News

December 2007
Calamos Open-End Funds Report Capital Gains

Capital gains are the result of the Funds' 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 our Funds to pursue the highest long-term total returns with an appropriate amount of risk, based on each Fund's investment objective. We are always tax aware and we attempt to mitigate annual taxable gains in our portfolios when prudent. Accordingly, as shown below, the majority of the Funds' capital gains distributions are long-term capital gains paid in November and December 2007. For individuals, long-term capital gains are taxed at a maximum rate of 15%; while short-term capital gains (gains on shares held for one year or less) are generally taxed at your ordinary income rate.

2007 Capital Gains: Open-End Mutual Funds
Gains shown are for each common share.

Open-End Mutual Fund Record Date Ex-Dividend Date Payable Date Short-Term Capital Gain ($) Long-Term Capital Gain ($) Total ($) Reinvest NAV
Domestic Equity
Growth Fund
Class A CVGRX
Class B CVGBX
Class C CVGCX
Class I CGRIX
Class R CGRRX
 11/15/07
11/15/07
11/15/07
11/15/07
11/15/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07		 -
-
-
-
- 		7.56493
7.56493
7.56493
7.56493
7.56493		 7.56493
7.56493
7.56493
7.56493
7.56493		 56.98
57.99
53.07
61.57
56.86
Growth and Income Fund
Class A CVTRX
Class B CVTYX
Class C CVTCX
Class I CGIIX
Class R CGNRX
 11/15/07
11/15/07
11/15/07
11/15/07
11/15/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07		 -
-
-
-
- 		2.45991
2.45991
2.45991
2.45991
2.45991		 2.45991
2.45991
2.45991
2.45991
2.45991		 31.81
35.86
32.00
31.14
31.77
Value Fund
Class A CVAAX
Class B CVABX
Class C CVACX
Class I CVAIX
Class R CVARX

Class A CVAAX
Class B CVABX
Class C CVACX
Class I CVAIX
Class R CVARX
 11/15/07
11/15/07
11/15/07
11/15/07
11/15/07

12/19/07
12/19/07
12/19/07
12/19/07
12/19/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07

12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07

12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 -
-
-
-
-

-
-
-
-
- 		0.89931
0.89931
0.89931
0.89931
0.89931

0.00370
0.00370
0.00370
0.00370
0.00370		 0.89931
0.89931
0.89931
0.89931
0.89931

0.00370
0.00370
0.00370
0.00370
0.00370		 13.11
12.47
12.47
13.35
13.09

12.93
12.29
12.28
13.17
12.91
Blue Chip Fund
Class A CBCAX
Class B CBCBX
Class C CBXCX
Class I CBCIX
Class R CBCRX
 11/15/07
11/15/07
11/15/07
11/15/07
11/15/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07		 -
-
-
-
- 		0.89420
0.89420
0.89420
0.89420
0.89420		 0.89420
0.89420
0.89420
0.89420
0.89420		 13.22
12.87
12.87
13.31
13.20
Multi-Fund Blend
Class A CMQAX
Class B CMQBX
Class C CMQCX
Class I CMQIX
Class R CMQRX
 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07		 11/19/07
11/19/07
11/19/07
11/19/07
11/19/07		 11/19/07
11/19/07
11/19/07
11/19/07
11/19/07		 -
-
-
-
- 		0.10427
0.10427
0.10427
0.10427
0.10427		 0.10427
0.10427
0.10427
0.10427
0.10427		 12.32
12.19
12.19
12.36
12.29
Global/International
Global Growth and Income Fund
Class A CVLOX
Class B CVLDX
Class C CVLCX
Class I CGCIX
Class R CVLRX

Class A CVLOX
Class B CVLDX
Class C CVLCX
Class I CGCIX
Class R CVLRX
 11/15/07
11/15/07
11/15/07
11/15/07
11/15/07

12/19/07
12/19/07
12/19/07
12/19/07
12/19/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07

12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07

12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 -
-
-
-
-

-
-
-
-
- 		0.69711
0.69711
0.69711
0.69711
0.69711

0.02777
0.02777
0.02777
0.02777
0.02777		 0.69711
0.69711
0.69711
0.69711
0.69711

0.02777
0.02777
0.02777
0.02777
0.02777		 11.46
11.81
11.10
11.57
11.44

11.39
11.73
11.02
11.50
11.37
International Growth Fund
Class A CIGRX
Class B CIGBX
Class C CIGCX
Class I CIGIX
Class R CIGFX
 11/15/07
11/15/07
11/15/07
11/15/07
11/15/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07		 11/16/07
11/16/07
11/16/07
11/16/07
11/16/07		 -
-
-
-
- 		0.60782
0.60782
0.60782
0.60782
0.60782		 0.60782
0.60782
0.60782
0.60782
0.60782		 16.94
16.68
16.66
17.00
16.91
Global Equity Fund
Class A CAGEX
Class B CBGEX
Class C CCGEX
Class I CIGEX
Class R CRGEX
 12/19/07
12/19/07
12/19/07
12/19/07
12/19/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 -
-
-
-
- 		-
-
-
-
- 		-
-
-
-
-		 -
-
-
-
-
Convertible/Convertible Blends
Convertible Fund1
Class A CCVIX
Class B CALBX
Class C CCVCX
Class I CICVX
Class R CCVRX
 12/19/07
12/19/07
12/19/07
12/19/07
12/19/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 -
-
-
-
- 		0.06397
0.06397
0.06397
0.06397
0.06397		 0.06397
0.06397
0.06397
0.06397
0.06397		 20.14
23.53
20.17
19.03
20.11
Market Neutral Income Fund
Class A CVSIX
Class B CAMNX
Class C CVSCX
Class I CMNIX
Class R CVSRX
 12/19/07
12/19/07
12/19/07
12/19/07
12/19/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 -
-
-
-
- 		-
-
-
-
-

-
-
-
-
-

 -
-
-
-
-
Fixed Income
High Yield Fund
Class A CHYDX
Class B CAHBX
Class C CCHYX
Class I CIHYX
Class R CHYRX
 12/19/07
12/19/07
12/19/07
12/19/07
12/19/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 -
-
-
-
- 		0.17656
0.17656
0.17656
0.17656
0.17656		 0.17656
0.17656
0.17656
0.17656
0.17656		 10.49
10.79
10.74
10.49
10.48
Total Return Bond Fund
Class A CTRAX
Class B CTXBX
Class C CTRCX
Class I CTRIX
Class R CTRRX
 12/19/07
12/19/07
12/19/07
12/19/07
12/19/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 12/20/07
12/20/07
12/20/07
12/20/07
12/20/07		 -
-
-
-
- 		-
-
-
-
- 		-
-
-
-
-		 -
-
-
-
-

1The Calamos Convertible Fund is closed to new investments, subject to exceptions enumerated in the prospectus.

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.

None of the information here should be considered legal or tax advice. This material is provided here for informational purposes only and to assist you in your tax planning. When preparing your tax return, please refer to your Form 1099-DIV and consult your legal or tax advisor.

Calamos Financial Services LLC, Distributor
2020 Calamos Court
Naperville, IL 60563-2787

7268
CALAMOS

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