Calamos Discusses Minimal Closed End Fund Exposure to 'Headline' Financials

- As a result of Calamos' risk management processes, the Funds possessed extremely minimal and/or hedged exposure to recent 'headline' holdings such as AIG, Lehman, Fannie Mae and Freddie Mac




NAPERVILLE, Ill., Sept. 18  /PRNewswire-FirstCall/ -- In the past few weeks, closed-end funds have experienced tremendous downward pressure on share prices as financial markets continue to experience upheaval.  News regarding Fannie Mae and Freddie Mac along with the more recent bankruptcy filing of Lehman and the U.S. Government bailout of AIG has further weakened investor confidence in the short term.

Given the largely unprecedented nature of current market events, we believe it is important to provide our shareholders with perspective on how these events and specific holdings have impacted Calamos' Closed-End Funds. We have been monitoring these events for some time -- and have taken timely actions that we believe will benefit our shareholders long-term.

Overall, exposure to these names is minimal

The Calamos portfolios were, to a significant degree, well-positioned to withstand the failure of certain names. The table below shows the Funds' exposure to AIG, Washington Mutual, Lehman, Fannie Mae and Freddie Mac as of September 16, 2008. It is worth noting that one of the benefits of owning a Fund is the professional management employed and the diversification of holdings used by the managers to spread risk.

   Select Calamos Closed-End Fund Portfolio Weightings
   As of 9/16/2008

                    AIG         WM        LEH        FNM         FRE
  Calamos
   Convertible
   and High Income
   Fund (CHY)     0.13% (p)   0.00%       0.00%      0.00%       0.00%
  Calamos
   Convertible
   Opportunities
   and Income
   Fund (CHI)     0.14% (p)   0.00%       0.00%      0.00%       0.00%
  Calamos Global
   Total Return
   Fund (CGO)     0.10% (p)   0.00%       0.00%      0.00%       0.00%
  Calamos Global
   Dynamic Income
   Fund (CHW)     0.03% (p)   0.00%       0.00%      2.09%(n)**  1.05% (n)**
  Calamos
   Strategic
   Total Return
   Fund (CSQ)     0.15% (cs)  0.30%(cs,p) 0.00%      0.00%       0.00%

  p = preferred    cs = common stock    n = short-term agency notes with the
                                            implied backing of the U.S.
                                            Government



Selected weightings reflect the fair market value of the referenced investment as a percentage of the fair market value of all investments, including short-term investments and cash, on September 16, 2008.

Ongoing risk management -- and maintaining a long-term perspective for our clients

At Calamos, our investment philosophy is rooted in the continuous management of risk. Our early movement away from the financial sector is tangible evidence of this philosophy. At the same time, we are not immune from the current widespread negativity and its impact on the overall market.

Despite these challenges, we continue to maintain a positive long-term outlook. We intend to take advantage of the many opportunities resulting from the current market dislocation. Ultimately, we will continue to serve the best long-term interests of our shareholders by striving to create wealth through our risk-managed approach.

About Calamos

Calamos Investments is a diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end funds, providing a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit http://www.calamos.com/. 

DATASOURCE: Calamos Investments



CONTACT:  Ken Fincher, Vice President of Calamos Advisors LLC,

[phone], 



Web site:  http://www.calamos.com/ 

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