A CEF For Playing Defense, Globally

| About: Calamos Global (CGO)
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The Calamos Global Total Return Fund (initiated in October, 2005) invests in a diversified portfolio of global equity, global convertible issues and high-yield fixed income securities. Calamos Holdings, LLC are headquartered in Naperville, IL outside Chicago. The Calamos family maintains a steady, experienced hand over their domain of funds. I particularly appreciate a genuine interest this LLC has for all shareholders, whether they be institutional or the modest individual investor.

The Calamos Global Total Return Fund (NASDAQ:CGO) portfolio's latest breakdown (Dec. 31, 2007) has its 110 holdings in the following proportion: Foreign Stock (44%), Domestic Bond (24%), Convertibles (15%), Domestic Stock (11%), Cash (4%), Foreign Bond (1%), Preferred Stock (1%). Market Cap Allocation appears to be approximately 72% Giant Cap, 25% Large Cap and 3% Medium Cap. During 2007, The Global Return Fund easily beat two comps, the Morningstar World Allocation average and the Dow Jones Moderate Portfolio TR USD (up 20.7%, 11.8% and 8.0% respectively). This closed-end fund often trades at a modest premium from its net asset value, currently $139m. The stated distribution rate is 7.27%. Ordinary distributions are paid monthly. Annual expenses are at about 1.20%.

Calamos has as a primary objective a steady and predictable income stream from this fund and other closed-end funds in its arsenal. Steady income with international diversification seems an appropriate fit at this time. A strong defense in a potential bear market is a good thing. An excellent management team with decades of experience helps, too.

In regards to where CGO is situated worldwide, I believe the breakdown to be as follows: 20% U.S., 15% Australasia, 15% Eurozone, 14% Japan, 9% Asia Developed, 7% U.K., 6% European, 5% Latin America, 1% Canada. Top stocks included Nokia, Nintendo, Singapore Exchange, Petro China, Infosys Technologies, ASX Ltd., QBE Insurace Group Ltd., Punch Taverns 5% CV, Givaudan Nederland and British American Tobacco. Remember that 41% of the portfolio is in bonds, preferreds and convertibles that throw off cash.

I am usually not a fan of closed-end funds, but I like the Calamos strategy and approach. They have a nice stable of products. You can see them all and more at www.calamos.com