<SEC-DOCUMENT>0000950137-08-001420.txt : 20120816
<SEC-HEADER>0000950137-08-001420.hdr.sgml : 20120816
<ACCEPTANCE-DATETIME>20080130172813
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950137-08-001420
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALAMOS GLOBAL TOTAL RETURN FUND
		CENTRAL INDEX KEY:			0001285650
		IRS NUMBER:				203377281
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60563
		BUSINESS PHONE:		6302451046

	MAIL ADDRESS:	
		STREET 1:		2020 CALAMOS COURT
		STREET 2:		C/O CALAMOS ADVISORS LLC
		CITY:			NAPERVILLE
		STATE:			IL
		ZIP:			60563
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 8pt; margin-top: 6pt">ROBERT W. DIXON<BR>
312-609-7742<BR>
rdixon@vedderprice.com

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 50%">January&nbsp;30, 2008

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt">United States Securities and Exchange Commission<BR>
Division of Investment Management<BR>
100 F Street, N.E.<BR>
Washington, DC 20549<BR>
Attn: Mr.&nbsp;Larry L. Greene, Senior Counsel

</DIV>

<DIV align="right" style="margin-top: 12pt">
<TABLE width="98%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
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<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Calamos Strategic Total Return Fund<BR>
File Nos. 333-146943; 811-21484<BR>
Calamos Convertible Opportunities and Income Fund<BR>
File Nos. 333-146945; 811-21080<BR>
Calamos Convertible and High Income Fund<BR>
File Nos. 333-146947; 811-21319<BR>
Calamos Global Total Return Fund<BR>
<U>File Nos. 333-146944 and 811-21547</U></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">To the Commission:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of the above-referenced funds (each, a &#147;Fund&#148; and together, the &#147;Funds&#148;) and
pursuant to the Securities Act of 1933 (&#147;1933 Act&#148;) and the Investment Company Act of 1940 (&#147;1940
Act&#148;), Pre-Effective Amendment No.&nbsp;1 to each Fund&#146;s Registration Statement on Form N-2 relating to
the offering by each Fund of common, preferred or debt securities in one or more offerings on an
immediate, continuous or delayed basis (each, an &#147;Amendment&#148; and together, the &#147;Amendments&#148;) was
filed on January&nbsp;30, 2008 with the Securities and Exchange Commission (the &#147;Commission&#148;). The
purpose of the Amendments is to respond to comments received from the Commission staff and to
complete certain information required by Form N-2. A courtesy copy of each of the Amendments,
marked to show changes from the initial filings, will be sent to the Commission staff separately to
assist with its review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds received comments on the Registration Statements as filed with the Commission by
letter from Mr.&nbsp;Larry L. Greene of the Commission staff dated December&nbsp;5, 2007. The following sets
forth those comments and the Funds&#146; responses thereto.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>General</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1.&nbsp;<B><I>Comment: </I></B>Please state in your response letter whether FINRA will or has reviewed the proposed
underwriting terms and arrangements of the transaction involved in the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>In anticipation of one or more potential offerings of their common shares through
underwritten offerings, the Funds expect that relevant portions of the filings, with the
assistance of the underwriters and their counsel, will be submitted to the FINRA for review.
However, we note that if the securities to be offered are within the categories specified
in NASD Conduct Rule&nbsp;2710(b)(7)(B), such review will not be necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2.&nbsp;<B><I>Comment: </I></B>Explain to the staff whether the Funds will file post-effective amendments in order
to sell securities off the shelf or whether they propose to file supplements under Rule&nbsp;497. If
the latter, advise the staff how the legal opinion and financial statements will be updated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds expect to file both post-effective amendments pursuant to Rule 462(d)
and supplements pursuant to Rule&nbsp;497 in connection with each offering. A legal opinion and
offering documents specific to each particular offering will be filed as an exhibit to each
post-effective amendment. In addition, the Funds will update financial statements on an
annual basis by filing post-effective amendments subject to the staff&#146;s review. The Funds
may also file interim financial statements from time to time pursuant to Rule&nbsp;497.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3.&nbsp;<B><I>Comment: </I></B>The pricing table on the facing page discloses the amount of securities being
registered. Confirm that securities to be used to fulfill any over-allotments will be included in
the amount being registered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds confirm that securities to be used to fulfill any over-allotment
options of the underwriters will be included in the amounts being registered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4.&nbsp;<B><I>Comment: </I></B>Please see the U.S. Securities and Exchange Commission, A Plain English Handbook
(1998). Please review and revise the disclosure where it appears necessary so as to assure
conformity with the Commission&#146;s plain English requirements. For example, reformat disclosures
appearing in all capital letters on the cover of the Statement of Additional Information and
elsewhere in the document. Please use a different means to make the disclosure prominent (e.g.,
bold). Clarify the types of indices referred to in the following underlined clause: &#147;The Fund may
also purchase and sell options on securities indices <U>and other financial indices</U>.&#148;
(Emphasis added.) Clarify the meaning of the following disclosure: &#147;Their discretionary target
bonus is set at a percentage of the respective base salary, ranging from 300% to 600%, with a
maximum annual bonus opportunity of 150% of the target bonus.&#148; Last of all, confirm that the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">disclosure in the filing meets the type size requirements of Rule&nbsp;420 of Regulation&nbsp;C under the
Securities Act.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds confirm that the referenced disclosure will not appear all-capitalized
in the final print. Additional changes responsive to the staff&#146;s specific requests have
been made in the Amendments. The Funds also confirm that the disclosure in the filings is
in roman type at least as large as 10-point modern type, as required by Rule&nbsp;420. The Funds
believe that the filings otherwise comply with the Commission&#146;s plain English requirements.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. <B><I>Comment: </I></B>We note that the Funds did not include cover letters with their registration
statements indicating the purpose of the filings. In the future, we suggest each Fund include
written correspondence with every filing indicating the name and the telephone number of the person
to be contacted for information regarding the submission, the purpose of the filing, and whether it
contains any novel or special issues, or disclosure, that warrant staff attention.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds have noted the staff&#146;s comment and will include cover letters with
future filings.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. <B><I>Comment: </I></B>The facing page indicates that each filing was made under Rule&nbsp;415. Explain to the
staff the enumerated paragraph of the rule upon which the Funds are relying to make the offerings.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response</I></B>: The Funds are relying on Rule&nbsp;415(a)(1)(x) to make the offerings contemplated in
the Registration Statements. In No-Action Letters issued to Pilgrim America Prime Rate
Trust and Nuveen Virginia Premium Income Municipal Fund,<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> the staff indicated
that a closed-end investment company may rely on Rule&nbsp;415(a)(1)(x) to issue securities
pursuant to a shelf registration statement provided that the issuer disseminates a &#147;steady
stream of high quality information&#148; about the issuer to the public. The Funds believe that
the information about the Funds regularly disseminated to the public satisfies the
Commission&#146;s concern regarding the availability of a steady stream of high quality
information about the Funds. In reliance on the staff&#146;s views set forth in the Pilgrim
letter, as modified by the Nuveen letter, the Funds believe that they are eligible to rely
on Rule&nbsp;415(a)(1)(x) to make the offerings contemplated in the Registration Statements.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
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    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><I>Pilgrim America Prime Rate Trust </I>(publicly available
May&nbsp;1, 1998); <I>Nuveen Virginia Premium Income Municipal Fund </I>(publicly available
October&nbsp;6, 2006).</TD>
</TR>

</TABLE>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 4

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Prospectus</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. <B><I>Comment: </I></B>Add the underlined clause to the following disclosure captioned &#147;Cautionary Notice
Regarding Forward-Looking Statements&#148;: &#147;The forward-looking statements contained in this
prospectus and any accompanying prospectus supplement <U>and the statement of additional
information</U> are excluded from the safe harbor protection provided by section 27A of the
Securities Act of 1933, as amended (the &#145;1933 Act&#146;).&#148;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>Changes responsive to the staff&#146;s comment have been made in the Amendments.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. <B><I>Comment: </I></B>The first paragraph of disclosure captioned &#147;Prospectus Summary &#151; Distributions&#148;
discusses distribution history. Each Fund discloses in the first sentence that it has made regular
distributions to its shareholders for a specified period. Specify the nature of the distribution
(e.g., net investment income). The second sentence of this discussion in the Global Total Return
prospectus discloses that: &#147;Additionally, the Fund has made <U>periodic</U> distributions of
long-term capital gains since inception.&#148; (Emphasis added.) Confirm that such distributions
complied with &#167;19(b) under the 1940 Act and Rule&nbsp;19b-1 thereunder.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>In connection with each distribution to shareholders, Calamos issues a notice to
shareholders that describes, to the extent known at such time, the source of the
distribution, whether it be undistributed net investment income, undistributed net realized
short-term capital gains, capital or a combination thereof. The Funds note that these
various sources of distributions are described in the third sentence of the paragraph
immediately following the paragraph in question and respectfully believe that this existing
disclosure is responsive to the staff&#146;s comment. In addition, the Global Total Return Fund
confirms that all long-term capital gain distributions made by the Fund since inception have
complied with &#167;19(b) under the 1940 Act and Rule&nbsp;19b-1 thereunder.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. <B><I>Comment: </I></B>The second and third paragraphs under this caption discuss Global Total Return&#146;s
current managed distribution policy and its efforts to obtain an SEC order to implement such a
plan. The disclosure regarding its current policy indicates, among other things, that
distributions may include net investment income, net realized short-term capital gain and, if
necessary, return of capital; and that at times it may pay out more or less than the entire amount
of income earned. Briefly state how the Fund expects the policy might change if the order is
granted. Provide disclosure that distinguishes managed distributions from true yield and disclose
any adverse tax implications of the Funds&#146; current policies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The same disclosure discusses the possibility that the Fund&#146;s distributions may constitute
returns of capital and that: &#147;To the extent the Fund distributes an amount in excess of the Fund&#146;s
current and accumulated earnings and profits, such excess, if any, will be treated by a shareholder
for federal income tax purposes as a tax-free return of capital to the extent of the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 5

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shareholder&#146;s adjusted tax basis in his, her or its shares and thereafter as a gain from the
sale or exchange of such shares.&#148; With respect to such distributions, provide additional
disclosure in the prospectus regarding i) the effect of a distribution on a shareholder&#146;s basis,
and ii) if applicable, that a substantial amount of the distributions in any year will be a return
of capital.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds expect that the receipt of an SEC order granting the Funds the ability
to implement a managed distribution policy would enable the Funds to more effectively manage
distributions on a long-term basis by more frequently utilizing long-term gains as a
potential source of distributions. Absent receipt of the order, the Funds may distribute
net realized long-term capital gains only once annually, although a second distribution is
permitted to the extent necessary to avoid the imposition of an excise tax. The Funds
believe that a managed distribution policy that allows the Funds to utilize long-term
capital gains more frequently may enhance the tax efficiency of distributions to the Funds&#146;
shareholders. In addition, in response to the staff&#146;s requests, the Funds have added the
following disclosure to the Amendments for purposes of (i)&nbsp;describing the effect of a return
of capital distribution on a shareholder&#146;s adjusted tax basis, and (ii)&nbsp;distinguishing
managed distributions from true yield.
</DIV>

<DIV align="left" style="margin-top: 6pt; margin-left: 6%; margin-right:6%; font-size: 10pt">&#147;To the extent the Fund distributes an amount in excess of the
Fund&#146;s current and accumulated earnings and profits, such excess, if
any, will be treated by a shareholder for federal income tax
purposes as a tax-free return of capital to the extent of the
shareholder&#146;s adjusted tax basis in his, her or its shares and
thereafter as a gain from the sale or exchange of such shares.
<U>Any such distributions made by the Fund will reduce the
shareholder&#146;s adjusted tax basis in his, her or its shares to the
extent that the distribution constitutes a return of capital. To
the extent that the Fund&#146;s distributions exceed the Fund&#146;s current
and accumulated earnings and profits, the distribution payout rate
will exceed the yield generated from the Fund&#146;s investments</U>.&#148;
(Emphasis added.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The Funds believe that any adverse tax implications of the Funds&#146; current distribution
policies are currently disclosed in the sections captioned &#147;Prospectus Summary &#151;
Distributions&#148; and &#147;Certain Federal Income Tax Matters.&#148; Finally, the Funds hereby
supplementally inform the staff that the Funds do not expect a substantial amount of
distributions in any year to constitute a return of capital.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. <B><I>Comment: </I></B>Disclosure in the fourth paragraph states: &#147;<U>Since not all investors can
participate</U> in the automatic dividend reinvestment plan, you should contact your broker or
nominee to confirm that you are eligible to participate in the plan.&#148; (Emphasis added.) Explain
why some investors may not participate in the plan.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 6

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds have revised the referenced sentence in the Amendments to read as
follows: &#147;Since investors can participate in the automatic dividend reinvestment plan only
if their broker or nominee participates in our plan, you should contact your broker or
nominee to confirm that you are eligible to participate in the plan.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">11. <B><I>Comment: </I></B>The next sub-caption, &#147;Investment Policies,&#148; contains disclosure which states that:
&#147;Under normal circumstances, the Fund will invest at least 30% of its managed assets in securities
of foreign issuers.&#148; A foreign issuer is defined as a foreign government or a company organized
under the laws of a foreign country. Some companies are incorporated in a foreign country, yet
derive substantial revenue from, and have substantial assets in, the U.S. Will the Fund treat that
company as a foreign issuer? If yes, disclose that fact and how it affects the global nature of an
investment in the Fund.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>Under the Fund&#146;s definition of a foreign issuer, a foreign issuer is a foreign
government or company organized under the laws of a foreign country, regardless of where it
conducts business, maintains its assets, provides services or where its securities are
principally traded. The Fund believes that this definition is appropriate for a &#147;global&#148;
fund that does not emphasize any particular country or region. The Fund also notes that
this definition of a foreign issuer is the same as the definition reviewed by the staff in
connection with the initial offering of common shares by Calamos Global Dynamic Income Fund
(File No.&nbsp;333-142506).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">12. <B><I>Comment: </I></B>The last paragraph under this sub-caption discloses that: &#147;The Fund may invest in
other securities of various types to the extent consistent with its investment objective.&#148; This
policy suggests the Fund may acquire whatever it wants whether or not disclosed in the prospectus.
Either delete this disclosure or explain its meaning to the staff.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>Each Fund generally expects to only invest in securities of the types described
in its respective prospectus and statement of additional information, to the extent
consistent with each Fund&#146;s respective investment objective. The Funds have included the
disclosure cited above to address the possibility that, as financial markets evolve and new
types of investment products become available, the Funds may invest in these new investment
products, but only to the extent consistent with a Fund&#146;s investment objective. The Funds
note that any material changes to a Fund&#146;s investment objectives or the types of securities
in which a Funds may invest will be disclosed in that Fund&#146;s annual and/or semi-annual
reports to shareholders, as appropriate.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">13. <B><I>Comment: </I></B>Revise the introductory paragraph preceding the fee table so as to update the
information presented therein as of October&nbsp;2006.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds have revised the introductory paragraph preceding the fee table so as
to update the information presented therein as of October&nbsp;2007.
</DIV>

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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 7

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">14. <B><I>Comment: </I></B>Revise the fee table consistent with the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in light of each Fund&#146;s planned investments in other investment companies, add an
additional line item for Acquired Fund Fees and Expenses (<I>See </I>Investment Company Act
Release No.&nbsp;27399 &#091;June&nbsp;20, 2006&#093;).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Response: </I></B>For the information of the staff, the Funds currently have no intention of
investing, and do not invest, in other investment companies except in money market funds for
cash sweep purposes. The Funds expect that any future expenses incurred indirectly in
connection with such investments in other investment companies will not exceed one basis
point of each Fund&#146;s average net assets. Thus, the Funds do not believe that the
sub-caption required by Item&nbsp;3.10.a of Form N-2 is required.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to the management fee line item, add a footnote that explains how the
Fund converts the advisory fee from managed to net assets,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Response: </I></B>Changes responsive to the staff&#146;s comment have been added as footnote 3 in
the Amendments.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>revise Footnote 3 by adding disclosure regarding the amount of leverage assumed to
have been initiated during the period covered by the table. Further, any debt
contemplated for the next succeeding year should be included in this calculation,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Response: </I></B>Changes responsive to the staff&#146;s comment have been made in new footnote 4
in the Amendments.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to the discussion in Footnote 5 for Convertible Opportunities and
Convertible High Income regarding the adviser&#146;s agreement to waive fees, disclose that
the adviser or an affiliate may not recapture any waived amounts and whether the waiver
may be terminated at any time. Further, each footnote may only show the reduction
applicable to the 2009 period and disclosure should be added to the footnote that
explains how the calculation was converted to a net number,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Response: </I></B>Changes responsive to the staff&#146;s comment have been made in footnote 5 in
the Amendments for the Convertible Opportunities and Income Fund and the Convertible and
High Income Fund.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>explain to the staff how such waivers and reimbursements are reflected in the
example calculations for the 1, 3, 5, and 10&nbsp;year periods, and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 8

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Response: </I></B>For the information of the staff, the advisory agreement fee waivers for
the Convertible Opportunities and Income Fund and the Convertible and High Income Fund are
reflected in the expense example calculations by showing increased total common shareholder
expenses over time, as the fee waiver percentages correspondingly decrease over time.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delete Footnote 4, because it may confuse investors.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Response: </I></B>Changes responsive to the staff&#146;s comment have been made in the Amendments.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">15. <B><I>Comment: </I></B>The second and third paragraphs of the discussion captioned &#147;Investment Objective and
Principal Investment Strategies &#151; Principal Investment Strategies&#148; disclose that the Fund will
dynamically allocate its investments through all market cycles using multiple strategies, either
separately or in combination. Reconcile this policy, which suggests fairly active turnover of
securities, with the following disclosure sub-captioned &#147;Portfolio Turnover&#148;: &#147;Although the Fund
does not purchase securities with a view to rapid turnover ...&#148;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds respectfully disagree that a &#147;dynamic allocation&#148; policy connotes an
active turnover of securities. The Global Total Return Fund and the Strategic Total Return
Fund use the term &#147;dynamic&#148; to describe Calamos&#146; ability to manage the Funds&#146; portfolios
over different market cycles on a long-term basis, as opposed to maintaining a fixed or
static allocation. The Funds believe that employing a dynamic allocation policy allows
Calamos to make investment decisions that are responsive to particular market conditions and
in the best interests of the Funds. The Funds further note that registration statements for
each of the Funds previously reviewed by the staff (File Nos. 333-114111) have included
identical disclosure.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">16. <B><I>Comment: </I></B>If in connection with its global operations the Fund will engage in European as well
as American style options, revise the option disclosure to discuss that policy.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>In response to the staff&#146;s request, the Global Total Return Fund has added the
following disclosure to the Amendment.
</DIV>

<DIV align="left" style="margin-top: 6pt; margin-left: 6%; margin-right:6%; font-size: 10pt">&#147;Certain options, known as &#147;American style&#148; options, may be
exercised at any time during the term of the option. Other options,
known as &#147;European style&#148; options, may be exercised only on the
expiration date of the option. The Fund expects that substantially
all of the options written by the Fund will be American style
options.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 9

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">17. <B><I>Comment: </I></B>The prospectus for each Fund, except Convertible Opportunities, contains the
following disclosure: &#147;<I>Other Income Securities</I>. The Fund may also invest in investment grade
income securities. The Fund&#146;s investments in investment grade income securities may have fixed or
variable principal payments and all types of interest rate and dividend payment and reset terms,
including ...&#148; The disclosure is vague. Clarify the type of securities involved and disclose the
associated risks.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds, except Convertible Opportunities and Income Fund, have revised the
referenced disclosure in the Amendments to instead refer to &#147;income securities&#148; as &#147;debt
securities.&#148; The Funds believe that the term &#147;debt securities&#148; is less vague than the term
&#147;income securities.&#148; The Funds note that the risks associated with debt securities are
discussed in the prospectus sections of the Amendments captioned &#147;Risk Factors&#151;Fund
Risks&#151;High Yield Securities Risk,&#148; &#147;&#151;Default Risk&#148; and &#147;&#151;Interest Rate Risk.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">18. <B><I>Comment: </I></B>Similarly, disclosure under the sub-caption &#147;Principal Investment Strategies&#148; in the
Convertible Opportunities prospectus states that: &#147;<I>Investments in Equity Securities</I>. Consistent
with its objective, the Fund may invest in equity securities. Equity securities, such as common
stock, generally represent an ownership interest in a company.&#148; Disclose the types of equity
securities in which a Fund may invest.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The disclosure in question has been revised as follows in the Convertible
Opportunities and Income Fund and Convertible and High Income Fund Amendments: &#147;Consistent
with its objective, the Fund may invest in equity securities<U>, including common and
preferred stocks, warrants, rights and depository receipts</U>. Equity securities, such as
common stock, generally represent an ownership interest in a company.&#148; (Emphasis added.)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">19. <B><I>Comment: </I></B>If appropriate, revise the disclosure captioned &#147;REIT Risk&#148; for both Convertible High
Income and Convertible Opportunities to reflect any new risks associated with sub-prime loans and
the current mortgage markets.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds note that the current problems associated with the sub-prime loan and
mortgage markets primarily relate to residential real estate, and not commercial real
estate. Because REITs, including those in which the Funds invest, typically concentrate
their investments in commercial real estate, the Funds do not believe that disclosure of any
new risks associated with sub-prime loans and the current mortgage markets is necessary.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">20. <B><I>Comment: </I></B>Revise the disclosure captioned &#147;Risk Factors &#151; Additional Risks to Common
Shareholders&#148; to indicate that all leverage and related expenses are expenses paid solely by common
shareholders.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 10

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>Changes responsive to the staff&#146;s comment have been made in the Amendments.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">21. <B><I>Comment: </I></B>Revise the following disclosure to state specifically that the advisory fee creates a
conflict of interest for Calamos: &#147;Because Calamos&#146; investment management fee is a percentage of
the Fund&#146;s managed assets, Calamos&#146; fee will be higher if the Fund is leveraged and Calamos will
have an incentive to be more aggressive and leverage the Fund.&#148;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The following underlined sentence has been inserted in the Amendments in
response to the staff&#146;s comment: &#147;Because Calamos&#146; investment management fee is a
percentage of the Fund&#146;s managed assets, Calamos&#146; fee will be higher if the Fund is
leveraged and Calamos will have an incentive to be more aggressive and leverage the Fund.
<U>Consequently, the Fund and Calamos may have differing interests in determining whether
to leverage the Fund&#146;s assets</U>.&#148; (Emphasis added.)
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">22. <B><I>Comment: </I></B>Disclosure sub-captioned &#147;Market Discount Risk&#148; states the following: &#147;Depending on
the premium of the Fund&#146;s common shares, the Fund&#146;s net asset value may be reduced immediately
following this offering by the offering costs for common shares, including the sales load, which
will be borne entirely by all common shareholders.&#148; Explain the extent to which sales loads are
expected to be borne by common shareholders.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>As discussed with Mr.&nbsp;Greene by telephone on January&nbsp;14, 2008, the Funds have
deleted the phrase &#147;Depending on the premium of the Fund&#146;s common shares,&#148; from the sentence
cited above in each of the Amendments.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">23. <B><I>Comment: </I></B>Revise the disclosure captioned &#147;Description of Securities &#151; Common Shares&#148; by
adding the indicated underlined clause: &#147;Common shares, when issued and outstanding, will be
<U>legally issued</U>, fully paid and non-assessable.&#148; Further, clarify the following in the next
sub-caption: &#145;Under the 1940 Act, the Fund may only issue <U>one class</U> of preferred shares.
So long as any preferred shares are outstanding, additional issuances of preferred shares must be
of the <U>same class</U> as preferred shares and may not have preference or priority over the
preferred shares upon the distribution of assets of the Fund.&#148; (Emphasis added.)
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>Changes responsive to the staff&#146;s comment have been made in the Amendments. In
addition, with respect to the above-referenced disclosure regarding preferred shares, the
Funds have revised the language in the Amendments to read as follows: &#147;So long as any
preferred shares are outstanding, additional issuances of preferred shares may not have
preference or priority over the outstanding preferred shares.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">24. <B><I>Comment: </I></B>In connection with a discussion of the Fund&#146;s policy that shareholders seeking to
nominate trustees or transact other business at an annual meeting, disclosure captioned
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 11

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Certain Provisions of The Agreement and Declaration of Trust and Bylaws,&#148; provides that: &#147;Any
notice by a shareholder must be accompanied by certain information as provided in the Bylaws.&#148;
Briefly describe the nature of the information to be provided by shareholders.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The following underlined changes have been made in the Amendments in response to
the staff&#146;s comment: &#147;Any notice by a shareholder must be accompanied by certain
information as provided in the Bylaws, <U>including information regarding the shares held
by the shareholder and information regarding the candidate&#146;s background and qualifications
to serve as trustee</U>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Statement of Additional Information</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">25. <B><I>Comment: </I></B>Disclosure sub-caption &#147;Debt Securities&#148; states that: &#147;There are no restrictions as
to the ratings of debt securities acquired by the Fund or the portion of the Fund&#146;s assets that may
be invested in debt securities in a particular ratings category.&#148; Add this disclosure to the
prospectus summary.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds, except Convertible Opportunities and Income Fund, have added the
sentence recommended by the staff to each Fund&#146;s prospectus summary in the Amendments under
the sub-caption &#147;Investment Policies&#151;Other Securities.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">26. <B><I>Comment: </I></B>Disclose the amount of assets which may be invested in Synthetic Foreign Money Market
Positions and Structured Products. With respect to the latter, if the Fund&#146;s structured
investments may include mortgage related investments or other investments materially affected by
sub-prime mortgages, add appropriate risk disclosure.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>For each Fund, disclosure has been added to the Amendments to indicate that the
Funds do not intend to invest a significant percentage of their respective managed assets in
synthetic foreign money market positions. The Global Total Return Fund has also added
disclosure to its Amendment to indicate that it does not intend to invest a significant
percentage of its managed assets in structured products. For the information of the staff,
the Funds do not currently anticipate investing more than 5% of their respective assets in
Synthetic Foreign Money Market Positions or Structured Products, as applicable. The Funds
supplementally inform the staff that their investments in structured products do not include
mortgage-related investments or other investments materially affected by sub-prime
mortgages, and the Funds thus do not believe that additional risk disclosure is necessary.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">27. <B><I>Comment: </I></B>Disclosure under the sub-caption &#147;Other Investment Companies&#148; indicates that each
Fund may invest in other investment companies subject to the limits in &#167;12(d) of the 1940 Act and
goes on to state that: &#147;These limitations do not apply to the purchase of shares of money market
funds ...&#148; Confirm to the staff that each Fund&#146;s transactions regarding money
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c1c1954003.gif" alt="(VEDDER PRICE LOGO)">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
January&nbsp;30, 2008<BR>
Page 12

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">market funds has and will satisfy the conditions and requirements of Rule&nbsp;12d1-1 under the 1940
Act.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>The Funds confirm to the staff that each Fund&#146;s investments in securities money
market funds will satisfy the conditions of Rule&nbsp;12d1-1 under the 1940 Act.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">28. <B><I>Comment: </I></B>Disclosure regarding portfolio manager compensation captioned &#147;Management of the Fund
&#151; Portfolio Managers&#148; indicates that managers receive a discretionary target bonus. If the
compensation is based on performance determined or measured relative to a benchmark, identify the
benchmark and disclose the measuring period to be used to determine compensation.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B><I>Response: </I></B>Calamos has advised the
Funds that the discretionary target
bonus component of the portfolio
managers&#146; compensation is not
determined or measured relative to a
specific benchmark, and the Funds
thus do not believe that additional
disclosure is appropriate. Calamos
considers a variety of information
when determining the amount of the
discretionary target bonus, including
individual performance relative to
various corporate objectives and
portfolio performance. The Funds
respectfully believe that the
following disclosure in the Statement
of Additional Information adequately
describes the determination of the
discretionary target bonus:
&#147;Portfolio performance, as measured
by risk-adjusted portfolio
performance, is utilized to determine
the discretionary target bonus, as
well as overall performance of
Calamos.&#148;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you have any questions or comments, please contact the undersigned at (312)&nbsp;609-7742.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Robert W. Dixon&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">RWD/tas
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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#0``[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
