Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	CORPORATE BONDS (15.8%)
		Airlines (0.3%)
	376,334	Air Canada Pass Through Trust Series 2015-1, Class B* 3.875%, 09/15/24	$	374,870
	53,100	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		51,763
	261,399	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		255,191
	153,799	Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		156,878
	292,351	British Airways Pass Through
		Trust Series 2021-1, Class B*
		3.900%, 03/15/33		249,972
	201,787	JetBlue Pass Through Trust
		Series 2020-1, Class B
		7.750%, 05/15/30		199,196
	354,000	Spirit Loyalty Cayman, Ltd. /
		Spirit IP Cayman, Ltd.*
		8.000%, 09/20/25		361,929
	119,436	United Airlines Pass Through
		Trust Series 2019-2, Class B
		3.500%, 11/01/29		107,295
				1,757,094
		Communication Services (1.7%)
	300,000	Altice France, SA*
		5.500%, 10/15/29		237,339
	320,000	APi Group DE, Inc.*
		4.750%, 10/15/29		288,938
	415,000	Arrow Bidco, LLC*
		9.500%, 03/15/24		417,370
	280,000	Ashtead Capital, Inc.*
		2.450%, 08/12/31		226,237
		Audacy Capital Corp.*
	336,000	6.750%, 03/31/29		60,383
	131,000	6.500%, 05/01/27		22,808
	196,000	Beasley Mezzanine Holdings, LLC*
		8.625%, 02/01/26		128,184
	204,000	Cincinnati Bell Telephone Company, LLC
		6.300%, 12/01/28		183,771
	65,000	CMG Media Corp.*
		8.875%, 12/15/27		50,942
	405,000	Consolidated Communications, Inc.*^
		6.500%, 10/01/28		331,088
		CSC Holdings, LLC*
	400,000	5.750%, 01/15/30		252,824
	400,000	5.375%, 02/01/28		336,536
	400,000	4.625%, 12/01/30		237,008
	400,000	4.500%, 11/15/31		295,136
	370,000	5.500%, 04/15/27		326,174
		Diamond Sports Group, LLC / Diamond Sports Finance Company*
	210,000	6.625%, 08/15/27		4,406
	146,000	5.375%, 08/15/26		10,791

PRINCIPAL    AMOUNT			VALUE
	368,000	Directv Financing, LLC / Directv Financing Co-Obligor, Inc.*
		5.875%, 08/15/27	$	333,908
	187,000	Embarq Corp.
		7.995%, 06/01/36		90,347
	275,000	Frontier California, Inc.
		6.750%, 05/15/27		260,678
		Frontier Communications Holdings, LLC*
	169,000	5.000%, 05/01/28		153,509
	65,000	8.750%, 05/15/30		67,388
	289,000	Frontier Florida, LLC@
		6.860%, 02/01/28		268,842
	400,000	Frontier North, Inc.@
		6.730%, 02/15/28		370,408
		Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	235,000	3.500%, 03/01/29		203,569
	69,000	5.250%, 12/01/27		66,911
	80,000	Hughes Satellite Systems Corp.
		5.250%, 08/01/26		78,108
		Intelsat Jackson Holdings, SA*@&
	200,000	9.750%, 07/15/25		—
	135,000	5.500%, 08/01/23		—
	330,000	LCPR Senior Secured Financing DAC*
		6.750%, 10/15/27		321,638
	184,065	Ligado Networks, LLC*
		15.500%, 11/01/23
		15.500% PIK rate		64,452
		Lumen Technologies, Inc.
	422,000	7.600%, 09/15/39		285,673
	133,000	4.500%, 01/15/29*		89,506
	130,000	Match Group Holdings II, LLC*^
		3.625%, 10/01/31		104,455
		Netflix, Inc.
	200,000	4.875%, 06/15/30*^		198,252
	130,000	4.875%, 04/15/28		130,033
	135,000	Paramount Global‡
		6.375%, 03/30/62
		5 year CMT + 4.00%		117,601
		Scripps Escrow II, Inc.*
	136,000	3.875%, 01/15/29		114,300
	68,000	5.375%, 01/15/31		54,917
	225,000	Scripps Escrow, Inc.*
		5.875%, 07/15/27		201,121
		Sirius XM Radio, Inc.*
	345,000	5.500%, 07/01/29		324,141
	201,000	4.000%, 07/15/28		178,948
	130,000	3.125%, 09/01/26		117,342
	65,000	3.875%, 09/01/31		53,546
	130,000	Spanish Broadcasting System, Inc.*
		9.750%, 03/01/26		76,863
	680,000	Sprint, LLC
		7.125%, 06/15/24		695,667
	235,000	Stagwell Global, LLC*
		5.625%, 08/15/29		206,222
	210,000	Telecom Italia Capital, SA
		6.000%, 09/30/34		168,764
	260,000	Telesat Canada / Telesat, LLC*
		4.875%, 06/01/27		119,660
	105,000	Time Warner Cable, LLC
		7.300%, 07/01/38		112,918

See accompanying Notes to Schedule of Investments

1

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	435,000	United States Cellular Corp.
		6.700%, 12/15/33	$	404,854
				9,444,476
		Consumer Discretionary (2.9%)
	320,000	Abercrombie & Fitch Management Company*^ 8.750%, 07/15/25		323,603
	278,000	American Axle & Manufacturing, Inc. 6.875%, 07/01/28		253,642
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	228,000	4.625%, 08/01/29		190,524
	204,000	6.625%, 01/15/28		186,742
	325,000	At Home Group, Inc.*^ 4.875%, 07/15/28		237,731
		Bath & Body Works, Inc.
	355,000	6.694%, 01/15/27		357,868
	330,000	6.875%, 11/01/35		304,567
		Caesars Entertainment, Inc.*
	168,000	4.625%, 10/15/29		143,652
	132,000	8.125%, 07/01/27^		134,095
	132,000	6.250%, 07/01/25		131,593
		Carnival Corp.*
	134,000	10.500%, 02/01/26		140,309
	68,000	7.625%, 03/01/26^		61,953
	315,000	Carriage Services, Inc.* 4.250%, 05/15/29		259,466
	195,000	Carvana Company* 4.875%, 09/01/29		87,107
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	725,000	5.125%, 05/01/27		691,577
	300,000	6.375%, 09/01/29		289,761
	300,000	4.750%, 03/01/30		262,596
	266,000	4.250%, 02/01/31		221,780
	150,000	4.500%, 08/15/30		128,345
	130,000	5.000%, 02/01/28		121,423
	130,000	4.750%, 02/01/32		110,608
	130,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		123,362
	207,000	Cedar Fair, LP^ 5.250%, 07/15/29		190,840
		Dana, Inc.
	220,000	4.250%, 09/01/30		187,191
	130,000	4.500%, 02/15/32		109,704
		DISH DBS Corp.
	325,000	5.250%, 12/01/26*		280,261
	215,000	7.750%, 07/01/26		174,707
	168,000	7.375%, 07/01/28		120,982
	130,000	5.125%, 06/01/29		82,882
	265,000	DISH Network Corp.* 11.750%, 11/15/27		275,091
	400,000	Empire Resorts, Inc.* 7.750%, 11/01/26		328,188
	296,000	Everi Holdings, Inc.* 5.000%, 07/15/29		268,064
	275,000	Ford Motor Company 6.100%, 08/19/32		270,138
		Ford Motor Credit Company, LLC
	515,000	7.350%, 11/04/27		540,668
	425,000	4.000%, 11/13/30		371,501
	350,000	5.113%, 05/03/29		332,062
	315,000	4.134%, 08/04/25		301,272
	200,000	7.350%, 03/06/30		210,214

PRINCIPAL    AMOUNT			VALUE
		Gap, Inc.*
	98,000	3.875%, 10/01/31^	$	73,497
	13,000	3.625%, 10/01/29		10,004
		goeasy, Ltd.*
	460,000	5.375%, 12/01/24		441,421
	241,000	4.375%, 05/01/26		216,498
	325,000	Goodyear Tire & Rubber Company^ 5.000%, 07/15/29		286,874
	114,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		100,305
	403,000	Guitar Center, Inc.*^ 8.500%, 01/15/26		352,552
		International Game Technology, PLC*
	345,000	6.250%, 01/15/27		346,911
	200,000	4.125%, 04/15/26		190,536
	265,000	Liberty Interactive, LLC 8.250%, 02/01/30		125,152
		Life Time, Inc.*
	196,000	8.000%, 04/15/26^		190,635
	135,000	5.750%, 01/15/26		130,658
	168,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		164,739
	175,000	M/I Homes, Inc. 3.950%, 02/15/30		147,434
		Macy’s Retail Holdings, LLC
	277,000	6.700%, 07/15/34*		234,298
	163,000	5.875%, 03/15/30*		149,310
	135,000	4.300%, 02/15/43		83,839
	310,000	Mclaren Finance, PLC* 7.500%, 08/01/26		234,806
	332,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		293,969
	360,000	Mohegan Tribal Gaming Authority* 8.000%, 02/01/26		341,417
		Newell Brands, Inc.
	65,000	6.375%, 09/15/27		65,430
	33,000	6.625%, 09/15/29^		33,489
		Nordstrom, Inc.
	130,000	5.000%, 01/15/44		87,612
	123,000	4.250%, 08/01/31		92,621
	305,000	Penn Entertainment, Inc.*^ 4.125%, 07/01/29		253,092
	365,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.*^ 5.625%, 09/01/29		265,976
	659,000	Rite Aid Corp.* 8.000%, 11/15/26		368,229
	370,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		314,278
	303,000	Sonic Automotive, Inc.*^ 4.625%, 11/15/29		252,217
	193,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		181,304
	545,000	Station Casinos, LLC* 4.500%, 02/15/28		491,110
	162,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		157,333

See accompanying Notes to Schedule of Investments

2

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	65,000	Viking Cruises, Ltd.* 13.000%, 05/15/25	$	68,986
	300,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		243,240
	67,000	Williams Scotsman International, Inc.* 4.625%, 08/15/28		62,139
				15,857,980
		Consumer Staples (0.7%)
	305,000	Central Garden & Pet Company* 4.125%, 04/30/31		256,246
	304,000	Edgewell Personal Care Company* 4.125%, 04/01/29		265,100
		Energizer Holdings, Inc.*
	370,000	4.375%, 03/31/29		321,252
	66,000	6.500%, 12/31/27		64,521
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	390,000	5.500%, 01/15/30		379,244
	295,000	5.125%, 02/01/28		289,383
	100,000	5.750%, 04/01/33		98,500
	177,000	New Albertsons, LP 7.750%, 06/15/26		180,278
	261,000	Performance Food Group, Inc.* 4.250%, 08/01/29		233,217
	250,000	PetSmart, Inc. / PetSmart Finance Corp.* 4.750%, 02/15/28		232,327
		Pilgrim’s Pride Corp.*
	210,000	5.875%, 09/30/27		208,515
	210,000	4.250%, 04/15/31		182,297
	115,000	Post Holdings, Inc.* 5.750%, 03/01/27		113,490
	252,000	Prestige Brands, Inc.* 3.750%, 04/01/31		214,097
	300,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		289,971
	413,000	Vector Group, Ltd.* 5.750%, 02/01/29		360,855
				3,689,293
		Energy (1.8%)
	267,000	Antero Resources Corp.* 5.375%, 03/01/30		249,250
	268,000	Apache Corp. 5.100%, 09/01/40		234,168
		Buckeye Partners, LP
	210,000	3.950%, 12/01/26		192,923
	135,000	5.850%, 11/15/43		103,868
	365,000	Callon Petroleum Company* 7.500%, 06/15/30		353,561
	129,000	Cheniere Energy, Inc. 4.625%, 10/15/28		123,036
	198,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		195,551
		Continental Resources, Inc.*
	200,000	2.875%, 04/01/32		157,028
	135,000	5.750%, 01/15/31		132,682
	415,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43
		3 mo. USD LIBOR + 3.85%		411,066

PRINCIPAL    AMOUNT			VALUE
	3,259	Diamond Foreign Asset Company / Diamond Finance, LLC
		9.000%, 04/22/27
		5.500% PIK rate	$	3,155
	202,000	DT Midstream, Inc.* 4.125%, 06/15/29		178,396
	391,000	Earthstone Energy Holdings, LLC* 8.000%, 04/15/27		381,819
	150,000	Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		150,241
	390,000	Energy Transfer, LP‡ 7.831%, 11/01/66 3 mo. USD LIBOR + 3.02%		316,071
	197,000	6.500%, 11/15/26 5 year CMT + 5.69%		185,909
	340,000	EnLink Midstream Partners, LP 8.879%, 03/03/23^‡ 3 mo. USD LIBOR + 4.11%		286,222
	285,000	4.850%, 07/15/26		277,237
	135,000	Enlink Midstream, LLC* 6.500%, 09/01/30		137,777
	300,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		301,134
		Genesis Energy, LP / Genesis Energy Finance Corp.
	274,000	6.250%, 05/15/26^		262,936
	66,000	8.875%, 04/15/30		67,118
		Gulfport Energy Corp.
	260,000	6.375%, 05/15/25&		—
	190,000	8.000%, 05/17/26*		188,769
	79,461	8.000%, 05/17/26		78,946
	300,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		281,163
	196,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		191,355
	262,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		253,810
		Moss Creek Resources Holdings, Inc.*
	145,000	10.500%, 05/15/27		141,010
	130,000	7.500%, 01/15/26		120,215
	250,000	MPLX, LP‡ 6.875%, 02/15/23 3 mo. USD LIBOR + 4.65%		250,160
	135,000	Nabors Industries, Inc.* 7.375%, 05/15/27		135,282
		New Fortress Energy, Inc.*
	272,000	6.750%, 09/15/25		261,275
	135,000	6.500%, 09/30/26		124,767
	244,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		241,079
	280,000	Parkland Corp.* 5.875%, 07/15/27		269,209
	261,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29		243,842
	270,000	Plains All American Pipeline, LP‡ 8.716%, 03/03/23 3 mo. USD LIBOR + 4.11%		244,318
	230,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		219,289

See accompanying Notes to Schedule of Investments

3

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
		Southwestern Energy Company
	205,000	5.375%, 03/15/30	$	191,187
	135,000	5.375%, 02/01/29		126,996
	130,000	4.750%, 02/01/32		114,690
	65,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		58,017
	132,000	Transocean, Inc.* 8.750%, 02/15/30		136,399
		Venture Global Calcasieu Pass, LLC*
	65,000	4.125%, 08/15/31		57,773
	65,000	3.875%, 08/15/29		58,045
	15,000	6.250%, 01/15/30		15,299
		Vital Energy, Inc.
	297,000	10.125%, 01/15/28^		296,219
	131,000	9.500%, 01/15/25		132,303
	275,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		242,459
	195,000	W&T Offshore, Inc.* 9.750%, 11/01/23		195,175
		Weatherford International, Ltd.*
	285,000	6.500%, 09/15/28		284,051
	195,000	8.625%, 04/30/30		196,796
				10,051,046
		Financials (2.9%)
		Acrisure, LLC / Acrisure Finance, Inc.*
	393,000	6.000%, 08/01/29		324,728
	356,000	7.000%, 11/15/25		339,389
	400,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		398,436
	416,000	AG Issuer, LLC* 6.250%, 03/01/28		393,661
		Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*
	580,000	6.750%, 10/15/27		543,570
	65,000	5.875%, 11/01/29		56,716
	65,000	4.250%, 10/15/27		59,691
	302,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%		248,788
	215,000	8.000%, 11/01/31		236,270
	125,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		96,406
	533,000	AmWINS Group, Inc.* 4.875%, 06/30/29		470,351
	250,000	AssuredPartners, Inc.* 7.000%, 08/15/25		247,095
	292,000	Aviation Capital Group, LLC*µ 3.500%, 11/01/27		262,336
		Avolon Holdings Funding, Ltd.*µ
	140,000	3.950%, 07/01/24		135,870
	110,000	5.500%, 01/15/26		107,825
	533,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		471,167
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*
	535,000	4.500%, 04/01/27		472,442
	324,000	5.750%, 05/15/26		305,642
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30		183,030

PRINCIPAL    AMOUNT			VALUE
	302,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27	$	276,638
	350,000	Credit Acceptance Corp. 6.625%, 03/15/26^		320,453
	238,000	5.125%, 12/31/24*		224,018
	344,000	Enact Holdings, Inc.* 6.500%, 08/15/25		339,377
	389,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		328,822
	439,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		433,855
		HUB International, Ltd.*
	418,000	7.000%, 05/01/26		416,349
	398,000	5.625%, 12/01/29^		358,546
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
	205,000	5.250%, 05/15/27		192,089
	202,000	4.375%, 02/01/29		176,241
	525,000	ILFC E-Capital Trust II*‡ 6.538%, 12/21/65 3 mo. USD LIBOR + 1.80%		354,485
	550,000	Iron Mountain, Inc.* 5.250%, 03/15/28		523,534
	540,000	Jefferies Finance, LLC / JFIN Co- Issuer Corp.* 5.000%, 08/15/28		462,073
		Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	522,000	5.250%, 10/01/25		502,952
	130,000	4.750%, 06/15/29		108,159
	378,000	LD Holdings Group, LLC* 6.125%, 04/01/28		246,879
		Level 3 Financing, Inc.*
	453,000	3.875%, 11/15/29		367,664
	280,000	4.250%, 07/01/28		222,135
	200,000	LPL Holdings, Inc.* 4.000%, 03/15/29		179,098
	585,000	MetLife, Inc. 6.400%, 12/15/66		599,754
	365,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		319,287
		Navient Corp.
	588,000	5.000%, 03/15/27		537,544
	300,000	4.875%, 03/15/28		265,785
	300,000	Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		230,775
		OneMain Finance Corp.
	180,000	3.875%, 09/15/28		151,848
	137,000	7.125%, 03/15/26		136,381
	132,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		122,262
	416,000	PHH Mortgage Corp.*^ 7.875%, 03/15/26		380,844
	70,000	PNC Financial Services Group, Inc.µ‡ 6.000%, 05/15/27 5 year CMT + 3.00%		69,546

See accompanying Notes to Schedule of Investments

4

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	300,000	RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29	$	268,503
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	125,000	3.625%, 03/01/29		105,628
	120,000	3.875%, 03/01/31		97,950
	65,000	2.875%, 10/15/26		58,045
	269,000	StoneX Group, Inc.* 8.625%, 06/15/25		272,814
	63,000	SVB Financial Group^‡ 4.000%, 05/15/26 5 year CMT + 3.20%		50,676
		United Wholesale Mortgage, LLC*
	310,000	5.500%, 04/15/29		267,022
	130,000	5.750%, 06/15/27		117,190
	135,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		93,486
	300,000	VZ Secured Financing, BV* 5.000%, 01/15/32		257,247
	280,000	XHR, LP* 6.375%, 08/15/25		277,866
				16,067,233
		Health Care (1.2%)
		Bausch Health Companies, Inc.*
	539,000	11.000%, 09/30/28		423,460
	105,000	14.000%, 10/15/30		67,816
	98,000	6.125%, 02/01/27		66,942
		CHS/Community Health Systems, Inc.*
	533,000	6.125%, 04/01/30		323,840
	305,000	8.000%, 03/15/26		296,549
	146,000	6.875%, 04/15/29		92,476
	33,000	5.250%, 05/15/30		26,652
		DaVita, Inc.*
	531,000	4.625%, 06/01/30		447,697
	313,000	3.750%, 02/15/31		243,717
		Embecta Corp.*
	195,000	5.000%, 02/15/30		160,793
	67,000	6.750%, 02/15/30		60,437
		Encompass Health Corp.
	130,000	4.750%, 02/01/30		119,318
	130,000	4.500%, 02/01/28		121,490
	282,000	HCA, Inc. 7.500%, 11/06/33		312,862
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		183,066
	116,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29		66,699
		Medline Borrower, LP*
	336,000	5.250%, 10/01/29		282,405
	335,000	3.875%, 04/01/29		286,934
		Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	490,000	5.125%, 04/30/31		441,936
	200,000	4.125%, 04/30/28		181,776
	302,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		201,827
		Tenet Healthcare Corp.
	625,000	6.250%, 02/01/27		613,094
	375,000	6.875%, 11/15/31		347,606

PRINCIPAL    AMOUNT			VALUE
		Teva Pharmaceutical Finance Netherlands III, BV
	520,000	6.000%, 04/15/24	$	519,262
	200,000	7.125%, 01/31/25		202,928
	200,000	4.750%, 05/09/27		186,124
	130,000	3.150%, 10/01/26		116,705
				6,394,411
		Industrials (2.5%)
	300,000	ACCO Brands Corp.* 4.250%, 03/15/29		259,752
	300,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		287,322
	265,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		206,104
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	440,000	4.625%, 01/15/27		418,678
	271,000	3.500%, 03/15/29		233,916
	195,000	5.875%, 02/15/28		190,833
	300,000	Allegiant Travel Company* 7.250%, 08/15/27		294,501
	65,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		60,824
	301,780	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		255,946
		American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
	196,000	5.500%, 04/20/26		192,374
	65,000	5.750%, 04/20/29		62,984
	146,000	Arcosa, Inc.* 4.375%, 04/15/29		130,544
	700,000	ARD Finance, SA*
		6.500%, 06/30/27
		7.250% PIK Rate		550,081
	105,000	Ball Corp.^ 6.875%, 03/15/28		108,471
	206,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		177,634
	261,000	BWX Technologies, Inc.* 4.125%, 04/15/29		236,213
		Cascades, Inc. / Cascades USA, Inc.*
	138,000	5.375%, 01/15/28		128,851
	135,000	5.125%, 01/15/26		126,406
	66,000	Delta Air Lines, Inc.^ 7.375%, 01/15/26		69,119
	68,000	Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		66,167
	350,000	Deluxe Corp.* 8.000%, 06/01/29		300,118
	130,000	Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		116,107
	195,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		187,978
	323,000	Endurance International Group Holdings, Inc.* 6.000%, 02/15/29		234,588
	145,000	EnerSys* 4.375%, 12/15/27		134,093

See accompanying Notes to Schedule of Investments

5

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	195,000	Fly Leasing, Ltd.*
		7.000%, 10/15/24	$	170,054
	161,000	Graham Packaging Company, Inc.* 7.125%, 08/15/28		141,715
	140,000	Granite US Holdings Corp.* 11.000%, 10/01/27		147,759
		Graphic Packaging International, LLC*
	175,000	4.750%, 07/15/27		168,630
	125,000	3.500%, 03/01/29		110,201
	290,000	Great Lakes Dredge & Dock Corp.*^
		5.250%, 06/01/29		244,911
	623,000	H&E Equipment Services, Inc.*
		3.875%, 12/15/28		550,171
	402,000	Hawaiian Brand Intellectual
		Property, Ltd. / HawaiianMiles
		Loyalty, Ltd.*
		5.750%, 01/20/26		384,670
	350,000	Herc Holdings, Inc.*
		5.500%, 07/15/27		335,769
	326,000	Howmet Aerospace, Inc.
		5.125%, 10/01/24		325,602
	310,000	IEA Energy Services, LLC*
		6.625%, 08/15/29		304,569
	350,000	JELD-WEN, Inc.*^
		4.625%, 12/15/25		310,166
	445,000	Ken Garff Automotive, LLC*
		4.875%, 09/15/28		383,835
	134,000	MasTec, Inc.*
		4.500%, 08/15/28		124,300
	170,000	Moog, Inc.*
		4.250%, 12/15/27		157,818
	272,000	Novelis Corp.*
		4.750%, 01/30/30		248,915
	100,000	OI European Group, BV*
		4.750%, 02/15/30		89,989
	310,000	Pactiv Evergreen Group Issuer,
		Inc. / Pactiv Evergreen Group
		Issuer, LLC*
		4.000%, 10/15/27		279,034
	399,000	Patrick Industries, Inc.*
		4.750%, 05/01/29		341,432
		QVC, Inc.
	174,000	4.375%, 09/01/28		111,873
	135,000	5.450%, 08/15/34		79,832
		Sealed Air Corp.*
	206,000	6.125%, 02/01/28		207,998
	65,000	5.000%, 04/15/29		61,699
	247,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		211,434
		Sinclair Television Group, Inc.*
	201,000	4.125%, 12/01/30		160,024
	135,000	5.500%, 03/01/30^		107,822
	270,000	Standard Industries, Inc.* 5.000%, 02/15/27		257,434
	216,000	Stericycle, Inc.* 3.875%, 01/15/29		192,240
	200,000	STL Holding Company, LLC* 7.500%, 02/15/26		176,692
	200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		198,438
		TransDigm, Inc.
	366,000	6.250%, 03/15/26*		366,238
	205,000	7.500%, 03/15/27		206,751

PRINCIPAL    AMOUNT			VALUE
	198,000	Tronox, Inc.*
		4.625%, 03/15/29	$	169,583
	265,000	Vertiv Group Corp.*
		4.125%, 11/15/28		231,205
	274,000	Wabash National Corp.*
		4.500%, 10/15/28		241,575
	240,000	Waste Pro USA, Inc.*
		5.500%, 02/15/26		223,471
		WESCO Distribution, Inc.*
	137,000	7.125%, 06/15/25		139,276
	68,000	7.250%, 06/15/28		69,989
	282,000	Williams Scotsman International, Inc.* 6.125%, 06/15/25		283,401
				13,546,119
		Information Technology (0.7%)
	131,000	Booz Allen Hamilton, Inc.*
		4.000%, 07/01/29		117,787
	153,000	Coherent Corp.*
		5.000%, 12/15/29		140,131
	315,000	CommScope Technologies, LLC*
		6.000%, 06/15/25		298,774
	245,000	CommScope, Inc.*
		4.750%, 09/01/29		204,009
	310,000	Dell International, LLC / EMC
		Corp.µ
		6.020%, 06/15/26		318,996
	138,000	Fair Isaac Corp.*
		4.000%, 06/15/28		128,308
	300,000	KBR, Inc.*
		4.750%, 09/30/28		273,957
		MPH Acquisition Holdings, LLC*
	300,000	5.750%, 11/01/28^		218,343
	130,000	5.500%, 09/01/28		108,276
	130,000	NCR Corp.*
		5.125%, 04/15/29		113,231
	198,000	ON Semiconductor Corp.*
		3.875%, 09/01/28		180,822
		Open Text Corp.*
	204,000	3.875%, 02/15/28		177,519
	135,000	6.900%, 12/01/27		138,456
	98,000	3.875%, 12/01/29		81,689
	98,000	Open Text Holdings, Inc.*
		4.125%, 12/01/31		79,760
	130,000	Playtika Holding Corp.*
		4.250%, 03/15/29		108,102
	187,000	PTC, Inc.*
		4.000%, 02/15/28		174,383
	370,000	TTM Technologies, Inc.*^
		4.000%, 03/01/29		323,435
		Twilio, Inc.
	185,000	3.625%, 03/15/29		157,330
	66,000	3.875%, 03/15/31^		54,785
	325,000	Viavi Solutions, Inc.*
		3.750%, 10/01/29		283,693
	300,000	ZoomInfo Technologies, LLC /
		ZoomInfo Finance Corp.*^
		3.875%, 02/01/29		259,065
				3,940,851
		Materials (0.6%)
	140,000	ArcelorMittal, SA
		7.000%, 10/15/39		151,612
	147,000	ATI, Inc. 5.875%, 12/01/27		142,830

See accompanying Notes to Schedule of Investments

6

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	67,000	Carpenter Technology Corp.
		7.625%, 03/15/30	$	68,846
	195,000	Chemours Company*
		4.625%, 11/15/29		163,039
	420,000	Clearwater Paper Corp.*
		4.750%, 08/15/28		375,917
		Commercial Metals Company
	130,000	4.125%, 01/15/30		116,753
	65,000	4.375%, 03/15/32		57,564
	250,000	Constellium, SE*^
		3.750%, 04/15/29		214,030
	205,000	HB Fuller Company
		4.250%, 10/15/28		181,771
	215,000	JW Aluminum Continuous Cast
		Company*
		10.250%, 06/01/26		218,606
		Kaiser Aluminum Corp.*
	300,000	4.625%, 03/01/28		274,596
	33,000	4.500%, 06/01/31		27,962
	183,000	LSF11 A5 HoldCo, LLC*
		6.625%, 10/15/29		152,851
	276,000	Mercer International, Inc.
		5.125%, 02/01/29		236,427
	400,000	Owens-Brockway Glass
		Container, Inc.*^
		6.625%, 05/13/27		393,816
	305,000	Silgan Holdings, Inc.
		4.125%, 02/01/28		285,367
	131,000	Trinseo Materials Operating SCA /
		Trinseo Materials Finance, Inc.*^
		5.125%, 04/01/29		94,773
	75,000	Univar Solutions USA, Inc.*
		5.125%, 12/01/27		72,955
				3,229,715
		Other (0.1%)
	303,000	1375209 B.C., Ltd.*
		9.000%, 01/30/28		302,200
		Gen Digital, Inc.*
	140,000	7.125%, 09/30/30		142,253
	140,000	6.750%, 09/30/27		142,157
				586,610
		Real Estate (0.2%)
	210,000	EPR Properties
		3.750%, 08/15/29		175,457
		Forestar Group, Inc.*
	195,000	5.000%, 03/01/28		171,501
	137,000	3.850%, 05/15/26		122,937
	301,000	MIWD Holdco II, LLC / MIWD
		Finance Corp.*
		5.500%, 02/01/30		250,802
		Service Properties Trust
	345,000	4.350%, 10/01/24		325,590
	125,000	5.250%, 02/15/26		108,431
				1,154,718
		Special Purpose Acquisition Companies (0.1%)
		Fertitta Entertainment, LLC /
		Fertitta Entertainment Finance
		Company, Inc.*
	260,000	6.750%, 01/15/30		216,143
	131,000	4.625%, 01/15/29		115,709
				331,852

PRINCIPAL    AMOUNT			VALUE
		Utilities (0.1%)
	97,000	PPL Capital Funding, Inc.‡
		7.395%, 03/30/67
		3 mo. USD LIBOR + 2.67%	$	85,407
	350,000	TerraForm Power Operating, LLC*
		5.000%, 01/31/28		329,325
		Vistra Corp.*‡
	135,000	8.000%, 10/15/26
		5 year CMT + 6.93%		132,442
	125,000	7.000%, 12/15/26
		5 year CMT + 5.74%		117,975
				665,149
		TOTAL CORPORATE BONDS (Cost $96,941,345)		86,716,547
	CONVERTIBLE BONDS (111.7%)
		Communication Services (8.3%)
		Liberty Media Corp.
	8,000,000	0.500%, 12/01/50*		8,397,120
	7,750,000	2.250%, 08/15/27*		8,151,682
	5,825,000	1.375%, 10/15/23		7,626,207
	4,500,000	Match Group Finance Co. 3, Inc.*
		2.000%, 01/15/30		4,424,625
	5,250,000	Perficient, Inc.
		0.125%, 11/15/26		4,236,225
		Snap, Inc.
	11,000,000	0.000%, 05/01/27		8,125,040
	5,000,000	0.750%, 08/01/26		4,648,200
				45,609,099
		Consumer Discretionary (18.8%)
	9,750,000	Airbnb, Inc.µ
		0.000%, 03/15/26		8,388,315
	4,000,000	Booking Holdings, Inc.
		0.750%, 05/01/25		5,711,640
	6,000,000	Chegg, Inc.µ
		0.000%, 09/01/26		4,761,900
		DISH Network Corp.
	11,000,000	0.000%, 12/15/25		7,308,620
	550,000	2.375%, 03/15/24µ		512,606
	11,750,000	DraftKings Holdings, Inc.
		0.000%, 03/15/28		8,058,620
	11,250,000	Etsy, Inc.µ
		0.125%, 09/01/27		11,618,212
	14,500,000	Ford Motor Companyµ
		0.000%, 03/15/26		14,762,740
	1,500,000	Liberty Broadband Corp.*
		2.750%, 09/30/50		1,470,330
	2,125,000	Lucid Group, Inc.*
		1.250%, 12/15/26		1,371,475
	10,000,000	Marriott Vacations Worldwide
		Corp.
		0.000%, 01/15/26		10,806,600
	5,000,000	Shake Shack, Inc.
		0.000%, 03/01/28		3,748,900
	13,250,000	Vail Resorts, Inc.µ^
		0.000%, 01/01/26		12,612,675
	9,900,000	Wayfair, Inc.*µ
		3.250%, 09/15/27		11,889,801
				103,022,434

See accompanying Notes to Schedule of Investments

7

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
		Consumer Staples (0.8%)
	4,000,000	Post Holdings, Inc.*^ 2.500%, 08/15/27	$	4,364,840
		Energy (4.3%)
	2,000,000	EQT Corp.µ 1.750%, 05/01/26		4,499,760
	3,750,000	Northern Oil And Gas, Inc.* 3.625%, 04/15/29		4,285,388
	6,250,000	Pioneer Natural Resources Company 0.250%, 05/15/25		14,734,812
	9,600,000	SunEdison, Inc.*@ 0.250%, 01/15/49		96,000
				23,615,960
		Financials (2.1%)
	7,500,000	Morgan Stanley Finance, LLC 1.000%, 11/23/27		7,921,875
	4,750,000	SoFi Technologies, Inc.* 0.000%, 10/15/26		3,593,612
				11,515,487
		Health Care (24.5%)
	4,000,000	Alnylam Pharmaceuticals, Inc.*µ 1.000%, 09/15/27		4,279,200
	4,750,000	Alphatec Holdings, Inc.µ 0.750%, 08/01/26		4,606,645
	4,752,000	BioMarin Pharmaceutical, Inc.µ 0.599%, 08/01/24		5,250,437
	8,250,000	CONMED Corp.*µ 2.250%, 06/15/27		7,845,420
	10,500,000	CryoPort, Inc.*µ 0.750%, 12/01/26		8,323,140
	13,817,000	Dexcom, Inc.µ 0.250%, 11/15/25		14,566,572
	2,079,000	Envista Holdings Corp.µ 2.375%, 06/01/25		3,974,362
	6,000,000	Exact Sciences Corp.µ 0.375%, 03/15/27		5,674,920
	6,250,000	Halozyme Therapeutics, Inc.*µ 1.000%, 08/15/28		6,981,625
	3,750,000	Insmed, Inc.µ 0.750%, 06/01/28		3,337,350
	3,750,000	Insulet Corp.µ 0.375%, 09/01/26		5,187,713
	8,000,000	Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		7,819,680
	3,750,000	Ionis Pharmaceuticals, Inc.µ 0.000%, 04/01/26		3,608,175
	8,000,000	Jazz Investments I, Ltd. 2.000%, 06/15/26		9,435,600
	3,189,000	Lantheus Holdings, Inc.* 2.625%, 12/15/27		3,422,499
	9,000,000	NeoGenomics, Inc. 0.250%, 01/15/28		6,019,830
	3,750,000	NextGen Healthcare, Inc.* 3.750%, 11/15/27		3,937,650
	3,500,000	NuVasive, Inc. 0.375%, 03/15/25		3,143,700
	7,500,000	Omnicell, Inc. 0.250%, 09/15/25		6,855,375
	7,000,000	Pacira BioSciences, Inc.^ 0.750%, 08/01/25		6,436,500

PRINCIPAL    AMOUNT			VALUE
	2,200,000	Repligen Corp. 0.375%, 07/15/24	$	3,729,330
	4,000,000	Sarepta Therapeutics, Inc.* 1.250%, 09/15/27		4,562,240
	5,750,000	Tandem Diabetes Care, Inc.* 1.500%, 05/01/25		5,253,430
				134,251,393
		Industrials (8.3%)
	3,500,000	Air Transport Services Group, Inc.µ 1.125%, 10/15/24		3,712,450
	3,750,000	Axon Enterprise, Inc.*µ 0.500%, 12/15/27		4,048,238
	6,250,000	John Bean Technologies Corp.^ 0.250%, 05/15/26		5,790,562
	3,750,000	Middleby Corp. 1.000%, 09/01/25		4,901,925
	4,250,000	Parsons Corp. 0.250%, 08/15/25		4,652,135
	6,250,000	Southwest Airlines Company^ 1.250%, 05/01/25		7,550,875
	17,000,000	Uber Technologies, Inc.^ 0.000%, 12/15/25		14,827,400
				45,483,585
		Information Technology (40.6%)
	3,750,000	Akamai Technologies, Inc.µ 0.375%, 09/01/27		3,732,413
	7,750,000	Bentley Systems, Inc.µ 0.125%, 01/15/26		7,199,750
	6,500,000	Bill.com Holdings, Inc.µ 0.000%, 12/01/25		6,827,080
	7,750,000	Block, Inc.µ 0.500%, 05/15/23		8,864,527
	5,250,000	Camtek Ltd.* 0.000%, 12/01/26		4,218,060
	7,000,000	Confluent, Inc. 0.000%, 01/15/27		5,469,030
	8,500,000	Coupa Software, Inc.µ 0.125%, 06/15/25		8,305,265
	6,500,000	CyberArk Software, Ltd.µ 0.000%, 11/15/24		7,163,780
	7,250,000	Datadog, Inc.µ 0.125%, 06/15/25		7,954,265
	5,250,000	DigitalOcean Holdings, Inc. 0.000%, 12/01/26		4,062,870
	7,927,000	Enphase Energy, Inc.µ 0.000%, 03/01/26		8,364,016
	5,000,000	Five9, Inc.µ 0.500%, 06/01/25		4,736,250
	11,750,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		13,050,490
	3,750,000	MongoDB, Inc. 0.250%, 01/15/26		4,602,750
	5,250,000	NCL Corp. Ltd. 1.125%, 02/15/27		4,020,240
		Okta, Inc.
	6,500,000	0.125%, 09/01/25		5,750,030
	3,500,000	0.375%, 06/15/26		2,990,400
	12,250,000	ON Semiconductor Corp. 0.000%, 05/01/27		18,375,000
	7,500,000	Palo Alto Networks, Inc. 0.750%, 07/01/23		13,438,050
	9,750,000	Repay Holdings Corp.* 0.000%, 02/01/26		7,852,650

See accompanying Notes to Schedule of Investments

8

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	3,425,000	RingCentral, Inc. 0.000%, 03/01/25	$	3,007,082
	12,000,000	Shift4 Payments, Inc. 0.000%, 12/15/25		12,849,240
	6,750,000	Silicon Laboratories, Inc. 0.625%, 06/15/25		9,289,215
	9,750,000	Splunk, Inc. 1.125%, 06/15/27		8,432,775
	8,500,000	Tyler Technologies, Inc. 0.250%, 03/15/26		8,080,270
	12,500,000	Unity Software, Inc.µ 0.000%, 11/15/26		9,664,000
	5,500,000	Wix.com, Ltd. 0.000%, 08/15/25		4,739,350
		Wolfspeed, Inc.*
	7,750,000	1.875%, 12/01/29		7,527,497
	4,469,000	0.250%, 02/15/28		4,099,190
	7,000,000	Zscaler, Inc.µ 0.125%, 07/01/25		7,659,750
				222,325,285
		Materials (3.1%)
	1,625,000	ATI, Inc.µ 3.500%, 06/15/25		3,933,459
	3,000,000	Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		4,157,520
	4,159,000	Lithium Americas Corp. 1.750%, 01/15/27		3,631,514
	5,225,000	MP Materials Corp.* 0.250%, 04/01/26		5,230,538
				16,953,031
		Other (0.0%)
	135,000	Multiplan Corp.* 6.000%, 10/15/27 7.000% PIK rate		88,337
		Real Estate (0.9%)
	5,250,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		4,767,053
		TOTAL CONVERTIBLE BONDS (Cost $610,058,789)		611,996,504
	BANK LOANS (2.1%) ¡
		Airlines (0.1%)
	243,000	Mileage Plus Holdings, LLC‡ 9.996%, 06/21/27 3 mo. LIBOR + 5.25%		253,768
	334,050	United Airlines, Inc.‡ 8.568%, 04/21/28 3 mo. LIBOR + 3.75%		334,673
				588,441
		Communication Services (0.2%)
	337,750	Clear Channel Outdoor Holdings, Inc.‡ 8.325%, 08/21/26 3 mo. LIBOR + 3.50%		322,129
	875	Clear Channel Outdoor Holdings, Inc.‡ 8.070%, 08/21/26 1 mo. LIBOR + 3.50%		835

PRINCIPAL    AMOUNT			VALUE
	134,656	CMG Media Corp.‡ 8.230%, 12/17/26 3 mo. LIBOR + 3.50%	$	128,078
	384,167	DIRECTV Financing, LLC‡ 9.570%, 08/02/27 1 mo. LIBOR + 5.00%		378,666
	420,000	Entercom Media Corp.‡ 7.047%, 11/18/24 1 mo. LIBOR + 2.50%		302,837
	73,805	Nexstar Broadcasting, Inc.‡ 7.070%, 09/18/26 1 mo. LIBOR + 2.50%		73,927
	134,325	Univision Communications, Inc.‡ 8.830%, 06/24/29 3 mo. SOFR + 4.25%		134,493
				1,340,965
		Consumer Discretionary (0.4%)
	130,000	Caesars Entertainment, Inc.! 0.000%, 01/20/30		130,047
	88,526	Life Time Fitness, Inc.‡ 9.485%, 12/16/24 3 mo. LIBOR + 4.75%		88,736
	136,614	Penn National Gaming, Inc.‡ 7.411%, 05/03/29 1 mo. SOFR + 2.75%		136,689
	466,688	Petco Health and Wellness Company, Inc.‡ 7.976%, 03/03/28 3 mo. SOFR + 3.25%		462,630
	556,587	PetSmart, Inc.‡ 8.411%, 02/11/28 1 mo. SOFR + 3.75%		553,573
	266,000	SkyMiles IP, Ltd.‡ 8.558%, 10/20/27 3 mo. LIBOR + 3.75%		275,544
	175,313	TKC Holdings, Inc.‡ 10.070%, 05/15/28 1 mo. LIBOR + 5.50%		147,189
	444,150	WW International, Inc.‡ 8.070%, 04/13/28 1 mo. LIBOR + 3.50%		266,859
				2,061,267
		Financials (0.2%)
	274,309	AssuredPartners, Inc.! 0.000%, 02/12/27		271,695
	270,000	Hub International, Ltd.‡ 8.220%, 11/10/29 3 mo. SOFR + 4.00%		270,211
	377,496	Jazz Financing Lux Sarl‡ 8.070%, 05/05/28 1 mo. LIBOR + 3.50%		377,554
	361,350	VFH Parent, LLC‡ 7.612%, 01/13/29 1 mo. SOFR + 3.00%		360,221
				1,279,681
		Health Care (0.3%)
	236,685	Amneal Pharmaceuticals, LLC‡ 8.125%, 05/04/25 1 mo. LIBOR + 3.50%		223,717
	230,108	Amneal Pharmaceuticals, LLC‡ 8.250%, 05/04/25 3 mo. LIBOR + 3.50%		217,500

See accompanying Notes to Schedule of Investments

9

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

PRINCIPAL    AMOUNT			VALUE
	63,375	Bausch Health Companies, Inc.‡ 9.828%, 02/01/27 1 mo. SOFR + 5.25%	$	49,047
	170,755	Icon Luxembourg Sarl‡ 7.000%, 07/03/28 3 mo. LIBOR + 2.25%		170,969
	274,651	Mallinckrodt International Finance, SA‡ 9.986%, 09/30/27 3 mo. LIBOR + 5.25%		211,497
	282,353	Padagis, LLC‡ 9.538%, 07/06/28 3 mo. LIBOR + 4.75%		263,530
	42,544	PRA Health Sciences, Inc.‡ 7.000%, 07/03/28 3 mo. LIBOR + 2.25%		42,597
	686,401	Team Health Holdings, Inc.‡ 9.811%, 03/02/27 1 mo. SOFR + 5.25%		572,287
				1,751,144
		Industrials (0.3%)
	103,600	ACProducts, Inc.‡ 8.980%, 05/17/28 6 mo. LIBOR + 4.25%		84,322
	34,300	ACProducts, Inc.‡ 8.980%, 05/17/28 3 mo. LIBOR + 4.25%		27,918
	169,150	Air Canada‡ 8.130%, 08/11/28 3 mo. LIBOR + 3.50%		169,603
	225,000	American Airlines, Inc.‡ 9.558%, 04/20/28 3 mo. LIBOR + 4.75%		231,398
	344,138	ChampionX Corp.‡ 7.747%, 06/07/29 1 mo. SOFR + 3.25%		344,729
	269,658	Dun & Bradstreet Corp.‡ 7.767%, 02/06/26 1 mo. SOFR + 3.25%		269,538
	237,372	Granite Holdings US Acquisition Company‡ 8.750%, 09/30/26 3 mo. SOFR + 4.00%		237,520
	258,700	Scientific Games International, Inc.‡ 7.578%, 04/14/29 1 mo. SOFR + 3.00%		258,792
	150,000	Summit Materials, LLC‡ 7.608%, 12/14/27 3 mo. SOFR + 3.00%		150,594
				1,774,414
		Information Technology (0.2%)
	261,858	Banff Merger Sub, Inc.‡ 8.320%, 10/02/25 1 mo. LIBOR + 3.75%		257,653
	232,971	Camelot U.S. Acquisition, LLC‡ 7.517%, 10/30/26 1 mo. LIBOR + 3.00%		232,942
	91,030	Camelot U.S. Acquisition, LLC‡ 7.517%, 10/30/26 1 mo. LIBOR + 3.00%		91,072

PRINCIPAL    AMOUNT			VALUE
	264,504	II-VI, Inc.‡ 7.320%, 07/02/29 1 mo. LIBOR + 2.75%	$	264,420
				846,087
		Information Technology (0.0%)
	65,000	CDK Global, Inc.‡ 9.080%, 07/06/29 3 mo. SOFR + 4.50%		64,949
		Materials (0.2%)
	215,000	American Axle and Manufacturing, Inc.‡ 8.033%, 12/13/29 1 mo. SOFR + 3.60%		215,358
	329,500	Innophos, Inc.‡ 7.820%, 02/05/27 1 mo. LIBOR + 3.25%		329,294
	135,000	LSF11 A5 HoldCo, LLC! 0.000%, 10/15/28		131,963
	133,988	LSF11 A5 HoldCo, LLC‡ 8.176%, 10/15/28 1 mo. SOFR + 3.50%		130,247
				806,862
		Special Purpose Acquisition Companies (0.2%)
	242,500	AP Core Holdings II, LLC‡ 10.070%, 09/01/27 1 mo. LIBOR + 5.50%		234,619
	139,300	Clydesdale Acquisition Holdings, Inc.‡ 8.836%, 04/13/29 1 mo. SOFR + 4.18%		137,077
	64,513	Fertitta Entertainment, LLC‡ 8.561%, 01/27/29 1 mo. SOFR + 4.00%		63,872
	284,288	Oscar AcquisitionCo, LLC‡ 9.180%, 04/29/29 3 mo. SOFR + 4.50%		276,074
	259,350	Patagonia Holdco LLC‡ 9.960%, 08/01/29 3 mo. SOFR + 5.75%		219,151
				930,793
		TOTAL BANK LOANS (Cost $11,952,131)		11,444,603
	U.S. GOVERNMENT AND AGENCY SECURITIES (5.4%)
		Other (5.4%)
		United States Treasury Note
	12,000,000	2.500%, 05/31/24^		11,675,391
	11,750,000	2.500%, 04/30/24µ^		11,447,300
	6,750,000	2.250%, 03/31/24µ		6,565,561
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $30,477,466)		29,688,252

See accompanying Notes to Schedule of Investments

10

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

NUMBER OF    SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (15.4%)
		Communication Services (2.0%)
	9,000	T-Mobile Exchangeable Trust* 5.250%, 06/01/23	$	10,848,420
		Consumer Discretionary (1.6%)
	68,935	Aptiv, PLC~ 5.500%, 06/15/23		8,685,121
		Energy (0.0%)
	7	Gulfport Energy Corp.
		10.000%, 03/03/23
		15.000% PIK rate		40,950
		Financials (2.5%)
	7,055	Bank of America Corp.‡‡ 7.250%		8,777,831
	73,830	KKR & Company, Inc.~ 6.000%, 09/15/23		4,987,955
				13,765,786
		Health Care (1.3%)
	62,325	Boston Scientific Corp. 5.500%, 06/01/23		7,113,152
		Utilities (8.0%)
	123,415	AES Corp.^~ 6.875%, 02/15/24		12,321,753
	184,700	American Electric Power Company, Inc.^~ 6.125%, 08/15/23		9,502,815
	227,140	NextEra Energy, Inc. 6.219%, 09/01/23		10,877,735
	156,300	6.926%, 09/01/25		7,494,585
	68,765	5.279%, 03/01/23		3,437,562
				43,634,450
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $82,058,305)		84,087,879
	COMMON STOCKS (0.2%)
		Communication Services (0.0%)
	5,620	Altice USA, Inc. - Class A#		27,538
	1,888	Cumulus Media, Inc. - Class A#		12,650
				40,188
		Energy (0.2%)
	2,577	Chaparral Energy, Inc. - Class A&#		109,523
	795	Chesapeake Energy Corp.		68,942
	18,535	Energy Transfer, LP		246,145
	11,035	Enterprise Products Partners, LP		282,496
	1,881	EP Energy Corp.&#		14,813
	3,560	Magellan Midstream Partners, LP		190,104
	2,400	Williams Companies, Inc.^		77,376
				989,399
		Health Care (0.0%)
	4,076	Mallinckrodt, PLC#		30,570
		Special Purpose Acquisition Company (0.0%)
	3,162	Intelsat Emergence, SA&#		73,516

NUMBER OF    SHARES			VALUE
		TOTAL COMMON STOCKS (Cost $1,764,834)		1,133,673
	PREFERRED STOCKS (0.2%)
		Consumer Discretionary (0.1%)
	1,722	Guitar Center, Inc.&	$	214,389
		Energy (0.1%)
	10,285	NuStar Energy, LP‡ 10.379%, 03/02/23 3 mo. USD LIBOR + 5.64%		239,023
	4,635	NuStar Energy, LP‡ 11.502%, 03/02/23 3 mo. USD LIBOR + 6.77%		115,968
	12,000	NuStar Logistics, LP‡ 11.526%, 01/15/43 3 mo. USD LIBOR + 6.73%		300,840
				655,831
		Financials (0.0%)
	6,603	B Riley Financial, Inc. 5.250%, 08/31/28		140,248
		TOTAL PREFERRED STOCKS (Cost $1,007,638)		1,010,468
	WARRANTS (0.0%) #
		Energy (0.0%)
	13,522	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		1
	12,170	Mcdermott International, Ltd. 06/30/27, Strike $12.33		1
		TOTAL WARRANTS (Cost $5,194)		2
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTION (0.2%) #
		Consumer Discretionary (0.2%)
	29	Booking Holdings, Inc.
	7,058,890	Call, 06/16/23, Strike $2,350.00 (Cost $718,050)	$	757,480
	TOTAL INVESTMENTS (151.0%)          (Cost $834,983,752)			826,835,408
	MANDATORY REDEEMABLE PREFERRED
	SHARES, AT LIQUIDATION VALUE (-16.8%)			(92,000,000)
	LIABILITIES, LESS OTHER ASSETS (-34.2%)			(187,086,791)
	NET ASSETS (100.0%)		$	547,748,617

See accompanying Notes to Schedule of Investments

11

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2023 (UNAUDITED)

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are exempted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the Fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $237,962,090.

^ Security, or portion of security, is on loan.

@ In default status and considered non-income producing.

& Illiquid security.

‡ Variable rate security. The rate shown is the rate in effect at January 31, 2023.

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

! 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.

~ 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 $7,522,395.

‡‡ Perpetual maturity.

# Non-income producing security.

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

See accompanying Notes to Schedule of Investments

12

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Dynamic Convertible and Income Fund (the “Fund”) was organized as a Delaware statutory trust on March 11, 2014 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 March 27, 2015.

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 convertible securities (including synthetic convertibles, which are single instruments, or multiple instruments held in concert, that are composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities) and debt and equity income-producing securities, as well as other investments that generate current income and dividends, including but not limited to common and preferred stocks, investment grade and below investment grade (high-yield or “junk”) bonds, loans, equity-linked notes, and floating rate securities (referred to throughout as “income-producing securities”). Under normal circumstances, at least 80% of the Fund’s managed assets will be invested in convertible securities and income-producing securities, with at least 50% of the Fund’s managed assets invested in convertible securities (including synthetic convertible securities, which are single instruments, or multiple instruments held in concert, that are composed of two or more securities with investment characteristics that, when taken together, resemble those of traditional convertible securities). The Fund may invest up to 50% of its managed assets in securities of foreign issuers, with up to 15% of its managed assets in securities issued by foreign issuers in emerging markets. The Fund may invest up to 20% of its managed assets in high-yield non-convertible bonds (excluding such securities held to create synthetic convertible securities). In addition, the Fund may invest all or substantially all of its managed assets in below investment grade convertible securities (including non-convertible securities held to create synthetic convertible securities); provided that, the Fund may invest up to 15% of its managed assets in convertible and non-convertible securities rated below B3 by Moody’s or below B- by Standard & Poor’s. As such, the Fund’s portfolio may at times consist entirely or primarily of below investment grade securities, including high-yield bonds. The Fund may invest up to 15% of its managed assets in illiquid securities. The Fund may invest up to 10% of its managed assets in the equity securities of REITs and up to 10% of its managed assets in the equity securities of MLPs; however, convertible securities are excluded from each of these limitations. The Fund may invest in securities with a broad range of maturities. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

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”) to perfom 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 dertermined. 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 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.

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.

13

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

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

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

Note 2 – Investments

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

Cost basis of investments	$844,683,970
Gross unrealized appreciation	49,604,350
Gross unrealized depreciation	(67,452,912)
Net unrealized appreciation (depreciation)	$(17,848,562)

* 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, 1,970,000 MRPS were issued with an aggregate liquidation preference of $49.25 million. On September 6, 2017, 2,560,000 MRPS were issued with an aggregate liquidation preference of $64.0 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 four series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at January 31, 2023.

Series	Term   Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series B	9/06/24	4.00%	850	$25	$21,250,000
Series C	9/06/27	4.24%	860	$25	$21,500,000
Series D	8/24/26	2.45%	1,120	$25	$28,000,000
Series E	5/24/27	2.68%	850	$25	$21,250,000
					$92,000,000

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 January 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 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” with the Statement of Operations.

With regard to the Series A, 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 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 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

14

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.

15