NAPERVILLE, Ill., June 1 /PRNewswire-FirstCall/ -- CALAMOS INVESTMENTS announced today the declaration of monthly dividend distributions on each common share for its four closed-end mutual funds. Fund Dividend Payable Record Ex-dividend date date date (Level Rate Distribution) CHI (inception 06/26/2002) Calamos Convertible Opportunities and Income Fund $0.1500 6/15/06 6/12/06 6/8/06 CHY (inception 05/28/2003) Calamos Convertible and High Income Fund $0.1219 6/15/06 6/12/06 6/8/06 CSQ (inception 03/26/2004) Calamos Strategic Total Return Fund $0.0975 6/15/06 6/12/06 6/8/06 CGO (inception 10/27/2005) Calamos Global Total Return Fund $0.0875 6/15/06 6/12/06 6/8/06 The Calamos Global Total Return Fund has increased its distribution rate by $0.0125 per common share as compared to the Fund's prior regular monthly distribution, representing a 16.67% increase over the prior monthly distribution rate. This distribution represents an annualized rate of 7.42% based on the Fund's closing market price of $14.16 on May 31, 2006 and an annualized rate of 7.00% based on the Fund's initial offering price of $15.00. "CGO's goal is to provide investors with significant long-term total return, and we believe that closed-end fund investors consider consistent, attractive distributions to be an important component of their total-return goals," said John P. Calamos, Sr., CEO and Co-Chief Investment Officer of Calamos Investments. "Since the Fund's inception, we have strived to design a portfolio that takes advantage of the Fund's flexibility, providing a relatively defensive approach to access global equity exposure while focusing on both income and capital gain opportunities. We are pleased to be able to increase the Fund's distribution rate, as it demonstrates our success in fulfilling on our commitment to shareholders." For all of the above-mentioned Funds, 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, 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. 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: Past performance is no guarantee of future results. Like 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. About CALAMOS CALAMOS INVESTMENTS is a diversified investment firm offering equity, high yield, convertible and alternative investment strategies through its subsidiaries. The firm serves institutions and individuals via separately managed accounts, open-end mutual funds and closed-end funds, offering a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit http://www.calamos.com/ . 2020 Calamos Court Naperville, IL 60563-2787 800-582-6959 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, +1-630-577-9687, Web site: http://www.calamos.com/

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