Published: June 29, 2009

Fitch: Calamos Strategic Total Return Fund Auction-Rate Preferred Securities Paid in Full

NEW YORK - (BUSINESS WIRE) - The $200 million aggregate principal amount of auction-rate preferred shares (ARPS) issued by Calamos Strategic Total Return Fund (NYSE:CSQ), a closed-end fund managed by Calamos Investment Management, Inc., are paid in full following the full redemption of outstanding shares:

--M - 1,304 shares, rated 'AAA', redeemed on June 23, 2009;

--TU - 1,304 shares, rated 'AAA', redeemed on June 24, 2009;

--W - 1,304 shares, rated 'AAA', redeemed on June 25, 2009;

--TH - 1,304 shares, rated 'AAA', redeemed on June 26,2009;

--F - 1,304 shares, rated 'AAA', redeemed on June 29, 2009;

--A - 740 shares, rated 'AAA', redeemed on June 25, 2009;

--B - 740 shares, rated 'AAA', redeemed on June 26, 2009.

The redemption of outstanding ARPS took place as part of a refinancing of the fund's leverage.

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Fitch Ratings, New York
Ian Rasmussen, +1-212-908-0232
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