CALAMOS STRATEGIC TOTAL RETURN FUND — Director's Dealing 2009

Feb 10, 2009

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: CALAMOS STRATEGIC TOTAL RETURN FUND (CSQ)
CIK: 0001275214
Period of Report: 2009-01-31

Reporting Person: UBS AG (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Auction Preferred Stock	811	Indirect

Footnotes

F1: This Statement is filed by UBS AG for the benefit and on behalf of UBS Securities LLC and UBS Financial Services Inc., two-wholly owned subsidiaries of UBS AG to which UBS AG has delegated portions of its performance obligations with respect to the Auction Rate Securities Rights issued by UBS AG to certain clients and pursuant to which the securities reported herein have been purchased from such clients.

F2: Pursuant to the Global Relief Letter referred to below, this filing reports holdings of the Series of Auction Preferred Stock identified in Item 1 of this Table I on an aggregated basis.

F3: (CUSIP No[s]. 128125200, 128125309, 128125408, 128125507, 128125606, 128125705, 128125804)