Edgar Filing: CALAMOS GLOBAL TOTAL RETURN FUND

N-CSRS

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

Calamos Global Total Return Fund

(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

2020 Calamos Court, Naperville,

Illinois 60563-2787

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

John P. Calamos, Sr., President

Calamos Advisors LLC

2020 Calamos Court

Naperville, Illinois

60563-2787

(NAME AND ADDRESS OF AGENT FOR SERVICE)

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

DATE OF FISCAL YEAR END: October 31, 2014

DATE OF REPORTING PERIOD: November 1, 2013 through April 30, 2014

Item 1. Report to Shareholders

LOGO

Experience and Foresight

About Calamos Investments

For over 35 years, we have helped investors like you manage and build wealth to meet their long-term individual objectives by working to capitalize on the opportunities of the evolving global marketplace. We launched our first mutual fund in 1985 and our first closed-end fund in 2002. Today, we manage five closed-end funds. Three are enhanced fixed income offerings, which pursue high current income from income and capital gains. Two are income-oriented total return offerings, which seek current income, with increased emphasis on capital gains potential. Calamos Global Total Return Fund (CGO), falls into this category. Please see page 5 for a more detailed overview of our closed-end offerings.

We are dedicated to helping our clients build and protect wealth. We understand when you entrust us with your assets, you also entrust us with your achievements, goals and aspirations. We believe we best honor this trust by making investment decisions guided by integrity, by discipline, and by our conscientious research.

We believe an active, risk-conscious approach is essential for wealth creation. In the 1970s, we pioneered strategies that seek to participate in equity market upside and mitigate some of the potential risks of equity market volatility. Our investment process seeks to manage risk at multiple levels and draws upon our experience investing through multiple market cycles.

We have a global perspective. We believe globalization offers tremendous opportunities for countries and companies all over the world. In our view, this creates significant opportunities for investors. In our U.S., global and international portfolios, we are seeking to capitalize on the potential growth of the global economy.

We believe there are opportunities in all markets. Our history traces back to the 1970s, a period of significant volatility and economic concerns. We have invested through multiple market cycles, each with its own challenges. Out of this experience comes our belief that the flipside of volatility is opportunity.


TABLE OF CONTENTS
Letter to Shareholders			1
The Calamos Closed-End Funds: An Overview			5
Investment Team Discussion			6
Schedule of Investments			10
Statement of Assets and Liabilities			14
Statement of Operations			15
Statements of Changes In Net Assets			16
Statement of Cash Flows			17
Notes to Financial Statements			18
Financial Highlights			26
Report of Independent Registered Public Accounting Firm			27
About Closed-End Funds			28
Level Rate Distribution Policy			29
Automatic Dividend Reinvestment Plan			29

Letter to Shareholders

LOGO

JOHN P. CALAMOS, SR.

CEO and Global Co-CIO

Dear Fellow Shareholder:

Welcome to your semiannual report for the six-month period ended April 30, 2014. This report includes commentary from our investment team, as well as a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and allocation of your Fund. I invite you to read it carefully.

As our investment teams look to the future, we are excited about the breadth of possible investment opportunities we see as the U.S. and global economy continues on its recovery track. Still, we believe the climate during the reporting period highlights the importance of taking a long-term and active approach, guided by global perspective.

Calamos Global Total Return Fund (CGO) is an income-oriented total return fund. This means we are focused not only on delivering a competitive stream of distributions, but also on total return. We utilize dynamic asset allocation to pursue high current income with a less rate-sensitive approach, while also maintaining a focus on capital gains.

Steady and Competitive Distributions

During the period, CGO provided a steady monthly distribution. We believe the Fund’s distribution rate, which was 8.11%* on a market price basis as of April 30, 2014, was very competitive, given the low interest rates in many segments of the bond market. In our view, the Fund’s distributions illustrate the benefits of a global multi-asset class approach and flexible allocation strategy.

We understand that many closed-end fund investors seek steady, predictable distributions instead of distributions that fluctuate. Therefore, this Fund has a level rate distribution policy. As part of this policy, we aim to keep distributions consistent from month to month, and at a level that we believe can be sustained over the long term. In

Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s 4/15/14 distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			1

Letter to Shareholders

setting the Fund’s distribution rate, the investment management team and the Fund’s Board of Trustees consider the interest rate, market and economic environment. We also factor in our assessment of individual securities and asset classes. (For additional information on our level rate distribution policy, please see “The Calamos Closed-End Funds: An Overview” on page 5 and “Level Rate Distribution Policy” on page 29.)

Market Environment

Across the developed markets, equities advanced at a good clip during the six-month period. The MSCI World Index returned 6.61%, supported by brightening prospects for euro zone economic recovery. The U.S. equity market surpassed these returns, with the S&P 500 Index rising 8.36%. Convertible securities benefited from their equity participation, as reflected in a gain of 8.23% for the BofA Merrill Lynch All U.S. Convertibles Index.

There’s a popular adage that “every bull market must climb a wall of worry.” This saying rang true during the reporting period, as returns were earned in an environment of increasing volatility and changing market leadership. In the first months of the reporting period, investors generally favored equities with growth characteristics—such as technology and biotechnology. However, in mid-March, market participants became concerned that U.S. interest rates might rise more rapidly than had been generally expected. This led to a sell-off in the stocks of growth companies where the majority of earnings and cash flows may not be realized for many years, including many of the growth stocks that had led in the previous months. Questions about the future prospects for the U.S. economic recovery intensified and investors rewarded stocks in sectors thought of as more defensive—such as utilities and consumer staples.

While developed markets gained, the emerging markets faced more headwinds as secular growth potential was overshadowed by near-term unknowns. The MSCI Emerging Markets Index lost 2.87%, amid concerns about the impact of the U.S. taper, China’s credit markets and economic health, high current account deficits in countries such as Brazil, and political instability in Russia.

Meanwhile, mounting anxiety about interest rates hindered the corporate and government bond markets, and the Barclays Capital U.S. Aggregate Bond Index earned just 1.74%. High yield bonds benefited from their historically reduced interest rate sensitivity as well as from investors’ search for yield, with the Credit Suisse High Yield Index gaining 4.78%.

We See Opportunity in the Markets

We believe the global economy is positioned for continued expansion, albeit at a modest overall pace, and that inflation appears to be generally well contained. Our teams are identifying many compelling growth prospects in cyclical growth and secular growth companies. Cyclical growth companies are those that are tied to the general business cycle, such as financials companies that could benefit from higher interest rates.


2		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

Letter to Shareholders

Secular growth companies are those that are positioned to capitalize on secular trends, such as the rise of the emerging market middle class or the global hunger for access to information and entertainment.

By many of our favored measures, equities are attractively priced, especially the stocks of growth companies. As economic recovery continues, we believe that market participants will come to more fully appreciate the merits of growth companies. We are also optimistic about trends in the global convertible market, and see opportunities for active approaches. In addition to providing the opportunity to participate in equity market advances with potentially less downside, convertibles have been less sensitive to rising interest rates. In contrast, we are more concerned about the prospects for investment grade and government bonds. Although rates stayed low, our view is that interest rates will likely rise, first in the U.S., but eventually in the euro zone as recovery continues.

Our Use of Leverage**

We have the flexibility to utilize leverage in this Fund. Over the long term, we believe that the judicious use of leverage provides us with opportunities to enhance total return and support the Fund’s distribution rate. Leverage strategies typically entail borrowing at short-term interest rates and investing the proceeds at higher rates of return. During the reporting period, we believed the prudent use of leverage would be advantageous given the economic environment, specifically the low borrowing costs we were able to secure. Overall, use of leverage contributed favorably to the returns of the Fund, as the performance of the Fund’s holdings exceeded the costs of borrowing.

Consistent with our focus on risk management, we have employed techniques to hedge against a rise in interest rates. We have used interest rate swaps to manage the borrowing costs associated with the Fund’s use of leverage. Interest rate swaps allow us to “lock down” an interest rate we believe to be attractive. Although rates are at historically low levels across much of the fixed income market, history has taught us that rates can rise quickly, in some cases, in a matter of months. We believe the Fund’s use of interest rate swaps is beneficial because it provides a degree of protection should a rise in rates occur. However, we will continue to assess the costs versus benefits of employing swaps on an ongoing basis as part of our leverage strategy.

Asset Allocation Strategies in an Evolving Environment

I often speak with investors who ask about how they should be responding to the near-term changes in the economic environment. My advice typically focuses on looking through the short-term ups and downs and staying focused on longer-term growth trends and the broad economic landscape. Investors who time the markets are likely to get whipsawed—missing the upside and capturing the downside.

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


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			3

Letter to Shareholders

In closing, I believe that this is an environment where active management and rigorous research will drive investment results. Our team is committed to serving your interests by identifying the most compelling investments in the global economy. If you have any questions or would like additional information, please visit us at www.calamos.com or contact us at 800.582.6959.

We are honored to serve you.

Sincerely,

LOGO

John P. Calamos, Sr.

CEO and Global Co-CIO,

Calamos Advisors LLC

Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800.582.6959. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted.

The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. The BofA Merrill Lynch All U.S. Convertibles Index represents the U.S. convertible securities market. The Barclays Capital U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. The Credit Suisse High Yield Index is an unmanaged index of approximately 1,600 issues with an average maturity range of seven to 10 years with a minimum capitalization of $75 million. The Index is considered generally representative of the U.S. market for high yield bonds. The MSCI World Index (U.S. Dollars) is a market-capitalization weighted index composed of companies representative of the market structure of developed market countries in North America, Europe and the Asia/Pacific region. MSCI Emerging Markets Index is a free float adjusted market capitalization index. It includes market indexes of Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Sources: Mellon Analytical Solutions and Lipper, Inc.

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

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


4		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

The Calamos Closed-End Funds: An Overview

In our closed-end funds, we draw upon decades of investment experience, including a long history of opportunistically blending asset classes in an attempt to capture upside potential while managing downside risk. We launched our first closed-end fund in 2002.

Closed-end funds are long-term investments. Most focus on providing monthly distributions, but there are important differences among individual closed-end funds. Calamos closed-end funds can be grouped into multiple categories that seek to produce income while offering exposure to various asset classes and sectors.


Portfolios Positioned to Pursue High Current Income from Income and Capital Gains		Portfolios Positioned to Seek Current Income, with Increased Emphasis on Capital Gains Potential

OBJECTIVE: U.S. ENHANCED FIXED INCOME		OBJECTIVE: GLOBAL TOTAL RETURN
Calamos Convertible Opportunities and Income Fund (Ticker: CHI)		Calamos Global Total Return Fund (Ticker: CGO)
Invests in high yield and convertible securities, primarily in U.S. markets		Invests in equities and higher-yielding convertible securities and corporate bonds, in both U.S. and non-U.S. markets

		OBJECTIVE: U.S. TOTAL RETURN
Calamos Convertible and High Income Fund (Ticker: CHY) Invests in high yield and convertible securities, primarily in U.S. markets		Calamos Strategic Total Return Fund (Ticker: CSQ) Invests in equities and higher-yielding convertible securities and corporate bonds, primarily in U.S. markets

OBJECTIVE: GLOBAL ENHANCED FIXED INCOME
Calamos Global Dynamic Income Fund (Ticker: CHW)
Invests in global fixed income securities, alternative investments and equities

Our Level Rate Distribution Policy

Closed-end fund investors often look for a steady stream of income. Recognizing this, Calamos closed-end funds have a level rate distribution policy in which we aim to keep monthly income consistent through the disbursement of net investment income, net realized short-term capital gains and, if necessary, return of capital. We set distributions at levels that we believe are sustainable for the long term. Our team is focused on delivering an attractive monthly distribution, while maintaining a long-term focus on risk management. The level of the funds’ distributions can be greatly influenced by market conditions, including the interest rate environment. The funds’ distributions will depend on the individual performance of positions the funds hold, our view of the benefits of retaining leverage, fund tax considerations, and maintaining regulatory requirements.

For more information about any of these funds, we encourage you to contact your financial advisor or Calamos Investments at 800.582.6959 (Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time). You can also visit us at www.calamos.com.

For more information on our level rate distribution policy, please see page 29.


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			5

Investment Team Discussion


*TOTAL RETURN AS OF 4/30/14**
Common Shares – Inception 10/27/05
	6 Months	1 Year		Since Inception**
On Market Price	10.33%		11.91%		8.57%

On NAV	4.44%		9.79%		8.97%

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

**Annualized since inception.


SECTOR WEIGHTINGS* AS OF 4/30/14**
Information Technology	27.2	%
Financials	13.2
Consumer Discretionary	11.9
Industrials	10.3
Health Care	9.6
Consumer Staples	7.7
Energy	6.1
Materials	4.0
Telecommunication Services	1.1
Utilities	0.9

***Sector Weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.

GLOBAL TOTAL RETURN FUND (CGO)

INVESTMENT TEAM DISCUSSION

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

Calamos Global Total Return Fund (CGO) is a global total return-oriented investment product that seeks to provide an attractive monthly distribution. The Fund invests in a diversified portfolio of global equities, convertible securities and high yield securities. The allocation to each asset class is dynamic and reflects our view of the economic landscape as well as the potential of individual securities. By combining these asset classes, we believe the Fund is well positioned to generate capital gains as well as income. We believe the broader range of security types in which the Fund invests also provides us with increased opportunities for managing the risk and reward characteristics of the portfolio over full market cycles. Through this approach, we seek to offer investors an attractive monthly distribution, as well as equity participation.

We invest in both U.S. and non-U.S. companies, favoring companies with geographically diversified revenue streams and global business strategies. We emphasize companies we believe offer reliable debt servicing, respectable balance sheets and sustainable prospects for growth.

How did the Fund perform over the reporting period?

The Fund gained 4.44% on a net asset value (NAV) basis and 10.33% on a market price basis for the six-month period ended April 30, 2014. During the same period, the broad global equity market, as measured by the MSCI World Index, was up 6.61%, and the S&P 500 Index gained 8.36%.

At the end of the reporting period, the Fund’s shares traded at a 1.51% premium to net asset value.

How do NAV and market price return differ?

Closed-end funds trade on exchanges, where the price of shares may be driven by factors other than the value of the underlying securities. The price of a share

SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 4/30/14

LOGO

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


6		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

Investment Team Discussion

in the market is called market value. Market price may be influenced by factors unrelated to the performance of the fund’s holdings, such as general market sentiment or future expectation. A fund’s NAV return measures the actual return of the individual securities in the portfolio, less fund expenses. It also measures how a manager was able to capitalize on market opportunities. Because we believe closed-end funds are best utilized as long-term holdings within asset allocations, we believe NAV return is the better measure of a fund’s performance. However, when managing the Fund, we strongly consider actions and policies that we believe will optimize its overall price performance and returns based on market value.

Please discuss the Fund’s distributions during the period.

We employ a level rate distribution policy within this Fund with the goal of providing shareholders with a consistent distribution stream. The Fund provided a steady distribution stream over the period. Monthly distributions were $0.10 during the period, and the Fund’s annual distribution rate was 8.11% of market price as of April 30, 2014.

We believe that both the Fund’s distribution rate and level remained attractive and competitive, as low interest rates limited yield opportunities in much of the marketplace. For example, as of April 30, 2014, the dividend yield of S&P 500 Index stocks averaged 1.95%. Yields also remained low within the U.S. government bond market, with 10-year U.S. Treasurys and 30-year U.S. Treasurys yielding 2.65% and 3.46%, respectively.

What factors influenced performance over the reporting period?

The Fund has considerable flexibility to invest in a number of strategies, vehicles and sectors globally. This enables us to participate in a myriad of opportunities across market sectors and asset classes. As a consequence of this, we were able to optimize our exposure to the global equity markets which allowed us to participate in its related improvements. In particular, the Fund benefited from solid performance over the period of global equity and convertible bond markets.

In terms of sector performance, the Fund’s selection in the health care sector, in particular in the pharmaceuticals industry, aided performance. The Fund’s underweight to telecommunication services, especially in the integrated telecommunications services industry, also was beneficial.

Selection in and an underweight toward the industrials sector, including in the industrial conglomerates industry, hindered performance. Further, performance was offset by selection in and the underweight toward energy, in particular holdings in the integrated oil and gas industry.

How is the Fund positioned?

The Fund is positioned to reflect our constructive global market outlook and pro-cyclical stance. We are emphasizing companies with attractive growth fundamentals and increasing returns on invested capital selling at reasonable valuations. We expect global growth will continue at a measured pace, but we also anticipate periods of spiking volatility within global markets and maintain a strong focus on risk management.

ASSET ALLOCATION AS OF 4/30/14

LOGO

Fund asset allocations are based on total investments and may vary over time.


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			7

Investment Team Discussion

We are positioning the Fund with the goal of balancing secular and cyclical growth opportunities, while maintaining an emphasis on sound valuation. We maintained a preference for larger cap growth-oriented companies with global presence and geographically diversified revenue streams. As we have discussed in past commentaries, we believe that such companies may be particularly well positioned to capitalize on global growth trends we see, as economic growth remains more measured in the U.S. and other developed markets. In keeping with emphasis on risk management, we continue to emphasize those companies that we believe have respectable balance sheets, good prospects for sustainable growth and reliable debt servicing.

The Fund’s largest allocations, in absolute terms, are in the industrial, consumer discretionary, financial and information technology sectors. As we have discussed, we believe that many information technology companies offer compelling fundamentals as well as participation in secular growth trends. In regard to energy, we believe that companies in the sector may benefit from ongoing reflation efforts and growth trends in emerging markets. We believe financials will perform well during a period of rising interest rates.

Our pursuit of yield is informed by our risk-managed approach to total return. Reflecting this, the Fund includes a blend of high yield and investment grade credits. We have taken a very selective approach to CCC rated credits. Given our expectation that economic growth may feel stop-and-go, we believe it is particularly important to favor companies that offer the best prospects for reliable debt servicing.

The Fund is currently employing leverage at approximately 28%. We currently borrow through floating rate bank debt. Given low borrowing rates at present, we believe this has been, and continues to be, beneficial to the performance of the Fund. In addition, nearly 25% of our floating rate debt is hedged through interest rate swaps. This is a defensive strategy that mitigates the Fund’s overall exposure to a quick rise in short-term interest rates.

Do you have any closing thoughts for Fund shareholders?

The global economy continues to exhibit signs of measured growth and our outlook remains cautiously optimistic. We maintain our positive view of the U.S. economy, as the recent string of positive economic data point to a continuation of a slow and steady recovery. We are encouraged by the traction we are seeing in Europe as well as by the efforts China is undertaking to encourage private sector growth. In our view, these longer-term trends, rather than isolated fluctuations in data points, will set the course for future emerging market opportunity.

As investors have increasingly sought out convertibles and overall equity sensitivity has increased, we believe the opportunities are significant, but the need for disciplined active management remains paramount. We maintain our emphasis on convertibles that offer the potential to balance upside equity participation with potential downside protection. We are positioning the portfolio with the goal of balancing of secular and cyclical growth opportunities and maintaining adherence to valuation discipline.


8		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

Investment Team Discussion

From the fixed income perspective, we view the mid-grade credit space as particularly well-priced, offering both attractive levels of income with less exposure to potential inflation and higher interest rates. In addition, the mid-grade credit space also offers far healthier companies than are available in the most speculative credit tiers. While the lowest-quality securities can offer higher yields, we find the healthier companies with improving credit profiles to be more suitable investments amid the current economic environment. As noted above, the Fund therefore maintains a higher average quality relative to general high yield indexes as a result of this outlook.


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			9

Schedule of Investments April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT				VALUE
	CORPORATE BONDS (5.3%)
			Consumer Discretionary (2.2%)
	860,000		Icahn Enterprises, LP*m 4.875%, 03/15/19	$	872,363
	815,000		L Brands, Inc.m 5.625%, 02/15/22		856,259
	900,000		Service Corp. Internationalm 7.500%, 04/01/27		966,937

					2,695,559

			Consumer Staples (1.2%)
	8,700,000	NOK	Nestlé Holdings, Inc.m 3.375%, 02/08/16		1,501,669

			Energy (0.6%)
	362,000		Petroleum Geo-Services, ASA*m 7.375%, 12/15/18		388,698
	383,000		Trinidad Drilling, Ltd.*m 7.875%, 01/15/19		409,810

					798,508

			Financials (0.6%)
	712,000		Leucadia National Corp.m 8.125%, 09/15/15		775,635

			Materials (0.7%)
	800,000		New Gold, Inc.*m 6.250%, 11/15/22		822,000

			TOTAL CORPORATE BONDS (Cost $6,458,651)		6,593,371

	CONVERTIBLE BONDS (43.0%)
			Consumer Discretionary (4.9%)
	725,000		MGM Resorts Internationam^ 4.250%, 04/15/15		1,032,425
	865,000		Priceline Group, Inc.m 1.000%, 03/15/18		1,209,759
	550,000	EUR	Steinhoff Finance Holding GmbHm 4.500%, 03/31/18		989,447
	1,550,000		Toll Brothers Finance Corp.^ 0.500%, 09/15/32		1,608,853
	600,000	GBP	TUI Travel, PLC 4.900%, 04/27/17		1,266,214

					6,106,698

			Consumer Staples (2.1%)
	20,000,000	HKD	Biostime International Holdings, Ltd.m 0.000%, 02/20/19		2,539,271

			Energy (1.4%)
	800,000	AUD	Beach Energy, Ltd.m 3.950%, 04/03/17		842,896
	800,000		SEACOR Holdings, Inc.m 2.500%, 12/15/27		931,104

					1,774,000


PRINCIPAL AMOUNT				VALUE

			Financials (5.4%)
	2,200,000	EUR	Azimut Holding S.p.A.m 2.125%, 11/25/20	$	3,489,307
			Industrivarden, ABm
	1,100,000	EUR	1.875%, 02/27/17		1,711,572
	500,000	EUR	2.500%, 02/27/15		950,592
	439,000		Portfolio Recovery Associates, Inc.*m^ 3.000%, 08/01/20		515,770

					6,667,241

			Health Care (4.4%)
			BioMarin Pharmaceutical, Inc.
	792,000		0.750%, 10/15/18		811,970
	300,000		1.500%, 10/15/20m^		308,481
			Cubist Pharmaceuticals, Inc.*m^
	830,000		1.875%, 09/01/20		966,510
	750,000		1.125%, 09/01/18		856,313
	600,000		Medidata Solutions, Inc.*m^ 1.000%, 08/01/18		605,577
	734,000		Molina Healthcare, Inc. m^ 1.125%, 01/15/20		828,605
	700,000		WellPoint, Inc.m 2.750%, 10/15/42		1,023,043

					5,400,499

			Industrials (6.3%)
	1,400,000	EUR	International Consolidated Airlines Group, SAm 1.750%, 05/31/18		2,619,556
	220,000,000	JPY	Nidec Corp.m 0.000%, 09/18/15		2,563,277
	2,250,000		Siemens, AGm 1.050%, 08/16/17		2,573,533

					7,756,366

			Information Technology (15.4%)
	1,600,000		Advanced Semiconductor Engineering, Inc.m 0.000%, 09/05/18		1,910,885
	425,000		Concur Technologies, Inc.*m^ 0.500%, 06/15/18		456,172
	1,600,000		Dialog Semiconductor, PLCm 1.000%, 04/12/17		1,845,754
	800,000		Electronic Arts, Inc.m^ 0.750%, 07/15/16		913,488
	425,000		Finisar Corp.*^ 0.500%, 12/15/33		488,516
	1,250,000		InvenSense, Inc.*m 1.750%, 11/01/18		1,501,950
	715,000		Linear Technology Corp. 3.000%, 05/01/27		837,283
	875,000		Netsuite, Inc.*^ 0.250%, 06/01/18		899,937
	1,600,000		Salesforce.com, Inc.^ 0.250%, 04/01/18		1,763,496


10		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT		See accompanying Notes to Schedule of Investments

Schedule of Investments April 30, 2014 (Unaudited)


PRINCIPAL AMOUNT				VALUE
	2,850,000		SanDisk Corp.*^ 0.500%, 10/15/20	$	3,243,357
	1,553,000		ServiceNow, Inc.*^ 0.000%, 11/01/18		1,571,201
	850,000		SINA Corp.*m^ 1.000%, 12/01/18		773,088
	1,400,000		SK Hynix, Inc.m 2.650%, 05/14/15		1,833,931
			Workday, Inc.*m^
	550,000		0.750%, 07/15/18		635,492
	300,000		1.500%, 07/15/20		351,661

					19,026,211

			Materials (3.1%)
	935,000		Cemex, SAB de CVm 3.250%, 03/15/16		1,331,454
	2,300,000		Newmont Mining Corp.m^ 1.625%, 07/15/17		2,464,922

					3,796,376

			TOTAL CONVERTIBLE BONDS (Cost $51,196,631)		53,066,662

	U.S. GOVERNMENT AND AGENCY SECURITY (0.3%)
	400,000		United States Treasury Note~ 0.625%, 07/15/14 (Cost $400,395)		400,500

	SOVEREIGN BONDS (6.6%)
	3,030,000	CAD	Government of Canadam 2.000%, 06/01/16		2,817,758
	12,050,000	NOK	Kingdom of Norwaym 4.250%, 05/19/17		2,178,803
	19,200,000	SEK	Kingdom of Swedenm 3.000%, 07/12/16		3,103,575

			TOTAL SOVEREIGN BONDS (Cost $8,267,160)		8,100,136

NUMBER OF SHARES				VALUE
	CONVERTIBLE PREFERRED STOCKS (4.5%)
			Energy (1.9%)
	1,943		Chesapeake Energy Corp.*m^ 5.750%		2,321,361

			Industrials (1.4%)
	26,250		United Technologies Corp.^ 7.500%		1,736,175

			Utilities (1.2%)
	23,250		NextEra Energy, Inc.m^ 5.599%		1,526,363

			TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $5,201,690)		5,583,899


NUMBER OF SHARES				VALUE
	COMMON STOCKS (73.8%)
			Consumer Discretionary (9.0%)
	13,500	CHF	Compagnie Financière Richemont, SAm	$	1,373,490
	32,900	ZAR	Naspers, Ltd. - N Sharesm		3,109,026
	20,000	DKK	Pandora, A/Sm		1,348,211
	39,000	GBP	Persimmon, PLC#		865,488
	3,850	CHF	Swatch Group, AGm		2,475,704
	89,500	GBP	WPP, PLCm		1,929,763

					11,101,682

			Consumer Staples (7.5%)
	61,000	JPY	Asahi Group Holdings, Ltd.m		1,685,600
	107,000		Coca-Cola Companym		4,364,530
	17,100		Philip Morris International, Inc.m		1,460,853
	43,000	JPY	Seven & I Holdings Company, Ltd.m		1,696,619

					9,207,602

			Energy (4.6%)
	15,250		Anadarko Petroleum Corp.m		1,510,055
	41,000		Schlumberger, Ltd.m^		4,163,550

					5,673,605

			Financials (12.3%)
	269,000	HKD	AIA Group, Ltd.m		1,308,307
	19,500		Arthur J. Gallagher & Companym		877,890
	51,600		Citigroup, Inc.m^		2,472,156
	105,000	JPY	Daiwa Securities Group, Inc.m		787,336
	126,000	SGD	DBS Group Holdings, Ltd.m		1,706,943
	22,950		Franklin Resources, Inc.m		1,201,433
	162,500	GBP	HSBC Holdings, PLCm		1,660,363
	46,000		JPMorgan Chase & Companym		2,575,080
	12,500		State Street Corp.m		807,000
	37,000		Wells Fargo & Companym		1,836,680

					15,233,188

			Health Care (8.4%)
	48,500		Johnson & Johnsonm		4,912,565
	119,000	DKK	Novo Nordisk, A/S - Class Bm		5,400,936

					10,313,501

			Industrials (6.5%)
	80,500	CHF	ABB, Ltd.m#		1,938,125
	19,400		Chicago Bridge & Iron Company, NVm		1,553,358
	14,000		Eaton Corp., PLCm^		1,016,960
	75,000	HKD	Hutchison Whampoa, Ltd.m		1,028,963
	79,000	EUR	Koninklijke Philips, NVm		2,529,041

					8,066,447

			Information Technology (22.1%)
	30,900		Accenture, PLC - Class Am^		2,478,798
	14,124		Apple, Inc.m		8,334,431
	37,000	JPY	Canon, Inc.m		1,159,394


See accompanying Notes to Schedule of Investments		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			11

Schedule of Investments April 30, 2014 (Unaudited)


NUMBER OF SHARES				VALUE
	31,000		eBay, Inc.#	$	1,606,730
	127,000	SEK	LM Ericsson Telephone Company		1,531,424
	93,000	TWD	MediaTek, Inc.m		1,457,310
	29,000		Microsoft Corp.m		1,171,600
	25,000		QUALCOMM, Inc.m^		1,967,750
	34,250	EUR	SAP, AG		2,768,327
	5,500		SINA Corp.^#		262,900
	806,000	TWD	Taiwan Semiconductor Manufacturing Company, Ltd.#		3,167,062
	22,000	HKD	Tencent Holdings, Ltd.		1,385,119

					27,290,845

			Materials (1.8%)
	19,000	GBP	Anglo American, PLCm		507,929
	64,200		Barrick Gold Corp.m^		1,121,574
	23,263	AUD	Newcrest Mining, Ltd.m#		226,888
	54,000	CAD	Yamana Gold, Inc.m		404,489

					2,260,880

			Telecommunication Services (1.6%)
	5,100	KRW	SK Telecom Company, Ltd.m		1,055,981
	11,500	JPY	SoftBank Corp.m		856,497

					1,912,478

			TOTAL COMMON STOCKS (Cost $85,682,854)		91,060,228

NUMBER OF CONTRACTS				VALUE
	PURCHASED OPTIONS (1.9%) #
			Consumer Discretionary (0.5%)
	60		Amazon.com, Inc. Call, 01/17/15, Strike $350.00		90,450
	275		Melco Crown Entertainment, Ltd Call, 01/15/16, Strike $36.66		178,750
	215		Michael Kors Holdings, Ltd. Call, 01/17/15, Strike $82.50		327,875

					597,075

			Financials (0.1%)
	650	CHF	Credit Suisse Group, AG Call, 06/19/15, Strike 28.00		147,341

			Health Care (0.6%)
	275		Gilead Sciences, Inc. Call, 01/17/15, Strike $57.50		622,875
	25		Regeneron Pharmaceuticals, Inc. Call, 01/17/15, Strike $270.00		139,750

					762,625

			Industrials (0.2%)
			Airbus Group, NV
	260	EUR	Call, 06/19/15, Strike 60.00		66,371
	215	EUR	Call, 06/19/15, Strike 52.00		122,593

					188,964


NUMBER OF CONTRACTS			VALUE

		Information Technology (0.5%)
	260	Facebook, Inc. Call, 01/17/15, Strike $67.50	$	146,900
	25	Google, Inc. Call, 01/17/15, Strike $920.00		438,000

				584,900

		TOTAL PURCHASED OPTIONS (Cost $2,331,704)		2,280,905

NUMBER OF SHARES			VALUE
	SHORT TERM INVESTMENT (3.5%)
	4,270,976	Fidelity Prime Money Market Fund - Institutional Class (Cost $4,270,976)		4,270,976

		TOTAL INVESTMENTS (138.9%) (Cost $163,810,061)	$	171,356,677


	LIABILITIES, LESS OTHER ASSETS (-38.9%)			(47,960,347	)


	NET ASSETS (100.0%)		$	123,396,330

NOTES TO SCHEDULE OF INVESTMENTS

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.

m	Security, or portion of security, is held in a segregated account as collateral for note payable aggregating a total value of $101,145,927. $15,115,171 of the collateral has been re-registered by one of the counterparties, BNP (see Note 7 - Borrowings).

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

~	Security, or portion of security, is segregated as collateral (or potential collateral for future transactions) for swaps. The aggregate value of such securities is $400,500.

#	Non-income producing security.


12		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Schedule of Investments April 30, 2014 (Unaudited)

FOREIGN CURRENCY ABBREVIATIONS


AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
DKK		Danish Krone
EUR		European Monetary Unit
GBP		British Pound Sterling
HKD		Hong Kong Dollar
JPY		Japanese Yen
KRW		South Korean Won
NOK		Norwegian Krone
SEK		Swedish Krona
SGD		Singapore Dollar
TWD		New Taiwan Dollar
ZAR		South African Rand

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

CURRENCY EXPOSURE

APRIL 30, 2014


	VALUE		% OF TOTAL INVESTMENTS
US Dollar	$	99,082,100		57.8%
European Monetary Unit		15,246,806		8.9%
Japanese Yen		8,748,723		5.1%
Danish Krone		6,749,147		3.9%
Hong Kong Dollar		6,261,660		3.7%
British Pound Sterling		6,229,757		3.6%
Swiss Franc		5,934,660		3.5%
Swedish Krona		4,634,999		2.7%
New Taiwan Dollar		4,624,372		2.7%
Norwegian Krone		3,680,472		2.2%
Canadian Dollar		3,222,247		1.9%
South African Rand		3,109,026		1.8%
Singapore Dollar		1,706,943		1.0%
Australian Dollar		1,069,784		0.6%
South Korean Won		1,055,981		0.6%
Total Investments	$	171,356,677		100.0%

Currency exposure may vary over time.

INTEREST RATE SWAP


COUNTERPARTY	FIXED RATE (FUND PAYS)	FLOATING RATE (FUND RECEIVES)	TERMINATION DATE	NOTIONAL AMOUNT		UNREALIZED APPRECIATION/ (DEPRECIATION)
BNP Paribas, SA	1.140% quarterly	3 month LIBOR	03/14/17	$	12,000,000	$	(98,252	)

						$	(98,252	)


See accompanying Notes to Financial Statements		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			13

Statement of Assets and Liabilities April 30, 2014 (Unaudited)


ASSETS
Investments in securities, at value (cost $163,810,061)	$	171,356,677
Foreign currency (cost $511,224)		511,370
Receivables:
Accrued interest and dividends		699,968
Investments sold		2,468,436
Prepaid expenses		8,739
Other assets		77,905
Total assets		175,123,095
LIABILITIES
Unrealized depreciation on interest rate swaps		98,252
Payables:
Note payable		49,000,000
Investments purchased		2,351,284
Affiliates:
Investment advisory fees		141,045
Deferred compensation to trustees		77,905
Financial accounting fees		1,624
Trustees’ fees and officer compensation		1,580
Other accounts payable and accrued liabilities		55,075
Total liabilities		51,726,765
NET ASSETS	$	123,396,330
COMPOSITION OF NET ASSETS
Common stock, no par value, unlimited shares authorized 8,461,875 shares issued and outstanding	$	116,502,205
Undistributed net investment income (loss)		(4,288,417	)
Accumulated net realized gain (loss) on investments, foreign currency transactions and interest rate swaps		3,725,192
Unrealized appreciation (depreciation) of investments, foreign currency translations and interest rate swaps		7,457,350
NET ASSETS	$	123,396,330
Net asset value per common shares based upon 8,461,875 shares issued and outstanding	$	14.58


14		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statement of Operations Six Months Ended April 30, 2014 (Unaudited)


INVESTMENT INCOME
Interest	$	1,166,930
Dividends		986,277
Securities lending income		3,189
Dividend taxes withheld		(45,302	)
Total investment income		2,111,094
EXPENSES
Investment advisory fees		853,616
Interest expense and related fees		197,181
Printing and mailing fees		22,525
Custodian fees		15,976
Transfer agent fees		11,744
Audit fees		10,899
Financial accounting fees		9,803
Accounting fees		9,751
Trustees’ fees and officer compensation		8,890
Legal fees		6,181
Registration fees		674
Other		18,917
Total expenses		1,166,157
NET INVESTMENT INCOME (LOSS)		944,937
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options		3,291,364
Purchased options		(33,323	)
Foreign currency transactions		212
Interest rate swaps		(191,812	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options		1,720,019
Purchased options		(688,948	)
Foreign currency translations		7,229
Interest rate swaps		189,239
NET GAIN (LOSS)		4,293,980
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,238,917


See accompanying Notes to Financial Statements		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			15

Statements of Changes in Net Assets


	(UNAUDITED) SIX MONTHS ENDED APRIL 30, 2014			YEAR ENDED OCTOBER 31, 2013
OPERATIONS
Net investment income (loss)	$	944,937		$	2,003,408
Net realized gain (loss)		3,066,441			7,018,067
Change in unrealized appreciation/(depreciation)		1,227,539			6,033,257
Net increase (decrease) in net assets applicable to shareholders resulting from operations		5,238,917			15,054,732

DISTRIBUTIONS FROM
Net investment income		(5,073,707	)		(6,913,262	)
Net realized gains		—			(1,685,978	)
Return of capital		—			(1,483,169	)
Net decrease in net assets from distributions		(5,073,707	)		(10,082,409	)

CAPITAL STOCK TRANSACTIONS
Proceeds from shares sold		—			1,243,556
Offering costs on shares		—			(50,401	)
Reinvestment of distributions resulting in the issuance of stock		89,740			242,933
Net increase (decrease) in net assets from capital stock transactions		89,740			1,436,088
TOTAL INCREASE (DECREASE) IN NET ASSETS		254,950			6,408,411

NET ASSETS
Beginning of period	$	123,141,380		$	116,732,969
End of period		123,396,330			123,141,380
Undistributed net investment income (loss)	$	(4,288,417	)	$	(159,647	)


16		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT		See accompanying Notes to Financial Statements

Statement of Cash Flows Six Months Ended April 30, 2014 (Unaudited)


CASH FLOWS FROM OPERATING ACTIVITIES:
Net increase/(decrease) in net assets from operations	$	5,238,917
Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(72,053,543	)
Net purchases of short term investments		(406,217	)
Proceeds from disposition of investment securities		77,550,728
Amortization and accretion of fixed-income securities		(372,883	)
Net realized gains/losses from investments, excluding purchased options		(3,291,364	)
Net realized gains/losses from purchased options		33,323
Change in unrealized appreciation or depreciation on investments, excluding purchased options		(1,720,019	)
Change in unrealized appreciation or depreciation on purchased options		688,948
Change in unrealized appreciation or depreciation on interest rate swaps		(189,239	)
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable		30,304
Prepaid expenses		(6,117	)
Other assets		(6,015	)
Increase/(decrease) in liabilities:
Payables to affiliates		90
Other accounts payable and accrued liabilities		(11,632	)
Net cash provided by/(used in) operating activities	$	5,485,281

CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to shareholders		(4,983,967	)
Net cash provided by/(used in) financing activities	$	(4,983,967	)
Net increase/(decrease) in cash and foreign currency*	$	501,314
Cash at beginning of period	$	10,056
Cash and foreign currency at end of period	$	511,370
Supplemental disclosure
Cash paid for interest and related fees	$	196,775
Non-cash financing activities not included herein consists of reinvestment of dividends and distributions:	$	89,740

*	Includes net change in unrealized appreciation or depreciation on foreign currency of $146.


See accompanying Notes to Financial Statements		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			17

Notes to Financial Statements (Unaudited)

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 investments is in accordance with policies and procedures adopted by and under the ultimate supervision of the board of trustees.

Fund securities that are traded on U.S. securities exchanges, except option securities, are valued at the official closing price, which is the last current reported sales price on its principle exchange at the time the Fund determines its net asset value (“NAV”). Securities traded in the over-the-counter market and quoted on The NASDAQ Stock Market are valued at the NASDAQ Official Closing Price, as determined by NASDAQ, or lacking a NASDAQ Official Closing Price, the last current reported sale price on NASDAQ at the time the Fund determines its NAV. When a last sale or closing price is not available, equity securities, other than option securities, that are traded on a U.S. securities exchange and other equity securities traded in the over-the-counter market are valued at the mean between the most recent bid and asked quotations on its principle exchange in accordance with guidelines adopted by the board of trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the board of trustees. Each over-the-counter option that is not traded through the Options Clearing Corporation is valued based on a quotation provided by the counterparty to such option under the ultimate supervision of the board of trustees.

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

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

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

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

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


18		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

Investment Transactions. Investment transactions are recorded on a trade date basis as of April 30, 2014. 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.

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

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

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

Allocation of Expenses Among Funds. Expenses directly attributable to the Fund are charged to the Fund; certain other common expenses of the Fund and Calamos Advisors Trust, Calamos Investment Trust, Calamos Convertible Opportunities and Income Fund, Calamos Convertible and High Income Fund, Calamos Strategic 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.

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.

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

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

The Fund recognized no liability for uncertain tax positions. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2009 – 2013 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.


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			19

Notes to Financial Statements (Unaudited)

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

Pursuant to an investment advisory agreement with Calamos Advisors LLC (“Calamos Advisors”), the Fund pays an annual fee, payable monthly, equal to 1.00% based on the average weekly managed assets. “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).

Pursuant to a financial accounting services agreement, during the period 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.

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.

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 of $77,905 is included in “Other assets” on the Statement of Assets and Liabilities at April 30, 2014. The Fund’s obligation to make payments under the Plan is a general obligation of the Fund and is included in “Payable for deferred compensation to trustees” on the Statement of Assets and Liabilities at April 30, 2014.

Note 3 – Investments

The cost of purchases and proceeds from sale of long-term investments for the period ended April 30, 2014 were as follows:


Cost of purchases	$	72,466,947
Proceeds from sales		77,955,304

The following information is presented on a federal income tax basis as of April 30, 2014. 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 April 30, 2014 was as follows:


Cost basis of investments	$	163,649,274

Gross unrealized appreciation		15,510,302
Gross unrealized depreciation		(7,802,899	)

Net unrealized appreciation (depreciation)	$	7,707,403


20		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

Note 4 – Income Taxes

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

The tax character of distributions for the period ended April 30, 2014 will be determined at the end of the Fund’s current fiscal year.

Distributions for the year ended October 31, 2013 were characterized for federal income tax purposes as follows:


	YEAR ENDED OCTOBER 31, 2013
Distributions paid from:
Ordinary income	$	6,913,262
Long-term capital gains		1,685,978
Return of capital		1,483,169

As of October 31, 2013, the components of accumulated earnings/(loss) on a tax basis were as follows:


Undistributed ordinary income	$	—
Undistributed capital gains		—

Total undistributed earnings		—
Accumulated capital and other losses		—
Net unrealized gains/(losses)		6,785,727
Total accumulated earnings/(losses)		6,785,727

Other		(56,812	)
Paid-in capital		116,412,465

Net assets applicable to common shareholders	$	123,141,380

The Regulated Investment Company Modernization Act of 2010 (the “Act”) modernized various tax rules for regulated investment companies, and was effective for taxable years beginning after the enactment date of December 22, 2010. One significant change is to the treatment of capital loss carryforwards. Now, any capital losses recognized will retain their character as either short-term or long-term capital losses, will be utilized before the pre-Act capital loss carryforwards, and will be carried forward indefinitely, until applied in offsetting future capital gains.

Note 5 – Common Shares

There are unlimited common shares of beneficial interest authorized and 8,461,875 shares outstanding at April 30, 2014. Calamos Advisors owned 14,257 of the outstanding shares at April 30, 2014. Transactions in common shares were as follows:


	PERIOD ENDED APRIL 30, 2014		YEAR ENDED OCTOBER 31, 2013
Beginning shares		8,455,662		8,353,136
Shares sold		—		85,669
Shares issued through reinvestment of distributions		6,213		16,857

Ending shares		8,461,875		8,455,662

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

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


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			21

Notes to Financial Statements (Unaudited)

Note 6 – Derivative Instruments

Foreign Currency Risk. The Fund may engage in portfolio hedging with respect to changes in currency exchange rates by entering into forward foreign currency contracts to purchase or sell currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. Risks associated with such contracts include, among other things, movement in the value of the foreign currency relative to the U.S. dollar and the ability of the counterparty to perform. To mitigate the counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty payables and/or receivables of certain derivative financial instrument’s with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Generally, collateral is exchanged between the Fund and the counterparty and the amount of collateral due from the Fund or to a counterparty has to exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. The net unrealized gain, if any, represents the credit risk to the Fund on a forward foreign currency contract. The contracts are valued daily at forward foreign exchange rates. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward foreign currency contracts at April 30, 2014.

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

To seek to offset some of the risk of a potential decline in value of certain long positions, the Fund may also purchase put options on individual securities, broad-based securities indexes or certain exchange-traded funds (“ETFs”). The Fund may also seek to generate income from option premiums by writing (selling) options on a portion of the equity securities (including securities that are convertible into equity securities) in the Fund’s portfolio, on broad-based securities indexes, or certain ETFs.

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

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

As of April 30, 2014, the Fund had outstanding purchased options as listed on the Schedule of Investments.

Interest Rate Risk. The Fund engages in interest rate swaps primarily 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. 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


22		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

of Assets and Liabilities. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on interest rate swaps in the Statement of Operations. A realized gain or loss is recorded in net realized gain (loss) on interest rate swaps in the Statement of Operations upon payment or receipt of a periodic payment or termination of the swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective swap contracts in the event of default or bankruptcy of the Fund.

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

As of April 30, 2014, the Fund had outstanding interest rate swap agreements as listed on the Schedule of Investments.

As of April 30, 2014, the Fund had outstanding derivative contracts which are reflected on the Statement of Assets and Liabilities as follows:


	ASSET DERIVATIVES		LIABILITY DERIVATIVES
Gross amounts at fair value:
Interest rate swaps⁽¹⁾	$	—	$	98,252
Options purchased⁽²⁾		2,280,905		—

	$	2,280,905	$	98,252


	GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
	GROSS AMOUNTS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES					COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
Counterparty		ASSETS		LIABILITIES		COLLATERAL PLEDGED		NET AMOUNT RECEIVABLE IN THE EVENT OF DEFAULT		NET AMOUNT PAYABLE IN THE EVENT OF DEFAULT
BNP Paribas, SA	ISDA	$	—	$	98,252	$	98,252	$	—	$	—

		$	—	$	98,252	$	98,252	$	—	$	—

(1)	Generally, the Statement of Assets and Liabilities location for “Interest rate swaps” is “Unrealized appreciation (depreciation) on interest rate swaps.”

(2)	Generally, the Statement of Assets and Liabilities location for “Options purchased” is “Investments in securities.”

For the period ended April 30, 2014, the volume of derivative activity for the Fund is reflected below:*


	DERIVATIVE ACTIVITY
Options purchased		3,315

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

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 “BNP Agreement”) with BNP Paribas Prime Brokerage International Ltd. (“BNP”) that allows the Fund to borrow up to $30.0 million and a lending agreement (“Lending Agreement”), as defined below. In addition, the financing package also includes a Credit Agreement (the “SSB Agreement”, together with the BNP Agreement, “Agreements”) with State Street Bank and Trust Company (“SSB”) that allows the Fund to borrow up to an initial limit of $30.0 million, and a related securities lending authorization agreement (“Authorized Agreement”). Borrowings under the BNP Agreement and the SSB Agreement are secured by assets of the Fund that are held with the Fund’s custodian in a separate account (the “pledged collateral”). BNP and SSB share an equal claim on the pledged collateral, subject to any adjustment that may be agreed upon between the lenders. Interest on the BNP Agreement is charged at the three month LIBOR (London Inter-bank Offered Rate) plus .65% on the


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			23

Notes to Financial Statements (Unaudited)

amount borrowed and .55% on the undrawn balance. Interest on the SSB Agreement is charged on the drawn amount at the rate of Overnight LIBOR plus .80% and .10% on the undrawn balance (if the undrawn amount is more than 75% of the borrowing limit, the commitment fee is .20%). For the period ended April 30, 2014, the average borrowings under the Agreements were $49.0 million. For the period ended April 30, 2014, the average interest rate was 0.56%. As of April 30, 2014, the amount of total outstanding borrowings was $49.0 million, which approximates fair value. The interest rate applicable to the borrowings on April 30, 2014 was 0.88%.

The Lending Agreement with BNP 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 BNP Agreement. The Lending Agreement is intended to permit the Fund to significantly reduce the cost of its borrowings under the BNP 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 with BNP, 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 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.

Under the terms of the Authorized Agreement with SSB, all securities lent through SSB must be secured continuously by collateral received in cash, cash equivalents, or U.S. Treasury bills and maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral held by SSB on behalf of the Fund may be credited against the amounts borrowed under the SSB Agreement. Any amounts credited against the SSB Agreement would count against the Fund’s leverage limitations under the 1940 Act, unless otherwise covered in accordance with SEC release IC-10666. Under the terms of the Authorized Agreement with SSB, SSB will return the value of the collateral to the borrower upon the return of the lent securities, which will eliminate the credit against the SSB Agreement and will cause the amount drawn under the SSB Agreement to increase in an amount equal to the returned collateral. Under the terms of the securities Authorized Agreement with SSB, the Fund will make a variable “net income” payment related to any collateral credited against the SSB Agreement which will be paid to the securities borrower, less any payments due to the Fund or SSB under the terms of the Authorized Agreement. As of April 30, 2014, the Fund used approximately $11.4 million of its cash collateral to offset the SSB Agreement, representing 6.6% of managed assets, and was required to pay a “net income” payment equal to an annualized interest rate of 0.44%, which can fluctuate depending on interest rates.

Note 8 – Fair Value Measurements

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

•

Level 1 – Prices are determined using inputs from unadjusted quoted prices from active markets (including securities actively traded on a securities exchange) for identical assets.


24		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

Notes to Financial Statements (Unaudited)

•

Level 2 – Prices are determined using significant observable market inputs other than unadjusted quoted prices, including quoted prices of similar securities, fair value adjustments to quoted foreign securities, interest rates, credit risk, prepayment speeds, and other relevant data.

•

Level 3 – Prices reflect unobservable market inputs (including the Fund’s own judgments about assumptions market participants would use in determining fair value) when observable inputs are unavailable.

Debt securities are valued based upon evaluated prices received from an independent pricing service or from a dealer or broker who makes markets in such securities. Pricing services utilize various observable market data and as such, debt securities are generally categorized as Level 2. The levels are not necessarily an indication of the risk or liquidity of the Fund’s investments. Transfers between the levels for investment securities or other financial instruments are measured at the end of the reporting period.

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


	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets:
Corporate Bonds	$	—	$	6,593,371	$	—	$	6,593,371
Convertible Bonds		—		53,066,662		—		53,066,662
U.S. Government and Agency Security		—		400,500		—		400,500
Sovereign Bonds		—		8,100,136		—		8,100,136
Convertible Preferred Stocks		1,736,175		3,847,724		—		5,583,899
Common Stocks Foreign		404,489		44,959,846		—		45,364,335
Common Stocks U.S.		45,695,893		—		—		45,695,893
Purchased Options		2,280,905		—		—		2,280,905
Short Term Investment		4,270,976		—		—		4,270,976

Total	$	54,388,438	$	116,968,239	$	—	$	171,356,677

Liabilities:
Interest Rate Swap	$		$	98,252	$		$	98,252

Total	$	—	$	98,252	$	—	$	98,252


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			25

Financial Highlights

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


	(Unaudited) Six Months Ended April 30,			Year Ended October 31,
	2014			2013			2012			2011			2010			2009
Net asset value, beginning of period		$14.56			$13.97			$14.56			$14.60			$13.97			$11.21
Income from investment operations:
Net investment income (loss)*		0.11			0.24			0.29			0.31			0.46			0.52
Net realized and unrealized gain (loss)		0.51			1.56			0.33			0.87			1.38			3.51
Total from investment operations		0.62			1.80			0.62			1.18			1.84			4.03
Less distributions to common shareholders from:
Net investment income		(0.60	)		(0.82	)		(0.83	)		(1.00	)		(1.20	)		(1.17	)
Net realized gains		—			(0.20	)		(0.17	)		(0.21	)		—			(0.09	)
Return of capital		—			(0.18	)		(0.20	)		—			—			—
Total distributions		(0.60	)		(1.20	)		(1.20	)		(1.21	)		(1.20	)		(1.26	)
Capital charge resulting from issuance of common and preferred shares and related offering costs		—			(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Premiums from shares sold in at the market offerings		—			—	(a)		—	(a)		—	(a)		—	(a)		—
Net asset value, end of period		$14.58			$14.56			$13.97			$14.56			$14.60			$13.97
Market value, end of period		$14.80			$13.99			$13.52			$14.69			$14.60			$13.30
Total investment return based on:(b)
Net asset value		4.44%			13.56%			4.55%			8.15%			13.76%			40.32%
Market value		10.33%			12.74%			0.29%			9.11%			19.49%			56.98%
Net assets, end of period (000)		$123,396			$123,141			$116,733			$119,604			$117,731			$112,014
Ratios to average net assets applicable to common shareholders:
Net expenses		1.91%	(c)		1.93%			2.07%			1.90%			2.06%			2.43%
Gross expenses prior to expense reductions and earnings credits		1.91%	(c)		1.93%			2.07%			1.90%			2.06%			2.44%
Net expenses, excluding interest expense		1.59%	(c)		1.57%			1.58%			1.46%			1.49%			1.55%
Net investment income (loss)		1.55%	(c)		1.68%			2.04%			2.07%			3.28%			4.34%
Net investment income (loss), net of preferred share distributions from net investment income		1.55%	(c)		1.68%			2.04%			2.07%			3.28%			4.34%
Portfolio turnover rate		43%			73%			47%			89%			86%			65%
Average commission rate paid		$0.0276			$0.0170			$0.0119			$0.0101			$0.0117			$0.0167
Asset coverage per $1,000 of loan outstanding(d)		$3,518			$3,513			$3,847			$3,917			$4,924			$4,734

*	Net investment income allocated based on average shares method.

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

(b)

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.

(c)	Annualized.

(d)	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.


26		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

Report of Independent Registered Public Accounting Firm

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

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, for Calamos Global Total Return Fund (the “Fund”) as of April 30, 2014, and the related statements of operations, changes in net assets, and cash flows and the financial highlights for the six-month period then ended. These interim financial statements and financial highlights are the responsibility of the Fund’s management.

We conducted our review in accordance with standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements and financial highlights taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to such interim financial statements and financial highlights for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statement of changes in net assets of the Fund for the year ended October 31, 2013 and the financial highlights for each of the five years in the period then ended; and in our report dated December 16, 2013, we expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

LOGO

Chicago, Illinois

June 20, 2014


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			27

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		Generally issues a fixed number of shares
Issues common equity shares		Can issue common equity shares and senior securities such as preferred shares and bonds
Sold at NAV plus any sales charge		Price determined by the marketplace
Sold through the fund’s distributor		Traded in the secondary market
Fund redeems shares at NAV calculated at the close of business day		Fund does not redeem shares

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

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

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


28		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

Level Rate Distribution Policy

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

The goal of the level rate distribution policy is to provide investors a predictable, though not assured, level of cash flow, which can either serve as a stable income stream or, through reinvestment, contribute significantly to long-term total return.

We understand the importance that investors place on the stability of dividends and their ability to contribute to long-term total return, which is why we have instituted a level rate distribution policy for the Fund. Under the policy, monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. There is no guarantee that the Fund will realize capital gains in any given year. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV.

Distributions from the Fund are generally subject to Federal income taxes. For purposes of maintaining the level rate distribution policy, the Fund may realize short-term capital gains on securities that, if sold at a later date, would have resulted in long-term capital gains. Maintenance of a level rate distribution policy may increase transaction and tax costs associated with the Fund.

Automatic Dividend Reinvestment Plan

Maximizing Investment with an Automatic Dividend Reinvestment Plan

The Automatic Dividend Reinvestment Plan offers a simple, cost-efficient and convenient way to reinvest your dividends and capital gains distributions in additional shares of the Fund, allowing you to increase your investment in the Fund.

Potential Benefits

•

Compounded Growth: By automatically reinvesting with the Plan, you gain the potential to allow your dividends and capital gains to compound over time.

•

Potential for Lower Commission Costs: Additional shares are purchased in large blocks, with brokerage commissions shared among all plan participants. There is no cost to enroll in the Plan.

•

Convenience: After enrollment, the Plan is automatic and includes detailed statements for participants. Participants can terminate their enrollment at any time.

Pursuant to the Plan, unless a shareholder is ineligible or elects otherwise, all dividend and capital gains on common shares distributions are automatically reinvested by Computershare, as agent for shareholders in administering the Plan (“Plan Agent”), in additional common shares of the Fund. Shareholders who elect not to participate in the Plan will receive all dividends and distributions payable in cash paid by check mailed directly to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee) by Plan Agent, as dividend paying agent. Shareholders may elect not to participate in the Plan and to receive all dividends and distributions in cash by sending written instructions to Plan Agent, as dividend paying agent, at: Dividend Reinvestment Department, P.O. Box 358016, Pittsburgh, PA 15252. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by giving notice in writing to the Plan Agent; such termination will be effective with respect to a particular dividend or distribution if notice is received prior to the record date for the applicable distribution.


		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT			29

Automatic Dividend Reinvestment Plan

The shares are acquired by the Plan Agent for the participant’s account either (i) through receipt of additional common shares from the Fund (“newly issued shares”) or (ii) by purchase of outstanding common shares on the open market (“open-market purchases”) on the NASDAQ or elsewhere. If, on the payment date, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions (a “market premium”), the Plan Agent will receive newly issued shares from the Fund for each participant’s account. The number of newly issued common shares to be credited to the participant’s account will be determined by dividing the dollar amount of the dividend or distribution by the greater of (i) the net asset value per common share on the payment date, or (ii) 95% of the market price per common share on the payment date.

If, on the payment date, the net asset value per common share exceeds the market price plus estimated brokerage commissions (a “market discount”), the Plan Agent has a limited period of time to invest the dividend or distribution amount in shares acquired in open-market purchases. The weighted average price (including brokerage commissions) of all common shares purchased by the Plan Agent as Plan Agent will be the price per common share allocable to each participant. If, the Plan Agent is unable to invest the full dividend amount in open-market purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Agent will cease making open-market purchases and will invest the uninvested portion of the dividend or distribution amount in newly issued shares at the close of business on the last purchase date.

The automatic reinvestment of dividends and distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends even though no cash is received by participants.

There are no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of dividends or distributions. If a participant elects to have the Plan Agent sell part or all of his or her common shares and remit the proceeds, such participant will be charged his or her pro rata share of brokerage commissions on the shares sold, plus a $15 transaction fee. There is no direct service charge to participants in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

A participant may request the sale of all of the common shares held by the Plan Agent in his or her Plan account in order to terminate participation in the Plan. If such participant elects in advance of such termination to have the Plan Agent sell part or all of his shares, the Plan Agent is authorized to deduct from the proceeds a $15.00 fee plus the brokerage commissions incurred for the transaction. A participant may re-enroll in the Plan in limited circumstances.

The terms and conditions of the Plan may be amended by the Plan Agent or the Fund at any time upon notice are required by the Plan.

This discussion of the Plan is only summary, and is qualified in its entirety to the Terms and Conditions of the Dividend Reinvestment Plan filed as part of the Fund’s registration statement.

For additional information about the Plan, please contact the Plan Agent, Computershare, at 866.226.8016. If you wish to participate in the Plan and your shares are held in your own name, simply call the Plan Agent. If your shares are not held in your name, please contact your brokerage firm, bank, or other nominee to request that they participate in the Plan on your behalf. If your brokerage firm, bank, or other nominee is unable to participate on your behalf, you may request that your shares be re-registered in your own name.

We’re pleased to provide our shareholders with the additional benefit of the Fund’s Dividend Reinvestment Plan and hope that it may serve your financial plan.


30		CALAMOS GLOBAL TOTAL RETURN FUND SEMIANNUAL REPORT

MANAGING YOUR CALAMOS FUNDS INVESTMENTS

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

PERSONAL ASSISTANCE: 800.582.6959

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

YOUR FINANCIAL ADVISOR

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


		STAY CONNECTED www.calamos.com

Visit our Web site for timely fund performance, detailed fund profiles, fund news and insightful market commentary.

A description of the Calamos Proxy Voting Policies and Procedures and the Fund’s proxy voting record for the 12-month period ended June 30, 2013, are available free of charge upon request by calling 800.582.6959, by visiting the Calamos Web site at www.calamos.com, by writing Calamos at: Calamos Investments, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563. The Fund’s proxy voting record is also available free of charge by visiting the SEC Web site at www.sec.gov.

The Fund files its complete list of portfolio holdings with the SEC for the first and third quarters each fiscal year on Form N-Q. The Forms N-Q are available free of charge, upon request, by calling or writing Calamos Investments at the phone number or address provided above or by visiting the SEC Web site at www.sec.gov. You may also review or, for a fee, copy the forms at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.732.0330.

The Fund’s report to the SEC on Form N-CSR contains certifications by the fund’s principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act, relating to, among other things, the quality of the Fund’s disclosure controls and procedures and internal control over financial reporting.

FOR 24-HOUR AUTOMATED SHAREHOLDER ASSISTANCE: 866.226.8016

TO OBTAIN INFORMATION ABOUT YOUR INVESTMENTS: 800.582.6959

VISIT OUR WEB SITE: www.calamos.com

INVESTMENT ADVISER:

Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563-2787

CUSTODIAN AND FUND ACCOUNTING AGENT:

State Street Bank and Trust Company

Boston, MA

TRANSFER AGENT:

Computershare

P.O. Box 30170

College Station, TX 77842-3170

866.226.8016

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM:

Deloitte & Touche LLP

Chicago, IL

LEGAL COUNSEL:

K&L Gates LLP

Chicago, IL

Washington, DC

LOGO

2020 Calamos Court

Naperville, IL 60563-2787

800.582.6959

www.calamos.com

Calamos^® and Calamos Investments^® are registered

trademarks of Calamos Investments LLC.

CGOSAN 2706 2014

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS

Included in the Report to Shareholders in Item 1.

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

Not applicable.

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

Not applicable.

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

Not applicable

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1) Code of Ethics — Not applicable.

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

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

SIGNATURES

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


Calamos Global Total Return Fund

By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		June 20, 2014


By:		/s/ Nimish S. Bhatt
Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		June 20, 2014

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


By:		/s/ John P. Calamos, Sr.
Name:		John P. Calamos, Sr.
Title:		Principal Executive Officer
Date:		June 20, 2014


By:		/s/ Nimish S. Bhatt
Name:		Nimish S. Bhatt
Title:		Principal Financial Officer
Date:		June 20, 2014