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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, 2023

DATE OF REPORTING PERIOD: November 1, 2022 through April 30, 2023

​

ITEM 1(a). REPORT TO SHAREHOLDERS.

​

TIMELY INFORMATION INSIDE

Global Dynamic Income Fund (CHW)

SEMIANNUAL REPORT APRIL 30, 2023

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CALAMOS CLOSED-END FUNDS

Innovative Solutions for
the Search for Income

About Calamos Investments:

•An innovator in dynamically allocated closed-end funds since 2002

•Funds offer competitive distributions through our m ulti-ass et class approach and strategies that have been less dependent on interest rates

•Total return and enhanced fixed income funds can meet a range of investor needs

•Distribution policies seek to provide steady monthly income

•Currently managing $7.8 billion in seven closed-end funds*

*As of 4/30/2023.

TABLE OF CONTENTS

Letter to Shareholders | 1
The Calamos Closed-End Funds: An Overview | 4
Additional Information About the Fund | 5
Investment Team Discussion | 6
Schedule of Investments | 10
Statement of Assets and Liabilities | 28
Statement of Operations | 29
Statements of Changes in Net Assets | 30
Statement of Cash Flows | 31
Notes to Financial Statements | 32
Financial Highlights | 42
Report of Independent Registered Public Accounting Firm | 44
About Closed-End Funds | 45
Level Rate Distribution Policy | 46
Automatic Dividend Reinvestment Plan | 46
Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions | 48

​

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 months ending April 30, 2023. In this report, you will find commentary from our portfolio management team, a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of Calamos Global Dynamic Income Fund (CHW).

Innovative Multi-Asset Approach Supports the Search for Steady, Attractive Income

Our experience with closed-end funds dates back to 2002, and we have always recognized that many investors choose closed-end funds to support their search for income. Like all our closed-end funds, CHW is managed to provide steady (although not assured) monthly distributions. As of April 30, 2023, the monthly per share distribution was $0.0500, and the annualized distribution rate was 10.15%† on market price. In comparison, the dividend yield of S&P 500 Index stocks was 1.66%. Yields were also still relatively low within the US government bond market with the 10-year US Treasury yielding 3.45% at period end. Therefore, the Fund’s annualized distribution rate has soundly outdistanced both fixed income and equity alternatives.

Market Review and Outlook

For the period, stock markets around the world advanced. Market participants were encouraged by the prospect that the Federal Reserve would slow or pause its tightening cycle and by economic data that was often better than initially feared. Looking abroad, investors cheered the economic reopening in China.

In a reversal of fortunes from 2022, growth stocks outperformed their value counterparts by a wide margin. Technology and communication services companies, including many of the bellwether companies that struggled in 2022, dominated market leadership. Many areas of the fixed income market also posted healthy gains, with both investment grade and high yield benchmarks advancing.

†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 4/30/23 distribution was $0.0500 per share. Based on our current estimates, we anticipate that approximately $0.0000 is paid from ordinary income or capital gains and that approximately $0.0500 represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but they 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 level 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.

​

Letter to Shareholders

2 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Despite these advances, the period was also volatile. The failures of Silicon Valley Bank in the US and Credit Suisse overseas created a burst of fear and raised the specter of widespread bank runs. However, coordinated action by regulators and other large banks quickly dampened anxiety. Inflation has been another key focal point of investor concern. We expect inflation to continue to moderate through the summer months in an on-again, off-again fashion, punctuated by bouts of volatility in oil prices.

Despite economic and market uncertainties, we continue to see many opportunities across asset classes. We believe individual security selection and active management are essential, given the economic backdrop. In the “Investment Team Discussion,” our portfolio managers discuss where they see opportunities and how they are managing risk.

Perspectives on Asset Allocation

I’m often asked what I believe are the “secrets” of investing. It’s an easy question to answer—there are no secrets. However, there are some basic principles that I believe can best position investors for success.

One of the most fundamental principles is to stay focused on the long term. Trying to predict the short-term ups and downs in the market is a dangerous strategy. Far too often, I’ve seen people give in to emotions, which can result in selling into down markets but missing the up markets.

Another essential principle is diversification. Various investments tend to perform differently depending on interest rates, inflation, or the economic environment. The performance of investments can also be influenced by fiscal policy, political uncertainty, and the geopolitical landscape. Having a blend of assets can help smooth the performance of your portfolio because stronger returns in one area of your portfolio can offset weaker results elsewhere.

For investors who seek equity exposure with lower downside volatility, we believe CHW continues to be a strong choice for several reasons:

•Our ability to dynamically adjust the allocations of stocks, convertible bonds, and high yield securities—in addition to using alternative strategies—enables us to deftly manage the risk/reward characteristics of the portfolio over full market cycles.

•We look beyond the short-term noise to identify pockets of opportunity among innovative companies with quality fundamentals, those in thematic niches, and those that can demonstrate long-term resilience regardless of the macro backdrop.

•In a rising-interest-rate environment, price-to-earnings multiples can come down even if earnings are good, so our team remains mindful of valuations.

​

Letter to Shareholders

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 3

Conclusion

As always, we thank you for your continued trust. To learn more about Calamos Investments’ views of the economy, markets and asset allocation, I invite you to visit our website, www.calamos.com.

Sincerely,

John P. Calamos, Sr.

Founder, Chairman and Global Chief Investment Officer

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.

Diversification and asset allocation do not guarantee a profit or protection against a loss. Investments in alternative strategies may not be suitable for all investors.

Returns for the six months ended April 30, 2023: The S&P 500 Index, a measure of the US stock market, returned 8.63%. The MSCI All Country World Index, a measure of global stock market performance, returned 12.97%. The MSCI Emerging Market Index, a measure of emerging market equity performance, returned 16.53%. The Russell 3000 Growth Index, a measure of US growth equities, returned 10.77%. The Russell 3000 Value Index, a measure of US value equities, returned 3.86%. The Bloomberg US High Yield 2% Issuer Capped Index, a measure of the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer, returned 6.21%. The Bloomberg US Aggregate Bond Index, a measure of the US investment-grade bond market, returned 6.91%, the Bloomberg US Government/Credit 1-3 Year Index, a measure of US short-term bond performance, returned 2.89%.

Source: Calamos Advisors 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 directly in an index. Returns are in US dollar terms.

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. 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.

Investments in alternative strategies may not be suitable for all investors.

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.

Opinions are as of the publication date, subject to change and may not come to pass.

This information is being provided for informational purposes only and should not be considered investment advice or an offer to buy or sell any security in the portfolio.

​

4 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Enhanced Fixed-Income and Total-Return Strategies

Calamos closed-end funds draw upon decades of our pioneering experience, including a long history of opportunistically blending asset classes in an attempt to capture upside potential while seeking to manage downside risk. Our closed-end funds can be broadly grouped into two categories: enhanced fixed income and total return. The funds share a focus on producing income while offering exposure to various asset classes and sectors.

ENHANCED FIXED INCOME Portfolios positioned to pursue high current income from income and capital gains | ​ | ​ | OBJECTIVE: US ENHANCED FIXED INCOME Calamos Convertible Opportunities and Income Fund (Ticker: CHI) Invests in high-yield and convertible securities, primarily in US markets. Calamos Convertible and High Income Fund (Ticker: CHY) Invests in high-yield and convertible securities, primarily in US markets.
​ | OBJECTIVE: GLOBAL ENHANCED FIXED INCOME Calamos Global Dynamic Income Fund (Ticker: CHW) Invests in global fixed-income securities, alternative investments and equities.
TOTAL RETURN Portfolios positioned to seek current income, with increased emphasis on capital gains potential | ​ | ​ | OBJECTIVE: US TOTAL RETURN Calamos Strategic Total Return Fund (Ticker: CSQ) Invests in equities and higher-yielding convertible securities and corporate bonds, primarily in US markets. Calamos Dynamic Convertible and Income Fund (Ticker: CCD) Invests in convertibles and other fixed-income securities. To help generate income and achieve a favorable risk/reward profile, the investment team also has the flexibility to sell options.
​ | OBJECTIVE: GLOBAL TOTAL RETURN Calamos Global Total Return Fund (Ticker: CGO) Invests in equities and higher-yielding convertible securities and corporate bonds in both US and non-US markets. Calamos Long/Short Equity & Dynamic Income Trust (CPZ) Invests in a long/short equity strategy and a broad array of income-producing assets as part of a global approach.

The Calamos Closed-End Funds: An Overview

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 5

Additional Information About the Fund(Unaudited)

AVERAGE ANNUAL TOTAL RETURN† AS OF 4/30/23

| 6 MONTHS | 1 YEAR | 5 YEARS | 10 YEARS
Calamos Global Dynamic Income Fund | ​ | ​ | ​ | ​
Market Price | 10.15% | -15.96% | 1.43% | 5.95%
NAV | 12.85% | -4.39% | 4.13% | 6.36%
40%ACWI(NR)-30%RefinitivGlblCv-30%BBGUSHY2%Cap Index | 8.98 | 0.48 | 5.45 | 6.10
MSCI ACWI Index (Net) | 12.97 | 2.59 | 7.56 | 8.47
Refinitiv Global Convertible Bond Index | 6.75 | -2.85 | 4.86 | 5.30
Bloomberg US HY 2% Issuer Capped Index | 6.21 | 1.21 | 3.27 | 4.01

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 and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average. All performance shown assumes reinvestment of dividends and capital gain distributions. Source: State Street Corporation and Morningstar Direct.

† Average annual total return measures net investment income and capital gain or loss from portfolio investments as an annualized average assuming reinvestment of dividends and capital gains distributions.

NOTES:

The 40%ACWI(NR)-30%RefinitivGlblCv-30%BBGHY2%Cap Index is blended from 40% - MSCI ACWI Index (Net), 30% - Refinitiv Global Convertible Bond Index and 30% - Bloomberg US Corporate High Yield 2% Issuer Capped Index.

The MSCI ACWI Index (Net) is a free float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets and emerging markets. The index is calculated in both US dollars and local currencies. Net return basis approximates the minimum possible reinvestment of regular cash distributions by deducting withholding tax based on the maximum rate of the company’s country of incorporation applicable to institutional investors.

The Refinitiv Global Convertible Bond Index (USD) is designed to represent the global convertible market.

The Bloomberg US Corporate High Yield 2% Issuer Capped Index measures the performance of high-yield corporate bonds with a maximum allocation of 2% to any one issuer.

Index returns assume reinvestment of dividends and do not reflect deduction of fees and expenses. It is not possible to invest directly in an index.

​

6 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Investment Team Discussion(Unaudited)

TOTAL RETURN* AS OF 4/30/2023

Common Shares – Inception 6/27/07
| 6 Months | 1 Year | Since Inception**
On Market Price | 10.15% | -15.96% | 4.16%
On NAV | 12.85% | -4.39% | 5.16%
* Total return measures net investment income and net realized gain or loss from Fund investments, and change in net unrealized appreciation and depreciation, assuming reinvestment of income and net realized gains distributions. ** Annualized since inception.

SECTOR WEIGHTINGS

Information Technology | 21.8%
Consumer Discretionary | 16.7
Financials | 13.0
Industrials | 12.0
Health Care | 8.3
Communication Services | 8.0
Energy | 5.5
Consumer Staples | 4.6
Materials | 4.5
Utilities | 1.2
Other | 1.1
Real Estate | 1.0

Sector weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the 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 offering that seeks to generate a high level of current income 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 an array of asset classes. We utilize a highly flexible approach to investing in equities, convertible securities and high-yield securities. We also can employ alternative strategies such as covered call writing and 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. By combining asset classes and strategies, we believe the Fund is well positioned to generate income and capital gains. The broader range of security types also provides increased opportunities to manage the risk/reward characteristics of the portfolio over full market cycles.

We invest in both US and non-US companies, with at least 40% of assets invested in non-US companies. We emphasize companies with reliable debt servicing, respectable balance sheets and sustainable growth prospects. 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 semiannual period?

The Fund returned 12.85% on a net asset value (NAV) basis and 10.15% on a market price basis for the six months ended April 30, 2023 (“semiannual period”), versus a return of 8.98% for a comparator index comprising 40% MSCI ACWI Index, 30% Refinitiv Global Convertible Bond Index, and 30% Bloomberg US Corporate High Yield 2% Issuer Capped Index. At the end of the semiannual period, the Fund’s shares traded at a 10.05% discount to NAV.

How do NAV and market price returns differ?

Closed-end funds trade on exchanges where factors other than the value of underlying securities can drive the price of shares. The price of a share in the market is called market value. Factors unrelated to the performance of the Fund’s holdings, such as general market sentiment or future expectations, may influence the market price. A fund’s NAV return measures the actual return of the individual securities in the portfolio, less fund expenses; it also measures how a portfolio manager capitalized on market opportunities. Because we believe closed-end funds are best used long term within asset allocations, we think that NAV return is the better measure of a fund’s performance. However, when managing the Fund, we strongly consider actions and policies that have the potential to optimize overall price performance and returns based on the market value.

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 7

Investment Team Discussion(Unaudited)

Please discuss the Fund’s distributions during the reporting period.

We employ a level rate distribution policy within this Fund with the goal of providing shareholders with a consistent distribution stream. The Fund’s monthly distribution on April 30, 2023, was $0.0500 per share, resulting in an annualized distribution rate of 10.15% of the market price as of April 30, 2023.

We believe both the Fund’s distribution rate and level remained attractive and competitive because low but rising interest rates limited yield opportunities in much of the marketplace. For example, as of April 30, 2023, the dividend yield of S&P 500 Index stocks was 1.66%. Although higher than a year ago, yields within the US government bond market were also still relatively low at the end of the period with the 10-year US Treasury yielding 3.45%.

What factors influenced performance over the period?

Global stocks experienced significant volatility and rotation but generated positive returns over the semiannual period. Investors navigated multiple environments characterized by tighter monetary policy and turmoil in the global banking sector, but also signs of moderating inflation and resilient corporate earnings.

In addition, Federal Reserve activities continued with further rate increases over the period, raising short-term levels three times in the aggregate of 100 basis points between December and March. This brought the target rate to 4.75%–5.00% at the end of the period. The lead-up expectations and execution of higher interest rates by the Fed fostered overall volatility in financial markets.

In the pursuit of our risk-managed equity objective, the Fund navigated choppy markets by actively employing a blend of common stocks, convertibles and options Our holdings in convertible securities provided diversification but lagged the gains of a select group of large caps (or relatively defensive companies). Over the extended multi-year market cycle that began in 2020, however, our wider universe of stocks and convertible securities has been instrumental in managing the risk/reward profile and delivering compelling total returns.

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 4/30/2023

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.

ASSET ALLOCATION AS OF 4/30/2023

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8 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Investment Team Discussion(Unaudited)

Other factors that affected Fund performance included the following:

•Despite increasing financing costs over the period, our use of leverage helped returns because our reinvestment rate, especially in equities, was greater than our associated costs thanks to the overall broad financial market improvements. Although leverage can enhance returns during favorable markets, the opposite can occur during unfavorable conditions.

•On an unleveraged basis, the portfolio outperformed the comparator index during the period. Our overweight and selection in equities and underweight in corporate bonds benefited returns relative to the index, whereas our selection of convertible bonds and use of put options detracted from returns.

•Selection in the information technology sector, notably in the semiconductors industry, contributed to returns relative to the comparator index. In addition, selection in the health care sector, primarily in pharmaceuticals, was helpful.

•Conversely, our selection in the oil & gas drilling industry within the energy sector weighed on results relative to the comparator index as did our internet and direct marketing retail industry names within the consumer discretionary sector.

•From a country perspective, our selection in the US proved beneficial to performance relative to the comparator index. Conversely, our overweight in China dragged on results.

How is the Fund positioned?

The Fund’s regional and country positioning reflects the combined inputs from our top-down global framework and our bottom-up security analysis. Our investment team evaluates macroeconomic factors and growth opportunities and actively integrates them into the investment decision-making process. To tap into selective growth potential in the global economy, we favor growth companies with quality balance sheets, strong brands, free cash flows and experienced management—businesses poised to withstand market volatility.

In terms of Fund positioning, we emphasize companies with favorable pricing power, strong earnings momentum, quality balance sheets, and attractive valuations. Zooming out, information technology, consumer discretionary and financials are among the largest sector weights in the Fund. Key industry positions include pharmaceuticals semiconductors, diversified banks, interactive media & services, systems software and automobile manufacturers. We own a range of holding s in energy and materials, spanning companies positioned to benefit from favorable supply-and-demand dynamics and attractive capital efficiency. We are underweight in defensive sectors, including utilities, real estate, consumer staples and more traditional telecoms.

•Through a geographic lens, our largest exposure is the US (approximately 51%) where we see a range of attractive bottom-up opportunities across secular growth, cyclicals, and select defensives, reflecting our view of earnings growth and advantaged business models.

•We own diverse holdings in Europe (approximately 19%) where we maintain a blend of secular growth, defensives and select commodities. We continue to evaluate the outlook across Europe given the ongoing war in Ukraine and tightening monetary conditions, although the region’s links to global demand benefited from the broader post-pandemic reopening.

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 9

Investment Team Discussion(Unaudited)

•We own a range of holdings in emerging markets (approximately 22%). Our positioning reflects our sanguine view of China’s sustained reopening, the US dollar and global monetary policy, and relative valuations. We own positions within key industries including semiconductors, interactive media and higher-quality financials.

•We own multiple positions in Japan (approximately 3%) with attractive business models that offer exposure to secular growth, cyclicals and reopening dynamics.

The average credit quality of the portfolio is BB. As of April 30, 2023, the Fund has approximately 12% of its rated assets in investment-grade securities. Our credit process tends to guide us away from the most speculative corporate securities. That said, we recognize that opportunities are available for lower-credit securities to enhance performance.

We are cognizant of rising interest rates and inflation. Although the Fund invests primarily in equities, the weighted average duration of the bonds in our portfolio is only 2.5 years as of April 30, 2023. This relatively low-duration average is expected to help mitigate the volatility that our fixed-income securities might incur in a rising-rate environment.

We believe the prudent use of leverage may enhance total return and support the Fund’s distribution rate over the long term. As of April 30, 2023, our amount of leveraged assets was approximately 26%.

What are your closing thoughts for Fund shareholders?

Global markets continue to reflect a set of complex crosscurrents. Therefore, we are analyzing many aspects of economic activity, including evolving policy actions, corporate earnings, and the geopolitical backdrop. Considering tighter global monetary policy and mixed inflation dynamics, the financial markets remain uncertain, and we expect volatility to continue until these risks resolve. Within this complicated backdrop, we continue seeking ways to capitalize on volatility, including opportunities at the thematic, regional and market-cap levels. Because markets must navigate geopolitical risks, monetary policy and inflation, we believe the Fund’s focus on providing lower-volatility global equity market participation over full market cycles will serve it well.

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Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
Corporate Bonds (16.0%)
Airlines (0.3%)
49,167 | ​ | Air Canada Pass Through Trust Series 2015-2, Class B* 5.000%, 06/15/25 | $ | 49,047
209,048 | ​ | Alaska Airlines Pass Through Trust Series 2020-1, Class A* 4.800%, 02/15/29 | ​ | 202,425
114,237 | ​ | Alaska Airlines Pass Through Trust Series 2020-1, Class B* 8.000%, 02/15/27 | ​ | 116,278
245,435 | ​ | American Airlines Pass Through Trust Series 2021-1, Class B 3.950%, 01/11/32 | ​ | 214,375
| ​ | American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.* | ​ | ​
169,000 | ​ | 5.500%, 04/20/26 | ​ | 166,113
56,000 | ​ | 5.750%, 04/20/29 | ​ | 53,304
232,776 | ​ | British Airways Pass Through Trust Series 2021-1, Class B* 3.900%, 03/15/33 | ​ | 201,940
170,926 | ​ | JetBlue Pass Through Trust Series 2020-1, Class B 7.750%, 05/15/30 | ​ | 173,799
276,000 | ​ | Spirit Loyalty Cayman, Ltd. / Spirit IP Cayman, Ltd.* 8.000%, 09/20/25 | ​ | 278,959
|  | ​ | 1,456,240
Communication Services (1.5%)
250,000 | ​ | Altice France, SA* 5.500%, 10/15/29 | ​ | 187,818
260,000 | ​ | APi Group DE, Inc.* 4.750%, 10/15/29 | ​ | 235,797
210,000 | ​ | Arrow Bidco, LLC* 9.500%, 03/15/24 | ​ | 210,840
225,000 | ​ | Ashtead Capital, Inc.* 2.450%, 08/12/31 | ​ | 179,363
| ​ | Audacy Capital Corp.* | ​ | ​
273,000 | ​ | 6.750%, 03/31/29 | ​ | 21,390
100,000 | ​ | 6.500%, 05/01/27 | ​ | 7,658
169,000 | ​ | Beasley Mezzanine Holdings, LLC* 8.625%, 02/01/26 | ​ | 109,537
166,000 | ​ | Cincinnati Bell Telephone Company, LLC 6.300%, 12/01/28 | ​ | 138,746
330,000 | ​ | Consolidated Communications, Inc.* 6.500%, 10/01/28 | ​ | 257,677
| ​ | CSC Holdings, LLC* | ​ | ​
400,000 | ​ | 4.625%, 12/01/30 | ​ | 195,532
335,000 | ​ | 5.375%, 02/01/28 | ​ | 275,035
300,000 | ​ | 5.750%, 01/15/30 | ​ | 153,402
200,000 | ​ | 5.500%, 04/15/27 | ​ | 171,296
200,000 | ​ | 4.500%, 11/15/31 | ​ | 140,380

PRINCIPAL AMOUNT |  |  |  | VALUE
| ​ | Diamond Sports Group, LLC / Diamond Sports Finance Company* | ​ | ​
180,000 | ​ | 6.625%, 08/15/27 | $ | 5,602
151,000 | ​ | 5.375%, 08/15/26 | ​ | 10,709
302,000 | ​ | Directv Financing, LLC / Directv Financing Co-Obligor, Inc.* 5.875%, 08/15/27 | ​ | 265,446
153,000 | ​ | Embarq Corp. 7.995%, 06/01/36 | ​ | 65,987
225,000 | ​ | Frontier California, Inc. 6.750%, 05/15/27 | ​ | 203,963
| ​ | Frontier Communications Holdings, LLC* | ​ | ​
140,000 | ​ | 5.000%, 05/01/28 | ​ | 123,029
54,000 | ​ | 8.750%, 05/15/30 | ​ | 53,473
242,000 | ​ | Frontier Florida, LLC@ 6.860%, 02/01/28 | ​ | 219,286
330,000 | ​ | Frontier North, Inc.@ 6.730%, 02/15/28 | ​ | 297,578
| ​ | Go Daddy Operating Company, LLC / GD Finance Company, Inc.* | ​ | ​
195,000 | ​ | 3.500%, 03/01/29 | ​ | 169,141
69,000 | ​ | 5.250%, 12/01/27 | ​ | 66,387
| ​ | Intelsat Jackson Holdings, SA& | ​ | ​
170,000 | ​ | 9.750%, 07/15/25 | ​ | —
130,000 | ​ | 5.500%, 08/01/23 | ​ | —
265,000 | ​ | LCPR Senior Secured Financing DAC* 6.750%, 10/15/27 | ​ | 252,738
155,317 | ​ | Ligado Networks, LLC* 15.500%, 11/01/23 15.500% PIK rate | ​ | 51,349
| ​ | Lumen Technologies, Inc. | ​ | ​
160,000 | ​ | 7.600%, 09/15/39 | ​ | 61,581
100,000 | ​ | 4.000%, 02/15/27* | ​ | 66,868
109,000 | ​ | Match Group Holdings II, LLC* 3.625%, 10/01/31 | ​ | 89,073
200,000 | ​ | Netflix, Inc.* 4.875%, 06/15/30 | ​ | 199,156
105,000 | ​ | Paramount Global‡ 6.375%, 03/30/62 5 year CMT + 4.00% | ​ | 90,135
73,000 | ​ | Qwest Corp. 7.250%, 09/15/25 | ​ | 64,874
| ​ | Scripps Escrow II, Inc.* | ​ | ​
111,000 | ​ | 3.875%, 01/15/29 | ​ | 86,670
56,000 | ​ | 5.375%, 01/15/31 | ​ | 39,061
210,000 | ​ | Scripps Escrow, Inc.* 5.875%, 07/15/27 | ​ | 152,888
| ​ | Sirius XM Radio, Inc.* | ​ | ​
165,000 | ​ | 4.000%, 07/15/28 | ​ | 139,608
110,000 | ​ | 3.125%, 09/01/26 | ​ | 98,562
54,000 | ​ | 3.875%, 09/01/31 | ​ | 40,870
115,000 | ​ | Spanish Broadcasting System, Inc.* 9.750%, 03/01/26 | ​ | 75,868

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
190,000 | ​ | Stagwell Global, LLC* 5.625%, 08/15/29 | $ | 165,254
215,000 | ​ | Telecom Italia Capital, SA 6.000%, 09/30/34 | ​ | 184,010
219,000 | ​ | Telesat Canada / Telesat, LLC* 4.875%, 06/01/27 | ​ | 118,065
85,000 | ​ | Time Warner Cable, LLC 7.300%, 07/01/38 | ​ | 88,233
355,000 | ​ | United States Cellular Corp. 6.700%, 12/15/33 | ​ | 323,952
|  | ​ | 6,153,887
Consumer Discretionary (3.3%)
265,000 | ​ | Abercrombie & Fitch Management Company* 8.750%, 07/15/25 | ​ | 269,757
210,000 | ​ | Adient Global Holdings Company* 8.250%, 04/15/31 | ​ | 215,107
230,000 | ​ | American Axle & Manufacturing, Inc.^ 6.875%, 07/01/28 | ​ | 207,338
| ​ | Ashton Woods USA, LLC / Ashton Woods Finance Company* | ​ | ​
190,000 | ​ | 4.625%, 08/01/29 | ​ | 159,074
139,000 | ​ | 6.625%, 01/15/28 | ​ | 131,759
267,000 | ​ | At Home Group, Inc.* 4.875%, 07/15/28 | ​ | 174,693
| ​ | Bath & Body Works, Inc. | ​ | ​
292,000 | ​ | 6.694%, 01/15/27 | ​ | 293,542
270,000 | ​ | 6.875%, 11/01/35 | ​ | 244,156
| ​ | Caesars Entertainment, Inc.* | ​ | ​
136,000 | ​ | 4.625%, 10/15/29 | ​ | 119,441
112,000 | ​ | 8.125%, 07/01/27 | ​ | 114,400
| ​ | Carnival Corp.* | ​ | ​
112,000 | ​ | 10.500%, 02/01/26 | ​ | 117,199
108,000 | ​ | 7.625%, 03/01/26 | ​ | 99,321
105,000 | ​ | 4.000%, 08/01/28 | ​ | 91,173
260,000 | ​ | Carriage Services, Inc.* 4.250%, 05/15/29 | ​ | 218,876
165,000 | ​ | Carvana Company* 4.875%, 09/01/29 | ​ | 67,096
| ​ | CCO Holdings, LLC / CCO Holdings Capital Corp.* | ​ | ​
470,000 | ​ | 5.125%, 05/01/27 | ​ | 444,709
250,000 | ​ | 6.375%, 09/01/29 | ​ | 238,302
245,000 | ​ | 4.750%, 03/01/30 | ​ | 211,263
215,000 | ​ | 4.250%, 02/01/31 | ​ | 177,136
125,000 | ​ | 5.000%, 02/01/28 | ​ | 115,956
125,000 | ​ | 4.500%, 08/15/30 | ​ | 105,528
108,000 | ​ | 4.750%, 02/01/32 | ​ | 89,488
108,000 | ​ | CDI Escrow Issuer, Inc.* 5.750%, 04/01/30 | ​ | 104,366
207,000 | ​ | Cedar Fair, LP^ 5.250%, 07/15/29 | ​ | 192,663

PRINCIPAL AMOUNT |  |  |  | VALUE
105,000 | ​ | Churchill Downs, Inc.* 6.750%, 05/01/31 | $ | 105,819
| ​ | Dana, Inc. | ​ | ​
175,000 | ​ | 4.250%, 09/01/30 | ​ | 142,550
109,000 | ​ | 4.500%, 02/15/32 | ​ | 87,520
| ​ | DISH DBS Corp. | ​ | ​
275,000 | ​ | 5.250%, 12/01/26* | ​ | 210,141
209,000 | ​ | 7.750%, 07/01/26 | ​ | 121,019
133,000 | ​ | 7.375%, 07/01/28 | ​ | 66,649
110,000 | ​ | 5.125%, 06/01/29 | ​ | 51,010
220,000 | ​ | DISH Network Corp.* 11.750%, 11/15/27 | ​ | 208,272
200,000 | ​ | Empire Resorts, Inc.* 7.750%, 11/01/26 | ​ | 165,724
238,000 | ​ | Everi Holdings, Inc.* 5.000%, 07/15/29 | ​ | 212,334
220,000 | ​ | Ford Motor Company^ 6.100%, 08/19/32 | ​ | 210,291
| ​ | Ford Motor Credit Company, LLC | ​ | ​
410,000 | ​ | 7.350%, 11/04/27 | ​ | 423,243
350,000 | ​ | 4.000%, 11/13/30 | ​ | 300,706
315,000 | ​ | 4.134%, 08/04/25 | ​ | 299,581
300,000 | ​ | 5.113%, 05/03/29 | ​ | 279,891
200,000 | ​ | 7.350%, 03/06/30 | ​ | 205,758
| ​ | Gap, Inc.* | ​ | ​
82,000 | ​ | 3.875%, 10/01/31 | ​ | 57,366
11,000 | ​ | 3.625%, 10/01/29 | ​ | 7,838
| ​ | goeasy, Ltd.* | ​ | ​
350,000 | ​ | 5.375%, 12/01/24 | ​ | 333,452
208,000 | ​ | 4.375%, 05/01/26 | ​ | 183,452
277,000 | ​ | Goodyear Tire & Rubber Company^ 5.000%, 07/15/29 | ​ | 246,031
93,000 | ​ | Group 1 Automotive, Inc.* 4.000%, 08/15/28 | ​ | 82,617
326,000 | ​ | Guitar Center, Inc.& 8.500%, 01/15/26 | ​ | 291,705
345,000 | ​ | International Game Technology, PLC* 6.250%, 01/15/27 | ​ | 350,113
220,000 | ​ | Liberty Interactive, LLC 8.250%, 02/01/30 | ​ | 67,351
| ​ | Life Time, Inc.* | ​ | ​
204,000 | ​ | 8.000%, 04/15/26 | ​ | 203,180
110,000 | ​ | 5.750%, 01/15/26 | ​ | 107,779
80,000 | ​ | Lindblad Expeditions Holdings, Inc.* 9.000%, 05/15/28 | ​ | 80,208
139,000 | ​ | Lindblad Expeditions, LLC* 6.750%, 02/15/27 | ​ | 131,677
140,000 | ​ | M/I Homes, Inc. 3.950%, 02/15/30 | ​ | 124,103
| ​ | Macy’s Retail Holdings, LLC | ​ | ​
366,000 | ​ | 6.700%, 07/15/34* | ​ | 301,943
110,000 | ​ | 4.300%, 02/15/43 | ​ | 66,964
260,000 | ​ | Mclaren Finance, PLC* 7.500%, 08/01/26 | ​ | 214,326

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
287,000 | ​ | Midwest Gaming Borrower, LLC / Midwest Gaming Finance Corp.* 4.875%, 05/01/29 | $ | 258,062
153,000 | ​ | Mohegan Tribal Gaming Authority* 8.000%, 02/01/26 | ​ | 137,067
| ​ | Newell Brands, Inc.^ | ​ | ​
55,000 | ​ | 6.375%, 09/15/27 | ​ | 54,175
27,000 | ​ | 6.625%, 09/15/29 | ​ | 26,729
| ​ | Nordstrom, Inc. | ​ | ​
110,000 | ​ | 5.000%, 01/15/44^ | ​ | 68,878
105,000 | ​ | 4.250%, 08/01/31 | ​ | 78,091
250,000 | ​ | Penn Entertainment, Inc.* 4.125%, 07/01/29 | ​ | 212,122
250,000 | ​ | PetSmart, Inc. / PetSmart Finance Corp.* 4.750%, 02/15/28 | ​ | 236,555
305,000 | ​ | Premier Entertainment Sub, LLC / Premier Entertainment Finance Corp.* 5.625%, 09/01/29 | ​ | 221,381
633,000 | ​ | Rite Aid Corp.* 8.000%, 11/15/26 | ​ | 342,959
105,000 | ​ | Royal Caribbean Cruises, Ltd.* 7.250%, 01/15/30 | ​ | 105,532
320,000 | ​ | Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed* 4.625%, 03/01/29 | ​ | 264,592
425,000 | ​ | Six Flags Entertainment Corp.* 7.250%, 05/15/31 | ​ | 416,772
241,000 | ​ | Sonic Automotive, Inc.* 4.625%, 11/15/29 | ​ | 202,700
131,000 | ​ | Speedway Motorsports, LLC / Speedway Funding II, Inc.* 4.875%, 11/01/27 | ​ | 121,928
455,000 | ​ | Station Casinos, LLC* 4.500%, 02/15/28 | ​ | 418,627
128,000 | ​ | Taylor Morrison Communities, Inc.* 5.750%, 01/15/28 | ​ | 127,126
55,000 | ​ | Viking Cruises, Ltd.* 13.000%, 05/15/25 | ​ | 57,976
260,000 | ​ | Vista Outdoor, Inc.* 4.500%, 03/15/29 | ​ | 204,144
55,000 | ​ | Williams Scotsman International, Inc.* 4.625%, 08/15/28 | ​ | 50,960
210,000 | ​ | ZF North America Capital, Inc.* 7.125%, 04/14/30 | ​ | 216,999
|  | ​ | 13,966,331
Consumer Staples (0.7%)
224,000 | ​ | 1375209 B.C., Ltd.* 9.000%, 01/30/28 | ​ | 222,013
251,000 | ​ | Central Garden & Pet Company* 4.125%, 04/30/31 | ​ | 211,814
245,000 | ​ | Edgewell Personal Care Company* 4.125%, 04/01/29 | ​ | 218,292

PRINCIPAL AMOUNT |  |  |  | VALUE
| ​ | Energizer Holdings, Inc.* | ​ | ​
307,000 | ​ | 4.375%, 03/31/29 | $ | 268,772
54,000 | ​ | 6.500%, 12/31/27 | ​ | 53,008
| ​ | JBS USA LUX, SA / JBS USA Food Company / JBS USA Finance, Inc.* | ​ | ​
320,000 | ​ | 5.500%, 01/15/30 | ​ | 306,131
135,000 | ​ | 5.125%, 02/01/28 | ​ | 132,285
80,000 | ​ | 5.750%, 04/01/33 | ​ | 76,898
174,000 | ​ | New Albertsons, LP 7.750%, 06/15/26 | ​ | 178,214
217,000 | ​ | Performance Food Group, Inc.* 4.250%, 08/01/29 | ​ | 197,596
| ​ | Pilgrim’s Pride Corp. | ​ | ​
165,000 | ​ | 4.250%, 04/15/31 | ​ | 144,114
140,000 | ​ | 5.875%, 09/30/27* | ​ | 139,597
110,000 | ​ | Post Holdings, Inc.* 5.750%, 03/01/27 | ​ | 109,338
209,000 | ​ | Prestige Brands, Inc.* 3.750%, 04/01/31 | ​ | 177,512
140,000 | ​ | United Natural Foods, Inc.* 6.750%, 10/15/28 | ​ | 132,943
342,000 | ​ | Vector Group, Ltd.* 5.750%, 02/01/29 | ​ | 306,470
|  | ​ | 2,874,997
Energy (1.8%)
211,000 | ​ | Antero Resources Corp.* 5.375%, 03/01/30 | ​ | 198,144
223,000 | ​ | Apache Corp. 5.100%, 09/01/40 | ​ | 191,236
| ​ | Buckeye Partners, LP | ​ | ​
140,000 | ​ | 3.950%, 12/01/26 | ​ | 127,593
135,000 | ​ | 5.850%, 11/15/43 | ​ | 104,167
305,000 | ​ | Callon Petroleum Company* 7.500%, 06/15/30 | ​ | 290,595
112,000 | ​ | Cheniere Energy, Inc. 4.625%, 10/15/28 | ​ | 106,957
167,000 | ​ | Chesapeake Energy Corp.* 6.750%, 04/15/29 | ​ | 165,480
| ​ | Continental Resources, Inc.* | ​ | ​
165,000 | ​ | 2.875%, 04/01/32 | ​ | 129,929
100,000 | ​ | 5.750%, 01/15/31 | ​ | 97,617
290,000 | ​ | DCP Midstream Operating, LP* 5.850%, 05/21/43 3 mo. LIBOR + 3.85% | ​ | 290,534
169,000 | ​ | DT Midstream, Inc.* 4.125%, 06/15/29 | ​ | 150,108
327,000 | ​ | Earthstone Energy Holdings, LLC* 8.000%, 04/15/27 | ​ | 319,518
120,000 | ​ | Enbridge, Inc.‡ 7.375%, 01/15/83 5 year CMT + 3.71% | ​ | 119,315

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
| ​ | Energy Transfer, LP‡ | ​ | ​
320,000 | ​ | 8.317%, 11/01/66 3 mo. LIBOR + 3.02% | $ | 240,333
162,000 | ​ | 6.500%, 11/15/26 5 year CMT + 5.69% | ​ | 143,558
| ​ | EnLink Midstream Partners, LP | ​ | ​
240,000 | ​ | 8.976%, 05/30/23‡ 3 mo. LIBOR + 4.11% | ​ | 203,906
224,000 | ​ | 4.850%, 07/15/26 | ​ | 218,384
132,000 | ​ | Enlink Midstream, LLC* 6.500%, 09/01/30 | ​ | 133,539
250,000 | ​ | EQM Midstream Partners, LP* 7.500%, 06/01/27 | ​ | 249,370
| ​ | Genesis Energy, LP / Genesis Energy Finance Corp. | ​ | ​
173,000 | ​ | 6.250%, 05/15/26 | ​ | 166,853
53,000 | ​ | 8.875%, 04/15/30 | ​ | 53,144
| ​ | Gulfport Energy Corp. | ​ | ​
215,000 | ​ | 6.375%, 05/15/25& | ​ | —
150,000 | ​ | 8.000%, 05/17/26* | ​ | 150,858
65,708 | ​ | 8.000%, 05/17/26 | ​ | 66,084
305,000 | ​ | Hilcorp Energy I, LP / Hilcorp Finance Company* 6.000%, 04/15/30 | ​ | 284,657
163,000 | ​ | Howard Midstream Energy Partners, LLC* 6.750%, 01/15/27 | ​ | 153,013
217,000 | ​ | Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* 6.000%, 08/01/26 | ​ | 211,082
| ​ | Moss Creek Resources Holdings, Inc.* | ​ | ​
135,000 | ​ | 10.500%, 05/15/27 | ​ | 131,693
90,000 | ​ | 7.500%, 01/15/26 | ​ | 84,615
160,000 | ​ | Nabors Industries, Inc.* 7.375%, 05/15/27 | ​ | 155,387
160,000 | ​ | Nabors Industries, Ltd.* 7.500%, 01/15/28 | ​ | 146,243
| ​ | New Fortress Energy, Inc.* | ​ | ​
221,000 | ​ | 6.750%, 09/15/25 | ​ | 211,090
113,000 | ​ | 6.500%, 09/30/26 | ​ | 104,237
230,000 | ​ | Parkland Corp.* 5.875%, 07/15/27 | ​ | 224,535
213,000 | ​ | Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | ​ | 190,103
270,000 | ​ | Plains All American Pipeline, LP‡ 8.974%, 05/30/23 3 mo. LIBOR + 4.11% | ​ | 238,864
200,000 | ​ | Rockcliff Energy II, LLC* 5.500%, 10/15/29 | ​ | 181,148
| ​ | Southwestern Energy Company | ​ | ​
155,000 | ​ | 5.375%, 03/15/30 | ​ | 144,956
109,000 | ​ | 4.750%, 02/01/32 | ​ | 96,419
105,000 | ​ | 5.375%, 02/01/29 | ​ | 99,437
54,000 | ​ | Sunoco, LP / Sunoco Finance Corp. 4.500%, 04/30/30 | ​ | 48,440

PRINCIPAL AMOUNT |  |  |  | VALUE
210,000 | ​ | Transocean, Inc.* 8.750%, 02/15/30 | $ | 212,121
| ​ | Venture Global Calcasieu Pass, LLC* | ​ | ​
130,000 | ​ | 6.250%, 01/15/30 | ​ | 131,912
55,000 | ​ | 4.125%, 08/15/31 | ​ | 48,793
55,000 | ​ | 3.875%, 08/15/29 | ​ | 49,543
| ​ | Vital Energy, Inc. | ​ | ​
108,000 | ​ | 9.500%, 01/15/25 | ​ | 108,743
101,000 | ​ | 10.125%, 01/15/28 | ​ | 101,464
190,000 | ​ | VOC Escrow, Ltd.* 5.000%, 02/15/28 | ​ | 169,607
| ​ | Weatherford International, Ltd.* | ​ | ​
155,000 | ​ | 8.625%, 04/30/30 | ​ | 158,052
129,000 | ​ | 6.500%, 09/15/28 | ​ | 129,135
|  | ​ | 7,732,511
Financials (2.8%)
292,000 | ​ | Acrisure, LLC / Acrisure Finance, Inc.* 7.000%, 11/15/25 | ​ | 279,175
323,000 | ​ | Aethon United BR, LP / Aethon United Finance Corp.* 8.250%, 02/15/26 | ​ | 315,284
363,000 | ​ | AG Issuer, LLC* 6.250%, 03/01/28 | ​ | 338,831
370,000 | ​ | Alliant Holdings Intermediate, LLC / Alliant Holdings Co-Issuer* 6.750%, 10/15/27 | ​ | 345,887
| ​ | Ally Financial, Inc. | ​ | ​
245,000 | ​ | 4.700%, 05/15/26‡,‡‡ 5 year CMT + 3.87% | ​ | 181,006
100,000 | ​ | 4.700%, 05/15/28‡ 7 year CMT + 3.48% | ​ | 70,552
90,000 | ​ | 8.000%, 11/01/31 | ​ | 95,151
439,000 | ​ | AmWINS Group, Inc.* 4.875%, 06/30/29 | ​ | 400,403
248,000 | ​ | Aviation Capital Group, LLC* 3.500%, 11/01/27 | ​ | 224,663
| ​ | Avolon Holdings Funding, Ltd.* | ​ | ​
90,000 | ​ | 5.500%, 01/15/26 | ​ | 88,373
85,000 | ​ | 3.950%, 07/01/24 | ​ | 82,561
434,000 | ​ | BroadStreet Partners, Inc.* 5.875%, 04/15/29 | ​ | 378,569
| ​ | Brookfield Property REIT, Inc. / BPR Cumulus, LLC / BPR Nimbus, LLC / GGSI Sellco, LLC* | ​ | ​
430,000 | ​ | 4.500%, 04/01/27 | ​ | 356,130
264,000 | ​ | 5.750%, 05/15/26 | ​ | 239,960
200,000 | ​ | Burford Capital Global Financial, LLC* 6.875%, 04/15/30 | ​ | 186,242
184,000 | ​ | Castlelake Aviation Finance DAC* 5.000%, 04/15/27 | ​ | 163,628
| ​ | Credit Acceptance Corp. | ​ | ​
237,000 | ​ | 5.125%, 12/31/24* | ​ | 227,423
230,000 | ​ | 6.625%, 03/15/26^ | ​ | 221,336

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
283,000 | ​ | Enact Holdings, Inc.* 6.500%, 08/15/25 | $ | 280,498
321,000 | ​ | Global Net Lease, Inc. / Global Net Lease Operating Partnership, LP* 3.750%, 12/15/27 | ​ | 245,957
317,000 | ​ | Greystar Real Estate Partners, LLC* 5.750%, 12/01/25 | ​ | 311,823
| ​ | HUB International, Ltd.* | ​ | ​
324,000 | ​ | 5.625%, 12/01/29 | ​ | 290,359
225,000 | ​ | 7.000%, 05/01/26 | ​ | 224,323
164,000 | ​ | Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 4.375%, 02/01/29 | ​ | 144,440
275,000 | ​ | ILFC E-Capital Trust II* 6.798%, 12/21/65 3 mo. LIBOR + 1.80% | ​ | 185,317
435,000 | ​ | Iron Mountain, Inc.* 5.250%, 03/15/28 | ​ | 419,131
600,000 | ​ | Jefferies Finance, LLC / JFIN Co-Issuer Corp.* 5.000%, 08/15/28 | ​ | 507,168
| ​ | Ladder Capital Finance Holdings, LLLP / Ladder Capital Finance Corp.* | ​ | ​
387,000 | ​ | 5.250%, 10/01/25 | ​ | 364,109
109,000 | ​ | 4.750%, 06/15/29 | ​ | 86,382
311,000 | ​ | LD Holdings Group, LLC* 6.125%, 04/01/28 | ​ | 172,117
| ​ | Level 3 Financing, Inc.* | ​ | ​
418,000 | ​ | 3.400%, 03/01/27 | ​ | 327,353
235,000 | ​ | 4.250%, 07/01/28 | ​ | 137,287
105,000 | ​ | 4.625%, 09/15/27 | ​ | 64,882
162,000 | ​ | LPL Holdings, Inc.* 4.000%, 03/15/29 | ​ | 145,565
487,000 | ​ | MetLife, Inc. 6.400%, 12/15/66 | ​ | 489,279
300,000 | ​ | Nationstar Mortgage Holdings, Inc.* 5.500%, 08/15/28 | ​ | 267,966
| ​ | Navient Corp. | ​ | ​
228,000 | ​ | 5.000%, 03/15/27 | ​ | 205,754
115,000 | ​ | 4.875%, 03/15/28 | ​ | 99,038
250,000 | ​ | Necessity Retail REIT, Inc. / American Finance Operating Partner, LP* 4.500%, 09/30/28 | ​ | 185,450
| ​ | OneMain Finance Corp. | ​ | ​
213,000 | ​ | 7.125%, 03/15/26 | ​ | 207,877
150,000 | ​ | 3.875%, 09/15/28 | ​ | 121,329
110,000 | ​ | Park Intermediate Holdings, LLC / PK Domestic Property, LLC / PK Finance Co-Issuer* 5.875%, 10/01/28 | ​ | 101,926
341,000 | ​ | PHH Mortgage Corp.* 7.875%, 03/15/26 | ​ | 307,009
55,000 | ​ | PNC Financial Services Group, Inc.‡ 6.000%, 05/15/27 5 year CMT + 3.00% | ​ | 51,053

PRINCIPAL AMOUNT |  |  |  | VALUE
260,000 | ​ | RHP Hotel Properties, LP / RHP Finance Corp.* 4.500%, 02/15/29 | $ | 234,281
| ​ | Rocket Mortgage, LLC / Rocket Mortgage Co-Issuer, Inc.* | ​ | ​
100,000 | ​ | 3.875%, 03/01/31 | ​ | 81,086
100,000 | ​ | 3.625%, 03/01/29 | ​ | 84,720
50,000 | ​ | 2.875%, 10/15/26 | ​ | 44,583
227,000 | ​ | StoneX Group, Inc.* 8.625%, 06/15/25 | ​ | 230,932
53,000 | ​ | SVB Financial Group‡ 4.000%, 05/15/26 5 year CMT + 3.20% | ​ | 4,063
| ​ | United Wholesale Mortgage, LLC* | ​ | ​
258,000 | ​ | 5.500%, 04/15/29 | ​ | 222,404
105,000 | ​ | 5.750%, 06/15/27 | ​ | 96,385
| ​ | Uniti Group, LP / Uniti Group Finance, Inc. / CSL Capital, LLC* | ​ | ​
110,000 | ​ | 6.500%, 02/15/29 | ​ | 66,990
105,000 | ​ | 10.500%, 02/15/28 | ​ | 100,463
250,000 | ​ | VZ Secured Financing, BV* 5.000%, 01/15/32 | ​ | 209,102
237,000 | ​ | XHR, LP* 6.375%, 08/15/25 | ​ | 233,945
|  | ​ | 11,747,520
Health Care (1.2%)
| ​ | Bausch Health Companies, Inc.* | ​ | ​
398,000 | ​ | 11.000%, 09/30/28 | ​ | 324,278
81,000 | ​ | 6.125%, 02/01/27 | ​ | 58,792
78,000 | ​ | 14.000%, 10/15/30 | ​ | 50,020
| ​ | CHS/Community Health Systems, Inc.* | ​ | ​
435,000 | ​ | 6.125%, 04/01/30 | ​ | 313,200
230,000 | ​ | 8.000%, 03/15/26 | ​ | 228,650
127,000 | ​ | 6.875%, 04/15/29 | ​ | 94,154
27,000 | ​ | 5.250%, 05/15/30 | ​ | 22,505
| ​ | DaVita, Inc.* | ​ | ​
433,000 | ​ | 4.625%, 06/01/30 | ​ | 377,935
258,000 | ​ | 3.750%, 02/15/31 | ​ | 207,721
| ​ | Embecta Corp.* | ​ | ​
162,000 | ​ | 5.000%, 02/15/30 | ​ | 139,928
52,000 | ​ | 6.750%, 02/15/30 | ​ | 47,312
| ​ | Encompass Health Corp. | ​ | ​
110,000 | ​ | 4.750%, 02/01/30 | ​ | 101,726
110,000 | ​ | 4.500%, 02/01/28 | ​ | 103,983
300,000 | ​ | HCA, Inc. 7.500%, 11/06/33 | ​ | 339,159
200,000 | ​ | Jazz Securities DAC* 4.375%, 01/15/29 | ​ | 184,224
119,819 | ​ | Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC* 10.000%, 06/15/29 | ​ | 64,594
| ​ | Medline Borrower, LP* | ​ | ​
270,000 | ​ | 3.875%, 04/01/29 | ​ | 236,444
267,000 | ​ | 5.250%, 10/01/29 | ​ | 231,243

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
400,000 | ​ | Organon & Company / Organon Foreign Debt Co-Issuer, BV* 5.125%, 04/30/31 | $ | 357,152
305,000 | ​ | Team Health Holdings, Inc.* 6.375%, 02/01/25 | ​ | 159,793
| ​ | Tenet Healthcare Corp. | ​ | ​
430,000 | ​ | 6.250%, 02/01/27 | ​ | 428,663
295,000 | ​ | 6.875%, 11/15/31 | ​ | 290,731
| ​ | Teva Pharmaceutical Finance Netherlands III, BV | ​ | ​
301,000 | ​ | 6.000%, 04/15/24 | ​ | 300,543
200,000 | ​ | 4.750%, 05/09/27 | ​ | 187,536
100,000 | ​ | 3.150%, 10/01/26 | ​ | 90,665
|  | ​ | 4,940,951
Industrials (2.5%)
260,000 | ​ | ACCO Brands Corp.* 4.250%, 03/15/29 | ​ | 219,456
235,000 | ​ | AerCap Holdings, NV^ 5.875%, 10/10/79 5 year CMT + 4.54% | ​ | 219,723
200,000 | ​ | Air Lease Corp.‡ 4.125%, 12/15/26 5 year CMT + 3.15% | ​ | 136,148
| ​ | Albertsons Companies, Inc. / Safeway, Inc. / New Albertsons, LP / Albertsons, LLC* | ​ | ​
365,000 | ​ | 4.625%, 01/15/27 | ​ | 353,776
216,000 | ​ | 3.500%, 03/15/29 | ​ | 191,672
155,000 | ​ | 5.875%, 02/15/28 | ​ | 153,786
250,000 | ​ | Allegiant Travel Company* 7.250%, 08/15/27 | ​ | 248,027
55,000 | ​ | American Airlines Group, Inc.* 3.750%, 03/01/25 | ​ | 51,896
127,000 | ​ | Arcosa, Inc.* 4.375%, 04/15/29 | ​ | 116,349
475,000 | ​ | ARD Finance, SA* 6.500%, 06/30/27 7.250% PIK rate | ​ | 392,378
80,000 | ​ | Ball Corp. 6.875%, 03/15/28 | ​ | 83,247
178,000 | ​ | Beacon Roofing Supply, Inc.* 4.125%, 05/15/29 | ​ | 156,750
226,000 | ​ | BWX Technologies, Inc.* 4.125%, 04/15/29 | ​ | 205,407
105,000 | ​ | Cascades, Inc. / Cascades USA, Inc.* 5.125%, 01/15/26 | ​ | 99,931
57,000 | ​ | Delta Air Lines, Inc.^ 7.375%, 01/15/26 | ​ | 60,120
56,000 | ​ | Delta Air Lines, Inc. / SkyMiles IP, Ltd.* 4.750%, 10/20/28 | ​ | 54,410
282,000 | ​ | Deluxe Corp.* 8.000%, 06/01/29 | ​ | 216,895
108,000 | ​ | Dun & Bradstreet Corp.* 5.000%, 12/15/29 | ​ | 95,734

PRINCIPAL AMOUNT |  |  |  | VALUE
163,000 | ​ | Eco Material Technologies, Inc.* 7.875%, 01/31/27 | $ | 156,606
140,000 | ​ | EnerSys* 4.375%, 12/15/27 | ​ | 131,648
135,000 | ​ | Graham Packaging Company, Inc.* 7.125%, 08/15/28 | ​ | 118,533
| ​ | Graphic Packaging International, LLC* | ​ | ​
102,000 | ​ | 3.500%, 03/01/29 | ​ | 90,743
85,000 | ​ | 4.750%, 07/15/27 | ​ | 82,325
236,000 | ​ | Great Lakes Dredge & Dock Corp.* 5.250%, 06/01/29 | ​ | 185,947
516,000 | ​ | H&E Equipment Services, Inc.* 3.875%, 12/15/28 | ​ | 446,954
324,000 | ​ | Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.* 5.750%, 01/20/26 | ​ | 301,955
270,000 | ​ | Herc Holdings, Inc.* 5.500%, 07/15/27 | ​ | 258,185
172,000 | ​ | Howmet Aerospace, Inc. 5.125%, 10/01/24 | ​ | 171,413
255,000 | ​ | IEA Energy Services, LLC* 6.625%, 08/15/29 | ​ | 242,671
280,000 | ​ | JELD-WEN, Inc.* 4.625%, 12/15/25 | ​ | 270,558
360,000 | ​ | Ken Garff Automotive, LLC* 4.875%, 09/15/28 | ​ | 317,099
210,000 | ​ | Knife River Holding Company* 7.750%, 05/01/31 | ​ | 213,247
110,000 | ​ | MasTec, Inc.* 4.500%, 08/15/28 | ​ | 102,113
170,000 | ​ | Moog, Inc.* 4.250%, 12/15/27 | ​ | 160,004
275,000 | ​ | Newfold Digital Holdings Group, Inc* 6.000%, 02/15/29 | ​ | 191,815
232,000 | ​ | Novelis Corp.* 4.750%, 01/30/30 | ​ | 210,250
80,000 | ​ | OI European Group, BV* 4.750%, 02/15/30 | ​ | 73,565
255,000 | ​ | Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer, LLC* 4.000%, 10/15/27 | ​ | 229,809
327,000 | ​ | Patrick Industries, Inc.* 4.750%, 05/01/29 | ​ | 284,709
| ​ | QVC, Inc. | ​ | ​
163,000 | ​ | 4.375%, 09/01/28 | ​ | 80,439
110,000 | ​ | 5.450%, 08/15/34 | ​ | 47,043
| ​ | Sealed Air Corp.* | ​ | ​
163,000 | ​ | 6.125%, 02/01/28 | ​ | 165,756
54,000 | ​ | 5.000%, 04/15/29 | ​ | 51,920
210,000 | ​ | Sensata Technologies, Inc.* 3.750%, 02/15/31 | ​ | 182,690
| ​ | Sinclair Television Group, Inc.* | ​ | ​
167,000 | ​ | 4.125%, 12/01/30 | ​ | 131,907
100,000 | ​ | 5.500%, 03/01/30 | ​ | 77,389

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
225,000 | ​ | Standard Industries, Inc.* 5.000%, 02/15/27 | $ | 215,743
176,000 | ​ | Stericycle, Inc.* 3.875%, 01/15/29 | ​ | 159,012
166,000 | ​ | STL Holding Company, LLC* 7.500%, 02/15/26 | ​ | 147,544
200,000 | ​ | TransDigm UK Holdings, PLC 6.875%, 05/15/26 | ​ | 201,398
| ​ | TransDigm, Inc. | ​ | ​
209,000 | ​ | 6.250%, 03/15/26* | ​ | 210,204
205,000 | ​ | 7.500%, 03/15/27 | ​ | 206,298
155,000 | ​ | 6.750%, 08/15/28* | ​ | 157,492
162,000 | ​ | Tronox, Inc.* 4.625%, 03/15/29 | ​ | 134,768
100,841 | ​ | United Airlines Pass Through Trust Series 2019-2, Class B 3.500%, 11/01/29 | ​ | 90,070
217,000 | ​ | Vertiv Group Corp.* 4.125%, 11/15/28 | ​ | 196,437
228,000 | ​ | Wabash National Corp.* 4.500%, 10/15/28 | ​ | 199,197
250,000 | ​ | Waste Pro USA, Inc.* 5.500%, 02/15/26 | ​ | 233,292
| ​ | WESCO Distribution, Inc.* | ​ | ​
81,000 | ​ | 7.125%, 06/15/25 | ​ | 82,422
67,000 | ​ | 7.250%, 06/15/28 | ​ | 68,924
235,000 | ​ | Williams Scotsman International, Inc.* 6.125%, 06/15/25 | ​ | 234,788
|  | ​ | 10,570,587
Information Technology (0.7%)
109,000 | ​ | Booz Allen Hamilton, Inc.* 4.000%, 07/01/29 | ​ | 99,012
126,000 | ​ | Coherent Corp.* 5.000%, 12/15/29 | ​ | 113,498
200,000 | ​ | CommScope Technologies, LLC* 6.000%, 06/15/25 | ​ | 188,204
200,000 | ​ | CommScope, Inc.* 4.750%, 09/01/29 | ​ | 161,636
210,000 | ​ | Dell International, LLC / EMC Corp. 6.020%, 06/15/26 | ​ | 216,206
138,000 | ​ | Fair Isaac Corp.* 4.000%, 06/15/28 | ​ | 128,710
245,000 | ​ | KBR, Inc.* 4.750%, 09/30/28 | ​ | 226,993
| ​ | MPH Acquisition Holdings, LLC* | ​ | ​
245,000 | ​ | 5.750%, 11/01/28 | ​ | 154,656
110,000 | ​ | 5.500%, 09/01/28 | ​ | 84,281
113,000 | ​ | NCR Corp.* 5.125%, 04/15/29 | ​ | 97,878
167,000 | ​ | ON Semiconductor Corp.* 3.875%, 09/01/28 | ​ | 151,426

PRINCIPAL AMOUNT |  |  |  | VALUE
| ​ | Open Text Corp.* | ​ | ​
204,000 | ​ | 3.875%, 02/15/28 | $ | 181,142
110,000 | ​ | 6.900%, 12/01/27 | ​ | 113,858
81,000 | ​ | 3.875%, 12/01/29 | ​ | 68,180
81,000 | ​ | Open Text Holdings, Inc.* 4.125%, 12/01/31 | ​ | 67,179
113,000 | ​ | Playtika Holding Corp.* 4.250%, 03/15/29 | ​ | 96,902
315,000 | ​ | TTM Technologies, Inc.* 4.000%, 03/01/29 | ​ | 269,788
| ​ | Twilio, Inc. | ​ | ​
150,000 | ​ | 3.625%, 03/15/29 | ​ | 128,196
57,000 | ​ | 3.875%, 03/15/31 | ​ | 47,643
275,000 | ​ | Viavi Solutions, Inc.* 3.750%, 10/01/29 | ​ | 231,830
260,000 | ​ | ZoomInfo Technologies, LLC / ZoomInfo Finance Corp.* 3.875%, 02/01/29 | ​ | 224,614
|  | ​ | 3,051,832
Materials (0.7%)
130,000 | ​ | ArcelorMittal, SA 7.000%, 10/15/39 | ​ | 137,908
85,000 | ​ | ATI, Inc. 5.875%, 12/01/27 | ​ | 83,397
55,000 | ​ | Carpenter Technology Corp. 7.625%, 03/15/30 | ​ | 56,624
165,000 | ​ | Chemours Company* 4.625%, 11/15/29 | ​ | 136,051
355,000 | ​ | Clearwater Paper Corp.* 4.750%, 08/15/28 | ​ | 319,933
157,000 | ​ | Cleveland-Cliffs, Inc.* 6.750%, 04/15/30 | ​ | 152,907
| ​ | Commercial Metals Company | ​ | ​
108,000 | ​ | 4.125%, 01/15/30 | ​ | 97,430
54,000 | ​ | 4.375%, 03/15/32 | ​ | 47,085
250,000 | ​ | Constellium, SE* 3.750%, 04/15/29 | ​ | 216,535
167,000 | ​ | HB Fuller Company 4.250%, 10/15/28 | ​ | 153,603
215,000 | ​ | JW Aluminum Continuous Cast Company* 10.250%, 06/01/26 | ​ | 216,557
| ​ | Kaiser Aluminum Corp.* | ​ | ​
245,000 | ​ | 4.625%, 03/01/28 | ​ | 216,561
28,000 | ​ | 4.500%, 06/01/31 | ​ | 22,202
58,000 | ​ | LSF11 A5 HoldCo, LLC* 6.625%, 10/15/29 | ​ | 50,038
239,000 | ​ | Mercer International, Inc. 5.125%, 02/01/29 | ​ | 200,081
200,000 | ​ | OCI, NV* 6.700%, 03/16/33 | ​ | 199,104
335,000 | ​ | Owens-Brockway Glass Container, Inc.* 6.625%, 05/13/27 | ​ | 336,658

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
200,000 | ​ | Silgan Holdings, Inc. 4.125%, 02/01/28 | $ | 187,222
113,000 | ​ | Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.* 5.125%, 04/01/29 | ​ | 70,227
|  | ​ | 2,900,123
Other (0.1%)
| ​ | Gen Digital, Inc.* | ​ | ​
100,000 | ​ | 7.125%, 09/30/30 | ​ | 100,603
100,000 | ​ | 6.750%, 09/30/27 | ​ | 100,916
|  | ​ | 201,519
Real Estate (0.2%)
174,000 | ​ | EPR Properties 3.750%, 08/15/29 | ​ | 139,174
| ​ | Forestar Group, Inc.* | ​ | ​
187,000 | ​ | 5.000%, 03/01/28 | ​ | 170,297
110,000 | ​ | 3.850%, 05/15/26 | ​ | 101,877
248,000 | ​ | MIWD Holdco II, LLC / MIWD Finance Corp.* 5.500%, 02/01/30 | ​ | 210,205
105,000 | ​ | Service Properties Trust 5.250%, 02/15/26 | ​ | 93,305
|  | ​ | 714,858
Special Purpose Acquisition Companies (0.1%)
| ​ | Fertitta Entertainment, LLC / Fertitta Entertainment Finance Company, Inc.* | ​ | ​
220,000 | ​ | 6.750%, 01/15/30 | ​ | 178,462
107,000 | ​ | 4.625%, 01/15/29 | ​ | 93,670
105,000 | ​ | W.R. Grace Holding, LLC* 7.375%, 03/01/31 | ​ | 105,398
|  | ​ | 377,530
Utilities (0.1%)
79,000 | ​ | PPL Capital Funding, Inc.‡ 7.828%, 03/30/67 3 mo. LIBOR + 2.67% | ​ | 69,003
260,000 | ​ | TerraForm Power Operating, LLC* 5.000%, 01/31/28 | ​ | 249,200
| ​ | Vistra Corp.* | ​ | ​
105,000 | ​ | 7.000%, 12/15/26 5 year CMT + 5.74% | ​ | 94,857
50,000 | ​ | 8.000%, 10/15/26 5 year CMT + 6.93% | ​ | 47,286
|  | ​ | 460,346
| ​ | Total Corporate Bonds (Cost $71,533,767) | 67,149,232
Convertible Bonds (31.7%)
Communication Services (3.0%)
200,000 | EUR | America Movil, BV 0.000%, 03/02/24 | ​ | 237,565

PRINCIPAL AMOUNT |  |  |  | VALUE
325,000 | ​ | Bharti Airtel, Ltd.* 1.500%, 02/17/25 | $ | 431,421
80,000 | ​ | Cable One, Inc. 03/15/26 | ​ | 65,743
100,000 | EUR | Cellnex Telecom, SA 1.500%, 01/16/26 | ​ | 145,356
20,000,000 | JPY | CyberAgent, Inc. 0.000%, 02/19/25 | ​ | 150,991
179,000 | ​ | iQIYI, Inc. 4.000%, 12/15/26 | ​ | 159,722
3,576,000 | ​ | Liberty Media Corp.* 2.250%, 08/15/27 | ​ | 3,806,545
| ​ | Sea, Ltd. | ​ | ​
5,371,000 | ​ | 2.375%, 12/01/25 | ​ | 6,169,346
604,000 | ​ | 0.250%, 09/15/26 | ​ | 480,210
| ​ | Snap, Inc. | ​ | ​
538,000 | ​ | 0.125%, 03/01/28 | ​ | 375,142
137,000 | ​ | 0.750%, 08/01/26 | ​ | 118,434
200,000 | ​ | Xiaomi Best Time International, Ltd. 0.000%, 12/17/27 | ​ | 165,452
157,000 | ​ | Zillow Group, Inc. 1.375%, 09/01/26 | ​ | 184,045
|  | ​ | 12,489,972
Consumer Discretionary (7.8%)
203,000 | ​ | Airbnb, Inc. 03/15/26 | ​ | 177,538
145,000 | ​ | Booking Holdings, Inc. 0.750%, 05/01/25 | ​ | 218,412
353,000 | ​ | Burlington Stores, Inc.^ 2.250%, 04/15/25 | ​ | 397,707
100,000 | EUR | Delivery Hero, SE 0.250%, 01/23/24 | ​ | 106,029
| ​ | DISH Network Corp. | ​ | ​
430,000 | ​ | 2.375%, 03/15/24 | ​ | 372,569
397,000 | ​ | 0.000%, 12/15/25 | ​ | 196,535
2,335,000 | ​ | DraftKings Holdings, Inc. 03/15/28 | ​ | 1,679,472
| ​ | Etsy, Inc. | ​ | ​
229,000 | ​ | 0.125%, 10/01/26 | ​ | 306,839
161,000 | ​ | 0.125%, 09/01/27µ | ​ | 141,732
251,000 | ​ | Farfetch, Ltd. 3.750%, 05/01/27 | ​ | 190,863
| ​ | Flight Centre Travel Group, Ltd. | ​ | ​
3,400,000 | AUD | 2.500%, 11/17/27 | ​ | 2,527,223
200,000 | AUD | 1.625%, 11/01/28 | ​ | 121,210
11,210,000 | ​ | Ford Motor Company 03/15/26 | ​ | 10,950,937
100,000 | EUR | HelloFresh, SE 0.750%, 05/13/25 | ​ | 102,251
2,569,000 | ​ | IMAX Corp. 0.500%, 04/01/26 | ​ | 2,577,144
562,000 | ​ | Li Auto, Inc. 0.250%, 05/01/28 | ​ | 608,573
161,000 | ​ | Liberty Broadband Corp.* 3.125%, 03/31/53 | ​ | 159,485

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
214,000 | ​ | Lucid Group, Inc.* 1.250%, 12/15/26 | $ | 116,679
296,000 | ​ | MakeMyTrip, Ltd. 02/15/28 | ​ | 284,776
920,000 | ​ | Marriott Vacations Worldwide Corp. 01/15/26 | ​ | 895,224
400,000 | ​ | Meituan 0.000%, 04/27/28 | ​ | 329,940
40,000,000 | JPY | Mercari, Inc. 0.000%, 07/14/28 | ​ | 195,689
| ​ | Ocado Group, PLC | ​ | ​
100,000 | GBP | 0.875%, 12/09/25 | ​ | 98,422
100,000 | GBP | 0.750%, 01/18/27 | ​ | 86,281
339,000 | ​ | PDD Holdings, Inc. 12/01/25 | ​ | 323,660
158,000 | ​ | Rivian Automotive, Inc.* 4.625%, 03/15/29 | ​ | 146,997
194,000 | ​ | Royal Caribbean Cruises, Ltd.* 6.000%, 08/15/25 | ​ | 296,688
100,000 | EUR | Shop Apotheke Europe, NV 0.000%, 01/21/28 | ​ | 91,811
162,000 | ​ | Stride, Inc. 1.125%, 09/01/27 | ​ | 169,797
17,000 | ​ | Tesla, Inc. 2.000%, 05/15/24 | ​ | 134,892
314,000 | ​ | Vroom, Inc. 0.750%, 07/01/26 | ​ | 112,987
| ​ | Wayfair, Inc. | ​ | ​
320,000 | ​ | 3.250%, 09/15/27* | ​ | 274,995
318,000 | ​ | 0.625%, 10/01/25 | ​ | 239,686
168,000 | ​ | 1.000%, 08/15/26 | ​ | 109,919
1,900,000 | GBP | WH Smith, PLC 1.625%, 05/07/26 | ​ | 2,170,510
4,573,000 | ​ | Wynn Macau, Ltd.* 4.500%, 03/07/29 | ​ | 5,202,474
5,000,000 | HKD | Zhongsheng Group Holdings, Ltd. 0.000%, 05/21/25 | ​ | 693,076
|  | ​ | 32,809,022
Consumer Staples (1.5%)
2,300,000 | EUR | Fomento Economico Mexicano SAB de CV 2.625%, 02/24/26 | ​ | 2,709,521
20,000,000 | JPY | Nippn Corp. 0.000%, 06/20/25 | ​ | 149,857
4,975,000 | CAD | Premium Brands Holdings Corp. 4.200%, 09/30/27 | ​ | 3,473,522
|  | ​ | 6,332,900
Energy (0.5%)
1,650,000 | ​ | Nabors Industries, Inc.* 1.750%, 06/15/29 | ​ | 1,285,713
306,000 | ​ | Northern Oil And Gas, Inc.* 3.625%, 04/15/29 | ​ | 344,733
170,000 | ​ | Pioneer Natural Resources Company 0.250%, 05/15/25 | ​ | 388,149

PRINCIPAL AMOUNT |  |  |  | VALUE
| ​ | SunEdison, Inc. | ​ | ​
2,261,000 | ​ | 0.250%, 01/15/49* | $ | 22,610
275,000 | ​ | 2.000%, 10/01/49 | ​ | 2,750
|  | ​ | 2,043,955
Financials (2.6%)
41,000,000 | HKD | Citigroup Global Markets Funding Luxembourg SCA 0.000%, 07/25/24 | ​ | 4,935,262
192,000 | ​ | Coinbase Global, Inc. 0.500%, 06/01/26 | ​ | 124,295
600,000 | EUR | Corestate Capital Holding, SA 1.375%, 07/31/23 | ​ | 92,460
100,000 | GBP | Cornwall Jersey, Ltd. 0.750%, 04/16/26 | ​ | 82,053
100,000 | EUR | JPMorgan Chase Bank NA 0.000%, 02/18/24 | ​ | 117,808
200,000 | EUR | JPMorgan Chase Financial Company, LLC (Voya Financial, Inc.)§ 0.000%, 01/14/25 | ​ | 231,761
200,000 | EUR | LEG Immobilien, SE 0.875%, 09/01/25 | ​ | 197,760
314,000 | ​ | Morgan Stanley Finance, LLC 1.000%, 11/23/27 | ​ | 338,555
200,000 | EUR | Oliver Capital Sarl 0.000%, 12/29/23 | ​ | 241,003
610,000,000 | JPY | SBI Holdings, Inc. 0.000%, 09/13/23 | ​ | 4,484,079
|  | ​ | 10,845,036
Health Care (1.8%)
164,000 | ​ | Alnylam Pharmaceuticals, Inc.* 1.000%, 09/15/27 | ​ | 162,955
1,768,000 | ​ | BioMarin Pharmaceutical, Inc.^ 0.599%, 08/01/24 | ​ | 1,818,353
135,000 | ​ | Coherus Biosciences, Inc.µ 1.500%, 04/15/26 | ​ | 97,446
172,000 | ​ | CONMED Corp.* 2.250%, 06/15/27 | ​ | 186,604
2,220,000 | ​ | Dexcom, Inc. 0.250%, 11/15/25 | ​ | 2,421,310
100,000 | EUR | GN Store Nord AS 0.000%, 05/21/24 | ​ | 103,038
205,000 | ​ | Haemonetics Corp. 03/01/26 | ​ | 174,789
| ​ | Halozyme Therapeutics, Inc. | ​ | ​
206,000 | ​ | 0.250%, 03/01/27 | ​ | 168,835
170,000 | ​ | 1.000%, 08/15/28* | ​ | 149,282
73,000 | ​ | Innoviva, Inc. 2.500%, 08/15/25 | ​ | 71,099
158,000 | ​ | Insmed, Inc. 0.750%, 06/01/28 | ​ | 131,709
162,000 | ​ | Integer Holdings Corp.* 2.125%, 02/15/28 | ​ | 185,501
167,000 | ​ | Integra LifeSciences Holdings Corp. 0.500%, 08/15/25 | ​ | 161,666

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
163,000 | ​ | Ionis Pharmaceuticals, Inc. 04/01/26 | $ | 149,639
156,000 | ​ | Jazz Investments I, Ltd. 2.000%, 06/15/26 | ​ | 169,934
101,000 | ​ | Lantheus Holdings, Inc.* 2.625%, 12/15/27 | ​ | 134,220
30,000,000 | JPY | Menicon Company, Ltd. 0.000%, 01/29/25 | ​ | 226,892
181,000 | ​ | NeoGenomics, Inc. 0.250%, 01/15/28 | ​ | 130,340
165,000 | ​ | NuVasive, Inc. 0.375%, 03/15/25 | ​ | 148,766
166,000 | ​ | Oak Street Health, Inc. 03/15/26 | ​ | 164,728
145,000 | ​ | Omnicell, Inc. 0.250%, 09/15/25 | ​ | 137,037
135,000 | ​ | Pacira BioSciences, Inc. 0.750%, 08/01/25 | ​ | 127,767
163,000 | ​ | Sarepta Therapeutics, Inc.* 1.250%, 09/15/27 | ​ | 184,232
171,000 | ​ | Tabula Rasa HealthCare, Inc. 1.750%, 02/15/26 | ​ | 141,130
155,000 | ​ | Tandem Diabetes Care, Inc.* 1.500%, 05/01/25 | ​ | 142,468
|  | ​ | 7,689,740
| ​ | ​ | ​ | ​
Industrials (3.8%)
1,744,000 | ​ | Axon Enterprise, Inc.* 0.500%, 12/15/27 | ​ | 1,972,604
1,500,000 | EUR | Duerr, AG 0.750%, 01/15/26 | ​ | 1,780,054
196,000 | ​ | John Bean Technologies Corp. 0.250%, 05/15/26 | ​ | 181,331
200,000 | ​ | L&F Company, Ltd. 2.500%, 04/26/30 | ​ | 177,720
161,000 | ​ | Middleby Corp. 1.000%, 09/01/25 | ​ | 195,404
2,720,000 | ​ | Parsons Corp. 0.250%, 08/15/25 | ​ | 2,956,613
3,500,000 | EUR | Prysmian S.p.A 0.000%, 02/02/26 | ​ | 4,079,836
2,200,000 | EUR | Rheinmetall AG 1.875%, 02/07/28 | ​ | 2,627,424
1,750,000 | SGD | Singapore Airlines, Ltd. 1.625%, 12/03/25 | ​ | 1,428,761
176,000 | ​ | Southwest Airlines Company~ 1.250%, 05/01/25 | ​ | 188,521
393,000 | ​ | Sunrun, Inc. 02/01/26 | ​ | 265,255
|  | ​ | 15,853,523
Information Technology (6.2%)
223,000 | ​ | Affirm Holdings, Inc. 11/15/26 | ​ | 142,336
190,000 | ​ | Akamai Technologies, Inc. 0.125%, 05/01/25 | ​ | 196,158
200,000 | EUR | BE Semiconductor Industries, NV 1.875%, 04/06/29 | ​ | 232,404

PRINCIPAL AMOUNT |  |  |  | VALUE
| ​ | BILL Holdings, Inc. | ​ | ​
208,000 | ​ | 0.000%, 04/01/27 | $ | 164,784
94,000 | ​ | 0.000%, 12/01/25 | ​ | 86,351
3,175,000 | ​ | Block, Inc. 0.125%, 03/01/25 | ​ | 2,966,148
210,000 | ​ | Cloudflare, Inc. 08/15/26 | ​ | 173,080
213,000 | ​ | Confluent, Inc. 01/15/27 | ​ | 169,539
5,316,000 | ​ | CyberArk Software, Ltd. 11/15/24 | ​ | 5,544,375
2,677,000 | ​ | Datadog, Inc. 0.125%, 06/15/25 | ​ | 2,809,404
447,000 | ​ | DigitalOcean Holdings, Inc. 12/01/26 | ​ | 349,921
207,000 | ​ | Dropbox, Inc. 03/01/28 | ​ | 177,076
381,000 | CAD | Dye & Durham, Ltd.* 3.750%, 03/01/26 | ​ | 212,737
411,000 | ​ | Fastly, Inc.µ 03/15/26 | ​ | 330,251
357,000 | ​ | Five9, Inc.µ 0.500%, 06/01/25 | ​ | 328,340
17,000,000 | HKD | Kingsoft Corp, Ltd. 0.625%, 04/29/25 | ​ | 2,479,447
175,000 | ​ | LivePerson, Inc. 12/15/26 | ​ | 112,772
324,000 | ​ | Lumentum Holdings, Inc. 0.500%, 12/15/26 | ​ | 275,510
451,000 | ​ | Microchip Technology, Inc.^ 0.125%, 11/15/24 | ​ | 478,231
418,000 | ​ | MicroStrategy, Inc. 02/15/27 | ​ | 253,743
447,000 | ​ | NCL Corp. Ltd. 1.125%, 02/15/27 | ​ | 325,952
186,000 | ​ | New Relic, Inc. 0.500%, 05/01/23 | ​ | 185,834
200,000 | EUR | Nexi S.p.A 1.750%, 04/24/27 | ​ | 190,411
162,000 | ​ | Nice, Ltd. 09/15/25 | ​ | 152,100
413,000 | ​ | Okta, Inc. 0.125%, 09/01/25 | ​ | 370,556
| ​ | ON Semiconductor Corp. | ​ | ​
3,204,000 | ​ | 0.500%, 03/01/29* | ​ | 3,099,614
202,000 | ​ | 0.000%, 05/01/27 | ​ | 297,120
| ​ | Palo Alto Networks, Inc. | ​ | ​
190,000 | ​ | 0.750%, 07/01/23 | ​ | 389,270
148,000 | ​ | 0.375%, 06/01/25 | ​ | 273,874
173,000 | ​ | Pegasystems, Inc. 0.750%, 03/01/25 | ​ | 156,349
296,000 | ​ | Repay Holdings Corp.* 02/01/26 | ​ | 226,049
320,000 | ​ | RingCentral, Inc. 03/15/26 | ​ | 260,138
40,000,000 | JPY | SCREEN Holdings Company, Ltd. 0.000%, 06/11/25 | ​ | 323,482
139,000 | ​ | Shift4 Payments, Inc. 12/15/25 | ​ | 152,548
145,000 | ​ | Silicon Laboratories, Inc. 0.625%, 06/15/25 | ​ | 175,256
148,300 | EUR | SOITEC 0.000%, 10/01/25 | ​ | 288,973
190,000 | ​ | Splunk, Inc. 1.125%, 09/15/25 | ​ | 180,109

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
200,000 | ​ | Tyler Technologies, Inc. 0.250%, 03/15/26 | $ | 200,878
223,000 | ​ | Unity Software, Inc. 0.000%, 11/15/26 | ​ | 173,924
200,000 | ​ | Win Semiconductors Corp. 0.000%, 01/14/26 | ​ | 174,148
318,000 | ​ | Wix.com, Ltd. 0.000%, 08/15/25 | ​ | 278,380
170,000 | ​ | Workiva, Inc. 1.125%, 08/15/26 | ​ | 225,920
265,000 | ​ | Xero Investments, Ltd. 0.000%, 12/02/25 | ​ | 224,365
145,000 | ​ | Zscaler, Inc. 0.125%, 07/01/25 | ​ | 140,553
|  | ​ | 25,948,410
Materials (2.9%)
214,000 | ​ | Amyris, Inc. 1.500%, 11/15/26 | ​ | 50,551
8,000,000 | ​ | Glencore Funding, LLC 0.000%, 03/27/25 | ​ | 8,657,840
950,000 | ​ | Ivanhoe Mines, Ltd.* 2.500%, 04/15/26 | ​ | 1,251,198
2,154,000 | ​ | Lithium Americas Corp. 1.750%, 01/15/27 | ​ | 1,681,132
20,000,000 | JPY | Nippon Steel Corp. 0.000%, 10/05/26 | ​ | 180,686
400,000 | EUR | POSCO Holdings, Inc. 0.000%, 09/01/26 | ​ | 443,815
|  | ​ | 12,265,222
Other (0.6%)
3,440,000 | EUR | Edenred 0.000%, 09/06/24 | ​ | 2,422,153
110,000 | ​ | Multiplan Corp.* 6.000%, 10/15/27 | ​ | 70,626
|  | ​ | 2,492,779
Real Estate (0.9%)
2,900,000 | EUR | ANLLIAN Capital, Ltd. 0.000%, 02/05/25 | ​ | 3,503,079
330,000 | ​ | Redfin Corp. 10/15/25 | ​ | 242,306
200,000 | ​ | Vingroup, JSC 3.000%, 04/20/26 | ​ | 166,270
|  | ​ | 3,911,655
| ​ | ​ | ​ | ​
Utilities (0.1%)
320,000 | ​ | PPL Capital Funding, Inc.* 2.875%, 03/15/28 | ​ | 321,238
160,000 | ​ | Southern Company* 3.875%, 12/15/25 | ​ | 164,954
|  | ​ | 486,192
| ​ | Total Convertible Bonds (Cost $149,489,898) | 133,168,406

PRINCIPAL AMOUNT |  |  |  | VALUE
Bank Loans (2.4%) ¡
Airlines (0.1%)
190,000 | ​ | American Airlines, Inc.‡ 10.000%, 04/20/28 3 mo. LIBOR + 4.75% | $ | 191,556
187,000 | ​ | Mileage Plus Holdings, LLC‡ 10.213%, 06/21/27 3 mo. LIBOR + 5.25% | ​ | 194,882
|  | ​ | 386,438
Communication Services (0.3%)
337,750 | ​ | Clear Channel Outdoor Holdings, Inc.‡ 8.807%, 08/21/26 3 mo. LIBOR + 3.50% | ​ | 318,787
159,491 | ​ | CMG Media Corp.‡ 8.659%, 12/17/26 3 mo. LIBOR + 3.50% | ​ | 137,694
301,799 | ​ | DIRECTV Financing, LLC‡ 10.025%, 08/02/27 1 mo. LIBOR + 5.00% | ​ | 290,482
320,000 | ​ | Entercom Media Corp.‡ 7.525%, 11/18/24 1 mo. LIBOR + 2.50% | ​ | 196,600
73,805 | ​ | Nexstar Broadcasting, Inc.‡ 7.525%, 09/18/26 1 mo. LIBOR + 2.50% | ​ | 73,751
104,213 | ​ | Univision Communications, Inc.‡ 9.148%, 06/24/29 3 mo. SOFR + 4.25% | ​ | 103,561
|  | ​ | 1,120,875
Consumer Discretionary (0.5%)
210,000 | ​ | Caesars Entertainment, Inc‡ 8.332%, 02/06/30 1 mo. SOFR + 3.25% | ​ | 209,547
210,000 | ​ | Hanesbrands, Inc.‡ 8.721%, 03/08/30 1 mo. SOFR + 3.75% | ​ | 209,410
72,430 | ​ | Life Time Fitness, Inc.‡ 9.775%, 12/16/24 1 mo. LIBOR + 4.75% | ​ | 72,509
107,289 | ​ | Penn National Gaming, Inc‡ 7.732%, 05/03/29 1 mo. SOFR + 2.75% | ​ | 106,967
379,955 | ​ | Petco Health and Wellness Company, Inc.‡ 8.410%, 03/03/28 3 mo. SOFR + 3.25% | ​ | 375,183
383,040 | ​ | PetSmart, Inc.‡ 8.832%, 02/11/28 1 mo. SOFR + 3.75% | ​ | 381,843
207,000 | ​ | SkyMiles IP, Ltd.‡ 8.798%, 10/20/27 3 mo. SOFR + 3.75% | ​ | 214,777

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
140,551 | ​ | TKC Holdings, Inc.‡ 10.525%, 05/15/28 1 mo. LIBOR + 5.50% | $ | 127,048
363,825 | ​ | WW International, Inc.‡ 8.530%, 04/13/28 1 mo. LIBOR + 3.50% | ​ | 249,675
|  | ​ | 1,946,959
Energy (0.0%)
205,000 | ​ | Par Petroleum, LLC‡ 9.240%, 02/28/30 3 mo. SOFR + 4.25% | ​ | 201,882
Financials (0.3%)
210,000 | ​ | Alliant Holdings Intermediate, LLC‡ 8.376%, 11/05/27 1 mo. SOFR + 3.50% | ​ | 208,556
165,000 | ​ | Amynta Agency Borrower, Inc.‡ 9.990%, 02/28/28 3 mo. SOFR + 5.00% | ​ | 160,926
213,920 | ​ | AssuredPartners, Inc.‡ 8.482%, 02/12/27 1 mo. SOFR + 3.50% | ​ | 210,533
109,725 | ​ | Castlelake Aviation, Ltd.‡ 7.783%, 10/22/27 3 mo. SOFR + 2.75% | ​ | 108,423
209,475 | ​ | Hub International, Ltd.‡ 8.692%, 11/10/29 3 mo. SOFR + 4.00% | ​ | 209,321
265,718 | ​ | Jazz Financing Lux Sarl‡ 8.525%, 05/05/28 1 mo. LIBOR + 3.50% | ​ | 265,670
292,050 | ​ | VFH Parent, LLC‡ 8.064%, 01/13/29 1 mo. SOFR + 3.00% | ​ | 286,939
|  | ​ | 1,450,368
Health Care (0.3%)
375,739 | ​ | Amneal Pharmaceuticals, LLC‡ 8.563%, 05/04/25 1 mo. LIBOR + 3.50% | ​ | 352,021
52,938 | ​ | Bausch Health Companies, Inc.‡ 10.240%, 02/01/27 1 mo. SOFR + 5.25% | ​ | 42,897
131,916 | ​ | Icon Luxembourg Sarl‡ 7.410%, 07/03/28 3 mo. SOFR + 2.25% | ​ | 132,025
293,905 | ​ | Mallinckrodt International Finance, SA‡ 10.198%, 09/30/27 1 mo. LIBOR + 5.25% | ​ | 210,602
235,294 | ​ | Padagis, LLC‡ 9.969%, 07/06/28 3 mo. LIBOR + 4.75% | ​ | 224,706

PRINCIPAL AMOUNT |  |  |  | VALUE
32,867 | ​ | PRA Health Sciences, Inc.‡ 7.126%, 07/03/28 3 mo. LIBOR + 2.25% | $ | 32,894
637,818 | ​ | Team Health Holdings, Inc.‡ 10.232%, 03/02/27 1 mo. SOFR + 5.25% | ​ | 419,046
|  | ​ | 1,414,191
​
Industrials (0.3%)
108,075 | ​ | ACProducts, Inc.‡ 9.409%, 05/17/28 3 mo. LIBOR + 4.25% | ​ | 86,239
138,950 | ​ | Air Canada‡ 8.369%, 08/11/28 3 mo. LIBOR + 3.50% | ​ | 138,886
273,625 | ​ | ChampionX Corp.‡ 8.178%, 06/07/29 1 mo. SOFR + 3.25% | ​ | 273,967
268,951 | ​ | Dun & Bradstreet Corp.‡ 8.268%, 02/06/26 1 mo. LIBOR + 3.25% | ​ | 268,909
198,500 | ​ | Scientific Games International, Inc.‡ 7.981%, 04/14/29 1 mo. SOFR + 3.00% | ​ | 198,287
124,688 | ​ | Summit Materials, LLC‡ 8.491%, 12/14/27 3 mo. SOFR + 3.00% | ​ | 125,252
279,300 | ​ | United Airlines, Inc.‡ 8.770%, 04/21/28 3 mo. LIBOR + 3.75% | ​ | 278,863
|  | ​ | 1,370,403
Information Technology (0.2%)
208,529 | ​ | Banff Merger Sub, Inc.‡ 8.775%, 10/02/25 1 mo. LIBOR + 3.75% | ​ | 206,314
172,944 | ​ | Camelot U.S. Acquisition LLC‡ 8.025%, 10/30/26 1 mo. LIBOR + 3.00% | ​ | 172,998
49,875 | ​ | CDK Global, Inc.‡ 9.148%, 07/06/29 3 mo. SOFR + 4.50% | ​ | 49,888
205,479 | ​ | II-VI, Inc.‡ 7.847%, 07/02/29 1 mo. SOFR + 2.75% | ​ | 205,029
|  | ​ | 634,229
Materials (0.2%)
64,386 | ​ | American Axle and Manufacturing, Inc.‡ 8.434%, 12/13/29 1 mo. SOFR + 3.50% | ​ | 64,305
47,407 | ​ | American Axle and Manufacturing, Inc.‡ 8.504%, 12/13/29 3 mo. SOFR + 3.50% | ​ | 47,348

​

Schedule of Investments April 30, 2023 (Unaudited)

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

PRINCIPAL AMOUNT |  |  |  | VALUE
47,407 | ​ | American Axle and Manufacturing, Inc.‡ 8.436%, 12/13/29 6 mo. SOFR + 3.50% | $ | 47,348
215,000 | ​ | Ineos US Finance, LLC‡ 8.568%, 02/18/30 3 mo. SOFR + 3.50% | ​ | 214,821
263,820 | ​ | Innophos, Inc.‡ 8.275%, 02/05/27 1 mo. LIBOR + 3.25% | ​ | 261,677
108,900 | ​ | LSF11 A5 HoldCo, LLC‡ 8.597%, 10/15/28 1 mo. SOFR + 3.50% | ​ | 105,715
105,000 | ​ | LSF11 A5 Holdco, LLC‡ 9.332%, 10/15/28 1 mo. SOFR + 4.25% | ​ | 103,643
99,747 | ​ | W.R. Grace & Co.-Conn.‡ 8.938%, 09/22/28 3 mo. LIBOR + 3.75% | ​ | 99,984
|  | ​ | 944,841
Special Purpose Acquisition Companies (0.2%)
210,000 | ​ | AP Core Holdings II, LLC‡ 10.525%, 09/01/27 1 mo. LIBOR + 5.50% | ​ | 205,100
109,175 | ​ | Clydesdale Acquisition Holdings, Inc.‡ 9.257%, 04/13/29 1 mo. SOFR + 4.18% | ​ | 106,855
54,450 | ​ | Fertitta Entertainment, LLC‡ 8.982%, 01/27/29 1 mo. SOFR + 4.00% | ​ | 53,089
228,850 | ​ | Oscar AcquisitionCo, LLC‡ 9.498%, 04/29/29 3 mo. SOFR + 4.50% | ​ | 221,635
199,000 | ​ | Patagonia Holdco, LLC‡ 10.473%, 08/01/29 3 mo. SOFR + 5.75% | ​ | 162,848
|  | ​ | 749,527
| ​ | Total Bank Loans (Cost $10,834,547) | 10,219,713

NUMBER OF SHARES |  |  |  | VALUE
Convertible Preferred Stocks (2.6%)
Communication Services (0.1%)
155 | ​ | T-Mobile Exchangeable Trust# 5.250%, 06/01/23 | 181,100
Consumer Discretionary (1.3%)
47,515 | ​ | Aptiv, PLC 5.500%, 06/15/23 | 5,378,223

NUMBER OF SHARES |  |  |  | VALUE
Energy (0.0%)
5 | ​ | Gulfport Energy Corp. 10.000%, 05/30/23 15.000% PIK rate | $32,500​
Financials (0.3%)
417 | ​ | Bank of America Corp. ‡‡ 7.250% | ​ | 493,699
3,178 | ​ | KKR & Company, Inc. 6.000%, 09/15/23 | ​ | 202,979
413 | ​ | Wells Fargo & Company - Class A ‡‡ 7.500% | ​ | 482,396
|  | ​ | 1,179,074
Utilities (0.9%)
1,995 | ​ | AES Corp.^ 6.875%, 02/15/24 | ​ | 179,570
| ​ | NextEra Energy, Inc. | ​ | ​
41,636 | ​ | 6.219%, 09/01/23 | ​ | 2,043,495
35,211 | ​ | 6.926%, 09/01/25 | ​ | 1,666,889
|  | ​ | 3,889,954
| ​ | Total Convertible Preferred Stocks (Cost $13,918,256) | 10,660,851
Common Stocks (79.9%)
Communication Services (6.1%)
112,000 | ​ | Alphabet, Inc. - Class A# | ​ | 12,022,080
4,575 | ​ | Altice USA, Inc. - Class A# | ​ | 16,012
79,900 | HKD | Baidu, Inc. - Class A# | ​ | 1,202,647
1,735 | ​ | Cumulus Media, Inc. - Class A# | ​ | 6,099
1 | ​ | Frontier Communications Parent, Inc.# | ​ | 23
768 | EUR | IPSOS | ​ | 41,641
96,000 | EUR | Orange, SA | ​ | 1,249,528
66,700 | HKD | Tencent Holdings, Ltd. | ​ | 2,962,555
89,070 | ​ | Tencent Holdings, Ltd. (ADR) | ​ | 3,951,145
1,176,545 | GBP | Vodafone Group, PLC | ​ | 1,413,178
26,395 | ​ | Walt Disney Company# | ​ | 2,705,487
|  | ​ | 25,570,395
Consumer Discretionary (9.7%)
124,700 | HKD | Alibaba Group Holding, Ltd.# | ​ | 1,318,531
8,175 | ​ | Alibaba Group Holding, Ltd. (ADR)# | ​ | 692,341
89,300 | ​ | Amazon.com, Inc.# | ​ | 9,416,685
170,400 | SAR | Americana Restaurants International, PLC | ​ | 181,726
77,069 | ​ | Arcos Dorados Holdings, Inc. - Class A | ​ | 611,928
3,900 | BRL | Arezzo Industria e Comercio, SA | ​ | 51,903
4,489,500 | PHP | Bloomberry Resorts Corp.# | ​ | 852,255
942 | EUR | Brunello Cucinelli S.p.A | ​ | 90,199
17,721,900 | IDR | Bukalapak.com PT Tbk# | ​ | 287,190

​

Schedule of Investments April 30, 2023 (Unaudited)

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

NUMBER OF SHARES |  |  |  | VALUE
12,500 | CNY | BYD Company, Ltd. - Class A | $ | 463,195
20,700 | CNY | China Tourism Group Duty Free Corp., Ltd. - Class A | ​ | 482,948
650 | ​ | Chipotle Mexican Grill, Inc. - Class A# | ​ | 1,343,953
1,110 | EUR | CIE Automotive, SA | ​ | 33,472
21,900 | ​ | Coupang, Inc.# | ​ | 367,044
70,900 | BRL | Cyrela Brazil Realty, SA Empreendimentos e Participacoes# | ​ | 219,617
64,500 | ​ | DraftKings Inc. - Class A# | ​ | 1,413,195
161,219 | HKD | JD.com, Inc. - Class A | ​ | 2,877,411
190,000 | HKD | Jiumaojiu International Holdings, Ltd.* | ​ | 426,913
123,000 | HKD | Li Ning Company, Ltd. | ​ | 879,649
7,335 | EUR | LVMH Moet Hennessy Louis Vuitton, SE | ​ | 7,055,398
32,200 | INR | Mahindra & Mahindra, Ltd. | ​ | 483,759
11,470 | HKD | Meituan - Class B# | ​ | 196,027
1,435 | ​ | MercadoLibre, Inc.# | ​ | 1,833,198
124,450 | HKD | New Oriental Education & Technology Group, Inc.# | ​ | 565,191
1,100 | JPY | Nextage Company, Ltd.^ | ​ | 19,954
67,595 | ​ | On Holding, AG - Class A# | ​ | 2,193,458
43,600 | HKD | Prada, S.p.A | ​ | 321,013
8,200 | EUR | Prosus, NV# | ​ | 613,635
502,200 | HKD | Samsonite International, SA# | ​ | 1,591,394
236,800 | HKD | Sands China, Ltd.# | ​ | 848,080
1,445 | EUR | Sanlorenzo S.p.A. / Ameglia^ | ​ | 64,853
13,290 | ​ | Tesla, Inc.# | ​ | 2,183,680
7,420 | AUD | Webjet, Ltd.# | ​ | 36,694
67,300 | HKD | Wynn Macau, Ltd.# | ​ | 72,811
10,100 | HKD | Yum China Holdings, Inc. | ​ | 618,105
|  | ​ | 40,707,405
Consumer Staples (4.1%)
6,450 | INR | Britannia Industries, Ltd. | ​ | 358,054
77,500 | GBP | British American Tobacco, PLC | ​ | 2,863,299
35,550 | ​ | Coca-Cola Company^ | ​ | 2,280,532
5,000 | ​ | Costco Wholesale Corp. | ​ | 2,516,100
51,750 | MXN | Fomento Economico Mexicano, SAB de CV | ​ | 503,353
1,500 | JPY | Kobe Bussan Company, Ltd.^ | ​ | 41,953
200 | JPY | Kose Corp. | ​ | 23,339
2,600 | CNY | Kweichow Moutai Company, Ltd. - Class A | ​ | 661,860
20,500 | CHF | Nestle, SA | ​ | 2,629,936
15,400 | CNY | Proya Cosmetics Company, Ltd. - Class A | ​ | 373,803
71,700 | BRL | Raia Drogasil, SA | ​ | 377,777
1,000 | JPY | Rohto Pharmaceutical Company, Ltd. | ​ | 20,747
67,100 | JPY | Seven & i Holdings Company, Ltd. | ​ | 3,040,800
106,000 | HKD | Smoore International Holdings, Ltd.* | ​ | 123,916

NUMBER OF SHARES |  |  |  | VALUE
2,423,500 | IDR | Sumber Alfaria Trijaya, Tbk PT | $ | 479,204
135,000 | PHP | Universal Robina Corp. | ​ | 359,256
123,400 | MXN | Wal-Mart de Mexico, SAB de CV | ​ | 497,389
|  | ​ | 17,151,318
Energy (5.0%)
3,435 | CAD | ARC Resources, Ltd.^ | ​ | 42,670
100,600 | CAD | Canadian Natural Resources, Ltd.^ | ​ | 6,130,226
12,770 | CAD | CES Energy Solutions Corp. | ​ | 25,354
2,577 | ​ | Chaparral Energy, Inc. - Class A# | ​ | 108,234
650 | ​ | Chesapeake Energy Corp. | ​ | 53,742
17,600 | ​ | Chevron Corp. | ​ | 2,967,008
14,985 | ​ | Energy Transfer, LP | ​ | 193,007
9,035 | ​ | Enterprise Products Partners, LP | ​ | 237,711
1,826 | ​ | EP Energy Corp.# | ​ | 13,010
42,400 | ​ | Helmerich & Payne, Inc.^ | ​ | 1,405,984
2,930 | ​ | Magellan Midstream Partners, LP | ​ | 163,494
17,446 | ​ | Marathon Petroleum Corp. | ​ | 2,128,412
31,210 | EUR | Motor Oil Hellas Corinth Refineries, SA | ​ | 743,846
136,900 | THB | PTT Exploration & Production, PCL | ​ | 590,882
36,300 | INR | Reliance Industries, Ltd. | ​ | 1,077,739
98,974 | ​ | Schlumberger, NV | ​ | 4,884,367
3,570 | ​ | TechnipFMC, PLC# | ​ | 48,873
|  | ​ | 20,814,559
Financials (11.6%)
373,000 | HKD | AIA Group, Ltd. | ​ | 4,060,878
11,000 | ​ | Aon, PLC - Class A | ​ | 3,576,980
141,500 | BRL | B3, SA - Brasil Bolsa Balcao | ​ | 331,353
1,133,979 | IDR | Bank Central Asia, Tbk PT | ​ | 701,764
6,675,700 | IDR | Bank Mandiri Persero, Tbk PT | ​ | 2,359,858
189,000 | ​ | Bank of America Corp. | ​ | 5,533,920
5,174 | EUR | Bank of Ireland Group, PLC | ​ | 53,514
378,104 | PHP | Bank of the Philippine Islands | ​ | 735,446
8,250 | ​ | Chubb, Ltd. | ​ | 1,662,870
111,948 | AED | First Abu Dhabi Bank, PJSC | ​ | 432,881
96,700 | ZAR | FirstRand, Ltd. | ​ | 340,797
85,400 | MXN | Grupo Financiero Banorte, SAB de CV - Class O | ​ | 740,122
19,025 | KRW | Hana Financial Group, Inc. | ​ | 597,835
243,450 | INR | HDFC Bank, Ltd. | ​ | 5,032,036
4,450 | INR | Housing Development Finance Corp., Ltd. | ​ | 151,314
34,300 | ​ | ICICI Bank, Ltd. (ADR) | ​ | 780,325
150,716 | ​ | Itau Unibanco Holding, SA (ADR) | ​ | 776,187
50,675 | ​ | JPMorgan Chase & Company~ | ​ | 7,005,312
156,300 | THB | Kasikornbank PCL | ​ | 574,080
4,120,000 | GBP | Lloyds Banking Group, PLC | ​ | 2,502,985
44,285 | ​ | Morgan Stanley^ | ​ | 3,984,321

​

Schedule of Investments April 30, 2023 (Unaudited)

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

NUMBER OF SHARES |  |  |  | VALUE
260,000 | HKD | Ping An Insurance Group Company of China, Ltd. - Class H | $ | 1,896,835
18,400 | SAR | Saudi National Bank | ​ | 239,891
16,375 | AUD | Steadfast Group, Ltd. | ​ | 64,557
111,125 | ​ | Wells Fargo & Company | ​ | 4,417,219
|  | ​ | 48,553,280
Health Care (7.9%)
23,100 | GBP | AstraZeneca, PLC | ​ | 3,399,464
53,700 | THB | Bumrungrad Hospital PCL | ​ | 374,276
14,977 | ​ | Danaher Corp.^ | ​ | 3,548,201
5,143 | KRW | Dentium Company, Ltd. | ​ | 555,165
16,060 | ​ | Eli Lilly & Company^ | ​ | 6,357,512
3,940 | GBP | Ergomed, PLC# | ​ | 52,907
10,104 | ​ | GE Healthcare, Inc.# | ​ | 821,859
4,860 | ​ | Humana, Inc. | ​ | 2,578,181
63,410 | BRL | Hypera, SA | ​ | 473,560
21,040 | ​ | Inmode, Ltd.# | ​ | 783,950
4,208 | ​ | Mallinckrodt, PLC# | ​ | 24,575
6,100 | AUD | Nanosonics, Ltd.# | ​ | 23,239
63,900 | ​ | Novo Nordisk, A/S (ADR) | ​ | 10,677,051
5,000 | KRW | Ray Company, Ltd.# | ​ | 125,041
2,200 | JPY | Sosei Group Corp.# | ​ | 43,345
106 | CHF | Tecan Group, AG# | ​ | 46,192
5,900 | ​ | UnitedHealth Group, Inc.µ | ​ | 2,903,331
98,000 | HKD | Wuxi Biologics Cayman, Inc.# | ​ | 584,358
|  | ​ | 33,372,207
Industrials (9.2%)
550 | EUR | Aalberts, NV | ​ | 25,402
21,800 | EUR | Airbus, SE | ​ | 3,052,756
13,840 | TWD | Airtac International Group | ​ | 502,316
37,029 | EUR | Alstom, SA | ​ | 930,708
510 | EUR | ANDRITZ, AG | ​ | 33,122
9,310 | ​ | Automatic Data Processing, Inc. | ​ | 2,048,200
1,900 | JPY | BayCurrent Consulting, Inc. | ​ | 66,044
63 | CHF | Burckhardt Compression Holding, AG | ​ | 38,902
33,100 | CAD | Canadian Pacific Kansas City, Ltd.^ | ​ | 2,609,204
12,780 | CNY | Contemporary Amperex Technology Company, Ltd. - Class A | ​ | 427,652
17,700 | INR | Cummins India, Ltd. | ​ | 341,443
955 | EUR | DO & CO, AG# | ​ | 111,858
730 | EUR | Duerr, AG | ​ | 25,329
750 | JPY | Ebara Corp.^ | ​ | 32,813
30,312 | ​ | General Electric Company | ​ | 2,999,979
27,400 | MXN | Grupo Aeroportuario del Pacifico, SAB de CV - Class B | ​ | 487,194
16,570 | INR | Hindustan Aeronautics, Ltd. | ​ | 592,945
90,000 | PHP | International Container Terminal Services, Inc. | ​ | 352,952

NUMBER OF SHARES |  |  |  | VALUE
1,159 | EUR | Interpump Group S.p.A^ | $ | 64,683
1,300 | JPY | Japan Airport Terminal Company, Ltd. | ​ | 63,704
2,400 | JPY | Japan Elevator Service Holdings Company, Ltd.^ | ​ | 35,702
13,200 | INR | Larsen & Toubro, Ltd. | ​ | 381,988
9,280 | SEK | Munters Group, AB* | ​ | 91,088
35,300 | CNY | Ningbo Orient Wires & Cables Company, Ltd. - Class A | ​ | 239,364
37,900 | ​ | Quanta Services, Inc. | ​ | 6,429,356
29,850 | ​ | Raytheon Technologies Corp. | ​ | 2,982,015
710,000 | GBP | Rolls-Royce Holdings, PLC# | ​ | 1,360,125
167,200 | CNY | Sany Heavy Industry Company, Ltd. - Class A | ​ | 398,889
25,600 | EUR | Schneider Electric, SE | ​ | 4,464,430
54,502 | CNY | Shanghai International Airport Company, Ltd. - Class A# | ​ | 423,265
10,420 | INR | Siemens, Ltd. | ​ | 441,369
2,885 | JPY | Sojitz Corp. | ​ | 60,762
1,395 | CAD | Stantec, Inc.^ | ​ | 83,853
26,000 | HKD | Techtronic Industries Company, Ltd. | ​ | 281,281
2,600 | JPY | THK Company, Ltd. | ​ | 58,331
25,700 | EUR | Vinci, SA | ​ | 3,178,864
18,250 | ​ | Waste Management, Inc.µ | ​ | 3,030,413
|  | ​ | 38,748,301
Information Technology (22.5%)
18,300 | ​ | Accenture, PLC - Class A | ​ | 5,129,307
22,000 | TWD | Accton Technology Corp. | ​ | 214,916
316 | EUR | Alten, SA | ​ | 53,723
1,800 | JPY | Appier Group, Inc.# | ​ | 20,440
66,700 | ​ | Apple, Inc.^ | ​ | 11,317,656
46,000 | TWD | ASE Technology Holding Company, Ltd. | ​ | 151,227
13,720 | ​ | ASML Holding, NV | ​ | 8,737,719
1,800 | JPY | Cybozu, Inc. | ​ | 35,931
1,970 | SAR | Elm Company | ​ | 232,679
490 | EUR | Elmos Semiconductor SE | ​ | 37,036
480 | ​ | Endava, PLC (ADR)# | ​ | 27,634
7,335 | SEK | Fortnox, AB | ​ | 50,560
920 | TWD | Global Unichip Corp. | ​ | 30,015
28,901 | ​ | Infosys, Ltd. (ADR)^ | ​ | 449,122
7,900 | ​ | Intuit, Inc. | ​ | 3,507,205
14,900 | JPY | Keyence Corp. | ​ | 6,719,245
1,495 | GBP | Keywords Studios, PLC | ​ | 50,858
601 | CAD | Kinaxis, Inc.# | ​ | 82,535
288,000 | HKD | Kingdee International Software Group Company, Ltd.# | ​ | 442,847
35,885 | KRW | Koh Young Technology, Inc. | ​ | 356,672
64,565 | INR | KPIT Technologies, Ltd. | ​ | 725,691
1,955 | EUR | Lectra | ​ | 63,655

​

Schedule of Investments April 30, 2023 (Unaudited)

See accompanying Notes to Schedule of Investments | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 25

NUMBER OF SHARES |  |  |  | VALUE
25,000 | TWD | MediaTek, Inc. | $ | 543,596
48,900 | ​ | Microsoft Corp.~ | ​ | 15,025,014
540,000 | EUR | Nokia Oyj | ​ | 2,284,822
31,890 | ​ | NVIDIA Corp. | ​ | 8,849,156
53,250 | ​ | Oracle Corp. | ​ | 5,043,840
4,050 | GBP | Sage Group, PLC | ​ | 41,767
54,040 | KRW | Samsung Electronics Company, Ltd. | ​ | 2,658,989
200 | JPY | SHIFT, Inc.# | ​ | 37,232
16,600 | KRW | SK Hynix, Inc. | ​ | 1,116,906
853,000 | TWD | Taiwan Semiconductor Manufacturing Company, Ltd. | ​ | 13,968,381
22,825 | ​ | Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | ​ | 1,924,148
71,140 | BRL | TOTVS, SA | ​ | 365,983
143,700 | CNY | Venustech Group, Inc. - Class A | ​ | 645,103
14,550 | ​ | Visa, Inc. - Class Aµ | ​ | 3,386,221
|  | ​ | 94,327,831
Materials (2.2%)
23,400 | INR | APL Apollo Tubes, Ltd. | ​ | 342,455
149,329 | ​ | Cemex, SAB de CV (ADR)# | ​ | 895,974
1,180 | CAD | ERO Copper Corp.# | ​ | 23,237
219,750 | AED | Fertiglobe, PLC | ​ | 230,147
75,095 | ​ | Freeport-McMoRan, Inc.^ | ​ | 2,846,852
521,200 | NOK | Norsk Hydro, ASA | ​ | 3,835,542
16,900 | ZAR | Sasol, Ltd. | ​ | 220,073
1,705 | EUR | SOL S.p.A | ​ | 49,265
21,200 | ​ | Vale, SA (ADR) | ​ | 305,492
372,000 | HKD | Zijin Mining Group Company, Ltd.- Class H | ​ | 629,817
|  | ​ | 9,378,854
Real Estate (0.2%)
935,500 | PHP | Ayala Land, Inc. | ​ | 452,128
131,850 | MXN | Corp. Inmobiliaria Vesta SAB de CV | ​ | 416,535
245 | EUR | VGP, NV | ​ | 25,649
|  | ​ | 894,312
Special Purpose Acquisition Companies (0.9%)#
2,830 | ​ | Intelsat Emergence, SA# | ​ | 72,165
82,300 | GBP | Shell, PLC | ​ | 2,528,927
36,000 | EUR | Shell, PLC | ​ | 1,112,931
|  | ​ | 3,714,023
Utilities (0.5%)
45,801 | EUR | Engie,SA# | ​ | 732,293
29,000 | EUR | RWE, AG# | ​ | 1,359,701
|  | ​ | 2,091,994
| Total Common Stocks (Cost $423,782,984) | 335,324,479

NUMBER OF SHARES |  |  |  | VALUE
Preferred Stocks (0.2%)
Consumer Discretionary (0.1%)
1,597 | ​ | Guitar Center, Inc.& | $204,416​
Energy (0.1%)
8,220 | ​ | NuStar Energy, LP^ 10.945%, 05/30/23 3 mo. LIBOR + 5.64% | ​ | 189,635
3,725 | ​ | NuStar Energy, LP‡ 12.068%, 05/30/23 3 mo. LIBOR + 6.77% | ​ | 92,268
8,335 | ​ | NuStar Logistics, LP‡ 11.994%, 01/15/43 3 mo. LIBOR + 6.73% | ​ | 212,876
|  | ​ | 494,779
| ​ | Total Preferred Stocks (Cost $704,526) | 699,195
Warrants (0.0%) #
Energy (0.0%)
13,401 | ​ | Mcdermott International, Ltd.& 06/30/27, Strike $15.98 | ​ | 2
12,061 | ​ | Mcdermott International, Ltd. 06/30/27, Strike $12.33 | 1
| ​ | Total Warrants (Cost $5,152) | 3

PRINCIPAL AMOUNT |  |  |  | VALUE
U.S. Government and Agency SECURITY (0.1%)
Other (0.1%)
310,000 | ​ | United States Treasury Note 2.250%, 03/31/24 (Cost $309,298) | 302,868
Asset Backed SECURITY (0.0%)
Other (0.0%)
170,000 | ​ | SVC ABS, LLC Series 2023-1A, Class C* 6.700%, 02/20/53 (Cost $154,980) | ​ | 157,717

​

Schedule of Investments April 30, 2023 (Unaudited)

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

NUMBER OF CONTRACTS/ NOTIONAL AMOUNT |  |  |  | VALUE
Purchased Options (0.4%) #
Industrials (0.0%)
53 184,758 | EUR | Schneider Electric, SE Call, 06/16/23, Strike 150.00 | $56,123​
Information Technology (0.1%)
120 1,072,440 | ​ | Advanced Micro Devices, Inc. Call, 06/16/23, Strike $105.00 | ​ | 15,900
41 1,139,554 | ​ | NVIDIA Corp. Call, 01/19/24, Strike $240.00 | ​ | 278,185
| ​ |  | 294,085
Other (0.3%)
1,155 3,265,185 | ​ | iShares MSCI Brazil ETF Call, 07/21/23, Strike $30.00 | ​ | 84,315
4,000 29,448,000 | ​ | iShares MSCI EAFE ETF Put, 12/15/23, Strike $60.00 | ​ | 410,000
536 3,251,912 | ​ | iShares MSCI South Korea ETF Call, 07/21/23, Strike $64.00 | ​ | 77,720
700 29,115,100 | ​ | SPDR S&P 500 ETF Trust Put, 12/15/23, Strike $360.00 | 560,000
| ​ |  | 1,132,035
| ​ | Total Purchased Options (Cost $3,772,296) | 1,482,243
| TOTAL INVESTMENTS (133.3%) (Cost $674,505,704) | 559,164,707
MANDATORY REDEEMABLE PREFERRED SHARES, AT LIQUIDATION VALUE (-16.7%) | (70,000,000)
LIABILITIES, LESS OTHER ASSETS (-16.6%) | (69,572,755)
NET ASSETS (100.0%) | $419,591,952​

NOTES TO SCHEDULE OF INVESTMENTS

*Securities issued and sold pursuant to a Rule 144A transaction are exempted 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.

&Illiquid security.

‡Variable rate security. The rate shown is the rate in effect at April 30, 2023.

µ Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $8,218,370.

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

~Security, or portion of security, is segregated as collateral (or collateral for potential future transactions) for written options and securities sold short. The aggregate value of such securities is $27,185,971.

¡Bank loans generally are subject to mandatory and/or optional prepayment. As a result, the actual remaining maturity of bank loans may be substantially less than the stated maturities shown.

#Non-income producing security.

‡‡Perpetual maturity.

FOREIGN CURRENCY ABBREVIATIONS

AED UAE Dirham

AUD Australian Dollar

BRL Brazilian Real

CAD Canadian Dollar

CHF Swiss Franc

CNY Chinese Yuan Renminbi

EUR European Monetary Unit

GBP British Pound Sterling

HKD Hong Kong Dollar

IDR Indonesian Rupiah

INR Indian Rupee

JPY Japanese Yen

KRW South Korean Won

MXN Mexican Peso

NOK Norwegian Krone

PHP Philippine Peso

SAR Saudi Riyal

SEK Swedish Krona

SGD Singapore Dollar

THB Thai Baht

TWD New Taiwan Dollar

ZAR South African Rand

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.

​

Schedule of Investments April 30, 2023 (Unaudited)

See accompanying Notes to Schedule of Investments | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 27

CURRENCY EXPOSURE APRIL 30, 2023

|  | Value |  | % of Total Investments
US Dollar | ​ | $376,015,477​ | ​ | 67.2 | %
European Monetary Unit | ​ | 47,552,948 | ​ | 8.5 | %
Hong Kong Dollar | ​ | 30,008,044 | ​ | 5.4 | %
British Pound Sterling | ​ | 16,650,776 | ​ | 3.0 | %
Japanese Yen | ​ | 16,032,018 | ​ | 2.9 | %
New Taiwan Dollar | ​ | 15,410,451 | ​ | 2.7 | %
Canadian Dollar | ​ | 12,683,338 | ​ | 2.3 | %
Indian Rupee | ​ | 9,928,793 | ​ | 1.8 | %
South Korean Won | ​ | 5,410,608 | ​ | 1.0 | %
Chinese Yuan Renminbi | ​ | 4,116,079 | ​ | 0.7 | %
Norwegian Krone | ​ | 3,835,542 | ​ | 0.7 | %
Indonesian Rupiah | ​ | 3,828,016 | ​ | 0.7 | %
Australian Dollar | ​ | 2,772,923 | ​ | 0.5 | %
Philippine Peso | ​ | 2,752,037 | ​ | 0.5 | %
Swiss Franc | ​ | 2,715,030 | ​ | 0.5 | %
Mexican Peso | ​ | 2,644,593 | ​ | 0.5 | %
Brazilian Real | ​ | 1,820,193 | ​ | 0.3 | %
Thai Baht | ​ | 1,539,238 | ​ | 0.3 | %
Singapore Dollar | ​ | 1,428,761 | ​ | 0.2 | %
UAE Dirham | ​ | 663,028 | ​ | 0.1 | %
Saudi Riyal | ​ | 654,296 | ​ | 0.1 | %
South African Rand | ​ | 560,870 | ​ | 0.1 | %
Swedish Krona | ​ | 141,648 | ​ | — | %
Total Investments | ​ | $559,164,707​ | ​ | 100.0 | %

Currency exposure may vary over time.

​

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

ASSETS | ​ | ​ | ​
Investments in securities, at value (cost $674,505,704)* | $ | 559,164,707 | ​
Cash with custodian | ​ | 9,774,591 | ​
Foreign currency (cost $132,182) | ​ | 131,996 | ​
Receivables: | ​ | ​ | ​
Accrued interest and dividends | ​ | 2,538,429 | ​
Investments sold | ​ | 5,739,577 | ​
Prepaid expenses | ​ | 266,044 | ​
Other assets | ​ | 79,017 | ​
Total assets | ​ | 577,694,361 | ​
| ​ | ​ | ​
LIABILITIES | ​ | ​ | ​
Due to custodian bank - Foreign currency (cost $10) | ​ | 10 | ​
Mandatory Redeemable Preferred Shares ($25 liquidation value per share applicable to 2,800,000 shares authorized, issued, and outstanding) (net of deferred offering costs of $380,106) (Note 8) | ​ | 69,619,894 | ​
Payables: | ​ | ​ | ​
Notes payable (Note 6) | ​ | 79,550,000 | ​
Distributions payable to Mandatory Redeemable Preferred Shareholders | ​ | 209,339 | ​
Investments purchased | ​ | 7,637,582 | ​
Affiliates: | ​ | ​ | ​
Investment advisory fees | ​ | 488,861 | ​
Deferred compensation to trustees | ​ | 79,017 | ​
Trustees’ fees and officer compensation | ​ | 6,021 | ​
Other accounts payable and accrued liabilities | ​ | 511,685 | ​
Total liabilities | ​ | 158,102,409 | ​
NET ASSETS | $ | 419,591,952 | ​
| ​ | ​ | ​
COMPOSITION OF NET ASSETS | ​ | ​ | ​
Common stock, no par value, unlimited shares authorized 63,864,387 shares issued and outstanding | $ | 566,354,385 | ​
Accumulated distributable earnings (loss) | ​ | (146,762,433 | )**
NET ASSETS | $ | 419,591,952 | ​
Net asset value per common shares based upon 63,864,387 shares issued and outstanding | $ | 6.57 | ​
*Includes securities on loan | $ | 73,853,500 | ​
**Net of deferred foreign capital gains tax of | $ | (83,820 | )

Statement of Assets and Liabilities April 30, 2023 (Unaudited)

​

See accompanying Notes to Financial Statements | CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 29

Statement of Operations Six Months Ended April 30, 2023 (Unaudited)

INVESTMENT INCOME | ​ | ​ | ​
Interest | $ | 3,669,337 | ​
(Amortization)/accretion of investment securities | ​ | (2,273,768 | )
Net interest | ​ | 1,395,569 | ​
Dividends | ​ | 3,523,022 | ​
Foreign Taxes Withheld | ​ | (149,785 | )
Total investment income | ​ | 4,768,806 | ​
| ​ | ​ | ​
EXPENSES | ​ | ​ | ​
Investment advisory fees | ​ | 2,939,119 | ​
Interest expense on Notes Payable (Note 7) | ​ | 2,521,606 | ​
Interest expense and amortization of offering costs on Mandatory Redeemable Preferred Shares (Notes 1 and 8) | ​ | 1,315,325 | ​
Custodian fees | ​ | 66,956 | ​
Printing and mailing fees | ​ | 49,760 | ​
Legal fees | ​ | 37,417 | ​
Accounting fees | ​ | 31,774 | ​
Transfer agent fees | ​ | 23,444 | ​
Trustees’ fees and officer compensation | ​ | 20,995 | ​
Audit fees | ​ | 19,593 | ​
Fund administration fees | ​ | 17,375 | ​
Registration fees | ​ | 7,985 | ​
Other | ​ | 68,723 | ​
Total expenses | ​ | 7,120,072 | ​
NET INVESTMENT INCOME (LOSS) | ​ | (2,351,266 | )
| ​ | ​ | ​
REALIZED AND UNREALIZED GAIN (LOSS) | ​ | ​ | ​
Net realized gain (loss) from: | ​ | ​ | ​
Investments, excluding purchased options | ​ | 4,084,263 | (a)
Purchased options | ​ | (7,782,115 | )
Foreign currency transactions | ​ | 9,442 | ​
Change in net unrealized appreciation/(depreciation) on: | ​ | ​ | ​
Investments, excluding purchased options | ​ | 49,823,248 | (b)
Purchased options | ​ | 3,829,319 | ​
Foreign currency translations | ​ | 37,078 | ​
NET GAIN (LOSS) | ​ | 50,001,235 | ​
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 47,649,969 | ​

(a)Net of foreign capital gains tax of $27,669.

(b)Net of change of $118,773 in deferred capital gains tax.

​

Statements of Changes in Net Assets

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

| (Unaudited) Six Months Ended April 30, 2023 |  | Year Ended October 31, 2022 | ​
| ​ | ​ | ​ | ​
OPERATIONS | ​ | ​ | ​ | ​
Net investment income (loss) | $ | (2,351,266 | ) | $ | (4,164,070 | )
Net realized gain (loss) | ​ | (3,688,410 | ) | ​ | 6,978,765 | ​
Change in unrealized appreciation/(depreciation) | ​ | 53,689,645 | ​ | ​ | (200,302,549 | )
Net increase (decrease) in net assets applicable to common shareholders resulting from operations | ​ | 47,649,969 | ​ | ​ | (197,487,854 | )
| ​ | ​ | ​ | ​
DISTRIBUTIONS TO COMMON SHAREHOLDERS | ​ | ​ | ​ | ​
Distributions | ​ | (19,159,316 | ) | ​ | (5,811,293 | )
Return of Capital | ​ | — | ​ | ​ | (44,585,621 | )
Total distributions | ​ | (19,159,316 | ) | ​ | (50,396,914 | )
Net decrease in net assets from distributions to common shareholders | ​ | (19,159,316 | ) | ​ | (50,396,914 | )
| ​ | ​ | ​ | ​
CAPITAL STOCK TRANSACTIONS | ​ | ​ | ​ | ​
Proceeds from shares sold | ​ | — | ​ | ​ | 27,890,538 | ​
Reinvestment of distributions resulting in the issuance of stock | ​ | — | ​ | ​ | 2,057,634 | ​
Net increase (decrease) in net assets from capital stock transactions | ​ | — | ​ | ​ | 29,948,172 | ​
TOTAL INCREASE (DECREASE) IN NET ASSETS | ​ | 28,490,653 | ​ | ​ | (217,936,596 | )
| ​ | ​ | ​ | ​
NET ASSETS | ​ | ​ | ​ | ​
Beginning of period | $ | 391,101,299 | ​ | $ | 609,037,895 | ​
End of period | $ | 419,591,952 | ​ | $ | 391,101,299 | ​

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 31

Statement of Cash Flows

| (Unaudited) Six Months Ended April 30, 2023 | ​
| ​ | ​ | ​
CASH FLOWS FROM OPERATING ACTIVITIES: | ​ | ​ | ​
Net increase/(decrease) in net assets from operations | $ | 47,649,969 | ​
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by (used in) operating activities: | ​ | ​ | ​
Purchase of investment securities, including purchased options | ​ | (255,192,162 | )
Proceeds from disposition of investment securities, including purchased options | ​ | 306,288,844 | ​
Amortization and accretion of fixed-income securities | ​ | 2,273,768 | ​
Amortization of offering costs on Mandatory Redeemable Preferred Shares | ​ | 79,747 | ​
Net realized gains/losses from investments, excluding purchased options | ​ | (4,111,932 | )
Net realized gains/losses from capital gains tax | ​ | 27,669 | ​
Net realized gains/losses from purchased options | ​ | 7,782,115 | ​
Change in unrealized appreciation or depreciation on investments, excluding purchased options | ​ | (49,823,248 | )
Change in unrealized appreciation or depreciation on capital gains tax | ​ | 118,773 | ​
Change in unrealized appreciation or depreciation on purchased options | ​ | (3,829,319 | )
Net change in assets and liabilities: | ​ | ​ | ​
(Increase)/decrease in assets: | ​ | ​ | ​
Accrued interest and dividends receivable | ​ | (143,806 | )
Prepaid expenses | ​ | (41,312 | )
Other assets | ​ | (3,407 | )
Increase/(decrease) in liabilities: | ​ | ​ | ​
Payables to affiliates | ​ | 20,558 | ​
Other accounts payable and accrued liabilities | ​ | (208,045 | )
Net cash provided by/(used in) operating activities | $ | 50,888,212 | ​
| ​ | ​ | ​
CASH FLOWS FROM FINANCING ACTIVITIES: | ​ | ​ | ​
Distributions to shareholders | ​ | (19,159,316 | )
Redemption of Distributions to Mandatory Redeemable Preferred Shareholders | ​ | (10,172 | )
Offering costs on Mandatory Redeemable Preferred Shares | ​ | (22,017 | )
Net increase/(decrease) in due to custodian bank | ​ | (3 | )
Repayment of Note payable | ​ | (30,000,000 | )
Net cash provided by/(used in) financing activities | $ | (49,191,508 | )
Net increase/(decrease) in cash and foreign currency* | $ | 1,696,704 | ​
Cash and foreign currency and restricted cash at beginning of period | $ | 8,209,883 | ​
Cash and foreign currency at end of period | $ | 9,906,587 | ​
| ​ | ​ | ​
Supplemental disclosure | ​ | ​ | ​
Cash paid for interest expense on Notes Payable | $ | 2,594,484 | ​
Cash paid for interest expense on Mandatory Redeemable Preferred Shares | $ | 1,325,497 | ​
| ​ | ​ | ​
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 | ​ | 9,774,591 | ​
Foreign currency | ​ | 131,996 | ​
Total cash and restricted cash at period end | $ | 9,906,587 | ​

*Includes net change in unrealized appreciation or depreciation on foreign currency of $(187).

​

32 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”, or “Trust”) 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 Trust’s Board of Trustees, including a majority of the Trustees who are not “interested persons” of the Trust, have designated Calamos Advisors LLC (“Calamos Advisors”, or the “Advisor”) to perform fair valuation determinations related to all Fund investments under the oversight of the Board. As “valuation designee” the Calamos Advisors has adopted procedures to guide the determination of the NAV on any day on which the Fund’s NAVs are determined. The valuation of the Fund’s investments is in accordance with these p rocedures.

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 the Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations 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, bank loans, 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, bank loans, 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-counte r 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 c alculated.

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 33

Notes to Financial Statements(Unaudited)

If the Advisor’s 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.

The Fund also may use fair value pricing, pursuant to guidelines adopted by Calamos Advisors, 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 Calamos Advisors, 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 s ecurities.

When fair value pricing of securities is employed, the prices of securities used by the Fund to calculate its NAV may differ from market quotations or official closing prices. There can be no assurance that the Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s net asset valu e (“NAV”).

Investment Transactions. Investment transactions are recorded on a trade date basis as of April 30, 2023. Net realized gains and losses from investment transactions are reported on an identified cost basis. Interest income is recognized using the accrual method and includes accretion of original issue and market discount and amortization of premium. Dividend income is recognized on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information becomes available after the ex-divi dend 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 disseminatio n 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 in vestments.

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 p eriod 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, Calamos Dynamic Convertible and Income Fund, and Calamos Long/Short Equity & Dynamic Income Trust are allocated proportionately among each Fund to which the expenses relate in relation to the net assets of each Fund or on another reasona ble 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 reali zed 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 and 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 di fferences.

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 MRPS. For tax purposes, the distributions made to the holders of the MRPS are treated as dividends.

​

34 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Notes to Financial Statements(Unaudited)

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 2020 - 2022 remain subject to examination by the U.S. and the State of Illinois tax juris dictions.

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 b e remote.

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

Pursuant to an investment advisory agreement with Calamos Advisors, the Fund pays an annual fee, payable monthly, equal to 1.00% based on the average weekly manage d assets.

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 Op erations.

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 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. 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, 2023. Deferred compensation of $79,017 is included in “Other assets” on the Statement of Assets and Liabilities at April 30, 2023.

Note 3 – Investments

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment advisor to perform fair value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022. Effective June 29, 2022 and pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees designated the Advisor as its valuation designee to perform fair value determinations and approved new Advisor Valuation Procedures for the Trust.

The cost of purchases and proceeds from sales of long-term investments for the period ended April 30, 2023 were a s follows:

| U.S. Government Securities |  | Other
Cost of purchases | $—​ | ​ | $256,623,327​
Proceeds from sales | 15,772,099 | ​ | 287,951,758

The cost basis of investments for federal income tax purposes at April 30, 2023 was as follows*:

Cost basis of investments | $674,505,704​ | ​
Gross unrealized appreciation | 14,843,900 | ​
Gross unrealized depreciation | (130,184,897 | )
Net unrealized appreciation (depreciation) | $(115,340,997​ | )

*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.

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 35

Notes to Financial Statements(Unaudited)

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 th e 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 c omponent.

The tax character of distributions for the period ended April 30, 2023 will be determined at the end of the Fund’s current fis cal year.

Distributions for the year ended October 31, 2022 were characterized for federal income tax purposes a s follows:

| YEAR ENDED OCTOBER 31, 2022
Distributions paid from: | ​
Ordinary income | $69,596,978
Long-term capital gains | 28,228,527
Return of capital | 44,585,621

As of October 31, 2022, the components of accumulated earnings/(loss) on a tax basis were a s follows:

Undistributed ordinary income | $ | — | ​
Undistributed capital gains | ​ | — | ​
Total undistributed earnings | ​ | — | ​
Accumulated capital and other losses | ​ | (1,166,289 | )
Net unrealized gains/(losses) | ​ | (174,373,455 | )
Total accumulated earnings/(losses) | ​ | (175,539,744 | )
Other | ​ | 286,658 | ​
Paid-in-capital | ​ | 566,354,385 | ​
Net assets applicable to common shareholders | $ | 391,101,299 | ​

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 the Fund sold the security short, or a loss, unlimited in size, will be realized upon the termination of a sh ort 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 so ld 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.

​

36 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Notes to Financial Statements(Unaudited)

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 derivative 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, 2023.

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 exerc ise price.

To seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds (“ETFs”). The Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund’s portfolio, on broad-based securities indexes, or cert ain 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 on the Statement of Ope rations as net realized gain or loss on written options and net realized gain or loss on purchased options, resp ectively.

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 possibl e default.

As of April 30, 2023, the Fund had outstanding purchased options and/or written options as listed on the Schedule of Inv estments.

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 37

Notes to Financial Statements(Unaudited)

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 c ontracts.

As of April 30, 2023, the Fund had no outstanding interest rate swap a greements.

As of April 30, 2023, the Fund had outstanding derivative contracts which are reflected on the Statement of Assets and Liabilities as follows:

| ASSET DERIVATIVES |  | LIABILITY DERIVATIVES | ​
Gross amounts at fair value: | ​
Purchased options(1) | $ | 1,482,243 |  | $ | — | ​
| $ | 1,482,243 |  | $ | — | ​

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

For the period ended April 30, 2023, the volume of derivative activity for the Fund is reflecte d below:*

| Volume
Options purchased | 15,134

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

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. Securities are loaned through Securities Loan Agreements. In Securities Loan Agreements, the “collateral” are the loaned securities themselves. Addtionally, the set-off and netting provisions of a Securities Loan Agreement may not extend to the obligations of the counterparty’s affiliates or across varying types of 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 OBFR plus .80%. A commitment fee of .10% is payable on any undrawn balance. For the period ended April 30, 2023, the average borrowings under the Agreement were $107.4 million. For the period ended April 30, 2023, the average interest rate was 4.88%. As of April 30, 2023, the amount of total outstanding borrowings was $79.6 million, which approximates fair value. The interest rate applicable to the borrowings on April 30, 2023 w as 5.27%.

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 s ecurities

​

38 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Notes to Financial Statements(Unaudited)

loan(s). When collateral is returned, SSB may offset the shortfall to the amount lent to the Fund under the SSB Agreement by either lending other securities of the Fund or replacing such amount through direct loans from SSB, without notice to or consent from the Fund and does not change the amount borrowed by the Fund. 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, 2023, approximately $73.9 million of securities were on loan ($5.4 million of fixed income securities and $68.5 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

The Fund has MRPS issued with an aggregate liquidation preference of $70,000,000, divided into four 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, 2023.

Series | Issue Date | Term Redemption Date | Dividend Rate | Shares (000’s) | Liquidation Preference Per Share |  | Aggregate Liquidation Preference
Series B | 9/6/17 | 9/6/24 | 4.00% | 860 | $25 | ​ | $21,500,000
Series C | 9/6/17 | 9/6/27 | 4.24% | 880 | $25 | ​ | $22,000,000
Series D | 8/24/21 | 8/24/26 | 2.45% | 200 | $25 | ​ | $5,000,000
Series E | 3/8/22 | 5/24/27 | 2.68% | 860 | $25 | ​ | $21,500,000
| ​ | ​ | ​ | ​ | Total | ​ | $70,000,000

On September 6, 2022, $21,500,000 of Series A MRPS were redeemed at $25.01 p er share.

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 MRPS over the respective life of each series of MRPS and shown in the Statement of Op erations.

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.

During the period ended April 30, 2023, all MRPS were rated `AA-’ by Kroll Bond Rating Agency LLC (“KBRA”). If the ratings of the MRPS are downgraded, the Fund’s dividend expense may increase, as descri bed below.

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 Kroll. If on the first day of a monthly dividend period the MRPS of any class are rated lower than “A” by Kroll, 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 O perations.

With regard to the Series, B and C MRPS, so long as any MRPS are outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than non-cash distributions) with respect to Fund shares ranking junior to or on parity with the MRPS, unless (1) the Fund has satisfied the MRPS Overcollateralization Test (as defined below) on at least one “valuation date” in the preceding 65 calendar days, (2) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test (as defined below), (3) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the holders of MRPS and (4) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption or deposited sufficient monies with the Fund’s paying agent for that purpose, subject to certain grace periods and ex ceptions.

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 39

Notes to Financial Statements(Unaudited)

MRPS Asset Coverage Test: Asset coverage with respect to all outstanding senior securities and preferred shares, including the MRPS, determined in accordance with Section 18(h) of the 1940 Act, on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next preceding the time of determination, must be greater than or equa l to 225%.

MRPS Overcollateralization Test: So long as Fitch or any other NSRSO, such as KBRA, is then rating any class of the outstanding MRPS pursuant to the request of the Fund, satisfaction of only those overcollateralization ratios applicable to closed-end fund issuers with the same rating(s) as the Fund’s MRPS’ then-current rating(s) issued by Fitch or such other NSRSO, such as KBRA, by application of the applicable rating agency g uidelines.

With regard to Series D and E MRPS, for so long as any MRPS are Outstanding, the Fund will not declare, pay or set apart for payment any dividend or other distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase, Common Shares or other shares of beneficial interest, if any, ranking junior to the MRPS as to dividends or upon liquidation (collectively “non-cash distributions”) with respect to Common Shares or any other shares of the Series or Fund ranking junior to or on a parity with the MRPS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Fund ranking junior to the MRPS as to dividends and upon liquidation) or any such parity shares (except by conversion into or exchange for shares of the Fund ranking junior to or on a parity with the MRPS as to dividends and upon liquidation), unless (1) immediately after such transaction the Fund would satisfy the MRPS Asset Coverage Test, (2) full cumulative dividends on the MRPS due on or prior to the date of the transaction have been declared and paid to the Holders of MRPS, and (3) the Fund has redeemed the full number of MRPS required to be redeemed by any provision for mandatory redemption contained in Section 3(a) or deposited sufficient monies with the Paying Agent for that purpose (without regard to the provisions of the Special Proviso); provided that the Fund may make any distributions reasonably necessary for the Fund to continue to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code and to avoid excise tax under Section 4982 of the Internal Revenue Code (“Tax Required Payments”). For the avoidance of doubt, any such Tax Required Payments would only be paid to holders of Common Shares after full cumulative dividends due on or prior to the date of the applicable distribution and any mandatory redemptions occurring on or prior to the date of the applicable distribution have been paid to the holder s of MRPS.

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 63,864,387 shares outstanding at April 30, 2023. Transactions in common shares were a s follows:

| Six Months ENDED April 30, 2023 |  | YEAR ENDED October 31, 2022
Beginning shares | 63,864,387 | ​ | 60,033,831
Shares sold | — | ​ | 3,564,049
Shares issued through reinvestment of distributions | — |  | 266,507
Ending shares | 63,864,387 |  | 63,864,387

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 ope n 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. For the period ended April 30, 2023, the Fund sold shares that were $0.0188 in excess of net asset value at an average sales price o f $8.3374.

​

40 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 a s follows:

•Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identic al 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 rele vant 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 un available.

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 inv estments.

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

|  | LEVEL 1 |  | LEVEL 2 |  | LEVEL 3 |  | TOTAL |
Assets:
Corporate Bonds | $ | — | $ | 67,149,232 | $ | — | $ | 67,149,232 | ​
Convertible Bonds | ​ | — | ​ | 133,168,406 | ​ | — | ​ | 133,168,406 | ​
Bank Loans | ​ | — | ​ | 10,219,713 | ​ | — | ​ | 10,219,713 | ​
Convertible Preferred Stocks | ​ | 10,447,251 | ​ | 213,600 | ​ | — | ​ | 10,660,851 | ​
Common Stocks | ​ | 211,418,794 | ​ | 123,905,685 | ​ | — | ​ | 335,324,479 | ​
Preferred Stocks | ​ | 494,779 | ​ | 204,416 | ​ | — | ​ | 699,195 | ​
U.S. Government and Agency Securities | ​ | — | ​ | 302,868 | ​ | — | ​ | 302,868 | ​
Warrants | ​ | 3 | ​ | — | ​ | — | ​ | 3 | ​
Asset Backed Securities | ​ | — | ​ | 157,717 | ​ | — | ​ | 157,717 | ​
Purchased Options | ​ | 1,482,243 | ​ | — | ​ | — | ​ | 1,482,243 | ​
Total | $ | 223,843,070 | $ | 335,321,637 | $ | — | $ | 559,164,707 | ​

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CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 43

42 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Financial Highlights

Financial Highlights

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

​ | (Unaudited) Six Months Ended April 30, 2023 | Year Ended October 31, |  | Year Ended October 31,
2022 | 2021 | 2020 | 2019 | 2018 | ​ | 2017 | 2016 | 2015 | 2014 | 2013
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period | $6.12 | ​ | $10.14 | ​ | $8.03 | ​ | $7.90 | ​ | $7.98 | ​ | $9.21 | ​ | ​ | $8.16 | ​ | $8.92 | ​ | $9.86 | ​ | $10.05 | ​ | $9.32 | ​
Income from investment operations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment income (loss)* | (0.04 | ) | (0.07 | ) | 0.03 | ​ | 0.15 | ​ | 0.17 | ​ | 0.18 | ​ | ​ | 0.22 | ​ | 0.28 | ​ | 0.28 | ​ | 0.40 | ​ | 0.34 | ​
Net realized and unrealized gain (loss) | 0.77 | ​ | (3.15 | ) | 2.92 | ​ | 0.82 | ​ | 0.59 | ​ | (0.57 | ) | ​ | 1.67 | ​ | (0.20 | ) | (0.38 | ) | 0.21 | ​ | 1.13 | ​
Total from investment operations | 0.73 | ​ | (3.22 | ) | 2.95 | ​ | 0.97 | ​ | 0.76 | ​ | (0.39 | ) | ​ | 1.89 | ​ | 0.08 | ​ | (0.10 | ) | 0.61 | ​ | 1.47 | ​
Less distributions to common shareholders from: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment income | (0.30 | ) | (0.01 | ) | (0.15 | ) | (0.32 | ) | (0.28 | ) | (0.84 | ) | ​ | (0.76 | ) | (0.46 | ) | (0.72 | ) | (0.70 | ) | (0.61 | )
Net realized gains | — | ​ | (0.09 | ) | (0.69 | ) | (0.52 | ) | (0.14 | ) | — | ​ | ​ | (0.08 | ) | — | ​ | — | ​ | — | ​ | — | ​
Return of capital | — | ​ | (0.72 | ) | — | ​ | — | ​ | (0.42 | ) | — | ​ | ​ | — | ​ | (0.38 | ) | (0.12 | ) | (0.10 | ) | (0.13 | )
Total distributions | (0.30 | ) | (0.82 | ) | (0.84 | ) | (0.84 | ) | (0.84 | ) | (0.84 | ) | ​ | (0.84 | ) | (0.84 | ) | (0.84 | ) | (0.80 | ) | (0.74 | )
Premiums from shares sold in at the market offerings | 0.0188 | ​ | 0.0191 | ​ | 0.0026 | ​ | — | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​
Net asset value, end of period | $6.57 | ​ | $6.12 | ​ | $10.14 | ​ | $8.03 | ​ | $7.90 | ​ | $7.98 | ​ | ​ | $9.21 | ​ | $8.16 | ​ | $8.92 | ​ | $9.86 | ​ | $10.05 | ​
Market value, end of period | $5.91 | ​ | $5.64 | ​ | $10.39 | ​ | $7.80 | ​ | $8.13 | ​ | $7.59 | ​ | ​ | $9.13 | ​ | $7.16 | ​ | $7.68 | ​ | $9.01 | ​ | $8.86 | ​
TOTAL RETURN APPLICABLE TO COMMON SHAREHOLDERS
Total investment return based on:(a) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net asset value | 12.85% | ​ | (32.89)% | ​ | 37.46% | ​ | 14.00% | ​ | 10.29% | ​ | (4.85)% | ​ | ​ | 25.23% | ​ | 2.98% | ​ | (0.15)% | ​ | 7.02% | ​ | 17.51% | ​
Market value | 10.15% | ​ | (39.64)% | ​ | 45.01% | ​ | 7.60% | ​ | 19.34% | ​ | (8.71)% | ​ | ​ | 41.48% | ​ | 4.95% | ​ | (5.92)% | ​ | 10.93% | ​ | 13.46% | ​
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Net expenses(b) | 3.46% | (c) | 2.73% | ​ | 2.27% | ​ | 2.70% | ​ | 3.41% | ​ | 2.97% | ​ | ​ | 2.23% | ​ | 2.06% | ​ | 1.89% | ​ | 1.79% | ​ | 1.81% | ​
Net investment income (loss) | (1.14)% | (c) | (0.85)% | ​ | 0.26% | ​ | 1.91% | ​ | 2.12% | ​ | 1.95% | ​ | ​ | 2.58% | ​ | 3.42% | ​ | 2.97% | ​ | 3.92% | ​ | 3.54% | ​
SUPPLEMENTAL DATA
Net assets applicable to common shareholders, end of period (000) | $419,592 | ​ | $391,101 | ​ | $609,038 | ​ | $476,533 | ​ | $468,186 | ​ | $471,953 | ​ | ​ | $543,275 | ​ | $481,513 | ​ | $526,508 | ​ | $581,624 | ​ | $592,920 | ​
Portfolio turnover rate | 45% | ​ | 134% | ​ | 117% | ​ | 128% | ​ | 78% | ​ | 93% | ​ | ​ | 99% | ​ | 29% | ​ | 45% | ​ | 32% | ​ | 41% | ​
Average commission rate paid | $— | ​ | $0.0117 | ​ | $0.0173 | ​ | $0.0210 | ​ | $0.0279 | ​ | $0.0199 | ​ | ​ | $0.0295 | ​ | $0.0289 | ​ | $0.0244 | ​ | $0.0269 | ​ | $0.0196 | ​
Mandatory Redeemable Preferred Shares, at redemption value ($25 per share liquidation preference) (000’s omitted) | $70,000 | ​ | $70,000 | ​ | $70,000 | ​ | $65,000 | ​ | $65,000 | ​ | $65,000 | ​ | ​ | $65,000 | ​ | $— | ​ | $— | ​ | $— | ​ | $— | ​
Notes Payable (000’s omitted) | $79,550 | ​ | $109,550 | ​ | $206,500 | ​ | $153,250 | ​ | $174,500 | ​ | $204,000 | ​ | ​ | $160,000 | ​ | $196,000 | ​ | $224,400 | ​ | $230,000 | ​ | $230,000 | ​
Asset coverage per $1,000 of loan outstanding(d) | $7,155 | ​ | $5,209 | ​ | $4,288 | ​ | $4,534 | ​ | $4,056 | ​ | $3,632 | ​ | ​ | $4,802 | ​ | $3,457 | ​ | $3,346 | ​ | $3,529 | ​ | $3,578 | ​
Asset coverage per $25 liquidation value per share of Mandatory Redeemable Preferred Shares(e) | $203 | ​ | $204 | ​ | $316 | ​ | $267 | ​ | $272 | ​ | $285 | ​ | ​ | $295 | ​ | $— | ​ | $— | ​ | $— | ​ | $— | ​

*Net investment income (loss) 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 factors, 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 1.59%, 1.66%, 1.55%, 1.61%, 1.65%, 1.60%, 1.53%, 1.54%, 1.53%, 1.48% 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.

​

44 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Report of Independent Registered Public Accounting Firm

To the Shareholders and the 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, 2023, the related statements of operations, changes in net assets, cash flows, and the financial highlights for the six month period then ended, and the related notes (collectively referred to as the “interim financial information”). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information 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, 2022, and the financial highlights for each of the ten years in the period then ended; and in our report dated December 19, 2022, 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 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 20, 2023
Chicago, Illinois

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

​

CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 45

About Closed-End Funds(Unaudited)

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 Trustees.

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.

​

46 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Level Rate Distribution Policy(Unaudited)

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

The goal of the level rate distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can either serve as a stable income stream or, through reinvestment, 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 level rate distribution policy for the Fund. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains, and, if necessary, return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. There is no guarantee that the Fund will realize capital gains in any given year. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV. For purposes of maintaining the level rate distribution policy, the Fund may realize short-term capital gains on securities that, if sold at a later date, would have resulted in long-term capital gains. Maintenance of a level rate distribution policy may increase transaction and tax costs associated with the Fund.

Distributions from the Fund are generally subject to Federal income taxes.

Automatic Dividend Reinvestment Plan(Unaudited)

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 43078, Providence, RI 02940-3078. 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

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CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT 47

Automatic Dividend Reinvestment Plan(Unaudited)

for each participant’s account. The number of newly issued common shares to be credited to the participant’s account will be determined by dividing the dollar amount of the dividend or distribution by the greater of (i) the net asset value per common share on the payment date, or (ii) 95% of the market price per common share on the payment date.

If, on the payment date, the net asset value per common share exceeds the market price plus estimated brokerage commissions (a “market discount”), the Plan Agent has a limited period of time to invest the dividend or distribution amount in shares acquired in open-market purchases. If, before the Plan Agent has completed its open-market purchases, the market price plus estimated brokerage commissions exceeds the net asset value of the common shares as of the payment date, the purchase price paid by Plan Agent may exceed the net asset value of the common shares, resulting in the acquisition of fewer common shares than if such dividend or distribution had been paid in common shares issued by the Fund. 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 net asset value per common share 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 nom inee 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.

​

48 CALAMOS Global Dynamic Income Fund SEMIANNUAL REPORT

Additional Fund Information: Delaware Statutory Trust Act – Control Share Acquisitions(Unaudited)

The DSTA Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition, and also permits the Fund to require a shareholder or an associate of such person to disclose the number of shares owned or with respect to which such person or an associate thereof can directly or indirectly exercise voting power. Further, the DSTA Control Share Statute requires a shareholder or an associate of such person to provide to the Fund within 10 days of receiving a request therefor from the Fund any information that the Fund’s Trustees reasonably believe is necessary or desirable to determine whether a control share acquisition has occurred.

The DSTA Control Share Statute permits the Fund’s Board of Trustees, through a provision in the Fund’s Governing Documents or by Board action alone, to eliminate the application of the DSTA Control Share Statute to the acquisition of control shares in the Fund specifically, generally, or generally by types, as to specifically identified or unidentified existing or future beneficial owners or their affiliates or associates or as to any series or classes of shares. The DSTA Control Share Statute does not provide that the Fund can generally “opt out” of the application of the DSTA Control Share Statute; rather, specific acquisitions or classes of acquisitions may be exempted by the Fund’s Board of Trustees, either in advance or retroactively, but other aspects of the DSTA Control Share Statute, which are summarized above, would continue to apply. The DSTA Control Share Statute further provides that the Board of Trustees is under no obligation to grant any such e xemptions.

The foregoing is only a summary of the material terms of the DSTA Control Share Statute. Shareholders should consult their own counsel with respect to the application of the DSTA Control Share Statute to any particular cir cumstance.

​

| STAY CONNECTED
www.calamos.com

Visit our Web site for timely fund performance,
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 as an exhibit to its report on Form N-PORT. The Forms N-PORT are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC 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 43078
Providence, RI 02940-3078
866.226.8016

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:

Deloitte & Touche LLP
Chicago, IL

LEGAL COUNSEL:

Ropes & Gray LLP
Chicago, IL

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

© 2023 Calamos Investments LLC. All Rights Reserved.
Calamos® and Calamos Investments® are registered tra demarks of Calam os Investments LLC.

CHWSAN 3083 2023

​

ITEM 1(b). Registrant has included in its Rule 30e-3(c) notice only the disclosures specified by Rule 30e-3(c)(1) and (2). Therefore, Registrant has not included a copy of the notice herewith.

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

(a) Included in the Report to Shareholders in Item 1.

(b) Not applicable.

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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

The Fund did not participate directly in securities lending activity. See Note [7] 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 28, 2023 |

By: | /s/ Thomas E. Herman |
| Name: Thomas E. Herman |
| Title: Principal Financial Officer |
| Date: June 28, 2023 |

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 28, 2023 |

By: | /s/ Thomas E. Herman |
| Name: Thomas E. Herman |
| Title: Principal Financial Officer |
| Date: June 28, 2023 |