NPORT-EX 2 chipartf_7312023.htm CALAMOS PART F 7/31/2023

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Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	CORPORATE BONDS (38.6%)
				Airlines (0.8%)
	166,400			Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25		$	165,173
	924,634			Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29			895,323
	490,452			Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27			494,925
	1,051,960			American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32			928,218
				American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.*
	657,250			5.500%, 04/20/26			648,108
	239,000			5.750%, 04/20/29			231,856
	998,568			British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33			896,205
	997,118			JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30			1,005,294
	1,261,000			Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25			1,276,267
							6,541,369
				Communication Services (4.1%)
	500,000			Altice France Holding, SA* 10.500%, 05/15/27			212,365
	1,100,000			Altice France, SA* 5.500%, 10/15/29			782,232
	1,160,000			APi Group DE, Inc.* 4.750%, 10/15/29			1,033,815
	933,000			Arrow Bidco, LLC* 9.500%, 03/15/24			935,547
	1,025,000			Ashtead Capital, Inc.* 2.450%, 08/12/31			812,169
				Audacy Capital Corp.*
	1,193,000			6.750%, 03/31/29			26,067
	448,000			6.500%, 05/01/27			10,774
	717,000			Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28			589,037
	1,465,000			Consolidated Communications, Inc.* 6.500%, 10/01/28			1,145,147
				CSC Holdings, LLC*
	1,550,000			5.500%, 04/15/27			1,331,047
	1,450,000			5.375%, 02/01/28			1,212,011
	1,350,000			4.625%, 12/01/30			682,452
	1,125,000			4.500%, 11/15/31			808,267
	1,100,000			5.750%, 01/15/30			571,021
				Diamond Sports Group, LLC / Diamond Sports Finance Company*@
	750,000			6.625%, 08/15/27			22,163
	540,000			5.375%, 08/15/26			17,215
	1,320,000			Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27			1,192,739

PRINCIPAL   AMOUNT						VALUE
	674,000			Embarq Corp. 7.995%, 06/01/36		$	383,176
	1,000,000			Frontier California, Inc. 6.750%, 05/15/27			923,960
				Frontier Communications Holdings, LLC*
	605,000			5.000%, 05/01/28			513,264
	239,000			8.750%, 05/15/30			230,559
	1,039,000			Frontier Florida, LLC@ 6.860%, 02/01/28			975,122
	1,445,000			Frontier North, Inc.@ 6.730%, 02/15/28			1,306,352
				Go Daddy Operating Company, LLC / GD Finance Company, Inc.*
	835,000			3.500%, 03/01/29			719,712
	250,000			5.250%, 12/01/27			240,507
				iHeartCommunications, Inc.
	355,000			8.375%, 05/01/27			243,175
	355,000			5.250%, 08/15/27*			280,106
				Intelsat Jackson Holdings, SA@&
	731,000			0.000%, 07/15/25*			1
	475,000			0.000%, 08/01/23			—
	1,215,000			LCPR Senior Secured Financing DAC* 6.750%, 10/15/27			1,141,602
	722,947			Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate			251,202
				Lumen Technologies, Inc.
	720,000			7.600%, 09/15/39			264,665
	485,000			4.000%, 02/15/27*			319,130
	478,000			Match Group Holdings II, LLC*^ 3.625%, 10/01/31			394,431
	670,000			Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00%			553,487
	336,000			Qwest Corp. 7.250%, 09/15/25			328,158
				Scripps Escrow II, Inc.*
	477,000			3.875%, 01/15/29			396,893
	239,000			5.375%, 01/15/31			182,132
	810,000			Scripps Escrow, Inc.* 5.875%, 07/15/27			677,816
				Sirius XM Radio, Inc.*
	1,250,000			5.500%, 07/01/29			1,143,750
	963,000			4.000%, 07/15/28			838,927
	475,000			3.125%, 09/01/26			428,483
	239,000			3.875%, 09/01/31			187,357
	874,000			Spanish Broadcasting System, Inc.* 9.750%, 03/01/26			606,058
	2,430,000			Sprint, LLCµ 7.125%, 06/15/24			2,453,401
	840,000			Stagwell Global, LLC* 5.625%, 08/15/29			715,789
	1,080,000			TEGNA, Inc. 4.625%, 03/15/28			973,685
	755,000			Telecom Italia Capital, SA 6.000%, 09/30/34			611,331
	953,000			Telesat Canada / Telesat, LLC* 4.875%, 06/01/27			572,334
	385,000			Time Warner Cable, LLC 7.300%, 07/01/38			393,016
	1,580,000			United States Cellular Corp.^ 6.700%, 12/15/33			1,367,680

See accompanying Notes to Schedule of Investments

1

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	360,000			Univision Communications, Inc.* 8.000%, 08/15/28		$	363,067
							32,364,396
				Consumer Discretionary (8.2%)
	1,162,000			Abercrombie & Fitch Management Company*^ 8.750%, 07/15/25			1,180,755
	1,195,000			Adient Global Holdings Company* 8.250%, 04/15/31			1,228,854
	764,000			American Axle & Manufacturing, Inc. 6.875%, 07/01/28			727,832
				Ashton Woods USA, LLC / Ashton Woods Finance Company*
	837,000			4.625%, 08/01/29			725,696
	705,000			6.625%, 01/15/28			680,247
	1,208,000			At Home Group, Inc.* 4.875%, 07/15/28			702,500
				Bath & Body Works, Inc.
	1,264,000			6.694%, 01/15/27			1,270,130
	1,200,000			6.875%, 11/01/35			1,114,476
	400,000			Benteler International AG* 10.500%, 05/15/28			409,204
				Caesars Entertainment Corp.*^
	604,000			4.625%, 10/15/29			532,245
	472,000			8.125%, 07/01/27			485,136
				Carnival Corp.*
	488,000			10.500%, 02/01/26			514,562
	481,000			7.625%, 03/01/26^			475,151
	481,000			4.000%, 08/01/28			428,109
	1,130,000			Carriage Services, Inc.* 4.250%, 05/15/29			980,772
	725,000			Carvana Company* 4.875%, 09/01/29			450,316
				CCO Holdings, LLC / CCO Holdings Capital Corp.*
	3,130,000			5.125%, 05/01/27			2,939,477
	1,100,000			6.375%, 09/01/29			1,052,601
	1,055,000			4.750%, 03/01/30			914,759
	951,000			4.250%, 02/01/31			781,855
	565,000			5.000%, 02/01/28			522,941
	500,000			4.500%, 08/15/30			423,460
	478,000			4.750%, 02/01/32			396,338
	478,000			CDI Escrow Issuer, Inc.* 5.750%, 04/01/30			444,569
	750,000			Cedar Fair, LP^ 5.250%, 07/15/29			674,182
	478,000			Churchill Downs, Inc.* 6.750%, 05/01/31			467,814
				Dana, Inc.
	790,000			4.250%, 09/01/30			678,626
	723,000			4.500%, 02/15/32^			607,414
				DISH DBS Corp.
	1,200,000			5.250%, 12/01/26*			985,404
	763,000			7.750%, 07/01/26			494,699
	595,000			7.375%, 07/01/28			335,526
	480,000			5.125%, 06/01/29			242,933
	946,000			DISH Network Corp.* 11.750%, 11/15/27			952,735
	1,365,000			Empire Resorts, Inc.* 7.750%, 11/01/26			1,108,257
	1,058,000			Everi Holdings, Inc.* 5.000%, 07/15/29			939,314
	1,000,000			Ford Motor Company^ 6.100%, 08/19/32			968,270

PRINCIPAL   AMOUNT						VALUE
				Ford Motor Credit Company, LLC
	1,865,000			7.350%, 11/04/27		$	1,918,675
	1,525,000			4.000%, 11/13/30			1,315,999
	1,245,000			7.200%, 06/10/30			1,280,657
	1,150,000			5.113%, 05/03/29			1,074,146
	800,000			2.900%, 02/16/28			689,600
	425,000			7.350%, 03/06/30			440,432
				Gap, Inc.*
	359,000			3.875%, 10/01/31			257,037
	48,000			3.625%, 10/01/29			35,806
				goeasy, Ltd.*
	1,660,000			5.375%, 12/01/24			1,620,343
	881,000			4.375%, 05/01/26			807,542
	407,000			Group 1 Automotive, Inc.* 4.000%, 08/15/28			360,256
	1,026,000			Guitar Center, Inc.*&^ 8.500%, 01/15/26			945,192
				International Game Technology, PLC*
	1,260,000			6.250%, 01/15/27			1,262,167
	200,000			4.125%, 04/15/26			190,546
	600,000			Kohl’s Corp. 5.550%, 07/17/45			391,050
	955,000			LCM Investments Holdings II, LLC* 8.250%, 08/01/31			970,882
	965,000			Liberty Interactive, LLC 8.250%, 02/01/30			361,875
				Life Time, Inc.*
	937,000			8.000%, 04/15/26			938,715
	480,000			5.750%, 01/15/26			471,274
	360,000			Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28			372,013
	616,000			Lindblad Expeditions, LLC* 6.750%, 02/15/27			597,113
	635,000			M/I Homes, Inc. 3.950%, 02/15/30			554,895
				Macy’s Retail Holdings, LLC
	1,601,000			6.700%, 07/15/34*			1,333,313
	490,000			4.300%, 02/15/43			308,426
	1,130,000			Mclaren Finance, PLC* 7.500%, 08/01/26			1,009,485
	1,219,000			Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29			1,085,410
	701,000			Mohegan Tribal Gaming Authority* 8.000%, 02/01/26			642,803
				Newell Brands, Inc.^
	250,000			6.375%, 09/15/27			245,955
	121,000			6.625%, 09/15/29			121,288
				Nordstrom, Inc.
	500,000			5.000%, 01/15/44			341,215
	465,000			4.250%, 08/01/31			367,401
	1,105,000			Penn Entertainment, Inc.*^ 4.125%, 07/01/29			914,045
				PetSmart, Inc. / PetSmart Finance Corp.*
	600,000			7.750%, 02/15/29			586,326
	300,000			4.750%, 02/15/28			275,640
	1,340,000			Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29			1,025,582
	2,722,000			Rite Aid Corp.* 8.000%, 11/15/26			1,363,913

See accompanying Notes to Schedule of Investments

2

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	478,000			Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30		$	484,998
	1,350,000			Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29			1,126,291
	1,925,000			Six Flags Entertainment Corp.* 7.250%, 05/15/31			1,843,592
	1,090,000			Sonic Automotive, Inc.*^ 4.625%, 11/15/29			935,067
	698,000			Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27			653,921
	1,965,000			Station Casinos, LLC* 4.500%, 02/15/28			1,784,809
	589,000			Taylor Morrison Communities, Inc.* 5.750%, 01/15/28			575,400
	240,000			Viking Cruises, Ltd.* 9.125%, 07/15/31			246,754
	1,100,000			Vista Outdoor, Inc.* 4.500%, 03/15/29			936,617
	480,000			Windsor Holdings III, LLC* 8.500%, 06/15/30			483,053
				ZF North America Capital, Inc.*
	950,000			7.125%, 04/14/30			978,424
	300,000			6.875%, 04/14/28			304,968
							64,668,070
				Consumer Staples (1.6%)
	1,090,000			1375209 B.C., Ltd.*^ 9.000%, 01/30/28			1,094,436
	1,099,000			Central Garden & Pet Company* 4.125%, 04/30/31			921,292
	1,092,000			Edgewell Personal Care Company* 4.125%, 04/01/29			956,242
				Energizer Holdings, Inc.*
	1,331,000			4.375%, 03/31/29^			1,158,329
	240,000			6.500%, 12/31/27			234,588
				JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	1,415,000			5.500%, 01/15/30			1,369,876
	595,000			5.125%, 02/01/28µ			578,816
	370,000			5.750%, 04/01/33			355,426
	621,000			New Albertsons, LP 7.750%, 06/15/26			643,418
	957,000			Performance Food Group, Inc.* 4.250%, 08/01/29			850,160
				Pilgrim’s Pride Corp.
	795,000			5.875%, 09/30/27*			785,913
	700,000			4.250%, 04/15/31			604,996
	442,000			Post Holdings, Inc.* 5.750%, 03/01/27			433,598
	909,000			Prestige Brands, Inc.* 3.750%, 04/01/31			766,369
	570,000			United Natural Foods, Inc.*^ 6.750%, 10/15/28			475,728
	1,500,000			Vector Group, Ltd.* 5.750%, 02/01/29			1,308,435
							12,537,622
				Energy (4.5%)
	959,000			Antero Resources Corp.* 5.375%, 03/01/30			894,670

PRINCIPAL   AMOUNT						VALUE
	958,000			Apache Corp. 5.100%, 09/01/40		$	814,539
				Buckeye Partners, LP
	750,000			3.950%, 12/01/26			691,537
	500,000			5.850%, 11/15/43			387,195
	1,335,000			Callon Petroleum Company*^ 7.500%, 06/15/30			1,298,034
	477,000			Cheniere Energy, Inc. 4.625%, 10/15/28			449,429
	720,000			Chesapeake Energy Corp.* 6.750%, 04/15/29			717,444
	264,000			Civitas Resources, Inc.* 8.750%, 07/01/31			273,390
				Continental Resources, Inc.*
	715,000			2.875%, 04/01/32			556,463
	475,000			5.750%, 01/15/31			460,322
	742,000			DT Midstream, Inc.* 4.125%, 06/15/29			658,740
				Earthstone Energy Holdings, LLC*
	941,000			8.000%, 04/15/27			937,123
	360,000			9.875%, 07/15/31			372,478
	555,000			Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71%			550,527
				Energy Transfer, LP‡
	1,400,000			8.651%, 11/01/66 3 mo. USD SOFR + 3.28%			1,123,248
	700,000			6.500%, 11/15/26 5 year CMT + 5.69%			638,918
				EnLink Midstream Partners, LP
	1,235,000			9.618%, 08/31/23‡ 3 mo. USD LIBOR + 4.11%			1,068,744
	1,015,000			4.850%, 07/15/26			987,260
	600,000			Enlink Midstream, LLC* 6.500%, 09/01/30			605,226
	1,100,000			EQM Midstream Partners, LP* 7.500%, 06/01/27			1,119,217
				Genesis Energy, LP / Genesis Energy Finance Corp.
	978,000			6.250%, 05/15/26^			939,203
	239,000			8.875%, 04/15/30			238,716
				Gulfport Energy Corp.
	955,000			8.000%, 05/17/26*			968,017
	940,000			0.000%, 05/15/25@&			1
	287,284			8.000%, 05/17/26			291,200
	1,340,000			Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30			1,239,420
	717,000			Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27			695,512
	940,000			Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26			921,839
				Moss Creek Resources Holdings, Inc.*
	500,000			10.500%, 05/15/27			488,875
	455,000			7.500%, 01/15/26			426,394
	720,000			Nabors Industries, Inc.* 7.375%, 05/15/27			705,038
	720,000			Nabors Industries, Ltd.* 7.500%, 01/15/28			663,610
				New Fortress Energy, Inc.*
	952,000			6.750%, 09/15/25			907,180
	478,000			6.500%, 09/30/26			439,105

See accompanying Notes to Schedule of Investments

3

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	1,025,000			Parkland Corp.* 5.875%, 07/15/27		$	997,632
	957,000			Patterson-UTI Energy, Inc. 5.150%, 11/15/29			888,019
	960,000			Plains All American Pipeline, LP‡ 9.431%, 08/31/23 3 mo. USD LIBOR + 4.11%			872,170
	860,000			Rockcliff Energy II, LLC* 5.500%, 10/15/29			791,105
				Southwestern Energy Company
	480,000			5.375%, 02/01/29			454,075
	479,000			4.750%, 02/01/32			427,158
	239,000			Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30			212,794
	1,195,000			Transocean, Inc.* 8.750%, 02/15/30			1,241,007
				Venture Global Calcasieu Pass, LLC*
	600,000			6.250%, 01/15/30			587,262
	240,000			4.125%, 08/15/31			203,921
	240,000			3.875%, 08/15/29			208,282
				Venture Global LNG, Inc.*
	1,195,000			8.375%, 06/01/31			1,213,666
	715,000			8.125%, 06/01/28			727,091
				Vital Energy, Inc.
	570,000			7.750%, 07/31/29*			489,664
	477,000			9.500%, 01/15/25^			476,657
	1,000,000			VOC Escrow, Ltd.* 5.000%, 02/15/28			930,320
	955,000			Weatherford International, Ltd.* 8.625%, 04/30/30			979,496
							35,228,933
				Financials (6.6%)
	1,280,000			Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25			1,239,514
	1,440,000			Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26			1,437,264
	1,459,000			AG Issuer, LLC* 6.250%, 03/01/28			1,411,582
	1,675,000			Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27			1,595,287
				Ally Financial, Inc.
	1,087,000			4.700%, 05/15/26‡ 5 year CMT + 3.87%			829,370
	445,000			4.700%, 05/15/28‡ 7 year CMT + 3.48%			314,148
	402,000			8.000%, 11/01/31			426,948
	1,923,000			AmWINS Group, Inc.* 4.875%, 06/30/29			1,764,699
	1,069,000			Aviation Capital Group, LLC*µ 3.500%, 11/01/27			964,227
	400,000			Avolon Holdings Funding, Ltd.*µ 5.500%, 01/15/26			388,892
	1,916,000			BroadStreet Partners, Inc.* 5.875%, 04/15/29			1,712,463
				Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*
	905,000			4.500%, 04/01/27			783,576
	605,000			5.750%, 05/15/26			568,204

PRINCIPAL   AMOUNT						VALUE
	1,000,000			Burford Capital Global Financial, LLC* 6.875%, 04/15/30		$	915,540
	842,000			Castlelake Aviation Finance DAC*^ 5.000%, 04/15/27			777,781
				Credit Acceptance Corp.
	1,250,000			6.625%, 03/15/26^			1,226,562
	869,000			5.125%, 12/31/24*			852,228
	1,247,000			Enact Holdings, Inc.*µ 6.500%, 08/15/25			1,235,104
	1,398,000			Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27			1,117,310
	1,563,000			Greystar Real Estate Partners, LLC* 5.750%, 12/01/25			1,542,884
				HUB International, Ltd.*
	1,430,000			5.625%, 12/01/29			1,280,079
	1,030,000			7.000%, 05/01/26			1,028,960
	718,000			Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29			583,052
	1,300,000			ILFC E-Capital Trust II*‡ 7.314%, 12/21/65 3 mo. USD LIBOR + 1.80%			942,500
				Iron Mountain, Inc.*
	1,990,000			5.250%, 03/15/28			1,872,749
	240,000			7.000%, 02/15/29			241,135
	2,435,000			Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28			2,081,365
				Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.*
	1,874,000			5.250%, 10/01/25			1,796,979
	478,000			4.750%, 06/15/29			403,255
	1,359,000			LD Holdings Group, LLC* 6.125%, 04/01/28			893,570
				Level 3 Financing, Inc.*
	1,279,000			3.400%, 03/01/27			1,130,124
	985,000			4.250%, 07/01/28			698,680
	480,000			4.625%, 09/15/27			365,462
	720,000			LPL Holdings, Inc.* 4.000%, 03/15/29			646,020
	2,085,000			MetLife, Inc. 6.400%, 12/15/66			2,099,699
	1,300,000			Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28			1,180,062
				Navient Corp.
	1,038,000			5.000%, 03/15/27			940,667
	525,000			4.875%, 03/15/28			459,218
	1,100,000			Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28			863,423
				OneMain Finance Corp.
	670,000			9.000%, 01/15/29			681,397
	660,000			3.875%, 09/15/28			544,348
	479,000			7.125%, 03/15/26^			474,785
	476,000			Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*^ 5.875%, 10/01/28			441,514

See accompanying Notes to Schedule of Investments

4

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	1,493,000			PHH Mortgage Corp.* 7.875%, 03/15/26		$	1,353,688
	230,000			PNC Financial Services Group, Inc.µ‡ 6.000%, 05/15/27 5 year CMT + 3.00%			213,435
	1,100,000			RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29			981,222
				Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.*
	450,000			3.875%, 03/01/31			371,210
	445,000			3.625%, 03/01/29			379,389
	220,000			2.875%, 10/15/26			196,429
	943,000			StoneX Group, Inc.* 8.625%, 06/15/25			956,089
				United Wholesale Mortgage, LLC*
	1,123,000			5.500%, 04/15/29			988,476
	480,000			5.750%, 06/15/27			449,477
				Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC*
	478,000			10.500%, 02/15/28			475,490
	465,000			6.500%, 02/15/29			324,235
	1,100,000			VZ Secured Financing, BV* 5.000%, 01/15/32			895,246
	1,017,000			XHR, LP* 6.375%, 08/15/25			1,003,789
							51,340,801
				Health Care (2.7%)
				Bausch Health Companies, Inc.*
	1,934,000			11.000%, 09/30/28			1,434,448
	382,000			14.000%, 10/15/30			243,834
	359,000			6.125%, 02/01/27			237,119
				CHS/Community Health Systems, Inc.*
	1,917,000			6.125%, 04/01/30			1,211,506
	1,100,000			8.000%, 03/15/26			1,081,872
	538,000			6.875%, 04/15/29			358,437
	120,000			5.250%, 05/15/30			96,090
				DaVita, Inc.*
	1,926,000			4.625%, 06/01/30			1,646,037
	1,139,000			3.750%, 02/15/31			911,542
				Embecta Corp.*
	717,000			5.000%, 02/15/30			592,249
	240,000			6.750%, 02/15/30			211,894
				Encompass Health Corp.
	470,000			4.750%, 02/01/30			428,391
	470,000			4.500%, 02/01/28			437,246
	1,109,000			HCA, Inc. 7.500%, 11/06/33			1,224,580
	300,000			Jazz Securities DAC* 4.375%, 01/15/29			267,240
	411,879			Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29			68,487
				Medline Borrower, LP*
	1,215,000			3.875%, 04/01/29			1,065,616
	1,208,000			5.250%, 10/01/29			1,073,622
				Organon & Company / Organon Foreign Debt Co-Issuer, BV*
	1,760,000			5.125%, 04/30/31			1,493,870
	450,000			4.125%, 04/30/28			403,627
	1,025,000			Team Health Holdings, Inc.* 6.375%, 02/01/25			531,391

PRINCIPAL   AMOUNT						VALUE
				Tenet Healthcare Corp.
	2,250,000			6.250%, 02/01/27		$	2,209,927
	1,315,000			6.875%, 11/15/31			1,318,130
				Teva Pharmaceutical Finance Netherlands III, BV
	1,215,000			5.125%, 05/09/29^			1,117,326
	800,000			4.750%, 05/09/27			745,656
	440,000			3.150%, 10/01/26			398,372
							20,808,509
				Industrials (5.7%)
	1,100,000			ACCO Brands Corp.*^ 4.250%, 03/15/29			945,670
	740,000			AerCap Holdings, NV^‡ 5.875%, 10/10/79 5 year CMT + 4.54%			717,430
	965,000			Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15%			700,937
				Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC*
	1,600,000			4.625%, 01/15/27			1,519,040
	952,000			3.500%, 03/15/29			829,144
	720,000			5.875%, 02/15/28			704,938
	1,100,000			Allegiant Travel Company* 7.250%, 08/15/27			1,089,275
	240,000			American Airlines Group, Inc.*^ 3.750%, 03/01/25			229,289
	538,000			Arcosa, Inc.* 4.375%, 04/15/29			487,756
	2,450,000			ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate			1,995,476
	753,000			Beacon Roofing Supply, Inc.* 4.125%, 05/15/29			666,337
	956,000			BWX Technologies, Inc.* 4.125%, 04/15/29			868,335
				Cascades, Inc. / Cascades USA, Inc.*
	500,000			5.375%, 01/15/28			472,955
	485,000			5.125%, 01/15/26			467,923
	239,000			Delta Air Lines, Inc. 7.375%, 01/15/26			248,340
	239,000			Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28			231,591
	1,265,000			Deluxe Corp.* 8.000%, 06/01/29			1,063,157
	717,000			Eco Material Technologies, Inc.* 7.875%, 01/31/27			692,436
	239,000			Emerald Debt Merger Sub, LLC* 6.625%, 12/15/30			237,975
	475,000			EnerSys* 4.375%, 12/15/27			441,351
	580,000			Graham Packaging Company, Inc.* 7.125%, 08/15/28			510,684
				Graphic Packaging International, LLC*
	625,000			4.750%, 07/15/27			602,700
	446,000			3.500%, 03/01/29			390,388
	1,054,000			Great Lakes Dredge & Dock Corp.*^ 5.250%, 06/01/29			897,681

See accompanying Notes to Schedule of Investments

5

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	2,244,000			H&E Equipment Services, Inc.* 3.875%, 12/15/28		$	1,972,409
	1,438,000			Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26			1,358,996
	1,250,000			Herc Holdings, Inc.* 5.500%, 07/15/27			1,202,125
	1,120,000			IEA Energy Services, LLC* 6.625%, 08/15/29			1,096,211
	1,024,000			JELD-WEN, Inc.*^ 4.625%, 12/15/25			1,008,333
	1,575,000			Ken Garff Automotive, LLC* 4.875%, 09/15/28			1,388,536
	955,000			Knife River Holding Company* 7.750%, 05/01/31			978,168
	474,000			MasTec, Inc.*^ 4.500%, 08/15/28			441,000
	588,000			Moog, Inc.* 4.250%, 12/15/27			545,458
	1,198,000			Newfold Digital Holdings Group, Inc.* 6.000%, 02/15/29			885,130
	940,000			Novelis Corp.* 4.750%, 01/30/30			846,028
	360,000			OI European Group, BV* 4.750%, 02/15/30			326,729
	1,100,000			Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27			992,068
	1,449,000			Patrick Industries, Inc.*^ 4.750%, 05/01/29			1,261,065
	470,000			QVC, Inc. 5.450%, 08/15/34			238,248
				Sealed Air Corp.*
	743,000			6.125%, 02/01/28			742,287
	239,000			5.000%, 04/15/29			223,398
	450,000			Sensata Technologies, BV* 4.000%, 04/15/29			398,889
	479,000			Sensata Technologies, Inc.* 3.750%, 02/15/31			405,330
				Sinclair Television Group, Inc.*
	717,000			4.125%, 12/01/30			467,599
	475,000			5.500%, 03/01/30			250,624
	955,000			Standard Industries, Inc.* 5.000%, 02/15/27			915,902
	773,000			Stericycle, Inc.* 3.875%, 01/15/29			683,695
	717,000			STL Holding Company, LLC* 7.500%, 02/15/26			668,308
	1,000,000			TransDigm UK Holdings, PLC 6.875%, 05/15/26			996,320
				TransDigm, Inc.
	1,299,000			6.250%, 03/15/26*			1,294,389
	710,000			6.750%, 08/15/28*			714,381
	700,000			7.500%, 03/15/27			699,881
	719,000			Tronox, Inc.* 4.625%, 03/15/29			596,662
	389,717			United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29			351,271
	961,000			Vertiv Group Corp.* 4.125%, 11/15/28			863,708
	1,004,000			Wabash National Corp.* 4.500%, 10/15/28			847,547

PRINCIPAL   AMOUNT						VALUE
	855,000			Waste Pro USA, Inc.* 5.500%, 02/15/26		$	810,147
	235,000			WESCO Distribution, Inc.* 7.250%, 06/15/28			240,222
				Williams Scotsman International, Inc.*
	1,027,000			6.125%, 06/15/25			1,023,888
	241,000			4.625%, 08/15/28			222,667
							44,968,427
				Information Technology (1.7%)
	478,000			Booz Allen Hamilton, Inc.* 4.000%, 07/01/29			432,528
	557,000			Coherent Corp.*^ 5.000%, 12/15/29			502,030
	1,114,000			CommScope Technologies, LLC*^ 6.000%, 06/15/25			1,012,147
	895,000			CommScope, Inc.* 4.750%, 09/01/29			689,705
	602,000			Dell International, LLC / EMC Corp.µ 6.020%, 06/15/26			610,500
	478,000			Dun & Bradstreet Corp.*^ 5.000%, 12/15/29			424,043
	480,000			Fair Isaac Corp.* 4.000%, 06/15/28			441,192
	1,050,000			KBR, Inc.* 4.750%, 09/30/28			962,168
				MPH Acquisition Holdings, LLC*
	1,050,000			5.750%, 11/01/28^			805,004
	480,000			5.500%, 09/01/28			419,011
	478,000			NCR Corp.* 5.125%, 04/15/29			428,264
	723,000			ON Semiconductor Corp.* 3.875%, 09/01/28			655,710
				Open Text Corp.*
	705,000			3.875%, 02/15/28			628,649
	475,000			6.900%, 12/01/27			486,039
	359,000			3.875%, 12/01/29			303,929
	359,000			Open Text Holdings, Inc.* 4.125%, 12/01/31			298,415
	479,000			Playtika Holding Corp.* 4.250%, 03/15/29			423,197
	1,350,000			TTM Technologies, Inc.* 4.000%, 03/01/29			1,151,995
				Twilio, Inc.
	680,000			3.625%, 03/15/29			585,140
	236,000			3.875%, 03/15/31^			199,970
	1,200,000			Viavi Solutions, Inc.* 3.750%, 10/01/29			1,034,796
	1,100,000			ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.*^ 3.875%, 02/01/29			947,078
							13,441,510
				Materials (1.7%)
	500,000			ArcelorMittal, SA^ 7.000%, 10/15/39			518,765
	534,000			ATI, Inc. 5.875%, 12/01/27			521,755
	242,000			Carpenter Technology Corp. 7.625%, 03/15/30			247,302
	715,000			Chemours Company* 4.625%, 11/15/29			606,005
	1,530,000			Clearwater Paper Corp.* 4.750%, 08/15/28			1,356,330

See accompanying Notes to Schedule of Investments

6

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	716,000			Cleveland-Cliffs, Inc.* 6.750%, 04/15/30		$	698,336
				Commercial Metals Company
	478,000			4.125%, 01/15/30			430,248
	239,000			4.375%, 03/15/32			208,908
	1,115,000			Constellium, SE*^ 3.750%, 04/15/29			970,819
	716,000			HB Fuller Company 4.250%, 10/15/28			643,133
	475,000			INEOS Finance, PLC* 6.750%, 05/15/28			453,316
	725,000			JW Aluminum Continuous Cast Company* 10.250%, 06/01/26			718,634
				Kaiser Aluminum Corp.*
	1,090,000			4.625%, 03/01/28			980,193
	120,000			4.500%, 06/01/31			98,483
	235,000			LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29			197,572
	1,260,000			Mercer International, Inc. 5.125%, 02/01/29			1,034,397
	935,000			OCI, NV* 6.700%, 03/16/33			925,930
				Owens-Brockway Glass Container, Inc.*
	720,000			7.250%, 05/15/31			732,694
	710,000			6.625%, 05/13/27			708,218
	1,105,000			Silgan Holdings, Inc. 4.125%, 02/01/28			1,012,777
	478,000			Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29			281,370
							13,345,185
				Other (0.1%)
				Gen Digital, Inc.*
	500,000			7.125%, 09/30/30^			504,380
	500,000			6.750%, 09/30/27			502,205
							1,006,585
				Real Estate (0.4%)
	764,000			EPR Properties 3.750%, 08/15/29			629,093
				Forestar Group, Inc.*
	750,000			5.000%, 03/01/28			698,693
	502,000			3.850%, 05/15/26			467,839
	1,073,000			MIWD Holdco II, LLC / MIWD Finance Corp.*^ 5.500%, 02/01/30			913,241
	465,000			Service Properties Trust 5.250%, 02/15/26			424,977
							3,133,843
				Special Purpose Acquisition Companies (0.2%)
				Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.*
	955,000			6.750%, 01/15/30^			821,415
	477,000			4.625%, 01/15/29			418,529
							1,239,944
				Utilities (0.3%)
	350,000			PPL Capital Funding, Inc.‡ 8.203%, 03/30/67 3 mo. USD LIBOR + 2.67%			317,233

PRINCIPAL   AMOUNT						VALUE
	1,250,000			TerraForm Power Operating, LLC* 5.000%, 01/31/28		$	1,163,450
				Vistra Corp.*‡
	450,000			7.000%, 12/15/26 5 year CMT + 5.74%			405,711
	250,000			8.000%, 10/15/26 5 year CMT + 6.93%			238,318
							2,124,712
				TOTAL CORPORATE BONDS (Cost $325,863,399)			302,749,906
	CONVERTIBLE BONDS (97.5%)
				Communication Services (8.7%)
	720,000			Cable One, Inc.µ 0.000%, 03/15/26			592,891
				Liberty Media Corp.*
	9,000,000			2.250%, 08/15/27			9,502,200
	9,000,000			0.500%, 12/01/50µ			9,829,350
	8,500,000			3.750%, 03/15/28µ			9,262,025
	5,250,000			Match Group Finance Company 3, Inc.*µ 2.000%, 01/15/30			4,911,218
	6,000,000			Perficient, Inc.µ 0.125%, 11/15/26			4,785,960
	14,500,000			Sea, Ltd. 0.250%, 09/15/26			11,684,680
				Snap, Inc.µ
	10,500,000			0.000%, 05/01/27			7,886,025
	5,750,000			0.750%, 08/01/26			5,328,927
	3,500,000			Zillow Group, Inc.µ 1.375%, 09/01/26			4,630,640
							68,413,916
				Consumer Discretionary (19.4%)
	11,500,000			Airbnb, Inc.µ 0.000%, 03/15/26			10,350,115
	4,500,000			Booking Holdings, Inc. 0.750%, 05/01/25			7,273,125
	4,250,000			Carnival Corp.* 5.750%, 12/01/27			7,071,873
	6,750,000			Chegg, Inc.µ 0.000%, 09/01/26			5,076,608
				DISH Network Corp.
	13,230,000			0.000%, 12/15/25			8,079,561
	1,917,000			2.375%, 03/15/24µ			1,767,301
	11,500,000			DraftKings Holdings, Inc.µ 0.000%, 03/15/28			8,886,165
	12,750,000			Etsy, Inc.µ 0.125%, 09/01/27			11,228,033
	16,750,000			Ford Motor Company 0.000%, 03/15/26			17,148,482
	8,750,000			Liberty Broadband Corp.*µ 3.125%, 03/31/53			8,942,500
	2,435,000			Lucid Group, Inc.* 1.250%, 12/15/26			1,632,935
	10,250,000			Marriott Vacations Worldwide Corp.*µ 3.250%, 12/15/27			9,902,730
	8,125,000			Rivian Automotive, Inc.* 4.625%, 03/15/29			13,081,331
	5,750,000			Shake Shack, Inc.µ 0.000%, 03/01/28			4,620,930
	15,000,000			Vail Resorts, Inc.µ^ 0.000%, 01/01/26			13,308,000

See accompanying Notes to Schedule of Investments

7

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	13,500,000			Wayfair, Inc.* 3.250%, 09/15/27		$	19,380,735
	4,250,000			Wynn Macau, Ltd.* 4.500%, 03/07/29			4,707,513
							152,457,937
				Consumer Staples (0.6%)
	4,500,000			Post Holdings, Inc.* 2.500%, 08/15/27			4,487,130
				Energy (2.6%)
	1,500,000			EQT Corp. 1.750%, 05/01/26			4,329,840
	4,890,000			Nabors Industries, Inc.*µ 1.750%, 06/15/29			4,270,339
	4,250,000			Northern Oil And Gas, Inc.* 3.625%, 04/15/29			5,191,163
	2,750,000			Pioneer Natural Resources Company 0.250%, 05/15/25			6,594,197
				SunEdison, Inc.@
	9,411,000			0.000%, 01/15/49*			94,110
	898,000			0.000%, 10/01/49			8,980
							20,488,629
				Financials (1.3%)
	8,750,000			Morgan Stanley Finance, LLC 1.000%, 11/23/27			9,811,375
				Health Care (22.2%)
	4,500,000			Alnylam Pharmaceuticals, Inc.*µ 1.000%, 09/15/27			4,393,980
	5,500,000			Alphatec Holdings, Inc. 0.750%, 08/01/26			6,335,175
	5,702,000			BioMarin Pharmaceutical, Inc.µ^ 0.599%, 08/01/24			5,573,591
	9,500,000			CONMED Corp. 2.250%, 06/15/27			9,982,505
	12,250,000			CryoPort, Inc.*µ 0.750%, 12/01/26			9,738,995
				Dexcom, Inc.
	15,831,000			0.250%, 11/15/25			16,668,935
	8,000,000			0.375%, 05/15/28*µ			8,092,240
	2,426,000			Envista Holdings Corp. 2.375%, 06/01/25			4,121,022
	6,750,000			Exact Sciences Corp.µ 0.375%, 03/15/27			7,445,317
	7,250,000			Halozyme Therapeutics, Inc.* 1.000%, 08/15/28			7,268,995
	4,250,000			Insmed, Inc. 0.750%, 06/01/28			3,683,390
	4,500,000			Insulet Corp.µ 0.375%, 09/01/26			5,980,230
	9,125,000			Integer Holdings Corp.*µ^ 2.125%, 02/15/28			11,179,129
	4,500,000			Integra LifeSciences Holdings Corp.µ 0.500%, 08/15/25			4,215,420
	4,500,000			Ionis Pharmaceuticals, Inc. 0.000%, 04/01/26			4,249,395
	9,950,000			Jazz Investments I, Ltd. 2.000%, 06/15/26			10,340,736
	3,721,000			Lantheus Holdings, Inc.*µ 2.625%, 12/15/27			4,942,679
	10,250,000			NeoGenomics, Inc.µ 0.250%, 01/15/28			7,596,275

PRINCIPAL   AMOUNT						VALUE
	4,250,000			NextGen Healthcare, Inc.*µ 3.750%, 11/15/27		$	4,193,603
	4,000,000			NuVasive, Inc.µ 0.375%, 03/15/25			3,652,800
	8,500,000			Omnicell, Inc.µ 0.250%, 09/15/25			8,167,480
	8,000,000			Pacira BioSciences, Inc.µ 0.750%, 08/01/25			7,388,640
	2,500,000			Repligen Corp.µ^ 0.375%, 07/15/24			3,851,300
	3,750,000			Sarepta Therapeutics, Inc.*µ 1.250%, 09/15/27			3,995,325
	6,750,000			Tandem Diabetes Care, Inc.*µ 1.500%, 05/01/25			6,296,062
	3,932,000			TransMedics Group, Inc.* 1.500%, 06/01/28			4,796,136
							174,149,355
				Industrials (6.3%)
	4,250,000			Axon Enterprise, Inc.*µ 0.500%, 12/15/27			4,390,930
	7,250,000			John Bean Technologies Corp. 0.250%, 05/15/26			6,951,807
	4,250,000			Middleby Corp. 1.000%, 09/01/25			5,359,590
	5,000,000			Parsons Corp. 0.250%, 08/15/25			5,854,750
	7,000,000			Southwest Airlines Companyµ^~ 1.250%, 05/01/25			7,725,760
	20,000,000			Uber Technologies, Inc.µ 0.000%, 12/15/25			19,157,400
							49,440,237
				Information Technology (30.2%)
	4,500,000			Akamai Technologies, Inc.µ 0.375%, 09/01/27			4,435,695
	9,250,000			Bentley Systems, Inc.µ 0.125%, 01/15/26			9,458,402
	7,500,000			BILL Holdings, Inc.µ 0.000%, 12/01/25			8,067,150
	6,250,000			Camtek Ltd.* 0.000%, 12/01/26			6,382,875
	5,750,000			Confluent, Inc.µ 0.000%, 01/15/27			4,804,240
	7,500,000			CyberArk Software, Ltd.µ 0.000%, 11/15/24			8,811,225
	6,250,000			Datadog, Inc.~ 0.125%, 06/15/25			8,610,312
	6,000,000			DigitalOcean Holdings, Inc.µ 0.000%, 12/01/26			4,788,540
	9,066,000			Enphase Energy, Inc.µ 0.000%, 03/01/26			8,351,690
	5,750,000			Five9, Inc.µ 0.500%, 06/01/25			5,713,488
	13,750,000			Microchip Technology, Inc.µ^ 0.125%, 11/15/24			15,918,925
	2,000,000			MongoDB, Inc.µ~ 0.250%, 01/15/26			4,079,840
				NCL Corp. Ltd.
	6,000,000			1.125%, 02/15/27µ			5,630,880
	4,500,000			2.500%, 02/15/27µ			4,327,830
	3,000,000			5.375%, 08/01/25			4,182,450
				Okta, Inc.µ
	7,500,000			0.125%, 09/01/25			6,832,800
	4,000,000			0.375%, 06/15/26			3,458,160

See accompanying Notes to Schedule of Investments

8

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	17,250,000			ON Semiconductor Corp.*µ 0.500%, 03/01/29		$	21,134,182
	5,500,000			Palo Alto Networks, Inc. 0.375%, 06/01/25			13,870,780
	2,000,000			Q2 Holdings, Inc.µ 0.750%, 06/01/26			1,757,940
	11,250,000			Repay Holdings Corp.*µ 0.000%, 02/01/26			9,298,125
	13,750,000			Shift4 Payments, Inc.µ 0.000%, 12/15/25			14,956,975
	3,600,000			SK Hynix, Inc. 1.750%, 04/11/30			4,733,280
	11,500,000			Splunk, Inc.µ 1.125%, 06/15/27			9,930,250
	10,000,000			Tyler Technologies, Inc.^ 0.250%, 03/15/26			10,051,600
	12,250,000			Unity Software, Inc.µ 0.000%, 11/15/26			9,830,625
	6,250,000			Wix.com, Ltd. 0.000%, 08/15/25			5,566,188
				Wolfspeed, Inc.µ
	8,750,000			1.875%, 12/01/29*			7,587,388
	5,338,000			0.250%, 02/15/28			4,462,248
	8,000,000			Zscaler, Inc. 0.125%, 07/01/25			9,844,800
							236,878,883
				Materials (2.5%)
	1,500,000			ATI, Inc. 3.500%, 06/15/25			4,672,125
	3,500,000			Ivanhoe Mines, Ltd.* 2.500%, 04/15/26			5,338,270
	4,991,000			Lithium Americas Corp.µ 1.750%, 01/15/27			3,852,553
	6,306,000			MP Materials Corp.*µ 0.250%, 04/01/26			5,731,460
							19,594,408
				Other (0.0%)
	475,000			Multiplan Corp.* 6.000%, 10/15/27 7.000% PIK rate7.000% PIK rate			324,078
				Real Estate (0.7%)
	6,000,000			Pebblebrook Hotel Trustµ^ 1.750%, 12/15/26			5,240,040
				Utilities (3.0%)
	4,250,000			CMS Energy Corp.*µ 3.375%, 05/01/28			4,237,973
	15,250,000			PPL Capital Funding, Inc.*µ 2.875%, 03/15/28			14,732,262
	4,250,000			Southern Company* 3.875%, 12/15/25			4,268,488
							23,238,723
				TOTAL CONVERTIBLE BONDS (Cost $782,454,959)			764,524,711
	BANK LOANS (6.4%) ¡
				Airlines (0.2%)
	760,000			American Airlines, Inc.‡ 10.338%, 04/20/28 3 mo. SOFR + 4.75%			788,181

PRINCIPAL   AMOUNT						VALUE
	788,000			Mileage Plus Holdings, LLC‡ 10.764%, 06/21/27 3 mo. LIBOR + 5.25%		$	822,967
							1,611,148
				Communication Services (0.6%)
	1,248,000			Clear Channel Outdoor Holdings, Inc.‡ 9.131%, 08/21/26 3 mo. SOFR + 3.50%			1,212,120
	3,250			Clear Channel Outdoor Holdings, Inc.‡ 8.933%, 08/21/26 1 mo. SOFR + 3.50%			3,156
	755,569			CMG Media Corp.‡ 8.842%, 12/17/26 3 mo. SOFR + 3.50%			688,108
	1,326,668			DIRECTV Financing, LLC‡ 10.433%, 08/02/27 1 mo. SOFR + 5.00%			1,320,453
	1,505,000			Entercom Media Corp.‡ 8.131%, 11/18/24 3 mo. SOFR + 2.50%			828,826
	268,649			Nexstar Broadcasting, Inc.‡ 7.933%, 09/18/26 1 mo. SOFR + 2.50%			268,963
	485,000			Telesat Canada‡ 8.183%, 12/07/26 1 mo. SOFR + 2.75%			298,319
	480,150			Univision Communications, Inc.‡ 9.492%, 06/24/29 3 mo. SOFR + 4.25%			480,601
							5,100,546
				Consumer Discretionary (1.3%)
	967,575			Caesars Entertainment, Inc.‡ 8.555%, 02/06/30 1 mo. SOFR + 3.25%			969,389
	982,538			Hanesbrands, Inc.‡ 9.055%, 03/08/30 1 mo. SOFR + 3.75%			983,461
	530,816			Life Time Fitness, Inc.‡ 10.050%, 01/15/26 3 mo. SOFR + 4.50%			533,693
	477,180			PENN Entertainment, Inc.‡ 8.169%, 05/03/29 1 mo. SOFR + 2.75%			477,180
	1,605,514			Petco Health and Wellness Company, Inc.‡ 8.754%, 03/03/28 3 mo. SOFR + 3.25%			1,602,351
	2,392,428			PetSmart, Inc.‡ 9.169%, 02/11/28 1 mo. SOFR + 3.75%			2,394,557
	867,000			SkyMiles IP, Ltd.‡ 9.076%, 10/20/27 3 mo. SOFR + 3.75%			902,617
	602,074			TKC Holdings, Inc.‡ 10.933%, 05/15/28 1 mo. LIBOR + 5.50%			567,392
	245,000			Windsor Holdings III, LLC! 0.000%, 06/21/30			244,592

See accompanying Notes to Schedule of Investments

9

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	1,606,500			WW International, Inc.‡ 8.933%, 04/13/28 1 mo. SOFR + 3.50%		$	1,213,574
							9,888,806
				Consumer Staples (0.1%)
	500,000			United Natural Foods, Inc.! 0.000%, 10/22/25			501,385
				Energy (0.1%)
	957,600			Par Petroleum, LLC‡ 9.614%, 02/28/30 3 mo. SOFR + 4.25%			953,612
				Financials (1.0%)
	952,607			Alliant Holdings Intermediate, LLC‡ 8.722%, 11/05/27 1 mo. SOFR + 3.50%			951,911
	725,000			Amynta Agency Borrower, Inc.‡ 10.419%, 02/28/28 1 mo. SOFR + 5.00%			715,999
	992,462			AssuredPartners, Inc.‡ 8.819%, 02/12/27 1 mo. SOFR + 3.50%			988,741
	740,000			Avolon TLB Borrower 1 (US), LLC‡ 7.755%, 06/22/28 1 mo. SOFR + 2.50%			741,077
	472,625			Castlelake Aviation, Ltd.‡ 8.004%, 10/22/27 3 mo. SOFR + 2.75%			472,963
	955,200			Hub International, Ltd.‡ 9.060%, 11/10/29 3 mo. SOFR + 4.00%			958,281
	1,766,452			Jazz Financing Lux Sarl‡ 8.933%, 05/05/28 1 mo. LIBOR + 3.50%			1,766,575
	1,331,550			VFH Parent, LLC‡ 8.405%, 01/13/29 1 mo. SOFR + 3.00%			1,327,222
							7,922,769
				Health Care (0.7%)
	1,682,245			Amneal Pharmaceuticals, LLC‡ 8.933%, 05/04/25 1 mo. SOFR + 3.50%			1,604,441
	232,750			Bausch Health Companies, Inc.‡ 10.605%, 02/01/27 1 mo. SOFR + 5.25%			190,643
	571,087			ICON Luxembourg S.A.R.L.‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%			572,286
	1,001,248			Mallinckrodt International Finance, SA‡ 10.619%, 09/30/27 1 mo. SOFR + 5.25%			760,793
	988,235			Padagis, LLC‡ 10.280%, 07/06/28 3 mo. SOFR + 4.75%			956,943
	142,287			PRA Health Sciences, Inc.‡ 7.754%, 07/03/28 3 mo. SOFR + 2.25%			142,586

PRINCIPAL   AMOUNT						VALUE
	2,387,785			Team Health Holdings, Inc.‡ 10.569%, 03/02/27 1 mo. SOFR + 5.25%		$	1,650,975
							5,878,667
				Industrials (0.7%)
	470,400			ACProducts, Inc.‡ 9.754%, 05/17/28 3 mo. SOFR + 4.25%			406,073
	608,850			Air Canada‡ 8.839%, 08/11/28 3 mo. LIBOR + 3.50%			609,937
	1,225,738			ChampionX Corp.‡ 8.495%, 06/07/29 1 mo. SOFR + 3.25%			1,231,100
	607,538			Emrld Borrower, LP‡ 8.264%, 05/31/30 3 mo. SOFR + 3.00%			608,680
	1,128,600			Scientific Games International, Inc.‡ 8.302%, 04/14/29 1 mo. SOFR + 3.00%			1,128,509
	522,375			Summit Materials, LLC‡ 8.492%, 12/14/27 6 mo. SOFR + 3.00%			525,966
	933,612			United Airlines, Inc.‡ 9.292%, 04/21/28 3 mo. LIBOR + 3.75%			936,530
							5,446,795
				Information Technology (0.4%)
	951,499			Banff Merger Sub, Inc.‡ 9.183%, 10/02/25 1 mo. SOFR + 3.75%			950,315
	807,701			Camelot Finance SA‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%			807,956
	322,577			Camelot U.S. Acquisition LLC‡ 8.433%, 10/30/26 1 mo. SOFR + 3.00%			322,728
	893,735			II-VI, Inc.‡ 8.183%, 07/02/29 1 mo. SOFR + 2.75%			894,629
							2,975,628
				Information Technology (0.2%)
	243,775			CDK Global, Inc.‡ 9.492%, 07/06/29 3 mo. SOFR + 4.25%			244,167
	964,737			Dun & Bradstreet Corp.‡ 8.291%, 02/06/26 1 mo. SOFR + 3.00%			964,887
							1,209,054
				Materials (0.7%)
	304,116			American Axle and Manufacturing, Inc.‡ 8.777%, 12/13/29 1 mo. SOFR + 3.50%			304,244
	229,630			American Axle and Manufacturing, Inc.‡ 8.777%, 12/13/29 1 mo. SOFR + 3.50%			229,726

See accompanying Notes to Schedule of Investments

10

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

PRINCIPAL   AMOUNT						VALUE
	229,630			American Axle and Manufacturing, Inc.‡ 8.437%, 12/13/29 6 mo. SOFR + 3.50%		$	229,726
	975,000			Ineos US Finance, LLC‡ 8.805%, 02/18/30 1 mo. SOFR + 3.50%			966,167
	1,188,781			Innophos, Inc.‡ 8.683%, 02/05/27 1 mo. SOFR + 3.25%			1,190,642
	483,875			LSF11 A5 HoldCo, LLC‡ 8.933%, 10/15/28 1 mo. SOFR + 3.50%			480,045
	480,000			LSF11 A5 Holdco, LLC‡ 9.669%, 10/15/28 1 mo. SOFR + 4.25%			479,100
	498,727			Trinseo Materials Operating SCA! 0.000%, 05/03/28			397,700
	986,285			WR Grace Holdings LLC‡ 9.313%, 09/22/28 3 mo. LIBOR + 3.75%			986,161
							5,263,511
				Special Purpose Acquisition Companies (0.4%)
	857,500			AP Core Holdings II, LLC‡ 10.933%, 09/01/27 1 mo. SOFR + 5.50%			831,599
	475,200			Clydesdale Acquisition Holdings, Inc.‡ 9.594%, 04/13/29 1 mo. SOFR + 4.18%			471,510
	241,938			Fertitta Entertainment, LLC‡ 9.319%, 01/27/29 1 mo SOFR + 4.00%			239,752
	1,022,275			Oscar AcquisitionCo, LLC‡ 9.842%, 04/29/29 3 mo. SOFR + 4.50%			1,010,570
	992,500			Patagonia Holdco, LLC‡ 10.789%, 08/01/29 3 mo. SOFR + 5.75%			857,689
							3,411,120
				TOTAL BANK LOANS (Cost $52,067,314)			50,163,041
NUMBER OF   SHARES						VALUE
	CONVERTIBLE PREFERRED STOCKS (6.8%)
				Energy (0.0%)
	26			Gulfport Energy Corp. 10.000%, 08/31/23 15.000% PIK rate			191,750
				Financials (1.8%)
	8,100			Bank of America Corp.‡ ‡‡ 7.250%, 12/31/49			9,865,800
	63,425			KKR & Company, Inc. 6.000%, 09/15/23			4,430,870
							14,296,670
				Industrials (0.7%)
	75,625			Chart Industries, Inc. 6.750%, 12/15/25			5,459,369

NUMBER OF   SHARES						VALUE
				Utilities (4.3%)
	141,020			AES Corp.^ 6.875%, 02/15/24		$	12,069,902
				NextEra Energy, Inc.
	265,160			6.219%, 09/01/23			13,125,420
	180,300			6.926%, 09/01/25			8,245,119
							33,440,441
				TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $56,373,324)			53,388,230
	WARRANTS (0.0%) #
				Energy (0.0%)
	47,739			Mcdermott International, Ltd.& 06/30/27			5
	42,965			Mcdermott International, Ltd. 06/30/27			4
				TOTAL WARRANTS (Cost $18,376)			9
	COMMON STOCKS (0.5%)
				Communication Services (0.0%)
	20,285			Altice USA, Inc. - Class Aµ#			68,766
	6,819			Cumulus Media, Inc. - Class Aµ#			43,233
	1			Frontier Communications Parent, Inc.µ#			18
							112,017
				Energy (0.5%)
	8,836			Chaparral Energy, Inc. - Class A&#			375,530
	2,869			Chesapeake Energy Corp.^			241,972
	67,000			Energy Transfer, LP			890,430
	39,795			Enterprise Products Partners, LP			1,054,965
	6,644			EP Energy Corp.&#			46,508
	12,830			Magellan Midstream Partners, LP			850,244
							3,459,649
				Health Care (0.0%)
	14,466			Mallinckrodt, PLC^#			23,435
				Special Purpose Acquisition Company (0.0%)
	11,411			Intelsat Emergence, SA&#			262,453
				TOTAL COMMON STOCKS (Cost $6,053,623)			3,857,554
	PREFERRED STOCKS (0.4%)
				Consumer Discretionary (0.1%)
	6,122			Guitar Center, Inc.&			780,555
				Energy (0.3%)
	37,195			NuStar Energy, LP‡ 11.151%, 08/30/23 3 mo. USD LIBOR + 5.64%			903,094
	16,794			NuStar Energy, LP‡ 12.274%, 08/30/23 3 mo. USD LIBOR + 6.77%			429,255

See accompanying Notes to Schedule of Investments

11

Calamos Convertible Opportunities and Income Fund

SCHEDULE OF INVESTMENTS JULY 31, 2023 (UNAUDITED)

NUMBER OF   SHARES						VALUE
	43,000			NuStar Logistics, LP‡ 12.304%, 01/15/43 3 mo. USD SOFR + 7.00%		$	1,129,610
							2,461,959
				TOTAL PREFERRED STOCKS (Cost $3,206,860)			3,242,514
	RIGHTS (0.0%) #
				Communication Services (0.0%)
	2			Intelsat Jackson Holdings, SA, (Expires 12/5/25)			—
	2			Intelsat Jackson Holdings, SA, (Expires 12/5/25)			—
				TOTAL RIGHTS (Cost $—)			—
PRINCIPAL   AMOUNT						VALUE
	ASSET BACKED SECURITY (0.1%)
				Other (0.1%)
	765,000			SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $700,584)			689,130
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT						VALUE
	PURCHASED OPTIONS (0.2%) #
				Consumer Discretionary (0.1%)
	580 7,753,440			Amazon.com, Inc. Call, 01/19/24, Strike $127.50			1,009,200
				Information Technology (0.1%)
	300 7,498,800			Palo Alto Networks, Inc. Call, 01/19/24, Strike $250.00			810,000
				TOTAL PURCHASED OPTIONS (Cost $1,579,635)			1,819,200

				VALUE
		TOTAL INVESTMENTS (150.5%) (Cost $1,228,318,074)		$	1,180,434,295
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-17.0%)					(133,000,000)
LIABILITIES, LESS OTHER ASSETS (-33.5%)					(262,834,475)
NET ASSETS (100.0%)				$	784,599,820

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 $452,287,751.

@ In default status and considered non-income producing.

& Illiquid security.

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

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

~ Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options. The aggregate value of such securities is $9,677,847.

¡ 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

Notes to Schedule of Investments (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Convertible Opportunities and Income Fund (the “Fund”, or “Trust”) was organized as a Delaware statutory trust on April 17, 2002 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 June 26, 2002.

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 at least 80% of its managed assets in a diversified portfolio of convertibles and non-convertible income securities and under normal circumstances, the Fund will invest at least 35% of its managed assets in convertible securities. The Fund invests in securities with a broad range of maturities. The average term to maturity of the Fund’s securities typically will range from five to ten years. A substantial portion of the Fund’s assets may be invested in below investment grade (high yield, high risk) securities. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

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

Fund Valuation. The Trust’s Board of Trustees, including a majority of the Trustees who are not “interested persons” of the Trust, have designated Calamos Advisors LLC (“Calamos Advisors”, or the “Advisor”) to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As “valuation designee” the Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which the Fund’s NAVs are determined. The valuation of the Fund’s investments is in accordance with these procedures.

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

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

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

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

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

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

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

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

Note 2 – Investments

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

Cost basis of investments			$1,228,318,074
Gross unrealized appreciation			59,860,564
Gross unrealized depreciation			(107,744,343)
Net unrealized appreciation (depreciation)			$(47,883,779)

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

Note 3 – Mandatory Redeemable Preferred Shares

The Fund has MRPS issued with an aggregate liquidation preference of $133,000,000, divided into four series with different mandatory redemption dates and dividend rates.

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

Series		Term Redemption Date		Dividend Rate		Shares (000’s)		Liquidation Preference Per Share		Aggregate Liquidation Preference
Series B		9/06/24		4.00%		1,330		$25		$33,250,000
Series C		9/06/27		4.24%		1,340		$25		$33,500,000
Series D		8/24/26		2.45%		1,320		$25		$33,000,000
Series E		5/24/27		2.68%		1,330		$25		$33,250,000
								Total		$133,000,000

On September 6, 2022, $33,250,000 of Series A MRPS were redeemed at $25.01 per share.

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

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

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

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

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

MRPS Overcollateralization Test: So long as Fitch or any other NSRSO, such as KBRA, 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 KBRA, by application of the applicable rating agency guidelines.

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

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