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CHW 10.16%*
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Global Dynamic Income Fund (CHW)

Fund Details

AS OF 4/19/19
Market Price:
$8.27
NAV:
$8.24
Premium/Discount:
+0.36%
Market Change:
$0.01
Annual Distribution:
10.16%*
Latest Distribution:
$0.0700
Ticker:
CHW
NAV Ticker:
XCHWX
IPO Date:
06/27/07
IPO Share Price:
$15.00
IPO NAV:
$14.30

Resources

CEF Market and Fund Update – December 2018

Calamos CEFs Initiate Turnaround from Q4 2018 Sell-Off
December 2018

Senior Vice President and Director of Closed-End Fund Products Robert F. Bush, Jr. provides an analysis of the funds’ performance during the fourth quarter’s extreme volatility and subsequent turnaround. Calamos’ exposure and expertise in convertible securities were instrumental in mitigating the volatility as convertibles have generally outperformed bonds, and been comparable to stocks, while exhibiting lower volatility.

OVERVIEW

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 convertible bond investments around the world.

KEY FEATURES

  • Aims to provide consistent income through monthly distributions set at levels the investment team believes are sustainable.
  • By investing at least 40% and up to 100% of managed assets in foreign securities, including emerging markets, the fund blends global fixed income securities, convertible bonds and equities in an attempt to maintain an optimum risk/reward profile.
  • Judicious use of leverage seeks to enhance overall returns by achieving a net positive spread on investments over borrowing costs.

PORTFOLIO FIT

The fund may be appropriate for investors seeking to manage risk and enhance income based on a broad, global mandate that employs equity, convertible and fixed income investments. The fund seeks to capitalize on market volatility, manage potential downside risks, and generate higher income relative to traditional fixed income funds.

Fund Data

AS OF 3/31/19
Managed Assets $715,284,682
Total Common Share Assets $475,784,682
Shares Outstanding 59,172,548
Average Daily Volume (mo.) 181,794
Total Percent Leveraged 33.48%
Debt Coverage Ratio 410%
Leverage Assets $239,500,000
Debt Leverage $174,500,000
Average Portfolio Turnover 56.3%
Expense Ratio (based upon managed assets) 2.22%

Fees & Expenses

AS OF 3/31/19
Management Fees 1.00%
Leverage Expense 1.13%
Other Expenses 0.09%
Total 2.22%
Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.0700 per share. A breakdown of the Fund’s most recent distribution can be found on the Global Dynamic Income Fund Fact Sheet. 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 was 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 present 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 a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options 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 borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. 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 www.calamos.com for complete information on the fund’s performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Distribution History

AS OF 3/31/19

Cumulative Distribution History

AS OF 3/31/19

Year to Date Distribution Detail

Ex Date Payable Date Distribution Ordinary Income Short-Term Capital Gains Long-Term Capital Gains Return Of Capital Press Releases
April 4/11/19 4/18/19 0.0700 0.0154 0.0000 0.0000 0.0546 Press Release
March 3/11/19 3/20/19 0.0700 0.0021 0.0000 0.0000 0.0679 Press Release
February 2/11/19 2/20/19 0.0700 0.0014 0.0000 0.0000 0.0686 Press Release

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.

2018 Distribution Detail

For final tax characterization of distributions click here.

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 CHW 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 annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.0700 per share. A breakdown of the Fund’s most recent distribution can be found on the Global Dynamic Income Fund Fact Sheet. 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 was 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 present 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 a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options 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 borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. 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 www.calamos.com for 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 annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.0700 per share. A breakdown of the Fund’s most recent distribution can be found on the Global Dynamic Income Fund Fact Sheet. 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 was 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 present 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 a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options 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 borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. 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 www.calamos.com for complete information on the fund’s performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Annualized Returns

AS OF 3/31/19
Market Price-6.62%-1.38%15.87%8.28%14.15%4.62%
NAV-3.27%-1.00%10.67%5.46%12.11%5.08%

Calendar Year-To-Date Total Return

AS OF 3/31/19
Market Price24.30%-20.22%43.67%9.61%-13.98%12.56%16.91%25.14%-6.49%14.96%52.70%-47.44%-11.08%
NAV13.33%-12.83%24.87%8.44%-1.43%0.95%18.81%18.31%-3.33%16.68%38.22%-41.45%4.56%

*2007 performance data from inception date of 6/27/07 through 12/31/07

Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.0700 per share. A breakdown of the Fund’s most recent distribution can be found on the Global Dynamic Income Fund Fact Sheet. 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 was 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 present 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 a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options 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 borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. 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 www.calamos.com for complete information on the fund’s performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Sector Weightings

AS OF 3/31/19
% of Assets
Financials 13.4%
Information Technology 12.0%
Communication Services 11.9%
Health Care 10.2%
Consumer Discretionary 10.0%
Energy 9.9%
Consumer Staples 6.9%
Industrials 5.5%
Materials 4.8%
Utilities 2.6%
Real Estate 1.8%

Portfolio Asset Allocation

AS OF 3/31/19

Top 10 Holdings Adobe Logo View All Holdings

AS OF 3/31/19
Company Security Type % of Net Assets
JPMorgan Chase Bank, N.A. Convertible Bonds 2.7%
Alibaba Exchangeable (Softbank) DECS,ACES,PRIDES 2.2%
TOTAL, SA Convertible Bonds 1.7%
Johnson & Johnson Stocks 1.6%
Walt Disney Company Stocks 1.5%
JPMorgan Chase Bank, N.A. Convertible Bonds 1.4%
Nestlé, SA Stocks 1.3%
Bank of America Corp. Stocks 1.2%
Palo Alto Networks, Inc. Convertible Bonds 1.2%
Apple, Inc. Stocks 1.2%
Total 16.0%

Country Exposure

AS OF 3/31/19
Country%
United States 51.5%
China 8.8%
United Kingdom 5.6%
Germany 3.7%
Japan 3.7%
France 3.3%
Canada 3.1%
Switzerland 2.9%
Netherlands 1.6%
Mexico 1.0%

Regional Exposure

AS OF 3/31/19
North America 54.6%
Europe 20.5%
Asia/Pacific 16.1%
Latin America 1.5%
Middle East/Africa 0.4%
Caribbean 0.1%

Quality Allocation

AS OF 3/31/19
Class %
AAA 8.5%
AA 12.4%
A 1.2%
BBB 7.8%
BB 15.0%
B 12.9%
CCC and below 2.7%
Unrated Securities 39.5%

Bond Duration

AS OF 3/31/19
Weighted Avg. Duration 2.8 years
Weighted Avg. Maturity 4.0 years
Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.0700 per share. A breakdown of the Fund’s most recent distribution can be found on the Global Dynamic Income Fund Fact Sheet. 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 was 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 present 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 a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options 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 borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. 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 www.calamos.com for complete information on the fund’s performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Literature

CHW Quarterly Commentary A quarterly discussion of the Calamos Global Dynamic Income Fund performance, related market commentary, and outlook.
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CHW Fact Sheet The CHW 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.
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CHW Annual Report The CHW 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.
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CHW Semi Annual Report The CHW 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.
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CHW 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.
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CHW SAI 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.
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Convertible Securities: Structures, Valuation, Market Environment, and Asset Allocation A comprehensive overview of convertible securities, including history, structures, valuation, market environment, and roles within asset allocation.
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Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution was $0.0700 per share. A breakdown of the Fund’s most recent distribution can be found on the Global Dynamic Income Fund Fact Sheet. 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 was 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 present 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 a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options 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 borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. 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 www.calamos.com for complete information on the fund’s performance, investments and risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE