2007 U.S. Government Income

Thank you for investing in the Calamos Closed End 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.

2007 U.S. Government Income Calamos Closed-End Funds

Enhanced Fixed Income
Closed-End Funds	% of Income Attributable to Direct U.S. Government Securities	% of Fund held in U.S. Government Securities on Dec. 31, 2007	U.S. Government Securities at least 50% of Fund Holdings at Each Quarter End?
Convertible Opportunities and Income Fund (CHI)	None	None	No
Convertible and High Income Fund (CHY)	None	None	No
Global Enhanced Fixed Income
Global Dynamic Income Fund (CHW)	0.09%	0.48%	No
Defensive Equity
Strategic Total Return Fund (CSQ)	None	None	No
Global Defensive Equity
Global Total Return Fund (CGO)	None	None	No

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.