NPORT-EX 2 cgopartf_7312022.htm CALAMOS PART F 7/31/2022 HTML

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

PRINCIPAL

AMOUNT

             VALUE
 

CORPORATE BONDS (19.2%)

  
    Airlines (0.4%)  
 
 71,239
  
    

Air Canada Pass Through Trust

Series 2015-1, Class B*

3.875%, 09/15/24

  

$

69,990

 

 
 11,000
  
    

Air Canada Pass Through Trust

Series 2015-2, Class B*

5.000%, 06/15/25

  

 

10,779

 

 
 48,533
  
    

Alaska Airlines Pass Through

Trust Series 2020-1, Class A*

4.800%, 02/15/29

  

 

47,903

 

 
 33,927
  
    

Alaska Airlines Pass Through Trust Series 2020-1, Class B*

8.000%, 02/15/27

  

 

35,630

 

 
 55,000
  
    

American Airlines Pass Through Trust Series 2021-1, Class B

3.950%, 01/11/32

  

 

46,126

 

   

American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*

  
  33,000      

5.500%, 04/20/26

     32,575  
  11,000      

5.750%, 04/20/29

     10,546  
 
 49,751
  
    

British Airways Pass Through Trust Series 2021-1, Class B*

3.900%, 03/15/33

  

 

42,981

 

 
 33,740
  
    

JetBlue Pass Through Trust

Series 2020-1, Class B

7.750%, 05/15/30

  

 

34,024

 

 
 33,800
  
    

Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.*

8.000%, 09/20/25

  

 

35,260

 

 
 31,973
  
    

United Airlines Pass Through Trust Series 2014-2, Class B

4.625%, 03/03/24

  

 

31,796

 

 
 22,486
  
    

United Airlines Pass Through Trust Series 2019-2, Class B

3.500%, 11/01/29

  

 

19,479

 

     

 

 

 

        417,089  
     

 

 

 

    Communication Services (1.5%)  
 
 55,000
  
    

APi Escrow Corp.*

4.750%, 10/15/29

  

 

46,416

 

 
 75,000
  
    

Arrow Bidco, LLC*

9.500%, 03/15/24

  

 

75,650

 

   

Audacy Capital Corp.*

  
  27,000      

6.500%, 05/01/27

     13,398  
  22,000      

6.750%, 03/31/29

     10,668  
 
 33,000
  
    

Beasley Mezzanine Holdings, LLC*

8.625%, 02/01/26

  

 

25,171

 

 
 15,000
  
    

Cincinnati Bell Telephone Company, LLC

6.300%, 12/01/28

  

 

13,734

 

 
 70,000
  
    

Consolidated Communications, Inc.*

6.500%, 10/01/28

  

 

60,313

 

 
 200,000
  
    

CSC Holdings, LLC*

5.500%, 04/15/27

  

 

193,898

 

   

Diamond Sports Group, LLC / Diamond Sports Finance Company*

  
  45,000      

6.625%, 08/15/27

     4,450  
  27,000      

5.375%, 08/15/26

     5,921  
PRINCIPAL
AMOUNT		             VALUE
 
 81,000
  
    

DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.*

5.875%, 08/15/27

  

$

75,756

 

 
 43,000
  
    

Embarq Corp.

7.995%, 06/01/36

  

 

35,488

 

 
 45,000
  
    

Frontier California, Inc.

6.750%, 05/15/27

  

 

43,434

 

   

Frontier Communications Holdings, LLC*

  
  28,000      

5.000%, 05/01/28

     26,319  
  11,000      

8.750%, 05/15/30

     11,696  
 
 65,000
  
    

Frontier Florida, LLC@

6.860%, 02/01/28

  

 

61,655

 

 
 65,000
  
    

Frontier North, Inc.@

6.730%, 02/15/28

  

 

62,034

 

   

Go Daddy Operating Company, LLC / GD Finance Company, Inc.*

  
  40,000      

3.500%, 03/01/29

     35,703  
  13,000      

5.250%, 12/01/27

     12,728  
 
 15,000
  
    

Hughes Satellite Systems Corp.

5.250%, 08/01/26

  

 

15,229

 

   

Intelsat Jackson Holdings, SA@&

  
  30,000      

9.750%, 07/15/25*

     —    
  25,000      

5.500%, 08/01/23

     —    
  32,314      

Ligado Networks, LLC*

  
   

15.500%, 11/01/23

  
   

15.500% PIK rate

     17,209  
   

Lumen Technologies, Inc.

  
  63,000      

7.600%, 09/15/39

     51,071  
  60,000      

4.000%, 02/15/27*

     55,771  
  23,000      

4.500%, 01/15/29*

     18,253  
 
 22,000
  
    

Match Group Holdings II, LLC*

3.625%, 10/01/31

  

 

18,682

 

 
 35,000
  
    

Midas OpCo Holdings, LLC*

5.625%, 08/15/29

  

 

29,486

 

   

Netflix, Inc.

  
  40,000      

4.875%, 06/15/30*

     39,332  
  25,000      

4.875%, 04/15/28

     24,833  
 
 22,000
  
    

Paramount Global‡

6.375%, 03/30/62

5 year CMT + 4.00%

  

 

20,853

 

   

Scripps Escrow II, Inc.*

  
  23,000      

3.875%, 01/15/29

     20,551  
  11,000      

5.375%, 01/15/31

     9,389  
 
 85,000
  
    

Scripps Escrow, Inc.*

5.875%, 07/15/27

  

 

81,317

 

   

Sirius XM Radio, Inc.*

  
  65,000      

5.500%, 07/01/29

     63,891  
  33,000      

4.000%, 07/15/28

     30,672  
  20,000      

3.125%, 09/01/26

     18,861  
  11,000      

3.875%, 09/01/31

     9,457  
 
 20,000
  
    

Spanish Broadcasting System, Inc.*^

9.750%, 03/01/26

  

 

16,161

 

 
 110,000
  
    

Sprint Corp.

7.125%, 06/15/24

  

 

115,278

 

 
 35,000
  
    

Telecom Italia Capital, SA

6.000%, 09/30/34

  

 

27,692

 

 
 22,000
  
    

Telesat Canada / Telesat, LLC*

4.875%, 06/01/27

  

 

12,968

 

 
 40,000
  
    

United States Cellular Corp.

6.700%, 12/15/33

  

 

39,806

 

 

 

See accompanying Notes to Schedule of Investments

 

1

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

PRINCIPAL

AMOUNT

             VALUE
 
 5,000
  
    

Univision Communications, Inc.*

4.500%, 05/01/29

  

$

4,527

 

     

 

 

 

        1,555,721  
     

 

 

 

    Consumer Discretionary (2.2%)  
   

American Axle & Manufacturing, Inc.

  
  46,000      

6.875%, 07/01/28

     44,346  
  4,000      

5.000%, 10/01/29^

     3,502  
   

Ashton Woods USA, LLC / Ashton Woods Finance Company*

  
  39,000      

6.625%, 01/15/28

     34,217  
  27,000      

4.625%, 08/01/29

     21,044  
  11,000      

4.625%, 04/01/30

     8,380  
   

At Home Group, Inc.*

  
  30,000      

4.875%, 07/15/28^

     23,636  
  21,000      

7.125%, 07/15/29

     14,269  
 
 13,000
  
    

Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^

5.375%, 03/01/29

  

 

11,868

 

   

Bath & Body Works, Inc.

  
  57,000      

6.694%, 01/15/27

     56,283  
  55,000      

6.875%, 11/01/35^

     50,609  
   

Caesars Entertainment, Inc.*

  
  28,000      

4.625%, 10/15/29^

     23,754  
  21,000      

8.125%, 07/01/27^

     21,049  
  21,000      

6.250%, 07/01/25

     21,026  
   

Carnival Corp.*

  
  21,000      

10.500%, 02/01/26

     22,078  
  11,000      

7.625%, 03/01/26

     9,496  
 
 50,000
  
    

Carriage Services, Inc.*

4.250%, 05/15/29

  

 

43,591

 

 
 30,000
  
    

Carvana Company*

4.875%, 09/01/29

  

 

17,987

 

   

CCO Holdings, LLC / CCO Holdings Capital Corp.*

  
  155,000      

5.125%, 05/01/27

     152,233  
  50,000      

4.750%, 03/01/30

     45,541  
  46,000      

4.250%, 02/01/31

     39,941  
  25,000      

4.500%, 08/15/30

     22,282  
  22,000      

4.750%, 02/01/32

     19,443  
  20,000      

5.000%, 02/01/28

     19,322  
  15,000      

4.250%, 01/15/34

     12,428  
  22,000      

CDI Escrow Issuer, Inc.*
5.750%, 04/01/30

     21,557  
 
 39,000
  
    

Cedar Fair, LP^

5.250%, 07/15/29

  

 

37,352

 

 
 10,000
  
    

Century Communities, Inc.*

3.875%, 08/15/29

  

 

8,607

 

   

Dana, Inc.

  
  40,000      

4.250%, 09/01/30

     33,748  
  22,000      

4.500%, 02/15/32

     18,389  
   

DISH DBS Corp.

  
  50,000      

5.250%, 12/01/26*

     42,922  
  41,000      

7.750%, 07/01/26

     33,945  
  30,000      

7.375%, 07/01/28

     21,399  
 
 47,000
  
    

Everi Holdings, Inc.*

5.000%, 07/15/29

  

 

43,145

 

 
 200,000
  
    

Ford Motor Credit Company, LLC

2.900%, 02/16/28

  

 

175,044

 

   

Gap, Inc.*^

  
  16,000      

3.875%, 10/01/31

     11,609  
  2,000      

3.625%, 10/01/29

     1,469  
   

goeasy, Ltd.*

  
  75,000      

5.375%, 12/01/24

     71,370  
  40,000      

4.375%, 05/01/26^

     34,480  

PRINCIPAL

AMOUNT

             VALUE
 
 32,000
  
    

Goodyear Tire & Rubber Company

5.000%, 07/15/29

  

$

29,197

 

 
 19,000
  
    

Group 1 Automotive, Inc.*

4.000%, 08/15/28

  

 

17,016

 

 
 81,000
  
    

Guitar Center, Inc.*

8.500%, 01/15/26

  

 

74,322

 

 
 50,000
  
    

JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*

5.125%, 02/01/28

  

 

49,923

 

 
 45,000
  
    

Liberty Interactive, LLC^

8.250%, 02/01/30

  

 

29,704

 

   

Life Time, Inc.*

  
  50,000      

5.750%, 01/15/26

     47,035  
  33,000      

8.000%, 04/15/26^

     31,144  
 
 28,000
  
    

Lindblad Expeditions, LLC*

6.750%, 02/15/27

  

 

25,759

 

 
 30,000
  
    

M/I Homes, Inc.

3.950%, 02/15/30

  

 

25,063

 

   

Macy’s Retail Holdings, LLC*

  
  46,000      

6.700%, 07/15/34

     44,557  
  27,000      

5.875%, 03/15/30

     23,349  
 
 55,000
  
    

Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.*

4.875%, 05/01/29

  

 

50,277

 

 
 58,000
  
    

Mohegan Gaming &

Entertainment*

8.000%, 02/01/26

  

 

51,536

 

   

Nordstrom, Inc.

  
  23,000      

4.250%, 08/01/31

     18,666  
  20,000      

5.000%, 01/15/44

     14,776  
 
 50,000
  
    

Penn National Gaming, Inc.*

4.125%, 07/01/29

  

 

41,642

 

 
 60,000
  
    

Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*

5.625%, 09/01/29

  

 

48,554

 

 
 111,000
  
    

Rite Aid Corp.*^

8.000%, 11/15/26

  

 

94,246

 

 
 63,000
  
    

Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed*

4.625%, 03/01/29

  

 

57,360

 

 
 50,000
  
    

Sonic Automotive, Inc.*

4.625%, 11/15/29

  

 

43,249

 

 
 36,000
  
    

Speedway Motorsports, LLC / Speedway Funding II, Inc.*

4.875%, 11/01/27

  

 

32,768

 

 
 39,000
  
    

Taylor Morrison Communities, Inc.*

5.750%, 01/15/28

  

 

37,832

 

 
 13,000
  
    

Viking Cruises, Ltd.*

13.000%, 05/15/25

  

 

13,771

 

 
 50,000
  
    

Vista Outdoor, Inc.*

4.500%, 03/15/29

  

 

38,562

 

 
 45,000
  
    

VOC Escrow, Ltd.*

5.000%, 02/15/28

  

 

40,090

 

 
 11,000
  
    

Williams Scotsman International, Inc.*

4.625%, 08/15/28

  

 

10,327

 

     

 

 

 

        2,284,086  
     

 

 

 

    Consumer Staples (2.2%)  
 
 51,000
  
    

Central Garden & Pet Company*

4.125%, 04/30/31

  

 

44,028

 

 

 

See accompanying Notes to Schedule of Investments

 

2

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

PRINCIPAL

AMOUNT

             VALUE
 
 63,000
  
    

Edgewell Personal Care Company*

4.125%, 04/01/29

  

$

56,614

 

   

Energizer Holdings, Inc.*

  
  59,000      

4.375%, 03/31/29

     48,744  
  10,000      

6.500%, 12/31/27

     9,341  
   

JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*

  
  65,000      

5.500%, 01/15/30

     63,413  
  19,000      

6.500%, 04/15/29

     19,410  
 
 22,000
  
    

Kraft Heinz Foods Company

4.375%, 06/01/46

  

 

19,422

 

 
 33,000
  
    

New Albertsons, LP

7.750%, 06/15/26

  

 

33,826

 

 
 43,000
  
    

Performance Food Group, Inc.*

4.250%, 08/01/29

  

 

38,270

 

 
 75,000
  
    

Pilgrim’s Pride Corp.*

5.875%, 09/30/27

  

 

75,071

 

   

Post Holdings, Inc.*

  
  21,000      

5.750%, 03/01/27

     21,034  
  11,000      

5.500%, 12/15/29

     10,402  
  6,000      

4.625%, 04/15/30

     5,382  
 
 42,000
  
    

Prestige Brands, Inc.*

3.750%, 04/01/31

  

 

36,147

 

 
 1,725,000
  
    

Unilever Capital Corp.^

3.250%, 03/07/24

  

 

1,733,539

 

 
 50,000
  
    

United Natural Foods, Inc.*^

6.750%, 10/15/28

  

 

50,368

 

 
 70,000
  
    

Vector Group, Ltd.*

5.750%, 02/01/29

  

 

63,606

 

     

 

 

 

        2,328,617  
     

 

 

 

    Energy (1.4%)  
   

Antero Resources Corp.*

  
  24,000      

5.375%, 03/01/30

     23,610  
  13,000      

7.625%, 02/01/29

     13,730  
 
 45,000
  
    

Apache Corp.

5.100%, 09/01/40

  

 

40,198

 

   

Buckeye Partners, LP

  
  40,000      

3.950%, 12/01/26

     37,282  
  25,000      

5.850%, 11/15/43

     18,733  
 
 50,000
  
    

Callon Petroleum Company*

7.500%, 06/15/30

  

 

48,093

 

   

Cheniere Energy Partners Company

  
  21,000      

3.250%, 01/31/32

     18,338  
  10,000      

4.000%, 03/01/31

     9,272  
 
 23,000
  
    

Cheniere Energy, Inc.

4.625%, 10/15/28

  

 

22,453

 

 
 32,000
  
    

Chesapeake Energy Corp.*

6.750%, 04/15/29

  

 

33,169

 

 
 80,000
  
    

DCP Midstream Operating, LP*‡

5.850%, 05/21/43

3 mo. USD LIBOR + 3.85%

  

 

69,633

 

  349      

Diamond Foreign Asset Company / Diamond Finance, LLC

  
   

9.000%, 04/22/27

  
   

13.000% PIK rate

     340  
 
 22,000
  
    

DT Midstream, Inc.*

4.125%, 06/15/29

  

 

20,317

 

  44,000      

Earthstone Energy Holdings, LLC*^

  
   

8.000%, 04/15/27

     42,105  

PRINCIPAL

AMOUNT

             VALUE

 

65,000

 

    

Energy Transfer, LP‡

5.800%, 11/01/66

3 mo. USD LIBOR + 3.02%

  

$

45,922

 

 
 32,000
  
    

6.500%, 11/01/66

5 year CMT + 5.69%

  

 

29,060

 

 

60,000

 

    

EnLink Midstream Partners, LP

6.000%, 12/15/22‡

3 mo. USD LIBOR + 4.11%

  

 

41,702

 

  50,000      

4.850%, 07/15/26

     49,596  
 
 32,000
  
    

EQM Midstream Partners, LP*

7.500%, 06/01/27

  

 

32,744

 

 
 43,000
  
    

Genesis Energy, LP / Genesis

Energy Finance Corp.

6.250%, 05/15/26

  

 

40,051

 

 
 30,000
  
    

Gulfport Energy Operating Corp.*

8.000%, 05/17/26

  

 

30,156

 

   

Gulfport Energy Operating Corp.

  
  45,000      

6.375%, 05/15/25&

     —    
  13,752      

8.000%, 05/17/26^

     13,823  
 
 50,000
  
    

Hilcorp Energy I, LP / Hilcorp Finance Company*

6.000%, 04/15/30

  

 

46,058

 

 
 32,000
  
    

Howard Midstream Energy Partners, LLC*

6.750%, 01/15/27

  

 

27,594

 

   

Laredo Petroleum, Inc.

  
  42,000      

10.125%, 01/15/28

     42,777  
  23,000      

9.500%, 01/15/25

     23,614  
  10,000      

7.750%, 07/31/29*^

     9,560  
 
 50,000
  
    

Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*

6.000%, 08/01/26

  

 

47,656

 

   

Moss Creek Resources Holdings, Inc.*

  
  25,000      

10.500%, 05/15/27

     24,071  
  25,000      

7.500%, 01/15/26

     22,820  
 
 22,000
  
    

Murphy Oil Corp.

6.375%, 07/15/28

  

 

21,997

 

   

New Fortress Energy, Inc.*

  
  40,000      

6.750%, 09/15/25

     39,096  
  22,000      

6.500%, 09/30/26

     20,850  
   

Occidental Petroleum Corp.

  
  29,000      

6.625%, 09/01/30

     32,199  
  22,000      

5.875%, 09/01/25

     22,681  
  18,000      

6.125%, 01/01/31

     19,296  
  9,000      

6.375%, 09/01/28

     9,710  
 
 69,000
  
    

Par Petroleum, LLC / Par Petroleum Finance Corp.*

7.750%, 12/15/25

  

 

65,671

 

 
 45,000
  
    

Parkland Corp.*

5.875%, 07/15/27

  

 

44,142

 

 
 43,000
  
    

Patterson-UTI Energy, Inc.

5.150%, 11/15/29

  

 

38,481

 

 
 50,000
  
    

Plains All American Pipeline, LP‡

6.125%, 11/15/22

3 mo. USD LIBOR + 4.11%

  

 

38,076

 

 
 60,000
  
    

Rockcliff Energy II, LLC*

5.500%, 10/15/29

  

 

57,942

 

   

Southwestern Energy Company

  
  22,000      

5.375%, 03/15/30

     21,687  
  20,000      

5.375%, 02/01/29

     19,569  
  11,000      

4.750%, 02/01/32

     10,277  
 
 11,000
  
    

Sunoco, LP / Sunoco Finance Corp.

4.500%, 04/30/30

  

 

9,665

 

 

 

See accompanying Notes to Schedule of Investments

 

3

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

PRINCIPAL

AMOUNT

             VALUE
   

Venture Global Calcasieu Pass,

  
   

LLC*

  
  10,000      

4.125%, 08/15/31

   $ 9,255  
  10,000      

3.875%, 08/15/29

     9,268  
 
 40,000
  
    

W&T Offshore, Inc.*

9.750%, 11/01/23

  

 

38,652

 

   

Weatherford International, Ltd.*

  
  47,000      

6.500%, 09/15/28

     44,842  
  30,000      

8.625%, 04/30/30

     27,236  
     

 

 

 

        1,525,069  
     

 

 

 

    Financials (4.3%)  
   

Acrisure, LLC / Acrisure Finance,

  
   

Inc.*

  
  64,000      

6.000%, 08/01/29

     53,404  
  56,000      

7.000%, 11/15/25

     53,832  
 
 67,000
  
    

Aethon United BR, LP / Aethon

United Finance Corp.*

8.250%, 02/15/26

  

 

69,186

 

 
 73,000
  
    

AG Issuer, LLC*

6.250%, 03/01/28

  

 

66,134

 

   

Alliant Holdings Intermediate, LLC

  
   

/ Alliant Holdings Co-Issuer*

  
  110,000      

6.750%, 10/15/27

     104,532  
  10,000      

5.875%, 11/01/29

     8,716  
  10,000      

4.250%, 10/15/27

     9,374  
   

Ally Financial, Inc.

  
  49,000      

4.700%, 05/15/26‡

  
   

5 year CMT + 3.87%

     41,315  
  35,000      

8.000%, 11/01/31

     39,652  
  20,000      

4.700%, 03/01/28‡

  
   

7 year CMT + 3.48%

     15,868  
 
 50,000
  
    

American Finance Trust, Inc. /

American Finance Operating

Partner, LP*

4.500%, 09/30/28

  

 

40,358

 

 
 86,000
  
    

AmWINS Group, Inc.*

4.875%, 06/30/29

  

 

78,359

 

 
 120,000
  
    

AssuredPartners, Inc.*

7.000%, 08/15/25

  

 

118,950

 

 
 48,000
  
    

Aviation Capital Group, LLC*

3.500%, 11/01/27

  

 

42,183

 

 
 12,000
  
    

Bank of New York Mellon Corp.‡

3.750%, 12/20/26

5 year CMT + 2.63

  

 

10,439

 

 
 88,000
  
    

BroadStreet Partners, Inc.*

5.875%, 04/15/29

  

 

76,154

 

   

Brookfield Property REIT, Inc. /

  
   

BPR Cumulus, LLC / BPR

  
   

Nimbus, LLC / GGSI Sellco, LLC*

  
  85,000      

4.500%, 04/01/27

     74,790  
  56,000      

5.750%, 05/15/26

     54,641  
 
 10,000
  
    

Capital One Financial Corp.‡^

3.950%, 08/01/34

5 year CMT + 3.16%

  

 

8,682

 

 
 48,000
  
    

Castlelake Aviation Finance

DAC*^

5.000%, 04/15/27

  

 

40,320

 

   

Credit Acceptance Corp.

  
  65,000      

6.625%, 03/15/26^

     65,626  
  52,000      

5.125%, 12/31/24*

     50,268  
  58,000      

Enact Holdings, Inc.*

  
   

6.500%, 08/15/25

     58,446  

PRINCIPAL

AMOUNT

             VALUE
 
 64,000
  
    

Global Net Lease, Inc. / Global

Net Lease Operating Partnership,

LP*

3.750%, 12/15/27

  

$

56,141

 

 
 84,000
  
    

Greystar Real Estate Partners,

LLC*

5.750%, 12/01/25

  

 

84,003

 

   

HUB International, Ltd.*

  
  157,000      

7.000%, 05/01/26

     155,297  
  66,000      

5.625%, 12/01/29

     59,515  
   

Icahn Enterprises, LP / Icahn Enterprises Finance Corp.

  
  65,000      

5.250%, 05/15/27

     62,636  
  31,000      

4.375%, 02/01/29

     27,935  
 
 100,000
  
    

ILFC E-Capital Trust II*‡

5.100%, 12/21/65

3 mo. USD LIBOR + 1.80%

  

 

76,778

 

 
 120,000
  
    

Iron Mountain, Inc.*

5.250%, 03/15/28

  

 

115,340

 

   

Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*

  
  88,000      

5.250%, 10/01/25

     83,247  
  22,000      

4.750%, 06/15/29

     18,843  
 
 63,000
  
    

LD Holdings Group, LLC*

6.125%, 04/01/28

  

 

38,351

 

   

Level 3 Financing, Inc.

  
  45,000      

4.250%, 07/01/28*

     39,465  
  22,000      

3.875%, 11/15/29*

     19,606  
  15,000      

5.375%, 05/01/25

     15,018  
 
 30,000
  
    

LPL Holdings, Inc.*

4.000%, 03/15/29

  

 

27,927

 

 
 100,000
  
    

MetLife, Inc.

6.400%, 12/15/66

  

 

104,737

 

   

Navient Corp.

  
  95,000      

5.000%, 03/15/27

     85,915  
  50,000      

4.875%, 03/15/28

     42,948  
   

OneMain Finance Corp.

  
  30,000      

3.875%, 09/15/28

     24,886  
  27,000      

7.125%, 03/15/26

     26,343  
 
 23,000
  
    

Park Intermediate Holdings, LLC /

PK Domestic Property, LLC / PK

Finance Co-Issuer*

5.875%, 10/01/28

  

 

22,582

 

 
 73,000
  
    

PHH Mortgage Corp.*

7.875%, 03/15/26

  

 

68,954

 

 
 10,000
  
    

PNC Financial Services Group,

Inc.‡

6.000%, 12/20/26

5 year CMT + 3.00%

  

 

10,061

 

 
 50,000
  
    

RHP Hotel Properties, LP / RHP

Finance Corp.*

4.500%, 02/15/29

  

 

45,941

 

 
 33,000
  
    

RLJ Lodging Trust, LP*

3.750%, 07/01/26

  

 

31,010

 

   

Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*

  
  20,000      

3.875%, 03/01/31

     16,529  
  20,000      

3.625%, 03/01/29

     17,112  
  10,000      

2.875%, 10/15/26

     8,837  
 
 1,775,000
  
    

Shell International Finance, BV^

2.000%, 11/07/24

  

 

1,736,731

 

 
 43,000
  
    

StoneX Group, Inc.*

8.625%, 06/15/25

  

 

43,971

 

 
 10,000
  
    

SVB Financial Group‡

4.000%, 08/09/22

5 year CMT + 3.20

  

 

8,193

 

 

 

See accompanying Notes to Schedule of Investments

 

4

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

PRINCIPAL
AMOUNT

             VALUE
   

United Wholesale Mortgage, LLC*

  
  52,000      

5.500%, 04/15/29^

   $ 44,643  
  20,000      

5.750%, 06/15/27

     17,507  
 
 25,000
  
    

Uniti Group, LP / Uniti Group

Finance, Inc. / CSL Capital, LLC*

6.500%, 02/15/29

  

 

18,906

 

 
 20,000
  
    

US Bancorp‡

3.700%, 06/01/26

5 year CMT + 2.54

  

 

16,791

 

   

XHR, LP*

  
  47,000      

6.375%, 08/15/25

     47,369  
  22,000      

4.875%, 06/01/29

     19,828  
     

 

 

 

        4,521,125  
     

 

 

 

    Health Care (3.0%)  
   

Bausch Health Americas, Inc.*

  
  145,000      

8.500%, 01/31/27

     91,768  
  25,000      

9.250%, 04/01/26^

     17,518  
   

Bausch Health Companies, Inc.*

  
  85,000      

7.250%, 05/30/29

     46,633  
  50,000      

5.000%, 01/30/28

     26,727  
  16,000      

6.125%, 02/01/27^

     13,667  
 
 22,000
  
    

Charles River Laboratories

International, Inc.*

3.750%, 03/15/29

  

 

20,505

 

 
 5,000
  
    

CHS/Community Health Systems, Inc.*

5.250%, 05/15/30

  

 

4,205

 

   

CHS/Community Health Systems, Inc.*

  
  88,000      

6.125%, 04/01/30^

     47,385  
  60,000      

8.000%, 03/15/26

     57,338  
  25,000      

6.875%, 04/15/29

     13,934  
   

DaVita, Inc.*

  
  89,000      

4.625%, 06/01/30

     73,339  
  52,000      

3.750%, 02/15/31

     39,839  
   

Embecta Corp.*

  
  33,000      

5.000%, 02/15/30

     28,585  
  11,000      

6.750%, 02/15/30

     10,168  
   

Encompass Health Corp.

  
  20,000      

4.750%, 02/01/30

     18,498  
  20,000      

4.500%, 02/01/28

     18,528  
 
 52,000
  
    

HCA, Inc.

7.500%, 11/06/33

  

 

59,467

 

 
 200,000
  
    

Jazz Securities DAC*

4.375%, 01/15/29

  

 

192,800

 

 
 18,000
  
    

Mallinckrodt International Finance,

SA / Mallinckrodt CB, LLC*

10.000%, 06/15/29

  

 

11,009

 

   

Medline Borrower, LP*

  
  55,000      

3.875%, 04/01/29

     49,708  
  53,000      

5.250%, 10/01/29^

     47,929  
 
 200,000
  
    

Organon & Company / Organon

Foreign Debt Co-Issuer, BV*

5.125%, 04/30/31

  

 

187,628

 

 
 1,785,000
  
    

Roche Holdings, Inc.*^

2.132%, 03/10/25

  

 

1,747,229

 

 
 62,000
  
    

Team Health Holdings, Inc.*^

6.375%, 02/01/25

  

 

42,288

 

   

Tenet Healthcare Corp.

  
  120,000      

6.250%, 02/01/27*

     121,363  
  70,000      

6.875%, 11/15/31

     68,540  
  65,000      

4.875%, 01/01/26*

     64,107  

PRINCIPAL
AMOUNT

             VALUE
 
 55,000
  
    

Teva Pharmaceutical Finance

Netherlands III, BV

3.150%, 10/01/26

  

$

49,376

 

     

 

 

 

        3,170,081  
     

 

 

 

    Industrials (2.5%)  
 
 53,000
  
    

Abercrombie & Fitch Management

Company*

8.750%, 07/15/25

  

 

52,172

 

 
 50,000
  
    

ACCO Brands Corp.*

4.250%, 03/15/29

  

 

43,829

 

 
 50,000
  
    

Air Lease Corp.‡

4.125%, 08/15/22

5 year CMT + 3.15%

  

 

37,467

 

   

Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*

  
  75,000      

4.625%, 01/15/27

     71,257  
  55,000      

5.875%, 02/15/28

     53,614  
  23,000      

3.500%, 03/15/29

     20,009  
   

Allison Transmission, Inc.*

  
  40,000      

4.750%, 10/01/27

     38,080  
  10,000      

3.750%, 01/30/31

     8,644  
 
 10,000
  
    

American Airlines Group, Inc.*^

3.750%, 03/01/25

  

 

8,780

 

 
 25,000
  
    

Arcosa, Inc.*

4.375%, 04/15/29

  

 

22,408

 

  200,000      

ARD Finance, SA*

  
   

6.500%, 06/30/27

  
   

7.250% PIK rate

     151,768  
 
 28,000
  
    

Avolon Holdings Funding, Ltd.*

5.250%, 05/15/24

  

 

27,688

 

 
 34,000
  
    

Beacon Roofing Supply, Inc.*

4.125%, 05/15/29

  

 

30,157

 

 
 65,000
  
    

Berry Global, Inc.*

4.875%, 07/15/26

  

 

63,842

 

 
 44,000
  
    

BWX Technologies, Inc.*

4.125%, 04/15/29

  

 

41,375

 

 
 26,000
  
    

Cascades, Inc. / Cascades USA, Inc.*

5.375%, 01/15/28

  

 

23,582

 

 
 12,000
  
    

Delta Air Lines, Inc.

7.375%, 01/15/26

  

 

12,622

 

   

Delta Air Lines, Inc. / SkyMiles IP, Ltd.*

  
  11,000      

4.750%, 10/20/28

     10,792  
  6,000      

4.500%, 10/20/25

     5,946  
 
 58,000
  
    

Deluxe Corp.*

8.000%, 06/01/29

  

 

50,725

 

 
 22,000
  
    

Dun & Bradstreet Corp.*

5.000%, 12/15/29

  

 

20,473

 

 
 33,000
  
    

Eco Material Technologies, Inc.*

7.875%, 01/31/27

  

 

29,610

 

 
 55,000
  
    

Endurance International Group

Holdings, Inc.*

6.000%, 02/15/29

  

 

40,740

 

 
 25,000
  
    

EnerSys*

4.375%, 12/15/27

  

 

23,027

 

 
 50,000
  
    

Fly Leasing, Ltd.*

7.000%, 10/15/24

  

 

27,484

 

 
 23,000
  
    

GFL Environmental, Inc.*

3.750%, 08/01/25

  

 

22,342

 

 
 23,000
  
    

Graham Packaging Company, Inc.*^

7.125%, 08/15/28

  

 

19,556

 

 

 

See accompanying Notes to Schedule of Investments

 

5

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

PRINCIPAL
AMOUNT

             VALUE
 
 25,000
  
    

Granite US Holdings Corp.*

11.000%, 10/01/27

  

$

23,281

 

   

Graphic Packaging International, LLC*

  
  30,000      

4.750%, 07/15/27

     29,473  
  20,000      

3.500%, 03/01/29

     18,152  
  51,000      

Great Lakes Dredge & Dock Corp.*

5.250%, 06/01/29

     46,004  
 
 101,000
  
    

H&E Equipment Services, Inc.*

3.875%, 12/15/28

  

 

88,471

 

 
 69,000
  
    

Hawaiian Brand Intellectual

Property, Ltd. / HawaiianMiles

Loyalty, Ltd.*

5.750%, 01/20/26

  

 

67,251

 

 
 65,000
  
    

Herc Holdings, Inc.*

5.500%, 07/15/27

  

 

65,104

 

 
 61,000
  
    

Howmet Aerospace, Inc.

5.125%, 10/01/24

  

 

61,790

 

 
 50,000
  
    

IEA Energy Services, LLC*

6.625%, 08/15/29

  

 

49,448

 

 
 62,000
  
    

JELD-WEN, Inc.*

4.625%, 12/15/25

  

 

57,316

 

 
 70,000
  
    

Ken Garff Automotive, LLC*

4.875%, 09/15/28

  

 

59,480

 

 
 21,000
  
    

MasTec, Inc.*

4.500%, 08/15/28

  

 

19,421

 

 
 31,000
  
    

Meritor, Inc.*

4.500%, 12/15/28

  

 

30,914

 

 
 33,000
  
    

Moog, Inc.*

4.250%, 12/15/27

  

 

30,855

 

  60,000      

Nationstar Mortgage Holdings, Inc.*

5.500%, 08/15/28

     52,743  
 
 52,000
  
    

Novelis Corp.*

4.750%, 01/30/30

  

 

48,150

 

 
 15,000
  
    

OI European Group, BV*

4.750%, 02/15/30

  

 

12,615

 

 
 50,000
  
    

Pactiv Evergreen Group Issuer,

Inc. / Pactiv Evergreen Group

Issuer, LLC*

4.000%, 10/15/27

  

 

44,231

 

 
 67,000
  
    

Patrick Industries, Inc.*

4.750%, 05/01/29

  

 

52,232

 

 
 55,000
  
    

Peninsula Pacific Entertainment,

LLC / Peninsula Pacific

Entertainment Finance Inc.*

8.500%, 11/15/27

  

 

59,452

 

 
 43,000
  
    

Picasso Finance Sub, Inc.*

6.125%, 06/15/25

  

 

43,599

 

   

QVC, Inc.

  
  39,000      

4.375%, 09/01/28

     30,452  
  20,000      

5.450%, 08/15/34

     14,276  
 
 40,000
  
    

Sensata Technologies, Inc.*

3.750%, 02/15/31

  

 

34,794

 

   

Sinclair Television Group, Inc.*

  
  33,000      

4.125%, 12/01/30

     28,332  
  20,000      

5.500%, 03/01/30^

     16,107  
 
 50,000
  
    

Standard Industries, Inc.*

5.000%, 02/15/27

  

 

48,332

 

 
 90,000
  
    

Station Casinos, LLC*

4.500%, 02/15/28

  

 

81,706

 

 
 35,000
  
    

Stericycle, Inc.*

3.875%, 01/15/29

  

 

32,018

 

 
 35,000
  
    

STL Holding Company, LLC*

7.500%, 02/15/26

  

 

31,151

 

PRINCIPAL
AMOUNT

             VALUE
   

TransDigm, Inc.

  
  97,000      

6.250%, 03/15/26*

   $ 97,540  
  60,000      

7.500%, 03/15/27

     61,068  
 
 22,000
  
    

Tronox, Inc.*

4.625%, 03/15/29

  

 

19,195

 

   

United Rentals North America, Inc.

  
  20,000      

3.750%, 01/15/32

     17,681  
  11,000      

3.875%, 02/15/31

     10,052  
 
 44,000
  
    

Vertiv Group Corp.*

4.125%, 11/15/28

  

 

39,080

 

 
 46,000
  
    

Wabash National Corp.*

4.500%, 10/15/28

  

 

38,138

 

 
 35,000
  
    

Waste Pro USA, Inc.*

5.500%, 02/15/26

  

 

32,425

 

   

WESCO Distribution, Inc.*

  
  27,000      

7.125%, 06/15/25

     27,951  
  13,000      

7.250%, 06/15/28

     13,573  
     

 

 

 

        2,591,842  
     

 

 

 

    Information Technology (0.8%)  
 
 21,000
  
    

Booz Allen Hamilton, Inc.*

4.000%, 07/01/29

  

 

20,061

 

 
 80,000
  
    

Clarivate Science Holdings Corp.*

3.875%, 07/01/28

  

 

72,906

 

 
 39,000
  
    

Clear Channel Worldwide

Holdings, Inc.*

5.125%, 08/15/27

  

 

36,251

 

 
 60,000
  
    

CommScope Technologies, LLC*

6.000%, 06/15/25

  

 

55,582

 

 
 40,000
  
    

CommScope, Inc.*

4.750%, 09/01/29

  

 

34,792

 

   

Dell International, LLC / EMC Corp.

  
  55,000      

6.020%, 06/15/26

     58,459  
  32,000      

6.100%, 07/15/27

     34,360  
 
 26,000
  
    

Fair Isaac Corp.*

4.000%, 06/15/28

  

 

24,400

 

 
 23,000
  
    

II-VI, Inc.*

5.000%, 12/15/29

  

 

22,125

 

 
 50,000
  
    

KBR, Inc.*

4.750%, 09/30/28

  

 

45,185

 

   

MPH Acquisition Holdings, LLC*

  
  50,000      

5.750%, 11/01/28

     42,641  
  20,000      

5.500%, 09/01/28

     18,645  
 
 22,000
  
    

NCR Corp.*

5.125%, 04/15/29

  

 

21,167

 

 
 28,000
  
    

Nielsen Finance, LLC / Nielsen

Finance Company*

4.500%, 07/15/29

  

 

26,576

 

 
 34,000
  
    

ON Semiconductor Corp.*

3.875%, 09/01/28

  

 

31,513

 

   

Open Text Corp.*

  
  39,000      

3.875%, 02/15/28

     36,187  
  16,000      

3.875%, 12/01/29

     14,435  
 
 16,000
  
    

Open Text Holdings, Inc.*

4.125%, 12/01/31

  

 

14,358

 

 
 22,000
  
    

Playtika Holding Corp.*

4.250%, 03/15/29

  

 

19,720

 

 
 36,000
  
    

PTC, Inc.*

4.000%, 02/15/28

  

 

34,262

 

 
 60,000
  
    

TTM Technologies, Inc.*

4.000%, 03/01/29

  

 

52,807

 

   

Twilio, Inc.

  
  30,000      

3.625%, 03/15/29

     26,396  
  11,000      

3.875%, 03/15/31^

     9,760  
 

 

See accompanying Notes to Schedule of Investments

 

6

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

PRINCIPAL
AMOUNT

             VALUE
 
 55,000
  
    

Viavi Solutions, Inc.*

3.750%, 10/01/29

  

$

49,323

 

 
 50,000
  
    

ZoomInfo Technologies, LLC /

ZoomInfo Finance Corp.*

3.875%, 02/01/29

  

 

44,781

 

     

 

 

 

        846,692  
     

 

 

 

    Materials (0.5%)  
 
 25,000
  
    

ArcelorMittal, SA

7.000%, 10/15/39

  

 

25,834

 

 
 27,000
  
    

ATI, Inc.

5.875%, 12/01/27

  

 

25,258

 

 
 12,000
  
    

Carpenter Technology Corp.

7.625%, 03/15/30

  

 

10,928

 

 
 35,000
  
    

Chemours Company*

4.625%, 11/15/29

  

 

30,748

 

 
 65,000
  
    

Clearwater Paper Corp.*

4.750%, 08/15/28

  

 

58,462

 

   

Commercial Metals Company

  
  22,000      

4.125%, 01/15/30

     19,355  
  11,000      

4.375%, 03/15/32

     9,636  
 
 25,000
  
    

Freeport-McMoRan, Inc. - Class H

5.450%, 03/15/43

  

 

23,488

 

 
 34,000
  
    

HB Fuller Company

4.250%, 10/15/28

  

 

30,496

 

 
 40,000
  
    

JW Aluminum Continuous Cast

Company*

10.250%, 06/01/26

  

 

41,516

 

   

Kaiser Aluminum Corp.*

  
  50,000      

4.625%, 03/01/28

     43,970  
  5,000      

4.500%, 06/01/31

     4,027  
 
 30,000
  
    

LSF11 A5 HoldCo, LLC*^

6.625%, 10/15/29

  

 

25,784

 

 
 46,000
  
    

Mercer International, Inc.

5.125%, 02/01/29

  

 

43,142

 

 
 70,000
  
    

Owens-Brockway Glass

Container, Inc.*^

6.625%, 05/13/27

  

 

67,498

 

 
 11,000
  
    

Sealed Air Corp.*

5.000%, 04/15/29

  

 

10,944

 

 
 56,000
  
    

Silgan Holdings, Inc.

4.125%, 02/01/28

  

 

53,604

 

 
 21,000
  
    

Trinseo Materials Operating SCA /

Trinseo Materials Finance, Inc.*

5.125%, 04/01/29

  

 

14,672

 

 
 39,000
  
    

Univar Solutions USA, Inc.*

5.125%, 12/01/27

  

 

37,777

 

 
 23,000
  
    

Valvoline, Inc.*

3.625%, 06/15/31

  

 

19,091

 

     

 

 

 

        596,230  
     

 

 

 

    Real Estate (0.2%)  
 
 34,000
  
    

EPR Properties

3.750%, 08/15/29

  

 

29,399

 

   

Forestar Group, Inc.*

  
  38,000      

5.000%, 03/01/28

     33,453  
  21,000      

3.850%, 05/15/26

     18,610  
 
 50,000
  
    

MIWD Holdco II, LLC / MIWD

Finance Corp.*

5.500%, 02/01/30

  

 

42,670

 

   

Service Properties Trust

  
  65,000      

4.350%, 10/01/24

     58,338  
  20,000      

5.250%, 02/15/26

     16,723  
     

 

 

 

        199,193  
     

 

 

 

PRINCIPAL
AMOUNT

             VALUE
    Special Purpose Acquisition Companies (0.1%)  
   

Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*

  
  45,000      

6.750%, 01/15/30

   $ 36,840  
  23,000      

4.625%, 01/15/29

     21,463  
     

 

 

 

        58,303  
     

 

 

 

    Utilities (0.1%)  
 
 16,000
  
    

PPL Capital Funding, Inc.‡

4.915%, 03/30/67

3 mo. USD LIBOR + 2.67%

  

 

12,844

 

 
 65,000
  
    

TerraForm Power Operating, LLC*

5.000%, 01/31/28

  

 

62,534

 

 

25,000

 

    

Vistra Corp.*‡

8.000%, 10/15/26

5 year CMT + 6.93%

  

 

24,251

 

 
 20,000
  
    

7.000%, 12/15/26

5 year CMT + 5.74%

  

 

18,296

 

     

 

 

 

        117,925  
     

 

 

 

   

TOTAL CORPORATE BONDS

(Cost $21,769,371)

  

 

20,211,973

 

     

 

 

 

 

CONVERTIBLE BONDS (20.8%)

  
    Airlines (0.9%)  
 
 900,000
  
  

EUR

  

Deutsche Lufthansa, AG

2.000%, 11/17/25

  

 

884,587

 

     

 

 

 

    Communication Services (0.6%)  
 
 635,000
  
    

Twitter, Inc.

0.250%, 06/15/24

  

 

646,716

 

     

 

 

 

    Consumer Discretionary (7.2%)  
 
 81,000
  
    

DISH Network Corp.

2.375%, 03/15/24

  

 

72,395

 

 
 1,000,000
  
  

AUD

  

Flight Centre Travel Group, Ltd.

2.500%, 11/17/27

  

 

738,945

 

 
 3,160,000
  
    

Ford Motor Company

0.000%, 03/15/26

  

 

3,374,912

 

 
 1,485,000
  
    

Liberty Broadband Corp.*

2.750%, 09/30/50

  

 

1,421,175

 

  685,000      

Marriott Vacations Worldwide Corp.

0.000%, 01/15/26

     685,411  
 
 15,000
  
    

Peloton Interactive, Inc.

0.000%, 02/15/26

  

 

9,919

 

 
 1,000,000
  
  

AUD

  

Webjet, Ltd.

0.750%, 04/12/26

  

 

706,197

 

 
 500,000
  
  

GBP

  

WH Smith, PLC

1.625%, 05/07/26

  

 

533,329

 

     

 

 

 

        7,542,283  
     

 

 

 

    Consumer Staples (0.7%)  
 
 915,000
  
  

CAD

  

Premium Brands Holdings Corp.

4.200%, 09/30/27

  

 

709,821

 

     

 

 

 

    Financials (2.6%)  
 
 12,000,000
  
  

HKD

  

Citigroup Global Markets Funding

Luxembourg SCA

0.000%, 07/25/24

  

 

1,474,673

 

 

 

See accompanying Notes to Schedule of Investments

 

7

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

PRINCIPAL
AMOUNT

             VALUE
 
 170,000,000
  
  

JPY

  

SBI Holdings, Inc.

0.000%, 09/13/23

  

$

1,299,152

 

     

 

 

 

        2,773,825  
     

 

 

 

    Industrials (2.7%)  
 
 1,135,000
  
    

Air Transport Services Group, Inc.

1.125%, 10/15/24

  

 

1,288,804

 

 
 2,000,000
  
  

SGD

  

Singapore Airlines, Ltd.

1.625%, 12/03/25

  

 

1,539,655

 

     

 

 

 

        2,828,459  
     

 

 

 

    Information Technology (2.9%)  
 
 835,000
  
    

Block, Inc.

0.125%, 03/01/25

  

 

854,831

 

 
 835,000
  
    

CyberArk Software, Ltd.

0.000%, 11/15/24

  

 

902,226

 

 
 1,078,000
  
    

Enphase Energy, Inc.

0.000%, 03/01/26

  

 

1,295,077

 

 
 30,000
  
    

Shift4 Payments, Inc.*

0.500%, 08/01/27

  

 

21,816

 

     

 

 

 

        3,073,950  
     

 

 

 

    Materials (3.1%)  
 
 2,000,000
  
    

Glencore Funding, LLC

0.000%, 03/27/25

  

 

2,114,360

 

 
 270,000
  
    

Ivanhoe Mines, Ltd.*

2.500%, 04/15/26

  

 

289,999

 

 
 1,024,000
  
    

Lithium Americas Corp.*

1.750%, 01/15/27

  

 

893,901

 

     

 

 

 

        3,298,260  
     

 

 

 

    Real Estate (0.1%)  
 
 100,000
  
  

EUR

  

ANLLIAN Capital, Ltd.

0.000%, 02/05/25

  

 

111,540

 

     

 

 

 

   

TOTAL CONVERTIBLE BONDS

(Cost $24,391,671)

  

 

21,869,441

 

     

 

 

 

 

BANK LOANS (0.1%) ¡

  
    Airlines (0.0%)  
 
 30,000
  
    

Mileage Plus Holdings, LLC‡

7.313%, 06/21/27

3 mo. LIBOR + 5.25%

  

 

30,300

 

 
 15,000
  
    

Mileage Plus Holdings, LLC!

0.000%, 06/21/27

  

 

15,150

 

     

 

 

 

        45,450  
     

 

 

 

    Communication Services (0.0%)  
 
 33,000
  
    

Entercom Media Corp.‡

4.846%, 11/18/24

1 mo. LIBOR + 2.50%

  

 

29,339

 

     

 

 

 

    Information Technology (0.1%)  
 
 51,536
  
    

Banff Merger Sub, Inc.‡

6.122%, 10/02/25

1 mo. LIBOR + 3.75%

  

 

49,758

 

     

 

 

 

   

TOTAL BANK LOANS

(Cost $127,305)

  

 

124,547

 

     

 

 

 

NUMBER OF
SHARES

             VALUE
 

WARRANTS (0.0%) #

  
    Energy (0.0%)  
 
 256
  
    

Denbury, Inc.

09/18/25, Strike $32.59

  

$

11,781

 

 
 95
  
    

Denbury, Inc.

09/18/23, Strike $35.41

  

 

3,610

 

 
 2,607
  
    

Mcdermott International, Ltd.&

06/30/27, Strike $15.98

  

 

1

 

 
 2,347
  
    

Mcdermott International, Ltd.

06/30/27, Strike $12.33

  

 

—  

 

     

 

 

 

   

TOTAL WARRANTS

(Cost $15,143)

  

 

15,392

 

     

 

 

 

 

COMMON STOCKS (78.4%)

  
    Communication Services (6.1%)  
  32,000      

Alphabet, Inc. - Class A^#

     3,722,240  
  925      

Altice USA, Inc. - Class A#

     9,722  
  25,550    

HKD

  

Baidu, Inc. - Class A#

     441,616  
  195    

EUR

  

CTS Eventim, AG & Company KGaA#

     10,741  
  310      

Cumulus Media, Inc. - Class A#

     2,461  
  280    

EUR

  

IPSOS

     14,352  
  2,900      

Meta Platforms, Inc. - Class A^#

     461,390  
  15,060      

Tencent Holdings, Ltd.^

     582,220  
  8,800    

HKD

  

Tencent Holdings, Ltd.

     340,109  
  7,610      

Walt Disney Company#~

     807,421  
  2,195    

GBP

  

YouGov, PLC

     29,269  
     

 

 

 

        6,421,541  
     

 

 

 

    Consumer Discretionary (7.8%)  
  22,300    

HKD

  

Alibaba Group Holding, Ltd.#

     250,729  
  1,745      

Alibaba Group Holding, Ltd.#

     155,951  
  7,100    

MXN

  

Alsea, SAB de CV#

     13,851  
  25,200      

Amazon.com, Inc.^#

     3,400,740  
 
 15,775
  
    

Arcos Dorados Holdings, Inc. -

Class A

  

 

114,527

 

  2,600    

CNY

  

BYD Company, Ltd. - Class A

     124,269  
 
 2,500
  
  

CNY

  

China Tourism Group Duty Free

Corp., Ltd. - Class A

  

 

78,088

 

  745    

EUR

  

CIE Automotive, SA^

     19,598  
  10,075    

CHF

  

Cie Financiere Richemont, SA - Class A

     1,214,818  
  51,000    

HKD

  

Geely Automobile Holdings, Ltd.

     101,128  
  13,100    

CNY

  

Haier Smart Home Company, Ltd. - Class A

     48,269  
  30,700    

INR

  

Indian Hotels Company, Ltd. - Class A

     102,227  
  5,900    

HKD

  

JD.com, Inc. - Class A

     176,012  
  34,000    

HKD

  

Jiumaojiu International Holdings, Ltd.*^

     73,980  
  17,000    

HKD

  

Li Ning Company, Ltd.

     137,898  
  7,750    

INR

  

Mahindra & Mahindra, Ltd.

     114,175  
  44,100    

IDR

  

Matahari Department Store Tbk PT

     13,512  
  6,900    

HKD

  

Meituan - Class B*#

     154,790  
  142,600    

THB

  

Minor International PCL#

     129,777  
 
 1,200
  
    

New Oriental Education &

Technology Group, Inc.#

  

 

32,892

 

  1,000    

JPY

  

Nextage Company, Ltd.

     22,119  
  44    

INR

  

Page Industries, Ltd.

     27,131  
  1,210    

EUR

  

Prosus, NV#

     78,934  
  114,900    

HKD

  

Samsonite International, SA*#

     241,015  
  42,800    

HKD

  

Sands China, Ltd.#

     100,389  
 

 

See accompanying Notes to Schedule of Investments

 

8

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

NUMBER OF
SHARES

             VALUE
  590    

EUR

  

Sanlorenzo S.p.A. / Ameglia

   $ 20,540  
  1,245      

Tesla, Inc.#

     1,109,855  
  3,090    

GBP

  

Trainline, PLC*#

     14,959  
  4,480    

AUD

  

Webjet, Ltd.^#

     16,323  
  1,800    

HKD

  

Yum China Holdings, Inc.

     84,276  
     

 

 

 

        8,172,772  
     

 

 

 

    Consumer Staples (7.9%)  
  530    

INR

  

Britannia Industries, Ltd.

     26,091  
  29,250    

GBP

  

British American Tobacco, PLC

     1,146,121  
  33,699      

Coca-Cola Company^~

     2,162,465  
  1,420      

Costco Wholesale Corp.

     768,646  
  780    

INR

  

Hindustan Unilever, Ltd.

     26,002  
  11,800    

BRL

  

Hypera, SA

     97,130  
  700    

JPY

  

Kobe Bussan Company, Ltd.

     19,954  
 
 300
  
  

CNY

  

Kweichow Moutai Company, Ltd. -

Class A

  

 

84,525

 

  9,250    

HKD

  

L’Occitane International, SA

     31,555  
 
 15,600
  
    

Mondelez International, Inc. -

Class A

  

 

999,024

 

  8,700    

CHF

  

Nestle, SA

     1,065,987  
 
 4,000
  
  

CNY

  

Proya Cosmetics Company, Ltd. -

Class A

  

 

104,702

 

  370    

DKK

  

Royal Unibrew, A/S

     31,555  
  31,300    

JPY

  

Seven & i Holdings Company, Ltd.

     1,275,795  
  26,000    

HKD

  

Smoore International Holdings, Ltd.*

     60,045  
  210,000    

IDR

  

Sumber Alfaria Trijaya Tbk PT

     26,585  
  18,225    

INR

  

Varun Beverages, Ltd.

     203,313  
  29,200    

MXN

  

Wal-Mart de Mexico, SAB de CV

     106,154  
     

 

 

 

        8,235,649  
     

 

 

 

    Energy (4.6%)  
  2,330    

CAD

  

ARC Resources, Ltd.^

     32,679  
  2,110      

Calfrac Well Services, Ltd.#&

     7,786  
  28,400    

CAD

  

Canadian Natural Resources, Ltd.^

     1,568,204  
  14,970    

CAD

  

CES Energy Solutions Corp.

     31,096  
  479      

Chaparral Energy, Inc. - Class A#&

     25,387  
  131      

Chesapeake Energy Corp.^

     12,336  
  3,045      

Energy Transfer, LP

     34,439  
  1,815      

Enterprise Products Partners, LP

     48,515  
  341      

EP Energy Corp.#&

     2,898  
  585      

Magellan Midstream Partners, LP

     30,127  
  10,400      

Marathon Petroleum Corp.

     953,264  
 
 4,970
  
  

EUR

  

Motor Oil Hellas Corinth

Refineries, SA

  

 

86,147

 

  9,030    

AUD

  

New Hope Corp, Ltd.^

     27,976  
  25,800    

THB

  

PTT Exploration & Production, PCL

     113,896  
  7,500    

INR

  

Reliance Industries, Ltd.

     238,319  
  5,575    

ZAR

  

Sasol, Ltd.#

     117,113  
  32,750      

Schlumberger, NV

     1,212,732  
  776      

Superior Energy Services, Inc.&#

     46,560  
  79,000    

IDR

  

United Tractors, Tbk PT

     172,648  
  2,820    

CAD

  

Whitecap Resources, Inc.^

     21,559  
  450      

Williams Companies, Inc.

     15,340  
     

 

 

 

        4,799,021  
     

 

 

 

    Financials (10.1%)  
  86,000    

HKD

  

AIA Group, Ltd.

     864,011  
  358,250    

IDR

  

Bank Central Asia, Tbk PT

     178,143  
  157,600    

IDR

  

Bank Mandiri Persero, Tbk PT

     88,218  
  53,325      

Bank of America Corp.^~

     1,802,918  
  5,050    

EUR

  

Bank of Ireland Group, PLC

     28,893  

NUMBER OF
SHARES

             VALUE
  3,100      

Chubb, Ltd.

   $ 584,784  
  29,304    

AED

  

First Abu Dhabi Bank, PJSC

     155,091  
  23,650    

ZAR

  

FirstRand, Ltd.

     93,554  
  3,580    

KRW

  

Hana Financial Group, Inc.

     102,590  
  76,250    

INR

  

HDFC Bank, Ltd.

     1,394,542  
 
 3,770
  
  

INR

  

Housing Development Finance

Corp., Ltd.

  

 

114,306

 

  7,040      

ICICI Bank, Ltd.

     146,291  
  48,225      

Itau Unibanco Holding, SA

     217,013  
  10,325      

JPMorgan Chase & Company~

     1,191,092  
  25,500    

THB

  

Kasikornbank PCL

     100,156  
  1,170,000    

GBP

  

Lloyds Banking Group, PLC

     647,780  
  10,760    

GBP

  

Man Group PLC

     35,796  
  13,725      

Morgan Stanley^

     1,157,018  
  3,735    

GBP

  

Paragon Banking Group, PLC

     24,386  
 
 48,500
  
  

HKD

  

Ping An Insurance Group

Company of China, Ltd. - Class H

  

 

285,037

 

 
 167,000
  
  

HKD

  

Postal Savings Bank of China

Company of China, Ltd. - Class H*^

  

 

110,491

 

  5,340    

AUD

  

Steadfast Group, Ltd.

     20,020  
  36,550      

UBS Group, AG^#

     593,572  
  15,425      

Wells Fargo & Company

     676,695  
     

 

 

 

        10,612,397  
     

 

 

 

    Health Care (12.7%)  
  1,450    

GBP

  

Abcam, PLC#

     21,670  
 
 16,499
  
  

CNY

  

Aier Eye Hospital Group

Company, Ltd. - Class A

  

 

74,569

 

  27,948      

Alcon, Inc.

     2,182,459  
  8,075    

GBP

  

AstraZeneca, PLC

     1,062,195  
  18,700    

THB

  

Bumrungrad Hospital PCL

     92,459  
  290    

SEK

  

Cellavision, AB

     10,447  
  3,500      

Danaher Corp.

     1,020,145  
  385    

GBP

  

Dechra Pharmaceuticals, PLC

     17,326  
  4,780      

Eli Lilly & Company^

     1,575,918  
  1,775    

GBP

  

Ergomed, PLC#

     26,075  
  775    

EUR

  

Fagron

     11,821  
  205      

Galapagos, NV#

     10,437  
 
 4,500
  
  

CNY

  

Hangzhou Tigermed Consulting

Company, Ltd. - Class A

  

 

68,246

 

  1,400      

Humana, Inc.

     674,800  
  657      

Mallinckrodt, PLC#

     11,498  
  600    

JPY

  

Menicon Company, Ltd.

     15,130  
  29,400      

Novo Nordisk, A/S

     3,412,164  
  800    

JPY

  

Ono Pharmaceutical Company, Ltd.

     22,495  
  12,400    

EUR

  

Sanofi

     1,232,232  
  3,150      

UnitedHealth Group, Inc.^

     1,708,371  
  12,500    

HKD

  

Wuxi Biologics Cayman, Inc.*#

     119,651  
     

 

 

 

        13,370,108  
     

 

 

 

    Industrials (7.6%)  
  610    

EUR

  

Aalberts, NV

     26,142  
  14,700    

EUR

  

Airbus, SE

     1,584,979  
  40,400    

THB

  

Airports of Thailand PCL#

     77,101  
  226    

EUR

  

Alfen Beheer, BV*#

     26,383  
  100    

JPY

  

BayCurrent Consulting, Inc.

     31,286  
  45,800    

INR

  

Bharat Electronics, Ltd.

     159,206  
  8,775    

CAD

  

Canadian Pacific Railway, Ltd.

     691,899  
 
 1,700
  
  

CNY

  

Contemporary Amperex

Technology Company, Ltd. -

Class A#

  

 

129,170

 

  395    

EUR

  

DO & CO, AG#

     33,003  
  450    

JPY

  

Ebara Corp.

     17,628  
  4,080    

INR

  

Hindustan Aeronautics, Ltd.

     104,525  
 

 

See accompanying Notes to Schedule of Investments

 

9

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

NUMBER OF
SHARES		             VALUE
 
 3,040
  
  

PHP

  

International Container Terminal

Services, Inc.

  

$

10,710

 

  3,095    

KRW

  

Korea Aerospace Industries, Ltd.

     136,116  
  2,025    

EUR

  

Leonardo S.p.A

     18,967  
 
 8,200
  
  

CNY

  

Ningbo Orient Wires & Cables

Company, Ltd. - Class A

  

 

97,405

 

  810    

EUR

  

Rexel, SA#

     14,396  
  175    

EUR

  

Rheinmetall, AG

     32,091  
  11,100    

EUR

  

Schneider Electric, SE

     1,535,173  
  1,090    

JPY

  

Sojitz Corp.

     16,564  
  600    

CAD

  

Stantec, Inc.

     29,608  
 
 4,500
  
  

CNY

  

Sungrow Power Supply Company,

Ltd. - Class A

  

 

82,930

 

  10,450    

EUR

  

Thales, SA

     1,299,558  
  1,100    

JPY

  

THK Company, Ltd.

     23,337  
  10,400      

Waste Management, Inc.

     1,711,424  
 
 28,800
  
  

CNY

  

YTO Express Group Company,

Ltd. - Class A

  

 

82,681

 

     

 

 

 

        7,972,282  
     

 

 

 

    Information Technology (17.7%)  
  3,260      

Accenture, PLC - Class A

     998,408  
  125    

EUR

  

Alten, SA

     16,930  
  19,745      

Apple, Inc.^

     3,208,760  
  3,710      

ASML Holding, NV

     2,131,173  
  11,500    

HKD

  

BOE Varitronix, Ltd.

     26,736  
  226      

CyberArk Software, Ltd.#

     29,409  
  21,000    

TWD

  

E Ink Holdings, Inc.

     138,155  
  5,360      

Infosys, Ltd.

     104,466  
  2,500    

JPY

  

Keyence Corp.

     990,855  
 
 56,000
  
  

HKD

  

Kingdee International Software

Group Company, Ltd.#

  

 

120,911

 

  870    

EUR

  

Lectra

     30,579  
  4,000    

TWD

  

Marketech International Corp.

     15,255  
  5,000    

TWD

  

MediaTek, Inc.

     115,200  
  14,680      

Microsoft Corp.^

     4,121,263  
  2,600      

NVIDIA Corp.

     472,238  
  3,600      

salesforce, Inc.^#

     662,472  
  5,980    

KRW

  

Samsung Electronics Company, Ltd.

     283,064  
  400    

JPY

  

SCREEN Holdings Company, Ltd.

     28,948  
  3,010    

KRW

  

SK Hynix, Inc.

     227,546  
 
 204,000
  
  

TWD

  

Taiwan Semiconductor

Manufacturing Company, Ltd.

  

 

3,498,511

 

 
 6,890
  
    

Taiwan Semiconductor

Manufacturing Company, Ltd.

(ADR)

  

 

609,627

 

  23,600    

BRL

  

TOTVS, SA

     120,278  
  3,125      

Visa, Inc. - Class A

     662,844  
     

 

 

 

        18,613,628  
     

 

 

 

    Materials (3.4%)  
  51,125    

CAD

  

Barrick Gold Corp.

     805,671  
  123,075    

AED

  

Fertiglobe, PLC

     160,747  
  29,300      

Freeport-McMoRan, Inc.~

     924,415  
  3,615    

AUD

  

IGO, Ltd.

     28,327  
  290    

JPY

  

Kureha Corp.

     22,056  
  146,500    

NOK

  

Norsk Hydro, ASA

     992,571  
  885    

AUD

  

OZ Minerals, Ltd.

     11,819  
  9,300    

GBP

  

Rio Tinto, PLC

     561,436  
  3,360      

Yamana Gold, Inc.

     16,061  
     

 

 

 

        3,523,103  
     

 

 

 

    Real Estate (0.3%)  
  179,500    

PHP

  

Ayala Land, Inc.

     82,379  
NUMBER OF
SHARES		             VALUE
  28,500    

HKD

  

China Overseas Land & Investment, Ltd.

   $ 78,758  
  22,500    

INR

  

DLF, Ltd.

     109,520  
  120    

EUR

  

VGP, NV

     21,076  
     

 

 

 

        291,733  
     

 

 

 

    Special Purpose Acquisition Companies (0.2%)

 

  518      

Intelsat Emergence, SA#&

     14,245  
  9,050    

EUR

  

Shell, PLC

     241,193  
     

 

 

 

        255,438  
     

 

 

 

    Utilities (0.0%)  
  10,100    

GBP

  

Centrica, PLC#

     10,822  
     

 

 

 

   

TOTAL COMMON STOCKS

(Cost $89,673,798)

     82,278,494  
     

 

 

 

 

PREFERRED STOCKS (0.2%)

  
    Consumer Discretionary (0.1%)  
  305      

Guitar Center, Inc.&

     36,447  
    Energy (0.1%)  
 
 1,689
  
    

NuStar Energy, LP‡

7.673%

3 mo. USD LIBOR + 5.64%

  

 

35,384

 

 
 989
  
    

NuStar Energy, LP‡

8.769%

3 mo. USD LIBOR + 6.77%

  

 

23,687

 

 
 2,270
  
    

NuStar Logistics, LP‡

9.246%, 01/15/43

3 mo. USD LIBOR + 6.73%

  

 

56,705

 

     

 

 

 

        115,776  
     

 

 

 

    Financials (0.0%)  
 
 876
  
    

B Riley Financial, Inc.

5.250%, 08/31/28

  

 

19,263

 

     

 

 

 

   

TOTAL PREFERRED STOCKS

(Cost $178,091)

     171,486  
 

EXCHANGE-TRADED FUNDS (1.3%)

  
    Other (1.3%)  
  45,865      

Invesco Senior Loan ETF^

     961,789  
  8,150      

iShares MSCI Saudi Arabia ETF^

     359,171  
     

 

 

 

   

TOTAL EXCHANGE-TRADED

FUNDS

(Cost $1,408,972)

  

 

1,320,960

 

     

 

 

 

 

CONVERTIBLE PREFERRED STOCKS (3.1%)

  
    Consumer Discretionary (1.2%)  
 
 10,508
  
    

Aptiv, PLC

5.500%, 06/15/23

  

 

1,274,305

 

    Energy (0.0%)  
 
 1
  
    

Gulfport Energy Operating

Corp.‡&

10.000%,

15.000% PIK rate

  

 

6,600

 

 

 

See accompanying Notes to Schedule of Investments

 

10

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

NUMBER OF
SHARES		             VALUE
    Information Technology (1.2%)  
 
 765
  
    

Broadcom, Inc.

8.000%, 09/30/22

  

$

1,283,517

 

     

 

 

 

    Utilities (0.7%)  
 
 12,111
  
    

NextEra Energy, Inc.

4.872%, 09/01/22

  

 

743,494

 

     

 

 

 

   

TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $3,488,725)

  

 

3,307,916

 

     

 

 

 

PRINCIPAL
AMOUNT

             VALUE
 

U.S. GOVERNMENT AND AGENCY SECURITIES (16.3%)

  
    Other (16.3%)  
   

U.S. Treasury Note

  
  1,800,000      

2.000%, 05/31/24

     1,771,172  
  1,760,000      

1.750%, 06/30/24^

     1,723,116  
  1,750,000      

2.125%, 03/31/24

     1,726,621  
  1,595,000      

0.125%, 01/31/23µ

     1,573,411  
  1,550,000      

2.375%, 01/31/23µ

     1,546,064  
  1,545,000      

2.125%, 12/31/22^µ

     1,540,805  
  1,540,000      

2.000%, 11/30/22

     1,536,782  
  1,400,000      

2.250%, 03/31/24

     1,384,059  
  1,270,000      

2.000%, 06/30/24^

     1,248,767  
  1,260,000      

2.500%, 04/30/24

     1,250,501  
 
 1,800,000
  
    

United States Treasury Note
2.250%, 04/30/24

     1,779,469  
     

 

 

 

   

TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES

(Cost $17,172,922)

  

 

17,080,767

 

     

 

 

 

NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT

             VALUE
 

PURCHASED OPTIONS (2.0%) #

  
    Communication Services (0.3%)  
  30      

Baidu, Inc.

  
  409,710      

Call, 01/20/23, Strike $165.00

     26,400  
  205      

Live Nation Entertainment, Inc.

  
  1,926,795      

Call, 01/20/23, Strike $90.00

     290,075  
     

 

 

 

        316,475  
     

 

 

 

    Consumer Discretionary (0.1%)  
  150      

Amazon.com, Inc.

  
  2,024,250      

Put, 11/18/22, Strike $100.00

     23,550  
  30      

Li Auto, Inc.

  
  98,520      

Call, 09/16/22, Strike $40.00

     2,610  
  18      

Pinduoduo, Inc.

  
  88,218      

Call, 10/21/22, Strike $65.00

     4,086  
  44      

Trip.com Group, Ltd.

  
  113,432      

Call, 01/20/23, Strike $30.00

     11,000  
  50      

Vail Resorts, Inc.

  
  1,185,650      

Call, 01/20/23, Strike $240.00

     111,500  
     

 

 

 

        152,746  
     

 

 

 

NUMBER OF
CONTRACTS/
NOTIONAL
AMOUNT		             VALUE
    Energy (0.1%)  
   

Eog Resources, Inc.

  
  50        
  556,100      

Call, 01/20/23, Strike $122.20 $

     47,250  
  45        
  500,490      

Call, 01/20/23, Strike $158.20

     10,125  
   

Pioneer Natural Resources Company

  
  25        
  592,375      

Call, 01/20/23, Strike $240.00

     51,875  
  25        
  592,375      

Call, 01/20/23, Strike $310.00

     12,375  
     

 

 

 

        121,625  
     

 

 

 

    Financials (0.1%)  
  188      

Bank of America Corp.

  
  635,628      

Put, 01/20/23, Strike $32.00

     38,728  
  40      

Berkshire Hathaway, Inc.

  
  1,202,400      

Call, 11/18/22, Strike $310.00

     42,500  
     

 

 

 

        81,228  
     

 

 

 

    Industrials (0.4%)  
  150      

Quanta Services, Inc.

  
  2,080,950      

Call, 11/18/22, Strike $120.00

     369,000  
     

 

 

 

    Information Technology (0.3%)  
  30      

Adobe, Inc.

  
  1,230,360      

Call, 01/20/23, Strike $400.00

     149,100  
  368      

Taiwan Semiconductor Mfg

  
  3,256,064      

Put, 01/20/23, Strike $75.00

     118,680  
     

 

 

 

        267,780  
     

 

 

 

    Other (0.7%)  
  193      

Invesco QQQ Trust Series

  
  6,088,378      

Call, 12/16/22, Strike $450.00

     1,930  
   

iShares China Large-Cap ETF

  
  390        
  1,184,820      

Call, 01/20/23, Strike $35.00

     30,810  
  373        
  1,133,174      

Put, 11/18/22, Strike $28.00

     38,046  
  240      

iShares MSCI Brazil ETF

  
  696,480      

Call, 01/20/23, Strike $30.00

     58,200  
  293      

iShares MSCI Emerging Markets

  
  1,170,828      

Put, 11/18/22, Strike $37.00

     27,689  
  320      

iShares MSCI Emerging Markets

  
  1,278,720      

Put, 09/16/22, Strike $38.00

     16,960  
  495      

SPDR S&P 500 ETF Trust

  
  12,591,315      

Put, 11/18/22, Strike $390.00

     558,112  
  163      

SPDR S&P 500 ETF Trust

  
  4,146,231      

Call, 12/16/22, Strike $535.00

     1,793  
  184      

Xtrackers Harvest CSI

  
  18,400      

Put, 01/20/23, Strike $28.00

     18,676  
     

 

 

 

        752,216  
     

 

 

 

    Special Purpose Acquisition Company (0.0%)

 

  40      

Shell, PLC

  
  213,520      

Call, 01/20/23, Strike $55.00

     15,200  
     

 

 

 

    TOTAL PURCHASED OPTIONS
(Cost $3,829,505)		     2,076,270  
     

 

 

 

 

 

See accompanying Notes to Schedule of Investments

 

11

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

 

            VALUE

    TOTAL INVESTMENTS (141.4%)
(Cost $162,055,503)

  

$

148,457,246

 

     

 

 

 

MANDATORY REDEEMABLE PREFERRED
SHARES, AT LIQUIDATION VALUE (-20.0%)

  

 

(21,000,000

) 

     

 

 

 

LIABILITIES, LESS OTHER ASSETS (-21.4%)

     (22,475,321 ) 
     

 

 

 

NET ASSETS (100.0%)

   $ 104,981,925  
     

 

 

 

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.

‡

Variable rate security. The rate shown is the rate in effect at July 31, 2022.

^

Security, or portion of security, is on loan.

&

Illiquid security.

¡

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

!

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

#

Non-income producing security.

~

Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $2,628,701.

µ

Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $4,056,379.

 

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
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.

 

 

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 July 31, 2022 was as follows*:

 

Cost basis of investments

    $ 162,055,503  
  

 

 

  

Gross unrealized appreciation

      5,886,506  

Gross unrealized depreciation

      (19,484,763 ) 
  

 

 

  

Net unrealized appreciation (depreciation)

    $ (13,598,257 ) 
  

 

 

  

 

*

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. 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 July 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 A MRPS were called for redemption and to be redeemed at $25.01 per share on September 6, 2022. Dividends on the Series A Shares to be redeemed will cease accumulating on the redemption date.

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, the Series D MRPS and Series E MRPS have each 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.

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

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

MRPS Overcollateralization Test: So long as Fitch or any other NSRSO, such as Kroll, is then rating any class of the outstanding MRPS pursuant to the request of the Fund, satisfaction of only those overcollateralization ratios applicable to closed-end fund issuers with the same rating(s) as the Fund’s MRPS’ then-current rating(s) issued by Fitch or such other NSRSO, such as Kroll, by application of the applicable rating agency guidelines.

With regard to Series D MRPS and Series 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.