Calamos Dynamic Convertible and Income Fund (CCD) NPORT-P Calamos Dynamic Convertible & Income Fund (Jan 2021 report)

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (13.2%)
		Airlines (0.2%)
	7,396	Air Canada Pass Through Trust Series 2013-1, Class B* 5.375%, 11/15/22	$	7,428
	78,300	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		77,724
	310,000	Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29		346,062
	242,000	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		268,305
	255,000	JetBlue Pass Through Trust Series 2020-1, Class Bµ 7.750%, 05/15/30		290,200
	165,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.*µ 8.000%, 09/20/25		187,432
	106,272	UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24		108,964
	270,324	United Airlines Pass Through Trust Series 2014-2, Class Bµ 4.625%, 03/03/24		272,552
	159,650	United Airlines Pass Through Trust Series 2019-2, Class Bµ 3.500%, 11/01/29		151,002
				1,709,669
		Communication Services (1.8%)
	455,000	Altice France, SA* 7.375%, 05/01/26		477,213
	415,000	Arrow Bidco, LLC* 9.500%, 03/15/24		365,735
	275,000	Ashtead Capital, Inc.*µ 4.000%, 05/01/28		292,889
	196,000	Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26		197,223
	200,000	Brink’s Company* 5.500%, 07/15/25		213,338
	109,000	Cable One, Inc.* 4.000%, 11/15/30		111,903
	320,000	CenturyLink, Inc.*µ 4.000%, 02/15/27		331,430
	485,000	Cincinnati Bell, Inc.* 8.000%, 10/15/25		519,353
	160,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		174,216
		CSC Holdings, LLC*
	980,000	5.500%, 04/15/27		1,035,135
	600,000	5.750%, 01/15/30		644,820
	400,000	5.500%, 05/15/26		415,232
	605,000	Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26		615,049
		Diamond Sports Group, LLC / Diamond Sports Finance Company*^
	210,000	6.625%, 08/15/27		133,780

PRINCIPAL AMOUNT			VALUE
	146,000	5.375%, 08/15/26	$	118,183
	1,077,000	Embarq Corp. 7.995%, 06/01/36		1,321,404
		Entercom Media Corp.*^
	234,000	7.250%, 11/01/24		238,703
	201,000	6.500%, 05/01/27		206,324
		Frontier Communications Corp.
	425,000	11.000%, 09/15/25@		226,193
	385,000	7.625%, 04/15/24@		199,499
	97,000	5.875%, 10/15/27*^		104,033
	69,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 5.250%, 12/01/27		72,845
	80,000	Hughes Satellite Systems Corp.^ 5.250%, 08/01/26		88,814
		Intelsat Jackson Holdings, SA@
	335,000	9.750%, 07/15/25*		247,196
	255,000	8.000%, 02/15/24*		261,531
	135,000	5.500%, 08/01/23		94,532
	200,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		215,322
	135,000	Ligado Networks, LLC* 15.500%, 11/01/23		136,498
		Netflix, Inc.^
	200,000	4.875%, 06/15/30*		243,234
	130,000	4.875%, 04/15/28		152,386
		Scripps Escrow II, Inc.*
	136,000	3.875%, 01/15/29µ		136,362
	68,000	5.375%, 01/15/31		68,802
	357,000	Scripps Escrow, Inc.*^ 5.875%, 07/15/27		372,512
	136,000	Shift4 Payments, LLC / Shift4 Payments Finance Sub, Inc.* 4.625%, 11/01/26		141,658
		Sirius XM Radio, Inc.*^
	345,000	5.500%, 07/01/29µ		376,288
	345,000	4.625%, 07/15/24		356,951
	240,000	Sprint Capital Corp. 6.875%, 11/15/28		308,690
		Sprint Corp.
	780,000	7.125%, 06/15/24		910,330
	350,000	7.625%, 03/01/26		431,830
	210,000	Telecom Italia Capital, SA^ 6.000%, 09/30/34		251,939
	224,000	Telesat Canada / Telesat, LLC*µ 4.875%, 06/01/27		232,655
	370,000	United States Cellular Corp.µ 6.700%, 12/15/33		479,302
	112,000	Windstream Services, LLC / Windstream Finance Corp.@ 7.750%, 10/01/21		1,204
				13,522,536
		Consumer Discretionary (2.2%)
	278,000	American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28		292,756
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	204,000	6.625%, 01/15/28		217,876
	163,000	9.875%, 04/01/27		184,806
	370,000	BorgWarner, Inc.*^ 5.000%, 10/01/25		436,004

See accompanying Notes to Schedule of Investments

1

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	355,000	Boyd Gaming Corp. 6.000%, 08/15/26	$	367,961
		Caesars Entertainment, Inc.*
	132,000	8.125%, 07/01/27^		144,821
	132,000	6.250%, 07/01/25		139,264
	430,000	Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25		428,482
		Carnival Corp.*
	134,000	10.500%, 02/01/26		155,591
	68,000	7.625%, 03/01/26^		72,060
	195,000	Carvana Company* 5.625%, 10/01/25		201,782
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	725,000	5.125%, 05/01/27		762,809
	340,000	5.750%, 02/15/26		350,962
	131,000	4.250%, 02/01/31		134,437
	130,000	5.000%, 02/01/28		136,681
	207,000	Cedar Fair, LP 5.250%, 07/15/29		207,538
		Century Communities, Inc.
	345,000	6.750%, 06/01/27		369,619
	315,000	5.875%, 07/15/25^		328,230
	575,000	Dana Financing Luxembourg Sarl* 6.500%, 06/01/26		601,438
		DISH DBS Corp.^
	215,000	7.750%, 07/01/26		233,531
	55,000	7.375%, 07/01/28		57,346
		ESH Hospitality, Inc.*µ
	220,000	5.250%, 05/01/25		224,585
	138,000	4.625%, 10/01/27		141,225
		Expedia Group, Inc.*µ
	160,000	7.000%, 05/01/25		175,830
	103,000	6.250%, 05/01/25		119,207
	165,000	Ford Motor Companyµ 8.500%, 04/21/23		184,972
		Ford Motor Credit Company, LLCµ
	350,000	4.063%, 11/01/24		364,945
	320,000	3.664%, 09/08/24		330,272
	315,000	4.134%, 08/04/25^		331,160
	200,000	4.389%, 01/08/26		212,894
	550,000	goeasy, Ltd.*µ 5.375%, 12/01/24		576,076
	136,000	Guitar Center, Inc.* 8.500%, 01/15/26		142,863
	69,000	Installed Building Products, Inc.*
		5.750%, 02/01/28		73,858
	345,000	International Game Technology, PLC*µ 6.250%, 01/15/27		395,715
		L Brands, Inc.
	396,000	6.875%, 11/01/35		459,807
	220,000	6.694%, 01/15/27		246,558
	65,000	6.875%, 07/01/25*µ		70,918
	325,000	Lennar Corp.µ 5.250%, 06/01/26		383,867
		Life Time, Inc.*
	195,000	5.750%, 01/15/26		197,282
	131,000	8.000%, 04/15/26		131,419
		M/I Homes, Inc.µ
	350,000	5.625%, 08/01/25		364,151
	205,000	4.950%, 02/01/28		216,546
		Macy’s Retail Holdings, LLC
	130,000	6.700%, 07/15/34*		123,973
	65,000	5.125%, 01/15/42^		53,100

PRINCIPAL AMOUNT			VALUE
	132,000	Macy’s, Inc.*µ 8.375%, 06/15/25	$	146,314
		Mattel, Inc.*
	350,000	5.875%, 12/15/27^		386,162
	320,000	6.750%, 12/31/25		336,621
	325,000	Mclaren Finance, PLC* 5.750%, 08/01/22		308,848
		Meredith Corp.
	137,000	6.500%, 07/01/25*µ		145,991
	70,000	6.875%, 02/01/26^		70,927
	400,000	Meritage Homes Corp.µ 6.000%, 06/01/25		455,232
	195,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		192,730
	257,000	Newell Brands, Inc.µ 4.700%, 04/01/26		283,001
	335,000	Penske Automotive Group, Inc.^ 5.500%, 05/15/26		348,410
		Rite Aid Corp.
	524,000	8.000%, 11/15/26*		563,986
	136,000	7.700%, 02/15/27		135,883
		Royal Caribbean Cruises, Ltd.*µ
	130,000	11.500%, 06/01/25		150,029
	65,000	10.875%, 06/01/23		73,392
	345,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		344,455
	207,000	Taylor Morrison Communities, Inc.*µ 5.750%, 01/15/28		234,601
	345,000	Twin River Worldwide Holdings, Inc.* 6.750%, 06/01/27		370,609
	112,029	US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22		111,430
	65,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		75,769
	275,000	VOC Escrow, Ltd.*^ 5.000%, 02/15/28		268,073
				16,347,680
		Consumer Staples (0.6%)
	136,000	Central Garden & Pet Company^ 4.125%, 10/15/30		142,430
	210,000	Dean Foods Company*@ 6.500%, 03/15/23		4,078
	135,000	Edgewell Personal Care Company* 5.500%, 06/01/28		144,619
	205,000	Energizer Holdings, Inc.*^ 4.375%, 03/31/29		209,543
	185,000	Fresh Market, Inc.* 9.750%, 05/01/23		191,042
	340,000	JBS USA LUX, SA / JBS USA Finance, Inc.*µ 6.750%, 02/15/28		377,481
	112,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*µ 6.500%, 04/15/29		127,494
		Kraft Heinz Foods Company
	410,000	4.375%, 06/01/46µ		437,310
	66,000	4.250%, 03/01/31µ^		74,416
	66,000	3.875%, 05/15/27^		72,243

See accompanying Notes to Schedule of Investments

2

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		New Albertson’s, Inc.
	177,000	7.750%, 06/15/26	$	205,977
	69,000	8.000%, 05/01/31		85,859
		Pilgrim’s Pride Corp.*
	400,000	5.875%, 09/30/27		426,620
	140,000	5.750%, 03/15/25		143,263
		Post Holdings, Inc.*
	325,000	5.750%, 03/01/27		341,676
	105,000	5.500%, 12/15/29^		114,130
	70,000	5.625%, 01/15/28		74,390
	65,000	4.625%, 04/15/30		67,439
	285,000	Simmons Foods, Inc.* 7.750%, 01/15/24		297,794
	300,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		317,649
		Vector Group, Ltd.*µ
	390,000	6.125%, 02/01/25		395,971
	365,000	5.750%, 02/01/29		377,271
				4,628,695
		Energy (1.3%)
	101,000	Antero Resources Corp.*^ 7.625%, 02/01/29		103,129
		Apache Corp.
	268,000	5.100%, 09/01/40		271,160
	150,000	4.875%, 11/15/27^		154,358
	134,000	4.625%, 11/15/25^		137,126
	210,000	Bruin E&P Partners, LLC*@ 8.875%, 08/01/23		368
		Buckeye Partners, LP
	210,000	3.950%, 12/01/26^		211,959
	135,000	5.850%, 11/15/43		134,885
	210,000	ChampionX Corp. 6.375%, 05/01/26		220,374
	280,000	Cheniere Energy Partners, LP^ 5.625%, 10/01/26		291,959
	129,000	Cheniere Energy, Inc.* 4.625%, 10/15/28		134,533
	170,000	Chesapeake Energy Corp.*@ 11.500%, 01/01/25		50,724
	66,000	CNX Resources Corp.*^ 7.250%, 03/14/27		70,957
		Continental Resources, Inc.^
	270,000	3.800%, 06/01/24		277,279
	200,000	4.375%, 01/15/28		204,268
	415,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		373,600
	140,000	Diamond Offshore Drilling, Inc.@ 7.875%, 08/15/25		21,832
	625,000	Energy Transfer Operating, LP‡ 3.223%, 11/01/66 3 mo. USD LIBOR + 3.02%		435,169
		EnLink Midstream Partners, LP
	340,000	6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%		187,938
	285,000	4.850%, 07/15/26µ		277,077
		EQT Corp.^
	150,000	8.750%, 02/01/30		191,457
	110,000	7.875%, 02/01/25		129,814
	65,000	5.000%, 01/15/29		70,793
	274,000	Genesis Energy, LP / Genesis Energy Finance Corp. 6.250%, 05/15/26		246,167
	510,000	Gulfport Energy Corp.@ 6.375%, 05/15/25		393,746

PRINCIPAL AMOUNT			VALUE
	70,000	Hess Midstream Operations, LP*µ 5.125%, 06/15/28	$	72,860
	68,000	Holly Energy Partners, LP / Holly Energy Finance Corp.*^ 5.000%, 02/01/28		68,510
	230,000	Laredo Petroleum, Inc. 10.125%, 01/15/28		200,500
	420,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26		434,570
		Moss Creek Resources Holdings, Inc.*
	145,000	10.500%, 05/15/27		129,080
	130,000	7.500%, 01/15/26		109,217
	140,000	Murphy Oil Corp.^ 5.875%, 12/01/27		133,263
	132,000	New Fortress Energy, Inc.* 6.750%, 09/15/25		136,735
	70,000	Newfield Exploration Companyµ 5.750%, 01/30/22		72,713
	125,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		52,171
		Occidental Petroleum Corp.^
	815,000	4.300%, 08/15/39		714,486
	605,000	2.900%, 08/15/24		587,818
	502,000	2.700%, 08/15/22		504,018
	130,000	5.875%, 09/01/25µ		136,461
	70,000	Ovintiv, Inc.µ^ 6.500%, 08/15/34		85,625
	129,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		125,932
	205,000	Parkland Fuel Corp.*µ 5.875%, 07/15/27		219,409
	270,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		226,635
	102,000	Range Resources Corp.*^ 8.250%, 01/15/29		107,307
	275,000	SESI, LLC@ 7.750%, 09/15/24		107,088
	87,000	SM Energy Company*^ 10.000%, 01/15/25		96,684
	66,000	Southwestern Energy Companyµ 8.375%, 09/15/28		70,751
	149,000	Transocean, Inc.* 11.500%, 01/30/27		117,692
	350,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.* 8.750%, 04/15/23		325,969
	140,000	Viper Energy Partners, LP*^ 5.375%, 11/01/27		147,137
	260,000	W&T Offshore, Inc.* 9.750%, 11/01/23		206,032
	130,000	Weatherford International, Ltd.* 11.000%, 12/01/24		111,569
				9,890,904
		Financials (2.3%)
	886,000	Acrisure, LLC / Acrisure Finance, Inc.*^ 7.000%, 11/15/25		914,928
	130,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		133,089

See accompanying Notes to Schedule of Investments

3

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	271,000	AG Issuer, LLC* 6.250%, 03/01/28	$	284,230
	580,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27		614,301
	445,000	Ally Financial, Inc. 8.000%, 11/01/31		648,085
	555,000	AmWINS Group, Inc.* 7.750%, 07/01/26		595,093
	635,000	AssuredPartners, Inc.* 7.000%, 08/15/25		655,218
		Aviation Capital Group, LLC*µ
	292,000	3.500%, 11/01/27		308,629
	65,000	6.750%, 04/06/21		65,710
	764,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*^ 5.750%, 05/15/26		793,704
		Credit Acceptance Corp.^
	350,000	6.625%, 03/15/26		371,683
	238,000	5.125%, 12/31/24*		246,913
	84,000	Cushman & Wakefield US Borrower, LLC* 6.750%, 05/15/28		91,520
	345,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24		363,482
	278,000	Genworth Mortgage Holdings, Inc.*µ 6.500%, 08/15/25		297,844
	233,156	Global Aircraft Leasing Company, Ltd.* 6.500%, 09/15/24 7.250% PIK rate		209,376
	264,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP*^ 3.750%, 12/15/27		269,391
	439,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		453,803
	1,190,000	HUB International, Ltd.* 7.000%, 05/01/26		1,235,256
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.µ
	335,000	5.250%, 05/15/27		352,678
	67,000	4.375%, 02/01/29*		66,642
	525,000	ILFC E-Capital Trust II*µ‡ 3.480%, 12/21/65 3 mo. USD LIBOR + 1.80%		424,525
	625,000	Iron Mountain, Inc.*^ 5.250%, 03/15/28		657,869
	550,000	Jefferies Finance, LLC / JFIN Co- Issuer Corp.*µ^ 6.250%, 06/03/26		578,187
		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*
	587,000	5.250%, 10/01/25		587,704
	63,000	4.250%, 02/01/27^		60,517
	270,000	Level 3 Financing, Inc.µ 5.375%, 05/01/25		277,511
	606,000	LPL Holdings, Inc.* 5.750%, 09/15/25		626,489
	585,000	MetLife, Inc.µ 6.400%, 12/15/66		757,563

PRINCIPAL AMOUNT			VALUE
	134,000	MGIC Investment Corp.µ 5.250%, 08/15/28	$	143,423
		Navient Corp.
	588,000	5.000%, 03/15/27^		596,714
	153,000	6.750%, 06/25/25^		167,853
	130,000	4.875%, 03/15/28		129,272
	145,000	NexBank Capital, Inc.*‡& 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59%		142,844
		OneMain Finance Corp.µ
	335,000	7.125%, 03/15/26		393,374
	255,000	6.875%, 03/15/25		292,564
		Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*
	161,000	7.500%, 06/01/25		174,199
	132,000	5.875%, 10/01/28		139,564
	300,000	Prospect Capital Corp.µ 3.706%, 01/22/26		297,045
	345,000	Radian Group, Inc.µ^ 4.875%, 03/15/27		373,480
	166,000	SLM Corp.µ 4.200%, 10/29/25		176,325
	345,000	Starwood Property Trust, Inc. 4.750%, 03/15/25		347,684
	269,000	StoneX Group, Inc.*µ 8.625%, 06/15/25		292,804
	120,000	Tronox Finance, PLC* 5.750%, 10/01/25		124,786
	205,000	United Shore Financial Services, LLC* 5.500%, 11/15/25		216,015
	272,000	VICI Properties, LP / VICI Note Company, Inc.*µ 3.750%, 02/15/27		277,320
	280,000	XHR, LP* 6.375%, 08/15/25		294,185
				17,521,391
		Health Care (1.3%)
		Acadia Healthcare Company, Inc.
	634,000	6.500%, 03/01/24~		647,162
	136,000	5.000%, 04/15/29*^		143,295
	770,000	Bausch Health Americas, Inc.* 8.500%, 01/31/27		852,613
		Bausch Health Companies, Inc.*
	300,000	5.000%, 01/30/28		309,438
	118,000	5.000%, 02/15/29		121,020
	68,000	5.250%, 02/15/31		70,064
		Centene Corp.
	276,000	4.250%, 12/15/27		292,577
	136,000	3.000%, 10/15/30^		142,468
		CHS/Community Health Systems, Inc.*
	1,210,000	8.125%, 06/30/24		1,275,340
	305,000	8.000%, 03/15/26		328,272
	146,000	6.875%, 04/15/29		147,886
		DaVita, Inc.*
	329,000	4.625%, 06/01/30		345,792
	67,000	3.750%, 02/15/31		66,602
		Encompass Health Corp.
	130,000	4.750%, 02/01/30		139,628
	130,000	4.500%, 02/01/28		136,256
	300,000	HCA, Inc.µ 7.500%, 11/06/33		411,942

See accompanying Notes to Schedule of Investments

4

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	465,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*@ 5.625%, 10/15/23	$	192,333
	302,000	Team Health Holdings, Inc.* 6.375%, 02/01/25		272,307
		Tenet Healthcare Corp.
	625,000	6.250%, 02/01/27*		659,325
	390,000	4.625%, 07/15/24		397,375
	375,000	6.875%, 11/15/31^		407,055
	345,000	4.875%, 01/01/26*		360,380
	657,000	Teva Pharmaceutical Finance Company, BVµ 2.950%, 12/18/22		659,549
		Teva Pharmaceutical Finance Netherlands III, BV
	590,000	2.800%, 07/21/23µ		585,557
	520,000	6.000%, 04/15/24^		547,945
	480,000	West Street Merger Sub, Inc.* 6.375%, 09/01/25		494,938
				10,007,119
		Industrials (2.1%)
	265,000	Abercrombie & Fitch Management Company*^ 8.750%, 07/15/25		294,812
	280,000	ACCO Brands Corp.*^ 5.250%, 12/15/24		288,033
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	340,000	4.625%, 01/15/27		356,840
	207,000	4.875%, 02/15/30		221,507
	136,000	3.500%, 03/15/29		134,447
		Allison Transmission, Inc.*
	425,000	4.750%, 10/01/27		445,289
	70,000	3.750%, 01/30/31^		69,754
		American Airlines Group, Inc.*^
	222,000	5.000%, 06/01/22		209,011
	65,000	3.750%, 03/01/25		49,936
	700,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate		739,235
	137,000	Avolon Holdings Funding, Ltd.*µ 5.250%, 05/15/24		150,100
	350,000	Beacon Roofing Supply, Inc.* 4.875%, 11/01/25		354,270
		Cascades, Inc. / Cascades USA, Inc.*
	207,000	5.125%, 01/15/26		220,304
	138,000	5.375%, 01/15/28		146,096
		Delta Air Lines, Inc.^
	67,000	3.800%, 04/19/23		68,750
	66,000	7.375%, 01/15/26		75,891
		Delta Air Lines, Inc. / SkyMiles IP, Ltd.*µ
	68,000	4.750%, 10/20/28		75,390
	34,000	4.500%, 10/20/25		36,372
	131,000	Endurance Acquisition Merger Sub* 6.000%, 02/15/29		129,368
	145,000	EnerSys* 4.375%, 12/15/27		154,788
	565,000	Fly Leasing, Ltd.^ 5.250%, 10/15/24		551,191
	132,000	GFL Environmental, Inc.*µ 3.750%, 08/01/25		135,226

PRINCIPAL AMOUNT			VALUE
		Golden Nugget, Inc.*^
	200,000	6.750%, 10/15/24	$	200,464
	140,000	8.750%, 10/01/25		145,643
	148,000	Graham Packaging Company, Inc.*^ 7.125%, 08/15/28		160,960
	140,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		157,356
	175,000	Graphic Packaging International, LLC*µ 4.750%, 07/15/27		193,442
	350,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22		356,160
	308,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		307,156
	30,000	Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd.* 5.750%, 01/20/26		31,170
	350,000	Herc Holdings, Inc.*^ 5.500%, 07/15/27		369,442
		Howmet Aerospace, Inc.^
	326,000	5.125%, 10/01/24		359,037
	114,000	6.875%, 05/01/25		132,974
	350,000	JELD-WEN, Inc.* 4.625%, 12/15/25		357,777
	241,000	KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26		269,684
	198,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		203,867
	134,000	MasTec, Inc.*^ 4.500%, 08/15/28		141,290
		Meritor, Inc.
	540,000	6.250%, 02/15/24		547,943
	41,000	4.500%, 12/15/28*^		41,797
	170,000	Moog, Inc.*µ 4.250%, 12/15/27		177,375
	340,000	Nationstar Mortgage Holdings, Inc.* 6.000%, 01/15/27		360,050
		Navistar International Corp.*
	465,000	6.625%, 11/01/25		484,865
	132,000	9.500%, 05/01/25		147,172
	272,000	Novelis Corp.* 4.750%, 01/30/30		286,631
	310,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		312,409
	140,000	Patrick Industries, Inc.* 7.500%, 10/15/27		153,703
	300,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance In* 8.500%, 11/15/27		321,915
	66,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		70,620
	275,000	QVC, Inc.µ 4.375%, 09/01/28		286,759
	210,000	Scientific Games International, Inc.*^ 5.000%, 10/15/25		216,558
	235,000	SEG Holding, LLC / SEG Finance Corp.*^ 5.625%, 10/15/28		250,722
	132,000	Sensata Technologies, Inc.*µ 3.750%, 02/15/31		135,639

See accompanying Notes to Schedule of Investments

5

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Sinclair Television Group, Inc.*
	136,000	4.125%, 12/01/30^	$	135,777
	135,000	5.500%, 03/01/30		139,339
		Standard Industries, Inc.*
	135,000	5.000%, 02/15/27µ		140,917
	66,000	4.375%, 07/15/30^		70,054
		Station Casinos, LLC*
	405,000	4.500%, 02/15/28^		398,192
	178,000	5.000%, 10/01/25		179,331
	136,000	Stericycle, Inc.*µ 3.875%, 01/15/29		139,811
	200,000	STL Holding Company, LLC* 7.500%, 02/15/26		208,380
	210,000	Tennant Company 5.625%, 05/01/25		218,558
	200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		211,434
		TransDigm, Inc.
	355,000	6.250%, 03/15/26*		375,984
	205,000	7.500%, 03/15/27^		219,510
		United Rentals North America, Inc.
	125,000	5.875%, 09/15/26µ		131,789
	66,000	3.875%, 02/15/31^		69,016
	175,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		180,437
		WESCO Distribution, Inc.*
	137,000	7.125%, 06/15/25		149,216
	68,000	7.250%, 06/15/28		76,491
	350,000	XPO Logistics, Inc.*^ 6.750%, 08/15/24		370,464
				15,501,890
		Information Technology (0.4%)
	140,000	CDK Global, Inc.* 5.250%, 05/15/29		151,893
	315,000	CommScope Technologies, LLC* 6.000%, 06/15/25		322,132
		Dell International, LLC / EMC Corp.*
	310,000	6.020%, 06/15/26µ		374,297
	215,000	6.100%, 07/15/27^		266,258
	125,000	5.850%, 07/15/25µ		148,555
	138,000	Fair Isaac Corp.*µ 4.000%, 06/15/28		142,641
	300,000	KBR, Inc.* 4.750%, 09/30/28		311,913
	300,000	MPH Acquisition Holdings, LLC*^ 5.750%, 11/01/28		297,807
	207,000	MTS Systems Corp.* 5.750%, 08/15/27		225,324
	198,000	ON Semiconductor Corp.*^ 3.875%, 09/01/28		205,934
	204,000	Open Text Corp.*µ
		3.875%, 02/15/28		209,255
	187,000	PTC, Inc.*µ 4.000%, 02/15/28		195,121
	131,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		132,598
				2,983,728
		Materials (0.6%)
	300,000	Alcoa Nederland Holding, BV* 7.000%, 09/30/26		317,310

PRINCIPAL AMOUNT			VALUE
	147,000	Allegheny Technologies, Inc.^ 5.875%, 12/01/27	$	154,670
	200,000	ArcelorMittal, SA^ 7.250%, 10/15/39		289,122
	290,000	Clearwater Paper Corp.*^ 4.750%, 08/15/28		300,605
	275,000	First Quantum Minerals, Ltd.* 7.250%, 04/01/23		281,493
		Freeport-McMoRan, Inc.
	185,000	5.000%, 09/01/27^		197,167
	130,000	5.450%, 03/15/43^		162,971
	120,000	5.400%, 11/14/34µ		149,624
	205,000	HB Fuller Company 4.250%, 10/15/28		210,160
	204,000	Hudbay Minerals, Inc.* 6.125%, 04/01/29		216,548
	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		228,629
		Kaiser Aluminum Corp.*
	145,000	4.625%, 03/01/28^		149,914
	128,000	6.500%, 05/01/25		137,115
	146,000	Mercer International, Inc.*^ 5.125%, 02/01/29		148,783
	70,000	Mineral Resources, Ltd.* 8.125%, 05/01/27		77,821
		New Gold, Inc.*
	85,000	6.375%, 05/15/25		88,233
	68,000	7.500%, 07/15/27		73,499
	69,000	Norbord, Inc.*µ 5.750%, 07/15/27		74,296
	290,000	OCI, NV*µ 4.625%, 10/15/25		300,739
	132,000	Owens-Brockway Glass Container, Inc.* 6.625%, 05/13/27		143,260
		PBF Holding Company, LLC / PBF Finance Corp.
	580,000	7.250%, 06/15/25		385,427
	66,000	9.250%, 05/15/25*µ^		63,772
	305,000	Silgan Holdings, Inc.^ 4.125%, 02/01/28		316,828
	210,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		221,128
	68,000	Valvoline, Inc.*µ 3.625%, 06/15/31		68,492
				4,757,606
		Real Estate (0.2%)
	365,000	CBL & Associates, LP@ 5.250%, 12/01/23		136,981
	80,000	EPR Propertiesµ 3.750%, 08/15/29		78,307
		Forestar Group, Inc.*
	350,000	8.000%, 04/15/24		368,473
	195,000	5.000%, 03/01/28		203,301
	68,000	iStar, Inc.µ 5.500%, 02/15/26		69,309
		Service Properties Trustµ
	345,000	4.350%, 10/01/24		339,280
	125,000	5.250%, 02/15/26		123,326
				1,318,977
		Utilities (0.2%)
	204,000	Calpine Corp.* 4.500%, 02/15/28		209,830

See accompanying Notes to Schedule of Investments

6

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	95,000	NRG Energy, Inc.µ 6.625%, 01/15/27	$	99,770
	401,000	PPL Capital Funding, Inc.µ‡ 2.905%, 03/30/67 3 mo. USD LIBOR + 2.67%		373,828
		Talen Energy Supply, LLC*^
	135,000	10.500%, 01/15/26		124,373
	70,000	7.250%, 05/15/27		74,120
	350,000	TerraForm Power Operating, LLC*µ 5.000%, 01/31/28		389,644
				1,271,565
		TOTAL CORPORATE BONDS (Cost $96,895,703)		99,461,760
	CONVERTIBLE BONDS (103.9%)
		Communication Services (8.2%)
		Liberty Media Corp.
	8,000,000	0.500%, 12/01/50*		8,258,640
	5,825,000	1.375%, 10/15/23		7,157,294
	3,400,000	2.250%, 09/30/46		1,610,206
	5,000,000	Liberty Media Corp. / Liberty Formula One 1.000%, 01/30/23		6,157,600
	4,500,000	Match Group FinanceCo 3, Inc.* 2.000%, 01/15/30		8,171,190
	4,000,000	Sea, Ltd.* 2.375%, 12/01/25		9,925,920
	5,000,000	Snap, Inc. 0.750%, 08/01/26		11,987,200
	6,600,000	Zynga, Inc.µ 0.250%, 06/01/24		8,902,542
				62,170,592
		Consumer Discretionary (27.0%)
	8,000,000	Booking Holdings, Inc.*^ 0.750%, 05/01/25		10,825,760
	5,500,000	Burlington Stores, Inc.* 2.250%, 04/15/25		7,403,440
	2,315,000	Carnival Corp.* 5.750%, 04/01/23		4,876,848
	7,500,000	Chegg, Inc.*^ 0.000%, 09/01/26		8,696,700
	2,250,000	Dick’s Sporting Goods, Inc.*^ 3.250%, 04/15/25		4,613,422
	785,000	DISH Network Corp.~ 2.375%, 03/15/24		720,002
	11,250,000	Etsy, Inc.*^ 0.125%, 09/01/27		14,961,150
	3,893,000	Fiverr International, Ltd.* 0.000%, 11/01/25		4,908,528
	1,265,000	Guess, Inc. 2.000%, 04/15/24		1,443,036
	11,500,000	Liberty Broadband Corp.* 2.750%, 09/30/50		11,875,935
		Liberty Interactive, LLC
	350,000	4.000%, 11/15/29		272,703
	170,000	3.750%, 02/15/30		131,327
	10,000,000	Marriott Vacations Worldwide Corp.* 0.000%, 01/15/26		10,080,000
		NCL Corp., Ltd.*
	3,739,000	5.375%, 08/01/25		5,797,245
	2,750,000	6.000%, 05/15/24		5,313,797

PRINCIPAL AMOUNT			VALUE
	4,000,000	RH*~ 0.000%, 09/15/24	$	9,184,400
	13,500,000	Royal Caribbean Cruises, Ltd.* 4.250%, 06/15/23		16,372,800
	3,875,000	Tesla, Inc. 2.000%, 05/15/24		49,484,331
	3,250,000	Under Armour, Inc.* 1.500%, 06/01/24		5,372,770
	13,250,000	Vail Resorts, Inc.*^ 0.000%, 01/01/26		13,361,830
	11,000,000	Wayfair, Inc.* 0.625%, 10/01/25		11,229,020
	5,250,000	Winnebago Industries, Inc. 1.500%, 04/01/25		6,871,725
				203,796,769
		Energy (2.7%)
	2,634,000	Helix Energy Solutions Group, Inc. 4.125%, 09/15/23		2,486,180
	8,000,000	Integra LifeSciences Holdings Corp.* 0.500%, 08/15/25		8,995,120
	6,250,000	Pioneer Natural Resources Company*^ 0.250%, 05/15/25		8,654,000
	9,600,000	SunEdison, Inc.*@ 0.250%, 01/15/20		120,960
				20,256,260
		Financials (0.1%)
	350,000	Prospect Capital Corp. 4.950%, 07/15/22		359,744
		Health Care (17.8%)
	4,000,000	BioMarin Pharmaceutical, Inc.* 1.250%, 05/15/27		4,199,480
	5,000,000	Bridgebio Pharma, Inc.* 2.250%, 02/01/29		4,835,500
	2,500,000	CONMED Corp.^ 2.625%, 02/01/24		3,513,000
	12,250,000	DexCom, Inc.* 0.250%, 11/15/25		12,504,800
	2,079,000	Envista Holdings Corp.*^ 2.375%, 06/01/25		3,814,612
	6,000,000	Exact Sciences Corp. 0.375%, 03/15/27		8,592,120
	8,000,000	Guardant Health, Inc.*^ 0.000%, 11/15/27		10,695,040
	12,250,000	Insulet Corp.~ 0.375%, 09/01/26		16,940,157
	6,750,000	Jazz Investments I, Ltd.* 2.000%, 06/15/26		8,809,763
	9,000,000	NeoGenomics, Inc. 0.250%, 01/15/28		9,727,290
	1,845,000	Neurocrine Biosciences, Inc.^ 2.250%, 05/15/24		2,760,083
	3,500,000	NuVasive, Inc.* 0.375%, 03/15/25		3,401,265
	7,500,000	Omnicell, Inc.* 0.250%, 09/15/25		10,033,200
	7,000,000	Pacira BioSciences, Inc.* 0.750%, 08/01/25		8,387,470
	5,741,000	Repligen Corp. 0.375%, 07/15/24		10,447,242
	1,500,000	Sarepta Therapeutics, Inc. 1.500%, 11/15/24		2,210,700

See accompanying Notes to Schedule of Investments

7

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	3,000,000	Tandem Diabetes Care, Inc.* 1.500%, 05/01/25	$	3,466,260
	6,000,000	Teladoc Health, Inc.*^ 1.250%, 06/01/27		8,578,020
	2,800,000	Tricida, Inc.* 3.500%, 05/15/27		1,370,208
				134,286,210
		Industrials (8.0%)
	6,250,000	Air Canada*µ 4.000%, 07/01/25		8,520,375
	3,500,000	Air Transport Services Group, Inc.µ 1.125%, 10/15/24		3,711,715
	3,300,000	Atlas Air Worldwide Holdings, Inc.µ 1.875%, 06/01/24		3,714,117
	3,750,000	Middleby Corp.* 1.000%, 09/01/25		4,719,450
	11,670,000	Southwest Airlines Company 1.250%, 05/01/25		16,408,487
	5,000,000	Sunrun, Inc.* 0.000%, 02/01/26		5,095,400
	17,500,000	Uber Technologies, Inc.*^ 0.000%, 12/15/25		18,340,700
				60,510,244
		Information Technology (39.1%)
	440,000	Advanced Micro Devices, Inc.µ 2.125%, 09/01/26		4,726,960
	7,000,000	Akamai Technologies, Inc.µ 0.375%, 09/01/27		8,014,020
	9,750,000	Bentley Systems, Inc.* 0.125%, 01/15/26		9,822,052
	4,659,000	Bill.com Holdings, Inc.* 0.000%, 12/01/25		5,065,032
	3,000,000	Cloudflare, Inc.* 0.750%, 05/15/25		6,457,440
	12,500,000	Coupa Software, Inc.* 0.375%, 06/15/26		16,106,750
	6,500,000	Datadog, Inc.*
		0.125%, 06/15/25 Envestnet, Inc.		8,737,040
	2,500,000	1.750%, 06/01/23^		3,184,650
	1,701,000	0.750%, 08/15/25*		1,754,684
	2,250,000	Everbridge, Inc. 0.125%, 12/15/24		3,072,263
	3,250,000	Five9, Inc.* 0.500%, 06/01/25		4,581,330
	4,000,000	II-VI, Inc. 0.250%, 09/01/22		7,386,120
	11,500,000	Inphi Corp.* 0.750%, 04/15/25		16,731,120
	4,250,000	LivePerson, Inc.* 0.000%, 12/15/26		4,725,065
	6,250,000	Lumentum Holdings, Inc.^ 0.500%, 12/15/26		7,699,375
	13,094,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		14,835,109
	6,000,000	MongoDB, Inc. 0.250%, 01/15/26		11,120,280
	3,750,000	Nice, Ltd.*^ 0.000%, 09/15/25		4,262,588
	5,010,000	Nova Measuring Instruments, Ltd.* 0.000%, 10/15/25		5,663,254

PRINCIPAL AMOUNT			VALUE
		Okta, Inc.
	6,500,000	0.125%, 09/01/25^	$	9,876,750
	3,500,000	0.375%, 06/15/26*		4,576,670
	2,750,000	ON Semiconductor Corp.^ 1.625%, 10/15/23		4,869,920
	7,500,000	Palo Alto Networks, Inc. 0.750%, 07/01/23		10,649,775
	5,750,000	Proofpoint, Inc. 0.250%, 08/15/24		6,309,762
	1,750,000	Q2 Holdings, Inc. 0.750%, 06/01/26		2,710,733
	9,750,000	Repay Holdings Corp.* 0.000%, 02/01/26		9,751,852
	7,250,000	RingCentral, Inc.* 0.000%, 03/01/25		9,105,492
	12,000,000	Shift4 Payments, Inc.*^ 0.000%, 12/15/25		13,735,800
	1,616,000	Shopify, Inc.^ 0.125%, 11/01/25		1,915,509
	6,750,000	Silicon Laboratories, Inc.*^ 0.625%, 06/15/25		8,745,097
	15,750,000	Splunk, Inc.*~ 1.125%, 06/15/27		16,592,940
		Square, Inc.*^
	8,000,000	0.250%, 11/01/27		9,023,600
	8,000,000	0.000%, 05/01/26		8,995,040
	2,500,000	Viavi Solutions, Inc. 1.750%, 06/01/23		3,178,500
	3,750,000	Wix.com, Ltd.*^ 0.000%, 08/15/25		3,824,588
	4,500,000	Workday, Inc.~ 0.250%, 10/01/22		7,217,100
	6,750,000	Zendesk, Inc.* 0.625%, 06/15/25		10,014,975
	6,314,000	Zscaler, Inc.* 0.125%, 07/01/25		9,438,862
				294,478,097
		Real Estate (1.0%)
	3,250,000	IH Merger Sub, LLC 3.500%, 01/15/22		4,314,147
	2,559,000	Redfin Corp.* 0.000%, 10/15/25		3,154,505
				7,468,652
		TOTAL CONVERTIBLE BONDS (Cost $620,647,750)		783,326,568
	BANK LOANS (1.7%) ¡
		Communication Services (0.4%)
	345,625	Clear Channel Outdoor Holdings, Inc.‡ 3.711%, 08/21/26 3 mo. LIBOR + 3.50%		337,956
	222,188	CommScope, Inc.‡ 3.371%, 04/06/26 1 mo. LIBOR + 3.25%		222,274
	134,663	Consolidated Communications, Inc.! 0.000%, 10/02/27		135,994
	109,725	Consolidated Communications, Inc.‡ 5.750%, 10/02/27 1 mo. LIBOR + 4.75%		110,810

See accompanying Notes to Schedule of Investments

8

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	148,129	CSC Holdings, LLC‡ 2.627%, 04/15/27 1 mo. LIBOR + 2.50%	$	147,712
	415,000	Frontier Communications Corp.‡ 5.750%, 10/08/21 1 mo. LIBOR + 4.75%		416,010
	272,250	iHeartCommunications, Inc.‡ 3.121%, 05/01/26 1 mo. LIBOR + 3.00%		269,391
	645,600	Intelsat Jackson Holdings, SA 8.625%, 01/02/24		657,857
	508,329	Intelsat Jackson Holdings, SA‡ 8.750%, 01/02/24 3 mo. PRIME + 5.50%		516,836
				2,814,840
		Consumer Discretionary (0.4%)
	169,774	Meredith Corp.‡ 5.250%, 01/31/25 3 mo. LIBOR + 4.25%		173,329
	155,000	Meredith Corp.! 0.000%, 01/31/25		158,246
	305,000	Petco Animal Supplies, Inc.! 0.000%, 01/26/23		305,087
	929,967	PetSmart, Inc.‡ 4.500%, 03/11/22 3 mo. LIBOR + 3.50%		930,986
	265,000	PetSmart, Inc.! 0.000%, 03/11/22		265,290
	130,000	PetSmart, Inc. 0.000%, 01/27/28 3 mo. LIBOR + 3.50%		130,000
	233,300	United Natural Foods, Inc. 0.000%, 10/22/25		234,147
	549,545	Weight Watchers International, Inc.‡ 5.500%, 11/29/24 1 mo. LIBOR + 4.75%		551,436
				2,748,521
		Energy (0.0%)
	59,270	Lealand Finance Company, BV‡ 1.121%, 06/30/25 1 mo. LIBOR + 3.00%		39,711
	4,696	McDermott Technology Americas, Inc.‡ 3.121%, 06/30/24 1 mo. LIBOR + 3.00%		3,874
	296,053	Par Pacific Holdings, Inc.‡ 7.000%, 01/12/26 3 mo. LIBOR + 6.75%		291,859
				335,444
		Financials (0.0%)
	352,338	Connect Finco Sarl‡ 5.500%, 12/11/26 1 mo. LIBOR + 4.50%		353,784
		Health Care (0.4%)
	682,338	Amneal Pharmaceuticals, LLC‡ 3.625%, 05/04/25 1 mo. LIBOR + 3.50%		677,647
	480,026	Endo Luxembourg Finance Company I Sarl‡ 5.000%, 04/29/24 3 mo. LIBOR + 4.25%		477,626

PRINCIPAL AMOUNT			VALUE
	405,826	Gentiva Health Services, Inc.‡ 3.375%, 07/02/25 1 mo. LIBOR + 3.25%	$	406,715
	300,068	Mallinckrodt International Finance, SA‡ 5.500%, 09/24/24 3 mo. LIBOR + 4.75%		283,584
	426,409	Ortho Clinical Diagnostics, SA‡ 3.394%, 06/30/25 1 mo. LIBOR + 3.25%		425,876
	631,618	Team Health Holdings, Inc.‡ 3.750%, 02/06/24 1 mo. LIBOR + 2.75%		591,880
				2,863,328
		Industrials (0.3%)
	492,500	Berry Global, Inc.‡ 2.133%, 07/01/26 1 mo. LIBOR + 2.00%		492,407
	306,836	BW Gas & Convenience Holdings, LLC‡ 6.380%, 11/18/24 1 mo. LIBOR + 6.25%		311,822
	282,863	Dun & Bradstreet Corp.‡ 3.878%, 02/06/26 1 mo. LIBOR + 3.75%		283,974
	207,375	Granite US Holdings Corp.‡ 5.504%, 09/30/26 3 mo. LIBOR + 5.25%		205,949
	225,779	Navistar International Corp.‡ 3.630%, 11/06/24 1 mo. LIBOR + 3.50%		226,090
	189,807	RegionalCare Hospital Partners Holdings, Inc.‡ 3.871%, 11/16/25 1 mo. LIBOR + 3.75%		189,938
	445,420	Scientific Games International, Inc.‡ 2.871%, 08/14/24 1 mo. LIBOR + 2.75%		438,670
	68,775	TransDigm, Inc.‡ 2.371%, 12/09/25 1 mo. LIBOR + 2.25%		67,743
				2,216,593
		Information Technology (0.2%)
	323,400	BMC Software Finance, Inc.‡ 4.371%, 10/02/25 1 mo. LIBOR + 4.25%		323,552
	331,650	Camelot U.S. Acquisition 1 Company‡ 3.121%, 10/30/26 1 mo. LIBOR + 3.00%		332,824
	185,000	Camelot U.S. Acquisition 1 Company‡ 4.000%, 10/30/26 1 mo. LIBOR + 3.00%		185,925
	288,031	VFH Parent, LLC‡ 3.129%, 03/01/26 1 mo. LIBOR + 3.00%		287,971
				1,130,272

See accompanying Notes to Schedule of Investments

9

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Materials (0.0%)
	198,500	Innophos, Inc.‡ 3.621%, 02/07/27 1 mo. LIBOR + 3.50%	$	198,914
		TOTAL BANK LOANS (Cost $12,731,935)		12,661,696
NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (20.7%)
		Communication Services (1.0%)
	6,750	2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23		7,804,438
		Consumer Discretionary (1.4%)
	68,935	Aptiv, PLCµ 5.500%, 06/15/23		10,715,946
		Consumer Staples (0.4%)
	31,645	Energizer Holdings, Inc. 7.500%, 01/15/22		2,909,758
		Financials (4.5%)
	104,000	AMG Capital Trust II~ 5.150%, 10/15/37		5,073,120
	28,700	Assurant, Inc.µ 6.500%, 03/15/21		3,682,497
	4,000	Bank of America Corp. ‡‡ 7.250%		5,851,120
	73,830	KKR & Company, Inc.^ 6.000%, 09/15/23		4,294,691
	10,190	Wells Fargo & Company~‡‡ 7.500%		14,714,360
				33,615,788
		Health Care (3.9%)
	100,715	Avantor, Inc.µ 6.250%, 05/15/22		9,327,216
	62,325	Boston Scientific Corp.^ 5.500%, 06/01/23		6,809,629
	8,080	Danaher Corp. 4.750%, 04/15/22		13,092,024
				29,228,869
		Industrials (2.2%)
	9,615	Fortive Corp.~ 5.000%, 07/01/21		9,233,284
	65,335	Stanley Black & Decker, Inc.^ 5.250%, 11/15/22		7,119,555
				16,352,839
		Information Technology (2.6%)
	13,625	Broadcom, Inc.~ 8.000%, 09/30/22		20,011,719
		Utilities (4.7%)
	134,810	Dominion Energy, Inc. 7.250%, 06/01/22		13,305,747
	60,680	DTE Energy Company 6.250%, 11/01/22		2,814,338

NUMBER OF SHARES			VALUE
		NextEra Energy, Inc.
	153,825	6.219%, 09/01/23	$	8,186,566
	123,080	4.872%, 09/01/22		7,527,573
	68,765	5.279%, 03/01/23^		3,674,802
				35,509,026
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $143,017,276)		156,148,383
	COMMON STOCKS (0.4%)
		Communication Services (0.0%)
	1,943	Cumulus Media, Inc. - Class A#		16,865
		Energy (0.4%)
	11,334	Calfrac Well Services, Ltd.#		33,287
	525	Chevron Corp.^		44,730
	15,084	Denbury, Inc.^#		431,553
	16,600	Energy Transfer, LP		104,082
	19,925	Enterprise Products Partners, LP		403,083
	1,881	EP Energy Corp.#		77,121
	3,850	GasLog, Ltd.		15,785
	17,664	Lonestar Resources US, Inc.#		88,143
	5,025	Magellan Midstream Partners, LP		223,411
	32,024	Mcdermott International, Ltd.^#		32,664
	1,859	Oasis Petroleum, Inc.#		69,657
	1,960	Schlumberger, Ltd.		43,532
	328,423	Southwestern Energy Company^#		1,238,155
	7,365	Targa Resources Corp.^		201,580
	4,325	Weatherford International, PLC#		29,410
	4,124	Whiting Petroleum Corp.#		83,882
	2,400	Williams Companies, Inc.		50,952
				3,171,027
		Industrials (0.0%)
	46,293	McDermott International, Inc.#		47,219
		TOTAL COMMON STOCKS (Cost $10,994,418)		3,235,111
	EXCHANGE-TRADED FUND (0.1%)
		Other (0.1%)
	3,335	SPDR Bloomberg Barclays High Yield Bond ETF^ (Cost $372,864)		361,514
	WARRANTS (0.0%) #
		Energy (0.0%)
	1,399	Denbury, Inc. 09/18/25, Strike $32.59		12,102
	515	Denbury, Inc. 09/18/23, Strike $35.41		2,091
	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 $82,153)		14,195

See accompanying Notes to Schedule of Investments

10

Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2021 (UNAUDITED)

NUMBER OF SHARES			VALUE
	PREFERRED STOCKS (0.2%)
		Communication Services (0.0%)
	11,630	United States Cellular Corp. 6.250%, 09/01/69	$	311,335
		Consumer Discretionary (0.1%)
	1,723	Guitar Center, Inc.		194,643
	2,158	Qurate Retail, Inc. 8.000%, 03/15/31		215,929
				410,572
		Energy (0.1%)
	26,860	NuStar Energy, LP‡ 8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		538,543
	15,000	NuStar Energy, LP‡ 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%		257,550
	12,000	NuStar Logistics, LP‡ 6.975%, 01/15/43 3 mo. USD LIBOR + 6.73%		266,040
				1,062,133
		TOTAL PREFERRED STOCKS (Cost $2,052,688)		1,784,040
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTIONS (1.9%) #
		Consumer Discretionary (0.8%)
	480	Alibaba Group Holding, Ltd.
	12,183,840	Call, 03/19/21, Strike $270.00		488,400
	300	Tesla, Inc.
	23,805,900	Put, 01/21/22, Strike $700.00		5,346,000
				5,834,400
		Financials (0.2%)
	2,920	Bank of America Corp.
	8,657,800	Call, 01/21/22, Strike $35.00		591,300
	3,750	Wells Fargo & Company
	11,205,000	Call, 04/16/21, Strike $30.00		840,000
				1,431,300
		Information Technology (0.2%)
	1,670	Micron Technology, Inc.
	13,071,090	Call, 06/18/21, Strike $75.00		1,853,700
		Other (0.7%)
	1,200	Invesco QQQ Trust Series
	37,747,200	Put, 01/21/22, Strike $275.00		2,664,000
	1,000	SPDR S&P 500 ETF Trust
	37,007,000	Put, 01/21/22, Strike $340.00		2,666,000
				5,330,000
		TOTAL PURCHASED OPTIONS (Cost $13,137,924)		14,449,400

NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENTS (3.2%)
	11,858,536	JPMorgan Prime Money Market
		Fund - Capital Class, 0.110%***	$	11,864,466
	11,862,831	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.030%***		11,862,831
		TOTAL SHORT TERM INVESTMENTS (Cost $23,727,297)		23,727,297
	TOTAL INVESTMENTS (145.3%)     (Cost $923,660,008)			1,095,169,964
	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-8.5%)			(64,000,000)
	LIABILITIES, LESS OTHER ASSETS (-36.8%)			(277,323,747)
	NET ASSETS (100.0%)		$	753,846,217

NOTES TO SCHEDULE OF INVESTMENTS

* Securities issued and sold pursuant to a Rule 144A transaction are excepted 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 $84,098,611.

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

@ In default status and considered non-income producing.

‡ Variable rate security. The rate shown is the rate in effect at January 31, 2021.

& Illiquid security.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options. The aggregate value of such securities is $54,975,364.

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

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

‡‡ Perpetual maturity.

# Non-income producing security.

*** The rate disclosed is the 7 day net yield as of January 31, 2021.

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

11

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.

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

In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The Fund adopted ASU2017-08 as of January 1, 2020, with no material impact on the Fund’s financial statements.

In October 2020, FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 was issued to clarify how to amortize premiums for debt securities where there are bonds with multiple call dates. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management has evaluated the impact of this guidance within the Fund’s financial statements and has determined the adoption of ASU 2020-08 will have no impact on the Fund’s financial statements.

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

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

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

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

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

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

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

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

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

Note 2 – Investments

The cost basis of investments for federal income tax purposes at January 31, 2021 was as follows*:

Cost basis of investments	$923,660,008
Gross unrealized appreciation	205,080,915
Gross unrealized depreciation	(33,570,959)
Net unrealized appreciation (depreciation)	$171,509,956

* 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

On September 6, 2017, the Fund issued 2,560,000 mandatory redeemable preferred shares (“MRPS”) 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 Mandatory Redeemable Preferred Shares over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into three 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, 2021.

Series	Term   Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference
Series A	9/06/22	3.70%	850	$25	$21,250,000
Series B	9/06/24	4.00%	850	$25	$21,250,000
Series C	9/06/27	4.24%	860	$25	$21,500,000
				Total	$64,000,000

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.

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

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA-” by Kroll. If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Fitch (or lower than the equivalent of such rating by any other rating agency providing a rating pursuant to the request of the Fund, such as 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.

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

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