N-CSRS 1 chw-ncsrs_043019.htm SEMI-ANNUAL SHAREHOLDER REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT 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 60563-2787
NAME AND ADDRESS OF AGENT FOR SERVICE: |  |  |  | John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer Calamos Advisors LLC 2020 Calamos Court Naperville, Illinois 60563-2787

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

DATE OF FISCAL YEAR END: October 31, 2019

DATE OF REPORTING PERIOD: November 1, 2018 through April 30, 2019

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ITEM 1. REPORT TO SHAREHOLDERS

TIMELY INFORMATION INSIDE

Global Dynamic Income Fund (CHW)

SEMIANNUAL REPORT APRIL 30, 2019

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Beginning on March 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by calling 800.582.6959. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 800.582.6959. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.

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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 24

Statement of Operations 25

Statements of Changes In Net Assets 26

Statement of Cash Flows 27

Notes to Financial Statements 28

Financial Highlights 37

Report of Independent Registered
Public Accounting Firm 38

About Closed-End Funds 39

Managed Distribution Policy 40

Automatic Dividend Reinvestment Plan 40

Experience and Foresight

Our Managed Distribution Policy

Closed-end fund investors often seek a steady stream of income. Recognizing this important need, Calamos closed-end funds adhere to a managed distribution policy in which we aim to provide consistent monthly distributions through the disbursement of t he followi ng:

•Net investment income

•Net realized short-term capital gains

•Net realized long-term capital gains

•And, if necessary, return of capital

We set distributions at levels that we believe are sustainable for the long term. The Fund’s current monthly distribution rate is $0.0700 per share. Our team focuses on delivering an attractive monthly distribution, while maintaining a long-term emphasis on risk management. The level of the Fund’s distribution can be greatly influenced by market conditions, including the interest rate environment, the individual performance of securities held by the funds, our view of retaining leverage, fund tax considerations, and regulatory requirements.

You should not draw any conclusions about the Fund’s investment performance from the amount of its distribution or from the terms of the Fund’s plan. The Fund’s Board of Trustees may amend or terminate the managed distribution policy at any time without prior notice to the Fund’s shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the Fund’s managed distribution policy.

For more information about any Calamos closed-end 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 w ww.calamos.co m.

Note: The Fund adopted a managed distribution policy on Jan uary 1, 201 8.

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Letter to Shareholders

John P. calamos, sr.

Founder, Chairman
and Global Chief
Investment Officer

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 1

Dear Fellow Shareholder:

Welcome to your semiannual report for the six-month period ended April 30, 2019. I n th is report, you will find commentary from the Calamos portfolio management teams, as well as a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of the Calamos Fund.

Distribution

During the period, the Fund provided a compelling monthly distribution of $0.0700 per share. We believe the Fund’s current annualized distribution rate, which was 10.06%*on a market price basis as of April 30, 2019, was very competitive, given the low interest rates in many segments of the bond market. In our view, the Fund’s distributions illustrate the benefits of a multi-asset class approach and flexible allocation strategy.

We understand that many closed-end fund investors seek steady, predictable distributions instead of distributions that fluctuate. Therefore, this Fund has a managed distribution policy. As part of this policy, we aim to keep distributions consistent from month to month, and at a level that we believe can be sustained over the long term. In setting the Fund’s distribution rate, the investment management team and the Fund’s Board of Trustees consider the interest rate, market and economic environment. We also factor in our assessment of individual securities and asset classes.

Market Review

During the semiannual period, broad stock market barometers posted strong results, both in the U.S. and globally.1 Convertible securities rose briskly,2 and high yield corporate and investment-grade bond markets advanced at a more measured but still healthy pace.3

*Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s 4/30/19 distribution was $0.0700 per share. Based on our current estimates, we anticipate that approximately $0.0137 is paid from ordinary income or capital gains and that approximately $0.0563 represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s managed distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term and long-term capital gains and return of capital. When the net investment income and net realized short-term and long-term capital gains are not sufficient, a portion of the distribution will be a return of capital. The distribution rate may vary.

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Letter to Shareholders

2 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

However, the six-month period was extremely volatile, with Federal Reserve policy, trade disputes, and growth concerns driving sharp swings in investor sentiment. During the final months of 2018, markets sold off steeply. Investors worried the Federal Reserve would derail the U.S. economic recovery and hinder global growth by raising short-term rates too quickly. Trade uncertainty and global economic data further unsettled market participants.

The tide of negative sentiment quickly turned in late December as comments from the Federal Reserve alleviated concerns about additional tightening. U.S. economic data continued to be healthy and financial conditions improved. The global growth outlook brightened, helped by a contained U.S. dollar, optimism about an eventual resolution to global trade disputes, and data supporting the view that China’s economy could achieve a soft landing. Against this backdrop, stocks, convertible securities and high yield bonds rallied dramatically through the end of the reporting period.

Outlook

We believe there is still real fundamental strength in the U.S. economy, as fiscal policy provides a wind in the sails for businesses. Unemployment is low, inflation is contained and corporate earnings are healthy. Consumers can continue to fuel growth, as they benefit from wage growth, manageable debt levels and employment gains. The Federal Reserve has affirmed its commitment to maintaining a patient approach to short-term interest rates.

Outside the U.S., economic data looks more encouraging than it did at the start of 2019. We may well see a pickup in the second half of the year, with accommodative global monetary policy, a contained dollar and U.S. growth providing tailwinds. Of course, the path of U.S.-China trade policy will influence what we see next, but a resolution is not out of reach.

Ongoing economic growth sets the stage for additional upside in stocks, convertible securities and high yield bonds. Yet, despite the favorable economic backdrop, we believe investors should be prepared for persistent volatility and episodic selloffs, such as the downturn that occurred in May of 2019 in the stock and high yield markets. A variety of political and geopolitical uncertainties—including tensions in the Middle East, election unknowns, and trade—are likely to stoke turbulence.

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Letter to Shareholders

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 3

Asset allocation for long-term goals

Elevated volatility can be an unwelcomed prospect for investors. However, the flipside of volatility is opportunity. I have invested through many periods of market turmoil: the 1973–1974 crash, Black Monday in 1987, and the collapse of the dot.com bubble, to name just a few. In all of these markets, there were opportunities—to sell into strength or to pick up an attractive position at a lower price. Our investment teams are following just such an approach, drawing on Calamos Investments’ decades of proprietary research and risk-management strategies.

As I’ve discussed in past letters to shareholders, repositioning your portfolio quickly in response to short-term market changes can be a dangerous strategy. Far too often, investors catch the downside in the market, only to be on the sidelines when markets rally. Instead, I encourage you to work with your financial advisor to ensure that your investment portfolio reflects your risk tolerance and investment goals. With the right funds at the core of an allocation, it may be easier to stay invested through short-term volatility.

Conclusion

Thank you for your continued trust in Calamos Investments. We look forward to helping you pursue your financial objectives in the years to come.

Sincerely,

John P. Calamos, Sr.

Founder, Chairman and Global Chief Investment Officer

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Letter to Shareholders

4 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800.582.6959. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Opinions are as of the publication date, subject to change and may not come to pass. Information is for informational purposes only and shouldn’t be considered investment advice.

Diversification and asset allocation do not guarantee a profit or protection against a loss.

1 The MSCI All Country World Index is a measure of global stock market performance, which returned 9.67% for the six-month period ending April 30, 2019. The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. For the six-month period ending April 30, 2019, the index returned 9.76%.

2 The ICE BofAML All U.S. Convertibles Ex Mandatory Index represents the U.S. convertible securities market excluding mandatory convertibles. The index returned 9.44% for the six-month period ending April 30, 2019. The Thomson Reuters Global Convertible Bond Index is designed to broadly represent the global convertible bond market. The index returned 7.58% for the six-month period ending April 30, 2019.

3 The Bloomberg Barclays U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. For the six-month period ending April 30, 2019, the index returned 5.49%. The Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index measures the performance of high yield corporate bonds with a maximum allocation of 2% to any one issuer. The index returned 5.54% for the six-month period ending April 30, 2019. The Bloomberg Barclays U.S. Government/Credit 1-3 Year Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. The index returned 2.52% for the six-month period ending April 30, 2019.

Duration is a measure of interest rate risk, with higher duration indicative of increased sensitivity to changes in interest rates.

Source: Lipper, Inc and Mellon Analytical Solutions, LLC. Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest di rectly in an index. Investments in overseas markets pose special risks, including currency fluctuation and political risks. These risks are generally intensified for investments in emerging markets. Countries, regions, and sectors mentioned are presented to illustrate countries, regions, and sectors in which a fund may invest. Fund holdings are subject to change daily. The Funds are actively managed. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable. There are certain risks involved with investing in convertible securities in addition to market risk, such as call risk, dividend risk, liquidity risk and default risk, which should be carefully considered prior to investing.

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The Calamos Closed-End Funds: An Overview

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 5

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 seeking to manage 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 multiple categories that seek to produce income while offering exposure to various asset classes and sectors.

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
OBJECTIVE: U.S. ENHANCED FIXED INCOME Calamos Convertible Opportunities and Income Fund (Ticker: CHI) Invests in high yield and convertible securities, primarily in U.S. markets Calamos Convertible and High Income Fund (Ticker: CHY) Invests in high yield and convertible securities, primarily in U.S. markets OBJECTIVE: GLOBAL ENHANCED FIXED INCOME Calamos Global Dynamic Income Fund (Ticker: CHW) Invests in global fixed income securities, alternative investments and equities | ​ | ​ | OBJECTIVE: GLOBAL TOTAL RETURN 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 OBJECTIVE: U.S. TOTAL RETURN Calamos Strategic Total Return Fund (Ticker: CSQ) Invests in equities and higher-yielding convertible securities and corporate bonds, primarily in U.S. markets Calamos Dynamic Convertible and Income Fund (Ticker: CCD) Invests in convertibles and other fixed income securities

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Investment Team Discussion

6 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

TOTAL RETURN* AS OF 4/30/19

Common Shares – Inception 6/27/07
| 6 Months* | 1 Year | Since Inception
On Market Price | 16.31% | 0.88% | 5.04%
On NAV | 9.83% | 2.73% | 5.39%
*Not annualized.

SECTOR WEIGHTINGS

Financials | 16.1%
Information Technology | 13.5
Communication Services | 13.3
Consumer Discretionary | 10.1
Energy | 9.6
Health Care | 9.4
Industrials | 6.2
Consumer Staples | 5.4
Materials | 3.4
Utilities | 3.4
Real Estate | 1.2
Other | 0.1
Airlines | 0.0

Sector Weightings are based on managed assets an d may va ry over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

GLOBAL DYNAMIC INCOME FUND (CHW)

INVESTMENT TEAM DISCUSSION

Please discuss the Fund’s strategy and role within an asset allocation.

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

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

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, reflecting our view of the economic landscape and the potential of individual securities. B y combini ng 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/reward characteristics of the portfolio over full market cycles. For the period, our participation in equity markets was beneficial to the overall performance of the Fund.

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

How did the Fund perform over the reporting period?

The Fund returned 9.83% on a net asset value (NAV) basis for the six-month period ended April 30, 2019. On a market price basis, the Fund returned 16.31%. For the sake of comparison to the broader global markets, the MSCI EAFE Index returned 7.73%, the MSCI World Index returned 9.16%, and the S&P 500 Index gained 9.76% during the period.

At the end of the reporting period, the Fund’s shares traded at a 0.72% premium to NAV.

How do NAV and market price return differ?

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 can be influenced by factors unrelated to the performance of the fund’s holdings, such as general market sentiment or future expectations. A fund’s NAV return measures the actual 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 long term within asset allocations, we believe that NAV return is the better measure of a fund’s performance. However, when managing the fund, we strongly consider actions and policies that we believe will optimize its overall price performance and returns based on market price.

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Investment Team Discussion

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 7

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 4/30/19

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund’s management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.

Please discuss the Fund’s distributions during the six-month period.

Within this Fund, we employ a managed distribution policy with the goal of providing shareholders a consistent distribution stream. In each month of the period, the Fund distributed $0.0700 per share, resulting in a current annualized distribution rate of 10.06% of market price as of April 30, 2019.

We believe that both 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, 2019, the dividend yield of S&P 500 Index stocks averaged approximately 1.92%. Yields also were low within the U.S. government bond market, with the 10-year U.S. Treasury and 30-year U.S. Treasury yielding 2.51% and 2.93%, respectively.

What factors influenced performance over the reporting period?

The Fund has the ability to invest in a range of strategies including convertible securities, high yield, U.S. equities, international equities and convertible arbitrage. This enables us to participate in a myriad of opportunities on behalf of our shareholders. Given this flexibility, we were able to maintain our exposure to the equity markets through our convertible holdings, which allowed us to participate in the general upward trajectory of equities in a risk-managed manner. Broad improvements in both domestic and global equity and fixed income markets contributed to the Fund’s strong performance over the period. Price performance was enhanced by good valuations in the stock relative to the NAV earlier in the period, which served as an enticement to many investors.

The Fund’s U.S. equity sleeve underperformed relative to the S&P 500 Index, as selection in communication services (specifically a slight overweight and selection in interactive media & services) contributed to performance. In addition, our selection and underweight in health care (biotechnology) was additive.

Conversely, our overweight and selection in energy (oil & gas equipment & services) impeded performance relative to the index. In addition, our selection and underweight in industrials (namely railroads selection) was not helpful.

The Fund’s global equity sleeve underperformed relative to the MSCI World Index. Our selection and overweight in information technology (namely an overweight in application software) was helpful. Our selection in energy, namely oil and gas exploration and production, also proved beneficial.

ASSET ALLOCATION AS OF 4/30/19

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Investment Team Discussion

8 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

On the flipside, our selection in real estate (specifically in real estate operating companies) weighed on performance. In addition, our selection in consumer discretionary, specifically in automobile manufacturers, also weighed on results.

The Fund’s international sleeve outperformed relative to the MSCI EAFE Index. Our underweight and selection in financials (asset management & custody banks) was beneficial relative to the index. Selection in consumer discretionary (namely an overweight in home furnishing retail) was also helpful.

Conversely, selection in information technology (overweight in communications equipment) impeded performance relative to the MSCI EAFE Index. In addition, our selection in industrials (notably in electrical components & equipment) hindered return.

Convertible Arbitrage entails owning a convertible bond long and then shorting its underlying stock. It is employed as a strategy to enhance returns. The convertible arbitrage portion of the Fund contributed positive monthly results, even when the market dropped dramatically in December.

After hiking interest rates four times during the previous fiscal year, the Federal Reserve hiked interest rates once again in December before pausing. As investors grew wary of a Fed that might overtighten, the Fed announced that it had revised its expectation to zero additional 2019 rate increases, and it would reduce the amount of balance sheet normalization—in this environment interest rates declined. The 3-year U.S. Treasury yield declined from 2.93% to 2.24%, while the 5-year U.S. Treasury yield moved from 2.98% to 2.28%. The 10-year U.S. Treasury yield declined from 3.15% to 2.51%. Credit spreads finished the period largely where they began with JPMorgan reporting a 3 basis points spread contraction to 418 basis points over U.S. Treasuries during the period.

Rising interest rates provided mixed results for convertible arbitrage during the period. From a positive standpoint, the 25 basis points increase to the fed funds rate in December meant that the overnight interest received on the cash received from our short stock positions moves higher. From a challenging standpoint, higher interest rates held back the bond value of our long convertible holdings.

Though the CBOE Volatility Index (VIX) declined from 22.23 at the beginning of the period to 13.11 at the end, it reached a high of 36.07 on December 24. The volatility was beneficial to the fund in terms of increased opportunities for rebalancing in convertible arbitrage.

Cheapening convertible valuations were a drag on the convertible arbitrage strategy toward period end. The average convertible in the ICE BofAML All U.S. Convertible Index (VXA0) traded at a 2.15% average discount, cheaper than the 1.59% discount at the beginning of the reporting period.

How is the Fund positioned?

We continued to find opportunities across asset classes. We maintained a preference for larger-cap, growth-oriented companies with global presence and geographically diversified revenue streams. We believe that such companies are well positioned to capitalize on the global and U.S. growth trends we see. In keeping with an emphasis on risk management, we focus on companies that we believe have respectable balance sheets, solid free cash flows, reliable debt servicing, and good prospects for sustainable growth as a result of consumer confidence and income.

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Investment Team Discussion

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 9

The portfolio’s largest allocations—in absolute terms—are found in the information technology, communication services and financial sectors. We believe that many information technology companies offer compelling fundamentals and participation in secular growth trends. Likewise, they are beneficiaries of the health of the U.S. consumer. Concerning communication services, we believe that companies in the sector should benefit from higher employment, improved consumer sentiment and relatively low interest rates. In addition, we believe that our exposure to financial companies will do well in a lower regulatory environment and one that is supported by a healthy U.S. consumer. Conversely, we are maintaining relatively low exposures to utilities and real estate, which we believe are fully valued at this point in the cycle.

As noted, we pursue a risk-managed approach to total return. This said, the portfolio includes a blend of high yield and investment grade credits. We take a very selective approach to CCC-rated credits. Given our view that economic growth should be closely monitored, we believe it is particularly important to favor companies that offer the best prospects for reliable debt servicing.

We believe that this is an environment that is conducive to the prudent use of leverage as a means of enhancing total return and supporting the Fund’s distribution rate. Over the period, in spite of a cost increase due to rising interest rates in 2018, our use of leverage enjoyed a favorable reinvestment dynamic for our shareholders. As of April 30, 2019, our amount of leveraged assets was approximately 33%.

What are your closing thoughts for Fund shareholders?

Given our outlook for a continued period of moderate economic growth, at least in the short-term, we favor quality growth companies over cyclicals. Favorable factors within the U.S. include solid job creation, low interest rates, healthy consumer confidence and income, limited inflationary pressures. We are emphasizing investments in companies with solid cash flow generation and stronger balance sheets. From a thematic and sector perspective, we see opportunities in the technology sector, consumer discretionary companies tied to U.S. and global consumption, and companies positioned to benefit from improving fundamentals. We are also optimistic about financials, as we believe that many of these companies are favorably valued and positioned to grow revenues based on lower regulations and a healthy U.S. consumer. We are also cautious about companies in the real estate and utilities sectors. We believe they may be fully valued as investors seek those stocks for income rather than growth. We are selective regarding the health care sector, favoring diversified companies that are more product growth-oriented versus those relying on pricing to achieve earning growth. We believe our active, risk-managed investment approach positions us to take advantage of the volatility, as well as opportunities in global equities and convertible securities.

We believe that fiscal policy and geopolitical concerns are likely to remain a focal point of market anxiety. However, we also believe that the Fed’s policy will try to be accommodative toward fiscal growth in spite of their desire to normalize interest rates by market factors as opposed to stimulus. In our view, equities continue to offer compelling risk/reward characteristics, as we seek companies that have attractively valued fundamentals and are benefiting from the wealth and continued confidence of the U.S. consumer. That said, ongoing risk assessment through an actively managed portfolio is imperative during times of continued market volatility to optimize returns.

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Schedule of Investments April 30, 2019 (Unaudited)

10 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT | See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT |  |  | VALUE
Corporate Bonds (25.0%)
Airlines (0.0%)
147,864 | ​ | UAL Pass Through Trust Series 2007-1µ 6.636%, 01/02/24 | $156,004​
Communication Services (3.5%)
250,000 | ​ | Altice Financing, SA* 7.500%, 05/15/26 | ​ | 253,415
725,000 | ​ | Altice France, SA* 7.375%, 05/01/26 | ​ | 736,731
| ​ | Altice Luxembourg, SA* | ​ | ​
200,000 | ​ | 7.750%, 05/15/22^ | ​ | 203,870
200,000 | ​ | 7.625%, 02/15/25 | ​ | 187,686
1,825,000 | ​ | America Movil, SAB de CV^ 5.000%, 03/30/20 | ​ | 1,861,226
140,000 | ​ | Arrow Bidco, LLC* 9.500%, 03/15/24 | ​ | 138,932
350,000 | ​ | Belo Corp. 7.250%, 09/15/27 | ​ | 377,498
| ​ | Cincinnati Bell, Inc.* | ​ | ​
370,000 | ​ | 8.000%, 10/15/25 | ​ | 341,791
125,000 | ​ | 7.000%, 07/15/24^ | ​ | 115,539
75,000 | ​ | CommScope, Inc.*^ 8.250%, 03/01/27 | ​ | 81,305
215,000 | ​ | Consolidated Communications, Inc.^ 6.500%, 10/01/22 | ​ | 204,290
| ​ | CSC Holdings, LLC* | ​ | ​
1,060,000 | ​ | 5.500%, 04/15/27µ | ​ | 1,094,111
460,000 | ​ | 5.500%, 05/15/26µ | ​ | 473,724
300,000 | ​ | 7.500%, 04/01/28^ | ​ | 327,764
1,656,000 | ​ | Embarq Corp.µ 7.995%, 06/01/36 | ​ | 1,635,300
140,000 | ​ | Entercom Media Corp.* 6.500%, 05/01/27 | ​ | 142,966
| ​ | Frontier Communications Corp. | ​ | ​
920,000 | ​ | 11.000%, 09/15/25^ | ​ | 596,855
689,000 | ​ | 7.625%, 04/15/24 | ​ | 381,499
285,000 | ​ | 8.500%, 04/01/26* | ​ | 269,225
140,000 | ​ | 8.000%, 04/01/27*^ | ​ | 145,172
| ​ | Gray Television, Inc.* | ​ | ​
195,000 | ​ | 5.875%, 07/15/26^ | ​ | 201,148
140,000 | ​ | 7.000%, 05/15/27 | ​ | 151,554
| ​ | Hughes Satellite Systems Corp.^ | ​ | ​
245,000 | ​ | 6.625%, 08/01/26 | ​ | 248,267
80,000 | ​ | 5.250%, 08/01/26µ | ​ | 80,543
| ​ | Inmarsat Finance, PLC* | ​ | ​
425,000 | ​ | 4.875%, 05/15/22µ | ​ | 429,786
275,000 | ​ | 6.500%, 10/01/24^ | ​ | 289,824
| ​ | Intelsat Jackson Holdings, SA | ​ | ​
505,000 | ​ | 9.750%, 07/15/25* | ​ | 521,188
285,000 | ​ | 5.500%, 08/01/23^ | ​ | 258,103
241,000 | ​ | 8.000%, 02/15/24*^ | ​ | 251,711
135,000 | ​ | MDC Partners, Inc.*^ 6.500%, 05/01/24 | ​ | 114,674

PRINCIPAL AMOUNT |  |  | VALUE
350,000 | ​ | Nexstar Broadcasting, Inc.*^ 5.625%, 08/01/24 | $355,698​
390,000 | ​ | Qwest Corp.^ 6.875%, 09/15/33 | ​ | 390,470
165,000 | ​ | SBA Communications Corp. 4.000%, 10/01/22 | ​ | 166,443
| ​ | Sprint Corp. | ​ | ​
1,100,000 | ​ | 7.875%, 09/15/23 | ​ | 1,147,603
830,000 | ​ | 7.125%, 06/15/24 | ​ | 834,150
350,000 | ​ | 7.625%, 03/01/26^ | ​ | 350,571
105,000 | ​ | 7.250%, 09/15/21 | ​ | 110,141
370,000 | ​ | T-Mobile USA, Inc.^ 4.750%, 02/01/28 | ​ | 374,013
215,000 | ​ | Telecom Italia Capital, SAµ 6.000%, 09/30/34 | ​ | 199,373
580,000 | ​ | United States Cellular Corp.µ 6.700%, 12/15/33 | ​ | 618,306
200,000 | ​ | Wind Tre, S.p.A.* 5.000%, 01/20/26 | ​ | 184,677
| ​ | Windstream Services, LLC / Windstream Finance Corp.@ | ​ | ​
115,000 | ​ | 7.750%, 10/01/21 | ​ | 25,199
42,000 | ​ | 10.500%, 06/30/24* | ​ | 29,393
140,000 | ​ | Zayo Group, LLC / Zayo Capital, Inc.* 5.750%, 01/15/27 | 142,199
|  | ​ | 17,043,933
​
Consumer Discretionary (4.9%)
210,000 | ​ | Ashton Woods USA, LLC / Ashton Woods Finance Company* 9.875%, 04/01/27 | ​ | 218,628
335,000 | ​ | Beverages & More, Inc.* 11.500%, 06/15/22 | ​ | 247,615
355,000 | ​ | Boyd Gaming Corp.^ 6.000%, 08/15/26 | ​ | 369,267
390,000 | ​ | Caesars Resort Collection, LLC / CRC Finco, Inc.*^ 5.250%, 10/15/25 | ​ | 382,118
| ​ | CCO Holdings, LLC / CCO Holdings Capital Corp. | ​ | ​
735,000 | ​ | 5.125%, 05/01/27*^ | ​ | 747,179
285,000 | ​ | 5.750%, 09/01/23 | ​ | 291,750
135,000 | ​ | 5.000%, 02/01/28*^ | ​ | 134,948
| ​ | Century Communities, Inc. | ​ | ​
611,000 | ​ | 6.875%, 05/15/22 | ​ | 624,638
190,000 | ​ | 5.875%, 07/15/25 | ​ | 188,733
950,000 | ​ | Dana Financing Luxembourg Sarl* 6.500%, 06/01/26 | ​ | 996,868
| ​ | DISH DBS Corp.^ | ​ | ​
330,000 | ​ | 7.750%, 07/01/26 | ​ | 295,840
195,000 | ​ | 5.875%, 11/15/24 | ​ | 168,697
700,000 | ​ | Eldorado Resorts, Inc. 6.000%, 04/01/25 | ​ | 724,622

​

Schedule of Investments April 30, 2019 (Unaudited)

See accompanying Notes to Schedule of Investments | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 11

PRINCIPAL AMOUNT |  |  | VALUE
350,000 | ​ | ESH Hospitality, Inc.* 5.250%, 05/01/25 | $352,758​
350,000 | ​ | GLP Capital, LP / GLP Financing II, Inc.µ 5.250%, 06/01/25 | ​ | 369,828
310,000 | ​ | goeasy, Ltd.µ* 7.875%, 11/01/22 | ​ | 325,987
500,000 | ​ | Guitar Center Escrow Issuer, Inc.* 9.500%, 10/15/21 | ​ | 487,438
345,000 | ​ | International Game Technology, PLC*^ 6.250%, 01/15/27 | ​ | 362,547
| ​ | L Brands, Inc.^ | ​ | ​
781,000 | ​ | 6.875%, 11/01/35 | ​ | 697,484
165,000 | ​ | 5.250%, 02/01/28µ | ​ | 147,468
| ​ | Lennar Corp.µ | ​ | ​
325,000 | ​ | 5.250%, 06/01/26 | ​ | 339,022
235,000 | ​ | 6.625%, 05/01/20 | ​ | 243,680
375,000 | ​ | Liberty Interactive, LLC 8.250%, 02/01/30 | ​ | 388,470
340,000 | ​ | M/I Homes, Inc.^ 5.625%, 08/01/25 | ​ | 335,243
| ​ | Mattel, Inc. | ​ | ​
320,000 | ​ | 6.750%, 12/31/25*^ | ​ | 320,931
10,000 | ​ | 2.350%, 08/15/21 | ​ | 9,630
350,000 | ​ | Mclaren Finance, PLC* 5.750%, 08/01/22 | ​ | 344,540
45,000 | ​ | Mediacom Broadband, LLC / Mediacom Broadband Corp. 5.500%, 04/15/21 | ​ | 45,106
| ​ | Meritage Homes Corp. | ​ | ​
800,000 | ​ | 7.150%, 04/15/20 | ​ | 828,824
652,000 | ​ | 7.000%, 04/01/22 | ​ | 702,184
| ​ | Penske Automotive Group, Inc. | ​ | ​
345,000 | ​ | 5.500%, 05/15/26^ | ​ | 347,053
160,000 | ​ | 5.375%, 12/01/24 | ​ | 162,548
| ​ | PetSmart, Inc.*^ | ​ | ​
280,000 | ​ | 5.875%, 06/01/25 | ​ | 254,104
65,000 | ​ | 8.875%, 06/01/25 | ​ | 57,862
| ​ | Rite Aid Corp. | ​ | ​
745,000 | ​ | 7.700%, 02/15/27 | ​ | 463,092
215,000 | ​ | 6.125%, 04/01/23*^ | ​ | 183,090
1,511,000 | ​ | Royal Caribbean Cruises, Ltd.^ 7.500%, 10/15/27 | ​ | 1,831,317
275,000 | ​ | Salem Media Group, Inc.* 6.750%, 06/01/24 | ​ | 247,603
352,000 | ​ | Sally Holdings, LLC / Sally Capital, Inc.µ 5.625%, 12/01/25 | ​ | 351,345
1,000,000 | ​ | Service Corp. International 8.000%, 11/15/21 | ​ | 1,093,320
400,000 | ​ | Sotheby’s* 4.875%, 12/15/25 | ​ | 392,728
280,000 | ​ | Staples, Inc.*^ 7.500%, 04/15/26 | ​ | 280,420

PRINCIPAL AMOUNT |  |  | VALUE
260,000 | ​ | Taylor Morrison Communities Corp. 6.625%, 05/15/22 | $268,900​
5,575,000 | ​ | Toyota Motor Corp.µ^ 3.419%, 07/20/23 | ​ | 5,733,469
129,329 | ​ | US Airways Pass Through Trust Series 2012-2, Class B 6.750%, 12/03/22 | ​ | 135,917
295,000 | ​ | VOC Escrow, Ltd.*^ 5.000%, 02/15/28 | 294,037
|  | ​ | 23,788,848
​
Consumer Staples (1.4%)
| ​ | Albertsons Companies, LLC / Safeway, Inc. / New Albertsons, LP / Albertson’s, LLC^ | ​ | ​
355,000 | ​ | 5.750%, 03/15/25 | ​ | 353,369
210,000 | ​ | 7.500%, 03/15/26* | ​ | 223,431
140,000 | ​ | Dean Foods Company* 6.500%, 03/15/23 | ​ | 73,807
215,000 | ​ | Energizer Holdings, Inc.*^ 6.375%, 07/15/26 | ​ | 222,459
340,000 | ​ | Fresh Market, Inc.* 9.750%, 05/01/23 | ​ | 261,203
| ​ | JBS USA LUX, SA / JBS USA Finance, Inc.* | ​ | ​
2,170,000 | ​ | 7.250%, 06/01/21 | ​ | 2,179,147
525,000 | ​ | 6.750%, 02/15/28 | ​ | 555,237
70,000 | ​ | 5.875%, 07/15/24 | ​ | 71,916
550,000 | ​ | JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.µ* 6.500%, 04/15/29 | ​ | 581,622
| ​ | New Albertson’s, Inc. | ​ | ​
285,000 | ​ | 7.450%, 08/01/29 | ​ | 267,275
235,000 | ​ | 7.750%, 06/15/26 | ​ | 224,087
180,000 | ​ | 8.000%, 05/01/31 | ​ | 170,692
| ​ | Pilgrim’s Pride Corp.* | ​ | ​
405,000 | ​ | 5.875%, 09/30/27 | ​ | 419,327
145,000 | ​ | 5.750%, 03/15/25 | ​ | 148,571
| ​ | Post Holdings, Inc.*^ | ​ | ​
310,000 | ​ | 5.750%, 03/01/27 | ​ | 318,669
72,000 | ​ | 5.625%, 01/15/28 | ​ | 72,943
| ​ | Simmons Foods, Inc.* | ​ | ​
291,000 | ​ | 7.750%, 01/15/24 | ​ | 311,182
170,000 | ​ | 5.750%, 11/01/24 | 156,439
|  | ​ | 6,611,376
​
Energy (3.2%)
210,000 | ​ | Apergy Corp.^ 6.375%, 05/01/26 | ​ | 217,483
110,000 | ​ | Berry Petroleum Company, LLC* 7.000%, 02/15/26 | ​ | 108,350
365,000 | ​ | Brazos Valley Longhorn, LLC / Brazos Valley Longhorn Finance Corp. 6.875%, 02/01/25 | ​ | 367,296

​

Schedule of Investments April 30, 2019 (Unaudited)

12 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT | See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT |  |  | VALUE
210,000 | ​ | Bruin E&P Partners, LLC* 8.875%, 08/01/23 | $199,603​
365,000 | ​ | Buckeye Partners, LPµ‡ 6.375%, 01/22/78 3 mo. USD LIBOR + 4.02% | ​ | 337,452
580,000 | ​ | Calfrac Holdings, LP* 8.500%, 06/15/26 | ​ | 488,369
300,000 | ​ | California Resources Corp.*^ 8.000%, 12/15/22 | ​ | 229,503
443,000 | ​ | Carrizo Oil & Gas, Inc.^ 6.250%, 04/15/23 | ​ | 431,670
350,000 | ​ | Chaparral Energy, Inc.*^ 8.750%, 07/15/23 | ​ | 259,392
295,000 | ​ | Cheniere Energy Partners, LP*^ 5.625%, 10/01/26 | ​ | 305,132
| ​ | Chesapeake Energy Corp.^ | ​ | ​
380,000 | ​ | 8.000%, 01/15/25 | ​ | 385,062
270,000 | ​ | 7.000%, 10/01/24 | ​ | 267,581
145,000 | ​ | Comstock Resources, Inc.*^ 9.750%, 08/15/26 | ​ | 132,794
410,000 | ​ | DCP Midstream Operating, LP*^‡ 5.850%, 05/21/43 3 mo. USD LIBOR + 3.85% | ​ | 382,760
155,000 | ​ | DCP Midstream, LP^‡ 7.375%, 12/15/22 3 mo. USD LIBOR + 5.15% | ​ | 153,283
| ​ | Denbury Resources, Inc. | ​ | ​
310,000 | ​ | 5.500%, 05/01/22 | ​ | 240,749
280,000 | ​ | 7.500%, 02/15/24*^ | ​ | 259,427
225,000 | ​ | 9.250%, 03/31/22* | ​ | 228,932
135,000 | ​ | Diamond Offshore Drilling, Inc. 7.875%, 08/15/25 | ​ | 131,483
| ​ | Energy Transfer Operating, LPµ | ​ | ​
800,000 | ​ | 5.597%, 11/01/66‡ 3 mo. USD LIBOR + 3.02% | ​ | 663,956
500,000 | ​ | 5.875%, 01/15/24 | ​ | 546,230
300,000 | ​ | 5.500%, 06/01/27 | ​ | 325,942
| ​ | Enterprise Products Operating, LLCµ‡ | ​ | ​
470,000 | ​ | 4.875%, 08/16/77 3 mo. USD LIBOR + 2.99% | ​ | 449,712
155,000 | ​ | 5.375%, 02/15/78 3 mo. USD LIBOR + 2.57% | ​ | 144,283
| ​ | EP Energy, LLC / Everest Acquisition Finance, Inc.* | ​ | ​
255,000 | ​ | 9.375%, 05/01/24 | ​ | 92,747
210,000 | ​ | 7.750%, 05/15/26^ | ​ | 187,263
| ​ | Genesis Energy, LP / Genesis Energy Finance Corp. | ​ | ​
375,000 | ​ | 6.250%, 05/15/26^ | ​ | 371,792
360,000 | ​ | 6.500%, 10/01/25 | ​ | 362,194
| ​ | Gulfport Energy Corp. | ​ | ​
325,000 | ​ | 6.375%, 05/15/25 | ​ | 286,543
225,000 | ​ | 6.000%, 10/15/24^ | ​ | 198,238

PRINCIPAL AMOUNT |  |  | VALUE
285,000 | ​ | Halcon Resources Corp. 6.750%, 02/15/25 | $183,910​
400,000 | ​ | HighPoint Operating Corp. 7.000%, 10/15/22 | ​ | 389,440
480,000 | ​ | Lonestar Resources America, Inc.* 11.250%, 01/01/23 | ​ | 478,934
350,000 | ​ | Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26 | ​ | 357,397
485,000 | ​ | McDermott Technologies Americas, Inc. / McDermott Technology U.S., Inc.* 10.625%, 05/01/24 | ​ | 440,938
| ​ | Moss Creek Resources Holdings, Inc.* | ​ | ​
135,000 | ​ | 10.500%, 05/15/27 | ​ | 138,125
135,000 | ​ | 7.500%, 01/15/26^ | ​ | 123,966
230,000 | ​ | Nine Energy Service, Inc.*^ 8.750%, 11/01/23 | ​ | 238,042
35,174 | ​ | Northern Oil and Gas, Inc. 9.500%, 05/15/23 9.500% PIK rate | ​ | 37,127
260,000 | ​ | Oasis Petroleum, Inc.*^ 6.250%, 05/01/26 | ​ | 254,335
365,000 | ​ | Par Petroleum, LLC / Par Petroleum Finance Corp.* 7.750%, 12/15/25 | ​ | 356,395
210,000 | ​ | PDC Energy, Inc.^ 5.750%, 05/15/26 | ​ | 210,487
300,000 | ​ | Petroleum Geo-Services, ASA* 7.375%, 12/15/20 | ​ | 299,923
270,000 | ​ | Plains All American Pipeline, LPµ‡ 6.125%, 11/15/22 3 mo. USD LIBOR + 4.11% | ​ | 259,806
145,000 | ​ | QEP Resources, Inc.^ 5.625%, 03/01/26 | ​ | 136,151
450,000 | ​ | SESI, LLC^ 7.750%, 09/15/24 | ​ | 332,514
150,000 | ​ | SM Energy Company^ 6.750%, 09/15/26 | ​ | 144,288
220,000 | ​ | Targa Resources Partners, LP / Targa Resources Partners Finance Corp.µ* 6.500%, 07/15/27 | ​ | 236,107
75,000 | ​ | TransMontaigne Partners, LP / TLP Finance Corp. 6.125%, 02/15/26 | ​ | 72,506
70,875 | ​ | Transocean Pontus, Ltd.* 6.125%, 08/01/25 | ​ | 73,083
345,000 | ​ | Transocean, Inc.*^ 7.500%, 01/15/26 | ​ | 341,597
365,000 | ​ | Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.*^ 8.750%, 04/15/23 | ​ | 285,421
550,000 | ​ | W&T Offshore, Inc.* 9.750%, 11/01/23 | ​ | 560,425

​

Schedule of Investments April 30, 2019 (Unaudited)

See accompanying Notes to Schedule of Investments | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 13

PRINCIPAL AMOUNT |  |  | VALUE
765,000 | ​ | Weatherford International, Ltd. 8.250%, 06/15/23 | $540,668​
375,000 | ​ | Whiting Petroleum Corp.^ 6.625%, 01/15/26 | ​ | 374,130
|  | ​ | ​ | 15,620,936
​
Financials (3.0%)
715,000 | ​ | Acrisure, LLC / Acrisure Finance, Inc.*^ 7.000%, 11/15/25 | ​ | 648,523
170,000 | ​ | AerCap Ireland Capital DAC / AerCap Global Aviation Trust^ 5.000%, 10/01/21 | ​ | 176,791
920,000 | ​ | Ally Financial, Inc. 8.000%, 11/01/31 | ​ | 1,181,073
350,000 | ​ | Amwins Group, Inc.* 7.750%, 07/01/26 | ​ | 352,326
| ​ | Ardonagh Midco 3, PLC* | ​ | ​
650,000 | ​ | 8.625%, 07/15/23^ | ​ | 539,588
200,000 | ​ | 8.625%, 07/15/23 | ​ | 166,241
550,000 | ​ | AssuredPartners, Inc.* 7.000%, 08/15/25 | ​ | 520,666
190,000 | ​ | Bank of America Corp.µ‡ 5.875%, 03/15/28 3 mo. USD LIBOR + 2.93% | ​ | 196,593
345,000 | ​ | Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* 5.750%, 05/15/26 | ​ | 350,209
130,000 | ​ | Charles Schwab Corp.µ‡ 5.000%, 12/01/27 3 mo. USD LIBOR + 2.58% | ​ | 126,632
350,000 | ​ | Credit Acceptance Corp.*^ 6.625%, 03/15/26 | ​ | 368,415
340,000 | ​ | Greystar Real Estate Partners, LLC* 5.750%, 12/01/25 | ​ | 342,122
375,000 | ​ | HUB International, Ltd.* 7.000%, 05/01/26 | ​ | 378,484
500,000 | ​ | ILFC E-Capital Trust II*‡ 4.850%, 12/21/65 3 mo. USD LIBOR + 1.80% | ​ | 387,352
620,000 | ​ | Iron Mountain, Inc.*^ 5.250%, 03/15/28 | ​ | 612,269
| ​ | Jefferies Finance, LLC* | ​ | ​
914,000 | ​ | 7.250%, 08/15/24 | ​ | 903,580
600,000 | ​ | 7.375%, 04/01/20 | ​ | 601,602
325,000 | ​ | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*^ 5.250%, 10/01/25 | ​ | 324,275
260,000 | ​ | Level 3 Financing, Inc.^ 5.375%, 05/01/25 | ​ | 265,218
350,000 | ​ | Lions Gate Capital Holdings, LLC* 6.375%, 02/01/24 | ​ | 366,725
355,000 | ​ | LPL Holdings, Inc.* 5.750%, 09/15/25 | ​ | 362,279

PRINCIPAL AMOUNT |  |  | VALUE
645,000 | ​ | MetLife, Inc.^ 6.400%, 12/15/66 | $713,915​
715,000 | ​ | Nationstar Mortgage, LLC / Nationstar Capital Corp. 6.500%, 07/01/21 | ​ | 716,573
550,000 | ​ | Navient Corp.^ 6.750%, 06/25/25 | ​ | 563,588
290,000 | ​ | NexBank Capital, Inc.*‡& 6.375%, 09/30/27 3 mo. USD LIBOR + 4.59% | ​ | 292,189
625,000 | ​ | Oil Insurance, Ltd.*‡ 5.574%, 06/30/19 3 mo. USD LIBOR + 2.98% | ​ | 608,325
210,000 | ​ | Realogy Group, LLC / Realogy C o-Issuer Corp.*^ 4.875%, 06/01/23 | ​ | 200,542
375,000 | ​ | Simmons First National Corp.‡ 5.000%, 04/01/28 3 mo. USD LIBOR + 2.15% | ​ | 379,935
| ​ | Springleaf Finance Corp. | ​ | ​
497,000 | ​ | 6.875%, 03/15/25^ | ​ | 533,780
350,000 | ​ | 7.125%, 03/15/26 | ​ | 376,238
365,000 | ​ | Starwood Property Trust, Inc.µ 4.750%, 03/15/25 | ​ | 366,589
170,000 | ​ | Towne Bank‡ 4.500%, 07/30/27 3 mo. USD LIBOR + 2.55% | ​ | 170,750
785,000 | ​ | Tronox Finance, PLC*^ 5.750%, 10/01/25 | 768,009
|  | ​ | 14,861,396
​
Health Care (2.8%)
679,000 | ​ | Acadia Healthcare Company, Inc.^ 6.500%, 03/01/24 | ​ | 702,005
| ​ | Bausch Health Americas, Inc.*^ | ​ | ​
790,000 | ​ | 8.500%, 01/31/27 | ​ | 862,826
350,000 | ​ | 9.250%, 04/01/26 | ​ | 390,019
| ​ | Bausch Health Cos., Inc.*^ | ​ | ​
750,000 | ​ | 9.000%, 12/15/25 | ​ | 831,176
70,000 | ​ | 5.750%, 08/15/27 | ​ | 73,137
| ​ | CHS/Community Health Systems, Inc. | ​ | ​
1,810,000 | ​ | 8.125%, 06/30/24*^ | ​ | 1,353,364
225,000 | ​ | 6.250%, 03/31/23^ | ​ | 219,358
140,000 | ​ | 8.000%, 03/15/26* | ​ | 136,385
765,000 | ​ | DaVita, Inc.^ 5.125%, 07/15/24 | ​ | 766,553
825,000 | ​ | Endo DAC / Endo Finance, LLC / Endo Finco, Inc.* 6.000%, 07/15/23 | ​ | 673,592
| ​ | HCA, Inc. | ​ | ​
1,355,000 | ​ | 5.375%, 02/01/25^ | ​ | 1,427,696
795,000 | ​ | 5.875%, 05/01/23^ | ​ | 853,886
315,000 | ​ | 7.500%, 11/06/33 | ​ | 364,102

​

Schedule of Investments April 30, 2019 (Unaudited)

14 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT | See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT |  |  | VALUE
363,000 | ​ | Horizon Pharma USA, Inc.* 8.750%, 11/01/24 | $393,374​
660,000 | ​ | Magellan Health, Inc.µ 4.900%, 09/22/24 | ​ | 644,058
480,000 | ​ | Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 5.625%, 10/15/23 | ​ | 377,410
210,000 | ​ | Par Pharmaceutical, Inc.*^ 7.500%, 04/01/27 | ​ | 218,275
165,000 | ​ | Team Health Holdings, Inc.*^ 6.375%, 02/01/25 | ​ | 140,639
| ​ | Tenet Healthcare Corp. | ​ | ​
410,000 | ​ | 4.625%, 07/15/24^ | ​ | 411,603
350,000 | ​ | 6.250%, 02/01/27* | ​ | 365,228
145,000 | ​ | 6.875%, 11/15/31 | ​ | 133,921
450,000 | ​ | Teva Pharmaceutical Finance Com pany, BVµ 2.950%, 12/18/22 | ​ | 423,139
| ​ | Teva Pharmaceutical Finance Netherlands III, BV | ​ | ​
1,565,000 | ​ | 6.000%, 04/15/24^ | ​ | 1,597,505
225,000 | ​ | 2.800%, 07/21/23µ | ​ | 204,701
215,000 | ​ | West Street Merger Sub, Inc.*^ 6.375%, 09/01/25 | 208,771
|  | ​ | 13,772,723
​
Industrials (2.7%)
450,000 | ​ | ACCO Brands Corp.* 5.250%, 12/15/24 | ​ | 448,072
| ​ | Allison Transmission, Inc.* | ​ | ​
275,000 | ​ | 4.750%, 10/01/27µ | ​ | 270,104
165,000 | ​ | 5.000%, 10/01/24µ | ​ | 166,978
70,000 | ​ | 5.875%, 06/01/29^ | ​ | 72,114
360,000 | ​ | Arconic, Inc.^ 5.125%, 10/01/24 | ​ | 371,957
409,290 | ​ | ARD Securities Finance Sarl* 8.750%, 01/31/23 8.750% PIK rate | ​ | 404,487
137,000 | ​ | Avolon Holdings Funding, Ltd.µ* 5.250%, 05/15/24 | ​ | 143,388
365,000 | ​ | Beacon Roofing Supply, Inc.*^ 4.875%, 11/01/25 | ​ | 351,679
540,000 | ​ | Bombardier, Inc.*^ 7.500%, 03/15/25 | ​ | 543,491
| ​ | Covanta Holding Corp. | ​ | ​
425,000 | ​ | 5.875%, 03/01/24 | ​ | 438,283
70,000 | ​ | 5.875%, 07/01/25 | ​ | 71,946
390,000 | ​ | Delphi Technologies, PLC*^ 5.000%, 10/01/25 | ​ | 358,410
590,000 | ​ | Fly Leasing, Ltd. 5.250%, 10/15/24 | ​ | 575,067
750,000 | ​ | Garda World Security Corp.* 7.250%, 11/15/21 | ​ | 752,137

PRINCIPAL AMOUNT |  |  | VALUE
| ​ | Golden Nugget, Inc.* | ​ | ​
370,000 | ​ | 6.750%, 10/15/24 | $378,898​
315,000 | ​ | 8.750%, 10/01/25^ | ​ | 329,655
360,000 | ​ | Great Lakes Dredge & Dock Corp. 8.000%, 05/15/22 | ​ | 380,704
480,000 | ​ | H&E Equipment Services, Inc.^ 5.625%, 09/01/25 | ​ | 490,286
| ​ | Hertz Corp. | ​ | ​
210,000 | ​ | 7.375%, 01/15/21 | ​ | 210,262
65,000 | ​ | 7.625%, 06/01/22*^ | ​ | 67,229
330,000 | ​ | Icahn Enterprises, LPµ 6.750%, 02/01/24 | ​ | 346,863
200,000 | ​ | James Hardie International Finance, Ltd.µ*^ 4.750%, 01/15/25 | ​ | 200,590
400,000 | ​ | Jeld-Wen, Inc.*^ 4.625%, 12/15/25 | ​ | 383,296
210,000 | ​ | JPW Industries Holding Corp.* 9.000%, 10/01/24 | ​ | 204,806
560,000 | ​ | Meritor, Inc.^ 6.250%, 02/15/24 | ​ | 577,598
505,000 | ​ | Navistar International Corp.* 6.625%, 11/01/25 | ​ | 516,708
| ​ | Park Aerospace Holdings, Ltd.* | ​ | ​
215,000 | ​ | 4.500%, 03/15/23µ | ​ | 217,803
145,000 | ​ | 5.500%, 02/15/24 | ​ | 152,881
665,000 | ​ | Park-Ohio Industries, Inc.^ 6.625%, 04/15/27 | ​ | 667,421
| ​ | Scientific Games International, Inc.* | ​ | ​
360,000 | ​ | 5.000%, 10/15/25^ | ​ | 358,724
140,000 | ​ | 8.250%, 03/15/26 | ​ | 145,095
70,000 | ​ | Summit Materials, LLC / Summit Materials Finance Corp.*^ 6.500%, 03/15/27 | ​ | 72,477
205,000 | ​ | Tennant Company 5.625%, 05/01/25 | ​ | 211,164
75,000 | ​ | Titan Acquisition, Ltd. / Titan C o-Bor rower, LLC*^ 7.750%, 04/15/26 | ​ | 69,032
200,000 | ​ | TransDigm UK Holdings, PLC* 6.875%, 05/15/26 | ​ | 201,263
| ​ | TransDigm, Inc.* | ​ | ​
355,000 | ​ | 6.250%, 03/15/26 | ​ | 370,079
350,000 | ​ | 7.500%, 03/15/27^ | ​ | 361,438
| ​ | United Rentals North America, Inc. | ​ | ​
345,000 | ​ | 5.875%, 09/15/26^ | ​ | 360,970
265,000 | ​ | 4.875%, 01/15/28µ^ | ​ | 263,635
140,000 | ​ | 6.500%, 12/15/26µ | ​ | 150,039
195,000 | ​ | Waste Pro USA, Inc.* 5.500%, 02/15/26 | ​ | 194,899
350,000 | ​ | XPO Logistics, Inc.µ*^ 6.750%, 08/15/24 | 362,626
|  | ​ | 13,214,554

​

Schedule of Investments April 30, 2019 (Unaudited)

See accompanying Notes to Schedule of Investments | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 15

PRINCIPAL AMOUNT |  |  | VALUE
​
Information Technology (1.6%)
553,000 | ​ | Alliance Data Systems Corp.* 5.875%, 11/01/21 | $566,280​
5,210,000 | ​ | Apple, Inc.µ^ 2.000%, 11/13/20 | ​ | 5,174,389
345,000 | ​ | CommScope Technologies, LLC* 6.000%, 06/15/25 | ​ | 351,369
635,000 | ​ | Dell International, LLC / EMC Corp.*^ 6.020%, 06/15/26 | ​ | 689,223
425,000 | ​ | Entercom Media Corp.*^ 7.250%, 11/01/24 | ​ | 440,449
350,000 | ​ | Harland Clarke Holdings Corp.* 8.375%, 08/15/22 | ​ | 310,268
340,000 | ​ | VFH Parent, LLC* 6.750%, 06/15/22 | 351,903
|  | ​ | 7,883,881
​
Materials (1.3%)
536,000 | ​ | AK Steel Corp.^ 6.375%, 10/15/25 | ​ | 453,558
280,000 | ​ | Alcoa Nederland Holding, BVµ* 7.000%, 09/30/26 | ​ | 302,277
1,170,000 | ​ | ArcelorMittal, SAµ 7.000%, 10/15/39 | ​ | 1,347,097
500,000 | ​ | Ardagh Packaging Finance, PLC / Ardagh Holdings USA, Inc.*^ 6.000%, 02/15/25 | ​ | 505,448
140,000 | ​ | Baffinland Iron Mines Corp. / Baffinland Iron Mines, LP* 8.750%, 07/15/26 | ​ | 141,817
| ​ | First Quantum Minerals, Ltd.* | ​ | ​
232,000 | ​ | 7.000%, 02/15/21^ | ​ | 236,360
200,000 | ​ | 7.250%, 04/01/23 | ​ | 197,936
400,000 | ​ | INEOS Group Holdings, SA*^ 5.625%, 08/01/24 | ​ | 405,200
215,000 | ​ | JW Aluminum Continuous Cast Company* 10.250%, 06/01/26 | ​ | 220,371
140,000 | ​ | Kinross Gold Corp.µ 4.500%, 07/15/27 | ​ | 135,530
70,000 | ​ | Mineral Resources, Ltd.* 8.125%, 05/01/27 | ​ | 71,918
335,000 | ​ | New Gold, Inc.*^ 6.375%, 05/15/25 | ​ | 269,611
1,335,000 | ​ | PBF Holding Company, LLC / PBF Finance Corp.^ 7.250%, 06/15/25 | ​ | 1,379,075
| ​ | United States Steel Corp.^ | ​ | ​
515,000 | ​ | 6.875%, 08/15/25 | ​ | 486,098
150,000 | ​ | 6.250%, 03/15/26 | 134,846
|  | ​ | 6,287,142

PRINCIPAL AMOUNT |  |  | VALUE
​
Real Estate (0.2%)
360,000 | ​ | CBL & Associates, LP^ 5.250%, 12/01/23 | $261,780​
345,000 | ​ | Forestar Group, Inc.* 8.000%, 04/15/24 | ​ | 355,110
575,000 | ​ | MPT Operating Partnership, LP / MPT Finance Corp.µ 5.000%, 10/15/27 | 577,245
|  | ​ | 1,194,135
​
Utilities (0.4%)
145,000 | ​ | NGPL PipeCo, LLCµ* 4.875%, 08/15/27 | ​ | 149,850
| ​ | NRG Energy, Inc.^ | ​ | ​
228,000 | ​ | 5.750%, 01/15/28 | ​ | 241,624
175,000 | ​ | 6.625%, 01/15/27 | ​ | 187,271
685,000 | ​ | PPL Capital Funding, Inc.µ^‡ 5.266%, 03/30/67 3 mo. USD LIBOR + 2.67% | ​ | 640,002
140,000 | ​ | Talen Energy Supply, LLC* 10.500%, 01/15/26 | ​ | 146,912
360,000 | ​ | TerraForm Power Operating, LLC* 5.000%, 01/31/28 | ​ | 355,842
305,000 | ​ | Vistra Energy Corp.* 8.125%, 01/30/26 | 333,060
|  | ​ | 2,054,561
| ​ | Total Corporate Bonds (Cost $124,449,888) | 122,489,489
Convertible Bonds (38.0%)
Communication Services (2.3%)
100,000 | EUR | Cellnex Telecom, SA 1.500%, 01/16/26 | ​ | 123,035
20,000,000 | JPY | CyberAgent, Inc. 0.000%, 02/19/25 | ​ | 192,949
1,500,000 | ​ | Gannett Company, Inc.µ 4.750%, 04/15/24 | ​ | 1,552,740
5,821,000 | ​ | GCI Liberty, Inc.µ* 1.750%, 09/30/46 | ​ | 6,578,953
285,000 | ​ | Liberty Media Corp.µ 1.375%, 10/15/23 | ​ | 332,733
2,450,000 | ​ | Twitter, Inc.*^ 0.250%, 06/15/24 | 2,471,707
|  | ​ | 11,252,117
​
Consumer Discretionary (4.1%)
2,200,000 | ​ | Baozun, Inc.* 1.625%, 05/01/24 | ​ | 2,477,222
| ​ | Ctrip.com International, Ltd. | ​ | ​
2,500,000 | ​ | 1.990%, 07/01/25^ | ​ | 2,804,750
550,000 | ​ | 1.000%, 07/01/20 | ​ | 565,469
115,000 | ​ | 1.250%, 09/15/22^ | ​ | 117,576

​

Schedule of Investments April 30, 2019 (Unaudited)

16 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT | See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT |  |  | VALUE
| ​ | DISH Network Corp. | ​ | ​
331,000 | ​ | 3.375%, 08/15/26 | $303,883​
325,000 | ​ | 2.375%, 03/15/24 | ​ | 282,693
2,044,000 | ​ | GOL Equity Finance, SA* 3.750%, 07/15/24 | ​ | 1,810,984
170,000 | ​ | Guess, Inc.µ* 2.000%, 04/15/24 | ​ | 177,783
20,000,000 | JPY | HIS Company, Ltd. 0.000%, 08/30/19 | ​ | 179,750
20,000,000 | JPY | Iida Group Holdings Company, Ltd. 0.000%, 06/18/20 | ​ | 178,160
162,000 | ​ | Liberty Expedia Holdings, Inc.*^ 1.000%, 06/30/47 | ​ | 162,953
| ​ | Liberty Interactive, LLC | ​ | ​
696,677 | ​ | 4.000%, 11/15/29 | ​ | 488,621
480,000 | ​ | 3.750%, 02/15/30 | ​ | 335,422
4,365,000 | ​ | NIO, Inc.* 4.500%, 02/01/24 | ​ | 3,355,594
165,000 | ​ | Quotient Technology, Inc. 1.750%, 12/01/22 | ​ | 153,680
190,000 | ​ | RH*^ 0.000%, 06/15/23 | ​ | 166,018
168,500 | EUR | SEB, SA 0.000%, 11/17/21 | ​ | 376,549
200,000 | ​ | Shanghai Port Group BVI Holding Company, Ltd. 0.000%, 08/09/22 | ​ | 204,485
500,000 | EUR | Steinhoff Finance Holding GmbH@ 1.250%, 10/21/23 | ​ | 252,918
| ​ | Tesla, Inc. | ​ | ​
5,301,000 | ​ | 2.375%, 03/15/22~ | ​ | 5,450,011
333,000 | ​ | 1.250%, 03/01/21 | 327,510
|  | ​ | 20,172,031
​
Consumer Staples (0.2%)
1,000,000 | ​ | Carrefour, SAµ 0.000%, 03/27/24 | 965,320
​
Energy (4.5%)
3,300,000 | ​ | Nabors Industries, Inc. 0.750%, 01/15/24 | ​ | 2,406,311
172,000 | ​ | SM Energy Company 1.500%, 07/01/21 | ​ | 160,037
| ​ | SunEdison, Inc.@ | ​ | ​
2,261,000 | ​ | 0.250%, 01/15/20* | ​ | 69,741
275,000 | ​ | 2.000%, 10/01/18 | ​ | 8,482
11,400,000 | ​ | TOTAL, SAµ^ 0.500%, 12/02/22 | ​ | 12,144,762
6,000,000 | ​ | Tullow Oil Jersey, Ltd.µ 6.625%, 07/12/21 | 7,208,430
|  | ​ | 21,997,763
​
Financials (8.8%)
36,000,000 | JPY | AEON Financial Service Company, Ltd. 0.000%, 09/13/19 | ​ | 325,457

PRINCIPAL AMOUNT |  |  | VALUE
3,100,000 | EUR | AURELIUS Equity Opportunities SE & Co., KGaA 1.000%, 12/01/20 | $3,694,811​
880,000 | ​ | AXA, SAµ* 7.250%, 05/15/21 | ​ | 962,966
600,000 | EUR | Corestate Capital Holding, SA 1.375%, 11/28/22 | ​ | 638,609
662,400 | EUR | Credit Agricole, SA 0.000%, 10/03/19 | ​ | 566,178
300,000 | EUR | Cromwell SPV Finance Pty, Ltd. 2.000%, 02/04/20 | ​ | 337,653
| ​ | JPMorgan Chase Bank, N.A. | ​ | ​
69,000,000 | HKD | 0.000%, 10/29/20* | ​ | 10,808,956
17,300,000 | ​ | 0.000%, 12/30/20 | ​ | 20,323,867
300,000 | EUR | LEG Immobilien, AG 0.875%, 09/01/25 | ​ | 385,891
480,000,000 | JPY | Mitsubishi Chemical Holdings Corp. 0.000%, 03/29/24 | ​ | 4,341,610
350,000 | ​ | Prospect Capital Corp. 4.950%, 07/15/22 | ​ | 346,656
210,000 | ​ | Starwood Property Trust, Inc. 4.375%, 04/01/23 | 210,382
|  | ​ | 42,943,036
​
Health Care (3.1%)
4,700,000 | EUR | Bayer Capital Corp., BV 5.625%, 11/22/19 | ​ | 4,028,498
277,000 | ​ | BioMarin Pharmaceutical, Inc.µ 1.500%, 10/15/20 | ​ | 311,315
3,275,000 | CAD | Canopy Growth Corp.* 4.250%, 07/15/23 | ​ | 3,786,039
2,462,000 | ​ | DexCom, Inc.*^ 0.750%, 12/01/23 | ​ | 2,569,700
300,000 | EUR | Fresenius, SE & Company KGaA 0.000%, 09/24/19 | ​ | 362,862
200,000 | EUR | GN Store Nord, A/S 0.000%, 05/31/22 | ​ | 304,054
235,000 | ​ | Illumina, Inc.µ 0.000%, 06/15/19 | ​ | 287,761
73,000 | ​ | Innoviva, Inc.µ 2.500%, 08/15/25 | ​ | 78,373
200,000 | ​ | Insulet Corp.µ* 1.375%, 11/15/24 | ​ | 227,447
135,000 | ​ | Neurocrine Biosciences, Inc.µ 2.250%, 05/15/24 | ​ | 163,520
220,000 | ​ | NuVasive, Inc. 2.250%, 03/15/21 | ​ | 252,040
135,000 | ​ | Pacira BioSciences, Inc. 2.375%, 04/01/22 | ​ | 135,261
171,000 | ​ | Tabula Rasa HealthCare, Inc.* 1.750%, 02/15/26 | ​ | 178,379
190,000 | ​ | Teladoc Health, Inc.*^ 1.375%, 05/15/25 | ​ | 254,619

​

Schedule of Investments April 30, 2019 (Unaudited)

See accompanying Notes to Schedule of Investments | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 17

PRINCIPAL AMOUNT |  |  | VALUE
2,030,000 | ​ | Wright Medical Group, Inc. 2.000%, 02/15/20 | $2,204,235​
|  | ​ | 15,144,103
​
Industrials (2.2%)
40,000,000 | JPY | ANA Holdings, Inc. 0.000%, 09/19/24 | ​ | 363,835
14,000,000 | CNY | China Railway Construction Corp., Ltd. 1.500%, 12/21/21 | ​ | 2,051,288
5,735,000 | ​ | Echo Global Logistics, Inc.~ 2.500%, 05/01/20 | ​ | 5,664,373
146,000 | ​ | Fortive Corp.*^ 0.875%, 02/15/22 | ​ | 154,574
30,000,000 | JPY | Kandenko Company, Ltd. 0.000%, 03/31/21 | ​ | 275,637
40,000,000 | JPY | Kansai Paint Company, Ltd. 0.000%, 06/17/19 | ​ | 358,399
250,000 | ​ | Larsen & Toubro, Ltd. 0.675%, 10/22/19 | ​ | 248,389
20,000,000 | JPY | Nippon Flour Mills Company, Ltd. 0.000%, 06/20/25 | ​ | 183,043
100,000 | EUR | Symrise, AG 0.238%, 06/20/24 | ​ | 129,769
1,200,000 | ​ | Vinci, SA 0.375%, 02/16/22 | 1,364,268
|  | ​ | 10,793,575
​
Information Technology (10.1%)
311,000 | ​ | 8x8, Inc.µ* 0.500%, 02/01/24 | ​ | 350,394
190,000 | ​ | Akamai Technologies, Inc.µ* 0.125%, 05/01/25 | ​ | 201,087
95,000 | ​ | Coupa Software, Inc.µ* 0.375%, 01/15/23 | ​ | 223,624
2,700,000 | ​ | DocuSign, Inc.*^ 0.500%, 09/15/23 | ​ | 2,903,540
2,380,000 | ​ | Envestnet, Inc.µ 1.750%, 12/15/19 | ​ | 2,800,332
40,000 | ​ | Euronet Worldwide, Inc.*^ 0.750%, 03/15/49 | ​ | 44,825
1,000,000 | ​ | Guidewire Software, Inc.µ^ 1.250%, 03/15/25 | ​ | 1,143,780
113,000 | ​ | II-VI, Inc.µ 0.250%, 09/01/22 | ​ | 123,622
155,000 | ​ | Inphi Corp.µ^ 0.750%, 09/01/21 | ​ | 164,600
3,000,000 | ​ | j2 Global, Inc.µ^~ 3.250%, 06/15/29 | ​ | 4,074,045
2,315,000 | ​ | Lenovo Group, Ltd. 3.375%, 01/24/24 | ​ | 2,715,935
171,000 | ​ | Lumentum Holdings, Inc.^ 0.250%, 03/15/24 | ​ | 213,286
448,000 | ​ | Microchip Technology, Inc. 1.625%, 02/15/27 | ​ | 581,067

PRINCIPAL AMOUNT |  |  | VALUE
77,000 | ​ | Micron Technology, Inc. 2.125%, 02/15/33 | $296,731​
186,000 | ​ | New Relic, Inc.*^ 0.500%, 05/01/23 | ​ | 216,896
630,000 | ​ | NXP Semiconductors, NV 1.000%, 12/01/19 | ​ | 696,749
591,000 | ​ | Okta, Inc.^ 0.250%, 02/15/23 | ​ | 1,310,773
93,000 | ​ | ON Semiconductor Corp. 1.000%, 12/01/20 | ​ | 124,705
7,880,000 | ​ | Palo Alto Networks, Inc.* 0.750%, 07/01/23 | ​ | 8,933,635
81,000 | ​ | Pluralsight, Inc.* 0.375%, 03/01/24 | ​ | 92,605
151,000 | ​ | Q2 Holdings, Inc. 0.750%, 02/15/23 | ​ | 211,987
173,000 | ​ | Silicon Laboratories, Inc. 1.375%, 03/01/22 | ​ | 220,377
3,725,000 | EUR | SOITEC 0.000%, 06/28/23 | ​ | 4,874,052
| ​ | Splunk, Inc.*^ | ​ | ​
6,430,000 | ​ | 0.500%, 09/15/23~ | ​ | 7,315,732
1,690,000 | ​ | 1.125%, 09/15/25 | ​ | 1,961,820
350,000 | ​ | Square, Inc.*^ 0.500%, 05/15/23 | ​ | 416,481
200,000 | ​ | STMicroelectronics, NV 0.000%, 07/03/22 | ​ | 227,365
85,000 | ​ | Synaptics, Inc. 0.500%, 06/15/22 | ​ | 77,650
93,000 | ​ | Twilio, Inc.*^ 0.250%, 06/01/23 | ​ | 187,630
150,000 | ​ | Veeco Instruments, Inc. 2.700%, 01/15/23 | ​ | 130,397
197,000 | ​ | Weibo Corp. 1.250%, 11/15/22 | ​ | 187,907
190,000 | ​ | Wix.com, Ltd.*^ 0.000%, 07/01/23 | ​ | 223,239
385,000 | ​ | Workday, Inc. 0.250%, 10/01/22 | ​ | 571,642
5,050,000 | ​ | Xero Investments, Ltd. 2.375%, 10/04/23 | ​ | 5,257,075
195,000 | ​ | Zendesk, Inc. 0.250%, 03/15/23 | 294,645
|  | ​ | 49,370,230
​
Materials (2.1%)
250,000 | ​ | BASF, SE 0.925%, 03/09/23 | ​ | 235,004
100,000 | EUR | Buzzi Unicem, S.p.A. 1.375%, 07/17/19 | ​ | 137,798
4,232,000 | ​ | Cemex, SAB de CV 3.720%, 03/15/20 | ​ | 4,213,231

​

Schedule of Investments April 30, 2019 (Unaudited)

18 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT | See accompanying Notes to Schedule of Investments

PRINCIPAL AMOUNT |  |  | VALUE
4,000,000 | ​ | Glencore Funding, LLC^ 0.000%, 03/27/25 | $3,667,120​
200,000 | ​ | LG Chem, Ltd. 0.000%, 04/16/21 | ​ | 199,842
2,085,000 | ​ | Royal Gold, Inc.~ 2.875%, 06/15/19 | 2,085,167
|  | ​ | 10,538,162
​
Real Estate (0.6%)
500,000 | EUR | Grand City Properties, SA 0.250%, 03/02/22 | ​ | 597,981
| ​ | IH Merger Sub, LLCµ | ​ | ​
1,914,000 | ​ | 3.500%, 01/15/22 | ​ | 2,223,063
126,000 | ​ | 3.000%, 07/01/19 | ​ | 170,025
20,000,000 | JPY | Relo Group, Inc. 0.000%, 03/22/21 | 197,194
|  | ​ | 3,188,263
| ​ | Total Convertible Bonds (Cost $187,858,937) | 186,364,600
​
U.S. Government and Agency Securities (5.6%)
United States Treasury Note
6,100,000 | ​ | 1.750%, 10/31/20 | ​ | 6,049,933
5,843,000 | ​ | 1.875%, 05/31/22^ | ​ | 5,779,996
5,020,000 | ​ | 2.625%, 08/15/20^ | ​ | 5,038,165
4,990,000 | ​ | 2.625%, 11/15/20 | ​ | 5,012,858
4,710,000 | ​ | 1.875%, 10/31/22 | ​ | 4,651,329
1,002,000 | ​ | 1.000%, 06/30/19 | 999,602
| ​ | TOTAL U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $27,544,141) | 27,531,883
​
Bank Loans (2.5%)
Communication Services (0.7%)
248,741 | ​ | Charter Communications Operating, LLC‡ 4.490%, 04/30/25 1 mo. LIBOR + 2.00% | 249,635
225,000 | ​ | CommScope, Inc.‡ 5.733%, 04/06/26 1 mo. LIBOR + 3.25% | ​ | 227,285
150,000 | ​ | CSC Holdings, LLC‡ 5.473%, 04/15/27 1 mo. LIBOR + 3.00% | ​ | 150,730
629,297 | ​ | Cumulus Media New Holdings, Inc.‡ 6.990%, 05/15/22 1 mo. LIBOR + 4.50% | ​ | 625,128
350,000 | ​ | Intelsat Jackson Holdings, SA 6.625%, 01/02/24 | ​ | 353,792
200,000 | ​ | Intelsat Jackson Holdings, SA‡ 6.979%, 01/02/24 1 mo. LIBOR + 4.50% | ​ | 201,965

PRINCIPAL AMOUNT |  |  | VALUE
517,558 | ​ | New Media Holdings II, LLC‡ 8.733%, 07/14/22 1 mo. LIBOR + 6.25% | $517,773​
608,475 | ​ | Sprint Communications, Inc.‡ 5.500%, 02/02/24 1 mo. LIBOR + 3.00% | ​ | 600,617
290,000 | ​ | Windstream Services, LLC‡ 9.750%, 02/17/24 3 mo. PRIME + 4.25% | 294,930
|  | ​ | 3,221,855
​
Consumer Discretionary (0.3%)
148,875 | ​ | American Greetings Corp.‡ 6.983%, 04/06/24 1 mo. LIBOR + 4.50% | ​ | 149,526
233,178 | ​ | PetSmart, Inc.‡ 6.730%, 03/11/22 1 mo. LIBOR + 4.25% | ​ | 225,438
498,750 | ​ | R.R. Donnelley & Sons Company‡ 7.483%, 01/15/24 1 mo. LIBOR + 5.00% | ​ | 500,723
721,875 | ​ | Weight Watchers International, Inc.‡ 7.350%, 11/29/24 3 mo. LIBOR + 4.75% | 696,158
|  | ​ | 1,571,845
​
Consumer Staples (0.0%)
177,934 | ​ | JBS USA LUX, SA! 10/30/22 | 178,259
​
Energy (0.2%)
200,000 | ​ | Epic Crude Services, LP‡ 7.490%, 02/20/26 1 mo. LIBOR + 5.00% | ​ | 199,667
287,100 | ​ | McDermott Technology Americas, Inc.‡ 7.483%, 05/10/25 1 mo. LIBOR + 5.00% | ​ | 284,737
246,875 | ​ | Par Pacific Holdings, Inc.‡ 9.340%, 12/17/25 3 mo. LIBOR + 6.75% | 249,961
|  | ​ | 734,365
​
Financials (0.2%)
74,198 | ​ | AssuredPartners, Inc.‡ 5.733%, 10/22/24 1 mo. LIBOR + 3.25% | ​ | 73,967
371,250 | ​ | Genworth Holdings, Inc.‡ 6.987%, 03/07/23 1 mo. LIBOR + 4.50% | ​ | 375,194
222,727 | ​ | GLP Financing, LLC‡ 3.977%, 04/28/21 1 mo. LIBOR + 1.50% | ​ | 221,474
297,750 | ​ | HUB International, Ltd.‡ 5.336%, 04/25/25 3 mo. LIBOR + 2.75% | 295,145
|  | ​ | 965,780

​

Schedule of Investments April 30, 2019 (Unaudited)

See accompanying Notes to Schedule of Investments | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 19

PRINCIPAL AMOUNT |  |  | VALUE
​
Health Care (0.7%)
719,395 | ​ | Amneal Pharmaceuticals, LLC‡ 6.000%, 05/04/25 1 mo. LIBOR + 3.50% | $722,902​
693,750 | ​ | Bausch Health Americas, Inc.‡ 5.474%, 06/02/25 1 mo. LIBOR + 3.00% | ​ | 697,690
237,500 | ​ | Bausch Health Cos., Inc.‡ 5.224%, 11/27/25 1 mo. LIBOR + 2.75% | ​ | 237,999
510,000 | ​ | Gentiva Health Services, Inc.‡ 9.500%, 07/02/26 1 mo. LIBOR + 7.00% | ​ | 524,981
175,048 | ​ | Gentiva Health Services, Inc.‡ 6.250%, 07/02/25 1 mo. LIBOR + 3.75% | ​ | 175,815
329,026 | ​ | Mallinckrodt International Finance, SA‡ 5.351%, 09/24/24 3 mo. LIBOR + 2.75% | ​ | 297,298
343,000 | ​ | Ortho Clinical Diagnostics, SA‡ 5.733%, 06/30/25 1 mo. LIBOR + 3.25% | ​ | 336,998
592,443 | ​ | Team Health Holdings, Inc.‡ 5.233%, 02/06/24 1 mo. LIBOR + 2.75% | 557,637
|  | ​ | 3,551,320
​
Industrials (0.1%)
350,000 | ​ | Dun & Bradstreet Corporation (The)‡ 7.479%, 02/01/26 1 mo. LIBOR + 5.00% | ​ | 353,064
249,375 | ​ | RegionalCare Hospital Partners Holdings, Inc.‡ 6.987%, 11/16/25 1 mo. LIBOR + 4.50% | 250,934
|  | ​ | 603,998
​
Information Technology (0.3%)
349,125 | ​ | BMC Software Finance, Inc.‡ 6.851%, 10/02/25 3 mo. LIBOR + 4.25% | ​ | 347,597
248,737 | ​ | Dell International LLC‡ 4.490%, 09/07/23 1 mo. LIBOR + 2.00% | 249,158
650,000 | ​ | First Data Corp.‡ 4.481%, 04/26/24 1 mo. LIBOR + 2.00% | 650,611
| ​ | ​ | 1,247,366
| ​ | Total Bank Loans (Cost $12,021,704) | 12,074,788

NUMBER OF SHARES |  |  | VALUE
Convertible Preferred Stocks (11.6%)
Communication Services (3.2%)
76,127 | ​ | Alibaba Exchangeable (Softbank)*§ 5.750%, 06/01/19 | $15,802,159​
​
Consumer Staples (0.1%)
6,365 | ​ | Energizer Holdings, Inc.µ 7.500%, 01/15/22 | 652,310
​
Energy (0.3%)
| ​ | NuStar Energy, LP‡ | ​ | ​
38,210 | ​ | 7.625%, 06/15/22 3 mo. USD LIBOR + 5.64% | ​ | 788,655
17,300 | ​ | 8.500%, 12/15/21 3 mo. USD LIBOR + 6.77% | 405,858
|  | ​ | 1,194,513
​
Financials (0.9%)
5,000 | ​ | 2017 Mandatory Exchangeable Trust* 5.188%, 12/01/20 | ​ | 808,800
14,232 | ​ | Assurant, Inc.µ 6.500%, 03/15/21 | ​ | 1,480,270
641 | ​ | Bank of America Corp. 7.250%, 12/31/49 | ​ | 846,447
3,550 | ​ | Virtus Investment Partners, Inc. 7.250%, 02/01/20 | ​ | 366,395
649 | ​ | Wells Fargo & Company 7.500%, 12/31/49 | 848,529
|  | ​ | 4,350,441
​
Health Care (0.8%)
25,179 | ​ | Becton Dickinson and Companyµ 6.125%, 05/01/20 | ​ | 1,498,402
2,485 | ​ | Danaher Corp.µ 4.750%, 04/15/22 | 2,617,948
|  | ​ | 4,116,350
​
Industrials (0.6%)
10,000 | ​ | Colfax Corp.µ 5.750%, 01/15/22 | ​ | 1,340,600
1,500 | ​ | Fortive Corp.µ 5.000%, 07/01/21 | 1,619,160
|  | ​ | 2,959,760
​
Information Technology (0.4%)
15,000 | ​ | MTS Systems Corp. 8.750%, 07/01/19 | 1,743,585
​
Materials (0.2%)
22,059 | ​ | International Flavors & Fragrances, Inc.µ 6.000%, 09/15/21 | 1,156,554
​
Real Estate (0.9%)
3,765 | ​ | Crown Castle International Corp.µ 6.875%, 08/01/20 | 4,344,772
​

​

Schedule of Investments April 30, 2019 (Unaudited)

20 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT | See accompanying Notes to Schedule of Investments

NUMBER OF SHARES |  |  | VALUE
Utilities (4.2%)
46,991 | ​ | American Electric Power Company, Inc.µ 6.125%, 03/15/22 | $2,442,592​
9,575 | ​ | Aqua America, Inc.µ 6.000%, 04/30/22 | ​ | 522,604
20,000 | ​ | CenterPoint Energy, Inc.µ 7.000%, 09/01/21 | ​ | 1,064,800
105,200 | ​ | DTE Energy Company 6.500%, 10/01/19 | ​ | 5,871,212
83,600 | ​ | NextEra Energy, Inc.µ 6.123%, 09/01/19 | ​ | 5,216,640
| ​ | Sempra Energy | ​ | ​
16,880 | ​ | 6.750%, 07/15/21 | ​ | 1,815,106
4,816 | ​ | 6.000%, 01/15/21 | ​ | 514,782
11,765 | ​ | South Jersey Industries, Inc.^ 7.250%, 04/15/21 | ​ | 607,427
25,000 | ​ | Vistra Energy Corp. 7.000%, 07/01/19 | 2,516,000
|  | ​ | 20,571,163
| ​ | Total Convertible Preferred Stocks (Cost $53,286,378) | 56,891,607
​
Common Stocks (59.2%)
Communication Services (10.1%)
5,700 | ​ | Alphabet, Inc. - Class A~# | ​ | 6,834,072
86,500 | ​ | America Movil, SAB de CV - Class L^ | ​ | 1,277,605
2,540 | ​ | Cumulus Media, Inc. - Class A# | ​ | 46,025
26,000 | JPY | Nintendo Company, Ltd. | ​ | 8,954,804
96,000 | EUR | Orange, SA | ​ | 1,500,341
176,200 | HKD | Tencent Holdings, Ltd. | ​ | 8,684,483
59,500 | ​ | Verizon Communications, Inc.^ | ​ | 3,402,805
1,176,545 | GBP | Vodafone Group, PLC | ​ | 2,182,342
121,245 | ​ | Walt Disney Company^~ | 16,606,927
|  | ​ | 49,489,404
​
Consumer Discretionary (5.7%)
1,370 | ​ | Amazon.com, Inc.# | ​ | 2,639,332
30,300 | ​ | Aptiv, PLC | ​ | 2,596,710
146,200 | GBP | Compass Group, PLC | ​ | 3,326,615
78,600 | EUR | Daimler, AG | ​ | 5,158,988
100,000 | ​ | Ford Motor Company~ | ​ | 1,045,000
6,800 | KRW | Hyundai Motor Company | ​ | 807,163
31,400 | ​ | Lowe’s Companies, Inc. | ​ | 3,552,596
18,300 | ​ | Lululemon Athletica, Inc.# | ​ | 3,227,205
17,525 | ​ | Newell Brands, Inc.~ | ​ | 252,009
9,000 | EUR | Porsche Automobil Holding, SE | ​ | 625,659
7,600 | EUR | Puma, SE | 4,701,077
|  | ​ | 27,932,354

NUMBER OF SHARES |  |  | VALUE
​
Consumer Staples (6.3%)
96,100 | CAD | Alimentation Couche-Tard, Inc. - Class B | $5,666,148​
85,100 | ​ | Coca-Cola Company | ​ | 4,175,006
31,400 | EUR | Danone, SA | ​ | 2,539,555
40,900 | EUR | Kerry Group, PLC - Class A | ​ | 4,569,605
47,300 | CHF | Nestlé, SA | ​ | 4,553,931
25,500 | ​ | Philip Morris International, Inc. | ​ | 2,207,280
68,800 | ​ | Walmart, Inc.^ | 7,075,392
|  | ​ | 30,786,917
​
Energy (6.2%)
782,000 | GBP | BP, PLC | ​ | 5,686,469
17,800 | ​ | Chevron Corp.~ | ​ | 2,137,068
40,000 | ​ | ConocoPhillips | ​ | 2,524,800
23,500 | ​ | Devon Energy Corp.~ | ​ | 755,290
16,800 | ​ | Energy Transfer, LP | ​ | 254,016
20,110 | ​ | Enterprise Products Partners, LP | ​ | 575,749
59,900 | ​ | Exxon Mobil Corp.~ | ​ | 4,808,772
3,975 | ​ | GasLog, Ltd.^ | ​ | 62,129
5,554 | ​ | Hess Corp.^ | ​ | 356,122
5,080 | ​ | Magellan Midstream Partners, LP | ​ | 315,011
45,000 | ​ | Marathon Petroleum Corp. | ​ | 2,739,150
24,000 | ​ | Noble Corp., PLC^# | ​ | 63,120
87,000 | EUR | Royal Dutch Shell, PLC - Class A | ​ | 2,768,422
82,300 | GBP | Royal Dutch Shell, PLC - Class A | ​ | 2,622,196
98,974 | ​ | Schlumberger, Ltd.~ | ​ | 4,224,210
7,380 | ​ | Targa Resources Corp.^ | ​ | 296,307
10,682 | ​ | Tidewater, Inc.^# | ​ | 240,345
14,361 | ​ | Transocean, Ltd.^# | ​ | 112,877
2,500 | ​ | Williams Companies, Inc. | 70,825
|  | ​ | 30,612,878
​
Financials (11.1%)
330,000 | HKD | AIA Group, Ltd. | ​ | 3,379,014
141,400 | ​ | American International Group, Inc. | ​ | 6,726,398
140,388 | EUR | Azimut Holding, S.p.A.^ | ​ | 2,838,873
319,700 | ​ | Bank of America Corp.^~ | ​ | 9,776,426
25,300 | ​ | Cboe Global Markets, Inc. | ​ | 2,570,733
46,700 | EUR | Deutsche Böerse, AG | ​ | 6,240,164
25,400 | ​ | Goldman Sachs Group, Inc. | ​ | 5,230,368
172,200 | INR | HDFC Bank, Ltd. | ​ | 5,724,335
201,700 | ​ | Itau Unibanco Holding, SA | ​ | 1,744,705
98,000 | CAD | Power Financial Corp. | ​ | 2,335,702
158,900 | GBP | Prudential, PLC | ​ | 3,610,426
83,900 | ​ | US Bancorp | 4,473,548
|  | ​ | 54,650,692

​

Schedule of Investments April 30, 2019 (Unaudited)

See accompanying Notes to Schedule of Investments | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 21

NUMBER OF SHARES |  |  | VALUE
​
Health Care (6.5%)
57,800 | GBP | AstraZeneca, PLC | $4,306,088​
1,885 | ​ | Biogen, Inc.# | ​ | 432,117
26,500 | ​ | Celgene Corp.~# | ​ | 2,508,490
23,400 | AUD | CSL, Ltd. | ​ | 3,282,126
23,000 | ​ | Edwards Lifesciences Corp.# | ​ | 4,049,610
4,400 | ​ | Intuitive Surgical, Inc.# | ​ | 2,246,772
80,700 | ​ | Johnson & Johnson^~ | ​ | 11,394,840
22,100 | ​ | Laboratory Corp. of America Holdings# | 3,534,232
|  | ​ | 31,754,275
​
Industrials (3.6%)
190,000 | CHF | ABB, Ltd. | ​ | 3,908,055
37,029 | EUR | Alstom, SA | ​ | 1,629,171
38,200 | ​ | Delta Air Lines, Inc.~ | ​ | 2,226,678
27,200 | JPY | FANUC Corp. | ​ | 5,110,211
242,500 | ​ | General Electric Company | ​ | 2,466,225
34,600 | EUR | KION Group, AG | ​ | 2,380,225
1,302 | ​ | Wabtec Corp.^ | 96,439
|  | ​ | 17,817,004
​
Information Technology (7.8%)
46,140 | ​ | Apple, Inc.~ | ​ | 9,258,914
13,100 | EUR | ASML Holding, NV | ​ | 2,735,421
60,000 | JPY | Canon, Inc. | ​ | 1,664,884
480,300 | SEK | LM Ericsson Telephone Company - Class B | ​ | 4,751,211
51,700 | ​ | Microsoft Corp.~ | ​ | 6,752,020
580,000 | EUR | Nokia Corp. | ​ | 3,047,675
23,600 | ​ | PayPal Holdings, Inc.# | ​ | 2,661,372
89,500 | ​ | Taiwan Semiconductor Manufacturing Company, Ltd.~ | ​ | 3,921,890
22,700 | ​ | Visa, Inc. - Class A | 3,732,561
|  | ​ | 38,525,948
​
Materials (1.5%)
154,000 | CAD | Barrick Gold Corp. | ​ | 1,957,617
160,000 | AUD | Newcrest Mining, Ltd. | ​ | 2,826,435
30,000 | GBP | Rio Tinto, PLC | ​ | 1,750,172
280,000 | CAD | Yamana Gold, Inc. | 614,466
|  | ​ | 7,148,690
​
Utilities (0.4%)
45,801 | EUR | Engie, SA | ​ | 678,090
10,500 | ​ | Exelon Corp. | ​ | 534,975
29,000 | EUR | RWE, AG | 743,851
| ​ | ​ | 1,956,916
| ​ | Total Common Stocks (Cost $367,743,307) | 290,675,078

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT |  | VALUE
Purchased Options (0.2%) #
Consumer Discretionary (0.1%)
| ​ | Alibaba Group Holding, Ltd. | ​ | ​
41 760,837 | ​ | Call, 06/21/19, Strike $185.00 | $36,900​
24 445,368 | ​ | Call, 06/21/19, Strike $175.00 | ​ | 36,300
| ​ | Booking Holdings, Inc. | ​ | ​
20 3,709,980 | ​ | Call, 01/17/20, Strike $1,920.00 | ​ | 291,100
4 741,996 | ​ | Call, 06/21/19, Strike $1,750.00 | 59,180
|  | ​ | 423,480
​
Industrials (0.0%)
47 572,836 | EUR | Airbus, SE Call, 06/21/19, Strike 115.00 | 43,543
​
Other (0.1%)
| ​ | Invesco QQQ Trust Series | ​ | ​
2,470 46,816,380 | ​ | Put, 05/17/19, Strike $178.00 | ​ | 71,630
1,170 22,176,180 | ​ | Put, 07/19/19, Strike $187.00 | 498,420
|  | ​ | 570,050
| ​ | Total Purchased Options (Cost $2,332,557) | 1,037,073

NUMBER OF SHARES |  |  | VALUE
Short Term Investments (6.5%)
15,915,675 | ​ | Fidelity Prime Money Market Fund - Institutional Class, 2.500%*** | ​ | 15,920,450
15,817,778 | ​ | Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.350%*** | 15,817,778
| ​ | Total Short Term Investments (Cost $31,738,263) | 31,738,228
| TOTAL INVESTMENTS (148.6%) (Cost $806,975,175) | 728,802,746
​
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-13.3%) | (65,000,000)
​
LIABILITIES, LESS OTHER ASSETS (-35.3%) | (173,303,146)
​
NET ASSETS (100.0%) | $490,499,600​
​
Common Stocks Sold Short (-5.7%) #
Communication Services (-0.3%)
(68,200) | ​ | Gannett Company, Inc. | ​ | (636,306)
(23,845) | ​ | New York Times Company - Class A | (790,462)
| ​ |  | (1,426,768)

​

Schedule of Investments April 30, 2019 (Unaudited)

22 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT | See accompanying Notes to Schedule of Investments

NUMBER OF SHARES |  |  | VALUE
​
Consumer Discretionary (-1.1%)
(11,098) | ​ | Alibaba Group Holding, Ltd. | $(2,059,456)​
(23,855) | ​ | Ctrip.com International, Ltd. | ​ | (1,050,813)
(9,750) | ​ | Tesla, Inc. | (2,327,227)
| ​ |  | (5,437,496)
​
Consumer Staples (-0.1%)
(10,825) | ​ | Energizer Holdings, Inc. | (518,409)
​
Financials (-0.4%)
(10,940) | ​ | Assurant, Inc. | ​ | (1,039,300)
(34,000) | ​ | AXA Equitable Holdings, Inc. | (771,460)
| ​ |  | (1,810,760)
​
Health Care (-0.3%)
(5,550) | ​ | Becton Dickinson and Company | (1,336,107)
​
Industrials (-0.5%)
(39,320) | ​ | Colfax Corp. | ​ | (1,186,284)
(14,500) | ​ | Fortive Corp. | (1,251,930)
| ​ |  | (2,438,214)
​
Information Technology (-1.7%)
(6,400) | ​ | Guidewire Software, Inc. | ​ | (681,600)
(37,100) | ​ | j2 Global, Inc. | ​ | (3,250,702)
(28,500) | ​ | MTS Systems Corp. | ​ | (1,566,930)
(9,974) | ​ | Okta, Inc. | ​ | (1,037,596)
(15,180) | ​ | Splunk, Inc. | (2,095,447)
| ​ |  | (8,632,275)
​
Materials (-0.2%)
(6,452) | ​ | International Flavors & Fragrances, Inc. | (889,021)
​
Utilities (-1.1%)
(6,614) | ​ | Aqua America, Inc. | ​ | (258,343)
(28,700) | ​ | CenterPoint Energy, Inc. | ​ | (889,700)
(11,750) | ​ | Sempra Energy | ​ | (1,503,413)
(15,294) | ​ | South Jersey Industries, Inc. | ​ | (491,243)
(81,500) | ​ | Vistra Energy Corp. | (2,220,875)
| ​ |  | (5,363,574)
| ​ | Total Common Stocks Sold Short (Proceeds $23,005,469) | (27,852,624)

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT |  | VALUE
Written options (-0.2%) #
Energy (0.0%)
400 2,524,800 | ​ | ConocoPhillips Call, 11/15/19, Strike $72.50 | $(64,600)​
​
Health Care (-0.1%)
265 2,508,490 | ​ | Celgene Corp. Call, 07/19/19, Strike $90.00 | (159,000)
​
Information Technology (-0.1%)
190 3,812,730 | ​ | Apple, Inc. Call, 06/21/19, Strike $170.00 | (595,175)
​
| ​ | Total Written options (Premium $326,219) | $(818,775)​

NOTES TO SCHEDULE OF INVESTMENTS

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $68,178,663 (see Note 7 - Notes Payable).

*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.

^Security, or portion of security, is on loan.

@In default status and considered non-income producing.

‡Variable rate security. The rate shown is the rate in effect at April 30, 2019.

&Illiquid security.

~Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options, swaps, or securities sold short. The aggregate value of such securities is $20,942,060.

!This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.

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

#Non-income producing security.

***The rate disclosed is the 7 day net yield as of April 30, 2019.

​

Schedule of Investments April 30, 2019 (Unaudited)

See accompanying Notes to Schedule of Investments | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 23

FOREIGN CURRENCY ABBREVIATIONS

AUD Australian Dollar

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

SEK Swedish Krona

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, 2019

| Value |  | % of Total Investments
US Dollar | $530,172,819​ | ​ | 75.7%
European Monetary Unit | 59,011,318 | ​ | 8.4%
British Pound Sterling | 23,484,308 | ​ | 3.4%
Hong Kong Dollar | 22,872,453 | ​ | 3.3%
Japanese Yen | 22,325,933 | ​ | 3.2%
Canadian Dollar | 14,359,972 | ​ | 2.0%
Swiss Franc | 8,461,986 | ​ | 1.2%
Australian Dollar | 6,108,561 | ​ | 0.9%
Indian Rupee | 5,724,335 | ​ | 0.8%
Swedish Krona | 4,751,211 | ​ | 0.7%
Chinese Yuan Renminbi | 2,051,288 | ​ | 0.3%
South Korean Won | 807,163 | ​ | 0.1%
Total Investments Net of Common Stocks Sold Short and Written Options | $700,131,347 | ​ | 100.0%

Currency exposure may vary over time.

​

24 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT | See accompanying Notes to Financial Statements

Statement of Assets and Liabilities April 30, 2019 (Unaudited)

ASSETS | ​
Investments in securities, at value (cost $806,975,175) | $ | 728,802,746 | ​
Cash with custodian (interest bearing) | ​ | 60,275 | ​
Restricted cash for short positions (interest bearing) | ​ | 27,714,480 | ​
Foreign currency (cost $14,981) | ​ | 14,581 | ​
Receivables: | ​ | ​ | ​
Accrued interest and dividends | ​ | 4,286,363 | ​
Investments sold | ​ | 3,203,129 | ​
Prepaid expenses | ​ | 318,747 | ​
Other assets | ​ | 89,333 | ​
Total assets | ​ | 764,489,654 | ​
| ​
LIABILITIES | ​
Due to custodian bank | ​ | 447,841 | ​
Securities sold short, at value (proceeds $23,005,469) | ​ | 27,852,624 | ​
Options written, at value (premium $326,219) | ​ | 818,775 | ​
Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to 2,600,000 shares authorized, issued, and outstanding) (net of deferred offering costs of $543,479) (Note 8) | ​ | 64,456,521 | ​
Payables: | ​ | ​ | ​
Notes payable | ​ | 174,500,000 | ​
Distributions payable to Mandatory Redeemable Preferred Shareholders | ​ | 166,989 | ​
Investments purchased | ​ | 4,401,292 | ​
Affiliates: | ​ | ​ | ​ | ​
Investment advisory fees | ​ | 595,002 | ​
Deferred compensation to trustees | ​ | 89,333 | ​
Trustees’ fees and officer compensation | ​ | 8,778 | ​
Other accounts payable and accrued liabilities | ​ | 652,899 | ​
Total liabilities | ​ | 273,990,054 | ​
NET ASSETS | $ | 490,499,600 | ​
| ​
COMPOSITION OF NET ASSETS | ​
Common stock, no par value, unlimited shares authorized 59,195,062 shares issued and outstanding | $ | 598,670,613 | ​
Undistributed net investment income (loss) | ​ | (18,726,725 | )
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and short positions | ​ | (5,822,834 | )
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and short positions | ​ | (83,621,454 | )*
NET ASSETS | $ | 490,499,600 | ​
Net asset value per common shares based upon 59,195,062 shares issued and outstanding | $ | 8.29 | ​

*Net of deferred foreign capital gains tax of $(78,661).

​

Statement of Operations Six Months Ended April 30, 2019 (Unaudited)

See accompanying Notes to Financial Statements | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 25

INVESTMENT INCOME
Interest | $ | 9,323,184 | ​
Dividends | ​ | 4,824,266 | ​
Foreign Taxes Withheld | ​ | (146,569 | )
Total investment income | ​ | 14,000,881 | ​
EXPENSES
Investment advisory fees | ​ | 3,527,280 | ​
Interest expense on Notes Payable (Note 7) | ​ | 2,657,286 | ​
Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8) | ​ | 1,309,090 | ​
Dividend or interest expense on short positions | ​ | 172,571 | ​
Legal fees | ​ | 43,840 | ​
Custodian fees | ​ | 41,740 | ​
Printing and mailing fees | ​ | 40,659 | ​
Fund administration fees | ​ | 32,675 | ​
Accounting fees | ​ | 30,800 | ​
Trustees’ fees and officer compensation | ​ | 24,643 | ​
Audit fees | ​ | 19,452 | ​
Transfer agent fees | ​ | 15,834 | ​
Registration fees | ​ | 7,508 | ​
Other | ​ | 79,729 | ​
Total expenses | ​ | 8,003,107 | ​
NET INVESTMENT INCOME (LOSS) | ​ | 5,997,774 | ​
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options | ​ | (4,865,862 | )(a)
Purchased options | ​ | (3,171,737 | )
Foreign currency transactions | ​ | (14,599 | )
Written options | ​ | 403,059 | ​
Short positions | ​ | (1,427,841 | )
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options | ​ | 49,178,744 | (b)
Purchased options | ​ | 945,997 | ​
Foreign currency translations | ​ | (6,324 | )
Written options | ​ | (494,722 | )
Short positions | ​ | (3,528,280 | )
NET GAIN (LOSS) | ​ | 37,018,435 | ​
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 43,016,209 | ​

(a)Net of foreign capital gains tax of $(922).

(b)Net of change of $(78,661) in deferred capital gains tax.

​

Statements of Changes in Net Assets

26 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT | See accompanying Notes to Financial Statements

| (Unaudited) Six Months Ended April 30, 2019 |  | Year Ended October 31, 2018 | ​
OPERATIONS | ​ | ​ | ​ | ​ | ​ | ​
Net investment income (loss) | $ | 5,997,774 | ​ | $ | 10,350,328 | ​
Net realized gain (loss) | ​ | (9,076,980 | ) | ​ | 48,388,898 | ​
Change in unrealized appreciation/(depreciation) | ​ | 46,095,415 | ​ | ​ | (81,727,808 | )
Net increase (decrease) in net assets applicable to common shareholders resulting from operations | ​ | 43,016,209 | ​ | ​ | (22,988,582 | )
DISTRIBUTIONS TO COMMON SHAREHOLDERS | ​ | ​ | ​ | ​ | ​ | ​
Total distributions | ​ | (24,844,298 | ) | ​ | (49,604,918 | )
Net decrease in net assets from distributions to common shareholders | ​ | (24,844,298 | ) | ​ | (49,604,918 | )
CAPITAL STOCK TRANSACTIONS | ​ | ​ | ​ | ​ | ​ | ​
Reinvestment of distributions resulting in the issuance of stock | ​ | 374,687 | ​ | ​ | 1,271,622 | ​
Net increase (decrease) in net assets from capital stock transactions | ​ | 374,687 | ​ | ​ | 1,271,622 | ​
TOTAL INCREASE (DECREASE) IN NET ASSETS | ​ | 18,546,598 | ​ | ​ | (71,321,878 | )
NET ASSETS | ​ | ​ | ​ | ​ | ​ | ​
Beginning of period | $ | 471,953,002 | ​ | $ | 543,274,880 | ​
End of period | $ | 490,499,600 | ​ | $ | 471,953,002 | ​

​

Statement of Cash Flows

See accompanying Notes to Financial Statements | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 27

| (Unaudited) Six Months Ended April 30, 2019 |  | Year Ended October 31, 2018 | ​
| ​ | ​ | ​ | ​
CASH FLOWS FROM OPERATING ACTIVITIES: | ​ | ​ | ​ | ​
Net increase/(decrease) in net assets from operations | $ | 43,016,209 | ​ | $ | (22,988,582 | )
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by operating activities: | ​ | ​ | ​ | ​
Purchase of investment securities, including purchased options | ​ | (145,658,467 | ) | ​ | (763,412,204 | )
Net purchases of short term investments | ​ | (7,210,466 | ) | ​ | (8,457,151 | )
Purchases of securities to cover securities sold short | ​ | (8,086,066 | ) | ​ | (15,010,167 | )
Proceeds paid on closing written options | ​ | (138,566 | ) | ​ | (5,141,121 | )
Proceeds from disposition of investment securities, including purchased options | ​ | 203,146,282 | ​ | ​ | 776,250,415 | ​
Proceeds from securities sold short | ​ | 5,730,905 | ​ | ​ | 27,755,707 | ​
Premiums received from written options | ​ | 754,278 | ​ | ​ | 3,231,722 | ​
Amortization and accretion of fixed-income securities | ​ | (3,126,194 | ) | ​ | (3,740,053 | )
Amortization of offering costs on Mandatory Redeemable Preferred Shares | ​ | 49,728 | ​ | ​ | 108,813 | ​
Net realized gains/losses from investments, excluding purchased options | ​ | 4,865,872 | ​ | ​ | (42,730,760 | )
Net realized gains/losses from capital gains tax | ​ | — | ​ | ​ | (33,685 | )
Net realized gains/losses from purchased options | ​ | 3,171,737 | ​ | ​ | (6,340,984 | )
Net realized gains/losses from short positions | ​ | 1,427,841 | ​ | ​ | (1,168,041 | )
Net realized gains/losses from written options | ​ | (403,059 | ) | ​ | 2,003,793 | ​
Change in unrealized appreciation or depreciation on investments, excluding purchased options | ​ | (49,178,744 | ) | ​ | 79,232,247 | ​
Change in unrealized appreciation or depreciation on capital gains tax | ​ | (78,661 | ) | ​ | — | ​
Change in unrealized appreciation or depreciation on purchased options | ​ | (945,997 | ) | ​ | 2,310,557 | ​
Change in unrealized appreciation or depreciation on short positions | ​ | 3,528,280 | ​ | ​ | 171,045 | ​
Change in unrealized appreciation or depreciation on written options | ​ | 494,722 | ​ | ​ | 987 | ​
Net change in assets and liabilities: | ​ | ​ | ​ | ​
(Increase)/decrease in assets: | ​ | ​ | ​ | ​
Accrued interest and dividends receivable | ​ | (218,488 | ) | ​ | (629,979 | )
Prepaid expenses | ​ | (18,772 | ) | ​ | (233,789 | )
Other assets | ​ | 19,757 | ​ | ​ | 321,057 | ​
Increase/(decrease) in liabilities: | ​ | ​ | ​ | ​
Payables to affiliates | ​ | (72,985 | ) | ​ | (21,857 | )
Other accounts payable and accrued liabilities | ​ | 87,604 | ​ | ​ | (19,126 | )
Net cash provided by/(used in) operating activities | $ | 51,156,750 | ​ | $​ | 21,458,844 | ​
| ​ | ​ | ​ | ​
CASH FLOWS FROM FINANCING ACTIVITIES: | ​ | ​ | ​ | ​
Distributions to shareholders | ​ | (24,469,611 | ) | ​ | (48,333,296 | )
Distributions to Mandatory Redeemable Preferred Shareholders | ​ | (34,788 | ) | ​ | 201,777 | ​
Offering costs on Mandatory Redeemable Preferred Shares | ​ | (1 | ) | ​ | (14,875 | )
Net increase/(decrease) in due to custodian bank | ​ | 447,841 | ​ | ​ | (210,954 | )
(Repayment)/Proceeds from Notes Payable | ​ | (29,500,000 | ) | ​ | 44,000,000 | ​
Net cash provided by/(used in) financing activities | $ | (53,556,559 | ) | $​ | (4,357,348 | )
Net increase/(decrease) in cash and foreign currency* | $ | (2,399,809 | ) | $​ | 17,101,496 | ​
Cash and restricted cash at beginning of period | $ | 30,189,145 | ​ | $​ | 13,087,649 | ​
Cash and foreign currency at end of period | $ | 27,789,336 | ​ | $​ | 30,189,145 | ​
Supplemental disclosure | ​ | ​ | ​ | ​
Cash paid for interest on Notes Payable | $ | 2,683,266 | ​ | $​ | 4,431,287 | ​
Cash paid for interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares | $ | 1,274,302 | ​ | $​ | 2,884,976 | ​
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions | $ | 374,687 | ​ | $​ | 1,271,622 | ​

The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of the same such amounts shown in the Statements of Cash Flows.

Cash with custodian | ​ | 74,856 | ​ | ​ | 4,206,409 | ​
Restricted cash for swap collateral | ​ | — | ​ | ​ | — | ​
Restricted cash for short positions | ​ | 27,714,480 | ​ | ​ | 25,982,736 | ​
Total cash and restricted cash at period end | $ | 27,789,336 | ​ | $ | 30,189,145 | ​

*Includes net change in unrealized appreciation or depreciation on foreign currency of $(400).

​

28 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Notes to Financial Statements(Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization. Calamos Global Dynamic Income Fund (the “Fund”) was organized as a Delaware statutory trust on April 10, 2007 and is registered under the Investment Company Act of 1940 (the “1940 Act”) as a diversified, closed-end management investment company. The Fund commenced operations on June 27, 2007.

The Fund’s investment strategy is to generate a high level of current income with a secondary objective of capital appreciation. Under normal circumstances, the Fund will invest primarily in a globally diversified portfolio of convertible instruments, common and preferred stocks, and income-producing securities such as investment grade and below investment grade (high yield/high risk) debt securities. The Fund, under normal circumstances, will invest at least 40% of its managed assets in securities of foreign issuers in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers. “Managed assets” means the Fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage).

Significant Accounting Policies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), and the Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Under U.S. GAAP, management is required to make certain estimates and assumptions at the date of the financial statements and actual results may differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Fund Valuation. The valuation of the Fund’s investments 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 official closing price, which is the last current reported sales price on its principal exchange at the time each 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 a 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 on its principal exchange 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 either by an independent pricing agent approved by the board of trustees or 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 in 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.

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 29

Notes to Financial Statements(Unaudited)

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 April 30, 2019. 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 reco gnized 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, Calamos Global Dynamic Income Fund and Calamos Dynamic Convertible and 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.

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 the Fund’s taxable income and net realized gains.

Dividends and distributions paid to common 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 for fixed income securities. The financial statements are not adjusted for temporary differences.

​

30 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Notes to Financial Statements(Unaudited)

Distributions to holders of mandatory redeemable preferred shares (“MRPS”) as described in Note 8 are accrued on a daily basis and are treated as an operating expense due to the fixed term of the obligation. The distributions are shown on the Statement of Operations as Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares. For tax purposes, the distributions made to the holders of the MRPS are treated as dividends.

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 2016 - 2018 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.

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.

Pursuant to a financial accounting services agreement, during the period the Funds 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 and 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, Calamos Global Dynamic Income Fund and Calamos Dynamic Convertible and 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. On October 12, 2018, the Board of Trustees approved terminating the financial accounting services agreement between the Funds and Calamos Advisors effective November 1, 2018. Effective November 1, 2018, the Funds entered into an agreement with Ernst & Young LLP (“EY”) to provide certain tax services to the Funds. The tax services include the following: calculating, tracking and reporting tax adjustments on all assets of each Fund, including but not limited to contingent debt and preferred trust obligations; preparing excise tax and fiscal year distribution schedules; preparing tax information required for financial statement footnotes; preparing state and federal income tax returns; preparing specialized calculations of amortization on convertible securities; preparing year-end dividend disclosure information; providing treaty-based foreign withholding tax reclaim services; providing certain global compliance and reporting services; providing a match service and analysis of the “passive foreign investment company status of foreign corporate entities; and providing services related to corporate actions that may or may not have a tax impact on the Funds’ holdings. Effective November 1, 2018, the Funds entered into an agreement with State Street pursuant to which State Street provides certain administration treasury services to the Funds. These services include: monitoring the calculation of expense accrual amounts for each Fund and making any necessary modifications; managing the Fund’s expenses and expense payment processing; coordinating any expense reimbursement calculations and payment; calculating net investment income dividends and capital gain distributions; coordinating the audits for each Fund; preparing financial reporting statements for each Fund; preparing certain regulatory filings; and calculating asset coverage tests for certain Calamos Fu nds.

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 the “Trustees’ fees and officer compensation” expense on the Statement of Operations.

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 their 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

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 31

Notes to Financial Statements(Unaudited)

Investment Trust designated by the participant. 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 $89,333 is included in “Other assets” on the Statement of Assets and Liabilities at April 30, 2019. 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, 2019.

Note 3 – Investments

The cost of purchases and proceeds from sales of long-term investments for the period ended April 30, 2019 were as follows:

| U.S. Government Securities |  | Other
Cost of purchases | $—​ | ​ | $135,938,376​
Proceeds from sales | — | ​ | 194,126,433

The cost basis of investments for federal income tax purposes at April 30, 2019 was as follows*:

Cost basis of investments | $783,643,487​ | ​
Gross unrealized appreciation | 33,521,995 | ​
Gross unrealized depreciation | (117,034,135 | )
Net unrealized appreciation (depreciation) | $(83,512,140​ | )

*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.

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 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, 2019 will be determined at the end of the Fund’s current fiscal year.

Distributions for the year ended October 31, 2018 were characterized for federal income tax purposes as follows:

| YEAR ENDED OCTOBER 31, 2018
Distributions paid from: |
Ordinary income | $42,601,688​
Long-term capital gains | 9,577,615
Return of capital | —

As of October 31, 2018, the components of accumulated earnings/(loss) on a tax basis were as follows:

Undistributed ordinary income | $325,945​ | ​
Undistributed capital gains | 1,091,589 | ​
Total undistributed earnings | 1,417,534 | ​
Accumulated capital and other losses | — | ​
Net unrealized gains/(losses) | (127,389,606 | )
Total accumulated earnings/(losses) | (125,972,072 | )
Other | (370,852 | )
Paid-in-capital | 598,295,926 | ​
Net assets applicable to common shareholders | $471,953,002​ | ​

​

32 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Note 5 – 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 disclosed as an expense on the Statement of Operations. A gain, limited to the price at which a Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a short sale.

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

Note 6 – Derivative Instruments

Foreign Currency Risk. The Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward 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.

To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting), including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between the Fund and the counterparty and the amount of collateral due from the Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. When a Fund is required to post collateral under the terms of a derivatives transaction and master netting agreement, the Fund’s custodian holds the collateral in a segregated account, subject to the terms of a tri-party agreement among the Fund, the custodian and the counterparty. The master netting agreement and tri-party agreement provide, in relevant part, that the counterparty may have rights to the amounts in the segregated account in the event that the Fund defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. When a counterparty is required to post collateral under the terms of a derivatives transaction and master netting agreement, the counterparty delivers such amount to the Fund’s custodian. The master netting agreement provides, in relevant part, that the Fund may have rights to such collateral in the event that the counterparty defaults in its obligation with respect to the derivative instrument that is subject to the collateral requirement. Generally before a default, neither the Fund nor the counterparty may resell, rehypothecate, or repledge any collateral that it receives.

For financial reporting purposes, the Fund does not offset d erivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. 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. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward foreign currency contracts at April 30, 2019.

Equity Risk. The Fund may engage in option transactions and in doing so achieves 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.

Notes to Financial Statements(Unaudited)

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 33

Notes to Financial Statements(Unaudited)

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.

Options written by the Fund do not typically give rise to counterparty credit risk since options written obligate the Fund and not the counterparty to perform. Exchange traded purchased options have minimal counterparty credit risk to the Fund since the exchange’s clearinghouse, as counterparty to such instruments, guarantees against a possible default.

As of April 30, 2019, the Fund had outstanding purchased options and/or written options as listed on the Schedule of Investments.

Interest Rate Risk. The Fund may engage in interest rate swaps primarily to hedge the interest rate risk on the Fund’s borrowings (see Note 6 – Notes Payable). 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 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) on 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. Please see the disclosure regarding ISDA Master Agreements under Foreign Currency Risk within this note.

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, 2019, the Fund had no outstanding interest rate swap agreements.

As of April 30, 2019, the Fund had outstanding derivative contracts which are reflected on the Statement of Assets and Liabilities a s follows:

| ASSET DERIVATIVES |  | LIABILITY DERIVATIVES
Gross amounts at fair value:
Purchased options(1) | ​ | $1,037,073​ | ​ | $—​
Written options(2) | ​ | — |  | 818,775
| ​ | $1,037,073​ |  | $818,775​

(1)Generally, the Statement of Assets and Liabilities location for “Purchased options” is “Investments in securities, at value”.

(2)Generally, the Statement of Assets and Liabilities location for “Written options” is “Options written, at value”.

​

34 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Notes to Financial Statements(Unaudited)

For the period ended April 30, 2019, the volume of derivative activity for the Fund is reflected below:*

| Volume
Purchased options | 11,173
Written options | 3,760

*Activity during the period is measured by opened number of contracts for options purchased or written.

Note 7 – Notes Payable

The Fund has entered into an Amended and Restated Liquidity Agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”) that allows the Fund to borrow up to a limit of $265.0 million, as well as engage in securities lending and securities repurchase transactions. Borrowings under the SSB Agreement are secured by assets of the Fund that are held with the Fund’s custodian in a separate account (the “pledged collateral”). Interest on the SSB Agreement is charged on the drawn amount at the rate of Overnight LIBOR plus .80%. A commitment fee of .10% is payable on any undrawn balance. For the period ended April 30, 2019, the average borrowings under the Agreement were $181.8 million. For the period ended April 30, 2019, the average interest rate was 2.87%. As of April 30, 2019, the amount of total outstanding borrowings was $174.5 million, which approximates fair value. The interest rate applicable to the borrowings on April 30, 2019 was 2.88%.

Under the terms of the SSB Agreement, all securities lent through SSB must be secured continuously by collateral received in cash. Cash collateral held by SSB on behalf of a Fund may be credited against the amounts borrowed under the SSB Agreement. Under the terms of the SSB Agreement, SSB will return the value of the collateral to the borrower at the termination of the selected securities loan(s), which will eliminate the credit against the borrowings under the SSB Agreement and will cause the amount drawn under the SSB Agreement to increase in an amount equal to the returned collateral. The cash collateral credits against the amounts borrowed are not reflected separately in the Statement of Assets and Liabilities but as a component of the Notes Payable. Under the terms of the SSB Agreement, the Fund will receive a rebate payment related to the securities lending and/or securities repurchase transactions which is reflected in interest expense in the Statement of Operations. The Fund has the right to call a loan and obtain the securities loaned at any time. As of April 30, 2019, approximately $123.1 million of securities were on loan ($86.1 million of fixed income securities and $37.0 million of equity securities) under the SSB Agreement which are reflected in the Investment in securities, at value on the Statement of Assets and Liabilities. The borrowings are categorized as Level 2 within the fair value hierarchy.

Note 8 – Mandatory Redeemable Preferred Shares

On September 6, 2017, the Fund issued 2,600,000 mandatory redeemable preferred shares (“MRPS”) with an aggregate liquidation preference of $65.0 million. Offering costs incurred by the Fund in connection with the MRPS issuance are aggregated with the outstanding liability and are being amortized to Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares over the respective life of each series of MRPS and shown in the Statement of Operations.

The MRPS are divided into three series with different mandatory redemption dates and dividend rates. The table below summarizes the key terms of each series of the MRPS at April 30, 2019.

Series |  | Term Redemption Date |  | Dividend Rate |  | Shares (000’s) |  | Liquidation Preference Per Share |  | Aggregate Liquidation Preference
Series A | ​ | 9/06/22 | ​ | 3.70% | ​ | 860 | ​ | $25 | ​ | $21,500,000
Series B | ​ | 9/06/24 | ​ | 4.00% | ​ | 860 | ​ | $25 | ​ | $21,500,000
Series C | ​ | 9/06/27 | ​ | 4.24% | ​ | 880 | ​ | $25 | ​ | $22,000,000
| ​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | $65,000,000

The MRPS are not listed on any exchange or automated quotation system. The MRPS are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the MRPS, is recorded as a liability in the Statement of Assets and Liabilities net of deferred offering costs. The MRPS are categorized as Level 2 within the fair value hierarchy.

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 35

Notes to Financial Statements(Unaudited)

Holders of MRPS are entitled to receive monthly cumulative cash dividends payable on the first business day of each month. The MRPS currently are rated “AA” by Fitch Ratings, Inc. (“Fitch”). If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Fitch (or lower than the equivalent of such rating by any other rating agency providing a rating pursuant to the request of the Fund), the dividend rate for such period shall be increased by 0.5%, 2.0% or 4.0% according to an agreed upon schedule. The MRPS’ dividend rate is also subject to increase during periods when the Fund has not made timely payments to MRPS holders and/or the MRPS do not have a current credit rating, subject to various terms and conditions. Dividends accrued and paid to the shareholders of MRPS are included in “Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares” within the Statement of Operations.

The MRPS rank junior to the Fund’s borrowings under the SSB Agreement and senior to the Fund’s outstanding common stock. The Fund may, at its option, subject to various terms and conditions, redeem the MRPS, in whole or in part, at the liquidation preference amount plus all accumulated but unpaid dividends, plus a make whole premium equal to the discounted value of the remaining scheduled payments. Each class of MRPS is subject to mandatory redemption on the term redemption date specified in the table above. Periodically, the Fund is subject to an overcollateralization test based on applicable rating agency criteria (the “OC Test”) and an asset coverage test with respect to its outstanding senior securities (the “AC Test”). The Fund may be required to redeem MRPS before their term redemption date if it does not comply with one or both tests. So long as any MRPS are outstanding, the Fund may not declare, pay or set aside for payment cash dividends or other distributions on shares of its common stock unless (1) the Fund has satisfied the OC Test on at least one testing date in the preceding 65 days, (2) immediately after such transaction, the Fund would comply with the AC Test, (3) full cumulative dividends on the MRPS due on or prior to the date of such transaction have been declared and paid and (4) the Fund has redeemed all MRPS required to have been redeemed on such date or has deposited funds sufficient for such redemption, subject to certain grace periods and exceptions.

Except as otherwise required pursuant to the Fund’s governing documents or applicable law, the holders of the MRPS have one vote per share and vote together with the holders of common stock of the Fund as a single class except on matters affecting only the holders of MRPS or the holders of common stock. Pursuant to the 1940 Act, holders of the MRPS have the right to elect at least two trustees of the Fund, voting separately as a class. Except during any time when the Fund has failed to make a dividend or redemption payment in respect of MRPS outstanding, the holders of MRPS have agreed to vote in accordance with the recommendation of the board of trustees on any matter submitted to them for their vote or to the vote of shareholders of the Fund generally.

Note 9 – Common Shares

There are unlimited common shares of beneficial interest authorized and 59,195,062 shares outstanding at April 30, 2019. Transactions in common shares were as follows:

| SIX MONTHS ENDED April 30, 2019 |  | YEAR ENDED October 31, 2018
Beginning shares | 59,149,167 | ​ | 59,006,992
Shares issued through reinvestment of distributions | 45,895 |  | 142,175
Ending shares | 59,195,062 |  | 59,149,167

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

The Fund also may offer and sell common shares from time to time at an offering price equal to or in excess of the net asset value per share of the Fund’s common shares at the time such common shares are initially sold.

​

36 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Notes to Financial Statements(Unaudited)

Note 10 – Fair Value Measurements

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.

•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 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:

|  | LEVEL 1 |  | LEVEL 2 |  | LEVEL 3 |  | TOTAL |
Assets:
Corporate Bonds | $ | — | $ | 122,489,489 | $ | — | $ | 122,489,489 | ​
Convertible Bonds | ​ | — | ​ | 186,364,600 | ​ | — | ​ | 186,364,600 | ​
U.S. Government and Agency Securities | ​ | — | ​ | 27,531,883 | ​ | — | ​ | 27,531,883 | ​
Bank Loans | ​ | — | ​ | 12,074,788 | ​ | — | ​ | 12,074,788 | ​
Convertible Preferred Stocks | ​ | 38,537,063 | ​ | 18,354,544 | ​ | — | ​ | 56,891,607 | ​
Common Stocks U.S. | ​ | 160,813,068 | ​ | — | ​ | — | ​ | 160,813,068 | ​
Common Stocks Foreign | ​ | 15,953,100 | ​ | 113,908,910 | ​ | — | ​ | 129,862,010 | ​
Purchased Options | ​ | 1,037,073 | ​ | — | ​ | — | ​ | 1,037,073 | ​
Short Term Investments | ​ | 31,738,228 | ​ | — | ​ | — | ​ | 31,738,228 | ​
Total | $ | 248,078,532 | $ | 480,724,214 | $ | — | $ | 728,802,746 | ​
Liabilities:
Common Stocks Sold Short U.S. | $ | 27,852,624 | $ | — | $ | — | $ | 27,852,624 | ​
Written Options | ​ | 818,775 | ​ | — | ​ | — | ​ | 818,775 | ​
Total | $ | 28,671,399 | $ | — | $ | — | $ | 28,671,399 | ​

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 37

Financial Highlights

Selected data for a share outstanding throughout each period were as follows:

​ | (Unaudited) Six Months Ended April 30, 2019 | Year Ended October 31,
| 2018 | 2017 | 2016 | 2015 | 2014
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period | $7.98 | ​ | $9.21 | ​ | $8.16 | ​ | $8.92 | ​ | $9.86 | ​ | $10.05 | ​
Income from investment operations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment income (loss)* | 0.10 | ​ | 0.18 | ​ | 0.22 | ​ | 0.28 | ​ | 0.28 | ​ | 0.40 | ​
Net realized and unrealized gain (loss) | 0.63 | ​ | (0.57 | ) | 1.67 | ​ | (0.20 | ) | (0.38 | ) | 0.21 | ​
Total from investment operations | 0.73 | ​ | (0.39 | ) | 1.89 | ​ | 0.08 | ​ | (0.10 | ) | 0.61 | ​
Less distributions to common shareholders from: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment income | (0.42 | ) | (0.84 | ) | (0.76 | ) | (0.46 | ) | (0.72 | ) | (0.70 | )
Net realized gains | – | ​ | – | ​ | (0.08 | ) | – | ​ | – | ​ | – | ​
Return of capital | – | ​ | – | ​ | – | ​ | (0.38 | ) | (0.12 | ) | (0.10 | )
Total distributions | (0.42 | ) | (0.84 | ) | (0.84 | ) | (0.84 | ) | (0.84 | ) | (0.80 | )
Premiums from shares sold in at the market offerings | – | ​ | – | ​ | – | ​ | – | ​ | – | ​ | – | ​
Net asset value, end of period | $8.29 | ​ | $7.98 | ​ | $9.21 | ​ | $8.16 | ​ | $8.92 | ​ | $9.86 | ​
Market value, end of period | $8.35 | ​ | $7.59 | ​ | $9.13 | ​ | $7.16 | ​ | $7.68 | ​ | $9.01 | ​
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net asset value | 9.83% | ​ | (4.85)% | ​ | 25.23% | ​ | 2.98% | ​ | (0.15)% | ​ | 7.02% | ​
Market value | 16.31% | ​ | (8.71)% | ​ | 41.48% | ​ | 4.95% | ​ | (5.92)% | ​ | 10.93% | ​
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(b) | 3.39% | (c) | 2.97% | ​ | 2.23% | ​ | 2.06% | ​ | 1.89% | ​ | 1.79% | ​
Net investment income (loss) | 2.60% | (c) | 1.95% | ​ | 2.58% | ​ | 3.42% | ​ | 2.97% | ​ | 3.92% | ​
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000) | $490,500 | ​ | $471,953 | ​ | $543,275 | ​ | $481,513 | ​ | $526,508 | ​ | $581,624 | ​
Portfolio turnover rate | 19% | ​ | 93% | ​ | 99% | ​ | 29% | ​ | 45% | ​ | 32% | ​
Average commission rate paid | $0.0261 | ​ | $0.0199 | ​ | $0.0295 | ​ | $0.0289 | ​ | $0.0244 | ​ | $0.0269 | ​
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000’s omitted) | $65,000 | ​ | $65,000 | ​ | $65,000 | ​ | $– | ​ | $– | ​ | $– | ​
Notes Payable (000’s omitted) | $174,500 | ​ | $204,000 | ​ | $160,000 | ​ | $196,000 | ​ | $224,400 | ​ | $230,000 | ​
Asset coverage per $1,000 of loan outstanding(d) | $4,183 | ​ | $3,632 | ​ | $4,802 | ​ | $3,457 | ​ | $3,346 | ​ | $3,529 | ​
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(e) | $281 | ​ | $285 | ​ | $295 | ​ | $– | ​ | $– | ​ | $– | ​

*Net investment income calculated based on average shares method.

(a)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 fac tors, including supply and demand and market conditions.

(b)Ratio of net expenses, excluding interest expense on Notes Payable and interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares, to average net assets was 1.68%, 1.60%, 1.53%, 1.54%, 1.53% and 1.48%, respectively.

(c)Annualized.

(d)Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of notes payable outstanding, and by multiplying the result by 1,000.

(e)Calculated by subtracting the Fund’s total liabilities (not including Notes payable and Mandatory Redeemable Preferred Shares) from the Fund’s total assets and dividing this by the amount of Mandatory Redeemable Preferred Shares outstanding, and by multiplying the result by 25.

​

38 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Report of Independent Registered Public Accounting Firm

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

Results of Review of Interim Financial Information

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Calamos Global Dynamic Income Fund (the “Fund”) as of April 30, 2019, and the related statements of operations, changes in net assets and cash flows, and the financial highlights for the six month period then ended. Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial statements and financial highlights for it 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) (PCAOB), the statement of changes in net assets of the Fund for the year ended October 31, 2018, and the financial highlights for each of the five years in the period then ended; and in our report dated December 17, 2018, we expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Basis for Review Results

This interim financial information is the responsibility of the Fund’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with standards of the PCAOB. 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 the standards of the PCAOB, 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.

June 14, 2019

We have served as the auditor of one or more Calamos investment companies since 2003.

​

About Closed-End Funds

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 39

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

You can purchase or sell common shares of closed-end funds daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a discount, which is a market price that is below their net asset value.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares and fluctuations in the variable rates of the leverage financing.

Each open-end or closed-end fund should be evaluated individually. Before investing carefully consider the fund’s investment objectives, risks, charges and expenses.

​

Managed Distribution Policy

40 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Using a Managed Distribution Policy to Promote Dependable Income and Total Return

The goal of the managed 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, may 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 managed distribution policy for the Fund. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains, net realized long-term capital gains and, if necessary, return of capital. 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.

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 Computershare, 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 the Plan Agent, as dividend paying agent, at: Dividend Reinvestment Department, P.O. Box 358016, Pittsburgh, PA 15252. 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.

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 NASDAQ 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.

​

Automatic Dividend Reinvestment Plan

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 41

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 as required by the Plan.

This discussion of the Plan is only summary, and is qualified in its entirety by 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, Computershare, at 866.226.8016. 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.

​

| STAY CONNECTED
www.calamos.com/connect

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detailed fund profiles, fund news and insightful
market commentary.

MANAGING YOUR CALAMOS
FUNDS INVESTMENTS

Calamos Investments offers several convenient means to monitor, manage and feel confident about your Calamos investment choice.

PERSONAL ASSISTANCE: 800.582.6959

Dial this toll-free number to speak with a knowledgeable Client Services Representative who can help answer questions or address issues concerning your Calamos Fund.

YOUR FINANCIAL ADVISOR

We encourage you to talk to your financial advisor to determine how the Calamos Funds can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs.

​

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 are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at w ww.calamos.co m, 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 Web site at 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 ch arge, u pon request, by calling or writing Calamos Investments at the phone nu mber or address provided above or by visiting the SEC Web site at 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.

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: 866.226.8016

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEB SITE: 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
Boston, MA

TRANSFER AGENT:

Computershare
P.O. Box 30170
College Station, TX 77842-3170
866.226.8016

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:

Deloitte & Touche LLP
Chicago, IL

LEGAL COUNSEL:

Ropes & Gray
Chicago, IL

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

© 2019 Calamos Investments LLC. All Rights Reserved.
Calamos® and Calamos Investments® are registered tra demarks of Calam os Investments LLC.

CHWSAN 3083 2019

​

ITEM 2. CODE OF ETHICS.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

ITEM 6. SCHEDULE OF INVESTMENTS

Included in the Report to Shareholders in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The information required by this Item7 is only required in an annual report on this Form N-CSR.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) The information required by this Item 8 is only required in an annual report on this Form N-CSR.

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

The information required by this Item 9 is only required in an annual report on this Form N-CSR.

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 within the time periods specified in the Commission’s rules and forms.

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 most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

The Fund did not participate directly in securities lending activity. See Note [6] to the Financial Statements in Item 1.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics - Not applicable for semiannual reports.

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

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

(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

​

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: June 25, 2019 |

By: | /s/ Curtis Holloway |
| Name: Curtis Holloway |
| Title: Principal Financial Officer |
| Date: June 25, 2019 |

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.

By: | /s/ John P. Calamos, Sr. |
| Name: John P. Calamos, Sr. |
| Title: Principal Executive Officer |
| Date: June 25, 2019 |

By: | /s/ Curtis Holloway |
| Name: Curtis Holloway |
| Title: Principal Financial Officer |
| Date: June 25, 2019 |