<SEC-DOCUMENT>0000950137-08-002963.txt : 20120816
<SEC-HEADER>0000950137-08-002963.hdr.sgml : 20120816
<ACCEPTANCE-DATETIME>20080228171830
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950137-08-002963
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080228

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
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="c19483c5vedderprice.gif" alt="(VEDDER PRICE LOGO)">
</DIV>

<DIV align="left" style="font-size: 7pt; margin-top: 48pt"><FONT face="Helvetica,Arial,sans-serif">DEBORAH BIELICKE EADES<BR>
312-609-7661<BR>
deades@vedderprice.com</FONT>
</DIV>

</DIV>

<DIV style="position: relative; float: right; width: 40%">

<DIV align="left" style="font-size: 7pt; margin-top: 6pt"><FONT face="Helvetica,Arial,sans-serif">VEDDER, PRICE P.C.<BR>
<FONT style="font-size:3pt">&nbsp;</FONT><BR>
222 NORTH LASALLE STREET<BR><FONT style="font-size:3pt">&nbsp;</FONT><BR>
CHICAGO, ILLINOIS 60601<BR><FONT style="font-size:3pt">&nbsp;</FONT><BR>
312-609-7500<BR><FONT style="font-size:3pt">&nbsp;</FONT><BR>
FAX: 312-609-5005</FONT>

</DIV>

<DIV align="left" style="font-size: 6pt; margin-top: 18pt"><FONT face="Helvetica,Arial,sans-serif">CHICAGO
&#149; NEW YORK CITY &#149; WASHINGTON, D.C. &#149; ROSELAND, NJ</FONT>

</DIV>
</DIV>
<BR clear="all"><BR>



</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 60%; margin-top: 6pt">February&nbsp;28, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><FONT style="border-bottom: 1px solid #000000">VIA E-MAIL AND EDGAR</FONT></B><BR>
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="95%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Calamos Strategic Total Return Fund<BR>
File Nos. 333-146943 and 811-21484<BR>
Calamos Convertible Opportunities and Income Fund<BR>
File Nos. 333-146945 and 811-21080<BR>
Calamos Convertible and High Income Fund<BR>
File Nos. 333-146947 and 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: 18pt">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;3 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;) will
be filed on or about February&nbsp;28, 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds received oral comments on Pre-Effective Amendment No.&nbsp;2 to each of the Registration
Statements as filed with the Commission on February&nbsp;22, 2008 in a telephone conference between
Robert Dixon of Vedder Price P.C. and Mr.&nbsp;Larry L. Greene of the
Commission staff on February&nbsp;26, 2008. The following sets forth those comments and the Funds&#146;
responses thereto.
</DIV>

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

<DIV align="left" style="font-size: 14pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">VedderPrice</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
February&nbsp;28, 2008<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 18pt">1. <B><I>Comment: </I></B>Global Total Return Fund defines a &#147;foreign issuer&#148; as a foreign government or a
company organized under the laws of a foreign country. Explain to the staff how a foreign issuer
being organized under the laws of a foreign country demonstrates that the issuer is economically
tied to that jurisdiction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Response: </I></B>The Fund is a global fund and does not emphasize a particular geographic region.
The Fund believes that an issuer&#146;s domicile outside the United States is an objective measure and a
strong indication that the issuer has significant ties outside the United States. Issuers
organized outside the United States have relatively little incentive to subject themselves to the
securities, tax and other laws of the United States. A foreign issuer organized under the laws of
a foreign country is subject to the currency, socio-economic and political risks of that
jurisdiction, including nationalization. Issuers located outside the United States are subject to
tax, accounting and regulatory requirements of its place of domicile and any additional
jurisdictions or exchanges in which its securities are sold or traded. Accordingly, the Fund
believes that issuers organized outside the United States are likely to have significant economic,
and other, ties outside the United States.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. <B><I>Comment: </I></B>With respect to the fee table in the Funds&#146; prospectuses, explain to the staff for
which Funds the adviser contractually waives a portion of its fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Response: </I></B>With respect to each of Convertible Opportunities and Income Fund and Convertible
and High Income Fund, Calamos has contractually agreed to waive a portion of its management fee.
The contractual fee waiver is reflected as a line item in the fee table for each Fund and is
further explained in footnote 5 to the fee table. There are no contractual fee waiver arrangements
in place for either Strategic Total Return Fund or Global Total Return Fund, and, accordingly, no
line item in the fee table or corresponding footnote has been included in the &#147;Summary of Fund
Expenses&#148; section of the Fund&#146;s prospectus.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. <B><I>Comment: </I></B>Please supplement the auction rate risk disclosure in the prospectuses for the Funds
to discuss the risks associated with, and potential results of, auction failure and that common
shareholders bear the risk of increased leverage costs resulting from a failed auction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Response: </I></B>The following disclosure has been added to the &#147;Auction Risk&#148; section of each
prospectus (applicable to preferred shareholders):
</DIV>

<DIV align="left" style="margin-top: 6pt; margin-left: 2%; margin-right:2%; font-size: 10pt">The markets for auction rate securities have continued to face widening spreads,
reduced demand and, more recently, an increased number of failed auctions. A failed
auction results when there are not enough bidders in the auction at rates below the
maximum rate as prescribed by the terms of the security. When an
auction fails, all holders receive the maximum rate and may be unable to sell their
shares until the next auction, which may be for an indefinite period of time.
</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: 14pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">VedderPrice</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">United States Securities and Exchange Commission<BR>
February&nbsp;28, 2008<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following disclosure has been added to the &#147;Leverage Risk&#148; section of the prospectus
(applicable to common shareholders):
</DIV>

<DIV align="left" style="margin-top: 6pt; margin-left: 2%; margin-right:2%; font-size: 10pt">The markets for auction rate securities have continued to face widening spreads,
reduced demand and, more recently, an increased number of failed auctions. These
conditions may result in higher leverage costs to common shareholders.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">* &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;609-7661.
</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>
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    <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" style="border-bottom: 1px solid #000000" align="left">                               /s/ Deborah Bielicke Eades
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Deborah Bielicke Eades&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>


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</DIV>



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