UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES INVESTMENT COMPANY ACT FILE NUMBER: 811-21547 EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: Calamos Global Total Return Fund ADDRESS OF PRINCIPAL EXECUTIVE OFFICES: 2020 Calamos Court, Naperville Illinois 60563 NAME AND ADDRESS OF AGENT FOR SERVICE: James S. Hamman, Jr., Secretary, Calamos Advisors LLC, 2020 Calamos Court, Naperville, Illinois 60563 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200 DATE OF FISCAL YEAR END: October 31, 2006 DATE OF REPORTING PERIOD: July 31, 2006 CALAMOS GLOBAL TOTAL RETURN FUND ITEM 1. SCHEDULE OF INVESTMENTS July 31, 2006 (UNAUDITED) GLOBAL TOTAL RETURN FUND SCHEDULE OF INVESTMENTS JULY 31, 2006 (UNAUDITED) PRINCIPAL AMOUNT VALUE ----------- -------------- CORPORATE BONDS (44.2%) CONSUMER DISCRETIONARY (12.9%) $ 2,500,000 Asbury Automotive Group, Inc.() 9.000%, 06/15/12 $ 2,531,250 2,250,000 Beazer Homes USA, Inc. 8.375%, 04/15/12 2,216,250 1,800,000 GameStop Corp.@ 8.000%, 10/01/12 1,836,000 1,875,000 Goodyear Tire & Rubber Company@ 7.857%, 08/15/11 1,743,750 350,000 Jarden Corp.@ 9.750%, 05/01/12 365,750 2,325,000 NCL Holding, ASA 10.625%, 07/15/14 2,278,500 2,500,000 Russell Corp.@ 9.250%, 05/01/10 2,625,000 825,000 Warner Music Group 7.375%, 04/15/14 800,250 1,750,000 William Lyon Homes, Inc. 10.750%, 04/01/13 1,618,750 -------------- 16,015,500 -------------- CONSUMER STAPLES (5.1%) 1,500,000 Del Monte Foods Company@ 8.625%, 12/15/12 1,563,750 2,250,000 Gold Kist, Inc. 10.250%, 03/15/14 2,373,750 2,250,000 WH Intermediate Holdings, Ltd. 9.500%, 04/01/11 2,472,188 -------------- 6,409,688 -------------- ENERGY (2.9%) 1,000,000 Giant Industries, Inc. 8.000%, 05/15/14 1,000,000 1,700,000 Paramount Resources, Ltd. 8.500%, 01/31/13 1,761,625 750,000 Petroleo Brasileiro, SA 8.375%, 12/10/18 850,313 -------------- 3,611,938 -------------- FINANCIALS (0.4%) 500,000 E*TRADE Financial Corporation 7.875%, 12/01/15 518,750 -------------- INDUSTRIALS (9.6%) 2,225,000 Accuride Corp. 8.500%, 02/01/15 2,080,375 1,730,000 Columbus McKinnon Corp. 8.875%, 11/01/13 1,773,250 1,750,000 Commercial Vehicle Group, Inc. 8.000%, 07/01/13 1,669,062 1,700,000 General Cable Corp.@ 9.500%, 11/15/10 1,819,000 2,200,000 Greenbrier Companies, Inc. 8.375%, 05/15/15 2,246,750 1,750,000 Orbital Sciences Corp. 9.000%, 07/15/11 1,855,000 PRINCIPAL AMOUNT VALUE ----------- -------------- $ 500,000 Sequa Corp. 8.875%, 04/01/08 $ 523,125 -------------- 11,966,562 -------------- INFORMATION TECHNOLOGY (3.0%) 900,000 Avago Technologies*@ 11.875%, 12/01/15 976,500 1,000,000 Ipayment, Inc.* 9.750%, 05/15/14 1,005,000 1,700,000 SunGuard Data Systems, Inc. 9.125%, 08/15/13 1,744,625 -------------- 3,726,125 -------------- MATERIALS (4.9%) 2,000,000 Aleris International, Inc. 9.000%, 11/15/14 2,260,000 900,000 EUR Ineos Group Holdings, PLC* 7.875%, 02/15/16 1,077,806 1,000,000 Polyone Corporation@ 8.875%, 05/01/12 1,003,750 1,815,000 U.S. Concrete, Inc. 8.375%, 04/01/14 1,805,925 -------------- 6,147,481 -------------- TELECOMMUNICATION SERVICES (3.4%) 2,250,000 Alamosa Holdings, Inc. 11.000%, 07/31/10 2,469,375 900,000 Citizens Communications Company 9.000%, 08/15/31 927,000 750,000 Windstream Corp.* 8.625%, 08/01/16 783,750 -------------- 4,180,125 -------------- UTILITIES (2.0%) 750,000 Edison International 7.730%, 06/15/09 765,000 1,600,000 PSEG Energy Holdings, Inc. 10.000%, 10/01/09 1,736,000 -------------- 2,501,000 -------------- TOTAL CORPORATE BONDS (Cost $55,400,038) 55,077,169 -------------- CONVERTIBLE BONDS (11.0%) CONSUMER DISCRETIONARY (2.4%) 1,500,000 GBP Punch Taverns Redwood Jersey Co. Ltd. 5.000%, 12/14/10 2,991,942 -------------- FINANCIALS (0.9%) 1,000,000 Deutsche Bank Luxembourg S.A. (USA Interactive)* ++ [] 5.349%, 05/01/12 1,107,600 -------------- HEALTH CARE (1.7%) 340,000 Advanced Medical Optics, Inc.* 3.250%, 08/01/26 361,675 1,700,000 Wyeth++ 5.109%, 01/15/24 1,815,600 -------------- 2,177,275 -------------- See accompanying notes to Schedule of Investments 1 GLOBAL TOTAL RETURN FUND SCHEDULE OF INVESTMENTS JULY 31, 2006 (UNAUDITED) PRINCIPAL AMOUNT VALUE ----------- -------------- INDUSTRIALS (2.0%) $ 1,500,000 Allied Waste Industries, Inc.@ 4.250%, 04/15/34 $ 1,348,125 1,175,000 Quanta Services, Inc.* 3.750%, 04/30/26 1,191,156 -------------- 2,539,281 -------------- INFORMATION TECHNOLOGY (2.8%) 1,000,000 DST Systems, Inc. 4.125%, 08/15/23 1,275,000 2,200,000 Electronic Data Systems Corp.() 3.875%, 07/15/23 2,213,750 -------------- 3,488,750 -------------- MATERIALS (1.2%) 10,000,000 ZAR Harmony Gold Mining Company, Ltd. 4.875%, 05/21/09 1,490,681 -------------- TOTAL CONVERTIBLE BONDS (Cost $14,125,069) 13,795,529 -------------- NUMBER OF SHARES VALUE ----------- -------------- CONVERTIBLE PREFERRED STOCKS (11.9%) CONSUMER DISCRETIONARY (2.0%) 90,000 Ford Motor Company Capital Trust II() 6.500% 2,574,000 -------------- FINANCIALS (7.6%) 550 Fortis Insurance, N.V. (Assurant, Inc.)*[] 7.750% 702,350 101,000 Lehman Brothers Holdings, Inc. (General Mills, Inc.) ()[] 6.250% 2,633,070 22,000 Morgan Stanley & Co. Incorporated (Nuveen Investments, Inc.) ()[] 5.875% 935,000 44,000 National Australia Bank, Ltd.() 7.875% 1,936,000 4,200,000 CHF Swiss Re 6.000% 3,238,029 -------------- 9,444,449 -------------- INDUSTRIALS (2.3%) 900,000 GBP BAE Systems, PLC 7.750% 2,852,288 -------------- TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $14,799,470) 14,870,737 -------------- COMMON STOCKS (79.9%) CONSUMER DISCRETIONARY (4.7%) 60,000 SEK Electrolux AB 870,846 96,000 Grupo Televisa, S.A.() 1,777,920 80,000 SEK Husqvarna AB 860,269 3,500 EUR PUMA AG Rudolf Dassler Sport 1,268,777 NUMBER OF SHARES VALUE ----------- -------------- 340,000 ZAR Truworths International, Ltd. $ 1,101,970 -------------- 5,879,782 -------------- CONSUMER STAPLES (5.8%) 140,000 GBP British American Tobacco p.l.c. 3,772,490 27,000 Reynolds American, Inc.() 3,423,060 -------------- 7,195,550 -------------- ENERGY (12.4%) 30,000 Chevron Corp.() 1,973,400 121,000 EUR ENI S.p.A. 3,712,190 132,000 EUR Motor Oil (Hellas) Corinth Refineries S.A. 3,674,256 20,000 EUR OMV, AG 1,230,272 42,000 PetroChina Company, Ltd.() 4,804,800 -------------- 15,394,918 -------------- FINANCIALS (22.5%) 140,000 AUD Australian Stock Exchange, Ltd. 3,510,755 60,000 Bancolombia, S.A.() 1,618,800 135,000 JPY Daiwa Securities Group Inc. 1,509,916 27,600 EUR EFG Eurobank Ergasias 780,376 7,000 Goldman Sachs Group, Inc.() 1,069,250 73,000 GBP Investec, PLC 3,820,070 40,000 J.P. Morgan Chase & Company() 1,824,800 1,200 CHF Liechtensteinische Landesbank, AG 964,625 43,000 AUD Macquarie Bank Limited 2,037,491 60,000 JPY Nikko Cordial Corp. 716,020 240,000 AUD QBE Insurance Group Limited 4,053,674 1,500,000 SGD Singapore Exchange, Ltd. 3,511,349 59,000 Washington Mutual, Inc.() 2,637,300 -------------- 28,054,426 -------------- HEALTH CARE (8.1%) 240,000 ZAR Aspen Pharmacare Holdings, Ltd. 1,217,569 80,000 Bristol-Myers Squibb Company() 1,917,600 21,000 AUD CSL Limited 850,454 80,000 Merck & Company, Inc.() 3,221,600 72,000 Pfizer, Inc.() 1,871,280 6,000 CHF Roche Holding AG 1,067,773 -------------- 10,146,276 -------------- INDUSTRIALS (11.9%) 170,000 SEK Alfa Laval AB 5,576,662 9,000 Boeing Company() 696,780 11,000 JPY FANUC, Ltd. 917,227 70,000 JPY Komatsu, Ltd. 1,410,125 190,000 AUD Leighton Holdings Limited 2,808,105 225,000 GBP Rolls-Royce Group plc 1,854,104 23,000 NOK Veidekke ASA 752,037 40,000 EUR YIT-Yhtyma Oyj 880,169 -------------- 14,895,209 -------------- INFORMATION TECHNOLOGY (11.9%) 65,000 GBP CSR, PLC 1,379,710 47,000 JPY HOYA Corp. 1,643,945 54,000 Infosys Technologies, Ltd.@() 2,218,860 60,000 Microsoft Corp. 1,441,800 190,000 EUR Nokia Corp. 3,772,020 175,000 ZAR Reunert, Ltd. 1,674,092 270,000 JPY Toshiba Corp.# 1,746,560 See accompanying notes to Schedule of Investments 2 GLOBAL TOTAL RETURN FUND SCHEDULE OF INVESTMENTS JULY 31, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ----------- -------------- 170,000 HKD Vtech Holdings $ 951,230 -------------- 14,828,217 -------------- MATERIALS (1.8%) 33,000 CAD Teck Cominco, Ltd.# 2,184,059 -------------- UTILITIES (0.8%) 45,000 GBP Scottish & Southern Energy 1,017,402 -------------- TOTAL COMMON STOCKS (Cost $89,163,938) 99,595,839 -------------- PRINCIPAL AMOUNT VALUE ----------- -------------- SHORT-TERM INVESTMENT (0.5%) COMMERCIAL PAPER (0.5%) $ 584,000 Citigroup, Inc 5.230%, 08/01/06 (Cost $584,000) 584,000 -------------- NUMBER OF SHARES VALUE ----------- -------------- INVESTMENT OF CASH COLLATERAL FOR SECURITIES ON LOAN (10.4%) 12,948,353 Bank of New York Cash Reserve Fund current rate 5.400% (Cost $12,948,353) 12,948,353 -------------- TOTAL INVESTMENTS (157.9%) (Cost $187,020,868) 196,871,627 -------------- NUMBER OF CONTRACTS VALUE ----------- -------------- WRITTEN OPTIONS (-1.1%) FINANCIALS (-1.1%) IShares MSCI EAFE Index Fund# 1,500 Call, 09/16/06 Strike 64.00 (435,000) 1,300 Call, 12/16/09 Strike 64.00 (585,000) 300 Call, 09/16/06 Strike 62.00 (138,000) 1,200 SPDR Trust, Series 1# Call, 09/16/06 Strike 129.00 (249,000) TOTAL WRITTEN OPTIONS (Premium $900,072) (1,407,000) -------------- PAYABLE UPON RETURN OF SECURITIES ON LOAN (-10.4) (12,948,353) -------------- OTHER ASSETS, LESS LIABILITIES (1.0%) 1,200,294 -------------- PREFERRED SHARES AT REDEMPTION VALUE INCLUDING DIVIDENDS PAYABLE (-47.4%) (59,049,176) -------------- NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS (100.0%) $ 124,667,392 -------------- NOTES TO SCHEDULE OF INVESTMENTS Note: Value for securities denominated in foreign currencies are shown in U.S. dollars. The principal amount for such securities is shown in the respective foreign currency. The date shown on options represents the expiration date of the option contracts. The option contracts may be exercised at any date on or before the date shown. * 144A securities are those that are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are generally issued to qualified institutional buyers ("QIBs"), such as the Fund. Any resale of these securities must generally be effected through a sale that is exempt from registration (e.g. a sale to another QIB), or the security must be registered for public sale. At July 31, 2006, the market value of 144A securities that were not subject to mandatory issuer registration obligations is $7,205,837 or 5.8 % of net assets. @ Security, or portion of security, is on loan. # Non-income producing security. ++ Variable rate security. The interest rate shown is the rate in effect at July 31, 2006. () Security position, or portion of security is held in a segregated account as collateral for written options aggregating a total market value of $40,345,863. [] Securities exchangeable or convertible into securities of an entity different than the issuer. Such entity is identified in the parenthetical. FOREIGN CURRENCY ABBREVIATIONS AUD Australian Dollar CAD Canadian Dollar CHF Swiss Franc EUR European Monetary Unit GBP British Pound Sterling HKD Hong Kong Dollar JPY Japanese Yen NOK Norwegian Krone SEK Swedish Krona SGD Singapore Dollar ZAR South African Rand See accompanying notes to Schedule of Investments 3 NOTES TO SCHEDULES OF INVESTMENTS (unaudited) NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION. CALAMOS Global Total Return Fund (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. PORTFOLIO VALUATION. Calamos Advisors LLC values the Fund's portfolio securities in accordance with policies and procedures on the valuation of securities adopted by the Board of Trustees and under the ultimate supervision of the Board of Trustees. Portfolio securities that are traded on U.S. securities exchanges, except option securities, are valued at the last current reported sales price at the time as of which the Fund determines its NAV. Securities traded in the over-the-counter ("OTC") market and quoted on The Nasdaq Stock Market are valued at the Nasdaq Official Closing Price ("NOCP"), as determined by Nasdaq, or lacking a NOCP, the last current reported sale price on Nasdaq at the time as of which the Fund determines its NAV. When a most recent last sale or closing price is not available, portfolio securities, other than option securities, that are traded on a U.S. securities exchange and other securities traded in the OTC market are valued at the mean between the most recent bid and asked quotations in accordance with guidelines adopted by the Board of Trustees. Each option security traded on a U.S. securities exchange is valued at the mid-point of the consolidated bid/ask quote for the option security, also in accordance with guidelines adopted by the Board of Trustees. Each OTC option that is not traded through the Options Clearing Corporation is valued by the counterparty to such option. 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, including any thinly-traded security, junk bond or synthetic convertible instrument, 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, which may include utilizing a systematic fair valuation model provided by an independent pricing service. Securities that are principally traded in a foreign market are valued as of the last current sale price at the time as of which 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, in accordance with guidelines adopted by the Board of Trustees. Trading in securities on European and Far Eastern securities exchanges and OTC markets is normally completed at various times before the close of business on each day on which the NYSE is open. Trading of these securities may not take place on every NYSE business day. In addition, 4 NOTES TO SCHEDULES OF INVESTMENTS (unaudited) 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. As stated above, if the market prices are not readily available or are not reflective of a security's fair value, 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 Board of Trustees guidelines and under the ultimate supervision of the Board of Trustees if the value of a foreign security it holds is materially affected by events occurring before their pricing time but after the close of the primary market or exchange on which the security is traded. 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 the Fund to calculate its NAV may differ from market quotations or official closing prices. INVESTMENT TRANSACTIONS AND INVESTMENT INCOME. Short-term investment transactions are recorded on a trade date basis. Long-term investment transactions are recorded on a trade date plus one basis, except for fiscal quarter ends, which are recorded on trade date. 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. 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 5 NOTES TO SCHEDULES OF INVESTMENTS (unaudited) the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end. OPTION TRANSACTIONS. For hedging and investment purposes, the Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of purchased call options is increased by premiums paid. The proceeds from securities sold through the exercise of purchased put options are decreased by the premiums paid. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a written put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option. NOTE 2 - INVESTMENTS The following information is presented on an income tax basis as of July 31, 2006. Differences between amounts for financial statements and Federal income tax purposes are primarily due to timing differences. The cost basis of investments for Federal income tax purposes at July 31, 2006 was as follows: Cost basis of investments $187,360,122 ------------ Gross unrealized appreciation 14,285,955 Gross unrealized depreciation (4,774,450) ------------ Net unrealized appreciation (depreciation) $ 9,511,505 ------------ 6 NOTES TO SCHEDULES OF INVESTMENTS (unaudited) NOTE 3 - FORWARD FOREIGN CURRENCY CONTRACTS 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. 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 exchange rates, and an unrealized gain or loss is recorded. The Fund realizes a gain or loss when a position is closed or upon settlement of the contracts. There were no open forward foreign currency contracts at July 31, 2006. NOTE 4 - SYNTHETIC CONVERTIBLE SECURITIES The Fund may establish a "synthetic" convertible instrument by combining separate securities that possess the economic characteristics similar to a convertible security, i.e., fixed-income securities ("fixed-income component", which may be a convertible or non-convertible security) and the right to acquire equity securities ("convertible component"). The fixed-income component is achieved by investing in fixed income securities such as bonds, preferred stocks and money market instruments. The convertible component is achieved by investing in warrants or options to buy common stock at a certain exercise price, or options on a stock index. In establishing a synthetic instrument, the Fund may pool a basket of fixed-income securities and a basket of warrants or options that produce the economic characteristics similar to a convertible security. Within each basket of fixed-income securities and warrants or options, different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times. The Fund may purchase synthetic convertible instruments created by other parties, typically investment banks, including convertible structured notes. Convertible structured notes are fixed-income debentures linked to equity. Convertible structured notes have the attributes of a convertible security; however, the investment bank that issued the convertible note assumes the credit risk associated with the investment, rather than the issuer of the underlying common stock into which the note is convertible. Purchasing synthetic convertible securities may offer more flexibility than purchasing a convertible security. Different companies may issue the fixed-income and convertible components, which may be purchased separately and at different times. NOTE 5 - PREFERRED SHARES There are unlimited shares of Auction Rate Cumulative Preferred Shares ("Preferred Shares") authorized. The Preferred Shares have rights as determined by the Board of Trustees. The 2,360 shares of Preferred Shares outstanding consist of one series, 2,360 shares of T. The Preferred Shares have a liquidation value of $25,000 per share plus any accumulated but unpaid dividends, whether or not declared. 7 NOTES TO SCHEDULES OF INVESTMENTS (unaudited) Dividends on the Preferred Shares are cumulative at a rate typically reset every seven or twenty-eight days based on the results of an auction. Dividend rates ranged from 4.10% to 5.21% for the nine-month period ended July 31, 2006. Under the 1940 Act, the Fund may not declare dividends or make other distributions on shares of common stock or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares would be less than 200%. The Preferred Shares are redeemable at the Fund's option, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated but unpaid dividends. The Preferred Shares are also subject to mandatory redemption at $25,000 per share plus any accumulated but unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of the Fund as set forth in the Statement of Preferences are not satisfied. The holders of Preferred Shares have voting rights equal to the holders of common stock (one vote per share) and will vote together with holders of shares of common stock as a single class except on matters affecting only the holders of Preferred Shares or only the holders of common stock, when the respective classes vote alone. NOTE 6 - SECURITIES LENDING During the nine-month period ended July 31, 2006, the Fund loaned certain of its' securities to broker-dealers and banks. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by the Fund. The Fund continues to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and also receives an additional return that may be in the form of a fixed fee or a percentage of the collateral. The Fund may pay reasonable fees to persons unaffiliated with the Fund for services in arranging these loans. The Fund has the right to call the loan and obtain the securities loaned at any time on notice of not more than five business days. The Fund does not have the right to vote the securities during the existence of the loan but could call the loan in an attempt to permit voting of the securities in certain circumstances. Upon return of the securities loaned, the cash or cash equivalent collateral will be returned to the borrower. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) the expenses of enforcing its rights. In an effort to reduce these risks, Calamos Advisors LLC and the security lending agent will monitor the creditworthiness of the firms to which the Fund lends securities. At July 31, 2006, the Fund had securities valued at $12,631,449 that were on loan to broker-dealers and banks and $12,948,353 in cash or cash equivalent collateral. 8 ITEM 2. 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-Q 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 registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. (a) Certification of Principal Executive Officer. (b) 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: September 22, 2006 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. Calamos Global Total Return Fund By: /s/ John P. Calamos, Sr. --------------------------------- Name: John P. Calamos, Sr. Title: Principal Executive Officer Date: September 22, 2006 By: /s/ Patrick H. Dudasik --------------------------------- Name: Patrick H. Dudasik Title: Principal Financial Officer Date: September 22, 2006