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, 2007
DATE OF REPORTING PERIOD:   July 31, 2007
 
 

 

 

ITEM 1. SCHEDULE OF INVESTMENTS July 31, 2007 (UNAUDITED)
CALAMOS GLOBAL DYNAMIC INCOME FUND
Schedule of Investments July 31, 2007 (unaudited)
                 
Principal            
Amount         Value  
 
       
 
        
Corporate Bonds (8.0%)        
       
Consumer Discretionary (1.7%)
        
$ 2,000,000    
EchoStar Communications Corp.
        
       
7.125%, 02/01/16
   $ 1,900,000  
  2,000,000    
Ford Motor Company
        
       
9.875%, 08/10/11
     2,026,918  
  2,000,000    
General Motors Corp.~
        
       
7.200%, 01/15/11
     1,805,000  
  2,000,000    
Goodyear Tire & Rubber Company
        
       
7.857%, 08/15/11
     1,990,000  
  2,000,000    
Hanesbrands, Inc.‡
        
       
8.784%, 12/15/14
     1,970,000  
  2,000,000    
Idearc, Inc.
        
       
8.000%, 11/15/16
     1,905,000  
  2,000,000    
Jarden Corp.
        
       
7.500%, 05/01/17
     1,810,000  
  1,000,000    
MGM Mirage
        
       
7.500%, 06/01/16
     925,000  
       
 
      
       
 
     14,331,918  
       
 
      
       
Consumer Staples (1.0%)
        
  1,000,000    
Alliance One International, Inc.*
        
       
8.500%, 05/15/12
     990,000  
  2,000,000    
Del Monte Corp.
        
       
8.625%, 12/15/12
     2,020,000  
  1,000,000    
Dole Food Company, Inc.
        
       
8.875%, 03/15/11
     935,000  
  1,000,000    
NBTY, Inc.
        
       
7.125%, 10/01/15
     975,000  
  2,000,000    
Pilgrim’s Pride Corp.
        
       
7.625%, 05/01/15
     1,940,000  
  2,000,000    
Smithfield Foods, Inc.
        
       
7.750%, 07/01/17
     1,940,000  
       
 
      
       
 
     8,800,000  
       
 
      
       
Energy (1.3%)
        
  2,000,000    
Arch Western Financial, LLC
        
       
6.750%, 07/01/13
     1,830,000  
  2,000,000    
Dresser-Rand Group, Inc.
        
       
7.375%, 11/01/14
     1,930,000  
  1,000,000    
GulfMark Offshore, Inc.
        
       
7.750%, 07/15/14
     985,000  
  2,000,000    
Hanover Compressor Company
        
       
9.000%, 06/01/14
     2,215,000  
  2,000,000    
Superior Energy Services, Inc.
        
       
6.875%, 06/01/14
     1,870,000  
  2,000,000    
Williams Companies, Inc.
        
       
7.750%, 06/15/31
     2,027,500  
       
 
      
       
 
     10,857,500  
       
 
      
       
Financials (0.5%)
        
  2,000,000    
E*TRADE Financial Corp.
        
       
8.000%, 06/15/11
     2,050,000  
  2,000,000    
Leucadia National Corp.
        
       
7.000%, 08/15/13
     1,890,000  
       
 
      
       
 
     3,940,000  
       
 
      
                 
Principal            
Amount         Value  
 
       
 
        
       
Health Care (1.2%)
        
$ 1,000,000    
Bio-Rad Laboratories, Inc.~
        
       
7.500%, 08/15/13
   $ 990,000  
  3,000,000    
Community Health Systems, Inc.*
        
       
8.875%, 07/15/15
     2,928,750  
  1,000,000    
DaVita, Inc.
        
       
7.250%, 03/15/15
     952,500  
  3,000,000    
HCA, Inc.*
        
       
9.250%, 11/15/16
     2,985,000  
  2,000,000    
Psychiatric Solutions, Inc.
        
       
7.750%, 07/15/15
     1,910,000  
       
 
      
       
 
     9,766,250  
       
 
      
       
Industrials (0.8%)
        
  1,000,000    
Belden CDT, Inc.*
        
       
7.000%, 03/15/17
     950,000  
  2,000,000    
General Cable Corp.*
        
       
7.125%, 04/01/17
     1,950,000  
  1,000,000    
Manitowoc Company, Inc.
        
       
7.125%, 11/01/13
     970,000  
  2,000,000    
Terex Corp.
        
       
7.375%, 01/15/14
     1,970,000  
  500,000    
Westinghouse Air Brake Technologies Corp.
        
       
6.875%, 07/31/13
     487,500  
       
 
      
       
 
     6,327,500  
       
 
      
       
Information Technology (0.3%)
        
  2,000,000    
Amkor Tech, Inc.
        
       
9.250%, 06/01/16
     1,930,000  
  1,000,000    
SunGard Data Systems, Inc.
        
       
9.125%, 08/15/13
     997,500  
       
 
      
       
 
     2,927,500  
       
 
      
       
Materials (0.3%)
        
  2,305,000    
Terra Industries, Inc.
        
       
7.000%, 02/01/17
     2,189,750  
       
 
      
 
       
Telecommunication Services (0.9%)
        
  2,000,000    
Citizens Communications Company
        
       
9.000%, 08/15/31
     1,870,000  
  2,000,000    
Leap Wireless International, Inc.
        
       
9.375%, 11/01/14
     1,982,500  
  2,000,000    
Qwest Communications International, Inc.
        
       
7.750%, 02/15/31
     1,680,000  
  2,000,000    
Windstream Corp.
        
       
8.625%, 08/01/16
     2,035,000  
       
 
      
       
 
     7,567,500  
       
 
      
       
TOTAL CORPORATE BONDS
        
       
(Cost $68,336,793)
     66,707,918  
       
 
      
 
Convertible Bonds (12.3%)        
       
Consumer Discretionary (2.0%)
        
  2,200,000    
Ford Motor Company~
        
       
4.250%, 12/15/36
     2,557,498  
  2,750,000    
General Motors Corp.
        
       
6.250%, 07/15/33
     2,443,100  
See accompanying Notes to Schedule of Investments.

1

 

CALAMOS GLOBAL DYNAMIC INCOME FUND
Schedule of Investments July 31, 2007 (unaudited)
                 
Principal            
Amount         Value  
 
       
 
        
$ 3,000,000    
Interpublic Group of Companies, Inc.*
        
       
4.250%, 03/15/23
   $ 3,307,500  
  2,000,000    
Intralot SA
        
       
2.250%, 12/20/13
     3,108,437  
  1,500,000    
JAKKS Pacific, Inc.
        
       
4.625%, 06/15/23
     2,017,500  
  1,175,000    
Punch Taverns Redwood Jersey Company Ltd.
        
       
5.000%, 12/14/10
     2,848,983  
       
 
      
       
 
     16,283,018  
       
 
      
       
Consumer Staples (0.2%)
        
  2,000,000    
The Pantry, Inc.
        
       
3.000%, 11/15/12
     1,960,000  
       
 
      
 
       
Energy (0.3%)
        
  2,000,000    
Grey Wolf, Inc.‡
        
       
5.310%, 04/01/24
     2,680,000  
       
 
      
 
       
Financials (0.9%)
        
  2,000,000    
American Equity Investment Life Holding Company
        
       
5.250%, 12/06/24
     2,170,000  
  5,000,000    
Prudential Financial, Inc.~‡
        
       
2.960%, 12/12/36
     5,023,850  
       
 
      
       
 
     7,193,850  
       
 
      
       
Health Care (2.6%)
        
  3,300,000    
Emdeon Corp.
        
       
3.125%, 09/01/25
     3,320,625  
  2,400,000    
Henry Schein, Inc.
        
       
3.000%, 08/15/34
     3,111,000  
  2,700,000    
Invitrogen Corp.~
        
       
3.250%, 06/15/25
     2,727,000  
  2,700,000    
LifePoint Hospitals, Inc.
        
       
3.500%, 05/15/14
     2,379,375  
  3,000,000    
Millipore Corp.
        
       
3.750%, 06/01/26
     3,285,000  
  4,850,000    
Shire, PLC
        
       
2.750%, 05/09/14
     4,959,125  
  2,000,000    
SonoSite, Inc.
        
       
3.750%, 07/15/14
     1,976,760  
       
 
      
       
 
     21,758,885  
       
 
      
       
Industrials (2.3%)
        
  1,700,000    
Ceradyne, Inc.
        
       
2.875%, 12/15/35
     2,409,750  
  1,800,000    
MTU Aero Engines Holdings, AG
        
       
2.750%, 02/01/12
     2,976,752  
  3,000,000    
Q-Cells, AG
        
       
1.375%, 02/28/12
     4,844,037  
  1,600,000    
Quanta Services, Inc.~
        
       
3.750%, 04/30/26
     2,254,000  
  3,000,000    
School Specialty, Inc.
        
       
3.750%, 11/30/26
     2,895,000  
  3,000,000    
YRC Worldwide, Inc.
        
       
5.000%, 08/08/23
     3,420,000  
       
 
      
       
 
     18,799,539  
       
 
      
       
Information Technology (3.0%)
        
  212,000    
Alcatel, SA≠
        
       
4.750%, 01/01/11
     4,792,953  
                 
Principal            
Amount         Value  
 
       
 
        
$ 79,000    
Business Objects, SA≠
        
       
2.250%, 01/01/27
   $ 4,815,136  
  2,700,000    
Electronic Data Systems Corp.~
        
       
3.875%, 07/15/23
     2,767,500  
  5,500,000    
Intel Corp.
        
       
2.950%, 12/15/35
     5,369,375  
  2,700,000    
Linear Technology Corp.*
        
       
3.125%, 05/01/27
     2,750,625  
  3,000,000    
Mentor Graphics Corp.
        
       
6.250%, 03/01/26
     3,142,500  
  1,000,000    
Veeco Instruments, Inc.~
        
       
4.125%, 04/15/12
     981,250  
       
 
      
       
 
     24,619,339  
       
 
      
       
Telecommunication Services (0.7%)
        
  5,500,000    
NII Holdings, Inc.
        
       
3.125%, 06/15/12
     5,541,250  
       
 
      
 
       
Utilities (0.3%)
        
  1,700,000    
International Power, PLC
        
       
3.250%, 07/20/13
     2,941,092  
       
 
      
       
TOTAL CONVERTIBLE BONDS
        
       
(Cost $105,561,505)
     101,776,973  
       
 
      
                 
Number of            
Shares         Value  
 
       
 
        
Convertible Preferred Stocks (18.0%)        
       
Consumer Discretionary (3.6%)
        
  185,400    
Credit Suisse (Sony Corp.)*∞
        
       
15.000%
     9,993,060  
  160,000    
Deutsche Bank AG (Apollo Group, Inc.)*∞
        
       
12.000%
     9,606,400  
  145,603    
Morgan Stanley (Amazon.com, Inc.)*∞
        
       
12.000%
     10,575,874  
       
 
      
       
 
     30,175,334  
       
Energy (1.2%)
        
  267,380    
Lehman Brothers Holding (Pride International, Inc.)*∞
        
       
12.000%
     9,631,027  
       
 
      
 
       
Financials (2.0%)
        
  6,500    
Alleghany Corp.
        
       
5.750 %
     2,511,438  
  160,000    
MetLife, Inc.
        
       
6.375 %
     4,780,800  
  5,500,000    
Swiss Re
        
       
6.000%
     4,710,559  
  90,000    
Washington Mutual, Inc.
        
       
5.375 %
     4,612,500  
       
 
      
       
 
     16,615,297  
       
 
      
       
Health Care (1.2%)
        
  181,650    
Wachovia Bank (Biogen Idec, Inc.)*∞
        
       
12.000%
     10,175,960  
       
 
      
See accompanying Notes to Schedule of Investments.

2

 

CALAMOS GLOBAL DYNAMIC INCOME FUND
Schedule of Investments July 31, 2007 (unaudited)
                 
Number of            
Shares         Value  
 
       
 
        
       
Industrials (1.2%)
        
  182,823    
Credit Suisse (CNH Global, NV)∞
        
       
12.000%
   $ 9,703,331  
       
Information Technology (7.1%)
        
  379,363    
Lehman Brothers Holding (Intel Corp.)*∞
        
       
12.000%
     9,533,392  
  198,217    
Morgan Stanley (Infosys Technologies, Ltd.)*∞
        
       
12.000%
     9,885,082  
  187,337    
Morgan Stanley (SAP, AG)*∞
        
       
12.000%
     10,045,947  
  341,297    
Deutsche Bank (Nokia Corp.)*∞
        
       
15.000%
     9,803,756  
  297,225    
Wachovia Bank (eBay, Inc.)*∞
        
       
12.000%
     9,781,675  
  196,700    
Wachovia Bank NA (Electronic Arts, Inc.)*∞
        
       
12.000%
     9,894,010  
       
 
      
       
 
     58,943,862  
       
 
      
       
Materials (1.5%)
        
  2,250,000    
Bayer, AG
        
       
6.625%
     4,435,115  
  21,000    
Freeport-McMoRan Copper & Gold, Inc.
        
       
6.750%
     2,972,550  
  5,600,000    
Givaudan SA
        
       
5.375%
     4,824,956  
       
 
      
       
 
     12,232,621  
       
 
      
       
Utilities (0.2%)
        
  30,000    
Entergy Corp.
        
       
7.625%
     1,860,000  
       
 
      
       
TOTAL CONVERTIBLE PREFERRED STOCKS
        
       
(Cost $152,078,892)
     149,337,432  
       
 
      
Common Stocks (50.5%)        
       
Consumer Discretionary (6.5%)
        
  41,000    
Adidas, AG
     2,493,519  
  11,750    
Amazon.com, Inc.~#
     922,845  
  10,000    
Carnival Corp.~
     443,100  
  30,000    
CBS Corp.~
     951,600  
  9,000    
Coach, Inc.~#
     409,140  
  47,500    
Comcast Corp.~#
     1,247,825  
  12,500    
Compagnie Generale des Etablissements Michelin
     1,650,363  
  27,000    
Compagnie Generale Richemont, SA
     1,692,185  
  37,500    
Daimler-Benz, AG
     3,396,470  
  68,000    
Esprit Holdings, Ltd.
     908,737  
  29,350    
Hennes & Mauritz AB
     1,686,517  
  22,000    
Home Depot, Inc.
     817,740  
  47,400    
Honda Motor Company, Ltd.
     1,721,069  
  28,500    
Industria de Diseno Textil, SA
     1,704,787  
  10,000    
Kohl’s Corp.~#
     608,000  
  27,000    
Lowe’s Companies, Inc.~
     756,270  
  39,000    
Makita Corp.
     1,802,115  
  33,000    
McDonald’s Corp.~
     1,579,710  
  72,000    
News Corp., Class B~
     1,631,520  
                 
Number of            
Shares         Value  
 
       
 
        
  16,600    
Nike, Inc.~
   $ 937,070  
  87,000    
Nikon Corp.
     2,755,307  
  48,500    
Nokian Renkaat Oyj
     1,598,515  
  7,000    
Nordstrom, Inc.~
     333,060  
  8,000    
Omnicom Group, Inc.~
     414,960  
  54,500    
Paddy Power, PLC
     1,738,930  
  900    
Porsche Holding GmbH
     1,633,164  
  40,000    
Royal Philips Electronics, NV
     1,616,931  
  94,000    
Sharp Corp.
     1,619,974  
  50,000    
Sony Corp.
     2,669,535  
  31,000    
Swatch Group, AG
     1,808,369  
  35,000    
Target Corp.~
     2,119,950  
  150,000    
Time Warner, Inc.~
     2,889,000  
  41,000    
Toyota Motor Corp.
     2,492,499  
  10,000    
Volkswagen, AG
     1,802,935  
  25,000    
Walt Disney Company~
     825,000  
       
 
      
       
 
     53,678,711  
       
 
      
       
Consumer Staples (4.8%)
        
  50,000    
Altria Group, Inc.~
     3,323,500  
  15,250    
Anheuser-Busch Companies, Inc.~
     743,742  
  75,000    
British American Tobacco, PLC
     2,423,677  
  20,000    
Carlsberg A/S
     2,565,772  
  60,000    
Coca-Cola Company~
     3,126,600  
  12,250    
Colgate-Palmolive Company~
     808,500  
  66,000    
Heineken, NV
     4,182,677  
  44,000    
InBev, NV
     3,543,220  
  160    
Japan Tobacco, Inc.
     813,140  
  30,000    
Kroger Company
     778,800  
  625    
Lindt & Spruengli, AG
     1,678,078  
  6,800    
Nestle Holdings, Inc.
     2,612,408  
  20,000    
PepsiCo, Inc.~
     1,312,400  
  35,000    
Procter & Gamble Company~
     2,165,100  
  32,000    
Reckitt Benckiser
     1,712,187  
  13,000    
Reynolds American, Inc.
     795,210  
  53,000    
Unilever, PLC
     1,652,996  
  225,000    
Wal-Mart de Mexico SA de CV
     818,148  
  72,000    
Wal-Mart Stores, Inc.~
     3,308,400  
  18,500    
Walgreen Company~
     817,330  
  37,000    
Woolworths, Ltd.
     852,794  
       
 
      
       
 
     40,034,679  
       
 
      
       
Energy (4.4%)
        
  424,000    
BP, PLC
     4,911,782  
  38,000    
Canadian Natural Resources, Ltd.
     2,607,780  
  40,000    
Chevron Corp.~
     3,410,400  
  25,000    
ConocoPhillips~
     2,021,000  
  12,000    
Devon Energy Corp.~
     895,320  
  47,000    
ENI S.p.A.
     1,644,835  
  70,000    
Exxon Mobil Corp.~
     5,959,100  
  14,000    
Halliburton Company~
     504,280  
  16,000    
Marathon Oil Corp.~
     883,200  
  279,000    
Nippon Oil Corp.
     2,484,017  
  11,300    
PetroChina Company, Ltd.
     1,664,038  
  82,300    
Royal Dutch Shell, PLC
     3,205,080  
  15,000    
Schlumberger, Ltd.~
     1,420,800  
  31,300    
TOTAL, SA
     2,464,920  
  8,000    
Transocean, Inc.#
     859,600  
  21,000    
Valero Energy Corp.~
     1,407,210  
       
 
      
       
 
     36,343,362  
       
 
      
       
Financials (9.6%)
        
  14,950    
Allianz SE
     3,179,026  
See accompanying Notes to Schedule of Investments.

3

 

CALAMOS GLOBAL DYNAMIC INCOME FUND
Schedule of Investments July 31, 2007 (unaudited)
                 
Number of            
Shares         Value  
 
       
 
        
  13,000    
Allstate Corp.~
   $ 690,950  
  13,000    
American Express Company~
     761,020  
  45,000    
American International Group, Inc.~
     2,888,100  
  24,000    
Aon Corp.~
     960,960  
  62,000    
Australian Stock Exchange, Ltd.
     2,560,382  
  65,000    
Babcock & Brown, Ltd.
     1,539,058  
  75,000    
Banco Espirito Santo, SA
     1,759,890  
  135,000    
Banco Santander Central Hispano, SA
     2,571,028  
  65,000    
Bank of America Corp.~
     3,082,300  
  15,000    
Bank of New York Company, Inc.~
     638,250  
  120,000    
Barclays, PLC
     1,685,517  
  18,700    
BNP Paribas
     2,055,594  
  88,000    
Citigroup, Inc.~
     4,098,160  
  18,000    
Commerzbank, AG
     774,350  
  36,500    
Commonwealth Bank of Australia
     1,674,347  
  23,800    
Credit Suisse Group#
     1,552,520  
  11,800    
Deutsche Bank, AG#
     1,598,328  
  24,000    
EFG obank Ergasias
     852,500  
  12,000    
Federal National Mortgage Association~
     718,080  
  8,000    
Franklin Resources, Inc.~
     1,018,960  
  16,000    
Goldman Sachs Group, Inc.~
     3,013,440  
  5,000    
Hartford Financial Services Group, Inc.~
     459,350  
  535,000    
Henderson Group, PLC
     1,681,714  
  187,000    
HSBC Holdings, PLC#
     3,465,119  
  45,000    
JPMorgan Chase & Company~
     1,980,450  
  17,000    
Loews Corp.
     805,800  
  11,400    
Macquarie Bank, Ltd.
     786,899  
  145,000    
Man Group, PLC
     1,649,029  
  9,500    
Merrill Lynch & Company, Inc.~
     704,900  
  30,000    
MetLife, Inc.~
     1,806,600  
  40,000    
Millea Holdings, Inc.
     1,591,164  
  40,000    
Morgan Stanley~
     2,554,800  
  45,000    
Nomura Holdings, Inc.
     854,159  
  47,000    
Piraeus Bank, SA
     1,666,482  
  15,000    
Prudential Financial, Inc.~
     1,329,450  
  33,000    
QBE Insurance Group, Ltd.
     833,344  
  135,000    
Royal Bank of Scotland, PLC
     1,607,278  
  65,500    
Schroders, PLC
     1,621,085  
  387,000    
Singapore Exchange, Ltd.
     2,443,663  
  12,000    
St. Paul Travelers Companies, Inc.~
     609,360  
  16,000    
T Rowe Price Group, Inc.
     834,080  
  32,000    
U.S. Bancorp~
     958,400  
  28,500    
UBS, AG
     1,577,797  
  67,000    
Wachovia Corp.~
     3,163,070  
  18,500    
Washington Mutual, Inc.~
     694,305  
  40,000    
Wells Fargo & Company~
     1,350,800  
  8,300    
Zurich Financial Services, AG
     2,418,554  
       
 
      
       
 
     79,120,412  
       
 
      
       
Health Care (4.5%)
        
  55,000    
Abbott Laboratories~
     2,787,950  
  25,500    
Alcon, Inc.
     3,480,750  
  39,000    
Astellas Pharma, Inc.
     1,602,241  
  55,000    
Bristol-Myers Squibb Company~
     1,562,550  
  11,350    
CSL, Ltd.
     850,428  
  14,250    
Eli Lilly and Company~
     770,783  
  55,000    
Johnson & Johnson~
     3,327,500  
  70,000    
Merck & Company, Inc.~
     3,475,500  
                 
Number of            
Shares         Value  
 
       
 
        
  8,000    
Nobel Biocare Holding, AG
   $ 2,405,937  
  32,000    
Novartis International, AG
     1,726,072  
  15,600    
Novo Nordisk, AS — B Shares
     1,636,753  
  66,000    
OLYMPUS Corp.~
     2,705,343  
  135,000    
Pfizer, Inc.~
     3,173,850  
  9,650    
Roche Holding, AG
     1,709,076  
  60,000    
Schering-Plough Corp.~
     1,712,400  
  27,000    
Takeda Chemical Industries
     1,758,815  
  42,000    
UnitedHealth Group, Inc.~
     2,034,060  
  17,000    
Wyeth~
     824,840  
       
 
      
       
 
     37,544,848  
       
 
      
       
Industrials (6.6%)
        
  19,000    
3M Company
     1,689,480  
  106,700    
Abb, Ltd.
     2,566,001  
  26,000    
Alfa Laval AB
     1,632,914  
  10,000    
Alstom
     1,798,161  
  19,000    
ARIS, NV
     1,768,400  
  22,000    
Boeing Company~
     2,275,460  
  6,000    
Burlington Northern Santa Fe Corp.~
     492,840  
  170,000    
Capita Group, PLC
     2,463,341  
  12,000    
Compagnie de Saint-Gobain
     1,324,290  
  7,000    
Danaher Corp.~
     522,760  
  18,000    
Emerson Electric Company~
     847,260  
  63,000    
FirstGroup, PLC
     804,752  
  10,000    
General Dynamics Corp.~
     785,600  
  130,000    
General Electric Company~
     5,038,800  
  30,000    
Honeywell International, Inc.~
     1,725,300  
  200,000    
Invensys, PLC#
     1,512,428  
  92,000    
JGC Corp.
     1,893,128  
  39,500    
KCI Konecranes Oyj
     1,598,706  
  29,000    
Komatsu, Ltd.
     915,270  
  24,000    
Leighton Holdings, Ltd.
     789,733  
  10,000    
Lockheed Martin Corp.~
     984,800  
  17,000    
MAN, AG
     2,456,256  
  150,000    
Michael Page International, PLC
     1,645,212  
  66,000    
Mitsubishi Corp.
     1,949,042  
  135,000    
Mitsubishi Heavy Industries, Ltd.
     948,458  
  137,000    
Mitsui Marine & Fire Insurance Company of America
     1,581,200  
  90,000    
Mitsui Sumitomo Insurance Co., Ltd.
     2,115,048  
  10,000    
Norfolk Southern Corp.~
     537,800  
  4,200    
R.R. Donnelley & Sons Company~
     177,492  
  11,000    
Raytheon Company~
     608,960  
  78,000    
Sandvik, AB#
     1,568,078  
  24,000    
Siemens, AG
     3,037,563  
  45,000    
Sumitomo Corp.
     871,513  
  8,400    
Union Pacific Corp.~
     1,000,776  
  14,000    
United Technologies Corp.~
     1,021,580  
  77,000    
Volvo, AB — A Shares#
     1,424,056  
       
 
      
       
 
     54,372,458  
       
 
      
       
Information Technology (8.6%)
        
  22,000    
Apple, Inc.#~
     2,898,720  
  60,000    
Canon, Inc.
     3,171,259  
  75,000    
Cisco Systems, Inc.~#
     2,168,250  
  28,000    
Dell, Inc.~#
     783,160  
  18,000    
Electronic Data Systems Corp.~
     485,820  
  2,750    
Google, Inc.~#
     1,402,500  
  60,000    
Hewlett-Packard Company~
     2,761,800  
See accompanying Notes to Schedule of Investments.

4

 

CALAMOS GLOBAL DYNAMIC INCOME FUND
Schedule of Investments July 31, 2007 (unaudited)
                 
Number of            
Shares         Value  
 
       
 
        
  196,000    
Hon Hai Precision Industry Company, Ltd.
   $ 1,611,568  
  50,000    
Infosys Technologies, Ltd.
     2,480,000  
  135,000    
Intel Corp.~
     3,188,700  
  25,000    
International Business Machines Corp.~
     2,766,250  
  113,000    
Konica Minolta Holdings, Inc.
     1,670,684  
  16,200    
Kyocera Corp.#
     1,574,645  
  160,000    
Microsoft Corp.~
     4,638,400  
  45,000    
Motorola, Inc.~
     764,550  
  23,600    
Murata Manufacturing Company, Ltd.
     1,763,232  
  14,000    
Nintendo Company, Ltd.
     6,749,808  
  183,000    
Nokia Corp.
     5,227,670  
  150,000    
Oracle Corp.#~
     2,868,000  
  47,000    
QUALCOMM, Inc.~
     1,957,550  
  76,000    
Ricoh Company, Ltd.
     1,647,414  
  34,000    
SAP, AG
     1,840,870  
  65,000    
Satyam Computer Services, Ltd.
     1,732,900  
  38,000    
Taiyo Yuden Company, Inc.
     819,962  
  72,000    
Tandberg ASA
     1,630,830  
  56,000    
TDK Corp.
     4,773,740  
  43,000    
Texas Instruments, Inc.~
     1,513,170  
  381,000    
Toshiba Corp.
     3,573,306  
  103,000    
Vtech Holdings
     912,648  
  56,000    
Yamatake Corp.
     1,701,294  
       
 
      
       
 
     71,078,700  
       
 
      
       
Materials (2.3%)
        
  20,000    
Akzo Nobel, NV
     1,647,151  
  26,000    
Anglo American, PLC
     1,509,515  
  27,000    
ArcelorMittal
     1,655,744  
  19,750    
BASF, AG
     2,554,391  
  23,000    
Bayer, AG
     1,628,094  
  83,700    
BHP Billton, Ltd.
     2,665,980  
  30,000    
BHP Billton, PLC
     880,210  
  22,000    
E.I. du Pont de Nemours and Company~
     1,028,060  
  14,000    
JFE Holdings, Inc.
     960,121  
  14,000    
Nucor Corp.
     702,800  
  17,000    
Rio Tinto Group
     1,226,481  
  23,000    
Shin-Etsu Chemical Co., Ltd.
     1,698,307  
  25,000    
The Dow Chemical Company~
     1,087,000  
       
 
      
       
 
     19,243,854  
       
 
      
       
Telecommunication Services (2.2%)
        
  55,000    
America Movil, SA de CV
     3,293,400  
  65,000    
AT&T, Inc.~
     2,545,400  
  265,000    
BT Group, PLC#
     1,679,497  
  15,700    
China Mobile, Ltd.
     901,023  
  235    
KDDI Corp.
     1,558,918  
  42,600    
Telefonos de Mexico, SA de CV
     1,455,642  
  83,000    
Verizon Communications, Inc.~
     3,537,460  
  1,035,000    
Vodafone Group, PLC
     3,111,363  
       
 
      
       
 
     18,082,703  
       
 
      
       
Utilities (1.0%)
        
  47,500    
Duke Energy Corp.
     808,925  
  21,000    
E.ON, AG
     3,304,491  
  21,000    
Exelon Corp.~
     1,473,150  
  17,000    
FPL Goup, Inc.~
     981,410  
  14,500    
Gas Natural SDG, SA
     832,140  
                 
Number of            
Shares         Value  
 
       
 
        
  19,000    
Progress Energy, Inc.
   $ 829,540  
       
 
      
       
 
     8,229,656  
       
 
      
       
TOTAL COMMON STOCKS
        
       
(Cost $432,839,151)
     417,729,383  
       
 
      
                 
Principal            
Amount         Value  
 
       
 
        
Short-Term Investment (1.0%)        
$ 8,000,000    
Federal Home Loan Mortgage Corp.µ
        
       
5.401%, 08/10/07
        
       
(Cost $7,997,320)
     7,997,360  
       
 
      
                 
Number of            
Shares         Value  
 
       
 
        
Investment in Affiliated Fund (17.1%)        
  141,229,857    
Calamos Government Money Market Fund — Class I Shares
        
       
5.111%
        
       
(Cost $141,229,857)
     141,229,857  
       
 
      
TOTAL INVESTMENTS (106.9%)        
(Cost $908,043,518)     884,778,923  
       
 
      
LIABILITIES, LESS OTHER ASSETS (-6.9%)     (57,041,826 )
       
 
      
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)   $ 827,737,097  
       
 
      
See accompanying Notes to Schedule of Investments.

5

 

                 
Number of            
Shares         Value  
 
Common Stocks Sold Short (-3.2%)        
Consumer Discretionary (-0.4)        
  (187,000 )  
Interpublic Group of Companies, Inc.#
   $ (1,961,630 )
  (61,500 )  
JAKKS Pacific, Inc.#
     (1,458,165 )
       
 
      
       
 
     (3,419,795 )
       
 
      
       
 
        
Consumer Staples (-0.1%)        
  (28,000 )  
The Pantry, Inc.#
     (975,520 )
       
 
      
       
 
        
Energy (-0.2%)        
  (250,000 )  
Grey Wolf, Inc.#
     (1,852,500 )
       
 
      
       
 
        
Financials (-0.4%)        
  (5,300 )  
Alleghany Corp.#
     (2,226,000 )
  (100,000 )  
American Equity Investment Life Holding Company
     (1,135,000 )
       
 
      
       
 
     (3,361,000 )
       
 
      
       
 
        
Health Care (-0.9%)        
  (156,500 )  
Health Corp.
     (1,981,290 )
  (43,100 )  
Henry Schein, Inc.#
     (2,342,054 )
  (23,200 )  
Millipore Corp.#
     (1,823,752 )
  (38,000 )  
SonoSite, Inc.#
     (1,089,443 )
       
 
      
       
 
     (7,236,539 )
       
 
      
       
 
        
Industrials (-0.8%)        
  (24,500 )  
Ceradyne, Inc.#
     (1,828,435 )
  (62,000 )  
Quanta Services, Inc.#
     (1,762,660 )
  (32,500 )  
School Specialty, Inc.#
     (1,119,300 )
  (51,000 )  
YRC Worldwide, Inc.#
     (1,638,120 )
       
 
      
       
 
     (6,348,515 )
       
 
        
Information Technology (-0.2%)        
  (90,000 )  
Mentor Graphics Corp.#
     (1,080,900 )
  (26,000 )  
Veeco Instruments, Inc.#
     (475,800 )
       
 
      
       
 
     (1,556,700 )
       
 
        
Utilities (-0.2%)        
  (17,000 )  
Entergy Corp.
     (1,699,320 )
       
 
      
       
TOTAL COMMON STOCKS SOLD SHORT
        
       
(Proceeds $28,473,929)
     (26,449,889 )
       
 
      

 

 

                 
Number of Contracts   Value  
Written Options (-0.8%)        
Financials (-0.8%)        
       
iShares MSCI EAFE Index Fund#
        
  11,350    
Call, 09/22/07, Strike $83.00
     (936,375 )
  7,700    
Call, 09/22/07, Strike $82.00
     (904,750 )
  6,000    
Call, 12/22/07, Strike $82.00
     (1,830,000 )
       
 
      
       
 
     (3,671,125 )
       
 
      
 
       
SPDR Trust Series 1#
        
  3,300    
Call, 08/18/22/07, Strike $152.00
     (165,000 )
  650    
Call, 08/18/22/07, Strike $153.00
     (19,500 )
  3,400    
Call, 09/22/07, Strike $152.00
     (637,500 )
  1,000    
Call, 09/22/07, Strike $153.00
     (152,500 )
  500    
Call, 09/22/07, Strike $154.00
     (61,250 )
  450    
Call, 09/22/07, Strike $155.00
     (43,875 )
  5,500    
Call, 12/22/07, Strike $84.00
     (1,168,750 )
  1,800    
Call, 12/22/07, Strike $154.00
     (693,000 )
       
 
      
       
 
     (2,941,375 )
       
 
      
 
       
TOTAL WRITTEN OPTIONS
        
       
(Premium $13,306,666)
   $ (6,612,500 )
       
 
      

 

 

CREDIT DEFAULT SWAPS
                                 
SWAP Counterparty   Referenced
Obligation		   Buy/Sell
Protection		   Fund Pays/Receives
Fixed Rate		   Termination
Date		   Notional
Amount		   Unrealized
 
Citibank, N.A.
  Marsh & Mclennan Company   BUY   71 BPS Quarterly   9/20/2012   $ 5,000,000     $ (2,123 )
Citibank, N.A.
  Centex Corp.   BUY   135 BPS Quarterly   9/20/2012     5,000,000       175,441  
Citibank, N.A.
  Boston Scientific Corp.   BUY   97 BPS Quarterly   9/20/2012     5,000,000       133,094  
Citibank, N.A.
  Motorola, Inc.   BUY   73 BPS Quarterly   9/20/2017     5,000,000       75,943  
Goldman Sachs
  Jones Apparel Group USA, Inc.   BUY   132 BPS Quarterly   9/20/2012     5,000,000       108,891  
Goldman Sachs
  Temple-Inland, Inc.   BUY   100 BPS Quarterly   9/20/2012     5,000,000       251,054  
Lehman Brothers Holdings
  IAC/InterActiveCorp   BUY   125 BPS Quarterly   9/20/2012     5,000,000       87,066  
Goldman Sachs
  Dow Jones CDX.NA.IG.8, 3-7%   SELL   674 BPS Quarterly   6/20/2017     10,000,000       (690,673 )
Lehman Brothers Holdings
  Dow Jones CDX.NA.IG.8, 3-7%   SELL   636 BPS Quarterly   6/20/2017     10,000,000       (916,629 )
Lehman Brothers Holdings
  Dow Jones CDX.NA.IG.8, 3-7%   SELL   640 BPS Quarterly   6/20/2017     10,000,000       (894,035 )
Citibank, N.A.
  Dow Jones CDX.NA.IG.8, 7-10%   SELL   196.25 BPS Quarterly   6/20/2017     10,000,000       (772,553 )
Citibank, N.A.
  Dow Jones CDX.NA.IG.8, 7-10%   SELL   206.5 BPS Quarterly   6/20/2017     10,000,000       (702,911 )
Goldman Sachs
  Dow Jones CDX.NA.IG.8, 7-10%   SELL   234 BPS Quarterly   6/20/2017     10,000,000       (499,330 )
Merrill Lynch
  Dow Jones CDX.NA.IG.8, 7-10%   SELL   187.25 BPS Quarterly   6/20/2017     10,000,000       (838,202 )
Merrill Lynch
  Dow Jones CDX.NA.IG.8, 7-10%   SELL   197.5 BPS Quarterly   9/20/2017     10,000,000       (766,034 )
Merrill Lynch
  Dow Jones CDX.NA.IG.8, 7-10%   SELL   239 BPS Quarterly   6/20/2017     3,000,000       (482,070 )
 
                               
 
                          $ (5,733,071 )
 
                               
NOTES TO SCHEDULE OF INVESTMENTS
Note: Value for Securities denominated in foreign currencies are shown in U.S. dollars. The principal amount for such securities are shown in the respective foreign currency.
~    Security, or portion of security, is held in a segregated account as collateral for written options aggregating a total market value of $172,965,790.
 
‡    Variable rate or step bond security. The rate shown is the rate in effect at July 31, 2007.
 
*   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, 2007 the value of 144A securities that could not be exchanged to the registered form is $120,153,348 or 14.5% of net assets.
 
≠   Security, or a portion of the security purchased on a delayed delivery or when-issued basis.
 
∞   Securities exchangeable or convertible into securities of an entity different than the issuer. Such entity is identified in the parenthetical.
 
#   Non-income producing security.
 
µ   Security, or portion of security, is held in a segregated account as collateral for SWAPs aggregating a total market value of $7,997,360.

 

 

CALAMOS GLOBAL DYNAMIC INCOME FUND
Country Allocation as of July 31, 2007
         
Country   % of Portfolio  
United States
     50.8 %
Japan
     10.8  
Germany
     7.3  
United Kingdom
     7.2  
Switzerland
     4.9  
Netherlands
     2.9  
France
     2.7  
Finland
     2.6  
India
     2.0  
Australia
     1.8  
Sweden
     0.9  
Greece
     0.8  
Mexico
     0.8  
Spain
     0.7  
Denmark
     0.6  
Belgium
     0.5  
Canada
     0.4  
Singapore
     0.3  
Bermuda
     0.3  
Portugal
     0.3  
Ireland
     0.2  
China
     0.2  
Italy
     0.2  
Norway
     0.2  
Taiwan
     0.2  
Netherlands Antilles
     0.2  
Hong Kong
     0.1  
Cayman Islands
     0.1  
       
Totals:
     100.0 %
       
Country allocations vary over time.

 

 

NOTES TO SCHEDULE OF INVESTMENTS
(unaudited)
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 as of which a Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter (“OTC”) market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price (“NOCP”), as determined by NASDAQ, or lacking a NOCP, the last current reported sale price on NASDAQ at the time as of which 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 OTC 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 OTC option that is not traded through the Options Clearing Corporation is valued by the counterparty to such option.
Trading in securities on European and Far Eastern securities exchanges and OTC 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 OTC markets is evaluated 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 current sale price at the time as of which 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, including any thinly-traded security, junk bond or synthetic convertible instrument, 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, under the ultimate supervision of the Board of Trustees, following the guidelines and/or procedures adopted by the Board of Trustees, if the value of a foreign security it holds is materially affected by events occurring before their valuation time but after the

 

 

NOTES TO SCHEDULE OF INVESTMENTS
(unaudited)
close of the primary market or exchange on which the security is traded. Those procedures may utilize valuations furnished by pricing services approved by the Board of Trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.
When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices.
Investment Transactions. Short-term and long-term investment transactions are recorded on a trade date basis on July 31, 2007.
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 market 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, 2007. 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, 2007 was as follows:
         
Cost basis of investments
   $ 908,294,647  
 
      
Gross unrealized appreciation
     13,116,331  
Gross unrealized depreciation
     (36,632,055 )
 
      
Net unrealized appreciation (depreciation)
   $ (23,515,724 )
 
      

 

 

NOTES TO SCHEDULE OF INVESTMENTS
(unaudited)
Investments in Affiliated Fund. The Fund held the following investment in an affiliated fund as of July 31, 2007. Purchases, sales, dividend income and capital gains are shown during the period from June 27, 2007 through July 31, 2007.
                                                 
                                    Distributed        
    Value                             Capital     Value  
    June 27             Sales     Dividend     Gains     July 31,  
Affiliated Fund   2007*     Purchases     Proceeds     Income     Distributed     2007  
 
Calamos Government Money Market Fund
   $ —     $ 847,085,857     $ 705,856,000     $ 1,976,826     $ —     $ 141,229,857  
 
*   The Fund commenced operations on June 27, 2007
NOTE 3 — SHORT SALES
Securities sold short represent obligations to purchase the securities at a future date at then prevailing prices. A Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. 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. 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, 2007.
NOTE 5 — 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. The 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 seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a 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, a Fund generally receives an upfront payment or a fixed rate of income

 

 

NOTES TO SCHEDULE OF INVESTMENTS
(unaudited)
throughout the term of the swap provided that there is no credit event. As the seller, a 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 had invested in the reference obligation.
The contracts are marked-to-market daily based on dealer-supplied valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the contract. 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 change in the return of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible risk of liquidity with respect to the contracts.
As of July 31, 2007, the Fund had outstanding swap agreements as listed on the Schedule of Investments.
NOTE 6 — SYNTHETIC CONVERTIBLE SECURITIES
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.

 

 

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 25, 2007    
     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: Title: Date:
  John P. Calamos, Sr.
Principal Executive Officer
September 25, 2007		    
 
        
By:
  /s/ Patrick H. Dudasik    
 
       
Name:
  Patrick H. Dudasik    
Title:
  Principal Financial Officer    
Date:
  September 25, 2007