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CALAMOS GLOBAL TOTAL RETURN FUND Director's Dealing 2006

May 4, 2006

34073_dirs_2006-05-04_c9761dbd-6b44-4a96-a912-cd9877462b7e.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CALAMOS GLOBAL TOTAL RETURN FUND (CGO)
CIK: 0001285650
Period of Report: 2006-05-02

Reporting Person: CALAMOS JOHN P SR (Director, president and chairman)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2006-05-02 Common P 11340 $14.42 Acquired 11340 Indirect
2006-05-03 Common P 11300 $14.45 Acquired 22640 Indirect

Holdings (Non-Derivative)

Security Shares Ownership
Common 100600 Indirect

Footnotes

F1: The total reported number of shares indirectly held has been increased to reflect that certain shares, which had previously been reported as directly held, were at the time held indirectly through a limited liability company. These shares are now included in the reporting person's indirect holdings.

F2: The reporting person is a managing member of the limited liability company that owns the reported securities. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.