<SEC-DOCUMENT>0000950123-09-035476.txt : 20120809
<SEC-HEADER>0000950123-09-035476.hdr.sgml : 20120809
<ACCEPTANCE-DATETIME>20090814163518
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-09-035476
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Calamos Global Dynamic Income Fund
		CENTRAL INDEX KEY:			0001396277
		IRS NUMBER:				208819776
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60563
		BUSINESS PHONE:		6302451046

	MAIL ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60563

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Calamos Global Diversified Income & Opportunities Fund
		DATE OF NAME CHANGE:	20070411
</SEC-HEADER>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c52225c1c5222505.gif" alt="(K&#038;L LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>K&#038;L Gates <FONT style="font-variant: SMALL-CAPS">llp</font><br>
1601 K Street NW<br>
Washington, DC 20006-1600<br><br>
<FONT style="font-variant: SMALL-CAPS">t</font> 202.778.9000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; www.klgates.com</TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">August&nbsp;14, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
Division of Investment Management<BR>
Securities and Exchange Commission<BR>
100 F Street, N.E., Room&nbsp;4700<BR>
Washington, D.C. 20549

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Calamos Global Dynamic Income Fund<BR>
333-153443<BR>
811-22047</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Greene:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter is a follow-up to our earlier letter to you dated March&nbsp;3, 2009 (the &#147;Earlier
Correspondence&#148;), and responds to the comments you verbally conveyed to me on March&nbsp;24, 2009,
regarding pre-effective amendment no. 1 to the registration statement on Form N-2 of Calamos Global
Dynamic Income Fund (the &#147;Fund&#148;). For your convenience, each of your comments is repeated below,
with responses immediately following.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The revisions to the registration statement responding to these comments are included in
pre-effective amendment no. 2, which was filed with the SEC on the date of this letter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>1. Comment: </B>Please amend your discussion of the Fund&#146;s managed distribution order to state
whether the implementation of the order will cause any change in the Fund&#146;s current level
distribution policy. In addition, please include additional disclosure describing the
conditions of the managed distribution order.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Response: </B>The Fund has amended the disclosure to note that the implementation of its
managed distribution plan pursuant to its exemptive order will not result in any material
or substantive change to the Fund&#146;s current level distribution policy. In addition, the
Fund has included additional disclosure regarding the conditions of the managed
distribution order on pages 3 and 53 of the prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>2. Comment: </B>The prospectus discusses an exemptive order granted by the SEC which gives the
Fund the ability to exceed the leverage limitations of the 1940 Act for a limited period of
time, ending on October&nbsp;31, 2010 (the &#147;Asset Coverage Order&#148;). Please include disclosure
to the effect that any borrowings in reliance upon the Asset Coverage Order could increase
the risk that the Fund will have less assets available to cover its outstanding
liabilities.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
August&nbsp;14, 2009<BR>
Page 2

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Response: </B>The Fund has amended the disclosure on pages 6 and 30 of the prospectus to
include the following sentence:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In addition, any borrowings in reliance upon the Order could increase the risk that
the Fund will have less assets available to cover its outstanding liabilities,
including any claims of its common shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>3. Comment: </B>In response 3 in the Earlier Correspondence, you described the reasons why the
Fund had not yet redeemed all of its outstanding Auction Rate Cumulative Preferred Shares
(&#147;ARPS&#148;). Please describe to the staff the Fund&#146;s current plans for redeeming the
remaining ARPS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Response: </B>As described in the prospectus, on May&nbsp;15, 2009,
the Refinancing Committee of the
Board of Trustees approved the completion of the refinancing of all of the Fund&#146;s
outstanding ARPS.  In addition, the Board of Trustees has made the
findings required by the Asset Coverage Order, and has similarly
approved the refinancing in accordance with the conditions of that
order. Currently, the Fund anticipates that redemptions of the ARPS
will occur over the course of the next few months. Upon completion of
that refinancing, the Fund&#146;s leverage ratio is not expected to
change materially.</DIV>






<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">
The Fund has the option to rely upon the Asset Coverage Order, but
presently intends not to do so. The Fund believes that it will
satisfy the asset coverage  requirements imposed by the Investment
Company Act of 1940 (the &#147;1940 Act&#148;), upon completion of
the  refinancing. As a result, no reliance on the Asset Coverage
Order will be necessary. The approval of the refinancing has,
however, complied with the Asset Coverage Order, and the Fund reserves the right to rely on the terms of that
order. Any refinancing that is ultimately completed will be fully
reflected in any prospectus supplement used by the Fund  under this
registration statement.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>4. Comment: </B>Please revise the prospectus to include cross references, as applicable, to the
section of the prospectus that describes the limitations rating agencies may have imposed
on the Fund&#146;s ability to leverage, including the numerical limitations under which the Fund
currently operates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Response: </B>The Fund has revised the prospectus to include cross references on pages 14, 30,
43 and 58 to the section entitled &#147;Rating Agency Guidelines,&#148; which describes the
limitations rating agencies may have imposed on the Fund&#146;s ability to leverage, including
the requirement that the Fund maintain eligible assets having an aggregate discounted value
at least equal to 115% of the applicable basic maintenance amount, which is calculated
separately for debt securities and preferred shares for each rating agency that is then
rating the senior securities and so requires.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>5. Comment:</B> In response 10 in the Earlier Correspondence, you noted that the prospectus risk disclosure was
updated, in response to staff comment, to include a discussion of the effect of the recent market turmoil on the
risks associated with credit default swaps. Please also expand generally upon the risks associated with the recent
market turmoil.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Response: </B>The Fund will include the following as an additional Risk Factor on pages 12 and 39 of the prospectus:
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
August&nbsp;14, 2009<BR>
Page 3

</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Recent Market Events</I>. Recently, domestic and international
markets have experienced a period of acute stress starting in the financial sector and then moving to other sectors of the world economy. This stress has
resulted in unusual and extreme volatility in the equity markets and in the prices of
individual stocks. These market conditions could add to the risk of short-term volatility of the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In addition, debt markets have experienced a period of high volatility which has
negatively impacted market liquidity conditions and prices. Initially, the concerns
on the part of market participants were focused on the subprime segment of the
mortgage-backed securities market. These concerns expanded to include derivatives,
 securitized assets and a broad range of other debt securities, including those
rated investment grade, the U.S. and international credit and interbank money
markets generally, and a wide range of financial institutions and markets, asset
classes, and sectors. As a result, debt instruments have experienced, and may in the
future experience, liquidity issues, increased price volatility, credit downgrades,
and increased likelihood of default. These market conditions may have an adverse
effect on the Fund&#146;s investments and hamper the Fund&#146;s ability to sell the debt
securities in which it invests or to find and purchase suitable debt instruments. In
addition, illiquidity and volatility in the credit markets may directly and
adversely affect the setting of dividend rates on the common shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The recent market conditions have also caused domestic and international issuers to
seek capital infusions to strengthen their financial positions or to remain
financially viable. These capital infusions have taken a variety of forms,
including the public or private issuance of additional debt securities, equity
securities or both, which have been purchased by, among others, public and private
investors, government agencies, and sovereign wealth funds. If the Fund owns shares
of an issuer that sells additional equity securities and the Fund cannot or chooses
not to purchase shares in the offering, the Fund&#146;s interest in the issuing company
will be diluted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that this information responds to all of your comments. If you should require any
additional information feel free to call me at 202.778.9220.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Eric S. Purple

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Eric S. Purple

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enclosures

</DIV>
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<TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Copies (w/encl.) to:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stathy Darcy</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paulita A. Pike (firm)</TD>
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