<DOCUMENT>
<TYPE>EX-99.E
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<FILENAME>c97003a3exv99we.txt
<DESCRIPTION>TERMS AND CONDITIONS OF THE DIVIDEND REINVESTMENT PLAN
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                                                                       Exhibit e

                        CALAMOS GLOBAL TOTAL RETURN FUND

             TERMS AND CONDITIONS OF THE DIVIDEND REINVESTMENT PLAN

     Registered holders ("Common Shareholders") of common shares of beneficial
interest (the "Common Shares") of Calamos Global Total Return Fund (the "Trust")
will automatically be enrolled (the "Participants") in its Dividend Reinvestment
Plan (the "Plan") and are advised as follows:

     1. THE PLAN AGENT. The Bank of New York (the "Agent") will act as agent for
each Participant. The Agent will open an account for each Participant under the
Plan in the same name in which his or her outstanding Common Shares are
registered.

     2. CASH OPTION. Pursuant to the Fund's Plan, unless a holder of Common
Shares otherwise elects, all dividend and capital gains distributions will be
automatically reinvested by the Agent in additional Common Shares of the Fund.
Common Shareholders who elect not to participate in the Plan will receive all
distributions in cash paid by check mailed directly to the shareholder of record
(or, if the shares are held in street or other nominee name then to such
nominee) by the Agent, as dividend paying agent. Such participants may elect not
to participate in the Plan and to receive all distributions of dividends and
capital gains in cash by sending written instructions to the Agent, as dividend
paying agent, at the address set forth below. Please note that the Plan
administrator may use BNY ESI & Co. for trading activity, relative to the Plan
on behalf of Plan participants. BNY ESI & Co. Inc. receives a commission in
connection with any such transactions it processes.

     3. MARKET PREMIUM ISSUANCES. If on the payment date for a Distribution, the
net asset value per Common Share is equal to or less than the market price per
Common Share plus estimated brokerage commissions, the Agent shall receive newly
issued Common Shares ("Additional Common Shares") from the Trust for each
Participant's account. The number of Additional Common Shares to be credited
shall be determined by dividing the dollar amount of the Distribution by the
greater of (i) the net asset value per Common Share on the payment date, or (ii)
95% of the market price per Common Share on the payment date.

     4. MARKET DISCOUNT PURCHASES. If the net asset value per Common Share
exceeds the market price plus estimated brokerage commissions on the payment
date for a Distribution, the Agent (or a broker-dealer selected by the Agent)
shall endeavor to apply the amount of such Distribution on each Participant's
Common Shares to purchase Common Shares on the open market. In the event of a
market discount on the payment date, the Agent will have until the last business
day before the next date on which the shares trade on an "ex-dividend" basis or
in no event more than 30 days after the dividend payment date (the "last
purchase date") to invest the dividend amount in shares acquired in open-market
purchases. It is contemplated that the Trust will pay monthly income dividends.
Therefore, the period during which open-market purchases can be made will exist
only from the payment date of each dividend through the date before the next
"ex-dividend" date, which typically will be approximately ten days. The weighted
average price (including brokerage commissions) of all Common Shares purchased
by the Agent as Agent shall be the price per Common Share allocable to each
Participant. If, before the Agent has completed its purchases, the market price
plus estimated brokerage commissions
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exceeds the net asset value of the Common Shares as of the payment date, the
purchase price paid by Agent may exceed the net asset value of the Common
Shares, resulting in the acquisition of fewer Common Shares than if such
Distribution had been paid in Common Shares issued by the Trust. Because of the
foregoing difficulty with respect to open-market purchases, the Plan provides
that if the Plan Agent is unable to invest the full dividend amount in
open-market purchases during the purchase period or if the market discount
shifts to a market premium during the purchase period, the Plan Agent may cease
making open-market purchases and may invest the uninvested portion of the
dividend amount in newly issued Common Shares at the net asset value per Common
Share at the close of business on the last purchase date. Participants should
note that they will not be able to instruct the Agent to purchase Common Shares
at a specific time or at a specific price. Open-market purchases may be made on
any securities exchange where Common Shares are traded, in the over-the-counter
market or in negotiated transactions, and may be on such terms as to price,
delivery and otherwise as the Agent shall determine. Each Participant's
uninvested funds held by the Agent will not bear interest. The Agent shall have
no liability in connection with any inability to purchase Common Shares within
the time provided, or with the timing of any purchases effected. The Agent shall
have no responsibility for the value of Common Shares acquired. The Agent may
commingle Participants' funds to be used for open-market purchases of Trust
shares and the price per share allocable to each Participant in connection with
such purchases shall be the average price (including brokerage commissions and
other related costs) of all Trust shares purchased by Agent.

     5. VALUATION. The market price of Common Shares on a particular date shall
be the last sales price on the securities exchange where the Common Shares are
listed on that date (the "Exchange"), or, if there is no sale on such Exchange
on that date, then the mean between the closing bid and asked quotations on such
Exchange on such date will be used. The net asset value per Common Share on, a
particular date shall be the amount calculated on that date (or if not
calculated on such date, the amount most recently calculated) by or on behalf of
the Trust in accordance with the Trust's current prospectus.

     6. TAXATION. The automatic reinvestment of Distributions does not relieve
Participants of any federal, state or local taxes which may be payable (or
required to be withheld on Distributions. Participants will receive tax
information annually for their personal records and to help them prepare their
federal income tax return. For further information as to tax consequences of
participation in the Plan, Participants should consult with their own tax
advisors.

     7. LIABILITY OF AGENT. The Agent shall at all times act in good faith and
agree to use its best efforts within reasonable limits to ensure the accuracy of
all services performed under this Agreement and to comply with applicable law,
but assumes no responsibility and shall not be liable for loss or damage due to
errors unless such error is caused by the Agent's negligence, bad faith, or
willful misconduct or that of its employees.

     8. RECORDKEEPING. The Agent may hold each Participant's Common Shares
acquired pursuant to the Plan together with the Common Shares of other Common
Shareholders of the Trust acquired pursuant to the Plan in non-certificated form
in the Agent's name or that of the Agent's nominee. Each Participant will be
sent a confirmation by the Agent of each acquisition made for his or her account
as soon as practicable, but in no event later than 60 days,


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after the date thereof. Upon a Participant's request, the Agent will deliver to
the Participant, without charge, a certificate or certificates for the full
Common Shares. Although each Participant may from time to time have an undivided
fractional interest in a Common Share of the Trust, no certificates for a
fractional share will be issued. Similarly, Participants may request to sell a
portion of the Common Shares held by the Agent in their Plan accounts by calling
the Agent, writing to the Agent, or completing and returning the transaction
form attached to each Plan statement. The Agent will sell such Common Shares
through a broker-dealer selected by the Agent within 5 business days of receipt
of the request. The sale price will equal the weighted average price of all
Common Shares sold through the Plan on the day of the sale, less brokerage
commissions. Participants should note that the Agent is unable to accept
instructions to sell on a specific date or at a specific price. Any share
dividends or split shares distributed by the Trust on Common Shares held by the
Agent for Participants will be credited to their accounts. In the event that the
Trust makes available to its Common Shareholders rights to purchase additional
Common Shares, the Common Shares held for each Participant under the Plan will
be added to other Common Shares held by the Participant in calculating the
number of rights to be issued to each Participant.

     9. PROXY MATERIALS. The Agent will forward to each Participant any proxy
solicitation material. The Agent will vote any Common Shares held for a
Participant first in accordance with the instructions set forth on proxies
returned by such Participant to the Trust, and then with respect to any proxies
not returned by such Participant to the Trust, in the same proportion as the
Agent votes the proxies returned by the Participants to the Trust.

     10. FEES. The Agent's service fee for handling Distributions will be paid
by the Trust. Each Participant will be charged his or her pro rata share of
brokerage commissions on all open-market purchases. If a Participant elects to
have the Agent sell part or all of his or her Common Shares and remit the
proceeds, such Participant will be charged his or her pro rata share of
brokerage commissions on the shares sold, plus a $15 transaction fee.

     11. TERMINATION IN THE PLAN. Each registered Participant may terminate his
or her account under the Plan by notifying the Agent in writing at P.O. Box
1958, Newark, New Jersey 07101-9774, or by calling the Agent at 1-800-432-8224,
or using The Bank of New York's website: http://stockbny.com. Such termination
will be effective with respect to a particular Distribution if the Participant's
notice is received by the Agent prior to such Distribution record date. The Plan
may be terminated by the Agent or the Trust upon notice in writing mailed to
each Participant at least 60 days prior to the effective date of the
termination. Upon any termination, the Agent will cause a certificate or
certificates to be issued for the full shares held for each Participant under
the Plan and cash adjustment for any fraction of a Common Share at the then
current market value of the Common Shares to be delivered to him. If preferred,
a Participant may request the sale of all of the Common Shares held by the Agent
in his or her Plan account in order to terminate participation in the Plan. If
any Participant elects in advance of such termination to have Agent sell part or
all of his shares, Agent is authorized to deduct from the proceeds a $15.00 fee
plus the brokerage commissions incurred for the transaction. If a Participant
has terminated his or her participation in the Plan but continues to have Common
Shares registered in his or her name, he or she may re-enroll in the Plan at any
time by notifying the Agent in writing at the address above.


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     12. AMENDMENT OF THE PLAN. These terms and conditions may be amended by the
Agent or the Trust at any time but, except when necessary or appropriate to
comply with applicable law or the rules or policies of the Securities and
Exchange Commission or any other regulatory authority, only by mailing to each
Participant appropriate written notice at least 30 days prior to the effective
date thereof. The amendment shall be deemed to be accepted by each Participant
unless, prior to the effective date thereof, the Agent receives notice of the
termination of the Participant's account under the Plan. Any such amendment may
include an appointment by the Agent of a successor Agent, subject to the prior
written approval of the successor Agent by the Trust.

     13. APPLICABLE LAW. These terms and conditions shall be governed by the
laws of the State of New York.


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