U.S. TOTAL RETURN DATA AS OF 11/30/18 www.calamos.com

0%

10%

20%

1-Year 3-Year 5-Year 10-Year Since Inception (03/26/04)

6.92

3.48

16.39

11.89 11.69

9.61

18.13

15.24

7.257.78

g CSQ Market Price

g CSQ NAV

FUND OBJECTIVE

The Fund seeks total return through acombination of capital appreciation and currentincome by investing in a diversified portfolio ofequities, convertible securities and below-investment-grade (high yield) fixed incomesecurities.

FUND HIGHLIGHTS» Closed-end fund portfolio with a mix of

equities, convertible bonds and high yieldbonds

» Current annualized distribution rate of8.20%*

» May complement the equity portion of aninvestor’s asset allocation

» Dividend Reinvestment Plan available

» Managed by an experienced team

FUND SNAPSHOTNASDAQ ticker CSQ

NAV Ticker XCSQX

Market Price $12.07

NAV $12.39

Current AnnualizedDistribution Rate*

8.20%

IPO Date 3/26/04

IPO Price $15.00

IPO NAV $14.32

LISTEDNASDAQ

Fund ObjectiveThe Fund seeks total return through a combination of capital appreciation and current income by

investing in a diversified portfolio of equities, convertible securities and below-investment-grade

(high yield) fixed income securities.

Investor ProfileThe Fund seeks to offer investors equity participation and an attractive monthly distribution. By

combining equities, convertible bonds and higher yielding corporate securities, the Fund seeks to

generate capital gains as well as income, taking advantage of its flexibility to manage risk and

reward over the full course of a market cycle. In effect, the Fund seeks to participate in long-term

upward trends of the equity markets with the possibility of a stable monthly distribution.

Strategic Total Return Fund (CSQ)

*Current Annualized Distribution Rate is the Fund’smost recent distribution, expressed as anannualized percentage of the Fund’s current marketprice per share. The Fund’s most recentdistribution was $0.0825 per share. Based on ourcurrent estimates, we anticipate thatapproximately $0.0490 is paid from ordinaryincome or capital gains and $0.0335 of thedistribution represents a return of capital.Estimates are calculated on a tax basis rather thanon a generally accepted accounting principles(GAAP) basis, but should not be used for taxreporting purposes. Distributions are subject to re-characterization for tax purposes after the end ofthe fiscal year. This information is not legal or taxadvice. Consult a professional regarding yourspecific legal or tax matters. Under the Fund’smanaged distribution policy, distributions paid tocommon shareholders may include net investmentincome, net realized short-term capital gains andreturn of capital. When the net investment incomeand net realized short-term capital gains are notsufficient, a portion of the distribution will be areturn of capital. In addition, a limited number ofdistributions per calendar year may include netrealized long-term capital gains. Distribution ratemay vary.

AVERAGE ANNUAL RETURNS

Market Price %

NAV %

YTD 2018

6.64

2.59

2017

27.73

21.41

2016

14.66

14.70

2015

-5.03

-0.30

2014

14.16

8.14

2013

20.22

26.52

2012

27.86

16.00

2011

-3.46

-1.15

2010

13.71

14.98

2009

55.60

47.26

Average annual return measures net investment income and capital gain or loss from portfolio investments as an annualized average, assumingreinvestment of income and capital gain distributions. In calculating net investment income, all applicable fees and expenses are deducted fromthe returns. Calendar year returns measure net investment income and capital gain or loss from portfolio investments for each period specified.

Performance data quoted represents past performance, which is no guarantee of future results. Current performance may belower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, whensold, may be worth more or less than their original cost. Returns at NAV reflect the deduction of the Fund’s management fee,debt leverage costs and other expenses, which can be found on the next page.You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may havea market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end fundsfrequently trade at a discount which is a market price that is below their net asset value.Please refer to following page for important notes.

CALENDAR YEAR RETURNS

Calamos Strategic Total Return Fund (CSQ)

U.S. TOTAL RETURN DATA AS OF 11/30/18

SECTOR WEIGHTINGS1,2 %

Information Technology 15.9Health Care 13.6Financials 13.4Communication Services 10.8Consumer Discretionary 9.7Industrials 8.0Energy 7.9Consumer Staples 6.0Utilities 2.5Materials 2.4Real Estate 2.3

PORTFOLIO ASSET ALLOCATION1 %

Common Stock 61.7Convertibles 15.1Corporate Bonds 15.1Cash and Receivables/Payables 3.3Other 2.3Bank Loans 1.5Preferred Stock 0.4Synthetic Convertibles 0.3U.S. Government Securities 0.2Warrants 0.1Options 0.0

FUND DATA

Managed Assets6 $2,870,229,999Total Common Share Assets (mil) $1,915.2Shares Outstanding 154,568,093

Average Daily Volume (month) 290,759

Total Percentage Leveraged3 33%Debt Coverage Ratio 403%Leverage Assets $955,000,000Debt Leverage $713,000,000Average Portfolio Turnover 24.8%Expense Ratio (based onmanaged assets) 2.01%

FUND PRICING

Market Price $12.07NAV $12.39Premium/Discount -2.58%

FEES AND EXPENSES TOTAL FUND %

Management Fees 1.00Debt Leverage Expense5 0.96Other Expenses 0.05TOTAL 2.01

QUALITY ALLOCATION4,7 %

AAA 0.7AA 1.5A 4.0BBB 13.9BB 27.2B 20.7CCC and below 4.6Unrated Securities 27.5

TOP 10 HOLDINGS1,2SECURITY TYPE %

Apple, Inc. Common Stock 2.8Microsoft Corp. Common Stock 2.7Amazon.com, Inc. Common Stock 2.1JPMorgan Chase & Company Common Stock 1.8Johnson & Johnson Common Stock 1.4Alphabet, Inc. - Class A Common Stock 1.4Chevron Corp. Common Stock 1.3Pfizer, Inc. Common Stock 1.2Exxon Mobil Corp. Common Stock 1.2Bank of America Corp. Common Stock 1.2

Calamos Financial Services LLC, Distributor2020 Calamos Court | Naperville, IL 60563-2787800.582.6959 | www.calamos.com/institutional© 2018 Calamos Investments LLC. All Rights Reserved.Calamos® and Calamos Investments® are registered trademarks ofCalamos Investments LLC.CSQFCT 1902 1118M R

The portfolio is actively managed. Holdings and weightingsare subject to change at any time without notice.1Data is based on managed assets.2Top 10 Holdings and Sector Weightings are calculated as apercentage of Managed Assets. The tables exclude cash orcash equivalents, any government/sovereign bonds or broadbased index hedging securities the portfolio may hold.3Leverage creates risks which may adversely affect return,including the likelihood of greater volatility of net asset valueand market price of common shares; and fluctuations in thevariable rates of the leverage financing. The ratio is thepercent of borrowing to total assets.4Credit ratings apply to the credit worthiness of the issuers ofthe underlying securities and not to the fund or its shares.Ratings are subject to change. Bond Credit Quality reflectsthe higher of the ratings of Standard & Poor’s Corporation;Moody’s Investors Service, Inc. Ratings are relative, subjectiveand not absolute standards of quality, represent the opinionsof the independent Nationally Recognized Statistical RatingOrganizations (NRSRO), and are adjusted to the Standard &Poor’s scale shown. Ratings are measured using a scale thattypically ranges from AAA (highest) to D (lowest). Thesecurity’s credit rating does not eliminate risk. The tableexcludes equity securities, cash and cash equivalents. Formore information about securities ratings, please see theFund’s Statement of Additional Information atwww.calamos.com. Additional information on ratingsmethodologies are available by visiting the NRSRO websites:www.standardandpoors.com, www.moodys.com.5Interest expense and related fees on payments made to theFund’s outstanding credit facility.

6Managed Assets are the total assets of the Fund (includingany assets attributable to any leverage that may beoutstanding) minus the sum of liabilities (other than debtrepresenting financial leverage).7Data is based on portfolio holdings.Investments by the Fund in lower-rated securities involvesubstantial risk of loss and present greater risks thaninvestments in higher rated securities, including less liquidityand increased price sensitivity to changing interest rates andto a deteriorating economic environment. Fixed incomesecurities are subject to interest-rate risk; as interest rates goup, the value of debt securities in the Fund’s portfoliogenerally will decline. There are certain risks associated withan investment in a convertible bond such as defaultrisk—that the company issuing a convertible security may beunable to repay principal and interest, and interest raterisk—that the convertible may decrease in value if interestrates increase.TermsManaged Distribution Policy is an investment company’scommitment to common shareholders to provide apredictable, but not assured, level of cash flow. Market Pricerefers to the price at which shares of the fund trade in themarket. NAV or Net Asset Value refers to the net value of allthe assets held in the fund. IPO Price refers to the initialpublic offering price for shares of the fund.

DISTRIBUTION HISTORY, TRAILING 12 MONTHS†

PAYABLEDATE

ORDINARY INCOMEDIVIDENDS

RETURN OF CAPITALDISTRIBUTIONS

SHORT-TERM CAPITALGAIN DISTRIBUTIONS

LONG-TERM CAPITALGAIN DISTRIBUTIONS

TOTALDISTRIBUTIONS

12/2018 $0.0286 $0.0335 $0.0030 $0.0174 $0.082511/2018 0.0167 0.0658 - - 0.082510/2018 0.0076 - - 0.0749 0.08259/2018 - - - 0.0825 0.08258/2018 - - - 0.0825 0.08257/2018 0.0706 - - 0.0119 0.08256/2018 0.0213 - - 0.0612 0.08255/2018 0.0059 - - 0.0766 0.08254/2018 - - 0.0378 0.0447 0.08253/2018 - - 0.0423 0.0402 0.08252/2018 - - 0.0481 0.0344 0.08251/2018 0.0825 - - - 0.0825TOTAL 0.2332 0.0993 0.1312 0.5263 0.9900

†Distributions are subject to recharacterization for tax purposes within 60 days after the end of the fiscal year (10/31).