NPORT-EX 2 glbltotret_partf7312020.htm PART F

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Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

PRINCIPAL   AMOUNT								VALUE
	CORPORATE BONDS (20.3%)
						Airlines (0.2%)
	1,001					Air Canada Pass Through Trust Series 2013-1, Class B*µ 5.375%, 11/15/22		$	900
	15,667					Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25			12,961
	55,000					Alaska Airlines Pass Through Trust Series 2020-1, Class A*µ 4.800%, 02/15/29			57,069
	47,000					Alaska Airlines Pass Through Trust Series 2020-1, Class B*µ 8.000%, 02/15/27			48,614
	15,636					Continental Airlines Pass Through Trust Series 2010-1, Class Aµ 4.750%, 07/12/22			15,176
	23,103					UAL Pass Through Trust Series 2007-1 6.636%, 01/02/24			20,325
	46,470					United Airlines Pass Through Trust Series 2014-2, Class Bµ 4.625%, 03/03/24			41,652
	29,000					United Airlines Pass Through Trust Series 2019-2, Class Bµ 3.500%, 11/01/29			20,346
									217,043
						Communication Services (3.3%)
	65,000					Arrow Bidco, LLC* 9.500%, 03/15/24			51,412
	30,000					Brink’s Company*µ 5.500%, 07/15/25			31,943
						CenturyLink, Inc.*
	60,000					4.000%, 02/15/27µ			62,830
	25,000					5.125%, 12/15/26^			26,262
	95,000					Cincinnati Bell, Inc.* 8.000%, 10/15/25			100,839
	60,000					CommScope, Inc.*^ 5.500%, 03/01/24			62,394
	200,000					CSC Holdings, LLC*^ 5.500%, 04/15/27			214,780
	90,000					Cumulus Media New Holdings, Inc.*^ 6.750%, 07/01/26			81,862
	37,000					Diamond Sports Group, LLC / Diamond Sports Finance Company*µ 5.375%, 08/15/26			28,426
	265,000					Embarq Corp.^ 7.995%, 06/01/36			314,022
						Entercom Media Corp.*
	77,000					6.500%, 05/01/27^			69,325
	46,000					7.250%, 11/01/24			38,536
						Frontier Communications Corp.@
	120,000					7.625%, 04/15/24			39,302
	80,000					11.000%, 09/15/25			28,422
	65,000					10.500%, 09/15/22			22,370
	40,000					8.500%, 04/01/26*			39,478
	30,000					8.000%, 04/01/27*			31,005
	13,000					Go Daddy Operating Company, LLC / GD Finance Company, Inc.* 5.250%, 12/01/27			13,882

PRINCIPAL   AMOUNT								VALUE
						Hughes Satellite Systems Corp.^
	27,000					6.625%, 08/01/26		$	30,113
	15,000					5.250%, 08/01/26			16,492
						iHeartCommunications, Inc.
	60,000					5.250%, 08/15/27*			60,824
	25,000					8.375%, 05/01/27^			24,875
						Intelsat Jackson Holdings, SA@
	90,000					9.750%, 07/15/25*			60,081
	35,000					8.000%, 02/15/24*			35,777
	25,000					5.500%, 08/01/23			15,680
						Netflix, Inc.^
	1,012,000					3.625%, 06/15/25*			1,076,662
	40,000					4.875%, 06/15/30*			47,117
	25,000					4.875%, 04/15/28			29,105
	91,000					Scripps Escrow, Inc.*^ 5.875%, 07/15/27			91,430
						Sirius XM Radio, Inc.*^
	65,000					5.500%, 07/01/29			72,476
	65,000					4.625%, 07/15/24			68,491
						Sprint Corp.
	150,000					7.125%, 06/15/24			175,332
	75,000					7.875%, 09/15/23			87,172
	75,000					7.625%, 03/01/26^			93,936
	35,000					Telecom Italia Capital, SAµ 6.000%, 09/30/34			42,484
						Telesat Canada / Telesat, LLC*^
	42,000					4.875%, 06/01/27			42,882
	25,000					6.500%, 10/15/27			25,758
	105,000					United States Cellular Corp.^ 6.700%, 12/15/33			131,397
						Windstream Services, LLC / Windstream Finance Corp.@
	19,000					7.750%, 10/01/21			370
	6,000					10.500%, 06/30/24*			298
									3,485,842
						Consumer Discretionary (2.9%)
	21,000					American Axle & Manufacturing, Inc. 6.875%, 07/01/28			21,459
						Ashton Woods USA, LLC / Ashton Woods Finance Company*
	39,000					6.625%, 01/15/28^			39,360
	32,000					9.875%, 04/01/27			34,840
	65,000					Boyd Gaming Corp.^ 6.000%, 08/15/26			65,889
	80,000					Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25			72,246
	21,000					Carnival Corp.*^ 10.500%, 02/01/26			21,772
						CCO Holdings, LLC / CCO Holdings Capital Corp.*
	155,000					5.125%, 05/01/27			164,912
	65,000					5.750%, 02/15/26^			68,198
	21,000					4.250%, 02/01/31^			22,048
	20,000					5.000%, 02/01/28^			21,251
	39,000					Cedar Fair, LP^ 5.250%, 07/15/29			36,962
						Century Communities, Inc.
	65,000					6.750%, 06/01/27			69,625
	58,000					5.875%, 07/15/25			60,248
	110,000					Dana Financing Luxembourg Sarl* 6.500%, 06/01/26			116,005

See accompanying Notes to Schedule of Investments

1

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

PRINCIPAL   AMOUNT								VALUE
						DISH DBS Corp.^
	41,000					7.750%, 07/01/26		$	46,101
	10,000					7.375%, 07/01/28*			10,625
						ESH Hospitality, Inc.*^
	35,000					5.250%, 05/01/25			35,785
	26,000					4.625%, 10/01/27			25,074
						Expedia Group, Inc.*^
	25,000					7.000%, 05/01/25			26,983
	18,000					6.250%, 05/01/25			19,700
	240,000					Ford Motor Companyµ^ 8.500%, 04/21/23			266,585
	45,000					G-III Apparel Group, Ltd.* 7.875%, 08/15/25			45,401
	12,000					Gap, Inc.*µ 8.875%, 05/15/27			13,453
	65,000					GLP Capital, LP / GLP Financing II, Inc.µ 5.250%, 06/01/25			70,458
	105,000					goeasy, Ltd.*^ 5.375%, 12/01/24			109,003
	95,000					Guitar Center, Inc.* 9.500%, 10/15/21			67,129
	13,000					Installed Building Products, Inc.* 5.750%, 02/01/28			13,819
						L Brands, Inc.
	79,000					6.875%, 11/01/35^			75,782
	23,000					9.375%, 07/01/25*			25,666
	12,000					6.875%, 07/01/25*µ			12,937
	10,000					6.694%, 01/15/27^			9,734
	75,000					Lennar Corp.^ 5.250%, 06/01/26			84,104
						M/I Homes, Inc.^
	60,000					5.625%, 08/01/25			62,300
	40,000					4.950%, 02/01/28			41,314
	55,000					Macy’s Retail Holdings, LLC^ 3.875%, 01/15/22			51,745
	21,000					Macy’s, Inc.*^ 8.375%, 06/15/25			21,988
						Mattel, Inc.*^
	65,000					5.875%, 12/15/27			69,985
	60,000					6.750%, 12/31/25			64,157
	50,000					Meredith Corp.*µ 6.500%, 07/01/25			51,126
	75,000					Meritage Homes Corp.^ 6.000%, 06/01/25			85,059
						Newell Brands, Inc.
	49,000					4.700%, 04/01/26µ			53,180
	12,000					4.875%, 06/01/25^			13,066
						Penske Automotive Group, Inc.^
	60,000					5.500%, 05/15/26			62,757
	30,000					5.375%, 12/01/24			30,802
	187,000					PetSmart, Inc.*^ 5.875%, 06/01/25			192,628
	76,000					Rite Aid Corp.* 8.000%, 11/15/26			78,462
						Royal Caribbean Cruises, Ltd.*
	25,000					11.500%, 06/01/25^			27,575
	13,000					10.875%, 06/01/23µ			13,726
	65,000					Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27			59,316
	85,000					Staples, Inc.* 7.500%, 04/15/26			74,734
	39,000					Taylor Morrison Communities, Inc.*µ 5.750%, 01/15/28			43,833

PRINCIPAL   AMOUNT								VALUE
	65,000					Twin River Worldwide Holdings, Inc.* 6.750%, 06/01/27		$	63,299
	22,101					US Airways Pass Through Trust Series 2012-2, Class Bµ 6.750%, 12/03/22			17,765
	13,000					Viking Cruises, Ltd.* 13.000%, 05/15/25			14,174
	45,000					VOC Escrow, Ltd.* 5.000%, 02/15/28			36,734
									3,002,879
						Consumer Staples (0.6%)
	45,000					Dean Foods Company*@ 6.500%, 03/15/23			989
	23,000					Edgewell Personal Care Company*^ 5.500%, 06/01/28			24,932
	40,000					Energizer Holdings, Inc.* 6.375%, 07/15/26			42,753
	25,000					Fresh Market, Inc.* 9.750%, 05/01/23			20,517
						JBS USA LUX, SA / JBS USA Finance, Inc.*^
	73,000					5.875%, 07/15/24			74,562
	50,000					6.750%, 02/15/28			55,966
	19,000					JBS USA LUX, SA / JBS USA Food Company / JBS USA
						Finance, Inc.*^ 6.500%, 04/15/29			21,552
						Kraft Heinz Foods Company*
	12,000					4.250%, 03/01/31µ			13,249
	12,000					3.875%, 05/15/27^			12,946
						New Albertson’s, Inc.
	33,000					7.750%, 06/15/26			36,861
	15,000					8.000%, 05/01/31			17,016
						Pilgrim’s Pride Corp.*^
	75,000					5.875%, 09/30/27			79,561
	25,000					5.750%, 03/15/25			25,757
						Post Holdings, Inc.*^
	60,000					5.750%, 03/01/27			63,985
	20,000					5.500%, 12/15/29			21,974
	14,000					5.625%, 01/15/28			15,334
	57,000					Simmons Foods, Inc.* 7.750%, 01/15/24			60,127
	69,000					Vector Group, Ltd.* 6.125%, 02/01/25			68,598
									656,679
						Energy (2.0%)
	25,000					Apache Corp.^ 5.100%, 09/01/40			24,346
	38,000					Bruin E&P Partners, LLC*@ 8.875%, 08/01/23			81
						Buckeye Partners, LP^
	40,000					3.950%, 12/01/26			40,133
	25,000					5.850%, 11/15/43			23,041
	27,000					Calfrac Holdings, LP* 8.500%, 06/15/26			2,921
	115,000					California Resources Corp.*@ 8.000%, 12/15/22			2,656
	40,000					ChampionX Corp. 6.375%, 05/01/26			37,551
	65,000					Chaparral Energy, Inc.* 8.750%, 07/15/23			6,480

Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

PRINCIPAL   AMOUNT								VALUE
	50,000					Cheniere Energy Partners, LP^ 5.625%, 10/01/26		$	52,919
	31,000					Chesapeake Energy Corp.*@ 11.500%, 01/01/25			2,938
						Continental Resources, Inc.^
	45,000					3.800%, 06/01/24			43,663
	35,000					4.375%, 01/15/28			32,738
	80,000					DCP Midstream Operating, LP*^‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85%			61,632
						Denbury Resources, Inc.@
	59,000					7.750%, 02/15/24*			25,099
	25,000					9.250%, 03/31/22*			10,641
	15,000					5.500%, 05/01/22			302
	15,000					Diamond Offshore Drilling, Inc.@ 7.875%, 08/15/25			1,663
						Energy Transfer Operating, LPµ
	120,000					3.269%, 11/01/66‡ 3 mo. USD LIBOR + 3.02%			59,513
	115,000					5.500%, 06/01/27			127,254
						EnLink Midstream Partners, LP
	60,000					6.000%, 12/15/22‡ 3 mo. USD LIBOR + 4.11%			22,953
	50,000					4.850%, 07/15/26µ			38,866
						EP Energy, LLC / Everest Acquisition Finance, Inc.*@
	45,000					9.375%, 05/01/24			35
	31,000					7.750%, 05/15/26			8,392
						EQT Corp.^
	40,000					8.750%, 02/01/30			46,412
	20,000					7.875%, 02/01/25			21,997
	43,000					Genesis Energy, LP / Genesis Energy Finance Corp.^ 6.250%, 05/15/26			40,493
	100,000					Gulfport Energy Corp. 6.375%, 05/15/25			49,532
	14,000					Hess Midstream Operations, LP*^ 5.125%, 06/15/28			14,262
	13,000					Holly Energy Partners, LP / Holly Energy Finance Corp.* 5.000%, 02/01/28			12,829
	42,000					Laredo Petroleum, Inc.^ 10.125%, 01/15/28			29,782
	82,000					Lonestar Resources America, Inc.* 11.250%, 01/01/23			12,254
	60,000					Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26			57,883
						Moss Creek Resources Holdings, Inc.*
	25,000					10.500%, 05/15/27			15,502
	25,000					7.500%, 01/15/26			14,285
	25,000					Murphy Oil Corp.µ 5.875%, 12/01/27			23,026
	25,000					Nine Energy Service, Inc.* 8.750%, 11/01/23			11,529
	35,000					Oasis Petroleum, Inc.* 6.250%, 05/01/26			6,363
						Occidental Petroleum Corp.
	120,000					4.300%, 08/15/39µ			97,537
	92,000					2.700%, 08/15/22µ			89,106
	88,000					2.900%, 08/15/24^			82,993
	39,000					Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25			33,493

PRINCIPAL   AMOUNT								VALUE
	40,000					Parkland Fuel Corp.*^ 5.875%, 07/15/27		$	42,585
	20,000					Parsley Energy, LLC / Parsley Finance Corp.*^ 5.250%, 08/15/25			20,548
	50,000					Plains All American Pipeline, LPµ‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11%			35,053
	510,000					Reliance Industries, Ltd.* 4.125%, 01/28/25			561,987
	51,000					SESI, LLC 7.750%, 09/15/24			17,814
	14,000					SM Energy Company*^ 10.000%, 01/15/25			13,842
						Transocean, Inc.*
	35,000					7.500%, 01/15/26			17,155
	25,000					8.000%, 02/01/27			12,239
	65,000					Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.* 8.750%, 04/15/23			37,780
	25,000					Viper Energy Partners, LP*^ 5.375%, 11/01/27			26,017
	70,000					W&T Offshore, Inc.*^ 9.750%, 11/01/23			46,708
	23,000					Weatherford International, Ltd.*^ 11.000%, 12/01/24			16,659
	50,000					Whiting Petroleum Corp.@ 6.625%, 01/15/26			9,328
	11,000					WPX Energy, Inc.^ 5.875%, 06/15/28			11,244
									2,154,054
						Financials (3.0%)
	166,000					Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25			167,765
	26,000					AG Issuer, LLC* 6.250%, 03/01/28			26,357
	110,000					Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer*^ 6.750%, 10/15/27			116,858
	85,000					Ally Financial, Inc. 8.000%, 11/01/31			117,700
	104,000					Amwins Group, Inc.*^ 7.750%, 07/01/26			114,602
	120,000					AssuredPartners, Inc.* 7.000%, 08/15/25			122,542
						Aviation Capital Group, LLC*µ
	38,000					3.500%, 11/01/27			34,135
	24,000					3.875%, 05/01/23^			23,568
	10,000					6.750%, 04/06/21			10,205
	35,000					Bank of America Corp.^‡ 4.300%, 01/28/25 3 mo. USD LIBOR + 2.66%			33,155
	125,000					Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC*^ 5.750%, 05/15/26			103,712
						Credit Acceptance Corp.
	65,000					6.625%, 03/15/26^			68,484
	52,000					5.125%, 12/31/24*µ			52,957
	15,000					Cushman & Wakefield US Borrower, LLC*^ 6.750%, 05/15/28			16,082

See accompanying Notes to Schedule of Investments

3

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

PRINCIPAL   AMOUNT								VALUE
	65,000					Donnelley Financial Solutions, Inc.^ 8.250%, 10/15/24		$	65,947
	46,000					Global Aircraft Leasing Company, Ltd.* 6.500%, 09/15/24 7.250% PIK rate			28,693
	84,000					Greystar Real Estate Partners, LLC*^ 5.750%, 12/01/25			85,397
						HAT Holdings I, LLC / HAT Holdings II, LLC*
	40,000					5.250%, 07/15/24^			41,740
	10,000					6.000%, 04/15/25µ			10,772
	225,000					HUB International, Ltd.*^ 7.000%, 05/01/26			235,861
	65,000					Icahn Enterprises, LP / Icahn Enterprises Finance Corp.^ 5.250%, 05/15/27			68,524
	100,000					ILFC E-Capital Trust II*µ‡ 3.270%, 12/21/65 3 mo. USD LIBOR + 1.80%			51,738
	120,000					Iron Mountain, Inc.*µ^ 5.250%, 03/15/28			126,212
	200,000					Jefferies Finance, LLC / JFIN Co- Issuer Corp.* 7.250%, 08/15/24			185,024
						Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*
	98,000					5.250%, 10/01/25			89,390
	15,000					4.250%, 02/01/27^			12,690
	35,000					Level 3 Financing, Inc.^ 5.375%, 05/01/25			36,155
	118,000					LPL Holdings, Inc.* 5.750%, 09/15/25			123,254
	100,000					MetLife, Inc.µ 6.400%, 12/15/66			123,570
						Navient Corp.^
	120,000					5.000%, 03/15/27			115,049
	55,000					6.750%, 06/25/25			57,618
	50,000					NexBank Capital, Inc.*‡& 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59%			49,679
						OneMain Finance Corp.
	85,000					6.875%, 03/15/25^			95,167
	65,000					7.125%, 03/15/26^			76,379
	15,000					8.875%, 06/01/25^			16,982
	13,000					6.625%, 01/15/28µ			14,907
	27,000					Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer*^ 7.500%, 06/01/25			28,764
	65,000					Radian Group, Inc.^ 4.875%, 03/15/27			63,386
	75,000					Simmons First National Corp.‡ 5.000%, 04/01/28 3 mo. USD LIBOR + 2.15%			74,755
	65,000					Starwood Property Trust, Inc.^ 4.750%, 03/15/25			62,798
	21,000					StoneX Group, Inc.*µ 8.625%, 06/15/25			22,555
	20,000					Towne Bank‡ 4.500%, 07/30/27 3 mo. USD LIBOR + 2.55%			20,260
	25,000					Tronox Finance, PLC*^ 5.750%, 10/01/25			24,986

PRINCIPAL   AMOUNT								VALUE
						VICI Properties, LP / VICI Note Company, Inc.*
	52,000					3.750%, 02/15/27		$	52,459
	28,000					4.625%, 12/01/29^			29,486
	26,000					4.125%, 08/15/30			26,342
									3,124,661
						Health Care (2.1%)
	119,000					Acadia Healthcare Company, Inc.^ 6.500%, 03/01/24			123,017
	145,000					Bausch Health Americas, Inc.*^ 8.500%, 01/31/27			162,322
						Centene Corp.
	400,000					4.750%, 01/15/25µ			415,528
	52,000					4.250%, 12/15/27^			55,525
						CHS/Community Health Systems, Inc.
	220,000					8.125%, 06/30/24*^			140,791
	60,000					8.000%, 03/15/26*			61,486
	40,000					6.250%, 03/31/23^			40,509
	56,000					DaVita, Inc.*^ 4.625%, 06/01/30			59,756
						Encompass Health Corp.^
	20,000					4.750%, 02/01/30			21,186
	20,000					4.500%, 02/01/28			21,159
						HCA, Inc.
	190,000					5.875%, 05/01/23^			209,406
	55,000					7.500%, 11/06/33µ			74,182
	75,000					Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 5.625%, 10/15/23			12,174
	62,000					Team Health Holdings, Inc.*^ 6.375%, 02/01/25			36,512
						Tenet Healthcare Corp.
	120,000					6.250%, 02/01/27*			127,624
	75,000					4.625%, 07/15/24^			76,800
	70,000					6.875%, 11/15/31			67,452
	65,000					4.875%, 01/01/26*^			68,045
	75,000					Teva Pharmaceutical Finance Company, BV^ 2.950%, 12/18/22			74,364
	285,000					Teva Pharmaceutical Finance Netherlands III, BV^ 2.800%, 07/21/23			277,194
	125,000					West Street Merger Sub, Inc.* 6.375%, 09/01/25			126,978
									2,252,010
						Industrials (2.8%)
	55,000					Abercrombie & Fitch Management Company*µ 8.750%, 07/15/25			55,042
	80,000					ACCO Brands Corp.*^ 5.250%, 12/15/24			82,270
						Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC^
	65,000					5.750%, 03/15/25			67,315
	65,000					4.625%, 01/15/27*			69,189
	39,000					4.875%, 02/15/30*			42,131
						Allison Transmission, Inc.*^
	70,000					4.750%, 10/01/27			72,912
	15,000					5.875%, 06/01/29			16,604
						American Airlines Group, Inc.*
	55,000					5.000%, 06/01/22			30,778

Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

PRINCIPAL   AMOUNT								VALUE
	40,000					3.750%, 03/01/25^		$	17,800
	200,000					ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate			204,787
						Avolon Holdings Funding, Ltd.*µ
	28,000					5.250%, 05/15/24			26,080
	22,000					2.875%, 02/15/25			18,933
	65,000					Beacon Roofing Supply, Inc.*^ 4.875%, 11/01/25			63,828
	65,000					Berry Global, Inc.*µ 4.875%, 07/15/26			68,740
						Cascades, Inc. /Cascades USA, Inc.*^
	39,000					5.125%, 01/15/26			40,403
	26,000					5.375%, 01/15/28			27,090
						Colt Merger Sub, Inc.*
	21,000					8.125%, 07/01/27^			21,472
	21,000					6.250%, 07/01/25			22,021
	85,000					Covanta Holding Corp.^ 5.875%, 03/01/24			87,303
	60,000					Delphi Technologies, PLC* 5.000%, 10/01/25			66,370
						Delta Air Lines, Inc.^
	12,000					7.375%, 01/15/26			11,915
	11,000					3.800%, 04/19/23			10,277
	60,000					Dun & Bradstreet Corp.* 6.875%, 08/15/26			65,789
	25,000					EnerSys*µ 4.375%, 12/15/27			25,329
						Golden Nugget, Inc.*^
	70,000					8.750%, 10/01/25			36,754
	70,000					6.750%, 10/15/24			48,783
	23,000					GPC Merger Sub, Inc.* 7.125%, 08/15/28			23,977
	25,000					Granite US Holdings Corp.*^ 11.000%, 10/01/27			24,105
	30,000					Graphic Packaging International, LLC*^ 4.750%, 07/15/27			32,628
	60,000					Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22			62,280
	95,000					H&E Equipment Services, Inc.^ 5.625%, 09/01/25			98,927
	65,000					Herc Holdings, Inc.*^ 5.500%, 07/15/27			69,003
						Howmet Aerospace, Inc.^
	61,000					5.125%, 10/01/24			65,608
	18,000					6.875%, 05/01/25			20,419
	62,000					Jeld-Wen, Inc.*^ 4.625%, 12/15/25			62,975
	25,000					KeHE Distributors, LLC / KeHE Finance Corp.* 8.625%, 10/15/26			27,033
	21,000					MasTec, Inc.* 4.500%, 08/15/28			21,964
	115,000					Meritor, Inc.^ 6.250%, 02/15/24			117,964
	33,000					Moog, Inc.*^ 4.250%, 12/15/27			33,713
	65,000					Nationstar Mortgage Holdings, Inc.* 6.000%, 01/15/27			67,168
						Navistar International Corp.*
	45,000					6.625%, 11/01/25			46,185
	23,000					9.500%, 05/01/25^			26,295
	52,000					Novelis Corp.*^ 4.750%, 01/30/30			54,390

PRINCIPAL   AMOUNT								VALUE
	90,000					Park-Ohio Industries, Inc.^ 6.625%, 04/15/27		$	79,245
	30,000					Patrick Industries, Inc.*^ 7.500%, 10/15/27			32,039
	11,000					Picasso Finance Sub, Inc.*^ 6.125%, 06/15/25			11,753
	125,000					Scientific Games International, Inc.*^ 5.000%, 10/15/25			124,231
						Standard Industries, Inc.*
	25,000					5.000%, 02/15/27^			26,782
	11,000					4.375%, 07/15/30µ			11,897
						Station Casinos, LLC*^
	80,000					4.500%, 02/15/28			71,712
	65,000					5.000%, 10/01/25			61,671
	35,000					Tennant Company^ 5.625%, 05/01/25			36,370
						TransDigm, Inc.^
	95,000					6.250%, 03/15/26*			100,351
	60,000					7.500%, 03/15/27			61,300
						United Rentals North America, Inc.
	25,000					6.500%, 12/15/26^			27,780
	20,000					5.875%, 09/15/26µ			21,393
	11,000					3.875%, 02/15/31			11,000
	25,000					Waste Pro USA, Inc.* 5.500%, 02/15/26			25,628
						WESCO Distribution, Inc.*^
	27,000					7.125%, 06/15/25			29,697
	13,000					7.250%, 06/15/28			14,225
	10,000					WR Grace & Co-Conn* 4.875%, 06/15/27			10,662
	65,000					XPO Logistics, Inc.*^ 6.750%, 08/15/24			69,955
									2,982,240
						Information Technology (1.7%)
	25,000					CDK Global, Inc.*^ 5.250%, 05/15/29			27,390
	770,000					CDW, LLC / CDW Finance Corp.^ 4.125%, 05/01/25			815,988
	39,000					Clear Channel Worldwide Holdings, Inc.* 5.125%, 08/15/27			38,464
	60,000					CommScope Technologies, LLC* 6.000%, 06/15/25			61,407
						Dell International, LLC / EMC Corp.*
	400,000					5.450%, 06/15/23µ			441,012
	55,000					6.020%, 06/15/26µ			64,489
	45,000					6.100%, 07/15/27µ			53,228
	25,000					5.850%, 07/15/25^			29,238
	26,000					Fair Isaac Corp.*µ 4.000%, 06/15/28			27,223
	39,000					MTS Systems Corp.* 5.750%, 08/15/27			37,975
	39,000					Open Text Corp.*^ 3.875%, 02/15/28			40,780
	36,000					PTC, Inc.*^ 4.000%, 02/15/28			37,845
	80,000					Vericast Corp.*^
						8.375%, 08/15/22			64,811
									1,739,850

See accompanying Notes to Schedule of Investments

5

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

PRINCIPAL   AMOUNT								VALUE
						Materials (1.3%)
	27,000					Allegheny Technologies, Inc.^ 5.875%, 12/01/27		$	25,709
	35,000					ArcelorMittal, SA 7.250%, 10/15/39			46,572
	535,000					First Quantum Minerals, Ltd.* 7.250%, 04/01/23			538,223
						Freeport-McMoRan, Inc.
	35,000					5.000%, 09/01/27^			37,355
	25,000					5.450%, 03/15/43µ			27,846
	20,000					5.400%, 11/14/34^			22,500
	200,000					Fresnillo, PLC^ 5.500%, 11/13/23			220,597
	40,000					JW Aluminum Continuous Cast Company*^ 10.250%, 06/01/26			42,285
						Kaiser Aluminum Corp.*
	40,000					4.625%, 03/01/28			39,831
	18,000					6.500%, 05/01/25			19,169
	15,000					Mineral Resources, Ltd.* 8.125%, 05/01/27			16,596
						New Gold, Inc.*^
	43,000					6.375%, 05/15/25			44,717
	13,000					7.500%, 07/15/27			14,140
	13,000					Norbord, Inc.*^ 5.750%, 07/15/27			13,859
	23,000					Owens-Brockway Glass Container, Inc.*^ 6.625%, 05/13/27			25,125
						PBF Holding Company, LLC / PBF Finance Corp.
	110,000					7.250%, 06/15/25^			99,385
	11,000					9.250%, 05/15/25*µ			12,320
	56,000					Silgan Holdings, Inc.^ 4.125%, 02/01/28			57,547
	39,000					Univar Solutions USA, Inc.*^ 5.125%, 12/01/27			41,252
									1,345,028
						Real Estate (0.2%)
	70,000					CBL & Associates, LP 5.250%, 12/01/23			16,798
						Forestar Group, Inc.*
	60,000					8.000%, 04/15/24			64,729
	38,000					5.000%, 03/01/28^			37,946
						Service Properties Trust
	65,000					4.350%, 10/01/24^			58,353
	20,000					5.250%, 02/15/26µ			18,025
									195,851
						Utilities (0.2%)
	39,000					Calpine Corp.*µ 4.500%, 02/15/28			40,770
	20,000					NRG Energy, Inc.^ 6.625%, 01/15/27			21,500
	88,000					PPL Capital Funding, Inc.µ‡ 2.973%, 03/30/67 3 mo. USD LIBOR + 2.67%			66,647
						Talen Energy Supply, LLC*^
	25,000					10.500%, 01/15/26			19,413
	10,000					7.250%, 05/15/27			10,408

PRINCIPAL   AMOUNT								VALUE
	65,000					TerraForm Power Operating, LLC*^ 5.000%, 01/31/28		$	71,539
									230,277
						TOTAL CORPORATE BONDS (Cost $22,113,895)			21,386,414
	CONVERTIBLE BONDS (25.9%)
						Communication Services (3.6%)
	485,000					Live Nation Entertainment, Inc. 2.500%, 03/15/23			510,439
	2,160,000					Sea, Ltd.*^ 2.375%, 12/01/25			3,344,479
									3,854,918
						Consumer Discretionary (5.4%)
	661,000					Booking Holdings, Inc.*^ 0.750%, 05/01/25			835,567
	406,000					Burlington Stores, Inc.*^ 2.250%, 04/15/25			458,112
	141,000					DISH Network Corp.^ 2.375%, 03/15/24			129,714
						Liberty Interactive, LLC
	66,000					4.000%, 11/15/29^			47,026
	35,000					3.750%, 02/15/30			24,894
	400,000	GBP				Ocado Group, PLC 0.750%, 01/18/27			554,458
	645,000					Penn National Gaming, Inc.µ^ 2.750%, 05/15/26			1,072,974
	1,406,000					Royal Caribbean Cruises, Ltd.* 4.250%, 06/15/23			1,346,575
	470,000					Under Armour, Inc.* 1.500%, 06/01/24			565,452
	531,000					Winnebago Industries, Inc.* 1.500%, 04/01/25			624,894
									5,659,666
						Consumer Staples (0.8%)
						Premium Brands Holdings Corp.
	572,000	CAD				4.600%, 12/31/23			456,020
	508,000	CAD				4.650%, 04/30/21			421,923
									877,943
						Energy (1.2%)
	22,000					Denbury Resources, Inc.*@ 6.375%, 12/31/24			3,011
	490,000					Scorpio Tankers, Inc. 3.000%, 05/15/22			434,201
	1,000,000					Tullow Oil Jersey, Ltd. 6.625%, 07/12/21			824,525
									1,261,737
						Financials (0.3%)
	65,000					Prospect Capital Corp. 4.950%, 07/15/22			65,791
	206,000					WisdomTree Investments, Inc.* 4.250%, 06/15/23			201,288
									267,079
						Health Care (3.7%)
	468,000					BioMarin Pharmaceutical, Inc.* 1.250%, 05/15/27			546,065

Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

PRINCIPAL   AMOUNT								VALUE
	882,000	CAD				Canopy Growth Corp.* 4.250%, 07/15/23		$	550,653
	398,000					DexCom, Inc.*^ 0.250%, 11/15/25			430,839
	412,000					Insulet Corp.*^ 0.375%, 09/01/26			474,912
	165,000					Natera, Inc.*µ 2.250%, 05/01/27			244,748
	535,000					Pacira BioSciences, Inc.* 0.750%, 08/01/25			544,684
	582,000					Repligen Corp.^ 0.375%, 07/15/24			844,127
	250,000					Tandem Diabetes Care, Inc.* 1.500%, 05/01/25			308,796
									3,944,824
						Industrials (3.3%)
	1,345,000					Air Canada* 4.000%, 07/01/25			1,406,897
	805,000					American Airlines Group, Inc.^ 6.500%, 07/01/25			667,381
	541,000					Lyft, Inc.* 1.500%, 05/15/25			579,089
	736,000					Southwest Airlines Company 1.250%, 05/01/25			859,380
									3,512,747
						Information Technology (6.0%)
	400,000	EUR				Amadeus IT Group, SA 1.500%, 04/09/25			551,582
	1,300,000					Coupa Software, Inc.* 0.375%, 06/15/26			1,631,994
	400,000	EUR				Nexi S.p.A 1.750%, 04/24/27			534,848
	490,000					Splunk, Inc.* 1.125%, 06/15/27			555,638
	885,000					Square, Inc.* 0.125%, 03/01/25			1,179,440
	524,000					Xero Investments, Ltd. 2.375%, 10/04/23			792,993
	959,000					Zscaler, Inc.*^ 0.125%, 07/01/25			1,091,668
									6,338,163
						Materials (1.6%)
	1,000,000	CHF				Sika, AG 3.750%, 01/30/22			1,649,451
						TOTAL CONVERTIBLE BONDS (Cost $24,986,780)			27,366,528
	BANK LOANS (0.4%) ¡
						Communication Services (0.2%)
	157,119					Intelsat Jackson Holdings, SA 8.625%, 01/02/24			158,943
						Consumer Discretionary (0.1%)
	105,308					Weight Watchers International, Inc.‡ 5.500%, 11/29/24 1 mo. LIBOR + 4.75%			104,861

PRINCIPAL   AMOUNT								VALUE
						Financials (0.0%)
	29,933					GLP Financing, LLC‡ 1.664%, 04/28/21 1 mo. LIBOR + 1.50%		$	29,858
						Information Technology (0.1%)
	59,100					BMC Software Finance, Inc.‡ 4.411%, 10/02/25 1 mo. LIBOR + 4.25%			57,202
						TOTAL BANK LOANS (Cost $352,893)			350,864
NUMBER OF SHARES								VALUE
	CONVERTIBLE PREFERRED STOCKS (14.1%)
						Communication Services (2.2%)
	2,210					2020 Cash Mandatory Exchangeable Trust* 5.250%, 06/01/23			2,302,798
						Consumer Discretionary (2.0%)
	20,900					Aptiv, PLC 5.500%, 06/15/23			2,136,189
						Energy (0.2%)
						NuStar Energy, LP‡
	5,135					8.500%, 12/15/21^ 3 mo. USD LIBOR + 6.77%			98,746
	2,635					7.625%, 06/15/22 3 mo. USD LIBOR + 5.64%			46,086
	2,270					NuStar Logistics, LP‡ 7.009%, 01/15/43 3 mo. USD LIBOR + 6.73%			45,718
									190,550
						Financials (2.2%)
	412					2020 Mandatory Exchangeable Trust* 6.500%, 05/16/23			521,908
	3,900					Assurant, Inc. 6.500%, 03/15/21			421,551
	898					Bank of America Corp.‡‡ 7.250%			1,346,111
									2,289,570
						Health Care (2.7%)
	9,400					Boston Scientific Corp. 5.500%, 06/01/23			1,055,526
	1,265					Danaher Corp. 4.750%, 04/15/22			1,795,187
									2,850,713
						Industrials (1.0%)
	11,676					Stanley Black & Decker, Inc. 5.250%, 11/15/22			1,114,591
						Information Technology (1.7%)
	1,590					Broadcom, Inc.^ 8.000%, 09/30/22			1,814,047

See accompanying Notes to Schedule of Investments

7

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

NUMBER OF   SHARES								VALUE
						Utilities (2.1%)
	13,025					American Electric Power Company, Inc.^ 6.125%, 03/15/22		$	672,090
	27,536					NextEra Energy, Inc.µ 4.872%, 09/01/22			1,520,262
									2,192,352
						TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $13,981,198)			14,890,810
	COMMON STOCKS (74.4%)
						Communication Services (6.9%)
	17,000					AT&T, Inc.^			502,860
	37,200					Tencent Holdings, Ltd.^			2,547,828
	36,550					Walt Disney Company~			4,274,157
									7,324,845
						Consumer Discretionary (11.1%)
	10,145					Alibaba Group Holding, Ltd.#			2,546,598
	39,800			GBP		Compass Group, PLC			547,616
	14,000					D.R. Horton, Inc.			926,240
	21,150			EUR		Daimler, AG			924,763
	10,200					Lowe’s Companies, Inc.			1,518,882
	6,430					Lululemon Athletica, Inc.#			2,093,543
	4,900					McDonald’s Corp.			951,972
	3,000					Pool Corp.			950,100
	3,900					Royal Caribbean Cruises, Ltd.			189,969
	730					Tesla, Inc.^#			1,044,455
									11,694,138
						Consumer Staples (5.3%)
	36,649					Coca-Cola Company~			1,731,299
	2,720					Costco Wholesale Corp.			885,441
	13,700			EUR		Danone, SA			916,986
	35,390			JPY		Japan Tobacco, Inc.			604,902
	7,655			CHF		Nestlé, SA			910,346
	6,900					Philip Morris International, Inc.^			529,989
									5,578,963
						Energy (6.4%)
	85,700			GBP		BP, PLC			310,363
	5,400					Chevron Corp.			453,276
	3,150					Energy Transfer, LP			20,632
	3,375					Enterprise Products Partners, LP			59,400
	17,390					Exxon Mobil Corp.			731,771
	700					GasLog, Ltd.			2,044
	940					Magellan Midstream Partners, LP			38,061
	12,200					Marathon Petroleum Corp.			466,040
	1,172					Mcdermott International, Ltd.#			4,162
	27,755			EUR		Neste Oyj			1,274,830
	4,474					Occidental Petroleum Corp.			70,421
	67,200			INR		Reliance Industries, Ltd.			1,861,062
	47,265			EUR		Royal Dutch Shell, PLC - Class A			704,181
	26,800					Schlumberger, Ltd.			486,152
	1,385					Targa Resources Corp.			25,318
	25,700			CAD		Tourmaline Oil Corp.			261,327
	787					Weatherford International, PLC^#			1,362
	450					Williams Companies, Inc.^			8,608
									6,779,010
						Financials (11.4%)
	38,500					American International Group, Inc.~			1,237,390
	71,825					Bank of America Corp.~			1,787,006
	630,000			HKD		China Construction Bank Corp. - Class H			459,352

NUMBER OF   SHARES								VALUE
	7,375					Goldman Sachs Group, Inc.~ $			1,459,955
	106,100			INR		HDFC Bank, Ltd.			1,466,216
	55,200					Itau Unibanco Holding, SA			281,520
	19,725					JPMorgan Chase & Company			1,906,224
	34,571			GBP		M&G, PLC			72,355
	176,500			HKD		Ping An Insurance Group
						Company of China, Ltd. - Class H			1,862,291
	46,650			GBP		Prudential, PLC			666,664
	36,525					Wells Fargo & Company			886,096
									12,085,069
						Health Care (7.2%)
	39,038					Alcon, Inc.^#			2,341,499
	8,729			EUR		Bayer, AG			579,898
	12,750			AUD		CSL, Ltd.			2,479,909
	33,175					Novo Nordisk, A/S^			2,167,323
									7,568,629
						Industrials (6.8%)
	11,475			EUR		Alstom, SA#			639,423
	15,875			SEK		Atlas Copco, AB - Class A			704,715
	3,875					Boeing Company			612,250
	66,275			CAD		CAE, Inc.			989,090
	7,400			JPY		FANUC Corp.			1,248,551
	24,400					General Electric Company~			148,108
	11,800			JPY		Harmonic Drive Systems, Inc.^			661,069
	1,215					Lockheed Martin Corp.			460,448
	6,900			EUR		Schneider Electric, SE			791,178
	2,925					Union Pacific Corp.			507,049
	5,200			EUR		Vinci, SA			447,538
	131					Wabtec Corp.^			8,147
									7,217,566
						Information Technology (15.4%)
	11,300					Advanced Micro Devices, Inc.#			874,959
	790			EUR		Adyen, NV*#			1,318,633
	3,700					Apple, Inc.^			1,572,648
	4,455					ASML Holding, NV			1,575,823
	3,700			JPY		Keyence Corp.			1,560,241
	10,925					Micron Technology, Inc.#			546,851
	13,130					Microsoft Corp.~			2,691,781
	1,400					NVIDIA Corp.			594,426
	16,500			KRW		Samsung Electronics Company, Ltd.			806,418
	59,450					Taiwan Semiconductor
						Manufacturing Company, Ltd.			4,690,011
									16,231,791
						Materials (2.9%)
	23,900			EUR		CRH, PLC			870,164
	64,975					Freeport-McMoRan, Inc.			839,477
	3,425					Linde, PLC			839,502
	304,000			TWD		Taiwan Cement Corp.			466,947
									3,016,090
						Utilities (1.0%)
	64,200			GBP		SSE, PLC			1,088,982
						TOTAL COMMON STOCKS (Cost $90,097,309)		$	78,585,083

Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

NUMBER OF  SHARES								VALUE
	WARRANTS (0.0%) #
						Energy (0.0%)
	2,608					Mcdermott International, Ltd. 05/01/24, Strike $15.98		$	1
	2,347					Mcdermott International, Ltd. 05/01/24, Strike $12.33			—
	559					Occidental Petroleum Corp. 08/03/27, Strike $22.00			—
						TOTAL WARRANTS (Cost $1,002)			1
	EXCHANGE-TRADED FUNDS (0.8%)
						Other (0.8%)
	4,150					iShares iBoxx High Yield Corporate Bond ETF			354,369
	4,891					SPDR Bloomberg Barclays High Yield Bond ETF			518,935
						TOTAL EXCHANGE-TRADED FUNDS (Cost $816,074)			873,304
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT								VALUE
	PURCHASED OPTIONS (4.6%) #
						Communication Services (0.7%)
	21					Alphabet, Inc.
	3,124,695					Call, 01/21/22, Strike $1,500.00			452,550
	85					Facebook, Inc.
	2,156,195					Call, 06/18/21, Strike $250.00			305,787
									758,337
						Consumer Discretionary (1.8%)
	34					Amazon.com, Inc.
	10,759,912					Call, 01/21/22, Strike $3,200.00			1,887,850
						Industrials (0.1%)
	80					J.B. Hunt Transport Services, Inc.
	1,035,200					Call, 02/19/21, Strike $135.00			72,400
						Information Technology (0.6%)
	21					ServiceNow, Inc.
	922,320					Call, 01/21/22, Strike $350.00			282,975
	155					Visa, Inc.
	2,951,200					Call, 01/21/22, Strike $195.00			370,450
									653,425
						Other (1.4%)
	575			EUR		ESTX Banks
	1,686,763					Call, 09/18/20, Strike 70.00			13,546
						Invesco QQQ Trust Series
	420 11,163,180					Put, 08/21/20, Strike $233.00			20,580
	415 11,030,285					Put, 09/30/20, Strike $250.00			266,638
	365 9,701,335					Put, 11/20/20, Strike $232.00			260,245
	365 9,701,335					Put, 01/15/21, Strike $232.00			356,605

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT								VALUE
						SPDR S&P 500 ETF Trust
	295 9,632,340					Put, 11/20/20, Strike $289.00		$	241,015
	295 9,632,340					Put, 01/15/21, Strike $289.00			340,135
									1,498,764
						TOTAL PURCHASED OPTIONS (Cost $5,531,114)			4,870,776
NUMBER OF SHARES								VALUE
	SHORT TERM INVESTMENT (1.8%)
	1,931,634					Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 0.040%*** (Cost $1,931,634)			1,931,634
	TOTAL INVESTMENTS (142.3%)       (Cost $159,811,899)								150,255,414
	MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-11.4%)								(12,000,000)
	LIABILITIES, LESS OTHER ASSETS (-30.9%)								(32,670,002)
	NET ASSETS (100.0%)							$	105,585,412
NUMBER OF CONTRACTS/ NOTIONAL AMOUNT								VALUE
	WRITTEN OPTIONS (-0.2%) #
						Financials (0.0%)
	36					Goldman Sachs Group, Inc.
	712,656					Call, 01/15/21, Strike $255.00			(10,044)
						Materials (-0.1%)
	649					Freeport-McMoRan, Inc.
	838,508					Call, 11/20/20, Strike $13.00			(97,675)
						Other (-0.1%)
	350					SPDR S&P 500 ETF Trust
	11,428,200					Put, 11/20/20, Strike $257.00			(133,525)
						TOTAL WRITTEN OPTIONS (Premium $203,433)			(241,244)

NOTES TO SCHEDULE OF INVESTMENTS

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

See accompanying Notes to Schedule of Investments

9

Calamos Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $5,229,395.

^ 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, 2020.

& Illiquid security.

¡ 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.

‡‡ Perpetual maturity.

~ Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and swaps. The aggregate value of such securities is $1,240,918.

# Non-income producing security.

*** The rate disclosed is the 7 day net yield as of July 31, 2020.

FOREIGN CURRENCY ABBREVIATIONS

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

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

TWD New Taiwan Dollar

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.

Global Total Return Fund

SCHEDULE OF INVESTMENTS JULY 31, 2020 (UNAUDITED)

CURRENCY EXPOSURE JULY 31, 2020

		Value					% of Total             Investments
US Dollar			$	117,785,679			78.5%
European Monetary Unit				9,567,570			6.4%
Japanese Yen				4,074,763			2.7%
Indian Rupee				3,327,278			2.2%
British Pound Sterling				3,240,438			2.2%
Canadian Dollar				2,679,013			1.8%
Swiss Franc				2,559,797			1.7%
Australian Dollar				2,479,909			1.7%
Hong Kong Dollar				2,321,643			1.5%
South Korean Won				806,418			0.5%
Swedish Krona				704,715			0.5%
New Taiwan Dollar				466,947			0.3%
Total Investments Net of Written Options			$	150,014,170			100.0%
Currency exposure may vary over time.

See accompanying Notes to Schedule of Investments

11

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Global Total Return (the “Fund”) was organized as a Delaware statutory trust on March 30, 2004 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 October 27, 2005.

The Fund’s investment strategy is to provide total return through a combination of capital appreciation and current income. Under normal circumstances, the Fund will invest primarily in a portfolio of common and preferred stocks, convertible securities and income producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. Under normal circumstances, the Fund will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities). The Fund may invest up to 100% of its managed assets in securities of foreign issuers, including debt and equity securities of corporate issuers and debt securities of government issuers, in developed and emerging markets. Under normal circumstances, the Fund will invest at least 40% of its managed assets in securities of foreign 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 has been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following summarizes the significant accounting policies of the Fund:

In March 2017, FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The ASU shortens the amortization period for certain callable debt securities held at a premium. The Fund adopted this ASU as of November 1, 2019, with no material impact on the Fund’s Schedule of Investments.

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

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

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

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

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

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

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

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

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

Note 2 – Investments

The cost basis of investments for federal income tax purposes at July 31, 2020 was as follows*:

Cost basis of investments				$159,608,466
Gross unrealized appreciation				11,800,096
Gross unrealized depreciation				(21,394,392)
Net unrealized appreciation (depreciation)				$(9,594,296)

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

Note 3 – Mandatory Redeemable Preferred Shares

On September 6, 2017, the Fund issued 480,000 mandatory redeemable preferred shares (“MRPS”) with an aggregate liquidation preference of $12.0 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, 2020.

Series		Term Redemption Date					Dividend Rate					Shares (000’s)					Liquidation Preference Per Share					Aggregate Liquidation Preference
Series A				9/06/22					3.70	%				160					$25					$4,000,000
Series B				9/06/24					4.00	%				160					$25					$4,000,000
Series C				9/06/27					4.24	%				160					$25					$4,000,000
																			Total					$12,000,000

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

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.