Calamos High Yield Fund Reports Capital Gain Distribution

July 15, 2008

Calamos High Yield Fund today announced a long-term capital gain of $0.0533 per share. The dividend represents undistributed long-term capital gains from the fiscal year ended October 31, 2007. Long-term capital gains were distributed by the Fund in December 2007, but not all long-term capital gains were required to be distributed at that time. The dividend will be included in shareholders' 2008 Form 1099 and will be taxed as part of their 2008 income.

Capital gains are the result of the Fund's sale of securities that have appreciated in price. The investment management team may sell assets that have had price gains when the team believes the securities are no longer appropriately valued. Securities that have appreciated in value may also be sold to maintain an appropriate level of diversification within the portfolio.

Our main focus at Calamos is to position the Fund to pursue the highest long-term total returns with an appropriate amount of risk. We are always tax aware and we attempt to mitigate annual taxable gains in our portfolios when prudent.  For individuals, long-term capital gains are taxed at a maximum rate of 15%.

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.