Calamos Closed-End Funds (CHI, CHY, CSQ, CGO and CHW) Announce Monthly Distributions for November 2009

NAPERVILLE, Ill., Nov. 2  /PRNewswire-FirstCall/ -- Calamos Investments announced today the declaration of monthly distributions on each common share for its five closed-end funds. While the distributions for Calamos Convertible Opportunities and Income Fund (NYSE:CHI), Calamos Convertible and High Income Fund (NYSE:CHY) and Calamos Global Total Return Fund (NYSE:CGO) remain unchanged, distributions for Calamos Strategic Total Return Fund (NYSE:CSQ) and Calamos Global Dynamic Income Fund (NYSE:CHW) have been reduced by 1 cent per share.

Calamos closed-end funds employ a level rate distribution policy seeking to pay a distribution rate that maximizes the distribution in light of each fund's past results and projected earnings potential. The distribution reductions for CSQ and CHW reflect both realized and unrealized losses in certain securities held by the Funds and the Funds' future earnings potential. Details are as follows:

      Record Date              11/06/09
      Ex-Dividend Date         11/10/09
      Payable Date             11/16/09


  Ticker Calamos       Monthly      Change from   Market        NAV Yield*
          Funds        Distribution  prior rate    Yield*
  ------ ------------- ------------ -----------   ------        ----------
  CHI    Convertible
          Opportunities
          and Income        $0.0950       -       10.00%          9.64%
  ---    -------------      -------       --      -----           -----

  CHY    Convertible
          and High
          Income            $0.0850       -        9.26%          8.56%
  ---    -------------      -------       --       ----           -----
  CSQ    Strategic
          Total Return      $0.0525      ($0.01)   7.77%          6.71%
  ---    -------------      -------       ------   ----           ----
  CGO    Global Total
          Return            $0.1000       -        9.02%          8.59%
  ---    -------------      -------       --       ----           -----
  CHW    Global Dynamic
          Income            $0.0500      ($0.01)   8.17%          7.08%
  ---    -------------      -------       ------   ----           ----

  *All yields are calculated with November monthly distribution rates as of
  closing market prices and NAVs on 10/30/2009.




Additional information about Calamos closed-end funds can be found on our website at: http://fundinvestor.calamos.com/en/ClosedEndFunds.aspx

Monthly distributions offer 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, distributions 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, distributions will be reinvested at the market price through an open market purchase program. 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 Calamos closed-end funds employ a level rate distribution policy, 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, distributions may include net realized long-term capital gains as permitted by the Investment Company Act of 1940. 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. Please see http://www.calamos.com/taxcenter.aspx for more information.

Important Notes About Performance and Risk

Past performance is no guarantee of future results. As with other investments, market price will fluctuate with the market and 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.

From time to time, information or statements provided by us, including those within this news release, may contain certain forward-looking statements relating to future events, future transactions, future financial performance, future potential costs, expectations, the competitive and regulatory environment and future market conditions. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Such risks and uncertainties include, but are not limited to: catastrophic or unpredictable events, changing costs of leverage, strategy implementation obstacles, fluctuations in the financial markets and the competitive conditions in the fund, asset management and broader financial services sectors and other risks inherent in the financial and trading markets, including liquidity issues.

About Calamos

Calamos Investments is a globally diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals around the world 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:  Scott Henderson, Associate Vice President of Calamos

Investments, [phone], 



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

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