Edgar Filing: CALAMOS GLOBAL TOTAL RETURN FUND

nvcsr

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: 811-21547


EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER:		Calamos Global Total Return Fund


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


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

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

DATE OF FISCAL YEAR END: October 31, 2009

DATE OF REPORTING PERIOD: November 1, 2008 through October 31, 2009


ITEM 1.	REPORTS TO SHAREHOLDERS

Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270. 30e-1).

Calamos Investments: Expertise and Foresight

Since our founding in 1977, Calamos Investments has been committed to addressing the investment needs of individual and institutional investors. For over 30 years, clients have admired our adherence to a single investment approach: to seek a proper balance between risks and opportunities. We owe our success to the consistent application of this mantra: one team, one process. A single team of investment professionals analyzes the entire capital structure of a company prior to selecting individual securities for the portfolios. The versatility of our approach, our disciplined focus on risk management, and our goal of consistently achieving superior returns for our clients are three pillars that support our ongoing prosperity. Leveraging founder John P. Calamos, Sr.’s expertise in the complex convertible market, the company has evolved from a small boutique manager into a global, growth-focused investment firm that offers multiple investment vehicles across equity, fixed-income and alternative strategies.

We invite you to review our annual report.

TABLE OF CONTENTS


Letter to Shareholders		1

Investment Team Discussion		3

Schedule of Investments		5

Statement of Assets and Liabilities		10

Statement of Operations		11

Statements of Changes In Net Assets		12

Statement of Cash Flows		13

Notes to Financial Statements		14

Financial Highlights		23

Report of Independent Registered Public Accounting Firm		24

Trustee Approval of Management Agreement		25

Tax Information		27

Trustees & Officers		28

About Closed-End Funds		33

Level Rate Distribution Policy and Automatic Dividend Reinvestment Plan		34

The Calamos Investments Advantage		35

Calamos Closed-End Funds		36

Letter to Shareholders

About the Fund


	•	The Fund is managed to according to a level distribution policy, with distributions composed of dividend income, interest income, and realized short-term and long-term gains.

	•	As part of its total return approach, CGO provides a competitive stream of income paid out on a monthly basis.

	•	The Fund’s dynamic asset allocation approach and broad investment universe—including equities, higher-yielding convertible and corporate bonds—provides enhanced opportunities for income and total returns.

	•	Invests in U.S. and non-U.S. markets.

Dear Shareholder:

Enclosed is your annual report for the fiscal year ended October 31, 2009. We appreciate the opportunity to correspond with you. I encourage you to carefully review this report, which includes an assessment of market conditions and Fund commentary from our investment team. The report also includes a listing of portfolio holdings, financial data and highlights, as well as detailed information about the performance and allocations of the Calamos Global Total Return Fund (CGO).

The year in review was divided into two distinct phases. In the first one, fallout from the global financial crisis kept the markets mired in pessimism. Anxiety ran high due to limited access to credit, the failing financial and auto industries, the grim housing market, and uncertainty about government stimulus plans and dire economic data. A depression scenario, rather than a severe recession was a widespread concern and panic led to the markets’ lows in March. In the second phase, these issues did not go away, but the perception that the world was not falling off a cliff combined with the fact that valuations had reached very attractive levels underpinned the strong market rebound in the remainder of the year. As markets roared back, the Fund participated with holdings (such as those in quality growth stocks, convertibles, and high-yield bonds) generating solid gains.

Certainly, the problems of 2008 are not completely resolved. Future government involvement in the financial sector and health care system, the pace of economic recovery, and the long-term implications of government stimulus programs cast a shadow. However, the depression scenario has waned and the bad news has become “less bad.”

Although global governments have flooded the world’s financial system with cash, inflation has been kept at bay (so far). Positive third-quarter gross domestic product growth in the U.S. provided a counterbalance to continued weakness in employment data. Consumer activity remains muted, but has been rekindled. Government intervention has played a role, with programs like “cash for clunkers” helping to loosen purse strings. Low interest rates and government incentives for first-time homebuyers have also boosted the challenged mortgage and housing markets.


Global Total Return Fund Letter to Shareholders ANNUAL REPORT				1

Letter to Shareholders

Throughout the period we remained confident about our investment process, and the Fund proved to be well positioned to participate in general market trends. Convertibles performed in line with our expectations—participating in equity upswings while offering a degree of downside protection. Valuations improved steadily throughout the year. The corporate debt we owned benefited from a strong rebound sparked by renewed interest in the asset class, narrowing credit spreads and the realization that credit markets were once again opened for business. In Funds where we invest in common stocks, the portfolios also benefited as stock prices recovered amidst the prospect that another Depression was off the table.

We have also identified many attractive investments that take advantage of global opportunities, with some non-U.S. markets offering some of the most compelling opportunities that we have encountered over the past 40 years. In addition to U.S. and European businesses that may participate, the opportunities we are seeing extend beyond the developed markets to select companies in emerging markets such as China, India and Brazil.

If you have any questions about your portfolio, please contact us at 800.582.6959, Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time–or speak to your financial advisor. I also encourage you to visit our website at calamos.com on a regular basis, for updated commentary and more information about your Fund. We thank you for your continued confidence and are honored by the opportunity to help you achieve your long-term investment goals.

Sincerely,

John P. Calamos, Sr.

Chairman, CEO and Co-CIO

Calamos Advisors LLC

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


2		Global Total Return Fund ANNUAL REPORT Letter to Shareholders

Investment Team Discussion

The Calamos Investment Management Team, led by Co-Chief Investment Officers John P. Calamos, Sr. and Nick P. Calamos, CFA, discusses the Fund’s performance, strategy and positioning during the one-year period ended October 31, 2009.

TOTAL RETURN*

Common Shares – Inception 10/27/05


			Since
	1 Year		Inception**

On Market Price		56.98%		5.46%
On NAV		40.32%		7.99%

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

**Annualized since inception.

Performance Overview

The Calamos Global Total Return Fund (CGO) seeks total return through a combination of capital appreciation and current income by investing in a globally diversified portfolio of equities, convertible securities and below-investment-grade (high-yield) fixed-income securities. Our goal with CGO has been to prudently maximize the distribution rate throughout the market cycle, while keeping an eye toward risk.

The Fund’s fiscal year end results were very positive with the net asset value up 40.32%. While results were positive, the year was characterized by significant volatility. The period began with a market in the midst of one of the most challenging credit environments in history and fueled a broad decline across all asset classes save for U.S. Treasuries. The market eventually rebounded strongly as investors realized that the U.S. and global economies were not headed to a Depression–this gave investors an opportunity to purchase securities at extremely discounted prices. From March 9, 2009 to October 31, 2009, the markets rebounded off their lows with the MSCI World Index climbing 61% while the BofA Merrill Lynch High Yield Index was up 53% and the BofA Merrill Lynch All Convertible Index was up 46%.

SECTOR ALLOCATION


Information Technology	19.3	%
Energy	19.0
Materials	12.5
Financials	11.2
Health Care	9.7
Consumer Discretionary	7.5
Consumer Staples	6.7
Industrials	5.1
Telecommunication Services	4.1
Utilities	0.5

Sector Allocations are based on managed assets and may vary over time. Sector Allocations exclude Sovereign Bonds, U.S. Treasuries and certain index options that have representation across all sectors.

SINCE INCEPTION MARKET PRICE AND NAV HISTORY

As noted above, the Fund performed extremely well over the twelve-month period. CGO’s NAV return of 40.32% strongly outpaced that of the MSCI World, which was up 19.21% over the comparable period.

Use of Leverage

During the reporting period, the Fund reduced leverage for two reasons. First, the decline in all asset classes outside of treasuries hampered the Fund’s ability to utilize leverage. As the Fund’s net assets declined, the Fund reduced leverage to remain in


Global Total Return Fund Investment Team Discussion ANNUAL REPORT				3

Investment Team Discussion

compliance with both the prospectus and legal requirements. Second, given the level of volatility in the marketplace, portfolio management also felt that a reduction in the amount of leverage used by the Fund was appropriate. We believe that some use of leverage is still favorable, as such, the amount of leverage at the end of the fiscal year was 21.12% for CGO. Despite the market volatility and the reduction of leverage, the Fund was able to sustain its level rate distribution of $0.10 throughout the reporting period.

Outlook

Looking forward, we will continue to seek firms with strong balance sheets, business models that may create sustainable growth in an overall slow-growth global economy, and attractive valuations. We believe that CGO is well positioned to participate in what we expect to be a volatile market. We also view the Fund’s current distribution rate of 8.59% on NAV as very attractive in this low interest rate environment.

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


4		Global Total Return Fund ANNUAL REPORT Investment Team Discussion

Schedule of Investments

OCTOBER 31, 2009


PRINCIPAL
AMOUNT				VALUE


CORPORATE BONDS (22.5%)
			*Consumer Discretionary (5.9%)*
	1,000,000		Expedia, Inc.~ 7.456%, 08/15/18	$	1,062,500
	1,875,000		Goodyear Tire & Rubber Companyµ 7.857%, 08/15/11		1,917,187
	2,000,000		Royal Caribbean Cruises, Ltd.µ 7.250%, 06/15/16		1,870,000
	2,000,000		Service Corp. International~ 7.500%, 04/01/27		1,790,000

					6,639,687

			*Consumer Staples (2.2%)*
	230,000		Del Monte Foods Company* 7.500%, 10/15/19		234,600
	2,000,000		Pilgrim’s Pride Corp.** 7.625%, 05/01/15		2,240,000

					2,474,600

			*Energy (2.2%)*
	620,000		Frontier Oil Corp.~ 8.500%, 09/15/16		635,500
	1,000,000		Petroplus Holdings, AG* 6.750%, 05/01/14		940,000
	750,000		Petróleo Brasileiro, SAµ 8.375%, 12/10/18		883,125

					2,458,625

			*Financials (0.9%)*
	920,000		Leucadia National Corp.µ 8.125%, 09/15/15		936,100

			*Health Care (1.7%)*
	1,800,000		HCA, Inc.~ 9.250%, 11/15/16		1,885,500

			*Industrials (1.9%)*
	1,800,000		H&E Equipment Service, Inc.µ 8.375%, 07/15/16		1,741,500
	410,000		SPX Corp.~ 7.625%, 12/15/14		424,350

					2,165,850

			*Information Technology (2.0%)*
	2,230,000		SunGard Data Systems, Inc.~ 9.125%, 08/15/13		2,280,175

			*Materials (2.8%)*
	850,000		Anglo American, PLC* 9.375%, 04/08/14		993,668
	2,000,000		Mosaic Company* 7.625%, 12/01/16		2,154,116

					3,147,784

			*Telecommunication Services (2.2%)*
	1,700,000		Frontier Communications Corp.~ 9.000%, 08/15/31		1,687,250
	750,000		Windstream Corp.~ 8.625%, 08/01/16		774,375

					2,461,625

			*Utilities (0.7%)*
	1,000,000		Energy Future Holdings Corp. 10.250%, 11/01/15		715,000

			TOTAL CORPORATE BONDS (Cost $24,534,395)		25,164,946

CONVERTIBLE BONDS (25.5%)
			*Energy (6.5%)*
	1,200,000		Acergy, SA 2.250%, 10/11/13		1,134,600
	1,100,000		Cameron International Corp.~ 2.500%, 06/15/26		1,379,125
	1,790,000		Chesapeake Energy Corp. 2.500%, 05/15/37		1,544,575
	10,000,000	HKD	China Petroleum & Chemical Corp. 0.000%, 04/24/14		1,406,711
	1,800,000		Transocean, Ltd. – Series Cµ 1.500%, 12/15/37		1,737,000

					7,202,011

			*Financials (0.7%)*
	700,000		Leucadia National Corp.~ 3.750%, 04/15/14		812,000

			*Health Care (2.1%)*
	1,400,000		China Medical Technologies, Inc. 4.000%, 08/15/13		966,000
	1,200,000		Teva Pharmaceutical Industries, Ltd.µ 0.250%, 02/01/26		1,366,500

					2,332,500

			*Industrials (1.9%)*
	685,000		Quanta Services, Inc. 3.750%, 04/30/26		762,918
	600,000	EUR	SGL Carbon, AG 0.750%, 05/16/13		856,028
	700,000		Suntech Power Holdings Company, Ltd. 3.000%, 03/15/13		529,375

					2,148,321

			*Information Technology (4.6%)*
	4,200,000	EUR	Cap Gemini, SAµ 1.000%, 01/01/12		2,694,887
	2,700,000		Intel Corp.µ 2.950%, 12/15/35		2,484,000

					5,178,887


Global Total Return Fund Schedule of Investments ANNUAL REPORT				5

See accompanying Notes to Schedule of Investments

Schedule of Investments

OCTOBER 31, 2009


PRINCIPAL
AMOUNT				VALUE


			*Materials (8.2%)*
	1,000,000		Anglo American, PLC 4.000%, 05/07/14	$	1,529,000
	1,300,000		AngloGold Ashanti, Ltd. 3.500%, 05/22/14		1,449,361
			Newmont Mining Corp.µ
	1,350,000		1.625%, 07/15/17		1,596,375
	1,100,000		3.000%, 02/15/12		1,329,625
	700,000		Sino-Forest Corp.* 5.000%, 08/01/13		742,875
	1,140,000		Sterlite Industries, Ltd. 4.000%, 10/30/14		1,137,150
	1,200,000		Xstrata, PLC 4.000%, 08/14/17		1,407,000

					9,191,386

			*Telecommunication Services (1.5%)*
	1,700,000		NII Holdings, Inc.µ 2.750%, 08/15/25		1,689,375

			TOTAL CONVERTIBLE BONDS (Cost $28,056,580)		28,554,480

SOVEREIGN BONDS (4.4%)
	250,000	BRL	Federal Republic of Brazil 10.000%, 01/01/12		1,424,178
	1,500,000	AUD	Government of Australia 6.250%, 06/15/14		1,401,863
	930,000	NZD	Government of New Zealand 6.000%, 04/15/15		683,327
	8,000,000	NOK	Government of Norway 4.250%, 05/19/17		1,427,824

			TOTAL SOVEREIGN BONDS (Cost $4,993,019)		4,937,192

NUMBER OF
SHARES				VALUE


CONVERTIBLE PREFERRED STOCKS (8.8%)
			*Consumer Staples (1.7%)*
	22,000		Archer-Daniels-Midland Companyµ 6.250%		940,500
			Bunge, Ltd.~
	7,800		4.875%		635,700
	675		5.125%		393,187

					1,969,387

			*Financials (3.5%)*
	17,000		American International Group, Inc.µ 8.500%		191,250
	2,700		Bank of America Corp.µ 7.250%		2,260,818
	1,600		Wells Fargo & Company~ 7.500%		1,432,000

					3,884,068

			*Materials (3.6%)*
	1,150,000 CHF		Givaudan, SA 5.375%		846,891
	34,000		Vale Capital, Ltd. (Companhia Vale do Rio Doce)§ 5.500%		1,667,700
	20,000		Vale, SA 6.750%		1,511,000

					4,025,591

			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $9,836,514)		9,879,046

NUMBER OF
UNITS				VALUE


STRUCTURED EQUITY-LINKED SECURITIES (3.2%) +*
			*Energy (1.9%)*
	17,487		Barclays Capital, Inc. (Noble Corp.) 12.000%, 01/29/10		698,956
	15,800		BNP Paribas, SA (ENSCO International, Inc.) 12.000%, 01/29/10		709,420
	22,000		Goldman Sachs Group, Inc. (Cameron International Corp.) 12.000%, 02/16/10		759,440

					2,167,816

			*Health Care (0.6%)*
	20,000		Deutsche Bank, AG (Medtronic, Inc.) 11.000%, 05/27/10		702,600

			*Materials (0.7%)*
	20,000		Credit Suisse Group (Barrick Gold Corp.) 12.000%, 04/19/10		714,200

			TOTAL STRUCTURED EQUITY-LINKED SECURITIES (Cost $3,363,619)		3,584,616

NUMBER OF
SHARES				VALUE


COMMON STOCKS (61.3%)
			*Consumer Discretionary (3.6%)*
	90,000	CHF	Swatch Group, AGµ		4,036,164

			*Consumer Staples (4.6%)*
	33,000		Coca-Cola Companyµ		1,759,230
	50,000	GBP	Diageo, PLCµ		814,400
	55,000	CHF	Nestlé, SAµ		2,557,587

					5,131,217


6		Global Total Return Fund ANNUAL REPORT Schedule of Investments

See accompanying Notes to Schedule of Investments

Schedule of Investments

OCTOBER 31, 2009


NUMBER OF
SHARES				VALUE


			*Energy (13.5%)*
	100,000	NOK	Acergy, SA	$	1,249,082
	90,000	GBP	AMEC, PLC		1,185,340
	285,000	GBP	BP, PLC		2,670,519
	21,000		Cameron International Corp.#		776,370
	17,000		Chevron Corp.µ		1,301,180
	70,000		Halliburton Company		2,044,700
	73,000	CAD	Suncor Energy, Inc.		2,423,326
	72,000	NOK	TGS Nopec Geophysical Company, ASA#		1,091,914
	40,000	EUR	TOTAL, SA		2,393,614

					15,136,045

			*Financials (9.1%)*
	80,000	AUD	ASX, Ltd.µ		2,411,738
	50,000	EUR	Banco Santander, SAµ		804,614
	52,000		JPMorgan Chase & Company~		2,172,040
	70,300	GBP	Schroders, PLC		1,264,041
	350,000	SGD	Singapore Exchange, Ltd.µ		1,983,384
	65,000	GBP	Standard Chartered, PLC		1,594,578

					10,230,395

			*Health Care (7.9%)*
	29,000		Alcon, Inc.µ		4,140,910
	39,000		Johnson & Johnsonµ		2,302,950
	23,000	DKK	Novo Nordisk, A/S - Class Bµ		1,428,903
	6,000	CHF	Roche Holding, AGµ		960,978

					8,833,741

			*Industrials (2.6%)*
	41,000	CHF	ABB, Ltd.µ#		762,656
	52,000		General Electric Companyµ		741,520
	16,000	EUR	Siemens, AGµ		1,445,872

					2,950,048

			*Information Technology (17.9%)*
	117,000	GBP	Autonomy Corp., PLCµ#		2,572,437
	37,000	JPY	Canon, Inc.µ		1,395,005
	130,000		Dell, Inc.µ#		1,883,700
	58,000		Infosys Technologies, Ltd.µ		2,668,000
	92,000	TWD	MediaTek, Inc.		1,287,631
	34,000		Microsoft Corp.µ		942,820
	7,500	JPY	Nintendo Company, Ltd.µ		1,881,185
	175,000	EUR	Nokia, OYJµ		2,210,467
	100,000	BRL	Redecard, SA		1,484,446
	65,000	EUR	SAP, AGµ		2,944,187
	85,000	HKD	VTech Holdings, Ltd.µ		708,409

					19,978,287

			*Materials (0.6%)*
	3,000	CHF	Syngenta, AG		710,344

			*Telecommunication Services (1.5%)*
	38,000		América Móvil, SAB de CVµ		1,676,940

			TOTAL COMMON STOCKS (Cost $71,843,467)		68,683,181

NUMBER OF
CONTRACTS				VALUE


PURCHASED OPTIONS (0.3%)#
			*Consumer Discretionary (0.0%)*
	250		Grupo Televisa, SA Call, 01/16/10, Strike $25.00		1,875

			*Consumer Staples (0.0%)*
	180		Sysco Corp. Call, 01/16/10, Strike $30.00		2,250

			*Industrials (0.0%)*
	130	CHF	ABB, Ltd. Call, 06/18/10, Strike $24.00		7,983

			*Other (0.3%)*
			SPDR Trust Series 1
	600		Put, 11/21/09, Strike $95.00		45,000
	550		Put, 12/19/09, Strike $101.00		169,125
	300		Put, 11/21/09, Strike $98.00		33,450
	300		Put, 12/19/09, Strike $97.00		59,700

					307,275

			TOTAL PURCHASED OPTIONS (Cost $871,327)		319,383

NUMBER OF
SHARES				VALUE


SHORT TERM INVESTMENT (2.0%)
	2,271,885		Fidelity Prime Money Market Fund - Institutional Class (Cost $2,271,885)		2,271,885

TOTAL INVESTMENTS IN SECURITIES (128.0%) (Cost $145,770,806)					143,394,729

LIABILITIES, LESS OTHER ASSETS (-28.0%)					(31,380,530	)

NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%)				$	112,014,199

NUMBER OF
CONTRACTS				VALUE


WRITTEN OPTIONS (-1.8%) #
			*Other (-1.8%)*
			iShares MSCI EAFE Index Fund
	1,300		Call, 12/19/09, Strike $56.00		(139,750	)
	900		Call, 12/19/09, Strike $48.00		(549,000	)
	900		Call, 01/16/10, Strike $56.00		(126,000	)
	650		Call, 12/19/09, Strike $49.00		(344,500	)
	500		Call, 12/19/09, Strike $50.00		(225,000	)
	400		Call, 01/16/10, Strike $57.00		(42,000	)


Global Total Return Fund Schedule of Investments ANNUAL REPORT				7

See accompanying Notes to Schedule of Investments

Schedule of Investments

OCTOBER 31, 2009


NUMBER OF
CONTRACTS			VALUE


		SPDR Trust Series 1
	600	Call, 12/19/09, Strike $97.00	$	(511,500	)
	500	Call, 11/21/09, Strike $108.00		(40,500	)
	500	Call, 11/21/09, Strike $107.00		(55,500	)

		TOTAL WRITTEN OPTIONS (Premium $1,730,397)		(2,033,750	)

NOTES TO SCHEDULE OF INVESTMENTS


~		Security, or portion of security, is segregated as collateral for written options aggregating a total value of $16,379,202.
µ		Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $67,332,807.
*		Securities issued and sold pursuant to a Rule 144A transaction are excepted from the registration requirement of the Securities Act of 1933, as amended. These securities may only be sold to qualified institutional buyers (“QIBs”), such as the fund. Any resale of these securities must generally be effected through a sale that is registered under the Act or otherwise exempted from such registration requirements. At October 31, 2009, the value of 144A securities that could not be exchanged to the registered form is $6,261,159 or 5.6% of net assets applicable to common shareholders.
**		Security is in default. Pilgrim’s Pride Corp. filed for bankruptcy protection on December 1, 2008.
+		Structured equity linked securities are designed to simulate the characteristics of the security in the parenthetical.
§		Securities exchangeable or convertible into securities of one or more entities that are different than the issuer. Each entity is identified in the parenthetical.
#		Non-income producing security.

FOREIGN CURRENCY ABBREVIATIONS


AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
DKK		Danish Krone
EUR		European Monetary Unit
GBP		British Pound Sterling
HKD		Hong Kong Dollar
JPY		Japanese Yen
NOK		Norwegian Krone
NZD		New Zealand Dollar
SGD		Singapore Dollar
TWD		New Taiwanese Dollar

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

INTEREST RATE SWAPS

Unrealized

Fixed Rate

Floating Rate

Termination

Notional

Appreciation/

Counterparty

(Fund Pays)

(Fund Receives)

Date

Amount

(Depreciation)

BNP Paribas, SA

2.5350% quarterly

3 month LIBOR

03/09/14

12,000,000

(105,559

)

BNP Paribas, SA

2.0200% quarterly

3 month LIBOR

03/09/12

8,000,000

(128,371

)

BNP Paribas, SA

1.8525% quarterly

3 month LIBOR

09/14/12

7,000,000

(36,630

)

(270,560

)


8		Global Total Return Fund ANNUAL REPORT Schedule of Investments

See accompanying Notes to Financial Statements

Schedule of Investments

OCTOBER 31, 2009

CURRENCY EXPOSURE OCTOBER 31, 2009


	Value	% of Total Investments
U.S. Dollar	$84,338,466	59.7	%
European Monetary Unit	13,349,669	9.4
British Pound Sterling	10,101,315	7.1
Swiss Franc	9,882,603	7.0
Australian Dollar	3,813,601	2.7
Norwegian Krone	3,768,820	2.7
Japanese Yen	3,276,190	2.3
Brazilian Real	2,908,624	2.1
Canadian Dollar	2,423,326	1.7
Hong Kong Dollar	2,115,120	1.5
Singapore Dollar	1,983,384	1.4
Danish Krone	1,428,903	1.0
New Taiwanese Dollar	1,287,631	0.9
New Zealand Dollar	683,327	0.5
Total Investments Net of Written Options	$141,360,979	100.0	%

Currency exposure may vary over time.


Global Total Return Fund Schedule of Investments ANNUAL REPORT				9

See accompanying Notes to Financial Statements

Statement of Assets and Liabilities


October 31, 2009

ASSETS
Investments in securities, at value (cost $145,770,806)	$	143,394,729
Cash with custodian (interest bearing)		61,782
Foreign currency (cost $38,818)		38,707
Receivables:
Accrued interest and dividends		997,839
Prepaid expenses		5,227
Other assets		36,775


Total assets		144,535,059



LIABILITIES
Options written, at value (premium $1,730,397)		2,033,750
Unrealized depreciation on interest rate swaps		270,560
Payables:
Note payable		30,000,000
Affiliates:
Investment advisory fees		122,476
Deferred compensation to trustees		36,775
Financial accounting fees		1,409
Trustees’ fees and officer compensation		229
Other accounts payable and accrued liabilities		55,661


Total liabilities		32,520,860


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	112,014,199



COMPOSITION OF NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Common stock, no par value, unlimited shares authorized 8,019,138 shares issued and outstanding	$	113,527,720
Undistributed net investment income (loss)		(586,291	)
Accumulated net realized gain (loss) on investments, foreign currency transactions, written options and interest rate swaps		2,017,046
Unrealized appreciation (depreciation) of investments, foreign currency translations, written options and interest rate swaps		(2,944,276	)


NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$	112,014,199


Net asset value per common shares based upon 8,019,138 shares issued and outstanding	$	13.97


10		Global Total Return Fund ANNUAL REPORT Statement of Assets and Liabilities

See accompanying Notes to Financial Statements

Statement of Operations


Year Ended October 31, 2009


INVESTMENT INCOME
Interest	$	3,748,764
Dividends		2,850,737
Dividends from affiliates		42,156
Foreign taxes withheld		(120,160	)


Total investment income		6,521,497



EXPENSES
Investment advisory fees		1,265,579
Interest expense and related fees		845,882
Deferred debt structuring fee		77,995
Transfer agent fees		29,259
Registration fees		26,034
Custodian fees		24,261
Printing and mailing fees		21,850
Trustees’ fees and officer compensation		18,983
Financial accounting fees		14,643
Accounting fees		9,192
Legal fees		4,710
Audit fees		4,366
Other		7,411


Total expenses		2,350,165
Less expense reductions		(6,839	)


Net expenses		2,343,326


NET INVESTMENT INCOME (LOSS)		4,178,171



REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		(785,458	)
Purchased options		9,322,286
Foreign currency transactions		63,087
Written options		(3,251,345	)
Interest rate swaps		(140,134	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		33,419,726
Purchased options		(9,850,024	)
Foreign currency translations		11,755
Written options		(496,637	)
Interest rate swaps		(270,560	)


NET GAIN (LOSS)		28,022,696


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	32,200,867


Global Total Return Fund Statement of Operations ANNUAL REPORT				11

See accompanying Notes to Financial Statements

Statements of Changes in Net Assets


	Year Ended October 31,
	2009			2008


OPERATIONS
Net investment income (loss)	$	4,178,171		$	5,867,286
Net realized gain (loss)		5,208,436			7,787,601
Change in unrealized appreciation/(depreciation)		22,814,260			(79,757,537	)
Distributions to preferred shareholders from:
Net investment income		—			(742,082	)
Net realized gains		—			(758,895	)


Net increase (decrease) in net assets applicable to common shareholders resulting from operations		32,200,867			(67,603,627	)



DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM
Net investment income		(9,361,460	)		(9,167,996	)
Net realized gains		(698,540	)		(1,841,607	)


Net decrease in net assets from distributions to common shareholders		(10,060,000	)		(11,009,603	)



CAPITAL STOCK TRANSACTIONS
Offering costs on common shares		(46,028	)		(181,038	)
Reinvestment of distributions resulting in the issuance of common stock		163,025			—


Net increase (decrease) in net assets from capital stock transactions		116,997			(181,038	)


TOTAL INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS		22,257,864			(78,794,268	)



NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS
Beginning of year	$	89,756,335		$	168,550,603


End of year		112,014,199			89,756,335


Undistributed net investment income (loss)	$	(586,291	)	$	(346,634	)


12		Global Total Return Fund ANNUAL REPORT Statements of Changes in Net Assets

See accompanying Notes to Financial Statements

Statement of Cash Flows


Year Ended October 31, 2009



CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	32,200,867
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash used in operating activities:
Change in unrealized appreciation or depreciation on interest rate swaps		270,560
Change in written options		1,049,613
Purchase of investment securities		(89,597,036	)
Proceeds from disposition of investment securities		103,709,166
Amortization and accretion of fixed-income securities		(812,679	)
Purchase of short term investments, net		1,174,845
Net realized gains/losses from investments, excluding purchased options		785,458
Net realized gains/losses from purchased options		(9,322,286	)
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(33,419,726	)
Change in unrealized appreciation or depreciation on purchased options		9,850,024
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		200,243
Prepaid expenses		80,083
Other assets		(18,392	)
(Increase)/decrease in liabilities:
Payables to affiliates		22,656
Other accounts payable and accrued liabilities		(82,475	)


Net cash provided by/(used in) operating activities	$	16,090,921



CASH FLOWS FROM FINANCING ACTIVITIES:
Offering costs related to common shares sold		(114,461	)
Distributions to common shareholders		(9,896,975	)
Proceeds from note payable		(6,000,000	)


Net cash provided by/(used in) financing activities	$	(16,011,436	)


Net increase/(decrease) in cash and foreign currency*	$	79,485


Cash and foreign currency at beginning of year	$	21,004


Cash and foreign currency at end of year	$	100,489


Supplemental disclosure
Cash paid for interest and related fees	$	850,570

Non-cash financing activities not included herein consist of reinvestment of dividends and distributions of $163,025.


*		Includes net change in unrealized appreciation or depreciation on foreign currency of ($111)


Global Total Return Fund Statement of Cash Flows ANNUAL REPORT				13

See accompanying Notes to Financial Statements

Notes to Financial Statements

NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization. Calamos Global Total Return (the “Fund”) was organized as a Delaware statutory trust on March 30, 2004 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 October 27, 2005. The Fund’s investment objective is to provide total return through a combination of capital appreciation and current income.

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

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

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

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

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

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

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


14		Global Total Return Fund ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements

When fair value pricing of securities is employed, the prices of securities used by a Fund to calculate its NAV may differ from market quotations or official closing prices. In light of the judgment involved in fair valuations, there can be no assurance that a fair value assigned to a particular security is accurate.

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

Investment in Affiliates. As of October 31, 2008, the Fund had holdings of $3,446,730 in the affiliated fund, Calamos Government Money Market Fund, and as of October 31, 2009, had no holdings in the affiliated fund. During the period from November 1, 2008 through October 31, 2009, the Fund had net redemptions of $3,446,730 and earned $42,156 in dividends from the affiliated fund. The Calamos Government Money Market Fund was liquidated on May 15, 2009 and no subsequent investments were made in the affiliated fund thereafter.

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

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

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

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

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

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

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


Global Total Return Fund Notes to Financial Statements ANNUAL REPORT				15

Notes to Financial Statements

The Fund recognized no liability for unrecognized tax benefits. 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 2005-2008 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

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

New Accounting Pronouncements. Effective November 1, 2008, the Fund adopted the provisions of the Statement of Financial Accounting Standard No. 157, Fair Value Measurements (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS 157 requires disclosure surrounding the various inputs used to determine a valuation, and these inputs are segregated into three levels. Tables summarizing the Fund’s investments under these levels are shown in the Notes to Financial Statements, Note 9 – Valuations.

Effective November 1, 2008, the Fund adopted the Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities (SFAS 161). SFAS 161 requires that objectives for using derivative instruments be disclosed in terms of underlying risk and accounting designation. The required disclosures are reflected in the Schedules of Investments, Statements of Operations, and in the Notes to Financial Statements, Note 6 – Derivative Instruments.

Subsequent Events. Subsequent events have been evaluated through December 17, 2009, the date that the financial statements were available to be issued. All subsequent events determined to be relevant and material to the financial statements have been appropriately recorded or disclosed.

NOTE 2 – INVESTMENT ADVISOR AND TRANSACTIONS WITH AFFILIATES OR CERTAIN OTHER PARTIES

Pursuant to an investment advisory agreement with Calamos Advisors LLC (“Calamos Advisors”), the Fund pays an annual fee, payable monthly, equal to 1.00% based on the average weekly managed assets. “Managed assets” means a fund’s total assets (including any assets attributable to any leverage that may be outstanding) minus total liabilities (other than debt representing financial leverage). Calamos Advisors has agreed to waive a portion of its advisory fee charged to the Fund equal to the advisory fee paid by Calamos Government Money Market Fund (“GMMF,” which was an affiliated fund and a series of Calamos Investments Trust) attributable to the Fund’s investment in GMMF, based on daily net assets. For the year ended October 31, 2009, the total advisory fee waived pursuant to such agreement was $6,839 and is included in the Statement of Operations under the caption “Less expense reductions”.

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

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


16		Global Total Return Fund ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements

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

The Fund has adopted a deferred compensation plan (the “Plan”). Under the Plan, a trustee who is not an “interested person” (as defined in the 1940 Act) and has elected to participate in the Plan (a “participating trustee”) may defer receipt of all or a portion of his compensation from the Fund. The deferred compensation payable to the participating trustee is credited to the trustee’s deferral account as of the business day such compensation would have been paid to the participating trustee. The value of amounts deferred for a participating trustee is determined by reference to the change in value of Class I shares of one or more funds of Calamos Investment Trust designated by the participant. The value of the account increases with contributions to the account or with increases in the value of the measuring shares, and the value of the account decreases with withdrawals from the account or with declines in the value of the measuring shares. Deferred compensation investments of $36,775 are included in “Other assets” on the Statement of Assets and Liabilities at October 31, 2009. 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 October 31, 2009.

NOTE 3 – INVESTMENTS

The cost of purchases and proceeds from the sale of long-term investments, for the year ended October 31, 2009 were as follows:


Cost of purchases	$	78,085,358
Proceeds from sales		83,937,037

The following information is presented on a federal income tax basis as of October 31, 2009. Differences between the cost basis under U.S. generally accepted accounting principles and federal income tax purposes are primarily due to temporary differences.

The cost basis of investments for federal income tax purposes at October 31, 2009 was as follows:


Cost basis of Investments	$	145,965,210


Gross unrealized appreciation		11,674,493


Gross unrealized depreciation		(14,244,974	)


Net unrealized appreciation (depreciation)	$	(2,570,481	)

NOTE 4 – INCOME TAXES

For the year ended October 31, 2009, the Fund recorded the following permanent reclassifications to reflect tax character. The results of operations and net assets were not affected by these reclassifications.


Undistributed net investment income/(loss)	$	4,943,632
Accumulated net realized gain/(loss) on investments		(4,943,632	)

The Fund intends to make monthly distributions from its income available for distribution, which consists of the Fund’s dividends and interest income after payment of Fund expenses, and net realized gains on stock investments. At least annually, the Fund intends to distribute all or substantially all of its net realized capital gains, if any. Distributions are recorded on the ex-dividend date. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in-capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.


Global Total Return Fund Notes to Financial Statements ANNUAL REPORT				17

Notes to Financial Statements

Distributions were characterized for federal income tax purposes as follows:


	Year Ended		Year Ended
	October 31, 2009		October 31, 2008


Distributions paid from:
Ordinary income		$9,361,460	$	9,765,379
Long-term capital gains		698,540		2,753,397

As of October 31, 2009, the components of accumulated earnings/(loss) on a tax basis were as follows:


Undistributed ordinary income	$	1,664,682
Undistributed capital gains		—


Total undistributed earnings		1,664,682
Accumulated capital and other losses		—
Net unrealized gains/(losses)		(3,138,680	)


Total accumulated earnings/(losses)		(1,473,998	)
Other		(39,523	)
Paid-in capital		113,527,720


Net assets applicable to common shareholders	$	112,014,199

NOTE 5 – COMMON SHARES

There are unlimited common shares of beneficial interest authorized and 8,019,138 shares outstanding at October 31, 2009. Calamos Advisors owned 9,751 of the outstanding shares at October 31, 2009. Transactions in common shares were as follows:


	Year Ended		Year Ended
	October 31, 2009		October 31, 2008

Beginning shares		8,006,981		8,006,981
Shares issued through reinvestment of distributions		12,157		—


Ending shares		8,019,138		8,006,981

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

NOTE 6 – DERIVATIVE INSTRUMENTS

Foreign Currency Risk. The Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates and an unrealized gain or loss is recorded. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward currency contracts at October 31, 2009.

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

To seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange traded funds (“ETFs”). The Fund may also seek to


18		Global Total Return Fund ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements

generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund’s portfolio, on broad-based securities indexes, or certain ETFs.

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

As of October 31, 2009, the Fund had outstanding purchased options and/or written options as listed on the Schedule of Investments. For the year ended October 31, 2009, the Fund had the following transactions in options written:


	Number of Contracts			Premiums Received

Options outstanding at October 31, 2008		4,910		$	1,177,421
Options written		33,420			8,386,340
Options closed		(32,080	)		(7,833,364	)
Options exercised		—			—
Options expired		—			—


Options outstanding at October 31, 2009		6,250		$	1,730,397

Interest Rate Risk. The Fund may engage in interest rate swaps primarily to manage duration and yield curve risk, as alternatives to direct investments, or to hedge the interest rate risk on the fund’s borrowings (see Note 7 – Borrowings). An interest rate swap is a contract that involves the exchange of one type of interest rate for another type of interest rate. Three main types of interest rate swaps are coupon swaps (fixed rate to floating rate in the same currency); basis swaps (one floating rate index to another floating rate index in the same currency); and cross-currency interest rate swaps (fixed rate in one currency to floating rate in another). In the case of a coupon swap, a Fund may agree with a counterparty that the Fund will pay a fixed rate (multiplied by a notional amount) while the counterparty will pay a floating rate multiplied by the same notional amount. If interest rates rise, resulting in a diminution in the value of the Fund’s portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction. 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) 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.

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

As of October 31, 2009, the Fund had outstanding interest rate swap agreements as listed on the Schedule of Investments.


Global Total Return Fund Notes to Financial Statements ANNUAL REPORT				19

Notes to Financial Statements

Below are the types of derivatives in the Fund by gross value as of October 31, 2009:

Assets

Liabilities

Statement of Assets &

Liabilities Location

Value

Liabilities Location

Value

Derivative Type:

Purchased options

Investments in securities

319,383

Written options

2,033,750

Interest Rate contracts

Unrealized appreciation on swaps

—

Unrealized depreciation on swaps

270,560

VOLUME OF DERIVATIVE ACTIVITY FOR THE TWELVE MONTHS ENDED OCTOBER 31, 2009*


Equity:
Purchased options		15,400
Written options		33,420
Foreign currency contracts		—
Interest rate swaps	$	27,000,000
Credit swaps		—


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

NOTE 7 – BORROWINGS

The Fund, with the approval of its Board of Trustees, including its independent Trustees, has entered into a financing package that includes a Committed Facility Agreement (the Agreement) with BNP Paribas Prime Brokerage, Inc. (as successor to Bank of America N.A.) (“BNP”) that allows the Fund to borrow up to an initial limit of $59,000,000 and a Lending Agreement, as defined below. The Agreement with BNP replaced the outstanding auction rate preferred securities, and an initial draw-down of $59,000,000 under the Agreement was utilized to pay off outstanding indebtedness under the outstanding auction rate preferred securities in its entirety. Borrowings under the Agreement are secured by assets of the Fund that are held with the Fund’s custodian in a separate account (the “pledged collateral”). Interest is charged at the quarterly LIBOR (London Inter-bank Offered Rate) plus .95% on the amount borrowed and .85% on the undrawn balance. For the year ended October 31, 2009, the average borrowings under the Agreement and the average interest rate were $30,263,014 and 1.98%, respectively. As of October 31, 2009, the amount of such outstanding borrowings is $30,000,000. The interest rate applicable to the borrowings on October 31, 2009 was 1.23%.

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

Under the terms of the Lending Agreement, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by the Fund to BNP under the Agreement (the “Current Borrowings”), BNP must, on that day, either (1) return Lent Securities to the Fund’s custodian in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings; or (2) post cash collateral with the Fund’s custodian equal to the difference between the value of the Lent Securities and the value of the Current Borrowings. If BNP fails to perform either of these actions as required, the Fund will recall securities, as discussed below, in an amount sufficient to cause the value of the outstanding Lent Securities to equal the Current Borrowings. The Fund can recall any of the Lent Securities and BNP shall, to the extent


20		Global Total Return Fund ANNUAL REPORT Notes to Financial Statements

Notes to Financial Statements

commercially possible, return such security or equivalent security to the Fund’s custodian no later than three business days after such request. If the Fund recalls a Lent Security pursuant to the Lending Agreement, and BNP fails to return the Lent Securities or equivalent securities in a timely fashion, BNP shall remain liable to the Fund’s custodian for the ultimate delivery of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. The Fund shall also have the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the Current Borrowings.

NOTE 8 – STRUCTURED EQUITY LINKED SECURITIES

The Fund may also invest in structured equity-linked securities created by third parties, typically investment banks. Structured equity linked securities created by such parties may be designed to simulate the characteristics of traditional convertible securities or may be designed to alter or emphasize a particular feature. Traditional convertible securities typically offer stable cash flows with the ability to participate in capital appreciation of the underlying common stock. Because traditional convertible securities are exercisable at the option of the holder, the holder is protected against downside risk. Structured equity-linked securities may alter these characteristics by offering enhanced yields in exchange for reduced capital appreciation or less downside protection, or any combination of these features. Structured equity-linked instruments may include structured notes, equity-linked notes, mandatory convertibles and combinations of securities and instruments, such as a debt instrument combined with a forward contract. Income received from these securities are recorded as dividends on the Statement of Operations.

NOTE 9 – VALUATIONS

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


	•	Level 1 assets and liabilities use inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange).

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

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


Global Total Return Fund Notes to Financial Statements ANNUAL REPORT				21

Notes to Financial Statements

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


		Value of		Other
		Investment		Financial
Valuation Inputs		Securities		Instruments


Level 1 –	Quoted Prices
	Common Stocks	$	26,318,132	$	—
	Convertible Preferred Stocks		8,003,268		—
	Purchased Options		319,383		—
	Written Options		—		(2,033,750	)
	Short Term Investments		2,271,885		—
Level 2 –	Other significant observable inputs
	Common Stocks		42,365,049		—
	Convertible Bonds		28,554,480		—
	Corporate Bonds		25,164,946		—
	Sovereign Bonds		4,937,192		—
	Convertible Preferred Stocks		1,875,778		—
	Structured Equity-Linked Securities		3,584,616		—
	Interest Rate Swaps		—		(270,560	)


Total		$	143,394,729	$	(2,304,310	)


22		Global Total Return Fund ANNUAL REPORT Notes to Financial Statements

Financial Highlights

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


													October 27,
													2005*
													through
	Year Ended October 31,												October 31,

	2009			2008			2007			2006			2005

Net asset value, beginning of period		$11.21			$21.05			$16.31			$14.29			$14.32 ^(a	⁾


Income from investment operations:
Net investment income (loss)		0.52	**		0.74	**		0.96	**		0.86			—


Net realized and unrealized gain (loss)		3.51			(9.00	)		5.38			2.40			—


Distributions to preferred shareholders from:
Net investment income (common share equivalent basis)		—			(0.09	)		(0.39	)		(0.29	)		—


Net realized gains (common share equivalent basis)		—			(0.09	)		--^(b	⁾		—			—


Total from investment operations		4.03			(8.44	)		5.95			2.97			—


Less distributions to common shareholders from:
Net investment income		(1.17	)		(1.15	)		(1.09	)		(0.65	)		—


Net realized gains		(0.09	)		(0.23	)		(0.12	)		(0.19	)		—


Capital charge resulting from issuance of common and preferred shares and related offering costs		(0.01	)		(0.02	)		—			(0.11	)		(0.03	)


Net asset value, end of period		$13.97			$11.21			$21.05			$16.31			$14.29


Market value, end of period		$13.30			$9.54			$19.51			$15.62			$15.00


Total investment return based on:^(c)
Net asset value		40.32	%		(41.78	)%		38.30	%		20.77	%		(0.24	)%


Market value		56.98	%		(46.54	)%		33.84	%		10.19	%		0.00	%


Net assets, end of period (000)		$112,014			$89,756			$168,551			$130,588			$114,439


Preferred shares, at redemption value ($25,000 per share liquidation preference) (000’s omitted)		$—			$—			$59,000			$59,000			$—


Ratios to average net assets applicable to common shareholders:
Net expenses^(d)		2.43	%		2.28	%		1.72	%		1.70	%		1.33	%^(e)


Gross expenses prior to expense reductions and earnings credits^(d)		2.44	%		2.29	%		1.72	%		1.70	%		3.37	%^(e)


Net investment income (loss)^(d)		4.34	%		4.08	%		5.37	%		5.57	%		(1.33	)%^(e)


Preferred share distributions		—	%		0.52	%		2.17	%		1.89	%		0.00	%^(e)


Net investment income (loss), net of preferred share distributions from net investment income		4.34	%		3.56	%		3.20	%		3.68	%		0.00	%^(e)


Portfolio turnover rate		65	%		82	%		85	%		32	%		0	%


Average commission rate paid		$0.0167			$0.0830			$0.0377			$0.0258			$—


Asset coverage per preferred share, at end of period^(f)		$—			$—			$96,423			$80,358			$—


Asset coverage per $1,000 of loan outstanding^(g)		$4,734			$3,493			$—			$—			$—


*		Commencement of operations.

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

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

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

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

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

(e)		Annualized.

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

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


Global Total Return Fund Financial Highlights ANNUAL REPORT				23

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Calamos Global Total Return Fund

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Calamos Global Total Return Fund (the “Fund”) as of October 31, 2009, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from October 27, 2005 (commencement of operations) through October 31, 2005. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the Fund’s custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of October 31, 2009, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from October 27, 2005 (commencement of operations) through October 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

Chicago, Illinois

December 17, 2009


24		Global Total Return Fund ANNUAL REPORT Report of Independent Registered Public Accounting Firm

Trustee Approval of Management Agreement (unaudited)

The Board of Trustees of the Fund oversees the management of the Fund, and, as required by law, determines annually whether to continue the Fund’s management agreement with Calamos Advisors under which Calamos Advisors serves as the investment manager and administrator for the Fund. The “Independent Trustees,” who comprise more than 80% of the Board, have never been affiliated with Calamos Advisors.

In connection with their most recent consideration regarding the continuation of the management agreement, the Trustees received and reviewed a substantial amount of information provided by Calamos Advisors in response to detailed requests of the Independent Trustees and their independent legal counsel. In the course of their consideration of the agreement, the Independent Trustees were advised by their counsel and, in addition to meeting with management of Calamos Advisors, they met separately in executive session with their counsel.

At a meeting held on June 17, 2009, based on their evaluation of the information referred to above and other information, the Trustees determined that the overall arrangements between the Fund and Calamos Advisors were fair and reasonable in light of the nature, extent and quality of the services provided by Calamos Advisors and its affiliates, the fees charged for those services and other matters that the Trustees considered relevant in the exercise of their business judgment. At that meeting, the Trustees, including all of the Independent Trustees, approved the continuation of the management agreement through July 31, 2010, subject to possible earlier termination as provided in the agreement.

In connection with its consideration of the management agreement, the Board considered, among other things: (i) the nature, quality and extent of the Adviser’s services, (ii) the investment performance of the Fund as well as performance information for comparable funds, (iii) the fees and other expenses paid by the Fund as well as expense information for comparable funds, (iv) the profitability of the Adviser and its affiliates from their relationship with the Fund, (v) whether economies of scale may be realized as the Fund grows and whether fee levels share with Fund investors economies of scale and (vi) other benefits to the Adviser from its relationship with the Fund. In the Board’s deliberations, no single factor was responsible for the Board’s decision to approve continuation of the management agreements.

Nature, Extent and Quality of Services. The Board’s consideration of the nature, extent and quality of the Adviser’s services to the Fund took into account the knowledge gained from the Board’s meetings with the Adviser throughout the prior year. In addition, the Board considered: the Adviser’s long-term history of managing the Fund; the consistency of investment approach; the background and experience of the Adviser’s investment personnel responsible for managing the Fund; the Adviser’s performance as administrator of the Fund, including, among other things, in the areas of brokerage selection, trade execution, compliance and shareholder communications; and frequent favorable recognition of the Adviser in the media and in industry publications. The Board also reviewed the Adviser’s resources and key personnel involved in providing investment management services to the Fund, including the time that investment personnel devote to the Fund and the investment results produced by the Adviser’s in-house research. The Board also noted the significant personal investments that the Adviser’s key investment personnel have made in the Fund, which further aligns the interests of the Adviser and its personnel with those of the Fund’s shareholders. The Board also considered compliance reports about the Adviser from the Fund’s Chief Compliance Officer. The Board concluded that the nature, extent and quality of the services provided by the Adviser to the Fund were appropriate and consistent with the management agreements and that the Fund was likely to continue to benefit from services provided under its management agreement with the Adviser.

Investment Performance of the Fund. The Board considered the Fund’s investment performance over various time periods, including how the Fund performed compared to the median performance of a group of comparable funds (the Fund’s “Universe Median”) selected by Lipper, Inc., an independent data service provider. The performance periods considered by the Board ended on March 31, 2009. Where available, the Board considered one-, three-, five- and ten-year performance.

The Board considered the Fund’s net asset value performance, noting that the Fund outperformed its Universe Median during the one- and three-year periods. For the reasons noted above, the Board concluded that continuation of the management agreement for the Fund was in the best interest of the Fund and its shareholders.


Global Total Return Fund Trustee Approval of Management Agreement ANNUAL REPORT				25

Trustee Approval of Management Agreement (unaudited)

Costs of Services Provided and Profits Realized by the Adviser. Using information provided by Lipper, the Board evaluated the Fund’s actual management fee rate compared to the median management fee rate for other mutual funds similar in size, character and investment strategy (the Fund’s “Expense Group”), and the Fund’s total expense ratio compared to the median total expense ratio of the Fund’s Expense Group.

The Board considered that the Fund’s management fee rate after reimbursement is lower than the median of the Fund’s Expense Group, although the Fund’s total expense ratio is higher than the median of the Fund’s Expense Group. The Board also considered, however, that the Fund’s contractual management fee rate at a common asset level is equal to the median of the Fund’s Expense Group. The Board, in its consideration of expenses, also took into account its review of the Fund’s performance.

The Board also reviewed the Adviser’s management fee rates for its institutional separate accounts and for its sub-advised funds (for which the Adviser provides portfolio management services only). The Board noted that while, generally, the rates of fees paid by those clients were lower than the rates of fees paid by the Fund, the differences reflected the Adviser’s significantly broader scope of services regarding the Fund, and the more extensive regulatory obligations and risks associated with managing the Fund.

The Board also considered the Adviser’s costs in serving as the Fund’s investment adviser and manager, including costs associated with technology, infrastructure and compliance necessary to manage the Fund. The Board reviewed the Adviser’s methodology for allocating costs among the Adviser’s lines of business. The Board also considered information regarding the structure of the Adviser’s compensation program for portfolio managers, analysts and certain other employees and the relationship of such compensation to the attraction and retention of quality personnel. Finally, the Board reviewed information on the profitability of the Adviser in serving as the Fund’s investment manager and of the Adviser and its affiliates in all of their relationships with the Fund, as well as an explanation of the methodology utilized in allocating various expenses among the Fund and the Adviser’s other business units. Data was provided to the Board with respect to profitability, both on a pre- and post-marketing cost basis. The Board also reviewed the annual report of the Adviser’s parent company and discussed its corporate structure.

After its review of all the matters addressed, including those outlined above, the Board concluded that the rate of management fee paid by the Fund to the Adviser was reasonable in light of the nature and quality of the services provided.

Economies of Scale and Fee Levels Reflecting Those Economies. In reviewing the Fund’s fees and expenses, the Trustees examined the potential benefits of economies of scale and whether any economies of scale should be reflected in the Fund’s fee structure. They noted that the Fund has had a relatively stable asset base since commencement of operation and that there do not appear to have been any significant economies of scale realized since that time.

Other Benefits Derived from the Relationship with the Fund. The Board also considered other benefits that accrue to the Adviser and its affiliates from their relationship with the Fund. The Board concluded that, other than the services to be provided by the Adviser and its affiliates pursuant to their agreements with the Fund and the fees payable by the Fund therefore, the Fund and the Adviser may potentially benefit from their relationship with each other in other ways.

The Board also considered the Adviser’s use of a portion of the commissions paid by the Fund on their portfolio brokerage transactions to obtain research products and services benefiting the Fund and/or other clients of the Adviser and concluded, based on reports from the Fund’s Chief Compliance Officer, that the Adviser’s use of “soft” commission dollars to obtain research products and services was consistent with regulatory requirements.

After full consideration of the above factors as well as other factors that were instructive in their consideration, the Trustees, including all of the Independent Trustees, concluded that the continuation of the management agreement with the Adviser was in the best interest of the Fund and its shareholders.


26		Global Total Return Fund ANNUAL REPORT Trustee Approval of Management Agreement

Tax Information (unaudited)

We are providing this information as required by the Internal Revenue Code (Code). The amounts shown may differ from those elsewhere in this report due to differences between tax and financial reporting requirements. In January 2010, shareholders will receive Form 1099-DIV which will include their share of qualified dividends and capital gains distributed during the calendar year 2009. Shareholders are advised to check with their tax advisors for information on the treatment of these amounts on their individual income tax returns.

Under Section 852(b)(3)(C) of the Code, the Fund hereby designates $698,540 as capital gain dividends for the fiscal year ended October 31, 2009.

Under Section 854(b)(2) of the Code, the Fund hereby designates $2,188,414 or the maximum amount allowable under the Code, as qualified dividends for the fiscal year ended October 31, 2009.

Under Section 854(b)(2) of the Code, the Fund hereby designates 8.79% of the ordinary income dividends as income qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2009.


Global Total Return Fund Tax Information ANNUAL REPORT				27

Trustees & Officers (unaudited)

The management of the Trust, including general supervision of the duties performed for each Fund under the investment management agreement between the Trust and Calamos Advisors, is the responsibility of its board of trustees. Each trustee elected will hold office for the lifetime of the Trust or until such trustee’s earlier resignation, death or removal; however, each trustee who is not an interested person of the Trust shall retire as a trustee at the end of the calendar year in which the trustee attains the age of 72 years.

The following table sets forth each trustee’s name, age at October 31, 2009, position(s) with the Trust, number of portfolios in the Calamos Fund Complex overseen, principal occupation(s) during the past five years and other directorships held, and date first elected or appointed. Each trustee oversees each Fund of the Trust.


		Portfolios in
		Fund ComplexÙ	Principal Occupation(s)
Name and Age	Position(s) with Trust	Overseen	and Other Directorships


Trustees who are interested persons of the Trust:
John P. Calamos, Sr., 69*	Trustee and President (since 2005)	19	Chairman, CEO, and Co-Chief Investment Officer Calamos Asset Management, Inc. (“CAM”), Calamos Holdings LLC (“CHLLC”) and Calamos Advisors LLC and its predecessor (“Calamos Advisors”), and President and Co-Chief Investment Officer, Calamos Financial Services LLC and its predecessor (“CFS”); Director, CAM


Trustees who are not interested persons of the Trust:
Joe F. Hanauer, 72**	Trustee (since 2005)	19	Private investor; Chairman and Director, Move, Inc., (internet provider of real estate information and products); Director, Combined Investments, L.P. (investment management)


Weston W. Marsh, 59	Trustee (since 2005)	19	Of Counsel and, until December 31, 2006, Partner, Freeborn & Peters (law firm)


John E. Neal, 59	Trustee (since 2005)	19	Private investor; formerly Managing Director, Banc One Capital Markets, Inc. (investment banking) (2000-2004); Director, Focused Health Services (private disease management company), Equity Residential (publicly-owned REIT); Partner, Private Perfumery LLC (private label perfume company); Linden LLC (health care private equity) and Greenspire Properties LLC (private homebuilder and real estate development company)


William R. Rybak, 58	Trustee (since 2005)	19	Private investor; formerly Executive Vice President and Chief Financial Officer, Van Kampen Investments, Inc. and subsidiaries (investment manager); Director, Howe Barnes Hoefer Arnett, Inc. (investment services firm) and PrivateBancorp, Inc. (bank holding company); Trustee, JNL Series Trust, JNL Investors Series Trust and JNL Variable Fund LLC***


Stephen B. Timbers, 65	Trustee (since 2005); Lead Independent Trustee (since 2005)	19	Private investor; formerly Vice Chairman, Northern Trust Corporation (bank holding company); formerly President and Chief Executive Officer, Northern Trust Investments, N.A. (investment manager); formerly President, Northern Trust Global Investments, a division of Northern Trust Corporation and Executive Vice President, The Northern Trust Corporation


David D. Tripple, 65	Trustee (since 2006)	19	Private investor; Trustee, Century Shares Trust and Century Small Cap Select Fund****


*	Mr. Calamos is an “interested person” of the Trust as defined in the 1940 Act because he is an affiliate of Calamos Advisors and CFS. Mr. Calamos is the uncle of Nick P. Calamos, Vice President of the Trust.

**	Mr. Hanauer will retire as of December 31, 2009, in accordance with the board’s retirement policy with respect to independent trustees. There is no current intention to fill such vacancy.

***	Overseeing 109 portfolios in fund complex

****	Overseeing 2 portfolios in fund complex


Ù		The Fund Complex consists of CALAMOS Investment Trust, CALAMOS Advisors Trust, CALAMOS Convertible Opportunities and Income Fund, CALAMOS Convertible and High Income Fund, CALAMOS Strategic Total Return Fund, CALAMOS Global Total Return Fund and CALAMOS Global Dynamic Income Fund.

The address of each trustee is 2020 Calamos Court, Naperville, Illinois 60563.


28		Global Total Return Fund ANNUAL REPORT Trustees & Officers

Trustees & Officers (unaudited)

Officers. The preceding table gives information about John P. Calamos, Sr., who is president of the Trust. The following table sets forth each other officer’s name, age at October 31, 2009, position with the Trust and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the board of trustees.


		Principal Occupation(s)
Name and Age	Position(s) with Trust	During Past 5 Years


Nimish S. Bhatt, 46	Vice President and Chief Financial Officer (since 2007)	Senior Vice President and Director of Operations, CAM, CHLLC, Calamos Advisors and CFS (since 2004); prior thereto, Senior Vice President, Alternative Investments and Tax Services, The BISYS Group, Inc.
Nick P. Calamos, 48	Vice President (since 2004)	Senior Executive Vice President and Co-Chief Investment Officer, CAM, CHLLC, Calamos Advisors and CFS
James J. Boyne, 43	Vice President (since 2008)	Senior Vice President, General Counsel and Secretary, Calamos Advisors (since 2008); prior thereto, Chief Operating Officer, General Counsel and Executive Managing Director of McDonnell Investment Management, LLC (2001-2008)
Stathy Darcy, 43	Secretary (since 2007)	Vice President and Deputy General Counsel — Mutual Funds, Calamos Advisors (since 2006); prior thereto, Partner, Chapman and Cutler LLP (law firm)
Mark Mickey, 58	Chief Compliance Officer (since 2005)	Chief Compliance Officer, Calamos Funds (since 2005) and Chief Compliance Officer, Calamos Advisors (2005-2006); Director of Risk Assessment and Internal Audit, Calamos Advisors (2003-2005);

The address of each officer is 2020 Calamos Court, Naperville, IL 60563.

Proxy Voting Policies. A description of the CALAMOS Proxy Voting Policies and Procedures is available by calling (800)•582•6959, by visiting its website at www.calamos.com or by writing CALAMOS at: CALAMOS INVESTMENTS, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563, and on the Securities and Exchange Commission’s website at www.sec.gov.


Global Total Return Fund Trustees & Officers ANNUAL REPORT				29

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About Closed-End Funds

What is a Closed-End Fund?

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

Potential Advantages of Closed-End Fund Investing

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

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

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

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

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

• No Minimum Investment Requirements

OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS


Open-End Fund		Closed-End Fund
Issues new shares on an ongoing basis		Issues a fixed number of shares
Issues equity shares		Can issue 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


Global Total Return Fund About Closed-End Funds ANNUAL REPORT				33


Fund Asset Allocation as of 10/31/09		Fund Profile

Calamos Convertible Opportunities and Income Fund (CHI)

		Providing Enhanced Fixed Income Potential Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of convertible securities and below investment-grade (high-yield) fixed-income securities.

Calamos Convertible and High Income Fund (CHY)

		Providing Enhanced Fixed Income Potential Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of convertible securities and below investment-grade (high-yield) fixed-income securities.

Calamos Global Dynamic Income Fund (CHW)

		Providing Global Enhanced Fixed Income Potential Objective: The Fund seeks to generate a high level of current income with a secondary objective of capital appreciation. The Fund has maximum flexibility to dynamically allocate among equities, fixed-income securities and alternative investments around the world.

Calamos Strategic Total Return Fund (CSQ)

		Providing Total Return Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of equity, convertible and below investment-grade (high-yield) fixed-income securities.

Calamos Global Total Return Fund (CGO)

		Providing Global Total Return Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of global equity, global convertible and below investment-grade (high-yield) fixed-income securities.


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 Calamos Investments can benefit your investment portfolio based on your financial goals, risk tolerance, time horizon and income needs


	Registered				Other Pooled
	Investment				Investment				Other
	Companies				Vehicles				Accounts
	Accounts		Assets		Accounts		Assets		Accounts		Assets
John P. Calamos Sr.		25		22,748,397,468		12		1,001,310,525		15,250		6,785,062,461
Nick P. Calamos		25		22,748,397,468		12		1,001,310,525		15,250		6,785,062,461
John P. Calamos, Jr.		25		22,748,397,468		12		1,001,310,525		15,250		6,785,062,461
John Hillenbrand		24		21,260,814,709		10		982,219,618		15,250		6,785,062,461
Steve Klouda		24		21,260,814,709		10		982,219,618		15,250		6,785,062,461
Jeff Scudieri		24		21,260,814,709		10		982,219,618		15,250		6,785,062,461
Jon Vacko		24		21,260,814,709		10		982,219,618		15,250		6,785,062,461


	Registered				Other Pooled
	Investment				Investment				Other
	Companies				Vehicles				Accounts
	Accounts		Assets		Accounts		Assets		Accounts		Assets
John P. Calamos Sr.		3		275,835,829		2		19,090,907		0		—
Nick P. Calamos		3		275,835,829		2		19,090,907		0		—
John P. Calamos, Jr.		3		275,835,829		2		19,090,907		0		—
John Hillenbrand		3		275,835,829		0		—		0		—
Steve Klouda		3		275,835,829		0		—		0		—
Jeff Scudieri		3		275,835,829		0		—		0		—
Jon Vacko		3		275,835,829		0		—		0		—


Portfolio Manager	Registrant
John P. Calamos Sr.	Over $1,000,000
Nick P. Calamos	None
John P. Calamos, Jr.	None
John Hillenbrand	None
Steve Klouda	None
Jeff Scudieri		None
Jon Vacko	None


Global Total Return Fund The Calamos Investments Advantage ANNUAL REPORT				35


Calamos Global Total Return Fund
By:	/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		December 30, 2009



By:	/s/ Nimish S. Bhatt
Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		December 30, 2009