Objective
Fund Objective
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 alternative investments around the world.
Investor Profile
Offering a diversified means to participate in the long-term growth potential of global markets, the Fund draws upon the firm's wide-ranging expertise in an array of asset classes which are dynamically blended to positively harness volatility and capture income in excess of traditional fixed-income vehicles. The Fund's broad diversification and flexible investment strategy give it the optimal means to help create wealth and preserve capital.
Fund Highlights as of 6/30/08
- Attractive current annualized distribution rate of 12.08%1
- Flexibly blends global fixed-income securities, alternative investments and equities in order to maintain an optimum risk/reward profile
- Seeks a level-rate distribution policy* designed to provide stable, monthly distributions
- Designed to manage risk and enhance income
- Uses the same disciplined and time-tested, active investment approach as all Calamos funds
- Dynamically pursues areas of opportunity across countries, sectors, credit tiers and companies of differing size
- Can write call options against up to 100% of managed assets to generate additional income
- Initially leveraged at approximately 33%
* 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.
Data and Distributions as of 6/30/08
Fund Data  View All Holdings |
| Total assets (including leverage) |
$1,091,260,846 |
| Total common share assets |
$741,260,846 |
| Shares outstanding |
59,006,992 |
| Average daily volume (mo.) |
124,701 |
| Total Percent Leveraged4 |
32.07% |
| Debt Coverage Ratio |
3.64 |
| Equity Coverage Ratio |
3.12 |
| Leverage assets |
$350,000,000 |
| Debt Leverage |
$300,000,000 |
| Equity Leverage (ARPS): |
$50,000,000 |
| Shares outstanding |
2,000 |
| Rolling 90-day average rate |
3.82% |
| Portfolio turnover |
88.46% |
| Expense ratio (based upon common share assets) |
2.03% |
| Weighted Average Credit Quality3 |
A |
| Call Option Overlay |
49.63% |
| Distribution History (Latest 12 Months) as of 7/01/08 |
| July |
$0.11000 |
| June |
$0.11000 |
| May |
$0.11000 |
| April |
$0.11000 |
| March |
$0.11000 |
| February |
$0.11000 |
| January |
$0.11000 |
| December |
$0.11000 |
| November |
$0.11000 |
| October |
$0.11000 |
| September |
$0.11000 |
| August |
$0.11000 |
|
 View the Fund's distribution history
| Fees and Expenses |
| |
Common |
Total Fund |
| Management fees |
1.44% |
1.00% |
| Debt Leverage Expense5 |
0.39% |
0.27% |
| Other Expenses |
0.20% |
0.14% |
| Total |
2.03% |
1.41% |
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. Under this policy, the Fund, subject to market conditions at the time of declaration, will pay monthly distributions on each common share at a rate of $0.1100 per share.
The goal is to provide investors with significant 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.
Performance as of 6/30/08
Performance
| Performance-Calendar Year Total Return |
| |
2008
(Year-To-Date) |
2007
(Since Inception) |
| Market Price |
-9.73% |
-11.08% |
| NAV |
-7.64% |
4.56% |
Composition as of 6/30/08
| Portfolio Asset Allocation* View All Holdings |
| Common Stock |
49.2% |
| Convertible Securities |
26.4% |
| Corporate Bonds |
13.0% |
| Sovereign Bonds |
0.4% |
| Other Assets/Liabilities |
11.0% |
| Country Weightings^ |
| United States |
46.7% |
| Germany |
10.2% |
| Switzerland |
9.1% |
| United Kingdom |
8.8% |
| Japan |
5.6% |
| France |
3.5% |
| Australia |
2.5% |
| Canada |
1.3% |
| Norway |
1.2% |
| Other Combined |
11.1% |
| Regional Weightings^ |
| North America |
48.0% |
| Europe |
39.1% |
| Asia Pacific |
9.6% |
| Latin America |
1.3% |
| Caribbean |
1.1% |
| Middle East / Africa |
0.9% |
| Sector Weightings* |
| Financials |
25.7% |
| Information Technology |
15.4% |
| Industrials |
11.1% |
| Health Care |
8.9% |
| Consumer Discretionary |
7.7% |
| Energy |
7.3% |
| Consumer Staples |
5.4% |
| Materials |
3.6% |
| Telecommunication Services |
3.2% |
| Utilities |
1.2% |
| Treasurys |
0.4% |
| Representative Holdings^ |
| Description |
Asset Type |
|
| Nintendo Company, Ltd. |
Common Stock |
1.7% |
| Federal National Mortgage Association 5.13%, 09/02/08 |
Corporate Bond |
1.6% |
| Credit Suisse (Chesapeake)+ |
Convertible Preferred Stock |
1.1% |
| Morgan Stanley (Infosys Technologies, Ltd.)+ |
Convertible Preferred Stock |
1.1% |
| JPMorgan Chase & Company (Transocean, Inc.)+ |
Convertible Preferred Stock |
1.1% |
| Goldman Sachs (Oracle Corp.)+ |
Convertible Preferred Stock |
1.1% |
| Bank of America (Noble, Inc.)+ |
Convertible Preferred Stock |
1.1% |
| Nestle SA |
Common Stock |
1.0% |
| Deutsche Bank (MasterCard, Inc.)+ |
Convertible Preferred Stock |
1.0% |
| JPMorgan Chase & Company (Intel Corp.)+ |
Convertible Preferred Stock |
1.0% |
| Quality Allocation^3 |
| AAA |
7.2% |
| AA |
1.9% |
| A |
11.3% |
| BBB |
7.6% |
| BB |
17.1% |
| B |
7.0% |
| CCC or below |
0.6% |
| Not Rated |
47.3% |
* Sector and portfolio asset allocation are based on total assets.
^ Data is based on portfolio holdings.
+ The note is linked to the equity security indicated in the parenthetical.
|
Fund Snapshot
| NYSE Ticker |
CHW |
| NAV Ticker |
XCHWX |
Daily Prices and Rate
as of 7/23/08 |
Current Annualized
Distribution Rate1 |
11.91% |
| Market Price |
$11.08 |
| Market Price Change |
$0.16 |
| NAV |
$12.37 |
| NAV Change |
$0.03 |
| Premium/(Discount) |
-10.43% |
| Team Managed |
Led by Co-Chief Investment Officers:
- John P. Calamos, Sr.
- Chairman, Chief Executive Officer and Co-Chief Investment Officer
- Nick P. Calamos
- Senior Executive Vice President, Head of Investments and Co-Chief Investment Officer
|
|
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 and swap agreements. 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.
Footnotes
1Current annualized distribution rate on market price is the rate at which the Fund distributes dividend, interest income, and gains earned on the Fund's portfolio, expressed as an annualized percentage of the Fund's current market price per share.
2Total return measures net investment income and capital gain or loss from portfolio investments, assuming reinvestment of income and capital gain distributions.
3Credit quality shown reflects the higher of the ratings of Standard & Poor's Corporation or Moody's Investors Service, Inc. Ratings are relative, subjective and not absolute standards of quality. Excludes equity securities and cash.
4Leverage 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 preferred shares.
5Interest expense on payments made to the Fund's outstanding credit facility.
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