NAPERVILLE, Ill., March 4 /PRNewswire-FirstCall/ -- The failure of the closed-end fund auction process has permeated the entire closed-end fund market as liquidity providers have stepped away. Initially, failed auctions were limited to lower rated securities, but as liquidity disappeared, closed-end funds began to be impacted. Should the auctions continue to fail, common shareholders may eventually be impacted through lower distribution rates. "The recent turmoil in the U.S. credit markets has spilled over into the auction-rate securities market and in turn, into the closed-end fund market. It's important to remember, however, that this is a liquidity issue, not a credit issue," said John P. Calamos, Sr., the chairman, chief executive officer and co-chief investment officer of Calamos Investments. Each of the five funds that Calamos has outstanding has experienced failed auctions. Pursuant to the standard governing documentation on the preferred securities, a failed auction triggers a "maximum rate" as described in each prospectus. The fund shareholders will continue to receive dividends during this time. The maximum rate is a calculation, and an example of a rate for each of our funds is included in the following table: Fund Ticker Maximum Rate Maximum Rate (as of Calculation February 29, 2008) Calamos Convertible Opportunities and AA Financial CP 4.473 % Income Fund CHI multiplied by 150% Calamos Convertible and AA Financial CP 4.473 % High Income Fund CHY multiplied by 150% Calamos Strategic 7- Day LIBOR 4.706 % Total Return Fund CSQ multiplied by 150% Calamos Global 7- Day LIBOR 4.712 %* Total Return Fund CGO multiplied by 150% Calamos Global Dynamic Income 7- Day LIBOR 4.706 % Fund CHW multiplied by 150% (*) Fund only auctions on Tuesdays, auction occurred on February 26, 2008. "The failed auctions have created liquidity challenges for many closed-end funds, including the Calamos closed-end funds. While it is impossible to predict when the heightened uncertainty surrounding the auction rate securities market will abate, we remain confident in the fundamental positioning of the Calamos closed-end portfolios. As in all market environments, we continue to manage the funds according to a time-tested discipline guided by long-term perspective and proprietary research," said Mr. Calamos. About Calamos Calamos Investments is a diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end funds, providing a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit http://www.calamos.com/closedendfunds/default.aspx. DATASOURCE: Calamos Investments CONTACT: Ken Fincher, Vice President of Calamos Advisors LLC, +1-630-245-1076, Web site: http://www.calamos.com/

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