NAPERVILLE, Ill., Oct. 27 /PRNewswire-FirstCall/ -- Calamos Investments' fourth closed-end fund, the Calamos Global Total Return Fund, today begins trading on the New York Stock Exchange under the ticker CGO. CGO raised $120 million in assets (8,000,000 shares) at its initial public offering price of $15.00. If the underwriters exercise their over-allotment option, the Fund's total common share assets raised could reach approximately $135 million. Calamos Global Total Return Fund's investment objective is to provide total return through a combination of capital appreciation and current income by investing in equities, convertible securities and fixed income securities (including high-yield bonds) from worldwide issuers. It plans to pay a dividend starting in January 2006, and will seek to institute a level-rate distribution policy designed to provide stable monthly distributions. "We are pleased to offer CGO at this point in time, as we anticipate an exciting period of global growth and expanding opportunities," said John P. Calamos, Sr., Chairman, CEO and Co-CIO of Calamos Investments. "As with our other closed-end fund offerings, our aim with CGO will be to provide shareholders with stable monthly distributions while remaining focused on long term total return." Citigroup Global Markets Inc. served as bookrunner of the Fund's offering. UBS Securities LLC; Advest, Inc.; Robert W. Baird & Co. Incorporated; H&R Block Financial Advisors, Inc.; Ferris, Baker Watts, Incorporated; Janney Montgomery Scott LLC; Legg Mason Wood Walker, Incorporated; RBC Capital Markets Corporation; and Stifel, Nicolaus & Company, Incorporated also acted as managers of the Fund's offering. Calamos Investments manages three other closed-end funds: Calamos Convertible Opportunities and Income Fund (CHI), Calamos Convertible and High Income Fund (CHY), and Calamos Strategic Total Return Fund (CSQ). About CALAMOS CALAMOS INVESTMENTS provides professional money management services to major corporations, public and private institutions, pension funds, insurance companies and individuals and is an investment advisor to open-end and closed-end funds. With roots dating to 1977, we offer equity, high yield, global/international, convertible growth, convertible and alternative investment strategies. A Word About Risk Equity Securities: Under normal circumstances, the Fund will invest a portion of its managed assets in equity securities, which are subject to greater fluctuation in market value than other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions. Equity securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments. High Yield Securities: The Fund may invest a portion of its managed assets in high yield securities. Investment in high yield securities involves substantial risk of loss. Below investment grade debt securities or comparable unrated securities are commonly referred to as "junk bonds" and are considered predominantly speculative with respect to the issuer's ability to pay interest and principal and are susceptible to default or decline in market value due to adverse economic and business developments. Investments in distressed securities involve additional risks. Calamos' judgment about the attractiveness, relative value or potential appreciation of a particular sector, security or investment strategy may prove to be incorrect. Convertible Securities: Under normal circumstances the Fund will invest a portion of its managed assets in convertible securities. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Synthetic Convertible Instruments: The value of a synthetic convertible instrument may respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is comprised of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value. International Securities: The Fund may invest in foreign securities and invests in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility, and difficulty obtaining information. Shares of closed-end funds frequently trade at a market price that is below their net asset value. DATASOURCE: CALAMOS INVESTMENTS CONTACT: Jeff Kelley of CALAMOS INVESTMENTS, +1-630-577-9687, Web site: http://www.calamos.com/

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