Fund Description: Calamos Strategic Total Return Fund is a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund's investment objective is to provide total return through a combination of capital appreciation and current income. FUND STRATEGY: Under normal circumstances, the Fund will invest primarily in common and preferred stocks, convertible securities and income producing securities such as investment grade and below investment grade (high yield/ high risk) debt securities. The Fund, under normal circumstances, will invest at least 50% of its managed assets in equity securities (including securities that are convertible into equity securities). The Fund may invest up to 35% of its managed assets in securities of foreign issuers, including debt and equity securities of corporate issuers and debt securities of government issuers, in developed and emerging markets. The Fund may invest up to 15% of its managed assets in securities of foreign issuers in emerging markets. Below investment grade (high yield/high risk) securities are rated Ba or lower by Moody's Investors Service, Inc. or BB or lower by Standard & Poor's Corporation or are unrated securities of comparable quality as determined by the Fund's investment adviser. Below investment grade securities are commonly referred to as "junk bonds" and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. They involve greater risk of loss, are subject to greater price volatility and are less liquid, especially during periods of economic uncertainty or change, than higher rated securities. FUND MANAGEMENT: Calamos Asset Management, Inc. is the Fund's investment adviser.