Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
	CORPORATE BONDS (15.2%)
			Airlines (0.3%)
	46,800		Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25	$	46,455
	249,249		Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		241,348
	132,911		Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27		134,123
	287,560		American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		253,734
			American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
	179,667		5.500%, 04/20/26		177,168
	65,000		5.750%, 04/20/29		63,057
	275,623		British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		247,369
	273,487		JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		275,729
	354,000		Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		358,279
					1,797,262
			Communication Services (1.6%)
	200,000		Altice France Holding, SA* 10.500%, 05/15/27		84,946
	300,000		Altice France, SA* 5.500%, 10/15/29		213,336
	320,000		APi Group DE, Inc.* 4.750%, 10/15/29		285,190
	260,000		Arrow Bidco, LLC* 9.500%, 03/15/24		260,710
	280,000		Ashtead Capital, Inc.* 2.450%, 08/12/31		221,861
			Audacy Capital Corp.*
	336,000		6.750%, 03/31/29		7,342
	131,000		6.500%, 05/01/27		3,151
	204,000		Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		167,592
	405,000		Consolidated Communications, Inc.*^ 6.500%, 10/01/28		316,576
			CSC Holdings, LLC*
	400,000		5.375%, 02/01/28		334,348
	400,000		4.625%, 12/01/30		202,208
	400,000		4.500%, 11/15/31		287,384
	370,000		5.500%, 04/15/27		317,734
	200,000		5.750%, 01/15/30		103,822
			Diamond Sports Group, LLC / Diamond Sports Finance Company*@
	210,000		6.625%, 08/15/27		6,206
	146,000		5.375%, 08/15/26		4,654
	368,000		Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27		332,521

PRINCIPAL   AMOUNT				VALUE
	187,000		Embarq Corp. 7.995%, 06/01/36	$	106,311
	275,000		Frontier California, Inc. 6.750%, 05/15/27		254,089
			Frontier Communications Holdings, LLC*
	169,000		5.000%, 05/01/28		143,375
	65,000		8.750%, 05/15/30		62,704
	289,000		Frontier Florida, LLC@ 6.860%, 02/01/28		271,232
	400,000		Frontier North, Inc.@ 6.730%, 02/15/28		361,620
			Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	235,000		3.500%, 03/01/29		202,554
	69,000		5.250%, 12/01/27		66,380
			iHeartCommunications, Inc.
	100,000		8.375%, 05/01/27		68,500
	100,000		5.250%, 08/15/27*		78,903
			Intelsat Jackson Holdings, SA@&
	200,000		0.000%, 07/15/25*		—
	135,000		0.000%, 08/01/23		—
	330,000		LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		310,065
	198,330		Ligado Networks, LLC* 15.500%, 11/01/23 PIK rate		68,914
			Lumen Technologies, Inc.
	200,000		7.600%, 09/15/39		73,518
	135,000		4.000%, 02/15/27*		88,830
	130,000		Match Group Holdings II, LLC*^ 3.625%, 10/01/31		107,272
	185,000		Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%		152,828
	94,000		Qwest Corp. 7.250%, 09/15/25		91,806
			Scripps Escrow II, Inc.*
	136,000		3.875%, 01/15/29		113,160
	68,000		5.375%, 01/15/31		51,820
	225,000		Scripps Escrow, Inc.* 5.875%, 07/15/27		188,282
			Sirius XM Radio, Inc.*
	345,000		5.500%, 07/01/29		315,675
	268,000		4.000%, 07/15/28		233,471
	130,000		3.125%, 09/01/26		117,269
	65,000		3.875%, 09/01/31		50,955
	242,000		Spanish Broadcasting System, Inc.*^ 9.750%, 03/01/26		167,810
	680,000		Sprint, LLCµ 7.125%, 06/15/24		686,548
	235,000		Stagwell Global, LLC* 5.625%, 08/15/29		200,251
	297,000		TEGNA, Inc. 4.625%, 03/15/28		267,763
	210,000		Telecom Italia Capital, SA 6.000%, 09/30/34		170,039
	260,000		Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		156,146
	105,000		Time Warner Cable, LLC 7.300%, 07/01/38		107,186
	435,000		United States Cellular Corp. 6.700%, 12/15/33		376,545

See accompanying Notes to Schedule of Investments

1

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
	100,000		Univision Communications, Inc.* 8.000%, 08/15/28	$	100,852
					8,962,254
			Consumer Discretionary (3.2%)
	320,000		Abercrombie & Fitch Management Company* 8.750%, 07/15/25		325,165
	330,000		Adient Global Holdings Company*^ 8.250%, 04/15/31		339,349
	213,000		American Axle & Manufacturing, Inc. 6.875%, 07/01/28		202,917
			Ashton Woods USA, LLC / Ashton Woods Finance Company*
	228,000		4.625%, 08/01/29		197,681
	204,000		6.625%, 01/15/28		196,838
	325,000		At Home Group, Inc.* 4.875%, 07/15/28		189,001
			Bath & Body Works, Inc.
	355,000		6.694%, 01/15/27		356,722
	330,000		6.875%, 11/01/35		306,481
			Caesars Entertainment Corp.*^
	168,000		4.625%, 10/15/29		148,042
	132,000		8.125%, 07/01/27		135,674
			Carnival Corp.*
	134,000		10.500%, 02/01/26		141,294
	134,000		4.000%, 08/01/28		119,265
	133,000		7.625%, 03/01/26^		131,383
	315,000		Carriage Services, Inc.* 4.250%, 05/15/29		273,401
	195,000		Carvana Company* 4.875%, 09/01/29		121,119
			CCO Holdings, LLC / CCO Holdings Capital Corp.*
	725,000		5.125%, 05/01/27		680,869
	300,000		6.375%, 09/01/29		287,073
	300,000		4.750%, 03/01/30		260,121
	266,000		4.250%, 02/01/31		218,689
	150,000		4.500%, 08/15/30		127,038
	130,000		5.000%, 02/01/28		120,323
	130,000		4.750%, 02/01/32		107,791
	130,000		CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		120,908
	207,000		Cedar Fair, LP^ 5.250%, 07/15/29		186,074
	132,000		Churchill Downs, Inc.* 6.750%, 05/01/31		129,187
			Dana, Inc.
	220,000		4.250%, 09/01/30		188,984
	195,000		4.500%, 02/15/32^		163,825
			DISH DBS Corp.
	325,000		5.250%, 12/01/26*		266,880
	215,000		7.750%, 07/01/26		139,397
	168,000		7.375%, 07/01/28		94,737
	130,000		5.125%, 06/01/29		65,794
	265,000		DISH Network Corp.* 11.750%, 11/15/27		266,887
	400,000		Empire Resorts, Inc.* 7.750%, 11/01/26		324,764
	296,000		Everi Holdings, Inc.* 5.000%, 07/15/29		262,795
	275,000		Ford Motor Company^ 6.100%, 08/19/32		266,274

PRINCIPAL   AMOUNT				VALUE
			Ford Motor Credit Company, LLC
	515,000		7.350%, 11/04/27	$	529,822
	425,000		4.000%, 11/13/30		366,754
	350,000		5.113%, 05/03/29		326,914
	340,000		7.200%, 06/10/30		349,738
	200,000		7.350%, 03/06/30		207,262
			Gap, Inc.*
	98,000		3.875%, 10/01/31		70,166
	13,000		3.625%, 10/01/29		9,697
			goeasy, Ltd.*
	460,000		5.375%, 12/01/24		449,011
	241,000		4.375%, 05/01/26		220,905
	114,000		Group 1 Automotive, Inc.* 4.000%, 08/15/28		100,907
	283,000		Guitar Center, Inc.*^ 8.500%, 01/15/26		260,711
			International Game Technology, PLC*
	345,000		6.250%, 01/15/27		345,593
	200,000		4.125%, 04/15/26		190,546
	165,000		Kohl’s Corp. 5.550%, 07/17/45		107,539
	265,000		LCM Investments Holdings II, LLC* 8.250%, 08/01/31		269,407
	265,000		Liberty Interactive, LLC 8.250%, 02/01/30		99,375
			Life Time, Inc.*
	256,000		8.000%, 04/15/26		256,468
	135,000		5.750%, 01/15/26		132,546
	100,000		Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28		103,337
	168,000		Lindblad Expeditions, LLC* 6.750%, 02/15/27		162,849
	175,000		M/I Homes, Inc. 3.950%, 02/15/30		152,924
			Macy’s Retail Holdings, LLC
	440,000		6.700%, 07/15/34*		366,432
	135,000		4.300%, 02/15/43		84,974
	310,000		Mclaren Finance, PLC* 7.500%, 08/01/26		276,938
	332,000		Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		295,616
	193,000		Mohegan Tribal Gaming Authority* 8.000%, 02/01/26		176,977
			Newell Brands, Inc.^
	65,000		6.375%, 09/15/27		63,948
	33,000		6.625%, 09/15/29		33,079
			Nordstrom, Inc.
	130,000		5.000%, 01/15/44		88,716
	123,000		4.250%, 08/01/31		97,184
	305,000		Penn Entertainment, Inc.*^ 4.125%, 07/01/29		252,293
	250,000		PetSmart, Inc. / PetSmart Finance Corp.* 4.750%, 02/15/28		229,700
	365,000		Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		279,356
	759,000		Rite Aid Corp.* 8.000%, 11/15/26		380,312
	132,000		Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		133,932

See accompanying Notes to Schedule of Investments

2

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
	370,000		Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29	$	308,687
	530,000		Six Flags Entertainment Corp.* 7.250%, 05/15/31		507,586
	303,000		Sonic Automotive, Inc.*^ 4.625%, 11/15/29		259,932
	193,000		Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		180,812
	545,000		Station Casinos, LLC* 4.500%, 02/15/28		495,023
	162,000		Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		158,259
	65,000		Viking Cruises, Ltd.* 9.125%, 07/15/31		66,829
	300,000		Vista Outdoor, Inc.* 4.500%, 03/15/29		255,441
	135,000		Windsor Holdings III, LLC* 8.500%, 06/15/30		135,859
	265,000		ZF North America Capital, Inc.* 7.125%, 04/14/30		272,929
					17,576,027
			Consumer Staples (0.6%)
	303,000		1375209 B.C., Ltd.* 9.000%, 01/30/28		304,233
	305,000		Central Garden & Pet Company* 4.125%, 04/30/31		255,681
	304,000		Edgewell Personal Care Company* 4.125%, 04/01/29		266,207
			Energizer Holdings, Inc.*
	370,000		4.375%, 03/31/29^		322,000
	66,000		6.500%, 12/31/27		64,512
			JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	390,000		5.500%, 01/15/30		377,563
	175,000		5.125%, 02/01/28µ		170,240
	100,000		5.750%, 04/01/33		96,061
	177,000		New Albertsons, LP 7.750%, 06/15/26		183,390
	261,000		Performance Food Group, Inc.* 4.250%, 08/01/29		231,862
			Pilgrim’s Pride Corp.
	210,000		5.875%, 09/30/27*		207,600
	210,000		4.250%, 04/15/31		181,499
	115,000		Post Holdings, Inc.* 5.750%, 03/01/27		112,814
	252,000		Prestige Brands, Inc.* 3.750%, 04/01/31		212,458
	165,000		United Natural Foods, Inc.* 6.750%, 10/15/28		137,710
	413,000		Vector Group, Ltd.* 5.750%, 02/01/29		360,256
					3,484,086
			Energy (1.8%)
	267,000		Antero Resources Corp.* 5.375%, 03/01/30		249,090
	268,000		Apache Corp. 5.100%, 09/01/40		227,867

PRINCIPAL   AMOUNT				VALUE
			Buckeye Partners, LP
	210,000		3.950%, 12/01/26	$	193,630
	135,000		5.850%, 11/15/43		104,543
	365,000		Callon Petroleum Company*^ 7.500%, 06/15/30		354,893
	129,000		Cheniere Energy, Inc. 4.625%, 10/15/28		121,544
	198,000		Chesapeake Energy Corp.* 6.750%, 04/15/29		197,297
	72,000		Civitas Resources, Inc.* 8.750%, 07/01/31		74,561
			Continental Resources, Inc.*
	200,000		2.875%, 04/01/32		155,654
	135,000		5.750%, 01/15/31		130,828
	202,000		DT Midstream, Inc.* 4.125%, 06/15/29		179,333
			Earthstone Energy Holdings, LLC*
	256,000		8.000%, 04/15/27		254,945
	100,000		9.875%, 07/15/31		103,466
	150,000		Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%		148,791
			Energy Transfer, LP‡
	390,000		8.651%, 11/01/66 3 mo. SOFR + 3.28%		312,905
	197,000		6.500%, 11/15/26 5 year CMT + 5.69%		179,810
			EnLink Midstream Partners, LP
	340,000		9.618%, 08/31/23‡ 3 mo. USD LIBOR + 4.11%		294,229
	285,000		4.850%, 07/15/26		277,211
	168,000		Enlink Midstream, LLC* 6.500%, 09/01/30		169,463
	300,000		EQM Midstream Partners, LP* 7.500%, 06/01/27		305,241
			Genesis Energy, LP / Genesis Energy Finance Corp.
	274,000		6.250%, 05/15/26^		263,130
	66,000		8.875%, 04/15/30		65,921
			Gulfport Energy Corp.
	260,000		0.000%, 05/15/25@&		—
	255,000		8.000%, 05/17/26*		258,476
	79,461		8.000%, 05/17/26		80,544
	365,000		Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		337,603
	196,000		Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		190,126
	262,000		Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		256,938
			Moss Creek Resources Holdings, Inc.*
	145,000		10.500%, 05/15/27		141,774
	130,000		7.500%, 01/15/26		121,827
	200,000		Nabors Industries, Inc.* 7.375%, 05/15/27		195,844
	200,000		Nabors Industries, Ltd.* 7.500%, 01/15/28		184,336
			New Fortress Energy, Inc.*
	272,000		6.750%, 09/15/25		259,194
	135,000		6.500%, 09/30/26		124,015
	280,000		Parkland Corp.* 5.875%, 07/15/27		272,524

See accompanying Notes to Schedule of Investments

3

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
	261,000		Patterson-UTI Energy, Inc. 5.150%, 11/15/29	$	242,187
	270,000		Plains All American Pipeline, LP‡ 9.431%, 08/31/23 3 mo. USD LIBOR + 4.11%		245,298
	230,000		Rockcliff Energy II, LLC* 5.500%, 10/15/29		211,575
			Southwestern Energy Company
	135,000		5.375%, 02/01/29		127,709
	130,000		4.750%, 02/01/32		115,930
	65,000		Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		57,873
	330,000		Transocean, Inc.* 8.750%, 02/15/30		342,705
			Venture Global Calcasieu Pass, LLC*
	165,000		6.250%, 01/15/30		161,497
	65,000		4.125%, 08/15/31		55,228
	65,000		3.875%, 08/15/29		56,410
			Venture Global LNG, Inc.*
	330,000		8.375%, 06/01/31		335,155
	200,000		8.125%, 06/01/28		203,382
			Vital Energy, Inc.
	165,000		7.750%, 07/31/29*		141,745
	131,000		9.500%, 01/15/25^		130,906
	275,000		VOC Escrow, Ltd.* 5.000%, 02/15/28		255,838
	260,000		Weatherford International, Ltd.* 8.625%, 04/30/30		266,669
					9,737,660
			Financials (2.5%)
	356,000		Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25		344,740
	400,000		Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		399,240
	416,000		AG Issuer, LLC* 6.250%, 03/01/28		402,480
	460,000		Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		438,109
			Ally Financial, Inc.
	302,000		4.700%, 05/15/26‡ ‡‡ 5 year CMT + 3.87%		230,423
	125,000		4.700%, 05/15/28‡ 7 year CMT + 3.48%		88,244
	110,000		8.000%, 11/01/31		116,827
	533,000		AmWINS Group, Inc.* 4.875%, 06/30/29		489,123
	292,000		Aviation Capital Group, LLC*µ 3.500%, 11/01/27		263,381
	110,000		Avolon Holdings Funding, Ltd.*µ 5.500%, 01/15/26		106,945
	533,000		BroadStreet Partners, Inc.* 5.875%, 04/15/29		476,379
			Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*
	250,000		4.500%, 04/01/27		216,457
	169,000		5.750%, 05/15/26		158,721
	200,000		Burford Capital Global Financial, LLC* 6.875%, 04/15/30		183,108

PRINCIPAL   AMOUNT				VALUE
	237,000		Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27	$	218,924
			Credit Acceptance Corp.
	350,000		6.625%, 03/15/26^		343,437
	238,000		5.125%, 12/31/24*		233,407
	344,000		Enact Holdings, Inc.*µ 6.500%, 08/15/25		340,718
	389,000		Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*^ 3.750%, 12/15/27		310,897
	439,000		Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		433,350
			HUB International, Ltd.*
	398,000		5.625%, 12/01/29		356,274
	283,000		7.000%, 05/01/26		282,714
	202,000		Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29		164,034
	360,000		ILFC E-Capital Trust II*‡ 7.314%, 12/21/65 3 mo. USD LIBOR + 1.80%		261,000
			Iron Mountain, Inc.*
	550,000		5.250%, 03/15/28		517,594
	66,000		7.000%, 02/15/29		66,312
	540,000		Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28		461,576
			Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	522,000		5.250%, 10/01/25		500,546
	130,000		4.750%, 06/15/29		109,672
	378,000		LD Holdings Group, LLC* 6.125%, 04/01/28		248,543
			Level 3 Financing, Inc.*
	353,000		3.400%, 03/01/27		311,911
	280,000		4.250%, 07/01/28		198,610
	135,000		4.625%, 09/15/27		102,786
	200,000		LPL Holdings, Inc.* 4.000%, 03/15/29		179,450
	585,000		MetLife, Inc. 6.400%, 12/15/66		589,124
	365,000		Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		331,325
			Navient Corp.
	288,000		5.000%, 03/15/27		260,994
	145,000		4.875%, 03/15/28		126,831
	300,000		Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		235,479
			OneMain Finance Corp.
	185,000		9.000%, 01/15/29		188,147
	180,000		3.875%, 09/15/28		148,459
	127,000		7.125%, 03/15/26^		125,882
	132,000		Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*^ 5.875%, 10/01/28		122,437
	416,000		PHH Mortgage Corp.* 7.875%, 03/15/26		377,183

See accompanying Notes to Schedule of Investments

4

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
	70,000		PNC Financial Services Group, Inc.µ‡ 6.000%, 05/15/27 5 year CMT + 3.00%	$	64,959
	300,000		RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29		267,606
			Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	125,000		3.625%, 03/01/29		106,570
	120,000		3.875%, 03/01/31		98,989
	65,000		2.875%, 10/15/26		58,036
	269,000		StoneX Group, Inc.* 8.625%, 06/15/25		272,734
			United Wholesale Mortgage, LLC*
	310,000		5.500%, 04/15/29		272,865
	130,000		5.750%, 06/15/27		121,733
			Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*
	135,000		6.500%, 02/15/29		94,133
	132,000		10.500%, 02/15/28		131,307
	300,000		VZ Secured Financing, BV* 5.000%, 01/15/32		244,158
	280,000		XHR, LP* 6.375%, 08/15/25		276,363
					14,071,246
			Health Care (1.1%)
			Bausch Health Companies, Inc.*
	539,000		11.000%, 09/30/28		399,776
	105,000		14.000%, 10/15/30		67,023
	98,000		6.125%, 02/01/27		64,729
			CHS/Community Health Systems, Inc.*
	533,000		6.125%, 04/01/30		336,845
	305,000		8.000%, 03/15/26		299,974
	146,000		6.875%, 04/15/29		97,271
	33,000		5.250%, 05/15/30		26,425
			DaVita, Inc.*
	531,000		4.625%, 06/01/30		453,814
	313,000		3.750%, 02/15/31		250,494
			Embecta Corp.*
	195,000		5.000%, 02/15/30		161,072
	67,000		6.750%, 02/15/30		59,154
			Encompass Health Corp.
	130,000		4.750%, 02/01/30		118,491
	130,000		4.500%, 02/01/28		120,940
	282,000		HCA, Inc. 7.500%, 11/06/33		311,390
	200,000		Jazz Securities DAC* 4.375%, 01/15/29		178,160
	116,075		Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29		19,301
			Medline Borrower, LP*
	336,000		5.250%, 10/01/29^		298,623
	335,000		3.875%, 04/01/29		293,812
			Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	490,000		5.125%, 04/30/31		415,907
	200,000		4.125%, 04/30/28		179,390
	302,000		Team Health Holdings, Inc.* 6.375%, 02/01/25		156,566
			Tenet Healthcare Corp.
	625,000		6.250%, 02/01/27		613,869
	375,000		6.875%, 11/15/31		375,892

PRINCIPAL   AMOUNT				VALUE
			Teva Pharmaceutical Finance Netherlands III, BV
	335,000		5.125%, 05/09/29	$	308,069
	200,000		4.750%, 05/09/27		186,414
	130,000		3.150%, 10/01/26		117,701
					5,911,102
			Industrials (2.3%)
	300,000		ACCO Brands Corp.*^ 4.250%, 03/15/29		257,910
	300,000		AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		290,850
	265,000		Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		192,485
			Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	440,000		4.625%, 01/15/27		417,736
	271,000		3.500%, 03/15/29		236,027
	195,000		5.875%, 02/15/28		190,921
	300,000		Allegiant Travel Company* 7.250%, 08/15/27		297,075
	65,000		American Airlines Group, Inc.*^ 3.750%, 03/01/25		62,099
	146,000		Arcosa, Inc.* 4.375%, 04/15/29		132,365
	700,000		ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK Rate		570,136
	206,000		Beacon Roofing Supply, Inc.*^ 4.125%, 05/15/29		182,291
	261,000		BWX Technologies, Inc.* 4.125%, 04/15/29		237,066
			Cascades, Inc. / Cascades USA, Inc.*
	138,000		5.375%, 01/15/28		130,536
	135,000		5.125%, 01/15/26		130,247
	66,000		Delta Air Lines, Inc. 7.375%, 01/15/26		68,579
	68,000		Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28		65,892
	350,000		Deluxe Corp.* 8.000%, 06/01/29		294,154
	195,000		Eco Material Technologies, Inc.* 7.875%, 01/31/27		188,319
	66,000		Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30		65,717
	145,000		EnerSys* 4.375%, 12/15/27		134,728
	161,000		Graham Packaging Company, Inc.* 7.125%, 08/15/28		141,759
			Graphic Packaging International, LLC*
	175,000		4.750%, 07/15/27		168,756
	125,000		3.500%, 03/01/29		109,414
	290,000		Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29		246,990
	623,000		H&E Equipment Services, Inc.* 3.875%, 12/15/28		547,598

See accompanying Notes to Schedule of Investments

5

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
	402,000		Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26	$	379,914
	350,000		Herc Holdings, Inc.* 5.500%, 07/15/27		336,595
	310,000		IEA Energy Services, LLC* 6.625%, 08/15/29		303,416
	290,000		JELD-WEN, Inc.*^ 4.625%, 12/15/25		285,563
	445,000		Ken Garff Automotive, LLC* 4.875%, 09/15/28		392,316
	265,000		Knife River Holding Company* 7.750%, 05/01/31		271,429
	134,000		MasTec, Inc.* 4.500%, 08/15/28		124,671
	170,000		Moog, Inc.* 4.250%, 12/15/27		157,701
	323,000		Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29		238,645
	272,000		Novelis Corp.* 4.750%, 01/30/30		244,808
	100,000		OI European Group, BV* 4.750%, 02/15/30		90,758
	310,000		Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		279,583
	399,000		Patrick Industries, Inc.* 4.750%, 05/01/29		347,250
	135,000		QVC, Inc. 5.450%, 08/15/34		68,433
			Sealed Air Corp.*
	206,000		6.125%, 02/01/28		205,802
	65,000		5.000%, 04/15/29		60,757
	247,000		Sensata Technologies, Inc.* 3.750%, 02/15/31		209,011
			Sinclair Television Group, Inc.*
	201,000		4.125%, 12/01/30		131,084
	135,000		5.500%, 03/01/30		71,230
	270,000		Standard Industries, Inc.* 5.000%, 02/15/27		258,946
	216,000		Stericycle, Inc.* 3.875%, 01/15/29		191,046
	200,000		STL Holding Company, LLC* 7.500%, 02/15/26		186,418
	200,000		TransDigm UK Holdings, PLC 6.875%, 05/15/26		199,264
			TransDigm, Inc.
	366,000		6.250%, 03/15/26*		364,701
	205,000		7.500%, 03/15/27		204,965
	200,000		6.750%, 08/15/28*		201,234
	198,000		Tronox, Inc.* 4.625%, 03/15/29		164,310
	109,383		United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		98,592
	265,000		Vertiv Group Corp.* 4.125%, 11/15/28		238,171
	274,000		Wabash National Corp.* 4.500%, 10/15/28		231,303
	240,000		Waste Pro USA, Inc.* 5.500%, 02/15/26		227,410
	68,000		WESCO Distribution, Inc.* 7.250%, 06/15/28		69,511

PRINCIPAL   AMOUNT				VALUE
			Williams Scotsman International, Inc.*
	282,000		6.125%, 06/15/25	$	281,146
	67,000		4.625%, 08/15/28		61,903
					12,537,536
			Information Technology (0.7%)
	131,000		Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		118,538
	153,000		Coherent Corp.*^ 5.000%, 12/15/29		137,900
	315,000		CommScope Technologies, LLC*^ 6.000%, 06/15/25		286,200
	245,000		CommScope, Inc.* 4.750%, 09/01/29		188,802
	162,000		Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26		164,287
	130,000		Dun & Bradstreet Corp.*^ 5.000%, 12/15/29		115,326
	138,000		Fair Isaac Corp.* 4.000%, 06/15/28		126,843
	300,000		KBR, Inc.* 4.750%, 09/30/28		274,905
			MPH Acquisition Holdings, LLC*
	300,000		5.750%, 11/01/28^		230,001
	130,000		5.500%, 09/01/28		113,482
	130,000		NCR Corp.* 5.125%, 04/15/29		116,474
	198,000		ON Semiconductor Corp.* 3.875%, 09/01/28		179,572
			Open Text Corp.*
	204,000		3.875%, 02/15/28		181,907
	135,000		6.900%, 12/01/27		138,137
	98,000		3.875%, 12/01/29		82,967
	98,000		Open Text Holdings, Inc.* 4.125%, 12/01/31		81,462
	130,000		Playtika Holding Corp.* 4.250%, 03/15/29		114,855
	370,000		TTM Technologies, Inc.* 4.000%, 03/01/29		315,732
			Twilio, Inc.
	185,000		3.625%, 03/15/29		159,192
	66,000		3.875%, 03/15/31^		55,924
	325,000		Viavi Solutions, Inc.* 3.750%, 10/01/29		280,257
	300,000		ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*^ 3.875%, 02/01/29		258,294
					3,721,057
			Materials (0.7%)
	140,000		ArcelorMittal, SA^ 7.000%, 10/15/39		145,254
	147,000		ATI, Inc. 5.875%, 12/01/27		143,629
	67,000		Carpenter Technology Corp. 7.625%, 03/15/30		68,468
	195,000		Chemours Company* 4.625%, 11/15/29		165,274
	420,000		Clearwater Paper Corp.* 4.750%, 08/15/28		372,326
	199,000		Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		194,091
			Commercial Metals Company
	130,000		4.125%, 01/15/30		117,013

See accompanying Notes to Schedule of Investments

6

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
	65,000		4.375%, 03/15/32	$	56,816
	250,000		Constellium, SE* 3.750%, 04/15/29		217,672
	205,000		HB Fuller Company 4.250%, 10/15/28		184,137
	200,000		INEOS Finance, PLC* 6.750%, 05/15/28		190,870
	215,000		JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		213,112
			Kaiser Aluminum Corp.*
	300,000		4.625%, 03/01/28		269,778
	33,000		4.500%, 06/01/31		27,083
	63,000		LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29		52,966
	344,000		Mercer International, Inc. 5.125%, 02/01/29		282,407
	250,000		OCI, NV* 6.700%, 03/16/33		247,575
			Owens-Brockway Glass Container, Inc.*^
	200,000		7.250%, 05/15/31		203,526
	200,000		6.625%, 05/13/27		199,498
	305,000		Silgan Holdings, Inc. 4.125%, 02/01/28		279,545
	131,000		Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		77,112
					3,708,152
			Other (0.1%)
			Gen Digital, Inc.*
	140,000		7.125%, 09/30/30^		141,227
	140,000		6.750%, 09/30/27		140,617
					281,844
			Real Estate (0.1%)
	210,000		EPR Properties 3.750%, 08/15/29		172,918
			Forestar Group, Inc.*
	195,000		5.000%, 03/01/28		181,660
	137,000		3.850%, 05/15/26		127,677
	301,000		MIWD Holdco II, LLC / MIWD Finance Corp.*^ 5.500%, 02/01/30		256,184
	125,000		Service Properties Trust 5.250%, 02/15/26		114,242
					852,681
			Special Purpose Acquisition Companies (0.1%)
			Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*
	260,000		6.750%, 01/15/30^		223,631
	131,000		4.625%, 01/15/29		114,942
					338,573
			Utilities (0.1%)
	97,000		PPL Capital Funding, Inc.‡ 8.203%, 03/30/67 3 mo. USD LIBOR + 2.67%		87,919
	350,000		TerraForm Power Operating, LLC* 5.000%, 01/31/28		325,766

PRINCIPAL   AMOUNT				VALUE
			Vistra Corp.*‡
	125,000		7.000%, 12/15/26 5 year CMT + 5.74%	$	112,697
	65,000		8.000%, 10/15/26 5 year CMT + 6.93%		61,963
					588,345
			TOTAL CORPORATE BONDS (Cost $83,469,926)		83,567,825
	CONVERTIBLE BONDS (120.5%)
			Communication Services (9.2%)
	199,000		Cable One, Inc.µ 0.000%, 03/15/26		163,869
			Liberty Media Corp.*
	8,000,000		0.500%, 12/01/50		8,737,200
	7,750,000		2.250%, 08/15/27µ		8,182,450
	7,500,000		3.750%, 03/15/28		8,172,375
	4,500,000		Match Group Financeco 3, Inc.*µ 2.000%, 01/15/30		4,209,615
	5,250,000		Perficient, Inc.µ 0.125%, 11/15/26		4,187,715
			Snap, Inc.µ
	11,000,000		0.000%, 05/01/27		8,261,550
	5,000,000		0.750%, 08/01/26		4,633,850
	3,000,000		Zillow Group, Inc. 1.375%, 09/01/26		3,969,120
					50,517,744
			Consumer Discretionary (24.3%)
	9,750,000		Airbnb, Inc.µ 0.000%, 03/15/26		8,775,097
	4,000,000		Booking Holdings, Inc. 0.750%, 05/01/25		6,465,000
	3,750,000		Carnival Corp.* 5.750%, 12/01/27		6,239,888
	6,000,000		Chegg, Inc.µ 0.000%, 09/01/26		4,512,540
			DISH Network Corp.
	11,135,000		0.000%, 12/15/25		6,800,145
	550,000		2.375%, 03/15/24µ		507,051
	11,750,000		DraftKings Holdings, Inc.µ 0.000%, 03/15/28		9,079,342
	11,250,000		Etsy, Inc.µ 0.125%, 09/01/27		9,907,087
	14,500,000		Ford Motor Company 0.000%, 03/15/26		14,844,955
	7,500,000		Liberty Broadband Corp.*µ 3.125%, 03/31/53		7,665,000
	2,125,000		Lucid Group, Inc.* 1.250%, 12/15/26		1,425,046
	9,000,000		Marriott Vacations Worldwide Corp.*µ 3.250%, 12/15/27		8,695,080
	7,125,000		Rivian Automotive, Inc.* 4.625%, 03/15/29		11,471,321
	5,000,000		Shake Shack, Inc.µ 0.000%, 03/01/28		4,018,200
	13,250,000		Vail Resorts, Inc.µ^ 0.000%, 01/01/26		11,755,400
	11,750,000		Wayfair, Inc.*µ 3.250%, 09/15/27		16,868,417

See accompanying Notes to Schedule of Investments

7

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
	3,750,000		Wynn Macau, Ltd.* 4.500%, 03/07/29	$	4,153,688
					133,183,257
			Consumer Staples (0.7%)
	4,000,000		Post Holdings, Inc.*µ 2.500%, 08/15/27		3,988,560
			Energy (3.3%)
	1,325,000		EQT Corp. 1.750%, 05/01/26		3,824,692
	4,265,000		Nabors Industries, Inc.*µ 1.750%, 06/15/29		3,724,539
	3,750,000		Northern Oil And Gas, Inc.* 3.625%, 04/15/29		4,580,438
	2,500,000		Pioneer Natural Resources Company 0.250%, 05/15/25		5,994,725
	9,600,000		SunEdison, Inc.*@ 0.000%, 01/15/49		96,000
					18,220,394
			Financials (1.5%)
	7,500,000		Morgan Stanley Finance, LLC 1.000%, 11/23/27		8,409,750
			Health Care (27.4%)
	4,000,000		Alnylam Pharmaceuticals, Inc.*µ 1.000%, 09/15/27		3,905,760
	4,750,000		Alphatec Holdings, Inc. 0.750%, 08/01/26		5,471,287
	4,752,000		BioMarin Pharmaceutical, Inc.µ 0.599%, 08/01/24		4,644,985
	8,250,000		CONMED Corp.µ 2.250%, 06/15/27		8,669,017
	10,500,000		CryoPort, Inc.*µ 0.750%, 12/01/26		8,347,710
			Dexcom, Inc.
	13,817,000		0.250%, 11/15/25		14,548,334
	7,000,000		0.375%, 05/15/28*		7,080,710
	2,079,000		Envista Holdings Corp. 2.375%, 06/01/25		3,531,577
	6,000,000		Exact Sciences Corp. 0.375%, 03/15/27		6,618,060
	6,250,000		Halozyme Therapeutics, Inc.*µ 1.000%, 08/15/28		6,266,375
	3,750,000		Insmed, Inc. 0.750%, 06/01/28		3,250,050
	3,750,000		Insulet Corp. 0.375%, 09/01/26		4,983,525
	7,750,000		Integer Holdings Corp.* 2.125%, 02/15/28		9,494,602
	3,750,000		Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25		3,512,850
	3,750,000		Ionis Pharmaceuticals, Inc.µ 0.000%, 04/01/26		3,541,163
	8,000,000		Jazz Investments I, Ltd.^ 2.000%, 06/15/26		8,314,160
	3,189,000		Lantheus Holdings, Inc.* 2.625%, 12/15/27		4,236,012
	9,000,000		NeoGenomics, Inc.µ 0.250%, 01/15/28		6,669,900
	3,750,000		NextGen Healthcare, Inc.*µ 3.750%, 11/15/27		3,700,238

PRINCIPAL   AMOUNT				VALUE
	3,500,000		NuVasive, Inc.µ 0.375%, 03/15/25	$	3,196,200
	7,500,000		Omnicell, Inc.µ 0.250%, 09/15/25		7,206,600
	7,000,000		Pacira BioSciences, Inc.µ 0.750%, 08/01/25		6,465,060
	2,200,000		Repligen Corp.µ 0.375%, 07/15/24		3,389,144
	3,250,000		Sarepta Therapeutics, Inc.*µ 1.250%, 09/15/27		3,462,615
	5,750,000		Tandem Diabetes Care, Inc.*µ 1.500%, 05/01/25		5,363,313
	3,442,000		TransMedics Group, Inc.*µ 1.500%, 06/01/28		4,198,448
					150,067,695
			Industrials (7.8%)
	3,750,000		Axon Enterprise, Inc.* 0.500%, 12/15/27		3,874,350
	6,250,000		John Bean Technologies Corp.µ^ 0.250%, 05/15/26		5,992,937
	3,750,000		Middleby Corp. 1.000%, 09/01/25		4,729,050
	4,250,000		Parsons Corp. 0.250%, 08/15/25		4,976,538
	6,250,000		Southwest Airlines Company^ 1.250%, 05/01/25		6,898,000
	17,000,000		Uber Technologies, Inc.µ 0.000%, 12/15/25		16,283,790
					42,754,665
			Information Technology (38.1%)
	3,750,000		Akamai Technologies, Inc. 0.375%, 09/01/27		3,696,413
	7,750,000		Bentley Systems, Inc. 0.125%, 01/15/26		7,924,607
	6,500,000		BILL Holdings, Inc.µ 0.000%, 12/01/25		6,991,530
	5,250,000		Camtek Ltd.* 0.000%, 12/01/26		5,361,615
	7,000,000		Confluent, Inc.µ 0.000%, 01/15/27		5,848,640
	8,250,000		CyberArk Software, Ltd. 0.000%, 11/15/24		9,692,347
	5,500,000		Datadog, Inc. 0.125%, 06/15/25		7,577,075
	5,250,000		DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26		4,189,973
	7,927,000		Enphase Energy, Inc.µ 0.000%, 03/01/26		7,302,432
	5,000,000		Five9, Inc.µ 0.500%, 06/01/25		4,968,250
	11,750,000		Microchip Technology, Inc.^ 0.125%, 11/15/24		13,603,445
	1,750,000		MongoDB, Inc. 0.250%, 01/15/26		3,569,860
			NCL Corp. Ltd.
	5,250,000		1.125%, 02/15/27µ		4,927,020
	4,000,000		2.500%, 02/15/27µ		3,846,960
	2,750,000		5.375%, 08/01/25		3,833,913
			Okta, Inc.µ
	6,500,000		0.125%, 09/01/25		5,921,760
	3,500,000		0.375%, 06/15/26		3,025,890
	15,000,000		ON Semiconductor Corp.* 0.500%, 03/01/29		18,377,550

See accompanying Notes to Schedule of Investments

8

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
	4,750,000		Palo Alto Networks, Inc. 0.375%, 06/01/25	$	11,979,310
	9,750,000		Repay Holdings Corp.*µ 0.000%, 02/01/26		8,058,375
	12,000,000		Shift4 Payments, Inc. 0.000%, 12/15/25		13,053,360
	3,200,000		SK Hynix, Inc. 1.750%, 04/11/30		4,207,360
	9,750,000		Splunk, Inc.µ 1.125%, 06/15/27		8,419,125
	8,500,000		Tyler Technologies, Inc.µ 0.250%, 03/15/26		8,543,860
	12,500,000		Unity Software, Inc.µ 0.000%, 11/15/26		10,031,250
	5,500,000		Wix.com, Ltd. 0.000%, 08/15/25		4,898,245
			Wolfspeed, Inc.µ
	7,750,000		1.875%, 12/01/29*		6,720,257
	4,469,000		0.250%, 02/15/28		3,735,816
	7,000,000		Zscaler, Inc. 0.125%, 07/01/25		8,614,200
					208,920,438
			Materials (3.0%)
	1,250,000		ATI, Inc. 3.500%, 06/15/25		3,893,438
	3,000,000		Ivanhoe Mines, Ltd.* 2.500%, 04/15/26		4,575,660
	4,159,000		Lithium Americas Corp.µ 1.750%, 01/15/27		3,210,332
	5,225,000		MP Materials Corp.*µ 0.250%, 04/01/26		4,748,950
					16,428,380
			Other (0.0%)
	135,000		Multiplan Corp.* 6.000%, 10/15/27		92,106
			Real Estate (0.9%)
	5,250,000		Pebblebrook Hotel Trustµ 1.750%, 12/15/26		4,585,035
			Utilities (4.3%)
	3,750,000		CMS Energy Corp.* 3.375%, 05/01/28		3,739,388
	13,250,000		PPL Capital Funding, Inc.* 2.875%, 03/15/28		12,800,162
	7,000,000		Southern Company* 3.875%, 12/15/25		7,030,450
					23,570,000
			TOTAL CONVERTIBLE BONDS (Cost $672,094,516)		660,738,024
	BANK LOANS (2.5%) ¡
			Airlines (0.1%)
	213,750		American Airlines, Inc.‡ 10.338%, 04/20/28 3 mo. SOFR + 4.75%		221,676
	216,000		Mileage Plus Holdings, LLC‡ 10.764%, 06/21/27 3 mo. LIBOR + 5.25%		225,585
					447,261

PRINCIPAL   AMOUNT				VALUE
			Communication Services (0.2%)
	336,000		Clear Channel Outdoor Holdings, Inc.‡ 9.131%, 08/21/26 3 mo. SOFR + 3.50%	$	326,340
	875		Clear Channel Outdoor Holdings, Inc.‡ 8.933%, 08/21/26 1 mo. SOFR + 3.50%		850
	198,803		CMG Media Corp.‡ 8.842%, 12/17/26 3 mo. SOFR + 3.50%		181,053
	364,688		DIRECTV Financing, LLC‡ 10.433%, 08/02/27 1 mo. SOFR + 5.00%		362,980
	420,000		Entercom Media Corp.‡ 8.131%, 11/18/24 3 mo. SOFR + 2.50%		231,300
	73,805		Nexstar Broadcasting, Inc.‡ 7.933%, 09/18/26 1 mo. SOFR + 2.50%		73,891
	140,000		Telesat Canada‡ 8.183%, 12/07/26 1 mo. SOFR + 2.75%		86,112
	133,650		Univision Communications, Inc.‡ 9.492%, 06/24/29 3 mo. SOFR + 4.25%		133,776
					1,396,302
			Consumer Discretionary (0.5%)
	264,338		Caesars Entertainment Corp.‡ 8.555%, 02/06/30 1 mo. SOFR + 3.25%		264,833
	264,338		Hanesbrands, Inc.‡ 9.055%, 03/08/30 1 mo. SOFR + 3.75%		264,586
	153,526		Life Time Fitness, Inc.‡ 10.050%, 01/15/26 3 mo. SOFR + 4.75%		154,358
	135,927		PENN Entertainment, Inc.PENN Entertainment, Inc.‡ 8.169%, 05/03/29 1 mo. SOFR + 2.75%		135,927
	449,923		Petco Health and Wellness Company, Inc.‡ 8.754%, 03/03/28 3 mo. SOFR + 3.25%		449,036
	553,761		PetSmart, Inc.‡ 9.169%, 02/11/28 1 mo. SOFR + 3.75%		554,254
	238,000		SkyMiles IP, Ltd.‡ 9.076%, 10/20/27 3 mo. SOFR + 3.75%		247,777
	173,727		TKC Holdings, Inc.‡ 10.933%, 05/15/28 1 mo. LIBOR + 5.50%		163,720
	65,000		Windsor Holdings III, LLC! 0.000%, 06/21/30		64,892
	444,150		WW International, Inc.‡ 8.933%, 04/13/28 1 mo. SOFR + 3.50%		335,518
					2,634,901

See accompanying Notes to Schedule of Investments

9

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT				VALUE
			Consumer Staples (0.0%)
	125,000		United Natural Foods, Inc.! 0.000%, 10/22/25	$	125,346
			Energy (0.0%)
	269,325		Par Petroleum, LLC‡ 9.614%, 02/28/30 3 mo. SOFR + 4.25%		268,203
			Financials (0.4%)
	264,336		Alliant Holdings Intermediate, LLC‡ 8.722%, 11/05/27 1 mo. SOFR + 3.50%		264,143
	205,000		Amynta Agency Borrower, Inc.‡ 10.419%, 02/28/28 1 mo. SOFR + 5.00%		202,455
	272,927		AssuredPartners, Inc.‡ 8.819%, 02/12/27 1 mo. SOFR + 3.50%		271,904
	205,000		Avolon TLB Borrower 1 (US), LLC‡ 7.755%, 06/22/28 1 mo. SOFR + 2.50%		205,298
	134,325		Castlelake Aviation, Ltd.‡ 8.004%, 10/22/27 3 mo. SOFR + 2.75%		134,421
	268,650		Hub International, Ltd.‡ 9.072%, 11/10/29 3 mo. SOFR + 4.00%		269,516
	375,371		Jazz Financing Lux Sarl‡ 8.933%, 05/05/28 1 mo. LIBOR + 3.50%		375,397
	361,350		VFH Parent, LLC‡ 8.405%, 01/13/29 1 mo. SOFR + 3.00%		360,176
					2,083,310
			Health Care (0.3%)
	464,335		Amneal Pharmaceuticals, LLC‡ 8.933%, 05/04/25 1 mo. SOFR + 3.50%		442,860
	61,750		Bausch Health Companies, Inc.‡ 10.605%, 02/01/27 1 mo. SOFR + 5.25%		50,579
	154,497		ICON Luxembourg S.A.R.L.‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%		154,821
	271,171		Mallinckrodt International Finance, SA‡ 10.619%, 09/30/27 1 mo. SOFR + 5.25%		206,048
	282,353		Padagis, LLC‡ 10.280%, 07/06/28 3 mo. SOFR + 4.75%		273,412
	38,493		PRA Health Sciences, Inc.‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%		38,574
	682,531		Team Health Holdings, Inc.‡ 10.569%, 03/02/27 1 mo. SOFR + 5.25%		471,919
					1,638,213

PRINCIPAL   AMOUNT				VALUE
			Industrials (0.3%)
	137,200		ACProducts, Inc.‡ 9.754%, 05/17/28 3 mo. LIBOR + 4.25%	$	118,438
	168,300		Air Canada‡ 8.839%, 08/11/28 3 mo. LIBOR + 3.50%		168,600
	342,413		ChampionX Corp.‡ 8.495%, 06/07/29 1 mo. SOFR + 3.25%		343,911
	177,780		Emrld Borrower, LP‡ 8.264%, 05/31/30 3 mo. SOFR + 3.00%		178,115
	257,400		Scientific Games International, Inc.‡ 8.302%, 04/14/29 1 mo. SOFR + 3.00%		257,379
	149,250		Summit Materials, LLC‡ 8.492%, 12/14/27 6 mo. SOFR + 3.00%		150,276
	264,523		United Airlines, Inc.‡ 9.292%, 04/21/28 3 mo. LIBOR + 3.75%		265,350
					1,482,069
			Information Technology (0.1%)
	260,325		Banff Merger Sub, Inc.‡ 9.183%, 10/02/25 1 mo. SOFR + 3.75%		260,001
	218,979		Camelot U.S. Acquisition LLC‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%		219,048
	85,562		Camelot U.S. Acquisition LLC‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%		85,602
	247,496		II-VI, Inc.‡ 8.183%, 07/02/29 1 mo. SOFR + 2.75%		247,744
					812,395
			Information Technology (0.1%)
	64,675		CDK Global, Inc.‡ 9.492%, 07/06/29 3 mo. SOFR + 4.25%		64,779
	268,244		Dun & Bradstreet Corp.‡ 8.291%, 02/06/26 1 mo. SOFR + 3.00%		268,286
					333,065
			Materials (0.3%)
	148,071		American Axle and Manufacturing, Inc.‡ 8.777%, 12/13/29 1 mo. SOFR + 3.50%		148,134
	63,704		American Axle and Manufacturing, Inc.‡ 8.436%, 12/13/29 6 mo. SOFR + 3.50%		63,730
	275,000		Ineos US Finance, LLC‡ 8.805%, 02/18/30 1 mo. SOFR + 3.50%		272,509
	327,806		Innophos, Inc.‡ 8.683%, 02/05/27 1 mo. SOFR + 3.25%		328,319

See accompanying Notes to Schedule of Investments

10

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	135,000	LSF11 A5 Holdco, LLC‡ 9.669%, 10/15/28 1 mo. SOFR + 4.25%	$	134,747
	133,313	LSF11 A5 HoldCo, LLC‡ 8.933%, 10/15/28 1 mo. SOFR + 3.50%		132,257
	134,656	Trinseo Materials Operating SCA! 0.000%, 05/03/28		107,379
	254,052	WR Grace & Company‡ 9.313%, 09/22/28 3 mo. LIBOR + 3.75%		254,020
				1,441,095
		Special Purpose Acquisition Companies (0.2%)
	242,500	AP Core Holdings II, LLC‡ 10.933%, 09/01/27 1 mo. SOFR + 5.50%		235,175
	138,600	Clydesdale Acquisition Holdings, Inc.‡ 9.594%, 04/13/29 1 mo. SOFR + 4.18%		137,524
	64,188	Fertitta Entertainment, LLC‡ 9.319%, 01/27/29 1 mo. SOFR + 4.00%		63,607
	282,863	Oscar AcquisitionCo, LLC‡ 9.842%, 04/29/29 3 mo. SOFR + 4.50%		279,624
	258,050	Patagonia Holdco, LLC‡ 10.789%, 08/01/29 3 mo. SOFR + 5.75%		222,999
				938,929
		TOTAL BANK LOANS (Cost $14,137,480)		13,601,089
NUMBER OF   SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (8.4%)
		Energy (0.0%)
	7	Gulfport Energy Corp. 10.000%, 08/31/23 15.000% PIK rate		51,625
		Financials (2.3%)
	7,055	Bank of America Corp.‡‡~ 7.250%, 12/31/49		8,592,990
	55,295	KKR & Company, Inc.~ 6.000%, 09/15/23		3,862,909
				12,455,899
		Industrials (0.8%)
	65,985	Chart Industries, Inc. 6.750%, 12/15/25		4,763,457
		Utilities (5.3%)
	123,415	AES Corp.^~ 6.875%, 02/15/24		10,563,090
	227,140	NextEra Energy, Inc. 6.219%, 09/01/23		11,243,430

NUMBER OF   SHARES			VALUE
	156,300	6.926%, 09/01/25	$	7,147,599
				28,954,119
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $48,907,570)		46,225,100
	COMMON STOCKS (0.2%)
		Communication Services (0.0%)
	5,620	Altice USA, Inc. - Class Aµ#		19,052
	1,888	Cumulus Media, Inc. - Class Aµ#		11,970
				31,022
		Energy (0.2%)
	2,577	Chaparral Energy, Inc.—Class A&#		109,523
	795	Chesapeake Energy Corp.^		67,050
	18,535	Energy Transfer, LP		246,330
	11,035	Enterprise Products Partners, LP		292,538
	1,881	EP Energy Corp.&#		13,167
	3,560	Magellan Midstream Partners, LP		235,921
				964,529
		Health Care (0.0%)
	4,076	Mallinckrodt, PLC^#		6,603
		Special Purpose Acquisition Company (0.0%)
	3,168	Intelsat Emergence, SA&#		72,864
		TOTAL COMMON STOCKS (Cost $1,697,159)		1,075,018
	PREFERRED STOCKS (0.2%)
		Consumer Discretionary (0.1%)
	1,722	Guitar Center, Inc.&		219,555
		Energy (0.1%)
	10,285	NuStar Energy, LP‡ 11.151%, 08/30/23 3 mo. USD LIBOR + 5.64%		249,720
	4,635	NuStar Energy, LP‡ 12.274%, 08/30/23 3 mo. USD LIBOR + 6.77%		118,470
	12,000	NuStar Logistics, LP‡ 12.304%, 01/15/43 3 mo. SOFR + 6.98%		315,240
				683,430
		TOTAL PREFERRED STOCKS (Cost $851,982)		902,985
	WARRANTS (0.0%) #
		Energy (0.0%)
	13,522	Mcdermott International, Ltd.& 06/30/27, Strike $0.00		1
	12,170	Mcdermott International, Ltd. 06/30/27, Strike $0.00		1
		TOTAL WARRANTS (Cost $5,194)		2

See accompanying Notes to Schedule of Investments

11

 Calamos Dynamic Convertible and Income Fund

 SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT			VALUE
	ASSET BACKED SECURITY (0.0%)
		Other (0.0%)
	215,000	SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $196,896)	$	193,677
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (0.3%)
		Consumer Discretionary (0.2%)
	505 6,750,840	Amazon.com, Inc. Call, 01/19/24, Strike $127.50		878,700
		Information Technology (0.1%)
	270 6,748,920	Palo Alto Networks, Inc. Call, 01/19/24, Strike $250.00		729,000
		TOTAL PURCHASED OPTIONS (Cost $1,397,940)		1,607,700
	TOTAL INVESTMENTS (147.3%)   (Cost $822,758,663)			807,911,420
	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.8%)			(92,000,000	)
	LIABILITIES, LESS OTHER ASSETS (-30.5%)			(167,464,962	)
	NET ASSETS (100.0%)		$	548,446,458

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 $325,065,216.

^ 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 July 31, 2023.

‡‡ Perpetual maturity.

¡ 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 $6,246,567.

# 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

Notes to Schedule of Investments (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Dynamic Convertible and Income Fund (the “Fund”, or “Trust”) 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”, or the “Advisor”) to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As “valuation designee” the Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which the Fund’s NAVs are determined. The valuation of the Fund’s investments is in accordance with these procedures.

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

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

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

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

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

computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

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

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

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

Note 2 – Investments

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

Cost basis of investments	$822,758,663
Gross unrealized appreciation	49,342,291
Gross unrealized depreciation	(64,189,534)
Net unrealized appreciation (depreciation)	$(14,847,243)

* 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 has MRPS issued with an aggregate liquidation preference of $92.0 million, divided into four series with different mandatory redemption dates and dividend rates.

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

Series	Term Redemption Date		Dividend Rate		Shares (000’s)		Liquidation Preference Per Share		Aggregate Liquidation Preference
Series B		9/06/24		4.00%		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

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

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

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

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA-” by 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 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 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.