N-Q
 
 
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: January 31, 2009
 
 

 

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

 
                 
PRINCIPAL
 		           
AMOUNT         VALUE  
   
 
CORPORATE BONDS (25.9%)
        Consumer Discretionary (3.6%)
  2,000,000     Boyd Gaming Corp.
7.125%, 02/01/16 		  $ 1,295,000  
  2,000,000     D.R. Horton, Inc.
9.750%, 09/15/10 		    1,880,000  
  2,000,000     DISH Network Corp.
7.125%, 02/01/16 		    1,850,000  
  2,000,000     General Motors Corp.
7.200%, 01/15/11 		    415,000  
  2,000,000     Hanesbrands, Inc.‡
5.698%, 12/15/14 		    1,470,000  
  2,000,000     Interpublic Group of Companies, Inc.
6.250%, 11/15/14 		    1,100,000  
  2,000,000     Jarden Corp.
7.500%, 05/01/17 		    1,450,000  
  2,000,000     Liberty Media Corp.
8.500%, 07/15/29 		    987,606  
  2,000,000     MGM Mirage
7.500%, 06/01/16 		    1,090,000  
  2,000,000     Pulte Homes, Inc.
7.875%, 08/01/11 		    1,880,000  
  2,210,000     Royal Caribbean Cruises, Ltd.
7.500%, 10/15/27 		    1,093,950  
                 
              14,511,556  
                 
        Consumer Staples (1.4%)
  1,000,000     Alliance One International, Inc.
8.500%, 05/15/12 		    795,000  
  1,000,000     Del Monte Foods Company
8.625%, 12/15/12 		    1,020,000  
  2,000,000     NBTY, Inc.
7.125%, 10/01/15 		    1,595,000  
  2,000,000     Pilgrim’s Pride Corp. (in default)**
7.625%, 05/01/15 		    790,000  
  2,000,000     Smithfield Foods, Inc.
7.750%, 07/01/17 		    1,365,000  
                 
              5,565,000  
                 
        Energy (2.0%)
  1,000,000     Bristow Group, Inc.
7.500%, 09/15/17 		    735,000  
  2,000,000     Complete Production Services, Inc.
8.000%, 12/15/16 		    1,410,000  
  2,000,000     Dresser-Rand Group, Inc.
7.375%, 11/01/14 		    1,650,000  
  1,000,000     Frontier Oil Corp.
8.500%, 09/15/16 		    955,000  
  2,000,000     Superior Energy Services, Inc.
6.875%, 06/01/14 		    1,620,000  
  2,000,000     Williams Companies, Inc.
7.750%, 06/15/31 		    1,663,944  
                 
              8,033,944  
                 
        Financials (10.6%)
  15,000,000     Federal Home Loan Mortgage Corp.µ
4.750%, 03/05/09 		    15,056,235  
  24,000,000     Federal National Mortgage Associationµ
3.250%, 02/15/09 		    24,022,848  
  2,000,000     Ford Motor Credit Company, LLC
9.875%, 08/10/11 		    1,520,000  
        Leucadia National Corp.        
  1,380,000     8.125%, 09/15/15     1,124,700  
  1,000,000     7.000%, 08/15/13     845,000  
                 
              42,568,783  
                 
        Health Care (0.9%)
  2,000,000     Bio-Rad Laboratories, Inc.
7.500%, 08/15/13 		    1,830,000  
  2,000,000     HCA, Inc.
9.125%, 11/15/14 		    1,925,000  
                 
              3,755,000  
                 
        Industrials (2.4%)
  1,000,000     Belden, Inc.
7.000%, 03/15/17 		    765,000  
  2,000,000     Deluxe Corp.
7.375%, 06/01/15 		    1,240,000  
  2,000,000     General Cable Corp.
7.125%, 04/01/17 		    1,610,000  
  1,000,000     Interline Brands, Inc.
8.125%, 06/15/14 		    805,000  
  2,000,000     Manitowoc Company, Inc.
7.125%, 11/01/13 		    1,610,000  
  2,000,000     SPX Corp.*
7.625%, 12/15/14 		    1,842,500  
  2,000,000     Terex Corp.
7.375%, 01/15/14 		    1,750,000  
                 
              9,622,500  
                 
        Information Technology (2.3%)
  2,000,000     Amkor Technology, Inc.
9.250%, 06/01/16 		    1,120,000  
  1,000,000     Celestica, Inc.
7.625%, 07/01/13 		    865,000  
  2,000,000     Jabil Circuit, Inc.
8.250%, 03/15/18 		    1,540,000  
  1,000,000     Lender Processing Services, Inc.
8.125%, 07/01/16 		    955,000  
  2,000,000     Motorola, Inc.
5.375%, 11/15/12 		    1,490,040  
  2,000,000     SunGard Data Systems, Inc.
9.125%, 08/15/13 		    1,680,000  
 
See accompanying Notes to Schedule of Investments

 

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

 
                 
PRINCIPAL
 		           
AMOUNT         VALUE  
   
 
  2,000,000     Xerox Corp.
8.000%, 02/01/27 		  $ 1,468,776  
                 
              9,118,816  
                 
        Materials (0.8%)
  2,000,000     Century Aluminum Company
7.500%, 08/15/14 		    1,130,000  
  2,305,000     Terra Industries, Inc.
7.000%, 02/01/17 		    2,039,925  
                 
              3,169,925  
                 
        Telecommunication Services (1.7%)
  2,000,000     Frontier Communications Corp.
9.000%, 08/15/31 		    1,500,000  
  2,000,000     Leap Wireless International, Inc.
9.375%, 11/01/14 		    1,830,000  
  2,000,000     Qwest Communications International, Inc.
7.750%, 02/15/31 		    1,390,000  
  2,000,000     Windstream Corp.
8.625%, 08/01/16 		    1,980,000  
                 
              6,700,000  
                 
        Utilities (0.2%)
  1,000,000     Edison Mission Energy
7.750%, 06/15/16 		    965,000  
                 
        TOTAL CORPORATE BONDS
(Cost $121,847,608) 		    104,010,524  
                 
CONVERTIBLE BONDS (16.7%)
        Consumer Discretionary (2.2%)
  1,650,000  EUR   Adidas, AG
2.500%, 10/08/18 		    2,506,133  
  1,800,000     Central European Media
Enterprises, Ltd.*
3.500%, 03/15/13 		    756,000  
  3,500,000     Ford Motor Company
4.250%, 12/15/36 		    822,500  
  4,250,000     General Motors Corp. - Class C
6.250% 7/15/33 		    527,000  
  5,000,000     Interpublic Group of Companies, Inc.
4.250%, 03/15/23 		    3,156,250  
  1,200,000  EUR   Intralot, SA
2.250%, 12/20/13 		    944,935  
                 
              8,712,818  
                 
        Consumer Staples (0.3%)
  1,500,000     Smithfield Foods, Inc.
4.000%, 06/30/13 		    1,136,250  
                 
        Energy (3.2%)
  3,200,000     Carrizo Oil & Gas, Inc.
4.375%, 06/01/28 		    1,636,000  
  3,000,000     Grey Wolf, Inc.‡
1.409%, 04/01/24 		    2,985,000  
  3,500,000     Petroleum Geo-Services ASA
2.700%, 12/03/12 		    1,645,000  
  2,500,000     Petroplus Holdings, AG
3.375%, 03/26/13 		    1,779,440  
  4,300,000     SeaDrill, Ltd.
3.625%, 11/08/12 		    2,304,176  
  3,500,000     Subsea 7, Inc.
2.800%, 06/06/11 		    2,314,375  
                 
              12,663,991  
                 
        Financials (2.0%)
  3,000,000     Affiliated Managers Group, Inc.*
3.950%, 08/15/38 		    2,081,250  
  2,000,000     American Equity Investment Life
Holding Company
5.250%, 12/06/24 		    1,405,000  
  2,000,000     Banco Espirito Santo, SA
1.250%, 02/26/11 		    1,825,000  
  3,000,000     Health Care REIT, Inc.
4.750%, 07/15/27 		    2,793,750  
                 
              8,105,000  
                 
        Health Care (4.1%)
  700,000     Five Star Quality Care, Inc.
3.750%, 10/15/26 		    308,000  
  3,300,000     HLTH Corp.
3.125%, 09/01/25 		    2,792,625  
  5,000,000     Millipore Corp.
3.750%, 06/01/26 		    4,575,000  
  6,500,000     Shire, PLC
2.750%, 05/09/14 		    5,468,125  
  3,200,000     Teva Pharmaceutical Industries, Ltd.
1.750%, 02/01/26 		    3,424,000  
                 
              16,567,750  
                 
        Industrials (1.5%)
  1,800,000  EUR   MTU Aero Engines Holdings, AG
2.750%, 02/01/12 		    2,066,236  
  3,000,000     School Specialty, Inc.
3.750%, 11/30/26 		    2,043,750  
  2,000,000     Waste Connections, Inc.
3.750%, 04/01/26 		    2,105,000  
                 
              6,214,986  
                 
        Information Technology (2.1%)
  2,850,000  EUR   Cap Gemini, SA
1.000%, 01/01/12 		    1,478,996  
  5,500,000     Intel Corp.
2.950%, 12/15/35 		    4,241,875  
  4,000,000     Mentor Graphics Corp.
6.250%, 03/01/26 		    2,545,000  
                 
              8,265,871  
                 
        Materials (0.6%)
  500,000     Newmont Mining Corp.
3.000%, 02/15/12 		    559,375  
  3,000,000     Sino-Forest Corp.*
5.000%, 08/01/13 		    2,021,250  
                 
              2,580,625  
                 
 
See accompanying Notes to Schedule of Investments

 

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

 
                 
PRINCIPAL
 		           
AMOUNT         VALUE  
   
 
        Telecommunication Services (0.3%)
  1,350,000     NII Holdings, Inc.
2.750%, 08/15/25 		  $ 1,196,438  
                 
        Utilities (0.4%)
  1,700,000  EUR   International Power, PLC
3.250%, 07/20/13 		    1,631,422  
                 
        TOTAL CONVERTIBLE BONDS
(Cost $104,527,181) 		    67,075,151  
                 
NUMBER OF
 		           
SHARES         VALUE  
   
 
CONVERTIBLE PREFERRED STOCKS (7.0%)
        Consumer Staples (1.4%)
  49,000     Archer Daniels Midland Company
6.250% 		    1,766,940  
  8,800     Bunge, Ltd.
5.125% 		    3,784,000  
                 
              5,550,940  
                 
        Financials (1.4%)
  9,500     Alleghany Corp.
5.750% 		    2,365,253  
  2,800     Bank of America Corp.
7.250% 		    1,470,000  
  38,400     Citigroup, Inc.
6.500% 		    585,600  
  2,000     SLM Corp.
7.250% 		    1,193,500  
                 
              5,614,353  
                 
        Health Care (1.8%)
  25  EUR   Bayer, AG
6.625% 		    1,758,949  
  4,000     Mylan Laboratories, Inc.
6.500% 		    2,960,000  
  15,000     Schering-Plough Corp.µ
6.000% 		    2,610,150  
                 
              7,329,099  
                 
        Industrials (0.3%)
  40,000     Avery Dennison Corp.
7.875% 		    1,160,000  
                 
        Materials (1.7%)
  33,000     Freeport-McMoRan Copper & Gold, Inc.µ
6.750% 		    1,537,800  
  490  CHF   Givaudan, SA
5.375% 		    2,977,913  
  75,000     Vale Capital, Ltd. (Companhia Vale do Rio Doce)Δ
5.500% 		    2,336,250  
                 
              6,851,963  
                 
        Utilities (0.4%)
  30,000     Entergy Corp.
7.625% 		    1,458,300  
                 
        TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $44,767,234) 		    27,964,655  
                 
NUMBER OF
 		           
UNITS         VALUE  
   
 
STRUCTURED EQUITY-LINKED SECURITIES (8.5%)
        Consumer Discretionary (2.3%)
  132,000     Deutsche Bank, AG (Amazon.com, Inc.)*
12.000% 		  $ 6,697,680  
  373,000     Deutsche Bank, AG (Royal Caribbean Cruises, Ltd.)*
12.000% 		    2,614,730  
                 
              9,312,410  
                 
        Energy (1.2%)
  268,778     Barclays Capital, Inc. (Halliburton Company)*
18.000% 		    4,838,004  
                 
        Industrials (1.0%)
  303,951     BNP Paribas (General Electric Company)*
18.000% 		    3,981,758  
                 
        Information Technology (4.0%)
  264,175     Bank of America Corp. (Infosys Technologies, Ltd.)*
12.000% 		    7,106,308  
  425,000     Deutsche Bank, AG (Dell Inc.)*
12.000% 		    4,207,500  
  381,710     Goldman Sachs Group, Inc. (Nokia Corp.)*
12.000% 		    4,641,593  
                 
              15,955,401  
                 
        TOTAL STRUCTURED EQUITY-LINKED SECURITIES
(Cost $62,237,681) 		    34,087,573  
                 
NUMBER OF
 		           
SHARES         VALUE  
   
 
COMMON STOCKS (81.8%)
        Consumer Discretionary (5.8%)
  41,000  EUR   Adidas, AG     1,418,641  
  43,750     Amazon.com, Inc.#µ     2,573,375  
  7,500     Apollo Group, Inc. - Class A#     610,950  
  145,000  GBP   British Sky Broadcasting Group, PLC     1,037,070  
  38,500     Carnival Corp.#µ     700,315  
  30,000     CBS Corp.µ     171,600  
  31,500  CHF   Compagnie Financière Richemont, SA     461,678  
  340,000  MXN   Grupo Televisa, SA     952,984  
  400,000  AUD   Harvey Norman Holdings, Ltd.     532,442  
  61,000  EUR   Industria de Diseno Textil, SA     2,321,564  
  39,000  JPY   Makita Corp.     709,285  
  72,000     News Corp. - Class Bµ     521,280  
 
See accompanying Notes to Schedule of Investments

 

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

 
                 
NUMBER OF
 		           
SHARES         VALUE  
   
 
  38,000     Nike, Inc. - Class Bµ   $ 1,719,500  
  140,000  JPY   Nikon Corp.     1,457,206  
  54,500  EUR   Paddy Power, PLC     751,330  
  83,000  JPY   Panasonic Corp.     1,007,010  
  9,000  EUR   Porsche Automobil Holding, SE     527,477  
  110,000  JPY   Suzuki Motor Corp.     1,484,966  
  85,000  CHF   Swatch Group, AG     1,886,520  
  8,000     Target Corp.     249,600  
  31,000  JPY   Toyota Motor Corp.     997,213  
  67,500     Walt Disney Companyµ     1,395,900  
                 
              23,487,906  
                 
        Consumer Staples (8.7%)
  53,000  EUR   Anheuser-Busch InBev, NV     1,345,147  
  96,000  JPY   Asahi Breweries, Ltd.     1,481,784  
  40,000     Avon Products, Inc.     818,000  
  53,000  EUR   Beiersdorf, AG     2,594,223  
  37,500
32,000 		    Coca-Cola Company
CVS Caremark Corp.µ 		    1,602,000
860,160 		 
  240,000  GBP   Diageo, PLC     3,220,210  
  160  JPY   Japan Tobacco, Inc.     460,032  
  12,000     Kimberly-Clark Corp.µ     617,640  
  225,000  CHF   Nestlé, SA     7,775,844  
  23,000     PepsiCo, Inc.µ     1,155,290  
  40,000     Philip Morris International, Inc.     1,486,000  
  45,000     Procter & Gamble Company     2,452,500  
  52,000  GBP   Reckitt Benckiser Group, PLC     2,002,662  
  30,750     Sysco Corp.     685,418  
  53,000  GBP   Unilever, PLC     1,162,638  
  900,000  MXN   Wal-Mart de Mexico, SAB de CV     1,878,641  
  42,000     Wal-Mart Stores, Inc.µ     1,979,040  
  46,000     Walgreen Companyµ     1,260,860  
                 
              34,838,089  
                 
        Energy (8.4%)
  782,000  GBP   BP, PLC     5,538,190  
  26,000     Chevron Corp.µ     1,833,520  
  40,000     ConocoPhillipsµ     1,901,200  
  12,500     Devon Energy Corp.µ     770,000  
  95,000  EUR   ENI S.p.A.     2,009,371  
  82,500     Exxon Mobil Corp.µ     6,309,600  
  71,500     Halliburton Companyµ     1,233,375  
  31,000     Marathon Oil Corp.µ     844,130  
  24,000     Noble Corp.     651,600  
  15,000     Occidental Petroleum Corp.µ     818,250  
  57,500  NOK   Petroleum Geo-Services ASA#     187,709  
  82,300  GBP   Royal Dutch Shell, PLC     2,051,286  
  22,000     Schlumberger, Ltd.µ     897,820  
  124,000  NOK   SeaDrill, Ltd.     1,027,621  
  122,000  NOK   StatoilHydro, ASA     2,102,002  
  40,000  CAD   Suncor Energy, Inc.     766,891  
  74,000  EUR   TOTAL, SA     3,687,754  
  16,500     Transocean, Ltd.#µ     901,230  
                 
              33,531,549  
                 
        Financials (8.6%)
  27,500     Aflac, Inc.µ     638,275  
  80,000     American International Group, Inc.#µ     102,400  
  24,000     Aon Corp.µ     889,200  
  95,000  AUD   Australian Stock Exchange, Ltd.     1,613,121  
  200,000  EUR   Banco Santander, SA     1,618,425  
  105,000     Bank of America Corp.µ     690,900  
  41,000     Bank of New York Mellon Corp.µ     1,055,340  
  18,700  EUR   BNP Paribas#     713,893  
  153,000     Citigroup, Inc.     543,150  
  62,500  AUD   Commonwealth Bank of Australia     1,061,947  
  29,000  EUR   Deutsche Börse, AG     1,456,987  
  197,000  EUR   EFG Eurobank Ergasias, SA     1,232,015  
  12,000     Franklin Resources, Inc.µ     581,040  
  19,000     Hartford Financial Services Group, Inc.µ     250,040  
  100,000  HKD   Hong Kong Exchanges and Clearing, Ltd.     858,921  
  91,500     JPMorgan Chase & Company     2,334,165  
  80,000  CHF   Julius Baer Holding, AG - Class B     2,372,435  
  99,000     Manulife Financial Corp.     1,638,450  
  360,000  JPY   Mizuho Financial Group, Inc.     891,096  
  47,000  EUR   Piraeus Bank, SA     310,612  
  98,000  CAD   Power Financial Corp.     1,808,555  
  25,500     Prudential Financial, Inc.µ     656,625  
  290,000  GBP   Schroders, PLC     3,190,409  
  387,000  SGD   Singapore Exchange, Ltd.     1,296,962  
  140,000  GBP   Standard Chartered, PLC     1,769,001  
  23,000  JPY   Sumitomo Mitsui Financial Group, Inc.     911,521  
  23,500     T. Rowe Price Group, Inc.     648,130  
  102,500     Wells Fargo & Company     1,937,250  
  8,300  CHF   Zurich Financial Services, AG     1,496,588  
                 
              34,567,453  
                 
        Health Care (12.0%)
  55,000     Abbott Laboratories     3,049,200  
  60,000     Alcon, Inc.     5,138,400  
  37,000  GBP   AstraZeneca, PLC     1,425,775  
  24,000  EUR   Bayer, AG     1,274,009  
  83,000     Bristol-Myers Squibb Companyµ     1,777,030  
  62,000  AUD   Cochlear, Ltd.     2,302,476  
  150,000  AUD   CSL, Ltd.     3,537,104  
  34,250     Eli Lilly and Companyµ     1,261,085  
  80,000     Johnson & Johnson     4,615,200  
  42,000     Medtronic, Inc.µ     1,406,580  
  92,500     Merck & Company, Inc.     2,640,875  
  54,000  CHF   Novartis International, AG     2,218,887  
  107,000  DKK   Novo Nordisk, A/S - Class B     5,700,284  
  98,000  JPY   OLYMPUS Corp.     1,573,142  
  190,000     Pfizer, Inc.     2,770,200  
  25,000  CHF   Roche Holding, AG     3,509,618  
 
See accompanying Notes to Schedule of Investments

 

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

 
                 
NUMBER OF
 		           
SHARES         VALUE  
   
 
  40,000     St. Jude Medical, Inc.#   $ 1,454,800  
  18,500     Stryker Corp.µ     781,440  
  42,000     UnitedHealth Group, Inc.µ     1,189,860  
  17,000     Zimmer Holdings, Inc.#     618,800  
                 
              48,244,765  
                 
        Industrials (10.7%)
  27,000     3M Companyµ     1,452,330  
  270,000  CHF   ABB, Ltd.#     3,506,124  
  54,000  EUR   Alstom     2,594,406  
  610,000  GBP   BAE Systems, PLC     3,540,520  
  28,000     Boeing Companyµ     1,184,680  
  500,000  CAD   Bombardier, Inc. - Class B     1,549,439  
  35,000  EUR   Bouygues, SA     1,191,851  
  164,516  GBP   Capita Group, PLC     1,654,153  
  7,000     Danaher Corp.µ     391,510  
  18,000     Emerson Electric Companyµ     588,600  
  19,000     General Dynamics Corp.µ     1,077,870  
  242,500     General Electric Company     2,941,525  
  60,000     Honeywell International, Inc.     1,968,600  
  25,000     Illinois Tool Works, Inc.µ     816,500  
  160,000  JPY   Komatsu, Ltd.     1,651,794  
  44,000  EUR   Konecranes OYJ     675,070  
  47,000  EUR   Krones AG     1,636,562  
  10,000     Lockheed Martin Corp.µ     820,400  
  30,000  EUR   MAN, AG     1,303,823  
  44,000  EUR   MTU Aero Engines Holdings, AG     1,229,395  
  14,000  EUR   Nexans, SA#     801,956  
  21,000     Raytheon Companyµ     1,063,020  
  455,000  GBP   Rolls-Royce Group, PLC#     2,172,019  
  40,000  EUR   Royal Philips Electronics, NV     727,047  
  28,000  EUR   SGL Carbon, AG#     603,246  
  50,000  EUR   Siemens, AG     2,816,880  
  20,000     United Parcel Service, Inc.     849,800  
  43,000     United Technologies Corp.µ     2,063,570  
                 
              42,872,690  
                 
        Information Technology (19.7%)
  31,000     Apple, Inc.#     2,794,030  
  391,000  GBP   Autonomy Corp., PLC#     6,148,493  
  60,000  JPY   Canon, Inc.#     1,637,157  
  29,500  EUR   Cap Gemini, SA     1,013,722  
  90,000  JPY   Capcom Company, Ltd.     1,607,763  
  145,000     Cisco Systems, Inc.#     2,170,650  
  182,500     Dell, Inc.#     1,733,750  
  130,000     eBay, Inc.#µ     1,562,600  
  65,000     EMC Corp.#µ     717,600  
  6,250     Google, Inc.#     2,115,813  
  105,000  TWD   High Tech Computer Corp.     996,326  
  140,000     Infosys Technologies, Ltd.     3,718,400  
  185,000     Intel Corp.µ     2,386,500  
  40,000     International Business Machines Corp.     3,666,000  
  113,000  JPY   Konami Corp.     2,260,837  
  285,000  SEK   LM Ericsson Telephone Company     2,242,575  
  85,000  CHF   Logitech International, SA#     823,839  
  230,000     Microsoft Corp.     3,933,000  
  45,000     Motorola, Inc.#µ     199,350  
  28,400  JPY   Nintendo Company, Ltd.     8,804,421  
  370,000  EUR   Nokia OYJ     4,534,908  
  92,000  JPY   Nomura Reasearch Institute, Ltd.     1,667,479  
  150,000     Oracle Corp.#     2,524,500  
  67,000     QUALCOMM, Inc.     2,314,850  
  160,000  BRL   Redecard, SA     1,810,345  
  5,560  KRW   Samsung Electronics Company, Ltd.     1,933,211  
  139,500  EUR   SAP, AG     4,901,300  
  75,000     Symantec Corp.#     1,149,750  
  200,000  NOK   Tandberg, ASA     2,472,197  
  103,819  CHF   Temenos Group, AG#     908,511  
  71,000  JPY   Trend Micro, Inc.     1,936,225  
  132,000  EUR   Ubisoft Entertainment, SA#     1,858,442  
  103,000  HKD   VTech Holdings, Ltd.     394,108  
                 
              78,938,652  
                 
        Materials (2.7%)
  114,000  GBP   Anglo American, PLC     2,050,697  
  20,500  EUR   BASF, SE     593,866  
  60,000  GBP   BHP Billiton, PLC     1,002,924  
  159,000  AUD   BHP Billiton, Ltd.     2,948,399  
  87,000     Companhia Vale do Rio Doce     1,227,570  
  36,000     E.I. du Pont de Nemours and Companyµ     826,560  
  7,000     Freeport-McMoRan Copper & Gold, Inc.#µ     175,980  
  30,000  GBP   Rio Tinto, PLC     644,697  
  41,000     The Dow Chemical Companyµ     475,190  
  37,000  NOK   Yara International, ASA     831,974  
                 
              10,777,857  
                 
        Telecommunication Services (3.7%)
  93,500     América Móvil, SAB de CV     2,665,685  
  145,000     AT&T Inc.     3,569,900  
  96,000  EUR   France Telecom, AG     2,151,269  
  83,000     Verizon Communications, Inc.µ     2,479,210  
  2,157,000  GBP   Vodafone Group, PLC     4,006,253  
                 
              14,872,317  
                 
        Utilities (1.5%)
  47,500     Duke Energy Corp.µ     719,625  
  10,500     Exelon Corp.µ     569,310  
  15,500     FPL Goup, Inc.     799,025  
  45,801  EUR   GDF Suez     1,752,312  
  29,000  EUR   RWE, AG     2,253,233  
                 
              6,093,505  
                 
        TOTAL COMMON STOCKS
(Cost $630,842,724) 		    328,224,783  
                 
 
See accompanying Notes to Schedule of Investments

 

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

 
                 
NUMBER OF
 		           
SHARES         VALUE  
   
 
INVESTMENT IN AFFILIATED FUND (15.2%)
  61,123,328     Calamos Government Money Market Fund -
Class I SharesΩ
(Cost $61,123,328) 		  $ 61,123,328  
                 
  TOTAL INVESTMENTS (155.1%)
  (Cost $1,025,345,756)
    622,486,014  
         
LIABILITIES, LESS OTHER ASSETS (-42.6%)     (170,978,287 )
         
PREFERRED SHARES AT REDEMPTION VALUE INCLUDING DIVIDENDS PAYABLE (-12.5%)     (50,002,561 )
         
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)   $ 401,505,166  
         
COMMON STOCKS SOLD SHORT (-3.5%)
        Consumer Discretionary (-0.1%)
  (142,100 )   Interpublic Group of Companies, Inc.#     (473,193 )
                 
        Consumer Staples (-0.4%)
  (32,000 )   Bunge, Ltd.     (1,374,080 )
  (39,600 )   Smithfield Foods, Inc.#     (470,052 )
                 
              (1,844,132 )
                 
        Energy (0.0%)
  (9,500 )   Carrizo Oil & Gas, Inc.#     (131,670 )
                 
        Financials (-0.8%)
  (7,100 )   Affiliated Managers Group, Inc.#     (285,349 )
  (6,956 )   Alleghany Corp.#     (1,895,023 )
  (62,500 )   American Equity Investment Life Holding Company     (418,125 )
  (61,000 )   SLM Corp.#     (698,450 )
                 
              (3,296,947 )
                 
        Health Care (-1.3%)
  (32,300 )   Five Star Quality Care, Inc.#     (61,693 )
  (110,689 )   HLTH Corp.#     (1,259,641 )
  (20,700 )   Millipore Corp.#     (1,141,812 )
  (236,800 )   Mylan, Inc.#     (2,682,944 )
                 
              (5,146,090 )
                 
        Industrials (-0.4%)
  (18,000 )   School Specialty, Inc.#     (297,000 )
  (44,500 )   Waste Connections, Inc.#     (1,291,390 )
                 
              (1,588,390 )
                 
        Information Technology (-0.1%)
  (44,600 )   Mentor Graphics Corp.#     (207,836 )
                 
        Materials (-0.1%)
  (44,300 ) CAD   Sino-Forest Corp.#     (332,363 )
                 
        Utilities (-0.3%)
  (13,800 )   Entergy Corp.     (1,053,768 )
                 
        TOTAL COMMON STOCKS
SOLD SHORT
(Cost $21,340,450) 		    (14,074,389 )
                 
NUMBER OF
 		           
CONTRACTS         VALUE  
   
 
WRITTEN OPTIONS (-2.2%)#
        Financials (-2.2%)
        iShares MSCI EAFE Index Fund        
  10,200     Call, 03/21/09, Strike $41.00     (1,453,500 )
  10,000     Call, 03/21/09, Strike $40.00     (1,875,000 )
  7,100     Call, 03/21/09, Strike $42.00     (745,500 )
  5,900     Call, 06/20/09, Strike $48.00     (442,500 )
  5,000     Call, 06/20/09, Strike $41.00     (1,487,500 )
  3,000     Call, 03/21/09, Strike $43.00     (225,000 )
  3,000     Call, 06/20/09, Strike $44.00     (525,000 )
        SPDR Trust Series 1        
  2,500     Call, 03/21/09, Strike $95.00     (155,000 )
  2,400     Call, 04/18/09, Strike $89.00     (706,800 )
  2,050     Call, 06/20/09, Strike $95.00     (528,900 )
  2,000     Call, 03/21/09, Strike $93.00     (194,000 )
  1,600     Call, 02/21/09, Strike $90.00     (100,800 )
  1,500     Call, 03/21/09, Strike $90.00     (259,500 )
  1,000     Call, 06/20/09, Strike $96.00     (231,000 )
                 
              (8,930,000 )
                 
        TOTAL WRITTEN OPTIONS
(Premium $(15,690,344)) 		    (8,930,000 )
                 
 
NOTES TO SCHEDULE OF INVESTMENTS
‡ Variable rate or step bond security. The rate shown is the rate in effect at January 31, 2009.
** On December 1, 2008, Pilgrim’s Pride Corp. filed for bankruptcy protection.
* 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 January 31, 2009, the value of 144A securities that could not be exchanged to the registered form is $36,108,824 or 9.0% of net assets applicable to common shareholders.
μ Security, or portion of security, is held in a segregated account as collateral for written options, swaps, or securities sold short aggregating a total market value of $78,875,608.28.
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.
# Non-income producing security.
Ω Investment in an affiliated fund. During the period from November 1, 2008, through January 31, 2009, the fund had net purchases of $47,031,951 and earned $138,952 in dividend payments from the affiliated fund. As of October 31, 2008 the Fund had holdings of $14,091,377 in the affiliated fund.
 
See accompanying Notes to Schedule of Investments

 

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

 
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
 
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
 
 
CREDIT DEFAULT SWAPS
 
                                     
Swap
 		  Referenced
 		  Buy/Sell
 		  Fund Pays/Receives
 		  Termination
 		    Notional
 		       
Counterparty   Obligation   Protection   Fixed Rate   Date     Amount     Unrealized  
   
 
Citibank, N.A.
  Centex Corporation   BUY   1.35 BPS Quarterly     9/20/2012     $ 5,000,000     $ 356,199  
                                     
Goldman Sachs
  Jones Apparel Group   BUY   1.32 BPS Quarterly     9/20/2012       5,000,000       1,116,714  
                                     
Goldman Sachs
  Temple-Inland   BUY   1.00 BPS Quarterly     9/20/2012       5,000,000       1,010,156  
                                     
Merrill Lynch
  CDX.NA.IG.8, 7-10%
10 Year Fixed 		  SELL   1.78 BPS Quarterly     6/20/2017       20,000,000       (6,646,530 )
                                     
Citibank, N.A.
  CDX.NA.IG.8, 7-10%
10 Year Fixed 		  SELL   1.68 BPS Quarterly     6/20/2017       20,000,000       (6,759,995 )
                                     
Goldman Sachs
  CDX.NA.IG.8, 7-10%
10 Year Fixed 		  SELL   1.67 BPS Quarterly     6/20/2017       10,000,000       (3,385,672 )
                                     
                                     
                                $ (14,309,128 )
                                     

 

Calamos Global Dynamic Income Fund
             
CURRENCY EXPOSURE JANUARY 31, 2009
    Value     % of Total Investments  
 
             
US Dollar
  $ 393,626,461     65.7%
             
European Monetary Unit
    64,287,407     10.7%
             
British Pound Sterling
    42,616,997     7.1%
             
Japanese Yen
    30,538,931     5.1%
             
Swiss Franc
    27,937,957     4.7%
             
Australian Dollar
    11,995,489     2.0%
             
Norwegian Krone
    6,621,503     1.1%
             
Danish Krone
    5,700,284     0.9%
             
Canadian Dollar
    3,792,522     0.6%
             
Mexican Peso
    2,831,625     0.5%
             
Swedish Krona
    2,242,575     0.4%
             
South Korean Won
    1,933,212     0.3%
             
Brazilian Real
    1,810,345     0.3%
             
Singapore Dollar
    1,296,962     0.2%
             
Hong Kong Dollar
    1,253,029     0.2%
             
New Taiwanese Dollar
    996,326     0.2%
     
   
             
Total Investments
  $ 599,481,625     100.0%
     
   

 

 
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 a 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.
 
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 January 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. 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. 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 January 31, 2009. 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 January 31, 2009 was as follows:
 
         
Cost basis of investments
  $ 1,025,707,639  
         
Gross unrealized appreciation
    3,411,335  
Gross unrealized depreciation
    (406,632,960 )
         
Net unrealized appreciation (depreciation)
  $ (403,221,625 )
         
 
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 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 Statements 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
 
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 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 exchange rates and an unrealized gain or loss is recorded. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward currency contracts at January 31, 2009.

 

NOTE 5 – 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 – BORROWINGS
 
On May 12, 2008, the Fund issued floating rate extendible senior secured notes in a Rule 144A transaction, agented by Wachovia. The aggregate amount of the notes issued was $300 million. Interest is charged at quarterly LIBOR (London Inter-bank Offered Rate) plus .50% on the amount of outstanding notes. The Fund also paid a facility fee of .75% and a one time agency fee of 1.00%. The facility fee and the agency fee for the period ended January 31, 2009 totaled $586,308 and $126,868, respectively and are included in Facility fee and Agency fee on the Statement of Operations. For the period ended January 31, 2009, the average floating rate extendible senior secured notes and the average interest rate were $151,000,000 and 2.89%, respectively.
 
On February 18, 2009, the Fund’s Board approved the repurchase of all outstanding notes. Subsequent to January 31, 2009, the notes were repurchased at a price of par plus any accrued and unpaid interest (an aggregate price of $152,301,529). The notes were repurchased with proceeds obtained by the Fund through a Committed Facility Agreement (the Agreement) with BNP Paribas Prime Brokerage, Inc. The aggregate financing available under the Agreement is $300,000,000. The Fund currently has outstanding under the Agreement an aggregate amount of $141,000,000. The Fund is charged an annual rate at the daily Three-Month Libor (London Inter-bank Offered Rate) plus .95% on amounts borrowed and is charged an annual rate of .85% on the undrawn balance under the Agreement. In addition, the Fund will be accruing an arrangement fee of .25% of total commitment for the first twelve months after entering into the Agreement.
 
NOTE 7 – 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 January 31, 2009, the Fund had outstanding swap agreements as listed on the Schedule of Investments.
 
NOTE 8 – 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 9 – 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. Cash flows received from these securities are recorded as dividends on the Statement of Operations.
 
NOTE 10 – 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.
 
The Portfolio segregates its holdings into three levels based upon the inputs used to derive the fair value. “Level 1” holdings use inputs from unadjusted quoted prices from active markets. “Level 2” holdings reflect inputs other than quoted prices, but use observable market data. “Level 3” holdings are valued using unobservable inputs. These unobservable inputs for Level 3 holdings reflect the Portfolio’s assumptions about the factors market participants would consider in pricing the asset.

 

The following is a summary of the inputs used in valuing the Portfolio’s assets and liabilities at fair value:
 
Asset Valuation Inputs
 
                                   
          Fair Value Measurements
          Quoted Prices
 		  Significant
 		   
          in Active
 		  Other
 		  Significant
    Value as of
 		    Markets for
 		  Observable
 		  Unobservable
    January 31,
 		    Identical Holdings
 		  Inputs
 		  Inputs
Description   2009     (Level 1)   (Level 2)   (Level 3)
Investments
  $ 622,486,014       $ 232,330,297     $ 390,155,717     $           0  
Other Financial Instruments*
    2,483,069         0       2,483,069       0  
                                   
Total
  $ 624,969,083       $ 232,330,297     $ 392,638,786     $ 0  
                                   
 
Liability Valuation Inputs
 
                                   
          Fair Value Measurements
          Quoted Prices
 		  Significant
 		   
          in Active
 		  Other
 		  Significant
    Value as of
 		    Markets for
 		  Observable
 		  Unobservable
    January 31,
 		    Identical Holdings
 		  Inputs
 		  Inputs
Description   2009     (Level 1)   (Level 2)   (Level 3)
Investments
  $ (14,074,389 )     $ (14,074,389 )   $ 0     $           0  
Other Financial Instruments*
    (25,722,197 )       (8,930,000 )     (16,792,197 )     0  
                                   
Total
  $ (39,796,586 )     $ (23,004,389 )   $ (16,792,197 )   $ 0  
                                   
 
* Other Financial Instruments may include forwards, swaps, and options.

 

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:
  March 20, 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:
  March 20, 2009    
 
        
By:
  /s/ Nimish S. Bhatt
 
    
 
        
Name:
  Nimish S. Bhatt    
Title:
  Principal Financial Officer    
Date:
  March 20, 2009