Edgar Filing: Calamos Global Dynamic Income Fund

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-22047


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


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

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

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200

DATE OF FISCAL YEAR END: October 31, 2010

DATE OF REPORTING PERIOD: January 31, 2010


ITEM 1.	SCHEDULE OF INVESTMENTS JANUARY 31, 2010 (UNAUDITED)

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2010 (UNAUDITED)


PRINCIPAL
AMOUNT			VALUE


CORPORATE BONDS (21.1%)
		*Consumer Discretionary (3.3%)*
	2,000,000	Boyd Gaming Corp. 7.125%, 02/01/16	$	1,795,000
	2,000,000	DISH Network Corp. 7.125%, 02/01/16		2,015,000
	2,000,000	General Motors Corp. 7.200%, 01/15/11		555,000
	2,000,000	Hanesbrands, Inc.‡ 3.831%, 12/15/14		1,910,000
	1,000,000	Interpublic Group of Companies, Inc. 6.250%, 11/15/14		980,000
	2,000,000	Jarden Corp. 7.500%, 05/01/17		2,020,000
	2,000,000	Liberty Media Corp. 8.500%, 07/15/29		1,830,000
	2,000,000	MGM Mirage 7.500%, 06/01/16		1,680,000
	1,000,000	NetFlix, Inc.* 8.500%, 11/15/17		1,060,000
	2,210,000	Royal Caribbean Cruises, Ltd. 7.500%, 10/15/27		1,942,037
	1,000,000	Speedway Motorsports, Inc. 8.750%, 06/01/16		1,067,500

				16,854,537

		*Consumer Staples (0.8%)*
	230,000	Del Monte Foods Company* 7.500%, 10/15/19		237,475
	2,000,000	NBTY, Inc.~ 7.125%, 10/01/15		2,030,000
	2,000,000	Smithfield Foods, Inc.~ 7.750%, 07/01/17		1,870,000

				4,137,475

		*Energy (6.5%)*

	2,000,000	Bristow Group, Inc. 7.500%, 09/15/17		2,025,000

	2,000,000	Chesapeake Energy Corp. 9.500%, 02/15/15		2,190,000
	2,000,000	Complete Production Services, Inc. 8.000%, 12/15/16		1,990,000
	2,850,000	Comstock Resources, Inc. 8.375%, 10/15/17		2,971,125
	2,170,000	Concho Resources, Inc. 8.625%, 10/01/17		2,273,075
	2,000,000	Dresser-Rand Group, Inc. 7.375%, 11/01/14		1,990,000
	1,000,000	Frontier Oil Corp. 8.500%, 09/15/16		1,050,000
	500,000	GulfMark Offshore, Inc. 7.750%, 07/15/14		498,750
	2,500,000	Hornbeck Offshore Services, Inc.* 8.000%, 09/01/17		2,537,500
	2,000,000	Mariner Energy, Inc. 11.750%, 06/30/16		2,265,000
		Petroplus Holdings, AG*
	2,000,000	9.375%, 09/15/19		1,990,000
	1,000,000	6.750%, 05/01/14		930,000
	2,000,000	Pride International, Inc. 8.500%, 06/15/19		2,300,000
	2,000,000	SEACOR Holdings, Inc. 7.375%, 10/01/19		2,083,598
	2,000,000	Superior Energy Services, Inc. 6.875%, 06/01/14		1,990,000
	1,500,000	Swift Energy Company 8.875%, 01/15/20		1,575,000
	2,000,000	Williams Companies, Inc. 7.750%, 06/15/31		2,290,630

				32,949,678

		*Financials (1.1%)*
	2,000,000	Ford Motor Credit Company, LLC 9.875%, 08/10/11		2,093,166
	1,000,000	Janus Capital Group, Inc. 6.950%, 06/15/17		991,437
		Leucadia National Corp.
	1,980,000	8.125%, 09/15/15		2,034,450
	400,000	7.000%, 08/15/13		409,000

				5,528,053

		*Health Care (0.8%)*
	2,000,000	Bio-Rad Laboratories, Inc. 8.000%, 09/15/16		2,085,000
	2,000,000	HCA, Inc. 9.125%, 11/15/14		2,090,000

				4,175,000

		*Industrials (3.4%)*
	1,000,000	Belden, Inc. 7.000%, 03/15/17		977,500
	2,500,000	Deluxe Corp. 7.375%, 06/01/15		2,393,750
	2,000,000	General Cable Corp. 7.125%, 04/01/17		1,975,000
	1,000,000	Interline Brands, Inc. 8.125%, 06/15/14		1,010,000
	1,700,000	Kansas City Southern 13.000%, 12/15/13		1,997,500
	2,000,000	Manitowoc Company, Inc. 7.125%, 11/01/13		1,945,000
	2,000,000	SPX Corp. 7.625%, 12/15/14		2,085,000
	2,000,000	Terex Corp. 7.375%, 01/15/14		2,015,000
	2,000,000	Trinity Industries, Inc. 6.500%, 03/15/14		2,025,000
	680,000	Triumph Group, Inc.* 8.000%, 11/15/17		691,900

				17,115,650

See accompanying Notes to Schedule of Investments

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2010 (UNAUDITED)


PRINCIPAL
AMOUNT				VALUE


			*Information Technology (2.0%)*
	2,000,000		Amkor Technology, Inc. 9.250%, 06/01/16	$	2,100,000
	2,500,000		Jabil Circuit, Inc. 8.250%, 03/15/18		2,731,250
	150,000		JDA Software Group, Inc.* 8.000%, 12/15/14		156,000
	1,000,000		Lender Processing Services, Inc. 8.125%, 07/01/16		1,071,250
	1,000,000		SunGard Data Systems, Inc. 9.125%, 08/15/13		1,022,500
	1,000,000		ViaSat, Inc.* 8.875%, 09/15/16		1,027,500
	2,000,000		Xerox Corp. 8.000%, 02/01/27		1,984,546

					10,093,046

			*Materials (1.4%)*
	2,000,000		Anglo American, PLC* 9.375%, 04/08/14		2,424,210
	1,000,000		Southern Copper Corp. 7.500%, 07/27/35		1,012,952
	2,000,000		Steel Dynamics, Inc. 7.750%, 04/15/16		2,055,000
	1,410,000		Terra Industries, Inc.* 7.750%, 11/01/19		1,473,450

					6,965,612

			*Telecommunication Services (1.6%)*
	2,000,000		Frontier Communications Corp. 9.000%, 08/15/31		1,990,000
	2,000,000		Leap Wireless International, Inc. 9.375%, 11/01/14		2,000,000
	2,000,000		Qwest Communications International, Inc. 7.750%, 02/15/31		1,790,000
	2,000,000		Windstream Corp. 8.625%, 08/01/16		2,062,500

					7,842,500

			*Utilities (0.2%)*
	1,000,000		Edison Mission Energy 7.750%, 06/15/16		865,000

			TOTAL CORPORATE BONDS (Cost $103,631,637)		106,526,551

CONVERTIBLE BONDS (15.8%)
			*Consumer Discretionary (2.0%)*
	1,000,000		Coinstar, Inc. 4.000%, 09/01/14		962,500
	2,000,000		Gaylord Entertainment Company* 3.750%, 10/01/14		1,955,000
	4,250,000		General Motors Corp. - Series C 6.250%, 07/15/33		1,081,625
	5,000,000		Interpublic Group of Companies, Inc. 4.250%, 03/15/23		4,962,500
	1,000,000		JAKKS Pacific, Inc.* 4.500%, 11/01/14		988,750

					9,950,375

			*Consumer Staples (0.3%)*
	1,500,000		Smithfield Foods, Inc.~ 4.000%, 06/30/13		1,470,000

			*Energy (1.2%)*
	1,800,000		Acergy, SA 2.250%, 10/11/13		1,833,750
	22,000,000	HKD	China Petroleum & Chemical Corp. 0.000%, 04/24/14		3,126,382
	1,000,000		James River Coal Company* 4.500%, 12/01/15		886,250

					5,846,382

			*Financials (1.6%)*
	3,000,000		Affiliated Managers Group, Inc. 3.950%, 08/15/38		2,936,250
	2,000,000		Health Care REIT, Inc. 4.750%, 07/15/27		2,180,000
	2,000,000		Jefferies Group, Inc. 3.875%, 11/01/29		2,012,500
	1,000,000		PHH Corp.* 4.000%, 09/01/14		980,000

					8,108,750

			*Health Care (3.7%)*
	3,300,000		HLTH Corp.~ 3.125%, 09/01/25		3,795,000
	5,000,000		Millipore Corp. 3.750%, 06/01/26		5,087,500
	1,000,000		Onyx Pharmaceuticals, Inc. 4.000%, 08/15/16		1,042,500
	6,500,000		Shire, PLCµ 2.750%, 05/09/14		6,502,526
	2,000,000		Teva Pharmaceutical Industries, Ltd.µ 1.750%, 02/01/26		2,410,000

					18,837,526

			*Industrials (0.9%)*
	1,800,000	EUR	MTU Aero Engines Holdings, AGµ 2.750%, 02/01/12		2,575,844
	1,000,000		Orbital Sciences Corp. 2.438%, 01/15/27		967,500
	1,000,000		United Rentals, Inc. 4.000%, 11/15/15		987,500

					4,530,844

			*Information Technology (2.1%)*
	2,850,000	EUR	Cap Gemini, SA 1.000%, 01/01/12		1,731,484
	5,500,000		Intel Corp.µ 2.950%, 12/15/35		5,218,125

See accompanying Notes to Schedule of Investments

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2010 (UNAUDITED)


PRINCIPAL
AMOUNT				VALUE


	4,000,000		Mentor Graphics Corp. 6.250%, 03/01/26	$	3,935,000

					10,884,609

			*Materials (3.2%)*
	1,200,000		Anglo American, PLC 4.000%, 05/07/14		1,848,600
	1,500,000		AngloGold Ashanti, Ltd. 3.500%, 05/22/14		1,635,000
	1,550,000		Jaguar Mining, Inc.* 4.500%, 11/01/14		1,563,563
	2,500,000		Newmont Mining Corp. 3.000%, 02/15/12		2,918,750
	3,560,000		Sino-Forest Corp.* 4.250%, 12/15/16		3,786,950
	2,860,000		Sterlite Industries, Ltd. 4.000%, 10/30/14		2,781,350
	1,400,000		Xstrata, PLC 4.000%, 08/14/17		1,771,000

					16,305,213

			*Telecommunication Services (0.3%)*
	1,350,000		NII Holdings, Inc.µ 2.750%, 08/15/25		1,358,438

			*Utilities (0.5%)*
	1,700,000	EUR	International Power, PLC 3.250%, 07/20/13		2,478,975

			TOTAL CONVERTIBLE BONDS (Cost $85,808,329)		79,771,112

U.S. GOVERNMENT AND AGENCY SECURITIES (0.7%)
			United States Treasury Note~
	2,150,000		1.500%, 10/31/10		2,170,662
	1,210,000		2.125%, 04/30/10		1,216,287

			TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $3,386,136)		3,386,949

SOVEREIGN BONDS (1.1%)
	350,000	BRL	Federal Republic of Brazil 10.000%, 01/01/12		1,817,972
	2,000,000	AUD	Government of Australia 6.250%, 06/15/14		1,855,498
	2,500,000	NZD	Government of New Zealand 6.000%, 04/15/15		1,819,440

			TOTAL SOVEREIGN BONDS (Cost $5,858,006)		5,492,910

NUMBER OF
SHARES				VALUE


CONVERTIBLE PREFERRED STOCKS (4.8%)
			*Consumer Staples (1.5%)*
	49,000		Archer-Daniels-Midland Company 6.250%	$	2,102,100
	8,800		Bunge, Ltd.~ 5.125%		5,241,500

					7,343,600

			*Financials (0.9%)*
	65,000		Affiliated Managers Group, Inc. 5.150%		2,145,000
	2,800		Bank of America Corp. 7.250%		2,534,000

					4,679,000

			*Health Care (1.1%)*
	5,000		Mylan, Inc.~ 6.500%		5,625,000

			*Materials (1.3%)*
	32,000		Freeport-McMoRan Copper & Gold, Inc. 6.750%		3,150,400
	48,000		Vale, SA 6.750%		3,624,480

					6,774,880

			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $25,444,943)		24,422,480

NUMBER OF
UNITS				VALUE


STRUCTURED EQUITY-LINKED SECURITIES (9.9%) +*
			*Energy (6.9%)*
	178,891		Barclays Capital, Inc. (Halliburton Company) 12.000%, 04/02/10		5,155,638
	53,400		BNP Paribas, SA (Devon Energy Corp.) 12.000%, 06/17/10		3,609,306
	86,000		BNP Paribas, SA (ENSCO International, Inc.) 12.000%, 07/26/10		3,454,620
	102,071		BNP Paribas, SA (Suncor Energy, Inc.) 12.000%, 03/23/10		3,445,917
	34,100		Credit Suisse Group (Apache Corp.) 12.000%, 04/16/10		3,415,115
	52,031		Credit Suisse Group (Noble Energy, Inc.) 12.000%, 06/18/10		3,730,623
	114,000		Goldman Sachs Group, Inc. (Cameron International Corp.) 12.000%, 02/16/10		4,129,080
	91,500		Goldman Sachs Group, Inc. (Noble Corp.) 12.000%, 06/30/10		3,736,860
	133,130		JPMorgan Chase & Company (Pride International, Inc.) 12.000%, 02/12/10		4,079,103

					34,756,262

See accompanying Notes to Schedule of Investments

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2010 (UNAUDITED)


NUMBER OF
UNITS				VALUE


			*Health Care (0.7%)*
	100,000		Deutsche Bank, AG (Medtronic, Inc.) 11.000%, 05/27/10	$	3,766,000

			*Information Technology (1.4%)*
	235,500		Deutsche Bank, AG (Nokia Corp.) 12.000%, 02/19/10		3,249,900
	231,000		Deutsche Bank, AG (Seagate Technology) 12.000%, 05/14/10		3,816,120

					7,066,020

			*Materials (0.9%)*
	90,493		Credit Suisse Group (Barrick Gold Corp.) 12.000%, 04/19/10		3,225,171
	15,911		JPMorgan Chase & Company (Freeport-McMoRan Copper & Gold, Inc.) 12.000%, 05/19/10		1,096,586

					4,321,757

			TOTAL STRUCTURED EQUITY-LINKED SECURITIES (Cost $48,605,897)		49,910,039

NUMBER OF
SHARES				VALUE


COMMON STOCKS (82.3%)
			*Consumer Discretionary (6.4%)*
	41,000	EUR	Adidas, AGµ		2,089,758
	23,750		Amazon.com, Inc.µ#		2,978,488
	7,500		Apollo Group, Inc. - Class Aµ#		454,425
	145,000	GBP	British Sky Broadcasting Group, PLCµ		1,227,924
	38,500		Carnival Corp.µ#		1,283,205
	30,000		CBS Corp.		387,900
	31,500	CHF	Compagnie Financière Richemont, SAµ		1,066,933
	400,000	AUD	Harvey Norman Holdings, Ltd.µ		1,296,445
	39,000	JPY	Makita Corp.µ		1,308,532
	72,000		News Corp. - Class Bµ		1,056,960
	38,000		Nike, Inc. - Class Bµ		2,422,500
	140,000	JPY	Nikon Corp.µ		2,872,077
	83,000	JPY	Panasonic Corp.µ		1,296,819
	9,000	EUR	Porsche Automobil Holding, SEµ		509,666
	5,000	EUR	Puma, AG Rudolf Dassler Sport		1,530,742
	110,000	JPY	Suzuki Motor Corp.µ		2,486,150
	85,000	CHF	Swatch Group, AG		4,274,695
	8,000		Target Corp.µ		410,160
	31,000	JPY	Toyota Motor Corp.µ		1,192,369
	67,500		Walt Disney Companyµ		1,994,625

					32,140,373

			*Consumer Staples (8.6%)*
	96,000	JPY	Asahi Breweries, Ltd.µ		1,862,443
	40,000		Avon Products, Inc.µ		1,205,600
	53,000	EUR	Beiersdorf, AGµ		3,098,762
	37,500		Coca-Cola Companyµ		2,034,375
	355,000	GBP	Diageo, PLCµ		5,966,896
	160	JPY	Japan Tobacco, Inc.µ		577,383
	12,000		Kimberly-Clark Corp.µ		712,680
	225,000	CHF	Nestlé, SA		10,665,389
	23,000		PepsiCo, Inc.µ		1,371,260
	45,000		Procter & Gamble Companyµ		2,769,750
	52,000	GBP	Reckitt Benckiser Group, PLCµ		2,695,669
	30,750		Sysco Corp.µ		860,692
	53,000	GBP	Unilever, PLCµ		1,611,680
	900,000	MXN	Wal-Mart de Mexico, SAB de CV		3,990,138
	42,000		Wal-Mart Stores, Inc.µ		2,244,060
	46,000		Walgreen Companyµ		1,658,300

					43,325,077

			*Energy (9.6%)*
	185,000	GBP	AMEC, PLCµ		2,229,520
	10,000		Apache Corp.µ		987,700
	875,000	GBP	BP, PLC		8,163,794
	26,000		Chevron Corp.µ		1,875,120
	40,000		ConocoPhillipsµ		1,920,000
	23,500		Devon Energy Corp.µ		1,572,385
	95,000	EUR	ENI S.p.A.µ		2,207,926
	82,500		Exxon Mobil Corp.µ		5,315,475
	46,500		Halliburton Companyµ		1,358,265
	31,000		Marathon Oil Corp.		924,110
	24,000		Noble Corp.		967,680
	15,000		Occidental Petroleum Corp.		1,175,100
	57,500	NOK	Petroleum Geo-Services ASAµ#		715,536
	82,300	GBP	Royal Dutch Shell, PLCµ		2,274,747
	22,000		Schlumberger, Ltd.		1,396,120
	122,000	NOK	StatoilHydro, ASAµ		2,737,863
	128,000	CAD	Suncor Energy, Inc.µ		4,041,412
	40,000	EUR	Technip, SA		2,734,441
	74,000	EUR	TOTAL, SA		4,276,705
	16,500		Transocean, Ltd.#		1,398,210

					48,272,109

			*Financials (9.3%)*
	27,500		Aflac, Inc.µ		1,331,825
	4,000		American International Group, Inc.#		96,920
	95,000	AUD	ASX, Ltd.µ		2,856,691
	135,000	EUR	Banco Santander, SAµ		1,927,927
	105,000		Bank of America Corp.		1,593,900
	41,000		Bank of New York Mellon Corp.		1,192,690
	18,700	EUR	BNP Paribas, SAµ		1,335,870
	189,615		Citigroup, Inc.µ#		629,522
	29,000	EUR	Deutsche Börse, AGµ		1,900,845
	201,020	EUR	EFG Eurobank Ergasias, SAµ#		1,712,657
	12,000		Franklin Resources, Inc.		1,188,360
	80,000	CHF	GAM Holding, Ltd.µ		915,805
	8,500		Goldman Sachs Group, Inc.µ		1,264,120
	19,000		Hartford Financial Services Group, Inc.		455,810

See accompanying Notes to Schedule of Investments

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2010 (UNAUDITED)


NUMBER OF
SHARES				VALUE


	100,000	HKD	Hong Kong Exchanges and Clearing, Ltd.	$	1,686,198
	77,500		JPMorgan Chase & Companyµ		3,017,850
	80,000	CHF	Julius Baer Group, Ltd.µ		2,659,376
	99,000		Manulife Financial Corp.µ		1,815,660
	360,000	JPY	Mizuho Financial Group, Inc.		694,752
	48,000	EUR	Piraeus Bank, SAµ#		405,549
	98,000	CAD	Power Financial Corp.µ		2,764,255
	8,500		Prudential Financial, Inc.		424,915
	187,500	GBP	Schroders, PLCµ		3,705,441
	387,000	SGD	Singapore Exchange, Ltd.µ		2,182,803
	140,000	GBP	Standard Chartered, PLCµ		3,224,723
	23,000	JPY	Sumitomo Mitsui Financial Group, Inc.µ		742,374
	23,500		T. Rowe Price Group, Inc.µ		1,166,070
	83,750		Wells Fargo & Companyµ		2,381,013
	8,300	CHF	Zurich Financial Services, AGµ		1,764,681

					47,038,602

			*Health Care (11.7%)*
	15,000		Abbott Laboratoriesµ		794,100
	60,000		Alcon, Inc.µ		9,342,600
	83,000		Bristol-Myers Squibb Company		2,021,880
	62,000	AUD	Cochlear, Ltd.µ		3,413,072
	150,000	AUD	CSL, Ltd.µ		4,123,018
	88,000	SEK	Elekta, AB - Class Bµ		2,064,429
	34,250		Eli Lilly and Companyµ		1,205,600
	80,000		Johnson & Johnsonµ		5,028,800
	42,000		Medtronic, Inc.µ		1,801,380
	144,533		Merck & Company, Inc.µ		5,518,270
	70,000	DKK	Novo Nordisk, A/S - Class Bµ		4,736,228
	98,000	JPY	OLYMPUS Corp.µ		2,936,367
	190,000		Pfizer, Inc.µ		3,545,400
	25,000	CHF	Roche Holding, AGµ		4,194,275
	140,000	GBP	Shire, PLC		2,772,721
	225,000	GBP	Smith & Nephew, PLCµ		2,263,503
	18,500		Stryker Corp.µ		960,520
	42,000		UnitedHealth Group, Inc.µ		1,386,000
	17,000		Zimmer Holdings, Inc.µ#		957,440

					59,065,603

			*Industrials (10.8%)*
	27,000		3M Companyµ		2,173,230
	270,000	CHF	ABB, Ltd.µ#		4,888,032
	54,000	EUR	ALSTOMµ		3,605,578
	610,000	GBP	BAE Systems, PLCµ		3,421,127
	28,000		Boeing Companyµ		1,696,800
	35,000	EUR	Bouygues, SAµ		1,723,081
	7,000		Danaher Corp.µ		499,450
	14,500		General Dynamics Corp.µ		969,325
	242,500		General Electric Companyµ		3,899,400
	60,000		Honeywell International, Inc.µ		2,318,400
	25,000		Illinois Tool Works, Inc.µ		1,089,750
	100,000	JPY	JGC Corp.µ		1,866,667
	160,000	JPY	Komatsu, Ltd.		3,219,638
	44,000	EUR	Konecranes OYJµ		1,291,255
	47,000	EUR	Krones AGµ		2,330,663
	10,000		Lockheed Martin Corp.µ		745,200
	30,000	EUR	MAN, AGµ		2,006,101
	44,000	EUR	MTU Aero Engines Holdings, AGµ		2,276,295
	14,000	EUR	Nexans, SAµ		1,119,372
	10,000		Raytheon Companyµ		524,300
	455,000	GBP	Rolls-Royce Group, PLCµ#		3,466,883
	40,000	EUR	Royal Philips Electronics, NVµ		1,207,925
	28,000	EUR	SGL Carbon, AGµ#		790,365
	50,000	EUR	Siemens, AGµ		4,458,373
	43,000		United Technologies Corp.µ		2,901,640

					54,488,850

			*Information Technology (17.7%)*
	31,000		Apple, Inc.µ#		5,955,720
	950,000	GBP	ARM Holdings, PLC		2,903,171
	260,000	GBP	Autonomy Corp., PLCµ#		6,440,687
	60,000	JPY	Canon, Inc.µ		2,345,284
	29,500	EUR	Cap Gemini, SAµ		1,309,911
	145,000		Cisco Systems, Inc.µ#		3,258,150
	132,500		Dell, Inc.µ#		1,709,250
	130,000		eBay, Inc.µ#		2,992,600
	65,000		EMC Corp.µ#		1,083,550
	6,250		Google, Inc.µ#		3,308,875
	110,250	TWD	HTC Corp.		1,077,531
	108,000		Infosys Technologies, Ltd.µ		5,606,280
	185,000		Intel Corp.µ		3,589,000
	15,000		International Business Machines Corp.µ		1,835,850
	113,000	JPY	Konami Corp.µ		1,857,976
	285,000	SEK	LM Ericsson Telephone Companyµ		2,761,909
	85,000	CHF	Logitech International, SAµ#		1,435,778
	93,000	TWD	MediaTek, Inc.		1,500,445
	190,000		Microsoft Corp.µ		5,354,200
	45,000		Motorola, Inc.µ#		276,750
	20,400	JPY	Nintendo Company, Ltd.µ		5,687,567
	580,000	EUR	Nokia, OYJ		7,958,811
	92,000	JPY	Nomura Reasearch Institute, Ltd.µ		2,044,264
	75,000		Oracle Corp.µ		1,729,500
	30,393		QUALCOMM, Inc.µ		1,191,102
	100,000	BRL	Redecard, SA		1,397,878
	5,560	KRW	Samsung Electronics Company, Ltd.µ		3,735,824
	121,500	EUR	SAP, AG		5,549,675
	75,000		Symantec Corp.µ#		1,271,250
	132,000	EUR	Ubisoft Entertainment, SAµ#		1,800,928

					88,969,716

			*Materials (4.1%)*
	114,000	GBP	Anglo American, PLCµ#		4,182,783
	20,500	EUR	BASF, SEµ		1,166,238

See accompanying Notes to Schedule of Investments

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2010 (UNAUDITED)


NUMBER OF
SHARES				VALUE


	159,000	AUD	BHP Billiton, Ltd.	$	5,527,555
	60,000	GBP	BHP Billiton, PLCµ		1,760,117
	41,000		Dow Chemical Companyµ		1,110,690
	36,000		E.I. du Pont de Nemours and Companyµ		1,173,960
	7,000		Freeport-McMoRan Copper & Gold, Inc.		466,830
	30,000	GBP	Rio Tinto, PLCµ		1,462,955
	87,000		Vale, SAµ		2,243,730
	37,000	NOK	Yara International, ASAµ		1,544,746

					20,639,604

			*Telecommunication Services (3.0%)*
	93,500		América Móvil, SAB de CVµ		4,081,275
	145,000		AT&T, Inc.µ		3,677,200
	96,000	EUR	France Telecom, SAµ		2,201,006
	23,000		Verizon Communications, Inc.µ		676,660
	2,157,000	GBP	Vodafone Group, PLC		4,608,239

					15,244,380

			*Utilities (1.1%)*
	47,500		Duke Energy Corp.µ		785,175
	10,500		Exelon Corp.µ		479,010
	45,801	EUR	GDF Suezµ		1,731,791
	29,000	EUR	RWE, AG		2,572,878

					5,568,854

			TOTAL COMMON STOCKS (Cost $572,273,443)		414,753,168

NUMBER OF
CONTRACTS				VALUE


PURCHASED OPTIONS (0.0%)#
			*Consumer Discretionary (0.0%)*
	30		Amazon.com, Inc. Call, 01/21/12, Strike $130.00		82,650
	170		JAKKS Pacific, Inc. Put, 06/19/10, Strike $7.50		5,525

			TOTAL PURCHASED OPTIONS (Cost $101,672)		88,175

NUMBER OF
SHARES				VALUE


SHORT TERM INVESTMENT (1.1%)
	5,537,229		Fidelity Prime Money Market Fund - Institutional Class (Cost $5,537,229)		5,537,229

TOTAL INVESTMENTS (136.8%) (Cost $850,647,292)					689,888,613

LIABILITIES, LESS OTHER ASSETS (-36.8%)					(185,759,010	)

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)				$	504,129,603

NUMBER OF
SHARES				VALUE


COMMON STOCKS SOLD SHORT (-3.7%)#
			*Consumer Discretionary (-0.5%)*
	(16,100	)	Coinstar, Inc.	$	(415,863	)
	(44,200	)	Gaylord Entertainment Company		(850,408	)
	(142,100	)	Interpublic Group of Companies, Inc.		(917,966	)
	(38,000	)	JAKKS Pacific, Inc.		(418,000	)

					(2,602,237	)

			*Consumer Staples (-0.6%)*
	(44,300	)	Bunge, Ltd.		(2,604,397	)
	(42,200	)	Smithfield Foods, Inc.		(635,532	)

					(3,239,929	)

			*Energy (-0.1%)*
	(21,500	)	James River Coal Company		(336,475	)

			*Financials (-0.4%)*
	(10,800	)	Affiliated Managers Group, Inc.		(654,156	)
	(27,000	)	Jefferies Group, Inc.		(689,580	)
	(25,200	)	PHH Corp.		(439,488	)

					(1,783,224	)

			*Health Care (-1.4%)*
	(26,300	)	Millipore Corp.		(1,813,911	)
	(251,300	)	Mylan, Inc.		(4,581,199	)
	(16,350	)	Onyx Pharmaceuticals, Inc.		(470,226	)

					(6,865,336	)

			*Industrials (-0.1%)*
	(16,000	)	Orbital Sciences Corp.		(252,960	)
	(58,500	)	United Rentals, Inc.		(468,585	)

					(721,545	)

			*Information Technology (-0.4%)*
	(44,600	)	Mentor Graphics Corp.		(357,692	)
	(47,096	)	WebMD Health Corp.		(1,835,802	)

					(2,193,494	)

			*Materials (-0.2%)*
	(88,100	)	Jaguar Mining, Inc.		(865,142	)

			TOTAL COMMON STOCKS SOLD SHORT (Proceeds $19,518,762)		(18,607,382	)

NUMBER OF
CONTRACTS				VALUE


WRITTEN OPTIONS (-0.3%) #
			*Other (-0.3%)*
			iShares MSCI EAFE Index Fund
	4,500		Call, 03/20/10, Strike $57.00		(159,750	)
	4,500		Call, 06/19/10, Strike $56.00		(751,500	)
			SPDR Trust Series 1
	1,150		Call, 04/17/10, Strike $113.00		(178,825	)

See accompanying Notes to Schedule of Investments

Calamos Global Dynamic Income Fund

SCHEDULE OF INVESTMENTS JANUARY 31, 2010 (UNAUDITED)


NUMBER OF
CONTRACTS			VALUE


	1,150	Call, 06/19/10, Strike $115.00	$	(250,125	)

		TOTAL WRITTEN OPTIONS (Premium $2,093,981)		(1,340,200	)

NOTES TO SCHEDULE OF INVESTMENTS


‡		Variable rate or step bond security. The rate shown is the rate in effect at January 31, 2010.
*		Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At January 31, 2010, the value of 144A securities that could not be exchanged to the registered form is $65,414,762 or 13.0% of net assets applicable to common shareholders.
~		Security, or portion of security, is segregated as collateral for written options, swaps, or securities sold short aggregating a total value of $20,567,634.
µ		Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $336,132,988.
+		Structured equity linked securities are designed to simulate the characteristics of the security in the parenthetical.
#		Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS


AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
DKK		Danish Krone
EUR		European Monetary Unit
GBP		British Pound Sterling
HKD		Hong Kong Dollar
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
SEK		Swedish Krona
SGD		Singapore Dollar
TWD		New Taiwanese Dollar

Note: Value for securities denominated in foreign currencies is shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date on options represents the expiration date of the option contract. The option contract may be exercised at any date on or before the date shown.

See accompanying Notes to Schedule of Investments

Calamos Global Dynamic Income Fund

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

(1,236,385

)

BNP Paribas, SA

2.0200% quarterly

3 month LIBOR

03/09/12

55,000,000

(1,158,888

)

BNP Paribas, SA

1.8525% quarterly

3 month LIBOR

09/14/12

36,900,000

(454,026

)

(2,849,299

)

Calamos Global Dynamic Income Fund


CURRENCY EXPOSURE JANUARY 31, 2010 (UNAUDITED)
	Value		% of Total Investments


US Dollar	$	402,312,160	60.1%

European Monetary Unit		75,617,397	11.3%

British Pound Sterling		64,382,580	9.6%

Japanese Yen		32,990,662	4.9%

Swiss Franc		31,864,964	4.8%

Australian Dollar		19,072,279	2.8%

Canadian Dollar		6,805,667	1.0%

Norwegian Krone		4,998,145	0.7%

Swedish Krona		4,826,338	0.7%

Hong Kong Dollar		4,812,580	0.7%

Danish Krone		4,736,228	0.7%

Mexican Peso		3,990,138	0.6%

South Korean Won		3,735,824	0.6%

Brazilian Real		3,215,850	0.5%

New Taiwanese Dollar		2,577,976	0.4%

Singapore Dollar		2,182,803	0.3%

New Zealand Dollar		1,819,440	0.3%

Total Investments Net of Common Stocks Sold Short and Written Options	$	669,941,031	100.0%

Currency exposure may vary over time

NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

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 are generally traded in the over-the-counter market and are valued by independent pricing services or by dealers who make markets in such securities. Valuations of fixed income securities consider yield or price of bonds 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.

Investment Transactions. Investment transactions are recorded on a trade date basis as of January 31, 2010.

Foreign Currency Translation. Values of investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using a rate quoted by a major bank or dealer in the particular currency market, as reported by a recognized quotation dissemination service.

Option Transactions. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

Forward Foreign Currency Contracts. The Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to 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. There were no open forward currency contracts at January 31, 2010.

NOTE 2 – INVESTMENTS

The following information is presented on a federal income tax basis as of January 31, 2010. 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 January 31, 2010 was as follows:


Cost basis of Investments	$	858,325,283

Gross unrealized appreciation		24,039,811
Gross unrealized depreciation		(192,476,481	)

Net unrealized appreciation (depreciation)	$	(168,436,670	)

NOTE 3 – SHORT SALES

Securities sold short represent obligations to deliver the securities at a future date. The Fund may sell a security it does not own in anticipation of a decline in the value of that security before the delivery date. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale.

To secure its obligation to deliver to the broker-dealer the securities sold short, the Fund must segregate an amount of cash or liquid securities with its custodian equal to any excess of the current market value of the securities sold short over any cash or liquid securities deposited as collateral with the broker in connection with the short sale (not including the proceeds of the short sale). As a result of that requirement, the Fund will not gain any leverage merely by selling short, except to the extent that it earns interest or other income or gains on the segregated cash or liquid securities while also being subject to the possibility of gain or loss from the securities sold short.

NOTE 4 – BORROWINGS

On May 12, 2008, the Fund issued floating rate extendible senior secured notes, which were placed by Wachovia Securities. The aggregate amount of the notes issued was $300 million. Interest was charged at quarterly LIBOR (London Inter-bank Offered Rate) plus .50% on the amount of extendible senior secured notes. The Fund also paid a facility fee of .75% and a one-time agency fee of 1.00%.

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. 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 .95% on the amount borrowed and .85% on the undrawn balance. For the period ended January 31, 2010, the average borrowings and the average interest rate were $191,000,000 and 1.24%, respectively. As of January 31, 2010, the amount of such outstanding borrowings is $191,000,000. The interest rate applicable to the borrowings on January 31, 2010 was 1.20%.

NOTE 5 – INTEREST RATE SWAPS

The Fund may engage in interest rate swaps primarily to manage duration and yield curve risk, or as alternatives to direct investments, or to hedge the interest rate risk on the fund’s borrowings (see Note 4 – Borrowings). An interest rate swap is a contract that involves the exchange of one type of interest rate for another type of interest rate. Three main types of interest rate swaps are coupon swaps (fixed rate to floating rate in the same currency); basis swaps (one floating rate index to another floating rate index in the same currency); and cross-currency interest rate swaps (fixed rate in one currency to floating rate in another). In the case of a coupon swap, a Fund may agree with a counterparty that the Fund will pay a fixed rate (multiplied by a notional amount) while the counterparty will pay a floating rate multiplied by the same notional amount. 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. 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.

NOTE 6 – 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.

NOTE 7 – 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 assets and liabilities use inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange).

	•	Level 2 assets and liabilities reflect inputs other than quoted prices, but use observable market data (including quoted prices of similar securities, interest rates, credit risk, etc.).

	•	Level 3 assets and liabilities are valued using unobservable inputs (including the Fund’s own judgments about assumptions market participants would use in determining fair value).

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


			Value of
	Value of		Investment			Other
	Investment		Securities			Financial
Valuation Inputs	Securities		Sold Short			Instruments


Level 1 – Quoted Prices
Common Stocks	$	174,723,575	$	(18,607,382	)	$	—
Convertible Preferred Stocks		17,035,980		—			—
Written Options		—		—			(1,340,200	)
Purchased Options		88,175		—			—
Short Term Investments		5,537,229		—			—
Level 2 – Other significant observable inputs
Common Stocks		240,029,593		—			—
Convertible Bonds		79,771,112		—			—
Corporate Bonds		106,526,551		—			—
U.S. Government and Agency Securities		3,386,949		—			—
Sovereign Bonds		5,492,910		—			—
Convertible Preferred Stocks		7,386,500		—			—
Structured Equity-Linked Securities		49,910,039		—			—
Interest Rate Swaps		—		—			(2,849,299	)


Total	$	689,888,613	$	(18,607,382	)	$	(4,189,499	)

ITEM 2. CONTROLS AND PROCEDURES.

a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS.

	(a)		Certification of Principal Executive Officer.

	(b)		Certification of Principal Financial Officer.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Calamos Global Dynamic Income Fund

By:		/s/ John P. Calamos, Sr.

Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		March 23, 2010


By:		/s/ Nimish S. Bhatt

Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		March 23, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Calamos Global Dynamic Income Fund

By:		/s/ John P. Calamos, Sr.

Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		March 23, 2010

By:		/s/ Nimish S. Bhatt

Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		March 23, 2010