EXHIBIT d

CERTIFICATE NUMBER  1                                        NUMBER OF SHARES___

                        CALAMOS GLOBAL TOTAL RETURN FUND
                          PREFERRED SHARES - SERIES __
                                  NO PAR VALUE
                    $25,000 LIQUIDATION PREFERENCE PER SHARE

                                                                CUSIP NO._______

      This certifies that Cede & Co. is the registered owner of seven thousand
forty fully paid and non-assessable shares of Preferred Shares - Series __, no
par value, $25,000 liquidation preference per share, of Calamos Global Total
Return Fund (the "Trust") transferable only on the books of the Trust by the
record holder thereof in person or by duly authorized agent upon delivery to the
Trustees or the Trust's transfer agent of this Certificate properly endorsed.
This Certificate is not valid unless countersigned by the transfer agent and
registrar.

      A statement in full, of all the designations, preferences, qualifications,
limitations, restrictions and special or relative rights of the shares of each
class authorized to be issued, will be furnished by the Trust to any
shareholders upon request and without charge.

      IN WITNESS WHEREOF, the Trust has caused this Certificate to be signed by
its duly authorized officers this ___ day of December, 2005.

THE BANK OF NEW YORK                            CALAMOS GLOBAL TOTAL RETURN FUND
as Transfer Agent and Registrar

                                                By:_____________________________
By:____________________________

                                                ATTEST:

                                                By______________________________



      FOR VALUE RECEIVED, __________________________ hereby sells, assigns and
transfers unto___________________________________________________________ Shares
represented by this Certificate, and do hereby irrevocably constitute and
appoint ______________ Attorney to transfer the said Shares on the books of the
within named Trust with full power of substitution in the premises.

Dated ____________, ____

In presence of

____________________________            ______________________________

            Shares of Preferred Shares evidenced by this Certificate may be
            sold, transferred, or otherwise disposed of only pursuant to the
            provisions of the Trust's Agreement and Declaration of Trust and the
            Trust's Statement of Preferences.

            The Trust will furnish to any shareholder, upon request and without
            charge, the Trust's Agreement and Declaration of Trust and a full
            statement of the designations, preferences, limitations and relative
            rights of the shares of each class or series of shares of beneficial
            interest of the Trust authorized to be issued, so far as they have
            been determined, and the authority of the Board of Trustees to
            determine the relative rights and preferences of subsequent classes
            or series. Any such request should be addressed to the Secretary of
            the Trust.

Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trust or its
agent for registration of transfer, exchange, or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.