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, 2008
DATE OF REPORTING PERIOD:                 July 31, 2008
 
 

 


 

 
Global Dynamic Income Fund
 
 SCHEDULE OF INVESTMENTS JULY 31, 2008 (UNAUDITED)

 
                 
PRINCIPAL
           
AMOUNT         VALUE  
   
 
CORPORATE BONDS (18.9%)
        Consumer Discretionary (3.3%)
  2,000,000     Boyd Gaming Corp. μ
7.125%, 02/01/16
  $ 1,425,000  
  2,000,000     D.R. Horton, Inc.
9.750%, 09/15/10
    1,970,000  
  2,000,000     EchoStar Communications Corp.
7.125%, 02/01/16
    1,855,000  
  2,000,000     General Motors Corp.
7.200%, 01/15/11
    1,320,000  
  2,000,000     Hanesbrands, Inc.‡
6.508%, 12/15/14
    1,790,000  
  2,000,000     Jarden Corp.
7.500%, 05/01/17
    1,750,000  
  2,000,000     Liberty Media Corp.
8.500%, 07/15/29
    1,779,300  
  5,000,000     McDonald’s Corp.
5.350%, 03/01/18
    4,906,295  
  2,000,000     MGM Mirage μ
7.500%, 06/01/16
    1,605,000  
  2,000,000     Pulte Homes, Inc.
7.875%, 08/01/11
    1,940,000  
  2,210,000     Royal Caribbean Cruises, Ltd. μ
7.500%, 10/15/27
    1,712,750  
  2,000,000     The Interpublic Group of Companies, Inc.
6.250%, 11/15/14
    1,712,500  
                 
              23,765,845  
                 
        Consumer Staples (1.8%)
  1,000,000     Alliance One International, Inc.
8.500%, 05/15/12
    942,500  
  1,000,000     Del Monte Foods Company
8.625%, 12/15/12
    1,027,500  
  6,000,000     Diageo, PLC
5.500%, 09/30/16
    5,864,220  
  2,000,000     NBTY, Inc.
7.125%, 10/01/15
    1,890,000  
  2,000,000     Pilgrim’s Pride Corp.
7.625%, 05/01/15
    1,700,000  
  2,000,000     Smithfield Foods, Inc.
7.750%, 07/01/17
    1,720,000  
                 
              13,144,220  
                 
        Energy (1.1%)
  2,000,000     Complete Production Services, Inc.
8.000%, 12/15/16
    1,995,000  
  2,000,000     Dresser-Rand Group, Inc.
7.375%, 11/01/14
    1,990,000  
  2,000,000     Superior Energy Services, Inc. μ
6.875%, 06/01/14
    1,870,000  
  2,000,000     Williams Companies, Inc. μ
7.750%, 06/15/31
    2,080,000  
                 
              7,935,000  
                 
        Financials (2.5%)
  15,000,000     Federal National Mortgage Association μ
5.125%, 09/02/08
    15,031,110  
  2,000,000     Ford Motor Credit Company, LLC
9.875%, 08/10/11
    1,631,858  
        Leucadia National Corp.        
  1,000,000     7.000%, 08/15/13     967,500  
  880,000     8.125%, 09/15/15     881,100  
                 
              18,511,568  
                 
        Health Care (0.6%)
  2,000,000     Bio-Rad Laboratories, Inc. μ
7.500%, 08/15/13
    2,005,000  
  2,000,000     HCA, Inc.
9.125%, 11/15/14
    2,065,000  
                 
              4,070,000  
                 
        Industrials (4.4%)
  1,000,000     Belden CDT, Inc. μ
7.000%, 03/15/17
    952,500  
  2,000,000     Deluxe Corp.
7.375%, 06/01/15
    1,752,500  
  2,000,000     General Cable Corp.
7.125%, 04/01/17
    1,900,000  
  10,000,000     General Electric Company
5.250%, 12/06/17
    9,705,720  
  5,000,000     Honeywell International, Inc.
5.300%, 03/01/18
    4,891,590  
  1,000,000     Interline Brands, Inc.
8.125%, 06/15/14
    960,000  
  2,000,000     Manitowoc Company, Inc. μ
7.125%, 11/01/13
    1,885,000  
  6,000,000     Siemens, AG
5.750%, 10/17/16
    5,977,728  
  2,000,000     SPX Corp.*
7.625%, 12/15/14
    2,047,500  
  2,000,000     Terex Corp.
7.375%, 01/15/14
    1,965,000  
                 
              32,037,538  
                 
        Information Technology (3.6%)
  2,000,000     Amkor Technology, Inc.
9.250%, 06/01/16
    1,905,000  
  10,000,000     Cisco Systems, Inc.
5.500%, 02/22/16
    10,128,760  
  10,000,000     Oracle Corp.
5.250%, 01/15/16
    9,909,080  
  2,000,000     SunGard Data Systems, Inc. μ
9.125%, 08/15/13
    2,055,000  
  2,000,000     Xerox Corp. μ
8.000%, 02/01/27
    1,910,956  
                 
              25,908,796  
                 
 
See accompanying Notes to Schedule of Investments


 

 
Global Dynamic Income Fund


 SCHEDULE OF INVESTMENTS JULY 31, 2008 (UNAUDITED)

 
                 
PRINCIPAL
           
AMOUNT         VALUE  
   
 
        Materials (0.6%)
  2,000,000     Century Aluminum Company
7.500%, 08/15/14
  $ 1,975,000  
  2,305,000     Terra Industries, Inc.
7.000%, 02/01/17
    2,287,713  
                 
              4,262,713  
                 
        Telecommunication Services (1.0%)
  2,000,000     Citizens Communications Company
9.000%, 08/15/31
    1,780,000  
  2,000,000     Leap Wireless International, Inc.
9.375%, 11/01/14
    1,970,000  
  2,000,000     Qwest Communications
International, Inc. μ
7.750%, 02/15/31
    1,570,000  
  2,000,000     Windstream Corp. μ
8.625%, 08/01/16
    2,035,000  
                 
              7,355,000  
                 
        TOTAL CORPORATE BONDS
(Cost $143,546,121)
    136,990,680  
                 
CONVERTIBLE BONDS (13.4%)
        Consumer Discretionary (2.4%)
  1,650,000  EUR   Adidas, AG
2.500%, 10/08/18
    4,019,379  
  1,800,000     Central European Media
Enterprises, Ltd.*
3.500%, 03/15/13
    1,851,750  
  3,500,000     Ford Motor Company μ
4.250%, 12/15/36
    2,450,000  
  4,250,000     General Motors Corp. μ
6.250%, 07/15/33
    1,941,400  
  5,000,000     Interpublic Group of Companies, Inc.*
4.250%, 03/15/23
    5,075,000  
  1,500,000  EUR   Intralot SA
2.250%, 12/20/13
    2,233,843  
                 
              17,571,372  
                 
        Consumer Staples (0.3%)
  1,500,000     Smithfield Foods, Inc.
4.000%, 06/30/13
    1,770,000  
                 
        Energy (2.6%)
  3,200,000     Carrizo Oil & Gas, Inc.
4.375%, 06/01/28
    2,896,000  
  3,000,000     Grey Wolf, Inc.‡
2.741%, 04/01/24
    4,113,600  
  3,500,000     Petroleum Geo-Services, ASA
2.700%, 12/03/12
    3,066,875  
  4,300,000     SeaDrill, Ltd.
3.625%, 11/08/12
    4,657,103  
  3,500,000     Subsea 7, Inc.
2.800%, 06/06/11
    3,753,750  
                 
              18,487,328  
                 
        Financials (1.9%)
  2,000,000     Affiliated Managers Group, Inc.
3.950%, 08/15/38
    1,919,000  
  2,000,000     American Equity Investment Life Holding Company
5.250%, 12/06/24
    1,855,000  
  2,000,000     Banco Espirito Santo, SA
1.250%, 02/26/11
    2,055,000  
  3,000,000     Health Care REIT, Inc.
4.750%, 07/15/27
    3,337,500  
  5,000,000     Prudential Financial, Inc.‡
0.386%, 12/12/36
    4,915,000  
                 
              14,081,500  
                 
        Health Care (2.6%)
  3,300,000     Emdeon Corp.
3.125%, 09/01/25
    2,945,250  
  700,000     Five Star Quality Care, Inc.
3.750%, 10/15/26
    471,625  
  3,000,000     Millipore Corp.
3.750%, 06/01/26
    3,067,500  
  6,500,000     Shire, PLC
2.750%, 05/09/14
    5,528,691  
  6,200,000     Teva Pharmaceutical Industries, Ltd. μ
1.750%, 02/01/26
    6,858,750  
                 
              18,871,816  
                 
        Industrials (1.0%)
  1,800,000  EUR   MTU Aero Engines Holdings, AG
2.750%, 02/01/12
    2,209,362  
  3,000,000     School Specialty, Inc.
3.750%, 11/30/26
    2,711,250  
  2,000,000     Waste Connections, Inc.
3.750%, 04/01/26
    2,367,500  
                 
              7,288,112  
                 
        Information Technology (1.6%)
        Cap Gemini, SA        
  1,350,000  EUR   1.000%, 01/01/12     993,937  
  1,200,000  EUR   2.500%, 01/01/10     992,567  
  5,500,000     Intel Corp. μ
2.950%, 12/15/35
    5,355,625  
  4,000,000     Mentor Graphics Corp.
6.250%, 03/01/26
    4,220,000  
                 
              11,562,129  
                 
        Materials (0.4%)
  3,000,000     Sino-Forest Corp.*
5.000%, 08/01/13
    3,052,500  
                 
        Telecommunication Services (0.2%)
  1,350,000     NII Holdings, Inc.
2.750%, 08/15/25
    1,689,188  
                 
 
See accompanying Notes to Schedule of Investments


 

 
Global Dynamic Income Fund


 SCHEDULE OF INVESTMENTS JULY 31, 2008 (UNAUDITED)

 
                 
PRINCIPAL
           
AMOUNT         VALUE  
   
 
        Utilities (0.4%)
  1,700,000  EUR   International Power, PLC
3.250%, 07/20/13
  $ 2,800,961  
                 
        TOTAL CONVERTIBLE BONDS
(Cost $107,631,207)
    97,174,906  
                 
NUMBER OF
           
SHARES         VALUE  
   
 
CONVERTIBLE PREFERRED STOCKS (5.4%)
        Consumer Staples (0.5%)
  4,000     Bunge, Ltd.
5.125%
    3,680,000  
                 
        Financials (1.7%)
  9,500     Alleghany Corp.
5.750%
    2,808,293  
  1,800     Bank of America Corp.
7.250%
    1,679,400  
  38,400     Citigroup, Inc.
6.500%
    1,694,400  
  185,000     MetLife, Inc.
6.375%
    4,658,300  
  2,000     SLM Corp.
7.250%
    1,774,750  
                 
              12,615,143  
                 
        Health Care (1.4%)
  52  EUR   Bayer, AG
6.625%
    6,057,056  
  2,000     Mylan Laboratories, Inc.
6.500%
    1,788,200  
  11,000     Schering-Plough Corp. μ
6.000%
    2,157,650  
                 
              10,002,906  
                 
        Industrials (0.2%)
  40,000     Avery Dennison Corp.
7.875%
    1,760,000  
                 
        Materials (1.3%)
  38,000     Cia Vale do Rio Doce
5.500%
    2,199,250  
  21,000     Freeport-McMoRan Copper & Gold, Inc. μ
6.750%
    2,944,830  
  4,900  CHF   Givaudan, SA
5.375%
    3,879,165  
                 
              9,023,245  
                 
        Utilities (0.3%)
  30,000     Entergy Corp.
7.625%
    1,875,000  
                 
        TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $45,253,403)
    38,956,294  
                 
NUMBER OF
           
UNITS         VALUE  
   
 
STRUCTURED EQUITY-LINKED SECURITIES (16.6%)
        Consumer Discretionary (5.1%)
  265,200     Credit Suisse Group (Coach, Inc.)*
15.000%, 11/14/08
  $ 7,245,264  
  132,000     Deutsche Bank (Amazon.com, Inc.)*
12.000%, 02/06/09
    10,007,950  
  116,100     Deutsche Bank (ITT Educational
Services, Inc.)*
12.000%, 01/15/09
    10,388,628  
  151,000     Goldman Sachs Group, Inc.
(Apollo Group, Inc.)*
12.000%, 02/02/09
    9,172,344  
                 
              36,814,186  
                 
        Energy (3.9%)
  161,700     Bank of America Corp. (Noble Corp.)*
12.000%, 12/26/08
    8,807,799  
  188,400     Credit Swiss Group (Chesapeake Energy Corp.)*
12.000%, 12/05/08
    9,366,306  
  68,805     JPMorgan Chase & Company
(Transocean, Inc.)*
12.000%, 12/01/08
    9,695,313  
                 
              27,869,418  
                 
        Information Technology (6.5%)
  217,500     Credit Suisse Group (QUALCOMM, Inc.)*
12.000%, 12/24/08
    11,338,275  
  365,000     Deutsche Bank (eBay, Inc.)*
12.000%, 01/16/09
    9,515,550  
  45,900     Deutsche Bank (MasterCard, Inc.)*
12.000%, 08/12/08
    10,066,559  
  450,200     JP Morgan Chase & Company (Intel Corp.)*
12.000%, 12/01/08
    10,190,277  
  505,051     JPMorgan Chase & Company (NVIDIA Corp.)*
15.000%, 11/14/08
    6,227,279  
                 
              47,337,940  
                 
        Telecommunication Services (1.1%)
  156,800     Wachovia Corp.
(America Movil, SA de CV)*
12.000%, 11/14/08
    8,177,904  
                 
        TOTAL STRUCTURED EQUITY-LINKED SECURITIES
(Cost $129,474,052)
    120,199,448  
                 
NUMBER OF
           
SHARES         VALUE  
   
 
COMMON STOCKS (77.5%)
        Consumer Discretionary (5.8%)
  41,000  EUR   Adidas, AG     2,509,976  
  18,750     Amazon.com, Inc.# μ     1,431,375  
  15,000     Apollo Group, Inc.# μ     934,350  
  145,000  GBP   British Sky Broadcasting Group, PLC     1,299,622  
 
See accompanying Notes to Schedule of Investments


 

 
Global Dynamic Income Fund


 SCHEDULE OF INVESTMENTS JULY 31, 2008 (UNAUDITED)

 
                 
NUMBER OF
           
SHARES         VALUE  
   
 
  38,500     Carnival Corp. μ   $ 1,422,190  
  400,000  GBP   Carphone Warehouse Group, Plc     1,490,647  
  30,000     CBS Corp. μ     490,800  
  21,500     Central European Media
Enterprises, Ltd.#
    1,789,875  
  31,500  CHF   Compagnie Generale Richemont, SA     1,882,164  
  400,000  AUD   Harvey Norman Holdings, Ltd.      1,213,600  
  61,000  EUR   Industria de Diseno Textil, SA     2,934,581  
  39,000  JPY   Makita Corp.      1,334,469  
  83,000  JPY   Matsushita Electric Industrial
Company, Ltd. 
    1,749,970  
  72,000     News Corp. μ     1,051,920  
  38,000     Nike, Inc. μ     2,229,840  
  140,000  JPY   Nikon Corp.      4,067,584  
  7,000     Nordstrom, Inc. μ     201,180  
  54,500  EUR   Paddy Power, PLC     1,521,712  
  9,000  EUR   Porsche Holding GmbH     1,348,904  
  110,000  JPY   Suzuki Motor Corp.      2,402,371  
  85,000  CHF   Swatch Group, AG     3,721,330  
  8,000     Target Corp.      361,840  
  70,000     Time Warner, Inc. μ     1,002,400  
  31,000  JPY   Toyota Motor Corp.      1,336,333  
  67,500     Walt Disney Company μ     2,048,625  
                 
              41,777,658  
                 
        Consumer Staples (6.4%)
  40,000     Avon Products, Inc.      1,696,000  
  53,000  EUR   Beiersdorf, AG     3,418,535  
  37,500     Coca-Cola Company     1,931,250  
  32,000     CVS Corp. μ     1,168,000  
  180,000  GBP   Diageo, PLC     3,135,682  
  53,000  EUR   InBev, NV     3,552,236  
  160  JPY   Japan Tobacco, Inc.      745,785  
  12,000     Kimberly-Clark Corp. μ     693,960  
  225,000  CHF   Nestle Holdings, Inc.      9,869,617  
  23,000     PepsiCo, Inc. μ     1,530,880  
  40,000     Philip Morris International, Inc.      2,066,000  
  45,000     Procter & Gamble Company μ     2,946,600  
  52,000  GBP   Reckitt Benckiser Group, PLC     2,835,038  
  53,000  GBP   Unilever, PLC     1,453,101  
  900,000  MXN   Wal-Mart de Mexico SA de CV     3,661,412  
  72,000     Wal-Mart Stores, Inc. μ     4,220,640  
  46,000     Walgreen Company μ     1,579,640  
                 
              46,504,376  
                 
        Energy (7.4%)
  782,000  GBP   BP, PLC     8,026,000  
  26,000     Chevron Corp. μ     2,198,560  
  40,000     ConocoPhillips μ     3,264,800  
  12,500     Devon Energy Corp. μ     1,186,125  
  95,000  EUR   ENI S.p.A.      3,205,746  
  100,000     Exxon Mobil Corp. μ     8,043,000  
  46,500     Halliburton Company μ     2,084,130  
  31,000     Marathon Oil Corp. μ     1,533,570  
  24,000     Noble Corp.      1,244,880  
  15,000     Occidental Petroleum Corp. μ     1,182,450  
  115,000  NOK   Petroleum Geo-Services ASA#     2,654,043  
  82,300  GBP   Royal Dutch Shell, PLC     2,922,099  
  22,000     Schlumberger, Ltd. μ     2,235,200  
  124,000  NOK   SeaDrill, Ltd.      3,702,859  
  40,000  CAD   Suncor Energy, Inc.      2,174,325  
  74,000  EUR   TOTAL, SA     5,666,111  
  16,500     Transocean, Inc.# μ     2,244,495  
                 
              53,568,393  
                 
        Financials (12.1%)
  27,500     AFLAC, Inc. μ     1,529,275  
  80,000     American International Group, Inc. μ     2,084,000  
  24,000     Aon Corp. μ     1,099,200  
  95,000  AUD   Australian Stock Exchange, Ltd.      3,063,899  
  135,000  EUR   Banco Santander Central Hispano, SA     2,586,131  
  105,000     Bank of America Corp. μ     3,454,500  
  41,000     Bank of New York Mellon Corp. μ     1,455,500  
  18,700  EUR   BNP Paribas     1,843,489  
  153,000     Citigroup, Inc. μ     2,859,570  
  62,500  AUD   Commonwealth Bank of Australia     2,317,624  
  29,000  EUR   Deutsche Börse, AG     3,301,525  
  197,000  EUR   EFG Eurobank Ergasias     4,887,350  
  12,000     Franklin Resources, Inc. μ     1,207,320  
  19,000     Hartford Financial Services Group, Inc. μ     1,204,410  
  100,000  HKD   Hong Kong Exchanges and Clearing, Ltd.      1,472,471  
  91,500     JPMorgan Chase & Company μ     3,717,645  
  80,000  CHF   Julius Baer Holding, AG     5,072,035  
  99,000     Manulife Financial Corp.      3,646,170  
  40,000     MetLife, Inc. μ     2,030,800  
  360  JPY   Mizuho Financial Group, Inc.      1,723,756  
  40,000     Morgan Stanley μ     1,579,200  
  47,000  EUR   Piraeus Bank, SA     1,403,616  
  98,000  CAD   Power Financial Corp.      3,234,924  
  25,500     Prudential Financial, Inc. μ     1,758,735  
  262,000  AUD   QBE Insurance Group, Ltd.      5,530,791  
  290,000  GBP   Schroders, PLC     5,497,230  
  387,000  SGD   Singapore Exchange, Ltd.      1,902,162  
  140,000  GBP   Standard Chartered, PLC     4,262,452  
  8,000     State Street Corp. μ     573,120  
  230  JPY   Sumitomo Mitsui Financial Group, Inc.      1,784,503  
  23,500     T Rowe Price Group, Inc.      1,406,475  
 
See accompanying Notes to Schedule of Investments


 

 
Global Dynamic Income Fund


 SCHEDULE OF INVESTMENTS JULY 31, 2008 (UNAUDITED)

 
                 
NUMBER OF
           
SHARES         VALUE  
   
 
  64,000     U.S. Bancorp μ   $ 1,959,040  
  67,000     Wachovia Corp.      1,157,090  
  102,500     Wells Fargo & Company     3,102,675  
  8,300  CHF   Zurich Financial Services, AG     2,181,543  
                 
              87,890,226  
                 
        Health Care (8.9%)
  77,000     Abbott Laboratories μ     4,338,180  
  60,000     Alcon, Inc.      10,345,800  
  25,000  JPY   Astellas Pharma, Inc.      1,083,996  
  24,000  EUR   Bayer, AG     2,065,457  
  83,000     Bristol-Myers Squibb Company μ     1,752,960  
  62,000  AUD   Cochlear, Ltd.      2,570,200  
  150,000  AUD   CSL, Ltd.      4,850,029  
  34,250     Eli Lilly and Company μ     1,613,518  
  80,000     Johnson & Johnson μ     5,477,600  
  42,000     Medtronic, Inc. μ     2,218,860  
  92,500     Merck & Company, Inc. μ     3,043,250  
  54,000  CHF   Novartis International, AG     3,205,746  
  107,000  DKK   Novo Nordisk, AS - B Shares     6,784,407  
  98,000  JPY   OLYMPUS Corp.      3,290,611  
  190,000     Pfizer, Inc. μ     3,547,300  
  13,276  CHF   Roche Holding, AG     2,452,898  
  40,000     St. Jude Medical, Inc.#     1,863,200  
  18,500     Stryker Corp. μ     1,187,515  
  42,000     UnitedHealth Group, Inc. μ     1,179,360  
  17,000     Wyeth μ     688,840  
  17,000     Zimmer Holdings, Inc.#     1,171,470  
                 
              64,731,197  
                 
        Industrials (10.9%)
  27,000     3M Company μ     1,900,530  
  270,000  CHF   ABB, Ltd.#     7,078,473  
  54,000  EUR   Alstom     6,044,639  
  610,000  GBP   BAE Systems, PLC     5,412,876  
  28,000     Boeing Company μ     1,711,080  
  500,000  CAD   Bombardier, Inc.      3,584,159  
  10,000     Burlington Northern Santa Fe Corp. μ     1,041,300  
  164,516  GBP   Capita Group, PLC     2,232,279  
  7,000     Danaher Corp. μ     557,550  
  18,000     Emerson Electric Company μ     876,600  
  63,000  GBP   FirstGroup, PLC     643,946  
  19,000     General Dynamics Corp. μ     1,693,660  
  242,500     General Electric Company μ     6,860,325  
  60,000     Honeywell International, Inc. μ     3,050,400  
  25,000     Illinois Tool Works, Inc. μ     1,171,250  
  44,000  EUR   KCI Konecranes Oyj     1,748,047  
  160,000  JPY   Komatsu, Ltd.      3,973,478  
  47,000  EUR   Krones, AG     3,718,831  
  10,000     Lockheed Martin Corp. μ     1,043,300  
  30,000  EUR   MAN, AG     3,008,808  
  44,000  EUR   MTU Aero Engines Holdings, AG     1,359,279  
  14,000  EUR   Nexans, SA     1,661,796  
  21,000     Raytheon Company μ     1,195,530  
  455,000  GBP   Rolls-Royce Group, PLC#     3,207,666  
  40,000  EUR   Royal Philips Electronics, NV     1,333,243  
  28,000  EUR   SGL Carbon#     1,863,685  
  50,000  EUR   Siemens, AG     6,109,668  
  12,800     Union Pacific Corp. μ     1,055,232  
  20,000     United Parcel Service, Inc.      1,261,600  
  43,000     United Technologies Corp. μ     2,751,140  
                 
              79,150,370  
                 
        Information Technology (18.4%)
  31,000     Apple, Inc.# μ     4,927,450  
  391,000  GBP   Autonomy Corp. PLC#     8,237,844  
  60,000  JPY   Canon, Inc.      2,742,314  
  29,500  EUR   Cap Gemini, SA     1,883,329  
  90,000  JPY   Capcom Company, Ltd.      2,803,113  
  145,000     Cisco Systems, Inc.# μ     3,188,550  
  132,500     Dell, Inc.# μ     3,255,525  
  85,000     eBay, Inc.# μ     2,139,450  
  65,000     EMC Corp.# μ     975,650  
  6,250     Google, Inc.# μ     2,960,938  
  140,000     Infosys Technologies, Ltd.      5,514,600  
  185,000     Intel Corp. μ     4,105,150  
  40,000     International Business Machines Corp. μ     5,119,200  
  113,000  JPY   Konami Corp.      3,573,440  
  285,000  SEK   LM Ericsson Telephone Company     2,990,780  
  85,000  CHF   Logitech International, SA#     2,250,943  
  230,000     Microsoft Corp. μ     5,915,600  
  45,000     Motorola, Inc. μ     388,800  
  70,000     NDS Group, PLC#     4,041,800  
  28,400  JPY   Nintendo Company, Ltd.      13,779,279  
  370,000  EUR   NOKia Corp.      10,098,209  
  92,000  JPY   Nomura Reasearch Institute, Ltd.      2,055,463  
  150,000     Oracle Corp.# μ     3,229,500  
  67,000     QUALCOMM, Inc.      3,707,780  
  100,000  BRL   Redecard, SA      1,864,266  
  5,560  KRW   Samsung Electronics Co., Ltd.      3,076,108  
  118,000  EUR   SAP, AG     6,832,577  
  65,000     Satyam Computer Services, Ltd.      1,387,100  
  75,000     Symantec Corp.#     1,580,250  
  165,000  NOK   Tandberg, ASA     2,879,102  
  170,000  CHF   Temenos Group, AG#     5,007,419  
  60,000     Texas Instruments, Inc. μ     1,462,800  
  71,000  JPY   Trend Micro, Inc.      2,470,035  
 
See accompanying Notes to Schedule of Investments


 

 
Global Dynamic Income Fund


 SCHEDULE OF INVESTMENTS JULY 31, 2008 (UNAUDITED)

 
                 
NUMBER OF
           
SHARES         VALUE  
   
 
  66,000  EUR   Ubisoft Entertainment, SA#   $ 6,495,850  
  103,000  HKD   Vtech Holdings     625,457  
                 
              133,565,671  
                 
        Materials (3.1%)
  47,000  GBP   Anglo American, PLC     2,686,828  
  20,500  EUR   BASF, AG     1,297,604  
  110,000  AUD   BHP Billiton, Ltd.      4,104,739  
  60,000  GBP   BHP Billiton, PLC     1,985,710  
  87,000     Cia Vale do Rio Doce     2,612,610  
  36,000     E.I. du Pont de Nemours and Company μ     1,577,160  
  7,000     Freeport-McMoRan Copper & Gold, Inc. μ     677,250  
  30,000  GBP   Rio Tinto Group     3,139,369  
  41,000     The Dow Chemical Company μ     1,365,710  
  37,000  NOK   Yara International, ASA     2,628,535  
                 
              22,075,515  
                 
        Telecommunication Services (3.3%)
  93,500     America Movil, SA de CV     4,720,815  
  145,000     AT&T, Inc. μ     4,467,450  
  35,000  EUR   Bouygues, SA     2,262,675  
  265,000  GBP   BT Group, PLC     895,464  
  96,000  EUR   France Telecom, AG     3,035,436  
  83,000     Verizon Communications, Inc. μ     2,825,320  
  2,157,000  GBP   Vodafone Group, PLC     5,778,212  
                 
              23,985,372  
                 
        Utilities (1.2%)
  47,500     Duke Energy Corp. μ     835,050  
  10,500     Exelon Corp. μ     825,510  
  15,500     FPL Goup, Inc.      1,000,215  
  29,000  EUR   RWE, AG     3,470,147  
  48,000  EUR   Suez     2,871,643  
                 
              9,002,565  
                 
        TOTAL COMMON STOCKS
(Cost $657,627,286)
    562,251,343  
                 
PRINCIPAL
           
AMOUNT         VALUE  
   
 
U.S. GOVERNMENT SECURITY (0.5%)
  4,000,000     United States Treasury Notes 
4.875%, 10/31/08 μ
(Cost $4,029,969)
    4,032,816  
                 
NUMBER OF
           
SHARES         VALUE  
   
 
INVESTMENT IN AFFILIATED FUND (15.4%)
  112,035,244     Calamos Government Money Market Fund -
        Class I Shares W
(Cost $112,035,244)
  $ 112,035,244  
                 
  TOTAL INVESTMENTS (147.7%)
  (Cost $1,199,597,282)
    1,071,640,731  
         
LIABILITIES, LESS OTHER ASSETS (-40.8)%
    (296,079,048 )
         
PREFERRED SHARES AT REDEMPTION VALUE INCLUDING DIVIDENDS PAYABLE (-6.9)%
    (50,017,059 )
         
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)   $ 725,544,624  
         
COMMON STOCKS SOLD SHORT (-3.4%)
        Consumer Discretionary (-0.2%)
  (206,600 )   Interpublic Group of Companies, Inc.#     (1,816,014 )
                 
        Consumer Staples (-0.5%)
  (31,000 )   Bunge, Ltd.      (3,066,520 )
  (39,900 )   Smithfield Foods, Inc.#     (857,052 )
                 
              (3,923,572 )
                 
        Energy (-0.4%)
  (17,500 )   Carrizo Oil & Gas, Inc.#     (880,950 )
  (250,000 )   Grey Wolf, Inc.#     (2,135,000 )
                 
              (3,015,950 )
                 
        Financials (-0.7%)
  (9,000 )   Affiliated Managers Group, Inc.#     (777,600 )
  (7,956 )   Alleghany Corp.#     (2,508,288 )
  (77,000 )   American Equity Investment Life Holding Company     (672,980 )
  (61,000 )   SLM Corp.#     (1,044,930 )
                 
              (5,003,798 )
                 
        Health Care (-0.6%)
  (28,000 )   Five Star Quality Care, Inc.#     (122,920 )
  (127,900 )   HLTH Corp.#     (1,399,226 )
  (19,900 )   Millipore Corp.#     (1,399,965 )
  (114,000 )   Mylan Laboratories, Inc.#     (1,478,580 )
                 
              (4,400,691 )
                 
        Industrials (-0.4%)
  (29,000 )   School Specialty, Inc.#     (965,990 )
  (44,500 )   Waste Connections, Inc.#     (1,619,355 )
                 
              (2,585,345 )
                 
 
See accompanying Notes to Schedule of Investments


 

 
Global Dynamic Income Fund


 SCHEDULE OF INVESTMENTS JULY 31, 2008 (UNAUDITED)

 
                 
NUMBER OF
           
SHARES         VALUE  
   
 
        Information Technology (-0.1%)
  (55,600 )   Mentor Graphics Corp.#   $ (771,728 )
                 
        Materials (-0.2%)
  (88,600 ) CAD   Sino-Forest Corp.#     (1,410,401 )
                 
        Utilities (-0.3%)
  (17,000 )   Entergy Corp.      (1,817,640 )
                 
        TOTAL COMMON STOCKS SOLD SHORT
(Proceeds $26,402,313)
    (24,745,139 )
                 
NUMBER OF
           
CONTRACTS         VALUE  
   
 
WRITTEN OPTIONS (-1.9%)
        Financials (-1.9%)
        iShares MSCI EAFE Index Fund#        
  16,550     Call, 12/20/08, Strike $69.00     (4,096,125 )
  14,400     Call, 09/20/08, Strike $72.00     (288,000 )
  8,775     Call, 12/20/08, Strike $70.00     (1,798,875 )
  7,600     Call, 12/20/08, Strike $74.00     (646,000 )
  3,600     Call, 12/20/08, Strike $73.00     (387,000 )
        SPDR Trust Series 1#        
  3,725     Call, 12/20/08, Strike $130.00     (1,983,562 )
  2,025     Call, 12/20/08, Strike $127.00     (1,397,250 )
  2,000     Call, 12/20/08, Strike $126.00     (1,495,000 )
  1,900     Call, 12/20/08, Strike $132.00     (836,000 )
  1,750     Call, 09/20/08, Strike $135.00     (162,750 )
  1,375     Call, 12/20/08, Strike $136.00     (390,500 )
  1,300     Call, 09/20/08, Strike $140.00     (28,600 )
  825     Call, 09/20/08, Strike $134.00     (96,525 )
                 
              (13,606,187 )
                 
        TOTAL WRITTEN OPTIONS
(Premium $20,463,685)
    (13,606,187 )
                 
 
NOTES TO SCHEDULE OF INVESTMENTS
μ Security, or portion of security, is held in a segregated account as collateral for written options, swaps, or securities held short aggregating a total value of $211,634,481.
* 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 or excepted from such registration requirements. At July 31, 2008, the value of 144A securities that could not be exchanged to the registered form is $105,424,295 or 15% of net assets applicable to common Shareholders.
Variable rate or step bond security. The rate shown is the rate in effect at July 31, 2008.
# Non-income producing security.
W Investment in an affiliated fund. During the period from November 1, 2007, through July 31, 2008, the fund had net purchases of $59,235,248 and received $1,659,179 in dividend payments from the affiliated fund. As of October 31, 2007, the fund had holdings of $52,799,996 of the affiliated fund.
 
 
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
 
Note: Value of 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 of the option contract. The option contract may be exercised at any date on or before the date shown.
 
See accompanying Notes to Schedule of Investments


 

Global Dynamic Income Fund
 
 
CREDIT DEFAULT SWAPS (UNAUDITED)
 
                                     
Swap
  Referenced
  Buy/Sell
  Fund Pays/Receives
  Termination
    Notional
    Unrealized
 
Counterparty   Obligation   Protection   Fixed Rate   Date     Amount     Appreciation/Depreciation  
   
 
Bank of America Corp. 
  Ltd Brands Inc.   BUY   2.30 BPS Quarterly     6/20/2013     $ 5,000,000     $ 151,189  
                                     
Citibank, N.A.
  Centex Corporation   BUY   1.35 BPS Quarterly     9/20/2012       5,000,000       544,147  
                                     
Goldman Sachs
  Jones Apparel Group   BUY   1.32 BPS Quarterly     9/20/2012       5,000,000       359,670  
                                     
Goldman Sachs
  Temple-Inland   BUY   1.00 BPS Quarterly     9/20/2012       5,000,000       417,443  
                                     
Lehman Brothers Special Financing Inc.
  Iac/Interactivecorp   BUY   1.25 BPS Quarterly     9/20/2012       5,000,000       553,078  
                                     
Citibank, N.A.
  Radian Corporation   BUY   8.600 BPS Quarterly     9/20/2012       3,000,000       840,532  
                                     
Merrill Lynch
  CDX.NA.IG.8, 3-7%
10 Year Fixed
  SELL   5.62 BPS Quarterly     6/20/2017       4,000,000       (492,108 )
                                     
Merrill Lynch
  CDX.NA.IG.8, 7-10%
10 Year Fixed
  SELL   1.78 BPS Quarterly     6/20/2017       20,000,000       (3,030,658 )
                                     
Lehman Brothers Special Financing Inc.
  CDX.NA.IG.8, 3-7%
10 Year Fixed
  SELL   5.64 BPS Quarterly     6/20/2017       20,000,000       (2,437,978 )
                                     
Citibank, N.A.
  CDX.NA.IG.8, 7-10%
10 Year Fixed
  SELL   1.68 BPS Quarterly     6/20/2017       20,000,000       (3,161,165 )
                                     
Goldman Sachs
  CDX.NA.IG.8, 3-7%
10 Year Fixed
  SELL   5.43 BPS Quarterly     6/20/2017       10,000,000       (1,337,442 )
                                     
Goldman Sachs
  CDX.NA.IG.8, 7-10%
10 Year Fixed
  SELL   1.67 BPS Quarterly     6/20/2017       10,000,000       (1,587,108 )
                                     
Merrill Lynch
  CDX.NA.IG.8, 3-7%
10 Year Fixed
  SELL   5.72 BPS Quarterly     6/20/2017       13,000,000       (1,526,023 )
                                     
                                     
                                $ (10,706,423 )
                                     


 

 
Calamos Global Dynamic Income Fund

     
COUNTRY ALLOCATION AS OF JULY 31, 2008
Country   % of Portfolio  
 
     
United States
  44.9%
     
Germany
  10.7%
     
Switzerland
  9.2%
     
United Kingdom
  9.0%
     
Japan
  5.5%
     
France
  3.7%
     
Australia
  2.6%
     
Canada
  1.6%
     
Bermuda
  1.4%
     
Finland
  1.3%
     
Norway
  1.2%
     
Greece
  0.9%
     
Mexico
  0.9%
     
India
  0.8%
     
Cayman Islands
  0.8%
     
Denmark
  0.7%
     
Israel
  0.7%
     
Brazil
  0.7%
     
Spain
  0.6%
     
Belgium
  0.4%
     
Italy
  0.4%
     
South Korea
  0.3%
     
Sweden
  0.3%
     
Hong Kong
  0.2%
     
Singapore
  0.2%
     
Netherlands Antilles
  0.2%
     
Portugal
  0.2%
     
Ireland
  0.2%
     
Liberia
  0.2%
     
Netherlands
  0.2%
   
     
Total:
  100.0%
   
 
Country allocations 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.
 
Portfolio 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.
 
Portfolio 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 the Fund determines its NAV.
 
When a most recent last sale or closing price is not available, portfolio 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.
 
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, in accordance with guidelines adopted by the board of trustees. 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.
 
Each 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 markets or exchanges 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 on July 31, 2008.


 

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. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.
 
When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a written put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. 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 following information is presented on a federal income tax basis as of July 31, 2008. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to timing differences.
 
The cost basis of investments for federal income tax purposes at July 31, 2008 was as follows:
 
         
Cost basis of investments
  $ 1,199,824,782  
         
Gross unrealized appreciation
    28,665,649  
Gross unrealized depreciation
    (156,849,700 )
         
Net unrealized appreciation (depreciation)
  $ (128,184,051 )
         
 
NOTE 3 — SHORT SALES
 
Securities sold short represent obligations to deliver the securities at a future date. A Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. Dividends paid on securities sold short are disclosed as an expense on the Statement of Operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.
 
To secure its obligation to deliver to the broker-dealer the securities sold short, the Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, the Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.
 
NOTE 4 — FORWARD FOREIGN CURRENCY CONTRACTS
 
There were no open forward currency contracts at July 31, 2008.


 

NOTE 5 — PREFERRED SHARES
 
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 T, 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 6 — SWAPS
 
The Fund may engage in various swap transactions primarily to manage duration and yield curve risk or as alternatives to direct investments.
 
The Fund may also enter into credit default swap agreements. A credit default swap agreement may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” in a credit default contract is generally obligated to pay the protection “seller” an upfront or a periodic stream of payments over the term of the contract provided that no credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or the seller in the transaction. If the Fund is the buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if the credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. Credit default swap agreements involve greater risks than if the Fund invested in the reference obligation.
 
The contracts are marked-to-market daily and changes in value are recorded as unrealized appreciation or depreciation. Premiums paid to or by the Fund are accrued daily and included in realized gain (loss) on swaps. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the Fund’s custodian in compliance with swap contracts. Risks include changes in the return of the underlying instruments, the possible lack of liquidity with respect to the contracts, failure of the counterparties to perform under the contracts’ terms and counterparty’s creditworthiness. There is no guarantee that the Fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.
 
As of July 31, 2008, the Fund had outstanding swap agreements as listed on the Schedule of Investments.
 
NOTE 7 — SYNTHETIC CONVERTIBLE INSTRUMENTS
 
The Fund may establish a “synthetic” convertible instrument by combining separate securities that possess the economic characteristics similar to a convertible security, i.e., fixed-income securities (“fixed-income component”, which may be a convertible or non-convertible security) and the right to acquire equity securities (“convertible component”). The fixed-income component is achieved by investing in fixed-income securities such as bonds, preferred stocks, and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. In establishing a synthetic instrument, the Fund may pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times.
 
The Fund may also purchase synthetic securities created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the


 

underlying common stock into which the note is convertible. Purchasing synthetic convertible securities may offer more flexibility than purchasing a convertible security.
 
NOTE 8  — 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.


 

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, 2008  
 
       
By:
  /s/ Nimish S. Bhatt    
Name:
  Nimish S. Bhatt    
Title:
  Principal Financial Officer    
Date:    September 24, 2008
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, 2008
 
       
By:
  /s/ Nimish S. Bhatt    
Name:
  Nimish S. Bhatt    
Title:
  Principal Financial Officer    
Date:    September 24, 2008