NAPERVILLE, Ill., March 2, 2020 /PRNewswire/ -- Calamos
Investments®* has announced monthly distributions
and sources of distributions paid in March
2020 to shareholders of its seven closed-end funds (the
Funds) pursuant to the Funds' respective distribution plans.
Fund
|
Distribution
|
Payable
date
|
Record
date
|
Ex-dividend
date
|
CHI (inception
06/26/2002)
Calamos Convertible
Opportunities and Income Fund
|
$0.0800
|
03/20/20
|
03/13/20
|
03/12/20
|
CHY (inception
05/28/2003)
Calamos Convertible
and High Income Fund
|
$0.0850
|
03/20/20
|
03/13/20
|
03/12/20
|
CSQ (inception
03/26/2004)
Calamos Strategic
Total Return Fund
|
$0.0925
|
03/20/20
|
03/13/20
|
03/12/20
|
CGO (inception
10/27/2005)
Calamos Global Total
Return Fund
|
$0.1000
|
03/20/20
|
03/13/20
|
03/12/20
|
CHW (inception
06/27/2007)
Calamos Global
Dynamic Income Fund
|
$0.0700
|
03/20/20
|
03/13/20
|
03/12/20
|
CCD (inception
03/27/2015)
Calamos Dynamic
Convertible and Income Fund
|
$0.1670
|
03/20/20
|
03/13/20
|
03/12/20
|
CPZ (inception
11/29/2019)
Calamos Long/Short
Equity & Dynamic Income Trust
|
$0.1100
|
03/20/20
|
03/13/20
|
03/12/20
|
Regarding Calamos Long/Short Equity & Dynamic Income Trust
(CPZ), the Fund demonstrated the benefits of its innovative
long/short approach during the February selloff. The Fund was
launched in the fourth quarter of 2019 and is the first U.S.-based
listed closed-end fund that seeks to provide risk-managed equity
exposure primarily through a long/short equity strategy. While the
S&P 500 declined -12.70% between February 20, 2020 and February 28, 2020, CPZ was considerably more
resilient. On an NAV basis, CPZ retreated only -4.7% for the period
on an NAV basis and only -5.69% on a market price basis. Since its
inception through the February distribution, CPZ has distributed
$0.1520 per share, estimated to be
sourced exclusively from income and appreciation. Calamos believes
that CPZ's active risk-managed long/short equity and dynamic income
approach is instrumental in helping the Fund to preserve capital,
especially during periods of market duress. We believe CPZ's
competitive monthly distributions are supported by its ability to
preserve capital while drawing on sources potentially less
vulnerable to a low interest environment.
On Thursday, March 12 at
4:30pm EDT, there will be a CPZ
Market Update Conference Call. Dial in information: 1-800-367-2403
Confirmation code: 6010738. On the call, our Portfolio Team will
discuss:
- Thoughts on the application of the initial deployment of assets
between investment disciplines.
- Sector and regional allocations germane to respective
investment disciplines utilized, as well as credit quality for the
fixed income sleeve.
- Review distributions paid through 2/29/20 and relevant sources for such
distributions from the portfolio.
- Review risk mitigation strategies employed and the benefits of
hedging, given recent market volatility.
- Offer thoughts on the markets going forward.
Regarding the Calamos Global Total Return Fund, which
transitioned to a new level distribution policy as of 1/13/20:
Based on our current estimates, we anticipate that following
amounts are approximately paid from ordinary income, capital gains
and return of capital:
Distribution
Components
|
CGO
|
Ordinary
Income
|
$0.1000
|
Long-Term Capital
Gains
|
$0.0000
|
Return of
Capital
|
$0.0000
|
Total Distribution
(Level Rate)
|
$0.1000
|
Regarding Calamos' remaining six closed-end funds, which operate
under a managed distribution policy: The information below is
required by an exemptive order granted to the Funds by the U.S.
Securities and Exchange Commission and includes the information
sent to shareholders regarding the sources of the Funds'
distributions.
The following table sets forth the estimated amount of the
sources of distribution for purposes of Section 19 of the
Investment Company Act of 1940, as amended, and the related rules
adopted thereunder. The Funds estimate the following percentages,
of their respective total distribution amount per common share,
attributable to (i) current and prior 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.
These percentages are disclosed for the current distribution as
well as the fiscal year-to-date cumulative distribution amount per
common share for the Funds.
|
|
|
|
|
|
|
|
|
|
|
Estimated Per
Share Sources of Distribution
|
|
Estimated
Percentage of Distribution
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
Per Share
Distribution
|
|
Net
Income
|
Short-Term
Gains
|
Long-Term
Gains
|
Return of
Capital
|
|
Net
Income
|
Short-Term
Gains
|
Long-Term
Gains
|
Return of
Capital
|
CHI
|
Current
Month
|
0.0800
|
|
0.0242
|
0.0558
|
-
|
-
|
|
30.3%
|
69.8%
|
0.0%
|
0.0%
|
|
Fiscal YTD
|
0.4000
|
|
0.1215
|
0.0705
|
0.0559
|
0.1521
|
|
30.4%
|
17.6%
|
14.0%
|
38.0%
|
|
Net Asset
Value
|
10.77
|
|
|
|
|
|
|
|
|
|
|
CHY
|
Current
Month
|
0.0850
|
|
0.0244
|
0.0606
|
-
|
-
|
|
28.7%
|
71.3%
|
0.0%
|
0.0%
|
|
Fiscal YTD
|
0.4250
|
|
0.1269
|
0.0768
|
0.0614
|
0.1599
|
|
29.9%
|
18.1%
|
14.4%
|
37.6%
|
|
Net Asset
Value
|
11.32
|
|
|
|
|
|
|
|
|
|
|
CSQ
|
Current
Month
|
0.0925
|
|
0.0234
|
0.0130
|
0.0561
|
-
|
|
25.3%
|
14.1%
|
60.6%
|
0.0%
|
|
Fiscal YTD
|
0.4325
|
|
0.1530
|
0.0170
|
0.1353
|
0.1272
|
|
35.4%
|
3.9%
|
31.3%
|
29.4%
|
|
Net Asset
Value
|
12.33
|
|
|
|
|
|
|
|
|
|
|
CHW
|
Current
Month
|
0.0700
|
|
0.0058
|
0.0642
|
-
|
-
|
|
8.3%
|
91.7%
|
0.0%
|
0.0%
|
|
Fiscal YTD
|
0.3500
|
|
0.0269
|
0.1888
|
-
|
0.1343
|
|
7.7%
|
53.9%
|
0.0%
|
38.4%
|
|
Net Asset
Value
|
7.53
|
|
|
|
|
|
|
|
|
|
|
CCD
|
Current
Month
|
0.1670
|
|
0.0094
|
0.1576
|
-
|
-
|
|
5.6%
|
94.4%
|
0.0%
|
0.0%
|
|
Fiscal YTD
|
0.8350
|
|
0.0900
|
0.1732
|
0.1391
|
0.4327
|
|
10.8%
|
20.7%
|
16.7%
|
51.8%
|
|
Net Asset
Value
|
20.26
|
|
|
|
|
|
|
|
|
|
|
CPZ
|
Current
Month
|
0.1100
|
|
0.0253
|
0.0122
|
-
|
0.0725
|
|
23.0%
|
11.1%
|
0.0%
|
65.9%
|
|
Fiscal YTD
|
0.2622
|
|
0.0984
|
0.0913
|
-
|
0.0725
|
|
37.5%
|
34.8%
|
0.0%
|
27.7%
|
|
Net Asset
Value
|
18.85
|
|
|
|
|
|
|
|
|
|
|
Note: NAV returns are
as of February 29, 2020 and Distribution Returns include the
distribution announced today.
|
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(s) estimate(s) 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 in this 19(a)
notice 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.
Return figures provided below are based on the change in the
Fund's Net Asset Value per share ("NAV"), compared to the
annualized distribution rate for this current distribution as a
percentage of the NAV on the last day of the month prior to
distribution record date.
|
|
|
|
|
|
|
|
Annualized
|
|
|
|
|
|
|
|
|
Fund
|
|
5-Year
NAV Return
(1)
|
Fiscal YTD
NAV Dist
Rate
|
Fiscal YTD
NAV Return
|
Fiscal YTD
NAV Dist
Rate
|
CHI
|
|
6.30%
|
8.91%
|
4.14%
|
3.71%
|
CHY
|
|
6.07%
|
9.01%
|
4.22%
|
3.75%
|
CSQ
|
|
8.65%
|
8.42%
|
-2.27%
|
3.51%
|
CHW
|
|
5.20%
|
11.16%
|
-1.43%
|
4.65%
|
CCD
|
|
6.70%
|
9.89%
|
4.82%
|
4.12%
|
CPZ
|
|
-18.29%
|
3.34%
|
-5.02%
|
1.39%
|
1Since
inception for CCD and CPZ
|
Note: NAV returns are
as of February 29, 2020 and Distribution Returns include the
distribution announced today.
|
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.
Monthly distributions offer shareholders the opportunity to
accumulate more shares in a fund via the automatic dividend
reinvestment plan. For example, if a 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 the dividend reinvestment plan for more
information.
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.
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. Information regarding the
Fund's most recent distribution can be found on the Data and
Distribution tab under the table titled "Year To Date Distribution
Detail" at www.calamos.com. 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 managed 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.
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.
Investments by the Fund(s) 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.
Convertible Securities Risk: The value of a convertible
security is influenced by changes in interest rates, with
investment value declining as interest rates increase and
increasing as interest rates decline. The credit standing of the
issuer and other factors also, may have an effect on the
convertible security's investment value.
Equity Securities Risk. Equity investments are
subject to greater fluctuations in market value than other asset
classes as a result of such factors as the issuer's business
performance, investor perceptions, stock market trends and general
economic conditions. Equity securities are subordinated to bonds
and other debt instruments in a company's capital structure in
terms of priority to corporate income and liquidation payments. The
Fund may invest in preferred stocks and convertible securities of
any rating, including below investment grade.
Short Selling Risk. The Fund will engage in short
sales for investment and risk management purposes, including when
the Adviser believes an investment will underperform due to a
greater sensitivity to earnings growth of the issuer, default risk
or interest rates. In times of unusual or adverse market, economic,
regulatory or political conditions, the Fund may not be able, fully
or partially, to implement its short selling strategy. Periods of
unusual or adverse market, economic, regulatory or political
conditions may exist for extended periods of time. Short sales are
transactions in which the Fund sells a security or other instrument
that it does not own but can borrow in the market. Short selling
allows the Fund to profit from a decline in market price to the
extent such decline exceeds the transaction costs and the costs of
borrowing the securities and to obtain a low cost means of
financing long investments that the Adviser believes are
attractive. If a security sold short increases in price, the Fund
may have to cover its short position at a higher price than the
short sale price, resulting in a loss. The Fund will have
substantial short positions and must borrow those securities to
make delivery to the buyer under the short sale transaction. The
Fund may not be able to borrow a security that it needs to deliver
or it may not be able to close out a short position at an
acceptable price and may have to sell related long positions
earlier than it had expected. Thus, the Fund may not be able to
successfully implement its short sale strategy due to limited
availability of desired securities or for other reasons.
Limited Term Risk. Unless the limited term provision
of the Fund's Declaration of Trust is amended by shareholders in
accordance with the Declaration of Trust, or unless the Fund
completes the Eligible Tender Offer and converts to perpetual
existence, the Fund will dissolve on the Dissolution Date. The Fund
is not a so called "target date" or "life cycle" fund whose asset
allocation becomes more conservative over time as its target date,
often associated with retirement, approaches. In addition, the Fund
is not a "target term" fund whose investment objective is to return
its original NAV on the Dissolution Date. The Fund's investment
objective and policies are not designed to seek to return to
investors that purchase Shares in this offering their initial
investment of $20.00 per Share on the
Dissolution Date or in the Eligible Tender Offer, and such
investors and investors that purchase Shares after the completion
of this offering may receive more or less than their original
investment upon dissolution or in the Eligible Tender Offer.
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.
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SOURCE Calamos Investments