2006 U.S. Government Income

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 ordinary 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.

2006 U.S. Government Income

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, 2006	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	14.86%	4.47%	No
Value Fund CVAAX, CVABX and CVACX	None	None	No
Blue Chip Fund CBCAX , CBCBX and CBXCX	None	None	No
Global/International
Global Growth and Income Fund CVLOX, CVLDX and CVLCX	7.53%	1.59%	No
International Growth Fund CIGRX, CIGBX and CIGCX	None	None	No
Convertible/Convertible Blends
Convertible Fund¹ CCVIX, CALBX and CCVCX	5.34%	4.11%	No
Market Neutral Income Fund² CVSIX, CAMNX and CVSCX	1.93%	2.10%	No
Fixed Income
High Yield Fund CHYDX, CAHBX and CCHYX	None	None	No
Closed-End Funds	% of Income Attributable to Direct U.S. Government Securities	% of Fund held in U.S. Government Securities on Dec. 31, 2006	U.S. Government Securities at least 50% of Fund Holdings at Each Quarter End?
Enhanced Fixed Income
Convertible Opportunities and Income Fund (CHI)	None	None	No
Convertible and High Income Fund (CHY)	None	None	No
Defensive Equity
Strategic Total Return Fund (CSQ)	None	None	No
Global Defensive Equity
Global Total Return Fund (CGO)	None	None	No
¹The Calamos Convertible Fund is closed to new investments, subject to exceptions enumerated in the prospectus. ²Formerly named the Calamos Market Neutral Fund.

None of the information on this Web site should be considered legal or tax advice. You should consult your legal or tax advisor for information concerning your own specific tax situation.