Calamos Closed-End Funds
Designed for Income Potential, Managed for Total Return
Driven by Independent Thinking®
The Closed-End Opportunity: Adding Income Potential
to a Portfolio
In today’s yield-challenged marketplace, investors are seeking ways to generate consistent cash flows in their portfolios
without forgoing growth potential as part of total return. Whereas many closed-end funds focus on either cash flow
or capital gains generation, Calamos closed-end funds are specifically managed with the intent of maximizing income
production as part of the overall total return strategy.
CLOSED-END FUNDS CAN ADD REGULAR CASH FLOW TO A PORTFOLIO
Similar to open-end funds, closed-end funds can be used to gain exposure to a variety of different asset classes, business sectors and geographic
locations. However, due to their specific design and structure, closed-end funds can be used to enhance the income generated from either the
equity or fixed income portion of a portfolio.
Stock
Dividends
Enhanced Equity
Income Stream
EQUITY
Equity CEF
Distributions
Enhanced
Cash Flow
Cash Flow
to Investor
to Investor
Bond
Interest
FIXED INCOME
Fixed
Income CEF
Distributions
Enhanced Fixed
Income Stream
The opinions referenced are as of the date of publication and are subject to change due to changes in market or economic conditions and may not necessarily come to
pass. Information contained herein is for informational purposes only and should not be considered investment advice.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
www.calamos.com 3
Income Potential. Total Return. Diversification.
Income From Multiple Asset Classes
monthly distributions. This steady income flow can make
Due to their wide variety and diversity of holdings,
a closed-end fund an attractive addition to a portfolio
Calamos closed-end funds can enhance income generation
by helping an investor meet his or her monthly cash
when added to a number of investment strategies in a
requirements.
portfolio, including:
Efficient Portfolio Management
»» U.S. and global equity
»» U.S. and global high yield corporate bonds
»» U.S. and global convertible securities
»» Preferred stocks
»» Investment-grade bonds
»» Fixed income instruments: Libor plus strategies
Cash Distributions
While stocks typically pay quarterly dividends and bonds
A closed-end fund is a publicly traded company that raises
its initial investment capital through the issuance of a
fixed number of shares to investors in a public offering.
This defined asset pool, unlike open-end funds, allows for
more efficient portfolio management by employing cash
reserves that might otherwise be held to accommodate
potential redemptions. Instead, this capital may be
invested toward the goal of optimizing total returns.
generally disburse interest semiannually, many closed-end
funds – including all six managed by Calamos – may make
A FOCUS ON STEADY DISTRIBUTIONS
Many investors look for a steady stream of income from closed-end funds. Recognizing this, Calamos closed-end funds have
a level distribution policy in which we aim to keep monthly dividends consistent through the disbursement of net investment
income, net realized short-term capital gains and, if necessary, return of capital. We set distributions at levels we believe are
sustainable for the long term to help customers manage their cash flows, as well as to optimize the stock price of the fund.
There is no assurance that distributions will be paid or continue to be paid. Investing in closed-end funds involves risk of loss, and each closed-end fund must be evaluated for its individual risk
and return characteristics. Common risks of closed-end funds include, but are not limited to: fixed income security risk, interest rate risk, credit risk, and equity market risk. Closed-end funds
may often trade at a market price below the net asset value of the fund.
4 CALAMOS CLOSED-END FUNDS
High Liquidity, Low Minimums
Use of Leverage
Like stocks, closed-end funds can be traded throughout
Closed-end funds can employ leverage against their
the day on the open market, allowing more flexibility in
investment positions – typically, borrowing at short-term
the timing and pricing of trades for investors. In addition,
interest rates and investing the proceeds at higher rates of
the low investment minimums and competitive expense
return – in an effort to enhance yield and provide higher
ratios of closed-end funds allow smaller investors to access
levels of current income and total return.
their many unique benefits.
RISK/RETURN OPTIMIZATION
At Calamos, we believe that managing risk is imperative in optimizing returns. We assess risk from multiple perspectives by
applying a stringent risk/return analysis on all aspects of our security selection and portfolio construction and management. We
believe this approach has proven over time to offer an attractive risk/reward dynamic to our shareholders and to help ensure
steady income with a focus on capital preservation.
There is no assurance that the investment objectives of the Fund will be achieved or maintained.
Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in dividend rates
on any preferred shares.
www.calamos.com 5
The Calamos Equity Investment Process:
A Focus on Long-Term Quality
The Calamos investment process combines insights about global economic conditions and thematic influences with
robust analysis of individual securities. The investment team uses a proprietary research and monitoring process tested
and applied over the decades, as well as academic research. This investment process is applied to each of the six Calamos
closed-end funds, within the specific parameters of each portfolio’s investment objective.
TOP-DOWN
CONSIDERATIONS
» Global macro analysis
» Industry and sector
» Thematic
» Risk posture
INVESTMENT
CANDIDATES
PORTFOLIO
CONSTRUCTION
CONSIDERATIONS
PORTFOLIO
CONSISTENCY WITH
TOP-DOWN PERSPECTIVE
BOTTOM-UP
CONSIDERATIONS
» Credit analysis
» Fundamental analysis
» Quantitative analysis
» Risk/reward
6 CALAMOS CLOSED-END FUNDS
DIVERSIFICATION
» Themes
» Sectors
» Countries
» Number of holdings
» Position size
ONGOING MONITORING/
RISK MANAGEMENT
» Scenario analysis
» Risk/reward
» Attribution analysis
» Liquidity analysis
» Portfolio characteristics
» Guideline compliance
The Calamos Credit Investment Process:
Seeking Fundamentals and Sustainability
The Calamos credit investment process focuses on issuers’ fundamentals and revenue sustainability. The investment team
seeks to achieve optimum yield per unit of risk and participation in improving company financials and credit upgrades.
Consistent with a strong emphasis on avoiding defaults, the investment team’s proprietary credit research determines
stress points of a business and estimates valuations during downward phase of the credit cycle.
HISTORICAL
ANALYSIS
» Credit ratios
» Multivariate model
FUNDAMENTAL
ANALYSIS
PRICING
CREDIT RISK
» Business valuations
» Liquidity and balance sheet
» Management review
» Acquisitions
» Industry characteristics
» Asset/cash flow
recovery
» Risky/risk-free
component
PORTFOLIO
CONSTRUCTION
PORTFOLIO
CONSISTENCY
WITH TOP-DOWN
PERSPECTIVE
DIVERSIFICATION
» Themes
» Sectors
» Countries
» Number of holdings
» Position size
MARKETBASED MODELS
» Credit barrier price
» Contingent claims
analysis
ONGOING
MONITORING/
RISK MANAGEMENT
» Scenario analysis
» Risk/reward
» Attribution analysis
» Liquidity analysis
» Portfolio characteristics
» Guideline compliance
VALUATION AND YIELD
DURATION AND
CONVEXITY
www.calamos.com 7
Calamos Closed-End Funds: Dynamic Asset Allocation
in Six Distinct Funds
8 CALAMOS EVOLVING WORLD GROWTH FUND
Calamos closed-end funds dynamically invest across a variety of asset classes with an eye toward striking the optimal
balance between risk and reward throughout the full market cycle. This risk-managed approach has the potential to deliver
an attractive long-term total return through a combination of current monthly income and capital appreciation.
CALAMOS CLOSED-END FUND ASSET ALLOCATIONS: COMBINING VARIOUS LEVELS OF EQUITY PARTICIPATION WITH INCOME PRODUCING
SECURITIES, OFFERING BOTH GLOBAL AND DOMESTIC EXPOSURE.
AS OF 4/30/2015
Convertibles
100%
19.9%
90%
High Yield/Corporate Bonds
Equity
Cash and Other
27.1%
40.7%
80%
17.4%
70%
72.3%
57.0%
56.5%
20.0%
60%
5.7%
50%
40%
47.8%
30%
57.5%
19.2%
20%
48.6%
39.8%
10%
0%
8.5%
5.8%
5.2%
4.3%
Dynamic
Convertible and
Income Fund
(CCD)
Global Total
Return Fund
(CGO)
Strategic Total
Return Fund
(CSQ)
Global Dynamic
Income Fund
(CHW)
MARCH 2015
OCTOBER 2005
MARCH 2004
JUNE 2007
IPO MONTH
TOTAL RETURN
38.7%
1.5%
2.8%
1.4%
2.3%
Convertible
Opportunities
and Income
Fund (CHI)
Convertible and
High Income
Fund (CHY)
MAY 2003
JUNE 2002
ENHANCED FIXED INCOME
Each Fund’s asset allocation is subject to change daily.
Through their strategic allocations across asset classes, the funds offer varying levels of enhanced fixed income and total
return exposure.
For more information on Calamos closed-end funds, please visit www.calamos.com or contact us at 800.582.6959.
A Word About Risk
Investing in our securities involves certain risks. You could lose some or all of your investment.
Investments by the funds in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher rated securities, including less liquidity and
increased price sensitivity to changing interest rates and to a deteriorating economic environment. Fixed income securities are subject to interest-rate risk; as interest rates go up, the
value of debt securities in the Funds’ portfolio generally will decline. There are certain risks associated with an investment in a convertible bond such as default risk—that the company
issuing a convertible security may be unable to repay principal and interest—and interest rate risk—that the convertible may decrease in value if interest rates increase.
Global Total Return and Global Dynamic Income funds may invest in derivative securities. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. There is no assurance that any derivative strategy used by the Funds will succeed. One of the risks associated with purchasing an
option is that the Funds pay a premium whether or not an option is exercised.
Shares of closed-end funds frequently trade at a market price that is below their net asset value.
Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in
dividend rates on any preferred shares.
As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange
rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to potential for greater economic and political
instability in less developed countries.
Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund prospectus.
Information contained herein is for informational purposes only and should not be considered investment advice.
www.calamos.com 9
Calamos Closed-End Funds: Designed for Income Potential,
Managed for Total Return
U.S. Total Return
DYNAMIC CONVERTIBLE AND INCOME FUND (CCD)
NASDAQ Ticker CCD
IPO Date 3/27/15
OBJECTIVE
ASSET ALLOCATION ROLE
PRIMARY ASSET CLASSES
Seeks total return through a
combination of capital appreciation
and income by investing in a portfolio
of convertibles, as well as debt and
equity income producing securities
May be suitable for investors who
seek to participate in long-term
upward trends in the equity markets
but with the added benefits- and
potential downside protection offered
by convertibles – of a stable monthly
distribution
»» Convertible Securities
OBJECTIVE
ASSET ALLOCATION ROLE
PRIMARY ASSET CLASSES
Seeks total return through a
combination of capital appreciation
and current income by investing in
a diversified portfolio of equities,
convertible securities and high yield
corporate bonds
May be suitable for investors who
seek to participate in long-term
upward trends of the equity markets
but with the added benefit–and
potential downside protection–of a
stable monthly distribution
»» U.S. equity
OBJECTIVE
ASSET ALLOCATION ROLE
PRIMARY ASSET CLASSES
Seeks total return through a
combination of capital appreciation
and current income by investing in
a globally diversified portfolio of
equities, convertible securities and
high yield corporate bonds
May be suitable for investors who
seek to participate in long-term
upward trends of the global equity
markets but with the added benefit–
and potential downside protection–of
a stable monthly distribution
»» Global equity
»» High yield corporate bonds
STRATEGIC TOTAL RETURN FUND (CSQ)
NASDAQ Ticker CSQ
IPO Date 3/26/04
»» Convertible securities
»» High yield corporate bonds
Global Total Return
GLOBAL TOTAL RETURN FUND (CGO)
NASDAQ Ticker CGO
IPO Date 10/27/05
10

CALAMOS CLOSED-END FUNDS
»» Global high yield corporate bonds
»» Global convertible securities
U.S. Enhanced Fixed Income
CONVERTIBLE AND HIGH INCOME FUND (CHY)
NASDAQ Ticker CHY
IPO Date 5/28/03
OBJECTIVE
ASSET ALLOCATION ROLE
PRIMARY ASSET CLASSES
Seeks total return through capital
appreciation and current income by
investing in a diversified portfolio of
convertible securities and high yield
corporate bonds
May be suitable for investors who
seek an alternative or complement to
investment-grade, fixed income
instruments
»» Convertible securities
OBJECTIVE
ASSET ALLOCATION ROLE
PRIMARY ASSET CLASSES
Seeks total return through capital
appreciation and current income by
investing in a diversified portfolio of
convertible securities and high yield
corporate bonds
May be suitable for investors who
seek an alternative or complement to
investment-grade, fixed income
instruments
»» Convertible securities
OBJECTIVE
ASSET ALLOCATION ROLE
PRIMARY ASSET CLASSES
Seeks to provide 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
May be suitable for investors who
seek high current/monthly income,
capital appreciation, access to
global markets, greater portfolio
diversification and a fixed income
investment alternative
»» High yield corporate bonds
CONVERTIBLE OPPORTUNITIES AND INCOME FUND (CHI)
NASDAQ Ticker CHI
IPO Date 6/26/02
»» High yield corporate bonds
Global Enhanced Fixed Income
GLOBAL DYNAMIC INCOME FUND (CHW)
NASDAQ Ticker CHW
IPO Date 6/27/07
»» U.S. equity
»» Global equity
»» Preferred stocks
»» Convertible securities
»» High yield bonds
»» Fixed income instruments: Libor
plus strategies
»» Investment-grade credit with active
management overlay
www.calamos.com 11
Calamos Financial Services LLC, Distributor
2020 Calamos Court | Naperville, IL 60563-2787
800.582.6959 | www.calamos.com | [email protected]
© 2015 Calamos Investments LLC. All Rights Reserved.
Calamos® and Calamos Investments® are registered trademarks
of Calamos Investments LLC.
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