Global Total Return Fund (CGO)

Objective

Fund Objective

The Fund seeks total return through a combination of capital appreciation and current income by investing in a globally diversified portfolio of equities, convertible securities and below-investment-grade (high-yield) fixed-income securities.

Investor Profile

Taking a defensive approach to global growth, the Fund seeks to participate in any long-term upward trends of the global equity markets but with the added benefit—and potential downside protection—of a stable monthly distribution. By combining equities, convertible bonds and higher-yielding corporate securities from around the globe, the Fund has the capacity to generate capital gains as well as income, taking advantage of its flexibility to manage risk and reward over the course of the global economy's cycle.

Fund Highlights As Of 6/30/08

• Closed-end fund global portfolio with a mix of equities, convertible bonds and high-yield bonds
• Attractive current annualized distribution rate of 9.07%¹
• Steady distribution since inception
• Strong historical performance
• Positioned as defensive global equity with stable monthly distributions
• Can write call options against up to 33% of managed assets to generate additional income
• Complements and diversifies the equity portion of an investor's asset allocation
• Dividend Reinvestment Plan available

Approaching the Investment Process as a Team

At Calamos Investments, we've established ourselves as leaders in the asset management industry by investing according to John Calamos' vision: positioning our portfolios for risk management and staying fully invested through all stages of the market cycle. If you look behind the scenes, you'll see an entire team of experienced investment professionals implementing that vision.

Our "one team, one process" management philosophy means the same group of managers uses the same proprietary methodology to analyze companies and securities for every one of our portfolios. Although predicting the future is impossible, our research helps us hone in on indicators that a company may be undervalued or positioned for exceptional growth. Only after closely examining a company's balance sheet, credit quality, growth prospects, most probable range of price movement and fit within the portfolio do we determine whether its security is likely to benefit our strategy.

We've shown our skill at growing wealth for our clients during our nearly 30 years in the business. As active money managers, our ultimate goal—no matter what the market is doing—is to achieve the optimal risk/reward balance.

Data and Distributions as of 6/30/08

Fund Data View All Holdings
Total assets (including leverage)	$193,341,542
Total common share assets	$134,341,542
Shares outstanding	8,006,981
Average daily volume (mo.)	20,960
Total Percent Leveraged5	30.52%
Debt Coverage Ratio	3.28
Leverage assets	$59,000,000
Debt Leverage	$59,000,000
Equity Leverage (ARPS):	$0
Shares outstanding	0
Portfolio turnover	81.66%
Expense ratio (based upon common share assets)	1.96%
Weighted Average Credit Quality4	BBB+

Using a Level Distribution Policy to Promote Total Return

We understand the importance that investors place on the stability of dividends along with long-term total return, which is why CGO adopted a level rate distribution policy. Under this policy, the Fund, subject to market conditions at the time of declaration, will pay monthly distributions on each common share at a rate of $0.11500 per share.

The goal is to provide investors with significant long-term total return based on our belief that closed-end fund investors consider consistent, dependable distributions to be an important component of total return.

As a reminder, shareholders can accumulate more shares via the dividend reinvestment plan whether the Fund trades at a premium or discount. If the Fund is trading at a premium, the dividend is reinvested at NAV or at 95% of the market price, whichever is greater. If the Fund is trading at a discount, the dividend is reinvested at the market price.

Performance as of 6/30/08

Performance

Composition as of 6/30/08

Portfolio Asset Allocation* View All Holdings
Common Stock	47.9%
Convertible Securities	27.8%
Corporate Bonds	22.6%
Other Assets/Liabilities	1.7%

The portfolio is actively managed. Holdings and weightings are subject to change at any time without notice.
* Sector and portfolio asset allocation are based on total assets.
^ Data is based on portfolio holdings.

Literature
Global Total Return Fund Fact Sheet S&P Stock Report Annual Report (10/31/07) Semi-Annual Report (4/30/08) Dividend Reinvestment Plan Proxy Voting SEC Filing Fund Governance

* U.S. Treasury securities are direct debt obligations issued by the U.S. government. Since Treasury securities are backed by the full faith and credit of the U.S. government, they are generally considered to be free of credit risk and typically carry lower yields than other securities.