2008 U.S. Government Income

Thank you for investing in the Calamos Family of Funds. This is to advise you of additional tax information which should be useful in planning and reporting your own tax situation.

In most states, mutual fund dividends from interest on direct U.S. Government securities are exempt from state and local taxes. To determine the amount that may be eligible for each of your funds, multiply the percent of income attributable to direct U.S. Government securities by the amount for that fund in Box 1a of your IRS Form 1099-DIV. Additionally, some states may impose certain threshold requirements.

To find out if you qualify for this exemption based on your state laws, consult your tax advisor or check your state or local tax instruction booklet.

2008 U.S. Government Income Calamos Family of Funds

Domestic Equity
Open-End Mutual Funds Class A, B and C Ahares	% of Income Attributable to Direct U.S. Government Securities	% of Fund Held in U.S. Government Securities on Dec. 31, 2008	U.S. Government Securities at least 50% of Fund Holdings at Each Quarter End?
Growth Fund CVGRX, CVGBX and CVGCX	None	None	No
Growth and Income Fund CVTRX, CVTYX and CVTCX	0.59%	None	No
Value Fund CVAAX, CVABX and CVACX	None	None	No
Blue Chip Fund CBCAX , CBCBX and CBXCX	None	None	No
Multi-Fund Blend CMQAX, CMQBX and CMQCX	None	None	No
130/30 Equity Fund CELSX, CELBX and CELCX	None	None	No
Global/International
Global Growth and Income Fund CVLOX, CVLDX and CVLCX	0.20%	None	No
International Growth Fund CIGRX, CIGBX and CIGCX	None	None	No
Global Equity Fund CAGEX, CBGEX and CCGEX	None	None	No
Evolving World Growth Fund CNWGX, CNWZX and CNWDX	None	None	No
Convertible
Convertible Fund CCVIX, CALBX and CCVCX	0.47%	None	No
Alternative
Market Neutral Income Fund CVSIX, CAMNX and CVSCX	2.18%	None	No
Fixed Income
High Yield Fund CHYDX, CAHBX and CCHYX	None	None	No
Total Return Bond Fund CTRAX, CTXBX and CTRCX	28.51%	48.03%	No
Money Market
Government Money Market Fund	73.76%	73.65%	Yes

This notice is provided to you for informational purposes only, and should not be considered tax advise. Please consult your tax advisor for further assistance.

For any other questions, please call Shareholder Services at 1-800-582-6959.

Important Fund Information

An investment in the Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, this share price is not guaranteed and you could lose money by investing in the Fund.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus containing this and other information or call 800-582-6959. Read it carefully.

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE