Closed-End Funds Home Page

GLOBAL TOTAL RETURN FUND (CGO)

Objective

The Fund 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.

Investment Strategy & Process

The integrated investment team employs an investment process that considers global macroeconomic factors and investment themes. A comprehensive, investment process includes both fundamental and quantitative research to evaluate the source, sustainability and risk of investment opportunities. Risk is monitored and managed at the diversified portfolio and individual security level.

Fund Highlights

  • Closed-end fund portfolio with a mix of global equities, convertible securities and high yield bonds.
  • Seeks a level-rate distribution policy in an effort to provide stable, monthly distributions.
  • Designed to complement and diversify the equity portion of an investor’s asset allocation.
  • Can write call options against up to 33% of managed assets to generate additional income.


Fund Data

AS OF 3/31/14
Managed Assets $173,847,644
Total Common Share Assets $124,847,644
Shares Outstanding 8,458,763
Average Daily Volume (mo.) 19,950
Total Percent Leveraged 28.12%
Debt Coverage Ratio 355%
Leverage Assets $49,000,000
Debt Leverage $49,000,000
Average Portfolio Turnover 76.0%
Expense Ratio (based upon managed assets) 1.36%
Duration Rates 3.00 years

Fees & Expenses

AS OF 3/31/14
Management Fees 1.00%
Debt Leverage Expense 0.23%
Other Expenses 0.13%
Total 1.36%
*Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from ordinary income and $0.0000 of the distribution represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Debt Coverage Ratio is the amount of cash flow available to meet annual interest and principal payments on debt. A Debt Coverage Ratio of less than 1 would mean a negative cash flow. For example, a ratio of 0.95, would mean that there is only enough net operating income to cover 95% of annual debt payments.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

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.

Investments by the Fund 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 Fund's portfolio generally will decline.

The Fund may invest in derivative securities, including options. 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 Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates of the leverage financing. The ratio is the percent of total managed assets.



Each fund have specific risks, which are outlined in the respective fund's prospectus. The general risks involved in investing in a closed end fund, include market volatility risk, dividend and income risk and loss of investment risk. Please refer to each fund's prospectus, annual and semi annual reports at calamos.com for a complete information on the fund's performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Fund Details

AS OF 4/22/14
Market Price:
$14.80
NAV:
$14.68
Premium/Discount:
+0.82%
Market Change:
$0.00
Annual Distribution:
8.11%*
Latest Distribution:
$0.1000
Ticker:
CGO
NAV Ticker:
XCGOX
IPO Date:
10/27/05
IPO Share Price:
$15.00
IPO NAV:
$14.30

Resources

Distribution History

AS OF 3/31/14

Cumulative Distribution History

AS OF 3/31/14

Current Year Distribution Detail

Ex DatePayable DateDistributionOrdinary IncomeLong-Term Capital GainsReturn Of CapitalPress Releases
April4/08/144/15/140.10000.00000.00000.1000Press Release
March3/07/143/14/140.10000.10000.00000.0000Press Release
February2/07/142/14/140.10000.10000.00000.0000Press Release

Prior Year Distribution Detail

For 2013 final tax characterization of distributions click here. Previously posted distribution estimates for the 2013 calendar year have been removed.

Ordinary income includes net investment income and short-term capital gains. The distribution tables provided here are for informational purposes only. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions may be subject to re-characterization for tax purposes after the end of the fiscal year. Individual (non-corporate) shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV. If your distributions are reinvested in additional shares, you will receive a statement reflecting the reinvestment of the distribution. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

USING A LEVEL DISTRIBUTION POLICY TO PROMOTE TOTAL RETURN

We understand the importance that investors place on the stability of dividends along with long-term total return, which is why CGO adopted a level rate distribution policy.

The goal is to provide investors with long-term total return, based on our belief that closed-end fund investors consider consistent, dependable distributions to be an important component of total-return.

As a reminder, shareholders can accumulate more shares via the dividend reinvestment plan whether the Fund trades at a premium or discount. If the Fund is trading at a premium, the dividend is reinvested at NAV or at 95% of the market price, whichever is greater. If the Fund is trading at a discount, the dividend is reinvested at the market price.

*Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from ordinary income and $0.0000 of the distribution represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Debt Coverage Ratio is the amount of cash flow available to meet annual interest and principal payments on debt. A Debt Coverage Ratio of less than 1 would mean a negative cash flow. For example, a ratio of 0.95, would mean that there is only enough net operating income to cover 95% of annual debt payments.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

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.

Investments by the Fund 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 Fund's portfolio generally will decline.

The Fund may invest in derivative securities, including options. 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 Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates of the leverage financing. The ratio is the percent of total managed assets.



Each fund have specific risks, which are outlined in the respective fund's prospectus. The general risks involved in investing in a closed end fund, include market volatility risk, dividend and income risk and loss of investment risk. Please refer to each fund's prospectus, annual and semi annual reports at calamos.com for a complete information on the fund's performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

SHARE PRICE / NAV HISTORY

PREMIUM / DISCOUNT

*Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from ordinary income and $0.0000 of the distribution represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Debt Coverage Ratio is the amount of cash flow available to meet annual interest and principal payments on debt. A Debt Coverage Ratio of less than 1 would mean a negative cash flow. For example, a ratio of 0.95, would mean that there is only enough net operating income to cover 95% of annual debt payments.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

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.

Investments by the Fund 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 Fund's portfolio generally will decline.

The Fund may invest in derivative securities, including options. 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 Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates of the leverage financing. The ratio is the percent of total managed assets.



Each fund have specific risks, which are outlined in the respective fund's prospectus. The general risks involved in investing in a closed end fund, include market volatility risk, dividend and income risk and loss of investment risk. Please refer to each fund's prospectus, annual and semi annual reports at calamos.com for a complete information on the fund's performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Annualized Returns

AS OF 3/31/14
Market Price-0.51%7.74%10.61%7.78%20.30%8.65%
NAV-1.58%1.65%10.47%6.70%16.18%9.13%

Calendar Year-To-Date Total Return

AS OF 3/31/14
Market Price7.74%11.12%9.88%1.30%10.74%67.08%-44.51%20.68%28.10%-4.88%
NAV1.65%13.94%12.85%-2.21%13.83%40.41%-35.14%22.81%23.05%4.24%

*2005 performance data from inception date of 10/27/05 through 12/31/05

*Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from ordinary income and $0.0000 of the distribution represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Debt Coverage Ratio is the amount of cash flow available to meet annual interest and principal payments on debt. A Debt Coverage Ratio of less than 1 would mean a negative cash flow. For example, a ratio of 0.95, would mean that there is only enough net operating income to cover 95% of annual debt payments.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

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.

Investments by the Fund 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 Fund's portfolio generally will decline.

The Fund may invest in derivative securities, including options. 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 Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates of the leverage financing. The ratio is the percent of total managed assets.



Each fund have specific risks, which are outlined in the respective fund's prospectus. The general risks involved in investing in a closed end fund, include market volatility risk, dividend and income risk and loss of investment risk. Please refer to each fund's prospectus, annual and semi annual reports at calamos.com for a complete information on the fund's performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Sector Weightings

AS OF 3/31/14
% of Assets
Information Technology 28.1%
Financials 13.7%
Consumer Discretionary 12.1%
Health Care 10.5%
Industrials 9.2%
Consumer Staples 7.4%
Energy 6.7%
Sovereign Bonds 4.6%
Materials 3.9%
Telecommunication Services 1.1%
Utilities 0.8%
Index Options 0.0%
Other 0.0%

Portfolio Asset Allocation

AS OF 3/31/14

Top 10 Holdings Adobe Logo View All Holdings

AS OF 3/31/14
Company Security Type % of Net Assets
Apple, Inc. Common Stock 4.4%
Novo Nordisk, A/S - Class B Common Stock 4.1%
Johnson & Johnson Common Stock 2.7%
Coca-Cola Company Common Stock 2.4%
Schlumberger, Ltd. Common Stock 2.3%
Swatch Group, AG Common Stock 2.1%
Naspers, Ltd. Common Stock 2.1%
Taiwan Semiconductor Manufacturing Company, Ltd. Common Stock 1.8%
SanDisk Corp. Convertible Bonds 1.8%
JPMorgan Chase & Company Common Stock 1.6%
Total 25.3%

Country Exposure

AS OF 3/31/14
United States 45.2%
Switzerland 5.0%
Denmark 4.9%
Japan 4.7%
Sweden 4.2%
United Kingdom 3.9%
Germany 3.9%
Canada 3.8%
Taiwan 3.7%
China 3.0%

Regional Exposure

AS OF 3/31/14
North America 49.0%
Europe 29.6%
Asia/Pacific 16.2%
Middle East/Africa 2.6%
Latin America 0.7%
Caribbean 0.0%

Quality Allocation

AS OF 3/31/14
AAA 11.4%
AA 4.8%
A 4.8%
BBB 15.0%
BB 12.6%
B 5.3%
CCC and below 0.0%
Unrated Securities 46.1%

Bond Duration

AS OF 3/31/14
Weighted Avg. Duration 3.0 years
Weighted Avg. Maturity 3.9 years

Swaps

AS OF 3/31/14
Total % of Leverage Swapped Maturity Notional
Amount
% of Total Swap Swap
Rate
100.0% 03/14/2017 $12,000,000 100.0% 1.1400%

Important Fund Information

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.

The use of swap transactions involves investments techniques and risks that are different from those associated with portfolio security transactions. If Calamos is incorrect in its forecasts of market values, interest rates, and other applicable factors, the investment performance of the Fund will be less favorable than if those techniques had not been used. Those instruments are typically not traded on exchanges. Accordingly, there is risk that the other party to certain of these instruments will not perform its obligations to the Fund or that the Fund may be unable to enter into offsetting positions to terminate its exposure or liquidate its position under certain of these instruments when it wishes to do so. Such occurrences could result in losses to the Fund.

Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Sectors, Securities, and Countries mentioned are presented to illustrate sectors in which the fund may invest. Portfolio holdings are subject to change daily.

*Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from ordinary income and $0.0000 of the distribution represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Debt Coverage Ratio is the amount of cash flow available to meet annual interest and principal payments on debt. A Debt Coverage Ratio of less than 1 would mean a negative cash flow. For example, a ratio of 0.95, would mean that there is only enough net operating income to cover 95% of annual debt payments.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

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.

Investments by the Fund 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 Fund's portfolio generally will decline.

The Fund may invest in derivative securities, including options. 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 Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates of the leverage financing. The ratio is the percent of total managed assets.



Each fund have specific risks, which are outlined in the respective fund's prospectus. The general risks involved in investing in a closed end fund, include market volatility risk, dividend and income risk and loss of investment risk. Please refer to each fund's prospectus, annual and semi annual reports at calamos.com for a complete information on the fund's performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Literature

CEF Brochure This brochure provides an overview of the Calamos closed-end funds, our investment process and opportunities in the market.
CEF Overview Fact Sheet A quarterly overview of the closed-end fund market, including performance information and characteristics for the five Calamos closed-end funds.
CGO Quarterly Commentary A quarterly discussion of the Calamos Global Total Return Fund performance, related market commentary, and outlook.
CGO Fact Sheet The CGO Fund seeks total return through a combination of capital appreciation and current income by investing in a globally diversified portfolio of equities, convertible securities and below investment-grade (high-yield) fixed-income securities.
CGO Annual Report The CGO annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund performance, as well as a comprehensive review of the fund’s activities and financial performance.
CGO Semiannual Report The CGO semiannual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance for a six month period.
CGO Prospectus This prospectus supplement, together with the accompanying prospectus, sets forth concisely the information that you should know before investing. You should read the accompanying prospectus and prospectus supplement, which contain important information, before deciding whether to invest in our securities.
The Resurgence of Convertibles

In a piece for Investment Week, John P. Calamos, Sr. explains why core convertible allocations may be the answer to investing in a rising, but still volatile, equity market.

*Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from ordinary income and $0.0000 of the distribution represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Debt Coverage Ratio is the amount of cash flow available to meet annual interest and principal payments on debt. A Debt Coverage Ratio of less than 1 would mean a negative cash flow. For example, a ratio of 0.95, would mean that there is only enough net operating income to cover 95% of annual debt payments.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

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.

Investments by the Fund 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 Fund's portfolio generally will decline.

The Fund may invest in derivative securities, including options. 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 Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates of the leverage financing. The ratio is the percent of total managed assets.



Each fund have specific risks, which are outlined in the respective fund's prospectus. The general risks involved in investing in a closed end fund, include market volatility risk, dividend and income risk and loss of investment risk. Please refer to each fund's prospectus, annual and semi annual reports at calamos.com for a complete information on the fund's performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

*Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annualized percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.1000 is paid from ordinary income and $0.0000 of the distribution represents a return of capital. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Debt Coverage Ratio is the amount of cash flow available to meet annual interest and principal payments on debt. A Debt Coverage Ratio of less than 1 would mean a negative cash flow. For example, a ratio of 0.95, would mean that there is only enough net operating income to cover 95% of annual debt payments.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information.

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.

Investments by the Fund 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 Fund's portfolio generally will decline.

The Fund may invest in derivative securities, including options. 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 Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure however, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions or lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates of the leverage financing. The ratio is the percent of total managed assets.



Each fund have specific risks, which are outlined in the respective fund's prospectus. The general risks involved in investing in a closed end fund, include market volatility risk, dividend and income risk and loss of investment risk. Please refer to each fund's prospectus, annual and semi annual reports at calamos.com for a complete information on the fund's performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE