CALAMOS STRATEGIC TOTAL RETURN FUND — Director's Dealing 2004

May 11, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CALAMOS STRATEGIC TOTAL RETURN FUND (CSQ)
CIK: 0001275214
Period of Report: 2004-05-10

Reporting Person: NEAL JOHN E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-10	Common	P	200	$12.38	Acquired	200	Direct
2004-05-10	Common	P	600	$12.42	Acquired	600	Direct
2004-05-10	Common	P	800	$12.39	Acquired	800	Direct
2004-05-10	Common	P	14400	$12.47	Acquired	14400	Direct