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TABLE OF CONTENTS



Letter to Shareholders		1

The Calamos Closed-End Funds: An Overview		5

Investment Team Discussion		6

Schedule of Investments		10

Statement of Assets and Liabilities		18

Statement of Operations		19

Statements of Changes In Net Assets		20

Statement of Cash Flows		21

Notes to Financial Statements		22

Financial Highlights		30

Report of Independent Registered Public Accounting Firm		31

About Closed-End Funds		32

Level Rate Distribution Policy		33

Automatic Dividend Reinvestment Plan		33

Experience and Foresight

About Calamos Investments

For more than 30 years, we have helped investors like you manage and build wealth to meet their long-term individual objectives by working to capitalize on the opportunities of the evolving global marketplace. We launched our first open-end mutual fund in 1985 and our first closed-end fund in 2002. Today, we manage five closed-end funds. Two are total-return oriented offerings, which seek current income, with increased emphasis on capital gains potential. Three are enhanced fixed-income offerings, which pursue high current income from income and capital gains. Calamos Global Dynamic Income Fund (CHW) falls into this category. Please see page 5 for a more detailed overview of our closed-end offerings.

We are dedicated to helping our clients build and protect wealth. We understand when you entrust us with your assets, you also entrust us with your achievements, goals and aspirations. We believe we best honor this trust by making investment decisions guided by integrity, by discipline, and by our conscientious research.

We believe that an active, risk-conscious approach is essential for wealth creation. In the 1970s, we pioneered low-volatility equity strategies, which seek to participate in equity market upside and mitigate some of the potential risks of equity market volatility. Our investment process seeks to manage risk at multiple levels and draws upon our experience investing through multiple market cycles.

We have a global perspective. We believe that globalization offers tremendous opportunities for countries and companies all over the world. In our view, this creates significant opportunities for investors. In our U.S., global and international portfolios, we are seeking to capitalize on the potential growth of the global economy.

We believe there are opportunities in all markets. Our history traces back to the 1970s, a period of significant volatility and economic concerns. We have invested through multiple market cycles, each with its own challenges. Out of this experience comes our belief that the flipside of volatility is opportunity.

Letter to Shareholders

JOHN P. CALAMOS, SR.

CEO/Co-CIO

Dear Fellow Shareholder:

Welcome to your semiannual report for the six-month period ended April 30, 2011. I encourage you to review this report carefully. It includes commentary and insights from the investment team, as well as a listing of portfolio holdings, financial data and highlights, and detailed information about the performance and allocation of your fund.

Calamos Global Dynamic Income Fund (CHW) is an enhanced fixed-income fund. We utilize dynamic asset allocation to pursue high current income, while also maintaining a focus on capital gains.

CHW’s enhanced fixed-income approach provided investors with steady monthly distributions, as well as total return.

We are pleased to report that CHW provided a steady stream of monthly distributions. Moreover, on an NAV basis, the fund’s total return surpassed both the global equity market and global fixed income market, as measured by the BofA Merrill Lynch Global Broad Market Index and the MSCI World Index, respectively. On a market price basis, the fund outperformed the global bond index and participated significantly in the gains of the global equity market, as measured by the aforementioned indices. We believe that these results—as well as the fund’s longer-term record—illustrate the benefits of dynamic asset allocation as part of an enhanced fixed-income strategy. In the Q&A beginning on page 6, we discuss the fund’s strategy and performance over the reporting period at greater length.

Steady and Competitive Distributions

CHW’s distribution policy reflects our long-term perspective, focus on consistency, and risk-aware approach. We recognize that many of our investors prefer consistent monthly distributions, instead of unpredictable ones. This fund has a level rate distribution policy, which means we seek to keep distributions the same from month to month. We and the fund’s Board of Directors are committed to providing distributions that we believe can be sustained over the long-term. In setting the fund’s distribution level, we consider the market and economic environment, prevailing interest rates and the opportunities we see in individual securities and asset classes. We discuss the level distribution policy at greater length on pages 5 and 33.


		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT		1

Letter to Shareholders

Prudent Use of Leverage

In this fund, we have the flexibility to employ leverage to enhance total return and to support the fund’s distribution rate. Leverage involves borrowing money and reinvesting the proceeds. During the reporting period, we believed the economic environment was favorable for the prudent use of leverage. Our use of leverage contributed favorably to overall performance, as we were able to achieve a higher return than our borrowing costs. We intend to continue to utilize leverage judiciously, as long as we believe it will serve the fund’s shareholders well.

As part of our emphasis on risk management, we employed interest rate swaps as a hedge against a potential rise in interest rates. We use these swaps to manage the borrowing costs associated with our leverage activities. Through these swaps, we essentially lock down an interest rate that we believe to be attractive. Currently, interest rates are at historically low levels throughout much of the fixed income market. However, given the current economic landscape, we believe that it is possible that rates could surge very quickly, even over a period of weeks, as was the case in the 1970s and 1980s. We believe the fund’s interest rate swaps could be a valuable tool to help protect the fund from increasing borrowing costs, should rates rise.

The Market and Economic Environment: Resilience Amid Volatility

During the reporting period, unexpected events unsettled the global markets. These included the earthquake and tsunami in Japan, as well as political turmoil and violence in the Middle East and North Africa. Other longer-running concerns persisted, such as the debt burdens of developed nations, commodity prices, inflationary pressures, and evolving geopolitical relationships between established and rising powers.

Yet, on the whole, global markets demonstrated considerable resilience, as market participants seemed to give increased attention to more positive influences. These included robust economic growth in many parts of the world and strong world trade. There were also continued signs of improving economic conditions within the United States. For example, we saw many instances of improving corporate profits and balance sheets, as well as gains in private sector job growth. The credit markets remained open and strong, providing good access to capital for large cap and mid cap companies, in particular.

Global equity markets posted brisk returns for the period, with developed markets outperforming emerging markets on the whole. The MSCI World Index, a measure of developed market performance, gained 15.04% for the six-month period, while emerging markets rose 9.84%, as measured by the MSCI Emerging Markets Index. Equity-sensitive securities also participated in this advance, with the BofA Merrill Lynch Global 300 Convertible Index returning 9.68%. However, returns in the global bond market were more muted, with the BofA Merrill Lynch Global Broad Market Index gaining just 1.50%. As investors sought yield, high-yield securities were generally better rewarded; for example, the Credit Suisse High Yield Index rose 6.01%.


2		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

Letter to Shareholders

Positioned for Global Growth

Globally, we see considerable investment opportunities being driven by long-term secular trends. As we have discussed previously, one of the most important of these trends is the growing prosperity of emerging economies. We believe that progress in emerging markets has exciting ramifications for countries and companies all over the world. These opportunities extend not only to companies that may benefit from infrastructure build-out, in sectors such as energy, materials and industrials, but also to businesses that provide goods and services that help individuals achieve an improved quality of life. We expect rising prosperity in emerging markets to drive demand for a wide variety of goods and services, ranging from cell phones to health care innovations and education.

Other important trends include corporations’ focus on productivity enhancements, which we believe will drive technology spending. We also believe that individuals’ desire to be connected to information, each other and entertainment at all times and price points, creates opportunities for consumer-oriented technologies. We believe secular trends will also drive growth in some areas of health care, as populations in developed markets age.

We Are Finding Opportunities Throughout the Global Markets

CHW’s global enhanced fixed income strategy provides us with broad flexibility to invest in multiple asset classes, including convertible securities, high-yield corporate bonds and equities. Our team continues to find compelling investments in each of these groups. Within the global bond and convertible securities markets, we are seeking credits that offer attractive yields, reliable debt servicing prospects and the opportunity for credit upgrades. In keeping with our risk conscious approach, we are maintaining a highly selective approach to the most speculative credits. Across the portfolio, where possible, we focus on businesses with global footprints, global management and global revenue streams.

We believe there are compelling investment opportunities around the world for investors who put in the time and effort to separate the leaders from the also-rans. For example, as we have discussed in recent interviews with national television networks and publications, we believe the case for U.S. growth equities is strong. On the whole, we feel that valuations are extremely attractive by a number of measures, such as future cash flows and growth assumptions. Our investment criteria have also led us to compelling investments in the global equity markets, including companies based in developed European markets and select emerging markets.

In Closing

We believe that innovation thrives in all market environments. Our investment team continues to find many businesses that are guided by a spirit of creativity and entrepreneurship—companies that we have seen adapt and change as the global economy evolves.


		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT		3

Letter to Shareholders

While I believe that globalization presents a very exciting backdrop for investors, the opportunity potential does vary considerably from company to company and industry to industry. Because of this, we believe that an active investment approach is particularly important. We believe our decades of experience, our selective, risk-aware approach and our unwavering commitment to our shareholders will continue to differentiate CHW as an enhanced fixed income offering.

If you would like additional information about this fund or our other closed-end offerings, please contact your financial advisor or our client services team at 800.582.6959 (Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time). We also invite you to visit us at www.calamos.com.

We thank you for your continued trust. It is an honor to partner with you to help you achieve your financial goals.

Sincerely,

John P. Calamos, Sr.
CEO and Co-CIO
Calamos Advisors LLC

This report is for informational purposes only and should not be considered investment advice.


4		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

The Calamos Closed-End Funds: An Overview

In our closed-end funds, we draw upon decades of investment experience, including a long history of opportunistically blending asset classes in an attempt to capture upside potential while managing downside risk. We launched our first closed-end fund in 2002.

Closed-end funds are long-term investments. Most focus on providing monthly distributions, but there are important differences among individual closed-end funds. Calamos closed-end funds can be grouped into two broad categories: (1) enhanced fixed income and (2) total return. Funds in both groups provide a monthly distribution stream and invest in a combination of asset classes.


OBJECTIVE: ENHANCED FIXED INCOME		OBJECTIVE: TOTAL RETURN

Portfolios Positioned to Pursue High Current Income from Income and Capital Gains		Portfolios Positioned to Seek Current Income, with Increased Emphasis on Capital Gains Potential


Calamos Convertible Opportunities and Income Fund (Ticker: CHI) Invests in high-yield and convertible securities, primarily in U.S. markets		Calamos Global Total Return Fund (Ticker: CGO) Invests in equities and higher-yielding convertible securities and corporate bonds, in both U.S. and non-U.S. markets


Calamos Convertible and High Income Fund (Ticker: CHY) Invests in high-yield and convertible securities, primarily in U.S. markets		Calamos Strategic Total Return Fund (Ticker: CSQ) Invests in equities and higher-yielding convertible securities and corporate bonds, primarily in U.S. markets.


Calamos Global Dynamic Income Fund (Ticker: CHW) Invests in global fixed-income securities, alternative investments and equities

Our Level Rate Distribution Policy

Investors often choose a closed-end fund because they seek a steady stream of income. In recognition of this, all five Calamos closed-end funds have adopted a level distribution policy. Our policy is to pay a distribution reflective of the funds’ past results and projected earnings potential through income as well as capital gains. Our team is focused on delivering an attractive monthly distribution, while maintaining a long-term focus on risk management. The level of the funds’ distributions can be greatly influenced by market conditions, including the interest rate environment. The funds’ distributions will depend on the individual performance of positions the funds hold, our view of the benefits of retaining leverage, fund tax considerations, and maintaining regulatory requirements.

For more information about any of these funds, we encourage you to contact your financial advisor or Calamos Investments at 800.582.6959 (Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time). You can also visit us at www.calamos.com.

For more information on our level rate distribution policy, please see page 33.


		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT		5

Investment Team Discussion


*TOTAL RETURN AS OF 4/30/11**
Common Shares – Inception 6/27/07
							Since
	6 Months			1 Year			Inception**
On Market Price		13.80	%		20.29	%		-2.63	%

On NAV		18.22	%		25.17	%		2.48	%

*Total return measures net investment income and net realized gain or loss from portfolio investments, and change in net unrealized appreciation and depreciation, assuming reinvestment of income and net realized gains distributions.

**Annualized since inception.


SECTOR WEIGHTINGS
Information Technology	20.4	%

Energy	14.8

Health Care	11.5

Industrials	10.9

Financials	8.7

Consumer Staples	8.3

Consumer Discretionary	7.8

Materials	7.2

Telecommunication Services	3.4

Utilities	1.3

Sector Weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the portfolio may hold.

GLOBAL DYNAMIC INCOME FUND

INVESTMENT TEAM DISCUSSION

The Calamos Investment Management Team, led by Co-Chief Investment Officers John P. Calamos, Sr. and Nick P. Calamos, CFA, discusses the fund’s strategy, performance and positioning for the six-month period ended April 30, 2011.

Q. To provide a context for its performance, please discuss the fund’s strategy and role within an asset allocation.

A. Calamos Global Dynamic Income Fund (CHW) is a global enhanced fixed income offering that seeks to provide an attractive monthly distribution, with a secondary objective of capital appreciation. We believe it offers a diversified way to participate in the long-term potential of global markets.

In this portfolio, we are drawing upon our team’s wide-ranging experience in an array of asset classes. We utilize a highly flexible approach and can invest in equities, convertible securities and high yield securities. We also can employ alternative strategies such as convertible arbitrage and covered call writing. In the convertible arbitrage strategy, we invest in convertible securities and short sell the convertibles’ underlying equities to generate income and hedge against risk. Through covered call writing, we seek to generate income by selling (“writing”) options on market indexes.

We believe that this broad mandate enhances our ability to capitalize on market volatility, manage potential downside risks and generate more income versus traditional fixed income funds. The allocation to each asset class and strategy is dynamic, and reflects our view of the economic landscape as well as the potential of individual securities. By combining asset classes and strategies, we believe that we are well positioned to generate income and capital gains. The broader range of security types also provides us with increased opportunities to manage the risk and reward characteristics of the portfolio over full market cycles.

We invest in both U.S. and non-U.S. companies, with at least 40% of assets invested in non-U.S. companies. We emphasize companies we believe offer reliable debt servicing, respectable balance sheets, and sustainable prospects for growth. Regardless of a company’s country of domicile, we favor, where possible, companies with geographically diversified revenue streams and global business strategies.

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 4/30/11


6		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

Investment Team Discussion

Q. How did the fund perform over the reporting period?

A. CHW gained 18.22% on a net asset value (NAV) basis for the six-month period ending April 30, 2011, outperforming the global equity market as measured MSCI World Index, up 15.04%, and the global bond market, as measured by the BofA Merrill Lynch Global Broad Market Index, which gained 1.50%. On a market price basis, the fund returned 13.80% for the same period.

Q. How do NAV and market price return differ?

A. Closed-end funds trade on exchanges, where the price of shares may be driven by factors other than the value of the underlying securities. The price of a share in the market is called market value. Market price may be influenced by factors unrelated to the performance of the fund’s holdings.

A fund’s NAV return measures the return of the individual securities in the portfolio, less fund expenses. It also measures how a manager was able to capitalize on market opportunities. Because we believe closed-end funds are best utilized as a long-term holding within asset allocations, we believe that NAV return is the better measure of a fund’s performance.

Q. Please discuss the fund’s distributions during the annual period.

A. As we discussed in the opening letter, we employ a level rate distribution policy within this fund, with the goal of providing shareholders with a consistent distribution stream. The fund provided a steady distribution stream over the period. Monthly distributions were $0.0500 per share, and the fund’s annual distribution rate was 6.63% of market price as of April 30, 2011.

We believe that the fund’s distribution rate and level remained attractive and competitive, as low interest rates limited yield opportunities in much of the marketplace. For example, as of April 30, 2011, the dividend yield of S&P 500 Index stocks averaged 1.8%. Yields also remained low in the U.S. government bond market, with 10-Year Treasurys and 30-Year Treasurys yielding 3.5% and 4.5%, respectively. Moreover, we believe the fund’s distribution rate is particularly compelling in that the fund also captured much of the equity market’s return, demonstrating the potential merits of a total return approach.

Q. The fund is currently trading at a discount to its NAV. Please discuss this discount.

A. At of the close of the reporting period, the fund was trading at a discount of 13.97%. This means that its market share price is 13.97% less than its NAV price. As we have noted in the past, we believe that this may be favorable for long-term investors seeking to purchase shares because investors can buy shares of the portfolio at a price that is lower than the fair value of the portfolio, as measured by its NAV.

Q. What factors influenced performance over the reporting period?

A. As we noted in the overview of the fund’s enhanced fixed income approach, we invest across asset classes and also employ alternative strategies. During the reporting period, the fund benefited from its holdings in U.S. equities, non-U.S. equities, convertible securities and high yield corporate bonds, as well as from our use of convertible arbitrage.


		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT		7

Investment Team Discussion

Within its U.S. equity allocation, an overweight in the energy sector relative to the S&P 500 Index proved particularly advantageous as the price of oil increased over the period. An underweight to the financials sector also enhanced relative performance. The fund’s underweight reflects our long-standing concerns about the potential risks within much of the sector. For example, we believe unfolding regulation and deleveraging may hinder revenue and profit growth in many banks. In contrast, while the fund’s information technology stake contributed favorably on an absolute basis, our positioning hindered performance relative to the S&P 500 Index. We maintain a high degree of conviction in many information technology stocks. We’ve favored companies that we believe are positioned to benefit from capital spending as companies seek to enhance their productivity. We are also interested in companies that are providing consumers with technologies that help them communicate, innovate and gain access to information. We are finding companies with high-growth characteristics, such as higher cash levels and lower debt levels, at valuations we believe are attractive.

Within the international equity portion of the portfolio, our positioning within information technology provided a significant boost to returns relative to the MSCI EAFE Index. Here, the fund’s semiconductors stake contributed notably. Health care holdings also furthered the fund’s advance, in areas such as health care equipment and pharmaceuticals. In contrast, an underweight position to the materials sector detracted from performance versus the MSCI EAFE Index. Within the sector, we have maintained a close eye on steepening valuations.

The fund’s global high yield bonds and convertible securities gained ground. As market participants pursued yield, this resulted in a narrowing of credit spreads in these markets which drove prices up. This quest for income in many cases led investors to favor the most speculative issues in the market. However, because we take a total return approach that focuses on avoiding downside risk, we took a very selective approach to lower rated issues, particularly those rated CCC. The fund was significantly underweighted in these credits.

Turning to alternative strategies, as convertible markets advanced briskly over the reporting period, the convertible arbitrage portion of the fund participated, benefiting from improved convertible valuations and narrowing credit spreads. During the period, we opted to suspend the use of covered call writing, based on our assessment of volatility in the marketplace (covered call writing is often more profitable during periods of higher volatility) and our view of equity market upside. By writing covered calls, we could have potentially capped our participation in the gains of the fund’s equity holdings that would have been used to cover our call writing activities.

Our use of leverage was also beneficial to the fund’s performance. We were able to borrow at low rates and then invest the proceeds in securities that generated higher returns. As we discussed in the opening letter, we utilized interest rate swaps to lock in an interest rate we believe to be attractive and to provide a hedge against a potential rise in interest rates.

Q. What is your outlook for Calamos Global Dynamic Income Fund?

A. Despite our concerns about some macroeconomic influences, we believe that the global markets offer ample opportunities for this fund’s enhanced fixed income approach, and that the fund’s broad investment universe provides us with important


8		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

Investment Team Discussion

advantages, both in the current low-rate environment as well as in an environment where rates could rise in the U.S., perhaps quite suddenly. Because of its innovative portfolio structure, this fund may be less susceptible to interest rate changes that could result from dollar devaluation or debt burdens, compared to those closed-end funds that rely primarily on U.S. Treasury bonds or municipal securities for yield.

In our view, active, multi-faceted risk management will remain very important. Global economic recovery is underway, but we do not believe that the current environment is one in which “a rising tide will lift all boats.” We do expect continued spikes in volatility, and in this environment, we believe that our ability to utilize a broad range of securities will remain an important differentiator of our enhanced fixed income approach. In this current climate, we also feel that our focus on companies with respectable balance sheets and good prospects for debt servicing remains prudent. Although the most speculative credits may provide incrementally higher income, we believe that a number of them fail to provide a return potential that is commensurate with their potential risks. Additionally, where possible, we maintain an emphasis companies with global strategies and reach, as they may be particularly well positioned for an evolving global economy.


		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT		9

Schedule of Investments April 30, 2011 (Unaudited)

PRINCIPAL

AMOUNT VALUE

CORPORATE BONDS (20.1%)

Consumer Discretionary (3.6%)

556,000 Cooper Tire & Rubber Company
8.000%, 12/15/19 $ 597,005

DISH Network Corp.

2,000,000 7.125%, 02/01/16 2,140,000

500,000 7.875%, 09/01/19 543,750

1,000,000 Exide Technologies*
8.625%, 02/01/18 1,077,500

1,000,000 Goodyear Tire & Rubber Company
8.250%, 08/15/20 1,116,250

2,000,000 Hanesbrands, Inc.‡
3.831%, 12/15/14 2,010,000

2,000,000 Jarden Corp.
8.000%, 05/01/16 2,205,000

2,000,000 Liberty Media Corp.
8.500%, 07/15/29 1,970,000

1,000,000 Live Nation Entertainment, Inc.*
8.125%, 05/15/18 1,025,000

2,000,000 MGM Resorts International
7.500%, 06/01/16 1,950,000

1,000,000 NetFlix, Inc.
8.500%, 11/15/17 1,135,000

915,000 Perry Ellis International, Inc.
7.875%, 04/01/19 958,462

2,210,000 Royal Caribbean Cruises, Ltd.~
7.500%, 10/15/27 2,215,525

Service Corp. International

1,000,000 8.000%, 11/15/21 1,110,000

1,000,000 7.000%, 05/15/19 1,067,500

1,000,000 Speedway Motorsports, Inc.
8.750%, 06/01/16 1,100,000

350,000 Wynn Las Vegas, LLC
7.750%, 08/15/20 384,125

22,605,117

Consumer Staples (0.5%)

333,000 Constellation Brands, Inc.
8.375%, 12/15/14 380,453

564,000 Darling International, Inc.*
8.500%, 12/15/18 617,580

50,000 Elizabeth Arden, Inc.
7.375%, 03/15/21 52,875

2,000,000 Smithfield Foods, Inc.
7.750%, 07/01/17 2,165,000

3,215,908

Energy (5.0%)

634,000 Basic Energy Services, Inc.*
7.750%, 02/15/19 667,285

2,000,000 Berry Petroleum Companyµ
8.250%, 11/01/16 2,125,000

2,000,000 Bristow Group, Inc.
7.500%, 09/15/17 2,120,000

1,500,000 Calfrac Holdings, LP*
7.500%, 12/01/20 1,575,000

425,000 Carrizo Oil & Gas, Inc.*
8.625%, 10/15/18 455,812

2,000,000 Chesapeake Energy Corp.
9.500%, 02/15/15 2,417,500

167,000 Clayton Williams Energy, Inc.*
7.750%, 04/01/19 167,835

2,000,000 Complete Production Services, Inc.
8.000%, 12/15/16 2,120,000

2,850,000 Comstock Resources, Inc.
8.375%, 10/15/17 3,021,000

2,170,000 Concho Resources, Inc.
8.625%, 10/01/17 2,408,700

1,000,000 Frontier Oil Corp.
8.500%, 09/15/16 1,090,000

500,000 GulfMark Offshore, Inc.
7.750%, 07/15/14 512,500

360,000 Holly Corp.
9.875%, 06/15/17 407,700

1,470,000 Hornbeck Offshore Services, Inc.µ
8.000%, 09/01/17 1,525,125

2,000,000 Pride International, Inc.
8.500%, 06/15/19 2,516,180

2,000,000 SEACOR Holdings, Inc.
7.375%, 10/01/19 2,164,960

2,000,000 SESI, LLC
6.875%, 06/01/14 2,052,500

Swift Energy Company

1,700,000 8.875%, 01/15/20 1,870,000

515,000 7.125%, 06/01/17 530,450

1,000,000 Trinidad Drilling, Ltd.*
7.875%, 01/15/19 1,065,000

30,812,547

Financials (0.7%)

500,000 Janus Capital Group, Inc.µ
6.700%, 06/15/17 548,125

Leucadia National Corp.µ

1,980,000 8.125%, 09/15/15 2,207,700

400,000 7.000%, 08/15/13 435,000

1,050,000 OMEGA Healthcare Investors, Inc.
7.500%, 02/15/20 1,126,125

4,316,950

Health Care (2.4%)

2,000,000 Bio-Rad Laboratories, Inc.
8.000%, 09/15/16 2,235,000

500,000 Community Health Systems, Inc.
8.875%, 07/15/15 512,500

2,000,000 Giant Funding Corp.*
8.250%, 02/01/18 2,085,000

2,000,000 HCA, Inc.
9.125%, 11/15/14 2,110,000

10
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT See accompanying Notes to Schedule of Investments

Schedule of Investments April 30, 2011 (Unaudited)

PRINCIPAL

AMOUNT VALUE

HealthSouth Corp.

500,000 7.750%, 09/15/22 $ 533,125

500,000 7.250%, 10/01/18 530,000

Mylan, Inc.*

990,000 7.625%, 07/15/17 1,089,000

500,000 7.875%, 07/15/20 555,000

2,000,000 Talecris Biotherapeutics Holdings Corp.~
7.750%, 11/15/16 2,210,000

Valeant Pharmaceuticals International, Inc.*

1,300,000 7.000%, 10/01/20 1,283,750

800,000 7.250%, 07/15/22 791,000

250,000 6.750%, 10/01/17 250,000

569,000 Warner Chilcott Company, LLC*
7.750%, 09/15/18 602,429

14,786,804

Industrials (3.2%)

1,000,000 Belden, Inc.µ
7.000%, 03/15/17 1,037,500

438,000 Boart Longyear Management Pty., Ltd.*
7.000%, 04/01/21 455,520

900,000 Clean Harbors, Inc.
7.625%, 08/15/16 967,500

2,500,000 Deluxe Corp.
7.375%, 06/01/15 2,603,125

688,000 Dycom Investments, Inc.*
7.125%, 01/15/21 714,660

2,000,000 General Cable Corp.µ
7.125%, 04/01/17 2,065,000

502,000 Interline Brands, Inc.
7.000%, 11/15/18 519,570

1,105,000 Kansas City Southern
13.000%, 12/15/13 1,309,425

2,000,000 Manitowoc Company, Inc.
7.125%, 11/01/13 2,030,000

Oshkosh Corp.

1,290,000 8.500%, 03/01/20 1,444,800

210,000 8.250%, 03/01/17 232,838

2,000,000 SPX Corp.
7.625%, 12/15/14 2,222,500

1,500,000 Terex Corp.
8.000%, 11/15/17 1,593,750

680,000 Triumph Group, Inc.
8.000%, 11/15/17 729,300

1,675,000 Tutor Perini Corp.*
7.625%, 11/01/18 1,716,875

19,642,363

Information Technology (2.6%)

Advanced Micro Devices, Inc.

1,000,000 7.750%, 08/01/20 1,047,500

640,000 8.125%, 12/15/17 680,000

2,000,000 Amkor Technology, Inc.
9.250%, 06/01/16 2,110,000

400,000 Equinix, Inc.µ
8.125%, 03/01/18 435,000

100,000 Hynix Semiconductor, Inc.*
7.875%, 06/27/17 106,380

2,500,000 iGATE Corp.*
9.000%, 05/01/16 2,575,000

2,500,000 Jabil Circuit, Inc.µ
8.250%, 03/15/18 2,881,250

1,000,000 Lender Processing Services, Inc.µ
8.125%, 07/01/16 1,035,000

1,340,000 MEMC Electronic Materials, Inc.*
7.750%, 04/01/19 1,398,625

1,000,000 ViaSat, Inc.
8.875%, 09/15/16 1,081,250

2,500,000 Xerox Corp.
8.000%, 02/01/27 2,542,420

15,892,425

Materials (0.7%)

967,000 Clearwater Paper Corp.*
7.125%, 11/01/18 1,010,515

1,000,000 Southern Copper Corp.
7.500%, 07/27/35 1,055,579

Steel Dynamics, Inc.

1,675,000 7.750%, 04/15/16µ 1,800,625

325,000 7.625%, 03/15/20 357,500

4,224,219

Telecommunication Services (1.3%)

Frontier Communications Corp.

2,000,000 9.000%, 08/15/31 2,070,000

500,000 8.250%, 04/15/17 544,375

1,500,000 MetroPCS Wireless, Inc.
7.875%, 09/01/18 1,623,750

2,000,000 Qwest Communications International, Inc.~
7.750%, 02/15/31 2,145,000

2,000,000 Windstream Corp.*
7.500%, 04/01/23 2,040,000

8,423,125

Utilities (0.1%)

1,000,000 Edison Mission Energy
7.750%, 06/15/16 865,000

TOTAL CORPORATE BONDS
(Cost $115,773,814) 124,784,458

CONVERTIBLE BONDS (19.0%)

Consumer Discretionary (1.7%)

1,000,000 Coinstar, Inc.
4.000%, 09/01/14 1,537,500

6,000,000 HKD Hengdeli Holdings, Ltd.
2.500%, 10/20/15 946,356

6,000,000 Interpublic Group of Companies, Inc.µ
4.250%, 03/15/23 6,780,000

See accompanying Notes to Schedule of Investments
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 11

Schedule of Investments April 30, 2011 (Unaudited)

PRINCIPAL

AMOUNT VALUE

1,750,000 Liberty Media Corp.
(Viacom, CBS Corp. - Class B)§
3.250%, 03/15/31 $ 1,478,750

10,742,606

Consumer Staples (0.3%)

1,500,000 Smithfield Foods, Inc.
4.000%, 06/30/13 1,878,750

Energy (2.1%)

2,000,000 Chesapeake Energy Corp.
2.750%, 11/15/35 2,340,000

1,000,000 James River Coal Company*
4.500%, 12/01/15 1,217,500

1,000,000 Newpark Resources, Inc.
4.000%, 10/01/17 1,133,750

1,300,000 Petrominerales, Ltd.
2.625%, 08/25/16 1,723,800

3,100,000 Subsea 7, SA
2.250%, 10/11/13 3,875,274

1,950,000 EUR Technip, SA
0.500%, 01/01/16 2,774,804

13,065,128

Financials (1.6%)

1,300,000 GBP Aberdeen Asset Management, PLC
3.500%, 12/17/14 2,825,971

4,000,000 Affiliated Managers Group, Inc.
3.950%, 08/15/38 4,655,000

2,000,000 PHH Corp.
4.000%, 09/01/14 2,227,500

9,708,471

Health Care (3.8%)

3,000,000 Cephalon, Inc.
2.500%, 05/01/14 3,645,000

2,000,000 Charles River Laboratories International, Inc.
2.250%, 06/15/13 2,170,000

3,000,000 Cubist Pharmaceuticals, Inc.
2.500%, 11/01/17 4,020,000

3,000,000 Kinetic Concepts, Inc.*
3.250%, 04/15/15 3,937,500

2,000,000 LifePoint Hospitals, Inc.
3.500%, 05/15/14 2,165,000

6,500,000 Shire, PLCµ
2.750%, 05/09/14 7,571,282

23,508,782

Industrials (0.6%)

600,000 Altra Holdings, Inc.*
2.750%, 03/01/31 681,750

1,800,000 EUR MTU Aero Engines Holdings, AGµ
2.750%, 02/01/12 2,985,517

3,667,267

Information Technology (5.5%)

3,550,000 GBP Autonomy Corp., PLC
3.250%, 03/04/15 6,709,532

2,850,000 EUR Cap Gemini, SA
1.000%, 01/01/12 1,903,805

2,000,000 Ciena Corp.
0.875%, 06/15/17 1,985,000

2,000,000 Equinix, Inc.
3.000%, 10/15/14 2,265,000

2,000,000 Hynix Semiconductor, Inc.
2.650%, 05/14/15 2,450,360

5,500,000 Intel Corp.µ
2.950%, 12/15/35 5,891,875

2,000,000 Mentor Graphics Corp.*
4.000%, 04/01/31 2,082,500

1,650,000 Micron Technology, Inc.
1.875%, 06/01/27 1,977,938

1,900,000 EUR Nexans, SA
1.500%, 01/01/13 2,497,475

300,000 Photronics, Inc.*
3.250%, 04/01/16 344,625

1,000,000 Quantum Corp.*
3.500%, 11/15/15 1,070,000

1,000,000 RF Micro Devices, Inc.
1.000%, 04/15/14 1,106,250

2,790,000 Xilinx, Inc.*
2.625%, 06/15/17 3,630,487

33,914,847

Materials (3.0%)

1,200,000 Anglo American, PLC*
4.000%, 05/07/14 2,366,585

1,500,000 AngloGold Ashanti, Ltd.
3.500%, 05/22/14 1,891,873

5,450,000 Goldcorp, Inc.µ
2.000%, 08/01/14 7,289,375

2,000,000 Jaguar Mining, Inc.*
5.500%, 03/31/16 2,112,500

1,500,000 Kinross Gold Corp.
1.750%, 03/15/28 1,511,250

1,000,000 Owens-Brockway Glass Container, Inc.*
3.000%, 06/01/15 1,011,250

1,760,000 Sino-Forest Corp.*µ
4.250%, 12/15/16 2,422,200

18,605,033

Utilities (0.4%)

1,700,000 EUR International Power, PLC
3.250%, 07/20/13 2,699,622

TOTAL CONVERTIBLE BONDS
(Cost $107,382,041) 117,790,506

12
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT See accompanying Notes to Schedule of Investments

Schedule of Investments April 30, 2011 (Unaudited)

PRINCIPAL

AMOUNT VALUE

U.S. GOVERNMENT AND AGENCY SECURITIES (0.9%)

United States Treasury Note~

3,750,000 1.000%, 03/31/12 $ 3,776,389

1,500,000 0.875%, 01/31/12 1,507,911

TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES
(Cost $5,282,894) 5,284,300

SOVEREIGN BONDS (0.7%)

350,000 BRL Federal Republic of Brazil
10.000%, 01/01/12 2,261,456

2,500,000 NZD Government of New Zealand
6.000%, 04/15/15 2,147,903

TOTAL SOVEREIGN BONDS
(Cost $3,926,131) 4,409,359

NUMBER OF

SHARES VALUE

CONVERTIBLE PREFERRED STOCKS (4.4%)

Consumer Discretionary (0.2%)

8,573 Stanley Black & Decker, Inc.
4.750% 1,011,185

Consumer Staples (1.0%)

101,000 Archer-Daniels-Midland Company
6.250% 4,728,820

16,750 Bunge, Ltd.
4.875% 1,788,063

6,516,883

Energy (0.9%)

80,000 Apache Corp.
6.000% 5,630,400

Financials (1.4%)

65,000 Affiliated Managers Group, Inc.µ
5.150% 2,904,687

2,800 Bank of America Corp.µ
7.250% 2,923,200

13,600 MetLife, Inc.
5.000% 1,190,544

1,600 Wells Fargo & Companyµ
7.500% 1,727,168

8,745,599

Materials (0.6%)

37,800 Vale, SA
6.750% 3,527,118

Utilities (0.3%)

32,000 NextEra Energy, Inc.
7.000% 1,660,800

TOTAL CONVERTIBLE PREFERRED STOCKS
(Cost $22,765,908) 27,091,985

NUMBER OF

UNITS VALUE

STRUCTURED EQUITY-LINKED SECURITIES (2.0%)+*

Energy (1.4%)

175,069 Barclays Capital, Inc. (Nabors Industries, Ltd.)
12.000%, 06/04/11 4,411,739

125,000 Deutsche Bank, AG
(Chesapeake Energy Corp.)†
8.000%, 01/24/11 4,125,000

8,536,739

Materials (0.6%)

73,000 Credit Suisse Group (Barrick Gold Corp.)
11.000%, 05/24/11 3,717,160

TOTAL STRUCTURED EQUITY-LINKED SECURITIES
(Cost $11,704,181) 12,253,899

NUMBER OF

SHARES VALUE

COMMON STOCKS (82.3%)

Consumer Discretionary (5.2%)

28,650 Amazon.com, Inc.µ# 5,629,725

130,000 JPY ASICS Corp. 1,880,034

38,500 Carnival Corp.µ 1,465,695

30,000 CBS Corp.µ 756,600

400,000 AUD Harvey Norman Holdings, Ltd.µ 1,178,403

39,000 JPY Makita Corp.µ 1,793,253

72,000 News Corp. - Class Bµ 1,360,800

140,000 JPY Nikon Corp.µ 2,934,065

83,000 JPY Panasonic Corp.µ 1,020,597

9,000 EUR Porsche Automobil Holding, SEµ 650,551

110,000 JPY Suzuki Motor Corp.µ 2,618,753

85,000 CHF Swatch Group, AG 7,550,480

8,000 Target Corp.µ 392,800

31,000 JPY Toyota Motor Corp.µ 1,236,626

46,800 Walt Disney Companyµ 2,017,080

32,485,462

Consumer Staples (9.2%)

53,000 EUR Anheuser-Busch InBev, NV 3,382,351

96,000 JPY Asahi Breweries, Ltd.µ 1,803,443

40,000 Avon Products, Inc.µ 1,175,200

53,000 EUR Beiersdorf, AGµ 3,451,687

74,000 Coca-Cola Companyµ 4,992,040

107,000 BRL Companhia de Bebidas das Americas 3,407,513

106,500 EUR Danone, SA 7,797,536

160 JPY Japan Tobacco, Inc.µ 621,808

12,000 Kimberly-Clark Corp.µ 792,720

225,000 CHF Nestlé, SA 13,965,388

23,000 PepsiCo, Inc.µ 1,584,470

45,000 Procter & Gamble Companyµ 2,920,500

See accompanying Notes to Schedule of Investments
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 13

Schedule of Investments April 30, 2011 (Unaudited)

NUMBER OF

SHARES VALUE

52,000 GBP Reckitt Benckiser Group, PLCµ $ 2,893,649

30,750 Sysco Corp.µ 888,982

53,000 GBP Unilever, PLCµ 1,721,781

1,140,000 MXN Wal-Mart de Mexico, SAB de CV 3,565,069

42,000 Wal-Mart Stores, Inc.µ 2,309,160

57,273,297

Energy (10.3%)

10,000 Apache Corp.µ 1,333,700

875,000 GBP BP, PLCµ 6,726,369

26,000 Chevron Corp.µ 2,845,440

1,600,000 HKD CNOOC, Ltd. 3,976,923

40,000 ConocoPhillipsµ 3,157,200

23,500 Devon Energy Corp.µ 2,138,500

95,000 EUR ENI S.p.A.µ 2,543,496

180,000 CAD Ensign Energy Services, Inc. 3,475,770

82,500 Exxon Mobil Corp.µ 7,260,000

46,500 Halliburton Companyµ 2,347,320

31,000 Marathon Oil Corp.µ 1,675,240

24,000 Noble Corp. 1,032,240

15,000 Occidental Petroleum Corp.µ 1,714,350

2,350,000 HKD PetroChina Company, Ltd. - Class H 3,411,260

57,500 NOK Petroleum Geo-Services ASAµ# 909,660

82,300 GBP Royal Dutch Shell, PLCµ 3,205,724

22,000 Schlumberger, Ltd. 1,974,500

118,000 CAD Suncor Energy, Inc. 5,438,863

34,000 EUR Technip, SA 3,836,222

74,000 EUR TOTAL, SA 4,739,063

63,741,840

Financials (8.1%)

27,500 Aflac, Inc.µ 1,545,225

4,000 American International Group, Inc.µ# 124,600

95,000 AUD ASX, Ltd.µ 3,350,192

135,000 EUR Banco Santander, SAµ 1,724,014

105,000 Bank of America Corp.µ 1,289,400

41,000 Bank of New York Mellon Corp.µ 1,187,360

18,700 EUR BNP Paribas, SAµ 1,478,319

189,615 Citigroup, Inc.µ# 870,333

29,000 EUR Deutsche Börse, AGµ 2,407,545

12,000 Franklin Resources, Inc.µ 1,549,440

8,500 Goldman Sachs Group, Inc.µ 1,283,585

19,000 Hartford Financial Services Group, Inc.µ 550,430

100,000 HKD Hong Kong Exchanges and Clearing, Ltd. 2,286,807

77,500 JPMorgan Chase & Companyµ 3,536,325

80,000 CHF Julius Baer Group, Ltd.µ# 3,743,821

99,000 Manulife Financial Corp.µ 1,779,030

16,000 MetLife, Inc.µ 748,640

98,000 CAD Power Financial Corp.µ 3,259,589

8,500 Prudential Financial, Inc.µ 539,070

238,500 GBP Schroders, PLCµ 7,577,611

140,000 GBP Standard Chartered, PLC 3,890,863

23,500 T. Rowe Price Group, Inc.µ 1,509,875

14,000 Travelers Companies, Inc.µ 885,920

37,250 Wells Fargo & Companyµ 1,084,347

8,300 CHF Zurich Financial Services, AGµ# 2,333,783

50,536,124

Health Care (10.4%)

15,000 Abbott Laboratoriesµ 780,600

83,000 Bristol-Myers Squibb Companyµ 2,332,300

29,000 AUD Cochlear, Ltd. 2,563,926

23,000 DKK Coloplast, A/S - Class B 3,383,203

65,000 Covidien, PLC 3,619,850

150,000 AUD CSL, Ltd.µ 5,660,326

88,000 SEK Elekta, AB - Class Bµ 4,016,131

34,250 Eli Lilly and Companyµ 1,267,593

80,000 Johnson & Johnsonµ 5,257,600

42,000 Medtronic, Inc.µ 1,753,500

144,533 Merck & Company, Inc.µ 5,195,961

79,600 DKK Novo Nordisk, A/S - Class B 10,076,830

98,000 JPY OLYMPUS Corp.µ 2,773,688

190,000 Pfizer, Inc.µ 3,982,400

25,000 CHF Roche Holding, AGµ 4,057,998

140,000 GBP Shire, PLC 4,344,556

18,500 Stryker Corp.µ 1,091,500

42,000 UnitedHealth Group, Inc.µ 2,067,660

64,225,622

Industrials (10.7%)

27,000 3M Companyµ 2,624,670

270,000 CHF ABB, Ltd.µ# 7,456,128

54,000 EUR ALSTOMµ 3,590,334

610,000 GBP BAE Systems, PLCµ 3,348,480

28,000 Boeing Companyµ 2,233,840

35,000 EUR Bouygues, SAµ 1,741,789

14,000 Danaher Corp.µ 773,360

20,000 Eaton Corp.µ 1,070,600

14,500 General Dynamics Corp.µ 1,055,890

242,500 General Electric Companyµ 4,959,125

60,000 Honeywell International, Inc.µ 3,673,800

25,000 Illinois Tool Works, Inc.µ 1,460,250

75,000 JPY Komatsu, Ltd. 2,644,455

44,000 EUR Konecranes OYJµ 2,116,773

47,000 EUR Krones AGµ# 3,802,492

10,000 Lockheed Martin Corp.µ 792,500

30,000 EUR MAN, AGµ# 4,179,421

44,000 EUR MTU Aero Engines Holdings, AGµ# 3,368,276

14
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT See accompanying Notes to Schedule of Investments

Schedule of Investments April 30, 2011 (Unaudited)

NUMBER OF

SHARES VALUE

14,000 EUR Nexans, SAµ $ 1,483,768

10,000 Raytheon Companyµ 485,500

40,000 EUR Royal Philips Electronics, NVµ 1,184,721

63,500 EUR Siemens, AG 9,236,633

32,000 United Technologies Corp.µ 2,866,560

66,149,365

Information Technology (19.6%)

72,000 Accenture, PLC - Class A 4,113,360

22,200 Apple, Inc.µ# 7,730,706

105,000 Applied Materials, Inc. 1,647,450

1,350,000 GBP ARM Holdings, PLC 13,992,103

90,000 EUR ASML Holding, NV 3,751,387

260,000 GBP Autonomy Corp., PLCµ# 7,017,007

60,000 JPY Canon, Inc.µ 2,825,553

29,500 EUR Cap Gemini, SAµ 1,786,843

37,000 Check Point Software Technologies, Ltd.# 2,032,410

145,000 Cisco Systems, Inc.µ 2,546,200

132,500 Dell, Inc.µ# 2,055,075

130,000 eBay, Inc.µ# 4,472,000

65,000 EMC Corp.µ# 1,842,100

6,250 Google, Inc.µ# 3,400,625

115,762 TWD HTC Corp. 5,269,102

185,000 Intel Corp.µ 4,290,150

15,000 International Business Machines Corp.µ 2,558,700

113,000 JPY Konami Corp.µ 2,252,184

285,000 SEK LM Ericsson Telephone Companyµ 4,324,454

85,000 CHF Logitech International, SAµ# 1,178,765

190,000 Microsoft Corp.µ 4,943,800

5,625 Motorola Mobility Holdings, Inc.# 146,588

6,428 Motorola Solutions, Inc.# 294,917

23,000 JPY Murata Manufacturing Company, Ltd. 1,661,160

20,400 JPY Nintendo Company, Ltd.µ 4,826,929

580,000 EUR NOKia, OYJ 5,343,189

92,000 JPY Nomura Research Institute, Ltd.µ 1,977,799

75,000 Oracle Corp.µ 2,703,750

51,893 QUALCOMM, Inc.µ 2,949,598

5,560 KRW Samsung Electronics Company, Ltd.µ 4,644,161

110,000 EUR SAP, AG 7,087,303

14,300 EUR Software, AG 2,706,519

75,000 Symantec Corp.µ# 1,473,750

635,000 TWD Taiwan Semiconductor
Manufacturing Company, Ltd. 1,642,419

121,488,056

Materials (4.9%)

64,000 GBP Anglo American, PLCµ 3,354,819

124,000 CAD Barrick Gold Corp. 6,332,695

20,500 EUR BASF, SEµ 2,105,021

41,000 Dow Chemical Companyµ 1,680,590

36,000 E.I. du Pont de Nemours and Companyµ 2,044,440

135,000 CAD Goldcorp, Inc. 7,546,531

30,000 GBP Rio Tinto, PLCµ 2,188,959

15,000 CHF Syngenta, AG 5,304,860

30,557,915

Telecommunication Services (3.1%)

93,500 América Móvil, SAB de CVµ 5,348,200

145,000 AT&T, Inc.µ 4,512,400

96,000 EUR France Telecom, SAµ 2,249,698

5,520 Frontier Communications Corp. 45,651

23,000 Verizon Communications, Inc.µ 868,940

2,157,000 GBP Vodafone Group, PLC 6,235,461

19,260,350

Utilities (0.8%)

47,500 Duke Energy Corp.µ 885,875

10,500 Exelon Corp.µ 442,575

45,801 EUR GDF Suezµ 1,872,770

29,000 EUR RWE, AG 1,891,898

5,093,118

TOTAL COMMON STOCKS
(Cost $560,353,248) 510,811,149

NUMBER OF

CONTRACTS VALUE

PURCHASED OPTIONS (0.0%)#

Consumer Discretionary (0.0%)

55 Amazon.com, Inc.
Call, 01/19/13, Strike $180.00 230,862

Energy (0.0%)

85 James River Coal Company
Put, 06/18/11, Strike $12.50 425

Materials (0.0%)

550 Jaguar Mining, Inc.
Put, 06/18/11, Strike $4.00 4,125

TOTAL PURCHASED OPTIONS
(Cost $237,667) 235,412

See accompanying Notes to Schedule of Investments
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 15

Schedule of Investments April 30, 2011 (Unaudited)

NUMBER OF

SHARES VALUE

SHORT TERM INVESTMENT (3.3%)

20,775,894 Fidelity Prime Money Market Fund - Institutional Class
(Cost $20,775,894) $ 20,775,894

TOTAL INVESTMENTS (132.7%)
(Cost $848,201,778)
823,436,962

LIABILITIES, LESS OTHER ASSETS (-32.7%)
(202,878,691 )

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)
$ 620,558,271

NUMBER OF

SHARES VALUE

COMMON STOCKS SOLD SHORT (-3.6%)#

Consumer Discretionary (-0.5%)

(13,800 ) Coinstar, Inc. (744,924 )

(220,600 ) Interpublic Group of Companies, Inc. (2,592,050 )

(3,336,974 )

Consumer Staples (-0.2%)

(42,900 ) Smithfield Foods, Inc. (1,010,724 )

Energy (-0.2%)

(25,000 ) James River Coal Company (583,000 )

(55,000 ) Newpark Resources, Inc. (496,650 )

(1,079,650 )

Financials (-0.4%)

(11,800 ) Affiliated Managers Group, Inc. (1,287,144 )

(50,000 ) PHH Corp. (1,073,000 )

(2,360,144 )

Health Care (-1.3%)

(21,000 ) Cephalon, Inc. (1,612,800 )

(20,500 ) Charles River Laboratories International, Inc. (864,895 )

(87,200 ) Cubist Pharmaceuticals, Inc. (2,951,720 )

(35,800 ) Kinetic Concepts, Inc. (2,113,274 )

(19,300 ) LifePoint Hospitals, Inc. (803,073 )

(8,345,762 )

Industrials (-0.1%)

(16,175 ) Altra Holdings, Inc. (410,683 )

Information Technology (-0.7%)

(29,000 ) Ciena Corp. (818,960 )

(6,000 ) Equinix, Inc. (603,960 )

(53,000 ) Mentor Graphics Corp. (781,750 )

(107,000 ) Micron Technology, Inc. (1,208,030 )

(16,520 ) Photronics, Inc. (144,220 )

(164,000 ) Quantum Corp. (521,520 )

(75,000 ) RF Micro Devices, Inc. (499,500 )

(4,577,940 )

Materials (-0.2%)

(187,000 ) Jaguar Mining, Inc. (1,045,330 )

(10,500 ) Kinross Gold Corp. (166,320 )

(9,500 ) Owens-Illinois, Inc. (281,865 )

(1,493,515 )

TOTAL COMMON STOCKS
SOLD SHORT
(Proceeds $18,947,851) (22,615,392 )

NUMBER OF

CONTRACTS VALUE

WRITTEN OPTIONS (0.0%)#

Consumer Discretionary (0.0%)

50 Coinstar, Inc.
Call, 07/16/11, Strike $47.50
(Premium $13,098) (40,250 )

NOTES TO SCHEDULE OF INVESTMENTS


*		Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At April 30, 2011, the value of 144A securities that could not be exchanged to the registered form is $34,178,946 or 5.5% of net assets applicable to common shareholders.

‡		Variable rate or step bond security. The rate shown is the rate in effect at April 30, 2011.

~		Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for written options, swaps, or securities sold short. The aggregate value of such securities aggregate a total value of $11,251,255.

µ		Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $373,649,980.

§		Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.

+		Structured equity-linked securities are designed to simulate the characteristics of the equity security in the parenthetical.

†		Security or a portion of the security purchased on a delayed delivery or when-issued basis.

#		Non-income producing security.

16 CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT See accompanying Notes to Financial Statements

Schedule of Investments April 30, 2011 (Unaudited)

FOREIGN CURRENCY ABBREVIATIONS


AUD	Australian Dollar	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	NOK	Norwegian Krone
DKK	Danish Krone	NZD	New Zealand Dollar
EUR	European Monetary Unit	SEK	Swedish Krona
GBP	British Pound Sterling	TWD	New Taiwanese Dollar
HKD	Hong Kong 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 on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

CURRENCY EXPOSURE
APRIL 30, 2011 (UNAUDITED)


			% OF TOTAL
	VALUE		INVESTMENTS
US Dollar	$	446,840,481		55.8%

European Monetary Unit		104,370,842		13.0%

British Pound Sterling		76,032,885		9.5%

Swiss Franc		45,591,223		5.7%

Japanese Yen		32,870,347		4.1%

Canadian Dollar		26,053,448		3.3%

Danish Krone		13,460,033		1.7%

Australian Dollar		12,752,847		1.6%

Hong Kong Dollar		10,621,346		1.3%

Swedish Krona		8,340,585		1.0%

New Taiwanese Dollar		6,911,521		0.9%

Brazilian Real		5,668,969		0.7%

South Korean Won		4,644,161		0.6%

Mexican Peso		3,565,069		0.4%

New Zealand Dollar		2,147,903		0.3%

Norwegian Krone		909,660		0.1%

Total Investments Net of Common Stocks Sold Short and Written Options	$	800,781,320		100.0%

Currency exposure may vary over time.

INTEREST RATE SWAPS


								UNREALIZED
	FIXED RATE			FLOATING RATE	TERMINATION	NOTIONAL		APPRECIATION/
COUNTERPARTY	(FUND PAYS)			(FUND RECEIVES)	DATE	AMOUNT		(DEPRECIATION)
BNP Paribas, SA		2.5350%	quarterly	3 month LIBOR	03/09/14	$	80,000,000	$	(3,406,690	)
BNP Paribas, SA		2.0200%	quarterly	3 month LIBOR	03/09/12		55,000,000		(940,786	)
BNP Paribas, SA		1.8525%	quarterly	3 month LIBOR	09/14/12		36,900,000		(781,026	)

								$	(5,128,502	)

See accompanying Notes to Financial Statements CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 17

Statement of Assets and Liabilities April 30, 2011 (Unaudited)

ASSETS

Investments in securities, at value (cost $848,201,778)
$ 823,436,962

Cash with custodian (interest bearing)
522,775

Restricted cash for short positions (interest bearing)
24,282,727

Foreign currency (cost $174,775)
176,019

Receivables:

Accrued interest and dividends
5,392,975

Investments sold
3,372,226

Prepaid expenses
56,023

Other assets
97,993

Total assets
857,337,700

LIABILITIES

Common stocks sold short, at value (proceeds $18,947,851)
22,615,392

Options written, at value (premium $13,098)
40,250

Unrealized depreciation on interest rate swaps
5,128,502

Payables:

Note payable
196,000,000

Investments purchased
12,076,665

Affiliates:

Investment advisory fees
648,976

Deferred compensation to trustees
97,993

Financial accounting fees
7,422

Trustees’ fees and officer compensation
8,697

Other accounts payable and accrued liabilities
155,532

Total liabilities
236,779,429

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
$ 620,558,271

COMPOSITION OF NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

Common stock, no par value, unlimited shares authorized 59,006,992 shares issued and outstanding
$ 795,087,845

Undistributed net investment income (loss)
(10,613,594 )

Accumulated net realized gain (loss) on investments, foreign currency transactions, written options, short positions and interest rate swaps
(130,420,072 )

Unrealized appreciation (depreciation) of investments, foreign currency translations, written options, short positions and interest rate swaps
(33,495,908 )

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
$ 620,558,271

Net asset value per common shares based upon 59,006,992 shares issued and outstanding
$ 10.52

18
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT See accompanying Notes to Financial Statements

Statement of Operations Six Months Ended April 30, 2011 (Unaudited)

INVESTMENT INCOME

Interest
$ 6,735,425

Dividends
7,631,815

Dividend taxes withheld
(328,615 )

Total investment income
14,038,625

EXPENSES

Investment advisory fees
3,796,825

Interest expense and related fees
1,537,893

Printing and mailing fees
58,956

Custodian fees
46,197

Financial accounting fees
43,284

Audit fees
29,290

Accounting fees
29,154

Registration fees
25,883

Trustees’ fees and officer compensation
24,428

Dividend expense on short positions
13,939

Transfer agent fees
12,881

Legal fees
2,872

Other
33,361

Total expenses
5,654,963

NET INVESTMENT INCOME (LOSS)
8,383,662

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

Investments, excluding purchased options
9,551,916

Purchased options
94,871

Foreign currency transactions
130,823

Written options
(1,931,959 )

Short positions
(267,877 )

Interest rate swaps
(1,665,239 )

Change in net unrealized appreciation/(depreciation) on:

Investments, excluding purchased options
77,278,395

Purchased options
(52,634 )

Foreign currency translations
(45,178 )

Written options
1,987,094

Short positions
(1,213,539 )

Interest rate swaps
2,159,650

NET GAIN (LOSS)
86,026,323

NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS
$ 94,409,985

See accompanying Notes to Financial Statements
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 19

Statements of Changes in Net Assets

(UNAUDITED)

SIX MONTHS

ENDED
YEAR ENDED

APRIL 30,
OCTOBER 31,

2011 2010

OPERATIONS

Net investment income (loss)
$ 8,383,662 $ 18,129,548

Net realized gain (loss)
5,912,535 (3,416,096 )

Change in unrealized appreciation/(depreciation)
80,113,788 64,295,900

Net increase (decrease) in net assets applicable to common shareholders resulting from operations
94,409,985 79,009,352

DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM

Net investment income
(17,702,098 ) (16,189,909 )

Return of capital
— (19,214,286 )

Net decrease in net assets from distributions to common shareholders
(17,702,098 ) (35,404,195 )

TOTAL INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
76,707,887 43,605,157

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS

Beginning of period
$ 543,850,384 $ 500,245,227

End of period
620,558,271 543,850,384

Undistributed net investment income (loss)
$ (10,613,594 ) $ (1,295,158 )

20
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT See accompanying Notes to Financial Statements

Statement of Cash Flows Six Months Ended April 30, 2011 (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net increase/(decrease) in net assets from operations
$ 94,409,985

Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash used for operating activities:

Purchase of investment securities
(201,302,939 )

Net proceeds from disposition of short term investments
2,569,332

Purchase of securities sold short
(5,356,363 )

Proceeds paid on closing written options
(5,776,986 )

Proceeds from disposition of investment securities
211,013,010

Proceeds for securities sold short
18,314,521

Premiums received from written options
1,777,671

Amortization and accretion of fixed-income securities
(853,816 )

Net realized gains/losses from investments, excluding purchased options
(9,551,916 )

Net realized gains/losses from purchased options
(94,871 )

Net realized gains/losses from short positions
267,877

Net realized gains/losses from written options
1,931,959

Change in unrealized appreciation or depreciation on investments, excluding purchased options
(77,278,395 )

Change in unrealized appreciation or depreciation on purchased options
52,634

Change in unrealized appreciation or depreciation on short positions
1,213,539

Change in unrealized appreciation or depreciation on written options
(1,987,094 )

Change in unrealized appreciation or depreciation on interest rate swaps
(2,159,650 )

Net change in assets and liabilities:

(Increase)/decrease in assets:

Accrued interest and dividends receivable
(767,566 )

Restricted cash for short positions (interest bearing)
(14,351,855 )

Prepaid expenses
(40,821 )

Other assets
(16,008 )

Increase/(decrease) in liabilities:

Payables to affiliates
55,631

Other accounts payable and accrued liabilities
7,899

Net cash provided by/(used in) operating activities
$ 12,075,778

CASH FLOWS FROM FINANCING ACTIVITIES:

Distributions to common shareholders
(17,702,098 )

Proceeds from Note payable
5,000,000

Net cash provided by/(used in) financing activities
$ (12,702,098 )

Net increase/(decrease) in cash and foreign currency*
$ (626,320 )

Cash and foreign currency at beginning of period
$ 1,325,114

Cash and foreign currency at end of period
$ 698,794

Supplemental disclosure

Cash paid for interest and related fees
$ 1,556,709


*		Includes net change in unrealized appreciation or depreciation on foreign currency of $(75,632).

See accompanying Notes to Financial Statements
CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 21

Notes to Financial Statements

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Global Dynamic Income Fund (the “Fund”) was organized as a Delaware statutory trust on April 10, 2007 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on June 27, 2007. The Fund’s investment objective is to generate a high level of current income with a secondary objective of capital appreciation.

Fund Valuation. The valuation of the Fund’s securities is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the last current reported sales price at the time a Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV.

When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

Fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives are normally valued by independent pricing services or by dealers or brokers who make markets in such securities. Valuations of such fixed income securities, certain convertible preferred securities, and non-exchange traded derivatives consider yield or price of equivalent securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data and do not rely exclusively upon exchange or over-the-counter prices.

Trading on European and Far Eastern exchanges and over-the-counter markets is typically completed at various times before the close of business on each day on which the New York Stock Exchange (“NYSE”) is open. Each security trading on these exchanges or over-the-counter markets may be valued utilizing a systematic fair valuation model provided by an independent pricing service approved by the board of trustees. The valuation of each security that meets certain criteria in relation to the valuation model is systematically adjusted to reflect the impact of movement in the U.S. market after the foreign markets close. Securities that do not meet the criteria, or that are principally traded in other foreign markets, are valued as of the last reported sale price at the time the Fund determines its NAV, or when reliable market prices or quotations are not readily available, at the mean between the most recent bid and asked quotations as of the close of the appropriate exchange or other designated time. Trading of foreign securities may not take place on every NYSE business day. In addition, trading may take place in various foreign markets on Saturdays or on other days when the NYSE is not open and on which the Fund’s NAV is not calculated.

If the pricing committee determines that the valuation of a security in accordance with the methods described above is not reflective of a fair value for such security, the security is valued at a fair value by the pricing committee, under the ultimate supervision of the board of trustees, following the guidelines and/or procedures adopted by the board of trustees.

The Fund also may use fair value pricing, pursuant to guidelines adopted by the board of trustees and under the ultimate supervision of the board of trustees, if trading in the security is halted or if the value of a security it holds is materially affected by events occurring before the Fund’s pricing time but after the close of the primary market or exchange on which the security is listed. Those procedures may utilize valuations furnished by pricing services approved by the board of trustees, which may be based on market transactions for comparable securities and various relationships between securities that are generally recognized by institutional traders, a computerized matrix system, or appraisals derived from information concerning the securities or similar securities received from recognized dealers in those securities.

When fair value pricing of securities is employed, the prices of securities used by a 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.

22 CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

Notes to Financial Statements

Investment Transactions. Investment transactions are recorded on a trade date basis. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-dividend date.

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.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

Allocation of Expenses Among Funds. Expenses directly attributable to the Fund are charged to the Fund; certain other common expenses of Calamos Advisors Trust, Calamos Investment Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Global Total Return Fund and Calamos Global Dynamic Income Fund are allocated proportionately among each fund to which the expenses relate in relation to the net assets of each fund or on another reasonable basis.

Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

Income Taxes. No provision has been made for U.S. income taxes because the Fund’s policy is to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, and distribute to shareholders substantially all of its taxable income and net realized gains.

Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. To the extent these “book/tax” differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. These differences are primarily due to differing treatments for foreign currency transactions, contingent payment debt instruments and methods of amortizing and accreting on fixed income securities. The financial statements are not adjusted for temporary differences.

The Fund recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2007 — 2009 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

Indemnifications. Under the Fund’s organizational documents, the Fund is obligated to indemnify its officers and trustees against certain liabilities incurred by them by reason of having been an officer or trustee of the Fund. In addition, in the normal course of business, the Fund may enter into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. Currently, the Fund’s management expects the risk of material loss in connection to a potential claim to be remote.

CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 23

Notes to Financial Statements

Note 2 – Investment Adviser and Transactions With Affiliates Or Certain Other Parties

Pursuant to an investment advisory agreement with Calamos Advisors LLC (“Calamos Advisors”), the Fund pays an annual fee, payable monthly, equal to 1.00% based on the average weekly managed assets. “Managed assets” means a fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

Pursuant to a financial accounting services agreement, during the period the Fund paid Calamos Advisors a fee for financial accounting services payable monthly at the annual rate of 0.0175% on the first $1 billion of combined assets, 0.0150% on the next $1 billion of combined assets and 0.0110% on combined assets above $2 billion (for purposes of this calculation “combined assets” means the sum of the total average daily net assets of Calamos Investment Trust, Calamos Advisors Trust, and the total average weekly managed assets of Calamos Convertible and High Income Fund, Calamos Strategic Total Return Fund, Calamos Convertible Opportunities and Income Fund, Calamos Global Total Return Fund and Calamos Global Dynamic Income Fund). Financial accounting services include, but are not limited to, the following: managing expenses and expense payment processing; monitoring the calculation of expense accrual amounts; calculating, tracking and reporting tax adjustments on all assets; and monitoring trustee deferred compensation plan accruals and valuations. The Fund pays its pro rata share of the financial accounting services fee payable to Calamos Advisors based on its relative portion of combined assets used in calculating the fee.

The Fund reimburses Calamos Advisors for a portion of compensation paid to the Fund’s Chief Compliance Officer. This compensation is reported as part of “Trustees’ fees and officer compensation” expense on the Statement of Operations.

A trustee and certain officers of the Fund are also officers and directors of Calamos Advisors. Such trustee and officers serve without direct compensation from the Fund.

The Fund has adopted a deferred compensation plan (the “Plan”). Under the Plan, a trustee who is not an “interested person” (as defined in the 1940 Act) and has elected to participate in the Plan (a “participating trustee”) may defer receipt of all or a portion of his compensation from the Fund. The deferred compensation payable to the participating trustee is credited to the trustee’s deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of Calamos Investment Trust designated by the participating trustee. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. Deferred compensation of $97,993 is included in “Other assets” on the Statement of Assets and Liabilities at April 30, 2011. The Fund’s obligation to make payments under the Plan is a general obligation of the Fund and is included in “Payable for deferred compensation to trustees” on the Statement of Assets and Liabilities at April 30, 2011.

Note 3 – Investments

The cost of purchases and proceeds from sale of long-term investments, for the period ended April 30, 2011 were as follows:


Cost of purchases	$	189,011,982
Proceeds from sales		181,849,089

The following information is presented on a federal income tax basis as of April 30, 2011. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at April 30, 2011 was as follows:


Cost basis of investments	$	855,379,910

Gross unrealized appreciation		73,229,710
Gross unrealized depreciation		(105,172,658	)

Net unrealized appreciation (depreciation)	$	(31,942,948	)

Note 4 – Income Taxes

The Fund intends to make monthly distributions from its income available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, and net realized gains on stock investments. At least annually, the Fund intends to

24 CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

Notes to Financial Statements

distribute all or substantially all of its net realized capital gains, if any. Distributions are recorded on the ex-dividend date. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in-capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.

The tax character of distributions for the period ended April 30, 2011 will be determined at the end of each Fund’s current fiscal year. Distributions for the fiscal year ended October 31, 2010 were characterized for federal income tax purposes as follows:


	YEAR ENDED
	OCTOBER 31, 2010
Distributions paid from:
Ordinary income	$	16,189,909
Long-term capital gains		—
Return of Capital		19,214,286

As of October 31, 2010, the components of accumulated earnings/(loss) on a tax basis were as follows:


Undistributed ordinary income	$	—
Undistributed capital gains		—

Total undistributed earnings		—
Accumulated capital and other losses		(129,859,293	)
Net unrealized gains/(losses)		(121,288,169	)

Total accumulated earnings/(losses)		(251,147,462	)
Other		(89,999	)
Paid-in capital		795,087,845

Net assets applicable to common shareholders	$	543,850,384

As of October 31, 2010, the Fund had capital loss carryforwards which, if not used, will expire as follows:


2017	$	(129,280,329	)
2018		(578,964	)

Note 5 – Common Shares

There are unlimited common shares of beneficial interest authorized and 59,006,992 shares outstanding at April 30, 2011. Calamos Advisors owned 28,943 of the outstanding shares at April 30, 2011. Transactions in common shares were as follows:


	PERIOD ENDED		YEAR ENDED
	APRIL 30, 2011		OCTOBER 31, 2010
Beginning shares		59,006,992		59,006,992
Shares issued through reinvestment of distributions		—		—

Ending shares		59,006,992		59,006,992

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may from time to time purchase its shares of common stock in the open market.

Note 6 – 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 included as an expense on the Statement of Operations. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale.

CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 25

Notes to Financial Statements

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 7 – Derivative Instruments

Foreign Currency Risk. The Fund engaged in portfolio hedging with respect to changes in currency exchange rates by entering into foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates 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 April 30, 2011.

Equity Risk. The Fund engages in option transactions and in doing so achieves the similar objectives to what it would achieve through the sale or purchase of individual securities. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller of the option the obligation to sell, the underlying security, index or other instrument at the exercise price. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the seller the obligation to buy, the underlying security, index, or other instrument at the exercise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange traded funds (“ETFs”). The Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund’s portfolio, on broad-based securities indexes, or certain ETFs.

When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on a closing purchase or sale transaction is also treated as a realized gain or loss. 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. Gain or loss on written options and purchased options is presented separately as net realized gain or loss on written options and net realized gain or loss on purchased options, respectively.

As of April 30, 2011, the Fund had outstanding purchased options and/or written options as listed on the Schedule of Investments. For the period ended April 30, 2011, the Fund had the following transactions in options written:


	NUMBER OF			PREMIUMS
	CONTRACTS			RECEIVED
Options outstanding at October 31, 2010		7,850		$	2,080,454
Options written		7,900			1,777,671
Options closed		(15,700	)		(3,845,027	)
Options exercised		—			—
Options expired		—			—

Options outstanding at April 30, 2011		50		$	13,098

Interest Rate Risk. The Fund engages in interest rate swaps primarily to hedge the interest rate risk on the fund’s borrowings (see Note 8 – Borrowings). An interest rate swap is a contract that involves the exchange of one type of interest rate for another type of interest rate. If interest rates rise, resulting in a diminution in the value of the Fund’s portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction. Unrealized gains are reported as an asset, and unrealized losses are reported as a liability on the Statement of Assets

26 CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

Notes to Financial Statements

and Liabilities. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on interest rate swaps in the Statement of Operations. A realized gain or loss is recorded in net realized gain (loss) from interest rate swaps in the Statement of Operations upon payment or receipt of a periodic payment or termination of the swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective swap contracts in the event of default or bankruptcy of the Fund.

Premiums paid to or by a Fund are accrued daily and included in realized gain (loss) when paid on swaps in the accompanying Statement of Operations. The contracts are marked-to-market daily based upon third party vendor valuations and changes in value are recorded as unrealized appreciation (depreciation). Gains or losses are realized upon early termination of the contract. Risks may exceed amounts recognized in the Statement of Assets and Liabilities. These risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms, counterparty’s creditworthiness, and the possible lack of liquidity with respect to the contracts.

As of April 30, 2011, the Fund had outstanding interest rate swap agreements as listed on the Schedule of Investments.

Below are the types of derivatives in the Fund by gross value as of April 30, 2011:

ASSETS

LIABILITIES

STATEMENT OF ASSETS &

LIABILITIES LOCATION

VALUE

LIABILITIES LOCATION

VALUE

Derivative Type:

Equity-Purchased Options

Investments in securities

235,412

Written options

40,250

Interest Rate Swaps

Unrealized appreciation on swaps

—

Unrealized depreciation on swaps

5,128,502

Volume of Derivative Activity for the Six Months Ended April 30, 2011*


Equity:
Purchased options			890
Written options			7,900


*		Activity during the period is measured by opened number of contracts for options and opened notional amount for swap contracts.

Note 8 – Borrowings

The Fund, with the approval of its board of trustees, including its independent trustees, has entered into a financing package that includes a Committed Facility Agreement (the “Agreement”) with BNP Paribas Prime Brokerage, Inc. (as successor to Bank of America N.A.) (“BNP”) that allows the Fund to borrow up to an initial limit of $300,000,000 and a Lending Agreement, as defined below. Borrowings under the Agreement are secured by assets of the Fund that are held with the Fund’s custodian in a separate account (the “pledged collateral”). Interest is charged at the quarterly LIBOR (London Inter-bank Offered Rate) plus .65% on the amount borrowed and .55% on the undrawn balance. For the period ended April 30, 2011, the average borrowings and the average interest rate were $191,082,873 and 1.18%, respectively. As of April 30, 2011, the amount of such outstanding borrowings is $196,000,000. The interest rate applicable to the borrowings on April 30, 2011 was 0.92%.

The Lending Agreement is a separate side-agreement between the Fund and BNP pursuant to which BNP may borrow a portion of the pledged collateral (the “Lent Securities”) in an amount not to exceed the outstanding borrowings owed by the Fund to BNP under the Agreement. The Lending Agreement is intended to permit the Fund to significantly reduce the cost of its borrowings under the Agreement. BNP may re-register the Lent Securities in its own name or in another name other than the Fund, and may pledge, re-pledge, sell, lend or otherwise transfer or use the Lent Securities with all attendant rights of ownership. (It is the Fund’s understanding that BNP will perform due diligence to determine the creditworthiness of any party that borrows Lent Securities from BNP.) The Fund may designate any security within the pledged collateral as ineligible to be a Lent Security, provided there are eligible securities within the pledged collateral in an amount equal to the outstanding borrowing owed by the Fund. During the period in which the Lent Securities

CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 27

Notes to Financial Statements

are outstanding, BNP must remit payment to the Fund equal to the amount of all dividends, interest or other distributions earned or made by the Lent Securities.

Under the terms of the Lending Agreement, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by the Fund to BNP under the Agreement (the “Current Borrowings”), BNP must, on that day, either (1) return Lent Securities to the Fund’s custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with the Fund’s custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, the Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings. The Fund can recall any of the Lent Securities and BNP shall, to the extent commercially possible, return such security or equivalent security to the Fund’s custodian no later than three business days after such request. If the Fund recalls a Lent Security pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable to the Fund’s custodian for the ultimate delivery of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. The Fund shall also have the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the Current Borrowings.

Note 9 – When-Issued and Delayed Delivery Securities

The Fund may purchase securities on a when-issued or delayed-delivery basis. Although the payment and interest terms of these securities are established at the time the Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. The Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before the settlement date if Calamos Advisors deems it advisable for investment reasons. The Fund may utilize spot and forward foreign currency exchange transactions to reduce the risk inherent in fluctuations in the exchange rate between one currency and another when securities are purchased or sold on a when-issued or delayed-delivery basis.

At the time when the Fund enters into a binding obligation to purchase securities on a when-issued basis, liquid assets (cash, U.S. Government securities or other “high-grade” debt obligations) of the Fund having a value at least as great as the purchase price of the securities to be purchased will be segregated on the books of the Fund and held by the custodian throughout the period of the obligation. The use of this investment strategy may increase net asset value fluctuation.

Note 10 – 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. Income received from these securities is recorded as dividends on the Statement of Operations.

Note 11 – Valuations

Various inputs are used to determine the value of the Fund’s investments. These inputs are categorized into three broad levels as follows:


	•	Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.

	•	Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

28 CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

Notes to Financial Statements


	•	Level 3 – Prices reflect unobservable market inputs (including the Fund’s own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities (including U.S. government and government agency obligations) are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund’s investments.

The following is a summary of the inputs used in valuing the Fund’s holdings at fair value:


	GLOBAL DYNAMIC INCOME FUND
	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	124,784,458	$	—	$	124,784,458
Convertible Bonds				117,790,506			$	117,790,506
U.S. Government and Agency Securities				5,284,300			$	5,284,300
Sovereign Bonds				4,409,359			$	4,409,359
Convertible Preferred Stocks		22,399,235		4,692,750			$	27,091,985
Structured Equity-Linked Securities				12,253,899			$	12,253,899
Common Stocks		217,648,781		293,162,368			$	510,811,149
Purchased Options		235,412					$	235,412
Short Term Investment		20,775,894					$	20,775,894

	$	261,059,322	$	562,377,640	$	—	$	823,436,962

Liabilities:
Common Stocks Sold Short		22,615,392					$	22,615,392
Written Options		40,250					$	40,250
Interest Rate Swaps				5,128,502			$	5,128,502

Total	$	22,655,642	$	5,128,502	$	—	$	27,784,144

CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 29

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Calamos Global Dynamic Income Fund

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, for Calamos Global Dynamic Income Fund (the “Fund”) as of April 30, 2011, and the related statements of operations, changes in net assets, and cash flows and the financial highlights for the semi-annual period then ended. These interim financial statements and financial highlights are the responsibility of the Fund’s management.

We conducted our review in accordance with standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to such interim financial statements and financial highlights for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statement of changes in net assets of the Fund for the year ended October 31, 2010 and the financial highlights for each of the three years then ended and for the period from June 27, 2007 (commencement of operations) through October 31, 2007; and in our report dated December 17, 2010, we expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Chicago, Illinois

June 20, 2011

CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT 31

About Closed-End Funds

What is a Closed-End Fund?

A closed-end fund is a publicly traded investment company that raises its initial investment capital through the issuance of a fixed number of shares to investors in a public offering. Shares of a closed-end fund are listed on a stock exchange or traded in the over-the-counter market. Like all investment companies, a closed-end fund is professionally managed and offers investors a unique investment solution based on its investment objective approved by the fund’s Board of Directors.

Potential Advantages of Closed-End Fund Investing

• Defined Asset Pool Allows Efficient Portfolio Management—Although closed-end fund shares trade actively on a securities exchange, this doesn’t affect the closed-end fund manager because there are no new investors buying into or selling out of the fund’s portfolio.

• More Flexibility in the Timing and Price of Trades—Investors can purchase and sell shares of closed-end funds throughout the trading day, just like the shares of other publicly traded securities.

• Lower Expense Ratios—The expense ratios of closed-end funds are oftentimes less than those of mutual funds. Over time, a lower expense ratio could enhance investment performance.

• Closed-End Structure Makes Sense for Less-Liquid Asset Classes—A closed-end structure makes sense for investors considering less-liquid asset classes, such as high-yield bonds or micro-cap stocks.

• Ability to Put Leverage to Work—Closed-end funds may issue senior securities (such as preferred shares or debentures) or borrow money to “leverage” their investment positions.

• No Minimum Investment Requirements

OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS


OPEN-END FUND		CLOSED-END FUND

Issues new shares on an ongoing basis		Generally issues a fixed number of shares


Issues common equity shares		Can issue common equity shares and senior securities such as preferred shares and bonds


Sold at NAV plus any sales charge		Price determined by the marketplace


Sold through the fund’s distributor		Traded in the secondary market


Fund redeems shares at NAV calculated at the close of business day		Fund does not redeem shares


32		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

Level Rate Distribution Policy

Using a Level Rate Distribution Policy to Promote Dependable Income and Total Return

The goal of the level rate distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can either serve as a stable income stream or, through reinvestment, contribute significantly to long-term total return.

We understand the importance that investors place on the stability of dividends and their ability to contribute to long-term total return, which is why we have instituted a level rate distribution policy for the Fund. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. There is no guarantee that the Fund will realize capital gains in any given year. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV.

Distributions from the Fund are generally subject to Federal income taxes. For purposes of maintaining the level rate distribution policy, the Fund may realize short-term capital gains on securities that, if sold at a later date, would have resulted in long-term capital gains. Maintenance of a level rate distribution policy may increase transaction and tax costs associated with the Fund.

Automatic Dividend Reinvestment Plan

Maximizing Investment with an Automatic Dividend Reinvestment Plan

The Automatic Dividend Reinvestment Plan offers a simple, cost-efficient and convenient way to reinvest your dividends and capital gains distributions in additional shares of the Fund, allowing you to increase your investment in the Fund.

Potential Benefits

• Compounded Growth: By automatically reinvesting with the Plan, you gain the potential to allow your dividends and capital gains to compound over time.

• Potential for Lower Commission Costs: Additional shares are purchased in large blocks, with brokerage commissions shared among all plan participants. There is no cost to enroll in the Plan.

• Convenience: After enrollment, the Plan is automatic and includes detailed statements for participants. Participants can terminate their enrollment at any time.

Pursuant to the Plan, unless a shareholder is ineligible or elects otherwise, all dividend and capital gains on common shares distributions are automatically reinvested by BNY Mellon Asset Servicing, as agent for shareholders in administering the Plan (“Plan Agent”), in additional common shares of the Fund. Shareholders who elect not to participate in the Plan will receive all dividends and distributions payable in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee) by Plan Agent, as dividend paying agent. Shareholders may elect not to participate in the Plan and to receive all dividends and distributions in cash by sending written instructions to Plan Agent, as dividend paying agent, at: Dividend Reinvestment Department, P.O. Box 1958, Newark, New Jersey 07101-9774. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by giving notice in writing to the Plan Agent; such termination will be effective with respect to a particular dividend or distribution if notice is received prior to the record date for the applicable distribution.


		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT		33

Automatic Dividend Reinvestment Plan

The shares are acquired by the Plan Agent for the participant’s account either (i) through receipt of additional common shares from the Fund (“newly issued shares”) or (ii) by purchase of outstanding common shares on the open market (“open-market purchases”) on the NYSE or elsewhere. If, on the payment date, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions (a “market premium”), the Plan Agent will receive newly issued shares from the Fund for each participant’s account. The number of newly issued common shares to be credited to the participant’s account will be determined by dividing the dollar amount of the dividend or distribution by the greater of (i) the net asset value per common share on the payment date, or (ii) 95% of the market price per common share on the payment date.

If, on the payment date, the net asset value per common share exceeds the market price plus estimated brokerage commissions (a “market discount”), the Plan Agent has a limited period of time to invest the dividend or distribution amount in shares acquired in open-market purchases. The weighted average price (including brokerage commissions) of all common shares purchased by the Plan Agent as Plan Agent will be the price per common share allocable to each participant. If, the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will invest the uninvested portion of the dividend or distribution amount in newly issued shares at the close of business on the last purchase date.

The automatic reinvestment of dividends and distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends even though no cash is received by participants.

There are no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold, plus a $15 transaction fee. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

A participant may request the sale of all of the common shares held by the Plan Agent in his or her Plan account in order to terminate participation in the Plan. If such participant elects in advance of such termination to have the Plan Agent sell part or all of his shares, the Plan Agent is authorized to deduct from the proceeds a $15.00 fee plus the brokerage commissions incurred for the transaction. A participant may re-enroll in the Plan in limited circumstances.

The terms and conditions of the Plan may be amended by the Plan Agent or the Fund at any time upon notice are required by the Plan.

This discussion of the Plan is only summary, and is qualified in its entirety to the Terms and Conditions of the Dividend Reinvestment Plan filed as part of the Fund’s registration statement.

For additional information about the Plan, please contact the Plan Agent, The Bank of New York, at 800.432.8224. If you wish to participate in the Plan and your shares are held in your own name, simply call the Plan Agent. If your shares are not held in your name, please contact your brokerage firm, bank, or other nominee to request that they participate in the Plan on your behalf. If your brokerage firm, bank, or other nominee is unable to participate on your behalf, you may request that your shares be re-registered in your own name.

We’re pleased to provide our shareholders with the additional benefit of the Fund’s Dividend Reinvestment Plan and hope that it may serve your financial plan.


34		CALAMOS GLOBAL DYNAMIC INCOME FUND SEMIANNUAL REPORT

A description of the Calamos Proxy Voting Policies and Procedures and the Fund’s proxy voting record for the 12 month period ended June 30, 2010, are available free of charge upon request by calling 800.582.6959, by visiting the Calamos website at www.calamos.com, by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Fund’s proxy voting record is also available free of charge by visiting the SEC website at http://www.sec.gov.

The Fund files its complete list of portfolio holdings with the SEC for the first and third quarters each fiscal year on Form N-Q . The Forms N-Q are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC website at http://www.sec.gov. You may also review or, for a fee, copy the forms at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.732.0330.

On June 21, 2010, the Fund submitted a CEO annual certification to the NYSE on which the Fund’s chief executive officer certified that he was not aware, as of that date, of any violation by the Fund of the NYSE’s corporate governance listing standards. In addition, the Fund’s report to the SEC on Form N-CSR contains certifications by the fund’s principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act, relating to, among other things, the quality of the Fund’s disclosure controls and procedures and internal control over financial reporting.

FOR 24 HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 800.432.8224

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEBSITE: www.calamos.com

INVESTMENT ADVISER:

Calamos Advisors LLC
2020 Calamos Court
Naperville, IL 60563-2787

CUSTODIAN AND FUND ACCOUNTING AGENT:

State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02111

TRANSFER AGENT:

The Bank of New York Mellon
P.O. Box 11258
Church Street Station
New York, NY 10286
800.524.4458

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:

Deloitte & Touche LLP
Chicago, IL

LEGAL COUNSEL:

K&L Gates LLP
Chicago, IL

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

Calamos^® and Calamos Investments^® are registered

trademarks of Calamos Holdings LLC.

CHWSAN 3083 2011

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 11. 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-CSR 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Code of Ethics – Not applicable.

(a)(2)(i) Certification of Principal Executive Officer.

(a)(2)(ii) Certification of Principal Financial Officer.


ADDRESS OF PRINCIPAL EXECUTIVE OFFICES:		2020 Calamos Court, Naperville,
		Illinois 60563-2787

NAME AND ADDRESS OF AGENT FOR SERVICE:		John P. Calamos, Sr., President
		Calamos Advisors LLC
		2020 Calamos Court
		Naperville, Illinois
		60563-2787


	(Unaudited)
	Six Months												June 27, 2007*
	Ended												through
	April 30,			Year Ended October 31,									October 31,
	2011			2010			2009			2008			2007
Net asset value, beginning of period		$9.22			$8.48			$7.42			$14.80			$14.32	(a)

Income from investment operations:
Net investment income (loss)		0.14	**		0.31	**		0.32	**		0.60	**		0.18	**

Net realized and unrealized gain (loss)		1.46			1.03			1.63			(6.49	)		0.75

Distributions to preferred shareholders from:
Net investment income (common share equivalent basis)		—			—			(0.01	)		(0.17	)		(0.04	)

Total from investment operations		1.60			1.34			1.94			(6.06	)		0.89

Less distributions to common shareholders from:
Net investment income		(0.30	)		(0.27	)		(0.43	)		(1.32	)		—

Net realized gains		—			—			—			—			(0.33	)

Return of capital		—			(0.33	)		(0.45	)		—			—

Capital charge resulting from issuance of common and preferred shares and related offering costs		—			—			—	(b)		—	(b)		(0.08	)

Net asset value, end of period		$10.52			$9.22			$8.48			$7.42			$14.80

Market value, end of period		$9.05			$8.24			$7.34			$6.35			$13.09

Total investment return based on:(c)
Net asset value		18.22%			17.50%			31.82%			(43.35	)%		5.92%

Market value		13.80%			21.32%			33.32%			(45.14	)%		(10.59	)%

Net assets, end of period (000)		$620,558			$543,850			$500,245			$437,906			$873,464

Preferred shares, at redemption value ($25,000 per share liquidation preference) (000’s omitted)		$—			$—			$—			$50,000			$350,000

Ratios to average net assets applicable to common shareholders:
Net expenses(d)		1.98%	(e)		2.20%			3.24%			2.68%			1.22%	(e)

Gross expenses prior to expense reductions and earnings credits(d)		1.98%	(e)		2.20%			3.26%			2.70%			1.26%	(e)

Net expenses, excluding interest expense and dividend expense on short positions(d)		1.44%	(e)		1.52%			2.32%			2.10%			1.22%	(e)

Net investment income (loss)(d)		2.94%	(e)		3.55%			4.31%			4.70%			3.83%	(e)

Preferred share distributions		—%			—%			0.07%			1.35%			0.81%	(e)

Net investment income (loss), net of preferred share distributions from net investment income		2.94%	(e)		3.55%			4.24%			3.35%			3.02%	(e)

Portfolio turnover rate		25%			37%			34%			79%			9%

Average commission rate paid		$0.0107			$0.0121			$0.0191			$0.0864			$0.0427

Asset coverage per preferred share, at end of period(f)		$—			$—			$—			$243,959			$87,404

Asset coverage per $1,000 of loan outstanding(g)		$4,166			$3,847			$3,619			$3,900			$—


*		Commencement of operations.

**		Net investment income allocated based on average shares method.

(a)		Net of sales load of $0.675 on initial shares issued and beginning net asset value of $14.325.

(b)		Amount equated to less than $0.005 per common share.

(c)		Total investment return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of the period reported. Dividends and distributions are assumed, for purposes of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total return is not annualized for periods less than one year. Brokerage commissions are not reflected. NAV per share is determined by dividing the value of the Fund’s portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the Fund at a given time. Common share market price is influenced by a range of factors, including supply and demand and market conditions.

(d)		Does not reflect the effect of dividend payments to Preferred Shareholders.

(e)		Annualized.

(f)		Calculated by subtracting the Fund’s total liabilities (not including Preferred Shares) from the Fund’s total assets and dividing this by the number of Preferred Shares outstanding.

(g)		Calculated by subtracting the Fund’s total liabilities (not including Note payable) and preferred shares from the Fund’s total assets and dividing this by the amount of note payable outstanding, and by multiplying the result by 1,000.


EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:		Calamos Global Dynamic Income Fund


PRINCIPAL
AMOUNT			VALUE
CORPORATE BONDS (20.1%)

		Consumer Discretionary (3.6%)
	556,000	Cooper Tire & Rubber Company 8.000%, 12/15/19	$	597,005
		DISH Network Corp.
	2,000,000	7.125%, 02/01/16		2,140,000
	500,000	7.875%, 09/01/19		543,750
	1,000,000	Exide Technologies* 8.625%, 02/01/18		1,077,500
	1,000,000	Goodyear Tire & Rubber Company 8.250%, 08/15/20		1,116,250
	2,000,000	Hanesbrands, Inc.‡ 3.831%, 12/15/14		2,010,000
	2,000,000	Jarden Corp. 8.000%, 05/01/16		2,205,000
	2,000,000	Liberty Media Corp. 8.500%, 07/15/29		1,970,000
	1,000,000	Live Nation Entertainment, Inc.* 8.125%, 05/15/18		1,025,000
	2,000,000	MGM Resorts International 7.500%, 06/01/16		1,950,000
	1,000,000	NetFlix, Inc. 8.500%, 11/15/17		1,135,000
	915,000	Perry Ellis International, Inc. 7.875%, 04/01/19		958,462
	2,210,000	Royal Caribbean Cruises, Ltd.~ 7.500%, 10/15/27		2,215,525
		Service Corp. International
	1,000,000	8.000%, 11/15/21		1,110,000
	1,000,000	7.000%, 05/15/19		1,067,500
	1,000,000	Speedway Motorsports, Inc. 8.750%, 06/01/16		1,100,000
	350,000	Wynn Las Vegas, LLC 7.750%, 08/15/20		384,125

				22,605,117


		Consumer Staples (0.5%)
	333,000	Constellation Brands, Inc. 8.375%, 12/15/14		380,453
	564,000	Darling International, Inc.* 8.500%, 12/15/18		617,580
	50,000	Elizabeth Arden, Inc. 7.375%, 03/15/21		52,875
	2,000,000	Smithfield Foods, Inc. 7.750%, 07/01/17		2,165,000

				3,215,908


		Energy (5.0%)
	634,000	Basic Energy Services, Inc.* 7.750%, 02/15/19		667,285
	2,000,000	Berry Petroleum Companyµ 8.250%, 11/01/16		2,125,000
	2,000,000	Bristow Group, Inc. 7.500%, 09/15/17		2,120,000
	1,500,000	Calfrac Holdings, LP* 7.500%, 12/01/20		1,575,000
	425,000	Carrizo Oil & Gas, Inc.* 8.625%, 10/15/18		455,812
	2,000,000	Chesapeake Energy Corp. 9.500%, 02/15/15		2,417,500
	167,000	Clayton Williams Energy, Inc.* 7.750%, 04/01/19		167,835
	2,000,000	Complete Production Services, Inc. 8.000%, 12/15/16		2,120,000
	2,850,000	Comstock Resources, Inc. 8.375%, 10/15/17		3,021,000
	2,170,000	Concho Resources, Inc. 8.625%, 10/01/17		2,408,700
	1,000,000	Frontier Oil Corp. 8.500%, 09/15/16		1,090,000
	500,000	GulfMark Offshore, Inc. 7.750%, 07/15/14		512,500
	360,000	Holly Corp. 9.875%, 06/15/17		407,700
	1,470,000	Hornbeck Offshore Services, Inc.µ 8.000%, 09/01/17		1,525,125
	2,000,000	Pride International, Inc. 8.500%, 06/15/19		2,516,180
	2,000,000	SEACOR Holdings, Inc. 7.375%, 10/01/19		2,164,960
	2,000,000	SESI, LLC 6.875%, 06/01/14		2,052,500
		Swift Energy Company
	1,700,000	8.875%, 01/15/20		1,870,000
	515,000	7.125%, 06/01/17		530,450
	1,000,000	Trinidad Drilling, Ltd.* 7.875%, 01/15/19		1,065,000

				30,812,547


		Financials (0.7%)
	500,000	Janus Capital Group, Inc.µ 6.700%, 06/15/17		548,125
		Leucadia National Corp.µ
	1,980,000	8.125%, 09/15/15		2,207,700
	400,000	7.000%, 08/15/13		435,000
	1,050,000	OMEGA Healthcare Investors, Inc. 7.500%, 02/15/20		1,126,125

				4,316,950


		Health Care (2.4%)
	2,000,000	Bio-Rad Laboratories, Inc. 8.000%, 09/15/16		2,235,000
	500,000	Community Health Systems, Inc. 8.875%, 07/15/15		512,500
	2,000,000	Giant Funding Corp.* 8.250%, 02/01/18		2,085,000
	2,000,000	HCA, Inc. 9.125%, 11/15/14		2,110,000


NUMBER OF
SHARES				VALUE
	52,000	GBP	Reckitt Benckiser Group, PLCµ	$	2,893,649
	30,750		Sysco Corp.µ		888,982
	53,000	GBP	Unilever, PLCµ		1,721,781
	1,140,000	MXN	Wal-Mart de Mexico, SAB de CV		3,565,069
	42,000		Wal-Mart Stores, Inc.µ		2,309,160

					57,273,297


			Energy (10.3%)
	10,000		Apache Corp.µ		1,333,700
	875,000	GBP	BP, PLCµ		6,726,369
	26,000		Chevron Corp.µ		2,845,440
	1,600,000	HKD	CNOOC, Ltd.		3,976,923
	40,000		ConocoPhillipsµ		3,157,200
	23,500		Devon Energy Corp.µ		2,138,500
	95,000	EUR	ENI S.p.A.µ		2,543,496
	180,000	CAD	Ensign Energy Services, Inc.		3,475,770
	82,500		Exxon Mobil Corp.µ		7,260,000
	46,500		Halliburton Companyµ		2,347,320
	31,000		Marathon Oil Corp.µ		1,675,240
	24,000		Noble Corp.		1,032,240
	15,000		Occidental Petroleum Corp.µ		1,714,350
	2,350,000	HKD	PetroChina Company, Ltd. - Class H		3,411,260
	57,500	NOK	Petroleum Geo-Services ASAµ#		909,660
	82,300	GBP	Royal Dutch Shell, PLCµ		3,205,724
	22,000		Schlumberger, Ltd.		1,974,500
	118,000	CAD	Suncor Energy, Inc.		5,438,863
	34,000	EUR	Technip, SA		3,836,222
	74,000	EUR	TOTAL, SA		4,739,063

					63,741,840


			Financials (8.1%)
	27,500		Aflac, Inc.µ		1,545,225
	4,000		American International Group, Inc.µ#		124,600
	95,000	AUD	ASX, Ltd.µ		3,350,192
	135,000	EUR	Banco Santander, SAµ		1,724,014
	105,000		Bank of America Corp.µ		1,289,400
	41,000		Bank of New York Mellon Corp.µ		1,187,360
	18,700	EUR	BNP Paribas, SAµ		1,478,319
	189,615		Citigroup, Inc.µ#		870,333
	29,000	EUR	Deutsche Börse, AGµ		2,407,545
	12,000		Franklin Resources, Inc.µ		1,549,440
	8,500		Goldman Sachs Group, Inc.µ		1,283,585
	19,000		Hartford Financial Services Group, Inc.µ		550,430
	100,000	HKD	Hong Kong Exchanges and Clearing, Ltd.		2,286,807
	77,500		JPMorgan Chase & Companyµ		3,536,325
	80,000	CHF	Julius Baer Group, Ltd.µ#		3,743,821
	99,000		Manulife Financial Corp.µ		1,779,030
	16,000		MetLife, Inc.µ		748,640
	98,000	CAD	Power Financial Corp.µ		3,259,589
	8,500		Prudential Financial, Inc.µ		539,070
	238,500	GBP	Schroders, PLCµ		7,577,611
	140,000	GBP	Standard Chartered, PLC		3,890,863
	23,500		T. Rowe Price Group, Inc.µ		1,509,875
	14,000		Travelers Companies, Inc.µ		885,920
	37,250		Wells Fargo & Companyµ		1,084,347
	8,300	CHF	Zurich Financial Services, AGµ#		2,333,783

					50,536,124


			Health Care (10.4%)
	15,000		Abbott Laboratoriesµ		780,600
	83,000		Bristol-Myers Squibb Companyµ		2,332,300
	29,000	AUD	Cochlear, Ltd.		2,563,926
	23,000	DKK	Coloplast, A/S - Class B		3,383,203
	65,000		Covidien, PLC		3,619,850
	150,000	AUD	CSL, Ltd.µ		5,660,326
	88,000	SEK	Elekta, AB - Class Bµ		4,016,131
	34,250		Eli Lilly and Companyµ		1,267,593
	80,000		Johnson & Johnsonµ		5,257,600
	42,000		Medtronic, Inc.µ		1,753,500
	144,533		Merck & Company, Inc.µ		5,195,961
	79,600	DKK	Novo Nordisk, A/S - Class B		10,076,830
	98,000	JPY	OLYMPUS Corp.µ		2,773,688
	190,000		Pfizer, Inc.µ		3,982,400
	25,000	CHF	Roche Holding, AGµ		4,057,998
	140,000	GBP	Shire, PLC		4,344,556
	18,500		Stryker Corp.µ		1,091,500
	42,000		UnitedHealth Group, Inc.µ		2,067,660

					64,225,622


			Industrials (10.7%)
	27,000		3M Companyµ		2,624,670
	270,000	CHF	ABB, Ltd.µ#		7,456,128
	54,000	EUR	ALSTOMµ		3,590,334
	610,000	GBP	BAE Systems, PLCµ		3,348,480
	28,000		Boeing Companyµ		2,233,840
	35,000	EUR	Bouygues, SAµ		1,741,789
	14,000		Danaher Corp.µ		773,360
	20,000		Eaton Corp.µ		1,070,600
	14,500		General Dynamics Corp.µ		1,055,890
	242,500		General Electric Companyµ		4,959,125
	60,000		Honeywell International, Inc.µ		3,673,800
	25,000		Illinois Tool Works, Inc.µ		1,460,250
	75,000	JPY	Komatsu, Ltd.		2,644,455
	44,000	EUR	Konecranes OYJµ		2,116,773
	47,000	EUR	Krones AGµ#		3,802,492
	10,000		Lockheed Martin Corp.µ		792,500
	30,000	EUR	MAN, AGµ#		4,179,421
	44,000	EUR	MTU Aero Engines Holdings, AGµ#		3,368,276


ASSETS
Investments in securities, at value (cost $848,201,778)	$	823,436,962
Cash with custodian (interest bearing)		522,775
Restricted cash for short positions (interest bearing)		24,282,727
Foreign currency (cost $174,775)		176,019
Receivables:
Accrued interest and dividends		5,392,975
Investments sold		3,372,226
Prepaid expenses		56,023
Other assets		97,993

Total assets		857,337,700

LIABILITIES
Common stocks sold short, at value (proceeds $18,947,851)		22,615,392
Options written, at value (premium $13,098)		40,250
Unrealized depreciation on interest rate swaps		5,128,502
Payables:
Note payable		196,000,000
Investments purchased		12,076,665
Affiliates:
Investment advisory fees		648,976
Deferred compensation to trustees		97,993
Financial accounting fees		7,422
Trustees’ fees and officer compensation		8,697
Other accounts payable and accrued liabilities		155,532

Total liabilities		236,779,429

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	620,558,271

COMPOSITION OF NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Common stock, no par value, unlimited shares authorized 59,006,992 shares issued and outstanding	$	795,087,845
Undistributed net investment income (loss)		(10,613,594	)
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options, short positions and interest rate swaps		(130,420,072	)
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options, short positions and interest rate swaps		(33,495,908	)

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	620,558,271

Net asset value per common shares based upon 59,006,992 shares issued and outstanding	$	10.52


INVESTMENT INCOME
Interest	$	6,735,425
Dividends		7,631,815
Dividend taxes withheld		(328,615	)

Total investment income		14,038,625


EXPENSES
Investment advisory fees		3,796,825
Interest expense and related fees		1,537,893
Printing and mailing fees		58,956
Custodian fees		46,197
Financial accounting fees		43,284
Audit fees		29,290
Accounting fees		29,154
Registration fees		25,883
Trustees’ fees and officer compensation		24,428
Dividend expense on short positions		13,939
Transfer agent fees		12,881
Legal fees		2,872
Other		33,361

Total expenses		5,654,963

NET INVESTMENT INCOME (LOSS)		8,383,662


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		9,551,916
Purchased options		94,871
Foreign currency transactions		130,823
Written options		(1,931,959	)
Short positions		(267,877	)
Interest rate swaps		(1,665,239	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		77,278,395
Purchased options		(52,634	)
Foreign currency translations		(45,178	)
Written options		1,987,094
Short positions		(1,213,539	)
Interest rate swaps		2,159,650

NET GAIN (LOSS)		86,026,323

NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS	$	94,409,985


	(UNAUDITED)
	SIX MONTHS
	ENDED			YEAR ENDED
	APRIL 30,			OCTOBER 31,
	2011			2010
OPERATIONS
Net investment income (loss)	$	8,383,662		$	18,129,548
Net realized gain (loss)		5,912,535			(3,416,096	)
Change in unrealized appreciation/(depreciation)		80,113,788			64,295,900

Net increase (decrease) in net assets applicable to common shareholders resulting from operations		94,409,985			79,009,352


DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM
Net investment income		(17,702,098	)		(16,189,909	)
Return of capital		—			(19,214,286	)

Net decrease in net assets from distributions to common shareholders		(17,702,098	)		(35,404,195	)

TOTAL INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS		76,707,887			43,605,157


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Beginning of period	$	543,850,384		$	500,245,227

End of period		620,558,271			543,850,384


Undistributed net investment income (loss)	$	(10,613,594	)	$	(1,295,158	)


CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	94,409,985
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash used for operating activities:
Purchase of investment securities		(201,302,939	)
Net proceeds from disposition of short term investments		2,569,332
Purchase of securities sold short		(5,356,363	)
Proceeds paid on closing written options		(5,776,986	)
Proceeds from disposition of investment securities		211,013,010
Proceeds for securities sold short		18,314,521
Premiums received from written options		1,777,671
Amortization and accretion of fixed-income securities		(853,816	)
Net realized gains/losses from investments, excluding purchased options		(9,551,916	)
Net realized gains/losses from purchased options		(94,871	)
Net realized gains/losses from short positions		267,877
Net realized gains/losses from written options		1,931,959
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(77,278,395	)
Change in unrealized appreciation or depreciation on purchased options		52,634
Change in unrealized appreciation or depreciation on short positions		1,213,539
Change in unrealized appreciation or depreciation on written options		(1,987,094	)
Change in unrealized appreciation or depreciation on interest rate swaps		(2,159,650	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		(767,566	)
Restricted cash for short positions (interest bearing)		(14,351,855	)
Prepaid expenses		(40,821	)
Other assets		(16,008	)
Increase/(decrease) in liabilities:
Payables to affiliates		55,631
Other accounts payable and accrued liabilities		7,899

Net cash provided by/(used in) operating activities	$	12,075,778


CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to common shareholders		(17,702,098	)
Proceeds from Note payable		5,000,000

Net cash provided by/(used in) financing activities	$	(12,702,098	)

Net increase/(decrease) in cash and foreign currency*	$	(626,320	)

Cash and foreign currency at beginning of period	$	1,325,114

Cash and foreign currency at end of period	$	698,794

Supplemental disclosure
Cash paid for interest and related fees	$	1,556,709



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ITEM 1.	REPORTS TO SHAREHOLDERS