UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER: 811-21547
EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER: | Calamos Global Total Return Fund | |||
ADDRESS OF PRINCIPAL EXECUTIVE OFFICES: |
|
2020
Calamos Court Naperville, Illinois 60563-2787 | ||
NAME AND ADDRESS OF AGENT FOR SERVICE: |
John P. Calamos, Sr., Founder, Chairman and Global Chief Investment Officer Calamos Advisors LLC 2020 Calamos Court Naperville, Illinois 60563-2787
|
REGISTRANTS TELEPHONE NUMBER, INCLUDING AREA CODE: (630) 245-7200
DATE OF FISCAL YEAR END: October 31, 2018
DATE OF REPORTING PERIOD: November 1, 2017 through October 31, 2018
Item 1. Report to Shareholders
TIMELY INFORMATION INSIDE
Global Total Return Fund (CGO)
Annual REPORT October 31, 2018
|
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TABLE OF CONTENTS
Letter to Shareholders1
The Calamos Closed-End Funds:
An Overview5
Investment Team Discussion6
Schedule of Investments10
Statement of Assets and Liabilities19
Statement of Operations20
Statements of Changes in Net Assets21
Statement of Cash Flows22
Notes to Financial Statements23
Financial Highlights32
Report of Independent Registered
Public Accounting Firm33
Trustee Approval of
Management Agreement34
Tax Information36
Trustees and Officers37
About Closed-End Funds39
Managed Distribution Policy40
Automatic Dividend Reinvestment Plan40
Experience and Foresight
Our Managed Distribution Policy
Closed-end fund investors often seek a steady stream of income. Recognizing this important need, Calamos closed-end funds adhere to a managed distribution policy in which we aim to provide consistent monthly distributions through the disbursement of the following:
•Net investment income
•Net realized short-term capital gains
•Net realized long-term capital gains
•And, if necessary, return of capital
We set distributions at levels that we believe are sustainable for the long term. Our team focuses on delivering an attractive monthly distribution, while maintaining a long-term emphasis on risk management. The level of the Fund’s distribution can be greatly influenced by market conditions, including the interest rate environment, the individual performance of securities held by the funds, our view of retaining leverage, fund tax considerations, and regulatory requirements.
You should not draw any conclusions about the Fund’s investment performance from the amount of its distribution or from the terms of the Fund’s plan. The Fund’s Board of Trustees may amend or terminate the managed distribution policy at any time without prior notice to the Fund’s shareholders.
For more information about any Calamos closed-end funds, we encourage you to contact your financial advisor or Calamos Investments at 800.582.6959 (Monday through Friday from 8:00 a.m. to 6:00 p.m., Central Time). You can also visit us at www.calamos.com.
Note: The Fund adopted a managed distribution policy on January 1, 2018.
John P. calamos, sr.
Founder, Chairman
and Global Chief
Investment Officer
CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT 1
Dear Fellow Shareholder:
Welcome to your annual report for the 12-month period ended October 31, 2018. In this report, you will find commentary from the Calamos portfolio management team, as well as a listing of portfolio holdings, financial statements and highlights, and detailed information about the performance and positioning of this Calamos Fund.
Calamos Global Total Return Fund (CGO) is an income-oriented total-return fund. This means we are focused not only on delivering a competitive stream of distributions, but also on total return. We utilize dynamic asset allocation to pursue high current income with a less rate-sensitive approach, while also maintaining a focus on capital gains.
Distribution
During the period, the Fund provided a compelling monthly distribution of $0.1000 per share. We believe the Fund’s current annualized distribution rate, which was 10.43%* on a market price basis as of October 31, 2018, was very competitive, given the low interest rates in many segments of the bond market. In our view, the Fund’s distributions illustrate the benefits of a multi-asset class approach and flexible allocation strategy.
We understand that many closed-end fund investors seek steady, predictable distributions instead of distributions that fluctuate. Therefore, this Fund has a managed distribution policy. As part of this policy, we aim to keep distributions consistent from month to month, and at a level that we believe can be sustained over the long term. In setting the Fund’s distribution rate, the investment management team and the Fund’s Board of Trustees consider the interest rate, market and economic environment. We also factor in our assessment of individual securities and asset classes.
*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 10/31/18 distribution was $0.1000 per share. Based on our current estimates, we anticipate that approximately $0.0117 is paid from ordinary income or capital gains and that approximately $0.0883 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 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 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. The distribution rate may vary.
Letter to Shareholders
2 CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT
Market Review
The global economy continued to expand during the reporting period, with especially strong fundamentals in the United States. Nonetheless, markets experienced turbulence, with non-U.S. markets facing the greatest pressures. A variety of factors contributed to investor apprehension, including trade policy uncertainty, rising U.S. interest rates, political uncertainties, and fears of softening global growth. In October, anxiety intensified, resulting in a sell-off across global financial markets.
For the 12 months overall, U.S. stocks and convertible securities outperformed global averages.1 Within the fixed income market, high yield securities and shorter-term bonds were more resilient than investment-grade and longer-term issues.2
Outlook
The U.S. economy is likely to maintain its growth trajectory through 2019. Unemployment is low, inflation is contained, consumer and small business confidence are strong, and capital spending is increasing. Deregulation and tax reform have already provided a powerful tailwind for U.S. economic activity and corporate earnings, but we believe the full measure of these policies has yet to be fully reflected in the economy. We expect the Federal Reserve to continue raising interest rates slowly in response to healthy economic conditions, but we do not believe these gradual increases represent an imminent threat to the U.S. economy or markets. Political gridlock is likely, which market participants may welcome if the fiscal policies put in place over recent years remain intact.
Outside the U.S., economic fundamentals are less strong on a relative basis and there is a wide range of political unknowns. However, there are a number of potential tailwinds for growth, such as more stimulative fiscal policy in China and Europe, and supportive policies from global central banks. Additionally, many global investments are trading at what we believe are attractive prices.
As we look forward, we see continued opportunities in stocks, as well as in other economically sensitive areas of the market, such as convertible securities and high yield bonds. Selectivity and risk management will remain essential: political, geopolitical, and interest rate uncertainties are likely to contribute to ongoing market volatility and shifts in market leadership as the economic cycle matures.
We believe the Fund is well positioned for the environment we expect. Our portfolio management team employs rigorous research to take advantage of the volatility in the markets, adding to positions when valuations are attractive and locking in gains when prices rise. They remain highly attentive to the interests of the shareholders in the Fund, including the need for appropriate levels of downside risk management.
Letter to Shareholders
CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT 3
Conclusion
On behalf of all of us at Calamos Investments, thank you for entrusting us with your assets. I encourage you to visit our website, www.calamos.com, on an ongoing basis for updates about the Fund and the markets, as well as additional information about asset allocation.
Sincerely,
John P. Calamos, Sr.
Founder, Chairman and Global Chief Investment Officer
Letter to Shareholders
4 CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT
Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information which can be obtained by calling 800.582.6959. Please read the prospectus carefully. Performance data represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. Opinions are as of the publication date, subject to change and may not come to pass. Information is for informational purposes only and should not be considered investment advice.
Diversification and asset allocation do not guarantee a profit or protection against a loss.
1The MSCI All Country World Index is a measure of global stock market performance, which returned 0.00% for the 12-month period ending October 31, 2018. The S&P 500 Index is an unmanaged index generally considered representative of the U.S. stock market. For the 12-month period, the index returned 7.35%. The ICE BofAML All U.S. Convertibles ex-Mandatory Index represents the U.S. convertible securities market excluding mandatory convertibles. The index returned 4.05% for the 12-month period. The Thomson Reuters Global Convertible Bond Index is designed to broadly represent the global convertible bond market. The index returned -1.36% for the 12-month period.
2The Bloomberg Barclays U.S. Aggregate Bond Index is considered generally representative of the investment-grade bond market. For the 12-month period ended October 31, 2018, the index returned -2.05%. The Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index measures the performance of high yield corporate bonds with a maximum allocation of 2% to any one issuer. The index returned 0.98% for the 12-month period ended October 31, 2018. The Bloomberg Barclays U.S. Government/Credit 1-3 Years Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued. The index returned 0.34% for the 12-month period. The Bloomberg Barclays U.S. Government/Credit Index comprises long-term government and investment grade corporate debt securities and is generally considered representative of the performance of the broad U.S. bond market. The index returned -2.31% for the 12-month period.
Source: Lipper, Inc.
Unmanaged index returns assume reinvestment of any and all distributions and, unlike fund returns, do not reflect fees, expenses or sales charges. Investors cannot invest directly in an index. Investments in overseas markets pose special risks, including currency fluctuation and political risks. These risks are generally intensified for investments in emerging markets. Countries, regions, and sectors mentioned are presented to illustrate countries, regions, and sectors in which a fund may invest. Fund holdings are subject to change daily. The Funds are actively managed. The information contained herein is based on internal research derived from various sources and does not purport to be statements of all material facts relating to the securities mentioned. The information contained herein, while not guaranteed as to accuracy or completeness, has been obtained from sources we believe to be reliable. There are certain risks involved with investing in convertible securities in addition to market risk, such as call risk, dividend risk, liquidity risk and default risk, that should be carefully considered prior to investing.
This information is being provided for informational purposes only and should not be considered investment advice or an offer to buy or sell any security in the portfolio.
CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT 5
In our closed-end funds, we draw upon decades of investment experience, including a long history of opportunistically blending asset classes in an attempt to capture upside potential while seeking to manage downside risk. We launched our first closed-end fund in 2002.
Closed-end funds are long-term investments. Most focus on providing monthly distributions, but there are important differences among individual closed-end funds. Calamos closed-end funds can be grouped into multiple categories that seek to produce income while offering exposure to various asset classes and sectors.
Portfolios Positioned to Pursue High Current Income from Income and Capital Gains |
|
|
Portfolios Positioned to Seek Current Income, with Increased Emphasis on Capital Gains Potential |
OBJECTIVE: U.S. ENHANCED FIXED INCOME Calamos Convertible Opportunities and Income Fund (Ticker: CHI) Invests in high yield and convertible securities, primarily in U.S. markets Calamos Convertible and High Income Fund (Ticker: CHY) Invests in high yield and convertible securities, primarily in U.S. markets OBJECTIVE: GLOBAL ENHANCED FIXED INCOME Calamos Global Dynamic Income Fund (Ticker: CHW) Invests in global fixed income securities, alternative investments and equities |
|
|
OBJECTIVE: GLOBAL TOTAL RETURN Calamos Global Total Return Fund (Ticker: CGO) Invests in equities and higher-yielding convertible securities and corporate bonds, in both U.S. and non-U.S. markets OBJECTIVE: U.S. TOTAL RETURN Calamos Strategic Total Return Fund (Ticker: CSQ) Invests in equities and higher-yielding convertible securities and corporate bonds, primarily in U.S. markets Calamos Dynamic Convertible and Income Fund (Ticker: CCD) Invests in convertibles and other fixed income securities |
6 CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT
TOTAL RETURN* AS OF 10/31/18
Common Shares – Inception 10/27/05 |
||
|
1 Year |
Since |
On Market Price |
-10.17% |
6.96% |
On NAV |
-5.06% |
7.45% |
* Total return measures net investment income and net realized gain or loss from Fund investments, and change in net unrealized appreciation and depreciation, assuming reinvestment of income and net realized gains distributions. **Annualized since inception. |
SECTOR WEIGHTINGS
Financials |
16.0% |
Information Technology |
14.4 |
Communication Services |
11.3 |
Energy |
10.2 |
Health Care |
10.0 |
Consumer Staples |
8.5 |
Consumer Discretionary |
7.8 |
Industrials |
6.3 |
Materials |
3.6 |
Utilities |
2.1 |
Other |
1.7 |
Real Estate |
1.2 |
Sector Weightings are based on managed assets and may vary over time. Sector Weightings exclude any government/sovereign bonds or options on broad market indexes the Fund may hold.
Global Total Return Fund (CGO)
INVESTMENT TEAM DISCUSSION
Please discuss the Fund’s strategy and role within an asset allocation.
Calamos Global Total Return Fund (CGO) is a global total return oriented offering that seeks to provide an attractive monthly distribution. The Fund invests in a diversified portfolio of global equities, convertible securities and high yield securities. The allocation to each asset class is dynamic and reflects our view of the economic landscape as well as the potential of individual securities. By combining these asset classes, we believe that the Fund’s portfolio is well positioned to generate capital gains and income. This broader range of security types also provides us with increased opportunities to manage the risk/reward characteristics of the portfolio over full market cycles. Through this approach, the Fund seeks to offer investors an attractive monthly distribution and equity participation.
We believe having a relatively high level of exposure to convertible and equity assets is optimal for the portfolio and reflects our cautiously optimistic view of the global stock markets, albeit on a selective and risk-managed basis. We continue to find new opportunities in the convertible market as issuance of these securities has expanded globally over the course of the year. We believe that maintaining a high exposure to the equity markets via stocks and convertibles was beneficial to the overall performance of the Fund, as these markets offered positive returns for the reporting period.
The Fund invests in both U.S. and non-U.S. companies, favoring companies with geographically diversified revenue streams and global business strategies. We emphasize companies we believe offer reliable debt servicing, respectable balance sheets and sustainable prospects for growth.
How did the Fund perform over the reporting period?
The Fund returned -5.06% on a net asset value (NAV) basis for the 12 months ended October 31, 2018. On a market price basis, the Fund decreased -10.17%. In comparison, the broad global equity market was up 1.71% for the same period, as measured by the MSCI World Index.
At the end of the reporting period, the Fund’s shares traded at a -1.29% discount to net asset value.
How do NAV and market price return differ?
Closed-end funds trade on exchanges, where the price of shares may be driven by factors other than the value of the underlying securities. The price of a share in the market is called market value. Market price may be influenced by factors unrelated to the performance of the fund’s holdings, such as general market sentiment or future expectation. A fund’s NAV return measures the actual return of the individual securities in the portfolio, less fund expenses. It also measures how a manager was able to capitalize on market opportunities. Because we believe closed-end funds are best utilized long term within asset allocations, we believe that NAV return is the better measure of a fund’s performance. However, when managing the fund, we strongly consider actions and policies that we believe will optimize its overall price performance and returns based on market value.
Investment Team Discussion
CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT 7
SINCE INCEPTION MARKET PRICE AND NAV HISTORY THROUGH 10/31/18
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund’s management fee, debt leverage costs and all other applicable fees and expenses. You can obtain performance data current to the most recent month end by visiting www.calamos.com.
Please discuss the Fund’s distributions during the one-year period.
We employ a managed distribution policy* within this Fund with the goal of providing shareholders a consistent distribution stream. In each month of the period, the Fund distributed $0.1000 per share, resulting in a current annualized distribution rate of 10.43% of market price as of October 31, 2018.
We believe that both the Fund’s distribution rate and level remained attractive and competitive, as low-but-rising interest rates limited yield opportunities in much of the marketplace. For example, as of October 31, 2018, the dividend yield of S&P 500 Index stocks averaged approximately 1.88%.† Yields also were low within the U.S. government bond market, with the 10-year U.S. Treasury and 30-year U.S. Treasury yielding 3.15% and 3.39%, respectively.‡
What factors influenced performance over the reporting period?
The portfolio has a wide set of investment parameters that allow us to take advantage of investment opportunities around the world through many different types of investment vehicles. By optimizing the advantages of flexibility, the Fund invested opportunistically. The Fund maintained its exposure to the equity markets, and both convertibles and high yield bonds provided income to the portfolio for the period. The strength and performance of global equity and fixed income markets buoyed both price and NAV performance for the period.
Our selection in financials, notably in diversified banks, was additive to performance relative to the MSCI World Index. In addition, our selection in utilities (multi-utilities) was helpful to performance.
*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 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. The distribution rate may vary.
†Source: Standard & Poor’s
‡Source: U.S. Department of the Treasury
ASSET ALLOCATION AS OF 10/31/18 |
|
8 CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT
Investment Team Discussion
Conversely, our selection in information technology, notably the Fund’s holdings in wireless telecommunication services, proved detrimental relative to the index. In addition, selection in consumer discretionary, namely internet and direct marketing retail, impeded results.
How is the Fund positioned?
The Fund’s heaviest allocations are within the financials, information technology and consumer discretionary sectors. We are relatively optimistic regarding the global economy, with an emphasis on the U.S. and companies that benefit from the wallet of the U.S. consumer. We favor quality growth companies with higher-quality balance sheets, strong brands, free cash flows and experienced management. We seek to invest in businesses poised to benefit from increased capital spending in technologies, the global infrastructure build-out, and U.S. consumer optimism, demographics and spending power. We favor financials as we expect rising interest rates, a reflationary economic environment and less onerous regulations will benefit the sector.
We favor companies with compelling growth opportunities and global revenue drivers. Improving global business dynamics are providing opportunities in the information technology field. For example, businesses and individuals continue to focus on productivity enhancements, stimulating demand for technology and services. In response, we maintain a heavy overweight position in this area relative to the MSCI World Index. Conversely, our weight to utilities is notably below the index weighting, as we do not see utilities as an area that will realize attractive growth given our outlook.
The average credit quality of rated securities within the portfolio is approximately BB, which is higher than the Credit Suisse U.S. High Yield index. This is typical for the Fund, as our credit process tends to guide us away from the most speculative corporate securities. That said, we do selectively invest in lower-credit securities when we believe the risk/reward dynamics are favorable for our investors.
We believe that this is an environment that is conducive to the prudent use of leverage as a means of enhancing total return and supporting the fund’s distribution rate. In spite of a cost increase due to rising interest rates, the Fund’s use of leverage over the period enjoyed a favorable reinvestment dynamic. As of October 31, 2018, the Fund’s amount of leveraged assets was approximately 35%.
What are your closing thoughts for Fund shareholders?
Given our outlook for a continued period of economic growth, we are favoring quality growth companies over cyclicals. Favorable factors within the U.S. include solid job creation, still low interest rates and range-bound energy prices, increasing consumer and corporate confidence and limited inflationary pressures. We are emphasizing investments in companies with solid cash flow generation and stronger balance sheets. From a thematic and sector perspective, we see opportunities in the technology sector, consumer discretionary companies tied to U.S. and global consumption, and companies positioned to benefit from improving fundamentals. We are also optimistic about financials, as we believe that many of these companies are favorably valued and positioned to grow revenues in a lower regulatory, rising interest rate environment. We believe U.S. consumer discretionary companies offer favorable dynamics given the healthy optimism and market of the U.S. consumer. However, we are also cautious about companies in the consumer staples sector. We believe they may be fully valued as
Investment Team Discussion
CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT 9
investors are attracted to those stocks for income rather than growth. We are selective regarding the health care sector, favoring those companies that are more product growth oriented versus price driven. We believe our active, risk-managed investment approach positions the Fund to take advantage of the volatility and opportunities in global equities and convertible securities.
This information is not intended to be a recommendation or investment advice, and does not constitute a solicitation to buy or sell securities. Certain statements in this commentary are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrence may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or review any forward-looking statements or views expressed herein.
10 CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT |
See accompanying Notes to Schedule of Investments |
PRINCIPAL |
|
|
VALUE |
||||
Corporate Bonds (22.9%) |
|||||||
Communication Services (2.4%) |
|||||||
390,000 |
|
America Movil, SAB de CV |
$ |
397,353 |
|||
|
|
Cincinnati Bell, Inc.*µ |
|
|
|||
125,000 |
|
7.000%, 07/15/24 |
|
112,779 |
|||
60,000 |
|
8.000%, 10/15/25 |
|
54,640 |
|||
40,000 |
|
Consolidated Communications, Inc.^ |
|
36,855 |
|||
200,000 |
|
CSC Holdings, LLC*^ |
|
192,643 |
|||
265,000 |
|
Embarq Corp.µ |
|
253,123 |
|||
|
|
Frontier Communications Corp. |
|
|
|||
160,000 |
|
11.000%, 09/15/25µ^ |
|
117,756 |
|||
120,000 |
|
7.625%, 04/15/24 |
|
72,328 |
|||
25,000 |
|
8.500%, 04/01/26*µ |
|
23,277 |
|||
|
|
Hughes Satellite Systems Corp.^ |
|
|
|||
40,000 |
|
6.625%, 08/01/26 |
|
38,166 |
|||
15,000 |
|
5.250%, 08/01/26 |
|
14,329 |
|||
100,000 |
|
Inmarsat Finance, PLC*^ |
|
98,162 |
|||
|
|
Intelsat Jackson Holdings, SA |
|
|
|||
90,000 |
|
9.750%, 07/15/25*µ |
|
94,331 |
|||
47,000 |
|
7.500%, 04/01/21^ |
|
47,587 |
|||
35,000 |
|
8.000%, 02/15/24*^ |
|
36,648 |
|||
30,000 |
|
8.500%, 10/15/24*^ |
|
29,656 |
|||
25,000 |
|
MDC Partners, Inc.*^ |
|
20,556 |
|||
65,000 |
|
Qwest Corp.µ |
|
63,010 |
|||
25,000 |
|
SBA Communications Corp.^ |
|
24,053 |
|||
|
|
Sprint Corp.^ |
|
|
|||
270,000 |
|
7.875%, 09/15/23 |
|
288,527 |
|||
175,000 |
|
7.125%, 06/15/24 |
|
179,009 |
|||
65,000 |
|
T-Mobile USA, Inc.µ |
|
60,374 |
|||
10,000 |
|
Telecom Italia Capital, SAµ |
|
9,033 |
|||
80,000 |
|
United States Cellular Corp.µ |
|
81,934 |
|||
|
|
Windstream Services, LLC / Windstream Finance Corp. |
|
|
|||
63,000 |
|
8.625%, 10/31/25*µ |
|
58,943 |
|||
19,000 |
|
7.750%, 10/01/21 |
|
12,034 |
|||
6,000 |
|
10.500%, 06/30/24* |
|
4,898 |
|||
|
|
|
|
2,422,004 |
|||
|
|||||||
Consumer Discretionary (5.5%) |
|||||||
45,000 |
|
Beverages & More, Inc.*µ |
|
35,358 |
|||
65,000 |
|
Boyd Gaming Corp.µ |
|
63,183 |
PRINCIPAL |
|
|
VALUE |
||||
65,000 |
|
Caesars Resort Collection, LLC / |
$ |
60,569 |
|||
|
|
CCO Holdings, LLC / CCO Holdings |
|
|
|||
85,000 |
|
5.125%, 05/01/27*µ |
|
80,165 |
|||
60,000 |
|
5.000%, 02/01/28*^ |
|
56,096 |
|||
50,000 |
|
5.750%, 09/01/23^ |
|
50,477 |
|||
108,000 |
|
Century Communities, Inc.µ |
|
97,876 |
|||
1,000,000 |
|
Dana Financing Luxembourg Sarl*^ |
|
991,290 |
|||
|
|
DISH DBS Corp.^ |
|
|
|||
88,000 |
|
5.875%, 11/15/24 |
|
74,912 |
|||
65,000 |
|
7.750%, 07/01/26 |
|
57,746 |
|||
105,000 |
|
Eldorado Resorts, Inc.µ |
|
104,109 |
|||
60,000 |
|
ESH Hospitality, Inc.*^ |
|
56,880 |
|||
11,000 |
|
GameStop Corp.*^ |
|
11,097 |
|||
65,000 |
|
GLP Capital, LP / GLP Financing II, Inc.µ |
|
65,136 |
|||
55,000 |
|
goeasy, Ltd.*µ |
|
57,062 |
|||
65,000 |
|
Guitar Center Escrow Issuer, Inc.*µ |
|
63,744 |
|||
175,000 |
|
L Brands, Inc.µ |
|
148,809 |
|||
60,000 |
|
M/I Homes, Inc.µ |
|
55,430 |
|||
120,000 |
|
Mattel, Inc.*^ |
|
114,903 |
|||
75,000 |
|
Meritage Homes Corp.µ |
|
73,187 |
|||
60,000 |
|
Penske Automotive Group, Inc.µ |
|
57,113 |
|||
|
|
PetSmart, Inc.*^ |
|
|
|||
83,000 |
|
5.875%, 06/01/25 |
|
65,251 |
|||
10,000 |
|
8.875%, 06/01/25 |
|
7,007 |
|||
|
|
Rite Aid Corp. |
|
|
|||
120,000 |
|
7.700%, 02/15/27µ |
|
84,076 |
|||
40,000 |
|
6.125%, 04/01/23*^ |
|
34,075 |
|||
110,000 |
|
Salem Media Group, Inc.*µ |
|
99,037 |
|||
60,000 |
|
Sally Holdings, LLC / Sally Capital, Inc.^ |
|
55,801 |
|||
900,000 |
|
Service Corp. Internationalµ |
|
997,560 |
|||
60,000 |
|
Sotheby’s*µ |
|
55,637 |
|||
35,000 |
|
Taylor Morrison Communities Corp.µ |
|
35,451 |
Schedule of Investments October 31, 2018
See accompanying Notes to Schedule of Investments |
CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT 11 |
PRINCIPAL |
|
|
VALUE |
||||
500,000 |
|
Toll Brothers Finance Corp.µ |
$ |
500,212 |
|||
1,175,000 |
|
Toyota Motor Corp.^ |
|
1,168,784 |
|||
25,416 |
|
US Airways Series 2012-2, Class B Pass Through Trust |
|
26,653 |
|||
45,000 |
|
VOC Escrow, Ltd.*µ |
|
42,340 |
|||
|
|
|
|
5,547,026 |
|||
|
|||||||
Consumer Staples (0.9%) |
|||||||
65,000 |
|
Albertsons Companies, LLC / |
|
57,783 |
|||
45,000 |
|
Fresh Market, Inc.*µ |
|
33,019 |
|||
|
|
JBS USA LUX, SA / JBS USA Finance, Inc.*µ |
|
|
|||
400,000 |
|
7.250%, 06/01/21 |
|
405,494 |
|||
75,000 |
|
6.750%, 02/15/28 |
|
73,220 |
|||
|
|
New Albertson’s, Inc.µ |
|
|
|||
75,000 |
|
7.450%, 08/01/29 |
|
63,248 |
|||
40,000 |
|
7.750%, 06/15/26 |
|
35,255 |
|||
30,000 |
|
8.000%, 05/01/31 |
|
25,847 |
|||
|
|
Pilgrim’s Pride Corp.*^ |
|
|
|||
100,000 |
|
5.875%, 09/30/27 |
|
91,064 |
|||
25,000 |
|
5.750%, 03/15/25 |
|
23,364 |
|||
|
|
Post Holdings, Inc.*^ |
|
|
|||
60,000 |
|
5.750%, 03/01/27 |
|
57,382 |
|||
14,000 |
|
5.625%, 01/15/28 |
|
13,189 |
|||
|
|
Simmons Foods, Inc.*µ |
|
|
|||
42,000 |
|
7.750%, 01/15/24 |
|
42,613 |
|||
30,000 |
|
5.750%, 11/01/24 |
|
21,994 |
|||
|
|
|
|
943,472 |
|||
|
|||||||
Energy (2.7%) |
|||||||
15,000 |
|
Berry Petroleum Company, LLC*µ |
|
14,937 |
|||
38,000 |
|
Bruin E&P Partners, LLC* |
|
37,503 |
|||
55,000 |
|
Buckeye Partners, LPµ‡ |
|
50,453 |
|||
125,000 |
|
Calfrac Holdings, LP*µ |
|
112,686 |
|||
95,000 |
|
California Resources Corp.*^ |
|
84,755 |
|||
|
|
Carrizo Oil & Gas, Inc.µ |
|
|
|||
40,000 |
|
8.250%, 07/15/25 |
|
41,860 |
|||
34,000 |
|
6.250%, 04/15/23 |
|
33,468 |
|||
65,000 |
|
Chaparral Energy, Inc.*µ |
|
62,692 |
PRINCIPAL |
|
|
VALUE |
||||
50,000 |
|
Cheniere Energy Partners, LP*^ |
$ |
49,266 |
|||
|
|
Chesapeake Energy Corp. |
|
|
|||
65,000 |
|
8.000%, 01/15/25^ |
|
65,929 |
|||
50,000 |
|
7.000%, 10/01/24 |
|
49,028 |
|||
45,000 |
|
Comstock Escrow Corp.* |
|
43,502 |
|||
80,000 |
|
DCP Midstream Operating, LP*µ‡ |
|
71,624 |
|||
30,000 |
|
DCP Midstream, LPµ‡ |
|
28,779 |
|||
|
|
Denbury Resources, Inc. |
|
|
|||
55,000 |
|
5.500%, 05/01/22^ |
|
47,808 |
|||
40,000 |
|
9.250%, 03/31/22*µ |
|
41,755 |
|||
25,000 |
|
7.500%, 02/15/24* |
|
24,543 |
|||
15,000 |
|
Diamond Offshore Drilling, Inc.^ |
|
14,823 |
|||
|
|
Energy Transfer, LP |
|
|
|||
140,000 |
|
5.559%, 11/01/66µ‡ |
|
120,747 |
|||
115,000 |
|
5.500%, 06/01/27^ |
|
117,142 |
|||
|
|
Enterprise Products Operating, LLCµ‡ |
|
|
|||
85,000 |
|
4.875%, 08/16/77 |
|
79,381 |
|||
25,000 |
|
5.375%, 02/15/78 |
|
22,396 |
|||
|
|
EP Energy, LLC / Everest Acquisition Finance, Inc.* |
|
|
|||
50,000 |
|
7.750%, 05/15/26µ |
|
49,890 |
|||
45,000 |
|
9.375%, 05/01/24^ |
|
34,264 |
|||
|
|
Genesis Energy, LP / Genesis Energy Finance Corp. |
|
|
|||
65,000 |
|
6.500%, 10/01/25^ |
|
60,393 |
|||
55,000 |
|
6.250%, 05/15/26µ |
|
49,986 |
|||
100,000 |
|
Gulfport Energy Corp.^ |
|
94,843 |
|||
50,000 |
|
Halcon Resources Corp.µ |
|
45,616 |
|||
82,000 |
|
Lonestar Resources America, Inc.*µ |
|
88,963 |
|||
60,000 |
|
Magnolia Oil & Gas Operating, LLC / Magnolia Oil & Gas Finance Corp.* |
|
59,357 |
|||
50,000 |
|
McDermott Technologies Americas, Inc. / McDermott Technology U.S., Inc.*µ |
|
45,035 |
|||
25,000 |
|
Moss Creek Resources Holdings, Inc.*µ |
|
24,099 |
|||
5,000 |
|
Nabors Industries, Inc. |
|
4,615 |
|||
40,000 |
|
Nine Energy Service, Inc.* |
|
40,647 |
Schedule of Investments October 31, 2018
12 CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT |
See accompanying Notes to Schedule of Investments |
PRINCIPAL |
|
|
VALUE |
||||
5,000 |
|
Northern Oil and Gas, Inc.* |
$ |
5,164 |
|||
45,000 |
|
Oasis Petroleum, Inc.*^ |
|
44,236 |
|||
55,000 |
|
Par Petroleum LLC / Par Petroleum Finance Corp.*µ |
|
54,502 |
|||
65,000 |
|
PDC Energy, Inc.µ |
|
59,749 |
|||
65,000 |
|
Plains All American Pipeline, LPµ‡ |
|
60,927 |
|||
25,000 |
|
QEP Resources, Inc.^ |
|
23,571 |
|||
95,000 |
|
SESI, LLC^ |
|
93,441 |
|||
25,000 |
|
SM Energy Company^ |
|
25,073 |
|||
45,000 |
|
Southwestern Energy Companyµ |
|
45,827 |
|||
40,000 |
|
Sunoco, LP / Sunoco Finance Corp.*^ |
|
38,315 |
|||
15,000 |
|
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.*^ |
|
15,124 |
|||
15,000 |
|
TransMontaigne Partners, LP / TLP Finance Corp.µ |
|
14,106 |
|||
13,000 |
|
Transocean Pontus, Ltd.*µ |
|
12,941 |
|||
60,000 |
|
Transocean, Inc.*µ |
|
59,001 |
|||
65,000 |
|
Vine Oil & Gas, LP / Vine Oil & Gas Finance Corp.*^ |
|
60,424 |
|||
100,000 |
|
W&T Offshore, Inc.* |
|
96,906 |
|||
130,000 |
|
Weatherford International, Ltd.^ |
|
99,619 |
|||
65,000 |
|
Whiting Petroleum Corp.µ |
|
65,022 |
|||
70,000 |
|
WildHorse Resource Development Corp.µ |
|
69,745 |
|||
|
|
|
|
2,756,478 |
|||
|
|||||||
Financials (2.5%) |
|||||||
125,000 |
|
Acrisure, LLC / Acrisure Finance, Inc.*µ |
|
112,027 |
|||
195,000 |
|
Ally Financial, Inc.µ |
|
234,738 |
|||
65,000 |
|
Amwins Group, Inc.*µ |
|
66,869 |
PRINCIPAL |
|
|
VALUE |
||||
75,000 |
|
AssuredPartners, Inc.*µ |
$ |
73,860 |
|||
65,000 |
|
Bank of America Corp.µ‡ |
|
63,172 |
|||
65,000 |
|
Bank of Nova Scotiaµ‡ |
|
60,326 |
|||
115,000 |
|
Charles Schwab Corp.µ‡ |
|
109,448 |
|||
75,000 |
|
CyrusOne, LP / CyrusOne Finance Corp.µ |
|
74,738 |
|||
55,000 |
|
Dell International, LLC / EMC Corp.*µ |
|
57,059 |
|||
65,000 |
|
Discover Financial Services^‡ |
|
61,539 |
|||
30,000 |
|
Greystar Real Estate Partners, LLC*µ |
|
29,373 |
|||
65,000 |
|
HUB International, Ltd.*^ |
|
63,575 |
|||
100,000 |
|
ILFC E-Capital Trust II*µ‡ |
|
89,049 |
|||
140,000 |
|
Iron Mountain, Inc.*µ |
|
126,205 |
|||
200,000 |
|
Jefferies Finance, LLC*µ |
|
195,603 |
|||
50,000 |
|
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.*µ |
|
46,440 |
|||
35,000 |
|
Level 3 Financing, Inc.^ |
|
34,311 |
|||
60,000 |
|
LPL Holdings, Inc.*µ |
|
58,289 |
|||
|
|
MetLife, Inc. |
|
|
|||
100,000 |
|
6.400%, 12/15/36^ |
|
103,999 |
|||
7,000 |
|
5.875%, 03/15/28µ‡ |
|
6,996 |
|||
110,000 |
|
Nationstar Mortgage, LLC / |
|
110,009 |
|||
110,000 |
|
Navient Corp.^ |
|
107,675 |
|||
50,000 |
|
NexBank Capital, Inc.*‡& |
|
50,226 |
|||
100,000 |
|
Oil Insurance, Ltd.*‡ |
|
96,891 |
|||
125,000 |
|
Quicken Loans, Inc.*µ |
|
120,686 |
Schedule of Investments October 31, 2018
See accompanying Notes to Schedule of Investments |
CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT 13 |
PRINCIPAL |
|
|
VALUE |
||||
75,000 |
|
Simmons First National Corp.‡ |
$ |
74,670 |
|||
|
|
Springleaf Finance Corp. |
|
|
|||
85,000 |
|
6.875%, 03/15/25^ |
|
81,481 |
|||
65,000 |
|
7.125%, 03/15/26µ |
|
61,669 |
|||
20,000 |
|
Towne Bank‡ |
|
19,850 |
|||
130,000 |
|
Tronox Finance, PLC*^ |
|
114,147 |
|||
|
|
|
|
2,504,920 |
|||
|
|||||||
Health Care (2.9%) |
|||||||
119,000 |
|
Acadia Healthcare Company, Inc.µ |
|
121,407 |
|||
|
|
Bausch Health Cos., Inc.*µ |
|
|
|||
130,000 |
|
8.500%, 01/31/27 |
|
133,065 |
|||
120,000 |
|
9.000%, 12/15/25 |
|
125,366 |
|||
65,000 |
|
9.250%, 04/01/26 |
|
68,343 |
|||
60,000 |
|
7.500%, 07/15/21 |
|
60,954 |
|||
|
|
Community Health Systems, Inc. |
|
|
|||
150,000 |
|
8.125%, 06/30/24*^ |
|
118,107 |
|||
15,000 |
|
6.875%, 02/01/22 |
|
7,613 |
|||
190,000 |
|
DaVita, Inc.^ |
|
181,737 |
|||
60,000 |
|
Endo DAC / Endo Finance, LLC / |
|
51,826 |
|||
110,000 |
|
Endo Finance, LLC / Endo Finco, Inc.*µ |
|
104,737 |
|||
|
|
HCA, Inc.µ |
|
|
|||
920,000 |
|
5.875%, 05/01/23 |
|
955,071 |
|||
55,000 |
|
7.500%, 11/06/33 |
|
59,714 |
|||
65,000 |
|
Magellan Health, Inc.µ |
|
62,493 |
|||
75,000 |
|
Mallinckrodt International Finance, SA / Mallinckrodt CB, LLC*^ |
|
64,611 |
|||
45,000 |
|
Team Health Holdings, Inc.*^ |
|
38,793 |
|||
|
|
Tenet Healthcare Corp.^ |
|
|
|||
200,000 |
|
6.750%, 06/15/23 |
|
199,650 |
|||
135,000 |
|
4.625%, 07/15/24 |
|
130,204 |
|||
75,000 |
|
Teva Pharmaceutical Finance |
|
68,194 |
|||
175,000 |
|
Teva Pharmaceutical Finance IV, BVµ |
|
167,682 |
|||
25,000 |
|
Teva Pharmaceutical Finance IV, LLCµ |
|
24,340 |
|||
165,000 |
|
Teva Pharmaceutical Finance Netherlands III, BV^ |
|
145,794 |
PRINCIPAL |
|
|
VALUE |
||||
50,000 |
|
West Street Merger Sub, Inc.*µ |
$ |
47,115 |
|||
|
|
|
|
2,936,816 |
|||
|
|||||||
Industrials (1.9%) |
|||||||
80,000 |
|
ACCO Brands Corp.*µ |
|
75,106 |
|||
70,000 |
|
Allison Transmission, Inc.*µ |
|
64,349 |
|||
40,000 |
|
Apergy Corp.*µ |
|
40,636 |
|||
65,000 |
|
Beacon Roofing Supply, Inc.*^ |
|
58,422 |
|||
100,000 |
|
Bombardier, Inc.*^ |
|
100,277 |
|||
85,000 |
|
Covanta Holding Corp.µ |
|
85,179 |
|||
60,000 |
|
Delphi Technologies, PLC*µ |
|
54,178 |
|||
40,000 |
|
Energizer Gamma Acquisition, Inc.*^ |
|
40,053 |
|||
15,000 |
|
FXI Holdings, Inc.*µ |
|
14,060 |
|||
120,000 |
|
Golden Nugget, Inc.*µ |
|
119,919 |
|||
60,000 |
|
Gray Television, Inc.*^ |
|
57,751 |
|||
60,000 |
|
Great Lakes Dredge & Dock Corp.µ |
|
61,713 |
|||
95,000 |
|
H&E Equipment Services, Inc.^ |
|
90,546 |
|||
|
|
Hertz Corp.^ |
|
|
|||
65,000 |
|
7.375%, 01/15/21 |
|
63,852 |
|||
10,000 |
|
7.625%, 06/01/22* |
|
9,589 |
|||
|
|
Icahn Enterprises, LP^ |
|
|
|||
65,000 |
|
6.375%, 12/15/25 |
|
64,659 |
|||
43,000 |
|
6.750%, 02/01/24 |
|
43,306 |
|||
62,000 |
|
Jeld-Wen, Inc.*^ |
|
55,742 |
|||
35,000 |
|
JPW Industries Holding Corp.*µ |
|
35,681 |
|||
70,000 |
|
Meritor, Inc.^ |
|
68,987 |
|||
65,000 |
|
Multi-Color Corp.*µ^ |
|
60,218 |
|||
90,000 |
|
Navistar International Corp.*^ |
|
91,926 |
|||
|
|
Park Aerospace Holdings, Ltd.*µ |
|
|
|||
35,000 |
|
4.500%, 03/15/23 |
|
33,423 |
|||
25,000 |
|
5.500%, 02/15/24 |
|
24,803 |
|||
115,000 |
|
Park-Ohio Industries, Inc.µ^ |
|
115,672 |
|||
125,000 |
|
Scientific Games International, Inc.*^ |
|
116,425 |
Schedule of Investments October 31, 2018
14 CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT |
See accompanying Notes to Schedule of Investments |
PRINCIPAL |
|
|
VALUE |
||||
35,000 |
|
Tennant Companyµ |
$ |
34,849 |
|||
15,000 |
|
Titan Acquisition, Ltd. / |
|
12,507 |
|||
55,000 |
|
TransDigm, Inc.µ |
|
54,847 |
|||
|
|
United Rentals North America, Inc. |
|
|
|||
50,000 |
|
4.875%, 01/15/28µ |
|
45,136 |
|||
45,000 |
|
5.875%, 09/15/26^ |
|
44,089 |
|||
25,000 |
|
6.500%, 12/15/26^ |
|
25,272 |
|||
25,000 |
|
Waste Pro USA, Inc.*µ |
|
23,942 |
|||
|
|
|
|
1,887,114 |
|||
|
|||||||
Information Technology (2.0%) |
|||||||
125,000 |
|
Alliance Data Systems Corp.* |
|
127,437 |
|||
1,400,000 |
|
Apple, Inc.µ |
|
1,370,236 |
|||
25,000 |
|
Cardtronics, Inc.*µ |
|
23,404 |
|||
95,000 |
|
CBS Radio, Inc.*^ |
|
89,894 |
|||
|
|
Clear Channel Worldwide Holdings, Inc. |
|
|
|||
50,000 |
|
7.625%, 03/15/20^ |
|
50,029 |
|||
20,000 |
|
7.625%, 03/15/20µ |
|
20,026 |
|||
60,000 |
|
CommScope Technologies, LLC*µ |
|
58,432 |
|||
125,000 |
|
First Data Corp.*^ |
|
123,894 |
|||
60,000 |
|
Harland Clarke Holdings Corp.*µ |
|
54,278 |
|||
45,000 |
|
Nuance Communications, Inc.µ |
|
43,823 |
|||
40,000 |
|
VFH Parent, LLC*µ |
|
40,862 |
|||
|
|
|
|
2,002,315 |
|||
|
|||||||
Materials (1.4%) |
|||||||
72,000 |
|
AK Steel Corp.^ |
|
64,280 |
|||
200,000 |
|
Alcoa Nederland Holding, BV*µ |
|
210,720 |
|||
200,000 |
|
ArcelorMittal, SAµ |
|
221,871 |
|||
61,000 |
|
Arconic, Inc.^ |
|
60,070 |
|||
200,000 |
|
Ardagh Packaging Finance, PLC / |
|
187,501 |
|||
25,000 |
|
Baffinland Iron Mines Corp. / |
|
25,246 |
PRINCIPAL |
|
|
VALUE |
||||
35,000 |
|
First Quantum Minerals, Ltd.*^ |
$ |
34,281 |
|||
40,000 |
|
JW Aluminum Continuous Cast Company*µ |
|
40,036 |
|||
25,000 |
|
Kinross Gold Corp.^ |
|
22,414 |
|||
270,000 |
|
New Gold, Inc.*µ |
|
216,571 |
|||
170,000 |
|
PBF Holding Company, LLC / |
|
175,755 |
|||
|
|
United States Steel Corp.^ |
|
|
|||
120,000 |
|
6.875%, 08/15/25µ |
|
117,838 |
|||
25,000 |
|
6.250%, 03/15/26 |
|
23,589 |
|||
|
|
|
|
1,400,172 |
|||
|
|||||||
Real Estate (0.2%) |
|||||||
100,000 |
|
MPT Operating Partnership, LP / |
|
94,122 |
|||
65,000 |
|
Starwood Property Trust, Inc.^ |
|
62,506 |
|||
|
|
|
|
156,628 |
|||
|
|||||||
Utilities (0.5%) |
|||||||
120,000 |
|
AES Corp.^ |
|
119,160 |
|||
20,000 |
|
NGPL PipeCo, LLC*µ |
|
19,359 |
|||
|
|
NRG Energy, Inc. |
|
|
|||
70,000 |
|
6.625%, 01/15/27^ |
|
72,535 |
|||
43,000 |
|
5.750%, 01/15/28 |
|
42,813 |
|||
120,000 |
|
PPL Capital Funding, Inc.µ^‡ |
|
116,991 |
|||
40,000 |
|
Talen Energy Supply, LLC*µ |
|
35,269 |
|||
65,000 |
|
TerraForm Power Operating, LLC*µ |
|
58,329 |
|||
55,000 |
|
Vistra Energy Corp.*µ |
|
59,784 |
|||
|
|
|
|
524,240 |
|||
|
|
|
Total Corporate Bonds |
|
23,081,185 |
||
|
|||||||
Convertible Bonds (36.5%) |
|||||||
Communication Services (2.0%) |
|||||||
60,000,000 |
JPY |
CyberAgent, Inc. |
|
591,293 |
|||
1,270,000 |
|
GCI Liberty, Inc.*µ |
|
1,377,499 |
|||
|
|
|
|
1,968,792 |
Schedule of Investments October 31, 2018
See accompanying Notes to Schedule of Investments |
CALAMOS GLOBAL TOTAL RETURN Fund Annual REPORT 15 |
PRINCIPAL |
|
|
VALUE |
||||
|
|||||||
Consumer Discretionary (3.2%) |
|||||||
990,000 |
|
Ctrip.com International, Ltd.^ |
$ |
986,565 |
|||
|
|
Liberty Interactive, LLC |
|
|
|||
115,646 |
|
4.000%, 11/15/29 |
|
79,693 |
|||
85,000 |
|
3.750%, 02/15/30 |
|
58,196 |
|||
280,000 |
|
LVMH Moet Hennessy Louis Vuitton, SE |
|
915,186 |
|||
1,400,000 |
|
RH*µ |
|
1,236,375 |
|||
|
|
|
|
3,276,015 |
|||
|
|||||||
Energy (4.9%) |
|||||||
2,800,000 |
|
TOTAL, SAµ^ |
|
3,047,128 |
|||
1,600,000 |
|
Tullow Oil Jersey, Ltd.µ |
|
1,916,688 |
|||
|
|
|
|
4,963,816 |
|||
|
|||||||
Financials (6.9%) |
|||||||
800,000 |
EUR |
AURELIUS Equity Opportunities SE & Co., KGaA |
|
924,492 |
|||
1,100,000 |
EUR |
Corestate Capital Holding, SAµ |
|
1,211,759 |
|||
3,300,000 |
|
JPMorgan Chase Bank, N.A.µ |
|
3,446,470 |
|||
150,000,000 |
JPY |
Mitsubishi Chemical Holdings Corp. |
|
1,374,128 |
|||
|
|
|
|
6,956,849 |
|||
|
|||||||
Health Care (2.0%) |
|||||||
1,200,000 |
EUR |
Bayer Capital Corp., BVµ |
|
1,135,799 |
|||
882,000 |
CAD |
Canopy Growth Corp.* |
|
884,379 |
|||
|
|
|
|
2,020,178 |
|||
|
|||||||
Industrials (4.0%) |
|||||||
1,540,000 |
|
Echo Global Logistics, Inc.µ |
|
1,531,399 |
|||
11,000,000 |
HKD |
Harvest International Company |
|
1,318,262 |
|||
1,200,000 |
|
Larsen & Toubro, Ltd. |
|
1,179,372 |
|||
|
|
|
|
4,029,033 |
|||
|
|||||||
Information Technology (8.6%) |
|||||||
555,000 |
|
Atlassian, Inc.*µ |
|
636,213 |
|||
680,000 |
|
DocuSign, Inc.*µ |
|
637,490 |
|||
640,000 |
|
Envestnet, Inc.µ |
|
662,502 |
PRINCIPAL |
|
|
VALUE |
||||
40,000,000 |
JPY |
GMO Payment Gateway, Inc. |
$ |
381,545 |
|||
1,995,000 |
|
Palo Alto Networks, Inc.*µ |
|
1,939,968 |
|||
1,330,000 |
|
Splunk, Inc.*µ |
|
1,272,823 |
|||
520,000 |
|
Twilio, Inc.*µ |
|
649,813 |
|||
1,160,000 |
|
Workday, Inc.µ |
|
1,289,497 |
|||
1,360,000 |
|
Xero Investments, Ltd. |
|
1,240,714 |
|||
|
|
|
|
8,710,565 |
|||
|
|||||||
Materials (4.2%) |
|||||||
1,030,000 |
|
Cemex, SAB de CV |
|
1,015,147 |
|||