2007 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.

2007 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, 2007	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	8.48%	1.62%	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
Global/International
Global Growth and Income Fund CVLOX, CVLDX and CVLCX	None	0.62%	No
International Growth Fund CIGRX, CIGBX and CIGCX	None	None	No
Global Equity Fund CAGEX, CBGEX and CCGEX	None	None	No
Convertible/Convertible Blends
Convertible Fund¹ CCVIX, CALBX and CCVCX	3.07%	2.07%	No
Market Neutral Income Fund CVSIX, CAMNX and CVSCX	3.25%	2.51%	No
Fixed Income
High Yield Fund CHYDX, CAHBX and CCHYX	None	None	No
Total Return Bond Fund CTRAX, CTXBX and CTRCX	19.94%	13.82%	No
¹The Calamos Convertible Fund is closed to new investments, subject to exceptions enumerated in the prospectus.

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.