Calamos Dynamic Convertible and Income Fund (CCD) NPORT-P Calamos Dynamic Convertible & Income Fund (Jul 2022 report)

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	CORPORATE BONDS (16.0%)
		Airlines (0.4%)
	407,081	Air Canada Pass Through Trust Series 2015-1, Class B* 3.875%, 09/15/24	$	399,945
	59,400	Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		58,208
	273,549	Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29		270,001
	174,686	Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27		183,457
	316,000	American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32		265,017
	196,000	American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* 5.500%, 04/20/26		193,474
	65,000	5.750%, 04/20/29		62,318
	303,482	British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33		262,181
	215,090	JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30		216,901
	169,000	Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25		176,299
	201,829	United Airlines Pass Through Trust Series 2014-2, Class B 4.625%, 03/03/24		200,715
	129,490	United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29		112,170
				2,400,686
		Communication Services (1.8%)
	300,000	Altice France, SA* 5.500%, 10/15/29		259,443
	320,000	APi Escrow Corp.* 4.750%, 10/15/29		270,054
	415,000	Arrow Bidco, LLC* 9.500%, 03/15/24		418,594
		Audacy Capital Corp.*
	131,000	6.750%, 03/31/29		63,525
	131,000	6.500%, 05/01/27		65,006
	196,000	Beasley Mezzanine Holdings, LLC*^ 8.625%, 02/01/26		149,503
	101,000	Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28		92,475
	405,000	Consolidated Communications, Inc.*^ 6.500%, 10/01/28		348,956
		CSC Holdings, LLC*
	570,000	5.500%, 04/15/27		552,609
	400,000	5.750%, 01/15/30		323,172
	400,000	5.375%, 02/01/28		380,404
	400,000	4.625%, 12/01/30		304,560
	200,000	4.500%, 11/15/31		170,386

PRINCIPAL AMOUNT			VALUE
		Diamond Sports Group, LLC / Diamond Sports Finance Company*
	210,000	6.625%, 08/15/27	$	20,767
	146,000	5.375%, 08/15/26		32,016
	503,000	DIRECTV Holdings, LLC / DIRECTV Financing Company, Inc.* 5.875%, 08/15/27		470,436
	254,000	Embarq Corp. 7.995%, 06/01/36		209,626
	275,000	Frontier California, Inc. 6.750%, 05/15/27		265,427
		Frontier Communications Holdings, LLC*
	169,000	5.000%, 05/01/28		158,855
	65,000	8.750%, 05/15/30		69,115
	289,000	Frontier Florida, LLC@ 6.860%, 02/01/28		274,128
	400,000	Frontier North, Inc.@ 6.730%, 02/15/28		381,748
		Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	235,000	3.500%, 03/01/29		209,754
	69,000	5.250%, 12/01/27		67,557
	80,000	Hughes Satellite Systems Corp. 5.250%, 08/01/26		81,219
		Intelsat Jackson Holdings, SA@&
	200,000	9.750%, 07/15/25*		—
	135,000	5.500%, 08/01/23		—
	330,000	LCPR Senior Secured Financing DAC* 6.750%, 10/15/27		323,351
	169,724	Ligado Networks, LLC* 15.500%, 11/01/23		90,385
		Lumen Technologies, Inc.
	422,000	7.600%, 09/15/39		342,094
	320,000	4.000%, 02/15/27*		297,443
	133,000	4.500%, 01/15/29*		105,552
	130,000	Match Group Holdings II, LLC*^ 3.625%, 10/01/31		110,393
	235,000	Midas OpCo Holdings, LLC* 5.625%, 08/15/29		197,976
		Netflix, Inc.
	200,000	4.875%, 06/15/30*^		196,658
	130,000	4.875%, 04/15/28		129,133
	135,000	Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%		127,964
		Scripps Escrow II, Inc.*
	136,000	3.875%, 01/15/29		121,522
	68,000	5.375%, 01/15/31		58,044
	490,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		468,768
		Sirius XM Radio, Inc.*
	345,000	5.500%, 07/01/29^		339,114
	201,000	4.000%, 07/15/28		186,818
	130,000	3.125%, 09/01/26		122,595
	65,000	3.875%, 09/01/31		55,884
	130,000	Spanish Broadcasting System, Inc.*^ 9.750%, 03/01/26		105,049
	680,000	Sprint Corp. 7.125%, 06/15/24		712,626

See accompanying Notes to Schedule of Investments

1

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	210,000	Telecom Italia Capital, SA 6.000%, 09/30/34	$	166,152
	130,000	Telesat Canada / Telesat, LLC* 4.875%, 06/01/27		76,627
	240,000	United States Cellular Corp. 6.700%, 12/15/33		238,838
	33,000	Univision Communications, Inc.* 4.500%, 05/01/29		29,878
				10,242,199
		Consumer Discretionary (2.7%)
		American Axle & Manufacturing, Inc.
	278,000	6.875%, 07/01/28		268,003
	27,000	5.000%, 10/01/29^		23,636
		Ashton Woods USA, LLC / Ashton Woods Finance Company*
	204,000	6.625%, 01/15/28		178,979
	163,000	4.625%, 08/01/29		127,042
	65,000	4.625%, 04/01/30		49,516
		At Home Group, Inc.*
	195,000	4.875%, 07/15/28^		153,633
	131,000	7.125%, 07/15/29		89,015
	79,000	Avis Budget Car Rental, LLC / Avis Budget Finance, Inc.*^ 5.375%, 03/01/29		72,119
		Bath & Body Works, Inc.^
	355,000	6.694%, 01/15/27		350,534
	330,000	6.875%, 11/01/35		303,656
		Caesars Entertainment, Inc.*
	168,000	4.625%, 10/15/29^		142,526
	132,000	8.125%, 07/01/27^		132,310
	132,000	6.250%, 07/01/25		132,165
		Carnival Corp.*
	134,000	10.500%, 02/01/26		140,877
	68,000	7.625%, 03/01/26		58,701
	315,000	Carriage Services, Inc.* 4.250%, 05/15/29		274,623
	195,000	Carvana Company*
		4.875%, 09/01/29		116,916
		CCO Holdings, LLC / CCO Holdings Capital Corp.*
	725,000	5.125%, 05/01/27		712,059
	300,000	4.750%, 03/01/30		273,246
	266,000	4.250%, 02/01/31		230,965
	150,000	4.500%, 08/15/30		133,690
	130,000	5.000%, 02/01/28		125,590
	130,000	4.750%, 02/01/32		114,893
	100,000	4.250%, 01/15/34		82,852
	130,000	CDI Escrow Issuer, Inc.* 5.750%, 04/01/30		127,383
	207,000	Cedar Fair, LP^ 5.250%, 07/15/29		198,252
	65,000	Century Communities, Inc.* 3.875%, 08/15/29		55,943
		Dana, Inc.
	220,000	4.250%, 09/01/30		185,614
	130,000	4.500%, 02/15/32		108,661
		DISH DBS Corp.
	325,000	5.250%, 12/01/26*		278,993
	215,000	7.750%, 07/01/26^		178,003
	168,000	7.375%, 07/01/28		119,834
	400,000	Empire Resorts, Inc.* 7.750%, 11/01/26		360,108
	296,000	Everi Holdings, Inc.* 5.000%, 07/15/29		271,719

PRINCIPAL AMOUNT			VALUE
		Ford Motor Credit Company, LLC
	425,000	4.000%, 11/13/30	$	377,515
	350,000	5.113%, 05/03/29		338,863
	350,000	4.063%, 11/01/24		344,729
	315,000	4.134%, 08/04/25		308,983
	200,000	4.389%, 01/08/26		195,804
		Gap, Inc.*^
	98,000	3.875%, 10/01/31		71,107
	13,000	3.625%, 10/01/29		9,549
		goeasy, Ltd.*
	460,000	5.375%, 12/01/24		437,736
	241,000	4.375%, 05/01/26^		207,740
	195,000	Goodyear Tire & Rubber Company^ 5.000%, 07/15/29		177,920
	114,000	Group 1 Automotive, Inc.* 4.000%, 08/15/28		102,098
	503,000	Guitar Center, Inc.* 8.500%, 01/15/26		461,533
		International Game Technology, PLC*
	345,000	6.250%, 01/15/27		350,034
	200,000	4.125%, 04/15/26		191,066
	295,000	JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*^ 5.125%, 02/01/28		294,546
	265,000	Liberty Interactive, LLC^ 8.250%, 02/01/30		174,921
		Life Time, Inc.*
	196,000	8.000%, 04/15/26^		184,975
	135,000	5.750%, 01/15/26		126,994
	168,000	Lindblad Expeditions, LLC* 6.750%, 02/15/27		154,557
	175,000	M/I Homes, Inc.^ 3.950%, 02/15/30		146,200
		Macy’s Retail Holdings, LLC*
	277,000	6.700%, 07/15/34		268,311
	163,000	5.875%, 03/15/30^		140,958
	310,000	Mclaren Finance, PLC* 7.500%, 08/01/26		269,275
	332,000	Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29		303,491
	360,000	Mohegan Gaming & Entertainment* 8.000%, 02/01/26		319,882
		Nordstrom, Inc.
	130,000	5.000%, 01/15/44^		96,045
	123,000	4.250%, 08/01/31		99,823
	305,000	Penn National Gaming, Inc.*^ 4.125%, 07/01/29		254,019
	365,000	Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29		295,373
	659,000	Rite Aid Corp.*^ 8.000%, 11/15/26		559,531
	370,000	Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29		336,874
	303,000	Sonic Automotive, Inc.* 4.625%, 11/15/29		262,092
	193,000	Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27		175,672

See accompanying Notes to Schedule of Investments

2

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	207,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28	$	200,800
	65,000	Viking Cruises, Ltd.* 13.000%, 05/15/25		68,855
	300,000	Vista Outdoor, Inc.* 4.500%, 03/15/29		231,375
	275,000	VOC Escrow, Ltd.* 5.000%, 02/15/28		244,992
	67,000	Williams Scotsman International, Inc.* 4.625%, 08/15/28		62,900
				15,019,194
		Consumer Staples (0.7%)
	305,000	Central Garden & Pet Company* 4.125%, 04/30/31		263,303
	369,000	Edgewell Personal Care Company* 4.125%, 04/01/29		331,598
		Energizer Holdings, Inc.*
	370,000	4.375%, 03/31/29		305,683
	66,000	6.500%, 12/31/27		61,653
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	390,000	5.500%, 01/15/30		380,476
	112,000	6.500%, 04/15/29		114,416
	134,000	Kraft Heinz Foods Company 4.375%, 06/01/46		118,299
	177,000	New Albertsons, LP 7.750%, 06/15/26		181,432
	261,000	Performance Food Group, Inc.* 4.250%, 08/01/29		232,290
	250,000	Petsmart, Inc. / PetSmart Finance Corp.* 4.750%, 02/15/28		237,138
	400,000	Pilgrim’s Pride Corp.* 5.875%, 09/30/27		400,376
		Post Holdings, Inc.*
	115,000	5.750%, 03/01/27		115,189
	68,000	5.500%, 12/15/29		64,304
	33,000	4.625%, 04/15/30		29,599
	252,000	Prestige Brands, Inc.* 3.750%, 04/01/31		216,881
	300,000	United Natural Foods, Inc.*^ 6.750%, 10/15/28		302,208
	413,000	Vector Group, Ltd.* 5.750%, 02/01/29		375,277
				3,730,122
		Energy (1.6%)
		Antero Resources Corp.*
	132,000	5.375%, 03/01/30^		129,852
	84,000	7.625%, 02/01/29		88,716
	268,000	Apache Corp. 5.100%, 09/01/40		239,404
		Buckeye Partners, LP
	210,000	3.950%, 12/01/26		195,733
	135,000	5.850%, 11/15/43		101,156
	300,000	Callon Petroleum Company*^ 7.500%, 06/15/30		288,558
		Cheniere Energy Partners Company
	131,000	3.250%, 01/31/32		114,394
	63,000	4.000%, 03/01/31		58,415

PRINCIPAL AMOUNT			VALUE
	129,000	Cheniere Energy, Inc. 4.625%, 10/15/28	$	125,932
	198,000	Chesapeake Energy Corp.* 6.750%, 04/15/29		205,231
	415,000	DCP Midstream Operating, LP*‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		361,220
	3,259	Diamond Foreign Asset Company / Diamond Finance, LLC 9.000%, 04/22/27		3,171
	137,000	DT Midstream, Inc.* 4.125%, 06/15/29		126,520
	261,000	Earthstone Energy Holdings, LLC*^ 8.000%, 04/15/27		249,759
	390,000	Energy Transfer, LP‡ 5.800%, 11/01/66 3 mo. USD LIBOR + 3.02%		275,531
	197,000	6.500%, 11/15/26 5 year CMT + 5.69%		178,902
	340,000	EnLink Midstream Partners, LP 6.000%, 12/15/22‡
	285,000	3 mo. USD LIBOR + 4.11% 4.850%, 07/15/26		236,310 282,700
	196,000	EQM Midstream Partners, LP* 7.500%, 06/01/27		200,555
	274,000	Genesis Energy, LP / Genesis Energy Finance Corp.^ 6.250%, 05/15/26		255,209
	190,000	Gulfport Energy Operating Corp.* 8.000%, 05/17/26		190,986
		Gulfport Energy Operating Corp.
	260,000	6.375%, 05/15/25&		—
	79,461	8.000%, 05/17/26^		79,873
	300,000	Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30		276,351
	196,000	Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27		169,013
		Laredo Petroleum, Inc.
	230,000	10.125%, 01/15/28^		234,253
	131,000	9.500%, 01/15/25		134,499
	67,000	7.750%, 07/31/29*^		64,049
	295,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*
		6.000%, 08/01/26		281,173
		Moss Creek Resources Holdings, Inc.*
	145,000	10.500%, 05/15/27		139,609
	130,000	7.500%, 01/15/26		118,665
	130,000	Murphy Oil Corp. 6.375%, 07/15/28		129,984
		New Fortress Energy, Inc.*
	272,000	6.750%, 09/15/25		265,856
	135,000	6.500%, 09/30/26		127,945
		Occidental Petroleum Corp.
	166,000	6.625%, 09/01/30		184,313
	130,000	5.875%, 09/01/25		134,022
	100,000	6.125%, 01/01/31		107,202
	50,000	6.375%, 09/01/28		53,942
	244,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		232,227
	280,000	Parkland Corp.* 5.875%, 07/15/27		274,660

See accompanying Notes to Schedule of Investments

3

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	261,000	Patterson-UTI Energy, Inc. 5.150%, 11/15/29	$	233,569
	270,000	Plains All American Pipeline, LP‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		205,613
	365,000	Rockcliff Energy II, LLC* 5.500%, 10/15/29		352,481
		Southwestern Energy Company
	135,000	5.375%, 02/01/29		132,089
	135,000	5.375%, 03/15/30		133,079
	65,000	4.750%, 02/01/32		60,730
	65,000	Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30		57,110
		Venture Global Calcasieu Pass, LLC*
	65,000	4.125%, 08/15/31		60,159
	65,000	3.875%, 08/15/29		60,241
	195,000	W&T Offshore, Inc.* 9.750%, 11/01/23		188,427
		Weatherford International, Ltd.*
	285,000	6.500%, 09/15/28		271,916
	195,000	8.625%, 04/30/30		177,033
				8,848,337
		Financials (3.0%)
		Acrisure, LLC / Acrisure Finance, Inc.*
	393,000	6.000%, 08/01/29		327,931
	356,000	7.000%, 11/15/25		342,216
	400,000	Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26		413,052
	416,000	AG Issuer, LLC* 6.250%, 03/01/28		376,875
		Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*
	580,000	6.750%, 10/15/27		551,168
	65,000	5.875%, 11/01/29		56,654
	65,000	4.250%, 10/15/27		60,934
	302,000	Ally Financial, Inc. 4.700%, 05/15/26‡ 5 year CMT + 3.87%		254,637
	215,000	8.000%, 11/01/31		243,578
	125,000	4.700%, 05/15/28‡ 7 year CMT + 3.48%		99,178
	300,000	American Finance Trust, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28		242,145
	533,000	AmWINS Group, Inc.* 4.875%, 06/30/29		485,643
	635,000	AssuredPartners, Inc.* 7.000%, 08/15/25		629,444
	292,000	Aviation Capital Group, LLC* 3.500%, 11/01/27		256,615
	63,000	Bank of New York Mellon Corp.µ‡ 3.750%, 12/20/26 5 year CMT + 2.63%		54,803
	533,000	BroadStreet Partners, Inc.* 5.875%, 04/15/29		461,253
		Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*
	535,000	4.500%, 04/01/27		470,736
	324,000	5.750%, 05/15/26		316,140

PRINCIPAL AMOUNT			VALUE
	200,000	Burford Capital Global Financial, LLC* 6.875%, 04/15/30	$	178,496
	70,000	Capital One Financial Corp.^‡ 3.950%, 09/01/26 5 year CMT + 3.16%		60,776
	302,000	Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27		253,677
		Credit Acceptance Corp.
	350,000	6.625%, 03/15/26^		353,370
	238,000	5.125%, 12/31/24*		230,072
	344,000	Enact Holdings, Inc.* 6.500%, 08/15/25		346,645
	389,000	Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27		341,235
	439,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		439,018
		HUB International, Ltd.*
	883,000	7.000%, 05/01/26		873,419
	398,000	5.625%, 12/01/29^		358,893
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
	335,000	5.250%, 05/15/27		322,816
	202,000	4.375%, 02/01/29		182,030
	525,000	ILFC E-Capital Trust II*‡ 5.100%, 12/21/65 3 mo. USD LIBOR + 1.80%		403,084
	625,000	Iron Mountain, Inc.* 5.250%, 03/15/28		600,731
	540,000	Jefferies Finance, LLC / JFIN Co- Issuer Corp.* 5.000%, 08/15/28		454,518
		Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	522,000	5.250%, 10/01/25		493,807
	130,000	4.750%, 06/15/29		111,344
	378,000	LD Holdings Group, LLC*^ 6.125%, 04/01/28		230,104
		Level 3 Financing, Inc.
	280,000	4.250%, 07/01/28*		245,563
	133,000	3.875%, 11/15/29*		118,530
	125,000	5.375%, 05/01/25		125,150
	200,000	LPL Holdings, Inc.* 4.000%, 03/15/29		186,178
	585,000	MetLife, Inc. 6.400%, 12/15/66		612,711
		Navient Corp.
	588,000	5.000%, 03/15/27^		531,770
	300,000	4.875%, 03/15/28		257,691
		OneMain Finance Corp.
	180,000	3.875%, 09/15/28		149,314
	137,000	7.125%, 03/15/26		133,667
	132,000	Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28		129,599
	416,000	PHH Mortgage Corp.*^ 7.875%, 03/15/26		392,941
	70,000	PNC Financial Services Group, Inc.µ‡ 6.000%, 05/15/27 5 year CMT + 3.00%		70,426

See accompanying Notes to Schedule of Investments

4

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	300,000	RHP Hotel Properties, LP / RHP Finance Corp.*^ 4.500%, 02/15/29	$	275,649
	195,000	RLJ Lodging Trust, LP* 3.750%, 07/01/26		183,243
		Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	125,000	3.625%, 03/01/29		106,950
	120,000	3.875%, 03/01/31		99,176
	65,000	2.875%, 10/15/26		57,437
	269,000	StoneX Group, Inc.* 8.625%, 06/15/25		275,071
	63,000	SVB Financial Group‡ 4.000%, 05/15/26 5 year CMT + 3.20%		51,614
		United Wholesale Mortgage, LLC*
	310,000	5.500%, 04/15/29^		266,138
	130,000	5.750%, 06/15/27		113,795
	135,000	Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* 6.500%, 02/15/29		102,092
	130,000	US Bancorpµ‡ 3.700%, 01/15/27 5 year CMT + 2.54%		109,139
	300,000	VZ Secured Financing, BV* 5.000%, 01/15/32		268,209
		XHR, LP*
	280,000	6.375%, 08/15/25		282,198
	130,000	4.875%, 06/01/29		117,168
				17,138,456
		Health Care (1.3%)
		Bausch Health Americas, Inc.*
	770,000	8.500%, 01/31/27		487,318
	125,000	9.250%, 04/01/26^		87,590
		Bausch Health Companies, Inc.*
	520,000	7.250%, 05/30/29		285,288
	300,000	5.000%, 01/30/28		160,365
	98,000	6.125%, 02/01/27^		83,711
	130,000	Charles River Laboratories International, Inc.* 3.750%, 03/15/29		121,168
	33,000	CHS/Community Health Systems, Inc.* 5.250%, 05/15/30		27,751
		CHS/Community Health Systems, Inc.*
	533,000	6.125%, 04/01/30^		287,004
	305,000	8.000%, 03/15/26		291,467
	146,000	6.875%, 04/15/29		81,373
		DaVita, Inc.*
	531,000	4.625%, 06/01/30		437,560
	313,000	3.750%, 02/15/31		239,802
		Embecta Corp.*
	195,000	5.000%, 02/15/30		168,909
	67,000	6.750%, 02/15/30		61,931
		Encompass Health Corp.
	130,000	4.750%, 02/01/30		120,236
	130,000	4.500%, 02/01/28		120,433
	282,000	HCA, Inc. 7.500%, 11/06/33		322,492
	200,000	Jazz Securities DAC* 4.375%, 01/15/29		192,800
	116,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29		70,948

PRINCIPAL AMOUNT			VALUE
		Medline Borrower, LP*
	336,000	5.250%, 10/01/29^	$	303,851
	335,000	3.875%, 04/01/29		302,770
		Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	490,000	5.125%, 04/30/31		459,689
	200,000	4.125%, 04/30/28		190,076
	302,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		205,985
		Tenet Healthcare Corp.
	625,000	6.250%, 02/01/27*		632,100
	375,000	6.875%, 11/15/31		367,177
	345,000	4.875%, 01/01/26*		340,260
		Teva Pharmaceutical Finance Netherlands III, BV
	520,000	6.000%, 04/15/24^		528,081
	200,000	7.125%, 01/31/25		205,758
	200,000	4.750%, 05/09/27		189,886
	130,000	3.150%, 10/01/26		116,706
				7,490,485
		Industrials (2.6%)
	320,000	Abercrombie & Fitch Management Company* 8.750%, 07/15/25		314,998
	300,000	ACCO Brands Corp.* 4.250%, 03/15/29		262,977
	300,000	AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%		267,696
	265,000	Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%		198,578
		Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	440,000	4.625%, 01/15/27		418,040
	325,000	5.875%, 02/15/28		316,810
	136,000	3.500%, 03/15/29		118,313
		Allison Transmission, Inc.*
	230,000	4.750%, 10/01/27		218,962
	70,000	3.750%, 01/30/31		60,507
	65,000	American Airlines Group, Inc.*^ 3.750%, 03/01/25		57,067
	146,000	Arcosa, Inc.* 4.375%, 04/15/29		130,866
	700,000	ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK RATE		531,188
	137,000	Avolon Holdings Funding, Ltd.*µ 5.250%, 05/15/24		135,475
	206,000	Beacon Roofing Supply, Inc.* 4.125%, 05/15/29		182,714
	261,000	BWX Technologies, Inc.*^ 4.125%, 04/15/29		245,429
	138,000	Cascades, Inc. / Cascades USA, Inc.* 5.375%, 01/15/28		125,166
	66,000	Delta Air Lines, Inc. 7.375%, 01/15/26		69,422
		Delta Air Lines, Inc. / SkyMiles IP, Ltd.*
	68,000	4.750%, 10/20/28		66,714
	34,000	4.500%, 10/20/25µ		33,694
	350,000	Deluxe Corp.* 8.000%, 06/01/29		306,099

See accompanying Notes to Schedule of Investments

5

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	130,000	Dun & Bradstreet Corp.* 5.000%, 12/15/29	$	120,978
	195,000	Eco Material Technologies, Inc.* 7.875%, 01/31/27		174,968
	323,000	Endurance International Group Holdings, Inc.* 6.000%, 02/15/29		239,253
	145,000	EnerSys*^ 4.375%, 12/15/27		133,557
	300,000	Fly Leasing, Ltd.* 7.000%, 10/15/24		164,907
	132,000	GFL Environmental, Inc.* 3.750%, 08/01/25		128,223
	148,000	Graham Packaging Company, Inc.*^ 7.125%, 08/15/28		125,837
	140,000	Granite US Holdings Corp.*^ 11.000%, 10/01/27		130,374
		Graphic Packaging International, LLC*
	175,000	4.750%, 07/15/27		171,925
	125,000	3.500%, 03/01/29		113,449
	290,000	Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29		261,594
	623,000	H&E Equipment Services, Inc.* 3.875%, 12/15/28		545,717
	402,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26		391,813
	350,000	Herc Holdings, Inc.* 5.500%, 07/15/27		350,560
	326,000	Howmet Aerospace, Inc. 5.125%, 10/01/24		330,222
	310,000	IEA Energy Services, LLC* 6.625%, 08/15/29		306,578
	350,000	JELD-WEN, Inc.* 4.625%, 12/15/25		323,557
	445,000	Ken Garff Automotive, LLC* 4.875%, 09/15/28		378,121
	134,000	MasTec, Inc.* 4.500%, 08/15/28		123,923
	201,000	Meritor, Inc.* 4.500%, 12/15/28		200,441
	170,000	Moog, Inc.* 4.250%, 12/15/27		158,948
	365,000	Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28		320,853
	272,000	Novelis Corp.* 4.750%, 01/30/30		251,861
	100,000	OI European Group, BV* 4.750%, 02/15/30		84,100
	310,000	Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27		274,235
	399,000	Patrick Industries, Inc.* 4.750%, 05/01/29		311,052
	335,000	Peninsula Pacific Entertainment, LLC / Peninsula Pacific Entertainment Finance Inc.* 8.500%, 11/15/27		362,115
	282,000	Picasso Finance Sub, Inc.* 6.125%, 06/15/25		285,928

PRINCIPAL AMOUNT			VALUE
		QVC, Inc.
	174,000	4.375%, 09/01/28	$	135,864
	135,000	5.450%, 08/15/34		96,362
	247,000	Sensata Technologies, Inc.* 3.750%, 02/15/31		214,850
		Sinclair Television Group, Inc.*
	201,000	4.125%, 12/01/30		172,569
	135,000	5.500%, 03/01/30^		108,721
	270,000	Standard Industries, Inc.* 5.000%, 02/15/27		260,993
	545,000	Station Casinos, LLC* 4.500%, 02/15/28		494,773
	216,000	Stericycle, Inc.* 3.875%, 01/15/29		197,597
	200,000	STL Holding Company, LLC* 7.500%, 02/15/26		178,004
	200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		198,036
		TransDigm, Inc.
	366,000	6.250%, 03/15/26*		368,039
	205,000	7.500%, 03/15/27		208,649
	130,000	Tronox, Inc.* 4.625%, 03/15/29		113,424
		United Rentals North America, Inc.
	130,000	3.750%, 01/15/32		114,928
	66,000	3.875%, 02/15/31^		60,310
	265,000	Vertiv Group Corp.*^ 4.125%, 11/15/28		235,370
	274,000	Wabash National Corp.* 4.500%, 10/15/28		227,171
	240,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		222,346
		WESCO Distribution, Inc.*
	137,000	7.125%, 06/15/25		141,824
	68,000	7.250%, 06/15/28		70,995
				14,646,629
		Information Technology (0.8%)
	131,000	Booz Allen Hamilton, Inc.* 4.000%, 07/01/29		125,144
	315,000	CommScope Technologies, LLC* 6.000%, 06/15/25		291,803
	245,000	CommScope, Inc.* 4.750%, 09/01/29		213,099
		Dell International, LLC / EMC Corp.
	310,000	6.020%, 06/15/26µ		329,499
	150,000	6.100%, 07/15/27^		161,063
	138,000	Fair Isaac Corp.* 4.000%, 06/15/28		129,506
	153,000	II-VI, Inc.* 5.000%, 12/15/29		147,181
	300,000	KBR, Inc.* 4.750%, 09/30/28		271,110
		MPH Acquisition Holdings, LLC*
	300,000	5.750%, 11/01/28^		255,843
	130,000	5.500%, 09/01/28		121,191
	130,000	NCR Corp.* 5.125%, 04/15/29		125,077
	170,000	Nielsen Finance, LLC / Nielsen Finance Company* 4.500%, 07/15/29		161,357
	198,000	ON Semiconductor Corp.* 3.875%, 09/01/28		183,514

See accompanying Notes to Schedule of Investments

6

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Open Text Corp.*
	204,000	3.875%, 02/15/28	$	189,288
	98,000	3.875%, 12/01/29		88,413
	98,000	Open Text Holdings, Inc.* 4.125%, 12/01/31		87,943
	130,000	Playtika Holding Corp.* 4.250%, 03/15/29		116,529
	187,000	PTC, Inc.* 4.000%, 02/15/28		177,972
	370,000	TTM Technologies, Inc.*^ 4.000%, 03/01/29		325,644
		Twilio, Inc.^
	185,000	3.625%, 03/15/29		162,772
	66,000	3.875%, 03/15/31		58,560
	325,000	Viavi Solutions, Inc.* 3.750%, 10/01/29		291,457
	300,000	ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29		268,689
				4,282,654
		Materials (0.7%)
	140,000	ArcelorMittal, SA 7.000%, 10/15/39		144,669
	147,000	ATI, Inc. 5.875%, 12/01/27		137,514
	67,000	Carpenter Technology Corp. 7.625%, 03/15/30		61,016
	195,000	Chemours Company* 4.625%, 11/15/29		171,308
	420,000	Clearwater Paper Corp.*^ 4.750%, 08/15/28		377,752
		Commercial Metals Company
	130,000	4.125%, 01/15/30		114,371
	65,000	4.375%, 03/15/32		56,937
	250,000	Constellium, SE*^ 3.750%, 04/15/29		213,388
	130,000	Freeport-McMoRan, Inc.—Class H 5.450%, 03/15/43		122,136
	205,000	HB Fuller Company 4.250%, 10/15/28		183,871
	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		223,151
		Kaiser Aluminum Corp.*
	300,000	4.625%, 03/01/28^		263,823
	33,000	4.500%, 06/01/31		26,577
	183,000	LSF11 A5 HoldCo, LLC*^ 6.625%, 10/15/29		157,285
	276,000	Mercer International, Inc. 5.125%, 02/01/29		258,855
	234,000	OCI, NV*µ 4.625%, 10/15/25		228,269
	400,000	Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27		385,704
	65,000	Sealed Air Corp.* 5.000%, 04/15/29		64,667
	305,000	Silgan Holdings, Inc. 4.125%, 02/01/28		291,952
	131,000	Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29		91,528
	210,000	Univar Solutions USA, Inc.* 5.125%, 12/01/27		203,417

PRINCIPAL AMOUNT			VALUE
	134,000	Valvoline, Inc.* 3.625%, 06/15/31	$	111,225
				3,889,415
		Real Estate (0.2%)
	210,000	EPR Properties 3.750%, 08/15/29		181,585
		Forestar Group, Inc.*
	195,000	5.000%, 03/01/28		171,668
	137,000	3.850%, 05/15/26		121,405
	301,000	MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30		256,873
		Service Properties Trust
	345,000	4.350%, 10/01/24		309,638
	125,000	5.250%, 02/15/26		104,518
				1,145,687
		Special Purpose Acquisition Companies (0.1%)
		Fertitta Entertainment, LLC /
		Fertitta Entertainment Finance
		Company, Inc.*
	260,000	6.750%, 01/15/30		212,854
	131,000	4.625%, 01/15/29		122,243
				335,097
		Utilities (0.1%)
	97,000	PPL Capital Funding, Inc.^‡ 4.915%, 03/30/67 3 mo. USD LIBOR + 2.67%		77,867
	350,000	TerraForm Power Operating, LLC* 5.000%, 01/31/28		336,721
	135,000	Vistra Corp.*‡ 8.000%, 10/15/26 5 year CMT + 6.93%		130,955
	125,000	7.000%, 12/15/26 5 year CMT + 5.74%		114,351
				659,894
		TOTAL CORPORATE BONDS (Cost $99,263,985)		89,828,855
	CONVERTIBLE BONDS (110.2%)
		Communication Services (10.4%)
		Liberty Media Corp.
	8,000,000	0.500%, 12/01/50*		9,643,680
	5,825,000	1.375%, 10/15/23		7,433,807
	3,750,000	Liberty Media Corp. / Liberty Formula One^ 1.000%, 01/30/23		6,924,113
	4,500,000	Match Group Financeco 3, Inc.* 2.000%, 01/15/30		5,102,550
	13,000,000	Sea, Ltd. 0.250%, 09/15/26		9,648,470
		Snap, Inc.
	9,000,000	0.125%, 03/01/28*		6,127,020
	5,000,000	0.750%, 08/01/26		4,401,450
	8,750,000	Twitter, Inc. 0.250%, 06/15/24		8,911,437
				58,192,527
		Consumer Discretionary (24.8%)
	9,750,000	Airbnb, Inc. 0.000%, 03/15/26		8,508,435

See accompanying Notes to Schedule of Investments

7

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
	8,000,000	Booking Holdings, Inc.^ 0.750%, 05/01/25	$	10,776,560
	6,000,000	Chegg, Inc. 0.000%, 09/01/26		4,518,780
		DISH Network Corp.µ
	5,000,000	3.375%, 08/15/26		3,533,300
	4,500,000	0.000%, 12/15/25		3,232,800
	415,000	2.375%, 03/15/24		370,910
	9,750,000	Draftkings, Inc. 0.000%, 03/15/28		5,895,630
	11,250,000	Etsy, Inc.µ 0.125%, 09/01/27		10,226,250
	14,500,000	Ford Motor Companyµ 0.000%, 03/15/26		15,486,145
	1,500,000	Liberty Broadband Corp.*^ 2.750%, 09/30/50		1,435,530
	10,000,000	Marriott Vacations Worldwide Corp. 0.000%, 01/15/26		10,006,000
	5,250,000	NCL Corp., Ltd. - Class C* 1.125%, 02/15/27		3,601,185
	100,000	Peloton Interactive, Inc. 0.000%, 02/15/26		66,126
	13,500,000	Royal Caribbean Cruises, Ltd. 4.250%, 06/15/23		13,239,315
	5,000,000	Shake Shack, Inc. 0.000%, 03/01/28		3,533,050
	1,785,000	Tesla, Inc.~ 2.000%, 05/15/24		25,647,594
	13,250,000	Vail Resorts, Inc.^ 0.000%, 01/01/26		12,044,515
	11,000,000	Wayfair, Inc. 0.625%, 10/01/25		7,497,930
				139,620,055
		Energy (3.7%)
	2,000,000	EQT Corp.µ 1.750%, 05/01/26		5,992,640
	6,250,000	Pioneer Natural Resources Company 0.250%, 05/15/25		14,311,312
	9,600,000	SunEdison, Inc.* 0.250%, 01/15/49		205,248
				20,509,200
		Financials (0.6%)
	4,750,000	SoFi Technologies, Inc.*^ 0.000%, 10/15/26		3,342,433
		Health Care (18.5%)
	4,750,000	Alphatec Holdings, Inc.* 0.750%, 08/01/26		3,859,280
	8,250,000	CONMED Corp.* 2.250%, 06/15/27		7,940,212
	10,500,000	CryoPort, Inc.* 0.750%, 12/01/26		8,334,375
	12,250,000	Dexcom, Inc.µ^ 0.250%, 11/15/25		11,678,170
	2,079,000	Envista Holdings Corp.µ 2.375%, 06/01/25		4,159,060
	6,000,000	Exact Sciences Corp.µ 0.375%, 03/15/27		4,669,860
	5,000,000	Halozyme Therapeutics, Inc.^ 0.250%, 03/01/27		4,682,350
	3,750,000	Insulet Corp.µ 0.375%, 09/01/26		4,719,000

PRINCIPAL AMOUNT			VALUE
	8,000,000	Integra LifeSciences Holdings Corp. 0.500%, 08/15/25	$	7,736,720
	8,000,000	Jazz Investments I, Ltd.µ 2.000%, 06/15/26		9,552,800
	9,000,000	NeoGenomics, Inc. 0.250%, 01/15/28		5,816,880
	3,500,000	NuVasive, Inc. 0.375%, 03/15/25		3,200,575
	7,500,000	Omnicell, Inc. 0.250%, 09/15/25		9,329,100
	7,000,000	Pacira BioSciences, Inc.^ 0.750%, 08/01/25		7,225,260
	2,850,000	Repligen Corp. 0.375%, 07/15/24		5,488,217
	5,750,000	Tandem Diabetes Care, Inc.*^ 1.500%, 05/01/25		5,662,198
				104,054,057
		Industrials (8.6%)
	3,500,000	Air Transport Services Group, Inc. 1.125%, 10/15/24		3,974,285
	3,300,000	Atlas Air Worldwide Holdings, Inc. 1.875%, 06/01/24		4,427,478
	6,250,000	John Bean Technologies Corp.^ 0.250%, 05/15/26		5,846,625
	3,750,000	Middleby Corp.^ 1.000%, 09/01/25		4,677,150
	4,250,000	Parsons Corp.^ 0.250%, 08/15/25		4,695,697
	8,500,000	Southwest Airlines Company^ 1.250%, 05/01/25		10,747,145
	17,000,000	Uber Technologies, Inc.^ 0.000%, 12/15/25		14,181,230
				48,549,610
		Information Technology (39.7%)
	3,750,000	Akamai Technologies, Inc. 0.375%, 09/01/27		3,889,163
	7,750,000	Bentley Systems, Inc. 0.125%, 01/15/26		7,195,178
	9,250,000	Bill.com Holdings, Inc.*^ 0.000%, 04/01/27		7,566,222
	8,750,000	Block, Inc. 0.125%, 03/01/25		8,957,812
	5,250,000	Camtek Ltd.* 0.000%, 12/01/26		4,448,850
	5,000,000	Confluent, Inc.* 0.000%, 01/15/27		3,746,200
	8,500,000	Coupa Software, Inc. 0.125%, 06/15/25		7,455,860
	4,000,000	CyberArk Software, Ltd. 0.000%, 11/15/24		4,322,040
	3,750,000	Datadog, Inc.µ 0.125%, 06/15/25		4,952,438
	5,250,000	DigitalOcean Holdings, Inc.*^ 0.000%, 12/01/26		3,938,970
		Enphase Energy, Inc.µ
	7,927,000	0.000%, 03/01/26		9,523,260
	5,000,000	0.000%, 03/01/28		6,226,700
	5,000,000	Five9, Inc.µ 0.500%, 06/01/25		5,313,200
	11,750,000	Microchip Technology, Inc.^ 0.125%, 11/15/24		12,389,082
	3,750,000	MongoDB, Inc. 0.250%, 01/15/26		6,028,313

See accompanying Notes to Schedule of Investments

8

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Okta, Inc.
	6,500,000	0.125%, 09/01/25	$	6,092,970
	3,500,000	0.375%, 06/15/26		3,011,785
	13,500,000	ON Semiconductor Corp.^ 0.000%, 05/01/27		18,857,880
	7,500,000	Palo Alto Networks, Inc. 0.750%, 07/01/23		14,203,875
	5,250,000	Perficient, Inc.*^ 0.125%, 11/15/26		4,562,145
	9,750,000	Repay Holdings Corp.* 0.000%, 02/01/26		7,586,085
	3,425,000	RingCentral, Inc. 0.000%, 03/01/25		2,853,333
		Shift4 Payments, Inc.
	12,000,000	0.000%, 12/15/25^		10,250,400
	195,000	0.500%, 08/01/27*		141,806
	6,750,000	Silicon Laboratories, Inc.^ 0.625%, 06/15/25		9,041,962
	9,750,000	Splunk, Inc. 1.125%, 06/15/27		8,368,522
	8,500,000	Tyler Technologies, Inc.^ 0.250%, 03/15/26		8,936,985
	10,500,000	Unity Software, Inc.* 0.000%, 11/15/26		7,834,890
	5,500,000	Wix.com, Ltd. 0.000%, 08/15/25		4,515,390
	4,469,000	Wolfspeed, Inc.*^ 0.250%, 02/15/28		4,265,348
	4,500,000	Workday, Inc.~ 0.250%, 10/01/22		4,899,375
	8,750,000	Zendesk, Inc. 0.625%, 06/15/25		8,530,200
	2,750,000	Zscaler, Inc. 0.125%, 07/01/25		3,417,453
				223,323,692
		Materials (3.0%)
	2,750,000	ATI, Inc. 3.500%, 06/15/25		4,792,535
	3,000,000	Ivanhoe Mines, Ltd.*µ 2.500%, 04/15/26		3,222,210
	4,159,000	Lithium Americas Corp.* 1.750%, 01/15/27		3,630,599
	5,225,000	MP Materials Corp.* 0.250%, 04/01/26		5,295,642
				16,940,986
		Real Estate (0.9%)
	5,250,000	Pebblebrook Hotel Trust 1.750%, 12/15/26		5,202,225
		TOTAL CONVERTIBLE BONDS (Cost $614,498,829)		619,734,785
	BANK LOANS (1.9%) ¡
		Airlines (0.1%)
	225,000	AAdvantage Loyalty IP, Ltd.‡ 7.460%, 04/20/28 3 mo. LIBOR + 4.75%		222,188
	205,000	Mileage Plus Holdings, LLC! 0.000%, 06/21/27		207,050
	65,000	Mileage Plus Holdings, LLC‡ 7.313%, 06/21/27 3 mo. LIBOR + 5.25%		65,650

PRINCIPAL AMOUNT			VALUE
	335,750	United Airlines, Inc.‡ 6.533%, 04/21/28 1 mo. LIBOR + 3.75%	$	324,544
				819,432
		Communication Services (0.2%)
	339,500	Clear Channel Outdoor Holdings, Inc.‡ 6.306%, 08/21/26 3 mo. LIBOR + 3.50%		310,644
	875	Clear Channel Outdoor Holdings, Inc.‡ 5.872%, 08/21/26 1 mo. LIBOR + 3.50%		800
	403,646	DIRECTV Financing, LLC‡ 7.372%, 08/02/27 1 mo. LIBOR + 5.00%		382,560
	195,000	Entercom Media Corp.‡ 4.846%, 11/18/24 1 mo. LIBOR + 2.50%		173,368
	81,273	Nexstar Broadcasting, Inc.‡ 4.872%, 09/18/26 1 mo. LIBOR + 2.50%		80,522
	135,000	Univision Communications, Inc.‡ 6.254%, 06/08/29 3 mo. SOFR + 4.25%		130,725
				1,078,619
		Consumer Discretionary (0.4%)
	88,526	Life Time Fitness, Inc.‡ 6.325%, 12/16/24 3 mo. LIBOR + 4.75%		87,530
	125,000	Peloton Interactive, Inc.! 0.000%, 05/25/27		119,271
	137,300	Penn National Gaming, Inc.‡ 5.177%, 05/03/29 1 mo. SOFR + 2.75%		134,640
	469,063	Petco Health and Wellness Company, Inc.‡
		5.500%, 03/03/28
		3 mo. LIBOR + 3.25%		455,246
	559,412	PetSmart, Inc.‡ 6.120%, 02/11/28 1 mo. LIBOR + 3.75%		540,647
	280,000	SkyMiles IP, Ltd.‡ 6.460%, 10/20/27 3 mo. LIBOR + 3.75%		283,570
	307,485	TKC Holdings, Inc.‡ 7.000%, 05/15/28 3 mo. LIBOR + 5.50%		282,886
	444,150	WW International, Inc.‡ 5.880%, 04/13/28 1 mo. LIBOR + 3.50%		335,751
				2,239,541
		Consumer Staples (0.0%)
	79,039	United Natural Foods, Inc.‡ 5.691%, 10/22/25 1 mo. LIBOR + 3.25%		78,245
		Financials (0.1%)
	420,750	Jazz Financing Lux Sarl‡ 5.872%, 05/05/28 1 mo. LIBOR + 3.50E%		411,986

See accompanying Notes to Schedule of Investments

9

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

PRINCIPAL AMOUNT			VALUE
		Health Care (0.3%)
	236,685	Amneal Pharmaceuticals, LLC‡ 5.875%, 05/04/25 1 mo. LIBOR + 3.50%	$	221,177
	232,566	Amneal Pharmaceuticals, LLC‡ 5.813%, 05/04/25 3 mo. LIBOR + 3.50%		217,328
	65,000	Bausch Health Companies, Inc.‡ 7.174%, 02/01/27 1 mo. SOFR + 5.25%		54,888
	187,012	Icon Luxembourg Sarl‡ 4.563%, 07/03/28 3 mo. LIBOR + 2.25%		184,073
	46,594	Icon Luxembourg Sarl‡ 4.563%, 07/03/28 3 mo. LIBOR + 2.25%		45,862
	278,131	Mallinckrodt International Finance S.A.‡ 7.253%, 09/30/27 3 mo. LIBOR + 5.25%		232,389
	282,353	Padagis, LLC‡ 7.043%, 07/06/28 3 mo. LIBOR + 4.75%		268,235
	690,272	Team Health Holdings, Inc.‡ 7.577%, 03/02/27 1 mo. SOFR + 5.25%		570,047
				1,793,999
		Industrials (0.3%)
	103,950	ACProducts, Inc.‡ 7.127%, 05/17/28 6 mo. LIBOR + 4.25%		75,177
	34,650	ACProducts, Inc.‡ 6.500%, 05/17/28 3 mo. LIBOR + 4.25%		25,059
	170,000	Air Canada‡ 4.250%, 08/11/28 3 mo. LIBOR + 3.50%		164,232
	264,033	BW Gas & Convenience Holdings, LLC‡ 5.872%, 03/31/28 1 mo. LIBOR + 3.50%		254,132
	278,620	Dun & Bradstreet Corp.‡ 4.874%, 02/06/26 3 mo. LIBOR + 3.25%		271,887
	238,573	Granite Holdings US Acquisition Company‡ 6.250%, 09/30/26 3 mo. LIBOR + 4.00%		231,117
	260,000	Scientific Games International, Inc.‡ 5.044%, 04/14/29 1 mo. SOFR + 3.00%		254,692
	200,000	Sinclair Television Group, Inc.‡ 6.177%, 04/21/29 1 mo. SOFR + 3.75%		186,750
				1,463,046
		Information Technology (0.2%)
	283,450	Banff Merger Sub, Inc.‡ 6.122%, 10/02/25 1 mo. LIBOR + 3.75%		273,665

PRINCIPAL AMOUNT			VALUE
	326,625	Camelot U.S. Acquisition 1 Company‡ 5.372%, 10/30/26 1 mo. LIBOR + 3.00%	$	319,531
	182,225	Camelot U.S. Acquisition 1 Company‡ 5.372%, 10/30/26 1 mo. LIBOR + 3.00%		178,125
	65,000	CDK Global, Inc.‡ 6.610%, 07/06/29 3 mo. SOFR + 4.50%		63,311
	270,000	II-VI, Inc.! 0.000%, 07/02/29		263,474
	365,000	VFH Parent, LLC‡ 5.201%, 01/13/29 1 mo. SOFR + 3.00%		352,984
				1,451,090
		Materials (0.1%)
	195,500	Innophos, Inc.‡ 5.872%, 02/05/27 1 mo. LIBOR + 3.50%		190,124
	134,663	LSF11 A5 HoldCo, LLC‡ 5.030%, 10/15/28 1 mo. SOFR + 3.50%		130,511
				320,635
		Other (0.1%)
	345,000	ChampionX Corp.‡ 5.080%, 06/07/29 1 mo. SOFR + 3.25%		343,706
		Special Purpose Acquisition Companies (0.1%)
	242,500	AP Core Holdings II, LLC‡ 7.872%, 09/01/27 1 mo. LIBOR + 5.50%		229,619
	140,000	Clydesdale Acquisition Holdings, Inc.‡ 6.602%, 04/13/29 1 mo. SOFR + 4.18%		134,877
	64,838	Fertitta Entertainment, LLC‡ 6.327%, 01/27/29 1 mo. SOFR + 4.00%		62,009
	285,000	Oscar AcquisitionCo, LLC‡ 6.109%, 04/29/29 3 mo. SOFR + 4.50%		260,731
				687,236
		TOTAL BANK LOANS (Cost $11,296,299)		10,687,535
	U.S. GOVERNMENT AND AGENCY SECURITIES (5.4%)
		Other (5.4%)
		U.S. Treasury Note
	12,000,000	2.500%, 05/31/24^		11,909,765
	11,750,000	2.500%, 04/30/24^		11,661,416
	6,750,000	2.250%, 03/31/24		6,673,140
		TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $30,468,047)		30,244,321

See accompanying Notes to Schedule of Investments

10

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

NUMBER OF SHARES			VALUE
	CONVERTIBLE PREFERRED STOCKS (17.4%)
		Communication Services (1.9%)
	9,000	T-Mobile Exchangeable Trust* 5.250%, 06/01/23	$	10,836,009
		Consumer Discretionary (1.5%)
	68,935	Aptiv, PLC 5.500%, 06/15/23		8,359,747
		Energy (0.0%)
	7	Gulfport Energy Operating Corp.‡ 10.000%, 08/29/22 15.000% PIK RATE		46,200
		Financials (1.8%)
	4,000	Bank of America Corp.^‡‡ 7.250%		4,976,200
	73,830	KKR & Company, Inc.^ 6.000%, 09/15/23		5,168,100
				10,144,300
		Health Care (2.8%)
	62,325	Boston Scientific Corp.^ 5.500%, 06/01/23		6,782,207
	5,910	Danaher Corp.^ 5.000%, 04/15/23		8,994,133
				15,776,340
		Information Technology (2.9%)
	9,835	Broadcom, Inc.~ 8.000%, 09/30/22		16,501,163
		Utilities (6.5%)
	123,415	AES Corp.^ 6.875%, 02/15/24		11,201,146
	106,000	American Electric Power Company, Inc.^ 6.125%, 08/15/23		5,859,680
		NextEra Energy, Inc.
	153,825	6.219%, 09/01/23^		8,134,266
	123,080	4.872%, 09/01/22		7,555,881
	68,765	5.279%, 03/01/23		3,606,724
				36,357,697
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $88,390,272)		98,021,456
	COMMON STOCKS (0.3%)
		Communication Services (0.0%)
	5,620	Altice USA, Inc. - Class A#		59,066
	1,888	Cumulus Media, Inc. - Class A^#		14,991
				74,057
		Energy (0.3%)
	11,334	Calfrac Well Services, Ltd.#&		41,822
	2,577	Chaparral Energy, Inc. - Class A#&		136,581
	795	Chesapeake Energy Corp.^		74,865
	18,535	Energy Transfer, LP		209,631
	11,035	Enterprise Products Partners, LP		294,966
	1,881	EP Energy Corp.&#		15,988
	3,560	Magellan Midstream Partners, LP		183,340

NUMBER OF SHARES			VALUE
	1,000	Schlumberger, NV	$	37,030
	4,189	Superior Energy Services, Inc.&#		251,340
	2,400	Williams Companies, Inc.		81,816
				1,327,379
		Health Care (0.0%)
	4,076	Mallinckrodt, PLC#		71,330
		Special Purpose Acquisition Company (0.0%)
	3,162	Intelsat Emergence, SA#&		86,955
		TOTAL COMMON STOCKS (Cost $2,156,248)		1,559,721
	PREFERRED STOCKS (0.2%)
		Consumer Discretionary (0.1%)
	1,722	Guitar Center, Inc.&		205,779
		Energy (0.1%)
	10,368	NuStar Energy, LP‡ 7.673%, 08/29/22 3 mo. USD LIBOR + 5.64%		217,210
	6,019	NuStar Energy, LP^‡ 8.769%, 08/29/22 3 mo. USD LIBOR + 6.77%		144,155
	12,000	NuStar Logistics, LP‡ 9.246%, 01/15/43 3 mo. USD LIBOR + 6.73%		299,760
				661,125
		Financials (0.0%)
	5,319	B Riley Financial, Inc. 5.250%, 08/31/28		116,965
		TOTAL PREFERRED STOCKS (Cost $1,022,624)		983,869
	WARRANTS (0.0%) #
		Energy (0.0%)
	1,399	Denbury, Inc. 09/18/25, Strike $32.59		64,382
	515	Denbury, Inc. 09/18/23, Strike $35.41		19,570
	13,522	Mcdermott International, Ltd.& 06/30/27, Strike $15.98		2
	12,170	Mcdermott International, Ltd. 06/30/27, Strike $12.33		1
		TOTAL WARRANTS (Cost $82,153)		83,955
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	PURCHASED OPTION (0.4%) #
		Consumer Discretionary (0.4%)
	285	Tesla, Inc.
	25,406,325	Put, 11/18/22, Strike $800.00 (Cost $2,383,657)	$	1,955,813

See accompanying Notes to Schedule of Investments

11

Calamos Dynamic Convertible and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2022 (UNAUDITED)

		VALUE
TOTAL INVESTMENTS (151.8%) (Cost $849,562,114)		$	853,100,310
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-20.1%)			(113,250,000	)
LIABILITIES, LESS OTHER ASSETS (-31.7%)			(177,700,728	)
NET ASSETS (100.0%)		$	562,149,582
WRITTEN OPTION (-0.2%) #
	Consumer Discretionary (-0.2%)
140	Tesla, Inc.
12,480,300	Call, 11/18/22, Strike $1,000.00 (Premium $733,055)	$	(993,650	)

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 $96,011,952.

^ 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 July 31, 2022.

& 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 $16,777,185.

¡ 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.

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

See accompanying Notes to Schedule of Investments

12

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Dynamic Convertible and Income Fund (the “Fund”) was organized as a Delaware statutory trust on March 11, 2014 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on March 27, 2015.

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

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

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

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

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

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

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

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

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

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

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

Note 2 – Investments

The cost basis of investments for federal income tax purposes at July 31, 2022 was as follows*:

Cost basis of investments	$	848,829,059
Gross unrealized appreciation		91,984,898
Gross unrealized depreciation		(88,707,297	)
Net unrealized appreciation (depreciation)	$	3,277,601

* Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Note 3 – Mandatory Redeemable Preferred Shares

The Fund issued MRPS on August 24, 2021 and September 6, 2017. On August 24, 2021, 1,970,000 MRPS were issued with an aggregate liquidation preference of $49.25 million. On September 6, 2017, 2,560,000 MRPS were issued with an aggregate liquidation preference of $64.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on MRPS over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into five series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at July 31, 2022.

Series	Term Redemption Date		Dividend Rate			Shares (000’s)		Liquidation Preference Per Share		Aggregate Liquidation Preference
Series A*		9/06/22		3.70	%		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
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
										$	113,250,000

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

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

Previously, Series A, B, and C of the MRPS had been assigned a rating of “AA” by Fitch Ratings, Inc. (“Fitch”). As of December 17, 2020, Kroll Bond Rating Agency LLC (“Kroll”) replaced Fitch as the rating agency for the MRPS. Series A, B, and C of the MRPS have been assigned a rating of `AA-’ by Kroll. As of August 24, 2021, the Series D MRPS and Series E MRPS have each been assigned a rating of `AA-’ by Kroll. If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as described below.

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA-” by Kroll. If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Kroll, the dividend rate for such period shall be increased by 0.5%, 2.0% or 4.0% according to an agreed upon schedule. The MRPS’ dividend rate is also subject to increase during periods when the Fund has not made timely payments to MRPS holders and/or the MRPS do not have a current credit rating, subject to various terms and conditions. Dividends accrued and paid to the shareholders of MRPS are included in “Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares” with the Statement of Operations.

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

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

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

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

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