CALAMOS GLOBAL TOTAL RETURN FUND

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-21547

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

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

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

REGISTRANTS TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200

DATE OF FISCAL YEAR END: October 31, 2009

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

Folio /Folio

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ITEM 1. REPORTS TO SHAREHOLDERS

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

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Calamos Investments: Expertise and Foresight

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

We invite you to review our annual report.

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TABLE OF CONTENTS

Letter to Shareholders	1
Investment Team Discussion	3
Schedule of Investments	5
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes In Net Assets	12
Statement of Cash Flows	13
Notes to Financial Statements	14
Financial Highlights	23
Report of Independent Registered Public Accounting Firm	24
Trustee Approval of Management Agreement	25
Tax Information	27
Trustees & Officers	28
About Closed-End Funds	33
Level Rate Distribution Policy and Automatic Dividend
Reinvestment Plan	34
The Calamos Investments Advantage	35
Calamos Closed-End Funds	36

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Letter to Shareholders

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Letter to Shareholders

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

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

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

Sincerely,

John P. Calamos, Sr.

Chairman, CEO and Co-CIO

Calamos Advisors LLC

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

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2 Global Total Return Fund ANNUAL REPORT Letter to Shareholders

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Investment Team Discussion

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

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Investment Team Discussion

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

Outlook

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

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

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4 Global Total Return Fund ANNUAL REPORT Investment Team Discussion

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Schedule of Investments

OCTOBER 31, 2009

PRINCIPAL — AMOUNT			VALUE
CORPORATE BONDS
(22.5%)
		Consumer Discretionary (5.9%)
1,000,000		Expedia,
Inc. ~ 7.456%, 08/15/18	$ 1,062,500
1,875,000		Goodyear Tire & Rubber Companyµ 7.857%, 08/15/11	1,917,187
2,000,000		Royal Caribbean Cruises, Ltd.µ 7.250%, 06/15/16	1,870,000
2,000,000		Service Corp.
International ~ 7.500%, 04/01/27	1,790,000
			6,639,687
		Consumer Staples (2.2%)
230,000		Del Monte Foods Company* 7.500%, 10/15/19	234,600
2,000,000		Pilgrims Pride Corp.** 7.625%, 05/01/15	2,240,000
			2,474,600
		Energy (2.2%)
620,000		Frontier Oil
Corp. ~ 8.500%, 09/15/16	635,500
1,000,000		Petroplus Holdings, AG* 6.750%, 05/01/14	940,000
750,000		Petróleo Brasileiro, SAµ 8.375%, 12/10/18	883,125
			2,458,625
		Financials (0.9%)
920,000		Leucadia National Corp.µ 8.125%, 09/15/15	936,100
		Health Care (1.7%)
1,800,000		HCA,
Inc. ~ 9.250%, 11/15/16	1,885,500
		Industrials (1.9%)
1,800,000		H&E Equipment Service, Inc.µ 8.375%, 07/15/16	1,741,500
410,000		SPX
Corp. ~ 7.625%, 12/15/14	424,350
			2,165,850
		Information Technology (2.0%)
2,230,000		SunGard Data Systems,
Inc. ~ 9.125%, 08/15/13	2,280,175
		Materials (2.8%)
850,000		Anglo American, PLC* 9.375%, 04/08/14	993,668
2,000,000		Mosaic Company* 7.625%, 12/01/16	2,154,116
			3,147,784
		Telecommunication Services (2.2%)
1,700,000		Frontier Communications
Corp. ~ 9.000%, 08/15/31	1,687,250
750,000		Windstream
Corp. ~ 8.625%, 08/01/16	774,375
			2,461,625
		Utilities (0.7%)
1,000,000		Energy Future Holdings Corp. 10.250%, 11/01/15	715,000
		TOTAL CORPORATE BONDS (Cost $24,534,395)	25,164,946
CONVERTIBLE BONDS
(25.5%)
		Energy (6.5%)
1,200,000		Acergy, SA 2.250%, 10/11/13	1,134,600
1,100,000		Cameron International
Corp. ~ 2.500%, 06/15/26	1,379,125
1,790,000		Chesapeake Energy Corp. 2.500%, 05/15/37	1,544,575
10,000,000	HKD	China Petroleum & Chemical Corp. 0.000%, 04/24/14	1,406,711
1,800,000		Transocean, Ltd. Series Cµ 1.500%, 12/15/37	1,737,000
			7,202,011
		Financials (0.7%)
700,000		Leucadia National
Corp. ~ 3.750%, 04/15/14	812,000
		Health Care (2.1%)
1,400,000		China Medical Technologies, Inc. 4.000%, 08/15/13	966,000
1,200,000		Teva Pharmaceutical Industries, Ltd.µ 0.250%, 02/01/26	1,366,500
			2,332,500
		Industrials (1.9%)
685,000		Quanta Services, Inc. 3.750%, 04/30/26	762,918
600,000	EUR	SGL Carbon, AG 0.750%, 05/16/13	856,028
700,000		Suntech Power Holdings Company, Ltd. 3.000%, 03/15/13	529,375
			2,148,321
		Information Technology (4.6%)
4,200,000	EUR	Cap Gemini, SAµ 1.000%, 01/01/12	2,694,887
2,700,000		Intel Corp.µ 2.950%, 12/15/35	2,484,000
			5,178,887

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Schedule of Investments

OCTOBER 31, 2009

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PRINCIPAL — AMOUNT			VALUE
		Materials (8.2%)
1,000,000		Anglo American, PLC 4.000%, 05/07/14	$ 1,529,000
1,300,000		AngloGold Ashanti, Ltd. 3.500%, 05/22/14	1,449,361
		Newmont Mining Corp.µ
1,350,000		1.625%, 07/15/17	1,596,375
1,100,000		3.000%, 02/15/12	1,329,625
700,000		Sino-Forest Corp.* 5.000%, 08/01/13	742,875
1,140,000		Sterlite Industries, Ltd. 4.000%, 10/30/14	1,137,150
1,200,000		Xstrata, PLC 4.000%, 08/14/17	1,407,000
			9,191,386
		Telecommunication Services (1.5%)
1,700,000		NII Holdings, Inc.µ 2.750%, 08/15/25	1,689,375
		TOTAL CONVERTIBLE BONDS (Cost $28,056,580)	28,554,480
SOVEREIGN BONDS (4.4%)
250,000	BRL	Federal Republic of Brazil 10.000%, 01/01/12	1,424,178
1,500,000	AUD	Government of Australia 6.250%, 06/15/14	1,401,863
930,000	NZD	Government of New Zealand 6.000%, 04/15/15	683,327
8,000,000	NOK	Government of Norway 4.250%, 05/19/17	1,427,824
		TOTAL SOVEREIGN BONDS (Cost $4,993,019)	4,937,192
NUMBER OF
SHARES			VALUE
CONVERTIBLE PREFERRED STOCKS
(8.8%)
		Consumer Staples (1.7%)
22,000		Archer-Daniels-Midland Companyµ 6.250%	940,500
		Bunge,
Ltd. ~
7,800		4.875%	635,700
675		5.125%	393,187
			1,969,387
		Financials (3.5%)
17,000		American International Group, Inc.µ 8.500%	191,250
2,700		Bank of America Corp.µ 7.250%	2,260,818
1,600		Wells Fargo &
Company ~ 7.500%	1,432,000
			3,884,068
		Materials (3.6%)
1,150,000 CHF		Givaudan, SA 5.375%	846,891
34,000		Vale Capital, Ltd. (Companhia Vale do Rio Doce)§ 5.500%	1,667,700
20,000		Vale, SA 6.750%	1,511,000
			4,025,591
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $9,836,514)	9,879,046
NUMBER OF
UNITS			VALUE
STRUCTURED EQUITY-LINKED
SECURITIES (3.2%) +*
		Energy (1.9%)
17,487		Barclays Capital, Inc. (Noble Corp.) 12.000%, 01/29/10	698,956
15,800		BNP Paribas, SA (ENSCO International, Inc.) 12.000%, 01/29/10	709,420
22,000		Goldman Sachs Group, Inc. (Cameron International Corp.) 12.000%, 02/16/10	759,440
			2,167,816
		Health Care (0.6%)
20,000		Deutsche Bank, AG (Medtronic, Inc.) 11.000%, 05/27/10	702,600
		Materials (0.7%)
20,000		Credit Suisse Group (Barrick Gold Corp.) 12.000%, 04/19/10	714,200
		TOTAL STRUCTURED EQUITY-LINKED SECURITIES (Cost $3,363,619)	3,584,616
NUMBER OF
SHARES			VALUE
COMMON STOCKS (61.3%)
		Consumer Discretionary (3.6%)
90,000	CHF	Swatch Group, AGµ	4,036,164
		Consumer Staples (4.6%)
33,000		Coca-Cola Companyµ	1,759,230
50,000	GBP	Diageo, PLCµ	814,400
55,000	CHF	Nestlé, SAµ	2,557,587
			5,131,217

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NUMBER OF — SHARES			VALUE
		Energy (13.5%)
100,000	NOK	Acergy, SA	$ 1,249,082
90,000	GBP	AMEC, PLC	1,185,340
285,000	GBP	BP, PLC	2,670,519
21,000		Cameron International Corp.#	776,370
17,000		Chevron Corp.µ	1,301,180
70,000		Halliburton Company	2,044,700
73,000	CAD	Suncor Energy, Inc.	2,423,326
72,000	NOK	TGS Nopec Geophysical Company, ASA#	1,091,914
40,000	EUR	TOTAL, SA	2,393,614
			15,136,045
		Financials (9.1%)
80,000	AUD	ASX, Ltd.µ	2,411,738
50,000	EUR	Banco Santander, SAµ	804,614
52,000		JPMorgan Chase &
Company ~	2,172,040
70,300	GBP	Schroders, PLC	1,264,041
350,000	SGD	Singapore Exchange, Ltd.µ	1,983,384
65,000	GBP	Standard Chartered, PLC	1,594,578
			10,230,395
		Health Care (7.9%)
29,000		Alcon, Inc.µ	4,140,910
39,000		Johnson & Johnsonµ	2,302,950
23,000	DKK	Novo Nordisk, A/S - Class Bµ	1,428,903
6,000	CHF	Roche Holding, AGµ	960,978
			8,833,741
		Industrials (2.6%)
41,000	CHF	ABB, Ltd.µ#	762,656
52,000		General Electric Companyµ	741,520
16,000	EUR	Siemens, AGµ	1,445,872
			2,950,048
		Information Technology (17.9%)
117,000	GBP	Autonomy Corp., PLCµ#	2,572,437
37,000	JPY	Canon, Inc.µ	1,395,005
130,000		Dell, Inc.µ#	1,883,700
58,000		Infosys Technologies, Ltd.µ	2,668,000
92,000	TWD	MediaTek, Inc.	1,287,631
34,000		Microsoft Corp.µ	942,820
7,500	JPY	Nintendo Company, Ltd.µ	1,881,185
175,000	EUR	Nokia, OYJµ	2,210,467
100,000	BRL	Redecard, SA	1,484,446
65,000	EUR	SAP, AGµ	2,944,187
85,000	HKD	VTech Holdings, Ltd.µ	708,409
			19,978,287
		Materials (0.6%)
3,000	CHF	Syngenta, AG	710,344
		Telecommunication Services (1.5%)
38,000		América Móvil, SAB de CVµ	1,676,940
		TOTAL COMMON STOCKS (Cost $71,843,467)	68,683,181
NUMBER OF
CONTRACTS			VALUE
PURCHASED OPTIONS
(0.3%)#
		Consumer Discretionary (0.0%)
250		Grupo Televisa, SA Call, 01/16/10, Strike $25.00	1,875
		Consumer Staples (0.0%)
180		Sysco Corp. Call, 01/16/10, Strike $30.00	2,250
		Industrials (0.0%)
130	CHF	ABB, Ltd. Call, 06/18/10, Strike $24.00	7,983
		Other (0.3%)
		SPDR Trust Series 1
600		Put, 11/21/09, Strike $95.00	45,000
550		Put, 12/19/09, Strike $101.00	169,125
300		Put, 11/21/09, Strike $98.00	33,450
300		Put, 12/19/09, Strike $97.00	59,700
			307,275
		TOTAL PURCHASED OPTIONS (Cost $871,327)	319,383
NUMBER OF
SHARES			VALUE
SHORT TERM INVESTMENT
(2.0%)
2,271,885		Fidelity Prime Money Market Fund - Institutional Class (Cost $2,271,885)	2,271,885
TOTAL INVESTMENTS IN SECURITIES (128.0%) (Cost $145,770,806)			143,394,729
LIABILITIES, LESS OTHER ASSETS (-28.0%)			(31,380,530	)
NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS (100.0%)			$ 112,014,199
NUMBER OF
CONTRACTS			VALUE
WRITTEN OPTIONS (-1.8%)
#
		Other (-1.8%)
		iShares MSCI EAFE Index Fund
1,300		Call, 12/19/09, Strike $56.00	(139,750	)
900		Call, 12/19/09, Strike $48.00	(549,000	)
900		Call, 01/16/10, Strike $56.00	(126,000	)
650		Call, 12/19/09, Strike $49.00	(344,500	)
500		Call, 12/19/09, Strike $50.00	(225,000	)
400		Call, 01/16/10, Strike $57.00	(42,000	)

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OCTOBER 31, 2009

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NUMBER OF — CONTRACTS		VALUE
	SPDR Trust Series 1
600	Call, 12/19/09, Strike $97.00	$ (511,500	)
500	Call, 11/21/09, Strike $108.00	(40,500	)
500	Call, 11/21/09, Strike $107.00	(55,500	)
	TOTAL WRITTEN OPTIONS (Premium $1,730,397)	(2,033,750	)

NOTES TO SCHEDULE OF INVESTMENTS

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

FOREIGN CURRENCY ABBREVIATIONS

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

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

INTEREST RATE SWAPS
					Unrealized
	Fixed Rate	Floating Rate	Termination	Notional	Appreciation/
Counterparty	(Fund Pays)	(Fund Receives)	Date	Amount	(Depreciation)
BNP Paribas, SA	2.5350% quarterly	3 month LIBOR	03/09/14	$ 12,000,000	$ (105,559	)
BNP Paribas, SA	2.0200% quarterly	3 month LIBOR	03/09/12	8,000,000	(128,371	)
BNP Paribas, SA	1.8525% quarterly	3 month LIBOR	09/14/12	7,000,000	(36,630	)
					$ (270,560	)

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Schedule of Investments

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CURRENCY EXPOSURE OCTOBER 31, 2009

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

End box 44

Currency exposure may vary over time.

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Statement of Assets and Liabilities

October 31, 2009
ASSETS
Investments in securities, at value (cost $145,770,806)	$ 143,394,729
Cash with custodian (interest bearing)	61,782
Foreign currency (cost $38,818)	38,707
Receivables:
Accrued interest and dividends	997,839
Prepaid expenses	5,227
Other assets	36,775
Total assets	144,535,059
LIABILITIES
Options written, at value (premium $1,730,397)	2,033,750
Unrealized depreciation on interest rate swaps	270,560
Payables:
Note payable	30,000,000
Affiliates:
Investment advisory fees	122,476
Deferred compensation to trustees	36,775
Financial accounting fees	1,409
Trustees fees and officer compensation	229
Other accounts payable and accrued liabilities	55,661
Total liabilities	32,520,860
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$ 112,014,199
COMPOSITION OF NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS
Common stock, no par value, unlimited shares authorized
8,019,138 shares issued and outstanding	$ 113,527,720
Undistributed net investment income (loss)	(586,291	)
Accumulated net realized gain (loss) on investments, foreign
currency transactions, written options and interest rate swaps	2,017,046
Unrealized appreciation (depreciation) of investments, foreign
currency translations, written options and interest rate swaps	(2,944,276	)
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS	$ 112,014,199
Net asset value per common shares based upon
8,019,138 shares issued and outstanding	$ 13.97

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Statement of Operations

Year Ended October 31, 2009
INVESTMENT INCOME
Interest	$ 3,748,764
Dividends	2,850,737
Dividends from affiliates	42,156
Foreign taxes withheld	(120,160	)
Total investment income	6,521,497
EXPENSES
Investment advisory fees	1,265,579
Interest expense and related fees	845,882
Deferred debt structuring fee	77,995
Transfer agent fees	29,259
Registration fees	26,034
Custodian fees	24,261
Printing and mailing fees	21,850
Trustees fees and officer compensation	18,983
Financial accounting fees	14,643
Accounting fees	9,192
Legal fees	4,710
Audit fees	4,366
Other	7,411
Total expenses	2,350,165
Less expense reductions	(6,839	)
Net expenses	2,343,326
NET INVESTMENT INCOME (LOSS)	4,178,171
REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) from:
Investments, excluding purchased options	(785,458	)
Purchased options	9,322,286
Foreign currency transactions	63,087
Written options	(3,251,345	)
Interest rate swaps	(140,134	)
Change in net unrealized appreciation/(depreciation) on:
Investments, excluding purchased options	33,419,726
Purchased options	(9,850,024	)
Foreign currency translations	11,755
Written options	(496,637	)
Interest rate swaps	(270,560	)
NET GAIN (LOSS)	28,022,696
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 32,200,867

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Global Total Return Fund Statement of Operations ANNUAL REPORT 11

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Statements of Changes in Net Assets

	Year Ended October 31, — 2009		2008
OPERATIONS
Net investment income (loss)	$ 4,178,171		$ 5,867,286
Net realized gain (loss)	5,208,436		7,787,601
Change in unrealized appreciation/(depreciation)	22,814,260		(79,757,537	)
Distributions to preferred shareholders from:
Net investment income			(742,082	)
Net realized gains			(758,895	)
Net increase (decrease) in net assets applicable to common
shareholders resulting from operations	32,200,867		(67,603,627	)
DISTRIBUTIONS TO COMMON
SHAREHOLDERS FROM
Net investment income	(9,361,460	)	(9,167,996	)
Net realized gains	(698,540	)	(1,841,607	)
Net decrease in net assets from distributions to common
shareholders	(10,060,000	)	(11,009,603	)
CAPITAL STOCK
TRANSACTIONS
Offering costs on common shares	(46,028	)	(181,038	)
Reinvestment of distributions resulting in the issuance of
common stock	163,025
Net increase (decrease) in net assets from capital stock
transactions	116,997		(181,038	)
TOTAL INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS	22,257,864		(78,794,268	)
NET ASSETS APPLICABLE TO COMMON
SHAREHOLDERS
Beginning of year	$ 89,756,335		$ 168,550,603
End of year	112,014,199		89,756,335
Undistributed net investment income (loss)	$ (586,291	)	$ (346,634	)

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

See accompanying Notes to Financial Statements

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Statement of Cash Flows

Year Ended October 31, 2009
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net increase/(decrease) in net assets from operations	$ 32,200,867
Adjustments to reconcile net increase/(decrease) in net assets
from operations to net cash used in operating activities:
Change in unrealized appreciation or depreciation on interest
rate swaps	270,560
Change in written options	1,049,613
Purchase of investment securities	(89,597,036	)
Proceeds from disposition of investment securities	103,709,166
Amortization and accretion of fixed-income securities	(812,679	)
Purchase of short term investments, net	1,174,845
Net realized gains/losses from investments, excluding purchased
options	785,458
Net realized gains/losses from purchased options	(9,322,286	)
Change in unrealized appreciation or depreciation on
investments, excluding purchased options	(33,419,726	)
Change in unrealized appreciation or depreciation on purchased
options	9,850,024
Net change in assets and liabilities:
(Increase)/decrease in assets:
Accrued interest and dividends receivable	200,243
Prepaid expenses	80,083
Other assets	(18,392	)
(Increase)/decrease in liabilities:
Payables to affiliates	22,656
Other accounts payable and accrued liabilities	(82,475	)
Net cash provided by/(used in) operating activities	$ 16,090,921
CASH FLOWS FROM FINANCING
ACTIVITIES:
Offering costs related to common shares sold	(114,461	)
Distributions to common shareholders	(9,896,975	)
Proceeds from note payable	(6,000,000	)
Net cash provided by/(used in) financing activities	$ (16,011,436	)
Net increase/(decrease) in cash and foreign currency*	$ 79,485
Cash and foreign currency at beginning of year	$ 21,004
Cash and foreign currency at end of year	$ 100,489
Supplemental disclosure
Cash paid for interest and related fees	$ 850,570

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

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

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Notes to Financial Statements

NOTE 1 ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization. Calamos Global Total Return (the Fund) was organized as a Delaware statutory trust on March 30, 2004 and is registered under the Investment Company Act of 1940 (the 1940 Act) as a diversified, closed-end management investment company. The Fund commenced operations on October 27, 2005. The Funds investment objective is to provide total return through a combination of capital appreciation and current income.

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

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

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

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

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

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Notes to Financial Statements

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements

The Fund recognized no liability for unrecognized tax benefits. A reconciliation is not provided as the beginning and ending amounts of unrecognized benefits are zero, with no interim additions, reductions or settlements. Tax years 2005-2008 remain subject to examination by the U.S. and the State of Illinois tax jurisdictions.

Indemnifications. Under the Funds 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 Funds 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 Funds management expects the risk of material loss in connection to a potential claim to be remote.

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

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

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

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

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

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

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

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Notes to Financial Statements

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

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

NOTE 3 INVESTMENTS

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

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

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

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

Cost basis of Investments	$
Gross unrealized appreciation	11,674,493
Gross unrealized depreciation	(14,244,974	)
Net unrealized appreciation (depreciation)	$ (2,570,481	)

NOTE 4 INCOME TAXES

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

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

The Fund intends to make monthly distributions from its income available for distribution, which consists of the Funds 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.

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Notes to Financial Statements

Distributions were characterized for federal income tax purposes as follows:

October 31, 2009		Year Ended — October 31, 2008
Distributions paid from:
Ordinary income	$9,361,460	$ 9,765,379
Long-term capital gains	698,540	2,753,397

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

Undistributed ordinary income	$
Undistributed capital gains
Total undistributed earnings	1,664,682
Accumulated capital and other losses
Net unrealized gains/(losses)	(3,138,680	)
Total accumulated earnings/(losses)	(1,473,998	)
Other	(39,523	)
Paid-in capital	113,527,720
Net assets applicable to common shareholders	$ 112,014,199

NOTE 5 COMMON SHARES

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

October 31, 2009	October 31, 2008
Beginning shares	8,006,981	8,006,981
Shares issued through reinvestment of distributions	12,157
Ending shares	8,019,138	8,006,981

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

NOTE 6 DERIVATIVE INSTRUMENTS

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

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

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

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Notes to Financial Statements

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

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

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

Options outstanding at October 31, 2008	4,910	$	1,177,421
Options written	33,420		8,386,340
Options closed	(32,080	)	(7,833,364	)
Options exercised
Options expired
Options outstanding at October 31, 2009	6,250	$	1,730,397

Interest Rate Risk. The Fund may engage in interest rate swaps primarily to manage duration and yield curve risk, as alternatives to direct investments, or to hedge the interest rate risk on the funds borrowings (see Note 7 Borrowings). An interest rate swap is a contract that involves the exchange of one type of interest rate for another type of interest rate. Three main types of interest rate swaps are coupon swaps (fixed rate to floating rate in the same currency); basis swaps (one floating rate index to another floating rate index in the same currency); and cross-currency interest rate swaps (fixed rate in one currency to floating rate in another). In the case of a coupon swap, a Fund may agree with a counterparty that the Fund will pay a fixed rate (multiplied by a notional amount) while the counterparty will pay a floating rate multiplied by the same notional amount. If interest rates rise, resulting in a diminution in the value of the Funds portfolio, the Fund would receive payments under the swap that would offset, in whole or in part, such diminution in value; if interest rates fall, the Fund would likely lose money on the swap transaction. Unrealized gains are reported as an asset, and unrealized losses are reported as a liability on the Statement of Assets and Liabilities. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on interest rate swaps in the Statement of Operations. A realized gain or loss is recorded in net realized gain (loss) in the Statement of Operations upon payment or receipt of a periodic payment or termination of the swap agreements. Swap agreements are stated at fair value. Notional principal amounts are used to express the extent of involvement in these transactions, but the amounts potentially subject to credit risk are much smaller. In connection with these contracts, securities may be identified as collateral in accordance with the terms of the respective swap contracts in the event of default or bankruptcy.

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

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

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Notes to Financial Statements

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

	Assets — Statement of Assets &		Liabilities — Statement of Assets &
	Liabilities Location	Value	Liabilities Location	Value
Derivative Type:
Purchased options	Investments in securities	$ 319,383	Written options	$ 2,033,750
Interest Rate contracts	Unrealized appreciation on swaps		Unrealized depreciation on swaps	270,560

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

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

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

NOTE 7 BORROWINGS

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

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

Under the terms of the Lending Agreement, the Lent Securities are marked to market daily, and if the value of the Lent Securities exceeds the value of the then-outstanding borrowings owed by the Fund to BNP under the Agreement (the Current Borrowings), BNP must, on that day, either (1) return Lent Securities to the Funds 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 Funds 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

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commercially possible, return such security or equivalent security to the Funds 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 Funds custodian for the ultimate delivery of such Lent Securities, or equivalent securities, and for any buy-in costs that the executing broker for the sales transaction may impose with respect to the failure to deliver. The Fund shall also have the right to apply and set-off an amount equal to one hundred percent (100%) of the then-current fair market value of such Lent Securities against the Current Borrowings.

NOTE 8 STRUCTURED EQUITY LINKED SECURITIES

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

NOTE 9 VALUATIONS

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

| | Level 1 assets and liabilities use inputs from unadjusted
quoted prices from active markets (including securities actively
traded on a securities exchange). |
| --- | --- |
| | Level 2 assets and liabilities reflect inputs other than
quoted prices, but use observable market data (including quoted
prices of similar securities, interest rates, credit risk, etc.). |
| | Level 3 assets and liabilities are valued using
unobservable inputs (including the Funds own judgments
about assumptions market participants would use in determining
fair value). |

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Global Total Return Fund Notes to Financial Statements ANNUAL REPORT 21

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Notes to Financial Statements

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

		Value of — Investment	Other — Financial
Valuation Inputs		Securities	Instruments
Level 1	Quoted Prices
	Common Stocks	$ 26,318,132	$
	Convertible Preferred Stocks	8,003,268
	Purchased Options	319,383
	Written Options		(2,033,750	)
	Short Term Investments	2,271,885
Level 2	Other significant observable inputs
	Common Stocks	42,365,049
	Convertible Bonds	28,554,480
	Corporate Bonds	25,164,946
	Sovereign Bonds	4,937,192
	Convertible Preferred Stocks	1,875,778
	Structured Equity-Linked Securities	3,584,616
	Interest Rate Swaps		(270,560	)
Total		$ 143,394,729	$ (2,304,310	)

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22 Global Total Return Fund ANNUAL REPORT Notes to Financial Statements

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Financial Highlights

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


								2005*
								through
Year Ended October 31,								October 31,
2009		2008		2007		2006		2005
Net asset value, beginning of period	$11.21		$21.05		$16.31		$14.29		$14.32 (a	)
Income from investment operations:
Net investment income (loss)	0.52	**	0.74	**	0.96	**	0.86
Net realized and unrealized gain (loss)	3.51		(9.00	)	5.38		2.40
Distributions to preferred shareholders from:
Net investment income (common share equivalent basis)			(0.09	)	(0.39	)	(0.29	)
Net realized gains (common share equivalent basis)			(0.09	)	-- (b	)
Total from investment operations	4.03		(8.44	)	5.95		2.97
Less distributions to common shareholders from:
Net investment income	(1.17	)	(1.15	)	(1.09	)	(0.65	)
Net realized gains	(0.09	)	(0.23	)	(0.12	)	(0.19	)
Capital charge resulting from issuance of common and preferred
shares and related offering costs	(0.01	)	(0.02	)			(0.11	)	(0.03	)
Net asset value, end of period	$13.97		$11.21		$21.05		$16.31		$14.29
Market value, end of period	$13.30		$9.54		$19.51		$15.62		$15.00
Total investment return based
on: (c)
Net asset value	40.32	%	(41.78	)%	38.30	%	20.77	%	(0.24	)%
Market value	56.98	%	(46.54	)%	33.84	%	10.19	%	0.00	%
Net assets, end of period (000)	$112,014		$89,756		$168,551		$130,588		$114,439
Preferred shares, at redemption value ($25,000 per share
liquidation preference) (000s omitted)	$		$		$59,000		$59,000		$
Ratios to average net assets applicable to common shareholders:
Net
expenses (d)	2.43	%	2.28	%	1.72	%	1.70	%	1.33	% (e)
Gross expenses prior to expense reductions and earnings
credits (d)	2.44	%	2.29	%	1.72	%	1.70	%	3.37	% (e)
Net investment income
(loss) (d)	4.34	%	4.08	%	5.37	%	5.57	%	(1.33	)% (e)
Preferred share distributions		%	0.52	%	2.17	%	1.89	%	0.00	% (e)
Net investment income (loss), net of preferred share
distributions from net investment income	4.34	%	3.56	%	3.20	%	3.68	%	0.00	% (e)
Portfolio turnover rate	65	%	82	%	85	%	32	%	0	%
Average commission rate paid	$0.0167		$0.0830		$0.0377		$0.0258		$
Asset coverage per preferred share, at end of
period (f)	$		$		$96,423		$80,358		$
Asset coverage per $1,000 of loan
outstanding (g)	$4,734		$3,493		$		$		$

*	Commencement of operations.
**	Net investment income allocated
based on average shares method.
(a)	Net of sales load of $0.675 on
initial shares issued and beginning net asset value of $14.325.
(b)	Amount equated to less than $0.005
per common share.
(c)	Total investment return is
calculated assuming a purchase of common stock on the opening of
the first day and a sale on the closing of the last day of the
period reported. Dividends and distributions are assumed, for
purposes of this calculation, to be reinvested at prices
obtained under the Funds 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 Funds portfolio
securities, cash and other assets, less all liabilities, by the
total number of common shares outstanding. The common share
market price is the price the market is willing to pay for
shares of the Fund at a given time. Common share market price is
influenced by a range of factors, including supply and demand
and market conditions.
(d)	Does not reflect the effect of
dividend payments to Preferred Shareholders.
(e)	Annualized.
(f)	Calculated by subtracting the
Funds total liabilities (not including Preferred Shares)
from the Funds total assets and dividing this by the
number of Preferred Shares outstanding.
(g)	Calculated by subtracting the
Funds total liabilities (not including Note payable) and
preferred shares from the Funds total assets and dividing
this by the amount of note payable outstanding, and by
multiplying the result by 1,000,

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Report of Independent Registered Public Accounting Firm

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

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

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

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

Chicago, Illinois

December 17, 2009

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

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Trustee Approval of Management Agreement (unaudited)

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

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

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

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

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

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

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

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Trustee Approval of Management Agreement (unaudited)

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

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

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

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

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

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

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

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

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

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

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Tax Information (unaudited)

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

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

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

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

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Trustees & Officers (unaudited)

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

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

| | | Portfolios in — Fund
Complex Ù | Principal Occupation(s) |
| --- | --- | --- | --- |
| Name and Age | Position(s) with Trust | Overseen | and Other Directorships |
| Trustees who are interested persons of the Trust: | | | |
| John P. Calamos, Sr., 69 | Trustee and President (since 2005) | 19 | Chairman, CEO, and Co-Chief Investment Officer Calamos Asset
Management, Inc. (CAM), Calamos Holdings LLC
(CHLLC) and Calamos Advisors LLC and its predecessor
(Calamos Advisors), and President and Co-Chief
Investment Officer, Calamos Financial Services LLC and its
predecessor (CFS); Director, CAM |
| Trustees who are not interested persons of the Trust: | | | |
| Joe F. Hanauer, 72 | Trustee (since 2005) | 19 | Private investor; Chairman and Director, Move, Inc., (internet
provider of real estate information and products); Director,
Combined Investments, L.P. (investment management) |
| Weston W. Marsh, 59 | Trustee (since 2005) | 19 | Of Counsel and, until December 31, 2006, Partner,
Freeborn & Peters (law firm) |
| John E. Neal, 59 | Trustee (since 2005) | 19 | Private investor; formerly Managing Director, Banc One Capital
Markets, Inc. (investment banking) (2000-2004); Director, Focused Health Services (private disease management
company), Equity Residential (publicly-owned REIT); Partner,
Private Perfumery LLC (private label perfume company); Linden
LLC (health care private equity) and Greenspire Properties LLC
(private homebuilder and real estate development company) |
| William R. Rybak, 58 | Trustee (since 2005) | 19 | Private investor; formerly Executive Vice President and Chief
Financial Officer, Van Kampen Investments, Inc. and subsidiaries
(investment manager); Director, Howe Barnes Hoefer Arnett, Inc.
(investment services firm) and PrivateBancorp, Inc. (bank
holding company); Trustee, JNL Series Trust, JNL Investors
Series Trust and JNL Variable Fund LLC |
| Stephen B. Timbers, 65 | Trustee (since 2005); Lead Independent Trustee (since 2005) | 19 | Private investor; formerly Vice Chairman, Northern
Trust Corporation (bank holding company); formerly
President and Chief Executive Officer, Northern
Trust Investments, N.A. (investment manager); formerly
President, Northern Trust Global Investments, a division of
Northern Trust Corporation and Executive Vice President,
The Northern Trust Corporation |
| David D. Tripple, 65 | Trustee (since 2006) | 19 | Private investor; Trustee, Century Shares Trust and Century
Small Cap Select Fund** |

| * | Mr. Calamos is an interested person of the
Trust as defined in the 1940 Act because he is an affiliate of
Calamos Advisors and CFS. Mr. Calamos is the uncle of Nick P.
Calamos, Vice President of the Trust. |
| --- | --- |
| ** | Mr. Hanauer will retire as of December 31, 2009, in
accordance with the boards retirement policy with respect
to independent trustees. There is no current intention to fill
such vacancy. |
| *** | Overseeing 109 portfolios in fund complex |
| **** | Overseeing 2 portfolios in fund complex |

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

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

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28 Global Total Return Fund ANNUAL REPORT Trustees & Officers

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Trustees & Officers (unaudited)

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

Name and Age	Position(s) with Trust	Principal Occupation(s) — During Past 5 Years
Nimish S. Bhatt, 46	Vice President and Chief Financial Officer (since 2007)	Senior Vice President and Director of Operations, CAM, CHLLC,
Calamos Advisors and CFS (since 2004); prior thereto, Senior
Vice President, Alternative Investments and Tax Services, The
BISYS Group, Inc.
Nick P. Calamos, 48	Vice President (since 2004)	Senior Executive Vice President and Co-Chief Investment Officer,
CAM, CHLLC, Calamos Advisors and CFS
James J. Boyne, 43	Vice President (since 2008)	Senior Vice President, General Counsel and Secretary, Calamos
Advisors (since 2008); prior thereto, Chief Operating Officer,
General Counsel and Executive Managing Director of McDonnell
Investment Management, LLC (2001-2008)
Stathy Darcy, 43	Secretary (since 2007)	Vice President and Deputy General Counsel Mutual
Funds, Calamos Advisors (since 2006); prior thereto, Partner,
Chapman and Cutler LLP (law firm)
Mark Mickey, 58	Chief Compliance Officer (since 2005)	Chief Compliance Officer, Calamos Funds (since 2005) and
Chief Compliance Officer, Calamos Advisors (2005-2006); Director of Risk Assessment and Internal Audit, Calamos Advisors (2003-2005);

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

Proxy Voting Policies. A description of the CALAMOS Proxy Voting Policies and Procedures is available by calling (800)5826959, by visiting its website at www.calamos.com or by writing CALAMOS at: CALAMOS INVESTMENTS, Attn: Client Services, 2020 Calamos Court, Naperville, IL 60563, and on the Securities and Exchange Commissions website at www.sec.gov.

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About Closed-End Funds

SIDENOTE AREA END

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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 funds 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 doesnt affect the closed-end fund manager because there are no new investors buying into or selling out of the funds 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

Begin box 44

OPEN-END MUTUAL FUNDS VERSUS CLOSED-END FUNDS

Open-End Fund	Closed-End Fund
Issues new shares on an ongoing basis	Issues a fixed number of shares
Issues equity shares	Can issue senior securities such as preferred shares and bonds
Sold at NAV plus any sales charge	Price determined by the marketplace
Sold through the funds distributor	Traded in the secondary market
Fund redeems shares at NAV calculated at the close of business
day	Fund does not redeem shares

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SIDENOTE AREA END

Level Rate Distribution Policy

SIDENOTE AREA BEGIN

SIDENOTE AREA END

SIDENOTE AREA BEGIN

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.

SIDENOTE AREA END

Automatic Dividend Reinvestment Plan

SIDENOTE AREA BEGIN

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.

For additional information about the Plan, please contact the Plan Agent, The Bank of New York, at 800.432.8224. 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.

Were pleased to provide our shareholders with the additional benefit of the Funds Dividend Reinvestment Plan and hope that it may serve your financial plan.

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34 Global Total Return Fund ANNUAL REPORT Level Rate Distribution Policy and Automatic Dividend Reinvestment Plan

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The Calamos Investments Advantage

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Calamos history is one of performing well for our clients through 30 years of advances and declines in the market. We use proprietary risk-management strategies designed to control volatility, and maintain a balance between risk and reward throughout a market cycle.

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Disciplined Investment Philosophy and Process

Calamos Investments has developed a proprietary research and monitoring process that goes far beyond traditional security analysis. This process applies to each of our investment strategies, with emphasis varying by strategy. When combined with the company-specific research and industry insights of our investment team, the goal is nimble, dynamic management of a portfolio that allows us to anticipate and adapt to changing market conditions. In each of our investment strategies, from the most conservative to the most aggressive, our goals include maximizing return while controlling risk, protecting principal during volatile markets, avoiding short-term market timing, and maintaining a vigilant long-term outlook.

Comprehensive Risk Management

Our approach to risk management includes continual monitoring, adherence to our discipline, and a focus on assuring a consistent risk profile during all phases of the market cycle. Incorporating qualitative and quantitative factors as well as a strong sell discipline, this risk-control policy seeks to help preserve investors capital over the long term.

Proven Investment Management Team

The Calamos Family of Funds benefits from our teams decades of experience in the investment industry. We follow a one-team, one-process approach that leverages the expertise of more than 50 investment professionals, led by Co-Chief Investment Officers John P. Calamos, Sr. and Nick P. Calamos, whose investment industry experience dates back to 1970 and 1983, respectively. Through the collective industry experience and educational achievements of our research and portfolio staff, we can respond to the challenges of the market with innovative and timely ideas.

Sound Proprietary Research

Over the years, we have invested significant time and resources in developing and refining sophisticated analytical models that are the foundation of the firms research capabilities, which we apply in conjunction with our assessment of broad themes. We believe evolving domestic policies, the growing global economy, and new technologies present long-term investment opportunities for those who can detect them.

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Global Total Return Fund The Calamos Investments Advantage ANNUAL REPORT 35

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Calamos Closed-End Funds

Intelligent Asset Allocation in Five Distinct Closed-End Funds

Depending on which Calamos closed-end fund you currently own, you may want to consider one or more of our other closed-end strategies to further diversify your investment portfolio.

Seek the advice of your financial advisor, who can help you determine your financial goals, risk tolerance, time horizon and income needs. To learn more, you can also visit our website at www.calamos.com.

| Fund Asset Allocation as of
10/31/09 | Fund Profile |
| --- | --- |
| Calamos Convertible Opportunities and Income Fund (CHI) | |
| ● | Providing Enhanced Fixed Income Potential Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of convertible securities and below investment-grade (high-yield) fixed-income securities. |
| Calamos Convertible and High Income Fund (CHY) | |
| ● | Providing Enhanced Fixed Income Potential Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of convertible securities and below investment-grade (high-yield) fixed-income securities. |
| Calamos Global Dynamic Income Fund (CHW) | |
| ● | Providing Global Enhanced Fixed Income Potential Objective: The Fund seeks to generate a high level of current income with a secondary objective of capital appreciation. The Fund has maximum flexibility to dynamically allocate among equities, fixed-income securities and alternative investments around the world. |
| Calamos Strategic Total Return Fund (CSQ) | |
| ● | Providing Total Return Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of equity, convertible and below investment-grade (high-yield) fixed-income securities. |
| Calamos Global Total Return Fund (CGO) | |
| ● | Providing Global Total Return Objective: The Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of global equity, global convertible and below investment-grade (high-yield) fixed-income securities. |

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

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36 Global Total Return Fund ANNUAL REPORT Calamos Closed-End Funds

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Managing Your Calamos Funds Investments

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

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Its convenient, timely and helps reduce mailbox clutter.

You can view shareholder communications, including fund prospectuses, annual reports and other shareholder materials online long before the printed publications would have arrived by traditional mail.

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Visit www.calamos.com for timely fund performance, detailed fund profiles, fund news and insightful market commentary.

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link2 "ITEM 2. CODE OF ETHICS"

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics (the Code of Ethics) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or person performing similar functions.

(b) No response required.

(c) The registrant has not amended its Code of Ethics as it relates to any element of the code of ethics definition enumerated in paragraph(b) of this Item 2 during the period covered by this report.

(d) The registrant has not granted a waiver or an implicit waiver from its Code of Ethics during the period covered by this report.

(e) Not applicable.

(f) (1) The registrants Code of Ethics is attached as an Exhibit hereto.

link2 "ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT"

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrants Board of Trustees has determined that, for the period covered by the shareholder report presented in Item 1 hereto, it has four audit committee financial experts serving on its audit committee, each of whom is an independent Trustee for purpose of this N-CSR item: John E. Neal, William R. Rybak, Stephen B. Timbers and David D. Tripple. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an expert for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert pursuant to this Item. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert pursuant to this Item does not affect the duties, obligations, or liabilities of any other member of the audit committee or board of directors.

link2 "ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES"

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fee $14,089 and $5,085 are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for the audit of the registrants annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Audit-Related Fees $9,925 and $15,280 are the aggregate fees billed in each of the last two fiscal years for assurance and related services rendered by the principal accountant to the registrant that are reasonably related to the performance of the audit of the

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registrants financial statements and are not reported under paragraph (a) of this Item 4.

(c) Tax Fees $1,997 and $4,625 are the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant to the registrant for tax compliance, tax advice and tax planning.

(d) All Other Fees $0 and $21,070 are the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant to the registrant, other than the services reported in paragraph (a)-(c) of this Item 4.

(e) (1) Registrants audit committee meets with the principal accountants and management to review and pre-approve all audit services to be provided by the principal accountants.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the registrant, including the fees and other compensation to be paid to the principal accountants; provided that the pre-approval of non-audit services is waived if (i) the services were not recognized by management at the time of the engagement as non-audit services,(ii) the aggregate fees for all non-audit services provided to the registrant are less than 5% of the total fees paid by the registrant to its principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

The audit committee shall pre-approve all non-audit services to be provided by the principal accountants to the investment adviser or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant if the engagement relates directly to the operations or financial reporting of the registrant, including the fees and other compensation to be paid to the principal accountants; provided that pre-approval of non-audit services to the adviser or an affiliate of the adviser is not required if (i) the services were not recognized by management at the time of the engagement as non-audit services, (ii) the aggregate fees for all non-audit services provided to the adviser and all entities controlling, controlled by or under common control with the adviser are less than 5% of the total fees for non-audit services requiring pre-approval under paragraph (e)(1)of this Item 4 paid by the registrant, the adviser or its affiliates to the registrants principal accountants during the fiscal year in which the non-audit services are provided, and (iii) such services are promptly brought to the attention of the audit committee by management and the audit committee approves them prior to the completion of the audit.

(e)(2) No percentage of the principal accountants fees or services described in each of paragraphs (b)-(d) of this Item were approved pursuant to the waiver provision paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) No disclosures are required by this Item 4(f).

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(g) $1,997 and $25,695 are the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the registrant. $0 and $0 are the aggregate non-audit fees billed in each of the last two fiscal years for services rendered by the principal accountant to the investment adviser or any entity controlling, controlled by or under common control with the adviser.

(h) No disclosures are required by this Item 4(h).

link2 "ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS"

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant has a separately-designated standing audit committee. The members of the registrants audit committee are Joe F. Hanauer, Weston W. Marsh, John E. Neal, William R. Rybak, Stephen B. Timbers, and David D. Tripple.

link2 "ITEM 6. SCHEDULE OF INVESTMENTS"

ITEM 6. SCHEDULE OF INVESTMENTS

Included in the Report to Shareholders in Item 1.

link2 "ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES"

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

The registrant has delegated authority to vote all proxies relating to the Funds portfolio securities to the Funds investment advisor, Calamos Advisors LLC (Calamos Advisors). The Calamos Advisors Proxy Voting Policies and Procedures are included as an Exhibit hereto.

link2 "ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES"

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

(a)(1) As of October 31, 2009, the registrant is lead by a team of investment professionals. The Co-Chief Investment Officers and senior strategy analysts are responsible for the day-to-day management of the registrants portfolio:

During the past five years, John P. Calamos, Sr. has been President and Trustee of the Fund and chairman, CEO and Co-CIO of the Funds investment adviser, Calamos Advisors LLC and its predecessor company (Calamos Advisors). Nick P. Calamos has been Vice President and Trustee of the Fund (through June 2006) and Senior Executive Vice President and Co-CIO of Calamos Advisors and its predecessor company. John P. Calamos, Jr., Executive Vice President of Calamos Advisors, joined the firm in 1985 and has held various senior investment positions since that time. John Hillenbrand joined Calamos Advisors in 2002 and has been a senior strategy analyst since August 2002. Steve Klouda joined Calamos Advisors in 1994 and has been a senior strategy analyst since July 2002. Jeff Scudieri joined Calamos Advisors in 1997 and has been a senior strategy analyst since September 2002. Jon Vacko joined Calamos Advisors in 2000 and has been a senior strategy analyst since July 2002.

(a)(2) The portfolio managers also have responsibility for the day-to-day management of accounts other than the registrant. Information regarding these other accounts is set forth below.

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Number of other accounts managed and assets by account type as of October 31, 2009

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

Number of Accounts and Assets for which Advisory Fee is Performance Based as of: October 31, 2009

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

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Other than potential conflicts between investment strategies, the side-by-side management of both the Fund and other accounts may raise potential conflicts of interest due to the interest held by Calamos Advisors in an account and certain trading practices used by the portfolio managers (e.g., cross trades between a Fund and another account and allocation of aggregated trades). Calamos Advisors has developed policies and procedures reasonably designed to mitigate those conflicts. For example, Calamos Advisors will only place cross-trades in securities held by the Fund in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis.

The portfolio managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for a portfolio manager to make investments that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result in increased compensation to the portfolio managers from such accounts due to unrealized appreciation as well as realized gains in the clients account.

(a)(3) Calamos Advisors has developed and implemented a number of incentives that reward the professional staff to ensure that key employees are retained. Calamos Advisors senior management has established salary, short and long term incentive programs and benefit programs that we believe are competitive. Calamos Advisors incentive programs are based on investment performance, professional performance and an individuals overall contribution. These goals and measures are established and reviewed on an annual basis during performance reviews. As of October 31, 2009, each portfolio manager receives compensation in the form of an annual base salary and a discretionary target bonus, each payable in cash. Their discretionary target bonus is set at a percentage of the respective base salary. The amounts paid to the portfolio managers and the criteria utilized to determine the amounts are benchmarked against industry specific data provided by a third party analytical agency. The compensation structure does not differentiate between the Funds and other accounts managed by the portfolio managers, and is determined on an overall basis, taking into consideration the performance of the various strategies managed by the portfolio managers. Portfolio performance, as measured by risk-adjusted portfolio performance, is utilized to determine the discretionary target bonus, as well as overall performance of Calamos Advisors. Portfolio managers are eligible to receive annual non-equity awards under a long term incentive compensation program, set at a percentage of the respective base salary.

(a)(4) As of October 31, 2009, the end of the registrants most recently completed fiscal year, the dollar range of securities beneficially owned by each portfolio manager in the registrant is shown below:

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

(b) Not applicable.

link2 "ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS"

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

Not applicable

link2 "ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS"

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

No material changes.

link2 "ITEM 11. CONTROLS AND PROCEDURES"

ITEM 11. CONTROLS AND PROCEDURES.

a) The registrants principal executive officer and principal financial officer have evaluated the registrants disclosure controls and procedures within 90 days of this filing and have concluded that the registrants 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 registrants 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 registrants internal control over financial reporting.

link2 "ITEM 12. EXHIBITS"

ITEM 12. EXHIBITS.

(a)(1) Code of Ethics

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

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

(a)(2)(iii) Proxy

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link1 "SIGNATURES"

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:	December 30, 2009

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

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:
Name:	John P. Calamos, Sr.
Title:	Principal Executive Officer
Date:	December 30, 2009

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

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