Calamos Global Dynamic Income Fund


PRINCIPAL AMOUNT			VALUE

	CORPORATE BONDS (24.7%)
		*Airlines (0.0%)*
	141,007	UAL Pass Through Trust Series 2007-1µ 6.636%, 01/02/24	$	149,498

		*Communication Services (4.0%)*
	250,000	Altice Financing, SA*^ 7.500%, 05/15/26		262,186
	725,000	Altice France, SA* 7.375%, 05/01/26		768,645
		Altice Luxembourg, SA*^
	200,000	7.750%, 05/15/22		204,252
	200,000	7.625%, 02/15/25		196,519
	1,825,000	America Movil, SAB de CV^ 5.000%, 03/30/20		1,855,185
	210,000	Arrow Bidco, LLC* 9.500%, 03/15/24		211,603
	350,000	Belo Corp. 7.250%, 09/15/27		386,796
		Cincinnati Bell, Inc.*
	471,000	8.000%, 10/15/25		392,732
	125,000	7.000%, 07/15/24^		107,200
	75,000	CommScope, Inc.*^ 8.250%, 03/01/27		74,076
	215,000	Consolidated Communications, Inc.^ 6.500%, 10/01/22		195,563
		CSC Holdings, LLC*
	1,060,000	5.500%, 04/15/27^		1,115,502
	460,000	5.500%, 05/15/26µ		481,144
	300,000	7.500%, 04/01/28^		331,530
	205,000	Cumulus Media New Holdings, Inc.* 6.750%, 07/01/26		209,461
	276,000	Diamond Sports Group, LLC / Diamond Sports Finance Company* 5.375%, 08/15/26		281,040
	1,521,000	Embarq Corp.µ 7.995%, 06/01/36		1,481,271
		Entercom Media Corp.*
	425,000	7.250%, 11/01/24		445,066
	140,000	6.500%, 05/01/27^		148,183
	140,000	EW Scripps Company*^ 5.125%, 05/15/25		139,832
		Frontier Communications Corp.
	689,000	7.625%, 04/15/24		381,568
	555,000	11.000%, 09/15/25^		323,174
	340,000	10.500%, 09/15/22^		212,945
	285,000	8.500%, 04/01/26*^		279,193
	140,000	8.000%, 04/01/27*		146,480
	69,000	Go Daddy Operating Company, LLC / GD Finance Company, Inc.*^ 5.250%, 12/01/27		71,945
	485,000	Gray Television, Inc.*^ 7.000%, 05/15/27		531,153
		Hughes Satellite Systems Corp.^
	245,000	6.625%, 08/01/26		264,353
	80,000	5.250%, 08/01/26µ		84,823
	275,000	iHeartCommunications, Inc. 8.375%, 05/01/27		290,073


PRINCIPAL AMOUNT			VALUE
	1,240,000	Inmarsat Finance, PLCµ* 4.875%, 05/15/22	$	1,253,107
		Intelsat Jackson Holdings, SA
	505,000	9.750%, 07/15/25*		523,549
	285,000	5.500%, 08/01/23		263,019
	241,000	8.000%, 02/15/24*		250,965
	135,000	MDC Partners, Inc.*^ 6.500%, 05/01/24		122,712
	350,000	Nexstar Broadcasting, Inc.*^ 5.625%, 08/01/24		364,336
	165,000	SBA Communications Corp. 4.000%, 10/01/22		167,492
	342,000	Scripps Escrow, Inc.* 5.875%, 07/15/27		345,579
		Sprint Corp.
	1,100,000	7.875%, 09/15/23^		1,225,053
	830,000	7.125%, 06/15/24^		907,385
	350,000	7.625%, 03/01/26		392,094
	105,000	7.250%, 09/15/21		113,095
	370,000	T-Mobile USA, Inc.^ 4.750%, 02/01/28		381,692
	215,000	Telecom Italia Capital, SAµ 6.000%, 09/30/34		219,032
	580,000	United States Cellular Corp.µ 6.700%, 12/15/33		616,496
	200,000	Wind Tre, S.p.A.* 5.000%, 01/20/26		199,040
		Windstream Services, LLC / Windstream Finance Corp.@
	115,000	7.750%, 10/01/21		31,197
	42,000	10.500%, 06/30/24*		30,018
	140,000	Zayo Group, LLC / Zayo Capital, Inc.* 5.750%, 01/15/27		142,423

				19,421,777

		*Consumer Discretionary (4.9%)*
	280,000	Ashton Woods USA, LLC / Ashton Woods Finance Company* 9.875%, 04/01/27		298,355
	335,000	Beverages & More, Inc.* 11.500%, 06/15/22		259,375
	355,000	Boyd Gaming Corp.^ 6.000%, 08/15/26		372,212
	390,000	Caesars Resort Collection, LLC / CRC Finco, Inc.* 5.250%, 10/15/25		390,716
		CCO Holdings, LLC / CCO Holdings Capital Corp.
	735,000	5.125%, 05/01/27*		759,284
	285,000	5.750%, 09/01/23		291,291
	135,000	5.000%, 02/01/28*		138,741
	207,000	Cedar Fair, LP*^ 5.250%, 07/15/29		213,953
		Century Communities, Inc.
	345,000	6.750%, 06/01/27*^		356,878
	190,000	5.875%, 07/15/25		191,409
	950,000	Dana Financing Luxembourg Sarl*^ 6.500%, 06/01/26		998,536
		DISH DBS Corp.^
	330,000	7.750%, 07/01/26		322,677
	195,000	5.875%, 11/15/24		181,228
	700,000	Eldorado Resorts, Inc. 6.000%, 04/01/25		737,548


PRINCIPAL AMOUNT			VALUE
	350,000	ESH Hospitality, Inc.*^ 5.250%, 05/01/25	$	360,920
	350,000	GLP Capital, LP / GLP Financing II, Inc.µ 5.250%, 06/01/25		379,425
	485,000	goeasy, Ltd.µ* 7.875%, 11/01/22		508,076
	500,000	Guitar Center, Inc.* 9.500%, 10/15/21		477,710
	50,000	IAA, Inc.* 5.500%, 06/15/27		52,316
	345,000	International Game Technology, PLC*^ 6.250%, 01/15/27		376,930
	781,000	L Brands, Inc.^ 6.875%, 11/01/35		698,284
		Lennar Corp.µ
	325,000	5.250%, 06/01/26		347,253
	235,000	6.625%, 05/01/20		241,963
	375,000	Liberty Interactive, LLC 8.250%, 02/01/30		388,457
	340,000	M/I Homes, Inc. 5.625%, 08/01/25		346,467
		Mattel, Inc.^
	320,000	6.750%, 12/31/25*		337,275
	10,000	2.350%, 08/15/21		9,826
	350,000	Mclaren Finance, PLC* 5.750%, 08/01/22		330,713
	45,000	Mediacom Broadband, LLC / Mediacom Broadband Corp. 5.500%, 04/15/21		45,039
	652,000	Meritage Homes Corp. 7.000%, 04/01/22		715,339
	138,000	Michaels Stores, Inc.*^ 8.000%, 07/15/27		133,860
		Penske Automotive Group, Inc.
	345,000	5.500%, 05/15/26^		357,938
	160,000	5.375%, 12/01/24		165,089
		Rite Aid Corp.
	745,000	7.700%, 02/15/27		467,882
	215,000	6.125%, 04/01/23*^		181,788
	1,511,000	Royal Caribbean Cruises, Ltd.^ 7.500%, 10/15/27		1,893,714
	275,000	Salem Media Group, Inc.*^ 6.750%, 06/01/24		243,243
	197,000	Sally Holdings, LLC / Sally Capital, Inc.µ 5.625%, 12/01/25		195,277
	138,000	Service Corp. Internationalµ 5.125%, 06/01/29		145,749
		Sirius XM Radio, Inc.µ*
	345,000	5.500%, 07/01/29		360,720
	345,000	4.625%, 07/15/24		355,328
	400,000	Sotheby’s* 4.875%, 12/15/25		414,600
	435,000	Staples, Inc.* 7.500%, 04/15/26		445,470
	260,000	Taylor Morrison Communities Corp. 6.625%, 05/15/22		269,012
	207,000	Taylor Morrison Communities, Inc.* 5.750%, 01/15/28		214,722
	5,575,000	Toyota Motor Corp.µ^ 3.419%, 07/20/23		5,808,676


PRINCIPAL AMOUNT			VALUE
	345,000	Twin River Worldwide Holdings, Inc.*^ 6.750%, 06/01/27	$	361,263
	125,004	US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22		131,823
	295,000	VOC Escrow, Ltd.µ* 5.000%, 02/15/28		301,477

				23,575,827

		*Consumer Staples (1.0%)*
		Albertsons Companies, LLC / Safeway, Inc. / New Albertsons, LP / Albertson’s, LLC
	355,000	5.750%, 03/15/25		363,383
	210,000	7.500%, 03/15/26*^		231,457
	210,000	Dean Foods Company* 6.500%, 03/15/23		118,675
	215,000	Energizer Holdings, Inc.*^ 6.375%, 07/15/26		224,645
	340,000	Fresh Market, Inc.* 9.750%, 05/01/23		214,800
		JBS USA LUX, SA / JBS USA Finance, Inc.*
	760,000	5.875%, 07/15/24		781,831
	525,000	6.750%, 02/15/28		568,047
		JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.*
	276,000	5.500%, 01/15/30		275,941
	109,000	6.500%, 04/15/29µ		117,201
		New Albertson’s, Inc.
	248,000	7.750%, 06/15/26		249,231
	202,000	8.000%, 05/01/31^		205,883
	35,000	7.450%, 08/01/29^		34,808
		Pilgrim’s Pride Corp.*
	405,000	5.875%, 09/30/27		426,182
	145,000	5.750%, 03/15/25^		150,104
		Post Holdings, Inc.*
	310,000	5.750%, 03/01/27		322,544
	105,000	5.500%, 12/15/29^		106,428
	72,000	5.625%, 01/15/28^		74,393
		Simmons Foods, Inc.*
	291,000	7.750%, 01/15/24		314,039
	170,000	5.750%, 11/01/24^		156,201

				4,935,793

		*Energy (2.6%)*
	210,000	Apergy Corp. 6.375%, 05/01/26		214,050
	365,000	Brazos Valley Longhorn, LLC / Brazos Valley Longhorn Finance Corp. 6.875%, 02/01/25		338,090
	210,000	Bruin E&P Partners, LLC* 8.875%, 08/01/23		158,256
		Buckeye Partners, LP
	135,000	5.850%, 11/15/43^		118,774
	135,000	3.950%, 12/01/26µ		120,452
	405,000	Calfrac Holdings, LP* 8.500%, 06/15/26		271,224
	445,000	California Resources Corp.*^ 8.000%, 12/15/22		311,981
	443,000	Carrizo Oil & Gas, Inc.^ 6.250%, 04/15/23		435,236


PRINCIPAL AMOUNT			VALUE
	350,000	Chaparral Energy, Inc.*^ 8.750%, 07/15/23	$	203,518
	295,000	Cheniere Energy Partners, LP^ 5.625%, 10/01/26		312,938
		Chesapeake Energy Corp.
	270,000	7.000%, 10/01/24		223,615
	240,000	8.000%, 01/15/25^		203,497
	410,000	DCP Midstream Operating, LP*^‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%		386,372
		Denbury Resources, Inc.
	330,000	7.750%, 02/15/24*^		242,931
	225,000	9.250%, 03/31/22*		198,767
	84,000	5.500%, 05/01/22		44,103
	135,000	Diamond Offshore Drilling, Inc. 7.875%, 08/15/25		128,743
		Energy Transfer Operating, LP
	615,000	5.271%, 11/01/66µ‡ 3 mo. USD LIBOR + 3.02%		464,371
	500,000	5.875%, 01/15/24µ		555,773
	300,000	5.500%, 06/01/27^		336,747
	155,000	Enterprise Products Operating, LLCµ‡ 5.375%, 02/15/78 3 mo. USD LIBOR + 2.57%		148,663
		EP Energy, LLC / Everest Acquisition Finance, Inc.*
	255,000	9.375%, 05/01/24		53,906
	210,000	7.750%, 05/15/26^		188,586
		Genesis Energy, LP / Genesis Energy Finance Corp.
	375,000	6.250%, 05/15/26^		370,127
	360,000	6.500%, 10/01/25		359,975
		Gulfport Energy Corp.
	325,000	6.375%, 05/15/25		249,889
	225,000	6.000%, 10/15/24^		173,463
	221,000	HighPoint Operating Corp.^ 7.000%, 10/15/22		206,650
	480,000	Lonestar Resources America, Inc.* 11.250%, 01/01/23		452,249
	350,000	Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.*^ 6.000%, 08/01/26		355,285
	485,000	McDermott Technologies Americas, Inc. / McDermott Technology U.S., Inc.*^ 10.625%, 05/01/24		400,006
		Moss Creek Resources Holdings, Inc.*
	135,000	10.500%, 05/15/27^		120,612
	135,000	7.500%, 01/15/26		105,803
	125,000	Nine Energy Service, Inc.* 8.750%, 11/01/23		122,273
	35,174	Northern Oil and Gas, Inc.
		8.500%, 05/15/23
		9.500% PIK rate		36,097
	170,000	Oasis Petroleum, Inc.*^ 6.250%, 05/01/26		161,316
	365,000	Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25		364,447
	205,000	Parkland Fuel Corp.* 5.875%, 07/15/27		211,646
	135,000	PDC Energy, Inc. 5.750%, 05/15/26		130,585


PRINCIPAL AMOUNT			VALUE
	300,000	PGS, ASA* 7.375%, 12/15/20	$	290,409
	270,000	Plains All American Pipeline, LPµ‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%		260,632
	145,000	QEP Resources, Inc.µ^ 5.625%, 03/01/26		124,664
	345,000	SESI, LLC^ 7.750%, 09/15/24		206,905
	150,000	SM Energy Company^ 6.750%, 09/15/26		135,422
	220,000	Targa Resources Partners, LP / Targa Resources Partners Finance Corp.µ* 6.500%, 07/15/27		240,114
	75,000	TransMontaigne Partners, LP / TLP Finance Corp. 6.125%, 02/15/26		73,055
	70,875	Transocean Pontus, Ltd.* 6.125%, 08/01/25		73,388
	345,000	Transocean, Inc.*^ 7.500%, 01/15/26		324,340
	365,000	Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.*^ 8.750%, 04/15/23		215,806
	385,000	W&T Offshore, Inc.*^ 9.750%, 11/01/23		371,860
	452,000	Weatherford International, Ltd.@ 8.250%, 06/15/23		218,815
	260,000	Whiting Petroleum Corp.^ 6.625%, 01/15/26		245,502

				12,261,928

		*Financials (3.3%)*
	715,000	Acrisure, LLC / Acrisure Finance, Inc.*^ 7.000%, 11/15/25		656,820
	170,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trustµ 5.000%, 10/01/21		178,207
	720,000	Ally Financial, Inc. 8.000%, 11/01/31		963,979
	350,000	Amwins Group, Inc.* 7.750%, 07/01/26		365,820
		Ardonagh Midco 3, PLC*
	650,000	8.625%, 07/15/23^		610,246
	200,000	8.625%, 07/15/23		185,678
	550,000	AssuredPartners, Inc.* 7.000%, 08/15/25		552,846
	190,000	Bank of America Corp.^‡ 5.875%, 03/15/28 3 mo. USD LIBOR + 2.93%		201,745
	345,000	Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLCµ* 5.750%, 05/15/26		358,752
	130,000	Charles Schwab Corp.^‡ 5.000%, 12/01/27 3 mo. USD LIBOR + 2.58%		131,446
	175,000	CNO Financial Group, Inc.µ 5.250%, 05/30/29		189,704
	350,000	Credit Acceptance Corp.*^ 6.625%, 03/15/26		378,234


PRINCIPAL AMOUNT			VALUE
	240,000	Donnelley Financial Solutions, Inc. 8.250%, 10/15/24	$	250,976
	340,000	Global Aircraft Leasing Company, Ltd.*
		6.500%, 09/15/24
		13.750% PIK rate		338,140
	340,000	Greystar Real Estate Partners, LLC* 5.750%, 12/01/25		349,238
	138,000	HAT Holdings I, LLC / HAT Holdings II, LLCµ* 5.250%, 07/15/24		144,044
	375,000	HUB International, Ltd.* 7.000%, 05/01/26		382,027
		Icahn Enterprises, LP / Icahn Enterprises Finance Corp.µ
	172,000	6.250%, 05/15/26*		177,289
	164,000	6.750%, 02/01/24^		171,431
	500,000	ILFC E-Capital Trust II*‡ 4.340%, 12/21/65 3 mo. USD LIBOR + 1.80%		370,250
	620,000	Iron Mountain, Inc.µ* 5.250%, 03/15/28		626,913
		Jefferies Finance, LLC / JFIN Co- Issuer Corp.*
	914,000	7.250%, 08/15/24		903,279
	350,000	6.250%, 06/03/26µ		355,591
	325,000	Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*^ 5.250%, 10/01/25		334,077
	260,000	Level 3 Financing, Inc.^ 5.375%, 05/01/25		269,283
	350,000	Lions Gate Capital Holdings, LLC*^ 6.375%, 02/01/24		369,841
	640,000	LPL Holdings, Inc.*^ 5.750%, 09/15/25		666,362
	645,000	MetLife, Inc.^ 6.400%, 12/15/66		747,461
	715,000	Nationstar Mortgage, LLC / Nationstar Capital Corp. 6.500%, 07/01/21		714,632
	550,000	Navient Corp.^ 6.750%, 06/25/25		575,908
	290,000	NexBank Capital, Inc.*‡& 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59%		295,416
	625,000	Oil Insurance, Ltd.*‡ 5.301%, 09/30/19 3 mo. USD LIBOR + 2.98%		605,444
	345,000	Radian Group, Inc.µ 4.875%, 03/15/27		347,127
	375,000	Simmons First National Corp.‡ 5.000%, 04/01/28 3 mo. USD LIBOR + 2.15%		384,433
		Springleaf Finance Corp.
	497,000	6.875%, 03/15/25^		556,476
	350,000	7.125%, 03/15/26		393,311
	69,000	6.625%, 01/15/28µ		75,002
	365,000	Starwood Property Trust, Inc.^ 4.750%, 03/15/25		370,911
	170,000	Towne Bank‡ 4.500%, 07/30/27 3 mo. USD LIBOR + 2.55%		172,206


PRINCIPAL AMOUNT			VALUE
	335,000	Tronox Finance, PLC* 5.750%, 10/01/25	$	315,738

				16,036,283

		*Health Care (2.9%)*
	679,000	Acadia Healthcare Company, Inc. 6.500%, 03/01/24		702,735
		Bausch Health Americas, Inc.*^
	790,000	8.500%, 01/31/27		872,042
	350,000	9.250%, 04/01/26		392,586
		Bausch Health Cos., Inc.*
	750,000	9.000%, 12/15/25^		839,040
	70,000	5.750%, 08/15/27µ		73,951
		CHS/Community Health Systems, Inc.
	1,810,000	8.125%, 06/30/24*^		1,389,971
	225,000	6.250%, 03/31/23		215,985
	140,000	8.000%, 03/15/26*		135,022
	765,000	DaVita, Inc. 5.125%, 07/15/24		768,932
	825,000	Endo DAC / Endo Finance, LLC / Endo Finco, Inc.*^ 6.000%, 07/15/23		532,133
		HCA, Inc.
	1,355,000	5.375%, 02/01/25^		1,468,766
	795,000	5.875%, 05/01/23^		873,343
	315,000	7.500%, 11/06/33		367,314
	363,000	Horizon Pharma USA, Inc.* 8.750%, 11/01/24		391,724
	660,000	Magellan Health, Inc.µ 4.900%, 09/22/24		661,201
	480,000	Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*^ 5.625%, 10/15/23		304,596
	210,000	Par Pharmaceutical, Inc.*^ 7.500%, 04/01/27		190,083
	165,000	Team Health Holdings, Inc.*^ 6.375%, 02/01/25		136,176
		Tenet Healthcare Corp.
	490,000	6.250%, 02/01/27*^		507,633
	410,000	4.625%, 07/15/24^		418,278
	145,000	6.875%, 11/15/31		128,169
	450,000	Teva Pharmaceutical Finance Company, BVµ^ 2.950%, 12/18/22		405,659
		Teva Pharmaceutical Finance Netherlands III, BV^
	1,565,000	6.000%, 04/15/24		1,452,680
	225,000	2.800%, 07/21/23		196,160
	645,000	West Street Merger Sub, Inc.*^ 6.375%, 09/01/25		592,626

				14,016,805

		*Industrials (2.9%)*
	450,000	ACCO Brands Corp.*^ 5.250%, 12/15/24		463,736
		Allison Transmission, Inc.*
	275,000	4.750%, 10/01/27µ		275,935
	165,000	5.000%, 10/01/24^		168,044
	70,000	5.875%, 06/01/29µ		74,472
	140,000	American Airlines Group, Inc.*^ 5.000%, 06/01/22		144,389
	360,000	Arconic, Inc.^ 5.125%, 10/01/24		381,569


PRINCIPAL AMOUNT			VALUE
	409,290	ARD Securities Finance Sarl*
		8.750%, 01/31/23
		8.750% PIK rate	$	422,770
	137,000	Avolon Holdings Funding, Ltd.µ* 5.250%, 05/15/24		147,222
	365,000	Beacon Roofing Supply, Inc.*^ 4.875%, 11/01/25		362,401
	540,000	Bombardier, Inc.*^ 7.500%, 03/15/25		550,614
	70,000	Catalent Pharma Solutions, Inc.* 5.000%, 07/15/27		72,028
		Covanta Holding Corp.
	425,000	5.875%, 03/01/24		436,789
	70,000	5.875%, 07/01/25		73,274
	390,000	Delphi Technologies, PLC*^ 5.000%, 10/01/25		344,622
	590,000	Fly Leasing, Ltd. 5.250%, 10/15/24		605,912
	750,000	Garda World Security Corp.* 7.250%, 11/15/21		754,226
		Golden Nugget, Inc.*
	370,000	6.750%, 10/15/24		381,862
	315,000	8.750%, 10/01/25^		332,462
	175,000	Graphic Packaging International, LLCµ* 4.750%, 07/15/27		182,711
	360,000	Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22		384,244
	480,000	H&E Equipment Services, Inc.^ 5.625%, 09/01/25		493,922
	340,000	Herc Holdings, Inc.* 5.500%, 07/15/27		341,107
		Hertz Corp.
	361,000	7.625%, 06/01/22*		375,209
	210,000	7.375%, 01/15/21		210,194
	138,000	7.125%, 08/01/26*		140,972
	400,000	Jeld-Wen, Inc.*^ 4.625%, 12/15/25		393,990
	210,000	JPW Industries Holding Corp.* 9.000%, 10/01/24		201,451
	560,000	Meritor, Inc. 6.250%, 02/15/24		577,489
	505,000	Navistar International Corp.* 6.625%, 11/01/25		520,402
		Park Aerospace Holdings, Ltd.*
	215,000	4.500%, 03/15/23µ		223,330
	145,000	5.500%, 02/15/24		156,633
	665,000	Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		663,723
		Scientific Games International, Inc.*
	360,000	5.000%, 10/15/25		369,562
	140,000	8.250%, 03/15/26^		150,141
	70,000	Summit Materials, LLC / Summit Materials Finance Corp.* 6.500%, 03/15/27		74,276
	205,000	Tennant Company 5.625%, 05/01/25		213,045
	200,000	TransDigm UK Holdings, PLC 6.875%, 05/15/26		204,785
		TransDigm, Inc.*
	355,000	6.250%, 03/15/26		373,194
	205,000	7.500%, 03/15/27		216,465
		United Rentals North America, Inc.^
	345,000	5.875%, 09/15/26		367,758
	265,000	4.875%, 01/15/28		270,810


PRINCIPAL AMOUNT			VALUE
	140,000	6.500%, 12/15/26	$	151,858
	195,000	Waste Pro USA, Inc.* 5.500%, 02/15/26		200,875
	350,000	XPO Logistics, Inc.*^ 6.750%, 08/15/24		373,958

				13,824,431

		*Information Technology (1.5%)*
	5,210,000	Apple, Inc.µ 2.000%, 11/13/20		5,205,233
	140,000	CDK Global, Inc.µ* 5.250%, 05/15/29		145,539
	345,000	CommScope Technologies, LLC* 6.000%, 06/15/25		314,906
	635,000	Dell International, LLC / EMC Corp.*^ 6.020%, 06/15/26		702,008
	420,000	Harland Clarke Holdings Corp.* 8.375%, 08/15/22		357,000
	207,000	MTS Systems Corp.* 5.750%, 08/15/27		213,034
	340,000	VFH Parent, LLC* 6.750%, 06/15/22		351,626

				7,289,346

		*Materials (0.8%)*
	301,000	AK Steel Corp.^ 6.375%, 10/15/25		256,485
	280,000	Alcoa Nederland Holding, BV*^ 7.000%, 09/30/26		301,963
	405,000	ArcelorMittal, SAµ 7.000%, 10/15/39		484,815
	500,000	Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.*^ 6.000%, 02/15/25		517,175
	140,000	Baffinland Iron Mines Corp. / Baffinland Iron Mines, LP* 8.750%, 07/15/26		145,075
	232,000	First Quantum Minerals, Ltd.* 7.000%, 02/15/21		235,662
	400,000	INEOS Group Holdings, SA*^ 5.625%, 08/01/24		400,644
	215,000	JW Aluminum Continuous Cast Company* 10.250%, 06/01/26		227,692
	70,000	Mineral Resources, Ltd.* 8.125%, 05/01/27		73,488
	335,000	New Gold, Inc.*^ 6.375%, 05/15/25		291,011
	69,000	Norbord, Inc.µ* 5.750%, 07/15/27		69,839
	785,000	PBF Holding Company, LLC / PBF Finance Corp. 7.250%, 06/15/25		820,934
	190,000	United States Steel Corp.^ 6.875%, 08/15/25		185,360

				4,010,143

		*Real Estate (0.3%)*
	360,000	CBL & Associates, LP^ 5.250%, 12/01/23		263,263
	345,000	Forestar Group, Inc.* 8.000%, 04/15/24		368,843


PRINCIPAL AMOUNT				VALUE
	575,000		MPT Operating Partnership, LP / MPT Finance Corp.µ 5.000%, 10/15/27	$	596,979

					1,229,085

			*Utilities (0.5%)*
	70,000		NextEra Energy Operating Partners, LP*^ 4.250%, 07/15/24		71,086
	145,000		NGPL PipeCo, LLCµ* 4.875%, 08/15/27		153,800
			NRG Energy, Inc.
	228,000		5.750%, 01/15/28^		243,115
	175,000		6.625%, 01/15/27		187,021
	685,000		PPL Capital Funding, Inc.µ^‡ 4.995%, 03/30/67 3 mo. USD LIBOR + 2.67%		622,545
			Talen Energy Supply, LLC*^
	140,000		10.500%, 01/15/26		131,371
	70,000		7.250%, 05/15/27		69,290
	360,000		TerraForm Power Operating, LLC*^ 5.000%, 01/31/28		365,658
	305,000		Vistra Energy Corp.* 8.125%, 01/30/26		328,564

					2,172,450


			TOTAL CORPORATE BONDS (Cost $120,487,621)		118,923,366


	CONVERTIBLE BONDS (40.5%)
			*Communication Services (3.0%)*
	100,000	EUR	Cellnex Telecom, SA 1.500%, 01/16/26		134,578
	20,000,000	JPY	CyberAgent, Inc. 0.000%, 02/19/25		199,104
	1,500,000		Gannett Company, Inc.µ 4.750%, 04/15/24		1,587,075
	5,821,000		GCI Liberty, Inc.µ* 1.750%, 09/30/46		6,765,574
	250,000		IAC Financeco 3, Inc.µ* 2.000%, 01/15/30		270,287
	400,000,000	KRW	Kakao Corp. 0.000%, 05/11/21		379,106
	285,000		Liberty Media Corp.µ 1.375%, 10/15/23		342,631
	4,428,000		Twitter, Inc.^ 0.250%, 06/15/24		4,736,211
	165,000		Zynga, Inc.* 0.250%, 06/01/24		169,973

					14,584,539

			*Consumer Discretionary (6.2%)*
	2,200,000		Baozun, Inc.* 1.625%, 05/01/24		2,546,786
	4,919,000		Chegg, Inc.µ*^ 0.125%, 03/15/25		5,487,858
			Ctrip.com International, Ltd.
	2,500,000		1.990%, 07/01/25^		2,781,637
	550,000		1.000%, 07/01/20		550,531
	115,000		1.250%, 09/15/22		114,902
			DISH Network Corp.
	331,000		3.375%, 08/15/26		303,762
	325,000		2.375%, 03/15/24		289,946


PRINCIPAL AMOUNT				VALUE
	3,533,000		GOL Equity Finance, SA* 3.750%, 07/15/24	$	4,531,090
	170,000		Guess, Inc.* 2.000%, 04/15/24		163,386
	20,000,000	JPY	Iida Group Holdings Company, Ltd. 0.000%, 06/18/20		182,527
	162,000		Liberty Expedia Holdings, Inc.*^ 1.000%, 06/30/47		161,997
			Liberty Interactive, LLC
	695,600		4.000%, 11/15/29		493,049
	480,000		3.750%, 02/15/30		341,412
	4,365,000		NIO, Inc.* 4.500%, 02/01/24		2,502,607
	165,000		Quotient Technology, Inc. 1.750%, 12/01/22		160,527
	190,000		RH^ 0.000%, 06/15/23		186,197
	168,500	EUR	SEB, SA 0.000%, 11/17/21		364,920
	200,000		Shanghai Port Group BVI Holding Company, Ltd. 0.000%, 08/09/22		203,743
	500,000	EUR	Steinhoff Finance Holding GmbH@ 1.250%, 10/21/23		256,558
			Tesla, Inc.
	5,301,000		2.375%, 03/15/22~		5,393,688
	2,846,000		2.000%, 05/15/24		2,883,453

					29,900,576

			*Consumer Staples (0.8%)*
	1,000,000		Carrefour, SAµ 0.000%, 03/27/24		993,045
			Premium Brands Holdings Corp.
	1,853,000	CAD	4.650%, 04/30/21		1,654,397
	1,180,000	CAD	4.600%, 12/31/23		984,081

					3,631,523

			*Energy (4.8%)*
	124,000		Denbury Resources, Inc.* 6.375%, 12/31/24		76,277
	3,300,000		Nabors Industries, Inc. 0.750%, 01/15/24		2,319,636
	172,000		SM Energy Company 1.500%, 07/01/21		156,757
			SunEdison, Inc.@
	2,261,000		0.250%, 01/15/20*		49,697
	275,000		2.000%, 10/01/18		6,042
	11,400,000		TOTAL, SAµ^ 0.500%, 12/02/22		11,963,787
	7,400,000		Tullow Oil Jersey, Ltd. 6.625%, 07/12/21		8,375,801

					22,947,997

			*Financials (5.3%)*
	3,100,000	EUR	AURELIUS Equity Opportunities SE & Co., KGaA 1.000%, 12/01/20		3,440,195
	880,000		AXA, SAµ* 7.250%, 05/15/21		956,780
	600,000	EUR	Corestate Capital Holding, SA 1.375%, 11/28/22		616,627
	662,400	EUR	Credit Agricole, SA 0.000%, 10/03/19		519,578
	300,000	EUR	Cromwell SPV Finance Pty, Ltd. 2.000%, 02/04/20		334,066


PRINCIPAL AMOUNT				VALUE
			JPMorgan Chase Bank, N.A.
	69,000,000	HKD	0.000%, 10/29/20*	$	10,425,605
	7,000,000		0.000%, 12/30/20		8,202,355
	300,000	EUR	LEG Immobilien, AG 0.875%, 09/01/25		382,691
	350,000		Prospect Capital Corp. 4.950%, 07/15/22		359,082
	210,000		Starwood Property Trust, Inc. 4.375%, 04/01/23		213,923

					25,450,902

			*Health Care (4.1%)*
	4,700,000	EUR	Bayer Capital Corp., BV 5.625%, 11/22/19		3,866,042
	277,000		BioMarin Pharmaceutical, Inc.^ 1.500%, 10/15/20		299,905
	3,275,000	CAD	Canopy Growth Corp.* 4.250%, 07/15/23		2,841,245
	172,000		DexCom, Inc.*^ 0.750%, 12/01/23		205,420
	4,032,000		Exact Sciences Corp.µ 0.375%, 03/15/27		4,987,161
	300,000	EUR	Fresenius, SE & Company KGaA 0.000%, 09/24/19		332,465
	100,000	EUR	GN Store Nord, A/S 0.000%, 05/21/24		115,519
	73,000		Innoviva, Inc. 2.500%, 08/15/25		73,728
	200,000		Insulet Corp.µ 1.375%, 11/15/24		291,292
	135,000		Neurocrine Biosciences, Inc.µ 2.250%, 05/15/24		194,654
	220,000		NuVasive, Inc.µ 2.250%, 03/15/21		265,087
	135,000		Pacira BioSciences, Inc. 2.375%, 04/01/22		139,747
	3,645,000		Repligen Corp.µ 0.375%, 07/15/24		3,943,124
	171,000		Tabula Rasa HealthCare, Inc.* 1.750%, 02/15/26		190,443
	190,000		Teladoc Health, Inc.^ 1.375%, 05/15/25		285,964
	1,799,000		Wright Medical Group, Inc. 1.625%, 06/15/23		1,951,537

					19,983,333

			*Industrials (1.5%)*
	40,000,000	JPY	ANA Holdings, Inc. 0.000%, 09/19/24		365,989
	14,000,000	CNY	China Railway Construction Corp., Ltd. 1.500%, 12/21/21		2,023,255
	146,000		Fortive Corp.*^ 0.875%, 02/15/22		150,479
	30,000,000	JPY	Kandenko Company, Ltd. 0.000%, 03/31/21		281,302
	250,000		Larsen & Toubro, Ltd. 0.675%, 10/22/19		250,965
	20,000,000	JPY	Nippon Flour Mills Company, Ltd. 0.000%, 06/20/25		184,980
	100,000	EUR	Symrise, AG 0.238%, 06/20/24		128,304
	3,200,000		Vinci, SAµ 0.375%, 02/16/22		3,782,064

					7,167,338


PRINCIPAL AMOUNT				VALUE
			*Information Technology (11.4%)*
	311,000		8x8, Inc.µ* 0.500%, 02/01/24	$	356,647
	190,000		Akamai Technologies, Inc.^ 0.125%, 05/01/25		214,883
	165,000		Coupa Software, Inc.µ* 0.125%, 06/15/25		185,787
	185,000		DocuSign, Inc.*^ 0.500%, 09/15/23		195,091
	2,380,000		Envestnet, Inc.µ 1.750%, 12/15/19		2,770,915
	1,000,000		Guidewire Software, Inc.µ^ 1.250%, 03/15/25		1,126,735
	113,000		II-VI, Inc.µ 0.250%, 09/01/22		124,154
	155,000		Inphi Corp.µ 0.750%, 09/01/21		191,944
	3,000,000		j2 Global, Inc.µ^~ 3.250%, 06/15/29		4,206,360
	2,315,000		Lenovo Group, Ltd. 3.375%, 01/24/24		2,666,649
	171,000		Lumentum Holdings, Inc.^ 0.250%, 03/15/24		204,834
	448,000		Microchip Technology, Inc. 1.625%, 02/15/27		572,847
	77,000		Micron Technology, Inc. 2.125%, 02/15/33		317,240
	186,000		New Relic, Inc.^ 0.500%, 05/01/23		205,741
	630,000		NXP Semiconductors, NVµ 1.000%, 12/01/19		673,706
	500,000		Okta, Inc.µ 0.250%, 02/15/23		1,369,235
	93,000		ON Semiconductor Corp.µ 1.000%, 12/01/20		118,475
	7,880,000		Palo Alto Networks, Inc.µ* 0.750%, 07/01/23		8,692,389
	81,000		Pluralsight, Inc.µ* 0.375%, 03/01/24		87,991
			Q2 Holdings, Inc.µ
	165,000		0.750%, 06/01/26*		182,691
	151,000		0.750%, 02/15/23		224,636
	173,000		Silicon Laboratories, Inc. 1.375%, 03/01/22		228,761
	3,725,000	EUR	SOITEC 0.000%, 06/28/23		4,963,570
			Splunk, Inc.*^
	6,430,000		0.500%, 09/15/23~		7,347,368
	1,690,000		1.125%, 09/15/25		1,963,298
	3,915,000		Square, Inc. ^ 0.500%, 05/15/23		4,970,445
	200,000		STMicroelectronics, NV 0.000%, 07/03/22		229,135
	85,000		Synaptics, Inc. 0.500%, 06/15/22		77,399
	93,000		Twilio, Inc.^ 0.250%, 06/01/23		190,544
	150,000		Veeco Instruments, Inc. 2.700%, 01/15/23		134,078
	197,000		Weibo Corp.^ 1.250%, 11/15/22		185,445
	190,000		Wix.com, Ltd.^ 0.000%, 07/01/23		239,587
	385,000		Workday, Inc. 0.250%, 10/01/22		566,252


PRINCIPAL AMOUNT				VALUE
	7,516,000		Xero Investments, Ltd. 2.375%, 10/04/23	$	8,897,967
	195,000		Zendesk, Inc. 0.250%, 03/15/23		285,804

					54,968,603

			*Materials (2.3%)*
	250,000		BASF, SE 0.925%, 03/09/23		236,992
	4,232,000		Cemex, SAB de CV~ 3.720%, 03/15/20		4,233,185
	200,000		LG Chem, Ltd. 0.000%, 04/16/21		199,166
	480,000,000	JPY	Mitsubishi Chemical Holdings Corp. 0.000%, 03/29/24		4,442,725
	1,860,000	CHF	Sika, AG 0.150%, 06/05/25		2,049,002

					11,161,070

			*Real Estate (1.1%)*
	500,000	EUR	Grand City Properties, SA 0.250%, 03/02/22		592,849
	3,680,000		IH Merger Sub, LLCµ 3.500%, 01/15/22		4,619,890
	20,000,000	JPY	Relo Group, Inc. 0.000%, 03/22/21		195,998

					5,408,737


			TOTAL CONVERTIBLE BONDS (Cost $196,091,813)		195,204,618


	U.S. GOVERNMENT AND AGENCY SECURITIES (5.7%)
			United States Treasury Note
	6,100,000		1.750%, 10/31/20^		6,082,486
	5,843,000		1.875%, 05/31/22^		5,850,989
	5,020,000		2.625%, 08/15/20		5,050,787
	4,990,000		2.625%, 11/15/20		5,031,031
	4,710,000		1.875%, 10/31/22		4,716,623
	1,000,000		1.125%, 12/31/19		995,977


			TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $27,554,022)		27,727,893


	BANK LOANS (2.5%)
			*Communication Services (0.6%)*
	248,111		Charter Communications Operating, LLC‡ 4.330%, 04/30/25 3 mo. LIBOR + 2.00%		248,830
	225,000		CommScope, Inc.‡ 5.484%, 04/06/26 1 mo. LIBOR + 3.25%		225,675
	149,625		CSC Holdings, LLC‡ 5.325%, 04/15/27 1 mo. LIBOR + 3.00%		150,435
	286,882		Cumulus Media New Holdings, Inc.‡ 6.740%, 05/15/22 1 mo. LIBOR + 4.50%		289,332
	350,000		iHeartCommunications, Inc.‡ 6.579%, 05/01/26 1 mo. LIBOR + 4.00%		353,062


PRINCIPAL AMOUNT			VALUE
	486,800	Intelsat Jackson Holdings, SA 6.625%, 01/02/24	$	493,698
	200,000	Intelsat Jackson Holdings, SA‡ 6.741%, 01/02/24 1 mo. LIBOR + 4.50%		202,450
	516,251	New Media Holdings II, LLC‡ 8.580%, 07/14/22 3 mo. LIBOR + 6.25%		515,929
	307,702	Sprint Communications, Inc.‡ 5.250%, 02/02/24 1 mo. LIBOR + 3.00%		307,942
	290,000	Windstream Services, LLC‡ 9.750%, 02/17/24 3 mo. PRIME + 4.25%		293,866

				3,081,219

		*Consumer Discretionary (0.4%)*
	74,812	ESH Hospitality, Inc.! 0.000%, 08/30/23		75,005
	1,001,630	PetSmart, Inc.‡ 6.380%, 03/11/22 1 mo. LIBOR + 4.00%		985,073
	193,564	R.R. Donnelley & Sons Company‡ 7.262%, 01/15/24 1 mo. LIBOR + 5.00%		192,515
	687,250	Weight Watchers International, Inc.‡ 7.095%, 11/29/24 1 mo. LIBOR + 4.75%		683,388

				1,935,981

		*Energy (0.2%)*
	200,000	Epic Crude Services, LP‡ 7.240%, 02/20/26 1 mo. LIBOR + 5.00%		197,438
	286,375	McDermott Technology Americas, Inc.‡ 7.234%, 05/09/25 1 mo. LIBOR + 5.00%		274,347
	243,750	Par Pacific Holdings, Inc.‡ 9.100%, 12/17/25 3 mo. LIBOR + 6.75%		246,797

				718,582

		*Financials (0.2%)*
	73,985	AssuredPartners, Inc.‡ 5.734%, 10/22/24 1 mo. LIBOR + 3.50%		73,767
	370,313	Genworth Holdings, Inc.‡ 6.761%, 03/07/23 1 mo. LIBOR + 4.50%		373,784
	222,727	GLP Financing, LLC‡ 3.741%, 04/28/21 1 mo. LIBOR + 1.50%		221,892
	297,000	HUB International, Ltd.‡ 5.267%, 04/25/25 1 mo. LIBOR + 3.00%		294,361

				963,804

		*Health Care (0.6%)*
	717,582	Amneal Pharmaceuticals, LLC‡ 5.750%, 05/04/25 1 mo. LIBOR + 3.50%		667,222


PRINCIPAL AMOUNT		VALUE
680,401	Bausch Health Cos., Inc.‡ 5.379%, 06/02/25 1 mo. LIBOR + 3.00%	$	683,633
234,375	Bausch Health Cos., Inc.‡ 5.129%, 11/27/25 1 mo. LIBOR + 2.75%		234,625
319,608	Gentiva Health Services, Inc.‡ 6.000%, 07/02/25 1 mo. LIBOR + 3.75%		321,805
328,187	Mallinckrodt International Finance, SA‡ 5.080%, 09/24/24 3 mo. LIBOR + 2.75%		280,920
341,250	Ortho Clinical Diagnostics, SA‡ 5.563%, 06/30/25 3 mo. LIBOR + 3.25%		332,081
590,932	Team Health Holdings, Inc.‡ 4.984%, 02/06/24 1 mo. LIBOR + 2.75%		519,527

			3,039,813

	*Industrials (0.4%)*
314,198	Albertsons, LLC‡ 5.234%, 06/22/23 1 mo. LIBOR + 3.00%		315,180
500,000	Berry Global, Inc.‡ 4.902%, 07/01/26 1 mo. LIBOR + 2.50%		500,235
285,000	Dun & Bradstreet Corp.‡ 7.241%, 02/06/26 1 mo. LIBOR + 5.00%		287,227
349,114	Navistar International Corp.‡ 5.830%, 11/06/24 1 mo. LIBOR + 3.50%		350,643
248,750	RegionalCare Hospital Partners Holdings, Inc.‡ 6.769%, 11/17/25 1 mo. LIBOR + 4.50%		250,522
69,823	TransDigm, Inc.‡ 4.830%, 06/09/23 3 mo. LIBOR + 2.50%		69,581

			1,773,388

	*Information Technology (0.1%)*
348,250	BMC Software Finance, Inc.‡ 6.580%, 10/02/25 3 mo. LIBOR + 4.25%		335,664
248,106	Dell International LLC‡ 4.240%, 09/07/23 1 mo. LIBOR + 2.00%		249,054

			584,718

	TOTAL BANK LOANS (Cost $12,184,897)		12,097,505


NUMBER OF SHARES		VALUE

CONVERTIBLE PREFERRED STOCKS (6.7%)
	*Consumer Staples (0.1%)*
6,364	Energizer Holdings, Inc.µ 7.500%, 01/15/22		590,643


NUMBER OF SHARES		VALUE
	*Energy (0.2%)*
	NuStar Energy, LP‡
35,430	7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%	$	756,431
15,800	8.500%, 12/15/21 3 mo. USD LIBOR + 6.77%		380,938

			1,137,369

	*Financials (1.0%)*
5,000	2017 Mandatory Exchangeable Trust* 5.188%, 12/01/20		864,700
14,232	Assurant, Inc.µ 6.500%, 03/15/21		1,662,582
641	Bank of America Corp. 7.250%, 12/31/49		908,579
3,550	Virtus Investment Partners, Inc. 7.250%, 02/01/20		331,180
649	Wells Fargo & Company 7.500%, 12/31/49		902,473

			4,669,514

	*Health Care (0.9%)*
25,179	Becton Dickinson and Companyµ 6.125%, 05/01/20		1,552,285
2,485	Danaher Corp.µ 4.750%, 04/15/22		2,820,227

			4,372,512

	*Industrials (0.6%)*
10,000	Colfax Corp.µ 5.750%, 01/15/22		1,247,700
1,500	Fortive Corp.µ 5.000%, 07/01/21		1,465,365

			2,713,065

	*Materials (0.3%)*
22,059	International Flavors & Fragrances, Inc.µ 6.000%, 09/15/21		1,186,112

	*Real Estate (0.9%)*
3,765	Crown Castle International Corp.µ 6.875%, 08/01/20		4,539,686

	*Utilities (2.7%)*
46,991	American Electric Power Company, Inc.µ 6.125%, 03/15/22		2,560,070
9,575	Aqua America, Inc.µ 6.000%, 04/30/22		547,498
20,000	CenterPoint Energy, Inc. (Warner Media, LLC, Charter Communications Time, Inc.)µ 7.000%, 09/01/21		1,022,200
105,200	DTE Energy Company 6.500%, 10/01/19		5,870,160
	Sempra Energyµ
16,880	6.750%, 07/15/21		1,881,276
4,816	6.000%, 01/15/21		535,347


NUMBER OF SHARES				VALUE
	11,765		South Jersey Industries, Inc. 7.250%, 04/15/21	$	630,486

					13,047,037

			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $29,637,644)		32,255,938

	COMMON STOCKS (63.9%)
			*Communication Services (10.1%)*
	3,700		Alphabet, Inc. - Class A~#		4,507,340
	86,500		America Movil, SAB de CV - Class L^		1,210,135
	2,082		Cumulus Media, Inc. - Class A#		31,459
	26,000	JPY	Nintendo Company, Ltd.		9,565,211
	96,000	EUR	Orange, SA		1,422,958
	176,200	HKD	Tencent Holdings, Ltd.		8,209,680
	59,500		Verizon Communications, Inc.^		3,288,565
	1,176,545	GBP	Vodafone Group, PLC		2,141,291
	129,545		Walt Disney Company~		18,526,230

					48,902,869

			*Consumer Discretionary (7.0%)*
	36,086		Alibaba Group Holding, Ltd.#		6,246,847
	1,370		Amazon.com, Inc.#		2,557,489
	30,300		Aptiv, PLC		2,655,795
	146,200	GBP	Compass Group, PLC		3,698,934
	78,600	EUR	Daimler, AG		4,061,763
	100,000		Ford Motor Company~		953,000
	6,800	KRW	Hyundai Motor Company		723,367
	31,400		Lowe’s Companies, Inc.		3,183,960
	18,300		Lululemon Athletica, Inc.#		3,496,947
	17,525		Newell Brands, Inc.^~		248,680
	9,000	EUR	Porsche Automobil Holding, SE		589,915
	76,000	EUR	Puma, SE		5,294,659

					33,711,356

			*Consumer Staples (6.2%)*
	96,100	CAD	Alimentation Couche-Tard, Inc. - Class B		5,890,658
	85,100		Coca-Cola Company		4,478,813
	40,900	EUR	Kerry Group, PLC - Class A		4,772,124
	47,300	CHF	Nestlé, SA		5,017,923
	25,500		Philip Morris International, Inc.		2,132,055
	68,800		Walmart, Inc.		7,594,144

					29,885,717

			*Energy (5.9%)*
	782,000	GBP	BP, PLC		5,174,295
	17,800		Chevron Corp.~		2,191,358
	40,000		ConocoPhillips		2,363,200
	23,500		Devon Energy Corp.~		634,500
	16,800		Energy Transfer, LP		241,584
	20,110		Enterprise Products Partners, LP		605,512
	59,900		Exxon Mobil Corp.~		4,454,164
	3,975		GasLog, Ltd.		56,604
	5,080		Magellan Midstream Partners, LP		335,991
	45,000		Marathon Petroleum Corp.		2,537,550
	24,000		Noble Corp., PLC^#		53,520
	87,000	EUR	Royal Dutch Shell, PLC - Class A		2,729,927
	82,300	GBP	Royal Dutch Shell, PLC - Class A		2,592,077
	98,974		Schlumberger, Ltd.~		3,955,991
	7,380		Targa Resources Corp.^		287,156
	10,682		Tidewater, Inc.#		245,579


NUMBER OF SHARES				VALUE
	14,361		Transocean, Ltd.^#	$	87,315
	2,500		Williams Companies, Inc.		61,600

					28,607,923

			*Financials (11.5%)*
	330,000	HKD	AIA Group, Ltd.		3,384,064
	141,400		American International Group, Inc.		7,916,986
	22,700		AON, PLC		4,295,975
	142,894	EUR	Azimut Holding, S.p.A.^		2,678,165
	319,700		Bank of America Corp.^~		9,808,396
	29,000	EUR	Deutsche Böerse, AG		4,025,851
	25,400		Goldman Sachs Group, Inc.		5,591,302
	172,200	INR	HDFC Bank, Ltd.		5,611,972
	266,700		Itau Unibanco Holding, SA		2,440,305
	98,000	CAD	Power Financial Corp.		2,145,189
	51,000		Progressive Corp.		4,129,980
	158,900	GBP	Prudential, PLC		3,269,245

					55,297,430

			*Health Care (8.2%)*
	86,856		Alcon, Inc.^#		5,102,790
	57,800	GBP	AstraZeneca, PLC		4,993,562
	1,885		Biogen, Inc.#		448,291
	26,500		Celgene Corp.~#		2,434,290
	57,400	AUD	CSL, Ltd.		8,956,830
	6,400		Intuitive Surgical, Inc.#		3,324,864
	80,700		Johnson & Johnson~		10,508,754
	22,100		Laboratory Corp. of America Holdings#		3,702,192

					39,471,573

			*Industrials (4.0%)*
	190,000	CHF	ABB, Ltd.		3,586,659
	37,029	EUR	Alstom, SA		1,594,793
	8,400		Boeing Company		2,865,912
	75,000	CAD	CAE, Inc.		2,022,466
	27,200	JPY	FANUC Corp.		4,834,158
	242,500		General Electric Company		2,534,125
	34,600	EUR	KION Group, AG		1,844,244
	1,302		Wabtec Corp.^		101,139

					19,383,496

			*Information Technology (8.7%)*
	5,100	EUR	Adyen, NV*#		3,853,487
	13,100	EUR	ASML Holding, NV		2,918,998
	60,000	JPY	Canon, Inc.		1,627,275
	5,600	JPY	Keyence Corp.		3,213,553
	480,300	SEK	LM Ericsson Telephone Company - Class B		4,202,275
	51,700		Microsoft Corp.~		7,045,159
	580,000	EUR	Nokia Corp.		3,125,999
	23,600		PayPal Holdings, Inc.#		2,605,440
	46,150	EUR	SAP, SE		5,641,192
	89,500		Taiwan Semiconductor Manufacturing Company, Ltd.~		3,815,385
	22,700		Visa, Inc. - Class A^~		4,040,600

					42,089,363

			*Materials (1.9%)*
	154,000	CAD	Barrick Gold Corp.		2,502,879
	160,000	AUD	Newcrest Mining, Ltd.		3,861,632
	30,000	GBP	Rio Tinto, PLC		1,694,144
	280,000	CAD	Yamana Gold, Inc.^		827,398

					8,886,053


NUMBER OF SHARES		VALUE
	*Utilities (0.4%)*
45,801 EUR	Engie, SA	$	705,768
10,500	Exelon Corp.		473,130
29,000 EUR	RWE, AG		783,547

			1,962,445

	TOTAL COMMON STOCKS (Cost $397,813,365)		308,198,225


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT		VALUE
PURCHASED OPTIONS (1.0%) #
	*Consumer Discretionary (0.1%)*
	Alibaba Group Holding, Ltd.
350
6,058,850	Put, 09/20/19, Strike $130.00		7,875
24
415,464	Call, 09/20/19, Strike $175.00		17,880
20	Amazon.com, Inc.
3,733,560	Call, 06/18/21, Strike $2,200.00		383,900
	Booking Holdings, Inc.
4
754,644	Call, 01/17/20, Strike $1,920.00		49,580
2
377,322	Call, 01/17/20, Strike $1,850.00		32,880
535	Royal Caribbean Cruises, Ltd.
6,224,190	Call, 01/17/20, Strike $130.00		167,722

			659,837

	*Energy (0.0%)*
180	Pioneer Natural Resources
2,869,380	Company
	Call, 01/17/20, Strike $160.00		86,400

	*Financials (0.2%)*
749	Intercontinental Exchange, Inc.
6,580,714	Call, 01/15/21, Strike $90.00		681,590

	*Industrials (0.2%)*
	Airbus, SE
507 EUR
6,492,642	Call, 12/18/20, Strike 130.00		746,461
47 EUR
601,882	Call, 03/20/20, Strike 130.00		48,205
588	CSX Corp.
4,139,520	Call, 01/15/21, Strike $85.00		232,260

			1,026,926

	*Information Technology (0.1%)*
19	Lam Research Corp.
396,359	Call, 01/17/20, Strike $215.00		33,108
67	Shopify, Inc.
2,129,796	Call, 01/15/21, Strike $350.00		422,100

			455,208

	*Materials (0.1%)*
844	Rio Tinto, PLC
4,817,552	Call, 01/17/20, Strike $60.00		202,560

	*Other (0.3%)*
	Invesco QQQ Trust Series


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT		VALUE
1,400
26,754,000	Put, 08/23/19, Strike $188.00	$	307,300
944
18,039,840	Put, 01/17/20, Strike $188.00		719,800
2,800	iShares Russell 2000 Value ETF
33,868,800	Call, 11/15/19, Strike $125.00		602,000

			1,629,100


	TOTAL PURCHASED OPTIONS (Cost $5,456,218)		4,741,621


NUMBER OF SHARES		VALUE
SHORT TERM INVESTMENTS (4.1%)
9,854,153	Fidelity Prime Money Market Fund - Institutional Class, 2.350%***		9,857,109
9,749,837	Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.210%***		9,749,837


	TOTAL SHORT TERM INVESTMENTS (Cost $19,606,946)		19,606,946

TOTAL INVESTMENTS (149.1%) (Cost $808,832,526)			718,756,112


MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-13.5%)			(65,000,000	)


LIABILITIES, LESS OTHER ASSETS (-35.6%)			(171,597,021	)


NET ASSETS (100.0%)		$	482,159,091


COMMON STOCKS SOLD SHORT (-4.6%) #
	*Communication Services (-0.3%)*
(61,200)	Gannett Company, Inc.		(627,300	)
(23,845)	New York Times Company - Class A		(850,790	)

			(1,478,090	)

	*Consumer Discretionary (-0.6%)*
(20,990)	Ctrip.com International, Ltd.		(818,190	)
(9,200)	Tesla, Inc.		(2,222,812	)

			(3,041,002	)

	*Consumer Staples (-0.1%)*
(10,825)	Energizer Holdings, Inc.		(455,516	)

	*Financials (-0.4%)*
(10,940)	Assurant, Inc.		(1,240,158	)
(34,000)	AXA Equitable Holdings, Inc.		(764,320	)

			(2,004,478	)

	*Health Care (-0.3%)*
(5,550)	Becton Dickinson and Company		(1,403,040	)

	*Industrials (-0.5%)*
(38,890)	Colfax Corp.		(1,076,475	)


NUMBER OF SHARES			VALUE
	(14,500)	Fortive Corp.	$	(1,102,725	)

				(2,179,200	)


		*Information Technology (-1.5%)*
	(6,400)	Guidewire Software, Inc.		(653,312	)
	(37,100)	j2 Global, Inc.		(3,305,239	)
	(10,314)	Okta, Inc.		(1,349,381	)
	(14,460)	Splunk, Inc.		(1,956,582	)

				(7,264,514	)


		*Materials (-0.2%)*
	(6,452)	International Flavors & Fragrances, Inc.		(929,024	)


		*Utilities (-0.7%)*
	(6,614)	Aqua America, Inc.		(277,457	)
	(28,700)	CenterPoint Energy, Inc.		(832,587	)
	(11,750)	Sempra Energy		(1,591,303	)
	(15,294)	South Jersey Industries, Inc.		(520,761	)

				(3,222,108	)

		TOTAL COMMON STOCKS SOLD SHORT (Proceeds $19,173,178)		(21,976,972	)


NUMBER OF CONTRACTS/ NOTIONAL AMOUNT			VALUE
	WRITTEN OPTIONS (-0.1%) #
		*Financials (-0.1%)*
	1,414	American International Group, Inc.
	7,916,986	Call, 01/17/20, Strike $57.50		(391,678	)


		*Health Care (0.0%)*
	480	Johnson & Johnson
	6,250,560	Call, 01/17/20, Strike $140.00		(120,240	)

		TOTAL WRITTEN OPTIONS (Premium $298,934)		(511,918	)

NOTES TO SCHEDULE OF INVESTMENTS

µ	Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $93,550,818.

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

^	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, 2019.

&	Illiquid security.

~	Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options, swaps, or securities sold short. The aggregate value of such securities is $24,089,936.

!	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.

#	Non-income producing security.

***

The rate disclosed is the 7 day net yield as of July 31, 2019.

FOREIGN CURRENCY ABBREVIATIONS


AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
CNY		Chinese Yuan Renminbi
EUR		European Monetary Unit
GBP		British Pound Sterling
HKD		Hong Kong Dollar
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
SEK		Swedish Krona

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. 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.

Organization. Calamos Global Dynamic Income Fund (the “Fund”) was organized as a Delaware statutory trust on April 10, 2007 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 27, 2007.

The Fund’s investment strategy is to generate a high level of current income with a secondary objective of capital appreciation. Under normal circumstances, the Fund will invest primarily in a globally diversified portfolio of convertible instruments, common and preferred stocks, and income-producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund, under normal circumstances, will invest at least 40% of its managed assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers. “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 have 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 a 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, 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, 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. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

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.

The cost basis of investments for federal income tax purposes at July 31, 2019 was as follows*:

* 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.

Securities sold short represent obligations to deliver the securities at a future date. The Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statement of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, the Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, the Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

On September 6, 2017, the Fund issued 2,600,000 mandatory redeemable preferred shares (“MRPS”) with an aggregate liquidation preference of $65.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into three series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at July 31, 2019.

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.

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 Fitch Ratings, Inc. (“Fitch”). If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Fitch (or lower than the equivalent of such rating by any other rating agency providing a rating pursuant to the request of the Fund), 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.

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

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


Gross unrealized appreciation			27,443,342
Gross unrealized depreciation			(120,536,534)

Net unrealized appreciation (depreciation)			$(93,093,192)



Series	Term Redemption Date	Dividend Rate	Shares (000’s)	Liquidation Preference Per Share	Aggregate Liquidation Preference

Series A	9/06/22	3.70%	860	$25	$21,500,000

Series B	9/06/24	4.00%	860	$25	$21,500,000

Series C	9/06/27	4.24%	880	$25	$22,000,000

				Total	$65,000,000


	Value		% of Total Investments
US Dollar	$	507,425,151		72.9%
European Monetary Unit		62,886,018		9.0%
Japanese Yen		25,092,822		3.6%
British Pound Sterling		23,563,548		3.4%
Hong Kong Dollar		22,019,349		3.2%
Canadian Dollar		18,868,313		2.7%
Australian Dollar		12,818,462		1.8%
Swiss Franc		10,653,584		1.5%
Indian Rupee		5,611,972		0.8%
Swedish Krona		4,202,275		0.6%
Chinese Yuan Renminbi		2,023,255		0.3%
South Korean Won		1,102,473		0.2%

Total Investments Net of Common Stocks Sold Short and Written Options	$	696,267,222		100.0%