NAPERVILLE, Ill., Dec. 20, 2019 /PRNewswire/ -- Calamos
Investments® announced today the
declaration of the first monthly distribution of the Calamos
Long/Short Equity & Dynamic Income Trust (the "Fund" or "CPZ"),
launched on November 26, 2019.
An anticipated distribution of 11.00
cents per share has been declared for February 20, 2020. On an annualized basis this
estimated distribution is anticipated to reflect a current yield of
6.60% based upon the Fund's IPO price of $20.00 per share.
Monthly Dividend
Declaration
|
Distribution
|
Payable
date
|
Record
date
|
Ex-dividend
date
|
December 20,
2019
|
$0.1100
|
02/20/20
|
02/14/20
|
02/13/20
|
Additional information regarding the estimated amount of the
sources of the Fund's monthly distribution for purposes of Section
19 of the Investment Company Act of 1940, as amended ("1940 Act"),
and the related rules adopted thereunder, will be provided in
a separate release closer to the Fund's payable date.
Further, historical performance of the Fund's Net Asset Value
("NAV") returns relative to its NAV distribution rate will be
provided as the Fund establishes a track record.
While the NAV performance may be indicative of the Fund's
investment performance, it does not measure the value of a
shareholder's investment in the Fund. The value of a shareholder's
investment in the Fund is determined by the Fund's market price,
which is based on the supply and demand for the Fund's shares in
the open market. Past performance does not guarantee future
results.
CPZ is designed to provide risk-managed exposure to equities
over full market cycles with competitive distributions from sources
less vulnerable to a low interest rate environment. The Fund's
initial focus is on long/short equity, preferred securities, and
fixed income securities.
John P. Calamos, Sr., Founder,
Chairman and Global Chief Investment Officer, stated, "We are
pleased to fulfill our commitment to shareholders and announce
CPZ's first monthly distribution. As we continue to optimize the
Fund's portfolio, we believe CPZ has the potential to even further
provide a meaningful component of investors' income needs."
Monthly distributions offer shareholders the opportunity to
accumulate more shares in the Fund via the automatic dividend
reinvestment plan. For example, if the Fund's shares are trading at
a premium, distributions will be automatically reinvested through
the plan at NAV or 95% of the market price, whichever is greater;
if shares are trading at a discount, distributions will be
reinvested at the market price through an open market purchase
program. Thus, the plan offers current shareholders an efficient
method of accumulating additional shares with a potential for cost
savings. Please see CPZ's dividend reinvestment plan for more
information.
In addition to the regular monthly distribution, Calamos
Investments has declared a special year-end distribution to allow
the Fund to meet its 2019 distribution requirement for federal
excise tax purposes (Internal Revenue Code rules require the Fund
to distribute at least 98% of net income earned in a calendar
year). It is anticipated this distribution will be 4.22 cents per share, unless it is necessary to
increase the amount to avoid paying excise tax. The distributions
are payable on January 17, 2020 to
shareholders of record on December 31,
2019, with an ex-dividend date of December 30, 2019.
The following table sets forth the estimated amount of the
sources of the special distribution for purposes of Section 19 of
the 1940 Act, and the related rules adopted thereunder. The Fund
estimates the following percentages, of its respective total
distribution amount per common share, attributable to (i) current
fiscal year net investment income, (ii) net realized short-term
capital gain, (iii) net realized long-term capital gain and (iv)
return of capital or other capital source as a percentage of the
total distribution amount.
Special
Distribution Per Share
|
Net
Income
|
Short-Term
Capital
Gains
|
Long-Term
Capital
Gains
|
Total
|
$0.0422
|
$0.00
|
$0.00
|
$0.0422
|
You should not draw any conclusions about the Fund's investment
performance from the amount of this distribution or from the terms
of the Fund's plan.
If the Fund estimates that it has distributed more than its
income and capital gains, a portion of your distribution may be a
return of capital. A return of capital may occur, for example, when
some or all of the money that you invested in the Fund is paid back
to you. A return of capital distribution does not necessarily
reflect the Fund's investment performance and should not be
confused with 'yield' or 'income'.
The amounts and sources of distributions reported are only
estimates and are not being provided for tax reporting purposes.
The actual amounts and sources of the amounts for accounting and
tax purposes will depend upon the Fund's investment experience
during the remainder of its fiscal year and may be subject to
changes based on tax regulations. The Fund will send you a Form
1099 DIV for the calendar year that will tell you how to report
these distributions for federal income tax purposes.
Additional information about the fund can be found on our web
site at www.calamos.com/cpz
Important Notes about Performance and Risk
Past performance is no guarantee of future results. As with
other investments, market price will fluctuate with the market and
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. Returns at NAV reflect the deduction of the
Fund's management fee, debt leverage costs and other expenses. 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 discount which is a market
price that is below their net asset value.
About Calamos
Calamos Investments is a diversified global investment firm
offering innovative investment strategies including alternatives,
multi-asset, convertible, fixed income, and equity. The firm offers
strategies through separately managed portfolios, mutual funds,
closed-end funds, private funds, and UCITS funds. Clients include
major corporations, pension funds, endowments, foundations and
individuals, as well as the financial advisors and consultants who
serve them. Headquartered in the Chicago metropolitan area, the firm also has
offices in New York, San Francisco, Milwaukee and the Miami area. For more information, please visit
www.calamos.com.
*Calamos Investments LLC, referred to herein as Calamos
Investments®, is a financial services company offering
such services through its subsidiaries: Calamos Advisors LLC,
Calamos Wealth Management LLC, Calamos Investments LLP and Calamos
Financial Services LLC.
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SOURCE Calamos Investments