CALAMOS STRATEGIC TOTAL RETURN FUND — Director's Dealing 2008

Dec 10, 2008

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: CALAMOS STRATEGIC TOTAL RETURN FUND (CSQ)
CIK: 0001275214
Period of Report: 2008-11-30

Reporting Person: CITIGROUP INC (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Auction Rate Preferred	2728	Indirect

Footnotes

F1: The Auction Preferred Shares ("Shares") reported in Table I represent 2,728 Shares beneficially owned by Citigroup Global Markets Inc. ("CGMI"). Citigroup Financial Products Inc. ("CFP") is the sole stockholder of CGMI. Citigroup Global Markets Holdings Inc. ("CGMHI") is the sole stockholder of CFP. Citigroup Inc. ("Citigroup") is the sole stockholder of CGMHI.