nvq
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER: 333-144660
     
EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:
  Calamos Global Dynamic
Income Fund
     
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:
  2020 Calamos Court, Naperville
Illinois 60563
 
    
NAME AND ADDRESS OF AGENT FOR SERVICE:
  John P. Calamos Sr., President
Calamos Advisors LLC,
2020 Calamos Court,
Naperville, Illinois
60563
REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200
DATE OF FISCAL YEAR END: October 31, 2009
DATE OF REPORTING PERIOD: July 31, 2009
 
 

 

 
ITEM 1.  SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)
 
Calamos Global Dynamic Income Fund
 
 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

 
                 
PRINCIPAL
 		       
AMOUNT       VALUE
 
 
CORPORATE BONDS (18.5%)
        Consumer Discretionary (3.2%)
  2,000,000     Boyd Gaming Corp.
7.125%, 02/01/16 		  $ 1,610,000  
  2,000,000     DISH Network Corp.~
7.125%, 02/01/16 		    1,950,000  
  2,000,000     General Motors Corp.**
7.200%, 01/15/11 		    300,000  
  2,000,000     Hanesbrands, Inc.‡
4.593%, 12/15/14 		    1,700,000  
  2,000,000     Interpublic Group of Companies, Inc.
6.250%, 11/15/14 		    1,830,000  
  2,000,000     J.C. Penney Company, Inc.~
5.750%, 02/15/18 		    1,832,412  
  2,000,000     Jarden Corp.
7.500%, 05/01/17 		    1,930,000  
  2,000,000     Liberty Media Corp.
8.500%, 07/15/29 		    1,450,000  
  2,000,000     MGM Mirage
7.500%, 06/01/16 		    1,470,000  
  2,210,000     Royal Caribbean Cruises, Ltd.
7.500%, 10/15/27 		    1,535,950  
                 
              15,608,362  
                 
        Consumer Staples (1.3%)
  1,000,000     Del Monte Foods Company
8.625%, 12/15/12 		    1,025,000  
  2,000,000     NBTY, Inc.
7.125%, 10/01/15 		    1,930,000  
  2,000,000     Pilgrim’s Pride Corp.**
7.625%, 05/01/15 		    1,855,000  
  2,000,000     Smithfield Foods, Inc.
7.750%, 07/01/17 		    1,510,000  
                 
              6,320,000  
                 
        Energy (3.3%)
  1,000,000     Bristow Group, Inc.~
7.500%, 09/15/17 		    940,000  
  2,000,000     Chesapeake Energy Corp.~
9.500%, 02/15/15 		    2,132,500  
  2,000,000     Complete Production Services, Inc.
8.000%, 12/15/16 		    1,720,000  
  2,000,000     Dresser-Rand Group, Inc.
7.375%, 11/01/14 		    1,950,000  
  1,000,000     Frontier Oil Corp.~
8.500%, 09/15/16 		    1,027,500  
  2,000,000     Mariner Energy, Inc.
11.750%, 06/30/16 		    2,100,000  
  2,000,000     Pride International, Inc.~
8.500%, 06/15/19 		    2,150,000  
  2,000,000     Superior Energy Services, Inc.
6.875%, 06/01/14 		    1,900,000  
  2,000,000     Williams Companies, Inc.
7.750%, 06/15/31 		    2,035,360  
                 
              15,955,360  
                 
        Financials (0.9%)
  2,000,000     Ford Motor Credit Company, LLC
9.875%, 08/10/11 		    1,982,586  
        Leucadia National Corp.        
  1,380,000     8.125%, 09/15/15     1,335,150  
  1,000,000     7.000%, 08/15/13     962,500  
                 
              4,280,236  
                 
        Health Care (0.9%)
  2,000,000     Bio-Rad Laboratories, Inc.~
7.500%, 08/15/13 		    2,040,000  
  2,000,000     HCA, Inc.
9.125%, 11/15/14 		    2,065,000  
                 
              4,105,000  
                 
        Industrials (3.1%)
  1,000,000     Belden, Inc.
7.000%, 03/15/17 		    885,000  
  2,000,000     Deluxe Corp.~
7.375%, 06/01/15 		    1,730,000  
  2,000,000     General Cable Corp.
7.125%, 04/01/17 		    1,910,000  
  1,000,000     Interline Brands, Inc.
8.125%, 06/15/14 		    1,002,500  
  1,700,000     Kansas City Southern
13.000%, 12/15/13 		    1,912,500  
  2,000,000     Manitowoc Company, Inc.~
7.125%, 11/01/13 		    1,520,000  
  2,000,000     SPX Corp.~
7.625%, 12/15/14 		    2,000,000  
  2,000,000     Terex Corp.~
7.375%, 01/15/14 		    1,915,000  
  2,000,000     Trinity Industries, Inc.~
6.500%, 03/15/14 		    1,810,000  
                 
              14,685,000  
                 
        Information Technology (2.4%)
  1,035,000     Agilent Technologies, Inc.~
6.500%, 11/01/17 		    946,831  
  2,000,000     Amkor Technology, Inc.
9.250%, 06/01/16 		    2,050,000  
  2,000,000     Jabil Circuit, Inc.~
8.250%, 03/15/18 		    1,970,000  
  1,000,000     Lender Processing Services, Inc.~
8.125%, 07/01/16 		    1,015,000  
  2,000,000     National Semiconductor Corp.~
6.600%, 06/15/17 		    1,824,424  
  2,000,000     SunGard Data Systems, Inc.
9.125%, 08/15/13 		    2,050,000  
  2,000,000     Xerox Corp.
8.000%, 02/01/27 		    1,681,740  
                 
              11,537,995  
                 
        Materials (1.6%)
  2,000,000     Anglo American, PLC*
9.375%, 04/08/14 		    2,242,146  
 
See accompanying Notes to Schedule of Investments

 

 
Calamos Global Dynamic Income Fund
 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

 
                 
PRINCIPAL
 		       
AMOUNT       VALUE
 
 
  2,000,000     Century Aluminum Company
7.500%, 08/15/14 		  $ 1,465,000  
  1,000,000     Southern Copper Corp.~
7.500%, 07/27/35 		    953,950  
  1,000,000     Steel Dynamics, Inc.*
7.750%, 04/15/16 		    995,000  
  2,305,000     Terra Industries, Inc.¹
7.000%, 02/01/17 		    2,166,700  
                 
              7,822,796  
                 
        Telecommunication Services (1.6%)
  2,000,000     Frontier Communications Corp.
9.000%, 08/15/31 		    1,850,000  
  2,000,000     Leap Wireless International, Inc.
9.375%, 11/01/14 		    2,040,000  
  2,000,000     Qwest Communications International, Inc.
7.750%, 02/15/31 		    1,550,000  
  2,000,000     Windstream Corp.~
8.625%, 08/01/16 		    2,040,000  
                 
              7,480,000  
                 
        Utilities (0.2%)
  1,000,000     Edison Mission Energy
7.750%, 06/15/16 		    845,000  
                 
        TOTAL CORPORATE BONDS
(Cost $92,142,799) 		    88,639,749  
                 
CONVERTIBLE BONDS (17.8%)
        Consumer Discretionary (2.8%)
  1,650,000  EUR   Adidas, AG¹
2.500%, 10/08/18 		    2,948,788  
  3,500,000     Ford Motor Company
4.250%, 12/15/36 		    3,766,875  
  4,250,000     General Motors Corp. - Series C**
6.250% 07/15/33 		    520,625  
  5,000,000     Interpublic Group of Companies, Inc.~
4.250%, 03/15/23 		    4,543,750  
  1,200,000  EUR   Intralot, SA
2.250%, 12/20/13 		    1,490,262  
                 
              13,270,300  
                 
        Consumer Staples (0.3%)
  1,500,000     Smithfield Foods, Inc.~
4.000%, 06/30/13 		    1,338,750  
                 
        Energy (1.6%)
  1,800,000     Acergy, SA
2.250%, 10/11/13 		    1,530,612  
  649,000     Bristow Group, Inc.
3.000%, 06/15/38 		    528,935  
  22,000,000  HKD   China Petroleum & Chemical Corp.
0.000%, 04/24/14 		    3,104,822  
  2,500,000     Petroplus Holdings, AG
3.375%, 03/26/13 		    2,235,152  
                 
              7,399,521  
                 
        Financials (1.3%)
  3,000,000     Affiliated Managers Group, Inc.*
3.950%, 08/15/38 		    2,685,000  
  2,000,000     American Equity Investment Life Holding Company
5.250%, 12/06/24 		    1,667,500  
  2,000,000     Health Care REIT, Inc.
4.750%, 07/15/27 		    2,062,500  
                 
              6,415,000  
                 
        Health Care (3.5%)
  3,300,000     HLTH Corp.
3.125%, 09/01/25 		    3,432,000  
  5,000,000     Millipore Corp.~
3.750%, 06/01/26 		    5,143,750  
  6,500,000     Shire, PLC¹
2.750%, 05/09/14 		    5,833,218  
  2,000,000     Teva Pharmaceutical Industries, Ltd.¹
1.750%, 02/01/26 		    2,415,000  
                 
              16,823,968  
                 
        Industrials (2.3%)
  1,000,000     General Cable Corp.
0.875%, 11/15/13 		    973,750  
  3,000,000     Hertz Global Holdings, Inc.~
5.250%, 06/01/14 		    3,960,000  
  1,800,000  EUR   MTU Aero Engines Holdings, AG¹
2.750%, 02/01/12 		    2,355,755  
  3,000,000     School Specialty, Inc.~
3.750%, 11/30/26 		    2,621,250  
  1,000,000     Textron, Inc.~
4.500%, 05/01/13 		    1,250,000  
                 
              11,160,755  
                 
        Information Technology (2.6%)
  2,850,000  EUR   Cap Gemini, SA
1.000%, 01/01/12 		    1,787,325  
  5,500,000     Intel Corp.¹
2.950%, 12/15/35 		    4,826,250  
  4,000,000     Mentor Graphics Corp.~
6.250%, 03/01/26 		    3,515,000  
  1,500,000     Teradyne, Inc.~
4.500%, 03/15/14 		    2,460,000  
                 
              12,588,575  
                 
        Materials (2.5%)
  1,200,000     Anglo American, PLC
4.000%, 05/07/14 		    1,695,600  
  1,500,000     AngloGold Ashanti, Ltd.
3.500%, 05/22/14 		    1,601,250  
  2,500,000     Newmont Mining Corp.
3.000%, 02/15/12 		    2,903,125  
  3,000,000     Sino-Forest Corp.*
5.000%, 08/01/13 		    2,771,250  
  1,000,000     United States Steel Corp.~
4.000%, 05/15/14 		    1,451,250  
 
See accompanying Notes to Schedule of Investments

 

 
Calamos Global Dynamic Income Fund
 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

 
                 
PRINCIPAL
 		       
AMOUNT       VALUE
 
 
  1,400,000     Xstrata, PLC
4.000%, 08/14/17 		  $ 1,648,500  
                 
              12,070,975  
                 
        Telecommunication Services (0.5%)
  1,350,000     NII Holdings, Inc.¹
2.750%, 08/15/25 		    1,297,688  
  800,000     SBA Communications Corp.*
4.000%, 10/01/14 		    865,000  
                 
              2,162,688  
                 
        Utilities (0.4%)
  1,700,000  EUR   International Power, PLC
3.250%, 07/20/13 		    2,151,646  
                 
        TOTAL CONVERTIBLE BONDS
(Cost $95,862,167) 		    85,382,178  
                 
NUMBER OF
 		       
SHARES       VALUE
 
 
CONVERTIBLE PREFERRED STOCKS (6.1%)
        Consumer Staples (1.6%)
  49,000     Archer Daniels Midland Company
6.250% 		    1,933,050  
  8,800     Bunge, Ltd.~
5.125% 		    6,017,000  
                 
              7,950,050  
                 
        Financials (0.9%)
  65,000     Affiliated Managers Group, Inc.
5.150% 		    1,820,000  
  2,800     Bank of America Corp.~
7.250% 		    2,352,000  
                 
              4,172,000  
                 
        Health Care (1.5%)
  4,000     Mylan, Inc.~
6.500% 		    3,528,000  
  15,000     Schering-Plough Corp.¹
6.000% 		    3,498,600  
                 
              7,026,600  
                 
        Materials (2.1%)
  43,000     Freeport-McMoRan Copper & Gold, Inc.~
6.750% 		    3,966,320  
  490  CHF   Givaudan, SA
5.375% 		    3,057,774  
  75,000     Vale Capital, Ltd. (Companhia Vale do Rio
Doce)¹Δ
5.500% 		    3,100,500  
                 
              10,124,594  
                 
        TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $32,637,847) 		    29,273,244  
                 
NUMBER OF
 		       
UNITS       VALUE
 
 
STRUCTURED EQUITY-LINKED SECURITIES* (8.7%)
        Energy (6.2%)
  228,311     Barclays Capital, Inc. (Halliburton Company)
15.000%, 12/18/09 		  $ 5,066,221  
  108,313     Barclays Capital, Inc. (Noble Corp.)
12.000%, 01/29/10 		    3,923,097  
  53,400     BNP Paribas (Devon Energy Corp.)
12.000%, 06/17/10 		    3,272,352  
  49,103     Credit Suisse Group (Apache Corp.)
12.000%, 03/12/10 		    3,862,933  
  52,031     Credit Suisse Group (Noble Energy, Inc.)
12.000%, 06/18/10 		    3,300,326  
  41,190     Deutsche Bank, AG (Transocean, Ltd.)
7.230%, 12/15/09 		    3,261,424  
  114,000     Goldman Sachs Group, Inc. (Cameron
International Corp.)
12.000%, 02/16/10 		    3,538,560  
  133,130     JPMorgan Chase & Company (Pride International, Inc.)
12.000%, 02/12/10 		    3,417,447  
                 
              29,642,360  
                 
        Health Care (1.8%)
  100,000     Deutsche Bank, AG (Medtronic, Inc.)
11.000%, 05/27/10 		    3,475,000  
  126,000     Deutsche Bank, AG (Stryker Corp.)
12.000%, 11/16/09 		    5,012,280  
                 
              8,487,280  
                 
        Information Technology (0.7%)
  235,500     Deutsche Bank, AG (Nokia Corp.)
12.000%, 02/19/10 		    3,287,580  
                 
        TOTAL STRUCTURED EQUITY-LINKED SECURITIES
(Cost $41,003,911) 		    41,417,220  
                 
NUMBER OF
 		       
SHARES       VALUE
 
 
COMMON STOCKS (92.3%)
        Consumer Discretionary (7.1%)
  41,000  EUR   Adidas, AG¹     1,731,300  
  23,750     Amazon.com, Inc.#¹     2,036,800  
  7,500     Apollo Group, Inc. - Class A#¹     517,800  
  145,000  GBP   British Sky Broadcasting Group, PLC¹     1,322,422  
  38,500     Carnival Corp.¹     1,077,615  
  30,000     CBS Corp.~     245,700  
  31,500  CHF   Compagnie Financière Richemont, SA     774,059  
  400,000  AUD   Harvey Norman Holdings, Ltd.     1,094,278  
  61,000  EUR   Industria de Diseno Textil, SA¹     3,282,594  
  39,000  JPY   Makita Corp.¹     960,756  
  72,000     News Corp. - Class B¹     865,440  
  38,000     Nike, Inc. - Class B¹     2,152,320  
  140,000  JPY   Nikon Corp.¹     2,797,065  
  54,500  EUR   Paddy Power, PLC¹     1,330,250  
 
See accompanying Notes to Schedule of Investments

 

 
Calamos Global Dynamic Income Fund
 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

 
                 
NUMBER OF
 		       
SHARES       VALUE
 
 
  180,000  JPY   Panasonic Corp.¹   $ 2,845,152  
  9,000  EUR   Porsche Automobil Holding, SE¹     586,023  
  5,000  EUR   Puma, AG Rudolf Dassler Sport     1,270,684  
  110,000  JPY   Suzuki Motor Corp.¹     2,766,274  
  85,000  CHF   Swatch Group, AG     3,159,011  
  8,000     Target Corp.¹     348,960  
  31,000  JPY   Toyota Motor Corp.¹     1,301,174  
  67,500     Walt Disney Company¹     1,695,600  
                 
              34,161,277  
                 
        Consumer Staples (8.7%)
  53,000  EUR   Anheuser-Busch InBev, NV¹     2,102,675  
  96,000  JPY   Asahi Breweries, Ltd.     1,524,395  
  40,000     Avon Products, Inc.¹     1,295,200  
  53,000  EUR   Beiersdorf, AG¹     2,668,539  
  37,500     Coca-Cola Company¹     1,869,000  
  32,000     CVS Caremark Corp.¹     1,071,360  
  240,000  GBP   Diageo, PLC¹     3,741,293  
  160  JPY   Japan Tobacco, Inc.¹     462,361  
  12,000     Kimberly-Clark Corp.¹     701,400  
  225,000  CHF   Nestlé, SA¹     9,246,252  
  23,000     PepsiCo, Inc.¹     1,305,250  
  40,000     Philip Morris International, Inc.¹     1,864,000  
  45,000     Procter & Gamble Company¹     2,497,950  
  52,000  GBP   Reckitt Benckiser Group, PLC¹     2,498,215  
  30,750     Sysco Corp.¹     730,620  
  53,000  GBP   Unilever, PLC¹     1,397,020  
  900,000  MXN   Wal-Mart de Mexico, SAB de CV     3,067,454  
  42,000     Wal-Mart Stores, Inc.¹     2,094,960  
  46,000     Walgreen Company¹     1,428,300  
                 
              41,566,244  
                 
        Energy (11.1%)
  270,000  NOK   Acergy, SA     2,885,173  
  185,000  GBP   AMEC, PLC     2,178,542  
  10,000     Apache Corp.     839,500  
  875,000  GBP   BP, PLC     7,256,100  
  26,000     Chevron Corp.¹     1,806,220  
  2,800,000  HKD   China Petroleum & Chemical Corp.     2,496,187  
  40,000     ConocoPhillips¹     1,748,400  
  12,500     Devon Energy Corp.¹     726,125  
  95,000  EUR   ENI S.p.A.¹     2,219,842  
  82,500     Exxon Mobil Corp.¹     5,807,175  
  71,500     Halliburton Company¹     1,579,435  
  31,000     Marathon Oil Corp.~     999,750  
  24,000     Noble Corp.     812,640  
  15,000     Occidental Petroleum Corp.~     1,070,100  
  57,500  NOK   Petroleum Geo-Services ASA#     403,996  
  82,300  GBP   Royal Dutch Shell, PLC¹     2,161,654  
  33,000  ZAR   Sasol, Ltd.     1,181,318  
  22,000     Schlumberger, Ltd.~     1,177,000  
  122,000  NOK   StatoilHydro, ASA     2,608,463  
  128,000  CAD   Suncor Energy, Inc.     4,139,726  
  40,000  EUR   Technip, SA     2,421,595  
  94,000  EUR   TOTAL, SA     5,213,303  
  16,500     Transocean, Ltd.#~     1,314,885  
                 
              53,047,129  
                 
        Financials (11.7%)
  27,500     Aflac, Inc.~     1,041,150  
  4,000     American International Group, Inc.#~     52,560  
  24,000     Aon Corp.~     946,800  
  95,000  AUD   ASX, Ltd.¹     2,981,970  
  200,000  EUR   Banco Santander, SA#¹     2,896,208  
  105,000     Bank of America Corp.~     1,552,950  
  41,000     Bank of New York Mellon Corp.~     1,120,940  
  18,700  EUR   BNP Paribas     1,357,833  
  691,768     Citigroup, Inc.     2,192,905  
  62,500  AUD   Commonwealth Bank of Australia     2,214,448  
  29,000  EUR   Deutsche Börse, AG¹     2,294,880  
  197,000  EUR   EFG Eurobank Ergasias, SA#     2,576,252  
  12,000     Franklin Resources, Inc.~     1,064,160  
  8,500     Goldman Sachs Group, Inc.     1,388,050  
  19,000     Hartford Financial Services Group, Inc.~     313,310  
  100,000  HKD   Hong Kong Exchanges and Clearing, Ltd.¹     1,877,704  
  91,500     JPMorgan Chase & Company     3,536,475  
  80,000  CHF   Julius Baer Holding, AG - Class B¹     3,819,734  
  99,000     Manulife Financial Corp.     2,406,690  
  360,000  JPY   Mizuho Financial Group, Inc.     827,631  
  48,000  EUR   Piraeus Bank, SA#     570,273  
  98,000  CAD   Power Financial Corp.¹     2,842,887  
  8,500     Prudential Financial, Inc.~     376,295  
  187,500  GBP   Schroders, PLC¹     3,053,823  
  387,000  SGD   Singapore Exchange, Ltd.¹     2,340,367  
  178,000  GBP   Standard Chartered, PLC     4,225,855  
  23,000  JPY   Sumitomo Mitsui Financial Group, Inc.¹     979,049  
  23,500     T. Rowe Price Group, Inc.     1,097,685  
  102,500     Wells Fargo & Company     2,507,150  
  8,300  CHF   Zurich Financial Services, AG¹     1,629,938  
                 
              56,085,972  
                 
        Health Care (11.7%)
  55,000     Abbott Laboratories¹     2,474,450  
  60,000     Alcon, Inc.¹     7,656,000  
  24,000  EUR   Bayer, AG¹     1,470,841  
  83,000     Bristol-Myers Squibb Company¹     1,804,420  
  62,000  AUD   Cochlear, Ltd.#¹     2,875,180  
  150,000  AUD   CSL, Ltd.     3,807,529  
  88,000  SEK   Elekta, AB - Class B     1,383,308  
  34,250     Eli Lilly and Company¹     1,194,982  
  80,000     Johnson & Johnson¹     4,871,200  
  42,000     Medtronic, Inc.¹     1,487,640  
  92,500     Merck & Company, Inc.¹     2,775,925  
  54,000  CHF   Novartis, AG¹     2,467,233  
 
See accompanying Notes to Schedule of Investments

 

 
Calamos Global Dynamic Income Fund
 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

 
                 
NUMBER OF
 		       
SHARES       VALUE
 
 
  107,000  DKK   Novo Nordisk, A/S - Class B¹   $ 6,261,098  
  98,000  JPY   OLYMPUS Corp.¹     2,805,641  
  190,000     Pfizer, Inc.¹     3,026,700  
  25,000  CHF   Roche Holding, AG¹     3,941,172  
  225,000  GBP   Smith & Nephew, PLC     1,782,653  
  40,000     St. Jude Medical, Inc.#¹     1,508,400  
  18,500     Stryker Corp.¹     719,280  
  42,000     UnitedHealth Group, Inc.¹     1,178,520  
  17,000     Zimmer Holdings, Inc.#¹     792,200  
                 
              56,284,372  
                 
        Industrials (11.8%)
  27,000     3M Company¹     1,904,040  
  270,000  CHF   ABB, Ltd.#¹     4,935,148  
  54,000  EUR   ALSTOM¹     3,708,082  
  39,024     Avery Dennison Corp.     1,043,112  
  610,000  GBP   BAE Systems, PLC¹     3,128,544  
  28,000     Boeing Company¹     1,201,480  
  500,000  CAD   Bombardier, Inc. - Class B     1,773,033  
  35,000  EUR   Bouygues, SA     1,486,963  
  7,000     Danaher Corp.¹     428,680  
  18,000     Emerson Electric Company¹     654,840  
  19,000     General Dynamics Corp.¹     1,052,410  
  242,500     General Electric Company¹     3,249,500  
  60,000     Honeywell International, Inc.¹     2,082,000  
  350,000  HKD   Hutchison Whampoa, Ltd.     2,616,176  
  25,000     Illinois Tool Works, Inc.¹     1,013,750  
  100,000  JPY   JGC Corp.     1,725,896  
  160,000  JPY   Komatsu, Ltd.     2,598,170  
  44,000  EUR   Konecranes OYJ¹     1,200,890  
  47,000  EUR   Krones AG¹     1,823,948  
  10,000     Lockheed Martin Corp.¹     747,600  
  30,000  EUR   MAN, AG¹     2,070,749  
  44,000  EUR   MTU Aero Engines Holdings, AG¹     1,599,827  
  14,000  EUR   Nexans, SA¹     942,073  
  21,000     Raytheon Company¹     985,950  
  455,000  GBP   Rolls-Royce Group, PLC#¹     3,151,514  
  40,000  EUR   Royal Philips Electronics, NV¹     910,594  
  28,000  EUR   SGL Carbon, AG#¹     920,234  
  50,000  EUR   Siemens, AG¹     3,984,612  
  20,000     United Parcel Service, Inc.¹     1,074,600  
  43,000     United Technologies Corp.¹     2,342,210  
                 
              56,356,625  
                 
        Information Technology (21.3%)
  31,000     Apple, Inc.#¹     5,065,090  
  260,000  GBP   Autonomy Corp., PLC#     5,105,625  
  60,000  JPY   Canon, Inc.¹     2,223,942  
  29,500  EUR   Cap Gemini, SA     1,363,462  
  145,000     Cisco Systems, Inc.#¹     3,191,450  
  132,500     Dell, Inc.#¹     1,772,850  
  130,000     eBay, Inc.#¹     2,762,500  
  65,000     EMC Corp.#¹     978,900  
  6,250     Google, Inc.#¹     2,769,062  
  105,000  TWD   HTC Corp.     1,432,084  
  140,000     Infosys Technologies, Ltd.¹     6,024,200  
  185,000     Intel Corp.¹     3,561,250  
  40,000     International Business Machines Corp.¹     4,717,200  
  113,000  JPY   Konami Corp.¹     2,394,928  
  285,000  SEK   LM Ericsson Telephone Company¹     2,805,865  
  85,000  CHF   Logitech International, SA#¹     1,431,621  
  93,000  TWD   MediaTek, Inc.     1,336,268  
  230,000     Microsoft Corp.¹     5,409,600  
  45,000     Motorola, Inc.¹     322,200  
  28,400  JPY   Nintendo Company, Ltd.¹     7,630,341  
  580,000  EUR   Nokia, OYJ¹     7,798,957  
  92,000  JPY   Nomura Research Institute, Ltd.     2,273,625  
  150,000     Oracle Corp.¹     3,319,500  
  67,000     QUALCOMM, Inc.¹     3,096,070  
  160,000  BRL   Redecard, SA     2,379,740  
  5,560  KRW   Samsung Electronics Company, Ltd.¹     3,273,765  
  121,500  EUR   SAP, AG¹     5,722,304  
  75,000     Symantec Corp.#¹     1,119,750  
  165,000  NOK   Tandberg, ASA¹     3,506,246  
  103,819  CHF   Temenos Group, AG#¹     2,083,403  
  71,000  JPY   Trend Micro, Inc.¹     2,442,494  
  132,000  EUR   Ubisoft Entertainment, SA#¹     2,254,373  
  103,000  HKD   VTech Holdings, Ltd.¹     733,645  
                 
              102,302,310  
                 
        Materials (4.0%)
  114,000  GBP   Anglo American, PLC¹     3,676,536  
  20,500  EUR   BASF, SE¹     1,025,335  
  159,000  AUD   BHP Billiton, Ltd.     5,017,087  
  60,000  GBP   BHP Billiton, PLC¹     1,571,499  
  41,000     Dow Chemical Company¹     867,970  
  36,000     E.I. du Pont de Nemours and Company¹     1,113,480  
  7,000     Freeport-McMoRan Copper & Gold, Inc.#~     422,100  
  30,000  GBP   Rio Tinto, PLC     1,249,437  
  5,000  CHF   Syngenta, AG     1,150,639  
  87,000     Vale, SA     1,716,510  
  37,000  NOK   Yara International, ASA¹     1,149,504  
                 
              18,960,097  
                 
        Telecommunication Services (3.6%)
  93,500     América Móvil, SAB de CV¹     4,021,435  
  145,000     AT&T Inc.¹     3,803,350  
  96,000  EUR   France Telecom, SA¹     2,394,522  
  83,000     Verizon Communications, Inc.¹     2,661,810  
  2,157,000  GBP   Vodafone Group, PLC     4,434,785  
                 
              17,315,902  
                 
        Utilities (1.3%)
  47,500     Duke Energy Corp.¹     735,300  
  10,500     Exelon Corp.¹     534,030  
 
See accompanying Notes to Schedule of Investments

 

 
Calamos Global Dynamic Income Fund
 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

 
                 
NUMBER OF
 		       
SHARES       VALUE
 
 
  15,500     FPL Goup, Inc.¹   $ 878,385  
  45,801  EUR   GDF Suez¹     1,749,893  
  29,000  EUR   RWE, AG     2,446,559  
                 
              6,344,167  
                 
        TOTAL COMMON STOCKS
(Cost $639,775,126) 		    442,424,095  
                 
PRINCIPAL
 		       
AMOUNT       VALUE
 
 
U.S. GOVERNMENT SECURITY (0.1%)
  500,000     United States Treasury Note 3.125%, 11/30/09
(Cost $504,844) 		    504,786  
                 
NUMBER OF
 		       
SHARES       VALUE
 
 
SHORT-TERM INVESTMENT (2.00%)
  9,723,120     Fidelity Prime Money Market
Fund - Institutional Class
(Cost $9,723,120) 		    9,723,120  
                 
  TOTAL INVESTMENTS (145.5%)
  (Cost $911,649,814)
    697,364,392  
         
LIABILITIES, LESS OTHER ASSETS (-35.1%)     (168,032,822 )
         
PREFERRED SHARES AT REDEMPTION VALUE INCLUDING DIVIDENDS PAYABLE (-10.4%)     (50,001,627 )
         
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)   $ 479,329,943  
         
NUMBER OF
 		       
SHARES       VALUE
 
 
COMMON STOCKS SOLD SHORT (-4.5%)
        Consumer Discretionary (-0.1%)
  (142,100 )   Interpublic Group of Companies, Inc.#     (740,341 )
                 
        Consumer Staples (-0.8%)
  (44,300 )   Bunge, Ltd.     (3,099,671 )
  (42,200 )   Smithfield Foods, Inc.#     (571,810 )
                 
              (3,671,481 )
                 
        Financials (-0.2%)
  (10,800 )   Affiliated Managers Group, Inc.#     (713,016 )
  (62,500 )   American Equity Investment Life Holding Company     (452,500 )
                 
              (1,165,516 )
                 
        Health Care (-1.4%)
  (110,689 )   HLTH Corp.#     (1,624,915 )
  (26,300 )   Millipore Corp.#     (1,830,480 )
  (251,300 )   Mylan, Inc.#     (3,314,647 )
                 
              (6,770,042 )
                 
        Industrials (-1.0%)
  (15,400 )   General Cable Corp.#     (597,058 )
  (310,400 )   Hertz Global Holdings, Inc.#     (2,930,176 )
  (18,000 )   School Specialty, Inc.#     (402,660 )
  (57,100 )   Textron, Inc.     (767,424 )
                 
              (4,697,318 )
                 
        Information Technology (-0.4%)
  (44,600 )   Mentor Graphics Corp.#     (309,524 )
  (231,780 )   Teradyne, Inc.#     (1,826,426 )
                 
              (2,135,950 )
                 
        Materials (-0.5%)
  (81,100 ) CAD   Sino-Forest Corp.#     (1,106,679 )
  (26,700 )   United States Steel Corp.     (1,061,325 )
                 
              (2,168,004 )
                 
        Telecommunication Services (-0.1%)
  (14,500 )   SBA Communications Corp.#     (378,305 )
                 
        TOTAL COMMON STOCKS
SOLD SHORT
(Cost $20,832,836) 		    (21,726,957 )
                 
NUMBER OF
 		       
CONTRACTS       VALUE
 
 
WRITTEN OPTIONS (-7.1%)#
        Financials (-7.1%)
  190     Hartford Financial Services Group, Inc.
Call, 12/19/09, Strike $20.00 		    (27,075 )
        iShares MSCI EAFE Index Fund        
  8,400     Call, 09/19/09, Strike $43.00     (6,426,000 )
  8,000     Call, 12/19/09, Strike $50.00     (2,800,000 )
  7,900     Call, 09/19/09, Strike $48.00     (2,686,000 )
  7,000     Call, 09/19/09, Strike $47.00     (2,940,000 )
  5,000     Call, 12/19/09, Strike $51.00     (1,475,000 )
  5,000     Call, 09/19/09, Strike $46.00     (2,500,000 )
  4,000     Call, 12/19/09, Strike $48.00     (1,900,000 )
        SPDR Trust Series 1        
  8,500     Call, 12/19/09, Strike $49.00     (3,485,000 )
  2,900     Call, 09/19/09, Strike $95.00     (1,645,750 )
  2,300     Call, 12/19/09, Strike $98.00     (1,443,250 )
  1,625     Call, 09/19/09, Strike $90.00     (1,560,000 )
  1,625     Call, 09/19/09, Strike $89.00     (1,702,188 )
  1,500     Call, 12/19/09, Strike $96.00     (1,113,750 )
  1,500     Call, 09/19/09, Strike $94.00     (956,250 )
  1,200     Call, 12/19/09, Strike $97.00     (819,000 )
  1,000     Call, 12/19/09, Strike $101.00     (472,500 )
                 
        TOTAL WRITTEN OPTIONS
(Premium $19,010,852) 		    (33,951,763 )
                 
 
 
 
 
 
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. At July 31, 2009, the value of 144A securities that could not be exchanged to the registered form is $47,295,616 or 9.9% of net assets applicable to common shareholder.
¹ Security, or portion of security, is held in a segregated account as collateral for loans aggregating a total value of $342,818,562.
 
See accompanying Notes to Schedule of Investments

 

 
Calamos Global Dynamic Income Fund
 SCHEDULE OF INVESTMENTS JULY 31, 2009 (UNAUDITED)

 
# Non-income producing security.
~ Security, or portion of security, is held in a segregated account as collateral for written options, or securities sold short aggregating a total value of $83,642,387.
** Security is in default. Pilgrim’s Pride Corp. filed for bankruptcy protection on December 1, 2008.
‡ Variable rate or step bond security. The rate shown is the rate in effect at July 31, 2009.
Δ Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
 
FOREIGN CURRENCY ABBREVIATIONS
     
AUD
  Australian Dollar
BRL
  Brazilian Real
CAD
  Canadian Dollar
CHF
  Swiss Franc
DKK
  Danish Krone
EUR
  European Monetary Unit
GBP
  British Pound Sterling
HKD
  Hong Kong Dollar
JPY
  Japanese Yen
KRW
  South Korean Won
MXN
  Mexican Peso
NOK
  Norwegian Krone
SEK
  Swedish Krona
SGD
  Singapore Dollar
TWD
  New Taiwanese Dollar
ZAR
  South African Rand
 
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 shown on options represents the expiration date on the option contract. The option contract may be exercised at any date on or before the date shown.
 
See accompanying Notes to Schedule of Investments

 

Calamos Global Dynamic Income Fund
 
 
INTEREST RATE SWAPS
 
                             
    Fixed Rate
 		  Floating Rate
 		  Termination
 		  Notional
 		       
Counterparty   (Fund Pays)   (Fund Receives)   Date   Amount     Unrealized  
   
 
BNP Paribas SA
  2.020% quarterly   3 month LIBOR   3/9/2012   $ 55,000,000     $ (351,624 )
                             
BNP Paribas SA
  2.535% quarterly   3 month LIBOR   3/9/2014     80,000,000       529,464  
                             
                             
                        $ 177,840  
                             

 

 
Calamos Global Dynamic Income Fund
 
             
CURRENCY EXPOSURE JULY 31, 2009 (UNAUDITED)
    Value     % of Total Investments  
 
             
US Dollar
  $ 352,882,390     55.0%
             
European Monetary Unit
    88,130,245     13.7%
             
British Pound Sterling
    51,935,518     8.1%
             
Japanese Yen
    38,558,894     6.0%
             
Swiss Franc
    37,695,983     5.9%
             
Australian Dollar
    17,990,492     2.8%
             
Hong Kong Dollar
    10,828,534     1.7%
             
Norwegian Krone
    10,553,382     1.6%
             
Canadian Dollar
    7,648,967     1.2%
             
Danish Krone
    6,261,098     1.0%
             
Swedish Krona
    4,189,173     0.6%
             
South Korean Won
    3,273,765     0.5%
             
Mexican Peso
    3,067,454     0.5%
             
New Taiwanese Dollar
    2,768,352     0.4%
             
Brazilian Real
    2,379,740     0.4%
             
Singapore Dollar
    2,340,367     0.4%
             
South African Rand
    1,181,318     0.2%
     
   
             
Total Investments Net of Common Stocks Sold Short and Written Options
  $ 641,685,672     100.0%
     
   
 
Currency exposure may vary over time.

 

 
NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
 
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 objective is to generate a high level of current income with a secondary objective of capital appreciation.
 
Fund Valuation. The valuation of the Fund’s portfolio securities 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 last current reported sales price at the time the Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time a Fund determines its NAV.
 
When a most recent 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 securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations 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 based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.
 
Fixed income securities are generally traded in the over-the-counter market and are valued by independent pricing services or by dealers who make markets in such securities. Valuations of fixed income securities consider yield or price of bonds 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 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 the 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.
 
Investment Transactions. Investment transactions are recorded on a trade date basis as of July 31, 2009.
 
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.
 
Forward Foreign Currency Contracts. The Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. There were no open forward currency contracts at July 31, 2009.
 
NOTE 2 – INVESTMENTS
 
The following information is presented on a federal income tax basis as of July 31, 2009. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.
 
The cost basis of investments for federal income tax purposes at July 31, 2009 was as follows:
 
         
Cost basis of investments
  $ 918,538,885  
         
Gross unrealized appreciation
    38,025,250  
Gross unrealized depreciation
    (259,199,743 )
         
Net unrealized appreciation (depreciation)
  $ (221,174,493 )
         
 
NOTE 3 – SHORT SALES
 
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 the 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.
 
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.
 
NOTE 4 – PREFERRED SHARES
 
There are unlimited shares of Auction Rate Cumulative Preferred Shares (“Preferred Shares”) authorized. The Preferred Shares have rights as determined by the board of trustees. The 2,000 shares of Preferred Shares outstanding consist of five series, 400 shares of M, 400 shares of TU, 400 shares of W, 400 shares of TH, and

 

400 shares of F. The Preferred Shares have a liquidation value of $25,000 per share plus any accumulated but unpaid dividends, whether or not declared.
 
NOTE 5 – BORROWINGS
 
On May 12, 2008, the Fund issued floating rate extendible senior secured notes, which were placed by Wachovia Securities. The aggregate amount of the notes issued was $300 million. Interest was charged at quarterly LIBOR (London Inter-bank Offered Rate) plus .50% on the amount of extendible senior secured notes. The Fund also paid a facility fee of .75% and a one-time agency fee of 1.00%.
 
On February 18, 2009, the Fund entered into a Committed Facility Agreement (the Agreement) with BNP Paribas Prime Brokerage, Inc. that allows the Fund to borrow up to an initial limit of $300,000,000. The Agreement with BNP Paribas Prime Brokerage replaced the existing extendible senior secured notes and an initial draw-down of $151,000,000 under the Agreement was utilized to pay off outstanding indebtedness under the extendible senior secured notes in their entirety.
 
Borrowings under the Agreement are secured by assets of the Fund. Interest is charged at a quarterly LIBOR (London Inter-bank Offered Rate) plus .95% on the amount borrowed and .85% on the undrawn balance. The Fund also paid a one-time Arrangement fee of .25% of the total borrowing limit. For the period ended July 31, 2009, the average borrowings under the Agreement and the average interest rate were $145,505,495 and 1.40% respectively. As of July 31, 2009, the amount of such outstanding borrowings is $141,000,000. The interest rate applicable to the borrowings on July 31, 2009 was 1.43%
 
BNP Paribas Prime Brokerage, Inc (“BNP”) has the ability to reregister the collateral in its own name or in another name other than the Fund to pledge, re-pledge, sell, lend or otherwise transfer or use the collateral (“Hypothecated Securities”) with all attendant rights of ownership. The Fund can recall any Hypothecated Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to the fund no later than three business days after such request. If the Fund recalls a Hypothecated Security in connection with a sales transaction and BNP fails to return the Hypothecated Securities or equivalent securities in a timely fashion, BNP shall remain liable to the Fund’s custodian for the ultimate delivery of such Hypothecated Securities or equivalent securities to the executing broker for the sales transaction and for any buy-in costs that the executing broker may impose with respect to the failure to deliver. In such instance, the Fund shall also have the right to apply and set off an amount equal to one hundred percent (100%) of the then-current fair market value of such hypothecated securities against any amounts owed to BNP under the Committed Facility Agreement.
 
NOTE 6 – INTEREST RATE SWAPS
 
The Fund may engage in interest rate swaps primarily to manage duration and yield curve risk, or as alternatives to direct investments. An interest rate swap is a contract that involves the exchange of one type of interest rate for another type of interest rate. Three main types of interest rate swaps are coupon swaps (fixed rate to floating rate in the same currency); basis swaps (one floating rate index to another floating rate index in the same currency); and cross-currency interest rate swaps (fixed rate in one currency to floating rate in another). In the case of a coupon swap, the Fund may agree with a counterparty that the Fund will pay a fixed rate (multiplied by a notional amount) while the counterparty will pay a floating rate multiplied by the same notional amount. If interest rates rise, resulting in a diminution in the value of the Fund’s portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller.
 
NOTE 7 – STRUCTURED EQUITY-LINKED SECURITIES
 
The Fund may also invest in structured equity-linked securities created by third parties, typically investment banks. Structured equity linked securities created by such parties may be designed to simulate the characteristics of traditional convertible securities or may be designed to alter or emphasize a particular feature. Traditional convertible securities typically offer stable cash flows with the ability to participate in capital appreciation of the underlying common stock. Because traditional convertible securities are exercisable at the

 

option of the holder, the holder is protected against downside risk. Structured equity-linked securities may alter these characteristics by offering enhanced yields in exchange for reduced capital appreciation or less downside protection, or any combination of these features. Structured equity-linked instruments may include structured notes, equity-linked notes, mandatory convertibles and combinations of securities and instruments, such as a debt instrument combined with a forward contract.
 
NOTE 8 – VALUATIONS
 
Effective November 1, 2008, the Fund has adopted the provisions of the Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.
 
Various inputs are used to determine the value of the Fund’s investments. These inputs are categorized into three broad levels as follows:
 
  •  Level 1 holdings use inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange).
 
  •  Level 2 holdings reflect inputs other than quoted prices, but use observable market data (including quoted prices of similar securities, interest rates, credit risk, etc.).
 
  •  Level 3 holdings are valued using unobservable inputs (including the Fund’s own judgments about assumptions market participants would use in determining fair value).
 
The following is a summary of the inputs used in valuing the Fund’s holdings at fair value:
 
                           
          Value of
 		   
      Value of
 		  Investment
 		  Other
      Investment
 		  Securities
 		  Financial
Valuation Inputs     Securities   Sold Short   Instruments
 
Level 1 – Quoted Prices
                         
Common Stocks
    $ 183,613,346     $ (21,726,957 )   $ —  
Convertible Preferred Stocks
      18,378,470       —       —  
U.S. Government and Agency Securities
      504,786       —       —  
Written Options
      —       —       (33,951,763 )
Short Term Investments
      9,723,120       —       —  
Level 2 – Other significant observable inputs
                         
Common Stocks
      258,810,749       —       —  
Convertible Bonds
      85,382,178       —       —  
Corporate Bonds
      88,639,749       —          
Convertible Preferred Stocks
      10,894,774       —       —  
Structured Equity-Linked Securities
      41,417,220       —       —  
Interest Rate Swaps
      —       —       177,840  
Level 3 – Significant unobservable inputs
                         
Convertible Bonds
      —       —       —  
                           
Total
    $ 697,364,392     $ (21,726,957 )   $ (33,773,923 )
                           

 

ITEM 2. CONTROLS AND PROCEDURES.
a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 3. EXHIBITS.
  (a)   Certification of Principal Executive Officer.
 
  (b)   Certification of Principal Financial Officer.

 

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
Calamos Global Dynamic Income Fund    
 
        
By:
  /s/ John P. Calamos, Sr.
 
    
 
        
Name:
  John P. Calamos, Sr.    
Title:
  Principal Executive Officer    
Date:
  September 24, 2009    
     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
Calamos Global Dynamic Income Fund    
 
        
By:
  /s/ John P. Calamos, Sr.
 
    
 
        
Name:
  John P. Calamos, Sr.    
Title:
  Principal Executive Officer    
Date:
  September 24, 2009    
 
        
By:
  /s/ Nimish S. Bhatt
 
    
 
        
Name:
  Nimish S. Bhatt    
Title:
  Principal Financial Officer    
Date:
  September 24, 2009