CALAMOS Closed-End Funds (CHI, CHY, CSQ) Announce Monthly Dividends

CALAMOS Closed-End Funds (CHI, CHY, CSQ) Announce Monthly Dividends 


NAPERVILLE, Ill., Aug. 1  /PRNewswire-FirstCall/ -- CALAMOS INVESTMENTS announced today the declaration of monthly dividend distributions on each common share for its three closed-end mutual funds.

   Fund               Dividend    Payable date   Record date   Ex-dividend
                    (Level Rate                                  date
                   Distribution)

   CHI (inception
   06/26/2002)
   Calamos
   Convertible
   Opportunities
   and Income Fund    $0.1500        8/26/05       8/15/05       8/11/05

   CHY (inception
   05/28/2003)
   Calamos
   Convertible
   and High
   Income Fund        $0.1219        8/26/05       8/15/05       8/11/05

   CSQ (inception
   03/26/2004)
   Calamos Strategic
   Total Return
   Fund               $0.0875        8/26/05       8/15/05       8/11/05




A dividend offers 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, dividends 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, dividends will be reinvested at the market price. 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.

The Funds have level rate distribution policies paying monthly distributions at the stated rates.  Distributions paid may include net investment income, net realized short-term capital gains and, if necessary, return of capital. In addition, one distribution per calendar year may include net realized long-term capital gains. There is no guarantee that the Funds will realize capital gains in any given year. Distributions are subject to re- characterization for tax purposes after the end of the fiscal year. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV. Distributions from the Funds are generally subject to Federal income taxes. For purposes of maintaining the level rate distribution policy, the Funds may realize short-term capital gains on securities that, if sold at a later date, would have resulted in long-term capital gains. Maintenance of a level rate distribution policy may increase transaction and tax costs associated with the Funds.

Additional information about the Funds, including a monthly commentary, portfolio holdings, and a description of the Funds' dividend reinvestment plan is posted at CALAMOS INVESTMENTS' website, http://www.calamos.com/ .

Important Notes About Performance and Risk:

You can purchase or sell common shares daily. Like other investments, 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. Due to ongoing market volatility, performance is subject to substantial short-term fluctuations.

Investments by a 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.  Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Fixed-income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in a fund's portfolio generally will decline.

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.

About CALAMOS

CALAMOS INVESTMENTS provides investment advisory services to institutions and individuals seeking superior risk-adjusted returns over the long term. With roots dating back to 1977, the company applies its proprietary investment process across an expanding range of investment strategies within the equity, global/international, balanced, high yield, convertible and alternative investment classes. For more information, visit http://www.calamos.com/ .

Calamos(R), CALAMOS INVESTMENTS(R), Strategies for Serious Money(R), and the Calamos(R) logo are registered trademarks of Calamos Holdings LLC. 

DATASOURCE: CALAMOS INVESTMENTS



CONTACT:  Jeff Kelley of CALAMOS INVESTMENTS, [phone],

 



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

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