<SEC-DOCUMENT>0000950123-10-014211.txt : 20120626
<SEC-HEADER>0000950123-10-014211.hdr.sgml : 20120626
<ACCEPTANCE-DATETIME>20100218175703
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-014211
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20100218

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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    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="c53132c2c5313208.gif" alt="(LETTERHEAD)"></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;18, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
Division of Investment Management<BR>
Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Calamos Global Total Return Fund<BR>
333-146944<BR>
811-21547</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Greene:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter responds to the comments you verbally conveyed to me on October&nbsp;8, 2009, regarding
post-effective amendment no. 2 to the registration statement on Form N-2 of Calamos Global Total
Return Fund (the &#147;Fund&#148;). For convenience, each of your comments is repeated below, with responses
immediately following.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The revisions to the prospectus, prospectus supplements and statement of additional
information responding to these comments were included in a new Post-Effective Amendment no. 3,
which also updates the Fund&#146;s financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>General</U></B>
</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="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>Please provide written responses to the staff&#146;s
comments, filed as a separate piece of EDGAR
correspondence. In addition, please file Tandy
representations as EDGAR correspondence.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The Fund hereby files these responses to the staff&#146;s comments as separate EDGAR
correspondence. The Fund also hereby files Tandy representations with the Commission in
this correspondence, as <U>Exhibit&nbsp;A</U> hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>We note that the Fund has the term &#147;Global&#148; in its name. Please supplementally
verify that the Fund is in compliance with Rule&nbsp;35d-1 under the Investment Company Act of 1940
(the &#147;1940 Act&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The Investment Company Names Release No.&nbsp;IC-24828 suggests that a fund that uses
the term &#147;Global&#148; in its name should invest its assets in &#147;investments that are tied
economically to a number of countries throughout the world,&#148; with the</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
February&nbsp;18, 2010<BR>
Page <!-- Folio -->2<!-- /Folio -->
</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: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>staff generally interpreting this to require a &#147;global&#148; fund to invest at least 40% of its
assets in non-U.S. securities. During the comment process for the Fund&#146;s initial
registration statement in 2005, we received a comment from the staff regarding the term
&#147;Global&#148; and were able to agree on the language that is currently included in the
prospectus. We believe that the Fund&#146;s policy continues to be in compliance with Rule
35d-1. In addition, as of August&nbsp;31, 2009, the Fund had over 60% of its managed assets
invested in non-U.S. securities, with eight foreign countries each comprising more than 2%
of the Fund&#146;s portfolio. The Fund&#146;s policy regarding non-U.S. investments, contained on
page 22 of the prospectus, is as follows:</TD>
</TR>

</TABLE>
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under normal circumstances, the Fund will invest at least 30% of its managed assets
in securities of foreign issuers; however, the Fund anticipates that ordinarily
Calamos&#146; investment process will result in the Fund investing at least 40% of its
managed assets in securities of foreign issuers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Prospectus</U></B>
</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="1%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>On page ii of the prospectus, the Fund provides a
cautionary notice regarding forward looking
statements. Please consider consolidating the last
sentence of the first paragraph of this discussion
with the last paragraph, which appear to involve
related concepts.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>We have moved the last paragraph on page ii of the prospectus to the end of the
first paragraph.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>Please confirm supplementally the staff&#146;s understanding that the phrase &#147;managed
assets&#148; that is used on page 1 of the prospectus includes assets attributable to borrowings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>We confirm supplementally the staff&#146;s understanding that the phrase &#147;managed
assets&#148; that is used on page 1 of the prospectus includes assets attributable to
borrowings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>On page 1 of the prospectus, the Fund states that it may offer its securities &#147;on an
immediate, continuous, or delayed basis.&#148; Please provide a supplemental explanation that
briefly describes each offering method, and which explains why these methods are not mutually
exclusive.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The phrase &#147;immediate, continuous, or delayed basis&#148; is taken from Rule
415(a)(1)(x), and it refers to three distinct methods of selling securities. An
&#147;immediate&#148; offering is the offering of a security immediately upon effectiveness of the
registration statement. A &#147;continuous&#148; offering is one in which the issuer sells
securities over an extended period of time. A &#147;delayed&#148; offering is one in which the
issuer registers securities, but does not sell those securities until it subsequently does</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
February&nbsp;18, 2010<BR>
Page <!-- Folio -->3<!-- /Folio -->
</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: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a &#147;take down&#148; of the securities being offered. An offering may involve one or more of
these elements, for example, a delayed, continuous offering would be a continuous offering
that occurred after the securities had been taken down from the shelf.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon effectiveness of the Fund&#146;s post-effective amendment no. 2, or the effectiveness of a
subsequent post-effective amendment, the Fund intends to resume its continuous
at-the-market offering of its common stock, for such periods during which sales are
permitted by Section 23(b) of the Investment Company Act of 1940, in accordance with the
principles articulated in Nuveen Virginia Premium Income Municipal Fund (pub. avail. Oct.
6, 2006). This offering is detailed in the form of prospectus supplement that was filed as
a part of post-effective amendment no. 2. In addition, the Fund has registered securities
for a delayed offering in which it may &#147;take down&#148; securities to sell at a date subsequent
to the effectiveness of post-effective amendment no. 2, or a subsequent post-effective
amendment, also in accordance with the principles articulated in Nuveen Virginia Premium
Income Municipal Fund (pub. avail. Oct. 6, 2006). Also, the Fund reserves the right to do
an immediate take-down from the securities registered for the shelf, which depending on the
circumstances, could be deemed to be an immediate offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As can be seen from this discussion, these methods are complementary are not mutually
exclusive.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>On page 1 of the prospectus, the Fund notes that it &#147;paid a one time arrangement fee
of .25% of the total borrowing limit&#148; of its committed facility agreement with BNP Paribas.
Please explain supplementally whether this fee is recurring, or is truly a one-time fee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>We supplementally confirm that the arrangement fee paid by the Fund in connection
with its committed facility agreement with BNP Paribas was a one-time fee and is not
recurring.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>On page 1-2 of the prospectus, and again on pages 56-57 of the prospectus, the Fund
indicates that it has engaged in a Committed Facility Agreement with BNP Paribas Prime
Brokerage, Inc. (&#147;BNP&#148;). The Fund states that pursuant to this agreement, &#147;BNP has the
ability to reregister the collateral in its own name or in another name other than the Fund to
pledge, re-pledge, sell, lend or otherwise transfer or use the collateral (&#147;Hypothecated
Securities&#148;) with all attendant rights of ownership.&#148; Please provide the staff with a
supplemental explanation as to why it believes this arrangement is permissible under Section
17(f) of the 1940 Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The Fund believes that his arrangement meets the elements that the staff&#146;s
previous guidance regarding permissible securities lending arrangements. The arrangement
with BNP involves a borrowing, which will be treated by the Fund as a senior security under
the provisions of Section&nbsp;18 of the 1940 Act, along with a side</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
February&nbsp;18, 2010<BR>
Page <!-- Folio -->4<!-- /Folio -->
</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: #textcolor#; background: #bgcolor#">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agreement that creates a securities lending arrangement between the Fund and BNP. The Fund
has structured this securities lending arrangement to comply with various interpretive
letter that the SEC staff has issued over the years with respect to securities lending
arrangements. In particular, the Fund believes that this securities lending arrangement is
similar to that discussed in Morgan Guaranty Trust Co. of New York (pub. avail. Apr. 17,
1996). The Fund believes that the arrangement is permissible under the reasoning of that
letter, and other letters that the SEC&#146;s staff has issued that permit securities lending
arrangements.</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After extensive discussions with the Division of Investment Management&#146;s Office of Chief
Counsel, the Fund has agreed to provide the following disclosure of its arrangement with
BNP in its registration statement. This disclosure will replace similar disclosure
regarding the arrangements with BNP that is currently contained in the Fund&#146;s prospectus.</TD>
</TR>

</TABLE>
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund, with the approval of its Board of Trustees, including its independent
Trustees, has entered into a financing package that includes a Committed Facility
Agreement (the &#147;Agreement&#148;) with BNP Paribas Prime Brokerage, Inc. (as successor to
Bank of America N.A.) (&#147;BNP&#148;) that allows the Fund to borrow up to an initial limit
of $59,000,000, and a Lending Agreement, as defined below. The Agreement with BNP
replaced the existing extendible senior secured notes, and an initial draw-down of
$59,000,000 under the Agreement was utilized to pay off outstanding indebtedness
under the extendible senior secured notes in their entirety. Borrowings under the
Agreement are secured by assets of the Fund that are held with the Fund&#146;s custodian
in a separate account (the &#147;pledged collateral&#148;). Interest is charged at the
quarterly LIBOR (London Inter-bank Offered Rate) plus 0.95% on the amount borrowed
and 0.85% on the undrawn balance. For the year ended October&nbsp;31, 2009, the average
borrowings under the Agreement and the average interest rate were $30,263,014 and
1.98%, respectively. As of October&nbsp;31, 2009, the amount of such outstanding
borrowings is $30,000,000. The interest rate applicable to the borrowings on
October&nbsp;31, 2009 was 1.23%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Lending Agreement is a separate side-agreement between the Fund and BNP
pursuant to which BNP may borrow a portion of the pledged collateral (the &#147;Lent
Securities&#148;) in an amount not to exceed the outstanding borrowings owed by the Fund
to BNP under the Agreement. The Lending Agreement is intended to permit the Fund
to significantly reduce the cost of its borrowings under the Agreement. BNP may
re-register the Lent Securities in its own name or in another name other than the
Fund, and may pledge, re-pledge, sell, lend or otherwise transfer or use the Lent
Securities with all attendant rights of ownership. The Fund may designate any
security within the pledged collateral as ineligible to be a Lent Security,
provided there are eligible</TD>
</TR>

</TABLE>
</DIV></DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
February&nbsp;18, 2010<BR>
Page <!-- Folio -->5<!-- /Folio -->
</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: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securities within the pledged collateral in an amount equal to the outstanding
borrowing owed by the Fund. During the period in which the Lent Securities are
outstanding, BNP must remit payment to the Fund equal to the amount of all
dividends, interest or other distributions earned or made by the Lent Securities.
BNP will pay to the Fund a fee for borrowing the securities that is calculated as a
percentage of the difference between a fair market rate and a reference rate, with
a guaranteed minimum annualized rate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the terms of the Lending Agreement, the Lent Securities are marked to market
daily, and if the value of the Lent Securities exceeds the value of the
then-outstanding borrowings owed by the Fund to BNP under the Agreement (the
&#147;Current Borrowings&#148;), BNP must, on that day, either (1)&nbsp;return Lent Securities to
the Fund&#146;s custodian in an amount sufficient to cause the value of the outstanding
Lent Securities to equal the Current Borrowings; or (2)&nbsp;post cash collateral with
the Fund&#146;s custodian equal to the difference between the value of the Lent
Securities and the value of the Current Borrowings. If BNP fails to perform either
of these actions as required, the Fund will recall securities, as discussed below,
in an amount sufficient to cause the value of the outstanding Lent Securities to
equal the Current Borrowings. The Fund can recall any of the Lent Securities and
BNP shall, to the extent commercially possible, return such security or equivalent
security to the Fund&#146;s custodian no later than three business days after such
request. If the Fund recalls a Lent Security pursuant to the Lending Agreement, and
BNP fails to return the Lent Securities or equivalent securities in a timely
fashion, BNP shall remain liable to the Fund&#146;s custodian for the ultimate delivery
of such Lent Securities, or equivalent securities, and for any buy-in costs that
the executing broker for the sales transaction may impose with respect to the
failure to deliver. The Fund also has the right to apply and set-off an amount
equal to one hundred percent (100%) of the then-current fair market value of such
Lent Securities against the Current Borrowings. In addition, the Fund is a
beneficiary of an irrevocable guaranty issued by BNP&#146;s parent, BNP Paribas, a
French banking institution that meets the definition of &#147;eligible foreign
custodian&#148; under Rule&nbsp;17f-5 of the Investment Company Act of 1940. Under the terms
of the guaranty, BNP Paribas has agreed to guarantee the obligation of BNP to pay
to the Fund any cash or securities owed under the terms of the Lending Agreement.
The guaranty does not create any rights or grant any remedies to any person other
than the Fund and other persons who are defined as beneficiaries under the
guaranty. The Fund will exercise its set-off rights, or will exercise its rights
under the guaranty, when in accordance with its business discretion, it believes
that doing so is in the best interests of the Fund and its shareholders. The
Fund&#146;s board of Trustees, including its independent Trustees, has determined that
the financing package is in the best interest of the Fund.</TD>
</TR>

</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><!-- Folio --><!-- /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">Mr.&nbsp;Larry Greene<BR>
February&nbsp;18, 2010<BR>
Page 6

</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="1%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>On page 2 of the prospectus the Fund discusses Dividends and Distributions on Common
Shares. Please advise the staff supplementally whether the regular monthly dividends include
any return of capital to shareholders. In addition, please clarify the first paragraph to
note explicitly, if correct, that there were two dividends paid in January&nbsp;2006 and January
2009: the regular monthly dividend and a second, special dividend.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The Fund has paid monthly distributions during the current fiscal year that were
estimated to be sourced, in part, from a return of capital, which is disclosed to
shareholders on the notice delivered in accordance with Section 19(a) of the 1940 Act.
However, distributions are subject to re-characterization for tax purposes after the end of
the fiscal year, and none of the Fund&#146;s distributions have included a return of capital as
determined on a tax basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The first paragraph of the section entitled &#147;Dividends and Distributions on Common Shares&#148;
on page 2 of the prospectus has been revised as follows:</TD>
</TR>

</TABLE>
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund made <U>special supplemental</U> distributions, <U>in addition to the
regular monthly distributions,</U> of $0.0250 in January&nbsp;2006 and of $0.0561 in
January&nbsp;2009.</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left"><B>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>In the last paragraph on page 2 of the prospectus, the Fund notes that it may pay a
portion of the dividends as a return of capital. Please advise the staff supplementally
whether there are any limits imposed on the ability of the Fund to make distributions of
capital.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>As stated in the prospectus, the Fund currently intends to make monthly
distributions to common shareholders at a level rate established by the Board of Trustees.
Although there is technically no limit on the portion of those distributions that may be
sourced from a return of capital, the Fund first looks to net investment income and net
realized short-term capital gains to maintain a level distribution rate. To date, the Fund
has not &#147;returned capital&#148; as determined on a tax basis during any calendar year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>The last sentence of the first full paragraph on page 4 of the prospectus (&#147;In
addition, it is not contemplated....&#148;) appears to indicate that the level distribution policy will
continue unchanged if the Fund implements its Managed Dividend Policy. Please explain to the
staff supplementally whether these two policies are mutually exclusive, or whether they can be
combined. Given that implementation of the Managed Dividend Policy will allow the Fund to
deviate from the terms of its present policy, please clarify that sentence either to note in
which ways the level distribution
</TD>
</TR>
</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
February&nbsp;18, 2010<BR>
Page <!-- Folio -->7<!-- /Folio -->
</DIV>

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


</TABLE>
</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>policy will change in respect to the managed distribution order, or to note the specific
parameters of the level distribution policy that will remain unchanged.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The Fund&#146;s current level distribution policy and the Managed Dividend Policy
permitted under the order granted by the Commission are not mutually exclusive. The term
&#147;level distribution policy&#148; refers generally to the Fund&#146;s intention to make monthly
distributions to common shareholders at a level rate established by the Board of Trustees,
whereas the Managed Dividend Policy that may be implemented in reliance on the order refers
the Fund&#146;s ability to source those distributions, in whole or in part, from long-term
capital gains as frequently as twelve times each year, rather than only once per year as
prescribed by Section 19(b) of the 1940 Act. Implementing a Managed Dividend Policy would
give the Fund additional flexibility to maintain a level distribution rate and, as stated
in the prospectus, would not be expected to alter the terms of the current level
distribution policy. We believe the current disclosure adequately describes the Fund&#146;s
current policy and the potential effects of implementing a Managed Dividend Policy. For the
foregoing reasons, we respectfully decline to make the requested change.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>On page 7 of the prospectus, the Fund states that
&#147;Because Calamos&#146; management fee is based upon a
percentage of the Fund&#146;s managed assets, which include
assets attributable to any outstanding leverage,
Calamos&#146; fee is higher when the Fund is leveraged and
Calamos will have an incentive to leverage the Fund.&#148;
Please consider re-writing this sentence to highlight
the conflict of interest that is present in this
arrangement.</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>We note that Calamos owes a fiduciary duty to the Fund
and, as such, intends to use leverage only when it
believes that leverage will serve the best interests of
the Fund&#146;s shareholders.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We believe that any potential conflict of interest is presently disclosed in the
prospectus, namely that Calamos has an incentive to increase the leverage the Fund so as to
increase its fees on managed assets. We believe that the current disclosure clearly
identifies Calamos&#146; incentive to use leverage and that additional disclosure emphasizing
that this incentive creates a conflict of interest would erroneously imply that leverage is
always detrimental to common shareholders and beneficial to Calamos. For the foregoing
reasons, we respectfully decline to make this change.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>Please amend the &#147;Recent Market Events&#148; risk disclosure
on pages 12-13 of the prospectus to include, if
appropriate, a reference to the fact that large scale
governmental actions, including proposed regulatory
reforms to the financial markets, have been taken, or
are proposed to be taken, by the United States and
other nations, and that these actions or proposed
actions may affect the Fund.</TD>
</TR>


</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
February&nbsp;18, 2010<BR>
Page <!-- Folio -->8<!-- /Folio -->
</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The following sentences have been added to the &#147;Recent
Market Events&#148; risk disclosure on pages 12-13 of the
prospectus:</TD>
</TR>

</TABLE>
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In addition, many governments throughout the world responded to the turmoil with a
variety of significant fiscal and monetary policy changes, including but not
limited to, direct capital infusions into companies, new monetary programs and
dramatically lower interest rates. An unexpected or quick reversal of these
policies could increase the volatility in the equity and debt markets.</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The following comments apply to the Fund&#146;s fees and expenses table and expense example:</B></TD>
</TR>

</TABLE>
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>a.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>The fees and expenses table currently has a line item entry related
to &#147;Offering Expenses Borne by the Fund (as a percentage of offering price).&#148; Please
clarify that these expenses are borne by common shareholders (as opposed to the Fund),
and include the line item expense as a separate sub-heading under &#147;Other Expenses.&#148;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Response: </B>As we noted in our response to the staff&#146;s comments regarding
post-effective amendment no. 2 to the registration statement on Form N-2 of Calamos
Convertible Opportunities and Income Fund (file nos. 333-146945 and 811-21080), the
&#147;Offering Expenses Borne by the Fund&#148; line item reflects an estimate of expenses to
be borne by the Fund in connection with an anticipated offering of its shares,
rather than a fee paid by shareholders. Accordingly, that line item was previously
moved from under the &#147;Shareholder Transaction Expense&#148; heading in the fee table to
distinguish it from those expenses. We believe that the line item&#146;s current
location continues to be the most appropriate place for the information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>b.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>Footnote 5 to the fees and expenses table states that &#147;Other
Expenses are based on estimated amounts for the current fiscal year.&#148; Please explain
supplementally to the staff why these fees are not based upon last year&#146;s expenses,
and amend this footnote to reflect the correct presentation of fee estimates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Response: </B>As required by Instruction 6 to Item&nbsp;3 of Form N-2, Other Expenses are
based on estimated amounts for the current fiscal year. These estimated amounts are
arrived at by reference to expenses actually incurred during the Fund&#146;s previous
fiscal year, but also may take into account other factors, including expenses
incurred during the Fund&#146;s current fiscal year-to-date.</TD>
</TR>




</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
February&nbsp;18, 2010<BR>
Page <!-- Folio -->9<!-- /Folio -->
</DIV>


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



</TABLE>
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>c.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>The Fund lists total expenses in its fees and expense table of
2.91%. The Fund&#146;s financial highlights show an expense ratio of 2.96% for the six
month period ended April&nbsp;30, 2009 (annualized). Please provide us with a supplemental
explanation of the difference between these two figures, and if necessary amend the
fees and expense table to reflect the correct number.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Response: </B>As noted above in Comment 13.b., Other Expenses, a component of Total
Annual Expenses, are estimated for the current fiscal year. By contrast, the
amounts shown in the Fund&#146;s financial highlights reflect expenses actually incurred
during the six months ended April&nbsp;30, 2009, on an annualized basis. For the
foregoing reasons, the expense ratio shown in the Fund&#146;s financial highlights may
not always correspond with the Total Annual Expenses shown in the fee table.</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>The discussion of portfolio managers on page 43 of the prospectus appears to refer
to management of multiple portfolios (<U>e.g.</U>, &#147;...each respective Fund&#146;s investment
objective and strategy.&#148;) Please amend this disclosure to clarify that the prospectus relates
solely to the Fund.</TD>
</TR>

</TABLE>
</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>The relevant disclosure on page 43 of the prospectus has been amended as follows:</TD>
</TR>

</TABLE>
</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Team members generally may make trading decisions guided by <U>the</U> Fund&#146;s
investment objective and strategy.</TD>
</TR>

</TABLE>
</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="1%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comment: </B>On page 44 of the prospectus, the Fund states that &#147;Calamos has extensive experience
investing in foreign markets through its convertible securities and high yield securities
strategies.&#148; Please provide the staff with information that forms the factual predicate for
this assertion; in the alternative, please reword this sentence to soften the assertions made.</TD>
</TR>

</TABLE>
</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Response: </B>In addition to serving as investment adviser of the Fund, Calamos is the
investment adviser of several other closed- and open-end funds that invest, to varying
degrees, in convertible and high yield securities, including securities of foreign issuers.
The oldest such fund, Calamos Convertible Fund, commenced operations in 1985, with Calamos
serving as the investment adviser of that fund since its inception. As such, we believe it
is reasonable to state that Calamos has &#147;extensive experience investing in foreign markets
through its convertible securities and high yield securities strategies.&#148;</TD>
</TR>




</TABLE>
</DIV></DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
February&nbsp;18, 2010<BR>
Page <!-- Folio -->10<!-- /Folio -->
</DIV>


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



</TABLE>
</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;*&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;We believe that this information responds to all of your comments. If you should require any
additional information feel free to call me at 202.778.9220.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Eric S. Purple
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Enclosures
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Copies (w/encl.) to:</TD>
    <TD>&nbsp;</TD>
    <TD>Stathy Darcy<br>
David P. Glatz (firm)<br>
Paulita A. Pike (firm)</TD>
</TR>
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[CALAMOS INVESTMENTS(R) LETTERHEAD]</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;A
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">February&nbsp;18, 2010
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Larry Greene<BR>
Division of Investment Management<BR>
Securities and Exchange Commission<BR>
100 F Street, N.E., Room&nbsp;4700<BR>
Washington, D.C. 20549

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Calamos Global Total Return Fund<BR>
333-146944<BR>
811-21547</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of Calamos Global Total Return Fund (the &#147;Fund&#148;), we hereby make the following
representations:
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund is responsible for the adequacy and accuracy of the disclosure in its
filings with the Securities and Exchange Commission (the &#147;Commission&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Staff comments or changes to disclosure in response to Staff comments in the
filings reviewed by the Staff do not foreclose the Commission from taking any action
with respect to the Fund&#146;s filings; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund acknowledges that it may not assert Staff comments as a defense in
any proceeding initiated by the Commission or any person under the federal securities
laws of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CALAMOS GLOBAL TOTAL RETURN FUND</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stathy Darcy</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stathy Darcy</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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