, Inc. 0.500%, 06/01/25		354,733
	17,000,000	HKD	Kingsoft Corp, Ltd. 0.625%, 04/29/25		2,476,792
	175,000		LivePerson, Inc.µ 0.000%, 12/15/26		128,200
	324,000		Lumentum Holdings, Inc.µ 0.500%, 12/15/26		279,897
	451,000		Microchip Technology, Inc.^ 0.125%, 11/15/24		522,141
	418,000		MicroStrategy, Inc.µ 0.000%, 02/15/27		301,608
	447,000		NCL Corp. Ltd.µ 1.125%, 02/15/27		419,501


PRINCIPAL AMOUNT				VALUE
	200,000	EUR	Nexi S.p.Aµ 1.750%, 04/24/27	$	193,450
	162,000		Nice, Ltd. 0.000%, 09/15/25		160,756
	413,000		Okta, Inc.µ 0.125%, 09/01/25		376,260
			ON Semiconductor Corp.
	3,204,000		0.500%, 03/01/29*		3,925,445
	202,000		0.000%, 05/01/27		416,704
	148,000		Palo Alto Networks, Inc. 0.375%, 06/01/25		373,250
	173,000		Pegasystems, Inc.µ 0.750%, 03/01/25		159,105
	296,000		Repay Holdings Corp.*µ 0.000%, 02/01/26		244,644
	320,000		RingCentral, Inc.µ 0.000%, 03/15/26		266,858
	360,000,000	JPY	Rohm Company, Ltd. 0.000%, 12/05/24		2,811,626
	40,000,000	JPY	SCREEN Holdings Company, Ltd. 0.000%, 06/11/25		370,708
	139,000		Shift4 Payments, Inc. 0.000%, 12/15/25		151,201
	3,200,000		SK Hynix, Inc. 1.750%, 04/11/30		4,207,360
	148,300	EUR	SOITEC 0.000%, 10/01/25		329,448
	190,000		Splunk, Inc. 1.125%, 09/15/25		190,380
	200,000		Tyler Technologies, Inc. 0.250%, 03/15/26		201,032
	1,973,000		Unity Software, Inc.µ 0.000%, 11/15/26		1,583,332
	200,000		Win Semiconductors Corp. 0.000%, 01/14/26		170,274
	318,000		Wix.com, Ltd. 0.000%, 08/15/25		283,208
	170,000		Workiva, Inc. 1.125%, 08/15/26		244,603
	265,000		Xero Investments, Ltd. 0.000%, 12/02/25		239,454
	145,000		Zscaler, Inc. 0.125%, 07/01/25		178,437

					35,235,506


			*Materials (3.1%)*
	214,000		Amyris, Inc. 1.500%, 11/15/26		39,051
	6,400,000		Glencore Funding, LLC 0.000%, 03/27/25		6,881,728
	950,000		Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		1,448,959
	2,700,000		LG Chem, Ltd. 1.250%, 07/18/28		2,851,821
	2,154,000		Lithium Americas Corp.µ 1.750%, 01/15/27		1,662,672
	20,000,000	JPY	Nippon Steel Corp. 0.000%, 10/05/26		186,587
	400,000	EUR	POSCO Holdings, Inc. 0.000%, 09/01/26		638,493

					13,709,311


			*Other (0.6%)*
	3,440,000	EUR	Edenred 0.000%, 09/06/24		2,400,538


See accompanying Notes to Schedule of Investments

9


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT				VALUE
	110,000		Multiplan Corp.* 6.000%, 10/15/27	$	75,050

					2,475,588


			*Real Estate (0.9%)*
	2,900,000	EUR	ANLLIAN Capital, Ltd. 0.000%, 02/05/25		3,428,362
	330,000		Redfin Corp.µ 0.000%, 10/15/25		272,854
	200,000		Vingroup, JSC 3.000%, 04/20/26		173,870

					3,875,086


			*Utilities (0.5%)*
	318,000		American Water Capital Corp.* 3.625%, 06/15/26		323,772
	1,466,000		CMS Energy Corp.* 3.375%, 05/01/28		1,461,851
	320,000		PPL Capital Funding, Inc.* 2.875%, 03/15/28		309,136
	160,000		Southern Company* 3.875%, 12/15/25		160,696

					2,255,455


			TOTAL CONVERTIBLE BONDS (Cost $154,791,739)		143,826,129


	BANK LOANS (13.1%) ¡

			*Airlines (0.1%)*
	180,500		American Airlines, Inc.‡ 10.338%, 04/20/28 3 mo. SOFR + 4.75%		187,193
	176,000		Mileage Plus Holdings, LLC‡ 10.764%, 06/21/27 3 mo. LIBOR + 5.25%		183,810

					371,003


			*Communication Services (2.1%)*
	1,250,000		APi Group DE, Inc.! 0.000%, 01/03/29		1,254,244
	1,840,000		Charter Communications Operating LLC! 0.000%, 02/01/27		1,829,429
	336,000		Clear Channel Outdoor Holdings, Inc.‡ 8.851%, 08/21/26 3 mo. SOFR + 3.50%		326,340
	875		Clear Channel Outdoor Holdings, Inc.‡ 8.933%, 08/21/26 1 mo. SOFR + 3.50%		850
	159,083		CMG Media Corp.‡ 8.842%, 12/17/26 3 mo. SOFR + 3.50%		144,879
	293,948		DIRECTV Financing, LLC‡ 10.433%, 08/02/27 1 mo. SOFR + 5.00%		292,571
	320,000		Entercom Media Corp.‡ 8.131%, 11/18/24 3 mo SOFR + 2.50%		176,229
	1,250,000		Go Daddy Operating Company, LLC! 0.000%, 11/09/29		1,253,306


PRINCIPAL AMOUNT			VALUE
	1,250,000	Match Group, Inc.! 0.000%, 02/13/27	$	1,246,875
	1,250,000	Nexstar Broadcasting, Inc.‡ 7.933%, 09/18/26 1 mo. SOFR + 2.50%		1,251,463
	73,805	Nexstar Broadcasting, Inc.‡ 7.933%, 09/18/26 1 mo. SOFR + 2.50%		73,891
	110,000	Telesat Canada‡ 8.183%, 12/07/26 1 mo. SOFR + 2.75%		67,660
	103,950	Univision Communications, Inc.‡ 9.492%, 06/24/29 3 mo. SOFR + 4.25%		104,048
	1,250,000	Virgin Media Bristol, LLC! 0.000%, 01/31/28		1,219,300

				9,241,085


		*Consumer Discretionary (2.2%)*
	1,250,000	Adient US LLC! 0.000%, 04/10/28		1,253,256
	1,250,000	Aramark Services, Inc.! 0.000%, 06/22/30		1,250,000
	209,475	Caesars Entertainment, Inc‡ 8.555%, 02/06/30 1 mo. SOFR + 3.25%		209,868
	209,475	Hanesbrands, Inc.‡ 9.055%, 03/08/30 1 mo. SOFR + 3.75%		209,672
	1,500,000	KFC Holding Company‡ 7.094%, 03/15/28 1 mo. SOFR + 1.75%		1,498,125
	122,430	Life Time Fitness, Inc.‡ 10.050%, 01/15/26 3 mo. SOFR + 4.75%		123,094
	1,250,000	Murphy USA, Inc.! 0.000%, 01/31/28		1,256,250
	1,250,000	PENN Entertainment, Inc.‡ 8.169%, 05/03/29 1 mo. SOFR + 2.75%		1,250,000
	107,019	PENN Entertainment, Inc.‡ 8.169%, 05/03/29 1 mo. SOFR + 2.75%		107,019
	374,146	Petco Health and Wellness Company, Inc.‡ 8.754%, 03/03/28 3 mo. SOFR + 3.25%		373,409
	382,065	PetSmart, Inc.‡ 9.169%, 02/11/28 1 mo. SOFR + 3.75%		382,405
	195,500	SkyMiles IP, Ltd.‡ 9.076%, 10/20/27 3 mo. SOFR + 3.75%		203,531
	1,250,000	Station Casinos, LLC! 0.000%, 02/08/27		1,247,356
	139,912	TKC Holdings, Inc.‡ 10.933%, 05/15/28 1 mo. LIBOR + 5.50%		131,853
	55,000	Windsor Holdings III, LLC! 0.000%, 06/21/30		54,908
	363,825	WW International, Inc.‡ 8.933%, 04/13/28 1 mo. SOFR + 3.50%		274,839

				9,825,585


See accompanying Notes to Schedule of Investments

10


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE

		*Consumer Staples (0.0%)*
	110,000	United Natural Foods, Inc.! 0.000%, 10/22/25	$	110,305


		*Energy (0.1%)*
	204,488	Par Petroleum, LLC‡ 9.614%, 02/28/30 3 mo. SOFR + 4.25%		203,636


		*Financials (1.3%)*
	209,474	Alliant Holdings Intermediate, LLC‡ 8.722%, 11/05/27 1 mo. SOFR + 3.50%		209,321
	165,000	Amynta Agency Borrower, Inc.‡ 10.419%, 02/28/28 1 mo. SOFR + 5.00%		162,952
	213,379	AssuredPartners, Inc.‡ 8.819%, 02/12/27 1 mo. SOFR + 3.50%		212,579
	1,500,000	Avolon TLB Borrower 1 (US), LLC‡ 7.755%, 06/22/28 1 mo. SOFR + 2.50%		1,502,182
	165,000	Avolon TLB Borrower 1 (US), LLC 7.755%, 06/22/28 1 mo. SOFR + 2.50%		165,240
	1,250,000	Castlelake Aviation Ltd.! 0.000%, 10/22/26		1,251,250
	109,450	Castlelake Aviation, Ltd.‡ 8.004%, 10/22/27 3 mo. SOFR + 2.75%		109,528
	208,950	Hub International, Ltd.‡ 9.060%, 11/10/29 3 mo. SOFR + 4.00%		209,624
	1,250,000	Jazz Financing Lux Sarl‡ 8.933%, 05/05/28 1 mo. LIBOR + 3.50%		1,250,087
	264,968	Jazz Financing Lux Sarl‡ 8.933%, 05/05/28 1 mo. LIBOR + 3.50%		264,987
	292,050	VFH Parent, LLC‡ 8.405%, 01/13/29 1 mo. SOFR + 3.00%		291,101

				5,628,851


		*Health Care (2.6%)*
	374,747	Amneal Pharmaceuticals, LLC‡ 8.933%, 05/04/25 1 mo. SOFR + 3.50%		357,415
	1,077,652	Avantor Funding, Inc.‡ 7.669%, 11/08/27 1 mo. SOFR + 2.25%		1,079,274
	52,250	Bausch Health Companies, Inc.‡ 10.605%, 02/01/27 1 mo. SOFR + 5.25%		42,797
	1,500,000	DaVita, Inc.! 0.000%, 08/12/26		1,484,880
	1,250,000	Elanco Animal Health, Inc.! 0.000%, 08/01/27		1,233,113
	1,250,000	Horizon Therapeutics USA, Inc.! 0.000%, 03/15/28		1,249,738
	1,000,700	Icon Luxembourg Sarl‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%		1,002,801


PRINCIPAL AMOUNT			VALUE
	126,908	Icon Luxembourg Sarl‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%	$	127,175
	1,250,000	IQVIA, Inc.! 0.000%, 06/11/25		1,252,062
	292,031	Mallinckrodt International Finance, SA‡ 10.619%, 09/30/27 1 mo. SOFR + 5.25%		221,898
	1,250,000	Organon & Company‡ 8.257%, 06/02/28 1 mo. SOFR + 3.00%		1,248,206
	235,294	Padagis, LLC‡ 10.280%, 07/06/28 3 mo. SOFR + 4.75%		227,844
	1,250,000	Perrigo Investments, LLC! 0.000%, 04/20/29		1,245,313
	249,300	PRA Health Sciences, Inc. 7.754%, 07/03/28 3 mo. SOFR + 2.25%		249,825
	31,619	PRA Health Sciences, Inc.‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%		31,685
	636,015	Team Health Holdings, Inc.‡ 10.569%, 03/02/27 1 mo. SOFR + 5.25%		439,756

				11,493,782


		*Industrials (2.8%)*
	107,800	ACProducts, Inc.‡ 9.754%, 05/17/28 3 mo. LIBOR + 4.25%		93,058
	138,600	Air Canada‡ 8.839%, 08/11/28 3 mo. LIBOR + 3.50%		138,847
	1,250,000	Beacon Roofing Supply, Inc.! 0.000%, 05/19/28		1,251,369
	1,500,000	Berry Global, Inc.! 0.000%, 07/01/26		1,500,645
	987,937	ChampionX Corp.‡ 8.495%, 06/07/29 1 mo. SOFR + 3.25%		992,259
	535,000	ChampionX Corp.‡ 8.495%, 06/07/29 1 mo. SOFR + 3.25%		537,341
	1,250,000	Emrld Borrower, LP‡ 8.264%, 05/31/30 3 mo. SOFR + 3.00%		1,252,350
	134,297	Emrld Borrower, LP‡ 8.264%, 05/31/30 3 mo. SOFR + 3.00%		134,549
	1,250,000	H.B. Fuller Company! 0.000%, 02/15/30		1,255,344
	1,250,000	Jeld-Wen, Inc.! 0.000%, 07/28/28		1,246,781
	1,250,000	Scientific Games International, Inc.‡ 8.302%, 04/14/29 1 mo. SOFR + 3.00%		1,249,900
	198,000	Scientific Games International, Inc.‡ 8.302%, 04/14/29 1 mo. SOFR + 3.00%		197,984
	124,375	Summit Materials, LLC‡ 8.492%, 12/14/27 6 mo. SOFR + 3.00%		125,230


See accompanying Notes to Schedule of Investments

11


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


PRINCIPAL AMOUNT			VALUE
	1,250,000	TransDigm, Inc.! 0.000%, 08/24/28	$	1,252,638
	1,000,000	United Airlines, Inc.‡ 9.292%, 04/21/28 3 mo. LIBOR + 3.75%		1,003,125
	221,733	United Airlines, Inc.‡ 9.292%, 04/21/28 3 mo. LIBOR + 3.75%		222,426

				12,453,846


		*Information Technology (0.5%)*
	203,415	Dun & Bradstreet Corp.‡ 8.291%, 02/06/26 1 mo. SOFR + 3.00%		203,447
	751,400	Open Text Corp.! 0.000%, 01/31/30		753,515
	751,400	SS&C Technologies, Inc.! 0.000%, 03/22/29		751,746
	498,600	SS&C Technologies, Inc.! 0.000%, 03/22/29		498,829

				2,207,537


		*Information Technology (0.4%)*
	207,917	Banff Merger Sub, Inc.‡ 9.183%, 10/02/25 1 mo. SOFR + 3.75%		207,658
	172,944	Camelot U.S. Acquisition LLC‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%		172,999
	49,750	CDK Global, Inc.‡ 9.492%, 07/06/29 3 mo. SOFR + 4.25%		49,830
	1,447,080	II-VI, Inc.‡ 8.183%, 07/02/29 1 mo. SOFR + 2.75%		1,448,527

				1,879,014


		*Materials (0.8%)*
	110,192	American Axle and Manufacturing, Inc.‡ 8.777%, 12/13/29 1 mo. SOFR + 3.50%		110,238
	47,407	American Axle and Manufacturing, Inc.‡ 8.436%, 12/13/29 1 mo. SOFR + 3.50%		47,427
	1,500,000	Axalta Coating Systems U.S. Holdings, Inc.! 0.000%, 12/20/29		1,505,858
	1,070,000	Chemours Company! 0.000%, 04/03/25		1,069,556
	215,000	Ineos US Finance, LLC‡ 8.805%, 02/18/30 1 mo. SOFR + 3.50%		213,052
	263,140	Innophos, Inc.‡ 8.683%, 02/05/27 1 mo. SOFR + 3.25%		263,552
	108,625	LSF11 A5 HoldCo, LLC‡ 8.933%, 10/15/28 1 mo. SOFR + 3.50%		107,765
	105,000	LSF11 A5 Holdco, LLC‡ 9.669%, 10/15/28 1 mo. SOFR + 4.25%		104,803
	114,707	Trinseo Materials Operating SCA! 0.000%, 05/03/28		91,471


PRINCIPAL AMOUNT				VALUE
	204,229		WR Grace & Company‡ 9.313%, 09/22/28 3 mo. LIBOR + 3.75%	$	204,204

					3,717,926


			*Special Purpose Acquisition Companies (0.2%)*
	210,000		AP Core Holdings II, LLC‡ 10.933%, 09/01/27 1 mo. SOFR + 5.50%		203,657
	108,900		Clydesdale Acquisition Holdings, Inc.‡ 9.594%, 04/13/29 1 mo. SOFR + 4.18%		108,054
	54,313		Fertitta Entertainment, LLC‡ 9.319%, 01/27/29 1 mo. SOFR + 4.00%		53,822
	228,275		Oscar AcquisitionCo, LLC‡ 9.842%, 04/29/29 3 mo. SOFR + 4.50%		225,661
	198,500		Patagonia Holdco, LLC‡ 10.789%, 08/01/29 3 mo. SOFR + 5.75%		171,538

					762,732


			TOTAL BANK LOANS (Cost $58,494,807)		57,895,302


NUMBER OF SHARES				VALUE

	CONVERTIBLE PREFERRED STOCKS (1.1%)

			*Energy (0.0%)*
	5		Gulfport Energy Corp. 10.000%, 08/31/23 15.000% PIK rate		36,875


			*Financials (0.3%)*
	417		Bank of America Corp.~‡‡ 7.250%, 01/01/00		507,906
	3,178		KKR & Company, Inc. 6.000%, 09/15/23		222,015
	413		Wells Fargo & Company - Class A~‡‡ 7.500%, 01/01/00		486,923

					1,216,844


			*Utilities (0.8%)*
	1,995		AES Corp.^ 6.875%, 02/15/24		170,752
			NextEra Energy, Inc.
	41,636		6.219%, 09/01/23		2,060,982
	35,211		6.926%, 09/01/25~		1,610,199

					3,841,933


			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,431,652)		5,095,652


	COMMON STOCKS (77.9%)

			*Communication Services (4.9%)*
	58,500		Alphabet, Inc. - Class A#		7,764,120
	4,575		Altice USA, Inc. - Class Aµ#		15,509
	4,050		Baidu, Inc. (ADR)#		631,759
	79,900	HKD	Baidu, Inc. - Class Aµ#		1,562,108


See accompanying Notes to Schedule of Investments

12


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


NUMBER OF SHARES				VALUE
	1,735		Cumulus Media, Inc. - Class Aµ#	$	11,000
	1		Frontier Communications Parent, Inc.^#		18
	96,000	EUR	Orange, SAµ		1,085,168
	66,700	HKD	Tencent Holdings, Ltd.µ		3,065,607
	89,070		Tencent Holdings, Ltd. (ADR)~		4,091,876
	1,176,545	GBP	Vodafone Group, PLCµ		1,119,200
	26,395		Walt Disney Company~#		2,346,252

					21,692,617


			*Consumer Discretionary (10.6%)*
	124,700	HKD	Alibaba Group Holding, Ltd.µ#		1,593,588
	8,175		Alibaba Group Holding, Ltd. (ADR)^~#		835,158
	24,320	PLN	Allegro.eu, SA*#		214,417
	165,500	MXN	Alsea, SAB de CV#		576,013
	89,300		Amazon.com, Inc.^µ#		11,937,624
	170,400	SAR	Americana Restaurants International, PLC		174,242
	51,097		Aptiv, PLCµ#		5,594,610
	3,219		Arcos Dorados Holdings, Inc. - Class A		36,375
	3,900	BRL	Arezzo Industria e Comercio, SA		67,959
	279,700	PHP	Bloomberry Resorts Corp.#		60,397
	12,500	CNY	BYD Company, Ltd. - Class A		477,186
	20,700	CNY	China Tourism Group Duty Free Corp., Ltd. - Class A		365,902
	650		Chipotle Mexican Grill, Inc. - Class Aµ#		1,275,482
	1,110	EUR	CIE Automotive, SAµ		34,788
	17,600		Coupang, Inc. - Class A#		319,440
	75,428	BRL	Cyrela Brazil Realty, SA Empreendimentos e Participacoes		379,951
	9,855	INR	Dixon Technologies India, Ltd.		494,407
	83,000		DraftKings, Inc. - Class Aµ#		2,637,740
	161,219	HKD	JD.com, Inc. - Class Aµ		3,337,810
	173,000	HKD	Jiumaojiu International Holdings, Ltd.*^		341,423
	258,900	INR	Kalyan Jewellers India, Ltd.		551,316
	8,700	KRW	Kia Corp.		564,624
	123,000	HKD	Li Ning Company, Ltd.µ		749,861
	4,845	EUR	LVMH Moet Hennessy Louis Vuitton, SEµ		4,499,879
	32,200	INR	Mahindra & Mahindra, Ltd.		577,665
	11,470	HKD	Meituan - Class B*µ#		218,964
	1,295		MercadoLibre, Inc.µ#		1,603,275
	1,700	JPY	Nextage Company, Ltd.^		44,652
	42,480		NIO, Inc.#		649,944
	46,160		On Holding, AG - Class A^#		1,661,760
	43,600	HKD	Prada, S.p.A~		310,337
	8,200	EUR	Prosus, NV~#		648,680
	12,900	HKD	Samsonite International, SA*~#		38,444
	236,800	HKD	Sands China, Ltd.~#		912,275
	48,000	INR	Tata Motors, Ltd.		376,629
	7,500		Tesla, Inc.µ#		2,005,725
	2,525	INR	TVS Motor Company, Ltd.		42,333
	8,870	AUD	Webjet, Ltd.^#		47,082
	67,300	HKD	Wynn Macau, Ltd.µ#		70,383
	10,100	HKD	Yum China Holdings, Inc.µ		621,961

					46,950,301


			*Consumer Staples (4.1%)*
	77,500	GBP	British American Tobacco, PLCµ		2,606,178
	35,550		Coca-Cola Company^		2,201,611
	5,000		Costco Wholesale Corp.µ		2,803,350
	4,480	PLN	Dino Polska, SA*#		498,893


NUMBER OF SHARES				VALUE
	63,550	MXN	Fomento Economico Mexicano, SAB de CV	$	720,018
	110,000	INR	ITC, Ltd.		622,702
	1,500	JPY	Kobe Bussan Company, Ltd.^		39,953
	2,600	CNY	Kweichow Moutai Company, Ltd. - Class A		686,285
	21,000		Molson Coors Brewing Company - Class Bµ		1,465,170
	20,500	CHF	Nestle, SAµ		2,511,642
	21,280	CNY	Proya Cosmetics Company, Ltd. - Class A		336,481
	95,528	BRL	Raia Drogasil, SA		585,238
	1,000	JPY	Rohto Pharmaceutical Company, Ltd.~		21,315
	67,100	JPY	Seven & i Holdings Company, Ltd.µ~		2,783,649
	106,000	HKD	Smoore International Holdings, Ltd.*^		119,342
	141,490	IDR	Sumber Alfaria Trijaya, Tbk PT		25,335

					18,027,162


			*Energy (5.2%)*
	3,495	CAD	ARC Resources, Ltd.µ		52,797
	100,600	CAD	Canadian Natural Resources, Ltd.µ		6,117,707
	2,577		Chaparral Energy, Inc. - Class A&#		109,522
	650		Chesapeake Energy Corp.^		54,821
	17,600		Chevron Corp.µ~		2,880,416
	14,985		Energy Transfer, LP		199,151
	9,035		Enterprise Products Partners, LP		239,518
	1,826		EP Energy Corp.&#		12,782
	42,400		Helmerich & Payne, Inc.µ		1,898,248
	2,930		Magellan Midstream Partners, LP		194,171
	136,900	THB	PTT Exploration & Production, PCL		639,668
	36,300	INR	Reliance Industries, Ltd.		1,125,423
	98,974		Schlumberger, NVµ		5,774,143
	82,300	GBP	Shell, PLC		2,494,328
	36,000	EUR	Shell, PLC		1,107,391
	3,570		TechnipFMC, PLCµ		65,474

					22,965,560


			*Financials (11.3%)*
	373,000	HKD	AIA Group, Ltd.~		3,731,766
	11,000		Aon, PLC - Class Aµ		3,503,500
	188,400	BRL	B3, SA - Brasil Bolsa Balcao		593,637
	73,150	BRL	Banco BTG Pactual, SA		526,108
	1,133,979	IDR	Bank Central Asia, Tbk PT		686,773
	7,125,700	IDR	Bank Mandiri Persero, Tbk PT		2,708,801
	189,000		Bank of America Corp.µ~		6,048,000
	5,174	EUR	Bank of Ireland Group, PLCµ		54,590
	351,227	PHP	Bank of the Philippine Islands		732,361
	8,250		Chubb, Ltd.µ		1,686,382
	5,800	JPY	Concordia Financial Group, Ltd.		26,479
	111,948	AED	First Abu Dhabi Bank, PJSC		446,160
	66,200	MXN	Grupo Financiero Banorte, SAB de CV - Class O		627,724
	19,025	KRW	Hana Financial Group, Inc.		586,265
	300,876	INR	HDFC Bank, Ltd.		6,036,023
	36,700		ICICI Bank, Ltd. (ADR)		901,719
	133,716		Itau Unibanco Holding, SA (ADR)^		803,633
	36,300	INR	Jio Financial Services, Ltd.		115,434
	12,575		JPMorgan Chase & Companyµ~		1,986,347
	156,300	THB	Kasikornbank PCL		578,209
	4,120,000	GBP	Lloyds Banking Group, PLCµ		2,380,319


See accompanying Notes to Schedule of Investments

13


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


NUMBER OF SHARES				VALUE
	44,285		Morgan Stanleyµ	$	4,054,735
	80,200	EUR	National Bank of Greece, SA#		552,314
	260,000	HKD	Ping An Insurance Group Company of China, Ltd. - Class Hµ		1,894,552
	24,653	SAR	Saudi National Bank		253,330
	16,375	AUD	Steadfast Group, Ltd.µ		64,243
	14,550		Visa, Inc. - Class Aµ~		3,458,971
	111,125		Wells Fargo & Companyµ~		5,129,530

					50,167,905


			*Health Care (7.4%)*
	8,400	INR	Apollo Hospitals Enterprise, Ltd.		529,971
	23,100	GBP	AstraZeneca, PLCµ		3,318,920
	14,977		Danaher Corp.µ		3,820,034
	5,143	KRW	Dentium Company, Ltd.		580,007
	15,250		Eli Lilly & Companyµ		6,931,888
	3,940	GBP	Ergomed, PLC#		54,728
	10,104		GE Healthcare, Inc.~#		788,112
	12,075	EUR	Gerresheimer, AGµ		1,430,209
	4,860		Humana, Inc.µ		2,220,194
	8,520	BRL	Hypera, SA		77,943
	21,210		Inmode, Ltd.µ#		910,121
	4,208		Mallinckrodt, PLC^#		6,817
	52,900		Novo Nordisk, A/S (ADR)~		8,522,190
	1,020	SEK	Surgical Science Sweden, AB#		23,735
	5,900		UnitedHealth Group, Inc.^µ		2,987,583
	113,500	HKD	Wuxi Biologics Cayman, Inc.*~#		654,985

					32,857,437


			*Industrials (9.3%)*
	21,800	EUR	Airbus, SEµ		3,211,140
	37,029	EUR	Alstom, SA		1,133,837
	1,900	JPY	BayCurrent Consulting, Inc.~		61,360
	33,100	CAD	Canadian Pacific Kansas City, Ltd.^		2,723,505
	12,780	CNY	Contemporary Amperex Technology Company, Ltd. - Class A		426,097
	26,100	INR	Cummins India, Ltd.		624,601
	955	EUR	DO & CO, AG		129,047
	850	JPY	Ebara Corp.~		40,169
	30,312		General Electric Companyµ		3,462,843
	1,400	JPY	Harmonic Drive Systems, Inc.^		38,559
	16,220	INR	Hindustan Aeronautics, Ltd.		782,188
	5,200	JPY	INFRONEER Holdings, Inc.		50,638
	90,000	PHP	International Container Terminal Services, Inc.		355,680
	925	EUR	Interpump Group S.p.A^		50,328
	1,300	JPY	Japan Airport Terminal Company, Ltd.~		60,581
	2,000	JPY	Japan Elevator Service Holdings Company, Ltd.~		24,735
	239	GBP	Judges Scientific, PLC		29,016
	51,500	JPY	Komatsu, Ltd.~		1,442,743
	29,250	INR	Larsen & Toubro, Ltd.		954,622
	339,660	GBP	Melrose Industries, PLC		2,311,577
	8,770	SEK	Munters Group, AB*		111,312
	35,300	CNY	Ningbo Orient Wires & Cables Company, Ltd. - Class A		229,828
	35,000		Quanta Services, Inc.µ		7,056,700
	1,194,000	GBP	Rolls-Royce Holdings, PLCµ#		2,831,138
	152,270	BRL	Rumo, SA		748,349
	219,700	CNY	Sany Heavy Industry Company, Ltd. - Class A		546,588
	25,600	EUR	Schneider Electric, SEµ		4,566,324


NUMBER OF SHARES				VALUE
	54,502	CNY	Shanghai International Airport Company, Ltd. - Class A#	$	362,293
	15,570	INR	Siemens, Ltd.		753,757
	2,885	JPY	Sojitz Corp.~		68,496
	1,295	CAD	Stantec, Inc.µ		87,698
	2,600	JPY	THK Company, Ltd.~		52,125
	25,700	EUR	Vinci, SAµ		3,018,398
	18,250		Waste Management, Inc.µ~		2,989,167

					41,335,439


			*Information Technology (22.1%)*
	18,300		Accenture, PLC - Class Aµ		5,789,205
	45,945	TWD	Accton Technology Corp.		560,545
	13,620	TWD	Alchip Technologies, Ltd.		866,925
	226	EUR	Alten, SAµ		32,552
	2,800	JPY	Appier Group, Inc.#		33,316
	42,900		Apple, Inc.µ~		8,427,705
	13,720		ASML Holding, NVµ		9,829,145
	335	EUR	BE Semiconductor Industries, NV~		39,998
	6,000		Cadence Design Systems, Inc.µ#		1,404,060
	41,000	TWD	E Ink Holdings, Inc.		294,045
	340	EUR	Elmos Semiconductor SE		30,283
	1,740	EUR	Exclusive Networks, SA#		37,136
	7,335	SEK	Fortnox, AB		45,021
	47,200	CNY	Foxconn Industrial Internet Company, Ltd. - Class A		147,824
	9,405	TWD	Global Unichip Corp.		491,924
	945	KRW	HPSP Company, Ltd.		27,616
	735	JPY	Ibiden Company, Ltd.~		44,673
	14,500	CNY	Iflytek Company, Ltd. - Class A		127,657
	28,901		Infosys, Ltd. (ADR)^		481,491
	14,900	JPY	Keyence Corp.~		6,686,255
	601	CAD	Kinaxis, Inc.µ#		81,605
	270,000	HKD	Kingdee International Software Group Company, Ltd.~#		473,597
	33,400	KRW	Koh Young Technology, Inc.		362,404
	80,795	INR	KPIT Technologies, Ltd.		1,067,710
	25,000	TWD	MediaTek, Inc.		550,123
	33,400		Microsoft Corp.µ		11,219,728
	540,000	EUR	Nokia Oyj		2,122,707
	29,000		NVIDIA Corp.µ~		13,551,410
	50,900		Oracle Corp.µ		5,967,007
	4,050	GBP	Sage Group, PLCµ		48,716
	29,340	KRW	Samsung Electronics Company, Ltd.		1,606,442
	500	JPY	SCREEN Holdings Company, Ltd.~		54,025
	7,400	JPY	SHIFT, Inc.~#		1,750,524
	16,600	KRW	SK Hynix, Inc.		1,607,626
	880,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.		15,890,687
	22,825		Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)~		2,263,099
	71,140	BRL	TOTVS, SA		444,855
	60,065		Unity Software, Inc.µ#		2,753,380
	93,700	CNY	Venustech Group, Inc. - Class A		384,027
	7,700	CNY	Zhongji Innolight Company, Ltd. - Class A		138,127

					97,735,175


			*Materials (1.9%)*
	10,006		Cemex, SAB de CV (ADR)#		76,246
	1,180	CAD	ERO Copper Corp.µ#		28,367
	219,750	AED	Fertiglobe, PLC		214,128


See accompanying Notes to Schedule of Investments

14


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


NUMBER OF SHARES				VALUE
	75,095		Freeport-McMoRan, Inc.^µ	$	3,352,992
	521,200	NOK	Norsk Hydro, ASA~		3,413,557
	16,900	ZAR	Sasol, Ltd.		235,959
	1,745	EUR	SOL S.p.A		49,273
	21,200		Vale, SA (ADR)		310,156
	550,000	HKD	Zijin Mining Group Company, Ltd.- Class H~		949,918

					8,630,596


			*Real Estate (0.6%)*
	935,500	PHP	Ayala Land, Inc.		467,147
	447,615	MXN	Corp. Inmobiliaria Vesta SAB de CV		1,622,855
	88,900	INR	DLF, Ltd.		559,721
	245	EUR	VGP, NV		26,157

					2,675,880


			*Special Purpose Acquisition Company (0.0%)#*
	2,835		Intelsat Emergence, SA&#		65,205


			*Utilities (0.5%)*
	45,801	EUR	Engie,SA#		750,841
	29,000	EUR	RWE, AGµ		1,248,120

					1,998,961


			TOTAL COMMON STOCKS (Cost $425,571,605)		345,102,238


	PREFERRED STOCKS (0.3%)

			*Consumer Discretionary (0.1%)*
	1,597		Guitar Center, Inc.&		203,617


			*Energy (0.1%)*
	8,220		NuStar Energy, LP‡^ 11.151%, 08/30/23 3 mo. LIBOR + 5.64%		199,582
	3,725		NuStar Energy, LP‡ 12.274%, 08/30/23 3 mo. LIBOR + 6.77%		95,211
	8,335		NuStar Logistics, LP‡ 12.304%, 01/15/43 3 mo. LIBOR + 6.73%		218,960

					513,753


			*Industrials (0.1%)*
	206,950	BRL	Randon, SA Implementos e Participacoes		544,427


			TOTAL PREFERRED STOCKS (Cost $1,227,872)		1,261,797


	WARRANTS (0.0%) #

			*Energy (0.0%)*
	13,401		Mcdermott International, Ltd.& 06/30/27, Strike $15.98		2
	12,061		Mcdermott International, Ltd. 06/30/27, Strike $12.33		1


			TOTAL WARRANTS (Cost $5,152)		3


PRINCIPAL AMOUNT			VALUE

	U.S. GOVERNMENT AND AGENCY SECURITY (0.1%)

		*Other (0.1%)*
	310,000	United States Treasury Note^ 2.250%, 03/31/24 (Cost $309,490)	$	303,745


	ASSET BACKED SECURITY (0.0%)

		*Other (0.0%)*
	170,000	SVC ABS, LLC Series 2023-1A, Class C*~ 6.700%, 02/20/53 (Cost $155,685)		153,140


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE

	PURCHASED OPTIONS (0.6%) #

		*Communication Services (0.0%)*
	105 1,637,895	Baidu, Inc. Call, 12/15/23, Strike $160.00		179,025


		*Consumer Discretionary (0.1%)*
	2,250 2,542,500	Arcos Dorados Holdings, Inc. Call, 11/17/23, Strike $12.50		90,000
	390 1,669,200	Li Auto, Inc. Call, 12/15/23, Strike $45.00		211,575
	8 213,944	Tesla, Inc. Put, 09/01/23, Strike $280.00		16,060

				317,635


		*Financials (0.1%)*
	1,320 3,243,240	ICICI Bank, Ltd. Call, 01/19/24, Strike $24.00		247,500


		*Health Care (0.0%)*
	520 2,231,320	Inmode, Ltd. Call, 01/19/24, Strike $47.50		158,600


		*Information Technology (0.0%)*
	34 1,588,786	NVIDIA Corp. Call, 11/17/23, Strike $500.00		146,370


		*Materials (0.1%)*
	3,350 2,552,700	Cemex, Sab De CV Call, 01/19/24, Strike $8.00		201,000


		*Other (0.3%)*
	2,460 94,385,280	Invesco QQQ Trust Series 1 Put, 11/17/23, Strike $330.00		707,250
		iShares MSCI EAFE ETF
	4,000 29,784,000	Put, 12/15/23, Strike $60.00		74,000
	1,100 7,432,700	Call, 01/19/24, Strike $71.00		275,000
	20 9,177,920	S&P 500 Index Put, 12/29/23, Strike $4,200.00		103,300
	700 32,045,300	SPDR S&P 500 ETF Trust Put, 12/15/23, Strike $360.00		113,050


See accompanying Notes to Schedule of Investments

15


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT				VALUE
	96 595,843	EUR	TotalEnergies, SE Call, 12/15/23, Strike 55.05	$	34,022

					1,306,622


			TOTAL PURCHASED OPTIONS (Cost $8,007,441)		2,556,752


	TOTAL INVESTMENTS (140.6%) (Cost $723,603,928)				622,928,508


	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-15.8%)				(70,000,000	)


	LIABILITIES, LESS OTHER ASSETS (-24.8%)				(109,976,500	)


	NET ASSETS (100.0%)			$	442,952,008


	WRITTEN OPTION (0.0%) #

			*Other (0.0%)*
	20 9,177,920		S&P 500 Index Put, 12/29/23, Strike $3,500.00 (Premium $34,139)		(30,700	)


NOTES TO SCHEDULE OF INVESTMENTS
*		Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.
@		In default status and considered non-income producing.
&		Illiquid security.
‡		Variable rate security. The rate shown is the rate in effect at July 31, 2023.
^		Security, or portion of security, is on loan.
µ		Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $233,114,286.
~		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 $39,745,498.
§		Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
¡		Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.
!		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
‡‡		Perpetual maturity.
#		Non-income producing security.


FOREIGN CURRENCY ABBREVIATIONS
AED		UAE Dirham
AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CNY		Chinese Yuan Renminbi
EUR		European Monetary Unit
GBP		British Pound Sterling
HKD		Hong Kong Dollar
IDR		Indonesian Rupiah
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
NOK		Norwegian Krone
PHP		Philippine Peso
PLN		Polish Zloty
SAR		Saudi Riyal
SEK		Swedish Krona
THB		Thai Baht
TWD		New Taiwan Dollar
ZAR		South African Rand

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


See accompanying Notes to Schedule of Investments

16


Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

CURRENCY EXPOSURE JULY 31, 2023



		Value	% of Total Investments

US Dollar	$	425,425,730	68.3%
European Monetary Unit		46,700,228	7.5%
Hong Kong Dollar		28,761,932	4.6%
Japanese Yen		21,695,371	3.5%
British Pound Sterling		19,637,374	3.2%
New Taiwan Dollar		18,654,249	3.0%
Indian Rupee		15,214,502	2.4%
Canadian Dollar		12,881,407	2.1%
South Korean Won		5,334,984	0.9%
Chinese Yuan Renminbi		4,228,295	0.7%
Brazilian Real		3,968,467	0.6%
Mexican Peso		3,546,610	0.6%
Indonesian Rupiah		3,420,909	0.5%
Norwegian Krone		3,413,557	0.5%
Swiss Franc		2,511,642	0.4%
Australian Dollar		2,451,892	0.4%
Philippine Peso		1,615,585	0.3%
Thai Baht		1,217,877	0.2%
Polish Zloty		713,310	0.1%
UAE Dirham		660,288	0.1%
Saudi Riyal		427,572	0.1%
South African Rand		235,959	—%
Swedish Krona		180,068	—%

Total Investments	$	622,897,808	100.0%

Currency exposure may vary over time.


See accompanying Notes to Schedule of Investments

17

Notes to Schedule of Investments (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Global Dynamic Income Fund (the “Fund”, or “Trust”) was organized as a Delaware statutory trust on April 10, 2007 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 June 27, 2007.

The Fund’s investment strategy is to generate a high level of current income with a secondary objective of capital appreciation. Under normal circumstances, the Fund will invest 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, under normal circumstances, will invest 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).

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

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

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

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

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

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

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

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

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

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

Note 2 – Investments

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


Cost basis of investments			$723,569,789

Gross unrealized appreciation			15,183,488
Gross unrealized depreciation			(115,855,469)

Net unrealized appreciation (depreciation)			$(100,671,981)

* 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 – Short Sales

Securities sold short represent obligations to deliver the securities at a future date. The 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 Statement 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.

Note 4 – Mandatory Redeemable Preferred Shares

The Fund has MRPS issued with an aggregate liquidation preference of $70,000,000, divided into four series with different mandatory redemption dates and dividend rates.

The table below summarizes the key terms of each series of the MRPS at July 31, 2023.


Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series B	9/06/24	4.00%	860	$25	$21,500,000
Series C	9/06/27	4.24%	880	$25	$22,000,000
Series D	8/24/26	2.45%	200	$25	$5,000,000
Series E	5/24/27	2.68%	860	$25	$21,500,000
				Total	$70,000,000

On September 6, 2022, $21,500,000 of Series A MRPS were redeemed at $25.01 per share.

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

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

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA-” by 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 the Fund has not made timely payments to MRPS holders and/or the MRPS do not have a current credit rating, subject to various terms and conditions. Dividends accrued and paid to the shareholders of MRPS are included in “Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares” within the Statement of Operations.

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

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

MRPS Overcollateralization Test: So long as Fitch or any other NSRSO, such as 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.

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

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

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