2004 U.S. Government Income/Intangible Property

A percentage of your ordinary dividends from the interest you earned on U.S. Government securities may be exempt from taxes. See below for more information, and consult your tax advisor for information specific to your tax situation.

U.S. Government income - 2004

In most states, mutual fund dividends from interest on direct U.S. Government securities are exempt from state and local taxes. 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. Some states only exempt dividends for those funds holding a minimum percentage, usually 50%, of government securities at the end of each quarter (see the fourth column in the table below.)

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 (shown in the second column in the table below) by the amount for that fund in Box 1a of your IRS Form 1099-DIV.

Intangible property - 2004

If you pay state intangible property tax on the value of your open-end or closed-end mutual fund, you may be able to exempt a percentage of the fund's investments held in U.S. Government securities. To determine this percentage, multiply the percent of fund held in U.S. Government securities at December 31, 2004 (shown in third column of the table below) by the value of your shares at year-end.

If you are a resident of Florida, no portion of the value of the funds below is exempt from the Florida intangible tax on December 31, 2004.

2004 U.S. Government Income/Intangible Property for the Calamos Family of Funds

Domestic Equity
Open-End Mutual Funds Class A, B and C Shares	% of Income Attributable to Direct U.S. Government Securities	% of Fund Held in U.S. Government Securities on Dec. 31, 2004	U.S. Government Securities at least 50% of Fund Holdings at Each Quarter End?
Growth Fund CVGRX, CVGBX and CVGCX	NA	None	No
Growth and Income Fund CVTRX, CVTYX and CVTCX	0.01798%	None	No
Value Fund CVAAX, CVABX and CVACX	NA	None	No
Blue Chip Fund CBCAX , CBCBX and CBXCX	NA	None	No
Global/International
Global Growth and Income Fund CVLOX, CVLDX and CVLCX	NA	None	No
International Growth Fund CIGRX, CIGBX and CIGCX	NA	None	No
Convertible/Convertible Blends
Convertible Fund¹ CCVIX, CALBX and CCVCX	NA	None	No
Market Neutral Income Fund² CVSIX, CAMNX and CVSCX	NA	None	No
Fixed Income
High Yield Fund CHYDX, CAHBX and CCHYX	NA	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, 2004	U.S. Government Securities at least 50% of Fund Holdings at Each Quarter End?
Enhanced Fixed Income
Convertible Opportunities and Income Fund (CHI)	NA	None	No
Convertible and High Income Fund (CHY)	NA	None	No
Defensive Equity
Strategic Total Return Fund (CSQ)	0.10315%	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.